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The World’s Daily Newspapei 


London, Thursday, December 18, 1997 

No. 35.707 


The Cartoon 
That Caused 

Hundreds in Japan 
-Fall III From Viewing 
Animated TV Show 


TOKYO — Colors exploded on tele- 
vision screens across Japan, a cartoon 
character flashed his sparkling eyes, 
and hundreds of young viewers were 
felled by muscle spasms and nausea. 

More than 7 GO viewers of TV 
Tokyo’s hit cartoon “Pokemon" 
suffered epilepsy-like seizures about 
20 minutes into Taesday night’s show 
and were rushed to hospitals, accord- 
in gto the national broadcaster, NHK. 

The Nome Affairs Ministry said 
that 208 people ranging in age from 
three to 58 were still in hospitals on 
Wednesday. Dr. Yukio Fukuyama, an 
expert on juvenile epilepsy, said the 
seizures, albeit unpleasant, were not 
I dangerous and that spontaneous re- 
covery was the norm. 

A psychologist, Renta Kunimoto, 
said there was clinical evidence that 
epilepsy-like seizures could be 
triggered by the kind of flashing lights 
shown in the cartoon. “This could be 
an epilepsy attack resulting from op- 
tical stimulus, judging from clinical 

A “pocket monster” character in a scene from the Japanese TV show. 

samples in which flickering lights 
have triggered spasms or unconscious- 
ness,” he said. 

The broadcaster said it would can- 
cel the segment on 30 other stations 
tbar were scheduled to show it 

The bizarre sickness prompted of- 
ficials to consider new programming 
guidelines, and many Japanese moth- 
ers expressed concern that wildly pop- 
ular cartoons could be harmful. “I'm 
worried,” said Keiko Murakami, who 
watched the program with her three 
children at their suburban Tokyo 
home, although no one in the family 
got sick. ‘ T have to warn my kids that 
die program conld be dangerous.” 

TV Tokyo would not say which 
scene in the show sickened the chil- 
dren. But viewers and news reports 
said a vividly colored explosion mixed 
with the strobe- light flashing of a char- 
acter's eyes seemed to trigger the dra- 
matic reaction. 

“It gave me a headache,” said 
Hiroshi Kobari, 14, according to a 
report in the Mainichi Shimbun, a 
leading Japanese daily. “Lights kept 
flickering m my eyes, then I felt sick, it 
was like getting carsick.” 

The “Pokemon” show, a Japanese 
rendering of “pocket monsters,” is 

See SCARE, Page 10 

*U.S. Presses Arafat to Curb Hamas 

Detailed Anti-Terrorist Plan Is Meant to Measure His Commitment 

By Steven Erlanger 

AW York Times Service 

PARIS — As the Israeli cabinet 
struggles to produce the “significant 
and credible” withdrawal from die 
West Bank that Washington is demand- 
ing, the C/nited States is pressing Yasser 
Arafat, the Palestinian leader, for a de- 
tailed. measurable, written plan to root 
out the military infrastructure of the- 
radical Hamas movement, senior U.S. 
and Israeli officials say. 

The Palestinian plan, which has 
passed through at least one draft, must 
go beyond vague promises of security 
cooperation, the officials say. 

It is meant to contain specific goals 
■ and benchmarks that can be checked off 

as a way to measure Mr. Arafat’s com- 
mitment to fight such radical Palestinian 
movements as Hamas, which opposes 
the peace process and has sent suicide 
bombers to kill Israelis. 

The U.S. secretary of stale, 
Madeleine Albright, arrived in Paris on 
Wednesday for another round of meet- 
ings Thursday with Prime Minisier Ben- 
jamin Netanyahu of Israel and Mr. Ara- 
fat, less than two weeks after her last 
talks with them. 

While no one expects an agreement 
on a specific withdrawal now, given die 
political turmoil in the Israeli cabinet, 
Mrs. Albright is hoping to make further 
substantive progress thar could produce 
an agreement — and a Netanyahu- Ara- 
fat meeting to announce it — by mid- 

Hashimoto Acts to Drag 
Japan Out of Doldrums 

He Offers Stimulus Plan, Including Income Tax Cuts 

By Stephanie Strom 

New York Times Serrice 

January. In her meeting with Mr. Arafat, 
she will be pressing him to complete this 
written security commitment, officials 

{Mr. Netanyahu arrived for the meet- 
ing without the concrete proposals for a 
pullout that the United States has been 
demanding. Reurers reported from Je- 
rusalem.. After a debate — the third In 
four days — the Israeli cabinet issued a 
statement saying that Mr. Netanyahu 
would discuss demands in general terms 

The Israelis say that the extent of any 
withdrawal from the West Bank is de- 
pendent on their level of confidence in 
Mr. Arafat's commitment to fight ter- 

See ISRAEL, Page 10 

TOKYO — Prodded by the stock 
market, Washington and rebels in his 
own party, Prime Minister Ryu taro Ha- 
shimoto made a sudden U-rum on Wed- 
nesday and announced a sweeping eco- 
nomic stimulus package that included 
income tax cuts of 2 trillion yen, or more 
than $15 billion, and public spending 
measures totaling nearly 2 trillion yen. 

At the same time, Tokyo intervened 
decisively on the foreign-exchange mar- 

In the Asian financial crisis, Japan 
is the lion that squeaks. Page 4. 

ket, pushing down the dollar in a bid to 
restore confidence in the yen. 

It was the first time in more than five 
years that Japan bad sold the dollar, 
which suffered its biggest one-day drop 
in three years, falling nearly 6 yen. to 
trade as low as 125.78 yen. (Page 13.) 

Mr. Hashimoto's unexpected change 
of heart took everyone by surprise, in- 
cluding the powerful bureaucrats at the 
Finance Ministry. 

“1 knew at 10:30 this morning, same 
as you,” said Eisuke Sakakibara. vice 
minister for international affairs at the 
Finance Ministry, quickly adding, ‘ ‘The 
leadership Mr. Hashimoto has taken this 
morning was brilliant.” 

The package includes 2 trillion yen in 
income tax cuts, roughly the same 
amount of spending for public works, and 
840 billion yen in tax cuts for corpo- 
rations, land owners and investors, which 
Mr. Sakakibara estimated should boost 
economic growth by at least 1 percent 

Private economists had less rosy pro- 
jections of the package’s impact, but 
conceded that any sign of movement on 
the pan of the Japanese government 
would be greeted with relief. 

“It’s about 1 percent of gross do- 
mestic product, but that’s really not the 
point,” said Ron Bevacqua, an econ- 
omist at Merrill Lynch & Co. in Tokyo. 
“Given how pessimistic everyone has 
been, this may actually give people 
some sense of hope. It’s about sentiment 
as much as anything.” 

In Washington, the White House 
press secretary, Michael McCuny, said 
President Bill Clinton bad told Mr. Ha- 

See JAPAN, Page 4 

South Korea Election Hinges on Stressed-Out Youths 

By Mary Jordan and Steven Mufson 

Washington Post Service 

SEOUL— In the last feverish hours of campaigning 
be the South Korean presidency, a shy, wooden 62- 
r'ear-old former Supreme Court judge, LeeHoi Chang, 
vho is die majority party candidate, waded through 
xowdson Student Boulevard. He shook hands with 
:ollege students, and his handlers pumped up the 
:rowd with rap music. ... 

Across town, the opposition candidate, Kim use 
ung, a 73-year-old grandfather, last week arranged a 

video with the pop star Michael Jackson. Many of his 
1,000 student computer jocks were surfing the Internet 
to reach young voters as he stumped in a favorite 
shopping district of the young. 

With more than half of all voters here under the age 
of 40 and half of the entire population under 30, the 
election Thursday is expected to be decided in large 
part by the youth of South Korea. 

Perhaps even more importantly for this country at an 
economic crossroads, it is yoong people who must 
steer the economy away from its traditional reliance on 
government and giant conglomerates toward a more 

creative and open economy that the United States and 
the candidates are advocating. 

That journey will involve some pain, and how this 
huge segment of the population will react remains an 
unknown. While many older Koreans say that a coun- 
try that rose from the nibble of the 1950-53 Korean 
War can overcome die current economic crisis, the 
majority of the population was not alive at that time. 

“They have no memory of suffering, starvation or 
hunger,” said Park Shin n, a spokesman for Mr. Lee. 

See SEOUL, Page 10 

KaflUai” NifilAfnir Franc-hcw 

Prime Minister Ryu taro Hashimoto in Tokyo on Wednesday announcing 
public spending measures and more than $15 billion in income tax cuts. 

4 Bird Flu ? Outbreak Poses 
Puzzle for Health Experts 

Can Disease Be Passed On Between Humans? 

By Keith B. Richburg 

Washington Post Senice 

HONG KONG — New border con- 
trols went into effect Wednesday and 
fresh-food markets were being thor- 
oughly scrubbed as health officials 
scrambled to contain rising fears about a 
mysterious, possibly fatal, avian influ- 
enza known as “bird flu.” 

There have now been nine confirmed 
cases of the virus in Hong Kong — two 
of them fatal — including five children, 
a teenage girl and three adults. Four of 
the victims are believed to have con- 
tracted the virus after exposure to live 
chickens, either at a kindergarten zoo or 
in fresh-food markets. 

The latest two victims, a 2 -year-old 
boy and his 3-year-old sister, came down 
with the symptoms after playing with 
their infected cousin, who was taken to a 
local hospital with the virus last week. 

Those two most recent cases have 
raised fears among officials and worried 
citizens that the filler flu can be trans- 
mitted between humans. Health experts 
said they had no fum evidence that the 
two youngsters contracted the virus 
from their cousin, but they said it re- 
mained a possibility. The elder child 
was also known to play in a parking 
garage that was sometimes filled with 
birdcages, health officials said. 

The main worry here is that Hong 
Kong could be facing a widespread pan- 
demic similar to the “Hong Kong flu” 

of 1968 thar began with a single case 
reported in July to the World Health 
Organization. By December, that pan- 
demic had spread worldwide, killing 
46.500 people. 

This current “bird flu,” with only 
nine victims, is so far too contained to be 
considered an epidemic, and officials 
are cautioning against any panic. But 
two conditions of a pandemic are 
present, with “bird flu” representing a 
new strain of influenza, ana with people 
lacking any natural resistance to it. 

The key unresolved question, experts 
say, is whether the virus can be ef- 
ficiently transmitted between humans, 
which is why the case of the two young 
siblings has attracted intense interest 
from scientists and health officials study- 
ing the flu and its potential to spread. 

“ We are still tracing it, ’ ’ said Pauline 
Ling, a health department spokeswom- 
an. “People believe they got it from 
each other. But there ’s also a chance that 
they played in the same place and 
touched the same things and got it sep- 
arately.” She said it was uncertain yet, 
without further tests, whether the young- 
sters marked the first case of human-to- 
ll uman transmission, but she added, 
“We don’t rule out that possibility." 

Meanwhile, stepped-up prevention 
measures Wednesday took effect, in- 
cluding close monitoring of poultry im- 
ports coming into Hong Kong from 

See FLU, Page 10 

Winnie Mandela’s Return 
To Parly Politics Fizzles 

By Lynne Duke 

WaAmgroM Pag Service 

TKENG, South Africa — Win- 
ladtirizela-Mandela withdrew 
ie race for deputy president of 
Africa’s governing party on Wed- 
, paving the way far the smooth 
>a from the era of Nelson Man- 
Thabo Mbeki. , 

re a surprisingly weak show of 
could be counted in her nom- 
from the floor, Mrs. Madiirizela- 
ia announced her withdrawal as a 
ire for die African National Con- 
eputy presidency in a race that 
ted her against the party estab- 
it led by her former husband, 
nt Mandela. , • , 

those comrades who nominated 
ne, I apologize for having to 
she said. Cheers rose in what 
es later said was their show of 
anon that the party had a voided a 
r showdown. Once known as the 
jr of the nation” because of her 

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fierce defiance or the regime of white- 
minority role. Mrs. MadiJdzela -Man- 
dela was accused before the nation’s 
Truth Commission two weeks ago of 
committing brutalities during the 
apartheid era. 

With President Mandela, 79, step- 
ping down from the party presidency 
£d Mr. Mbeki, his deputy, rising to 
replace him, Mrs. Madflrizela-Maa- 
dela’s withdrawal allowed the shift of 
Jacob Zorna from the party chairman- 
ship to its deputy presidency. 

In elections during the party s 5Uth 
national conference, held in Mafikeng, 

180 miles (300 kilometers) northwest of 
Johannesburg, these uncontested nom- 
inations mam a long-anticipaicd mo- 
ment in the 85-year-old ANC’s tran- 
sition from liberation movement to 
Governing party after its victory in 1994 
in the nation's fust all-race voting. 

Mr. Mandela’s stepping down from 
party leadership also marks the first 


See MANDELA, Page 10 President Bill Clinton during his marathon news conference at the State Department 


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'WARSAW (Reuters) — Polish legislators reimposed a 
tough anti-abortion law Wednesday, pleasing the Roman Cath- 
olic Church and appalling many women’s rights activists. 

The lower bouse of Parliament, dominated by center-right 
parties since September elections, voted to scrap a law that had 
allowed abortion for such reasons as economic hardship. 

Abortion will now be allowed only in cases of irreparable 
damage to the fetus, serious danger to the life or health of the 
mother or pregnancy resulting from a crime. 

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Pane 11, 

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On, and On, and On 

Clinton Demonstrates His Vigor 
In Longest News Conference 

By John M. Broder 

New York Times St-mce 

WASHINGTON — It was, even by the standards of this 
most loquacious of presidents, an exceptional performance. 

President Bill Clinton loosed a deluge of words on Tuesday 
intended to demonstrate his vigor, his relevance and his 
command of subjects large and small, near and far, from the 
role of women in the U.S. military to the membership of 
Turkey in the European Union. Mr. Clinton’s 94-minute news 
conference was, by all available evidence, the longest ever of 
any president 

From his opening remarks to his closing statement Mr. 
Clinton took pains to project an image of action and en- 


gagement an obvious answer to a spreading sense that, as he 
completes his fifth year in office, he has lost some of his 
storied zest for governing. 

Not so, the president insisted. 

“We had agood year because we’re all working hard,’ ’ Mr. 
Clinton said in response to a question about his perceived 
lame duck status and his more relaxed style of leadership. 
“And all I can tell you is, in ’98 it will be a more vigorous 
year, and perhaps you'll have questions about that Bui we 
intend to have a very, very active time.” 

When the marathon at the Dean Acheron Auditorium ar the 
State Department was over, the most conspicuous impression 
was notwhat the president said, but how much of it he said. He 
spent several minutes, for instance, telling how he came up 
with the name “Buddy” for his new Labrador puppy. 

Mr. Clinton did argue in defense of affirmative action, and he 
discussed an array of other topics as diverse as Vice President A1 
Gore's political prospects and the environmental problems in 
Los Angeles, repeatedly ignoring his aides’ entreaties to stop. 

Michael McCuny, the White House press secretary, joked 
that Mr. Clinton had conducted the November news con- 
ference, the December news conference and a briefing for 
foreign journalists in one exhausting session. 

The president's opening statement was a recitation of what 

See TALK, Page 10 



Is Social Unrest Inevitable?! The IMF os Scapegoat 

By Andrew Pollack 

New York Times Service 

S EOUL — Kim Kyoung Ac scraped by 
for 11 years <m her modest wages as an 
assembler of telephones at a factory 
near Seoul- But in October, the factory 
was shut down by Haitai Group, the troubled 
conglomerate that owns it, leaving Miss Kim 
facing die abyss. 

Miss Kim, who is divorced and has a daugh- 
ter in junior high school, said ber savings would 
run out in a month. Her retirement check, 
expected to be $10,000, won’t last long either. 

daughter was forced to quit the after- 
school tutoring that most South Koreans con- 
sider almost as important as food and shelter. 
While Miss Kim won't be forced into the street 
— she lives in her mother’s house — she has 
stopped contributing to household expenses. 

“If I don’t get a job soon. I’m in big trou- 
ble,” said Miss Kim, 46. “But the fact is there 
are no jobs out there for a woman my age. Even 
when I go to the unemployment office, they 
treat me like a beggar because I’ve been there 
so many times.” 

The specter of widespread unemployment is 
hovering over South Korea, a country that has 
barely known joblessness since the last oil 
shock, and one in which workers take pride in 
their rise from mud huts to the middle class in 
a single generation. Lifetime employment is 
considered the norm in laige companies and 
not earning one's own keep has been viewed as 
a dishonor. 

The government estimates the unemploy- 
ment rate will rise from about 'IS percent tins 
year to 3.9 percent next year, while some ana- 
lysts think it will climb as high as 7 percent 

Even a S percent level would be me highest 
since the last big recession in the early 1980s. 
With 1 million to li million people out of 
work and with food and fuel prices rising 
because of the depreciation of the currency, foe 
won, the stage could be set for massive social 
unrest some analysts say. 

In foe third quarter, about 29,800 people lost 
their jobs, double foe number in last year's 
third quarter, according to the Ministry of 
Labor, in 19,700 of those cases, foe worker’s 
company failed- About 5,900 people retired 
voluntarily and 4.200 were laid off. 

Woo Ke Hwan, for instance, spent eight 
years at a company in Seoul that makes cuckoo 

i ' ^ 


three subordinates, as he was ordered to do. 
After three months of searching, he found a job 
in a resort so far from Seoul that he will have to 
live there and visit his family on weekends. 

But winle joblessness is on the rise, the vast 
majority of people is still employed — albeit 
increasingly worried. The big question, not just 
for Souh Korea but for foe foreign bankers and 
investors the country is dependmg on fra: rescue, 
is how many people will actually be laid off. 

Many economists would say that companies 
must cut workers if people are to be redeployed 
to more productive endeavors and the econ- 
omy is to regain its dynamism. But under 
Sooth Korean law, it is illegal to lay off work- 
ers Tin Iras a company is under extreme duress, 
a nH then only if it first consults with the 
workers. Many companies are first cirtting 
investments, then cutting salaries and only as a 
last resort cutting workers. 

Moreover, foe South Korean public seems 
unwilling to bear foe pain of such a redeploy- 
ment, and the government is doing what it can 
to avoid it Kia Motors Corp., a bankrupt 
carmaker, was taken over by foe state and is 
s till producing cars in a glutted market Hie 
government also nationalized two distressed 
banks to keep them from closing. 

Kim Dae Jung, a front-runner in the pres- 
idential election this week, is promising a six- 
month moratorium on layoffs if he is elected. 

me running department at the Korean Con- 
federation of Trade Unions, which led foe- 
strikes a year ago, said foe group first wanted 
employers to shorten working hours. At foe 
5afia Group’s shipyard, said a union, official, 
SO Hyoung Lina, foe union abandoned plans to 
strike after foe company declared bank ruptcy . 

South Korea is not as much of a wodren . 
paradise as its low unemployment rate might 
suggest The government counts part-tnnqa 
who work only a couple of hours a week as 
employed, said Pad: Kyong Ki, director of the 
Institute for Labor and Management at Sogang 1 
University. And it ignores a million or more 
“disappointed unemployed^’ those who have 
given up looking for a job. 

NDEED, despite the cascade of corjwrate 

O NE reason for foe public aversion to 
layoffs is that the government’s so- 
cial safety net is so skimpy. Un- 
employment insurance did not exist 
untQ 1995. Now it pays dismissed workers 50 
percent of their salaries fra: 30 to 210 days, 
depending on how long they worked. There is 
lime in the way of job retraining. 

Another reason is fear of labor unrest in a 
nation with a history of long and violent 

A year ago, sensing the beginning of eco- 
nomic troubles, the government enacted a law 
making it easier for companies to dismiss 
workers. The law’s passage led to nearly a 
month of nationwide strikes that crippled auto- 
mobile production and shipbuilding. The gov- 
ernment eventually postponed the law’s ef- 
fective date until March 1999. But with the 
economy heading into a slump, companies are 
pressing again to have restrictions cm layoffs 
eased before then. 

A South Korean worker protesting the International Monetary Fund’s 
rescue plan, which some say has contributed to worsening unemployment 

clocks, but in October it said it needed to cut 
workers. “We took it as a sign that the older 
people should leave,” he said. 

So far, the only jobs that Mr. Woo, 55, has 
been able to find are two to three hours from 
Seoul. His wife, he said, is going to start looking 

for a job, something not common here fen: 
people who have never been in foe work force. 
“She’s got to do whatever she can do,” he said. 
“She just can’t sit home anymore.’' 

Kim Jung Woon, 43, left his job as a chef in 
a Seoul hotel in September rather than dismiss 

percent in March to 2. 1 percent in October. But 
the true un emp loyment figure, Mr. Park said, 
mi ohr well be more than 10 percent. 

Wages and foe right of workers to organize 
were suppressed during South Korea's three 
decades of military rule. But when democracy 
ramp, m 1987, waikere’ pent-up rage exploded 
into strikes. Since then, wages have sowed 15 
percent a year, bringing many workers into the 
middle class. . 

The opening of foe Halla shipyard proimsed 
to bring some of foe economic miracle to the 
southeast comer of foe country, the nation’s, 
poorest region. But with the bankruptcy, foe- 
miracle, late in coming, might be early in 
departing, leaving workers feeling betrayed. . 

’‘When foe company cold us to work one 
hour, we worked two hours, " said a welder, 

r of 1*1, It"* 


Kim Myong Ho, 38. "All foe work we did 
improving foe economy of our hometown has 

imp roving the economy or our Hometown nas 
gone to waste. We feel empty inside.” 

But the anger is aimed less at foe company 
than at foe International Monetary Fund, which 
is terms far an international financial 

bailout of South Korea. Many workers say the 
IMF created the climate in which bankers 
would not renew Haifa’s loans, putting their 
livelihoods in jeopardy. Song Fji, a manager at foe shipyard, 
said: “From foe perspective of a worker, I 
think foe IMF has done too much harm and no 

Europeans Threaten 
Ukraine oil Executions 



The Associated Press 

KIEV — The Council of 
Europe will suspend Uk raine 
from its Parliamentary As- 
sembly next month unless foe 
government officially an- 
nounces a moratorium on ex- 

The suspension, threatened 
in a statement released in 
Kiev on Wednesday, would 
punish Ukraine for flouting 
its pledge to halt executions 
after joining the European ha- 
man rights body at foe end of 

Ukraine has executed at 
least 180 people since then, 
including at least 1 1 this year, 
some of them after foe Coun- 
cil of Europe issued a stem 
warning in January. 

“We always prefer polit- 
ical dialogue to sanctions, but 
there are limits,” Renate 
Wohlwend, author of a par- 
liamentary assembly report 
on the death penalty, was 
quoted as saying in the state- 

Ms. Wohlwend visited 
Ukraine last month and was 
unsatisfied with foe widely 
varying information she re- 
ceived from officials on when 


Authors wortd-wtdg Invited 
Wide or santfyour manuscript to 

— and even whether — ex- 
ecutions had been halted. 

A Council of Europe team 
that visited last week said it 
believed President Leonid 
Kuchma's statement that no 
executions had been carried 
out since March of this year. 

The council’s statement 
said that either Mr. Kuchma 
or foe speaker of Parliament, 
Olexander Moroz, must give 
official notice of foe mora- 
torium, but foe chances either 
will do so appear unlikely. 

“The announcement of a 
moratorium does not fall un- 
der foe authority of foe pres- 
ident,” Mr. Kuchma’s chief 
of staff, Yevhen Kushnaryov, 
said Wednesday. 

Mr. Kushnaryov stressed 
that Mr. Kuchma has not re- 
jected a clemency request 
since late last year and has 
submitted legislation banning 
the death penalty to Parlia- 

It is up to Parliament, foe 
Verkhova Rada, to pass it, 
Mr. Kushnaryov said. 

But Parliament has 
blocked Mr. Kuchma’s ef- 
forts to ban capital punish- 

Mr. Moroz has repeatedly 
said lawmakers are highly un- 
likely to pass such legislation 
before Parliamentary elec- 
tions in March. 

The maximum prison sen- 
tence in Ukraine is 15 years, 
and opinion polls have shown 
most Ukrainians favor foe 
death penalty or believe it 
cannot be rescinded until 
crime rates decrease. 

Greece Girding for General Strike 

ATHENS (Reuters) — Greece was bracing Wednesday for 
a 24-hour labor strike that was expected to affect public 
services, including transport, and many industries beginning 

at midnight 

The General Confederation of Greek Workers, foe conn- - 
try’s largest labor organization, called foe walkout to 'protest 
salary, and tax levels and foe Socialist government’s pared- 
down 1998 budget 

Transportation was expected to be especially hard-hit by 
foe walkout Urban buses, trolleys ana trains as well as 
national railroads were expected to be out of service for most 
of foe day. Both international and domestic flights were 
expected to be disrupted, since air-traffic controllers planned 
to participate in foe strike for parts of the day. 

Snowfall Disrupts Traffic in France 

PARIS (AFP) — A heavy overnight snowfall and freezing 
rain disrupted traffic in France on Wednesday, causing huge 
traffic tie-ups around Paris and jammed reads throughout 
much of the rest of foe country. 

Bumper-to- bumper traffic stretching for a total of 262 
kilometers (162 miles) on various roads surrounding the 
French capital was reported during foe morning rush hour, 
with the A13 highway completely blocked by thick snow. 





















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Yuri Luzhkov, the mayor of Moscow, proposed to a high- 
ranking Israeli official that the Moscow city government and 
Israel’s state agencies set up an organization to develop 
tourism, foe Interfax news agency said Wednesday. Mr. 
Luzhkov told Israel's Minister of Immigrant Absorption, Yuli 
Edelstein, that a joint organization would ‘ ‘allow os to manage 
foe flow of tourists attending celebrations in Israel of foe 
2000th anniversary of Christianity.' ’ (AFP) 


Forecast tor Friday through Sunday, as provided by AccuWeather. 


Because of an editing error, a front-page photo caption in 
Wednesday’s editions misidentified foe Turkish foreign min- 
ister. He is Ismail Cem. 


con ms* 





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An article in the Business/Finance section on Wednesday 
about the World Intellectual Property Organization was pub- 
lished in error. The year-old article was taken from The New 
York Times site on foe Internet, where it erroneously appeared 
this week. 

Do you live in Austria, 
Belgium, Luxembourg 
or Sweden ? 

EMU Fact or Fiction ? 

EP^U Policy Will Generate 
Major Currency Moves. 

Th(j«_.o -.‘.ill cJiioctly .iff c I Ih-,- v-jine t 
your Portfolio. Prepare yccr-iulf to 
odvantano cf these mcvi-s liy csllina todai 


For information about subscribing call: 
Austria 01 891363830 
Belgium 0800 17538 (toDrfree) 
Luxembourg 0800 2703 (toll-free) 
Sweden 020 797039 (toll-free). 

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Ona—on**f I 

North America 

A largo norm will movo 
northanst from iho aouth- 
w «*tem United States, 
spreading tacaffy heavy 
rein across the southern 
Plains and Midwest- The 
rest of the nation will be 
dry vrtffi temperatures near 
to above nomad. Canada 
will remain cold across 
Quebec and Labrador. 


Very cold air w* remain in 
northam Russia and Scan- 
dinavia Friday through 
Sunday. An active storm 
track wffl bring heavy rain 
to southern Italy and the 
Balkans. Bsewhere, there 
w» be some sunshine and 
twnptealijnw nearthe sea- 
sonal averages (or. mis 
time at year. 


Very warm for this time of 

the year across the west- 
ern Pacific Rim, kurfudinp 
he Philippines and Japan. 

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K. Kkeifaniu 

A Vtgoraa storm will bring 
locally heavy lain to south 
China. South Korea, and 
Japan Friday; turning cool- 
er over the weekend. Stiu 
wry coM over Sheds and 








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Mailing Addmn;. 

— tssr 

printed by Newsfiu Iitumarkmri. London. Registered as a newspaper m the post cfficc. 


hit? /yj S j Aft er Camelot Book, Secret Service Is Told to Keep Secrets 

; By Tim Weiner 

» New York Times Service 

: 4 . ’ WASHINGTON — The director of the Secret 
■ ir. v < Service has sternly told his agents to shield the 
>>c. Jecr«s of the people they protect — particularly 
:■ president. r 3 

* 5 a - me ^ ge ““ 5, the director. Lew 

: & Merieto, sard statements by four former Secret 

• Semce agent* regarding President John 
Kennedy* philandering with prostitutes were 
, troubling and counterproductive to the mis- 
sion of the Secret Service. 1 ' 

r J r - ,* The former agents described their embanass- 
? P*® 1 : * n S er at Mr. Kennedy's womanizing in 

• -h L <The Da J S, . de of Camelot," a new booh by 

, , Seymour Hersh. 3 

• ‘! t •; ■ [ In a typical passage, one former agent Larry 
-. ; Newman, told Mr. Hensh: * ‘You were on the most 

r i-j 



elite assignment in the Secret Service, and you 
were there watching an elevator or a door because 
the president was inside with two hookers.” 

Mr. Merietti’s message , which also went out to 
the members of the Association of Former Agents 

The director of the Secret 
Service, a taxpayer-funded 
agency, has sent out a letter that 
suppresses and attacks my right 
of free speech.’ 

of the U.S. Secret Service, warned against "provid- 
ing information to any source regarding any aspect 
of the personal lives of our protectees.” 

* . 

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He asked ali agents, present and former. “to 
refrain from discussing any information or activity 
associated with our protectees regardless of its 
content or significance. * * 

The job, he said, carries “a confidence that 
should continue forever.” 

One forma- agent quoted in the book, Tony 
Sherman, said in an interview Tuesday: “The di- 
rector of the Secret Service, a taxpayer-funded 
agency, has sent out a letter that suppresses and 
attacks my right of free speech. He implies that 
perhaps the four of us are not worthy of trust and 
confidence. This is a slap at us. What we said, I think, 
contributed to the history of the United States.” 

"I liked JFK.” Mr. Sherman added. “He was 
one of the nicest guys I ever met. But he was 
reckless, morally. And for 35 years I kept my 
mouth sbuL" 

A spokesman for the Secret Service, Amette 

Heintze. said Mr. Merleui did not intend to attack 
personally the four former agents who discussed 
their experiences while protecting Mr. Kennedy. 

Mr. Heintze also said that Secret Service agents 
were law-enforcement agents and hypothetically 
duty-bound to report a crime committed by "a 
person they protect. But he said that agents arc 
swore to be '‘worthy of trust and confidence' * and 
that maintaining that trust requires confidentiality 
and discretion. 

“This is a very critical issue for the Secret 
Service/* Mr. Heintze said. “This goes to the core 
of our mission. This has to do with mist. Most of us 
take this with us to the grave.” 

The Secret Service employs 2. 100 agents, 1 . 1 00 
of them uniformed. 

Established in 1S65, it has protected presidents 
since 1901, after the assassination of President 
William McKinley. 



The High Price of Putting 
Your Name on a School 

You would not expect immortality 
to come cheap. If you want a university 
business school named after you. plan 
to donate about $30 million. 

Leading this high-priced naming 
game this year was the industrialist 
Gordon Marshall, who donated $35 
million to have the business school at 
the University of Southern California 
named after him. The philanthropist 
E. W. Kelley found a relative bargain, 
getting Indiana University to rename 
its business school for a mere $23 
million, U.S. News & World Report 

Some schools are easier sells .than 
others. If the computer magnate Bill 
Gates was able to get a Stanford Uni- 
versity science building named after 
him for a mere $6 million last year, B. 
Joseph White, dean of the University 
of Michigan Business School, said he 
would not even consider less than $ 100 

Shallower-pocketed donors, don’t 
despair A home can be found for your 
motley. More and more schools are 
doing what they do at the University of 
North Carolina, where you can get an 
auditorium chair named after you for 
just $2.000 — or a brick for $500. 

Short Takes 

The recognition last month by the 
National Institutes of Health that acu- 

puncture can, in many cases, effec- 
tively treat pain and nausea came as no 
surprise in Southern California, where 
nearly half of the 10,000 U.S. prac- 
titioners are situated. Amid fast-rising 
demand from consumers, big insur- 
ance companies are scurrying to offer 
coverage, the San Francisco Examiner 
reports. Three big health maintenance 
organizations in California will begin 
coverage next month, generally 
around $15 per treatment for anywhere 
from eight treatments a year to an 
unlimited number . 

The HMOs insist their motive is 
better patient care. Skeptics call die 
move a marketing ploy driven by raw 

In 1980, there were only four mi- 
crobreweries in the country, and not 
one brew pub. Now there are 1343 
brewers, all but 93 of them micro- 
breweries, brew pubs or regional spe- 
cialty brewers. But if variety has in- 
creased the spice of the beer-drinker’s 
life, it has not Jed him to drink more. 
Per capita consumption is about 21 
gallons (80 liters) a year, down from a 
post-Prohibition high of 24 gallons in 
198 1 . And the megabrewers with their 
huge advertising and distribution 
budgets — Anheuser-Busch, Coots. 
Miller. Stroh and Corns — still control 
more than 94 percent of the market. 

Inspired by Che highly profitable 
likes of Hard Rock Cafe and Planet 
Hollywood, theme restaurants have 
been busting out all over. At the Las 
Vegas Hilton. Quark's Bar & Res- 
taurant will open soon as pan of a new 
Star Trek-bared theme attraction, and 
near Universal Studios in Hollywood, 
Marvel Entertainment Group is open- 
ing Marvelmania, where diners can 

-W 1 "• ~~ 

•*4ft • 


TOY TRAFFICKER — Cynthia Doolittle of Buffalo, New York, 
clutching Beanie Babies at a shop on the Canadian border. Most U.S. 
stores have sold out of the stuffed toys, sending some buyers north. 

watch videos of superheroes like the 
X-Men, Captain America and the Sil- 
ver Surfer. Whereas the average res- 
taurant has annual revenue of 
$500,000 to $750,000, sales at theme 
restaurants range from $4 million to 
$14 million a year, the Los Angeles 
Tunes reports. 

They might do even better if they 
were to adopt the idea ofCartoonsviUe, 
a new child-oriented restaurant in the 
Los Angeles area. It has a fun house for 
kids, but for adults, a “no-screaming 
area” — a quiet bar with televisions. 

Brian Knowlton 

of Septupled 

By Sue Anne Pressley 

Washington Past Sen'iee 

- CARLISLE, Iowa — When 
Lloyd Clarke, a builder, met 
with Kenny and Bobbi Mc- 
Caughey recently to discuss the 
plans for their new home, he 

i was struck by what the couple 
did not want: no mansion, noth- 
ing fancy, just a practical house 
big enough for seven babies and 
a toddler. 

• _ And there was one other 
thing: The McCaugheys in- 
jured the house must be built 
right here in this small town of 
3,400 that has protected them, 
rejoiced with them, suffered the 
.media with them and now 
.eagerly awaits the homecoming 
of the world's only surviving 
set of septuplets. 

- One month after their births, 
the McCaughey seven are con- 

tinuing to progress nicely, gain- 
ing weight on schedule, breath- 
ing on their own, and heading 
toward a mid-to-Late- J anuary 
departure from Blank Chil- 
dren’s Hospital in Des Moines, 
according to a hospital spokes- 
man. The babies will most likely 
come home one at a time, with 
Kenneth, die first-bom and die 
biggest of the bunch, probably 
die first. Ids grandfather said. 

“It’s hectic now, with the 
holidays, and it’s really going to 
be hectic then/ * said die babies’ 
maternal grandfather, Robert 
Hepworth, with a laugh. 
“'Iney’re just doing tremen- 
dous, though, and it’s the 
Lord’s undertaking. We keep 
calling this ‘a miracle,’ and it’s 
not something we say lightly.” 

Until their larger home is con- 
structed, with donations from 
Iowa builders and suppliers at 

the behest of Governor Terry 
Brans tad, die greatly expanded 
McCaughey family will contin- 
ue to live in their small white 
bouse on First Street here. At die 
house, a -friend has hung eight 
stars from the roof: seven gold 
ones for the babies and a silver 
one for the eldest child, Mikay- 
la, who will tom 2 next month. 

The town has played a large 
role in the drama. Many of the 
townspeople, including the 100 
or so members of the family 
church. Missionary Baptist, 
kept the secret for many months 
of die seven fetuses Bobbi Mc- 
Caughey, 29, was carrying. 
After the babies were bom on 
Nov. 19, residents were assailed 
by reporters from around the 
world who descended on the 
town, which will never be 
known again as just a suburb of 
Des Moines. 

“At the flower shop, when 1 
call in a wire and I say I'm from 
Carlisle. Iowa, everybody goes, 
‘Oh, you’re die home of the sep- 
tupJeis, Tm talking to the sep- 
tuplets* town/” said LaVena 
Owens, a family friend who 
owns Four Seasons Florist 

In the shop’s display win- 
dow, seven huge handmade 
stockings dangle, knit by res- 
ident Joyce Bender in honor of 
the infants. On the community 
Christmas tree, pink and blue 
lights also pay tribute to the four 
boys and three girls. 

“Kenny said to leave the 
stockings in the window and let 
the people enjoy them,” Miss 
Owens said. “They want the 
town to not feel shut out. All of 
us have lost a little freedom wi tb 
all the media.'’ 

At a news conference Sat- 
urday in Des Moines, where the 

septuplets were named honor- 
ary corporals in the U.S. Army 
Reserve, the couple said the in- 
fants were doing “very well.” 
They expect to have them all 
home by the end of January. 

From the beginning, the Mc- 
Caugheys have said they do not 
want to be on constant display, 
and have limited their inter- 
views. A Nashville-based 
Christian public relations firm 
is now representing the family 
and Wes Yoder, of the Am- 
bassador Agency, said he. too, 
has become smitten with the 
septuplets after seeing them for 
the first time Sunday. 

Mr. Yoder, who is handling 
the family’s “literary interests,” 
said the McCaugheys “are not 
out trying to stir up additional 
opportunities. They’re taking it 
carefully. They realize their 
lives have changed forever.” 

Women Fault 
Panel’s Plan 
For Military 

By Steven Lee Myers 

j\nt- I'nrl Tim SiTvii t 

WASHINGTON — A panel's rec- 
ommendation that the army, the navy and 
air force separate men and'women during 
much of their training is facing pointed 
criticism from some members of Con- 
gress and others who say it will undercut 
the role of women in the military'. 

The swift reaction to the recommen- 
dations of the panel, which Defense Sec- 
retary William Cohen appointed in June 
after several sexual assault and harass- 
ment scandals in the military, under- 
scored the emotional and political sens- 
itivities of the issue and set the stage for 
a renewed debate in the months ahead. 

“I think it sends the wrong message 
about the direction we need to take in the 
military,” said Senator Olympia 
Snowe, Republican of Maine, who 
strongly supports integrated training. 
“Why create this separateness, this bar- 
rier almost from the outset?” 

Disclosing a series of recommenda- 
tions at the Defense Department on Tues- 
day, the panel’s members, led by Nancy 
Kassebaum Baker, a former senator from 
Kansas, said the recent efforts to bring 
the sexes together in basic training and 
boot camps had created new problems. 

While the panel strongly endorsed 
integrated training, it recommended that 
men and women live in separate bar- 
racks and otherwise be kept apart at the 
most basic levels. 

The recommendations would make 
the army, die navy and the air force 
more like the Marine Corps, which has 
resisted integrating men and women in 
basic training. The panel concluded that 
training at die core level — the platoon 
in die army, the division in the navy or 
the flight in the air force — was being 
disrupted by the logistical difficulties of 
having men and women working to- 
gether and sharing the same barracks. 

Even by separating the sexes at the 
basic level, the panel said there would 
still be considerable integrated training 
in die field and in classrooms. 

“This isn’t a step back,” Mrs. Kasse- 
baum ‘Baker said. “We regard it as a step 
forward in strengthening the services. ’ ’ 

That view was not shared by sup- 
porters of women’s role in the military. 
Representative Nita Lowey. Democrat of 
New York, said separating the sexes from 
even sane types of training would “di- 
minish the opportunities for women.” 

Evelyn Foote, a retired brigadier gen- 
eral who served on a separate panel look- 
ing into sexual harassment, said the plan 
would revive debates that she felt were 
over. “1 feel like I'm back in the early 
60s,” she said. “It’s going backwards.” 

States Hold Tight 
,4s the Purse Fills 

WASHINGTON — For the na- 
tion's 50 state governments, this 
holiday season will be a time io 
celebrate prosperity thanks largely 
to a strong national economy that 
has pushed up state revenues and 
preserved budget surpluses even as 
legislators were enacting modest 
tax cuts. 

Those cheery tidings were pro- 
claimed by the National Gov- 
ernors' Association and the Nation- 
al Association of State Budget 
Officers in their semiannual Fiscal 
Survey of the States. 

But Raymond Scheppach. the 
executive director of the Gov- 
ernor’s .Association, said that gov- 
ernors and state legislatures had 
been cautious in increasing spend- 
ing and enacting new programs, in 
pan beeauseof painful memories of 
how past national economic down- 
turns swiftly punished state gov- 
ernment finances. 

He said for this fiscal year, which 
ends next June 30 in most states, 
overall spending would increase by 
5.5 percent, less than (he average 
6.8 percent increase during the last 
20 years. 

Mr. Scheppach said the main ex- 
ception to this cautious approach 
appeared to be in early -childhood 
development programs that locus 
on children up to about age 3. 
Spurred by recent scientific studies 
that underscore the importance of 
these years to a child's future, some 
states, like Ohio, hate increased 
spending in this area by more than 
1 DO percent, he said. < 117* J 

Clinton May Block 
Ouster of Haitians 

WASHINGTON — The Clinton 
administration is considering ways 
to formally suspend deportations of 
illegal immigrants from Haiti while 
Congress works out legislation that 
would add them to a list of na- 
tionalities allowed to stay under a 
law adopted last month. ’ 

The proposed action is aimed at 
rectifying what the administration 
regards as inequitable treatment of 
different nationalities among as 
many as 400,000 people who fled 
war. repression and poverty in Cen- 
tral America and other countries in 
die 1980s and early ’90s. 

The law granted amnesty to 
Nicaraguans and certain Cubans. It 
offered Salvadorans, Guatemalans 
and Eastern Europeans an oppor- 
tunity to remain in the United States 
through a more cumbersome and 
costly process of individual court 
hearings on suspension of depor- 

Haitians were left out of the law 
entirely, stirring protests from the 
Congressional Black Caucus and 
immigration advocates. { WP) 

Quote/ Unquote 

John McCaleb. an anti-tax ac- 
tivist in Little Rock. Arkansas, after 
a public outcry prompted with- 
drawal of a proposal io raise the so- 
called hamburger taxon restaurants 
and hotels to purchase the furure 
site of Bill Clinton's presidential 
library: “We've got a sitting pres- 
ident that’s from here, and 1 hate to 
go out and criticize him. but there's 
a lor of outrage here. We've already 
got a 2-ccnt tax on hamburgers. I'd 
have told them to try to find some 
private investors.” tAP) 

_ » 

b: f; v/ 



' Hubble Catches 
AMyriad Blaze 
Of Star Deaths 

; Reuters 

Rubble Space Telescope has 
-trained its sights on the jewel- 
-like, varied nebulae that are 
tlte beginning of the end for 
Ordinary stars. 

; The latest images from the 
orbiting telescope, made pub- 
lic Wednesday, show an un- 
expected variety in the ap- 
pearance of dying stars, 
astronomers said. 

Scientists have long be- 
lieved that most stars began to 
die by throwing off a round 
shell of glowing gas and then 
turned into burned-out brown 

- Buf the new photographs 
show nebulae in the shape of 
pinwheels, goblets, even re- 
jsembling thejels on a lawn 
sprinkler or a rocket engine’s 
exhaust plume. 

“The first lime we looked 
-at the Hubble’s breathtaking 
.pictures, we knew that our 
■ older and simpler ideas of how 
! these objects are formed had 
t co be overhauled,” Howard 
•Bond of tbe Space Telescope 
j Science Institute in Baltimore 
said in a statement. 

The gas released by neb- 
julae — and by supernovae, 
the huge explosions that are 
'.caused by the death of a giant 
;star eight times die mass of 
Earth's sun — liberates cer- 
Itain substances, including 
.carbon, that then go on to 
4>ccome the raw material of 
new stare, planets and, po- 
tentially. life- 

Away From Politics 

• Hoping to prevent up to 

60,000 illnesses a year, the 
government is forcing every 
seafood processor to follow a 
strict new safety program that 
aims to prevent bad fish from 
reaching Americans. The new 
rules will force plants to 
prove that they took steps to 
prevent seafood contamina- 
tion, providing a continual 
record of safety instead of die 
quick snapshot that govern- 
ment inspectors get today 
during spot checks of pro- 
cessors. (AP) 

• A woman who held state 

troopers at bay for 39 days 
before being placed in a men- 
tal hospital is back home in 
Roby, Illinois, getting ready 
for Christmas. A Christian 
County circuit judge ordered 
Shirley Allen, 51 I, freed after a 
psychiatrist testified that she 
posed no danger. (AP) 

• A 7-year-old girl was 
struck and killed by a re- 
cycling buck in Vancouver 
while running to rive the 
driver a plate of Christmas 
cookies. The driver said he 
did not see Hannah Maly- 
chewski when she ran in front 

of his truck, which lurched 
forward and hit her. (API 

• A former marshal suspec- 

ted of killing a hippie in Col- 
orado 26 years ago has been 
charged with second -degree 
murder. Renner Forbes, 68, 
who is paralyzed on his left 
side ana uses a wheelchair, 
was accused in the July 17, 
1971, death of Guy Gough- 
nour, 19. (AP) 

• A team of zookeepers ven- 
tured back into a dense 
swamp to look for Nala, a 
450-poutid lion that escaped 
from a roadside exhibit in 
Kissimm ee, Florida. Wildlife 
officials asked that news heli- 
copters stay clear of the 
search area because they 
scare the animal. (AP) 

• Forty-three medical cen- 
ters that transplant hearts, 
livers or kidneys had low sur- 
vival rates from 1988 to 1994, 
including 29 whose low rates 
continued through 1994, and 
the Department of Health and 
Human Services has asked 
for an explanation. “1 know 
you share my concern,” the 

agency's secretary, Donna 
Shalala, wrote to the director 
of the United Network for Or- 
gan Sharing, which runs the 
transplant program. (AP) 

• A judge has refused to 
block government agencies 
from killing bison that 
wander out of Yellowstone 

National Park, although he 
limited the number that can be 
shot to prevent the animals 
from spreading disease to 
cattle. No more than 100 can 
be killed without a court hear- 
ing, U.S. District Judge 
Charles Lovell ruled. Last 
year, 1.1 00 bison were shot or 
shipped to slaughter. ( AP) 


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— !*■«- 




In Asian Crisis 9 Japan Is the Lion That Squeaks 

Economic Powerhouse Is Not Part of the Solution, It’s a Major Part of the Problem 

By Sheryl WuDunn 
and Nicholas D. Kristof 

New York Tima Service 

TOKYO — As a financial crisis 
'sweeps through Asia and provokes 
fears of a global downturn, Japan is the 
one economic force powerful enough 
to pull the region back to vitality. 

' The catch, however, is that Japan, 
the world’s largest creditor nation with 
*an economy twice as lame as all the 
rest of Asia, is not part of the solution 
but a major part of the problem. 

* The Japanese leadership is in dis- 
array, and has dithered for the last 
seven years of its own downturn. 


Many economists say that Tokyo — 
by denying its problems or even dis- 
sembling about them — has prolonged 
its own economic torment and con- 
tributed to die financial crisis in Asia. 
2 Prime Minister Ryu taro Hashimo- 
to's unexpected call Wednesday for 
more than $15 billion in income tax 
tuts was an exception to that dither- 
ing. Indeed, Tokyo is preparing to 
unveil formally this week a $77 billion 
-bailout of its own financ ial mess — a 
package bigger than the $60 billion 
International Monetary Fund rescue 
for Smith Korea. The scale is inev- 
itable: The assets of a single Japanese 
bank. Bank of Tokyo- Mitsubishi, are 
roughly 10 tiroes the size of the entire 
South Korean stock market. 

Despite such plans, however, few 
analysts expect Japan to move de- 
cisively to address us own problems 
or Asia's. Even Mr. Hashimoto’s dra- 

matic tax-cut plan, many analysts 
said, was too little too late to re- 
invigorate the nation’s economy. 

W illiam Overholt, a mana gin g di- 
rector at Bankers Trust Co. in Hong 
Kong, said: “The extent of Japanese 
mismanagement of its own economy 
in the last seven years, particularly 
under Herbert Hoover Hashimoto, is 
one of die overwhelming themes of 
the modem era." 

While the parallel between Mr. Ha- 
imoto and President Hoover may 

shimoto and President Hoover may 
seem overblown, it is heard increas- 
ingly these days among his foreign 
critics here. Lake Hoover at the be- 
ginning of die Great Depression, Mr. 
Hashimoto has adopted what some 
regard as ■ a contractionary fiscal 
policy in the face of a banking crisis 
and an overall economic slowdown. 

And, as with Hoover’s America, 
the downturn in Japan is not just a 
domestic problem; it is also slowing 
growth around the world. As the 
largest creditor nation, Japan is far and 
away the most important source of 
capital around the globe, and it helps 
feed the United States' enormous ap- 
petite fra: fends on a daily basis. 

“TheU.S. needs to borrow a billion 
dollars every day the markets open,” 
said Kenneth Courtis, chief economist 
at Deutsche Bank Group Asia-Pacific. 
“And Japan is die principal supplier 

of feat capital If Japan gets knocked 
out of feat equation, and instead of 
exporting capital it imports it, who 
could replace Japan? What would 
happen to toe U.S. rood market? What 
would happen to Wall Street?” 

Mr. Hashimoto barely has com-- 
mand of Parliament and his saving 
grace is only feat fee opposition is 
even more dispirited than he is. The 
Finance Ministry normally sets eco- 
nomic policy, without paying modi 
attention to fee prime minister, but 
lately the ministry has been under as- 
sault as well and is distracted by efforts 
to curb its power and break it up. 

One of fee most catastrophic mis- 
steps was the decision to emphasize 
fiscal austerity and raise the sales tax 

The 5 ?^! waTthat fee economy 
plunged at an annual rate of 11 per- 
cent in the second quarter, the worst 
figure in nearly 25 years, and econ- 
omists are warning that Japan may 
now be poised to fall into recession. 

Tt is not that no one warned Japan. 
Economists there and in the U.S. gov- 
ernment protested repeatedly that fee 
tax increase would be more than the 
fragile economy could withstand. 

But Japanese officials were adam- 
ant, particularly those in the Finance 
Ministry at the pinnacle of fee bu- 
reaucracy. They mistakenly believed 
that fee economy was strong enough 
to tolerate fee tax increase. 

Eisnlce Sakakibara, a vice minister 
of finance, and other officials, includ- 
ing Yasuo Matsushita, governor of die 
Bank of Japan, repeatedly offered up- 
beat assessments of fee economy feat, 
in retrospect, could scarcely have 
been farther off fee mark. 

Mr. Sakakibara and Finance Min- 
ister Hiroshi Mitsozuka declined to be 
interviewed far this article. But the 
government this month acknowledged 
that the economy is not recovering after 
all, and that it is at a “ standstill. ” 

For now, Japan’s most pressing 
problem is its banking crisis — 
heightened by the risk of defaults in 
the coming weeks by South Korean 
banks. Japanese institutions have lent 
Seoul $24 billion, a monstrous sum 
feat seems modest only when one 
compares it with the hundreds of bil- 
lions in dubious loans within Japan. 

“We’re talking about the Asian 
financial crisis, but the biggest one is 
right here in Japan — by far,” said 
Richard Koo, an economist at 
Nomura Research Institute in Tokyo. 

The banks have been in trouble for 
seven years, but they and the gov- 
ernment have yet to tackle the prob- 
lem aggressively. Instead, fee 
wounded hanks have limped along, as 
officials downplayed tbs problems, 
but now some financial institutions 
have reached die end. One of Japan’s 
20 largest banks collapsed in Novem- 
ber, and Yamaichi Securities, one of 
the “Big Four” securities firms. 

collapsed, but fee way it fell It kept 
insisting feat it was solvent, and then 
after collapsing it turned out to have 

ulate fee economy fee other way, by 

an , extra $2 billion in hidden losses. 

The Finance Ministry closely mon- 
itors the securities industry, and it 
'cither knew or did not know of these 
off-book losses; it is unclear which 
prospect is more alarming. 

Even as the International Monetary 
Fond is urging Japan’s neighbors to 
trim their growth. President Bill din- 
ton has urged Japan to bolster its 
economy from within. Such a policy 
could reduce toe risk of fi- 
nancial meltdown and help fee entire 
region emerge from its crisis. 

Such a boost could come in a 
couple of ways. Japan could rely on 
fiscal stimulus, cutting taxes or rais- 
ing government spending, or it could 
tty deregulating fee economy in 

Many economists say 
that Tokyo has 
prolonged its own 
economic torment and 
contributed to the 
financial crisis in Asia. 

spending, because of a profound cotn- 
mitmenr to fiscal prudence and aver- 
sion to deficit spending. He argues that 
deficit spending would be particularly 
irresponsible because the population is 
aging and will require enormous 
spending in the decades ahead. 

The slowdown in Japan and the risk 
of a steeper recession are central to the 
Asian crisis. Japan's position as fee 
leading source of capital around the 
world fnftgn.Q feat if its banks continue 
to falter, fee pipeline of loans and 
investments could collapse. Nations 
in Asia heed to export to Japan to 
bolster their economies, bnt a de- 
pressed Japan is not in a position to 
buy those goods. 

A continued fall in the yen could 
harm fee competitiveness of products 
from elsewhere in Asia. This creates a 
risk of competitive devaluations in 
tire region, n Japan now allows the 
yen to fell further, so that its exports 
can compete against those from South 
Korea, then China and other countries 
might be tempted to follow, setting 
off a dizzying downward spiral. 

A related risk is that Japan and 
others will try to export their way out 
of die crisis. But tins strategy would 

hopes of generating an explosion of 

private spending. There is some ev- 
idence that concerted deregulation 

toppled a few days later, 
what was particularly 

what was particularly worrisome 
was not just fee feet drat Yamaichi 

idence that concerted deregulation 
could set off a new Japanese boom. 

fin 1994, for example, Tokyo re- 
hictantly agreed, under enormous U.S. 
p re ss ure , to deregulate its cellular-tele- 
phone industry. The result was that the 
number of handse ts increased more 
than 10-fold and cellular operators in- 
vested $13 billion in new systems. 

Enthusiasts argue fear if Japan 
could muster the political will to ad- 
dress its bad-loan problems instead of 
letting them fester, if it could dereg- 
ulate transportation, retailing, finance, 
a g ric ultur e and pharmaceuticals and 
other industries, the result would be a 
burst of energy that would revitalize 
Japan and stimulate all of Asia. 

To be sure, Mr. Hashimoto has 
pledged to achieve far-reaching eco- 
nomic and governmental reforms or 
else “burn up in flame s" trying, and 
he is presiding over preparations for a 
“Big Bang” that would introduce 
greater competition into finance. But 
the pattern repeatedly has been that 
far-reaching deregulation is {apposed, 
debated, opposed by entrenched in- 
terests and men emasculated by Mr. 
Hashimoto’s colleagues in the gov- 
erning Liberal Democratic Party. 

That has frustrated foreigners and 
Japanese alike. 

“With Japanese politics, people 
will very often say they’re going to do 
it, but it takes a long time before they 
reach a final conclusion,” said 
Minoru Makihara, [resident of Mit- 
subishi Carp. “However, I think time 
and speed is of the essence.” 

Mr. Hashimoto is reluctant to stim- 

Sec Friday’s Interuarbet 

lor Holidays s ihvd, Residential 
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ads work 

shimoto in a telephone con- 
versation that he “was 
greatly encouraged by the 
steps tite Japanese axe taking: 
One, to use public funds to 
restore' depositors' confi- 
dence and, two, to recognize 
fee importance of demand- 
led economic growth through 
the stimulus package that fee 
prime rtiinirrt ei- -has cour- 
ageously put forward. ’ ’ 

“We believe that the finan- 
cial package will be good for 
the people of Japan and good 
for fee regional economy of 
Asia,’ ’ Mr. McCany added. 

Treasury Secretary Robert 
Rabin also praised the tax cut, 
saying, “We welcome fee 
policy actions announced by 
Prime Minister Hashimoto to 
strengthen domestic demand, 
including a two trillion yen 
cat in personal income 

The Japanese stock market, 
a barometer of confidence in 
fee government’s handling of 
the nation’s economic trou- 
ble, soared on Mr. Hashimo- 
to’s statement. The bench- 
mark Nikkei 225-stock 
average closed up 3.48 per- 
cent, at 16541.06. 

Mr. Hashimoto appears to 
have made a gamble that by 
doing exactly what his critics 
have been na g gin g him to do 
since late this summer, when 
fee frail Japanese economy 
took a turn for the worse, he 
could stun them into silence. 

Private economists estimat- 
ed, however, feat rare than 
half of fee income tax cut 
would find its way into savings 
accounts, not cash registers, 
and Mr. Sakakibara himself 
said that at least some of the 
money would be saved. 

In 1994, when the govern- 
ment cut taxes permanently 
and instituted additional tax 
rebates, fee savings rates 
jumped 14 percent after hav- 
ing been flat for the previous 
three years. Mr. Hashimoto 
made it clear that the tax cut 
announced Wednesday was 
for one year only. 

The cut would add roughly 
38,000 yen to a taxpayer's cof- 
fers, bat only in June of 1998, 
curtailing any immediate ben- 
efit to the economy from in- 
creased consumer demand. 


Group Opposes 7th Suharto Term 

Retired Politicians and Generals Say President Is Cause of Crisis 

produce a torrent of imports in the 
United States just as there are signs 

United States just as there are signs 
that fee U.S. consensus in favor of 
free trade may be eroding. 

‘Tm hopeful we will not have a 
repetition of the 1920s and 1930s, 
Smoot-Hawley and the beggar-fey- 
neighbor trade policies, but human 
beings are imperfect*” said Michael 
Oksenberg, an Asia expert at Stanford 

One of the central ironies is that 
Japan has long yearned for a larger 
role in Asia. Thus, this should be its 
big moment, an occasion when it 
could win Asia’s gratitude for res- 
cuing fee region from economic tur- 
moil But instead, it is too mired in its 
own problems to be of much help. 

“Japanese people are worried 
abont Asia, but they are more worried 
about Japan itself,” said Yoshihide 
Soeya, a scholar of international re- 
lations at Keio University in Tokyo. 
“Instead of helping Asia oat, Japan 
itself wants to be helped out.” 

Mf. Hashimoto recently expressed 
the nation’s mood when he announced 
that Japan was “certainly not arrogant 
enough to think that we can take the 
role of locomotive for Asia.” 

The result is dial Japan's role in the 
Asia crisis has been largely as banker 
and follower, taking the roles assigned 
by fee U.S. Treasury Department. Ja- 
pan put up $10 billion for fee South 
Kforeanrescttepackage, twice as much 
as the United States, bnt the rescue 
was orchestrated from Washington. 

“There’s an increasing tendency to 
lode to die U.S. and the IMF as fee 
savior, rather than to Japan,” said 
Muthiah Alagappa, a specialist on 
Southeast Asia at fee East-West Cen- 
ter in Hawaii. 


est- serving head of state, 
he call by the Petition 50 g 

with news fear President Suharto, who is The dissident group not 
seeking a seventh consecutive term next Suharto took office, he hac 
March, plans to return to work Thursday, cratic reform to correct mis 
ending a two-' week rest at home. predecessor. President Suka 

In a letter to the People's Consultative Indonesia in 1945 and rulct 
A ssem bly, the group said that Indonesia’s turmoil in the mid-1960s. 
financial crisis was a consequence of bigger “But in fact, the people^; 
social, economic and political problems ignored,” the group said. ” r 
brought on by Mr. Suharto’s government. in .an authoritarian way 1 
The group said the nation was experiencing political and social control, 
“the crisis of morality and life, fee crisis of its Doubts have lingered ab 

existence as a nation.” health. He was last seen in pi 

improve democracy in Indonesia by chang: 
regulations fear tightly control die politi 

57 Refugees of Coup 
Return to Cambodia 

PHNOM PENH — A group Ot 57 polit- 
ical refugees who fled Cambodia after a 
coup more than five months ago returned to 
Phnom Penh on Wednesday escorted by 
United Nations officials. 

It was the largest single group of political 
exiles to return since Hun Sen, the co-prime 
minister, deposed his fanner coalition gov- 
ernment partner, Prince Norodom Ranar- 

tions on China’s Jiangsu Yongli Chemical 
Engineering & Technology Import/Export 
Corp. and its parent company, Nanjing 
Chemical Industries Group, accusing them 
of transferring chemical weapon compon- 
ents to Iran. (Rearers) 

Pakistan Airlines Aide 
Is Slain in Karachi 

Abont 75 refi 

KARACHI, Pakistan — Unidentified 
gunmen shot and killed a senior official of 
Pakistan International Airlines here Wed- 

About 75 refugees had been expected to 
return, bnt nearly 20 changed their minds 
over concerns for their personal safety. 

“I am still a little bit frightened,” said 
Keou Saosyla, a member of the opposition 
Khmer Nation Parly, after flying into fee 
capital's Pochentong Airport. 

^ ‘But I decided I bad to come back home 

nesday, the police said. 
They said the airline 1 

to see my family and cany on working in 
the KNP,” she said. The Nation Party, led 

the KNP,” she said- The Nation Party, led 
by Sam Rainsy, is allied to Prince Ranar- 
iddh’s royalist party. (Reuters) 

Beijing Tightens Curbs 
On Chemical Weapons 

They said the airline’s general manager 
for sports, Hasan Musa, was killed in the 
parking area of the airline's Sports Com- 
plex in this port city. A police official said 
no clues as to the reason for the killing had 
been discovered yet 
More than 400 people have been killed 
this year in political and sectarian violence 
in Karachi, compared to 500 in 1996 and 
more than 2,000 in 1995. They include four 
American oil company employees killed in 
a daylight ambush in November. (Reuters) 

BEIJING — China, eager to refute al- 
legations that it contributed to chemical 
weapons proliferation, said Wednesday it 
had issued rules to tighten controls on fee 
import and export of chemical weapon- 
related materials. 

The Ministry of Chemical Industry, the 
Foreign Ministry, the Foreign Trade Min- 
istry and the customs service have issued a 
joint circular boosting controls on trade of 
raw materials that can be used to make 
chemical weapons, the China Chemical In- 
dustry News said. 

The circular stipulates that imports and 
exports, of chemical weapons -related mate- 
rials should be exclusively handled bv firms 

Heat and Winds Fan 
Fires Near Sydney 

should be exclusively handled by firms 


SYDNEY — Thick smoke and smog 
blanketed Sydney on Wednesday and fire- 
fighters were placed on alert as high tem- 
peratures and strong winds fanned brush- 
fires in four states across Australia. 

A smoke haze descended on Sydney 
shortly after midday Wednesday as fire 
fighters battled to control several outbreaks 
near the Blue Mountains on the city’s west- 
ern outskirts. 

“Fire fighters are preparing for an ex- 
wemely d iffi cult afternoon in the face of 
increasing temperatures, strong winds and 
very low humidity,” fee New South Wales 
Rural Fire Service said. 

Police said about 20 families had been 
evacuated from Nanai, southwest of 
Sydney, as one fire neared it ( Reuters ) 

UN to Press Burma on Democracy 

After Meeting Head of Ruling Council, Annan Plans to Send Enwy 

Reuters mnerarv rtam Annn e _ . . _ 

KUALA LUMPUR - A A “S s «Sau ™ inio Burma for a 

United Nations envoy will go But Mr. Annan said Gen- AsLri h* «« 


SSa^SilM ^^oSShasbeenes- 

Annan said Wednesday. ’ ' tablished.” Mr Anna« « Nations. We are 

The announcement was But he added that General hkL S ^ 1 °H H 1 W ^v! 
greetedby the country’s main Than Sh^d fee 

opposition, fee National mem had made atteSTo Sff? 12? 10 “AS 
League for Democracy party mend all the conflfote^ShL and ftoe ' 

as very good news.” and also initio discussS , T ^ 

Mr. Annan said he had met with Aung San Sun Kin.” rw? Nanona J League 

General Than Shwe, chair- AnnanS ^ ^^yaOTlaudedthede- 

man of Burma’s State Peace The former ruling w 2? 011 t0 “ camy-m 
and Development Council, Law and Order bu - Mr ' 

dimnjg a feree-day informal Council rcconstimS^etf s caution, 

meetogoffee Association of last month as the Stated 15 s “ W S'** 1 news ‘ 

-o - •MiuiuMu v^uuncu reconstituted iiwif ■.'m,- . 

MMpfiheAssociatioaof last month as the State iSSf w. J ^ * ood ne * S ‘ 
Southeast Asian Nations, and Development regard ^ ** a progres- 

which ended in Kuala Lam- a eovemmen^nachuffi^ m sive S *®P makes us see 
mw rt n t r . ?°X? rm ? ent . reshuffle re- some lisht ” * 

which ended inKuak W 7 m sive ste P ■*» makes^ uTsee 
puronTuesday. flight,” a member of fee 

At a press conference after corrupt masters nxmng 001 SMd by telephone from 
his four-day visit to fee “But if you ‘talk ahont- *fE° n - 

Malaysian capital, Mr. A man democratization, then rw P 0 *? in 

said GeneralThan ShwJhad should be frcTandSr 1988 after crushing a nation- 
told him that Burma was lions.” Mr Arman said *® CC ’ Wlde u P nsi ”g- Tbe military 
moving toward danocratiz- Asked if he was convinr^H | ove mm«it allowed elec- 

8XlO£L And that fhft rnlmrr 9 > ltn* J. .• . . “CCd tions in 1 that ran* uiffl) 

ation’;7ind that^T^ 

^ *2? ? initiate genuinely 
fesraissions wife fee demo- ^ 

crane activist and Ie 

g j nay m 

Burma, Mr. Annan said: ‘ ‘It’s 

government allowed elec- 
tions in 1990 that were won 
overwhelmingly by fee Na- 
tional League for Democracy. 
But the former ruling body 

oatic activist and lead* r of really ouite difficult «nL„ S ** former ralin 
the National League f^De- we hairenotbeen Sl?to^nd “ recognize 

the re- 

Sndi/Th. AMoroml hrt. 

President Suharto, right, and an aide inspecting one of the presidents motoreydes. 

The Associated Pnss system and by not electing Mr. Suharto for the 

JAKARTA — A dissident group erf former 1998-2003 presidential term, 
cabinet ministers, onetime politicians and re- The assembly is expected to elect Mr. 
tired generals has urged Indonesian law- Suharto unopposed. 

makers not to re-elect Asia’s oldest and The 76-year-old retired army general came 

ngest-serving head of state. to power after he crushed an unsuccessful 

The call by the Petition 50 group coincided Communist coup in 1965. • ‘ 

ith news fear President Suharto, who is The dissident group noted that when Mr. 
eking a seventh consecutive term next Suharto took office, he had promised demo- 
arch, plans to return to work Thursday, cratic reform to correct mistakes made by his 
iding a two- week rest at home. predecessor. President Sukarno, who founded 

In a letter to the People's Consultative Indonesia in 1945 and ruled until it sank into . 
isemWy, the group said that Indonesia's turmoil in the mid-1960s. 
iflivrifli crisis was a consequence of bigger “But in fact, the people’s sovereignty was 
rial, economic and political problems ignored,” the group said. “The nation is ruled 
ought on by Mr. Suharto’s government. in .an authoritarian way without effective 
The group said the nation was experiencing political and social control.” 
he ensis of morality and life, fee crisis of its Doubts have lingered about Mr. Suharto's 

istenceas a nation.” health. He was last seen in public Dec. 3, when 

It said the 1,000-member assembly could doctors ordered him to rest after a long over- 
iprove democracy in Indonesia by changing seas trip. IBs Thursday program includes a 
eolatio ns that ti ghtly control tire political military cadet graduation ceremony. 



* ■' ‘ ’’ 







f Banker Pondering 
A Czech Cabinet 

Tosovsky Takes Klaus’s Place 

« ' Reuters 

- PRAGUE — President 
tVaclav tfavel officially named 
ibe central bank governor, 
Josef Tosovsky, as prime min- 
ister Wednesday, talcing over 
■from Vaclav Klaus, who 
■resigned amid a party funding 
Scandal on Nov. 30. 

and the smaller Civic Demo- 
cratic Alliance party, said Jiri 
Pehe, an adviser to Mr. HaveL 
It was not clear, Mr. Pehe 
said, whether Mr. Klaus’s 
party, the Civic Democratic 
Party, would take a role. 

Mr. Klaus, an ardent free-. 

1 °°^ l marketeer who was re-elected 

Medek, chancellor of chairman of his party Iasi 
Mr. Havel's office, made the weekend, said “wi 

Suharto Ten 

4 '*'***"•' .. 

I ' flu. 


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f in * 

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\ tfSf V!!'-' 1 ’ 

ftta on 

wr'»! Vi;:c ' 

A. ir ' • 
’• ’~’ T 


i. iFi ■p5s\J er 

Announcement at Prague 
Castle, where Mr. Tosovsky 
•took the oath of office. 

Z Mr. Tosovsky said at a 
yews conference after the cer- 
emony that his new govem- 

Jhent “ ‘ wiljnot be formed be- before committing himself to 

•fore New Year's Eve.'* 

II Mr. Tosovsky said the 
^economy and Czech member- 
ship bids to the European Un- 
ion and the North Atlantic 
Treaty Organization would 

be priorities for his admin- not clear. 

■ A Figure of Stability 

Jane Perfez of The Ne yr 
York Times reported earlier 
front Prague: 

President Havel suggested 
that Mr. Tosovsky, who has a 
high profile and has headed 
•the central bank through the 
entire post-Communist peri- 

He must deal with the 
shattered image of the Czech 
Republic as the miracle econ- 
omy of Central Europe. Eco- 
nomic growth this year, ac- 
cording to the Czech 
Statistical Office, will be 1.1 
percent, compared with about 
6 percent for Poland. 

Mr. Klaus’s privatization 
program failed to restructure 
state companies as he had 

od, could bring much-needed promised and left many small 
stability to the roiling polit- investors unhappy. In the 

.icaJ situation. spring, the sluggish economic 

; Mr. Havel stressed Tues- growth and rising trade def- 
ray that as a nonpartisan tech- icit caused investors to lose 
nocrat. Mr. T osovsky . 47. had faith in the reforms, causing a 
the support of the three parties sharp fall in the currency. 

■in the current center-right co- Foreign investors have 
alition government, and of the complained about insider 
opposition Social Democratic trading on the Prague stock 
.party as well. exchange. 

But Mr. Havel also indi- Because there has been so 
cared that Mr. Tosovsky much unease about the meth 
would be a caretaker, many ods of privatization and a 
politicians here expect parlia- growing popular perception 
memory elections to he culled that the process allowed un- 
;bv the middle of next year. scrupulous company man- 
11 The appointment of Mr. agers to get rich, politicians 
“Tosovsky was well received said Tuesday that' future pro- 
-by economists and investors, posals would be put on hold 
I “He is a better choice than a until new elections, 
lot of the other possibilities Mr. Tosovsky must also 
because he has credibility, in- guide the country’s negoti- 
dependence and a crack re- ations wirh NATO and the 
cord.” said Gabor Bognar. an EU. In both cases, the Czechs 
■ economist at Goldman, Sachs have had some difficulties, 
in London who specializes in Along with Poland and Hun- 
Central Europe. gary, the Czech Republic has 

1 n the cooling days. Mr.. . teen jnvitedip join NATO but 
Tosovsky will' pul' togechtr a*' mrP«TS|orfflias fcrinefiedifie’ 
cabinet fromnoapanisart fig-* Czecjf ■pclefise Ministry for 
ures as welf aS pollriaanr failing to titter sdmi tiftte 
from the Christian Democrats early criteria form&nbershq}: 


A Camera for Mir Goes Awry 

MOSCOW — The crew aboard Mir aborted an experiment 
Wednesday involving a new, powerful camera when the 
device failed to respond to commands after it was released 
from the Russian space station, officials said. 

The Inspector, a one-meter robot equipped with a higb- 
rcsolution camera, was still floating near the Mir, but was not 
in danger of colliding with the spacecraft, said Vera Med- 
vedkova. spokeswoman at Russia’s Mission Control. 

Mir’s crew planned to try to maneuver the Inspector to 
pinpoint the problem, but the odds of success were considered 
quite low. Miss Medvedkova said. 

The robot never managed to orient itself properly after its 
release and ground controllers decided to call off the experiment 
after several hours of trying to Fix the problem, she added. 

after several hours of trying 10 Fix the problem, she added. 

The Inspector, created by German and Russian companies 
' was intended to spend two days raking pictures of the station's 
exterior. (AP) 

Nazi Gold Found at Swedish Bank 

STOCKHOLM — The Swedish central bank held on to 

■ about a metric ion of sold that may have been looted by the 
Nazis during the German occupation of the Netherlands, a 
bank-appointed commission said Wednesday. 

The discovery of the gold came in the commission s nearly 
yearlong investigation of neutral Sweden s financial dealings 
. with Germany during World War IL 

After the war. Sweden returned six metric tons ot gold to the 
: Netherlands and 7.2 metric tons to Belgium. The gold, which 
1 Sweden had received front Nazi Germany s Reichsbank. was 

■ believed to have teen taken from those countries central 
’. banks. 

The commission said Wednesday that there was no ev 
idence dial any of ihe gold acquired by S weden from Germany 
came from from victims of the Nazis death camps. 

The newlv discovered gold bears the same-kind of markings 
as gold bars of Dutch origin that were made from smelted gold 
coins, the investigation said. _ , . , - 

It also said it turned up 0.6 meinc tons of gold of un 

. determined origin. ( 

Yeltsin Ready to Leave Hospital 

MOSCOW — President Boris Yeltsin is on schedule to 
leave a sanitarium outside Moscow by the start of next week, 
the Kremlin said Wednesday. He has been recovenng from a 

cold and viral infection. , pm , n rii _ 

Sergei Yastrzhembsky. the presidential spokesman, dis- 
missed suggestions that the government was Mwg &e jWjh 
about Mr. Yeltsin’s health, saying he still g*®* 1 
Barvikha sanatorium after 10 to 12 days. He has been there a 

W “His state of health is satisfactory,” Mr. Yastrzhembsky 
said’^edte!^ the rime tote of JO to 1 2 ^ysontte 
day the president went to Barvtkha. No other period ■ tas »» 

Turks Creating New Islamic Party 

ANKARA - Islamists in Turkey created a nmv party « 
wSnSdavin anticipation that a court here will ban their 
Welfare Party, led bv former Prime Minister Necmemn 

-a 34 fcunde« 

Party dad, submitted a 10 me lT " cnOT 

com tended that Mr. 

be dissolved for ‘ ’ undermining the state. . tarri 

. ' 'A 

weekend, said, “We are 
ready to negotiate.” 

But Mr. Klaus, who ap- 
pears to be preparing himself 
as a candidate for .elections 
next year, said he wanted to 
hear Mr. Tosovsky 's program 

A History Lesson 

German Defense Chief Visits Unit 
Tainted by Neo-Nazi Scandal 

The AsMUicd Press 

SCHNEEBERG. Germany — Defense Minister VoUGer 
Ruehe, addressing concern over neo-Nazis in the German 
military, paid a visit Wednesday to the unit in Eastern Ger- 
many that touched off the scandal. 

Several members of the 571st Mountain Infantry Battalion 
in Schneeberg were suspended earlier this year after home 
videos surfaced showing soldiers giving the Nazi salute and 
acting out rapes and murders. 

The videos, which surfaced in July and October, also 
showed soldiers talking about killing Jews. 

Mr. Ruehe' s trip comes a day after opposition lawmakers in 
Bonn announced a formal inquiry next month inro how 

widespread rightist activity in the miliiaxy is. 

The string of recent reports on neo-Nazi incidents in the 
armed forces also included one that forced the military to admit 
that Manfred Roeder. a convicted neo-Nazi terrorist, had been 
invited to speak at an officers' academy in Hamburg in 1995. 

Troops at Schneeberg. near the Czech border, about 170 
kilometers (100 miles) southwest of Berlin, had prepared 
military' drills for Mr. Ruehe ’s visit. 

The commander. Lieutenant Colonel Wolfgang SchrauL 
briefed Mr. Ruehe on changes in the unit, including how soldiers 

the new government. 

Mr.' Tosovsky lakes over at 
a critical time, but how much 
he will be able to accomplish 
in a limited time and as an 
appointed prime minister is 

are being taught to identify and prevent rightist activity. 
All of the unit’s troops are now requirro to attend cla 

Defense Minister Ruehe, right, talking to German soldiers Wednesday during a visit to the Schneeberg barracks. 

All of the unit’s troops are now required to attend classes in 
German history. They leant of atrocities during the Nazi era 
and how the government works in the new democratic Ger- 
many. Captain Peter Puhlmann said. 

Mr. Ruehe has promised to take all necessary measures to 
weed out rightists, including stricter officer supervision of 
troop activities. 




Iranian Paper Says U.S. 
Remains 6 No.l Enemy 9 

Russia’s Word to NATO: 

Media Reaction to Clinton’s Overture Is Mixed 


TEHRAN — The United States is 
still Iran's No- 1 enemy, an Iranian 

newspaper said Wednesday in a com- 
mentary on moves toward rapproche- 

mentary on moves toward rapproche- 
ment between the estranged former al- 

The hard-line reaction came two days 
after President Bill Clinton’s offer of an 
“honest" discussion with Tehran, a re- 
sponse to President Mohammed 
Khatami ’s earlier expression of hope for 
"a thoughtful dialogue with the Amer- 
ican people.” 

Some Iranian commentators said 
that it remained up to the American 
leader to make the first move toward 
better ties. Reaction to Mr. Clinton’s 
statement, prominent Wednesday in 
the Iranian press, was generally 

One daily said there were no grounds 
for an improvement in relations, while 
an English-language newspaper said 
Washington was neither sincere nor se- 

State-run radio and television report- 
ed Mr. Clinton’s offer without com- 


The Persian- language daily Jomhuri 
Eslami said a While House spokesman 
considered Mr. Khatami’s remarks a 
green light from Tehran, but stressed 
that Washington had preconditions for 

1 ’This is not the first time that Amer- 
ica pretends to have the initiative in this 
issue, while the truth is something 
else,” it said,” and the harder it tries to 
hold direct or indirect talks with Iran, 
the less successful it is." 

In an editorial entitled "America Is 
Still Iranian Nation's No. 1 Enemy,” 
the newspaper said, “Americais not in a 
superior position and cannot dictate to 

other nations what they should do and 
how they should choose their friends 
and foes. Put explicitly, there are no 
grounds for the improvement of re la-' 
tJons with America, and Ir anian au- 
thorities as a whole have a unified 
stance in confronting the all-out hos- 
tility of America toward Iran.” 

The English daily Kayhan Interna- 
tional, in a commentary headed ‘ ’Much 
Ado Over Nothing," said that Mr. 
Khatami’s offer was neither a new pro- 
posal nor a change of policy on the part 
of the Islamic republic. It said Mr. Clin- 
ton's reiteration of anti-Iran rhetoric 
meant that Washington was not sin- 

‘ ’If Clinton is stating the truth that he 
likes nodiing better than to have a dia- 
logue with Iran, then it is up to him. to 
take that initiative,” it said. “He should 
prove Washington’s sincerity and se- 
riousness by accepting Tehran’s re- 
peated demand that the U.S. must re- 
lease billions of dollars in assets which 
remain frozen in the U.S. banks since 
about two decades. ” 

The Tehran Times said American 
officials should bear in mind that if 
Iran decided to hold talks with the 
United States, it would not be without 
preconditions. Because "the ball is in 
reality in their court,” it said, Amer- 
icans "must in the first instance stop 
its nonsensical accusations against 

“As a sign of goodwill,' ’ it said, “the 
Clinton administration should release 
Iran’s frozen assets blockaded in Amer- 
ican banks since 1979.” 

The newspaper added that the Clinton 
ad minis tration "should also try to rec- 
ognize the values of the Islamic rev- 
olution instead of confronting Iran 

No Use of Force on Iraq 

By Craig R. Whitney. 

IVn* York times Service 

Ttaoiy CbadinTTbc AiMut j Pmrf 

Foreign Minister Knut Vollebaek of Norway chatting with Secretary of 
State Madeleine Albright on Wednesday at the NATO talks in Brussels. 

BRUSSELS —Foreign Minister Yev- 
geni Primakov of Russia told die United 
States and other NATO foreign ministers 
’here Wednesday that Russia remained 
opposed to the use of force to get Iraq to 
permit- frill international- inspection of 
suspected storage sites for biological and 
chemical weapons stockpiles. 

But, in his second meeting with North. 
Atlantic Treaty Organization foreign 
minis ters since the alliance set ujj a 
per manent joint council to allay Russian 
concerns about its expansion into Cen- 
tral Europe. Mr. Primakov assured the 
aiUftg that' Russia would continue-- to 
contribute to the. NATO peacekeeping 
force in. Bosnia i£ -.the allies extend its 
mandate beyond next June. 

Mr. Primakov . met privately with 
Secretary of State Madeleine Albright 
here Wednesday morning before die 
larger meeting with NATO ministers, 
whom she urged to think about a NATO 
strategy for dealing with countries like 
Iraq that acquire weapons of mass de- 
struction. - 

Speaking of Richard Butler, chief of 
the United Nations special commission 
that is seeking access to suspected 
weapons storage sites in Iraq, Mrs. Al- 
. bright told Me. Primakov ana the allies. 
Wednesday: “Ambassador Butler’s 
latest trip to Baghdad demonstrated that 
UN inspectors still do not have com- 
plete, unimpeded and unconditional ac- 
cess- to many sites in Iraq. We must 
persist in diplomatic efforts to secure 
Iraqi ' compliance, without ruling out 
other options if diplomacy fails.” 

Mr. Primakov said after the meeting: 

4 4 We are against the use of force. I think 
in this regard, we have in the world an 
overwhelming majority with us. At the 

same time, we feel, that Iraq" must deal 
constructively with the sp«ial commis- 

S1 °Mr. Butler returned to New York on 
Tuesday, after a trip to Iraq that did not P 
succeed in getting President Saddam £ 
Hussein to budge on the issue, of pep- * 
mining inspections in _ presidential t 
palaces suspected of biding .weapons 
storage or development sites.- ' 

‘ “His attitude is negativistic,” Mr.. 
Primakov said, referring to Mr. Butler* 
but he urged Iraq to work more con- 
structively with the commission and 
said that monitoring of Iraqi weapons 
.sites should continue even after -.the ^ 
commission finished its 1 work. Mr. Pri- ^ 
makov said it should be completed soon % 
so that economic sanctions against Iraq ». 
could be lifted. ' - - : _ 

Mr. Primakov* though still strongly & 
opposed to NATO’s- plan to admit Po- 
land, Hungary and the Czech Republic 
in 1999, seemed as pleased as Mrs.* 
Albright said she was with the contacts 
between Russia and the alliance. 

And on the peacekeeping force in 
Bosnia, where about - 1,500 Russian 
■troops are ' serving alongside 8,000 
Amer icans and 25,000 soldiers from 34 
other countries, Mr. Primakov , said, 

4 ‘Should there be a continuation of the 
force, Russia will be there.” 

Allied foreign ministers have asked 
NATO military experts to draw' up four 
options for a continuation of the peace- 
keeping force beyond June, when its > 
current mandate expires. >r. 

Some of the European allies, includ- 
ing Germany, have suggested that the 
force could be cut back from its current 

level as more peacekeeping duties ► are; 
mmgH over to international civilian t 
agencies. But the United States is lean- L 
ing toward keeping it close to 34,000 
troops, according to American officials. ~ 

Utter refinement of • 
proportion and finish gives foe _ 
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'urkey Raises the EU Stakes 

ikara Threatens to Pull Its Spumed Membership Bid 

CvmytM hr OwSa&Frmt Dispa*-hri 

ANKARA — Prime Minister Mesut YLI-. 
maz said Wednesday that Turkey would with- 
draw its bid to join the European Union if the 
group did not include it in a list of candidates 
'or membership, the stale-run Anatolian 
Vews Agency said. 

“Prime Minister Yilraaz announced that 
Turkey would withdraw its full membership 
>id by June if the EU does not change its 
josition.” Anatolian reported Mr. Yilmaz as 
paying during a fuel stop in Brussels en route 
of an official visit totheUniletTStaies. 

Mr. Yilmaz was quoted as telling reporters 
hatanEU summit meetingincluding. Turkey 
nnst be held by June to avoid (he withdrawal 
jf Ankara’s application, first put- forward in 
1963. , ' 

He vowed Sunday to freeze ties with the 
SU, speaking after an emergency cabinet 
meeting to discuss the Union’s decision over 
he weekend at its Luxembourg summit meet- 
ing to exclude Turkey from its formal list of 
1 1 future members. 

“We.will not change our position until we 
ire put in a basket with the 1 1 countries.” Mr. 
Yilmaz warned. 

The prime minister’s departure comes a 
y after President Bill Clinton appealed for 
urkey to be * ‘anchored to the West," amid a 
titter dispute between Ankara and the Euro- 
lan Union over Cyprus’s future entry into 
e Union. 

Before leaving. Mr. Yilmaz said, "Turk- 
sh-American cooperation is of major im- 
jortance to the peace and stability of the 
gion surrounding Turkey." 

As well as holding talks Friday in Wash- 
gton with Mr. Clinton. Mr. Yilmaz will 
eet with Vice President A1 Gore, Secretary 

of State Madeleine Albright, Defense Sec- 
retary William Cohen and Energy Secretary 
Federico Penal 

The leaders of the 15 -nation EU announced 
Saturday that they were inviting five East and 
Central European countries, plus Cyprus, to 
start membership talks early next year. 

A further five countries would join formal 

membership talks later. 

Turkey was not included in either group but 1 
was invited to join a special European Con- , 
Terence on enlargement. 

— But Ankarahas turned that invitation downr 
saying it deserves more and is being dis- 
criminated- against. • j 

-Mr, Yilmaz was particularly incensed by a 
series of conditions, from human rights re- ■ 
forms to improved relations with its longtime 
rival, Greece, that were- attached to the in- ' 
vitation to the EU enlaigement conference. 

The Luxembourg meeting's outcome was a - 
source of disappointment to Mr. Yilmaz and 
his secularist political allies who see EU ■ 
membership as a guarantee of Turkey's West- , 
em vocation. 

The European Union tried Wednesday to < 
reassure Turkey that it has a place in Europe. , 
but remained unrepentant over conditions set . 
by EU leaders for full membership nego- 

"We did not want to say 4 no' to Turkey,” : 
Prime Minister Jean-Claude Juncker of Lux - 1 
embourg told the European Parliament, re- 
porting on the meeting last week. < 

“We consider that Turkey is a great Euro- j 
pean nation and the place of Turkey is within 
the European family,” he said. “But I would » 
like ourTurkish friends to understand we are , 
not a club of Christians but a club with cer tain - 
rules.' ’ ( Reuters , AFP) * 

[ustralians Draw Up Battle Lines l 
her Land Rights for Aborigines 

finis hed movement, as inimitable and 

ly Clyde H. Farnsworth 

Mw York Times Service 

inventive today as two hundred years 

The celebrated “pomme" 
bands in blued steel are now 

ago. Wear it with pride, you have chosen 
an exceptional watch. 

bands. Created in 1783 by Abrabam-Louis Breguet, 

Totally Swiss today, 

SYDNEY — The 21- 
nonth-old government of 
Mme Minister John. Howard 
las set itself on a collision 
course, with Aboriginal 
>eoples over one of this coun- 
ty’s most visceral issues — 
and rights — opening the 
jrospect of new elections 

to talk tough on the land- 
rights issue. 

“We've decided our po- 
sition on the basis of what we 

t h i nk is right and what rep- 
resents a fair balance,” he 
said, “and we’re going to 
maintain that position come 
what may.” 

Opponents of the legisla- 
tion and Aboriginal leaders 
argue that fairness on the land 
issue should not be achieved 
at the expense of Aborigines' 
newly recognized rights. 

Other Austr alians are wor- 
ried about the implications 
not only for national unity but 
also for the country’s repu- 
tation abroad before the 2000 
Olympics in Sydney and the 
2001 centenary of the Aus- 
tralian federation. 

lext year. 

_ Mr. Howard’s conserva- 
ive-leaning coalition, which 
raws its support largely from 
vhite ranching, mining and 
justness interests, wants to 
edress what it says are im- 
balances favoring the Abori- 
gines after two landmark Su- 
preme Court cases. 

The two cases, one in 1992 
md the other in 1996, rec- 
ognized Aboriginal property 
igbts and decreed that those 
hes could even exist on pas- 
al leaseholds. 

The government has 

from Perth in Western A us- 
tralia, has urged Aboriginal t .- 
athletes to boycott the ^ 
Olympic games. *■; 

The ill feelings have con- 
tributed to reports of possible 
violence and arms buying in.*- 
some of tiie country ’s hot, dry 
interior areas. While Abori- -„ 
Jpnes constitute 2 percent of?n 
Australia's overall popula- M f 
tion of 18.5 million, they are a £ 
majority in many interior 


De-Anne Kelly, a coalition , 
member of Parliament, from lt . 

Queensland, says ranchers, or 
pasroraiists as they are called 

here, are buying assault rifles , , 
and other illegal weapons -in ■ 

One Aboriginal group, the 
Nyungah Circle of Elders, 

and other illegal weapons in 
case they feel the need to de- 
fend their isolated properties. 
There are also rumors mat the 
Aborigines are stockpiling 

ready passed legislation in 
e lower bouse of Parliament 
o take away these so-called 
lative title rights. 

In the upper house, where 
he coalition’s strength is 
rediluted, the bill has been 
ended in ways the govem- 
nent finds unacceptable, ere- 
5 the possibility that Mr. 
ward will dissolve Parlia- 
ment over the issue and call 
or a general election. 

While Mr. Howard has not 
bsolutely committed himself 
o such a move, he continues 

Jospin Backed on Ixnniigrants 


of dozens of deputies from rlu» 

lL A I i- the Com niuaist bloc of 36 deputies 

Si wht d h f,VC ^ ^ six Greens * SsSSiy 

***■ I&BJI 

h. i .***# 

!n « 

H she 

«> mum 

tin j i-. r 



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’ (I to \ r/ . 

>rte ,, n i 1 Europe Shivers 
f "l As Toll Climbs 

An Icy Blast From North to South 



li ;, Reuters 

LONDON — Ice and snow 
gripped much of Europe on 
Wednesday as the death toll 
from a vicious cold snap 

"... climbed. 

In Poland, where 15 people 
< have died from the frigid 
" V weather, temperatures 
plummeted to around 4 de- 
f grees Fahrenheit (minus 16 
■ ‘-’degrees centigrade!. 

“The victims are mainly 
■r . homeless, ” said a spokesman 
• . for the Warsaw police, Pawel 
' Biedziak, adding thai excess- 
ive alcohol consumption had 
also been blamed for some 
■ deaths. 

I - In Bucharest, seven frozen 
corpses were collected from 
the city streets on Tuesday. 
“We expect the number of 
dead to rise in the coming 
fe, days due to the bad weather," 

■ . . said Vladimir Belis, head of 
the city’s Forensic Institute. 

Rough seas, low visibility 
and high winds closed Ro- 
manian ports on the Black Sea 
and trapped two U.S. war- 
‘ ships taking part in a naval 
exercise. Power was cut to 
about 250 villages in the 
southern and eastern regions 
of the country. 

Motoring organizations 

across Europe urged drivers 
to leave their cars at home to 
prevent further weather-re- 
lated accidents and loss of 
life. Radio reports described 
roa ds in Luxembourg as 
“veritable skating rinks.” 

In London, the government 
was moving 60 homeless 
youths into one of the city’s 
grandest buildings. Admiralty 
Arch, located on Trafalgar 
Square. The youngsters will 
reportedly be allowed to stay 
there until March. 

Overnight snowfalls in 
southern England forced 
some schools to close and 
made the morning journey to 
work a misery for millions. 

“It’s an absolute night- 
mare,” said a spokesman for 
the Britain's Automobile As- 

In Spain, where two fatal 
road accidents Tuesday were 
blamed on the weather, the 
authorities issued warnings of 
heavy rain, high winds and 
possible floods. 

In southwestern Germany, 
a sudden worm front brought 
rain that fell on frozen 
ground, creating a sheet of ice 
that caused hundreds of 
traffic-related accidents, the 
police said. 



Tourists at the Eiffel Tower In Paris playing in the snow before it turned to slush later Wednesday. 

Bitter Cold Reminds Russians: It's Just Winter as Usual 

A.>|jrpr K- iif- r» 

By Alessandra Stanley 

New York Times Service 

Jit 1 \ i Stab 


I v , l:M 

MOSCOW — Vodka sales are up, primary 
schools are closed, most outdoor vendors and 
prostitutes have fled indoors, and even 
hardened Russian men have pulled down the 
flaps of their fur hats. 

It is bitterly, unseasonably cold in Mos- 

But after two of the coldest December 
nights on record, temperatures in Moscow 
rose to 14 degrees Fahrenheit (minus 10 cen- 
tigrade) on Wednesday and were expected to 
continue rising. 

Three people died of hypothermia Tuesday 
night and nearly 50 were hospitalized with 
hypothermia and frostbite in the capital. One 
death was also reported in the southern town 
of Yejsk. 

Five people died from the cold and 138 
were hospitalized Monday night, when, the 

temperature dropped to minus 26 Fahrenheit 
(minus 32 centigrade), the coldest temper- 
ature for that day since 1 882. The newspaper 
Komsomolskaya Pravda reported Tuesday 
that as many as 700 people were injured 
failing on icy sidewalks or being hit by falling 

Russians are reacting with their customary 
blend of personal fortitude and callousness. 

“What can we do about it?” Andrei 
Varchenya, a spokesman for Moscow’s may- 
or, Yuri Luzhkov, responded when asked 
about special measures the city was taking to 
cope with the severe temperatures. “Why 
should we do anything about it?” 

Mr. Varchenya did not seem too worried 
about the city’s growing numbers of home- 
less, estimated at about 300.000, who are most 
vulnerable to the freezing temperatures. 

“They should live in houses, not on the 
street,” he said to Reuters. “There is no 
reason to live on the street.” 

Those fortunate enough to have permanent 
shelter made a point of shrugging off the icy 
winds that kept the city's schoolchildren at 
home and drove many vendors who usually 
throng the outside of subway stations to skip 
work Tuesday. 

Larisa and Eduard Simeryuk, a couple who 
sell candy and cigarettes in a kiosk near the 
subway, showed up for work as usual, 
bundled in three layers of sweaters and 

Mrs. Simeiyuka wore a fur coat draped 
over her wool coat They took turns racing 
into the subway station to warm up. 

“It’s incredibly cold, but what can we do?” 
Mr. Simeryuk asked.“We have to earn 
money. Anyway, Russians are used to the 
cold. We’re bom with the ability to withstand 

Russian winters helped defeat Napoleon 
and Hitler, and Russians take enormous pride 
in enduring the cold. But the last few winters 

have in fact been unusually mild, and the past 
few days have been a chilling reminder of 
what an authentic Russian winter really 

Fires have broken out in Moscow, mostly 
caused by people burning wood in basements 
to stay warm. Fire fighters have been 
hampered by frozen hydrants. 

Some people actually did outdoor sight- 
seeing Tuesday. Vladimir Markov took his 
wife. Natalya, and their5-year-old son . Sasha, 
to the Kremlin Wall to watch the changing of 
the guard at the Tomb of the Unknown Sol- 
dier, a solemn ritual that was only recently 

"The temperature is perfectly normal for 
Russia," Mr. Markov said sternly. But even 
the honor guards got a special cold weather 
dispensation. Rounds usually change on the 
hour, but because of the cold, they were 
switched to half-hour duty. 

Nigeria Military Leader Falls III 

LOME — The Nigerian leader. General Sani Abacha, 
was absent because of illness when West African heads of 
state began a security summit meeting Wednesday, Pres- 
ident Gnassingbe Eyadema of Togo said. 

He announced General Abacha's condition at the start 
of the one-day meeting of the Economic Community' of 
West African States in the Togolese capital of Lome. 
General Abacha was due to lead the meeting. 

His explanation contradicted that of Foreign Minister 
Tom lltimi of Nigeria, who opened the meeting. He said 
that General Abacha had been unable to attend due to 
‘ ‘circumstances of state beyond his control.’ * {Reuters } 

UN Council Awaits Iraq Report 

UNITED NATIONS. New York — The Security 
Council prepared Wednesday to hear a briefing from the 
top UN weapons inspector, who had failed to secure total 
access for disarmament monitors in Baghdad. 

The chairman of UN Special Commission. Richard 
Butler, is to address ihe 15-mcmber council Thursday, 
after receiving a "categorical" refusal from Deputy 
Prime Minister Tariq Aziz on access to so-culled pres- 
idential sites in Iraq. 

Bui Western diplomats said Wednesday that the coun- 
cil was unlikely to take immediate action to force Bagh- 
dad to comply with UN resolutions providing for un- 
conditional and immediate access to all sites. (AFP) 

Mexico Frees Famed Prisoner 

MEXICO CITY — After nine tears in prison, the 
former boss of a notoriously corrupt union who became 
one of Mexico's most famous prisoners was freed Tues- 
day night after an intense campaign by human-rights 

Authorities gave no reason for their surprise decision to 
release Joaquin Hernandez Galicia, former leader of the 
powerful oil workers union. 

Mr. Hernandez Galicia. 75. was jailed in 1989 after he 
openly defied then-Prcsident Carlos Salinas de Gortari. 
He was sentenced to 13 years in prison for the shooting 
death of a federal agent sent to arrest him. But human 
rights groups maintain that the case was so full of 
irregularities that the charges appeared to have been 
trumped up. ( LAT ) 

Bogota Extradition Bill Signed 

BOGOTA — President Ernesto Samper has signed a 
bill that legalizes the extradition of Colombian citizens 
but contains loopholes to protect Cali cocaine cartel 
kingpins in Colombian prisons. 

Washington has strongly criticized the bill, which 
legislators passed Nov. 25. hecause it is not retroactive. 
That means convicted drug lords probably will never be 
tried in U.S. courts, where they face life sentences. ( AP ) 

For the Record 

An Air Canada jet skidded off a runway into a tree 
while landing late Tuesday in thick fog at Fredericton, 
New Brunswick, injuring 35 of the 42 people on board. 
Eight victims remained hospitalized Wednesday. (AP) 

No Party in Lima, but Did Japan Learn? 

By Calvin Sims 

New York Tunes Service 

TOKYO — There will be no party this 
year at the Japanese Embassy in Lima to 
i celebrate the birthday of Che emperor. 

, The Japanese government is taking no 
chances after Marxist guerrillas crashed 
last year's party and took hundreds of 
guests hostage in a standoff that lasted 
127 days. 

Japanese diplomatic missions in 
Bolivia and Eg)T>t t w here rebel groups 
are active, have also canceled receptions 
in honor the emperor, while Japanese 
embassies worldwide have beefed up 

But experts on terrorism and security 
say that Japan is no better prepared today 
to deal with terrorism than it was on Dec. 
17, 1996, when Tupac Amaru guerrillas 
seized the Lima embassy. Although Pe- 

ruvian commandos ultimately rescued 
the hostages and killed all 14 rebels, 
Japan continues to be seen as an easy 
target because of its history of giving in 
to hostage-takers and its inability to 
manage crises, the experts said. 

“Japan has shown itself woefully in- 
adequate to respond to hostage situations 
because the Japanese put themselves at 
the mercy of the aggressor, and they take 
too long to make decisions,” said John 
Neuffer, a political analyst for the Mitsu 
Marine Research Institute, an economic 
research center based in Tokyo. 

Indeed, Japan’s government has long 
been criticized for its slow, consensus-, 
based decision making, which often pro- 
duces tardy and ineffective responses to 
calamities from terrorism to natural dis- 

The typical response is to avoid farce 
and win the quick release of the captives, 

even if it means paying a heavy ransom. 

In Lima, the Japanese pushed for a 
peaceful solution, and there were wide- 
spread reports that they were prepared to 
ray millions of dollars in ransom. But 
President Alberto Fujimori ultimately 
sent in the commandos. 

“Unfortunately, the Peru hostage 
crisis did not change the Japanese ap- 
proach to terrorism," Mr. Neuffer said. 
“And unfortunately, it's still open sea- 
son on the Japanese abroad because 
there is this sense that they have a lot of 
cash and they are willing to fork it over to 
avoid violence.” 

But officials of Japan's Foreign Af- 
fairs Ministry say that the Peru incident 
brought about heavier security at em- 
bassies, increased communications with 
the intelligence agencies of other coun- 
tries, and better dissemination of se- 
curity information to travelers. 

I ft l 
« f or 



■ /.ir 

U.S. Judge Fines Cuba for Shooting Down Pilots 


C.mrtodb SwffFmm OUpMTtfs 

MIAMI — A U.S. District 
judge awarded the families of 
three Cuban -American pilots 
more than $187 million in 
damages Wednesday against 
the Cuban government over 
the deaths of the men, who 
were shot down by a Cuban 
jet fighter. 

Judge James King ruled 
against the Cuban govern- 
ment and the Cuban Air Force 
in a wrongful death lawsuit 
filed by the men's relatives, 
who had sought compensat- 
ory and punitive damages 
from Cuban assets frozen in 
the United States. 

The Cuban government de- 
clined to defend itself at the 
civil trial in Miami federal 

court, saying the U.S. court 
had no authority over it 

The civil suit was the first 
to go to trial under a 1996 
anti-terrorism law that aims 
to extend U.S. jurisdiction be- 
yond the country's borders 
for attacks on U.S. citizens. 

Four Miami men were shot 
down over international wa- 
ters by a Cuban MiG jet fight- 
er on Feb. 24, 1996. as they 
flew in two Cessna planes 
owned by the Brothers to the 
Rescue organization- They 
were searching for Cuban mi- 
grants at sea. 

Judge King said Cuba, “in 
outrageous contempt far in- 
ternational law and basic hu- 
man rights, murdered four hu- 
man beings in international air 

space. " Hie lawsuit was filed 
try the families of three of the 
victims, who were U.S. cit- 
izens. The fourth man's rela- 
tives were ineligible for in- 
clusion in the lawsuit because 
he was not a U.S. citizen. 

The families hope to col- 
lect from Cuban assets frozen 
by the U.S. government The 
judge ruled that the govern- 

ment of Cuba should pay 
S49.9 million in compensat- 
ory damages and its air force 
should pay $137.7 million in 
punitive damages, for a total 
of $187.6 million. 

Aaron Podhurst, the attor- 
ney who argued the case for 
the families, acknowledged 
that collecting will not be 
easy. (Reuters. AP) 

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Taiwan Shows the Way 

While economic meltdown in much 
of Asia has held the world's attention, a 
more positive development was less 
noticed. Taiwan ■ — one of Asia’s eco- 
nomic tigers, which, incidentally, has 
withstood this economic crisis very 
nicely — held elections on Nov. 29, 
and for the first time an opposition 
party emerged with most votes. 

Only local posts were at stake. But 
whoa you consider the youth of 
Taiwan’s democracy, this result rep- 
resents a remarkable achievement. It 
was only seven years ago that Hsu Hsin- 
liang was released from prison, where 
he had been held as an opposition politi- 
cian on charges of sedition; today be is 
chairman of the victorious Democratic 
Progressive Party. The consolidation 
and maturity of Taiwan’s democracy 
stand as a constant rebuttal to Beijing's 
contention that Chinese values and self- 
determination don’t mix. 

The opposition victory could have 
significance also for the most sensitive 
question of Taiwan's relations with the 
People's Republic of Chino, and of the 
U.S. role in the region. 

Beijing regards Taiwan as a rene- 
gade province. Most Taiwanese don’t 
see themselves that way; they are proud 
of what they have accomplished since 
1949, not only in democratic devel- 
opment but in culture and economy as 
welL Taiwan has only 21 million 
people but is the worid’s 14th trading 
nation, with $81 billion in reserves. 

The U.S. view, deferential to China, 
is that there is only one China, but that 
the two entities should resolve things 
peacefully. The United States is cer-. 
tainly opposed to China’s forcing a 
solution, but it also opposes any uni- 
lateral Taiwanese moves toward in- 
dependence that China would view as 
provocative and unacceptable. 

The recent elections were not about 
foreign policy but local issues: law and 
order, road-building, corruption. But 
the winning DPP is traditionally pro- 
independence, unlike the Jong-ruling 
Kuomintang. A year from now Taiwan 
will hold elections for national Par- 
liament, and in that case relations with 
China will be an issue. The Kuo- 
mintang will have advantages in that , 
contest that it did not enjoy two weeks 
ago; but the DPP. having won once, 
will be seen as a contender. 

That makes some Americans 
nervous. But it is significant that the 
DPP, as soon as it won the local elec- 
tions, began repositioning itself as an 
advocate for peace and stability. Mr. 
Hsu, visiting Washington last week, 
said his party’s pro-independence plat- 
form is interesting only as a historical 
relic; in power, he said, the DPP would 
safeguard the status quo. 

In so saying, he responds to political 
reality as consistently reflected is opin- 
ion polling. Taiwanese are deeply di- 
vided about their eventual goal — uni- 
fication with China or independence or 
something in between — mid no doubt 
their views depend in part on how 
China evolves. But an overwhelming 
majority favors neither outcome any 
time soon but rather a continuation of 
the current ill-defined situation. 

Polls also show, though, that most 
Taiwanese are eager for more inter- 
national recognition and for admission 
into those international organizations 
from which Beijing is constantly work- 
ing to exclude them. Those aspirations 
seem to us entirely understandable, to 
be viewed with sympathy and not as 
reckless provocations. Taiwan’s 
democratic development only deepens 
its claim on other nations’ respect 


Undemocratic Africans 

Madeleine Albright is usually a 
master of theatrical diplomacy, but she 
was rudely put off balance a few days 
ago by President Laurent Kabila of 
Congo. With Mrs. Albright at his side, 
Mr. Kabila brusquely dismissed a 
question about a man jailed for cir- 
culating opposition literature. Unhap- 
pily, the incident captured die tone of 
Mrs. Albright's uneven visit to seven 
countries in sub-Saharan Africa. 

Although the journey demonstrated 
American interest in the region, and 
Mrs. Albright broadly defended demo- 
cratic principles, she too often glossed 
over the abusive practices of leaders 
she met, most notably Mr. Kabila. 

As she properly acknowledged, die 
United States for decades shamelessly 
supported Mr. Kabila’s disastrous pre- 
decessor, Mobutu Sese Seko, as he 
drove a resource-rich economy to ruin. 
But such past policies are only com- 
pounded by Washington’s embrace of 
Mr. Kabila, whose externally suppor- 
ted rebel army chased Marshal Mobutu 
from power last May. Since then he has 
shoved aside opposition leaders, sty- 
mied UN human rights investigators 
and failed to deliver on his promises to 
end corruption. 

American diplomacy has also 

strongly supported President Yoweri 
Museveni in Uganda. Although an able 
economic reformer, Mr. Museveni 
seized power almost 12 years ago and 
insists on one-party rule. 

Washington backs the minority Tut- 
si military government dial took over 
Rwanda after the Hutu genocide in 
1994 but has done little since to pro- 
mote ethnic healing or majority rule. 

Mrs. Albright also visited Ethiopia, 
Angola, Zimbabwe and South Africa, 
whose governments range from demo- 
cracy to one-party authoritarianism. 

For all his faults, Mr. Kabila seems a 
clear improvement on Marshal Mobutu, 
Mr. Museveni far better than Idl Amin, 
and Tutsi dictatorship much preferable 
to Hutu genocide. Almost aU die Af- 
rican leaders Mrs. Albright visited have 
embraced market reforms. These con- 
siderations, along with Uganda and 
Ethiopia’s support for efforts to topple 
Sudan's Islamic fundamentalist dicta- 
torship, help explain their leaders' pop- 
ularity in Washington. 

Mrs. Albright's mistake was not in 
making this trip. It was in allowing some 
of her hosts to use her presence as an 
advertisement for American endorse- 
ment of their undemocratic regimes. 


Lee Deserves the Job 

Over the weekend. Senator Orrin 
Hatch, Republican of Utah, suggested 
that if President Bill Clinton appointed 
Bill Lann Lee as “acting" head of the 
civil rights division in the Justice De- 
partment, Republicans would not see 
the Lee nomination as such a slap in die 
face. On Monday the president adopt- 
ed the idea. The outcome is good for 
the Justice Department, good for 
White House relations with the Senate 
and good for civil rights. 

Mr. Lee, son of Chinese immigrants 
and a former director of the NAACP 
Legal Defense and Education Fund in 
Los Angeles, becomes the first Asian- 
American to hold the top civil rights 
job in the country. As the acting head 
of the division, he lacks the full le- 

f ilimacy of someone confirmed by the 
enare. But he has the weight of the 
White House behind him, and Mr. 
Clinton has promised to resubmit his 
name for confirmation next year. 

Mr. Lee’s sin in die eyes of Senate 
Republicans blocking his nomination 
was that he was committed to uphold- 
ing the law, which permits the use of 
affirmative action as a remedy in dis- 
crimination cases. Mr. Hatch had 
warned that nominating Mr. Lee in the 
face of opposition by a majority of the 

Senate Judiciary Committee would be 
an affront. In their reactions on Mon- 
day, some committee members made 
clear that they were still angered by 
Mr. Lee's appointment. But the real 
affront has come from Mr. Hatch, who 
has let conservative obstructionists 
distort Mr. Lee's moderate record and 
block the nomination from going to the 
Senate floor, where it had a good 
chance of being approved. 

Even more offensive is the threat 
from Republicans to seize on Mr. Lee's 
nomination as yet another excuse for 
their continuing campaign to block 
other administration no mina tions. 

Under the law, Mr. Lee can remain 
as acting head of the civil rights di- 
vision for the rest of the life of the 
Clinton administration. Had he accep- 
ted a recess appointment, which can be 
made only when Congress is not in 
session, his term would have lasted 
only until the end of next year. 

Ideally, the best result would be for 
committee Republicans to relent when 
Mr. Clinton resubmits Mr. Lee's name 
next year, and allow the full Senate to 
vote. That would also provide the per- 
fect setting for the debate on affirmative 
action that Mr. Hatch says he wants. 


The Ignorant Herd Runs 

W ASHINGTON— Countries with 
huge differences in culture, his- 
tory and political systems have been 
thrust together in ways that stretch the 
limits of normal commerce and com- 
mon nnfjfl| ** tnnriing 
And there has been a mutual web of 
illusion and deception among richer 
and poorer nations — or, more pre- 
cisely, the companies, hanks anti in- 
vestors in each. The fault for the Asian 
crisis is widely shared. 

Recall John Maynard Keynes’s 
memorable phrase: “ animal spirits," 
which he defined as the "spontaneous 
urge to action rather than inaction.’’ 
Well, the “animal spirits" of global 
capitalists got mixed with a big dose of 
ignorance about emerging markets. 

In the 1990s, foreign investors (from 
the United States, Japan, Europe and 
Asia) poured about $1 trillion into poor 
countries. China B razil, Thailand, In- 
donesia, South Korea and Malaysia 
were big recipients. Some money ar- 
rived as direct investment (foreigners 
building factories); some came as bank 
loans or through bonds. Other funds 
went into local stock markets. 

A lot of investors — multinational 
'companies, banks, tycoons, mutual 
fund managers — simply did not know 
what they were doing. They believed 
uncritically in the “Asian miracle" and 
knew little about the countries in which 
they invested. Risks were misjudged. 

Confirmation of this comes from a 
study by the Institute of International 

By Robert J. Samuehon 

Finance in Was h in gton. Tt found that hy 

mid-1997 interest rates on bonds isawed 
by 14 emerging market economies were 
only about 1 percentage point higher 
than rates on U.S. Treasury bonds. 

Highe r rides ought tO cn mmanH higher 

rates. Investors judged the risks in 
Brazil or Thailand to be only slightly 
greater than in the United Stases. Gulp. 

This teaches a lesson that constantly 
needs to be relearned: markets, al- 
though generally productive — reg- 
ularly blunder. Swept up in enthusi- 
asms, they succumb to heard behavior 

and go to excess. - . 

In this case, the combination of too 
much foreign capital and weak local 
banking systems produced enormous 
waste. Dollars were converted into lo- 
cal currencies to buy stocks or make 
loans. Bank deposits soared. 

The Bank for International Settle- 
ments notes dryly: “Very rapid growth 
in Asia in die first half of the 1990s 
[led] to an extraordinary expansion of 
bank credit that has no recent parallel 
in industrial countries." 

By 1995, the ratio of bank credit to 
GDP was 89 percent in Thailand, 77 
percent in Malaysia, 56 parent in Sooth 
Korea. These figures had risen rapidly. 
(The ratio for the United Stares, 63 
percent, was what it bad been in 1980). 

We now see the aftermath — capital 
flight The whole process is unraveling. 

with destructive economic con- 

Foreign banks will hot renew dollar 
titans to banks in South Korea and else- 
where. Overseas investors withdraw 
from local stock markets. Loans mark: 
during the boom go sour. The audit 
bases for these economies are squeezed. 
Companies and banks tbatbonowed in 
dollars scramble to buy dollars to repay 
the loans, Exchange rates plunge. 

The crisis has fed On itself. So far, 
confidence has not recovered- Believ- 
ing that currencies will drop, investors 
sell, so currencies drop. 

Emergency loans arranged by the 
International Monetary Fund are sup- 
posed to inspire confidence and restore 
stability. In practice, this has not yet 
happened, because the loans are fully 
disbursed only after countries meet 
tough conditions — closing weak 
banks, raising interest rates. These con- ■ 

ditions offend powerful interests and 
limi t national sovereignty. There are 
howls of protest; investors then doubt 
that the conditions will be met. or the 
money disbursed. 

Globalization, though, flows from 
irreversible forces. .It cannot be run- 
done. Lower communication and trans- 
portation costs abet foreign commerce. 
Multinational companies seek wider 
markets; poor countries seek higher 
living standards through trade; invest- 
ment and technology. 

Over the decades, i the process has 
worked astonishingly wel 

Mccialize in what they do best Living 
standards have risen rot poor and rich", 
countries alike. In Asia, abject poverty 
has declined dramatically. The record : 
refutes the standard objections find 
poor countries and workers gain only at 
the expense of the rich.- 

But there is no guarantee that the 
process will work as smoothly inthe 
future as it has in the past. 

A country that exhausts its foreign; 
exchange most retrench. It can revive 
economic growth only by ex p o rting 
more. This is the plight of many Asian L 
economies, and at .best the IMF. only • 
cushions tiie shock. 

High interest rates and tow exchange 
rates merely reflect the basic problem. If 
too many countries fall into- tins trap i 
s imul taneo usly, all will have a harder 
riTTv» ffsrap m g . All countries cannot hayc 
export surpluses; some most import : 

Potential instabilities abound. Com- 
merce does not exist in a political . or 
cultural vacuum. It requires co mmon 
customs, understandings; procedures.-: 
and rules. For the world economy , tills 
foundation is weak. There i&muchmu- : 
tual ignorance and suspicion. 

The present crisis may be a passing - 
phase, a collective learning experience 
that strengthens a global commercial 
culture. Or it may foretell more tur- 
moil. All major countries now depend" 
on large flows of international trade - 
and investment. If these were to shrink, 
all would suffer. 

Washington Post Writers Group. 

As It Watches Asians 9 Trouble, Europe Warms to the Euro 

P ARIS — Asia’s serial cur- 
rency collapses are stirring 
short-term queasiness in 
Europe over investment risks 
and lost exports. But Asia’s 
money troubles also inspire 
European business and polit- 
ical leaders to smile, as they 
utter those smugly delicious 
words: We told you so. 

We told you. that is, that the 
world needed a second contin- 
ental zone of monetary and fi- 
nancial stability to balance and 
restrain the American dollar. 

Asia’s financial troubles are 
giving the single European 
currency decisive new im- 
petus. The euro will happen, 
and its creation will have more 
impact on the dollar- and the 
global economy than had pre- 
viously been expected. 

The prospect that French- 
men would peacefully aban- 
don tiie franc, Germans the 
mark and so on has been im- 
possible formany Americans ' 
and Asians to grasp. Money Is " 

By Jim Hoagland 

identity for nations. It is his- 
tory and power. 

But Europe, mired in suf- 
focating unemployment and 
feeble growth, is desperate 
enough to risk change. Toe bat- 
tering that Asian currencies 
have talcftn in recent months hug 
reinforced a commitment to 
change and opened new oppor- 
tunity for a rival to the dollar. 

In the past, Europe had the 
world’s most important and 
destabilizing currency turmoil. 
The foreign exchange blood- 
baths in South Korea, Indone- 
sia and Malaysia remind the 
West Europeans of die impor- 
tance of their existing currency 
mid system (unperturbed fay 
the Asian contagion) and their 
need to go further to achieve 
durable monetary stability. 

The euro, g erminating since 
1991, will debut on Jan. 1, 
1999, as an accounting unit It 
will graduaMytifephteermi o n* 1 *- 

al currencies, with the franc, 
mark and others being replaced 
in the marketplace by euro 
coins and bills by July 2002. 

The U.S. Treasury has pre- 
ferred to say as little as possible 
about the euro, insisting defen- 
sively that it will have no im- 
pact on the dollar's command- 
ing position as the world’s main 
reserve currency. 

Perhaps. But I think that ar- 
gument now underestimates 
three factors: the force that pol- 
itics can exert on economics; 
the strength of European de- 
termination to use the euro to 
revive its markets and re! 
the global economy; and 
sobering conclusions that Ja- 
pan must draw about its polit- 
ical timidity and economic im- 
mobility demonstrated in the 
Asian currency debacle. 

America's recent sustained 
"has benefited from 

estimated $230 billion, or 
more, invested in U.S. Treas- 
ury bills. The Japanese know 
that they would harm them- 
selves by withdrawing these 
and other dollar-denominated 
investments and bringing; the 
dollar down in value. But if tiie 
euro becomes a credible al- 
ternative to the dollar, Japan 
and other Asian countries will 
have options that they did not 
have in this crisis. 

This point was made by sev- 
eral of the French and German 
speakers who addressed a 
daylong seminar on U.S.- 
European relations held at the 
French Senate last week. 

The discussion was sup- 
to center on a favorite 
hobbyhorse, the . so- 
called American challenge to 
European business and polit- 
ical independence. But signif- 
icantly the blue-chip group of 
French political leaders who 
spoke moved quickly past 
^Atfler te arrmi scM^ 

talk about their nation’s own 
shortcomings and the remedies 
they prescribed. They were 
clearly tired of scapegoating 
America, and focused on their 
own potential and problems. 

“The United States is look- 
ing for a partner in world affairs, 
and we are not strong enough at . 
this time to be that partner,” 
said fanner Foreign Minister 
Jean Franco is-Poncet. “It is up 
to us to change. The challenge is 
a European one.” 

Leadership matters. In the' 
1990s, Japan s s politicians have . 
been coo frightened of voter 
reaction to deal with banking' 
andfinancial paralysis. Amer- 
ica’s leaders have reaped the 
harvest of earlier restructuring 
and innovation. In Europe, 
grim economic results have 
forced agonizing reappraisals 
and radical thinking. 

The euro is a historic roll of 
the dice. America has a big 
stake m tire outcome. “ ’ 

w~<**TfteWashm£MhF0st: - - ■ 

\* *’ 


Too Special a Relationship Makes Britain a Feeble Ally 


ongoing crisis with Iraq 
has thrown into sharp relief the 
foreign policy vacuum in Bri- 
tain. It is time to ask whether 
British parroting of U.S. foreign 
policy nas so diminished Bri- 
tain's standing as an independ- 
ent force in world affairs as to 
make it more of a diplomatic 
encumbrance than an asset. 

A strong Britain, acting in- 
dependently of America, could 
have preempted the role of Rus- 
sia as mediator and thereby 
forestalled Russian resurgence 
as a power factor in Iraq and the 
Middle East Instead, Britain 
was publicly dismissed by tire 

By Charles Maechling Jr. 

Iraqi foreign minister as an 
American “stooge.” 

Only two generations ago 
Britain was tiie dominant power 
in the region. It governed Pal- 
estine ander a residual League 
of Nations mandate; it exer- 
cised suzerainty over tiie Suez 
Canal and Egypt; it created Iraq 
and Jordan out of backward 
Hashemite sheikhdoms; it stood 
behind the Anglo-Iranian oil 
concession in Iran. 

Today Britain dares not 
brave American displeasure by 
intervening diplomatically in 
tire Israel i-Pales tinian dispute. 

It does not even publicly sup- 
port its multinationals like Shell 
and British Petrolum for Caspi- 
an oil pipeline contracts in the 
way that France backs Total for 
Iranian, offshore gas. 

Britain takes justifiable pride 
in its behind-the-scenes diplo- 
macy. In the latest confronta- 
tion, it helped to prevent Russia 
and France from abandoning 
the coalition. It urgejl Bill Clin- 
ton to take a softer line on sanc- 
tions and to tone down his de- 
monizing of Saddam Hussein. 
In the Gulf War, and as peace- 
keeper for the United Nations 

On to the Next Phase in Bosnia 


NATO's mandate in Bos- 
nia set to expire next June, tire 
Clinton ad minis tration is cau- 
tiously considering a continued 
U.S. military presence there. 
This is no time to change 
course. The United States 

Should maintain its leader ship 
role in Bosnia. 

Putting Bosnia back on its 
political and economic feet is 
i^uarely in the American na- 
tional interest, and it is doable. 

After a slow be ginning , the 
international community has 
made significant strides during 
the past year in implementing 
the civilian parts of the Dayton 
accords. For progress to con- 
tinue, an international militar y 
force must provide security for 
several more years. The United 
States should retain command 
of that force and contribute 
ground troops to it 

A withdrawal of internation- 
al peacekeepers from Bosnia 
next June would almost cer- 
tainly lead to renewed warfare. 
The fighting would likely ignite 
the powder keg in neighboring 
Kosovo, and perhaps 1 spread 
elsewhere in the Balkans. The 
cost of putting out such a con- 
flagration would dwarf the 
already considerable cost that 
America and its allies are in- 
curring in Bosnia. 

Conditions in Bosnia today 
most be seen in context. The 
situation is much improved from 
four, three, two years or even a 
year ago. The fighting that 
claimed a quarter of a million 
lives and displaced 2 milli on 
people has beat halted, the rival 
armies demobilized and their 
heavy weapons either destroyed 
or put into guarded sites. 

By Joseph R. Biden Jr. 

With international assist- 
ance, the economy in the 
Muslim-Croai Federation has 
come to life, and unemployment 
has been halved in one year. 
Basic infrastructure has been re- 
stored. Corruption is common, 
but the framework for enforcing 
the rule of law is in place, and 
continued international pres- 
sure can have a decisive impact 
in forcing effective reform. 

Meanwhile, the Republika 
Srpska is undergoing funda- 
mental change- In recent 
months, SFOR forces have fi- 
nally moved to silence vicious 
anti-Western television propa- 
ganda and disband the Bosnian 
Sob paramilitary police. Due in 
part to these efforts, voters in the 
Republika Srpska last month di- 
luted the power in parliament of 
Radovan Karadzic. His struggle 
with President Biljana Plavsic, 

who grudgingly realizes that im- 
plementation of .Dayton is the 
only way to save her people from 
total collapse, will continue. 

Much more needs to be done, 
and it can be done only with 
outside help from the United 
States and its European allies. - 
More refugees need to be re- 
turned to areas where they are a 
religious minority. The prime 
war criminals, starting with Mr. 
Karadzic and Radco Mladic, 
must be apprehended. AU the 
local governments elected last 
September, including those in 
towns where prewar religious 
majorities prevailed by absent- 
ee ballots, must be seated. 

To help complete these three 
essential tasks, I have proposed 
that America’s European allies 

organize a well-armed paramil- 
itary police force like those that 
already exist in Italy, France, 
Spain and Germany. Deploying 
the paramilitary police force 
would enable the bulk of outside 
military troops, including UjS, 
ground forces, to shift their mis- 
sion from patrolling the bound- 
ary lines between the two en- 
tities in Bosnia to securing the 
country’s international borders. 

Initial reaction to this pro- 
posal has been cool, but Euro- 
peans must recognize the over- 
whelming stake they have in 
Bosnia, and take primary re- 
sponsibility for it. 

Similarly, it is unacceptable 
that the lion’s share of f unding 
for the current Internationa! Po- 
lice Task Force, whose mission 
- is to retrain the Bosnian police, 
comes from the United States. 
Although underfunded and un- 
derstaffed, the task force has 
already created religiously in- 
tegrated police forces in half of 
the federation's cantons, and 
has begun to restructure the reg- 
ular police in l he Republika 
Srpska. Western Europe should 
immediately step in so that the 
task force can complete its vi- 
tally important wort 

No one should underestimate • 
the difficulty of the task ahead- 
in Bosnia, but for the first time 
we can see progress. I am con- 
fident that the Clinton admin- 
istration and Congress will 
choose to stay the course in Bos- 
nia. The alternative is calamity. 

The writer, a senator from 
Delaware, is the ranking Demo- 
crat on the Senate Foreign Re- 
lations Committee. He contrib- 
uted this comment to the 
Washington Post. 

and NATO in Bosnia, it has 
been a valiant ally. 

But in almost every Security 
Council vote, Britain backs the 
United States, often paraphras- 
ing the U.S. position in more 
elaborate language. 

The reason for this abdication 
of independence in the name of 
. allied solidarity is well known 
— it is the Falkiands war of 
1982. Withdrawal of the British 
task force under severe battering 
by Argentine fighter-bombers 
was averted only when Secre- 
tary of Defense Caspar Wein- 
berger opened the flood-gates of 
U.S. supplies and provided ac- 
cess to U.S. electronic intelli- 
gence. The recapture of the 
Falkiands saved Margaret 
Thatcher’s government, and her 
gratitude was boundless. 

Thenceforward, prime min- 
isters have endorsed every twist 
and turn of American policy 
even when it trespassed on Brit- 
ish interests. 

The Thatcher government 
raised not a whimper over the 
Reagan administration’s gratu- 
itous invasion of Grenada, a 
Commonwealth country. When 
the Helms-Burton legislation 
extended U.S. criminal jurisdic- 
tion to foreign firms investing 
in Cuba, Britain wrapped its op- 
position in the mantle of the 
European Union and the World 
Trade Organization. 

The Thatcher legacy has ex- 

tended to tiie World Court, . • 
where the British judge joined . ■ 
the American judge in dissent in ' 
the court’s Il-to-3 decision r 1 1 
condemning the CIA’s not so* • i 
secret war against Nicaragua. .] 
France, which sometimes '' 
pushes distance from U.S.< I 
policy to unnecessary levels, is I ' 
in some ways a more useful*] 
diplomatic asset France’s cred- w 
ibiiity as mediator, and its sup- 
port of the United States in the - < 
Security Council when it so «r. 
chooses, carry more weight .. 
than if it were a rubber stamp. - . 

Ca n ada, whose distinguished ;i 
UN peacekeeping record gives . * 
it diplomatic clout out of pro ■ 1 
portion with its military 
strength, has enhanced its cred- 
ibiiity as an ally by its wit- 
spoken opposition to U.S.'..»J|1- 
policy toward Cuba. .--f <1 

Britain’s limpet-like cl inging -, 
to the outdated “special rela- 
s' " 


endorsing t . 

guided U.S. positions gives a ^ 
green light to U.S. advocates of 
unilateral action. It reinforces ;>» 
French-German determination 
to exclude Britain from mon- t 
etaiy decision-making. 

The writer, an international 
lawyer and former State De- ,, 
partment adviser, contributed" - 
this comment to the Interna 
tional Herald Tribune. . _ J 


IN OUR PAGES: 100. 75 AND 50 YF.ABS Am 

1897: N.Y. Transit 

NEW YORK — The building 
of the undeiground railroad in 
New York is still in doubt. The 
Appellate Division of the Su- 
peme Court handed down a 
decision confirming the report 
I.- special co mmiss ion 
which approved the plans. Four 
Judges concur and Judge In. 
graham dissents. The decision 
rect ^iises the imperative ne- 
cessrty of rapid transit, but says 
foat if the total cost of the road 
be deemed to be incurred when 
me contract is made, the con- 

'SSftSjJ deb ;. 1 j mit of New 
York City would be exceeded. 

1922: Belgian Discord 

BRUSSELS The Belgium 
Government is facing a Sai. 

2Sh*f question, 

which has reached an acute 

016 majority of Liberals 
find themselves clearly in sup- 
port Of the agitation for the 

transformation of die University 
of Ghent into a Flemish seat of '. 
teaming, while the Liberals . 
want to retain the French char- 
acter of thar institution. The situ- ‘ 
atioo is complicated by the fact , 
that the Socialists are divided on ’ 
the question, the majority being 
mfovor of the retention of 
™toh at Ghent, on the ground 
mat France is the country of free ' 
thought and progress. 

1947: Panama Women ■■ 

PANAMA CITY- The firsti 
au-iemmine demonstration in , 
Panama’s history was staged 
against ratification of an agree- ■ 
meat giving the United States 
extended leases on fourteen' 
gmanrn Canal defense bases. ; 

thousand mothera, sisters ; 
^ sweethearts of National fa- 
stu ? e ?j s professors, " 
who have held previous demon- 
protest against *e ‘ 
^ r ?® m ont, joined in a march fo ‘ 
the National Assembly?^ • 


RAUtV ; 



Entertainment Coup , or America’s Politics of Elusion 

IS to lh<> I'uro | 

22SSJ 1 * e P° 1,ticaJ life Of the United 
Suites today is that a coup d'tet has takS 

k 1 nSii rt? 3 C0up . or radicals 

butby the entertainment industry. 

The coup bas been accomplished so 
quietly, and indeed was so unstrncnned 
and even unplanned, that most Americans 
have scarcely noUced. But to an American 
who works abroad, die domination now 
exercised by entertainment over the na- 
tiott s nfe is a disconcerting revelation, 
explaining much that would otherwise 
seem inexplicable. 

John Kenneth Galbraith several years 
ago anticipated what has happened when 
he observed thar entertainment, including 
professional sports, had replaced man- 
ufacturing as the country’s principal eco- 
nomic activity. Manufacturing and farm- 
ing are tied to reality. Enter tainm ent 
manipulates illusions. 

The nation’s takeover by entertainment 
has changed the press as well as television 
news broadcasting, which now has be- 
come an agent of the new ruling power. 

: With honorable exceptions, American 
newspapers, magazines and television are 
today mainly concerned with stories and 
gossip about stars, including athletes and 
public figures who fall into the category of 
celebrity; with backstage film and tele- 
vision reports, and with promotional ma- 
terial on films and television programs. 

The quarrels of sports stars with 
coaches or team owners, and of enter- 
tainers or actors with directors and pro- 
ducers, are treated as major news. Public 

By William Pfaff 

officials male* news according to their 
notoriety or stardom, their personal glam- 
our or scandals, rather than through their 
political commitments. Such enormously 
successful magazines as Vanity Fair and 
the new NewYoriter are upmarket ver- 
sions of the tabloid press. 

In USA Today, the national newspaper 
that exercises a great influence on die 
local press across the country, influencing 
its news priorities, die lead front-page 
story one day last week was President Bill 
Clinton’s acquisition of a dog. This was 
accompanied inside by an entire page of 
analyses of what the dog will mean to Mb'. 
Clinton’s presidency, with sidebar stories 
on past presidential dogs. 

On the same day Asian economies were 
crashing, potentially menacing America’s 
economic well-being; the United States 
was threatening to make war on Iraq; 
Israel and the Palestinians were at flash 
point, and Boris Yeltsin had fallen victim 
to another mysterious malady, re-emphas- 
izing Russia's unstable condition. 

In Washington and other cities, of 
course.readers had access to the country ’s 
limited number of serious newspapers. 
But across the country people were read- 
ing USA Today or its local counterparts. 
The increasing number who don’t read 
papers at all were getting such information 
as was offered by television, which liked 
the dog story, too, and where the lines 
dividing news from entertainment and 
commercial promotion are being erased. 

At the same time, people at the Brook- 
ings Institution, the Center for Strategic 
and International Studies, the Carnegie En- 
dowment and other Washington institu- 
tions and universities were doing earnest 
work on policy issues. Very little sophis- 
tication survives in the translation of their 
ideas into legislative projects. 

The Washington policy problem is that 
turning ideas into the vocabulary accept- 

Whot’s the lead story in a 
period of Asian financial 
crisis and Middle East 
tension? President 
Clinton’s new puppy . 

able in the new political atmosphere also 
turns them into slogans. 

Thus the U.S. foreign policy fiasco pro- 
duced by Saddam Hussein’s recent de- 
fiance of Washington, in which Iraqi real- 
ity discomfited American tilusion- 
mongering. The great health reform de- 
bate of the first Clinton administration 
was settled by crude arguments made by 
soap-opera characters in the insurance in- 
dustry’s television advertisements. 

The most pernicious influence remains 
commercial television, far and away the 
decisive medium for American political 
communication. The need to put 
everything into the slogans and images of 
paid television advertisements is mainly 
responsible for the prohibitive cost of 

political action and campaigns, and for the 
scandals of campaign financing. 

The cost of political campaigning, com- 
bined with currenr voter apathy and non- 
participation, has turned the country into 
something close to a plutocracy. Money 
establishes the real players among those 
who would govern the nation. 

To be influential, American political 
figures have to be stars. 

Secretary of State Madeleine Albright 
was on fbe front page of The Washington 
Post last Thursday because of a photo 
opportunity offered during her African 
tour, when she posed holding an African 
child in her arms, a charming irrelevancy 
to the mandated responsibilities of the 
secretary of state. 

Mrs. Albright believes that she has to be 
a celebrity in order to get public support 
for her policies. Those who really succeed 
in this new America are those with natural 
star quality, the gift for projecting an 
ingratiating personality and convincing 
others that, in the jejune phrase, they share 
their pain. Mr. Clinton does this super- 
latively. which is why he is a success 
while his administration is a failure. 

The Washington rumor is that when Mr. 
Clinton leaves the White House he will 
become president of Steven Spielberg’s 
film studio, DreamWorks. Possibly the 
president will see in this the culmination 
of his career. In view of the entertainment 
industry’s domination of the American 
nation today, nothing would seem more 

Intrrnarional Herald Tribune. 

Las Angeles Tunes Syndicate. 

A Lesson for Black Kids: 
Success in School Is Cool 

By Bob Herbert 




Hope in Cambodia 

“Legitimacy Eludes the Strong- 
man of Cambodia" ( Dec . 11 ): 

Since reading this article I have 
been carefully examining Cam- 
bodians in Phnom Penh as they go 
about their daily rounds. 

1 have seen people striding pur- 
posefully. I have seen hundreds of 
young people driving motorbikes 
at breakneck speed. 1 have seen 
ragged migrants from the coun- 
tryside walking slowly on crum- 
bling sidewalks. But I have yet to 
spot people walking “with a 
shuffle, their shoulders slumped, 
casting a leery eye toward 
strangers who might be aimed,” 

Nor is the rest of the article 
especially accurate. While cautioas 
in making new commitments, most 
donors have not suspended then- 
aid programs and are fulfilling cur- 
rent commitments, including those 

feat extend into 1998. As for se- 
curity, there have been fewer pub- 
lic dismays of weapons in Phnom 
Penh since the coup, as Hun Sen’s 
People’s Party now exercises un- 
challenged militar y controL 

Cambodia is a troubled place 
with a wounded population strug- 
gling to overcome a legacy of so- 
cietal destruction dating to the late 
1960s. But the Cambodians I know 
and wade wife are in fee process of 
creating s omething new. 

They are deeply anxious as they 
enter another year of elections and 
possible political tnrmoil, but they 
have hope. They refuse to accept 
that “their lot in life is to be 
defeated,” as the unnamed Euro- 
pean diplomat quoted in the ar- 
ticle put it 

Journalists visiting Cambodia 
never seem to get beyond the 
story of Cambodians as the late 
20th cennqy’s ultimate victims. 

The Cambodian people, however, 
are gradually leaving this story 


Phnom Penh. 

Asia and Democracy 

Regarding “ The Dark Side of 
‘Asian Values’ Turns Miracle Into 
Mess " (Nov. 25): 

The really contentious issue be- 
tween Western and Asian coun- 
tries has for some time been 
whether sustainable development 
— balanced economic growth, so- 
cial development and environmen- 
tal sustainability — can be di- 
vorced from genuine democracy. 

Some argue that many Asian 
countries are already democra- 
cies, but tins is not quite correct 

A democratic society is not 
simply one based on the rule of 
law, with a Parliament and a. con- 

stitution. Democracy is also about 
the predictable and unbiased en- 
forcement of the law. about polit- 
ical pluralism, about transparency 
and accountability in the exercise 

of political power. 

smocracy is about fee man- 
agement of a society’s public in- 
stitutions — political, financial, 
judicial — for fee common good. 

Clearly such manifestations of 
genuine democracy are needed in 
an increasingly interdependent 
world in which confidence-build- 
ing measures are crucial. 


Iranian Women 

Regarding “Tough, Smart 
Women, Working to Better Iran" 
( Opinion . Dec. JO) by Catherine 

As an Iranian woman and as 

a dissident, I — like many of 
my freedom-loving compatriots 
— must vehemently protest 
Catherine O'Neill's complacent 

How dare she justify fee im- 
position of fee chador (“The uni- 
formity of fee chador is a way of 
uniting women”)? She should be 
aware of fee severe consequences, 
including disfigurement, for Ira- 
nian women who defy this tyr- 
annical statute. 



Letters intended for publica- 
tion should be addressed “ Letters 
to the Editor" and contain the 
writer's signature, name and full 
address. Letters should be brief 
and are subject to editing. We can- 
not be responsible for the return of 
unsolicited manuscripts. 

N EW YORK — Somehow 
over the past two or three 
decades a lot of black kids ab- 
sorbed the message feat academic 
achievement was something to be 

Excellence in sports or the vari- 
ous entertainment fields was one 
thing, a good thing, but high 
marks and academic honors 
were something else. Academic 


achievement, according to this 
mind-boggling I y destructive way 
of thinkin g, was a white thing and 
thus in some sense contemptible. 

The tragic result has been that in 
many schools across fee United 
States, black kids who apply them- 
selves to their studies are often 
ridiculed and at times ostracized. 

A black teacher in fee Bronx 
lold me in a despairing tone that 
she has male students who would 
rather be paraded in handcuffs be- 
fore television cameras than be 
caught reading a book. 

I’ve had many students tell me 
in interviews that they are afraid 
to raise their hands in the 
classroom because they don ’t 
want to repeal the experience of 
being laughed at for giving the 
correct answer. 

A black 17-year-old girl who 
worked part-time at a mall in 
Marietta, Georgia, was taunted re- 
cently by high school classmates 
who showed up at her job to ex- 
press their resentment at the high 
marks she was getting. 

Now, and not a moment too 
soon, comes Hugh Price, president 
of the National Urban League, 
wife an ambitious fi rst step toward 
turning this madness around. 

“We haven’t surrounded our 
young people with enough op- 
portunities to excel academically 
and to be recognized for excel- 
ling,” Mr. Price said. “We 
haven't had fee rituals in our own 
community that reward young 
people for doing well.” 

The Urban League has drawn 
together 20 national black organ- 
izations, including the Congress of 
National Black Churches, for what 
it calls fee Campaign for African- 
American Achievement. The idea 
is to improve the academic stand- 
ing of black youngsters by en- 
couraging and rewarding excel- 
lence in the classroom, and by 
improving the quality of the edu- 

cation that is offered to black 
youngsters in fee public schools. 

A statement announcing the 
campaign said: “We have to re- 
verse the increasing gap in aca- 
demic achievement between Af- 
rican-American and other 
children. We have to increase the 
rates of enrollment of African- 
American youngsters in college 
preparatory courses and attack the 
inequitable allocation of re- 
sources for public education." 

There is an urgency in Mr. 
Price’s manner as he talks about 
this effort. He and his colleagues 
recognize feat black men and 
women will have to be substan- 
tially better prepared education- 
ally’ if they are to survive eco- 
nomically in the 21st century. 

Employers, as Mr. Price noted, 
“expect much more in the way of 
academic preparation than ever 
before.” And affirmative action 
programs, however one feels about 
them, are almost certain to con- 
tinue their fade from the scene. 

The achievement campaign 
will try in a variety of ways 10 
generate enthusiasm among stu- 
dents and parents for fee hard 
work that is necessaiy to succeed 
academically. This will not be 
easy in environments that arc 
plagued by poverty, broken fam- 
ilies. drug abuse, violence and the 
widespread notion feat what is 
taught in the classroom is not rel- 
evant to the lives of the students. 

The campaign will establish an 
honor society, called the National 
Achievers Society, to focus at- 
tention on black youngsters who 
excel academically. The first in- 
duction ceremony, to be presided 
over by General Colin Powell, 
will be held next spring. 

Meanwhile, leaders of the cam- 
paign are working wife profes- 
sional organizations and uni- 
versities around fee country to 
determine where improvements 
in fee public schools need to be 
made and what specific kinds of 
academic help are needed for un- 
derachieving students. 

This is not a perfect plan. Much 
of it will be modified and some of 
it will fail. But it does send fee 
crucial message feat academic 
achievement is as important for 
black people as anyone else. It’s a 
message that somehow has es- 
caped the consciousness of too 
many black children. 

The New York Tunes 




By Mordecai Richler. 

SSdpages. $25. Knopf. 
Reviewed by 
Jonathan Yardley 

T HIS is Mordecai Rich- 
ler’s 10* novel in a long, 
"V productive career that has es- 
tablished him, along wife the 
likes of Robertson Davies and 
Margaret Atwood, among the 
principal figures of fee post- 
war Canadian literary scene, 
which is considerably livelier 
than is commonly under- 

Like most of its prede- 
cessors. “Barney's Version” 
is set in and about the Mon- 
treal Jewish community of St 
Urbain Street and draws 
heavily upon its author’s ex- 
periences. It is funny and en- 
gaging. and Richter’s ad- 
aA mirers will not want to miss it, 
^ but somewhat more objective 
readers are likely to sense that 
Richler has revisited familiar 
ground once too often. 

It is something of an over- 
simplification. but' Richler is 
at heart a comic writer. This is 
not to say that he eschews 
serious themes but thar he 
usually finds humor in than. 
Although he writes often 
about men and women and fee 
romantic misadventures that 
befall them, he is especially 
interested in men in groups. 
Over and over again be re- 
turns to a small, bumptious 
gang of men — young ones, as 
his own career began, now old 
ones —who grew up together 
on St. Urbain Street They are 
almost minor images of the 
A male Jewish Baltimoreans 
whom Barry Levinson por- 
trayed so memorably in his 
film “Diner”; smart, funny 
hell-raisers rebelling against 
their parents and convention 
even as they seek their own 
places in the world of wives 
and children and jobs. 

Bamev Panofsky. fee 
eponymous protagonist — - 
hero, too, in his fashion — of 
“Barney’s Version,” is 67 
years old but, like any good 
SL Urbain Street boy, still 
drinks too much and chases 
skirts ami does deals of du- 
bious propriety. Yet his en- 
eigy b directed more toward 
the past than the present; ‘ ‘re- 
winding fee spool of roy 

wasted life, wondering how I 

got from there to here, as he 
coes about writing “my one 

and only story, and I'm going 

k to tell h exactly how I 
▼ please." He claims feat he 
has “only insults to avenge 

and injuries to nurse, and 
indeed plenty of feat takes 

but die mood is more 
than vengeful, as 
Barney looks back fondly on 
the lost Montreal of his youth 
and as he pines for his third 
wife, Miriam, whom he ad- 
ores but who finally had more 
of his demands and inatten- 
tion than she could stomach. 

“Barney’s Version” is a 
sprawling, amiable book in 
which it is not difficult to get 
lost Characters, some clearly 
important, arrive and then de- 
part for so long that they are 
forgotten, leaving the reader to 
wonder, when they reappear, 
precisely who they are. 

The death of an old pal, 
Bernard (Boogie) Mosco- 
vitch, is meant to be tire sto- 
ry’s central episode — 
Barney is accused, and ex- 
onerated, of his murder— but 
there are extended periods in 
which his name is scarcely 
mentioned. Ditto for Leo 
Bishinsky and Duddy Kravitt 
— whom Richler fans will 
remember fondly from that 
fine early novel “The Ap- 
prenticeship of Duddy Krav- 
itz" — and others ostensibly 
important to Barney yet never 
really brought into clear focus 
in this ramble through the old 
man’s life. It is a problem of 
which Barney, Le., Richler, is 
disarmingly aware; 

“Last night I made a big 
mistake. I reread some of fee 
crap I’ve written in what I’ve 
come to grandly consider my 
very own Apologia pro Vita 
Sua, with a op of my chapeau 
to Cardinal Newman. Digres- 
sions, or what I prefer to think 
of as Barney Panofsky ’s table 
talk, abound. But Laurence 
Sterne got away with it, so 

why not me? Count your 
blessings. Readers don’t have 
to wait until fee end of volume 
three before Fm even boro. 
Something else. It doesn’t take 
me six pages to cross a field, as 
it would if this had been 
Thomas Hardy. I rein in my 
metaphors, unlike John Up- 
dike. I am admirably succinct 
when it comes to descriptive 
passages, unlike PD. James, a 
writer I happen to admire.” 

That is a deft passage, but it 
points to another aspect of this 
novel feat is likely to confuse 
some readers: It is a highly 
literary novel about a dis- 
tinctly nooliterary man. Yes, 
Barney refers often to bis hap- 
pily misspent youth in the lit- 
erary garrets of Paris, and 
writes wife admiration about 
the principled literary aspir- 
ations of his friend Boogie, but 
he himself is an operator 
whose modest wealth has been 
earned in earthy enterprises, 
most notably Totally Useless 
Productions, which produces 
run-of-the-mill television pro- 

T HIS is not to say feat suc- 
cess in the workaday 
world is mutually exclusive of 
literary interests but that 
Barney’s knowledge of books 
and authors seems to reflect 
Richter’s rather than bis own. 

“I dislike most people I 
have ever met," Barney says, 
“but not nearly so much as I 
am disgusted by the Right 
Dishonorable Barney Panof- 
sky. Miriam understood. 
Once, following an all-too- 
charactcristic drunken rage 
on my part, which led, in- 
evitably, to my seeking 

sustenance from a bottle of 
Macallan, she said, ‘You hate 
those TV shows you produce, 
and you're filled wife con- 
tempt for just about every- 
body who works on them. 
Why don’t you give it up be- 
fore it gives you cancer?”’ 
Thus apparently we are meant 
to see Barney as someone 
who bas been denied — by 
himself, or by fate, or by both 
— his true calling, yet he 
seems considerably happier 
than he lets on, quick to find 
pleasure in the conquests be 
makes and the triumphs he 

His story is meant to be an 
act of revenge against one 
Terry Mclver, a modestly suc- 
cessful writer against whom 
he has long nursed a grudge. 
But Mclver, like too many 
others, gets lost so often that 
he’s barely a presence in fee 
book he allegedly ignited. 

As it happens, the other ele- 
ments of me tale are suffi- 
ciently interesting to carry it 
by themselves: Barney’ s fail- 
ures wife all three of his wives, 
his business dealings, his 
frien dship s and enmities, his 
ambitions and frustrations. He 
may nor be a very mce guy, but 
it’s easy to sympathize wife 
him and to care about him. 

Yet even though he readily 
acknowledges the discursive- 
ness ofhis book, feat disclaim- 
er is not enough to straighten 
matters out The pleasures of a 
ramble are not to be taken 
lightly, but there are too many 
times in “Barney’s Version” 
when one is left to wonder 
where, exactly, this particular 
ramble is headed. 

Washington Post Service 


By Alan Truscott 

T HERE was a surprising 
oddity, perhaps unique in 
rtical play, about fee 
[ deal. Rose John- 
son. sat North wife Rick 
Zucker of Tairytown, New 
York, South. 

They briskly reached six 
spades, which isnot difficult. 
A trump lead was won wife 
fee queen and the diamond 
king was cashed, the declarer 
led to the dub king, collecting 
East’s queen. He then raffed a 
diamond and drew trumps 
wife fee jack and the king. 

Next he led a club and won 
with fee jack when West 
played fee nine. A heart was 
led to fee king, and the club 
eight was finessed. The 

♦ 1064 



♦ QJ53 

♦ A J82 . 

♦ 92 

0 Q J 1074 

♦ AK*7 



ending is shown below. 

Zucker had taken advan- 
tage of favorable breaks to 
make an overtrick. So what 
was fee oddity? 

The last four tricks were 
won by fee ace of dubs, ace of 
hearts, ace of spades and ace 
of diamonds. 


♦ - 


0 — 


■Both sides were vulnerable. The 




















4 — 

9 J 7 
o — 

West ted. the spade tear. 

9 Q 10 
4 — 
♦ A 

} ■ 

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Fearful Serbs Fleeing 
Last Enclave in Croatia 

All Debts Must Now Be Paul, ’ Leaflets Warn 
As Exodus Steps Up Before Handover by UN 

By Chris Hedges 

New York Tones Service 

' TENIA, Croatia — For the last few 
days, leaflets have been scattered from 
passing cars on a quiet, residential street 
that bear a message many people here in 
Eastern Slavonia said they would heed. 
. “It is one minute to midnight" the 
leaflets read “Li December we will start 
to place yon in reservations. We love to 
hunt game, especially when it is bearded 
ft is time. Think well. We kill silently, 
bat never gently. All debts must now be 

In bold letters below were the words 
r*Fbr Home!’' and "Ready!” — slogans 
of the fascist Croatian Ustashe regime that 
killed hundreds of thousands of Serbs, 
lews and Gypsies in World War IL 
. “It wasn’t necessary." said Zeljko 
Podbarac, 31, as he stood in his three- 
room home with his wife and two small 
fhildreu, surrounded by piles of crates 
and boxes. "We know there is no place 
for Serbs in Croatia. There will be no one 
feft on our street soon, except for a few of 
the very elderly. Our life, after 17 years 
here, is over." 

p On Jan. 15. Eastern Slavonia, the last 
Serbian-held enclave in Croatia, is to be 
handed over to the Croatian government 
by the United Nations authorities who 
have adminis tered it for two years. The 
transition was supposed to herald die 
Successful integration qf an ethnic minor- 
ity into one of the nationalist republics 
fiat broke away from Yugoslavia. 

" There are increasing signs, however, 
fiat many, perhaps at least half, of the 
t20,000 ethnic Serbs who live here will 
soon flee to Serbia or the Serbian-held 
area of Bosnia-Herzegovina in the com- 
ing weeks. 

Mj Border officials say that since the 
beginning of die month as many as 300 

people a day have been leaving Eastern 
Slavonia, their belongings usually piled 

Slavonia, their belongings usually piled 
on farm carts pulled by tractors, 
i. There have been two grenade attacks 
against ethnic Serbs by Croats this week. 
Numerous families have complained of 
jelephone death threats and some 3,000 
people, many of whom work in local 
government, have been denied Croatian 
documents and say they fear they will be 
arrested when the Croats come m. 

•; “The numbers of departures are 
fteadiiy mounting," said Milos Vo- 
jnovic, president of the council of mu- 
nicipalities in the enclave. 

“If this trend continues, the entire 
transition process will collapse. 4 r 
t Winn. Croatia declared its indepen- 
dence from Yugoslavia in 1991, the 
idem nationalist rhetoric and Zagreb's 
option of the symbols of the Ustashe 

pushed many ethnic Serbs into open 
rebellion. The ethnic Serbs, who once 
made up 12 percent of Croatia’s 5 mil- 
lion people, set up three autonomous 
enclaves in Croatia — Krajina, Weston 
Slavonia and Eastern Slavonia — with 
Belgrade’s military backing. 

Croats in the three enclaves were ex- 
pelled, despite three months of street 
fighting by Croatian volunteers that 
leveled the nearby city of Vukovar. In 
the mayhem a few hundred Croats were 
rounded up and executed by the Serbs 
and about 10,000 died in combat. 

In the spring and summer of 1995, 
Croatian troops, bolstered by an infusion 
of new military hardware and training by 
retired American soldiers, swiftly took 
Western Slavonia and Krajina, driving 
about 300,000 Serbs from their homes. It 
was as Croatian troops were massing for 
an attack on Eastern Slavonia that the 
U.S. ambassador, Peter Galbraith, and 
Assistant Secretary of State Richard 
-Holbrooke hammered out the transition 

The transition plan called for a gradu- 
al return of Croats who used to live in 
Eastern Slavonia and the return of ethnic 
Serbs to homes in other parts of Croatia. 
The animosities, however, have proven 
too deep to overcome. The Croats, who 
pay periodic visits to their old homes in 
Eastern Slavonia, have not moved back. 
The ethnic Serbs, many of whom would 
like to go home, have been blocked from 
returning to other parts of Croatia by the 
authorities in Zagreb. 

The arrival of large groups of em- 
bittered Croats next month, many of 
whom were displaced to neighboring 
Osijek during the fighting six years ago, 
could unleash pandemonium. United 
Nations officials said 

The government of the Croatian pres- 
ident, Franjo Tudjman, has promised to 
respect the rights of the ethnic Serbs in 
Eastern Slavonia, about 60,000 of whom 
had been driven out of other parts of 
Croatia. But there are signs mat life 
could be difficult for those who remain. 

Branisiav Kibasic, 28, drives a tractor 
on a large state-run farm in Tenja, three 
kilometers (two miles) southeast of Os- 
ijek. The property was returned to the 
Croats four months ago. He and a group 
of workers from the farm said that none 
of the 126 employees had received then- 
salaries since the Croats resumed con- 
trol. They said they had also been pre- 
vented from signing new work con- 

“Themessage is clear," hesaid. “We 
are- not wanted I will leave in a week 
with my. wife . and two small boys for 
Serbia. No one I work with intends to 

TALK; 4 

Clinton Doesn't Stop 

Continued from Sage 1 

I , : • -7/ 

.i ♦ • * ■ ■ * * 

V — . 

L* *' ‘ ~ 

i * ~ A 



Hike WBmWBrw'** 

Young Sooth Koreans shielding their ears at a Seoul rally Wednesday for the presidential candidate Rhee In Je. 

SEOUL: Presidential Hopefuls Woo Youths Who Fate Tough Times 

Continued from Page 1 

As presidential candidates appeal to 
yooth through computers, college or- 
ganizations, comedians, pop music, 
glitzy ads and popular actors. South 
Korea’s young face daily bankruptcies, 
growing unemployment, rising food 
prices and a growing sense that austere 
times are ahead 

At least one businessman a day is 
committing suicide, according to the 
Korean Federation of S mall Business. 
Business failure is equated with dis- 
honor in this Confucian society,' and the 
loss of jobs hits hard A record 15,000 
bankruptcies are expected this year. 

Fortunes are changing quickly here. 
Millions raised among the miraculous 
riches of the new South Korea, where it 
seemed everyone had a personal port- 
able phone and fox, are suddenly Ending 

a Christmas shopping spree and going to 
college in the United States out of the 

college in the United States out of the 

“I can’t understand this situation,’’ 

said Kim Choone Shik, 28. “From 
November, I’ve felt under a lot of pres- 

Nbvember, I’ve felt under a lot of pres- 
sure and a lot of stress. My head aches. 
My stomach hurts." 

For politicians, it is difficult to cal- 
culate how to appeal to such stressed-out 
youths in the midst of the current fi- 
nancial crisis. 

“I’m very angry, " Kim Choong Shik 
said But at whom? “Sometimes I’m 
angry at our government, sometimes at 
the bankers and the International Mon- 
etary Fond and sometimes American 

And sometimes, he conceded, ‘Tm 
very angry at our country." 

For people like him, the financial crisis 
goes beyond economics to the core val- 
ues and assumptions of his entire life. 

“The important thing is not the gross 
domestic product,” he said, "It’s our 
sense of values." 

“We don’t know where we’re go- 
ing," hesaid 

Lee Myung Ho, 38, an investment 
consultant, suggested that the current 
financial crisis could make the mentality 
of the younger generation radically dif- 
ferent from that of their driven parents. 

“Because of the Korean ’War when 
we were so devastated, in their minds 
Koreans thought: 'We must prosper. We 
most get into the Top 10 economic 
powers,' ” Lee Myung Ho said “Bur 
now we have to fhinlr about that. Do we 
need to be the richest? Maybe we wer- 
en’t meant to be Michael Jordan. Maybe 
we were meant to be Mugsy Bogues." 

In the headlong drive toward riches 
and respectability, much was sacrificed: 
the environment and quality of life as 
well as clean politics and business deal- 
ings. Next year. South Korea celebrates 
its 50th anniversary as a nation, and with 
the coming of the turn of the century, 
many people talk here of the New Korea 
that is emerging. 

According to the International Mon- 
etary Fund tiie country is already show- 
ing signs of a shift toward a new econ- 
omy, one more open to foreigners and 
which operates according to free market 
principles instead of the traditional 
Korean protectionism. 

Some 1 are- concerned -that young 
people are less, wary of the dangers of 
well-armed North Korea and the social 
and financial costs of reshaping and re- 

firing the economic engine. But others 
have great hope that the young demo- 
graphics of South Korea will be & boon. 
Do Jong Soo, vice president of the Korea 
Institute foe Youth Development, said 
that many schools were already pre- 
■ paring students for a competitive job 

be considered the aigpal accomplish- 
merits of the past yean fie balanced 
budget agreement, new funding for edu- 
cation programs, ratification of a chem- 
ical weapons treaty and the global agree- 
ment to reduce greenhouse gas 
emissions. In several long passages, he 
spoke passionately about- his efforts u> 
engage the nation inatfialogue on Amer- 
ica’s abiding pain oyer race and af- 
firmative action. ■ 

But tire more important message he 
hoped to convey was fiat I99S "will be 
a year of vigorous action on vital issues 
fiat will shape the century to come." . 

Mr. Clinton returned to the theme of ; 
action and engagement several times in 
the news conference in a conscious ef- 
fbrt'to dispel the notion that he was 
coasting as his 30-year political career 
was winding down. . 

His first five years laid the foundation, 

Mr. Clinton said. His next three years 
would complete the job, he vowed. . 

“From education to die environment, 
from health care to child care, from'ex- 
panding trade to improving ski lls, fro m 
fighting new security threats to promot- 
ing peace, we have much to do both here 
athome and abroad,*’ Mr, Clint o n said. 

The president’s answers at times took 
on an almost pleading tone, imploring 
his audience to take notice of his deeds 

and proposals. He told one questioner 
that it was difficult to “shadowbox" 

market that some analysts say will soon 
have 1 millio n newly unemployed- 

have 1 millio n newly unemployed. 

“They are aware of the current situ- 
ation,’ * hesaid. “The schools are teach- 
ing austerity.” 

Because young people do not vote in 
the same huge numbers as older people 
and the race is considered a dead heat, 
much analysis was placed Wednesday 
on the role of youth at the polls Thurs- 

day. Many said that a heavy turnout by 
young people would benefit the main 

opposition candidate, Kim Dae Jung. 

“Young people want change," said 
Kim Soo Ki, 21, at a rally for Kim Dae 

Jung in the Myundong shopping area 
Tuesday night. “They want to get rid of 

the same old guys that have been running 
this country forever last night” 

As he spoke, a giant television screen 
showed film footage of Kim Dae Jung’s 
40-year quest for the. presidency and 
loudspeakers blared the fanner No. 1 
song in the country: “Dance with DJ 
Doc," which is a hugely popular pop 
group. Kim Dae Jung, known to every- 
one as DJ, has adopted the song and used 
it in slide, effective TV advertising. 

“We need a new direction, ’’said Park 
Sung Ok, 28, an electronics company 
employee who could barely be heard 
- from the campaign music blaring- in the 
shopping area. “I still don't know who I 
am voting for, but I am tired of what we 
have had." 

with the unnamed critics who .sniped at 
him in news articles. Later, he said that 
beating up on the president appeared to 
have become a national civic ntuaL 
‘ “It’s almost a citizen responsibility to 
criticize the president," Mr. Clinton 
said. “I mean it’s — why be an American 
if you can’t criticize the president?" 

Later, he expressed the perennial 
pres idential complaint that he could not 
deliver his message to the American 
people because the media would not 
report what he was doing and saying. 

The president admitted that his own 
prolixity was in part responsible for his 
inability to engage the public on difficult 
issues of social policy. Mr. Clinton gave 
one exceptionally long answer to a ques- 
tion about affirmative action and racial 
preferences, discussing in one dense 
passage after another college admis- 
sions, a recent vote in Houston and bank 
lending practices. Finally, he said, "i 
haven’t given you a clear answer be- 
cause it’s not a clear problem.'* 

- Mr. McCuny said he tried three times 
to signal the president to cut. off the 
questioning, but Mr. Clin ton just ignored 
him. “I flunk the real story here is that 
the president showed his utter disdain for 
his press secretary," Mr. McCarty said. 

At about the 88-minute marie a des- 

perate aide back at the White House sent 
Mr. McCurry an electronic page. “Tell 
him Buddy’s getting lonely,’ * Ws beeper, 
flashed: • 

Mr. Clinton then took three more 
questions and delivered a two-minute 
summation before yielding the lectern. 

SRAEL: U.S. Pressing Arafat on Hamas SCARE: Lighting Effects on Japanese Cartoon Show Give Viewers Seizures and Nausea 

Continued from Page I 

rnsm, both on his own and in cooper- 
ion with Israel, and that the Americans 
ave accepted the logic of security for 

extradition, with the full understanding 
that Mr. Arafat will not agree to that. 

“But there are other things they can 
do," the official said, such as breaking 
up known military cells and arresting 

Continued from Page I 

based on characters in a video game 
produced by Nintendo Co. The com- 

« So the written plan is meant to specify 
what security means. 

It is also meant to answer Israelis and 
American Jews who have asked the Clin- 
ton administration what specifically it is 
demanding from Mr. Arafat as it presses 
Mr. Netanyahu to give up territory. 

“It finally asks something of Arafat," 
in Israeli official said. 

“It's not just a general promise, but 
Something that can be followed and 
checked, with benchmarks.’ ’ 
i Mr. Arafat’s team has produced a 
Araft, officials say, which has been com- 
mented on by both U.S. and Israeli of- 
ficials. The Israelis have given Mr. Ara- 
fat their own draft of what his security 
paper should say. 

"We don’t expect them to adopt our 
draft." an Israels official said. “But at 
least they know wbat we warn. Theirs 
will be different but they know what 
terms we want them to meet.” 

1 The Israelis, for example, are de- 
manding that the Palestinians agree to 

particular people, “and it's important 
that they should do them.” 

party's shares plunged on Wednesday, 
recovering to close at 12,500 yen, down 

that they should do them.’’ 

The Israelis also do not expect Mr. 
Arafat to eliminate Hamas, which does 

important charitable and religious work 
in the West Bank and Gaza Strip. , 

recovering to close at 12,500 yen, down 
200 yen or 1.6 percent A spokesman for 
Nintendo said the video game was only 
in black and white, not in color. 

The weekly show has been broadcast 
on 37 TV stations nationwide since April 
and has the highest ratings in die Tokyo 
area in its 6:30 PJVi slot 
Die first victims had been watching 
the program separately at homes all over 
Japan, and doctors and psychologists 
discussing the illnesses on national tele- 
vision did not suggest that mass hysteria 

Ex-Israeli Agent 
Goes on Trial Over 

False Intelligence 

The Associated Press 

JERUSALEM — A retired 
Mossad agent went on trial behind 

■ closed doors Wednesday for fab- 
ricating information that reportedly 

r pushed Israel and Syria to the brink 
i of war. 

r The former agent, Yehuda Gil 
! 63, pleaded not guilty to the main 
t charges, but entered a guilty plea on 
lesser allegations, Israel radio said. 

Mr. Gil was arrested a month ago 
and indicted on charges of fraud, 
, embezzlement and passing informa- 
tion with intent to damage state se- 
curity. News reports said (hat false 

* information allegedly passed by him 
provoked responses last summer that 

■ could have led Israel to fie brink of 

* war. Court papers said his reporting 
could have led to loss of lives. 

Mr. Gil retired in 1989. He was 
t quoted as telling the Tel Aviv daily 
Yetfiotii Afaronoth that he kept on 
passing information because he still 
felt the need to prove himself. The 
daily said that he cultivated a high- 
ranking Syrian official who in 1975 
provided Israel with vital informa- 
tion. But later Mr. Gil allegedly made 
up information and kept payments 
intended for die Syrian. 

in the West Bank and Gaza Strip. , 

*‘He can’t root out the mosques and 
welfare organizations,” the official said. 
“But he can root out the military wing of 
Hamas, which supports the terrorists and 
die bombers.” 

Last summer, after a string of suicide 
bombings threw the peace process into a 
crisis of stagnation and Jack of trust. 
Washington began a new effort, which is 
slowly culminating, to revive confi- 
dence between the Israelis and Pales- 

Under the Oslo and Hebron peace 
accords, Israel is committed to three 
withdrawals, with their size to be de- 
termined by Israel The Palestinians are 
equally committed to intensive security 
cooperation, but its terms have always 
been left vague. 

Now, despite the terms of the Oslo 
accord, Washington is trying to influ- , 
ence the size of the Israeli withdrawal 
and to posh the Palestinians to be more 
specific about their commitments. 

Clinton administration pressure has 
produced a commitment from Mr. Net- 
anyahu and his cabinet to make a with- 
drawal and Washington has strongly 
urged that it be “significant and cred- 
ible.” representing between 10 and 15 
percent of land under Israeli control 

Washington also wants most of the 
land to be transferred from full Israeli 
control, known as “area C.” 

Israel's first proposed withdrawal last 
March, which the Palestinians rejected, 
would have transferred only 2.7 percent 
of the land from area C. 

A senior Israeli official said that the 
American pressure on Mr. Arafat to pro- 
duce a security plan was important but 
not sufficient, "because there will al- 
ways be so many loopholes." 

* ‘The important point is what actually 
happens on the ground, and this is 
something we can quantify and measure 
over time,’ 1 the official said. 

That is one reason Mr. Netanyahu has 
talked about delaying the start of a with- 
drawal to five months after an agree- 
ment: to measure Palestinian fulfillment 
of obligations. 

“If he doesn’t deliver,” the second 
Israeli official said, "Arafat realizes he 
has to deal with the Americans and not 
with us. 

“The problem is that the Americans 
have kept his expectations high, which 
enhances his brinksmunship. And some- 
times brinkmanship can lead to die 

“It’s up to the Americans to lower his 

was involved. 

After a second wave of seizures 
among children watching videotapes of 
the program on Wednesday, a nation- 
wide video-rental chain responded by 
saying it would pull the series from its 

It was not the first time that children 
have been made ill by Japanese an- 
imation. Several years ago, a bandful of 

teenagers suffered seizures while play- 
ing video games sold by Nintendo. The 

ing video games sold by Nintendo. The 
company now attaches a warning of 
epilepsy-like symptoms triggered by the 
games’ optical stimuli. 

In Japan, a country where garishly 
illustrated and often violent animation is 
popular, some people are urging the gov- 
ernment to monitor the images that chil- 
dren watch on TV more closely. 

“I hope broadcasters would inves- 
tigate it thoroughly and take precautions 
to avoid similar problems in the future," 
said Mrs. Murakami, who complained 
that TV programs did not provide any 
warnings about content. 

Kyoichi Sato, a spokesman for the 
Post and Telecommunications Ministry, 

which oversees television and radio' 
broadcasting, said that officials were in- 
vestigating and that the case could lead 
to new programming guidelines. 

Tuesday’s "Pokemon” featured a 
child and a monster who were inside a 
computer battling a program designed to 
kill viruses. , 

The program’s producer, Takemoto 
Mori, said he had used similar flashing 
effects in most of the previous “Poke- 
mon'' shows, with slight variations in 
color and background combinations. ‘ 
“During editing, that particular por- 
tion didn’t call my attention or bother, 
me,” Mr. Mori said. “I’m really sorry* 
that the kids got sick watching their 
favorite cartoon.” 

Toshio Yamauchi, an epilepsy expert 
at Saitama University of Medicine, near 
Tokyo, said that the viewers’ symptoms 
suggested a one-time attack triggered by 
optical stimulus, which is different from' 
epilepsy, the Kyodo press agency said. 

Prime Minister Ryutaro Hashimoto 
said the effects of the cartoons ‘ ‘have not 
been fully determined." 

(AP, Reuters. Bloomberg) 

MANDELA; She Halts Nomination Bid 

Continued from Page 1 


A teacher tending a pupil at a Hong Kong school where a 5-year-old 
developed “bird flu.” Out of 9 Hong Kong cases, 2 have been fatal. 

FLU: Fatal Virus Puzzles Health Experts 

Continued from Page 1 

across the bonier in China. Other steps 
include public health announcements 

on radio and television advising 
people on how to prevent the spread of 
influenza in genoul an increase in 
monitoring of chickens for signs of die 
disease, awl area hospitals reporting 
unusual rfaatfa: or illnesses. 

Hong Hong ’s ubiquitous fresh mar- 

kets were also ordered to improve 
their hygiene, including washing off 
the floors more frequently with soap 
and water and ensuring that dead 
chickens are cleared away. “If a 
chicken gets the vims, it will die very 
soon," Miss Ling said. 

The symptoms of “bird .fin" are 
classic for influenza; sore throat, 

. fever, muscle aches. But the symp- 
toms worsen over time. 

phase of his withdrawal from official 
public life. He was elected party pres- 
ident in 1991, a year after his release 
from 27 years of political imprisonment 
imposed on him by the apartheid regime. 
In 1999, when the next election is to be 
held, he will not run. 

Mr. Mbeki, 55, will most likely be- 
come the next state president A long- 
time party official and economist he is 
already ronning most affairs of state. 

Speaking of the party transition on 
Wednesday, Mr. Mbeki said, “What’ll 
happen is a continuation of what we've 
been doing for very many years.” 

He added that the party, which holds a 
parliamentary majority, would improve 
. delivery of its promises of housing and 
jobs for the black majority and the over- 
all transformation of a society still 
defined by white socioeconomic dom- 

In his valedictory speech to the party 
on Tuesday, Mr. Mandela aimeaun- 
characteristically harsh criticism at 
white politicians and the white press, 
accusM1 £ of opposing his govern- 
ment’s reform agenda and trying to pro- 
tect racial privileges of the past. 

Though the speech seemed to signal a 

departure from the politics of- reconcili- 
ation that have been a halim^ 0 f 
Mandela’s administration, Mr. Mbeki 
said, the speech was a realistic assessment 
of the last three years and “not intended 
to result in a program of actions.” 

The nation's white minority, only 12 
percent of the population but stifi £ 
control of the economy, will continue to 

be the target of an effort 4 ‘to get people to’ 
understand that the creation of a non- 1 
racial society is not only in the interest of 
but also of white people,". 
Mr. Mbeki said. 

The depth of the party rank-and-file's* 
belief in unity was clear when several; 
delegates were asked their reaction to. 
Mrs. Mad lkizela- Maude la’s withdrawal 
from the race. No official count on her. 
nomination vole was issued, as counting 
was suspended when she withdraw. But 1 

* f S? W « hands appeared to be far short 
r poreent of delegates that was 
Medea for a nomination to pass. 

Convicted Legislator 
Resigns in France 


PARIS — Henri Emmanuel li. a 
t Soci ^ resigned from Par- 
on Wednesday, a day after 
Z®™* 11 Court upheld his - 

hSfi pl i? n “?y ictiOT and a two-year 
ban on fos holding public office. 

rh f£i,r n ?? nucUi ’ w ho served as 
^nnanof theN^donal Assembly’s 

o“^“9 0mmitIee ’ saidil,alaMrt0 

nR3i^ Laiirent Fabius ftat he had 


■ s^teskss 

.sentence for illicit i>aity. 
bits’? 1 ?® was handed £wi 
m 1996 by a tnal court in Brittany. 


M<> v 



Investing in Greece: Telecommunications 

Initiative Reaches • 
Far and Wide : 

OTE’s foreign arm finances many ventures, 

W ithout government a^Jtanee, Hella^om th«! 


completed or are already operating ; m four counm*^ ( 

example, OTE has financed four projec^ in Ltthum^U 
The contracteforall four were signed m August 1W6 
prt,j«teXnow operated by the Lithuanian Telecom- 

muitiplex STM- l 

second-lazgest city in Lithuania, Kaunas, with -MOO potto 
and 118Tdtametara(73 miles) of fiber-optic network, ata cost 

of $9.2 million. .... ctka i 

* A $2.8 million independent digital mutoplcv STM-1 . 

netwoik for the city of Alytus, with 1 1 ,000 ports and 8; 
kilometers of fiber-optic network. . . 

* A $2.9 million, 380 -kilomcter backbone network or 
fiber-optic network, which is under c onstr uction. 

* A $4.1 million digital multiplex STM- 1 network, witlv 
14,000 ports and 66 kilometers of fiber-optic network, which 
is under construction in the city of Ttakai. . . . 

In Armenia, where OTE has just announced the acquisition, 
of 90 percent of the state telecoms company Armen td. Hel-;- 
lascom is financing two projects dial are under construction. - 
* A $73 million backbone network for the southern part of 
the country, involving 445 id Jo meters of fiber-optic network 
and an STM-1 multiplex system. J 

* A $9.4 million backbone network for the northern part or 
the country of 450 kilometers of fiber-optic network and an 
STM-1 multiplex system. . - 

* In Georgia, OTE is financing a backbone network in-; 
volving 5 80 kilometers of fiber-optic network with STN-h 
STM-4 and STM- 16 multiplex systems, at a cost of $12.1. 
million. The contract for this project was signed Oct 4. 1W.. 
* In Jordan, Hellascom is participating in the estab-j 

TheGn^TetecofmiunfcationsOrganizaiionfOTtf stands teti in Athens. As part of ite privatization, OTE is now er^oying success on the Affiens Stock Exchange. It Is also expanding tis presence abroad 

Operator Steps Up Its Foreign Focus 

The Greek telecom organization is helping bring its neighbors ' system up to Western standards. 

W ith the liber- 
alization of 
the telecom- 
munications market in 
Greece, die Greek 
Organization (OTE) 
took two steps to en- 
sure continued expan- 
sion and profit 
It sold 20 percent of 
its shares through the 
Athens Stock Ex- 
change, and it turned 
its attention _tq inter- 
national operations — 
mainly in die Balkans 
and Eastern Europe. 

This coincided with 
the openingofthe mar- 
kets ofEastem Europe, 
where people were de- 
manding telecommunications services 
equal to those of the West 
Naturally. Western industries raced 
to enter these new markets with foeir 
advanccd technology. 

At first the opening ofthe markets of 
Greece’s Balkan neighbors presented a 
challenge for the OTE, which was ready 
to compete for a slice of die pie in 
nearby areas in collaboration with ma- 
jor European companies. Its interna- 
tional position was also enhanced 
through die partial privatization of its 
shares through the Athens Stock Market 
and their circulation on most interna- 
tional stock exchanges. 

At the same time, its board expanded 
with the participation of private mem- 
bers, and its mentality changed from 

that of a monopoly to 
that of a company 
aiming to satisfy its 
clients* needs. 

For the first time 
in its history, OTE 
had to operate under 
the supervision of 
another body, the 
newly formed Na- 
tional Telecommuni- 
cations Board, which 
is responsible for en- 
suring feiF competi- 
tion among all tele- 
agents in the country 
and preventing the 
preferential treat- 
ment of OTE. 

The European 
Commission allowed 
Greece to maintain the monopoly on 
telephone lines until the year 2000. 
OTE has used the period to prepare 
itself to face foreign competitors both at 
home and abroad. 

Foreign affiliate 

For its operations abroad, OTE created 
Hellascom, an affiliate staffed by some 
of its best executives and geared to. 
penetrating foreign markets. 

“Hellascom’s objective is to obtain 
for Greek telecommunications a share 
of die international telecommunications 
market,” says one of OTE’s leading 

Political observers also see Hel- 
lascom as a tool for the promotion of 
Greek strategic economic goals in 

areas of major importance to Greece, 
such as the Balkans and the Black Sea 

To succeed in its field, HeOascom 
combines elements of the public and 
private sectors of die economy. It op- 
erates under private enterprise rules, 
and its capital was formed with the 
participation of all Greek industries in 
the telecoms field. 

“Hellascom is a dynamic company 
of a high caliber, with low 
expenses, a limited number of perma- 

laboratois, according _to encum 
stances,” says an OTEexeciitive. 

Operating under these conditions, the 
company is able to respond to the re- 
quirements of its clients both within and 
outside of Greece. 

“We are the spearhead in areas and 
countries where OTE intends to buy a 
share of the privatized local telecom- 
munications agencies, or to participate 
in major construction projects,” says a 
senior Hellascom official, who explains 
that Hellascom is open to any com- 
bination of construction and financing 
of major telecommunications projects 
in targeted countries. 

Such projects include independent 
digital networks, land and underwater 
fiber-optic networks, digital trunk net- 
works and wireless networks, to name a 
few examples. 

Financing entails full responsibility 
for handling projects, coordinating 
suppliers and subcontractors, using 
materials and interconnecting the ma- 
terials to existing and operating net- 

Modem telecoms are part and parcel of Greece's modem Bfe. I 

Call-Back: Still Not Kosher 

Callback service, usually a competitor of established 
public telecommunications operators, can offer users 
substantia) savings. 

Most U.S.-based call-beck services rely on uncom- 
pleted call signaling: A customer outside the United States 
dials a U.S. telephone number and, after a certain number 
of rings, hangs up. The U.S. callback company then calls 
the foreign number and, when the original caller answers, 
he or she hears a diaJ tone from the U.S. location. The 
customer can then place a call to the United States or to 
another country. 

The callback customer does not pay the U.S. carrier or 
foreign carrier for the initial uncompleted call. 

limited service 

AJtematiwlyjnixiundjntema^ num- 

bers can be liseti 'to' establish V connectfekt' to the' .re- 
seller's U.S. facility. In such cases, the foreign caller pays 
onlythecallback provider for the second U.S. call, and the 
reseller recoups the cost ofthe inbound international 800 
number from its charges for this second call. 

In Greece, callback service is officially illegal, since 
neither the National Telecommunications Commission nor 
the Ministry of Transport and Communications has issued 
any declaration or license for it. 

Nevertheless, some companies offer the service to a 
limited number of cilents. 

Hellascom ’s main focus is to com- 
plete projects for which it can provide 
financing. The company also operates 
in combined telecommunications net- 
works through joint construction fi- 

Hellascom is not allowed to build or 
to operate OTE projects. It can, 
however, seek projects from other pub- 
lic or private agencies. 

Thus for, all the projects built by the 
company have been delivered within 

their contractual deadlines and have 
been of high quality, allowing Hel- 
lascom to initiate the necessary pro- 
cedures to obtain an ISO 9001 quality 

Main achievement 
According to its top executives, Hel- 
lascom is focusing its attention on the 
Balkans, the Caucasus-Eurasian area. 
Central and Eastern Europe and the 
Middle East In some of these areas. 

Hellascom has undertaken — alone of 
with OTE — 12 projects, formed two 
operational joint ventures and estab- 
lished three -representative offices 

“Our main achievement is that Hel- 
lascom has not only created the con- 
ditions for undertaking new projects, 
but has also made the presence of 
Greece noticeable in many areas of the 
world,” says a senior executive 
proudly. • 

Healthy Competition Helps Industry 

In accordance with EU directives , Greece is entering the final phase of liberalizing its telecom sector. 

I n his effort to complete 
Greece’s convergence 
with the European Un- 
ion, Prime Minister Costas 
Simitis wants to do more 
than join the euro by 2001. 
He realizes that the country's 
telecommunication services, 
for example, must equal 
those in the rest ofthe EU. 

In accordance with EU 
directives, Mr. Simitis has 
begun the phased liberaliz- 
ation of the telecommunica- 
tions sector. He has entrusted 
this field to one of his ablest 
colleagues in foe Panhellenic 
Socialist Movement 

(PASOK), Transportation 
and Communications Minis- 
ter Anastasios Mantelis. 

A man of few words but 
unending activity, Mr. Man- 
tclis thinks the country’s 
stable economy and new free 
market environment provide 
good investment opportuni- 
ties for both domestic and 
foreign entrepreneurs. 

“Greece has entered a 
stable period with a strength- 
ening economy and now out- 
performs other European 
member states in economic 
growth. This year, GDP is 
expected to grow by 3.5 per- 
cent, compared with the 
European Union average of 
2.5 percent Inflation has 
been falling since 1992 and 
was 4.9 percent in Septem- 
ber, a 25-year low. and the 


Greck drachma is stable 
against the Ecu,” Mr. Man- 
telis says- 

He believes that with foe 
establishment ofthe National 
Telecommunications Com- 
mission (NTC), Greece has 
entered the final phase lead- 
ing to the complete liberal- 
ization of this field Since 
1949, the Hellenic Telecom- 
munications Organization 
(OTE) has been the only sup- 
plier of fixed-line voice tele- 
phony, and before opening 
the market completely to 
competition, Greece started 
privatizing OTE. 

The OTE was introduced 
on the Athens Stock Ex- 
change last year, and it was a 

complete success, even 
though it involved only 8 
percent of foe organization's 

“But this was not our only 
success,” says Mr. Mantelis. 
“OTE had already taken sig- 
nificant steps to become a 
market-driven and customer- 
oriented company, with suc- 
cessful attempts to expand in 
other markets abroad and to 
cooperate with other inter- 
national companies. OTE is 
not acting any more as a 
monopoly. On foe contrary, it 
is expanding its operations 
abroad in cooperation with 
telecommunications giants 
like France Telecom and 
Italy’s STET. During foe last 
three years, OTE has also 
welcomed the establishment 
of foreign cellular phone 
companies in Greece.” 

Down with monopolies 
Mr. Mantelis believes that in- 
ternational cooperation in 
telecommunications is not 
consonant with foe develop- 
ment of national monopolies. 
“Freer trade in telecommu- 
nications promises to deliver 
at least three economic gains: 
improved products ami ser- 
vices, lowo* prices and ad- 
ditional investment,” he 
says. “Open trade in tele- 
connnunicatton services 
would result in more com- 
petition, lowering prices for 

most businesses and for 
many customers, and provid- 
ing customers with a choice 
of different service pro- 

He says that many coun- 
tries have to get rid of their 
deep-seated fears that open- 
ing their markets to compe- 
tition means losing control of 
a strategic industry. 

“Most markets where 
competition is permitted 
have achieved higher rates of 
growth than those in coun- 
tries that have retained a 
monopoly,” he says. 

He points to the benefits 
developed economies achieve 
through liberalization. 

“Competition has raised 
the growth rate of traffic per 
subscriber from 5.6 percent 
to 93 percent per year since 
1990 [m Greece],” he says, 
and he thinks emerging mar- 
kets will show higher ben- 
efits once fo^y liberalize foeir 
telecommunications mar- 
kets. “We should not forget 
that in foe international 
arena, telecommunications is 
poised to be a trillion doUar 
industry by 1998. It com- 
prises over half of foe ‘in- 
formation communications’ 
market and was foe fastest- 
growing export sector in 
1995,” he says. He adds 
proudly that Greece is among 
foe front-runners in that mar- 
ket • 



Investing in Greece 

Tourism: Pulling Out All the Stops 

No effort is being spared to welcome visitors, who are expected in greater and greater numbers. 

W hen Juan Antonio were planned before Athens try’s oldest tourism groups, is classification system. 
Samaranch, presi- was selected for the not concerned about the tels, restaurants and 
dent of the Inter- Olympics, but they have now private sector’s success. ational establishments 

W hen Juan Antonio 
Samaranch, presi- 
dent of the Inter- 
national Olympics Commit- 
tee, announced the winner of 
the 2004 Olympic Games, 
instead of, “And the winner 
is . . . Athens,” he could have 
said, “And die winner is . . . 
Creek tourism.” 

While some doubt that 
Athens will make the S36.7 

million profit expected from 
the SI. 6 billion extravag- 
anza, few doubt that Greece 
and its tourism sector will 
profit immensely. 

“The games will 
strengthen the tourism pro- 
file of our country abroad," 
says Aristotelis Divanis, 
president of the powerful 
Hotel Chamber of Greece, 
“and hasten infrastructure 
improvements — which is 
our weak spot — and gen- 
erally improve Greece’s pic- 
ture as a tourism destina- 

Resorts galore 
Already, with government 
legislation aimed at general 
infrastructure improve- 
ments, investment in tour- 
ism-related projects by both 
the public and private sec- 
tors runs to billions of dol- 
lars. About SI. 4 billion is 
being spent to improve ex- 
isting Greek airports, $189 
million on hotel moderniz- 
ation and $271 million on 
new marinas, golf courses, 
mountain hails, eco-tourism 
projects, thalassotherapy 
(sea-water therapy) and ski 
centers. Plans are also afoot 
to invest some $340 million 
in countryside resort vil- 

Most of these projects 

were planned before Athens 
was selected for the 
Olympics, but they have now 
been helped with average 
government subsidies of 45 
percent As the subsidies 
continue to multiply, even 
more tourism-related proj- 
ects are expected to surface 
within Athens, mainland 
Greece and the islands. 

The new projects come 
none too soon. 

Industry experts say new 
packages, mostly to the 
Greek islands, will accom- 
modate the increased number 
of tourists expected from 
now until at least two years 
after the games. And while 
Mr. Divanis, a major Athens 
hotel owner, does not believe 
the capital needs additional 
hotel units, he is in favor of 
new upscale units in the 
provinces and on the is- 

Natural advantages 
Takis Antoniou, president of 
foe country’s travel agency 
association and chairman of 
one of the country’s largest 
travel agencies, Plotm. be- 
lieves Athens and Greece 
need increased investment in 
deluxe hotel units and in pro- 
fessional services. He does 
not exclude mergers of Greek 
companies with other Euro- 
pean ones as a means to this 

“We are all aware that 
eventually only professionals 
who offer better value and 
better service will remain in 
the trade,” he says. “The 
2004 games force a faster 
move in this direction.” 

(Costas Koulouvatos, head 
of Hermes Touristic & Hotel 
Enterprises, one of the coun- 

try’s oldest tourism groups, is 
not concerned about the 
private sector’s success. 

“The games., will do as 
much good as we allow them 
to, and foe private sector will 
do its part as individual units, 
but foe main responsibility 
lies with foe ' State ma- 

For foe tourism industry to 
take proper advantage of foe 
Olympics, he says, the Na- 
tional Tourism Organization 
(EOT) should promote foe 
country’s natural advantages, 
be ginning now, and ensure 
that infrastructure projects 
are carried out quickly and 
efficiently. One crucial proj- 
ect is a conference center that 
would draw more people to 

Star system 

Nikos Skoulas, secretary 
general of EOT, says Athens 
wQl get foe conference cen- 
ter, along with a conference 
bureau, soon because the 
project has the full support of 
Prime Minister Costas Sim- 
His. This is a high priority, but 
Mr. Skoulas is even more 
concerned with increasing 
foe quality of tourism proj- 
ects. Projects already under 
way include improvements 
in the highway and rail net- 
works, suburban transport 
systems, air transport (in- 
cluding a new Athens inter- 
national airport) and tele- 

Mr. Skoulas adds that gov- 
ernment projects such as in- 
creased security of tourism 
establishments — each sum- 
mer 1,500 police graduates 
are loaned to the tourist po- 
lice force — add quality to 
foe industry, as does foe new 

classification system for ho- 
tels, restaurants and recre- 
ational establishments. 

The new star system is 
compulsory for all hotels. 
Classification will change 
from strictly structural con- 
siderations to structural, aes- 
thetic and functional ones. 
Special emphasis will be 
placed on foe gastronomic 
dimension as well as the vari- 
ety and quality of service. 
There is also a voluntary res- 
taurant classification based 
on original Greek cuisine and 

Focus on quality 

Greece continues to increase 
its share of the international 
tourism market In foe five- 
year period that ended last 
December, the World Tour- 
ism Organization says that 
international tourism in- 
creased by 30 percent, while 
receipts generated by intear- 
national tourism increased by 
more than 50 percent, to 
$423 billion. During foe 
same period, Greece saw 
total arrivals increase by 15 
percent, to 9.6 million, and 
tourism foreign exchange re- 
ceipts rise by 42 percent, to 
$3.7 billion. 

A look further into the fu- 
ture is even more encour- 

By 2000, Greece expects 
arrivals to reach between 
11.7 million and 12.6 mil- 
lion. Five years later, those 
numbers should reach as 
high as 14.9 million. 

Foreign exchange receipts 
from tourism could surpass 
$14 billion by 2005, accord- 
ing to the country’s Research 
Institute for Tourism, 
provided the private sector 

creates the extra 257,000 
beds required to host foe al- 
most 15 million arrivals ex- 
pected by 2005 and that 
promised quality improve- 
ments are realized. 

Mr. Skoulas says quite 
candidly that Greece’s price- 
value ratio was inadequate in 
the past but that foe country 
now is focusing on quality in 
addition to cost. New pack- 
ages such as thematic vaca- 
tions, cultural activities, 
sports, conferences, incent- 
ive travel, gastronomy, 
health (thalassotherapy) and 
religious tours are now com- 

-But “mass leisure vaca- 
tions will continue as a major 
product, albeit a more qual- 
itative one” says Mr. 
Skoulas. • 

■ " * >■# \ • ■ . ■ «. '*• ‘ * . . . |V , Vb***’ 

• : v - ’ "'k j :. v . ' ; ‘ T 



Both wmm-iRidcokl w eather act l vBGS beckon at trakBon,Q&e (top) and at ML Pamassos* 

Mergers Make tor Fewer — Yet Stronger — Banks 

The Greek banking sector will become more con- and public utilities requiring the input of know-how 
centrated in the next five years, with small state- that is not inherent in the Greek public sector, and 

owned banks being absorbed by larger ones. The 
governors and directors of the major state-owned 
and private banks in Greece have all said there are 

of investment funds that are not available fromthe 

state budget -■ 

Those are strong wordsfrom an executive who is 

portunities emerging in the wider geographical area 
of foe southeastern Mediterranean. 

Alpha Credit Bank was the first Greek bank to 
open a bank To Bucharest Iri April 1994, when ft 
formed Banca BuctaestT, SA4 together with a 

too many bgv^ and the head oftffo digest stateownedbanlt He is not f?oupof>Greek corrpaiies arKJ irKlividLials. 

Sea Changes Are Shaping 
The Shipping Industry • 

Fleet financing and management are modernizing with the fleets themselves * 

redes today own .the largest fleet of seeking public money to finance their fleet, 
V slups in foe world. In March 1997, r^ewals. First among the Greek companies. 

foe future, fewer and stronger banks will be the 
key element in foe new banking environment. 

National Economy Minister Yiannos Papanto- 
niou says foe government is encouraging mergers 
and acquisitions and welcomes foe injection of 
fresh private capital into state banks, which could 
also help improve their management. The gov- 
ernment is also urging banks to train their per- 
sonnel to become more specialized, in line with 

afraidto speak foe truth when it comestocritiquing 
foe government’s past policies, policies foatPrime 
Minister Costas Shnitis is trying to modify. 

Strong competition and foe supply of cheaper, 

International bank in Georgia 

Also last year, foe Commercial Bank of Greece and 
the European Bank for Reconstruction and De- 

J according to Lloyd’s Register of to go to the stock market was Anangel Amer~_ 

• .. „ •_ l! »1 - *1 »1AA ..kiui&L .••LTmL BiHtn 

more sophisticated products and services are at- velopment (EBRD) founded foe first international 

other characteristic offoechanging face of banking 
in Greece today. For these reasons, bank man- 
agement will be a great challenge for Greece when 

bank in foe former Soviet Black Sea Republic of 
Georgia, the International Commercial Black Sea 
Bank-Georgia (ICBSBGeorgia). In addition, Greek 

technological advances and new banking prao- union (slated for 2001). At that time, foe euro will 
tices. be used for inter-tiank transactions. 

Theodoras Karafzas, governor of foe National 
Bank of Greece, has been in the forefront of At home and abroad 
bankers who realize they must get rid of ailing In general, foe state-owned banks continue to 
enterprises in order to become more com pet- operate effectively, but they have been steadily 
itive. losing business to their private rivals. Their per- 

' ‘Greek banks should curb their operating costs formance has not been stnfig compared with foe 
and services. This means investing in human cap- two longest-established, glwateJy managed irvsti- 
ital and technology, but also bank mergers and tutions, Alpha Credit Barffand Ergo Bank. Alpha 

it becomes eligible to join the European monetary banks are opening branches in Albania and Bul- 


Finally, banks are playing a big role In the suc- 
cess of foe Athens Stock Exchange. Companies 
listed on the exchange Include eight banks ranging 

In general, foe state-owned banks continue to from large capitalization bank stocks like Alpha 
operate effectively, but they have been steadily Credit Bank and foe National Bank of Greece, to 

losing business to their 
formance has not been s 

and services. This means investing in human cap- two longest-established, gjwately managed irvsti- 
ital and technology, but also bank mergers and tutions, Alpha Credit Badland Ergo Bank. Alpha 
takeovers in so far as these can reduce operating Credit, foe nation's fokCHargest bank, made the 

expenses or ensure alkound development at a 
faster pace and with bearable social cost," says 
Mr. Karatzas. 

To retain its competitiveness, he continues, 
Greece ‘ 'needs a new generation of infrastructures 

biggest net profit in Greek banking history in 1995, 
posting a result of 59.8 ballon drachmas ($240 
million) before taxes. 

Greek banks are buifcHng associations with large 

e rivals. Their per- smaller institutions like Piraeus Bank and the Bank 
compared with foe of Macedonla-Thrace. 

ely managed irvsti- There is a high concentration of banks in the 
I Ergo Bank. Alpha Athensgeneral Index weighting, and trading in bank 
st bank, made the stocks represents a substantial percentage of total 
ing history in 1995, turnover on foe exchange. The five to pranking 
i drachmas ($240 listings on foe ASE — four banks and foe Greek 
Teteoommunicatkms Organization (OTE) — rep- 
odations with large resent more than 60 percent of the stock ex- 

European barks and are also exploiting the op- charge's index. 

Thriving Jewelry Industry Has Ancient Roots 

Much of Greek design is inspired by antiquity — not only the history of Greece, but also that of other countries. 

G reeks began a love af- Lalaounis, who has been trade of jewels. With the ex- It was during that exhib- toxical periods (like the 
lair with gold when made a member of the ception of a few large shops itkm that Mr. Lalounis man, Byzantine and Rei 
foe ships of foe French Academy. And there that had both technicians and presented for foe first time sance eras), other cour 

Lalaounis, who has been 
made a member of the 

trade of jewels. With the ex- 
ception of a few large shops 

It was during that exhib- tori cal periods (like foe Ro- 
itkm that Mr. Lalounis man, Byzantine and Renais- 

Minoans roamed the Mcdi- are other families who have 
terrancan, Agamemnon kept foe Greek name alive in 

ruled Myccnc and Priam the jewel industry, such as 
reigned in Troy — and that Zolotas, Katramopoulos and 

French Academy. And there that had both technicians and presented for foe first time sance eras), other countries 
are other families who have salespeople, most were small jewelry inspired by ancient or historical events, 
kept foe Greek name alive in family affaire, employing be- Greek ornaments and copies Mr. Lalaounis once pro- 

affair is still going strong. 

Bulgari, one of the best 
known names in European 

jewelry, is Greek, So is Elias 

Vourakis, to name only two. 

In 1950, fewer than 1.000 
men and women were em- 

tween one and three people 
who doubled as goldsmiths 
and sales clerks. 

Today, some 50,000 
people — including techni- 

of ancient jewels from mu- 
seum pieces. 

duced a. line inspired by the 
first achievements of Russian 

“They were not accepted cosmonauts and American 
well by foe Greek public, but astronauts. Another line was 

people — including techni- they were a hit with foreign inspired by developments in 
ployed in the production and dans, goldsmiths, tourists, who bought them biology. Persian, Japanese 

salespeople, traders and ex- like hot cakes," says Mr. and other countries’ histories 
porters — are occupied in foe Lalaounis. have also been featured, 

industry, processing 14,000 It was foreign tourists, in Qi&k jewels have been 
kilos (30,856 pounds) of gold fact, who turned foe Greek sought after since ancient 
annually. According to Jew- public’s attention to copies of times. Says Mr Lalaounis, 
clers Union estimates, annual jewelry produced by their an- who has shops in many world 
receipts total approximately cestons. By 1960, all gold- capitals, including Zurich, 

inspired by developments in 
biology. Persian, Japanese 
and other countries’ histories 
have also been featured. 

Greek jewels have been 
sought after since ancient 

. Shipping statistics, more than 3,200 vessels 
of 127.8 milliem deadweight tons — rep- 
resenting 15.8 percent of foe world’s dead- 
weight and 9.3 percent of foe world’s ships 
— were in the hands of Greek owners. 

The Greek registry fleet also stands high in 
world .ratings and is the largest fleet in the 
European Union, covering some 50 percent 
of foe EU tonnage. 

The nature of shipping is changing, 
however. In foe last two yeans, as ship owners 
saw foe reforms in other registries cutting 
away the competitive edge of the national 
colors, foe Greek flag fleet has begun to 
decline. Between October 1 996 and Septem- 
ber of this year, foe Greek fleet suffered a net 
loss of 115 vessels, totaling more than 2 
million gross tons — currently below foe 
2,000 vessel mark for foe first time in many 

Greeks have consistently led foe second- 
hand sale and purchase market, with billions 
of dollars worth of deals annually. Trade 
publications have estimated that between 
] 994 and 1 996, Greek ship owners spent well 
over $7 billion to' buy more than 1,000 
secondhand ships. 

Now, however, there is a steady increase in 
foe number of new building contracts being 
placed by Greek companies. New, more 
stringent safety regulations and specifica- 
tions for ships, combined with vessel valu- 
ations that sane believe are unreasonably 
high, mean the margin has narrowed between 
foe cost ofbuilding a new ship and buying a 
second-hand unit that would require con- 
version or upgrading. 

In addition, beguming on January 1, 1999, 
cabotage restrictions that have protected 
Greek cruise ships in domestic trade will be 
lifted, as will cabotage restrictions on pas- 
senger ferries in 2004. The effect of this 
impending action has been a faster renewal of 
foe fleet, which is beginning to include a 
substantial number of modem and rebuilt 

Shipping companies are increasingly 

receipts total approximately cestons. By 1960, all gold- 
$1 billion. Since about 80 smiths were using 22-carat 
percent of these receipts gold — the same as the an- 
come from exports or sales to cient Grades — to fashion 

capitals, including Zurich, 
Paris, New York, and Tokyo: 
“Ancient Greece exported 
foe art of its goldsmiths 

come from exports or sales to cient Grades — to fashion foe art of its goldsmiths 
foreign tourists, foe industry rings, earrings and bracelets throughout the Mediter- 
brings in $750 milli on to with heads of lions, snakes, ranean and foe Middle East 
$850 million in foreign cur- bulls and homed rams. Byzantine jewelry was 

rency annually. • The number of jewelry 

The revival of Greek jew- shops began to proliferate in 
eliy started in 1957, when tourist centers, islands and 

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leagues," remembers Mr 
Lalaounis. As a result of the 
seminar, the goldsmiths or- 

ican, which was floated on the stock market' 
as long ago as 1987. 

Traditionally. Greek shipping has been >a 
family affair, often with former seagoing; 
masters or engineers coming ashore and sea- 
ting up a small company that they then nursccF 
to maturity. 

Degree of competence 
Today, many children of this earlier gen.- - 
eratjon of owners have joined the companies* 
wielding degrees in finance and shipping; 
studies and bringing a di fferent philosophy fq : 
the industry. 

Global Ocean Carriers floated on the'* 
American Stock Exchange, and MIF, whi&£ 
is listed on foe Oslo bourse, are two public 
companies that arc heavily backed by foe. 
Greek Tsakos group. 

The Tsakos group, while maintaining a 
healthy private arm. has seen foe logic o£ 
going to foe capital markets. The group has- 
spent an estimated $240 million on vessels-, 
this year. 

Other companies have chosen the junk 
bond route. In 1993, Eletson Corporations 
raised $140 million from ship mortgage^ 
notes, and foe Peraticos group is in the pro-” 
cess of launching a $150 million, 10-year 

Several other Greek companies are r 
already known to be gearing up for public' 
equity issues m the United States. Maryvill^, 
Maritime of Greece has purchased the shell ’ 
of U.S. -stock! isted B+H Maritime Carriers** 
Ltd. and reportedly intends to build up the* 
company and to approach the U.S. capital 

The local Athens Stock Exchange CASED* 
has attracted local passenger sbippirf^t 
companies, with four currently listed. A fifth f 
Crete-based Minoan Lines, is shortly to join" 
that group. 

. Unquestionably, the face of the shipping 
industry worldwide is changing, and it is not" 
surprising that Greek ship owners arc attain, 
among the innovators. • " * 

lls and homed rams. Byzantine jewelry was 
The number of jeweity pnzed in foe courts of me- 
crps began to proliferate in dieval Europe. Today’s 
irist centers, islands and Greek jewels are facing a 
■ge cities. wide international horizon.” 

“Selling to tourists,” ob- Greek jewelry received its 
ryes Mr. Lalaounis, “is like highest honors in December 
porting at high prices. The 1990, when Mr. Lalaounis 
ice of an item sold in a shop was received as one of foe 

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about 700 jewelers estab- large cities. wide international horizon.” 

listed a union and, with the “Selling to tourists,” ob- Greek jewelry received its 
help of foe Greek Productiv- saves Mr. Lalaounis, “is like highest honors in December 
ity Center, arranged fen- a exporting at high prices. The 1990, when Mr. Lalaounis 
tinw-month training seminar pnceofanitem sold in a shop was received as one of foe 
for goldsmiths. “It was at- is between 60 and 70 percent members of the French 
tended by about 250 col- higher than that of foe same Academy in Paris. “It was an 
leagues," remembers Mr item exported for sale m an- acceptance that foe work of 
Lalaounis. Asa result of the other country." jewelers is real art,” says Mn 

seminar, foe goldsmiths or- Greekgoidsmiths have not Lalaounis proudly. He g 

ganized an exhibition of limited themselves to produ- thought Greek jewelry de- 3 
watches and jewels at foe crag copies of ancient jew- served a museum, so he es- 
Thessalonflti International eliy. They have created new tabtished one at the foot of £ 
Fain lines inspired by other his- foe Acropolis in Athens. • 

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H aving decided to 
complete the privat- 
ization of its telecom- 
munications by the year 
2001, the Greek government 
set up the National Telecom- 
. munications Commission 
« (NTC), a watchdog agency 
to supervise the process and 
ensure that new industry 
members compete under fair 
rules and act in accordance 
with European Union direct- 

The NTC became active in 
1997. after the government 
opened the telecommunica- 
tions market to private en- 
terprise by granting mobile 
phone licenses to three 
private companies. 

“The National Telecom- 
munications Commission is 
the ‘medium’ that supervises 
the correct and legal entry 
into the market for both na- 
tional and international 
companies,” says Anastasios 
Mantelis, minister of trans- 
port and communications. 

Free choice 

Mr. Mantelis believes that 
the end of the state-owned 
Greek Telecommunications 
Organization’s monopoly of 
the industry will benefit both 
the industry and the public by 
giving consumers a choice 
among several service pro- 
viders and lowering rates. He 
also points out that countries 
with free telecommunica- 
tions markets have achieved 
the highest rates of growth in 
the industry. 

“In developing countries 
with free markets, competi- 
tion has raised the growth 
rate of traffic per subscriber 
from 5.6 percent to 93 per- 
cent peryear since 1 990," he 

Mr. Mantelis, who thinks 
that telecommunications will 
be a trillion-dollar industry 
by 1998, says dial the in- 
dustry accounts for more 

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than half of the information 

communications market 

. “In toms of market cap- 
italization, it ranks third, with 
the service companies, and it 
was the fastest -growing sec- 

“b^ef 0 * " 

He also believes that the 
telecommunications market 
affects all national markets. 
“For this reason, the impor- 
tance of the National Tele- 
communications Commis- 
sion is significant,” he says. 

Speeding up development 
Andreas Lambrinopoulos, 
president of the NTC, says 
that OTE will benefit from 
competition by speeding up 
its development 

“We already see a trend 
toward dynamic improve- 
ment both in services and in 
die quality of equipment The 
charts are now indicating that 
OTE is approaching the level 
of operators in other Euro- 
pean Union countries,** he 

“OTE operates S3 million 
lines in a country of 10.5 
million people. It also has 
estimated profits of $1.1 bil- 
lion for 1997. Today, over 80 
percent of its long-distance 
network and 46 percent of its 
transmission centers use ad- 
vanced digital technology." 

Mr. Lanbrinopoulos ex- 
plains that the commission 
will have a double job to 
perform: first, to make sure 
that private companies com- 
pete under fair conditions 
with OTE, . which is an in- 
ternational giant in telecom- 
munications, and second, to 
make sure that all companies 
comply with both Greek and 
EU regulations. 

Operating under condi- 
tions of administrative 
autonomy, OTE has put 20 
percent of its shares on the 
stock market as a first step 
toward privatization. It h as 

Privatization Conforms to 
The European Open Market 

International borders are less and less significant in the telecoms market. 

Gnektelecommunkxtians spans the gobe, new thirt the operator has an am&,HeBascom. 

also turned to the interna- 
tional market in search of top 

In view of the expected 
local competition in all the 
fields of standard telephony 
and other services, OTE has 
started expanding in foreign 
markets and has already 

and other countries. 

Share and share alike 
Mr. Lambrinopoulos says 
that after the Greek market is 
liberalized, OTE will have to 
lease its circuits and share its 
lines with new campetitors.' 
“We have to pay more at- 



of me. 

made inroads in the republics 
of the former Soviet Union. 
On December 9, 1997, 
OTE's board announced the 
purchase of 90 percent of Ar- 
men teL the state-owned tele- 
communications company of 
the Republic of Armenia, for 
$1423 million. Through its 
affiliate, Hellascom, OTE 
has undertaken the construc- 
tion of several telecommu- 
nications projects in 
Lithuania, Georgia, Jordan 

tendon to OTE because it is 
.tire most important element 
in Greek telecommunica- 
tions and to make sure that h 
operates within the frame- 
work of the new rules,” be 
says. “Only thus will we en- 
sure healthy competition and 
provide protection to the con- 

NTC will operate like the 
Federal Communications 
Commission in the United 
States. It will be responsible 

Transportation Gets an Overhaul 

Highways , airports , the subway and more are getting ready for the 2004 Summer Olympics. 

G reece’s efforts to bring its in- 
frastructure up to world-class 
standards have the support of 
two dynamic women: Gianna Angel o- 
poulos-Daskalaki, credited for her role 
in Greece’s selection for the 2004 
Olympics, and Vasso Papandreou, 
minister of development and tourism, 
who is responsible for completing the 
infrastructure needed for the games. 

According to Mrs. Papandreou, the 
main infrastructure projects in Greece 
are connected with communications 
and the improvement of the country’s 
capital city to welcome the 

“We arc constructing the Egnatian 
Way, a highway connecting the eastern 
part of the country with the west. We 
are also upgrading the north-south axis 
of road communications and all rail- 
way lines,” she says. 

A $2.5 billion airport, set to become 
the largest in Europe, is being built m 
Spata. Located 25 kilometers (15.5 
miles) southeast of Athens, it will re- 
place the Hellinikon Airport, which 
cannot handle the capital s traffic and 
is too close to residential areas. 

Another $1.4 billion is being spent 
rb improve ex isring airports around the 
country, and air traffic control for the 
entire country's airspace is being mod- 
ernized with European Union assist- 
ance. Finally, a new artery — reaching 
all the way to the new airport — wui 
Connect the main road axis from the 
Pcloponese to Athens. .: 

' Within die capital, a new S23 bil- 
lion extension of the Athens subway is 
under construction. 

In addition, $189 million has been 
allocated to modernize Greece’s ho- 
tels, and $271 million is earmarked to 
improve and construct marinas for 
yachts, as well as golf courses, moun- 
tain trails, ec o-tourism projects, spas 
and ski centers. Another $340 million 
will be invested in a number of resort 
villages in selected countryside 

More energy 

In the energy sector, an extensive gas 
network is nearing completion, and 
new investments are under way in the 
sectors of renewable energy sources 
and conservation methods, Mrs. 

To meet the demands of the 
Bifw B M tfwt society, tta Greek 
government baa undertaken a 
complete modernization of Its 
tehcfl—mmfcrtfani An 
oqaaBy Intaastve effort 
is being mado In the 
environmental sector 

Papandreou says. Oil deposits in west- 
ern Greece have been linked to oil and 
bitumen sources in neighboring Al- 
bania, and a plan for oil drilling is in 
the works. 

To meet the demands of the in- 
formation society, the Greek govern- 
ment has undertaken a complete mod- 
ernization of its telecommunications. 

Bottling Company Leads 
The Industrial Pack 

As Greek industry fights to hold Its cwn 
against European industrial giants, 

and as many of its membere arsab- 

sorbed through mergers into 
tionais, aft least-one company always 
climbs up the ladder of success ana 
expansion. ^ 

The Hellenic Bottling 
(HBC). orTria Epsilon, as it is called n 
Greek, has reached the top posfoonln 
the country's list of industrial compa- 
nies in terms of capitalization. 

It had sales of $320 million duni^ 

the-firift six months of 1997, a iz. 

percent increase overthe same penoo 

in 1996. Pretax profits rose during ; toe 
same period by 36 percent, to *73 

mrfhon. .. 

HBC is the producer and disfftouw 
of Coca-Cola products in &,0ec8 c fvr 
many countries of the Balkans, East 

em Europe and the republics of the 
former Soviet Union. 

This year, HBC took over 100 per- 
cent of the Moiino Beverages Holding, 
SA, which produces and bottles 
CocaCola products in the Republic of 
Ireland, Northern Ireland. Nigeria, Rus- 
sia, Romania and Moldova. 

In addition to this, HBC has gained 
a controlling interest in fflgpglass, a 
company specializing in all aspeetsof 
bottling and packaging related to me 
beverage Industry. 

The merger with Moiino gave me 
new consortium a market capitaliz- 
ation of about $3.5 billion and created 
a group with a wdHialanced portfolio 
of established and developing oper- 
‘atlons in 10 countries that have a 
combine population of 200 million 

An equally intensive effort is being 
made in the environmental sector, with 
major water works and the biological 
purification of sewage. Greece has 
strict legislation on environmental 

“Greek legislation on tire environ- 
ment is stricter than that of the Euro- 
pean Union,” says Mrs. Papandreou. 
“It imposes, both for new projects and 
industrial plants, strict environmental 

Attributes old and new 
Based largely on projects like those 
mentioned above, Gianna Angelo- 
pou) os-DaskaJ aid and her team made a 
successful bid for the 2004 Olympics. 
A bid for the 1996 Olympics railed 
because the International Olympic 
Committee thought Greece relied too 
heavily on its historical assets, to the 
exclusion of modem development. 

“This time, we emphasized 
Greece’s infrastructural, economic 
and technological ability to stage the 
games, not just the historic and moral 
reasons, 1 ” says Mrs. Angelopoulos- 
Daskalaki. “We presented a new 
Greek image, a side of us that is less 
known to the world,” she adds. 

Half the cost of the Olympics, es- 
timated at $ 1 .6 billion, will be covered 
by the IOC through agreements on 
international television rights and by 
top sponsors. The Greek government 
has guaranteed that it will cover the 

“That half must come from good 
business sense and management" 
says Mrs. Angelopoufos-DaskaJaki. 
She also points out that some of the 
main infrastructure projects that en- 
hanced Greece’s bid for the Olympics 
are being partially financed through 
EU development programs. 

Tourism’s high profits 
The Athens Olympic budget is fairly 
, small. Most of the projects that will 
improve the image of the congested 
Greek capital are included in separate 
budgets and are scheduled for com- 
pletion by the end of 2001. These 
.projects include extensive reforesta- 
tion, new highways and anti-pollution 
treatment of damaged coastlines. . 

“We believe that we can cover the 
Olympic budget and at the same time 
improve radically both thecity and the 
whole country, and this is far more 
important than the games them- 
selves,” says Mrs. Angelopoulos- 

Mrs. Papandreou, on the other hand, 
believes that the Olympics, along with 
a formal “tourism and culture” pro- 
gram, will not only bring more tourists 
to the country but will also encourage 
foreign investors to invest in Greece’s 
most profitable industry. • 

for issuing radio frequencies 
and operating licenses to 
various telecommunications 

“After all, there is a limit 
to the number of frequencies 
and of companies that can 
handle them.” says Mr. Lam- 

NTC will also be respon- 
sible for the electronic equip- 
ment that the various compa- 
nies operating in Greece will 

The only exception will be 
items produced in the Euro- 
pean Union, since such items 
have the approval of the 
European Commission. 

Mr. Lambrinopoulos be- 
lieves that under the NTC, 
both foreign and local in- 
vestors will find Greece a 
good field for investment in 

Three foreign companies 
specializing in mobile tele- 
phones have been operating 
in Greece since 1990, when 
the market for mobile tele- 
phony opened. Both OTE 
and NTC officials believe 
that after the end of the year 
2000, there will beasuigeof 
standard telephone compa- 

u We are ready to help 
them settle and operate,” 
says Mr. Lambrinopoulos. • 

T he wave of privatiza- 
tion in Greece has in- 
cluded international 
telecommunications ser- 
vices. As a result new rules 
have been adopted for both 
domestic and foreign compa- 
nies operating in the coun- 

Under European Union 
directives, all European en- 
terprises involved in the tele- 
communications sector are 
entitled to operate in the 
Greek market under the ex- 
actly the same conditions as 
m any other European coun- 
try. Voice telephony is an ex- 
ception; this sector will be 
liberalized on January 1. 
2001. Until then, the Greek 
Telecommunications Orga- 
nization (OTE) will retain its 

Mobile Telephony net- 
works have opened to private 
enterprise, in accordance 
with EU directives. After lib- 
eralizing this sector, the next 
step was transmitting data by 
private business networks 
within Greece, but without 
providing voice telephony 

To oversee the normal and 
free operations of telecom- 
munications services, and to 
Supervise die application of 
European regulations, the 
government has established 
the National Telecommuni- 
cations Commission (NTC). 
Until NTC was established 
over a year ago, OTE and the 
Ministry of Transport and 
Communications had the re- 
sponsibility of supervising 
the telecommunications mar- 
ket in Greece. 

The liberalization of the 
telecoms market on a global 
scale has brought a change in 
foe rules of the game, a senior 
industry expert says: “These 
new rules will affect the 
Greek market very soon.” 

The old rules were based 
on the joint provision of ser- 

vices. Now, these services 
are widely perceived to be in 
need of reform. Traditional 
telecoms are considered a 
service to be traded, open to 
global competition. “If we 
are to set the boundaries of 
the new game, we have to 
explore the evolution of the 
rules it requires,” says An- 
dreas Lambrinopoulos, pres- 
ident of the NTC. 

Today, telecoms is gov- 
erned by a number of in- 

7he sector is growing 
domoaOcatty, where 
investors are 
benefiting from the 
local market’s 
opening, and 
internationally, where 
071: Is expanding 
through Joint ventures 

temauonal treaties, recom- 
mendations and agreements 
because those who wished to 
operate a service agreed on 
certain conventions. 

International telecoms has 
traditionally been operated 
bilaterally, with agreements 
establishing accounting rates 
based on relationships 
among carriers. Insofar as a 
multilateral framework exis- 
ted at all, it took the form of 
the International Telecom- 
munications Regulations 
(1TR), an international treaty 
that was last updated in 1 988. 
This treaty incorporates by 
reference the International 
Telecommunication Union 
directive (ITU-T) relating to 
accounting rates and settle- 
ment payments. 

The ITR is more often 
breached than observed, 
however, and the accounting 
rate regime is widely per- 
ceived as being at the point of 

collapse. International 
boundaries have less and less 
relevance to the ways that 
international communica- 
tions arc handled. This trans- 
formation is largely attribut- 
able to 

• the convergence of the 
traditional telecommunica- 
tions industry with other 
communication sectors, 
which has blurred die bound- 
aries among different modes 
of communications; 

• the establishment of 
global alliances that promote- 
a market where the carriage 
of a call is separated from its 
origination and termination 
phases; and 

• the rapid growth in ca- 
pacity. both in terrestrial 
cable and satellite networks, 
which allows service pro-, 
viders a high degree of 
choice over routing of 

The technological era is 
reducing the cost of provid- 
ing services, although the 
pace of change has been un- 
even. The benefits of net- 
work modernization are only 
partially reflected in account- 
ing rate cuts and are even less* 
evident in price reductions to> 
end users. 

Cost differences, which 
can be adversely affected by 
exchange-rate fluctuations, 
have generated varying ac- 
counting rates in different 
countries. Consequently, im- 
balances in the traffic flow 
among some countries have 
been increasing. 

In this changed environ- 
ment. Greek telecoms are 
growing in two directions: 
domestically, where both for- 
eign and local investors are 
taking advantage of tire local 
market's opening, and inter- 
nationally, where OTE is ex- 
panding its operations 
through joint ventures ini 
countries like Ukraine, Ar- 
menia and Kazakstan. • 


3E's steady growth over the past years 
has been the result of the company's un- 
relenting commitment to customer satis- 
faction and its continuous long-term mod- 
ernization initiatives. 

Recently, 3E has started to expand be- 
yond Greece.Driven by the same va- 
lues and principles but with new goals in 
sight 3E will continue its efforts to grow 
and progress, and to broaden its horizons. 


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selection as the site of the 

2004 Sununer Olympics: 

Ihe games are returning to 

their bfrthplace in Greece. 

Clockwise horn top: An 

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University of Athens; a 

Balkans Summit opens In 

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Simitis inaugurates the 
construction of the new 
Athens Ahport 

Prime Minister Meets His Mandate 

A year after Costas Simitis took office, all of his country's economic indicators are favorable. 

P rime Minister Costas Simitis came to power in 19% 
with a mandate to lead die country toward a market- 
oriented economy through the privatization of state 
enterprises. With the aim of improving Greece's investment 
profile, he promised to trim the public sector, reduce inflation 
and complete a number of major infrastructure projects. A 
year later, his reform program is proceeding at full speed. 

The Hellenic Telecommunications Organization (OTE), 
Greece's largest public enterprise, is now listed on the Athens 
Stock Exchange. Eleven other utilities will have shares on the 
exchange in the next two years, says Minister of the Econ- 
omy Yannos Papantoniou. Several other state-owned compa- 
nies are in the process of privatization. Among them are two 
paper companies. Softs* and MEL; chemical company 
Kerafina; Eleusis Bauxites; mineral firm LARGO: Aulis 
Shipyards; ELS YP Shipyards; Greek Petrochemicals; Greek 
Iron Alloys; and Greek Saltworks. 

The inflation rate, running at over 10 percent two years 
ago, will have dropped to 5.1 percent by the end of 1997, 
according to Mr. Smutis, and will drop to under 3 percent in 
1998 and under 2 percent in 1999. The number of public 
servants will soon show a decrease for the first time in 
decades, while the consolidation of local government units 
will guarantee lower expenses and more efficient services 
throughout the country. 

According to a recent International Monetary Fund report, 
Greece’s economy is converging with those of its European 
Union partners. In 1996, the Greek economy grew at a faster 
rate than the EU average — 2.6 percent against 1 .7 percent — 
for the first time since Greece joined foe European Com- 
munity in 1 98 1 . The report estimates that foe Greek economy 
will grow at a rate of 3.5 percent in 1 997 and 1 998, compared 
with average European growth of 2.5 percent 
National Economy Minister Yannos Papantoniou told a 
World Bank summit recently that according to his forecasts, 
Greece will have 4 percent growth in 1998 and will sustain 
that level for at least a decade. 

Speaking recently during the third Euro-Mediterranean In- 
dustrial Summit held in Athens, Mr. Simitis stressed the 
importance that Greece places on its cooperation with Euro- 
pean 'and Mediterranean countries, “a cooperation that will 
enable foe Mediterranean basin to become an area of 
strengthened political dialogue, transactions and cooperation 
in ways that will guarantee peace, stability and prosperity. 

“Today, the recovery of the Greek economy, the restriction 
of inflation to foe lowest levels in foe last 25 years, foe 
reduction of the cost of money, the spectacular increase in 
investment, the firm course toward healthier public finances 
and the trust shown on foe part of international organizations 
and international markets indicate foe stability and cor- 
rectness of our economic policy,” says Mr. Simitis. - 

Economic indicators, corroborate the prime minister’s 
statements. Economic activity is up for foe fourth con- 
secutive year. For example, private investment increased by 
1 1 percent in 1996, compared with a 5 J increase in 1995. 

Public-sector investment went up 14.9 percent last year, as 
against 7.4 percent in 1995. Also in 1996, private investment 
in housing increased IS percent and private business in- 
vestment 8 percent Private consumption increased by 22 
percent against 1.6 percent in 1995. 

Mr. Simitis also emphasizes that competitiveness has 
become a key factor in Greek economic life and that as a 
result “businessmen who are aware that foe market operates 
by its own rules are seeking new opportunities and are 
undertaking important initiatives.” 

Baltic ties 

In recent years, Greece has increased its efforts to help 
normalize foe political and economic situation in the Bal- 
kans. Greece was foe first country to send food and phar- 
maceuticals to Bulgaria and Albania this year. Bulgaria has 
received more than 100,000 tons of Greek wheat, and a 
continuous flow of other assistance is been sent to that 
country. Albania also receives substantial aid from Greece. 

Economic Indicators 

GDP: $110 billion 
GDP per capita: $11,472 
Main Industries: tourism, merchant marine, 
agriculture, construction, mining 
Exports: $10 billion 
Imports: $24.2 billion 

Main tracing partners: European Union. Japan 
Main exports: mining products, oil and byproducts, 
industrial products, textiles, agriculture, tobacco and spirits 
Main imports: cars; machinery; oil and byproducts; 
electronics; chemicals; fresh, processed and frozen foods 

Private enterprise is also helping neighboring Balkan 
countries through investment and the export of technical 
know-how. This assistance is crucial if these countries are to 
join the European Union eventually. 

Hundreds of Greek firms, including some large banks, 
have established branch offices in Bulgaria. Albania and 
Romania, or formed joint ventures with local businesspeople. 
In these countries, Greek investors are second only to 
German industrialists. 

The Union of Greek Industries plans to establish a special 
information network of Greek industrial enterprises op- 
erating in the Balkans, to work with commercial attaches in 
the Greek embassies and to establish “Greek Homes” 
operating under the aegis of Greek embassies but financed by 
private enterprises. The aim of foe Greek Homes will be to 
promote Greek products and information about Greece. 

Although Greece is a relatively poor member of the 
European Union, the country is determined not only to reach 
its partners’ economic levels but also to participate in Euro- 
pean Monetary Union by 2001. Greece will be in foe 
spotlight as it hosts the 2004 Olympic Games, an event that 
will bring the games to their birthplace. 

The preparations for foe Olympics mark foe beginning of 
a new era of economic progress, owing to a number of major 
infrastructure projects necessary for foe games' success. • 

The Olympics Challenge: 
Gold Medals in Business? 

Ureal ami foreign businesses will benefit along with Olympic athletes. 

A few hours after only for enterprising Greeks, pean Union development 
Greece won the bid but also for foreign contract- funds scheduled to be de- 
fer foe 2004 ors and international partner- \ivered between 199& and 
A . Minister shins. 2004. These funds are es- 

rS ShnST^ad^^re- As in all countries hosting timated at 8 trillion drachmas 
mark that caught foe press by Olympics, there is a question (p2 billion), _wbicb means 

sunwise* He wamed^tbat die about whether foe country foal amere 2.5 percent of foe 
surpnbe. He wamro cover ^ ^ ^ amount would be 

ideally, make a profit Op- needed to cover foe remain- 
to dey. decFbusi- tunistsinGreeceformalaige mg half of foe Olympic 

majo^ty. One of theseLpi- budget 

shoddy work, or a ctoiceftr Public works 

quick grabs and a PjSnem who enjoys The projected $1.6 billion 

-taiiS budgets relatively low be- 

ssas ” 

Young people cettrate the IOC’s derision to award Athens the20M Summer Oh^tpics. 

for the general public, not 
just for businessmen.” 

Despite its blunt nature, 
the prime minister's warning 
was welcomed in a country 
where, according to recent 
statistics provided by ALK.U 
Research Bureau, only »■» 
percent of the public trusts 
foe Greek business commu- 
nity . or- proceeds from international foe l 

A remit television rights and major new subway service, an ar- 

21* sponsors. ThfmoneywiU be ched hgcal park, an artw- 

S^clSedtorof- StTo Greece as early as — “< — 

ruption is rampantbi^P^ 


“Gianna,” as she is known, 
says the cost of staging the 
Olympics will come to $ 1.6 
billion, all guaranteed by foe 
government in accordance 
with foe contract signed with 
the International Olympic 
Committee (IOC). 

She says exactly half that 
amount will come from IOC 

cause major public works 
projects, designed to improve 
foe congested Greek capital 
and make foe Olympics a 
success, have separate 
budgets of their own. 

These projects, several of 
which are partly EU-funded, 
will be completed by 2001. 
Specifically, they include foe 
new international airport at 
Athens — self-described as 
in Europe — a 

^nTSr^ora and must be secured through lo- 

hc and pn ^ a duit cal business projects and 

dszxgsr&z ^ „ . « _ ~ ~r— - 

Olympics attar a 10-year mamine half has “almost help to radically improve the telecommunications 
fort, Greeks realiwfoaty been guaranteed” by foe gov- city and foe country in gen- technological mfrastmetore, 
must not aUowfots °PP£ since ^ Simitis eral fora whole future gen- as well as creating more park 

for economic Jy* , + — AA oration.” savs Ms. Aneelo- land. 

stye reforestation and envi- 
ronmental program, 

numerous new highways and 
anti-pollution treatment of 
damaged coastlines. 

“To us it is quite clear that 
we can cover foe Olympic 
budget and in foe process 

Not everyone shares her 
optimism. A minority fear 
that foe projected budget has 
been underestimated. They 
say foe Greek economy will 
not be able to bear foe burden 
of foe games, especially con- 
sidering foe country’s large- 
scale defense expenditures 
and the strict austerity mea- 
sures being imposed in older 
to meet the criteria for Euro- 
pean monetary union. 

Apart from foe large pub- 
lic works projects mentioned 
above, Greek and foreign en- 
terprises aspiring to gold 
medals in business can look 
forward to a number of other 
medium-range projects. 
These concern improving the 
country’s traffic circulation, 

emmem, since Mr. Simitis 
mnity tor suggested it could come eration,” says M< 

opportunities' m ^ n« thl^h ItujMcale Euro- poulos-Dastelala. 

Although 70 percent of the 

sports facilities for the 
Olympics are already com- 
pleted. the remainder to be 
constructed involve sports 
not widely practiced in 
Greece. New facilities will 
include a multipurpose in- 
doorand outdoor sports com- 
plex at Phaliron on the 
Athens city coast, a hippo- 
drome for cycling, and 
swimming and seaside sport 
facilities on foe more distant 
sandy Athens coast of Skini- 
a s. 

Above all, an Olympic vil- 
lage has to be built on foe 
outskirts of Athens to house 
some 1 5.000 athletes and of- 

Considerable benefits are 
expected in the field of tour- 
ism. The current annual in- 
flux of 10.5 million vaca- 
tioners is expected to 
increase considerably in the 
years leading up to 2004. 

Tops Forecasts 

Vasso Papandreou, Greece’s Minister of Development, 
Industry, Environment and Tourism, has brought her 
extensive experience with European affairs to the Greek 
cabinet, having spent three years as Greek Commissioner 
in Brussels. She has also served as a member of Par- 
liament and minister of industry, commerce, energy and 
technology. In the following interview, she discusses in- 
vestment potential in Greece and government measures to 
prevent development from damaging the environment. ; 

What arc the indications of an improved investment 
climate in Greece ? 

The improvement of foe macroeconomic indices shows a 
better handling of the economy. Inflation has {alien since 
1993, from 13 percent to about 5 percent. Our target for nexi 
year is 3 percent. A similar fell in interest rates has been 

The deficit in the public sector has come down gradually; 
from 13 percent in 1993 to about 4.2 percent this year. It is 
targeted to fell below 3 percent next year. During foe sama 
period, we were able to stabilize foe public debt as a 
percentage of GDP. This year, there will be a small reduction. 

Our goal next year is to have a sizable reduction. : 

Finally, afier the parity of our currency was allowed to 
slide for several years, it has now remained stable agaiast 
major European currencies this year. 

J believe that these macroeconomic indices, which arc 
confirmed by international oiganizations, arc the main suc-i 
cesses for foe Greek economy during the last few years. 
Furthermore, a sizable development program is under way in 
our country, which, together with the help of foe European 
Union, absorbs 5 percent of the GDP. This program aims to 
develop infrastructure, upgrade labor and improve the pro- 
ductive environment. 

Regarding infrastructure, major projects are in progress in 
| Greece. Wc are constructing the Egnatia Way, a highway that 
£ connects foe East with the West. Wc arc entirely upgrading 
the North-South axis of road communications and all railway 
g lines. A modem airport is being built for Athens, and all ofthc 
country’s airports arc being improved, while air traffic 
control is being modernized. 

In foe energy sector, a great natural gas network is nearing 
completion, and major investment is under way in the sectors 
of renewable energy sources and conservation methods. At the 
same time, drilling for oil is taking place in Western Greece. 

In the telecommunications sector, a complete modern- 
ization effort has been undertaken so that Greece can meet foe 
present-day demands of foe information society. The same 
thing is happening in foe environmental sector, with major 
water works and foe biological purification of sewerage. 

All these have led to a considerable improvement in the 
productive environment, which resulted in an increase in 
investment, both in the public and in the private sectors! 
which in turn led to an increase in the GDP of 2.5 percent in 
1996 and 3.5 percent in 1997. ~ 

For the first time since its entry into the European Union, 
Greece has development rates exceeding those of the EU’s 
average. What measures is the Greek government taking to 
secure the protection of the em ironment. together with the 
development of the economy? 

Greece is known for its superb physical environment We 
consider it our duty to protect this environment both for our 
citizens and for the millions 
of visitors whom we wel- 
come every year. Greek le- 
gislation on foe environ- 
ment is stricter than that of 
the European Union. It im- 
poses strict environmental 
limits for both new projects 
and industrial plants. 

We cannot claim that 
everything works perfectly, 
but our care for the envir- 
onment is continuous, and 
this message is being passed 
on both to citizens and en- 

Is it possible to fight un- 
employment by deporting il- 
legal workers, or is their employment useful and helpful in 
creating jobs? 

The phenomenon of foreign workers in our country is 
somewhat new, and for this reason we arc trying to use the 
experience of other countries that have had foreign workers N 
for decades. \ 

The Greek government believes that illegal immigration ■ 
must be checked in two ways. First, through increased 
control at foe borders and, second, through foe legalization \ 
and the incorporation into the economy of all who are today 
working illegally in Greece. We believe that foe legal pres- 
ence of foreign workers in our country can be beneficial both r 

for them and for the economy. 

According to our information, a great number of foreign 
workers are employed in agriculture, construction and tour- ; 
ism. We believe that the rate of development of the Greek, 
economy during foe present period and for foe years ahead . 
wl\ create new employment openings to absorb foe un- 

Is there any room for further development of the tourism 

The development possibilities for Greek tourism are wide. 
We think the model of mass tourism has reached a saturation 
point and that in foe future, together with mass tourism, new 
.forms of tourism must be developed, such as conference 
| centers, therapeutic centers, sports tourism, etc. 
tjj The means for the development of new tourism in- 
£ frastructure and installations arc extensive. The program 
“Tourism and Culture" has considerable funds for the 
development of special forms of tourism. 

Does the Ministry of Development have plans to attract 
This will mean, of course, foreign capital for use in tourism? 

We are interested in foreign investment because it is 
definitely accompanied by know-how, and it brings foreign 
visitors. We have tried to attract foreign investors. Actually, 
all the openings ofbids for foe development of foe property of 
the National Tourist Organization were international and 
were published m the foreign press. Parallel efforts were 
made in cooperation with foe Greek Investment Center 
(ELKE) and foreign embassies in Athens. 

These efforts will continue with the National Tourism 
Organization's promotion of the investment potential that 
Greek tourism presents and with other investment in our 

Based on existing data, we may say that the rate of 
investment developments in that sector have surpassed any; 
optimistic forecast • 

Monster Vasso Papandreou 

constructing more hotels. 

Government and private 
sector officials say that a wide 
range of Greek and foreign 
businesses will benefit from 
foe Olympics. They include 
those in the industries of ce- 
ment and construction ma- 
terials, sports-related equip- 
ment and goods, hotel and 
household equipment, food- 
stuff, communications and 
other electronic products, and 
the general service sector, 
ranging from language edu- 
cation to entertainment 

The government predicts 
that 130,000 jobs will be 
created arid that activity sur- 
rounding the Olympics will 
help raise the gross domes- 
tic product from its current 
annual growth rate of 2.5 
percent to about 4 percent at 
the start of foe new mil- 
lennium. • 

“Investing in Greece” 

way produced in its entirety by the Advertising Department 
of the International Herald Tribune. It is sponsored by 
the Hellenic Telecommunications Organisation (OTE). 
the National Telecommunications Commission (NTQ 
and dte display adwrriser. 

Writer: John Figos, based in Athens. 
Program director*. Bill Mahder. 





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Out in the Cold? 
Think About Fluids 

The problem of dehydration does not end with the coming of cold 
weather. In fact, it can be more of a problem because people who 
exercise in the cold tend to forget to think enoucfl fluid before, during 
and after strenuous activities. 

By Jane E. Brody 

New York Times Service 


EWYORK — Now that it is 
you may get a little 
damp dating a morning ran or 
— while doing circles on the ice 
slaloms on the slopes, but nothing like 
file profuse sweat you work up in sum- 
mer. And so you may think , you do not 
baye to drink as much. Wrong! Though 
you may be less aware of water loss in 
prater, the need for adequate hydration is 
yfjsetty much the same year-round. 

«/;Most active people fail to . drink 
Enough, even when it is sizzling hot 
outside, and when a chill winter wind 

blows away visible signs of sweat, many 

forget all about supplying their bodies 
With enough water to keep them func- 
tioning at their peak, 
j -Studies indicate that winter athletes 
who fail to remain properly hydrated are 
likely to perform below par, enjoy their ' 
activity less and become unduly fa- 
tigued and prone to injury. In the first 
such study done among recreational 
Alpine skiers. Dr. Edmund R. Burke, an 
eSercise physiologist at the University 
of Colorado at Colorado Springs, and - 
Sis collaborators tested the fluid loss 
and intake of 14 intermediate to expert 

Skiers during two days of siding at el- 

J c o nstrt t n j. ” . 




evatioos of 8,000 to 10,500 feet (about 
2,400 to 3,200 meters) and temperatures 
of 14 degrees to 48 degrees Fahrenheit 
(minus 10 to plus 9 centigrade). 

• On one day, half the skiers dr ank (as 
most recreational skiers do) only during 
their lunch breaks. The other seven wore 
under their jackets a “back-mounted 
hydration system'* — an insulated, wa- 
ter-tight pouch that slips on like a back- 
pack and has an over-the-shoulder tube 
through which the wearer can sip water. 
On the next day, the skiers repeated the 
same runs but switched use of the hy- 
dration system. 

Dr. Burke said, “We were amazed by 

how dehydrated the skiers got” when 
they were not using the hydration sys- 
tem, which allowed them to drink be- - 
tween runs while rid ing the chair lift 
When wearing the pouch, during the .. 
course of the day the skiers consumed 
an average erf 65 ounces . (about two 
<pmzs or 1.9 liters) of water as against 
only 26 ounces (about three cups) con- 
sumed by those who drank only at 
lunch.. In the groop without the pouch, 
the volume of blood plasma fell by 
nearly 5 percent, while tire hydrated 
group lost only due-tenth erf 1 percent. 

Other studies have shown tbata loss of 
blood plasma results in reduced muscular 
endurance, a higher heart rate and body 
temperature ana a prolonged recovery ■ 
after exercise. Such dehydration may alsqg 1 
cause mascJe cramps during exercise. - * 
A. report in the Fehjl State Sports -• 
Medicine Newsletter said that if is the 
course of an activity, “a 150-poond [68- 
kilogram] athlete loses 2 percent of , 
body weight (three pounds), physical ’ 
and mental performance can decrease 
by 20 per ce nt.” The repost said, “La 
addition to fatigue, the early sign s of 
dehydration are loss of appetite. fiished 
skin, light-headeduess and dark urine 
with a strong odor.” 

R. Burke explained: “Deby- 
i dration can be a significant 
' factor in riding accidents be- 
cause fatigued skiers arc more 
likely to lose control. They don’t react as 
quickly and lack the strength or power 
needed to prevent accidents. They also 
increase theirrisk of acute mountain sick- 
ness when riding at high altitudes.” The 
risk of dehydration rises at high altitudes 
because the greater breathing rate in- 
creases water loss through the lungs. 

When the skiers had continuous access 
to water, they reported feeling signif- 
icantly better and were less thirsty. “If 
skiers feel better, they ski better and enjoy 
ft more and are Ihcefy to ski nxire often,” 

ft canbe difficult 
to carry enough 
ifWdwhen ■■■ 
^ajoao^stog. Stick- 

Colder air is drier air; water is lost with 
each breath. More than a quart and a 
half of water may be lost in a day 

Dressing too 
warmly can cause 

People tend to produce 
more urine in cold weather, which 
makes dehydration worse. 

Sourco: Beau FrvtMid and Mjch*sl Santa in NutrifJona/ Needs in Cokj and in HiQh-AS&udo 
Bafcwnwe (National Aotdamy Press, 1996) 

Thr New Yak Tract 

A ‘Cooling Cap’ 

For Birth Damage 

Newborn Therapy Is Revived 

By Susan Okie 

Washington Post Service 

Dr. Burke said. In addition to the usual 
water los s es during exercise. Dr. Burke 
said, skiers and other winter exercisers 
have to battle die body’s tendency to 
increase its output of urine during cold 
weather. The greater the loss of urine, the 
more quickly one becomes dehydrated. 

Good hydration starts long before you 
doa your exercise gear. A good rule of 
thumb is to consume two glasses (16 
ounces) of a plain fluid — water, diluted 
fruit juice, diluted sports drink, noncaf- 
feinated coffee or tea — if possible two 
hoars before the planned activity. During 
the activity, says Dr. Susan R Kleiner, 
author of “Higb- fi a fo rmancc Nutrition,’ ’ 
published in 1996 by John WUey & Sons, 
athletes should drink at least four to six 
ounces of fluid every 15 or 20 minutes. 

Fear exercise that lasts under an boor, 
cool water is the best replacement. For 
vigorous activities that last longer than 
an hour. Dr. Kleiner suggests consum- 
ing a sports drink, as a replacement fluid. 
As a general guide, a quart of a non- 
caffeinated beverage is needed for every 
1 ,000 calories expended during the day. 
Or, put another way, drink at least two 
cups (16 ounces) of water for every 
pound lost during exercise. 

Cool drinks (40 degrees to 50 degrees 
Fahrenheit) are absorbed more quickly 
than wanner ones. However, if cool 
drinks make yon feel chilled and result 
in your drinking less than yon should, 
stick to warm or even hot ones. They 
will do the trick, though the hydration 
process may take a little longer. 

*Key to Exercise: Frequency or Duration? 


By Carol Krucoff 

Washington Post Service 


I • 

been amazed at the strong media at- 
tention her study aroused. 

“People seem surprised that you can 
get a great deal of benefit from rel- 
atively short bouts of exercise,” she 
says. “Everyone wants to know how 
little (exercise) they can get away 
with.” ’ 

So what's the least amount of phys- 
ical activity you can do for heart 
.health? , 

" kaj 

i. :-i? 

frequent, rather than 
longer, exercise sessions 
arc better for the heart, 
suggests a 12-year study of the exercise 
habits of more than 22,000. male phy- 

"The more frequent the exercise, the 
lower the risk of heart amide and 1 

from heart disease,*' Dr. p ^ ridi a ^tii/,^: . ^ ^ 

a cardiologist and reseat -femw-jtfl $»ffl4east ■! 1 24 mtiwtefe per 

Brigham and Women's Hospital mBos- . sesskafSah get you a preiry significant 
ton. “Duration doesn’t haV&aiua&cfe of - Srisfe reduction,” she ttys, “ff you can 
an effect, with iro significamdifffcEmices ,lacie^titcfrequeacy v you can get even 
in, benefit among men who wcake^chil:- ajpffi benefit’’,. > 

for 11 to 24 minutes and tftos^wbqj-y- For examjpkv&e risk of heart attack 
exercised longer.” - r; ^decreased by 36 percent among those 

Dr. Chae's conclusions are based oh — who eauxdfcd vigorously one to two 
data from the Physician’s Health Suitty. -fonts a wedc, 38 percent among those 
Awhich looks at the health and behavior ^wbo ex&dsed three to four times a 
W 22,071 male physicians who were 40 week and 46 percent among men who 
‘ ti> 84 years old when the study beganin , jpxra s$d tejopr more times weekly, 
the mid-1980s. She reported her find- ’ Df. Cteft Sncfe found, 
ings at last month’s annual meeting of But there’s a catch: The Physicians 
the American Heart Association ananas Heafth Smdy looks only at vigorous 

exercise, defined as exercise that works 
up a sweat 

Dr. Carl Caspersen, a physical ac- 
tivity epidemiologist at the Centers for 
Disease Control and Prevention in At- 
lanta, said that moderate-intensity ac- 
tivity is more appealing to most 

4l But when you relax the intensity 

* “ - - - 

t^eaffii e£teCtk, w Di^ Casgerseq 
‘pit’sSlike when you" fcKvef flie 
doreof a medkine. Yoa’ve gpt to take it 
more often for it to be effective.” 

. ‘'Say your goal is to bum 200 cal- 
ories,” says exercise physiologist 
Stephen Farrell of die Cooper Institute 
for Aerobics Research in Dallas. “You 
could do 40 minutes of a moderate- 
intensity activity like walking or just 20 
minutes of a higher-intensity activity 
like jogging.” Neither option is better 
than foe other. They are both good 
choices, depending onyour preferences, 
physical condition and time. 

The U.S. Surgeon General’s Report 
on Physical Activity and Health, re- 

leased last year, gave people many ex- 

excise options 

by emphasizing foe 



amount rather thap the intensity of phy 
icaJ activity. Its recommendation: oui 
1 50 calories per day in physical activity 
such as walking or raking leaves for 30 
minutes, running for 15 minutes or 
washing and waxing a car for 45 to 60 

pediatricians who take care 
of newborn infants sooner 
or later confront this 
tragedy; a perfectly farmed, fuD-tenn 
baby emerges after a difficult labor, bur 
develops severe seizures and signs of 
permanent neurological damage because 
die brain didn’t receive enough oxygen- 
rich blood at some point during birth. 

Even with good obstetrical care, this 
kind of brain injury occurs in an es- 
timated 1 2.000 full- term infants in the 
United States each year, and in a larger 
number of premature brines. With cur- 
rent treatments, doctors are powerless to 
prevent or mitigate the resulting death 
of brain cells, which seems to occur 
inexorably over hours or days after the 
birth and often produces mental retar- 
dation or cerebral palsy. 

Now, an old idea — cooling (he baby 
down — has been revived as a prom- 
ising therapy to reduce foe extent of 
brain damage Animal studies, per- 
formed in newborns orfetuses of several 
.different species, show persuasively 
that mild cooling, lasting for up to 72 
hours, can dramatically reduce the num- 
ber of nerve cells that die after cir- 
culation to the brain has been temt 
arity cut off. In humans, mild coolii _ 
means reducing core body temperature 
to a range of 93 to about 96.8 degrees 
Fahrenheit (34 to 36 centigrade). 

Last week, a New Zealand pedia- 
trician reported results from the first 
trial of a special “cooling cap,” tested 
as a way of selectively cooling foe head 
in full-term infants who showed signs of 
having suffered oxygen deprivation be- 
fore birth. Her findings from a small 
comparative study of 22 infants — re- 
ported at an international conference 
here — suggest that the treatment is safe 
and, in her view, ready to be tested in a 
larger international trial. 

“There should be a multicenter 
study,” said Tania Gunn, an associate 
professor of pediatrics at Auckland Uni- 
versity Medical School, who tested the 
cap extensively in fetal sheep before 
trying ft on human infants. “I’m into 
caution.” She said cooling of brain- 
injured infants should be thoroughly 
studied in further trials rather than 
“people rushing out and doing whole- 
baby cooling, willy-nilly.” 

Other experts at the meeting said foe 

evidence from animal studies is ex- 
citing and provocative, but they added 
that doctors will have to procred very 
carefully as they evaluate a treatment 
that runs counter to established stan- 
dards of newborn care. Since 1958, 
when a landmark study found that 
lowering the temperature increased the 
death rate in premature infants, foe 
dogma in hospnal nurseries has been: 
Warm np babies immediately after birth 
and keep them warm. 

“It's become foe absolute ortho- 
doxy,” said John S. Wyatt, a professor 
of neonatal pediatrics at University Col- 
lege, London. “We wrap the babies up, 
put hats on their heads, spend a great 
deal of effort." 

But researchers have found that ba- 
bies bom outside hospitals, as most hu- 
mans were until this century, normally 
had a drop in body temperatures to 95 
degrees Fahrenheit or lower just after 
birth and then warmed up again gradu- 
ally over foe next several hours. Dr. 
Wyatt said. That could be a physiologic 
effect that evolved to protect the human 
brain against the belated ill effects of 
any oxygen deprivation that might have 
occurred during labor, be suggested. 

“I’m developing this heresy that ba- 
bies may be designed to go cold.” Dr. 
Wyatt said. 

Dr. Wyatt, Dr. Gunn and others em- 
phasized that hypothermia — an ab- 
normally low body temperature — has 
recognized medical risks for babies, es- 
pecially for premature infants. Among 
other things, it reduces the heart's abil- 
ity to pump and can produce abnormal 
heart mythms. 

ONBTHELESS. cold has 
been advocated as a desper- 
ate treatment for near-dead 
newborns since 1697, when 
Sir John FJoyer described seeing a 
young doctor plunge an apparently still- 
born infant into a tub of ice, from which 
the child emerged screaming lustily. In 
the 1950s and 1960s, researchers in 
Sweden published reports of more than 
75 babies, bom unresponsive after 
severe oxygen deprivation, who were 
immersed in cold water and cooled to 
core body temperatures as low as 80 
degrees Fahrenheit, then very slowly 
rewanned. Most survived and showed 
no evidence of cerebral palsy, an 
impairment of muscle strength and co- 
ordination font commonly develops 
after such brain injuries. 


Women, Depression and Alcohol 

- WASHINGTON (WP) — Women who have symptomsof 
depression are more likely than others to develop alcohol 
problems within a few years, a seven-year study reports. The 
same research found no such link between depression and 

^‘SS^^SS^SSTgroup of I,306menand 1 won^from 
Akrie County, which includes foe city of Buffalo, New YoxK 
Tor seven years, monitoring them j*™** “ 
depression, use of alcohol and ricohol-reUted .problems. 

. After three years, women who initially bad been classified 

yearsTmey were two-and-a-half times as 
alcohol problems. Seven years into the study. ^ ‘Jqprcssed 
w&men still were more likely to tave trouble with alcohol, 
although the link was statistically fuzzier. 

- Numerous previous studies have documented that dc- 
pression and Scohoi problems often go tog^^Bot 
evidence suggests that in men the alcoholism tends to precede 

foe depression, while in women the depression tends to 
precede foe alcoholism. 

. The study was conducted by researchers from the State 
University of New York at Buffalo, foe Research Institute on 
Addictions in Buffalo and SUNY Stony Brook. The results 
were reported in foe American Journal of Epidemiology. 

New ! 

Viruses Button Up Their ‘Overcoats’ 

. LONDON (Rentas) — Plants infected with special L ‘over- 
coat-wearing’ ’ viruses could become factories for important 
*i«)g «nrh antilwti p^ hornKf ^ and wiTy mes, Britain’s 
' Scientist magazine reported Wednesday. 

The genetically modified plants could also be used to clean 
up contaminated stretches of land, the m a gazin e said. 

ft said that scientists at the Scottish Crop Research Institute 
had managed to attach proteins to foe protein coats of viruses. 
By infecting plants with these viruses, the researchers are able 
to produce 1 great volumes of foe vital proteins, which remain 
bioWicalfy active while still attached to the virus. 


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The Most 
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Contact the IHT today to find out more 

Join senior Austraiiau and Internationa] government officials, world renown economists 
and academies, and leading local tuid international businessmen for two days of 
interactive discussions on die new reality of doing business in Asia/Pacific. 

In Australia: Brendan Gultifer 

Tel: (613) 9650 1100 Fax: (613) 9650 6611 E-mail: l00017.2676@a> 

In Hong Kong; Vivien Peters 

Tel: (852) 2922 1163 Fax: (852)29221100 E-mail: 

In Gooptntf iou «*rrli 


Platinum S|Xinwr 





Wednesday’s 4 P.M. Close 

The ZiOQ mosttmded stocks ofltw day. 
Nafkmwtie prices rtf refleding (ate tores elsewhere. 
The Assaxted Press. 

II Monti 
HKp! Lew S*K* 

DwYWPE IW»M*i UwLatest Orgo 


40w 24'j AAR 

SOT* 15*i ABM . 

24?* I8tu ABN 4m n jec 7.7 - 
l01Vb55’< ACE LM ,W1J) 13 
Mb ID ACM In 90a 8J _ 
BVj 7 ACM Op .63 7.9 _ 
1CU Vi ACM Sc .90 M 
7 6b ACM5p £7 22 
IS I in ACMMQ 1J5 9.6 
tft: *» ACM Ml .90 9.1 
U*„1JW ACMAlU .90 63 
34*1 14 ACNIets 
J7D 77*« AOt Tech 
49ft 21'. AES Cps 
7341 48 AESntT 3-49 4J) 
571% 37V; AFLAC 
36re» AGCO 

211k 17< 

19b 102-AJL 144123 

24 16ft AK Sleds JO 2.9 
23b JJij AMBPrn.l3ji _ 
2S»«20 AMFn 

.48 1 J 26 342 39»» 3 M 
4U 1 J 74 S7S 2 m» 38<% 29 -ft 
574 2044 201* TOM _ 
730 73 91V* 92fti-lt*i 

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_ 234 81b 8 8 

_ 0*5 101* 10 10 V® 

_ 1059 Ml 6W 6W -m 
_ 421 141 b 131b 14 tl* 
„ 286 10 9? t 9k* -Wj 

277 141* lift. 149 b 
4t3 2Wb 231* 23V.+U. 
750 29 3W9» 34S* tU 

a 1478 434 43*% 42U 

103 48 fi 4b 46b tM, 
M .9 IB 3210 50<Vb SO W. + lH 
II 3428 2*b 291* 29V, -to 

_ 42 

AGL R» 1418 54 14 714 19V. 19Vb |9W -1b 

Ala pfT 235 Bj9 _ 109 2S9b 2SW 2S*W +«* 

_ 770 1 2 114 11U tb, 

7 1125 179b 171k 17M tb 
_ mat* ure mm tn 

_ ISl 241k 243* 241k _ 

24U Zlto AMU Rsl J6I 8.0 17 443 22ft 32 221k 

(27*, 78b AMH _ I J 4388 Hit* I Mi IBM tM 

!9Vk 'J’l APT Mb - _ 713 111* lift lit* 

51b JO' I ARCOdl 2.80 6J 39 B87 441k 44H 4Mb -V* 

IT* 19 ASA LW 130 55 _ 2544 21k* Wtt 31(1 + m 

58V MM AT&T U? 2J 21 72149 •**» 571* S71k +1 
39H !9V*AVXCp .W IJ 13 1905 19"* 191* 19b 4b 
39V 28* AXAUAP 65P 17 _ 3760JJI) 3991 39tb 
X'l 9*i Aanvn s 13 l.l 10 SS94 12b 111b 114b -IB 

0*,. 49b AbftjBb 1.00 1.4 20 >143 481* 67U 67b -HI 

47 490 31b MW# 3014 -v* 
_ 1488 12k* 1Z*® 12b tft 
12 106 251b 341b 24k* -M 
29 3436 27** 201 27M + *® 
B4 444 Slk d 41k SVb tM 
- 247 1DW Mb 9tb -V* 
39 jam J7Vb«n*k Hire -ft 
.. 339 231b J3» 239b _ 

_ 204 17b 14b 16k. 

-15*10 180b IBtb 18k* tft 

‘ 203 25b. }4lk 245* -9b 

299 21b 21 2Uk 

234 8 7*» 7V* -5* 

717 48b 4Bft 48U 
99 24b 24 *b 2M 

50 6 

36ft 131: AbCfFJdl 
21 1715 AbOBNfl .40 _ 

78*1 17b AqilllH _ 

32 (5b AccuSfff 

lWi ibnAanoE 
20 Ml AaiKMI 
29 >j 16k. Aanan 
2S1-. 19>i A da E< 1.9 m tA 
MV 165 . AFP Plot 1554 7 A 
48'J IT’* AMD 

2D lOV. AAM .141 .7 15 
23ft lilt Adtolnc _ 19 

13k» 7 Advacot - 10 924 81b 79k 
88 A>b5J!i Aeoon 1529 15 23 350»»".» 88»a 889b »11k 
12V 3'. Aa^fle* . 20 “ " “ 

57V 3*1 AeraVkX 50 17 15 
27W 2 ag AotnaC pf 257 E9 _ 

II8b 48 Aunt Inc « 1.0 25 4159 779k ZStk MOb -b, 

30v 19" AHCmpSk _ 23 IB54 25V; 24b 2S\b*lVd 

361.73-. AHMqnn _ _ 2781 •27**'* 26>* 279* *l(k 

14b 4 *b Apiucoo 40c 18 -.518* 5>* £ta 5*k **b 
151 9=1 Agnumg 1 k 1J0 _ 3239 Ubt Ilia IHk 
6SV31V Afunans .88 1J 18 4318147b 45 Ubilb 

2*tl ISVa ABntn plCHO U - 143 2Sbb 25Vk 25>* -** 

32 19b Andds ,32c 12 24 149 27Vi 26(k 271* «*n 

1.20 16 TO 1767 7711 76b 771* +1k 

TO 680 la-IV 30V* 20V* -Vb 
24 1440 471k 44b 65U -lb 
38 2482 MJb 13V* 73V* _ 
8 98 13V 1316 139* - 

4i 7947 384b 371k 37W» A* 
_ 515 24b 024b 24b 
_ 100 35b 25V* 25tb - 
.. II 6455 37b 37b 37b. - 

J2 1J 14 231 23W> 23V 23V* +*i 

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20 A 24 1067 MU HU 31** »«* 

20 J 22 798 27b 24b 269k 

MUD 8358 44V 45V*4*Vb -«* 
40 22 16 4M) 27V* J7 27b *1 

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13-'* 12». AIAmTor 1.02 7.4 _ 111131* 13b 13b 

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32V ZIP* AfegTeidT M Zb U 2627 24V* 24W 249* -Vb 

36V 1*" i Alovanoc .40 12 17 1442 34** 33W 34V* *V» 

30 lb AtanTd — IB 708 191* 19** 19** *H 

37**25:. AJoto 22 14 19 1714 33'-* 321* 32b. -V* 

3BV*24 AlnCap 2-570 74 30 1259 I7V. 36V* 36V* _ 

17b 13b AlWlld 1,53 92 _ 415 lot* lib 16h +1* 

(5 111* AIWIW3 1.420 102 - 1663 141* 131* 13»* -Vb 

69 401* AITTch - 19 776 58b 5471. Sfltt + lV* 

35b 20i, AJUGmS 48 1 6 lb 295 31b 30*» m *v» 

60IY 38 Aldlliin UBc 32 15 1039 SBb. 57Vk 57V* -I* 

78*. 25>> Allrali pi 2.9711 7 _ 297 75b. 25V* 25** -Vb 

471* 31 1* AldSgn s S3 14 1815448 379a 347b 36Va -Vb 

MP*31>* ASmrPn 20 4 17 1247 SOV* 494b SO *9* 

I0-* 10 AlmiST 24 7.9 ._ 127 10b 10Hb 10*b va 

94J* 54'. Allstate .96 1 1 14 4676 90»k 8910 89Vb -Va 

58’ti -II Alsl IB T-3Q JO — 284 S8H 57*k 5ff*b -*« 

241.241* AW plA 1.99 75 - 251 26b 26Va 24t» +Vb 

40i 1.29*1 AUd 11612.9 IB 1993 JO 1 * Wi 40b +M 

23"* llVk A^Mmto .18 2 .. 277 231a 221* 22b -V* 

21 6te AipnrGf .. 21 889 Igl* 17V* in* +*■ 

45U, 30H Ahmn _ 14 1467 3T* 3iv* 32b +V. 

89'itCb Alan 148) 14 1 7 8375 71b 701 b 71b -21* 

32': 24*1 AIM JS81 - -16110 Saw 2B*I 30V*+l1i 

7"i Iv.AnnG _ -15784 2 2b +D. 

47*b 31 AmtMKP 1 34 2 14 5434 451« 441a 449* -Vb 

24 I9>; AmbssAul !40 80 - 701 20>i ao'b 30«* -.1 

27': JV, Amcnsl 5* 24 13 209 711* 22b 22b 

4716 AmHo- td 12 25 2216 531k 51b Siva V* 

89'* 65’. ArPtod 
ZP * 131s AlrNcfS 
74 'b JI't AirFri 
.M3» 131* Atmos 
171* 9:. AkwoM 180a 114 
42 22 Air Touch 
7b’* 73*. ABPCpIP 1.90 75 
«li TO 1 . AbVAlr 
277b 19b Afenyln 
Z7b 15b Atoemar 
25'* 18** AlbrtEg 
32 1 * 23b Albertos 
77*1 TO AKulA 6 
48** 30's AJbertMi 
401*26' b Alan 
281' (5<k AKIM 

91 l f J1 AmOnlnc 
18“ b 12 AmWi-.! 
8": 3*. AWWwt 

. 7593 851* 83'* 83V. .*« 
12 1649 18 17V, 17*6 .1* 

.. 544 6®B 6b 616 +H 

42 K bZ3i> ABankns 44 1JJ 17 921 47b 4l«k 47H +9* 

6’. 3*4 AmBknl 

- 18 250 5 4V> 4V*-V* 

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56'. 3bW AGenCp (40 15 34 2684 561. 559* 55V* -Vb 

761. 24-iUlGCplM 111 8.1 _ 207 2bi* 7b 241k *Va 

291. 21 AGnHosp 1.711 <5 17 1420 2*1k 25b 26V* *tt 

S»« 5 AmGvl J6 48 _ 426 SV* SV. SVb - 

6'k 6 AGIP 420 4.7 _ BB9 »Vf 4Vb 6Vb - 

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241*74'* AHnP frfBl 15 87 - 364 24»* 24»b 74Vl +'/* 

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26 19' , AIPCn - .. 1388 24* 241* 24Vk +V. 

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26 - m. AftatfP •_ 8 74*om.<!NWi 10* -1 

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16'4 IZ'-bARnlTn, ___ »94 I2ta>tfl1 12b. -V. 

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.. 1438 lib 111b -11M 

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51*1 34*. AmSM 
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121* I0 1 j AmSIP .96 83 
12 10- 1 AmSira .99n 88 

Il«b10<- AmSlPa .990 88 
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29 “-b 18’6 AmWTr 
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25' < 13'a AonTnrl _ 27 3232 14ft 14b 14ft +*■* 

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71 0716 79 78b 78ft -4k 

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515 7Jb 23 73ft 4| 

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4?i- 25 EC-amodml lie 1 * . 546 41ft 40ft aiv. , b j 

Mb 13ft RctMndl 77 5.7 - 704 14V* IP. 135* ~ 

16b 9b BoRtoPn -. . 6708 1TV. 12» 121* ♦ 5* 

22ft 15b BcoAEdie 66s 4.7 - 125 15ft IF* 15ft Vft 

33> latf BcoSent S 8U i* 22 2s3 31 309* 31 

45' . 76ft BaSouffl 881 78 71 171 44 43V* 44 “ft 

27" i 19ft EUmdK _ 13 153 76li 25ft 26 *U 

54ft 45 Bandog l.lH 7.1 16x1317 53ft 53 53V. _ 

53ft 44b BdlKhAllOl 23 14 W77 J7te» 47 C9» *U 

9'k J-« BanqH .18) - - 860 6** 6ft A** *V* 
70 '-bII‘i BfcTokW ,07e J .. I ASA IS 14A), 15 *ft 

57ft 31b BkNY 1 04( 18 22 9307aST« SSft 57ft +2 

81Q.4? BOSAAms 1 21 18 1817726 7815 7Sb 7TJ -1 'Vb 

S0'« 47': BkAnpU 1H 65 . 99 SOU SOT* 509* -'At 

100b 90’s BkAmiPa 600 68 . 20OMB 100 100 -MV 

76^ J -ft BXAwpfZ1.94 7J _ 157 76ft 76b 24b _ 

1C* 8b BhANAi ,1M 8 14 1118 16 IffV* 15ft *ft 

97" utOft BUed 104 7.1 18 4050 97 96 961? ft. 

400 33 16 6228 IBV. 124*1249'* *U 
- 25 279 10ft 101k WM +ft 
200 7J - ISO 26ft 26 26V* - 
.72 U 23 1143 aOP. 30Vb 30ba -ft 
.. 41 3109 3716 HU 32b *A1a 

133ft 74 Bonklr 
ir* fr'i Ban, A ct 
76ft M‘, BarBrt 
39 26i* Bad 

331*12*1 BamNH s 

30Ji 19*. BomnGv 87 28 14 109 761. 25 ft 26V* *** 

!6^*3?-r Borneo 1 24 1.7 24 3586 74b 73b 7M* Jfta 

J6’l 24ft BotreffttS _ 29 633 281 b 78*o 29ft +9k 

HKi 15b BsmOG .IM .9 -33625 18*’* 17ft IBP* rift 

14ft V: BanyRG _ 14 117 11U 11 11 -ft 

7ft 4ft BaHM( .05 .9 -10757 5ft Sft 51k *»* 

47ft 32‘: BwixhL 184 2 8 38 1613 39»* 38Tb JV*« rft 

6(7, J9--I Baxter |.16I 2J 501244 51 4*, 49**-9> 

4ft 32b Bay AM 140 43 33 284 39ft 38b 39ft -b 

41’. 15ft BayNIbk - -17962 34ft 23ft 23ft 
P>b25<i BavSGk 1 J8 58 16 388l3l'ft31ft 31V* +U 

4ft J9ft BcoaiPr 200 43 27 576 469* 46b 46ft tft. 

481. 23b Bears* Mb U ID 4638M89d 46 "Vb4V*,-tM 

S7V.JS Bcum .60 1.4 15 1309 42ft 41ft 4 1 lb -v* 


Stack DWYld PE IMHigti LawUHost Orga 

55ft4lft BcdOk M II 22 31 72 519* 3E»S1 M 
Z7»b( 4« ftaWMP ?J0 U 15 JW 20** 

257* IPV*Bct|Yonn - . 141 10J» JOT* 10ft -b 

78ft 18ft Beta - 15 174 70V, 20ft 30ft *V* 

39» 20ft BeWw 80 8 16 301 3Slt Mb 35ft ; 

33ft 191* B0B8JM IS 282 23 »VI 23 *ft 

911* 56ft BeBAH 386 U 30114OJ 91 ft 899* 90ft +V» 

30 12 Bentads - 10 465 13ft 12ft !3ftM7> 

57V) 36ft BdtSo 1 84 28 21 7584 569* 551* 55ft -ft 

56ft 33U BotaAH .44 J 30 1502 548b 54V* Sift +V» 

tn *33ft Baxnta 80 18 23 648 4b* 43ft 43ft *ftr 

XV) 1?M BenchE j _ 20 240 22V. B 229* 

38V* 34 BoncWtetn - .. 936iOA* 38<V*39U *1U 

84H 59ft BenefCp 2JB 22 Id 1395 8PU* tl ft) 81K -ft 

ft Ha BengtB - ^ *62 9» «. 8, . 

74ft 121* BonferrOG _ 16 857 139* UJk I2«i -V* 

29 13ft BergS 5 ~ 24 804 21 20V) HH* +H 

46Vft21ft Bcrnflr) JB 1J 25 7109 40 3914 4) -Mft 

OMlTiOO BcrkHoA - 45 zl 60 M 46000 46300 MB 
129* Oft BarkRty .93 El - 470 ll«* 11U UK -Pa 

lift 131* tk*TyP 40 13 18 233 1 Bn* 17ft 17ft -1 

41 7ft BestBuy _ 4Q 7SB9 36ft 33ft 34Va-l>V* 

519*27 BotlH pi 3J25 6.9 - 1123 Aft 46ft 47Va.iv* 
55ft 24ft BMMdA - 36 186 53ft 53ft 53V, 

139k 7ft Bcrnsx _ —11943 BU 8ft BV* +Vj 

71 54ft Scfcftwi) 142 24 U 1512 UPTu «Ht 4«W -ft 

lit* 17ft Bfflwtvn _ - 14438 IP* 1ZV. 13Vk 6ft 

26 17ft BtaFtaiucr - 62 210 23V* 23V. 23VA+9W 

329.17ft Bitaft 88 H 17 357 309* 30V* 30ft _ 

— - -.33 3022 KBV* 369b 37^* tl* 

J* 15 31 1324 1*9W 15ft 15ft _ 

48 13 17 2061 39ft 381b 39U -V* 
59 5.1 _ 1408 9H 98b 9ft *V* 

40 U « 214 9V* 9V* W* -Vb 

,40 4.7 - 2111 8** 8ft 8ft _ 

42 68 — 260 99* 96b 9V* Vft 

A) El - 1352 TV* 69*. 6V a - - 

79a S3 - mm T5V* Hib -V* 

O E7 - 53« 11 10ft 10ft -V* 

.790 5.7 - 399 lift 13ft 13«Vb+9* 

JB 6.9 _ 1668 89b 8ft 8U -V* 

81 58 - 796 11 10ft IWb - 

- 453 im 15ft 15VI -ft 

- 1167 109* 10ft 1014 - 

- 510 19b BH 8ft _ 

- 2208 9ft 9ft 9V*tVb 

38** 20** BtatHM 
» 14Vk BlrSd 
43f*29 BlockD 
94b 9ft B(kl9n 
99b 8ft BW999 

9'.y 8*9 BHJkd* 

7Vb Aft BBsJT 
156*74 8®W 
11V* 10 BDdMT 
13ft 17* BBUOM 
8ft 7ft B»WT 

lHblOVk BftMTar 

16V* lift BftNVOB 860 58 
10>* Oft BhMA .84 EO 
B»* 7ft BftSff 47 58 

96b 8ft BATT J8 62 

SSVblSft Btandi 40 I J 44 917 3$ 34V* 34Vk 49 

451b2B BkXHR 80 18 48 4008 44U 44ft 41 ft tkb 

•lift 8 Btaea»lJ7el3J - 222 11ft lift IIP* _ 
19ft Oft BfueSq - U 126 72 12 IZ -ft 

sft 2ft Bhwgnan _ 26 715 4ft 4ft 4ft _ 

39ft 20ft Births _ 29 1356 309* 29ft 29*b -ft 

60V, 43 Boeing 1 56 1.1 8936109 SIM 50V* 509* -V* 

45k*2Sft BfltseC 40 1.9 _ 3054 71ft XI) m> +ft 

261*35** BoaCptFUS 9.1 - 150 25** 25V* 2SM tft 
2Sh 15*k BobCOfl - 19 1382 169* 15ft 154b -ft 

9 314 Bombay - - 2668 4>9* 4t* 4ft -ft 

17U 7ft BardCh 8X101 IS 1630 8U 8 BV.+V* 

J2V*ld*k Bordeo s _ 37 1116 31V* 30ft 30ft -ft 
61ft 36b BorgWAu 40 1J II 909 49ft 49ft 49ft -tft 

19U 10ft BarWSc - 22 106 16ft 16ft 169b - 

lift 8 BodBecr - 17 TO 1ft 8b B»* -V* 

374* 7JV. BooJEd 128 SO 30 2071 a* 37Tb 279* 

35U 26*b SatfPip n .SSa 28- 627 34*b 334* 34V* tft 
786*41 BCKtSc _ 39 9373 44*k 43<b 43ft -ft 

35ft 16ft BaslTecn - 22 BB9 22ft* 21ft 22^ tft 

29ft lift Booms .17p - - 291 71ft 71ft 21ft -ft 

57 35b Bowdtr 80 18 48 5213 4Stk 43 44ft* *1 

21ft 10 8axH8ln - - 387 10V* d9ft 9ft -V* 

9b 5 BdVdGm - - 97 6ft* 6b* Aft* -ft 

27b » BoyhitL 180 7.0 - 375 26ft 259* 25ft r-V* 

7Kb 16b BrodRE MM 78 16 340 20V. » 20V* -ft 

16V.10V* Brahmo nJbt 7-2 - 3635 13V* 12**13** tft 
25b 18ft Bnmdy«r14H 68 — 501 25 24* 24ft»+V* 

32b 17ft*Brndl 1 Jte 6.1 - 305 22ft. 21ft 22ftitV* 

lBb 0b Brad IE F4. 970404 - 563 12»* 13ft 12b - 

Dft 17 BredTd) J1J _ _ 1750 20ft 199. 19b -ft 

53ft 41 U BrinS (nd 1.12 11 24 303 53ft 52ft 521* tV* 

12V* 4b BrlfChA 08 1.1 - 370 7ft Aft Tft tb 

17ft 10ft Blinker - 19 1613 iaU tSft IcVUtV* 

29ft 19ft BrtdHUs _ 34 133 36V* 2Sft 2SV* -tb 

98V* 53ft BrMySqs 1J4J 18 3070858 97 94ft 949b _ 

93 64ft BrrfPrts2-45e 3J 20 2537 819* BlVb 81V* tV* 

64b 39ft BnlSky J5e 1 7 39 219 44b 43ft 44ft tift 

Pi* 21 Ik BfflSn 2.07c 87 4 2445 23U 22M 23ft tft 

BOft Sift BrOTel 11.15*148 16 1041 BO 799* 79b tft 

30b lAbaBHP J3a 4.1 10 319 18ft 17b 17'V.tft, 
(5H 9ft Bwnsn _ 20 302 Pft 9ft Pb -ft 

54ft 42 BnmFB 188 20 71 349c50* 539b 54ft tV* 

20ft 13 BrwnGp .40m 2.9 - 678 lift 13>V» 13ft -V* 

3Mk 24ft BremFr 76 11 36*1 11R 36b 3Sft 36V*t*b 
JO U 20 2757 29 28U 289* »V, 

48 ID 16 kin 74U 24 24U tft 

- - 716 52V* 50b SOb.lUb 
478 32M 30ft 30ft 2ft 

- r .. _ 961 34 33ft 339* tft 

24b l2V.BusnoynT.lie 18 - 772 lift lift 14ft tb 
24ft 8ft Mole - _ 1534 « 10b 10ft +** 

» 9V) BurtCoal t 82 .1 14 413 169* 15ft 16ft tft 

15ft TOuk Burundi _ 15 960 13V* 13b lPtb+V* 

loan*#,. BurINSF 1 JO 18 16 2726 969b 93ft 94 -21b 

54ft 391. BrlRsc 55 18 15 9020 43M 43b 43V* +9* 

9ft 5b BurlRsG 64ell0 4 868 6 5b 5H* _ 

15ft lib BumPP 180 7.1 26x1880 14ft 141b lift -V* 

28ft ITU BudlKKl .14 J 18 124 26U 26V* 369b -ft 

49ft 26b CANTY .19p - _ 3734 409* 39ft 40«*t1lb 

39ft 18 CB CoCB - 14 921 309.28ft 289* -19* 
27ft 22ft CBLAsc 1.77 78 16 1209 24*. 24V* 24ft 

329*16 CBS JO J -13825 29ft 29 29 

40b 28 CCA Plan 87e 1.9 _ 929 «b 409* 40b tV* 

4Sft,77b GDI _ 22 495 44V* 43ft 44ft -V* 

MO billow CIGNA 382 2.0 H 2229 155ft 162-9*183 -lft 

9ft SH OG HI Ma 9.0 — >544 PPia 9 9 -V* 

40**33ft OPSCO 112 58 18 246 -Oft 40 40V* tV* 

329*291% at Gen - - 1327 31ft 31 31ft» -ft 

4Sft 18V* CKE fet 5 88 8 411630 44 42Vk 436* .17* 

36b 23 CL&P pi 132 98 - 279 26 25V. 25V* Vm 

‘ 8 20 1547 S7ft 57»b 57ft tU 

8 24 124 Sb S 5 -ft 

_ 1859 3ft 29* 3V*tV» 

37 }Jft Bamek 
26 tblbyi BnhWI 
54ft 21 G Biytancn 
37b 11 Buddes 
37b 15b BudgatGo 

58b 31ft CMAClrre .12 
At. 30 CMICp 84 
5ft lb CJMLGp 

40V.31ft CMS Eng 180 38 16 3410 399'* 39ft 39ft tft 
132k fttft CNA Fn - 9 18017»b 1259*135**.** 

16ft HP* CNA Sure - - 696 15 lift 14b -V* 

446*330 CNB BCSh.ra 11 19 453 44U 43ft 434* tft 
50ft 2016 CNP Tran JO 18 1810883 47ft 37ft 39 -31« 

70 SIM CNF TrplZJO 4J _ 1506 59U 56** 56M -5ft 

108b 75 CPC 180 1.7 SB 2493106ft 104ft 104U -liv* 
28 IS*. CPI J6 26 39 1102 TIM 21ft. 219* - 

26b 24ft CPLCappf 280 78 _ 105 SAW 26ft 16V* _ 

62V* 41 b CSX 180( 28 14 5539 55V. S4b 54b* tU 

26V) 20b CTGass 1801 48 15 102 241% 23b 23V* -V* 

37b 13ft CT5 s 84 2 16 3S7 31V* 29b 30 A* 

32V.19U CUCIldl - 3939660 BSP* 31M 32ft tft 
70 39 CVS Carp J4 J - 4557 63V* 62 62 -1ft 

31b TJb CofalWire 8Se 24 _ 1528 DU +K» 

46 ft 13** I 

»b ftft g *“> 27ft 27ft 4b 

14V* 14ft tft 

25 b» 15ft QlOG .16 J 22 398 19V* 18V* 18V* -»* 

5 S fv a S r 2 


15 10k* 

61V. 19 1* 


UOe 3.1 21 135 421b 42 

b - 3414819 25ft 24M 24«ft 

Folrn _ - 91 S 22ft 22V* 22Vk _ 

eW, ' r 37 28 18 1H6 nft mb-llV*^vJ 

JO 8 - 1140 48V* 479% 47*b -V* 

2.11 19 15 TO — - 

88 18 15 9099 
AO IJ 60 381 


26ft 26b _ 

(FH)I5M tM 


jjg 1 5%| 

ft 38 ‘ Coma 80 3 25 3616 60 

iv*26ft CamdnP 186 68 31 827 31b ^ 

44'% 28U Cameca g JO - - 112 30 28ft 289k -ft 

1 ft CirpRg - -6114 V* ft, V* - 

Vc b.CmpPit _ _ 1430 M* M, H. - 

59** 39ft CnmpSps Atf IJ 30 3756 58V* 58 58ft -IV* 
33ft 29*feCJBCgn 180 — - 151 32ft 31 r 

561k 33ft C*iR?g .92 - _ 

31 «■* 22ft CteiPcg « - _ 
m^softCapfin. A •? 

17ft lift CapSenL n 

Bb Cap fie 821 J 14 

J CapRept 1.91 7 a _ 

31V* 321k -ft 
48ft 47 47V*tV» 

26Ab 26b 26ft tV* 
uflkb 4BU 48V*. IV. 
61 60ft 60 V* tb 

S 25IM 25** tft 

119b -9* 

15ft 2ft CapflalTr - - 1578 HVb II 11 

36 22ft Cap MAC 88 8 20 4015 34U 34U 349b -V. 

38V* 1 7b top-Jor _ _ 428 33v* 32b 32V* -V. 

77V.19*, Capita 2J4HT.1 0 3268 22V) 22V* 22V* -ft 

(9b 141% CapMp(B186 7.9 . 121 lib lSVa 16 -ft 

34b 2!Vk CapsKT 1.921 7.9 14 595 34ft 24V* 244* -v* 

25ft 24'.* Caps’ alA 2.19 8.9 - 130 24^'a 24ft 241* _ 

78b 5u% CvdnlH .10 .1 42 -U56 74b 72ft 74 t|M* 

464 .21 ft Canters - 46 630 39b* 379k 38 ft, ft 

4Tj 77 Canstes J6 13 20 300 44ft 43*. 43ft 4i 

3 Ha Carivie - 4 3S5 l»b 1U IV* tV* 

35ft 23ft Cnmik _ 15 205 79V* 28b 2Sft 44 

54'., »h CarmCp M 18 34 2503 52V* 51V. sib -t* 

39V) 32b GaroPw 1.94T 48 15 3«5a«49ft 39ft -rP',tft, 
S2ftal3ft CarpTechlJ2 2.7 13 417 49\* 48“* 49b tv*v 
Aft 3ft CoitGafl -. - 113 5V1 5 5 

WtaJAb CartAmR 1JS 58 J9 9687 31U X‘* 31*btV* 
25b IJA. CarrA pfB2.14 86 _ 2OT 24V* 24V. 24b -V* 

15 Aft Canon .. _ 323 r* 6V» 6V* _ 

SJr.lJi* CanPIr - 19 1143 45 44ft 45 tft 

19*4 12b CartWal .16 18 30 668 I6»- lift lift .1 

309.14ft CaStdeCp 40n 2J 9 185 17t» 16ft 16«b 

17f*15>, CaxNG .9* 5J 18 302 17ft 17ft 17 : tb 

!Z“»48ft ClnoCp JO 8 IZ 3545 61ft 60*1 flVUti* 

13ft 7>) CashABi 05 J 70 10Z7 lift 1 IV* 12ft tft 

60 25ft Cat MU . 34 259 48ft 48b 48ft tV. 

22 10b Cateta* - _ 28S4 IF. TBVb 18ft -ft 

61ft 36=4 Colon, 1 100 28 1271X1 51 -Kft SOV* t IN 

17ft 9ft CawdrH .12 IJ 9 1324 10'. 9ft 10ft -1% 

2BU 17b Gedorf S 1.28 49 18 146 26 251% 26 tft 

66 33ft Came* 88 J IS 2088 62 61ft* 61V* tft 

261* 18 CcnSoWsll 74 6.7 73 4336 26U 26). 26ft -ft 

Tift 15ft CenlEur 30;.., 4 . 256 17ft. 171* 17*. t» * 

»ft 76 CHaC erfi 2Ji 84 _ 118 27ft 77 ft. 27V. -ft. 

JOt. 391, CenHud 114 SJ lx 3S0e«)i 39V. 40 tft 
J9*x24V. CenLAEI 1-58 5J 15 450 D^k 29Vo 29ft ti* 

lift 10 Co-MPw .90 61 25 ISlSaMX* I4V« 14V* *c. 

76' ■ 40b CUNY,* 241 1 J 24 296 69V, 68ft 69ft tb 

42W IS 1 ! CenfPkg s 06 .1 56 51Aa4F% 41ft 43b * lft 

24 17-> Canltll 84 1.1 9 473 22ft. 21ft 22 -9* 

— - - - 108 18 22 199 67ft 46V* 66b -IV* 

87 8 15 1616 49ft 48ft 486* -V* 

- 20 2244 47V* 46U 46ft tft 
_ 15 1447 20-:* 20V* 30b _ 

80 J _*8715 45ft 44ft 45ft _ 

.70 IJ 9 156 15*. 15ft lit: tV. 

301 13 IS 1195 23>k 22V* 23ft til* 

12 117 32** X«* 32Vc-6to 
_ 717 254 d« 2Sft -v* 

1320184 1171% 1101*112 tllk 
- 151 28V. 27V* 78 tft 

<8 JSG CerUBk 
49 v* 281) CnlyTl 
47b J9iy Cerfdai 
21b |jb CtanpE 
i6i) 41', OurailD 
15ft lift ChpSB 
26 Vb HKi Chads 
Sib 741 : Ovbimkb.16 j 
25') 2Sft OtseCapn IM 7-3 
I26«*84ft CtaneM 2 j 8 78 
29’A 27ft ChsaplA 263 9j 
M 74>i dKopfl 198 79 
26D 24‘ftChw pU 189 7 S 
86 ft TS-i CtreeofM 7.10 88 
24** 74ft CnsePCpf 283 72 
22"> & Chaus s - 

25ft 9ft Chedran! 01 .1 _ 
42'. 31ft ChdGCA 2.761 73 22 
fflft 21P% ChemFstn JO 1.4 2 

139 25ft 25 25 

139 2Sli 25V, 25*, _ 

220 I5U 25b 25b 

240 % 25ft 26 tV* 
258 9b 8b 9V* tft 
29 1523 16 15V* 1S»* tft 

144 38ft 37ft 37b -b 
155 27V* OTft 27b tft 

36ft 27'.k am* *1 25 40 674 321* 37v. Xft tft 

31b A’.ChMEngs MB 12 

9 96«6»b CfkWOn 287 1( 

8 4b Chic By 
27ft '9>: OiOaFd 3JOrlAJ 
•fflft 22 C* Olio TdS. 79c 18 
Xft 191% CBBgener lJMe 51 
191% HD CHnaFd ,08a 2 
36’> 14', CBlnSAkn 
38'A ji’k ChmTk: n 
13V. 7ft ChtoTac 08 1 1 
Si » 2'% OKYUC JO 7.0 
18' i 13'. Chtaota .70 12 
Sb Jft 0*Fll<l 

18ft ltf i ChoiceHn 
44') 30b Chadafn 
55 38'-. Ctena ijh _ is 

X6**23'i Chrtsln 
38**28)* Chryslr 160 4J 
7!ft Sift Chubb 
32b 21ft OvDwl 

_ 5713 7b Tft 7ft tft 

1712186 »li 74M 748* -Va 
7 84° U 8ft 7>k 8 tft 

- 43X 20). 201% 30V* tV. 

- 3890 m 27V* 28V, tb 
_ 256 25ft 25V* 25ft -V* 

- 543 12ft 12ft 12ft tft 

- 668 15 141) 14ft -V* 

_ 1500 35). 347* 34k-, tft, 
39 296 7ft 7»* 7ft - 

4 250 Tft 2b 2*k 

- 584 161% 15M 161* _ 

302 6b» 6ft 6k* -V* 
163 16V* 16ftl 16ft, -V* 
40894 44- 44V*t«H 

145 JWb 50’%. 51P* 

118 39 : « 37ft 391% t216 

. . 919612 37 36ft 36V* -V* 

1.16 IJ 17 3634 28V. 77V* 77U Am 
48 1 J 72 114 Si'lB 28»* 28*a -Vb 

- 9 

- 48 

■Oft 3b ojyran* - M IX 49. 4ft 41) - 

49ft 22 C1BEP - 67 445 XSfti 47ft 481* tft 

45ft 35V) Oktara 266 SJ 20 577 45V* 45 45Wi - 
33b 231* CkmBed a JO I 4 30 OT5 29ft ST* 29 tft. 

29'% I?:. Guam xa 1 j ij 1702 jmi* 261 % jad ti% 

21* 1 GneOtJ - _ 2478 1»’* Ik, Ita _ 

36 Jlft CINcmr 140 10 IB 7914 0381* 259*J6V*tV* 

22 Bft CaCCorn _ _ um V) Oft. 9b -v* 

ffl'% Z8)k DrcOrCC U J 2612*19 asu 33^* 330* -1ft 

36ft TO'- Onus - (9 8966 219- X** 21V. _ 

l«v.9Slk Gbeem 3.10 IJ 1922512 1 33ft 129 131b tlM 

27 25 CKp plE 10D 7J - 581 25”<* ZSft 25ft - 

774o2S CfcpplF 188 7J _ 205 25Ta 2» 25b - 

28 25V*CitCPaU 2.12 78 _ 139 77V, 77ft 23ft 4* 

3!>a2U) amqo 38 7 12 189 ZF=r 28ft TBn* -ft 
12 7ft ObUH .751 - _ 3564 95* 91% 9P» _ 

35ft 19ft GtyNC .44 13 22 1189 35U 34>V* 35ft. -ft 

24 lift DamSlr .12 A 18 3804 20 T9M 19ft -ft 

i«) 12ft CtarfH m j i6 (430 iro J6» -u 

74b 30ft OeSfC _ _ 1507 74V* Tift -tft 

10b* 7Vi OemGkl Sic 7.9 _ 115 IIP* 1V-* 10V* tft 

47W 40 a»ai 1 JO 2.9 9 1277 44p* 44ft 44ft tft 

82 20ft CWteOri - 23 4643 Sift Sift 52V* _ 

80** -Oft Qoms 1J8 14 31 1628 7V.* IS*. 78ft -V* 

2SV*24h CoachUS - 36 637 32W 31ft 31ft tV* 

30ft lift Coachmen jo .a is 137 229* 2ift 22 -u 

65* 3*:i CeastS* - 23 2«0k6tft 64ft 65ft tlvk 
6S'-*43ft Coastal JO 7 18 im 60ft 59V* 60 -ft 

X'% 25ft Caasn pf 2.13 &4 _ 34a 25”o 25ft 25ft tV* 

4b ft CsSPHM _ _ 252 IV* 1 IV* - 

70’-5 Ms Collar - 14 2» l»» J4%* 15V* tp* 

72ft 47- . Caoa A » 4024005 64%. 65ft 65V* tV* 

35 141* CacaCE S .10 3 66 4481 3ift 33ft 3Jft - 

57 1932 59ft S7» J8T*tlft 

_ 5204 91% 8ft W* tft 

- 933 12b 12 1ZM tA* 
27 2940 4A. 43b 43 D. -U 

- 153 li'-a 18V* TBA* -ft 
_ 571 31** 3lft 31ft *V* 

_ 843 IM) 15k* 16ft *P* 

7B1M44M Calais 1.10 U 2915367 68b* 67H 68ft tft 
17ft V* CaCUk _ 1 210 8b at* 8H -V* 

35V) 18V: Cteapp) JO 17 2D ZTliBft Mi 34V* -ft 

59 (% 2Sft CCFenco Jfc 
18ft 7V*Caew 
19H tlM Coeurpf 1J911.7 
45ft 28 Cagmtnl .12 J 
19ft 15b CotelST 9H 53 

S U 25 ft Coteftafl 
ft lift CoKhiui 

8M n CoiHlh 
lift NRaCaltann 
TV* 71% CoUHl 
lift 9 Ti ConmG 
8'* Aft CalMu ... . 
31 ft Sift CoknPT 108 69 
25k*34W CaMPplA2.19 a> 
MVbITb __ ' 

J5 6J 
Vta E8 
68a SJ 
41 S2 
J9 63 

3S5 8>V* 8ft Bft -Vb 
_ 258 WM 10ft lOW* _ 
- 209 7ft 7»- ,7ft >ft 
_ 314 10ft 10(* ISKft _ 
„ 541 7Vb Tft 7b tft 
18 386 307* X asft *Vb 
_ 210 24V* 24k* 24V* - 
17 2746 23V) 219* 33W* 4-M 

77+ 1 Si MutaGosUW 13 to I5B4 771* 76 76V» tA* 


Stack Oh Yld PE 1 

LmuLoMU arm 

44ft 23b CofHCA JOB J 
»Ut 18U QSMfccs JO A 

WJvSW S2HS 1JJ 1-7 

2ik*is Gmtasn 
46ft 26ft QntSKJ JO 1 J 
WVk 19ft Ond%fl* J2 A 
HU lift Crode* 34 U 
33ft 27ft Orretat J2 13 
16V, 13ft QndKL 1 JO 7.1 
30ft 18ft CteaES 1-58 5 l 3 
m 25ft CmwGnpr 227 8J 
19 10H CamEnp* 

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4M*34ft Ftoet&l 48 14 16 317] (41 401* 41Vb+lM| 

2S©S 15V* Brenag M A 14 7851 15d 131* IW -1ft 

17ft 79k r3hT -5» 7J - 3011 SU _!_ BU +M 

53b 25 FtotEgy 146r <7 _ 123 36 359% 355% _ 

24M)1J HeSPoc JUr 15 _ 127 12k* UVk 12k* tr, 
116 86 FtaED JO J 23 98 979* 97ft 97£» -J* 

32ft 10 FLPonlh - _ 283 19M lSft 1B9* -V* 
36b 27b Fla Prog Z10 SJ 24 3747 oKU 3^» 3flfc tb 
21V) 13b FtawenB JH 2J 31 811 TOM 20M 2WH -k* 

3ik*21U Fknrwrv Si 1.9 14 776 79M, 29 2ft* tl% 
30 TOW FfcftX JS 1 J TO 4» CT* 23b HV* -M 
755) 33W Fluor JOf 10 2318811 3«* 38Jb J9b tk* 
21 7b FaaVBk _ 17 3679 l»fc 14M U -W. 

31U 18V) Foahtar — — 182 29V> 28ft 28H -** 

39k* ISU Faroemw _ » 3582 8k Ml Pk -lb 
SOU 30 FonIM 148 14 926866 « 

1 AW 98 _ 

299b 36*6, 

me isu Fteedfia "TI - w i4* LlL ^ + u 

47V) 27U Ftlmnex 40 IS 2S10223 39k* 385k 39 tk 

A4M 48b FUcmpA. UD AJ -X19A0 56k* 55* 5AU tlM 

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_ 2386 29k* d2M 28Vb -Vb 
_ 3279 25M 24ft Z5M tk* 
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15 an 26ft 255* 36U tk* 
13 229 22M 22k* 22ft -V* 
24 133 T3M 13V* 13V, -b 
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27 1175 939* 919* 914* -1ft 
„ SW 9Vb 9V* 9b -j* 

28 3423(17 36** 36V* tk* 

' _ 41M -k* 


F6MM 148 14 936866 49 «U1% XW* tt* 

FoadpkhMJO _ _ 124159ft I57V* 1391* +2 
kfttaJ &B 206 7.1 _ 275 79 X* zm - Mr 
F5d£pfT2J5 &1 _ 173 27ft 27V% 27ft t Hi 

ft* 8 FortfaSc 36 BJ 
38 30ft Fortune BrJU 23 
48ft 29 FostWll 24 29 
33V*23ft Found K3 
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279k 22b FhaiHn 1J0 6.9 
789*201% FtonfcCcw _ 

16V* 9V* FrhEPh 
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9ft 8U RkPr 44 SJ 
■HOV*42ft FmkRsi JOf J 
I0U BM FdcUnv JOa BJ 

3*1% 16b r Mayer k _ 

445* 26ft HsIMKlJO 1.0 Zl 6640 418*41 
33V* MVbFMCGA Aim IJ 12 4957 15b 15 

30ft TOM FMCGpM 1J5 7J - 689 225* Tlft 22V*t5b 

33b 23b FMCGjxB 121X SD - S3 24k* 239k 235, 

345k 15V»F*%CG jam IJ -11461 UVb 15V* 15k* -M 
37ft 269* FrpIMc 36 1.1 _ 1810 31ft 30W 31ft tlM 

4 2 FW RoyT _ _ 383 2V* 2k* 24* -k* 

Mb 8Tt FMRP 1J4M45 _ »42 9b 9 9U tk* 

49V*26ft Ftemnt 40 IJ 15 898850ft 49V* SOU tV» 
32b 20 FresanM - - 4003 22ft 22 22b t%* 

18 13M FDeUMn - -1195 14 13ft 14 

26ft UM FrenbCp JH 3J 37 2057 24M 24 UM +9* 

39b ISM Frrtrfras J8 IJ 12 3433 2TM BM Z1M tl* 

44ft 23V) FtllttL _ 16 4360 26 W, 255* 26 tft 

II W 12b FumBrtlk _ 19 500 20b 70V* 20k* 4k 

31b 9ft Fbrnni .12 4 70 168 2(H) MV. 20M tft 

19) W RaBtti — — 869 5* d W. M -V* 

259*25 G&LpfB Z45 97 _ 199 25V) 2SV* 25ft -V* 

708*46 GATX 1 J4 24 16 1476 «9«V* 68V* 69b tlM 

40b 30b GPU 2-00 S2 15 7M& 40M 39V* 40M tft 

lift 3b GRCIld - - 336 6Vk 5V* SV* _ 

15b 9 GT EEurslJAWJ - 744 11b 119* 111% tV* 

52* 400 GTE 1J8 3.7 1713031 51 50b 50b +M 

27 25V, GTH5E [4Y ITT BJ - 112 26ft 261% 26ft tft 

10b 9b GahOr J4B 7J _ 168 10 99k 9V* _ 

Ilk* 9 G*aB 1.16(103 - 1269 lift lift 11b -V* 

29 23ft GahlRad 2J0 73 17x5392 27b 27 27k* -k* 

2Sft 24ft GoMRpiA 108 8J - ISO MM 2S 25 

IOV* 8 Cohoes J7T .9 13 726 Bk* 8k* 81* -I* 

29ft 22 GaHeon Mp _ _ 4431 26 25ft 26 tV* 

131* 16 GaMnrn JDp _ _ 32IS«J4 23b 23tl tki 

23V*10W Gabs®, _ - 946 10b d1«* 10ft 4* 

61k*35H Gannett* JA 1 J 22 3452 A1 MM 60k* tk* 

57ft 275) Gc*> JO .A 30 8AA1 5SM 53V* Sib -1ft 

42M 15b GwdDxns _ 16 161 389b 38V* 38k* -t* 

4614 23ft GateSm* - 4415056 31 29ft 29k* -9b 

33b 28k% GaytEntn JO IJ .}» XJ% 31ft Xft -V* 

10 1318 369) 2A 26 -ft 

- 771 72 P* Zlk* 22V* -ft 

_ .. _ _ 3940 4ft 3M 4k* tk* 

911% 63ft GxnDvn 144 1.9 18 80 Bft SAM 86V* -ft 
76V*47ft GenBxeiUA IJ 3132674 75V* 74k* TSft - 

38M 29U GaGftfi 1 JO SJ 13 2S96 35b 34V* 34M -V* 

55* 2ft Go Has! .191 _ _ 616 5V, SV* 5k* -k* 

10*% BU GaHoua J2 3J 18 128 9M 9U 9k* -Vb 

78b 57b GnMB 112 2J 25 3230 7AM 74V* 75 -ft 

775*52* GaMatr UO 3.1 912749 ASM 64 64V* -W 

27M 2S9*GMatpN2J8 BJ - 248 26M 2AM 2AV* -M 
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- GxnSxndn - _ 2020 10V* 10V* 105k _ 

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435) 13W GfcDtr - 17 

14W 12M 0X3% Hi 
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19k* .. 
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139b tl* 
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18k* tk* 
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47ft 47ft .. 
25V* 26V* tft 
212 27ft Z7M 22k% tb 
624 21 M 21b 21b -Vk 
221 24V* 24ft 24V*tVb 
_ ■# 603 17 14ft 16V* _ 
1J7 9J _ 507 139* 13M 13k* tfti 
13 1310 lift IM* 16V) -ft 
1225130 2AV* ZSft ZSf* -9* 
_ 461 15b 15 15V* -k* 

24 3332 3SM 3A% 349a +H 
16 973 94V* 93ft 949* -V* 
... _ 564 11* 1 1 

48b 35M GOOdrtti 1.10 24 11 3835 43V* 43V* 435* -ft 

71U 4Bb GoodyaonJOf IJ 14 7313 655) 64M A4V* -M 

78k) 44ft Ganca 58 J 33 4668 77W 77 77k* -V* 

18b BU GrtimR _ _ 716 17ft 16M 164* -ft 

99b 70W Gretagr 1-08 1.1 22 A84 98ft 96V* 97fttll* 

17k* 9 Gad Conn _ _ 3154 139b 13V* 13V* _ 

280*27 GmdM 0(235 BJ _ I4T J8ft 28ft 2SH -V* 

34M 17U GrenitoC 34a 1 J 17 IM 23b. 22k* 23 -Vb 

r isw GrayCin B .08 3 - 183 25 Z4W 25 t!% 

23M GtAlPc JO 1 J 15 497 286* 285* 28M tk* 

MM 41ft aUtOl 64 u 13 122J 45 44 44M tft 

19V*15ft GtLXRE n Mt 3J - *135 1BV* 189* 1 Wb+Vb 

P 13V* GiCHna J4e 1.7 - 769 145* lift 14V* tk* 

179b GMP 1.10 SO 10 221 18ft IBM 18b -ft 

19 GroenTVF JS 1 J 940369 25b 23ft 24ft tZM 
BU GreertK J4 IJ M 102 17V* 17k* 17b 

71ft 45 Vi GmpIFKl 1J0 IJ 21 2114 TOM 70 TOM -V* 

12 10U GfflmaSt J7D 5J _ 108 11M lift lift _ 

■“ ■“ 14 m isu. isu. ism -y» 

_ 39A 9k*d9b 9b -9* 

17ft 10M GrtHaai 
13b* 95% Groupl n 
14M 13 GplttM n 
191% 4U Groups 
36b 30H*GOananx n 
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IT’ballb GbCpo lJO* SI 

2sv% 15V) GCAUrey.lix J 
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16 SU GluSdlD 
219* 7 GltacUL 
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m 4U GTifetBO _ 
37ft 2BM Gftch _ 

25ft 10b GuamRy JOa 4J 
77U 28b G«xr JOa 1 J 
lib Tft GueK 
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25U Gaklettfi J5 ~ 

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- HO 6ft Aft 69* -U 

- 6S?B»ft 369, 36ft tft 

_ 1605 22k* 22W 22W 

- 1029 161% 16k* 16V) tV* 

16 114 131* 12b 12k* -M 

- 241 TOM 19b 20k* t** 

- 222 33b 33 33ft tft 

_ 1989 24* 24* ZM _ 
_ 145 165) 16ft 16k* tk* 

_ 106 15ft (5ft 15W - 

- 192(211) 2(4* 21*8 tM 

_ 1175 V* ft ft - 
_ 4933 39k* 38ft 389* -U 
„ 2357 6k* 5ft 6 tV* 

17 882 324* 3TV* 3Z4*tV* 

_ 302 13ft 135* 13ft tft 
_ 9235 40ft 38V* 40VW+ZM 
7 266 7b 7V% 7k* -V* 

35 320 12H 1216 12k* -Vk 

61 9670 61ft 59 59 -3k* 

28*. 17M GaBtard I J4 14 IS 346 27b 274* 27b ... 

94* 6V% GKCdag _ _ 4371 7V* 7V* 7V* -V* 
26U 19U GuMndaa _ - 1B40 221% 21M 22U tft 

32b 20b Gutatem - n 1057 29 28V) ZB* -b 

>6H lift H&OLfe J4x 16 _ 142 13ft 12k* 13U tft 

29ft 1ZV% HA-CD _ 41 153 26U 254* 2b -U 

326*181* HCC to .12 .6 U 3344 Z14* 20ft 21M +1M 

771) 50M HFS _ 3115478(774* 77 775% tlft 

26VW2A) HUPplA 203 7J — 13Eo36ft 26M 26V* tb 

1» 104 HSRtt - 19 97 14k* 134* 14V* -5* 

$6k*44 MSB Grp 2J0 4J 20 234 941* 54 549*t9* 

Z1V* i3k*Hoarean _ 1510M6 ut* 13V* ixr* + v* 

<m 28b Hallbln( 40 IJ 3118433 S3M 50 505* -4* 

46U 15 KurobOu _ IB 722 39b 37k* 38M tk* 

lib 9V% HanCFab JO 2.9 H 

13M 12M HanPlObl.05 8.1 

1 4b 12b HanPtPMI.16 8J 
10 Bb HanPtOh Jo 7J 

lift IOV) HanPtDVZ 50 76 
15V»13ft HonPtSel 1 J4 8.1 
14ft 7 HnncBTsUK* J 
22k* 19b KolH 149 7.1 
9ft 5ft Homan 
329* 13ft HudH 
30 19b Hanna 
42k* 301% Hanfid 
36 19W> HatmC 

409 14 134* 13k* -b 

- Jlf ’3. J® 124*tl* 

- 151 14W MV) 145* -V* 

- 210 94* 9k* 9k* - 

- 394 lift 114* lift - 

- 168 159* 15k* 15ft -k* 

_ 4052 14 13H 14 tk* 

- 106 22k* 229* 2ZV) _ 

26 1291 64* 6b Aft tV* 
12 1631 37M. 32b 32k* +9* 

„ — 17 322 »b 24ft 24ft _ 

44 1 J 22 510 42b 41b 414* -9* 

- - *07 21k* 2DM 21 -4* 

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» lib HadayDs .14 J 21 4683 27M 26k* 2AU -b 

57V* 31ft Hannon JO 4 11 2964 38ft 37k* 37ft tk* 

SO 34ft Hrentah JO IJ 11 TOS4 35 34ft 34ft _ 

33VW15M HanahE _ - 13 5360 185* 179W 18M -U 
50 32b Hantef «18 mu® _ 

47M 32 Haryoo * JBf 11 16 1367 41 40k* 41 tM 

38k* 25M HOrtH SM J 24 756 XM 33V* 3Sftt2»* 
265*22% HartCpM143 74 _ 73S 23R* 15Mb 25k* -M 
26U 24ftrHortCu®109 74 _ 20 369* 56** 265* -W, 
91 Vi 43ft HaiWP) 140 IJ 12 1383 885) 888* 88b -A* 
42ft 32 HarWLFn 46 .9 - 1521 41 41V) 41« 4* 

low 5 Hartrat . . _ 9 142 7ft 70* 7k* -A* 

37k*32ft HawB 7J4 6J 14 391 39ft 29 39V* _ 

40ft 315k HBhCP 24V 6.7 17 874 38!* 37V) 37ft -V) 

37ft 22U HfthCr 2.141 7.7 13 531 aS 27ft 27ft tb 

2AM 13ft t®«9l8 . _ _ 39 4089 25J* 24M 2SV*t<k* 

20b 17U HORat l^f 7J 18 22S0 3 ’* 20 209U+4* 

42V) 25 HCR — 27 402 39M 38M 39 4* 

30 25 HIK(«r 202f 64 18 145 »U »V* »k* Ift 

am*i7ft nut is _ 32 9450 is 27k* 27k* -m* 
7b 4ft HcdoM - - 3086 5U 4M 59* tM 

30 lift Heffig -28 23 16 2419 12k* 1294 12ft 4* 
S6K*35b Hahn 1-36 24 52x7323 53V* 52t* 53 46 

91V* 41 W HatmP 4AT J 20 1008 ASfttAAb AAb -ft 
MM STM HxRBb 1J0 24 15 1B8 49U 47^*49 tlb 

UM 10b HxrttUS 92 8J _ 99 11M lly* lft* -WW 

63ft 42M Henhty M 1 J 31 2000 62V* 61 Aik* -ift 

41b Z7M Hirtrn JO 4 1079 41b. 41 419* +?; 

724*48M HNteltft 46 .9 2119117 649* A3M AM +V* 

37M 15M Hanoi 1236 24 3k» 23k* -Mt 

51% SU HR-0 _ 386 24* 2k* 2H tM 

19ft 12U FBbon J« 14 19 1384 19 18k* 18k* -Mt 

- — -60° >0-1 _ 1017 5k* 5» 5k* _ 

4301CU _ 876 61* aU 6k*+Mt 

42a WJJ - 141 7ft. TM 7k* tV* 

1.12 9J - 7751 12W 17ft 17V) tM 

J2 9.1 

69* SM HUncu 
Ad* AM MneJI 
7** Aft Ukiltl 
12ft 11M Wtoarf 
8M 7b HTiTd 
9b lb WYdPI 
29M 17ft Hgldns 

■84 BJ 

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- « M* +U 

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36V* 29ft HWwdPUUM 22 1132 35ft 34b 35 -i % 
259*24 IfiSwpSSJOU - AB5 251% 24ft 2SM tft 
401* 33ft Haenhd 46 IJ 22 972 49ft 47ft 48ft J 
Aft 2ft VOteS* - - 263 TV* 3b. 3y*tVW 

35k*24 HHhn J3 IJ 2645A8A 274* 2Ak* 2AM -IM 
1171% TO Hnochf 49a IJ 19 487 7AM 74>k*74ft +21% 
45k*j4k* HoeeMaJH IJ U 131A 3Ste* 3SM SM -M 
145k 8ft HaOnoer JO 24 13 1518 Oft 13b 13te*tV* 
13 9M 74 - 34 12ft, 12M iS) ft 

Zlfttllb WliSf _ - IS 248 TOM 199) 19ft ft 
60V) 31ft VkneOv}^ J 3B13078 59ft 58 s&m -b 
28k*20M HMPre 1 J» AJ 36 292 27M 3AM 27 tVa 
lift sh Homebaw _ - 1567 8 7V, r 

27**13M HtawSdxn 
1AM 9M Hentka .* 
8k* 7b HereUMn 
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17 1130 27M 279,27?* ft! 


36 178 73M 731* 73Utlfi* 


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80b A3M Hanwat 1.121 l-’ 19 27A MB* 44ft 47V% -I s * 
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24V+18M HauMnd 140 6J 13 <911 (Sk* MJJ WJ* JJ" 
sm 46ft HnuWDOD 122 SJ ~ 2582 55ft S5M Sfft "k* 
UM IS wSSmb - - M»T5» WM WJ 

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21M 14 HudlFd JB J - 350 Htt lW Ink -V* 

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25¥*17M Humana _ 24 4966 20ft 20 , SH* 

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17W.13W Hypronn - - £S w 

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34b 19 tagmtM . 78 844 SOW SOW 301* tM 

m 16M IsSsfi JO TJ 8 1750 17U I6M 17 

17ft 12b trertieepr IJ4 7J IB 3M 15 14k* 14b 

33M 13b InpulOut 


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3W% 23b IfdgHS 
6b 3M ireeiad 
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13V* 10ft tatCAOt 

17b ISM IkpSa 

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141*13 IldcmdiM Jl SJ 
16b 14M InHMT .96 AJ 
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15k*145* IQMInc 93a 64 
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31M 17 Mmkni - 
7W 2ft UMre 
113M 63M IBM ) 40 4 

45 3427 29M 280*29 
75 343 21 20b 21 

_ 3K 135* 13»* 139* tV* 
17 1593 309* 30k* SOM tft 
„ 160 44* 4b 4b -U 
195 13k* 13k* 13k* -k* 
„ 164 131* 124* 13 - 

_ 280 17V* 164* 17 -J* 

_ 373 1 31* 135* 1 3D tMt 
_ 238 149* lift IA* - 

_ 300 15ft 159a 159* -Mt 

- 294112b 12V* 12b tk* 

_ SA2 ISM ISM Ufa _ 

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_ 735 121* 12b 12M - 

24 1106 241* 24V) 24k* -1* 
2 955 4VW 4 4M tHt 
_ „ 1744020 1KW 102 ira -lb 
535* 39ft InfHov M81 10 24 1384 49W XfW At 

2M*15M MGame .12 A 19 8064 22V* 21ft 21k* At 

27 2(k* latHFds It - - 478 2AM, 251* JAM +ft 

325W17M IntMUll 40 19 88 BB4 27M 26k* 27ft tb 
AT 38ft hitPap 140 2J - 9967 44k* 43b 44M tk* 

23V 10M IntHaa - _ 1433 13M 1» 12H 

9Ta AM IT Com _ _ 192 7Wa 7ft Tft -Wa 

17b 17* Metpooli .15 1.0 16 im IW) 14M Mk* -Va 

53 29b bdpbGPl J2 1.1 26 3500 48W 47VW ta)*t2* 

6AM 33M IntwraFn J3 IJ 16 453 ASM 62^ gWj^M* 

36ft 21ft InfcfBafcl J8 4 23 2656 359* 34M 3«*tV* 

37W Z3M tatntHaO _ 30 2131 340*30* 34b tV) 
35b Z7ft IrirtPw 248 A.1 12 *101 34b 34M MV*+J* 

75 155k taOmta 52 2J 21 23AS 23b 23U TOk*t5* 

IBM 14M tavosGHS2-ffie _ - MS 17 161* 17 t»* 

33W 14M tamaga _ 3A13W 2W 26M 76k* -M 

S3 33W kxda - 22 VOS 39M 38U 38M tM 

405* 26M Ipdca 140 25 18X3023 39ft 39V* »»* tb 
17M 13ft trtehln 58 b 34 - 138 17W 17U 17V) tj* 

33W 24H InihwApI 150 44 34 1123 31H 31 31 -V* 

30 IBM bpflnHn — ““ 

34k*24M bfiAabl .97* 17 
IB* 12ft IN Aston -97e 5.1 
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_ 4Q3X36W 35b 355) tlb 
_ 2000 mw* 18ft 18k* tM 
_ 450 101* 10ft 10M tk* 
_ 382 2ZM 21ft Zlft -ft 

9ft 4M JAinandr - 3 27a 4W dxk* «% -M 

14M 8 J&LSpa JO 44 91 635 10 9k* 10 tk* 

35 25 JDN My 100 (5 19 952 30ft 30k* 30b tft 

21ft lOW JLG m .1 16 IW 14k* ]£* 14M +M 

32k*22b JLKDNn * 28 578 TOk* »* TO* -V) 

34k* 24k) JP Food _ 27 1398 329k 32 32M+lMa 

27b 23U JP My 140( 7.1 17 347 25b 25 255* tk, 

49b 36 J5B Fn 1 JO 2.9 17 98 48k* 48V) 

13 9ft Jackpot 42 24 14 149 lib 11W HM -M 

33k. 22ft JaCofeT _ 14 1173 25ft 24k* 75V) A* 

10M 3M Jataxto .02a 5 _ 228 3k* M 3k* -M 
10M 6W JapnEq - - 

7M XT* JpOTC 48e 1 J - 

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Continued on Page 15 





RACE 13 

Did Tokyo Bet Enough to Revive the Yen? 

By Carl Gewirtz 

International Herald Tribune 

Floor traders in Tokyo cheering on Wednesday after Japanese stock 
prices rose sharply in reaction to news of a tax cnt to spur the economy. 

PARIS — Japan’s unexpected inter- 
vention in the foreign-exchange market 
Wednesday after the government's U- 
tom in fiscal policy changed the market’s 
parameters from a one-way bet against 
the yen to a mood of greater caution. 

But analysts warned that the yen's 
troubles are not yet over. 

The intervention, the first since Feb- 
ruary 1996 and said to have amounted to 
$2 billion, knocked the dollar down 
nearly 5 yen, to 125.78 yen, in early 
trading. But the dollar regained some of 
that ground and was at 127.155 yen at 4 
P.M. in New York, compared with 
130.77 at the close Tuesday. 

The Japanese move to intervene in the 
market drew U.S. approval. Treasury 
Secretary Robert Rubin announced in 
Washington that the intervention was 
“appropriate” and reflected “shared 


thr I 

’ t'Atro 



Africa Phone Firm: An Efficient Bully 

By Donald G. McNeil Jr. 

New York Tunes Service 

and government control have long been 
die way of doing business in South 
frica, and for years, the national phone 
company was perhaps the worst of- 
fender. The hallmarks of the company, 
SA Telkom, were high prices, slow 
service, an aloof bureaucracy, a bloated 
work force and a network engineered 
for white neighborhoods. 

Suddenly, everything is changing. 
In the eyes of some South Africans, it’s 
a miracle: Hie company is now being 
run by Americans, people famous for 
technical skill. In the eyes of others, it’s 
a disaster the company is now being 
run by Americans, people famous for 

To be fair, the South Africans invited 
this on themselves. They put 30 percent 
of the government-owned company up 
for sale last year. In March, it went for 
$1.2 billion to a joint bid by SBC 
Communications international — a 
subsidiary of SBC Communications 
Inc., the American local phone com- 
pany that was once Southwestern Bell 
— and Telekom Malaysia. 

Jay Naidoo, the minister of posts, 
telecommunications and broadcasting, 
said it seemed wise to fortify Telkom 
with private investors but to emulate 

the 100-year AT&T Corp. monopoly 
that brought affordable phones to all of 
America. To attract buyers. Parliament 
passed the Telecommunications Act of 
1996, which preserves Telkom's 
monopoly for five years on the con- 
dition that it installs 2.8 million new 
lines and greatly improves service. 

Any buyer was taking a gamble. If 
Telkom reaches the government's 
goals, it gets a sixth year of monopoly 
as a reward. If it fads, it pays large fines. 
But there was also a cultural risk: the 
buyer would step into a business arena 
that has been isolated and defensive, 
more used to government regulation 
than to free competition and politely 
resentful of outsiders bearing cash, ex- 
pertise and do-it-my-way plans. 

SBC and Telekom Malaysia accep- 
ted the challenge. Although SBC owns 
only 18 percent of the company, it has 
become dear in the past few weeks that 
a team of Americans, led by the chief 
operating officer, Mac Geschwind, Is 
running the state telephone company. 

They are spending so much to up- 
grade die system that Telkom, which 
had a pretax operating profit of nearly 
$1 billion last year, will have none in 
1997-98. Under nejv management;, the 
company is, in virtually daily battles in. 
the headlines. Telkom is fighting sir 
multaneousty with- its biggest custom- 
ers, with the new regulatory agency, and 

with would-be competitors, such as call- 
back services and Internet providers. 

Paradoxically, on the fronts where 
analysts expected trouble — from the 
unions and government — all is quiet. 

Still, the task is huge. Decades of 
apartheid have left downtown office 
buildings and white suburbs with plenty 
of lines, but in rural black areas, only one 
household in 200 has a phone line. Some 
people walk miles to apay phone. 

In six months, the company seems to 
have made huge strides. It says it in- 
stalled 1 7 1 ,000 new lines, nearly triple 
the pace of the year before, with 
1 15 , 000 of them going into “previ- 
ously neglected areas.” 

Telkom now fixes 57 percent of all 
home phone problems within 24 hoars, 
up from 42 percent in April, executives 
said. It plans to have the whole network 
digital by 1999. It promises tt> have 35 
percent black managers within five 
years. It just introduced voice mail. 

The company agreed to lay off no 
one and to spend $100 million a year on 
training. There have been none of the 
wildcat strikes South African labor is 
known for. 

But as for competition, the company 
is acting, every bit the classic mono- 
polistic .tally: It demands that the gov- 
ernment^iuilaw its rivals. • ■" 

See TELKOM, Page 17 


Microsoft Comes Under Fire From All Sides 

By John Markoff 

' New York Times Service 

SAN FRANCISCO — As a federal 
"• district judge was ruling last Thursday 
that Microsoft Corp. had violated a 1 995 
antitrust ameement with the Justice De- 
partment, U.S. attorneys general from 
• some of the most populous 
' states were concluding a 
secret three-day meeting in 
Chicago to assess their own 

- strategy for a possible anti- 

- ■ trust action against Mi- 
- crosoft’s marketing prac- 
•: tices. 

The meeting — coupled with gov- 
ernment investigations under way in 
' Europe and Asia, a continuing private 
antitrust suit and the specter of hearings 

- .in die U.S. Senate — suggests that the 
world's most powerful software com- 
pany could soon .find that it has become 
a Gulliver enmeshed in Lilliputian legal 

' ’ slobe. 

states’ success in mounting a coordi- 
nated attack oo the tobacco industry for 
expenses incurred in dealing with 
smoking-related illnesses, a number of 
attorneys general are now collaborating 
on a multistate antitrust effort. While by 
all accounts the strategies being dis- 
cussed involve only civil actions, the 

The world’s most powerful software firm 
could become a Gulliver enmeshed in 
Lilliputian legal entanglements worldwide. 

attorneys general are remaining tight- 
lipped about which states are involved 
ana which of Microsoft’s business prac- 
tices they want to taiget 
It is not known, for example, whether 
any potential action would seek mon- 
etary damages, changes in business 
practices or some other remedies. Nor is 
it known whether the states would be 
acting on behalf of themselves as high- 
volume consumers of Microsoft’s soft- 

censing agreements that require client 
companies to inform Microsoft before 
providing information to state or federal 

Microsoft’s legal woes next year may 
extend overseas. A representative from 
Ralph Nader’s public interest group met 
in Brussels with legal authorities of the 
European Union, where the 
competition and antitrust di- 
vision of the European Com- 
mission is considering open- 
ing an investigation of 
Microsoft’s business prac- 
tices. “Right now they are 
monitoring complaints from 
ompanies, said James Love, 
director of the Consumer Project on 
Technology, one of Mr. Nader’s policy 

groups based in Washington. 

Microsoft may also be facing legal 
challenges to its economic power in 
Asia. Lawyers for Netscape Commu- 
nications dorp., Microsoft's competitor 
in the World wide Web browser mar- 
ket, said this week that the Ministry of 
International Trade and Industry in Ja- 

entanglements around the g 

“Microsoft is going to find that it is 

with w are products or as guardians of their pan and foe government of Soufo Korea 
wLnWiS oSdrita STS resists’ consumer rights. Ed begun reparate investigations into 

What is known is that California. Microsoft's business practices. 
Connecticut, Massachusetts and Ore- 

Ul :'- » 


“ : ? 
iHr ‘ 

Palo Alto, California, which represents 
a number of Microsoft's competitors. 

Nine states have subpoenaed infor- 
mation from his firm, Mr. Reback said. 
Among the states that participated in the 
session last week, he said, were Florida, 
Illinois, Minnesota and New Yoric. 

Microsoft officials did notTetum tele- 
phone calls this week requesting com- 
ment on investigations under way by 
stale governments. Flush with foe 

gon have each opened independent in- 
vestigations of Microsoft s business 
practices and that Texas is already suing 
the company over policies arising from 
an inquiry in that state. 

In a suit filed in November, the Texas 
attorney general, Dan Morales, argued 
foat his antitrust inquiry was being im- 
peded by provisions of Microsoft’s li- 

Microsoft is being sued in an antitrust 
action by Caldera Inc., maker of Internet 
software based in Provo, Utah. And in a 
November hearing before the Senate 
'Judiciary Cpmmittee, its chairman, Or- 
rin Hatch, Republican from Utah, said 
be had not made any secret of foe fact 
that he had serious concerns about Mi- 
crosoft’s recent efforts to exercise what 
he termed “monopoly power.” 



Dec. 17 

^ross Rates c _' „ p__ 

a -s^sJFsffl-s JSSB- 

_ 4hE» 3 -gff 5S w 

Mm U»W UflJ* “ "E? s5 MS5 137.155 14W HUB 

sr* - —a « s a - l £ sr 
& sssasgs- is m sz 
s "aSSsssissss 

LibicHJbor Rates 

Dec. 17 

Safes Freuda 

Data tHfeart Rronc ftmc Yen K» 

1 -month SVwSV* 3%k-3M lV»-lVk 7V.-7V, Of*, ft i »-1J% 41% 
3*nontti 5*- 5*» 3V»-3'v* 1M-1W 7W»- 7V* Vr»-3V* Jk-J 4W-4W 

»-5» ».3>*k 1 * 1 * 2*-JL ^‘2? 

1-JOT 5»- 6 3h-4 1%-Tft 7W'7U 3V4-4 H-V* 4W-4W 

Sources: Reuter* Lioyd* San*. 

Key Money Rates 


Jther Dollar Values 

. mbbkiMK 













HMB tows 
turns, total! 
hulUm rupee 
Ms. roptaB 












Max. poo 
















S 941 J) 





Swad. krona 

















'onward Rates 

mmr •**« *** 

^ t«M IjMBO 1^456 aw 

SSffiSr MS UMS wg 

Mbctemrii 1.W0 1JS79 1^51 


met shot 

12646 125J6 .125.19 

14321 14316 14311 

Uaftnl Bate . 
Prim* rata 

lttMtoy CP ttedan 
l.jwor Tnmsjjit 
2 J pMr Traaony h# 

lHwTrwswy non 




InnantO Martwnk 

34MBtii taMtonk 

Month taWDonk 

Swt bond 
Lombard rata 

innootti Eotorbmib 

Xnantb Mettook 

MnaO) Werbootr 
UHwar Bund 

□oh Prao 
5.00 SjOO 
8V, 8V> 

St* S»t 
5J8 5^7 

5.10 SJ09 
£21 £18 
568 S M 
£76 £73 

. £78 £75 

£80 £76 

£99 £96 

£13 £10 

050 050 
032 029 
0*5 095 

. 092 092 
092 092 

197 191 


BnfctMservfc • 



Coll money 






3-monffl interbank 






10-year Gffl 




IntenaattOH rata 



QflH lllfflT 



l-moalti Mutanfe 



3-matti ifltMtaak 




3V W 





Source*! Reuters. Bloomberg. Marta 

Lynciu Bank e t Takyo-Mlltublshl. 


ajm. PJ6. arge 

490 490 

341 • 347 

375 175 

376 3.76 

336 3JB6 
£31 £29 

Zorich HA. 28895 +100 

London 286.10 28795 +335 

Hew Yoric 28590 291.10 +570 

us. acmz per ounce. umaonofMnl 
flxtoos Zurich and Nett Yort Mating 
md dosing {Max New Ymamm 

Sourer. Reuters. 

concerns over the weak yen.” 

U.$. officials, who opposed Japan's 
increase in consumption taxes this year, 
had repeatedly warned Japan that it 
should not rely on an excessively weak 
value of foe yen as a means of bolstering 
growth through expanded exports. 

Analysts said the timing of foe central 
bank's intervention was impeccable — 
getting maximum impact because of 
light trading conditions. 

‘ ‘Trading volumes are already begin- 
ning to thin and liquidity is shrinkin g as 
is usual in foe mn-up to foe end of the 
year,* 1 said Neil MacKinnon at Citibank. 
It is a time of year when market op- 
erators are not keen to get aggressive. 

Huge amounts of moneynave been 
committed to die “no brainer’’ way of 
making money — borrowing yen at 0-5 
percent to be sold and invested in high- 
yielding foreign assets, while foe value 
of foe debt declines as the yen sinks. The 
latest estimates had $40 billion of dollars 

purchased on this so-called “carry 
trade,’ ’ and any change in the parameters 
of foe bet — such as foe yen continuing to 
fall — inevitably drives some operators 
to take profits and close positions. 

“The weight of these positions ex- 
plains why foe dollar drops much faster 
against foe yen than it rises,” said Kit 
Juckes of NatWest Securities. 

Bui next year, “dollar optimists will 
have another run. The big question is 
whether foe package of tax cuts wiU turn 
foe economy.” said Mark Cliffe of 
HSBC Markets. 

At first glance, analysts were im- 
pressed by the government ’s willingness 
to admit a change was needed, but crit- 
ical of the package. 

The proposed 2 trillion yen in new tax 
cuts does not equal what foe government 
took out last March through an increase 
in consumption taxes. "At best fiscal 
policy has been switched to only neutral 
from highly restrictive,*’ Mr. MacKin- 

non said. 

Mr. MacKinnon also questioned 
whether foe tax cut would have foe 
hoped-for impact on consumer spending 
within Japan. “Against the ongoing 
shakeout in the financial system, the 
stagnation in foe growth of real incomes 
and increasing job insecurity, house* 
holds are likely to save foe tax cut rather 
than spend it,” he said. 

Avinash Persaud, an analysr at J. P. 
Morgan said foe dollarls setback was 
only temporary. “This is foe time to buy 
the dollar.” he said, sticking to his fore- 
cast that it is on track to climb to 1 35 yen 
to 138 yen. 

Japan's intervention “will only have 
bite if it is concerted and, more im- 
portantly, if it is backed up by monetary 
policy. Yet there is absolutely no risk 
foat the Bank of Japan will raise interest 
rates soon.” 

See YEN. Page 14 

2 Mobile Phone Makers Look to the Net 

Ericsson and Nokia Win European Vote and Stress On-line Technology 

Bloomberg News 

STOCKHOLM — For years, mobile 
phone companies such as LM Ericsson 
AB of Sweden and Nokia Group of 
Finland have had a hard time selling the 
notion foat mobile phones can take a 
personal computer on-line. 

Consumers found sending data slow, 
expensive and limited to such rudiment- 
ary functions as E-mail. 

But now Ericsson and Nokia, which 
won a vote Tuesday to have their tech- 
nology adopted as foe European stan- 
dard for high-speed wireless transfer of 
data, see huge growth potential for foe 
$40-biltion~a-year mobile-phone mar- 
ket when foe system rolls out in Japan in 
late 2000. 

The companies say foe new tech- 
nology will speed data service. 

In a few years, they insist, it could be 
faster and cheaper to use a mobile phone 
than a fixed line to, say. sign onto foe 
Internet or hold a video conference on 
the run. 

“The data side will explode,” said 
Mika Heikkilae, fund manager at Arctos 
Funds, which owns Nokia stock. 
“Nokia and Ericsson have a clear head 
start on their competitors as they have 
developed the accepted system for a 

longer time.” Siemens AG of Germany 
and Alcatel Alsthom S A of France were 
among a group backing a different tech- 
nology, which will now have to play 

Ericsson sees Internet users quad- 
rupling to 400 million by 2001 as mo- 
bile phone users triple to 600 million. 
Some 30 million people will surf foe 
Internet using mobile phones by then, it 

The company shows off foe tech- 
nology in a white minivan foat drives 
around its headquarters. What looks like 
a modem card with an aerial slots into a 
laptop computer and a fractured-motion 
video conference begins. 

Ericsson shares rose to 299.50 kronor 
from 288 in Stockholm on foe news that 
foe system had won 58 percent backing 
from the European Telecommunica- 
tions Standards Institute, while Nokia 
shares rose to 389 markkaafrom 371 in 
Helsinki. A final vote is to be held next 

Ericsson and Nokia will be bolstered 
if foe new technology, called Wideband 
Code Division Multiple Access system, 
becomes popular because competitors 
have been catching up with existing 
mobile phone technology and putting 

pressure on their profit margins. 

Many operators say the new tech- 
nology will be expensive to install and 
hard to sell to people accustomed to 
using a mobile phone just to chat. 

“We’ve been trying for 10 years to 
market mobile data systems without any 
major success," said Aake Persson. 
vice president of marketing and sales at 
Ericsson's mobile systems division. 

"What will change this is foe In- 
ternet. People aren't going to accept 
being tied to foe wall." 

Third-generation mobile phone sys- 
tems can transfer data at 384 kilobits a 
second outdoors and 2 megabits a 
second indoors, compared to 9.6 kilo- 
bits a second for ordinary mobile 
phones. Copper lines can carry around 
64 kilobits a second of data. 

Cost is a concern; though. The tech- 
nology works, in part, by placing many 
base stations dose together in highly 
populated areas, like office blocks, and 
that makes it expensive to install. 

“I can’t see it moving out of the 
business arena for four years or so." 
said Stuart Jeffrey, an analyst at Daiwa 

Once building is done, analysts say, it 
is likely call charges will be cheaper. 

French Government Securities 

French Government Seci/rittss 



French G overnment Securities 

Mill llnillkn TiimAim 1mm 




French Government Securities 










3 M 5 s Asian Woes Weigh on Blue Chips AT&T Ready to Sell 

Bloomberg News 

NEW YORK— Slocks slipped Wed- 
nesday after Minnesota Mining & Man- 
ufacturing warned that fourth-quarter 
Maminas would be disappointing be- 
cause the rising dollar eroded profit from 
overseas sales. 

The warning from die maker of 
Scotch tape overshadowed optimism 
sparked by a Japanese move to shore up 
the yen. Still, investors bought into tech- 
nology, oil service and gold shares that 
had tumbled in recent weeks. 

know severe Asia’s problems are,” said 
James Weiss, deputy chief investment 
officer for equities at State Street Re- 
search & Management in Boston. “In- 
vestors are desperately searching for in- 
formation that will unlock this puzzle, 
and rotating from sector to sector.” 

The Dow Jones industrial average fell 
18.90 points, to 7,957.41, but advancing 
issues narrowly outnumbered declining 
ones on the New York Stock Exchange. 

The Standard & Poor’s 500-stock in- 
dex dropped 2_50 points, to 965.54, and 
the Nasdaq Composite index lost 5.63 
points, to 1,547.37. 

Earlier, U.S. and Asian markets ral- 

„ , lied after Japan’s prime minister pro- 

imernaikxai HcraMTHtw posed a tax cut to help die country's 

faltering economy, and the Japanese 
central bank sold dollars for the first time 
in five years. Investors see the yen’s 
s tabilizati on as a precursor to recovery 
of Asia’s financial markets. 

3M, one of the 30 Dow stocks, 
provided new evidence of how much 
U.S. firms have been hurt by the losses in 
Asian currencies. 3M tumbled 8 15/16 


to 84 15/16 after disclosing that the 

fourth-quarter earnings by 10 percent. 

Gold shares gained, helped by ex- 
pectations that a recovery in Japan 
would stimulate demand for bunion. 

Treasury bonds fell, dragged down by 
a plunging dollar. 

The pnee of the benchmark 30-year 
Treasury bond fell 20/32 to 101 2(5/32, 
pushing its yield up to 6.01 percent from 
5.96 percent on Tuesday. 

A weaker dollar makes U.S. assets 
such as stocks and bonds less attractive 
to foreign investors because they are 
worth less when they are converted to 
local currencies. 

Jabil Circuit Inc. shares rose 314 to 
41V4 after the maker of circuit boards 
reported better-than-expected "arningp. 

Ririrtjng the problems in Asia drat have 
plagued other technology co m pa n i es . 

SBC Communications shares rose % 
to 75 on reports that DirecTV, a unit of 
General Motors Coip.’s Hughes Elec- 
tronics division, was negotiating with a 
number of Baby Bella, including SBC 
and Bell Atlantic, for than to become 
DirecTV’s agents within their respective 
territories. Bell Atlantic rose Vi to 89%. - 
DirecTV provides TV and Internet ser- 
vices via satellite. ; . 

Snyder Communications shares rose 


advertising services said it won a three- 
year contract that could' be valued at 
sr?no millio n to provide services to GTE 

Stock in UAL CorpM the parent com- 
pany of United Airlines, rose 3% to 92 V& 
after an analyst at Salomon Smith 
Barney raised his 1998 earnings esti- 
mate for the airline. 

DoIlarThrifiy Automotive Group Inc. 
shares rose % to 2I%on their first day of 
trading, helped by a strong car-rental 
industry and two other successful initial 
public offerings by competitors this 
year. _ 

ni^D^ter^Roit A Car Systerarfaad 
Thrifty Rent-A-Car System, in the IPO. 

Bloomberg News 

Corpus board is expected 
to approve a $4 billion offer 
from Citicorp to buy its 
Universal Card unit, people 
familiar - with the transac- 
tion said Wednesday. 

Citicorp's offer for the 
credit-card division is ex- 
pected to include payments 
for the right to retain the 
AT&T name and calling- 
card privileges as part of a 

•long-term contract. 

AT&T is selling the unit 
to concentrate on its tele- 
communications business. 

AT&T Universal Card Ser- 
vices provides customers a 
combined long-distance 
/ailing and credit card. 

’ The Universal card, 
which was launched in 1990 
as one of the first no-fee 
credit cards, has 18 million 
customers who owed the 
company about $14 billion 

ar the end of September, ac- * 
cording to Nilson Report, a 
credit can! newsletter. . 

Citicorp, the largest U.S. - 
credit card company, ha* 
37 million Visa and Mas- 
terCard clients who owed it 
$46.5 billion as of Sept-30, 
a bank sj»keswoman said. 

The proposed deal 
comes as earnings g rowth 
in tile credit card industry 
slowed to 2.6 percent be= 
fore taxes this year from 33 
percent- in 1996, sod 
Robert Hammer, president 
of SUL Hammer, Invest,, 
meat Bankers, a credit card - 
industry advisory firm in 

AT&T and Citicorp ex- 
ec wives were noi immedi- 
ately available to comment 
on die transaction- 

In late trading, AT&T 
shares were up $1.75 at 
$58,625 and Citicorp stock 
was up $1,875 at $131375. 

Very brief lys 

f Polaroid Corp. plans to cut 1,500 jobs in the next year and 
a half as the company tries to generate an annual savings of 
$1 10 million and increase profit Most of tbe job would be cut 
from factories in Massachusetts, and 40 percent of the other 
jobs would be from factories abroad. 

■ Wiz lac. owes its vendors and other creditors $354.6 
million, and had $318.2 million in assets, the consumer 
electronics retailer said in Chapter 1 1 bankruptcy filing. 

• The Financial Accounting Standards Board delayed im- 
plementation of its derivatives rule to Jane 1 5, 1 999, from Jan. 
1, 1999, to give banks more time to adjust their computer and 
accounting systems. The rule seeks to give investors a better 
idea of the value of derivatives held by U.S. businesses. 

. • Camden Property Trust agreed to buy Oasis Residential 
Inc. for $834 million in stock and debt, forming die third- 
biggest U.S. apartment real estate investment trust 

• Volkswagen AG, the German automaker, offered severance 
pay and other benefits to encourage workers to retire early at 
its largest factory in Brazil 

• America Online Inc. signed an exclusive four-year agree- 
ment valued at $40 million with Barnes & Noble Inc’s 
Internet subsidiary, to increase the No. 
1 on-line service’s revenue from electronic commerce. 

AP. Bloomberg 

A Huge Order for Set-Top Boxes 

‘ Bloomberg News 

• CHICAGO — NextLevel Systems Inc. said Wednesday it 
had won $43 billion in orders from nine cable-television 
Operators for the new generation of boxes that will bring higher- 
quality TV pictures and interactive services into the home. 

■- Tele-Communications Inc. and other cable firms will get the 
hght to buy 16 percent of NextLevel for ordering 15 million of 
the set-top boxes. NextLevel will also swap another 10 percent 
stake for part of TCI’s satellite distribution network. 

Investors Take 
$3.3 Billion Out 
Of Global Funds 

Bloomberg News 

NEW YORK — Mutual 
fund investors withdrew 
about $3.33 billion net from 
funds investing in interna- 
tional stocks in the week that 
ended Monday, according to 
an industry report. 

That follows a week when a 
net $2.39 billion flowed into 
international equities funds, 
die largest inflow in more than 
two months, according to Trim 
Tabs Financial Services Inc. of 
Cali fornia, which tracks mu- 
tual fund money flows. 

Funds investing in U.S. 
stocks also suffered net out- 
flows in the week, a period 
when the Dow Jones indus- 
trial average fell 23 percent. 
Trim Tabs reported. 

An estimated net $620 mil- 
lion was polled from U.S. 
stocks funds. Trim Tabs said. 
Investing tends to slow this 
time of -year because it is a 
period when funds make tax- 
able distributions, meaning 
any investor who buys a fund 
now in a taxable account is 
taxed as if the fund were 
owned the entire year. 


Dec. 17, 1997 

Wgh Lok La tel dig* OpM 


cork (awn 

UHD bu mHmiim- rote per buslui 
Dec 97 2611- 240 261 *1*6 4079 

Mar 40 2731+ 270% 27214 +1V» 175X44 

Mo, 40 280% 2JBW 280 -IVj 45.923 

JulTO 286 WV 28 Sft +114 56X27 

**98 28214 201 382U »ZV> 5.708 

Dec 48 284L 281 704 +2% 33,148 

JUI99 297 295 297 +3 320 

EH. stes 43800 Tues stes 42*02 
Tun open Ini 321377. aK 1.925 


2 00 taw- daflan per ton 
DCC 97 21650 21300 115.70 -0XQ 4.247 

Jan 99 212JD0 210.10 211.00 +0J0 21045 

Mar 90 209 JO 20730 70860 +4)90 3U15 

Mar 98 20780 2O6J0 207X0 +140 21325 

JulTO 204 JJ 20730 aw JO + 1X0 14WJ 

Aug 98 20930 20730 20930 +1.90 4XS7 

EN vies 20 Tommies 26474 
Tun open H 117.136. oil 1306 


60000 1»- conh per TO 

Dec 97 14M 1433 2480 *OJ7 4 99 

Jon 90 74.9S 24.70 2495 +0X4 34370 

Mar 98 25X2 2502 25J9 +0X3 39.02! 

MayW 1533 25 JO 2531 +034 14691 

Jul 98 2563 2SX5 2563 +072 0006 

Aug 98 2535 2540 2535 +0J5 1339 

tt. mm 14000 Tun trim 14440 
Tun upon bit 104730 off IX 09 


HW Low Latest Chga O pM 

orange juke mentj 

15000 Ou.- cents per A. 

Jem 96 8030 8400 8680 -185 17X17 

Mar 98 91.70 8730 9QJ5 -185 20X49 

May 98 9460 9030 9160 -T35 44*9 

Jut 98 9B0O 9480 9685 -1.45 1057 

EsL sales NA- Tun sMes 9.731 
Tun open M 41921. off 456 


100 tiwr qt- doiars par buy az. 

Doc 97 289.70 28630 289.10 *5X0 275 

Jan 98 2*980 +5X0 7 

F«b 98 291 JO 2B5J0 291-10 +5J0 101,753 

Apr 98 29160 287.10 29280 +580 11J45 

Jim 98 J9600 292JD 29480 +580 11833 

Aug 98 29400 29680 29680 +580 1262 

Oct 90 29830 +580 1443 

Deem 30280 299.10 30180 +190 11836 
Feb 99 30110 +480 1791 

EsL solas 35800 Ton ten 3&1 37 
Tun open H 107364 off 634 

2SOOOUK.. ants porn. 

Dec 97 7930 7080 79.10 +125 1855 

Jon 90 79.70 70J0 7935 +1J0 1310 

FeUW OUS J 930 80.10 + 1.25 280! 

Mir 98 BOBO 79 JO 0035 +130 544S0 

Apr 90 OUS 8030 8IJ3 +1J5 1310 

May 98 01.70 00.90 81/0 +1J0 4983 

Jun 98 82.00 8130 8100 +1J0 1311 

Jul 98 8160 B2JM +1.15 1713 

Aug» 8175 +1.15 1332 

Est serin AMO 71m sates *046 
Tun oproi UK 47.7G4 up 341 


High Law LoSed Chge Optai 

FFSM00 -iris af 100 ea 
Mm 98 idTjOS 10084 10098 —.18 141629 
Jun 98 1004 1003 10038 —.11 111 

EsL sales: 69338. 

Open lit 141741 0022X07. 


m. 200 aMon ■ pis af 100 pd 

Mar 98 11544 11534 1L5J7 -0.1* 114927 

Jun 98 N.T. ItT. 11481 -0.14 53 

EcL sates: 24211 Pier, sate* 21138 
FMnr.apenML: 114980 up 179 



Jon 90 9429 9428 9429 undL 21443 

Feb 98 9427 9426 9426 andl. 14113 

Mar 98 9421 9420 9421 -081 1794 

EM. rote NJLTtm sate 5547 

Tun open tri 59.709. up 1314 










5800 ter rote P*r bay «• 

Doc 97 597.00 59160 592*0 








Jw 98 






♦ Mt 


Fob TO 








Mar TO 

409*0 591*0 59680 



Feb 90 9410 9417 

Mar 98 9417 9414 

Jen 98 9417 9412 

Sap 98 9412 940* 

Dec 98 9405 9400 

Mar 99 9405 9401 

Jun 99 9402 9338 

Sep 99 9199 9195 

Dec 99 9335 9189 

Mm 00 9195 9191 

Jun 00 9192 9389 

Sep 00 9190 9107 

EsL rotes 282X09 rues' 
Tim open ini 1771401. 

9437 4101 5337 

9436 4101 491.939 
9414 4MB 385831 
9410 -083 261)72 

9403 4102 mill 

9404 -OJJ2 160276 
9400 4U8 135,100 
9197 4UX3 98.962 

9192 -082 102,193 

9193 4)83 7X519 

9X91 -083 6L538 

9109 -083 51255 

totes 255X78 

Mar 98 606 68017 6951. +4L 

Jld9B 702 697 702 

Aug 90 702 695 m +8 

■Eli. Mies 38.000 Ten sole, 37855 
Taos open Ini 157837. up 56 


JUNO ba mmimwn- cents per busM 
Dec 97 333 3J1»+ 332% +1 

Mm 98 3467. 347*. 34516 +2% 

MOV 98 354 350’s 353 +2U 

JulTO 359% 354% 358*4 +2 

EsL sain 10800 Tun sOes 10.911 
Tun open Ini 08838. all 647 



•40000 OH.- two* pet n>. 

Dec 97 6727 6680 6725 +187 

Ftb 98 6600 65.90 6465 +052 

Apr 98 6975 69.00 6982 +050 

Jun 98 69.12 6085 M02 +055 

•AoffW TOW 6980 6987 +CL27 

4X190 72 49 1320 1720 >012 

•EsL safes 16845 Tun sates 16851 
Tun apM Ml 100831 alt 010 


50000 lbs - cents per lb. _ 

Jan 90 7700 77.15 7787 +070 

jMor«0 7852 77.90 78J0 +045 

-Apr 98 7RM 7BJ7 7052 +020 

May 90 7957 7940 7950 +OD7 

Aug 98 BUS 1120 BT80 4020 

Sop 98 8150 8120 8150 +020 

Est rotas 2934 Tun sales 4007 
Tun open Ini 14902 cH 556 


40000 lbs.- cem per lb. 

Fob 98 6030 59 85 6002 4137 

Apr 90 5750 5780 5725 4150 

Jun 98 6585 6472 64M 4L62 

■Jul 98 6415 6185 6190 415 

“Aug 98 6118 tlM 6162 425 

-EsL (Oka +831 Tors rotas 5214 
Tan open Ini 4B 18a an 126 


-40800 Rts.-oenh par Ih. 

Feb 98 54.75 55.70 5113 127 

AllarW 55.90 5X25 SSJB -IJ7J 

-May 98 5780 5625 5620 -115 

■EsL sates 1478 TVn saiee 1.260 
Tun open Ml 1.988. on 49 



10 meMc tons- 5 per Ion 

‘Mar 98 1710 1685 1693 -14 44665 

MOV90 1735 1713 1720 -14 20526 

'M98 1749 1734 1740 -14 4744 

Sep 98 1762 1759 1759 -14 4855 

OK OS I7W 1788 1788 -W 9X» 

-Mar 99 1804 1800 1880 -14 9.912 

*E»f. sotes 0885 Itars sales 1SS* 

‘Tan agen lid 94234 up 

37 J00 R&- tab per lb. 

Dec 97 I6&00 16110 16425 -175 266 

«Mer98 16725 16050 16085 -425 19,179 

'May 98 162.00 15550 1552* -400 4620 

Jul 98 15550 150.05 15005 -490 2802 

Sap 98 14750 14X90 14190 -430 1274 

Ed. sate 4042 Tun sate 11630 
«Tun open bit 306*4 off 997 


1 12000 fee.- cents per 6. 

Md( 98 1222 1106 1216 *023 100,153 

.May 98 1209 1101 1200 +413 34085 

.Jul 93 I1A7 11.51 114* *009 24189 

,Od9> 1150 1154 1155 +O.W 24598 

Ed. sales 42667 Tim smbs 44315 
TWS open M 199.424 a{f&569 

May 98 60800 59SOO 99600 +050 6J03 

JuiW 600.00 59400 594B0 +000 7263 
Sep 98 599 J10 596J0 59480 +1.10 810 

Doc 90 60400 59000 59440 +1.10 6082 

Est. soles 16000 Tim Sales 16379 
77 Tun open tat 94552 up Mil 


8457 5atniyaz.-0olars per troy az- 

Jib 98 35100 M.0Q 35400 +1X40 %446 

Apr 96 35450 345JX) 353J0+ 1110 4143 

Jul 90 35400 347 00 3S270 +1X10 253 

EsL sales NA. Ton sales 477T 

Tara open W 14046 up f* 

Clew HmIm 

£*** Doom per iMMe tan 
AtueUam <Hlgb Grade) 

Spa) 150400 15Q7J0 1493VS 1494M 

'125 SwM 15311ft 1532% 15203)0 1SZIJOO 

~T C u yae r C e tb ed e s fHtab CraPe) 

Sncf 1739.00 174000 17371ft 17301ft 

Feraanl 1769.00 1770.00 1767A0 176600 


spat sxrm 53aift sm sum 

grand 53800 53900 56400 5441ft 

7*265 Spa 569500 599400 593000 594000 

A®? Forward 599400 600000 6030X0 603500 

^ Spei 5450X0 5460X0 537400 S38400 

ns Feraanl 5370X0 5380X0 5280X0 5205X0 

IN 2Uic (Special Htai Grade)' 

Spot 110800 1109X0 1102X0 1103X0 

Parana 1132X0 113X00 1127X0 1I2BX0 



Si otBan-ptsaf lQOpcL 

Dec 97 9493 undl. 1055 

Mar 90 93X6 94SB 93X4 -0X3 7X42 

Jun 98 95X6 95X2 9402 -006 1X93 

Est. sake NJLTUra lain 14 



SlOOOQOprtv ptl &64 Bho( lOOpd 

Dec 97 106-29 106-23 108-38 -05 22374 

Est. »«8» 44900 Ton Bales 37X06 

Tun open W 261X64 up 21.774 


SiaLODBpffe- pk A32Mf at 100 pd 

Dec 97 U2-06 111-29 112-42 - 05 1489 

Mar 98 112-01 111-21 111-27 -05 354101 

Jun 90 111-26 -05 2X05 

EsL Mba 84580 Tim sdes 69.102 

TlWf Open M 371X44 aD 813 


Mar 98 I2M5 119-13 119-25 -It 6S2NR 
Jun 98 119-26 119-06 119-15 -U 24321 
Sep 90 119-12 119-04 119-06 -11 4173 

Est sides 3S40M Tunsote284274 
TWA epen H 764S5L OK 1485 


Mv9B 121-09 12014 121-03 -0-10 171177 
Jun 98 N.T. N.T. 105-13 -O-IO 1X98 
EsL rate: 46296 PRU.sataK 51X5 
Pm open tot: 187J79 up USB 

DM254000 - pb d 100 pd 
Mar 98 104A5 10421 10439 -414 mjm 
Jun 98 10180 10476 IB2M -4« U™ 
EsL sides: 107X1 Pm. x6ck 96*4S 
PmepenlnL 25437 OH 6909 


62X00 poondb 5 per pound 

Mar 98 144B0 14380 14444 +XI48 32X39 

Jen 98 I43B0 14370 14374 + XI « 1265 

Sep 98 1X306 +X1M 4 

Est son 11216 Ton sales 6781 

Hits open U 54X94 art 2X27 


104000 daBaa. S per CAL Mr 

Mar 98 JB7V J87I -7050+0X009 SSMB 

Jun 98 J0B5 JW1 JU63+OXOOB 3240 

Sep 98 J0S4 JQ73 2073+0X000 787 

ESI. sales 6919 Tun sate 11282 

Tun open M 84X23. aft 1.950 


1 IS 000 mate Spec mak 
Mar9B X712 4640 J647+0XQ24 OAM 

Jun 98 2714 2695 2695+00034 4392 

Sep 98 2720+00024 140 

EsL sales 14109 Ten sdes 11X08 
Tunopen ba 94174 «N 1X2B 


125 roMan yens per 100 kn 

Marte 4067 J70* J976+X2ZI 97X34 

Jun 98 2120 2085 2084 +X222 1472 

Sep 98 2310 2190 2190 +X223 1270 

EsL ndra 26197 Tun sate 4713 
Tun open W 1A90X on 1232 


12&000 Danes. S per ftraK 

Mores 7071 JOB 7037+00023 35439 

Jun98 7107+0X023 1X70 

Sep 98 7176+0X083 110 

Ed. soles 1 1X61 TUn sate 4843 

Tue-s open H 5524S. aft 763 


500X00 pesos S per m 
Marts .12010 .119S3 .1 1997+20*96 16769 
Jun 98 .11*17 .11580 .11617+20511 3X13 
Sap 98 .11385 .11270 .11285+ 20638 4820 
EsL eele* 3207 Tun satei 431? 

TuM open 4833^33 off 27 

£504000- ^S of 100 pd 
Dec 87 9578 9125 9325 -0X3 136700 

Mar 98 9139 9225 9137 -JUS 136443 

Jun 98 9151 9245 9247 teUD 100566 

Sep 98 9246 9241 9243 -OX* 82X63 

OK 98 92X6 92X0 92X3 -403 76*95 

Mar 99 92X7 93X0 93X5 -402 6&M3 
EsL sedex 88444 Pm safes 94290 
Pm. aped 84: 808,473 up 4389 


DMT aMBon -_ata at MB pd 
Jan 98 9621 96)8 9628 -0X1 14179 

Feb 98 NT. N T. 9623 -0X1 750 

Morn 9617 96.15 9616 -OX1 377X10 

J»9fl 95.98 95.95 9197 -Wl 331X16 

Sep 91 9183 917V 95X1 -001 TOMS 

Dee 98 9661 95X7 9*60 -0X1 714405 

Mar?? MX 5940 9547 -DUB ZBMS 

Am ft? 9126 9543 9125 -4X2 1U054 

Sup 99 9113 95X9 9111 -003 84144 

EsL suite 104470. Pm. Mite 104067 
Pm open Mr 1787467 up 1Q446 

Jteftt 9628 9628 9628 —XI 1,179 

Feb 98 ax OX 9621 -XI 5 

Mar 98 9117 96.15 961* -XI 81747 

Jun 98 9598 9193 9597 -XI 39X33 

Sup 98 9582 9U 95X1 -XI 294*6 

Dec 98 95A3 9141 95X3 -22 24374 

6sL safes: 24239. 

0p« Mj 25&707 off 904 



Mar 98 94*4 9457 4469 -0X1 144813 

Jun 98 9523 95.18 9523 -0X1 139214 

Sap 98 9545 «47 95 M +0X1 87X03 

Dec 98 9143 95X9 95*2 -OXl 61X35 

YEN: Analysts Say That Tax Cut and Intervention May Not Suffice to Buoy Currency 

Continued from Page 13 teg rate from 7.25 percent, Gerry Celaya, an analyst at tightening cf the labor ma^et Tte }’^9 

^ and certainly are notweak American Express Bank, might igmtetoflationaiy pres- DenttdUBnria from 1 ^7804 

He added that neither the enough to allow rates to falL- “People were looking for soresm the British economy. DM. Tte sale ot 

U.S. Federal Reserve nor the really soft data, and thinking “The maxket has already 

Bundesbank was likely to FOREIGN EXCHANGE the next rate move would be factored m a 0.25 percentage affected the value or me not- 

lo^iSst rates anjLne OUKhihOI HJUMAnbO ^ ^ ^ point increase in tfc Bank of br against the mark. Mr. 

soon. High British rates mean a bet- factor.” England base rate,” Mark Grodessaid. - 

But the threat of additional ter return on deposits denom- Separately. British onem- Geddes, an economist at The TOiiar was .ai 

soon. niRU Dnubu raws mom u o«- iwtui. — > _ — __ , t , 4<ft» 

But the threat of additional ter return on deposits denom- Separately. British onem- Geddes, an economist at The wtiar was ax i . ^33 3 

intervention by Japan, which mated in pounds, making the ployment dropped for the aBN-AMRO sate. o?o 

has the world's lareest stock- cummcy more attractive. 5lst consecutive month to 5.1 But the ctofiar was at L4396 and at 5.9391 Fra»Ii 

pile of reserves at $230 bil- “Retail sales have given percent of the work force. $1.6507 at 4 P-M-, up from francs. 1 down from 5^9659. 

lion, and the year-end book- sterling a little boost,” said Economists fear that further $1.6355. (Bloomberg, Ar .ArA} 

keeping crunch which drives . 

many operators out of the 1 
market pots off until next year 

any challenge to drive the dol- 

Wectaesday’s 4 PJI. dose 

y The 300 most trotted stods of the (toy, 

■ Pound Finds Strength up to the dosmg m WoB Street 

The pound rose from a SCV- The Assocated Press. 

en-week low against the dol- 
lar after retail sales were *** sm h» a* o* 
stronger than expected in 
November, suggesting the 
central bank might raise in- 
terest rates early next year, 
new agencies reported from 
New Yoric 

British retail sales rose an 
annual 4.8 percent in Novem- 
ber, more than most econo- 
mists expected. 

Analysts said the sales fig- 
ures were not low enough to 
prevent a further increase in 
the benchmark British lend- 


u +* 

5*. 4 

aw +m 

HH +«i 


17» «U 
12M 41 

H ■§ 

IS 41 
■ . 

Mb tflk 

1M +lh 


» *V* 

* -s 

sate MM Uw U»n> age aot* 

TG ^ k" $ * isT 

US 1CM 10H 1W +v> SkOBta 

174 1 JHi in +4 k54om 

wft 2sn zw +»w speHT 

a m in mi -» sporoab 

40 U 156 159k *4b SPDR 

'Jl! » n A - SPM4. 

IDS M » +*» jPbfOM 

w n » r +6 

1987 111 W Ih - SteCpn 

177 * 39b 29b 

» m m m +ft . 

60 INI 11 14 -1 

m 1 1 1 u r 

sag- .1 £ !3L I 3 IIL .§ 7 

178 +4 

ffi I« ffll ft 4 ft 

m NR 19 KM +8 

7S* W* MN 1M +H 

HI 17b 17W 178 +b 

48 4b 4R +ft» 
M 7D Hi +V» 
1ft S> Sft -ft 
M A +1) 
ISA l*fh +9b 

Mk 3*k 4* 

1M 168 +n 

L an LoM Chgu OpW 

Mar 99 95J1 9138 9SJ0 -0X1 8S727 

Eat. Sates: 47X91. PH M.S*te 29X79 
Pro*. openfeBJ 544719 up 4028 


COTTON 2 Went) 

54000 Kxl- coni* per b. 

Mcr9B 6720 6642 67.19 +1X7 43X05 

May 98 6440 4721 6439 +0-95 15X22 

Jut 98 6920 69X5 69X3 +483 15.170 

Odfg 71X0 71X0 71X5 +0X6 1X61 

Doc 98 72JD 71.90 7X11 +443 12X31 

E*L rotes HA TUoft sales 11X75 
Tunopen W 88X1 6 afl 562 


P »S I 51-78 +419 44*47 
Feb Jf S2.40 51 JO 52.19 +413 44754 

MCT9B SZXS 52X0 SL3 9 +418 17X38 

Mr 98 522S 512b 51.99 +418 1418ft 

May 98 5125 5120 51. • +418 4172 

Jun 98 51X5 51.15 5129 -401 14789 

Jul 90 5125 51X9 51X9 +418 4243 

Esl.sotes NX. Tun VMS 38X25 
Tiros open W 148X31 up 1X19 


1X88 OtaU Man per bbL 
Jan 98 18X0 17.96 1419 +402 44011 

Fab 98 1458 1415 1439 +402 104891 

Mar 98 1821 1434 1458 +402 39X13 

Apr 98 1488 1452 1824 undL 25X25 

May 98 1498 18X6 14X1 inch. 21X67 

Jun 94 19X6 1476 1496 unch. 34X84 

Est. sates NX Tun seias 1 01X40 
Tun open bit 43404 ail 7X97 


1 4000 mm Mux t aw nan Mu 
Jraift* 2510 1380 2-438 +4069 41,759 

Fsb98 2-*40 2X30 2X01 +41112 3S852 

MV98 4373 2X75 2X33 +OJJ34 26429 

Apr 98 2265 2210 2X40+0X20 12X83 

May 98 2230 2.190 2210 +0X18 9X21 
Jun 99 2230 LIBS 2210+0X25 4926 

EsL alas MX Tun tclet 44957 
TUn open M 217X08. op 1X32 


4X800 gaLcroAs per gel 
Jan 98 55X5 5665 55X3 +0X2 3*311 

Fab 98 5615 55.10 5674 inch. 34993 

MW98 5660 55.90 5629 ondL 12180 

Aar 9a 59.10 58,70 M orach. 1L276 

May 98 SBJB 58X5 5467 -404 14JC7 

JUO 98 5440 57X0 5417 +427 7.990 

Jul 98 5762 XXi 6729 

Aug 98 57X0 56*7 5667 -0X4 3X97 

Est. satas NX Tan rotes 35X21 
TUn aproi U 111X82 up 1X79 


UA OaBan pur maMe ion - taN ol 10a Mm 
Jan 98 160-50 157X0 16400 -3X0 27.979 
Fab 98 1*1X0 159 JO 1*475 —3X5 12894 
Mar 98 161X0 IW.75 1*1X0 -150 12X02 
Apr98 161X0 160X5 16125 -X15 4X« 

May 98 141 J5 IS925 141X0 —275 2141 

Jan 98 161X0 M0X0 16125 -2X5 11X96 
Jul 98 162X0 162X0 162X0 —1X0 3X33 

EsL saite 12073. Pro*. stes: 12*94 
Pro*, open fell: 87,908 off 1446 


UX. daBoa oar Oanu - tab af 1X00 facareb 
jam 1725 17X0 17-03 +0X3 81473 

Feb 98 T7A2 17X2 17X2 +404 32X34 

Mar 98 17X7 17X0 17X8 +402 15274 

Apr 98 1723 17X8 1723 +40! 11031 

Mo* 98 1724 17X9 !?X7 +40T 141*9 

Jun 98 17J4 1724 1721 +401 6455 

ESL seliE 34000. Prov. setes : 51X32 
Pro*, spun RlL: 174BU afl 161*1 

Stock Indexes 

sp oo mp index kmeb 


Dec 97 973x0 964X0 964X0 -5X0 134*12 
M0T9B 98110 97120 97520 -520 309X05 
Jun 98 99600 991X0 99230 +1X0 7X35 

EU. rote ftA. Tun rote I915S4 
TUm apan M 454736 Bp 9X81 

rrsE too aiFFO 
£25 per Irate pot* 

Dae 97 53650 SZ340 S2080 —140 24438 
MarfS S315X 52940 S2S9X -9X 41X72 
EsL rote: 27X50. Pm late: 32X59 
PtW-opaa tat: 70X10 up 2X7* 


FF200 par Indac petal 

Dee 97 2930X0 28960 2901X — 17X 39X22 
Jan* 293U 29065 290L0-17X 10563 
Fob 98 2947 J) 3931 J 2917.0 — 17X U20 
M»98 295TX J9JU 29265 -17X HOT 
EsL aite 21506 

Open ta)_ 8SX34 up 5#1. 

Commodity Indexes 

Oese P reYtaW 

Moody's 1X68X0 1X8610 

Rejites 1260X0 1X8SX0 

DJ. Future 142X5 142X7 

CRB 23601 233X1 

r SMHttMsrtiA3 sK > 6te iPf?s s. Lottfon 

tonfQmWFanesExtmg* MT 

PWroiteCT Cx a me je. 

» « 
ss in 
6HI UH> 
214 19W 

137 2M 

MS 39 

i c 


8K 95H 
1751 ■«* 

7*1 7ftft +V* j2?9 

& 8: & jSSm 

m la +V4 h*,*- 

s »3 ^ 
s 14 s 

i i 
21 +6 
m ■* 

4b 4ft 

I* +* 

*n. 4* 

HU +V» 

35* -1 

17ZI in 1M M ... 

§ % BS 8f « 

^ tt % 


in nt m 


IQ «k w 

in a » 

5223 m 7V, 
m j it 

6 -1 

7«n * in u +te 

s ^ 

U) A n Ih 4 

US Ik I 3 -Ml 

B - r N 198 ff 

S 4 Jte 4 +fth 

»t> Oft M +ft 

a " i w, +v» 

a a 6 M 

ffl » a a •* 

2>o ia n n -*ft 

U H H » 

1R W Hi Eh A 

1300 3Ai 34U -U 

tte W» Lon LteB 09 * te 

g 4 M. « m +H. 

» ^ ^’"5 £ 

07 lit 1» 1M *tk 

m nt i r» fifS? 

I V-VV * ML 

«7 W M TO +1 TO gass 

279 A w fll +18 [SS? 3 

3i9 K * ft * &££ 

1 1 1 

III a i £ 

I P 1 1 - 3 K 

41 F B) 1M 4 

us nt k m 4 

2D 1» 15V, 1W _ ifft® 

n n s svi +h JSK0? 

a n mt n*w x, S^b£i 

23ftk »ft 2M -ftt Sgp 

B n at At 4 WBfw 

in ih. iv, -vu aauT 

in n ta « *« Sal 

lelcs HMs Lra LteN 0q> 

“If! 5 

]3H 2f Iw. 2*4 ; +8 

18$ tjv, Ijit IPt -4 

x m st is. 

£21 n at tin . - 

m it. m +b 

12 £ it£ J5 

a it >t ft . 

1S46 Vft It It 4t 

g » ss s 

8 T "a f X 

is £ ,si iS* 3 

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£ iSL £ iK :S 

a 17H EJi m» +St 

% RR fe +? 

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1200 Mt Mk Mi -u DowJonK 

ant Oh ( a* jk Hip 

2544 m 27Vr 2» -2% Wm mjR BBU00 

1 1 1 1 f E 

r» iiji 11 % nil -% Standard & Poors 

LOT. Lite CM 
OIX4 7957X1 -1850 

VUL Kite IwW Oft 

Standard & Poors 

P iw teu Tafuy GitenTlF 

Hte Ote« 4PM. gS^“. 

Indutfrfrts liaUSlTUStllMS 1115X3 ^uco 
Trump. 890E6 690X3 S9X12 691X1 MtariT 

Uttafies 22SJ7 22619 22652 22550 Tgrojl* 

Rnonco 120.16 118.82 11089 119.13 

SP 500 . 97380 963X9 96884 96584 8o “ n9, 

SP 100 46520 45986 4065 46050 

SS» £3 S5T 1 S g! ^ 

3M81 +LM MeMa 636*7 STM 5M 54th 4 

2599.1* -5X7 CtearTwl 57432 II* 2IH Xltft 

Nanron ems 181* 17 in +» 


9X6 50680 60659 -61* Melt 

634X2 625X7 -Tift Q «p_t 
461J7 461*5 -1J8 Dang 

%£ SS? iW 

4*6*6 441J7 461*5 -1JB 

^ :h 


m«w 4 s? ns 0 * 
& ^ m +if« ss # * 
ft Ara - 

45584 IT** 26V, 261ft -lit 

44020 itoft IW 102 -TO 

40349 2g* 23lft 24lft +2H 

304*6 l2+» 314ft m +a 

39164 25% 24% 246ft ,M 

38*25 35T, 34>», 344ft 4ft 

5i«T 23% 23 234ft -% 

I7US5 44ft 4JM JRt 4+ 

3*351 28% SMt 36* -ft 

36109 51% SVX SOTft Ml 

Hte LOW MS <te 

72 ft* 69H6OTU -lMi 


2W 22W, 22% % 

32% 28 31% -4ft 

30 78%. 78Vi 4ft 


884* 85% B5U -IS 

354ft 34% 35 ,44 

14M* 136% 136% Nt 

44W 434ft 44Vft +V» 

449h 40% 41% +48 

14% IjHft 13% 4J 
26% 24% 251ft - TO 

Dow Jones Bond 

20 Boo Os 



Tradbig Activity 

him iw. w tte. AMEX 

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,WwJ ' TWA 9948 11% 10% 10% XI 


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Market Sales 

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7*2 7 57 Amc * 

S IS Nasdaq 

15 *9 InmOBons. 

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622X3 752X5 

3080 66.91 

70589 7B4J3 

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291 19 *. HM. 19 % +ft *«tei to W, fro 9 %. +TO Fsl Corofoomutth 

^ M . M n" +5 fjKrf .M fTO m m X HercSrofr^" 

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company Per Amt Roc Pay Company Par Amt Roc Pof 

,.30 Sft : fflSfijJ 

GqiM otopj ^l otOBhonsofdassAaf fcgSlSnS! S6 . - 8156 12-22 12-*. 

K£.HoWng,fWe«Ji8lioreteSr - -g 1M6 IS 

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*uv t<j v o : 

t , 7 %)eoul Sends the IMF 

"'( Conflicting Signals 

'•'iff It flay ( 

‘ J C.mvOitnrr Oar Stiff FtPmnufUKkea 

i SEOUL — The won fell for the 
"■ ■ ; l 5 ffcfst time in three davs Wednesday 
•r •_ ajier South Korea delayed plans ro 
" : \ bolster banks and instead offered aid 
to brokerages, sending conflicting 
1 , signals to the International Mon- 
/‘f 'z e \ ai y ^ und abom the government's 
* . ^ commitment to financial reform. 

- The IMF wiU meet Thursday in 
- ' : 'ki Washington to decide whether to 
‘"'■■xl' release $3.6 billion in loans, the 
r, second installment of an intema- 
-• ttonal bailout of South Korea’s 

; \ ^rippled economy. 

• £ f Seoul stocks rose for a fourth 

■ \ straight day, meanwhile, as the gov- 

ernmeni supported prices with 
promises to pump money into the 
1 : market. 

•. I The government said it would let 

■ investors buy bonds anonymously in 
a! bid to lure money into financial 

•; ... markets and make 1.7 trillion won 

• ■ 1 .51-15 billion^ available to broker- 

. 4.. : ug es l° help them avoid insolvency. 

; V? The government had promised to 
" • Ifct ailing financial institutions fail or 
— be taken over as a condition for 
receiving as much as $60 billion in 
f lions arranged by the IMF. South 
Korea is counting on the next in- 
sbllment to help cover $ 15 billion in 
' foreign currency debt that matures 
this month. 

’\*ii \ “A continuation of the aid pro- 
- : • gram is not a foregone conclusion," 
said Scott Blanchard, a trader at 
^BN Amro Hoare Govett Asia Ltd. 
id Hong Kong. 

■- - ■ “I would expect the IMF to look 

upon the continued support of un- 
healthy companies as a breach of the 
■ aid agreement,” Mr. Blanchard 

said. ’The Korean government con- 
tinues to equate the health of the 
stock market with the health of the 
overall economy. This will only 
serve to extend and deepen the bear 

But in a step the IMF might ap- 
plaud, the government said it would 
delay a plan to recapitalize six of its 
biggest hanks. It had planned to 
swap as much as 2 trillion won of 
stock in state-owned companies in 
exchange for a stake in the banks. 

At the same time the government 
postponed aid to the banks, it 
pressed ahead with emergency fi- 
nancing for the nation’s brokerages. 
TTiey received 216.5 billion won of 
six-month loans Wednesday oat of a 
total of 2 trillion won that might be 
made available. 

Two of South Korea’s 34 broker- 
ages, Dongsuh Securities Co. and 
Coryo Securities Coip.. collapsed 
this month after banks stopped lend- 
ing to them, leaving them unable to 
repay debt. 

The government aid triggered a 
late stock market rally. The bench- 
mark Composite index rose 14.23 
points, to 418.49. The dollar rose 
meanwhile, lo 1,480 won, from 
1,425 on Tuesday. 

A key question for the IMF is the 
government’s continued commit- 
ment to reforms when a new ad- 
ministration takes office in Febru- 
ary. Voters will choose a new 
president Thursday and the candi- 
dates have sent mixed signals about 
whether they will adhere to policies 
that will curb economic growth and 
drive up unemployment. 

(Bloomberg, AFP) 



Investment in Asia Expected to Fall 

China Will Get Lion’s Share of Foreign Funds, Analysts Say 

RAGE 17 

A gene e Frcmce-Presse 

HONG KONG — Foreign investment in Asia is 
likely to drop sharply next year, with the main focus 
of investment shifting toward acquisitions of local 
companies, a Hong Kong-based think tank said Wed- 

At the same time, the huge size of China’s do- 
mestic market will enable it to continue to soak up the 
lion’s share of the investment. Political & Economic 
Risk Consultancy Ltd. said in a report. 

Greater China — which the research organization 
defines as mainland China, Hong Kong, Taiwan and 
Singapore — ‘‘is likely to emerge as an even bigger 
sponge for foreign direct investment. ’’ the report 

In 1996, mainland China absorbed 52 percent of 
Asia's total foreign direct investment, or $42.3 billion 
out of a total $8 1 .2 billion. 

China's own figures show that foreign direct in- 
vestment has fallen back sharply so far this year, the 
report said. 

Greater China’s absorption of so much of the 
region's foreign investment, at a time when Asian 
companies are scrambling for funds, may increase 
tensions in the future, the consultancy cautioned. 

The research group surveyed more than 400 ex- 
patriates in the region to ask how receptive they felt 
various Asian countries were to foreign investment. 

Hong Kong, then Singapore, ranked as the most 
open to foreign investment, with the least restrictions 
or discrimination, while Vietnam ranked as the most 
hostile, followed by South Korea. 

■ Thai Growth Projections Scaled Down 

Thailand's economic turmoil has forced an official 
research organization to rewrite its economic plan 
and scale down growth projections for the next 
several years, Reuters reported from Bangkok. 

Economists at the National Economic and Social 
Development Board said Thailand’s gross domestic 
product would post 4 percent growth in 1999 after 0.6 
percent expansion this year and zero growth in 1998. 

1 Investor’s Asia 

Hong Kong 



Hang Song 

Straits Tunes 

Nikkei 225 




15003 W 




1850 - 


12000 - 1 ~r 

1700 UrA 


10500 ■ - -4/1 

1550 - — 1 • * 

15500 - • 1 

■ m j a' s 6 N O 

14M J A S O N D 

14000 J A SON D’ 

Hong Kong 

Hang Seng 
Strai ts Time s" 

Wednesday Prev. % 
Close Close Change 

10,692.70 10,346.38 +3.35 

1,56931 1,561 .75~ +0.50 

2362.10 2,514.10 +1.91 

16>541 .06 15.8B&21 +3.48 

Nissan Aims to Recharge Sales in Japan 

Kruria Lumpur Composite 
Bangkok SET 

Seoul Composite 

Taipei Stock Mark 

Manila PSE 

Jakarta Composite 

WaMngton NZSE-40” 

Bombay Sensitive Ir 

Source: Telekurs 

Composite 556.79 544.31 +2.29 

S ET 376.16 370128 +1-59 

Composite index 418.49 404.26 +332 

Stock Market Index 8,347.20 8,193.65 +1.87 

PSE 1/796.90 1 .601 38 -0.25 

Composite index 368.69 356.39 +3.45 

___ 2^9 7.76 £332J36 -1.48 

Sensitive Index 3,467.02 3,424.87 +1.81 Hrrald TiiNuio 

Bloomberg Ne*vs 

TOKYO — Nissan Motor Co. 
aims to increase domestic sales by 
7.1 percent next year in a bid to stay 
ahead of Honda Motor Co. as Japan’s 
No. 2 automaker after Toyota. 

Nissan forecast that its domestic 
production next year would rise 23 
percent to 1.77 million vehicles. Ex- 
ports from Japan are projected to fall 
6.9 percent, to 640,000 vehicles. In 
1998, Nissan intends to focus less on 
slow-selling sedans and more on 
small sport-utility vehicles. 

The goal, said Yoshikazu 

Hanawa. Nissan's president, is to 
boost Nissan's share of the Japanese 
market, excluding minicare, to 25 
percent by the year 2000 from 20.6 
percent in the six months ended 
SepL 30. Nissan held a 23.2 percent 
share in early 1991. 

“If we don’t achieve 25 percent 
domestic share by 2000, we’re going 
to be in trouble,” Mr. Hanawa said. 

The automaker's hopes to lift do- 
mestic sales by 7. 1 percent next year 
would amount to production of 1.12 
million vehicles. It sees domestic 
sales overall rising only 2.4 percent 

Nissan is pinning its hopes on 
nine new and remodeled vehicles to 
be introduced in the year to March 
1999. Four or five of those will be 
recreational vehicles, but the com- 
pany may be too late getting into that 
market, some analysts believe. 

Honda for the first time in its 49- 
year history laid claim to the No. 2 
spot in Japan's automobile industry 
in November, when its domestic 
sales exceeded Nissan’s by 4.3 per- 
cent, according to figures released 
by the Japan Automobile Dealers 



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Armlnriun. December 15. 1947 

TELKOM: Critics Berate U.S.- Style Aggressiveness at South Africa Phone Firm 

Continued from Page 13 

High-lech enterprises are snapping 
at the edges of the empire, trying to 
redefine exactly what “ being the only 
phone company" means. Consultants 
say the hastily written 1996 law has 
big holes in it. 

The act also created the South Af- 
rican Telecommunications Regulatory 
Authority. The first ruling by the new 
regulator agreed with Telkom that 
overseas call- back, services violated 
die monopoly. Call-back services, 
most of them based in the United 
States, let a South African call an 
American computer, hang up. wait for 
the computer to call back and connect 
him to a third party. Because the call is 
charged at United Stales rates — as 

much as 65 percent below Telkom’s — 
many big companies and even the For- 
eign Affairs Ministry use call back. 

In response, Telkom recently cut its 
overseas rates, but only by about 13 
percent The call-back operators took 
the issue to court 

In October, the regulator unexpec- 
tedly dismissed Telkom's demand 
that 75 small Internet-access compa- 
nies be sbuL It said Internet access 
was a "value-added” service and 
wide access was in the public interest 
Telkom said the regulator had mis- 
understood the Internet and violated 
its monopoly. It sued the regulator. 

On Nov. 3, Telkom raised local 
rates by 26 percent A leading paper. 
Business Day. applauded the de- 
cision. saying long-distance calls had 

subsidized local ones too long. 

Bur the regulator rejected the in- 
creases. Telkom promptly said h 
would go ahead anyway. The com- 
pany effectively undermined the reg- 
ulator’s Internet decision by refusing 
to sell lines to Internet providers while 
the issue is in court. 

To improve its public image, 
Telkom bought tull-page ads in sev- 
eral papers to publish a letter from Mr. 
Geschwind. It said the company was 
"being neither high-handed, bullying 
or in any way unprofessional.” 

All this has not gone over terribly 
well with South Africans. 

Internet companies, meanwhile, 
said their request for a meeting had 
been ignored. 

David Ingram, chairman of the 

South African Telephony Managers 
Association, said Telkom was "high- 
handed” with his association, which 
represents banks, brokerage firms and 
other big phone users. In April, he said, 
the association asked to be consulted 
before Telkom raised any tales. 

"Promises were given but not 
kept.” he said. "We got a phone call 
on a Friday telling us to come over on 
Monday, and on Monday they just 
announced the 26 percent increase.” 

Meanwhile, the government is 
carefully staying out of the fray. Even 
the consultant who is Telkom’s 
harshest critic said he admired the new 
management's effectiveness. "If they 
did a public offering now,” he said, 
"I’d be the first in line for it They’re 
going to make a lot of money.” 

Very brieflys 

• Internationale Groep Nederlanden NV will not buy a 10 
percent stake in Siam City Bank PCL. It said the Thai bank's 
inability to sell more than 5 percent of 300 million new shares 
gave it the right to drop an agreement signed last month. 

• Fuji Bank Ltd_ Industrial Bank of Japan Ltd. and Bank 
of Tokyo-Mitsubishi Ltd. said they might not be able to 
collect billions of yen owed them by’Yamaichi Real Estate 
Inc., a failed unit of the bankrupt Yamaichi Securities Co. 

• Merrill Lynch & Co. confirmed that it was considering 
buying part of the mutual fund unit of Yamaichi Securities in 
tandem with Sanwa Bank Ltd. 

• Daiei Inc., Japan's largest supermarket chain, established 
the country's first holding company since the end of World 
WarR Daiei Holding Corp. will own shares of unlisted Daici 
companies, mostly service operations and restaurants. A law 
lifting a ban on holding companies took effect Wednesday. 

• Burmese police have arrested several unauthorized cur- 
rency dealers in central Rangoon and seized thousands of 
dollars, according to witnesses, amid a plunge of the kyat. 

• China will choose nuclear power suppliers through open 
tenders, the official China Daily quoted Tang Zide. deputy 
director of the nuclear power office under the State Planning 
Commission, as saying. Another official said such bidding 
would begin after 2000. 

• Shanghai Pudong Iron & Steel and Fried. Krupp AG' 
Hoesch-Krupp agreed to build a $1.4 billion plant in Shang- 
hai that will produce 440.000 tons of stainless steel by 2006. 
The German company will own 60 percent of the venture. 

• French apples are arriving in Japan after 18 years of 
negotiations, with 12 ions going on sale at Daiei and Jusco 
Co. supermarkets, but the French food promotion agency 
Sopexa has complained about regulations that it said forced 
farmers to, among other things, grow the apples in specially 
approved orchards. 

• Thailand signed agreements with two domestic subsidiaries 

of Unocal Corp. to explore and expand natural gas production 
in the Gulf Of Thailand- Bloomberg . Reuters. AFP 

PACE 18 





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Allianz and Generali 
Strike Deal Over AGF 

Bundesbank Is Nervous Over Asl 

Insurers Seek to Avoid a Bidding War 

By John Schmid 

International Herald Tribune 

Cimv&dbj Oar Suff Finn Dtaxarttcs 

'j AS 0 

VaTo'S?: ^‘j a s'o n d- 


; Bniaaete ■ : 
- Helsinki 

Oslo - ^ • 



■'ASK.. : 

m.- 20; 


PARIS — Allianz AG and As- 
sicurazioni Generali SpA agreed to 
carve up Assurances Generates de 
France SA, rather ,foan intensify a 
bidding war for fe£Frencb insnrer, 
said the chief executive of AGF, 
Antoine.. Jeancourt^Galignani, on 

The agreement means Italy’s 

1 * ! 1 1 4. A It: *- 


largest -insure will not top Allianz's 
$10.4 billion offer for AGF, as some 






Source: Tetekuns 

FSS£mr: : :fm . 

Stock Scch^fi^.: 

sxis • • -y£™? 


SP! '■ ■ 

Irnenutiarul Herald Tribute 

Very briefly: 

• A Dresdner Bank AG supervisory board member, Klaus 
Carlin, has culled on Dresdner's investment-banking head. 

Hunsgeorg Hofmann, to resign following his admission of 
having failed to pay enough income tax on money diverted to 
Swiss bank accounts since 1989. 

• Pearson PLC, the British media conglomerate, said op- 
erating profit and sales in the second half would continue to 
grow, with profit expected to be about £20 milli on ($32.7 
million) for the year ending Dec. 3 1 , though the increase was 
tempered by the strong pound. 

• Zeneca Group PLC has acquired ISK Americas In a U.S. 
unit of Ishihara Sangyo Kaisha of Japan, for $500 million to 
reinforce its position in the U.S. agrochemicals market. 

• Royal Bank of Scotland Group PLC has agreed to buy 
Angel Train Contracts, a British rolling-stock leasing com- 
pany, for as much as £AO& TrnUaon. 

• An Organization for Economic Cooperation and De- 
velopment agreement on legislation to criminalize bribery of 
government officials has been sighed by over 30 countries: 

• Guardian Royal Exchange PLC, a British insurer, will buy 

PPP Healthcare Group PLC for £435 million to boost its 
health care coverage. Bloomberg, AFP. Reuters 

$10.4 billion offer for AGF, as some 
analysts had expected. - - 
The battle started Oct 13 with 
Generali offering to pay $9 5 billion 
for AGF, in the first ever hostile 
takeover bid by a foreigner for a 
French finan cial institution. 

A Generali spokesman in Trieste 
confirmed the existence of a draft 
accord regarding AGF but said 
"‘nothing yet has been signed.” 

Under the deal, Allianz, Ger- 
many's biggest insurer, will buy 
AGF for 320 francs ($53.60) a share 
and sell part of AGF's Athena unit to 
Generali. The arrangement will 
make Allianz the second biggest in- 
surer in France after Axa-UAP SA. 
As part of the deal, Generali will 

also buy the shares owned by AGF, 
Allianz and partners of the German 
insurer in AMB Aachener & 
Muenchener Beteiligungs AG, giv- 
ing Generali a controlling stake in 
Germany's. third-higgest insurer. Fi- 
nancial terms of die Athena and 
AMB sales were not disclosed. 

“The agreement is good news for 
A llianz and Generali, as it allows 
them to save their cash for other 
expansion projects,” said Patrick 
tacob, a fjwscL tosaagex ax Cyril Fi- 
nance Gestion. 

Before the acquisition of AGF, 
Allianz was relatively weak in 
France — ■ a market which had gen- 
erated 4 percent of its 74.6 billion 
DM ($41.9 billion) in premium in- 

come in 1996. 

The agreement with Generali will 
help the Italian insurer raise its pres- 
ence in Germany, which generated 9 
percent of its premiums in 1996, 
compared with 21 percent in 

The acquisition of the two Athena 
units and AMB will hoist Generali 
to the No. 3 spot in fee European 
insurance league after Axa-UAP 

and Allianz. 

Mr. Jeancourt-Galignani said Al- 
lianz would sell Athena’s subsidi- 
aries that specialize in life insurance 
and pensions to Generali. 

AGF shares fell 9 francs, or 2.8 
percent, to 3 17.10 as expectations of 
a bidding war for fee company evap- 
orated. . 

AMB shares rallied 21.50 
Deutsche marks in Frankfurt, or 13 
percent, to 190.50 DM on expec- 
tations Generali would bid for the 
rest of the company's Shares. 

Generali h flR not rnuBe. a decision 
on whether to bay out AMB minor- 
ity shareholders. Under German law 
it has no obligation to do so. Allianz 
rose 14 DM, or 3.2 percent, to452,50 
DM and Generali fell 650 tire, or 1.5 
percent to 42^50 tire ($24.40). 

Preparations for Europe's single 
currency, which is to start on Jan. I, 
1999, has sparked a series of ac- 
quisitions in fee insurance industry 
in recent months because it will 
make it easier for companies to sell 
the same products in counties that 
share the currency and eliminate ex- 
change-rate costs in fee region. 

Munich Re, the world's Largest 
reinsurer , in. September bought & 2Q 
percent stake in Reale: Rias- 
sicurazioni SpA, Italy’s second- 
biggest reinsurer. In August, Credit 
Suisse Group bought Winterthur In- 
surance Co. for $10.5 billion in 
stock. (Bloomberg. AFX) 

FRANKFURT — The Bundesbank underscored 
worries Wednesday That the Asian economic crisis 

bears risks for German growth, 
hi a carefully worded staten 

statement, ideated in dif- 

ferent c ha pters of the German central bank’s December 
report, fee Bundesbank said the export-driven recovery 

report, fee Bundesbank said the export-driven recovery 
would continue into next year- out warned agains t 
. overlooking potential risks to the export sector. 

“The crisis in Southeast Asia until now generally^ 

monthly'repoit^Lid. “Nevertheless, Series stem-_ 
-ming from there c ann ot .be ignored. 

The direct effect, the Bundesbank said, probably 
would be limited because only 6 percent of German 
exports go to fee slumping economies in East Asia. 
Butit added that foe situation could change if " con- 
tamination effects” from Asia “braked the expan- 
sion rate of the world economy as a whole.’’ ■ 

•'“They did very well to point out feat there arc then 
risks,”' said Gunfeer Thomnmu a Salomon SmitS 
Barney economist in London. “No one w*ms d 
dramatize it unnecessarily, but one cannot 
• The warning coincides with a downward shift in 
private forecasts of economic growth for Germany 
and all of Western Europe. Joachim Fels of Morgan 
Stanley, Dean Winer, Discover & Co. smd We£ 
nesday that he had reduced his estimate far 1998 

nesday that he had reduced his estimate ror iyys 
West European growth to 2.7 percent from 2.9 per- 
cent, Germany* fee largest European economy, is 
expected to grow 2j5 percent instead of 2.7 percent 
“It wouldbe wrong to say Europe is insulated ’- 

from tire Asian crisis, Mr. Fels said, “It clearly hasair 

impact we should not ignore.' _ _ . . 

' Even without fee Asian crisis, economists have 
■ been saying that Germany’s double-digit export 
growth is on the verge of slowing. | 

• ‘Now the deceleration will be larger because these Ej 
countries will import less fean otherwise, Mr. Fels I 
said. - 

Alitalia Goes Dutch in Choosing Partner 

. Bloortberg News 

ROME .-— Alitalia -SpA chose 
KLM Royal Dutch Airlines NV as 
its international partner Wednesday, 
culminating a montbs-long search 
intended to cement foe Italian car- 
rier’s- turnaround and give it more 
access to global markets. 

KLM was chosen over Air Fiance . 
and S Air Group’s Swissair as .part- 
ner in an allian ce to funnel pas- 
sengers to each other after a meeting 
of Italian stare holding company 
Istituto per la Ricostruzione Indus- 
triale's board, Andrea Monorchio, 
chairman of IRI’s- internal audit 
committee, said- 

IR1 owns about 85 percent of Al- 
italia and expects that stake wifi be 
sold more easily to investors if the 
new partnership is succes&fuL 

The alliance, whose details will 
be announced at a press conference 
Friday, will give KLM« a big in- 
ternational carrier with only a small 
domestic base, access to Italy's huge 

domestic market. 

For Alitalia, choosing foe Dutch 
carrier over state-run Air France sig- 
nals foat it is committed to finishing 
reforms :and shedding its reputation 
-as a poorly managed, marginal car- 
rier in foe European airline industry. 

‘‘What they need is a partner with 

a complementary geographic hub, 
commercial discipline and a link 
across foe Atlantic,” said Charles 
Donald, an analyst with UBS Ltd. 
“KLM gives iliem that-’’ 

On Wednesday, Italian press 
agency Ansa reported that the al- 
liance would not involve a swap of 
equity stakes. Analysts said that 
would cheer investors in KLM wfo 
might otherwise have been con- 
cerned that the plan could open the 
carrier to liabilities if Alitalia 
stumbles again. 

Alitalia made a 144 billion lire 
($85 million) profit in the first half, 
- returning to the black for the firs 
time since 1988. 

2 New Europe- Wide Stock Indexes Set 

Bloomberg News 

FRANKFURT: — Deutsche Bo- 
erse AG, which operates .the Frank- 
fort stock exchange, said Wednes- 
day that it would join the Paris 
Bourse, foe Swiss Stock Exchange 
and Dow Jones & Co. in introducing 
two European indexes in February. 

One of the indexes will cover 700 
companies in 16 countries. The oth- 
er will be limited to the 10 countries 
that are expected to take part ini- 
tially in the European single cur- 
rency and will track 350 companies 
In "both cases, there will be subind- 
exes for 19 industries. 


Wednesday, Dec. 1 7 

Prices In local currencies. 

Htoh Low Close Prt 

SGL Carbon 


AEXbdoe 91474 
Prcvta» 9*473 

Boon Co. 

Bets Wesson 





Fo tlufimev 





Hooeavem on 
Hunt Douglas 

41.70 41 JO 
178 176 

54-40 KlAO 
3A3B 342 JO 
69-90 49,30 
30 JO 30X0 
no.90 no 
183.50 18130 
3330 33.10 
M-20 44 

50.90 48X0 
: 84-50 84 

-*JS1 347.50 

Springer (AnO 




High Law 
9170 9U0 

534 514 

180 17480 

SI 50 SI 

10175 101 S3 
M.T. N.T. 
915 910 

39050 38150 
117.50 115.10 
420 600 

9B3 970 

998 948 

Close Prav. 

9170 9125 
516 503 

179 17470 
221.10 224 

102.40 100-30 
N.T. 1330 
915 900 

39050 38450 
11 7 JO 11450 
612 600 
9B1 95750 
998 96150 


HEX Gwenl Mbl 3265X8 
Prwrtoes: 7190X3 


BSkyfl 454 

artfSterf UO 

Brit Telecom 486 

BTR 185 

Burrnoh Costal 1045 

Burton Ga 1 J4 

Cable WreJess 14 Q 

Cadborr Sdrw 437 

CarttonComm 4« 

Com ml Unkn 9.13 

Compass Gp 7.71 

CouEdds 11Q 

Dccrro 6JD4 

EMi Group 4.66 

Energy Group 453 

ErtfsrpriseOn 5-99 

Fan Colonial 1J5 

Mg* Law dose Pro*. 

High Lew Oose Prev. 

High Leer Oose Pro*. 

















10L40 10 JO 

1.43 1^3 

flen Coma IM 
Bca Rienrum 
Bcatfi Rama 

5l40 141 

6-34 6J7 

8.98 9.04 

788 753 

107 104 

S.99 5.98 

452 452 

451 457 

445 645 

585 588 

H at 

General Asslc 






5500 5550 
7995 7595 
1534 1541 
27800 27800 
5225 5285 

10110 10115 
1DOC0 10DC5 
5150 515D 

41350 41900 
2060 20450 
' 3185 3245 
6745 6820 




Rene uO 







Gent Acdderf 1105 

Merita A 
Metro B 
Metso- Seda B 

Hunt Douglas 





NetHoyd Gp 





ParxtsXid Hdg 





Royal Dutch 
vendu hill 


S5Jo z JCags~ 
7440 ^7 T 
4150 43J0 
8430 8450 
45 4450 
61 JO 61 

22090 21940 
119J0 114 

ioojo ioi jo 

7940 7880 
in 18540 
56.90 57.10 
17470 17430 
11980 12080 
112-50 11M0 
12450 12450 
10750 10750 
51 JO 51J0 
245 34280 

Hoik) A 





43 43 42 

221 222 222 
51 51^0 5050 

84 8430 84 

28.90 2880 2880 
122 123 123 

40L50 4080 4080 
128 128.10 ,427 
377 389 S'TTI- 

GEC 403 

GKN 1280 

GtacoWetone 1445 
Granada Gp 9J38 

GR£ X« 

GrrawJsGp 42S 

1J3 1J3 

10,93 10.95 
402 395 

1253 1282 
1450 1449 





























Roto Bavai 
5 Paoia Tarkn 
TeSecam ItaBa 

1360 13485 
1512 1534 
1007 1011 

2410 2445 

4505 4SK) 
16255 14400 
24700 25000 
172D5 17585 
10975 10990 
7405 7560 

Suez (CW 
Suez Lyon Ecm 

401 485 

2978 3004 

2252 23U 

168J0 171.10 
1709 1720 

259 245 

415 617 

305 317 

795 799 

336 34470 
ta 860 
3081 3265 

847 826 

1585 1573 
660 642 

727 ns 
.115 18S 

(26 fli 
sun 85 
387.90 3KL90 

Astra A ’ 


Ericsson B. 




Sarxhrtx & 

Sab Paulo 

Soiena Icrdcc 936153 
Pnrrwjs; 974276 

Santa B 

St Ban*® A 
Sandia Fore 
Skonska B 
S* Handels A 
Volvo B 

9450 7133 
20250 19270 
14050 13750 
230 225 

285 SO 
589 568 

30250 29550 
197 191 

3SS 341 
702 488 

382 373 

214 209 

282 27850 
230 2W 

187 18350 

178 173 

10650 103 

420 403 

32150 316 

148 144 

99 9650 
301 295 

21550 2)0 

9250 9250 
19550 200 

13850 13450 
225 225 

. 282 278 

571 567 

29950 288 

191 197 

342 364 

490 . 484 
373 374 

211 207 

281 27950 
224 227 

18350 182 

17450 171 

10350 104 

408 414 

32050 315 

14550 14450 
9650 97 

»5 29850 
21050 212 

The Trib Index 

Pnoea us al 3 00 PM. Now York am 

Jan. 1. 1992*100 

Change n change 


‘ 134 JIM - ‘ 138 
644fe*HJ0 6460 
9950 99.90 9850 
72 74 7050 

ia . r*. 

Imp! Tobacco 
Ktagflstier 850 

Ladbrcte 2J8 

LmdSec 10.17 

Lbswj 174 

LegriGenlGrp 559 

LtoydsTfflGp 7.9S 

LuatsViefly . 105 
Maks Spencer 6J0 


Hong Kong >*£5*]%™ 

Anar Pmps 
Bk East Asia 

Bk East few 
Cathay PndHc 
Owing Ron - 


emef — 

First Poole 
Hang Lung Dev 
Hang Seng Bk 
Heuaeisni Inv 
Hcftaertqn U 


SET iadac 376U 
Pw Oe w llUl 

Adv Inti Sue 
Ban-iLok Bk F 

K rung Thai Bk 
?n E ip tar 
S«m Cnoerr F 
Vain Cora Bk F 


Tlici Fami Bk F 
Uld Crrnm 

710 222 204 

117 122 115 

1050 10.75 11 

378 388 374 

146 3JA 351 

sijo a a 

1050 1075 IU5 
4850 50 48.75 

99 1D0 9450 

19 19.75 2015 

Hopeaefl Hdgs 
HSBC Hite 

655 450 

17.95 1750 
&S0 555 

5075 4840 
2155 1940 
4110 4050 
3130 3570 
1940 19 

4.10 4.13 
1070 1<L40 
7350 7175 

675 6(0 

3740 34 

14.10 14.10 

2750 245S 
1570 1130 
150 1.94 

Mercury Asset 1683 

National Grid 2.91 

NailPoMr 603 

IWWes* 1078 

Ned 695 

Norwich Untan 446 

Orangs 27D 

P&O 695 

Pearson 631 

Piionglui 134 

Anweii 848 

Piuim Fame* *17 

1637 15X3 
953 950 

4 358 

8A5 852 

2J3 : 2J5 
10JJ1 10X6 
2J3' 2X5 
632 630 

7X4 7JB 
1.98 2X1 

6X1 620 

623 630 

16X2 1673 
2X4 2.90 

559 S59 








twte1ri&«is: 327858 
- Pinyu. 3ga.ifl 

i*35. - 37 

3aiS 29X0 30.15 * -29U ' 

Brrfna Ptd 
Crpitq Ptd 

Nad BkCnada 

Kysan On 
Johnson El Hdg 
Kerry Praps 
New World Dev 
Oriental Press 
Peart Oriental 

4840 4740 
1540 1570 
22 23 

11)5 1350 
2630 2615 
2X5 233 

SHK Props 
Shun Tak Hdgs 
Stoo Land Co. 
SthCMrn Past 
Wharf Hdgs 


Sen«R»<nd«e34l7j n 
Previous: 1424X7 

Bujal Auto 
Hrntel Lew 
Hindus! Pcdm 
IndDcv Bk 

.Hahanagar TH 
Pi.s»kc Ind 
State BMndta 
Steel Authariiy 
lota Eng loco 

619 597 617.25 592.25 

1324 1299 1317128550 

459 75 4J8 45975 44625 

B4J0 8250 83 8125 

59350 547.25 593 S59J0 

251 239.75 241 245 

1S9JS 155 157 15550 

225 2^550 22350 230 

10 975 10 950 

291 282 285 287 

5650 5350 
2X0 143 

475 4X5 

675 540 

4040 4070 
15.95 1&5S 
8X5 845 

Rank Group 
Reuters Hdgs 
Ream . 

RT2 reg 
Royal Bk Scot 

HL35 1041 1031 
680 691 6X5 

3X2 4 190 

253 242 253 

675 677 695 

810 824 832 

172 173 173 

8.06 870 813 

611 415 411 

730 740 743 

935 944 850 

135 140 334 

935 951 952 

342 342 343 

618 619 635 

2J2 251 255 

651 454 649 

247 2X7 2X0 

i lB 732 7X2 

96 8.98 9X5 

233 235 236 

Power Finl 
Rogers Canen B 
Royal Bk Ola 






































48 ft 






2 7 









ttautxna! PM 




Sana Cnn 



970 930 
720X0 745X0 
47X0 4750 
6050 61X0 
1350 1250 
5600 58X0' 
54600 550X0 
411X0 41800 
270X0 282X0 
147X0 250X0 
3050 3050 

858 .900 

121X0 12370 
120X0 12250 
96X0 9600 
283X0 moo 
42X0 44X0 
5X7 690 

2030 3040 

World Index 

Regional indexes 
N. America 
■■ Industrial indaaess 

. Capital goods 
Consumer goods 
. Finance 
Raw Materials 

ear to dm 
% change 

+ 16A) 

— 18.63 
+ 20.33 
+ 35.03 
+ 29A) 


uwukzL ^- :■ -'- r V ; .-:’ t68.19 4 i,88 . 

Al OK aa lH i 350.18 
Pmrtoss: 251610 

OBXtadac 47054 
PreitoK 47141 


Amcor - 
BoraL ‘ 
BrarrtaJe starf 

Coles Artyer 
CSR . . 

Fosters Bimr 
K3 Austrodo 
Lend Lease • 

129 124 12S 129 

P rerim v <4436 

•HUM Hdgs 
Hal Ant Bank 

(8000 60700 68000 43000 

Nat Amt Bank 
Nat Mutual HdB 
Newt Corp 

443 635 

958 9.92 

1X46 12JM 
373 3X0 

3 DTP . 3972 
1775 1659 
1151 11X4 
752 754 

635 6T5 
579 ■ 5.06 
3X7 276 

237 272 

1050 10X5 
3050 30.10 
1X2 0*4 

3147 2056 
3J3 248 

830 812 

Jfm lnt srnmobiiH&Bld JHOuneWortd Stock Inclexetrncics the US dollar value 
• otSBOlniemauonallyinvemablB stocks from 25 covntnes. For man nfamutm 
■ free booklet is mteBatrieby wriang ta The THb Index. IB 1 Avenue Charles do 
Guide 1 92521 NeuVy Ctedfcx France . Comptba by Bloomberg News 

Low Oose Prw. 

High Lew Close Pm. 


OamgasSe tadec 9(849 
Prevtan; 33619 

Astra tall 
Bk Inti tndon 
Bk Negara 


BEL-28 Mo: 349SJ9 
P i ew uus ; 341359 


Bonn Ind 





E teshab d 


Forth A& 



Car Bongo? 

Rnyote Bcyjr 
, Sue J<cn Bdg 
. Snlvoy 

1910 1850 

6730 6570 

10025 9870 

3A5 34J0 

18150 18150 
1925 1910 

8370 8300 
3435 3370 

7690 7520 

IW 1700 
6150 5290 

16850 >639 
16100 16725 
1457S 14050 
5ZM 5200 
10500 10000 
3400 3535 

3345 2320 

3155 3130 

174400 122900 

1890 1890 
6570 6530 

9910 9820 
3445 3385 

18175 18350 
1915 1920 
8350 8330 

3435 3385 

7660 7500 

1700 1790 

5290 5410 

1*775 16175 
15800 1*075 
14300 14175 
5230 SIM 
10500 10075 
3S75 3550 

2340 2320 

3155 3130 

I244H 122200 



Semen Gres* 

1400 1475 1525 1500 

350 300 300 350 

550 500 500 500 

7550 7200 7500 7200 

1425 1300 1425 1275 

1925 1775 1775 1825 

10400 9900 10150 9900 

3925 3575 3935 3525 

2900 2750 2800 2600 

2725 2450 2500 2400 

Sod Power 
Severn Trent 
Strea Tramp R 

SB® Nephew 



S ta gec o ach 
Stand Charter 
Tate 4 Lyle 












































Thames Vfeter 9X8 

Johannesburg AHM^* 4 mxo 


Prrwtaos: 454J3 

Codon Fon 
Dai Oorekc Bk 

D-8 1912 “ 

- Kob Lufthavne 
lev Dcmmk B 
Tnrg Batficn 
Urudonmot A 

490 470 480 45545 

373 3S2 352 3*4 

980 990 980 975 

380 354 340 357 

9*0 891.73 930 8B7 

435500 428000 628000610000 
30900 390000 302302 305000 

174 149 149 17612 

805 785 800 790 

92174 880 880 B97J0 

1090 1070 1070 1078 

450 J30 430 43144 

456 .US 455 440 

544 510 520 510 

ABSA Group 
Art^aAm tad 
AngkvWW PU 


De Bern 
FstNcrfl Bk 


iCTpcrt q! Hdgs 



Johnnie* tad 
Liberty Hdgs 
Liberty Ufc 

S8K ^ 
Tiger Oats 

27X5 27X5 
318 218 

172 173 

118X0 118X0 
7050 715D 
610 510 

4225 4225 
19X5 19X5 
100X0 100X0 
32JO 32X0 
38X0 3U0 
7X0 7*0 


31 Group 616 

n Group 5.12 

Tcrotins Z99 

UnBerer 529 

Utd Assurasx* 5J0 

irtd News 7.14 

UW UUdteS 7.95 

VendonteLxutS 645 

Vodatane 639 

WataatsHdos 350 

WMxfey 640 

WPP Group LK7 

Zeneca 2173 

1X0 1 J8 

6^8 650 

8X5 847 

699 5X2 

8.14 8X6 

697 686 
693 689 

687 5X4 

921 9X1 

£11 5X9 

5X7 5X9 

2.9B 2.90 

£16 £07 

5.28 £33 

7.04 7.10 

7X5 7.77 

645 645 

634 633 

8.91 BJ3 
3^0 128 

5X8 £10 

2X7 2X2 


Bobs Mae 429X8 


1640 1*40 
IX? 1X9 

1610 !£1D 
8650 8450 
1SXS 15X5 
107X0 1 07X0 
3650 3650 
53 a 
118 118 
23J5 2US 
47 JO 47 JO 
20840 208X0 
68 68 






Bco Centro Hap 





iK*** • 


Gas Natural 

(J , . rjjvu 

Kuala Lumpur ggSl 


DAX: 4158X8 

AfABB 197 

AdKKs 245 JO 

Affion: 4S350 

Altana 13630 

Axo Cotonta 17650 
Bk Berlin 4025 

BASF 42X5 

BoysKypoBk 85 
Boy.vtmnsliank 11130 
Boyer 63X0 

Serrsdory 73 M 
. Scran 48X5 

, 3AMW 1318 

Commerzbank 70.10 
Dataller Ben 127x0 
Degussa 88X0 
Deutsche Bonk 12600 
Dent Tetekwi XUS 
DfKOnsBank 84 
Fnscimn 289 

FrcscnhnMed 12150 
FndKlUPP 32650 

Grte 9430 

Herdelbg Zmt 138 
Hcnkdpfd 110J0 
HEW 4« 

19650 169 

245 2*6 

452X0 43650 
12250 12450 
173 143 

40 40 

6155 61 .75 
85 82X0 
11530 11690 
43 62.15 
73 73 . » 
48X5 48X0 
1295 1300 

70.10 69 JQ 
12640 12190 

87 JO 88 

12675 12175 
33 3140 
84 8110 
389 27 5 

121 117X0 
325 327 

9610 9130 
137 131J0 
U9J0 KK50 
464 4*6 

70 72 

42.10 4230 

413 409 

7695 75 

1055 1025 
3640 33.75 
510 504 

B75 857 JO 
32X5 32.15 
7620 7640 
442 453 

508 500 

HaeOKt 4190 

Kontadt 413 

Lfltrmcycr 7695 

Linde 1055 

LuatunsaR 3440 

MAN S10 

Mamesmann 876 

■UctalgeiieMttH 32J0 
Metro 7680 

UundiRuackR 642 

Pratnsog 508 

AMMS Hdgs 
Mai Bandog 






Retorts MMd 


State Dotty 





3J8 111 

9X0 675 

9,90 9X5 

£10 696 

9.10 8X0 

630 3X4 

ISO 1X8 

30J5 2BJ5 
164 3X8 

9.75 9 

7 650 

2.18 111 
9.15 8X0 

9X5 9X0 
5 698 

8X5 8X4 

62B 3X0 

1X8 IM 
5«f. 1X0 

5X5 5JS 
29 29J5 
IS 3X4 
9X0 9X5 


Susp. 3X4 
650 420 

U ntar Fenosa 
VUenc Cement 

S100 22100 21910 
2040 20*1 7040 

*2«J *390 *300 

9540 9600 9620 

*470 4*9J 4*00 

1530 1530 7535 

8270 8400 8230 

33« 3440 33*5 

10730 10610 10970 
ASS) 4670 4670 

4710 4770 4730 

2660 2690 27W 

7760 7890 7850 

2890 2905 2915 

1770 1270 1290 

7820 7890 7KO 

1955 1960 1985 

2180 2190 2230 

6390 MOO: . 4470 

1415 1435 1415 

119S0 1 2140. 12020 

4575 *425 4610 

1460 1475 1480 

2900 2925 2915 

DaheaSec •' 485 

QOI 3000a 

Denso ... 2680 


Eisot 1900 

Fame *980 

Fuji Bonk 676 

FOfl Photo 5500 

Fujitsu 1460 

HocrttunlBk 1040 

Hitachi 976 

Hoedo Motor 4728 

IBJ 1140 

IHl 250 

ttoettJ 253 

Ito-Yotaxta 6690 

JAL 341 

Japan Tobacco 9620a 

■ Josa 1910 

Katana 345 

Kortsa Bee 2220 

Kao ' 

Knew Steel 
Wrln Brewery 
KobeSted. • 

Kubota . . 

Kyushu Bee 

MflteuEtecJnd 1890 

Matsu EiecWk 1060 

Mitsubishi iDM 

MlhntaftMQi 193 

MttsutfcWB 360 

Mhstrbista Est 1640 

AWscMsWHw 527 

Mitsubishi Mol 428 

Mitsubishi Tr 1630 

MXSul 900 

Mitsui Fudoen 1*00 

IMedt Trust 2S7 

MyrotoMlg 3430 

NEC 1400 

Nfcjn 1440 

NBOcaSec 440 

NMendo 12600 



WonrurpScc .... 

NTT Dote ■ 4970b 

ap Paper 

Ouka Gas 

Rrtam 13000 

SckwnBk ™ 

Sanwa Bank 
Sanya Elec-. 

Seta sui Qmm 
Seteu! House 
Seven- Beeen 

Den nonftp Bk 

Monk Hydra 
Nyoaened Arner 



Trortsaoewi Off 














































Daewoo Heavy 
Hyundai Enfr 
Kta Melon 
Korea E*#i Bk 

Potato froo St 

Samsung 01 stay 



5770 ' 5200 5750' 5350 
12800 U500 12600 11900 
6290 6290 6®Q 5830 

1*600 15600 16400 16200 
WOO- 4100 43D0 3990 
1B400 16*00- 18300 17100 
SUM .51500- ;52800. S3000 . 
36500 34)00 ' 35700 35000 
46900 *4600. 45300 *6000 
8300 7400 -8110 7770 
489500 -41 7300 475000 453500 

Padffc Dunlap 
Pioneer toll 
Fkib ErccdcnsJ 

WorxSd* Prf 

3X6 3X8 
180 168 
6X7 6J5 
14J3 17 
BL39 8X0 
47* £09 

9JS 9 JO 
10J5 *11.95 
47* 490 

4H 482 456 

2830a 3000a 2900a 

240(1 2490 2520 
WOO a 5940a S980a 
1820 1900 1810 
4830 4930 4930 

580 632 597 

5170 5330 5780 

1380 143Q 1390 

1010 1020 1010 

935 961 951 

4590 Actfi 4a30 

1070 1120 1100 

230 245 235 

238 249 245 

6010 6500 6030 

348 357 3*0 

8900a 9090a 9720a 

1770 1790 1830 

298 342 328 

2190 2210 2190 

1800 1850 1840 


■ m mi 1*5 

677 687 680 

970 999 1000 

99 102 103 

450 690 650 

390 415 398 

5710 5950 5690 

1860 1880 1B7D 

233 239 241 

Zffi 230 235 

1998 2130 2020 

32*0 3310 3270 

1790 1 840 1800 

1020 1060 1030 

1020 1040 1020 

180 790 180 

320 344 334 

1510 1610 1540 

30 521 AOO 

417 422 417 

ISM 1580 

■ «« 1370 1 320 

225 250 240 

3400 3590 3500 

1330 1380 134 

1310 1370 1330 

,39* *21 395 

121X 12500 12700 
408 654 617 

363 3^8 369 

190 204 188 

S27 S53 S23 


irao 1750 1700 

1080b 1130b MOob 
6710b 6910b 6700b 
571 5*8-528 

,275 291 273 

1570 1640 1600 

12S00 13000 12300 
.468 498 470 

2820 2890 2900 
1*50 1540 1480 

.364 382 364 

|060 8150 8050 * 

5750 5990 »40 

713 784 







DuttorrlCdo A 



Fdrtax FW 




Imperial 011 

IPL Enemy 
Lrtaflaw 0 
Loewen Group 
Moanfll BJdl 
Moono brflA 
Mem mat 

Newbridge Net 


Narcen Energy 

Nttiem Tetecom 



PanaJn Pentir 




Potash Sask 


Rta Atgorn 

Rog®» Cartel B 

31.15 31X0 31.2 
37XS 38.15 37.15 
1960 2895 19J# 
214a 22X5 21X5 
10 10 10-05 

21)0 2140 212 
34.18 35i* 34L1S 
25X0 25X0 2» 

1645 17X5 15H, 
310 312 3t, 

176, 17.90 m 
18.60 1940 19a 

29 29J® atj 
10 10X15 1005 

8805 B8X0 - V 
25 25*» 240 

6140 62/. 62XS 

I8*» 19 JO 18fi 
3170 3100 31« 
14X5 )£20 14d» 
93 'j 93tt 9345 
119; 11.70 1141 
21 "5 21X0 21 M 
StW 50X5 5059 
2190 24X5 21C 
15*> 16 U 

1279s 128k* a 
1140 1155 run 
27V. 27to m 
ZP* 23 23V 



tsr E "» 

1S£T ,> 

TransCda Pipe 
Three Hahn 
TVX Gold 















11540 11165 







24 VS 





















1860 79X5 1ft 
45.90 *6Jl5 *£95 
3355 3190 HU 
36 vs S.90 37 J1 
5155 5190 51» 
21X0 21X5 21-55 
30.B5 31 30* 

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PAGE 19 







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PAGE 20 

World Roundup 

Milutinovic to Lead 
Nigeria in World Cup 

soccer Bora Milutinovic was 
hired Wednesday as Nigeria’s 
coach for the World Cup. 

The military government had 
given its approval to the choice, 
said the Football Association 
spokesman, Sani Zaria. 
Milutinovic will be Nigeria's 
fourth coach in 20 months. The 
Olympic champion has been with- 
out a manager since Philippe 
Troussier left in August 
Milutinovic was dismissed as 
coach of Mexico in November, less 
than a month after helping bis team 
clinch a World Cup berth. He 
coached Mexico to the quarterfinals 
in 19S6, Costa Rica to the second 
round in 1990 and the United Stales 
to the second round in 1994. (AP) 

Mosley Warns French 

formula one Max Mosley, the 
president of the International Auto- 
mobile Association, told Marie- 
George Buffet, the French sports 
minister, that it would be “virtually 
impossible" to stage a Grand Prix in 
France next year even if a dispute 
over television rights was resolved. 

The dispute has arisen because of 
a French law under which every TV 
channel is allowed some access to 
big sports events. FLA want to pro- 
tect its exclusive control of cov- 
erage from races. 

The FIA has already issued its 
schedule for 1998. There is a five- 
week gap between the Canadian 
Grand Pnx on June 7 and the Brit- 
ish GP on July 12, normally the 
time when the French GP is held. 
Coincidentally, next year die soc- 
cer World Cup will take place in 
France between those dates. 

(Reuters, IHT) 

Slam Dunk Is Dunked 

basketball The NBA has de- 

cided to dump the slam dunk con- 
test from this season’s All-Star 

Weekend in favor of a competition 
involving male and female players 
dubbed the All-Star 2balL 
The All-Star 2 ball, will be held 
on All-Star Saturday at Madison 
Square Garden on Feb. 7. It will be 
played by two-player teams on a 
half-court marked with six shoot- 
ing locations. Each team will con- 
sist of players from NBA and WN- 
BA teams in the same city. For 
example, one team will consist of 
Clyde Drexler of the Houston 
Rockets and Cynthia Cooper of the 
WNBA Houston Comets. (AP) 

Australia Beats Kiwis 

cricket Australia beat New 
Zealand by six wickets Wednesday 
in a World Series limited-overs 
match in Melbourne. 

Ricky Ponting and Michael 
Bevan shared a stand worth 95 runs 
as Australia overhauled New Zea- 
land’s modest total of 141 with 1 1 
overs to spare. (Reuters) 

USC Fires Robinson 

football John Robinson was 
dismissed Wednesday after his 
second tour of duty as Southern 
California's football coach and re- 
placed by Paul Hacketl. the Kansas 
City Chiefs offensive coordinator 
and a former Trojan assistant. 

Robinson. 62. hod a 104-35-4 
record in 12 years os USC’s coach 
— 1976-82 and 1993-97 — but the 
Trojans were a combined 12-1 1 in 

the last two seasons. 

Escorts & Guides 

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German Teams Meet! 
In the European Cup^ 

Holder Dortmund Will Play Bayern Mumck 


LONDON — Borussia Donmund, 
which won tie European Cup hi Munich 
in May, will return to Olympic Stadium 
there when it faces another German 
team, Bayern Munich, in the quarterfi- 
nals of this season’s competition. 

The draw Wednesday for the three 

European Cup competitions paired the 
third German team. Bayer Leverkusen. 

third German team, Bayer Leverkusen, 
with Real Madrid, the Spanish cham- 

Woiid Soccki Roundup 

FWd Rrani/Agwr Ftauu I’ll* 

JKatja Seizinger of Germany taking a curve in her downhill victory in Val D’Isere, France, on 'Wednesday. 

Seizinger Takes 5th Straight Victory 

pion. Because Leverkusen qualified as 
one of the two beast group runners-up, it 
must play the first leg at home, which is 
considered a disadvantage. 

Manchester United, the English 
champion, faces Monaco, the French 
champion. United has the advantage of 
playing the second match at its Old 
' Trafford Stadium. Juventus, winner in 
1996 and r unn er-up last season, faces 
Dynamo Kiev. 

Munich, the current German cham- 
pion, won by 2-0 in Dortmund in the 
BucdesJiga earlier in the season. 

“We had 10 men injured then,” said 
(Tirifitian Hockenjos, Dortmund’s man- 
aging director. “Things will be totally 

The Associaied Press 

VAL D’ IS ERE, France — Katja 
Seizinger of Germany rallied in the 
second run Wednesday in a women’s 
World Cup sprint downhill to gain her 
fifth consecutive victory. 

It was the 33d triumph of her career, 
moving her into third place on the all- 
time fist behind Anne-Marie Moser 
Proell of Austria (62) .and Vreni 
Schneider of Switzerland (55). 

Seizinger completed the two runs in 
an aggregate time of 2 minutes 1.82 
seconds to beat her teammate, Hilde 
Gerg, by almost a half second. Gerg's 
time was 2:02-31. Ingeborg Helen 
Marken of Norway took third in 
2:02.44. Marken led Seizinger by .02 
seconds after the first run. 

Seizinger had the fastest time on the 
second run, 1:00.21, besting Gerg’s 
1:00.69 and Marken’s 1:00.85 

Seizinger has won five races in a row, 
three dow nhills and two super-Gs. Only 
Jean- Claude Killy of France has re- 
corded a longer streak in World Cup 
competition, winning six men’s races ai 
the beginning of 1967. 

Seizinger said she was not surprised 
to be trailing after the first run. “It was a 
very short and an easy downhill, and you 

World Cup Skiing 

are not allowed to make any mistakes," 
Seizinger said. “1 made some on the 
first run. The second run was a little 

Seizinger said she did not like the 
sprint format, with its two short runs. “I 
abhor this type of race,” she said. “1 
prefer the downhill from top to bottom. 
Here the bottom is pretty easy, and you 
have to do the same elements twice." 

Wind and snow forced organizers to 
cut the course to a length of 1.71 ki- 
lometers (1.06 miles) and a drop of 510 
meters (1,683 feet). 

Pica bo Street of the United States, 
making ter first start in more than a 
year, tied for tenth place in 2:03.85. 

“I felt great," Street said. “My goal 
today was to finish in the top ten, and I 
accomplished my goaL I'm extremely 
happy. I think I am a little bit surprised 
from the snow conditions that I was able 
to ski as well as I did. I was feeling better 
every ran, changing things, fixing 
things, but I am really happy.” 

the American, a two-time winner of 
the World Cup downhill title and the 
1996 women’s world champion, core 
ligaments in her left knee in a Dec. 4, 
1996 crash during dow nhill training in 
Vail, Colorado. “There is no problem 
with tiie knee,” Street said 

Giovanni Trapattoni, the Bayern 
coach, said: ' ‘The draw is not especially 

good because we wanted to face -a for- 
eign club, even if they are all very 
strong. Both teams know each other very 
well, and it will be a hard match.” 

“We have no fear of the Bavarians, ’ ’ 
said Stefan Reuter, the Dortmund cap- 
tain. “Though there isn’t a lot of flair 
involved in a match against another 
German team." 

Alex Ferguson, the United tnanaafc, 
said he was happy to face Monaco, "vfe 
have a great chance but shouldn't geb 
carried awav,” he said. Z < 

Monaco leads the French league, b* 
only 1.000 fans turned out for its faff 
home game on Sunday. United’s surf 
porters should be in the majority in ® 
18,000 capacity Louis II Stadium. 

“I think we’ve drawn the one club w 
did not want to play, especially as tfi£ 
first leg is at home,” said Henri 
ancheri, die Monaco sports direct# 
"Last year we did not want NewcastSJ 
but we still beat them.” . 

Juventus, which also qualified as 
runner-up, roust visit Kiev’s 100,000, 
capacity stadium for the second leg. £ 

^‘Dynamo has a long winter break; 
and its first official match should K 
against us on March 4,” said Marcd$ 
Lippi, the Juventus coach. “However,)| 
don’t think there'll be go off cross- 
country skiing in the meantime; they’je. 
bound to play a few friendlies.” vj 
The UEFA Cup draw produced! 
repeat of last year’s final when the holOP 
er, Schalke 04 of Germany , was pain^ 
with Inter Milan. Inter, which leads t# 
Italian league, has won the UEFA Ctm 
twice in the 1990s, but last season it lofy 
on penalties to Schalke. *• 

Giaramam Visconte di Modrone, 
vice president at Inter, said. “You nevet 
have revenge in sport, but this is good 
motivation for our players.” 

France began the competition wiffi 
seven teams. Now only one remains; 
Atixerre, which faces Lazio of Italy. . J 
Ajax, the runaway leader of the Dut<* 
league, meets Spartak Moscow, whifa 
Aston Villa plays Spain's Atletico Mart 

Skating ‘Flutz’ Puts Lipinski on Edge 


MUNICH — Tara Lipinski, the ice 
skating world champion, will be hoping 
the judges do not penalize her too 
severely for her “flutz” when she goes 
for a second successive Champions 
Series Final title this weekend. 

The Texan became skating’s young- 
est world champion at 14 in Lausanne, 
Switzerland, in March. This season, die 
growing pressure seems to be affecting 

She finished second behind her arch- 
rival, Michelle Kwan. in Skate America 
and second to the French surprise Laeti- 
tia Hubert in the Trophee Lalique. 

The technical problem with the sq- 
called flutz may be the biggest hurdle 
for Lipinski to overcome. 

It is a triple jump that starts out as a 
lutz, but because Lipinski has developed 
the habit of taking off from the inside 
edge of her skate rather than the outside 
edge, she turns the jump into a flip. 

Lipinski said recently that she had 
been marked down by some judges be- 
cause of the technical inaccuracy of the 

“I guess I'm a little confused or 
puzzled." she said. “I always knew I 
had a slight change of edge on the lutz. 

but I think I've unproved a lot from last 

Her coach, Richard C al laghan , said 
they had worked at eliminating the prob- 
lem and asked that other skaters making 
tiie same mistake — including, be added. 
Kwan — be judged on the same terras. 

Kwan is not competing in Munich 
because of a foot injury. 

In her absence, Lipinski ’s main rivals 
should be either Tanja Szewczenko of 
Germany or Maria Butyrskaya of Rus- 

Szewczenko, who has suffered injury 
and illness the last two seasons, proved 
she was healthy again by winning her 
two World Series events, the Nations 
Cup and the NHK Trophy. 

The other three finalists are Hubert — 
Kwan ’s replacement — and the Russians 
Irina Slutskaya and Elena Sokolova. 

The men’s events include Elvis Sto- 
jko of Canada, the men’s world cham- 
pion; Todd Eldredge, the former world 
champion from the United States; and 
Alexei Yagudin, Dya Kulik and 15- 
year-old Evgeni Plushenko from Rus- 
sia. Igor Pashkevitch, who used to skate 
for Russia but now represents 
Azerbaijan, completes the field. 

The Olympic and world champions 

Oksana Gritshnk and Evgeny Plaiov 
appear still to rule the ice-dance event as 
they move toward a second successive 
Olympic title In February. 

The Canadians Shae-Lynn Bourne 
and Victor Kraatz could challenge. 

The German world champions Mandy 
Woetzel and Ingo Steuer head the five 
pairs, with chin opposition probably 
coming from the Rassians Elena Berezh- 
nflia pnd Anton Sikharulidze. 

The European champions Andrei 
Bushkov and Marina Eltsova, forced 
out because of Bushkov’s thigh injury, 
are replaced by Chen Xue and Zhao 
Hongbo of China. 

■ Czechs Rout UAE - 4 

The Czech Republic 
hammered the United Arag. 

Emirates, 6-1, in Riyadh <n 
Wednesday to reach the setup 

Uruguay’s Diego Lopez, right, and Martin 
Rivas blocking South Africa's Mark Williams. 

Wednesday to reach the semp 
finals of the Confederation 
Cup, Reuters reported bom 
Riyadh. •»* 

The Czech Republic fihj 
ished second in Group B 
hind Uruguay, which bea( 
South Africa by 4-3 in a later 
match. j 

JEven though theCzecpi 
often appeared to be playiim 
at walking pace, they had 
trouble scoring after M6j 
hamed Obaid scored an ora 
goal after 11 minutes. PavqL 
Nedved scored twice add 
Vladimir Smicer three times^ 
In the second game, an in- 
jury-time goal by Christuuj 
Callejas gave Uruguay th£ 
victory. .-t: 

Uruguay, which resrqgj 
many of its first-choice play-’ 
er, led by 3-1 ahead with 23;. 
minutes to play. £ 

Helman Mkhaiele and Po£ 
len Ndlanya pulled South 
ah* Africa level before Callej^ 
tin scored the winner with ^ 
ns. swerving shot. 1, 



NBA Standings 

Assists— Son Antonia 28 Uotxnsson TO), 
Denver 14 ©Jackson 4). 

Seattle 32 32 14 2*— 109 

LA. atom 28 25 20 21— 9* 

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Carolina 1 ] 0-2 

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New Jenny 1 2 1—4 

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<"ani s 

H , The Worst 
' Confirmed: 

ronvaii ^ Rice ’ 8 n* 16 ® 

m « Is Broken 

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' The Jerry Rice story grows more in- 
credible by the day. 

-v* . On Aug. 31, the opening day of the 

:v'’ Rational Football League season, the 
:3^ycar-old Rice, who has caught more 
passes for more yards and more touch- 
• downs than any other player in NFL 
history, tore two ligaments and dara- 
' ^ aged cartilage in his left knee. Doctors 
■ . . i '" ; said the injury would end his season. 

' " But it didn't. On Monday night. Rice 
returned and played in the San Fran- 
cisco 49ers’ 34-17 victory over the Den- 
ver Broncos. He caught three passes, 
ojie for 14 yards and a touchdown. But 
when Steve Atwater of the Broncos hit 
him hard on the touchdown catch. Rice 
fell hard on his left knee. 

-Tuesday, after a magnetic resonance 
imaging test. Rice and fee 49ers learned 
how costly that fall was. Coach Steve 
Maducci said the injury, first diagnosed 
53 a bruise, turned out to be a broken 
kneecap that will probably need a screw 
or wire to hold it together. 

He said Rice would miss the season's 
final regular-season game and the play - 
offs but would be ready for next season. 
Dr. Michael Dillingham, the 49m’ phy- 
5 i dan who had operated in September 
- - on the original injury, operated Tuesday 
l : . on the new one. Manned said the 
.. broken kneecap was not related to the 
old injury, and seemed surprised by its 
■_ severity. 

■’ The latest injury was a cruel twist for 
. Rice, a diligent off-season trainer, who 
lad never suffered a major injury in his 
12 previous pro seasons. After his Au- 

- gust injury, he removed the cast himself 
after two weeks, five days ahead of 

. schedule. A week later, he disposed of 
" his crutches and began to rehabilitate 

"Manned said he felt bad about the 
palest injury. “It’s very unfortunate,” 

• : irhe said. ‘ ‘He was playing very weEL He 

felt very good. After the play, he did get 
up slow, but that’s when the fracture 
took place, when the knee hit the 

"But Dr. Benjamin Shaffer, an ortho- 
' pfidic surgeon and director of sprats 
medicine at Georgetown University 
Medical Center in Washington, said 

- Rice's broken kneecap was “almost 
certainly” related to the September sur- 

■ In the standard surgical repair of such 
ligaments. Dr. Shaffer said, surgeons 
uSe a. portion of the tendon bejow the 
knee, along withsmall pieces of bone 
from hie lower leg bone and the knee- 

- cap, to rebuild and rea tt ach foe lig- 

- aments. Removal of a small piece of 
bone from the kneecap leaves me knee- 
cap slightly weakened for at least three 

r or four months, he said. 
r "A fractured kneecap is “an uncom- 

- mon but known complication ’ ' after lig- 
ament surgery of the type Rice had. said 
Dr. Shaffer. He said it occurred in less 
than 1 percent of such cases. 

“Absolutely, this is a consequence,” 
6f the surgery. Dr. Shaffer said. “You 
wouldn't describe it as a coinci- 

“'Dr. Shaffer has not examined Rice, 
and foe 49ers* team doctors were not 
available for comment on foe exact pro- 
cedure that was performed on Rice after 
his Aug. 31 injury. (NYT, WP) 

Dean Smith Discovers 
It’s Tough to Be a Fan 

Tar Heels’ Ex-Coach Still Visits the Office 

By Paul Enssltn 

lliunincrm hut Strive 

BnMAr^lK' Amncuh'vl IV- 

Carolina’s Sami Kapanen taking flight as he tries to catch a fellow Finn, Janne Laukkanen of Ottawa. 

Brodeur Is Cold, but Devils Stay Hot 

New Jersey’s Goalie Gives Up 3 Goals on 17 Shots , but It’s Good Enough 

The Associated Press 

Even though Martin Brodeur had an 
off night, the New Jersey Devils kept 

The Devils beat the New York 
Rangers, 4-3, on Tuesday night for their 
sixth straight victory and ISfo in 19 
games. New Jersey won despite a sub- 
par performance by Brodeur. The 
NHL’s leading goalie came into the 
game with a 1 .63 goals- against average. 
But he allowed three goals on only 17 
shots by the Rangers. “I didn’t feel 
sharp out there,” Brodeur said. 

The Rangers, meanwhile, continued to 

» as they started a three-game road 
sy have lost three straight and 
have won only once in the last 12 games. 
A rookie, Sheldon Souray, scored his 
first NHL goal with 4:58 to play to give 
foe Devils foe lead fra good. 

1 1 , Lightning 1 Tom B arras so 
made 35 saves as Pittsburgh tied Tampa 
Bay, foe NHL’s worst road team. 
Jaromir Jagr scored midway through foe 

NHL Rodnoop 

second period to help foe Penguins sal- 
vage a he in their only home game in a 
20-day stretch. 

utenefttra 2 , Capi tal* 2 Tommy Salo 
stopped Peter Bonder's point-blank 
shot with 1 1 seconds left in regulation to 
force overtime, then stepped four more 
shots in the extra period to help foe 
Islanders earn a tie in Washington. 

Hurricanes 2 , Senators 1 Nelson 
Emerson scored foe game-winning goal 
as Carolina snapped a four-game winless 
streak. Emerson gave foe Hurricanes a 2- 
0 lead early in the second period. 

Ffaunes 4, Blackhawks 3 Michael 
Ny lander scored 3:42 into overtime to 
lead Calgary over visiting Chicago. It 
was foe names’ fourth straight victory 
overall, and their NHL-leading fourth 
overtime victory this season. The 
Flames, who trailed 3-1 at one point, 
also got goals from Jonas Hoglund. 
Theoren Fleury and Derek Morris. Eric 
Daze, Brent Sutter and Tony Amonte 
scored for Chicago. 

Sharks 5, Red Wings 1 A1 Iafirate 
scored his first goal in 1 1 months as San 
Jose extended its undefeated streak to 
five games. Iafrate missed the final 30 
games of last season and the first 28 
of this season while recovering 
jack surgery. Mike Vernon, who 
helped lead the Red Wings to the Stan- 
ley Cup championship last season, 
made 24 saves for the Sharks. 

CHAPEL HILL, North Carolina — 
.Apparently not much has changed with 
foe North Carolina basketball program 
since Dean Smith retired in October. 

The Tar Heels, under their new 
coach. Bill Guthridge. are ranked No. 1 
in the country, for the 72d time in his- 
tory. And Smith still goes to work. 

The man who pui'in countless 12- 
hour days and endured frequent film 
sessions during a 36-year coaching ca- 
reer just can't seem to completely walk 
away from the joh. 

Smith admitted Tuesday that there 
have been only five days since he an- 
nounced his retirement Oct. 9 that he 
hasn't gone to his office in foe arena that 
bears his name. 

“1 try to stay out of the way of the 
staff.” he said during a news conference 
at which he was officially named Sports 
Illustrated's Sportsman of the Year for 
1997. “Coach Guthridge lets me sit in 
on staff meetings and acts like he really 
wants to talk to me. That's nice. 

“When foe team goes down to the 
court to practice, 1 stay in the office and 
try to catch up on answering my mail. I 
try to pretend it's out of season and 
everyone has left early." 

The secretary at foe North Carolina 
basketball office, Linda Woods, said 
Smith received more than 1 ,200 pieces 
of mail when he broke the record for 
career Division 1 coaching victories 
(879) and said that another mammoth 
stack of letters has poured in since 
Smith retired. 

“He's insisting that he's going to 
answer eveiy one of them,' ’ Ms. Woods 
said. “We tried to convince him to write 
a form letter. But he said he wants to 
answer them personally. 1 don't know if 
he'll ever get it done. 

Said Snuth: * * I only have 1 ,742 letters 
left to go. 1 answered eight this morn- 

ing.” Although he said he was happy 
with his decision to step down. Smith 
added that he is struggling to adapt to 
retirement. He went to foe beach and 
thought about the Tar Heels while they 
were" playing in Alaska. His visited his 
grandchildren and still thought about 
the Tar Heels. 

“My thoughts are with foe team con- 
stantly.” he said. “Iso much want them 
to do well.” 

The hardest pan of retirement? Being 
a fan. 

To avoid being a spectacle or over- 
shadowing his former team. Smith at- 
tends only those North Carolina games 
that are "not televised. The others be 
watches with his wife, Linnea, at home. 

Good thing, said Linnea Smith. 

“He's really having a hard time with 
watching foe games.” she said. “He’s 
never had the fan's perspective. He’s 
used to having control over foe action. 
Now he can't control what happens. He 
told me he can now relate to fans who say 
their cardiologist won’t let them watch 
games because it's had fra their hearr." 

Said Dean Smith: “I find myself 
yelling all the time, at the players, into 
the TV screen. My heart beats a little 
faster now. 1 never used to gel this 
excited on the bench. It's really a hard 
adjustment. It's like I'm watching a tape 
and 1 can't rewind it." 

With the Tar Heels 1 1 1-0). who beat 
Hampton 92-69 Tuesday night, ranked 
No. 1 in the United States, there's a lot 
for Smith to be excited about. He said 
Guthridge. his longtime assistant, had 
done a “fabulous job." 

As fabulous a job as Smith would be 
doing?" ”1 don't want to say anything.” 
he said, laughing. “It's like that joke 
Jim Valvano [the former North Carolina 
State coach] used to tell: He could have 
a team that was 32-0 and somebody 
would say. 'Just think how good it 
would be if Dean Smith were the 
coach.’ ” 

Kemp, a ‘Man Among Boys , 5 Carries Cavaliers 

The Associated Press 

When Shawn Kemp left foe 
coon late In foe third quarter he 
was shooting poorly, saddled with 
four fools and stymied by 
Phoenix’s sagging defense. 

That all changed late in the 
game. Kemp broke loose for nine 
points in foe final four minutes, 

NBA Rohnbup 

helping foe Cleveland Cavaliers 
beat foe Suns, 103-90, in Clev- 
eland rat Tuesday night 

Kemp finished with 21 points 
and 11 rebounds as foe Cavaliers 
won for the 11th time in 12 games. 

"He was a man among boys,” 
foe Suns’ coach, Danny Amge, 

Derek Anderson scored 19 
points and started a decisive 13-0 
run in the fourth quarter. He made 
a pretty pass to set up a three-point 
play by Kemp, and the pair hopped 
up and down to celebrate. 

“I think we needed someone to 
step op and give an energy spark,” 

Anderson said. 

Kemp was just 3-fra-13 from 

the field when he picked up his 
fourth foul with 3:30 left in foe 
third quarter. 

Lakara 109, TbnbMwohrM 96 

Los Angeles began a five-game 
rood nip with its thud straight vic- 
tory, and Eddie Jones scored 32 
points as foe Lakers improved to 
12-0 against Midwest Division 

Elden Campbell added 22 points , 
for Los Angeles. Once again play- 

after Minnesota center Stanley 
Roberts got in early foul trouble. 

Wniu r i 103, Hmricks 92 Joe 
Smith scored a season-high 28 
points and Donyell Marshall had 
22, giving Golden State its first 
two-game winning streak of foe 

The Warriors, 4-3 since Latrell 
Sprewell was suspended, were 1- 
13 with foe star to start foe sea- 

Dallas lost its sixth straighr 
game. The Mavericks are 1-6 un- 
der Don Nelson, a former Warrior 

Jazz 103, Hint 95 John Stockton 

played a season-high 27 minutes 
and sparked Utah’s 10-0 run at foe 
start of foe fond quarter at 

Stockton, who missed foe first 
18 games of the season after knee 
surgery, finished with 14 points. 
The Jazz led, 53-51, at halftime 
before Stockton hit a jumper, stole 
foe ball for a breakaway layup and 
jfed Jeff Hornacek for a basket 

Knicks 83, Pistons 78 Patrick 
Ewing scored 31 points and made 
New York’s only two baskets in 
the final 6‘/t minutes. 

The Knicks won their ninth in a 
row at Madison Square Garden, 
where they have not lost since drop- 
ping foe season opener to Detroit 

New Yoik led 75-58, early in 
foe fourth quarter and held on be- 
hind Ewing. He became the 17th 
player in NBA history to score 
22,000 career points. 

Rockets 118, Grizzlies 91 Clyde 
Drexler’s 22 points. 10 assists and 
five steals led Houston to victory 
over visiting Vancouver. 

Drexler moved past Alvin 
Robertson into fourth place on foe 
NBA career list with 2,1 15 steals. 

Kevin Willis added 23 points and 
10 rebounds for Houston, which 
lost to the Grizzlies last Sunday. 

SuparSonics 109, Clippers 94 

Gary Payton scored 25 points and 
Dale Ellis had a season-high 23 to 
lead Seattle to its fourth straight 

The Sonics own the NBA’s best 
record at 19-5. They beat foe Clip- 
pers on Sunday in Seattle, 

Spurs 99, Nugsats 85 David 
Robinson had 22 points and 14 
rebounds as San Antonio stepped a 
four-game road losing screak. 

Tim Duncan had 20 points and 
eight rebounds for the Spurs, who 
led 48-29 at halftime. 

Denver shot a season-low 35 
it from the field and lost its 
: straight game. 

King* 94, Trail Blazers 87 Corliss 
Williamson scored 26 points and 
led an 18-4 burst at foe start of foe 
third quarter as Sacramento beat 

Michael Stewart had 15 re- 
bounds, including II in the third 
period The Kings limited foe vis- 
iting Trail Blazers to just one field 
goal in the first 9:10 of foe quarter. 

Mm* A. UtallRnim 

Houston's Charles Barkley, left, and Clyde Drexler 
laughing over a layup Drexler blew on a 22-point night 



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PAGE 22 



The First Dog in Politics 

V V is the last column I’m 


going to write about Bill Clin- 
ton’s dog. 

President Clinton has 
jjaroed his Labrador pup 
Buddy, after a 
beloved uncle. 

It is no coinci- 
dence that die 
president got 
the Lab the 
same day he 
announced the 
threat of global 

There are 
many theories as to why the 
president would adopt a Lab- 
rador at this time. The most 
prevalent is that politically, a 
dog is much more acceptable 
to the voting public than a 

Dog owners are younger, 
more affluent and better-edu- 
cated than cat owners. This is 
not to say a president who 
lives in a home as large as the 
White House can't have both 
a dog and a cat — a dog to 
play with and a cat to rub his 


What the president has 
done, and we have to assume 
he did it purposely, is change 

High in the Alps, 
Color It Gold 

Agence France-Prcsse 

VIENNA — Two Austrian 
artists are planning to cover 
Austria’s highest peak, the 
Grossglockner, with 10 kilo- 
grams (.22 pounds) of gold 
leaf, much to the displeasure 
of an organization for the pro- 
tection of the Alps. 

Rudi Holdhaus and Josef 
Pulferer want to cover the 
12,470-foot i3,S00-meter) 
peak in Tirol in August. They 
need government approval. 

the White House social scene. 
In the past. Socks the cat sat 
on a cushion and stared in 
boredom when heads of state 
came to visit 

But now all of this will 
change. Buddy will bark and 
tug on the seats of VO’S, pres- 
idents. premiers and kings. 
They will have to pretend 
they find it amusing when in 
fact they will try to figure out 
what message the president is 
sending by allowing his dog 
to wander under the tables 
during a state dinner. 

There is another problem 
that has to be addressed. Who 
will walk Buddy — President 
Clinton or Hillary? And will 
the Secret Service be required 
to cany the scooper? 


As a dOg lover, I approve of 
Clinton's adopting this pup. 
The reason the people ad- 
mired President Franklin D. 
Roosevelt so much is because 
he had a dog named FaJa, and 
every time the Republicans 
started picking on him, be 
told the electorate that they 
woe really picking on his 

Don't be surprised if Clin- 
ton adopts the same tactic. I 
am not saying he got the dog 
for that reason. But in politics 
you have to use anything you 
can. I'm predicting that 
Buddy will also be used to 
raise money for the Demo- 
cratic Party. A $I0,000-n- 
plate dinner at the Waldorf to 
honor the Lab of the Year is 
not out of the ballpark. 

So let's face it — the pres- 
ident in his second term fi- 
nally wised up to what the 
public really wants — a pet 
they can identify with and one 
to which they can transfer all 
their affection. 

It's no story if the dog bites 
Janet Reno. But it will be big 
news if Janet Reno bites the 

By Felicia R. Lee 

New York Times Service 

N EW YORK— Scott Irby-Ran- 
niar is laid out flat, clutching' 
his Gameboy and playing a furious 
game that he refuses to interrupt 
even when a reporter strolls into ins 
dressing room. “Oh, no,'* he 
shouts as he desperately manip- 
uLates buttons on the game. Hedies. 
He rises again. Tie moves to a new 
level — afl in the computer realm, 
mind you. 

He still doesn't look up from the 
green cot in the messy little green 
and yellow cave, a warren of just 
barely adolescent masculinity as 
evidenced by the combination of 
personal care products and toys. 

It's backstage at the New Am- 
sterdam Theatre in Times Square, 
where Irby-Ranniar, a 13-year-old 
eighth grader, enchants audiences 
daily as Young Simba in “The 
Lion King." 

“What should I do?” he asked 
finally, looking up at the reporter. 

“Are you supposed to ask me 
questions or do I just talk?' ’ 

He’s a little died, it turns out, a 
tad nervous and seemingly guile- 

During the one-hour interview 
he returns to the game sporadically, 
shows off a remote-control car and 
a toy gun, sprays lodon in his hair, 
then impulsively rinses it out 
He’s not at all reluctant to chat 
He volunteers that Robin Williams 
is his favorite actor, that “The 
Game" was his favorite movie this 
year and that he plans to adopt a 

He lives in a Harlem apartment 
with his mother, Linda, a single 
parent who works at Citibank 
(“I’m oot exactly sure what she 
does") and his 1 5- year-old brother, 
Todd. His hobbies include soccer, 
cartooning and rap music. 

There is rap playing on the big 
radio-CD player in the dressing 
room, and he plays with the volume. 
Loud then soft, then very, very loud. 
He asks die reporter and photo- 
grapher about music from the olden 
days (the ’70s), and seems amused 

that they remember so far 

If there, is one thing he 
wants people to know 
about him. it’s that “I’m 
normal," he said. *Tm 
not some stuck-up kid in a 

It is “embarrassing” 
he said, when his class- 
mates and teachers men- 
tion the show or articles 
about himself. 

He does not like inter- 
views. “All those ques- 
tions," he said. “Why do 
lie want to know all 
things about me?" 

At one point, he playfully 
grabbed a reporter's note- 
book and started asking 
questions in a mock tele- 
vision anchor voice. 

Irby-Ranniar is charm- 
ing. Wearing oversize 
blue jeans and big shoes, 
with closely cropped 
brown cuds and lively 
brown eyes, he is small for 
his age. Like so many 
children who have been 
working for some years, 
even at something they 
love, he has a slightly 
weary, watchful quality, a 
touch of ennui to his per- 
sona that is part of an 
overall impression of in- 
telligence, restlessness and 

‘Tve been acting since I was 
6," he explained. “I started Harbor 
Conservatory" — an East Harlem 
performing arts program for stu- 
dents ages 4 to IS — “to have 
something to do, to pass the time. I 
never thought it’d lead up to 

“This" is the thus-far spectac- 
ular success of “The Lion King," 
which is based on the Disney 
film of the same name. It opened 
on Broadway on Nov. 13 and 
was hailed for its singularly fresh 
animal puppets, stunning sets 
and African music. Irby-Ranniar 
in particular was singled out. 
Ben Brantley wrote in The New 

Sam KraMrfoTbn TaA Til 

Scott Irby-Ranniar:, 13, being made up for his role in “The Lion King.” 


Yorfc Times that his performance 
as Young Simba is ‘^a most con- 
vincing portrait of impetuous, 
conflicted youth," and that it 
“strikes a spontaneous human 
chord that invites emotional en- 

Irby-Ranniar plays a restless lion 
cub whose impetuous behavior 
leads to his father's death and even- 
tually to his own epiphany and sal- 
vation when he triumphs over his 
evil uncle. Scar. Irby-Ranniar 
looks as though he is having the 
time of his life on that sumptuous 

Made Brandon, of Binder Cast- 
ing, the agency that cast Irby-Ran- 
nair as Young Simba, described 
him as a “triple threat” singer, 

dancer and actor who; stood out 
among the hundreds of children 
auditioning. “It's hot an easy thing 
to come by.” Brandon said. 
“There's some training behind it, 
but a lot of it is natural ability.’ * 

“I don’t act like a lion,” Irby- 
Ranniar said of his method, a touch 
of indignation in his voice. “I try to 
act like a regular kid. You try to 
keep the aspect that you’re a kid in 

His typical day, though, belies 
his reported claims to being just 
one of the guys. He gets up at 6 
A.M., attends school at Manhattan 
East from 8 until 2:30, goes home 
to do some homework, then heads 
to the New Amsterdam Theatre to 
get into his wig and makeup. He’s 

not home until midnight,? 
where he does more home- " 
work, - -so. bedtime is-; 
pushed back until 2 A.M. : 
: He does eight shows a, v 
week. -. 

.When. does he have" 

“I don’t" he said fli£ 
pantly. Then, “I do this,’ ’ 
meaning his electronic 
.game: '’This is really fun 
to do,” he said. “I don’t 
have dine to do anything 
besides the show. . 

“I don’t know if I’ll., 
pursue acting," he added. 
^That's one thing I’m try- ’ 
-ing to figure out You 
: don’t get to see your 
friends a lot. It's work 24 
hours a day." 

The work is also the 
good part he said. He has . 
appeared on television in 
Parting Rainbow” and 
"Sesame Street' 1 and. 
made a commercial for the 
. United Negro College 
Fund His. theatrical cred-.. 
its include roles in the Har- 1 
bor Conservatory produc- 
tions of “The Wiz" and 
“Aladdin.” He also had 
roles in Juilliard School _ 
productions of “Star- 
. struck" and “How to 

Raise a Grownup” and the ' 

Andrew Lloyd Webber production 
of “Whistle Down the wind" 
“You get to be on stage and do 
what youlike to do.” Irby-Ranniar 
said “Bui if I did this all my life I'd 
miss my childhood I like when 
people laugh and when they clap 
for me. I like to see people enjoy 
what I'm doing up there. 

“My favorite pan of the show is 
where my father shows me the stars 
and says the great kings from the 
past are up there and wul always be 
with you. I like being with Sara 
Wright, who plays Mufasa. He’s a 
good guy and he’s really cooL" 

As for that onstage romance with 
Nala, the little lioness to whom he 

is betrothed 

“Acting, all acting." he said. 


/- r’.C 



The Strange Case of ‘Little Tree 9 and the Bigot 

By Bernard Weinraub 

New York Times Service 

L OS ANGELES — Can "The Education of Little Tree" 
overcome its origins? 

The movie, adapted from a best-seller published in 1976 
and reprinted in 1986, is a sensitive memoir about a Cherokee 
orphan's childhood in the backwoods of East Tennessee in 
1935. The author was Forrest Carter, who described himself in 
the years before he died in 1979 as a Cherokee cowboy, 
dishwasher and ranch hand and self-taught writer. 

But Carter's background was a hoax. Several accounts state 
that he was really Asa Carter, Ku Klux KTan member, violent 
white supremacist, anti-Semite and author of some of the most 
inflammatory speeches by former Governor George Wallace 
of Alabama, including the 1963 inaugural address in which he 
vowed: "Segregation now! Segregation tomorrow! Segreg- 
ation forever!” 

The film, which opens in the United States this month, is 

being released by Paramount and was 

adapted and direcied by Richard Frieden- 
berg, who wrote the screenplay for "A 
River Runs Through It.” “Little Tree" 
cost about S8.5 million, a pittance by 
studio standards. The most noted mem- 
bers of the cast are James Cromwell 
("Babe,” “LA Confidential") and 

Graham Greene (“Dances With 

Wolves," "Thunderhean"). In the film, the 8-year-old part- 
Cherokee orphan, played by Joseph Ashton, leaves his moth- 
er's family in a hardscrabble mining town to live as an Indian 
with his paternal grandparents in the backwoods. There he 
comes to u n tiers tand the wonders of nature and the wisdom of 
the Cherokee way. In the process, the child encounters cruelty, 
venal politicians and state officials who look down on In- 

The story is a sensitive 
memoir about a Cherokee 
orphan’s childhood in 
East Tennessee in 1935. 

The charge was not entirely new. In 1976, a New York 
Times article raised the question of whether Forrest Carter was 
actually Asa Carter. That year. Carter’s bo ok, “The Rebel 
Outlaw: Josey Wales,’ ’ had been turned into a Clint Eastwood 
western. .“The Outlaw Josey Wales.” 

Eleanor Friede, whose imprint at Delacorte Press published 
the book in 1976, denied that Carter was a frigot and racist 
“He was definitely a segregationist but so was most of the 
nation at the time, certainly the state of Alabama," she said in 
a telephone interview. “But he was not a member of the Ku 
Klux Klan. I honestly don't see the point of all this nasty 
gossip dragged out years ago.” 

Rereleased in paperback in 1986, the little-known book sold 
only 2,000 copies in its first year. But in its second year those 
sales doubled. And then, largely by word of mouth, sales 
skyocketed and reached 600,000 copies. 

In 1991, it was No. 1 on the paperback best-seller list of The 
New York Times for weeks. The disclosure of the author's 
dual identities prompted The New York Times Book Review 
to shift "Little Tree" from its nonfiction 
list to the fiction list. 

Although many high-powered film- 
makers, including Steven Spielberg and 
the former producing partnership ofPeter 
G liber and Jon Peters, had expressed in- 
terest in die book as a movie, the rev- 
elations about Carter chilled their eager- 
ness. But one producer, Jake Eberts, who 
ting reproduction of such movies as “The 
Fire,” “The Killing Fields,” “Dances 

T HE Paul Simon musical, 

“The Capeman,” has 
been put on hold for nearly 
three weeks while new ma- 
terial is added and extra re- 
hearsals run. The $11 milli on 
Broadway show will open 
Jan. 29 instead of Jan. 8 at the 
Marquis Theatre, a show 
spokesman said. * The Cape- 
man,” ' for which Simon 
wrote the music and co-wrote 
the book and lyrics, stars 
Ruben Blades, Marc An- 
thony and Ednita Nazario. It 
tells the story of Salvador 
Agron. who stabbed two 
teenagers to death in 1959 in 
the Manhattan neighborhood 
known as Hell’s Kitchen. 


Prince Charles has taken 
on three of the charities 
dropped by Diana, Princess 
of Wales. The Mirror news- 
paper reported that Charles 
said he had become the patron 
of Help the Aged when he visited a day the Red Lantern." “Shanghai Triad"), 
center for pensioners in London. He has Zubin Mehta will conduct the eight 
also taken on the Welsh National Opera performances, starting in September. 

EJ. RynVThc AvMiuciJ Pie*.. 

MOUSING AROUND — The actor Nathan Lane with Jenny, his co-star in the; 
movie “Mouse Hunt,” at the DreamWorks film's premiere in Los Angeles. 

What impact the author's segregationist past will have on 
the film’s release remains unclear. “Here was a guy,” said 
Friedenberg. “who did bad things, disappeared off the face of 
the earth in Alabama, where he was a Ku Kluxer, and 
reappeared in the Oklahoma-Texas area near the Cherokee 
reservation of the western Cherokee nation, where he pro- 
ceeded to write several books. It strikes me he spent his literary 
life, and whoever he was in his second phase, m some kind of 
grand apology for his first life. Of course, this is my take. No 
one knows the absolute truth." 

Others, however, have written that Carter seemed on un- 
repentant bigot, even at the end of his life. In 1992, a scathing 
article in Texas Monthly depicted him as a con man who 
reinvented himself as a New Age wise man and was, essentially, 
the same segregationist in his final years as he was earlier. 

Asa Carter was described as a bigot who helped organize a 
vicious paramilitary unit, called the Origii 
the Confederacy, in the 1 950s, and for aim 
out racist and anti-Semitic pamphlets. 

liiitary unit, called the Original Ku Klux Klan of 
lmost 30 years spewed 

was involved ini 
Howling," “Chariots < 

With Wolves” and "City of Joy," said the author's background 
was not relevant. “It’s a beautiful story," he said in a telephone 
interview. “I was more interested in the story than die author’s 
background. Furthermore, when discussing the book with 
Indian friends, they adored it and could care less about die 
supposed background of the author." 

Friedenberg said be found it perplexing and almost im- 
possible to understand Carter’s motives and literary ambitions. 
Although Carter, who wrote four books, failed to address the 
issue of hi s bigotry publicly. Friedenberg said he believed dial 
“his apology was in his literature." For example, he said, the 
handful of blacks and Jews in his books are depicted sym- 
pathetically. “The bad guys are, almost without fail, rich 
whites, politicians and phony preachers.” Friedenberg said. 

With the revelations about Carter, however, the author's 
themes — which include the evils of intrusive government and 
organized religion — may not be all that far from some of the 
views he held in the 1950s and ’60s. 

Friedenberg said his nervousness about the release of “The 
Education of Little Tree" was not limited to the uproar about 
Carter. The film is receiving a limited release by Paramount at 
the same time that the studio is distributing “Titanic." 

“It's tough enough going against 25 films opening in 
December,” Friedenberg said. “But going against ‘Titanic* 
— sure, it concerns me." 

and the Guinness Trust, which helps the 
homeless. They were among 90 char- 
ities dropped by Diaoa-in 1996 after her 
divorce from Charles. 


They paid $25 to see The Platters, 
The Drifters andThe Coasters. Instead, 
a New Jersey couple claims, they were 
served up impostors passing themselves 
off as the real rock 'n' roll legends. A 
lawsuit filed by Christopher and De- 
lores Wilhelms says the groups that 
played Harrah's Casino Hotel in Atlantic 
City, New Jersey, in October featured no 
performers associated with the “unique 
and original sounds” of the groups. The 
suit was filed by the Wilhelmses on 
behalf of 25,000 people who attended the 
shows, and their lawyer said he would 
seek more than $2 milli on in riamagftfi 


Puccini’s “Turandot” will be per- 
formed for the first time where the corn- 
set it, the Forbidden City of 


Soon it will be possible to set foot 
where no tourist has gone before: aboard 
an $8.5 million version of the Starship 
Enterprise of the tele vision and film series 
“Star Trek-” In Dusseldorf, Willi am 
Shatner, better known as Captain James 
Kirk, commander of the Enterprise, an- 
nounced that the Enterprise was about to 
embark on a five-year journey across 
planet Earth. Shataer and Hermann 
Zunmennann, the chief designer for the 
films, said the new Enterprise was built in 
Bavaria. The Star Trek world Tour is to 
begin next year in Dusseldorf, from June 
20 to July 25, and proceed to London; 
Milan; Vienna; Stockholm; Vancouver, 
British Columbia; Tokyo; Osaka; Seoul; 
Singapore, Sydney ana Melbourne. An 
hourlong tour of the ship,- including an 
attack by extraterrestrials, will cost $25. 


The actress Julian ne Moore has giv- 
en birth to her first baby, a boy. Moore, 
ijing. Directing the production will be who was featured in ‘ ‘Boogie Nights, ” 

! film director Zhang Yimou (“Raise had the baby on Dec. 4. The father is 

Moore’s boyfriend, the writer and di-; 
rector Bart Freundlicb. 


Edward Asner is returning to the- 
news business. Asner, who played a! 
television news producer on ' ‘The Mary, 
Tyler Moore Show" and a newspaper- 
editor on ‘ ‘Lou Grant,” will move to the! 
top of the masthead when “Ask Har-- 
net" appears on the Fox network ini 
January. Asner will portray a newspaper’^, 
owner on the show, about a macho v 

sports writer played by Anthony Tyler 
Quinn, who takes on a woman's identity; 
to write advice to the lovelorn. 


Tom Hanks has signed an agreement 
with Universal Pictures to produce! 
movies along with the veteran producer; 
Gary Goetzman. Hanks, who was’ 
named best actor for ' ‘Philadelphia" and 
“Forrest Gump,” also appeared in Uni- 
versal’s “Apollo 13.” His debut as a 
producer, “Saving Private Ryan." dir-! 
ected by Steven Spielberg, comes out in 
1998. Hanks made his debut as a director 
last year with “That Thing You Do," 
which he also starred in and produced 
with Goetzman. 

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