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Diplomats 

Press Turkey 
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^ Despite Union’s Rebuff, 


Door Remains Open 9 
To Ankara, Kinkel Says 

By Stephen Kinzer 

New York Times Service 


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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


London, Tuesday, December 16, 1997 


No. 35.705 


Asian Chiefs Plead for Aid 

Bailouts by Rich Nations Aren't Building Confidence 


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ISTANBUL — A day after Turkey 
froze its official ties with the European 
Union, diplomats from European coun- 
tries urged the government here to re- 
consider. 

' At a summit meeting in Luxembourg 
over the weekend, the EU deferred ac- 
tion on Turkey’s application for mem- 
S j ; r, bership, as it had done several times 
* * > ’' 1 I Vi/tufr. .before. It offered Turkey a place at a 
• ,•/ forthcoming European conference, bat 
? - - Prime Minister Mesut Yiimaz turned it 

down, saying he would not attend “a 
conference without concrete content.’' 

' ■ Many politicians and commentators 
applauded Mr. Yilmaz’s decision, say- 
ing the Union had insulted Turkey and 
that further negotiations would be point- 
less. Newspapers carried banner head- 
lines reading “Historic Answers!” and 
“A Cold Period With Europe. ” 

‘ In foreign capitals, however, officials 
reacted with dismay. Foreign Minister 
Klaus Kinkel of Germany said Monday 
that the Union’s offer had been fair and 
jUhat he regretted Turkey’s “harsh and 
a rash” reaction. He said he hoped Ank- 
ara would reconsider its response in a 

* ‘calmer and more reasonable way. ” 

* “This must not and will not be the last 
( *v " ‘ word.” Mr. Kinkel said in Bonn. “The 

• door remains open." 

Asked if Mr. Yiimaz had been correct 
in asserting that European countries 
were reluctant to embrace Turkey be- 
cause of its Muslim religion, Mr. Kinkel 
replied, Of course not. •’ 

In London, a spokesman for the For- 
eign Office said, ‘‘We believe the EU 
put forward a substantial package, and 
•we hope the Turkish government will 
reflect on its decision.” 

Foreign diplomats nr Turkey said the 
government had built up the public’s 
hopes that Turkey might be welcomed 
in Luxembourg, despite knowing those 
hopes were unrealistic. 

“The reaction you see now has a lot 
to do with domestic politics," said a 
■ -«■■■ senior European diplomat here. “Op- 

ponents of Yiimaz are playing this as a 
scandalous failure, so he had to react It 
was important, though, that when he 
was criticizing the EU he never spoke of 
‘alternatives,’ which is a code word for 
turning away from die West.” 

“The Tunts have a point to be upset 
about the way they were treated in Lux- 
embourg, especially on issues relating 
to Greece,” the diplomat added. * ‘It was 
not done well. But the way they reacted 
was not good and not necessary. They 
could have played the whole thing as a 
successful step forward and worked 
with it. It’s difficult to see how what 
they’ve done can work over the long 
term.” 

Many Turks who deplored the Un- 



By Keith Richburg 

Washington Post Service 


KUALA LUMPUR — As their cur- 
rencies look yet another nosedive on 
Monday, Southeast Asian leaders called 
for a more concerted international drive 
by the world's economic powerhouses 

— the United States, Europe and Japan 

— to help stem a financial crisis that has 
wreaked havoc on the region’s econ- 
omies. 

A statement issued after an Asian 
regional summit meeting did not specify 
the steps needed to avert further eco- 
nomic damage. Bailout packages total- 
ing more than $100 billion have already 
been put in place for the three hardest- 
hit countries. 

The statement Monday was an official 
acknowledgment that the money seen so 
far, released in small disbursements and 
tied to specific belt-tightening economic 
reforms, has done little to solve what is 


now essentially a crisis of confidence. 

‘ ‘Despite the economic fundamentals 
of the regional economics being cor- 
rected and improved through the sup- 
port and advice of the IMF,*’ the state- 
ment said, “the depreciation of the 
currencies has continued unabated.” 

The statement said the nine leaders of 
the Association of South East Asian 
Nations "called for greater national, 
regional and international efforts, in- 
cluding by the major economies such as 
the European Union. Japan and the 
United States, and international finan- 
cial institutions, to overcome this situ- 
ation as soon as possible and address the 
systemic issues underlying it." 

The sLKement added (hat it ttjs “ur- 
gent” that global efforts be made “to 
arrest the currency slide and restore 
stability to the currency markeis." 

If any further evidence was needed of 
the urgency of the appeal, the region's 
currency markeis promptly provided it 


on Monday, continuing a staggering 
downward spiral that accelerated last 
week and has already erased much of 
the value oflocal currencies, wiping out 
savings and making dollar-denomin- 
aied debts harder to repay. 

Hopes quickly faded that an Asian 
solution would be found, or that Asia's 
i wo biggest economies — Japan and 
China — ^ were willing or able to lead the 
way oul of the crisis."! Page 13) 

In Malaysia, the host country of the 
summit meeting, the local currency, the 
nnggii. dropped to an all-lime low of 
3.90 to the dollar. The government has 
responded to the economic crisis by ask- 
ing Malaysians to use only one spoonful 
ofsugor. instead of two or three, in their 
tea and coffee, in order to cut down on 
sugar imports. Cabinet ministers have 
been told to curtail their use of Mer- 
cedes-Benz limousines and opt for lo- 

See CRISIS, Page 4 


South Korea Floats Beleaguered Won 


hi«i Suns HyuVApmuc Fi^vtotv 

A girl waiting for her car Monday in front of a Seoul supermarket after 
stocking up with staples, an example of the panic buying in the capital. 


U.S. Welcomes Overture 
For Dialogue With Iran 

But Clinton Warns of Concerns About Terrorism 


By Brian Knowlton 

fnremai tonal Herald Tribune 


* 


Moil? 


oil,. 


i' 


See TURKEY, Page 4 


WASHINGTON — President Bill 
Clinton said Monday that he would wel- 
come a dialogue with Iran if it dealt with 
substantive issues dividing it from the 
United States, including state-sponsored 
terrorism. 

Mr. Clinton added that he was * ‘quite 
encouraged” by President Mohammed 
Khatami’s call Sunday far renewed dia- 
logue with the American people. 

Mr. Khatami's comments were being 
described as the most conciliatory ges- 
ture from an Iranian head of state since 
the Islamic revolution of 1979. 

“I would idee nothing better than to 
have a dialogue with Iran,” Mr. Clinton 
told reporters, “as long as we can have 
an honest discussion of the relevant is- 
sues.” 

Those issues are large, headed by 
U.S. concerns about Iranian state-sup- 
ported terrorism, and have overshad- 
owed relations in the region for years. 
Still, Mr. Khatami’s call fora “thought- 
ful dialogue' ’ appeared to be the sort of 
signal Washington has watched for 
since the Iranian president took office 
in August. 

Mr. Clinton called Mr. Khatami’s 
statement “welcome” but listed the 


substantial concerns Washington be- 
lieves should be part of any dialogue. 

. ‘‘We remain concerned about their 
sponsorship of terrorism, about violent 
attacks on the peace process, about de- 
velopment and acquisition of weapons 
of mass destruction,” Mr. Clinton said. 
“And we will continue to be concerned 
about those things.” 

Mr. Clinton did not specifically echo 
administration spokesmen who said 
Sunday and earlier Monday that any re- 
engagement with Iran would require a 
change not only in Iranian statements but 
also in actions. 

It thus remained unclear whether Mr. 
Khatami’s comments alone might be 
enough to induce the United States to 
begin to bury the resentment that has 
lingered since Islamic radicals seized the 
U.S. Embassy in Tehran on Nov. 4, 1979, 
and held hostages until Jan. 21, 1981. 

See CLINTON, Page 4 


Trading Bands Are Lifted 
Amid Market Optimism 

By Andrew Pollack 

New York Tima Service 

SEOUL — South Korea said Monday night that it would 
allow the won to trade freely against the dollar starting 
Tuesday, a move that risks subjecting the currency to even 
wilder nosedives than it experienced last week. 

The announcement came at the end of a day in which the won 
staged a recovery as the mood brightened here that South Korea 
would be able to avoid catastrophic default on its foreign debt. 

Kim Woo Suk. director-general of the international finance 
bureau at the Ministry of Finance and Economy, said the won 
was being floated to enhance the func- 
tioning of the currency market and “al- 
low the price mechanism to work.” In 
recent days the won has often fallen or 
risen by its maximum allowable amount, 
bringing trading to a halt after that. 

[A senior central bank official said 
that the move had been dictated by the 
International Monetary Fund, which is 
demanding that Seoul deregulate finan- 
cial markets in exchange for the $60 
billion rescue of its economy, Reuters 
reported from Seoul. 

fin Washington, Fund officials said 
Monday that South Korea would not get 
early access to the rest of its $1 5.5 billion 
line of credit, Bloomberg News reported. 

Pressure from Seoul for the lending 
agency to grant early disbursement of the 
funds is unwarranted, they said, adding 
that release of the funds ahead of schedule 
could make it easier for the government to 
avoid painful economic reforms,] 

On Nov. 19, Seoul widened the per- 
missible eroding band on the won to 10 
percent from 2.25 percent. That meant 
that the currency could rise or fad each 


See WON, Page 4 


Tokyo Sets Aid Plan 

• Japan will use bonds worth 
$77 billion to bolster its financial 
sector, the governing Liberal Demo- 
cratic Party decides. Page 13. 

• Key economic forecasts are 
altered over Asian turmoil. Page 13. 

• Japan firms grow more pes- 
simistic, a survey finds. Page 17. 


| The Dollar 1 

New York 

Monday 6 4 P M. 

pnewa* dose 

DM 

1.776 

1.7745 

Pound 

1.6335 

1.651 

Yen 

130.77 

130 35 

FF 

5.9495 

5.9475 

HP 

Monday ck&e 

Effevipus clow 

+84.29 

7922 59 

7838.30 

S&P 500 | 

change 

Monday 6 * P M. 

previous dose 

+9.99 

963.39 

953.40 


Going on a Buying Frenzy 
In Bargain Basement Seoul 

By Mary Jordan 

W.idunyioii P.ist Sen u e 

SEOUL — In the Bargain Basement formerly known as 
Seoul, discount-drunk foreigners, are buying such huge piles 
of designer goods that shopkeepers are loading it all into huge 
garbage bags because nothing else is big enough. 

The shop- lined alleys of die lraewon market district have 
been overtaken by a giddy, almost delirious frenzy of shop- 
ping. Foreigners walk shoulder to shoulder lugging huge bags 
of goodies. Strangers meet eyes and share embarrassed 
laughter. Shopping here is so absurdly cheap, it almost seems 
wrong. 

"I’m embarrassed carrying all this 
stuff.” said Julie Nichols, an Australian 
administrator in a Tokyo bw firm, who 
flew to Seoul this weekend with three 
friends to lake advantage of the plum- 
meting South Korean won. “It makes 
me feel very materialistic.” 

Although the won rose a bit in value 
against the dollar Monday, it took a 
killing last week. Over the past two 
months, it has lost about 50 percent of its 
value against the dollar. As South Korea 
faces recession, job losses and months of 
bitter fiscal medicine to get hack on track, 
many expect prices to rise. Part of the 
frenzy of shopping in the past few days is 
caused by a feeling that the cheap prices 
could not possibly last very long. 

But now, foreigners with foreign cur- 
rency are out in force. Some grabbed 
flights here expressly to shop or maybe 
to enjoy a suddenly cheap ski vacation. 
Other shoppers are here on work trips 
and still more live here and get paid in 
dollars, yen. sterling. Australian dollars 
or other currency. 


See BARGAINS, Page 4 


A Rare Chance to Connect 

Iran and U.S. Talk Quietly to End Af g h an War 


By Barbara Crossette 

New York Times Service 


> 


NEW YORK — For several months, 
in low-key meetings at the United Na- 
tions that began after Mohammed Kha- 
tami took office in August as Iran’s first 
popularly elected president, Iranians and 
Americans have been working in a small 
group of nations to explore ways to end 
the civil war in Afghanistan. 

The talks on the Afghan conflict ■— 
which both countries want to end, 
though for different reasons — provide 
npt only a rare chance for direct contact 
between Iran and the United Slates, but 
also an opportunity to establish some 
kind of longer-term working relation- 
ship between Washington and Mr. 
Khatami, who offered an olive branch to 
the United States at a news conference 
Sunday in Tehran, the Iranian capital. 

“We are hopeful that the Iranians will 
play a constructive role in bringing their 
influence to bear to see the fighting 


stop and negotiations begin for the es- 
tablishment of a broad-based 


govem- 


Hz 


Newsstand Prices 


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Cyprus C £ 1M ~~12S»NajB 

Denmark. ...1400 DKr Oman 1-250 OH 

Finland 12.00 FM Qatar 

Gtorater. £ 0.85 Rep. lieland...!R £ 1 JO 

Graat Britain ....£ 090 Saud Aratta -,-10 SR 
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Jordan..,.-.- 1.2S0 JD UA.E. HWODn 

Kenya SH 160 US. Mil 

Kuwait 700 Ffls Zfcnbabw).-. ZmS40JO 


51 





ment in Afghanistan,” said Karl Inder- 
furth, assistant secretary of state for 
South Asian affairs, who has been meet- 
ing with the Iranians in New York. 

The United States, which has isolated 
Iran since the seizure of the U.S. Em- 
bassy in Tehran in 1979 and the holding 
of American hostages for nearly 15 
months, nevertheless has some expe- 
rience in dealing with Iranians in the UN 
system. . , 

On occasion, most recently in inter- 
national arms control negotiations, the 
Iranians have often been less obstructive 
than, for instance, India, with which 
Washington has had a long, unbroken 
relationship. 

Mr. Inderfunh left Sunday for amp to 
London, Paris and Moscow to discuss 
the problems in Afghanistan. The talks, 
which began here in the fall include 
officials from the United Stales, Russia, 
Iran, Turkmenistan, Uzbekistan, 
Tajikistan, Pakistan and China. Mr. In- 
derfurth said that other nations had 
shown an interest in joining, signaling 
their hopes that progress can be made. 

The UN talks, led by Lakhdar 
Brahimi, a former Algerian foreign min- 
ister who is Secretary-General Kofi An- 
nan's special envoy on Afghanistan, are 
focused on how io bring the militant 
Taleban movement, which has taken 
control of more than 80 percent of Af- 
ghanistan, into power-sharing negoti- 
ations with a group °f loosely allied 
warlords in the north of the country. 

Although the Taleban fighters are de- 
voutly Islamic, they are ethnic Pathans 
and Sunni Muslims. The Iranians, who 
are Persian-speaking Shiite Muslims, 
have been supporting one of the 
jc Taleban. 


Clinton Deflects 
Fight With Senate 

President Bill Clinton, in a confron- 
tation with Republicans, decided Mon- 
day to name an Asian- American law- 
yer, Bill Lann Lee, as the government’s 
civil rights chief in a temporary ca- 
pacity, officials said. 

The move falls short of a “recess 
jintmeot” that would have been a 



affirmative action programs. 

Mr. Clinton named Mr. Lee as acting 
head of the Justice Department Civil 
Rights Division, allowing him to serve 
without Senate confirmation. Page 3. 


Books 

Page 7. 


Page 17. 



Sports 

Pages 20-21. 

1 The IHT on-line 

vAmiht.com | 



AGENDA 


U.S. Military to Get Shots for Anthrax 


WASHINGTON fAP> — Defense 
Secretary William Cohen decided 
Monday that the 1 5 million members 
of the armed forces should be inocu- 
lated against anthrax, a biological agent 
that can be fatal even in microscopic 
amounts. 

The aim is to protect U.S. forces 
amid a mounting threat of biological or 


chemical warfare and the confrontation 
with Iraq over efforts to uncover 
weapons of mass destruction. 

Terrorist bombings aimed at U.S. 
troops in Saudi Arabia, controversy over a 
possible Gulf War syndrome and fears 
that enemies such as Iraq and North Korea 
might use biological weapons prompted 
the move, officials said. 


80 Believed Dead in Emirates Plane Crash 


Bill Lann Lee,, who becomes civil 
rights chief on a temporary basis. 


DUBAI (AFP) — At least 80 people 
died when a passenger plane from 
Kazakhstan crashed Monday evening 
in the desert near Shaijah airport in the 
United Arab Emirates, an airport 
source said. 

The plane, a Tupolev-154, was car- 
rying 77 passengers and nine crew 


memben*. the source said. According to 
the source, two of the passengers sur- 
vived. 

An airport official confirmed that a 
plane belonging io Tajikistan Airlines 
crashed about 12 kilometers (seven 
miles) from the airport, hut did not say 
if there were any victims. 


Again , Hutu Genocide Against Tutsi Tears at Rwanda 


groups resisting 


the' ethnic 



■r.tfinr DulLafttttfcr. 


See IRAN, Page 4 


A Tutsi survivor of a massacre at a Rwandan refugee camp holding her 
two children at a new camp set up in the troubled northwest region. 


By James C. McKinley Jr. 

.Vin tivt Tima St nice 

G1SENY l, Rwanda — The little girl ’s 
head had been split by a machete. A long 
ragged suture ran from her left eye 
across her ruined skull. Her breath 
fluttered shallow and light, and her frail 
body seemed to ding to the world of the 
living with no more than a butterfly’s 
strength. 

“We found the baby between the bod- 
ies of the parents.” the girl’s aunt, Es- 
perance Dusabi, said, wiping blood from 
the child’s head in the green light of a 
makeshift hospiial tent. “They killed my 
younger sister, her husband, their chil- 
dren. This is the only survivor. I don't 
know how 1 can describe them. These 
are people who want to exterminate all 
of mankind." 

The 4-year-old girl. Alice Mukeshi- 
mana. was one of 227 wounded people 
who were brought to the Gisenyi Hos- 
pital after Hum guerrillas attacked aTutsi 
refugee camp in north western Rwanda 
last week, killing at least 27 2 and leaving 


nothing but burning tents and leaflets 
preaching genocideln their wake. 

Three years after Hutu massacred 
half a million Tutsi and a Tutsi-led 
rebellion overthrew the government that 
orchestrated the killing, the ethnic 
bloodletting has returned and intens- 
ified. The attack was the latest atrocity 
in a growing war between the Rwandan 
Army, which is dominated by the Tutsi 
minority, and Hutu guerrilla hands, 
which advocate the extermination of the 
Tutsi and the return of a Hutu-controlled 
government. The spiraling violence has 
made a mockery of the Tutsi-controlled 
government's attempts to heal the 
wounds of the genocide and reconcile 
the two ethnic groups, which have been 
locked in racial violence since the coun- 
try gained independence from Belgium 
in the early 1960s. 

The conflict has grown in the last six 
months, turning the northwest region of 
the country into a deadly militarized 
zone where no one feels secure. The 

See RWANDA, Page 4 









EVTERNAITCHVAL HERALD TRIBUNE, TUESDAY, DECEMBER 16, 1997 


PAGE TWO 


Rural Migrants 5 Dilemma I They Can't Go Home Again 

In Bangkok, Lo 

west of 

the Low Lose Jobs First 


By Seth Mydans 

New York Tunes Service 


hill. 


By Don Kirk 

Special to the Herald Tribune 


SEOUL — The elderly women wait patiently in 
the narrow alleys twisting off one of Seoul's main 
boulevards. Occasionally they chat with passers by, 
then dip into large handbags or scurry into a room 
behind a nearby restaurant 

“It’s very difficult to gain much of a profit these 
days," says one, peering into a pocketbook con- 
taining rolls of hundred-dollar bills and 1 0,000-yen 
($77) Japanese notes. “You never know which way 
the money is going/* 

Still, business in the city’s currency black market, 
lurking in die back alleys and in the arcades winding 
from die Namdaemun market to Myaogdong, & 
high-fashion shopping district, has never been bet- 
ter — because of the precipitous weeks-1 ong drop in 
die value of the Korean won. 

“People need dollars or yen and they can’t get 
them at the bank,” says one of the women who has 
been changing money in the same alley for more 
than 20 years. “They want it for overseas trips. 
Maybe they want to gamble in Las Vegas or buy 
clothes or presents when they go abroad.’* Koreans 
are legally permitted to cany no more than $10,000 
with Aem on overseas trips. 

Then there are the clients who cany hand currency 
and high hopes that one of the women will give diem 
just a few won more to the dollar or yen. 

“We can always do a little better than the banks/* 
says a woman running her business from the entry id 
a building where she says she maintains an office 
with a couple of phones. “We make enough to keep 
going." 

These women are bag ladies only in the sense that 
they cany big bags. Otherwise, they appear well- 
dressed and pospetwisframablack: market that dates 
to the era when the government, after the Korean war 


c We can’t find work at another factory because other factories are dosing, 
too,’ said a Thai seamstress, one of many fired in the economic collapse. 


industries and an expanding middle class. Few na- 
tions have experienced tbe land of building spree that 
turned Bangkok's skyline, in a blink, into a chaos of 
odd-shaped towers. 

Few have indulged like Thailand in car-baying: It 
is one of fee world' s leading markets for Mercedes- 
Benz sedans and the leading purchaser, after the 
United Slates, of pickup trucks. 

But there was always an underside to the boom: 
fully 60 percent of the country's 60 million people 
r emain ed poor. Half the nation's wealth was in the 
hands of its richest 10 percent. The disparity in 
income between the coon try’s rich and poor became 
one of the five sharpest in the world, according to 
World Bank figures. 

Througfaont the region, to varying degrees, eco- 
nomic growth has brought the greatest benefits to a 
privileged few. The poor majority often gained 
better health care and better social services, but they 
remained poor. 

Miss Sufeasini, who came to work at the PAR 
Garment Factory a decade ago, has lived this side of 
Thailand’s boom. 

“In these 10 years my country has grown rich,” 
she said, “but not me. Nothing for me has im- 
proved.’’ 

She earned the minimum wage on her first day of 
work L0 years ago, and she earned the minimum 
wage on her last day, last month. Far from making 
her wealthy, her salary of $3 JO a day was not even 
enough to cover her basic needs. 

Like the bankers and property developers whose 
profligacy helped cause tbe country’s crash. Miss 
Sufeasini has been left not only jobless but also in 
debt. She owes $40, or nearly two weeks’ pay. 




bartered or stolen in those depressed days from U.S. 

value for the won wastogo^to fetTbiack market for 
several times the amoiints preferred by the banks. 

The black market ‘survives today even though 
bank rates now reflect very close to the real value of 
the dollar. The women who dominate the market 
offer little more than the banks and sometimes do 
not give quite as good rales as the won slips and 
slides up and down by the hour through the day. 

“The rate is always negotiable.” says a woman 
sitting on a stool in the entry to a rundown office 
building across a broad street from fashionable 
department stores and office buildings. 

“Usually the margin for $100 is a few hundred 
won," only 20 or 30 cents at the current rate of 1,600 
to 1,700 won to the dollar. “We are here to spend 
time, earn some pocket money.” 

For years, tbe police have tolerated die black 
market, which is ran from behind the scenes by 
gangsters who also take payoffs and protection 
money from nightclubs, hostess bars and drag- 
dealing. The women will not say who “protects” 
them or how they got into the business, but some are 
believed to be the widows or daughters of soldiers 
killed in the Korean war. 

“If s dangerous since we cany a lot of money/ ’ 
says one of tbe women, who works with her middle- 
aged daughter at the opening of an alley. She does 
not hesitate, however, to wave several fistfuls of 
hundred-dollar bills as evidence of the business she 
is prepared to do for the day. 

“It s not such a big business that we are con- 
cerned about it," said Kwak Sang Yong, deputy 
director of the foreign currency section of the fi- 
nance ministry. “Maybe that's why it exists.” 


B . EYQND this, _she has . Jitde. to show-for. 
Thailand’s economic boom. “Tbe role of 
the poor in the boom has been to create the 
wealth," said Jlllngp^om, a political sci-_ 
entrst at Chulalon^kom University. “Now when tbe 
boom turns to sltnhp, some of them will be cast aside, 
and they have no thing to cushion them at alL” 

Miss Song, the seamstress, is one of 10 children 
in a forming family in Thailand’s poor northeast, a 
region that suffers chronically from a cycle of 
drought and flood. All but one of her siblings also 
migrated to Bangkok — the sisters as factory work- 
ers, the brothers as drivers. . 

“These were the only jobs we could get," she 
said. “We came to the city to work and send money 
home to our parents," she continued. “Now we are 
losing our jobs. Who will support my family? If I go 
home, who will support me? 5 ’ 


Tig n ran ■ rnr 



Direct Infection of Humans 


By Rone Tempest . . . 

I jte Angeles Tbnes Sendee 

HONG KONG — In late March, 
chickens began dying on three small 
poultry forms in Bong Kong*s outlying 
New Territories. 

Microbiologists determined that the 
4,500 dead birds in tiny Las Fau Slum 
village succumbed to a particularly vir- 
ulent strain of avian inflnenza. De- 
scribed by one leading American vir- 
ologist as “chicken Ebola/’ die virus 
spreads swiftly, ’ attacks all the cells in 
the infected bird's body and is nearly 
always feraL 

On May U, a 3-year-old boy was 


U.S. and Japan Close In on Aviation Accord 


toms: acute fever, sene throat and raspy 
cough. Ten days later, the boy died of 
viral pneumonia and other complica- 
tions. " 

Then' something' happened that has . 
excited and frightened nealth officials 
around-the world: A lab analysis found 
that die boy was infected wife fee same 
vims that killed fee New Territories 
chickens — the first recorded case of a 
pure, bird virus infecting a human be- 
fog- . 

The r emarkabl e discovery, which has 
been followed by at least three more 
cases here, one of them fatal, has sent 
scientists around the world flocking to 
Hong Kong and has., spread alarm 
throughout the territory, where worried 
citizens are releasing caged pets and 
avoiding chicken in their diets. 

But while fee new virus has troubling 
implications for world health, it also 
could help solve one of humankind’s 
greatest medical mysteries about how 
flu viruses mutate and grow, period- 
ically circling fee globe in deadly pan- 
demics. 

“The most interesting dement,' ’ said 
Kennedy Sbortridge, an Australian mi- 
crobiologist and flu specialist at the 
University of Hong Kong, “is. that we 
are having w^t appears to be an early 
warning.’’ 

This is the first time feat disease 
specialists have been present at the 
earliest stage of a virulent new flu strain, 
Mr. Sbortridge said. Ideally, this would 
allow scientists to come up wife a vac- 
cine in time to keep the flu from sweep- 
ing the planet while at fee same time 
teaching them a lot about its origins. 

: This new Hong Kong flu, assigned 
fee scientific name H5NI, was dis- 
covered during a routine post-mortem 
laboratory analysis. Tissue taken from 
the 3-year-old’s body foiled to react to 
antigens that would identify the virus as 
me of two flu types comm onto human- 
beings. 

In August, a laboratory in fee Neth- 
erlands came up with fee startling cour 
elusion — later corroborated by Amer- 
ican and British flu labs — that fee avian 
virus had been transmitted to a human. 

“This is puzzling.” said Dr. Daniel 
Lavanchy, chief of fee influenza pro- 
gram for the World Health Organization 
in Geneva. ‘Tor years, we've known 
that this virus is dangerous in birds, but 
we’d never seen a human case. We have 
no explanation yet, but we don't like it 
when a new virus gets into humans.” 

The scariest possibility — although 
the experts feel it is remote because 
there is do evidence yet of human-to- 
human transmission — is that Hong 


WEATHER 


Kong H5N1 represents what scientist* 

term an “antigem<rshift“ between spe. 

ties. 5 $ 

Some scientist believe simi lar shiSfl 
preceded the 1918-19 “Spam* 
which killed 20 million to 40 minife 
people worldwide, as well as the 19® 
‘•Asian Hit” that lolled 98.000 and tte 
1968 “Hong Kong Flu" that killed 
46,500. . 

Keiji Fukuda, an epidemiologist wiffi 
fee Atlanta-based Centers' for Diseased 
Control and Prevention, leads a team on 
five epidemiologists from the center 
who came to Hong Kong from Atianfi: 
last week after fee-latest H5N1 cas& 
emerged: A 54-year-okl man diedDefc 

5 after suffering from viral pneumonia^ 

respiratory, distress and renal failure; 3 
13 -year-old girl was struck with fia 
symptoms Nov. 26 and remains in (3k- 
jcal condition, and a 2 -year-old Vkst 
names© boy Was hospitalized Nov. TbQ 
recovered quickly. . •' 

Tbe came to study how feevirOr 
is contracted. Since fee early 1970s; 



It’s the first recorded case.' 
of a pure bird Virus 
infecting a human being. , i 

some epidemiologists have theorized 
♦imt flu is transmitted to people after 
first infecting birds, then swine. Th4 
theory holds feat pigs, uniquely among 
animals, cany 4f receptors * for boffi 
bird and human flu viruses. If both' are 
present inapig, they could create amort 
lethal hybrid virus that can infect hut 
mans. 

The theory is supported by tbe fctet 
that the last two major flu pandemics 
began in China, which has huge nunt- 
bers of form-raised poultry and pi&fc 
living in close proximity wife its M 
billion people. 

Dr. Brian Mahy, director of die cen- 
ters' viral disease division, said the 
team’s first objectives are to help Hong • 
Kong authorities monitor the territnfy*| j 

6 mini on people; to test family members 
and medical personnel who have come 
into contact wife fee four confirmed 
H5N1 patients, and to find a way 46 
identify quickly fee virus in patients/ : 

Health authorities here say they have 
setup sampling procedures in 63 clinics 
and 44 public hospitals reaching a ends 
section of fee Hong Kong population. - 
Agents of fee Hong Kong Agriculture 
and Fisheries Department have fonndfl 
our to test fee territory's chickens at ISO 
poultry forcraand chicke n stalls. 

■ Cleanup at Poultry Market 

- __ .■ ■ 

■ One of Hong KongVlargest wbo£- 
sale poultry markets was closed Mon- 
day, and the government said Cheung 
Sha Wan Poultry, which sells more than 
one-third of fee 80,000 chickens im- 
ported into Hong Kong daily from 
China, will not reopen until Thursday, 
when a wide-reachmg cleanup is com- 
pleted. The Associated Press reported.' 

Vendors at the market asked for fee 
cleanup to restore public confidence in 
poultry. Officials said no infected 
chickens have been found at the market 
Health inspectors will also step up 
checks of poultry at other markets. 


p 


The Associated Press 

TOKYO — The United States and 
Japan are close to reaching a civil avi- 
ation agreement but they are not likely 
to strike a deal in Toltyo this week, an 
executive of United Airlines said Mon- 
day. 

“I think we will get very close, but fee 
mechanics of this takes time," said Cyril 
Murphy, vice president of international 
affairs for United Airlines. 

"I hope we will get fee elements 
finalized this week’* and a draft will 
follow later, he said. 

Another round of aviation talks be- 
tween the United States and Japan began 
Monday. The dispute focuses on the 
1952 bilateral treaty feat allows three 


U.S. carriers — Northwest Airlines, 
United Airlines and Federal Express 
Corp. — to expand flights and add new 
Asian routes through Japanese airports. 

Only one Japanese competitor, Japan 
Airlines, enjoys fee same privileges in 
U.S. markets. Tokyo wants All Nippon 
Airways to be added to the list. The 
American carriers, meanwhile, want to 
expand their flights to Asia. 

Mr. Murphy said that thorny issues 
remaining include technical areas such 
as third-country code sharing, slots and 
so-called beyond rights. 

The beyond-rights issue has largely to 
do with the U.S. airlines wanting to fly to 
places in Asia after picking up pas- 
sengers in Japan. The slot issue relates to 


capacity constraints in Japan because of 
congestion at Narita airport, and code- 
sharing concerns a earner selling seats 
on another airline under its own name. 

The new agreement is expected to last 
four years and then lead to either more 
liberalization or “open skies/' where 
airlines are free to decide where they fly 
and bow often. 

Deciding what exactly will come after 
that interim agreement is another stick- 
ing point, analysts said. 

Mr. Murphy said a new accord would 
be “the first one in 45 years that actually 
liberalized fee market/’ Past agree- 
ments. he said, involved a tradeoff be- 
tween new opportunities and new re- 
strictions. 


US Dollar Up or Down? 

US Dollar Policy Will Generate 
Major Currency Moves. 

These moves wilt directly affect the value of 
your Portfolio. Prepare yourself to take 
advantage of thcr.c moves by calling today 

For My Complimentary Services Guide. Latest Research Reports, 
Opinions and Performance Records Call (24 rici/r.i) Toll-Free. 



TRAVEL UPDATE 
Travel Chaos Looms Across Italy 

ROME (AP) — Italian unions postponed a rail strike that 
had been scheduled for Monday, but held firm on other 
transportation strikes set for later in fee week. The 24-hour 
strike by station masters will begin Tuesday ut 9 PJVL It had 
been scheduled.to start at tbe same time Monday. 

Workers for fee Caremar feny company that runs between 
the ports of Naples andFormia and offshore islands, including 
Capri, will strike for 24 hours starting at 5:30 AM. Tuesday. 

On Wednesday, airline ground workers will strike from 10 
AM. to 6 PM., and flight controllers will stop work from 10 
A.M. to 2 PM. Rail workers belonging to several local unions 
are scheduled to strike from 9 AM. to S PM an Wednesday. 

Geneva airport announced a ban on smoking in most areas 
of tbe terminal, starting Tuesday. (AP) 


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Forecast for Wednesday through Friday, as provided by AccuWeather. 


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North America Europe 

Mild «!r war flow nonfiuenf Very coM aoroas western 
Into the eastern United Russia Wednesday 
States Wednesday throuflh through Friday. The cold 
Friday wflti a good deal of air will move west across 
sun. A storm wW produce much ol central Europe 
rain si the West Wednes- Wednesday, bu *ff retreat 
day, then ram and moun- by Friday. Scene showers 
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m the Plains Wednesday, then move north into Paris . 
oofctor Friday. and London Friday. 


day, than ram and moun- 
tain snow in the Rockies 
Thursday and Friday, Mid 
<r> the Plains Wednesday. 


Asia 

Cloudy, damp weather <*■ 
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China Wednesday through 
Friday. Milder air w9f move 
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et the expanse of some 
ram. Some wow or flurries 
to Mongols end Mancriuna 
Wednesday, followed by 
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»se 8 


THE AMERICAS 


>n<* Koi|o ^* nton Bypasses Senate 

As He Names Lee to Post 




.. •< 
- ; n 

: >-r [i - 


MV 


•> 

V 

*»S 


■ By Brian Knowlton 

/memdfiifnal Herald Tribu ne 

‘ , WASHINGTON — Pres- 
ident Bill Clinton installed 
Bill Lann Lee on Monday as 
die country's top civil rights 
enforcer, defying the Senate 
t>y pushing ahead a nomina- 
tion blocked by one of its 
pommioees bat choosing the 
less confrontational of two 
avenues for doing so. 
ij-'Mr. Clinton named Mr. 
JLftc, a California lawyer who 
is the son of Chinese immi- 
grants, as acting head of the 
Jystice Department Civil 
Rights Division, rejecting the 
criticism from some Repub- 
licans of Mr. Lee’s support 
for affirmative action. 

. “Some people want to wait 
for me to appoint someone to 
this position whom I disagree 
with,” Mr. Clinton said in 
making his announcement, 
.with Mr. Lee and Attorney 
lt‘* i!t«- i... * „ General Janet Reno at his 

* r,v,, ri|pJ f. sides. “But America cannot 
*»1 a (Mite bird ( : ‘ afford'to wait that long, and it 

, , ,u> would be a long wait, in- 

I HU; l 1 „i, lailb , deed." 

Mr. -Clinton praised Mr. 
F Lee, whose parents ran a 
laundry in Harlem, as the em- 
bodiment of the American 
dream. He said he felt con- 
fident that once Mr. Lee was 
jo office, senators would drop 
jjieir objections and vote to 
confirm him. Mr. Clinton said 
•bp would resubmit the nom- 
ination early next year. 

But Mr. Clinton said that as 
Acting director, Mr. Lee 
.would have the full powers of 
the position through the end 
ftf Mr. Clinton's presidency 
jn January 2001 , even without 
Senate confirmation. 

- . The president said he did 
pot fear possible Republican 
retaliation for the appoint- 
g inenL It was not immediately 
.clear if Republicans would 
•carry through with earlier 
■threats of .raiding up nom- 
inations or legislation sought 
by the administration, 
c- ’ But by not using aso-called 
recess appointment, one com- 
ing while Congress is out of 
.session, Mr. Clinton avoided 
•issuing a direct challenge 10 
■Republicans — one that Sen- 
yiorOrrin Hatch of Utah, who 


has led the fight against Mr 
Lee, said would have been “a 
finger in the eye” of the Sen- 
ate. 

Mr. Lee, 48, becomes the 
highest-ranking Asian-A -“t- 
ican in the Clinton a dm ini o 
trab on. Now a lawyer for the 
National Association for the 
Advancement of Colored 
People, he had become a 
lightning rod in the debate 
over affirmative action, 
policies intended to correct 
the effects of years of dis- 
crimination against women 
and minorities. 

Forged during the civil 
‘hts struggle of the ’50s, 
Is and '70s, affirmative ac- 
tion has become one of the 
most heated subjects of polit- 
ical debate in the '90s. ft has 
led to resentment among 


some whites, 
conservative males, which 
some Republicans have 
sought to tap. At the same 
time, head-on attacks on af- 
firmative action risk alienat- 
ing or offending minorities 
and women. 

Mr. Lee's critics have ac- 
cused him of enforcing af- 
firmative action laws with ex- 
cessive zeal, possibly 
exceeding the bounds of what 
is now constitutional. 

Mr. Hatch is chairman of 
the Senate Judiciary Commit- 
tee, which had allowed the 
nomination to founder without 
a vote. He had hinted that an 
appointment as acting director 
for Mr. Lee would not en- 
counter the storm of opposi- 
tion that a recess appointment 
would. 



fin Riwier. 1 \- Aw vuinl hev> 

SOUTHERN EXPOSURE — A fire fighter In Jackson building a snowman 
after 10 inches of snow socked in parts of Mississippi, its biggest December 
snowstorm on record, and dropped lesser amounts on Louisiana and Alabama. 


Beneath the Plains , Missiles Stay at the Ready 


By James Brooke 

Net*' York Times Service 


\- r t 


BURNS, Wyoming — Sixty feet 
below the windswept prairie, behind a 
ihree-fooi- thick concrete blast door, a 
U.S. Air Force missile officer was 
explaining to visitors that a red light 
flashing “UP” was signaling 
“launch in progress.” 

It was just a circuit test, he hastened 
to add. Suddenly he was interrupted 
by a metallic clanging and banging, 
and all the lights dimmed- Up on the 
surface, a civilian backhoe operator 
had accidentally sliced through a bur- 
ied cable supplying power to the 
launch control center, which is re- 
sponsible for 1 0 nuclear missiles with 
a total explosive power equal to 600 
Hiroshima bombs. 

The backhoe operator, in bib over- 
alls, scratching his head above the 
open ditch here in the southeastern 
comer of Wyoming, offered a post- 
Cold War reminder about the awe- 
some nuclear power that still sleeps 
below the Plains. 

“This is die first time in IS months 
that someone from the national press 
has come out here.” Major General 
Donald Gobk, commander of the 20th 
Air Force, shouted as his helicopter 
thundered over the cold, treeless land- 
scape occasionally dotted with the 


telltale concertina-wire enclosure of 
missile silo. 

Nationwide, not all the silos serve 
their original purpose. Some reported 
new uses for abandoned sites include 
grain storage in South Dakota, a doc- 
ument warehouse in Washington 
state, a workshop in Wyoming, a cor- 
porate swimming pool in Illinois and 
a scuba diving school in Texas. 

But many of the weapons, and their 
keepers, remain on watch. 

“Some people thought it all went 
away,” Gary Smith, a civilian silo 
supervisor, said as be watched main- 
tenance technicians scurry along cat- 
walks surrounding the gleaming ti- 
tanium nose cone of a Peacekeeper 
missile. “These are the men and the 
missiles that won the Cold War.” 

It is easy to forget that the U.S. 
military still spends about S28 billion 
a year lo keejp about 7.500 nuclear 
warheads ready for use. 

Military personnel disperse over a 
1 2,600'Square-miIe area of Wyom- 
ing, Colorado and Nebraska to serve 
for 24 hours at a stretch in the bomb- 
proofed underground launch control 
capsules. 

Some missile officers argue that die 
nuclear deterrent — the threat that any 
nuclear aggressor would be met with 3 
devastating counterattack — is only 
effective if the missiles are kept on alert 


status. But the idea of taking American 
and Russian nuclear missiles off alert is 
gaming ground among nuclear 
weapons experts in both nations. 

The movement for so-called de- 
alerting is fueled by nightmares as di- 
verse as human error dressed in bib 
overalls or a Kremlin illness that is 
more serious than a head cold. 

“The basic concept of de-alerting, 
of taking a step away from the hair 
trigger, is gaining momentum,” said 
Andrew Koch, a nuclear weapons 
analyst for the Center for Defense 
Information, a private military re- 
search group based in Washington. 

At the Pentagon, potential de-alert- 
ing techniques — such as blocking 
missile silo lids or removing batteries 
or guidance circuit boards from the 
missiles — are being studied by a 
panel headed by Vice Admiral Dennis 
Cutler Blair, joint staff director of the 
Joint Chiefs of Staff. 

Overseas, NATO and the Russian 
military have working groups study- 
ing the issue. 

In the 1996 presidential campaign. 
Americans heard one of President Bill 
Clinton's favorite applause lines: 
“For the first time since the dawn of 
the nuclear age, there are no Russian 
missiles pointed at any American 
children tonight." 

While U.S. and Russian missiles. 


r>*- . • 





y*c 


.V •* 




.*-•* 


l 



• ' By Terence Monmaney 

*■ Los A itgefai Tunes 

LOS ANGELES — School chil- 
dren who sport clothing and gear 
emblazoned with cigarette names 
and logos are four times more likely 
4 p smoke than other children, ac- 
cording to a study suggesting that 
such promotional items may foster 
•youth smoking. 

The study, which is the largest to 
test the correlation between 
-smoking rates and ownership of cig- 
arette merchandise among public 
school students, was based on a sur- 
vey of 1 ,265 youngsters in grades 6 
through 12 at five schools in rural 
Vermont and New Hampshire. Chil- 
dren in those grades usually range in 
age from 12 to 18. 


The study found that the mer- 
chandise was substantially more 
prevalent, and more tightly linked 
with lighting up, than researchers 
had previously observed. 

The researchers found that 32 per- 
cent of the children surveyed owned 
promotional merchandise. T-shirts 
and hats were the most common 
items; Marlboro and Camel the most 
popular brands. Most of the items 
came from parents or adult friends, 
but 22 percent of the children with an 
item said that stores or cigarette com- 
pany catalogs sold it to them directly, 
in violation of federal laws. 

Moreover. 4.8 percent of the chil- 
dren said they had a promotional 
item with than on the day of the 
survey, in October 1996. And be- 
cause' the results indicated that each 


item taken to school was seen by 10 
other children, the findings “raised 
the possibility that children were 
becoming the means through which 
cigarettes were being promoted to 
other childrtn," wrote the physi- 
cian-researchers, who are based at 
Dartmouth Medical School in Han- 
over, New Hampshire, and the Vet- 
erans Affairs Medical Center in 
White River Junction, Vermont 

A youngster was more likely to 
smoke if he or she owned a pro- 
motional item, the researchers say. 
Among the 12th-graders, 32 percent 
overall were classified as smokers, 
meaning they admitted to having 
smoked more than 100 cigarettes. 

But 58 percent of those who 
owned a promotional item smoked, 
compared with 23 percent of those 


who did not own one. The asso- 
ciation was strongest in the lower 
grades, which especially concerned 
the researchers because that is when 
crucial attitudes toward smoking are 
being formed. Only 3 percent of 
sixth-graders were classified as 
smokers, but all of diem said they 
owned a promotional item. 

“This is the mosi powerful 
demonstration yet that these pro- 
motional items have a dispropor- 
tionate impact 00 kids,” said Mat- 
thew Myers, executive vice 
president of the National Center for 
Tobacco Free Kids. 

Tobacco company spokesmen 
disputed the findings, which were 
made public over the weekend in an 
American Medical Association 
journal, the Archives of Pediatric 


and Adolescent Medicine. 

Although tobacco companies are 
prohibited by federal law from 
selling or giving cigarette-related 
merchandise to people under J8, 
children still end up with hats, T- 
shirts, backpacks and other gear dis- 
playing cigarette brand names and 
trade marks. 

In recent years, the tobacco in- 
dustry has boosted spending on mer- 
chandise giveaways and catalog 
sales, from $307 million in 1990 to 
$665 million in 1995, according to 
the most recent Federal Trade Com- 
mission records. 

Meanwhile, national youth 
smoking rates have risen 1 percent 
to 2 percent annually since 1992. In 
1996. it was estimated that 34 per- 
cent of 12th-graders smoked. 


Away From Politics 




« 


1 ’ 




rmtfki 


"erf,- 


• A sniper wounded two 
students outside a high 
school in Stamps, Arkansas. 
The shooter, who fired from 
woods next to the school, was 
still at large. But the police 
said the wounded students 
may have been specific tar- 
gets of the sniper, and said 
they did not believe anyone 
else was in danger. (A P) 

• A helicopter rushing an 
injured commuter to a hos- 
pital snagged a high-voltage 
power line and crashed onto a 
golf course near Denver, . 
killing all four people aboard. 
The four-car accident that 
prompted the rescue attempt 
left a fifth person dead. (AP) 

• An 8-year-old boy died after 
lie and two other children fell 
through ice into the water of a 


gravel pit near Brighton, Col- 
orado. The police said Garrett 
Tuttle was under water for 20 
minutes. (AP) 

• About 700 hospitals have 

illegally “dumped” un- 
treated patients from their 
emergency rooms in the last 
10 years, but just a handful 
have been punished, a con- 
sumer group said. Public Cit- 
izen assailed the hospitals for 
breaking the law and the De- 
partment of Health and Hu- 
man Services for fai li ng to 
enforce it. (AP) 

• A 13 -year-old girl who 


hiked nearly 20 miles (32 
kilometers) through the dark, 
freezing Mojave Desert to 
find help for her stranded 
family has been released from 
a hospital. The girl, her moth- 
er and 22-month-old brother 
were released from the hos~ 

§ ital at Edwards Air Force 
ase after being treated for 
hypothermia. {AP) 

• Investigators said a badly 
wired indoor marijuana 
farm started a fire that led to 
the discovery of hundreds of 

f ot plants inside a garage. 

ire fighters called to a home 
in the San Fernando Valley in 


California noticed the mari- 
juana and called the police. 
One man was arrested. (AP) 

• The lone black juror on a 
panel of 12 was the holdout 
who caused a second mistrial 
in the case of two white police 
officers in suburban Pittsburgh 
who were accused in the death 
of a black motorist, a defease 
lawyer said. The 11 white jur- 
ors were prepared to acquit 
Lieutenant Milton Mulholland 
and Officer Michael Albert of 
charges of involuntary man- 
slaughter, but the black man 
feared a backlash from other 
blacks if he agreed. (AP) 


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POLITICAL NCTizS 


for safety reasons, are now targeted ai 
the open ocean, what Mr. Clinton neg- 
lected to add was that both Russia and 
the United Slates can retarget their 
missiles in less than 30 seconds. 

In Wyoming, air force officials say 
the threat of their weapons, if for- 
gotten by the U.S. public, are on the 
minds of current and potential foes. 

“Why do you suppose that Saddam 
Hussein didn't use anthrax and chem- 
icals during Desen Storm?” General 
Cook of the 20th Air Force asked. 

At the silo where the contractor cut 
the power, a backup battery and gen- 
erator smoothly repowered the con- 
trol center's computers and elevator. 
Air force officers used the occasion to 
argue that the current alert system is 
virtually fail-safe. 

“The likelihood qf an accidental 
launch is virtually zero.' ' said General 
Cook, who commands all of the na- 
tion’s 575 land-based intercontinental 
ballistic missiles from his headquar- 
ters at Francis E. Warren Air Force 
Base in Cheyenne. 20 miles (30 ki- 
lometers) west of Bums. 

Many of General Cook’s missileers 
say they fear that Americans believe 
that the Russian missile threat ended 
with the Cold War. “The Russians are 
holding on to their weapons like crazy 
— it's what makes them a super- 
power,” said Captain Robert Fabian. 


Republicans Target Gases Pact 

WASHINGTON — As the debate begins over die 
agreement to reduce global gas emissions, many Re- 
publicans sense that they have a political opportunity 
reminiscent of the health care fight of 1994. 

The country’ then supported the basic idea of health 
insurance for all, just as it now supports strong en- 
vironmental action. But Republicans skewered the health 
plan on the details and painted President Bill Clinton as a 
big-govemment liberal in the process. Some think they 
can repeat their success and this time tar Vice President Al 
Gore. 

Even if the Senate never ends up voting on the pact. 
Republicans are already testing arguments. Steve Foibes, 
a Republican presidential contender, immediately called 
the accord “an unprecedented government seizure of 
American freedom and sovereignty.” He added that “the 
Clinton health care plan pales in comparison.” 

Jim Nicholson, chairman of the Republican National 
Committee, said the pact would ‘‘radically change the 
.A merican iifes tyle. * * 

At the same lime voices of caution in the party rec- 
ognize that the Republicans have often fallen on the 
wrong side in the environmental debate and need to be 
very careful how they approach an issue on which Demo- 
crats have traditionally had a great public advantage. And 
some party members remember how ineffective President 
George Bush was when he went after Mr. Gore in 1992 on 
the Democrat's environmental views, calling him 
“O zone Man.” 

“The Republican Party as far as public perception is 
concerned has not been a strong position to go toe to toe 
on the environment.” said Tbny Blankley, a former 
spokesman for Newt Gingrich, speaker of the House. He 
said that while he believed the treaty and the vice pres- 
ident were vulnerable, it would require an extended, 
concerted effort to sway public opinion. (NYT) 

Murky War on Illegal Aliens 

WASHINGTON — Despite pouring billions of dollars 
into u campaign to cut illegal immigration over the past 
four years, the government has no way of knowing 
whether its measures are working, a General Accounting 
Office report says. 

In the first of a series of reports mandated by a 1996 
immigration reform law. the auditing agency of Congress 
determined that the Immigration and Naturalization Ser- 
vice “has made progress” in implementing parts of its 
1994 border control strategy. 

But the office said it could not tell whether the service 
was achieving its main aim of actually reducing the flow 
of illegal immigrants across the U.S. -Mexican border. 
The overall results of the service’s strategy, it said, were 
thus “inconclusive.” It recommended that the attorney 
general, whose department includes Immigration and 
Naturalization, develop a plan to comprehensively and 
systematically evaluate the campaign. f WP) 


Quote /Unquote 


Tom Lantos, Democrat of California, on Dan Burton, 
the Indiana Republican who is chairman of the House 
committee investigating Democratic campaign fund-rais- 
ing: "I find him to be in that small band of right-wing 
zealots that are not helpful to a rational dialogue in a 
deliberative legislative body." ( LAT) 




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INTERNATIONAL 



TURKEY: 

Pressed on EU Ties 


Continued from Page 1 


ion’s decision said they could not un- 
derstand how countries like Romania 
and Bulgaria could be considered more 
ready for EU membership than Turkey. 
European leaders have argued that those 
countries, unlike Thrkey. are at peace, 
have no serious disputes with neighbors 
and are not accused of serious human 
rights violations. Turks, however, see 
them as lacking Turkey's political and 
' economic strength. 

“If we had been a communist country 
instead of a NATO member working to 
free Eastern Europe from communism, 
the EU would have invited us on a red 
carpet," said General Cevik Bir, die 
deputy chief of staff and an outspoken 
advocate of secular and pro-Western 
policies. 

Former Foreign Minister Osman Ol- 
cay, echoing many other secularists, 
said, 1 ‘The EU’s attitude to alienate Tur- 
key could very well serve the Muslim 
fundamentalist extremists." 

Meanwhile, Turkey's senior Islamic 
politician, Necmettin Erbakan, who 
served as prime minister until his gov- 
ernment was toppled in June under mil- 
itary pressure, ridiculed his successors’ 
new foreign policy. 

"Look what a sorry state they are 
in," Mr. Erbakan said. “They are 
kicked out of Europe on one band and 
out of the Islamic Conference on the 
other.” He was referring to Turkey’s 
withdrawal from a global Islamic sum- 
mit meeting in Tehran last week ap- 
parently in order to avoid criticism of its 
ties with Israel. 

But the Islamic newspaper Akit ap- 
plauded Mr. Yilmaz’s steps under a ban- 
ner headline reading. “The Koran is 
Good Enough for Us." 

An Islamic columnist, Huseyin 
Gulerce, said trouble with the EU “may 
produce good results by leading us to put 
aside our internal conflicts and the point- 
less attacks on religion and religious 
people." 

A secular columnist. Gulden Ayman. 
speculated that Turkey's decisions over 
the weekend would have an impact 
throughout die region. 

' ‘Turkey may become a country with 
less bargaining power, and may be 
pushed into unconditionally accepting a 
strategic partnership with the United 
States." she wrote. “It may therefore be 
willing to accept the role of ‘Middle East 
gendarme' which it has been asked to 
accept many times before.' ' 


BARGAINS: Foreigners Armed With Hard Currency Go on Shopping Frenzy in Seoul 


Continued from Page 1 


The stall owners at the Itaewon mar- 
ket have changed their famous call to 
passers-by from “I’ll make a good 
price for you" to “You have dollars? 
You get better price.” 

One American, who asked not to be 
identified, plopped more than 25 Gucci 
and Prada designer handbags, or very 
convincing knock-offs, on the counter 
in Itaewon. His shopping list was a 
fistful of faxes from friends in the 
United States, who had photocopied 
handbag advertisements from glossy 
magazines. The bags were selling for 
about £50 each: they would sell for 
many times that in the United States. 

Even without the won devaluation, 
many things, particularly designer la- 
bels made here, have long been good 
buys. “But now, it’s just outrageous," 
said a women who bought a $35 pair of 
Gucci shoes. 

In another Itaewon back alley shop, 
Michael Prendeville spotted an Amer- 
ican woman and began shouting ex- 


citedly. “Tell me more names. Z only 
know Ann Taylor and Donna Karan and 
I need to buy more for my wife." said 
Mr. Prendeville, an auditor for General 
Electric who lives in the Netherlands. 

Mr. Prendeville is on a business trip 
through Japan and South Korea. He 
said he had been Christmas shopping at 
a Tokyo department store and found 
hims elf paying almost $80 for a tea 
kettle. “I said to myself, ’What am I 
doing? I’m going to Korea,’ ” so he 
returned the kettle and bought three 
angora sweaters for $60 in Itaewon. 

But Ms. Nichols and other shoppers 
with her said they felt uneasy cap- 
italizing on a situation that is so painful 
for the South Koreans. “We don’t want 

hurting,” 'said one of Ms. Nichols’s 
companions, who said the four tried to 
be sensitive to the feelings of the South 
Koreans as they shopped. 

But Lee Pan Soo, an Itaewon mer- 
chant, said the foreign shoppers had no 
reason to feel guilty, “we need tbe 
cash, and we need to move stuff off the 


shelves,” he said as foreigners stocked 
up on the cosmetics and shins he sells 
in his shop. 

Stores that once operated simply in 
won have suddenly become banks, op- 


troops had stopped patronizing them. 
But ail over Itaewon these days yon can 
spot young U.S. soldiers with trade m a r k 
buzz cuts looking for ba rgai ns. 

Many Koreans are also rushing to 


erating in dollars, Japanese yen, British ' stores, but it is to hoard staple foods, not 


pounds and other currencies. 

Kim Chong Su, proprietor of Total 
Fashion Galleria in Itaewon, a shop that 
sells clothes by Jones New York, Ellen 
Tracy and other American brands, said 
his customers were almost exclus- 
ively foreigners ova* the weekend. 

The dirt-cheap prices have been a 
boon for some of the 37,000 U.S. mil- 
itary personnel stationed in South 
Korea, who do their Christmas shop- 
ping in tbe Seoul markets. Prices for 
duty-free goods on the U.S. bases here 
are always low, but many of the troops 
say that the same goods are now even 
cheaper on the streets of Seoul. 

In recent years as prices of food, beer, 
and consumer goods have gone up, 
some Korean merchants and bar owners 
surrounding the U.S. military bases here 
have complained that the American 


stock up on luxury goods. 

For the last three days, more than 
6,000 people have mobbed Kim's Club 
in Seoul, buying up the giant discount 
store’s entire stock of sugar and flour. 
Frantic to snap up imported goods 

whose prices are beginning to soar after 

the country’s currency collapse, shop- 
pers also bought 30 percent more bath- 
room tissue and 20 percent more 
noodles than usual 
The scene in supermarkets and food 
stalls reflected the deepening gloom 
and anxiety as the practical ramifica- 
tions of the recent financial turmoil 
begin to sink in. . 

“We built our country over the last 
20 years, and the speed of collapse is 
one month," said S.Y. Yoon, executive 
director of Ssangyong Engineering Co. 
Ltd. 


CRISIS: jl 

Asia’s Plea for Help', 

" •« 

Continued from Page I . -4 



RWANDA: Again, Hutu Genocide Rages 


Continued from Page 1 


Goftnoc Dufta/RcaKx* 

An elderly couple shivering in the cold after they survived a massacre at 
a Tutsi refugee camp by a Hutu band in the northwest of Rwanda. 


ranks of the guerrillas have swelled as 
more and more Hutu former soldiers and 
militiamen, who fled the country after 
taking pan in the 1994 genocide against 
the Tutsi, have drifted home from Congo 
along with of other refugees. 

In recent months, tbe guerrillas have 
stepped up a campaign aimed at making 
Rwanda ungovernable. They have as- 
sassinated local officials, laid ambushes 
on the roads, massacred scores of Tutsi 
civilians in their homes and attacked 
jails, freeing hundreds of Hutu men who 
were awaiting trial on genocide charges. 

They have also begun distributing 
racist literature and broadcasting hate 
radio messages from a pirate station in 
Congo, echoing the propaganda tech- 
nique that fueled tbe 1994 genocide. 

“We are not fighting war here,” Col- 
onel Nyamwasa Kayumba, the regional 
military commander, told the Reuters 
news agency. “The people who did this 
have no political agenda, no economic 
agenda. It is genocide, pure and 
simple.” 

The attack, which began shortly be- 
fore midnight Wednesday and lasted six 
hours, was the second by the guerrillas 
on the Mudende refugee camp, 24 ki- 


C3JNTON: President Welcomes Iran’s Overture, but Cites Issues That Cloud Relations 


Continued from Page I 


Nor was there any immediate indi- 
cation how, or whether, Mr. Khatami’s 
opening might be pursued diplomatic- 

■ New Mood in Changing Nation 

John Lancaster of The Washington 
Post reporter earlier from Tehran: 

Expanded cultural freedom is perhaps 
the most striking example of how life m 
Iran is changing under Mr. Khatami, a 
moderate cleric who last May won a 
landslide victoiy over the candidate of 
the hard-line religious establishment 
that has ruled Iran since its 1979 Islamic 
revolution. Books have been unbanned, 
censorship eased and licenses granted to 
newspapers and magazines whose pub- 
lishers previously were considered sus- 
pect. 

One of the most vivid deraonstra- 
tioos of the new mood occurred last 
month, when millions of Iranians 
poured into the streets of the capital to 
celebrate the national soccer team's 
upset World Cup-qualilying victory 
over Australia. 


As the police watched helplessly, 
young people danced in the streets, 
honked their boms and blasted music 
from car stereos; some women shed their 
mandatory head scarfs. 

“This is what I call a soccer rev- 
olution,” said a foreign diplomat who 
walked through jubilant crowds that 
night, adding that the people "have set 
the ball rolling for this closed society.” 

But Iran’s transformation is far from 
complete — and may yet be reversed. 

By most reckonings, Mr. Khatami 
ranks third in the Iranian political hier- 
archy, behind former President Hashemi 
Rafsanjani, who heads a powerful ad- 
visory council, and Ayatollah Sayed Ali 
Khamenei, an arch-conservative who is 
supreme spiritual leader and controls 
security services and foreign policy. 
Ayatollah Khamenei's allies still hold 
sway in Parliament 
A backlash is also developing among 
the powerful volunteer morality police 
known as baseji. Although chastened by 
Mr. Khatami’s victory, the baseji have 
resumed their arbitrary ways, raiding 
mixed-sex parties and, in October, shut- 
ting down a folk concert in the city of 


Arak that had been sanctioned by the 
provincial government 

The deepening power struggle erup- 
ted into public view- last Tuesday , when. 
Ayatollah Khamenei and Mr. Khatami 
offered starkly contrasting views on re- 
lations between Islam and the West in 
opening speeches at a summit meeting 
here of leaders of Muslim states. 
Ayatollah Khamenei’s speech was 
laced with anti-Western venom; Mr. 
Khatami called for dialogue and un- 
derstanding. 

Compounding Mr. Khatami’s chal- 
lenge are dire economic problems, in- 
cluding stagnant wages, rising prices 
and failure to produce jobs for a labor 
force that is growing at an estimated 
annual rate of 4.5 percent. 

Given the high expectations that at- 
tended his unforeseen victory in May, 
Mr. Khatami's failure to curb the baseji 
and improve Iranians' material well-be- 
ing after 100 days in office has dis- 
appointed many supporters. 

“I don't think he can do anything 
because he’s rate person against every- 
one else,” said a 21-year-old man in 
blue jeans and Doc Marten boots. “And 


anyway,” he added, “he’s a mullah.” 

The toppling of the U.S.-backed shah, 
Mohammed Reza Pahlavi, in 1979 en- 
joyed broad public support. Many Ira- 
nians were outraged by the shah’s dis- 
dain' for traflirmnal -Shiite ‘Muslim 
: leaders and his embrace of Western cul- 
ture. But clerical leaders’ failure to solve 
the country’s economic problems or to 
ease restrictions on personal freedom 
has generated public anger, especially 
among women and those too young to 
remember the revolution. Their support 
was crucial to Mr. Khatami's success. 

One facta that clearly works to Mr. 
Khatami’s advantage is his self-effacing 
style. In contrast to Mr. Rafsanjani and 
Ayatollah Khamenei, he eschews mo- 
torcades and has ordered that his picture 
not be displayed in government build- 
ings. He travels widely throughout the 
country, talking ova tire heads of rival 
politicians in direct encounters with or- 
dinary Iranians. 

“It's curious, but people don’t like to 
blame him," said Sadiq Zibakalaxn, a 
political scientist at Tehran University. 
“He has managed to build up a lot of 
charisma." 


Jometers (15 miles) north of Gisenyi. It 
is not clear whether it was timed to 
coincide with the visit to Rwanda on 
Thursday by the U.S. secretary of state, 
Madeleine Albright. 

Until the latest massacre, the camp 
had been home to about 17,000 Tutsi 
from neighboring Congo. Those fam- 
ilies fled that country, then called Zaire, 
in mid- 1996 after the same Hntn guer- 
rilla groups now operating in Rwanda 
started killing Tutsi there. 

At the time, the Hutu guerrillas were 
living in United Nations refugee camps 
in Zaire. They had fled Rwanda in 1994 
along with a million other refugees to 
escape the advancing Tutsi rebel army 
that stopped the geaocide, seized power 
and set up the current Rwandan gov- 
ernment. 

Those Hutu militants began to return 
home last year, after Laurent Kabila’s 
successful campaign for power overthrew 
Mobutu Sese Seko, Zaire's dictator. 

In recent months, the attacks have 
been confined to the northwest, but the 
guerrillas appear to be better organized 
and more brazen than in the past, mil- 
itary analysts say. They often move in 
groups of 500 to 1,000 and hit their 
targets d rying daylight. 

The 40,000-memba Rwandan Army 
is stretched thin and its soldiers are tired, 
diplomats say. Many of the troops in this 
region fought alongside Congolese 
rebels in toe rebellion against Mr. 
Mobutu, UN security officials and mil- 


cally made cars, and homeowners wist- 
advised to grow their own vegetables. ! 

The Singapore .dollar, once cos*, 
sidered the most stable currency ihtfcfe 
region, weakened, with the U.S. dolqr 
rising to 1.6814 Singapore dollars flora' 
1.6545 on Friday. The Singapore ciuJ. 
rency has lost 5 percent of its value 

the beginning of the month. 

The Philippine peso also continued i^ 

march to the cellar, weakening to 383} 
to the dollar from 37.30. s’ 

In Thailand, the baht set a record lovj, 
ending at nearly 46 to the dollar, com- 
pared with 43.25 to the dollar Frida* 
The situation has become so despcratffl 
for Bangkok’s consumer class that shops T 
have now started renting out design* 
clothes and bags for the evening, fijc 
yuppies who want to look good for a 
night but can no longer afford it. ’ 

The Indonesian rupiah crashed to-rag- 
other historic low, 5,500 to the dollar, 
compared with 4,580. following pereist- 
ent rumors that President Suharto was ill 
Thar was despite a new report that the 
president had met with five of his cabinet 
members even while taking what aides 
have described as a 10-day rest because 
of a cold. 

A weekend television appearance by 
Suharto did not stem the rumors but only 
added to the fears that the president, who 
is 76, may be more seriously ill than is 
being acknowledged. He skipped this 
regional meeting in Malaysia, held to 
mark the 30th anniversary of ASEAN’s 
coming together, despite the fact that 
Suharto is the group s only founding 
member still in office. < 

While the meeting Monday was dom- 
inated by concern about the region’s eco- 
nomic woes. Suharto’s absence under- 
scored some new political uncertainties 
casting a gloom ova a gathering that was 
meant to commemorate three decades of 
stability — and to bring together for tbe 
first time the nine Southeast Asian lead- 
ers in an official fomm with the leaders of 
fhrna Japan and South Korea. ‘ 

Besides Indonesia, there are worries 
about the political succession in the Phil- 
ippines, where President Fidel Ramos is 
constitutionally bored from seeking a 
new twrm. His anointed successor, Jose 



De Venecia, the house speaker, is ranked _ 
near the bottom of most opinion polls, « 


itary analysts said. 

The Rwandan Army's reason for eo- 


IRAN: Effort End to Afghan War Brings 2 Old Enemies Together 


Continued from Page 1 


Hazara Shiites' Hizbe Wahdat Party 
in the central province of Bamiyan. 

Washington has withheld recognition 
of the Toleban, criticizing its human 
rights record, especially its treatment of 
women, and its unwillingness to com- 
promise with other Afghan ethnic 
groups. 

American oil companies, meanwhile, 
are interested in developing gas and oil 
pipelines from Central Asia to Pakistan 
or the Arabian Sea through Afghanistan, 
but they have been advised that finding 
financing will be difficult with a war 
going on and no functioning central gov- 
ernment in Kabul. 

The United States now seems pre- 
pared to put pressure on the Taleban 
movement, to push it toward a political 
settlement with its rivals thai would 
allow it to be recognized internation- 
ally. 

Taleban leaders have been encour- 
aged to visit the United States. The first 
delegation just completed a tour spon- 
sored by Unocal, the California oil com- 
pany that is a major partner in Centgas, 
one of two international consortia that 


Iran has some competing commercial 
interests in tbe regioo, including plans 
for its own pipelines from Central Asia. 
But a war next door in Afghanistan that 
neither side seems capable of winning 
any time soon does not provide the cli- 
mate for much confidence in Iran either. 
Iranians would also like to see nearly 2 
million Afghan refugees go borne. 

In taking a more active role in looking 
for solntions in Afghanistan, including 
meeting with Iranians, tbe Clinton ad- 
ministration appears to be taking ad- 
vantage of a fortuitous confluence of 
events that may provide the best op- 
portunity for years — though certainly 
not without remaining hurdles — to stop 
the bitter and destructive cycle of civil 
wars. 

For one. there is a widely held opinion 
that the Taleban has advanced as far as is 
likely in its attempt to conquer the coun- 
try. 

Robert Oakley, a visiting fellow at the 
National Defense University and a 
forma U.S. ambassador to Pakistan, 
said time was not on the Taleban's 
side. 


“The Taleban is neva going to be 
strong enough — given toe geographic 
problems, the ethnic problems ana the 
military problems — to conquer the en- 
tire country," Mr. Oakley said in an 
interview. “The Shiites have become a 
very strong movement in the past two 
years because they have been fighting 
hard against the Taleban and because the 
Iranians have given them a tremendous 
amount of support.” 

Second, the politics of the region play 
a port. In Pakistan, several months of 
political turmoil have just ended, leaving 
Prime Minister Nawaz Sharif strong 
enough to turn his attention to his neigh- 
bor. Pakistan has tended to support the 
Taleban unconditionally, a position the 
United Stales and other nations are urg- 
ing it to reconsider. 

And third, experts said, Mr. Inder- 
furth's role is important After a long- 
stalled confirmation process, he has 
been free for several months now to 
concentrate on toe region, including the 
political situations and policies of 
Pakistan and India, which also affect 
Afghanistan. 


are bidding to build pipelines in Af- 
ghanistan. 

The Taleban delegation met in Wash- 
ington with Mr. Inderfurth and other 
American officials and also visited die 
University of Nebraska at Omaha, which 
is setting up technical training programs 
in Afghanistan with a $900,000 Unocal 
grant. 

Mr. Inderfurth said he hoped dial the 
Taleban officials, most visiting the 
United States for the first time, were 
“getting a more realistic sense of the 
view of the United States, about our 
desire to play a constructive role in end- 
ing the conflict in Afghanistan." 

“But they can't have it all,” he added. 
“They will need to work out arrange- 
ments so that die legitimate interests of 
the other groups are taken into account. 
That would be welcomed not only by 


Iran, bin also by the Central Asian na- 
tions that have contestants in the civil 


war. 


Britain Agrees to Adopt 
The ElTs Social Charter 


Reuters 


BRUSSELS — Britain embraced 
the European Union's Social 
Charter oq Monday by agreeing to 
adopt EU legislation on parental 
leave and work councils. 

Tbe directive gives both parents 
the right to three months of unpaid 
leave after the birth of a child. 

The legislation requires large 
companies with operations in at 
least two European countries to set 
up councils fa consulting employ- 
ees and providing them with prior 
information on corporate changes. 

Tbe move came at a meeting of 
EU social affairs ministers. London 
now has two years to turn the rules 
into national law. 


Iran Said to Seize 


A Top Dissident 


Reuters 

TEHRAN — The Iranian police 
have arrested toe most prominent 
opposition leader in the country, his 
liberal Islamist opposition group 
said Monday. 

The Iran Freedom Movement 
said in a statement that its leader. 
Ibrahim Yazdi, was called in Son- 
day for questioning by prosecutors 
and lata arrested and imprisoned. 

Mr. Yazdi, 66, was detained aday 
after he joined more than 50 others in 
signing a letter demanding the rights 


: a dissident cleric. Ayatollah Hos- 
sein AH Montazeri, be respected. 

The opposition movement said 
the charges against Mr. Yazdi, who 
was foreign minis ter in Iran's first 
government after toe Islamic rev- 
olution of 1979, had not been of- 
ficially announced. 

State media have not confirmed 
the report and officials were not im- 
mediately available for comment. 


Mobutu, a longtime foe cf the Tutsi, but 
also to destroy the Hutu militants and 
soldiers who had used UN refugee 
camps in-Congo as a base fa raids into 
Rwanda. 

At least 6,000 people have died in toe 
violence -since April, according to UN 
human rights monitors. Each time the 
guerrillas have strode, toe array has re- 
taliated, often killing unarmed civilians 
in their efforts to flush out toe enemy. 

One large problem for toe army is that 
toe guerrillas still enjoy popular support 
among toe Hum in this region. The 
forma president of Rwanda, Juvenal 
Habyarimana, came from Gisenyi, along 
with most of the soldiers in toe former 
government's army and the militia. 

Those men, who make up most of the 
Hutu guerrilla army' now, have many 
relatives and friends in toe villages ana 
communes, local officials said. 

“We have to bear in mind that this 
region was primarily occupied by the 
former militiamen and army,” said toe 
governor of the Gisenyi regia, Epimaque 
Ndagi jimana “The most crucial thing 
about this crisis is that the attackers are 
always related to the local people. They 
are their cousins, brothers, uncles." 

Colonel Kayumba, tbe regional com- 
mander of toe army, said that toe 500 
guerrillas who raided the Mudende 
camp fled into Congo after toe attack. He 
said the camp had been left undefended 
because the 72-man garrison there had 
been diverted to respond to an ambush. 

He insisted that while the guerrillas 
were able to sow terror among civ ilians , 
they woe not strong enough to defeat the 
Rwandan Army in battle. 

The evidence of toe guerrillas’ work 
can be seen in Gisenyi Hospital. Eleven 
tents have been erected to deal with the 
flood of victims. 

The wounded lie in rows on toe 
ground, bloody rags covering toe gashes 
and gunshot wounds. Children, many 
maimed with machetes, scream in pain 
as toe handful of nurses and doctors try 
to dress their wounds. 

The survivors told of horrific scenes 
of carnage. They said the raid began 
about 1 1 P.M. with toe sound of gunfire. 
As people scrambled out of their beds 
and ran for their lives, they found toe 
guerrillas bad blocked the four roads 
leading in and out of the camp. 


and the popular vice president, Joseph 
Estrada, is the favorite for election, which 
many in toe business community fear 
could mean a reversal of Mr. Ramos’p 
economic reform measures. (Page 6) • 
Fresh elections are also due m Thailand 
— the epicenter of die current economic 
crisis — under a new constitution, fol- 
io wing months of political turmoil. It will 
be Thailand’s third election since 1995. - 
There are concerns throughout the 
region that toe currency and stock mar- 
ket collapses, and the austerity measures 
linked to toe IMF bailout; could lead to 
higher unemployment, increased bank- 
' ruptcies and possible social unrest. 

The international community, con- 
cerned about toe spread of toe Asian 
crisis, has hurried an IMF rescue pack- 
age to Thailand, Indonesia and South 
Korea, as a means of restoring coxr- 
fidence among outside investors. But so 
far, toe measures have fallen short, an(l 
Asian leaders made clear Monday in 
their public and private comments that _ 
they expect the world — particularly the (R4 
United States — to do more. Rodolfo ^ 
Severino, the Philippines’ undersecret- 
ary of foreign affairs and the incoming 


secretary-general of toe ASEAN group, 
said, “An extra effort has to be made." 


Prime Minister Mahathir bin Moha- 
mad of Malaysia said toe $100 billion 
provided so far as part of the IMF-red 
rescue packages was not enough to offset 
toe huge losses suffered as a result of the 
collapsing currencies and stock markets. 

“The funding by the IMF can neva 
meet toe losses sustained by these coun- 
tries,” he said. “Malaysia alone has lost 
$150 billion.” The money promised so 
far is mainly aimed at shoring up gov- 
ernment hard-currency reserves de- 
pleted in ill-fated central bank efforts to 
shoe up the local currencies. “This is 
really to boost confidence. They can’t 
really make up for toe losses.” 

Mr. M a hathir answered reporter^' 
questions at the opulent Palace of the 
Golden Horses resort, which itself seems 
agaudy reminder of toe region's decade 
of excessive spending and overbuilding. 
The resort, part Los Vegas- style theme 
park, is replete wito massive bronze 
horses, pillars with pictures of horses, anti 
carpets with more pictures of horses. ’ 

The Southeast Asian leaders also 
agreed Monday to look at ways to in- 
crease their trade among themselves as a 
way of fighting against the rapidly in- 
creasmg prices for imported goods. But 
mt. Mahathir denied that the group was 
moving toward forming any kind of re- 
gional trading bloc. 

. are merely responding tn a 

23“.****? “ control,” be 

said. We haveless money now to pay for 

thegoods coming from toe outside, and 
because we have less money, we naturally 
buy from sources which are cheaper.” 




WON: Risking Even 

Continued from Page 1 


day no more than 10 percent from its 
average rate the day before. 

The decision to let the won trade freely 
could reflect a belief by Seoul that toe 
currency's free fall had run its course. 

Last week, toe won fell by its max- 
imum amount on four or five days. But it 
rose Monday by its maximum allowable 
amount The dollar fell to 1 ,563.09 won 
from 1,715 won Friday. 

Seoul stocks, meanwhile, staged their 
biggest one-day percentage gain ever, 
wito the composite index surging 7.2 
pocent to 385.80 points. 

The market reaction reflects "hopes 
that the worst is ova" in South Korea’s 
financial crisis, said Kim Hun Soo, head 
of research fa Merrill Lynch & Co. in 
Seoul. But he and others cautioned that 


Wilder Plunges, Seoul Floats Its Currency by Lifting Trading Bands 

* ~ *" 1 * 8?*^ funding mechanism- 

finance Ministry officials noted that 


that might not necessarily be true, es- ister Lim Chang Yuel that he was con- 
pedally with a presidential election sidoing allowing a foreign company to 
scheduled for Thursday. takeoverooeatwo troubled commercial even witfuv.r , 

The mood has brightened in part be- banks. The government recently propped Seoul S52“L J ra,casc of funds, 
cause toe three main presidential can- up Seoul Bank and Korea First BaSfay “tawah Decant# 

didates agreed Saturday to support toe becoming their biggest shareholder a SswnufS 11 ? 8 ' ° De *at about 
government's agreement with the Fund, move which seemed to contravene the rini- kJ*? m “tort-tenn debt is coining 
Some had previously called for rene- free-maiket spirit of toe Fund accord. 0f ^ ^ officials 

gotianon, which made international Seoul will also raise the cap on in- KS^^^^lUonoftlat 
lenders and investors worry that Seoul terest rates for bonds this week to 40 to ^ because 

percent from 25 percent, another move ^SS^Jl^ Uovcr *eir loans. : 
toward frea markets. he»Sl^, lIveai0I Wfo«« ‘ ' 

But some of the brighter mood in 5f!? saidh,sba ^ ' 
financial markets might nave been rest- 
ing on false hopes. r- ui us C i 

Sooth Korean media had been report- Korean market 

mg that the Fund board would meet over ^ ****** to roll 

Monday to discuss speeding up the dis- precSp I ’ he “>4, * would 

”«■-=== «... 

markets were comments by Finance Min- said the organization insteadwas to dis- shooW 16 * wor ,J i ' ' he said, “you’d be 

«*voung yourself in tho >> 


— — — ■ -- a j m m uwim 

might not cany out what they call nec- 
essary reforms of its economy. 

Moreover, South Korea reported 
Monday a surplus of $600 million fa 
November in its current account, the 
broadest measure of trade in goods and 
services. Iris the first such surplus since 
December 1993 and adds to toe available 
foreign exchange. 



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Judge Urges French to Order Bosnian Arrests 


>• --'-I*; 

*V-A'** 


. . « . _ 1 IterJoKMUlurtr/Rrw 

A mao stringing lights on a Christmas tree above a cafe in Sarajevo on Monday. 


By Craig R. Whitney 

.VfW’ York Times Servic e 

PARIS The chief prosecutor of 
the International Cri mina l Tribunal 
for the former Yugoslavia com- 
plained to French officials here Mon- 
day that French troops in the NATO 
force in Bosnia had made no moves to 
arrest people living in their zone who 
were indicted as war criminals and 
asked the officials to issue stronger 
orders quickly. 

But France bitterly rejected earlier 
public statements by the prosecutor, 
Louise Arbour, a Canadian judge, that 
such people could feel “ perfectly 
safe” in the French zone of Bosnia 
because the French had shown * "total 
inertia” in going after any of them. 

Foreign Minister Hubert Vedrine 
angrily told Mrs. Arbour that Bench 
authorities were “'deeply shocked” 
by what he termed "scandalous al- 
legations that Serbian war criminals 
could feel at ease in the French sec- 


tor,” according to his spokeswoman. 

The French, Mr. Vedrine fold the 
prosecutor, were following the same 
NATO directives about dealing with 
accused . war criminals as all other 
peacekeepers in Bosnia. The direct- 
ives were issued by the allied com- 
mander. now General Wesley Clark, 
an American. 

Mr. Vedrine’s protestations were 
backed by a statement by the NATO 
secretary-general, Javier Solana 
Madariaga, who said in Brussels that 
strategy on dealing with people in- 
dicted as war criminals had been de- 
cided by all 26 allied countries. 

In fact, the only NATO peacekeep- 
ers who have arrested people indicted 
as war criminals in the last two years 
were British commandos. They ar- 
rested Milan Kovacevic in Prijedor. in 
the British zone, last July, and killed 
Simo Drijaca, the former Serbian po- 
lice chief there, when he opened fire 
on them. 

Mrs. Arbour has also expressed 


criticism of American peacekeepers, 
who have also arrested no people in- 
dicted as war criminals since they 
arrived in Bosnia two years ago. 

”1 have often had differences of 
view with them about the energy they 
are prepared to pui into arrests.*' ‘ she 
told the daily newspaper Le Monde in 
an interview published Saturday. 

But in the same interview, and an- 
other one that the daily Liberation 
published Monday, she infuriated not 
only Mr. Vedrine and the Socialist- 
led government, but also officials aJl 
the way up to President Jacques Chir- 
ac. She did so by pointing out thar 
there were plenty of people in the 
French zone of Bosnia indicted for 
war crimes but that they had no reason 
to worry because the French had nev- 
er lifted a finger against them. The 
French zone includes the Bosnian 
Serb capital. Pale, where Radovan 
Karadzic, the indicted former leader, 
and General Ratko Mladic, the former 
military commander, are living. 


Mrs- .Arbour said in a written state- 
ment issued after her departure from 
Paris that she had also asked the for- 
eign minister to secure a change in 
French policy to permit military of- 
ficers to testify before the tribunal in 
person as witnesses in investigations 
of mass murders and other atrocities. 

Defense Minister Alain Richard, 
apparently reflecting widespread un- 
easiness in French uniformed ranks 
about being criticized in public for the 
numerous failures b\ UN forces to 
prevent such crimes, has said publicly 
that he refuses to permit French 
former UN commanders to go to the 
tribunal in The Hague and testify un- 
der cross-examination by defense 
lawyers in a “ show trial.” as he called 
it. 

French officers and policemen 
have given written testimony, and ac- 
cording to the Foreign Ministry - - about 
30 French officers and policemen 
have given oral depositions to pros- 
ecutors of the tribunal as well. 


At NATO, Unrest on Burden- Sharing Burbles Up 


By William Drozdtak 

ttj.Mngroa PjsrSrn'iee 

■ BRUSSELS — As the United Stales 
and its European allies step up delib- 
erations about the fate of the peace- 
keeping force in Bosnia-Herzegovina 
pud the process of NATO expansion, a 
broader and potentially divisive debate 
is shaping up over how to share military 
burdens in the post Cold War era. 

NATO foreign ministers are expected 
to give their blessing here this week to 
plans for a scaled-down peacekeeping 
- contingent that will keep about 15.000 
to 20,000 soldiers in Bosnia beyond 
-next June. They also plan to sign pro- 
tocols that will formally establish terms 
for the membership of the Czech Re- 
public, Hungary and Poland when they 
join the alliance in 1999. 

•• But lurking behind an evolving con- 
sensus on those issues are troubling 


concerns that the North Atlantic Treaty 
Organization is becoming more lop- 
sided than ever that as die United States 
pulls ahead in the technology race. 
European governments are failing to 
assume greater responsibility for their 
own defense and remain too dependent 
on. the United States to protect their 
security interests. ■ 

While the .Clinton administration ap- 
pears dose to getting its way qn Bosnia 
and NATO enlargement, senior officials 
say they are worried by disturbing echoes 
in Congress and abroad of die burden- 
sharing debate that has long been a source 
of friction in trans-Atlantic relations. 

"We have tried to keep the debates 
about Bosnia' and NATO enlargement 
as distinct as possible, but there is a 
constant refrain in Congress hat calls 
for the- Europeans to do more; for their 
own defense,” a senior administration 
official said. “It was easy to refute in the 


days when there was a Soviet threat, but 
now it is getting harder. ’ * 

The United States insists that os the 

g ice for its continued partidpation in a 
osnia force after the mandate expires 
in June, Europe should contribute more 
resources and personnel to carry out the 
policing and reconstruction tasks that 
are deemed the most urgent priorities. 

Similarly, in the NATO enlargement 
debate. Washington has tried to persuade 
the allies to invest more money in en- 
hancing their intelligence and power pro- 
jection capabilities to cope with threats 
beyond their borders. Both arguments 
have carried an implicit warning that 
Congress could veto a new Bosnia mis- 
sion and the enlargement treaties unless 
the Europeans do more. 

But with unemployment at record 
levels and no military threat on the ho- 
rizon, European governments are reluc- 
tant to approve greater military spending 


Clinton Gears Up for a Trip to Bosnia 


By Peter Baker 

UjA/imgrmi Pmr ScrVHV 

WASHINGTON — President Bill 
Clinton lias decided lo fly to Bosnia- 
Herzegovina next week io spread 
some ' holiday cheer among U.S. 
peacekeeping forces there and to un- 
derscore, what the administration be- 
lieves need for an extended 

American presence to finish recon- 
structing, tfe? ^war-tom country. ; . 

Mr. Clinton probably will leave 
Sunday or Monday nighttor. Sarajevo, 
the capital, and Tuzla, the main base 
for U.S. troops, during a whirlwind 
trip in which he will be on die ground 
for l2 ; io 14 hours, officials said. 

The president traditionally makes 
an appearance with military personnel 
during the holiday season, and aides 
said they thought’ soldiers serving in 


Bosnia under restrictive rules and at 
some risk to their safety deserved re- 
cognition. 

But the trip also will serve io show- 
case a Clinton foreign policy success 
even as he tries to build the case back 
home for why U.S. troops may have to 
remain in Bosnia beyond the June 
1 998 deadline, he sei f or their with- 
drawal. J -V ‘ “ ' j ‘ " ’ 

It’s achance to highlight what has' 
bden,dooc and to make people realize 
that we have made a real contribution 
there;” a senior administration official 
said. “It's important for peofpe to see 
what American leadership hasbrought 
about” I 

The nip comes at a critical moment 
in Bosnia policymaking. European 
leaders are pushing Washington tore- 
main pan of a NATO-led international 
peacekeeping force after next Rummer 


and have threatened to pull out if the 
United States does. 

Such an across-the-board with- 
drawal could lead to a breakdown of 
the fragile stability forged over the last 
two years. Western officials say. and 
possibly even to a resumption of the 
ethnic war that ravaged the region 
from 1992 to 1995. 

The administration appears predis- 
posed to staying and has. begun laying . 
the political groundwork with. Con- 
gress. Although no formal decision 
has been made. Secretary of State 
Madeleine Albright has said "a con- 
sensus is developing” for a contin ued 
U.S. presence. 

Presented wiih a draft set of options 
recently, Mr. Clinton concluded they 
were too limited and directed his for- 
eign policy advisers to consider a 
wider range of scenarios. 


German Defends Army’s Reputation 


R fitters 

'• HAMBURG — Defense Minister 
Yolker Ruehe. fighting to save the Ger- 
man Army’s reputation and his own 
political career, denied Monday that the 
Bu rules we hr was a bastion of neo- 
Nazis. 

, Paying a morale-boosting visit to the 
elite military academy in Hamburg that 
has been tainted by a far-right scandal; 
Mr, Ruehe denounced the German me- 
dia for its “hysterical” efforts to por- 
tray the annv as a haven for racists. 

Chancellor Helmut Kohl threw his 
full support behind Mr. Ruehe and 
-praised his embattled defense minister 
(or stroii e leadership in the face of the 
controversies that have erupted in recent 
weeks over allegations that extremists 
pervade the army. 

■ * Volker Ruche has my full support. 

, Mr. Kohl said, adding that the incidents 
were “disgusting” but were not an in- 
dication that right-wing extremism was 
w idespread in the army. 

“The Bundeswehr is the democratic 
army of the Federal Republic of Ger- 

Queen Opens 
Her Books 

l l>f nee Friiii,v-/ , i(W 

LONDON — Queen Elizabeth D 
is to open her account booksTonhe 
first time to members of Parliament 
so day can see how she spends the 
money uhe receives from public 
funds. The Times.. of London re-. 
ported.Monduy-- , 

The paper S3id the- House of 
Commons public accounts eom- 
■ mittee was about to issue a req uest 
for clarification on the royal fam- 
ily's accommodation and staff. 

By opening her books, the mon- 
arch wanted to show that the royal 
. family was not making a profit on 
taxpayers’ money, £20.4 million 
(S32.6 million) a year. 

Last year. *e queen paid more 
than £103 million to the treasury. 
Every year, she sends a repon io 
Parliament on ihe cost ot' official 
trips bv the royal family. 

Since 1992. she has clitthe num- 
ber of royals benefiting from so- 
called Civil List payments, and 
. agreed to pay income tax. 


many — a democratic legal sup which 
has no reasoo to be ashamed before the 
rest of the world,” Mr. Kohl toki foreign 
correspondents in Bonn. “7r is dne of the 
great conscript armies of the wjorld.” 

Mr. Ruehe said it was an "unaccept- 
able scandal” that a convicted extreme 
right-wing bomber, Manfred; Roeder, 
haul been invited to speak to recruits at 
the Hamburg academy in 1995. But he 
firmly defended die army against ac- 
cusations that it harbors extremists. 

“When J look ai the hysteria in the 
German media, I sometimes have the 
impression that people abiiad have 
more confidence in the Germ in Army 
than those people in Germany po,’ ’ Mr. 
Ruehe said. “Of course there are con- 
cerns. But I am convinced we have 
taken exactly the right steps.” 

The defense minister, once con- 
sidered a possible successor to Mr. Kohl 
though now fending offqnesti ins about 
whether he will resign, could Jot say if 
any more incidents of racism in the 
army would come to light. 

But Mr. Ruehe insisted that pie num- 


ber of right-wing incidents had not risen 
in recent years, saying thai the number 
of reported incidents had climbed pre- 
cisely because the array was working 
hard to identify and root out rightists. 
There have been 130 incidents so far in 
1997, up from 72 in all of 1996. 

■ “I have no doubts whatsoever about 
the leaders of the academy," Mr. Ruehe 
said. “1 cannot imagine that any Ger- 
man officer would knowingly invite a 
terrorist who had spent 1 2 years in jail to 
speak. 1 have no fears about their in- 
tentions.” 

Mr. Ruehe said the 1995 speech by 
Mr. Roeder at the academy was “a blow 
thar struck the German Array in its most 
sensitive area." 

Mr. Roeder spoke to the academy in 
1995.butthe stoiy was first reported last 
week. Two senior officers were dis- 
missed. and Mr. Ruehe launched an 
investigation into the army's failure to 
report die incident sooneT. 

Several other incidents linking the 
army with right-wing extremism have 
since surfaced. 


Lawyers for ‘Carlos’ Quit Case 

judge's Refusal to Reojten Murder Investigation Is Protested 


Cappl/dtiy Our Stuff Frm Di&acte 

PARIS — The lawyers for “Carlos.” 
the terrorist leader, quit his murder trial 
in its second day Monday to protest the 
court’s refusal to reopen the! investi- 
gation into a - 1975 triple killing -he. -is 
accused of committing. j 

The move failed to halt tie long* 
awaited trial of the man once kjnown as 
one of the world's most waited, ter- 


and Venezuelan colleagues argued that 
there were dark holes in the investi- 
gation of the killings of two French 
police agents and an informant and that 
the ■ investigating magistrate- had not 
tried hand enough to track down wit- 
nesses to the killings. 

. “I am not in a position to respect the 
oath I took as a lawyer,” Ms. Coutant- 
Peyre said. "I will not be used as an alibi 


one of the world's roost waited- ter- Peyre said. "I will not be used as an alibi 
jurists. He-denounced the trialls a "ju- - in a mal that is not seeking to establish 
dicial scandal” and praised hii French truth- 

attorney for- defying legal form ‘ This is nor worthy of French 

But the court, after a recessJappoin- jusuce. 

ted a new attorney to defend Carlos, a' Carlos praised her. calling her a true 

native of Venezuela, whose real name is Frenchwoman with that sense of cour- 
Ilich Ramirez Sanchez. j age *at made France s greatntts. 

•Judge. Yves Cometoup then kfused a After Ms. Coutant-Peyre refused the 
request by the new attorney] Olivier judge’s injunction to stay on. ihe head of 
Maudret. for a postponement so thar be the bar association tried to talk her into 
could familiarize himself with the base; returning. She faces disciplinary sus- 
The proceedings resumed , .pension but sard she was unlikely to be 

p ffw in the day, Carlos asked, his barred from practicing law. 
three attorneys to leave the trial if the Judge Conteloup earlier disrmssed 
court refused their request to reopen the Carlos's arguments that he should be 

investigation J freed on the grounds that he was tl- 

The chief defense counsel! Isabelle legally spirited out of Sudan by French 
routant-Pevre. and her two Lebanese secret agents in 1994. (AP. Reuters) 


attorney for defying legal fomi 

But the court, after a recessjappoin- 
ted a new attorney to defend Carlos, a 
native of Venezuela, whose real name is 
Ilich Ramirez Sanchez. | 

Judge. Yves Cometoup then refused a 
request, by the new attorney] Olivier 
Maudret, for a postponement so thar be 
could familiarize himself with, the case; 
The proceedings resumed- j 

Earlier in the day, Carlos asked his 
three attorneys to leave ihe trjal if the 
court refused their request to reopen the 

investigation. ■ -I _ . „ 

The chief defense counsel, 1 Isabelle 
Coutant-Peyre- and ber two Lebanese 


as they are trying to slash budget deficits 
to qualify for a single currency. 

As the debate heats up about equitable 
military burdens, the Europeans have 
bluntly rejected U.S. complaints. In 
Bosnia, for example, the Europeans say 
they contribute 72 percent of the es- 
timated $7 billion in annual spending on 
the effort and provide up to 80 percent of 
the 34,000 troops now on the ground. 

Moreover, the German defense min- 
ister, Volker Ruehe, says the United 
States will probably get the lion's share 
of troop reouctions once the peacekeep- 
ing force is curtailed to about 15,000 io 
20,000 soldiers next summer. 

"As far as we are concerned,” Mr. 
Ruehe said, "the Americans can take all 
of the troop reductions and stili keep the 
key command posts. We wiJI slick with 
existing troop levels as proof of our 
desire to shoulder more of the burden.” 

Besides paying for the bulk of the 
Bosnian peacekeeping costs. European 
governments also contend that they 
spend five times more money than Wash- 
ington on economic assistance to Russia 
and Ukraine, an important security in- 
vestment, they say. that is often over- 
looked in the burden-sharing debate. 

But those arguments have not satisfied 
leading members of Congress, such as 
Senator Jesse Helms, the chairman of the 
Foreign Relations Committee, who says 
the Europeans have grown too com- 
placent during long years of prosperity 
and protection from the Soviet threat as 
guaranteed by “Uncle Sugar.” 


Yeltsin’s Condition 
Reported as Stable 

MOSCOW — President Boris 
Yeltsin reviewed documents at the 
sanatorium where he is recovering 
from a viral infection, and his overall 
condition was unchanged, his spokes- 
man said Monday. 

“The main plan of the Russian 
president now is io get well.*' Sergei 
Yastrzhembskv told the Itar-Tass 
news agency. " 

Mr. Yeltsin's temperature was nor- 
mal and he was going over govern- 
ment papers as fie has for the past 
several days. Mr. Yastrzhembskv 
said. The Russian leader has been at 
the Barvikha health resort just outside 
Moscow since last Wednesday. {APi 

Center-Left Sweeps 
Sicilian Elections 

ROME — Candidates backed by 
Italy’s center-left coalition govern- 
ment won mayoralties in 17 of 26 
Sicilian cities, final election results 
showed Monday. 

The outcome was further boost to 
Prime Minister Romano Prodi’s co- 
alition following similar results on the 
mainland. 

Italy’s center-right opposition, 
already hard hit by poor showings in 


November elections, won in only 
eight towns where runoff elections 
were held Sunday. iAPJ 

ILK. Threatens Ban 
On EU Beef Imports 

LONDON — Britain said Monday 
ih.il ii would unilaterally ban imports 
of beef from other European Union 
countries unless they met tight British 
safety standards to stop “mad cow" 
disease. 

Agriculture Minister Jack Cun- 
ningham said he would introduce or- 
ders in Parliament “to ensure that no 
beef comes into Britain troni I Janu- 
ary unless it has been subjected to the 
same rigorous siandards as our uw n 
beef.” 

He acted after a meeting of EU 
veterinary experts in Brussels on 
Monday decided to put off a decision 
for three months on carrying out a 
Europewide ban. which was io have 
come into force on Jan. 1 . t Reuters > 

For the Record 

The Socialist government in Por- 
tugal claimed victory on Monday in 
local elections. The Socialist Parly 
had just over 38 percent of the total 
against 33 percent for their main op- 
ponenis. the conservative Social 
Democrats. < Renters i 


r _ 






TRIBUNE, TUESDAY, DECEMBER 16, 1997 


ASIA/PACIFIC 


Citing Corruption, Ex-Ramos Aide 
Quits Party to Seek the Presidency 


The Associated Press 

MANILA — Declaring a rebel- 
lion against corrupt politics, a 
former defense chief, Renato de 
Villa, broke away from President 
Fidel Ramos’s governing party on 
Monday and said he would try to run 
for president next year under an- 
other party affiliation. 

“Today, 1 clearly state my refusal 
to cooperate and stand on the same 
platform with party leaders whose 
ways I cannot stomacb anymore,’* 
Mr. de Villa said. 

“I declare a rebellion against the 
traditional politics of corrupt pat- 
ronage and the idea that people and 
their principles can be bought.” 

The decision was a blow to the 
governing Lakas Ng Bayan party, 
whose nationwide political machine 
stands to be weakened by the split 

Last week, Mr. Ramos endorsed 
the speaker of toe House of Rep- 
resentatives, Jose de Venecia, as the 
party's presidential candidate, end- 
ing months of speculation. 

Mr. de Venecia and Mr. de Vilia 
had bitterly struggled to win toe 
party’s endorsement Each camp 
has accused toe other of bribing 
delegates to a party convention last 
month to secure support. 

Mr. Ramos's endorsement carries 
an expected windfall of extra votes. 
It also bestows the backing of the 
party's machinery. 

Mr. de Villa said he had formed a 
coalition against political corruption 
with Alfredo Lim, mayor of Manila, 
who is widely (mown to be con- 
sidering a run for toe presidency 
himself. Mr. de Villa said toe two of 
them would decide soon who would 
run for president and who would be 
the vice presidential candidate. They 


are crying to join with other political 
parties to compensate for their lack, 
of a solid political base, he added. 

“We hope to offer them a genu- 
ine alternative in the May 1998 elec- 
tions," the two men said in a joint 
statement. 

In deciding to pursue his own 
candidacy, Mr. de Villa defied a 


hopefuls had signed promising to 
support whatever candidate Mr. 
Ramos endorsed. 

Mr. de Venecia said he was 
saddened by Mr. de Villa’s decision 
and hoped the former defense chief 
would ultimately bona: his word 
and abide by toe pledge. 

Mr. de Villa’s breakaway rep- 
resents a political parting or ways 
with Mr. Ramos, a longtime military 
associate. Before becoming defense 
secretary, Mr. de Villa was chief of 
toe armed forces and head of the 
Philippine Constabulary, posts Mr. 
Ramos held before ascending to toe 
presidency. 

Mr. de Villa's career has closely 
resembled that of the president Six 
years ago, Mr. Ramos also split 
from a dominant political party alter 
failing to win its endorsement and 
formed his own party. Lakas. which 
later merged with the National Un- 
ion of Christian Democrats. 

Mr. Ramos, however, got toe en- 
dorsement of the current president, 
Corazon Aquino, which is widely 
credited for his slim election victory 
in 1992. 

Mr. Ramos's endorsement of Mr. 
de Venecia, regarded as a traditional 
politician accustomed to wheeling 
and dealing, surprised many. 

Mr. Ramos had been expected to 
choose Mr. de Villa, a confidant 


who resigned his cabinet post to 
pursue toe presidency. 

Mr. de Venecia, who commands a 
large following wi thin the party, 
supported Mr. Ramos's successful 
run for toe presidency in 1992, help- 
ing him assemble a political co- 
alition in Congress that allowed the 
passage of economic legislation that 
opened up domestic monopolies to 
competition. 

Mr. Ramos's choice was compli- 
cated by the popularity of two op- 
position candidates — Vice President 
Joseph Estrada and Senator Gloria 
Macapagal Arroyo — who have con- 
sistently placed ahead of ruling-party 

fan/tirfatec iq np mift n pODS. 

At least 15 politicians from vari- 
ous parties have indicated an in- 
terest in succeeding Mr. Ramos in 
the May 1 1 election. 



Etaaeo G»ad/Agcnceft*ncc-Prcisc 

Renato de Villa, ex-defense chief who has broken away from th'e 
Lakas party to fight “corrupt patronage,’* greeting supporters. 


BRIEFLY 


Cambodia Army on the Attack 

BANGKOK — .Cambodian government forces began 
a heavy attack Monday on opposition-held territory in 
north vires tern Cambodia in the first major offensive since 
the end of the rainy season, a Thai Array officer said. 

The opposition-held enclave of O’Smach on toe border 
with Thailand was hit with sustained tank, artillery and 
rocket fire for four hours from early in the morning with 
intermittent exchanges continuing through the day, he. 

said. . . 

“The fighting today was the heaviest in recent 

months,” toe Thai officer said from the Thai side of toe 

border. < Reulm > 

Fight for Top Job in Japan Party 

TOKYO . — Japan’s top opposition leader, Ichiro Oz- 
awa. was challenged Monday for toe leadership post of 
toe New Frontier Party, which he helped to form three 

T5B analysts believed could be toe start of a breakup 
of Japan’s biggest opposition party, toe veteran politician 
MichjMco Kano announced he would run against Mr. 
Ozawa in the party’s presidential election Thursday. 

Mr. Ozawa and Mr. Kano, once allies, are the only 

(Reuters} 


Hanoi Warns of Subversion Thretit Indonesia Reporter Targeted? 

Reuters newspaper. “They continue to im- the government were using subvers- JAKARTA — The Indonesia Journalist Associate 


HANOI The Vietnamese de- 
fense minister warned Monday that 
the ruling Communist Party was un- 
der threat from groups that were 
seeking its overthrow, and he urged 
that die defense forces be strength- 


ened to prevent rioting and other dashes between Catholics and the 


“subversive” acts. 

Pham Van Tra, who was appoin- 
ted defense chief in September, said 
in a newspaper interview that the 


newspaper. “They continue to im- the government were using subvers- 
plemeut a strategy of ’peaceful evo- ive methods that might not be easily 
lution, riot, overthrow’ in order to discernible. 

elimina te socialism in Vietnam.” “Their short-term strategic task 
Mr. Tra made no direct reference is to transform and change toe color 
to recent problems of rural unrest in of the Communist Party if Viet- 
northem Thai Binh Province or to nam,” he said, “to promote lib- 
dashes between Catholics and toe eralization in politics and in toe 


police in the southern province of economy, and from that to 
Dong NaL He referred to “hot Vietnam.” 
spots” around toe country where he Mr. Tra’s comments 
said local militia units had failed to year of growing economi 


government needed to be on the alert maintain order. 


against a range of enemy activities. 

“Enemy powers still consider Vi- 
etnam an important place for their 
battles,” be told the People's Army 


New efforts were needed, he said, attem] 
to strengthen “political and ideo- fnithe 
logical control’ * in the military and leadin 
to raise awareness that opponents of Party. 


Mr. Tra’s comments capped a 
year of growing economic! and so- 
cial problems for Hanoi, which is 
attempting to balance toe aeed for 
further reform while ensuring the 
leading role of toe Copnxmnist 


Burn lese Laureate Urges ASEAN to Press Junta on Reform 


Agence Fnmce-Pnsse 

BANGKOK — The Burmese op- 
position leader Daw Aung San Sun 
Kyi urged leaders of toe Association 
of Southeast Asian Nations on Mon- 
day to support political change in 
Burma. 

“Without political change, I do 
not think there will be stability in 
Burma nor will there be sustainable 
economic development,” Daw 
Aung San Snu Kyi told a Bangkok- 
based human rights group in a re- 
corded interview released here. 

Daw Aung San Suu Kyi's com- 


ments came as ASEAN leaders met 
in Kuala Lumpur for their annual 
informal summit meeting — the 
first attended by Burma since its 
admission to the regional group in 
July. 

Daw Aung San Suu Kyi warned 
that Burma would be a “weak spot* ’ 
in the Southeast Asian region unless 
there was political change to bring 
stability to the country. 

In toe interview, recorded in Ran- 
goon and made available by the Al- 
ternative ASEAN Network on 
Burma, Daw Aung San Suu Kyi said 


she believed some ASEAN mem- 
bers sympathized with her call for a 
democratic government in the mil- 
itary state. 

“I would think that people of the 
ASEAN countries are sympathetic 
and that they do want to see a gov- 
ernment in Burma that is account- 
able and that has toe support of our 
people,” she said. “As for toe gov- 
ernments of ASEAN, I think that 
some of them do understand that 
Burma is in need of political change, 
that we cannot just go on like 
this.” 


Daw Aung San Suu Kyi said her 
October meeting with Foreign Sec- 
retary Domingo Siazon of toe Phil- 
ippines — the most senior foreign 
figure to visit her in the Burmese 
capital — was a “sign of progress.” 

The Nobel Peace laureate is toe 
leader of the National League fix 
Democracy, which swept toe last 
general elections held in Burma in 
1990. The junta has ignored the re- 
sults. 

Burma's entry into ASEAN was 
opposed by Daw Aung San San Kyi 
and, Western nations, which advo- 


cate isolating the military! 
ASEAN has preferred to 
ties, however, in an effoi 
courage political reform. 

Daw Aung San Suu Kyi •, 
corned toe support of some 
leaders for dialogue ben 
junta — now known as t 
Peace and Development Ct 
and toe National League. 

Burma's democratic 
ment-in-exile, has urged A 
embark on a process of “c 
ive intervention” to bring 
racy to Burma. . .. 


regime, 
expand 
i to en- 

iso wel- 
ASEAN 
een toe 
tie State 
unci! — 

govem- 
!EAN to 
instruct- 
democ- 


JAKARTA — The Indonesia Journalist Association 
says a reporter who wrote about corruption was killed for 
his reports — and not by a jealous husband, as alleged by 
the police. „ , . 

Fuad Mohammed Syarifuddin, 33, a reporter for the 
daily Bexita Nasional, had written about alleged land 
swindles and other corruption involving local officials 
and businessmen in toe central Java city of Yogyakarta. 

He died after being beaten Aug. 13, 1996, in front of his 
home. (W 

Pakistan Blames Deaths on India 

MUZAFFARABAD, Pakistan — Indian gunfire 
across a military control line killed two people in toe 
Pakistan-ruled area of toe disputed Kashmir region in the 
past two days, Pakistani police said Monday. 

One woman was killed and two girls were wounded by 
Indian gunfire Sunday in Fatehpur sector of Kotli district 
of toe Pakistan-controlled Azad Kashmir, of which Muz- 
affarabad is toe capital, the police said. 

A man was killed Saturday in gunfire at Darra Sher 
Khan in the Poonch district, the police said. (Reuters) 

Australia Sterilizations Report 

SYDNEY — Australia has sterilized'more than 1,000 
retarded girls since 1992 without the required court 
permission, the government human rights agency said 
Monday. 

The Health Ministry called the figure overstated, ser- 
ine the tree number of cases was one-fourth or one-fifth 









INTERNATIONAL HERALD TRIBUNE, TUESDAY, DECEMBER 16, 199 


INTERNATIONAL 


h'*n\ t 


Albright Will Increase 
Pressure on Netanyahu 


*/*,/»*/» in 


7^//w 5E3 


Reuters 

HARARE. Zimbabwe — The U.S. 
secretary of stare. Madeleine AlbriehL 
said Monday that she would teU PiSie 
Minister Benjamin Netanyahu of Israel 
this week of the need for tugency in 
rtoving the Middle Hast peace process 
forward. 

; But Mrs. Albright stopped short of 
spying that she would press Mr. Net- 
anyahu. when she met him in Paris on 
Thursday, for a specific commitment on 
an Israeli troop withdrawal in the West 
•iBank. 

* • She spoke at a press conference here 


"f H,rti ! r„ r,,,,.. 


/ A« .fi 


■ is kill: 


l StVFlhzu !!•'!!> Ilf l„r 


Albright Sees Mugabe 
And Discusses Rights 

Reuters 

! HARARE. Zimbabwe — The U.S. 
secretary of state, Madeleine Albright, 
said Monday that she had raised the 
issue of human rights with President 
Robert Mugabe, whose government 
crushed anti-tax protests last week. 

; “I did raise the issue of human rights 
and democracy, as I have through oat my 
tour,” she said at a news conference 
after meeting Mr. Mugabe on the last leg 

rj of a seven-nation African tour. 

'■< ! ‘T stressed that Zimbabwe needs to 

respect human rights, transparency and 
the rule of law.” Mrs. Albright said in 
response to a question on what advice 
she had given about Zimbabwe's han- 
dling of street protests last Tuesday. 
“We need to make sure that human 
rights continue to be the bedrock of our 
relations.’* 

, But she said that while the United 
States pursued human rights and de- 
mocracy in Africa, it would ensure that 
it understood “the local context.” 

• “We will be making a mistake if we 
think every African state is the same,” 
she said. 

• Zimbabwe police clubbed and tear 
gassed workers in Harare during anti- 
tax demonstrations. Local human righrs 
observers condemned it as one of the 

■; most vicious attacks on civil liberties 
since Mr. Mugabe won powerman: than 
17 years ago. 

. Mr. Mugabe's government, which 
scrapped the tax package a day after the 
protests, denies it used excessive force. 

. The main organizer of the protests, 
Morgan Tsvangirai, who is the secre- 
tary-general of the Zimbabwe Congress 
of Trade Unions, was severely assaulted 
and injured by unknown assailants in his 
Harare office a day after the demon- 
strations. 


after the Israeli cabinet on Sunday put 
off a decision on the scope of a long- 
delayed handover of West Bank land to 
Palestinians. 

The cabinet ministers, who will meet 
again Tuesday, said Mr. Netanyahu 
would not be ready to discuss the with- 
drawal in terms of percentages of ter- 
ritory when he met Mrs. AlbrighL 

“I will be meeting with Prune Min , 
ister Netanyahu and again we’re stating 
what J feel and the president feels, 
which is a sense of urgency about deal- 
ing with the peace process," Mrs. 'Al- 
bright said, referring to President Bill 
Clinton. 

Mrs. Albright will meet the Pales- 
tinian leader. Yasser Arafat, in London 
on Thursday. 

She last met the two leaders in Europe 
on Dec. S and 6, and she said she had 
told them then that they would need -to 
make decisions before she met them 
again. 

■ Can Israeli Hawks Be Moved? 

James Rupert ofThe Washington Post 
reported from Jerusalem: 

Two weeks ago, under U.S. pressure, 
the Israeli cabinet agreed in principle to 
withdraw troops from a portion of the 
West Bank and turn that land over to 
Palestinian control. Amid a brawling 
public debate since then, it remains un- 
certain whether Mr. Netanyahu can per- 
suade his government to go through 
with such a withdrawal 

A key element in its deliberations, 
many analysts said, is that the American 
pressure — transmitted through Mr. 
Netanyahu to hard-liners in his cabinet 
— is making them take their first serious 


Farrakhan Cancels 
Trip to Jerusalem 

The Associated Press 

RAMAJLLAH, West Bank — Lnms 
Farrakhan, the leader of the Nation of 
Islam, canceled a trip to Jerusalem at 
the last minute Monday, saying he did 
not feel welcome in Israel and feared 
for his safety. 

An unconfirmed report said Mr. Far- 
rakhan, who is known for his vitriolic 
anti-Semitic remarks, bad received 
death threats from Jewish extremists. 

Before boarding a bus for Jordan, 
Mr. Farrakhan complained about what 
he said was the “strength of the Jewish 
influence ” on U.S. Mideast policy. 

Israeli officials have said Mr. Far- 
rakhan would not be kept out, but 
would not be received by Israeli lead- 
ers unless he apologized for his earlier 
statements.. 

“He has attacked not just the Jewish 
people, but the Jewish religion,’ ' David 
Bar-Ban, a senior aide to Prime Min- 
ister Benjamin Netanyahu, said Mon- 
day. ‘ 'He speaks in a vulgar way.” 

Mr. Farrakhan, who is on a 52- 
nation tour, arrived unexpectedly in 
the West Bank on Sunday and later met 


look at the idea of makin g peace with an 
eventual Palestinian state. 

The nation's most prominent hawk. 
Infrastructure Minister Ariel Sharon, 
has now said publicly that the Pales- 
tinian self-rule administration already 
represents such a state, which ultimately 
will have to be accepted by Israel. 

In 18 months in office, Mr. Netan- 
yahu’s style has produced friction with 
the Pales tinian leadership and a dead- 
lock in the peace talks, but the process 
begun in Oslo four years ago remains 
unsevered. 

Yossi Alpher, a security specialist 




Mr. Farrakhan, surrounded by his bodyguards, talking to reporters in 
RamaUah on Monday before he boarded a bus that took him to Jordan. 


in the Gaza Snip with the Palestinian 
leader Yasser Arafat. After spending 
the night in the West Bank town of 
Ramallah, be had planned to pray in 
Jerusalem at AI Aqsa Mosque. Islam's 
third holiest shrine, at noon Monday. 


who heads the office of the American 
Jewish Committee in Jerusalem, said 
that Mr. Netanyahu's “great accom- 
plishment, whether he intended it or not. 
is that he has enlarged to 75 percent” the 
proportion of Israelis “willing 10 back 
the ideas of continued negotiations and 
an eventual Palestinian stale.” 

He added: * ‘The problem is, the other 
25 percent includes half of his gov- 
ernment” 

The peace process stalled late last 
winter, and the Clinton administration is 
pressing Israel for a “substantial” troop 
pullback from the West Bank — from at 


Slayings in Algeria Gaim 34 Civilians in 2 Days 


Reuters 

PARIS — Gunmen killed 34 civil- 
ians, including a 3-year-old child and a 
pregnant woman, in weekend attacks. 
Algerian newspapers said Monday. 

Tile newspaper Liberte said that as- 
sailants cut the throats of 14 people in 
the Cheraga area of the capital early in 
the weekend liberte added that gun- 
men killed eight civilians at a fake po- 
lice roadblock near Khemis Meiiana, 90 
kilometers (55 miles) southwest of Al- 
giers, on Friday. 

Liberte also said that five civilians 
had been killed at another fake road- 
block in the Ain Defla region, 20 ki- 
lometers northwest of Khemis Meiiana. 

In another attack, two young people 


were shot and killed near Betioua, one 
of Algeria’s main oil and gas export 
outlets. 400 kilometers west of Algiers, 
Liberte said 

It added that two traders traveling 
from Ain Defla to Algiers were caught 
ax a fake roadblock on Thursday and 
killed by gunmen. 

In its account of weekend havoc, the 
newspaper La Tribune said dial gunmen 
decapitated three civilians, then 
dumped their bodies at a bus station in 
the Cheraga area. 

The 14 people massacred in Cheraga 
were members of two families. La 
Tribune said. One family, named Saad 
came to the capital after fleeing the 
Medea area, 70 kilometers south of Al- 


giers, to escape killings there, it said. 

The Cheraga area of Algiers is the site 
of several military and gendarmerie bar- 
racks and of army intelligence facilities, 
but the newspapers did not report any 
sign of intervention. 

Human rights advocacy, groups 
abroad and in Algeria have questioned 
the willingness and ability of the army 
and security forces to protect civilians in 
poor areas. They note that many killings 
have taken place near military facilities. 

More than 65,000 people have died in 
Algeria's violence since early 1992. 
The rebellion started then after the au- 
thorities canceled a general election in 
which Muslim fundamentalists were 
favored. 


On Monday morning, a Jewish mil- 
itant group. Hai Vekayam, appealed to 
the Supreme Court to keep Mr. Far- 
rakhan out of Jerusalem. One hour be- 
fore the court was to begin its hearing, 
he said he would not visit the city. 


least 10 percent of the territory — as a 
way of reviving the talks. In a 1995 
agreement growing out of the Oslo ac- 
cords. Israel agreed to give up pans of 
the West Batik to the 'Palestinians in 
preparation for talks on a final peace 
settlement — one that would include a 
permanent apportionment of land. 

But Mr. Netanyahu stilt has not even 
been able to convene a formal gov- 
ernment debate on a withdrawal. 

The cabinet debate, when it does oc- 
cur. will define the areas that the gov- 
ernment would refuse to give up in a 
final settlement, according to Mr. Net- 
anyahu’s spokesman, David Bar-ilan. 
“then the government can begin dis- 
cussion of what can be made available” 
for the withdrawal, he added. 

Israeli analysts are divided over 
whether Mr. Netanyahu is really com- 
mitted to a troop pullback or the peace 
process, and whether he might keep 
them on course. 

Just getting the government to define 
what it wants in a final settlement is 
difficuh, Mr. Alpher said, because * ‘as 
soon as you define it. you’ll make en- 
emies” — notably. Jewish settlers in ihe 
occupied territories who will feel 
threatened by any concessions. 

This month, Mr. Netanyahu has had 
Defense Minister Yitzhak Mordechai 
working with Mr. Sharon to detail what 
land and facilities they believe Israel 
must keep in the occupied territories for 
minimal security. 

Mr. Sharon could be a key figure in 
bringing a critical mass of right-wingers 
to support any more land concessions. 


UN Chief in Iraq 
Sees Little Gain 

BAGHDAD — Richard Butler, 
chief weapons inspector in Iraq for 
the United Nations, said Monday 
that his talks with Iraqi officials on 
dismantling Baghdad’s weapons of 
mass destruction had yielded little 
progress. 

After three hours of talks with 
Tariq Aziz, the Iraqi deputy prime 
minister, Mr, Butler said discussion 
of the core issue of access in Iraq 
was “not over yet." But in two 
areas where- he had said Iraq prom- 
ised new information — on its bio- 
logical and chemical weapons pro- 
gram — Mr. Butler said he was 
disappointed. (Reuters) 

Israelis Close Off 
Bombers ' Homes 

JERUSALEM — The Israeli 
Army said Monday it was demol- 
ishing or scaling the West Bank 
family homes of four Palestinian 
suicide bombers who killed 21 Is- 
raelis in Jerusalem. 

TTie army sealed off the village 
of Asira al Shamuliyu. near self- 
ruled Nablus, carrying out the pu- 
nitive action against the bombers 1 
families. The militant Islamic 
group Hamas claimed responsibil- 
ity for the attacks on July 30 at the 
Mahane Yehuda outdoor market 
and on Sept. 4 at the Ben- Yehuda 
pedestrian mall. (Renters) 

Opposition Switch 
Wins for Zedillo 

MEXICO CITY — In a major 
victory for President Ernesto Ze- 
dillo. Mexico's main pro-business 
party bolted from an opposition al- 
liance to help approve a SI 08 .9 
billion 1998 budget that alters the 
president’s spending priorities only 
marginally. 

The 341-10-132 vote Sunday in 
the Chamber of Deputies marked a 
definitive split in the opposition 
alliance that has controlled the 
lower house of Congress since the 
sweeping defeat of the president's 
party- in elections in July. 

The budget vote came only a few 
days after senators from Mr. Ze- 
dillo's Institutional Revolutionary 
Pariy rejected opposition attempts 
to cut Mexico’s value-added tax, 
backed by Mr. Zedillo. (NYT) 


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THE CHUNNEL 
The Amazing Story of the 
Undersea Crossing of the English 
Channel 

By Drew Fetherston. 404 pages. $35. 
Times Books. 

Reviewed by Jonathan Yardley 

T HIS highly detailed and for the most 
part highly interesting book tells how 
England and France, uneasy allies or out- 
right enemies for century upon century, 
managed to unite in common purpose 
long enough to construct the “Chunnel,” 
running under the Strait of Dover from 
Folkestone in England to Calais in 
Trance. It was one of the most ambitious 
and expensive construction projects in 
history, the stuff of great drama one 
would think, yet it turns out that most of 
I the drama took place in banks and board- 
rooms rather than at the construction site 
far below the English Channel. 

Contrary to what most of us presum- 
ably believe, it seems that building a 
tunnel — even one on the scope of the 
I Chunnel — is not much of an adventure 
at all. One veteran of such undertakings 
I was reluctant to work on the job because 
I it would be “a very long project" dig- 
ging “a long boring hole." Another en- 
gineer, Drew Fetherston reports, ex- 
j pressed “uneasiness about a long-lasting 
job." When journalists began to flock to 
i the site, one hard-bitten turmeler told 
them: “You've gor tunnels being built in 
London. Why don’t you go and talk to 
workers there? The Channel Tunnel is no 
different from building a runnel under a 
river. In this case, it's a bloody great 
tunnel under a bloody great river." 

But bloody complicated, too: “The 
complexity of the tunnel was overwhelm- 
ing. No untrained eye, no unschooled 
intellect could grasp or even imagine the 
underlying order in what seemed to be a 
perfect chaos of men, machines, muck 
and din. There weren't only cross-pas- 
sages between the tunnels; other links, 
called piston relief ducts, arched over the 
service runnel and connected the two, 
main running tunnels every 250 meters. 
These were designed io bleed away air 
pressure as the trains sped through the 
tunnel like enormous pistons, shoving a 
wall of air ahead of them. All of the cross- 
passages were cut by hand with air 
spades, brutally noisy pneumatic chisels 
that clamored day and night-” 
Everything about the project was at 
once immense beyond imagining and so 
detailed as to require paperwork in stag- 
gering amounts. The goal of the project 
may seem simple — “to move loaded 
shuttle trains platform to platform be- 
tween England and France within 35 
minutes*’ -r- but not a single thing as- 
sociated with accomplishing it was 
simple. 

The organization and underwriting of 
the task were stupendous undertakings, 
involving bankers and financiers from 
around the world as well as a cast of 
leading characters ot Eurotunnel that 
changed with dizzying frequency. Men 
— for most, though not alL of those on 
the job were men — who assume large 


roles early in Fetherston's account dis- 
appear midway through, some never to 
surface again.’ Great advances in lead- 
ership and organization are revealed, 
often within a matter of pages, to be 
fiascos. Inside Eurotunnel, which ad- 
ministered the project, rivalries were 
deep, biner and unceasing, but they were 
nothing compared with rivalries be- 
tween Eurotunnel itself and Trans- 
manche-Link, the contractorresponsibfe 
for the actual construction. 

“If you don’t like conflicts you 
should not be in Eurotunnel.” one rank- 
ing executive remarked. “Eurotunnel is 
a complete conflict, from everywhere.” 
In pan this is explained by the keen 
intelligences and large egos of many of 
those involved, in parr by the complexity 
of the project ana the chaos that pre- 
vailed, in pan by the essential and at 
times irreconcilable differences between 
the English and the French. 


Fetherston sets the tone for this last 
conflict right at the outset, when, after 
introducing two members of the cast, he 
remarks: “As usual for a Frenchman. 
Leblood spoke pretty' good English; 
Crighton was entirely British in having 
no command of French." As Fetherston 
remarks, “The difference between the 
peoples had been noted long ago and ever 
since. The British propensity for wading 
rivers, and the French for seeking out 
bridges, had long been scrutinized.” 

This clash of culrures gives "The 
Chunnel” its most amusing and human 
Touches, but the conflicts that had most to 
do with the tunnel’s long, hard passage to 
completion mostly were fought our by 
men in business suits. British and French 
alike. Suffice il to say that Pauline’s 
perils were as nothing by comparison 
with those who paid for the’ Chunnel. and 
that it’s a miracle the thing got built. 
\\usluner,‘n Pill Servnv 


CHESS 


By Robert Byrne 


I N the diagramed game Judit Polgar. 

the world's strongest female player, 
beat Loek Van Wely in the fifth round of 
the VAM International Tournament in 
mid-October. 

Van Wely's 10 Nb5 let him reinforce 
his control of the d4 square for the 
blockade of the isolated pawn with a 
knight. But after 10...Bb8, he should 
have developed with 11 Bel, so that 
after I I...a5 he could have played 12 ba 
and castled immediately upon Black's 
recapture of the a5 pawn with 12...Na5. 

After 14 Kfl, the white minor pieces 
were all well placed, but his king's poor 
situation made it difficult to unite his 
rooks. 

After 3 6...Re8, Van Wely chose nor to 
play 17 Qd5, probably because 
17..J}g3J 18 Ng5 (18 fg? Qe3 19 Bd4 
Qe2 20 Ke2 Nc3 21 Kf2 Nd5 wins a 
pawn for Black) Ng5 19 Qg5 Be5 leaves 
the initiative in Black's hands. 

With 22 Bg4. Van Wely aimed to lake 
pressure off his position by exchanges, 

POLGArt-Sl ACK 



but Polgar seized the opportunity to sac- 
rifice a pawn to open lines with 22... f 5!? 
To play 23 Nf57! would have been 
wrong "because 23.. .h5 24 Bh5 Bf5 25 
BeS QeS followed bv 26...Rg6 would 
have been too much force for the white 
king lo withstand 

After 23 Bf? RJS. it was useless to uy 
a counterattack with 24 Be4 de 25 Ob4 
(25 Kgl Ne5 26 Ret Qf6 27 Be5 Be5 
yields Black a powerful two-bishop 
game, which is not balanced by White's 
extra pawn) Ne5 26 Qe7 Qf6! 27 Qf6 
Raf6 because the simultaneous threats of 
28...g5 and 2S...Rf2 cannot be handled. 

Polgar's breakthrough with 27...g4! 
required Van Welv to defend bv 28 tfgl 
gh 29 Rh3 Nf2! 30 Rf2 Rf2 31 Kf2 Rh3 
32 Nh3 Qh3 33 Qgl. but his problems 
would still have been insuperable. For 
example, 33...Q/5 34 Kg2 Nd2 35 Qf2 
Qe4 36 Kh3 Qhl 37 Qh2 Qf3 sets up 
decisive threats of 38...NfJ or 38...Ne4. 

But Van Wely erred with 28 hg? and 
Polgar mauled' him with 28...Rhl 
29 Qhl (29 Khl Qg4 30 Kg2 Bg3! is 
no bener)Qg4 30 Nh2 Rf2? Van Wely 
gave up in the face of 31 Rf2 Qg3 32 
Kfl Qf2 mate. 

TARRA5CH DEFENSE 


VAN WELVAVHI7E 

Position after 30 Nh2 


White 

Black 

White 

Black 

V. Wely 

Polgar 

V. Wely 

Polgar 

I cA 

c5 

16 g3 

ReS 

2 Nc3 

Nc6 

17 Qel 

Na5 

3 e3 

Nffi 

18 BtM 

QgG 

4 d4 

d5 

19 Kg2 

Nc4 

5 dc 

e€ 

20 NfH 

Qc6 

G a3 

Bca 

21 a4 

Ra6 

7 tH 

BdG 

22 Bg4 

f5 

8 Nf3 

0-0 

23 Bf5 

Rf8 

9 cd 

ed 

24 Bc8 

QcS 

10 Nb5 

Bb8 

25 Ra'2 

Rh6 

11 Bb2 

33 

26 Qdl 

gs 

12 ba 

Ne4 

27 Nf3 

gl 

13 Be2 

Qa5 

28 hg 

Rhl 

1.4 Kfl 

Rd& 

29 Qhl 

Qg4 

15 h3 

Qb6 

30 Nh2 

Rf2 


31 Resigns 


l 










EDITORIALS/OPINION 


Heralb 


INTERNATIONAL 



miM.I&HED tvmi THE NEW TURK TIMES AND THE WASHINGTON TOST 


EribuUC Thailand’s Economic Crisis Brings Better Politics 

l THE WASIlirKiTOK TOST K_J 


A Criminal Court 


Delegates from around the world 
met last week for the latest round of 


been the leading proponent of several 
measures that grant the Security Coun- 


sparring over the design of a permanent 
international criminal court First dis- 


cussed after the Nuremberg tribunals, 
the idea fell victim to the Cold War. 
Now that the court looks likely to be- 
come a reality in June, the question is 
how to make sure it is effective. 

There is no international judicial 
system for punishing the Pol Pots of 
the world. Although an international 
court to solve civil disputes between 
nations has existed in The Hague for 50 
years, the only international criminal 
courts have been the temporary 
tribunals for Rwanda and Bosnia. The 
United Nations is not eager to keep 
setting up new tribunals to deal with 
new genocides, and a permanent court 
is needed to act as a deterrent. 

Most nations agree that the new court 
will go after perpetrators of genocide, 
crimes against humanity and war crimes 
if their own nations' courts are un- 
willing or unable to prosecute. The most 
important threat to an effective court, 
however, is an effort, led by Wash- 
ington, to give the UN Security Council 
control over the court's docket. 

The Clinton administration worries 
that politically motivated charges will 
be brought against American soldiers 
and military actions abroad. The threat 
is remote, as the court 's mission will be 
to go after the gravest international 
crimes and it will be staffed with re- 
spected jurists. But Washington has 


measures that grant the Security Coun- 
cil essential! control over what prose- 
cutors can investigate. 

The Clinton administration argues 
that die states will not turn over ev- 
idence and suspects unless the court 
pursues cases backed by the Security 
Council. But few nations will cooper- 
ate if the court is seen as a tool of the 
big powers, which can veto actions 
against themselves or friends. 

Justice Louise Arbour, a Canadian 
who is chief prosecutor at the tribunals 
for Rwanda and Bosnia, recently 
warned against tying the prosecutor's 
hands. She proposed allowing the 
prosecutor to work independently, but 
with checks such as an impeachment 
process or a mechanism by which a 
country can ask for a delay but must 
do so publicly. 

Then the British government broke 
with Washington to support an increas- 


ingly popular compromise put forth by 
Singapore. It would allow the Security 
Council to block investigations, a step 
requiring the assent of all five per- 
manent members. That is preferable to 
letting the Security Council initiate in- 
vestigations, a decision that just one 
permanent member could veto. 

The United States, often called on to 
clean up after international criminals, 
should agree. An effective and inde- 
pendent court serves American values 
and interests. 

— THE NEW YORK TIMES 


A Start in Kyoto 


There are two salient facts about last 
Wednesday's agreement in Kyoto on 
global wanning. The first is that it could 
lead to an environmental undertaking 
of historic scale. If the industrialized 
countries carry out in practice what they 
promised on paper, making sustained 
cuts in (he use of fossil fuels, they will 
forever alter the way the world pro- 
duces and consumes energy. 

The second fact is that Kyoto was 
merely the beginning of what is sure to 
be a brutal battle in Washington. Win- 
ning Senate approval means defeating 
the treaty's well-financed opponents in 
business and labor, and that in turn will 
require an extraordinary level of pres- 
idential energy. 

Kyoto was the first test of President 
Bill Clinton’s political wilL He passed 
it When on agreement seemed to be 
slipping away, he and Vice President 
A1 Gore instructed their negotiators to 
agree to deeper cuts in American emis- 
sions of carbon dioxide and five other 
heat- trapping gases than Washington 
had originally proposed. 

That concession enabled the admin- 
istration to win support, in principle, 
for innovative financial mechanisms 
that it regards as essential to the suc- 
cess of the entire enterprise. 

The president must now bring that 
same creativity and passion to the Sen- 
ate struggle. It will be complicated by 
the fact that the industrialized nations 
failed to achieve the one thing the 
Senate most wanted, a commitment by 
developing nations like China to set 


targets and timetables of their own. 

Since there is no deadline for sign- 
ing the treaty and sending it to the 
Senate, Mr. Clinton should use the next 
year to try to bring the developing 
countries on board. He can also use that 
time to spell out in greater detail how 
he intends to reach the treaty's targets, 
without provoking the huge economic; 
dislocations forecast by its opponents^. 

The treaty has two important fea- 
tures that will help him sell it. One 
provides in principle (details will be 
worked out later) for a system of 
“emissions trading,’* under which a 
country or individual company would 
be able to meet its reduction target by 
haying reductions from another coun- 
try or company that has reduced emis- 
sions below its targets and thus has 
credits to sell. 

The second provision sets up a new 
multilateral organization that is inten- 
ded to encourage companies in rich 
countries to invest in emissions-reduo - 
..lion, projects in poorer countries. Both 
provisions could encourage cost-sa ving 
technologies and provide a ready source 
of capital to developing nations. 

There are already rumblings that Sen- 
ate opponents will push quickly for a 
resolution declaring their opposition to 
the treaty. That would be outrageously 
irresponsible. The world has worked for 
more than two years to produce a se- 
rious answer to a potentially calamitous 
problem. For that reason alone, it de- 
serves a measured, mature hearing. 

— THE NEW YORK TIMES 


s No 5 to Microsoft 


Judge Thomas Pentield Jackson 
made a practical decision Iasi week in 
ordering Microsoft's operating system 
software temporarily decoupled from 
its World Wide Web browser while the 
software giant and the Justice Depart- 
ment fight about what facts and meta- 


phors should govern the relationship 
between the two products. Microsoft 


between the two products. Microsoft 
regards Window s 95 and Internet Ex- 
plorer as one product, and Judge Jack- 
son was respectful enough of the com- 
pany's argument that he did not give 
the government what it really warned: 
millions of dollars in fines for Mi- 
crosoft's alleged violation of an agree- 
ment between it and the department. 

This is a lough case, with enormous 
financial implications for Microsoft 
and its competitors. It will have an 
impact on consumers, w p ho have genu- 
inely waning interests in the outcome. 

Microsoft rather unfairly wants to 
have it both ways, marketing Internet 
Explorer as its own software package 
even as it claims that the product is 
merely part of Windows 95. The 
Justice Department and Microsoft's 
competitors have a legitimate concern 
that the company is using its en- 
trenched power in the operating-sys- 
tem market to inflate iu> presence in the 
world of browsers. 


On the other hand, the product in 
question is free to consumers and does 
not preclude the use of competing pack- 
ages, and most hardware manufacturers 
actively want to include it with their 
systems. More important, Microsoft 
clearly intends to integrate browser 
functions more tightly into future ver- 
sions of its operating system; it would 
be a hollow victory indeed for the 
Justice Department to deny consumers 
this logical technological advance in 
the name of consumer choice. 

Judge Jackson's decision is both 
thoughtful and well-reasoned. Mi- 
crosoft should not be able to over- 
whelm the browser market before it 
establishes that its legal position is 
correct, so the injunction against its 
practice of requiring computer makers 
to include Internet Explorer with Win- 
dows 95 is a prudent step. But the 
Justice Department has not proved its 
case yet. and the litigation still could 
prove the company correct that its past 
agreements with the department per- 
mit what it has done. 

Establishing a rigorous factual re- 
cord while simultaneously attempting 
to preserve the market's status quo is 

a smart way to balance these com- 
peting concerns. 

— THE WASHINGTON POST 


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B ANGKOK — Considering the 
sweeping reforms that the IMF has 


JJ sweeping reforms that the IMF has 
told Thailand it must apply to qualify 
for its S17 billion bailout, 1 asked a 
Western diplomat here whether the 
IMF wasn’t asking Thailand (and South 
Korea and Indonesia) to re-engineer 
their societies in 20 years to achieve 
what took the United States 200 years. 

“No, no,” the diplomat said, shak- 
ing his head, “We ’re not asking them to 
do it in 20 years. That’s wrong. We’re 
asking them to do it in one year." 

This is going to be interesting. 

Bnt pay attention to what is hap- 
pening in Thailand, where the econom- 
ic crisis in Asia began. The initial polit- 
ical reaction of Thais has not been to say 
that their problem is too much lib- 


By Thomas L. Friedman 


nomic crisis hit in Jnly. and, with a 
nudge from Thailand’s enlightened 


king, the Parliament overwhelmingly 
passed a new constitution in September 


eralization or globalization, but to say 
Chat what Thailand needs is more Lib- 


that what T hailan d needs is more Lib- 
eralization, better professional manage- 
ment and more integration with global 
institutions that can instill global stan- 
dards for running a modem economy. 

The crisis has brought to office the 
most democratically oriented, profes- 
sional cabinet in Thailand’s history. 

For the past couple years, conser- 
vative parliamentarians and the Thai 
army resisted the introduction of a new, 
more liberal constitution. Then theeco- 


passed a new constitution in September 
— with the support of the army. 

This constitution, among other 
tilings, enshrines greater press free- 
dom, guarantees education for all op to 
the 12 th grade (instead of just to sixth) 
and demands greater accountability 
and transparency by every minister. 

“The new constitution was bom out 
of the idea that to participate in tie 
global economy you have to have a 
welJ-managed country, and [therefore] 
we need democracy and political re- 
form to manage things better.” said 
Pana Janviroj, editor of The Nation. 
“This crisis has brought in a new gov- 
ernment that is the most talented you 
could have here.” 

A Western diplomat adds: “For 
Thais, politics never used to matter 
much. Political decisions were made 
and not made, but business went on.” 
Now, with the global markets voting no 
confidence, “mere is a sense that they 
can’t afford a bunch of slimy politi- 
cians running the country anymore. ” 


The critical question is whether the 
Thais will stick with the liberalization 
trend six months from now, after the 
crisis has left 2 million unemployed and 
cut growth to zero. There ispotential 
for a backlash against liberalization. 

“Remember lran,” said a foreign 
banker here. “The shah was pushing 
ahead, but the mass of the people felt it 
was going too fast. They did not have 
time to adjust and absorb-” 

A majority of Thais still live in 
poverty in the countryside. They are 
not part of the globalization game, and 
they may not want to pay for the mis- 
takes of the city slickers. 

A popular Thai country-western 
song features a dialogue between a 
banker and a farmer. It underscores the 
huge cleavage between city and coun- 
try. It begins with the banker scolding 
the farmer for not following the news 
of the declining currency: 

Farmer “I never listen to the radio. 
I never read. I’m not interested in tins 
story. I only watch Thai kick-boxing 
and the soccer championship-” 

Banker “Please gi ve some thoughts 
and concerns to the problems of die 
country.” 

Farmer: “I am afraid that the Thai 
kick-boxer will lose his championship 


to the foreigner. Isn’t chat something to 
worry about?” 

Banker “Don't you know our coun- 
try has borrowed huge suras of money 
from abroad?” 

Fanner “How huge?” 

Banker “Great loans, huge loans, 
you moron. You don’t understand a 
word I am saying, do you? When you 
borrow this money from abroad, you 

have to pay it back.” ■ 

Farmer. “Shouldn’t the man who 
borrowed the money have the right to. 

banker. “You are part of the family 
who is responsible for this overspend- 
ing. We are all in this together.” 

Farmer “Oh, but I’m not married 
and I have no famfly-" ■ 

Yes, the potential for social cleavage 
is quite real here. 

Nevertheless, the dominant response 
in Thailand so far is to answer the 
currency crisis with deeper political 
and economic reforms. 

If this trend spreads around the re- 
gion and can be sustained — two big ifs • 

Southeast Asia could eventually 

emerge from this crisis with not only 
more efficient economies, but also 
more liberal-democratic politics. 

The New York Tunes. 


Altered Prospects for South-North Korean Accommodation 


S EOUL — South Korea is 
now having to face up to 
tbe consequences of misman- 
aging its economy during its 
boom years. Reform will be 
painful and prolonged. 

While much attention has 
been paid to tbe South’s eco- 
nomic distress, tittle has been 
given to the impact of the crisis 
on relations with North Korea. 

Until recently it was as- 
sumed that the South would 
bail out the North if its eco- 
nomy collapsed. That assump- 
tion may no longer apply. 

Whoever wins the presiden- 
tial election this Thursday will 
become enmeshed in efforts to 
revive the economy. Domestic 
problems will limit Seoul’s 
ability even to think abont the 
North's plight 
Before their economy ran 
onto the shoals. South Koreans 
were ambivalent about paying 
for reunification. They, wanted 
to see an end to the Stalinist 


By David Reese 


regime and the military threat, 
but they were aware of the cost 
of Germany's reunification 
and fearful that merging with 
the North would hit their living 
standards hard. 

Yet Seoul seemed to accept 
that if the North collapsed, it 
would have no alternative but 
to pick up the pieces. The 
South’s intensifying economic 
crisis, however, severely limits 
its capacity to help tbe North. 

The fear of famine in North 
Korea this year has eased after 
the September harvest and 
substantial food aid from the 
international community. But 
without major reform the 
North is incapable of feeding 
its people. The alleviation of 
its food problem is only tem- 
porary. A dire situation will 
return early in 1998 when ex- 
ternal food supplies and its 
own stocks run down. 


The World Food Organiza- 
tion calculates that 2 million 
metric tons of grain will be 
needed next year. North Korea 
will not be able to buy this 
grain because it has almost no 
hard currency. It needs outside 
help to avert further decline. 

This aid may be sufficient to 
help it stagger on. but the econ- 
omy is likely to continue con- 
tracting, perhaps to the point 
where infrastructure breaks 
down and the regime faces col- 
lapse. Anything could happen 
then — an attack on the South, 
civil war or a leadership coup. 

In such an event, Seoul 
might not be well-placed to 
respond. If the South is unable 
to provide the aid needed to 
prevent a collapse in the North, 
Pyongyang might look to the 
United States, Japan and the 
International Monetary Fund. 
But after bailouts of Thailand, 


Indonesia and South Korea, 
the money may not be there. 

For North Korea, the ob- 
vious place to torn would be 
China. Berin g has become the 
largest provider of economic 
assistance to the North. But 
China is unlikely to give the 
same level of aid that the South 
would provide if it were paying 
for unification. 

China will act in its own 
strategic interests, partly to 
minimiz e the refugee flow 
across its border with North 
Korea. The result might be just 
enough aid to keep a separate 
state functioning in the North, 
but one that is increasingly de- 
pendent on China. 

Such a development would 
have potential for confronta- 
tion and misunderstanding be- 
tween China and South Korea, 
as well as China and the United 
States and Japan. 

Yet if South Korea is 
humbled by its economic 


woes, and has a new president i 
able to break with past rigid- 
ides in policy toward the a 
North, the economic crisis „ 
might make Seoul a more 
amenable negotiating partner n 
with Pyongyang. s. 

A North Korea that sees the i 
South as less than 10 feet tali r 
and has support from China c 
might also be more willing to tj 
enter into serious negotiations i 
at the four-party talks on peace 
and eventual reunification off 
die peninsula that began re- j 
cently in Geneva. • : 


The writer is a research as- - v 
so dale at the International In- 
stitute for Strategic Studies in r> 
London and a former deputy u 
director of the Office of Na- :r 
tional Assessments in Can- v 
berra. an intelligence analysis 
agency of the Australian gov - « 
emmeni. He contributed this l 
comment to the International ,t 
Herald Tribune. v 


id 

Britain the Outsider Gets a Reality Lesson From Eur ope 


L ONDON-^TonyBteband- 5 
New l*alxjttrVBrttiifec#--. : 
tided in Luxembourg on Friday 
with European reality. 

Next May a decision will be 
made on who is to join Euro- 
pean Monetary Union, which 


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ister Blair protested — Britain Everyone who has ever 6 per- 


will go ahead with a single cur- 
rency on Jan. 1, 1999. The 11 


rency on Jan. 1, 1999. The 1 1 
members likely to qualify have 
agreed that their finance min- 
isters will meet separately as a 
group to supervise EMU. 

Britain, Sweden and Den- 
mark will not be joining mon- 
etary union at the start because 
they do not want to, and Greece 
because, as a basket case, it 
cannoL These countries will not 
therefore be joining the inner 
group, the Euro-X council. 

Fearing relegation to second- 
class citizenship. Prime Min- 


ister Blair protested — Britain 
must have a seat in the inner 
group. He was rebuffed. It is not 
difficult to see why. 

It is patently absurd for 
someone not prepared to join a 
club to insist on a seat on its 
management committee. Lionel 
Jospin of France put it to Mr. 
Blair in those terms. Surely, be 
said, Britain, as the home of 
clubs, should know this. 

Helmut Kohl added that Ger- 
many did not, unlike Britain, 
have a permanent seat on the 
UN Security Council, but was 
not continually complaining 
about it. Over dinner in fact he 
went further and privately 
warned Mr. Blair about having 
a public row with the French. 


Everyone who has ever 6 per- 
ated in Brussels knows that the 
only way of dealing with the 
French is to come to a private 
deal, not by trying to bully them 
in a large meeting. 

A few face-saving words were 
found. “Whenever matters of 
common interest are concerned, 
they will be discussed by min- 
isters of all member states.” 

But the Euro-X members will 
have the last word on the agenda 
and on whether they decide to 
listen to any of the fringe four. 

And when it comes to the full 
Council of Finance Ministers, 
the British will find a deal pre- 
cooked by the large majority. 
These countries will have little 
disposition to listen to lectures 


Independent Counsels Amok 


N EW YORK — Two 
counts of the indictment 


By Anthony Lewis 


drawn by an independent 
counsel against Henry Cisner- 


os charged that he tied when 
he said he had two extramar- 


he said he had two extramar- 
ital affairs in the years before 
he became secretary of bous- 
ing and urban development. 
The charge is that he slept 
with more than two women 
outside his marriage. 

That is the level of triviality 
to which the great original 
purpose of the independent 
counsel has been reduced. It is 
a reductio ad absurd um. 

The idea of the independent 
counsel or special prosecutor 
was introduced to deal with 
the most profound of prob- 
lems: misuse of the power of 
the state. It was an addition to 
the checks and balances de- 
vised by the constitution to 
prevent abuse of power. 

Watergate called the office 
into being and exemplified the 
reasons for iL A president had 
used the powers of the White 
House to cover up a crime, 
trying to corrupt the FBI and 
the CIA to that end. Officials 
of the Justice Department had 
bent to the president, showing 
themselves unfit to conduct 
the investigation. A special 
prosecutor was essential 

The other great occasion for 
an independent counsel was 
the Iran-contra affair. Here a 
president, or perbap mem- 
bers of his staff, had violated 
an act of Congress in order to 
pursue an unauthorized war. It 
was the gravest of challenges 
to the constitutional older. In 
the end it proved beyond even 
the grasp of an independent 
counsel, hobbled as be was by 


unfavorable court rulings and 
the successor president's use 
of the pardoning power. 

Challenges of that order jus- 
tified the extraordinary role of 
an independent counsel un- 
constrained by budgetary and 
other executive branch con- 
trols. Bur it is hard — I think 
impossible — to justify cre- 
ating such an office in order to 
investigate the truth of an of- 
ficial's account of his sex life. 

The special prosecutor in 
the Cisneros case, David Bar- 
rett, worked for two and a half 


in his job despite charges 
about his past personal life. 
Most or the charges against 


years and spent $4 milli on. 
Last week he obtained from a 


Last week he obtained from a 
grand jury an 1 8-count indict- 
ment focusing largely on 
charges that Mr. Cisneros lied 
to FBI agents and Congress 
about die amount of money he 
had paid to a former mistress. 

The indictment said he 
falsely told investigators in 
1993 that he had paid the 
woman no more than $ 10,000 
a year and that die payments 
had stopped. Prosecutors said 
the amounts were much lar- 
ger, continued into 1994 and 
were meant to buy her siletice 
and thus protect his chance of 
nomination to the cabinet and 
confirmation by the Senate. 

If American society had 
not developed its latter-day 
zeal to hold the sex lives of 
officials up to Puritan stan- 
dards, I doubt that Mr. Cis- 
neros’s would have become 
an issue. In most other coun- 
tries, no one would care. 

In fact, I doubt that most 
Americans care. Most rate 
President BUI Clinton highly 


Most of the charges against 
Mr. Cisneros relate to tawdry 
personal business. But there is 
a more serious charge: that he 
asked two former subordi- 
nates in a company he ran to 
lie about his extramarital re- 
lationship, and promised them 
government jobs if they did. 

In any event, there is nothing 
about any of tbe charges that 
required an independent coun- 
sel! The public integrity sec- 
tion in the Justice Department 
handles such matters all the 
time — and far more serious 
cases of official corruption. It 

could have dealt with any thing 

in Mr. Cisneros’s life chat rose 
to the level of a federal crime. 

There is a special danger in 
the role of an independent 
counsel. Other prosecutors 
have responsibility for dealing 
with a great range of crimes; 
they have to make choices, in 
terms of seriousness, about 
which to investigate and pro- 
secute. An independent coun- 
sel has only one main subject 
to justify bis existence, and the 
temptation to charge and over- 
charge must be great It takes 
someone of great discipline 
not to prosecute. 

From the beginning, the in- 
dependent counsel idea has 
had its critics. They thought it 
gave too much uncontrolled 
power to one lawyer, and vi- 
olated the constitutional sep- 
aration. of powers by having 
him appointed by judges. 
Those doubts were silenced 
by urgent occasions for an in- 
dependent counsel. They can- 
not be ignored now. 

The New York Times. 


by anorrogant and insula: Brit- ■ 
i$h Treasury on how they 
should run their affairs. 

On die major European issue 
of 1998, Tony Blair has picked 
the wrong fight and publicly 
lost iL What are the implica- 
tions for Britain, and Europe? 

JVfr. Blair has begun to seem to 
many Continentals not very dif- 
ferent from John Major. He does 
not seem to understand, any 
more than his predecessor, that 
Europe is not a static, commer- 
cial arrangement but an evolu- 
tion from a customs union to an 
economic and monetary onion 
and then to a political union. 

Not to participate fully in this 
evolution means that all the 
fringe four will become second- 
class EU members. As die min- 
isters of the 11 find themselves 
working together more closely, 
on joint solutions in late-aight 
sessions, their informal discus- 
sions will inevitably turn to 
wider subjects than EMU. 

In these circumstances, to 
calk of “Britain playing a dom- 
inant role in Europe' ' is as un- 
real as Mr. Major’s phrase about 
“Britain being at the heart of 
Europe, where it belongs.” 

Mr. Blair gives the impres- 
sion of having been so long 
dependent on spin doctors that 
he cannot distinguish rhetoric 
from reality. Playing a dom- 
inant role in a difficult voyage 
cannot be achieved by a 
friendly smile and encouraging 
gestures from the quayside. 

This does not augur well for 
the fust half of next year when 
Britain takes its turn as president 
of the Council of Ministers. 

British ministers will make 


much, of tbe opening of .the en- 
largement negoMMfiqB$L But die 
rest of Europe is typical about 
British motives. The British 
want to get so many countries 
inside the EU that it will become 
an unmanageable free trade area. 
And, resenting the ban on British 
beef, they want to take enlarge- 
ment as an excuse to abolish the 
Common Agricultural Policy. 

What with this and a non-role 
in EMU, the British presidency 
next year looks like becoming 
as much of a flop as on the last 
occasion in 1992, when Nor- 
man Lamont tried to bully the 
Bundesbank, and Britain was 
forced to exit from the ex- 
change-rate mechanism. 

The longer Britain stays out 
of EMU, die harder it will be to 
join. The Europe of the Eleven 
will develop rapidly in ways 
that might not suit die British. 
Disputes between Britain and 
tbe 1 1 , and rising unpopularity 
of New- Labour at home, could 
so sour the atmosphere as to 
make a referendum on EMU, 
more and more difficult to win. 

If Tony Blair does.not hold a 
referendum next year and go all 
out to win it, Britain could be 
outside a uniting Europe for a 
long, long time. 

Many years ago, two London 
music ball comedians, Flana- 
gan and Allen, sang: .“We’re 
always on the outside. On the 
outside, always locking in.” 
They were prophets. 


The writer, a former repre- 
sentative of the. European Com- 
mission in Washington, contrib- 
uted this comment to the 
International Herald Tribune. 


IN OUR PAGES: 100. 75 AND 50 YEARS AGO 


1897: England’s Power 


LONDON — The Times, in a 
leader on Mr. Courtney’s speech 
on the decline of England’s 
power: “Mr. Courtney is no 
doubt right in treating the com- 
petition we may expect from 
Germany as insignificant in 
comparison with that of the 
United States, but most English- 
men will still need a great deal of 

proof before they can be con- 
vinced that it is their destiny to 
go do wn in the struggle for com- 
mercial supremacy before any 
people, even before their own 
kinsmen across the Atlantic.” 


Germany, in the neighborhood 
of $1,500,000,000, which will 
be allocated to the bankers of the 
various nations. Germany will 
be able to buy from the United 
Stat * 5 or other participants in 
the loan Foodstuffs and raw ma- 
terial to the total of the credit of 
each country. The security for 
the credit would be a mortgage 
on all German resources. 


1947: Ruble Devalued 


1922: Stability Plan 


WASHINGTON — The United 
Suites may communicate tbe 
American plan for settling the 
reparation question and ending 
the formoil in Europe. The key- 
stone of the plan is the flotation 
of a credit by a syndicate of 
international hankers in favor of 


MOSCOW — - The Soviet gov- 
crofnent, in a sweeping decree 
which will affect every resident 
ot this country, announced re- 
conversion of the ruble and the 
abolition of all rationing. The 
decree said these measures 
were necessary to crush spec- 
ulation and strengthen the So* 
viet currency. It promised die 
devaluation would be the last 
the public would be 
called upon to make. The public 
will be ohlioM 


to surrender ten 
old rubles for one new ruble. 



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^ Cinema Verite in Europe: 

Rejecting U.S. Culture 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, DECEMBER 16, 1997 

OPINION /LETTERS 


A Dissident Comes to Dinner 


By Richard Pells 


'VonunotU. 


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rom 


B ONN — “Schindler’s Ust" 
was not popular in Poland. 
The reason, a Polish student ex- 
plained. was that everyone there 
“knew 0 Steven Spielberg was a 
mere entertainer. Hie Poles, 
therefore, were not taken in by his 
attempt to be regarded as a “se- 
rious” filmmaker. 

Another reason for the failure 
of “Schindler's List” at the Pol- 
ish box office, one might suppose, 
is that the Poles — like the French 
f Jpd Swiss — have not been eager 
‘ to confront their past. 

But justifying their refusal to 
see Steven Spielberg's most pro- 
vocative film by calling him a 
Hollywood hack reveals bow per- 
sistent is the hostility to U.S. mass 
culture on the pan of students in 
Poland and elsewhere in Europe. 
t I have been lecturing at uni , 
wrsities in Germany, Poland, 
Denmark and France on my new 
book, “Not Like Us: How Euro- 
peans Have Loved, Hated and 
Transformed American Culture 
Since World War H” 

In the book and in my lectures, I 
argue that the hunger for a hit and 
the fear of commercial failure are 
precisely what give American 
films and television programs, as 
well as newspapers and ma gaTings 
their vitality, their emotional con- 
nection with audiences and their 
immense global popularity. 

| Not infrequently, Hollywood's 
efforts to enthrall audiences also 
result in works that are artistically 

t i peri or to those produced by 
uropean filmmakers who are 
cushioned by government subsi- 
dies and guarantees of screen time 
in theaters. 

! When they are insulated from 
die pressures of the marketplace. 
European producers and directors 
tjave too often created works that 
are neither entertaining nor pro- 
vocative, just self-indulgent. 

\ In sum, I suggest there is no 
Contradiction between commerce 
and culture. On the contrary, the 
diarkef in America has served as a 
Stimulant for art. 

; Many of the students who at- 
tend my lectures remain unper- 
$uaded. They, too. love American 
frovies. But at the same time they 
$annot forgive Hollywood its 
profit motive. 

To them, as for other educated 
Europeans, America’s mass cul- 
ture is brash, superficial, vulgar, 
infantile and inane. Worst of all, it 


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is commercial. Europeans regard 
culture as a public service, not as a 
chance to make money. They are 
proud of their governments' sub- 
sidies to the arts. 

This is noi simply the latest 
version of a century -long debate 
over the impact of American cul- 
ture on Europe and the rest of the 
world. European youths’ continu- 
ing antipathy to the marketplace 
mentality of American culture has 
at least two important political 
implications — neither of them 
good — for U.S. and European 
policymakers. 

First while Congress has been 
slashing funds for U.S. cultural 
programming in Western Europe, 
the younger generation of Euro- 
peans continues to scorn Amer- 
ican values. 

Such hostile attitudes by stu- 
dents still influenced by a Marxist 
analysis of capitalism cannot be 
helpful to American foreign 
policy — especially not when 
those students will soon reach ma- 
turity and begin accumulating 
power in their own countries. 

Second, the criticism of com- 
mercialism and the riislika of the 
free market, in economics as well 
as in culture, come at exactly die 
moment when European politi- 
cians are calling for mere dereg- 
ulation and fewer social services. 
European leaders can hardly ex- 
pect to compete with America in 
the global marketplace if their 
young people are so skeptical 
about die benefits of privatization. 

In effect, policymakers in Lon- 
don, Paris and Bonn have failed to 
convince large numbers of people 
crucial to die future economic 
health of Europe tbai the Amer- 
ican model is worth following. 

None of this means that 
Europe's students will not grow 
up to be dedicated capitalists. 

But it does mean that there is a 
profound difference in mood be- 
tween European and American 
policymakers, who are confident 
that their societies can rely on the 
private sector, and the student 
generation, which is uninspired 
by the entrepreneurial values it 
associates with America. 

The writer, a historian at the 
University of Texas, is teaching in 
Bonn as the Fulbright professor in 
American studies. He contributed 
this comment to the International 
Herald Tribune. 


B ETHESDA, Maryland — 
It's fitting that when one of 
die world's most famous dissi- 
dents comes to dinner at your 
house, rules will be broken. I just 
hope my kids don’t get die wrong 
idea. 

Last week our family had the 
honor of entertaining Wei Jing- 
sheng, China’s most prominent 
political exile. My wife, Lena 

MEANWHILE 

Sun, former Beijing bureau chief 
for The Washington Post, first 
met Mr. Wei in China. After he 
was freed from jail last month 
and arrived in the United States, 
she invited him to our place for 
pork and shrimp dumplings. 

Before the dinner we spent a lot 
of time tailing S-year-oid Ben- 
jamin and 3-year-old Sophie 
about Mr. Wei and what be had 
done, and about his importance to 
China and the rest of the world. 
He stood up for principle and free- 
dom for nearly 18 years, we told 
them, suffering unimaginable 
cruelly and indignities in prison. 

Most American kids dunk that 
only bad people go to prison. We 
explained that Mr. Wei was a 
good man, a hero, for challenging 
tiie most powerful man in his 
world: Deng Xiaoping. Having 
lived in Beijing for four years, 
Benjamin had some understand- 
ing of China and its leaders. 

Then I got to thinking. What 
kind of lesson is this to teach my 
son? Who's he going to stand up 
to? Who’s the most powerful fig- 
ure in his world? Me. of course. 


By Jerry Mindes 


After inviting this guy to our 
house, I could imagine Benjamin 
going on a hunger strike if I 
wouldn't let him ride his bike to 
schooL 

Broken rule No. I: Respect 
authority. 

The big day came. Mr. Wei. 
who’d met with President Bill 
Clinton at the White House that 
afternoon, arrived promptly at 8 
PJVt, with a small entourage. 
The first thing he asked for was 
an ashtray. But wait a minute. 
This is a strict no-smoking 
house. Our kids had never seen 
anyone take a single puff inside. 

What to do? Sure you can light 
op. we told Mr. Wei. We ushered 
him into the living room and 
rounded up the only ashtray we 
own — a porcelain tchotchke 
from my father-in-law's attic. 

As for the kids? We’re not 
hypocrites. This guy has bad 
habits. He was in jail for a long 
time. If he wants a smoke now 
and then, it’s no crime. But if I 
ever catch one of you with a 
cigarette ... 

Broken rule No. 2: No 
smoking — ever. 

In addition to an interpreter 
and a colleague from the New 
York-based group Human 
Rights in China, Mr. Wei came 
with two burly New York City 
police officers, courtesy of May- 
or Rudy Giuliani. These are his 
bodyguards. 

They were a big hit, especially 
with my son. The kids followed 


the cops around the bouse all 
night While Lena and I took 
turns tailring with Mr. Wei, the 
police officers helped out in the 
kitchen. TTiey earned platters of 
steaming dumplings to the table. 
They loaded the dishwasher. 
They read stories to Sophie and 
let her ride on their shoulders. 

And they had all the police 
paraphernalia that kids love. Ser- 
geant John Negus gave an NYPD 

f atefa to Benjamin. Detective 
ieve Aroesty let him play with 
his handcuffs all night- As the 
evening wore on, the men took off 
their sports jackets, casually re- 
vealing “tile hardware. ” 
Handguns. They had guns. In 
my bouse! • 

Broken rule No. 3: No guns in 
the house — ever. 

So what are we teaching the 
kids, anyway? 

Thar rules, more times than we 
like to admit, are meant to be 
broken — at least some of the 
time, by some of the people, with 
some pretty dam good reasons - 
Thai standing up for what you 
believe in is probably the most 
difficult thing to do in life. But if 
you're right, then you must do it 
— and suffer the pain and con- 
sequences. 

That even great people are just 
people and they may do unwise 
things in their personal lives. 
They may smoke, or drink to 
excess or even worse. Heroes are 
human. Tolerance of weakness 
in others is often the door to 
appreciating a person's special 
qualities or strengths. 

And that, yes, under certain 







circumstances and in trained 
hands, guns are loots of protec- 
tion. noi violence. 

So aside from his political 
views, we had much to learn from 
this man with the round face, bad 
teeth and slight paunch; this vis- 
itor who look off his shoes and 
socks in the living room; this 47- 
year-old who. despite his many 
ailments, smokes too much: this 
humble, ordinary' man who de- 
fied the world as he knew it. 


In 111*1 III In** ilm-li nljml.i 

He is welcome in our home 
any day of the year. 1 only hope 
my kids will one day fully 
appreciate Wei Jingsheng, the 
man who accompanied two 
highly entertaining New York 
City cops io our house for dinner 
one night. 

The writer, an international 
disabilities consul taut, contrib- 
uted this continent to The Wadi- 
ingron Post. 


LETTERS TO THE EDITOR 


Turkey and the EU 

In judging Turkey's fitness for 
membership, the European Union 
should look at the long term. In 10 
to 20 years, an increasingly young 
and dynamic Turkey will be 
poised to become the tiger of 
Europe, linkin g the Asia-Pacific 
and Eurasian economic corridor 
to Europe and beyond. 

It is clear that Turkey still has a 
long way to travel but so did 
Greece, Spain and Portugal when 
they joined the EU in the 1980s. 
Soon young East European de- 
mocracies also will join, having 
lived for half a century under 


Communist rule and centrally 
planned economies. 

Turkey cannot be placed in the 
same basket with other applicants. 
Because of its 34-year association 
with the EU and a functioning 
customs union, Turkey deserves a 
special strategy for eventual 
membership in the first decade of 
the 21st century. 

It is not surprising that most 
Greeks do not like Turkey, which 
they see as a big, powerful and 
rapidly industrializing neighbor 
that outnumbers them 6 to I. 

But Greece should not forget 
that Turkey's roughly 65 million 
people live in a democratic coun- 


try with a vocal and free press, a 
constitution that bans the use of 
religion for political ends and an 
unwavering commitment to its 
founder's motto of “peace at 
home and peace abroad.” 

In addition, Turkey is a strong 
economic partner for Greece, now 
beavUy dependent on EU grants 
and subsidies. 

More important, a “go-it- 
alone” Turkey would be a far 
more uncomfortable neighbor for 
Greece. It is thus in Greece's in- 
terest — more so than any other 
EU country — that Turkey be in- 
cluded in the enlargement process, 
thus solidifying the “Club Med" 


within the Union at a time when 
the pendulum is swinging toward 
the Germ an- led north. 

For nearly 700 years Turkey 
has been undeniably European. 
Whether inside or outside the EU. 
we Turks do not need to get our 
European credentials certified. 
Turks are European by geogra- 
phy, by history and, most impor- 
tant, by choice. 

MEHMET OGUTCU. 

Paris. 

Teenage Smokers 

Regarding “ Cracking Down on 
Young Smokers" (Dec. 8): 


Cracking down on teenage 
smokers will make things worse, 
not bener. 

One must consider why leens 
scan smoking in [he first place: 
They smoke because it is forbid- 
den. 

So will legislation to punish 
teenage smoking help? 1 don't 
think so. High school kids are not 
going to consider the legal con- 
sequences of smoking if they have 
already dismissed the health 
risks. 

Only proper education will re- 
duce teenage smoking. 

JOELW. JOHNSON. 

San Jose, California. 


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St? isssaawSBoeaci 







INTERNATIONAL HERALD TRIBUNE, 
TUESDAY, DECEMBER 16, 1997 
PAGE 10 


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Licensed to Clothe: The Man With the Golden Thimble 



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Pierce Brosnan in midnight-blue tuxedo, with Keely Sheye Smith, at the London premiere of “Tomorrow Never Dies" : Umberto Angelom, Brioni’s CEO, and Checchino Fonticoli, Brioni’s master tailor, fitting Brosnan s suit. 

n v c,,™ MahI«ms Unless you were a member thimble — Umberto An- of the thigh and the calf.'* Bat Brioni’s breakthrough refined and quizzical eye- jug’s description? In the nov- fies with the elegant Mr. 

of that insiders' club of rich, geloni, Brioni’s CEO — was So Brosnan’s well-honed came in 1960, when it es- brow, say “Briani,” before els, the gentleman spy left to Brad. 

inMni«rinn<i1 man ivhn Mn iMMvaalr'eTiiimnafin fman. hoHv hat nnfhrno In Hn with tahlidiarl a fortrirv urfirn* r.linchino II meoildefll . the, villains the flasfav. SCXV. CT. For business, CaSUSilZa- 


Unless you were a member thimble — Umberto An- 
of that insiders’ club of rich, geloni, Brioni’s CEO — was 


P ARIS — The driver- recognize the cut of a jacket 
less car pirouettes from the way it cradles Pierce 
around the empty gar- Brosnan’s torso, you might 
age. It picks up speed, never even know about Bond 
whooshes toward the wall and Brioni. No, that is not the 
(aaaaargh!), then curls grace- name of his latest blonde babe, 
fully away like a daredevil but of his Roman tailor, 
rolleiblader. Whew! Then Ever since the 1995 film 
comes the nod of recognition: “GoldenEye,” when Bond 
“Ah. BMW." was given back his suave 

When James Bond's car 1960s Savile Row image but 
does tricks, when his with a 1990s spin, Brioni has 
(Omega) watch detonates been making his suits. Lots of 
bombs, or when die master diem. For as Michelle Yeoh, 


Brosnan’s torso, you might 
never even know about Bond 


and Brioni. No. that is not the course, bed-hopping. 


of the thigh and the calf.'* 

So Brosnan’s well-honed 
body has nothing to do with 


international men who can at last week's European open- body has nothing to do with 
recognize the cut of a jacket ing to check out how those injecting sex intoBond’s suits? 
from the way it cradles Pierce suits had weathered an assault The actor would not quite 
Brosnan’s torso, you might course of motor-bike chasing, agree with that . “Great pos- 


agree with that “Great pos- 


Bnt Brioni’s breakthrough 
cantfi in i960, when it es- 
tablished a factory where 
hand-tailoring was stream- 
lined into a factory process. 


refined and quizzicr 
brow, say “Brioni,’’ 
clinching a megadeal. 


‘A buttonhole is the busi- Tralfan suit 


jog’s description? In the nov- 
els, the gentleman spy left to 
the villains the flashy, sexy, er, 


ness card of the suit,* 


Angelooi says that Brioni’ s 


tion is just a tragedy,” says 
AngelonL “It tells me that 


parachute-jumping and, of ture!” he said after the movie’s 


name of his latest blonde babe, 
but of his Roman tailor. 

Ever since the 1995 film 
“GoldenEye, ’’ when Bond 
was given back his suave 
1960s Savile Row image but 


how Brosnan lodked in his 
new midnight-blue tuxedo. 
Pretty good, judging by the 
squeals of enffiusiasm from 
the waiting crowds. 

An geloni is equally enthu- 


screening. “And elegaue. ter tailor, working on each 
Bond's been doing it for 35 suit to halve the man hours 


with a twin of highly trained Angelom, describing die Bri- feazher-light and comfortable they don’t have enough re- 
workers, rather than one mas- oni tailoring school, set up in tailoring, rather than a Savile sped for their customers or 
ter tailor, working on each 1980, to assure the future of Row suit “built like a tank” their business partners to dress 

the hand-tailored $3,000 suit, is now a badge of global style. J “’* u “ 

sold though 300 exclusive Famous customers to back 


years and that’s a long time,” 


with a 1990s spin, Brioni has siastic about the glamour and 
been making his suits. Lots of style of the movies’ last be- 


B RIONI has been do- 
ing it for 52 years, 
since two tailors 
teamed up to name 
their Rome store for an up- 
scale island resort in the A- 


spy’s cell phone (Ericsson) 
turns stun gun and remote 
control, you are meant to ab- 
sorb the names of the brands. 


Brosnan’s Chinese co-star 
and Bond's kung-fu kicking 
co-spy, said at the post- 
premiere party: “It is difficult 


But of all the 007 product to stay immaculate when you 


E lacements in “Tomorrow are fighting and trying not to 
fever Dies,” one remains as get killed. He needs a whole 


suited hero. scale island 

“The suit has an element of driatic. The 
aesthetic perfection,” he says, to have beer 
“It is very subtle in its sex- male fashioi 
mess. The cut shapes the cen- to establish 
ter of a man's body enough “trunk” sh 


and complete intricate details 
of pockets and buttonholes. 
Especially the buttonholes. 
They are apparently the 


tailoring, rather than a Savile spect for their customers or 
Row suit ‘ ‘built like a tank” their business partners to dress 
is now a badge of global style, properly. Men don’t have a 


clue how to dress casually. 
And as the saying goes, you 


driatic. The company clawm 
to have been the first to show 


They are apparently the 
key to the legendary encoun- 
ters between men who rec- 
ognize in the hand-stitching a 
follow wearer, and, raising a 


male fashion on the runway, 
to establish the traveling or 
“trunk” show and to bring 


stores. that claim include President And as the saying goes, you 

But wasn’t Bond’s fashion Nelson Mandela of South never have a second chance to 
calling card supposed to be Africa, Azlan Shah, former make a first impression.” 
rather the Savile Row suit, the king ofMalaysia, and the con- 

“dark blue single-breasted doctor Riccaido Muti. (Let’s V - ^ IV EN Angeloru 's 
suit, white shirt, thin black forget Donald Trump.) m passion for perfec- 

bnitffd «rilk tie,” in Ian Flem- Bond himself has moved m | tion in everything 

away from his British dip- from hand-tucked 

- . I lomatic service image to be- evening shirts (to get them 


G IVEN Angeloni's 
passion for perfec- 
tion in everything 
from hand-tucked 
evening shirts (to get them 


Never Dies,” one remains as get killed. He needs a whole 
impeccably and discreetly el- series of suits.” 


to project the male element back color after the male re- 
— but it is loose enough not nunciation in the 19th cen- 


egant as the hero: his suits. The man with die golden 


to be unsightly, so you don’t tmy, and especially after the 
see too much df the shape drab war years in Europe. 


%(afce. Jizr Christmas 
yFfoivless.... j|g 


come a global operator, and right, he bought the factory) 
he is therefore dressed to suit through the casual collection 




by Lindy H emming , costume 
designer for “Tomorrow 
Never Dies.” 

Yet Angeloni admits that 
there is not one single ihter- 
nationaFidok: The' ^ay’ ari 


he does allow to creep into the 
stores, how come Brioni 
doesn’t advertise its connec- 
tion with the Bond movie? 


Maybe ..becatis^'. . they 


scarcely ' ‘ladvertise 


IteHanfohrivtiai accessorize* spending ■ just 

suit is “more an art than a 0.5 percent or their total an- 


NOKIA 






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mm 




suit is “more an art than a 
science,” while Americans 
are all too ready to dress 
down. To hear Angelom talk 
about the horrors of “casual 
Friday” dressing, is to un- 
derstand why Brioni identi- 


0.5 percent of their total an- 
nual sales of $ 100 million. 

But then, as the smooth and 
urbane Braid might have said: 
“I don’t want to be seen 
wearing a suit, whose dub 
touts me as a member. ’ ’ 


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International Herald Tribune 

P ARIS — The Spice 
Girls seem to nave 
had a dramatic effect 
on men — at least 
when it comes to fragrance. 
“Spicy" is the key to the cur- 
rent season, as headier and 
more hedonistic perfumes 
penetrate the watery world of 
the splash-on male scents. 

, It is as though the saucy 


Here is your chance to win the Nokia 9000i 
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to-use Nokia 3110. You will also have the chance to 
win one of ten Nokia promotional sports bags with 
a T-shirt cap, socks, towel and sweat suit 

This competition runs until December 79, 
1997, covering 70 cities, one on each Tuesday and 
Friday over the five week period. If you miss a city, 
catch up on the competition Web site at 
www.ihtcom.You can participate until January 19, 
7998. 


The Web site will run until February 22, 1998, to 
announce the winners. 

At the end of the competition, ail of the 
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sailor in a striped matelot 
sweater of Jean Paul Gault- 
ier’s Le Male had launched a 
new voyage of discovery. For 
now that the fragrance has 
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fashioned cigarette lighter, 
the mint and woody notes 
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Throughout the male coun- 
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Imagine the olfactory op- 
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First comes the bracing tang of 
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di Gio and David off’s Cool 
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ier Dune pour Homme from 
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■ - J. 




SPONSORED I'M, | 




INTERNATIONAL HERALD TRIBUNE, TUESDAY, DECEMBER 16, 1997 


PAGE 11 


SPONSORED PAGE 


Business to eBusiness: Travel 


Travel Industry 
Drives Changes 
In Technology 


The industry is taking advantage of networked 

computing to help manage fast growth. 


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I f it were a computer, you 
migbt call the travel in- 
dustry the mother of all 
mainframes, with most oth- 
er businesses laptop-sued in 
comparison. 

Travel accounts for at least 
$2 trillion of the $27 trillion 
global economy and provides 
one outof every nine jobs in 
toe world, or employment for 
212 million people. 

The World Travel and 
Tourism Council estimates 
that indusfiy^associated rev- 
enues will reach more than 
$7 trillion in the next de- 
cade. 

This large, complex and 
global industry has been at 
toe forefront of technology 
for a long time. Airline' re- 
servation networks have 
been around for two de- 
; cades, with massive 
volumes of data stored on 
traditional mainframes. The 
system that handles 90 per- 
cent of them. IBM's Trans- 
action Processing Facility, 
was developed 30 years 
ago. 

Follow the leader 
Technology for travel re- 
flects the evolution of in- 
formation technology in 
general — from mam frames 
to client-server networks 
and now to Web distribu- 
tion. But more than in other 
industries, travel drives as 
well as reflects changes in 
toe underlying technology. 

One reason is size: Be- 
cause the industry is so 
huge, everything it does has 
a disproportionately large 
impact Moreover, toe rate 
of growth is increasing. 
Geoffrey Lipman, president 
of the World Travel & Tour- . 
ism Council, says, “The 
growth rn this industry is so 
rapid, that.wjs. must rely, on 
technology, ip, help." r , v . 

Another reason is the 
nature of toe industry’s cost 
structure, especially for air 
travel. Because roughly 22 
percent of airline costs are 
spent on distribution, 
primarily through travel 
agents, airlines seek lower- 
cost distribution mechan- 
isms. By encouraging sales 
via the Internet, airlines can 
save almost half of their dis- 
tribution expenses. 


Yet another techno-driver 
is the end-user, who is in- 
creasingly demanding and 
cost-conscious. Jerry Cole, 
general manager, IBM 
Global Travel and Transpor- 
tation Industry, emphasizes 
that change is “really being 
driven by the end users, con- 
sumers and corporations, 
and more toe latter” • 

Cost control is a dominant 
theme, as increased con- 
sumer wealth drives tourism 
and the globalization of 
business drives business 
travel. The consequent ex- 
cess of demand over supply 
predicted for toe next few 
years will result in price in- 
creases “in the range of 3 
percent to 6 percent,” says 
Peter Lines, vice chairman 
of Input, an information- 
technology marketing and 
research organization. 

Mr. Lipman explains that 
toe leisure market represents 
80 percent of travelers and 
60 percent of revenue, while 
business is 20 percent in 
numbers but double that in 
revenue. 

Travel represents 50 per- 
cent of all business on the 
internet, generating SI bil- 
lion in revenue through 
many thousands of Web 
sites. Forrester Research 
predicts that Web-based re- 
servation systems will drive 
$3.5 billion in on-line airline 
bookings and $2.9 billion in 
on-line lodging reservations 
by 2001. 

What about agents? - 
Does travel technology sig- 
nify toe end of travel agents 
and other intermediaries? 

Not likely, according to 
industry experts. Jean- 
Claude Guez, a partner at 
Andersen Consulting; 
point?., put that IQ.yeareago, 
airima. sold: 40. percent ,Qf„ 
their tickets directly and 60 
percent through agents. 

Today, notwithstanding a 
decade of technological in- 
novations, 80 percent of air 
tickets are sold through 
agents and only 20 percent 
directly. Mr. Guez estimates 
that 10 percent of the market 
will be through electronic 
distribution by 2004, but 
agents will still handle more 
than 70 percent 


m 

NV 


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The travel industry has 
long been at the forefront 
of network computing, 
particularly in reservations 
systems. In the past access 
to reservations networks 
was nearly exclusively in 
the hands of professionals, 
but over the last few years, 
airlines, car rental com- 
panies, hotels and others 
have broadened access to 
'include the Internet and 
corporate intranets. 
Consumers now have 
greater direct access lo in- 
formation than ever before. 
Travel agents and other 
intermediaries may find that 
packages, custom-made 
trips and other value-added 
services will take on 
increased importance in 
their business. 







Bruce Guptill, research 
director for electronic com- 
merce at the Gartner Group, 
a technology consulting 
company, insists that travel 
agents won’t go out of busi- 
ness: “They aggregate and 
coordinate information, thus 
providing a valuable service 
for toe customer:” 

Explains IBM’s Mr. Cole, 
“There is so much choice it 
is bewildering. Agents have 
a new role to play." 

: .Technology is helping- 
them play it better. As trav- 
elers go on -line to buy simple 
trips and vacation packages,* 
toe business person or tourist 
with complex itineraries or 
special needs will turn to toe 
travel agent for advice: 
Agents wiD use networks to 
research and develop appro- 
priate solutions. They will be 
paid directly by the end-user 
rather than indirectly through 
commissions. 

David Dingley, brand 


manager for IBM's Travel 
and Transportation Solu- 
tions unit, reports that the 
amount of travel agent-at- 
tributable information on the 
Internet has trebled since the 
beginning of 1997 in six 
European languages, not 
just - English. 

Global alliances 
Technology is accelerating 
another trend in the travel 
industry: toe global alliances 
among airlines that are be- 
ginning to form. “You need 
technology for&e seamless 
journey experience,” says 
Mr. Cole. 

Meeting planners and in- 
centive-trip organizers are 
also being assisted through 
technology. They can now 
view 360-degree panoramas 
of hotel rooms ami other fa- 
cilities on toe Web through 
an IBM photo technology 
called PanoramDC 

PanoramlX capabilities 


can be seen on Air Canada's 
Web site (http://www.air- 
canada.ca/about-us/virtuaI- 
worlds/), the New York Hil- 
ton’s site (Tittp^/www. 
hilton.oonypanoramix/ay 
hilton/nyhilton.htm) and 
soon on toe Las Vegas Rivi- 
era Hotel's site (http:// 
www.toeriveriva.com). 

Technology is also im- 
proving toe airport experi- 
ence torougjh initiatives like 
Fastgate. Developed by IBM 
and the World Travel and 
Tourism Council, Fastgate is 
an automated passenger- 
clearance solution that uses a 
handprint plus a credit card to 
identify travelers as they pass 
international borders. Fast- 
gate is currently being tested 
at the Bermuda International 
Airport, where travelers can 
be processed through immi- 
gration checkpoints in less 
than 15 seconds. 

The flow of traffic through 
airports and other travel ter- 


minals can also' be improved 
through technology. IBM of- 
fers Journey Management 
which helps toe process by 
using computer simulations 
and other techniques. Ex- 
plains IBM’s Mr. Dingley, 
“As toe volume of travel in- 
creases and security consid- 
erations increase, toe flow 
problem receives more at- 
tention, We can address toe 
choke points to reduce 
queuing time and enhance 
customer convenience.” 

The customer will be a 
winner in tomorrow’s travel 
industry as companies are 
able to give individuals cus- 
tomized service. Says 
IBM's Mr. Cole (formerly 
an executive with American 
Express), “Technology 
makes it possible to achieve 
a true market segment of 
one, but all it can do is en- 
able. The process will be 
driven by innovative mar- 
keteers." • 


New Demands on Global Reservation System | SMALL PACKAGE, BlG SMARTS 


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In 1997, IBM’s Transaction Processing Facility (TPF) is observing its 30th birthday, but 
there has been no time to stop and blow out candles. TPF is the world’s fastest high- 
volume transaction processor, with the power and reliability needed by airline reservation 

Sy lrfthe 1970s and 1980s, TPF was adopted tiy the then-emerging global distribution 
systems (GDS) that handle virtually all airline reservations today. Collectively, they 
manage more than 1.2 billion travel bookings annually and distribute information to more 
than 400 000 workstations. Today the system Includes a Webserver and can be used 
with modem programming tools — making it perhaps toe most powerful Web server 

^earvCIaude Guez, a partner at Andersen Consulting, explains why TPF handles 

Sbte to Indi^ualshasp ^c^navden^ nds 

arld^OTn^ter^^is. A partner in this transformation is Cisco Systems, which makes 

EM to^twortdng product manager at Cisco points out tha 
nrrSivrtw is hteher with a single Interface, like a browser, rather than toe multiple 
Sue lonit characterized the travel industry. "It has been like speaking 
to «2thejob done,” he says. His company is workingwith IBM to ease 
making use of ttotointtanets and the Internet to 

toe most interesting part," says Mr. Versmssen. 

The Future of Self-Service 

N O. everyone whotorv e^acceg 

•"“S' SSEK5E5 SSSfcftlB (aSS^TMc, and 
that toe global nctwore Boarding pass) or issue a boarding pass, 

eventually be open to aft. k which ^ ov/s them to proceed straight to the 

Business travelers witono At ^ Hilton holds m toe United 

in altov airport or jet-lag^ |tetes,aselect group oftravefere can icheck 

in a long line to register at town' s 5^; - m by themselves, using a smart card and a 
have an alternative in a tew sei special kiosk in toe hotel lobby. The kiosk 

cations, with IBM has displays toe customer's reservation and se- 

British Arma)^ a nx>m based on his or her preferences, 

spent three years devetopmg scu ^ ^ issUes a key and provides necessary 
check-m kiosks: more tiwn I Europe additional information, 

be found in airports ttoough^t^ 0 ^ At check-out time, the traveler mserts tbe 

today. The kiosks enable f 5^fr^ out ^ and reviews the final bill th en m- 
chcck themselves onto riign dicates acceptance for the printing of a t 

^w^n^talcxtc^onto di^nrice ret |^ tual]y( internet-enabled kiosks will 
allows self-service ch*K-w m be able to sell ticket purchases, make flight 

away from toe ahport. This is reservations and other bookings, check 

a worldwide first, and IBM emp passports, issue boardmg passes and 

themselves arc participating w brovide destination information — not 

month pilot. . ^ England only in airports and hotels,^ also in 

IBM employees m Middlesex, ^ ^ banks, shopping malls and other familiar 

who are traveling on a 0D iy places.® 

European flight with hand baggage OP,y F _ 


B ig things come in small packages, 
including revolutionary advances in 
toe travel industry. One of the biggest 
(and smallest) of these is the smart card, a 
plastic rectangle that looks like a conven- 
tional credit card but contains a micro- 
processor, transforming it into a mini-com- 
puter with impressive capabilities. 

A smart card can hold travel reservations 
and tickets, hotel reservations and infor- 
mation, bank debit and credit cards, as well 
as loyalty points and electronic money. 

They will be 
safeguarded by en- 
cryption and pro- 
tected with PINs 

(personal identific- 

ation numbers) or 

other methods to ^|nS||||Kg£^||| 
ensure, first, that 
die person using the 
card is toe person 
authorized to use it 1HHM 
and, second, that lBflpl|||l 
personal informa- 
tion is not lost if a : 

card is stolen. 

Smart cards 
make the mueb- 

ballyhooed “ticketless travel” a technolo- 
gical reality, with advantages for both toe 
travel industry and toe customer. 

The industry benefits from reduced costs 
through reductions in ticketing and dis- 
tribution costs. Revenue handling is faster 
and more accurate. Passenger handling is 
simplified. 

Customers benefit from case of trans- 
actions (fewer cards and documents to carry 
around and possibly lose), improved travel 
safety and better customer service. En- 
hanced services are possible because the 


card issuer has the information — and there- 
fore toe opportunity — to personalize the 
travel experience for every client through 
data -mining techniques. 

Industry studies indicate that smart-card 
business is currently running at some $1 
billion a year and could reach $20 billion a 
year within the next three years, given toe 
range and capabilities of smart card tech- 
nology. It is estimated that there could be 
some 2.5 billion to 3 billion cards in use by 
the turn of the century. Hotels and airlines 
are expected to be 

J among the major 
users of smart 

Air France, 
Delta, Lufthansa 
and SAS are only a 
few of the many 
airlines now offer- 
ing smart-card ap- 

American Ex- 
press and IBM 
have developed 
ticketless travel for 
-..t.v'-f American Airlines 
customers at 21 air- 
ports in tbe United States. 

In July. IBM signed an agreement with 
Geraplus, toe world’s largest provider of 
smart cards, to develop integrated end-to- 
end solutions combining multifunctional 
smart cards, their applications and the nec- 
essary information-technology and trans- 
action-systems infrastructure. 

This cooperation means that the smart 
card sector, which up to now has largely 
been in single-application cards, can move 
toward far more complex and multiple 
uses. • 


i*.. 


“Business to ^Business: Travel" 

is the fourth page in a series that addresses the impici t)f electronic business on various 
industries. It is an IHT/IBM joint initiative sponsored by IBM and produced by the IHT 
Advertising/Suppiements Department. 

Writer: Claudia Flisi, based in Monaco. 

Illustrations: Karen Sheckler-Wilson. 

Program Director: Bill Mahder. 

-w*. 4 k JMEKM1UTKL1L«* * I _ S 


Customer Service 
Adds Value to 
JAL Web Site 

O ffering better services and saving on costs take on 
new importance in a bear market, and that is 
certainly true of the travel industry in Japan today. 
Sales of toll-fare airline tickets have sagged, and discounted 
economy-class tickets have become more popular. 

In this context, Japan Airlines is trying to retain and 
expand market share with “compelling service” not offered 
by its competitors. In a culture where quality of service is a 
given, JAL is offering Internet-based domestic-reservation 
services and international services (for JAL frequent fliers 
only at present) as differentiating features with enhanced 
convenience to attract new customers. 

JAL is no newcomer to the Internet The airline has had 
a home page for more than two-and-a-half years, and it has 
watched airlines in other countries add reservation-options 
to their pages during that time. Says Tsutomu Ide. manager 
for J AL’s product planning and marketing division, “While 
it was noL clear how useful the Internet would be for 
reservations, we figured sooner was better than later, and 
we plunged in so we could be the first mover.” 

Once JAL decided to develop the service, it wanted to 
move quickly and have everything up and running in three 
months. It turned to IBM for the latter's expertise because it 
intends to develop toe project's complexity over time. 

Tbe system has a number of functions: confirming flight 
schedules and space availability; making, confirming and 
canceling reservations; calculating fares: and providing 
arrival and departure information for both domestic and 
international routes. 

The service exceeded expectations in its first 18 months 
of operation. In April, JAL enriched its offer with the 
introduction of tickctless domestic reservations featuring 
credit-card settlement At that time, toe company measured 
an access rate of about 25.000 visits per day for this service, 
in October, JAL's Web site was ranked the second most- 
popular corporate Web site in toe country 1 , with 3 million 
visits per month. 

Reports Mr. Ide: “Most of our users arc businessmen, 
and our customer comments have been very favorable. 
There is growing demand for this kind of service, which is 
not restricted by office hours, so customers can book 
whenever they please." • 

Faster, Better, 
Cheaper, Easier 

T he scenarios are tempting. Mr. and Ms. Leisure 
Traveler sit before their computer at home and plan 
next summer’s vacation by visiting Web sites, mak- 
ing price comparisons, checking flight and hotel avail- 
ability and doing all their booking on-line. 

Ms. Business Traveler changes her travel bookings from 
Tokyo to Beijing while sitting in her hotel room in Kuala 
Lumpur. Today’s technology makes it possible to do so 
from her laptop computer. . . . 

Give the traveler more information (through thousands 
of Web sites) and more power (through on-line reservation 
and sales capabilities'), and there is no doubt that e-business 
can make travel “faster, better, easier, cheaper,” says Bruce 
Guptill, research director, electronic commerce, for toe 
Gartner Group. 

However, new challenges — both technical and ma- 
nagerial — arise. 

Technical problems stem from the feet that the com- 
puterized reservation systems (CRS) developed over the 
past two decades were designed for use by travel agents, not 
for Web users, and many are very difficult for the end-user 
to understand, says Mr. Guptill. 

“E-commerce transactions triggered directly by end- 
users against CRSs (Via kiosks, Internet workstations and 
toe like) may demand from 30 to 1 00 times more computer 
power per trip booking than those generated by professional 
travel agents because of toe un familiarity of the persons 
making the inquiries and their frequent desire to find ‘toe 
best bargain’,” says Jean-CIaude Guez, a partner at An- 
dersen Consulting. Paris. 

A second challenge is the need to make payments safely 
on-line. Forrester Research, in a 1 997 study called “ Leisure 
Travel on the Web,” identifies “ability to consummate the 
sale on-line” as an essential element in toe profitability of a 
travel Web site. 

A managerial issue is the lack of centralized control 
when a company’s “road warriors" make their own book- 
ings independent of corporate travel guidelines. Web book- 
ings may be convenient for toe employee, but they are not 
necessarily cheaper for the corporation. 

Technology is being harnessed to meet these challenges. 
Information-technology companies are working with air- 
lines and global distribution systems (which handle airline 
reservations} to make their interfaces easier to read. 

David Dingley of IBM's Travel and Transportation unit 
calls it “creating toe layer that Mom and Pop under- 
stand.” 

For example. Air Canada’s system is connected direedy 
to toe airline's mainframe. What this means for the cus- 
tomer is real-time access to toe latest, cheapest, most 
convenient feres. Ticketless booking is possible, though the 
passenger still has the option of having tickets sent by mail 
or picking them up at toe airport or ticket office if a hard 
copy is preferred. Travel agents can provide either elec- 
tronic or paper tickets for bookings. 

Air Canada also plans to include a Secure Electronic 
Transaction (SET) feature for on-line payment 

SET is an international protocol for Internet payment 
developed by Visa, MasterCard. 1 BM and other companies. 
As SET becomes a feature of more travel Web sites, 
security of payments will cease to be an issue. 

The managerial problem of controlling on-the-road ex- 
penses can also be resolved technologically. IBM’s Lotus 
Notes can integrate reservation systems, a corporate server 
(containing company guidelines on travel) and the in- 
dividual client Andersen Consulting estimates that 5 per- 
cent to 15 percent of the working population, toe travelers 
generating the highest revenues, has access to this kind of 
system. • 


FOR MORE INFORMATION ON 6-BusiNESS: 

Contact IBM by email at wtti@uk.ibm.com 
or by fax at +44 1 81 818 5437. 

Rx examples of European ebusiness initiatives, 
consult http://Vww.europe.it 3 m.com/nc/qustomer 

Look for toe "Business to eBusiness” series on toe IHT Web 
site at htfo://www.iht.com/IHT/SUP/ebiihtml. 

The Web version of "Business to eBusiness: Travel" hatlinks 
toe following key words to other relevant Web sites: 

• Ticket! ess travel • Smart cards 
• Self-service kiosks • Automated passenger clearance 


. . . 




i'-VoC. l£ 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, DECEMBER 16, 1997 


Monday's 4 P.M. Close 

The 1500 mint traded stacks of the day. 
Nationwide prices not reflecting krta trades etewtere. 
The Associated Press. 


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376, 25ft AVTctlpIB 1J4 5 1 - 101 35 34*9 34*9 -*9 

03 42ft AUTchpK 2.13 36 228 dl 60 dO*x t-ft 

20V, 23V, AHPtptR 1.90 75 - 148 25V, 15** S> +ft 

(rflW 2tP. SEkif - 11 41 Bl 38W 38V9 SB*-. -*9 

27*9 19ft Afenyln 42 IJ 14 to 23*9 23ft 23*9 +U 

27ft 15ft Abram .36 1 J 17 2503 24 ? 23W 74 -*9 


JO J 13 31ft 30*1 30W +J> 

A J 21 35, M 29*9 2d +V. 

04 \4 24 7179 47ft 47 47 -ft 

.60 2J IS 7207 209 201? 20*9 ->.9 


281? lift AJeoM 340 14 _ 3414 2SV9 24ft 24ft +*9 

31 ’t TDti AlnRE n J3o 1.7 - 312 30ft 3019 30ft +*9 

IT-, 12*1 ABAmTor 1 03 74 . 255 IT, 13ft 1316, -V. 

31 ft 25<? AUgEiwy l.a 5.7 15 1099 30*. 29W 30ft +ft 

3F, »1 km^QUv Mis 14 4900 25V. 24ft 24W -V9 

341? 19 -x Altoqnncr 40 1 J 10 657 33*. 32*9 33 V. .ft 

30 Id ABrnTol - 17 1815 I8W 18V, 18-9 +W 

37V, 25ft Ategn J53 1 0 20 1344 33V, 33*. 33*9 +*9 

38X924 AfiCan 257a 70 2V 1039 30“9 3dft 36>» **» 

17W 131, AflWrld 153 95 _ Ml IdU 15W I Oft -U 

15 lift AiWitSZ 1420104 _ 1SJ3 13>* 13ft 13ft -V» 

69 401? AITcfl - IB W ST 57 S7^« -<V» 

3 Fi MIX Addon 1 48 1.7 IS 358 29 28*9 29 +*9 

«0’> 38 Aldinsfl 1.85c 32 15 13c 58ft 589 58V, +*9 

2 Vi 251? Alinrajrf 19711 J - 295 2FxdHC. 25?, -*9 

27 1BV? AlitaPas .16 3 14 105 23V> 23U 23ft «- ft 

47!, 37ft AidSqnlt 52 14 >522403 3019 3FC9 34 -*9 

SOW 31'? AfcnrFn JO 4 17 317 50 4W, SO +S9 

toft 54ft AHOlD .96 1.1 14 7552 91ft 90ft VOX, ♦« 

261.24') Aid piA 1.99 tA . 253 26*, 26»« 16ft -ft 

401.29ft AIM 1.161 29 IB 1910 40«9 39>19 40’9+n,, 

Z3't lift AMurma .18 8 - 1134 23ft 22*9 aft -V. 

a 6W MptnoGr - 22 029 19ft 1SW <8*. -VX 

45V, 306, Alunax - 13 4215 31". 31ft 31ft - 

89V* 60V. Alcoa 1 00 1 4 17 7334 t»ft 08 *9*? *lft 

32ft 249 AM JW _ _ 2204 2Bft 27ft 281* eft 

71, 149AmndS - - 3651 2ft 2 2ft - 

47*. 31 AmbacFs J6 J 14 1SS2 44 42". 4Tfts -ID 

271- 2IW Amcad SO 24 13 229 23*9 22W 23 1 '* -ft 

04'? 4711 AmHeS .60 1.1 26 4884 52ft 51ft S2"9 +1 

26" .24'. Amrarjrf 213 8.1 „ HU JM. JO'- 20ft +U 

911,31 AmOnrao - -35579 07ft 81'. 85 -1ft 

189.13 AmWrZ - 11 307 IF. 18 T8ft> -ft 

b? 3W AWesImt - . 242 7V. OW 0". -Hi 

42<l-ii23ft ABmhitt 44 l.l 17 1151 43 40ft 4Ki.lt, 
O’) 3>. AmBXlH _ 17 1513 8ft 4k? 4ft -V9 

251, IBH.ABmnP .63 10 IS 90 3DV, 20ft 30?, -ft 

50ft 39(» AEP 240 4 7 16 3Ulh50ft 49t « S0«« *1 


31 ft aw CaUWlie JSe 24 
42ft 16ft C0MDS91 
40W lift GoMfm 


29ft 21!? Cabal JO 1.4 21 1994 38ft 27V. 28 eft 
2SV.1F? anoG .id j a 273 i9«v» i9*» ij> +*, 

27V.241', CodSdJpl 110 8.0 .. 20* 27V, 26W 27V, ^*9 

43Brm§0ft CodbyS I JOe 3.1 20 130 4I'.» 41ft 41W-'+fti 

aft 13ft Cadences - 3110828 25ft 21ft 27V. -99 

25ft 22 'ft. Cod Far n .. _ S75 23ft 23ft 23ft ft? 

42 28ft Cofenorgy . 15 3220 39*. 28 1 *, 29*, +*, 

15 10*. Caftan J2 2.9 18 4T0II 10". 10", - 

61?«19V< CcSW JO 5 _ 0773 511. 50 50 -Ift 

113W1071M OrfFd ptB 10J39J _ TOO 110*: HOW 110'? +V» 
117WI11 CdlFdpfC llJOIOJ _ 1500 1U 113 113 -2 

27U 24ft CatFPcWjB 85 - 0811 26ftk 20ft 20*. --"a 


_ 575 23W Hft 23ft ft? 
IS 3230 39*, 28 'ft 29*, +*, 


U3ftl07id CgtFd 
117WI11 CalFdl 


117W111 CBlFdDfCllJOigj _ 150 
aw 24ft com p(228 85 _ 081 
35'? 26ft CHKMf » 1 0 15 006 
27 17 Caftud S 15 10 31 

MftITW Calpina _ 12 197 

82 'V 38 CmKO JO A 74 A] 
33V.30VI CandnP 1.96 6.1 a 100 

■ft S.S8S&1 r r *IZ 

K££»l zM 

37W 24U Capita pf 227 84 -13 
50 30(? CapOne J) J It ® 

Sv? m.cS^a.n 321 4 14 39 

36 1 ' nv? cSMAC J 8 J 20 ] 92 
Cjqntar - _ 236 

27X.IPW 144117 J $ 31 9 

19U I4H CepMpIBl Jo 7.9 - 10 

Wins Hi 4 ’13 A 

y^;gss so ij ^ | 

S? 2W* CmmCp Ml IJ 24 319 


10>*» 10», - 
50 50 -TV, 
110W HOW +V> 
113 113 -2 

• Toft 26*. --"a 
Z7W 29V, -*9 
25ft 26)1 +*■ 
. ISft 15*, +W 

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24ftCanAjrf 
i 24V? CarrApf 
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ITU CarfWri 


13W 7(4 CashAoi 
6*9 2 V? CatalU 


PPW 1.941 81 14 425- 
fpTeth 1 J2 17 13 40i 
irAraR 1 JS 87 J9 121i 


12.14 86 .. 
:114 87 _ 

Jf 21 S 

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s 100 3J 121 
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471, 45(? 45*9-169 
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6lV, «m& 00ft ftd 

i2 nw nw -ft 

109 5ft 5ft 5ft -(A 
287 47W 401* 47ft ♦«*. 
1045 1869 18*. 18(6 -U 
!742 51ft, 50V» 50ft -ft, 
207 10ft 10*. 101* +!, 


i row 

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1 5ft 5ft 


CedOTFS 1 J8 SJ 17 4*4 26ft 25ft 25ft -ft 

a ^Pr 1 OB 89 26 128 34ft 341, 349. -W 

Cll 281 .9 13 118 30ft SB 30ft _ 

Craft* 28 S 15 1098 61’9 01 6l". -14 

CenSeWsJ1.74 86 23 6071 ■ few 25*, 2d*. -"J9 
CralEur 3 060 .7-421 10ft 16ft 16ft *ft 
OftaCpr 202 94 - DO 28". 27ft Wft -v. 

CcnHud 114 5J 14 449 MOW 39ft -M 'W 


102 94 _ 80 »ft 27ft 

LM S3 IJ 449 MOW 39ft 


39'« T9'. CcnHud 114 5J 14 449M0W 39ft 40 *ft 
29', 349 CcnLAEI 1 58 54 14 420 79V, 28ft 39". +ft 

14*, 10 Cl'.IPv* .90 OJ 24 573 14’1 14 14** +*9 

70-', «P. ctitfas 841 IJ 33 280 W - • 67"9 67ft -}9 

42 15'» CvTlPkq S .06 J 51 3*3 39W 38ft Mft +1, 

l4X.IOftCV.PS JS 62 9 157 14*. 14 14 'k +ft 

24 17". Cwdrls 24 IJ 9 154 23», B'l -ft 

64ft 3SU ConlBh 108 Id 23 074M M'.: OOft-lt. 


47V, 38'? CmyTl J7 J 15 1133(4 40", 48 +W 

471* 29*? Cmdian .. 20 5232 40ft 45 : 40W +9 

21 (X 13ft ChrnpE . . 14 2150 7W| 19W 20 *!* 

00'.? 41ft CNnoln X 4 _ 4395 46'. 45«, 46 +19 

to . io'" cubits 3oti4 17 749 a p . a a -« 

U'4 24ft ChortnflRc 10 S 12 1375 321| 31ft a -V, 

J5'? TF .ancCmn 184 73 .. 325 2F9d25ft 25*, _ 

120+hBI'i CIwscM 748 22 13195401ft mftll2’«+l*. 


J7 J 15 1 133 .)& 40", 48 +W 

-. 20 5232 40ft 45 : 46W +9 

. . 14 2150 70(1 19ft 20 *14 

X 4 _ 4395 46' * 45*, JO +19 

3M 14 17 349 a", 22 H - « 


120+h 84' ■ CtllKCM 248 12 
29ft Z7ft ChscpfA 103 9.4 
311) 39*, CteopiC 2.71 89 
to ) 25ft ChSO&tM 7.10 8J 
20*.34li UKCPClrf LQJ 7.8 


15481ft lllft HZ’. +1*. 
164 28", 77ft » 77". _ 
188 30 1 : 32* ) 30ft* -*■. 
171 2s:, B’l 25'. _ 

18B 75". 2Sft 256,+V» 


31*,23l| OUCOUC 1 72 54 33 463 81 ft 30 ) »*, ■*'. 
22ft S Chau?, ... _ 400 8') 7*9 8!, *W 
3*» Chcrtfinl 01 .1 39 1180 IF, 15ft IS6.+V9 

42ft IT, ChoICCA 2.701 7J 22 5174 379 37*? 37"*+*.. 

43 :31 Ommod J 171 SI 1. 109 47 41ft 4HV.+V, 

30ft 77". amp, JO 24 41 800 Sn 27 ft 33v, +? 

31ft ox.ChnEngs 08 1.1 . 5195 r» »-• r- -V. 

S9(->01>> Cheman !K 10 1812074 77 75ft 76* ..I". 

8 4ft CfucRy in 7>: 7*.( r-1 +•, 

23 x15 ChkB&m 24 16 _ 805 15ft dl4", 146. -1. 

2» i 19" aWcFd 343*107 - 440 TO*. 20'-« 204. -(. 

38 x 22*. OuteTd s TOo 30 _ 2180 26*> to', 2oV, -V, 

M*x 194, QUctno I Tie SI - 410 25ft 2 2ST. +*■ 
lei) lift China Fd 08o 6 _ 464 12ft 12ft I7V,«4. 

30'* 14'. Cl, ns Air n - _ 085 1S’« 15i. 15-, -ft 

38ft 36*i OmnTkn - _ «08 3T-« 32*X 33., 

13*. 7*1 OraTiW 08 1.0 41 l«l T, 7 1 ) 7ft -9, 


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18 ? 10 ■ CnotceH n 


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JO 12 . IlcS 16* ■ low lOU _ 

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441? Xft Chmcp* n . _ Siv 44' . 43' « 43ft ->■ 

S5 38': CftnsCr 1 3M - IB 4S5S0. «6.50ft*V, 

re*«38M Oavslr 1 W 44 81d5to 30 35' ■ 38 .ft 

77i) 51*1 Chubb I 10 IS 18 5580 bT-': 75ft 78)»+2V. 

HI, 2K? CftfOw! 45 1.7 71 30* JT-m 77U 276n +U 

lOn 3ft Onranx - 05 95 4’x Oft 4*. +*". 

49*1 23 ClflER . . 60 417 47- . 46'? 47J» +(, 

JS'. 35" i GJcrxp 240 SS 19 MU 4tfn *□’) 447, *H 

Tift 73 Vm CmnSofl S 40 1.4 20 1788 3", 381? 28ft -V, 

29') I7'« DnMU 48 1.9 14 1303 2569 2Fft 25’: -t, 

jx, 1 CmoOd . _ 7564 IV* I'X lu _ 

30 3l*t<3Nmiy 1 SO SO 18 1487 36 3Sft 3S"..;, 
72 S») CNCCarn , _ sm 9", 9*9 9V, 

OS'? 28-1 CncClyCC 14 4 30 S707 34ft 3T. 34ft +lft 


30 : 20ft CKU5 


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I451h 98(, CMnp 3.10 1 6 1928088 13") l»9 131 *k-.5V. 
100', *1 Crtcppf 0.00 6.0 _ 5830 1066a *1’? 99'x +1, 
77 25 CrfcpofE 3X0 74 _ 502 2F« 25>k 2SW _ 

Jr6a74 CHqjjkF IM 7J _ 1OT 25ft 25ft 2S> - 

12 r. URDU .711 _ .. 4770 9". 9Vi 9ft 
SI 42 Qblliaf 2J0 ... _ 7 jo _ ... 

34'., ivt, CflyNC 44 1 J 23 1006,2 34*. 341, 

24 ll<» CkWesSII II 6 IB 1M3 20*. 19*, 1969+V, 

31') 20 QaiOT JO( 2J 17 1H 2*»* a'-« 29*, +W 

19'? 12*? OaylM J8 J 10 1845 10'? 10*. 10V, w 

74ft 30"? CloaiC . _ 314A 74ft 73.: 7414 *9 

106. P: demcb BTo 80 _ 142 501. 10. » low 

47ft 40 CNCH I JO 30 9 234 43*? 43V. 43*19 +ft 

82 »'* CAM Dr S _ 71 5517 ST-.: 48 49ft -»■ 

80’, 48*1 OOfCNS 1.78 14 K 1981 BO J9 80 +">. 

35’ * 24'? COOChUS _ .. a j 66 316, 306® 3V*d •)!» 


82 W) CAM Dr 5 

w,4F, Ooraxs 
35' . 24'* CODdlUS 


30*1 in, CaaOMMA JO 9 15 ,50 ITS* Sft 22** + * . 

64V. 34*1 Coasts* _ 23 49, 64.9 02W 63 ft +Mk 

65*, 43', Coiwcl 40 .7 17 1720 oO** 59". 5»69 -> 

4ft x esapnys . _ os? r. 6. 69 -t, 

X': 9ft CoasIcS - 14 166 15 lift MW -ft 

73ft 47--I COCOC.I M 9 4035840 06*4 65 4SW +6, 

35 141, CbOOCE I ID J M 3253 34 33’-1 33", -h 

S9’? 25ft CCFerOM J7+ J 53 1571 55*? 51ft S4ft +2ft 

10V) 7'-» Cocor . * 2283 a'x 0X9 0ft _ 

19k? W.COeurpf 1.49120 _ 2380 17ft dll ft 170) -N 


04V. 34ft Coasts* 
65' » 43', Coaftal 

4ft ft csdPny, 
X 1 : 9ft coastcsl 


18ft 7'»Cow 


IV*? 171, Cow p( 1.4912.0 _ 2380 IF, dll ft IM* -W 

45*? 28 Cwnuid 1Z 3 fr 1114 44 d -O'": +J, 

48ft Z5ft CofeNall . .. 592 W - , 32> 32> -JT. 

19V, II'-? CatoflHI _ _ 34? 151, 14ft I5V.+89 

78*9JJft CotaPalS 1.10 Id 2813829 07", 65ft 6016-1% 
3Sft IS'-i ColBqps .60 TJ IV 337 34'.? 33-t 3A« Aft 


19), ir-? Cotemn 

78*9JJft CdtaPals 

35ft IS’-i ColBqps 
25ft 19ft CoHCdS 

B**9 r, CglHIn 


1J4 SJ 14 to 29- E Z5ft +1? 
JS 63 _ 195 f . mx 8"n> « V. I 


10* , Cedirfln -94a 8J _ 300 106, HM9 1M9 - 


Vrr 24 147 ID 1 -? I0W I0H ■'•i 31ft 24 v, cSorrPT 2.08 

Dl 100 ?.7 _ 153 2flV, 25*t, 26W ♦(, 25w,24(* r3 «£ ptn? id 

OlC 281101 .. 100 27*. 27ft 27ft +.*1 MV.lJft 


PVa 7W CaltHI 

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S'. O') CaUUa _ 
21', 26ft CdmPT 
25<n) 24*? Camp of 

wv»l7ft Codec _ 


o8a 87 _ 100 7W 74 7", -(0 

01 55 - 167 10W 10W 10W _ 

49 64 - 479 7V. 79. 7ft - 

2-OB 0.9 10 sm X 29'-, Trim )V9 

(2.19 85 _ SO 244. »>, 34<V, -ft 

. „ - 16 1538 22ft 21ft 71ft -ft 


46', 24*i bomSIRs 
30*1 15*1 Bamrto 


- 28 1523 2B'( 27", SW +v, 
Itf .9 -21908 17*9 ldft 17*9 •'?! 


30*1 15V| BamttD 167 .9 - 21908 17ft, ldft 17*9 ♦'? 

l«i ?■? BCTiyRG -. IS 225 lift lift lift* 4, 

7'i 4*, Bo8M< 05 IJ _ 4843 5*4 45, 5, 

S? 44 1 * BatLUl Of US 73 .. 80 44'? 844 44ft ->l 

4r, !C: BaosaiL 108 1* 38 1X7 Wft 39ft »»> 

60* J J9 ; x Bader 1 IM 2 3 51 7147 S|* B SOV, 9tf9+i, 
Xft an BnyApt 148( 4J 33_473 39ft 39C. Wft -(. 
41 t lb, BayNMi - -32491 24V) B» aw ■+» 

31 rs - , BaySGs 1^ M 16 107 30T, 30T, 3iJJt +>» 

4B'i 391* irno^r ztio 4.4 » 1097 4M| Aft ■»■? "ft 

to’ , mv. ShdiP d 134 BJ - 1600 301? H’9 to? +1-, 

4 r, 2JJ) 6™Sl OOB 1 J 10 *1112 47ft 06«, +119 

SrocSPlZZfll 79 - «»w KW g*. 
reft 131. BrajMn _ 15 330 18*9 IBVa 15ft ;ft 
Sviju « 14 TS 710 43 41ft 41V. +> 

55ft 41ft S«cibk 58f l.l 73 2341 MJ. U gWi ■*■ 

22"9lfli-. BedhdP I JO 5J 15 218 20*9 X 1 * 30ft. +'*■ 


to’ . MV. BmcnPaf 124 BJ - T<00 toft »’9 to? +!-■ 

43", 2Jij 6«nSI 0® 1 J 10 4112 47ft 06*, 4ff : , *119 

to-to. SnxSrtTtflJ 7.9 _ «»w KJ, ft -\- 

reft 12*. arajUn _ 15 336 18*9 IBV« 15*i -ft 

Sxiis todm * ** 13 JC10 43 41ft 41V. 

55ft 41ft Seat* 581 1.1 73 2341 MJ, S3 gWl «i 

SJW16W BeAdP 1J0 5J is 218 20*9 X 1 * 30ft* *'4 

2£, B",Boip/«in „ - ... SSiiif i'J? ” 

30*1 Be&Ti JO A 16 230 Kft. M*-k re j* 

33U 19>. BtlliM M l 119 2|*» *fx 2^. -I. 

91'? 56’j BrtAJl 3.08 34 3011201 9W.+K* 

20 13<t BelMrfl - 10 729 13ft 111 2ft 17*i» •!' » 
SP? 3oW Be* So 144 SJ 21 66H Sfd’eUf'.SM, +(* 

S3 1 . 33h BetaAH .44 J 79 1706S54 ST, Hft •*> 

47>i»xu. pmls JO ll 33 |4247ft,4g, S^V+ft 
n- 17c. BencnEt - 30 277 24V, 23ft 23V: -ift 
37 34 Baicysrn - lflfll 0JP1 to', 37. * 1 ; • 

BJV.JV'? Brae® 7J8 li 16 992 81ft 7»ft Bl -9 *lft 


77 56 CononGiKlJO IJ 16 ISO an* 76 70U -u 

44'. 75ft CdHCA .IS J 1414681 2949 29ft 3f.X -V. 

34' , IT. COnddCS JO A 20 1352 3JV* 31ft 31ft +V. 

91 ft 50'4 Coowrtc 172 1.9 24 3186 nW"» Wft 92®, -2ft, 

71V. 15 CondtTSn ^ - - 774 17ft 17*. ir. »W 

40'4 26', CmcfiHJ JO 1 J 19 217 46(1 04ft OS'.-, -1ft 

30 21ft Cmcade 104 S3 13 9I31^.3IW 319, - 


54*. 19': CmcfdJs 33 4 18 154 S3’: 5Z*4 53V, +W 

19ft lift ClWTfk 64 27 12 987,2) 19ft I9W «*, 

33W :r? CmdMD J2 16 13 488 S'9 31ft 32V, «V9 

TOft, 13'. CMdNL 120 73 13 434 TK« 16 . 102,499 

OT? 18', CanES I JB 53 <4 III X 79*-, B»,Hl 

19 10ft cmtscmti _ _ 1B4 12ft lift 12*96*1. 

30 IT! CmolTSA „ _ 21 10»» 32_ 31'., 31« -V9 

79*, 28W Compaq 4 STu .1 IS IW 545ft s2 Soil) -Ift 

20), 10V? QnihUan . _ re 2310 154,15'* TS94 +W 


19ft lift ClNTek 64 27 12 987,3) 19ft 19ft «*, 

33ft :r? CmdMD 52 16 13 488 32ft> 31ft 32V, «?9 

T0(V,I3'» CAKlNL ire 73 13 434 T6(« I0-. 107, r»9 
OT? IB'i CanES IJB 53 <4 III X 2T-, B»»Hl 

19 10ft causcopii _ _ 1B4 12ft lift iZiyN-v. 

30 IT! CmolTSA „ _ reiooe* 32. 31 '4 31>» ;V9 

799, to, Compaq* J3> .1 2snW»W S2 S4l,.|’, 
20), 10V? CmoStan . - 20 2310 154,15'* 1S9, +ft 

57W 24ft CampAi 1 .07 I 2945246 491, 434, 49 tit, 

87*) 57'. CflHW'ja - 25 0490 77*. 751. 77?. t3V» 

49ft 16>. QnpTtks JS J 34 1402 31 V. 30-4 30', -Hi 

v, ii9Cire»nn jj u - 1850 3’? 3W jv« -V, 


19 lOftCOneami 
30 IT! CmolTSA 


79WS9 Compaq* 
20), low QnihUon 


9-, iixicimsiBii jj u _ 1850 aw 3w 3 
ret i oft Canos re .9 - nos ni« 739 a 

3Sft Z4W WCmrild 7j .. 143 25H 2? 

m? on un^ik . _ io aan i2», 11 1 ? M] 

a ?lft uCoetfB 144 73 - 189 D7, 72* zr 

271? 25*9 CoCnoOC 2J4 87 . 129 71 to* 77 

X 249 ConAorg? 43 1.7 28 8470*1'.) S7i. 37 


re .9 _ nee at, aw a +v» 

Id 7J .. 142 &, 25ft 2Sft +W 

- 10 3690 129, M'? IU, -Vi 
\M 73 - 1B9 a 7, 72 * 23H _ 

234 87 . 129 71 I*"* 77 +W 

43 1.7 28 B47DeJ0'4 37l. 37Q-.+V. 


2Hi 17ft 

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CtiEi _ SO 277 24". 73VX a*3 -in 

cysrn - lflfll oJP, to, 37. *1;*» 

fSS 733 It 16 9«2 81ft 79ft Bl -ft -jft 

itB - - 445 v, v, 1", - 

MG - 15 7659 1 31.612ft IZHt-K. 

£(* ^ a 3150 20>. 1BW 19V. .1, 


_ _ .113 B'-ft 7*» 81, __ 
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50 1.1 1811096 43" ,42ft 43x.+(Va 
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23V 88 _ 148 MW 26 26 ■ ? 

- 18 402 re'.ft 778ft zsto +a 

liD sj 14 swg m w, aw, -}•, 

1.94 7 7 „ irato? 25'. 2S9,-+V, 
I - 43 962 49ft 461,464'.-2V, 
1.91 2J 19 1922 MVft » SW* 4? 

1 46 H 70 207 S3*, 53 5T? >ft 


8 SS8Sfft*d ,‘S5tr S 

45 Tito CnOaor - 18 402 276 

8ft n On«“ 110 SJ 14 5980 SS 3991 
Tow 231, ConEtOT 1.94 7 7 - !» to? 25', 
S6*»aft LmsGrtIV „ - 43 962 49ft 469 

«0*Vwl71k CensNG I.W U 19 1972 UVft W 
60*,47W ConPop 146 11 70 207 53*, 53 


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3S6 IJW 139ft dy. -1ft I 


5ft 3 to Bhmanmi - 26 SO 49, 414 4lft+*ft| 

39W TOW BMh? _ 31 1747 aw 3ft 3IU +Vft| 

60W <3 Strings -56 1.1 8627802 49V. 40ft -gift -V. 

459ft 28ft BflWeC 40 1.9 - 4320 31 ft 3016 309ft +W 

269,25ft tknC pfF 235 9.1 - 1W 25»1 25ft 25". -ft 

75U 151? BobCWT _X 519 17 168ft 16ft +ft 

9 3b Bam&ay _ _ 1109 4ft 49ft 49ft+Wi 

Hit 7ft Bench .Be 112 15 1483 BVft B 8ft -ft 

32". 16*X Baraani - 37 742 31 ", 3D". »ft -19, 


61'? 30ft BoraWAu 40 IJ 11 589 .rn 47XX, 48to +lftl 

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7.1 _ 197 25ft 25U 259. -ft 


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£ 10061.00 CamO trf 3JI0 48 

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U.S. Clears 
Launch of 
Diageo 

GrandMet and Guinness 
j Over Last Merger Hurdle 

Cemvdnt by Our SitfFmm Dntacha 

LONDON — Guinness PLC and 
Grand Metropolitan PLC leapt their fi- 
nal hurdle to merge with clearance from 
the U.S. Federal Trade Commission, the 
companies said 

Diageo PLC, the food and drinks 
company to be formed by the merger, 
will have to sell its Dewar’s Scotch 
whisky brand, the biggest-selling 
Scotch whisky in the United States, and 
its Bombay gin brand as conditions for 
approval, a statement from the compa- 
nies said. 

But Diageo will hold brands such as 
Guinness stout, Smirnoff vodka and 
Johnnie Walker and J&B Scotch 
whiskies. It will also be active in the 
fast-food business through Burger King 
and convenience foods through Pi 1k- 
bury, both owned by Grand Met. 

The company is expected to have 
annual sales of £13 billion (521.5 bil- 
lion). ITie European Union said when it 
approved the merger in October that 
Diageo, which will have a market cap- 
italization of £24 billion based on the 
combined value of Grand Met and 
Guinness, would have to sell the 
Dewar’s brand in Europe. 

“I think the market has been an- 
ticipating the sale of Dewar's and Bom- 
bay,” said Mark Puleikis, a Merrill 
Lynch analyst. He estimated that 
Dewar's could be sold for £500 to £700 
million and that Bombay could bring 
more than £100 million. 

Mr. Puleikis expects Diageo to have 
pretax profit of £1 .8 billion and earnings 
per share of 34.9 pence (58 cents) in its 
first fiscal year, ending in June 1998. 
“The sale of the two brands will not 
impact profits by any meaningful 
amount,’* he said. Diageo shares are 
scheduled to bejgin trading Wednesday. 

Industry participants and analysts ex- 
pect that companies such Allied 
Domecq PLC, Seagram Co., Bacardi 
Ltd. and Pernod Ricard may consider 
buying Diageo's divested brands. 

“We will look at all Diageo dis- 
posals,” said Mark Hunt, a spokesman 
for Allied Domec. 

(Bbomberg, AFP, Reuters) 


BUSINESS/FINANCE 


TUESDAY, DECEMBER 16, 1997 


PAGE 13 


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OECD Adjusts Figures 
Lu ’98 Growth Forecast 

Asia Meltdown Forces Changes in Predictions 


Jim Saif II. ■III.' \|imn- tnarr-lw*. 

People buying food at a supermarket in South Korea on Monday amid fears that supplies were running short. 


By Alan Friedman 

Imcmtithutul lleruld Tribune 

PARIS — Hours after releasing its 
official economic outlook Monday, the 
Organization for Economic Coopera- 
tion and Development changed three of 
its key 1998 predictions, with officials 
blaming the instant revisions on the fasi- 
changing financial crisis in Asia. 

The OECD, the economic think tank 
in Paris, cut its growth forecast for lead- 
ing industrial nations, altered its view 
about the need for higher U.S. interest 
rates and admitted that it would have to 
revise both its Japanese and South 
Korean forecasts. 

In a published report on Monday 
morning, the OECD forecast a 1998 
growth rate of 2.9 percent among its 29 
member nations. But at a press con- 
ference here Monday afternoon, the 
OECD's chief economist revised the 
forecast down to 2.5 percent. 


Japan and China Refuse to Take Lead in Asia Crisis 


By Thomas Fuller 

Inientutimtal Herald Tribune 

KUALA LUMPUR — One thing was 
missing when Asian leaders met here 
Monday to fight their way together out 
of the region's financial morass: an 
Asian solution. 

Hope quickly faded that Asia's two 
biggest economies — Japan and China 
— were willing or able to lead the way 
out of the crisis, and East Asian leaders 
turned to the West to ask for help. 

On the opening day of a summit meet- 
ing of East Asian leaders here. Prime 
Minister Ryu taro Hashimoto of Japan 
was generous in dispensing advice, but 
offered no Dew financial assistance. 

Mr. Hashimoto told leaders of the 
Association of South East Asian Na- 
tions it was “indispensable” that they 
restructure their economies, according 
to a Japanese spokesman. 

Japan kept a low profile at the meet- 
ing, refusing to hold bilateral talks with 
any of the ocher countries present — 
which officials said was due to Mr. 
Hashimoto's preoccupation with do- 
mestic political concerns. 


Mr. Hashimoto also told leaders of 
Southeast Asia's beleaguered econo- 
mies that they should not count on Japan 
as a market to export themselves out of 
the crisis. 

“Personal consumption is very low 
and therefore it's not practical to in- 
crease imports from ASEAN now," 

NEWS ANALYSIS 

Hiroshi Hashimoto, a government 
spokesman, quoted the Japanese prime 
minister as saying. 

For some Southeast Asian leaders 
Japan's reluctance to lead the region 
through the crisis was no surprise. 

“They find it easier to work with 
America,” said Daim Zainuddin, a 
close aide to Prime Minister Mahathir 
bin Mohamad of Malaysia. Mr. Daim 
pointed out that at a meeting of Asia- 
Pacific leaders in Vancouver in Novem- 
ber, Mr. Hashimoto had said Japan was 
not “conceited enough" to believe they 
can pull East Asia out of the crisis. 

"That’s the Japanese way of saying- 
they're not interested," Mr. Daim 
said. 


Tfnnkmg Ah ea d / Commentary 

U.S. Should Welcome the WTO’s Teeth 


By Reginald Dale 

Iniernutionol Herald Ttitme 

WASHINGTON — With financial 
turmoil still raging in Asia and the U.S . 
Congress increasingly nervous about 
globalization, anything that keeps the 
world economy moving forward can 
only be good news. 

So President Bill Clinton and the 
Washington politico-economic estab- 
lishment are right to have welcomed 
the pact to open international markets 
for financial services concluded under 
the auspices of the World Trade Or- 
ganization in Geneva last week. 

Many of the same people, however, 
were only days earlier railing against 
the WTO for finding against theUnited 
States in a major trade dispute with 
Japan over access to the Japanese mar- 
ket for photographic film. And in that 
instance they were wrong. 

In the film dispute, which set Amer- 
ica's giant Eastman Kodak Co. against 
its arch-rival Fuji Photo Film Co. of 
Japan, Washington claimed the Jap- 
anese government had indirectly ob- 
structed Kodak's efforts to sell film in 
Japan despite formal commitments to 
reduce trade barriers. 

Many Americans had hoped that a 
ruling against Japan would put wider 
pressure on Tokyo to dismantle hidden 
protectionism and deregulate its econ- 
omy — essential steps to assure Ja- 
pan's long-term economic and finan- 
cial stability. Thai was expecting too 
much. 


It is important to understand what 
the WTO can and cannot do. There is a 
big difference between WTO nego- 
tiations among governments to define 
the rules of the trading system, on 
financial services, for instance, and rul- 
ings by WTO panels dial interpret 
those rules. To equate the two is to 
confuse the players with die umpire. 

Many of the panel’s critics failed to 
appreciate that it was required to rule 

In the Kodak-Fnji 
dispute, Washington’s 
case was weak. 


on die legal merits of the case before it, 
just like a U.S. court of law, and that 
Washington's case was weak. To de- 
mand that the panel send a message on 
Japanese protectionism was like ask- 
ing the jury in the O J. Simpson murder 
trial to send a message on racism. 

In fact the panel did send a message, 
and a very good one — though not one 
that most Americans have understood. 
It is that WTO panels are not going to 
be intimidated into ruling in favor of 
the United States, when it has failed to 
establish its legal case, for fear of polit- 
ical repercussions in Washington. 

Rather than welcome the panel’s 
laudable display of Western-style ju- 
dicial independence, Charlene 
Barchefsky. ,the U.S. trade represen- 
tative, has darkly hinted that Wash- 


ington may take unilateral action 
against Japan to achieve what it failed 
to win in court. 

That would fly in the face of Amer- 
ican interests, which are to support the 
rules of the multilateral system, not 
undermine them by failing to accept 
WTO verdicts. 

The United States is the world’s 
largest trader, has the world’s most 
open market and is the biggest pe- 
titioner under WTO dispute proce- 
dures. It needs the rule of law to open 
other countries’ markets, and to en- 
force WTO decisions when they go in 
America's favor, as they usually do. 

At a time when Washington is trying 
to coax China and Russia to join the 
WTO and accept its rules, it is par- 
ticularly short-sighted to suggest that 
powerful countries can argue with 
findin gs they do not tike. 

If current WTO rules are not ap- 
plicable to Japanese practices that 
Washington finds objectionable, as the 
panel seems to have concluded in the 
Kodak case, the United States should 
not blame the umpire but seek to 
change the rules — by extending die 
WTO’s authority into new fields tike 
anti-trust and competition policy, 
which may be more relevant. 

In the past, Washington used the 
inadequacies of the international dis- 
putes procedure as an excuse for uni- 
lateral action. Now, largely at U.S. 
insistence, the WTO panels have teeth. 
Instead of complaining, Washington 
should encourage them to bite. 


CURRENCY St. INTEREST RATES 


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Ports SM IMS — iso? 91* — ttis uw 

Tdqw 1*5 252 vw MM* BJM2 UBfl* — 

R 8 !S g S i «E S JS S IS ’B B 

Other Dollar Values 

r w* um-pko * 177 S.*r.ratf ims 

tovmtpo** 0-WW Omkjnt S.KW.WM 156109 

UMMf 1-S2ZS H""**** txte aw*.**" 

AoMMKb. 37-90 TBfcmS 32JS 

Bradtmri 1.1163 IwHc wwpp ££££» XS6 ThrttwW 45JS 

Cttmwymt UCM !«to.™*tah »«un 181 ^3 Tm**,** 198715. 

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MtttolM Hgf SSrtrSl 3-15 V9WLlM*r. 50237 

Egypt pound 3 JOB MEM 

nStoMoT 53511 MMuy-rtn*. 3308 


Swiss Franc* 

DoUiir D-Mofi Franc Stofflng Franc Yea ECU 
l-montt 5%. Jit 3Wt-3M JVb- !'* TA-7V, to-lW 

SjmS 51* S*U 3V«.-3>* 7Vu 3Vi. - 3 V* 41 1 

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todo.raptah : 

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sadlrtyal 

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S. Mr. rand 
S, (Cm. won 
Swad-lonM 
TBtomS 
TholtoM 
Tmtortira 
IIAEMtum 
Voohl. bolt. 


Forward Rates __ 

I*" ' I29J7 129.15 

SSSA YS X s « SBT — — 

DMtidNWk 1.7718 17679 , 

Sowcwr HUCSmk ****£** 'SSSSSS 

asjSBBBassasassBtfssassBUBssw 


Key Money Rates 

United Slates Ctoso 

Oiscovntrate 5L00 

Princrate Uto 

FOdend foods 5Vn 

W-tJar CDs ileotort £79 

180-day cPdoakfs SSI 

3-aooRi TmswY Ht SJ» 

l^oarTteasury W 5.18 

3->y*ar Treasury MU LAS 

Treasury Btrt* i73 

7-yoar TraastOT note 5J5 

IO^mt TraoMiy note 577 

SO-wafTroatoraiMad 536 

htorrttl Lyncfi 30-tor 8A 5.10 

las 

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3-oioo» Uattek aW 

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LHobanlrate 4J0 

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l-anaUi tetortant 335 

3-rawift WortWOK 336 

10-yoar Bund 029 


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8«8 base rale 
Call manor 

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2- DOAffiMHMnk 
6-aHHrib intoftnift 
Ut-rearSOt 


71* 7to 
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7Vr 7Vi 
7*» 7V» 

7to Tto 
636 636 


France 

Intanoattan rata 330 130 

GsDnMor 3to 3to 

1 -moan intertmk 3^ 

3-naath intwbai* 3*n 376 

6-nMfttfl lOfMlwnt 3W* 3 ft 

18-yaarOAT 538 538 

Soorcos.' Bkxmbtn, Mfirijt 

tmeh. Son* pf Takyo-MfiubMU, 
Commmcbant. CitfSK Lytmnoa. 

Gold jLJIL pj)L 

ZoHdi hjl moo + 2*0 

Load on 28330 283SO +060 

Now York 284.70 28630 Unctu 

(7J. ticHcrs per ounce. JjvwW offJckv 

&thgs Zurich Mit New VtM opening 
w»(f dosing pricers Hew tiuft Camex 
(FObJ 

Sowt^UMm. 


China, for its part, told ASEAN coun- 
tries that they did nor want to hold 
similar summit meetings on a regular 
basis. The comments seemed to indicate 
that Malaysia's dreams of an East Asian 
economic caucus ~ a grouping that 
would not include the United States or 
European Union — were dead. 

Western diplomats said one of the 
reasons for China's lukewarm reaction 
to the idea of regular meetings of East 
Asian countries was that Southeast Asia 
— following (he devaluation of the re- 
gion's currencies — was now more 
competitive with China for export mar- 
kets. 

Asked if Beijing felt threatened by 
cheaper Southeast Asian exports, Shen 
Guofang, China's official spokesman, 
said the issue had come up during meet- 
ings between Chinese and ASEAN 
leaders and that President Jiang Zemin 
"expressed the view that China was not 
completely immune to the financial 
crisis that has occurred in Southeast 
Asia." This is a departure from com- 
ments made by Mr. Shen several weeks 
ago that China was not concerned by the 
rest of Asia’s troubles. 


China also announced Monday that it 
would make a further contribution to a 
rescue fund for Indonesia, but did not 
disclose how much money it would 
provide. 

ASEAN, which groups Indonesia, 
the Philippines. Singapore, Thailand. 
Malaysia, Burma. Brunei. Laos and Vi- 
etnam, could be forgiven for thinking 
that they invited the wrong guests to 
their crisis meeting. With Japan un- 
willing to take the lead, Southeast Asian 
officials urged the West to take a more 
active role in the crisis. 

Supachai PanitchpakdL Thailand’s 
deputy prime minister and commerce 
minister, suggested that the grouping of 
the major industrialized countries, the 
Group of Seven, should convene an 
urgent meeting to address the crisis. 

“Only through a globally concerted 
action can the ongoing liquidity crunch 
be prevented from becoming a total 
meltdown,” he said. 

The day before, Akapol Sorasuchart, 
a Thai government spokesman, said that 
"a clear signal from the economic su- 
perpowers may be necessary” to over- 
come the crisis. 


PRIVATE BANKING 


Likewise, in the published document, 
which was prepared in mid- November, 
the OECD suggested that U-S. short- 
term inrerest rates * 'are assumed to need 
to rise by a half percentage point by next 
spring.” But at the press conference, the 
OECD's chief economist, Ignazio 
Visco. said that the financial crisis in 
Asia had reduced the need for an in- 
crease in U.S. rates and that the Federal 
Reserve Board would be wise to "wait 
and sec.” __ 

Paul Atkinson, editor of the OECD 
document, said. “Developments in East 
Asia since our forecasts were made on 
Nov. 10 become a reason why the ul- 
timate rise in V.S. interest rates may be 
less than what was assumed in our pro- 
jections." 

Economists said the OECD's change 
of forecasts was a sign that the crisis in 
South Korea and other Asian nations is 
moving so rapidly that international or- 
ganizations cannot keep up with 
events. 

“This is a sign that large international 
organizations like the OECD do not 
react very flexibly to current economic 
events.” said Rita Schuhmacher. an 
economist at Nikko Europe in London. 

"When they come up with a forecast, 
ii is always referring to two months 
before, and so you have a ridiculous 
situation in which they present an of- 
ficial publication but then come out at a 
press conference with a revised forecast 
immediately,” she said. 

Mr. Atkinson, the document's editor, 
said: “The Asian situation has deteri- 
orated since we finalized the numbers in 
our forecast. So we will have to revise 
both Japan and Korea.” The report pre- 
dicted 1997 growth in Japan of 0.5 
percent and of 1.7 percent in 1998. 

In a telephone interview, Mr. Atkin- 
son said that while the published fore- 
cast for South Korea was for 6.2 percent 
growth in 1997 and 5.5 percent in 1998, 
“clearly the forecast for 1998 is gone, 
but we have not tried to produce a new 
number because the situation is chan- 
ging quickly." 

Mr. Atkinson said the OECD would 
stick to published forecasts for the 
United Slates and the European Union, 
"which take into account everything 
that happened in Asia until Nov. 10.” 

See OECD, Page 14 


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<PAGE 14 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, DECEMBER 16, 1997 


THE AMERICAS 


The Dow 


3Q'-Year -T-Bori cl .Yield 


U.S. Growth Outlook Sparks Blue - 



7000 — 


iso 


CoBpeedtnQxSugFmDtipescba 

NEW YORK — Stocks rallied 
Monday, led by airlines and bank 
shares, on optimism about growth in 
the U.S. economy, but technology 
companies declined on concern that 
the turmoil in Asia will weigh them 
down for the rest of the year. 

The Dow Jones Industrial Av- 


175 


r — •: 120 


j-'aT 

1997 


erage closed at 7222.59, up 84.29 
points, or 1 percent, after falling 3.8 


' J A 
1997 


US+ STOCKS 


Exchange 


US. 

U£i. 

US. 

as. . 

uu 

US:: 

Toronto 


The Dow 

sapibo’.- 


: ■.783&39- : -i4j 


percent last week. JJP. Morgan, 
which lost 6.7 percent last week 




after warning that unsealed global 
markets would hurt its profits, was 


"■WSECbBipd^T-^^S'-; 


AMEX-Gomp 

TSE Index . 


6581,00 /.tWtUB;: 1 , A74 
1 


i MadeoCtty Bojsa 

i BUienos A&toMetvai ■_ 

1 Santiago ff?SA General 

Caracas CapaalGenen 

“^Source. Bloomberg. Reuters 


markets would hurt its profits, was 
leading the gains. 

The Standard & Poor’s 500-stock 
index closed 10 points higher at 
963.39, and the Nasdaq Composite 
Index finished virtually unchanged 
at 1,536.60, climbug back from a 
21-point loss. 

Stocks opened higher Monday 


WIST-:,- .0ER93 • x +8£5. 


following a 7.2 percent rise in South 
Korea's key stock market The gains 


came after the government indicated 
it would sell at least one debt-ridden 
co mm ercial bank to foreigners. 

The move reflected efforts to 
boost sagging overseas confidence 
in South Korea’s pledge to restruc- 
ture its financial sector and open it to 
foreign investment 

But investors remained jittery 
about the outlook in Asia, especially 
for technology companies that ex- 
pected huge growth in the region in 
coming years. 

“Asia is the growth vehicle of the 
world," said Brian Bclski, technical 
analyst at Dain Bosworth in Min- 
neapolis. “If there was going to be 
growth anywhere, it would have 
been in Asia. Now, we're not sure 
about that’ ’ 

Concern that Asian economic tur- 
moil will undercut profits is dogging 
technology shares. Banc America 
said U.S. economic growth is ex- 
pected to slow because exports to 
Southeast Asia account for approx- 
imately one-fifth of the $1 trillion in 
U.S. exports. 


The perception that tech stocks 
will lag the broader market has be- 
come a self-fulfilling prophecy as 
mutiiai-fund managers and other 
professional investors shun the sec- 
tor, said Bob Finch, a technology 
analyst and money manager at 
Aeltus Investment Management in 
Hartford, Connecticut. 

“A professional investor doesn’t 
want to destroy his 1997 perfor- 
mance by loading up on sectors that 
may still be declining,” he .said. 
“It’s a flight to quality, as investors 
do what they can to protect gains for 
what’s left of the year.” 

Microsoft led me decliners, fall- 
ing after analysts at BancAmerica 
Robertson Stephens said the No. 1 
software company could suffer from 
weak personal computer demand in 
the first half of next year. 

Drug-maker Merck & Co„ Coca- 
Cola Co. and other steady growers 
have come to be viewed as more 
reliable than technology companies 
as profi ts come underpressure, Mr. 
Finch said. Both Merck and Coke 


Imcnulniu] Herald Tribune 


OECD: Asian Meltdown Forces It to Alter 1998 Predictions 


Very briefly: 


Continued from Page 13 


• U.S. Bancorp agreed to buy Piper J affray Cos. for about 
i S730 million in what would be the bank's first acquisition of a 
i brokerage business. 

i • Physician Sales & Services Inc agreed to buy Gulf South 
Medical Supply Inc. for $685 million in stock to formone of 
( the largest U.S. distritnitors of medical products. 

• The Mexican finance minister, Guillermo Ortiz, has been 
, -chosen as the new central bank governor by President Ernesto 
. Zedillo. He succeeds Miguel Mancera. 

i • Elan Corp„ an Irish maker of drug-delivery systems, agreed 
. to buy Sano Corp., in a stock swap that values the U.S. drug 
company at $375 million. Elan said it would swap 0.65 of one 
• of its American depositary receipts for each Sano share, 
putting a value of $35.50 a share on the stock. 

, • Ford Motor Co. has invested $420 million in cash, tech- 
nology and assets in an alliance with Daimler-Benz AG and 
Ballard Power Systems Inc. to develop low-pollution fuel- 
cell engines to install on cars and trucks beginning in 2004. 

• The Washington Post Co. will buy several computer- 
, industry trade publications and two trade shows from Reed 

Elsevier Inc. for an undisclosed price. Bloomberg . Reuters 


The reason for not revising those 
figures was “the assumption that 
there is good reason to believe cen- 
tral banks will keep interest rates 
low enough to offset any damage to 
growth caused by the Asian crisis,’ ’ 
Mr. Atkinson said. 

The official OECD forecasts are 
for 3.8 percent U.S. growth this 
year, 2.7 percent in 1998 and 1.9 
percent in 1999. 

For the 15-member European Un- 
ion, the OECD is sticking to its 
published forecasts of 2.6 percent 


growth in 1997, and of 2. 8 percent in 
both 1998 and 1999. 

The organization predicts Ger- 
man growth of 2.4 percent in 1997, 
3.0 percent next year and 2.9 percent 
in 1999. France is forecast to grow 


by 2 J percent in 1997, 2.9 percent 
in 1998 and 2.8 percent in 1999. 


Italy is expected to grow by 13 
percent this year, 2.1 percent in 
1998 and 2.6 percent in 1999. The 
British growth forecasts are 3.4 per- 
cent this year, 2.2 percent in 1998 
and 2.1 percent in 1999. 

The OECD document also pre- 
dicted that the European Union's 


jobless rate will average 11.3 per- 
cent in 1997, decline to 10.9 percent 
next year and to 103 percent in 
1999. 

In the United States, the unem- 
ployment rate is forecast at an av- 
erage 5.0 percent this year, 4.7 per- 
cent next year and 5.0 percent in 
1999. 

The report represents an upgrad- 
ing of American growth forecasts 
ami d signs that the seven-year U.S. 
expansion is still vigorous. A report 
released Monday showed that in- 
dustrial production rose 0.8 percent 
in November. 


were hi gh er late Monday. 

Coke benefited from a recom- 
mendation by.Daveaport & Co. to- 
bacco, food and beverage analyst 
Jack Maxwell on Public Broadcast- 
ing Service’s “Wall Street Week 
Whh Louis Rukeyser” program. 
Mr. Maxwell called Coca-Cola his 
“favorite stock,” citing its expand- 
insshare of the world market. 

The market's gains masked 
carnage in oilfield service compa- 
nies, which tumbled on expectations 
thar oil and gas companies won’t 
increay- spending on drilling wells 
and concern about falling ofl prices. 
The Philadelphia Oil Services Index 
dropped 53 7, or 4.9 percent, to 
107.05, led by Copper Cameron 
Cotp. 

Lower oil prices are- good news 
for UAL and other airlines, though. 
The parent company of United Air- 
lines was sharply , higher after the 
airline 's top executive said the com- 
pany would meet or bear fourth- 
quarter gaming s estimates even 
though Asia-Pacific growth will be 
slow. 

Cypress Semi conductor Corp. 
fell after the company warned that 
fourth-quarter earnings would not 
meet estimates, partly because of a 
shipping delay at one of its plants. 

An acquisition announcement lif- 
ted the shares of Luke ns Inc., which 
were sharply higher after Bethlehem 
Steel Corp. said it would buy the 
Coatesville, Pennsylvania, holding 
company for $650 million in stock 
and debt, or $25 a share. 

Bond prices fell as investors re- 
acted positively to data showing 
brisk growth in the U.S. economy. 
The benchmark 30-year bond fell 9/ 
32, or $2.81 per $1,000 bond, to 102 
16/32, pushing its yield up 3 basis 
points to 5.96 percent. 

(Bloomberg, AP) 


Dollar Mixed 
After Weak 
Japan Survey 




Bloomberg News 

NEW YORK — The dollar rose 
against the yen Monday after 8w 
Bank of Japan’s quarterly tanktm 
survey showed business sentiment 
was dropping, bat it was mixed 
against other major currencies. 

Traders were looking forward toa 
thir d and final economic stimulus 
package that was to be released by' 
Tokyo on Tuesday. 

1 ‘This tankan was not only weak, it 
was well below pessimistic expec- 
tations.” said David' Brickman, an 
economist at PaineWebbcr. “The 
risks of recession in Japan are greatly 

enhanced by this sort of report ” Mr. 


FOREIGN EXCHANGE 


Brickman predicted the yen would 
weaken further in the mouths ahead 

At 4 P.M. in New York, the dollar 
was at 130.77 yen, compared with 
13035. The dollar was nearly un-. 
nhanopji against the Deutsche mark, 
at 1.7760 DM. 

The mai k gained against the Brit- 
ish pound on forecasts that British 
economic growth would slow sub- 
stantially next year. In London trad- 
ing, the pound slipped to 2.8907 DM 
from 2.9296. 

The Czech koruna rose after 
Plague reported a 0.8 percent year- 
on-year rise in third-quarter gross 
domestic product The dollar slipped! 
to 34.628 koruny from 34.960. 

Against other currencies, the dol- 
lar rose to 5.9495 French francs from 
5.9475. It fell to 1.4325 Swiss francs 
from 1.4365. The pound fell to 
$1.6335 from $1.6510. 


Microsoft Will Appeal Ruling 


I Weekend Box Office 


The Aiutaated Pirn 

LOS ANGELES — “Scream 2” dominated the U.S. box 
office over the weekend, with a gross of $39.2 million. 
Following are the Top 10 moneymakers, based on ticket sales 
for Saturday and estimates for Sunday. 


1. Scream 2 

(Dimension FBma) 

S392mlBon 

Z Rubber 

(Wott Disney) 

S6.9 rnOBon 

1 Far Richer or Poorer 

(Universal) 

SdOrnUBon 

4. Homo Atone 3 

Often** CWte^Rw) 

S5.1 mHon 

5. Amtsfod 

(DieaiiiMaks PUures) 

34XmgSon 

4. John GiBhonrt The Rofcmafcer 

(Pammotmt) 

SJXnriXon 

7. Allen Resurrection 

(TnertS&iCattwrFaO 

S3J mQPofi 

8- Anastasia 

(TntenBeeiCer0urirFa0 

J3.1 nriBon 

9. The Jo dial 

(UtArersaB 

SUnriSon 

10. Midnight In the Garden- 

(Warner Brothers) 

(IXmiBoo 


INTERNATIONAL FUTURES 


Dec. 15,1997 

Mgh Low Latest Qtge Opted 


High Law LaKsi Ctvje OpM 


High Low Lotus! Chgu Oplnt 


Mgh Lm Luted Otga OpH 


Grains 

■* CORN ICBOT) 

r SXOObunliibftun- rents per towfw 
« Dec 97 26119 239L 259ft -It* M78 

• *ta98 372ft 271 771*i -Uv 181X81 

i Moy98 290*7 278h 279 -1 3 1 4*739 

. M98 295V 284 284' 7 -I'j 5*894 

i Scpw 283*7 38011 280' 7 T1 5X44 

. Dec 99 282V 291 'j 281V 33X99 

. JUI99 294V 29417 294': -I 316 

• Est. hiOOO Rfs iota 79,181 

v Frfs open Inf 331.58* OH 1793 


ORANGE JUICE (NCTW 

15.0001k.- cents per lb. 

Jon 98 91.05 87 JO 9070 + 2AS 20278 
Mar 98 94.40 90.85 94.15 *280 19,06 


Morn 97J5 MOO 97 JO *240 1922 
Jul 98 100.15 97.10 100.15 +250 1285 
Ed. Mies 21JQ0 Frfs sides 12960 
Frfs open Ird 49.199. up 3.102 


10-YEAR FRENCH GOV. *ONDS (MATIF1 
FF5QMQQ - oft at 100 pet 
Dec 97 10186 10120 101.78 +0.08 31417 
Mar 98 WU6 101.16 101J2 Unde 137,000 
Jun98 10076 10076 10062 - 002 113 

E*L sales: 132430. 

Opn MU 170529 0(1 &124. 


GOLD (NCMX) 


100 tnwiuL- donors per Inoy 02. 

Doe 97 2B5.8Q 7KL50 28450 *170 


i SOYBEAN MEAL ICBOT) 

. 100 tans- aaHan per tan 
-DIC97 21980 217.10 21770 -ISO 
- JanSB 21SJ0 211 eO 21210 -3.70 
. Mar 98 212.70 208 20 20880 -140 
. May 98 210 JO 20430 206.70 -110 
. Jul 98 209 00 207 JO 20730 -1«0 

Aug 98 209 JO 20730 JO 7 50 -250 
. Ell. UUm 29000 Frrt sates 36426 
; Frfs OpMl W 119360. on 1.924 


Jan 98 2BS30 .150 

Fob** 288.40 284J0 20640 +160 

Apr 98 290JO 286.90 288.10 *160 

Jim 98 29200 38930 29010 *160 

AupW 2KU» 297 JD 39230 *160 

Qd 98 ?W 33 *160 

Dec 98 297.40 396J0 29660 +160 

Fob 99 29960 +160 

Ed. sales 2SJQ0 Frfs solos 19.932 
Frfs Open lm 191 1 56. Ofl 371 


ITALIAN GOVERNMENT BOND tUFFE) 
m_20antraon-ptiaf 100 pd 
Mar9S 11573 11562 115J2 *007 120292 

Jan 98 NY. N.T. 11494 +007 53 

Sep 98 NT N.T. 114.94 *0-07 0 

Est sales; 25043. Prat sates: 38.956 
Pick . Open InL: 120345 up 2317 


LIBOR I -MONTH (CMER) 

S3 roWan- pts of 100 pd 

Dec 97 94J3 unde 18605 

Jon 98 MOD 9*39 9*39 undu 15X67 

Feb 98 9438 9436 9*37 undL 9326 

Ed. sates 9372 Frfs sides 12751 

Frfs open W 40464 up 5.768 


Industrials 

COTTON 2 (NCTNl 

50000 IBS.- (BIAS per Be 

Mar 98 66J5 4575 6638 -057 41827 

Ma99B 6830 6765 6738 -068 14371 

Jul 99 6935 6835 69.16 -074 15329 

Od 99 7130 7090 7098 -1J7 1375 

Dec 98 729? 71.95 71. 97 -1.17 11685 

Ed. sales 21 JD0 FITS tales 10876 

Frfs open M 87632 up 921 


SOYBEAN OIL ICBOT) 

40000 bs-emti per r> 

~ Dee 97 2*35 2*30 24-53 *031 

Jan 08 2478 7*35 2468 * 019 

’ Mm 93 25.11 7*70 2504 +073 

May9B 2525 24« 2531 *0.18 
* Jul 98 25.38 300 2532 *0.16 

' Aug 08 25 73 2510 2532 *QJV 

“ Eli. sates 20000 FITS sates 31 305 
' Frfs open m 10*789. all 1.742 


HI GRADE COPPER (NCM7Q 
25000 fts. reals peril. 

Dw 97 7960 7860 79 JO -130 

Jon 98 79 JO 7830 7930 -1-55 

Feb 98 8100 7980 79J0 1*0 

Mar 98 8200 79 60 9030 -160 


EURODOLLARS (CMER1 


SI minaniits of 100 pet 
Dec 97 94.10 94J9 -0J1 3S9.144 

Feb 98 9430 94.18 9419 -04J1 3378 

Mar 99 9431 94.17 9*15 -0J1 470336 

Jon 98 9431 9416 94.1* -0J3 382.150 

Sep 98 94.18 94.12 94.13 -OSH 267329 

Dec«8 9410 0105 R*J5 -003 211393 

Mar 99 9411 9405 9*06 -031 161.301 

Jim 99 9437 9433 9433 332 135397 

Sap 99 9404 9X99 9*30 -033 97323 

Dee 99 9197 9193 9194 -033 9&312 

Mar 00 9199 9196 9196 -033 73J65 

ten DO 9196 9X64 9194 -003 60722 

Eat sale* 291,1 22 FrM solas 575609 
Frt* Open M £760736. afll 1.069 


Apr 98 8130 80.95 80.95 -135 

Matte 81.90 8030 8130 -1*0 

JlintS 8241 8170 81.78 130 

Jill 98 8230 82. Ml 8210 -160 

Aug 98 8120 8230 8238 -135 

Ed. sales 1 2300 Fits sales *946 
Fits Open lilt 66695 up 974 


11 SOYBEANS ICBOT) 

SOW buniMmuat- eenli par bushd 
Jan 98 492 4BT: 488'+ Ha 

• MorW 691'. 68* .- 689 -7+ 

' May 98 688 692'+ 3 

u Julvs 697 691'. «*': ’i 

t Aug m 493'; 689 1 1 692 -1>+ 

* Ed Hies 50000 Firs sates 69,783 
Firs even mt isj.1 ft, rtl 1.732 


SILVER (NCMX) 

5000 tray as.- cents per now. 

Dec 9? 59200 58(50 58a30 *230 
Jan 98 58800 587 JO 58830 +230 

58950 +230 
Mar98 60450 58450 59050 + 270 


HEATING OIL (NMER) 

42JQ0 gal rente par gal 
Jan 98 5215 5165 5131 -031 *4788 

Fab *8 5145 5205 5109 -039 37.702 

Marts 5275 5124 5124 -034 16.992 

Apr 98 5120 51.84 51J4 -0.19 9M0 

May 98 57 JS 5134 5134 -Oil* 8J31 

Jim 98 51.70 51.19 51.19 -039 101344 

Jul 98 51-80 5134 5134 -0.14 4086 

Ed. sates 21639 Ffl* sirin 24*441 
Frttepm ht 744281 up 1396 


- WHEAT (COOTl 

• 5XW bn imiumm- amts per tvniwi 

- Dec 97 331'; 327 329 |i 4 

• Mares 345 M)'i 34T' 114 

• Mayes 353 34j"i 149". -2*» 

Jill 98 357". 353 3S5". -2 

• .Ed sates 16J00 Fits sates 74J60 

•- F its open M 88. WU up 311 


Frtcaaen M 92.244 off 329 


PLATINUM (NMER) 

50 hoy az ■ (Salters per troy at 


Livestock 
‘-CATTLE ICMEfQ 
• JO.000 m. . teals per » 

■Dec 97 6600 6530 4S4S 045 

Febes 6595 *515 6532 -035 

Apr to 6945 48-65 6472 

jimea «890 4415 442.* 412 

Aoq 98 78 02 49 45 6947 045 

Od 91 7245 7180 7180 -0*0 

■Esi sates 17X81 Fife safes 24596 
F rti span M I0&722. up 532 


+1S0 

4326 

+220 

4AQ 

*1.90 

784 

+ 150 

9 

i&T 

-8.20 

9X13 

-740 

1950 

■420 

166 


BRITISH POUND (CM EH} 

tUM pounds, s per doom 

Dec 97 1-6450 1-6300 1*310 -J190 24X14 

Mar 98 1J428 1-622* 1-6248 -J180 24159 

Am 98 1X230 1.4140 UI78 -JI80 U63 

Ed sates 11,798 Fits tales 21,787 

Fr*s open M 53640. Dll 387 


LIGHT SWEET CRUDE (NMER) 

1X00 bbL- Hasan per ML 
Jan 98 1417 1417 1417 unciV 74541 

Fab9S 1444 1444 1864 +CJ9 97317 

Mm-98 1834 1454 1454 undi 41.126 

Apr 98 1480 1472 1472 -0J9 2X965 

MaytS 1494 I486 I486 -OJ© 30611 

Junes If JQ 1493 1499 -0X9 34.764 

EsL sates 81378 Frfs sates 7*399 
Frfs apM lid 46491 4 off 1X22 


Od 98 349 CO -420 1 

Ed. Mdra 1I0S Fits sates 1030 
Frfs open Ml 1994 ofl 51 B 

dose Previous 

LONDON MET 013. (LME) 

Dalian par metric ua 

NnkM (Hteb Grades 

Spat I5U00 151500 1543': I54T5 

Faracoai 154030 1S41X0 1567 00 156400 


CANADIAN DOLLAR (CM EX) 

100000 dasan. S per can. tnr 

Dec 97 -7050 .7024 .7047+0.0006 29X45 

Mares .7074 .TO) 3066+00006 55.156 

Jun98 2092 7083 3884+0X006 1156 

Est sates 9392 Frfs lates 42321 

Frfs qnn M 84536. ofl 7.1 77 


NATURAL GAS (NMER) 

14000 iron Un S per smi Mu 
J an9B 3330 3260 2315 -4042 43X27 

Feb 90 3371 2273 2378 +0.005 34679 

Mar 98 2225 2225 2225 -0J08 24X03 

Apr 98 1178 1178 1)78 BnetL 11X58 

Mar 98 2.165 1145 1165 -OXI J 9X57 

Junfs 1165 1150 1145 -OJ13 8X60 

Ed sales 28X54 Frtu sd*s 24726 
Frfs opan bit 217361. up 792 


I54400 1S41J0 156700 156803 


GERMAN MARK (CM EH) 

I2i 000 maria, s per mart 

Out 97 S6*6 5633 5644+40017 31304 

Mar 90 568* 5646 5666+00007 <1,191 

ter 9B 5704 5694 5694+00007 4387 

EaL MM 15367 FtfS sate 32304 

Fits open Inf 97.925. ofl 1X34 


Copper Colludes (MW Grade) 

Sod 1751X0 175200 1794' J 179S-- 

Fursard 1780J0 178100 182400 1825X0 

Lead 

Sped 51600 517.00 57000 522X0 

Forward 51000 531X0 53600 53800 


FEEDER CATTLE (CMERI 
mows ■»- cent* pec 16. 

Janes 77 ra 7640 7652 -132 

Mar98 78 10 7725 77 ja 052 

Apr 98 7920 7800 78X5 -097 

May 98 80 05 79 JO 79 00 1X0 

AuaVI 8165 8070 8050 1.00 

Sflfa 81 40 0075 B0 75 -1.00 

.EiLsdntfel F115 sates 4345 
Fits OpMl W 17337, up Ml 


5ml 5935 JO 5945X0 616000 6170 (Q 

Ftntmrd UOSM 604000 6255X0 424000 

Tie 

Spat 5 155 JO 5365X0 553000 5540.00 

Faramd S27SJ0 52SU.O0 5440X0 5450X0 

ZZ*c (Soedd HMSnbl 
Spat 1098M 109900 1124X0 1125X0 

Fomanf 112300 1124X0 1146X0 I1OX0 


JAPANESE YEN (CMER) 

1 25 m*on nn, S pro 100 yea 
OK 97 .7655 .7623 3640-00020 51X96 

Mar 98 377* J708 3757-0.0017 95X35 

Jun98 3866 3845 3066-0X017 1X61 

Ed sates 16XS2 Fits sates 28.1 27 
Fm upon H 150377. on 2X34 


UNLEADED GASOLINE (NMER) 

4000 got arts per ad 
Jan 98 5455 54.95 54.95 +0.11 3832B 

Feb 98 5540 55.10 5532 +0.15 27X4? 

Mar 98 56.15 55X0 55.92 +0.15 12352 

Apr 98 58X5 58A0 5842 *ai5 10474 

May 98 5875 58JS 58X7 +015 10664 

Jun9S 5830 5737 57.97 +O.IQ 7307 

Jul 98 57 JO 5734 5734 +OIQ 4637 

Aug 96 5649 +0.10 3332 

Est sates 20688 Frfs so fes 21307 
Frf» open mt 110X70. op U96 


SWISS FRANC 0CM8TR) 

124000 fronci. 8 per hm 

Dec 97 4989 6960 6987+00027 20635 

Mores .7079 5017 3064+0X039 34425 

Junes J136 Jill .7135*0X029 1470 

id sales 10,938 Frit salat I56B9 

Frfs open H 60644 all 1X83 


GASOIL (1 PE} 

UJ. Mare per metric tm ■ tab of 100 tans 
Jan 98 uixa laaoa laojo —1x0 31X83 
Feb 96 16035 1*135 16135 —1X0 14329 

Alarm 162X0 16130 16130 —1X0 12X78 


Apm 162X0 161 JO 162X0 -073 4131 

May 98 16235 161.75 161.73 —075 1171 


Junta 1(1 JS 161 JO 16130 —073 11383 
JM 97 N.T. H.T. 162.75 -075 4328 

Ed totes: 7403. Pro*, sales :1 1X57 

Piw. open W+>«t313« 1526 


* HOGS-LMl (CMER) 
i 4LOO0 toi.- anh per to 
. Dec 97 (US inch. 

-. Feb 98 6033 5965 5987 -MS 

K Apr 98 5750 5695 5770 X45 

. Jan98 U.93 6*37 6*67 -047 

. Jul 96 614D 6357 6U: -030 

- Ed. SQM 7X50 All soln 9.338 
Ms open Ini 4&731 up 391 


High Lon Ouse Qnje Oplnt 


PORK BELUES ICMER) 

_ 40000 tot -cents per to 
* Fab 98 5690 5535 SelO -Ida 

. Marts 5635 5460 S&.I7 4L77 

- Marts 57 J0 5590 56.70 -065 

. Ed soles 1B9 Fill totes 1X58 

Frfs open « 4949, ofl H»7 


Rnanctal 

US T BILLS (CMEIO 
SI mOon- pis or 100 pd. 

Dec 97 9494 9*92 94.93 -0X1 3,107 

64ro98 951* 95.0* 9507 JIB 4919 

JOB 98 95.11 95.07 9407 -GO) 964 

Septa 95X7 undl. 23 

Ed sein 836 Frfs sates B5I 
RTS open M 11X11 ofl 298 


MEXICAN PESO (CMER) 

500000 pesos. 5 per peso 

Dec 97 .12290 .12210 .12290+ J06O3 8390 

Mar Ofl .11915 .11770 .1lm2+Jn2SS 17306 

J»m .USM .11430 .11537+ JJI291 X45B 

Esl sates 0093 MS sates 4621 

Frfs open lot 34360.0(11 


9 YR TREASURY (CBOT) 

1100X00 prbi. pts 464Jf« OMOO pd 
DR 97 I08-4S 108-33 108-33 -10 31.926 

Ed. sates 35X00 Fiti soles 49,058 
Fits opan M 364881 an 2.2-u 


Food 

COCOA OKIE) 

10 metric tons-! perm 
Dec 97 1737 unch. 35 

Mores 1766 1 719 1762 +6 J4.1J1 

MaytS 1790 1746 1#B8 +5 S0X« 

Ju< 98 1808 1 773 1808 *5 4718 

Scpt8 1837 1793 1837 +5 4708 

Doc 90 1848 1800 I860 +5 9X36 

Ed (Mas 6X25 Fits SOtel 14680 
Fits open M 97,7*1.011 89* 


18 YR TREASURY (C8071 
SlOOOOOptte- ph&32ndsaflMpd 
Dace; 112-16 112-06 112-06 - 08 40274 

MOT 48 11210 111-30 111-31 -08 SUSS 

tents 112X3 111-30 111-30 - 07 ZJ07 

Est. Wtes 84222 Fits sales 94415 
Fits open Id 372.961. ofl 210 


1- MONTH STERLING OJFPE) 
cmOTI.ptiaMOOpd 
Dec 97 9231 9279 9279 -0X2 136X44 

Mor98 V23S 9274 9276 UnetL 130383 

Jan 91 92X0 9245 92X7 +OX1 1IHX27 

Septs 9267 9263 9264 +0X2 83737 

Due 98 92X7 92X1 92X4 +003 77721 

Marts 93X7 93X2 9CL0* +0X4 *5.975 

Jun99 9324 9119 4121 +0X3 51862 

Ed sales: 51735. Pit* sates 84839 
Re*, men Id : 800993 afl 4420 


BRENT OIL OPE) 

UX. datanper band - lota a( 1X00 bonds 
Jen 98 17. 49 1775 177# -0X5 31061 

Feb 98 17X8 17*40 17*60 -0.13 74077 

M(*98 17X4 17X3 17X4 -OJ9 3W® 

Apr 98 1772 17X2 17X1 +0X3 14202 

MOT 98 17X7 17X8 17X7 +004 1LA5I 

Jim 98 1777 1773 17.72 +0X4 18X18 

EsLttteksaui- Piw. sales : 4Q771 
Pre«. speninL: 199X89 w> 72 


Stock indexes 

5P COMP INDEX (CM BO 

2S0SIRdK 

One 97 967X0 95600 963X0 +7X0 187X72 
Mar 98 «8J0 999X0 97470 +430 242640 
Jun9B 988J» 97433 40X0 +1TX0 7X29 

Ext. sola NA. Flfl solas 219X82 
Rtl awn Id 440099, cp 11X01 


COFFEE C (MCSS 
37X00 Bsl- cads per to. 

Dec 97 18860 186.00 m« +S40 407 

Mar 91 18775 18250 18545 +555 19.992 

Mar 98 180-75 177X0 179 JO +545 5.925 

JUl 98 174X0 16460 17130 +525 1704 

Seats 166X0 (Moo 1*100 +425 un 

Ed. safes 7.956 Frts sates 6.991 
Fits apm nit 31*660. up Kl 


US TREASURY BONK (CBOT) 
(HpcMIOOXOO-pB A320QSCI lOCpctl 
Dec 9 7 120-29 170-02 17043 - 14 87.931 

Mar99 129-20 119-29 119-30 -U 440317 
Junes I2O0S 114-20 114-20 -14 21X39 

Sep 98 119-21 119-11 119-11 -U 4157 

ESL U80S 27SXOO Fits sates 511309 
FifsqMn hd 7S&311. un 21.978 


3-MONTH EURO MARK OJFFE) 

DM1 moan- pte of 100 pc 
Doc 97 9675 9674 9674 Undl 195.100 

Jon 98 9631 9638 Undu WJ37 

Feb 98 KT. N.T. 9674 +0X9 750 

Marts 9671 96.18 9619 UndL 39U69 

JunVO 96X3 9558 95 99 UadL 324191 

Sep 98 9586 95X3 95X4 +0X1 235110 

D*Ct8 95X5 95X2 *5X3 +0X1 206X48 

Marie *547 95X3 *5X5 +OX1 237,961 

Jim 99 V530 9527 9129 +OJ1 113X76 

S<P 94 <8.17 9514 95.16 +0.01 887S0 

EsLnAe 165986. Pkv. sates 231*267 
Prey, open UHL; 1.951,927 up 2X58 


RISE IBB(UFFE) 

CZSpwbtdaxpalnl 

D(C 97 51340 9055X 5132X +83X 42.192 
Mw« SI 840 5U0X 51815 *8x0 24874 
EsL soles: 27X72. Piw. solas: 14616 
PiW.OpmlnL.- £7X66 lip 580 


LONS G4L.T (LIPPE) 

esaow - pis & 32ndi al 1 00 pd 

(tec 97 12106 121-00 12101 +003 20578 


Marts 121-2$ 121-12 121-30 +003 169.109 
Junto N.T N.T. 105-30 +003 1X90 
Est. sates 29,704 Pre*. sotes: 84.7*6 
Pm. open WL 194 MS off 1138 


SUCARWORLOU (NCSEl 

112X00 In.- cents par b. 

Mar 98 1222 till 12.17 +003 109X73 

AVw eg 12.14 130* 12X9 +OJ2 33X10 

Jof« 1178 If 77 1174 MKJL 29454 

Oct 48 1U8 11X1 11X3 0X1 24854 

EH. scries 9249 Fris sates 15948 
WS apmtet 204X98. up 445 


GERMAN GOV. BUND OJFFE) 
DM?SQ.000-Dtse(IMpd _ _ 

AVrrtS 10481 104*1 1040 +402 26WJ8 
JWltS 104X3 10399 10402 *0X2 SO 
Ed Mtefc97XJ8. Pro*. sofe*=L5068I 
Pro*, open leL' 269,180 up BM 


3-MONTH PtBOR (MATIF) 

fTSmB8an-pt»oM00pd 

DM97 9X32 96X1 9*X1 — 0X1 3L399 

Jan 98 4679 96X7 96X7 Undl. 933 

Marti 9X21 96.17 9X18 -0X1 81,727 

JWltO 96X1 95*0 9599 + 0X2 37X15 

Sep 48 9585 9581 9583 + 0X3 29X98 

Est SOteL- 45994 

Open ML: 290222 up 1883. 


CAC 48 (MATIF) 

FF200 per kKtes petet 

DM 97 2862X 2831X ZULO +10L0 40865 
Jon 98 286X0 2*44* 26540 +10J 0431 
FUN 286X0 5B6XO 28SPX *140 1*320 

Mar 98 28B5X 28S4X 286X0 +9JQ 11091 
Ed sates: 11155 
Open fed: 8O7B0 up UM. 


Commodity Indexe* 


J-AWNTH EUWVRA (UFFE) 
ITL 1 BriHon - pte ai 100 pa 


ITL 1 BriHon - PBal IDOpa 

Dec 97 93.92 9190 93X8 -0X4 79,527 

Marts 0478 94X6 MX8 -0X8 142J51 


Moody's WW.lO U9370 

Reuters I.7KL00 1,786X0 

DJ. Futures 144X9 144X2 

CRB 235*67 2364S 

SeaKBsr MaM Assocti&ad f*ess. Lootton 
InH nmxic/olFofiarsEjsctiOnotu In?} 
PeMtm 


AMEX 


by Ow SxtfFmrt Obpatotex 

REDMOND, Washington — Microsoft Corp. said Monday 
it would appeal a federal court ruling that prevents it from 
forcing computer makers to install its Internet browser pro- 
gram as a condition of buying die widely used Windows 
operating systerp. software. 

Microsoft said the rating Friday by Judge Thomas Penfield 
Jackson of U.S. District Court was “not sound” and went 
beyond what the court had been asked to decide. 

The government argued that the Windows 95 operating 
system and Internet browser were conceived as separate 
products. But Microsoft maintain ed that its Internet Explorer 
represented an evolution of its operating system, and mat an 
earlier court agreement had given it leeway to incorporate new 
features in Windows. 

In appealing, Microsoft said it would comply with Judge 
Jackson's ruling by letting computer makers sell a special 
version of its Windows operating software that did not include 
the browser software. Microsoft shares were trading late 
Monday at $135,875, down 87-5 cents. (Reuters, AP) 


Monday’s 4 PJYL Close 

The 300 most traded stocks of Ifie day, 
up to the dosing on WaD Sired. 
The Associated Ptess. 


Sotei Hi* Lm 


UM 09* [Soot 


Ua Up In Iriri Up 


Jim 98 9X33 9575 9526 -0X4 129X67 

Sap 98 9549 9543 9644 —0X1 8+778 

Dec 98 9548 9543 95X4 -0X1 62X92 

MOT 99 9134 9531 9531 -0X1 84*17 

Jim 99 95.77 «J4 95)6 +4X2 24144 

Sep 99 95X5 95X0 95X4 +0X3 7497 

E*t safes; 73,126. Pro*, sate* 99,961 
Pirn-men bib 609.923 up 1066 



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Si Sft & 
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iM 134IU 131k 
546 16V* 16ft 

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U. s. STOCK MARKET DIARY 


Indexes 


j£ I Dow Jones 

+ft I MM 780.13 





Trading Activity 


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Rtf Australia Fd 
MartoometySI in 


IRREGULAR 

? - IS'32 12-31 

I _ X052 12-19 2-19 

- 1526 12-23 12-31 

£ - -103 12-31 1-30 

HO _ 37. 12-22 J2-31 

- *513-18 12-30 


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SS25S2JL S -551*30 1-30 

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Alpharma Inc 

AutuUvIne 

gfLaasport 

RufceCp 

Gen Oyno mns 

HCCInsur 

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Ptarl Import 
Toeh Electra 
ThwmtttonMIte 
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O .11 2-5 

O .13 1-2 

Q .0875 1-23 
a xi 1-I6 
a .03 1-2 

O .15 12-26 
, M .115 12-19 

» O 47 12-31 

Q .07 1-2 

Q 7! 1-9 

Q .10 12-22 
Q 035 2-4 
O .09 2-15 


§ .075 12-22 
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Q SOS M2 


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Pe«nt ^Mdemlomountlnfl to 25 

based u ift. j "uira. raics Of aiWflentfc am onnutU dkikircflinwits 


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Ja l»an S U 


PAGE 15 


EUROPE 


} SBC Unit Offers $825 Million for Christie’s 


By Youssef M. Ibrahim 

IVrh- York Timr.y Service 




■ 



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LONDON — Christie’s Interna- 
tional PLC, ihe art auction house, 
has received the biggest single bid in 
its 231-year history: $825 million. 
Tor itself. 

’ Swiss Bank Corp. confirmed 
■Monday tbai it began bid talks with 
Christie's that could lead to the sale 
of the auction house to a group of 
investors led by its investment bank- 
ing arm. 

’ The statement follows a decision 
Sunday by Christie’s board to open 
talks on the bid, with Swiss Bank’s 
SBC Warburg Dillon Read unit, which 
could be worth as much ns £500 rad- 
ii on, People familiar with die talks said 
a decision was unlikely before the end 
of the year. SBC Warburg would sell 
■most or all of Christie's to a syndicate 
of wealthy investors if it is successful, 
!they said. 


Christie’s said last week that it 
was in talks with a potential buyer, 
which it did not identify. Since Dec. 

/L IHa maaIp miIimU 


4, the company’s stock, which is 
traded in London, has risen nearly 
31 percent on speculation about a 
takeover. 

4 * We think they will view the bid 
favorably,” an official of SBC War- 
burg said, speaking on condition of 
anonymity. 

If the deal goes through, it will 
give expansion-minded Christie’s 
executives access to the Swiss in- 
vestment establishment’s deep pock- 
ets._ SBC Warburg is owned by the 
Swiss Bank Corp., which last weds, 
agreed to merge with Union Bank of 
Switzerland to form the world’s 
second-largest banking company. 

Moreover, the proposed deal for 
Christie’s would enable SBC War- 
burg to offer the auction house's 
expertise to important clients who 
want to boy or sell fine art. 


It was unclear whether SBC War- 
burg planned to buy the auction 
house outright or in partnership with 
other investors — in particular, the 
British billionaire Joseph Lewis, the 
company’s biggest shareholder. Any 
deal would need the approval of Mr. 
Lewis, who controls more than 29 
percent of Christie's stock. The Sun- 
day Telegraph reported that SBC 
Warburg offered Mr. Lewis a 29 
percent stake in a new company it 
would set up to acquire Christie’s. 
Mr. Lewis, who lives in the Bahamas, 
could not be reached for comment. 

Last year. Christie's just surpassed 
hs chief rival, Sotheby’s Holdings 
Inc., in total art auction sales for the 
first time in decades, with each 
s ellin g about $1.6 billion worth. But 
there are indications that Christie's 
has since widened its lead. 

Sotheby's is drawing its own share 
of interest from outside investors. 
Last week, the wealthy Bass family 


of Fort Worth, Texas, disclosed that 
it would seek government approval 
to raise its stake in Sotheby’s to 25 
percent from 13.5 percent. 

Both SBC Warburg and the Bass 
family are investing in a risky and 
expensive business, since prices for 
fine art can fluctuate shaiply, de- 
pending on the economy. 

Still, the art market has been strong 
this year. Last month, for example, 
Christie's sold a collection of modem 
art owned by Victor and Sally Ganz. 
which included paintings by Picasso, 
for a record $206.5 million. 

Christie's, which is based in Lon- 
don, has 40 offices around the world 
and its core business has been ex- 
panding greatly in the United States 
and Asia. 

In 1996, Christie's posted a 
pretax profit of S53.6 million, and 
its net income for the first six 
months of this year rose 22 percent, 
compared with the 1996 period. 


‘Demerger 5 
By Cordiant 
Bucks Trend 


By Stuart Elliott 

(Vm- York Times Sen rev 


Ford CEO Sees Europe Gains in ? 98 


Bloomberg News 

AACHEN. Germany — Ford 
Motor Co.’s European operations 
;wiU at least break even in 1997 and 
'profit will grow next year, said Aiex 
Trotman, Ford's chief executive of- 
ficer. on Monday. 

“I am very confident we will 
finish the year in Europe at break- 
even or better, and in 1 998 we aspire 
to do better," Mr. Trotman said at 
the cornerstone-laying for Ford's 
J new research and development cen- 
ter in Germany. 

* Ford, the world's second-largest 
automaker, lost $291 million in 
Europe last year and is hoping to 
remm to profit amid stiff compe- 
tition from European auto manu- 
facturers. 

• Mr. TYotman made the profit fore- 
cast even as he predicted that weaker 
’Asian currencies, in particular the 


yen, would create a “major prob- 
lem” for Western carmakers. 

“It is a serious problem that will 
increase the trade tensions that 
already exist between the U.S. and 
Japan, where there is a growing def- 
icit,” he said. 

The dollar has gained as much as 
10.3 percent versus the yen since 
August, boosting Japan's trade sur- 

E lus with the United States, which 
as risen for 13 straight months and 
was 547.25 billion yen ($4.2 billion) 
in November. 

Mr. Trotman said he was worried 
about South Korean exports, be- 
cause carmakers there nave said 
they would rely on foreign sales to 
weather the domestic slowdown. 

The South Korean won has fallen 
almost 75 percent against the dollar 
in three months, allowing Korean 
companies to cut prices overseas. 


Mr. Trotman said Ford would in- 
crease profit by reducing material 
costs and not through layoffs. He 
declined to give a profit target for 
1998. He said there were no plans to 
reduce capacity at Ford's European 
factories. 

Mr. Trotman also said Ford's Jag- 
uar unit would likely bnild its new 
X400 compact car in Europe, with 
Britain as the most probable loca- 
tion. 

Mr. Trotman, who is English, 
called Britain a “high priority lo- 
cation.” adding that a decision 
would be made in coming months. 
Recent press reports have named 
Ford's plant at Halewood as the most 
probable location for the factory. 

He also said Ford would intro- 
duce a low-emission hybrid version 
of its Mondeo model in Europe next 
fell. 


ABB to Update 
Options Package 


BUnJinherx News 

ZURICH — ABB Asea 
Brown Boveri Ltd., the Swi&s- 
Swedish engineering company, 
said Monday it would launch a 
new stock option program for 
its senior managers in a bid to 
focus managers' minds on 
shareholder returns. 

ABB said the program would 
give its 400 senior managers 
options on existing ABB bearer 
shares. It said every year it 
would grant the managers op- 
tions on a total of about 100,000 
shares, with the options to ex- 
pire after six years. 

The program succeeds a man- 
agement option program that 
was launched in 1993. ABB is 
owned by ABB AG of Switzer- 
land and Sweden's ABB AB. 


NEW YORK — The two adver- 
tising agencies created Monday as 
Cordiant PLC in London divided to 
conquer are hoping to prove that 
breaking up is not hard to do. 

The "demerger” that is launch- 
ing Saatchi & Saatchi PLC and Cor- 
diant Communications Group PLC 
was proposed in April. Shareholders 
£ave approval in October and Brit- 
ish authorities a month later. 

The split is unusual because it is 
antithetical to the strong trend of 
consolidation that has been reshap- 
ing the agency industry for the last 
decade. Indeed, several industry' 
analysis wonder whether a Cordiant 
divided against itself will be able to 
stand up against huge rivals like 
WPP Group, Omnicom Group and 
Interpublic Group of Cos. 

“It's such a direct contrast with 




Frankfurt 

■ London 

Paris 


DAX 

FTS£ 700 index CAC40 


4500- - - — • 

- soo 

3,C ° Hi 


4300 pL i( 

1- - 5300 - - 

Hj 3000 jrt, f 

\ t 

mf W 

\-h 3W- Ji / 

| 2900*1 

y 

3900/ 

U 4900 M 

XU 2800 f 


3700- • - - 

flf - 4700^ - 

*T. 2700 -• 

? 

^00 J A s 6 N D 4500 J A S O N 0 ®JASOND 

1997 

1997 

1997 


Exchange 

index 

Monday Prev. 
Close Close 

% 

Change 

Amsterdam 

■ AEX V 

888.78 $87.74 

+012 

Brussds 

BEL-20 - 

2,m03 2,434.13 

■fO.16 

Frankfurt 

OAX 

4^60.04 4,082.60 

-035 

Copenhagen Sbch Market 

651.46 6S3.7S 

-035 

Hebrinkt 

HEX General 

3.166J23 3.217.74 

-1,60 

Oslo 

OBX 

672.04 678.97 

-1.02 

London 

FTSEIOO 

S,121JB0 5,045^0 

+1.52 

Madrid ' 

Stock Exchange 

62085 615.78 

+0.82 

Milan 

MlBTEL 

15763 15593 

+1.09 

Paris 

CAC40 

2338 J27 233026 

+0.28 

Stockholm 

SJC16 

3,128.35 3.14041 

-0.48 

Vienna 

ATX 

1367.10 137738 

-0.85 

Zurich 

SPI 

3,73133 3.754.19 

-0.60 


Source: Teiekurs 


iryc 

cbael Russell Jr., an advertising ana- 
lyst at Morgan Stanley. Dean Wil- 
ier. Discover & Co. in New York. 
"If they’re right, that means a lot of 
other people are wrong.” 

"Nobody is saying that indepen- 
dence is ah objective in its own 
right,” said Michael Bungey. the 
chief executive of Cordiant Com- 
munications in New York, who is 
also the chairman and chief exec- 
utive of its principal holding. Bates 
Worldwide. “With freedom comes 
accountability.” 

Executives at Saatchi & Saatchi 
also present themselves as optimis- 
tic that the parts of Cordiant will 
operate more effectively, and be 
.more valuable, than (he whole. 

“We more got in each other’s 
way than helped each other.’’ said 
Bob Seelert, who leaves his post as 
chief executive of Cordiant to be- 
come chief executive of Saatchi & 
Saatchi. 


ategy. 

ladve 


Very briefly: 


• Acer Peripheral Inc. of Taiwan plans to invesi S40 million 
over five years to produce television monitors in Cardiff. 
Wales. It is ihe company's first investment in Europe. 

• Saab AB, the Swedish aerospace company, plans to take a 4 
billion krona IS5I5.1 million! charge as it exits the regional 
aircraft business. “A few hundred” of the business’s 1.800 
workers will be laid off. 

• The Bank of Spain cut its key money-market interest rate to 
4.75 percent from 5.00 percent. 

• Lstituto per la Ricoslruzione Industrial SpA. the Italian 
state holding company, said Daewoo Corp. of Korea was the 
only company interested in buying all of Ansaldo Trasporti 
SpA. a unit of Finmeccanica SpA, a state defense company. 

• Honda Motor Co. plans to create an additional 400 per- 
manent jobs at its site in Swindon. England. The move would 
lift total employment at the site to just under 3,000. 

• Elf Aquitaine SA. the French oil company, is looking for a 
partner for its European distribution network. 

• Compaq Computer Corp. has begun custom-building 
computers at its plant in Scotland. ~ bi^mbem. aft. Renters 




WORLD STOCK MARKETS 


High U» don Prey. 


Monday, Dec. 15 

Prices tn local currencies. 

Teiekurs 

High Low Clow Prey. 


Amsterdam 


AEX andac JB&7S 
Prevton: 1*7.74 


ABN-AMRO 
Aram 
AhaM 
AIU0 Nobel 
Boon Co 
Bob Were ora 
CSMitsm 
TtortfcchePd 
DSM 

Fbevter 
Forts Amev 
■Xldicrics 
C-Broto* _• 
Hogemner- 
Nemeten ' •— 
H owbv m bcw 
H urt Douglas 
I NG Group 
KIM 
KNPBT 
*PN 

NWffloydGp 
rttutnrio 
Oce Drink* 
Philips Etec 

&»««* 

KoMcS 

Ratomco 

Roflnco 

Roremo 

Pawl Dutch 

Untevctcva 

Vertex ndl 

VNU 

WOfcisKICW 


4L80 
17KJ0 
S3 60 
347 JO 
44-90 
30-<j3 
ax 

tKUO 

182.70 
3330 

84.70 
4450 

, 50.90. 

ST.10-: 


fll» 
7fcJ0 
83L5D 
7130 
4140 
81.98 
4430 
fit JO 
21W0 
TI4J0 
101 30 
74 
185-50 
57.10 
174 
12030 
110.20 
13080 
10730 
5)30 
243.90 


3930 
172.40 
51.90 
341.50 
6450 
3030 
8530 
10440 
16050 
33-fiO 
8340 
43.20 
4830 
8530 
339 
8550 
7430 
«M0 
72.10 
4230 
00 
■03 0 
59-20 
21450 
III 
97J0 
73 
18430 
5640 
17150 
130 
10450 
11930 
10450 
4940 
24850 


3930 40/0 
17* 17110 
5350 5230 
34130 34280 
6550 49 

3030 3050 
84 8580 
107 104SQ 
18050 182 

33 3230 

83.90 0170 
6450 4450 

if 5030 
8450 87-30 
047 3® 

8550- 90-70- 
7550, . 77 
8250 : 83.10 
7210 7Z10 
4110 43 

81 .90 79.23 
4450 4150 
40J6 SMS 

21550 21430 
11150 120.70 
10130 97 -SO 
74 75 

18429 wsao 
5450 5750 
174 17450 
120 11190 
108.10 105.70 
170-70 11950 
10730 104 

5030 4MD 
24250 241 


RWE 

SAP 

SdKftnq 

SGLCwtaon 

Siemens 

Swinger (Axel) 

Svedzuefcor 

v3o*" 

VEW 

Vtoo 

Voknragen 


High 

9170 

518 

174-30 

731 

10465 

NX 

m 

401J0 

11355 


968 


LAW 

9050 

507 

17)50 

22950 

10238 

H.T. 

SOT 

398 

11330 

555 

973 

957 


Close Prev. 

9050 93 

51230 519 

17150 17480 
22950 232 

10240 183.90 
H.T. 1330 
POO SOT 
39050 iffl 
11370 11420 
570 550 

933 933 

962 96&J0 


Helsinki 


HEXCwanri Mne31t439 
Previous: 321734 


Erato A 

4150 

41 JO 

42 

44 

NuMsnrtdl 

22S 

2M 

224 

223 

toso 

51 JO 

50 

5030 

52 

Kesko 

8450 

>2 

82J0 

8480 

Medio A 

2BC?; 

27 JO 

28 

2780 

MttiS 

127 

125. 

125 12RJ0 

Mesn-SertiB 1 

4150 

41 

41 

4380 

Nesta 

125 

123 

123 

124 

Nokia A 

374 

357 "36130 "37010 

QriBR-YMymae 

142 

138 

130 

.140 

Ortokumiw 

<4 

62-90 

<3 

4$ 

UPMKyrametn 

lffl 

99 5Q 10050 

100 

VUrmt 

74-50 

49 

19 

74J0 


Btf Steel U8 

Bra Telecom 483 

BTR 1-85 

Burmoh COstml 1035 

Burton Gp 14} 

Coble Wireless S3 

CntburyScim 4J0 

Carton Comm 454 

Comm! Union 852 

Compass Gp 750 

CMnwrids 312 

Dtnns 437 

Etodmcamponente 453 
EMI Group 478 

Enemy Group 452 

EntamriceOS 5.97 

FonrCotonU 1.72 

Gwri Acddeal mw 

GEC 413 

GKN 1348 

GtanHUaame 1425 

Granada Gp 875 

GranrfMd 588 

GRE 353 

CneoaBsGp 
Girin ness 
BUS . 

H5&Hldgs 

tq 

bigri Tobacco 


U4 

448 

1.78 

10 - 1 ® 

IJB 

5J0 

6.17 

443 

877 

743 

307 

4.14 

455 

440 

440 

552 

170 

1053 

394 

1139 

1410 

853 

579 

3-23 

4JK 

581 

774 

752 

1458 


181 


Prey. 


High 

Law 

Clave 

Prey. 

M3 


5435 

5300 

54)5 

5320 

474 

180 

Ben Ftaeurom 

7700 

1522 

7570 

1507 

7400 

1530 

7700 

1529 

iaio 


28200 

27800 

78000 

27600 

138 


5190 

5050 

5175 

5080 

533 

Editor 

10200 

10015 

10145 

10240 

431 

ENI 

9755 

9525 

9400 

9525 

446 

FW 

50)0 

4930 

4990 

4905 

883 


41900 

40100 

41800 

39950 

745 

m 

20095 

19420 

19750 

19770 

389 

INA 

3140 

3065 

3105 

3085 

A25 

Italgos 

6900 

6760 

6820 

6810 

442 

Medoset 

8330 

8770 

faro 

8235 

445 


13300 

13000 

13250 

12990 

687 

Morietfison 

1497 

1474 

1491 

1485 

587 

OSvrtS 

1035 

nun 

1006 

1002 

131 


2480 

2395 

2415 

2440 

10.57 

Kre* 

4385 

4285 

4285 

4315 

486 

NAS 

15850 

15640 

15850 

15645 ■ 

1141 

Rota Bcncn 

24800 

24100 

24800 

24400 



>7000 


14850 

16W0 

ass 

Tdecooi ItaSa 

10890 

10780 

10055 

10495 

582 

TIM 

7245 

7135 

7180 

7135 

127 





1 - ! 


High Low Claw Pm. 


Pert 

Rh- Poulenc A 
Sanofl 
SChnelder 
MEB 

SOS Thcrtisan 
51? Generate 
5oduha 
SlGotan 


iiGobwn 
Suez (On 
Suez Lyon Eoux 
Svnthelabo 
Thomson C5F 
TolalB 
Usinor 
Vote) 


1741 

1726 

1736 

1726 

263 50 

254 262-50 256J0 

613 

599 

409 

594 

31 9 JO 

305 

30 7 JO 

310.10 

804 

795 

804 

800 

329.90 31380 

317 333JQ 

854 

837 

844 

841 

3295 

3780 

3230 

3175 

B10 

801 

810 

B02 

1540 

1540 

U.J0 

15.21’ 

441 

6P 

437 

634 

760 

721 

735 

750 

1B4 175.50 

1B4 

174 

406 

585 

59! 

597 

83.40 

81 

82-50 

B045 

384.50 

378 

378 380-30 


Sao Paulo 


BowtSM Mfftt 9S03J2 
Pfeviotfs: 914AM 


Hong Kong 


Hch«Sms: 1M35.1S 
PiyvtaOR 1*0444 


BkEdriAfta 
Crrihuy PodHc 
Cheung tong 
CKWrastwd 
CbUtal 

cwcr 


DaoHenoBk 
_ IPocfec 


FW I .. 

Hm<g Lung Oe* 


Bangkok 


SET irtae J*7 73 
P rertiw . 3 H .29 


Advlntabrc 
. Bangkok BkP 
KrungThOlBk 
PTTEwtor 
Slam Cowert F 
Sum Com Bk F 
THcaunnsta 


7A0J AtaMM 
Tin Farm Bk I 


UtriCanm 


224 
112 
11 J5 
372 
350 

2175 


200 218 212 

108 111 109 

1050 1050 11 

M p M 

344 346 B2 

a 8 5250 

8.90 9 9.10 

47 49 4750 

98 99 101 

20 2125 2050 


_.ih» 
HemtereonLd 
HK China Ga 
HK Electric 
HKTdeconni 
HoMwefl Hdi» 
wSCHOgs 
HuWtewWh 
Hyson Dev 
Johnson El Hdg 
KenvPnas 
New Wort Dev 
CMenM Press 
Pearl CHeaU 


5HXPrapi 
■ nTakH 


Bombay 


*««»!25SSS^ 

Prerteus: 332977 


■SoW Auto 


S J 


Hhidusi PeBra 
(act Dev Bk 
ITC 

Mohonogai Tel 
RebaivM Irt 
Stale BVlmfla 
Start Aurinrav 
Tata Eng Loco 


580 56150 57775 56475 
1258 12031254J51228J5 

441 <37 *4050 40.35 

82 81 82 81.75 

566 53875 55875 55475 
33450 27B 23450 230 

156 147 JO 15475 1 50 JO 
21450 2095# 213J0 2 1.75 
10.75 9J5 9.75 1075 

280 249 275-50 2*875 


StmntokHdgs 
Sbu Land Col 
S lh China Past 
Swire PocA 
Wharf WV 
Wheetack 


Jakarta 


Brussels 


SEL-20 redoc HMB3 
prevtaOK 2434.13 


Ahnairil 
Rtnco Irt 
■SBL 
XBB 
Cakuyl 

lire Lion 


Ficaiafina 
Forts AG 
Gevaeri 
GBL 

,Gcn Bonaue 
'Kredtrtbai* 
'PeDoOna 
■Poweihn 


SSfSSS 


!d«r 

-Trackbel 

UCB 


1850 1795 1815 1770 

6540 6400 6400 6550 

97J0 OS 30 9550 7740 

3U0 3330 3355 33» 

18*73 18300 18325 1W0 
1915 i960 ms 1900 

BM0 8240 8290 #2« 

Sw hsa 33T0 339*s 

7470 7370 7*40 73(~ 

1730 1710 1725 17'-. 

5390 5340 5340 5W0 

157M 15M0 )54« 15525 
158D0 15500 15725 IS^OO 
14W5 139W 13925 13900 
noO 51S8 SI® SifJ 

ioooo ™g tns 

3475 3370 SCO M5D 

2315 2275 2275 2265 

3t35 ms m 

123400 120700 121600 122850 


Ashatai 

Bklnmaden 

BkNdjnro 

GudangGrtn 

Indoceraort 

Indotaod 

liykisat 

Sompoerna HM 
SanenGnalk. . 
TdetomunSuBi 


Johannesburg ““gEgSS 



AngtaitaaL 

AngtaAoiln 

AiwtaAMP 

AVMtN 

ISSmflh 

De Been 



Montreal 


fuBHlriafs mtacUUJt 
- -Prevmxi: 3282J0 



3840 

3Ti 

38U 

37.90 

Ctoi Tire A 

3870 

Ton 

3055 

31 

CttnUHA 

40J5 

m 

4865 

41^ 

CTFhrlSvc 

54 

a 

54 

, y 


I7J5 

l/ta 

IP* 

17. Vi 

Gt-West LBccd 

3690 

J6VJ 

36B5 

3690 


51H 

SOM) 

51 

MM 


030 

42B0 

42.80 

42.90 


3,5.90 

2X30 

25 Ji 

2Ma 

Nan Bk Canada 

24B5 

24V> 

2455 

2450 

Power Com 

4895 

4840 

4890 

4845 

48 Vi 

4815 

4815 

4U>* 

QuebeeorB 

27% 

3/M 

V-45 

2A4 


6.95 

695 

4.95 


RoyriBfcCda 

7B 

7IS5 

7750 

77.10 


BrodescoPfd 
Brahma Pfd 

Cemk) Pfd 
CESPPfd 

Cupel — 

Efetrobras 
tow banco PM 
Light 5eretdos 
Liflhtaor 
PrirobnjsPM 
PouBsta Un 
SUNoctanal 
Souza Ciui 
T etebnuPfd 
Tefemlg 
Tetar) 
TetepPfd 

Unibanco 

UrtminasPM 
CVRD PW 


9.19 850 

710.00 480710 
49 DO 4400 
4800 63 JO 

-Tl#0---HO5 
53500 500.00 
51500 51000 
42000 410.00 
27500 24400 
25000 23700 
13000 131 30 
30.90 29.99 
830 830 

119.99 11201 
11599 111.00 

100.00 noqn 

36001 23600 
4204 3901 
5.91 575 

2005 1830 


9.19 

71000 

4800 

4400 

-11.90 

53200 

515.00 

41500 

27498 

24RO0 

13800 

30-90 

830 

119.20 

11599 

99.99 

MM 

42JM 

585 

1900 


870 

48000 

4700 

4599 

■TW5' 

51200 

51501 

4)000 

247.00 

23800 

132-99 

31J0 

830 

11X40 

11520 

8930 

24801 

4049 

590 

1940 



Hjgh 

Law 

Ckne 

Prev. 1 

ABBA 

ri-50 

91 

91 

93 ' 

AssflXann 

201- 

198 

199 

203JQ 

Artra A 

136 

133 

134 

13050 

Altos CopcaA 

222 21850 

219 

221 1 


281 

275 

275 50 

279 

Elednriux S 

575 

553 

560 

570 


284 277 JO 77850 

287 JO 

Forertm Saar 
Hemes B 

IW 

315 

182 

331 

192 

344 

184 JO 

331 


678 

67) 

674 

680 

Imestai B 

370 

359 JO 

367 

367 JO 

MaDbB 

203 

200 

202 

200 

PharrtUpWin 

775 272 27650 

73850 323-40 223JQ 

276 

225 

Scania B 

17150 

167 

168 

170 

SCAB 

168 

164 

167 JO 

169 

5-E Banten A 

9850 

94 

97.50 

95 


397 JO 

394 

396 

393 

Skamka B 

320 

3)4 3)640 

3)7 

SKFB 

162 

155 

155 

15850 


97 J0 

94J0 

96 

9650 


294 

291 

79230 

292 50 

Volvo B 

211 

JOB 209 JO 

20B 


Sydney 


Oslo 


OBX Mac 47X84 
PnvfWI: <7897 


Amcor 
ANZ fitting 
BHP 
Bona 

Brambles ind. 
CBA 

CC Amalfi 
Gotas Wver 
Camalco 
CSR ^ 
Fosters Brew 
Goodman FM 
ICIAiniroBa 
Lend Lease 


Aker A 

BeraejenpvA 

ChfiSafciBk 


132 12950 132 IX 

IBS 17630 182 18250 

2830 2410 2830 2830 


Seoul 

Dacam 


Composite tadec 38580 
Prevtom; 359.92 


MIMHrigs 
AlWiBonk 


60400 51700 *0400 54700 


Nat Au 
Nal Mutual Hdg 
News Corp 
Pacrifc Durtop 



AO OnfiBOren: 258890 


Prevtoyv2494J0 

644 

635 

637 

661 

1811 

9.92 

9.92 

1805 

13J4 

1265 

1244 

1374 

3J6 

X72 

386 

385 

2870 

2840 

2858 

2840 

1695 

1681 

1690 

16.70 

1130 

non 

1U0 

1172 

746 

7J4 

745 

7J3 

610 

895 

610 

6 

509 

499 

589 

4.98 

27 V 

271 

279 


120 

113 

218 

1080 

1855 

1070 

I860 

3845 

30.10 

30 JO 

3810 

1 

0J9 

094 

897 

20.45 

20.16 

20 J7 

2814 

2-55 

817 

243 

810 

255 

813 

M 

119 

an 

210 

115 


The Trib Index 

Pnces as a*3.00 PM NewYo'krrm* 

Tan t. jsse = 100 

Level 

Change 

% change 

year to data 
%chnnge 

+ 14.11 

Work! Index 

17Q20 

+ 0.74 

. + 0.44 

Regional Indexes 

Asia/Pacific 

96.08 

-o.to 

-0.10 

-22.16 

Europe 

188.77 

+ 0.46 

+ 0.24 

+ 17.10 

N. Amenca 

216.69 

+ 1.33 

+ 0.62 

+ 33.7B 

S. America 
liukMriaKndtxag 

143.95 

+ 3.63 

+ 2.59 

+ 25.B0 

Capital Goods 

206.48 

+ 0.01 

+ 0.00 

+ 20£1 

Consumer goods 

206.34 

+ 1.00 

. + 0.49 

+ 27.82 

Energy 

193.95 

+ 2.10 

+ 1.09 

+ 13.61 

Finance 

122.42 

+ 0.62 

+ 0.51 

+ 5.12 

Miscellaneous 

147.39 

— 3.04 

-2.02 

-8.88 

Raw Materials 

164.31 

— 0.08 

-0.05 

-6.31 

Service 

169.68 

+ 0.77 

+ 0.46 

+ Z357 

UnkPes 

163.59 

+ 1.15 

+ 0.71 

+ 14.03 

77» International HenUd Trtouno World Stuck index t3 tracks me US. Hotter value 

cri 2 S 0 mJemaitonafly nvnstaDte stocks from 25 countnns. For more information, 
j free boddet Is available by wrung IP The Thf Index. 131 Avenue Cmuies Oe 

G aufift 92521 Neutty Cedox. France. 


Compaea by Bknmberg News. 


3|rar3tgrgigE»Bfigfiggiii3tgng^n3p[ij3[gjjBigtgig^i|gigrt@| 


A WEEKEND CONFERENCE 
DOES HAVE ITS REWARDS. 


CMtKie Mac 339.54 
^Preview: 345J5 


.1800 1375 1375 1 825 

3S0 230 300 350 

475 400 490 475 

7100 6425 6775 7100 

1250 11® 1X0 1275 

MO 37SO woo im 

B850 8700 S775 9050 

4000 3J75 3575 40OT 

2525 2375 2400 2450 

2500 7100 2200 2X0 


Ail 0'>r.md liitvTiution.il hotels offer .in elegance and <r>'ie that is second to 
none. Not to mention conference facilities that are in a class of their own. 


Bui now they offer more. The Hi!ron H Honors Worldwide. 
Meeting 1’lanncr Bonus Program. 


27.95 27.15 2785 2735 

219 21B 210 TW 

194J0 191 1W 1« 

172 168 172 170 


Anv meeting, planner who books a qualiWing meeting at a participating 
Conrad Inrcrnafiona; horei tilth ji least ten occupied gue-et rooms, can earn 
thoownds of H Honors bonus points that can then be exchanged for free nights 
at H Honors hotels. Or earn airline miles with participating airline partners. 


The reward', arc vours. So make the most of then). 


1192C ’If! ] 1WS ^ 


Copenhagen 


BG Bonk 
Cmbbdje 
Codon Fon 
Danwro 


465 454 <5538 £5 

373 347 347 

980 9B0 970 

SSsSjssSslaS 

9U bS ,8W .fll 


itaUBk 

■Gencor 

GFSA 

ImpoM Hdgs 
BigvreOMl 
1 6C« , 

Jofirerieslodl 

m 

M»«o 
Naflggk 
ttotajr 


7170 73 TiSO 

525 510 5.1Q 530 

42J0 47 4235 42 

7935 1525 19.55 152S 
lffl 96 100.00 9520 
33-50 31.90 3JJB 32 
39 JD 37 3860 36-50 

1/6 IJtt 7 M 7M 
a a 

S3 52 S3 51 
74.40 7410 14 

1,90 134 139 1A4 

* 4435 49 44 

321 374.80 321 31480 


Fnraronp bookinrp and infomnntioiu please cal! the (IT ;.- ■end Intcnwticmai 
sales office in f.oniioi! it 1 4-44 7/7 S' 6 4S -AV or nr Brussels a 7 +S2 2 542 45 6 ’5 


Madrid 


BotootadeedUS 

PrevtavefilSJB 


CONRAD 

INTERNATIONAL 



High 

LOW 

Oose 

PTOV. 


High 

Low 

CJaM 

Pray. 

Data) Sec 

434 

425 

430 

436 


32.95 

32J5 

32-55 

32.95 

DDI 

3120a 

2900a 

3070a 

3U30O 

CdaPadBc 

3f.70 

J7J0 

3/65 

39.80 


2430 

2350 

2430 

2410 


70 V» 

19 JO 

70 

20 


6000c 

5930a 

59MJa 

5980a 


22b 

31M0 

27 

22 

Frsai 

1790 

1730 

1780 

1760 


1005 

9b 

9J15 

10.10 


4950 

4810 

4910 

4910 


24.10 

23.90 

2U.VS 

24.10 

FuJiBaik 

590 

557 

587 

590 


35U 

35 

35b 

35.10 

Ftifi Photo 
Fupfcu 

5080 

1440 

4880 

1400 

4990 

1420 

49/0 

1440 

EdperBrasoan 

EwoNevMng 

26.20 

16b 

25J0 

15.05 

PJS 

26 v . 

15'. 

HadiVmlBtt 

Hftac/W 

1040 

1020 

1040 

10* 

Fairfax Frill 

375 

315 

3)5 

330 

970 

950 

96V 

m 

Falcanlxfdge 

Ifib 

17.60 

I/M 

78 

HcntaMoiw 

4670 

4620 

<1650 

4690 

Ftetcher dufl A 

19.70 

19 

ivjo 

19 1 * 

IBJ 

1090 

1060 

1090 

1080 

Franco Nevada 

2816 

2.520 

•MG 

2585 

1HI 

233 

215 

VJ0 

771 

GuH Cda Res 

10.15 

9.90 

9.90 

10.10 


240 

230 

235 

230 

Imperial Oil 

87 JO 

87.10 

8/40 

88 

ito-Yokndo 

4200 

60 « 

620 n 

6070 

Inca 

25-35 

2660 

7460 

25.15 

JAL 

361 

XU 

360 

350 

IPL Enemy 
LtsfcSaniB 

62-65 

63 JO 


6265 


93700 

9610a 

9850a 

9630a 

1845 

Wi 

1845 

1855 


1930 

l»W 

1900 

1930 

Lflewen Group 

34't 

34 

3+05 

3410 


425 

300 

387 

470 


un 

14.15 

14b 

1435 


2180 

2120 

2180 

2130 

Magna Inti A 
Memories 

93 

91.90 

93 

91b 

Kao 

1780 

1740 

1780 

17* 

11.95 

1160 

11.70 

12-TO 


247 

211 

276 

255 


22 

21 J5 

21.90 

71.70 

Kmn Sled 

160 

ISO 

157 

155 

Newtmdne Net 

50.15 

44.85 

4740 

49b 

Hnkl Nlpri Ry 

675 

667 

671 

683 

Ntsmutalnc 

■MX 

736*1 

73.80 

74.05 


1K» 

Vt» 

idoo 

998 


1660 

16 

16-Q5 

16.30 

Kobe Sled 

102 

98 

taj 

105 

Nffiem Telecom 

130 

W' 

!2S.3i 

12865 


675 

656 

656 

699 


1365 

1360 

Ii65 

1365 

Kubrin 

»5 

380 

388 

398 

One* 

77b 

27 

ini 

27b 



56UU 

5640 

5670 

Poncdn Prtlrn 

73.95 

23.15 

23'. 


K^Etac 

1890 

I860 

1870 

1890 


25 V: 

25 

25.10 

25JS 

244 

235 

241 

250 

Placer Dome 

16.10 

1545 

1580 

1560 


242 

229 

240 

233 

PocoPeUm 

11 JO 

10.90 

10.95 

11.10 


2030 

1980 

2010 

2010 


115b 

115 

MS 

ISJO 


3400 

3350 

3»i 

3510 

RenaKsancr 

79': 

* J 

28 b 

29 JO 


7780 

1750 

1780 

1790 

RioAIaam 

25.70 

74 

MJ0 

7560 

Matsu Elec Wk 

1030 

1020 

ua> 

1020 

Swjecs Conte! B 

13b 

13'* 

13b 

13’ 

WHBUbbW 

10*1 

1020 

1030 

1020 

Sea grain Co 

Shell trio A 

45b 

44V5 

4EWI 

4480 


194 

1/8 

184 

190 

2760 

27 

2740 

27b 


338 

325 

375 

343 


48 JO 

47 

47.90 

4H 

Mitsubishi Erl 

1550 

1490 

ISO 

1530 

T ataman Eny 

45'-. 

43b 

43« 

4510 

Mitsubishi Hvy 
MtauibisH Mat 

517 

48U 

511 

483 

TeciB 

t«“> 

17b 

17b 

1870 

435 

415 

411 

415 

Tojcglohc 

46 b 

45*. 

45b 

46': 

Mitsubishi Tr 

1B0 

1500 

1540 

1560 

33^ 

33 

V- 

3335 

Mrisu) 

070 

*40 

870 

855 

Thomson 

39.70 

39 

3PJ5 


1330 

1280 

1330 

1300 

TorDom Bank 

54J0 

53.70 

ft 

5410 

Mltwri Trast 
MurataMfo 

238 

222 

238 

235 

TransoHa 

21.40 

71.20 

2140 

3430 

3330 

3391 

TWO 

TransCrt FNpe 

3ffb 

10.60 

30 70 

SF. 

NEC 

1350 

1320 

1340 

1360 

Trfmcoi Finl 

68 

65J5 

65b 

6665 


1400 

1340 

1360 

1410 

Triiec Hahn 

34.10 

33J5 

3155 

34.10 

NAkoSec 

396 

384 

390 

395 

TVXGoM 

II.J5 

3b 



Mnlendo 

12700 

12400 

12500 

1270B 

Westaw n Eny 

32.90 

33 

3110 

ripn Express 
Nippon Oil 
Nippon Steel 
Hhsan Motai 
NKK 

604 

389 

201 

513 

116 

584 

369 

189 

494 

110 

5&S 

378 

197 

510 

113 

614 

389 

191 

500 

109 

Weston 

120 

119 

170 

119.10 






Nomura Sec 

NTT 

1460 

1120b 

1640 

)Q80I» 

1660 

11701 

1650 

10800 

Vienna 


ATXUdaclMJ.iO 

NTT Data 

6730b 

MOtol 

6/000 

S7900 







515 

505 

512 

510 

Boetitot-Urideti 

785 

6sjo 

769 

779 

Osaka Got, 

290 

274 

276 

283 

CieriBaim Pfd 

N.T. 

N.T. 

NI. 

06.90 

Ricoh 

1400 

1560 

1600 

1600 

EA-Genorak 

3270 

3720 

3240 

3209 


122 11930 122 11840 

1450 15.10 1445 


FLStnd& 
.tob Lufflaww 
.Nw Norilsk 8 


:sgw8?» >®2 


; Donmk B 

7/^Baflico 

.UDMonreoikA 


a? 428 

m 428 430 22 

505 491 491 SB 


8i® ’ 82 8430 &L50 
1535 15 ISOS UTS 

107 JO 104 1WAJ W7 
ftecrtrairiBGp 3S.W 

118 J» )M 

2190 2335 7335 MO 
47.70 MM €4% 4U0 
2UUP 206 mfiO 204 
*8 44 48 6590 


SAL 

Samonfflr 
Seal 
5B1C_ 
Tiger Oats 


Kuala Lumpur 


CWhMf 

PrenbRETUl 


Frankfurt 


as 

AjoCotorio 

JltT" « 


6nyWf«W<W»k 17150 

Bov« _ S 

fKMQ 

.BMW _ TOg 
jlMwmvfJlIlWt 68-90 

DrtnterEHU 1*140 




„Oeuhche8ank 




'DnadiwBQrt 
•Fri«rtu« 
FreuiuaMed 
FiwL Krapp -sfa. 
'Grfc 95-50 

"HW CdBl 

KfflStOd! 

LaKnertf 

tin* _ 

-LuflhonMB 

MAN 

PirUWOT 


11030 

4M 

TJJO 

4430 

435 

75 

1049 

34J0 

519 


»>**«&« 

Orertairt 408240 

171JD IS IS 
753 JO && 

mso 425-2 m 

122.10 12330 121» 
764 164 170 

4Q.U 39.70 

6W 4)W 65 

8130 81 JO 

ni ni-gg 

»s as 

S isS 

12230 12230 11J70 
84 84 87^ 

VV 

1183D 1WJSS 1T730 

“S riS 

in in ms 

*a '"3 "m 

as as n 

*10 410 
10§ 

HM 3S30 jb, 
514 51* S2^ 

84030 841 

3195 3150 31-? 


2.76 

9.IS 

10.10 

5 

835 


2.14 


AMMBHdg* 

Denting , 
MdMM, 
MrtlnflSMp' 7 
PrtrenosGos 
FVnton 

PubdcBk „ 

T| 

IWWK raPM 

& 

art 7415 

uu 

VTL 


Ul 148 TM 
8.90 9 9 

M0 935 10 

492 4.94 494 

8.10 830 470 

170 3LB4 4ffl 
103 2J» IM 

^ T£ iS 

2830 31 2835 

144 144 164 

9.10 9.10 M5 

430 630 435 



Rohm 
Sokura Bk 
Sankia 
Samn Bank 
SonynEtac 
Setwi 


SelbuRwv 

uiChetn 


33 3140 3140 


Norsk HyrtJ 
tfiSkoaA 



93 

91 

93 

92 

45 

4450 

45 

4450 

377 JO 

373 

3W 

377 

382 37440 

379 

381 

115 

210 

215 

216 

186 

186 

186 

187 

437 

wo 

437 

638 

457J0 

450 457 JO 

460 

126 121 JO 

126 

128 

125 

IS 

)22 

122 

320 

320 

320 

365 

54X50 

59 

50 

50 


Daewoo Heavy 

K olEng. 

dm 

Korea El Pm 
Korea EreJiBi 
LGSemfccn 
Pohanq trsaSt 
SaiMwgDtatay 
SflfB*i«5EI*c 
SNrtwnBonh 
5K Tekram 


49&0 4100 
11100 9410 

5400 5000 
15600 13700 
3700 3000 

15900 14X30 
54000 44400 
34100 27000 
44300 37500 
7500 4190 

440000 387000 


49M 4450 

11100 9600 
5400 5430 

15600 135M' 
3700 3180 

15=00 15000 
54000 44400 
34100 29300 
44100 0400 
7200 61M 

420000 420500 


Pioneer Inti 
PubBraadaisI 
Rio TWO 
51 George Bank • 
WMC 


Wootararths 


US U6 182 Ul 
8J5 8-58 BJ5 8.75 

tt£5 1450 - 1464 1485 
8.40 E2B B.39 E27 

478 4£0 475 JM 

9J0 9.15 923 9.15 

1042 ID JO 10-W IOlSO 
4.76 AM 470 4.71 


Taipei 


Paris 


CAM®! 283127 
Previous: 23306 


Singapore 


Slock Market adeta 8241^9 
Prert0Of!>3CL88 


Manila 

Aidta 


PS Ebjdeto: 181987 
PmtosfilB54J4 


^ sja 354 


420 


i Land 
“iW 
C&P Heines 
MarritaElecA 
Metre Bank 
Petare 
POBcm 


London 


FT-5E108: JttEfiO 

PnrtMfiJMUO 


San Miguel L 
SMPttawHdg 


1450 

1425 

1425 

14 

1175 

14 

85J0 

85 

8SJ0 

2J0 

122 

2-36 

8050 

77 

77 

367 JD 

260 

245 

170 

3J0 

3JS 

126 

120 

124 

860 

840 

8S5 

51 

49 JO 

BlM 

4-10 

5JB 

530 


T?4 




BAA. 


ax 532 427 

' 497 *7 50450 



10J7 10J0 

ts a 

% % 

17.15 1432 
9.14 886 

5JD S37 
* 463 ' 445 
043 UO 
9.94 9M 
m 8aD 
3L35 IM 
1720 U48 
ATS AJ4 
281 284 


** a 


8J0 

Ml <24 


H 1 
IS S 

1^ 1.73 
5L44 545 

AM 5 
1684 1440 

IS B 

B B 

9JT 9.75 

^ IS 

1747 1744 

<** s S3 

a a 

42 428 


Mexico 


MM Wte 4982J9 
PnrtMB: 49S384 


Alta A 
BoaxciB 
Cental CPO 
OnC 

ErapMoihsua 
GpoCanOAl 
GpoFBemr 
Gpa AtMaurea 

TetovtaaCPO 

TeWexL 


5470 5430 5440 $880 
2140 J0J05 21.05 2000 
3588 MM 3535 34J0 
1490 1470 1488 17» 

40.10 39.90 40.10 4H25 

57.10 S45D 57.10 54» 
3.72 385 388 3M 

3U0 3IJD0 3150 3180 
37.CC .3470 347* 3440 
15288 14880 15130 148.70 
7050 1982 2050 208S 


UlBTMtaHUaciMaM 

Pmtaau 1559384 


Milan 

MeonzaAsrtc IfiMS 34100 14350 WHO 




DBS Lon 
Fraser 4 Heave 
HKLond* 

Ja id Mathew ’ 
JariSlraie^c* 
KepprtA 

a * 
wi LBna 

OS Untan . 
Puikw Hdgs 



146 

144 

152 

97 JO 

1KI 

93 

93J0 

71 

67.50 

67 JO 

70 

93J0 

90 

«L5D 

92 JO 

ft 

2410 

92 

2490 

97 

2420 

97.50 

64J0 

62 

A3 JO 

61 JO 

)00-50 

9430 

9650 

97..® 

55J0 

54 

54 

54J0 

61-50 

57 JO 

57 JO 

57 fO 

11 2 JO 

102 

1U3 

109 

123 

1211 Ml 

121 

124 

37 JO 

JA.20 

3640 

36 JO 

77 JO 

SAW 

68J0 

72 

60 

57 JO 

U 

yuu 


Setawi 
Settls iri House 
Swtn-Etevwi 
Sharp 

SfcftrituEIPw- 

SH*nHu 

SWn^fwOi 

5W*ekk> 

ShftwWi Bk 

SahtanV 

Sony 

Suratteno 

SumhonwBk 

SurafiOKrit 

SumBomoEtae 

Start AtaM 

SutnBTruKl 

falahofmm 

Tataria Cham 

TDK 

TohokuEIPw 
Toku Bank 
TetaaMame 
Tokyo El Pw 


12100 12000 12000 12500 

478 447 475 4*7 

2t4)} 2870 3870 2920 

1420 1370 1420 MID 

368 342 350 370 

BOW 79QD 9000 7870 

5550 5510 5518 55® 

745 744 746 763 

862 840 843 8S5 

9030 8980 9000 9030 

819 832 812 8M 

1890 1850 1890 1870 

377 365 3*7 367 

3840 -3760 3Jf® 3840 

1B00 1730 1800 1800 

1260 1250 1260 12® 

2530 2340 2400 2S40 

11200 10800 11000 11100 

778 774 797 777 


EVN 


1448 1428 16451453.15 


Ftantatan wwi 509.90 s&s-sa 508 506.90 
OMV_ 17357 MW 1714 


om Eiekiriz law 1004 1016 1Q12 

VAStanl 488 4*5 472 480 

VATtch 1979 JO 19121918.90 19 m 

WIWertwrgBou 24652411 JO 24» 2415 


Wellington NasE-eairtR^issaM 

** PrevtenK 2338.92 


Tokyu EJedren 
- ‘ iGas 


Tokyot ... 
TakyuCMp. 
Tanen 

TopoanMtf 

T«wlnd 

70rtB» 

Tastrm 

TowTius) 

Toyota Motor 



UNZealdB 

340 

132 

340 

3U 

Brtrfy invi 

1J0 

UB 

1.18 

1.1* 

Cotter Hon onl 

253 

Jja 

2J0 

3J0 

Ftotdi Qi BMq 

4JQ 

423 

425 

475 

FhHdiCh Eny 

6JQ 

402 

6J0R 


FtetchCh Farsi 

IJ9 

147 

147 

1® 

Fletdi Ch Pmier 

115 

2.10 

110 

2.15 

LjtfiNaOian 

X90 

185 

190 

183 

Tetecom NZ 

860 

AJ5 

BJ7 

048 

Wilson Horton 

10.10 

10.10 

10.10 

10 10 


5Pli»de«:Jai.B 
Prevtart: 3254.19 


LWBU 
LOrepl 
LVMH 
Mfchefti 
PartnA 
Pernod Heard 

PrtBOQ tat 
ftoaufi-Prinr 
ftuowto 
RenouB 



Stockholm 

AGAB 98JQ 96J0 9A50 91 


ISSI 

1802 

1805 

18U 

37640 

347 

349 

383 


(389 

7350 

1390 

2340 

139? 

2375 


770 

SOD 

785 

■pi 

2400 
37 51 

2605 

2757 

7650 

2768 

1482 

1455 

1475 

1472 

170-50 

145 

166 

164J5 

1178 

1160 

1144 

1168 

23S 

232 JS 

23475 

733 

550 

549 

550 

550 

7185 

7090 

7100 

7700 

3700 

3480 

3500 

3480 

1200 

11S0 

1152 

1180 

564 

560 

560 

564 

3098 

2065 

2045 

20&6 

2297 

19025 

a® 

196 

2258 
197 JO 

f$itH 


1795 

I7PS 

1800 

857 

B4S 

857 

850 

inis 

% 

1313$ 

1574 

300 

13135 

1577 

303 

13100 

4S7 

447 

445 

452J0 

1620 

1590 

1590 

1600 

7735 

2655 

2701 

2680 

838 

815 

820 

830 

930 

907 

978 

917 

2605 

2482 

2541 

2569 

1869 

1833 

1833 

187D 


2045 

2068 

2112 

1733 

1470 

1720 

16SQ 

642 

631 

43S 

634 






PACE 16 


Monday’s 4 P-M. 

Tte 1,000 most traded Notforal Mortet securities 

In terms of daftar value. updated twice a year. 

Ths Associated Pmss- 































































































































I \ M k f 1 ^ -- INTERNATIONAL HERALD TRIBUNE, TUESDAY, DECEMBER 16, 1997 

4 .. ’llW ASIA/PACIFIC 

Allr r \y i &t r 

j a j lail ^ * n Japan, a Worsening Outlook for Business 


PAGE 17 




CumpMtoOv^fmDisihmlu, _ 

n,L 0 iy C ?^ BUSineSSCOnfide ' K ' ««! 

at major Japanese companies has further to 
detenoratW seriously ,££ocT fZ^,w, 
ber, according to a closely watched responses 
quarterly Bank of Japan survey re- ‘The ct 
leased Monday. .. very disc 

TJesurvey^knownasthe&inAan. RcSe, a at 
confirmed the growing view that the Waibure J 
already sluggish economy has beat indicators 
battered by recent major financial recti del It’ 
fculirn* in Japan and by the Asian to recessio 

tmanciaJ and economic crisis. The tan 

Perhaps more worrisome for the. before the 
economy is the outlook for three lease the t 
months from now, on which cor- stimulus p 
porate sentiment is decidedly bleak, said was u 
rS The survey’s so-called business- mediate iir 
/condition diffusion index, which Japanese 

measures the percentage of compa- after the re 
mes seeing improving conditions boo that cl 
minus the percentage expecting a de- have to ke 
chne, fell to minus 1 1 foam plus 3 in spur the t 
the previous survey, issued Oct 1 . would keec 


Ite Bank of Japan said major for higher returns, analysts said. 


wwnpaaies expected the index to fell 
nirrner, to minus 15, three months 
from now. The survey is based on 
responses from 9.359 corporations. 

“The contents of the lankan are 
very discouraging,-’ said Brian 
Rose, a senior economist at SBC 
Warburg Japan Ltd., “with all the 
indicators moving in the wrong di- 
rection. It’s pointing pretty clearly 
to recession-” 

The tankan came just one day 
before the government was to re- 
lease the third of three economic- 
stimulus packages, which analysts 
said was unlikely ro have any im- 
mediate impact on growth. 

Japanese bonds and the dollar rase 
after the report confirmed specula- 
tion that the Bank of Japan would 
have to keep interest rates low to 
spur the economy. That in turn 
would keep investors looking abroad 


The yield on the benchmark 
No. 182 government bond, matur- 
ing in September 2005. fell 0.015 
percentage point to 1.62 percent 
The dollar finished Monday in 
Tokyo at 130.90 yen, up from 
130. 10. Earlier, it touched a 516-year 
high of 131.58 yen. 

Companies in almost every in- 
dustry cm sales and profit forecasts 


were fearful that a number of high- 
profile failures in the financial in- 
dustry would lead to even higher 
borrowing costs. 

Mr. Matsushima added that cor- 
porate profits were losing steam and 
that companies were taking more 
time than expected to shed invent- 


To Rise Little, 
Aide Predicts 


ones. He said companies were wor- cuts and plans for preferential im- 
ried about currency devaluations port policies, an official newspaper 
and banking turmoil in South Korea, 


Ci<npJtJ S Ov Sniff Fnmi Pu/miii 

BEIJING — A top Chinese trade 
specialist says imports will rise only 
gradually next year despite tariff 
cuts and plans for preferential im- 
port policies, an official newspaper 


Hong Kong 

Singapore 

Tokyo 

Hang Seng 

Straits Tiroes 

Nikkei 225 

16500 

.2150-- — - 

21500 

15000V UA 

2000 - 

20000 A 

13500 — * \- 

1850 • • 

' 18500 -Au 

12000— - 1 

1700 • 

17000- - 

10500 - W 

1550 ■ - - -f- - 

15500 — 

9000 j A S O N D 

1400 J A S O’tTD’ 

«“T3Ti-( 


and said they had a glut of inventory Thailand and elsewhere in Asia. 


and too many workers. 

Service providers and smaller 
companies, which are more depend- 
ent on. the domestic economy, are 
more pessimistic than manufactur- 
ers, according to the survey. They 
continue to be hurt by declines in 
consumer spending following tax 
increases this year. 

Masayuki Matsushima, director 
of the Bank of Japan's research and 
statistics division, said businesses 


where manufacturers ship two- 
fifths of their exports. 

Major manufacturers lowered 
their pretax-profit forecasts to a 3.7 
percent increase for the year ending 
March 31, down from a previous 
forecast of 6.6 percent. Higher bor- 
rowing costs and dim prospects for a 
recovery in sales have Ira compa- 
nies to scale back capital spending, 
according to the survey. 

t Bloomberg, AP) 


i 


Japan Party 
Accepts Plan 
To Shore Up 
Shaky Banks 


I 


<M k M \l»’M i HI 


By Stephanie Strom 

New York Times Service 

TOKYO — The governing Lib- 
eral Democratic Party has agreed on 
a plan to use public funds to shore up 
Japan's shaky financial institutions, 
a move that is likely to be met with at 
least a limited sigh of relief by in- 
ternational markets. 

A panel led by former Prime Min- 
ister Kiichi Miyazawa proposed that 
the government hand over at least 10 
trillion yen ($76.9 billion) in gov. 
eminent bonds io the Deposit In- 
surance Corporation, which is cur- 
rently technically operating with a 
deficit A Tokyo brokerage board flashi 

. The corporation, Japan's banking 

regulator and guarantor, could then Hashimoto greeted the plan with a 
call on the government to purchase promise to carry it out quickly and 
ihe bonds for cash as needed to clean with determination, 
up the financial mess that has en- Some analysts have suggested 
gulfed Japan’s banks, securities firms that it will take more than 10 trillion 
and insurance companies, which are yen to get Japan's financial system 
swamped under bad Joans that have hack on its feet, and the Miyazawa 
been festering ever since the panel left open the possibility of 
“bubble" economy buret in 1990. raising more money. 

In Kuala Lumpur, where he was It suggested that the government 
attending an informal "gathering of guarantee another set of bonds, the 
heads of state from Southeast Asian value of which was not specified, that 
countries, Prime Minister Ryu taro would be floated directly by the De- 



port policies, an official newspaper 
reported Monday. 

The biggest tariff cuts came in 
industries where demand is expected 
to remain flat. Wang Zixian. head of 
the Foreign Trade Policy and De- 
velopment Institute, was' quoted as 
saying by China Business Times. 

The report did not give figures on 
projected trade in 1998. Mr. Wang’s 
institute is part of the Minisuy of 
Foreign Trade. 

China said Ocl 23 that it was 
reducing average import tariffs to 17 
percent from 23 percent. It has also 
said it will exempt high technology 
and equipment for foreign -financed 
projects, but has yet to give details. 

The sluggish " pace of import 
growth and declining foreign invest- 
ment plans have raised concerns that 
economic growth could slow. 

Imports increased 3.7 percent in 
the first 11 months of 1997. to 
$1 23.29 billion, against the like peri- 
od last year, while exports surged 
23.2 percent to $163.52 billion. 

Beijing has been under pressure 
from Washington and other trading 
partners to lower its barriers against 
imports, in part as a condition for 
joining the World Trade Organi- 
zation. 

Analysts have said China, alarmed 
by the recent economic crisis that has 
hit countries from Thailand to South 


1997 

Monday " Praw % : 
dose Close "Change 
Hong Kong Hang Seng 10,433.1 S lO,ei4jB6 -1.69 

Singapore Straits Tfcnes 1,600.64 1,632.98 -1.38 

Sydney' Ail Ordinaries . 2500.90 2,494.00 ‘+CKS8 

Tokyo NadwTaKP 1 15,90 9.39 75,904.30 +OX& 

Kuala Lumpur Composite : SS&47 5F74.92 ' -2TJ6 

Bangkok SET 365.7 3 368.39 -0.72 

Seoul Composite Index 385.80 359J82 *7.22 

Taipei Stock Market Index ^241.49 8.343.88 " -1 -£ 

Manila PSE 1,819.67 1,854.74 -1.89 

Jakarta Composite index 339M 36&S5 -7.19 

Wellington N2SE-40 2,33037 2.330.82 +0.00 

Bombay Sensitive Index 3,367.56 3.329.27 *1.15 

Source: Tetekurs iMemnuxnal HeraU Tribune 


2500.90 2,484.00 +038 
15,90039 T 5, 904.30 +0-03 
SSM? 574.92 -£86 

365.73 368,39 -0.72 

385.80 359.82 +7.22 

^241 .49 6.343-88 -123 
1,819.67 1,854.74 -1.89 

339.54 365.85 -7.19 

2,33037 2.330.82 +0.00 
3,387.56 3.329.27 *1.15 


Very briefly; 

• Bank Negara, Malaysia's central bank, said lending by the 
country’s banks grew 4.5 percent to 260.5 billion ringgit 
(568.42 billion) infee third quarter while total deposits grew 3 
percent to 277.1 billion ringgit. 

• Singapore’s banks and finance companies expanded total 
loans by 1 . 1 percent in October, compared with September, to 
141 billion Singapore dollars ($85.22 billion), beating ana- 
lysts' expectations of a 1.02-percent decline. 

• The Bank ofThailand confirmed market expectations that 
Thai foreign reserves fell to $26.3 billion at the end of 
November, from $28.3 billion two weeks before, as more of its 


pace 1 rf ***** “ f«P 


Frik/i <ugu*/Hwirr> 

A Tokyo brokerage board flashing Ihe dollar rate Monday. The U.S. currency closed at 130.90 yen. 


posit Insurance Corporation for use 
in stabilizing the financial system. 
Hie plan is just a proposal, al- 


Seiroku Kajiyama, leader of the 
conservative wing and the party 
member who initially proposed a 10 


though since it has the backing of trillion yen bond float, criticized the 
powerful party members and Mr. Miyazawa panel for “postponing 
Hashimoto. it is likely to pass. the true solution of the problem." 


ishimoto. it is likely to pass. 
Already, (hough, political bick- 


panel left open the possibility of ering was surfacing between the 


raising more money. 

It suggested that the government 


conservative wing of the governing 
party and those party members sup- 
porting fiscal austerity, which had 
threatened to scuttle die plan as it 
was taking shape last week. 


the true solution of the problem." 

He said the government should 
raise funds through a straightforward 
bond float. But Mr. Kajiyama has 
suggested that some portion of the 
proceeds go to pump-priming the 
economy, something the fiscally aus- 
tere in the party refuse to consider. 


its economic reforms. 

But on Monday, Beijing said the 
regional financial storm would not 
stop it from opening its markets 
further to win admission to the new 
global trade body. 

“The degree of economic open- 
ness is not necessarily linked to 
whether China will be hit by a fi- 
nancial crisis," the International 
Business Daily quoted Long 
Yongtu, China's chief WTO nego- 
tiator, as saying. 

Also Monday, the Communist 
Party sounded the alarm over a 
mania for mergers and acquisitions, 
warning of the dangers of copying 
the debt-laden South Korean con- 
glomerates, which previously were 
held up as models for state-owned 
Chinese enterprises. 

"South Korea’s conglomerates 
have already set a precedent," the 
party’s official organ, the People's 
Daily, said in a commentary. 

IAP, Reuters) 


• IPC Corp., the Singapore-based computer maker, said it 
had agreed to market products made by Boundless Tech- 
nology Inc., a U.S. network-computing firm, in Asia, Aus- 
tralasia, the Indian subcontinent and the Middle East. 

• Smart Communications Inc., the Philippines' largest mo- 
bile-phone company, said it would raise basic monthly tariffs 
by 22 percent on Jan. 1 to offset higher costs stemming from 
the peso's 45 percent decline against the dollar since July. 

• Shionogi & Co. , the Japanese pharmaceutical maker, said it 
wouid merge 1 1 of its wholesale affiliates into one wholesale 
company on July 1, 1998, in order to reduce costs. 

• India has approved a proposal by Daimler-Benz AG of 
Germany to increase its stake in Tata Engineering & Lo- 
comotive Co. from 9.74 percent to 10 percent by acquiring 
679.000 shares of the company. 

• Hong Kong’s stock exchange plans to extend trading by five 
minutes to 4:00 P.M. early next year to eliminate the time 
difference between spot and futures trading hours. 

• Nippon Telegraph & Telephone Corp., Japan’s largest 
phone company, said its plan to slash rates on long-distance 
calls would cost the company about 80 billion yen ($614 
million) a year. 

• Morgan Stanley & Co. plans to merge its investment 

banking and stock brokerage businesses in India with those of 
J.M. Financial Group. (Bloomberg. Reuters) 


■*** t— - 

r 3r .A -7 


Malaysian Bourse 
Lifts Curb on Sime 

Bloomberg News 

KUALA LUMPUR — The Ku- 
ala Lumpur Stock Exchange said 
Monday it had removed the trading 
restrictions imposed on Sime 
Darby Bhd/s stock brokerage unit, 
Sime Securities, effective Tues- 
day. 

The exchange is "satisfied that 
the financial position of Sime Se- 
curities has been regularized," it 
said in a statement 

The removal of the curbs came 
three days after Sime Darby said it 
and its banking unit had §iven 250 
million ringgit (SOS. 1 ? million) in 
cash and loans to Sime Securities. 

Sime Darby, one of Malaysia's 
largest diversified companies, 
which also owns the country's 
fifth -largest bank, said the cash and 
loans were transferred to Sime Se- 
curities to cover the brokerage's 
exposure to the stock market. 

On Dec. 1. the exchange restric- 
ted trading by Sime Securities and 
four other brokerages, allowing 
them to purchase slocks only after 
clients had make full payment. The 
move was a bid to prevent the 
companies from defaulting on 
stock payments. 

Sime Darby has also said it 
planned a "restructuring at the se- 
nior level’ ' of the brokerage and the 
banking group, to address the prob- 
lems faced by Sime Securities. 


Peregrine Raises More Cash 
By Courting First Chicago 


Bloomberg News 

HONG KONG — Peregrine Invest- 
ments Holdings Ltd., raising cash for 
the second time in a month, said Mon- 
day that it planned to sell a 2.6 percent 
stake to First Chicago International Fi- 
nance Corp. for $25 million. 

Peregrine, one of Asia’s largest in- 
vestment banks outside Japan, is selling 
bits of the firm to bolster its capital base 
as rambling regional markets close the 
door on other fund-raising avenues. 
Zurich Group. Europe's fourth-1 argest 
insurer, bought 24.1 percent of Per- 
egrine last month for $200 million. 

Like Zurich, First Chicago Interna- 
tional Finance, a unit of First Chicago 
NBD Corp., agreed to buy convertible 
preference shares, which pay an annual 
interest rate of 7.5 percent and can be 
swapped into Peregrine stock ar a price 
of 8 Hong Kong dollars ($1.03) each. 
Peregrine shares,' which were suspen- 
ded from trading Monday, closed Fri- 
day at 5.85 dollars. 

The cash infusion by First Chicago, 
one of Peregrine's main bankers, will 
help the firm stay afloat as Asia's fi- 
nancial crisis erodes profits at broker- 
ages that do business in the region. 

The agreement "reflects a high de- 
gree of confidence in the Peregrine 
Group," said the brokerage’s chairman, 
Philip Tose. 

In addition to the two deals. Peregrine 


CROSSWORD 


expects to sell a total of $100 million 
worth of convertible preference shares 
to outside investors — including $5 
million to top management — over the 
next six months. That would amount to 
30.6 percent of the company. 

Peregrine turned to outside investors 
after turmoil in Asian markets forced it 
this year to postpone a S300 million 
bond sale, a spokesman said. An ad- 
ditional $125 million would have come 
from investors converting Peregrine 
warrants into shares — something feat 
did not happen because the company's 
share price rambled. 

The First Chicago agreement comes 
as investment banks around fee world 
consolidate in the face of rambling 
Asian financial markets. Peregrine laid 
off 275 employees, or 14 percent of its 
worldwide staff, last month. 

For an independent securities house 
such as Peregrine, "independence can be 
maintained provided you have fee right 
capital base," Mr. Tose said Friday. 

Peregrine shares have fallen 57 per- 
cent this year, and fee company has taken 
advantage of its tumbling share price to 
buy kick stock. Peregrine bought 
742,000 shares Friday at a price of be- 
tween 5.10 dollars and 5.85 dollars. 

Peregrine scheduled a special general 
meeting Jan. 9 to vote on the stake sales. 
A circular wife details on fee two sales 
will be sent to shareholders Dec. 17. 


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4S Fernando's 
farewell 


Solution to Puzzle of Dec 15 


nnann aana snaa 
nnnHB gaaa am 

naaoanmainatagng 

saunas QEiaan 
Doa aaa aaaamaa 
mEHaaE ^atiiaa 
Bonn Qoaaa aaa 
annaQBQonnaEipoEi 
C3DE3 tsanaa nasa 
naans 

SdDEMEKa naa aos 
H0G3HE1 aanaa 
aBESHaHaaEiHaaap} 
□□hq sniaa aaaiig 
cihhb cinaa aaana 


46 Famous last 
words? 

48 Garage job 
so Cheer {for} 
se Lawrence’s 
land 

57 Eastern mystic 
80 Melville hero 

83 ’The Rebel' 
essayist 

84 Romantic 
interlude 

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87 Singer Home 
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pocket 
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compass 


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Hcralb^SSSrtbuttC 

Sports 


PAGE 20 


World Roundup 


Goldberger Returns 


Chiefs and Packers 
Go on Cruise Control 


axi jumping Andreas Goldber- 
ger, the world champion, has re- 
joined the Austrian squad. 

Austrian officials said Monday 
that Goldberger needed only to col- 
lect a competition license to be eli- 
gible for the events Saturday in 

Engdberg, Switzerland. 

When he was suspended for six 
months following a positive test for 
cocaine, Goldberger said he would 
not compete for Austria again. But 
his attempts to compete for Bosnia, 
San Marino, the Caribbean Island 
of Grenada and Yugoslavia all 
failed. (Reuters) 


But Others Hit Bumps on Road to Playoffs 


The Associated Press 

While all the other playoff contenders 
were watching scoreboards and, in some 
cases, getting thoroughly thrashed, Kan- 
sas City and Green Bay kept rollin g . 

Only one other game even remotely 
concerns the Chiefs and the Packers — 

the meeting Monday between the Denver 




UAE Strikes Early 


soccer Hassan SuhaiJL a defend- 
er. scored after just 45 seconds Mon- 
day to give the United Arab Emir- 
ates a 1-0 victory over South Africa 
in the Confederations' Cup in Riy- 
adh. South Africa dominated the rest 
of the match but could not score. 

In the second match, Uruguay’s 
young strikers beat the Czech Re- 
public. 2- 1 . Nicolas Olivers, who is 
20, gave Uruguay the lead in the 
first half. Marcelo Zalayeta, 21, 
scored a second in the 87th minute. 
Horst Siegl replied two minutes 
later for the Czechs, who played the 
second half with 10 men after Karel 
Poborksy was sent off in the 40th 
minute. 

• River Plate closed within a 
point of its third consecutive Ar- 
gentine title when it beat Colon, 2- 
1, Sunday despite the ejection of 
two of its players. River is three 
points ahead of Boca Juniors with 
one round of matches left 

•Vasco took the upper hand in 
the Brazilian cham pionship final 
Sunday, even though striker Ed- 
mundo was ejected for the seventh 
time this year. Vasco held on for a 
0-0 draw at Palmeiras and needs 
only a draw in the second leg to take 
the tide. (Reuters) 


England Holds On 

cricket All six England bowlers 
took wickets as Pakistan faded to 
reach a modest victory target in the 


Champions Trophy in Sharjah. 

England batted first, struggling 
to 215 for nine wickets in its 50 
overs. Spinners Saqlain Mushtaq 
and Manzpor Aktar shared eight 
wickets. In reply, Pakistan wash- 
out for 207 in 49. overs. Saeed An- 
war hit 54, the top score of the 
match. (Reuters) 


Broncos and the 49ers in San. Francisco 
— so they focused their attention on the 
field and both won. 

Mckw 3i, PantiMrs io Brett Favxe 
threw for 256 yards and t hr ee touch- 
downs in Green Bay’s fourth straight 
victory and knocked Carolina out of 
playoff contention. 

The Packers (12-3) held Kerry 
Collins, the Carolina quarterback, to 56 
passing yards, and he completed only 
seven of 26 passes. 

cttMrfa 29, ctiarvara 7 Kansas City 
(12-3) won its fifth straight game and 
and even if Denver wins its last two 
games, the Chiefs will capture die AFC 
West title and home-field advantage 
throughout the playoffs with a victoiy 
next Sunday over New Orleans at Kan- 
sas City, where the Chiefs are 7-0 this 
year. 

“ ‘That’s so huge,” said Dan Williams, 
a Kansas City defensive end. “There’s 
no way teams want to come into Ar- 
rowhead and play us in January.” 

Marcus Allen ran for one touchdown. 
Rich Gannon threw for one. Derrick 
Thomas buried Todd Philcox in the end 
zone for a safety and Mark McMHlian 
returned an interception 87 yards for a 
Kansas City touchdown. ' 

Lion* 14, vatmss 13 Herman Moore’S" 
one-yard touchdown catch with three 
seconds remaining rallied Detroit to a 
road victory that put its playoff destiny 
in its own hands. 

The Lions won for the fourth time in 
five games, while the Vikings, who 
squandered a chance to put the game 
away when Eddie Murray missed a 37- 
yard field goal with 1:56 to play, have 
lost five straight 

Barry Sanders had his 13th consec- 
utive 100-yard game for Detroit, car- 
rying 19 times for 138 yards. That left 
him 131 yards short of becoming die 
third player in NFL history to reach 
2,000 in a season. 

- ~8Mhwte2g 1KWiiw 2T Jon Kitna 
went 23-of-37 for 283 yards, and Todd 
Peterson kicked a49-yardfield goal with 
2:20 remaining as Seattle rallied from a 
21-3 halftime deficit to win ar Oakland. 


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International 
Herald Tribune 
ads work 



n«Mi «, oaers « Eric Zeier threw 
a career-high three touchdown passes as 
Baltimore played the last pro football 
game at 43-year-old Memorial Stadium. 
The Ravccns will move to new quarters 
next season. 

Mints 27, Canfinafat 10 Billy Joe 
Hobert, who completed just two of nine 
passes for 9 yards in the first half, was 12- 
of-15 for 243 yards and three touchdowns 
in the second as New Orleans scored 24 
consecutive points against Arizona. 

Bm 13, Rams 10 Jeff Jaeger kicked 
two short field goals in the final 5:08 as 
Chicago overcame five turnovers to win 
ar Sl Louis, which also turned the ball 
over five times. 

In games reported in Monday's late 
editions: 

Colts 41 , Dolp hi ns o Indianapolis 
routed Miami for its third victory in a 
month. The Colts (3-12) handed the 
Dolphins their first shutout in 10 years. 

Indianapolis scored on every first- 
half possession, sacked Dan Marino 
twice and forced him to fumble twice 
deep in Miami territory. Marino man- 
aged only 71 yards passing, the second- 
worst game of his 13-year NFL career. 

“Some days, everything just goes 
wrong, and this was just one of those 
days, Miami’s coach, Jimmy Johnson, 
sahL 

JMs 31 , RucaanMTB o Tampa Bay was 

thrashed at Giants Stadium but clinched 
a playoff berth later in the day when 
Carofina lost. The Jets need to win next 
Sunday at Detroit to make the playoffs. 

The Jets' Otis Smith returned inter- 
ceptions 43 yards and 51 yards for 
touchdowns, and Leon Johnson, a rook- 
ie, added a 101-yard kickoff return to 
open the second half. 

Jaguars 20, KBs 14 Mark Brunell 
threw for 3 17 yards and ran fora 13 -yard 
touchdown as Jacksonville clinched a 
postseason spot by winning at Buffalo. 

The Jaguars had a 17-3 lead before 
Buffalo closed to 17-14 in the fourth 
quarter on Antowain Smith’s one-yard 
touchdown and Alex Van Pelt’s 2-point 
conversion pass to Eric Moulds. 

Falcons 20, Eagfas 1 7 Atlanta won its 
fifth straight game, beating visiting 
Philadelphia on Morten Andersen’s 33- 
yard field goal as time ran out 

Pangals 31, Cowboys 24 Boomer 
Esiason threw two touchdown passes as 
host Cincinnati scored 31 consecutive 
points after foiling behind 10-0. 

Dallas will finish with its first losing 
record since 1990, when it went 7-9. 
The Cowboys have lost their last four 
games, their longest skid since 1989. 





' ’ 


, XT' 


N 

- 


I ... **; ° ** 



- — * i** ' I 



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NFL Playoff Scenarios 


NFC EAST 


redskins Can clinch a playoff berth with a victory over Eagles and either 
a Lions loss or tie vs. the Jets, or a Vikings loss or tie vs. die Colts. 
giants Have clinched NFC East and will host a wild-card playoff game. 


NFC CENTRAL 


packers Have clinched die division title and first-round bye. Can secure 
home-field advantage throughout the playoffs with victory over Bills and two 
losses by the 49ers, who played Denver on Monday night 
buccaneers Have clutched a playoff berth. 

vikings Can clinch a playoff berth with either a victory over Colts or a 
Redskins loss to Eagles. 

■ ’ uofw Can clincii a playoff berth with either a victpry.cwer Jpts, a, Vikings 
loss fo'dteCfolts &fa Redskins loss to Eagles. 


NFC WEST 


4SERS Have won the division tide and first-round playoff bye. Can secure 
home-field advantage in playoffs with one victory or Packers loss to Bills. 


AFC EAST 


dolphins Can clinch the division title with a victory against the Patriots. 
Can clinch a playoff berth with either a Jets loss or a tie against the Patriots, and 
if the Jets-Lions game ends in a tie. 

patriots Can win the AFC East title with either a victory or tie against 
Dolphins and a Jets loss or tie. Can clinch a playoff berth with either a tie with 
Dolphins or a Jets loss. 

jets Can win the AFC East tide with a victory over Lions and a Dolphins- 
Patriots tie. Can clinch a playoffberth with either a victory or a tie against Lions 
and if the Dolphins-Patnots game does not end in a tie. 


AFC CENTRAL 


STEELERS Have clinched a playoffberth. Can win the division tide and first- 
round bye if they do not lose to Oilers by 65 or more points, or if Jaguars lose 
or tie Raiders. 

jaguars Have clinched a playoffberth. Can win title and first-round bye with 
a victory over Raiders and a S teeters’ loss to the Oilers by 65 or more points. 


AFC WEST 


chiefs Have clinched a playoff berth. Can win the division title, a first- 
round bye and home-field advantage throughout the playoffs with either a 
victory or one Broncos loss. 

broncos Have clinched playoff berth. Can win the AFC West, a bye and 
home-field advantage with two victories and Chiefs loss or tie vs. Saints. 


eliminated; Cardinals, Falcons, Ravens, Bills, Panthers, Bears, Bengals, 
Cowboys, Colts, Saints, Raiders, Eagles, Rains, Chargers, Seabawks, Oilers. 


Escorts & Guides 


t 


TUESDAY, DECEMBER 16, 199 T. 


• _ I. .-..4 

A Year Older , ; 
Tiger Woods : 
Ponders the "l 
New Season ■■ 


By Clifton Brown 

JVni' fork Tims Service 


Si+rMUnfltai'i* 

Herman Moore exalting in his touchdown that gave the Lions a victory. 


ORLANDO, Florida — As it ratheS 
heavily. Tiger Woods and Ken Griffey 
Jr., the Seattle Mariners’ outfielder, sat 
in the clubhouse and saw their tee tune 
washed away. „ ; *' 

Golf was out That left plenty of tune 
for trash talking. “ 

“The last time I played with Tiger, l 
made him putt a two-footer,” Griffey 
said. “I saw the Skins Game. He cah 
miss those.” 

Asked the day before to describe 
what it was like to play golf with Grif- 
fey, Woods grinned. “I tell him that in ' 
this game, you have to play your foot 
balls." • 

For the past few weeks, Woods has 
enjoyed lighthearted days. He has re- 
laxed, unw inding from his re mark a b le 
first foil season on the PG A-Tour. He has 
attended a few Chicago Bulls garnet 
checking on his pal Michael Jordan. 
Woods has played golf with Griffey, ah 
Orlando neighbor and close friend. And 
last Friday, Woods spent the day filming 
‘ Tiger & Friends,” a charity event that 
will be broadcast on U.S. television ott 
Christinas Day. It features Woods play*-' 
in g agains t the three-man team of Guf- 
fey, the N as car driver Jeff Gordon and 
Chris O’Donnell, the actor. 

But between the fon and garnet 
Woods has reflective moments, think-* 
ing about the challenge of making 1998 
even more successful than 1997. He is 
still figuring out how best to handle the 
loss of more and more privacy while 
trying to reach the lofty expectations 
held by himself and others. . £ 

In many ways, golf has become n. 
oasis for Woods. So, although he ofta 
struggled during the second half of th£ 
1997 PGA Tour season, he is eager to 
start next year’s campaign at the Mer- 
cedes Championships in Carlsbad, Cali- 
fornia, in January. 


iw«BO* «!L 

flSTAMWtt* ^ 


“I love playing golf now more than I 
ever have,’’ said Woods, who turns 22 
on Dec. 30. “Away from the'eourse i$ 
where my job really starts.’ ’ 

“Host some of my focus at the end of 
last year, getting tired, jglaying morti 
thanf ever have, dealing with things that 
I never had to deal with before. Because 
I've been in the limelight since nay. 
amateur days, people forget my age. But 
I learned a lot.” * 

Woods also won a lot, winning four 
tour events and pocketing $2,066,833 in 
season earnings. He won the Masters in 
April, by a record margin (12 strokes) w 
become the first player of African- 
American or Asian heritage to win a 
major championship. Woods is virtually 
certain to be named the PGA Tour player 
of the year, voted on by his peers, when 
the award is announced next month. 

However, Woods was not the same 
golfer in the second half of the seasoi^ 
He did not win after the first week of 
July, and he had a disappointing per- 
formance in the United States team’s 
Ryder Cup loss to Europe. Because of 
his _ late- season fade. Woods plans to, 
design his schedule next year with reg- 
ular breaks, hoping to peak for the ma- 
jors, and to remain strong in the second 
half of the season. 

Woods trains with weights three or 
four_ times a week, and said he weighs 
170~poiind$ (77 kilograms), 15 pounds 
heavier than earlier in the year. 

Asked about the burden of becomings 
worldwide celebrity, particularly after 
his Masters victory. Woods said he could 
do without much of the attention, par- 
ticularly invasions into his personal life. 

“Not too many golfers can sa^' 
they’ve been on the cover of The Na^ 
tional Enquirer,” Woods said “That 
part has been difficult.” 


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VSP 






PAGE 21 


SPORTS 


*Vi.j 


Pur 



Strong Lakers Bench 
Stomps the Mavericks 


' c. 

■ -5 . 


. The Associated Press 

It didn’t take much for the Lakers 
coach Del Hams to ignite the Los 
Angeles bench. Just a little warning. 

“I think Del kind of motivated os 
when he said, ‘You’ve got one more 
minute. 1 11 Cone Blount said. “Kobe 
Bryant looked at me and I looked at him. 
We said, ‘Let’s go. 1 We turned it up a 
little bit. Momentum went our way.” 

Leading 89-76. the Lakers went on a 
12-1 string to clinch a 119-89 victory 

NBA Boundup 






’i :f 
. 1 
•I 1 


Sunday over the visiting Dallas Mav- 
ericks. The Laker reserves ontscored 
Dallas in the fourth quarter, 32-19, and 
finished with 54 points in the game. 

•• “We got threatened,” Derek Fisher 
said. “Every time we get an opportunity 
to get some good minutes, we want to 
take advantage of it We turned up the 
defense. That’s whai it takes to win.” 

* Bryant scored a career-high 30 points 
as the Lakers breezed to their second 
Straight victory after a three-game los- 
ing streak. 

.For a while early in the fourth quarter, 
it appeared that the Los Angeles 
backups would be back on the bench 
after a brief appearance. 

The Lakers took an 87-70 lead into 
the fourth quarter. When the Mavericks 
narrowed the deficit to 13 points, Harris 
told Bryant, Blount, Fisher, Sean Rooks 
and Jon Barry that they had better get it 
together or they would be replaced. 

- With Bryant leading the way, the 
reserves quickly put the game out of 
reach. 

■■ Bryant was coming off a career-high 
27-point effort in a victory over Hous- 
ton two nights earlier, when he scored 
all 27 in the final 141* minutes. Biyant 
scored 16 points in the second quarter 
and 14 in the final 9:45 of play. 

The Mavericks are 1-5 since Don 
Nelson, the team's general manager, 
fired Tim Cleamons and took over as 
coach this month. 

_ <upwrSonh» 107, dippers 101 In 

Seattle, Vin Baker, Gary Payton and 
Sam Perkins each scored 21 points and 


the SuperSonics used a 17-0 run to beat 
Los Angeles. 

Payton had 14 assists for the Somes, 
who trailed 86-77 in the final minute of 
the third period before, their defense 
took over. They forced the Clippers into 
1 1 turnovers in the fourth quarter and 
held them scoreless for the first six 
minutes of the last period. 

Perkins didn't miss a shot in the 
game. He was 5-for-S from the field, 
including 4-for-4 from 3-point range, 
and 7-for-7 from the foul line. • 

Hawk* 93, Kings 89 In Sacramento. 
Mookie Blaylock scored 24 of his 26 
points in the second half and Christian 
Laettner hit a tiebreakmg jumper with 
two seconds left as Atlanta beat the 
Kings. 

After Sacramento ’s Billy Owens hit a 
jumper with 16 seconds remaining to tie 
it 89-89, Laettner put the Hawks ahead 
by sinking a jumper from the corner. 

GrezBM 110, Rockets 105 In Van- 
couver, Bryant Reeves scored a season- 
high 23 points and Shareef Abdur- 
Rahim added a career-high 13 assists as 
Vancouver beat Houston. The Grizzlies 
have won two straight home games and 
seven this season, one short of their total 
at home for all of last season. 



U.S. High School Girls 
Get Taste for Steroids 


By David Kinney 

The AsiucuMed Press 


HiUi-HhOBJ-wo/IV feanrutoj IV— 

Seattle's Vin Baker winning the tipoff against the Clippers’ Keith Closs. 


PHILADELPHIA — High school 
girls in the United States are venturing 
into dangerous territory once thought 
reserved for boys: anabolic steroids. 

A Penn State study — published this 
mouth in the Archives of Pediatric and 
Adolescent Medicine, an American 
Medical Association journal — indi- 
cates that as many as 175.000 high 
school girls have used steroids. Some 
take the illegal drugs to become leaner, 
others use them to build more muscle. 

“There are popular assumptions out 
there that boys want to build the muscle 
and therefore take steroids, and that girls 
want to get lighter and so have an an- 
orexia problem or an eating disorder," 
said Donna Lopiano, executive director 
of the Women's Sports Foundation. 
“It’s not that simple." 

About six years ago, steroid use 
among high school students bottomed 
out in response to new laws, according 
to surveys. Since then steroid use among 
boys has remained about the same, but it 
bas increased among girls, according to 
the Penn State study. 


LeCIair Strikes Twice in Flyers’ 3-0 Victory Over Lightning 


The Associated Press 

John LeCIair scored twice against 
the Tampa Bay Lightning in the Phil- 
adelphia Flyers’ 3-0 victory. 

His first goal Sunday was the 200th 
of his National Hockey League career. 


NHL Roundup 

The second was his 26tb of the season, 
tying him with Anaheim’s Teemu 
Selanne to lead the league. 

Even though he's on track to score a 
career-high 65 goals, LeCIair shrugged 
off his recent hot streak. 


“There’s going to be another streak 
later where I don’t score as many,” he 
said. ‘ The key thing is not to letit get to 
you." 

He was more enthusiastic about how 
his new line seems to have clicked. 

LeCIair, who nonnaUy plays on a 
line with Eric Lindros, has played with 
Chris Gratzon and Danius Zubrus for 
die past four games. The result? Six 
goals for LeCIair and three victories 
and a tie for the Flyers. 

“It’s worked out very well,” Le- 
CIair said. “It has given us some other 
offense.” 


Rod Blind’ Amour’s shorthanded 
goal snapped a scoreless game midway 
through the second period, and Ron 
Hextall shut out Tampa Bay with 20 
saves. Hextall did not mind that the 
shutout came against the Lightning, 
whose 57 goals are the fewest in the 
league. 

Sharks 2, Blackhawfcs 1 In Chicago, 
Owen Nolan and Jeff Friesen scored 
first-period goals to help San Jose ex- 
tend its unbeaten streak to four games. 

The-Sharks held struggling Chicago 
to just 1 8 shots. Eric Daze was the only 
Blackhawk to beat the Sharks’ goal- 


tender, Mike Vernon, scoring a power- 
play goal with four seconds remaining 
in the second period. 

Rad wings a, Coyotas a Mike Gartner 
scored his 700th career goal and 
Nikolai Khabibulin stopped 3'i shots as 
the Coyotes tied the Detroit Red Wings 
in Phoenix. 

Gartner became the fifth player in 
NHL history to reach 700 goals when 
he scored 10:41 into the first period. 

Darren McCarty and Vyacheslav 
Kozlov scored goals in the second peri- 
od to bring the Red Wings from behind 
in tlpe second period. 


The research is based on three na- 
tional surveys and 18 more- limited 
questionnaires given to students in 10 
states. One showed that 2.4 percent of 
girls In 9th to 1 2th grades nationally — ; 
about 175,000 teenagers — say they 
have used steroids at least once. Twice 
as many boys reported using steroids. 

A continuing national study showed 
that the percentage of eighth-grade girls 
who reported using steroids rose to 1.4 
percent in 1996, from 0.8 percent in 
1 99 1 . In lOth-graders, the use increased 
to i . 1 percent, from 0.5 percent, over the 
five-year period. 

During the same time, the number of 
boys reporting steroid use stayed level 
at 2 to 3 percent. 

The numbers among females may 
sound small, but the study’s author, 
Charles Yesalis, said that there is cause 
to worry. 

“Does this concern me as much as 
tobacco use? Absolutely not,” he said 
“But neither do I think it’s appropriate 
to say in any way, shape or form that it’s 
not a big deal.” 

Women using anabolic steroids can 
suffer from shrinkage of the breasts, 
male hair growth, deepening of the 
voice and menstrual problems. 

"Those are permanent side effects,” 
Yesalis said. Other long-term effects 
include cardiovascular, liver or repro- 
ductive illnesses. 

Yesalis believes three trends are at 
play: the rise of women’s sports, with 
more scholarships available and even 
pro careers opening for female athletes, 
the misdirection of anti-steroid educa- 
tion away from girls and what he calls an 
increasingly popular “lean” look ad- 
vanced by actresses and models — 
which can be more easily achieved with 
help from steroids. 

“As a society, we place terribly un- 
realistic expectations on kids not only 
on how they should perform and how 
important winning is, but we also put 
incredibly unrealistic expectations 
about the way they should look,” said 
James Puffer, a professor of family 
medicine at UCLA. 


Scoreboard 


BASKETBALL 


NBA Stakipiwcs 
usnucoNmnci 

Atlantic nvstoN 



W 

L 

Pet 

GB 

Miami 

IS 

6 

314 

— 

Orlando 

16 

8 

467 

M 

New York 

13 

9 

391 

Th 

New Jersey 

12 

10 

345 

Th 

Boston 

9 

13 

JOS 

6 

Washington 

9 

14 

391 

7 

Philadelphia 

6 

14 

300 

SK 


AUonta 
amMto •: 

Qevotand 

Indiana 

Chicago 

MMnmftce 

Demit 

Toronto 


ccMnULomssoM . 


17 

•Ml ■’Wi't 

14 

13 

... 13 

II 

11 

3 


.773 - 
MT Th 


5 
7 

7 Mil th 

t jit » 
9 jsn 
500 


4 
6 

n jm 

20 JOT 15 


vuimmnwiKi 

MIDWEST tXVHHON 


.. 

W 

L 

Pet 

M 

Houston 

12 

7 

432 

— • 

Utah 

13 

8 

419 

— 

Sin Antonio 

12 

10 

345 

ltt 

Minnesota 

9 

12 

429 

4 

u Vtonawnw 
r Data 

9 

14 

391 

5 

5 

17 

327 

8VS 

Denver 

2 19 

pacific avrextN 

.095 

11 

Seattle 

18 

5 

.783 

— 

LALaken 

17 

5 

.773 

■ Vk 

Bhoatlx 

13 

6 

484 

3 

Portland 

13 

7 

450 

M 

Sacramento 

7 

16 

304 

11 

GoWen State 

4 

16 

300 

I2W 

LACOppeis 

4 

19 

.174 

14 


LACBppws: Murray 9-16 3-2 31, Barry 6- 
1 3 2-3 1 8, Ptattowskl T-TZl -2 1 ft S: Baker 1 0- 
13 1-8 21, Payton 6-22 Ml 21, PertUns K 7- 
731 . RebenKb—U® AngefesSS (Wright 101, 
Seattle 43 [Baker B). Assists— Las Angeles 
24 (Murray 6). Seattle 28 (Payton 14). 
Atlanta If 27 22 20 — 19 

Sacranento 11 25 21 22-89 

A: Blaylock 9-184-526 Smith 4-1211-11 IP? 
S: wfflamson 2-5 2tt Richmond 4- 12 M 

17. RGeunds— Atlanta 49 (Mutombo 131, 
Sacramento 47 (Patynlse 121. 

AMtatf- Atlanta 17 (Ldettneo Blaylock Si. 
SocramentolM [WUBomsorv DehoreO. 
Hoarstan 33 28 32 22—105 

Van (tower - 3s 25 24 2S-110 

. H:UWs 12-20 4*4 28> BaxWey8-!S5-7Zfc 
V; Reeves 10-13 3-4 2ZAbdvr-Rabfan 7-128- 
10 22. Remands— Houston 47 [Barkley 21), 
Vancouver 40 (Bonos 10). 

AhMs— H ouston 20 (Dmrier 123, 
Vwawver37 tAbdur-Rafilm 13). 

Data 20 23 27 19- V 

LA. Latovs 27 31 29 32-119 

D: Rotor Ml 2-2 18. Scott 7-17 3-4 lfc 

UUjBtacc Bryant 12-21 3-4 »V PwA-ll M 
1ft JMemto— Data 46 (Walker ®, La* 
Anodes 51 (QunpbetUI. Assists— Data 12 
(FMoyS). U» Angelos 33 Mm Exti FWwr 
7). 

The AP Top 25 


SUNDAY 1 * HWUS 

LJLCUppen IB 33 35 15-181 

Staffi* 33 32 23 24—1117 


top 25 MM in The Aaa n d nto d Press' 
man's bukodwn pott, with Urn-place vow 
la p en m ttwos , recants through Dae. 14, 
total points tweed do 25 points lor t fim- 
piaco wow through ana point lor a 2 SMv 
ptsca wots, and previous nothing: 

Record PIS P«s 

1. NttvCanOMt&a) 104 1,747 2 

2. Kansas 01 11-1 M72 3 

3. Duke (1) 9-1 1,599 1 


4, Kentucky 

8-1 

1332 

4 

5. Arizona 

7-2 

1429 

6 

6. South Carolina 

50 

1415 

5 

7. Utah 

9-0 

1348 

9 

B. Purdue 

8-2 

1.1B7 

8 

9- Stanford 

5-0 

1,129 

11 

10. Xavier 

6-1 

14*27 

7 

11. UCLA 

4-1 

1,020 

12 

12. Connecticut 

8-1 

966 

13 

13. Arkansas 

741 

925 

15 

14. New Madco 

6-1 

794 

14 

15. lawn 

7-1 

769 

10 

16. Temple 

6-1 

721 

20 

17. Florida St 

7-1 

702 

Id 

18- Mississippi 

6-1 

498 

21 

19. Princeton . 

7-1 

349. 

22 

20- Georg® ' ■ ■ 


259 

23 



21 . Michigan 

6-2 

234 



Detroit 

19 

8 

6 

44 

110 

80 

22. Maryland 

» 

216 

19 

St. Loute 

20 

11 

3 

43 

100 

78 

23. Wake Forest 

61 

194 

25 

Phoenix 

13 

14 

6 

32 

88 

92 

24. Texas Christian 

9-0 

158 

— 

Chicago 

10 

16 

6 

26 

69 

82 

25. Syracuse 

74) 

151 

— 

Toronto 

10 

15 

S 

25 

65 

81 

Others receiving votes Rhode Island 1ZL 


MCnCMRSXHI 



anraon 117, Hawaii 82, Georgia Tech 8a 


w 

L 

T 

PIS 

GF 

GA 

Miami 78. SaM Loute 72 Fresno St. 55. 

Colorado 

17 

8 

9 

43 

102 

86 


FOOTBALL 


NFL Standings 


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ol NBA games are available by 
priority mall anywhere 'm the 
world. Four-hour videos cover 
the best two games ol your 
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L www-pozrteLcom . 


Marquette 48, Tennessee 41, BoD SL 2& 
George Washington 23, Oktahoma SL 22. 
innate 19, West Virginia 15. Colorado St. ia 
Mississippi SL te Massachusetts 7, Arizona 
St. 4 fndtarw&M. Carolina SI. 4 Miami Ohio 
5> Goruaga A Vn n derMI 4 Washington 4, 
Kansas SL 2, Murray St 2 K. tow 2 
OMatrama >< Oregon SL I, Pocfflcl. 


ICE HOCKEY 


NHL Standings 


Lbs Angeles 

Anaheim 

Edmonton 

San Jose 

Calgary 

Vancouver 


12 13 
12 15 
11 16 
12 18 
9 18 
9 19 


92 87 
76 95 

82 101 
82 97 
87 102 
91 116 


■MTBNmnuia 

jsnjumc otwaoN 



vr 

L 

T 

Pto 

GF 

GA 

New Jersey 

22 

9 

0 

44 

94 

5 5 

Phaodetohta 

IB 

9 

6 

42 

94 

73 

Washington 

TS 

12 

6 

36 

99 

91 

N.Y. Wanders 

13 

15 

4 

30 

87 

87 

N.Y. Rangers 

9 14 11 

29 

87 

95 

Florida 

11 

16 

3 

27 

80 

M 

Tampa Bay 

6 

21 

4 

16 

57 

102 

NORTHEAST DtVSROH 




wr 

L 

T 

PH 

OP 

GA 

Pittsburgh 

18 

10 

6 

42 

95 

80 

Montreal 

IB 

12 

4 

40 

102 

85 

Boston 

15 

72 

S 

35 

80 

82 

Ottawa 

13 

15 

4 

30 

80 

rt 

Conrifau 

12 

16 

5 

29 

87 

94 

Buffalo 

10 

14 

6 

26 

76 

81 

RitiBNceNinna 


CENTRAL DIVISION 




W 

L 

T 

PH 

GF 

GA 

Data 

21 

9 

4 

46 

106 

71 


summuts resouts 

San Jose • ••• - r- ■ » -2* 0- >0 — * - 
CUcogo 0. 1 0-1. 

Rrst Period: SJ-Notan 4 "(Nichols. 

Hovkteri 1 SJ ^Friesen 14 (Sturm, 
MacLean) Second Period: C-Dazo 11 
(Amonta. ChetaHpp). Third Period: None. 
Shots an goat SJ.- 8-8-3-19. C-2-11-5-IB. 
Gordies: SJ. -Vernon. C-Hartett. 

TmnpaBay 0 0 6-0 

PMadelpMa a 2 1—3 

m Period: None. Stood Period: P- 

BiMAmeur 11 tilt). 2 P-LeCUr 25 
(NSnbnaa. Brlnd'Amonri (pp>. Third petted: 
P-LeCtalr 26 (Grtdton) Shots en godfc T- 6-9- 
5- 20. P- H-I2-8-3I. Goalies: T-Puppn A- 
UertatL 

Detroit 1 2 0 0-3 

Phooote 2 0 10-3 

Rrst Ported; Phoenix, Gartner 4 (Jannay. 
DktudO 2, D- Brown 7 (Larionov) 2 Phoenix. 
Toedret 12 (Leroleux. RaenldO Second 
Period: D-McCariy 8 (Yarraan, GUdsteJI 5, 
D-tCoztor 10 (Shanahan Larionov) TOW 
Period: Phoenta, Gartner 5 (Nummhwi, 
Janney) (pp). OvorlkM: None. Shots aagoeb 
O- 14-14-5-1—34. Phoenix 8-7-11-1-27. 
i D -Osgood- Phoenix, Khatdbunn. 


AMR! CAN CCMUREUHCf 

EAST 

W L T Pet PF PA 
9 6 0 600 355 277 
9 6 0 MO 327 313 

9 6 0 400 338 274 
6 9 0 -400 234 336 
3 12 0 200 285 362 

CENTRAL 

11 4 0 .733 366 291 

10 5 0 ,647 374 309 
7~8 1 M7 31 T 304 • 
HM 1 433 312 329 
6 9 -0 .400 339 391 
WEST 

12 3 0 
0 
0 
0 
0 


New England 
Miami 
N.Y.Jete 
Buffalo 
India napol Is 

v-Plttshurgti 
y- Jacksonville 
■'TMtoMto' ~ 
Baitbppto 
dndnnad 


y-Karsos Qty 
y-Oenver 
Seattle 
Oakland 
Son Diego 

mmewu. eowana 

EAST 


11 3 
7 8 
4 II 
411 


-B00 350 219 
786 417 250 
M7 327 353 
M7 315 399 
3A7 263 387 


x4I.Y. Giants 

Washington 

Philadelphia 

Dallas 

Arizona 

X -Green Bay 

y-TompaBay 

Detroit 

Minnesota 

Chicago 

x-San Francisco 
Carolina 
Atlanta 
New Orleans 
SL Loots 


W L T pa PF PA 

9 5 1 .633 287 258 

J00 292 257 

433 285 337 

400 297 294 

200 254 353 


7 7 1 
6 8 1 

6 9 0 
212 0 

CENTRAL 
12 3 0 
9 6 0 

8 7 0 
8 7 0 
411 0 
WEST 

72 2 0 

7 B 0 
7 8 0 
6 9 0 
4 11 0 


800 391 261 
400 268 248 
.533 366 296 
S33 315 331 
J67 248 390 

357 332 210 
467 247 284 
467 294 332 
400 224 302 
267 269 341 


x-wan division Idle 
y-dlnched playoff berth 

SUNDAY'S KSWLTS 
C1nckma1i31. Data 24 
Detroit 14. Minnesota 13 
Bdtfenoro21. Tennessee 19 
Jacksonville 20, Buffalo 14 
Indiana pads 41, MkanfO 
Atlanta 20. Philadelphia 17 
New York Jets 31. Tampa Bay 0 
New Oilcans 27, Arizona 10 
Green Bay 31, Carolina 10 
Kansas City 29, 5an Diego 7 
Seattle 22 Oakland 21 
Chicago 11 SL Louts 10 


CRICKET 


SOUTH AFRICA TOUR - 

TASMANIA VS. SOUTH AFRICA 
44MV MATCH. 3D DAT 
MONDAY MOEVOMPORT. AUSTRALIA 
Tasmania: 535-5 declared and 27-0 
South Africa; 402-8 declared 

CHJUtPfOHS TROPHY 
MONDAY IN SHARJAH, UAE 
ENGLAND VS. PAKISTAN 

England: 215-9 

PoUstOK 207 

England won by eight runs and avafifled 
ter final. 


WORLD OOU IAMKINOS 

1. Grog Norman, Australia 1149 points 

2. Tiger Woods U.S. 10.76 

3. Nick Price: Ztotenhwe, 9.93 

4. Ernie Els, South Africa, 939 

5. DavtS Love III. ILS- 9.09 

6. CoBn Manta runeriE, Britain, 838 

7. Phil Mkketaan, U 845 

a Mosostil OzaM, Japan. 8.05 

9. Mnrt D'Meara, U3.7.98 

10. Tom Lehman, U 3. 737 


11. Justtai Leonard. U3.7J10 

12. David Duval, U3. 637 
13.ScattH0Ch.UX. 635 

14, Brad Faxon. U3.&66 

15. Nick r-aloo. Britain 644 


CONFEPEWATIOMS* CUP 

MONO AY M raVADH. BMIU ARABIA 
1 ST ROUND, GROUP B 
United Arab Emirates 1, South Africa 0 
Uruguay 2. Czech Repubflc 1 
xtahwimsc Uruguay 6 pointer UAE 3; 
South Africa Czech RepubBc l. 

nUHCH RUST MVtSIOM 
Monaco 1, Rennes 0 
Parts 5f Germain I. Metz 1 

. ITAUAM FIRST MVIHOM 
Vicenza 1. Florenllna 5 


SUNDAY W MO DE JANEIRO. FIRST LEO 
Pabnebas 0, Vasco da Gama 0 


TRANSITIONS 


NATIONAL BASKETBALL ASSOCIATION 

Boston— PutC Travis Knight an Injured Bst 
Activated F John ThomfflMrpm injured list. 

NATIONAL HOCKEY LEAGUE 

OTtaiyia— R ecofcd RW Derek Armstrong 
from Hartford, AHl_ 

Philadelphia— S ent RW Paul Healey to 
PMkxMpMaAHL. 

IT. units -Assigned F Chris Konody To 
Worcester. AH L Recalled D Libor Zobnmsky 
and D Rory FJtzpoMdr from Worcester. 

saii josb— Sent □ Rich Brennan to Ken- 
tucky. AHL 

Vancouver— Assigned LW Paul Ferooeto 
Syracuse. AHL 


i)ENN!S THE 3MENACE PEANUTS 


CALVIN AND HOBBES 


Lost rdkiMof 
receive SOeraL 
from npj LtS+- 


flar 'jour cpnvcriience, I 

Vova qrowieA mete 
^ogeHvsropkpagie Il.ttedSfc 
check tfwn corefoilv, anti 
inclMde Iherh vtifri ttvtTeSV 
of my lodt +WS Y«r- 


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TMISWf. WESOOrtSi 
sujppy vwwcur aw 




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PAGE 22 


INTERNATIONAL HERALD TRIBUNE, TUESDAY 


ART BUCHWALD 


The Santa Connection 


The Makeover of Geraldo — Just Ask Him 


'ASHTNGTON — 
Members of the FBI 


Political Donation Investiga- 
tion Squad were sitting 
around the screening room, 
viewing White House tapes. 

“Who is that in the red suit 
with the white 
beard, hugging 
Ai Gore?” 
asked Agent 
Peter Loge. 

“That’s San- 
ta Claus, the 
lobbyist for 
the Christmas 
Shopping In- 
dustry.” replied 
Agent Dean Johnson. 

“How did he get into the 
While House?” 

“He’s a friend of Johnny 
Huong’s.” said Fred Sail. 

“Everyone is a friend of 
Johnny Huang’s.” 


Buchwaid 


“Is Santa giving the. pres- 
ident a lollipop?” 

“It looks that way. What we 
don't know is if it’s a hard 
lollipop or a soft lollipop. If the 
president accepts a soft lol- 
lipop and uses it for a hard 
reason, then he is in violation 
of the law.” 

“Ask our tip reader what 
Santa is saying to Clinton.” 

“He wants to know if Clin- 
ton has been naughty or nice. 
If he’s been nice, he’ll give 
him a sailboat for his bathtub. 
If he’s been naughty, Santa 
will donate $3 million more to 
the DNC campaign.” 


By Lloyd Grove 

Washington Post Service 


N EW YORK — There's the Old Geraldo. Then there’s 
the New Geraldo. 

The Old Geraldo — as in Geraldo Rivera, it hardly needs 
saying — is the merchant prince of U.S. tabloid television, 
the swashbuckling Zorro of personal journalism. He’s die 
man who presided over the notorious opening of AJ Capone’s 
vault (after two hours of live TV, there was zip inside) and 
spent much of the ’80s and "90s getting rich off his trashy 
daytime talk show, to which be lured teen satanists and 
mother-daughter prostitutes while he brawled with skinheads 
who broke his nose, and had fat from his buttocks implanted 
surgically in his forehead. 

But the New Geraldo is an utterly different creature. At 54, 
he’s the award-winning journalist and incisive legal analyst (a 


“Don't knock it- Santa Claus 
has offered to donate $200,000 
to the Democratic Party in 
hopes the president will extend 
Christmas for two weeks." 

“Wow. if we can prove 
that, we can ask for a Senate 
investigation. No one is al- 
lowed to solicit funds on the 
White House grounds." 

“Wait, what is the pres- 
ident doing on Santa's lap?" 

“It’s just a guess, but I 
think Clinton is asking Santa 
if he would help with the 
party's deficit” 


“Who are the reindeer 
messing up the White House 
rug?" 

"They are Donder, Cupid, 
Dasher, Blitzen, Vixen, Pran- 
cer. Comet and Dancer, and 
the one with the red nose is 
Rudolph, who works under- 
cover for us.” 

“The question is. do we 
have a case or not?” 

"That’s for Janet Reno to 
decide. All we can do is re- 
commend a special prosecutor 
to be called to investigate what 
Santa was carrying in his bag as 
he went down the White House 
chimney when all through the 
house not a creature was stir- 


starting in January, will make him a star in the same galaxy as 
Tom Brokaw. Preparing to re-enter die holy orders of a 
respectable network news division, where hie hasn't been 
welcome since he was banished 12 years ago from the garden 


ring, not even a mouse. 

“If we knew the answer to 
that one, Janet Reno wou Idn ’t 
have a prayer." 


Czar’s Remains to Go to Moscow 


M OSCOW — Russia's Supreme Court on Monday over- 
turned a regional ban on transferring to Moscow the 


J.VX turned a regional ban on transferring to Moscow the 
remains of the country's last czar, Nicholas 11, and his family, 
who were slain by Bolsheviks in 1918. 

The decision opens the way for a final round of tests to 
establish the authenticity of the bones. The court decision went 
against the governor of the Yekaterinburg region, who had 
prevented the remains from leaving the area some 900 miles 
1 1 .450 kilometers^ east of the capital. 


respectable network news division, where he hash t been 
welcome since he was banished 12 years ago from the garden 
of ABC, Rivera is giving himself a vigorous scrubbing — 
agreeing, for instance, to forgo his syndicated “Geraldo 
Rivera Show" and the $5 million it brings him every year. 

But the Old Geraldo isn’t so easily trilled The high priests 
of media legitimacy, for one. refuse to let him die — which 
makes the New Geraldo seethe with frustration. 

L ‘The New Geraldo,' ' he repeats, simmering at the epithet 
’-‘As if I was putting butt-fat in my head every day. . . . 
Everyone's looking for a way to make me little, like them — 
and I’m not!” 

He’s raging behind the wheel of his 1990 black-on-black 
Benrley, a gleaming land yacht in which he’s cruising from 
Manhattan — where he spent the day taping talk shows on 
seamy celebrity gossip and close encounters with angels — 
to CNBC’s Fort Lee. New Jersey, studios. That’s where he 
anchors his nightly legal program, “Rivera Live,” the cable 
network's prime-time ratings leader. 

"It's always the middle-level people, who are not even 
has-beens but never-weres,” he continues. “I’ve always 
been treated better by the Dan Ratbers and the Tim Russerts 
of the world than by the frustrated would-be anchors who 
end up covering the U.S. Senate, standing out in front of the 
building every day, saying the same [expletive] every 
day.” 

Rivera is upset — to the point of a primal scream — 
because his passenger has just asked about the bitter cir- 
cumstances of his 1985 firing from ABC News. The em- 
barrassing episode featured Rivera's heated public attacks 
on his longtime mentor, ABC News's president, Roone 
Ar ledge, and left a toxic residue of drug-abuse rumors that 
Rivera has repeatedly denied — even though be did more 
than anyone to publicize them in his aptly titled 1991 
autobiography, “Exposing Myself." 

"It’s all [expletive!]” he snaps. “People who talk about 
that are trying to minimize who I am and what I've done.” 



considered legitimate and respectable? ‘ ‘ I beheve that to 
most Americans, I am legitimate and respectable, he^ 
replies. “It’s just with you guys in the Beltway that I ve got , 

4be Peacock Network announced, just before 
Thanksgiving, that Rivera had been made a bona Fide NBC - 
News correspondent — with a greatly expanded presence as„ 
the host ofan second prime-time cable pews program in : 
addition to “Rivera Live,” as a legal analyst for the 
“Today" show, and as the star of four prime-time network ' 
specials a year —it was the sweet culmination of his dogged ■ 

strategy to reinvent himself. . ' 

He had purchased a moribund weekly newspaper in Red 
Bank, New Jersey, the Two River Times, and tinned it into a- - 

forumfor serious investigative journalism. Hehadsterted up 

the widely praised legal analysis i*rognini 
had toned down the more sensational asjtects of his syn- 
cheated daytime show. He had, in short, been toiling for. 
many moons coward this gratifying moment \the moment ■ 

of what he calls his professional “redemption. . 

A oublicity-loving and telegenic activist lawyer when he 
was hired in 1970 by WaBC-TV, Rivera was the instant star . 
of “Eyewitness News.” He was an irresistible confection of 
crusading muckraker (who exposed the honors of New York 
stat?sSatment of the mentally retarded) and celebrity ■ 
suckup (who befriended John Lennon J. Off camera, though, 
he couldhe a terror to deal with. Once, he settied a dispute with; 
Roger Grimsby, the “Eyewitness News anchor, who pri- 
vately questioned the authenticity of one of Rivera s dis- 
patches from the Middle East, by knocking him to the floor. 

In due course Rivera was snapped up by ABC News and 
became Ariedge’s brightest bauble. Widi his audience-pleas- 
ing personal style — in which the ongoing Drama of GeraWo 
was the center of every scandal, war and famine — he helped 
transform ABC’s “20/20." which had a disastrous debut m 
1978, into a rousing success. In 1985. though, he clashed 

t_ i •_ v a tka UrtAr’c rWieinn tn till SviVlfl 


H dm* ttrazftmJorft* Wadmapm* 

Geraldo Rivera is intent on building a new image. 


“My point is. that's such a minuscule part of who I am. It’s 
like the Gerry Rivers [expletive]” — a reference to the old 
canard that Rivera, the son of a Puerto Rican father and a 
Jewish mother, Hispanicized his name to take advantage of 
affirmative action. “I am, at this stage, one of the great 
American success stories. Talk about the so-called ‘New 
Geraldo,’ I would debate with anyone, on any of the mean- 
ingful issues of our day — with Peter Jennings, Charlie Rose, 
Bill Moyers, all these people that you guys are always kissing 
their [expletive]. 1 happen to be one of the most educated men 
in television. Not only am I lawyer, but I have had two 
graduate fellowships!” 

Then isn’t it painful. Rivera is asked, not to be universally 


ivitUAiyu xviuiuofc. 1 — «-■ ■ 

and their once-close friendship ended. ' 

By this time Geraldo was the son of celebrity who required 
onlv a first name. He had danced through the “Me Decade 
with a kind of synthetic disco glamour, practically living, it 
seemed, at Studio 54, and — according to “Exposing My- 
self ’ — bedding or trying to bed virtually everyone from. 
Liza Minnelli to Margaret Trudeau. He now says that his 
best-selling book was a “colossal mistake.” 

Rivera is clearly ecstatic over his exalted new position in 
television news. “I have come full circle,” Rivera crows. 
“Basically, I wanted to emphasize, in the last chapter of my 
professional life, what you found so attractive in the first 
chapter.” 

“I think I have a contribution to make, maybe n ot as a 
swashbuckling, door-kicking- in, adventuring street reporter, 
but as an analytical commentator on the social scene. Day- 
time television has been a very tough venue for my brand of 
activist, involved, result-oriented reporting. That’s it, " he 
says with a shrug. “I wanted to get back to journalism.” 


,15 








:fw a 


I-, -.I'wnw 







MOVIES 


PEOPLE 


Down and Out in Queens (but the Accent Is French) 


VITAS the preppy and sexy 
YY lead character in the 


By Joan Dupont 

Inh nuHoiutl Herald Tribune 


P ARIS — "Sunday,” although 
it is ser in Queens, hardly looks 


JT it is ser in Queens, hardly looks 
like an American film: more like a 
French film, except that the lan- 
guage and actors are English. 

"I've been accused of making a 
movie that should have subtitles, 
but doesn't." said the director, 

Jonathan Nossiter. "In the U.S. 
that’s pejorative: I take it as a com- 
pliment." 

An American who grew up in 
France. Italy. Greece and Britain. 

Nossiter came to Paris at age 2 
because his father was a correspon- 
dent for The Washington Post and 
later The New York Times. "Sun- 
day." which won prizes at the 
Sundance festival and in Deauville, 

France, was also shown in the cat- 
egor> ’’Un Certain Regard" at 
Cannes. 

“In America, we got great re- 
views everywhere, except in The 
New York Times and The Wash- Director No 
ington Post." he says. “In France, 
the film is getting a’ bigger release because I have 
the support of Marin Karmitz. who is releasing it at 
his theaters." 

Tlie producer anil distributor Karmitz. who runs 
the 14 Juillct movie houses, also threw- a grand 
iivitni [trcmit iv with the director Claude Chabrol 
and actress Isabel 1c Huppen in the audience. The 



Nossiter just turned 36, and it 
looks as though he has always been 
a precocious connoisseur of the 
fine arts — almost everything he 
did, he did early. ‘ ‘I was kicked out 
of die Ecole Pascal at 4," he said 
with a touch of pride. “It was ray 
brutal introduction to die French 
educational system." 

The youngest of four brothers, 
he grew up with an interest in wine. 
“I started working in restaurants 
when I was 15. Then I became a 
sommelier, got a degree, and in 
New York, I make a living com- 
posing wine lists for restaurants.’’ 

These days, he moves back and 
forth between New Yoric and 
Athens where he is preparing his 
next film, “Signs and Wonders," a 
psychological thriller, set in 


Director Nossiter and David Suchet on the set of the film “Sunday.” 


film is an investigation of what identity is in dire 
circumstances, of what goes inio that flash of 
recognition that can make for falling in love. 

“The case of mistaken identity was the only 
thing that remains of James' original story,” 
Nossiter said. “We invented the rest: the people. 
Queens, a kind of no-mnn’s-land.’’ The director 


film has opened well in Paris and the rest of worked in a shelter for a year and a half, preparing 


France. 

“I’m stunned by the response here.” he said. 
"It’s a small movie, made in five weeks on so little 
money thal I’m nol allowed to mention the 
budget.” 

Scripted w ith the English writer James Lasdun, 
the film is a brief encounter between lost souls in a 
Dantcsque limbo. The camera opens on a shelter for 
homeless men. and follows Oliver, a newcomer. 
Shielded behind thick glasses, he lunges WindJy 
down the street, nol noticing Madeleine, w’ho is 
frantically trying to get his attention. A British 
actress past middle age, she takes Oliver for Mat- 
thew Dclacona. a famous director, perhaps the man 


the movie, gening the men used to the camera. 

He feels that his actors. David Suchet, who plays 
Oliver, and Lisa Harrow, who plays Madeleine 
keep the mystery of the characters intact. “The 
English have ihis’ restraint. These actors are mature 


He speaks fluent Greek, as well 
as French and Italian; at Dart- 
mouth, he studied ancient Greek 
and happened upon film. 

“I was taking an Italian course 
in day.” because I was nostalgic for Europe 

and with it, they offered Italian 
cinema. I thought that would be a bit of a joke; I was 
hostile to the idea of movies being serious, but I got 
bitten seriously by Fellini’s ‘8V5’ — I’ve seen it 20 
times since. The world feels different after seeing 
‘8W don’t you think?" 

Out of college, he had his heart set on movies, 
which he thinks are a perfect refuge for marginal 
personalities and misfits. He made a documentary, 
“Resident Alien: Une vie de boheme New York- 
aise” (Life of aNew York Bohemian) with Quentin 
Crisp. John Hurt and Holly Woodlawn. that Kar- 
mitz plans to release in Paris next spring. In his 
young career, he also got to work as Adrian Lyne's 


1970 tear-jerker “Love Sto- 
ry” based on Vice President 
A1 Gore? Washington has 
been abuzz about a report that 
Gore was indeed the basis for 
the character in the novel and 
the subsequent film with Ry- 
an O’Neill — arich boy pres- 
sured by his blueblood par- 
ents not to date a baker’s 
daughter, who dies tragically. 

The story apparently origin- 
ated with comments Gore 
made to reporters on board his 
plane recently and were not 
denied by a Gore spokes- 
woman after the initial story 
appeared last week in Time 
magazine. But in The New 
York Times, the author of the 
novel “Love Stray," Erich 
SegaJ, knocked down most of 
the tale. Segal lived in the 
same Harvard University 
dormitory as Gore, together 

with the actor Tommy Lee PrDlPmuac^Rcalm 

Jones. The family back- FIRST NIGHTERS — The director James Cameronj 


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ground of preppy character with his companion, the actress Linda Hamilton; 
Oliver Barrett TV was indeed right, and the actress Frances Fisher at the Hol- 


based on Gore’s family, Segal lywood premiere of Cameron's new film, “Titanic.’? 
said. But Barrett hims elf — r 


an ice hockey player with a sensitive side — best film went to “Comrades — Almost a 
was actually modeled on Jones, he said. As for Love Story,’ ’ the tale of a strong-willed worn- 
Gore’s wife. Tipper, Segal said the character an from China who yearns for success in Hong 
of the cool, smart-mouthed Radcliffe mi*- Kong. Maggie Cheung won her fourth 
sician, Jenny CaviUeri, was in no way based Golden Horse for best actress since 1989, and 
on her. “I did not draw a thing from Tipper," the Hong Kong Cantonese opera star’Tse 
he said. “1 knew her only as Al’s date. K wan -ho was named best actor. 


people who have the courage to exist in all their ass istan ton “Fatal Attraction, "about which he has 
nakedness. It was a challenge because I had to try to little to say. 


Dantcsque limbo. The camera opens on a shelter for match their bravery . ” “I was a bad painter at the Beaux Arts and at the 

homeless men. and follows Oliver, a newcomer. Suchet put on 49 pounds i22 kilograms) for the Art Institute in San Francisco,” he said, “and I 
Shielded behind thick glasses. he lunges blindly part. "He's amazing, a Royal Shakespeare Company ■ think that filmmaking is a great repository for 
down the street, nol noticing Madeleine, who is actor for 30 years who played lago and just won multifailures. There's something comforting about 
frantically trying to get his attention. A British every award as George in ‘Who’s Afraid of Virginia being able to apply your mediocre talents. If you 
actress past middle age, she takes Oliver for Mat- Woolf.' ” Nossiter said. “He’s a chameleon, an artist have a passionate background, if you're visual and 
thew Dclacona. a famous director, perhaps the man who inhabits what he does; here he plays a schlep interested in the spoken word, filmmaking lets you 
who will save her. They spend Sunday telling each from Queens, but you feel he is Shakespearean in his put it all together and come np with something. I 
other stories, making love, and never quite re- stature, in his ordinariness. I was terrified working look forward to making a film in which actors set a 
vealing their true selves. with such experienced actors because they could challenge that becomes the primary focus. I’m 

More than a story about mistaken identity, the have eaten me alive. But he never pulled rank." be ginning to get scared and that's a good sign.” 


From coast to coast, “I~A. Confidential” 
was chosen the best movie of 1997 as the Los 
Angeles Film Critics Association added its 
vote to those already taken by the New York 
Film Critics Circle and the National Board of 
Review. Curtis Hanson also added a third 
best director award for the film noir about 
crooked cops in 1950s Los Angeles. Other 
picks by Los Angeles critics: Helena Bonham 
Carter, best actress, “Wings of the Dove” 
Robert Duvall, best actor, “The Apostle”; 
Jolianne Moore, supporting actress, “Boogie 
Nights,” and Burt Reynolds, supporting act- 
or, “Boogie Nights." . . - Hong Kong movies 
earned off the top prizes at Taiwan's Golden 
Horse Award ceremony this year, taking 14 
oat of 22 titles, organizers said. The award for 


The rock group DMXS plans a worldwide 
hunt for a new front man, after the death of US 
lead singer, Michael Hutchence. The Aus* 
trail an rockers have spoken with advisers and 
are considering holding auditions either in 
Sydney or London within the next two weeks, 
die Sydney Sun-Herald reported. Hutchence, 
37, was found hanged from a belt attached to 
a door of his Sydney hotel on Nov. 22. 


Broadway in Camden, New Jersey, has tem- ' 
porarily been renamed Boyz U Med 
Boulevard. Officials said they wanted to honor 
the group from nearby Philadelphia as good 
role models. The name change will be in effect 
for a year. 






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