Skip to main content

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

See other formats


•yi 




INTERNATIONAL 





The Worlds Daily Newspapei 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 
r . Paris, Saturday -Sunday, February 22-23, 1997 






No. 35,452 


Britain Again Ponders 
Miscarriage of Justice 

3 Jailed for 18 Years in a Murder 
Go Free as Trial Is Found ‘Flawed’ 


By Youssef M. Ibrahim 

Mew York Tunes Service 

LONDON — Authorities released 
three men Friday who had served 18 
years in jail for a. reorder they never 
committed, reversing another dramatic 
misstep of the British justice system. 

Pronouncing their trial in 1979 
“fundamentally flawed,” a judge set 
the three men free on unconditional 
bail. A full appeal hearing was sched- 
uled April 8. 

It gave the three a victory in their 
long battle to show that the police 
fabricated evidence to get them con- 
victed of murdering a newspaper de- 
livery boy, Carl Bridgewater. 

The convictions were followed by 
several rejected appeals from the 


courts, neglect by investigators in ex- 
amining new evidence and the refusal 
of several home secretaries, who ul- 
timately oversee such cases, to inter- 
fere. 

It is virtually certain the three men 
wiS be exonerated and compensated* 
though meageriy, for what has turned 
out to be one of several spectacular 
cases that have landed innocent people 
in prison for long terms in the last two 
decades in Britain. 

The three — Michael Hickey, 35; his 
cousin, Vincent Hickey, 42, and James 
Robinson, 63 — were sentenced in 
1979 for killing Carl Bridgewater, 13. 

The boy was shot, at point-blank 
range on Sept. 19. 1978, when, while 

See JUSTICE, Page S 



Dtond Ttamwa'Attoct Ffcnxr-ftcnr 

Michael Hickey kicking the air in joy Friday next to his mother after he and his cousin, Vincent Hickey, second 
from right, and James Robinson, right, were breed in London. In the center is Vincent Hickey’s mother. 


For Radical Change, Consider the CEO’s Kid Brother 


By Judith H. Dobrzynski 

New York Times Service ' 

NEW YORK — It is a classic management 
problem. A company is rolling along, unaware dial 
the bumps it is hitting signal the need to change the 
way it does business. It isn’t really broke, the chief 

“ executive thinks, so there is no need to fix it. A little 
tinkering will do the trick. 

But as company after company — from Eas tman 
Kodak to General Motors to International Business 
Machines — has shown, that way leads to disaster. 


The mystery is why so few smart, worldly wise 
chief executives see the need to foment a corporate 
revolution before disaster hits. 

Frank SuBoway has a theory; Too many first- 
born men rule corporations. First- bom children, he 
thinks, based on 26 years of research, are au- 
thoritarian conformists, assiduously interested in 
preserving the status quo. Later-boms are more 
adventurous and receptive to innovation. • 

“Whenever something really drastic is required, 
it’s always more difficult for a firet-bom to do it,” 
said Mr. Sulloway, a science historian and research 


scholar at the Massachusetts Institute of Tech- 
nology who has amassed a huge data base that, he 
says, proves bis point statistically. ‘That means 
they'll be doing it later than they should” 

“Strategy,'* he said “is something that later- 
boms ought to be superior at compared with first- 
borns. who are in turn more adept at managing than 
at strategic overhauls.'* 

Mr. Sulloway, who is the third of four children, 
ignited something of his own revolution in the 
autumn when he published “Bom to Rebel: Birth 
Order, Family Dynamics, and Creative lives'* 





f Tax Deadbeats 
I Hobble Russia 

Hardly Anyone Seems to Pay 

By Michael Gordon 

New York Tunes Service 

TOLYATTI, Russia — The managers of Russia's largest 
carmaker like to think big. ■ s 

Two thousand cars a day roll off the clattering, mile-long 
assembly lines here at the Avtovaz plain. Its gleaming hew 
headquarters is 24 stories high. An entire city was built along 
the Volga river to accommodate the 1 1 1,000 workers who toil 
away at the main plant 

But the biggest and most politically explosive number of 
all is Avtovaz’s bill for overdue taxes. It owes 2-8 trillion 
rubles ($494.4 million) to the federal treasury in taxes and 
-.v* penalties, more than any other Russian company. 

The government will have to wait to be paid compary 
officials calmly explain. Avtovaz is not in a position to pay its 
debt any time soon, and for a number of reasons, the gov- 
ernment is in no position to force the issue. Corporate bosses 
have a lot of pull in Russia, and the government is afraid feat 
killing off doddering enterprises could cause social upheaval. 

As Russia struggles to emerge from the self-inflicted 
misery of communism, this has become die country’s fiercest 
economic debate — not privatization or inflation, but taxes, 

. .s and fee fact feat hardly anyone seems to pay them. • 

■ y The government has begun a public-relations campaign 
• exhorting citizens to pay feetr taxes. 

Indeed wp aides to Resident Boris Yeltsin have brandished 
fee threat of forced bankruptcy to compel Russia’s largest 
coqxaations, like Avtovaz, to pay their mounting tax dews. 

It is very much an uphill fight. Revenue to fee federal 
treasury is about 9.5 percent of Russia’s gross national 
product, a far cry from fee level of 16.5 percent in 1992. 

But this is much mote dan a game of numbers. The failure 
to collect enough taxes has fueled unrest by delaying wages to 
disgruntled soldiers and workers. It has bred resentment 
among retirees whose pensions have been deferred It has 
discredited Parliament by making a laughingstock of its budget 
deliberations, since no one believes that enough funds will be 
.. collected to carry out fee government’s spending plans. 

The i mmuni ty of politically connected companies to fee tax 
authorities has also stoked a corrosive, popular cynicism 
about the new Russian democracy and the leaders who run it. 
It is a vicious circle in which the few who pay their fall share 
feel like , dupes in a corrupt game instead of responsible 
citizens, - . , , 

In economic terms, the failure to collect taxes has pushed 

See TAXES, Page 7 






%r 


Ybdiaar MwtMUio/ \proc»- 

Secretary of State Madeleine Albright chatting with some children in fee Kremlin cm Friday. 

Moscow Still ‘Negative’ to NATO 

Albright Announces the Creation of a Negotiating Group 


By Steven Erlanger 

' ' Jfew York Tunes Service ■ 

MOSCOW — Despite assurances from Sec- 
retary of Stare Madeleine Albright that a trans- 
formed NATO is “no longer a situation of you 
versus us,” die Russian foreign minister, Yevegm 
Primakov, said Friday that Moscow remained 
“negatively disposed to fee expansion of 
NATO.” 

He said Russia would participate in a serious 
effort to negotiate a charter between Moscow and 
the North Atianric Treaty Organization in any case, 
and praised fee constructive and “fruitful talks 


on issues from the Middle East and Afghanistan to 
China and Cyprus. “We are doing everything we 
can think of to minimize any negative con- 
sequences that might result, in fee event NATO 
does expand,” he said. 

But Mr. Primakov insisted that any NATO- 
Riissian charter, to govern security relations, have 
a “binding, mandatory character,” ratified by all 
the parliaments concerned. That is a position 
Washington rejects, insisting instead that fee doc- 
ument be a political, not a legal one, and that 
signatures from all 16 NATO leaders and fee 

See ALBRIGHT, Page 7 


(Pantheon). In it, he argued that birth order is the 
most reliable predictor of openness to innovation 
and social change. 

That conclusion was based on Mr. Sulloway 's 
analysis of a data base he built of 6.566 people who 
participated in 121 political and scientific up- 
heavals, including the French Revolution, the 
emergence of Darwin's theory of evolution and the 
Protestant Reformation. 

While he has not systematically studied business 

See BOSSES. Page 7 


North Korea 
Will Attend 
U.S. Briefing 
On Peace Talks 


By Kevin Sullivan 

Washington Post Sen-ice 

SEOUL — North Korea announced 
Friday that its representatives would 
attend a briefing wife fee United States 
and South Korea on proposed talks to 
negotiate a formal end to fee Korean 
War. which ended in a cease-fire 44 
years ago. 

The North's announcement that it 
would attend fee briefing, to be held 
March 5 in New York, capped a topsy- 
turvy 10 days that seemed to threaten 
delicate steps taken in recent months 
toward easing tensions on the heavily 
armed Korean Peninsula. 

A top North Korean official, Hwang 
Jang Yop. sought political asylum in the 
South Korean mission in Beijing on 
Feb. 12. Three days later, fee South 
accused North Korean agents of shoot- 
ing and critically wounding another 
high-profile defector in Seoul. 

Despite the tensions caused by those 
incidents, fee South announced feat it 
will send S6 million in humanitarian 
food aid — along with $10 million in aid 
from the United States — to fee North to 
combat severe food shortages that aid 
agencies say are hovering at famine 
levels. 

The announcement on fee North's 
official state radio about fee briefing 
further eased the rift over the defector 
standoff in Beijing and the shooting in 
Seoul. 

The announcement also was seen as a 
victory for American and South Korean 
diplomats, who have been working to 
bring the North to the negotiating table, 
and to ultimately reduce fee danger of 
armed confrontation on fee peninsula. 

See KOREA, Page 5 


Opposition 
Takes Power 
At City Hall 
In Belgrade 

With Coffers Empty . ; 
Milosevic’s Foes Turn 
To Making Buses Run 

By Jane Perlez 

New York Times Service 

BELGRADE — Serbia's opposition 
coalition took control of the Belgrade 
City Council on Friday, the biggest 
prize so far in its fight to topple Pres- 
ident Slobodan Milosevic and a main 
goal of nearly three months of street 
protests. 

The leader of the Democratic Party, 
Zoran Djindjic, 44, a philosopher- 
tumed-politician and one of three lead- 
ers of the demonstrations, was elected 
mayor, fee third non-Communist to 
hold the post since 1 945. 

“I hope with the support of fee cit- 
izens we will be able to finally say that 
Belgrade has become a European me- 
tropolis,” Mr. Djindjic said after taking 
the chair of the rowdy council session 
feat was often obstructed by taunts from 
the extreme nationalist allies of Mr. 
Milosevic. 

By trying to improve the daily life in 
the rundown city, where buses barely 
run and fee archaic phone system is 
crumbling, Mr. Djindjic said he hoped 
to use the council as a * ‘stepping stone* * 
for victory against Mr. Milosevic and 
his Socialist Party in parliamentary 
elections due at fee end of fee year. 

Friday’s proceedings, which swept 
fee opposition from fee relatively easy 
task of maintaining street demonstra- 
tions to actually running a city gov- 
ernment, ended 88 days of protests. 

The demonstrations were sparked by 
Mr. Milosevic's decision to annul op- 
position victories last Nov. 17 in 14 of 
Serbia’s 19 largest cities and towns, 
including Belgrade. The endurance of 
the protesters and defections from his 
camp of loyalists, including business- 
men, die Serbian Orthodox patriarch 
and politicians, left Mr. Milosevic con- 
siderably weakened. 

The president finally agreed to re- 
instate the results early this month, and 
Belgrade was the last of the 14 city 
governments to be taken over by the 
opposition. In the smaller cities where 
the opposition coalition has started to 
run municipal governments, they have 
found depleted budgets and purposeful 
ransacking of government property by 
the Socialists. 

Now in power in the capital, the op- 
position is confronted with similar 
obstacles. 

Tinning to questions of the nitty- 
gritty of government — like budgets 
and buses — senior members of Mr. 
Djindjic's party said fee Socialist Party 
bad left the city coffers empty. 

The party leaders said that because 
the city was historically so dependent on 
the Serbian Parliament, still dominated 
by Mr. Milosevic and his Socialist 
PUrty, it was not clear what budgetary 
functions the new council had. 

Mr. Djindjic also faces cracks in the 
facade of unity feat fee three-party co- 
alition managed to maintain during the 
protests. 

Vuk Draskovic, one of fee main op- 
position leaders, stood in the lobby of 
the council chamber while Mr. Djindjic 
was inside and denounced plans for 
street festivities Friday night, saying 
that the opposition risked the wrath of 
impoverished citizens if it celebrated. 

“Right now we are facing reality, very 
bad reality," said Mr. Draskovic, the 
head of the other main opposition party, 
the Serbian Renewal Movement. “We 
have hungry people demonstrating, 
teachers, workers, students. Very soon 
they will be demonstrating against us.” 

Despite Mr. Draskovic’s objection. 


the plan went ahead, highlighted by 
climbers mounting the steeple of the 
City Council Building, dislodging the 


Communist red star and carrying it to a 
museum for posterity. 


Run on Tree 9 Money in Japan Cripples the Yen 


AGENDA 


By Sheryl WuDunn 

New York Times Service 

TOKYO— There is a reason why fee 
Japanese yen comes across as the weak- 
ling of fee currency markets these days: 


Andorra — 

AnlSes 

Cameroon 

Egypt 

France _ 
Gabon.— 
Greece.... 

taty 

fvory Coast 

Jontafl 


Nwwwtand Price* 

.....10.00 FF Lebanon .11 3,000 

.....1250 FF Morocco 16 Dh 

..1,600 CFA Qatar 10-00 R* 18 

£E 550 Reunion. 12J0 FF 

...-10.00 FF Saudi Arabia...10.00 R. 
_1100 CFA Senegal.... -1.100 CFA 

350 Dr. Spain 225PTAS 

-2,600 Lire Tunisia ..4—. .1250 Din 
;.12S0 CFA VAE --..--.10.00 DWi 
1250 JD US. Mfl- (Eur.W.^120 


Japan, with its struggling economy, frail 
stock market and cheap funds, has be- 
come a place to borrow, not invest. 

“Here in Japan you are in an ex- 
traordinary situation, and char extraor- 
dinary factor is tiial money is free* ” said 
jesper Koll r an economist at J. P. Mor- 
gan Securities Asia Ltd. 

Wife rock-bottom interest rates es- 
sentially offset by inflation, he con- 
tinued, rooney-has become a free com 1 
modity. 

“As a result,” he quickly added, *jt 
is flowing out of the country. Are we not 
now just witnessing fee makin g of an- 
other bubble?” 

So while some in fee- United States 
are preoccupied with how . strong the.' 
dollar should be, herein Japan fee head- 
ache is how weak fee yen will get. 

Every few days, a Japanese official 
utter? fretful remarks about tile decline 
of fee yen. which, in parentage terms, 
traveled twice as far against fee dollar in 


January as it had moved on average each 
month last year. 

Yet, Japanese officials might be re- 
lieved that investors have only recently 
acted on an increasingly legitimate rea- 
son for a weakeryem the gap in interest 
rates between their country and fee 
United States. 

People are pumping money out of 
Japan in search of higher yields, fueling 
the stock and bond markets in New Yoik 
and overseas, several economists here 
say. Investees come to Japan to raise 
funds, then convert their yen borrowings 
into dollars. When such, activity turns 
into a flood, fee value of fee yen slides. 

Investments from Japan in dollar as- 
sets more than tripled last year, to about 
$43 .billioii. But many econo mists and 
analysts sew feat those figures dwarf fee 
amount of yen borrowing, much of 
winch cannot be tracedwhen funds are 
raised in yen in Europe. 

Such borrowing could run as high as 


$40 billion to $60 billion a month, Mr. 
Koll said. Partly as a result, he said, the 
dollar could soar to 160 yen or beyond. 
The dollar finished at 122.85 yen here 
Friday, down from 124.15 on Thursday. 
Of course, there have been fears of a 


Jiang to Pursue Deng’s Reforms 


figures alarmed some central can* of- 
ficials, who worried that investors might 
react rashly, dumping yen and bringing 
about a collapse of the currency. 

The yen certainly weakened, along 
wife a decline in Japan’s current-ac- 
count surplus, the broadest measure of 
trade, but there was no free fall. Some 
economists suggest that, given the state 
of the economy, theyen may not slow its 
fall until the dollar reaches 1 30 yen. 

The role of interest rates becomes 
crucial: Japan's official discount rate, 
the interest rate the central bank charges ’ 

See BORROW, Page 10 


The Dollar 


Friday * 4 PJL 
1.6691 
1.619 
123^65 

5.7005 


The Dow 


FtfdaycfcKfl 


6931.62 


FriOay o 4 pm. 
801.77 


pnwtou»d»B 

1.6835 

1.8114 

122.455 

5.684 

prfrriwadow 

6927.38 

previous dow 
802.77 


President Jiang Zemin vowed Fri- 
day to push forward fee reforms that 
Deng Xiaoping began 1 8 years ago. 

“The Communist Party, the 
Chinese Army and people of various 
ethnic groups are determined to rum 
grief into strength.” Mr. Jiang said. 

Speaking for the firsrtime in public 
since Mr. Deng, 92. died Wednesday, 
Mr. Deng’s designated heir pledged 
to “hold high the great banner of 
Deng's theory to build socialism with 
Chinese characteristics.” The police 
tightened security to guard against 
political demonstrations. Page 7. 


EUROPE Pag* 2 . Books Page 7 . 

Protesters to Take to Streets of Petris Crossword - Page 3. 

Opinion Page 6. 

THE AMERICAS Pag*3. Sports Pages 18-19. 

Sex Crime Saga in a Florida City tni mm a tfo ua i ci— Pag* 4. 









PAGE 2 

pa<;e is 



PAGE 2 


E CTATIONAL HERALD TRIBUNE, SATUBDA y-SUNOAXFEBR^Yl-^ 1997 

ESTERNATION^ HERALD TKUOBII?^^ JPEBRUABl 2lTj597 . 

INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 22-23, 1997 



Civil Rights Advocates Assail US. Airline Security Plan 


By Michael A. Fletcher 
and Stephen C. Fehr 

tt'jsArw.uMff PiwSenice 

WASHINGTON — Yuri Tadesse, a 
top aide to Jesse Jackson, the civil rights 
leader, said he missed two flights and 
endured five luggage searches because 
the airline on which he was traveling 
inexplicably identified him as a security 
risk while he was trying to board a flight 
out of Washington. Mr. Tadesse said he 
was offered no explanation for the sev- 
en-hour ordeal. 

On New Year's Day, Mariam Saadeh 
and her two preschool children were 
waiting at the El AI ticket counter in 
Newark. New Jersey, when an employ- 


ee identified them as potential Terrorists 
and sent them packing on another 
flight. 

The cases are among dozens cited by 
U.S. civil rights advocates who are 
questioning what they call the aggres- 
sive and seemingly arbitrary tactics used 
by airlines and airport security person- 
nel to guard against terrorism. Amid 
escalating concerns over passenger 
safety, the activists say. airlines have 
become the newest frontier for civil 
rights abuses committed under the guise 
of public safety. The result, they say. is 
that Arab- Americans and other minor- 
ities are now facing on airlines the same 
kind of unfair scrutiny they already re- 
ceive on U.S. roadways and trains. 


The issue has intensified with a new 
administration proposal to use com- 
puters to identify passengers who 
should face extra scrutiny from airport 
security officials. 

Under the plan, airlines would build 
computer profiles characterizing the 


security rides by examining dozens of 
factors, including when passengers 
bought their tickets, their method, of 
payment and their travel histories. 

But opponents of the plan say the 
approach may be unconstitutional and 
could lead to additional discrimination 
against Muslims and people with Ar- 
abic names. 

. * ‘ Profiling is unlikely to stop bomb- 


ers, is invasive of privacy and likely to 
be discriminatory,’’ said Greg Nojeim, 
legislative counsel for the American 
Qvil Liberties Union. “Even a profile 
that does not include race as an element 
can often have an unjustifiable, dis- 
parate racial impact ." 

The American CivD Liberties Union 
is among 19 organizations that signed a 
letter to Vice President Al Gore this 
month expressing reservations' about 
some of the ‘proposals forwarded to 
President Bill Clinton by an aviation 
security panel. 

Headed by Mr. Gore, the group ex- 
amined ways to improve safety follow- 
ing the explosion last summer of TWA 
Fught 800 off the coast of New York. 


Airlines now determine for ^ them- 
selves which passengers constitute a 
potential security risk and select those 
to whom they give extra scrutiny. 

Houeida Saad, legal counsel for the 
American Arab Anti-Eh'scriminaiion 
Committee, said,' “Arab- Americans 
are being pulled over even before the 
profile lacks in.” 

Defenders of the computerized pro- 
files — the most controversial of the 
more than 50 recommendations made 
by the White House Commission on 
Aviation Safety and Security — argue 
that die system would actually elim- 
inate man y of the prejudices that may 
now be employed by airline personnel 
working to identify potential terrorists. 


briefly 


Leftist Leaders Are Wary 
Of Street Protest in Paris 
Over Immigration Bill 


By Barry James 

iKVrnjluvul Herald Tritium 1 


PARIS — A large part of France's 
intellectual establishment plans a street 
demonstration in Paris on Saturday 
against the government’s immigration 
bill, but the issue has provoked a di- 
lemma for Socialist politicians who are 
finding that many voters actually like 
the proposed rougher measures. 

Although thousands from ail walks of 
life have signed petitions against the bill 
and i he Pans demonstration promises to 
be one of the biggest in years, the leader 
of the Socialist Party. Lionel Jospin, 
plans to be elsewhere. Marc BJondel, 
leader of Force Ouvriere, one of 
France's big three organized labor 
groups, also plans to stay away. 

Even Communist Party officials 
seemed reticent about getting too 
openly involved in the bray. 

While they are not openly saying as 
much, the leftist parties appear to fear 
that involvement might help drive 
working class voters, concerned about 
rising unemployment, into the arms of 
the extreme right National Front 

The Front has won control of four 
municipalities in southern France and is 
organizing to become a potent nation- 
wide force in elections for the National 
Assembly in March 1 998. The National 
Front has already succeeded in sup- 
planting the Communist Party as foe 
preferred choice in some working class 
areas around Paris, in Alsace and else- 
where. 

Petitioners against the immigration 
measures see echoes of France’s war- 
time. pro-Nazi Vichy regime in the gov- 
ernment's proposed measures. Then. 
French residents giving shelter to Jews 
were ordered to provide the police with 
information. The present bill would 
have required residents giving hospit- 
ality to foreigners to inform their mayor 
when their guests departed, in effect 
making citizens responsible for enfor- 
cing the immigration law. 

The affair boiled over after a French 
woman was convicted for giving hos- 
pitality to a friend from Zaire who did 
not have residence papers. 

In an attempt to get around the charge 
that the law would turn the French into 
police informers again, an amendment 


to the bill approved Thursday places the 
onus on Che foreign visitors to report 
their own departure, as is the case with 
some visa-holders in the United States. 
The proposed measures in France will 
not apply to anyone not required to have 
a visa, including citizens of other Euro- 
pean Union countries and the United 
States, but could fall heavily on visitors 
from North Africa, Africa and Asia. 

The demonstration is going ahead 
anyway Saturday. Many on the left see 
the issue as an important area in which 
to combat the ideas of the National 
Front, which talks of expelling millions 
of immigrants. 

But one French citizen in every four 
has at least one foreign grandparent, and 
it is difficult to define who is an im- 
migrant. In practical terms. National 
Front policies add up to racism against 
North Africans in particular. 

State-controlled France 2 television 
broadcast a program Thursday about the 
National Front s leader. Jean-Marie Le 
Pen, that drew parallels between his 
remarks on immigrants and the ideology 
of Vichy and the Nazis. 

Mr. Le Pen sought unsuccessfully to 
obtain an injunction against the pro- 
gram, which showed purportedly cult- 
tike aspects of the National front and 
raised questions about the sources of 
Mr. Le Pen’s wealth. The National 
front dismissed the program as “Sta- 
linist," but the minister of culture, Phil- 
ippe Douste-Blazy, said it was “a 
frightening document” 

Riot police prevented hundreds of 
students on Paris's Left Bank from 
marching on a hall where Mr. Le Pen 
was speaking Thursday night 



JwQniaCoptiE Mm/RrUbm 

Demonstrators in front of the Sorbonne Thursday protesting an immigration proposal and the extreme right 

Portugal to Speed Inquiry Into Nazi Gold Dealings 


CofM bj CHr SnffFwm Dapardm 

LISBON — Stung by suggestions it 
is dragging its feet, Portugal's central 
bank will set upa special commission to 
speed an investigation into Nazi gold the 
country acquired during World War IL 

The governor of the Bank of Portugal, 
Antonio de Sousa, said Thursday night 
that the commission would include 
members of Portugal's Jewish commu- 
nity and that it would assist an economic 
historian already at work investigating 
gold purchases by Portugal during and 
shortly before the war. 

“Nobody is more interested than we 
are that the information be available as 
soon as possible,” Mr. de Sousa said. 


He said that the bank would publish 
figures on its wartime gold movements 
by the aid of April and that that would 
be followed up by a preliminary written 
report in early October explaining the 
movements. 

While international attention has fo- 
cused on die role of Switzerland as a 
baven and channel for Nazi foods. Por- 
tugal has also come under the spotlight 
after documents recently made public in 
the United States showed that it re- 
ceived significant quantities of gold. 

The suspicion is that the gold came 
from the looted reserves of the Belgian 
and Dutch central banks after their coun- 
tries were overran by German forces at 


the start of the war. There is also the 
qaestion of what happened to wealth 
stolen from concentration camp victims 
and melted down by the Nazi regime. 

The central bank announced . in 
December that it had asked an economic 
historian, Joaqirim Costa Leite, to draw 
up a report on the bank's dealings dur- 
ing the war years. But it set no deadline 
for the study and said it would have to 
stick rigidly to tight bank secrecy laws. 

The move was criticized as being too 
little and too slow, particularly by the 
Nazi-hunting Simon Wiesenthal Cen- 
ter, which pressed the bank to throw 
open its archives to. more investigators. 

V; ^ l, (Outers, AP)^ 


Kohl Seeks Deal 
Over Tax Reforms 

BONN Chancellor Helmut 

Kohl will meet with foe opposition 
leader, Oskar Lafontatne, on 
Monday for talks that could make 
or break coalition tax reforms 
aimed at beating record unemploy- 
ment and readying Germany for 
European economic and monetary 

Shaken by January, s nalf-ratl- 
lion surge in unemployment to 4.7 
million — foe highest since 1933 

both sides say they ate ready to 

end a standoff and search for a 
quick deal to aven long and bitter 
wrangling in Parliament 

But, with a general election 
looming in 1998, it remains unclear 
how far foe Social Democrat lead- 
er Mr- Lafontaine, will go to meet 
Finance Minister Tbeo Wai gel’s 
goal of cutting 30 billion Deutsche 
Sharks ($17.8 bfilion) in taxes. Al- 
though no. breakthroughs are ex- 
pected at Monday's talks, compro- 
mises should be easy to reach on a 
bottom rate for income tax and on 
cutting corporate taxes. ( Reuters ) 

Danish Politician 
Quits Leadership 

COPENHAGEN — Hans En- 
gelL tbe leader of the Conservative 
Party and widely seen as a can- 
didate for prime minister, resigned 
Friday after admitting to driving 
while intoxicated. 

Mir. Engell.48, was driving home 
from a dinner party early Thursday 
when he crashed on a highway 
north of Copenhagen. Tbe police 
said they found his blood-alcohol 
level to be 0.137 percent; foe legal 
limit in Denmark is 0.08 percent 

No criminal charges will be filed 
against Mr. EngeU. who retains his 
seat in Parliament and his parlia- 
mentary immunity. (AP) 

Turkey to Deport 
70,000 Bulgarians 

ANKARA — Turkey is plan-’ 
ning to deport tens of thousands of 
Bulgarians whose visas have ex- 
pired, an Interior Ministry official 
said Friday. 

The official said the directive 
concerned about 70,000 Bulgari- 
ans, but a security official directly 
involved in foe directive refused to 
give any figure. 

The official said Turkey had 
agreed to give citizenship to ethnic 
Tuits from Bulgaria in 1989. This 
lasted until 1993. The large number 
of arrivals after that date made It 
impossible to ignore foe breaching 
of that rule, he said, (Reuters) 


NATO Beefs Up Patrols in Mostar in Reply to Attack 



Reuters 

SARAJEVO. Bosnia-Herzegovina 
— Five Spanish NATO peacekeepers 
escaped injury when their armored 
vehicle was hit by on anti-tank rocket in 
a Croat sector of Mostar overnight, a 
NATO spokesman said Friday. 

“It is a blatant challenge to us.” said 
Major Tony While of foe NATO-led 
Stabilization Force. “We will take 
whatever action is necessary to remove 
a potential threat.” 

He added that NATO “responded to 
the attack by deploying a quick-reaction 
force to the scene, and our presence in 
foe area has been substantially in- 
creased, with increased patrols.” 

The response team failed to find foe 
attackers but recovered two used rocket- 
launcher canisters near the spot where 


foe vehicle was hit. Mostar was a scene 
of bitter Muslim-Croaf fighting in 1993 
that left foe city divided into hostile 
sectors. 

The United Nations said Friday that 
Muslims in foe northern Bosnian Seth 
town of Teslic and in the Croat sector of 
Mostar were being pressured to leave 
through a campaign of harassment and 
verbal intimidation. 

“We had seven to eight cases of 
intimidation in Teslic in the past two 
weeks, which involve harassment and 
burning of haystacks.” said a UN 
spokesman, Alex Ivanko. 

Most of Teslic 's Muslim and Croat 
residents were expelled during tbe 
course of the 43-month war. 

Mr. Ivanko said the UN in Teslic 
learned Thursday about the kidnapping 


of a Muslim man by two uniformed 
Serbs. 

The UN international police tracked 
the man down in Serbian police custody, 
where he had been charged with 
‘‘‘shouting Muslim propaganda while 
befog drunk,” 

“We believe that this is absolutely 
unacceptable — that foe minorities are 
once again being pressured to leave foe 
Teslic area,” Mr. Ivanko said. 

In Mostar. a Muslim woman com- 
plained to UN police that she was re- 
ceiving threatening phone calls pres- 
suring her to leave her apartment in tbe 
Croatian part of town. She was expelled 
from her apartment Feb. 1 0 but returned 
six days later with the help of inter- 
national organizations. 

Fighting m Bosnia ended with a U.S.- 


brokered peace agreement in December 
1995, but Serb and Croat nationalists 
have since continued the policy of cre- 
ating ethnically segregated areas, up- 
rooting hundreds of people. 

The UN estimates that about 250,000 
people have returned to their homes, but 
mainly to areas where they form a ma- 
jority. 

Minority returns have not been sig- 
nificant. 

Kris Janowski, spokesman for the 
UN High Commissioner for Refugees, 
said living conditions for non-Serbs in 
foe Bosnian Serb part of the country 
were very difficult 

“We had a wave of expulsions from 
Teslic and Banja Luka last summer, 
when about 100 people were expelled 
from Teslic alone,’ ’ he said. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Inietdcnomindliorul & 
EvarvjrtBal SokJjv Sen** 1000 am & 
l ' 36 am.- Kid* Welcome. De 
Cuw rauai j S ArnsJordam tote 020- 
EMI 2 oi 0200451 653 

FRANCE /TOULOUSE 

HOPE INTERNATIONAL CHURCH 
iEvar»*?«aD A. od a? Pfcrac. Cctonwer 
Sunday service. 0 30 pm Tel.: 
05 C2 74 IT 56 

FRENCH RIVIERA/ COTE D'AZUR 

NICE: Holy Tnnily I Anglican), 11 rue 
Qufla.SJi 11. VENCE: Si Hut*, 1.22.JV 

Br^risnco. 9am TH.3304SO87 TSea 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 

WoraJnp Service. Sundays: II a.m. 
P. ?up Lflms Noijry, Mome Carlo. 
Trt IT7 l .G1fc56-»7 

MUNICH 

INTERNATIONAL COMMUNITY 
CHURCH Ev.trojehca/ fttte Befcevmg 
rennees n Errttfi 4.30 pm. Sundays X 
Enhu£<rSr 10 IU2 ‘ttttroslenar.l 1033) 
850*17 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHUHCH - An 
cvangcbcal « me wesemsubute. 
all aru welcome. 9-45 First Service 
concurrent win Sunday School. ti:00 
Sneorti Service wsft Oraren's Church. 
French Smvro 6 30 pm 56. roc ties 
Bans-fti«yns. 92500 Ruod-Mafcnai&cn 
F aric. caSOl 4751 29 62 

HOPE INTERNATIONAL. CHURCH 
Hotel Oncn at PanMa-Oetense. 8 tta. oe 
f*Miy UtasteJ Sundays 980 am Rev. 
Douqlas Miller. Pastor. Tel.. 
01 43 33 04 06 Metro 1 to ta Defense 
EacLvtxfe. 

SAINT JOSEPH'S CHURCH (Roman 
Cdfftfci mass w English $ai 6X1 pm. 
Sun 945- M 00 am 12,15. 6'3fl pm 
50 avenue Hoc he. Pans 8th Tel. 
0! 422728W. Mn CJutedaG** ■ EWte 

TOKYO 

ST. PAUL NTEMATIONAL LUTHERAN 

CHURCH, itnr Idsbxto St: Td 3261- 
3740 W-.ryis Senxc MO am Sundays 

TOKYO UMON CHURCH, near Qrrwosantti 
Subvoy Sti hi 3004J047. ttrtrffcSmces 
Sunday ■ fi 30 4 II OQ am . 55 01 9 *5 am 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
Engiish-SpeaJdng ixxi-derxjrninabanal 
Tel. +41 61 302 1674. StnJays 10:30 
MMoro Stiasso 13. 0+4056 Basel, 

ZUlUCH-SWtTZEItlANO 

ENGUSH-SPEA KING CATHOLIC 
MISSION; Si. Anton Church. 
MtrwvasiraOe 63 Sunday Mas& 8:30 
a-m. a 11:30 am. Services held m me 
aypl of SL Anton Chutoh. 


THE EPISCOPAL CHURCHES 
OF EUROPE (AngScan) 


BRUSSEtS/WATBUOO 

ALL SANTS' CHURCH. 1st Sun. 9 ft 
11:15 am Ho*y Eucharist wffi ChMren's 
Chapel at 11. JS Al after Sundays- 11.-15 
am. Holy Buchans* and Sunday School 
563 Chaussde de Louvain, Ohain, 
Bdsnrn. Tel 332 38*3556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Famiy Euchansl. Frankfurter Strasse 3. 
Wiesbaden. Germany. Tel.: 
49G1 130.66.74. 


WATERLOO 

WATERLOO BAPTIST FELLOWSMP 
Sun, 19130 at Swedish Church, across 
from MacDonalds. TeL ICE) 3S3 1 585. 

ZURICH - SWITZERLAND 

LB.C of Zurich, Gheistrasse 31, 8803 
RuschBcon. Worship Services Sunday 
mornings 1030 TeL 14810018. 


ASSOC OF INTL 
OiUROCS 


PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF HE 
HOLYTRMTY, Sut 9 & 11 am. 1045 
a.m. Sunday School for children and 
Nursery care. Third Sunday 5 pm. 
Evensong. 23. avenue George V. 
Pans 75008. TeL; 33-01 53 23 W 00. 
Meter George V or Alma Marceai 

FLORENCE 

ST. JAMES* CHURCH Sun. 9 am Rce I 
& 11 am. Rite n Via Bernardo RuoeU a 
50123. Florence. Italy. TeL: 3955 29 44 17 

FRANKFURT 

CHURCH OF CHRIST THE XING 
(EpiscopaVAnghcanJ Sun. Hedy 
Communal 9 & 11 am. Sutiay School 
and Nusery 10.45 am. Sebastian Rfe 
a 22. 60323 Ffaridtn Gemnany, U1. 2. 
3MqueWUteaTet 4969 55 01 84. 

GENEVA 

EMMANUEL CHURCH. 1st & &d Sun. 
10 am Euchanst 2nd & 4fri Sut Marina 
ftayer. aruectoMortfnuc. 1201 Ganna. 
SMtariand TeL 41/22 732 80 7a 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. 1 1 45 a.m. Holy Euchansl and 
Suwby SchooL Nursery Gan? p ro d ded 
Seyborharasse 4. 81545 Minch (Her- 

taingj. Gomany.TeL 49B964B1 8S 

ROME 

ST. PAUL'S WTTHM-THE WALLS, Sun. 
800 am Holy Euchansl ftte 1 1030 am. 
Choral Euchansl Fide II; 10:30 a.m. 
Chi^SdiooltorchMwftNuiseyGW 
provided, t pm Spams* Euctanst Via 
Napoft sa. 00184 Home TeL- 3^6488 
3339 IX 396 474 3568 


EUROPEAN 

BAPTIST CONVBmON 


BERLIN 

I.B.C., BERLIN. Rothenbura Str. 13, 
<Slegliu). Sunday. BUe study 10.45. 
worsmp Sendee 12.00 noon. Charles 
Warlord, pastor. TeL 030-774-4670. 

BREMEN 

LBXL. Hohenksheste. Hennam-Bosa-Str. 
Worship Sun. 17.00, Pastor telephone: 
05791 -12877. 

BUCHAREST 

LB.C* Shada Popa Rusu 22. 3.00 pm. 
Coma Pastor Wes Kemper, Tel 3123660 

BUDAPEST 

LB.C.. meets at Modes Zsigmond 
Gmrmazun. Tomkvesz ul 46-54, Sun. 
1300 Tet 250-3032. 

BULGAR1A 

L&C, World Trade Center, 36, Drahan 
Tzantov BJvd, Worship 1 1:00. James 
Dii®. PBSIor. TeL 663 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSW, Ev.-fiafachfichs GemeMe. 
Sodenenar. 11-18, 83150 Sad Hambum. 
Sunday Worship. Nursery S Sf 
1 120 am WcHMeefc minisries. Pastor 
MLwey. CaLFax 06173-6Z72& 
BETHEL LB.C. Am Dachsberg 92 
Wotahp Sun. n OO am. and 
600 pm. TeL: 069-549559. 

HOLLAND 

THNfTY NIERNAUQNAL rtviesyou to 
aChrtsI oentered feflowship. Services 
900 aid 1020 am Btooncanplaan 54, 
Wfassenaar 070-517-8Q&4 nursery pmv. 

MCE - FRANCE 

LB^. 13 rue Vernier, English service, 

PRAGUE 

LB- FELLOWSHIP, Vtnohradska * 66, 
Pra^jea Sut nixj. TeL- (02J311 7974. 


BERLIN 

AMERICAN CHURCH M BERLH. cor. 
ctf Cby ASee & Postfamer Ste, SB. MO 
am. Worship 1 1 am. TeL 0306132021. 

FRANKFURT 

TRU NITY LU THERAN CT UHCH, 
GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdaina Sunday worship 930. h German 
1100 in En^shTefc (cKj 3105089. 

JERUSALEM 

LUTHERAN CHURCH of the Redeem*. 
Old C»y. Muiiston Rd. EngWl worship Sun. 
9am. Alaraweboms. TeL- £22} 6281-08. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am. 65. Ouai tfOisay. 
Paris 7. Bus 63 at door. Metro Alma- 
Mweauorlnvalctos. 

VIENNA 

VIENNA COMMUNITY CHURCH. 
Sunday worship in EngEsh 1130 A.M.. 
Sunday school, rusery, international, a t 
denomnations Manama Oa nu d i eerg B sse 
16, Vienna 1. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service, Sunday School & Nursery, 
Sundays nso am, Scharunengesse 25. 
TCL (01) 2825525- 


UOTARlANUtflVBt&AUST 


UNITARIAN IffOVERSALETr H3JLOW- 
SHF OF PAMS tovtes you 1o our Sudey 
Feb. 23rd service lead by Rev. HI Cri St 
Maries Unitarian. Erfnburgh. (2 noon. 
Foyer de TAme, 7bis. rue du Pasteur 
Wagner. 1 ie. M° Bastille. Religious 
education for fco ns/ch fl ctian. CMU cam. 
Merfiration and spiritual gmwlh groups. 
Sodalactivties. Cat 01 3080753. 


Eurotunnel Is Said to Reject Safely Advice 


The Associated Press 

PARIS — The Channel Tunnel could 
resume truck transport by April, but the 
operators may compromise on fire 
safety measures to cut costs, according 
to a confidential report cited in a news- 
paper Friday. Eight people 

Eurotunnel rejected the suggestion of inhalation alter 
safety specialists to put trucks in fire- tbe freight cars 


proofed cars instead of open ones, tbe 
French daily Le Figaro reported. The 
decision was contained in a document 
submitted to the Channel Tunnel safety 
authorities this week, foe newspaper 
said. Eurotunnel refused to comment 
tie were treated for smoke 
inhalation after a fire broke out in one of 
the freight cars Nov. 19. 


WEATHER 


Europe 


TMay 

Trawm* 



L emw 

wan 

UiwW 


OF 

or 

OF 

ClF 

Alpaiw 

1BQ6 

!U52e 

inn* 


flms»tts3 

1263 

7AM C 

11152 

*OTah 

Mara 

W3* 

-ana pc 

JOS 

-11/13 Sn 

Mvnn 

IZfH 

rm ■ 

I3S5 

w*«po 

BwcWtoa 

1457 

0*6 pc 

13*5 

9M6B1 

EMBIWl* 

BUS 

nose 

12/53 

xarxx 

B«*n 

*4B 

aw3« 

1050 

439 pc 


1U52 

714* e 


714* r 

Budwwt 

6 US 

SfflSpc 

B«a 


Copart*aa«i 

TIM 

SMI in 

IQfSO 

0M3PC 

CosatUSa 20BB 

1355 c 

iaw 

1050 c 

t 

MSS 

sme 

□MU 

439 PC 

Edrtwtfi 

1KB 


SMS 

4391 

RMHIC* 

isei 

4391 

1*07 

BM3 S 

FmriBwt 

va 

337 *n 

12«3 

SMtpe 

Gons?a 

1W52 

*mc 

9M8 

SMI sli 

HOT* 

-U3I 

-007 m 

*00 

104 lb 

MM 

Ci*3 

io* e 

SMI 

2«pC 

UsPntesas 

2475 

IIWjE 

23173 1&«I 3 

Uaben 

ISM 

9MQC 

15/59 KKMos 

Lmton 

raea 

7/M PC 

BUS 

mzpc 

uakd 

1GI61 

439 oe 

isei 

43B* 

mmms 

M53 lOWpc 

iaw 

UV50W1 

tlim 

I3« 

337 pc 

1253 

439C 

U«cc* 

-307 

-307 sn 

in* 

3*7C 

UunUl 

fwa 

l/3*c 

I2S3 

439 p* 

i*m 

17«5 

7M4 1 

I3SB 

PMIe 

0*7 

7M* 

-ini c 

VM 

■MMoc 

PM* 

I1ISS 

43) pc 

*<a 

■U3I BB 

Prague 

8f«fl 

Wt 

1«5C 

QM3 pc 

Hfj**rt* 

M2 

-3E7WI 

■1l» 

4C2SI 

Raw 

IMS! 

439* 

1457 

BUS pc 

Si PenoBuy 

032 

-203 pi 

307 

2135 sn 

sncUMm 

aar 

205 ill 

flMG 

J07e 

Sunn 

tua 

Wipe 

m 

7/4* c 

Ttonr. 

(KB 


337 

205 sn 

Vpnce 

1457 

433 pc 

13155 

499 pc 

teem 

w*a 

swaps 

12153 

714* pc 

Waranw 

a** 

439* 

awa 

439* 

ZU«ef» 

BUS 

3137 c 

Who 

4»C 

MkktleEast 

Abu DM*. 

SUM 2008 £ 

3un 

rMBs 

Bawl 

14S7 

BMftr 

1US2 

439 m 


USl 

SMi c 

MUSI 

7M pc 

Dnibmm 

7m 

. M5l 

SM6 

■ 2 rauc 


W43 

205 f 

bmq 

.OfSZc 

Lun> 

ISGG 

B3J* 

SAW 

337* 1 

RmodA 

Xt7i 

3MB* 

7SI77 

SUSt 1 


Forecast for Sunday through Tuesday, as provided by AccuWeather, Asia 



North America 
A norm «iU bring a coal 
ran to Houston ana now 
O rteans late Sunday into 
Monday and m Altana bae 
Monday inis Tuesday. 
Cold in Daheit and Chea- 
go Sunday through Tues- 
day. hut with no major 
sJorminosa Sunshine 
thowdoys in S&uUe and 
Vancouver. 


Europe 

Unstinted, but mid across 
northern Europe Sunday 
through Tuesday os a 
series d stoma bring rahy 
episodes and times al 
gusty winds from London 
to Amsterdam to Copen- 
hagen and Berlin. Sun- 
shine most of that uma in 
Madrid and Roma Show, 
era, windy and cool in Tet 
Aw Sunday. 


Asia 

After cold weadwr Satur- 
day. Sunday and Monday 

■si be mMsr wtth sunshine 
to Tokyo and Osaka. Rain 
Sunday into Monday In 
Shanghai, and rain could 
■novo into Seoul tale Mon- 
day or Tuesday. Warm In 
Hong Kong Sunday 
through Tuesday with 
wwa of clouds and sun- 
shine each day. 


North America 


OF Cff 
439 -BW* 
issi -a os e 
lafil 307 r 

■307 -Uiiigc 
W 5135*. 
307 ensue 
one -used 

27* IIJRl 
1«BI 3137* 
Ue an e**** 23173 


ACM 


Chttaga 


omw 

Dam* 


Hp LawW 
OF CTF 
307 -4.5S*> 
IT* 2I3S pc 
307 -WlB» 
-2/2S IKUpc 
TOKO KKpe 
SOT-Htospe 
•att-WiSpc 
SB* 1006 pc 
usr saic 
aura vm. 


rmeatv 

NnTM 

ChtaMa 


SwiFhh. 


Tocmd 

Vtncouvu 

WMHnjwn 


_ Totfcy 

"9 ? *4>-W Mgh' Umn 
oe of OF OF 
■MjJ -IBM pc *2 ISO pc 
-TW r -I3iejv.il pc 
27BD IMdpc ZTBO awa pc 
IW4 -1131 id soy .w, _ 

»** 2*75 ia*S 

22>7l 8M80e BWl 7/*S«n 

?Ma r **» rm * 

2/3S *h 12/sa 439 pc 
7i*4 -I8M r -IWI3 -leo oe 
tose 3a7« rasa smSd? 

mtlo 002 jn 7M4 vJ2Spc 


Asia 


Tedmr 



HI#, 

LowW 

U«* 


OF 

OF 

OF OF 

Ba* 

3 M 9 

23173 c 

33*1 247 SC 

BangM*- 

zsra* 

22 i 7*1 pc 

aw? aampe 

Bopog 

(M 3 

B/ 3 Ssn 

1437 SMS* 

Boosoay 

31189 




3VTB 

1457 ■ 


OungMo, 

Jose sossec 

28*2 21/70 pc 

Cuuifal 

31/85 

21/70 * 

30*6 21/701 

HM 

21.70 

lfi «1 W 

20*8 16*1 1 * 


208 * 

2173 r 


HoaiflKpr* 

108 * 

1457 flC 

l « W 15 WP= 

Wamsuaa 

MX 

6 /* 3 l 

22/ 71 10*0 pc 


308 a 


EM* 2475 c 

Karacti 

2 * 8 * 

13*5 S 

30/80 1457 * 

K. LursKir 

31*8 24751 

31*0 23031 


27180 

24751 


Munis 

2 MB 

1 M 4 pc 

SSW> 19*6 PC 


3 S 7 B 

048 t 


PTnotn Per,-: 

31*8 

22 , 71 c 


Pm mi 

29*4 

7371 K 

2 WE 23 / 731 * 

Rangooi 

3 USQ 22,71 us 

2Bffl2 2475 pc 


5 M| 

■so** 

VM -2129 » 

Suyn 

lusa 

307 J* 

1457 9 / 4 ) C 

anpauoM 

27*0 

2475 | 

2 B /82 24751 

Tape 

live* 

1203 C 

21/70 18/61 PC 

7 cby» 

439 

« 22 » 

7 /** - 1/31 pe 


19*6 

iMipe 

atm 17*2 pc 

Africa 


22,71 

1053 pc 

23 m 12/53 C 

Cap* Town 

23771 

12/53 pc 

2475 16*1 * 

Cwnj 

21170 

13*5 C 



208 * 


3088 7 / 44 * 

Lopoi 

32 *B 

34/75 « 

3 SW 2475 * 


31 , BS 

10*0 t 

32*8 11/521 

Tm 

18*4 

B 48 pc 

21/70 ta&Jpc 


Latin America 


torn* 2*84 SMB pc S7W iWBpc 

crMaow. He*. W-WeoBia. MmapwlomiwwandilupmitoRltiy OttUWkwtw. tot ©4M7 


2WS2 ««c 
Cmaca* sera* 2U70 pc 

_ mn si™ pc 

ztm wc 
"“““Sheen 32>«9 2475 pc 

SarM W 30* »4ti 


30* IMS* 
me* 2373 pe 
STSO 2271 PC 
31*71 SMS PC 
33151 2478 p« 
27* 11** 


m 

HI* 


$ 








f 




TRAVEL UPDATE 

Paw Trains Install j 
New Security Devices 

PARIS (Reuters) — Two montits after 
four people died in a Paris train bombing 
underground, French transport officials, 
announced steps Friday to guard against 
further attacks on commute rs. 

Officials said they had. begun to in- 
stall devices on ail HER commuter ex- 
press trains in the Paris area to prevent 
people from slipping under the seats any 
bags or packages that might contain 
bombs. 

Since 1995, three commuter trains 
have been hit by bombings attributed to 
Algerian Muslim extremists. 

Stewards of Lebanon’s national car- 
rier, Middle East Airlines, will hold a 24- . 
hour strike Sunday over pay demands, f 
their union said Friday. (Reuters) 

The Budapest Metro, opened in 
1 896. plans to add a new subway line in 
2003 linking the city’s eastern Pest side 
with Buda to the west (AFP) 

Correction 

The home state of the U.S. Senate 
majority leader, Trent Lott, was misid- 
entified in an article Feb. 13. He is frbin 
Mississippi 


r •. 

u 


H 


Oceania 


AuddM 

Sronoy 


sore iae3 pc 
3MB 


2475 xm* 

aam staopc 


I “ Ar, 


Imprimt par Offprint. 7J rue de T Evangile. TSOUt Paris. 




POLITICAL NOTES 


w j iiiuvu ivn/Ui xuuuuiv ahuvwhuj _ ______ 


Fears About a Sex Criminal Turn to Reality in Florida 


By Mireya Navarro 

New York Times Service 


TAMPA, Rorida — Some of his 
neighbors said they almost believed 
Lawrence Singleton when he claimed 
to have been framed for the rape and 
mutilation of a California teenager 
nearly two decades ago. a crime that 
made him a figure of nationwide in- 
famy. Others, who have known him 
from childhood, maintain^ } 
whether he had been framed or not, 
people could always change. 

So when Mr. Singleton made his 
way back here to his hometown in 
1988 after his release from a Cali- 
fornia prison and settled last year in 
his old neighborhood, he was even- 
tually accepted, although some 
mothers watched their children 
V more dosely and some husbands 
kept closer track of their wives. 

“We were scared of him at first,” 
said his next-door neighbor. Tom 
Bennett.'* * But every day he'd talk to 
you; he’d cook steaks and bring 
them to you. He fixed up his prop- 
erty really good. He was the neigh- 


bor you dream of . I started to believe 
him; Maybe he was framed.” 

But Mr. Singleton, 69, was ar- 
rested Wednesday night and 
charged with first-degree murder hi 
the stabbing of a prostitute inside tas 
renovated single-story wooden 
home, the house that twvt made, his 
neighborhood proud. 

Now Mr. Bennett, like others on 
Mr. Singleton’s street in that work- 
ing-class neighborhood, is saying 
that the California authorities 
should never have released him. 

Mr. Singleton was convicted in 
1979 of raping a 15-year-old hitch- 
hiker near Modesto, California, us- 
ing an ax to chop off her forearms 
and leaving her to die.ar the side of a 
road. The girl. Mary Vincent, sur- 
vived. and testified at his triaL 

Sentenced to 14 years and four 
months in prison, then the maximum 
punishment, Mr. Singleton was 
freed on parole after eight years be- 
cause of good behavior and his par- 
ticipation in a work-study program. 
That was in 1987, and the nation*! 
notoriety he had acquired resurfaced 


as one California community after 
another protested parole officials* 
efforts to relocate him there. 

Mr. Singleton was finally forced to 
live in a mobile bon* on the grounds 
of San Quentin prison unt3 the end of 
his parole, in 1988, when he returned 
to this western Florida city. 

His arrest here came barely three 
weeks after neighbors pulled Mr. 
Singleton from his van as he attempt- 
ed suicide by breathing .the van’s 
exhaust through a dryer hose he had 
attached to the tailpipe. He then spenr 
about a week in psychiatric custody. 

“He told me he was feeling sorry 
for himself,” Mr. Bennett said, 
adding that Mr. Singleton had of- 
fered nothing more by way of ex- 
planation. 

Hillsborough Count/ sheriffs of- 
ficials reported that a man who had 
dose some renovation work for Mr. 
Singleton had dropped by his house 
and heard a commotion inside. Peer- 
ing in, die officials said, the man saw 
a naked Mr. Singleton in the living 
room, choking and punching a nude 
an as she cried for help. 


woman 


A deputy who responded to the 
renovator’s 91 1 call said Mr. 
Singleton had blood on bis shirt 
when he answered his door. The 
woman was dead. 

The victim was identified as Rox- 
anne Hayes, 31. a Tampa resident 
and mother of three children. She 
had a record of 99 arrests since. 
1986, more than a third of them for 
prostitution but some on charges of 
grand theft and cocaine possession. 

Thai the dream neighbor has 
seemingly turned into a nightmare 
comes as no surprise to the California 
prosecutor who sent Mr. Singleton to 
prison for attempted murder, kidnap- 
ping, rape, sodomy, oral copulation, 
aggravated mayhem and the use of an 
ax to cause great bodily harm. 

“I’m not going to say he's Han- 
nibal Lector, but once a guy like that 
has a certain bent he follows it the 
rest of his life,” said Donald Stahl, 
who retired last year as the Stanislaus 
County district attorney. “This guy 
has a personality dial's bent in the 
direction of going after women.” 
The case that Mr. Stahl prose- 


cuted helped galvanize the move- 
ment for tougher sentences in many 
stales. In California, the legislature 
has increased the mandatory terms 
for most violent crimes, and as a 
result Mr. Singleton would now face 
a life sentence for (he kind of attack 
he was convicted of. said a De- 
partment of Corrections official. 

Some criminologists who spe- 
cialize in sex crimes caution that Mr. 
Singleton is in ways an anomaly. 
They maintain that sex offenders are 
very much in need of treatment, not 
harsher punishment, and say only a 
small minority commit murder. 

The Tampa murder sent shudders 
through the string of Northern Cali- 
fornia towns that, one by one. fougtn 
to keep Mr. Singleton out after his 
release on parole 10 years ago. 

The killing "could have hap- 
pened here." said Dale Vassey of 
Rodeo, a town about 20 miles (30 
kilometers) northeast of San Fran- 
cisco where protests once kepi Mr. 
Singleton away. “It just goes to 
show it’s a good thing they did run 
him out of town." 




No Retrial for King’s Killer 

But Court Agrees to Ask for New Tests on Bullet 


By B. Drummond Ayres Jr. 

New York Times Service 


MEMPHIS, Tennessee — James Earl 
Ray's lawyers have returned to court with 
their eighth request that he be given a new 
trial in the murder of Martin Luther King Jr. 
— this time with a new ally, Mr. King's 
widow, Coretta Scott King. 

They were not granted their plea 
Thursday either, despite a warning that time 
was running out for Mr. Ray, who is crit- 
ically ill with a liver ailment But the judge 
did agree to ask an appeals court to rule on 
whether new tests should be conducted mi 
the bullet that killed Mr. King to determine 
whether it was fired from a recovered rifle 
that bore Mr. Ray's fingerprints. 

Judge Joseph Brown of Shelby County 
Criminal Court said that in his judgment, 
the new tests, involving new technology, 
were “theoretically capable" of shedding 
new light and reopening the case. 

Mrs. King, speaking after years of si- 
lence about Mr. Ray's legal maneuvering, 
took the stand Thursday morning, and ac- 
knowledging the incongruity of her ap- 
pearance on his behalf, said, “We call for 
the trial that never happened.” 

Then, her voice urgent and cracking with 
emotion, she warned that “the tragedy 
would be compounded” should Mr. Ray go 
to his grave without being pressed one final 


time in court to tell all he knows about what 
happened just down the street at die Lor- 
raine Motel on April 4, 1968. 

In the name of justice, brotherhood and 
closure, she went on, Mr. Ray’s request for 
a trial should be granted so dun “die nation 
will know that justice has run its course in 
one of the most important crimes in Amer- 
ican history.*’ 

In any event, she argued, a trial would be 
a psychic purgative for the nation, an op- 
portunity not only to seek answers to a 29- 
year-old crime puzzle but also to explore die 
nature of the racism that led to that crime. 

Mis. King said iter family had tried for 
years to steer clear of Mr. Ray’s appeals, 
especially after he recanted his confession. 
Afterward, be pleaded guilty and was sen- 
tenced to 99 years without a full trial. 

But Mrs. King said that now. with Mr. 
Ray near death and many questions about 
her husband’s assassination still un- 
answered, the Kipg family decided to join 
in the effort to have a full trial scheduled. 

As the court session ended. Judge Brown 
told Mr. Ray’s lawyers and the Kings that 
he could not order a new trial because the 
hearing Thursday technically concerned 
only whether new tests should be ordered 
on the bullet that felled Mr. King. 

When Mr. Ray recantedhis confession, he 
insisted tests of the bullet would prove it did 
not come from any gun ever in his hands. 


U.S. Says Rudder Fault Makes 
737s Riskier Than Other Jets 


Away From Politics 

• NBC television will devote three and a half 
hours during a crucial ratings period to present 
“Schindlers List’* without commercials, 
made possible by a decision of Ford Motor Co. 
to become the exclusive sponsor of the black- 
and-white film about the Holocaust- (NYT) 

• The space shuttle Discovery touched down 

at Kennedy Space Center in Florida, ending a 
10-day mission to refurbish the Hubble space 
telescope. (Reuters) 

• The U.S. Air Force's first female bomber 


pilot frees a dishonorable discharge an adul- 
tery charges. First Lieutenant Kelly Flinn 
frees a court-martial bearing, said Mmot Air 
Force Bdse in North Dakota. (AP) 

•The Adelphi University president, Peter 
Diamandopoulos, attacked for getting 
$837,000 m salary and benefits in 1 995, was 
fired by the new trustees of the private New 
York school- (AP) 

• Authorities locked down the largest New 
Mexkoprison, in Santa Fe. and found a 30-foot 
(9-meter) tunnel in the basement after inform- 
ants reported that inmates planned to riot and 
“stab as many people as possible.” (AP) 


By Matthew L. Wald 

Nor York Tima Service 

WASHINGTON — Tbe 
Boeing 737, the most popular 
airliner in history, is less safe 
than other airliners because 
tbe failure of a single valve, 
tbe one that controls die rud- 
der. can cause it to crash, ac- 
cording to die National 
Transportation Safety Board. 

But tbe board stopped short 
of grounding the planes, or 
declaring diem unsafe. Inves- 
tigators have noted that failure 
of the valve is rare, and recent 
changes in operating proce- 
dures by the airlines could 
compensate for the problem. 

Boeing Co. and the Federal 
Aviation Administration 
promptly disagreed that the 
plane was less airworthy than 
others. A Boeing spokes- 
woman called it “absolutely ” 
safe, and the aviation agency 
has called the 737’s safety re- 
cord “very good” compared 
with other airliners. 

Only last month, in a de- 
cision announced by Vice 
President AI Gore, the agency 
said it planned to propose re- 
placing the valves. That pro- 
posal has not officially been 
made, however, because Boe- 
ing is still designing the re- 
placement valves. • 

In the meantime the airlines, 
under orders from the agency, 
have been making changes in 
their emergency manuals and 
instructing their pilots about 
how to react to the valve prob- 
lem should h occur. 

Although the safety board 
did not say so explicitly, its 
conclusions about die rudder 
valve, contained in a 1 0-page 


letter to the aviation agency, 
makes it clear that it believes 
it has solved the mystery of 
two 737 crashes: in Pitts- 
burgh in 1994 and in Col- 
orado Springs in 199 1 ; a total 
of 155 people were killed. 

Safety investigators have 
long suspected that unusual 
rudder malfunctions were re- 
sponsible for the crashes. 

Tbe board's letter also said 
that if Boeing were applying 
today for permission to sell the 
plane, the request would not 
be approved because the 737 is 
in violation erf a fundamental 
design criteria: dial no single 
failure be capable of causing a 
crash unless the failure is “ex- 
tremely improbable.” 

The safety board said the 
valve could jam and then re- 
verse, causing the rudder to 
move in the opposite direction 
commanded by the pilot. As a 
result, pilots react in a way 
that exacerbates the problem, 
rather than corrects it 

These failures "can no 
longer be considered an ex- 
tremely improbable or an ex- 
tremely remote event and 
thus raise serious questions 
about the validity of the cer- 
tification of the existing B- 
737,” the safety board said. 

Asked whether 737s were 
safe and whether he would fly 
on one. Ted Lopaikiewicz, a 
board spokesman, said its 
statement would have to speak 
for itself. He also said its five 


members had approved the re- 
port and decided not to issue 
further statements. 

The safety board does not 
regulate, only recommend. 
But it is extremely influential. 

The Federal Aviation Ad- 
ministration, which is in 
charge of safety but Ls also 
supposed to balance new 
rules against additional costs, 
said it believed the chance of 
a jam and reversal was, in 
fact, extremely remote, and 
that the steps it was taking 
would compensate for the 
mechanical problem presen- 
ted by tbe rudder valves. 

Thomas McSweeny, the 
agency's director of aircraft 
certification, said: “We be- 
lieve the redder system is 
commensurate with that level 
of safety on every other air- 
plane out there.” 

An intensive study of the 
737 by the aviation agency in 
May 1995 counted 55 acci- 
dents in which 737s were des- 
troyed since the plane first 
began flying in 1967. Given 
the 737's popularity, the re- 
port said, the rate of crashes 
was "one of the best safety 
records in the fleet of trans- 
port category airplanes.” 

The safety board's letter 
was unusually sharp in its 
wording, however, asserting 
that the 737’s rudder system 
“does not provide the same 
level of safety as on similar 
transport -category airplanes.” 


A Tree Bide' for Republicans? 

WASHINGTON — When President Bill Clinton an- 
nounced last month that the Democratic National Com- 
mittee would no longer accept contributions from Amer- 
ican subsidiaries of foreign companies, he bristled at the 
Republicans' reluctance to join in that pledge. 

“They raise more foreign money.” Mr. Clinton said, 
somewhat bitterly. "They raise more money in big con- 
tributions. And we take all the heat. It's a free ride.” 

At least with respect to his “foreign money” arith- 
metic. die president was right. Analysis of the latest data 
filed by the parties with the federal Election Commission 
shows that in the 1995-96 cycle, the Republicans' national 
committee and their Senate and House campaign com- 
mittees raised a total of S4.4 million — compared with $4 
million raised by the counterpart Democratic committees 
— from foreign companies' U.S. subsidiaries, like Joseph 
E. Seagram & Sons Inc.. Sony Corp. of America, Toyota 
Motor Sales USA and Nesile USA Inc. 

Bui the Democrats have had to return iur more donations 
than the Republicans, because some of them wen; sus- 
pected of having come not from foreign companies' U.S. 
subsidiaries or from foreign nationals living legally in the 
United States — which are allowed by campaign law — 
but directly from foreign contributors — which an? not 

The Democrats returned a total of SI .6 million in such 
money, S 949300 of which was contributed in the 1 995-96 
cycle, the rest in the previous cycle. The Republicans, on 
the other hand, have had to return only a single. $ 1 5,000 
check, from a Canadian ethanol company. " f A : 1T/ 

White House Adds to Its Payroll 

WASHINGTON — Faced with a barrage of questions 
and embarrassing revelations about political fund-rais- 
ing. the White House has said char it will end the practice 
under which some of its employees are paid by the 
Democratic National Committee. 

“Frankly, it's not worth the hassle,” the White Hou>e 
press secretaiy. Michael McCuny. said Thursday in 
explaining the change. 

Mr. McCuny said the White House chief of staff. 
Erskine Bowles, had decided to shift the aides to the 
White House payroll after President Clinton ordered a 
review of the practice. 

Mr. McCuny said he thought that four White House 
aides were now’ on the Democrats' payroll, and that about 
20 altogether had fallen into that category since Mr. 
Clinton took office in J 993. 

Mr. McCurry produced legal memorandums sent to the 
White House by the Justice Department in 1982 and in 
1987. when Ronald Reagan was president, declaring that 
it was legal for the White House to employ aides whose 
salaries were paid bv political committees. 

The problem faced by the Clinton White House was not 
one of legality but of appearance. (A' IT) 


Quote / Unquote 


William D. Rollnick, a retired executive from South 
Florida, describing a fund-raising coffee at the White 
House with President Clinton: “He is a great listener. 
You feel like. wow. he may not use anything with ni\ 
opinion, but at least he is writing it down.” \LAT\ 



i STYLE 


Suzv Menkes 
Fashion Editor 


Some Like It Haute 
Divine Madness 
Ethereal Visions 
Fantastic Fabrics 

If you missed it in the !HT, look for it 
on our site on the World Wide Web: 


http://www.iht.com 


SOUND EFECTS, By Nancy Nicholson Jotine 


ACROSS 

I Erect 

8 "Casablanca'' 
role 

10 Legend a g. 

15 Winston 

Churchill's “ 

Country 

19 vmert nroor 

20 Distress 

21 Signals are used 
to switch (hem 

22 Leader of 
philosophical 
scep tic ism 

23 What a tipsy 
actor does? 

28 Pries s' 
vestments 

27 Sets formed 
dramas 

28 “Video 
Companion" 
author 

29 Pool 

30 Reine's spouse 

32 Year in 
Claudius's reign 

33 Wallace of ‘E-T. 


34 like 20- Across, 
often 

35 It may drip 
38 Brought about 
38 Whatasweet 

tooth demands? 

41 Words with hole 
or two 

42 Commercial 
thorough fare 

45 "Gunsmoke" 
bartender 

46 Mme-. in Madrid 

47 Nuts 

48 “On Broadway* 
co-writer 
Cynthia 

49 Social cumber's 
goal 

52 loose overcoat 
55 Like the 

Archbishop of 
York 

57 Codeword 
59 Plenty 
GO Yup's alternative 
61 Aisle? 

65 Some are holy 
68 Access 


70 Work done on 
the premises? 

71 Bnndwayhtt 
subtitled “A 
Musical Arabian 





***** 

HOTEL MBTROPOLE 
GENEVE 

A PRIVILEGED PLACEI 
34, quoi G&ifratGjaon 1211 Ganew 

laL: Ml-221 318 32 00 

Fox: Ul-22) 318 33 00 


72 kalian auto 
maker Bugaui 

73 Had one's foot m 
the door? 

78 Prefix with 
sphere 

77 "thirty- 
somathing" 
actor 

78 Soria) addition 

79 Disney World 
' transport 

81 Wingdings 
83 “Love Affair” 
star, 1994 

88 Der 

(Adenauer) 

87 Striker's ay 

89 “The Crying .. 
Game' star 

91 Student datum. 

92 Fools 

S3 200 milligrams 
95 San Diego Zoo 
attraction? 

100 Conquered 
quickly 

102 Heel fleet? 

193 Deep blue 
104 NobeHst 

Hammaiskjdtd 
197 Maria, for one 

108 Listen der 

109 Constrain 

110 Rush 

111 Lownote 

112 Biring 

114 Gobgs-onatthe 
church fair? 
118 “ b Douce” 

119 Had dinner 
delivered 

120 Like one side of 
aship. 

121 Laertes and 
Ophelia 

122 They, in Trieste 

123 Nashville 

(BCs pop group) 

124 Trade cenier 

125 Anonuevn time 
DOWN 

1 Enticed, with 

“in" 

2 Dean Martin 
topic 

3 Taken 

4 Roger de 

Coveriey 
(country dance) 

5 Abated 

6 FHp 

7 Emulated 
GreoriioMarx 

g Miro compatriot 
9 Holly Hunter io 
“Tbe Piano" 

10 


T 

2 

i 

4 

i . 

it 





a 





zr 



1 

» 

a 






BT 

o 

u 


• 




TT 




58" 



■ 




w 






V 

m 



n 




m 




«n 



X 

m 



113 

ns 










CJVm York T'imes/Edited by WiU Shorts. 


11 Plains femfly 

12 Cycle starter 

13 Payback 

14 Luxury car 

Martin 

15 “Gotcha!” 

18 Offerings at a 

downscale 

eatery? 

17 Encompassing 

18 lives 

24 They go to waist 

25 Spurts of activity 

31 Uganda’s Amin 
35 “■ was# 

conning 
hunter*: Genesis 

37 Relaxes 

38 Nursery rhyme 

giri 

39 U, zone 

40 Veridicaliiy 

42 Classic 
Gershwin song 

43 Landlord's need 

44 Government 

fashion decree? 

49 Summer needs 

50 Mai— 

51 Dr’s go-with 

53 Sibling up . 

54 CftyWSWoT 
Milano 


56 European airline 

57 p face fora 
throne 

58 Problem fora 
suited-up tfivef? 

62 " .Tfctroel 

have gone here 
and mere’: 

Shak. 

S3 Preoccupied 
64 Tour organizer, 
for short 

66 Enumerate 

67 Wraps ■ 

69 Sports car 

feature 

73 Having learned 
a lesson 

74 Japan's largest 
lake 

75 Wailing period, 
seemingly 

80 Tabula : — 

82 Curtail 

83 Persiflage 

84 Easter features 

85 Freudian 

87 FXML's Fata, 

e-e- 

88 Blini accom- 
paniments 


90 Forbear 

92 The House of 
the Spirits* 
author 

94 Sei halved 

96 Kurds and Turks 

97 Ice-Tor Easy-F 

98 Sulking 

99 Word for the 
diet-conscious 

191 In a box, m a way 


104 -Death. Be Not 
Proud’ poet 

105 Choler 

106 Artist's plaster 
110 Large hall 

1 13 kwon do 

1 15 Small section of 
a dictionary 

116 Country 

117 Coffer 
Woosnam 


Solution to Paolo of Feb. 15-16 



NORTH AMERICAN SUMMER CAMPS 


CAMP NASHOBA NORTH 

Co-Ed ages 7-15 in Raymond, Maine 
Olfere quality programs n waterskftng. sailing, windsurfing, theater, dance, arts, 
golf, horseback riding, tennis, canoe trips, uriktamess hiking, and lots morel Leam 
the Engtab language in fte USA. Wb meet campers al the Boston ahport Owing 

sWTfoM8t-tvnacampers.& a safe environment. ACAeccr&died. 4 and 8 weeks. 
For brochure 6 video contact TEL 50&48B4236 or FAX S0B-952r2442 
Nasttoba North. 140 Atohota R d, Uttftion. MA 01460 



assn 


K, WtzW. PA to® Spod; PH 11451. 
TeL (717) 857-1401 


RED PINE 
GAMP FOR GIRLS 

60th Season. Personal attention to 
individual development of 
115sirts6-l6. Full waterfront, 
riding, iandsports& the arts. 

4 or 8 weeks. ACA accredited. g 
Write; His. Sarah RoUey K 

red pro camp roa tarns H 

P.O. Boa 00. Uimqna. *154548 or ft 
fta 715-356-1077 ILSJL ^ 


HIDDEN VALLEY CAMP • MAINE 


T SUPPORTIVE. NON-COMPETITIVE. BALANCE OF STRUCTURE AND FREE CHOICE/* 


INTERNATIONAL CAMP WADVENTURES PROGRAM 
Co-ed 8-13 » Co-ed 14-15 


IrdviduiHztij mention tor HM&ners n a 
peaceful farm-Hka smm Enjoy Fine Arts. 

Sports. Dance. Theater. Huang, uama and you Canoeing. 
Animal Cart Ml Bltung. Tennis. Hopes 
Cora Tops and more m a creative com 


From our base camp, we explore me Mame 
Nad Park, kayaking and mere vcm Quebec 


ten VaBey . 
Rafting. Mi 


Biking at Acatfla 


rngsi 

mundy on 300 acres with pool & pn- 
vme lake Unque. modern faculties 


ACA 

. ft®* 

C Faxr207- 


tCAacaaaeed Engfsn language lessons. Healthy dM. 27th year 4 S B week 
MecKassen. Oretfors, Woden VaBey Camp, Fraatom. ME 04B41. Pnone. arr 
207-340-5685 wwwJTttdenvaHeycampxom emmtftvcgmddwnraBeytampjoin J 


Cffy and oeer&y oronneot parts 
with a smas group of teens 
anc experienced staff. 


SB weeks 

304177 



OUTSTANDING 
RIDING PROGRAM 

32 Horses ‘Famt 
Friendy Mature Staff 
wademessi Canoe Trips 
SaSing* Full Sports* 93rd Year 
EngfcnTWoring*HorsaShow! 

Ghtoffoys 7-16 4orBawta 

Jade & Sadi Swan 
203-775-9855 • 203-740-7984 far 
Box SOI, Brookfield. CT. 0680* 


Friends Camp 
South China. Maine 

f ul if TTneHrn'Iel $SIM 0 f» 2 w«ki 
Unique BsocanpviMvc ee«p pngm 
ApsT-17. Qontar i nut-fr y Wfc 
eralM, ifcnau. aper*. »aur actfrUca, rod 


CbBdroi ef all Cri ifaa and raeta 
Son Morrta, Dnrfer 
PA Bos St 

tV.-Mro.Hl tmsUSA 
(2*7) VZWV7S 
nnsOl MThanUJIK 



I !M Roi.KJIIu. Uka C m* 

4 


TetFaa 

{9141793-1303 


met tui t hutwl 

ARMS TWUKttB MEET 
THE ULTIMA TE CAMP EXPERIENCE 

LinMaa tfcfe ■> lUake pnnn.ni * * 

m mo. tmm. rwasaacaann a of 
urx esTBMt unnm toner UK 
n Aaa Ww n me— In *1 Ini, 
fc.im at— IHh. »- »■ ibto| 



CAMPBOURNEDALE 

59 th YEAR FOR 
BOYS 7-15 
PLYMOUTH. MASS. 
ON C4PE COD 

ACTIVE, SXOWiG PttOCRAM 


• LigWcd Tennis & Basketbal Courts 

• Lighted BaBfiekis ■ Computers * Golf 

■ Trips to Martha's Vineyard & Nantucket 

• Whafe Watching • Waterskftng • Sailing 

• Windsurfing ■ Fishing • SCUBA • Rocketry 

• Indoor Gyms • Pro Soccer & Tennis Clinics 

■ ice Hockey, Roller Hockey & Rodarb lading 

AflNEGERSON 1U 508488-2634 Rn f50fl| 833-51B7 
Canp Bomiedde. TIP Way Rond, Wymomii,MA(g3B) 


SUMMER STUDY 

PENN^STATE 

EARN COLLEGE CREDIT 

At The Pennsylvania State University, U.SA 
• Princeton Review SAT Prep • Unparalleled Sports & Fun 
- Exciting ‘ Big Ten" Campus • Weekend Trips To 8 Colleges 

THE TOTAL PRE-COLLECIATE EXPERIENCE '!* 

For Brochures Call 1-516-424-1000 tor Inf 1 calls, 
1-800-666-2556 :o r U.S. calls. E-mail: Summrstudy@aol.ccm 
Website: http:/Aw;vv.surrimerstudy.com'siitTi!Tiersttidy 
Students From Across .America And Around The Word! 


FIND THE RIGHT CAMP THIS SUMMER 


Personalized Guidance & Referrals to 
the Finest Sleepaway Camps Worldwide 
General • Speciality • Academic • Travel 

Pampbtet Arailt&l e: How to Choose a Summer Gimp 
A FREE Service ol 

NATIONAL CAMP ASSOCIATION 

~A Recognized Authority on Summer Camp* 

212-645-0653 

U5.: 80fr96fvCAMP . FAX: 914-.4S+4S0I 
EMAIL: Inro^mntmcTxamp.on; 

6IO Fifth A vc - NY. NY • 10185 
IndoCy aupponnl ■ No Ittt to ny • ata 



Cl 


High-Tech 
Learning at 
its Best 


Window! 95 -* 1 1 
CADD Image 
Sports CfiRfcs 


Computer-Ed High-Tech Camps 
In Boston and San Francisco 

Internet & World Wide Web -* Build & Repair a PC 
Networking -IS RC Car* -IS Computer Arts A Graphics 
Processing ■* An fruition J t‘ Video Radio Recreation 

Tennis Lax eon* and Morel 


Call 1-617-933-7681 H “ca%s 

F 3X 1 - 617 - 933-3075 Trade Center Park 

Email: carr.p@computered.com 100 Sylvan Rd. 
URL: ivww.conipulered.com Woburn, MA OlSOl 


xned-o-lark 

30th par as ahen mfr e ACA tamp. 
Aits, dance, theater theme*, 
tessoos, hataes & Samas, 
culmaiyaiUL 


COED 11 TO 16 

YV,i5bin£Ton, Maine 


Uur warm comnumiy spun makes 
a «dcDme place far new canmcis. 
4. 6. 8 weeks. Tufeioa. S2.~Wmo. 

For brochure & video: 

J. Stager, U-aatnyK® ttafae 04S74 
&tnafl - -medaMAacadb. net 

*u 207-»846tt 
tatt^ggacdBhtkgn 


The Best little 
Camp in 
Massachusetts 


Camp Half Moon 

Over 25 activities on land & nan. 
Safe, sinewed, frimlv environment. 
Boys & girls 6-15. hhtlivc Program. 
Manor Staff. MCA Accredited. Riding. 
Team Sports. Ant. Tennis. Sailing. 
GytnnsUKs.Waterekiim. Swimming 
Overnight Camping and much ntiac. 
Brochure & Video on Request 
413 528 0920/Fax 4 13-5 2S -0941 
Bat llllt. CL RmTtnaon. MA 01230 






PACE 2 

pa<;e i» 


nnnri 



PAGE 4 


INTERNATIONAL HERALDTRIBIJNE, FRIDAY, FHBRUAK5L21-. 1991 . 

INTERNATIONAL HERALD TRIBUNE, SAIURDAT-SUNDAX, FEBRUARY 22-23, 1997 




Rebels Slow Offensive 
In Zaire as Talks Stall 

Guerrilla Leader Insists Mobutu Meet Him 


C. t^drJ N Ow Suff Fnwii Daprkkn 


CAPETOWN — South African and 
American officials pursued a diplo- 
matic effort Friday to end Zaire's civil 
war as rebels in fee east of die county 


said they were scaling down their ol 
fensive in light of negotiations. 

The Zairian government and rebel 
representatives did not meet, how- 
ever. and sources close to die ne- 
gotiations said progress was slow. 

“Things are happening, but if any- 
body is going to say anything it should 
be the Zairians, and I don't think that 
will be before very early next week," 
one African source said. 

Hie rebel leader. Laurent Kabila, 
who was to attend the talks, sent a 
negotiator instead. A spokesman for 
Mr. Kabila said the guerrilla leader 
was ready for talks in this South Af- 
rican port city, but only if the Zairian 
government team was mandated to 
cut a deal with the rebels. 

This latest peace initiative, which 
was continuing under a news black- 
out. is part of a concerted African. 
.American and European bid to end 
fighting that has plunged Zaire — an 
unstable country of 46 million people 
— into chaos, scattered hundreds of 
thousands of refugees and threatened 
to destabilize several of the nine states 
on its borders. 

The talks marked the first contact 
between the rebels and the Zairian 
authorities since the mainly Tutsi 
rebels, who claim to control about 20 
percent of the country, began their 
insurgency last October. 

Deo Bugera, a spokesman for Mr. 
Kabila, said in the rebel-held town of 


Gotna that Mr. Kabila was “very 
much in favor of negotiation, but not 
with people who are not mandated to 
make a decision." 

He said Mr. Kabila had refused to 
go to Cape Town because Marshall 
Mobutu sent an envoy instead of 
showing up himself. Mr. Kabila left 
open the possibility of making the 
trip, perhaps over the weekend. 

Mr. Kabila's absence appeared to 
lake some of die steam out of the 
effort, A South African Foreign .Min- 
istry official characterized the initial 
meetings Thursday as “talks about 
talks." while another official. Rusty 
Evans, the foreign affairs director, 
said, “What’s important here is that 


Dmi OaahAiafoc AtaxUud Fim ' 

An 8-year-old Hutu refugee from Rwanda who is suffering from 
malnutrition at the Tingi Tingi camp in Zaire. The camp is caught 
between mainly Tntsi rebels and forces of the Zairian government 


there should be this first step." 

Still, the presence of N'Gbanda 


Nzambo-ko-Atumha on die Zairian 
government side, who is Marshal 
Mobutu's nephew and security ad- 
viser, signaled a turnabout in Kin- 
shasa’s persistent rejection of nego- 
tiations with the rebel movement. 


which Marshal Mobutu’s government 
has accused of being backed by 


Rwanda. Burundi and Uganda. 

The rebel war broke out in October 
when members of the Zairian Tutsi 
ethnic group, aided by Rwanda’s Tut- 
si-dominated military, responded to 
government threats of expulsion by 
taking up arms and seizing several 
eastern border towns. 

After retreating in the first weeks of 
the war. Marshal Mobutu’s forces 
now reportedly are being trained by 
hundreds of European mercenaries. 
Diplomats and aid workers have said 
the rebels are fighting with the help of 


Rwandan and Ugandan soldiers, 
which Rwanda, and Uganda deny. 

The confusion over peace efforts 
for Zaire appeared rooted in a split in 
Marshal Mobutu's government over 
whether to negotiate or right, and an 
unwillingness on both sides to be seen 
as softening on previous conditions 
for negotiations. 

Mr. Bugera on Friday ruled out an 
imminent rebel attack on the major 
town of Kisangani, the easternmost 
base of Zairian troops and a hub for 
relief activities for several hundred 
thousand Rwandan refugees. 

“War has been relegated to second 
position and negotiations are now the 
priority," he said. 

When news broke in Kisangani that 
the town was not targeted for im- 
minent attack, the reaction was one of 
cautious welcome. 

“Of course we’re happy.” a trader 
said. “Talks are accessary. But will 
our government eventually agree to 


negotiate? That seems unlikely. And 
then Kisangani will become a target 
for the rebels again.' * 

Tens of thousands of people have 
fled Kisangari over fee past few weeks, 


many by boat on the Zaire River. 
“Kabils 


la can come here, we don’t 
care, but we don’t want blood spilled," 
said one resident. “We're fed up with 
shortages and the soldiers." 

Marshal Mobutu, meantime, was 
due back Friday in southern France. 

French officials said his private 
plane was expected to stay in southern 
France for four days. 

It was not clear whether be planned 
to use the opportunity to consult other 
African leaders as he has done during 
previous visits to France . 

Marshal Mobutu, who underwent 
surgery for prostate cancer in Switzer- 
land in August and convalesced at his 
French residence, spent three weeks in 
Ranee last mouth for medical 
tests. (AFP, WP, AP. Reuters) 


Hostilities Escalate 
At Ihai-Burmese Border 




: n (f fit 

it/if r 


|vi- 


BANGKOK — Thai and Burmese troops 
have exchanged artillery fire along bor- 
der, escalating tensions as Burma wages a 
major offensive against ethnic Karen 
rebels. 

The Karen National Union sard Burmese 
troops were using attack helico pters to sup- 
port their rapid advance into Karen strong- 
holds in an effort to crush Burma s oldest 

rebellion. • . - 

Thai officials, speaking on condition or 
anonymity, said hundreds of Burmese sol- 
diers exchanged gunfire with Thai police 
and shelled them Thursday when they met 
along fee border. (&*•, 


P °While many Western rSSXSSl 
^ • ^ — 1 human ri SSs record and sup- 


SSSSEU»5£s» 

suppoitetUhe integration of Burma into fee 

jntArflqrirgial community- ' 


inuauuuuiMu — j 

McmUaRemmps Defense 

« .uill MMrl 


India Will Test Missile 


NEW DELHI —India will test a missile 
Sunday feat has set off a war of words with 
■ the United States, defense officials said 
Friday. 

They said the surface-to-surface Frifevr 
missile would be launched from a test range 

in fee eastern state of Orissa into fee Bay of 
Bengal. The Prithvi, which has yet to be- 
come fully operational, has been tested IS 
time s since 1982. 

Was hing ton has urged India not to deploy 
the Prithvi, saying its production could start 
an arms race in southern Asia. Pakistan, 
with which India has fought three wars, has 
sign voiced fears over fee missile. (AFP) 


MANILA— The Philippines will spend 
about $2 billion over fee next five yearn to 
modernize is' defense forces with more 
fighter planes and patrol ships. Defense 
Secretary Renato de Villasaid. 

' The five-year weapons acquisition plan 
is the first phase of a 15-year program 
during which fee country will spend up to 
$12 billion. General de Villa sard 

Thursday. . , . 

“We are initially looking at buying 3o 
planes, but in fee first phase we will go for 
18," General de Villa said. “For. the navy, 
we want a fleet consisting of patrol 
craft and offshore patrol vessels." (Reuters) 


New Party in Algeria 


Suharto Visits Rangoon 


BANGKOK — President Suharto of In- 
donesia, one of die strongest international 
supporters of Burma’s military govern- 
ment, was greeted by a 21-gun salute in 
Rangoon on Friday morning for hisfrrst trip 
to Burma since 1974. 

General Than Shwe. fee president and 


PARIS — A close ally of President 
T inmine Zeroual of Algeria announced Fri- 
day fee creation of a political party, before 
fee ejections planned this year that fee 
authorities have described as a way to end 
fee violence fear has claimed the lives of 
about 60,000 people. 

Abdelkader Bensalah, president of the 
unelected Parliament, said fee new party, 
fee National Democratic Rally, was a mes- 
sage of hope and peace and would be open 
to all. Its formation follows the murder last 
month of a powerful trade union boss, Ab- 
delhak Benhamouda, who had planned to 
step down and form a party expected to 
back Mr. Zeroual. (Reuters) 


INTERNATIONAL CLASSIFIED 


Old German 

ROYAL HOUSE 


is offering a financially sound 
personality the opportunity 
to ob tain a title of 


NOBILITY 


Serious inquiries only in 
the private secretary. 
Fax: + Ml) 1-371.71.08 
P.O. Box 224 

CH-8056 Zurich/S witzeriand 


Autos Tax Free 


nm TAX-BEE used 
ALL LEADING BAKES 
Sara day ragtaaon posable 
ftnembto op (a 5 yeas 
Ws also regtter can mBi 
{rapiwfl foreign pax-bee) peaces 


ICZKOVTTS 

Alfred Easier SM 10. OWQ27 Zurich 
T* 011202 76 10. Fax 01/202 76 30 


FRIENDSHIPS 


00 


Edith Brigitta 
Fahrenkrog 


The lOTiSMTKmi P.unNEfcgnr ACEvrr In Europe 


Frankfurt 
Paris 
New York 


SotKD 

lMHWHUL 

CONFIDEVTUL 


Matchkg The Right Partnbis Is My Business. 
Personal Individual assistance Is My Ssmce. 
Contdcnce is My Highest Pwortty. 

Head Office: Frankfurt, dau 3 . 7p.m. 

^OJfeBMJflmwr/MAW. EutB«HCJisni 51. Germany 
Tel: ♦ -J« - W - -13 1179 • Fax: +49-69-43 2066 

Paris Office: mon - fw 9 aj*. - e pal 

Pams 75008. 72 riv DU Faubourg-St-HonorE 
TEL: +33- 1 •4007 86 87. Fak + 33-1-40 07 80 40 

U.S.A. Office: New York, nv»-fh 9*^.4^ ] 

New Yuul NY 10019. 730 Fifth Avenue. 9ih iuk* 
TkuiI>2I2. 333 -8785 . Fax: (1)212 - 333 - 8720 
Personal Apywtments An Also Possible In: 
ROME - VIENNA - LONDON 
IDS ANGELES - SINGAPORE - HONG-KONG 


O ITALIAN MAN WITH GREAT CHARM. . . 

W 1 W HE IS BASED IN ITALY. COTE D’AZUR AND OTHER EUROPEAN 
CWMRIES A MEDITERRANEAN TYPE. DARK HAIRED. ATHLETIC AND 
MASCTTlVt - A HANDSOME LAT1N-LOOK1NG MAN - DYNAMIC AND ACTIVE 
"TTII CiREAT SIN ST r)T HUMOR. OENEROUS AND WONDERFULLY ROMANTIC HE 
W vs UHVATED IN ITALY iL'NIV DEGREE) AND HIS PROFESSIONAL CAREER IS 
VERY SlKTtSSR'L • EXECUTIVE IN ONE OF THE BIGGEST MULTINATIONAL 
COMPANIES HE LOVES TO PRACTICE SPORTS; BASKETBALL. SKIING, 
WATERS?) >RTS AND ALSO LIKES TO DISCOVER by TRAVELLING ALL OVER THE 
WURI D NEW TL-ATVS FULL OF HISTORY AND CULTURE. SOW HE REALLY WANTS 
TO pi THIS FRIV VIE UTT; IN THE FIRST POSITION WITH THE RIGHT WOMAN AT 

ins sinr. 


O A CLASSY, GRACEFUL AND FEMININE BEAUTY. . . 

■AN LNC1 IAMT1NG WOMAN IN HER YOUNG 30'S WITH A FEMININE AND 
LLTC \NT APPI ARANCE AND WONDERFULLY LONG BLONDE HAIR. SHE 
15 VEKY OPtN-VINDLD AND UNCOMPLICATED WITH A VIVACIOUS 
rcWINALm THIS SOPHISTIC MID LADY’ HAS AN EXCELLENT BACKGROUND 
i UNIT Dl. C.RH.S i SHE IS TENDER. WARM AND VERY ROMANTIC THIS 
COSMOPOLITAN L\I>\ PRbtl KS TO LIVE IN SOUTHERN tUROPE OR WARMER 
O.IMATTA SllL LUVES TIIL SUN. SLA .AND SPORTS ACTIVITIES. GOLF AND 
FLYING )PILOr5 LKENCEl THIS CHARMING WOMAN CAN LIVE .ANYWHERE 
WITH HIT RIGHT P \R TVER 


O EUROPEAN INDUSTRIALIST . . . 

CDTL n AZIIR - SWrrZLRI-VND - WEST FLORIDA A MAN OF THE WORLD 
IN Ills MI’S AT HIS BEST. I .SO AN INTL SUCCESSFUL OWNER AND 
mrSlPCNT I* ms WORLDWIDE COMPANIES A REAL GENTLEMAN WITH GREAT 
lKARISMY AND CHARMING TEMPERAMENT A TYPICAL 5tEtHTERRAN'EAN 
APPEARANCE. M VSCl’l JNT. AND VERY ELEGANT. HE IS INTERESTED I N MANY’ 
KINDS OF SPORTS. CULTURAL tVENTS AND HUMANITARIAN PROJECTS, WITH AN 
lACCLLtNr BACKGROUND AND MARVELLOUS RESIDENCES IN EUROPE AND 
THE 1 1 -N \ CLXLKOl'S AND STRUNG PERSON ALXTY WHO WISHES TO OFFER THE 
PEST DF r\LKY THING ’107711: WOMAN AT HQ SIDE. 


PLEASE CALL! 


25 YRS0CEAHWDE MOTORS 

■crtRwle suW aid shipping of AUDI 
Mercedes, BMW. Pasta. Cal Germany 
+492U-434848 or fax 211-5*5 2120 


ATX tfOHLDWIBE TAX FRS CARS. 
Expat + sfoppng f rarisraficr cf new & 
used care. ATX KV. Temridda 40. 2930 
BrassehaaL Bttaun. Ptiona: +32 a 
6455002. Fax -32 3 8457109. ATK. 
sines 1959 


Auto Shipping 


SAVE on CAR SMPPffG. AUESCQ, 
Krftbestr 2, Antwerp Belgian To/Frarn 
US, Mica. Reader Roflo saBng. Free 
hotel T* 3202314239 Fax 232-6353 


Announcements 


Attention visitors 
from the U.S! 


If you enjoy reading the IHT 
when you trawl, why not 
afeo get i al tone? 
Sameday defray avaiabie 
h tey U.S. cfees 
Can ( 1 ) 

mwY«R 


(to New York cafl.212 752 3680] 

literal b unc 


iwc Bgag o*inr MjgHg 


BAREJJE AS 24 

AU 22 FEVRER 1987 
Pia Hoc TVA bi (fovisB locale 
(tnduclon dsparltda or demande) 
Renatas las baremas artBrieua 


FRANCE (zona q an FBI - TVA 2Qj% 
GQ 331 FOO*: 2^8 

SC97-. 5.46 SCSP: 5£7 


UK Ui£/I - TVA 17,5% (tod 6%) 

GO: 03363 F00*; 03476 


AUEMAGJC (an I) DIM - TVA 15% 


ZONEf-G: 
GO: 1A9 

ZONE « - 1 : 
6C. 1D6 

ZONE B-F: 

SCSP: 

1.42 

GO. IjK 
ZOeiV-F: 

9SP 

1,40 

SCSP: m 
ZONE IV- G: 



GO: 1JQ7 

Rtt 

Q£1 

BaaOUEenFSI 

■TVA 21% 


GO 22,40 

FDD: 

10AB 

SOT: 33J9 

SOS’: 

31.49 


HOllANDE (XoneS) MG/I - TVA 175% 
GO: 1^65 


LUXEMBOURG en LUR1 - TVA 15% 
GO 2000 


ESPAOE (zone A) an FTASf-TVA 16% 
GO 83^7 

SOT: 102.41 SCSP; 10128 


FSLWG km? ■ haviu prebtams? SOS 
HH.P crtsto4ne In EngRsKa. 3 p.m - 
11pm. Tat PBril (01) <7 23 BO BO 


Legal Services 


DWCRCE H»T CSmFBJ 
Cal or Fax (714) 96836SS. Wrtar 187B7 
Saadi BM. 1137. Hirtngtr Beach. CA 
92648 USA- paid - wform8)uoxom 


ILS. UKRATm te yoir quetSona 
lo avert W mi*nA on D.0 ADomay his 
F. Satgaib^VT SGaorgaforei Lan) wdi 
15 yis.+ 1 


DIVORCE IN 1 DAY. No travel me 
Box 377. Sutnay. HA 01776 USA. Tat 
5D6M4383B7, Fare 5Q8M4&0183. 


Collectibles 


GEORG JENSa SR.VBI I 
conerblB set of CARAVB. dastawl by 
Hnvn Koppel, 154 piecai USS15300 
net indudmq orirenal Ixs frea 1950s. 
Contaci DANBORG, COPBIHAGBL 
Phona 445 3332S364, to +45 3332103B 


Colleges & Universities 


EARN UNTVQtSHY degrees utttoig 
vrorii, [ft & academic experien ce . Fa 
onfoelai A Wtau M ftB fawanl resume 
Ik Padfo Souten Uriwot^. 9581 W. 
Pica BM.. Oflpl 121 Los Angeto, CA 

goes usa 


VALID COLLEGE DEGREES Licsmd 
Accredited. Al subjects. Hone Study. 
FAX: 319*54-8335. Bax 2804. lam 
Qy. IA 5 2244 USA E4M 
aiwwMMbtodcan 


Business Opportunities 


LENDMGIOANS FWWIG BANK 
Ttadfog, nmttig. d fopotoft debt free, 
sal Iquidaang ban (LGJ + Fvxfng as- 
etWrart bald + be* fees raguesfot?. 
Fax (+90) 212281/435. 


tod PASSPORTS / Driving LfoanoK I 
OegreesA^madaoe Pasq»rtal5ecre( 
Bank Accounts. GM, Pti. Bax 70302, 
Athena 16810. Graaca. Fax 8952152, 
htfpjlWwvgUbaMnnejuxim 


OFFSHORE 00MPAMES. For toe bre- 
chue or aWca Tat London 44 1B1 741 
1224 Fu: 44 1S1 748 6S&B33a 
wwwjpptatauajjk 


FRIENDSHIPS 


/= HUSBAIND-COMPANIOIV-FRIEWD 

A Professorial and Financial 


illy established Cosmopolitan gentleman 
relationship by a professional woman liv- 
genrieman with a aood sense of humor, logical, fun, 
has common sense and who enjoys Diking, walking, cooking, music, 
theater, shopping, entertaining travel is young in his thinking and can 


49+ sought for a permanent 
ing in Italy. I seek a 


keep up with me. If vou are seeking an attractive woman, who is ha- 
own person, enjoys all the above activities, quiet lime, possesses a streak 
of creativity, and j desire to learn to ski contact me at 39-81 -524-4783 


Friendships 


BEAUTIFUL FRENCH TOP HO DEL 
seeks reanensfsp wtn successful man 
rec was m USA. Tat +33 (0)142671962 


ASIAN LADES 
ICE BREAKERS, 546 


Defsfis: 
fa, 10-03 


Far EM Staton Or, Stagnxxe 0923 
Tat 66-732 6745. Fk 65-235 3780, 


hRp^tonx.gsraugiicetHsdsre. 


GREEK MAN FSAimxr^hJeperv- 


tern, 51, 5V t* 180 1», bfond I . 
new married before, anfoys ansfc, 
dancing, reldng, anfanfogA [ton an- 
vtaxmanL aaefes tri lady 21-39 aft hi 
tore tor taeptaMy fo Greece A oavetog 
bgatto. Atay be a sarins reWbnsftp 6 
maniBM. Low lo «M yoir photo A ton 
jar phone renter. P. Swreu, 39, Ato 
ou Staet GR - 145 86 Dfon«re Adv 
Bos, Greece. Tat + 301 ■ B11102 


REAL LADY, DEAU7VU. 36 yam Oht 
InteOgare, looking lor wel eetabiaM 
man. Fax *33 (of 1 45 00 55 42. 


YOUNG LADES YWRLDWTDE orek 
fnareSSfematet Oatals and 400 phatoe 
f reel I6MES. Box 11066QE, 0-10838 
BERUN. FAX +4M6S13316 


r 


WORLDWIDE ELITE. 


the sophisticated introduction «. 


gabrie/e thiers-bense MARRIAGE MEDIATION 

:*to the best in international society 


maim* '’fint-ckus* wom«L who by descent & 
iondsra are exdufedy found within theprivieged 
ws ptoeried l dfficu# to apptxxxb) - SFE LOOIS 


_ (NGBtMANY* 

ONE OF OUR MOST BEAUTIFUL WOMEN! 

SHE JUSnUtNEO 40, she is 57' taB, sEm & one of those i 
bcoutifaf, su par-fer ngiine ' 
rtemdiand prafessunafisni 
dries of sodey loUay* pro 

US A BEWnCwfS HfelYWOOD^ODOESS ouf effhe farieu 
capriees!) - Fa- more she wB dbono & win you with over 
womtfh, Inuf & prience - quotes which ore not necessariy r _ 
hffl CM&ss, tf home^ nw ye & As 

H jori Oi^lrianitd as 

to Th« swueftr spues m mJ 1 1 shook! you S880U&Y SBH A WE, 
mmjroshcddncdmbAeseatinxrdincsydxmsI 



CUinVAIH) "BOGUSH COUNTRY-UFT 
WITH AN BMCHANI1NG BRITISH LADY! 

SHE APPEARS TO BE 28 aUwugh 36/5*9* taS, dander, very refined & 
1 * by desemt from a tioditKcd meded doctors 

’ hw rokjohore era deorfy homonHorian sod bsr persomri 
'' mvrivwrenb jus! as passionate! - Her remarkable dv2- 
: is as rmpressiYe as her eaUssm & Wftifiw axede, she 



Bring muhSogod rod on 

ofer * ' — 

dso 



es cSstindly on ber skAShn rod ‘rtraien! 
advatroxs cosnopofitan sfii chHess, she 
i ibomeys bo! ■ es cm fcgKi croservrfw ■ 


of course enjoys admit pomp huf • es an fiigKi ceMnrira' 
hones, horie-riiog, the wty lyptcri EngBsh way of 


vast nature, remriSc uuduus, dwoyj animds, d o s swd 
"crith«*d normafiy'i 


nusk& 
seeks m 
corng far yours • ONLT FOR 


Exclusively for you... 

Personaly nice 1975 

TeL +49 -89 -649-2205 
Fax; +49 - 89 - 649-2224 

Daly 10-19 hre. * Germany * 82031 Munkh^riiiiwqld * Ot to H eihniain - S*r. 5 ■ By op poinlBW Bf 

Represented in Paris ... B^lin _ the USA Singapore — . Melbourne 


a! fe best -She 
awn dddren bat IdnAjr 



CtawiSa PQsctwhKiws 

contacts among tbe moS 


. T . _ r r aworidwide 

pwsoraSfes of the top d sooriy, tf» buaness aits and i 

Fora adtund EngEsh/Amerkan (or m u lt in ationa i Europea n) man up to 6Qs/70s 


Inis. 


Adtveferito 
on a worldwide atoe 


QuUhu, fhgriarlyoRracfivo and graceful lady h her40s/168 

(Type.^ IWjT) Etopan ererepeneur’s wtoa (tarn sefaaades). xcustomedtosocal 
rttgato&ln»(ftsatonxKatosmtcandsto(s8to^nafo>BBnrnA{ltoreto«iro- 
ifie da^jhtE d ife on a anal couoy estoe as a wefcane stange ton o*to erenfe, and 
sooai cWga fta^ tat ya n m aa iwlnesa nanttaa and b fterefaq etadutriy tea aid 

independent A txeatsaiinBwwi tob a very speortctanvpdatosnx reeiaUj ielaucii,- 
a de%«uy femme wmen. wamibea*0 and to tf lendsmess -sns « jwr wyn*g 
wanaiJDofong fa +W. a -rai of status and maracar lor toon die can raw retpo; - he 
may tatoxe par be op a i* TQsfcW S» ccdd more to wherever he Bibs to he - dady 
to da USAfor goed, brtfl* also Ms at name n Sweatand and tOf. OocaBus. 


Estoemed. 


BereriU, Ch3den 


•toid fben— 

American in her mot, ( d amaged n 
- an riessaty dvmin^ WgWy cuhsad. rebre. m wonderUy "toal nDrwn»«iaiiwyengBt*ig 
way abto her. belonging to W most select cW«ritf»wefaotena*ab8fWS»xene& (my 
rid^. a house ti Geneva, si tame in New York as Ml as in Paris, reddoica h Cdtoofe: (Mend of 
tie ntog aristocracy)- seate IdT (AmerictoBafeaFreKMbton) of ecrrwpon*B sfondidB; trie 
■anti to stond at res MUe. bar partfcutsr Mares is rxri money (ate has pit her owi), but Ns 
refneiBt tes ntegny, Its peoonaly- You ■* W in ber nor orW t» women to mete you happy, 
(toon tata bare noting to be dna«4, but - i you Wfi -efeo abdy toa^iponyou as a peitrerh 


bums maan(BE a feu^er). and s s most presentable partis'ti octal I 


PrhrM 1 W RWWII wdaHyfrtjni3tD7pjn,Blso S aSun ( except WOdnwtey} 

Prindpat branch offco Europe- FTmkfuit Us. Hoffmann T (0049) 63X4277 154 or (0049) 511-325834 and central Fax 0624VS7S113 


IRISH OFFSHORE COMPANIES £145 
(bee/ for Visa Cants ate. Ftoc 
+35341-388921 E-Uft btoncMidto 


WE SELL DISCOUNTED currents. 
Mandated igants only. Far 
+3582-57-71-77. 


Business Services 


fallback 

Offers 

Lowest Rates 
Ever! 


i areetor wings on 
cue. Benefit from the 


Enjoy even 
MBmaUonal 
same kw tafes 24-hcmre a day. Wa 
seaae the deerest end mod rabble 
Ims. Use Kalmek from home, work 
a Mels and sew. 


CaS no* end ore more todayl 


Tel 1-206-284-8600 


Fax 1-206-282-6666 
Lines open at hoos. 
Again inqdws wefoato 


^ 5 Ibacli 


417 Second Awrw Wed 
Seats* WA 96119 LS4 


Lowest Inf! 


Telephone Rates! 

CM The USA Rw 

Gfemany RL33 

UK 025 

FattoB J0S2 


Sndm 
Said Arabia 


-5(136 


JA2S 


Call Fw AS Rato 
aglLCo—iMan 


JOBS 


KaHMart 

Tel: 1-407-777-4222 Ft* 1-407-777-6411 
Mfojfljpncomtafcart 


UDOaUN USA- For d yoor needt 
Over USSi nrittoo deals only. 
3058BMM40 or fax 305882-1144 


OFFICE M LONDON 
Bond Stnsd • Ud, Phone, Fax, Tete 
Tat 44 171 489 9182 fin 17J 488 7517 


Business Travel 


ltoBoebanCtMa Frareonr Treretea 
Wattwfe. Up to 50% oft. No capos, 
’ no restrictions. Imperial Canada Tat 
1-51*341-7227 Far 1-514-341-7998. 
e-mtf attest: lmpBrialUtogfn.net 
hapJ e raJ oghjet / tape ri a i 


Financial Services 


QHI LTD. Ambitious Entrepreneua 
botog n sUs&rtUy riosase t» nri 
worth tfooogfr tie ec q w tt ai of ortf. 
Cal now (49) 9W9001194 


Serviced Offices 


YOUR 0RKE M ITALY 9i 
flBBSHEDi 
nSSTKOUS ADDRESS. 

Tafe 38246712278 Etoc 38448013233 
Wo ate WHW rwrtittwnriwwU 


Employment 


Employment Services 


WORK ABROAD? 
look to Mamet; 
tqdtaauolJ&ftiarelHftpn 


Beal Estate 
for Rent 

GOING ONCE. 
TWICE, SOLD!!! 

INTERNATIONAL 
ART i 

EXHIBITIONS 
AUCTION SALES' 
COLLECTOR'S 
GUIDES 

CV SATURDAY’S 

■ INTERNATIONAL 
HERALD TRIBUNE 

TODAY PAGE 8 


French Riviera 

ST.7R0PQ REGKW fCftCXX VAUBQ 
Spados homa etoensire gnixte 

dose to beaches. Lane swreitig pool 
Sfoeps am. M ay FF10.000 par week 
June S Sepleoto FF15.000 per week. 
July & Autto FT20AQ0 per week. . 
GaB UJC44 171 221 8515 


Real Estate Wanted/Exchange 

International 
Herald Tribune 
ads work 

WHttBk M PJMSWABMSah or 7tb • 
air. 1 bedroom apartment to im Or 
oohenga tar cama in Saatfa, WaaHng- 
fon far 34 months. Mud be li ftar or 
hew atawtor. Very wspons&te petty. ’ 
Tat C20Q 527-8710 USA. 

1 

TO PLACE AN AD 
BA THE 

malhXMnbunt 

Contact the Paris office: 

XeLt (SS-1) 41 43 9S 85 - fax: <8*-l) 41 43 98 TO 

E-mail: da«nfied@ihtxocn 


I NANNIES & DOMESTICS A 



^Imperial jhaivivies'] 


(ismsH NAionES covewsseSi 
BABY MUSSES 

FasuuBr •eOai tof$Ar nncrfrnrai and ■ 
prefownal «h ntateil irinmts 
AVAILABLE NOW 
Open Monday - Saturday 
Uiephont Sv^Jme KtmSuB on 
Twh+4A T71 581 1331 
Fox; +44 T71 5S1 3078 

^^^h^TEF^iA-noNAL Nannies 
_ . Est 1932 

TO*» AOttMGY R» RELIABLE 
& EXPERIENCED, NANNIES. 
MatchnoyN UHS ES , 
Mother Helpers 
Cedi Mrs Angela Greene 

- 




Monroe Nannies 

KNOVB MTBWATnUUJ FCR TIE VERT EOT 

NANttijESMATEHNITY NORSES 
GOVBMESSEWOTHEm ISLPS 

mi’sss 

a wry pratexskmri & caring service 
Ffoass connct Nathalie Sanndn 
TH: (44 171)40} OSH FAX: |44 171) 8294ICS 
. 34 BROOK 8T^ BATFAIR, UHDDN. W1 A ’ 


STAFFo/ DISTINCTION | 



Domestic Positions Available 

IJjfjj] 

QOVSVBSmfed 

prrier hfeWUK. warn & caring mature 
woman. Ud m. Prevtaus expenence 

wSi refestns ctftteo esserfci. prefortiJiy 
h edxabon. Driving fcatsa Wling a 
rekxate & bawl vrttan necassanr. 2 
adaratto boys, agad B S 4. AUb id atari 
HUKSately 

Send tto data A photo to Ms 14 
Uduati, P. O. fax S3633, Om'UAE 

SAN »ks |ob m Pariafouburlw in 
tausahotf, sptos EngSsh / RhxA Can 
oak. drive, don. TbI: 01 39 93 48 52, 

AO PARAS SOON AS P0SS8LE for 
foeneft Northern Caftwia tairiy. CIA- 
*w 5,3*9 rrerths. Noietnoker, wry 
responaUe Roc 9J&48M605 Itsrt. 

WESTlIWSIER NANNES 

INTERNATIONAL 
Brifidi trained names, GwameESBS & 
baby nwsas aortabfe for WtriJ wide 
Iftcemtoa. Top quafiy service & 

_ aftorara. No tegstradon foe. 

Tel: 1* 1275 876062 Fa* 1275 340152 

Domestic Positions Wanted 

BHTBt GBIT SITS EUROPEAN Paas- 
toL US tad, Ertosh, Fran*, taTen 
sjwfcen. Gotmei did. am conptAer 
ftffls. abla anj efcw to kavel Ti 
*ta m 2J3WW0 USA 

RWESne SOLUTIONS AGENCY 
Ite spsdsfisa for Bute. QaAos. 
ConteoN, CooWHouselaapas, 

Coupes & Security sag 
Tel 44-171^8 33SMm 17H8S 4966 

MTIffl, VALET, CHAFFBIR, Engfeh 
. 44jeareoe«eeteposaiL to years 0- 
Pjwnee. Can ion Sanaa Tat: 0181 
957 3020 FaK 0181 99! 25S 

SSMCHPORIUGUBE COWLE, 3ffe, 
arexa, atota rBfowxaa. naSigto. 
seeks otodang jtfc to pante esEig n 
sotod Prana. T£ +33 (1^493899831. 

UK « JWERSEAS AU PAIR AGENCY * 
MMHC& HOTMERS IfiPS. d Sre« 
London W1R 7HF. 

Tet 171 494 29a Fax 171 494 2922 


'0\^ lhlU ' h 




■s: 



1 Ci 


Ife; 

! L 




, -Mi. 


N 


i 3 


k- 


Vou’ 

: 

fieri 

L-'.nf»c 




: i 

- 1, , "' ■ : 


i!- ’ ’’ ’ 


■c- 







a 


PAGE 5 





y\ 

' ’P-ai 



v '‘;Mnu>t) 

un 

v.uwiav ' 

•••'iii lit* 
i !!»!' 

• "’I Rim* 


.. -.1- r*. 




EVTERNATIONAL HERALD TRIBUNE, SATUim^Y-SUNDAY, FEBRUARY 22-23, 1997 


Peeping at People in Amsterdam 

Electronic Eyes Invade Red-Light and Other Districts 


r «aWH4.';.^^.'.yvw|f ’ • “ 

B I fife- 


By Mariise Simons 

New York Timet Seri cc 


AMSTERDAM — Men of all ages 
come to Amsterdam’s lively red-light 
district to ogle women in minute outfits 
who display their bodies in shop win- 
dows. Customers stroll back and forth 
watch or stop to make a deaL 

What few of the voyeurs at this easy- 
going flesh market know, however, is 
that they, too. are being viewed. Bar 
operators, peep-show bosses, pimps and 
their colleagues have put up surveillance 
cameras on streets and sidewalks, near 
the entrances to their establishments. 

They argue, in the manner of bank 
managers, that they need them for se- 
curity. 

Prostitution is legal in the Nether- 
lands, but the question whether these 
new video cameras are an invasion of 
privacy has become an issue of bot de- 
bate in Amsterdam. The police, pimps, 
prostitutes and town councilors have 
joined the discussion and, in a game of 
mirrors, photographers and television 
crews, have come to record the record- 
ing devices. Inspectors from the gov- 


ernment Data Protection Office, which 
investigates complaints of intrusions, 
have also arrived to survey the scene and 
have declared that they will study the 
matter. So, until further notice, die be- 
holders will be beheld, at least while 
they are outdoors. 

While these particular spy cameras 
may be in the city’s lewdest places, they 
are just a small part of the surveillance 
systems that have sneaked into the urban 
landscape. Amsterdam, with its busy 
port, drug dealers and thieves, and a 
large population packed into a small 
space, has been particularly well wired, 
some say more than most European cit- 
ies. 

Contingents of electronic eyes 
routinely follow the Amsterdammer at 
the railroad station, the supermarket, the 
swimming pool, the soccer game, the 
bank, the gym, the bar, the hospital. The 
police have recently planted radar and 
cameras to catch speeders on the ring 
road around the city. A crematory has 
even installed cameras, after a robbery 
of IS new urns in January. 

This spying craze has spread in the 
last few years as people worry about 


crime and as surveillance equipment has 
become cheaper and more diversified. 
But the laws have not kept pace with 
technology. . 

At Security Services, a large supplier 
of snooping gear, a salesman said busi- 
ness was booming and the choice of 
gadgets was “fabulous.” 

He offered infrared cameras that 
would film your doorway In the dark and 
moving cameras that sent an alarm sig- 
nal as soon as a portion of the image 
changed. 

But some critics have warned em- 
phatically against the new digital cam- 
eras that are linked to computerized data 
bases. The combination allows the user 

— say the police or a detective agency 

— to match a digital image of a face with 
records stored in a computer and provide 
immediate identification. 

The police here have not revealed 
whether they are using them. 

“Perhaps people are not bothered, 
because all this electronic gear has be- 
come so familiar,” said Anna Bakker, 
a lawyer who was drinking coffee 
in a caf£ fitted with three monitors. “We 
all use video cameras on holiday, and we 




h'*"Krun« V% \-al |n 

People walking by the Erotic Museum in Amsterdam are filmed whether they are customers or just passers-by. 


all have television screens at home." 

The acceptance of the ubiquitous 
electronic eye here is all the more sur- 
prising because the Dutch appear so 
sensitive about other types of snooping. 
There has been no national census since 
1971 because public opinion has re- 
jected such a survey as too intrusive. 

Two years ago, when the government 
initiated a campaign to bolster the em- 
ployment of ethnic minorities, many 


businesses and town halls protested or 
refused to provide the requested details 
abouL the ethnic composition of their 
work forces. 

Experts say the lack of protest is due 
to blissfiil ignorance. “The public does 
not know who is looking at all these 
camera images because it happens be- 
hind their backs.” said Ban Crouwers. 
an official of the Data Protection Office, 
which acts as an ombudsman on the use 


JUSTICE: British Men Freed KOREA! North Agrees to Join 4- Way Talks on Formally Ending the War 


$ 


I 

i! “ 

tr 




in. - 

i , 


vv 


d- 


Continued from Page 1 

on his newspaper route, he 
stumbled upon an apparent 
burglary at a farmhouse near 
the central England town of 
Stourbridge. 

Patrick Molloy, whom 
lawyers say the police tricked 
into signing a false confes- 
sion to the crime — a con- 
fession that was used to con- 
vict him and the others — was 
convicted of manslaughter 
and sentenced to 25 years. He 
died in jail in 1981 at age 57. 

Defense lawyers said Fri- 
day that tests showed that the 
confession was almost cer- 
tainly forged by one police- 
man and signed by another. 

The three freed men. smil- 
ing and punching the air, were 
immediately surrounded by 
family, friends and support- 
ers. inducting a few actors 
and reporters who had cam- 
paigned on their behalf for 
years. 

A crowd of hundreds also 
gathered to greet them on the 
steps of the High Court as 
they emerged Friday after- 
noon. The younger Mr. 
Hickey, went down to his 
knees and kissed the ground 
as he came out. 

In a news conference that 
followed their release, the 
three men said they held the 
justice system responsible for 
their experience. 

The older Mr. Hickey said 
he suffered three nervous 
breakdowns during his incar- 
ceration. 

Carl Molloy. die son of 
Patrick Molloy, said. “There 
is no victory for anybody 
here.” 

Speaking of the others who 
survived the ordeal, he added: 
“You would not call this 
justice. You can’t give those 
years back to these men.” 

Michael Mansfield, one of 
the lawyers for the men, told 
the judge the latest evidence 
demonstrating that an inves- 
tigating detective fabricated a 
false confession by Mr. Mol- 
loy was only “a small part of 
serious, substantial, and 
widespread police malprac- 
tice, involving a number of 
very high-ranking officers 
down to the lowest rank.” 

Prosecution lawyers said 
they accepted that the original 
trial was fundamentally 
flawed. 

Prosecutors had recom- 
mended at their trial that all 
three should serve 25 years in 
jail. 

Prime Minister John Major 
said Friday that he was sure 
there would be an inquiry 
“inio the original convic- 
tions” within the police 
force. 

But the wider question 
asked by relatives, judges, 
members of Parliament aid 
much of the British media Fri- 
day is why such gross errors 
keep recurring. 

The police had reopened 
the investigation eight times to 
reach the same conclusion of 
guilt despite a mounting body 
of evidence to the contrary. 

This latest case was one of 
several wrongfuMniprison- 
ment cases in Britain that date 
back from the 1970s. Many 
involved Irishmen suspected 
of Irish Republican Army at- 
tacks. 

In T989. the so-called 
Guildford Four were released 
after .their convictions were 
quashed in an IRA bombing 
that killed five people in a 
pub- . . . 

In 1991, the Birmingham 
Six were freed after serving 
16 years in jail for a 1974 pub 
bombing that killed -1 
people. It turned out they did 
not commit the crime. 

In 1992, a tax clerk was 
released after 16 years in jail 
for die murder of an 1 1 -year- 
old; he was found not guilty. 

In another case, a woman 
was freed after challenging a 
1974 conviction for murder- 
ing nine soldiers in a bombing 
near Leeds. 

A common denominator in 


all these cases appeared to be 
a hurried police investigation 
that overlooked evidence, 
pressure by the press in the 
case of terrorist acts and 
wrongful evidence. 

The average compensation 
to the victims in such cases 
could be a payment of 
£10,000 (SI 6,000) for every 
year in jail. 

In this case, the men or 
their heirs would theoretic- 
ally be entitled to roughly 
$290,000 each. 

Ann Whelan, the mother of 
Michael Hickey, who fought 
far the men’s release over 
nearly two decades, mobil- 
izing media attention rhnr 
produced a book and a tele- 
vision documentary about the 
case, said Friday that releas- 
ing them was not enough. 

“I want the police officers 
that behaved badly to go to 
prison and match year by 
year, day by day, minute by 
minute and second by second, 
what they have done” to her 
son and the others. ‘ ‘That will 
do me nicely.” 

Home Secretary Michael 
Howard said it was inevitable 
some mistakes would be 
made. 

“There is no such thing as 
an infallible system of human 
justice," he told BBC Tele- 
vision. 


Save up to 

80% 

ON ALL 

Internationa! Cali 


HEW WORLD'S RATES TO THE BJ. 



LDKSTMIES • 6 SECOND BALING 
NO HD0EN CHARGES 
IDEAL FOR HOME / OFFICE / CELLULAR 

Cai Hare at 44 171 360 5037 
Fat 44 171 360 5036 

Or cal off US. (Slice at (201) 907-5166 
Or 6 k (ant 907-5144 
MrttrtmnffienBwmrtlielB.com 
Mjtf/wnuiwiraridMuan 


EaaifflBm 


You've learned 
the news from 
Berlin, Tokyo, 
Lima. How about 
Lake Wobegon? 

Ttou too can hear the newt from 
Lake Wobegon. ’where ah the 
woman ere strong, all the men 
are good looting, and at! the 
children are above average.' 
Hear A Prairie Home Companion* 
with Garrison KeiOor on Amerira 
One, Sundays 000WMW0 (live) 
and 1200-1400 CET. Recorded 
before a Bve audience in S L Paul, 
Minnesota and cities around the 
US., this acclaimed program 
features musiq, comedy and 
/tailor's monologues about Hfe 
In America's most famous 
mythical town. Just one of the 
qua Pry, independent programs 
from NPfFand PRTyou can hear 
24 hours a day on America One, 
Astra IB Satellite, Transponder 
22. 11 J38 GHz t VH-1J, V-Pot , 
fi.irKn Suborner 7.74 MHz. You 
can also hear the show Sundays 
at 1200 CETin Geneva on WRG- 
PM 88.4 end hr Berlin on VOA 
B7.9FM. 



AMERICA ONE" 

Now you Bsten too. 

(feufl UflJ d • 4Ut $f8$£l 
l niiuiiiesmueeripiB* AntnaDne 
a Hpnnrin PMlV **"*■ 


Continued from Page 1 

where 37,000 American troops are stationed. 

North Korea had agreed in December to 
attend a briefing in January, but it postponed the 
meeting twice in recent weeks in a dispute over 
food aid. As part of the agreement reached in 
December, die United States said it would grant 
a license to Cargill Inc_ a Minnesota company, 
to by to negotiate a deal to sell the North as 
much as 500,000 terns of grain. 

U.S. officials said negotiations with Car- 
gill have failed because North Korea wants 
the grain free, or to be delivered in exchange 
for a promissory note. The North seems to 
believe that the U.S. government will pay 
Cargill for the grain, or simply order the 


company to provide the grain for nothing, the 
officials said. 

As a result. North Korea refused to attend the 
briefing on the peace talks until it received Lhe 
grain. It was not immediately clear Friday 


where things stood on the grain deal. 

The briefing would simplv be "talks about 
talks,” in which U.S. and South Korean of- 


ficials would explain their proposal for four- 
way peace talks among the Koreas. the United 
States and China. Those talks were proposed 
last spring by President Bill Clinton and Pres- 
ident Kim Young Sam of South Korea. 

North Korea also announced the appointment 
of an acting prime minister to replace Kang 
Song San, who analysts describe as the sixth- 
ranked official in North Korea’s power struc- 


ture. The announcement gave no reason why 
Mr. Kang, 66, was being replaced by his deputy, 
Hong Song Nam. 73. But there were wide- 
spread reports Friday that Mr. Kang had been in 
poor health. 

The news fueled further speculation about 
possible instability in the regime of Kim Jong 
II. The defection of Mr. Hwang in Beijing 
was the highest-level betrayal of the regime, 
and has caused much speculation about what 
ic means for the health of a government 
already stricken by the widespread hunger 
facing its people. 

North Korean issues are expected to figure 
prominently on Secretary of State Madeleine 
Albright’s agenda during her visit to Seoul on 
Sarurday. 


of personal data. “Police have a right to 
demand such videotapes anytime, 
whether they are legally or illegally re- 
corded." 

His office recommends that as a gen- 
eral rule, videotapes should be wiped out 
after 24 hours. 

According to lhe law. Mr. Crouwers 
said, anyone installing surveillance sys- 
tems should justify their use and post 
clear warnings that recordings are being 
made. All digital surveillance systems 
must be registered with the Daia Pro- 
tection Office. 

Complaints have led to an official 
order to remove cameras from a factory 
floor and from the changing rooms in a 
women's clothing store.' 

"We said that kind of spying was 
going too far.” Mr. Crouwers said. 

Another protest involved a dis- 
cotheque Lhai had placed cameras even 
in the toilets to stop drug dealing. 

In Sittard. a southern city, the police 
lust year used secret video cameras in the 
town hall to detect marriages arranged to 
obtain residence papers. 

“1 only found out afterwards,” said 
Yvonne Schols, the registrar, who has 
performed many a marriage ceremony iu 
the wired room. “It's made me very 
uncomfortable. It's definitely nut ac- 
ceptable.” 


Your Guide Tb Over 
1 20 Ibp French Companies 


COMPAQ 



BOOK 





Published by the International Herald 
Tribune, in coordination with the Paris 
Stock Exchange, the 1996 edition includes 
detailed profiles of all the companies in 
die SBF120 Index. 

The SBF 120 Index includes the CAC 
40 plus other major firms. These are the 
companies to watch in the coming years. 

Each profile includes: head office, 
CEO, investor relations manager, company 


background and major activities, recent 
developments, sales breakdown, 
shareholders, subsidiaries and holdings in 
France and internationally, 1991-1 995 
financial performance, and recent stock 
trading history. 

Updated annually, the Handbook is 
indispensable for anyone who needs to 
know about the leading companies in the 
world's fourth-largest economy. 


SBF 120 INDEX: 


ACCOR 

AGF 

AIR LIQUIDS 
ALCATEL ALSTttfV* 
XXA 

REKTftAND RUJfcE 
MC - 


BOLUJRt TECHNOLOGIES 
BONGRAH 
BOWGUES 
CANALE 
GAP GEMINI 
GUKEFOUR 
.CASINO 
CASTORAMA 
CETELEM 


CfiARGEUBS 

OMENTSFRANCMS 

CLAHBSS 

CLUBM^DtTEBKAf&E 
COLAS - 

COMPAGTflE BANCAIRE 
COMPAGNE C£N6 rALE DES 

'EAUX 

COMPTOffiSMQfcERNES 

CPtt 

■AcaacotEtoF 

rCOMMEROALEDE 
; FRANCE-CCF 
CB&WT LOCAL BE FRANCE 


cr£dituk>nnais 

“ CREDIT NATIONAL 
DANONE 
DE OSTRICH 
DEGRfMONT 
DMC 

DOCKS DC FRANCE 

ECCQ 

ECJA 

HFFAGE 

ELF AQUITAINE 

ESAMET 

EBlQANIABgGtflN-Snr 
ESSILOR INTERNATIONAL 
EUftAFRANCE ■ 

EURO DISNEY SJOA. 

EUROPE I COMMUNICATION 
■ EUROTUNNEL SJL 
FttiPACCHI M&IAS 
CAN 

GAZETEAUX 

GTOt-OTTREPOSE 

GUILBERT 

CUYENNEET GASCOGNE 
HAVAS 

HAVAS ADVERTISING 

HERMfeS INTERNATIONAL 

im£tal 

1KTERBAIL 

LABtttAL 

LAFARGE 

LACARD&ZE CROUPE 
LAPEVRE 


LECRAND 

LECaSS INDUSTRIES 

UORfAL 

U/MH 

LTONNA1SE DCS EAUX 

M& M&TROPOLE1V 

MfCHEUN 

MOULINEX 

NORD-EST 

PARIBAS 

PEOUNEY 

PERNOD R1CARD 

PEUGEOT 

PINALRT-PRINTEMPS-REDOUTE 

POUET 

PR1MAGAZ 

PROMODfeS 

R^MV COINTREAU 

RENAULT 

REXEL 

RKdNELPOULENC 
ROUSSEL UGLAF 
SAGEM 

SAINT-COBA1N 
SAINT LOUIS 
SALOMON SA 
SANOF1 

SCHNEIDER SJL 
SCOR 
SEBSA 
SEFIMEG 

son 

Si DEL 


SlMCO 

STTA 

SUGOS 

soo£t£g£n£rale 

SODEXHO 
SOMMER ALU BERT 
STRAFORFACOM 
SUEZ 

SYNTH&ABO 

TECHNIP 

TFI 

THOMSON-CSF 

TOTAL 

IMF 

UAP 

UNIBAIL 

USINOR SAQLOR 
VALEO 
VALLOUREC 
WORMS ETCIE 
ZODIAC 

PLUS THESE COMPANIES: 

AfROPOCTS DE MR1SADP 

CEGFIFC 

CNP ASSURANCES 

COFLEX1P STENA OFFSHORE 

ELFATOCHEM 

FRAMATONE 

FRANCE TELECOM 

GAZDE FRANCE 

METALEUROP 


ilcralb^Sribuiic 

THE WORLD’S DAIU NEWSBLPEK 


SBF- PARIS BOURSE 


Return your order to International Herald Tribune Offers, 37 Lambton Road, London SW20 OLW, England. 


For faster service, fax order to: (44-18!) 944-8243 

Mease send me copies of French Company 

Handbook 1996 at UK£50 (US$75) per copy, including 
postage in Europe. 

Three or more copies, 20% reduction. 

Outside Europe, postage per copy: North America/Middle 
East £3.50. Rest of world £6. 

Please charge to my credit card: 

□ Access D Amex □ Diners 

□ Eurocard □ MasterCard □ Visa 

(Payment by check in pounds Sterling only to the order of Paul Baker 
Publishing Ud.l. 


CARD N°_ 


,EXR. 


S1CNATURE 

(necessary for credit card purchases! 

•NAME (IN BLOCK LETTERS! 


POSITION. 


COMPANY. 

ADDRESS. 


CITY/COUNTRY/CODE. 


COMPANY EU VAT ID No. 




PAGE 2 
RAGE 18 

PAGE 6 



SATURBAY-SUNDAY, FEBRUARY 22-23, 1997 


EDITORIALS/OPINION 


Reralb 


INTERNATIONAL 



tribune 


PUBLISHED WITH THE NBW VCWK TIMES AND THE WASBINCTO* POST 


Korean Relations 

It is worrisome when American dip- 
lomats complain that dealing with South 
Korea, a traditional ally, has grown 
more frustrating than dealing with North 
Korea, a dangerous and unpredictable 
foe. Such complaints are not meant lit- 
erally. But only North Korea can profit 
from the tensions Seoul has recently 
bran introducing into its relations with 
the United States. Secretary of State 
Madeleine Albright’s visit to South 
Korea this weekend provides a timely 
opportunity to set matters straight 

It now looks as if Seoul’s on -again, 
off-again cooperation with Washing- 
ton will survive the latest crisis in the 
peninsula, which was set off by the 
defection of a high-level North Korean 
official to the South Korean Embassy 
in Beijing. With North Korea appar- 
ently heeding Chinese advice to tone 
down its threatening rhetoric over ibis 
humiliating incident, the South has de- 
cided to continue its recently resumed 
participation in American-sponsored 
nuclear conversion and famine relief 
efforts. On Thursday, Seoul promised 
a new installment of food aid through 
the United Nations. 

But South Korean officials have 
seized upon the incident to question, yet 
again, the premise that the safest way to 
deal with North Korea is to encourage a 
modicum of stability and greater in- 
terchange between the North and the 
outside world, instead some southern 
policymakers seem to prefer pushing 
the wobbly northern regime toward 
total breakdown, a course filled with 
danger. A sudden collapse of North 
Korea could be accompanied by a huge 
outpouring of desperate refugees and 
military adventurism, including pos- 
sible attacks against the 37,000 Am- 


erican troops based in South Korea. 

To guara against such an eventu- 
ality, Washington has designed a 
prudent policy that combines military 
preparedness with efforts to reach out 
to the North diplomatically and eco- 
nomically. Those efforts include a pro- 
gram designed to replace the North’s 
current nuclear power reactors, whose 
byproducts can potentially be diverted 
to bomb-making, with a safer design, 
along with offers of famine relief and 
efforts to negotiate a formal peace 
treaty ending the Korean War. 

Unfortunately. South Korea, which 
claims to support Washington’s ap- 
proach. has often thwarted its appli- 
cation. Seoul has repeatedly suspended 
its participation in tire nuclear, anti- 
famine and diplomatic efforts to 
protest northern actions it character- 
izes as intolerable provocations. Wash- 
ington suspects that the South has been 
deliberately inflaming North -South re- 
lations for domestic political ends, fan- 
ning manageable incidents into major 
crises to distract attention from die 
financial scandals and political prob- 
lems afflicting die Seoul government 

Mrs. Albright arrives in Seoul on 
Saturday at a time when increasing signs 
of instability in the North make it vital 
and urgent for the United States and 
South Korea to coordinate their policies 
closely. In previous stops of this, her 
first foreign journey as seoetary of state, 
she has been admirably straightforward 
about raising sensitive diplomatic is- 
sues. She should make clear to her South 
Korean hosts that Washington now ex- 
pects them to keep domestic political 
concerns from disrupting die only real- 
istic appr oach to the northern danger. 

— THE NEW YORK TIMES. 


Clinton’s Intervention 


Thanks to President BUI Clinton’s 
intervention, American Airlines pilots 
are not on strike but rather have re- 
turned to a revised form of negotiation. 
Mr. Clinton invoked the Railway 
Labor Act in an airline-related matter 
for die first time since 1966, blocking 
the strike and establishing a federal 
mediation panel, which will recom- 
mend a settlement within 30 days. 

If they don't like the proposal, the 
pilots could walk out 30 days after that, 
although Congress could then vote to 
ban a strike and impose a settlement. 

Anyone whose travel plans were 
salvaged by the last-minute White 
House intervention is no doubt grate- 
ful. So, too, are many American Air- 
lines non-pilot employees who would 
have been idled by a pilots’ strike and 
other workers whose lives would have 
been disrupted as a strike cut into tour- 
ism and business travel. One in five 
U.S. airline passengers flies American 
Airlines. 

Politically, then, Mr. Clinton pre- 
sumably didn’t find intervention a 
tough call. The 9300-member Allied 
Pilots Association doesn't even belong 
to the AFL-CIO, so the president did 
not have to worry about offending that 
constituency. .American Airlines, cm 


the other hand, as reported in The Wall 
Street Journal, mustered some pretty 
high-powered lobbyists — Tom Foley, 
the former House speaker; former 
members of the dm ton transition 
team, and so on — to urge Mr. Clinton 
to act. 

On the merits, the case isn’t quite so 
clear. Mr. Clinton said he had to act 
because a strike would have been dis- 
ruptive on the eve of a three-day week- 
end. But intervention brings costs of its 
own. Union officials believe the com- 
pany stopped negotiating in good faith 
on Wednesday, counting on White 
House intervention; the company 
denies that. 

Either way. (he expectation of pres- 
idential intervention will be a factor in 
future negotiations — and almost 
every U.S. airline has at least one ne- 
gotiation coming up this year. Will 
each now become the object of polit- 
ical pressure and lobbying? White 
House officials said they were aware of 
the danger, no one should take this 
intervention as a precedent, they said. 
But declaring that something isn't a 
precedent is never quite as effective as 
not setting the precedent in the first 
place. 

— THE WASHINGTON POST. 


Puerile Politicians 


“It’s very high school,” says Rep- 
resentative Michael Forbes of New 
York, describing the petty humili- 
ations heaped on him by some power- 
ful and supposedly grown-up Repub- 
lican colleagues in the six weeks since 
he became the first Republican to say 
he would not vote for Newt Gingrich as 
House speaker. That is unfair to high 
school students. The snubs aimed at 
Mr. Forbes have more the flavor of a 
kindergartner's tantrum. 

Mr. Forbes, until recently a self- 
described “loyal lieutenant” of Mr. 
Gingrich, broke ranks after the speaker 
admitted providing inaccurate infor- 
mation to the House ethics committee 
investigating his misuse of tax-exempt 
funds for political activities. To Mr. 
Forbes, that was enough to disqualify 
Mr. Gingrich for the job third in line to 
the presidency. 

A majority of Americans agreed 
with Mr. Forbes. Yet some of his col- 
leagues — mostly “leadership and 
wannabe leadership types,” he says — 
continue to shun him. His tormentors 
include his fellow New York Repub- 
licans Susan Motinari and her hus- 
band, Bill Paxan. He notes that every 
time they see him coming, they move 
from one side of the hallway to the 
other while taking a sudden interest in 
the ceiling. 

Even in a crowded meeting room. 


the seats next to Mr. Forbes often go 
unoccupied. 

Mr. Forbes’s willingness to talk 
openly about the ostracism will not 
improve his popularity within his 
party. But such candor is a refreshing 
departure from lockstep dunking. So is 
his stand on. the speaker, which Iras big- 
time Republican lawmakers acting lib; 
pint-size playgrounders. 

— THE NEW YORK TIMES. 


Other Comment 

Mexico and Drugs 

General Jesus Gutierrez ReboQo’s 
arrest on suspicion of taking bribes to 
protect the so-called Ciudad Juarez drug 
cartel comes at a particularly delicate 
time. On March 1, President Bill Clin- 
ton wdl read Congress his annaal report 
certifying other nations* cooperation 
with the United States in controlling the 
drug trade. Political fences cm the far 
right and left can be expected to demand 
that Mr. Clinton decertify Mexico, 
making it subject to economic penalties. 
But die White House should emphasize, 
now more (ban ever, me value of co- 
operation in redefining a binational 
policy to combat die drug menace. 

— Los Angeles Times. 


Hcralb^Sribunc 


ESTABLISHED 18S7 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 
Co^htdrmen 

KATHARINE P. D ARROW. Vice Chairman 

RICHARD McCLEAN, Publisher <£ C hief Executive 
MICHAEL GETLER, Executive Editor 

• WALTER WELLS, Mauging Editor • PAULH0RVH Z. Depart Mougmg Editor 
• KATHERINE KNORR and CHARLES MTTCHELMORE. Depot: Editors • SAMUEL AST aid 
CARL GEWTRTZ, Atw-jurr Editors • ROBERT J. DONAHUE. Edaarof the Editorial fbga 
• JONATHAN GAGE, Business and Finance Edaar 
« RENi BQNDY, Deputy FubGsher 

• JAMES NkLEOD, Advertising Director • DIMER BRUN.Craita&jfi Director. 
Dtrteteur de la Pubbcation: Richard McClean 


lwenufiaul Herald Tribute. 181 A venue Chtttes-de-Gadle, 02521 VemHy-wr-Seine. Ranee. 
TeL* f 041 43.93.00. Fac Car, < ( ) 41.43.92. Ifl; Adv, ( I ) 41.4331 1 Z 
lrtemrt address; hnptfwww jhwwn E-MaiL Qa@ihusnn 

fifairfir Uur MvfUrf tMunbanJ CaetrbaryRiL.Suifiporcl}5U Td |d5 1472-7765. Fa *: 165127442334 
Mn? Ihr lists, ftitgf D. Knaepahl, SO GfoKffSWftL Hens /&"*■ TeL BS2-2Z2-I188. Fat 852-2922-H90 
Ckt. Mir. Genua: T. &tttor. FimMar. IS. dfflZ/ FranifaiM TeL +49 G997/2SW. Fa +49 SWCSHD 
Pm IS. tf khtrl Cam. SSOTMNe, Sett fort. ST 10022. TeL i2l2l 752-380. Fa <2/21 7554785 
i 'JC. .idiemitxg Office: 63 Irma ,4m-. London WC2. Tel. U7H83E4SB2. Fax: (l?l 1 240-2254 
SAS an capital de UOOdOO F RCS Namerre B 73202// 26 Commusioa Puritan No. 61337 
C/W. hmaotamal Herald Tribuae. All rights merged ISSN: (Q 94-B0S2. 




NATO Enlargement Would Backfire on the West 

a7 . . . • ..Miu nu use an increase i 


M OSCOW — Of NATO we must 
speak again. Even if it isn’t clear 
from die current debate, die alliance’s 
expansion could bring us ail to a no- win 
situation. 

What is clear is that no one has 
reflected sufficiently or responsibly on 
die consequences of this plan. 

hi Russia, NATO expansion has 
become an acute internal problem. 
Raising die specter of an external 
threat is an old crick, often used by 
leaders to consolidate nationalistic 
feelings and to assure themselves a 
mote or less trouble-free stay in 
power. But leave aside the cynical 
motives of those who would use 
NATO expansion for their own ends; 
the idea itself is a real danger — and 
not only for Russia. 

During the Cold War, arms man- 
ufacturers and merchants of hate de- 
cided die destiny Of the world. Im- 
mense efforts were required to break a 
final logic that was dra gg ing humanity 
toward suicide. 

Seven years have passed since the 
end of die Cold War. but its poisonous 
roots live on, infecting economies, in- 
ternational relations, nations' internal 
politics and the moral and psycholo- 
gical health of millions of people. - 
And yet, the leaders of countries that 
are even more civilized, cultured and 
democratic than their predecessors of 


By Mikhail Gorbachev 

SO years ago are creating a situation in 
which human survival could again be 
threatened • 

. Security motives are used to explain 
die expansion of NATO. Bat security in 
which areas? Certainly the world has 
many problems — ‘ ecological, demo- 
graphic, economic, among others — 
but these are not solved by military 
blocs. These are global emergencies, 
affecting everyone, while military 
blocs exist to act against someone 
else. 

So against whom is a bigger NATO 
directed? We are told it is directed 
against no one but is necessary for the 
security of Europe. We are told that no 
one is threateningRussia, and even that 
NATO expansion would be useful to 
Russia. But why then are investigations 
under way on the territories of pro- 
spective NATO members to determine 
how and where to best station new 
mili tary structures? 

The issue of placing nuclear 
weapons in the bloc’s new member 
states is being discussed at government 
levels. 

Furthermore, along the perimeter 
of Russia — from the Balkans to 
Mioldova and Ukraine, and beyond 
die Caucasus to Central Asia — “se- 


curity knots” are being woven m 
which there is no room for Russia*. 
Noshing could be more effective m 
reviving the Russian complex of 
• being “surrounded." 

And how is it that each small step 
iken co revive economic relations be- 
tween Russia and the states of the 
former Soviet Union is immediately- 
interpreted as indic ati ng an imperial 
Russian appetite? The sentiment of 
Messrs. ’Kissinger and Brzezinski is 
back in fashion; that Russia is incor- 
rigible and can be talked to only from a 
position of strength. . ■ ‘ 

- Such an atmosphere, despite all the 
reassurances that Russian interests and 
anxieties will be taken into account, is 

not conducive to trust 

How can it not be widely known that 
Russia poses no danger to anyone, 
either by its intentions or its capacity? 
And even if a real danger did arise. 
NATO would certainly not neutralize it 
from Estonia or Uzbekistan; there are 
other areas rauchbetter suited for such 
operations. 

It is impossible to understand, how 
well-informed politicians don’t realize 
that their stubbornness will only cause 
problems in the future — and not in the 
distant future, either. NATO expansion 
would transform Russian society into 
an antagonist hostile to the West 

Instead of increasing security, NATO 


expansion would cause an increase in 

thS? and not only ’f^: eiRWng 

Is the West not capable of weignmg 
the pros and cons of such itoWL 
Let^ think this over, agsun and agm. I 
understand that face tnust be s^L 
But there is still tune. It is perhaps 

Siige that neither Russia n or £ 

West has tried to put the matter outre 
agenda ofthe UN Security CounOL We 
S talking, after alb about a global 

Pn Thereare other ideas worth discuss- 
ing, such as France’s proposal for a 
summit meeting. It is possible to en- 
vision an agreement that would provide 
joint guarantees by NATO and Russia 
to those European countries seeking 
membership in the Atlantic albance- 
Serious negotiation is possible be- 
fore NATO expansion is declared .a 
fait accompli at its summit meeting in 

J 7tis worth trying everything l before 
leaving as an inheritance to the / 1st 
century such a tragic gift 

Mikhail Gorbachev, the last leader 
ofthe Soviet Union and a Nobel Peace 
Prize winner, now heads the Gorbachev 
Foundation, a political think tank in 
Moscow, and writes a monthly cohmn 
for La Stampa. a newspaper in : Thrfli. 
This column was distributed by The 
New York Times Syndicate. 


After Deng, the Real Power in China Rests With the Army 


H onolulu — Amid the 

speculation about China’s 
future afro: die death of para- 
mount leader Deng Xiaoping 
tins past week, one thing is 
clean It will be the generals of 
the People’s Liberation Army 
who will have the decisive 
word, not the politicians of the 
Communist Party, the techno- 
crats of the government bureau- 
cracy or the business executives 
who have generated their na- 
tion’s economic leap forward. 

The Great Helmsman of the 
Communist Revolution, Mao 
Zedong, laid down that principle 
nearly 60 years ago; “Every 
Communist must grasp the truth; 
Political power grows out of the 
battel of a gun.” The prescript is 
still in farce, though perhaps it is 
not so blatant today: The 
People’s liberation Army, or 
PLA. continues to be the final 
arbiter of authori ty in fhina 
Mao also wrote then: “Our 
principle is that the Party, com- 
mands the gun. and the gun must 
never be allowed to command 
the Party.” This standard may 
not hold up so well. For many 
months, party leaders have 
sought in open meetings and 


By Richard Halioran 


publications to impress upon the 
army and the public that the FLA 
must obey them, which suggests 
they have some anxiety about 
the PLA's political posture. 

For now, Mr. Deng’s heir ap- 
parent, Jiang Zemin, seems to 
nave the confidence of the PLA 
after seven years of cultivating 
its support. Mr. Jiang is general 
Secretary of the C ommunis t 
Party and president of the gov- 
ernment- More important, fie is 
the chairman of the Central Mil- 
itary Commission, die overseer 
of China's 2.9 miOiori soldiers, 
saflots, marines and airmen. 

An overt power struggle, in 
which the PLA would be de- 
cisive, seems unlikely for the 
next few months. All Chinese 
leaders want to celebrate the re- 
turn of Hong Kong on Jane 30 
and are preparing for a party 
congress in October. Beneath 
the surface, however, maneu- 
vering that had been under way 
in anticipation of Mr. Deng's 
death will most likely intensify. 

Later, if party leaders can’t 
reach a consensus on whether 
Mr. Jiang shouTiT remain in of- 


fice or be moved aside, the PLA 
will contribute to a decision 
but otherwise stay in die 
background. 

However, a Chinese expa- 
triate in touch with colleagues in 
China sees Mr. Jiang as a tran- 
sitional Leader whose hold on 
power may be shaken in coining 
months, and warns that “frieze’s 
a politically dangerous ^period 
ahead.” Few expect the PLA to 
seize power, but to make sure 
the party selects leartere who 
will do the military’s bidding. 

No matter which way events 
develop, the PLA exercises 
power in five arenas: 

• Politically, any aspiring 
leader must have the sup p ort of 
the HA to rise in the party 
hierarchy, and must retain that 
support to stay in power. Mr. 
Jiang appears to have good 
working relations with PLA 
leaders, including General Chi 
Haotian, the minister of de- 
fense, who recently visited the 
United States. 

• The PLA, along with its 
offshoot, the People’s Armed 
Police, is charged with main- 


taining internal security and 
public order. The PLA was 
called in to suppress the demo- 
cratic uprising in Tiananmen 
Square in June 1989, which led 
to hundreds and perhaps more 
rhap 1,000 deaths. 

• Economically, die PLA is a 
considerable force because it is 
engaged in all manner of com- 
mercial and industrial enter- 
prises. About one-half of the 
ground farce, or just over a mil- 
lion people, are not really- sol- 
diers but engage in business or 
drive trucks or run machines in 
factories. 

• In foreign policy, the PLA 
has a strong voice, especially on 
strategy toward Taiwan. The 
PLA demands that Taiwan be 
united with China. 

• Militarily, the PLA is little 
threat to anyone outside its bor- 
ders today, but it is steadily 
modernizing with funds from 
China's thriving economy. 
Already the world’s largest mil- 
itary force and armed with nu- 
clear weapons, the PLA will be 
able to project power across 
land and sea in about 10 years. 

Unlike Mao and Mr. Deng 
and almost all leaders of the first 


The Party That Brought the Great Famine Is Alive and Well 


N EW YORK— Nobody can 
say how many millions 
died in the famine. For almost 
four decades, China's leaders 
have feared to find out The 
figure that foreign demograph- 
ers think likely is 30 million. 

The famine of 1959-61 is not 
an episode in history finished 
and over. Thirty-six years on, 
the same Communist Party that 
created the famine rules China 
yet — the party of Mao Zedong, 
of Deng Xiaoping and of the 
successor dictatorship already 
installed. 

It was an unusual famine. 
The victims were not killed by 
nature's harshness. They were 
murdered, as sure as if they had 
been shot by the Communist 
government. 

Mao ordered earth and peas- 


By A.M. Rosenthal 


ants to grow unsuitable crops at 
escalating rates. The soil turned 
to dust; 20 years later I saw it 
swirling across collectives and 
villages. 

The Communists left barely 
enough food for rats to eat and 
be eaten. Police and parly ter- 
rorism prevented the world 
from knowing. 

The party and its armed 
forces still dictate agricultural 
and all other policies, still gov- 
ern by terrorism. And the West 
is thetr servant 

By its own wiU, and for coin. 
Western democracies beg 
Beijing for deals, and for part- 
nership reshaping the 21 st cen- 
tury. m Mr. Deng’s time the 
West remained faithful, no mat- 


ter bow many students be 
ordered shot, pouring hundreds 
of billions into trade and in- 
vestment that strengthen the 
Communists and their army. 

In return, Beijing indeed 
made Western democracies its 
partners. They obeyed orders 
not to help the victims of polit- 
ical and religious oppression. 
Morally and practically, die 
West became toe silent partner 
in their persecution. 

Playing down their own 
countries’ security interests. 
President Bill Clinton and other 
Western leaders also muzzle 
themselves about Beijing's sale 
of missile and nuclear equip- 
ment to other dictatorships. But 
increasingly Americans shout- 


calls find they 
The mail on 
urging boycotts or 


Clearing the Table for the Poor 


N EW YORK — The litany 
of pointless cruelties in 
the new welfare law includes a 
provision that cuts off food 
stamps after just 90 days in 
any three-year period for des- 
perately needy men and wo- 
men between 18 and SO who 
are temporarily jobless, are 
not raising minor children and 
are not eligible for federal 
welfare benefits. 

Even Republican gov- 
ernors are recoiling from the 
harshness of this provision. 
An analysis of food stamp 
data for 1995 showed that 
nearly 60 percent of the 
people in this category had no 
income whatsoever during the 
period in which they received 
food stamps. 

The stamps, a blessing, al- 
lowed them to purchase about 
$25 worth of food a week. 
They would not be able to cat 
like a president or a member 
of Congress, but they could 
have some soup, maybe a little 
pasta, some tuna, some beans 
— whatever. They wouldn’t 
starve, and they would have 
enough energy to continue 
looking for a job. 

Now comes the federal 
government with all of its 
might io declare that even this 
pittance will not be permitted. 
After 90 days, the following 
notice is to be disseminated: 
Put down that soup spoon. 


By Bob Herbert 

poor person, the Clinton ad- 
ministration and the Repub- 
lican-led Congress are cl ear- 
in gthe table. 

The Center on Budget and 
Policy Priorities, which has 
studied this issue, has found 
that few of the people who will 
be affected by the time limits 
remain on food stamps for long 
periods. Most of them weak. 

Bur a majority, because of 
their lack of education and job 
skills, and in some cases their 
minor physical or mental 
impairments, take more titan 
three months to land anew job 
whenever they find them- 
selves unemployed. 

The food stamps help them 
through these periodic epi- 
sodes of economic distress. 

When the welfare bill was 
debated in Congress, Repub- 
lican leaders charactorizea the 
food stamp cutoff as a way of 
goading people to work. Hon- 
estly looking for a job— even 
enrolling in a rigorous. job 
search program — would not 
be enough to avert the cutoff: 
To continue getting food' 
stamps after three months, an 
able-bodied recipient would 
have to work at least 20 hours 
a week, or participate in a 
workfare p ro g ram . 

“It is no more complicated 


than that,” said John Kasich, 
chairman of the House Budget 
Committee. “Ifyou cannot get 
a job, you go to a workfare 
program — 45 out of 50 states 
have a workfare pr ogr am .” 

There was a small problem- 
Tbe Budget Committee char- 
man didn’t know what he was 
talking about. If he had 
checked with the Department 
of Agriculture, which admin- 
ister the fbodstamp program, 
he would have learned that 
most states do not have work- 
fare programs for food stamp 
recipients who are not on wel- 
fare, and the few teat do have 
such programs operate them, 
for the most part on a very 
small scale. 

So now we have the be- 
ginnings of a retreat from, yet 
another gratuitous and mean- 
spirited attack on the poor. 
Governors are Lining up do se- 
cure federal waivers — ex- 
emptions from tire cutoff pro- 
vision — for so-called “labor 
surplus” areas. These are lo- 
calities in which the average 
unemployment rate over two 
years is at least 20 percent 
icr than the national rate, 
Welcome to the real world. 
The waiver requests are noth- 
ing more than an acknowledg- 
ment that it can take mote than 
three months for a low-skilled 
person to find a job. 

The New York Times. 


ihg wake-up 
have allies, 
columns 
shareholder action is buoying. 

Thursday the Province of Sc. 
Joseph of the Capuchin Order in 
Milwaukee and the Passionists. 
a Roman Catholic religious 
community, sent word that they 
had used their 100 shares of 
Boeing stock to put a resolution 
before the next annual meeting. 
It calls oh die company to ob- 
serve basic human rights in its 
China operation. 

More journalists are invest- 
ing their talents in exposing 
Chinese repression and military 
double dealing, please read 
“Hungry Ghosts” by Jasper 
Becker, about the famine, and 
‘'The Coming Conflict with 
China” by Richard Bernstein 
and Ross H. Monro. 

The Weekly Standard, under 
Bill KxistoL is reminding con- 
servatives of their obligations to 
fight Communist 



members of Congress, journa- 
lists andChma specialists. 

These people are i m por t a n t, 
as will be every American who 
refuses to be a servant of 
Beijing. We must now acknow- 
ledge that President Clinton is 
the prisoner of Beijing. He has 
not told and will not tell the 


truth about stepped-up Chin- 
ese repression and military 
defiance. 

He would have to admit the 
failure of his appeasement 
policies, and for this he has 
neither the will nor courage. 

But if conservatives and lib- 
erals with reach of word per- 
suade the public to show its an- 
ger, perhaps AJ Gore will 
become his own man on China 
when he runs for president. He 
could start earlier, as Bill Triplett 
challenges in The Weekly Stan- 
dard. He could demand com- 
pliance with legislation against 
sales of cruise missiles — the 
Gore-McCain Act of 1992. 

China sells Iran unproved 
versions of a missile system the 
Iranians used before — to kill 
37 sailors aboard the USS 
Stark. 

The silence, die use of the 
power and creativity achieved 
by democracy to lift the Chinese 
Communists to strengths they 
could never otherwise have 
even aspired to - — madness, 
bom of greed and betrayal. 

One day America will ask 
how it happened. Meantime, 
Americans individually and in 
groups, even as small as the 
Midwestern Passionists. can re- 
fuse to put on the muzzle their 
government wears. 

The Ne* York Times. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 

Pennsylvania, set an imponanl 
precedent enabling colleges, if 
ibe rules of admission so 
provide, to exclude or dismiss 
any student regarded as undesir- 
able without providing a reason. 
The Court upheld the college’s 
contention that rales whereun- 
der a student was admitted con- 
stituted a contract with the coJ- 

ie S?’ might be invoked 
without a court review. 


1897: General’s Effort 

HAVANA — Consul-General 
Lee has requested in urgent 
terms that the U.S. Government 
send a warship to Cuba because 

of the attitude of the Sp anis h 
authorities in relation to the 
dea& cnr murder of the Amer- 
ican citizen Dr. Richard Ruiz, in 
tire jail at Guanahacoa. General 
Lee will act or resign in a few 
hours. Two months ago he 
tendered his resignation, but 
withdrew it only at the personal 
solicitation of President Cleve- 
land, who promised to sustain 
all General Lee’s efforts to pro- 
tost the life, liberty and property 
of Americans in Cuba- 

1922: College Contract 

NEW YORK — A court of 

conmaon pleas, refusing in a de- 
cision to reinstate Miss Mar- 
jorie Barber of Michigan City, 
Indiana, an expelled student fif 
Bryn Mawr College in 


194 j: De-Nazificatioi 

l? A irL F,ve thousand stt 
denfa will be dropped frot 
Austria s colleges and the Un 

° f Vienna in to sprin 
semester upon application c 
the new de-Nazification lav 

AJH^ C r)! W ’ - s , har P ened by th 
AJlied Council, rules that a 

with Nazi affiliation 
must be expelled. The Uni 
versify of Vienna alone wS 
about 1,500 of T 7,50 
enrollment. The law will bed 
fective until April 30, 195 Q. 




* 


two generations of Communist 
China's leaders. Mr. Jiang has 

never served in the armed forces. 

That lack of military service has 
made FLA leaders skeptical. Mr. 
Jiang, however, has gone out of 
bis way to cultivate military 
leaders. He has found an ex- 
pedient ally in General Chi, who 
has been a political officer, not a 
combat soldier, throughout his 
military career. Slowly. Mr. Ji- 
ang has placed officers loyal to 
him in major commands and has 
demanded personal pledges of 
allegiance from them. 

After the Tiananmen episode, 
the regime began to build up the 
People’s Armed Police, training 
them m anti-riot tactics and buy- 
ing water cannons and other 
equipment to control dissidents. 
The armed police number over 
one million now, having had 
some units shifted directly into 
their ranks from the PLA: An 
additional 500,000 are to be ad- 
ded over the next year or two. 
The armed police commanders 
report directly to Mr. Jiang as 
chairman of the Central Military 
Commission, giving him close 
control over their actions. 

Internal ional Herald Tribune. 


* 


' i 





INTERN AXIONAI. HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 22-23, 1997 


PAGE" 



ssident Exiles in U.S. See Chance for Change in Post-Deng China 


By Richard Bernstein 

Times Service 


NEW \ORK — . Inside the world of exiled 
talk about the future, the 
shape of China after the death of Deng Xiaoping 
has been the main topic for years, with nearly as 
many opinions as dissidents. J 

But now that Mr. Deng has actually passed 
sceTie ' tocK is something differeotinthe 
atmosphere, a sense that, at least, the things that 
could not change as long as Mr. Deng waT dive 
have some chance of changing now 

‘ 'The general feeling is that Deng's death opens 
up some chances,'’ said Xiao^ng. a former 
physics student who isdirector of Human Rights in 
Cfciret a monitoring organization in New York- 

“ ecanomic opening but no 
pohocal liberalization, and nobodyconid chal- 
lenge that as long as he was alive,” he said, “In 
the post-Deng era at least you will be able to 
question the policy, the timetable of liberal- 


ization, and whether liberalization should be on 
the timetable.” 

In all, according to Mr. Xiao, about 40,000 
Chinese received residency permits in tbs United 
States after the violent crackdown on demon- 
strators in Beijing in- June 1989. An additional 
2,000 to 4,000 came to tins country after the 
crackdown and were granted political asylum. Of 
those, a few hundred Jove remained active in 
organizations that study events in China or 
provide fafonnatian ,an human rights abuses 
there and campaign for greater freedoms. 

Virtually all of the exiles are officially non- 
persons in China, and it appears that they have 
tittle, if any, inftaence there. 

Arocmg dissidents, the exiles may not enjoy the 
prestige of some activists, like Wei Jingsheng or 
Wang Dan, who remained in the country and are 
serving Jong prison terms. But they are untainted 
by any involvement in the suppression of the 
Tiananmen Square demonstrations and conceiv- 
ably could return ro positions of influence should 


a more liberal faction come to power, or even if 
the current government of President Jiang Zemin 
decides to make a gesture of reconciliation to the 
many officials who lost their posts after 1989. 

Some of die exiles, interviewed the day after 
Mr. Deng’s death, seemed pessimistic about die 
immediate future, believing that China’s leaden 
will feel insecure and will therefore govern more- 
repressively titan ever before. 

Others said they believed that Mr. Deng's (hath 
will open die way for an official reassessment of 
the 1 989 crackdown, possibly a re-emergence for 
Zhao Ziyang, the former general secretary of 
China's Communist Party who was ousted by Mr. 
Deng, and even a future role in a democratic 
China for the exiles now in die United States. 

'-The day of going back is closer,” said Uu 
Binyan, the editor of China Focus, a magazine 
published in Princeton, New Jersey. In die re- 
latively open China of the 1980s, be enjoyed fame 
as bis country's chief investigative journalist 
“Tire death of Deng marks the end of the old 


era, the era when everything was decided by a 
few politicians,” he said. “Even though Deng 
didn’t interfere in politics in die last few years. Ire 
was tike a stone weighing on the country and the 
removal of the stone will make people more 
courageous in raising demands and expressing 
dissatisfaction with the status quo/’ 

Mr. Uu. who was visiting the United States 
when the Tiananmen crackdown took place and 
stayed, said that Mr. Jiang is very 1 likely to re- 
spond to popular pressure by formally reassessing 
the Tiananmen demonstrations so that they will 
no longer be seen as counterrevolutionary, but a 
legal and even patriotic movement. 

Appearing on a program on public television 
Wednesday night, Chai Ling, a student leader 
who fled the country after the Tiananmen crack- 
down, spoke emotionally about her expectation 
that great changes will soon sweep over China in 
the direction of the role of law. a free press and 
other element^ of democratic government. 

“Jiang Zemin could be China's George Wash- 


ington." Miss Chai said. “Orbe could be another 
Deng Xiaoping.” 

Liu Gang, a former physics student from 
Beijing University who spent six years in prison 
after the Tiananmen crackdown, said: “Things 
will get better because there's an opportunity for 
China to change.” 

Mr, Liu, who is studying computers at 
Columbia University, said he believed, tike many 
other exiles, that there may be a power struggle in 
China during which challenges ro the old order 
will be made. “After Deng, nobody will be able 
to be a powerful dictator again,” be said. 

Some exiles, however, said that change for the 
better, if any. will be slow. They argued that Mr. 
Jiang will be cautious about moving away from 
the Deng legacy. 

“In the short term, the government is going to 
be more repressive.” said Mr. Xiao of Human 
Rights in China. “The leaders now have fewer 
credentials than Deng did and no legitimacy of 
their own. So they will feel insecure.” 


Jiang Vows to Pursue Deng’s Reforms 

Police Tighten Security to Guard Against Political Demonstrations 


Our Staff From Dapaxhn 

BEUTNG — President Jiang Zemin, 
speaking publicly for the first time since 
the death of Deng Xiaop ing , vowed Fri- 
day to push forward the reforms that his 
mentor inaugurated 18 years ago. 

“The Communist Party of China, the 
Chinese Army and people of various 
ethnic groups are determined to turn 
grief into strength,” Mr. Jiang told the 
president of Kazakstan, Nursultan Naz- 
arbayev, wbo is on vacation in China. 

' Speaking for the first time in public 
since Mr. Deng died Wednesday at the 
age of 92, Mr. Deng's d esignated heir 
pledged to “hold high the great banner 
of Deng’s theory to build socialism with 
Chinese characteristics. ' ’ 

China would unite to pursue Mr. 
Deng's reforms "unswervingly and 
confidently,” the Xinhua press agency 
quoted Mr. Jiang as saying. 


Mr. Jiang repeated almost ward for 
word the official obituary of the prag- 
matic reformer, whose belief that 
China’s people should be allowed to get 
rich ended decades of chaotic rule by 
Mao Zedong. 

It was Mr. Jiasg’s first public com- 
mitment that he planned to press on with 
Mr. Deng’s capitatistrstyie reforms. 

“We would run China’s undertakings 
still better, and make greater contribu- 
tions to the cause of peace, development 
and progress of the mankind.” Mr. Jiang 
was quoted as saying. 

Mr. Jiang and fellow leaders have 
long promised to follow Mr. Deng's 
policies — a mixture of capitalist eco- 
nomics and tight political control — for 
“100 years.” Mr. Jiang’s remarks were 
likely to have a settling effect, especially 
on nervous foreign investors. 

China continued to mourn Mr. Deng on 


Friday. State-run media carried condo- 
lences from world leaders nod interviews 


Secretary of State Madeleine Albright 
cut short a visit to China that bad been 
scheduled for Monday and Tuesday, 
squeezing ber talks with senior leaders 
into one day. 

In the southern boomtown of Shen- 
zhen. bom of Mr. Deng’s reforms, in his 
hometown in southwestern Sichuan 
Province, and in other areas where Mr. 
Deng had worked, people quietly ex- 
pressed their grief by wearing white 
corsages or black armbands. 

To guard ajgafast the chance demon- 
strations of gnef might torn into political 
protests — as they did in Tiananmen 
Square in Beijing — Chinese leaders 
ordered security tightened. 

Plainclothes police in Tiananmen 
Square were confiscating flowers car- 



l*iLn UUrtini'immbt'a 

A soldier with an elite guard of Chinese troops being slapped Friday during training at the barracks in Beijing. 


tied by people headed toward a me- 
morial for revolutionary martyrs. 

The 459-member funeral committee 
led by Mr. Jiang has ordered a six-day 
mourning period that will end Tuesday 
with a memorial service in the cavernous 
Great Hall of the People. (Reuters, AP) undisputed leader 


■ Taiwan Has Doubts on Jiang 

President Lee Teng-hui of Taiwan 
expressed doubts Friday that Mr. Jiang 
would succeed in replacing Mr. Deng 
as the mainland's top policymaker and 
it, Reuters reported 


from Taipei. “President Lee said he 
was not optimistic about Jiang 
Zemin’s firm position for succession 
after Deng Xiaoping died,” slate-run 
television quoted Mr. Lee as telling a 
group of senior local newspaper ex- 
ecutives. 


TAXES: Deadbeats Proliferate, and Moscow Faces an Uphill Battle to Pay Soldiers, Pensions and State Workers 


Continued from Page 1 

up government debt, fueling inflation 
and increasing the temptation to print 
money. 

Russia's falling revenues have twice 
led the International Monetary Fund to 
signal its displeasure by suspending 
$ 1 0. 1 billion in credit 
“In what country can companies go 
for five years without contributing to the 
pension fund or paying their taxes?" 
Boris Fyodorov, Mr. Yeltsin's fanner 
finance minister, asked rhetorically. 
"But here, drey survive.” 


Russia’s tax Systran is like no other, a 
hodgepodge of Soviet-era laws, ad hoc 
new taxes and favors granted to the well- 
connected. Mikhail Zadornov, chairman 
rtf Parliament's budget committee, com- 
plains that the system demands too much 
from heavy industries, while virtually ig- 
noring the flemishing banking and fi- 
nancial-services companies — and only 
lightly ta xing individuals. 

Because of low wages and the un- 
derreporting of income, personal income 
tax accounts for 7 5 percent of gov- 
ernment revenue, according to the Rus- 
sian government’s Working Carter for 


Economic Reform. In Western Europe, 
it averages about 30 percent 
Tax specialists also say tbaLi 
taxes fail to distinguish adequately be- 
tween revenue and profit 
cannot write off many travel expenses of 
their executives,, for example, and ad- 
vertising is taxed, discouraging compa- 
nies that want to create new products. 

But the worst feature of the Russian tax 
system is that so much goes unpaid. 

In an echo of the Soviet past, tax- 
payers tend to see government as another 
corrupt organization to be finessed. Tax 
obligations are not so much civic re- 


sponsibilities as fees to be dodged, ne- 
gotiated and, if all else fails, paid, prefer- 
ably only in part. The medical and 
pension benefits supported by taxes are 
viewed disdainfully as substandard, un- 
reliable and not worth the money. 

“There are 170 types of taxes,” said 
Alexander Pochinok, the deputy chair- 
man of Parliament’s lax committee. 1 'So 
the level of taxes is too high for those 
people who really pay. And there are too 
many who don't or who have special 
privileges.” 

Inventing tax dodges has become a 
favorite pastime for the rich and power- 


ALBRIGHT: Moscow Still ‘ Negative ’ to NATO Expansion 


Continued from Page i 

Russian president would indicate sufficient commit- 
nent to its contents. 

Mis. Albright, in their joint news conference, said 
ier talks here were “a serious and constructive ex- 
:hange, but it’s clear we have some complex questions 
a resolve.” 

American officials said that positions did not shift 
faring the talks, bur that they were, “devoid of tbeo- 
ogical posturing and represented a very practical 
discussion of the specific content of the charter,” as 
veil as the NATO proposal for a revised treaty OT 
invention al forces in Europe. 

Mrs. Albright announced that the two rides had 
established a group to negotiate the charter, led by 
Jeputy Secretary of Stale Strobe Talbott arid Geotgj 
Mamedov, his Russian counterpart, and she invited 
Mr. Primakov to visit the United Stales. 

She said she hoped a charter could be finished by the 
ime NATO meets' in Madrid in July lo announce its 



American officials say the Russians want a wide 
ariety of security guarantees and assurances, inchid- 
ig a freeze on modernization of weaponry in Central 
nd Eastern Europe that NATO win not accept 
* ‘The Russians want lots and tots and lots pf things, ” 
q official said. “But this is the art of the possible.” 
In the news conference. Mis. Albrigbt tned to speak 


■moments since 1989 and was not aimed at Russia. 
“NATO is not tbe NATO of the Cold War,” she 
lid. “NATO no longer has an enemy to the east-’ ’ She 
Lid that the number of American troops in Europe had 
■opped from 300.000 to 100,000 and that the number 
r NATO combat aircraft had dropped from. 6,000 to 
800. t 
“We are on the same side,” she said. 

Mr. Primakov did not seem convince d, how ever, 
tying that Russia wants to see “a NATO transformed 


morefo the direction of becoming a political or- 
ganization, and its remaining functions be aimed 
primarily at peace-keeping functions.” 

Russia does not wantto see even reduced numbers of 
NATO weapons, “which my colleague so beautifully 
described,’ ’ he said, smiling at Mrs. Albright, * ‘moved 
eastward in our direction.” 

Mrs. Albright also met for 50 minutes with Resident 
Boris Yeltsin in his Kremlin offices. Mr. Yeltsin, 66, 
looked gaunt and waxen, his face coated with a strong 
yellowy-tan makeup. His walk was steady, if de- 
liberate, and his voice was much weaker than his 
traditional booming baritone, possibly an aftereffect of 
tbe double pneumonia he suffered in January after a 
major heart bypass operation in November. 

Mrs. Albright was the first American official to see 
Mr. Yeltsin since July, when Vice President A1 Gore 
was here. Washington is relying on Mr. Yeltsin to take 
charge of foe NATO issue, and this meeting was 
designed to have him hear directly from Mrs. Albright 
. before be meets President Bill Clinton in Helsinki an 
March 20-21. ^ ^ ^ 

ZaJ, or Oval ^aflTtte reception area of his private 
office, with pistachio-colored walls and an intricate 
parquet flooring. 

Mr. Yeltsin spoke -without notes, in generalities, 
until reporters were -asked to leave the room. "I've 
heard all about you,” he said. “Say hello to the 
American people.” 

Asked later about his' condition, Mrs. Albrigbt said: 
“We all have to remember that he's recovering from a 
major heart operation. But I spent almost an hour with 
him and we bad a very share and good discussion. He 
did not use one note and he’s really right on point, and 
I think he’s- very much in cbaige. 

She said he was engaged fa discussion and con- 
centrated on how important it was that Russia not be 
isolated fromEutope. “He spoke about the importance 
for us of seeing a new Russia,” she said. 

1' “I spoke about the need for him to see a new 
NATO.” 

She said she thought it would not be a ppropr iate for 



Rico Marta 


IN THE SPOTLIGHT — Momotaro the 
bicycling dalma tian making its rounds Fri- 
day near Tokyo. Its master, Kazuhiro 
Nisfri, teaches animals to perform for TV. 


her to try to describe his physical condition, however. 
But Russian television journalists said Mr. Yeltsin 
looked in better condition Friday than he has in his 
recent, brief appearances. 


fill. To avoid tbe tax on wages, banks 
often give their employees huge loans in 
lieu of wages. The funds are then de- 
posited ana the interest returned to the 
employees. Only recently has the gov- 
ernment moved to rein in the practice, 
and critics say those actions are not 
tough enough. Many companies elude 
taxes by conducting much of their busi- 
ness in the form of barter — steel pipe for 
shoes, coal for beef. 

Officially sanctioned tax breaks are 
endemic. According to tbe Finance Min- 
istry, tax breaks for the politically well- 
connected cost the government 528 bil- 
lion a year, ahuge sum for anation whose 
annual budget this year is $96 billion. 

Even when tax obligations are clear, 
however, many enterprises and indi- 
.. viduals simply elect not to. pay. Because 
die tax police tend to scrutinize compa- 
nies with the clearest financial , records 
and transparent investments, hiding in- 
come, not disclosing it, is sometimes the 
best way to keep the inspectors away. 

According to estimates by the State 
Tax Service, 17 percent of taxpayers 
comply fully and on time. About 49 
percent occasionally comply and 34 per- 
cent simply flout the tax regime. The list 
of tax debtors includes the nations’ 
biggest companies — 72 companies ac- 
count for more than 40 percent of all the 
tax arrears.' 

Why does the government tolerate 
such tax evaders? One reason is the slate 
fears the consequences of killing off 
faltering state enterprises. 

To scare deadbeats, Mr. Yeltsin es- 
tablished an emergency commission, 
dubbed "V.Ch-K,” a conscious echo of 
tbe Cheka, Lenin's secret police. 

But tbe government's bark has been 
worse than its bite. Mayor Yuri Lushkov 
of Moscow intervened to save the Mosk- 
vich car plant from bankruptcy. A Tatar 
leader used his Moscow connections to 
protect the Kamaz truck plant. 

And though Anatoli Kulikov, whom 
Mr. Yeltsin recently promoted to deputy 
prime minister with responsibility for 
economic crime, has tens of thousand of 
tax inspectors and tax police at his dis- 
posal, some Russia specialists doubt he 
will be effective. 

"It is clear from some of his pro- 
nouncements that he has no idea how a 
modern economy works,” said Mr. Fy- 
odorov, the former finance minister, re- 
ferring to Mr. Kulikov's earlier endorse- 
ment of bank nationalization. 

To damp down on tax evaders, Mr. 


Russian Finds 
Missile Force 
To Be Reliable 


Reuters 

MOSCOW — Prime Minister 
Viktor Chernomyrdin said after in- 
specting tiie headquarters of Rus- 
sia's nuclear missile farces Friday 
that they were under firm control 
and effective. 

* ‘Russian strategic missile forces 
are capable of effectively carrying 
out all tasks entrusted to them," 
Interfax quoted him as saying after 
he visited the headquarters in the 
town of Odintsovo, outside Most 
cow. ...... 

President Boris Yeltsin ordered 
Mr. Chernomyrdin to inspect the 
missile forces, the backbone of Rus- 
sia’s nuclear strike power, after De- 
fense Minister Igor Rodionov com- 
plained last week that they were 
close to collapse because of poor 
funding. Mr. Rodionov said later 
that he had not meant there was any 
immediate threat of the nuclear 
forces going out of control. 

‘ ‘The nation’s nuclear shield is in 
reliable hands,” Mr. Chernomyrdin 
said. But he said the government 
wanted more information about the 
real situation in the missile forces. 
There have been reports of poor 
morale, maintenance difficulties 
and other problems. 

Mr. Chernomyrdin said tbe gov- 
ernment considered it a priority to 
maintain the high readiness of the 
missile forces. 

Russian leaders have said they 
would consider taking “adequate 
measures” if NATO goes ahead 
with plans to expand eastward, and 
they are worried that new members 
in Eastern Europe could have nuclear 
weapons based on their territory. 


Fyodorov said. Russia needs investiga- 
tors who are sophisticated about invest- 
ment strategies, credit card fraud and 
offshore banks. 

"1 am absolutely sure that there is not 
a single guy in the Ministry of Interior 
who understands the problem. If there 
was one he would leave because the 
salary is so bad and somebody else 
would hire him,” he said. 


BOSSES: MIT Scholar Relates Birth Order to Executive Talents 


BOOKS 


Continued from Page 1 

eemives — he does nor know, for 
rtain, that executive suites are skewed 
ward first-borns — Mr. Snlioway said 
s message for companies was clear. - 
People who select chief executives, he 
ntends, would do well to consider toft 
far. among other variables, especially if 
heal change is required. He thinks <xff- 
rate boards probably have too high, a 
oportion of nrst-boms. too, adding to 
: tendency to delay needed change. _ 
To later-boms who are tired of seeing 
:ir older siblings rale so many roosts, 
janwhile, Mr. Sulloway’s work offers 
encouraging note — - if. as some man- 
emenc experts think, the authoritarian 
inazement modelhas had its day. 

Sultoway offers bis own wain- 
's. His research showed that twochar- 
teri sties other than birth order were 
ariy as important as predictors of the 
jpensity to rebel: “Age and tbe social 
irnde of the family, and hence your 
m social attitude. ” Younger people 
id to be more open to the n«?w because 
f V have less stake in the established, ne 
id, and children tend to -draw social 

itudes from their parents. . 

Even so. one key factor can disrupt me 

tiem, he said — a bad relationshy 

nvecn a childand his parents. Nor is 


his analytical framework fail-safe: the 
behavior of 15 percent of the population: 
defies explanation. 

Mr. Sulloway ’s caveats, however, (fid 
not stop tbe potshots. Writing in The 
New Republic. Alan Wolfe, a sociology 
professor at Boston University, credited 
Mr. SulJoway for “establishing the im- . 
portance of birth order," bfa his scorch- 
ing revfew hranded the book “powerful 
rhetoric” and “bad science ” 

In any case, people are buyfagtbe 
653-page tome. It is in its fourth printing, 

with SWWGcopfefa 

Despite the limits of his research, Mr. 
Sufloway thinks his work has relevance 
for spheres he has not studied closely* 
including business. ”2 can say a lot 
about people! don't know personally ” 
he said His analyses take off from a 
person’s position as a first-bera or later- 
bom but go deeper into family dynam- 
ics, considering such variables as sex. 
tbe number/and fax of siblings and the 
age spacing between them. ' 

At ffie recent World Economic Troum 
meeting fa Davos, Switzerland, tbe pan- 
el Mr. Sufioway led. on his work was 


Thurow said later, “and, like ‘survival 
of the fittest,’ on some level it just seems 
right- But there are always exceptions, so 
it s too conditional. You can't use it to 
make decisions.” Besides, he pointed 
out, just because laiex-bams tend to rebel 
does not mean that they discriminate 
between good and bad revolutions. 

Until tbe forum meeting, Mr. Sul- 
loway’s work had hardly registered in 
the business world. He has not heard 
from any corporations. “I'm quite sur- 


>k -regarding the adaptability to 
Change,” he said. 

Despite its ring of pop psychology, 
detailed birth-order analyses could help 
boards choose chief executives, oaretixy 
have blocked out tire qualities needed to 
do the job, Mr. Sulloway suggests. 

The idea is not so crazy. -“When I 
interview candidates, I ask questions that 
get at their early background, including 
sir brothers and fastas” 


cH- 


Thurow„tbe MIT- economist and 
farmer dean of its Sloan School of Man- 
agement,' was on the paneL 

“It’s aU very fascinating,” Mr.- 


tbe number of their 
. said Michael Wellman 
rector of the New York office of 
Ferry International, an executive recruit- 
ment firm, “ft’s another part of tbe sub- 
jective information we use to get a handle 
onthfflDte"Ijke body language, however, 
he said it was less important than thm gv: 
like industry knowledge, experience, 
m a n agement style and reputation. 


GIRLS ONLY 

By Alex Witchel. 224 pages. 

$2 3. Random House. 
Reviewed by 
Patricia Volk 

A S a reporter fa the Style 
department of The New 
York Times, Alex Witchel 
takes Zeitgeisters to lunch, 
shops and checks out hotels. 

In her first book, “Girls 
Only,” she casts her Bos- 
wellian eye on the Witchel 
dan. a family that * ‘broke on 
gender lines” with the three 
girls forming their own sor- 
ority. 

The boin-to-please oldest 
child of a born-to-piease old- 
est child, young Alex was a 
high performer who read a 
library book a day, won 
every spelling bee and curt- 
sied on cue. 

“1 need my mother to pay 
total attention only to me," 
site says even now, excluding 
ber sister Phoebe from moth- 
er-daughter sorties: “Phoebe, 
10 years my junior, is a free- 
thinking gin, as long as noth- 


ing gets fa tbe way of what 
she wants for herself.” 

fa an era of raom-bashing. 
it’s refreshing to read about a 
passionate mother-lover. Hie 
real star of this memoir is 
Whcbel’s mother, Barbara, a 
teamed biochemist, college 
professor and "Star Trek” 
fan. “Mommy” does a turkey 

and a brisket for Thanksgiv- 
ing. For fun, she reads the dic- 
tionary. Her mile-high expec- 
tations produced a daughter 
wbo can nurse a grudge for a 
quarter of a century, make bo- 
logna sound lust-worthy and 
love al full throttle. 

Witchel is sardonic, mourn- 
ful and hilarious, sometimes 
all at once. “Girts Only" zig- 
zags through time wife para- 
graphs that begin “Anyway,” 
“I guess,” “Don’t get me 
wrong,” “Ob. well,” “What 
can Isay?” and “Back to Ber- 
gdorfV’ 

But “Girls Only” is not 
about girts only, it’s about 
getting loved right and the 
heartbreaking struggle of a 
child to seem perfect to her 
mother and through that per- 


fection worthy of the highest, 
best love. It’s about trying to 
be wonderful enough to make 
up for bod things — guilt and 
disease — that happened be- 
fore you were bom. 

Do not expect Witchel to 
mope. She’s too powerful, a 
wunder-coper. the kind of 
person you want on your vol- 
leyball team. Her wickedly 
observant eye drew me to her 
and made me laugh: 

On being quasi-koshen “I 
still don't eat ham, unless it's 
called prosciutto. Because 
then it isn't ham.” 

On the employees at a ritzy 
hair salon: “it was their policy 
never to pass a mirror without 
looking at themselves, a duty 
they performed lovingly.” 

In the most moving 
chapter, she meets June Hav- 
oc, Gypsy Rose Lee's young- 
er sister. Havoc was dubbed a 
loser by a mother who 
charged her for meals. Is the 
Mama/Gypsy/Baby June tri- 
angle all that different from 
the Mommy/Alex/Phoebe tri- 
angle? Witchel finds the com- 
mon ground. 


Witchel women kiss. They 
hold hands. They sip bourbon 
together and smoke, smoke, 
smoke. But there's a limit to 
what love can do: "Even 
though my mother knows 
every fact of my life, as I do of 
hers, neither of us seems able 
to reach out and wrap a Hand 
around that jumble of aches 
and wishes the other wakes 
up with.” 

“Isn’t separation supposed 
to have happened when 1 was 
about 3?” Witchel later 
asks. 

No. Separation happens 
when you're down to calling 
twice a day. 


Patricia Volk, a novelist 
and essayist, wrote this for 
The New York Times. 


NEW AUTHORS 

PUBUSH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors worid-wWe Invited 
write or sand your manuscript to 
MINERVA PRESS 
20LDBROVFTONRO.LCM30NSW7300 










page: 

PAGE 18 


BilERNAX IQNALHERALD 



, „ .. = . T* — 

INTERNATIONAL HERALD TRIBl^^ITUDAX JEEBR3SdWU]U Jm, 




ART 




INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAV, FEBRUARY 22-23, 1997 
PAGE 8 


ft.-"" •• L 




Khmer Sculpture: Enigmatic, 



/fihmuiuiKi/ Herald Tribune 

P ARIS — What is it that sparks off 
some of the highest artistic cre- 
ativity in tiny countries? Why 
Rembrandt and Vermeer in Hol- 
land? .And why Khmer sculpture, perhaps 
the greatest in East Asia, in dny Cam- 
bodia? 

The question comes to haunt the vis- 
itor as he gazes at the masterpieces in 
sandstone or bronze on view at the 
Grand Palais until May 26; the exhibit, 
“Angkor et Six Siecles d'Art Himer.” 
travels to the National Gallery in Wash- 
ington from June 29 to SepL 28. 

There is no answer to such a question. 
The rise of a great art is as much an 
enigma as its demise which, in the case 
of Cambodia, became final by the 16th 
cenlurv. The historical circumstances of 


SOUREN MELIKIAN 


its emergence around the sixth century 
have yef to be described. How contacts 
with India were established, resulting in 
the adoption of Hinduism and Buddhism, 
is unclear. Recent excavations in portions 
of South Vietnam that were Khmer-pop- 
ulated well into the 19th century point to 
a complex and troubled process. 

Gold plaques recovered on the site of 
:i temple at Go Xai in the Duc-hoa 
district tell how a king called Bhavav- 
arman l ordered the retreat of an army of 
100.000 men after people had buried 
their jewelry, precious metal objects 
and bronzes. The inscriptions are in 
Sanskrit, the liturgical language of In- 
dia. w hich was adopted in Cambodia. 
Mention is made of the conversion of a 
conquered people. 

At Oc-eo. in the Mekong Delta, an 
Indian-looking gold ring with the bull 
Nandi cast on top came to light in a 
context datable to the 2nd century AJD., 
together with personal ornaments in- 
scribed in the Brahmi script from India, 
bronze mirrors from Han China and 
Roman medallions. 

But these are mere isolated glimpses 
into a past that yields no pattern. Khmer 
sculpture us we know it appears in the 
early seventh century, so masterly and 
self-assured that it points to a classical 
moment, implying a very long devel- 
opment of which the earlier stages have 
yet to be discovered. 

What makes Khmer art more in- 
triguing still is that while it is dependent 
on India for the canonical models, it is 
aesthetically as far removed from it as 
Purer or Altdorfer are from their Italian 
countetparts when they paint a Virgin 
and Child. There is a purity in the out- 
line of form, a touch of radiant illu- 
mination to the faces of Khmer figures 
that are rarelv found in Indian art. 



Cyeda NrtioaJci da Gnad Mu 

Sandstone Buddha head from the early seventh century. 


The supreme example is the Bod- 
hisattva Aval okitesh vara probably dat- 
ing from the second half of the seventh 
century. The 188-centimeter (74-inch) 
sandstone figure, on loan from die 
Musee Guimet, ranks among the great 
world ait revelations of the last decade. 

While the catalogue notes dial the 
statue was dug up in die southern tip of 
present-day Vietnam as long ago as 
1919. it refrains from mentioning that 
this was on land belonging to the Vi- 
etnamese Imperial family. A well-placed 
source says that the statue was shipped to 
France at the time of the Communist 
takeover and remained virtually un- 
known until it was acquired by die Musee 
Guimet nine years ago through a Paris 
dealer for the equivalent of $1 million. 

The American scholar Helen Jessup 


hails it in the catalogue as one of the 
most perfect sculptures in the whole of 
Khmer art One can only agree. A quiet 
exultation is conveyed by the almond 
eyes and the suggestion of a smile on the 
big lips, softly pressed together. Rarely 
was the mystic's ecstasy as he con- 
templates the inner reality which be has 
striven to attain so limpidly rendered. 

The Vishnuite sandstone figures from 
the same seventh century school named 
after the site of Phnom Da, look more 
imperious. A standing Vishnu that 
comes closest to the Bodhisattva throws 
back its bead in supercilious triumph. No 
joy oozes from its majestic head and yet 
it has none of the fierceness so common 
in Vishnuite sculpture from India. 

Even when die subject would seem to 
dictate it, violence is absent from Khmer 


an. Durga Mahishasoramardini. the 
Hindu deity possessed With die e nergy 
of Vishnu, Shiva and ; BraJana. who 
tramples upon the buffalo demon, was 
represented at S amber Prd Kuk as a 
feminine figure, how alas headless, her 
body swaying gracefully as she stands 
on what remains of a buffalo head. 

The frenzied Baroque agitation so 
typical of some of the Bes reliefs seeth- 
ing with creatures in post-Gupta ait 
from India is equally alien to Cambodia. 
A marvelous lintel that stoodin the 7th 
century over die entrance door to an- 
other temple at Sambor Prei Kuk hardly 
looks threatening. 

Just as surprising as foe aesthetic in- 
dependence from India is tire diversity 

of the art and the apparent lack of tran- 
sitional phases. Nothing in the earlier 
schools heralds the frozen formality of a 
good deal of 10th and 11th century ait 

An exception is ‘ ‘Umamafaeshvara, ' ’ 
the seated group of Shiva and Uma_Th& 

cross-legged Shiva is seen as the Lord of 

the Mountain, steadying the slender fig- 
ure of the Daughter of the Mountain 
precariously perched on his thigh. 

One would love to know how the gap . 
was bridged between the highly form- 
alized style that prevailed until the 
1 100s and the astonishing school font 
blossomed under Jayavarman VII in the 
late 12th and early 13th centuries. The 
king turned to Buddhist mysticism after 
a protracted period of violent disorder in 
which wars and massacres alternated. 
Did he play a part in the development of 
the highly idiosyncratic style m which 
ecstatic characters, eyes dosed, bliss- 
fully smiling, have such distinctive fea- 
tures that they are almost certainly por- 
traits? The standing figure of a little girl, 
with foe same rapturous smile and 
closed eyes, bears a striking resemb- 
lance to several representations of a 
cross-legged man absorbed in medit- 
ation believed to represent Jayavarman 
VIL Surely, she must be his daughter. 

The art of three-dimensional portray- 
al under foe guise of Buddhist icon- 
ography continued into foe 1 4th cen- 
tury. The bronze standing Buddha from 
Kong Pisei, serene and powerful, is not 
just a timeless icon. The individual fea- 
tures of a man, presumably foe ruler, can 
be made out. That Khm er ait could be 
remarkable at such a late date is one- of 
many, revelations in the show. 

Tbeart even survived the capture of 
Angkor by the Thais in 1431, as shown 
by a striking statue of Vishnu- V asudeva- 
Narayana. It could be as late as the 16fo 
century; the chronology of later sculpture 
is shaky. Specialists hesitate just as much 
about foe meaning of its kwnograpby. 
Khmer art remained as elusive in foe end 
as it was in its beginnings. 



HMOtager KanOaBr Natal 

The central light court of the new Gallery of Contemporary Art. 



Now Let’s Fill It 


By David Galloway 


Unesco Organizing Effort to 



By Barry James 

Inicimuioruil Herald Tribune 


P ARIS — While crowds line up 
in Paris to see the art treasures 
of the vanished Khmer king- 
dom. the UN Educational. Sci- 
entific and Cultural Organization is 
spearheading an international effort to 
save what remains of foe royal legacy 
in (he jungles of Southeast Asia. 

The best known of the treasures is 
the palace of .Angkor Wat, known as 
the Versailles of the Khmer, but foe 
rescue attempt concerns dozens of oth- 
er palaces and temples spread over a 
large swath in nonhem Cambodia. 

The site contains the ruins of an 
entire city called Angkor Thom, which 
was larger in its heyday than Rome at 


the height of its imperial glory. The 
wooden houses, in which hundreds of 
thousands of subjects lived in indolent 
ease, according to an ancient account 
by a Chinese diplomat, have disap- 
peared, leaving only the giant stone 
temples as mute witnesses to foe Asian 
Atlantis. 

Most of those buildings are under 
natural or man-made threat. They are 
trapped in foe choking embrace of 
giant Banyan trees, undermined by 
subsidence and leprous with lichen. 
Worst, they are prey to thieves who 


declaring its preservation to be in the 
interests of all humankind. Unesco is 


find ready buyers for statues and bas 
liefsoflit 


reliefs of lithe celestial dancers and foe 
strange smiling faces of gods and 
buddhas. 

The world cultural organization has 
put Angkor on its list of heritage sites. 


coordinating the international rescue 
effort, which includes contributions 
from Japan, the largest donor, France, 
Italy, Indonesia, Germany, Hungary 
and the World Monuments Fund in foe 
United States. 

As part of the program, France 
helped tram and equip a 520-man po- 
lice force in an attempt to stop the 
looting at the vast site. 

Pillaging has been going on almost 
since Angkor was rediscovered in the 
last century. The most famous thief 
was Andre Malraux (later to be 
France's minister of culture), who was 
caught trying to smuggle out four large 
pieces of bas relief and a ton of sculp- 
ted stone. 


More recently, thieves looted the 
storerooms of the conservation depart- 
ment in Phnom Penh, from which every 
gold object disappeared during the cor- 
rupt Lon Nol regime in foe 1970s. In 
some of foe remote temples, intricate 
reliefs are full of holes where individual 
characters have been chiseled out, 
statues have been decapitated and vir- 
tually all the smaller statues have dis- 
appeared, Unesco officials said. 

Meanwhile, Cambodian authorities 
have been discussing with Malaysian 
and South Korean investors the pos- 
sibility of turning Angkor into a major 
tourist attraction capable of attracting 
a milli on visitors a year. That would' 
mean building thousands of hotel 
rooms in foe region and could place a 
heavy burden on the environment 


H AMBURG — Local enthu- 
siasts are tooting this city's 
expanded Kunstfaalle as “foe 
Louvre of the north.* - If the 
reality is considerably more modest the 
addition of a spacious new budding to 
rtii«t museum complex means that the 
Knnsttialle can now make 
presentation .of holdings foat date 
the Middle Ages to the present. 

The Gallery of Contemporary Art, 
designed by die Cologne architect Os- 
walaMattfnas Ungers and built at a cost 
of 100 idsDidn ^t^ v ifaaikrf' J $59 
million), is foe first new museum erec- 
ted in foe Hanseatic capital since 1945. 

. The original structure, a superb clas- 
sicist building in red bride dating to 
1869, as well as an extension added in 
1919. were cramped for space. In 1986, 
Ungers won a design competition foat 
would bog down for -nearly a decade. 

Aesthetically as well as politically, 
plans for the new museum posed daunt- 
ing obstacles. The Kunstfaalle is stran- 
ded on an island formed by an eight-lane 
thoroughfare and a mikado-like con- 
vergence of railroad tracks. At the west- 
ern extremity, Ungers has placed a pale 
limestone cube, separated from foe orig- 


inal building by a plaza that miirorsfoe 
ground plan of f 


foe new structure. The 
entire complex is perched atop a sloped, 
red-granite pediment foat contains of- 
fices and services, as well as spacious 
galleries foat link foe old with tire new. 

3y, to accommodate this un- 
coraplex, the architect dev- 


oted foe central plaza. True oo his re- 
ductionist aesthetic, Ungers made no 
further inter vention here, creating the 
irmd of “negative space" that can send 
architectural theorists into raptures but is 
fikely to send visitors scurrying for cover. 
This bleak plateau cries out for a garden 
drpavffion or sculptural statement 
The cod, anonymous, even imperious 
tone continues within the new building, 
though it unquestionably provides a 
functional, flexible context for the art 
displayed there. And whether one re- 
gards foe architect's use of foe square as 
a module for windows, tiles, seating 
-elements .and li ghting fixtures as “coq- 
'ristetiP* dr fefoOusl tfaebutiding’seen- 
tral light court is a space of such lyric, 
cry stalling purity foat the* debate be- 
comes — at least momentarily — ir- 
relevanl-ftisnot,however.an exhibition 
space so much as an exhibited space. - 
Despite suchmajoreariy acquisitions 
as David Hockney’s celebrated “DoQ 
Boy" (I960) and a flurry of recent pur- 
chases, foe core collection borders on 
anorexia. For now, it is fleshed out with 
loans from private collections. Director 
Uwe Sctaneede has not sought foe iso- 
lated masterpiece but entire blocks of 
representative works of foe sort as- 
sembled by the d edicated private col- 
lector. Stuttgart’s Rudolf Scharpff, for 
example, offered a virtuoso ensemble of 
works by a dozen younger American 
artists — among them, Robert Gober, 
Jeff Koons and Christopher WooL 


David Galloway is an art critic and 
free-lance curator based in V/uppertal, 
Germany. 


ART EXHIBITIONS 



THE LONDON 

• Original * 

PRINT FAIR 


AT THE aOYAL ACADEMY OP ACTS 


27 February - 
2 March 1997 

OWS DAILY HAM TO 6 PM 


TELEPHONE OZtS 932 O96O 

PAX 01x8 934 3329 


Nordstem 


iK ivrettMTirevu.®* • \ 

itcralo*JiySnbune. 


■ INI nvi 


THt. WORLD'S Dtiliy NEWS RIPER 


TV Internationa! Herald Tribune 

looks* forward to greeting visitors to 

TEFAF MAASTRICHT 1997 

(Thr Fjtropean Fine Art Fair) 


II fnigttuit uf Hurts art that no auction can maid L/ 
Smnri iMikiun, International Herald Tribune 


16 March 1996 
MECC - Maastricht - The Netherlands 
8-16 March 1997 
at our stand 
Stand no- 20 



COLLECTORS 


HARRY FANE 

wishes to purchase old 

CARTIER 


objects: 


docks, dganxtes cue*, powder base*, 
Afrononga, photo faagxa, etc. 


Please contact 
OBSIDIAN, London 
Tet Q171-930 8606 hr 0171-839 58341 


ANTIQUES 


Japanese Antiques 
Meui & Edo Periods 


| Wb soil & purchase musaum-quolty 
Japanese Sahuno, bronzw, 
doisonns, poreaioins & csVjqud 
S amurai swords, armor A fitting*. 


| ROTNGOWB ANTIQUES, IIP. 

) 050 Second A*. NY. NY 10022 
W 2123234600 Foe 212-2234601 


ARTS 

& ANTIQUES 

Every Saturday 


Contact: 

Kmbbby 

GuasuMHknANcouRr, 
TeL: (33-1) 41 43 94 76 
Fax: (33-1) 41 43 93 70 

ex your nearest HT office 
or representative. 


The Political Is Becoming More Personal 


By Alan Riding 

New York Tunes Sen-ice 


B ERLIN — Created 
by foe Western allies 
in 1951, the Berlin 
Film Festival has tra- 
ditionally been foe most polit- 
ical of movie jamborees. For 
many years, it was a weapon 
in foie Cold War, serving as a 
showcase of Western cultural 
freedom. Later, in the mid- 
1970s, it became a symbol of 
East-West detente, offering an 
annual glimpse into now 
cinema was faring beyond the 
Berlin Wall. But its role was 
always politicaL 
Then, with foe collapse of 
communism, the festival went 
commercial and was quickly 
dominated by American stu- 
dios intent on using Beilin as 
the European springboard for 


movies already released in foe 
United States. This year, these 
include “The English Pa- 
tient,” “The Crucible,'’ 
“The People v. Larry Flynt.” 
“Get On The Bus” and 
“William Shakespeare's 
Romeo and JutieL” 

Now, however, beyond foe 
marketing glare of the Amer- 


BERUN FESTIVAL 


ican productions, political 
movies are making some- 
thing of a comeback. But they 
are doing so with a difference: 
AD too aware foat many of 
today's moviegoers have little 
interest in politics, directors 
have disguised the social and 
political content of tbeir films 
by presenting them as com- 
edies, d ramas or love stories. 

The strategy may be work- 


■ 

Dining ^ Out 

! 

nussas 

PABSSnh 

1HOUMIEUX 

HSnUMMT 

. IiiirWWiidftiOum 

MinoDB. Goftdiaxxri Utod* w 

1HOUMEUX. 

Spade** at h 

& couwilar on cos Hi «k coiwrd.-Air 
comlitionsd. Opoa mow- TV f** 

InwfefcTersiai 

PAXtS&h 

■ VMM . ! 

(jj JitffaTaj 

Hafled « the best Indian restaurant 
in Fora* by tfee leafing gwete 
torqxKftienned}. 

t4,n»DfluphmT: 074328 44 91 

KERVANSARAY 

bao rr*»SuSoc*. Mht*9. 

ftL- 51288*1 ^owjfiaaiKh>.QM«. 
Noo»3 pA & A pn-tan,on^ 
Ctaanhfdq*. 


ing. Although festival audi- 
ences are not always reliable 
gauges of future box-office 
receipts, several of these 
films have been warmly re- 
ceived here this week. The 
festival’s jury will give its 
verdict at the closing cere- 
monies Monday evening 
When it will announce foe 
winners of this year’s Golden 
Bear awards from among the 
25 movies in competition. 

What may grve these films- 
with-anmessage a chance of 
Teaching a broader public is 
that their makers seem agreed 
that, above all, they must be 
entertaining and not didactic. 

“I try to make fihns foat 
move people when they are in 
foe theater and . make them 
think only after they leave,” 
said Claude Bern, the veteran 
French director whose latest 
film, “Lucie Aubrac,” was 
shown here this week. 

In the movie, which is based 
on real evens that occurred in 
1943 In occupied France, 
Beni shows the extraordinary 
risks taken by Lode Aubrac 
(Carole Booquet) to rescue her 
Resistance fights- husband, 
Raymond (Daniel Aureuil), 
from his German captors, who 
co ndemned him tn death. 
At one level, the film is a love 
story; at another level . it 
demonstrates ordinary 
people can — and should — 
resist eviL 

Other filmmakers have 
chosen humor as their polit- 
ical vehicle. “I wanted to 
write about foe closure of coal 
mine s under foe Thatcher 
government, but it was only 


when we came up with foe 
idea of foe brass band that the 
project became commer- 
cial,” said Marie Herman, the 
English writer and director of 
“Brassed Off.” a funny and 
poignant film set in a bleak 
Yorkshire mining town. 

The story revolves around 
die fight to {prevail foe clos- 
ure of a coal mine, but this is 
symbolized by the struggle to 
keep alive the colliery’s cen- 
tury-old brass band, itself a 
pillar of community life and 
identity. Behind die film ’s 
warm humor, its blunt mes- 
sage is foat Margaret Thatch- 
er’s conservative government 
committed a social crime 
. against defenseless miners. 



NOTHER British 
fflm/TwinTown” 
set in the Weldi city 
of Swansea, resorts 
to area blacker humor. It fol- 
lows two foul-mouthed car- 
heistmg anarchic brothers who 
exact bloody revenge after a 
local construction boss, part- 
time drug trafficker ana ac- 
complice of corrupt policemen 
refuses to pay then fatba- com- 
pensation for a work injury. 

The movie's writer and di- 
rector, Kevin Allen, said that 
“Twin Town,” his first fear- 
ture film, grew oat of a doc- 
umentary that he -made in 
Glasgow four years ago about 
miscarriage of justice. “It 
started as a much grimmer 
Ken Loach kind of thing,” be 
said, referring to foe British 
director known For the strong 
political content ofhis movies. 
“Bui then I decided I was 


better at writing comedy 

“Four Days in Septem- 
ber,” the new film by foe 
Brazilian director Bruno Bar- 
reto, appears to tackle politics 
head-on by recounting foe 
“true story” of the kidnap-- 
ping of Charles Burke Elbrick, 
theU-S. ambassador to Brazil, 
by leftist guerrillas in 1969- 
But. in practice, the movie is 
for closer to a thriller laced 
with human dr ama form a de- 
bate about foe pros and cods of 
taking up arms against Amer- 
ican-backed dictatorships. 

“It is a political film, but 
not a political language 
film,” said Barreto, whose 
film credits include “Dona 
FI or and Her Two Husbands” 
arid “Carried Away.” “Even 
if yon don't care about pol- 
itics. you can care about these 
people. I wanted to malty, a 
film about real people who are 
trapped by circumstances.” 

In “Jump the Gun,” a Brit- 
ish -South African coproduc- 
tion described as one of the 
first movies to emerge from 
post-apartheid South Africa, 
the British director Les Blair 
allows foe film's political im- 
plications to be an . after- 
thought to the story of Clint, 
an oil rig electrician who 
comes to Johannesburg for 
rest and recreation in seedy 
bars and finds hfaps elf caught 
np in the lives of a struggling 
underclass peopled byboth 
whites and blades. 

The film nonetheless higft- 
Ughts foe socially explosive 
background of a society in 
which blacks and whites are 
•canting to coe xist 



fljltf’-' ‘ 

— s* 






*r 


: fc 




! P^Vi, '' 

. *!*;...• • 

\ *• 

; ttf: ■ 

<R- 

• *■ : 
jsv i J - 

, ^ 

; 

; - ; 

i • . 

I S’.*-- -’ . • 

id -.*• •' 


• 

j dV :: ’ ; 

*ss! ■ 
**** . 

tfr T-.m 

yy ■ 

ftp'-" 
ifei'er- 



I 








\ . r 

' <!hi. ' 


• -‘iff ; 


'I 


Vi j‘ 

v : .i- 


?••• 

i.f 


! } "I 


‘iini: 


I ; 


l . 

V 


v*in\+ 


A 



tNTHUttTKML 


BUSINESS/FINANCE 


R 


SATORDAY-SUNDAX, FEBRUARY 22-23, 1997 


PAGE 9 


Club Med 

Wishes on 


Disney Star 

^tcotion-Resort Firm 
Acts to Staunch Losses 


Bloomberg News 

— Club Mediterranee SA 
posted a loss for the year on Friday 
said it had hired Euro Disney SCA’s 
ch ief e xecutive, who faces the task of 
improving the flag g ing fortunes of the 
vacation-resort operator. 

. Disney’s Philippe Bourgnignon, who 
is credited for turning around the Paris 
theme park operator, will replace Club 
Med’s chai rman and chief executive, 
Serge Trigano, son of the company's 
founder, who will resign March 1. 

Club Med reported a loss of 743 
million French francs ($130 million) for 
the year to Oct. 31, compared with a 
profit of 168.6 million francs a year 
earlier. The loss includes a one-time 
charge of 820 million francs to pay for 
restructuring operations and other pro- 
visions. 

Some analysts had expected a 1996 

profit Of 50 milli on f rancs 

Club Med’s shares were suspended in 
Paris as die board met amid market talk 
it would report the loss and shuffle its 
leadership. Before the suspension, the 
shares were trading at 355 francs. 

Shares of Euro Disney closed down 
10 centimes, at 10.2 francs. 

Analysts said the management 
change would allow the company to 
concentrate on correcting past mistakes, 
in which it failed to respond to falling 
demand in Europe ana price compe- 
tition from rivals such as NouveUes 
Frontieres S A and Sandals of die United 
States. 

Mr. Trigano said Friday that Club 
Med would dose seven of its 114 va- 
cation villages. That includes six un- 
profitable villages in Europe and one in 
the Americas. It plans to open two new 
villages this year, one in Cuba and one 
in Indonesia. 

The closures will have an ‘ ‘important 
positive impact" on earnings for fiscal 
1997, Mr. Trigano said. 

“I must assume the consequences of 
what has happened," he said* '*1 don't 
have the right to blame it on the econ- 
omy. Maybe we should have imple- 
mented these changes much earlier/’ 

Analysts said any decisive change in 
strategy should help, raise Gub Med ’s 
flagging shares, which have fallen 33 
percent over the past year. 

Luring Mr. Bourguignoo is regarded 
as a coup for Club Med. He was re- 
sponsible, along with Euro Disney’s 
former finance director, for bringing the 
Disneyland Paris theme park's costs un- 
der control and helping it post its first 
profit since opening in 1992. 

"You couldn’t find a better candi- 
date,” Jeff Summers, an analyst at 
Klesch & Co. in London, said of Mr. 
Bourgtrignoo. “He’s proven be can de- 
liver the goods by boosting attendance 
at Euro Disney in a weak consumer 
market.” 

It is “great news for Club Med and a 
disaster for Euro Disney,” said Nigel 
Reed, an analyst at Paribas Capital Mar- 
kets. 

Euro Disney said GiUes Felisson, its 
chief operating officer, would replace 
Mr. Bourguignon. Mr. Pelisson joined 
the company 18 months ago and now is 
chief, operating officer. Before that, he 
at hotel operator Accor SA. 


A Portrait of China’s Economy 


EXPORTS of goods 
and services 33 a 
percentage of GW 9 . 


IMPORTS of goods 
and services as a 
percentage of GOP. 


CHINA’S SHARE 
of world exports 


FOREIGN DIRECT 

INVESTMENT, 

InMHciw 


EXPORT GROWTH BIPORT GROWTH 

Annual percentage Annual percentage 

change donga 



40%_ 
35 _ 


30 

25 


20 


15 . 

10 . 

5 . 

0. 

- 5 . 


if 


70 % 
SO . 
50 _ 
40 _ 
30 , 
20 _ 

—10 _ 
-20 _ 


Jd 


*83 


’95 


>83 


*95 


Sauce: International Monetary Fund 


Creative Accounting 
Gets EU’s Approval 


Italy’s Chances for Euro Improve 


By Tom Buerkle 

International Herald Tribune 


NYT 


Tough Choices for Deng Successors 

China Faces the Painful Fallout From Restructuring 


By Sheryl WuDunn 

New Yank Times Service 


“Nobody in China has really lost 

the be- 


TOKYO — Deng Xiaoping, the ar- 
chitect of China’s policy of economic 
openness, seemed to possess a magical 
touch with China’ s economy in its rocky 
transition from communism to capit- 
alism. . 

But Mr. Deng has left his successors 
facing even tougher challenges, ones 
that he may not have been brave enough 
to take on. 

Jiang Zemin, Mr. Deng's designated 
successor, and his circle of colleagues 


and adversaries have far less political 

Mr. Deng 


legitimacy and influence than 
had. That may be crucial in pushing 
ahead with unpopular but necessary 
economic policies, like reducing the 
cumbersome government sector, raising 
taxes and prices, or allowing large-scale 
layoffs. 

This leaves one pressing question: 
W31 Mr. Deng's death threaten to derail 
the pace of China’s progress on eco- 
nomic restructuring? Or is it possible 
that his death might pave die way for 
even swifter change? 

Business leaders in the United States 
expressed an almost stubborn optimism 
Thursday that rhhm would remain on 
its current coarse of economic mod- 
ernization. And markets around Asia 
seemed to take .his death in stride, as 
stock indexes in Tokyo, Hong Kong, 
Taipei, and Shenzhen even edged high- 


from economic reform, and in 
ginning that was very important," said 
Nicholas Lardy, a senior fellow at The 
Brookings Institution. "But somehow 
along the line, you’ve got to start mak- 
ingsome tough choices.” 

Those tough choices loomed while 
Mr. Deng was still alive, and they remain 
China’s greatest challenge. 

It will certainly be hard to match the 
magic of China’s fanner patriarch. 
When Mr. Deng made what has become 
known as his imperial journey to the 
south in 1992, a time wtoen economic 
restructuring was stalling, he was nom- 
inally just a retired old man. 

But in feet, his trip paved the way for 
re markab le changes in the national 
winds of economic policy. Hardliners 
were virtually expelled from the lead- 
ership. China hailed the virtues of a 
“socialist market economy," sweeping 


His death was not only anticipated, 
but Mr. Deng had already set in motion 
an economic revolution in China far 
beyond what any doe man could con- 
trol. 

“It is still a market of taxicabs and 
chauffeur-driven vehicles,” said John 
Smith Jr_, chairman and chief executive 
oT General Motors Corp., which has a 
sizable business in China- "The roads 
are currently missing, so that has to 
come first” . 

Mr. Deng's death does not change die 
fundamental strength of the economy, 
which grew neatly 10 percent last year. 
Savings rates are still high* labor re- 
mains cheap, and China’s public works 
and legal systems both remain weak but 
improving. 



central planning under the carpet at the 
party congress in October. And sud- 
denly, a new economic vitality spread 
like wildfire throughout the country. 

Hie was a decisive leader, and when 
problems arose or critics swooped down 
on him, he forged ahead steadily and 
determinedly. That is exactly the op- 
posite of die approach taken by Mr. 
Jiang, China’s cautious Communist 
leader. Mr. Deng had the influence to 
override hard-liners who drought eco- 
nomic modernization should proceed 
much more slowly. China still has a 
clutch of elderly leaders, some of whom 
are ardent, revolutionary purists, and 
they may now press for a slower pace of 
economic restructuring. It is unlikely 
they will win, but there may at least be a 
tortuous, protracted battle that itself 
could delay economic change. 

Finally, Mr. Deng had the political 
capital to make dramatic and painful 
changes in China. He did not always 
exercise it, but he did begin to allow 
companies to lay off workers, and he 
gingerly began to accept die concept 
that companies could go bankrupt. 

In contrast both Mr. Jiang and Prime 
Minister Li Peng may lack die stature 
necessary to push ahead with important 
but painful measures. 

Still, in a sense, one of Mr. Deng's 
critical economic contributions sur- 
vives him: Economic restructuring is no 
longer an ideological question. It is 
more of a technical one. 

When the Chinese leadership debates 
how to introduce capital markets or dis- 
solve inefficiencies in the state sector, 
the debate is not over whether these 
steps are allowable. Instead, they are 
about the concrete process of how to go 
about orchestrating the change. 

For example, how can welfare ben- 
efits be taken away from people? How 
can workers be laid off, and how can 
new jobs be found for them, to keep 
them from protesting in the streets? 
They are issues that are as much a 
headache for any capitalist leader. 

In some ways, China’s younger, more 
tecbnocratic and worldly crop of leaders 
are better equipped than their elderly 
predecessors to handle the next stage of 


BRUSSELS — Europe's statisticians 
cm Friday endorsed two Italian account- 
ing maneuvers designed to reduce the 
government’s budget deficit, a move 
mat gave a boost to Rome’s bid to 
qualify for a single currency in 1999 
even as it fanned doubts about the real 
readiness of Italy for monetary union. 

The announcement by tbe Luxem- 
bourg-based agency Eurostat com- 
pleted a series of decisions, beginning 
with the approval last fall of a 373 
billion-franc ($639 billion) transfer 
from the state-owned company France 
Telecom to the French Treasury , that set 
the ground rules for countries attempt- 
ing to meet the single-currency deficit 
ana debt criteria this year. 

Eurostat has given the green light to 
virtually all of the controversial ac- 
counting techniques employed by mem- 


ber countries, techniques that Prime 
Minister Romano Prom of Italy bluntly 


Cftg Muifllir AMwfcwd Pnm 

Zhn Rongji, China’s economic chief. 


See YUAN, Page 13 


labeled as "tricks” last fall. The polit- 
ical storm over the decisions has clearly 
caused some squirming at the normally 
obscure agency, but Eurostat officials 
defended their actions as purely tech- 
nical. 

“I know some governments believe 
other governments use accounting to 
cheat,” said Alberto de Michelis, the 
director of Eurostat. He rejected die 
criticism, however, saying Eurostai was 
merely trying to ensure that all 15 EU 
countries apply the same accounting 
rules. He added that political assess- 
ments about rule-bending are best left to 
politicians to sort out. 

Mr. de Michelis also pointed out that 
some of the agency's decisions have had 
a negative impact on the finances of 
national governments. Indeed, one rul- 
ing on Friday will increase Germany’s 
budget deficit by as much as 5 billion 
Deutsche marks ($2.96 billion) this year 
by requiring the government to put on 
its books certain road and railway in- 
vestments made by private-sector 
companies. 

Patrick Child, a spokesman for die 
EU monetary commissioner, Yves- 
Thibault de SUguy , said the commission 
would be looking fora “high degree of 
sustainable convergence,” rather than 
one-time austerity measures, when it 
gives its opinion early next year of the 
countries qualified to enter monetary 
union. 

"It's not just a question of ticking off 
boxes and getting your deficit down in 
1997," be said. 

On Friday, Eurostat endorsed a pro- 
posed package of measures with which 
Rome intends to raise 12 trillion lire 
($7.15 billion) this year to reduce its 
budget deficit by 0.6 percent of gross 
domestic product. In particular, one 
measure — to raise 3.5 trillion lire in 
1997 — would require companies to 
pay in advance part of a tax on employee 
savings funds. 


Paris Delays Presenting Credit Lyonnais Rescue Plan 


Wi 


But analysts and investors warned 


that simply changing the management 
team at Club Med would not be enough 


to revive the company. 

“The problem of Club Med today is 
head-on competition, customer beha- 
vior and renovation expenditure,” said 
Jean-Baptiste Delabare, an analyst at 
UBS in Paris. "It’s not the fault of 
Trigano, it’s the 1990s." 

Patricia D’Hle, a fund manager at 
Monte Paschi Baoque, said, “Bour- 
guignon’s arrival is positive, but I don’t 
think it’s offset the negative affects of 


Ctm^SfdbjOwSefFmmDisptadwi 

PARIS — France announced Friday 
it was delaying for more than a month a 
new rescue plan for Credit Lyonnais, in 
the latest setback to government efforts 
to pot the troubled state-owned bank on 
its feet 

France's economy minister, Jean 
Arthuis, said a new restructuring plan 
for Credit Lyonnais would not be 
EU until the end of 


European Commission approval for Its 
third rescue attempt in four years, has 


refused to pm a price tag on the package 
that should prepare Credit Lyonnais for 
privatization. 

But the commission, which only two 
years ago approved 45 billion francs 
($7.9 billion) in aid for the bank, has 
estimated that up to 30 billion francs 


to 


may be needed to put the once “grand 
old lady” of French banking back on an 


such huge losses. 

Club Med’s major shareholders, who 


have pushed for a more aggwsavere- 
orgamzation. signaled an impending 
shakeup when they made it easier to sell 
their stakes in December, ending, a pact 
that had linked them since 1990. 


Mr. Arthuis said he had been in con- 
tact with the EU competition commis- 
sioner, Karel Van Miert, in the past few 
days “and we have agreed to make 
some corrections and additions” to this 
plan. 

Mr. Arthuis said the restructuring 
plan was aimed at restoring profitability 
at Credit Lyonnais and to privatizing the 
bank within two years, “by the end of 
1998 or the start of 1999.” 

France, which was expected to seek 


even keeL 

The plan for more state aid by Credit 
Lyonnais, which briefly became the 
biggest bank outside Japan during the 
1980s, comes amid reports it is headed 
for a spectacular profit rebound this 
year. 

This has provoked fury from rival 
Societe Generate which has called fra a 
“controlled liquidation” of the bank, 
saying the taxpayer should not pick up 
the tab fra its losses. 

The profit recovery is also expected 


to provoke tough questions from the 
EU, which has already said it is alarmed 
by the vast amounts of public money 
poured into tbe bank. 

Mr. Van Miert is also believed to be 
worried about complaints that the new 
aid would be a severe distortion in the 
fiercely competitive financial sector. 

The crisis has forced the government, 
struggling to ready France for monetary 
union, to confront Paris’s traditional 
way of doing business in which the state 
has played a dominant role. 

“f hope this revolting experience will 
pass the message to the nation dial the 
state should not be a shareholder,” Mr. 
Arthuis said this week. 

Credit Lyonnais launched its ill-fated 
expansion drive under the previous So- 
cialist administration, which was keen 
to ensure French banks could compete 
against their international rivals. 

“Hie French banking system is a 
nonprofit making system.” Jean-Bap- 


tiste Be lion, analyst at Deutsche Morgan 
Grenfell, said. “A very old culture of 
doing banking like an administration." 

Now, the center-rigfat government is 
determined to end the drain on public 
funds through a big program of privat- 
ization. The government pledged to 
privatize die bank as soon as possible but 
it needs to pui fresh money into it first to 
make it salable. 

But no one knows the ultimate cost of 
die rescue of the bank, known as "Crazy 
Lyonnais" in its lending heyday. 

“We will not know this for many 
years," Mr. Arthuis said. Some officials 
say the bill could top 100 billion francs. 

In fending the bank — the worst of a 
series of state companies needing state 
cash — the government must avoid in- 


creasing its budget deficit, which must 


be reduced to 3 percent of gross do- 
mestic product this year to qualify for 
European monetary union. 

(Reuters, AFX) 


CURRENCY & INTEREST RATES 



Fab. 2 i Ubfd-LJbor Rates 


Fata. 21 


U u. ih in u u ^ a Hnti 

Mu uni irar — aw* 1J8 is*r uw U 27 * 

«im dJHS IMS* 1UOS ■ — rtM UU SA MM 

am ana* mw **a- u« u ur uw. unr 

mh Moaaeun 'jjkm su« .uni nue i» awn 

HU KEI aso* ran *kp «w map vim — 

ma vm — a«5 omh ldup nsn worn It* 

um sms Lous in m hi; mas um l euo 

uni — own* uni usB ura a or u*c un* 
vs am ust ism on. — uni 

awn um 9X17’ uk taw* war iw* — w 
urn oS uw* uw 42 B- — urn* uni in»* 
usli tws mv rm not uou mui uw isaa 

bo ns* vo tn um *jhm ua mmb _i an huh 

LflMfeo, Mm PadtandZakb. Mtgs ktXrbratXmtMemVManrf 


D-MBk Fraac Staffing Rut Yen ECU 
1-WMh JU-5H M-Wli 1HMW 6V».SV» 3V«-3Vn ftt-M 41fe-4Ht 

3- RXMtl 5WB-57W 3tfe-3Vk 1M-W 6VM-6V* 3U-3 Sta 4Va-4** 

4- nwnttt 514-5% 3Vx-3ft 1?U-lWta 6¥»- 314 -3H VN-T* 4-41* 
i-yor s'ra-s'Va 3h-m nt-m s*i» - av*. 3v» - in* 


For World Bank, Renewal 

President Proposes 2-Year Revitalisation Plan 


Scarcex Uniters, Uorda bank, 

Antes appBcoble to Interbank deposits of St taBBon mtnbntm far mutators. 


By Paul Blustein 

Washington Past Service 


toy Money Rates 

Pitted Siam a 




Other Dollar values 

aunty Farf Ontoxt 

Z3SK 'X ESS? 


ESE* ss "sr 


anuimi rr j-z*. 

a mi** KEe 


77,1 ifrr- 

UBX 


Pert 

25175 

7J41B, 

174J5 

3SJJ6 

238075 

04347 

3344 

03038 

24845 


Caroacy Itrl 

Ms. pe* ' 7755 ' 
U.2MMXS. 14364 
IHmkmw 6315 
PNLpese 3 AJU 
PWWuWT M3 
PHtHtOdk MM3 
fcSlWNa 

Sndllttal U S. 

Stag-S . J-*». 


Omaqr 
S.AJf.reM 
'S.lCar.vH 
■ Small. Irani 
Mnl 
TMbflU . 
TMrtWrfca 
UAEdMnm 

vwtMr. 


r*rs 


.05530 
74095 . 
2763 
25JM 
,130590. 
1672 
47350 


Prim* mse 
r«4and IwiOf 
M-dayCtasiaalm 
MM* CP Amur 

3 mmA TrtMwy W 

VyasrTnwmrM 
1’ywTnantyW 
fryet Treasury «afe 
7-yeorTnsMiyMfe 

ifrfearTnmsry 

38-yior TrtBty bead 
Marrlfl Lyndi 3tKdor RA 

Joan 

M**Mtraf* 

Cad w a y 


5JJ0 
fltt 
5*4 
556 
53 5 
5.08 
545 
552 
635 
&24 
626 
&63 
AM 


550 

BV4 

WM 

535 

525 

507 

544 

500 

514 

6 as 

624 

441 

AM 


Forward Rates - • 

jB4w *** Cmnncf 

,m«c 76175 T473S JPF.W 
iSc 1J5W s-afn* 


TO -ya nf Govt taad 


050 

046 

056 

056 

059 

251 


050 

045 

056 

056 

059 

‘251 


Cyrraty 

PaoadSttrBag 


122 07 :12UD. 121.13 
14656 14609 14S59 


Laarindrafe. 


DevtscbeiN** 

Same OHS 

CronHOkMFfSOlO- 



t Karat Baakat Canada 


■ IwlhWoMt 
J iw al* M wtaafc 
t w aft Mtrtaafc 
ifrrMtBwd ■ 


450 

X15 

220 

520 

130 

554 


450 

in 

130. 

350 

130 

554 


Britain 



Bnfe boat rata 

4-00 

650 

CHnowr 

«4 

too 


AV 

iYh 

3-awlb Mtaffc 

6% 

69* 

tflMBftMBrtxnfc 

44* 

Mk 

ItyaarGOt 

7.12 

7.12 

tlmmrtHnarata 

3.10 

3.10 

eotnoMr 

3*4 

3 Vk 

1 tauuMi httrtponfc 

3V» 

\ 314 

J-aoMfetriertart 

- 71* 

31* 

A-month imatiaak 

» 

3U 

lfrveerOAT 

556 

540 

Sweeu Kuans. Bk 

lembem. Mena 


Gold 



AX 

PX 

CVge 

Zurich 351.15 

3S15S 

+640 

LMtdoa 35075 

3SW0 

+230 

NCwVM 35250 

35410 

+TJ0 


WASHINGTON — The president of 
the World Bank, James wolfensohn, 
has proposed to the bankas board a ma- 
jor initiative for revitalizing the 50- 
year-old institution by making it less 
bureaucratic and less out of touch with 
tiie poor nations that borrow from it 
Under the initiative, dubbed “The 
Strategic Compact,” the bank’s 180 
member nations would authorize the 
spending of $250 million over two yeans 
on training, staff transfers and infor- 


mation systems, according to docu- 
bankTtu 


UL5 debars per aorta. London official 


fck&nffprlas Neer Yadt ( 
CAprBJ 

Seorae Keefers. 


ments released by the bank Thursday. 

In remarkably frank language, the doc- 
uments said the bank’s survival may be at 
stake if it fails to improve its effec- 
tiveness. “The alternative to die renewal 
program is not employment stability for 
afl,W rather gradually eroding job se- 
curity for all,” the documents said. 

But the bank's management is 


pledging to make tbe institution con- 
siderably more lean and efficient at the 
end of the two-year effort. The bank 
employs about 10.000 people world- 
wide, including 8.600 in its Washington 
headquarters. 

The bank “has not done enough” to 
keep pace with trends sweeping the de- 
veloping world, the documents said, in- 
cluding the huge increase in private in- 
vestments fiowmg into the Third World. 

The bank, which lends more than $20 
billion a year to die governments of 
developing countries for projects such 
as roads, schools, health care and the 
establishment of stock markets, has been 
beset for years by complaints that those 
projects fail to achieve their goals. 

The move comes at a time when the 
bank is under strong pressure from its 
No. 1 donor, the U.S. Congress, which 
has refused in recent years to fully fund 
Washington’s contribution to the bank’s 
affiliate that provides loans at zero in- 
terest to the world’s poorest countries. 


T 


\ 


Italy’s so-called Euro tax is contro- 
versial because the advance merely 
brings forward tax receipts into 1997 
rather than raising new revenue. In ad- 
dition, Mr. Prodi’s government has 
promised to refund much of the Euro tax 
m 1999. leading some EU finance of- 
ficials to dismiss the entire package as 
sleight of hand rather than true deficit 
reduction. 

Mr. de Michelis said the agency 
would have disallowed ihe tax if the 
refund had been written into Italy's fi- 
nance law. 

Bui in a comment that spake volumes 
about Europe's efforts to meet the de- 
ficit criteria, he said Eurostat could ig- 
nore die promise because “it’s only a 
political commitment.” 

The agency also approved a reclas- 
sification of some of the debt of Italy's 
state-owned railroad that will shave the 
deficit by an additional 3.7 trillion lire, 
or 0.2 percent of GDP. 

The measures play an important role 
in Rome’s plan to reduce its deficit to 
the single-currency ceiling of 3 percent 
of GDP this year, from 7 percent in 
1996. 

Some of the controversy surrounding 
Eurostat has eased since the France 
Telecom decision because of agency 
efforts to increase consultation with na- 
tional accounting experts. 

In addition, the spotlight has shifted 
from accounting to the state of Europe's 
economy, with the recent surge in Ger- 
man unemployment raising new doubts 
about the ability of Bonn and other 
capitals to meet the criteria. 

In Rome, Mr. Prodi's coalition has 
been shaken in recent days by divisions 
over the possibility of a mini-budget to 
reduce die deficit by an additional 15 
trillion lire this year to offset the impact 
of slow growth on the government’s 
finances. 


Prodi: Italy Will Be Ready 


Mr. Prodi warned Germany on Friday 


that it had no right to ignore Italy in the 
drive for European integration and 
vowed that Rome would be ready in 
time for the launch of a single currency. 
Reuters reported from Rome. 

In an impassioned speech to a con- 
gress of the Democratic Party of the 
Left, the biggest partner in his coalition. 
Mr. Prodi said Italy represented the 
Mediterranean south of Europe and was 
vital to the Continent’s future. 

"Europe is not just about a currency, 
it is impossible to think of Europe cut off 
from its great Latin culture," Mr. Prodi 
said. 

“German culture cannot represent by 


itself all of Europe.” 
red of din 


He warned of dire consequences if 
Italy were excluded. 

He said that if Italy were not in the 
first group of countries to qualify for 
monetary union, "our currency would 
come under assault, our economy would 
be defenseless, our iniemanonal cred- 
ibility would be diminished.” 


Yen’s Slump 
Lifts Profit 
At Honda 


Ctm^tdnlbrOieSuffrnrnPdpoeiin 

TOKYO — Honda Motor Co. 
said Friday that third-quarter profit 
more that tripled from the same 
quarter a year earlier, putting the 
automaker on the way to the most 
profitable year in its 49-year his- 
tory. 

Honda said group net profit, for 
the quarter rose 237.3 percent to 
61.9 billion yen ($504.6 million). 
Group net profit is the combined 
profit after taxes and costs of 
Honda and its Japanese and over- 
seas units. 

The company expects the same 
profit in the fourth quarter. That 
would put the company on track to 
exceed its forecast for the year of 200 
billion yen by almost 20 billion yen. 
matching forecasts by analysts. ' 

“Honda’s done a very good 
job.” said Enda Clarke, an analyst 
at Dresdner Kleinwort Benson 
(Asia) Lid., before Honda released 
its Ocrober-December earnings, 
“not only io predicting market 
trends in Japan but in benefiting 
from strong demand overseas.” Mr. 
Clarke said most of Honda’s profit 
growth is already factored into its 
stock price, which rose 30 yen Fri- 
day to 3,760. an all-time high. 

The company had sales of 1.334 
trillion yen, up 31 percent from the 
same quarter the previous year. 
Strong sales of autos, panicuiarly 
in Japan and North America, con- 
tributed to the increase. 

Honda has seen two straight 
years of growing earnings. If it 
reaches its forecast, earnings will be 
a third more than in its most prof- 
itable year id dare. 10 years ago. 

The yen’s recent weakness gave 
Honda's profit a boost by makinj 
its foreign currency-den ominati 
overseas revenue worth more in 
terms of yen. the company said 

A spokesman said the weak yen 
saved Honda 90 billion yen, while 
cost-cutting measures saved un ad- 
ditional 52 billion yen. 

tBfaomhvrg, Reuters) 




+ ’i!iVv i fi-V'.'siiftl' 




- . * a • '.’i -i*+ • , 

u— ..■ 


INTERNATIONAL HERALD l^UI^ FRIDAK. FEBRUARY 20^1997 


PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, FEBRUARY 22-23,1997 ? 

THEAMERl6iS 


30-Year T-Bond Yield 


Blanket of Uncertainty Settles on Wall Street 



5600 c 



W 


123 


1 3- — 


, 115 



W‘ s - 


157 r S O N 0 J F 
1996 1997 ; 

r.'vJ dHSL?:, Oats, ^.Cbsjnge. 


The Dow 
S4PSGQ 
,S*PT0D. 


IMl" 1 - 7 Nasdaq Gcmpos«g,1334ai- 
AM£X - Marfa* Value ^ ■ - •* 

Toronto. "fSE index • • • azaa* / 

SSoPauto v Bovaspa" '•• y 

MmdcoCBy Balsa . - - ‘ ' *>059 

BumtoaAlrefcMervaf “ f. 7«UC J .7^» 


CmfMkfOw St&Frm MptaAtf 

NEW YORK — Stocks finished 
little changed Friday amid investor 
uncertainty about the near-term 
prospects for the market. 

The Dow Jones industrial average 
closed up 4.24 points at 6.931.62, 
while gaining issues were about 
even with losing ones on die New 
York Stock Exchange. The Stan- 
dard & Poor's 500-share index fell 
1.03 points to 801.77. 

Stock prices may already reflect 
even die most optimistic outlook for 
profits and economic growth in 
1997. analysts said The Dow has 
gained 7 percent this year, after sur- 
ging about 28 percent last year. 

“The bottom line is, this is going 
to be a volatile year as people try to 
react following the run-up that we 


have seen in the past two years,” 
said Stefen Cobb, money manager at 
Sitach Capital Management 

Weakness in computer and to- 
bacco issues was offset by higher 
Treasury bond prices, which in turn 
got a lift from a stronger dollar. 

The dollar’s resiliency reassured 
traders that Japanese investors’ — 
among the biggest buyers of Treas- 
uries in recent years — would not 
pare their purchases. 

The pius of the benchmark 30- 
year bond issue rose 8/32 point to 
close at 99 28/32, taking the yield 
down to 6.63 percent from 6j66 per- 
cent Thursday. 

The market also was underpinned 


'continued to ' be optimistic - that 


stocks would keep on rising. - 
In a research repeat to be pub- 


lished next week, portions of which 

US. STOCKS 


were released to Goldman employ- 
ees Friday, Ms. Cohen went on re- 
cord as saying the S&P 500. might 
rise to 850 points try Mar ch 1998; 

“Future stock pmee increases win 
be supported by resilient corporate 
profits, modest inflation, and the 


exportation that economic growth 
will continue for a considerable 


by news that Goldman, Sadis & 
Co.’s widely watched investment 


Co.’s widely watched investment 
strategist, Abby Cohen, said .die 


length of time,” she said. V- 

Tobacco companies fell on con- 
cern that a settlement of beabtare- 
lated suits was still far. off. Philip 
Mortis lost % to 129ft and Rift 


Nabisco Holdings fea^ito 37ft. . 

The catalyst for the selling was a 
report that a forma: Philip Atoms 
chemist said a company official 
ordered, him in the 1980s to destroy 
findings of' .higher^han^expected 
levels of a suspected carcinogen sn 
Virginia Slims cigarettes. 

: The retreat comes a day aflerMi- 
chael McCarty. President Bill Clin- 
ton's spokesman, said the White 
House was monitoring the talks be- 
tween tobacco companies and at- 
tomeys for smokers aDd 22 states that 
a re suing to recover public money 
spent treating smbkere^ illnesses. Mr. 
McCnrry »*)d the. administration 
would consider any proposals that 
would cut youth smoking. 

_ “The market overrearted to what 
was good news/’ said Martin Feld- 


man, an analyst at Smith Barney 3^:- 
“Tbere has been a realizaim Jhat a 
settlement isn’t immmenL , 

High-tech issues fell ami d con- 
cern Sat leading computex-mdnsjy 
stocks may have overshot the 

“Just like Intel a year ago where 
people were worried about gross 

at Aeltus Investment Managanart. 

Physician Corp. of Amenca 
plunged 4 to 5ft after tteconroiQr 
Sit would take an $80 mUhon 
charge against fourth-quarter earn- 
ings for cte*™* from woreers com- 
p^oapoKri*«L^ 

.A?) 


BORROW: Yen Keeps Falling as Investors Pump ‘Free’ Money From Japan to Lands of Higher Rates 


Continued from Page 9 


| Caracas Capita) & 

Source: Bloomberg. Reuters 


tntenuaanaJ HcnMTrltme 


Very briefly! 


Kmart and Ally Sell Mexico Stores 


TROY, Michigan (Bloomberg) — Kmart Corp. and El 
Puerto de Liverpool SA said Friday that they were selling their 
Mexican retail joint venture to Controladora Comercial Mex- 
icans SA for $148 J million in cash. 

The venture, Kmart Mexico SA, consists of three Mexico 
City hypermarkets and one in Cuernavaca. CCM will operate 


3ity hypermarkets and one in Cuernavaca. CCM will operate 
i fifth store, in Puebla, which is to open next quarter, Kmart 


said, but it was not clear if it would own that store as welL 
The company said the stores had good sales but were being 
sold because Kmart intends to focus on its U.S. operations. 

CCM operates Mexico's second-largest retail c hai n. It also 
holds 50 percent of a 13-store venture with Price/Costco Inc. 

• The United States and Britain reported progress in a three- 
day round of talks toward a new, free-market “open skies” 
aviation agreement. 

• General Motors Corps’s 72,000 salaried U.S. workers will 


commercial banks for overnight 
funds, stands at a record low 0.1 
percent, an ti the rate for overnight 
funds secured with bonds has often 
hovered below that level Factor in 
an inflation rate of 0.5 percent, and 
borrowed funds here are m theory not 
merely free, but offer a dividend. 

By comparison, 10-year United 
States Treasury notes have been 
yielding 625 percent to 6J percent, 
so that over tbe last year, a cross- 
border investor borrowing under 
long-term arrangements with Jap- 
anese hanks has made a nice profit, 
not even counting foreign-exchange 
gains when swindling back from 
Hollars to yen to repay the loan. 

When rates in Japan were 
lowered in September 1995, econ- 


the easy monetary 


anese banks pull themselves out of a 
morass of bad debt. 

But the policy has largely per- 
sisted, and any nse -in interest rates 
now could crush the chance of eco- 
nomic recovery. So economists say 
that in the near future they do not 
expect a rate increase, which would 
be one of the few effective ways to 
begin stemming the yen’s decline. If 
interest rates remain low. investors 
are more likely to tom to Japan as a 
steady source of cheap funds. 

Asset prices in Japan remain re- 
markably hig h by international stan- 
dards. Still certain prices may be 
equalizing a bit between what is 
chained in New York and in Tokyo. 
Using the Big Mac index, an idea 


introduced by The Economist 
magazine, the equilibrium exchange 
rate, known as purchasing-power 
parity, for the yen has fallen far 
enough, at least in terms oftheMc- 


FOREIGN EXCHANGE 


Donald’s Corp. barnburner. A Big 
Mac in Tokyo costs 280 yea, or 
$2.28 at the Friday rate there, well 
below the price of a Big Mac in 
Manhattan, which can run $2.89. 

Yet some economists say that if 
Japanese policymaker? want to 
stimulate me economy, they have 
few options but to let the yen slide. 

Tbe problem is that a weak yen 
increases exports, crimps imports 
and could ultimately raise the cur- 
rent-account surplus, foe bounty 

earned when a country exp orts more 


than it imports. White foe increase in 
Japan’s trade surplus ptammeted in 
January, exports were strong, sug- 
gesting that foe surplus may soon 
widen again. That would probably 
lead to a stronger yea and risk new 
trade friction with foe United States. 

“We’ve been on tins route be- 
fore,” Richard Koo ofNomura Re- 
search Institute said. “Now, Jap- 
anese go ve rnment officials realize 
bow dangerous all tins can get” 

■ Rubin: No G-7 Targets 

Robert Rubin, the U.S. Treasury 
sec r etary, said Friday the Group of 
Seven industrialized countries do 
not tnaet specific forferea-exchanee 
levels tinough their polities, nor do 
drey seek to “sustain artificially an 
undervalued currency,” news agen- 
cies reported. 


‘ In the Treasury Department's an- 
nual report to Congressmen ex- 
change-rate policy, Mr. Rubin also 
warned Japan that its tighter fiscal 
policy in 1997 could hurt domestic 

demand and constrain growth. ■ 

In looking at the mam U.S. trad- 
ing partners around the world, the 
Treasury concluded that none of 
those partners manipulated its cur- 
rency artificially to pain a compet- 
itive advantage during the period 
from April to October. 

Tbeaollar was ai 1 .6891 Deutsche 
TTmrtcs at 4 PM-, up from 1-6835 DM 
cm Thursday. The dollar also rose to 
19^9 M yen from 122.455 yen and 
to 5.7005 French francs from 5.6840 
francs. If fell to 1.4717 Swiss francs 
from 1.4740 francs. The pound rose 
to $1.6190 from $1.6114. 

(Bridge News, Bloomberg) 


ro each union worker. The automaker said the higher payment, 
the first ever, would spare white-collar workers the effect of 
strikes last year that temporarily shutdown several plants. 

• Texaco Inc’s $176 milli on settlement in a race-discrim- 
ination suit will stand, a federal judge ruled in refusing to 
reopen the case to hear from lesser-paid black employees who 
argued that they should have been included. 

• Air Canada reported a loss of 18 million dollars ($13.2 
million) for the fourth quarter, against a loss of 12 million 
dollars a year earlier, because of high fuel and aircraft main- 
tenance costs. Sales rose 1 1 percent to 1.21 billion dollars. 

• Alan Greenspan, chairman of the Federal Reserve Board, 
has endorsed legislation in Congress to reduce government 
regulation of derivatives and financial futures markets. 

• American Stores Co. is buying back 12J2 million shares of 

its common stock at $45 a share from the family of the former 
chairman, US. Skaggs. Bloomberg. AP, Reuters 


Disney Union Members 
To Oppose Eisner’s Pay 


AMEX 


Friday 1 * 4 P.RL Close 

The top 300 most ocflw show, 
up 1o the ckwtag on WfoB Street 

The Associated Pmss. 


La* UMt aw 


wn w im m am 


Bloomberg News 

ANAHEIM, California — Walt Disney Co. union members 
who own Disney stock said Friday they would vote against 
Chairman Michael Eisner’s proposed pay package and back a 
measure to more closely link- executive pay to performance. 

More than 800 members of the Commumcatioos Workers of 
America, who own about 650/100 shares, will vote an the 
measures at Disney's animal meeting Tuesday, foe union said. 

Investors have targeted Disney since Resident Michael 
Ovitz was awarded cash and stock options valued at as much 
as $128 milli on when he left Disney in December after a year 
on tiie job. Shortly after, Mb. Eisner signed a contract far stock 
options worth about $200 million to go along with an annual 
salary of $750,000 and possible bonuses of $15 milli on. About 
20 investment groups plan to oppose the pay package, the 
Council of Institutional Investors said. 


HO Wt U» 

no BW 11 


« in m 
1W UK U 

Q 5h A 
2*4 5* » 

TJ7 15* 15ft 


Bi M Sft 

& iS .s 


,r 

ffl * 


m uS m 

■w im 
in in 1m 

m m t 


W9 7ft SW* 
M m lh 
ID 1» 2H 
bb m ll> 
m M jar 
m lMt w» 


1 t 

1 3 

j* 5 

TV. +ft 
17V. -ft 
ran -v 


INTERNATIONAL FUTURES 


i F | 

ms m n 


Feb. 21, 1997 


High Low CION Chfle OpW 


SAM bu minimum- cants pgr btnhal 
Mor«7 292% m 27!ft +4% 65,153 

MwW 273 217 292ft *4V. 122JH7 

JUI97 292!* » 292Vi *3 Vi S7.17V 

Sep 97 34ft 279% 284% »2H 1U82 

Dec 97 283 278 XV, *1V 57 JU 

Eitnles NA Thu**. sates IMJM 
WsnwninT J72J49 UP 9402 


ORANGE JUKE (NCTNI 
15 J» 0 ttfc-a*a»p«rto. 

Mir 97 BIX 78J5 79JS -2.10 7.W 

Mur 77 H3.9C 4155 HAS -1.95 9.W 

JU97 »iJC B47S 8475 -ITS 4JB1 

Sep 77 89 JO 87.70 DJ0 40 13M 

Ed. soles NA Uv'l. sales <714 
Thu's open M 24X75 up 398 


hib#i Low a» atge apw 

(MATin 


Low own age Op w 


m » M 
2H sh » 
X lh h 

i« v in 

7i m w 


|.1 

I'i 

& *3 


100129, W8 
LOO 22^09 
LOO 1,778 
EsL «abma: 82TD1 Open bit.- 154115 off 
10419. 


SOYBEAN MEAL «»m 

lDOtane* dpian ner ion 
After V7 84050 255JQ 2SI.10 —IX 2U»5 

ftftarT? 25800 347 JO TO 3D -040 33.154 

AH 97 25000 244N 2*50 —OX Z2XS 

AU097 24L40 2030 244JQ —OX 4,950 

5«P 97 238X 234.00 234J0 -4M0 3J7V 

0077 22540 222JM 224.10 *0.40 1X7 

ElL sates NA Wliobl 29X0 
ITU's open bn 10ST13 is *21 


GOLD (NCMX) 



Pflb97 35U0 35X40 3S4X *1 JO 

After 97 3S2X 

Apr 97 3S4X 35240 3SL00 *140 

Jun97 35870 35450 3HJ0 *IX 

Auo77 341 JD 35800 35830 *1.40 

OU77 34250 35S.10 34050 *1X 

T3ec97 14550 34250 34350 *1X 

Feb 98 344J0 364JO 24870 -050 

Est sates NA Thu^-sKO 70X3 
Thu'S open H XB8TI Od 5371 


ITALIAN GOVERNMBrrMWD WW 

fttoW 1 m n0JM Bl m59 Sx *0241083^ 

jSh JXJ3 J29J0 130.11 * 034 14,195 

SCP97 13000 13090 13008 * 025 808 

EA sNec 5L77L Pjr sattt l^77B 

Piev-apenkAj 133J7D aH 1000 


MMNYN Ell MURA OJm) 
iTLlnXlop-ptsonocpo 

nan ns* nz[ nn +am bcosi 

Jbb77 7153 9144 9350 + (LOS 99579 

S*p97 9357 9176 91E + 80S 48X1 

DK97 94J30 fin n» *fl^ H4TI 

man 940 9393 9398 + DfiS 19X0 

JM9« 9402 9192 9195 +003 11X0 

EcLsateu 48908 Puy.SUeKjBJ12 
Prev-OpeahL; 29&240 up 992 


% » 

9 +* 

15398* +5 


Iff 

% KL & 
S ??* 

ui m .B 


I j 

3 1 


s \ « 


w m im 


« !SG 

JC9 UN 


1 * 


f f | 
S' S. *5 


& ^ % 

ill 


5 S 

% % 
iei kh 

St iT 


Iff 

4* e* 

** % 


ii 

w* ** 

W ■« 

k J 


fill 

ICftl 


a In 

mi m 


V S, STOCK ^MAREET DIARY 


Dow Jones 


3 3 

1m im 


Most Actives 1 
NYSE 

VBL n* Lue 


w* j* 

¥ :fi 
* i 


M* *8885 419084 49K22 4B2J2 +U4 
Thaw 22028 ZUBX 23JU9 2J48J4 +7 JO 
UO TOM 23029 22V 25 22955 -425 
Cbnu 213421 214153 2T3Q52 213813 +223 


Standard & Poors 


bMfcjatrtafe 

COTTON IfNCnO 


244n -an 

2438 —804 
24J8 —803 
2890 —803 

8895 -810 
2525 + 808 

sates 24,75) 
up 851 


90VMUNS (CSOT1 
UNpinMnunvitailiiMrMM 
ftftor77 l»1 775 784ft —IV, 

MW97 792 774 784 —1 

0097 770 777 714 

AuafT 7I2N 774U 7M •« 

Sep 97 942 737 737 — V, 

Est sUes NA.Thu'i sates 83,924 
TTN-SOPWIM 1H»5 up 1107 


tfl CRADE COPPER (74CMXJ 

liaeo he o«rt» aer b. 

Fed 97 11480 1IZOO 113X5 +155 

After 77 111M 11128 11330 +1.90 

Apr 97 I11J0 11050 11130 +1J0 

Aftov 77 11800 U750 W9J0 *155 

Am 77 10820 UB4B 10820 +150 

Aft 97 M890 10620 10420 +125 

Awe 97 18530 +120 

Sep 77 10430 10350 10810 *1.15 

Od97 W3.V3 +1JJ0 

63. sales NA THTtsates 11.9JS 
Thu’smnW 51.190 up 812 



-8 01 SiM 
—881 38444 
— 8D1 31496 
-840 28273 


-802 20552 
-802 14342 
—882 MB 
-an 5472 
-802 5,170 

—801 8940 

-001 5 409 

36X754 
9238 


man 7450 7138 7351 +811 8083 

Mo»97 74.10 Till 7538 +811 38533 

AJ97 7735 7430 7848 + 035 1150 

0077 74JB 7840 TUB +045 (40 

Oec97 74J0 7450 7870 +021 13523 

ftftflfW 7738 7730 7730 -801 90 

Est sates NA m/aiotes 2054B 
nil's OPcnM 0582 all 2341 


EGYPT 


HI* UM CM* **• 

moustrt * ww ^ ot.w 

T «??>• 3S3S3S 


!5»S 1W5D ljig 1^9 

ssss 

79075 779 j04 78158 -78150 


Menfto 

no w 

2ft 

2ft 

+teil 

IftufCo ■ 

6*141 34ft 

33U 

Mft 

+1 

U5 Retain 

*1929 72% 

20ft 

20ft 


Bm - 

42753 MOft 

T3Bft 

138ft 

— a" 

Consw 

4B886 80ft 

78ft 

79ft 

-a 

Knwt 

40766 1115 

11 

lift 

♦ft 

cfxtence* 

29296 37ft 

»ft 

Mft 

♦ft 

Mndc 

2HM MX 

M* 

Ml 

- 1 * 

NobtaUr 

2K70 122 

in* 

120ft 

- 1 * 

. — I 

l7»09*ai 

2S647 2*ft 

23ft 

34 

♦ 1 * 

MuMOta 

26*62 60ft 

58ft 

39ft 

—ft 

itewftop 

2650 55ft 
2*338 22ft 

38ft 

55ft 

-ft 

PtaotrD 

Sift 

22 

+11 

USWita 

2093 35ft 

Mft 

35* 

♦in 

GTrtxwa 

2S5Z2 7 

m 

Cft 

+ft 


Nasdaq 


NYSE ^ 


LI BERAliZATlON. DEREGULATION. PRIVATIZATION. 


email 42257 41958 4085 -824 

maarrus . bw szus mu -854 

Tramp- 3S454 34551 343J0 +813 

uwv 2710 27L70 27Z42 +801 

nSKc* 39434 39MS 2910, +811 


Mel 

CasaOns 


151829 a* 
124631149^8, 
iiasoi am 


Nasdaq 


reinsH POUND (CMBU 



ton 30027 
+051 27349 ! 
+ 054 10320 
+054 4547 

+054 8317 

+811 8420 

+816 330 | 
+814 ZJ91 : 
+814 2354 


wwATiaon 


man 375ft 34) 373 **ft 163)5 

A»W*7 in 341 374 »Mft 71 

Aft 97 164 350 363ft +I0*A 29502 

See 97 344 353 365 -8ft 2518 

Estate* KA Thu’s. sates 16558 
TTsTsOPWint 78463 Oil 77? 


SH-WR {MCMXJ 

SMS Iw ns.- arts per trev ei. 

Fffc97 52140 14 

After 97 S274M 51950 52150 -850 4750 

Apr 97 m00 moa 57QXO —530 3 

May 97 53250 52130 52550 -250 27541 

Aft 97 S37JO 53059 53800 -240 1004 

5*Pf7 «a® 53530 SK30 -1*3 170 

Dec 97 5030 54150 54250 -20 1380 

Jan 98 547.10 9 

Estates NA Thu’S. soles 25587 
Thu’sepenM 108488 up 704 


After 97 15204 15100 15146 33525 

JUB97 1510 15074 1510 2513 

Sep 17 1500 15099 1J0TQ 1591 

Dec 97 13003 6 

EsLscftes MA Thu'vstfa 5.900 
Tlw'sopenM 37537 off 1640 


D*e 97 58* 5750 5815 +866 £777 

Est SOtes NA Thu's, sates 3450 
TTw'sepwrW 717579 up 3255 


U6WT 5* 7 U. I CRUOg t74*4E70 


CANADIAN OOLLAII (OUBQ 

100580 PBfcw.sarCtts.dte 

Mar 97 jsn ns Tim <1515 

Jun97 J4TB J30 J3M 9JW 

-7*e Ten j* js %u> 

Dec 97 J4I0 J47D J«7H 7 45 

BfcSPtes NA Thu^ sales £957 
Thu-sapeiint 5£894 off 834 


PLATINUM (NUER) 


UvMtocfc 

CATTLM (OftSR) 


•997 00 68B 69J5 *855 

Aftlfft 6109 4457 4101 -815 

AUP97 4447 640 M O -8H 

Oa»7 180 67.7» «812 *812 

Dee 97 7 U 5 WAS 7837 *80 

Feb 16 T10 7113 7155 *822 

§0. sales AIA Thu's, salts 38823 
Thu-sapaiM 10860 <ft) 914 



+ 150 ISJB9 
*1.10 3A06 

+ 150 1.990 

•10 1.111 
3J39 


GBU4AN MARX (CMBO 

TSMmvitkSPvnvk 
Man J*58 3930 ^27 91512 

A® 97 391 354 5944 80W 

5«P 97 5016 5014 5016 8317 

Dee 97 Jati 0 

» SEL NA. TJjrt- Wtes 25,10 
Tlw*saPsnW 98555 up 292 


Apr 97 71 JS 2133 
May 97 ZU5 2154 
An 97 Jf.M 2054 
Aft 97 2879 2054 

Alia 97 2050 3030 

S«P 97 2842 20H 

Oct 97 200 2821 

New 97 2021 &U 
OmV 2814 2853 

Jan 98 20X6 28DC 
Feb* 2055 lfjt 
Man 
Air 98 

Est sates HA Thu's, 
m/sapenw VUB 


2131 -818 
1125 -814 
1151 -809 
2074 — aa 
2030 -817 
2825 -80 
2023 -811 

2814 -80S 


Our policies for this stage of our 
economic program aim at one 
fundamental goal — growth- 
one that is sustainable, one that 
reflects the true potential of this 
country. To this end our policies 
rely on three main dimensions 
of action: Increased investm en t s , 
greater openness to the 
global economy, and 
increased productivity. 


134190 mur 133447— 12J3 
1127 JD 1119.10 1I1V.10 —MB 
V4J4J61422J7 14055 +834 
149672 1*9.78 M91.1T -817 
T7359 175623 1737J* — 154 
■029 U70 B7J2 -80 


vfMobMda 

Oractes 

3Com 

RaMl 

SefuftQj 

A*4dMo4 


WortdOn* 

SuaMcs 


4B7H 95V4 M 
56143 73» 7014 

4704 43 . Clift 
42427 1 Wa 1V» 
42514 42 KYt 
41493 4016 0 
4TX4 3M 3116 
40474 3414 014 

40452 53Vk 50ft 
4002 64ft 59ft 
3M77 24ft M 
34943 33ft 3244 


5Sft -416 
14M6i -004 
Wft —416 
9SW 

7116 -316 
4996 +Tft 

Sk -S* 

340 —2519 

30> -FA 
59* -M 
24te +ft 
3Wu —ft. 


99953 9639 99758 —835 

Dow Jones Bond 

F r tvl u a p Today 


20 Bands 
IDUffiflkB 
10 Industrials 


1089 10830 
10834 10831 
10876 10870 


VBL NM Law JPM 
EOwBay 2ZC3 7* 7ftt Tte 

a=DR 1440« BOteftu soft, soft 

RovtfOa «94 3ft* Sft. 3ft. 

Cronus 620 4 3ft 3ft. 

Vfaffi 54*6 35ft 35 35 

PeoGW 57BZ S* Sft. Sft. 

SemoGold 92H 7te 7ft 7V H 

Hwten 5163 4ft. 4ft< Ohi 

«54 12ft llte 12ft 

Otedidd 4734 »H 44 « 


TrocBng Acftvtfy 
NYSE 


Nosdaq 


2052 +051 

»M —803 
1993 
IM9 

S0O4 V44J07 
Off 92974 


- PKBStOBtT UOBAMAD CTOOV MVBaMAK 
INAUCKB6L ADDBKS9 MB U COPCFatETKai 
Numakr 12, 1096 - 


Nol pvflMSp Bl p<VU tknn 


Unchmoud 

TDM.taisa 


1441 1S99 

T7E 2543 
2302 1603 

5745 5745 

BZ 171 
B 128 


LONDON MGTALsSmE) 
OoHonpermeMctea 


ai (HMt Grato) 

Spa 159100 159800 1573K 1574!* 
Rowan! 162450 51624ft 14QS50 140650 
GappcrCBrfmKsfHfgbGrada) 

Spot 2*3750 244800 241550 241850 
Forward 234800 236750 233350 233800 


nasm cattle (cmeri 


8AV97 00 4855 4827 +057 

Apr 97 00 055 0.15 —80 

MO»97 7150 7862 7055 -811 

Alio 17 780 a« 7810 —80 

5*0 97 7856 780 7843 -8)0 

0097 TUB 7555 T&W -80 

Ed. sates NA Thu'S. saM 3.912 
Thu’s omnnt 2Un off l» 


JAPAIESC YEN fCMER) 

lUoatoiwaiiwnhM 

Mar 97 5194 5133 5140 78JF2 

Junar 501 520 5248 8947 

S«P97 5391 476 

Ett sates NA Tlu's.scin 380S 

ThunapenM VM6 off u 


NATURAL GAS C NMPO 

SPcrrrwnMu 
1588 105 

1580 UK 
U1D 1J* 
IJ0 1J5D 
150 154S 

1JS0 !J*S 
1575 2500 


SWISS PRANC RMBO 


HOQS-Loan (CMERI 


Apr 17 7114 71 *5 7J.9S -8 10 

JWt*7 7951 77JS 78H -810 

Jut 97 77.50 7817 770 -803 

AuOTT 7801 7257 7190 

0097 1870 68C9 6681 -O 

OtCf7 6850 6815 6841 -0.15 

Ed. Ida NA TVstates UJ|l 

nv’iaotelM 38214 up 1074 


Spd 66350 66450 
FOfteori iW.i 671 50 
Mdnl 

SpoT 782800 783800 
Forward 791050 791550 
T to 

Soul SMQ50 S960J50 
Forward 600550 401050 
Ztec ISfwdal KM Grade) 
Soot 119*50 119550 
FWMfff 12)650 17)750 


66050 66250 
66750 66950 


774800 775800 
783050 784000 


s Mn an ten sum 

API im 

Sg97 5970 5978 5970 1593 

». sales KA Thu's, sates I82T5 
Tlw'sananM 55545 ad 412 


1575 2500 7J10 

2Jm 2520 9,173 

8125 81*0 5,333 

2J» 2J27B LOB 

8275 8305 7506 

Tftrt. sales 58291 
78301 up 1549 


WONDER OF THE PAST, 

YOUR INVESTMENT FOR THE FUTURE 


AMEX 



Market Soles 


Adraod 
Dwted 
UneMneM • 
iWtan 
newMphs 
howl— n 

upon 

227 

uz 

IS 

n 

3 

M99. 

228 

31 

3 

NYSE 

Amec 

Nasdaq 

InmOana. 

T ts 

47030 

Z1A9 

56746 

DMdends 


Pnss mi tafarate*- Xbymmmi. MU*n UUm, 

Ctttefcfa WU Sato, Ma^cn. Cates. Tet 20«74-78M Fax20457«-7248. 


Anri Rcc Pay Company 


Par Amt Roc Pay 


WWB GASOLWE Q4MBP 


5960.00 597050 
<01050 60205C 


1195ft 1196ft 
17X50 1210ft 


Law Oose Chge Optra 

Rnandal 


FORKKUflBtCMBI) 

«5Htei.-rw4sMr«. 

Fat) 97 75.15 7170 7850 —US 

Morn 7100 7la 7833 -89J 

Mart* JiTJ 78S 75J7 —847 

JW97 789) 13JS 740 -1.0 

AU897 71H 71.0 7150 -8*5 

EB. sates NA Tfart-Wtes 2515 
TTViaosanJ 7532 off 17 


US T, BILLS (OMBU 

simnm. or* or rosace 

Mar 97 HO* 9553 9503 £517 

An 97 9894 9893 9893 _8tD 1721 

tmn 18*6 

1X97 984 ^ 

E9.50H5 HA Hu's. uSts 150 

TTutapcnH HU3I UP la 


3-MOHTN 1TMM (UFFQ 
□08000 -Stool 160 PC 

M»97 9375 W73 9174 -051 99.10 

Jw>97 USB 915* 915* Uacte 127564 

Sefffl 9841 9039 9139 -800 B6544 

P*C97 93JB 9125 9325 -802 57510 

93 IB 9115 9115 -803 39751 

*•9* 9309 9107 9107 —052 38891 

5*pn 7102 9899 9XM-1M 21J4J 

Dtgi 9895 919J 92.13 -052 18*75 

M«99 98*9 9885 9888 --80! £608 

tto JIM M —801 7S97 

jpw 987* 987* 1875 - 052 7X32 

Dff99 9873 9849 9849 —OP* 8772 

EaL ntes 36,117. Prav.sOto: 68517 
Piter wmtat; 518*41 off SB* 


MOT 97 4329 4250 4225 -Oil 2£759 

Apr 17 6810 6340 6818 -046 3M« 

MOV 97 6440 *165 4810 -0J6 11937 

JOB 97 4810 4355 G« -QJ1 9J68 

Ail 97 <899 <810 4825 -All 54*3 

tuatr fl.u ms run -m 8uo 

Etf.Mtei HA Tt«ft.snles 38321 
Tfunooen tef 92200 op 3593 


IRREGULAR 

DonRBS BVc War ~ 5442 3-3 3-11 

London PedIGrp fa T2 3-11 4-14 

ORMUaNHBk - 52 3-13 Ml 


» . - . 
*• *r§ 


• - 

: 

& $ 


GASOIL a PEJ 

UA dodos per metric ten • Ms of 100 tana 


SYR. TREASURY (CBOrt 

1108600 m>- on *.*tetnof leg pa 

MOT 97 1074)4 106-57 W01 178471 

Aw 9? 106-9 106-43 IW-S9 -02 300 

S®97 104-39 

Eg.utot NA TIM'S. so«s *8110 

nn'saaannr 71104} up 2M2 


cocoa (hcsei 

10 rnterciera- I pw 


1117 

1211 

• 16 

mi 

uu 

1278 

• 16 

nun 

UK 

IJB 

•75 

HUH 

1171 

in* 

•» 

10.781 

UH 

Ufil 

•15 

6.051 


M YR. TREASURY ICK7T} 

iHOMOprin. pa»3Miari«pa 

Mar 97 1 09-3* 1W « M9-Z3 
A* 97 109-0* 1 OB-29 10MQ -0* CUB 
Sep 97 108-16 108-14 108-H -03 Un 

Esf. sates NA THrt. sates WJ9 
Uu'soptnM 1*7.901 all 1874 


ES SSB HA Thu's, sates £411 
TIWtOPBiint W. W9 UP VI 


avFscmaz) 

1 IJH 61 - cxrt% w*r b 
MW 97 180.75 >7360 1780 -J*J 
May 97 1*7*5 UQ80 1*10 — *44 
Jut 97 WOO B8»S IH» -4» 
StpfT 15X00 1*825 14*0 -IM 
EtLUM KA TIM’S Wtel tlr*53 
TTWioaonira 0,983 off W 


US TREASURY BONK (CKT> 
UM-tnuaMiinwoiinMi 
Mar 771 1 MU 111- 21 tlT-31 —0 47E20 

AnV7 UWI 112-07 112-1* —0 BJI7 

SCP*7 117-0 112-0 113-0 —8* 2890 

Dsc97 HNS OH 

Eri.sates Ha. TTuViam 378979 

TfaUtapcft*!) SSl 4*9 iw Vi 


WWRTHWROMARKqjFFa 
DMioNiw-PBoiiropa 
Maw 9UT 9879 

Aart7 988* 96J2 

«OY97 9645 9642 

J»n« 961* 96AZ 

5«W 9877 9674 

DKS7 9862 9859 

Wage 9146 9144 

JurM 960 962* 

S0» 910 9805 

Datt 9565 9&A2 

Man 9561 9558 

Jaaj9 9U9 9535 

Seen 95.15 95.11 

D9C99 <891 «S7 

*te»W 9*49 9*M 

AM0 98*8 984* 

5«3« 9831 9831 

□tdn 9813 9813 

ESL sates: 12MUL ShHk 38UD7 
Pm. Open *8; U19J99 up 740 


Mar 97 17250 16973 
A0I97 17250 17150 
May 97 17275 177.00 
Jan 97 12350 17X50 
JUI97 17X2S 17325 
AU097 17100 17850 


AWQ97 17100 17850 
Set* 97 H.T. N.T. 
oa 97 N.T. N.T. 
H«97 H.T. N.T, 
DPC97 N.T. HT. 


* i n o 

— 255 1IV2U 

-Z25 £413 

-250 £470 
—250 16« 
-IM 1,107 
-tOO 1,068 
-1J3 1^04 

—150 ex 

—155 £232 


ts -a 
» +» 
u ♦* 


ift Jm 

Sr 3 

Rh . ■ft 


STOOL SPLIT 
BDM Ml 2 tori spQL 
Soopos Tech 3 for2spar 

INCREASED 

Am Bustnen Pmd Q .155 MS 3-14 
Edwards AC, Q .18 3-7 8-1 

. . § A Zl ^ 


Fed RKylnv 
Fedl Screw Writs 
FfrBhttA 


FsTMerttCorp 
Cwmraeeu 
HefaTeth 
High YMInco 


Q .10 30 4-7 

O .10 40 4-23 

O .10 3-14 3-28 

Q -42 3-25 4-15 

Q .10 3-7 4-1 

Q JD 36 3-18 

OSH 3-17 
Q .06 30 3-l« 

0 35 3-6 3-20 

M MS 3-15 3-31 


Home Fea Bn IN, q .10 3-20 4-2 


n -ft 

ia * 
it a 

ate +ft 


HR +5 


£SL spies 1&88I. Oper tafjffl SS/t w 


■I *J 


Stock Indexes 


S*PCOMP.»IOEX (CMES3 
iw~*iiiar 

wan io70 OBUO DUO -Usman 

An 97 S14JB nan 0UA5 W» 

SOP 97 817AB U7JB WAO -fJ3 2 
Dec 17 829 JB BUR 8000 +US 1,992 
Es. sates NA Thu^bsda AM . . 

ThB*SCPtnM 28TW Off 465 


C-'l 

t ~ 

t ■* 


n +ft 

sr 5 

, M +lk 


.« : 

Si tto 

f * 

n +ift 
nk +ft 

£ 5 


SPECIAL 

Mofco CQnsol Gp - 104X1 3-10 3-14 

RoBanot Steel . _ jn 3-14 x* 

INITIAL 

C*i FronemarAg o .is' 3-3 3.17 

StygaAkMdia ~ JM2S 3-3 3-17 

REGULAR 

AnF BPBpW 2 M .1118 MB 3-31 

Are Banfcms tasor Q JO 3-3 3-17 

BW1P. - Q J1 3-14 4-4 

CoflterA O A3 3-3 3-17 

CarwoemGip . . ft 35 3-7 MJ 

ETDwiCttp Q JI 3-17 301 


HortMta 
imperial on 
JLGhVJlW 
JMMMverVA. 
K2 Inc 
KeSoggCO 


Q J09S 3-25 4-2 

Q SS 3-3 4-1 

Q 405 3-14 4-1 

O .15 3-17 Ml 
Q .11 3-1 J 40 
0 JO. 2-28 Ml 


^»«®9TjAwtrl tt J065 14 M7 

0 16 3-24 8-7 

WKCWOU _ Q -W 3-17 3-31 


StotoOMSBKnA q JO 3-16 3-31 


5m Jersey tad 
5tapcmar 

ySSg&V y 

WMmmCorp 


Q -36 3-10 3-31 

0 .125 2-28 MS 
O .10 2-28 Ml 

Q J? 3-7 3-31 

0 .105 3.7 4-1 


YPPSocAmAm * ' JO 2-96 2-28 


«. ft 


II 


22555ft i^8s*ftrt8 0000 p* 


I Stock Tables ExpWned 


FT58 1B0QJFFH 

43J8D -194) 583*1 


SUGAR-WORLD 11 (NCSC1 
nun aw ■ terns per to 


•0*5 

1116 

—OI5 

AM 

1085 

lira 

-OH 

61AM 

10*5 

1012 


NASS 

W*l 

1071 


2XOO 


EuwMs MA Thuft sates 4U» 
TtelfOPtolM UL46] UP 33V 


GERMAN GOVEMIMEKT BUND OJFFB 

iwTUum.ma iogm 

MOI97 10345 10117 IftU* - 066 2*6913 

MM 102.60 1C2J9 103*1 —006 59.765 

EniOteS- 139ABL Pm sotev 27TLW2 

rm aces mi: ttOam up 12,529 

LOOS GILT lUFH) . 

W’WtWMU-e+mm 

ISl 112 29 112-22 112 27 -M6 l*J0 



Juf?7 AB2J 0SA 8M8S — 194) 44H 
S*p97 4H94) 43590 8271 J -194) 1901 


Mite UML teste 12077 
nev.apentaL: 64377 up 8*6 


_ 1 m 
S R-..K 


M +» 
-» ^ 


ED sdn. S3 776. Aw. sates. 94,926 
Pte« open M. 211.774 Ol 8166 


&LTChHnc: 2A537. Open lab 260850 up 


Fab 97 25054 B55J 2577J)-5 jQ 0 21577 
Mar 7725B6J) 2SS2J 23815— £50 28264 
Apr ^ 25605 25665 25883-580 217 

Jo, 97 25473 ZSJLD 255aa—i00 £263 
5*p 97 25610 2SS&0 25610 — 8A0 65*0' 
Mar 98 36000 96000 26014] — 22 Z829 
Sen NJ. M.T. 25785 -iOD 7)0 

EsL *6 orate 21906. Open hb 66^42 off ‘ 

900. 


4." | 

-X ■: * 

2. S' 

B 4 

n 

ss- *r 

2ft' +ft 



? S 

■M to 

im +n 


SBSSSESS^^ 

JJfISSSSSSoST 1- **" - ** rtca0, dt,W " ds dWniraementslKwilai 


Sft ft 

If a 


3» ft 

■ n» +6 

19« +St 

£ $ 


8' C toe <f -eml mnfarf'tund. r-dteHend dedored or 

12 niarttiLPsifaDoiM msh *oiue 

a-ngwyp Brty MBlLT-tauftm houad.N ■ In bM t touplpr^iS 4 SS£rf?^???? on 




hil* ,fX 






'W* ■ . 


: ' ■ 


W-' ' 


_ ' 

'■ 

JfJ . . 




^ - •> 

r •»' • • 


..... 

•• • 


■4 U s ••••••• ■ 


il tS-j-’* 


#w i: r.,- 
"•tisesf:; ; . 

Mswe.’-'r- • • 

aixl-r ’ ‘ 

SR* k, - : 
lari' 4 ' 1 
■jlfee b ••••■ ; 
PJ y.'T: •••• 


10RL1) SilM'k M ill 


fiidiy.Fab.^! 


taWam *. 


fr 


ifa-s .? 


9 *ir : . 




^ •- 


* ’«*«. .- ..... 

■ 1 , ir:< 

.--la. . •< 

PiJ. 

k' ! ■ V ■' 
fe 


I; 


: 




f. ,j r 

■‘fR *4 1 




. 

;v: ‘ 
& 

J 

S.-A. 









■ lll ^H 


UBS Posts 
First Loss 
In 84 Years 

But Bank Expects 

Profit to Rebound 

Garpdn/ hr Or Dafwhn 

SvSSPJ ™“ Union Bar * Of 

Switzerland reponed the first loss in 
its 84-year history on Friday be- 
cause of a one-tune provision for 
credit risks, but h said it expected 
earnings to rebound this year as a 
reorganization took hold and the 
Swiss economy improved. 

UBS, the biggest bank in Switzer- 
Land, posted a net loss of 348 million 
Swiss francs ($236 million) in 1996, 
less than analysts had expected, after 

a t? 5 of lJS * francs. 

The bank had made a provision of 
3 billion francs for bad loans over 
“the next few years” and a pro- 
vision of 120 million francs for re- 
structuring in Switzerland. That is in 
addition to a regular provision for 
loan losses of 1 .4 billion francs. 

The bank blamed six years of 
sluggish performance by the Swiss 
economy for the special loan pro- 
vision, but said that restructurin g 
would turn it into a world power in 
the management of personal and in- 
stitutional fortunes. 

Switzerland's other two big 
banks — Credit Suisse and Swiss 
Bank Corp. — are also expected to 
report losses because of special 
credit provisions. 

UBS said its operating results were 
good, with cash flow rasing 21 per- 
cent to 43 billion francs in 1 996 from 
3.6 billion francs a year earlier. 

Mathis CabiaUavetta, chief ex- 
ecutive of UBS, said the bank had 
gotten off to a “good start "this year 
and hoped to report profit of more 
than 2 billion francs m 1997. 

Mr. CabiaUavetta, who took of- 
fice in March, also said that the bank 
would “aggressively” expand asset 
management and investment bank- 
ing operations at home and abroad, 
and repeated that “selective” pur- 
chases could not be ruled out 

In 1996, profit from trading activ- 
ities rose 26 percent, to 2. 178 billion 
francs, while income from commis- 
sions and services rose 22 percent, 
to 4.866 billion francs. 

UBS bearer shares closed up 2 
francs, at 1 ,298. 

(Bloomberg, AFP, AP) 



BTOJWAHQNAL HERALD TRIBUNE, SATURDAY-SUNDAV, FEBRUARY 22-23. 1997 


PAGE 11 


EUROPE 


French Economy Is Better but Fragile 


Bloomberg Nevs 

PARIS — French factories pro- 
duced more than expected in 
December and companies created 
more jobs in the fourth quarter, 


showed. 

.. The figures, combined with op^ 
dmistic forecasts tins week from 
companies such, as j steelmaker 
Usinor Sacilor SA, raised expec- 
tations for stronger economic 
growth in 1997. 

The government expects gross 
domestic product growth of alleast 
23 percent after an estimated 13 
percent last year. Some other fore- 
casters, including the Organization 
for Economic Cooperation and De- 
velopment. see even higher 
growth. 

“There's an undeniable accel- 
eration. in economic growth,” said 


‘ Patrick Mange, an economist at 
Deutsche Bank. “This could be 
further supported ty the rise in the 
dollar." 

- December manufacturing pro- 
duction rose 0.8 percent from 
November, the official Insee stat- 
istics office reported Friday, the 
first rise in four months. 

The Labor Ministry said, mean- 
while, that companies unexpectedly 
increased the number' of new jobs 
by 0.1 percent in the fourth quarter. 
While job increases came solely 
from the service industry, rising 
earnings at manufacturers indicated 
they could be poised to hire, too. 

“The figure is a big surprise,” 
Frank Sedillot. an economist at 
Caisse Nationale de Credit Agri- 
cole, said ref erring to the jobs re- 
port. Most economists bad not ex- 
pected a recovery in the jobs 
market before this summer. 


Strong growth is crucial to 
France's attempt to qualify for the 
European common currency. 
Strong growth would raise tax rev- 
enue and help reduce the budget 
deficit. 

France, and other European Uni- 
on countries, need to reduce their 
deficits to 3 percent of gross do- 
mestic product by the end of 1997 
to qualify for the euro. France’s 
deficit equaled 4.1 percent of GDP 
at tiie end of 1996. 

But the recovery is still fragile. 
The new jobs in the fourth quarter 
were insufficient to reduce the job- 
less rale, which remained at a re- 
cord 12.7 percent in December. 

The French auto industry in par- 
ticular remains weak. Michel in 
SA, a tire maker, said Friday it 
would shed 1300 jobs amid ex- 
pectations French car sales will fall 
10 percent this year. 


On Monday, the Bank of France 
released a survey showing “rare” 
instances of companies planning to 
increase output, with the majority 
of the 12.000 respondents prefer- 
ring to wait for a “more pro- 
nounced pick-up in demand.” 

Julian Jessop, an economist at 
Nikko Europe, said, “Job creation 
is still pathetic." 

The US. economy added 
600,000 jobs in the fourth quarter, 
compared with 13343 in Fiance in 
the same period. In the third quarter 
the French economy added 13328 
jobs. 

Companies are beginning to 
benefit from record-low interest 
rates and a rising dollar. The dollar 
closed in Europe at 5.6890 francs, 
up 9.8 percent since the beginning 
of the year, making French goods 
cheaper compared with dollar- 
priced goods on world markets. 


Bonn Report Mixes Optimism With Bad News 


CwiyrfM tj OxeSeffFnm Dopmdxn 

BONN — Germany’s economy 
probably contracted m the fourth 
quarter from the third, but this year 
it should show stronger growth, the 
Economics Ministry said Friday. 

After clear expansion in the 
second and third quarters of 1996, 
gross domestic product probably 
aid not exceed the level reached in 
tiie third quarter, the ministry said 
in a summary of its monthly report 
Compared with tiie fourth quarter 
of 1995, GDP in the final three 
months of last year likely had 
grown by “almost” 2 percent, tiie 
ministry said. It is scheduled to 
release precise figures in March. 

But for 1 997, the ministry said, a 
strong upturn in exports and a 
range of other positive factors — 
such as moderate wage rises, low 
interest rates, a farther improve- 


ment in corporate earnings, the 
weakening in the value of the 
Deutsche mark and a recovery in 
the global economy — “all point 
to raster growth in the German 
economy.” 

“There is no tension in the price 
CTtnnri nn in Germany,” the min- 
istry added. 'While the rising dollar 
against the Deutsche mark may 
have increased the price of im- 
goods recently, it said, il 
iw no notable price in- 
creases. 

A strong rise in consumer prices 
in January was mostly due to such 
tempora r y factors as a sharp rise in 
heating oil prices because of the 
cold winter and higher prices for 
seasonal foods, tiie ministry said. 

Chancellor Helmut Kohl said 
Friday that there was a “real 
chance” the economy would grow 


between 23 percent and 23 per- 
cent this year, backing down from 
the official forecast of 23 percent 
expansion. 

Bonn is struggling to cut its 
budget deficit to 3 percent of GDP 
in the face of record unemploy- 
ment, which erodes tax receipts 
and forces more spending on social 
security benefits. 

A Bundesbank council member, 
Ernst Welteke, said Friday that he 
had doubts that Germany would be 
able to meet the 3 percent deficit 
limi t needed to join Europe's com- 
mon currency in 1999. 

Unemployment is “cause for 
great concern,” the ministry said, 
even after allowing for the seasonal 
influences of cold winter weather. 

German joblessness rose a sea- 
sonally adjusted 160,000 in Janu- 
ary, pushing the total number of 


unemployed people above 4.6 mil- 
lion. the highest ever. 

The German economy, Europe's 
biggest, emerged from three 
straight quarters of stagnation or 
contraction in the second quarter of 
1996 and managed to grow 1.4 
percent over the year. 

The ministry’s growth forecast 
for fourth-quarter GDP comes a 
day after the Bundesbank said eco- 
nomic output feU by 0.2 percent in 
the final three months of last year 
but was 1.6 percent higher than a 
year earlier. 

Gloomier sentiment in the man- 
ufacturing.sector after a “clear im- 
provement” in the second and 
third quarters, as well as dampened 
export demand toward the end of 
the year, hampered fourth-quarter 
expansion, the government said. 

(Bloomberg, AFX) 


Russian Duma Backs Ban on Foreign Investment 


Reuters 

MOSCOW — Russia’s lower 
bouse of Parliament caQed on Boday 
for a wide-ranging ban on foreign 
investment in key economic sectors. 

Deputies in the Communist-dom- 
inated State Duma voted, 261 to 10, 


in a first reading to ban foreign activ- 
ity in some areas involving national 
security, such as power supplies and 
telecommunications, and to limit it 
in others, such as oil and financial 
sendees. The proposals, contained in 
amendments to a foreign investment 


law, would affect precious metals, 
production of relief maps and man- 
ufacture of nonmilitary goods in mil- 
itary plants, among other activities. 

"This law is just what is needed 
to stop the fragmentation of the 
country,” Anatoli Lukyanov, a 


Investor’s Europe 


Frankfurt 
DAX ■ 



London 
FTSE 100 Index 
430 


Paris 

CAC40 


27H 



Exchange 

Amsterdam 


index 


AEX 


Friday 

Close 

73L92 


Prev. 

Close 

733.71 


Changaj 

•0.65 


Brussels 


BEL-20 


2,094.78 2.103.33 -0.41 


Frankfurt 


DAX 


3,184.09 3.19603 -0.37 


Copenhagen Stock Market 


Helsinki 


HEX General 


547.78 549.92 -0.39 

2373.00 2.903.18 -104 


Oslo 


OBX 


61 7.31 622.40 -0.02 


London 


FTSE 100 


4,33640 4,356.10 -0.44 


Madrid 


Stock Exchange 470.70 475.28 -0.96 


UUan 


MIBTEL. 


123564)0 12,357.00 -0.01 


Paris 


CAC40 


2.56244 2.575.24 -0.48 


Stockholm SX 16 


2,801.72 2.795.69 +0.22 


Vienna 


ATX 


1,209.53 1,213.10 -029 


Zurich 


SP1 


237124 2.875.19 -0.14 


Source: Tetekurs 


IlDrnutovul HruM Tnhjiw 


Very briefly: 


leading Communist legislator, said. 

For the amendments to become 
law, they must be passed in two fur- 
ther readings by the Duma and then 
approved by the Federation Council, 
thei_ 

President Boris Yeltsin. 


• Empresa National de Elect ricidud SA, the state-owned 
Spanish power company, said 1996 net profit rose 1 0 percent, 
to 165.08 billion pesetas ($90 million!. Madrid will sell as 
much as 25 percent of the company, known as Endesa, by the 
end of the year and reduce its stake to zero by 1 999. 

• Seco Tools AB. a Swedish toolmaker, said 1996 pretax profit 
dropped 26 percent, 10 466 million kronor ($62.8 million! as 
costs to develop and market new products rose and the krona 
strengthened. Sales fell 3 percent, to 232 billion kronor. 

• Pearson PLC, a British media conglomerate, has agreed to 
sell its 10 percent stake in Television Broadcasts Ltd. of 
Hong Kong for £111.1 million (SI 79.0 million) to Shaw 
Brothers (Hong Kong) Ltd. 

• Puma AG, a German sportswear maker, said net profit rose 
74 percent, to 83.8 million Deutsche marks ($49.66 million) 
last year as sales rose 3 percent, to I.I6 billion DM. The 
company forecast a rise in sales and profit for the current 
year. 

• Unilever PLC has been wanted by the European Com- 
mission that its practice of providing Irish shopkeepers with 
free freezers in return for promises to store its ice-cream 
exclusively amounted to abuse of a dominant position. 

• Britain’s economy grew by 0.8 percent in the fourth quarter 
from the third quarter, for a 12-monih rise of 2.7 percent, 
according to the second of three estimates by the Office of 
National Statistics. 

• Pharmacia & Upjohn Inc. has signed a $55 million deal with 
International Business Machines Corp. under which IBM will 
streamline and modify the U.S. -Swedish pharmaceutical com- 
pany's information systems so they will function after 2000. 

• The United Arab Emirates economics minister. Said Go- 
bash, said he expected an agreement signed this week by the 
22 members of the Arab League to eventually lead to a 

common market AFP. Bloomberg. Reuters 


WORLD STOCK MARKETS 


! s veik! 1 w: 




*** •» ’ " / " ■ 
h / 

’ T / 


Friday, Feb. 21 -j 

"Prices m load currencies. 

Tetekurs 

Hi* Law CtasaPra*, 


Amsterdam 


ABN-AMR0 

Avon 

Atom 

AtanNoW 

BoonCa 

Boh Was c«a 

CSMcw 

OonteehePm 

DSM 

Etarter 

FwttiAlwv 

Getrortcs 

G-Broccra 

issr 

Hoogovmcw 
HKdDOUBkB 
IMG Group 
KLM 
KNPB7 - 

KPN 

NedHwdGp 

NoMda 

OceGrtiWn 

PMmEtac 


IHdg 

Romeo 

Rodomca 

Rfllnco 

Rocento 

Royal Dutch 

Unfcwcio 

VbwfexMI 

VNU 

wmmiacw 


138.10 
13* « 
11940 
27*20 

88 
3130 
11*50 
153 
182 
31 JO 
71 JO 
59X0 

57.90 
15030 

331 

79.10 
140JQ 

73 

5440 

*ZJ0 

69X0 

5630 

202-50 

J42J0 

8*40 

8*50 

13830 

161.40 

4020 

165.10 

11030 

332.90 


3930 

24530 


13580 13640 
12250 13*30 
11730 119.10 
271 JO 27*90 
8*90 8730 
3230 3330 
10*50 110 

349 351.10 

179.10 179.10 

3830 3030 
7030 71 JO 
5*50 59 

5550 57 JO 
14*50 14940 
32150 327 JO 

7550 7850 

137.10 139 JO 
71 JO 7230 
5530 5*10 
47.10 4W0 
6830 6930 
5510 5*20 

277 279 

23830 24250 
81 JO flZJO 
8*10 8*20 
13170 138 

16030 161 

59 JO 60 

16*20 16430 

no no 

329 JO 321.70 
360J0 362-50 
8*70 M 
38 38J0 
23*90 237 JO 


13740 

12*10 

119.90 

278J0 

8*50 

3230 

11*80 

3S590 

182JD 
3050 
71 JO 
59 JO 
5650 
148JB 
326 
7*50 
139 50 
7140 
5*10 
CM 
89.18 
5*10 
382 

>44 

8170 

87 

13110 

16230 

16*80 
109 JO 


361 JO 
3*20 
4030 
24358 


Market Closed 

The Bangkok stock market 
was closed Friday for a hol- 
iday. 


Bombay 

BcMAuto 
HMastWKr 
Hindus! PeSm 
lndDevBk 

rre • _ 

MWnrnnrTel 

ReSuncelnd 
Store Bklnoto 
Sled Authority 
Tola Eng Loco 


929 JS 
88S 
38335 
9535 
414 
23*25 
2A8J0 
28*75 
22 
34*25 


Brussels 



Copenhagen 

BGBonk =»“ 

Grt tegB 
Codon 
Dontoi 

Den Onsite Bk «5 

9S sssf 

D/S 19128 
FLSWIB 
Kota Lnfthomw 

KMNOfdbkB 


198500 

875 

690 

619 


365 

390 


SB S* -s-« 


Frankfurt 

AMS S 
MUM 
AtfnnzHdft 


Bit Betti 
BASF 

sa& . 

Boyer 


High .Lav Onto Free. 

-HM0-W0 98—9*38' 

BMW 1140 1131 1134 1142' 

Comamzhank 42.15 JUS 4115 -4ZJ0 

DaMvBm 127J5 12UB 12UC 12X60 

Dagussa 712 785 71a 71030 

DMttdeBank 8635 B6 1*10 8*80 

DertTaMam 3JJ4 31J5 31 J 2 3236 

DrataorBa* 5*30 5185 5*20 5X80 

FKMdUS 343 340J0 342 30 

FmentaMed 14*80 14*90 w*m i**40 

Km pp hooch 251 JO 249L5D 251 JO ' 250 

Get» 1143D TT2J0 11X» T1TJ0 

HddefcgZntf 139 JO 137 JO 13X50 137 

• ‘ 8X88 83 8150 8*10 

7AB0 7X80 7X80 7X30 
. 72 ' 3X30 7]J5- 32J3 
tattoo® 534 51950 524 520 

Unde 1068 1 040 1 068 1065 

2X35 22JO 2330-2275 
43550 428 434 432*0 

<19 674 67530 67250 

jMMBaafcanfl 34 3X50 3150 34 

mSo 139 JO 139 139 JO 13950 

Munch RlHCkR 4025 3965 4018 4015 

Prtusoe 40950 406 406 «J 0 

72JC 7235 7255 7275 
252J0 25070 25130 15X80 
14X40 14110 14490 14IJS 
8*15 8370 8150 84* 
Tlmsen 319J0 3I7JB JlflJO 327 

Vrfe 9*65 9420 9435 9X90 

500 SD0 500 500 

707 70150 70*50 688J0 
801 799 800 801 JO 


GFSA 

Scar 

Liberty Hdg* 

UbetyLlto 

Mtoorta 


High Law Cta 

Prett 


High 

lore 

Close 

Pro* 

HI# 

i Low 1 

dose 

12*75 134 135X5 

134 

Unlever 

16X1 

1*03 

1*11 

1*18 

Sddtatad 

137 134 

136 

156 ISO 160 

155 

(/fd Assurance 

*40 

*15 

*37 

5XB 


375 375 

375 

343J0 342JD 342J0 34X50 

UMNbws 

*93 

6X5 

*91 

*92 

Storebrand Aso 

42 41J0 

42 


High Low close Pit*. 


Rembrandt 6p 


RustPWnDm 
SA Breweries 
Soraoncor 
5asoi 
SB1C 

TJperDoO 


23*75 12935 130 <138X5 

10230 101X3 18235 10150 
19-70 19 JO 19JD 19JI 
• 7B 7735 7B 71 
4735 4*75 47 47A5 

AA «•> < jn 64 6425 

76^ WJ5 7*75 75 

14BJD 139 140J5 139 

55J0 5535 E35 55J0 
53 52J0 5235 5235 
18450 183J0 184J0 1B4 

7550 74 74 7*50 


Uttl 

VcnderaoLxidi 


WHmttHdBS 


WPGranp 

Zbmco 


*80 

530 

19$ 

787 

110 

*91 

2J4 

W 


657 *72 

*96 *16 

283 286 

7J6 782 

3JI7 109 
483 4JB 
237 288 

1*05 1*92 


134 

365 

42 


*80 

*97 

UP 

784 

389 

*89 

155 

1*18 


Hoods} 


Kuala Lumpur wgte iagu 


MAN 


GBtt® 

Mol Bontt® 

MdMSIdpF 

PabornGns 

Renona 

RHaSWMri 

Shoe Darin 

Triekoa Mat 


RWE 

sawing 


17 

2980 

*40 

9.15 

5 

. 12 
. 955 
1980 
1230 
2340 


T 

1*80 1680 1*90 
2935 2935 2935 
*20 *20 *38 

9 9.10 9 

466 *46 *90 

11 JD 12 1180 
940 9 JO 9J5 

19.10 1930 1930 
1180 12 7280 

2X10 2340 2X40 


Madrid 

Aarinox 

ACESA 

ABomBorceian 


Mss Uk 47031 
Provtooc 47538 


BonkWtr 
BcoOntnHbp 
BcoEnerior 
BcoPegotar 
BooSonInnOw 
CEPSA 


London 


FT-5E 108:423*81 
PieriOM; 436*19 


FECSA 

GasNoAmri 


VEW 


« F 

c 


Helsinki hex 


CuDorl 

EmoA 

HuhtamaUI 

Ktttka 


Merita A 
Metre* 

.Neae 
NokloA 
Orion- YUyrnoe 
OutntampuA 
RmrtocwriM 
Sorepotasor 
in>MKywaeae 
Votmei 


297 293 

41 JO . 40 

220 218 
SB 57 JO 
7*50 7160 
18.10 1730 
299 294 

42 4130 
142J0 138 

30740 305 

184 100 

16. 83 

4*5Q 4430 
500 475 

106 <10380- 
95 9350 


X18 
297 297 

41 jo jijo 

220 22*90 
57 JO 5740 
74 7450 
7788 18 

297 299 

42 4230 
140 144 

306-312 
180 IN 
85 8X60 
4450 4460 
500 480 

1« . . 187 
9330 95 


IDoreecq 
Anghon Water 
Af*w 
AsdaGrem 
Assoc Br Foods 
BAA 
Barclays 
Bast - 
BAT tad 
Bank Scotland 
Cbtle 
BOC Group 


789 

444 

647 

782 

1.14 

497 

532 

1130 

8L69 

*94 

*69 

383 

10X0 

609 

X53 

12J5 

640 

180 

539 

689 

623 

■\J6 

484 

244 


mm 30 tadoe 343989 
PnelMB 349*40 

91835 971 JO 92*75 
855-25 85*35 885 

379 JO 38135 384 

94 9*75 95 

407 408 413 

229 23*50 23*50 
24J35 264 266 

282 20335 28*75 
2135 2U0 7235 
34*75 342JD 343 


geLp28tadBB2BM36 
PWriso=21«X3J 
12700 12800 1 2625 
5710 040 5^0 

7150 72M 7710 

20575 20900 21350 
3160 3195 MS 

7250 2385 2375 
1292 13® 13M 

119 120 122 

14825 15209 15100 

m 2212 ££ 

8000 8039 
3260 3260 390 

OTO 5800 WO 
5530 1545 2570 

I4i® 1« 

4695 4730 4765 

12000 12200 12100 
TieS n 950 1IM 
12050 12275 12425 

&■+"£& 
7970 B0O0 8038 

■irlrl 


nBtk ^S5fSw 

P re rt e wi 54981 
303 310 308 

408 flO 412 

970 980 g 

380 387 W 

614 61B 

WOOCO 384284 2B450O 

s “ IS 

S S £ 

W * S 

351 3S4 358 


Hong Kong 


9J0 

3190 

1X15 

7235 

2135 

3*70 


Conor PodBc 

ssffiid a 

CWnoResErt 1*25 
CWnEstetta AM 

ssn& 3 

Great Eagle 7050 
Guwgdong tar 7.10 

HwgtS^ev 1*90 

sass& M 

Htff 11^ 

HKChtaaGas. 1*60 
HKEledric V 

HukMswWta 5*» 

XSSZm || 

1 

New Wor ld Dey 
NworMomastr as 
Orierto] PreM 2J0 

Pe^Orientel 
ShttSWWO . Jl-S 

Smm(-U Aria 1*38 

SSbino Post 7J5 
Tri raSMtwl 7 '030. 

ay. 

Wlieetack 21JD 


K — Sang jjWjLOj 
fte de se WIUI 

9JS 9 JO 9 JO 
33J0 33JBJ 3180 
11.95 1285 1185 
7135 7L75 7235 
2080 21 2QJD 

3*30 3*60 .3*60 
*10 *25 *18 

1*55 1*38 1170 
830 *30 *35 

3830 3*60 39 

9AO 9JJ 9JO 
.3880" 3880 39.40 
1135 1130 1135 
2980 X 3030 
*60 . 785 *60 

4270 45 <280 

1535 1*60 1*90 
9030 9135 91 JO 
BJS *85 8J5 

6930 71 JO 7*30 
1X73 .1185 1180 
V*45 1460 1430 
2*85 2*90 : 2*90 
1X85 1*20 1385 
133S 13-50 -1X45 
443 *45 *45 

18730 . 189 18*30 
57JS 5X25-5*25 

27.10 2735 2730 

22 22 2285 

1930 1938 I960 
.*40 830 *40 

4780 4X70 4*40 
.21.95 2285 2235 
16S ue 2J0 
*85 6J0 685 

2985 31 JO 29 JO 

10.10 1*10 10 

0935 9050 9075 
*35 *35 *40 

XSO X9S B85 
730 735 7 JO 

6*75 6735 6735 
ZL 70 .3330 -&J9 
3t 34. 3380 
3480 ' 35.90" 3*90 
2070 2135 > 2DJ5 


CatowySdrw 

CortooCotnm 


J Union 

CompanGp 


Jakarta. 


Asw«n j 

Bktafilndon. 
BlcNegojo 
GudongGom 
Monmni 
todofood 
•indosBt 
SomotaMHM 
Se men Graft , 
TeteUrnnsAaBi 


6450 ' 620 ' 6250 6225 

2075 197S 3000 2000 

- 1725 1675 1700 T7C0 

-11100 lflBOO 10800 11125 

3575 3500 2575 3S75 

^ 5300 5300 5375 

7M0 7000 -7C5Q 7000 

14225 14)00 14J50.1415B 
7100 7100 7100 7100 
41*9 4100 4100 4150 


BPS tad 
BrtAemp 
BrtAtawys 

BGWc 
BrifUred 
BrttPehm 
BSJtye 
MtSed 
BritTetacoffl 
BTR 

BunretaCasm 1Q3A 
Bortai Gp 1J5 

CabtBtmnkas *12 

486 
*55 
730 
739 

. 3JS 

ranrns *15 

Etadramreonents *11 
EMI Group 1X42 

ranumm ur 
GerriAcddenl BJ0 
GEC 382 

GKN 987 

GtaarWefcarae 1043 
GrenodaGp 939 
Grand Mat *61 
&RE 28S 

GaenollsGp *64 

8t“. i£ 

Hanson tu? 

Hare *73 

^Htaas i« 

Iropl Tobacco *57 
Ktaglioher 638 

LdSwfce 235 

Land Sec 7J2 

18H - 242 

Loyd Gent Grp OQ 
UoyrisTSBGp *17 
LBC0SVW7 . 18S 
AtansSpeoar *99 
MEPC *73 

Mar ^ 

Noll Power 481 

HuMtat ■ SJ7 
He* - *97 

Ornge X10 

PtO 664 

Pecosm 7J7 

PBringKW. 138 
PowerCen tM 

■ Pierata Famed *20 

PredsdU 5M 
RofcidcPP - *49 

RUk-Graop 44) 
ftedddCdni 788 
Redand X48 

Reed hd - 11J4 

IfetfOkBMU *76 
RaiWxMos 
Roan 
RMC Group 
UK Rain 
RogrelBkScm 
RTzti 




OAX: 311*09 

Pterions: SI**** 

,raj 1045 1050 I0M 
iffl 15*70 IS* 70 I BJ3 

i lls I 

H 1 1 

& MM3 H 


Johannesburg 

Sa ess 

& V3«J!-dB-iSS 

g*2Srih * V4i 488* 472 5 

KtSSnS 2X4* 26. 2425 3640 

- 1945 1930 1945 1935 


Ml 
334 
948 
239 
636 
937 
485 
381 

Satasbufy J.15 

Schraders . 1735 

Scot Heweute 676 

Scot Power 162 

Seanfcnr XU 

Severn Trent .• 493 

SheOTurespR" 1880 
SUe - 9J7 

5adb Nephew 182 

SreBMOm 949 

Smiths tad 780 

SWemEtac . 748 

Stagscsndi 786 

. Stad Charier - *17 

Taw&Lri* 4JB 

tescs . 332 

TbrenesWrier 680 

. 3t Group *26 

Ti Group 330 

Tarektae 287 


746 

*33 

635 

680 

1.12 

486 
*25 
9J0 
X55 
*60 
iSB 
109 
PJ7 
0JJ7 
244 

1235 

638 

1J4 

*29 

087 

6 

. 142 
*26 
230 
1X13 
132 
*03 
*03 
. *42 
783 
732 
170 
*oe 

487 
1235 

03 

1J7 

MB 

3J3 

9.15 
aio 
9.11 
*60 
286 
SB 
*51 
473 
086 
540 

1*11 

741 

432 

6-52 

230 

740 

237 

380 

*02 

182 

*78 

40 

1125 

185 

*70 

887 

*13 

284 

*59 

7J9 

L3I 

630 

585 

548 

*22 

*32 

730 
137 

1143 

*65 

664 

3.15 
981 
224 
*15 
939 
*71 
151 

M 

1650 

642 

154 

120 

680 

1052 

948 

180 

089 

788 

731 
695 
7M 

*55 

346 

672 

*14 

531 

28) 


7.71 784 

*36 *41 

636 646 

6» 

113 1.14 
*92 *87 

*29 *31 

1136 1137 

£ 3 

161 244 

192 351 

9M 9M 
087 68B 

150 145 

1244 1230 
6.34 635 

L7B 1-77 
*39 *35 
654 655 

*06 687 
144 144 

*32 *33 

242 243 

1023 1033 
1J3 1J5 

589 *49 

*90 *87 

5-52 *49 

7.13 731. 

730 730 

171 174 

*11 *14 

*10 *10 
1239 1235 

637 644 

138 1-59 

830 - 845 
177 382 

9J6 9_55 

mo ia« 
931 937 

*64 *66 

232 286 

*54 *51 
*59 *59 

680 677 

OB7 0*9 

& its 

7J3 742 

*35 *23 

656 *58 

231 Z34 

7J0 782 

241 243 

*01 *09 

*n *v» 

184 184 

*53 *86 

*72 *74 

1X32 1340 
289 2JB 
*85 *90 

*13 *15 
587 *94 

230 UO 
6J4 665 

746 7J7 

134 133 

630 443 

ill *15 
5-57 539 

447 423 

*37- 441 
789 7J9 

339 347 

1135. 1157 
*65 *73 

670. 672 
*19 321 
943 939 

237 230 

624 630 

J.32 932 
459 *94 

154 *59 

113 *14 
1682 1734 
666 657 

157 157 
124 128 
681-693 
1062 1074 
9J6 9J7 

5.92 132 

089 945 

783 785 

745 745 

697 7 

7.91 *09 

*57 *57 

*49 . 1# 
677 676 

*37- *23 
*39 621 

385 287 


PtTCn 


Toijacatan 
Tatefonica 
Urttai Fcncna 
Vbtanc Cement 


19608 

1710 

5670 

5870 

8670 

1110 

2M50 

3770 

2840 

26860 

9700 

4230 

sin 

7920 

8990 

1210 

ywm 

1630 

2685 

5630 

1250 

6£» 

3310 

1175 

1500 


19340 

168S 

5570 

5760 

8590 

1085 

19710 

3720 

2005 

26130 

9560 

4200 

2450 

76*0 

8780 

1195 

32550 

1600 

2600 

S540 

1320 

6XO 

3265 

1155 

14IB 


19360 19570 
1695 1715 
5590 5660 

STD 57B0 
B62B 8670 
1096 1095 

19896 20110 
3755 3770 
2825 2835 
26400 26770 
9650 9780 

4200 4215 
2465 2585 
7B2Q 7B40 
8800 9020 

1205 1205 
32670 33)40 
1610 1640 

2610 2650 

5560 5610 

1330 1 350 

6490 6530 

3295 3320 
1175 1175 
1500 1490 


Manila 


AffttiB 
mind 
BkPhBptsl 
CW> Homes 
McflSoBecA 
Men Bank 


PC Bor* 

Phi Long DU 
SanAQguriB 
SM Prime Hdg 


29 JD 
3DJ0 
189 
12J0 
124 
730 
HUS 
395 
1565 
98-50 
7J0 


PSEtai 
Pierieoc 331*43 

29 29 JO 29 JO 

30 30 30 

187 188 189 

1125 12J0 1125 
123 124 123 

725 7X 7X 
1X25 1015 1QJS 
390 392J0 395 

153 1555 1575 

9X50 9*50 96J0 
7 JO 740 740 


Mexico 

AttrA 

BooocdB 

CemesCPO 

OtaC 

Emp Modema 
- iCmsoAl 
Rntnbunn 

bCtaAMex 

Tittrisa CFO 
TetMuL 


4*90 
1984 
31 JO 
1150 
4*10 
47X0 
7X05 
17000 
10*40 
1*56 


Balsa tadac3873J5 
Pierinw 3CTJ3 

4*40 4*75 4*50 
19.16 19J0 19.16 
3185 31 JO 31.45 

1120 1XC 1X30 

4*00 45X0 4118 
46.15 47X0 4X25 
28X5 2X05 26X0 
170.70 17076 170X0 
10240 10*40 102X0 
1*40 1*54 1*52 


Milan 


MIBTi 


Bar Ceram Ud 
BaHdeoram 
Ben Romo 
Benetton 
Oeaotunano 


EHl 
Rot 
General Asislc 
HM ■ 

WA 


MBdohance 

09W8 


Ptrett 

RAS 

ta* Bancs 
S Panto Tartan 
Stat 

Tatearattafc 

TIM 



Prevfou* 12357X0 

12870 

17610 

12700 

12765 

3/66 

3635 

3/45 

3750 

4TO 

4625 

4645 

4/35 

1365 

1220 

1339 

1352 


19050 

20250 

20300 

2430 

2390 

2390 

2400 

9850 


9*50 

9675 

90S0 

B870 

8915 

0905 

5346 

6135 

5370 

5190 

MOO 

31400 

3)800 

31800 

15520 

15310 

15356 

16400 

2350 

2320 

2345 

7340 

6600 

6*05 

6*05 

4560 

7250 

noo 

/I70 

71/0 

11810 

11360 

11445 

11709 

1270 

1253 

1770 

1250 

652 

630 

631 

650 

7365 

7275 

2350 

7255 

3470 

3390 

3425 

3445 

16170 

16/20 

16740 

ISWfl 

18050 

17740 

17905 

IAW 

11540 

11240 

1142S 

11280 

8185 

fW6 

8170 

8100 

4526 

4420 

4465 

4495 

4HB 

4656 

4750 

4690 


Montreal HdasMUMv-aaft 


BO Mod Can 

can TUB A 

CmiUttA 

CTRW15K 

Gflziun 

GMtMLMKO 

ioresco 

bwestanfep 

LotaDwCa* 

NoBWConode 

’Parer Cop 

Parer Fhl 

QuebaeorB 
Rogers OanmB 
Royal BtCda 


4219 
asm 
3120 
31 JO 
16X0 
2195 
37* 
27.10 
1619 
15JD 
2*80 
26»* 
2*45 
9 JO 
5420 


47 ts an 
24X5 2*30 
3105 3230 
3U0 31X0 
1619 16J0 
22J5 2195 
3*55 37X5 
27 27 

1630 1*30 
IS* 15X5 
3*30 2H 
2*60 9*60 
2*30 2530 
9 JO 9 JO 

sn sin 


Oslo 

AkerA 

btraesenDfA 
OnfilankiBk 
DnnanknBk 
ElM 
HatstundA 
MreamerAsi 
Nan* Hvdre 
. Henke Stag A 
HKoaedA 
OragAwA 
PettnGanSv 

sngaPnOreA 


195 16*50 
14*50 MU0 
2 64) 26 

31 4C 3096 
no io*5o 
50 49X0 
345 339 JO 
380 37*50 

mso sot 

113 109 

J68 564 

31250 304 

120 TIB 


19UD 

144 

2*10 

31 

109 JO 
50 
34S 

373.50 
71 0-50 
I12J0 ■ 
564 
304 
11850 


Paris 


CAC-40: 2562X4 
PfCrtMK 257524 


791 

777 

785 

775 

AGF 

20*50 

200 

204 

IVO) 

AJrUortdr 
Atartd AMn 

• mi 

593 

fi 5 

574 

884 

584 

m 

587 

Am-UAP 

37120 

36470 

371 

369 

Banotlni 

723 

675 

709 


BIC 

930 

912 

925 

927 

BNP 

2S0J0 

237 

349.90 

73*90 


1128 

1105 

life 

1122 


3524 

34/0 

34B0 

3504 

COsfno 

24070 

TW-Sa 

2ASM 

764 

CCF 

269 JO 

260.10 

365 

261 

Cetetem 

694 

680 

582 

09/ 

Christen Dtor 


E3 

KJ 

m 

CLF-Oetoc Fror 

514 

503 

KJ 

512 

QedJfAgricole 

IMS 

1215 

1285 

126 6 


844 

834 

840 

Ml 

EK-Aouthrioe 

£9 

641 

545 

564 

EridantoBS 

885 

857 

B66 

B94 

Eurotunnel 

7X5 

LTD 

6JO 

7.10 

Gen-Eow 

776 

IS? 

m 

745 

Hovas 

445X0 


440J0 

KJ 

Undo) 

823 

822 

823 

Lafstge 

35*18 

34*10 

357X0 

34*60 

Leaand 

LOreol 

940 

2010 

90S 

1967 

920 

1967 

916 

2006 

LVMH 

1381 

13S7 

1345 

1378 

Lyon. Ecu* 
MkheOnB 

572 

354 

661 

34*60 

54/ 

34*50 

562 

35*M 

Portias A 

392X0 

385 

307X0 

391X0 

Pernod Rlcnrri 

302 

2V/J0 

299 JO 

301 

Peugeot at 

574 

660 

566 

563 

Ptaoutmw 

2358 

2306 

2324 

2339 


1658 

164? 

1647 

1446 

Renaud 

123 

1 1960 

12*40 

12*50 

Rani 

1695 

1670 

1670 

1699 

RtePnulencA 

19BJ0 

192.10 

19*40 

197.10 

Sanafl 

SO 

M3 

543 

539 

Sdmetaer 

29*90 

787-80 

29*90 

78*40 

SEB 

1100 

IUS1 

1100 

1095 


39*90 

373 

378 

3V2 

SteGerasnle 

683 

666 

666 

683 


2909 

2835 

790V 

2064 

SIGabdn 

815 

191 

B01 

too 


267 JO 

264X0 

264X0 

26*40 

SrndKktoa 
Thomson C3F 

570 
179 JO 

SSI 
177 JO 

564 

179 

5/3 

180 

Tafa/B 

453 

«4*60 

451 

«55J0 


8*15 

8*50 

BSJ0 

86 

Vdeo 

389 

37*50 

389 

3/5 


Sao Paulo 


>p« 
BruhmaPfd 
CwntaPM 
CESPPM 

copd 

EWrofcras 
ttaubonajPM 
Light Serridos 
t 


jPW 

TetahresPM 

Tetemig 

Tetefl 

THesflPtt 

Unfixmco 

CVRD Pld 


9X0 

710X0 

4640 

99X0 

1*X 

457,00 

56*00 

32*00 

216X0 

T0BJ5 

152X0 

16IJ0 

285X0 

41X0 

27X0 


BCI73SU0 
Prerkwc 67*1*29 

U0 8SS 9X0 
7WL0C 760X0 71BX0 
4X00 4X60 4X60 
59X0 59X0 59X0 
1X10 15J0 1*35 
4S2X0 45*00 45X00 
559X0 563X0 564X0 
41*00 <2100 <20X0 
319.10 319.18 327.99 
213X0 21050 21*99 
96X3 10030 lUt 
151X0 151 JO 151X0 
159X0 159.56 161 JO 
261X0 78*00 281X0 
41X0 41X0 fiXO 
2*70 2*90 27X0 


Seoul 

Doaui 


S3 


Kta Motors 
KonaEtPur 
Korea BsdiBk 
Korea Mob Tet 
LG Seaton 
Pahang hen Si 
Samsung £1* 
ShlnhonBank 


113000104000 
5030 4900 

15800 15600 
Z7W0 27J00 
6800 6500 

538000 495000 
25500 23600 
42500 41100 
56500 52SOO 
11000 10700 


104000112000 
4900 5000 
15660 15900 
27100 27900 
6500 6800 

495000 538000 
23660 25660 
41100 42100 
53000 566 00 

10800 loeoo 


4250 
ZSVr 
3110 
31 J5 
1*55 
22JS 
36JS 
271* 
1X45 

>5% 
2*45 
2tt 
2*25 
9 JO 
53.90 


BBXbte: 617X1 
PT e* ion s. 42Hl 


188 

746 

7X80 

"iff 

50 

344 

201 

212 

>12 

577 

330 

122 


Singapore 

Asia Poc Brew 
C«eh«P* 

E3y Dee 
Orde Carriage 

DcbVRnaW* 

DBS fcrefgn 
DBS Upw 
Far East Uring 
Fnner&Mewr 
Hit Lend* 

Jon) lAathesn* 
JntBSntaglc* 
Keppei 
Kernel Go* 
OCBCtortim 
DSlhrian&F 
pgm»oy Hdgs 
Senbrnrong 
Stag Air *ane%P* 
Stag Land 
Sag Press F 
Sing Tedi tad 
StagTataCOren 
SbDRs Steam 
TaiLeeBre* 
Utdtadashfa! 
UUOStoBkF 
Whig Tat Hdgs 

to ti* dotes 


Straits TkasK224US 
I t r tee mui 


*40 

10.10 

1*40 

1*30 

0X0 

20X0 

*•5 

*50 

1190 

1M 

6 

3X0 

HUB 

438 

19X0 

11J0 

SJD 

*15 

1110 

9 

2*90 

192 

136 

*15 

3J0 

7X0 

17.10 

*68 


0X0 

*20 

8X0 

10.10 

10 

10.10 

1*78 

14 

UB 

1*50 

15X0 

1*10 

0-79 

*79 

0X9 

3*30 

19X0 

3*10 

S.9S 

*45 

5.70 

*25 

6.15 

*20 

12.90 

11M 

12X0 

*92 

2X9 

191 

*05 

SXS 

*05 

3X8 

3X6 

3X6 

tOJS 

10X0 

I0J0 

4X8 

4X6 

*26 

19 JO 

19X0 

19X0 

11X0 

11 JO 

11X0 

SJS 

525 

*RS 

*10 

8 

*10 

1110 

12X0 

1190 

*90 

*80 

8X0 

2*70 

27 JD 

27X0 

1M 

*78 

UO 

3X4 

3X0 

3X4 

SXS 

*96 

*05 

173 

*18 

17? 

!J9 

1X7 

IXB 

17X0 

1*90 

17 

*72 

*60 

*40 


Stockholm 

AGAB 103 

ABBA 910 

AssSSanrei 191 

Astro A 35*50 

AAsCcpcoA 17*50 

ADteBlr 332 

EleetmtoB aS*50 


5X 14 WitaL 1801-72 
Preriau;279SJ9 

101 JO W 1 6250 
904 910 907 

186 190 JO 190 
351 JO 35X50 351 JO 
172 17*50 175 

328 33050 33050 
445 453 449 


Ericsson B 

Hermes S 

irnnfKA 

Investor B 

MoDaB 

htoiilxinABi 

PhamA^tarm 

5ajrto B 
SCAB 

S-£BonKenA 

SkredtaFOB 

StaraioB 

SKFB 

Sptmxmke»A 
StadriiypeWiA 
Stain A 
Sv HandlesA 
VotwB 


240J0 

IffTO 

523 

516 

226 

27D 

27*50 

192 

1S1 

161 

B2JJ 

20*50 

340 

182 

154 

190 

99 

216 

184 


ZB 34050 
994 1004 

518 520 

333 334 

220 7 9S.W 

257 263 

270-50 27*50 
190 190J0 
176 l»J0 
15*50 159 JO 
80 82 

199 2O4J0 
320 339 

180 182 
14S-50 150 

189 JO 189JD 
97 99 

213 215 

178 1B3JD 


243 

1005 

522 

33*50 
222JD 
271 
Z74 
TO 
17B 
162 
81 
2J2 
332 
182J0 
152JD 
109 JO 
99 
21*50 
181 


Sydney 

Ameer 

ANZBIdns 

BHP 

Borto 

Bramble* tad. 
CBA 

CCAmatt 

CotaMw 

CSA 

CSR 

FestareBrew 
Gan Prop Trest 
GBAusrrefa 
Goodman Fid 
JOAUSinsta 

JoteiFabtax 

Lend Lera 
Moyne Nlddts 
MIMKdK 
tMAuwBank 
Nat Mutual Hd| 
NBWSCOrp 
NonaondyMbi 
NortTlLM 
Pacific Dimlop 
Pioneer Inti 
Pub Broadcast 
OatOas Airways 
fr George Bank 
Santas 
Soutiarp 
Westarmm 
WMC 

WtsttWdTrasI 

WestpacBUng 

Woo«Sd*Pet 

Mtauerihs 


ABOrctataes 2475X0 
Prertaus: 2476X0 

*46 

*40 

*43 

*45 

*35 

*74 

*24 

*3/ 

l/JS 

17X5 

17J5 

17J0 

162 

3X5 

16) 

159 

21.70 

21X9 

21 JO 

2IJ6 

1125 

1X0/ 

1*10 

13X3 

1110 

HXU 

11-BO 

1131 

*55 

5X7 

*54 

533 

*85 

*/3 

*82 

*/4 

19 

1*80 

1*94 

1*85 

*67 

*42 

*66 

*68 

3X9 

16) 

169 

163 

149 

2X7 

2X9 

7A9 

170 

3J4 

*70 

*69 

136 

1X1 

134 

132 

12J8 

12J5 

12X8 

12JD 

117 

110 

114 

*15 

2*80 

23X0 

2*80 

ras 

/JO 

/XS 

734 

7X7 

1X2 

UB 

1X1 

1X0 

1AW 

14X5 

1*46 

1*44 

1.90 

UK 

1X9 

IXV 

*70 

*63 

*66 

6JD 

IX* 

1.49 

1.75 

IJ8 

424 

*16 

*72 

474 

3.10 

*02 

*09 

*12 

3 SI 

aw 

*95 

196 

*73 

*47 

*73 

*71 

23/ 

244 

7-61 

2X4 

*00 

8 

8 

*09 

*/4 

*n 

*/5 

4J5 

*60 

*60 

*68 

*52 

10X7 

1*20 

1*32 

1*40 

*30 

*17 

8X0 

H23 

2X8 

24/ 

2X8 

2X7 

7J4 

7X7 

748 

7J8 

9X0 

9 

9X4 

9X0 

334 

3X7 

334 

151 


Taipei sroc* Mor tal min 

rftnotk 767SJM 

Cathay Ufetw 
Chong HwaBk 
CSiao TungBk 
aura Devetpmt 
CMna Steel 
FWBare, 

ForroasaPtsdc 
HaaNanBk 
tall Coro* Bk 
ManYaPkata 
Stata Kom tile 
ran Semi 


177 

ITS 

175 

175 

170 

169 

169 

169 

87 

06 

8*50 

86 

106 

105 

107-50 

105 

25X0 

25.10 

25X0 

25JO 

177 

176 

176 

176 


Tehran! 
TaJuna 
IMMOcraBec 
UWWbridCMn 


73-50 73 

142 141J0 
B2J0 81 JO 
67 66 

1I1J0 110 

63 60J0 
54 S3 
OJO 41-50 
69 JD 6*50 


73 72JD 
V41J0 1 4l_50 
81 JO 81 JO 
a bt 
no no 
63 60 

53 *t5n 
4350 4370 
49 69 JO 


Tokyo 


IGhkel 225:1 303*54 
Previous 19051 J1 

Attic onto 
ABNtoppn Air 
fee HI Bar* 

1100 

1070 

1000 

1090 

925 

869 

096 

835 

917 

864 

90S 

833 

AscMOiem 

540 

630 

630 

639 

Arahl Glass 

1120 

1170 

1110 

1170 

BkTokreMIbu 

2100 

2000 

2040 

1960 

SkVokoriamo 

607 

599 

599 

fife 


2150 

2050 

2110 

2150 


2640 

2540 

26*0 

2650 


2040 

2040 

7050 

ZB7» 

ChugotaEW 
DolNlM Print 
DaMcnlKang 

2070 

2070 

1530 

2040 

1400 

2030 

2050 

1460 

2*30 

2040 

139) 


550 

519 

522 

509 

Dofwa house 

1X90 

1360 

1380 

1360 


1030 

1000 

1020 

1000 

DDt 

7700a 

7590a 

7590a 

7610a 


2530 

2460 

246Q 

7530 

East Jam fly 

50560 

4950c 

5020a 

.50600 

P»ml 

2270 

2200 

2230 

2270 


3830 

3/50 

3830 

3870 

Fuf Bank 

1550 

1410 

1490 

1370 

FuJPtoOlo 

MOO 

JWJ 

40M 

3990 

1740 

WTO 

7220 

12* 0 

HachqurtBk 

1090 

1060 

1060 

1060 

Hriocrit 

1140 

1170 

1130 

.1130 

Honda Molar 

3790 

3630 

3/60 

3730 

IBJ 

1530 

1440 

1500 

1430 

Itochu 

605 

581 

594 

s/y 

(to-Vcfcodo 

5490 

StSO 

5460 

5« 

JAL 

536 

573 

537 

515 

J^rpftn TnMrm 

8000a 


8000a 

8020a 


3490 

XX 

3440 

300 


720 

ttn 

/oil 

685 

KaftselElec . 

213 

2090 

TOW 

7120 

too 

itaft 

1370 

■fl 

1340 

Kowtsou hry 

536 

530 

536 

town Start 

340 

:<a 

340 

336 

KMdNlppRy 

726 

720 

m 

no 

Mrir Biwerr 

1060 

lmo 

V 

1060 

tote Sled 

232 

225 

22/ 


922 

900 

901 

929 

Kiffiala 

553 

540 

54/ 

547 


7790 

7100 

7160 

/2W 

KyusnuElec 

LTCB 

2080 

2040 

2060 

20/0 

499 

499 

411 

4115 

Marubeni 

493 

4M 

MR 

485 

Maul 

1910 

1900 

1910 

1920 

Matsu Elected 

1910 

iwa 

1880 

1940 

Matsu ElKWk 

1(00 

ion 

TOO 

1030 

Mitsubishi 

1190 

1140 

1160 

■ i r | 

Mitsubishi Ch 

363 

343 

343 


MfasbiShiEI 

707 

694 

m 


MIBterthi Ea 

1490 

1440 

1450 

1390 

MBSUttsMHn- 

9?7 

972 

977 

90/ 

Mitsubishi Met 

9U 

901 

902 

910 

MtaubtsM Tr 

1490 

1400 

1440 

1360 


The Trib Index 

Prices as of3*0 PM. Nm York rime. 

Xan. 1. 1902-= ICO. 

Lowwl 

Chong* 

%ehongo 

y«r to dote 
\ chang* 

Work! Index 

153.25 

+0.24 

+0.16 

+16.21 

Ragkmal Mma 





Asia/PadUc 

115.56 

+1.77 

+1.56 

-13.93 

Europe 

160.57 

-0.41 

-OJ5 

+15.37 

N. America 

177.45 

-0.46 

-0.26 

+38.33 

S. America 

139.10 

+0.86 

+0.48 

+56.22 

MuabWInteocM 





Capital goods 

175.89 

-0.76 

-0.43 

+32.37 

Consumer goods 

173.58 

-0.95 

-0.54 

+25.72 

Energy 

176.87 

-0.32 

-0.18 

+30.42 

Finance 

115.42 

-12.01 

+1.77 

-928 

Mt9caUanBOus 

161.93 

-0.26 

-0.17 

+1923 

Ravr Materials 

182.68 

-0.18 

-0.10 

+28.83 

Service 

141.85 

+0.24 

+0.17 

+1821 

Utilities 

132.55 

+0.18 

+0.14 

+4.26 

The International Heiutti TrXune World Stock Mon C tracks the U.S. doOor valuos of 

2B0 mmationaBY rvostable stocks tmm 25 countnoa. For more Kifotmatnn. a five 

booklet k avatebte by writing to The Trib Index, 18i Avenue Chariot de Good*. 

92521 NouHy Codex, Franca. 


Comptod ty Bloomberg News, j 

High 

Low dose Prw. 


High Loot 

dose Prev. 


AUtwIFodOsn 
Mitsui TniO 
AAuratnMfg 
NEC 
Nfc» 

NteoSec 

NWenio 

NlppEraneu 

NlpponOfl 

N lagan Stew 

Nissan Motor 

NKK 

Nomura Sec 
NTT 

NTTPcdD 
CV Paper 
Osaka Gas 
Ricori 
Rohm 
SatsreBA 
Sankye 
SanwuBonk 
Sanyo Elec 
Secom 
SetauRwy 
Srtaui House 
Sewn- Eleven 
Stamp „ 

SMuUuiElPm 
Shta-etwCTi 
Shizuoka Bk 
Sottbcnk 
Son y 

Sumitomo 
Sumitomo Bk 
SuraftOien 
Suadtamo Elec 
Suren Metal 
Sumn Trust 
Tafcno Ptwrm 
TokedoChea 
TDK 

Ttfiotai ElPwr 

Taka] Bant 

Takla Marine 
Tokyo ElPwr 
Tokyo Etadran 
Tokyo Gat 
Tokyo Core. 
Tgnen 

Toppan Print 

Tereytad 

rai/viw 

Tostom 

Te*e Trust 

Toyuto Motor 

VOtnanoucM 

a:x lOOtbrtlMO 


W8 

900 

907 

907 

1X0 

1350 

1360 

1300 

KM 

7B9 

RS0 

769 

4250 

41 At 

41/0 

4220 

1450 

1420 

1440 

1450 

1/60 

1670 

1750 

1710 

tw 

li\ 

161 

no 

8390 

6200 

B2WJ 

8350 

783 

742 

779 

739 

577 

509 

509 

509 

341 

335 

335 

340 

785 

760 

765 

790 

272 

268 

771 

263 

1720 

1690 

1*90 

16/0 

HKJWn 

K/HOu 

B820D 

H/fiOo 

32BB> 

3740b 

37600 

37W» 

68ta 

6/1 

6/6 

60S 

JQ5 

293 

294 

301 

U30 

1360 

1410 

1*0 

8590 

6590 

6590 

8/30 

874 

763 

m 

750 

3440 

3400 

34*0 

34)0 

1590 

14/1) 

1570 

1400 

514 

505 

506 

515 

5740 

6660 

*700 

6710 

5190 

49W 

5150 

5020 

1130 

1080 

mo 

10/0 

K4I 

7410 

1430 

7490 

1530 

147D 

1530 

1590 

2040 

20)0 

2020 

2640 

2390 

2350 

2380 

7*» 

toeo 

1040 

1070 

ion 

11000 

10700 

10800 

10900 

8800 

8540 

8750 

tuvu 

W! 

924 

ns 

924 

16*0 

1570 

1590 

1460 

S04 

477 

4B6 

4/4 

1/10 

16K1 

1*90 

1710 

290 

297 

297 

291 

1120 

1070 

1120 

1060 

aoo 

27*0 

2740 

2650 

2530 

2480 

2510 

2550 

8090 

7910 

8040 

moo 

2050 

2000 

2040 

2050 

1070 

1000 

IfeO 

W& 

1750 

1190 

1230 

1170 

2700 

7)50 

7160 

2180 

41« 

4030 

4110 

4190 

m 

307 

307 

3)5 


566 

588 

567 

1780 

1240 

1760 

1200 

1440 

1420 

1470 

1410 

731 

725 

725 

732 

/40 

m 

725 

14 7 

2810 

2700 


3660 

B60 

815 

m 

KB 

3370 

3220 

3300 

3140 

2540 

2500 

25D0 

2500 


Neweridgn Net 
NcrandaUK 
Haraen Energy 
NThero Telecom 
Now 
Onex 

PBnataPeCm 

PetreCda 

Placer Dame 

PocoPetlm 

PotehSask 

Renefcsonce 

RtaAlgam 

Rogers Comet B 

SeogranCo 

StaaCdeA 

Stone CansaU 

Stmeor 

Tatsman Eny 
TeckB 
Tetegtota 
Tetas 
Thomson 
TocOan Bank 
Transana 
TransCdn Pipe 

Trimark FW 

Trizec Hatm 


46 05 

33 32J5 
30X0 29X5 
103 101 

12.90 12>4 

24V 241; 

57 JO 56JW 
20X0 2*15 
30 JO 39>. 
13'i 13X5 


45 4iio 
33 32.70 
30*. 3*15 
TOT 101 1 . 
1Z80 13XS 
24' : 24i. 

57 JO 57.80 

2oxe :uco 

30.05 79>a 

13.20 1305 


108X0 107 107.85 107J5 

43 42.10 42.90 42,45 
33.15 33 33 33.70 

2SJ0 2*40 25.J0 2*20 
5*30 54 J . 55 55 

57X5 57'? 57.70 57.95 

23.10 22X5 23.05 23.15 
5905 58J5 5*60 59X5 


45’4 a90 

33.15 33 

4*45 40*. 

21.15 20.95 
JBJS 2*10 

38', 37.90 
17', 17 

2*60 2540 

44.15 O's 

31.15 3070 


44X0 4*15 
3115 33 

40' A 40'-. 

21 31.15 
28X5 38.45 
38X5 38.15 
17X0 17.05 
25'; 2140 
43 44X5 
31.15 30.40 


TVXCakt 
VtestcDosi Err? 

Weflan 

12X0 

25X0 

7*'« 

11.70 

34.95 

75 

12.10 
a id 
76 

1135 

24.95 

76 

Vienna 


ATX lodes: 1289X3 



Pimm: 1213.10 

BBAG 

708 

69230 

706 

704 

Boehlei-UdOeh 

84* 

826 827.90 84*90 


67* 

666 

675 

669 

OnUnutaPtd 

<3* 

■CT 

423 42150 

EA-Generoi 

34)0 

33*5 

3400 

3405 

EVN 

174*90 

1726 

1741 

1745 

Fluphufwi Wien 

575 

56/ 

57330 56950 

Movr-Mebihol 

598 

580 

592 

596 

OtM 

139*70 

13/5 

1383 

1395 

OeslEWlrft 

86*60 

857 

8*1 

6*5 

Roars- Hern 

4)5 

411J0 41*10 41190 

VA5toM 

490 

4» 47*10 47235 

V* Tecta 

1774 

1755 

1755 

176* 

Wlenerbera Bou 

2147 

2125 

JUS 

1150 

WoHord 

1425 

1410 

1412 

1415 


Wellington nziejiukinix 

9 Previous 232SJ5 


Toronto 

AHM Price 
ABerto Energy 
Alcoa Atom 
AndereenExpl 
BkMontaeol 
Bk Nava Scoria 
BanUGou 
BCE 

BC Telecomm 

BJodtempnarei 

BarebcntarB 

BresatnA 

Bre-rMinerab 

Cameco 

OBC 

CdnwHRog 

CdnNaiRes 

CdnOcadPet 

CdnPacBlc 

Comlnca 

Masco 

Daretor 

DenahueA 

DuPoraCdaA 

£ riper Groap 
EureNeyMna 
FaMOKHnl 
Falcon bridge 
Fletcher Chad A 
Franco Rente 
GuUCda Res 
imperial OH 
Inca 

!2» 
Laewen Group 
MaanXBMl 
Magna hm A 
Meaioan 
Moore 


WE latestteic 422*84 
PreriaasHHX? 


2115 

39^1 

4910 

16X5 

48X5 

51.40 

37U 

70.10 

31.15 


22.95 23 

29X0 29 JO 
USS JP* 
1*95 16*» 

47.79 47.95 
51 51.15 

36X0 27X5 

<9X0 70X5 
301* 31.10 


23 

291. 

4W5 

16 

4*45 

Sl'i 

36X0 

*9.90 

30XS 


Air N Zeald B 

190 

3X8 

190 

192 

Briefly Invl 

U* 

1X4 

1X5 

1J* 

farter Hea aid 

UO 

178 

130 

3X9 — 

Rrrtcta Di Btdg 

*53 

*50 

*53 

*52 

Retell Cn Eny 

*00 

197 

400 


FieWiChFprai 

2X0 

11/ 

2X0 

118 

F letch Ch Paper 

2.94 

190 

7.93 

2.92 

Uan Nathan 

339 

156 

158 

339 _ 

Telecom N2 

0X0 

635 

fUt 

6X5 

wnson Horton 

n.io 

11.10 

11.10 

11X0 





- 


80*1 

2*80 

31.90 

77 JO 
26J0 
31 60 

77 JO 
26J5 
31X0 

BO 1 : 

2&J0 

31X5 

Zurich 


SP1 Mb; 2071X4 
Preitamu 287*19 

72X0 


2135 

22.70 

ABBB 

1816 

179ft 

1811 

1611 

51't 

SQJ5 

50J. 

51.10 

AdeccoB 

AVI 

45130 

455 

45*30 

65’j 

6*45 

bV* 

6*90 

AlusubseR 

1205 

1186 

1203 

1TO 

52 

5135 

Al*i 

51.90 

Aies-SemtoB 

1495 

1450 

1475 

1505 

3240 

31 JO 

32X0 

31X0 

AielR 

870 

857 

870 

8*5 

24 

7335 

7.1X0 

2165 

BoMsr HdgR 

2895 

2875 

2990 

2885 — 

1565 

IS. HI 

th *5 

35X0 

BKVbtai 

6<6 

HJ4 

84S 

843 

3910 

61*0 

39.10 

39 

OorianiR 

771 

7)2 

714 

71B 

l4M 

24X 

24>, 

2*3 0 

Crd5(*seGpR 

155 

1.W 

15*50 

15475 

12.20 

12,10 

12X0 

12X0 

Eiektmwnti B 

M 

S38 

539 

539 

264* 

7614 

26'1 

76.40 

Eras-Chemie 

5BW 

5660 

5775 

S77S — 

32 BO 

17'- 

32X0 

32X0 

ESECHil? 

4900 

4810 

4896 

4840 

23ly 

2330 

7115 

7165 

HrtderaankB 

1107 

1095 

1099 

life 

O'y 

41', 

*1 

40>« 

NwiteR 

1673 

1608 

1616 

16*6 

793'* 

287 

292.90 

285 

NurartbR 

1798 

1775 

1792 

1791 

37 20 

31X0 

3210 

32 

PotgesoMWB 

isra 

1505 

IttO 

1500 — 

23X0 

2170 

2*15 

22 JS 

PhotmVtnB 

/5? 

742 

752 

747 

6560 

*7 

*560 

62 

RichenontA 

7189 

7085 

TOM 

7100 

10.70 

10-15 

1060 

IDjO 

Roche Hde PC 

12/60 

1*660 

1273S 

12800 

ft? an 

60X0 

62.35 

60 JO 

SBC R 

27130 

27*50 

277 

278 

4*90 

4*40 

48.90 

48X5 

SGSB 

33*0 

3300 

3340 

3340 

41X5 

4&K) 

40.95 

41.10 

5MHB 

WJ 

WB 

935 

950 

11170 

IB': 

1035 

1*45 

SuberR 

9S9 

951 

952 

964 

49U 

47i, 

48 

49X5 

jwteSrtnsR 

1574 

1499 

1520 

1504 

19.40 

HAS 

19.40 

1835 

5vrtna*R 

1300 

1286 

1294 

urn 

/V1D 

71 

71 fe 

72 

UBS B 

IW 

ITU 

1296 

1296 

1170 

13'y 

1165 

1335 

WTirterfhur R 

WT 

Ml 

690 

895 

30 

29X0 

29.95 

29 JD 

Zurich Asbui R 

429 JO 

<26 

42630 

<7850 , 




we iv ^ 





















































PAGE 13 


INTERNATIONAL HERALD TRIBUNE, SATURDA1-SUKDAX, FEBRUARY 22-23, 1997 


ASIA7PAC3FIC 


Stocks Sink 
In Seoul on 
Bond Rates 

Huge Corporate Debt 
Follows Loan Dearth 

Bloomberg News 

~ South Korean stocks 
sank Friday, led by Samsung Elec- 
tronics Co., as corporate borrowing 
rates surged in the contin uin g wake 
of the bankruptcy of Hanbo Steel & 
General Construction Co. 

The yield on the benchmark three- 
year corporate bond jumped 015 
percentage point, to 1 2.47 percent, on 
news** companies had applied to 
sell three-year corporate bonds worth 
a total of 3.98 trillion won ($4.63 
bmioni in March, a monthly record. 
The issues followed a cutback in 
hank lending sparked by the collapse 
of the^ principal company of South 
Korea’s 1 4th -largest conglomerate. 

“People are likely to switch to 
other markets, such as the bond mar- 
ket, which have more to offer,” said 
Back Sung Wook of Citizens In- 
vestment Trust Co. 

Analysts said customer deposits at 
brokerages, which provide funds for 
the market, would probably fall from 
the recent high of 3 trillion won. 

Samsung Co., Ssangyong Oil Re- 
fining Co. and Hyundai Electronics 
Industrial Co. led applications for 
bonds. 

“The record application reflects 
the fact companies are encountering 
difficulties securing bank loans," 
said Hong Seung Do, a Finance 
Ministry official. 

The benchmark Korea Composite 
Stock Price Index of 782 companies 
fell 24.41 points, or 3.43 percent, to 
686.72, its sharpest drop in a month. 

Higher borrowing costs stunt 
profit growth and sap consumer and 
industrial demand. 

Samsung Electronics, the world's 
No. I maker of semiconductors, fell 
3.600 won to 53,000 after officials 
said the price of dynamic random 
access memory chips had risen 60 
percent, to $10 each, from a record 
low. The company had scaled back 
production to bolster prices. 

Banking shares tumbled for a 
second day after Moody's Investor 
Service Inc. cut credit ratings for 
several top banks, citing an “egre- 
gious lack of lending judgment/' 

Korea Fust Bank, the prime cred- 
itor of Hanbo Steel, fell 40 won to 
3,680. Korea Exchange Bank fell 
300 won to 6,500. 


U.S. and Japan on a Collision Course 


By Sonni Efron 

LosAageles Tenet Service 


TOKYO — A smoldering dispute over al- 
leged unfair treatment of foreign shipping 
companies in Japanese harbors threatens to 
provoke tough UJS. sanctions and could be- 
come^ an irritant during Secretary of 
State Madeleine Albright's first visit ro 
Tokyo, on Sunday. 

The US. Federal Maritime Commis- 
sion is threatening to impose penalties of 
up to $100,000 for each Japanese vessel 

railing at American ports in retaliation 

for what it calls discriminatory practices 
by the Japan Harbor Transportanon Association. 
Japanese officials hinted this week that stiff 

companies to slash 

ing for U.S. ports, or to unload their cargo in 
Canad a, bypassing the California pons of Long 
Beach, Los Angeles and Oakland, where most of 
Japan’s container ships now calL 

Though Japanese cargo accounts for close to 
half the goods entering West Coast pons, U.S. 
officials said any retaliation against such sanc- 


tions would be limited by Japan's heavy eco- 
nomic reliance on exports of goods to the 
United Stares. 

“This is a very serious problem, and de- 
pending on how it is handled it could have a 
significant effect on Japanese- U.S. relations,” 
a Japanese Foreign Ministry official said. 


Like many trade fights between the U.S. 
and Japan, the two countries cannot even 
agree on the nature of the port problem. 


Japanese officials have already protested the 
'“unilateral” and “unfair” complaint by the 
U.S. maritime agency. The United States is 
relying on the Federal Maritime Commission, 
which in November proposed sanctions against 
Japan and could rule on the matter at any time, 
now that a 60-day comment period has ended. 

The commission met Wednesday but 
delayed a decision on whether to impose the 
sanctions. American sources here suggested the 
matter was delayed so as not to complicate Mrs. 


Albright's visit Like many trade disputes be- 
tween the United Slates and Japan, the two 
countries cannot even agree on the nature of the 
port problem. 

While the Japanese conceded their ports are 
cumbersome and need streamlining, they say 
the system is still better than any other for 

ensuring smooth port operations and 

labor peace on the waterfront. 

Americans and Europeans see the 
Japanese system as a government- 
sanctioned cartel that micro-manages 
how shipping companies can run their 
operations, protects its Japanese mem- 
bers from foreign competition and 
forces its customers to absorb the highest costs 
in the world. According to the Japan Foreign 
Steamship Association, it costs a container ship 
$36,750 to coll at Yokohama, compared with 
$ 12,350 at Long Beach and only $5,463 to dock 
in Hong Kong. 

Three companies targeted by the maritime 
commission — Kawasaki Kisen Kaisha Ltd., 
Mitsui OSK Lines Ltd. and Nippon Yusen 
Kabushiki Kaisha — say sanctions would cost 
them up to $4 million a month. 


Investor’s Asia 


Hong Kong 
Hang Seng 

15DOO 

1«QQ 

1S0Q2- 


Sftigapora 

Strafis Times 


Tokyo 
Nikkei 225 



11EXH- 


ON DJF 


1996 


1997 


1996 


1997 


Ssangyong Seeks New Partner 

Korean Automaker Admits Problems With Mercedes 


GtmpHtd bjOur SasffFrm Dopotchts 

SEOUL — Ssangyong Group, one of South 
Korea's largest industrial conglomerates, said 
Friday h would seek a new foreign partner and 
take other “drastic” measures to revive its loss- 
making auto business. 

The move reflects a troubled relationship with 
Mercedes-Benz AG, a unit of Daimler-Benz AG, 
which owns 3 percent of Ssangyong Motors Co. 

The group recently farmed a special task force 

Ssangyon? l^tOTs/^said Pack Seung^SSu a 
group spokesman. 

The Ssangyong Group chairman, Kim Suk 
Joon. on Thursday rebuffed speculation that the 
Samsung Group, die country’s largest industrial 
group, would buy the debt-ridden auto unit Mr. 
Kim said Ssangyong Motors is not for sale. 

The jeep and truck manufacturer, which posted 
a loss of 126 billion won ($147 million) in 1995, 
will return to profit within two to three years, Mr. 
Kim said. The company recorded a 90 billion 
won loss in the first six months of last year. 

Ssangyong Motors, the country's fourth- 
largest automaker, has more than 3 trillion won of 
debt because of slow sales and huge investment 
in expansion in recent years. 

The spokesman said Ssangyong was looking 
for a new foreign partner that can “help nor- 
malize the automaker's management.” admit- 
ting his company’s, relations with Mercedes- 
Benz are “not smooth.” 

Ssangyopg’s relations with Mercedes will not 
have to be severed after it finds a new partner, the 


spokesman said. The German automaker, which 
owns 3. 62 percent of the South Korean carmaker, 
also has a technology cooperation agreement 
with Ssangyong for the manufacture of the 
Korean company' sjeeps. 

The Ssangyong Group has 22 member compa- 
nies whose total annual sales amount to $34 
billion. It has business interests in cement, oil 
refining, heavy machinery, finance and trading. 

Recently, Ssangyong Oil Refining Co. raised its 
stake in Ssangyong Motor by 8 percentage points 
to 3333 percent to ward off takeover attempts. 

“We will do all we can to turn a profit by the 
year 2000,” said Cho Min Kyung, a Ssangyong 
Motors spokesman. “Development of new mod- 
els will be an essential part of our pursuits.'' 

To help the company return to profit, union 
workers declared in January that they would ac- 
cept a wage freeze and give up all negotiation on 
working conditions until the firm turns a profit 

Part of Ssangyong 's strategy will be to dif- 
ferentiate itself through quality and not compete 
on a mass-production basis. 

The strategy worked four years ago when 
Ssangyong rolled out its Musso utility vehicles 
equipped with engines developed by Mercedes. 

The model was well received by local drivers, 
whose access to foreign cars is limited by high 
taxes. In July 1995. Ssangyong rolled out Istana 
vans, also built with Mercedes technology. 

Ssangyong said it would also seek technical 
help from the German company to develop an 
export model aimed for marketing in Asia. 

{Bloomberg, Reuters) 


Nintendo to Cut 
Prices of Games 


day it 
of its 


Bloomberg News 

TOKYO — Nintendo Ltd. said Friday 
would reduce the retail price in Japan 
most advanced game machine, the Nin- 
tendo64, by a third and trim the price of new 
games by more than 10 percent. 

The company also raised its forecast for 
pretax profit to 100 billion yen ($805 mil- 
lion; for the year ending March 3 1 . from 85 
billion yen previously, if the dollar stays at 
around 123 yen. 

The company will lower the retail price on 
the N intend o64 home video-game machines 
in Japan to 16,800 yen from 25,000 yen 
beginning March 14. 

Nintendo has sold nearly 4 million Nin- 
tendo 64 game machines worldwide, 1.85 
million in Japan and 2.14 million in the 
United States. 7be machine went on sale 
June 23 in Japan and Sept. 29 in the United 
States. 

Nintendo is battling Sony Coip., which 
makes the PlayStation, and Sega Enterprises 
to stay on top of Japan's increasingly com- 
petitive game market. 

For Nintendo, the move is expected to 
lead to higher profit in the next few years, 
said Reinier Dobbleman, an analyst at SBC 
Warburg Japan Ltd. 

“Even if they make less on hardware 
sales, they’ll easily make up for it on higher 
software volumes,” he said. “It’s the soft- 
ware where they make the money." 


Exchange 

index 

Frklay 

Prew. 



Close 

Ctosa Charge 

Hong Kong 

Hang Seng 

13,44443$ 13(411-33 +0^5 1 

Singapore 

Strafis Tiroes 

2*41.28 

2351,88 

-0.48 

Sydney 

AHOrtSnarias 

2,47£L30 

2.47630 

-004 

Tokyo 

Nikkei 225 

19,03434 19,051.71 

-0.09 

Kuala UimpwCompostte 

1,28236 

136622 

-027 

Bangkok 

SET 

Closed 

747.70. 

«r 

Seoul 

Composite Index 

686,72 

711.13 

-3,43 

Taipei 

Stock Market index 7,791.19 

7,67834 

+1.47 

HsnOa 

PSE 

3,301.98 

3310.43 

-028 

Jakarta 

Composite Index 

69630 

698.87 

-031 

Woffington 

NZSE-40 

230133 

2.325.85 

-1.05 

Bombay 

Sensitive index 

3,43949 

3,494.40 

-137 

Source: Telehurs 


lotmudHKul HcfaJJ Tribune 

Very briefly: 


• Watson's, the retail chain owned by Hutchison Whampoa 
Ltd. of Hong Kong, plans to open more than 30 stores in 
Taiwan this year. It already has 130 stores there. 

• Toshiba Corp. has developed a miniature inspection robot 
that can identify and collect foreign objects within piping as 
narrow as one inch (25 millimeters). 

• Shown Shell Sekiyu KK said poor retail prices for oil 
products and strong crude prices lowered 1996 profit by 36 
percent from a year ago to 12.18 billion yen ($98.1 million). 

• George Town Holdings Bhd„ based in Malaysia, said it 
had agreed to acquire Swiss bonk group Basque Financier 
De La Cite and BFC Bonk (Cayman) Ltd. 

• Fidel Ramos, president of the Philippines, approved con- 
tracts to run the country's waterworks system ro two private 
groups: a consortium of Bechtel Enterprises Inc. of the 
United States, United Utilities PLC of Britain and Ayala 
Corp. of the Philippines, and a consortium of Lyonnaise des 
Eaux of France and Benpres Holdings Corp. 

• PT Astra International said its newly appointed president 

commissioner, Mohammed (Bob) Hasan, has persuaded 
Toyota Motor Corp. to raise ihe local content of its In- 
donesian-made Cars. AFP. Bloomberg. Reuters 


IMF Tells Hanoi to Expand Reform 

Agence Francc-Pressc 

HANOI — Vietnam must broaden financial reforms and 
provide sound economic management to safeguard its ex- 
ternal sustainability, the International Monetary Fund said in a 
report obtained here Friday. 

* ‘ Despite many achievements in economic reform.' * it said, 
“important elements of a well-functioning market system 
remain t be established.” Among weaknesses cited were 
excessive state intervention in the private sector, a profusion 
of rules, an inadequate legal framework, insufficient domestic 
savings and an underdeveloped financial system. 


Asia Poses YUAN: Tou^hCfwicesfor Deng’s Successors 

Risk for Banks 
In Singapore 


Continued from Page 9 


Bloomberg News 

SINGAPORE — Moody's In- 
’esrors Service Inc. said Friday that 
Singapore's banks could run the risk 
>f having their credit ratings down- 
traded if there was a sharp slow- 
lown in economic growth in Asia. 

“It would have to be quite a 
lowntum, but it could happen,” 
aid Lynn Exton, a vice president of 
tfoody's Asia Pacific. 

“For the immediate doth of 12 
nonths, there’s no risk,” she said. 
‘If the cycle turns in Indonesia, 
Malaysia. Vietnam. China and the 
’hilippines, the Singapore banks 
:oula be hurt." 

Ms. Exton did not explain how 
ignificant the economic slowdown 
vould have to be to trigger a down- 
grade. 

Singapore's largest banks, includ- 
ng the Development Bank of Singa- 
ore Ltd., Oversea-Chinese Bank- 
tig Corp., Overseas Union Bank 
4 d. and United Overseas Bank Ltd., 
iave expanded to lift profit outside 
if the small Singapore market. 


economic challenges. Mr. Jiang and Mr. Li 
probably understand the technical issues 
about the economy better than did Mr. 
Deng, and they are acutely aware that a 
vibrant, flourishing and progressing econ- 
omy is the core of their legitimacy. 

But they may not have a strong enough 
political will, the discipline, or the man- 
date to cany out unpopular measures. 
Moreover, if the Chinese leadership is. 
divided, neither Mr. Jiang nor Mr. Li may 
have ihe ability to break the impasse. 

There is a cast of characters surrounding 
Mr. Jiang and Mr. Li in the collective 
leadership, and one or another of them may 
be potentially daring and shrewd enough to 
emerge as a kingmaker. 

One leader who sometimes has demon- 
strated a Bair for the bold is Thu Rongji, a 
deputy prime minister who is often con- 
sidered China's new economic czar. 

He helped steer China's overheated 
economy to a soft landing in recent years, 
curbing inflation without choking 
growth. 

Indeed, with Mr. Deng gone, some 
economists like Mr. Lardy say there may 
be possibilities for faster or more sub- 
stantial progress to be made if well-in- 
formed, better-trained technocrats are al- 
lowed to proceed with restructuring. 

China's economic successes have been 


phenomenal. But along with this wealth 
has come signs of the evils of 19th- century 
industrial capitalism in the WesL Fly-by- 
night companies in China often produce 
dangerous products, families send their 
children to sweatshops instead of schools, 
inequalities are expanding, and the get- 
rich-quick mentality creates its own ex- 
cesses. 

When in the late 1980s, word got out 
that AIDS bad created a huge demand for 
disposable robber gloves in de West, 
scores of tiny Chinese factories rushed to 
manufacture gloves for export The result 
was that China's production of rubber 
gloves exceeded the worldwide demand 
and prices plunged and factories went 


Mr. Deng was perhaps not courageous 
enough to confront the most troublesome 
remnant of communism: the inefficient 
state sector and the circle of financial and 
systemic problems surrounding it 
“I diztk there were some things that it 
was harder to raise and debate openly 
while he was still alive,” said Robert 
Knapp, president of the U.S. -China Busi- 
ness Council. 

China's state sector used to be the core 
of its economy, but now it is draining the 
economy dry, Mr. Knapp added Loans to 
inefficient state-owned enterprises have 
doubled as a percentage of gross national 
product, according to Mr. Lardy. 



CURRENCY AND CAPITAL MARKET SERVICES 


Cali today for your complimentary copy of my latest research reports, 
market opinions and performance records. Learn how you can put 
my 1 9 years of professional trading experience to work directly for you. 


mm 

FCM 


OUTSTANDING Analysis for All MaJorMarkets 
EXCEPTIONAL Execution Forex orFutures 
COMMISSION Spot FX 2~S Pip Price Spreads 


SUPERIOR Selection of Managed Accounts 
FREE Trading Software A Data 

COMMISSION Futures $12*36 Per Rrt 


Prepare for Tomorrow's Major Market Moves by Cailin 


Peter G.Catranis 
Fore* S Futures Specialist 


.Australia 1 80012594** Belgium 08001 5880 Bermuda 180087841 78 Brrniil 0008119215513 
frarucMOSOtN Denmark 800*6132 lui/«nrfOBOO1110O64 Fnau-r0800902246 

CrrmanrOI 308296GG - Hong X eng 8007209 /rrfonif 1 BOOS58294 Israel 1771 0001 02 

Japan 00 31 1 26609 Korea 0038110243 l uxrmiaarg 08004552 Me.xict>95&0Q8?84\7B 

V 4„r>//w 18009945757 .V.ZMi«irfOM»44iaK> /*«**«*«/ &501 12632 Singapore 8001202501 
Spain 90093 1007 Sweden 020793158 SKtrarioin/ 080089^3 Tl«J^anaotni9230«*« lurirr OQMOttttnMU 

ItZirdKinedom 090 DS66632 I Stair* 1 B009B45757 US-Tull Ioice+71 4-376-8030 -»714-376jP25 


Colombia 990120837 
tirrree 00800119213013 
/m/1'167875928 
Netherlands 060220657 
.V. t/rica 0800098337 



itemational Foreign Exchange Corporation 
YOUR GOAL IS OUR GOAL 

Margin 3- 5% -24 hour trading desk 
dlARKET UPDATES ON NBC TBOTAGES3K & 356 . 

and INTERNET:VVWW.IFEXCO.CH 

Sail for information package & free daily newsletter 


BEVERLY HILLS 

Investment Manager Stual Chauss^e offers U.S. and non-US. efients 
wrfw tbess gwestmante can oupwform (he mtwwtty of mutual funds. 



review, ora mftitttofiEi9K» w Atria. 498 Nofft Camdon K, Booty 
HttS. CaSfomta KeiOT&l 310285.1759: Fax 1 310373^265. 7 


24 HOUR FOREIGN EXCHANGE 


f* : • •• 

. - MS; - 1 



INVESTMENT 


• Keen spreads; no commission 

• Minimum tromadion 5100,000 HB 

• Gompeiit w e margin rates nffi 

!G Index pic; IWvwidt Row, London SW1E 5BI Great Britain "“BSP* 


JNBKZ 

Inatumauai 


Tel: -4*1-171-696-0022 Fax: -44-1 7 1 -896-001 0 


jFor further sielAJlS on bow toptoceyoncr UstiKg contact Christopher SETH in iMudon 
TeL- (44) *71 S36 48 02 -Fax: (44} 171 240 2254 


THIHWtMmlttWHWa 


■*») 

fe 


m 






W?: 

m 


ftbnmrf 

iw 


\\i\ 


voknc 6> NUMbcri 

A B-MMH* PuMcAkXI 


International Fund Investment 



*ULlWSHrt'nrlwtffrMar> 

• Lcttr frwlxn.tatrin *101(1% hr Ms • 
■M a PNgfM tt * tmi VMaiir«iwgwwy« 


International Fund investment is the one 
and only publication devoted to providing 
unbiased coverage of the global fund 
marketplace. 

Launched in 1992. iFl has proven to be 
a valuable resource for professional investors 
in Europe and Asia. It is now also available 
in the USA. 


In the Januaiy-February Issue: 



ofsondals has'. 





For your FREE trial copy of 
International Fund Investment, please fax 
Gerry Louise Robinson in London 
at (44-1711 240 2254. 

To order your subscription right away, 
fill in the coupon and either mail 
or fax it to the address below. 


IfrnUi^Sribunc 


■ the world's Dunar newswper < 


I.F.I. is a bi-monthly magazine published by the itemational Herald Tribune. 
Return your order to: International Find Investment, Gerry Louise Robinson, 
63 Long Acre, London WC2E 9 JH, England. Or fax to: [44 171) 240 2254. 


22-2-97 


CD Please send me the next 6 bi-monthly issues of I.F.l. for 
USS140. 


Name. 


Company, 

Address.. 


| | For business orders, please 

1 — 1 incScate your VAT number ..... 

(HT VAT number FR 74732021126 ) 

Payment is by check or credit card. ED Check enclosed 
Please make check payable to: "International Herald Tribune.” 

Please charge by credit card ED Amex CD Visa ED Access 
No. 


City/Code. 


Expdate- 


. Signature - 


PLEASE TICK ONE BOX WHICH INDICATES YOUR PRIMARY BUSITCSS FUNCTION: 

□ Institutional I | financial intermediary/ { ] Fund management | I Custodian/ | | Other please 

Investor l— J broker 1 — ’ Grot® *— 1 trustee 1 — ’ 


state. 



PACE 2 
PAGE 18 

PAGE 14 


B^TEI^ATIONAL HERALD TRIBUNES SATUIU)AY -SUN&AY, — 

.INTERNATIONAL HFB A I-D TRIBI INF_F*Rir» AYL JFERRI IAHV9 1 _1QQ2. . — - 

INTERNATIONAL HERAT, O TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 22-23, 1997 


NASDA 


Friday’s 4 PM. 

The 1.000 mosMroded Nnfionol Modal seewffies 
ifl terns of (War value, updated ftriee a ywr. 
P>gA$$oaaax{prQ3s. 


Ov via PE l&H.jn lx* uaro Clige 


I* YU PE 1001 Mgf UH OiDt 


_ 31 




































































































Iferalfc^SriW 


pss?* 



S-55 


P#^ 

3S*f 


SATURDAY- SUNDAY. 
FEBRUARY 22-23, 1997 
PAGE 





■ ■ m\ k 





A Home Left Is Not a House Lost 

Options for Expatriates Who Hang On to Their Residences 


By Judith Rehak 


Ti 


pay 

sou* 


HE INS AND outs of finding 
a new residence in an unfa- 
miliar country and culture are 
understandably one of tbe 
most important concerns of expatriate 
life, but dealing with the borne that is 
left behind can be just as crucial — 
and, if mishandled, aggravating and 
costly. 

Although some expatriates sell their 
homes when they are posted abroad, 
far more hang on to them. Often, their 
homes are their most valu- 
able assets and a way of 
keeping a foothold in the lo- 
cal real estate market, espe- 
cially if prices are soaring. 

But what happens to those 
homes in their absence usu- 
ally depends on their compa- 
nies' policies, or lack there- 
of. 

American expatriates are arguably 
in the best position. 

“The majority of companies will 
_ a broker’s commission to rent the 
ouse and an ongoing management 
fee," said Eric Stem, a senior vice 
president with Windham Internation- 
al. a relocation firm based m New 
York. 

Windham’s services include re- 
viewing prospective tenants for fi- 
nancial suitability, inspecting prop- 
erty. collecting rent and paying bills. 
On the East Coast of the United 
States, such a service might cost 
about $3,500 a year, plus a commis- 
sion of one or two mouth's rent for 
finding a tenant. 

John Arcario, vice president of the 
global services division of Coldweli 
Banker, an international real estate 
concern, deals mostly with Fortune 
500 companies. He described the 
range of his firm’s programs as 
“Chevy to Cadillac,” starting with 
simply helping to find a tenant to full 
service, or ongoing management. 

“Companies are leaning more to 
full service than less," be said, noting 
that many have concluded that it saves 
money in the long run. “They want 
employees to be productive and not 
distracted by house problems in their 
old location." 

By contrast, at Douglas & Gordon, a 
London real estate agent that manages 
properties for British expatriates, the 
client is usually the home owner and is 
often footing the bill for finding a 
renter and property manag ement . 
Douglas & Gordon charges 5 percent 
of the rent to manage a property, but 
some London firms ask as much as 7 
percent. 



"We offerpeace-of-mind service," 
said Angus Fanshawe, who oversees 
rental-property management. “We 
have close relations with plumbers, 
electricians and washing machine 
repairmen, and we get competitive pri- 
cing, which, if you’re living in Singa- 
pore. you can’t do." 

Though some balk at the cost of 
professional management and extras 
like loss-of-rent insurance, such 
policies prove their value most when 
disaster strikes. 

Mr. Fanshawe recently dealt with a 
situation in a London suburb where a 
French family was renting a 
house owned by a British 
expatriate living in New 
York. Tbe tenants returned 
from a Christmas vacation to 
find the bouse flooded from a 
leak in the attic. Mr. Fan- 
shawe marshaled workers 
and insurance adjusters and 
managed to keep the tenant 
in the house during the work, avoiding 
substantial hotel bills. 

A troublesome situation for expat- 
riates can arise, he said, when they try 
to save money by finding a tenant 
themselves and then recruit a friend or 
relative to be do-it-yourself land- 
lords. 

"Then they can’t cope when they 
start getting late-night phone calls say- 
ing the heat isn’t working, and tenants 
threaten not to pay,” Mr. Fanshawe 
said. “That’s when we get called 
in." 

Japanese expatriates are less likely 
to encounter such problems. Japanese 
companies typically offer to pay what 
is called company rent for an 
employee’s home and then 
look after it in their absence. 

This option is taken by about 
80 penxnt of expatriates, ac- 
cording to Toshio Nirei, 
president of Yokogawa 
ORC, a Tokyo relocation 
firm. 

The rent is below the mar- 
ket rate. but. the plan has a distinct 
advantage: the house remains vacant, 
avoiding hassles with renters, and em- 
ployees can move back in as soon as 
they return. 

B UT IF COLLECTING a fatter 
rent check is the prime objec- 
tive, a Japanese expatriate will 
probably go to an agent to find a tenant 
who will pay a market rent, Mr. Nirei 
said. The downside of this method is 
that the ownermay not be able to move 
back into the house immediately if 
there is an unexpected transfer back to 
Japan. 

“The tenant is protected," Mr. 



Nirei said, adding that in “worst- 
case" situations, tbe employee’s com- 
pany would help to rent another res- 
idence for tire owner until things were 
sorted out. 

Renting out their home-country res- 
idence as quickly as possible, at the 
maximum rent, is an objective of most 
expatriates. But success also depends 
on their attitude, say real estate 
brokers, who grumble about penny- 
pinching owners who refuse to spend 
money on a fresh coat of paint, a 
universal impetus for a speedy rental. 
In Britain, a reluctance to install mod- 
ern appliances is a another deterrent 

“If you don’t have a decent stand- 
up shower, you’d better put in one or 
two. and also every known dryer, mi- 
crowave and freezer," said Elizabeth 
van AmmeL, an associate director at 
Douglas & Gordon. 

David Deane of Karen Deane Re- 
locations, who helps arriving expat- 
riates settle in London, agreed. 

“We’ve had protracted negoti- 
ations over putting in a separate laun- 
dry dryer, be said. “It just delays 
rental income and then tire landlord 
has to buy it anyway." 

R EAL ESTATE AGENTS offer 
another bit of advice for re- 
turning expatriates: Be realistic 
about a certain amount of wear and 
tear on your home if it has been rented 
and do not assume that your company 
will pay for iL 

“It can be a little contentious when 
the employee moves bade, because it 
never looks the way they remember 
it," said Mr. Stern of Windham. 
“They’ll say, ‘Look what 
the tenant did,' and often 
call on the company to pay 
tfaebilL” 

To inject a note of real- 
ism, some companies have 
property managers take pho- 
tographs of a residence, in- 


side and out, on a regularly 
scheduled basis. 

With more companies globalizing 
their operations, relocation specialists 
report that their expatriate business is 
growing and evolving. 

Mr. Nirei said that more Japanese 
now move to other Asian countries 
than to New York and London. To get 
closer to the booming intra-Asia busi- 
ness, Coldweli Banker will open an 
office in Hong Kong next month. 

there is another trend, too, that will 
surely have company managers sitting 
down to figure ont new policies; Mul- 
tinationals one moving not only their 
own citizens around the globe, but 
nationals of countries in which they 
have affiliated operations. 


Where Clients Go, Banks Follow 

A New Location Doesn’t Mean Breaking Old Ties 


By Aline Sullivan 


VER SINCE the Romans pop- 
ularized letters of credit, banks 


TJ 

■ ’have been willing to help their 

M Jt wealthy clients cope with the 
financial strains of moving abroad. Two 

millennia later, global H angin g is taking 
the process a step further. 

Paying Nils, withdrawing cash and 
securing a mortgage often can be ac- 
complished just as easily through your 
bank back home as via a bank m your 
adopted country. For many ex- 
patriates, tbe only reason to 
open a new account is to get 
local checks. Bankers and cli- 
ents may be more sophisticated 
today, but the comer shopkeep- 
er still is not likely to accept a 
check drawn on a bank halfway 
around the worid. 

Choosing the right bank is 
essential, of course. The bigger the 
bank, the more likely that it will be 
geared to expatriate needs. A small- 
town savings bank probably is not the 
vehicle to simultaneously pay a mort- 
gage in New York, tuiti on bills in Britain 
and newspaper delivery in the Middle 
East. But an increasing number of in- 
stitutions will do ail this and more. 

“We can make third-party payments 
anywhere in the world." said Peter 
Shirreffs, head of offshore banking for 
Royal Bank of Scotland International in 
Jersey. “Our premium-account clients 
can keep their money in any major cur- 
rency and use our 24-hour banking ser- 
vices to pay all their bills." 

About half of these clients live in 
Britain; the rest are based in Africa, Asia 
and the United States. A minimum de- 
posit of £2,000 ($3,220) or the equi- 
valent in another currency is required to 
open a premium account 

“There is no real need to break up 
your existing ties," said Diego Polenghi. 
bead of Latin American business for the 
Swiss bank Credit Suisse in New York. 
“We have facilities all around the world 
so clients can keep their accounts 
wherever they feel comfortable." 

To become a Credit Suisse client, 
however, one must already be com- 
fortable; The bank has a $500,000 entry 
threshold for its private-banking ser- 
vices outside Switzerland. 

Language is another reason for many 
expatriates to stick with their home bank 
or its subsidiary in their new country. 

"The main advantage for our clients 
here is that they can speak Japanese," 


A Pet Peeve 
May Mar That 
Move Abroad 


O NE ASPECT of moving to 
Britain, Ireland, Australia or 
New Zealand may not neces- 
sarily break the bank but 
could break the heart Quarantine reg- 
ulations in these countries will force the 
family pet into a government-approved 
kennel for one to six months and cost tbe 
owners thousands of dollars. 

This may be 
about to change in 
Britain, where quar- 
antine rules are in- 
creasingly under at- 
tack, notably by tbe 
Danish ambassador, 
who was appalled 
by the suffering of 
his dog in quarant- 
ine. and by the Hong Kong governor, Chris 
Patten, who is loathe to pot his canine to a 
kennel for six months upon his return to 
Britain this summer. 

Last month, a committee of animal- 
welfare and environmental organizations 
advised the U JC. government to consider 
relaxing the rules for animals entering 
tbe country from other European Union 
and rabies-free countries. But the British 
Veterinary Association still has doubts. 

Other rabies-free countries have no 
plans to change their quarantine laws. 

— ALINE SULLIVAN 




said Hong Chang, a private banker ail 
Bank of Tokyo Mitsubishi in New York. 
“We run their dollar accounts and ar- 
range transfers to and from Japan." 

“But if they need credit.*’ he added. 
‘ ’we would usually suggest that they go 
to a local savings bank, where the in- 
terest rate will be lower." 

Of course, new accounts can afford 
access to local investments. 

“We can provide different services in 
our subsidiaries, such as investing in 
U.S. mutual funds from our New York 
offices." said a Credit Suisse spokes- 
man. “We couldn’t do that in 
Switzerland." 

Another reason to open a 
new investment account 
would be if further contribu- 
tions to existing ones are pro- 
hibited by the laws of the new 
country. For example, an 
American resident in Britain 
who regularly makes pay- 
ments into an offshore investment trust 
would not be able to continue this prac- 
tice upon returning home. Such an in- 
vestor could, however, freeze the in- 
vestment 

Differences in national taxation laws 
mean that opening up a new retirement 
account could also make good sense for 
an expatriate planning a long-term stay, 
if only to takp advantage of local tax 
deductions. 

But credit and long-term investments 


are generally issues for expatriates plan- 
ning lengthy and permanent slays, 
rather than those on temporary assign- 
ments. Most expatriates will need link 
more than a checkbook, and many may 
choose to forgo even that. 

Susan Weeks, vice president of pub- 
lic affairs at Citibank in New York, 
suggested that most expatriates’ day-to- 
day banking needs would be determined 
by where his or her paycheck is de- 
posited. 

“If you are paid in local currency, 
then you are beueroff with a bunk in thin 
country’.’' she said. “But if you are paid 
into a bank back home, than there is 
little need for a new account because 
most local bills can be settled with a 
debit card." 

Citibank administers a “personal 
banking for overseas employees" ser- 
vice designed to lake care of 0 .S.-hased 
clients' needs at home while they arc 
working abroad. These accounts 
provide a debit card, on-line access to 
account information, a toll-free number 
accessible from anywhere in the world 
and a bill-payment service. 

Checking fees are waived for clients 
with more than $2,000 on deposit. 

“It all depends on your time horizon." 
said Mr. Polenghi of Credit Suisse. “If 
you plan to be abroad for years* you may 
want to establish a banking relationship 
in your new country. But if the slay is a 
temporary one, why bother?" 


Starting a New (Credit) Life 

M 


OVING ABROAD can 
take years off your life — 
at least off your credit life. 
.People moving to a new 
country are often shocked to discover 
that years of paying bills on time back 
home count for nothing abroad. 

Lenders in many coun- 
tries are surprisingly reluc- 
tant to delve into foreign 
credit histories, although 
international credit 
searches are possible. If 
nothing shows up, the ap- 
plicant is allowed only a 
secured credit card or one 
with a small limit, and car leases and 
mortgages are virtually unobtain- 
able. 

Few expatriates realize that they are 
in this predicament. Most continue to 
do the bulk of their transactions 



through their bank at home and open 
only a checking account abroad. 

But for the self-employed or those 
establishing their company's first lo- 
cal subsidiary, credit can be a real 
issue. The difficulties can be alle- 
viated by opening an account at the 
local subsidiary of your 
home bank or by making 
substantial secured depos- 
its. A personal relationship 
with your banker, however 
superfirical. also is key. 
Even previously rejected 
credit applications will re- 
ceive a stamp of approval if 
endorsed by die banker. 

Good credit, like bad, can be ac- 
quired swiftly. Once that first elusive 
credit card is procured, offers of oth- 
ers will swiftly follow. 

— AUNE SULLIVAN 



Hull 


A worker feeding a toucan at Heathrow Airport quarantine near London. 


6 Bank Accounts, 3 Currencies, 2 Tax Bills, 1 Headache? A High-Tech Cure 

... | *— - - ? ntiT ifnnMminni ^AfAnwifia uihwili faah HBC n poA mol/a /-irt-tvirlrc in np r t ain 3TMS * ' tfe IntMTial RftVfflllft Olliclr TflJ 3TIV rnmnplinp nrOPTHm. It alsO nffl 


By Barbara Wall 

K eeping track of the 

household finances can be ex- 
asperating at the best of times. 
With a move abroad, 
however, the task can assume night- 
marish proportions, as Sarah Rodgers 
discovered when she moved to Pans for 

her husband's job. 

‘ 'During the first year, the household 
budge ’ " t, .. 

age, ’ 

so we hud to get — 

salary. To compound matters, our daily 
living expenses increased sbaroW. Al- 
though we sold oar house in the U.S. and 
no longer had a mortgage to pay. we 
ended up spending more on food, util- 
ities. rent, travel and entertainment 

u “The new tax regime also presented a 

few problems,” she added. "We were 
accustomed ro paying income tax once a 



year. In France, income tax is paid every 
trimester and it is generally higher than 
at home. Although the difference is re- 
imbursed by my husband’s employer, 
we still have to make sure that there is 
enough money in the kitty to pay the 
charges up-front.” 

If it had not been for Quicken, a 
computer software package by foe busi- 
ness software specialist Intuit, Ms. 
Rodgess believes that she would have 
given up Dying to balance the budget 
and -monitor the family investments 
months ago. 

Quicken was initially targeted at the 
U.S- market, but it is now available in 15 
countries, including Brazil, Britain, 
Germany, the Netherlands, Spain and 
Sou* Africa. It is tbe only major per- 
sonal-finance p ro gr a m with such an ex- 
tensive degree of international custom- 
ization. 

"We have taken the core Quicken 
product and looked at each country to. 


determine which specific features need 
to be incorporated, ’’ said an Intuit 
spokeswoman. 

. “The focus is generally on tax and 
currency issues, though occasionally we 
wOl modify tbe user interface 
to reflect, the way a country 
tracks its finances." she ad- 
ded. 

With Quieten. Ms. Rodgers 
has sow adopted a routine of 
updating the family finances 
daily, with six bank accounts 
and 12 brokerage accounts to 
manage, ihe task can take up to an hour 
to complete. 

“Tbe effort involved is definitely 
worthwhile," she said. “I can tell at a 
glance what our assets and liabilities 
are. I also know where our money is 
going each month and exactly how 
much has been spent on specifics, such 
as groceries ana clothing. This infor- 
mation can be useful if you want to 



make cutbacks in certain areas.’ 

“Quicken will help you create a real- 
istic budget and advise you on how well 
you are doing each month," she added. 
She has no doubt that Quicken has 
unproved her family's finan- 
cial health. 

"I use Quicken to prepare 
ourU.S. income-tax returns," 
Ms. Rodgers said. “AD the 
information I need can be 
pulled from the Quicken files 
and entered onto the tax form 
in a fraction of the time that it 
used to take. Last year I dispensed with 
the services of a tax assessor and saved 
hundreds of dollars as a result" 

For about $50, you can purchase a 
separate tax program from Intuit that 
woiks with Quicken and files your taxes 
electronically. In tbe U.S. varion, Turbo 
Tax investigates your Quicken program, 
removes the relevant tax information, 
completes the tax form and serais it off to 


foe Internal Revenue Service. Quick Tax 
is tbe British equivalent of Turbo Tax. 

In tbe financial software market. 
Quicken’s main competitors are 
Money, by Microsoft, and Kiplinger’s 
Simply Money. All three programs cost 
less than $70 and have a similar range of 
functions, which include household 
budgeting and bill-paying, estate plan- 
ning and portfolio management 

Each package has its own special 
features. Microsoft’s Money is primar- 
ily devoted to budgeting and bill -pay- 
ing. It has an impressive lineup of bank 
and financial provider connections (58. 
compared with Quicken’s 38) and the 
budgeting functions are easy to use, with 
many shortcuts and explanations. 
Money does not have as many invest- 
ment functions as Quicken, bur users say 
that as a result it is less intimidating. 

If you like graphics, you will feel at 
home with Kiplinger's Simply Money, 
which reportedly has more graphs than 


any competing program. It also offers 
quality advice on a wide range of fi- 
nancial topics from foe editor’s of Kip- 
linger's Magazine. 

Quicken is the most popular program, 
with an estimated market share of 80 
percent. It is constantly undergoing im- 
provements, and PC Magazine recently 
voted Quicken Deluxe the best personal 
finance package in the United States. 

Quicken Deluxe, which costs $60. 
has a powerful armory of investment 
features. You can document investment 
accounts in multiple portfolios, look at 
current prices and evaluate the success 
of your stock selections. Quicken De- 
luxe's Investor Insight provides access 
to on-line investment news and re- 
search, while the Mutual Fund Finder 
updates mutual fund prices. 

The British version of Quicken has 
taken a lead over its rivals in the ex- 

Continued on Page 17 






PAGE 2 
PAGE 18 

PAGE 16 


CSTERKATXC^jBg«AIi> 


» — ■ ■ „• *$ ■ • ^ 

, SATUWJAySUNfc^^ M97 


1*J rEDIRJU. CAPITAL IHC 

• T* MHI 7» u« r*. WJJ 159 KQ 
■< mr ivrte rum S t.O 

•IK INVESTMENT a SERVICES CO (EXJ 
■. .m..un -MHde-FO aCSJ^i uuu n snas . 
•- Fwy • S II'O I 

’■ • 2C uom RrtBom I=a i IV.» 

■i fi'ccmvanaFtf * imj* 

AW AMJW 8AHK. PAhtUMUBM , 
> Ulun-iSio 5eciin*f4 1 111 -U 

•■ ■■«>'- eorw Puns R n iwj» 

,. : MKLurapv Fiami S «.T. 

» .innia R 36.. a 

AD» AMRO FwtaTd BJ4WN31W 

~ ’in- J u'AuatlJIBaLUlFlTSi^flBSW, 

. i -II. A — Cm C* 4 Ini -n* 


l alii Ampned Eq 

r.crtn Anx-fiai Eg HI 
>voi> -nm En « 

■ urtR- tun’ll Fd 
Jmrni ETON H 
OamOT Covflj M 
■jnai term Ea 


■ -jwioi &c« fa J <*<-• 

£*r«®*ftovdFd fcLDi 

-■ HjOiinjflinO > «>0A* 

*>’ Sffinon Be ml Fil B OK 

• ■.oajn Dana Fond 5S?*®Si9?‘ 

; iTftnEUiKEjFd DM 1BJ* 

■ i.VnaEwh*^ „ * .■fit' 

.OlCeWBifl U3UUV Fa SF UM-* 

ABSOLUTE PERFORMANCE Wtfltl MINIS 

- /imilnlrMMlKdUd S MJM 

- FijUCI I'AuKlI LIO * '■ W 

S2D WORLD FOUQ MUTEAl FUNDS 

• mi) I.TtUBP <■“ 

- 0» DB<VI<<VDIM DM I™ 

i • lion! in.jyw a ».» 

rlTl : Bon* J • J13J 

llnOS Bond'. S ij-S 

u O'ejolUdLIWd S 13 JJ 

jmUd Eq-iliK J 

• yi Ctnwia'NP EfluHIfi S 2*25 

-• J'j Ay.'VlvC Equncs Z 

iaWWonEoumn'. 5 [S3 

.■ .-jafii KOoiiVi S 

■ *f?lllOB PlkUVIiTS 5 DJI 

■ • >3 Crodl lo 1 W3D 

. 1 «W7 1‘eni. OfB S 1-.S 

Ate ASSET sum AOEMEHT Ut 

r Hi An? EditiwU 5 tfgn 

a- ufi^gEiirnVjnFd * N OT 

x -d&n*wtKl*eiBM * 

.1 .'.lUEmcra.V.UsMPd S l7U«fl 

-16 Eu .Y.OCtrJ a Al Em Vk S ,2-Ki? 

1. Etu l-Ufii 

AiGCm Sprite* n: * StS? 

.. ai& Eum* fdPle i 

n >i& •wsc'’ Fura * 

.1 i:r. tow in<m to Fd i ._»JT 

I. -.16 Loan AhicagB Fo Me S ITO.*ia 

.. W6 VJnamrnc\edFOPic S 1C 

.. ,\tG taifti Am Fd S .'rUUD 

- .-.si S^irrnfKl 4>3 3TB UJ 1 S IW.’il* 

iJPT Ean-OiMiiurFiM EiU I S^i 

■.n? • liMT. F.IIH14 V 1JO0771 
























































































































PAGE 17 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX; FEBRUARY 22-23, 1997 


Stock Market Bulls Insist That This Time, for the First Time, It IS Different 

VU'IVUAVZO nrtte . “ *»l/ 


T o VETERANS WHO have 
wen through the bear markets 
the scariest four words in in- 
vesting are, “This time it’s dif- 
S Everyone has certainly beard a 
bidhsh friend say: “Yes, stbckTme 
s m “ other we’d be 
^ correc tion. But this 
time it s different. 

Another word you hear from this 
crowd is unprecedented.” Eugene 
Perozu, director of technical research at 
Janney Montgomery Scott Inc., in Phil- 
adeipbia. recently said: “This market 
has unfailingly been able to defy mass 
consensus and historical precepts. It is 
sunpiy an unprecedented market dial’s 
makmg historical inroads.” 

Why? Rationalizations are legion. 
The most popular is demographics: 
Baby boomers, thinking about retire- 
ment at last, are throwing huge amounts 
of cash into stock mutual funds — $24 
billion last month alone. Fund man- 


agers have to put tins m one y to woik 
right away, so, m their haste to bay, they 
btd uppnces of stocks. 

These are unprecedented times, goes 
Je logic. After all, die Dow Jones it *- 
dnstnal average has not fallen 10 per- 
cent in six years — while, on average, 
the Dow has taken a drop of that size in 
every IS months since 1900, according 
to James Stack, editor of die InvesTecn 
newsletter. He also notes the Dow 
has fallen at least 40 percent an average 
of evefy nine years, teit we have not had 
a decline of that size since 1974. 

But investors with long memories 
believe that the this-time-it's-different 
reasoning is bonk. If stocks have not 
fallen in a long time, they will — and 
hard. It is never really different, but just 
before a steep fall (or a protracted bear 
market)^ you keep hearing over and 
over that it is. 

Maybe I have become too exuberant, 
bat I am begforring to wonder whether 


the “different time" advocates might 
be right- While I am not convinced by 
tie baby-boomer mutual-fund argu- 
ment, there is another explanation that 
makes sense. Take a look at tie ar- 
gument that this time is not different. It 
is simple: Stocks are overpriced. One 


been this low. “ ‘Once upon a time," says 
James Solloway, a Wall Street analyst, 
"a yield of less than 3 percent was 
considered a sign of an extremely over- 
valued market " 

Even before the 1987 collapse. Mr. 
Solloway points out, “the dividend 


JAMS* CLASSMAN ON INVESTING 


indicator of a stock 's value is tie ratio of 
its price to tie company’s earnings per 
share. The c urren t average P/B ratio for 
tie' companies in Standard &: Poor’s 
500 stock index is 21, according to 
Bloomberg Business News. That is 
hig h, especially at a time when earnings 
are strong. It compares with a P/E of 16 
two years ago and just 8 in the early 
1980s. 

A second value indicator is tie av- 
erage dividend yield for an S&P stock. It 
is now 1.9 percent, down by one-third 
from two years ago. Yields have never 


yield never fell below 32 percent" 
My own reasoning is that stocks are 
rising because companies and investors 
are both getting smarter. This time it 
really might be different 
Take companies. Many of them have 
learned that paying dividends, which em- 
anate from after-tax dollars under U.S. 
law, is foolish. Instead of sending profits 
as dividends to investors, where they get 
taxed a second time, why not use them as 
capital to build the business? Or use them 
to buy bade stock, increasing the value of 
s har es that remain outstandmg? 


It appears that this is just what is 
happening. As a result, repents Dow 
Theory Forecasts newsletter, since 
1991 tie profits of S&P stocks have 
been growing nearly three tunes as fast 
as timr dividends. 

What about P/E ratios? Aren’t in- 
vestors paying too much for stocks? 
Again, maybe not. Since 1805, U.S. 
stocks have produced average annual 
returns of about 8 percent in real terms, 
or 1 1 percent at today’s inflation rate. 
More important, research has found 
that, if investors hold stocks for 20 years 
or more, they are no more risky (.that is. 
volatile) than government bonds or 
even Treasury bills. 

Again, this has always been true, but 
is it possible that investors are finally 


return 10 percent, in die long term, at no 
greater risk? 


Still, I am wary. For instance, stock 
prices are clearly linked to profits. But, 
while corporations have certainly 
grown more efficient in their operations 
(thanks to both brains and high tech- 
nology) and are selling more to a richer 
global market, it is unlikely that profits 
will continue to accelerate. Competi- 
tion, remember, is global, too. 

What about the baby-boomer argu- 
ment? A flow of $24 billion into stock 
mutual funds in a month sounds like a 
lot, but it represents only 1.4 percent of 
rotal stock-fund assets, which are just 
14 percent of total stock market assets. 

Of course, true buy-and-hold in- 
vestors do not have to worry about any 
of this talk of the market being too high. 
If you are disciplined and have a long 
time horizon, you can ride tie downs 
back up. But is anyone really that 
tough? And can anyone truly ignore the 
fluctuations of this market? 

Washington Post Service 


Will Pensions Expand With Expatriates’ Horizons? briefcase 


By Digby Lamer 

O NE OF THE prime hopes for 
pensions in the next 20 years is 
that they will become more in- 
ternational than they now are. 
The continued globalization of business 
and the increased expatriation of employ- 
ees has led governments and corporations 
worldwide to seek ways to make pension 
contributions and benefits compatible 
with those in other countries. 

Although some progress has been 
made — thanks to formal arrangements 
between some countries — organizing a 
pension plan remains the trickiest part 
of any relocation package. No matter 
what nationality you are or where you 
are sent to work, it is important to con- 
sider a posting’s long-term effects on 
your pension before you go abroad, 
advisers say. 

The most common stntnhling Node is 
the variety of national taxation and social 
security laws that make it hard to move a 
plan from me country to another. Even 
within the European Union, where cap- 
ital and goods should flow freely among 
member states, there is still no agreement 
on the cross-border treatment erf pen- 

sionSt 

Ideally, expatriates would be allowed 
to continue contributing to then* chosen 
plans back home because that is prob- 
ably where they will retire. In practice. 


however, this may not be possible. 

Americans whose pensions are tied 
up with their corporations or in a 401 (k) 
retirement plan can be prevented from 

abroadf Worse still, those working in 
some parts of Southeast Asia and 
Europe may be compelled to contribute 
to local state plans from which they will 
get little or no benefit unless they retire 
in that conntry. 

But there are several possible ways 
around these obstacles. For US. c iti ze n s, 
a great deal hinges on their continued 
relationship with their employer. If they 
are no longer considered to be earning 
their income in the United States, they 
will be disqualified from contributing to 
either a 401(k) or their corporate plan, 
said David Ellis, a Chicago-based partner 
with the international law firm Baker & 
McKenzie. 

“In scone countries, the status of the 
local subsidiary may put the employee 
outside the control of die U.S. parent," 
he said. “Quite often, corporations can 
only enter foreign markets through joint 
ownership deal! Unless these are 80 
percent owned by the U.S. company, the 
IRS will consider them to be employed 

^Some Uf ^^oyers avoid this by 
having expatriates assigned to a busi- 
ness abroad op a temporary basis, 
thereby allowing them to remain at- 
tached to their original employer. 


Organizing a pension is hardest for 
employees who take assignments in a 
number of different countries during 
their working lives. They risk having a 
string of small pension funds around the 
world, to which they may not have 
access later. Some countries allow pen- 
sion investors to transfer their retire- 
ment funds into other plans, but ibis 
often means paying substantial penal- 
ties, said George Paviou, a pension spe- 
cialist at Swiss life (UK). 

“I can think of one example where 
one of our clients asked to transfer his 
fund from a Dutch plan into one in 
Britain.’ ’ he said. “We could do it OJL, 
bat it would have lost about 60 percent 
in penalties.’’ 

F OR MOST EXPATRIATES the 
answer is to invest offshore. This 
allows them to build a tax-free 
fund that they and their employers can 
continue paying into regardless of 
where the employee works. Such funds 
set up by individuals have the added 
advantage of being transferable be- 
tween employers. 

A growing number of investment 
firms are starting corporate offshore 
pension funds that employers pay into 
on behalf of their expatriate employees, 
Mr. Paviou said. 

“What we encourage businesses to 
do is build a fund for expatriates that 
minors the one they have far their do- 


mestic employees,” he said. “No matter 
what country you come from or where 
you work, you can build a tax-free pot of 
money to fund your retirement” 

The only drawback to offshore pen- 
sions, he added, is that they are not 
recognized as pensions by most local 
jurisdictions. 

“That means you do not get the tax 
benefits on contributions that local pen- 
sions offer, ' ’ Mr. Paviou said. “Instead, 
the benefits come from the tax-free in- 
come you draw at the end. when most 
local pensioners find they have to pay 
income tax.” 

But for many expatriates, income tax 
is not an issue, said David Bulteel, a 
director with the investment firm Capel- 
Cirre Myers Ltd. in Britain. 

’ ‘The biggest areas for expatriates are 
places where wealth is generated very 
quickly and where income tax often does 
not exist — parts of the Middle East, Far 
East and Africa, far example,” be said. 

Mr. Bulteel said that what expatriates 
really wanted was to “build a tax-free 
fund for retirement.” 

“It doesn't have to be called a pen- 
sion,” he said “There are plenty of 
financial advisas traveling around expat 
regions and slotting people into indexible 
pension plans because it earns them a 
kickback. It’s better to find an adviser 
who charges fees for investment advice 
and who will explore different op- 
tions." 


MBA Students Try Laughing All the Way to a Job 


By Matha Nolan McKenzie 

New York Times Service 


D ID YOU hear the one about 
the MBA student? No, really. 
Bret Scott, a director, writer 
and actor affiliated with 
Chicago’s Second City comedy troupe, 
faced what seemed a very somber as- 


business students at the University of 
Chicago to improvise comedy routines. 

His hopes were not high. What he 
expected were stiff, buttoned-down stu- 
dents delivering stiff, buttoned-down 
routines. What he found surprised and 
delighted him. 

“They bad no props, so they became 
their own props,” he said. “One poop 


was selling Happy, Happy Dog Food, 
and one of them was die dog, one was 
the bowl and one was the spo k es m an. 
Another group sold an edible car — 
‘When you get to the end of your trip you 
have your meal with you’ — and another 
the Everlasting Shoe, which they ended 
up taking to heaven with them." 

And earlier this yep 1 , at Vanderbilt 
University in Nashville, Tennessee, 
Paul Jacobson stood before his class- 
mates delivered a five-minute 
stand-up routine laced with self-deprec- 
ating Southern humor. 


All these students are enrolled in 
Master of Business Administration pro- 
grams, but their studies are not limned 
to crunching numbers and learning 
grand corporate strategies. Their uni- 
versities also want them to emerge with 
um i i i mi irfllfo riK skills, and the schools 
are trying an unusual approach: teach- 
ing the aits of stand-up comedy, song- 
writing and improvisation. 

Business schools have long turned 
out graduates who could read financial 
statements and do statistical analysis, 
but employers are demanding 
something more. Vanderbilt and Chica- 
go are notable far adding an unorthodox 
approach, although nearly all MBA pro- 
grams are placing more uwphaaig on 
mnimnniraUin ns Kirills. 

“It's interesting that bard skills are 
considered better titan soft," said C. 
Thomas Howard, professor of finance 
and director of MBA programs at 
Daniels College of Business at the Uni- 
versity of Denver. 

“But when people go into manage- 
ment, it’s the soft skills that dominate 
almost everything they do. They are the 
ones that make .me difference m career 
success,” he added. 

Said David Pincos, MBA director at 
the University of Arkansas in Fay- 
etteville: “Recently, 1 met with our 


dean’s executive advisory board, which 
is made up of working presidents and 
senior executives of companies 
throughout the Southeast. 1 asked them 
what they most wanted to see in an 
MBA graduate these days, md the an- 
swer was someone who is articulate, 
persuasive and can read a balance sheet 
— in that order." 

F RED TALBOTT, a communica- 
tions professor at the Owen 
Graduate School of Management 
at Vanderbilt, hopes that stand-up com- 
edy will help his students master the 
first two skills. For the last three years, 
he has required students to create a five- 
minute routine. ft gives them invaluable 
communication skills and increased 
confidence, he said. 

“If my students can handle a stand- 
up comedy routine, they can handle 
any thing ,” said Mr. Talbott, who once 
wrote gags for the U.S. television com- 
edy show “Saturday Night Live." 

His students gam different things 
from ihe exorcise. 

Mr. Jacobson, for example, valued 
the improvements it made in his 
presentations. 

“I really had to think a lot about fee 
effects of pauses, voice inflection and 
tinting," he said. “2 plan to go into 


corporate finance, and the ability to use 
humor can really lighten up a fey sub- 
ject-” 

For Suzanne Ivy, a classmate of Mr. 
Jacobson, the stand-up experience was 
one of personal growth. ‘’That speech 
was the one that stretched me the fur- 
thest, and it really built ray confidence 
to realize I can go beyond my comfort 
zone,” she said. 

But not everyone is a fan of ap- 
proaches like those at Vanderbilt and 
Chicago. 

“Bringing in Second City to teach 
communication is like hiring motiva- 
tional speakers to teach a management 
class,” said Paul Argenti, professor of 
management commumcanon at the 
Amos Tuck School of Business Ad- 
ministration at Dartmouth College. 
“And there is no connection between 
being a stand-up comic and giving a 
good presentation, which entails organ- 
izing and conveying complicated ma- 
terial.” 

But Mr. Talbott sees a clear con- 
nection. 

“It’s fee most challenging present- 
ation of any form,” be said. “Your 
timin g, your nuances, your delivery 
have to be exact All leaders have to w 
great storytellers.” 

New York Times Service 


Morgan Stanley’s Biggs 
Is Down on Japan Bonds 

Barton Biggs, the global strategist at 
Morgan Stanley & Co., is encouraging 
tile firm’s clients to sell Japanese gov- 
ernment bends, calling them "the most 
overpriced major asset in the world, and 
these days feat is saying something." 

Mr. Biggs, in a note to investors, said 
he expected yields on 1 0-year Japanese 
government bonds, recently at 2.4 per- 
cent, to climb to 4 percent by year's end 
“and even higher later. ” By contrast, he 
predicted that U.S. Treasury yields 
would fall as low as 5.5 percent, more 
than a percentage point below their cur- 
rent level. His advice: “Own one. short 
the other.’” 

The core of his argument is that Ja- 
pan's economic and political circum- 
stances do not justify the strength of its 
bonds. In the report, he cites the coun- 
try's high fiscal deficit and national 
debt, as well as its burdensome pension 
liabilities. Japan will owe its elderly 
nearly five times as high a percentage of 
gross national product as the United 
States will owe its retirees. 

Beyond the fragile public finances, 
he pointed out that private indebtedness 
is higher in Japan than in an y other 
economy in the world. 

“A country with these problems 
either reflates or sinks beneath the sea in 
a death spiral of deflation and depres- 
sion." he wrote. “The answer has al- 
ways been to depreciate the currency. 
My bet is that the government is not 
suicidal and will try to reflate its way out 
of the liquidity trap Japan is now caught 
in.” 

If his bet pays off, it ought to pay off 
especially handsomely for foreign in- 
vestors. Their returns from a decline in 
bond prices would be magnified by a 
fall in the yen. 

Mr. Biggs concedes that his bet is not 
a sure thing, however. The deflationary 
“death spiral” could occur, sending 
yields down further. Another possibility 
is that nothing happens and rates stay 
virtually unchanged. (1HT) 

Brazilian Brewer's ADRs 
Soar Amid Market Boom 

Brazil’s beer market is booming, in 
recent weeks fueling a more-than 25 
percent surge in the price of dollar- 
denominated American depositary re- 
ceipts of Companhia Cervejaria 
Brahma, Brazil’s biggest brewery, wife 
economic reforms putting more spend- 
ing money in their pockets, Brazilians 
consumed about 6 billion liters (1.5 
billion gallons) of beer in 1995, a 20 
percent leap over the previous year. 
Consumption is expected to hit 10 bil- 
lion liters by 2000. 

Brahma is Brazil’s most popular 
beer, with about 50 percent of the mar- 
ket The giant brewer is also the Mex- 
ican distributor for an American beer. 
Miller’s Genuine Draft Beer, and op- 
erates breweries in Argentina and 


Venezuela. It is also a major player in 
the soft-drink market 

William Landers, who follows Latin 
American beverage companies for Leh- 
man Brothers in New York, said the run- 
up in Brahma’s depositary receipts was 
set off when its competitors announced 
35 percent higher sales for the fourth 
quarter of Iasi year. 

Brahma’s figures will be released in 
March, but professional money man- 
agers are betting that it will do as well, if 
not better. 

Brahma’s preference-share ADRs 
are currently trading at just under$14 in 
the U.S. over-the-counter market, and 
can be purchased through brokerages 
and on-line services that deal in Amer- 
ican stocks. They were below $1 1 at the 
end of last year. (IHT) 

EMU Likely to Bring 
Bond-Rating Upgrades 

The foreign-currency and Euro-debt 
ceilings for participating European 
Monetary Union countries are expected 
to be Aaa. Moody's Investors Service 
said, meaning an upgrade in fee debt 
ceilings of several member nations. 

“As EMU appears increasingly 
likely, investors must factor the effects 
of the implementation of a single cur- 
rency into their long-term credit as- 
sessments of each country that is ex- 
pected to join the union,’ ’ Moody’s said 
in London, adding that “together, the 
potential first-round entrants comprise a 
net creditor bloc." 

The foreign-currency debt ceilings of 
Belgium, Finland and Ireland will rise 
from Aal to Aaa as the likelihood of 
EMU increases. Moody’s said. It said 
“the same is true” for other possible 
EMU members, including Spain and 
Portugal, wife Aa2 foreign-currency 
rating ceilings, and Italy, at Aa3. 

(AFX) 

Japan Seeks New Rules 
To Cut High Condo Prices 

The Japanese government will push 
legislation allowing coniractorsto build 
relatively large condominiums in urban 
areas, a move designed to reduce prices 
of the faousmgunits, Construction Min- 
ister Shizuka Kamei said last week. 

Under the new rules, the mini spy 
would create special zones in major 
cities, in which contractors could 
double the size of high-rise condos, Mr. 
Kamei said. The ministry also plans to 
expand the sire of condos in other areas 
by 12 times, he said. 

The measures would cut fee price of a 
condominium complex worth 75.8 bil- 
lion yen ($61 1 million) in central Tokyo 
by 33 percent, because owners would be 
able to include more units in the budd- 
ings, fee ministry estimated. 

Mr. Kamei said fee legislation would 
be submitted to fee current session of 
parliament, and be said he hoped the 
rules would be in place by April 1, 
1998. (Bloomberg) 


Stranger in a Strange Land, at Home in Your Own Finances 


Contained from Page 15 

1 patriate market because it is 
- the first package 


On the Internet, 
there are 
hundreds of 
% • financial web 

■ sites . 

to offer a multicurrency op- 
tion. It allows users to s etup 

accounts in a range of different 

currencies, bnt, unlike Quick- 
! co Deluxe, it does not provide 

* access to fee Internet 

' Pamela Christian^n expat- 

• date living in Paris, says the 
multicurrency optic® has sim- 

■ plified her record-keeping. 

“I travel frequently, and 
use my U.S. credit card to pay 

■ for goods and services 


abroad,” she said. “When I 
enter my expenses - into 
Quicken, I can input the exact 
amount in fee relevant cur- 
rency. Quicken will automat- 
ically convert these charges 
into US. dollars based od the 
cu r rent exchange rate. I keep 
a record of .fee foreign cur- 
rency charges in fee Quicken 
register, go that I can match 
them with my credit-card 
statement” 

In addition, Ms. Christian 
is now able to manage all her 
accounts in one folder. 

“With the old version of 
Quicken, I.had to create sep- 
arate folders for my dollar- 
de nominated and franc-de- 
nominated bank accounts.” 
she said. “When I moved 
money between accounts it 
was often difficult to keep 
track of the transactions." 

There are a host of other 
compute software programs 
3 nd on-line services feat en- 
able individuals to manage. 

their budgets and track invest- 


ments. More than 20 retail 
brokers offer electronic trad- 
ing services. Some of these 
services, including StreetS- 
mart, from Charles Schwab, 
and Fidelity Online Xpress 
are bundled-up wife portfolio . 
management software. 

On fee Internet, there are 
hundreds of financial web 
sites, some of which are free, 
that provide real-time quotes 
and mframatioa on nxfividnal 
mmp un iw! and muftal funds. 

Robert Wardrop, president 
and CEO of Netsat Systems, 
which provides Internet finks 
between Europe and the 
United States, uses Quicken 
to pay his credit-card bills in 
the United States. But he be- 
lieves that the internet has 
enough free finandal plan- 
ning tools and investment in- 
formation to satisfy the needs 
of most investors without 
them having to purchase a fi- 
nancial software program. 

“The one real advantage of 
Quicken and Money is feat 


they have a variety of inter- 
active functions under the one 
umbrella,” he said. “A major 
disadvantage is that it takes a 
Jot of time to input darn and 
keep track of investments.” 

“Moreover,” Mr. Wardrop 
added, “these programs are 
pot providing investors with 
access to all of the financial 
information currently avail- 
able on tile Net They gen- 
erally provide access to selec- 
ted web sites, and there is often 
. a charge for this service.” 

. He recommends the fol- 
lowing financial web sites, all 

of which are free, to Internet 
brow sers: 

• NETworth at www.Net- 
worfe.Galt.CouL: Netwarfe 1 
by Galt Technology has de- 1 


OFFSHORE 

COMPANIES 

From US$350 only 


tailed graphic capabilities, 
Morniqgstar mutual fund per- 
formance information and a 
hyperlink to the Securities 
and Exchange Commission’s 
EDGAR database, wife up- 
to-date electronic filings of 
SEC reporting information. 

•PC Quote at www.pc- 
quoteicom; This site offers 
nee delayed quotes, with in- 
terface to Excel ‘97 spread- 
sheets for downloads. 

•YAHOO! at www.ya- 
hoo.com.: YAHOO! has a lot 
of finan cial information and 
services. It is easy to find and 
has foreign currency rates. 

Intuit, in conjunction with 


Ernst & Young, has organized 
a series of personal finance 
management seminars in 
France, starting in March, 
which are designed to edu- 
cate people about financial 
planning using computer 
software and the Internet. For 
further information call 33 1 
46 93 67 95, in Paris. 


OFFSHORE 
COMPANY SPECIALISTS 


Mr ThrnVtnfj Hah 
it 

Lateral Thinting and Serious 
Creativity Techniques 



COMMERCIAL A rVDCSTKIAL REAL ESTATE 

appear* WEDNESDAY. . 


«»cMa«- r**1~— 1 aa 


;."-Z7r^l41«93 91 -Fax: + 33 (0)1*143 93 



TeL: +44 181 871 2546 
Pap * 44 181 831 3866 


I dc Bono Workshop Dates 
i April 199 / 

Edinburgh <& London 
1ST ci v 1997 
London 

| dc-aj D: Edv/ird d-' Sons in : 21 lot. :.i 
i Amsterdam - 2 b M.'lTcIi 1997 

•Hnnadnock 






0NMMB HOUSE. TWranSBEl RM6ET. 

m OF UAH. BffiGH 60S. MB4AX 
THj *4* 104 3US44 FAX +44 1624 917976 
LODOH -■CHARD D CMC RSt Qkm) 
72 IBV BOM) STREET, UJfOOtt W1Y9M 
18:+«T71 =51096 HUC*4»1714»Sn7 


WWW. OCR A. COM 


Niederhoffer 
Global Systems, SA 

advised by 

Niederhoffer Investments, Inc. 

• Top Performing and Risk Adjusted Fund* 

• Latest Three Year Return of 185.78% 

• First Customer Account Still Open 
With 65-Fold Increase Since 1982 
- Compounded Annual Return of 31% 

• Pioneer in Application of Statistical Analysis 
to Market Interrelations 


Tid/m ill * 


Dorothea Thompson 

MeesPierson Fund Services (Bahamas) Ltd. 
404 East Bay Street 
Nassau, Bahamas 
Tel: 809-393*8777 
Fax: 809-394-3284 


* Per MAS Magazine De c 1996 issue 


I 












' ■ h > * * * * •'( 


PAGE 2 

page is 


EVT EttUnOKAL HERALD 

INITJ^ HERALD^ TRIBUNiLlffl V>97 


Hgtai h^^Bj Srtbttnc 


PAGE 18 




weak* 

SAITJRDAY-SUNTlAy, FEBRUARY 22-23 , 1997 j. ( jljfj 


World Roundup 


Alphand Rebounds 


skung Luc Alphand bounced 
back from a disappointing perfor- 
mance at the World Championships 
to win his second-straight super gi- 
anr slalom and take the overall 


World Cup lead Friday at Gairoisch- 
Partenkircbcn, Germany. 


The 31 -year-old Frenchman 
went to the championships in Ses- 
triere, Italy, as a favorite for the 
downhill gold medal, only to see his 
hopes ruined by a fall. Alphand 
came back Friday to beat Hermann 


Maier of Austria by more than half 
nd. Alpl 

minute. IS. 32 seconds. 


byi - 

a second. Alphand' s time was one 


(AP) 


Johnson Seeks a Pardon 


athletics Ben Johnson is try- 
ing to get back in good standing in 
the track world in time to compete 
this summer. 

Johnson's manager, Morris 
Chrobotek. said Friday that he had 
sent a request to track and field’s 


governing body that Johnson be re- 
Uror ■' 


instated from his lifetime drug ban. 
Johnson plans to base his appeal on 
the meaning of the term “lifetime 
ban.” The 35-year-old Canadian 
sprinter was stripped of his 100 - 
meter gold medal at the 1988 Seoul 
Olympics and banned for two years 
for a positive drug test. He was 
permanently harmed after a second 
positive drug test in 1993. 

A spokesman for the Internation- 
al Amateur Athletics Federation 
said it would take an “exceptional 
circumstance” for Johnson to be 
reinstated. (AP) 


Todorov Seeks Asylum 


BOXING The Bulgarian boxer 
Serafim Todorov, an ethnic Turk 
who has been world champion 
three times, has fled to Turkey and 
asked for asylum, the Turkish box- 
ing federation said Friday. 

The 125-pound (57-kilogram) 
Todorov has also won four Euro- 
pean championships and was a sil- 
ver medalist in the 1996 Atlanta 
Olympics. (AP) 


IRS Blows Whistle 
On 3 NBA Referees 

Indictments Cite Travel Expenses 


By Mark Asher 

Washington Post Service 


WASHINGTON — Three National 
Basketball Association referees have 
been indicted by federal grand juries in a 
10 -day period for tax evasion stemming 
from the reimbursement of on-the-job 
travel expenses. 

More indictments are expecteiper- 
haps as many as 15, according to Terry 
Grady, an attorney for a 21 -year veteran 
of NBA officiating. Mike Matins, who 
was indicted Wednesday in Cincinnati, 
Ohio. 

“I don't know what the government 
is going to do, butl believe there are still 
that many being considered,” Grady 
said from his office in Columbus, Ohio. 
He said the Internal Revenue Service 
contacted all NBA referees on the same 
day in 1994 and “advised each of them 
that they were under criminal inves- 
tigation relating to the proper reporting 
of their reimbursed air travel expenses 
and utilization of their frequent flier 
miles and related credits.” 

Prosecutors declined comment on the 
possibility or the extent of additional 
indictments. 

The other referees indicted were 
Hank Armstrong of Virginia Beach, 
Virginia, and George Toliver of Har- 
risonburg, Virginia. Both are former 
college referees who joined the NBA in 
1988 when the league began using 
three -man crews regularly. 

Lawyers for all three referees said 
their clients were not guilty. 

Armstrong is charged with six 
counts. Toliver five and Mathis three. 
Each count is punishable by a maximum 
of three years' imprisonment and a 
$250,000 fine. 

As part of collective bargaining 
agreements, the NBA permits its ref- 
erees to travel first class on flights 
scheduled for longer than two hours. 
But the labor contract allows the ref- 
erees to downgrade die tickets and keep 
the money saved. The referees are re- 
quired to submit receipts to the NBA so 


the league can report additional income 
to the IRS. In all three indictments, the 
government has charged that the ref- 
erees submitted bogus receipts to the 
NBA 

The federal government contends 
that Mathi s failed to include approx- 
imately $69,000 as taxable income in 
his returns for the years 1989-1992. 
Grady said his client had used frequent- 
flier miles for many of his NBA as- 
signments. “As Mr. Mathis's defense 
will reveal,” Grady said in a statement, 
“the state of tax laws in this area is so. 
nonexistent, unclear and confusing that 
[he] could not even begin to form the 
requisite intent' ’ of filing erroneous tax 
returns in an attempt to defraud the 
government 

The indictments charging Armstrong 
and Toliver did not cite specific 
amounts of undeclared income. But 
prosecutors in Roanoke, Virginia, 
where Toliver was indicted; said in a 
news release that he failed to report 
about $47,000. Prosecutors in Abing- 
don, Virginia, characterized the amount 
Armstrong foiled to report as “sub- 
stantial,'' and some sources said the 
sum in question was in excess of 
$ 100 , 000 . 

Acxordmgto their indictments, Arm- 
strong and Toliver used unidentified 
local travel agencies to issue first-class 
air tickets, cancel them, then procure the 
lowest available fore and provide the 
referee with the passenger coupon of the 
canceled first-class ticket so be could 
submit it to the NBA. 

Armsoong, his lawyer and Toliver's 
lawyer did not return phone messages 
for this article. Toliver has an unpub- 
lished phone number. Mathis declined 
comment, referring all questions to 
Grady. 

While their cases are pending, the 
referees will not work games but will be 
paid their salaries, according to Russ 
Granik. the NBA’s deputy commission- 
er. NBA referees are paid $77,000 to 
$224,000 a year, depending on seni- 
ority. 


Battle for 2004 Games Heats Up 


By Ian Thomsen * 

International Herald Tribune 


R OME, Athens, Stockholm and 
Buenos Aires were celebrating 
Friday the positive evaluations 
of theirbids to hold the 2004 Summer 


Olympics. 
The tiali 


Italians were especially quick 
to seize the role of favorite based on 
the technical reports of the 11 can- 
didate cities issued Thursday by the 
International Olympic Committee in 
Switzerland. 

"I have to say that the report on 
Rome is excellent, better than could 
have been expected,” said Primo Ne- 
biolo, Indian president of the Inter- 
nationa] Amateur Athletic Federation 
and a voting member of the IOC. 
“Now we know that the candidacy is 
serious and very valid.” 

One school of thought believes that 
Nebiolo will succeed in orchestrating 
votes for Rome. 

Others involved in the selection be- 
lieve just as strongly that a majority of 
IOC voters might be persuaded to rally 
around one of Rome's challengers, in 
pan to prevent Nebiolo from wielding 
the increased power that would come 
with Rome's possession of the 2004 
Games. 

On March 7 the IOC will announce 
five finalists, which may then begin to 
invite each of the 112 IOC voters for 
official visits. The IOC vote will be 


cast Sept. 5 in Lausanne, Switzer- 
land. 

The evaluations released Thursday 
seemed to diminish Cape Town's 
hopes of becoming the first African 
hok of an Olympic Games. But it 
might be premature to base sue* as- 
sumptions on die IOC's report, which 
was based on technical information. 
Cape Town's strengths are political, 
based on Nelson Mandela’s charisma 
and on the city’s role as an open chal- 
lenger to Rome. 


be a challenge.” the report added. 
Many observers have said they 


thought Cape Town was die favorite 
when the 11 cit 


Chris Ball, the highly-respected 


leader of Cape Town's bid, seemed to 
be promoting his dry as just such an 
alternative Friday when he criticized 
some reports in the international press 
for being written from “a Rome per- 
spective.” Such critics, he said, were 
"glorifying Rome and hitting Cape 


Town where Rome is continually try- 
ing to hit us. which is on crime. If 


Rome can persuade the world that 
Cape Town is not safe, then Cape 
Town can’t beat Rome.” 


T HE IOC report on South Africa 
said that “all levels of authority 
in the country are aware of and 
concerned about die serious crime 
situation the country is feeing.' ’ 

The report noted South Africa's de- 
tailed strategy to reduce crime and 
increase the level of safety and se- 
curity. ‘‘The full implementation of 
these plans over the coming years will 


cities announced their 
bids, including Istanbul; Lille. France; 
Rio de Janeiro; San Juan, Puerto Rico; 
Seville, Spain, and SL Petersburg. 

It is thought that only an outright 
IOC condemnation of Cape Town’s 
technical ability to sponsor tbe Games 
could prevent it from reaching tire 
finals. Indeed, tire IOC’s evaluation of 
Cape Town was optimistic in many 
areas, although more planning and an 
enormous number of facilities and 
transportation links are clearly 
needed. 

The IOC is also expected to select a 
finalist from South America, probably 
Buenos Aires. As for Stockholm, the 
only obvious weakness in its tech- 
nically sound bid seems to have been a 
poll indicating the support of only 32 
percent of the local population, with 
52 percent against the bid on eco- 
logical and environmental concerns. 

Athens also seems to be a sure ibet to 
reach the finals. Like Rome, it was 
criticized for its monstrous transpor- 
tation problems. 

There were also concerns about 
Athens's budget and the likelihood of 
pollution alerts in summer. But no one 
can really weigh any of these issues in 
importance until the finalists and IOC 
members begin thrashing it out after 
March 7. 


INTERNATIONAL CLASSIFIED 


Escorts A Guides 


BELGRAVIA 


ORCHIDS 

LONDON ■ PARIS 


TW RffiST I THE MOST SINCERE 
II - St NTHWATttWl 
BEAUTIFUL I ELEGANT SHJDEHfS 
SECRETARES, AIR HOSTESSES t 
nooest 

AVAILABLE AS YOUR COMMON 
NKIS SERVICE WORLDWIDE 
Emit Agmcy CndR Cedt Marat 


TH: LONDON ++ 44(0} 


0171 589 5237 


NTEffliAHONAL ESCOTTS 

Wsrtf s fis & Mott Etttewi Sown 
, huty QoMm, Adnata 
ingul ttanl CmjNMN 


UuMhguT 

Hdqtrs. 212-755-7896 NY, USA 

olIntMHMMRAeaa 
Senna waridmte. Crtttt ants, etaefcs 
acceded Vim vifca 4 pttitts r oflo. 


ARBTOCATS Escort Seme* 

3 SNsktm SL London WT 
0171 258 0090 


ROYAL PLATINUM SERVICE 

ATLANTIC 

NEW YORK 


(1)212 789 1919 


LONDON PARIS 

MORLOWDE ESCORT SERVICE 


■H 44 (0) 7000 77 M 11122/33 


EUROPEAN MODELS ESCORT 

Sente mAWe, only int! ten modeb 
LONDOr*+PAastWrwco+«AK«) 
STOC^UItHBSMKkVSfCE 
tBevAtam^+WLAND+flae 
BRUSSa&COPBWCaWffRUS 
SrAWUM7N96t0SUMiS90N 
OUMWJHttMNY+VEMNMLSA 
Oflte Empe; ++C-1-736 21 58 
omet New Ywfc 2U m 3993 anti 


•SWITZERLAND + GERMANY* 
T«L *43140427 28 27 
ZUreCHGBCVMUSEL-BSWE 
NWt LONDON - BRUSSELS ■ VBMA 
COSMOS Enoa Agency. CM Cbrs 


MOOTS HBH SOCCTTYBUA'PAWS 
COTE D'AZUR A ZURICH * GENF 
Mmrtaaei Bran A Tows Seme 
Vans ~<M-535«{W * am* ate 


HIGH SOCIETY 

Enaflre Escort 8ort» 
Ganns?. Rots. New York, London 


Tet London 0171 266 1033 


EURQCOHTACT IHFL 1 
local S travel sente anrkMde 


Top local S travel semet mrtd 
piWS^TOCKHOLUmWTWieM 
RMBtA’BRUSSB^lJONOOM^lBflU 
G0€VA*2URKK*hete GERMANY 
Escoit Sente Vienna 4+43-1-312 0431 


KUWTtOilCTTALY'LOWMrRARtS' 
BRU SSaM UWOTkADRPWWCH 
rooRFmjmwEU'VBKAm- 
SBKTGLAS60W-sa AREAS Escort 
Sente Tel ®|0)338 852 37B8C** 


MfiJWO MODS. ESCORT 
Sente MriteUe i&SM2Smr 


SW7ZERLAHD A WTT. Beat Sate* 
Site + are Use Genraoy & Austria 
New; Puts Me# hshon modeL HT 
lakes A owb. 74ns; on cards. 
“VOGUE** Tat +41 tty ft 353 3BIB 


LATIN BEAUTY 
CHAMJG EXCUJSNE PRWATE 
ESCORT SERVICE 
LONDON 0956 307 404 


AMSTERDAM BERNADETTE 
East Serves 4 Ww Bates 
Tet 631 G3 36 or S3t OB 43. 


AMSTERDAM ‘ DREAMS 'ESCORTS 
and Dkiw tkM Sente tar Hn or Her. 
*31 ft 2044 02111/04 02 OS 


ASunnatsuN orbital 
CONnMstfTiU. Escort Sente London 
Tet 0956 223317 * bnAI Cards 


CtXOQNEUUSSBJXmPfTtANKHIRT 

WESBUENMAWZ-/GDBBERG 

Ctt’S Escort Sew* +4^)171-831 1BK 


••EXECUTIVE CLUB** 
UWON ESCORT SERVICE 
TEL 0171 722 900B CorBCuds 


□MAIWEUES ESCORT SERVICE 
“ FRENCH SPEAKHG “ 

LONDON 0171 282 2886 


GENEVA PRETTY WOMAN 
BASS, LAUSAWE, UOMIREUX 
Cal 0221346 00 SB Escort Agency - 


KHAN* PERSIAN* OMENTAL Escort 
Sente. BaaurjW MeSgenT fdanrfij* 
t he re a t Al rate London BJM-OT0BB14 


asms escort service 

LONDON 0171 93S 0564 
CREDTT CARDS ACCfflED 


NATHALIE VERY ATTRACTIVE Qam- 
cg Stand Lady. Proposed Ptete Steal 
Sente London Tet 0356 65H62 


SPAMSH PfWATE ESCORT SBTVCE 
London 24 HRS CrttS Cade Acceffad 
TeLOlBI 743 0243/ Q3B«3 222 


1 TJP 7 BP FBAHKFUBT 
Beart Escort 3 Tmel Sew* 
cal 088 - 597 4338 


YMBfTVjES HTBHXnONAL 

VPEsteSetephrtotovtawcorM 

London office 0171 835 0006 Ml tarfl 


VBWAfRASUfc KBWEDrSBtert 
Sente. Frtantfly, Magtf, atnefire, 

oteOw A ri#t M? 1IJ336P4 


ZORICH 

OvofinEtcar Sente 
Td 01-2B1.49.47 



tfficnSaan/BcoiBn 

Sam Cassell of tbe Nets driving to tbe basket against tbe Heat Cassell and 
Eric Montross, right, wane traded to New Jersey from Dallas this week. 


Remodeled Nets Lose 

Hardaway’s 35 Points Power the Heat 


The Associated Press 

Tim Hardaway spoiled the debut of 


inn Hardaway spoiled the aebut or 
the new-look New Jersey Nets by scor- 
ing 35 points to lead The Miami Heat to 


ing 35 points 
their season-high 11 th straight victory, 
92-87. in East Rutherford. New Jersey. 

The game Thursday night was the 
Nets' first since the blockbuster nine- 


11 BA kOBNDUP 


player trade Monday that sent Chris 
Gatling, Timmy Jackson. Eric Montross, 
Sam Cassell and George McCloud from 
Dallas to New Jersey. 

The new Nets were an athletic team as 
they battied Miami for almost three quar- 
ters before succumbing to Hardaway’s 
23 second-half points and tbe Miami 
defense, which limited New Jersey to 5- 
of -22 shooting in the fourth quarter. 

Alonzo Mourning added 16 points, 
and former Net PJ. Brown bad nine 
points and a career-high-tying 17 re- 
bounds for Miami. 

Pacant 92, Nugs«te 68 After a busy 
day of trading, Denver looked lost with- 
out its old players in dropping a decision 
to Indiana. 

R£k Smits led foe Pacers, who never 


traded, with 23 points and a career-high 
16 rebounds. He had 15 points and 10 


rebounds in foe first quarter alone. 

LaPhonso Ellis had 18 points and 
nine rebounds, and Antonio McDyess 
had 17 points and nine rebounds for foe 
cold-shooting Nuggets, who shot 30 
percent overall and just 2-for-25 from 3- 
point range. 

7 «vm tot, ctippm 84 Derrick Cole- 
man had 21 points and 20 rebounds, and 
Allen Iverson had 24 points and 13 
assists as host Philadelphia snapped a 
five-game losing streak. 

Clarence Weafoerspoon added 24 
points a/jd J 0 rebounds for the 76ers. who 
have beaten the Ctippers 22 of foe last 24 
times they have played in Philadelphia. 

Darrick Martin had 12 points to lead 
the CUppers. 


Rodnu -to 7 , ihptow 87 Hakeem 
Olajuwon scored 25 points, and Charles 
Barkley added 18 on his 34fo birthday 
as Houston used a late second-quarter, 
charge for a victory qirer visiting 
Toronto. 

The Rockets got a strong effort from 
theirbeach, led by Kevin Wilis with 20 
points and Sam Mack with 10. 

Damon Stoudamire led foe Raptors 
with 17 points, and Popeye Jones had 16 
points and 10 rebounds. 

Knicks ion, K£os» 87 Patrick Ewing 
scored 24 points, and Larry Johnson had 
22 to lead visiting New York. " 7 

It was the seventh straight victory and 
10th in 11 games for the Knicks, who 
shot 59.4 percent — tying their season 
high. ... . 

Mitch Richmond scored 25 points for 
foe Kings, who saw their modest three- 
game winning streak snapped. 

Bucks 1W, Maveticfca 98 Vin Baker 
scored 29 points tolead Milwaukee over 
host Dallas, which bad four new players 
in the lineup. ; 

Each time the Mavs made a run. 
Baker was there to stop them. Baker hit 
a free throw and a bucket in die last two 
minutes to help beat back a late Dallas 
rally after the Mavs had trailed by as 
many as 16 points. 

Ray AUen scored 17 points, and 
Glenn Robinson added 13 fertile Bucks. 
Shawn Bradley, making his Dallas de- 
but,, had 10 points, 10 rebounds and six 
blocked shots. 

122 ; catties loo Karl Malone 


scored- 34 points and grabbed 16 re- 
iUtal 


bounds as Utah won its seventh straight 
game. 

Todd Day and David Wesley each 
scored 21 points, and the Celtics cut a 
20 -point deficit to six with 6:20 to play. 
But Utah finished the game with a 10-4 
spurt 

Bryan Russell finished with 18 
points, and John Stockton and Antoine 
Carr each added 15 as Utah won its 13th 
straight home game. - ... 


Jackson Goes Back to Pacers 


By Clifton Brown 

New York Tunes Service 


The Indiana Pacers needed a replace- 
ment for Mark Jackson. So they traded 
for Mark Jackson. ■ • 

Preparing for a ran at the playoffs, the 
Pacers addressed their point guard prob- 
lem by reacquiring Jackson from the Den- 
ver Nuggets on Thursday, several hours 
before tbe National Basketball Associ- 
ation's trading deadline. Jackson and for- 
ward LaSalle Thompson went to Indiana 
in exchange for forward Eddie Johnson 
and Vincent Askew, a swingman. . 

Jackson, who leads the NBA in as- 
sists. is the key to the deal. Tbe Pacers 
made a mistake when they traded him to 
Denver last summer. 

Indiana’s point guard committee of 
Haywoode Workman, Travis Best, 
Jalen Rose and Jerome Allen did not 
play up to expectations. Best is still 
learning. Rose is not a true point guard. 
Workman has been plagued by injuries, 
and Allen was also traded to the Nuggets 

on Thursday, for forward Darvin Ham. 

Meanwhile, Jackson, the former star 

with the New York Knicks and Sl John's 

University, has enjoyed his best season, 
and his ability to penetrate and create 
should prodube e^ bosfcets for all foe 
Pacers, particularly teg men like_ Dale 
Davis, Antonio Davis and Rik Smits. 

“This team is in the middle of a play- 
off race; trying to pul owselyot in a 
position,” Jackson said of rcjommg the 
Pacers. “And these guys know me. They 
know what to expect. Ifoink it s a perfect 
situation.” ... 


The Pacers have been anemic offens- 
ively. If the playoffs started immedi- 
ately . Indiana would miss the postseason 
for the first time since 1989. But Indiana 
entered Thursday night’s game against 
rhe Nuggets with a 24-27 record, just one 
and a half games behind Orlando, fbrthe 
final Eastern Conference playoff spot 

“This trade can help return the kind 
of feeling that we wanton oar. basketball 
team;" said Donnie Walsh, Indiana's 
general manager. 

For Denver and its new general man- 
ager, Allan Bristow, the deals were for 
salary cap reasons. The Nuggets also 
traded guard Ricky Pierce id tbe Char- 
lotte Hornets, in exchange for guard An- 
thony Goktwirc and center George 
ZSdek. Askew is a free agent after the 
season, Jackson has a £2.9 million salary, 
’■ and tbe Nuggets also wanted to unload 
Pierce’s $1.2 million. safety. Now foe 
Nuggets, who have derided to rebuild 
around Antonio McDyess, have more 
salary cap room to pursue free agents. 

Among other moves, the New Jersey 
Nets sent swingman George McCloud to 
tbe Los Angeles Lakers fra- center Joe 
Kleine. Golden State and Charlotte ex- 
changed forwards, with Scott Burrell go- 
ing to the Warriors for Donald Royal. 

- Also, the Milwaukee Bucks sent 
guard Shawn Respert to Toronto for 
center A.C. EarL 

The Nets kept guard Jim Jackson, 
spuming overtures from foe Cleveland 
Cavaliers, and Chris Mitiiin foiled to es- 
• cape Golden State because interested 
teams like Utah, Atlanta and the Lakers 
feltthm the price was toohigh. 


y Vi 


Bowe Decides 
‘Semper Fidelis’ 



The Associated Press 

PARRIS ISLAND. South Carolina 
— Riddick Bowe, foe fonner undis- 
puted heavyweight champion, is leav- 
ing foe U.S. Marine Corps Resenre after 
if days in boot camp because he de- 
cided he could not handle foe regimen- 
ted training- . . 

“He’s been released ar his dwn re- 
quest,” said Master Sergeant Oiuck 
Demarat foe Marine Corps Recruit De- 
pot on Friday. Bowe was filling out foe 
necessary paperwork and planned to 

leave shortly. ' J . . 

Bowe was in his third day of actual 
training, Thursday, when he said he 
wanted to leave, Demar said. Demar 
added that Bowe had told his drill in- 
structor and battalion comroaruter that 
he “couldn’t handle the regimented- 
traimng lifestyle.” Bowe also told his 
connnanders he wished he had enlisted 
earlier, the base said in a statement 

“I would think Riddick would like to 
serve his country, but in some other 
capacity,” Rock" Newman, Bowe’s 
manager, said in a television interview. 
“Maybe now he can run for Congress or 
something.” 

Bowe announced Jan. 30 ft at he had 
joined the Marines and he arrived at 
Parris Island on Fteb. 10. “It' s something 
I always wanted to-do before I got too 
old,” he told the boxing press, then. 

The 29-year-old multimillionaire had 
been schedaled to stay at Pams Island 
for three months of baric training. Bowe 
was to serve a total of three years in foe 
active reserve and then five years in the 
inactive reserve. 

The first few days of training begin at 
5:30 AJVf. and involve mostly physical 
exercise, running and boxing, although 
Bowe was not allowed to box because 
there was no one of his size and skill to 
match Him with, Demar said. 

A recruit can ask to be dismissed at 
anytime. 

■ “1 am not surprised foe regimen and 
the discipline that tbe corps requires is 
something Riddick had a bit or a prob- 
lem with over time,” Newman said. 
“To say the least, this is a monumental 
change for him.” 

Newman said that it also was hard on 
Bowe to tet away from his wife and five 
children. 


2d IJmffidal’ Stage 
Goes to Ita^an Riders 

JnMalaysianTowr 


By Samuel Abt 

International Herald Tribune 


MALACCA, Malaysia — 
Showing their muscles after they 
took a day’s excused absence from 
Le Tour de Langkawi bicycle race, 
Italian riders dominated the third 
stage Friday and swept to an easy 
victory. Too bad fra- them that, for 
the second successive day. the stage 
was unofficial and counted for 
nothizm in the overall standings. 

On Thursday, the daily stage was 
made unofficial because the two 
Italian and one French professional 
teams protested that they were too 
weary from long transfers between 
sites and too preoccupied with dam- 
age to their bicycles to continue. 

So everybody else in the 25-team 
race carried on without them, un- 
officially, so that foe absentees did 
not miss a stage and thus not be 
allowed to continue in a race in 
which they comprise most of the 
stars. 

This time, two professional 
teams that did compete Thursday, 
Saturn from the United Stares and 
ZWZ-Giant from Australia, pro- 
tested that the Italian and French 
entries would have an extra ad- 
vantage because of their day off. 
Also, the two protesting teams said, 
their bicycles had been newly dam- 
aged in shipment from foe Thurs- 
day stage in Sarawak to foe main- 
land. Race officials granted tbe 
second protest. 

Unoffrcializing a stage is legal 
but, until Thnrsday.rare. 

Friday *5 stage, the third of 12 in 
the race, Asia's richest, covered 92 
kilometers (57 miles) of two-lane 
blacktop from Barn Pahat to Ma- 
lacca. 

Since all 150 riders in foe race 
were to get the same time as the 
winner (the stage being an unofficial 
one), few bothered to chase when 


the Mapei and MG teams from Italy 
showed vr*— 


why they rank among foe 
world’s best. First, Gianni Bugno. 
foe Mapei leader, attacked done 
about 50 kilometers into the race 
and he was then joined by a couple 
Of teammates, a few MG rivals and a 
handful of others, 10 in all. 

Ten kilometers from the finish, 
Andrea Tafi of Mapei and Nicola 
Loda of MG burst free and sped ro 
foe line, which Tafi easily crossed 
nret. For his labors, he received 
6,000 Malaysian ringgit 152,400; 
but no time advantage. 

Still, he was led to the podium 


and loudly^ajjpUuded by the forge 


crowd in 

The finish was set next to War- 
nore Field, a grassy expanse where 
Malayan independence from Bri- 
tain was proclaimed in 1957. Just 
visible, looming over a comer of 
the field in this age of the global 
vtUage, were foe golden arches of a 
McDonald’s restaurant. 




f 




>- • 




’rv 


V:*' 


i n 

«>- 




r . 
.<*• ■ 
v \ 


P- v 


w 



1 0 *Rw" n 


fit*'' 

*£'• 
ir--' .. 
fci ’■ •' 

. . 
■jf'***; . 

' 


jfOSEBOARE 


• «— • 

-G. CiWJ r '> 


(jlSruc-'vu’ 


Ci 

(113 

*S 

irr 

W2S1 

ixt: 

ts 


M,rw - r'.t 


SJ 

2K3 

*a 


■KamtK) 


*j:v. 


^nasTi 


'•iT' 


t ::i 




V- ,. 

W.’ • 




L H - • 





r K' 

t i 


' VM-. r 




■ 


v: 




FAUE 19 


EmROTOML HERALD TRIBUNE, SATURDAY-SUWPA Y, FEBRUARY 22-23, 1997 

SPORTS 


\ 


at 

,l H i 




Maccabi Gets by 



By Ian Thomsen 

International Herald Tribune 


It must have felt like the inside of a 
beehive, with 10,000 roaring Israelis 
wearing yellow shins and hats that had 
been passed out before the biggest game 
of Maccabi Tel-Aviv’s season. Veter- 
ans of Israeli basketball couldn't re- 
member the Yad Eliyahu arena ever 
being so loud. 

Derrick Sharp, a naturalized Israeli 
from the University of South Florida 
and the smallest player on the floor, hit a 
tough shot with a half-minute left 
Thursday to give Maccabi a two-point 
lead over the Greek champion, 
Olympiakos Piraeus. At the other end. 
Brad Leaf, another naturalized Israeli 
from America, was fouled coming up 
with a rebound and sunk tjjg clinching 
free throws in the 82-78 victory that put 
Maccabi (9-7) into the 16-team Euro- 
League playoffs. 

It was the most important gamt* of the 
regular season's final week. Maccabi ’s 
victory knocked out rival CSKA Mos- 
cow (8-8). last year's semi finalist and a 
winner of four European Champion- 
ships in the days when it represented the 
Soviet Army. 


Playoff Outlook 

Die first round of playoff games will 
be held Match 6, II and 13 (if nec- 
essary). Following are the matchups, 
with the first team mentioned receiving 
the bomecourt advantage on March 6 
and 13: 

StafaiMl WBma (tl-8) n. Kinder Bo- 

loans (7-9) A sensational meeting be- 
tween the teams now ranked third and 
second, respectively, in die Italian 
league. Milan is led by the former NBA 
players Anthony Bowie and Warren 
Kidd. 

4Ub« Barfin (10-8) n. Barcelona (8-8) 

Both teams know how to win in the last 
minute, Barcelona having acquired that 
trait in midseason via ' Aleksandar 
Dtfordjevic. Berlin's 36-year-old Amer- 
ican, Wendell Alexis, is one of the greai 
players in Europe. 

P a rt isa n Balgrada' [0-7} vs. 
otynpiakM Km a u («-7) Olympiakos 1 s 
famous Yugoslavian coach, Dosan 
Ivkovic. should know what ro expect 
from Partisan, a young team rebuilding 
successively without foreign players. 

. Efba-Mban Istanbul (12-4) n. Hac- 

eabiiMJbriw(B-7)‘Ihe Turks are directed 
by Petar Namnofski and Polat Namik, 
who are one and the same person. In 


Tnricey he Is called Namik, die name he 
took after being naturalized a Turkish 
catuten^lherestof Europe knows him by 
his Macedonian name of Nanmofski. 

- AH of ihis is worth pointing our because 
many regard him as the best non-NBA 
professional in the world this season. 

Tsanuytnm Bol o gn a (124) w. Can 

Shi Fernando Sauna (7-*) Bologna is one 
of the more Americanized teams, with 
die Italian shooter Carbon Myers, the 
American center, Conrad McRae, and the 
farmer NBA point guard Eric Mradock. 

Cfiwna Zagreb (10-4) **• - Smalt 

OfimpQaiintiqaiia(i<Mq The next Euro- 
pean star may be Ljubljana’s 19-year- 
old Slovenian, Marko Milic, a 1 .98-me- 
ter forward vdio plays above the rim. 

VIBnarbrarmo at Franca (12-4) w- Eotu- 

(Santa* Madrid (S-7) The 34-year-old 
American point guard Delaney Rudd 
has so for been the most valuable player 
in Europe for tiny Villearbanne. 

H—tMwflw Albans (138) w. U- 
w ogas of haw (8-8) Defending chain- 
pica Panadrinaxkos has earned the best 
record in Europe despite losing two 
former NBA forwards, John Salley and 
Anthony A vent. 


:t Bonds Regains Title of Highest-Paid Player 


The Associated Press 

Baseball's money season pushed into 
the first day of full-squad workouts at 
spring training, with Barry Bonds re- 
gaining the top spot on the average 
salary list. 

Bonds agreed Thursday to a $22.9 
million, two-year contract extension 
with the San Francisco Giants, a deal 
that gave him the sport's highest av- 
erage at $11 .4 million. 


The 32-year-old outfielder is due 
$825 mini on this season and $&5 mil- 
lion next year under the $43.7 million, 
six-year deal he signed as a free agent in 
December 1992. The extension calls for 
$9.7 million in 1999 and $ 1 0.7 million in 
2000. San Francisco has a $103 mflfion 
option for 2001 and must pay a $2J5 
milli on buyout if it doesn’t exercise it 
Bonds had been unhappy since five play- 
ers surpassed him in average salary. 


■ Arbitrated Salaries Soar 

The average salary for the 80 players 
in arbitration this year soared 154 per- 
cent — more than twice last year’s rise. 
Players in arbitration saw their yearly 
salaries increase to an average of 
$2,014,460 £rom an average of 
$793,1 96. Last year, the average for the 
76 players who filed rose 73 percent, to 
$1,876305 from $1,087,031. 



I WMM UrulM. 


Vancouver’s Martin Gelinas putting the puck past goalie Wade Flaherty as the Canucks trounced San Jose, 6-1. 


Tampa Bay Halts Flyers 9 Streak at 4 


The Associated Press 

Daymood Langkow and 
Chris Gratton each had a goal 
and an assist to lead the host 
Tampa Bay Lightning over 
Philadelphia, 5-2, ending the 
Flyers’ four-game unbeaten 
string. 

Dmo Ciccarelli added his 
574th career goal Thursday, 
passing framer New York Is- 
landers forward Mike Bossy 
for ninth place on die all-time 
NHL scoring list. 

Roman Hamriik and Jason 
Wiemer also scored for the 
winners, w hile Eric Lindros 


and Dino Ciccarelli tallied 
for Philadelphia. 

Dovfts 2 , Panthers 2 Martin 

Brodeur stopped 25 of 27 
shots, extending his unbeaten 
streak to 14' games as New 
Jersey and Honda tied in 


NHL louMDttp 


Miami. He robbed Mike 
Hough of a potential game- 
winner in overtime as the 
Devils ran their unbeaten 
streak to 13 games. 

Blackhawtu 5, Bruins 3 

Tony Aiuonte scored while 


being hauled down by Ray 
Bourque with 6:53 to play, 
and host Chicago beat the 
stumbling Bruins. 

Boston’s Adam Oates ex- 
tended his scaring streak to 
20 games in the loss. 

The Bruins rallied from a 
3-0 deficit with two third- 
period goals before Amonte 
scored while falling to the ice 
to restore Chicago’s two- 
goal lead. 

Blues 1, Senators 1 Jim 

Campbell scored his 21st 
goal, tops among NHL rook- 
ies, as Sl Louis and visiting 


Ottawa skated to a tie. The 
Senators were held scoreless 
until Radek Bonk scored his 
fourth goal on a rebound at 
9:41 of the third period. 

Canucks 8, Sharks 1 At San 
Jose. Alex Mogilny scored 
two goals and added an assist 
as Vancouver romped past 
die Sharks, scoring three 
times on power plays. 

Kings 3, Mighty Ducks 1 At 

Inglewood. Kings rookie Jeff 
Shevalier scored twice, and 
Roman Vopat had a goal and 
an assist in a brawling game 
with 1 18 penalty minutes. 


Scoreboard 



:* hi*!- % 

■jl -l.VlT 


BASKETBALL 


NBA Standings 


mm iumusi 

ATLANTIC DIVISION 



W 

L 

Pet 

GB 

Miami 

41 

12 

-774 

— 

New York 

39 

14 

736 

2 

Orlando 

25 

2S 

JDO 

14% 

Washington 

24 

28 

MX 

16H 

New Jersey 

15 

37 

288 

2516 

Philadelphia 

13 

39 

250 

27V4 

Boston 

11 

42 

JOB 

N 

CENTRAL DIVISION 



Chicago 

46 

6 

MS 

— 

Detroit 

38 

13 

745 

n 

Atlanta 

34 

17 

-667 

11% 

Charlotte 

32 

21 

A04 

1416 

Cleveland 

29 

22 

.569 

16)4 

Inrflana 

25 

27 

.481 

21 

Milwaukee 

25 

27 

-481 

21 

Toronto 

18 

35 

J40 

2BH 

msim comma 


MOWEBT PnnSlOH 




« 

L 

pa 

GB 

Utah 

38 

14 

.731 

— 

Houston 

35 

18 

.660 

3U 

Minnesota 

26 

27 

791 

1256 

Datas 

17 

33 • 

-340 

2B 

Denver 

17 

37 

J15 

22 

San Antonio 

12 

39 

-235 

2556 

Vancouver 

11 

45 

.196 

29 


PACIFIC DIVISION 



LA. Lukas 

.37 

15 

712 

— 

Seattle 

36 

U 

706 

56 

Portland 

28 

25 

528 

956 

Sacramento 

24 

30 

444 

14 

LA. cuppers 

21 

28 

.429 

1456 

Golden State 

20 

30 

A 00 

16 

Phoenix 

19 

35 

-352 

19 


nmMriNmM 


Toronto 15 13 3* 29 — 97 

HoUStM 21 26 3a 30 — 10/ 

TrStoudomb* 7-19 1-1 17, JonesM44*1ft 
H: Otajuwwi 12-17 1-2 2 & WIBs 7-10 OS 20. 
Aafcfe-T. 23 (Staudamte 7J, H. 31 (Bleffl. 
Mm 2» » 27 20—105 

lift* 35 29 20 30—122 

B: Wesley 8-13 3-3 Zl, Doy 6-MM xtl U: 
Malm 13-19 MO 34, Russell 7-10 4-4 
lBAssfste-Bostan 20 (Wester 7J, Utah 34 


{Stockton 11). 

Km YMk 28 26 23 32— M* 

Sacramento 25 23 10 28—87 

N.Y.: Ewtng M3 Ml 24. Johnson 89 *& 
22; S: RkMnondl0-263-42& Abdut-Rouf5- 
122-413. Edney 5-7 3-3 H WBlamson 4-10 
5-513. teehoamlB— New York 54 (Oakley 12], 
Sacramenn 40 (Snffii 9). Assbto— Now Y0r* 
25 (CMdsS), Saaumaato 20 (Smtth, Edney 
«. 

Mknl 22 23 20 19-92 

Neal Jersay 19 25 25 17-87 

M: Haulaway 12-24 6-6 3& Mourning 7-14 
*4 tft NX GB 4-17 SS 17, Cmsefl M5 M 
17JW»«oM— Mtoml 50 (Bram 17), Now 
Jersey 55 (Mordross 11). AmMN— M knl 18 
(Hredawoyd), New Jersey 14 (Kittles, aasel 

ULOtoMtS 27 28 Zl 1C- 04 

VtaaMgm 22 25 29 25-101 

LAj Rogers 5-150-0 11, Wilgltf4-6 3-6 11; 
P: hmraon 10-192-224 Mtariherepoon 12-18 
0-0 2ft CDtamcfl 8-175-821. Iteta ends Los 
Angeles 50 (VUgty.lO), PhflodBtohfo 66 
(COfatnan 20). Assists— Us Angeles 19 
(RogavVautfO, Satay 4), PWtadelpWo 2* 
(tvenon 13). 

Denser 14 1* Zl 14- Ci 

MM 25 19 M 33- 91 

CfcLSfe 6-1356 IftMcDyess 7-1 53-717; 
t Sods 11-25 1-2 & A. Davis 5-15 4-4 14. 
Mom^-Daavcrdl (Johnson 10). Indkna 
76 (5adte 16). Assfcts— Denver IS 
(Thompson ffl, Iraflnna 22 (Rase A. 
Mlwaukcc 32 26 19 24-101 

DtSkre 20 15 27 29- 99 

M: Baker 12-19 5-102SAIm J-68-9 17) D: 
FWey 11-20 7-7 33, Green 5-10 36 13. 
ttetaunrtt WBwuahee45 (BaJwTZL Dados 
49 (Bradley 1Q0. Asatete-MBwoukee 25 
(Dou0os. Allen. Pwiy 5), Data 19 (Harper 
9). 

Eurousaoue 


anowE 

Stefanel MBan 8A Aba Berin 91 
Mocxnfei Tel Avfv 82 Otymptokoe 7S 
oroupf 

Cfaona Zagreb 72, Limoges 66 
UBar Spor 7X Thamsystem Batogna 78 


Estudlantes 92, Portontos 70 
group h 
Kinder Bologna 7X Spat 57 
Porftmn Belgrade 89, Bayer Laverkusefl 76 


j HOCKEY j 

UWtell 1UW6— MLR 


ATLANTIC DIVI&tON 




W L T 

Pts 

GF 

GA 

PModelphki 

33 17 9 

75 

192 

148 

New Jersey 

29 17 12 

70 

155 

136 

Florida 

28 IB 14 

70 

167 

139 

N.Y. Ranges 

28 24 9 

65 

20) 

167 

WMWngton 

23 29 6 

52 

151 

166 

Tampa Bay 

21 29 7 

49 

158 

179 

N.Y. Mandas 

19 29 10 

48 

156 

171 

HosmaMST otmtem 




W L T 

PIS 

GF 

0A 

Buffalo 

30 19 16 

70 

170 

148 

Pittsburgh 

31 22 5 

67 213 

186 

Montreal 

22 28 11 

55 

190 

215 

Ottawa 

20 Zfi 13 

53 

165 

171 

Hartford 

22 28 8 

52 

163 

188 

Boston- ■■ . 

.20 32 2 

47 169. 

209 . 

wmiftsi cowWMwcB 


CENTRAL DtVISION 




W L T 

Pts 

GF 

GA 

Duftas 

34 22 4 

72 

179 

ISO 

Delratt 

2B 19 11 

67 184 

138 

SL Louis 

28 26 7 

63 

IBS 

186 

Ptaenh 

27 28 4 

58 169 

180 

Chicago 

24 28 8 

56 

159 

158 

Toronto 

22 36 2 

46 

175 

215 

mancDcnaoN 




W L T 

Pts 

GF 

6A 

Cotarwto 

36 14 8 

80 

198 

135 

Edmonton 

29 25 6 

64 

189 

174 

Itancoavsr 

27 29 2 

56 

191 

198 

Qdgny 

34 29 7 

55 

160 

174 

Anotretoi 

33 X 6 

52 

767 

180 

San Jose 

Zl 32 6 

48 

152 

198 

Las Angles 

20 33 8 

48 159 

206 


r* S 


PbBadelpbfa 2 0 0-2 

Tampa Bay 3 11-5 

M Parted: T-Umgkow 11 (Houidet 
Bun) (pp). 2, P-Undns 19 (Rsnhera 
LeCkdtf X T-Gcntftn 19 (Anderenn, 
Houldart 4T-» CkrnreR23 (Bun Longkow) 
i p-BiintfAmour 19 (Coftey, NBntmacO tatf- 
Seem* Period: T-Homrtk 9 (Gratton, 
Zoraurar) TtM Period: T- Wiemer 5 CTomd 


(an). Shots m goal: P- 59-15-30. T- 16-15- 
9—40. Power-ptay OppartunHes— P- 1 at 5s 
T-1 ots. GaStese P-HeataB2M M 09 state- 
35 saves]. Tampa Bay, Tabaraod 15-226 
00-28). 

Hew Jersey 10 1 0-2 

Florida 1I1M 

nm Period: NJ-rRheaume 1 (MacLsan, 
Shapsan] Z F-RJUadenooyer 9 (G ai penta v, 
Guskrfsson) Secoad Period: None. Third 
Parted: F-Undsay 11 (Htegendd) 4 New 
Jmsay, Dawyko 2 (Thomas, Guerin) 
OmllnKc None. PamdHes— Norm. Shots an 
goafc NJ_- 54-10-4—25. F- 8-10-5-4—27- 
Pmmrptoy Opporhmfltes— NJ.- 0 of Z F- 0 
Of Z Codies: NJ.-Bradeur 2511-11 (27 
sbatS-25 saves). F-RbpaMck 556 (26-24). 
MM 8 0 3-3 

CNcogo 2 12-5 

first Parted: CSaSer 7 (OieAn, Data) 
(pp).Z CrWWmldi 7, SecMd Pato± C-Block 
11 (Stsmta) THrd Period: B-Doooto 21 

(Bouiqwv Oates) & B-Kennedy 6 (DIMalol 

Uhl.fi.C- Amonte 32 (Zhcmnov) 7, B-TOcdiat 
16 CBaaigate' Donato) (ppL & CeSulter 5 
(Prabart Stianti) Steals an gnat B- 14-11- 
12-37. - <- • 8-6-8-22. Powapptay 
Opportantttes-4-1 ot6f C-l oKCaaBreB- 
Ronton) 11-15-6 (22 shats-17 saresf. C-, 
Hodtelt 11-12-1 (37-34). 

ohm in h 

SL Loots 0 10 5-1 

Fftit PcrkMfc None. Penalty— Prangs. Stt. 
OitoteattCUng) Second Parts* SJL- 
Onpbal 21 (Manaaiv Canray) Third 
Period: O-Bank 4 (Chonke. Doctnaae) 
Overtim e- None. Shots an gmfc O- 6-6-13- 
2-27. 51, 8-6-9-3—26. Power-play 

OpporturtHes— O-0of2;SJ^0af4.GaaNit: 
O-Rhndes 1 4-19-1 3 C6 shots-25 KweaL S.L- 
,Fohr 26-157 £27-26). 

VmcDaver 2 1 3-6 

Sm Jose 0 6 1—1 

Ftest Period: V-Unden 6 (Hertanv 
Joseph) (pr). Z V-Gebus IB (MagBny. 
Lurame) Secoad Period: V-Courtnd 8 
(RkSay, Ttekanen) (ppX Third Pitted: V- 
Motfbir 25 (BabyUi) & San Ja» Granalo 17 
(Nkholls. Ragnareson) (ppX 6, V-> Buie 23 
CSBfeigw) 7, V-Mogflny 26 (Gtfna& Uodfin) 
(pp). PenaWes— HerScan, Von 
Oaterierence); Fricsen, SJ, mo)or-uame 
irrisaondua (stosUig) Sbols an gsab V-5-1 1- 
9-29. S-L- 158-7— 2a Powerploy 
Opportutettes-V-aorS; SJv 1 of 5. Goaias: 
V-HhSCh 10-14-1 (20 state-27 saves). SJ.-, 


Flaherty 0-3-0 (29-23). 

Aouteshn 0 1 6-1 

Los Angeles 6 2 1-3 

first Period: None. Sacred Period: A- Volk 
7 (Selanne, ManhaD Z LA. -Shew Her 2 
(R-Vapat, Ofezyfc) 1 LA.-, R. Vopat 1 
(Tenon Barg) TNbd Period: LA.-Sheva0er 
3 (Olczyk. Bera) Shots oagsab A- 5 146-25 
LA.- 11-157-28, Power-ploy 
OpporlunMes-nA- 0 of te LA.- 0 of 6. GWdtas: 
A-Hehort 19-22-6 08 stat*25 saves). Las 
Angeles Ffcet 9-22-5 (28-271. 


SKIING 


World Cup 


hews super g 

M GARHSCHmNTENKnCHBl, OBUIANV 
1, Luc Atehand, Prana 1:1522; Z Hermaai 
Mater) Aurirks 1:1587:1 Werner Pettdhoneo 
Daly, lilSJWc A Ed PodMnsky Canada, 
1:155ft & Andre Ktotfl Aamodt Naramy, 
1 :1597i6,- arum. Ksmen, Swttterimd. 1:1$5ft 
7, Pater Runggaldteo Holy, 1:1 6.1 4r & Damn 
RoMues. U^, 1:16.16:9. Joref Strata Austria 
1:142ft Id AlteStaimW, Norway. 1:1422 



1 Jteot Madrid 5 ft Z Bacetana 5ft a Real 
Beds 47) 4 Deporttvo Coruna 44; 5, RealSo- 
dedad 44; ft Altottco Madrid 4ft 
7, Ateieflc Btlhaozft ft Radtag Sankmter37) 
% VtoDodoOd 37) )ft Tewflto 3ft )), VUefxte 
33: U, Celte Vigo 3ft 1% Oviedo 29; 1ft Qhiv- 
posteki 2ft 15, Raya VMtecano 27; 1ft Es- 
panyol 2ft 17,Sporflng GftmZft lftZnragaai 
2S 19, Lngranes 2 ft 2ft Sevdta 21; 21, Es- 
trerooduro 2ft 22. Heicates 19. 


TRANSITIONS 


■ AMteMft 

■AJM LEAGUE BMOULL 
4IO I Ilf Oil LEAGUE 

ANAHEIM -Named Zeke ZUiunennan and 


Joe Vino coaches tar Boise Hawfcft NL 
newyorkyankees— A greed to terms with 
Joe Tone, manager; on tawyearcontrad «- 
tenston through 1999. 

seatile -A greed to terns wdh rhp Den- 
nis Marlins on mtmr-teague cantnxl 
Texas -Apead to terms wdh of Lonefl 
Roberts an one-year amtracL 

NATNMAL LEAGUE 

aHQHNAn Agreed to terms with RHP 
Scott Service and LHP Mike RemSnger an 
one-year cnnteiciB. 

los angeles dodgem— A greed to terms 
with IN F Joan Castro and C Herey Blanco on 
one-y a w c o mmas. 

Philadelphia —Agreed to terms with OF 
Drrany Tortobull on om-yoor contiw± 
san nuNasca -Agreed to terms wm of 
B ony Bands an heo-yeur mntrud extension 
through 2000. 

ItfOlMU 

NAHONAL BASKETBALL ASSOCIAnOM 
chakotte —Traded G-F Scott BurreS to 
GcMen Stale Wanton tor F Daredd RayaL 
Traded G Anthony GaUwM and C George 
ZHek to the Denver Nuggets tar G Ricky 
Pten*.- 

uomana— T raded G Vincent Askew and F 
Eddte Johnson and second-raand ifenfr picks 
to 1997 aid 1 998 to toe Denver Nuggais tor F 
LaSalle Thompson and G Marti Jackson. 
Traded G Jerome Allen to Denver Nuggets for 
F Darrin Ham. 

LOS ANG8IJES LOXEK-Acquhed F George 
McQoud fraro New Jersey Mix tor C Joe 
Ktekm a 1997 flrsfinund draft pick trad eon- 
dBtoaaf second-round pick. 

hew jersey — P utCYInfca Dr« hijurad 
BsLRe-skpuidF Jock Haley tor remainder o( 
the season. 

phoenix -Named Frank Johnson asste- 
tomoaadv 

sm ANRMao — Signed F Jande Fefcfc fbr 
remainder of season. 

TnaoNTO -Traded C Acte Enri to MSwou- 
kee Bucks tor G Shawn Respert. 

Vancouver— S igned F Aaron Wnians tor 
mmiHnder of swsan and C Eric Lecknerto 
second llHiaycontnxl 
waswhcton — Stored G Gaytan Nkter- 
son. Named Quick Douglasrflncterofptoyer 
penonneL 

POOTMU 

MI TWM1I PtflTBU ■ LFilMI C 

Buffalo —Signed WR Jimmy cunntog- 
tmm to two-year contract 


CAR0UNA -signed LB Mkheal Barrow. 
Released S Brett Made. 

green Mv-Skpied QB Daug Pedenon to 
Two-year amtracL 

new England -Signed RB Derrick Cut- 
lore, LB Chad Reeves and DE Josh Taves. G 
Manndn BMm, G Tam Clara. WR Larry 
Ryans trad TC Mike Warren. 

Oakland -Named Ken Kerocfc personnel 
executive. 


The Week Ahead 


Mohpay, Feb. 24 

tennis, MBan — Marts Indoor 
tournament (through March 2); 
PMIaiMtohia — Men's Indoor tournament 
<MrougliMaKft2). 

■OOO H, Kuala Lumpur— DunM Cup 
toumaraent Zlmtabwe vs. Bosnia, Vlernani 
vs. Indonesia. 

Tuesday, Feb. 25 


, Kuala Lumpur— Dunhttl Cup 
toumamaid:5b)gaporew: Fttdand Mreayskr 
vs-CMna. 

uuuui, Soneftk South Africa — 
Transvaal Invttattan XI vs. AushatoL 

Wednesday Feb. 26 


l Kutdo Lumpur — DunhS Ctm 
tournament: todoneski vs. Bosnia Vtetnom 
vs. znntMBwe; Various shes— Intemattanal 
friendDoK Franca vs. Nettwrtandb Israel vs. 
Germany. 

cmcmri; Nimlsr — Now Zealand vs. 
England, third ontedayraalch (daytolgM). 

Thursday, Feb. 27 

AntLEncs, Aflania, Georgia — 

tadomdMmptaaaNpa. 

aoLU Dubai— Dutml Desert Oosslc 
(through March 2); Pocfflc PaUsndes, 
Cofltomia — Nissan Open (through March 
2 ). 

buohumi, Rosenau-WImflschgareteiv 
Austria — European championships 
(through March 2). 

Friday, Feb. 28 

Aipnosima, HoktdKvJapan — 
World Cup women's downtiors Ohraugh 
Match 1). 


nauMSKATWO, Hamilton. Canada — 
Champions' Series finals (through March 2). 

■oxiisa, Atlantic CHy. Now Jcncy — 
Midrfleweighl flght: Sugar Ray Leonard 
UJ.SJ vs. Hector Comocho (Puerto Rico). 

caucEKT, Johannesburg — South AMca 
vs. Austrada fifsl lest (through March 4); 
Kingston —Jamaica vs. Intfio (mrough 
March 3). 

prebsyyix MUilM, Meiringeru 
Switzertand — World Cup event (III rough 
March 2). 

rikiay union, Palmerston North, New 
Zealand — Super 12 tournament: Weangtan 
vs. Waftato. 

soccer, Kuala Lumpur— DunhS Cup 
seni HI note 

Saturday, Maw. 1 

ALPwacaxuNO. Kvflf|efl,Nonwy— 
Wortd Ow men's ttoemhlB/supar G (Htrough 
March 2). 

cmcsoet, Auckland— New Zealand vs. 
England, feurth one-day match. 

aoLft Kogoshbna — Japan 
Champtorship. World Championship of GaH i 
' "(thnnrati Morch 7). _ ' 

MIOBV IHHOH, Various sfles — Ftva 
Naltens OiamptansMp: Engtand vs. Ftanas 
Sadi and vs. Ireland; vtntous sties — Super 
IZtouriKiTient Queensland vs. Ausdtdton 
Capital Tenflory, Northern Transvaal vs. 
AuckkEKL 

tw hi , various sites— Fed Cup 
womens team (hamptonshliav tost round 
Ohrough Match 2): Netherlands vs. United 
States. Germany vs. Czech RepubBc Jmwn 
vs. Ftnncft Belgium vs. Spain, Doalta vs. 
Austria, Stowdda vs. Swttzeitanft South 
Korea vs. Argendna. South Attica vs. 
AirtTra&a. 

CTCuwa, Ghent Betghm — H»Vo» 
race. 

Boccai, Hanaro — world Cup 
guafflytng: Sotoraon tetands vs. Tanga. 

Sunday, Mar. 2 

cmscksi; TBA — New Zealand A vs. Sri 
Lanka (toraugh March 4). 

soccer, various sites — wand Cup 
quaflfytoa: Medea vs. Canada. Jamaica vs. 
United Slates. Thafland vs. south Kaiea- 
RRSmruMOM, Btoemtotorta South Aftfexi 
— Super 12 toumrenem: Free Slate vs. 
Transvaal 


DENNIS THE MENACE 


* 



*1 HASH YOU WERE Ifr SRfflMBR,JbEY. Eh TUtED 
OF SBNG OmSJMg&ZjP ATT" HOME I® 



s 



cm Uir n «cfi aeon, w toe 
taswrawy. 


STUMY 

L, 

1 

□3= 

tn 


GUB0S 

L, 

Tr 

tn 

PATTCO 

L_ 

TE 

tn 





TO 

[rtBBm ettrpi the! 

hea wsupseqh. 

ta. tCTy w*toNM» 

wtoMpw rawE* * 
OWWdDyswdw»vai»- 

mot orover tare; aQX.XXD 
(AnwenMndto) 

CHEEK POPPY W#mw UABKW 
«wr iiciaigBwwi*g«iwitahw- 
YOttHP 


rrm 


Arts & AYnQUES 

Appears ever)' Saturday. 

To odvwtise contort 

Kimbcdy GueiTatid'Betraocourt 

TcL: + 33 ( 0 ) 1 41 43 9476 
Fax: + 33 ( 0)1 41 43 93 ,W 
or your ocarrst IHTT office 
or representMjvft. 


PEANUTS 


I REALLY NEEDED IT.. 
A GOOD PLAYER NEEDS 


MAWE ITU, EVEN IMPROVE 
VOOR “WON-LOST A6AIW' 
AVERAGE.. 



CALVIN AND HOBBES 



NON SEQUITUR DOONESBURY 












„ PAGE 2! 
PAGE 18 



INTERNA 


TIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. FEBRUARY L§J*T . 


INTERNATIONAL HERALD TRIRI INF_ . 


PAGE 20 


DAVE BARRY 


The Midlife Convertible 


M IAMI — Igoi a convertible. Now 
I know what you’re going to say. 
Y ou’re going to say: ' 'Dave, you pathet- 
ic fool, you re 49 and you’re having a 
midlife crisis. Trade that thing in im- 
mediately and get a car more suitable for 
a person your age, such as a 1910 Hup- 
mobile with air bags.” 

No. dam it! I LO VE m y convertible! 
I've ALWAYS WANTED a convertible! 
For 33 years I’ve been driving boring 
curs, starting with my mom's Plymouth 
Valiant, which was a Ferrari compared 
with my dad’s car, a Nash Metropolitan 
powered by a motor the same size as the 
one found inside Tickle Me Elmo. I am a 
member of the small, select group of 
automotive losers who purchased both a 
Ford Maverick AND a Chevrolet Vega 
— cars manufactured when the motto of 
the U.S. auto industry was: “We’re 
Working Hard To Make You Buy An 
Import." 


□ 


For the past seven years I've driven a 
practical, box-shaped car. The auto in- 
dustry calls it a “sport utility vehicle." 
which suggests that ir's sporty; this 
concept is reinforced by TV commer- 
cials showing such vehicles racing up 
mountainsides, splashing across rivers, 
winning the Olympic pole vault, etc. 

In fact, this vehicle is a station wagon. 
Admit it. sport-utility-vehide owners! 
It’s shaped a little differently, but it's a 
station wagon! And you do not drive it 
across rivers! You drive it across the 
Wal-Mart parking lot! 

When I went to trade in my sport 
utility vehicle. I was going to buy an- 
other practical car I truly was. But I ran 
into a salesperson named Jeiry. Jerry’s 
former profession was — really — 
powerboat racer. Currently, in addition 
to selling cars, he is co-producing a 
kick-boxing movie. So in terms of ma- 
ture practicality. Jerry is not Mr. Both 
Feet On The Ground. I think that, if he 
could have, he would have sold me an F- 
16. f'Dave, if you're willing to do 
business today, we’re going to throw in 
the floor mats AND the heat-seeking 


missile package.") But I was firm, and 
In the end we compromised on him 
selling me a sporty used convertible 
with a five-speed stick-shift transmis- 
sion. 

Immediately after I bought the car, I 
put the top (town and took my wife, 
Michelle, and my son. Rob, for a ride. 
They both wanted to know why any- 
body would want a stick shift, seeing as 
how you have to spend a lot of time 
shifting it. “Well," I explained, in my 
Knowledgeable Guy voice, “it’s ac- 
tually very practical, because by de- 
pressing the clutch you can more pre- 
cisely control how fust the rpms go 
through the carburetor, which produces 
your ignition.” 

The actual truth, of course, is that a 
stick shift makes you feel like a major 
automotive stud. You crank up the song 
“Little Deuce Coupe" by the Beach 
Boys, and when they sing, “I get pushed 
out of shape, and it's hard to steer, when 
I get rubber in all four gears." you sing 
along at the top of your lungs as you 
push" the clutch in, put the car in gear, 
ease out the clutch and — Kiss my 
exhaust pipe, amoma tic-transmission 
weenies! — you back out of your space 
in the Wal-Mart parking lot. 

□ 


Michael Jackson Donates 
Pet Elephant to Florida Zoo 


The Associated Press 

JACKSONVILLE, Florida — Mi- 
chael Jackson apparently doesn't want 
two hungry mouths to feed, so he sent 
his per pachyderm packing. 

Three days after Jackson's first child 
was bom, he shipped his African ele- 
phant. Ali, to the Jacksonville Zoolo- 
gical Gardens. The 4,500-pound (2,045- 
kilogram) male elephant arrived by truck 
after a four-day ride from Jackson's 
Neverland Zoo near Los Angeles. 

"We’re really excited,” a zoo 
spokeswoman, Doreen Sabina, said. 


One thing I’m a little concerned about 
is bullets. 1 live in Miami, where it is 
customary to celebrate certain special 
events (such as nightfall) by firing guns 
into the air when the bullets come 
down, they sometimes injure people. 
It’s such a problem that The Miami 
Herald recently primed a letter to the 
editor, which I swear I am not making 
up. from a Miami man who suggested 
— and I don’t think he was joking — 
that we would have a safer community if 
people would do what he does; namely, 
shoot at the ground. Here is an actual 
quote from this man’s letter ‘ ’There are 
enough bullets in my yard to throw off a 
Boeing 747 's compass, but they are all 
buried where they were fired, not to 
come down miles away." 

Unfortunately, many Miami resi- 
dents are not as thoughtful as this man. 
So for me, the fun of driving a con- 
vertible is dampened by the nagging 
concern that maybe I should be wearing 
a steel hat. 

Another concern 1 have is that Rob, 
who has a driver’s license despite being 
only 16. which from my perspective is 
die same as being a fetus, wants to drive 
my car. I figured learning the stick shift 
would slow him down; 1 know it took 
me a while. But Rob picked it right up. 
The second try, vroom, he was off. So of 
course he wants to use the convertible. 

My feeling is, sure! He can use it 
whenever he wants! The only condition 
is that first he has to drive for 33 years. 
Until then, he gets the Hupmobile. 

© 1997 The Miami Herald 

Distributed by Tribune Media Services Inc. 


An Uzbek Virtuoso, Reborn in the U.S.A. 


By Celia W. Dugger 

New York Tunes Service 


N EW YORK — Dyas Malayev ’s 
leap from stardom to obscurity 
makes his an extraordinary tale of the 
immigrant experience. 

In Uzbekistan, he was a beloved 
musician and vaudevillian with the 
tragicomic face of a clown. He once 
performed in stadiums packed with 
tens of thousands of fans, but in 
Queens, he seems to be just another 
aging refugee scraping by on welfare. 

One recent afternoon, however, it 
was like old times in Tashkent- He bad 
gone to a small Uzbek cafe in the Kew 
Gardens section of Queens that was 
redolent of fresh bread, cumin seed and 
dill, to be interviewed by an Uzbek 
television reporter for the government- 
run station back home. From bis table, 
Malayev held court among his coun- 
trymen. He kissed ladies' hands, poured 
teacups of cognac all around and gra- 
ciously accepted cigarettes from ad- 
miring strangers, his gold teeth glint- 
ing. 

“Of course, who does pot know 
Malayev?" said Pisar Kazakov, a tail- 
or at the next table. 

It was three years ago that Malayev 
immigrated to Queens, along with 
thousands of other Jewish refugees 
who arrived here after the breakup of 
the Soviet Union. He had watched as 
the world of his ancestors — the 
Bukharan Jews, who have lived in 
Central Asia for more than a millen- 
nium — was relocating to Tel Aviv 
and Queens. The Israeli government 
estimates that more than half the 
120,000 Jews — both Bukharan and 
Ashkenazi — in Uzbekistan at the end 
of the 1980s moved to Israel, while a 
fifth moved to the United States. 

But Malayev said die real reason be 
gave up his celebrity and livelihood was 
to chase the dream of publishing his 
poetry in America. Though he had won 
fame as a salaried entertainer in the 
Soviet system, he had been unable to get 
his poetty into print — perhaps because 
of anti-Semitism, as he believes, or the 
ossified Soviet cultural bureaucracy, as 
some scholars suggest. 

Only now is his mastery of Central 
Asia’s classical music and poetry be- 
ginning to gain a wider audience here. 
Last month, the Shanachie label re- 
leased “At the Bazaar of Love," a 
compact disk by the Dyas Malayev 
Ensemble. And last month, Indiana 
University Press published a book, 
“The Hundred Thousand Fools of 
God: Musical Travels in Central Asia 
(and Queens, New Yotk)*’ by 
Theodore Levin, which includes a 
knowing, affectionate portrait of him. 

This Sunday, Malayev and Ins 
group are to perform at Lincoln Center 
in a concert produced by the Queens 
Council on the Arts. Dressed in a mid- 





SW Ovn.'IV V» "hirt; Tokp 

Ilyas Malayev receiving a bouquet at a 60tb birthday tribute in Queens; more than 1*300 people attended. 


night-blue velvet robe edged with gold 
appliqu£. he will play the tar, a lute 
with a body in the shape of a figure 8, 
and sing folk melodies and songs from 


the sbash maqam, the classical music 
ra. Music 


of Bukhara. Musicologists say he per- 
forms with the skill and passion of a 
true virtuoso. 

“He’s one of maybe half a dozen 
people in the world who has such a 
deep knowledge of the shash maqam," 
said Walter Z. Feldman, a lecturer in 
Turkish studies at the University of 
Pennsylvania. “What Malayev knows 
almost nobody knows." 

Malayev, who is 61, and his wife, 
Muhabbat Shamayeva, who is 52 and 
who was a famous popular singer, will 
both perform at Lincoln Center. 

Malayev spoke with endearing 
braggadocio about the throngs of farts 
who used to laugh at his jokes and 
sway to his music. He proudly ex- 
plained through a translator, in Rus- 
sian, that Sharaf Rashidov, first sec- 
retary of the Communist Party of 
Uzbekistan from 1959 to 1983, was 
“my biggest fan.” 

Malayev ’s life has been full of para- 
doxes: He was a Jewish star in a Soviet 
system notorious for its anti-Semit- 
ism; be is a 20th-century Jewish poet 
who mastered an Islamic poetic tra- 
dition that had its greatest flowering in 
the 15th century. 


As a refugee in the United States, 
who was admitted under a legal pro- 
vision that presumes Jews from the 
former Soviet Union to be a persecuted 
religious minority, he performs at re- 
ceptions and ceremonial events for the 
Uzbek Embassy. He entertained Pres- 
ident Islam Karimov when he visited 
Washington recently. 

Historically. Bukharan Jews were 
court musicians to Muslim emirs, said 
Theodore Levin, the author, who is an 
assistant professor of music at Dart- 
mouth. “That is a role Hyas has fill- 
filled in this country." be said. “He’s 
transplanted hims elf as the Jewish 
court musician to the Muslim political 
establishment. The Uzbekistan Em- 
bassy wants to throw a party, they call 
Dyas." 

Nonetheless, Malayev said be had 
felt the sting of discrimination in his 
homeland because he was a member of 
a tiny minority of Jews in a Muslim 
society. “I wrote poetry for years and 
it was never known because the people 
who had the power to publish it put up 
iron gates,” he said. 

His religion may well have been a 
factor, but Feldman, who teaches Turk- 
ish studies, said it was also possible 
that the Soviet cultural bureaucracy 
regarded Malayev ’s lyrical love poems 
written in the classical style as "silly, 
old-fashioned and reactionary.’ ’ 


Malayev arrived rin the United 
States convinced that he would finally . 
be published. But while he was well 
known here within his ethnic enclave 
(more than 1 300 people attended his 
60th birthday party), he found no pub- 
lishing patron. 

“For a person bom in a totalitarian 
system to come to a capitalistic world 
and adapt is very difficult," he said. “I 
thought I .would come here and a 
Bukharan millionaire would offer to 
pay to publish my poetry. Unfortu- 
nately, my expectations blew up like a 
soap bubble." 

Malayev finally published the book, 
“Milk and Sugar, ’ himselfL The po- 
etry is in Persian and Uzbek. With a 
loan from the Bukharan Jewish Center 
in Queens, which he is still repaying, 
he had 1 ,000 copies printed. 

..“My purpose in life was to leave 
something that will be remembered for 
decades or oratories, ” he said. * T have 
done that in the United States by pub- 
lishing my book." 

. After hours of talk, Malayev > wife 
put on some videos of each of them 
performing solos with an orchestra; in 
Tashkent, (hi one, he played “My Fa- 
vorite Things," from “The Sound of 
Music," on the si tar. Malayev ’s man- 
ager, Svetlana Levitin, leaned over and 
whispered, “It’s the first time in history 
this song was played on die si tar:” 




two-month 


% 


trial 


subscription. 




.£25% — * > -— 




r m 




w 




Save up to 60 


fhe World's Daily 
and economics, 
all from an 


international 


rational perspective. 

Take advantage of this limited opportunity to try the International Herald Tribune 
with a low cost, 2-month trial subscription and enjoy delivery to your home or office 
every morning. 


COUNTW/OSR6NCY 



2 MONTHS 
NEWSSTAND 
PBCE 

2 MONTHS 
OflW 

price 

DISCOUNT 

OFF 

COVER PRJCE 

AUSTHA 

ATS 

1.AS6 

650 

55% 

BEGUM 

BEF 

3,380 

1,330 

60% 

DENMARK 

0KK 

790 

360 

5£b 

FINLAND 

RM 

624 

310 

50% 

FRANCE 

FF 

530 

2)0 

60% 

GERMANY* 

DEM 

>82 

72 

60% 

GREAT BWIAN 

£ 

47 

22 

53% 

GREECE 

Dft 

18.200 

9.100 

50% 

saw 

«£ 

52 

26 

50% 

ITALY 

m 

<45,600 

584)00 

60% 

LUXEMBOURG 


3,3900 

i^sa 

40% 

NETWRLANOS 

NIG 

19S 

78 

60% 

NORWAY 

NOK 

832 

390 

53% 

FORTUGAL 

ESC 

11.960 

3.000 

58% 

5WUN 

PIAS 

11700 

5400 

57% 

SWEDEN 

SEK 

832 

350 

58% 

SWITZERLAND 

C» 

>66 

66 

60% 

ELSEWHERE 

5 

- 

50 

- 

‘ fu infaiiHCfion comnuMlmt m m 

Cwny sr 01 3»M BS & w ten (SXW) W12 (H 

or Ganaoi oMa cd roH frc BTT I 
» 1 


tie, / would fit* to stan rmcmvmg the tnterTKAaoal Hardd Tribune. 22-2-97 

□ My dwelt it andoiad (paycUe to rfmiHT) 

□ charge^ 

□ AnMK □ Onflrt Cki n VISA C2 Access □MariarCavl □ Eurocurd 
Credit card charges wifl be made in French FnncsttcuiBilfohi 

Card Na . _ Pvp Da*#: 


Signature. 


For butincss. anfcn, inctcate yoor VAT No:. 


PHT W IU« FR74732Q21126) 


Mr/Mn/Ms. fiamfy Ncrrw:. 

First Nam&, ___ 


Job life. 


Mn&ngAddnav. 


Gty/Goda:. 
Country: 


HomaUNo:. 


JumkoWNk. 


E-Mal AdcfroK. 


IgateaspyoJfteW at □ Irak □ hotel O oafina □ ofar 
D Idonof to raoatvp in t arma fo n fcora olhcraspafoBy tat»»W laynpc nir a; 
Ma$ or fax to: tmemalkinai Herdd Tribune 
rflJ.owmw Grade* deGaufe, 92521 Nou&yCedos, franca , 
fine +3314143 92 10 

QRCAU.+33 1 4143 9 361 

In Ada: **33 2922 1 1 88. In lf»* US fteJt-frwJ: 7-800*83-2884. 
rwMaubKrtereonJy. HA2M 


PEOPLE 


T HE French existentialist Jean-Pani 
Sartre was not particularly inter- 
ested in sex, according to letters written 
by Simone de Beauvoir and just pub- 
lished in France. Beauvoir wrote the 
letters to her American lover, the author 
Nelson AJgren. “Sartre needs me. Out- 
side, he is very isolated, inside he is 
tormented, very troubled," she wrote. 
“I am his only genuine friend, the only 
one who truly understands him." In bed 
the story was not so rosy. “Sexually it 
wasn’t a perfect success,” she wrote. 
“Essentially because of him. He 
doesn't have a passion for sexuality." 
Beauvoir, who met AJgren in 1947 
when she was invited to speak at an 
American university, refers to herself in 
the correspondence as a “little lover- 
frog,” while her paramour is alternately 
her “crocodile/’ “darling husband- 
out-of-wedlock" or “sunny animal." 
The 304 letters in the volume, written 
from 1947 to 1964, also demil the in- 
tellectual life of Paris and elsewhere, 
discussing such people as Albert 
Camus, Arthur Koestler, Jean 
Cocteau and Truman Capote. A 
spokeswoman for Gallimarti, which 
published the letters in French, said that 
negotiations were underway for an edi- 
tion in their original English version. 

□ 

Elizabeth Taylor was recovering in 
a Los Angeles hospital Friday after a 
team of leading neurosurgeons success- 
fully removed a benign brain tumor 
from behind her left ear. “Everything 
went as planned'' dining the three-hour 
operation, said Ron Wise, spokesman 
for Cedars-Sinai Medical Center. The 
Hollywood legend, who turns 65 next 
week, is expected to recover fully. Her 
four children and several grandchildren 
were at the hospital during the surgery. 


former New York Knlcks star has been 
named vice chairman of JP. Morgan’s 
International Council. The council, es- 
tablished in 1967, is chaired by former 
Secretary of State George Schultz and 
consists of leaders in business and pub- 
lic life from 16 countries. 


□ 


□ 


Bill Bradley has 


ey has gone from Capitol 
Hill to Wall Street Tbs farmer three- 
term senator from New Jersey and 


Zsa Zsa Gabor is hotly denying a 
report that she is selling tbe Oscar won 
by her former bnsbazKlGeorgeSanders 
for his role in the 1950 movie “All 
About Eve.” “Tbe whole story’s ri- 
diculous," Gabor said from her Los 
Angeles home. “I would never sell it" 
Henry's Auction House in Germany has 
said u hopes to sell Sanders’ Oscar for 
about $5,000, along with thousands of 
dollars worth of Gabor’s jewelry, at a 
sale Feb. 28 and March 1. Gabor said 
she last saw Sanders’ Oscar about five 


□ 



Ralph Fiennes may be a leading man 
of the moment as well as a contender 
form Academy Award as best actor, but 
he is not exactly demanding star treat- 
ment in London, where he opened in 
Chekhov’s “Ivanov" at the Almeida 
Theatre. Fiennes, nominated for his role 
as the enigmatic, disfigured Count 
Laszlo Alraasy in “The English Pa- 
tient” has the title role in “Ivanov,” 
but he is working for the Equity min- 
imum of £200 a week, or about $320, the 
same salary as the rest of the cast And 
when the curtain fell, he did not take any 
solo bows. Actress Francesca Annls, 
with whom he is romantically involved, 
threw three red roses onto the stage, and 
he picked them up and presented them 
to His three female co-stars. 


□ 



v 

. . ’.S'’ 











,!/?*• 

* • li 


Ft 


f'. * smiW' 

SilfiP - 


>„■ 


'J- 


K 7 . • 

St-. . 

• 


s. 

. . i 


WaW j. 


Mlos < 


o\ 


s-:v 


Sew FmAvo/Rctfoi ' 


LESS OF HER — Alicia Machado of Venezuela, the current Miss 
Universe, telling the hosts of the “Live With Regis & Kathie Lee" show 
that she has lost 10 of the 20 pounds she gained after winning her title. 


or six. years ago and considered it lost 
“I’d like to know who sells it. I’d prob- 
ably buy ft." she said. Sanders, who 
committed suicide in 1972, received the 


best supporting actor Oscar seven years 
before bis divorce from Gabor. The 


Academy of Motion Picture Arts op- 
poses the sale of Oscars. It considers 


them the property of the recipients, their 
heirs or the Academy itself. 


IS}**.. 

• 

jS; f _ 

C W- 


fc£: : ' 


: 



«! r.-'- V 


For a time he sat alone in a holding 
area behind the stage. But these days. 
Bill Cosby seems to want to be sur- 
rounded by people, even strangers, as 
long as they’ll laugh with him. When a 
few folks wandered into his sanctuary 
q uite b y accident before a Kansas City 
charity performance, ibe iegendaiy per- 
former urged them to sit down, pose for 
pictures and. share jokes. Earlier, he had 
some private laughs with Hillary Rod- 
ham Clinton, who dropped by for the 
event Cosby brushed off questions ; i 
about how he is coping since his 27- ; 


i ;v 


V,,. 



auuui now ne is coping since his 27 - 

PRIMA BALLERINA Tbe Russian baUet legend Maya * 

befog greeted in Pragueby President Vaclav Havel and his wife, Dagmar. and 1 ^ 



l i