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INTERNATIONAL 



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The World’s Daily Newspaper 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

R Paris, Saturday -Sunday, December 13-14, 1997 


No, 35,703 


I Asia Free Fall Gains Speed 


By Craig R. Whitney 

New York Tates Service 

PARIS — The international terror- 
ist known as “Carlos,” boasting of 
being “a professional revolutionary in 
toe old Leninist tradition,” went on 
trial Friday in Paris on charges of 
killing two French security officials 
and a Lebanese informant 22 years 
ago. The defendant has spent more 
than three years in prison here. 

Ilich Ramirez Sanchez, a 48-year- 
old Venezuelan who enlisted in the 
Palestinian cause after a Marxist up- 
bringing and an education in Moscow, 
is wanted by at least four other coun- 
tries for a spree of kidnappings. 


killings and bombings in the 1970s 
and 1980s. 

He was convicted in absentia by a 
French court in 1992 and sentenced to 
life in prison in the same 1975 case in 
which he is being retried now. 

Sought for years in attacks that in- 
cluded the kidnapping of 1 1 OPEC oil 
ministers in Vienna in 1975, Carlos 
became known as “the Jackal.” A 
“wanted” poster showing his wide, 
impassive face in dark glasses over an 
open-collar shirt became an emblem 
of defiance for left-wing terrorist 
movements around the globe. 

Carlos looked well fed and cocky 
when guards marched him into a 
courtroom sealed off by 70 armed po- 


licemen at the Palais de Justice. He 
became entitled to a new trial after 
French agents tracked him to a hideout 
in Khartoum, the capital of Sudan, in 
the summer of 1994 and persuaded the 
authorities there to let him be spirited 
out of the country. 

The agents zipped him up in a bag 
and bundled him off to prison in Paris, 
one of the many things he complained 
about Friday in rapid. Spanish-accen- 
ted French while taking his defense 
largely into his own hands. 

He argued to his three judges and 
nine jurors that he should not be tried 
because he had been illegally im- 

See TRIAL, Page 4 


Fire at Heathrow Airport Disrupts Travel for Thousands 



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Fire fighters taking a break after bringing tbe roof fire under control at Heathrow's Terminal One on Friday. 

London Scurries to Restore Flights 


,’v By Tom Buerkle 

; Inunwliorut Herald Tribune 

LONDON — Authorities at Heath- 
row International Airport scrambled to 
restore service Friday after a roof fire 
closed the airport's busiest passenger 
tenninal for half the day, forcing flight 
cancellations and delays for tens of 
thousands of passengers. 

Officials said Heathrow, Europe’s 
busiest airport, would return to nearly 
normal service levels Saturday. Tbe 
news cheered airlines, which were gear- 
ing up to cope with a surge of traffic at 
die stan of the Christmas holiday sea- 
son. 

The airport remained clogged Friday 
evening, however, with a backlog of 
. , .thousands of delayed passengers. Air- 


port officials advised passengers to 
check with their airlines because the 
disruption of flight crew movements 
could cause some flight cancellations 
over the weekend. 

The fire broke otit in the roof of the 
airport's Terminal One during the early- 
morning hours when the building was 
virtually deserted, a fact that helped 
authorities avert casualties and bring the 
fire under control. 

The London Fire Brigade received 
tbe first alarm at 4:38 A.M., and more 
than 100 fire fighters extinguished the 
blaze four hours later. The cause of the 
fire remained under investigation, the 
brigade said. 

“As 1 flew in I could see Tenninal 
One clearly ablaze,” Chris Johnson, a 
passenger on an incoming night flight. 


AGENDA 

Blair Gets Nowhere 
On Euro Demand 

Prime Minister Tony Blair hit a 
brick wall Friday when ministers at the 
European summit meeting in Luxem- 
bourg rejected his demand that Britain 
should have a place on a proposed 
council to coordinate monetary union. 

All 1 1 countries that are expected to 
meet the criteria to join the single 
currency next spring stuck by their 
decision that only those adopting the 
euro should join the club. 

Britain has said it will not join the 
currency in the lifetime of the current 
legislature, which might put off its 
entry until 2002. 

But the other countries, fearing that 
the debate with London could damage 
the European Union, were searching 
for a compromise that would enable 
Mr. Blair to return home with at least a 
partial victory as Britain prepares to 
take over the presidency or the EU on 
Jan. 1 . Page 9. 


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WARM-UP — Laurent Kabila chuckling Friday at an appearance 
with Madeleine Albright, who signaled closer U-S.-Congo ties. Page 2. 


EUROPE Page 2. 

Britons Get the Right to Know More 

THE AMERICAS Page 3. 

Former Cabinet Member Is Indicted 


Books.. 

Page 18. 


Page 18. 


Page 6. 

Sports 

Pages 18-19. 

| The IHT on-line 

www.iht.com fj 


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told Renters. “It was very, very bright 
in die night sky.” 

Although the fire damaged the roof, it 
did not affect vital electrical or com- 
puting systems. A faint scent of smoke 
lingered in the passenger check-in area, 
but there were no visible signs of smoke 
damage and only small amounts of water. 
A Burger King restaurant and a few shops 
underneath the fire remained dosed. 

The early-morning timing helped to 
avoid any replay of the tragic fire that 


causing damage totaling 100 million 
Deutsche marks (S55 million). 

“We took maximum precautions and 
I think everyone worked very well to- 

See HEATHROW., Page 4 


By Thomas Crampton 

Intenunkmal Herald Tribune 

BANGKOK — As Asian currencies 
plunged to record lows, regional econ- 
omists warned Friday that there was 
little to stop the downward momentum 
short of concerted international inter- 
vention. 

These economists describe a worsen- 
ing plight through the end of the year as 
Asian corporations are forced to sell 
local currency for dollars in markets that 
have been deserted. 

“The only time we find someone on 
the buying side of local currencies, it is 
a central bank with the strength to sup- 
port its currency,” said Eric Nickerson. 
managin g director of currency research 
at Bank of America. “This is not a 
typical market situation because it is 
being driven by people who are forced 
to change currency. It will get very 
unpleasant between here and the end of 
the year.” 

Sparked by South Korea’s economic 
debacle and pushed on by worries about 
the health of the Indonesian president, 
Suharto, the currencies of Thailand, In- 
donesia and tbe Philippines all touched 
historic lows Friday, while the Korean 
won and tbe Malaysian ringgit also 
came under pressure. 

The currencies are under pressure by 
companies forced to repay dollar-de- 
n onunated debts at the year’s end. But 
they face additional pressure by annual 
account settlement, multinationals re- 
patriating profits and investors who 
nave pulled away- from the market to 
balance their books, Mr. Nickerson 
said. 

“The bonuses are here with tire hol- 
idays, and people are not building po- 
sitions,” he said. 

Only a sharp reversal of the bad 
policy and politics combined with 
‘‘massive” international intervention 
'will break the slide of regional cur- 
rencies, said Guonan Ma, Hong Kong- 
based co-head of Asia Pacific research 
at Salomon Brothers. 

“It cannot be done overnight,” Mr. 
Ma said, ‘ ‘but if there is a strong show of 
determination it will stop tire mo- 
mentum^ of the free faJL”- 

Few economists dared predict the 
level at which the regions currencies 
might bottom out 

“Right now this is a panic,” said 
Bernhard Eschwdler, headof economic 
research for Asia at J.P. Morgan. “It 
has nothing to do with fundamentals, 
but a complete lack of confidence in the 
paper. This is a pretty unpreceden t ed 
situation. There is only one way these 
currencies are going, and that is 
down.” ( 

The downward pressure can only stop 
once Asia’s debtors default or creditors 
agree to reschedule payments, Mr. 
Eschweiler said. 

But there is a great risk of widespread 
default since rescheduling debt to in- 
dividual borrowers would require ex- 
tremely complicated negotiations, be 
said. _ 

In Thailand, Korea and Indonesia in 
particular, companies have borrowed 
large amounts of dollars overseas. With 
local currencies falling by as much as 
100 percent against the dollar this year, 
the cost of repayment has shot up. 

See CRISIS, Page 4 




Increasing Anger With West 

Seoul Tties to Calm Feelings; Brokerage Goes Under 


By Don Kirk 

Special to the Herald Tribune 

SEOUL — The South. Korean gov- 
ernment fought to head off anti-West- 
ern sentiment on Friday as its stock 
market hit a record low. 

With South Koreans blaming die 
United States and other Western 
powers — as well as their own leaders 
— for plunging their economy into a 
seemingly bottomless pit, the gov- 
ernment was especially concerned 
about the rise in anti-foreign senti- 
ment. 

Demonstrators at Pagoda Park, the 
staging ground in central Seoul for a 
short-lived revolt against Japanese 
rale in March 1919, denounceo“U^. 
im perialism, ” Japan, and Western 
powers in general for imposing harsh 
conditions on Korea under the aegis 
of the International Monetary Fund. 

The Bine House, the center of pres- 
idential power, promptly called on 
such groups as the National Alliance 


for the Unification of the Fatherland 
to tone down their language for fear of 
undermining efforts to bring foreign 
currency into the country. 


Dongs uh Securities Co., applied far 
court receivership Friday, contribut- 
ing to the stock market’s 7 percent 
plunge. Doogsuh stopped operations 
after it could not meet demands from 
hanks that iraTIwi in loans. The bench- 
mark -Composite index fell 26.69 
points, to 350.68. 

The dollar rose almost immedi- 
ately to a new high of 1,891.4 won, 
bat die Bank of Korea intervened, 
selling $200 milli on. That helped 
poshtne dollar down to 1,710.0 won 

attbe end ofthe day, from Thursday’s 

close of 1,719.8a 

Meanwhile, two widely anticipated 
efforts at- market opening met with 
disappointing results. 

Foreign investors purchased only 

See MARKETS, Page 4 






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An investor in Seoul studying stock prices following the news that the 
Dongsuh Securities Co. brokerage had applied for court receivership. 


The Dollar 


NwrYmk 

DM 

Frtd^0 4P-M. 

1.7745 

pmviouBdaM 

1.7815 

Pound 

. 1-651 

1.657 

Y«n 130.35 129.825 

FF 

• 5.9475 

5-8981 

1 ssk The Dow | 

-10.69 

7838-30 

7848.99 

1 S&P5G0 j 

ehangs 

Friday O 4 P.M. 

pwtem dote 

-1.54 

953.40 

954.94 


Suharto Cancels a Trip, , 
Raising Succession Fears 


By Thomas Fuller 

huemarional Herald Tribune 

KUALA LUMPUR — Two days 
after confirming he would attend die 
summit meeting this weekend of 
ASEAN leaders here. President Suharto 
of Indonesia on Friday canceled his trip 
for health reasons, renewing concern 
about the political succession in South- 
east Asia’s most populous country. 

Tbe news sent Indonesia’s financial 
markets reeling. The rupiah ended tbe 
day 12 percent lower against die U.S. 
dollar, and the Jakarta Stock Ex- 
change’s main index dropped 7.6 per- 
cent 

Mr. Suharto, 76, had been scheduled’ 
to attend the meeting Sunday marking 
the 30th anniversary of the Association 
of South East Asian Nations. It will be 
the first time die president, a founding 


member of ASEAN, has missed a meet- 
ing of the group’s leaders. 

State Secretariat Minister Muraiono 
said Friday that doctors had advised Mr. 
Suharto not to travel, as it would bring 
on fatigue. 

The president in recent weeks has 
traveled to Africa, North America and 
the Middle East 

“If he takes a long journey , -his health 
will be diminished, and it will take time 
to restore it again,” Mr. Murdiono said. 
The flight from Jakarta to Kuala Lum- 
pur takes about two hours. 

Mr. Suharto also canceled a planned 

wife, Hen Suharto, in centriTjava, 430 
kilometers east of Jakarta. 

Mr. Suharto, who has been in power 
32 years and has been re-elected without 

See SUHARTO, Page 4 



Nswaatand Prices 

10.00 FF Lebanon.... 

LL 3.000 

Antfltes 

1250 FF Morocco.... 

16 Dh 

Cameroon... 1.600 CFA Qatar 

...10.00 Qfl 

Egypt 

EE 5.50 Reunion.... 

....12.50 FF 

j France 

10.00 FF Saudi Arabia.. ..10SR 

Gabon 

..1.100 CFA Senegal..-. 

.1.100 CFA 

toly 

.. 2.800 ure Spam 

...225Ptas 

I IW»Y Coast. 1250 CFA Tunisia 

...1250 Din 

Jordan .... 

1250 JO UAE. — . 

...10.00 Dh 

Kuwait.... 

700 Ftts U.S. MU. (Eur.).„.5l20| 


Trail of Lies Leads to an Empty Grave at Arlington 


By Don Van Nana Jr. and Elaine Sciolino 

New York Times Service 

WASHINGTON — At 10:30 Thursday morning ai 



graved with lies. 

Chiseled in stone were claims that Mr. Lawrence, 
the late millionaire busines sman who became an am- 
bassador, had served in the U.S. Merchant Marine and 
had earned the designation of “SIC,” the U.S. Navy 
abbreviation for seaman, first class, which would 


not have been given to a merchant mariner anyway. 

Neither claim was true. 

During his 69-year lifetime, Mr. Lawrence fab- 
ricated bis World War II heroics , his education, how he 
made his fortune before buying and restoring the Hotel 
del Coronado near San Diego, one of America's most 
beautiful hotels, even the history of the hotel itself. 

His fantastic war story symbolized the love-hate 
relationship that he had with the military, say people 
who know him well. He bristled when navy jets roared 
over his hotel, demanding more titan once that the navy 
change its flight paths. 

Mr. Lawrence’s second wife. Michala, insists that 


he was in die merchant marine because she said she 
had seen a scar he described as a war wound. But a 
former aide to Mr. Lawrence said in an interview that, 
years ago, he had asked her to research the merchant 
marine and its role in World War H 
. Before he died of a blood disease in January 1996, 
Mr. Lawrence's misrepresentations went undetected 
by almost everyone, including President Bill Clinton, 
who considered him a friend. The president rewarded 
Mr. Lawrence — who gave$200,000 to the Democrats 
in 1992 and raised millions more — with an am- 

See GRAVE, Page 3 


South Koreans 
Turn to Thrift 
And Patriotism 
To Combat Ills 


By Mary Jordan 

Waskuignm Past Service 

SEOUL — Sooth Korea’s frugality 
campaign got a big boost Friday .when 
all three major television networks an- 
nounced they would curtail by two 
hours a day their programming to save 
money, beginning next year. The net- 
works also said they would broadcast 
more Korean movies and fewer Amer- 
ican TV shows. 

The highly visible network decision 
in a nation where “Home Improve- 
ment” and “Lois & Clark” are hits 
adds fuel to tbe intensifying campaign 
to “Bay Korean.” 

Already protesters have heckled trav- 
elers at Seoul’s international airports, 
chiding them for spending money 
abroad. And popular American-made 
clothes with conspicuous logos are be- 
ing stuffed at the back of closets, as the 
sentiment spreads that everyone should 
pitch in as the economic outlook wor- 
sens. 

But some economists believe that the 
anti-foreign campaign is making it po- 
litically harder for the world to lend to 
South Korea, and the frugality cam- 
paign is a sure way to bailer the econ- 
omy more. 

. “What it does is sink the llfa largest 
economy further into a horrendous re- 
cession," stud Edward Yardeui, chief 
ecouomist-with Deutsche Morgan Gren- 
fell "It seems an emotional component 
which is self-destructive and almost 
xenophobic has taken hold.” 

Mr. Yardeui said that a spending 
strike would push already weak busi- 
nesses over me edge into bankruptcy. 
To get on the path to recovery, he said 
South Korea needed to open up its econ- 
omy rapidly and should- stop this xeno- 
phobic backlash because no one is going 
to want to lend to them.” 

On Friday, another brokerage house 
went bust, stock prices fell another sev- 
en percent, and the won fell to another 
record low against die dollar before 
bouncing back a little. 

As leaders groped to achieve some 

See KOREA, Page 4 


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In Policy Shift, Britons Will Have a Right to Know More 


By Sarah Lyall 

New York Tones Service 

LONDON — Saying that it wanted to 
make itself more accountable to die 
people, the British government has in- 
troduced a proposal that would, for die 
first time, require government agencies 
to release official documents and in- 
formation to the public. 

The proposal for Britain’s first Free- 
dom or Information law represents an 
enormous philosophical change in a 
country where the government has his- 
torically operated under conditions of 
perfectly legal secrecy, free from any 


official burden of public disclosure. 
Secrecy is enforced by the. Official 
Secrets Act, which makes it illegal for 
government workers to provide any un- 
authorized information or documents to 
the public or the press. 

In outlining the government’s new 
policy in the House of Commons on 
Thursday, David Clark, the minister for 
public service, said that the law, when 
enacted, ‘ 'would give every individual a 
statutory right to know about the in- 
formation and records which govern- 
ment holds.” 

‘‘This is a right which will transform 
die culture of government and make it 


Albright Signals Warming 
Of Relations With Kabila 


By Lynne Duke 
and Thomas Lippmaa 

' Washington Post Sender 

KINSHASA, Congo — The U.S. sec- 
retary of stare, Madeleine Albright, 
.signaled on Friday a closer U.S. en- 
gagement with the Congolese president, 
Laurent Kabila, publicly prodding him 
■to respect human rights but also en- 
couraging his fragile new government 
with moral support and promises of 
economic aid. 

In putting the best possible face on 
relations between the United States and 
Congo, Mrs. Albright’s visit here un- 
derscored a Washington policy of at- 
tempting to influence the new govern- 
ment by engaging with it rather than 
alienating it 

Mrs. Albright has emphasized sev- 
eral times during her weeklong Africa 
tour that Congo — Africa's third- largest 
nation and one of its most resoarce-rich 
— is a key to establishing lasting peace 
and stability in Central Africa. 

But Mrs. Albright’s visit here comes 
as Mr. Kabila, who seized power in May 
after an eight-month military campaign 
mat toppled the dictator Mobutu Sese 
Seko, has sent wildly mixed signals 
about his intentions. His government’s 
attempts to exert a new kind of sov- 
ereignty and independence in the in- 
ternational community have been met 
with criticism that it is intransigent, and 
Mr. Kabila’s domestic moves nave been 
called repressive. 

Instability here has continued since 
Mr. Kabila seized power, with his gov- 
ernment’s banning of political activity 
and jailings of leading opponents; his 
military’s factionalism resulting in a 
day of recent street fighting; and his 
months of reneging, until this week, on 
an agreement to allow a United Nations 
inquiry into massacres allegedly com- 
mitted by his forces daring the anti- 
Mobutu campaign. 

These early and troubling signals run 
counter to the kind of democratization 
and reform that Mrs*. Albright has been 


promoting on her African tour and that 
she continued to encourage Friday. 
“There is a long way to go to reach these 
goals,” she said of Congo, “but I am 
encouraged- by a number of positive 
steps.” 

She said Mr. Kabila had made “a 
strong' start” on the economic reform 
she said was needed to salvage this 
destitute nation of 45 million. She also 
cited as encouraging signs the naming 
of a constitutional commission that 
would draft the nation’s new laws lead- 
ing to an election, and the government's 
newfound cooperation to allow the UN 
inquiry to go forward. 

Mrs. Albright said that the Clinton 
administration would seek congression- 
al approval for $35 million to $40 mil- 
lion in aid for health care, democrat- 
ization programs and infrastructure 
development for Congo. 

Daring her tour, Mrs. Albright said 
the United States wanted a new re- 
lationship with Congo and its neighbors 
in which “I will talk less and listen 
more” — a phrase she-has used several 
times to si gnal Washington's willing- 
ness to tolerate some failures on the 
human rights front from new African 
leaders who show long-term good in- 
tentions. 

Speaking before her departure for 
Angola, Mrs. Albright also said she 
would send a U.S. State Department 
expert on crimes against humanity. 
David Shepard, to investigate the mas- 
sacre this week of hundreds of refugees 
in Rwanda. The attack Thursday on the 
Mudende refugee camp in northwest 
Rwanda left at least *271 dead among 
Tutsi refugees from Congo, according 
to local officials. 

In Luanda, Angola, Mrs. Albright 
was to meet with President Jose 
Eduardo dos Santos. Mrs. Albright has 
said she would try to push forward the 
slow peace process between foe An- 
golan govtemmentand the former rebel 
movement foe National - Union for the 
Total Independence of Angola, or 
UNITA- 


was in the public interest and agencies 
would not be required to release. In- 
formation deemed capable of causing 
’’substantial harm.’ * 

A new informati on commissioner, 
appointed by the government but os- 
tensibly independent of foe agencies 
■whose disclosures be is overseeing, 
would adjudicate cases in which agen- 
cies refused to release publicly reques- 
ted information. 

As they are in foe United States, 
government agencies would be required 
to respond to Freedom of lnformation 
requests quickly, probably within about 
20 working days. 


."V - . •«. 



more open and accountable,” be added, was in foe public interest and agencies The Campaign for fc 

Under the measure, information held by would not be required to release, in- fo rm a ti o n , which lias lcmg fo^ntrar. 
national and load governments and formation deemed capable of causing more public accountability 'tor megov- 
govemmem agencies, including schools “substantial harm.” enunwtt. said ttymjppenjt y ffgg jy 

and universities, foe courts and prival- A new information commissioner, foe plan. Maunce rrankci, tre group s 
ized utilities, will be made accessible to appointed by the government but os- director, said, in a stateramt, ‘Tfia is 
the public. tensibly independent of foe agencies substantial reform that, for foe first time. 

Several agencies, including Pariia- whose disclosures be is overseeing, will give foe British public a genuine 
meat, whose deliberations are already a would adjudicate cases in which agen- right to know what its government is 
matter of public record, and various cies refused to release publicly reques- doing mils name. 
national security, intelligence and law- ted information. In foe past, most government aoc- 

enforoement agencies would be exempt As they are in the United States, nmeafs have automati cally been seaiea 

from foe measure, according to the gov- government agencies would be required for30 or more years before being made 
enomeut’s proposal. People would not to respond to Freedom of Information available to foe public. The newpioposai 
be able to receive information violating requests quickly, probably within about would me an foa l pepple_couId request 
other people’s right to privacy unless it 20 working days. documents from foe last 30 years. 


Top Amis Inspector 
Presses Iraq on Sites 

The Associated Press 

BAGHDAD — Richard Butler, 
head of the United Nations weapons 
inspection program, said Friday that 
his monitors in Iraq should have un- 
restricted access in their search.for 
banned weapons and materials, in- 
cluding presidential properties. 

“We should be able to go any- 
where, anytime,” Mr. Butler said at a 
news conference after arriving for a 
five-day visit. 

It was the first time Mr. Butler had 
reiterated the UN Security Council’s 
position on arms inspecti on s in Bagh- 
dad since last month’s three-week 
crisis 'with Iraq fopf hinged on the 
questions of UN monitors’ access and 
their nationality. 

Iraq ordered the expulsion of Amer- 
ican monitors on Oct. 29 and said that 
no monitors could have access to some 
60 sites, including about 40 presidential 
palaces, for security reasons. 

Mr. Butler said the issue of access' 
would be at foe top of his agenda of 
discussions with senior Iraqi officials. 
He said he believed that part of foe 
crisis with Iraq was over, but that 

; tooti want. i/n* a i.ii^i jpiim tensions would continue as long 'as 

Richard Butler, left, head of the UN weapons inspection program, Iraq insisted on barring monitors from 
arriving in Baghdad. With him is an Iraqi Foreign Ministry aide, certain sites. 

Yeltsin’s Health Is ‘Satisfactory,’ Kremlin Says 


^ . .. 


The Associated Press 

MOSCOW — President Boris 
Yeltsin remained confined to a country 
rest home Friday, recuperating from a 
viral respiratory infection two days after 
being hospitalized. 

The Kremlin said, however, that Mr. 
Yeltsin was working with documents 
even as his countrymen enjoyed the 
national Constitution Day holiday. A 
team of doctors saw Mr. Yeltsin on 
Friday and described his health as sat- 
isfactory, it added. 

The president's temperature had re- 
turned to noimal after Tunning slightly 
high for foe previous two days. 

Mr. Yeltsin “is feeling O-K.,” said a 
Kremlin duty officer who declined to 


give his name. “ The doctors recommend 
he not go out because of the cold.” 

The Kremlin also immediately 
denied a broadcast report saying Mr. 
Yeltsin had experienced brain .trouble. 
A duty officer who would not give his 
name under Kremlin regulations said 
the report was “absolutely wrong.” 

The independent Echo Moscow radio 
quoted an unidentified medical source 
as saying Mr. Yeltsin '-had a spasm 
affecting blood vessels in foe brain that 
was connected with recent sharp 
changes in foe weather and general fa- 
tigue and overwork.”. The spasm was 
followed by a cold but his condition 
since has improved, it said- 

Echo Moscow has carried alarming 


reports on Mr. Yeltsin’s health in the past 
that turned out to have been incorrect 

Yeltsin was hospitalized Wednesday 
at the Barvikha sanatorium near Mos- 
cow. The move sent Russia's stock mar- 
ket tumbling and raised concern world- 
wide. 

Mr. Yeltsin, 66, suffered a heart at- 
tack Zh June 1996, only days before he 
was re-elected to a four-year term. He 
underwent heart bypass surgery in 
November that year and came down 
with double pneumonia in January. He 
has appeared revitalized and energetic, 
however, through most of 1997. 

The presidenc’Iooked weary but did 
not seem seriously ill in television foot- 
age shown Thursday. 


BRIEFLY 


Russian Air Farce 
Grounded a Week 

MOSCOW — The Russian Air' 
Force has been grounded for all but 
“military duties” for a week after 
two fatal crashes involving military 
transport craft, the head of the air 
force told Russian news agencies 

on Friday. • . . 

■ ‘It is essential to sort everything 
out. carry out a series of exercises 
and tasks, to check equipment, and 
only then move forward," Itar- 
Tass ' quoted General Pyotr. 
Deinekin as saying. 

The flight ban did not affect the 
separate air defense forces or foe 
naval air arm. Tass said. 

Eight people were killed on 
Thursday aboard a civilian heli- 
copter operated by a flying doctor 
service when it was struck by a 
military cargo plane as both aircraft 
woe landing at Nary an Mar in foe 
Far North. Last Saturday, more 
than SO people are thought to have 
died when on An- 1 24 military 

S lang crashed on takeoff in the 
iberian city of Irkutsk. (Reuters) 

EU Removes Ban 
On Iran Pistachios 

BRUSSELS — The European 
Union lifted a three-month import 
ban on Iranian pistachios on Friday 
after the government in Tehran said 
it would screen foe nuts to see if 
they contain a cancer -causing tox- 
in. . . 

The European Commission said 
in a statement that Iran must run 
laboratory tests on each shipment 
of nuts and -provide detailed in- 
formation on production, pro- 
cessing and transport. 

The European Union banned im- 
ports of Iranian pistachios on Sept. 

§ when Iran could not guarantee 
health standards for these exports. 
Since then, Iran has said it was able 
to run tests on each shipment. \AP) 

Insult to Milosevic 
Costs Woman $60 

BELGRADE — A 43-year-old 
woman from southern Serbia has 
been fined about $60 for calling 
President Slobodan Milosevic a 
“thief and swindkr,’’ Belgrade in- 

^^local court ruled* earlier this 
month that the woman, Snezanu 
Velickovic, from foe town of Nis, 
deliberately insulted Mr. Milosevic 
last June, when he was still pres- 
ident of Serbia. 

According to Serbian law, in- 
sults against foe state or its insti- 
tutions are punishable by fines or 
up to three years in prison. (AP) 


Spain Assails ETA for Killing Politician 


Reuters 

IRUN, Spain — The Spanish 
government condemned foe guer- 
rilla group ETA on Friday for 
killing a Basque town councilor in 
apparent revenge for foe jailing of 
leaders of the organization's polit- 
ical wing. 

Jose Luis Caso, 64, of the gov- 
erning Popular Party in the Basque 
town of Renteria, was shot in the 
head Thursday night while drink- 
ing wine at a bar with friends, 
police officials said. He had de- 
clined to accept bodyguards de- 
spite threats against his life. 

A gunman fired once at close 
range, waved his pistol at terrified 
customers and then fled in a car 
driven by an accomplice, the police 
said. The shooting took place in the 
Basque nationalist stronghold of 
Iran on the border with France. 

Prime Minister Jose Maria Azn- 


ar, at a European Union summit 
meeting in Luxembourg, vowed 
that foe government would not 
back down in its fight against foe 
separatist guerrillas. 

He said that if ETA expected to 
win concessions with its latest at- 
tack, “they are very wrong because 
we're not going to change.” 

The interior minister, Jaime 
Mayor Oreja, said ETA was seeking 
to avenge a number of setbacks. 

“There were important arrests 
in France,” he said. “There was a 
significant decision by foe Su- 
preme Court, which convicted its 
collaborators and accomplices, and 
evidently ETA was looking for 
general revenge." 

The authorities had been on the 
alert for an attack after foe jailing 
last week of foe entire 23-member 
leadership of ETA's political arm, 
Heni Batasuna, for collaborating 


with foe guerrillas. Just five 
months ago, foe rebels provoked 
national outrage with foe kidnaps 
ping and murder of Miguel Angel 
Blanco, another Basque town 
councilor from foe center-right 
Popular Party. An estimated 6 mil- 
lion people took to foe streets in 
protest 

ETA, which stands for Basque 
Homeland and Liberty, has killed 
more than 800 people in a 29-year 
campaign for an independent 
Basque state. Mr. Caso was foe 
13th victim this year. 

The 23 leaders of Herri Batasuna 
were convicted by the Supreme 
Court on Dec. 1 for showing a 
video of armed rebels during a 
1 996 election broadcast They were 
sentenced to seven years each. 

Basque nationalists criticized 
foe sentences as politically moti- 
vated and overly harsh. 


U.K. Group Has Beef 
With Water. Filtration 

AFX News 

LONDON — The Vegetarian Society 
said Friday ft would try to ban Yorkshire 
Water PLC from using carbonized cattle 
bones in its filtration systems. 

The society is running ads in regional 
papers with a caption: “In some parts of 
foe world dead cows can end up in the 
drinking water. In some nuts of York- 
shire, they’re put there.” The ad carries 
a picture of a dead animal in a pooL 

A ban on foe use of these filters “is 
now essential in light of recent research 
findings indicating that the BSE agent 
may also be found in bone marrow,” the 
society said. The group was referring to 
bovine spongiform encephalopathy, a 
degenerative disease that attacks an- 
imals’ brains. The disease can be passed 
to humans from tainted beef in the form 
of Creutzfeldt- Jakob disease. 

Yorkshire Water said foe ad was ir- 
responsible: “We are reassuring our cus- 
tomers that foe drinking water Is safe.” 


TRAVEL UPDATE 


' 9 *!*?*?: 






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Moi Calls This Election His Last 

Reuters 

NAIROBI — President Daniel arap Moi of Kenya dispelled 
any lingering doubts about his political plans Friday by 
reaffirming that the term he is seeking in elections on Dec. 29 
will be his last. 

In a speech to mark, foe 34th year of independence from 
Britain, Mr. Moi buried speculation that he might wish to 
amend foe constitution, if he is re-elected, and run again in 
2002. 

He said there was one big difference between him and the 
14 other candidates seeking to win the presidency for the first 
time. 

“It is different because this is my last term.” he said. . 

Mr. Moi, 73, has been president of the East African country 
of 28 million people since 1 978. He won with 36 percent of the 
vote in 1992, the first elections conducted after the restoration 
of a multiparty system. 

Under the current constitution, presidents are only allowed 
two consecutive terms. An amendment to the ride would 
require a two-thirds vote in favor in Pa rliam ent- 


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Strike on Eurostar Trains 

PARIS CAP) — A strike by train personnel 
on foe Eurostar passenger train service be- 
tween London and Paris led to disturbances 
Friday that were expected to last through the 
weekend, a spokeswoman for foe French rail 
authority said. 

' The authority, SNCF, said train service 
would be “lightly disrupted" until early 
Monday. It said Eurostar was expected to 
continue to run the usual 14 trains daily 
despite delays caused by foe strike. 

Members of the Workers’ Force union 
were striking over salaries, foe SNCF spokes- 
woman said. 

Tours to Egypt Canceled 

LONDON (AFP) — Britain’s biggest 
travel agent, Thomson, said Friday that ft was 
canceling package tours to Egypt until May 
1998 after foe attack at Luxor last month in 
which 68 people, including 58 tourists, were 
killed. 


WEATHER 


About 70,000 tourists a year travel to Egypt, 
with Thomson, Britain’s leading operator of) 
Egyptian package tours. " | 

Another British travel agent, Thomas 1 
Cook, chose to continue its tours to Egypt,! 
although it noted that about 25 percent of> 
winter reservations for that destination hadj 
been canceled. j 

The Foreign Office has warned British vis-j 
itors to Egypt to be “vigilant and to respect any. 
advice from foe local security authorities." • 

i 

The acting chief of the Metropolitan 1 
Transportation Authority in Los AngelesJ 
has called for an immediate halt to nearly $5' 
billion in planned rail projects, saying foej 
agency is in serious financial trouble. It should' 
focus inste a d on finishing existing projects,' 
said Julian Burke, who was appointed in Au-i 
gust to cum the agency around. - f APjj 

Sofia’s airport reopened Friday after af 
two-day closure due to fog. an airport official* 
said. Incoming Balkan Airlines flights had! 
been diverted to Bulgaria's second city. Plov- 1 
div- (Reuters)', 


Forecast for Sunday through Tuesday, as provided by AccuWeattier. Asia 



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Europe . 

Dry and very odd across 
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Asia 

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PAGE 3 


I irl, 

f ' . f, f(> 


Former Cabinet Member 
Charged With 18 Felonies 

Cisneros Allegedly Bought a Mistress ’s Silence 


By Stephen Labaton 


AiVw York Tjwfs Scrvk-* 




^WASH^JGTON- Henry Cisneros, 
Presjdent Bill Clinton’s first housing 
secretary, has been indicted by a grand 
jury here that said he lied during his 
confirmation proceedings to federal 
agents and Congress about payments he 
had made to discourage a mistress from 
jeopardizing his nomination nearly five 
years ago. 

The independent counsel, David Bar- 
rett, on Thursday charged Mr. Cisneros 


change for their assistance. 

Through his Washington lawyer, Mr. 
- .Cisneros said dial he would “defend 


himself vigorously*’ and expected 


1 complete exoneration after a trmL‘ 
“The allegations raised in the in- 
dictment against onr client largely. con- 
cern events that occurred five years ago, 
before Mr. Cisneros’s nomination and 


confirmation as a member of the pres- 
ident’- — v: — ” ~~ :j - 1 -- T ~ — 


s cabinet,” said the lawyer, Cono 
Namorato. 

. “While Mr. Cisneros has admitted 
that he made mistakes in his persona] 


TO f*!*,.... r umuc, iuuuiios ui ms ucmuiwi 

4 ?*“ 1 ® coun J s °l conspiracy, life, he has attempted for many yeare to 

f T d obstnicUon of P u! these mistakes behind him. He is 

* iustice stemming fmm - ; ■ . t . 


t l lit nini - t - s a 


«n 


On Iran 


justice stemming from payments of 
more than $250,000 that prosecutors 
said he gave to Linda Jones, the former 
mistress, to buy her silence on their 
relationship and assure his confirmation 
as housing secretary in 1993. 

The 21 -count -indictment also con- 
tained charges of conspiracy against 
Ms. Jones and two people who had 
worked for Mr. Cisneros when he ran a 
communications company in Texas. It 
said that the employees. Sylvia Arce- 
Garcia and John Rosales, lied on Mr. 
Cisneros’s orders to federal agents con- 
ducting a background check and that he 
promised them government jobs in ex- 


now in private life in Los Angeles, with 
his wife and children." 

Mr. Cisneros is the second former 
member of the Clinton cabinet to be 
indicted. 

Mike Espy, former agriculture sec- 
retary, is awaiting trial on charges that 
he and his family'and friends received 
more than $35,000 in favors from large 
companies with interests before the 
government. 

Mr. Cisneros, 50. had been a rising 
star in Democratic circles when be left 
Texas to become the highest-ranking 
Hispanic official in the first Clinton 
administration. 



Oklahoma Suspect’s Wife 
Paints Damning Portrait 


POLITICAL NOTES 


She Was Misled, She Testifies at Bombing Trial 


By Lois Romano 

Washington Post Service 


The Aaraacd Prc*> 


Henry Cisneros, ex-housing secre- 
tary, says he expects exoneration. 


As secretary of the Department of 
Housing and Urban Development, he 
earned a reputation as an innovative 
architect of housing policy in a time of 
tight budgets. 

President Clinton said Thursday that 
Mr. Cisneros had had “a distinguished 
career of truly dedicated public ser- 
vice.” 


DENVER — Marife Nichols was 
called to the stand by defense lawyers to 
speak for her husband. Terry, the Okla- 
homa City bombing suspect, perhaps to 
offer him an alibi and to portray him as 
a family man. But the story she told of 
their unusual and distant seven-year 
marriage might have done her husband 
more harm than good. 

Before die defense rested its case 
Thursday, the 24-year-old woman char- 
acterized a marriage that was anything 
but conventional 

Mrs. Nichols agreed that her husband 
had misled her about breaking off his 
relationship with Timothy McVeigh, 
later convicted in the bombing, and that 
Mr. Nichols appeared to be living a 
secret life that included numerous ali- 
ases and surreptitious storage lockers 
about which she knew little. 

Her repeated answer to questions 
about her husband’s odd activities: “I 
don’t know. I didn't ask him.” ' 

Mr. Nichols, 42, faces the death pen- 
alty if convicted on any of the } 1 counts 
of conspiracy and murder in the April 
19, 1995, bombing of the Alfred P. 
Murrah Federal Building, which killed 


U.S. and China Move Toward Joint Military Exercises 


By John Ponrfref 

Washington Post Service 


the deputy chief of the general staff for 
pie’s Liberation Army and the 


hi'iik 

f (f 'Mil 


WASHINGTON — The United 
States and China moved a step closer on 
Friday toward holding what Pentagon 
officials hope will be the first joint mil- 
itary exercises involving the two coun- 
tries, according to officials. 

Chinese and American military of- 
ficers briefed each other on human- 
itarian relief missions and search and 
rescue operations as pari of two days of 
high-level meetings at the Pentagon 
headed by Walter Sloe ora be. the un- 
dersecretary of defense for policy, and 
Lieutenant General Xiong Guangkai, 


the Peopl 

army’s intelligence boss. 

The pair met Thursday for three hours 
on the first day of General Xiong's visit, 
a Defense Department official said. * 

Pentagon officials portrayed General 
Xiong's visit as part of an agreement to 
begin annual defense consultative talks 
that was reached during the October 
s ummi t meeting between President Bill 
Clinton and President Jiang Zemin. The 
talks grew out of a visit to Beijing in 
October 1994 by the defense secretary at 
the time, William Percy, and underscore 
the Pentagon’s long-held commitment 
to closer ties with China’s military. 


The Chinese defense minister. Chi 
Haotian, came to the United States last 
year and the then-chairman of the Joint 
Chiefs of Staff, John Shalikashvili, went 
to Beijing in May. 

4 ‘These talks are designed to increase 
understanding, to increase transpar- 
ency,” said Kenneth Bacon, the 
Pentagon spokesman. “They’re based 
on the very simple premise that the 
world's most powerful nation and the 
world's most populous nation have to be 
able to deal with each other in an adult, 
mature way both in areas where they 
agree and areas where they disagree.” 

Mr. Bacon said the talks were to 
cover three major topics: global and 


*egic 

iefei 


defense contacts in 1998 and the hu- 
manitarian operations briefings. 

The Pentagon first raised the idea of 
joint military exercises in 1994. The 
Chinese are wary because they are con- 
cerned about revealing weaknesses in 
training and equipment, U.S. sources 
said. They also have never carried out 
joint operations. 

U.S. officials have said they seek such 
cooperation because they are concerned 
about foe Korean Peninsula. If North 
Korea collapses and millions of refugees 
flow into China and South Korea, U.S. 
officials say they will need to know how 
the Chinese intend to respond. 


1 68 people. Testimony in foe case ended 
Thursday, and closing arguments are 
scheduled for Monday. 

Mrs. Nichols admitted that her hus- 
band had lied to her when he told her he 
was going to Omaha, Nebraska, to pick 
up Mr. McVeigh three days before the 
bombing, when he in fact drove to Okla- 
homa City. Prosecutors have alleged 
that Mr. Nichols helped Mr. McVeigh 
stash a getaway car. 

Mr. Nichols did not tell his wife the 
truth until seconds before he turned 
himself in to the Herington, Kansas, 
police on April 21. “He told me that he 
was lying to me about Omaha.” Mis. 
Nichols told the jury. 

She has described marrying Mr. 
Nichols when she was 17, living a no- 
madic life of moving from state to state, 
and leaving her husband for extended 
nips back to her homeland, the Phil- 
ippines. 

After Mr. Nichols's arrest, it was 
reported that he had turned to an illegal 
mail-order bride business in foe Phil- 
ippines to find a wife after his first 
marriage collapsed. Mr. Nichols and 
Marife Tones were married in foe Phil- 
ippines in November 1990, but Mr. 
Nichols returned to Michigan without 
his bride. On foe stand. Mrs. Nichols 
said she could not recall the exact dare of 
her wedding. 

• She joined Mr. Nichols foe following 
July — pregnant with another man's 
child. That child was found dead with a 
plastic bag over his head in Michigan 
two years later in what was ruled an 
accidental death. The couple now have 
two children together, the youngest 
bom two years ago this month when Mr. 
Nichols was incarcerated. 

Mrs. Nichols confirmed that she once 
quoted her husband as saying that 
“young ones were easier to train." 

She also said that when Mr. Nichols 
was nervously driving around Hering- 
ton on April 21. she asked him: “Are 
you involved in this?” 

“And he said. *No.’ ” she said. 

Mrs. Nichols was unable to say where 
her husband was on the morning for 
which he needed an alibi — April 18 — 
when foe government alleges he helped 
Mr. McVeigh build a truck bomb. 


r 


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GRAVE: Trail of Lies Leads to an Empty Site in Arlington National Cemetery 


Continued from Page I 


bassadorship to Switzerland 
and eulogized him at his fu- 
neral service at Arlington, 
foe nation’s hallowed resting 
place for its most cherished 
heroes. 

Mr. Climon told the 
mourners how Mr. Law- 
rence had suffered a serious 
head injury when he was 
thrown overboard from his 
ship, foe Horace Bushnell. 
after it was hit by a German 
torpedo in the last days of. 
World War Q. The president 
said Mr. Lawrence had 
“showed foe same courage 
and resolve he had shown as 
a young merchant marine 
during World War U.” 

It was not until last week- 
end that it became known 
that on foe day the Bushnell 
was torpedoed, Mr. Law- 
rence was in his native Chi- 
cago. attending classes at 
Wilbur Wright College. 

Now there are regrets and 
soul-searching. The White 
House and foe army wish 
that Mr. Lawrence had never 
been given a waiver to be 
buried at Arlington. The 
State Department has begun 
an investigation into how it 
overlooked discrepancies in 
his background during its 
vetting process. 

Congressional critics con- 
tend Mr. Lawrence was an 
extreme example in the ab- 
usive tradition of rewarding 
financial supporters with 
ambassadorships. 

And his stunned family 
and friends lament the fact 
that he will be remembered 
more for the lies he told than 
the things he did. 

Maurice Larry Lawrence 
grew up poor and got rich as a 
real-estate developer, amass- 
ing a $300 million fortune at 
his death. He gave gener- 
ously to Jewish chanties and 
lo Democratic candidates. 



TOfafll rWl»H/U»r Aam-ilOrd ftr»* 

M. Larry Lawrence’s former gravesite at Arlington. 


lending his oceanfront Tudor 
mansion in Coronado, across 
foe bay from San Diego, to 
celebrities, politicians and 
even Mr. Clinton. 

Yet as friends and rela- 
tives tell it, Mr. Lawrence 
may have made good but 
never felt good enough- So 
he set out to reinvent pieces 
of his pasL 

In hunting fra 1 a possible 
motive, some neighbors 
wonder whether he had har- 
bored a need to measure up to 
the many genuine war heroes 
who live and work around 
foe San Diego navy base. 

“We have so many Purple 
Hearts here and cm every 
corner we have real real he- 
roes." said Carol Cahill, a 
70-year-old Coronado resi- 
dent. “My next door neigh- 
bor was a four-star admiraL 
Maybe he just figured — 
merchant marine, you can’t 
trace it. no one will ever 
know.” 

For years, Mr. Lawrence 
struggled to fit in in the heav- 
ily military, heavily Repub- 
lican world of San Diego. He 
loved to tell friends that he 
had “three strikes” against 


him: he was “a liberal, a 
Jew, a Democrat.” 

The military both ap- 
pealed to him and infuriated 
him. 

“This town is full of nar- 
row-minded admirals,” a 
former colleague quoted him 
as saying often, particularly 
when foe city fathers 
blocked his requests for 
building permits. 

One day in the early 
1980s, Mr. Lawrence asked 
Norma Nicolls, who worked 
as his assistant for 15 years, 
to research foe history of the 
merchant marine during 
World War EL 

“One day he said. ‘I want 
you to quietly do something 
and don’t look at me as if I'm 
crazy,’ ” recalled Ms. 
Nicolls, who agreed to an 
interview only because she 
had already been inter- 
viewed by congressional in- 
vestigators. He asked her to 
“find out about all the mer- 
chant marine ships in foe 
Western Pacific in World 
War a” 

Ms. Nicolls said she gave 
Mr. Lawrence information 
about foe Bushnell. 


Soon, foe office was in- 
undated with information 
and newsletters, even invi- 
tations to events from mer- 
chant marine groups. Mr. 
Lawrence responded' with 
small donations. “$25 here, 
$100 there.” Ms. Nicolls 
said. 

. “Lany,” she added, 
“created his own reality.” 

Bit by bit. as foe yeare 
went on, he would recite 
varying accounts of his ser- 
vice. Once he told employ- 
ees that he had been thrown 
overboard and rescued. On 
another occasion, he told 
friends that he had managed 
to rescue several Russian 
sailors. On a third, he said he 
remembered nothing of the 
attack's aftermath, except to 
say foal he woke up from a 
coma in a Chicago hospital 
bed. 

From foe moment Bill 
Clinton was elected, Mr. 
Lawrence, who had never 
before backed a winning 
candidate for president, 
reveled in his new role as a 
Friend of Bill. He and his 
wife bought a historic home 
in foe Georgetown section of 
Washington and began en- 
tertaining. 

He made clear that he 
wanted a job in the new ad- 
ministration, as much for bis 
wife as for himself. 

In late 1993, around foe 
time that Mr. Lawrence 
faced his Senate confirma- 
tion hearings, be did not 
seem to know that Switzer- 
land was a neutral country, 
referring to it incorrectly as 
“an ally in Central Europe.” 
At the bearings, in Novem- 
ber 1993, some senators of 
both parties said he was un- 
qualified. 

Mr. Lawrence also test- 
ified at length about his war 
record, saying its details 
were so upsetting. “It is 
something mat I do not par- 


ticularly relish remembering 
for foe record." 

On his official Stale De- 
partment application for foe 
job. he also said be had served 
in foe merchant marine. 

Ms. Nicolls recalled 
Thursday that she had alert- 
ed a State Department in- 
vestigator who interviewed 
her at foe time of foe am- 
bassadorial nomination, say- 
ing she suspected that Mr. 
Lawrence had fabricated his 
war record. 

“I said. ‘You really need 
to investigate everything in 
his curriculum vitae,’ ” Ms. 
Nicolls recalled. 

“I said. You need to look 
at dates, at how could he 
have been in college and also 
been in foe merchant marine 
at foe same time period. All 
this could have been avoided 
if foe powers that be had 
done an investigation." 

At foe State Department, a 
senior official said, “Ac- 
cording to our records ao one 
interviewed raised any ques- 
tion about his merchant mar- 
ine service." 

State Department investi- 
gators twice tried to verify 
foe account offered by Mr. 
Lawrence, but each time the 
Coast Guard said it had no 
record that he was on board 
the BushnelL 

Still, foe Stale Department 
recommended to the White 
House that foe nomination 
go forward, concluding that 
foe inability to verify Mr. 
Lawrence’s war record was 
“not relevant, the senior of- 
ficial said. 

Some family members 
still argue that foe merchant 
marine records are missing 
and hope that Mr. Lawrence 
will be exonerated. 

He once told a reporter: 
* ‘Even Thomas Aquinas was 
forgiven. There must be a 
point in which someone has 
paid his due.” 


Away From Politics 


• The police stormed a house in Orlando, Florida, 
and rescued two young children, killing the murder 


suspect who held them hostage for three days. 
Malcolm Phillips. 4, and his cousin, Tedi Priest, 2, 


were doing we. 


r 


(AP) 


• An F-117 stealth fighter crashed in Middle 
River, Maryland, during an air show in September 
because technicians forgot to install four of five 
wing fasteners, air force investigators said. No:one 
on the ground was hurt, and foe pilot escaped with 
minor injuries after ejecting from the aiicraftfAPJ 


•A wall of fog outside Sacramento, California, 
caused many crashes, leaving at least five people 
dead on Interstate 5, a major freeway. (AP) 


• John Hinckley Jr.'s doctors at St- Elizabeths 
Hospital in Washington have recommended that 
the man who attempted to kill President Ronald 
Reagan in 1981 be allowed to spend six hours away 
from foe hospital to share a meal and celebrate ‘the 
holidays with his parents and girlfriend. (WP) 


Democrats Say Foes 
Try to Break Us ’ 


WASHINGTON — The chair- 
man of foe Democratic Party has 
accused Republicans of employing 
“a deliberate strategy to try 10 
break us” financially and vowed to 
resist automatic compliance with 
subpoenas ■ from the House com- 
mittee investigating campaign fi- 
nance abuses. 

’ ‘If there is something legitimate 
that we feel has not been produced, 
we’ll produce it,” Governor Roy 
Romer of Colorado said. “But if 
it’s a wild goose chase, we’JI resist 


1L 


The Democratic National Com- 
mittee has spent $11.3 million com- 
plying with requests for documents 
by various investigative commit- 
tees. which has left the party still 
deeply in debt more than a year 
after the 1996 presidential cam- 
paign. Mr. Romer said foe party 
would now focus its limited re- 
sources on foe 1998 midterm elec- 
tions rather than fish fordocumcnis 
whenever House investigators re- 
quested them. I WP ) 


Kennedy’s Big List 


WASHINGTON — Senator Ed- 
ward Kennedy. Democrat of Mas- 
sachusetts, has rolled out a pro- 
vocative list of legislative 
proposals for foe second session of 
foe 105fo Congress. 

Mr. Kennedy told the National 
Press Club that Americans have 
become more interested in foe 


“qualitv of their lives.” 
Mr. K 


Kennedy — who keeps on 
fighting and often winning de- 


spite his party’s loss of power on 
Ca; ' 


.apiiol Hill — tossed out some of 
his old favorites, ranging from an- 
other minimum wage increase to 
mandatory employer contribu- 
tions for workers’ health care, 
along with some new ventures 
that include: 

• A reduction of nearly 1 per- 
centage point in the 6.2 percent 
Social Security payroll tax rare, fin- 
anced by removal of the cap on 
payments for income exceeding 
$65,400 a year. That would provide 
a tax cm for everyone earning less 
than $80,000 a year, according to 
Mr. Kennedy. 

• A Kennedy-style alternative to 
Republican flat-tax proposals that 
envisions postcard tax returns with 
simplified progressive rates, fin- 
anced by closing tax loopholes for 
individuals aqd businesses. 

• Forgiveness of student loan 
debt for college graduates who 
agree to teach for five years. (WP) 


Quote /Unquote 


General Barry McCaffrey, Pres- 
ident Bill Clinton’s drug czar, on 
X-ray machines used in tests to 
find drug smuggled across Cali- 
fornia’s border with Mexico: 
"You can see 20 kilograms of co- 
caine inside lead in foe battery 
container or welded into walls of 
foe truck, or suspended by wires in 
a load of wet concrete.” (NYT) 


German Hostel 
Is Firebombed 


Reuters 

BERLIN — Unknown as- 
sailants firebombed a hostel 
housing Russian Jews and 
ethnic German settlers in foe 
state of Brandenburg, the po- 
lice said Friday, 

Hostel residents in Schoen- 
erlinde put out a fire, foe po- 
lice said. No one was hurt. 


raoul et curly 

Open on Sundays December 14 and 21 
All major brand perfumes and cosmetics, designer gifts 


Watches Baume et Mercicr, Ebel, Tag Heuer. Rado, Breitling, Tissot. 
Handbags Ungaro, C. Lacroix. Nina Ricci. 

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47, avenue de POpera 75002 PARIS 
Tel: 01 47 42 50 10 - Metro Opera 


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Chile's Coalition Wins 


SANTIAGO — The governing coalition in 

' h S counted^ 

Thursday’s elections, the Coalition for Democ 
raev was leading with nearly 51 percent. Right- 

vote, while Communist and other smaller party 

Ou> rutt 


chil d advocates as a rare case of justice prevailing 
over influence. 

Representative Romeo Jalosjos, 57, who owns 
a beach resort in foe southern Philippines, eluded 
the police ft>r 22 days until members of foe 
presidential security force, on orders of President 
Fidel Ramos, arrested him in January on an island 
west of Manila. 


Sihanouk, and allowed to return to Cambodia. Mr. 
Sam Rainsy said. 

Although Prince Ranariddh denies any wrong- 
doing and says foe charges against him are po- 
litically motivated and he would never receive a 
fair trial in a Cambodian court, he would accept 
foe formula, Mr. Sam Rain&y said. ( Reuters ) 



For the Record 


vwv. unnc — — 

La Buflhe » win en™g plop for Cambodia Prince 


But the coalition wo* - y 

yo.es .0 wrest control of ihc Senate from r |h - 


votes 10 wrest conuui ui s Yl 

wine opposition sympathetic to foe 
I der Chile? complex tabulation procedures, a 
I party must win twice as many ww» 
ponem to gain foe two Senate seals 
district. * 


PHNOM PENH — A formula has been worked 
out to allow Cambodia’s deposed co-prime min- 
ister, Prince Norodom Ranariddh, to return and 

an opposition 


Three more suspected cases of a bird flu that 
has killed two people in Hong Kong have been 
reported by foe government. Three hospitals each 
reported a suspected victim of the influenza virus, 
but none of foe cases have been confirmed by 
laboratory tests, said a government spokesman. 


Filipino Politician Jailed 



MANILA — A congressman was pO'Wi^ 
Friday of twice raping an 1 1 
sentenced to two life terms in a decision hailed by 


* > broken," he said at a 

news conference. Under foe plan. Prince Ranar- 
iddh, ousted in July by coalition partner Second 
Prime Minister Hun Sen, would be tried in his 
absence on security-related charges. He would 
then be pardoned by his father. King Norodom 


Marxist rebels killed at least eight people, 
including five policemen, in simultaneous strikes 
against two towns in a mountainous area of north- 
east Colombia, authorities said Friday. The at- 
tacks followed a spate of peasant massacres in 
which scores of suspected rebel sympathizers 
have been killed by right-wing paramilitary 
groups. f Reuters) 



reves 


Croirc cn scs 

et un jour les realiscr. 


Collection -FACADE' 



Van Cleef & Arpels 


nxiscANms uaatcASiacBievE losduis iwkeuh new rant bum beach ap-wu- mils 
HONaunr. Mosooq sewer sain, piisan norm 06 am. nnur-koNr. 


En adiaw 1 Zandi do . 


IA5ERLA* 


BUnhoMnw ^ 






, 



PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATIJRDAY-SUNDAY, DECEMBER 13-14, 1997 


Judging by This Bonus , It’s Indeed Grim in Japan 


By Stephanie Strom 

New York 77 bw » Service 

TOKYO — How grim are things for 
Japanese waiters? 

If the year-end bonuses handed out 
by Mitsubishi Electric Corp. are any 
indication, pretty grim indeed. 

The maker of electric machinery and 
defense electronics gave about 48,000 
of its employees a portion of their bo- 
nuses not in cash, but in coupons that 
entitled them to purchase 8,000 to 
20,000 yen worth ($62 to $155 worth) 
of the home appliances it makes. 

Takoshi Kitaoka, president of Mit- 
subishi Electric, apologized to employ- 
ees in a letter, explaining that the com- 
pany had to hand out coupons because 
of the almost 80 percent decline in 
pretax profit it suffered in the six 


months dial ended Sept. 30. “We tried 
to come up with the test possible solu- 
tion,” be said. “ As the president, it 
gives me great pain” to band out 
coupons instead of cash. 

Payment-in-kind ai bonus time is not 
unprecedented. In 1986, when the yen 
skyrocketed, several . consumer elec- 
tronics companies like NEC Corp., 
Matsushita Electric Industrial Co. and 
Sanyo Electric Co. gave their employ- 
ees products instead of cash. Japanese 
employees typically receive two cash 
bonuses a year, one at year-end and one 
in the summer. ' 

Still, every cloud has a silver lining. 
According to economists, Mitsubishi 
Electric may have found a novel way to 
address rising inventories, a problem 
that is likely to become more critical for 
all Japanese manufacturers as such 


lAnger in the Bank Line: 
Koreans Blame Leaders 
As Savings Lose Value 


• By Mary Jordan and Sally Chae 

■ . • Washington Post Service 

' SEOUL — One month ago, Chang 
;Yun Soon lost much of her late hus- 
band's life savings when the South 
. 'Korean stock market crashed. She de- 
cided she had enough of risky ventures 
and deposited (he remaining amount. 70 
- million won, ai a Seoul bank. 

A visibly shaken Mrs. Chang stood on 
■_ihe snowy sidewalk outside her bank. 
’With die value of South Korea’s cur- 
rency, the won, nosediving, her nest egg 
is now worth about half what it was last 
-month in relation to the U.S. dollar, and 
she feels its value is decreasing daily. 

Worse, the bank has frozen accounts, 

KOREA: 

A Call to Patriotism 

Continued from Page 2 

stability, shoppers were instructed to 
stop using their credit cards, to stop 
buying Irish whiskey, and to cm back to 
100 guests the usual 300 or so guests at 
Korean weddings. These three sugges- 
tions by the Korean Consumer Protec- 
. tion Group were among many distrib- 
uted in 200,000 booklets Friday. 

- South Korea remains in many ways a 
closed market, and American and Jap- 
anese officials have complained for 
years that it is bard to "sell their products 
here. The “Buy Korean” movement 
Seems more a knee-jerk reaction to bol- 
ster national pride than one deemed to 
have significant financial impact But. 
some worry that it also feeds into an 
underlying and unhelpful anti-foreign 
sentiment that has been stirred up by me 
International Monetary Fund. 

Following some media reports here 
suggesting an American and Japanese 
conspiracy behind the IMF bailout, there 
were reports of people destroying Amer- 
f.ican cigarettes, which are widely ad- 
! vertised here, and picketing of places 
that sold Japanese electronics. 

One front page story in the Korea 
Times blamed Japanese lenders fa 
. “driving Korea into a corner” by with- 
;; holding S6 billion when it needed cash. 

■ The article said: “Some analysts suspect 
that Washington and Tokyo might have 
collaborated to tame recalcitrant 

/Korea.” 

• Rhee Chang Yong. a Seoul National 
’ University professor of economics, said 

■ he believed that the “conspiracy the- 
ory” was dying off fast, as people 

i soberly assessed the country's reckless 
1 expansion and collusive ties between 
' government and business. 

Some people here believe it oddly 
. convenient that the IMF is immediately 

• demanding that it be easier to sell foreign 

- products in South Korea. 

“J do feel kind of resentful to Japan 
and the United States.” said Han Jin 
Hee, 25. "I know those two countries are 
behind the IMF deal. The IMF helped 
Mexico without all these controls. But 
now the IMF is using this to control 
us.” 

Miss Han said it was only natural to 
support Korean products in difficult 
times. Many agree with her. The frugal- 
ity campaign has taken off because 
people are instinctively saving and be- 
cause they ore worried about die future. 

Many prices of essential items, in- 
cluding food and rent, have begun to rise 
as salaries foil, forcing thriftiness even 
on spendthrifts. Layoffs are growing by 
the thousands as seemingly every com- 
pany is cutting expenses to survive. 

To trim costs, offices all over the 
county are putting “reminder” stickers 
an light switches and public bathroom 
tissue boxes to encourage saving. 

Many people are worried about the 
countries' foreign dependence on oil, 
and the growing cost of buying it, and 
some are wearing sweaters at home and 
work and turn ing down the heat. 

Police report a noticeable decrease in 
road traffic as more opt for the subway. 

For millions, the question of whether 
to buy foreign goods is academic, be- 
cause they are suddenly too expensive. 
As the won has fallen against foreign 
currency, some prices have nearly 
doubled. But even people who can afford 
these prices feel that ostentatious wealth 
is a social blunder in these hard times. 

Because of rising costs, some hotels are 
crossing out foreign foods on their res- 
taurant and bar menus, and Korean Air 
Lines have taken foreign foods off inflight 
menus and gone 100 percent Korean. 

* ’It may lake more than patriotism and 
nationalistic pride to overcome this situ- 
ation but it is a good start,” said Ben 
Limb, a spokesman for Kim Dae Jung, a 
presidential candidate. 


promising export markets as Indonesia, 
South Korea and Thailand face severe 
economic contraction. 

“Inventories had been coming 
down, but with export growth slowing, 
both inventories . ana profitability 
growth may become problems,” said 
Ron Bevacqua, an economist at Merrill 
Lynch & Company in Tokyo. 

A spokeswoman for Mitsubishi Elec- 
tric also tried to put a positive spin on 
the coupons, calling them a “special 
gift” from the company to its employ- 
ees, a ‘ ‘reward” for hard work. 

The cash portion of the bonuses the 
company handed out this year declined 
less than 1 percent, to an average, of 
678,000 yen, or $5,215. 

Despite the endless spate of bad news 
about the economy, winter bonus pay- 
ments have risen by 2.8 percent this 


year, according to a survey by' the Ni- 
hon Keizai Shimbun, a leading finan- 
cial daily here. But the rate of increase 
has slowed somewhat from last year, 
when bonuses climbed 3 .2 percent. 

Richard -Terrain, an economist at ING 
Barings, said his concern was not the 
slight decline in foe rate of increase of 
bonuses but whether is was any in- 
dication that corporate Japan was con- 
sidering retrenchment That might 
mean a reduction in hiring, wages and 
capital expenditure, “and then things 
would get very nasty,’* he said. 

But for Mitsubishi Electric’s employ- 
ees, Mr. Jecram, coo, had a rosy outlook 
“Hey, they could be working for Ya- 
maichi Securities and get paid in slpck 
options,” he said of foe failed securities 
firm, “Who knows, there may even be a 
secondary market in these coupons. ” 



A broker reefing with the Nikkei 
average on its roBer-coaster Friday. 
It dosed at 15,904.30, down 3\%. 


p':. m 





so Mrs. Cbang can do little except worry 
as her remaining savings, which have 
fallen in value from $77,000 to $41,000, 
dwindle in a vault that once seemed like 
foe safest place in foe world. ■ 

“The government claims my money 
is safe and will be returned eventually,” 
she said. “But when you have your life 
savings at risk, you can’t trust any- 
one.” 

Mis. Chang's anger and mistrust re- 
flect the mood of a heartbroken nation 
these days, one week before its pres- 
idential election. As Korean lose their 
jobs and hard-earned cash, they are 
blaming their leaders. Some are calling 
for c riminal prosecution of government 
financial officials and politicians. The 
lack of confidence in political leaders is 
adding to foe economic chaos that is 
growing worse every day. 

“I trusted foe government and de- 
posited a lot of money in the bank,” said 
a disgusted Oh Yong Sul, 62, who stood 
outside the Hanwha merchant batik in 
central Seoul, where Mrs. Chang had 
also deposited her money. 

“If I don’t get it back, I will sue foe 
minis ter of finance,’ 1 Mr. Oh said as be 
stood in the freezing cold. 

Many analysts say the continued slide 
of the South Korean won and deepening 
of foe economic troubles is largely a 
result of the power vacuum created by 
foe pending election. 

When the departing president, Kim 
Young Sam, again went on national tele- 
vision Thursday to apologize for “foe 
despair of entrepreneurs who have de- 
faulted on loans and fathers who have 
lost jobs,” many people turned their sets 
off in rage or disgust Mr. Kim offered 
no clear policy on how foe country 
would begin to get back on its feet 

The current government has promised 
investors like Mrs. Chang and Mr. Ob 
that the government-backed deposit in- 
surance will take care of them after foe 
cash crisis has passed. But it had also 
assured people that foe economy was. 
fine weeks before it essentially went 
bankrupt 

“The government has lost a lot of 
credibility,' ' said Kim Hun Soo, head of 
research at Merrill Lynch in Seoul. 
“There is genuine fear about whether 
the government can deliver on its prom- 
ises.” 

The major presidential candidates 
have spent much time bogged down in 
petty politics and finger-pointing and 
have not offered a clear recovery plan. 

In fact as foe pain of many of South 
Korea’s 45 million people worsened, the 
presidential election campaign has taken 
on almost absurd tones. In a bizarre 
media spectacle this week, the height of 
the son of one of the leading candidates, 
Lee Hoi Chang, was measured in public 
by doctors. 

The son was flown back from the 
United States for foe event as Mr. Lee 
tried to put to rest questions about bis 
son’s height and weight and whether he 
used it to evade military service. 

The measuring did not put to rest foe 
allegations of draft evasion, but it kept 
leading presidential candidates busy 
while people like Cho Young Hyuk, 42, 
struggle. Mr. Cho, a restaurant owner, 
says he is having a terrible time paying 
his employees. 

*Tve been in business 15 years,” Mr. 
Cho said. “I've never seen a worse 
time.” President Kim, he said, “can 
apologize all he wants, but his apology 
can’t pay my bills.” 


j 



JtcAyPhqphn/B'MM 

Armed policemen in Paris guarding the murder trial site for Carlos, the accused terrorist leader, on Friday. \ 

TRIAL: Carlos Begins Facing Murder Charges in ’75 Paris Case 


Continued from Page 1 

prisoned for foe last three and a half 
years. 

Dressed in a beige smock that could 
not hide a paunch and sporting an open- 
collared srnrt with a paisley ascot, Carlos 
bantered with foe presiding judge, Yves 
Comeloup. 

He also argued that a terrorist victims’ 
group named SOS Attentats should not 
be allowed to take part in the proceed- 
ings because, he said, it was an agency of 
both Zionist and American impenal- 
ism. 

“1 have been a political militant in foe 
Palestinian cause since 1 970, ” he said in 
one of many long monologues that Judge 
Comeloup made no attempt to stop, urg- 
ing him only to speak more slowly so 
that he coaid be belter understood. 

“Our enemy is the enemy of hu- 
manity, of foe Palestinian people and of 
France — American imperialism in 
league with the Zionist state,” Carlos 
said. 


The court did not rule on whether to 
bar the victims' group from participat- 
ing. The trial will resume Monday. 

The SovietUnion expelled Carlos as a 
troublemaker in 1970, when he and one 
of his brothers, Lenin — his Marxist 

S ts, admirers of Vladimir Ilyich 
=, named another brother Vladimir 
— were studying at Patrice Lumumba 
University in Moscow. 

But the Communist secret police of 
East Germany, Hungary and Romania 
gave him shelter into foe mid-1980s, 
keeping a wary eye on his activities 
while fie was on their soil and not wor- 
rying much about his actions else- 
where. 

The trial in Paris, the first of several he 
faces for crimes on French soil, concerns 
foe murder on June 27. 1975, of two 
French internal security agents, Inspec- 
tor Raymond Dous and Inspector Jean 
Donating and Michel MoukharbaL, a 
Lebanese whom the police were inves- 
tigating frnr attacks against foe Israeli 
airline El AI at Orly International Air- 


HEATHROW: Blase Hits Terminal One 


CRISIS: 

Currencies Tumbling 

Continued from Page 1 

“In Mexico, you were dealing with 
rescheduling one country's government 
debt.” Mr. Eschweiler said. “In Asia it 
is a multitude of debtors.” 

Corporate defaults aside, foe latest fall 
of currencies around the region will put 
tremendous pressure on China, accord- 
ing to Bill Kaye, managing director of 
the Pacific Group hedge fund manage- 
ment company. 

China will feel the pinch on two sides, 
Mr. Kaye said, with the devalued won 
undercutting industrial production in 
northern China and Southeast Asia's 
fallen currencies cutting into the low- 
value-added products made in southern 
China. 

Even before lost competitiveness 
from devaluation, falling consumer 

K in China combined with 
ster growth of electricity con- 
sumption point to an economy suffering 
from excess capacity, Mr. Kaye said. 
“It is a very, very scary scenario 


Continued from Page 1 

gether,” said Roger Cato, the airport’s 
ma naging director. 

Heathrow officials also credited the 
airport’s fire detection and alarm system. 
BAA PLC, the aiiport's owner and op- 
erator, invested £1 million ($1.65 million) 
to improve foe system and other safety 
facilities at Heathrow as a result of the 
Duessektorf fire, officials said. “We did 
learn some lessons,” said Sandra Loftus, 
a Heathrow spokeswoman. 

Airlines canceled 275 flights at Ter- 
minal One of a normal daily schedule of 
around 600 flights. On an average day. 
the terminal handles 70,000 passengers 
on domestic British and European 
flights. That represents almost half of the 
160,000 passengers that move through 
Heathrow daily. 

An additional 32 flights were canceled 
at Terminal Two and Terminal Four be- 
cause of foe inability of crews to reach 
their aircraft. A handful of flights were 
diverted to S masted Airport, north of 


Inca Mummy Found 
On Peru Mountain 

Reuters 

AREQUIPA, Peru — Another 
well-preserved frozen mummy of a 
young Inca sacrificed to foe gods 
more than 500 years ago has been 
discovered on an Andean peak in 
southern Peru, a U.S.-Peruvian ar- 
chaeological team said Friday. 

It is only the second find of a 
virtually undamaged frozen Inca 
mummy and should provide unique 
information on foe Inca civilization. 
The mummy was found last week at 
a height of 5.800 meters (19,024 
feet), close to the summit of Mount 
Ampato, near the city of Arequipa. 


because it’s exactly what caused these 
ASEAN countries to start dropping their 
currencies,” Mr. Kaye said. “I cannot 
recall the last ‘lime an economy at 
China’s stage of development was per- 
ceived as having a robust economy at foe 
same time as consumer prices were 
dropping.” 


London, and to London City Airport 

Friday was particularly busy because 
many British schools concluded their fall 
term this week, allowing many students 
and their families to get an early start on 
foe holidays. “It's one of the busier week- 
ends of foe year,” said Michael Blunt, a 
spokesman for British Airways PLC. 

BA suffered the worst delays because 
Terminal One is its bub for domestic and 
most European flights. The airline can- 
celed nearly 200 flights. It promised to 
find seats for passengers on later flights 
with BA or a competitor, or to provide a 
refund. 

Thirteen other airlines use the terminal, 
including British Midland, Air UK. Aer 
Lingus, South African Airways, El AL 
Finnair and Icelandic Airways. 

Most of foe fire damage occurred in 
foe so-called plant room, a rooftop area 
that bouses machinery to operate the 
building's systems. Fixe fighters de- 
clined to comment on the likely cause, 
and investigations were expected to con- 
tinue through the weekend. 


port in Paris. According to investigators, 
Mr. MoukharbaL, a suspected member of 
the Popular Front for the liberation of 
Palestine, Ied tbe two agents and In- 
spector Jean Hetranz tothe apartment of 
a girlfriend near foe Sorbonne on the 
Left Bank. 

...Coming on a group of other 
Venezuelans in the apartment mid un- 
expectedly discovering Carlos among 
them, the agents, all unarmed, confron- 
ted him with Mr. Moukbarbal, who iden- 
tified him. 

Carlos then brought out an automatic 
rifle and shot the three officers and Mr. 
Moukharbal and disappeared through 
foe window. Inspector Hetranz sur- 
vived. 

In late 1979, an Arab weekly, AI 
Watan ai Arabi. published an interview, 
purportedly with Carlos, in which he 
acknowledged killing foe Lebanese as 
“a traitor to foe work we are doing.” 

He has since denied giving foe in- 
terview and says that he was framed in 
the shootings Israeli intelligence and 
French police agents who wanted to 
create a riff between France and the 
Palestinian organizations'. 

The anti-terrorist magistrate who de- 
veloped this case. Judge Jean-Louis 
Bruguiere, is pursuing three more in- 
vestigations against hnn, according to 
foe authorities. 

Those cases concern Carlos’s role in a 
bombing in the Rue Marbeuf, off the 
Champs-Elysees, in 1982 that killed a 
pregnant woman and wounded 63 
people, for the bombing of an express 
train to Toulouse the same year that took 
five lives and for the bombing of a Left 
Bank drugstore in 1974 that killed two. 

Judge Bruguiere visited Hungary on 
Wednesday after the authorities there 
decided to open the Communist secret 
service files on Carlos to French in- ■ 
vestigaiors. He returned with a stack of 
documents on Carlos's activities in Bud- 
apest from 1979 to 1985. 

The defendant was first held in the 
Sante Prison in Paris but has since been 
transferred to Fresnes Prison in foe east- 
ern suburbs, where he is being held in 
solitary confinement. 

French officials say that his solitary 
state is partly punishment for his having 
insulted a prison guard. 


MARKETS: 

Free Fall in Korea 

- . Continued from Page 1 

about $191.2 million worth of . stock in 
Korean companies on Uhmsday, the first 
full day on which thc ceOmg cm fo reign 
ownership was raised to 50 percent from 
26 percent Foreign - ^ investors also 
showed little interest m purchasing South 
Korean b enchm ark three-year corporal® 

:• bands on Friday, the first day on which 
that njnricet was open to foreigners. 

' .“Nobody is buying,” said Edward 
Campbell -Harris of Jardine Fleming- 
“They need high yields to - compensate 
for foe risk. We’re far from seeing the 
worst, really.*’ 

Investors were especially deterred by 
foe news that Daogsuh Securities had 
announced the suspension of operations 
for a month while it sought court re- 
ceivership. The South Korean Securities 
and Exchange Commission - approved 
the move, which comes a week after foe 
collapse of Coryo, Securities, ranked 
NoTsb among brokerage firms here. 

Daogsuh fats customer deposits total- 
ing more than $150 milli on. The faokei- 
age also owes about $300 million to 
me rchant hanks. Fourteen of the cram- 
try’s 30 merchant bankshave already 
been suspended. The government has 
guaranteed deposits but has not said 
when depositors could collect them. 

At the same tone, Seoul sought to 
bring more dollars into foe economy by 
permitting companies to borrow from 
abroad and to issue foreign-currency 
bonds starting Monday. 

Finance Minister Urn Cbang Yuel 
said foe IMF, in piecing together a $60 
billion stabilization package for the 
economy, had called for lifting all re- 
strictions on overseas borrowing as one 
of several liberalization measures. 

The Bank of Korea is also issuing 
about $6 J billion in emergency loans to 
stove off foe threat of serial bankruptcies 
among companies otherwise unable to 
pay off immediate debts. 

Admitting that foreign-exchange re- 
serves total ofay about $10 billion at best, 
Chung TokKn, an assistant finance min- 
ister, said South Korea would obtain an 
additional $7.5 billion under terms of foe 
IMF package in the next two weeks. 

Thus, said Mr. Chung, “there would 
be no substantial problem in the foreign- 
exchange demand and supply.” 

But that failed to convince most ana- 
lysts that South Korea would not have to 
approach the IMF for an entirely new 
support package early next year. 

Steve Marvin, research chief at 
. Ssangyong Securities, estimated that 
Korean companies would owe about $85 
billion within a year. Overall, the coun- 
try's short-term debt is believed to ex- 
ceed $100 billion. 

As a sense of despair set in over die 
financial community. President Kim 
Young Sam called a meeting Saturday of 
the three major candidates in foe pres- 
idential election scheduled for Dec. 18. 
The purpose, a presidential spokesman 
said, was to convince them mat “pan- 
national cooperation is necessary to 
" overcome foe economic difficulties, re- 
build a healthy economy and boost in- 
ternational credibility.” 

Mir. Kim, who cannot legally be re- 
elected, was said to be concerned by 
' statements by Kim Dae Jung, the long- 
time dissident who now appears to be 
ahead in the race, that he would rene- 
gotiate the IMF deal if elected 

Kim DaeJung, who had advertised his 
views in newspapers, said Friday, 
however, that he wanted only .“sup- 
plementary” talks. He claimed that local 
newspapers had •* ‘misquoted’ ’ him. 

All three candidates signed state- 
ments pledging to abide by foe terms of 
die IMF agreement 

The Blue House also said President 
Kim might send special envoys to Wash- 
ington, Tokyo and other capitals in 
hopes of dramming up quick loans from 
governments as well as bankers. 

One goal was to persuade foe U.S. 
Treasury secretary , Robot Rubin, to com- 
promise on his earlier rebuff of Seoul’s 
plea for money as soon as possible. 

Mr. Rubin had called on the gov- 
ernment here to cany out all foe IMF 
requirements fra: closing debt-ridden 
banks and opening markets as a con- 
dition for the U.S. to advance funds. 
Underfoe circumstances, foe Blue House 
was sensitive to the extremely negative 
impact of anti-Western sloganeering. 

'’Western countries are conspiring to 
rule Korea,” was one of foe cries heard 
at Pagoda Park, where President Bill 
Clinton was called “an enemy of the 
people” who had conspired to foment 
foe country's economic difficulties. 

“The Japanese want to colonize 
Korea again through foe IMF,” another 
slogan said. 

Such language, said Ban Ki Moon, 
presidential assistant for international 
affairs, was not only “inflammatory” 
but also hostile and disturbing to “for- 
eign lenders and investors who may 
want to help us.” 


SUHARTO: Indonesian Leader Cancels' Visit to ASEAN Meeting 


Continued from Page 1 

opposition since taking office, has no 
chosen successor. 

“It has become a real crisis now," 
Cbristianto Wibisono, an economist in 
Jakarta, told Agence France-Presse on 
Friday. The political conditions “are 
now even more uncertain,” he said, 
adding, “Nobody has been prepared to 
think about a post-Suharto era.” 

According to Indonesia's Constitu- 
tion, Vice President Try Sutrisno would 
succeed Suharto in the event of the pres- 
ident’s death. But political analysts say 
that if history is any guide, another suc- 
cessor could appear at foe last minute. 

A Western diplomat cited what he 
said were similarities between now and 
1965, when Indonesia's only ofoer post- 
independence leader, Sukarno, left of- 
fice. . 

“There were rumors about Sukarno’s 
bad health,” foe diplomat said, “the 
economy was going down the drain, 
inflation was 500 to 1,000 percent a year, 
the price of rice had skyrocketed. It was 
one big mess. And everyone said there 


was no successor. And then Suharto 
arrived — no had thought about Su- 
harto." 

Similarly, foe diplomat said, there 
might now be “someone in foe wings 
we've never heard about" 

Since he succeeded Mr. Sukarno as 
the independent country's second pres- 
ident, be has ruled it like a fiefdran. His 
children dominate foe economy, running 
businesses involved in everything from 
roads to banks. 

As Haimoko, one of Mr. Suharto's 
longest-serving aides and foe head of his 
political organization Golkar, said in 
October, “There is no other figure, and 
there is no other leader.” 

Analysts say any future leader, 
however, will need the full support of foe 
military. .Mr. Suharto, a framer , army 
general, has been . expected to be re- 
elected next year to a seventh five-year 
term. 

Mr, Suharto underwent a kidney op- 
eration in 1994 and is said to suffer from 
hypertension, bat he has not been pub- 
licly diagnosed with any major illness. 
Last year he took a high ly publicized trip 


to s heart clinic in Germany, but doctors 
there gave him a clean bill of health. 

Indonesian authorities have denied 
that Mr. Suharto is ill and say only that 
he needs resL 

This month, the government an- 
nounced that Mr. Suharto was tired at yf 
would take a previously unscheduled 
10-day rest at his home in Jakarta. He 
also canceled a trip to Iran to meet with 
Islamic leaders there. 

Mr. Suharto’s health aside, 1997 has 
been a difficult year for Indonesia. 

Hie country sought help from the 
International Monetary Fund in October 
ami negotiated a rescue package of $23 
billion in aid and $15 billion in loans. 

Indonesian companies are burdened 
with $65 billion in foreign debt, and it 
now takes- twice as many rupiah to buy 
one U.S. dollar as it did in May. 

In addition to foe financial crisis, the 
country a few months ago was shrouded 
in a choking haze caused by brash fires on 
plantations and in Indonesia's vast 
swaths of virgin rain forest The ar- 
chipelago’s easternmost islands also have 
suffered droughts and food shortages. 


<1 






t 


K 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 13-14^ 1997 


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PAGE 6 



SATGRDAY-SUNDAY, DECEMBER 13-14, 1997 


EDITORIALS /OPINION 




Steps for Korea 


Morality , Multipolarity an 


Hie International Monetary Fund’s 
$57 billion bailout package for South 
Korea looked workable at first, but it 
has already been overtaken by eco- 
nomic and political developments. 

' First came news that Korea’s foreign 
reserves were smaller than previously 
admitted, and its foreign debt much 
larger. Next the Korean government 
dawdled at instituting the tough con- 
ditions imposed by the Fund. Then- a 
leading candidate in this coming week’s 
presidential election threatened to rene- 
gotiate the accord. The bad news scared 
foreign lenders, who withdrew then- 
money and sent die Korean currency 
and stock markets plummeting again. 

Pr edicting the consequences of de- 
fault is difficult because the world has 
no recent experience with the bank-, 
reptcy of its 1 1th -largest economy. But 
default would surely buffet other coun- 
tries, starting with Japan, where banks 
are already saddled with bad domestic 
loans and are heavy lenders to South 
Korea. If Japan's markets stumble, so 
too could those of Hong Kong, Russia, 
Brazil and other countries, whose for- 
eign loans exceed reserves. 

The monetary fund looked as if it had 
headed off this kind of chain reaction 
with its decision to lend South Korea up 
to $57 billion to help repay loans. 

In exchange, the fund insisted that 
Korea close insolvent banks, cot off 
government-directed loans to econom- 
ically inept conglomerates and clamp 
down — critics say too harshly — on 
inflation even as interest rates soar and 


its currency collapses. The idea was to 
reassure foreign investors that Korea 
■had enough money to repay current 
and future loans. 

Korea can still avoid default by tak- 
ing steps to shore up its solvent banks, 
close insolvent ones and shut off the 
government-directed spigot of bank 
money to financially weak conglom- 
erates. It would help calm financial 
jitters in the region rf Japan fixed its 
own banks, using public money where 
needed, and cut taxes and did whatever 
else was needed to stimulate its* lag- 
gard economy. 

Fred Bergsten of the Institute for 
International Economics suggests 
Korea might need to declare a mor- 
atorium on its loan repayments. The 
idea is to postpone loan repayments to 
all in order to guarantee eventual re- 
payment to everyone. The moratorium 
has the advantage of putting some of 
(he burden of shoring up Korea on 
the backs of the investors who made . 
dubious loans. 

The Korean economy is fundamen- 
tally sound and, with its trained work 
force and a high savings rate, will 
eventually recover. Its problem is that 
Korean companies operate with large 
amounts of debt, making them vul- 
nerable when foreign investors fear for 
their money. To spare itself, and every- 
one else. South Korea needs to move 
faster to satisfy die Fund, and its pres- 
idential candidates must publicly ‘ 
endorse the loan agreement 

— THE NEW YORK TIMES. 


A Half-Treaty in Kyoto 


The climate change agreement 
reached in Kyoto is both more and less 
than the Clinton administration sug- 
gests. The industrialized nations of the 
world, including the United States, 
agreed to reduce their emissions of 
greenhouse gases to about 7 percent 
below 1990 levels by sometime be- 
tween 2008 and 2012. 

That may not sound like much, and it 
may not sound like soon. Bat green- 
house gases — carbon dioxide and five 
others — come- from burning oil, gas 
and coal, and as such are intimately 
connected to almost every aspect of 
daily life — heating, air conditi oning , 
driving, manufacturing. Anri the 
United States, if it stays on its current 
path, will be 34 percent above 1990 
levels by the year zOlO. That means a 7 
percent reduction is actually a reduc- 
tion of more than a third. 

Nothing in the adminis tration’s re- 
cord during the past five years has laid 
die groundwork for sue* a radical 
change, and President BQl Clinton’s 
proposed five-year, $5 billion program 
of tax incentives and research sub- 
sidies is small potatoes next to the 
dramatic transformation im plied by 
die Kyoto promise. 

That’s why, all along, the admin- 
istration acknowledged that some 
kind of binding targets would be 
needed — die certainty that energy use 
will become more expensive, or at least 
that the differential between wasteful 
and efficient energy use will grow. 
That’s where the Kyoto pact as it now 
exists seems to us more modest than 
some of the claims being made for it, 
at least so far. 

Vice President A1 Gore on Thursday 
referred to the agreement as “histor- 
ic,” saying that die nations of the 
world had agreed to take “strong, 
binding action against global wann- 
ing.” But ooiy some of them did — the 
industrialized countries — and what 
they signed on to is only half a treaty, 
which is to say not yet a treaty at all. 

The administration went to Kyoto 
with three principal goals: targets for 
greenhouse-gas reductions that were 
tax more modest than those proposed 
by the European Union or Japan; a 
mechanism tor reaching those targets 


that would depend on market incen- 
tives, not government fiat, and a prom- 
ise from developing countries to 
“meaningfully participate” in any cU- 
’ mate-change sc hem e. 

In tiie end, the United Stales gave 
some ground cm the targets, though it 
didn’t go as far as Europe wanted; it 
got agreement in principle to establish 

a maHcRt Trimhanisni hnf no agr ewwmf 

on how that .would work, and it got 
no agreement whatever from devel- 


oping countries. 

Without progress cm the second two 
elements the Senate will never ratify a 
treaty, and tile adminislratin n is vnSC 
enough not to submit one for ratifi- 
cation. Until then, of course, die “bind- 
ing” targets don’t become binding. 

These realities do not mean, as some 
Rqxdriican senators would have it, 
that the half-treaty is without value and 
should be rejected right away. It’s no 
smalt thing that the world’s industri- 
alized nations — the world’s major 
polluters — have promised in principle 
to reduce their greenhouse-gas emis- 
sions and to be. held accountable for 
their promises. 

The European Union’s acceptance, 
after years of skepticism, of the idea of 
market mechanisms also represents pro- 
gress. The administration has pledged to 
keep working on the treaty — to secure 
the involvement of developing conn- 
tries, among other matters — and it 
should be given a chance to do so. 

In the meantime, what’s most im- 
portant are the measures the United 
States takes at home. The United States 
is far and away the world’s biggest 
polluter, especially on a per capita 
basis; with 4 percent of the world’s 

aftSh of the world’s greenhouse gas. 

During the coming decades, that 
kind of wasteful, inefficient behavior 
could indeed have dire consequences 
for the world’s climate. There’s much 
that government and industry could do 
together to change this pattern without 
harming the economy; many mea- 
sures, such as utility deregulation, 
could actually help the economy while 
increasing efficiency. Progress in this 
direction would really be historic. 

— THE WASHINGTON POST. 


Other Comment 


Calculating Terror 

The recent confrontation with Iraq 
has renewed concerns about chemical 
and biological terrorism. What if a 
government -like Saddam Hussein’s 
clandestinely used such weapons 
against its enemies, making h appear as 
if it were a terrorist attack? Might it 
turn over cruder versions of its deadly 
stocks to actual terrorist groups? 

Or might terrorists on their own be 
inspired to mass murder? 

An inquiry into the decision-making 
of state and terrorist foes reveals that 


both face difficulties and constraints: 
The critical calculation is not what 
quantity of poison gas or deadly germs 
may be required to depopulate a city, 
but weighing tire chances of success 
against the risks of discovery and 
massive retaliation. 

The bigger danger to society may 
come from those tiny groups and de- 
ranged individuals who can’t or won’t 
make such calculations. 

— Brian Michael Jenkins, deputy 
chairman of the KroIl-O'Gara 
investigative and security firm, 
commenting in the Los Angeles Tunes. 


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P ARIS — Shorn of most of their 
power by an electoral miscalculation 
of historic proportion. President Jacques 
Chirac and his Gaullist team still tun the 
Elysde Palace but not France. 

They hold office but not power, which 
in Ranee tenaciously resists division. 

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dividing government’s checks and bal- 
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vided into two (or even three) parts. It 
flows inexorably from one group to an- 
other after the ballots are counted. The 
Socialist prime minister, Lionel Jospin, 
who surprised himself by winning the 
snap elections called by Mr. Chirac last 
spring, dominates the landscape here 
even though his parliamentary majority 
is paper-thin and depends on unstable 
alliances with tbe Communists and the 
Greens. 

Only in foreign policy does the con- 
stitution .give a president of tbe Fifth 
Republic clear title to a job of his own 
when the Parliament is controlled by 
his opponents. Mr. Chirac is making 
the most of that constitutional opening, 
traveling abroad to improve the image 


By Jhn Hoagland 


both of France and himself, advancing 
Baris Yeltsin's fortunes and Russia’s 
integration into Western institutions 
wherever he can, lavishing praise on 
“Bill and Hillary ” in conversations 
with American visitors. 

His high-minded appeals to the 
world's richest countries to help the 
downtrodden of Africa, tbe Middle 
East and Asia reflect deep pools of 
genuine sentimentality ana compas- 
sion that motivate Mr. Chirac. 

When we met this past week in Paris, 
he had just returned noma tiring trip to 
the Ivory Coast There be had given a 
moving speech appealing for help for 
Africa's AIDS victims. 

“AIDS victims in rich countries 
have some chance to be treated, while 
poor countries have no money for that 
Instead of concentrating solely on pre- 
vention, developed nations need to 
show moral leadership by getting big 
pharmaceutical companies to provide 
medicines” at low or no cost to tbe 
Third World, Mr. Chirac said. 

Throughout our conversation; Mr. 
Chirac studiously avoided any direct 
criticism of the Clinton administration 
for not exercising moral leadership in 
world affairs commensurate with 


America’s economic and military 
might- Nonetheless, I heard ah element 
of Gulliverization in his remarks. 

By Gulliverizaiian. I mean the peri- 
odic attempts of other countries to join 
together to restrain the American be- 
hemoth from hurting itself and others 
with its enormous power, as tire Lil- 
liputians staked. Gulliver to the ground 
in Jonathan Swift's tale. In French, 
Gulliverization is translated as moving 
toward a “multipolar’ ’ world. 

The examples W. Chirac gave of foe 
areas where' global moral leadership 
has been lacking included the inter- 
national ca mpaign to ban land mines, 
which the United States shunned, and 
the effort “of some” at foe Kyoto 
conference on global warming “to ar- 
gue that a country can buy a right to 
pollute. That is not acceptable.” 

His comments foreshadowed a suc- 
cessful effort oi Kyoto by European 
and Third World countries to get foe 
United States to alter its proposal for a 
controversial carbon emission trading 
system. 

Responding to questions, foe French 
president dwelled on foe humanitarian 
horrors and the “humiliation” factor 
he sees present in American-led em- 
bargoes on Iraq and Iran. He made clear 

his uneasiness with embargoes of any 
kind but that Prance will 


apply sanctions against Iraq until 
Baghdad complies with existing 
United Nations resolutions. 

That message was echoed a day bier 
by Ranee's talented Socialist foreign 
minister, Hubert Vddrine. who works 
closely with Mr. Chirac a&tMr. Jospin. 
Bui on the Kyoto conference and other 
subjects, the wiy, analytical V4dnne 
stressed power instead of high prin- 
ciple. .. „ . ‘ - 

I asked if foe sandbagging of foe 

United State* at Kyoto by foe Euro- 
peans and others was an example of 
a new “multipolar** from framing 
against U.S. positions. Mr. .Vddrine’s 

response: ‘ . 

-*We will have to see, fait 1 doubt 
there will be a stable front. 

“All of us are involved in innu- 
merable negotiations at the same time 
on differing issues, where different co- 
alitions form. There will be times when 
we will be with the Americans, others 
when we won’t. 

“That is the nature of the diplomacy 
we practice today.” 

Power mow foe Socialists* thoughts 
to pragmatism: defeat has launched the 
OmBistg on the high road of moralism. 
The end result is a foreign policy that 
advances both Gulliverization. and 
Bench interests, as if by coincidence. 

The WiuAitffcw Past 


It’s Time for a Fresh Approach to U.S.-Iran Relations 


L OS ANGELES — The as- 
sembly in Tehran this past 
week of two dozen beads of state 

and high-level nffirialg repre- 
senting some 55 countries of- 
ficially marieftri foe eighth meet- 
ing of the Organization of foe 
Islamic Conference. It also 
marked foe symbolic dgarfi of 
the U.S. policy of “dual con- 
tainment” Of Iran and Iraq 
Specifically, foe gathering 
TTMmpad the otter failure of the 
U.S. attempt to isolate Iran. 

Policies of restriction or con- 
tainment foroogh economic me- 
chanisms do not work. In a por- 
ous world, sanctions are largely 
ineffective: Saddam Hussein is 
still in power and foe regimes in 
North Korea, Vietnam and 
Cuba have survived in spite of 
comprehensive U.S. sanctions. 

When U.S. policy has been 
successful it has been based on 
constructive co-positive engage- 
ment. The ending of apartheid in 
South Africa and of commun- 
ism in Eastern Europe, Arab- 


By Najmedxn Meshkati and Guive Mirfendereski 

sraeli peace talks, protection of April 1986 accident at 
JS. intellectual property rights Chernobyl, a nuclear accident 
a China — all these things have anywhere is a nuclear accident 
omc about because of infln - everywhere. A hastily orsecrefly 
nee foroogh involvement. designed, , untested Iranian nu- 
The extension of U.S. policy dear reactor operating with ob- 
3 the actions of other countries solete safety systems would cer-- 


Israeli peace talks, protection of 
U.S. intellectual property rights 
in China — all these things have 
come about because of influ- 
en ce through involvement. 

The extension of U.S. policy 
to the actions of other countries 
com p o un ds the error. By pres- 
suring Russia to cancel its $1 
billion contract to sell nuclear 
reactors to Iran, foe United 
States is unintentionally fairing 
a risk that could have dire con- 
sequences. 

Iran, determined to develop 
its nuclear energy capability, is 
fikeLy to acquire components foe 
nuclear reactor systems through 
various means — from many 
sources that could be scattered 
throughout various countries. 

Technically, tins effort could 
TMmif fn a pierpm wii ass emblage 
of potentially incompatible parts 
of dubious reliability in an un- 
tested reactor. 

As the world learned after foe 


tainly pose a high risk to people 
and the environment across tbe 
Northern Hemisphere. 

In these times, die best con- 
trol in technological matters is 
through foe systemic integra- 
tion of national technologies. 
Tight integration, interdepen- 
dence and correlation among 
technologies of different coun- 
tries would provide much, more 
oversight, control and assur- 
ance rfwn do unilateral policies 
of restrictions and isolation. 

The UJ5. deal with North 
Korea for developing and in- 
stalling nuclear reactors is a 
step in the right direction and is 
a good example of this new 
paradigm in foreign policy. 


When it comes to building 
relationships, the United States 
should fellow tbe recipe it used 
in dealing with such ideological 
adversaries as foe Soviet Union, 
China and Vietnam. 

The United States might 
want to consider as a goodwill 
overture foe unblocking of Ira- 
nian assets frozen since the 
1979-80 hostage crisis. It could 
do so foe next time there is a 
natural or environmental dis- 
aster in Iran. The United States 
could unfreeze the assets — 
with no strings attached — to 
allow the Iranian government to 
cope with foe humanitarian re- 
quirements of foe situation. 

. A willingness on the part of 
either theUnited States or Iran to 
admit that one day there will be a 
meaningful relationship be- 
tween foe two is foe first step 
toward that eventuality. 

The United States needs to see 
Iran as part of the solution to tire 
problems in the Middle East. But 
first Washington and Tehran 


must simply be able to com- 
municate on matters of mutual 
interest Resolving their differ- 
ences can come biter. 

As tbe Tehran gathering this 
past week demonstrated, Iran is 
isolated mostly in the minds of 
U.S. policymakers. And it is U .S. 
interests that suffer. By not reek- 
rating with Iran as a major player 
in foe Middle East, foe united 
States deprives tbe American 
private sector of a lucrative mar- 
ker, widens tire gap with its allies 
and deepens foe stagnation in foe 


A fresh and bold approach to 
U.S.-Iran relations is not only 
desirable, it is imperative for 
U.S. national interests. 

Najmeetin Meshkati is an as- 
sociate professor of engineering 
at the University of Southern 
California. Guive Mirfendereski 
is a professor of international 
law at Brandeis University. 
They contributed this comment 
to the Los Angeles Times. 


In a New World, NATO Must Retool Its Strategic Concept 


W ASHINGTON — When 
NATO foreign minis ters 
meet this coming week to dis- 
cuss the new challenges facing 
AeaHimcft, re vising fts o utdated 
“stearic concept” should be at 
the top of their agenda. 

While foe North Atlantic 
Treaty Organization has marie 
significant progress toward 
self-renewal and transforma- 
tion, its strategic concept, 
adopted in November 1991, is 
outdated and does not fully re- 
flect foe profound changes that 
have transformed Europe’s stra- 
tegic landscape over the past six 
years: foe collapse of foe Soviet 
Union, foe civil war in Bosnia 
and NATO’s peacekeeping op- 
erations there, plans fra NATO 
enlargement and a new NA70- 
Russia relationship. 

The concept defines the 
primary purpose of foe alliance 
as defease of NATO territory. 
Thus its guidelines for conven- 
tional force planning do not 
give sufficient priority to de- 
veloping foe means to deal with 
increasingly important new 
risks and challenges to NATO's 
security, many of which do not 
involve the defense of territorial 
borders. 


By F. Stephen Larrabee and Richard Sokolsky 


The strategic concept, for in- 
stance, barely mentions foraaK 
to NATO’s common security 
beyond its territory, such as ter- 
rorism, the proliferation of 
weapons of mass destruction, 
disruption of Gulf oil supplies 
and instability along NATO’s 
southern and eastern flanks. 

While these challenges do 
not represeait a direct threat to 
NATO territory, they would, as 
is the case with Bosnia, have a 
serious impact on key NATO 
security interests. 

Tire concept remains vague, 
moreover, on whether the Euro- 
pean members of the alliance, 
given their acute vulnerability 
to these threats, should carry a 
larger share of foe responsibility 
fra defending common interests 
beyond Europe’s bonders. 

Consequently, foe concept 
does not establish goals, plans or 
programs for i mp roving the ca- 
pability of NATO allies toproj- 
ect significant military force be- 
yond their national territories to 
defend shared interests. 

Simply put, what’s missing is 
a Common tinHpy g tftTiHing of the 

current and future threats to 


NATO’s security and a coherent 
strategy and sustainable long- 
term defense plan for dealing 
with them.' Without these,' even 
an enlarged NATO may come to 
be seat as irrelevant to many of 
foe most important security 
problems feeing its members. 

A revised NATO strategic 
concept should focus on several 
issues. 

First and foremost, the alli- 
ance needs to redefine its stra- 
tegic purposes now that the Cold 
War is over and forge agreement 
on the threats to these objectives 
and on how to deal with them. 

It has become abundantly 
clear in an era of globalization 
and interdependence that de- 
fense of territory is no longer 
synonymous with . security. 
NATO needs to cope with a 
broader and more complex 
range of threats to peace, se- 
curity and prosperity, in par- 
ticular foe security of Gulf oil 
supplies and “rogue state” at- 
tacks on NATO territory. 

Second, new guidelines for. 
NATO’S force p lanning and 
military posture will be needed 
to implement foe new strategic 


Selling Fake History to Children 


N EW YORK— My grand- 
mother met Rasputin. 

He came to her family’s 
boose for dinner in Kazan 
in 1905. 

He was slovenly, grandi- 
ose, and was wearing two silk 
Russian blouses, one over the 
other, to proclaim his pros- 
perity. 

Distracted by anxiety over a 
neighbor's illness, be stayed 
only a short time, which was 
fine with my grandmother. 

Rasputin took his leave in 
the foyer. The children were 
all present My grandmother 
was 10. Her brothers, Dmitri 
and Alik, stood near their fa- 
ther, a widower. 

Rasputin put his hand on 
my grandmother’s head. ‘ ‘She 

will live long,” he said. 

My grandmother lived to be 
97. But the rest of her family 
died young. 

During foe Communist 
takeover in 1918, her father 
was shot in die back of the 
head and thrown into a lime 
pit 

Red troops found Alik, 
wounded after a .skirmish, 
bayoneted him and threw him 
into, a river. Dmitri was later 


By Natalia Ilyin 


shot to death in a Stalinist 
purge. 

Now my nephew is play- 
ing with tiie Rasputin toy 
that came with his chicken 
tenders and fries. It’s from 
Barger King’s promotional 
tie-in with foe new movie 
“Anastasia.” 

Poll both arms out and 
Rasputin’s head fells off. * 
Press a button on his back and 
everything pops back into 
place. 

How do I tell my 6-year-old 
nephew ahd my 7-year-old 
niece dial this was no fairy 
tale? 

In foe animated .movie's 
stray, Anastasia, foe daughter 
of foe czar, escapes foe 
clutches of foe evil Rasputin 
and somehow later trasses 
being killed with die rest of 
her famil y. Then she fells in- 
love with foe boy who saved 
her. 

How do I tell my niece and 
nephew that life does not al- 
ways pop bade into place? 

The real Anastasia was shot 
in a basement Then she ' was 


doused with gasoline, burned 
and dumped in a pit, along 
with the rest of her family. 

Later, a delusional girl was 
fished out of a German river 
and claimed to be Anastasia. 
After she died, DNA tests 
proved once and fra all that 
her stray was a hoax. 

There’s a phrase for what 
the moviemakers did: It’s 
called cultural appropriation. 

People who have fed miser- 
able lives and died miserable 
deaths are reincarnated as he- 
roes. This has been going on 
since celluloid, was invented. 
But the difference here is that 
this film is marketing a fat*- 
version of modem history to 
children. 

I can’t tell my niece die 
truth about Anastasia; she's 
too young to bear the truth. 
But for 20th Century Fox, ‘ 
she is not too young to be told 

a lie. 

The writer, who teaches in 
the graphic design depart- 
ment at Yale University , is the 
author of the forthcoming 
“Blonde Like Me." She con- 
tributed this comment to The 
New York Times. 


concept. While Article V ob- 
ligations should remain a core 
security function, if foe alliance 
puts greater emphasis on force 
projection beyond NATO ter- 
ritory it will face a host of 
thorny political, military and 
budgetary issues. 

What force goals and re- 
source commitments should the 
alliance set? What is the ap- 
propriate balance between U.S. 
ana allied military contribu- 
tions for new missions in an 
enlarged NATO and beyond 
NATO territory? 

Does NATO need a new 
command structure for force 
projection? Under what circum- 
stances should tbe United States 
or its European allies be able to 
use NATO forces and structures 
for purposes on which they 
don’t all agree? 

These are some of tbe con- 
troversial issues, and reaching 
an alliance-wide consensus on 
them will be difficult Faced 
with the prospect of wrenching 
change and tnily tough choices, 
many officials in NATO cap- 
itals worry that foe risks, costs 
and difficulties of major ref ram 
are too great The natural 
temptation is to cling to the 
status quo. tinker on foe edges 
or kick the can down the road. - 

But muddling through would 
be a grave mistake. It has been 
more than six years since foe 
alliance engaged in a funda- 
mental debate about its objec- 
tives, strategies and security re- 
quirements. NATO can no 
longer afford to stick its col- 


lective head in the sand, taking 
refuge in foe comforting, but 
dangerous, illusion that “if it 
ain’t broke, don’t fix iL” 

The United States and 
Europe need a reformed and 
rejuvenated NATO to maintain 
peace, prosperity and stability 
from foe Atlantic to the Urals. 

Moreover, in an era of budget 
cuts, troop reductions and mul- 
tiplying demands on U.S. forces 
around foe globe, the United 
States will need to rely increas- 
ingly on its NATO allies to co- 
ordinate policies and contribute 
assets on a range of issues. 

Nothing less than NATO’s 
long-tom survival is at stake: If 
foe alliance is not transformed 
into an effective instrument for 
coping wifo the real threats to the 
trans-Atlantic community's 
common vital interests, it risks 
gradually withering on foe vine. 

Mr. Larrabee is a senior ana- 
lyst at the Rand Corporation. 
M r. Sokolsky, former director of 
the State Department’s Office of 
Strategic Policy and Negoti- 
ations, is a fellow m Rand. They 
contributed this comment to die 
International Herald Tribune. 

Letters intended for publi- 
cation should be addressed 
'Letters to the Edito r ** and 
contain the writer's signature, 
name and full address. Letters 
should be brief and are subject 
to editing. We cannot be re- 
sponsible for the return of un- 
solicited manuscripts. 


IN OUR PAGES: 100. 75 AND 50 YEARS AGO 


1897: Cretan Question 

LONDON — The Times , on the 
Powers and Crete, says: “The 
total failure of the Concert to 
bring efficient relief to foe suf- 
fering populations, both Chris- 
tian and Mohammedan, of Crete 
must give rise to sentiments of 
something not far removed from 

humiliation in foe breasts of all 

who have at heart the honor of 
European statesmanship. No 
amount of diplomatic protes- 
tations can conceal that foe real 
reason why foe first steps forthe 
solution of the Cretan problem 


*e inauguration of M. Naruto- 
wicz, foe newly elected Pres- 
cient of foe Republic. Rioting 
was caused by Fascist students, 
who disapproved of the election 
on foe ground that M. Naruto- 
wtez has lived in Switzerland 
™ 0SI of his life and was elected 
by a bare majority composed of 
Socialists, Jews and Germans. 

1947: Red Patrioti sm 


or Diplomatic protes- PRAGUF r- 

tattoos can conceal that foe real - The Com niunist 

reason why foe first steps forthe ^ ve 10 

solution of foe Cretan problem £UT-Tii ^ D ^ 2? c Sovi « Un- 
have not been taken long ago is ^ up ? n Czcchs 10 turn 
the selfish suspicion with which ° ■ P^ce anyone heard 
foe Powers look on foe propos- U- S -S.R. or foe 

als of each other.” tfSi 8 ? 1 * 11 ^caty of alii- 

Si ? own trea- 

1922: Warsaw Riots £ 

BERLIN — It is reported from EES?i ^ ith lhe 
Warsaw that troops and police reaJS** KS: Frav ° iK 
are patrolling the street s of that lm 8 complaints 

city in consequence of the ■ traKors and trouble- 

demonstrations which attended Stiw * s . a dishonorable 

“ci out a patriotic duty.” 







ART 


1 


S' 




■ll 

is" 


i 


INTERNATIONAL HERALD TRIBUNE 
SATURDAT-SIINDAY, DECEMBER 13-14, 199- 

PAGE 7 


'P 




Courtyard of the Palazzo Alrcmps, part of the expanded National Roman Museum. 

A Haven for Sculpture 

Rome’s Palazzo Altemps Reopens 


By Roderick Conway Morris 

hucriuitirnal Herat J Tribune 

R OME — When the National Roman 
Museum acquired the 15th-century 
Palazzo Altemps from the Vatican 
15 years ago the building was in poor 
shape: its stately Renaissance rooms divided 
up by partitions and lowered by false ceilings, 
its frescoes and decorative features obscured 
by thick layers of flaking plaster and white- 
wash. the monumental marble chimneypiece 
ripped out leaving a gaping hole and much of 
its fabric in a terminal state of neglect. 

-But a decade' and a half later, a dazzling 
transformation is at last complete, and Dec. 
17 will see the opening to the public of 
Palazzo Altemps, the third of the trio of sites ' 
that are to moke up the reorganized and 
expanded National Roman Museum. The 
palazzo was bought by Marco Sittico Al- 
temps (after he became a cardinal in 1561). A 
reluctant churchman and one of the leading 
connoisseurs of the age. Altemps restructured 
the palazzo as both a residence and a gallery 
to accommodate his superb collection of an- 
cient sculpture. The sculptures were even- 
tually dispersed by his heirs, some of the key 

C ieces now forming pan of national eol- 
ations in Paris. Copenhagen and Russia. 

In 1901. however, the Italian state purchased 
the contents of the last great, privately owned 
gallery of Greek and Roman sculpture left in 
Rome* the famous Ludovisi Collection. Once 
displayed in the buildings and gardens of Villa 
Ludovisi. the sculptures were deprived of their 
traditional setting when the grounds were sold 
and Villa demolished to make way for a royal 
palace, now the U.S. Embassy. The Ludovisi 
Collection has for much of the time since been in 
storage for want of a place to show it — a 
problem Gruffly solved by the bringing together 
of a onetime museum' that has lost its collection, 
and a collection that has lost its museum. 

Matilde De Angelis. the new museum’s 
director, said. ” Fortunately, we know a great 
deal from Palazzo Altemps’s archives about 
where the cardinal's pieces were positioned, 
so it has often been possible to place equiv- 
alent figures and subjects from the Ludovisi' 
Collection in the same locations, almost re- 


creating the layout in the palazzo's rooms as it 
once was.” 

A nice example of this process can be 
found in the lovely loggia, vaulted with 
trompe-1'oeil trellises and vegetation, over- 
looking the internal courtyard. No Renais- 
sance marbles collection was complete with- 
out a set of busts of the Twelve Cae$ars,.but 
Aitemps’s own set was long ago scattered. 
However, while the derelict loggia was being 
cleared two original pedestals were found, 
which have been copied to support the Ludo- 
visi Twelve Caesars now lining the terrace. 

In many rooms delightful frescoes have 
been uncovered — the earliest dating from the 
12th century in a building incorporated into 
the 15th-century palazzo. Even the monu- 
mental chimneypiece bearing an inscription 
recording its commissioning by the cardinal, 
which had been sold off, has been recovered 
and reinstalled. 

O NE of the most attractive features of 
Palazzo Altemps is that it aims not to 
be an archaeological museum but to 
re-create the ambience and atmo- 
sphere of the pri vate gallery of the 1 6th and 17th 
century — and indeed many of the pieces retain 
restorations and adaptations carried out by ma- 
jor sculptors, such as Algaidi and Bernini, in 
accordance with the tastes of the times. 

Thinly disguised contemporary appreci- 
ation of voluptuous female forms is rep- 
resented by Venuses and nymphs, and more 
risqud still is a group such as “Pan and 
Daphnis." with its obvious homoerotic over- 
tones. One of the most curious pairs of alL the 
so-called “Eros and Psyche, provides a 
sculptural parallel jto the Baroque era's fas- 
cination with castiato singers and their cast- 
ing in sexually ambiguous roles. 

The frescoed palazzo chapel, loo, is of 
great interest. It is dedicated to the second- 
century pope Sl Anicetus. The selection of 
this otherwise exceedingly obscure martyr 
appears to be a veiled rebuke to Pope Sixtus 
V. who had Cardinal Altemps’s son execated 
after the newly elected pontiff introduced a 
"zero tolerance" policy, to bring to heel 
Rome's riotous, brattish and often murderous 
aristocratic young bloods. 


' International Herald Tribune 

L ondon — it was 

a week of sur- 
prises, full of up- 
ward and down- 
ward swings such as can 
only happen in a market 
where supplies are dwind- 
ling fast, changing the game 
constantly. Impressionism 
and early 20th-century art 
are vanishing from the auc- 
tion scene and their exit is 
as fascinating to watch as 
was their rise, which started 
four decades ago. 

It began at Sotheby's on 
Monday evening with a 
£14.1 million ($23.4 mil- 
lion ) sale, hardly an impres- 
sive achievement for a 

SOUREN MELIKIAN 

Part I session. Sixteen of its 
40 lots failed to find takers. 

Yet, it was an enlightening 
performance that paradox- 
ically revealed the funda- 
mental vigor of the market 
— there was not a s ing le 
failure that was not de- 
served a thousand times. 

No one was willing to 
cough up £60,000 (plus the 
sale charge) to get the Ce- 
zanne sketch, in pen and 
wash that opened the pro- 
ceedings, and who would blame them? The draw- 
ing is as clumsy as they come. 

As if to demonstrate that money flows the minute 
anything plausible appears, a decent but not un- 
forgettable red chalk study of a woman by Renoir 
took off immediately afterward, fetching a steep 
£144,500. 

Then an oil on panel by Pierre Bonnard that 
looked hopeless found, by some miracle, a niche at 
£100,500. It suffers the double handicap of a 
gloomy coin' scheme in grayish blues and of look- 
ing like some ill-fated attempt by Bonnard at fol- 
lowing in the footsteps of Daumier. Another mir- 
acle sent sl hazy, soupy view of a woman on a 
country road by Pissarro climbing to £419,500. 

Alas, two miracles is as much as the most 
talented auctioneer, in this case Henry Wyndham, 
chairman of Sotheby's Europe, can hope to man- 
age. The four nonstarters that followed in a row 
testify to the desperation of auction house de- 
partments who need to fill their catalogues and will 
take any daubs as long as they carry a signature. 



; K 


Still life of bottles and vases. 1939. by Giorgio Morandi. 




T HESE included a Fantin-Latour still 

flowers in a vase, scraped to the core 
brought in, £140,000); a pointless view of 
the harbor at Rouen done in 1896 by Pis- 
sarro (bought in, £220.000); a scene at the Louvre 
by Vuillard imagining that he was emulating Degas 
(bought in, £950.000; did they really think they 
.would get away with that picture at that price?!, and 
"a landscape painted by Gauguin at Osny in 1883/ 
when he baa yet to become the master he would 
turn into (bought in, £260,000). In a way. the 
auction house should be congratulated over such 
failures. They are a tribute to the discernment of 
those attending its sales. 

By contrast, evidence of the buyers’ readiness to 
pounce on anything worth grabbing came within 
minutes. A still life of fruit and flowers by Matisse, 


pretty and brilliantly composed, but a bit empty in 
the lower comer right was expensive at £2.75 
million. Never mind the wild $5.2 million to $7 
million estimate (premium included). So was, at 
£3.3 million, Klimt's “Fruit Trees oh the Shore of 
Lake Atter.” Painted in 1901 in a derivative man- 
ner inspired by French Pointillism, the landscape 
lacks the magic fairy-tale feel that views of the lake 
done a few years later often-exude. 

Indeed anything remotely salable was snapped 
up that evening and so were, in oae or two cases, 
works that seemed fairly unsalable. One of Pi- 
casso's one-day paintings, done on Npv. 12, 1968, 
was rescued at £1.43 million, below the estimate, 
but still' more than most professionals would have 
dared prognosticate. ' 

. On Tuesday evening Christie’s took over with 
better pictures, and the eagerness to buy of col- 
lectors and dealers alike immediately became, 
evident. A view of Kew Gardens done by Pissarro 
in 1892, which is infinitely more beautiful than 
most of the artist's landscapes that turn up on the 
open market, was furiously disputed. Remarkably 
life of- enough it was a dealer, Richard Green of London, 


enough 

who won the battle. To do so, he had to pay 
£969,500, which was 50 percent more than the 
high estimate. 

This confirms the determination to go for the top, 
which Green displayed last week at the Old Master 
sales. As rarity increases, holding the goods that 
eveiyone will want, rather than, getting them 
cheaply becomes the primary concern for the su- 
perpowers of the international art trade, of which: 
Green is one. 

There is a limit, however, beyond which even the 
high and mighty hesitate to go. Green looked 
intensely, bending forward with shining eyes, but 
refrained from bidding as the week’s most beautiful 
icture. a view of the beach at Trouviile executed 
y Claude Monet in 1 870 slowly climbed to £4. 18 


million. Painted in the clear 
colors that Impressionism 
was to favor, and briskly' 
done -in sketchy brush! 
strokes, it is not yet an Im-' 
pressionist work — no use. 
is made of graded shades of 
the same color to render 
light and volume. Fantastic* 
as it is, the landscape could* 
not have done much better- 
even if Christie’s team was' 
visibly disappointed, the 
estimate, £4.4 million to* 
£5.5 million with premium,: 
pointing to greater ambii. 
lions. 

The same is true of Pi*-- 
casso’s portrait of a wom- 
an painted on April 24/ 
1942, which went up to- 
£2.58 million, a huge fig-' 
lire, although it does not* 
match the “low” estimate' 
set at £2.75 million with, 
premium. 1 

Occasionally. some 
works exceeded their es- 
timates when these were 
realistic. Braque's view of* 
“Port de I'Estaque.” 
aimed in 1906 when 
auvism was about to dis-' 
solve into pure abstraction, 
ended up at £1.596.500. 
(S2.G2 million) far above 
its $1.75 million high es-- 
timaie. The vibrancy of its 
staccato brushwork and its intense colors is per- 
fectly attuned to the aesthetics of the present day. 

So is the crude brutality of Expressionism. This 
week, the picture that summed up the trend of the 
market, irresistibly palled upward where its most 
desirable wares are concerned, was Chaim 
Soutine’s ‘ ‘Man With a Red Scarf. ' ' U beat its own 
record set in Paris in March 1990. as it flew to an 
impressive £1 ,541,500. 

I T is not just die very top financial layer that goes 
up. Some would argue that the most revealing 
sale of the week, regarding the buyers' zest to go 
after anything desirable, was the Tuesday af-1 
temooa session at Sotheby’s where a group of point- 
ings by. Giorgio Morandi fetched a total of £6 million. 
A still life of bottles and vases climbed to £793.500 
($131 million). This is not very far below the record 
holder, a 1927 picture sold in June 1990 at Farsetti. the 
auction bouse m Prato, Italy, for. 1.8 billion lire, then 
the equivalent of $1 .44 million. 

The reason is that Morandi is rare at auction. The 
group, consigned by a Venezuelan collector of many 
years, created the excitement that all genuine col- 
lections now invariably generate. The artist, who. 
worioed in a minimalist frgural style, sparse in detail' 
and pale in color, is not the object of speculative* 
buying. He has a dedicated following of true coir, 
lectors, mostly European! Every single one of die 27 
paintings sold, well above the high estimate. . 

• This week, it would appear, Morandi fans felt 
' that when opportunities come their way, they can- 
not afford to ignore them. 

So little is left of 19th- and 20th-century avant- 
garde painting that the two international auction 
houses have decided that as of Jan. 1 , i 998. they will 
compress it all into two broad, all-encompassing 
categories "19th-century an” and "20ih-ceniury 
an.” The days of “Impressionist and Modem Art" 
auctions are over. These were the closing sales. 


On Silk Road, a Grafts Comeback 


By Stephen Kinzer 

\i ii l*i ik Hnu > Sen i, r 

B UKHARA. Uzbek- 
istan — For more 
than half a century, 
it has been all but 
impossible ro buy any of the 
magnificent crafts for which 
this part of the world was 
once famous. But thanks to 
the breakup of the Soviet Un- 
ion. they are suddenly flow- 
ing from the hands of young 
artisans. 

The Silk Road, one of his- 
tory's greatest trading routes, 
once traversed Central Asia, 
and the caravans that passed 
through Bukhara and other 
cities left a rich cultural her- 
itage. People here became ex- 
pert at a wide variety of crafts. 

Men wore richly embroidered 
caftans, women covered 
themselves w ith jewelry . and 
girls collected handmade ob- 
jects of beauty for their 
dowries. 

The Soviets, who imposed 
rheir power here in the early 
1 920s. believed that such 
crafts were signs of back- 
wardness. reminding people 
of their Uzbek past rather (han 
their Communist future. They 
levied crashing taxes on many anixans and ordered others to 
take up conon cultivation or “socially useful* 'trades. 

Now. six years after Uzbekistan declared independence 
from the crumbling Soviet Union, it is once again possible 
to buy long velvet robes embroidered with intricate patterns 
of gold thread. Once again there are hand-dyed and 
hand printed silks, hand-carved wooden cases, hand-made 
silver belts, hand-woven carpets and wall hangings, and 
hand-painted miniatures depicting scenes of life in bygone 
times. 

“A very big and very important crafts revival is going on in 
this country.” said Carter Malik, an American researcher and 
collector who has been living in Tashkent, the Uzbek capital, 
for several > ears and i> the author of a forthcoming book about 
Uzbek crafts. 

"During the Soviet period, u lot of artisans were forced out 
of their traditional roles.” Malik said. "Many crafts came 
close to disappearing, and some have been entirely lost. But 
now w e're seeing young people seeking out the one or two old 
masters who may still he alive, and picking up where those 
masters left off.” 

Signs of the revival are hard to mi%». in courtyards in the 
northeast Fergana region, boys watch respectfully as bearded 
elders show them how to mold, lire and paint ceramic pottery. 
In Samarkand, girls compete for space in classes where they 
are taught how to use natural dyes to produce the kinds oF 
silken garments their great-grandparents once made. And in 
Bukhara, a host of crafts have been rescued just as they 
seemed to be dying out. 

In one shop. Snyfulo Ikromov forges sturdy knives, dec- 



Sui’ntt Winn lrtThs Y«* Tint* 

Embroidering velvet with gold thread in Bukhara. 


' orative swords and playful- 
looking but exceptionally 
strong scissors designed in 
the shape of birds. 

“i found the design in an 
old book,” Haoraov said, 
looking up from his forge. 
“No one had made a pair -of 
scissors like this for years. I 
have three cousins here, and 
we've all begun making 
them. You won’t find them 
anywhere else in Uzbekistan, 
probably anywhere in the' 
world.” 

Not all of Uzbekistan's 
young artisans ore learning 
skills by themselves. Scores 
have come to crafts centers 
set up in Samarkand and 
Bukhara with help from for- 
eign governments and the 
United Nations. 

In Bukhara last year, a new 
organization called rhe Artis- 
an Development Center 
opened a workshop where ar- 
tisans learn s kills at the feet of 
masters and sell what they 
make. ”Our goal is to train 
people m traditional crafts 
and ro recover dying forms by 
locating old masters and 
matching them with young 
apprentices,” said Matiuba 
Bazarova, director of the cen- 


ter. * * We are rescuing something very beautiful that was about 
to disappear." 

Wood carving is another popular craft here. One carver, 
Husain Qosimov, 27. makes intricately carved book stands 
that are cut from single slabs and fold into themselves when 
not in use. 

”1 saw one of these stands in someone's house and decided 
I wanted to learn how to make them.” Qosimov said. “After 
asking around I found one old master in Tashkent who 
knew the secrets. At first I was the oniy young person 
doing it, but now there are 11 of us, plus schoolchildren 
wfaTwe’re teaching. This is something that almost died 
out. and its a great feeling to be pan of bringing it back to 
life.” 

Interest in Uzbek crafts is slowly spreading in the West, 
panly because of an awakening interest in Central Asia and 
grow : ing tourism. A traveling exhibition of 19th-century 
Uzbek textiles has also contributed.- 

Die exhibition, which was shown earlier this year at the 
Museum of Fine Arts in Boston, is now at the M. H. deYoung 
Memorial Museum in San Francisco and will open in March 
at the Sackler Gallery- in Washington. 

It displays textiles owned by Guido Goldman, a Harvard 
professor who has assembled one of the world's finest col- 
lections. 

“This was among the greatest weaving and dying any- 
where at any lime.” Goldman said in a telephone interview. 
“The Russians were not interested in developing anything 
that could be a symbol of nationalism, so they encouraged 
stuff thar could be mass produced.” 


ARTS 


□ 


GALERIE JEANNE-BUCHER 

WAKAKO 

a I'aguet de I’etrange , pulsions 

53, rue de Seine Paris VI 10 ddc.-lO janv. 


Galerie Aittoures 

2. rue des Beaux-Arts {comer me de Seine). 75006 Parte. 33 (D) 1 4d5t.B7.46 

PARIS AVANT NOUS 

exhibition of drawings & wateroolors by Galien-Laloue, 
Manquet, Rodo, Pissarro, Pascin, Roux-Champion. 
Opened on Sunday, December 21st 


N.R. OMELL 


25"“ EXHIBITION 
OF MARINE PAINTINGS 

of the Nineteenth and Twentieth Centuries 
from IS 1 " December 1997 

6. Duke Street Sr James's. Lon dan SWI Y 6BN 
Tel -0171 839 'Si 23 Fax 0171 930 1635. 

Monday to Friday: 10.00 am - 6.00 pm Saturday: lHOOcm-UJOptn 
Fatly illustrated catalogue available. £ 10.00 including postage. 
Sold in aid of Royal National LUeboal Institution 


J GALERIE CHEVALIER L 

Antique Tapestries - European and Oriental Rugs 
17. Quai \ attain- 7500“ Paris 
Td. : 33 1 42 60 72 68 Fas : 33 I 42 86 99 06 

OpninI Sunday J 4th December 
from. Z J am to 8 pm 

H “Htriiw* «t frie* of the Carre Rive Gauche p - 



Catherine Charbonneaux 

Commissaire. - Priseur 

Exceptional Collection 

Sunday, December 2 1, 1997, at 15:30 
Dro uot-Montalgne 

Exposition Sdfunhiif December 20 - 11 .00 to 21 .00 
Sumiaii. December 21 front II. 00 to 14.00 

Ancient Tapestries - Ancient Oribctal Carpets - 
Ancient Aubusson Carpets - Ancient Kilims - 
Art Deco Carpet signs) Lelsj 


LLAJBX-Pj PECOUVRuTdES VALEURS SURES 
1 34, me du fauboure-Saint-Honore 75008 Paris 
Tel: 33 (0)1 43 59 66 56 Fax: 33(0)1 42 56 52 57 


| HARRY FANE 

1 wishes to purchase old | 

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Please contact: 

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Td- 0171-930 8606 Far 0171-839 5834 


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BUSINESS/FINANCE 


SATURDAY-SUNDAV, DECEMBER 13-14, 1997 


PAGE 9 


EU Rejects 
U.K. Demand 
To Admit It to 
Euro Council 


By Barry James 

International Herald Tribu ne 

LUXEMBOURG Prime Minister 
Tony Blair met a blunt refusal Friday at 
* European summit meeting here to his 
iemana that Britain should have a place 
an a proposed council to coordinate 
monetary union. 

“We’ve got to be there,” Mr. Blair 
said, referring to the council, which 
could become an important political 
force when the single currency, the 
euro, comes into being little more than a 
year from now. 

But all 1 1 countries that are expected 
to meet the criteria to join the single 
currency next spring stuck by their de- 
cision that only those adoptin g the euro 
should join the club. Britain has said it 
will not join the currency in the lifetime 
of the current Parliament, which might 
put off its entry until 2002. 

Bnt the other countries, fearing the 
argument with London could damage 
the Union, scratched out a compromise 
that might enable Mr. Blair to return 
home with at least a partial victory as 
Britain prepares to take over the pres- 
idency of fne EU on Jan. 1 . 

A compromise document was sched- 
uled to be released Saturday. The 
French finance minister, Dominique 
Strauss-Kahn, said it would contain 
three principles: 

• Decisions would continue to be 
made at meetings of finance ministers of 
all IS EU members. 

• If the members of the currency zone 
wished to meet among themselves in- 
formally to discuss matters concerning 
the euro, they could freely do so. 

• Countries outside the zone would 
receive the agenda of the informal meet- 
ings and could request to be included if 
the discussion touched on matters they 
considered to be of common interest. 

Asked what the difference would be 
between this kind of meeting and die 
regular meetings of finance ministers, 
Mr. Strauss-Kahn replied, “In my opin- 
ion, none.” 

So it appeared that Britain had got 
nowhere with its demands other than 


BP’s Browne: 
A Bit of Green 
In His Energy 


By Youssef M. Ibrahim 

New York Times Service 

LONDON — When he graduated 
from Cambridge in the mid-1960s, 
John Browne did not want to become 
an academic, a civil servant or a dip- 
lomat — proper careers for a member 
of Britain’s intellectual elite. 

Three decades later, Mr. Browne, 
49, still recalls the reaction of one of 
his teachers to the career he did choose. 
It was “amusing,” the don remarked 
loudly, that youn£ Browne wanted to 
become “a captain of industry.” 

As chief executive of British Pe- 
troleum Co., Mr. Browne has indeed 
become a captain of industry, and 
within the rarefied circles in which he 
travels, he is still a maverick of sorts. 

Under his leadership, British Petro- 
leum, one of the worlcfs biggest energy 
companies, has won grudging approval 
from some enviromnentalists, many of 
his company at the fare- 
willing to tackle 



Tunj Hum/Pm 

To the applause of Prime Minister Tony Blair, John Browne, center, 
exchanging a trade pact with Vladimir Potanin, a Russian banker. 


whom 
front of multinationals 


the problem of global warming. Mr. 
Browne was quick to praise what be 
described as the limited progress 
achieved at the international c limate 
conference in Kyoto, Japan. In a state- 
ment issued at his headquarters in Lon- 
don, he- said he hoped that future agree- 
ments would go further. 

“We don’t underestimate the 
amount of work which still needs to be 
done,” be said, “and we believe busi- 


ness has a constructive role to play in 
the process.” 

In a series of speeches, and in an 
interview this week, he said that cor- 
porations needed to restrain emissions 
of carbon dioxide — and he has taken 
concrete action to support his views, 
setting strict standards for BP refiner- 
ies and factories and investing $160 

See CURRENCY, Page 13 


Court Makes a Crack 
In Plans for Windows 

Microsoft Is Told to Sell Browser Separately 


By John Markoff 

Sew York Times Service 


Currency ‘Dominoes’ Tumble Further 


By Keith Ricbburg 

Washington Post Service 


See EURO, Page 13 


HONG KONG — Much of East Asia 
is now suffering from what economists 
are calling a “knock-on effect” from 
the worsening crisis in South Korea, and 
the region's currencies seem to be get- 
ting knocked down the most 

Overseas investors have largely 
soured on East Asia as a whole, die 
economists say, little new investment is 
coming in, and foreign companies with 
dollar debt are unloading their own cur- 
rencies cheaply in search of green- 
backs. 

“There’s been a mugging in your 
neighborhood, and now good, decent, 
right-minded folks don’t want to walk 
into your neighborhood,’ ' said Urn Say 
Boot, director of Crosby Corporate Ad- 
visory in Singapore, describing the pes- 
simism among of overseas investors. 
“And those of ns in the neighborhood 
want to get some foreign currency, but 


we can't. Unless you break this loop, 
there's a real danger that nice little 
neighborhoods will become impover- 
ished little ghettos.” 

Other analysts agreed that it was a 
frantic search for dollars by debt-laden 
local businesses — not die work of 
nefarious foreign speculators — that 
was driving down regional currencies. 

“There’s a continued panic for dol- 
lars,” said Bruce Gale, regional man- 
ager of Political and Economic Risk 
Consultancy. 

A manager of a local hedge fund in 
Hong Kong agreed that the new problem 
was a severe shortage of hard currency. 

“All of these countries have huge 
offshore debt and absolutely no way to 
repay it,” he said, ' ’so they keep selling 
currency and buying dollars. It’s like 
one of those tortures in Hades — it just 
never stops.” 

The week’s devastation, which' 
pushed the Thai baht to an all-time low 
of 45.5 to the dollar Friday, prompted 


WALL STREET WATCH 


Taming the Wild West of Stock Markets 


By Leslie Eaton 

New York Times Service 


A -yEW YORK — In the most 
I “Wild West” part of the 
^1 stock market, the sheriff has 
L te just vowed to clean up the 
ace. And investors should probably 
mlaud, even if they suspect that the 
uninal element may simply move to 
e next town. . 

The area in question is Nasdaq’s OTC 
ulletin Board, the over-the-counter 
ading forum for the shares of almost 
000 tiny companies. It is the home of 
ost of the stocks that have played 
airing roles in some highly publicized 
auds in which investors have lost mil- 
ms — perhaps billions — of dollars. 
Though Nasdaq’s name and electron- 
trading system make it sound like a 
al stock market, the bulletin board has 
w rules and no listing requirements. In 
e past, all it took for a stock to trade on 
e bulletin board was one sponsoring 
■okerage firm, which was supposed to 
low something about the company but 
dn't have to tell investors anything. 
The system has been booming — the 
imber of slocks traded on the board 
is climbed more than 50 percent since 
>90, and the average daily trading 
>lume has more than doubled. 

“It had the look and feel of a highly 
gulated market, and that was enabling 
iople to perpetrate frauds,” said Barry 
oldsmitn, executive vice president for 
iforcemcnt at the National Association 
? Securities Dealers’ regulatory arm. 


The bulletin board finally became so 
embarrassing for Nasdaq and its parent, 
the NASD, that they voted Thursday to 
impose some rules on what had been an 
almost lawless market The rules are 
expected to be approved by the Se- 
curities and Exchange Commission. 

To begin with, companies that want to 
trade on the bulletin board must file fi- 
nancial information with die SEC, where 
investors can take a look at it — and 
where there is a legal penalty for lying. 
Some companies will be allowed to file 
with bank or insurance regulators. 

About half of the 6,800 companies 
now traded on the board do not file, but 
that does not mean 3,400 will be booted 
off; many, perhaps half, of the nonfilere 
will change their ways, and they will 
have a year to comply. Those that do not 
want to file can still be listed in the 
“pink sheets,” a sort of low-tech bul- 
letin board. 

Second, every broker who recom- 
mends a bulletin-board or pink-sheet 
stock will be responsible for having 
reviewed the company’s finances. 

Finally, the NASD wants every in- 
vestor who wants to buy an over-the- 
counter stock of any kind to receive a 
written disclosure statement explaining 
the difference between listed and un- 
listed securities. This document would 
go even to people who decided to buy a 
stock on their own. 

Even the people who applaud the 

NASD’s action say they doubt it will 


stamp out small-company stock fraud. 

“It’s a positive first step, but I don't think 

CURRENCY & INTEREST RATES 


it is in any way a magic bullet,” said 
Bradley Skolnik, the securities commis- 
siOTer for Indiana. Both the states and the 
SEC are working on additional measures, 
including making dealers more respon- 
sible for the stocks they trade and making 
large companies more responsible for the 
small firms they work with. 

But the listing requirement is rel- 
atively easy to enforce, and it is intended 
to make it easy for investors to find out 
whether the stock they are being sold 
really exists. While bad brokers may 
ignore the new requirements, just as 
they ignore other rules, the new rales 
should make it easier for regulators to 
punish those who sell bad or fake stocks 
to the unwary. 

The truly rotten stocks will probably 
drift (town to the pink sheets, along with 
die legitimate issues sometimes called 
“divorce stocks" because shares in 
these family-run companies end up in 
the public's hands only if there is a some 
kind of falling out among kin. 

Investors who own these stocks may 
not be happy, because information 
about prices and trades will be much 
more difficult to come by than on the 
bulletin board. And legitimate entre- 
preneurs who are trying to raise cash 
from the public may be a bit put out at 
having to tell all to the SEC. 

But the trade-off is worth it, say reg- 
ulators such as Andrew KandeL chief of 
the securities bureau for the attorney 
general of New York. 

“Venture capital is important,” he 
said, “but not at the price of fraud.” 


Dad. i£ LJbld-Libor Rates 


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Dec. 12 

Sates Prancti 

Donor D-Mark Franc StaiVtn Franc Yen ECU 
1-monltl 5*V*- 3W-3a» lvw-lte 7V»-7Ui 3fe-3Vu Wj.lVa 4U-4ft 
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Key Money Rates 

United State* Clou 

Muanrtnte 100 

Matt rote 0V> 

Moftffmdt Sfe 

90-day CDs doaltn 5J9 

TW-dQf CP dorian 557 

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7 , Mnr Tnuswr nols . 5,73 

10-ywrTraawrrnota SJfi 

aitym Timmy bud 553 

ntefrii Lynch SWor RA 5.10 




Rates 

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I 1JS30 1-4507 l**} 

14249 14333 1-4310 SWW"** 

.7681 U6S0 1-*® 


3 M«7 state f»«r 

12948 126.70 12L31 

1.4336 J4331 J4316 


smonfli bdarbuk 
lfrfaar Gwl band 


Prime Minister Oman Leekpai to tell 
reporters: “What happened to the baht 
now was not caused much by local 
factors, but by regional problems. We 
have no room left for mistakes.” 

The currency has lost more than 40 
percent of its value since the beginning 
of the financial crisis in July. 

Thailand’s central bank governor, 
Chaiyawat Wibulswasdi, said that the 
government would intervene to prevent 
drastic daily swings in the currency and 
that it was waiting for a new S3 .3 billion 
installment of the International Mon- 
etary Fund's $17.2 billion loan agreed to 
in August 

The overseas debt problem of private 
companies is probably the worst among 
Southeast Asian companies. 

Most of their debt is unhedged and 
short-term, amounting to at least $30 
billion according to some estimates. 
With some of that debt coming due 

See CURRENCY, Page 13 


In a significant setback for the world 's 
most powerful software company, a fed- 
eral judge ruled that Microsoft Coro, 
must separate its Internet browser soft- 
ware from its industry-dominating Win- 
dows 95 operating system. 

Judge Thomas Penfield Jackson of 
U.S. District Court in Washington is- 
sued his ruling Thursday in an antitrust 
suit filed by the Justice Department on 
Oct. 20. In its suit, the Justice De- 
partment sided with competitors who 
have accused Microsoft of choking 
them out of the market by combining, or 
“bundling." Microsoft’s own applica- 
tions with its Windows operating sys- 
tem to maintain its domination of the 
personal-computer industry. 

The suit asked the judge to stop Mi- 
crosoft from requiring makers of per- 
sonal computers to include its Internet 
Explorer World Wide Web browser 
program as a condition of licensing the 
Windows 95 operating system. In ruing 
the petition in federal court. Attorney 
General Janet Reno said Microsoft had 
violated a 1995 antitrust settlement. 

The Justice Department had also 
sought a fine of Si million a day in civil 
contempt charges if the company failed 
to change its policy. The basis of that 
request was the 1995 settlement Judge 
Jackson denied the request calling the 
terms of the 1995 settlement “ambigu- 
ous.” Even so, the judge said that Mi- 
crosoft’s ability to fold new functions 
into its operating system software “stops 
at least at the point at which it would 
violate established antitrust Law.” 

The battle for control of the PC 
desktop has reached a fever pitch in re- 
cent years as Microsoft’s competitors in 
the operating system market, notably 
Apple Computer Inc., have lost market 
share. At tbe same time, the rapid rise of 
tiie Internet has made new competitors, 
especially Netscape Communications 
Corp., which makes the Navigator 
browser, a threat to Microsoft. 

Microsoft shares closed at $136.75 
Friday, down $2.3125, while Netscape 
rose $1,50 to dose at $27.75. 

Thursday’s ruling is a temporary or- 
der that will remain in effect until Judge 
Jackson can issue a final decision. He 


also appointed a “special master,” 
Lawrence Lessig, a professor at Har- 
vard Law School, to take additional 
evidence in the case and report back to 
the court by May 31. 

The timing could complicate the re- 
lease of Windows 9S, the next version of 
Microsoft’s operating system, which is 
scheduled to be available in the spring. 
The company had announced that its 
browser would be fully integrated into 
Windows 98. 

In his decision. Judge Jackson wrote. 
"The probability that Microsoft will not 
only continue to reinforce its operating- 
system monopoly by its licensing prac- 



Viril ■■■! ivtel 'rihr \mrnin Ulitl lYUri 

Bill Gates giving a speech in China. 

□ces but might also acquire yet another 
monopoly in the Internet browser market 
is simply too great to tolerate indefinitely 
until the issue is finally resolved. ' * 

Joel Klein, assistant attorney general 
in charge of the Justice Department's 
antitrust division, said Thursday: “Start- 
ing tomorrow, choice will be restored to 
the public. No consumer should be 
denied the browser of their choice be- 
cause Microsoft made their computer 
vendor an offer they couldn't refuse.” 

Judge Jackson chose to side with Mi- 
crosoft in another part of the case, re- 
fusing to strike out nondisclosure agree- 
ments in the company's licensing 
contracts with computer makers. The 
Justice Department had argued that the 
agreements would discourage people 

See MICROSOFT, Page 13 




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PAGE 10 


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Source: Bloomberg, Reuters tmcnadaiul Hentd Tribune 

Very briefly; 

• Federal Express Corp., United Parcel Service of Amer- 
ica liic. and Airborne Freight Corp. face lawsuits for 
delivering beer, wine and liquor to minors in New York as a 
result of an undercover investigation of illegal telephone and 
Internet sales of alcohol to minors. 

• Venezuela’s Congress postponed taking a vote until March 
on whether former Finance Minister Luis Raul Matos Azocar 
was guilty of breaking any laws in connection with the 
payment of dollars to a fraudulent corporation during 
Venezuela's period of exchange controls. 

• Daewoo Corp., a South Korean carmaker, canceled its 
appearance at an anto show in Los Angeles, saying it was * ‘too 
soon*’ to showcase three new models to be sold in. the United 
States. The company did not elaborate. 

• Iberdrola S A led a group that is to pay 676.4 million reals 
($607.6 million) for the electricity distributor for the Brazilian 
state of Rio Grande do Norte as port of the Spanish utility’s 
plan to expand throughout Latin America. 

• Barrick Gold Corp. of Canada plans to bay back about 31 
million of its shares, or about 10 percent of the equity in 
circulation. 

• Consolidated Edison Co. of New York Inc., a utility 
company, said it bad authorized the repurchase of as much as 

$ 1 billion Of common Stock. Reuters. Bloomberg, AFP 

NASD to Study Fine Host Trading 

Bloomberg News 

WASHINGTON — Trading in Fine Host Corp.’s shares, 
which plunged as much as 65 percent this week, has prompted 
the National Association of Securities Dealers to investigate 
the unusual activity, an NASD official said Friday. 

The association would say only that the regulatory or- 
ganization’s surveillance unit was looking info the trading 
activity in Fine Host Shares of the food and beverage con- 
cessions company based in Greenwich, Connecticut, fell 
$5375 to $10,125 before trading was halted. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, DECEMBER 13-14, 1997 


THE AMERICAS 



Dollar Rises 
Amid Worry 
Over Yeltsin 


CoBpOeJbrarStgFnmDapachD 

NEW YORK — The dollar raced 
ahead against the Deutsche mark 
Friday on reports — later denied by 
die Kremlin — that Russia’s pres- 
ident had suffered a brain illness and 
on expectations that German in- 
terest rates will not rise soon. 

The dollar also rose against the yen 
(Xt speculation rhar an aid jwfogp 
endorsed by Japan's ruling party may 
not do enough to help Japan's fi- 
nancial industry. The dollar surged 
against the mark in New York trading 

FOREIGN EXCHANGE ~ 

after a Moscow radio station said 
President Boris Yeltsin had suffered 
a brain spasm. The Kremlin later 
said the report was untrue. 

Investors often view the dollar as 
a haven in times of global distress. 
The mark suffers from worry about 
Russia because Gexmanyis Russia’s 
biggest trading partner and lender. 

“Right now this is dollar- 
bullish,” said DomenickPresa, chief 
traderat Generate Bank. “People are 
looking for a safe haven.” 

The dollar rose to 1.7745 DM in4 
PJVL trading from 1.7615 DM on 
Thursday and to 130350 yen, up 
from 129.825 yen. 

The dollar also climbed to 1.4365 
Swiss francs from 1.4245 francs and 
to 5.9475 French francs from 5398 1 
francs. The pound was at $1.6510. 
down from $1.6570. 

The dollar gained against the yen 
on speculation that a program en- 
dorsed by Japan’ s governing Liberal 
Democratic Party may not go far 
enough to help Japan’s banks and 
securities firms, which have as 
much as $600 billion of bad real- 
estate loans. 

Robert Sabia, a currency trader at 
ING Baring Ga pftal Markets, said, 
“Until we start to see strength in 
currencies across the Asian rim, 
people will be concerned about the 
contagion spreading to Japan." 

Separately, the president of die 
Bundesbank,- Hans Tietmeyer, said 
it was unlikely the Asian crisis 
would spread beyond that region. 

“The high level of integration of 
financial markets means there is a 
danger that even local ‘fires’ spread 
quickly and easily set alight other ' 
financial centers,” Mr. Tietmeyer 
said, but added, “Although this 
danger cannot be ignored in the light 
of the current crisis in Southeast 
Asia, I regard it as unlikely this will 
spread worldwide.” 

f Bloomberg . AFX ) 


Asia Jitters Overwhelm Upbeat U.S. Data 


CoaptM Oar Stag Pom Dupaobn 

NEW YORK — Stocks slumped 
Friday as more profit warnings 
froip high-technology companies 
linked to troubled Asian markets 
overwhelmed potential support 
from signs that inflation is not a 
problem for ihe U.S. economy. 

The Do w Jones industrial average 
closed down 10.69 points at 
7,838.30, and losing issues outpaced 
gaining ones by a narrow margin on 
the New York Stock Exchange. 

The technology-heavy Nasdaq 
composite index fell 21.89 to 
1 336.65, led by Electronics for Ima- 
ging, which fell 24 to 15 after warn- 
ing tharits quarterly profit would not 
meet expectations because of weak 
sales in Asia. The company makes 
products for digital color printing 
over computer networks. It was the 
most actively traded U3. stock. 

“These companies were grow- 
ing like weeds, out now that growth 


is slowing, and that’s why we’re 
seeing a haircut in them,” said 
Charles Lemonides, a money man- 
ager at Sterling Advisors. 

The Asia jitters erased support 
from a Labor Department report 

U+S.ST0CKS 

that prices paid to factories, farmers 
and other producers fell 0.2 percent 
in November. The crae rate, ex- 
cluding the volatile food and energy 
components, dropped 0.1 percent 
But the data cheered the bond 
market, where die price of the 
benchmark 30-year issue rose 27/ 
32 point, to 102 22/32, taking the 
yield down to 5.93 percent from 
6.00 percent Thursday. 

“It cejtainly drives home die 
point of no inflation and continues 
the theme of moderate to strong 
growth and low inflation,” said 
Maureen Maguire, senior econo- 


mist at NationsBanc Montgomery 
Securities Inc. 

Buying, from investors seeking 
safety from turmoil in Asia also 
helped drive bond prices higher. 

“The fear is so intense with re- 
spect to whar’s going on in Asia, the 
fundamentals aren’t even oil tire 
radar screen,” said Stephen Roach, 
chief economist at Morgan Stanley 
Dean Witter Discover & Co. 

That fear was evident in various 
sectors of the stock market espe- 
cially banking and technology. 
Citicorp fell 1 11/16 to 126 9/16. 
The bank has a large exposure in 
emerging markets. 

Green Tree Financial fell 1% to 
2214. The financial-services com- 
pany said Robert Potts had resigned 
as president and chief executive of- 
ficer, less than a month after the 
company said it would take a $150 
million charge related to accounting 
problems. 


Canada Raises Rates to Bolster Dollar 


Reuters 

TORONTO — Canada’s central 
bank announced its biggest rate in- 
crease in more than two years Friday 
in a sharp signal to financial markets 
that it is determined to defend the 
Canadian dollar, which is hovering 
near an 1 1 -year low. 

The Bank of Canada raised its key 
bank rate, which is similar to foe 
U.S. federal funds rate, by 50 basis 
points, to 4.5 percent. 

The move was immediately 
matched by Canada’s six major 
commercial banks, whicb hoisted 
their prime lending rates by 50 basis 
points, to 6.0 percent. 

“It was a pretty aggressive move 
by foe bank,” said Paul Ferley, as- 


sistant chief economist at Bank of 
Montreal. “The 50 basis points is 
meant to sent a clear -signal that 
they’re trying to counter the very 
negative sentiment that seems to Ire 
building towards the Canadian dol- 
lar." 

The rate increase came afro- foe 
Canadian dollar slid Thursday to 
69.98 U-S. cents — its lowest level 
in H years. 

Financial market turmoil in Asia, 
falling commodity prices and tire 
Canadian central bank’s reluctance 
to raise rates for fear of stalling an 
economic recovery all contributed 
to the local currency’s slide. 

The Bank of Canada said in a 
statement issued after tire rate rise 


that foe move had been aimed at 
calming markets. 

The Canadian dollar immediately 
jumped to 70.77 U.S. cents after the 
rate increase but slipped again. The 
currency eased as low as 70.32 U.S. 
.cents before the Bank of Canada 
intervened to support it, buying tbe 
local dollar and pushing tire Ca- 
nadian currency up to around 70.41 
U3. cents. 

■ Canada’s central bank has inter- 
vened heavily in foreign-exchange 
market s to shore up foe currency 
since the last interest-rate increase 
Nov. 25. 

The Bank of Canada spent more 
than $1 btilkra in November alone 
defending its do llar 


China to Investigate Newsprint Dumping 


CnioUtiibyOwSug'FnmDtytncka 

BEUING — China said Friday it 
would investigate charges of news- 
print dumping by American, Ca- 
nadian and South Korean compa- 
nies on foe Chinese market. 

Chinese companies have been the 
subject of hundreds of anti-dumping 
investigations overseas. But tire 
case by the Foreign Trade Ministry 
is reported to be foe first by Beijing 
against foreign companies. 

“Tbe Chinese government has 
madft it dear by this action that it 
will not allow overseas companies 
to dump commodities,” the state- 
run Xinhua news agency said Fri- 
day, “and will resort to legal means 


to oppose the practice. 

Begun after complaints -from 
newsprint makers in four Chinese 
provinces, the investigation will fo- 
cus on printing paper from foe 
United States, Canada and South 
Korea, Xinhua said. It did not name 
tbe foreign companies involved. 

Damping involves selling a 
product abroad at a price lower than 
in the producer’s home 

Chinese newsprint makers have 
been hit hairiest by dumping and 
“will completely collapse” if foe 
practice goes unchecked, Xinhua 
said. 

Foreign newsprint sold for $350 a 
ton in China mis year, compared 


with the international market price 
of $550 a ton, it said. 

A steep rise in newsprint imports 
tins year has put heavy pressure on 
domestic producers, leaving them 
with a surplus capacity of about 
150,000 metric tons. 

Other Chinese industries, includ- 
ing steel, oil, sugar, machine, tools, 

Eavebeofinvt by imports, Xinhua 
said. 

“Dumping has forced Chinese 
enterprises to lay off workers, 
caused major setbacks for new 
emerging industries and driven 
many factories to tire edge of bank- 
ruptcy,” it said. (Reuters, AP) 


Cisco Systems fell 6 3/16 to 7616 
on concent about rising inventories 
of some of the networking com- 
pany's products. 

Semiconductor stocks continued 
to slide, with Intel losing 1 S/16 tp 
70V6. Applied Materials falling IV4 
to 25 I Sri 6 and Texas Instrument* 
losing 1 to 41 ‘A . _ i 

Qua lc omm fell 8 11/16 to 50 Ilf 
16 after tire maker of wirclcy 
phones was cut to lC maintain po- 
sition” from “ou tp erform-* by Sch- 
roder & Co. 

Among tire gainers, ESG Re rose 
2(4 to 22 (4 os the Bermuda-based 
reinsurance provider sold 9 million 
shares in a $ ISO million initial pub- 
lic offering. 

Compaq Computer rose 5/16 to 
56 5/16. The company said its share- 
holders had approved an increase in. 
the number of its common shares,: 
paving the way for a stock split. 

. f Bloomberg. AP} 

IMC Global Sets 
Major Purchase 

Bloomberg News 

NORTHBROOK, Illinois — 
IMC Global Inc. said Friday that 
it -would buy Hams Chemical 
Group lac. for $1.4 billion in 
cash and assumed debt to expand 
its salt and fertilizer businesses. 

New York-based Harris 
Chemical is the world’s third- 
largest producer of soda ash and 
boroa, which are used to make 
glass, and a leading producer of 
rock salt It has annual revenue 
of about $850 million. IMC 
Global said foe acquisition, for 
$450 million cash and $950 
million in assumed debt, would 
allow it to reduce costs. 

“This acquisition is consist- 
ent with IMC Global’s growth 
objectives and builds on our 
core competencies in mining, 
chemical processing and utter- 
national distribution logistics 
and marketing," said Robert 
Fowler Jr., its chief executive. 

In addition to nine North 
American salt facilities. Harris 
Chemical owns Salt Union 
Ltd., the leading British rock 
salt producer. IMC Global also 
said it expected to acquire Har- 
ris Chemical's Australian af- 
filiate, Penrice Soda Products 
Pty. Ltd., shortly. The acqui- 
sition does not include two af- 
filiates, Harris Specialty Chem- 
icals and U.S. Silica Co. 

IMC Global’s shares closed 
at $30375. down $2. 1875. 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday’s 4 P.M. Close 

The 300 mod traded stocks of fte day, 
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10260 10264 

14536 10664 


Nasdaq 

VoL MW* 


32*9610* 
196063 7W 
714365 H 
16310 ft 

it 3 !, 

oill 2 nw 


3016 33U 
57986 2WW 
S4M5 36U 


48S>Wt 

12941 4U 
722S2 V 

wr & 

9651 37V. 

9508 lU 


12U MU -MB 

.1SS 

70 ft 7 W -lft 

4® ■■s 

10 134V -7ft 

lift lift -I 

wS 0 +1 St 

Mft 3 Sft +ft 


94HU 99* +ft 
UU lift +ft 

Sj * 

§B -)B 

Jft +1 - 


: Trading Activity 


TdMBAH 

t SE8? 


Nasdaq 

atf. 

KSSS 

\Z\3S 

Ma fleet Sales 


56732 74673 

23X7 44-3-5 

<995.17 02374 


UefiDOnra rO WCJ 
Fsl Cotnmnwl^B 
Ohnchei-Real 
H*smKdifegerl 

Houuofiind I 
IndepandntBk] 
Jones Medical 

Ktrty ind I 

LSSBncdnNG 
NaWHWi Irncslon 
Old Second B ruy 
OwrasoCorPTOl 

Piw^Rng 

TX0MB 


i 1-12 1-31 
i 12-31 1-16 

1 12-31 MS 
112-26 1-6 


i 12-26 1-26 
i 1-1 MS 

112- 30 2-10 

1 12-22 1-2 
' 16 1-23 

i 12-52 12-31 

16 1-15 

113- 26. 1-8 


Dividends 

Company Par A m Use Pay Company Par Amt Roc Pay 

umceutJM INITIAL 

ffiffiSyoad - FIJI’S 1 ?'3i Grave Prop Trn . 0712-31 1-16 

MexksPvnd .5959 12-22 1-30 HartevDtwfdMnn - 635 12-22 12-31 

STOCK SPLIT 

Compaq CpIrCp 2 fee 1 sptt. REGULAR 

STOCK 

OwmSflnS* 1 " i‘S Q JOS '5-10 2-2 

UM Nrat Bncp - 5% l-fi 1-29 Cyprus AreaxMln 

REVERSE STOCK SPLIT g^m®vaPowar 

Afrtx Inti 1 tor 4 rawnespB. 

JavoContralel farTOreveaespSL 

INCREASED ' KT 

Bay View CopW O .10 1M1 1-23 Indvpon itntBk 

Bull & Bear Q JO 12-22 12-31 JplesMe*aS 

Capital Re O .03 12-22 12-29 

FslMAECcxp 0 .24 12-22 12-31 

SecOTCcpftuflod Q 285 2-10 2-24 Hdf.HMl Iragdora Q 74 12-30 2;10 

REDUCED 

5m0hBome»» M -068 1.37 1-30 PramMrRnel 

SPECIAL 

HkkokbK . .10 1-5 1-23 • 

1HTOW UIHUWlt ptf 

EXTRA shmVADfc g-payaKr (c Cct»*ob ftsitv 

OM Second Bncp - . 1012-22 1-2 ra-wortdp Wteftl i lo M —a ai fc . 
U^. Stock Tables Explained 

Soles figures are unotfidaL Yearly highs and tom reflect the previous SB weeks plus the 
anrantneefc but notthe latest trading Or/. Where ospW or stock fiwlend BTHunlinflto 25 
pciCHitormore has been peht the yesnhigtHQwrsiigo and cBvidend ore shown torltreinw 
stocks only. UntessotheiwtsenotetLntesofdMddndsareanaualdstHireomeiils based on 
The lahisl (Jedoratton. 

o - tfivWsnd ato extto W. b - annual mte of dhfctend ptos skid; addend, e - riquMollng 
dMdend. tt- PE eraeds99^-coB«Ld- new yeartjr tow. dd- lass (nitre lost 12 morths. 
• - iSvidand dedamf or paid In preceding 12 months. » - annual rate, Increased on lost 
dottooBofi-B ■ *ddend hi Cnnadtan hinds. sub|ad to lWfc tWCHWidencota.! - dMdond 
dedared attersplt^p or stock fflddaid. | - dlwtend pa id this year, omitted, deferred, or no 
action taken at latest efividend meeting, k - dMdsfid dedared or paid tab seat on 
occumufdhra asue with diutdends In onnore. 0 - annual rate, reduced on Iasi dedamtfaft 
a - mar issue in The post 52 Maks. The high-tow range begins wffti the start ot hading, 
ad - next day delivery, p - infltol dhwtond. annual rate unknown. FTE^ - prtce-enmlngs rofio. 
q-ck&ed-end'ffNtuolhimi. 1 -Wdend dedared or paU In precedng 12 months plus stock 
dMdmd. s - stock spBL phridend begin wMi dale <rf spB. 0s • sales, t - dvidend paid to 
star* to preoedteg 12 menflis. esSmated cash value OD ex-dhrhtend or esc^nstrRivtion date. 
*■ -newyedity High. v-tw*ig totted it -in twntourficy orrecehrerehip or being reereonizad 
underfire Ban knjplcr Ad orseaiitites assumed irysudi companies. Hd-wtttndtatrtbuted. 

wi - whan resuetf ww - with warrants. x-e*4Mdend or BHfghts. xSs - es-dstrftwttofl. 
w -wflboutwanant5.pex-f»ndenclomI Salas In hrlLyM- yield. 1-^n in fuiL 


mww o-^AU /iniofM m imwit p tt 
shrewADlb 9 i*ycMe to CHSkoa fwdsr 
re-awreMp ws ah dp 1 H at awadk : 


Dec. 12, 1997 

Ktgb Low Lores! Chga QpW 

Grains 

coRNKBOTi 

*000 bo aMmoa- cwA prebuM 
Doc 97 26 Oft MTV Mite -4 10650 

Mor 98 277V 273 27M -W 183JQS 

Mot 98 284V 280V, 280V Ote 6*077 

JU 90 289V 285V 286V -IV 5*766 

5*1 284V 282V 183 -3V *391 

Doc 98 288 283te 284 -4 3*232 

Jul 99 29* IM 296 te -6 310 

Est h6m 7*000 Thus (tees 7*141 
Than open *133*369, up 132 

SOYBEAN MEAL tCBOTl 

100 tarn- dofeas par tan 

Dec 77 22*80 219X0 22020 -6.00 *913 

Jon 98 21970 71470 ZI5J0 0.10 TJJOO 

MarM 21*40 217X0 212JD -020 3*6*3 

MOyM 21220 2KM 20980 -ISO ZLM 

Jot 98 21220 279 00 20980 -240 1*10 

Aug 98. 21 LOO 709-00 710X0 -MO 4150 

Est. sales 24030 Iters wire 2&J31 

ThW open W 1 21,193, off 60 

SOYBEAN OIL (CMT) 

4*000 B»w cants par lb 

Dec 97 24X0 2428 2422 -028 L673 

Jon 96 24.90 3445 2449 -038 3*816 

MOT98 2524 2477 2411 4X43 3*215 

May 98 2*45 2475 2540 JIM 14235 

M9B 25-55 2*11 2*16 -021 11.941 

Aug 98 2*0 2*10 2*13 4X47 *OS 

Est seta 2*000 Tbas sales 27228 
Thns opto ht 1 0*52L off 231 3 

SOYBEANS KBOT1 

*000 bo mftrmjm- cards par b usb ot 

Jan 9* 704 Vj £89 49014 -12H 64646 

Mar 98 705W 690 491V -12k* 31647 

MoyM JW 693te 694 V -IIU 22*62 

Jatte 701 696 697 -11V 24887 

Aug 98 TDM 693 693V -MB* 28B 

Est *4«s 60000 Thus Kies 63742 
Thus Open tat 150,91 1. up 1954 

WHEAT (CBOT1 

*000 bt! mMiqbib- ceres par basbH 
D%cn 340 330V 330V -6U - 327 

MV98 3511* 344 344V -6M 54139 

MOT9B 35BV 352 352V S* 1L375 

Jul W 363te 3B7V 35714 -5V 1*890 

Est sola 214100 Tiers trees 21600 
Thus reran M 8*664 Bp 116 


Livestock 

CATTLE (CMER) 

40-COO fcv- CTTTts per lb. 

OK97 66.90 6*77 6*90 -1.02 9.152 

Fab 98 67.12 6*60 6*67 -1.40 50.969 

Apr 98 70-50 69J0 6972 -177 2*066 

J«o9B 69X0 68-M 6*60 -ljQ5 1*913 

Align TOM 6945 69.92 m.72 *786 

os n 72.90 7240 run moo um 

Est. Mas 1 91348 Ttnrs sdo 19730 
Thus opanW lOSTOV up UM9 

FEEDER CATTLE (CMER) 

5*000 us.- cwA par to. 

Jon 98 7970 7780 7705 -ITS *419 

Vor9S 79X5 7*30 7*22 -120 4^52 

Aprf* BODO 7970 7972 -172 L5B7 

May 98 8080 OOjOO 8000- -085 U71 

Aug 98 8275 8175 8170 -073 816 

Sap 98 8120 8170 BITS -070 146 

Est areas 4005 TIhm rates 2757 
Thu* opan M 1 7.1 34 up #5 

HOCS-LaaaffMER) 

40700 faL- oanti park. 

Dae 97 42.10 <175 6175 -072 4432 

Fab98 6175 6035 6072 -0)7 21,143 

Apr 98 5*15 5770 57X5 +035 *181 

JW19B 65*2 6490 6495 017 4474 

JK 98 6445 6392 6192 -0.10 U29 

Est rates 9744 TUBS areas *570 
Tiers open H 4*48* aft 367 

PORK BELLIES (CMER) 

Jiiinfl iMb'CaikDBrlb. 

Fab 98 5*70 5*» 57.10 <12 *108 

Morn 5770 6*90 5*95 -035 U53 

5*90 5*0 97s <05 URl 

Est soles 3777 Thin setes 2.926 

There span W946& up 132 - 


High Low Latest Chge OptaJ 

ORANBE JUKE OtCTM) 

1*000 bs.- cents park. 

Jon 98 90X0 8110 1*25 +*30 19726 

Mor 98 9135 1670 9135 +*00 17418 

Mor 98 9470 89.90 9440 +*00 *744 

MM 9775 93X0 9775 +*00 £074 

Est areas NJL. Tier* solas SKD 
Thaw opan tat 4*097, off 885 


SOLDtNCMX) 

180 toy at- Mare dot hurra. 

Dee 97 28*70 28230 282 J 0 -130 641 

Jail* 28370 28370 28*60 -133 2 

Fab 98 2B6JD 284X0 28480 -170 10*671 

Apr9B 28*20 28*00 28*0 -170 12X53 

7m« 28970 2*770 2RJ0 -1JQ 1U70 

Aog98 29070 -170 5J01 

Oc»98 292JD -170 £513 

Doc 98 29*70 29430 29480 -170 13741 

Feb 99 29670 -170 £792 

Est sreea 1 7X00 Thus solas 2*472 
Thus Opan tot 192727, up 352 

HI GRADE COPPER CNCMX) 

25X00 bs.- cards par A. 

Dee 97 8170 KUO 8070 +075 1,195 

Am 98 8270 8085 SOTS +070 £990 

Fab 0 82.15 8170 8170 +070 1.909 

Mcr9B 8370 8175 >1X0 +030 31049 

APT 98 mo 82J1 B2-50 +070 17H 

M0798 8410 8190 8190 +070 4859 

Jon 98 8370 8120 8370 +075 1X69 

Jot 98 8430 83150 8330 +040 £696 

Aug 98 8175 +070 1756 

Est sates 7J00 Thus rates 4712 
Thus open H 6*521, up 631 

SILVER CNCMX) 
iooo troy mr mate par bov ot 
Dec97 51*50 573X0 58470 +6X0 813 

JB19B 58*70 +6-80 33 

F+*98 58 770 +6X0 

M*r« 596X0 576X0 587X0 +6X0 67779 

MOT 98 59150 87X0 S87X0 +4.10 *3S 

Jul 98 592X0 58150 587X0 +570 *283 

S<® 98 597X0 +450 790 

D«c 98 592X0 585X0 587X0 +370 *443 

Est sdas 20000 Thus rates 20703 
Thus open bit 9£57£ up 874 

PLATINUM tNMER) 

50 hw 04- defers par buy ee. 

Jan« 36370 354X0 36020 -020 101553 

Apr 98 361X0 357.50 ^9.20 undi. £734 

JW98 359X0 35670-15670 with. 160 

Od 98 35370 Doc*. 1 

&L areas NJ4 THUS sates £363 
Thus open W 14*4* gg 4Q 

LONDON METALS CLMS PwrteUS 

Dctos parnMMe tea 


> (HM Grade) 

10216 1543V 1543X0 154400 
1567X0 1568X9 I565te 1566X0 


. "TTW^nyS 11 178180 1783X0 
gnjonl 1834X0 182*00 1810X0 181 1X0 

50al 530X0 522X0 5I0VV 51Ite 

Froord 536X0 538X0 526X0 527X0 

»or 6160X0 6170X0 6)35X0 614*00 

Poniard 4395X0 4240X0 6230X0 

Tto 

Sjw SS3DJB0 SMOffO M7S4» S4SQu00 

Spot . 1124X0 112100 llfflte IT29te 

nrwred 1146X0 1147.00 1149X0 1150X0 

High Lxar dan Chgo Optot 

Financial 

US T BILLS (CMER) 
si Dtnan-m&arKDpa. 

Draw 9496 9403 943* indL £319 

MB99 95.13 95X6 95.12 +O.OS 7X36 

ten* 9*10 95X8 95.10 +0X3 933 

Sap98 95X7 undv 23 

**» «8 Tims a«esB38 
Trent opan tan 1711 , up 1<D 

STJTRE^UHirfCBOTT 

sates ^osTlnrs sates 1(0492 
Thus open tat 26*127, off 4746 

Pfr, *■ * afioo pd 

OtS« 112-U 11340 111-14 + 1* 8*543 

'£2 HHSIUiS'W® +16 3M7S 
JW» 1124)5 112-02 11MH +lfi 917 
Erf. sates 92790 Tiws aatas 15*093 
Tba»ep«ire37£l9Lup9im3 

|»™MURY BONDS (CB0T1 

emM-s 9 ^ 

S6pW 119-25 119-13 11975 +0 4102 
gst s rew 50*000 Thus sates ,591*551 


Food 

cocoa moE} 

10 nehtc tans- Spartan 
Doe 97 1727 16W 1727 +13 35 

Marts 1761 1705 1 756 +T7 4*240 

1785 1732 170 +20 2009 

1803 1755 1303 +20 4706 

58P9B 1822 1763 1122 +20 *732 

Dsc9S 1843 1800 184] +» 9 ,->« 

Est setes *893 Thus areas 21 ,71 7 
THK opwi bit 9*65£dp 71£ 

COFFEE C«CSQ 
37^00 tot- cents par ft. 

Dae 97 184X0 181X0 10200 4L0 08 

Mor9B 181X0 176X0 179.90 +1.90 1*84* 

MOrtt 17*50 I7TED 17*85 +OTS *656 

Join 169X0 16450 147.05 +O.90 £664 

Sap 96 159.75 156X0 159.75 +0X5 1,164 

Est sresa 14927 Thus totes 7,722 
Thus open bd 3L26* op 136 

5VCAR0ORLDH (RCSEI 
112X00 bs- caret perte. 

Mar 98 12.18 12X6 1£U +004 10*535 

Mar98 12X9 12X0 12X7 +0X4 3UK 

Jul 90 11X4 11J1 11.74 +0X1 29411 

Od 91 114* H M 1143 +002 24924 

Est rata lOSSl TtaKsdat 42X19 
Thus open M 20*451 ofl 1XM 


LOW SILT OIFFE) 

aara-pte*3Mianoopct 

D»CT7 121-11 120-26 12000 +0-02 24X73 
15* 121 -17 +041 1075? 

J«|98 105-26 105-26 1Q547 +4X1 1X98 

efflNLMl coy. BUND OJPFO 
OMUuno-Mreioopd 

HZS I2f2 ™J2 1W<0 '+426 28*010 

J*n 102.96 10*70 104X0 +027 346 

EsLratesr 38X3, Prey, sotev 44441 
Pm. span hL- 117,128 upZa7 ' 


Wgh Low Lateta Chge Optra 

10-YEAR FRENCH COV. BONDS (MAT1F) 
FF50C000 • pte oT 100 pd 
OeerTIBLM 101J6TOT70 0-34 52413 

Mar9t WUO 100X8 0122 034 12328 

Am 98 10032 10032 10044 034 112 

Est talas: 25042* 

Open hL- 17*653 op 1MB 

ITALIAN GOVERNMENT BOND-OJFFE) 
IU 200 ndOon - pis alioo pd 

Mor* 11546 113.18 11545 +015 117X75 

Joe 90 N-T. N.T. 114X7 +014 0 

Sap 98 N.T. N.T. 114X7 +014 0 

Eta. sates 38X53. Pies, sates: 44441 
Pm. open tat: H7.128 up 4427 

LIBOR 1 -M0 NTH (CMER) 

S3 m«tan- nt» flfl 00 pet 
' Dec 97 9403 9403 94X4 +OOI 1*981 

Jre>98 9430 9428 9429 +0X1 13X33 

Fab 98 9437 9434 9437 +0X2 *241 

Est. sates 12X38 Tim areas 3446 
Thus open ht 42494 op 697 

EURODOLLARS {CMER) 
si ndtaHttsonoopd. 

Ora 97 9411 9409 9411 +0X1 364332 

Fab 98 9420 9417 9430 +0X3 3X04 

Mar 98 9420 9*16 9419 +0X3 479X11 

Jim 98 9420 9414 9*19 +0X5 377,405 

Sep« 9*17 9*11 9*17 +0X6 36*749 

Ora 98 9*10 94X4 9*09 +0X6 211200 

Mar 99 9+10 9*04 9*09 +0X6 162X70 

JB099 9*07 9190 94X6 +0X7 13*173 

Sap 99 9*03 9196 9*03 +OX7 9*023 

Draw 9198 9192 9197 +*06 98X09 

Mar 00 9199 9191 9199 +OX7 7*297 

Jim 00 9197 9190 9197 +OX7 61X40 

&t sates 477X84 Thu-S sates 58*425 
Thus open tot £77*791 ofi 1»04» 

BRITISH POUND (CMER) 

61500 pounds, S per pound 

Dee 97 74640 14460 145000X066 2*154 

Mar 98 14586 14394 14428-0X068 23X08 

-tor 98 14430 14340 14358-0X068 L261 

Est. sides 193S7 Thus aafas9*52D 

Tftre open W 5*827. ofl 6S3 

CANADIAN DOLLAR CCMER) 

100X00 dooms per Cdn. dir 

Mar 98 J107 .7032 .7060+ 0X025 6*032 

■to" 98 -7120 3060 3078+a0033 £574 

&t. sates 3X417 Thus trees 3*480 
Thus qren tat «S7I£ gp 9,916 

DERMAN MARX (CMER) 

l ZSXQO rewbvS par mate 

DK97 4691 -5627 4629-0X047 3*396 

Morw ^17 J456 4659-0X047 58,936 

Jon98 -5701 4683 4687-0X047 *280 

Est sates 31X00 Thus areas 6*077 

Thus Open tat 99,749. oft 6X» 


JJfW*KeY6V<CMeRJ 
gpS ffSw- 5*203 

SiSiB .tmxxSS 

§0. rates 2*322 Thus stfes 39|787 
Thusopwi tal 1 5241 1. up L763 

SWISS FRANC (CMER) 

12*000 haocw S per (rreic 

SSS IS -ss-s-ss? 0 JU87 

-7116 -7033 -7035 -0X060 39X15 

4WlM .7125 .7104 J1 06 -0X060 1417 

M. rates 15X13 Thus sates 3£73l 
pus opra IM 6£S2* up 379 

MHOCAN PESO (CMER) 
wOOOp pesos, S par peso 
Ora97 .12275 .12180 .12195+0X0035 *954 
,11825 .11680 ,11735-»XQ08S 14JU6 
-ton 98 .1)410 .11325 .11345+ XOlS iSm 
E ct sales *786 Thus sates 1SXB6 

Thus apuilnt 3*361, op 488 

WJONTH STERLING CUFFS 
eOftMO-pteBMOOpd 

ESiS 2HJ Si? 1 Und *, i3£032 

Z ?•£ S- 34 9134 +0.01 13*839 

Am 98 9240 92X6 9246 -401 IQT.174 

jjjj 9167 9242 9162 —0X2 84X12 

Dec« 9245 92X1 9*81 Uprft 7*517 

W 9M0 Ufla '- 4*566 

Jun99 9122 93.18 93.18 UMh. 57.169 

satos 93J15 

nu*. open bd.- 60*413 up *129 
WMNTH EUROMARK CUPFQ 

DW1 BMan . pis at loo pd 

Py ^4-2S 96J] 9L24 *^JQ? 211989 

S8S W V? SS 

•j “T. N.T. 9*22 +0X4 740 

JJJ-W 9*15 9*19 +0.04 34i4jo 

JLW 95.94 9*99 +0X5 32*259 

r£>S 9*77 9SX3 +0X6 231402 

9446 9547 +0X6 TtfLM 

F®? 9545 9*39 9544 +OX6 241428 

«X9 9515 +0X6 8*990 

tre. sines: 221 Wl Pm. tgfei: 389JD9 

PW-Opwita*: VMUN ofiXM 

jjjOWTH PI BOR (MA71F) 

M a** 

9*27 9*25 9*5? 0X9 TO 

HW 5 M 7»« 

SS W-9T 0X5 oan 

SStawSL.*- 75 ^ ow »• 

OIWbiL: 286X39 ret 71* 

fflaKSBISr 

S53 SS ss CSS^SIJKK 


High Law Latest Chge Ofinr 

Jun98 9131 95X7 95X0 +0X1 127414 
Sap 98 9546 9142 9545 +0X2 80 l!92 

Due 98 9546 9138 9S45 +0X6 <0(77 

Mor 19 9532 9126 9132 +007 HW 

Est areas: 5*670 Piwaates: 7*908 
Pnv. epee IaL 60*857 up £104 ] 

Industrials 

COTTON > (NCTN) 

50.0 M Bn- confft Dtf lb 

Mar 98 6740 6*90 66.95 -083 4£U 

Mo+98 69X1 6840 6*46 068 M5M 

Jul 98 7040 69X0 69.90 043 1*20* 

Od 98 7240 72.05 72XS -055 U28 

Dec 98 7X45 7X11 7114 -043 1L29I 

Est sates NA- Thus rates 84QB 
Thus opan W 8*51X off 1,116 

NEATINC OIL (TIMER) t 

42X00 gre. ores per gal 
Jon 98 5235 5150 51X2 +0.37 4*554 

Fbb98 52X5 52-38 5238 +030 3*703! 

Mar 98 5195 5X48 5248 *0.10 17,801; 

Apr 98 53L50 53.03 52.03 +0X5 0X97: 

May 98 53.10 51X3 51-53 uneb. 7X66 

Jun9B 51.75 5138 5138 -005 9.746 

Jul 98 5190 5148 5148 -005 *031 

Est rates NA Thire sales 3*104 
Thus open W 147,18* a« 1.763 

LIGHT SWEET CRUDE CNMER) 

1,000 bbL-dadon par bbl 
Jan 98 1*43 18.15 1831 +006 0*250 

Feb 98 1844 1840 1844 +0X4 92279 

Mar 98 18X0 1*58 1844 +QXJ 41316 

*?r9* 18X1 18XJ +003 24309 

Mn» 98 19X7 18.92 18.95 +003 19,971 

Jan 98 19.10 1*97 19X2 +003 34X34 

Est sates NX. Thus sates 132499 
Thus open tot 447.937, ofl £022 

NATURAL 6AS (NMER) 

1 QA 00 ram btu* 8 per mm bhi 
SlS iH2H “ ,S 2J57 +0017 44X09 

5*5® M1 ’ -°«V 34X83 

VSS. 3JJ45 “P -Mm 2X207 

ffr” 2-200 2.170 £194+0X02 11X65 

*i32 2.160 £172 -0X05 M25 

-ton 98 £180 £160 £170 -0X07 *141 

Est trees NA Thus sates 5*506 
Tlvs open tal 216X69. up *201 

UNLEADED GASOLINE (NMER) 


Jttn 98 5180 5403 51440 +0 l51 9U44 

ess ss Si? ss> 

**S £77 +0.28 1Z011 
Ska +0.18 10746 

SS 5332 5*32 +au law 

■5"* 21-20 57X7 57X7 +*18 7421 

9* 5740 5734 5734 +*15 *500 

5*93 5*39 5639 +*15 £980 

EB. rates NJL Thus sates 4£Xn 
Thus open inl I09J7* up X397 

GASOIL (tPQ 

1*2-59 J 59 - 50 141-50 +2-73 3167-1 

14235 16*75 16235 +£35 1*»5 

Nto99 162.75 16135 142JD +230 12J4J 
AM98 163-00 161-50 16235 +2X0 *139 

iSJ-S ISI-5 1UJD * ,J0 

Xm 98 162X0 161-75 1623S +135 1£304 
gd-sahraljlOT. Prav.sreas:43479 
p«w. open taLAsxwrei 760 

Slo ck Indexes 

SfiCOMP INDEX (CMER) 

250 x Index 

m£« 2SJS2 3una 

M» W 973X0 99750 96450 -*» 203X23 

JWI98 982X0 974X0 97*00 -1.70 £f00 

Ere. trees NA Thus Tales 2502 18 
Thus open M 428X9* up 3,909 

PTSE 1MCUFFE1 
^MrlndaxpMnf 

Sjj2 M?X 5049X *9X 4*574 

M»98 313*5 SO?** 50995 +95 31412 
Ere. rales. 1*417. Pm. um; 1+499 
PHV.gpanlnL- 6*486 ofl 354 

«AC « (MAT IF) 
ff»Op«r|rMteapotal 

7X02833X0 1.00 tails 

a s 

W9B 2886X03856X0285650 1 00 11BM 

EsI- sates; 17X92. 

OWtalOL 79^04 up in. 


Commodity indexes 


a “* p, RYtaa6 

1 , 493 . 7 a i.sotso 


Edochdui 

■■vm M«mibyui p n u * Intitnnrkrt 








• S - • ) at a 


INTERNATIONAL HERALD TRIBUNE, 5 ATURDAY-SUNDAY, DECEMBER 13-14 , 1997 


PAGE 11 


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.11 


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EUROPE 


IMF to Call for Resuming Loan to Russia 


Cvnpfid ftv iV SugFmm Dbparj* 

MOSCOW — In a big boost for 
Russia s economic reform efforts 
the tatemational Monetary Fund 
said Fnday it was satisfied with the 
government s efforts to increase 
revenue and cut spending. 

T . wo jj d [ending body said an 
iMF team that finished work in Mos- 
cow on Friday would recommend 
restarting a $10 billion loan, which 
should result in the arrival of a $700 
million installment in January. 

• sa *d its mission ha<t 

‘rcachai understandings with the 
authorities in a number of areas, 
notably the framework for budget- 
ary policies in 1998, which would 
allow it to recommend the comple- 
tion of the review to the IMF man- 
agement and executive board." 

The team, led by Jorge Marquez- 
Ruarte, was “particularly encour- 
ag ed” b y the government’s efforts 
to improve its woeful tax-collection 
performance, which caused the in- 
ternational body to freeze the $700 
million loan tranche in October. 

“The mission is confident that, 
provided the fiscal and monetary 
tides agreed during the review are 
. I on a sustained basis, the 

cts for the Russian economy 
in 1998 are positive,” the IMF said. 

The government admitted col- 
lecting only 66 percent of budgeted 
lax revenues in the first nine months 
of the year, aggravating an already 
difficult situation for die cash- 
strapped Russian government, 
which owes state workers $4.4 bil- 
lion in back wages. 

But since then the authorities have 
launched a crackdown on tax debt- 


ors and launched a beries of mea- 
sures to raise .revenue, forbi ddin g 
companies to offsej tax demands 
against unpaid govahment bills and 
ensuring that organizations receiv- 
ing federal funding say their ta xes 

During its sixth Quarterly review 
of tile loan prqgranl to Russia, the 
IMF team said Fridky that the Rus- 
sian authorities tea “clearly con- 
fronted the sizable tisoj d imbalances 
inherited from earlier periods.” 

There had been fan acceleration 
of work to reorient the basis of gov- 
ernment finances, *f the IMF said , 
notably after a vis* to Moscow by 


the IMF’s first deputy managing di- 
rector, Stanley Fischer, and talks in 
Washington with senior Russian fi- 
nancial officials. 

The international finance body 
also praised Russia's central bank 
for refraining from intervention dur- 
ing the recent turmoil on interna- 
tional markets, which increased 
pressure on the ruble. 

“This decision and the strength- 
ening of the fiscal policy stance 
should help dispel market uncer- 
tainty about the course of economic 
policy” in Russia, the IMF added 
Analysts called the IMF's move 


important news for Russia. 

“It's very welcome news," said 
Charles Blitzer, who covers Euro- 
pean emerging markets for Don- 
aldson, l^ifkin & Jenrette in Lon- 
don. * Tt gives credibility to Russia’s 
macroeconomic program, particu- 
larly its renewed efforts to deal with 
fiscal problems.” 

The approval of the government’s 
efforts should help dispel market 
uncertainty and open the way to 
release of about $1 billion in loans 
from the World Bank. These credits 
could come by the end of the month, 
Russian officials said. (AP, AFP) 


Russian-Turkish Gas Accord Draws Criticism 


Agcnce Frabce-Pms e 

ANKARA — I Prime Minister 
_ of Russia is 
120 billion accord 
Russian natural 
lalysts criticized 
iusly increasing 
nee on Moscow. 

deal, Turkey 
|uch as 16 billion 
.ussian gas a year 


suppl 

burl 


Viktor Cheroom 
expected to sign 
Monday to si 
gas to Turkey, 
the deal as < " 
Ankara's d ^ 
Under the _ 
will receive as 
cubic meters 


oyer the next 25 years via a 1,200- consumption, 
kilometer (750-mile) pipeline, part He also sai 
under the Black Sea. 


of it running 

“If -that deal is 
sia will have a 
Turkey uses,” 
Turkey’s £on. 
Washington.** 
that monopoly f 
and to farce 
in the future 



.Rus- 
ty on the gas 
inkru Elekdag, 
ambassador to 
Moscow can use 
political reasons 
y into something 


•poly fpr 
ceTuiie 

ire.” | 

Turkey is already getting 6 billion 


cubic meters (211.9 billion cubic 
feet) of Russian gas a year via a 
pipeline across Ukraine, Romania 
and Bulgaria. The capacity of this 
pipeline is also to be increased to 14 
billion cubic meters of gas wi thin 10 
years. 

“Under the Russian deals, in 
2020 Turkey is supposed to get 30 
billion cubic meters of Russian gas, 
and this will be more than half ofour 
” Mr. Hekdag said. 
He also said it was unclear who 
would pay for the $3 billion 
pipeline. 

“Neither Russia nor Turkey has 
the money to finance this pipeline,” 
Mr. Elekdag said. “At this point it 
wouldbe wise for Turkey to abandon 
this very costly and difficult project 
which would also result in a dan- 
gerous dependency on Russia. We 
should consider other options.” 


Other options could include im- 
porting gas from Iran and the former 
Soviet republic of Turkmenistan in 
central Asia. 

Another critic of die Russian- 
Turkish deal, an analyst, Sedat 
Sertoglu, said Russia had been pro- 
posing the Black Sea project to pre- 
vent Turkmenistan, a former Soviet 
republic, from exporting gas to Tur- 
key beyond Moscow’s control. 

“Russia wants to avoid a Turk- 
isb-Turkmen deal,” Mr. Sertoglu 
said in an article in the Istanbul daily 
Sabah on Wednesday. “That is why 
Moscow pretends to be keen on the 
Black Sea pipeline that is supposed 
to be built 2,000 meters below the 
sea level.” 

He added, “Russia is taking Tur- 
key's time with this project although 
it lacks both the money and the 
technology to build it.” 


EU Has Doubts on Reed Elsevier- Wolters Pact 


Ctmpkdby Our From Duputrhn 

BRUSSELS — The European 
Commission said Friday it had se- 
rious doubts that the proposed mer- 
ger of the publishing companies 
Reed Elsevier and Wolters Kluwer 
NV could be allowed under the 
European Union’s rules. 

The commission, the EU's ex- 
ecutive agency, said there were 
“significant overlaps” between the 
activities of the companies, espe- 
cially in the areas of legal and tax 
publishing, where both have strong 
positions. 

The commission said it would 
start an investigation that could take 
as long as four months because it 


was concerned the merger would 
threaten competition. 

Reed EQseviir, an Anglo-Dutch 
concern, and 1 Amsterdam-based 
Wolters Kluwer said in October 
they planned tej combine and create 
the world's largest professional and 
scientific pufcOi ;hing group. 

The merged :ompany would em- 
ploy about 42, < 00 people and have a 
market capita] zation of more than 
£18 billion ($2 >.7 billion). 

The commdsioa said it also was 
concerned abeut the companies* 
market share in some areas of con- 
sumer magazine publishing as well 
as in feagbt-ei change databases. 

“There is ^o otter publisher in 


the professional publications in- 
dustry which is comparable in terms 
of financial resources, range of 
products and geographic scope,” 
the commission said 

In London. Reed Elsevier said it 
was. nor surprised by the commis- 
sion’s decision. “It's a complex 
market, and we know they need time 
to consider it,” a spokesman said. 

Shares of Reed International 
PLC, die British parent of Reed El- 
sevier. rose 15 pence to close at 619 
in London trading. In Amsterdam, 
Elsevier NV ended at 32.80 guilders 
($16.40), up 0.40, and Wolters rose 
2.30 to 261. 

Analysts had expected the deal to 


face EU regulatory problems because 
the combined company would be al- 
most a monopoly in several fields. 

Combining Reed Elsevier and 
Wolters also would increase the 
companies’ scope for larger acqui- 
sitions and give them enough titles 
to be a force in electronic and on- 
line services. 

The new company's main com- 
petitor would be Thomson Corp., a 
PanaHian newspaper and trade- 
magazine publisher. Thomson, 
whose sales last year were 10.53 bil- 
lion Canadian dollars ($7.63 billion), 
agreed this week to seU its Thomson 
Science subsidiary to Wolters 
Kluwer. {Reuters, Bloomberg) 


U.S. Holds Out 
For Access to 
Trade Partners 


By Edmund L. Andrews 

Rnr Yort Times Service 

GENEVA — All eyes were on 
the United States on Friday as ne- 
gotiators from more than 100 coun- 
tries tried to hammer our a global 
trade agreement to remove national 
barriers in h anking , insurance and 
securities by a midnight deadline. 

The United States is threatening 
to walk away from a treaty for a 
second time unless it gets what it 
wants. In this case, it wants coun- 
tries in Asia and Latin America to 
make it easier for U.S. financial 
companies to do business there. 

On Thursday, trade officials and 
business executives in Geneva pre- 
dicted that the countries would 
reach a deaL 

Having walked out of die Iasi 
round of talks two years ago, the 
United States has pressured dozens 
of nations to sweeten their com- 
mitments to opening their markets. 

U25. officials said the odds 
favored reaching a deal but that a 
successful conclusion was by no 
means certain. They said they had 
received encouraging offers from a 
number of countries but still had 
problems with others, including Ja- 
pan and Malaysia. 

[Renato Ruggiero, who heads the 
World Trade Organization, com- 
pared the negotiations to a bumpy 
ride over rough terrain. Reuters re- 
ported. “We are moving, but we 
have tough road to drive on,” he 
said.] . 

The talks have been clouded by 
two new problems: the financial 
crisis sweeping through Asia and an- 
ger among some U.S. politicians to- 
ward tiie World Trade Organization, 
which would enforce the agreement. 

Last week, a panel of die WTO 
infuriated several members of the 
U.S. Congress when it rejected East- 
man Kodak Co.’s complaint about 
barriers to the Japanese film market. 

A lot is at stake. International 
bond offerings have doubled in (he 
past five years and will probably 
total $1 trillion this year, according 
to the Organization for Economic 
Cooperation and Development. 

In addition, companies are listing 
their shares on multiple stock ex- 
changes around the worid. institu- 
tional investors have ballooned in 
size, and international currency 
trading totals trillions of dollars 
everyday. 


Investor’s Europe 


Frankfurt 
DAX ■ 


London - 
FTSC lOOlrictex 


CAC 40 


4500 

5500 

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k 

53t» 

in m AA j 

mf yi 

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mj Vf 


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" .. 2700 " 

A SONO^J A SOMD A SOND, 

1997 

1997 


1997 

Exchange; - 

Index ■ . ... , 

•Friday • 
Ctose ‘ 

Prav. % 

Close Change 

Arteterdam 

■AEX;.;.-;. 

887.74 

882.S0.: +0.55 

Sruss^ 

; BEL-20 ••■■■■■ 

2,434.13 

2,433.30 +0.03 

Frankfurt 

..DAX 

4,082.60 

4,030.16 +1^0 

Copenhagen 

.BtoiAMaiket 

HJL ” ' 

651.77 ••••-■ 

Helsinki : • 

HEX General 

3^17J4 

3U1C71- +0-09 

Osto ' 

OBX.: 

mM 

677.85 *0.17 

London 

FTS£ 100 

S&S3B 

5*0^00 +0:18 

ItetirW / ■ 

Stodt Exchw^ge 

■ 815.78- 

■ 611.16 ;■ *0,78 

man ■ 

W^TEL 

1S5S3 

15511' +0-S3 

Parts • 

CAC 40 

2^3026 

2,828.45 +0.06 

Stockhokn 

SX 16 ■ 

3,143.41 

3.164J» -0.65 

Vienna 

ATX 

1^774® 

*+0U5 O 

Zurich . 

SB 

3J54J9 

3,752-31 +OX»5 

Source; Talekurs 


Inlcnuiidiul HcraUTnhone 

Very briefly: 


• German prosecutors called for a jail term of seven years and 
nine months for Juergen Schneider, accused of fraud and 
forgery in the collapse of his real-estate empire in 1994. 
Prosecutors said there was no legal support for Mr. 
Schneider’s insistence that banks shared the blame for his 
actions. A verdict in his trial is expected Dec. 23. 

• Swiss Life confirmed that it was interested in buying Group 
des Assurances Nationales de France SA, a state-controlled 
insurer that is being prepared for sale. Swiss life is the leading 
life and pension insurer in Switzerland. 

• The Swiss National Bank, in an unusually blunt statement 
for a central bank, said it- did not plan ro raise interesr rates in 
1998, in hope of keeping an export-led economic recovery 
from being damaged by a rising Swiss franc. 

• Swiss Reinsurance Co. and Credit Suisse denied rumors 
that they were planning to merge. 

•Thyssen Han dels union AG will sell a 60 percent stake in its 
recycling business to SHV Energy NV of the Netherlands. 
Terms were not disclosed. The business has 850 employees and 
sales of about 1.5 billion Deutsche marks ($844 million) a year. 

• Barak, an Israel-based telephone company, stopped provid- 
ing phone service from Israel to countries in South America. 
Africa, Asia and Eastern Europe — with the exception of 
Japan and Russia — because the government had not au- 
thorized it to raise its charges for calls to countries outside 
Europe and North America. 

• Imperial Chemical Industries PLC of Britain agreed to sell 
its 5 1 percent stake in South Africa’s AEC1 Explosives Ltd. to 
its joint-venture partner, AECI Ltd., for $117 million. 

• Littlewoods Organization PLC, a privately owned gambling 

and retail company, is setting up a catalog-shopping venture 
with Burton Group PLC, a clothing retailer. Littlewoods will 
pay £15 million ($24.8 million) for a 35 percent stake in the 
venture; Burton will own the rest Bloomberg . Reuters 


WORLD STOCK MARKETS 


Friday, Dec. 12 

PUCK » toad currencies. 
7eta*urs 

High Law ChM Pm 

Amsterdam *****?*£& 


ABW-AMRO 
Aegon 
fljnkt 
AkzoHoM 
Bam Co. 

Bob Wen no 

CSMcm 

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DSM 

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Hoogovens evo 

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INC Croup 

KLM 

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347 

72JD 

30.90 

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32.90 

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51.90 
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7350 

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215 

134 

102 

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57.70 
17450 
11920 
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119.70 
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5150 

264 


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17110 
Si JO 
343 
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84.10 

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18050 

3220 

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63 

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83 
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88.10 
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42.70 
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St 

71T.10 

120.10 

9750 

73 

185.10 

56.70 

173.10 
118.90 
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104.70 
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25850 


4DJ0 3950 
173.10 174 

52JD 51.40 
342JB0 343 

« 6650 
3050 3U0 
8550 84 

10450 105 

182 18050 
3250 314) 
B3J0 84.10 
6450 SIM 
J0l30 50140 
87 JO 8450 
340 33750 
9020 8850 
77 7650 
KUO 8440 
72.10 71 

43 4350 
7920 7920 
4250 4130 
5940 59 

21430 211-60 
12070 119.70 
9750 9750 
■ 75 7320 
18580 18850 
5750 57 

17450 176 

11190 120 

105.70 10650 
11940 11750 

106 mx 

4980 49.30 
261 258.70 


High Low pas* PM*. 

BMW 1333 4315. 1324 1315 

Canmeatw* 030 6750 6820 66.90 
DaMcrBenz 12355 12320 122.70 12140 

Dugusuj 8750 8620 8725 ft 

DeatottaBa* 12230 121-W 12250 12005 
DeatTcMou 33JB 3350] 33J0 3175 
Dfesdoar BOflfc 8040 7855 8050 7850 
Frwerti* - 2 M 2 M “i ..® 7 

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Rfed.Kiupp 339-50 338 33S 34050 

Grte 9950 ^ 98.10 100 

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Tiger Dot* 66.10 6550 6190 64 


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446 

466 

466 

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414 

406 

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m 316J0 31680 320 

11M> 117 II M0 IB 

U5B 1195 14AS 1405 
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fua IA25 1475 1435 
T07 10140 J07 10640 


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112 

DtaMi 635 

Elcdroaxnponerts 447 
EMI Group 471 

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GertlAcddMf I0.« 
GEC 4JJ7 

GKN 12-50 

GtanVfeftme 1475 
GflawrtoGp 840 
GnsxfAlef 

GRE 170 

GnErtEftsGp 409 
Goknss 572 

GUS 7^ 

Hs&HUtai tag 
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Ind Tobacco 407 

sir ,g 

Utod Sec 1105 

Lasroo 166 

UtoriGentGip 5.TB 
UivUTSBGg 7^ 
LucmVirty 2.® 
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MEPC 5JB 

Mtscwy Asset 16B4 
NoaondGria 2.93 
Noll tower 
NolWest 
Nod . . 

Norotch Union 
Oronge 

P » 

Peoreon 
PWftfc p 

Prodentoil 
RpftnekGP 
BerttGnM) 
ReddBCshn 
Retfond 
Rcedtafl 
HeotoftWOol 
ReuknHdgs 
Rswn 
RTZreg 

RMC Group • 
RoteRayss 

Rojtf BkScrt 
taidiStfiAS 
Safeway 
Sakubuft 
Sdnriers 
Sad Newcastle 
Sal Power 

Seantar — 

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Shefl TiWitpK 480 
Seta 

tsasgf- 

SrotaBtod 

StoemEfcc 

SksoecMCh 

StodOetor 
Tele & Life 
Tosco 

7)me> Wrier 
3lGf«to 
Tl Group 
Tomkins 
Unlncr 
IMAsnroaro 
INd News 


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9.91 
687 
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570 

575 

525 

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535 

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172 

173 

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14.15 

1436 

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935 

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533 

544 

536 

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536 

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371 

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975 

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848 

851 

862 

379 

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128 

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553 

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233 

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649 

633 

110 

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648 

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417 

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462 

465 

442 

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647 

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530 

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582 

170 

171 

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1057 

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248 

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276 

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11.81 

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135 

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6.13 

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487 

429 

490 

480 

486 

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945 

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485 

505 

492 

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247 

238 

239 

485 

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488 

5.13 

513 

515 

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InwstwB 

M 0 D 0 B 

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SarokiB 

SCAB 

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Stacko B 

SKFR 

Store A 

SvHandelsA 

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235 
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600 
29&50 
189 
237 
£82 
372 
2115 
277 
338 
176 
170-50 
95 
397 
320 
162-50 
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295 
216 


221 
778 
566 
287 
18150 
330 
680 
365 
200 
272 
22450 
170 
167 JO 
9150 
389 
310 
157 JO 
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290 
208 


HI 232 

279 2B4 

570 59B 

287.50 287 

18450 187 

331 335 

680 679 

36750 366 

200 199 

27 6 277 

225 23650 
170 17150 
169 146 

95 93 

393 390 

317 3)8 

15850 15650 
9650 96 

29250 292 

208 21450 


Sydney 


M Miseries: 3*HriO 

Previous: 2514-80 



Nat/ 

Nat Mutual Hria 

News Dip 

Pacific Dunlop 
Pioneer Inti 
Pub Broartcasl 
fiJaTlnto 
S George Bank 
WMC 

Westpoc Bklng 
WooasUePei 
Htaotoartos 


439 

hub 

13.18 

375 

27.99 

i& 

776 

6 

496 

246 

2.10 

1050 

30 

aw 

1955 

278 

8JM 

115 

174 

NT. 

7445 

834 

457 

9.12 

1050 

470 


65? 846 

1005 1030 
112* 1177 
185 187 

28-40 2140 
7470 7455 
11-02 11X0 
733 778 

6 625 

498 5 

258 274 

115 114 

1050 1055 
30.10 3050 
057 1.01 

20.14 2070 
245 241 


The Irib Index 

. Prices as ol 3.00 P.M. Ware York time. 

Jan ». 19 83= 700 

Ureal 

Change 

%changn 

year to data 





% change 

World Index 

169.46 

-0.71 

-0.42 

+ 13.62 

Regional hufoxBS 





Asia/Paafic 

96.18 

-1.02 

-1.05 

-22.06 

Europe 

188.31 

-0-54 

-029 

+ 1632 

N. America 

21536 

-0.79 

-0.37 

+ 3236 

S. America 

14032 

+ 026 

+ 0.19 

+ 22.63 

Industrial Indues 





Capital goods 

206-47 

-238 

— 1.14 

+ 2030 

Consunargoods 

20534 

-031 

-0.00 

+ 2720 

Energy 

19135 

— 1.79 

-032 

+ 1238 

Finance 

121.80 

-0.60 

-0.49 

+ 4.59 

Miscellaneous 

15043 

+ 127 

+ 035 

-730 

Raw Materials 

164.39 

— 211 

-127 

-627 

Service 

16831 

-0.08 

-0.05 

+ 23.00 

UtSttles 

162.44 

+ 036 

+ 053 

+ 1323 

The International Herald T/touna World Stock Index 43 tracks the U.S. doBar value 

ot 380 kvamationaOy mestabto stocks from 25 countries. For mom Mmmtxn 

a tmn txxMed is avntlnbte by wrtrng to The Trlb index. 1B1 Avenue Chariot de 

| Gaute, 92521 Noutty Codex. France. 


Compeed by Bvomberg News, j 

High Low 

Close Pro*. 


High Low 

dose Pro*. 


8.11 

3.15 

178 

N.T. 


B7D 

118 

185 

8.75 


1445 1774 

827 832 


469 

9.15 


490 

934 


1050 1030 
471 477 


14155 

5195 

7745 

1515 

27400 

5070 

10100 

9565 

4940 

4000Q 

19140 

3025 

6710 

8270 

12735 

1466 

1019 

2490 

4305 

1590 

24450 

16870 

7080 


Taipei 

CattroyLHeUK 
Chang H*o Bk 
ChkwTungBk 
Chtoo Dewdprat 
CWnoStoet 
Rral Bank 
Formosa Plastic 
HoaManBk 
InB CcfDfB Bk 
HanYoPtesSa 
5Mn Kong Life 
rotwanSeini 
Tatona 

IMMaoElec 
UW World CUn 


Stock Martof todero 8»427 
Protons.- 877058 


152 

142.50 

152 

1*5 

9450 

93 

9150 

W 

70 

<7 

70 

6950 

92-50 

89 

9150 

91 

3430 

zuo 

2420 

2470 

94 

9150 

9250 

9350 

62 

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61.50 

9950 

9850 

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97.50 

98 

55 

5150 

54SD 

St 

5850 

5450 

5750 

5650 

109 

100 

109 

103 

18* 

119J0 

124 

12150 

3640 

15.70 

3640 

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72-50 

66-50 

7? 

6950 

59 

57 


earn 


Tokyo 

ARnmnto 
AN Nippon Air 


NtoU 225: 1590439 
Pnriros: 1I8SB.15 


Korea El Pro 
Korea E«h Bk 
LGSernkwi 
Pahang Iron SI 
Samsung Pblay 

sStohan^ank 

SKTHeawi 


Canpasto bricc 35468 

Prarwa:J7777 
59900 5470Q 54700 5MOO 
4540 4450 *450 4830 
9600 B930 9600 9700 

SCO 5430 SCO 9900 

14000 13500 13500 14600 
3290 3130 3180 3450 

15400 15000 15000 16300 
47600 46000 46400 49900 
30000 29000 29300 31500 
41800 39100 40600 62500 
6300 6180 61 BO 6710 

430500 420S00 420500 457000 


Montreal 

Bee M* Cm 
OtoTteA 
CdnIMA 
CTFMSvc 
Got Metro 
Gt-UteUAco 

Investor Gtp 
LoMmCos 
NoNBk Canaria 
Power Carp 
Power fin 

Quebecer B 

Rogers Cam B 7 7 2. 

aopriBkCria 78 76M 77M 78 


36J8 

36M 

3880 

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31 JO 

MV, 

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17.90 

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36,90 

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NOBkeSrogA 
NKoatortAner 
OridoA 
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132 
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346 

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OBXkntaK<7tn 
Prmtoot: 677 J5 

127 127 127 

1» 18150 1B2J0 
2B 28.10 2870 
33 3370 


91750 

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375 

375 

378 

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215 

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180 

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131 

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122 

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346 356.10 


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Cycle Cantoge 

uainFamn* 

DBSIato® 

DBSknT 

FmarlNene 

HKLand* 

Jred fftitrieSD * 
Joitl Strategic* 
KoppriA 
Keppet Bonk 
KeppHFeto 
KnpULand 
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PartnayHrigs 
Sesriwtonc 
StngAktoTB9n 
Sing Land 
SimPMSF 
Sing Tech tod 
Slug Teteanwi 
Tat Lw Bank 
Utd Industrial 
UldOSeaBkF 
WngraiHdas 
rinUS do&M, 


261 

575 


6J0 

192 


297 


2-03 


Strafe Tiroes: 163258 

PtWtaOto 166428 

438 

438 

4*0 

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452 

715 

7.40 

780 

6.95 

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080 

083 

085 

1460 

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1540 

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245 

171 

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8.15 

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1.96 

1.98 

214 

418 

456 

4*0 

246 

146 

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515 

115 

2.70 

218 

188 

438 

4JB 

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174 

186 

186 

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10*0 

1010 

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670 

192 

670 

380 

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484 

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1070 

11 

11.10 

416 

420 

438 

2070 

2050 

2170 


114 

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2-65 

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049 

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50 5050 


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ots "% mS a ™ 

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AKdilOwra 
AstoiiGloB 
Bk Tokyo MIh 
B klDtotono 
Bridre*3one 
Canon 
Ototnj Elec 
Orowku Elec 
WNtePtoW 
Da»a 

DaWcJrt Kotq 
Data Bank 
Dahn House 
Dotal Sec 
DO l 
Dense 

East Japrei R* 
EM 
Fonuc 
Fi^Bar* 

Rm Photo 

FujOsu 

Hocftuni BL 

Hitachi 

Honda Motor 

IBJ 

(HI 

Itochu 

tta-Yokado 

JAL 

Japan Tartxeo 

Jusco 

Kn^rna 

KaudElec 

Kao 

KeuasaUHtr 

Kaw Steel 

KMdNtppRy 

Kton Brewery 

Kobe Steel 

yjmatsu 

Kubota 

Kyocera 

Kp^iuElec 

LTCB 

Marubeni 

Moral 

Malm Carom 

Kitewk 

Mifumsto 
Mltsohktuai 
SttsttaUiEI 
MtadriMEsI 
imwbbbi 
MltsuhisM 


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1190 

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556 

2460 

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7350 

3460 

52* 

500 

511 

536 

514 

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499 

508 

760 

737 

750 

750 

1850 

1810 

1830 

1840 

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325 

336 

340 

2900 

7790 

2820 

2900 

3778 

30X 

3040 

3300 

2010 

1990 

2000 

3000 

1890 

18*0 

1890 

IBM 

2400 

2*30 

2*80 

2410 

586 

5*9 

562 

580 

«J 

932 

953 

FW 

311 

298 

308 

301 

865 

801 

831 

865 

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431 

*36 

436 

3100a 

3000a 

3030a 

32600 

2480 

2330 

7410 

2470 

5990a 

5890a 

5980a 

5890a 

1810 

1720 

1760 

1800 

300 

*900 

4910 

4930 

610 

585 

590 

613 

4990 

4870 

4970 

4940 

1*50 

1420 

1440 

1450 

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1M) 

1040 

1040 

974 

948 

9*8 

966 

4790 

4*80 

4690 

4760 

7090 

1060 

1080 

MOO 

221 

205 

221 

235 

241 

226 

230 

230 

6150 

6050 

6070 

4040 

364 

350 

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369 

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1950 

1890 

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439 

420 

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2130 

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17*0 

1730 

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174) 

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25* 

255 

249 

164 

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155 

16* 

683 

448 

483 

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106 

101 

105 

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390 

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1900 

1880 

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3010 

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1030 

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1020 

194 

349 

181 

336 

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203 

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1560 

1510 

1530 

1530 

498 

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483 

495 

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414 

415 

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Mttsul 

Mitsui Furiosi 
Mitsui Trust 
MondoMfg 

& 

trtOuoSec 

tft*ndo 

Ntepon Steel 
Nissan Motor 
NKK 

NomiHaSec 

NTT 

HU Data 
08 Paper 
Osaka Gas 
Ricoh 
Rohm 
SakuroBk 

gwfcl* . 

Sanwa Bank 
Sanya Elec 
Seccai 
SettuRwy 
SeUsdChem 
SeWsul House 
Seven-Eleven 
Sharp 

Shtriui BPm 

Shimizu 

ShbmtsuCh 

Shisrido 

ShbuokoBk 

Softbank 

SumBomo 

SundkunoBk 

SumdCten 

SumtloamElec 

Sum# Metal 

Swnfl Trast 

ToUnPImn 

TakedaChero 

TDK 

Tahoku 0 Pw 
TotaJt Bank 
Tokio f.W 
Total ElPwr 
TotaEXctron 
Tokyo Gas 
TakyuCup. 

Tonen 

Toppcm Print 

Taroy Ind 
Todila 
Tostera 
Toyo Trust 
Toyota Meter 
rbnroauou 

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866 

1320 

245 

3650 

1390 

1430 

405 

13100 

618 

390 

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112 

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520 

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1660 

13100 

470 

2950 

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380 

7950 

5550 

780 

SbS 

9040 

B19 

1890 

383 

3030 

1800 

1270 

2600 

11400 

823 

1500 

324 

1780 

M3 

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3250 

3760 

9800 

1900 

£55 

1180 

2300 

4930 

304 

SJO 

877 

1720 

588 

551 

1250 

785 

3670 

3020 


1530 1560 
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1270 1300 

225 235 

3300 3300 

1360 1360 

1360 1410 

392 395 

12500 12700 
606 614 

387 38? 

185 m 

494 500 

104 109 

1630 1650 

10606 1000b 
6600b 679® 
501 510 

181 283 

1590 1600 

12500 12500 
456 467 

2B90 2920 

1380 1410 

369 370 

7800 7870 

5500 55M 

753 763 

841 8S5 

9000 9(00 
BOS 806 
1870 1870 

363 367 

2830 2860 

1780 T800 

1250 1250 

2400 2540 

10700 11100 
770 777 

1460 1490 

305 315 

1740 1750 

193 193 

702 7 71 

3120 3220 
3630 3640 

9150 9400 

1880 1880 
434 645 

1140 1150 

2270 2280 

*6*0 040 

295 295 

503 516 

857 858 

1680 1700 
562 569 

529 539 

1210 1220 
776 780 

3580 3630 
2930 2960 


1530 

B59 

1320 

235 

3610 

1380 

1430 

395 

13200 

619 

387 

139 

497 

110 

1640 

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515 

219 

1630 

13400 

460 

2910 

1400 

377 

7900 

5700 

771 

845 

8980 

802 

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393 

3030 

1780 

1250 

2590 

11400 

812 

1490 

345 

1740 

203 

750 

3160 

3730 

10000 

1930 

650 

1160 

22W 

5410 

302 

511 

867 

1660 

571 

520 

1250 

785 

3680 

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Mrihanex 

Moore 

Newbridge Net 

Norondatoc 

Nracen Energy 

Ntarn Teteaun 

Nova 

Oaex 

Powrin Pettai 
Petra Cda 
Placer Dome 
poco ratal 
Potash Sask 
Renaissance 
RkiAigan 
Rogers Conte! B 
Seogrom Co 
SheflCria A 

Puna* 

TcfismonEny 

TetkB 

Teleglobe 

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Thonaaa 

TofOom Book 

Transatta 

TrawCda Pipe 

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11.80 TlriO 
21.65 211* 

5345 5030 
24.10 2155 
17.45 1A10 
132.90 129H 
1340 T3*9 


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265. 25.55 
1540 1545 


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4855 4740 
4545 44.55 
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5375 52J0 
21.15 2055 
30.70 OTTm 
64 It 6470 
34i, 3340 
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331* 3195 
120 115 


11H 
2140 
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11.70 

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51.70 
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PAGE 13 



Donors Pledge $2,4 Billion for Vietna] 


OM^pifJtKOviuffF mmOupadus 

HANOI — Donor emmtrW , a director for the World Bank, Group members that Vietnam had 

international organizations nSw w ™ ch f red *e Tokyo meeting. drafted a program to improve and 
Friday to deliver 4 hiit;«« . Mr - Steer was ‘'strong reform Its economy. 

” J ~* j_ ^ also be , tweea *0 government “The government of Vietnam is 

leadership 


Vietnam in 1 998. but they also un*ed XmE*! 1 be , tweea ** S ovemm f m 

the Communist leadershirm vSch v 2J 1 * “"Jkppw* partners that ready to act decisively to strengthen fore, so donors were particularly 
forward with economic reforms v i opmenl: contexl ** *J» bouse," Mr. Cam said. He added keen to demonstrate their support," 


more difficult than a year ago and 
that a new agenda for reforms must 
be enacted urgently. ' * 

Vietnam has been 


push 

1 WlUllllS. 

Representatives from Vietnam’s 
largest donors, including Japan, 

Australia and the Asian DeveW 

m Tokyo on traducing markei-ori rated 
Worid^k^lf rwV 0 ■ attC ^ d * e 11110 ils con^raand economy since the 
M«L oTvi^l tanVe Group 1 980s, when die connliy was a' 

a virtual economic standstill and was 
crippled with triple-digit inflation. 

In recent years, those reforms 
have helped Vietnam’s economy 
grow about 9 percent annuall y For- 
eign investors and international 
donors, however, have asked Viet- 
nam to step up the pace of reforms. 

Deputy Prime Minister Nguyen 
Manh Cam told the Consultative 


that some donor governments were 
having fiscal difficulties. 

“ “It is clear that Vietnam is facing 
greater external difficulties than be- 
fore. 


The donors said Vietnam had to 
liberalize its system of trade, reform 
inefficient state industries and bring 
transparency into its financial sector 
over the next year. If reforms are not 
carried out, Vietnam’s foreign in- 
vestment and exports will suffer as a 
result of the economic crisis in the 
region, said Andrew Steer, Vietnam 


that Hanoi was planning to improve 
the banking sector and work to create 
a more level playing field for private- 
sector companies to compete with 
Vietnam's dominant state sector. 

Those efforts were the primary 
motivating factors behind the con: 
tinued financial support, the World 
Bank said. 

Donors meet each, year to reassess 
Vietnam's progress in implement- 
ing reforms it has promised to make. 
The Tokyo meeting was the fifth 
time they have convened. 

Mr. Steer said the aid pledges, 
which matched the total for last 
year, were remarkable given the fact 


he said. 

Asked whether Vietnam would be 
needing additional aid in the next six 
months or so, Mr. Steer said donors 
did not see this as necessary, as' they 
did not believe Vietnam would fall 
victim to the regional crisis. 

“We have every expectation that 
Vietnam will perform well in the 
coming year," be said. 

Asked whether the World Bank 
shared Hanoi's view that Vietnam 
would be able to achieve 9 percent 
growth in 1998, be said donors be- 
lieved it was possible, although it 
would be more difficult to achieve: 

( Bloomberg . AP. Reuters) 


Taiwan Gives 
Rail Contract 
To Europeans 

Reuters 

TAIPEI — A European-led consor- 
tium will be awarded the $13.5 billion 
contract to build Taiwan’s “bullet’’ 
train, officials said Friday. 

“We have decided to award Taiwan 
High Speed Rail Consortium the 431.6 
billion Taiwan dollar contract to build 
the bullet train here.” Wu Fu-hsiang, 
deputy director of Taiwan’s High Speed 
Rail Bureau, said. 

The European-led consortium — 
which has been accused by its com- 

E etitor, Chunghwa High Speed Rail Al- 
ance of Taiwan, of securing the deal 
through shady means — would start 
building the train after signing the con- 
tract in early 1998. 

The bureau rejected charges that the 
bidding process was anything less than 
transparent. 

“Our deal with the European con- 
sortium is transparent and absolutely 
clean, and if necessary we can make 
public all the documents signed by both 
competitors,” Mr. Wu said 
The European consortium consists of 
Siemens AG. the British-French venture 
GEC Alsthom and five other local con- 
glomerates, including Fubon Insurance 


and Continental Engineering Coro. 

Mr. Wu said the bureau had chosen 
the European consortium simply be- 
cause it had mad? the best offer. 

The consortium submitted a bid of 
325.9 billion dollars to build die high- 
speed train and offered to pay the gov- 
ernment an additional 105.7 billion dol- 
lars from its future operating profit 
The govemraenthas said it will spend 
the 105.7 billion dollars on land de- 
velopment and expropriation. 

The Chunghwa alliance — which in- 
cluded Japan's Shinkansen. or bullet 
train operator — quoted 273.4 billion 
dollars for the project but proposed that 
the government pay 1493 billion dol- 
lars to help finance it 
The European offer, Mr. Wu said, 
“means the government does not have 
to pay a single cent for the huge in- 
frastructure project.’’ 

Mr. Wu said the contract would be 
signed in late March or early April but 
that the consortium would start pre- 
paring for construction work at year- 
end. Representatives of the consortium 
also sard they would need several 
months to complete negotiating syn- 
dicated Loans from banking groups. 

The 345-kilometer (220-mile) line, 
which will link Taipei with the southern 
port of Kaohsiung and seven cities in 
between, is to begin operations in 2003. 



‘FLOATING' BULLET — A prototype of a magnetically levitated train breaking a speed 
record at a testing center west of Tokyo on Friday. Its speed of 531 kilometers per hoar on 
a special 18-kilometer section of track broke the old mark of 517 kilometers per hour. 


Japan Inquiry- 

Targets NEC 
And Toshiba 

CrwpWfri tjur SitfFrtin Dtxvtcn , 1 

TOKYO — Toshiba Corp. and 
NEC Corp. said Friday they were 
being investigated by Japan’s Fair 
Trade Commission in connection 
with orders to supply high-technol- 
ogy goods to die postal service. 

The two Japanese companies are 
suspected of violating the Anti- 
Monopolv Law by rigging bids for 
tenders to supply machines to read 
new seven-digit postal codes to be 
supplied to the Posts and Telecom- 
munications Ministry, local media 
reported, citing sources close to the 
case. 

The Fair Trade Commission has 
already raided the head offices of 
the companies in Tokyo, according 
to the reports. The companies 
denied on Friday any wrongdoing. 

“I have no idea why the com- 
mission is investigating our com- 
pany,’’ said an NEC spokesman, 
who requested anonymity. “We’re 
positive NEC didn't rig bids. 1 ' 

A spokesman for Toshiba, who 
also declined to be identified, said 
the company was innocent but 
would “cooperate with the com- 
mission's investigation." 

The Fair Trade Commission re- 
fused comment on its investiga- 
tion. 

Over the next 10 years, the postal 
service plans to order about 1,500 
mail-sorting machines at a cost of 
100 million yen ($772,800) to 300 
million yen each. 

Toshiba and NEC are the only 
companies ever to have submined 
bids to supply the postal-code read- 
ers, said an official at the Postal 
Ministry who denied knowledge of 
the commission's investigation. 

Only Toshiba and NEC have the 
technology to make the machines, 
the NEC spokesman said. 

For the year to March 1998, 
Toshiba has won orders for 80 ma- 
chines. which are worth 185 billion 
yen, while NEC received 95 orders 
worth 17.8 billion yen, Kyodo news 
agency reported .(Bloomberg, AFP) 


Investor’s Asia 


Hong Kong 
Hang Seng 



Singapore 

StraftsTtmes 

2150 


Tokyo 
Nikkei 225 

21500 



1997 


1997 


1997 


Exchange 

Index. 

Friday 

Close 

Prev. 

Close Change 

Hong Kong 

Hang Seng 

10,614,66 '10,420.22 +1.87 

Singapore . 

Straits Times 

■ 1,632.98 

1,664.28 

-1.88 

Sydney 

All Orcflnanes 

2,494.00 

2,516-60 

•0.91 

Tokyo 

Nikkei 225 • 

15,904.30 

16,050.15 

-0.91 

Koala Lumpur Composite 

574.92 

589.1 8 

-2.42 

Bangkok 

SET 

mas 

371.51 

-0.84 

Seoul 

Composite Index 

350 .sa 

377.37 

-7.07 

Taipei 

Stock Market Index 6^98.27 

&270.58 

+1.54 

Manila 

PSE 

1,854.74 

1.875.63 

-1.11 

Jakarta 

Composite index 

365.85 

396.11 

-7.64 

Wellington 

N2SH-40 

2430-92 

2,366.07 

•1.49 

Bombay 

Sensitive Index 

3389.27 

3.329.14 

+0.01 

Source: Te/ekurs 


IftL-nMirifuJ lls/M trit-unc 

Very briefly: 


• Hongkong Land Holdings Ltd. said it had paid $40 million 
for a 28 percent stake in Central China Power Corp.. and 
that Nomura Jafco Investment (Asia) Ltd. had invested $ (0 
million in Central China Power. 

• China had a S4.6 billion trade surplus in November, com- 
pared with a surplus of about $5 billion in October, the state- 
run CCTV television network said. The surplus for the first 1 1 
months of the year was $40.23 billion, more than three times 
1996’s full-year surplus of $12.2 billion, the network said. 

• China's Ministry of Foreign Trade and Economic Co- 
operation said it would investigate charges by domestic news- 
print producers that U.S.. Canadian and South Korea compa- 
nies had been dumping newsprint. The announcement did not 
name any companies. 

• Japan's 101 banks that list their shares on the Tokyo Stock 
Exchange had 20.5 trillion yen ($157.6 billion) in publicly 
disclosed bad loans as of Sept. 30. or 12.9 percent less than a 
year earlier, according io Tokyo Shoko Research. 

■ Hong Kong slipped to third place in the Economist In- 
telligence Unit’s annual ranking of places to do business in 
Asia after five years as No. 1 . with Singapore taking over first, 
followed by New Zealand. The research organization said 
there was a risk that China may not honor its promise to 
maintain Hong Kong's freedoms! afx. afp. Reuters. wh n* 


MICROSOFT: Judge Tells Software Company That It Must Not ‘ Bundle ’ Web Browser With Windows Software 


which represents Netscape. The strong 
wording in the judge’s decision, she 
said, indicated that he believed that Mi- 
crosoft might be violating broader an- 
titrust laws. 

The possibility that the case, which is 
now narrowly defined, might later ex- 
pand to address fundamental issues sur- 
rounding the nature of computer op- 
erating systems was acknowledged by 
both sides in the dispute. 

Indeed, in his opinion Judge Jackson 


wrote that “contrary to Microsoft’s 
claim to absolute discretion to dictate the 
composition of its operating system soft- 
ware," it appears "not unlikely" that 
Microsoft’s freedom to “impose its idea 
of what has been ‘integrated’ into its 
operating systems stops at least at the 

S int at which it would violate estab- 
bed antitrust law." 

Netscape executives said they were 
particularly pleased by Judge Jackson’s 
focus on three points in determining the 


Continued from Page 9 

from cooperating with its investigation. 

Microsoft executives described the 
ruling as merely the first step in the legal 
battle and said they were pleased by 
many aspects of the decision. 

“It’s apparent that he has been very 
thoughtful in his derision, and that has 
led him to believe that more facts are 
needed to make a final decision," Greg 
Shaw, a Microsoft spokesman, said. 

Analysts saw the ruling as a first act in ~ 

what is likely to be a long straggle to ~ ~ ^ ' ~~ 1 ' 

The Justice Department’s case against EURO: E U Rejects Demand That Britain Be Permitted to Join Monetary Union Council 

Microsoft cuts to the heart of the corn- 


issue of whether Microsoft’s browser 
was separate from the Windows oper- 
ating system: that Internet Explorer had 
been marketed separately, that there was 
independent consumer demand for the 
browser and that it demonstrated sig- 
nificant similarities to other Microsoft 
applications such as Word and Excel. 

*‘We think this validates the Depart- 
ment of Justice case," Lori Mirek, Net- 
scape’s senior vice president for mar- 
keting, said. 


■ Gates Declines to Comment 

Microsoft’s chairman. Bill Gates, re- 
fused Friday to discuss Judge Jackson’s 
ruling but said its browser competition 
with Netscape would continue. Reuters 
reported from Beijing. "This will con- 
tinue," Mr. Gates said in a speech at a 
Chinese university. “They’D have a new 
version; we'll have a new version. It’s a 
healthy competition that you expect in 
the computer-software market." 


puler industry’s need to balance consumer Continued from Page 9 

benefits derived from adding features to 

an operating system against the danger of having an opportunity to obstruct certain 
Microsoft's dominance having a chilling discussions within the euro club. 


effect on innovation by competitors. 

“The fact is that tbs consumer gets a 
very good deal from Windows 95,” said 
Robert Hall, a Stanford University econ- 
omist who served as a consultant to the 
Justice Department in die shaping of the 
1995 settlement. He acknowledged, 
however, that the issae of whether Mi- 
crosoft’s operating system monopoly 
had had an impact on innovation was a 
“tricky question.” 

Microsoft's opponents described the 
decision as an interim victory. 

“A preliminary injunction is a strong 
first step," said Susan Creighton, a law- 
yer with the firm of Wilson Sonsini, 


Mr. Blair said earlier, “If there is any 
informal arrangement, if there’s going to 
be discussing economic policy, we will 
be there." 

His spokesman, Alastair Campbell, 
insisted that Mr.. Blair's relations with 
his partners were amicable and accused a 
British reporter who had written oth- 
erwise of having “gone native." 

That agreed with reports from offi- 
cials at the meeting: that Mr. Blair and 
Prime Minister Lionel Jospin of France 
had argued heatedly, then embraced; or 
that Chancellor Helmut Kohl of Ger- 
many had told Mr. Blair that Germany 
was not a member of the UN Security 


Council but did not go around com- 
plaining about it all the time. 

Britain's argument was joined by the 
other three countries that are expected to 
remain outside the euro zone — Den- 
mark, Sweden and Greece. But Mr. Blair 
was the most vociferous. He was “ten- 
acious,” said Catherine Colonna, the 
spokesman for President Jacques Chirac 
of France, and kept intervening. 

But she said Mr. Chirac insisted that 
Britain had to compromise if a deal were 
to be struck. Bowing to (he inevitable, Mr. 
Blair said in a television interview that 
“you can’t stop people meeting to discuss 
what they want when they want” 

But he added that he did not want the 
euro club to he an alternative to the reg- 
ular meetings of finance ministers from 
all 15 EU countries. In fact, that has never 


been in doubt. Bui the British fear that the 
members of the euro zone will stitch up 
deals in their informal meetings. 

“What is important," Mr. Blair said. 
* ’is that if there are matters that should be 
discussed by all 15, they have to be 
discussed by all 15. There can T be small 
clubs that tiy and take over the running 
of European Union economic policy." 

The ability to ask to attend meetings of 
the euro did not necessarily mean an 
invitation would follow, officials said, 
indicating that Mr. Blair had fallen far 
short of nis objective to attend as a right 

Nevertheless, the prime minister was 
urged to accept a compromise by Yves- 
Thibault de Silguy. the European com- 
missioner in charge of the- single cur- 
rency implementation. Otherwise, he 
said," Britain would find itself margin- 


alized. "There is no question of giving 
the ‘outs’ some sovereign right to stop 
the ‘ins’ from meeting or dictating the 
agenda," Mr. de Silguy said. 

Miss Colonna said there was no in- 
tention to establish a narrow club. Even- 
tually, she said, all EU members would 
adopt the single currency and there 
would be no need of a separate council. 

The euro will have its own central 
bank and other institutions, and officials 
argue that they need to be able to discuss 
certain matters in private, as would be 
the case with any other currency. 

The debate took some of the shine oft' 
a meeting that had been signaled as a 
historic milestone in the EU 's history — 
the formal invitation to the countries of 
Eastern and Central Europe to join the 
union early in the next century. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
am & 1130. am/ Kkte Wfefcome. De 
Cuserstraat 3. S. Amsterdam Into. 
020-641 8812 or 020-6451 653. 
FRANKFURT 

English Speaking International 
Catholic Pariah. St Leonhard. Alte 
Malnzsr Basse B. 60311 Frankfurt, 
Germany. Tel/Fax 069-283177. Mess 
schedule: Saturday 5 prn, Sunday: 10 
am. Cantesstora: IQ hour before Mass. 

FRANCEAOUtOUSE 
HOPE INTERNATIONAL CHURCH 
(Evangelical). 4. bd de Pfbtac. Coto- 
mier. Sunday service 6:30 pm Tel.: 
0562741155. 

FRENCH RIV1ERA/C6TE D'AZUR 

NICE: Holy Trinity (Anglican). 11 rue 

Bath, Sun. 11; VOICE: St Hugh's. 22. w. 
RAsstan%9am Tat 33 04 £0871983. 

PARIS iwTSURURBS 
EMMANUEL BAPTIST CHURCH - 
56. rue des Bons-Raisins. 92500 
Ruell-Matmaison. Worship: 9:45 : 
n:00 a.m.Sunday School. For into 
Tat 01 4751 29 63101 4749 15 29 ori 

HOPE INTERNATIONAL CHURCH 
HoM Oden ffl ParfeHaOtfawe. 8 01 de 
Nuu*y. Warship Sundays. 930 am Rev. 
DougtaMlef, Pastor T^Ol 43330406 
u«o i to ia Dtfens* Esplanade. 

SAINT JOSEPH'S CHURCH (Reman 

MASS N ENGLISH: Stt 630 pm: 
Sun . 9:45 a.m.. 11 am, 12:15 p.m.. 
630 pm. ECL flueruB HochA Pans Mv Tel: 
m 42 27 a 56 Mew Oates * CMa - Bole. 
RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprognsmmed (sHent) 
meeting lor wswp. Sundays 11 am 

Cawe Ouator hfcmationaL m n* 

de Vaugwri. 7S006 Pan& Al Wefccms. 
+3301 454874 23 

TOKYO 

TOKYO UMON OtJRCH nBarQrc»&H**to 
Subnty sta TeL- WXKW7. Won** Smtoas 
Suvtsy - 830 & 11:00 am SS « MS am. 

SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
EngiisivSpeeWng roo+tenominawr'aj. 
Tel. +41 61 302 1674. Sundays 10:30 
naasreSiusa 13 . CH4056 Basel 


ZURKH-5WITZERLAND 
ENGLISH-SPEAKING CATHOLIC 
MISSION; SL Anton Church. 
MlnervastraOe 63 Sunday Maas: 
8:30 am & 1130 am Services held 
to tttaoypttrf St Anton Church. 

UNITARIAN UNIVBtSAUST] 
PARIS 

•Urtefere Do CateWto OvtsmsT Wjibe 
the topic of the Decamber 14 hoMay 
service of the UNITARIAN UNF 
vrataUJST FELLOWSfiP OF PARK. 
Visiting minister: the Rev. Kenneth 


MacLean, Special Assistant to the 
President of Kb Unitarian Unlvwsatet 



camMedltaton and spiritual g rowth 
groups. Sodrf ac(MM& Christmas carets 
at member's home December 21. 
WomMofS 013062.7503. 

WASSENAAR/THG HAGUE 
THE NETHERLANDS UNITARIAN 

fflSff&JfSRffiSSS 

JSJSS!c«02(«4&95ia 


I THE EPISCOPAL CHURCHES 
1 OF EUROPE (AngScqn) 


PARIS and SUBURBS 

Evensong. 23. avenue George v. 
Peris 75008 Tflt: 33*01 53 23 84 DO. 
ES£:^VaAlmaMarc«u. 

FLORENCE 

ST JAa^CHUROHL Sun^amraai 

FRANKFURT 

CHURCH OF CHRjST TOE m 
ii am Sunday Stfsjd 


GENEVA 
EMMANUEL CHURCH. 1st & 3r d Sun. 

T *munk:h 

JSkSSS* 6481 8i" 


ROME 

ST. PAUL'S WmflN-THE-WALLS. Sun. 
830 am Ftoto Eutfarist me 1: 1 030 am 
Choral Eucharist Rita 11: 10:30 am 
Church School lor chiton 4 Nursery ca» 
provkiact 1 pm Spanafi Eucharist Via 
Mmoi sa. 00184 tone. TeL- 38/8 468 
3339 or 3a*B 474 3569. 

BRUSSSS/WATERIOO 

ALL SAINTS' CHURCH 1st Sun. 9 & 
lins am Holy Eucharist wtei ChMraris 
Chapel atli:l& A» otfier Sundays 11:15 
am Hety Eucharia and Sunday School 
563 ChaussAe de Louvain, Chain, 

Belgium. TeL 32/2 384-3556. 

W1ESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun.' 10 am 
Family Eucharist Frankfurter Strasse 
3, Wlasoaden, Germany. Tel.: 
486113066.74. 



BERLIN 

LB-C-, BERLIN. Rathenburg Sir. 13, 
(StagttS). Sunday, Mile study 10.45. 
worship Service 12.00 noon. Charles 
WBricrt. pastor. TeL: O0O-774-467O. 

BRATISLAVA - SLOVAKIA 
I.B.C., The luventa. Kartoveska 64. 
Aurfitarium 1048. Worship Sun. 1030. 
TsL (07)715367 

BREMEN 

LBJG, Hohentoheste. HermanivBaEe^t. 

Worship Sun. 17:00, Pastor Mtephone: 
042n-7864& 

BUCHAREST 

LELtt. Strode Papa Rubu 22. 330 p.m. 
CorfcEt Pastor Mke Kamper.TflL 3123860 
BUDAPEST 

LB.C., meets at Morics Zslgmond 
QImnB 2 Jum. Torokvesz ut 48-54. Sun. 
rasa TeL 25D39B2. 

BULGARIA 

LOC~ World Trade Center, 38. Drahan 
Tzantov Bivd. Worship 1130. James 
W®. Pastor. Tel: 971 -71SZ. 

DARMSTADT - GHtMANY 
LB.C., WlthelnWLeuschner Str. 104, 
Oamrstadt-Griffitfwtrc, Sfcte SftjcV Sun. 
1330. T«L pS1 1)9410505. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHF. Ev.-Reienficte GflfflfltKfe, 
Sodenersr. n-16. 83150 Bed Hombua 
Sunday worship, Nursery & SS: 
1120 AM McHweek m Wane s. Pastor 
Mlaway. CbU&k csnsenm. 

BETHEL LB.C. Ani Dachsberg 92 
(English), Worship Sun. 1130 am and 
630pm TeL 069549559. 


HOLLAND 

TRMTY WTERNATONAL inutes you to 
a Christ centered teflowsh'p. Services 
930 and 1030 am Btoemcantotoan 54, 
Wksseraar 070517-8024 nursery pew. 

NICE -FRANCE 

LB.C. 13 rue Vernier. English 
service. Sunday evening 18:30, 
pastor Roy MIBer - TeL: {04 93) 
320596. 

ST. PAULDE VENCE - FRANCE 
Paul Oa Vance - France ISC, Espece SL 
Claire. Level IT, Bible Study Sun. 930. 
WteBhip Sul 1045. Tat (0483) 32M96. 

PRAGUE 

LB. FELLOWSttP, Vmoftmdrta # 68. 
Prague 3. Sun. 1130. TeL fl2) 311 7B74. 

WATERLOO 

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

ZURICH - SWITZERLAND 
LB.C of ZOrlch, Ghefertrassa 31. 8803 
RuschSron, Worship Services Sunday 
mornings 1030. TeL 1-4810018. 



BERLIN 

AUEF0CAN CHURCH M BERLIN, cor. 
Of Clay Alee & Pctsdamer Sir. S.S. £30. 
am Warship 11 am Tel: 0304132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
verdane. Sunday worship 930. in Genian 
1130(1 Bigfeh. Tefc (022)3105039. 

JERUSALEM 

LUTHBIAN CHURCH of the Redeemer, 
CM Cty. Mnistan RcL Engfch worship Sm. 
9 am M arc wefceme. TeL: ffE) 6281-049. 

LONDON 

AMERICAN CHURCH IN LONDON. 
79a Tottenham Court Road WtP 9HB. 
Sunday WasHp 1130 am 0171 580-2791 

PARIS 

AMERICAN CHURCH IN PARIS, 
worship 1130 am 65, Dual cTOraay, 
Parts 7. Bus S3 at door, Metro Afina- 
Marceauorlnvafides. 

ZURICH 

NIERNAIXMAI. PROTESTANT CHURCH 
Engbh speaking, mnhip service. Sunday 
School A Nursery. Sundays 11:30 am., 
Scharaflngasseffi.TeLE0t]263S25. 


BROWl> [Ej BP’s Leader Wins Praise From Environmentalists 


Continued from Page 9 

million in solar energy. He has said he 
hopes solar power will generate $1 tril- 
lion for the company in a decade. 

This has won Mr. Browne recognition 
in unlikely quarters. 

“Compared to other oil companies, 
BP was the first major to come out in 
favor of policies to reduce CO; emis- 
sions,” said Chris Rose, deputy exec- 
utive director in Britain of die environ- 
mental activist organization Greenpeace. 
“I guess you can say ona scale of good to 
bad, they and the Shell Oil Co. are the 
good guys in this industry.” 

In an interview in me company's 
stately boardroom in London, Mr. 
Browne said, “I believe we’ve now 
come to an important moment in our 
consideration of the environment." 

In his view, it is time for the business 
world to accept the realities of global 
war min g, which he described as facts 
backed by “effective consensus among 
the world's leading scientists and se- 


rious and well-informed people." 
Rather than fight environmentalists, he 
said, companies can save and eventually 
earn money if they begin to make this 
“investment in the future.” 

Under Mr. Browne, BP’s market cap- 
italization has increased from $35 bd- 
lion in November 1994 to $81 billion 
today. Profit has risen from $2.3 billion 
to $4.1 billion in the same period. 

An engineer who has become a wizard 
in the art of finance, Mr. Browne also is an 
opera buff, and he compares a successful 
corporation to a well-performed opera. 

"You have got to have a well-trained 
orchestra, a conductor who is sympath- 
etic ro the meaning of the music, a di- 
rector who is sympathetic to the con- 
ductor and singers able to both sing and 
act," he said. “So when it all comes 
together, it is fantastic." 

Puffing on a slim cigar (he says he is 
cutting down on that habit} and sipping 
coffee, Mr. Browne said BP’s foray into 
the business of pollution control was 
engaging the enure company. 


"We have an action plan in which 
50.000 people participate." he said. 

The plan includes setting targets for 
each refinery, factory and outfit of the 
company around the world to use less 
energy, with targets reviewed period- 
ically. Special training in energy con- 
servation has been set up for employees 
in scores of countries in which BP op- 
erates. The company also has a goal of 
eliminating the flaring of natural gas by 
repackaging iL 

Above all, BP has gone further than any 
other energy company in developing solar 
energy as a nonpolluting substitute. 

It has factories making solar panels in 
Spain, Australia and Saudi Arabia and a 
dozen more such plants under consid- 
eration. “We already have 10 percent of 
the market in solar energy." Mr. Browne 
said. 

Companies had better take action be- 
fore someone else does it for them, he 
said, contending that he wanted to lead 
no one. It was simply, he said, that "we 
in BP have reached that point." 


CURRENCY: Southeast Asia’s Dominoes Take More Knocks 


Continued from Page 9 

nearly every day, local businesses are 
scrambling to find dollars. 

Few regional currencies have been 
spared. In die Philippines, which was 
considered to have weathered the re- 
gional crisis the best, the peso dropped to 
a record low Friday of 37.36 10 the 
dollar, representing the maximum loss 
allowed under an official band before 
trading was effectively suspended. 

The peso’s plunge came a day after 
the central h ank governor boasted that 
the Philippines had the strongest cur- 
rency in the region. 

The Taiwan dollar ended the day at 
32.48 to the dollar, sharply below its 
Thursday close. . 

The Singapore dollar, also considered 


relatively safe, dropped to 1.6450 to the 
U.S. dollar amid speculation that the 
U.S. currency soon could reach 1.70 
dollars. 

Since the beginning of the year, the 
U.S. dollar has gained 65 percent 
against the Thai baht, 30 percent 
against the Philippine peso. 44 percent 
against the Malaysian ringgit and 92 
percent against the Indonesian rupiah, 
according to assessments by Philippine 
government officials. 

In Indonesia, the rupiah fell Friday to 
a low of 4.950 to the dollar and stocks 
took another plunge, fueled by rumors 
~ swiftly denied in J akar ta — that Pres- 
ident Suharto was seriously "til. 

The regional slaughter again this 
week focused attention on the Hong 
Kong dollar , the last regional currency to 


still have a fixed exchange rate. 

The Hong Kong government was able 
to beat back speculative attacks on the 
currency this summer by raising 
overnight interest rates to something that 
resembled loan-shark levels. The effect, 
however, was devastating on some local 
companies, particularly property firms, 
which have taken a beating on the stock 
market. 

The Hong Kong dollar, which is 
pegged to the U.S. dollar within a tight 
range, was Iasi quoted at 7.75 to the U.S. 
dollar, the rate that is believed to trigger 
intervention by the territory’s Monetary 
Authority to shore up the local currency. 

There was unconfirmed speculation 
among some traders Friday that the 
Hong Kong Monetary Authority had 
already been forced lo’imervene. 





PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAY, DECEMBER 13-14, 1997 


THE FUND PERFORMANCE FOCUS 



ABN-AMRO TRANS EUROPE FUND 



RICHCOURT VARIABLE OPPORTUNITIES Inc. 


AflNMbfti nKi|n< ww Hkipbm 


Rich Vjr Opp a B November I. im 18 ITt 

Rich Var Opp Ci L November I. 2) Ml 

Rich Var Opp Cl 5 January I. IW7 « IT*. 


VArdS'^t—nri* ft tart MnttrQrwi^n 


ABN AMRO And Manajpement: 


Ilcmg Knng, and 


professionals; 
i in Amsttndaon. London, 
led by iffitaaa). 



We offer jwu 

• Tiam Europe Fund (NLXMwsed.net asset valne in OSD 628.1m, 
annual average return in USD since 1985: 163%); 

• ABN AMRO Europe Equity Food (USD-hosed); 

• Aral other fink from die ABN AMRO fiaafy of flunk. 


Advantage* ca yon: 

• A solid panner suice 1824; 

• Tried and Busted investment principles; 

• A wide variety of omraadcnal resources. 

• Good performance; 

• tey lo fallow (prices are published daily in the International Herald 
Tribune, Financial Times, and the E uro pe an edition* of" the Wall 
Street Jo nraal); 


ABN AMRO Asset Vtaagenem. PAC AP 0510, Hoogoonldroecf 66-48. 
P.O. Box 283. 1000 EA AtnsKnhm. die Netfaabntb 


Approved by ABN AMRO Aa tat M are g c m au (UK) Ltd, which is updated by 
[MRO. not available to private mveaajo is the UK. 


RICHCOURT VARIABLE OmfflTUNTTlES 
lac. was incoporared in the British 
Virgin Islands on November 1st 1096 
The Fund currently has assets over 92 
mi II ran dollars. The Fund's investment 
objective is to achieve capital apprecia- 
tion by investing a substantial portion 
of Its assets among a diversified group 
of money managers selected and moni- 
tored by Richcuurt Caprtal Manag«nef« 
Inc the Fund's investment Manager 
The money managers selected by the 
Investment Manager generally will 
employ non directional trading strate- 
gies. the results of which generally are 
not expected to correspond with the 
direction of slock and bond markets 
lie convertible arbitrage pairs trading, 
fixed income arbitrage, detu -neutral 
option trading and risk arbitrage) 

The Flmd is offering three separate 
Series of shares ior purchase by eli- 
gible Investors Eligible InveStois may 
purchase shares ot one or more Senes 


Fach shareholder s exjvnurr to the 
profits and losses of trading by the 
money managers wlD vary accordingly 
to the Senes of shares which u holds 
The Senes are a» follows 

• Senes R i"henchmark' i The shares 
of Senes B are intended to Oiler an 
investor the opportunity to diversity 
ils investment portfolio through In- 
vmmefit m fhe Jmresuncni Com- 
pany's actively managed pool of 
money managers 

» Series L ("leverage") The obiecttve ol 
Senes L shares is to provide inves- 
tors with a 33% leveraged version of 
Series B shares 

• Senes S ("speciilative'1 The abiec- 
ttve of Series S shares is to provide 
investors with a 5<?S, leveraged ver- 
sion of Senes B shares 

Further lefhnmMiwi can be ohea Inert 
from the AdoMmtor: 

CTTCD FUND SERVICES (EUROPE) B.V. 
Td: 131-20)172 2100 Fax: 131-201 6750*81 


©0Q 

GLOBAL ASSET MANAGEMENT 

HAVE YOUR JAPAN INVESTMENTS 
GROWN BY 83.08% ZN S YEARS*? 



OHM TOKYO raws t 


* No. ] Japan fund since launch 
in March 1992* 

■ Positive return every year since 
launch in 1992* 


GAM - ACCESS TO GREAT INVESTMENT TALENT 


UK Callers: 
0890 919 927 


IxtoutiMi] Callers: 
44-1624 632 777 


CAM on tbe Internet: 
mwuHnhpmjini 


• Sour Mkrapri. SMoc fcpm BfUf Grow*. \ Mg. M at M. M DM. i 

OUa Umwik VI- ll-jg 


TkaJnmxa b ai b nnnun in ntMXbo brin. OAM T(Ayc F«b Md a by «xy 

“ '“** T «*J® »* "■“* ■* h ray Jdlmi * «Mdi dt Mi maM In 

pnttnl. Pm ptaan li ooi a tnowt irf tan peribimee. Tbe pnec of item ae jp *nra t> «0 
“ «p “y hr rifted bj dwgn M on arad«r Aa Mar nay on ga ha* to mna dmU 
ucm MbuhiAUik raddan d On Kxyieiie or IrelaiL laaci] I9 dotal Aatx Moagmx 
kwwd {RRvinaJ by IMRITL 12 5L kMi Hkc. Loada. SWI A I NX 


MIAQIMUIM) y 

The Proof is in The Results 


Magnum specializes m blending different hedge fund 
strategies Into funds, of funds - seeking to provide investors 
with consistent long-term returns within given 
parameters of volatility. 

Magnum's results have included: 

• the top-performing fund of funds in the world for 
the previous 12 months, as ranked by The WaB Street 
Journal Europe and Asia on March 5, 1996. 


• the top-performing multifund with a U.S. 
geographic emphasis for calendar year 1996, and 
againforthe 12 months through Jufy; August, September 
and October 1997, as ranked by Upper Analytical 
Services. 


* the world's top-performing offshore global 
equity fund for the 12 months through April 4, 1997, 
as ranked in the April 9, 1997 edition of The Wail Street 
Journal Europe and Asia. 


* Four Magnum Funds were listed in the October 27, 
1997 issue of Barron's (U.S. finandal weakly) among 
the top six funds of funds in the world managing 
at least $20 million in assets, ranked by year-to- 
date return. 

For more information, fax Dion FriedJand at 
Magnum (Bahamas) at 1-242-394-3284 or visit our 

website at www.mapnumfund.com 


Perpetual 


Fund 

Launch 

Dale 

(ntemafional Oruwih 

2S.1.83 

Emerging Companies 

8.4.85 

American Growth 

21.4J4 

Latin American Growth 

31,1 JS 

Far Eastam Growth 

8.11.86 

Japarase Growth 

30 11.91 

Aslan Smaller Markets 

B.3.93 

UK Growth 

24. 10.87 

European Growth 

- 8.11.86 


THE FUND RANGE 


.% Change 


Standards 
Poor's Fmd 
Research 
Rating*' 



GENERAL INFORMATION ON PERPETUAL FUND 
MANAGEMENT (JERSEY) LIMITED 

• Offers 9 offshore equity funds nesting woridwWe 
(Minimum Investment 11532000) 

• Since launch, 7 funds have achieved fop quartife periwmance 

• Over the last Hue yeans. 4 out of 7 funds have achieved top 
quartite pertomtance 

■ Offshore Portfolio Management Semes, based on fund range, 
also available (Mtnfmurn investment US$150,000) 


AB statistics am to 1H December 18 97. Oft *1 OttoHOim US Dole bU* 
XKtudtrg ninvBsled income, net of irfWxakfcy? taxes (source, kterppal). 
= 5lan<LmtSPoot%fWnaaaarchbelemlfyindefmlenttaiiat&niBaaaKh 
pxnpffty (ftp top aSAtndarif & PooFs Fund rating is AAA- 


For further mfarmawn please phone our Customs Swvtoss Department on 
•44 (0)1 534 907660. or sand us a toon ^ (0)1534 38&10. 


TWO NEW FUNDS 


* 

r* 

V 


Small 



is 

smart. 


Don't Id market volatility distract 
you from long term opportunities. 


7. 

7 


r T 

• T 


z 

z 


Short term marital volatilty has not changed our view about 
the merits of the smaller company investment theme. 
Consequently, we are launching two funds deserted to exploit 
the value now offered by smaller companies. 

Guinness Flight Global Smaller Companies Fund offers a 
diversified approach to smaller company investment and can 
take advantage of opportunities wherever they may occur. 
Guinness Flight European Smaller Companies Fund 
offers a route into the ‘new era' of smaller company 
investment ki continental Europe. • 

For further fnfomtation, please contact otir 
Investor Services Department in Guernsey on: 


+44 (0)1481 712176 


mi 

r* 

V 


Internet: www.guinness-flighLcom/smaller-coE.htmi 


ft« Mrfmaealv noliwcMiaitr* MMn. Rumm «i nawtea 0 *»U iMMWIfl 

■w8HWMWmlwlinnd«ingN>M*>«Wwra(i uaMiteafe 
wto a w i i w hi « w wi « M — ny > u< twi tmmeUMt M "**** mw i m . 
nunn nium nimum ■« i<N« nmn min, l.i . 118, Hw 

f w w i w E2.«KJ8SU»0. For mr pnwdoa Wmmi ell ny ta mritt MiM by 
G j bwm re gn Hnte >^- ii »ii«« LMM nagrind by MRO axd n Pmnri 

382W 


AllWeather 


One of the most exceptional, low risk investment funds. 
Launched 2nd May, 1995. 

M Compound annual return 14.69% 

■ Annualised volatility 2.44% 

■I Maximum drawdown (1 month) 0.00% 

■ Sharpe ratio 3.98 


Nowamowcing: 

AllWeather Excel 


The AllWeather Fund leveraged by 50%. Launched 
1st November, 1997.. 

Test analysis since 2nd May. 1995: 

■I Compound annual re&mi 1845% 

■ Annualised volatility 3.65% 

■I Maximum drawdown (1 month) -0.27% 

■I Sharpe ratio 3.68 

Momentum 


Ftf tether intonation please cutis Be appropriate number on Ba Mtenttikn capon 

10 


‘For real growth, we recommend 
balanced long-term investment 
and immediate action” 


Equities offer a red opportunity for long-term growth, ind the 
economic indicators suggest a favourable outlook. 

Invest through Roboco Bank and youH benefit From: 

• Expert advice to kuiU s well structured, di v e rsifi ed portfolio. 

• Balance between superior loitg-rcrm performance and security. 

• The backing of Europe's leading in. nun mi house. 

• A company - Robcco N'.V. - which regularly rets industry 
standards 


A sum of USS 100 AW 
invested frith Robcco N.V. at end June 1972 
was worth USS 1,949,829, frith dividends 
reinvested, at tbe end of June 1997 - 
an average growth in US doDan of 124%, 
(15.1 % return over the last five yean). 


In additioo,rocricbraK 25 yean in Genera, wcU grreorv free 
share in Rnbeeo N.V, (Robcco G map’s flagship -vfliiiy company) 
far every CHF 25£QQ yoa invest in ,w 

secnndet before the end of 1997. _ 

For details, please contact 
Rohero Bank by eseireling the the ~ 

appropriate Reader Reply Card number. m 



RICHCOURT FINANCIAL INVESTORS Inc. 


•imbriSwusV 



» “* 'f ^ 
- 1 


• Peffamwee jraif Fefatcaiv ’«» "*« Fiwcrai Irnesws Fund LP 


RKHCOURT FINANCIAL INVES- 
TORS Inc. has appreciated over 93 % 
since inception oo February 1 st. 
1096 . The Fund is naded pan passu 
woh l he domestic partnership that, 
since fxs inception in October 1991 . 
Jias provided irwesurs an average 
annual return of 22 % 

The Investment Advisor hebeves that 
a carefully hedged and well designed 
portfolio composed primarily of 
publicly traded US bank and thrift 
securities can produce attractive 
Divestment returns, reganficss of the 
overall performance of the stock 
market in general or die banking 
industry m particular 
While the Fund invests primarily In 
publicly traded US. financial sea or 


securities rt may aKo purchase 
and/or unite put and call options on 
market and bank indexes as welt as 
on mdmdual secunritt The Flmd 
will also engage m short sales of 
securities, bur dues not currently 
raped ro engage in futures lading 
Richcoun Financial Inwsxois Inc 
charges a management fee of I land 
an incentive lee of 20 % of net new 
profits. The Funds is quoted m US 
dollars and opens for subscriptions 
and redemptions ar the end of each 
month 

Ftudwr JafoomfaM aa be obtained farm 
ifca AduUriratoR 

(JT'CO'nirffl SERVICES (CejnM MnU 
Tab (34B 949-3W7 Fta: 0451 WM877 
Coattct: StqAaafe Famni . 



Wherever you are. 


W herever vou uan( 

to invest. 


.4k We’re tiiere. 



' e > ' V 


(.LOU A l OffSHORt FI \ DS FROM IWSSCO 


! 4 fWESCO spnaaTnes in investriienl 


■X ftunfjgobenL ft is our onfv business 
. anti, iinitit* mosi of our comperters. 
Wtnergfefwr focused safety on 
enhadefeglbe^ahie of our dients* 


foelcessrjfUSSJwl^totWvSp 

baaimpanynfttwiincpaid' 
broad-ranging appeiL 
Every day, across the continents, 
over one iniBian dients look to 


INVESCO for liie broader, gjobat 
perception w> Iving to mvestnwrit' 
marpgwnent f --, 

From the cautious, first time ; ftwesor 
through » those with subBantial 
imestmera portfolioiu' v ' 

There is a •fto^lbnse of purpose 
- andrattWidt lNVESCO. » reflects 
.Atfft&fttny that has found great 
success and whose aspirations 
evtend way beyond. 


For more mfoanation on our range of Global 

Offshore Funds phase contact us now at 

INVE5CD bemvenul limiierL tNVESCO.House 

FOBr*. 271 . GmnA- StaxbSL Hdier, Jerwy it 4 BTD 

f-™3 addnas: iti.BM:I*iCTjm«co iran 

Wepfeme: *44 011 334 HI-TOM Franrlfe: +44 (Oil 534 814107 


SlWMI—Airai U n pawmiv 

■cacHp.veBfau.iUr ■MSCPUci u X o 

— UJcixMsro n^+ ^ -u p t mM»uii ,iMii > av wnuc « u 
lMn«tfWmdicr4WO+MSVMca«IMMl<rH*'«>q^4nriMU. 




Oi 1 1 MAMijNc; Fallen \.\ Eoi'iiv Gains 


N ogiohd investor can a&mi to miss the opportunities offered in Europe 
- and who bener ro fares with than Old Mtmoi LnicrnaMmd. Over the 


post fine yean our nhieoaeontcd stockpkkmg approach has been 
consistently rewarded - making us Number One fa the sector according to 
independent Money Manageme nt statisott. 


Tbe European. Stocfanarta Fund is pan of our exteogre range of offshore 
equity bond, managed aid deposit bods, fulfilling the needs of a broad 
■^spectrum of investors ^ -from die rather adreuntroos to the more ride avast 


AS tins with the added securbf-of investing with Old Mutual, one of the 
worid's top Ufe assurers.- Established in 1845, Okl Mutual woddwide now 
nonages assmm eraas of IBS® biflion. ' 

To find our more, sfenpiy coa^ka andrenan the response cix^cul 

Comprehensive Outperfoxmance .. s-ncuknpd. 

and ~ 7^ I ■ftWSfcrthfwwwS . ' 


tvtMoifll/il/RwW 
-'•Wl l/?T. Ukrdkut 
ItaHiUMUdU 


. tsa OMttP8PmipiB SWdvWSM Had 
:/ CUT MH^UHi^atdnmBea^tMSe 

EZD Mtoo^ W o ff iho w i aalPfK— C(|W» ft 
aSOi UK tedez 


wWMWI/W mS rgfcn A, wfc. jSi mill!) n « 

M • cMWAraM t/hmamm W )W I . irt H *• 




SOGELUX FUND 

EQUITIES INTERNATIONAL GROWTH 


Not Amt VMue per ehara Maiutkm 
(But too startng Period) Nomnber 30, 198Zta Movamber 28, 1M7. (Cumney: USD) 


i SGLUX Bournes BOER GROWTH 



Jan. 95 ' Jan. 96 


The Socifild Cdwale Group launched the first French S1CAV ip (964 and 
manats today men than USD 95 billion in over thirty financial market (daces 
waddmde. m behalf of private investors and institutions. 

Since I9ST7. the Socidtf Generate Group has been nffaring a Luxembourg 
b3»d tnutnal ftmd. SOGELUX FUND, today composed of 35 conuamwans 
with a total NAV of about USD 990 mdiion. 

SOGELUX FUND includes: 

- . - 19 equity rompartmems specialized in North America.' Europe, Japan, 
wferaanonal Growth, Gold Mines. France. Germany. Italy,- Spain, 
Switzerland. Rarific, UK, China, Emerging Asia, Latin Ammra WorfH 
Man Subcom inenL Eastern Europe. Nethatmds. 

. - 10 bmid cou ipaituienuj Bpedalized in countries or geographic areas (USA. 
fopan. Europe. Germany. Rant*, UK, SwitzerfoaL Spain. Italy, WshJj 
asnoBiastaai m ihccomspooding'cumateies. 

” Europe, CSennaqy, France, Italy, 


TW O COM PARTMENTS HAVE BEEN LAUNCHED AT THE END OF 1997; 
EQUrnES^NETHERLANDS, MONEY MARKET GREAT BRITAIN. 

15 


frieeberg 
multi-sector 

FUNDS . 


Friedberg 

Global Opportunities 
Fund Ltd. 

The advisor is looking for special opportunities to 
achieve substantial return on capital through selec- 
tive trading and investing in any Global Security 
not traded in the other funds. 

PERFORMANCE FROM 
Inception of June 2 , 1997 to November 30, 1997: 


54.54 


See listing for our other funds _ 
For information call Enrique Fcnig 
Telephone: (416) 364-1171 
Fax:( 416 ) 364-0572 


JX Emerging Markets Bond Fund 


)J. Emerging Markets Bcmd FunJ 
invests in tends denunu ted in US 
dnttm os doUir-oUfed 
cBBwida on (be wild's fjj 
gm«gmg; nwieW, chiefly ip L»Iin ■ 
Areedo. Etswnr Europe and the 8 
FsrEMLlnwtriminliaiiuifeiii 8 
bonis with, degree o* credit nsk. | 


The Find 1 * puffc’liois wuHe 
■ JinffiifeJ. Iriin^MwiKinkukli 
H ’ WMsmnnK far Ml** ■ E«Wrn 
f/M EuNfvunlvnJsliV.VR:, jnd 
jtt Aa»n bonds ur IP% 


We are cootidenS Uwt invtrtrncn l 
inJ-L Enwging Markets Bond * 
Fimdst the cummi price end i 
yield levels will prove a ven- • 

good fovestment in tbe longer t « 
*rw- THsview a supported It 
by Ibt hdloiwing pobiiti 1 1 


[J. Emerging Mufaeb 
Band Fund currently 
yields over 11% pa. 


• Ihe economic ertwe in 
ihe&r East 2 nd the 
noutuot yimps in yields ” 
also led to we rug irteresl rales m 
Latin America end Easton Europe. 

- Countries m Latin America and 
Easton Europe do not hive the same 
economic problems n the Far Eastern 
countries ao bond prices are DLaie to 
iwe again when then markets haw 
ealinad dotenand bqindiry retnrnl 


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TOPPERFORMING FUND5 
ADMINISTERED BY OLYMPIA CAPITAL 
INTERNATIONAL LIMITED 


Olympia Capital International, an independent third- 
party offshore administrator, values more than 100 off- 
shore entities, across a broad array of investment disci- 
plines. A selection of funds are outlined below. 




Fund/Mmuger 


AnnuaEsed **o Posiuve 
Investment ROR Months/ 

Category to 3a 1 1/97 Sri Dev. 


Finsbury Fund Limited USHighYieU 16 -WVj 

5bcnkman Capital MgmL Debt ffriwiJI/IZW.i 


The Merger Fund Lira i led' 
Green & Smith Qpiial 
. MgraL 


US Equity/ 15 _ 27 »i. 

Merger (from Ol/OIM fi) 
Arbitrage 


Wfochester Qobal Seamties Limiral 

PIMC 0 Stocks PLUS Series* S&P 50 D index 36 - 18 % 

Pacific Inn MgmL Co. TradOng (from 31/12/961 


WindiesKrConvenfolePlus US Convertible 1182 % 
OaktreeCaprtaJMgmL W* (fiom3M2/M 


' The rranagers of these funds have ILS. funds employing sultan tialiv 

the same polides with histories going back to 19901 Smith & Green ) 
and 1987 (P1MCO). 


For further information contact Anne-Marie da Silva at 
Olympia Capital Internationals Bermuda office, 
arOI (441) 298-5007, fax at 01 1441) 295-2305, or via 
e-mail at olympia@iM.bm. 


Mail this coupon or sencTfaxto: "* 
Julian Staples, International Herald Tribune 
63, Long Acre 

London WC2E 9JH, United Kingdom 
Fax: (44-171) 240-3417 

or e-mail your request to: JSTAPLES@IHT.COM 

Please send me information on the funds 
circled at no cost or obligation. 


Name 

Title (i.e. Mr, Mrs or Ms). 

Initials ; 

Nationality 

Company.; 

Position 

Address 

City- 

Code 

Country 

Tel 

Fax 

E-mai! address ,J 


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_ _ IHT 13/12/WJ 










































































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Investors Blaze a Trail 

sian States 
But the Road Isn’t Silk 



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By Justin Keay 


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'n 1991, when five Central Asian 
republics, declared themselves in- 
dependent of Russia, few Western 
.investors — unless they had ma- 
jored in geography — had much of an 
idea 'where they were. The exceptions 
were Western oil and naming companies 
who immediately started drawing up 
ambitious plans to get a share of the 
region's considerable bat largely tm- 
exploited natural resources. 

More than six years later there is 
growing awareness of.a region widely 
seen as one of the world’s last invest- 
ment frontiers. Awareness of the re- 
gion’s potential — and its considerable 
pitfalls — is growing among large 
Western companies. Interest is aim* 
building among funds eager to take a 
chance on the region’s fle dgling ca pital 
markets as well as directly in cash- 
starved enterprises eager for an inflow 
of dollars ana Deutsche marks 
“There has been strong demand from 
institutions to put money into this mar , 
ket generally,” said Varda Lotan of 
Regent Pacific, the Hong-Kong based 
investment house which launch^ its 
closed-end $70 million Regent Central 
Asian Fund in August Ms. Lotan said 
that interest in the fund was stron g 
enough to have pushed it to $100 mil- 
lion but that Regent Pacific, which has 
funds in other “difficult” emerg in g 
markets such as Ukraine and Romania, 

. did not want to “flood” the market 
[1- * Some 30 percent of the fund remains 
in cash pending die completion of target 
asset allocation. Zt was also highly se- 
lective, investing in energy companies, 
metals andtele rammnmrMfinng ; irput50 
percent of the funds into Karalrhstan and 

divided the remainder among the other 
’Stans, as the Central Asian Republics 
are known by some of the players in die 
emerging-markets community. 

Central Asia is, by European stan- 
dards, poor and spariely populated. In 
area it is the size of tireEuropean Union 
.with a population of 55 million, similar 
to that of Italy, yet ahnosthalf of this is in 
" one country, UzbdristeaMbanvdHfcfoe . 
region’s largest comarfejCwalriton, 
covers a vast stretch - 

is home to a matelti jmffifei feoopky ••'. y- 
~ Authcnitarian’leadersdatiBg ftonathe.^ 
Soviet era continue to cantrq 
pace of reform and fltelewnf: 
investment in the ecoriamy^Bgah^is^- ;• 
kets, where they exist, cpnnnrte^p'lje 
viewed with some Suspicion. hvw>fee : : 

( more significant, such as the Tashkent 
I and . Almaty exchanges m' Uzbekistan 
’ and Kazakhstan, exist to a large degree 
only on paper. 

« Nevertheless 1997. has seen a con- 
sjiderable expansion of their role. The 
Kazakh exchange was formally 
launched in October, while the number 
of companies listed in Tashkent has 
risen to 1,000. 

- - But limited trading, lack, of liquidity 
and often Byzantine rules reg a rd i ng 
■capital repatriation have kept most in- 
vestors away: currency conversion in 
Uzbekistan, for example, can take as 
long as three months. 

m spite of such problems, at least 50 
foreign entities, mostly Russian, are ac- 
’ ,tive on die Tashkent exchange, said 
First Deputy Finance Minister Abdullah 
Abdukadirov of Uzbekistan. 

For their part, the Kazakhs, who cur- 
rently list rally 8 shares instead of a 
planned 55, stress that it is still early in 
the market-building process. 

For investors, however, the real con- 
cerns are overzealous bureaucracies, 
lack of liquidity, insider d e al in g s and 
corruption. 

A recent survey of foreign investors 
in Kazakhstan found that all of them 
considered bureaucracy , to be a major 
barrier to investment, while 96 percent 
also Blamed the tax tegane and 92 pct- 

i 4 cent found fault with fee often cloudy 


legal system. Lack of information, ex- 
change controls and. poo? infrastructure 
were also often cited. 

It is notable that Kazakhstan and' 
Uzbe k istan, fee region’s mosf fm pnrfarrf 
economies, also feature close to the top 
of a list recently published by the Lon- 

- don-based consultancy Control Risks of 
the world's most corrupt countries. 

‘‘Investors should be aware that con- 
ditions r emain qnjte volatile th*f 
reforms are seldom , in one direction,” 
said Charles Fowler, senior fond man- 
ager at AIB John Govett, which has 
invested $6_5 millio n in Uzb ekistan 's 
agriculture and in its building materials 
sector through its Central Asian Invest- 
ment Co. 

“Yet there is huge promise in all the 
countries,” he said. ^ ‘Given net pro- 
gress at the economic level, I expect 
growing Western interest.” 

. Clearly, the difficulties in finding ac- 
curate, up-to-date information about 
companies and in repatriating capital 
are -such that investing anywhere in 
Central Asia is so mething that should 
not be undertaken lightly. 

But at fee macroeconomic level, 
there has never been a better time in 
some of the countries. After years of 
severe economic contraction arid trade 
dislocation, much of the region has sta- 
bilized and is at last expecting growth. 

- Kazakhstan is expecting its gross do- 
mestic product to grow 2 percent in 1997 
with exports rising fast and inflati on 
holding below 20 percent Kyrgyzstan 
hopes far growth of 6 percent and in- 
flation of 27 percent, while Uzbekistan, 
the most populous and diversified econ- 
omy, should also experience growth 
even though the inflation rate may nm 
from 60 percent to. 65 percent . 

All have managed to maintain tra- 
ditional trade ties wife Russia and other 
countries of fee fonner Soviet Union as 
well as step up trade wife regional 
powersstzcfias China, Tmkey and Iran 
and wife tire West 
The other ’jStans have' had less suc- 
cess. 

Although Tajikistan has brought in- 
flation down to around. 60 percent a 
year, issuedpriyatizat^’^^raDbtti and 
owned 4^$toclLfixchange, it remams 
eflectivdtyma state of<ivil -war.'Kid- 

nratytji, feeV^T^ovta ram enr advised its 
-rafeens -to stay awUy. . f. " ” V •* 
T xdoneai^ta&’ sreform-averse Pres- 
ident Saparmurad Niyazo v has chosen 
(^ignore ftn annual inflation rare, top- 
|SigM50 percent and ‘an expected 15 
percent contraction in GOP in 1997 — 
m contrast totofficiai expectations of 17 
percent growth — aud io concentrate 
lnsteadona cult of personality. 

Ha 4.5 million impoverish 
jects have yet to benefit much frum fee 
country’s immense yet largely untapped 
gas reserves, which cannot be 
exported except through Rus- 
sia, where the gas giant 
Gazprom extracts hefty con- 
cessions. 

Kyrgyzstan has won 
plaudits from the Intranational 
Monetary Fund and other in- 
ternational institutions foe the 
generally pro-reformist policies of its 
president, Askar Akayev, but the coun- 
txy suffers from an acute lack of natural 
resources. 

Against such a backdrop and given 
the current instability marking more 
conventional emerging markets, will 
there be mare investment? Some ana- 
lysts are skeptical. 

‘These countries have attractive as- 
sets but their remoteness and fee high 
level of corruption mean that the prob- 
lems outweigh fee opportunities, ’ ’ said 
James Oates, global strategist far UBS 
Emerging Markets in London. “In ad- 
dition, fee Soviet Union lumbered them 
wife environmental problems that wiH 
cost millions to srat out.” 



POPULATION millions 

PAKISTAN. 

UZBEKISTAN 
KAZAKHSTAN 
TAJIKISTAN 
KYRGYZSTAN 1 4.50 
TURKMENISTAN | 4.50 
Source: Ptanecon, EBRD, IMF 


‘ • " r 


GDP PER CAPITA in U.S. dollars * 
129.9 KAZAKHSTAN 


GDP U.S.doSais bfflions 


GDP GROWTH 1997 forecast, % 


22.0 
16.6 
i 5.83 


TURKMENISTAN 

iMMiH 2,854 

KAZAKHSTAN 

WBM 20 

PAKISTAN 

3.o m 

UZBEKISTAN 

NHHMMNI 2.450 

UZBEKISTAN 

m 9-9 

KAZAKHSTAN 

2.0 8 

PAKISTAN 

MHMHWI2J230 

KYRGYZSTAN 

I 1.9 

UZBEKISTAN 

1.0 1 

KYRGYZSTAN 


TAJIKISTAN 

h 

TAJIKISTAN 

-3 m 

TAJIKISTAN 

H484 • 

TURKMENISTAN 

I 0.9 

TURKMENISTAN 

iMHHf 'is 


* 1996 purchasing power parities; 1995, Pakistan 



Atom 9mnbb D^me A-orimrf (W Left a right Bata HcgaMgan: h»ta« In Hodamfaflto Wntogw. Ptms SWoo R. Wtam* NcwYoHcTtac* 

Above: Child peering oat of Pakistani express train. Left to right: train approaching border between Turkmenistan and Iran on old Silk Road 
route; a Tajik pushing his way out of a bread line after waiting for hours to make his purchase; Uzbek tilers working to restore a landmar k. 

Kazakhstan and Uzbekistan: the Giants Stir 



azakhstan and Uzbekistan are 
t Central Aria’s giants. They 



have already caught fee in- 
„ , T .. jberest of Western ral and min- 
ing companies as well as such major 
international powers as BAT. FLC. 
South Korean chaebol, or conglomer- 
have also been active : Daewoo 
, has bought half of 
and has investments of 
more than $1.4 billion in Uzbekistan 
ran g in g from real estate to telecom- 
mamcations to household appliances. 
Now they are targeting portfolio in- 
vestors and Western banks, and 
wife good reason: Kazakhstan 
mrist finance major construc- 
tion work in Akmola, which 
President Nursult a n Nazar- 
bayev last monfemade Ms cap- 
ital injplace of Almaty, white 
Uzbekistan, whose relations 
wife fee International Mone- 
tary Fund are effectively on hold after it 
introduced foreign exchange restrictions 

to Snanre^^^it Islam Karimov's 
self-sufficiency drive. * 

Kazakhstan has issued two Eurobonds 
in ihe past year, worth $200 mfliioa and 
$350 irrilli on, and these were fully taken 
up by investors. Uzbekistan also plans to 
tap me inte rnatio nal capital markets. 

The treasury balls markets have 
already been quite active. Yields on 
three-mouth Kazakh bills rose to 12.16 
percent from 1L99 percent and on six- 
month bills to 13.72 percent from 13-5 
percent in a matter of days in late October 
during the world financial turmoil Next 
year, the country, which credit agencies 


give speculative doubte-B ratings, will 
issue three-year bonds, paying interest 
quarterly, and it also plans to issue $500 
million of five-year securities. 

Uzbekistan, meanwhile, has been of- 
fering a 25 percent yield on three-month 
bills and 2/ percent on six-month bills, . 
wife foreigners playing a growing role. 

Far. die Western investor these have 
been exciting, if uncertain, times. Some 
of ihe changes, while hardly on a par 
wife transformations io Eastern Europe, 
can be considered revolutionary in a. 
regional context This has been the case 
in particular in oil-rich Kazakhstan, 
winch has begun to enjoy stable, non- 
inflatianary growth agains t a back- 
ground of economic reform. 

October^has so far had little resonance. 
Originally designed to play a central 
role both in attracting foreign investors 
— who officially are accorded equal 
treatment to Kazakhs — and building-up 
pension funds, the exchange is for the 
moment a modest affair. 

It lists only eight companies — in- 
cluding KazkDmmertsbank, fee largest 
bank, Kazaktelekom anrt Mangjgaiimun - 
aigaz, (he country’s top energy concern 
' — instead of the planned 55. 

Almaty’s exchange has had a very 
low-key start, wife interest only being 
shown in Kazaktelekom: currently, 
there are two trading sessions a week, on 
Tuesdays and Fridays. 

Far skeptics this confirms that reform 
in Kazakhstan, as elsewhere in the re- 
gion, proceeds very much on the two- 
ward, ooe-step-back principle. 

In fact, the more ambitious plans fell 


victim to Realpolitik, since the country 
places priority on its oil wealth. -The 
reformist Prune Minister Akezhan 
Kazhegeldin was fired last month and 
his successor, Nurlan Balgimbayev, a 
fonner Kazakh oil chairman, has indi- 
cated that be does not yet want portfolio 
investment in the oil industry. 

The resignation in November of the 
National Securities C ommission Chair- 
man Grigory Marchenko, in many ways 
fee father of the Almaty exchange, also 
concerned investors, especially since he 
cited tiie government's failure to draft 
adequate legislation to protect equity in- 
vestors as one reason far his departure. 

Investors in Uzbekistan have had to 
work around draconian foreign-ex- 
change restrictions. Uzbek officials 
have gone to great lengths to stress that 
fee restrictions, which led to loud cries 
of “foul” from the International Mon- 
etary Fund and foreign investors (many 
of whom claim they cannot retrieve fee 
hard currency in their own accounts), do 
not affect investors engaged in “pro- 
ductive investment,” areas that con- 
tribute to the policy of boosting Uzbek- 
istan’s self-sufficiency or exports. 

Bur the restrictions have Widened fee 
gap between the official exchange rate of 
70 to a dollar and the black-market rate 
of about 170, making company valu- 
ations harder than ever to calculate. 

“Uzbekistan has tremendous eco- 
nomic potential,” said Itzhak Goldberg, 
senior economist with fee World Bank. 
“However, liberalization of fee trade 
and currency regime is^a necessary con- 
dition for developing this. " ’ 

Although Uzbek officials admit in 


private that the restrictions could be in 
place for two or three years, they are at 
pains to be optimistic. “We are seen as 
one of tiie more stable countries in die 
Commonwealth erf Independent States," 
said Elyor Gbaniev, minister for foreign 
economic relations, adding that Uzbek- 
istan is in its “second phase” of reform 
and is now courting portfolio investors. 

According to AbfeillahAbdnkadirov, 
first deputy ^ finance minister, 1998 will 
see major growth for fee Tashkent Stock 
Exchange: 550 companies are expected 
to be incorporated, and many of these 
will presumably be listed. 

Supported by a European Union aid 
program, Tashkent has put a lot of effort 
into building up its capital markets. Last 
year an extensive media campaign ad- 
vised Uzbeks of (be advantages of being 
shareholders when the program started. 

But why invest on an exchange if 
none of fee most interesting companies 
— those in natural resources — have 
been listed? The best reason would be 
fear history has shown that those who 
get involved in the early stages of a 
market’s development, reap the benefits 
when ihe market takes off in earnest. 

. —JUSTIN KEAY 

For further information, investors can 
call the stock exchanges: 

• KAZAKHSTAN STOCK EXCHANGE, 7 3272 639 277. 
•TASHKENT STOCK EXCHANGE. 7J7U 4S1 835. 

Other useful numbers in Kazakhstan: 

• CITIBANK, 7 3272 509 516. 

•DEUTSCHE BANK. 7 J272 638 550. 

• KAZAKHSTAN CHAMBER OF COMMERCE A IN-' 
DUSTRY.7 3272 621 446. 

• STATE COMMITTEE ON INVESTMENTS. 7 3272 623 
750. 


Desert Dreams: The Caravan Will Be Bumpy and a Ticket Costs $100,000 


By Judith Rehak 




humpy noe. out onciuaimipu. 
tonskferaNe possibility for rewards. - 

• The most surprising aspect of 
countries like Karakbsten, 

Uzbekistan, is feat several new rands are doing 
just that But ennjj does not am&mJH* 
require midiiHum investments. of SWOOOand 
are geared to big institutional wweswra Nev- 

ions for investing in .teonaiM i rfOmtnu 
Asia is that a repeat performance erf fee 
story is unfolding there — namelY gr^dy ' 
dervafoed companies m energy and natural re- 
sources in economies feat arc just beginning 

is tremerK” said Brad 

sia Portfolio, anewstettra feat foBows mvcstsngm 

Russia and other former Soviet ^reptfencs. 

; Buviflz shanss ifl fe«* compands ^ another 
StorySfost fiinds arefocused onKazakbstan and 


Kyrgyzstan, ahhougti little, dr ho trading takes 
place on their Stock exchanges. That leaves - 
portfolio managers to' bid — mot always suc- 
cessfully — for. shares of 'government-owned 
companies being, privatized in small lots, or 
buying shares in fee “ovcr-fee-coumer’ ’ market, 
such as vouchers representing company shares 
owned by si local fund, or shares issued to 
company employees. 

Despite such drawbacks, fee fiinds are moving 
resolutely forward. Driving madt of their in- 
terest is Kayakhatflii, where after several delays, 
five of fee country's major companies are ex- 
■ pected to float shares in the global markets in. ’ 
199$. Until now, only Kazkommextsbaiik, the 
country's largest bank, has issued global dft-- 
positaiy receipts: 


according to those familiar wife the situation, are 
Aktyubmskneftegas and Mangtstaumimaigas, 
two major oil ana gas producra^.Kazaktclecom, 
fee telephone company; Zheakaz^antsyetoet, a 
copper producer, and Ust-Kamenogorsk Titani- 

nm M; agnesium Combine. . 

“Most of bur assets are focasedon hhtecfcips 
feat we expect tobeintranationaflypfaced and so 
be more liquid,” said Harvey - Sawiltiai, a man- 
ager of fofc S77 tnilliou Firebird Republics Fund, . 
which has soared 70 percent since ns launch last 
April |&r. Sawikin’s fond! also owns Kyrgyzen- 


ergo, Kyrgyzstan’s 1 hydroelectric producer 
whose cheap energy is seen as a major export 
product as fee region’s march to indusfirialization 
gathers momentum. 

' His biggest bet, however, is on one of tiie more 
unusual plays is Kazakhstan’s petroleum in- 
dustry, Hurricane Hydrocarbons Ltd. The Ca- 
nadian company is operating an .oil field in a 
desert region which it bought for $120 milHon in 
a privatization. After doubling in price; Hur- 
ricane’s shares, which trade in Toronto and on 
fee Nasdaq system in fee United States, tumbled 
recently in fee fallout from fee Asia currency 
crisis. But Mr. Sawikin said he was undiatutbed, 
“It's very undervalued, it's liquid, and it has 
audited accounts,’: he said. 

At fee $79 million Regent Central Asia fund, 
the two largest country allocations are Kaza- 
khstan at 26 percent and Kyrgyzstan at 28 per- 
cent, Christopher York, a. marketing executive, 
refused to name companies, but said fee fund is 
building positions in oil and gas producers, and 
telephone companies- Energy is Regent's hugest 
industry bet, at 27 percent of assets, including 
hydroelectric power companies in Kyrgyzstan. 

Meanwhile, the first fund than invests ex- 
clusively in - Russian and Central Asian fixed- 
jmcome investments in Central Asia has joined 
the parade. The five-month old Cossack Fund 
owns government paper in Russia, Armenia and 


Ukraine, biit Denis Smyslov, its Moscow-based 
manager, has also made his first foray into 
Kyrgyzstan, placing about 10 percent of his $14 
million portfolio in six-month paper issued by 
the country's Ministry of Finance and Central 
Bank feat yields about 40 percent on average. 

To be sure, Mr. Smyslov’s Kyrgyz bonds 
carry some caveats. Fra: example, they must be 
held to maturity since the secondary market is, in 
his words, “nonexistent*' 

On the plus side. Central Asia hands view the 
Kyrg currency as fairly stable. 

Like many Central Asia investors, he claimed 
another advantage in these less-traveled mar- 
kets. During the Asian currency crisis, “Kyrgyz- 
stan was quite immune,” he commented. 
“When we talked wife our brokers there, they 
were unaware of.iL” 

But few funds can claim to be as intrepid' as the 
Central Asian Investment Co., run by AIB John 
Govett This $15 inillion vennue-capital vehicle 
takes direct stakes in companies, then helps to 
modernize and build their businesses. Currently, 
it has roughly 45 percent of its value in Uzbek- 
istan, where it is involved in two food -processing 
ventures and a manufacturer of bathroom fix- 
tures. At its food companies, for example, Govett 
has brought in European packagers like Tet- 
rapack for technical expertise in packaging fruit 
juices. “They need that almost as much as cap- 


ital,” observed Diaries Fowler, a a senior fund 
manager at Govett. 

Marie Mobius, die emeiging -markets special- 
ist at Templeton Investment Management, said 
he has been looking at Central Asian companies, 
but wife fee exception of Kazkoounemtank, 
whose depositary receipts are traded overseas 
and have shareholder voting rights, he is not 
buying right now. “We’re just putting a toe in 
fee water,” he said. 

Investors who would like to commit $10,000 
or less to a vehicle devoted to these remote 
emerging markets are likely to be pan of a fund 
that includes countries like Ukraine, Bulgaria 
and Russia. Moreover, they still have some time 
to moll over fee pros and cons. 

Mr. Sawikin, whose Firebird Fund was a pioneer 
inRussia, said be would notexpeetto see such a fond 
forme to two years: “We started in Russia in 1994, 
and tiie first Russia fund fra individual investors 
came a year and a half later.” 

For further information, call: 

•CENTRAL ASIA INVESTMENT CO. (AIB Mm Coved). 44 171 378 
7979. 

• COSSACK FUND, 709S 291 *231 

• FOtEBIRD REPUBLICS FUND. I212OS9M0. 

• HRSTN1S REGIONAL FUND (1NG Bering* i. 44 171 628 WOO 

• PEREGRINE SEOnUTlES. 44 171 MSSatt. 

• RECENT CENTRAL ASIA FUND. 44 17 1 3160007. 

• RUSSIA PORTFOLIO, 1 617 864 4999. 

• TEMPLETON INVESTMENT MANAGEMENT. 44 171 2380563. 
















































































































A 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, DECEMBER 13-1*, 199" 


-i 

'..n. 


% 


This Christinas, Buy 


3i0 



For The Price 




One And We 


Years Of History 



■ \ \' 


y\o crowded stores or traffic 
■sffla<Sga Aim. no wrapping or mail- 
. j33nHl w^&d^gift that will be 
^ v alue&id enjoyed, day 

iraS MB rafter day, week after week, 

rmonth after month. 



#11 

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Hus 0ft ccrtJflcaif boUUbs 


^ gift stibicription to the 
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THE MONEY REPORT 


1 


At Last Some Good News: Bonds Are on a Roll 


A S THE EFFECTS of a severe 
economic crisis spread from 
Asia, one simple, safe invest- 
rnem is benefiting: foe good 
old U.S. Treasury bond. 

, ^ you own a bond, its value rises as 
interest rates fall. Last week, rates fell 
sharply. On Thursday, the yield on the 
bond with the -longest maturity, 30 
years, dropped below 6 percent for the 
first time in two years. On Friday, it fell 
some more, trading at 5.95 percent late 
in the day. 

The drop is "not a fluke." said Brian 
Wesbury, chief economist for Griffin 
Kubik, Stevens & Thompson, a Chica- 
go research firm. He reminded clients 
last week that “in January 1966, with 
inflation near current levels, the 10- 
year Treasury yielded 4.6 percent" It 
is now about 5.75 percent 
Yields on bonds from the other ma- 
jor industrialized countries also have 
been falling in recent weeks. Traders 
often use the U.S. Treasury market the 
world's largest as a benchmark for 


stocks and jump onto the bond band- 
wagon? Not at all. It does, however, 
mean this is an excellent time to re- 
assess your portfolio and make sure you 
own enough bonds. 

How much is enough? If you are in 
your 20s or 30s and saving for re- 
tirement the right level of bonds is 
usually none. With time on your side, 
history shows that you can ride our 


get your investment back in full. 

That is what makes the crisis in Asia 
so enticing. Consider zero-coupon 
Treasury bonds. These are Treasuries 
that have been stripped of their 
coupons, the semiannual interest pay- 
ments. They therefore do not pay in- 
terest I n stead, investors buy them at 
less than their full face value, but get 
that value at maturity. 


JAMES GIASSMAN ON INVESTING 


severe declines in the market and earn 
average annual returns of 10 percent 
with stocks. 

But as you get older, you need to 
balance your equity holdings with 
bonds. They dampen the overall volat- 
ility of your portfolio, so that, while 
returns are lower, so are risks. As you 
approach retirement you do not see 
your nest egg decline by 20 percent in a 
single horrendous stock-market year. 

At age 40, a good mix is about 80 
percent stocks and 20 1 


tw.— » n* a wucumam ior percent stocks and !2U percent bonds. At 

rates elsewhere. Government bonds in 50, you should be shifting to about 70- 
marketsthatdo not have specific price- 30. These are just guidelines; personal 


affecting situations usually move in 
lockstep with U.S. Treasuries. 

Over the past six months. U.S. bonds 
have been outstripping stocks as an 
investment For example, since June 
12, the Dreyfus 100 percent U.S. Treas- 
ury Long Fund has relumed 10.2 per- 
cent in interest payments plus the in- 
crease in the value of the bonds it holds. 
But the Dreyfus Growth & Income 
Fund, which owns stocks, has had a 
total return of only 2.9 percent 

Does this mean you should sell your 


tolerance for risk is another big factor. 

Bonds have two other uses: they pay 
current income in the form of interest, 
and they can be jised for speculation — 
or trying to make short-term profits on 
the increase in their value as rates fall. 

Speculation is not much different 
from casino gambling. It can be lu- 
crative and thrivin g, but you can also 
lose a lot of money. One attraction of 
Treasury bonds over roulette is that, if 
you hold on until they mature, you 
know that in the worst case, you will 


For example, by paying about $3,900 
today, you can buy a zero that will give 
you a guaranteed $10,000 in 201 5. That 
is an effective interest rare of 6.1 per- 
cent, a little higher than a standard bond 
that matures in 18 years. If rates fall, 
your zero could jump in price. You 
could sell it then at a nice profit 
Of course, if rates rise, the value of 
your zero will fall. But, then, you can 
take the second alternative and merely 
hold it to maturity. 

While guessing the course of interest 
rates is normally as fruitless as guess- 
ing the course of the stock market, 
there is an excellent case to make right 
now that the direction is down, down, 
down; I’ve been making this case since 
Jnne. At the time, I cited the zero that 
matures Aug. 15, 2020, then priced at 
$1 ,960 for a face value of $1 0,000". On 
Friday, it was trading at $2,550. 

The problem is that five months ago, the 
2020 zero was yielding a fat 7.1 percent; 
today, h yields a percentage point less. 
Could rams go still lower? Certainly. 

First, deflation, or an outright de- 
cline in the level of prices, is already 


afflicting Asia, and is beginning to af- 
fect us here. When deflation is the 
worry, investors do not demand heavy 
protection a gains t rising prices in the 
future, so interest rates drop. 

Second, as the crisis deepens and 
international stocks, bonds and curren- 
cies become riskier. Treasury securities, 
denominated in dollars, get more at- 
tractive as a safe haven from the storm. 

Deflation is a phenomenon we have not 
seen in the United States for 60 years, but 
it is a strong possibility. On Friday, the 
government announced die producer 
price index — based on payments to 
factories, farms and other businesses — 
had dropped in November, and was down 
1.2 percent for the first 11 months of the 
year, compared with a gain of 2.6 percent 
for the like period in 1996. 

Why? First, there seems to be a glut of 
things in the world — overinvestment 
and overproduction. The worst case is 
Asia, which is now suffering the con- 
sequences. But, as economist John 
Makin, my colleague at the American 
Enterprise Institute, pointed out, defla- 
tion can be exported, and that is what the 
Asians are doing, shoveling their cheap 
goods in our direction. 

For consumers, price declines can be 
wonderful. But for. businesses, they can 
be devastating. A reasonable scenario 
is that, as prices fall, so will the rate of 
growth of corporate profits. Debt may 
become harder to service. Losses could 
ensue, then layoffs, then misery. 

While, in the short run, this plot 
would be terrible for stocks, it could be 
delightful For bonds. 

Washington Post Service 


The Other ’Stan Offers 
An Asian Amalgam 


By Philip Segal 


BRIEFCASE 


New Fund Takes Chance 
On Emerging Cuvrencies 

While some see danger in every op- 
portunity’, the saying goes, others see 
opportunity in every danger. Some fund 
. managers, furthermore, see an oppor- 
■ tunity to launch another fund. Rising 
from the ashes of the Asian currency 
crisis is the Guinness Flight Emerging 
Currency Fund, which will invest in 
cash equivalents — treasury bills, bank 
deposits and so forth — that are de- 
nominated in the currencies of devel- 
oping Asian, Latin American, East 
European and African states. 

• * It will come as a total surprise to the 
great majority of investors that emerg- 
ing currencies have delivered some of 
the best returns over recent years with 
remarkably Ktilerisk." Guinness Flight 
Hambro, the management company of- 
fering the. fund, said in its announce- 
ment of the new fund. 

From the end of 1993 through Oc- 
tober. a basket of 25 emerging cur- 
rencies has indeed had better returns — 
about 1 1 percent per year in dollar tenns 
— than benchmark indexes of emerging 
market stocks and bonds, and with con- 
siderably less Volatility. 

Yet the reason most investors would 
i be surprised by this is that the last few 
f months have been nothing like the three 
vears that preceded them. The peso 
crisis of late 1994 was just that — a 
steep drop in die value of the Mexican 
peso, with little impact elsewhere. 

This year, beginning in Thailand in 
July, nearly every currency in Asia has 
tumbled violently. 

The woe has spread to Eastern 
Europe and has compelled authorities in 
the key economies of Hong Kong and 
Brazil to vow to do whatever must be 
done to defend the values of their cur- 
rencies, which by almost every econ- 
omist's reckoning are currently severely 
overvalued. 

John Stopford, the fund’s manager, 
said that despite the turbulence, a di- 
versified portfolio of currencies holds 
its value well in such an environment, 
and with continued low volatility. Thai 
is because as currencies weaken, in- 
terest rates on the debt instruments used 
to bet on them rise to compensate. In 
fact, he said, because rates tend to go up 
on most countries' paper, even though 
only some currencies get hit, total re- 
turns can improve. 

“On the whole, emerging-market 
currencies are independent of one an- 


other, so if you own a basket, you .can 
significantly mitigate risk," Mr. Srop- 
ford said. He added that he intended to 
“tweak the basket” by using various 
indicators to predict which currencies 
are die most vulnerable and to eliminate 
or lighten their weighting in the port- 
folio. 

The fund, domiciled in the Channel 
Island of Guernsey, has a minimum in- 
vestment of $3,000 or £2,000. There is a 
1 percent annual management fee and an 
initial sales charge of 5 percent, with a 2 
percent discount through Feb. 27. (IHT) 

FOR FURTHER INFORMA TJONcaO 44 171 J22 2100. or vim 
die web diev www.guhmen-nighLMa 

Mexico, India and Brazil: 
Upcoming Market Stars? 

Investors who want flashy emerging- 
markets returns should look at Mexico, 

• India and Brazil, a new model portfolio 
from Morgan Stanley Dean Witter in- 
dicated. 

Robert Pelosky Jr., a Morgan 
strategist, overweighted those three 
countries in his global emoging-markets 
portfolio, which underweights Malaysia, 
Taiwan, Russia and South Africa among 
the" leading emerging markets. The 
weightings are relative to the market 
capitalization of the Morgan Stanley 
Capital International Emerging Markets 
Free index, with some adjustments such 
as the possible addition of shares from 
Hong Kong, and Singapore, which are 
considered developed countries. 

Mr. Pelosky said he perceived a 
“dearth of opportunities in Asia, offset 
by what we see in Latin America and 
other areas.” Mr. Pelosky’ s specialty 
has been Latin America, although he has 
been named Morgan Stanley's overall 
emerging-markets strategist. 

The model portfolio his to include at 
least 65 percent stocks. The initial port- 
folio had an 1 1 percent cash position and 
6 percent in bonds, apportioned equally 
among Asian convertibles, Bulgarian 
Brady bonds and Brazil C-bonds. (IHT) 

Low-Cost Mutual Funds 
Are Long-Term Champs 

U.S. stock mutual funds that charge 
the lowest management fees also gen- 
erate the highest returns over time, a 
study by Mornings tar Inc. found. 

“The simple fact is costs take a bite 
from investor returns so tire higher the 
costs, the lower the returns," said Rus- 
sel Kinnel. head of equity fond research 


at Chicago-based Momingstar. which 
conducted a survey of management fees 
and their effect on returns. 

Low-cost equity funds with top-notch 
records include several marketed by 
Vanguard Group, including the Van- 
guaid/Windsor II and the Vanguard Tax- 
Managed Growth & Income foods. Oth- 
ers are the American Century Equity 
Growth Fund, the Neuberger & Berman 
Partners Fund, the T. Rowe Price Equity- 
Income Fund, the FPA Capita] Fund and 
die Mairs & Power Growth Fund. 

The Momingstar survey found that 
the top-performing U.S. diversified 
equity funds it tracked have an average 
expense ratio of 1 .05 percent, or $ 1 0.50 
for each $1,000 invested. 

Thai compares with the average stock 
fund, which has an expense ratio closer 
to 1.41 percent, or $14.10 for each 
$1,000 invested. 

The funds with the lower expenses 
rose at an average annual rate of 30 
percent over the past three years, while 


the average stock fund rose at an annual 
rate of closer to 23.5 percent 

(Bloomberg) 

Land of the Rising Funds 

Japan *5 mutual fund industry, which 
in November saw its largest outflow of 
funds in eight months, will expand rap- 
idly in the years ahead, a Goldman 
Sachs & Co, executive in Tokyo said. 

“I’m convinced this market will 
grow a great deal,” Donald MulvihilL 
president of Goldman Sachs' asset man- 
agement in Japan, said. 

Goldman is the biggest foreign man- 
ager of investment trusts, as mutual funds 
are known in Japan. 

Interest in Japanese mutual funds is 
expected to expand as banks enter the 
business, from Much they had been 
barred. Mr. Mulvihill said the U.S. mutual 
fund industry was 10 times the size of 
Japan's even if ir had only twice the 
financial assets, so there is room to grow 
once markets stabilize. (Bloomberg) 


Pakistan proves that there is something 
to be said for being the lowest-rated Asian 
country with a stock market as the rest of 
the region plunged in 1997. truly jitter,’ 
investors had long been out of Karachi 
stocks anyway. After hitting bottom be- 
fore the rest of Asia did, Pakistan stocks 
have risen this year by more than almost 
any market in the region. 

But now, the country is pushing its 
luck. What drove stocks’up was the hope 
of a stable, reform-minded government 
that would survive its full term of office. 
’Share prices could easily tumble again 
as the prime minister risks losing office 
in a complicated defamation suit in- 
volving the supreme court. 

. Market volume is now thinner than 
ever as foreigners steer clear of emerg- 
ing markets, but prices are still 
up. Among major markets 
open to foreigners, Pakistan re- 
mains Asia's best performer by 
far this year in dollar terms, 
even taking into account an 8.7 
percent devaluation of the ru- 
pee in October. 

Panlv an Asian country, 
partly a" Middle Eastern ’Stan linked with 
the nations to its west by Islam, Pakistan 
wants to take advantage of its non-East 
Asian characteristics as it tries not to get 
dragged into the regional plunge in cur- 
rencies and stock prices. Analysts who 
follow Pakistan and continue to recom- 
mend it are now busy emphasizing how 
unlike East Asia their country is. 

"The Karachi Stock Exchange has 
had one of the lowest correlations with 
other markets in Asia." said Qaisar Has- 
san at Jardine Fleming in Karachi. Nev- 
ertheless. he is less bullish on Pakistan 
than he was before the currency crisis in 
Asia spread beyond Thailand. 

The Pakistah-is-different crowd does 
have a point, however. Unlike the Thai 
baht or the Philippine peso, the Pakistan 
rupee has not been pegged to the dollar, 
and as Pakistan's economy struggled 
over the last three years, the currency 
had already gone through a number of 
large devaluations. 

Nor is Pakistan dependent on ship- 
building, electronics exports or other 
kinds of mid- to high-tech manufac- 
turing that other Asian economies are, 
so the devaluations of many Asian cur- 
rencies do not hurt its competitiveness 
as much as others in the region. 

On foe negative side, Pakistan has Cen- 
tral Asian levels of literacy. Though 
slightly richer than its neighbor India, 
Pakistan's adult literacy rate is an abysmal 
36.4 percent, closer to Afghanistan's 31 
percent than India's 49.8 percent 

Pakistan also relies a lot more than 
East Asia on the weather, given the 
importance of its cotton crop, used for 
raw shipments of the fiber as well as for 



textiles, and the cotton outlook for this 
year is decidedly more negative than it 
was just a- few months ago. The private 
Pakistan Cotton Ginners Association 
recently reported that by mid-October, 
this year's output was 26 percent behind 
the pace of 1996.. 

When the Money Report looked at 
Pakistan in August, analysts were con- 
fident that with a strong new majority 
government , the country could avert de- 
faulting on its debts with the help of a 
revived landing program by the Inter- 
national Monetary Fund. Tte $1.56 bil- 
lion IMF loan did indeed come through in 
October, but Pakistan is hardly out of the 
woods, even if Prime Minister Nawaz 
Sharif manages to hang on to power. 

For one thing, a collapse of Hong 
Kong's currency peg to the dollar could 
bring foe rupee down further, since 
Pakistan competes with Chinese textile 
exporters. If Hong Kong's cur- 
rency were to fall, the Chinese 
yuan probably would join it. 

The Economist Intelligence 
Unit predicts that while a de- 
valuation would reduce foe 
price of Pakistan's exports, foe 
cost of capita] goods imports as 
well as interest and principal 
payments on foe country's large foreign 
debt would rise. This could hammer 
stocks. With almost no foreign reserves 
left, Pakistan has no hope of mounting 
any kind of defense if the mpee comes 
under attack. 

But interest in foe stock market has 
waned to such an extent and news about 
Pakistan has been so bad throughout foe 
1990s that fund managers appear com- 
fortable with the positions they now 
have in foe market 

“Pakistan had devalued ahead of foe 
Asian wobble. If anything it's under- 
valued. not overvalued," said Colin 
Kingsnorth, who runs Regent Pacific's 
Mogul Fund from the Isle of Man. 

But daily trading in one of the coun- 
try's three truly large and liquid stocks. 
Pakistan Telecom, has plunged by half 
since the currency crisis, to just 50 mil- 
lion shares a day worth a paltry $41 
million. On one day recently. Shell's 
Pakistan subsidiary, one of Mr. King- 
snorth's favorite stocks, traded just 
1,700 shares in an entire day. 

The market is so thin that for indi- 
vidual investors who would prefer not to 
buy through a fund, patience is required. 

For further information: 

• MRDrNE FLEMING PAKISTAN TRUST. 852 7843 8777 w 
44 171 UB 5858. 

• MOGUL FUND. 44 171 Mt»0007 

• NICHOLAS APPLEGATE PAKISTAN GROWTH Fl’ND. 
65 538 0008. 

• THORNTON MANAGEMENT I ASIA i PAKISTAN FUND: 
*52 2826 8884 

MORGAN STANLEY. DEAN WITTER. DISCOVER & 
CO ’& ctoxd-end Pakistan InveMmeW Fund Inc. trade on the 
New Yufk Slock Exchange under the ticker PKF. Call I 2123** 
7 100 a. raU-(iee in Che United SMfe*. I 8009375449. 

FOREIGN INVESTORS can also buy ihe two Urgcsl stock* in 
PakttUn. Pakistan Telecom and Hob Power, via jtohal de- 
pwiUfy receipts traded on the Lmcrabourg Stock Eu-funje. 



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Goalkeepers Geared 

SOCCER Liverpool's former 
goal render, Bruce Grobbelaar, and 
Wimbledon's former goalie, Hans 
Segers, who were acquitted earlier 
this year on c riminal match-fixing 
charges, were cleared. Friday to 
continue playing soccer in Eng- 
land, but each was fined $17,000. 

The two received two-year sus- 
pensions from England’s ruling 
soccer body for breaking Football 
Association betting rules, but the 
suspensions will not go into effect 
unless the players commit another 
offense. (AP) 

Feud Over French Prix 

auto racing France’s sports 
minis ter. Mari e-George Buffet, 
pleaded with the International Auto- 
mobile Federation on Friday for 
more time to sort out a compromise 
after the French Grand Prix was 
axed from next year’s Formula One 
calendar. France was left off the list 
because of a television rights feud. 
A French court ruled this year that 
all national c hann els were entitled 
to report on any sports event on 
French soil, which interferes with 
Formula One's exclusive television 
rights arrangements. (Reuters) 

Wizards 9 Players Fined 

NBA A fight between forward 
Tracy Murray and guard Rod 
Strickland will cost each Washing- 
ton Wizards player $25,000. A. 
team spokesman said the players 
had apologized to each other and to 
the team but have not commented 
on what caused the altercation in a 
hotel Wednesday before a game in 
Charlotte, North Carolina. (AP) 

World Cup Race Called Off 

skiing The women’s World Cup 
giant slalom was postponed Friday 
because of heavy snow and fog in 
Val d'Isere, France. (Reuters) 




Scrti MaiteThe AtwchW P<w» 

Peyton Manning, left, greeting Michigan comerback Charles Woodson at the 
college football awards dinner. He limped Woodson as best all-round player. 


For Tennessee QB, One Award to Go 

3 Honors Now Under His Belt, Manmngh Favorite for Heisman 


The Associated Press 

ORLANDO, Florida — Peyton Man- 
ning has already won his share of col- 


one — the Heisman Trophy — which 
will be announced Saturday. 

Manning , Tennessee's All-America 
quarterback who is the favorite to win 
the Heisman, won three major awards 
Thursday. 


-I. i .*> 


back Charles Woodson for the Maxwell 
Award, which goes to the best all-round 
player, and also took the Duvey O'Brien 
National Quarterback Award and the 
Scholar-Athlete Award. 

In the Maxwell balloting. Manning 
edged Woodson by 55 votes out of a 
total of 2,500 cast by the Football 
Writers Association. 

Washington Stale’s quarterback, Ry- 
an Leaf, was third. Leaf and Cade 
McNown of UCLA trailed Maiming for 
the O'Brien award. 

“It’s really an honor to receive this 
award when you hear the names of some 
of the other great quarterbacks,” Man- 


ning said of the O’Brien. “That’s really 
a great fraternity of former players." 

Manning set career records for 
passing yardage (10,669) and touch- 
downs (84) at Tennessee and had the 
most 300-yard passing games -in SEC 
history with 17. 

Woodson, who had seven intercep- 
tions to push his career total to 17, won 
the Chuck Bednarik Award as the de- 
fensive player of the year, beating out 


Dre Bly of North Carolina and Anay 
Katzenmoyer of Ohio State. He also 
captured the Jim Thorpe Award, top- 
ping Bly and Fred Weary of Florida as 
the top defensive back. 

Ricky W illiams of Texas, who led the 
nation with 1,893 rushing yards, won 


the Doak Walker Award as the top run- 
ning back, beating Curtis Enis of Penn 
State and Abman Green of Nebraska. 

The R iWnilrnfF Award for outstanding 
receiver went to Randy Moss of Mar- 
shall, who had 90 catches for 1,647 yards. 

He topped Troy Edwards of Louisiana 
Tech and Jacquez Green of Florida. 
Aaron Taylor of Nebraska won the 


Outlaid Trophy ^outstanding interim 
lineman ovtf Alan Faneca of Louisian* 
State and Jason Peter of Nebraska, 

The Lou Groza Award for place kick- 
ers went io Martin Grama tica of Kansas 
State, who converted 37 of 38 extra 
points and 19 of 20 field goals, edging 
Sims Lenhardt of Duke and Chris Sailer 
of UCLA. 

Dwight Collins of Central Florida, # 
running back who has been deaf since 

■ uiiiHMp , u __ niu. 


ne was n nwnun 

World of Sports Spirit Award. 

The coach of the year award went to 
Mike Price of Washington Sate, who 
led his team to the Rose Bowl for the 
first time in 67 years. 

The awards dinner was held at the 
Walt Disney World Resort in Lake 
Buena Vista, Florida. 

In Houston, meanwhile, Lloyd Cm 
of top-ranked Michigan was voted by 
the National Sponscasters and 
Sports writers Association as recipient 
of the Paul (Bear) Bryant Coach of the 
Year Award, named after the former 
coach of Alabama. 


Bosnian Tallies Up the Price He Paid for Challenging Big Soccer 


Reuters 

VILLERS-L'EVEQUE, Belgium — Two years 
after the European Court of Justice's so-called 
Bosnian ruling ending soccer’s transfer system and 
limits on foreign players, Jean-Marc Bosnian is 
counting the cost of a rive-year legal ordeal that left 
him financially and emotionally stranded. 

“I'm glad it ended successfully, but at what 
price?” the former Belgian soccer player, now 33, 
said. "It’s been very tough for me.” 

"Now, I’m trying to organize my life,” he said. 
“I sacrificed everything, and I must sort 
everything oat, earn a living, although unfortu- 
nately not on the field anymore." 

Bosnian’s troubles started in 1990 when his 
Belgian club, PC Liege, blocked his transfer to 
France's D unkir k and later suspended him. Bos- 
nian took Liege, the Belgian soccer union and 
UEFA, the governing body of European soccer, to 
court. A Belgian appeals court sought the Court of 


Justice’s advice and still has not ruled on the 
amount of damages. 

The legal bailie ruined him financially, forcing 
him to live in his parents' garage for nearly two 
years, and wrecked his mkznage. 

“I had the trial, problems, couldn’t find a job 
anymore, didn't make a living and you know how it 
works in a couple, " he said, adding that the trial was 
not the only reason but that it certainly contributed. 
'‘Lack of money speeds up these things,” he said. 

Bosnian survived with appearance money from 
television networks and support from the fed- 
eration of players' unions. 

He is now claiming 23 million Belgian francs 
($630,000) in damages from UEFA and the Bel- 
gian union but urged the union to settle out of 
court. 

A quick deal would also be ideal in view of the 
European championships in the year 2000, which 
Belgium is or ganizing with the Dutch. 


The court’s rulin g in Bosnian's case outlawed 
transfer fees for ont-of-comract players moving 
between European Union countries and also barred 
quotas on die number of EU players on teams. . 

"This trial could still linger on for two years; it 
would be bad publicity for Belgium before such a 
big event,’ ’ said Bosnian, who added that he would 
go through the whole process again if he had to. 

'‘But perhaps the other party would handle it 
- differently, in a more human way and say, 1 Let’s 
settle the problem,’ ” said Bosnian, who rejected a 
first “really ridiculous” offer from the Belgian 
union and UEFA but was tempted by a second offer 
just before the ruling. 

He was confident soccer fans would eventually 
understand his motives. 


responsible; it's 
•• He added; “ 


People now say, ‘It’s disgusting 


what he’s done, ’ and when two, three players move 
abroad, they say. ‘It’s Bosnian’s fault.’ 

“They also blame me for the fact there are too 
many foreign players, but I'm not the chairman of, 
let’s say, Barcelona. I’m not transferring players, I 
just poshed through the ruling. ” 

Bosnian had his morale lifted in September 
when a group of Dutch internationals visited him 
before their .World Cup qualifier against Belgium 
and offered him their match bonus. 

“I’m a bit disappointed it did not come from my 
own country, but toe recognition by other players is 
nice,” he said. 

Bosnian, who is considering writing a book 
about the case, now lives in a new home near the . 
southern city of Liege with his second wife, Car- 
ole, and his 8-year-old daughter. They married 
earlier this year. 

“I’ve got a normal life now,*” he said, "but I’ll 
be even happier when the trial is all over." 



Scoreboard 


BASKETBALL 


MBA Standings 

I&STXKH CONFUINd 

ATLANTIC DMSON 

W L Pet GB 


Miami 

Oifaufo 

New York 

New Jersey 

Washington 

Boston 

Philadelphia 

e 

Marta 

Cleveland 

Charlotte 

Chicago 

Indiana 

Milwaukee 

Detroit 

Toronto 


Phoenix 

Porttand 

Sacramento 

13 

13 

1 

5 

6 
14 

.722 

684 

333 

IVi 

2 

9 

LA.CBpp«5 

A 

17 

.190 

12 

Golden State 

3 

15 

.167 

llVSr 

nnsMriunin 


New Jersey 

29 

20 

18 32- 99 

Detnll 

20 

26 

23 34-103 


II 10 524 I 

I 12 49 i 

B IT .421 6 

5 13 278 W 


CENTRAL OIVBION 
IS S 

14 6 

12 1 

12 B 

II 8 


5 750 — 

6 700 1 

7 j632 2% 

8 jfiOO 3 

I sn T4 


II 10 524 4W 

10 12 455 6 

2 19 .095 13Vi 


Houston 

Utah 

Son Antonio 

Minnesota 

Vancouver 

Dallas 

Denver 


winmcomina 

WOWEBTDNWOH 

W L Pt 

I 12 5 70 

12 8 A0 


L Pet GB 
5 705 - 
1 1U 


II 10 524 3 

1 12 J00 SX 

7 14 733 7 

5 15 7S0 BVi 

2 17 .105 11 


PACIFIC DIVISION 

Seattle 16 5 .762 — 

LA. Latere 15 5 750 Vi 


NJj Vdn Ham 5-19 13-13 24, Cosset 9-19 

3- 522; DtDirtrare6-I1 7-1022. B.W8fioms9- 
14 1-1 19. Raboaadt— New Jersey 42 
(Ja.WBBams 1 6), Detroit 49 (&WKams 1 1). 
Assists— New Jersey 19 (COMMIT 7). Detroit 
20 CHIU 99. 

Minnesota 2* 21 31 25-183 

Hew York 21 25 H 32-187 

M: Marbury 6-15 8-102Z Ratals 9-14 2-2 
2ft N.Y.: Ewing 12-23 10-1434, Houston 6-17 

4- 4 17. R edoun ds ■Minnesota 54 (Gog Gotta 

11}. New Varfc 53 (Earing 12). Asstots— 
Minnesota 22 (Marbury 9). N.Y.18 (Chad 6). 
aewhnd 24 19 18 18—79 

Mlfwantee 24 18 17 18-77 

G Penan 8-13 B-9 27, Kemp 7-13 4-11 1ft 
M: Robinson 7-18 66 2ft Allen 8-12 1-1 19. 
Retanutar-Omland 34 (Kempt Patapento 
5], Mltarutef 47 (HID 14). 
Assists— Cleveland 18 (Kiright 6). 
Milwaukee 22 (Brandon 9). 

Oftamto 33 32 18 17-llM 

Dallas .28 29 30 11— 90 

O: Price 6-10 34 1ft Harper 7-1 1 M 16; D: 
Finley 6-1 2 86 2ft Scott 3-9 6-6 13, Strickland 
4-9 2-2 13. Rebounds— Orlando 65 (Outlaw 
Grant 10), Dallas 50 (Walter 91. 
Assists— Orlando 22 (Price 6), Daflas 13 
lReews4). 


Atlanta 13 22 22 21-78 

Phoenix 21 22 24 27-44 

A: Smith 5-15 6-7 Tft Loettner 6-14 3-5 1ft 
P: CebaBos 7-102-6 17, Manning 5-10 56 15. 
Rebounds— Atlanta 54 (Loettner 12 L 
Phoenix 54 (McDyess 101. Assists — Atlanta 
IS (Blaylock 5], Phoenix 32 (Kidd 11). 

Euro League 

Q ROUP A 

CSKA Moscow 83 Limoges 70 
Moocabl Tel Aviv At Eles PDsen 70 
Ofyraptakos Piraeus 82 Roof Madrid 75 . 

STAMDMm Otyroptakos 16 points Etas 
PUsereTirriteylftCSKA Moscow 14-Maccdtri 
TetAvhi 13.- Limoges 1ft Real Madrid 12. 
GROUP B • 

Benetton Treviso 65 PACK Salonika 57 
■TMamas: Benetton Trovfsoir points 
EstiKfiantes Madrid 14 Turk Telecom 14; 
PAOKSakmfto 1* Croatia SpW 11 Parto 9. 

GROUP C 

Parttaon Belgrade 49 Kinder Bologna 74 
Barcelona 89 Uheispori. Turkey. 80 
Hapod Jerusalem 67 Pau-Orltwi 79 
standmos: Kinder Bologna 1 7 points 
Barcelona l& Partfean Belgrade 1ft Poo Or- 
fhezlft Ulkerspor 1ft Hapael Jerusalem II. 

OJKHJPD 

PSG Racing 84 Teamsysfem Bologna 60 
Otrona Zagreb 67 AEK Athens 63 
STAMMNOSn Estodhmtes Madrid 14 
potato; AEK Athens 14’ Teamsystem 
Bologna 1ft Cftwna Zagreb 1ft OBmpIfa 
LjuMjana 1ft Paris 51 Germain 13. 


CE HOCKEY 


UHL Standings 

1 A8 T8 H COWmtPtCt 

ATLANTIC aVWON 



W 

L 

T 

Pis 

GF 

GA 

New Jersey 

20 

9 

0 

AO 

86 

S3 

Plata del ptaa 

16 

9 

6 

38 

88 

73 

Washington 

IS 

11 

5 

35 

93 

83 

N.Y. Rangers 

• 9 

13 11 

29 

84 

91 

NLY.Istandera 

12 15 

4 

28 

83 

86 

Florida 

10 

IS 

5 

25 

7 S 

89 

Tampa Bay 

5 

20 

4 

14 

54 

98 

NORTHEAST DIVtSKIN 




W 

L 

T 

Ws 

GF 

GA 

Pittsbungh 

18 

10 

S 

41 

93 

78 

Montreal 

18 

10 

4 

40 

98 

76 

Boston 

14 

12 

5 

33 

76 

m 

Ottawa 

13 

14 

4 

X 

79 

74 

Carafina 

12 

15 

5 

29 

85 

91 

Buffalo 

9 

14 

6 

24 

73 

79 

vmsTEKN coHiwna 


CENTRAL DIVISION 




* 

L 

T 

PI* 

GF 

GA 

Dal as 

21 

8 

4 

46 

106 

70 

St Louis 

20 

10 

3 

43 

99 

74 

Detroit 

19 

7 

5 

43 

105 

74 

Phoenix 

13 

14 

4 

X 

83 

87 

Chicago 

10 

14 

6 


66 

77 

Taranto 

10 

14 

5 

25 

65 

78 

MCVKCNVMON 




W 

L 

T 

Pte 

GF 

GA 

Colorado 

16 

7 

9 

41 

94 

81 

Lw Angelas 

12 

13 

5 

29 

90 

B5 

Anaitebn 

11 

15 

6 

28 

TO 

91 


HEY, IT’S A LIVING By Nancy Salomon 


ACROSS 
1 Calculating 
machine 
inventor, 1642 

.7 Reach 

14 Protest 

20 Delphi temple 

• B** 1 

21 Inverted word 

22 Fingerprint 

■ Features 

23 Supper 

24 Job For a 
restaurant 
server? 

28 Pesticide 

28 Had dinner a l 
home 

29 Three-way joint 

30 Professional oqj. 

33 Milne marsupial 

34 Yugoslav 

novelist 

. Andric 

35 Mildew cause 

39 Job fora 
statistician? 

43 Hurting the 
most 

44 Alan and Adam 

45 Blintxes. e.g. 

49 Dustup 

50 Player for coach 
MarvLevy 

51 Embargoes 

52 Job fora plastic 
surgeon? 

57 Skid row look 

60 Tonsuo-impact 
noises 


77 What squeaky 
wheels get 

82 Job Fora relay 
racer? 

85 Like Mongolia 

86 Photography 
woe 

87 Scull 

88 Summoned 

90 Jack 

92 Styx ferryman 

95 Job for a critic? 

97 London 
institution 


13 Nor strong 

14 Have a tide 

15 Scholarly type 

16 One to 
remember, for 
short 

17 Spiels 

18 Like rhe best 
ruse 

19 “Women Who 
RunWhhthe 
Wolves'' author 

25 Collections 

27 Landscaper's 
need 


1 |2|s 1 1 III III |B If 111 111 113 I is 117 111 1» 


a 1 \v 


so si a Ha 


99 Rhine feeder M Iraqis, e.g- 


62 70's All-Star 
Otis 

63 Most like a 
wallflower 

64 Wony 

66 Job fora 
mathematician? 

72 Ploys the siren 

73 Quaritfentiquarit 


74 RudoiTs refusal 

75 Man-mouse link 

76 Food on a tray 


100 Second-century 
dale 

101 Thumbs up 

V 102 Airport info: 

( Abor. 

103 1978 disaster 
film, with 
The- 

105 Ripoffe 

108 Job For a 
debutante? 

113 Panama party 

117 Screenfuls 

118 Caught by 
surprise, with 
‘on* 

1 19 Athlete's 
assignment 

120 Lohengrin and 
others 

121 Toast opening 

122 Tempt 
DOWN 

1 Course 
number 

2 Gooo 

3 Bread, maybe 

' 4 Sound of 
shutters in the 
wind 

5 Minor-party 
candidate 

6 Avon products 

7 Parrot 

8 Word ending in 
Vic Esperanto 

9 Compass pt. 

IS Solve 

11 Check words 

12 ChUJ 


31 Singing 
Osmond 

32 Shackle site 

34 Woesoflhe 
world 

36 Dew times 

37 Push 

38 Speaker’s 
name 

40 It's west or 
Dublin 

41 Benedictines 

42 They're not free 


I Til I 1114 Ills IIU 


of charge 

46 Frees 

47 Like carpet 

48 Outburst 

.51 Ring holder 

53 Synchronized 

54 Lone Star State 
sch. 

55 Qinstmas 
stocking item 

56 Lady of a 1918 
hit 

98 Big name in 
morning radio 

59 *- — won't be 
afraid" (1961 

. pop lyric) 

60 Classic Alan 
Ladd western 

63 Dishoul 
messily 

64 R«kus 

>65 Place for 
bouquets 

68 Delete, with 
-ouT 


GNe u' York TimesfEdiied by WiU Shortz. 


67 Money in the 
making 

68 Mrs. 
Katzenjammer, 
e-g. 

69 Warts (Off) 

70 Manner of 
speech 

71 Stage of a race 

76 Bank 

77 1 983 Disney film 

78 Al from New 
Orleans 

78 Cosmetics 
brand 

80 Urbane 

81 Marine Flies 

83 Chesterfield or 
ulster 

84 Mata 

85 Way off 

89 Violate, with 
"on" 


90 Cold symptom 111 Letters before 114 Tadde moguls 

91 Bibliophile's many stale nsShamus 

C ° nCern , ,, ? 3OTe t ^. * 18 " w having 

92 Some trim 112 Gina Funyw?" 

93 Screenwriter (Kelly musical) 

Mankkfwkz ... - 

94 Leaves home? 

96 Hotshot Solution to Puzzle of Dec. 6-7 


I (6 " we having 

Funyw?’ 


Solution to Puzzle of Dec. 6-7 


97 Kind of 
approval 

98 Buckle opener 

99 Passion 

104 It's just for 
openers 

105 Unbending 

106 Shot shooter 

107 Brandi 

109 Swellhead's 
excess 

no Anthem 
preposition 


HQOQQEO GOB DDE 

□□□you □□deco 


aaoQQ 

□□□□(30 

□□□nse nnoDDDOonncEDD 
□anann good deoedee 
□qo oannnon doqd eoe 
□□□ □□□DnnnnnoGE 
aaaaa ana Ecin ccrno 

□□□□ QQQ QE3DUD DDDIDD 

ana fiDaaaaaaaa dedc 
□□ fa aDoaaao □□□enne 

1J3EI □□□□□□ naoaoo CEE 

acoaaaa ogduddc dee 
□□□□ annOonnyDE dde 
□□ nan aoaon odd eece 
□ naan non onn miitiee 
aaonnnnnnnao dee 
mo nnnn nncciDtiE rnr 
naaGoan nnna heeece 
□ 0firnaannoQanrin cernne 
□□□□□□ □□nnnnp Rnpnnr 
□nnri.TLi □anonnn nrnnr; 


Edmonton 9 t« '7 2 75 98 

San Jote 10 18 3 23 79 96 

Catganr B 18 7 23 84 101 

Vanover 9 18 4 22 89 111 

nmuAPMumis 

SLUMS 2 0 0—2 

Ottawa 0 8 1—1 

Knt Period: SJwHuU 16 (Targcoa 
CourtnaB) Z S-L-AJchevmini 7 , Second 
Period: Nona TOW Period: a Bonk 5 
(Lambert Shots oa goal: SJ_- 11-54-22.0- 
10*4—25. OoaOa: &LrMcLennaa 0- 
Rhodes. 

Buffalo 0 1 0-1 

Boston 8 0 2-2 

RrSl Period: None. Second Period: B- 
Hatzaigerd WboBeii; Satan) TMril Period: B- 
Cartar2 (McLaren, Khristt®) ft B-ABsan 10 
(Heinzs, Donato) Shots oa goal: B- 5-8-5— IB. 
B- 3-6-18—27. GeafsR B-Hask. 8-TaBas. 
N.Y. tdaoden 1 a 2-3 

Phftatatota 1 0 3-4 

First Period: New York. Lachance 2 
(Cmfkawsfcl Green) Z P-Undros 11 
(BrimtAraow. Caffe?) (up). Second Period: 
None. TOW Period: P-LeOaMS (Grattan) ft 
New York, Chorale 5 CSmoRnslo) ft P- 
UndnH 12 (BriratAmauc Svobada) ft Now 
York, SmoCnski S (BertvzxL Chorshe) 7, P- 
Lindios 13 (KJatt NSnimoa) Shots on gorti 
New York -1-6-8 — IB- P-7-14-8—29. Goafiess 
New York. Solo. P-MextalL 


FOOTBALL 


Pwo Bowl Roster 

SUNDAY; FEB. 1 HHONOLULU 

NJUMIUUL FOOTBAU CONRDHNCI 

OFtatSE 

Wide Rocetora—v-Hennan Moore, Detroit 
x-Cris Cortot Minnesota: Rob Moore Ari- 
zona Irving Fryor, PhSodelpWa. 
TOddes-n-waSan Root New Orleans xy- 
Todd Steassle. Mlnrwsota; Eift WnBams. 
Dallas. 

Guanfa— K-Lany Allen, Drttoa,- x^hudoll 
McDaniel Minnesota Kerin Gagan. San 
Francisco. 

Centers— a-Knto Gtoven Detroit: y-Tony 
Mayberry, Tampa Bay. 

Tmhr Ends— K-Wesley Walk. CaroStm; Mark 
Chmure Green Bay. 

CWortartociB— e-Bralt Favre Green Bay; 
Steve Yoeng, San Rundsax y-Trant DBtor. 
Tampa Bay. 

B n nning Bada— x- Bony Sanders, Detrofb 
xy- Dorsey Levans. Green Boy; y-Wankk 
Dunn, Tampa Bay. 

Rdftack-y^Uto Atstalt Tampa Bay. 
DEFEHse 

Ends— x-Reggta WtriTa Green Bate xy- 
Mknod Strahan, New York dantc Chris 
Doterrm San Fmndsco. 

Interior lin em en ' x -Done Stu bbterieta San 
Frandscw x-John Randhl Minnesota; y- 
Wmren Sapft Tampa Boy. 

Outside Unetadotr*— Ky-Jemto Armstead, 
New York Gtaots; x^Cen Haney, Washington; 
y-Oentck Brooks. Tampa Bay. 
tasfife LtaehadHra— e-Hartr tiidremn. 
Tampa Bay; Jessie Toggle, Atlanta. 


WbBEGONBOY 

By Garrison Keillor. 3Q5 
pages. $24.95. Viking. 
Reviewed by 
Michael Kern an 

NE wants to call Garrison 
v/ Keillor the No rman 
Rockwell of writers, but his 
work has shadows and depths 
that Rockwell would never 
dream of. In the front of his 
new novel, “Wobegon Boy,” 
along with the list of his seven 
books comes a bogus list of 
projects: '‘Alternative Geog- 
raphy,” "Problems in Mod- 
on Life” and so on,, and 
. something called "Snow 
Gently Drifting in the Hem- 
lock Bushes and on the LP Gas 
Tanks.” This last is vintage ■ 
Keillon at once celebrating 
nostalgia and hooting at it. 

In “Wobegon Boy." Keil- 
lor recounts a life familiar to 
his radio listeners, as in the 
persona of John Tollefson he 
escapes. Minnesota only to 
wind up running a public ra- 


Cnmortodm n Acncov WMomc, Arizona.' 
frQoian Sanders, Drttato Damil Groan 

Washington. 

Strong SafMtos-K-LaRny Buttefi Greai Bays 
Darren Woodson, Ortta*. 

Aw Safeties— e-Merton Hanks, San Fran- 
ctooo. 

SPECIALISTS 

Prater— Mott Turk, Washington. 
P to c t Md Br — y-Joson Hnraoa Detroit 

Kick Ratura SpKkAt— Michael Bates, Car- 

oEno. 

Spedal Tumi y Traris Jetvey, Green Bay. 

M U Mnui waiMU m u Tiax wi ■ 

aerstae 

WMe Recmere— n-Tuu Brawn, Oakland: 7 - 
Yanoey TWflpea Pittotwrgto Andre Rtoan. 
Kansas Cttjc y-Jhimry Smith. Jocksanrilla. 
Tacfcks— s-Tany BneBL Jadaonvllier xy 
Jonathan Ogden. Batltmore; Bruce Arm- 
strong. New England. 

Goanto— jc-Brum Matthews, Tennessee x- 
Wifi Shields Kansas CWy: Ratal Brown Bufr 
Uo. 

Genten-H^Dermonttl Dawson, Pittsburgh; 
y-Tom Natare Denver. 

HgM Ends— ^Shannon Sharpe, Denver; 
Ben Coates, New England. 

Owriettaeks— «■ John Elway, Denver; Mark 
Bronaft JacksonvBe; Drew Bledm New 
England. 

Rumtag Bodts-x-Tenril Dovto, Denver; x- 
Jawne Bettis, Pntotafth; ^Eddte George, 
Tenne s see. 

FuBrack— Khoble Anders, Kansas City. 
DEFENSE 

Ends— K-Brua Smttft Birftota; xrNefl Smith, 
Denver; Michael Sfndalt Seattle. 

Irtarior Linemen— xy-Ted Washington, But 
fata; xy-Jael Steed, pntsburglc Chester Mc- 
Gtoddon. Ortdand. 

OrtsMa Unebartaro— n-Biyce Pewft Butto- 
k» x-Chrta Sfade. New England; D wrick 
Thoroa* Kansas CRy- 
Inside UMtwdnrs-e-Lawn Kbfctand. Pitts- 
burgh; Junior Seau San Dtego. 
CtanortHKlB— m^Aoron .dm New York 
Jets x-Oale Carter; Kansas Oly; y-James 
Hasty, Kansas Ctty. 

Strong SoMtat— e-Camel Lrtre Pnfchwghj 
Blaine Btohop, Tennessee. 

Free safety-tcyOatryl WBtams. Seattle. 
SPBC0U4ST8 

Pmd«^-V-Bftar Barter, JffiAaonvUe. 
Ptocetodw— v-M9« HoflEs, Joc to on riB e. 
Kk* Rrtwn Specfallsf— Eric Metoatt. San 
Diego. 

Spedrt Teaat— jMjarry WNghara, New Eng- 
land, 
x-steter 

y-firet-flme Pro Brnri seiedlon 


CRICKET 


SOCCER 


UEFA Cup 

TMRDROUM). RETURN LEO 
VIL Bochum 2. AfaxAmsierdom 2 
Afax won 6-4 on aggregate. 

: Confederations 1 Cup 

GROUP A 

Saadi Arabia ft Brazil 3 
Australia ft Mexico 1 

mtAMOOMM.- Brazil 3 paints Australia ft 
Mexico ft Sand Arabia 0. 
WOMSH'SmnSDLY OITVUUUtOHAI. 
Brazil 1. United Stoles 2 


TRANSITIONS 


RATIONAL BASKET BALL ASSOCIATION 

ph 1 laoelrhia— A nnounced refirereent at 
FTomChambora. 

PKOEMix— Pi/tG Kevin Johnson on into red 
list. Signed G Brooks Thompson. 

WASH IN 8TCH- Fined G Rod Striddand and 
F Tracy Murrey S2&000 each tor fight in 
teams hotel trefore Wednesdays game at 
Charlotte. 

■MOOT 

NAnONAL HOCKEY LEAGUE 

MUMBth-SIgned UK Paul Kartyo to 7- 
year cortrad Recoded O Marc Mora ond D 
Pawl Tmha from dnetonafl, AHL. Put RW 
Scott Young and D Dan Trerifl an Injured 
reserve Kst. 

wum 

ancraitAn-Siisparded PK Eric Richards 
from football team tor breaking an iraspec- 
Ifled team rule. 

CBoMu-extomMi cartrori of Jkn Don- 
fwrvtoatbaflcoociv through 2001 season. 


WEST MOSS VS. MKHTAN 
FRSAV. H SHAMAN. UAE 

West Intiea US tor sown In SO were 
PoUstan:-232 afl out In 46 own. ' 
West 1 ruses won by 43 runs. 


The Week Ahead 


Saturday, PEC. 13 

BIATHLON. Ostusund, Sweden — men, 
women, Wartd Dig. to Dec U. 

BOBSumma, La Ptagne, Frame - 
World Cup, to Dec 16 . 

cmokst, Sharfah, United Arab Emirates 
— England vs. West Indteft one-day infer- 

mandhall. vorious sites, Germany — 
women, Women's WOrid Cho mpto n o Mns. to 
Dec 14. 

LaOirirrireCdBfomla— mere wom- 
en- DtaeraOub Matches; to Dec lft men. 
Kurogaml Japan — DoUcyo Open (season 
finale), to Doc 14. 

SAttJNO, Perth, Australia — men, wam- 
ere World Windsurfing Championships, fa 
Dec 24. 

•KiMa, VW dTsero France - men, 

Alpine Warid Copv downtdl giant statom, to 

Dec 1ft Wol a Ftamnta, Holy — men, Nardk 
WwW Cup, to Dec 14 . 

woeccn. Riyadh. Saudi AraUa — Con- 
feitoralto ns Cup, fa-Dec 21 . 


BOOKS 


dio station in upstate New 
York. He falls in love with a 
city woman but feels rootless 
and unfulfilled in his yuppie 
bachelor existence. And then 
he returns to Lake Wobegon, 
and the book takes wing. 

Now, I am probably in a 
minority here, for though I 
can ’t get enough of Keillcr on 
tape, I find his written version 
of -the same material much 
less effective. It may have to 
do with missing that attract- 
ive, seductive, homeboy voice 
with its slight Minnesota ac- 
cent. It may be that the written 
language is mote formal. . 

Some of Keillor’s memor- 
ies arc as fond as any Rockwell 
t n a g a Tdr te cover; sometimes a 
pervasiveness sourness shows 
through. 'Talk radio is part of 
tile tide of dreariness slopping 
across America. Franchise ar- 
chitecture, generic shopping 
malls, popular music as ugly 
and empty as it's possible to 
be, and talk radio. ... If ever an 
era needed budang up, it’s this, 
one — but academicians lave 


given up. You ask them for a 
vision, they give you dissent- 
ing opinions.” 

Even in his monologues, 
Keillor has always specialized 
in the double-edged sword: 
He often undercuts the same 
people he describes with lov- 
ing precision. We are charmed 
by his Wobegonioos, but we 
also are invited to snicker at 
them and their hayseed ways. 

“Mildred had lived in Ar- 
gratina for 30 years. She 
missed Minnesota, according 
■ Ray, missed birch trees 
snow, hydrangeas. She suk 

senbed to Reader’s Digest and 

ordered Jell-O and tapioca 
pudding and Kraft maSuoni 
and cheese dinners from a 
wholesale grocer in Texas.” 

Is that fond, or is it deadly 7 1 

suspect that the author has 

similar ambivalences about his 

own small-town childhood 
Well, I don’t want to land 
wo heavily on this wonder- 
fully readable tale. I read it 

w5£2L J “*** °P toe Lake 
Wobegon stories, and in the 


inmii kai IMA, Honor, Nonray — 
WWW Cup. to Dec. 14. 

wouAta. Hong Kong — World Doubles 
Chomptonitiip. 

TWNH, Cw Town Santo Africa — Nd- 
son Mandela Tribute, to Dec. 14. 

wciatmirnira. CMngmai Thailand 
—ram women, WoridCharaptoftshlps. . 

Sunday, Dec. 14 

ATHUmcs, Oteros. Portugal — Euro- 
pean Cron-Coo Kby Champ tomliips. 

cnoKiT. Shar|oh. United Arab Emirates 
— Pakhton v». fadla one-day International. 

MU dUMMMd. Qbertwt Ganna ny — 
World Cop. 

Mohoay, Pec. 1 5 

Muma. Sostrtefev Italy — Alpine World 
Cop, men, algW slalom. 

omcKST, Sharfah, Pakistan vs. E ngkmd> 
one-day tatentattamL 

Tuesoay, Dec. 1 6 

AUTO Memo, IrnakL Italy — vwttdta 
Ayrton Serma manstaughterlitaL 
cncnT, Shartrriv — India vs. Wert Ira 
dies, ane-day tatemrttonoL 

Wednesday, Pec. 1 7 

•ocora. Ganavo — UEFA, draw for Eo- 
re peon Champions Cup. UEFA Cup and Cup 
Winners Cuft ond selection of sites tar Cup 
finds. 

•KHNO. Ptancavaltai Italy - Freestyle 
World Cap, oeriete. 

cmcut. Metaournb Austtana — One- 
Day Series, Austrofid w. New Zealand. 

Thursday, Pec. 18 

■UYHLON. Konfiotahn. Flntond- World 
Cup. to Dec 21. 

«ww> Hcndenon. Nevada — mere wom- 
en and unfara. Wendy's Three-Tour Chal- 
lenge, to Dec. 21. 

Friday, Dec. 1 9 

10 France - Frocrtyta 

World Cup, moguls, doat mogub, to Dec,2ft 
Veysormax, Swta. (or Val dime, France) — 
Afatae Worid Cup supw-otant skrfom, down- 
hffl. slotonv combined, to Dec 21 . 

"tATwa. Munldv Germany— 
I5U Champions Series Flnol to Dec 21. 

cHatat. Sharfah, United An* Emirates. 
—Champions Trophy, final 

Saturday, Pec. 20 

ni AiHPiHa, Engrtbrag, Swttnrlaad 
— VlfarM Cup, thorugft Dec 21. 

•WIS, Dam, Swfttertond — m«L 
■Runea Nonflc Worid Cup, cross-cnuntty, 
roeiYs 30K ctasslcol women's 15K doaskml. 
AJptao SJdtag: Vat Gardena Italy - men, 
World Cup, downML 

, Rt | OBYt ,,, j o * 1 , Batogtw, Italy -Italy vs. 
irenna tesL 

oola La Quinta, CaHomla— mere Lems 
Chotonpe (senior), to Dec.2?. 

Sunday, Pec. 21 

«nama r Alta Badta. Holy — men, Alpine 
W“W Cup b tent steam. 


pages devoted to the father's 
death and funeral I think Keil- 
lor has risen to a height that he 
achieves only rarely. Uke 
Thornton Wilder, he appears 
to ramble on for pages about 
tins and that, entertaining us 
but not moving us. and then 
suddenly, at the very end, he 
pulls everything together and 
pves meaning and brightness 
to all that has gone before. 

„ Michael Kvman. a former 
Washington p ost yeihHier, 

“J” has published a novel, 
u , ,!~ OSI diaries of Frans. 
Hfls, wrote this for The 
Washington Post- 

Arts & a^tiqubs 

AlrjH-urs t-xvr>- Saturday. : . 
Ttt arlvcrtiar nmiui't 
Snrah WmlMif 
in uur iAindnn oETu-r: 

+U 1 7Ik200326 
F“Ki + 4.1 1 ?! 420 0338 
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IV 











PAGE 19 


Mi \\ 


*»> i 




SPORTS 


^'vaid 




Giants Versus the Redskins, Part II 

U) In Close Encounter, Look for New York to Muscle Into the Playoffs 




By Mike Freeman 

M** h»rf Times Sen iie 


IS Hit: Soccer 


v ., 


Wa*hSf»Bton <7-6-1 ) « Hww York Gimtt 

j 8-5-1 ) It s just one of those games you 
never Willforeet," iht Giants defensive 
end Michael Strahan said about his 
team's tie against Washington last 
month. It wasn’t an offensive beauty but 
defensively ihar game might have given 
the Giants a national lift in Pro Bowl 
balloting and even a self-esteem boost 

The Giants have one of the league’s 
iop three defenses, and their game 
against Washington on Saturday is for 
i ihe division tide. 

If the Giants win or tie again, they win 
the NFC East. If Carolina and Detroit 
atso either iose or tie, the Giants clinch a 
playoff berth. The Giants won’t blow 
this chance to make the playoffs. Pre- 
diction: Giants 14, Redskins 13. 

Pittsburgh (1 0-4) at Now England fe-5) 

Jerome Bettis says that if he ever had to 
tackle himself, he would try to be brave 
and hit himself high, but then he’d prob- 
ably run himself over. The Steelers have 
gotten on “The Bus.” and it’s a scary 
sight seeing a 250-pound man running 
at you full speed. Duck! The Steelers are 
starting to pick up a little steam, and 
with perhaps the best run ning game in 
the league, they are ready to make a 
playoff run. Steelers 28. Patriots 24. 

In Sunday games: 

TUmpa Bay (9-5) at New York Jots (841} 

Bill Parcells needs to realize something 
before he has another ulcer attack Hke 
the one after the Indianapolis loss: 
Many of his players are hurt Anyway, 
the Jets' playoff hopes are basically 
over, but Parcells will kero the team 
• fighting. Still, with so many holes on the 
offensive line, it will be difficult to stop 
the Bucs’ talented defensive linemen. 
Buccaneers It. Jets IS. 

Jacksonville (9-5) at Buffalo (6-8) This 
is a rematch of last year's wild-card 
game in which Jacksonville handed the 
Bills their first postseason loss at Rich 
Stadium. This game probably won’t be 
so close. Jacksonville is smarting from a 
tough home loss to New England last 
week, and it is safe to say that coach 
Tom Coughlin will have his team ready. 
Jaguars 28. Biffs 10. 

Detroit (7*7) at Mmesota (8-6) This 


could be an offensive explosion. Barry 
Sanders is, well, Barry Sanders. He’ll 
get his 130 yards on 25 carries with two 
or three touchdowns. The Vikings, even 
without Brad Johnson, still have a lot of 
firepower themselves Both te ams have 
jat receivers, but the Vikings have the 
ter defense. Vikings 38, Lions 30.- 

Philadelphia (6-7-1) at Atlanta (8-8) 

Some may consider Atlanta one of the 
most surprising teams in the league, but 
anyone who knows Dan Reeves should 

IIH Matchups 

not be surprised. He has brought struc- 
ture to chaos, and the Falcons Have won 
four consecutive games mainly behind 
their defense, which has a league-leading 
53 sacks. Last week the Giants blitzed 
the Eagles quarterback, Bobby Hoying. 
so much, they could see the look of 
confusion in ms eyes. He’ll get more of 
the same from the Falcons. Welcome to 
the NFL, Bobby. Falcons 13. Eagles 7. 

Data (6-8) at Cincinnati (&Q) There 
are very few stories in the league this 
year as nice as Boomer Esiason's or as 
horrific as the Cowboys’. Esiason has 
been oq a tear, showing he still has a little 
juice left in the tank. This season he has 
nine touchdown passes, just one inter- 
ception and 108.9 passer rating. The 
Cowboys still have a great defense and 
pride, however. That’s enough to beat 
the Bengals. Cowboys 19. Bengals 12. 

Twn wwe (7-7) at BaWmon (5-8-1) 

This game features the NFL’s top two 
rookie pass rushers. Baltimore’s Peter 
Boulwans has 10 sacks while the Oilers’ 
Kenny Holmes has seven. This week, 
Baltimore will need Boul ware for more 
for his run-stopping than for his pass- 
rushing skills. But Baltimore can simply 
score more points than the Oilers. 
Ravens 31. Ouers IS. 

Miami (55| at IndianapoBs (2-12) 
Don ’t look for the Dolphins, who have a 
good chance of capturing the division 
title, to have a slip-up against die Colts, 
who are still giddy since their victory 
over the Jets. They had better enjoy it 
while it lasts. Dolphins 10, Colts 0. 

Kansas City (11 -3) at San Diago (4-10) 

The Chiefs are on one of those magical 
rides that, if they don’t Iose any of their 
last two games, will end with home-field 


advantage throughout the playoffs. Kan- 
sas City has won 19 of its last 24 games 
against the AFC West, and they won’t 
lose this game. Chiefs 20, Chargers 0. 

Groan Bay (11-3) at Carolina (7-7) 

Week by week, the Packets have slowly 
been raising their game. And last week, 
Greg Favre became the first player in 
league history with four straight 30- 
touchdown-pass seasons. Favre and the 
Packers are on a train ride to the NFC 
•tide game, and the Panthers are in the 
way. Packers 21, Panthers 10. 

. Soattl* (6-6) at Oakland (4-10): The 

Raiders, quite simply, are Ming apart. 
Unfortunately, the burden will fail on 
the shoulders of coach Joe Bugel. The 
players are unresponsive. It is, of 
course, a coach's job to motivate his 
players and get them ready, but this is a 
tough bunch to motivate. They get a 
break this week. Seattle quarterback Jon 
Kitna, fresh from the World League, 
starts. If the Raiders lose to Him, all is 
lost Raiders 28, Seahawks 21. 

Arizona (3-11) at Now Orloans (5-9) 

Arizona’s disastrous season has over- 
shadowed the kind of year wide receiver 
Rob Moore has had. He leads the league 
with a career-high 1,462 yards and 
needs 94 to break Roy Green’s club 
mark of 1 ,555 set in 1984. The Cardinals 
face a Saints team with, surprise, one of 
the NFL’s best defenses. Moore will get 
his catches, but the Saints' defense will 
win this game. Saints 14. Cardinals 7. 

Chicago (3-11) at St. Louis (4-10) This 

week linebacker Bryan Cox and coach 
Dave Wannstedt met and both decided 
(hat a mutual parting at the end of the 
season is probably best for both men. Cox 
was Wannstedt’s prize free-agent catch, 
and now it’s bye-bye. It may be only a 
matter of time before Wannstedt follows 
him out the door. Rams 13, Bears 6. 

In Monday night's game: 

Dwnvar(IIO) at San Francisco (12-2) It 
will be an emotional night. Joe Montana 
will have his No. 16 jersey retired at 
halftime, and wide receiver Jerry Rice 
will try to play after severely injuring his 
knee three and a half months ago. The 
fact he is even considering playing is a 
miracle in itself. Denver will give San 
Francisco the fight of its life. But Rice 
and Montana will combine yet again for 
a victory. 49ers 35, Broncos 21. 


Cavaliers Hammer Out 10th Straight 


mm 

«._w_ J. .1 

• H 1 1 t 1 ■ ro-. 

A*. H‘ 

9 M • 1 

* • ‘ * 

"i . *; 1 1 DtC 

Never mind the Chicago Bulls or the 
Los Angeles Lakers, it’s the Cleveland 
Cavaliers who are on a roll right now. 

The Cavaliers won their 10th straight 
Thursday night with a 79-77 victory 
over rhe'Milwaukee Bucks. The streak 

M-JI * 



i .K 

U-. ■ -■ - 

S'- 

dr ***wta*— — *+ 

* VC' 

r w 

M- *?•' ^ 

M 

is one short of Cleveland’s franchise 
record. t 

“This is very special to me,” said 
Wesley Person, who led Cleveland with 
27 points. “This is a young team, and 
any time a young team gets tiff to a good 

jUSHTJl 

. . .1 

- 

i .J... 

J-jK. •• 

•it Tut— rt- ■ 

T, sti 11 

.. .. ?•- 

Cleveland improved to 14-6, one 
game behind first-place Atlanta in the 
Centtal Division. 

Shawn Kemp scored 18 points for 
Cleveland, which has its longest win- 




103 


~ .t ■ 
■V\' ■ c '- 


Kncki 107, TimborwoWos 

Patrick Ewing scored a season-high 34 
points, and New York made more free 
throws than field goals in a home vic- 
tory over Minnesota, 


The Knicks shot 36-for-44 from the 
foul line and won their seventh straight 
at home, handing the Timberwolves 
their ninth loss in 11 games. New York 
was 33-of-83 from the field. 

Allan Houston added 17 points for 
die Knicks. who are 6-1 at home, but 
only 5-8 on die road. 

Pistons 103, Hots 99 Joe Dumars 
scored all of his season-high 22 points in 
the second half to help Detroit beat 
visiting New Jersey. 

The Pistons trailed at halftime, 49-46, 
but bounced back for their first three- 
game winning streak of the season. The 
Nets have lost three in a row. 

Magic 100, Mavaricte 90 In Dallas, 
Mark Price scored 18 points and Derek 
Harper added 16 against his former team 
as Orlando won its fourth straight. 

Michael Finley scored 20 points for 
the Mavericks, who lost for the 15th 
time in 17 games. 

Suns 94, Hawks 76 Steve Nash scored 
18 points and made all four of his 3- 
point attempts as Phoenix beat cold- 
shooting Atlanta. 

Cedric Ceballos added 17 points for 


the Suns, who won for the seventh time 
in 10 games and improved their home 
record to 9-3. 

The Hawks, who entered the game 
with the NBA’s best record at 15-4, 
couldn't recover after missing 10 of 
their first 11 shots. 

■ Veteran Looks to the Future 

Tom Chambers is retiring from the 
Philadelphia 76ers with hopes of land- 
ing a job with the team that traded him 
three weeks ago. the Phoenix Suns, The 
Associated Press reported. 

Chambers, who scored more than 
20,000 points in his 16-year career, was 
bothered by a bad back that relegated 
him to Philadelphia's injured list He 
appeared in just one game for the 76ers 
after being acquired from Phoenix on 
Nov. 21 for Mark Milic. 

The 38-year-old center-forward, who 
finished as the NBA’s 24th-be$t career 
scorer, plans to return to Phoenix and 
hopes to join the Suns “in some ca- 
pacity.” 

“He knows he’s welcome here,’ ’ said 
the Suns’ president, Jerry Colangelo. 





Vrr3&-_. ' 

Y . * - 

Job Kutiit ’Bruin* 

Mike Wilson of the Sabres being upended by Steve Heinze of the Bruins in the first period at Boston. 

Lindros Finally Has Bounce Go His Why 


The Associated Press 

Eric Lindros blamed his recent scor- 
ing slump in part chi the fact that 
negotiations for a new contract were 
going slowly. 

They got a shove when Anaheim’s 
Paul Kariya, another superstar looking 

NHL Ioundup 

for a new deal, finally signed. Then 
Lindros gave them another push with a 
three-goal performance in Phil- 
adelphia’s 4-3 home victory over the 
New York Islanders. 

“There’s been some ongoing com- 
munications,” Lindros said after scoring 
the game-winner with 1:27 to go. “May- 
be this will jump-start it a little bit ” 

Lindros 's father and agent, Carl 
Lindros, and the Flyers' general man- 
ager, Bob Clarke, said formal nego- 
tiations, which stopped in September, 
would begin Wednesday with an eye 
toward sealing a deal by Christmas. 

After scoring only once in his last 13 


games, Lindros banked a shot off an 
Islanders defenseman past goalie 
Tommy Salo for his 10th career hat 
trick. 

It was the kind of good-bounce goal 
Lindros has not been getting lately, 
and he says he hopes it isihe beginning 
of a trend. 

■ “There’s been so much bad luck,” 
he said Thursday nighL “Things have 
got to start bouncing for you. You go 
through ups and downs just like every- 
body else. Mine just seemed to go’ a 
little longer.” 

Lindros showed why he will be look- 
ing for a contract that will pay him at 
least as much as the $14 million Kariya 
will make over the next two seasons. 

On his first goal, which tied the 
game at 1 - 1 in the first period. Lindros 
was being cross-checked in the back 
when he redirected a shot by Rod 
Blind' Amour past Salo. 

The second goal featured his quick 
hands and ability to find the open ice. 
Lindros went to the side of the net and 


deftly lapped in a cross-crease pass 
from Brmd' Amour to put the Flyers 
ahead. 3-2. midway in die third period. 

Bruins 2, Sabres 1 frl Boston, Jason 
Allison scored with 5:51 left in the 
third period to lead the Bruins over 
Buffalo. 

Allison broke a J-J tie when he pur 
a shot past Dominik Hasek. who had 
1 15 scoreless minutes against Boston 
before Anson Carter scored the first 
Bruins goal. The victory ended a six- 
game Buffalo winning streak over the 
Bruins, who last beat the Sabres on 
March 31. 1996. 

BhMs 2 , Senators i Bren Hull and 
Blair Atcheynum scored first-period 
goals to lead Sl Louis to victory at 
Ottawa. 

The Blues' 2-0 lead stood until 
Radek Bonk scored for the Senators 
midway through the third period. 

The Senators' star forward, Daniel 
Alfredsson, re injured his right ankle 
and was helped off theice4:43 into the 
third. 


Tearful Mays Helps Break Ground for Stadium 


The Associated Press 

SAN FRANCISCO — On a sunny, 
wind-free day unlike most of those at 
Candlestick Point, the San Francisco 
Giants had an emotional groundbreak- 
ing for the Pacific Bell Park that will 
become their new home in April 2000. 

Willie Mays, known for home runs 
and basket catches rather than displays 
of emotion during his career with the 
New York Giants, later the San Fran- 
cisco Giants, responded with tears as the 
event on Thursday turned into a tribute 
to the Hall of Fame centerfielder. 

San Francisco’s mayor, Willie 
Brown, along with Barry Bonds, who 
played, on the 1997 National League 
championship team, and Willie Mc- 
Covey, another former Giants’ star, 
conducted the ceremony attended by 
about 6,000 fans. 

The Giants' owner, Peter Magowan, 


announced that the 42,000-seat stadium 
would bo situated at 1 Willie Mays 
Plaza and would have a statue of Mays 
at the entrance. 

“When someone talks about you like 
that and makes you feel the ballpark was 
built for yon, that's wonderful,” Mays, 
65, said. 

“It’s a wonderful feeling to have 
someone recognize you after 23 years 
out of baseball,” Mays said. * ‘I can’t tell 
you the feeling in my heart because so 
many people love me. I am very excited, 
and I don’t get very excited about many 
things.” 

The $262 million park will be built on 
a 13-acre (5-hectare) site in the China 
Basin, a section of San Francisco now 
dotted with abandoned wharves. 

The right-field fence will be just 307 
feet (94 meters) from home plate, and 
some homers over that fence will land in 


San Francisco Bay. Magowan said that 
the park, which is being designed by the 
HOK Sports architectural firm that also 
did the popular and homey Camden 
Yards in Baltimore, Jacobs Field in 
Cleveland and Coors Field in Denver, 
would not be a ‘‘cookie-cutter park.” 

. “It will be a small, cozy, intimate, 
urban, brick and steel, baseball-only, 
grass-field park," he said. “Baseball 
the way it’s supposed to be played. We 
are creating a park that will truly be a 
civic treasure.” 

Pacific Bell will pay $50 million for 
the naming rights to the park. 

The Giants’ general manager, Brian 
Sabean, mentioned the warm December 
weather at the site, a stark contrast to the 
cold and blustery conditions 'that often 
prevail, even during the summer, af 
Candlestick Park, the Giants’ current 
home. 




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Page 2o 


DAVE BARRY 


Mutant Christmas Trees 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-S UNDAY, DECEMBER 13-14, 1997 


How the Tango Went 




M IAMI — Tis [hat special time of 
year. The Holiday Retail Pnrchas- 
ujg Season, a time when we tradition- 
ally print heartwar min g human-interest 
stones designed to make you fed better 
about running up a level of debt nor- 
mally associated with Mexico. 

I have such a heartwarming story, 
which was published by The London 
Times and sent in by alert reader John 
NichoUs. The story, which I am not 
mating up, concerns a man 'named Neil 
from Devon, England, who discovered 
an owl nesting in usgarden. Eac h night, 
Neil would go outside and hoot to the 
owL To his delight, he'd hear a hoot in 
reply; then he’d hoot some more. This 
went on night after 
night, month after ' 

month; Neil even kept a A sdend 

log of his conversations . « _ j 
with the owL isolated 1 

Then one day Neil’s st fi 

wife got to talking about M \ VXU . U 

this with a neighbor, glows m 

who said that her bus- 

band, whose name is 
Fred, had also been going out every 
night to hoot to the owl. At this point the 
women realized dial their husbands had 
in fact spent an entire year hooting to 
each other. The owl was not involved at 
alL The owl was probably inviting its 
owl friends over to drink owl beer and 
listen to these two hooting twits and 
Laugh until they fell off the branch. 

I admit that mis heartwarming story is 
hot directly related to the holiday sea- 
son, but doesn't it make you feel better? 
You can say to yourself; “Maybe I will 
go broke this holiday season, and maybe 
I will wind up hospitalized with injuries 
sustained in hand-to-hand combat with 
other parents over who gets to buy the 
last Beanie Baby at the Toys Sure ‘R* 
Expensive store, bat at least Twill not be 
■ spending my evenings standing in some 
cold, damp English garden exchanging 
hoots with a man named Fred! " 

Yes, this is a time of year to count our 
blessings. Here's another one: Thanks 
to science, we may soon have a new, 
mutant Christmas tree. I have here an 
Associated Press article, sent in by 
many alert readers, about a plant sci- 
entist at the University of California at 
Davis who has isolated a certain gene 
from a fish that glows in the dark. The 
scientist's idea is to pm this gene into a 
Christmas tree, which would result in — 
yon guessed it — a Christmas tree that 
eats worms! 

No, seriously, it will be a Christmas 
tree that glows in the dark. Isn't that 
wonderful? 

No, it is not I speak on behalf of 
every person who has ever attempted to 
put a Chris tmas tree into a Christmas- 
tree stand, only to wind up on the floor, 

needle stab marks. Because the Christ- 
mas tree is the most vicious predator in 
the entire tree kingdom. You know how 


A scientist has 
isolated a gene 
from a fish that 
glows in the dark. 


sometimes hikers disappear in the 
foresi, and their decomposed bodies are 
found months later, and the authorities 
blame it on “exposure”? Did you ever 
stop to ask yourself: Exposure to what? 
I'll tell you what: Christinas trees. They 
travel in packs and can strike like light- 
ning with a variety of weapons. 

FIRST CORONER; What do we 
have here? 

SECOND CORONER: It appears to 
be another victim of “exposure.” Take 
a look at this. 

FIRST CORONER; Wow! I’ve nev- 
er seen a pine cone there before! 

But -as dangerous as Christmas trees 
can be in the wild, they are far more 
deadly when you 
" comer one in your 

It has house and try to put a 

tree stand on it So 
. here's what I want to 
aL rim* know: If scientists are 


going to impart a new 
the dark. quality to Christmas 

trees, why would that 

quality be the ability to 
glow in the dark? What we consumers 
want in our Christmas trees is the qual- 
ity of not poking us in the eye, combined 
with the quality of nor always keeling 
over like fraternity brothers on Intra- 
venous Vodka Night, I say if we’re 
going to inject genes into Christmas 
trees, let's take these genes from some 
rigid, immobile organism, such as 
Robert Stack. 

Maybe what we're dealing with here 
is a scientific fad. I say this because of 
another AP story, also sent in by many 
alert readers, concerning scientists at 
Osaka University in Japan who have, 
using DNA obtained from a jellyfish, 
managed to create — I am not making 
this up, either — a glow-in-the-dark 
mouse. Why would they (to this? Do 
they think regular mice are not already 

alarming enough? Do they think we 
want to come into our kitchen at 3 AJVL 
to enjoy a nutritious snack of congealed 
pizza, only to be confronted by glowing 
rodents scuttling around like something 
out of “The X-Files”? And what .will 
happen when — it's only a matter of 
time — some scientist has one too many 
glasses of sake and decides to pot some 
jellyfish DNA into a Christmas tree? 
Good luck getting THAT Thing into a 
tree stand! 

FIRST CORONER: Take a look at 

this. 

SECOND CORONER: Wow! Looks 
like that pine cone was inserted with 
some kind of tentacle! 

I've run out of space here, so let me 
just close this heartwarming holiday 
column by extending my sincerest gen- 
eric wishes to each and every one of 
you, especially Neil and Fred, to whom 
I say, from me bottom of my heart: 
Hool 

e 1997 The Miami Herald 

Distributed by Tribune Media Services. Inc. 


International Herald Tribune 

N EW YORK — Despite so little acre- 
age, Manhattan manages constantly 
to renew itself: An area now deep into 
rediscovery is the old Washington Meat 
1 Market, downtown on the Hudson, where 
transvestites trip over the cobblestones 
until the butchers arrive at 4 AM., where 
clubs such as die appropriately sulforous 
Hell open in former meat lockers, and 
where in aloft over the Two Flags Batcher 
Supply Co. every Tuesday night people 
come to dance the tango. 

A dance known for its heat, the tango 
these days is definitely cooL Carina 
Moller, who gives lessons and holds the 
Tuesday soirees, says she thinks people 

MARYBLUME ■ ^ 

are searching for something only tango 
offers. Getting started, she says, is easy. 

“Basically, it is waiting. But it is im- 
portant to dance it beautifully and you can 
spend your whole life learning/' ' ' 

T raine d in modem dance in her native I 

Berlin, where tango is very big, as indeed fly' 
it is all over Germany, she found a tango - 
community alrearjy in existence when she tp/s 

came to New York three years ago. She 
has 300 tango CDs. shows Argentine J 

movies and serves snacks and wine to a s 

decorous and not ungifted group. This 
must be the one spot in New York where 
people wear not Nikes but shoes. 

The tango craze extends far beyond the 
Washington Meat Market There are 120 tango Web 
sites at tost count and in one month, November, (here 
were new tango shows in New York and Paris; the 
Argentine tango singer Susana Rinaldi was touring 
Europe while Los Angeles announced that it would 
name a square after the greatest tango singer of them 
all, Carlos Gardel (1890-1935); and the English 
director Salty Potter's new film, “The Tango Les- 
son,” in which she plays a director named Sally who 
dances with and loves a Paris-based tango dancer 
named Pablo (played by the Paris-based tango dan- 
cer Pablo Veron) opened to warm reviews in London 
and New York. 

Potter, whose previous film was “Orlando,” 
studied tango in Argentina and found many things to 
love about it, including the fact that it is danced by all 
ages and says a lot about gender relationships. “For 
me, die tango was Idee a playground for the un- 
speakable and unpayable complexities of relation- 
ships,” she told The New York Times. 

why the tango and why now, 84 years after it left 
the louche bars and brothels of Buenos Aires to 
become die ballroom sensation of Europe? It is the 
one opportunity for contact dancing, a reaction 
against noisy modem deconstructed dances, sug- 
gests an NYU professor, Richard Siebuith, and its 
slithery movements are very much in tone with 
popular gliding sports such as roller-blading and ice- 
skating which is now undergoing a revival in such 
spots as die 38th floor of a skyscraper where the 
Rangers ice hockey team practices. 

The most erotic of dances, it is also a form of safe 
sex because it is only a dance. It defines our century 
more than any other dance, says the writer Richard 
Martin, since it “introduces the unprecedented ges- 
tures of male bravura and female aggression.” 
Martin is one of the contributors to “Tango: The 


rw 




Dance, the Story, die Song.” an illustrated history 
published by Thames and Hudson which traces the 
dance to Buenos Aires in 1877, when it was danced 
to die Ante, violin and harp (the typical tango 
squeezebox, the bandoneon, didn't arrive from Ger- 
many until later in the century). From the start it was 
connected with brothels and low life; its root may be 
an African word for “closed space” or “reserved 
ground.” 

The invention of die phonograph helped pop- 
ularize the tango and in 1907 Argentines came to 
Paris, where facilities were better, to record tangos 
accompanied by, of all things, doe Garde Repub- 
licaine band. By 1913, according to the writer 
Artemis Cooper, die tango was the craze of fash- 
ionable Paris, thereby making it acceptable in its 
native land as well, although u had. been banned at 
the Argentine Embassy in Paris. In London, H. G. . 
Wells proclaimed 1913 die year of die tango and 
Qneen Mary found it charming. 

Both Czar Nicholas -II and Alfonso XIU adored it, 
although the Kaiser, who disapproved even of such 
contact dances as the waltz and polka, had it banned. 
A Paris hostess replaced die politicians at her salon 
with tango dancers. The New York Times warned of 
fake Latin aristocrats who picked the pockets or 
pinched the jewels of partners transported by the 
dance. A discourse, “A Propos du Tango” was 
delivered by an academician at the Ihstitut de 
France. 

Deeply associated with death, pain and trans- 
gression, after World War 1 the tango reached new 
heights of popularity when Rudolph Valentino 
swooped through “The Four Horsemen of the Apo- 
calypse.” Tango soags, with lyrics about blighted 
love, drink, betrayal and the sanctity of motherhood 
made a star of Gardel who sang for the Prince of 


• . Wales (later Edward VIH). who 
, accompanied him on the ukulele, 
Gardel, bqm in Toulouse, moved 
to Buenos Aires at the age of 2 

and remains . a living presence, 
V 'despite his eariy death in an air 
. -crash, with a life-size bronze 
- statue in the cemetery in whose 
: fingers a lighted' cigarette is al- 
ways placed, like a votive 

. mn rflp. 

V : . In our times the great exponent 

of **n gn . music was Astor. 
Piazzoto (1921-1992) who stud- 
: •- jed with Nadia ^Boulanger and 
whose mosic has been played by 
the violinist Gidoa Kremer. the 

cellist Yo-Yo Maand the Kronos 

Quartet. According to Martin the 
- ■ , tango became the national dance 

; ■ -> •: of Finland, has been esteemed in 

Japan -since the 1920s and in 

■l Beijing is now an early morning 

V- ^ group exercise replacing tai chi 

j a chuan, an ancient martial art. 

Of tango’s enduring attraction , 
( a contemporary choreographer 

) i and dancer. Juan Carlos Copes, 

, Y'SKaSSK’ says, “The tango is man and 
'■'Y •" * woman in search of each other. . . 

‘ . The music arouses and tor- 

^ ■ men is, the dance is the coupling 

Of two people defenseless against 
m the world and powerless to 
change things.” For Potter, it 
asks, “Are we alone, or are we 

linked?” 

Until the eariy 1980s the tango danced outside 
Argentina was the sanitize d ballroom version. Then 
“Tango Argen tina, ” a musical history of the dance 
opened with an advance sale of only 200 tickets in 
Paris in 1983 and went on to tour the world. It was the 
first view of the tango as dirty dancing — the 
unfamiliar use of the leg hooked to embrace or en trap 
a partner, the combination of aggression and de- 
pendence that Borges describeowhen he wrote, 
“The tango took hold of us, driving us along and 
then splitting us up and then bringing us back 


The fact that nowadays people are taking lessons 
to learn such a richly subversive and culturally 
complicated dance baffles Dr. Estela Welldon, an 
Argentme-bom Fellow of the Royal College of 
Psychiatrists whose tango on her 50th birthday in- 
flamed mnch of North London. Tango lessons make 
about as much sense to her as learning about sex 

from a manual 

“It’s tame tango now, everyone has the same 
steps. 1 just can't believe it because before it was 
very inventive, do one learned it” True tango, she 
says, always expresses defiance and controlled 

nhmirifmmpnt 

If die tango still implies transgression — when the 
Chinese were insulting Hong Kong-'s last governor. 
Chris Patten, among the epithets they hurled were, 
“clown,” “assassin” and “tango dancer" — these 
days there to no tinge of danger or defiance. 

More likely, its precisely controlled movements 
give a sense of order. As A1 Pacino says in the 1992 
film “Scent of a Woman” while dancing to Gardel's 
“Porunacabeza,” “There are no mistakes in tango. 
. . . Not like life. ... If yon get all tangled up. you just 
tango on.” 



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PEOPLE 


T HE New York Rim Critics Circle 
has voted “LA. Confidential” the 
best film of 1997. The glittering filmnoir 
set in sin-soaked Southern California 
was also cited for Curtis Hanson's di- 
rection and for its screenplay, adapted by 
Hanson and Brian Helgeland from 
James Ellroy’s labyrinthine cult novel. 
The acting awards honored three major 
comebacks: Peter Fonda, best actor, for 
“Ulee’sGold”; Julie Christie, best act- 
ress, for “Afterglow,” and Burt Rey- 
nolds, best supporting actor, for ‘‘Boo- 
gie Nights. ' ’ Best supporting actress was 
Joan Cusack, for “In and Out” 


Autumn Jackson, who tried to extort 
$40 million from Bill Cosby by threat- 
ening to tell tabloids that site to his 
illegitimate daughter, was sentenced Fri- 
day to 26 months in prison. But the 
federal court in New York left open the 
possibility of reducing that pending 
completion of a rehabilitation program 
in prison. Before sentencing, Jackson, 
23, made a tearful statement, apologiz- 
ing for her actions, “I’ve had along time 
to dunk about what I’ve done,” she said, 
“and I'd like to apologize to the court 
and Mr. Cosby.' Jackson sent her 
money demand to Cosby on Jan. 16, the 
day that die actor’s son was shot to death 
in Los Angeles. Two days later, she and 
a co-defendant, Jose Medina, 51, were 
arrested in New York after signing what 
purported to be a $24 million payoff 
agreement with Cosby’s lawyers but 
rally was an FBI sting. Jackson and 
Medina were convicted in July of ex- 
tortion, conspiracy and crossing state 
lines to commit a crime. 


Frank Sinatra turned 82 on Friday, 
and spent the day at home in Beverly 
Hills. A spokesman said friends and 
family would “stop by for the birthday 
cake.” 


Malcolm Forbes’s toy soldier col- 
lection brought in $592,618 — far ex- 
ceeding the 5250,000 Christie's had an- 
ticipated. “This to truly the way our 
father would have liked it,” Robert For- 
bes said of the sale of about 15,000 of his 
father's 60,000 toy soldiers. Bidders who 
couldn't capture any soldiers at the sale 
in New York will get another chance on 



Vioec Bncd/AfeaoB Fimcfr-ftm* 

TIME KEEPER — Peter Fonda wearing an extra watch (the clear one) 
with a chip that allowed access to the premiere of “Jackie Brown.” 


Thursday, when the sale continues at 
Christie’s in London. Several hundred 
toy soldiers that belonged to die late 
publisher will remain in the Forbes Mu- 
seum on Fifth Avenue. 


Reg Murphy, the National Geo- 
graphic Society’s chief executive, has 

topjobat theeducational and publishing 
organization. He said he had been plan- 
ning foe move all along and dismissed 
any suggestions of dissension in his de- 
parture. Murphy’s successor to John Fa- 
hey, who joined National Geographic 
just 20 months ago from Tune-Life. 


Steven Spielberg has been hit with 
another lawsuit, this one by an unem- 
ployed videomaker who says the di- 
rector stole his work. Jay L. Rappoport 
made his claims as Spielberg to defend- 
ing himself against Barbara Chase-Ri- 
boud’s allegations shat he borrowed 
from her 1989 novel “Echo of Lions” 


Deck the Halls With Boughs of Rubbish 

Agence Frcnce-Prtise . 

L ONDON — A refuse bin foil of Christmas rubbish went on display at 
London's Tate Gallery of modem art. 

The still-life composition, called "Christmas Tree 1997,” symbolizes the 
consumption and waste in modem society. Described as a “deeply moral 
work,” it features a children's toy from foe BBC television series “Te- 
' letubbies,” numerous supermarket bags, a broken tree, drink cans and a pizza 
box, 

“Christinas Tree 1997” was created by London artist Michael Landy, 34, 
who said he wanted viewers to appreciate the aftermath of the festive 
season. 

In 1994, his still life composition of a bin foil of rubbish at the Karsten 
Chubert Gallery in London was accidentally thrown away by a cleaner. 


for his movie “Amtotad.” Rappoport 
claims that Spielberg’s 1994 film “The 
Pagemaster,” which 'starred Macaulay 
Cuittin, lifted scenes from Rappoport's 
1992 video’ “Critical Scrutiny.” 


The Naguib Mahfouz medal for lit- 
erature, awarded by the American Uni- 
versity in Cairo, has been given to the 
Palestinian poet Merid al-Bargouthi 
and, posthumously, to the Egyptian 
novelist Yussef Idris, who died in 1991. 
Mahfouz, who won the Nobel Prize for 
Literature in 1988, was present for foe 
presentation of the second annual lit- 
erature prize that bears his name. The 
winners of foe annual award win trans-. 
lation of their works into English. 


Barbara Bush to recovering from a 
total hip replacement at the Mayo Clinic 
in Rochester, Minnesota. The medical 
center said the 72-year-old former first 
lady was in good condition after the 
operation on Wednesday and should be 
released in several days. 


The Motley Crue rockers Tommy 
Lee and Nikki Sixx were arrested in 
Phoenix, Arizona, after they allegedly 
ridiculed security and assaulted a guard 
in a wild post-concert melee in which 10 
people suffered minor injuries. Lee and 
Sixx were charged with one count each 
of misdemeanor assault and released. A 
spokeswoman for the America West 
Arena said, “We understand that con- 
certs like these are going to be rowdy. 
But the band crossed over foe line early 
on and encouraged foe crowd to riot” 
Witnesses reported that foe trouble 
began when band members began ri- 
diculing security to foe 6,000 fens.