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INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


’The World’s Daily Newspaper 


** 


Paris, Saturday-Sunday, January 11-12, 1997 



No. 35.416 



en 




a 



For 'Gringo Food’ 

Big U.S. Brands Scent Profits 


By Glenn Collins 

NerTork Times Sender ' 


MINNEAPOLIS — - A thousand 
miles north of the U.S-Mexico bor- 
der, the full force of American science 
is being brought to bear on the humble 
tortilla, taco and refried bean. 

It was here m the spring, on the fifth 

floor of the Pillsbury Technology 
Center, that engineers found die an- 
swer to the taco-shell breakage prob- 
lem. (Use light-bulb corrugation to 
protect the brittle coin tacos.) 

It was here that an electron Anirm- 
scope was deployed to study the poro- 
sity of tortilla shells and “the op timal 
bean and how to get it,*' said Paul 
Thompson, the laboratory director. 

With such high-tech tods, some 
key acquisitions of traditional Mex- 
ican food companies and a lot of 
marketing talent, Pillsbury Inc. has 
taken just a few years to become die 
world’s biggest maker of Mexican 
fare, at least the reconstituted kind 
dial is aimed at the mainstream Amer- 
ican palate. Other names — Campbell 
Soup Co., Nestle SA, PepsiCo Inc. 
and Kraft Foods Inc. — have also 
recently become strong players in 
Mexican- style food, buying up some 
of the small, entrepreneurial compa- 
nies that were pioneers in the field and 
shouldering past die rest. 

Now, encouraged by the high profit 
the $1.6 billion market and by 


in 


intense competition, Pillsbury and the 
other behemoths are setting the table 
for still more patrons of what one 
industry trend spotter has dubbed 
“Gringo food." 

In the United Stales, they are reach- 


ing out with new sauces and other 
products and expensive advertising 
campaigns. In their boldest move yet, 
the food giants, armed with thrir ho- 
mogenized redpes, have begun to 
popularize '‘Mexican*’ cuisine 
around the globe. 

^There ts -a large worldwide op- 
_ r now for Gringo food," said 
> Messenger, editor of Food Pro- 
cessing, an industry publication based 
in Chicago, .who has championed die 
sobriquet “Whatever becomes pop- 
ular in the American culture forces 
itself on the rest of the wodd.” 

Campbell has already bad success 
selling the salsas of its Pace brand in 
Canada and has - enjoyed strong 
double-digit growth in Germany. 

Pfllsbury’s Old H Paso, the biggest 
label wito. sales last year of $353 
million; is doing well in Germany and 
in Britain, too. The brand is even 
finding customers in Latin America, 
where it is perceived as "Mexican- 
American food," said Paul Walsh, 
chief executive of Pillsbury, a sub- 
sidiary of London-based Grand Met- 
ropolitan PLC. . 

In short, though toe first big burst 
of toe Mexican market appears to be 
over, Piilsbnry and toe others are de- 
termined to posh Mexican-style food 
to toe next level. 

“Muscle is going to move toe 
Mexican category, and for toe next 5 
to 10 years, it will belike one of those 
World Wrestling Federation events," 
Mr. Messenger said. 

"The giants have arrived in toe 
valley, and when toe big fellows start 

: See GRINGOS, OPage 4 



Wii I V'r** Krua.t-IYi-F- 

An injured supporter of the Bulgarian opposition shouting slogans Friday after a brawl with police in Sofia, 

Bulgarian Parliament Is Smashed Up 


CvrpCedbyOi* Sa^Fmn DapoKhn 

SOFIA — Riot engulfed toe Bul- 
garian Parliament on Friday as anti- 
government protesters stormed the 
building In a rampage aimed at forcing 
former Communists from power. 

Dozens of demonstrators forced their 
way into toe building. The police fought 
them back, spraying them with tear gas 
and water and barricading toe corridors 
with tables and chairs. 

About 50.000 people were massed 


outside, blowing whistles and burning 
red flags and effigies representing the 
ruling Socialist Party. Inside the building, 
legislators put off holding an extraordin- 
ary debate on an opposition-sponsored 
“salvation declaration'' that would lead 
to early parliamentary elections. 

Friday's confrontation was the most 
serious in a series , of recent demon- 
strations toot have seen the protesters 
calling for the Socialists, tire former 
Communists, to step down. Inspired in 


part by the daily demonstrations against 
President Slobodan Milosevic in neigh- 
boring Serbia, toe opposition, which 
easily won toe presidential election two 
months ago, says toe Socialists have lost 
public confidence. 

The protest in Sofia quickly turned 
violent 

“This is the anger of people who have 
nothing to lose." said Yordan Sokolov. 

See SOFI A, Page 4 


Tokyo Stock Plunge Just Won’t Quit 

10°/oDrop Over Week Endangers Banks and Challenges Government 


By Sheryl WuDunn 

New York Times Senna 


TOKYO — Seven years ago, when 
Japan's main stock market index hit its 
record high of 38,915.87 points, many 
people expected it woula. continue to 
soar. 

But Tokyo shares closed Friday at 
17.303.65, ending a week in which the 
index fell more than IP percent Many 
people now fear it will continue to 
sink. 

There is no more reason to think they 
are right this time, but the revolution in 
attitudes underscores the profound mal- 
aise in which Japan finds itself and toe 
enormous economic challenges it faces. 

Tbe 
Nikkei 


e abrupt toll in the 
?i 225 Stock Average threatens to 


political challenge fin tbe administration 
of Prime Munster Ryutaro Hashimoto- 
But the plunging market — it fell 4J26 
percent Friday — 1 also could give new 
impetus to the calls for sweeping changes 


’$ economy and government, 
j politician, toe economy is 
the No. 1 issue,” said John Neuffer of 
Mitsui Marine Research' Institute. Re- 
ferring to Mr. Hashimoto.he added: “He 
needs to say that we finally have to move 
aggressively an administrative reform 
and deregulation; otherwise the econ- 
omy will end up on the scrap heap.” 

- The prime minister, who is on a state 
visit to Southeast Asia until next week, 
has been unu s ually silent, prompting 
some to speculate that officials are try- 
ing to cobble together a plan to address 
toe plunge in stocks. 

“The cabinet will not ignore it, be- 
cause otherwise another round of polit- 
ical turmoil will develop quickly,” said 
Takashi Kiuchi of LTCB Research In- 
stitute. "What is missing is some secret 
trump card.” 

Butother investors are concerned that 
policymakers, actually have few tools 
available toretune toe economy. A tight 
budget has ruled out fiscal spending, 
and with toe official discount rate 


already at O^percent , toe Bank of Japan 
is hard-pressed to drop it any lower to 
restart the economy. 

Thai may explain the . market’s re- 
action Friday, when three top cabinet 
officials, including Finance Minister 
Hiroshi Mitsuzuka. one by one sought to 
calm the selling frenzy. After they 
spoke, the market plummeted further, 
spiraling down 5 percent before recov- 
ering slightly just before closing. 

The Nikkei 225 dropped 770.22 
points during a hectic session in which 
800 million shares changed hands, 
nearly double the turnover Thursday. 
That day 3.3 percent, after losing 5 
percent in tbe previous two days. 

Japan's market quagmire may have 
sobering lessons for America, as it sits 
perched atop record stock market levels: 
Tokyo, too, was awash in exuberance 
when its market peaked on Dec. 29, 
1 989, and many analysts then argued for 
a hod of reasons that stocks would 
continue to rise and that special factors 
explained toe historically high levels. 



l>»liifinni kiMiiiN-'VpiPi'lmi* r*lSr*v 

Floor traders on the Tokyo Stock Exchange giving order signals Friday. 


Now it is U.S. stocks that are defying 
gravity. While some analysis note dial 
there are many differences, the chairman 
of the Federal Reserve Board, Alan Green- 
span, drew the comparison last month, to 
remind Americans of toe evidence from 
Japan that stocks also can fall. 

“There are lessons id be learned." 


said Ronald Bevacqua of Merrill Lynch 
Japan Inc. “People are justifying the 
level of toe Dow io themselves. 1 don’t 
hear enough people saying that toe Dow 
is ioo high.” 

One of toe puzzling aspects of this 
See JAPAN. Page 10 


Yeltsin Told 
To Extend 
His Stay 
In Hospital 

No ‘ Breakthrough 
Doctor Says of Fight 
Against Pneumonia 

By Lee HocJcstader 

Washington Post Srrnrf 

MOSCOW — Adding to speculation 
that Boris Yeltsin's health is signif- 
icantly worse that the Kremlin has ac- 
knowledged. doctors said Friday that 
the Russian leader would be out of ac- 
tion recovering from pneumonia at least 
through the end of January. 

Mr. Yeltsin, 65, who has been pres- 
ident in name only since he was re- 
elected last July, was portrayed by his 
doctors as a stubborn patient who. fear- 
ing the damage to his image, refused to 
be hospitalized when he was first dia- 
gnosed with toe ailment Monday. At toe 
time, toe Kremlin said that toe president 
was suffering merely from a cold. 

Doctors said that Mr. Yeltsin, who 
finally entered toe hospital Wednesday, 
would stay there at least through toe 
weekend, though he is forbidden from 
receiving visitors. He is said to be suf- 
fering from viral pneumonia, which his 
doctors insist is unrelated to his pre- 
vious heart condition and toe quintuple 
bypass operation he underwent in 
November. 

"It is too early now to speak of any 
certain breakthrough” in his condition, 
said Dr. Sergei Mironov, Mr. Yeltsin’s 
personal physician. He added that while 
Mr. Yeltsin was breathing somewhat 
easier than he had been, there was no 
fixed date for his discharge from toe 
hospital. 

The Russian leader's illness and con- 
tinuing absence. coupled with the Krem- 
lin's repeated dissembling about his con- 
dition. has reinforced toe impression of a 
country lacking leadership and direc- 
tion. But many Russians have shrugged 
off Mr. Yeltsin's health problems, deem- 
ing them of little consequence to the 
rather dismal slate of the nation. Even 
FYime Minister Viktor Chernomyrdin. 
Mr. Yeltsin's No. 2. went on a scheduled 
vacation, evidently to reinforce toe im- 
pression of business as usual. 

Investors were similarly unworried, 
bidding stock prices to record levels 
Thursday and Friday despite the news of 
the president’s health. 

"Its very revealing that their pres- 
ence or ahsence has no impact on toe 
country’s life.” said Grigori Yavlinsky, 
head of a liberal faction in Parliament. 
“1 don't see any difference in Yeltsin 
staying in the Kremlin or at the Central 
Clinical Hospital.” 

After assuring Russians on Thursday 
that Mr. Yeltsin’s condition was stable 
and that a rapid recovery was expected. 
Kremlin doctors had a distinctly bleaker 
prognosis Friday. 

See YELTSIN, Page 4 


I 


The Ghost of Nazi Gold 
Returns to Haunt Lisbon 


By Maxiise Simons 

New York Tones Service 


'A LISBON — As World War D raged 
across Europe, Portugal sold tungsten 
and other goods to Nazi Germany, 
profiting handsomely from its neutral 
status in the conflict. The Nazis- paid 
with gold bullion looted from countries 
they conquered and, it is suspected, 
from victims of the Holocaust 

After toe Nazis lost the war, Portugal 
secretly sold off some of this gold to 
Indonesia, the Philippines and China. 

Those sales, disclosed for toe first 
time by a former senior minister who 
insisted on anonymity, were the final 
chapter in a story that has now come 
back to haunt Portugal's central bank 
and some of the Mimtty’s more prom- 
inent business families. 

Fifty years after the defeat of Nazi 
Germany, Europe has been stunned by a 
stream of revelations about Naa gold: 
who handled it, where it cam e from and 
who reaped financial rewards from gen- 
ocide. . . . . 

The issue initially arose in Switzer- 



land, where investigators are now ex- 
amining Swiss banks' financial trans- 
actions with the Nazis and toe fate of 
. Jewish wealth stolen in World War JX 

In recent months , toe focus has 
broadened to include Sweden, Spam 
and Portugal, where newspapers and 
- historians are raising a separate -set of 
questions about the role of local hank s 
in financing trade and collaborating 
with toe Nazi regime. 

At toe same time, toe Poles have 
ordered an investigation into toe miss- 
ing wealth of Poland’s victims. Tbe 
Netherlands, too, plans an inquiry to 
find out what happened to 75 tons of 
public and private gold, half of toe total 
plundered, which is still missing. 

The story of the Naas’ gold has 
struck a particular nerve in Lisbon be- 
cause^ after Switzerland, Portugal was 
the largest importer of toe gold. Tbe 
country was officially neutral during tbe 
war but its regime had strong Nazi sym- 
pathies. 

Like a dark, forgotten ghost, Lisbon’s 
See GOLD, Page 4 


AGENDA 


Fake IRA Alarms Disrupt Belfast 


BELFAST (NYT) — The over- 
whelmingly Roman Catholic Irish 
Republican Army's efforts to disrupt 
normal life and terrorize civilians 
continued in Belfast on Friday, the 
day after the outlawed guerrilla or- 
ganization declared formally that it 
would continue its campaign of vi- 
olence to end British sovereignty in 
toe predominantly Protestant Ulster. 

Traffic was snarled for hours io the 
afternoon as the police responded to a 
dozen apparently false bomb alerts 
issued by toe IRA. which used re- 
cognized code words in telephone 
calls, identifying the callers as IRA 
operatives, stating that blasts were 



Trib Index 


The DoHar 

H-Voitt. 


Down 
0 . 68 % 
14836 


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Z,xc. 


fit done piwtousdOM 


DM 


1.5859 


1.575 


Pound 


1-68 


1.688 


Yen 


116.125 


115.82 


FF 


5.3508 


5.3205 


about to take place. Protectively, the 
Royal Ulster Constabulary police 
taped off areas around the indicated 
cars and vans and destroyed them 
with controlled explosions that 
boomed across the city. 

One of toe suspect cars was near toe 
Europa Hotel, which claims to be the 
most often bombed hotel in the world, 
a favorite IRA target. It is in the heart 
of the city, a highly visible symbol of 
toe IRA’s ability to set on bombs 
when and where it chooses. The po- 
lice also closed off a street connecting 
Catholic and Protestant areas of West 
Belfast, fearing that it would be used 
by terrorists for sectarian attacks. 

THE AMERICAS Page 3. 

Gingrich's Broken Promise to Panel? 

ASIA/PACIFIC Paces. 

Seoul Mores to .Arrest Strike Leaders 

Books Page 4. 

Crossword Page 3. 

Opinion Page 6. 

Sports Pages 18-19. 


Intolerance in Indonesia 

In Mainly Muslim Country, Mob Outbreaks 
Are Taking On an Ethnic or Religious Edge 

stronger here.” Several outbreaks of 
mob violence in recent months in vari- 
ous parts of Indonesia quickly assumed 
an interreligious or interethnic edge. 

In such incidents. Muslims have of- 
ten been pined against minority Chris- 
tians. ethnic Chinese or toe police. 

The incidents have raised concerns 
that the delicate fabric of tolerance and 
unity in the world's fourth roost pop- 
ulous country, where hundreds of dif- 
ferent ethnic and tribal groups are 
spread over 1 3,000 islands, may be tear- 
ing apart. 

“What is happening to our nation, 
which has always taken pride in its 
pluralistic society.” The Jakarta Post 
asked in an editorial Saturday. "Com- 
pared with other religiously and eth- 
nically diverse countries, Indonesia can 
still be proud of its ability to foster 
harmony among its many diverse 
groups. But it would be wrong io dis- 
miss these riots as simply local incid- 
ents.” Some Indonesian social scienl- 

See INDONESIA, Page 4 


By Michael Richardson 

Iniematu'tal Herald Tribune 

MANADO, Indonesia — In a coun- 
try where official statistics show 
Muslims forming 85 percent of toe 200 
million population, a striking feature of 
toe buildings lining both sides of the 
road on the one-hour drive between 
Manadoand Birung, the two main towns 
of North Sulawesi' Province, is the pre- 
valence of churches and chapels. 

On many stretches of toe road, trav- 
elers can see a Christian place of worship 
every few hundred meters. By contrast, 
mosques are few and far between. 

For Harry Tilanga, a Protestant who 
works as an accountant but drives vis- 
itors around toe province on weekends 
to earn extra money, toe fact that Chris- 
tians account for an overwhelming ma- 
jority of the 2.5 million inhabitants of 
North Sulawesi is a source of comfort. 

"We get along all right with 
Muslims.” he said. "But given what 
has been happening elsewhere in In- 
donesia, we don't want Islam to get any 


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Germans Join British in 



a Chance to Say Wo’ to Euro 



The Associated Press' 

PARIS — Britons and a slim majority of Ger- 
mans would vote against joining a common Euro- 
pean currency if a referendum on toe issue were 
held now, a Europewide poll found Friday. 

■ The Gallup Poll found that French and Italian 
voters greatly, favored toe single currency, the 
euro, set to debut Jan. 1. 1999. 

Support for toe European Onion as a whole was 
very strong m Germany, France and Italy, while a 
slim majority in Britain supported membership. 


The poll showed that 44 percent of Germans 
would vote against the euro should a referendum 
be held, while 43 percent would support it and 1 1 
percent were undecided. 

In Britain, 56 percent of voters would oppose the 
single currency, with only 26 percent supporting it 
and toe rest undecided or abstaining, toe poll 
found. 

But 61 percent of toe French said they would 
support toe euro while 33 percent would vote 
against it. Seventy-one percent of Italians backed 


the single currency, the poll found, while 12 per- 
cent did not. 

The poll, published Friday in French. German, 
British and Italian newspapers and magazines, also 
showed that a large majority of voters in each 
country sought a referendum on the single cur- 
rency. 

But no referendum is planned in France or Italy, 
and Chancellor Helmut Kohl said Thursday that he 
opposed a vote in Germany. In Britain, both toe 
ruling Conservative Party and the opposition 


Labour Party have pledged to hold a referendum. 

Referendums on toe Maastricht treaty on eco- 
nomic and monetary union held four and five years 
ago in several EU countries were close, sending 
shudders through financial markets. In the French 
referendum held in September 1992, only 51 per- 
cent of voters backed toe treaty. 

The poll was based on interviews of between 
943 and 1 .006 people of voting age in each country 
during the first two weeks of December. No margin 
of error was given. 




* 

• _;,:t __ . 



Study Links Leukemia to Normandy Nuclear Waste Plant 


The Associated Press 

JOBOURG. France — Snow now shrouds the 
Normandy beach where, in summer, children frol- 
ic in the surf as their parents pry open and swallow 
oysters plucked fresh from die seaweed. 

It's an idyllic, but possibly deadly lifestyle, 
according to a study made public Friday sug- 
gesting that a nearby nuclear waste processing 
plant is to blame for an unusually high incidence 
of leukemia. The report, in the respected British 
Medical Journal, raises questions about how 
closely the French government keeps tabs on the 
La Hague nuclear waste center and the nation's 
more than 50 nuclear power plants. 

By playing on local beaches and earing local 
seafood, children living within 20 miles (.32 ki- 
lometers) of the plant are significantly more likely 
to develop leukemia, said Dr. Jean-Francois Viel of 
the University of Besancen. 


' ‘The risk is three times higher when you go to 
the beach" at least once a month. Dr. Viel, author 
of the study, said in an interview. ‘‘Eating Fish 
and shellfish also increases the risk." 

Researchers studied 2 1 9 children, including 27 
with leukemia, in the picturesque seaside hamlets 
around the sprawling plant, built into a bluff on 
the westernmost tip of Normandy. The center, 
one of the world's largest to process spent fuel, 
releases some discharge into the English Channel 
below, and smokestacks vent giant incinerators. 

Environment Minister Corinne Lepage said 
Friday that government scientists would check 
for abnormal levels of radioactivity in shellfish 
and in sediment near the plant. “We have to be 
careful and not panic." she said. 

In Jobourg — a village of weatherbeaten field- 
stone farm houses, 450 people and twice as many 
sheep — residents seemed incredulous. 


“All anyone is afraid of here is an accident, but 
that’s another thing.” said Jean-Marc Leliepault, 
who runs a local restaurant. *Tm not afraid. No 
one I know has cancer. 1 eat the seafood all the 
rime, and I’m fine,” 

Cogema, the state-owned company that op- 
erates the facility, denounced the study as “false 
and alarmist” and said numerous government 
agencies police the plant. 

Each month, scientists measure the amount of 
radioactivity in water, milk, fish and mollusks at 
820 checkpoints in the area. Cogema contends the 
results, posted and mailed to people’s homes, 
have always shown that the radioactivity emitted 
by the plant is a fraction of what exists in nature. 

“It’s scandalous to put state control in ques- 
tion," the La Hague plant director, Patrick Le- 
dermann. said in an interview. 

Mr. Ledermann said Dr. Viel’s study “found a 


small increase statistically.” but that “hundreds 
of zones' ’ in France have similar rates. 

Dr. Viel said he was neither pro- nor anti- 
nuclear, just “a scientist trying to do roy job." 

France’s nuclear industry, which provides the 
country with 80 percent of its power, has been 
criticized for lacking independent regulators. The 
Institute for Nuclear Protection ami Security, 
France's nuclear watchdog, is state-run. 

The La Hague plant is a cluster of block-shaped 
buildings painted in soft pastel colors but ringed 
with high chain-link fences and razor wire.Two 
other nuclear sites are nearby, including a power 
station and naval dockyards that stock fuel for 
submarines. That makes the nuclear industry the 
region’s No. 1 employer. 

“People are afraid of losing their jobs. They ’re 
afraid of reprisals if they talk jniblicly.” said 
Didier Anger, a Green Party politician. 


Turkey Turns Up the Heat 
Over Cyprus Missile Plan 


u "Ipt-.* tn Our Szjf Fft «i (tquM 

ANKARA — Turkey on Friday again 
threatened military action against the 
Greek-ruled part of Cyprus to stop it 
from deploying Russian missiles and 
said it might take over an abandoned 
tourist resort on the island if the Cypriot 
government did not back down. 

Foreign Minister Tansu Ciller said 
Turkey might knock out an anti -aircraft 
missile system that the Greek Cypriot 
government plans to install under a deal 
reached with Russia last weekend. 

“These offensive missiles will def- 
initely not be deployed." Mrs. Ciller 
said. “If they are deployed we will do 
what is needed. If that means they need 
to be hit. they will be hit." 

The Cypnot government, which in- 
sists the S-500 missiles are defensive, 
dismissed the warnings and said it 
would concentrate on a political solu- 
tion. adding that the missiles would not 
be delivered for at least 16 months. 

The Turkish Cypriot leader. Rauf 
Denktash. added to die war of words in 
Nicosia with a statement warning that 
he might move to integrate the aban- 
doned resort of Varosha into the Turkish 
sector of the island if the rocket plan was 


not scrapped. 

Varosha. once the island's top tourist 
resort and mostly owned by Greek Cyp- 
riots. has been under Turkish military 
control since 1974. when Turkey in- 
vaded Cyprus after a coup in Nicosia 
engineered by the military junta then 
ruling Greece. 

The U.S. State Department warned 
Turkey on Thursday to stop threatening 
military action if the Greek Cypriots 
went ahead with the missile deploy- 
ment. 

“It would be completely out of 
bounds for Turkey to take this action," 
said the department's spokesman. Nich- 
olas Bums. “There is no reason for the 
Turkish government to threaten any- 
body." 

Greece on Friday welcomed the U.S. 
warning and brushed off Ankara's 
threat to attack the missile system. 

Foreign Ministry officials said that 
Greece was determined to keep its com- 
posure in the face of whar they called * 'a 
cultivated climate of crisis." 

And at the United Nations. Secretary- 
General Kofi Annan expressed concern 
Friday over the mounting tension and 
called for restraint. t Reuters . AFP) 



France Jails : 
Islam Radicals 
For Killings 
In Marrakesh 


Bv Roger Cohen 

Va YrrCiiMf* Scr. 'tc _ 


WHO’LL STOP THE RAIN? — A boy in Alcala del Valle passing a pile of cars that were swept away in the 
Andalusian town when the Guadalporcun River was driven over its banks by heavy rains in southern Spain. 


PARIS —The firsi trial in* oh ing the 
growing radical Islamic movements n 
Prance ended Friday w itn senren-wS o.. 
up to eight years for member or a. 
network that attacked a now! m the. 
Moroccan town of Marrakesh- billing 
two Spanish tourists. 

Thekilling. on Aug. 2«, 994. was . 
part of a wave of attacks, including ine, 
Sesecrarion of a Jewish cemeten tn Cas- 
ablanca. that were intended to cesubtl-.. 
ize the monarchy of King Ha scan it and._ 
open the way for the establishment of a 
fundamentalist regime in Morocco. „ 

The trial, which began in Deeember^ 
has been widely watched in France be- 
cause it has illustrated how young 
Frenchmen of North African descent . 
living in drug- and crime-infested sub, 
urbs have proved susceptible to the ap- 
peal of Islam and a “holy w ar ” Other * 
such networks have been involved in a 
wave of terrorist attacks in France 
linked to the Algerian civil war. . 

The stiffest sentence was given Fri 7 , ■ 
day to Abdelilah Ziyad. a 38-year-old . 
Moroccan who admitted during the trial r 
that he organized the attack in the lobby t 
of the Atlas-Asni hotel and that he had 
been active in the recruitment and con?, 
version to radical Islam of young people 
in the suburbs of Paris and Orleans. 

Mr. Ziyad was sentenced to eight 
years in prison and banned from French 
territory for 10 years after he is freed. 
Another Moroccan, Mohammed Zined-. 
ine. who has not been captured, received- 
the same sentence. 

A 22-year-old Frenchman of Moroc?. 
can descent. Tank Falah. who took pan . 
in the attack in Marrakesh, was sen- 
tenced to five years’ imprisonment. The 
prosecution had requested 10 years, but. 
the judge appears to have taken the view 
that the young man was used by his, 
Moroccan masters. Two other young 
Frenchmen. Stephane Ait-Iddir and Re- - 
douane Hammadi. were captured h9 
Morocco after the attack and have been 
sentenced to death. 


Germans Criticize Ad for Scientology 


C< Our Sufft'nm C'iqvi. hn 

BONN — German political leaders 
on Friday criticized American celeb- 
rities who said in a newspaper adver- 
tisement that Germany was oppressing 
Scientologists in the same way that 
Hitler persecuted Jews. 

Editorial writers and a leading Ger- 
man Jew also denounced the signers of a 
letter primed as a full-page advertise- 
ment in the International Herald 
Tribune for comparing contemporary 
Germany to Nazi Germany. 

“Scientology is distorting history 
and harming the feelings of the victims 


of the Nazis when it equates the Holo- 
caust with its treatment in Germany." 
Foreign Minister Klaus Kinkel said. 

The ad. which appeared in the news- 
paper Thursday, was paid for by a Los 
Angeles entertainment lawyer. Bertram 
Fields, who also was one of ihe signers. 
He said he began looking into the issue 
after hearing about attempts by mem- 
bers of Chancellor Helmut Kohl's parly 
to organize a German boycott of last 
summer's movie “Mission Im- 
possible” because its star, Tom Cruise, 
is a Scientologist. 

The authorities contend that the 


3 Greeks Hunted in Drownings 


The Associated Press 

ATHENS — An international search 
is under way for three Greek merchant 
seamen believed to be linked to the 
alleged drowning of at least 280 Asian 
immigrants on Christmas Day. 

“Greek police and Interpol are trying 


\M CDVU/,’4 t&Wl'.g, 

Est. 1011 PARIS 
"the original" 

5, me Daunou, Paris (Opera) 
TeL: 0! 42.61.71.14 
MONTREUX: 
Moatreux Palace 


ro trace them." a Public Order Ministry 
spokesman said Friday. 

The pro-government Athens daily 
Ethnos identified the three men as 
MichaJis Fanourakis, AndonisSfakiana- 
kis and Eftychios Zervoudakis, alleged 
to be a drug dealer involved in smug- 
gling illegal immigrants in the past. 

The search was ordered after Yannis 
Provataris, a state prosecutor, filed 
murder charges against “all those re- 
sponsible" for the alleged drowning of 
the Sri Lankans, Pakistanis and Indians. 

Survivors told Greek authorities that 
the Asians drowned while transferring 
in rough seas from the vessel Yioham to 
the Friendship, a smaller ship, in the 
Malta-Siciiy channel.The Yioham col- 
lided with the smaller ship, sinking it. 


group is a threat to German democracy. 
But the Los Angeles-based church. 
which claims 30.000 members in Ger- 
many. denies it has political aims and 
has accused Germany of persecution. 

On Dec. 18. Mr. Kohl’s government 
announced that it would set up a central 
office to coordinate a federal and stale 
campaign against the Church of Sci- 
entology and keep people linked to the 
group out of certain public jobs, such as 
counseling and leaching, Mr.. Kohl's 
party, chc Christian Democratic Union, 
has ousted members because of their 
connection with Scientology. 

The authorities also agreed to con- 
sider putting the organization under sur- 
veillance by the anti-extremist Office 
for the Protection of the Constitution. 

The ad, which was signed by Dustin 
Hoffman. Goldie Hawn. Oliver Stone, 
Mario Puzo. Gore Vidal. Larry King and 
20 other entertainment figures, urged 
Mr. Kohl to put ‘ ‘an end to this shameful 
pattern of organized persecution." 

Michel Friedman, a board member of 
the Central Council of Jews in Ger- 
many, said: “It is disgraceful and ir- 
responsible to draw such historical par- 
allels that are completely out of touch 
with reality. It’s totally off the mark." 

Edmund Stoiber, premier in the slate 
of Bavaria, which has clamped down on 
Scientologists, called the letter an out- 
rage. “We will go after this organi- 
zation with all our means." he said. 
“And we will definitely keep dedicated 
Scientologists out of state jobs.” 

(Reuters. AP) 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
EvangefcaJ Sunday Service 1000 am & 
11:30 a.m,; Kids Welcome. De 
Cuserstraat 3, S. Amsterdam Info CC0- 
641 8£H2» 0206451663. 

FRANCE /TOULOUSE 

HOPE INTERNATIONAL CHURCH 
(Evangeteafl. 4. fid de Pfcrac Colorser. 
Sunday service. 6:30 p m.Tel.: 
056274 11 55. 

FRENCH RIVIERA/COTE D'AZUR 

NICE: Holy Trimly (Anqllcan), 11 rue 
Bulla. Sun 11. VEI*K£: Si Hugh's. 22.3V. 
Ftesistanre.Qam Tefc3304 9357 1983. 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 

Worship Service, Sundays. It a.m. 
9. rue Louis Notary. Monte Carlo. 
Tef 377 92 16 56 47. 

MUNICH 

INTERNATIONAL COMMUNITY 
CHURCH. Evangehcal Btte Believing 
servees r Engfish 4:30 pm. Sundays a 
Enhubetsr. 10 (U2 Therestensrr.} (089) 
8506517. 

PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH - An 
evarqefcal n the western suburb^ 
all are welcome. 9:45 First Service 
concurrent with Sunday School. 1 1 :00 
Second Service wah Children's Chuth. 
French Service 6:30 p.m. 56, rue des 
Bons-Rarairts. 92500 RuaJ-MalmaiSon. 
For info, csl 01 47 51 29 63. 

HOPE INTERNATIONAL CHURCH 
Hotel Orion al Pans4a-DSense. 8 bd. ds 
Neady. Worship Sundays *30 am Rev. 
Douglas Miller. Pastor. Tel.: 
01 43 33 04 06. Metro 1 to la Defense 
Esplanade 

SAINT JOSEPH’S CHURCH (Roman 
Cattxifcl MASS KStGUSH: Sal &30pjtl 
Sun 9-45. 1 1:00 a.m.. 12' IS, 6-30 p.m. 
50. avenue Hoche, Pans 8th. Tel.: 
0142272855 Menu- Chafes sfeGiAe-Boie. 

ST. MICHAEL'S CHURCH fevangehcal 
Anglican) Sundays 10:30 a.m. (with 
chdctorts dub and ara 530 um 
Midweek study groups Chrisi -centered 
fellowship m the heart ol Pans, s rue 
dAguesseau. 7500ft TeL 01 47.42.70 88 
Meotr Garotte 


TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Iktabashi Stn. TeL 3261- 
374ft Worstfo ServcE 930 am Sundays. 

SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking ncn-denominanonal. 
Tel. *41 61 302 1674. Sundays 10:30 
MMere Stras* 13, CH-4Q56 Basel. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Angficon) 

PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF TTBS 
HOLY 7JWITY, Stfi 9 & 11 am, 10:45 
a.m. Sunday School tor children and 
Nursery care. Third Sunday S p.m. 
Evensong. 23. avenue George V. 
Pans 7500ft Tel 33-01 53 23 84 00. 
Metro - George V or Afrna Maiceau 

FLORENCE 

ST. JAMES' CHURCH. Sun. 9 am. R9e I 
& 1 1 am. Rte II. Via Bernardo Ruoefiai 9. 
50123. Florence. Italy. Tel- 3955 2344 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Episeooal/Angiican) Sun. Holy 
Cammmcn 9 A 1J am Sunday School 
and Nursery 10:45 a m Sebastian Rjnz 
St 22, 60323 Frankfufl. Germany. U1. 2. 
3 Mfcjuel-Alee.TeU 4SIE9 5501 84 

GENEVA 

EMMANUEL CHURCH, 1st & 3rd Surt. 
10am. Eucharist 2nd & ■»> Sat.fcfcmrej 
Prayer. 3 rue cteMcrthoux. 1201 Geneva, 
Sweafand. Tel: 41/22 7328078. 

MUNICH 

THE CHURCH OF THE ASCENSION. 
Sun. 11:45 a m. Holy Eucftanst and 
Sunday School, Nursery Caw provided. 
Seyboihstrasse 4. 81545 Munich (Har- 
lacfBrgJ. Germany. TeL 4969 64 81 8ft 

ROME 

ST. PAULS WlTHW-THE-WAUS, Sun. 
Efc30 am. Holy Eurbare! Rte 1: 1030 am 
Choral Eucnansi Rite II; 10.30 a.m. 
Chuth School for cNdnai & Ntrsay care 
provided: 1 p.m. Spanish Eucharist Via 
N*x* 58. 00184 Rome. Tel.: 236 488 
3333 or 396 474 3569. 


BRUSSELS/WATERLOO 

ALL SAINTS' CHURCH, 1 si Sin. 9 & 
Ti:t5 am. Holy Ejcfiarist CtiUnsfs 
Chapel anv.lSAl other Sundays: 11:15 
am Hdy Eucharist and Sunday School. 
563 Chaussee de Louvain. Oham. 
Beignan. Tel. 32/2 384-3566. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Family Eucharist Frankfort er Strasse 3, 
Wiesbaden. Germany. Tel.. 
49611.30.66.74. 


EUROPEAN 

BAPTIST CONVENTION 


BERLIN 

BERLIN. Rothenburg Sir. 13. 
(Siegfitz)- Sunday, Bible study 10.45. 
worship Service 12.00 noon. Charles 
Warlord pastor. TeL 030-7744670. 

BREMEN 

LB.C. Hohentohestr. Hermanrv8ose-Str. 
Wbrshp Sun. 17.00. Pastor telephone. 
04791-12B77 

BUCHAREST 

LB.C.. Soada Popa Rusu 22. 300 p m. 
Contact Pastor Mra Kemper. TeL 312 386ft 

BUDAPEST 

I.B.C.. meets at Modes Zsigmond 
Gimnarium. Torokvess U1 48-54. Sun. 

UH».TeL25iWS32. 

BULGARIA 

LB.CX. World Trade Center. 36. Drahan 
Tzankov Blvd. Worship 11:00. James 
Di*a Pastor. TeL 669 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, Sodeneretr. 11-16. 63150 Bad 
Hamburg A tnemSy. Christ -Centered, 
church serving Ihe English-speaking 
community. Sunday Worship. S.S. S 
Nursery 09:45 Weekd ay Grou ps- Pastor 
MP. Levey, ca 06J736272S. 

BETHEL LB.C. Am Dachsfienj 92 
(Engtehl, Worship Sun 11«) ajn. and 
600 pm TeL06&54855ft 


HOLLAND 

TRNTY WTERNAHONAL nvrtes you to 
a Christ centered letlovwrtp. Services: 
905 and 103) am. Boemcamptaan 54. 
Wasseraar 070517-8024 rusery piw. 

NICE -FRANCE 

LB.C. 13 rue Vemer, Engfish service. 
Sunday evening 1 330. pasta Roy f«er - 
Tel.: (04 93) 32 05 96. 

PRAGUE 

LB. FELLOWSHIP, Vmohradaka * 68. 
Pragueft Sun. 1 1:00. TeL (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 19:00 at Swedish Church, across 
fram MadDonalds. TeL (02) 353 158ft 
ZURICH - SWITZERLAND 
LB.C ot Zurich. Gheisvasse 31 . 8803 
ROschlihon. Worship Services Sunday 
momrgs itrjft TeL; 1-4810018 


ASSOC. OF INTO. 
CHURCHES 


BERLIN 

AMERICAN CHURCH M BERLIN, cor. 
of Clay Alee & Powamer Str, SS. 9-JO 
am. Worshp 1 1 am TeL 03061 3202 1. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 

Nbefciigenalee 54. Sun Wows) 1 1 am. 

Tgt 06995S31066 or 512S52. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Veidaina Sindw worahp 905. n German 

1 1 -CO in Endteh. Tet (CE2) 3105089 

JERUSALEM 

LUTHERAN CHURCH ol me Redeemer. 
Qd Cty. fJhjeJoii RS Engfeft war^ip Sen 

S anv « ara vrakMna Tel: t02) 6281 -049. 

PARIS 

AMERICAN CHURCH IN PARIS 
Worship 11:00 a.m. 65. Ouai rfOrsay 
Pans 7. Bus 63 ai door. Metro Alna- 
MarceauorinvgWes. 

VIENNA 

VIENNA COMMUNITY CHURCH. 
Sunday worship in Engssh 1 1:30 A.M., 

Sunday sow*, rwrsery. mwnoDonai, afl 
denomraotfos wetoome. Oo m fo eenaS sa 
16, Vienna t. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunaay School & Nursei 
Sufoays 1130 am. “ 

TeL |01J 2S2SS2S. 


TRAVEL UPDATE 

Palestinian Airlines 
Makes First Flights 

PORT SAID. Egypt < Reuters) — Pal- 
estinians inaugurated their airline Fri- 
day. but the flight, to Saudi Arabia, had 
to take off from Port Said because Israel 
has blocked flights from Gaza. . 

The two Palestinian Airlines Fokker- 
50 planes made ihe trip on the first day 
of the Muslim fasting month of Ra- 
madan. the first regular flights by the 
Palestinian Authority's newly estab- 
lished airline. They carried pilgrims 10 
Mecca. 

The airline's chairman. Faiz Zaidan. 
said there would be five flights a week 
on the same Egypl-Saudi route, running 
Saturday. Sunday and Monday. 

Paris Raises Security 

PARIS (Reuters) — France sharply 
increased security in the Paris area on 
Friday, adding 1 .000 additional forces 
to the 2.000 soldiers and riot police 
patrolling railroad stations, public trans- 
portation and airports since a Dec. 3 
commuter train blast. Interior Minister 
Jean-Louis Deb re said. 

“We are in a difficult period,” he 
said. ‘‘The situation abroad is not good.” 
He cited the sentencing in Paris of 
Muslim radicals held responsible for 
backing attacks in Morocco. 

Saturday is also the fifth anniversary 
of the military intervention in Algeria 
that put an eaa to general elections that 
Islamic fundamentalists were poised to 
win. 

Arctic cold gripped the midsection 
of tbe United States on Friday, creating 
a deep freeze for states digging out from 
a day of storms that brought snow and 
freezing rain. The storms that struck 
from Georgia to the Dakotas and 
reached into the Northeast on Thursday 
were blamed for at least 26 deaths since 
late Wednesday. (AP) 


BRIEFLY EUROPE 


No Swiss Apology 

ZURICH — President Arnold 
Roller ruled out Friday an apology by 
the Swiss government for remarks 
that unleashed an international out- 
cry. But he made it clear that the 
government was moving toward a 
rapid solution over the question of a 
compensation fund for Holocaust 
victims. 

Jewish groups have threatened a 
boycott of Swiss banks unless the 
government rejects remarks by the 
outgoing president. Jean-Pascal Del- 
amuraz — now the economics min- 
ister — describing a suggestion for a 
$250 million compensation fund for 
elderly Jews as ‘ ‘blackmail.’ ’ CAP) 

Fast Justice in Italy 

ROME — The government pro- 
posed a radical reform of Italy’s in- 
efficient justice system Friday that 
could lift tbe threat of jail from hun- 
dreds of people awaiting trial in the 
graft scandals sweeping the country. 

The bill allows defendants to seek 
a summary trial for all-crimes and a 
reduced or suspended jail sentence 
for offenses ranging from bribery to 
fraud and armed robbery. __ . 

Designed to help clear 4 million JJOt Air* NeW TrY 
criminal cases awaiting verdicts, it 7 J 

now goes to Parliament for debate 
and is expected to take about a year to 
become law. (Reuters) 


building, in which about 40 
lived, most of them from the termer 
Yugoslavia. 

The police said that they had nor 
yet established the fire's cause, but 
that they had no indication it was 
arson. Refugee centers in Germany 
have been fi rebombed before by far- 
right extremists. ( Reuters > 

Mrs. Hoxha Is Freed 

TIRANA, Albania — Nexhmije 
Hoxha. widow of the Stalinist leader 
Enver Hoxha. spent Friday at her 
son’s home on a former chicken farm 
after serving five years in prison for 
embezzling stale funds to pay for her 
lavish lifestyle. 

Mrs. Hoxha. 76. emerged from 
Tirana’s top-security prison looking 
dignified and unscathed. 

Mr. Hoxha ruled for four decades 
until his death in April 1985. His 
widow was arrested in December 
1991 and sentenced to nine years in 
jail in 1993 on charges of misap- 
propriation of state funds and abuse 
of power. Her term was reduced three 
times on the orders of President Sali 
Berisha, and she won a further cut 
after a new penal code took effect in 
1995. iReuters] 


German Fire Kills 3 

BONN — Three young children of 
an ethnic Albanian family from south- 
ern Serbia died Friday in a fire dial 
destroyed an asylum-seekers' hostel 
in the German town of Monheim. 

The police said they had found the 
children's bodies as they combed 
through tbe bumed-out shell of die 


GENEVA — Undeterred by 
Richard Branson's abrupt landing, a 
Swiss-sponsored balloon will take 
off this weekend in an attempt to 
complete the first around-the-world 
circuit 

Bertrand Piccard — grandson of 
the Swiss scientist Auguste Piccard, 
who made the first stratospheric 
flight — and a Belgian hot air bal- 
loonist Wim Verstraeten, have spent 
months preparing for the journey. 
They hope to depart from an Alpine 
resort Saturday night (AP) 


WEATHER 


Europe 





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Bitterly cold sir will put 
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Showers may affect Cali- 
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er through Tuesday. West- 
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peratures, while eastern 
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INTERNATIONAL HERALD TRIBUNE, SATURD AY-SUN DAY. JANUARY 11-12, 1997 


Speaker Break Deal With Panel? 

Tape Reveals Gingrich, Orchestrating Spin on Ethics Charges 


i By Adam Clymer 

5 N**r°rkrun* Service 

WASHINGTON ^ On the day In 

SSf3SS r W 5 en Newt Gingrich 

discredit on theHonse, his 

^Sr t °hli RepubI ? ca ? leaders the 
speaker had promised an etfafcs suV 

committeeHot m usc his office and his 
antes to orchestrate a axmterattadc 
againsi the committee's charees. ; . ' - 

a , p3rt ^ Price for the 
subcommittee $ agreement to accept his 
admission of guilt and spare him the 
potential huxniliationof a public trial. 

But that same day, even before die 
cjrarges had been made public, Mr. Giu- 

■5r he *“ a telephone continence. call 
with other House leaders in which he 
nfcde suggestions for a statement that die 
liters would issue immediately after 
the panel’s charges were dis cl osed. 

He also suggested the timing of vari- 
ous responses to Democratic attacks. 
The politicians agreed on how they 
could use their opponents’ comments to 
attack the ethics subcommittee's find- 
ings indirectly without technically vi- 
olating the agreement that Mr. Gin- 
grich's lawyers made with the panel. 
■The call was taped by a couple in 
JHorida who were unsympathetic to Mr. 
■Gingrich and who said they heard it on a 
police scanner that happened to pick up 
the cellular telephone transmissions of 
ope of the participants. It was given to a 
Democratic congressman, who made the 
tape available to The New York Times, 

Mr. Gingrich's office on Thursday 
did not question the authenticity of the 
conversation, but insisted that it did not 
violate any agreement with the ethics 
subcommittee. 

The speaker and his allies acknow- 
ledged during the call that their con- 
versation was “premature,” since the 
subcommittee had not yet even voted on 
the charges against Mr. Gingrich. Nev- 
ertheless, they talked about how to 
handle inevitable Democratic attacks; 
how to time the day" s events with news-' 
papers, news agencies and the evening 
television news m mind, and — above all 
— how to avoid making-ail that look as if 
Mr. Gingrich was pulling the strings. - 
- In the Dec. 21 conversation, Mr. Gin- 
grich's lawyer, Ed Bethtme, said: “It is 
rery important for me to be able to say to ■ 
the special counsel arid if necessary to 
the committee members that we — and 
by that I mean the other attorney, Randy 
Evans, and 1, and Newt — have done 
everything in our power to try to stop all 
things that might be construed in any 
way as an orchestration attempt by 
Newt Gingrich:’' ' 

• Mr. Gingrich, Mr. Bethtme and the 
others then went an to discuss their tac- 
tics. The tape, in which (he voices of Mr. 
Gingrich mid other leaders are clearly 
recognizable, was plainly a recording of 
a conversation that took place before ther 
subcommittee released tts charges and 
Mr. Gingrich’s admissions. : - " 

; The call capped a week. of elaborate 
plea-bargaining over the framing of the 
charges — and Mr. Gingrich’s admis- 
sion — that the speaker had brought 
discredit on the House by giving untrue 
information to the ethics committee and 
by failing to get proper legal advice 
about the way he used money from tax- 


exempt foundations for a' college course 
and televised town meetings with polit- 
ical overtones, 

Mr. Gingrich’s admission avoided a 
full-scale (rial in which the ifetwiia 
would have been televised nationally. In 
retnm the committee’s special counsel. 
James Cole, insisted on a promise that 
. die speaker would not use his allies to 
mount a counterattack against the sub- 
committee’s case, since its roles forbade 
Mr. Cole and members from answering 
such attacks. . 

The tone of the conversation was 
optimistic. Tlie speaker and the other 
leaders believed that a coordinated re- 
sponse could enable them to limit polit- 
ical fallout. 

On Thursday, Lauren Maddox, a 
spokeswoman for Mr. Gingrich, defen- 
ded the speaker’s role.- “Newt has al- 
ways had the right to run for speaker and 
campaign,” she said. “Any statement 
he made was in no way undenmning die 
work of the wjmmhtee.’' 

In the taped conversation, Mr. Beth- 
one said that in a couple of hours, once 
the subcommittee announced its ac- 
tions, “it would also be a time when we 
are authorized tohave the conversation 
that we art having now, a little pre- 
. maturely. Bur I don’t think it would be 
troubling to anyone that we are a little 
ahead of the gun.” 

Mr. Cole would not comment 
Thursday, but the conversation itself 
suggested that the situation at the time 
seemed .more complicated than Ms. 
Maddox contended. 

Mr. Beihurie made several efforts, to 

Georgia Tells 
Envoy to Stay 

CampSed bg Om Staff Flnm Doparba 

WASHINGTON — President 
Eduard Shevardnadze of Georgia 
on Friday, ordered a diplomat who 
was involved in cm: crash that killed 
a 16-year-old girl to remain in the 
United Slates until an investigation 
was completed. 

The State Department spokes- 
man, Nicholas Bums, said that Mr. 
Shevardnadze had also informed 
the U.S. Embassy in Georgia that 
be was prepared to waive the dip- 
lomatic immunity, of the envoy, 
Gueorgui Makharadze, 35, who 
could face charges ranging from 
negligent homicide to second-de- 
gree murder. 

Washington “very much wel- 
comes this step by Chairman 
Shevardnadze,” Mr. Bums said. 
“It’s a courageous step. It’s highly 
unusual in modem diplomacy to 
see a head of state take such a 
responsible and courageous post- 
trodr r S'-*'"” V' 

' ButUJS. officials cautioned that 
Mr. Shevardnadze’s statement did 
not amount to lifting the diplomat’s 
immunity and said that Georgia 
wouldhave to decide whether to do 
' so if U-S. authorities . brought 
charges. (AP. Reuters) 


outline the slippety path that all must fol- 
low, One ally fls V ft ti him what the leaders 
should say about any agreement between 
Mr. Gingrich and the subcommittee. 

The lawyer replied: “No. I didn’t say 
there was an agreement. 1 said there was 
a delicate process under way and that 
this is what Newt is going to do, in 
response to the delicate process. There 
is no agreement, no deal. We are not 
authorized to say that. 

“Now if 1 can be very delicate here. 
There is one other constraint.'’ Mr. 
Betiume continued. “He can run for 
speaker, but he must maintain his con- 


fidentiality as far as public statements. 
And then, finally. Newt will not or- 
chestrate, nor will he be — he will not 
orchestrate any attempt to spin this in 
such a way that it belies what he is 
admitting today in die statement of al- 
leged violations.” 

But having barred one door, Mr. Bedt- 
ime opened a window. “Having served 
as a member,” he said, “you know 
when documents become public, I as a 
member, am entitled to say whatever the 
hell 2 want to say about those public 
documents. I guess that applies to any of 
you all who may be listening.” 

* Panel Chief Scuttles Pact 

John E. Yang of the Washington Post 
reported: 

Representative Nancy Johnson, the 
Republican leader of the House ethics 
committee, has abruptly and unilater- 
ally postponed next week’s public hear- 
ings on Mr. Gingrich's case, scuttling an 
agreement reached with committee 





Lcir Frau»4prKr fianw-ftrw 

Vice President A1 Gore, left, and Mr. Gingrich before Congress formally 
tabulated the electoral college vote in the 1996 presidential election. 


Democrats just hours earlier and once 
again throwing the case into turmoil. 

The plan that unraveled Thursday 
night called for as many as five days of 
televised hearings into' Mr. Gingrich’s 


admitted ethical violations, but envi- 
sioned that Mr. CoJe. the special coun- 
sel, would have turned in his report after 
the House voted on the speaker's pun- 
ishment. 


Peru Negotiations at a Standstill 

Fujimori Admits to Few Contacts With Rebels as Crisis Drags On 


By Gabriel Escobar 

Washington Post Service 

LIMA — President Alberto Fujimori 
of Peru said Friday that his government 
had had only three direct conversations 
with the rebel group holding hostages at 
the Japanese ambassador's residence, a 
frank acknowledgment that negoti- 
ations to end the three-week-long crisis 
had hardly advanced. 

In an interview with The Washington 
Post, Mr. Fujimori also said that one 
country had offered asylum to die rebels 
and that others may be approached in 
the future as part of a broader strategy to 
find a solution. 

He said this option would be worked 
out in conjunction with the Japanese 
government but cautioned that, as with 
any other solution, a discussion on pos- 
sible asylum hinged on the rebels re- 
leasing the 74 hostages and surrender- 
ing their weapons. 

Although Mr. Fujimori emphasized 
that there had been no talks at all with 
the rebels in about a week . the president 
for the first time provided some details 
on a government proposal to use an 
independent commission as a way of 
finding an “exit” for the rebels once 
they surrendered- 


I WANTED TO BE A... By Mel Rosen 


ACROSS 

1 ‘ B Be 

! Magic* 

. (Manilowsong) 

6 Country place 
for Yeltsin 
II 16-Down, for 
one 

16 Recipe amt ’ 

20 Prefix with 
• -patfty 

21 Contemporary 
' author Canin 

22 Kind of cross 

23 They get what's 
left 

29 More aloof 

26 Carina Beach 
Boys song 

27 Irregular 

28 Longhorn rival 
2$ ...faith healer, 

. bull... 

33 Cadiz Mrs. 

36 The heck with 

. you!" 

3$ Large group 

36 Cherish 

37 Trig figure; 
AbSr. 

Grenoble’s river 
9 H'6 good in Paris 

42 Benchmarks: 
Abbr. 

43 Exchange 

46 Convertiplans, 

e-g- 


49 Shipping hazard 

50 ...pubtisherof 
e-e. cummin gs's 
works, but! 

55 Counuy singer 
Tilfis . 

58 Each 

59 -Shrovetide 
Revelers* artist 

60 Coeurtf , 

; Idaho - ■ 

61. Crockett's East 
stand 

63 Past its prime 

64 -Mister " 

0957 Tony 
Curtis fQm) 

65 Go through 

66 Visit 

67 Singer Jaais 

68 Cha.ctia.cha, 
e-g- 

69 Neologism 

70 . . . masseur, but 

I... 

78 Works into a 


79 Cowboy gear 

80 Smstb&eld 
product 

81 Combs 

82 Collapses 
63 Product of . 

Sweden 
85 Former 
chairman of 
CBS 


60 Say-ftj’c’sJe." 

91 San — -.Calif- 

92 Eastern title 

• 93 Vtafinmaker 
Axnati 

94 Address book 
info: Abbr. 

95 . . . mimic, but 1 

99 Wasn't straight 

100 Many paintings 

101 Releases, in a 
way 

102 Runner Zatopek 

106 Coyer 

107 Wwd on aD U-S- 
coins 

109 Misc. ending 
116 CoreDi 

composition 
- 112 Office 
113 Dmsrooreibe 
prig 

US Cousin of "ugfat* 
118 ...sumo 

wrestler, but 1 

124 Free 

125 Disinclined 

126 Tropical palm 

127 Triangular 


Est. 1911, Paris 
* Saak Roo Doe Noo” 


128 Minneapolis 
suburb 

129 Big name in the 
metals industry 

130 Do 

131 Baylor of 
basketball fame 

132 Overcharge 

133 Umttiessly - 

134 Hell, wilh “the* 

135 it's a wrap 



©Nw York Times/Edited by Will Shorts. 


A Space for Thought. 


2 March honor 

3 Punic War city 

4 National 
emblem of 
Wales 

5 Quiz whiz 
Charles Van — 

6 Oust 

7 One of Pete 

. Rose's records 

8 Does gym-class 
exercises 

9 Like Hannah’s 
. heart, in song 

. 10 Connective 

tissue of prose 

U Warm-up act 

12 Made whhota 
mBkormeai 

13 Thermosetting 
resin ■ 

14 Farrier's tool 

15 On the safe 

side? 

• 16 Massenet work 

17 Sires 

18 Official 
impression, 

19 Set an asking 
figure 

24 Has the • ■ 
earmarks of 


30 Figure 

31 Daggers, in 
printing 

32 Dancer 
Jeanmaire 

38 Autostrada’s ' 
place 

39 Bribes 

46 Word with date 
or trust 

41 Slime 

43 Moore starter 

44 Intent 

45 polo grounds? 

46 Field of honor 
fight 

47 Suffix with 
- - differ 

48 Badge of battle 

49 Workona 

. whaling ship 

51 River of Avignon 

52 Retina layers 

53 A asm Acre 

54 “Mackthe 
Knife" anger, 

55 Tree also called 
acusturd apple 

56 Bygone 
computer 

57 It maybe 
advanced - 

62 Extended 

64 Topsoff ' 

65 Galley notations 

66 Popular PC 

shooting game 

67 Mid-month, in 
old Rome 


68 Go downhill, In a 
way 

69 Complain 

70 Furnace button 

71 ‘Truce word 

72 Swelter 

73 Unit of data 
transmission 

.74 C&smerodhis 
aJbus, 
commonly 

75 Spieled 

76 Carpetlike 

.77 Slip 

82 Like Hitler's 
‘diaries* 

83 Goi vdedof, 

' tdd-ayle 

84 Feds punk 

85 Small songbirds 


97 4-H participant 

98 Exhibta more 
stamina 

102 Architectural 
suffix 

JQ3 Diamond 
elevations 

104 Ab (from 

the beginning) 

105 Many a novels 
watcher 

107 Old Jutland 
resident 

108 “Cosby” co-star 

109 putsin 

111 Fine- nine . 


112 Slot 

113 Kind of wheel 
114- Road race 

maneuvers 

115 Beat It! 

116 Profit 

1 17 "Die Lorelei" 
poet 

119 Exuberance 

120 Coun plea, 
informally 

IZI Bullfighter's 
cloak 

122 Aladdin, e.g 

123 To the 

(completely) 


86 H stands for 

something 

87 Francois 
Boucher’s 
•Nude Lying on 

88 Fast pace 

88 Have the — -for 

91 Year m St, Leo 
(Vs papacy 

92 ‘No mums" 

93 Vatican 
emissary 

96 To whom the 
Kasha is 
dedicated 


Solution to Puzzle of Jan. 4-5 


aaaaD GOdsnas nnoDann 
nraaaa nHaaaciQ onnoaBB 
anaon nasanascrannofioQ 
cionna naa bqoisbo ann 
□an annnaa naan ana 
□aogon shqqddbos onng 

gSnnnn nnnano 0 nnf 
laadaag asifan 00001 
laagaanannoa naomia 

eiBn D im m 


Kites 00 

agnasQ ean 
no Sanaa 


013001 

□ntinnSf 
onrjnon 
^nasni 
....nn oflaono nor 
..00 naooon non nogno 
ooHSnnnrannnnQiia notion 
ofinonnn nnoonBo donoo 
saortnao oonoana noons 


He said the so-called commission of 
guarantors would be made up of three to 
five people — not necessarily limited to 
Peruvians — and that each would have 
to be approved by both the government 
and ihe rebel leader, Nestor Cetpa Car- 
tolini. 

How Mr. Fujimori has been handling 
himself has been the subject of intense 
speculation, not only among foes who 
have grudgingly admired his unyielding 
posture in the face of a grave situation, 
but also by foreign diplomats who have 
wondered how this sometimes inscrut- 
able leader is making his choices. 

From the onset of the crisis, which 
placed Peru in the international spot- 
light and made Mr. Fujimori respon- 
sible for the lives and well-being of 
ambassadors and many other dignitar- 
ies. there has been little doubt thai the 
outcome relied almost entirely on the 
will and whim of the man holed up in the 
presidential palace. 

‘ ‘As far as the negotiations, everyone 
knows that mine is a hard position,' ' Mr. 
Fujimori said. “That has not changed. I 
continue, with prudence and with ra- 
tionality, and also with a lot of realism.” 
Asked what would happen if the gov- 
ernment learned that a hostage had been 
harmed, Mr. Fujimori said bluntly: “In 


that case, the logic with which we are 
working will change completely.” 

Mr. Fujimori reponed that Domingo 
Palermo, his chief mediator, and Mr. 
CerpQ had discussed the possibility of 
meeting this weekend, a positive sign 
given the now- suspended talks. But 
even if the communication were to be- 
gin again over the next few days, in- 
dications are that the crisis will take 
weeks and possibly months to resolve. 

Mr. Fujimori appeared prepared to 
handle a long siege and said he was not 
worried that a lengthy crisis would give 
opponents an opportunity to second 
guess or criticize, as some here are 
predicting. 

So far, public criticism of Mr. 
Fujimori has been all but muled, even 
from opponents who privately point out 
that the government will have to explain 
later how the small rebel group man- 
aged to pull of such a bold attack. 

One other potentially sensitive matter 
for the president is how he will explain 
his oft-repeaied claim that terrorism was 
all but dead in Peru. At one point he 
promised 10 wipe out all rebel groups by 
June 1995. 

“Naturally I had to set a goal for 
myself, but that was for a reason.” Mr. 
Fujimori said. 


Away From Politics 

• Federal officials charged ]5 people and 3 businesses in a nationwide crack- 

down on the smuggling of ozone-damaging refrigerants, which now rank No. 2 
behind narcotics as a source of black-market profits on the U.S-Mexican border. 
The arrests represent the biggest single sweep of suspects in the government’s 
campaign against the illegal trade of chlorofl uorocarbons. Such trade has grown 
quickly since U.S. production of the compounds was outlawed last year. Smugglers 
can buy the gas legally and cheaply in Mexico. (WPl 

• A man condemned for shooting a 72-year-old man during a 1982 arson and 

robbery was executed in the electric chair in Alabama hours after he professed his 
innocence and Christian faith on a radio station. Billy Wayne Waldrop, 44. was put 
to death at Holman Prison for the murder of Thurman Macon Don ah 00 . His burned 
body, shot in the bead, was found in the charred ruins of his home after a robbery 
and arson in which $1 30 and a 5 -carat diamond ring were stolen. (APJ 

• Shellfish lovers should avoid Louisiana oysters that have been associated with 

an outbreak of gastrointestinal illness that has hit 150 people, the government 
warned. Louisiana shut several oyster beds on Jan. 3, because 2 1 people in Florida. 
Alabama and Louisiana got sick after eating raw oysters during the Christmas 
holiday. But the Food and Drug Administration discovered the problem went 
beyond the three states, which were warned this week about the outbreak of nausea, 
vomiting and diarrhea. I API 

• More than 100 bags of wreckage from TWA Flight 800 were dredged from the 

ocean floor this week by scallop trawlers and brought to shore for analysis. Four 
vessels have resumed salvage operations off Long Island, recovering pieces of the 
plane’s fuselage and personal affects of the victims. (AP) 


POLITIC A1 .NOTES 


White House Claims 
News ‘Conspiracy' 

WASHINGTON — h doc not 
take the CIA or the FBI to know that 
the White House does not like 
everything that is written about it. 
But is there a “Communication 
Stream of Conspiracy Com- 
merce?” 

Accordine to rhe White House 
counsel ’s office, there is. The phrase 
is used by lawyers in a memor- 
andum on how some Whitewater 
stories and tales about the suicide of 
a former White House deputy coun- 
sel, Vincenr Fosier. found their way 
10 the mainstream media. 

The two-and-one-half-page 
memorandum, whose existence 
dominated parr of Thursday 's White 
House press briefing, was attached 
to about 300 pages of analysis and 
newspaper clippings assembled by 
[he Democratic National Commit- 
tee. The whole package was first 
distributed by the counsel's office 10 
selecied journalists in 1995. 

"The Communication Stream of 
Conspiracy Commerce refers 10 the 
mode of communication employed 
by the right wing to convey tneir 
fringe stories into legitimate sub- 
jects of coverage by the mainstream 
media,” the counsel’s office 
memorandum said. 

The articles, it said, moved from 
“well-funded right-wing think 
tanks.' * newsletters and newspapers 
to the Internet, where they were then 
“bounced all over ihe world.” 

From there, the articles were 
picked up by “British tabloids” or 
the “American righi-of-cemer 
mainstream media,” the counsel’s 
office wrote. Then they were looked 
into by congressional committees, 
and that created a “legitimacy 10 be 
covered by the remainder of the 
American mainstream.” 

The White House press secre- 
tary. Mike McCurry, said the White 
House drafted the memorandum 
because of inquiries it had received 
on how discussions on the Internet 
had fueled the Whitewater story. 
The purpose of the memorandum, 
he said, was to “help journalists 
understand that they shouldn't be 
used by those who are really con- 
cocting their own conspiracies and 
iheir own theories." (NYT) 

Republican Chiefs 
Warn on Budget. 

WASHINGTON — Setting out 
on what is likely to be another year 
of bitter battles over how much to 
cut taxes and spending. Republican 
leaders in Congress have warned 
President Bill Clinton not to rely on 
“gimmicks” in his upcoming plan 
to eliminate the federal deficit. 

They also said they would sched- 
ule a vote next month on a con- 
stitutional amendment requiring a 
balanced budget. 

Speaking earlier in ihe day, Mr. 
Clinton pledged that he would sub- 
mit a credible budget and main- 
tained the lone of conciliation to- 
ward Republicans that he has used 
since the election in discussing ef- 
forts to bring federal spending in 
line with revenue. 

“I think this budget will show that 
I am making a clear effort to reach 
out to them and meet them halfway 
to get this job done,’’ Mr. Clinton 
told reporters at a White House 
event to announce a decline in the 
rate of defaults on student loans. 

Republican leaders said they had 
acceded to the White House's request 
that the administration be allowed to 
submit its budget to Congress three 
days later than the legal deadline of 
Feb. 3 to allow ihe president to give 
his State of the Union Message first, 
on Feb. 4. (NYT) 

Quote /Unquote 

Ira Arlook. director of a study by 
Citizen Action showing that cam- 
paign donations from corporations 
or their officers were crucial in 
helping Republicans win hotly con- 
tested races in the last election: 
"This seems to confirm what most 
Americans believe: More and more 
elections are determined by the 
highest bidders.” \NYT) 


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PARIS 


Sporting d'Hiver - Pace du Casino 

MONTE CARLO 


Macalester College 

Congratulates 

Kofi A. Annan 

Macalester Class of 1961 
And Member of 
the Board of Trustees 


On his Selection as 
Secretary-General 
of the United Nations 


m nnannnqBii. 
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V: 


i 






PAGE 4 


I INTERNATIONAL HERALD TRIBUNE, SATURDAV-SUNDAY, JANUARY 11-12, 1997 


/ 


■ / t'f(’($ 


UN in Crisis, New Chief Says, but He Rules Out Huge Cuts 


SOFIA: 

Parliament Smashed 


By John M. Goshfco 

Hi i?>ii/t£i,"i P.<\t SrntiV 


UNITED NATIONS, New York — 
The new secretary-general. Kofi Annan, 
has said the United Nations is beset by a 
financial and political crisis that requires 
far-reaching reform. 

But he pointedly declined to equate 
reform with massive or “arbitrary’ ’ cuts 
in personnel or viral programs, saying he 
has never supported “ disjointed down- 
sizing.’* 

In an address to the 9.000 employees of 
the UN Secretariat. Mr. Annan, who took 
office Jan. i . called attention Thursday to 
the conflicting pressures that he will face 


over the next five years as he tries to steer 
the world body between demands from 
the United States for major downsizing 
and calls from the Third World for more 
assistance in their development. 

“It is up to the member states to 
define what they want the United Na- 
tions ro be and to do — ro outline their 
vision of the goals they want us to attain, 
and to set new priorities.” Mr. Annan 
told the employees of the office of the 
secretary-general and deputies. “But it 
is up to die Secretariat to shape this 
instrument of peace and progress to fit 
that new identity, to chart a route toward 
those goals, to develop the skills re- 
quired to meet these challenges.” 


Mr. Annan, a Ghanaian who spent 
three decades in the UN bureaucracy, 
was elected secretary-general last month 
after the United States blocked the re- 
election of his predecessor, Boutros 
Boutros Ghali of Egypt, because the 
Clinton administration considered him 
insufficiently committed to reform. The 
administration hopes Mr. Annan will 
subject the United Nations to a shake-up 
that will persuade the Republican-con- 
trol led Congress to pay more than SI 
billion in U.S. debts that have brought 
the United Nations to the brink of bank- 
ruptcy. 

In Washington's view, reform means a 
top-to- bottom trimming of UN functions. 


expenses and personnel, and the outgoing 
secretary of state. Warren Christopher, 
reiterated that goal to Mr. Annan when he 
came lure for a farewell call Tuesday. 

The new secretary-general replied 
that while U.S. leadership was impor- 
tant, Washington must seek compromise 
with the vision that other countries have 
for the United Nations. And, as a man 
elected as a representative of Africa, he 


reminded Mr. Christopher that the 
Unii 


poorer nations think the united Nations 
has no task more important than helping 
them to grow economically. 

In his remarks Thursday, he elabor- 
ated on these themes, arguing that reform 
is not an end in itself “or simply a matter 


of dollars and cents.” Instead, he said, 
“it is a tool to create a more relevant and 
a more effective organization" able to 
continue playing an- important^ role in 
peacekeeping, conflict resolution and 
sustainable development. 

“The next five years must be. above 
all, a time for healing,’ ' Mr. Annan said. 
‘ * We must heal the financial crisis of the 
organization, which cannot be expected 
to move forward if it is draped down by 
the burden of unpaid dues. 

"But,” he added, “it is up to us to 
prove to the member states that their 
contributions are used wisely and ef- 
ficiently for the implementation of pro- 
grams which they have mandated.” 


Continued froth Page 1 


Disavowing 2 Bombings, 
Arafat Urges EU to Play 
A Bigger Role for Peace 


C. •’iptlni In Pie Saaf fnwr DisptBi hn 


PARIS — Yasser Arafat said Friday 
that two bombs that exploded in Tei 
Aviv late Thursday concerned only in- 
ternal events in Israel, and he appealed 
for European help to move peace ne- 
gotiations forward. 

"We have nothing to do with this 
attack.” the Palestinian leader said. “It 
is an attack which concerns internal 
events within Israel.” He spoke after 
meeting President Jacques Chirac of 
France. 

The blasts, which Israel blamed on 
.Arab militants, wounded at least 13 
people near Tel Aviv's central bus sta- 
tion. officials said. 

No one look responsibility. Prime 
Minister Benjamin Netanyahu blamed 
"terrorists.” and the police said Friday 
thar forensic evidence pointed to a ter- 
rorist act. although they could not rule 
out a gangland attack. 

The explosions came against the 
backdrop of talks on Israel's long- 
delayed withdrawal from most of the 
West Bank city of Hebron. 

Mr. Arafat said that Mr. Netanyahu's 
demand for a postponement of the Israeli 
withdrawal from pans of the West Bank, 
until 1999 “literally blows up the whole 
peace process just as making new set- 
tlements and expanding settlements sab- 


otage the whole peace process.” 


urged Europe to play a greater role. 
“I asked President Chirac to support and 


work for the European role, because the 
European Union has an important role to 
play in protecting and moving forward 
the peace process,” he said. 

Referring to Israeli and U.S. opposition 
to a European role in the negotiations, Mr. 
Arafat said: “How can one ask the EU 
and France to play an economic and 
financial role while some people continue 
ro refuse a political role? ' 

Mr. Chirac's spokeswoman. Cather- 
ine Colonna, said that he had agreed that 
an EU special envoy, Jose Maria Mor- 
atinos. should play a role in giving an 
impulse to the peace negotiations. 

In Israel, thousands of Israeli soldiers, 
on alert for bombings, patrolled near 
mosques in Jerusalem and closed streets 
Friday as Muslims marked the start of 
the holy month of Ramadan. At a West 
Bank rally. Islamic militants chanted. 
“We want a big attack." 

Israeli troops traditionally are on 
higher alert for attacks during Ramadan. 
This year, the start of the fasting month 
roughly coincided wiih the first an- 
niversary of the assassination of Yahya 
Ayyash. the chief bomb maker of die 
Muslim militant group Hamas. 

Mr. Ayyash was killed Jan. 5. 1996. 
by a rigged mobile phone in an operation 
attributed to Israel. Avenging him. 
Hamas carried out four suicide bomb- 
ings last February and March, killing 63 
people. Hamas has threatened fresh at- 
tacks for this anniversary. [Reuters. API 



YELTSIN: 

Longer Hospital Stay 


parliamentary Fbr-e^ 

position Union of DeIT1 ° cral 

Ail windows were smashed on the . 
wwnd floor of the building. J Renars- • 
£j£Style landmark in the center of 

^Police trained jets of w»er < m the 
crowds, who were smashmg ari ovCT- 
tuming the cats that deputies had parted 

0U prcsideni-ele« Petar Stoyaatw. an op- 
position figure whose election mo 
months ago marked the collapse of pub- 
iTc suppoft for the Socialists, ns onr- 
come by. tear gas while trying to calm the 

crowds through a loudspeaker. He was 

taken away by bodyguards. 

Opposition deputies walked oat of the 
Parliament late Friday night, saying they 
wanted to protect ami -government 
demonstrators outside the building. 

We are leaving this Parliament and 




Continued from Page 1 


we are walking out physically because 
the risk for you outside 


l Ainalv«MfciKr Fnacc-Pnsir 

Albra Ayyash, the young son of an assassinated leader of the Hamas 
terrorist organization, being carried aloft in a parade in Nablus on 
Friday, the ninth anniversary of the founding of the Palestinian group. 


Dr. Mironov said he believed that Mr. 
Yeltsin should have been hospitalized 
several days earlier, after he appeared 
cheerful but somewhat tired when he 
met with the German chancellor, Helmut 
Kohl, last week. But despite a bad cough 
and breathing problems, the president 
refused. 

“ ‘The man had just recovered from one 
serious problem when a second one ap- 
peared,” Dr. Mironov said. “I can un- 
derstand” his reaction * ‘as a person, but 
as a doctor I have another position.” 

Now, said Dr. Mironov, Mr. Yeltsin 
“is not very cheerful, but there is no 
cause for pessimism.” 

Mr. Yeltsin suffered a heart attack in 
late June, a fact that was obscured for 
months by an orchestrated Kremlin cov- 
er-up. He finally had heart surgery in 
early November, then returned to the 
Kremlin just before Christmas following 
nearly two months of convalescence. 

He said he was raring to go. and the 
Kremlin press service did its best to 
fashion a picture of a hale and energetic 
president In his few public appearances 
he looked reasonably heahhy. But barely 
two weeks elapsed before he fell sick 
again. 

Already misled and lied to about Mr. 
Yeltsin 's health, Russian newspapers are 
treating every statement from the Krem- 
lin now with undisguised cynicism. 

“Once again, doctors are insisting 
that everything will be in order within a 
week,” was the headline in Friday's 
issue of Nezavisimaya Gazeta, a liberal 
opposition paper. Said Moskovsky 
Komsomolets, the capital’s most pop- 
ular daily: “Who is leading us?” 


the Parliament is 
greator than for those inside,” said the 
overall leader of the Union of Demo- 
cratic Forces. Ivan Rostov. 

“We are here as a guarantee for your 
safety.” Mr. Rostov said outside the 
building, which was sunounded bv 
double cordons of riot police. Some 200 
Interior Ministry troops were also brought 
in to guard the doors of Parliament. j* 

Socialist deputies, protected by IiF w 
tenor Ministry troops, remained stran- 
ded in the building, fearing the crowds 
would attack them if they tried to leave. 

The opposition deputies walked out 
after the ruling party- refused to vote oh 
their declaration calling for early elec- 
tions. 

“We will start preparations for a na- 
tionwide political strike and we believe 
everyone will join us,” Mr. Rostov said. 
“After this clash and this lack of un- 
derstanding. we believe there is no pos- 
sibility for us to stay and keep on work- 
ing in this Parliament.” 

Since the Socialists woo the last elec- 
tions in December 1994, Bulgaria hat 
gone virtually bankrupt in its worst eco- 
nomic crisis since the collapse of com; 
raunisni in 1989. 

Inflation in 1996 topped 300 percent, 
the national currency is plunging daily 
and the average monthly salary 1 equals 
about $20. 

The next parliamentary elections an? 

■ ■ «tAA TV . - A 


due in 1998’ But the opposition wanb0 
le National Bank 


Parliament to replace the . — 

Board, adopt a three-month economic 
stabilization program and dissolve Par- 
liament. Then the president would have 
to call elections by March and appoint a 
caretaker cabinet to implement the pro- 
gram. (AP. Reuters. AFPi 


GOLD: Trail of Riches Looted by Nazi Germany Returns to Haunt Portugal INDONESIA: Signs of Intolerance on the Rise N III 


Continued from Page 1 


past has revived with tales of the city as a pivotal 
center for spies and a place of unscrupulous 
deals, where weapons and goods were trans- 
shipped to support the Gentian war machine. 

Older people here say they knew that die 
country's neutrality was a useful cover for doing 
business with all sides. But few had heard of the 
enormous gold trade with Germany. 

According to Allied records, close to 100 tons 


of Nazi gold ended up in Portugal after first 
passing through Swiss banks that were appar- 


ently helping to disguise its origins. Almost half 
of this gold is believed to have been stolen from 
the treasuries of European countries that fell to 
the Nazis. 

Records of Portugal’s wartime dealings have 
recently been revealed in the news media here, 
astonishing today's generation of Portuguese. 

They also appear to have embarrassed the 
establishment deeply. 

President Jorge Sampaio and Prime Minister 
Antonio Guterres have discussed the issue in 
meetings of the cabinet, but have so far declined 
to comment publicly. 

Until 1968, when the dictator Antonio de 
Oliviera SaJazar retired, censorship was used to 
keep secrets. When Portugal became a demo- 
cracy in 1974, more pressing matters, like the 
leftist revolution and the independence of the 
colonies, kept such secrets in the dark. 

Now. politicians, historians, students and 
news organizations are demanding that the gov- 


ernment open its archives and give a full ac- 
3ftl 


counting of the collaboration with Hitler. 

“It’s a political and a moral issue," said 
Fernando Rosas, a professor of contemporary 
history at New University in Lisbon. “This gov- 
ernment should speak out It's not their doing." 

The Bank of Portugal has long had a venerable 


image, but recent celebrations of its 150th an- 
niversary were clouded by the public debate 
about its Nazi collaboration. It declined to send 
representatives to recent discussions on the gold 
issue organized by the city of Lisbon, television 
stations and universities. 

Because the bank had a monopoly over the 
gold trade until after the war. its archives are 
considered vital. 

[Apparently stung by the accusations, the cen- 
tral bank said Friday that it has opened its 
archives to an independent historian. The As- 
sociated Press reported. 

[The bank's spokesman, Nuno Jonet, said its 
board of governors appointed Joaquim da Costa 
Leite. a professor of economic histoiy ar New 
University, to oversee the examination of the 
archives from the war years.] 

Down in its vaults, the bank still has “two or 
three” gold bars stamped with swastikas, Mr. 
Jonet said. 

"We kept them as curiosities,” he said. "We 
do not admit any wrongdoing. The gold ac- 
quisition was the result of perfectly legal trade 
operations. I'm sure people at the time did not 
know the gold coming here was stolen.” 

Portugal used the same arguments before the 
Allied Tripartite Commission, which was in 
charge of recovering stolen gold after the war. 
American officials tried to pressure Portugal to 
surrender 44 tons of gold by freezing its assets in 
the United States and cutting back on wheat 
exports. 

But the Salazar regime did not budge. In 1953, 
the Allies finally gave up, accepting the four tons 
Lisbon offered to return and letting it keep the 
rest 

“By then, the Cold War was under way and the 
Americans wanted to keep the Azores as a stra- 
tegic base,” said Jose Freire An tunes, who has 
written a history of the Azores. 


Both Portugal and Switzerland Insist that they 
were not aware that the Nazi gold they used for 
trade had been looted. 

Antonio Louca. a historian at New University' 
who is writing- a doctoral thesis on Portugal's 
dealings in Nazi gold, dismisses those claims. 

He said that as early as 1942 the Allies of- 
ficially notified Western countries that Nazis 
were disposing of stolen gold through Swiss 
banks. Mr. Louca said he has obtained doc- 
uments from Portugal’s Foreign Ministry 
archives that cite the warning. 

Old trade records tell part of the story: In 1940, 
less than 2 percent of Portugal’s exports went to 
Germany: by 1942, that figure had reached 24.4 
percent. Portugal sent Germany textiles, boots 
and food, but it earned most from tungsten, an 
alloy used in steel. 

“At the height of the tungsten fever, prices in 
Lisbon increased by up to 1,700 percent,” one 


Continued from Page 1 


ists and analysts say the underlying causes of the 
disturbances are loss of faith- in the government, 
as well as frustration over the gaps between rich 
and poor as the country relies increasingly on the 
free market and private sector to spur economic 
growth. 

Moreover, the government is imposing ever- 
tighter political restrictions before legislative 
elections in May and a meeting of the electoral 


not unique,” he said. "Of course modernization 
will exact its price as it has exacted its price in 
other societies, too. Why should Indonesia be 
different?” 

Riots the day after Christmas inTasikmalaya. 
in the western part of the main island of Java. 
were triggered by reports dial several teacher? 
from a Muslim boarding school were beaten by 


the police, apparently in reprisal for die school’s 
punishment of a son of 


one of the officers. 
Thousands of Muslims rioted in the streets of 


college in March 1 998 to name a president for the 
fivi 


history book reports, 
-isbon also was 


next five years. 

' Analysts worry that if Jakarta continues chat 
course, it may lead to more violent explosions. 

"In the absence of appropriate channels for 
people to air their grievances or aspirations,” 
said an Indonesian sociologist, Hotman Siahaan. 
“they will turn to violence.” 

Jakarta experienced its wcnrst rioting in 20 years 


Tasikmalaya. burning dozens of police stations, 
churches, shops, banks, hotels and factories. 


Lisbon also was a crucial intermediary for 
Berlin, bringing insulin and industrial diamonds 
from Latin America and food from its African 
colonies, and selling Nazi gold in South America. 
A businessman whose foreign company had a 
long presence here said: “Salazar, the president, 
was the master of wartime neutrality. He charged 
extortionary prices.” 

After the war, the Allies demanded that Por- 
tugal give back at least 44 tons of looted Nazi 
gold. But Lisbon instead began to sell off its Nazi 
bullion secretly through Macau, with much of it 
going to China in the 1950s and ’60s. 

Historians, politicians and journalists are de- 
manding that the Lisbon government tell all. Mr. 
Rosas, the professor, who is also editor of the 
magazine Hist on a, said the government must 
allow free research and clarify the whole issue. 
“The country needs to know the truth,” he 
said. 


last July, sparked by government and police in- 
L ’ ’Sukarnop- 


vdvement m the removal of Megawati 
utri from the leadership of the Indonesian Demo- 
cratic Party — one of three political groups 
allowed to contest elections. 

In his annual budget speech Monday, Pres- 
ident Suharto announced measures to further 
reduce poverty in Indonesia and bridge the gap 
between rich and poor. 

He said that overall political stability and 
security “continue to be well under control.” 

But he also warned that in a “political year,” 
the country must avoid “an uncontrolled situ- 
ation, clashes and animosity among ourselves. 
This certainly is unhealthy and even endangers 
our nation." 

On Tuesday, Foreign Minister Ali Alaras 
sought to put the recent troubles into perspec- 
tive. 

“What is important is for us and for our 
neighbors to realize that what is happening here is 


Four persons died, eight were injured. Gov- 
ernment estimates put the damage at S36 mil- 
lion. 

Last week, five persons were killed near 
Singkawang in West Kalimantan on Borneo is- 
land after a settler from Madura island off Java 
reportedly stabbed two indigenous Dayak tribes- 
men. More than 5,000 people of the' Maduraxj 
ethnic group, who moved to sparsely populated 
West Kalimantan in a government resettlement 
program, temporarily fled the riot area, seeking 
safety in nearby military bases and towns. 

An earlier riot, in October in the town of 
Situbondo in east Java, was evidently a reaction 
to what was seen by local Muslims as excessively 
lenient t reatm ent given by the courts to a Muslim 
heretic on trial for blasphemy. 

The mob burned 25 churches as well as other 
buildings. Five Christians died in one blazing 
church. 

A court official said Thursday that the firsr trial 
of the Situbondo rioters had ended with five men 
receiving between seven and ten months in jail for 
burning a church, Reuters reported from Jakarta^ 
The charges for which they were tried carried a 
maximum penalty of 12 years. Analysts said that 
the relatively light sentences appeared to be an 
attempt by the authorities to defuse tension. ! 


■tvmm*. 


’-“4 i run 


\ f1 


BOOKS 


THIS WILD DARKNESS 
The Story of My Death 

By Harold Brodkey. 177 pages. 
520. Metropolitan Books I 
Henry Holt & Co. 

Reviewed by 
Micbiko Kakutani 


didly, uncandidly provocative 


B ACK in the spring of 
1993, the writer Harold 
Brodkey was feeling lousy. He 
says he thought “it was lit- 
erary exhaustion, and age, and 
bad flu-bronchitis — the 
death-urgency brought on by 
finishing a book.” It turned 
out to be AIDS. He died three 
years laier, in January 1996. 

This book is his record of 
his “passage into nonexist- 
ence," the "wild darkness" of 
death. Like so much of his 
writing, “This Wild Dark- 
ness" is by turns infuriating 
and manipulative, and some- 
times dazzling. As Brodkey 
himself might put it: it is a 
sincerely, insincerely, can- 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors world-wide invited 
Write « send your manuscript to 
MINERVA PRESS 
20LDBB0UPT0NFS) LONDON SW73DQ 


aiaiy, 
book. 

Although long passages in 
“Wild Darkness” are devoted 
to Brodkey ’s illness — his 
symptoms, his treatment, his 
prognosis, his attitude toward 
dying — the book’s basic 
structure and concerns will be 
familiar to readers of his last 
collection of stories. “Stories 
in an Almost Classical Mode* ' 
( 1 988), and his three -decades- 
in-the-making opus, “The 
Runaway Soul” (1991). 

Once again, we have a gar- 
rulous nairator (in this case, 
Brodkey himself) taking in- 
ventory of his life, reviewing 
and re-reviewing his feelings, 
his memories and his feelings 
about those memories. 

In his earlier books, this 
technique, combined with a 
seeming reluctance to edit out 
even die most trivial, abstruse 
remark, often resulted in 
windy, self-indulgent narrat- 
ives that were solipsisric to die 
point of parody. '‘This Wild 
Darkness." in comparison, is 
downright .succinct: death, 
sadly, not only seems to have 
focused Brodkey 's mind, but 
also, in providing that most 
unforgiving of deadlines, 
seems to have acted as a kind 
of editor. 

In fact, “Wild Darkness" Ls 


arguably the most chiseled and 
potent of Brodkey’s books, 
combining the lyrical preci- 
sion of his earliest stories 
("First Loye and Other Sor- 
rows”) with the manic ur- 
gency of his later, more self- 
involved work. 

Not surprisingly, the por- 
trait Brodkey draws of him- 
self here is very similar to that 
of Wiley Silenowicz. the nar- 
rator of “The Runaway 
Soul" — the writer as nar- 
cissist and self-mythologiz- 
ing genius, given to high- 
decibel (and quite frankly ob- 
noxious) boasts about his 
work and sexual allure. 

In these pages, Brodkey 
writes of his own “irresist- 
ibility," suggesting comparis- 
ons with Paul Newman. Mar- 
lon Brando, Wiliam Holden 
and even the biblical David. 
The problem with being ir- 
resistible, he complains with a 
straight face, is that “few 
people will ever see you with- 
out an affronted sense of their 
own irresistibility and of them- 
selves as objects of competing 
emotion.” 

Brodkey seems convinced 
that this same sort of com- 
petitive jealousy accounts for 
his tribulations in the literary 
world. His view of humanity 
is focused, depresstngly, on 


power games and is often 
cynical to the point of mis- 
anthropy: “People pretty 

much are structured to treat 
you according to how well 
you can protect yourself; that 
is. if you have visibly little 
strength, you become 
someone to rob — of dignity, 
of money or what-have-you. 
This isn't always conscious. 
Often, though, it is." 

Although these pages make 
it clear that Brodkey was ob- 
sessed with his own reputation 
(and every minute fluctuation 
in that reputation), he writes as 
though these concerns were 
foisted upon him by the lit- 
erary community or the world 
at large. 

What’s more, he argues that 
the strain of writing and de- 
fending his reputation was so 
wearying that the thought of 
death actually came as 
something of a relief. “It was 
truly a perceptible relief ro be 
out of their reach,” he writes of 
literary taste-makeis. “and into 
another sort of experience, even 
if it was terminal, li was a relief 
w have the future not be my 
speculative responsibility any- 
more and to escape from games 

of superiority and inferiority." 


GRINGOS: Mexican Food, American-Style 


Continued from Page 1 


stepping in. they make the earth move.” 
All this activity is coming as sales of 
Mexican food in the United States have 
cooled a bit, up 3.3 percent in 1996, 
compared with a 7.1 percent increase in 
1995, according to A.C. Nielsen Co. 


Still, the Mexican category “looks 
idu 


really, really good, in an industry where, 
say, mayonnaise is down 1 percent.” 
said John McMillin. an analyst for 
Prudential Securities Research. 

Indeed, total growth in the U.S. food 
industry last year was only 1 3 percent, 
according to Nielsen. And the Mexican 
category, especially salsa, * 'offers man- 
ufacturers some of the highest margins 


of all food products,” said Terry Bivens, 
an analyst for Donal 


Michikt Kakutani is on the 
staff of The New York Times. 


Donald & Co. 

Because of the low cost of raw ma- 
terials. the profit on a S2.59 jar of Pace 
salsa, for example, is more than 30 per- 
cent — higher than for colas, many 
cigarettes, chocolate and coffee. 

Tbe Mexican category is dominated 
by salsa, a sauce loaded with diced to- 
matoes primarily designed for dipping. 
Salsa passed ketchup in 1991 in U.S. 
sales, but demand is off from the torrid 
double-digit growth of recent years, 
“because a saturation point has been 
reached,” said Murray Kessler, vice 
president for sales and marketing at 
Pace, which Campbell . bought in 1994 
and which is (he biggest seller of salsa. 

Mr. Kessler expects new growth will 
come from picante sauce, a jalapeno 
pepper-and-onion mixture used as a con- 


diment on everything from eggs to en- 
chiladas. Long a staple in the Southwest, 
picante products from Pace and its com- 
petitors are starting to catch on else- 
where in the United States. 

With so much on the line, the com- 
petition on all fronts has been heating up. 
For example, Kraft Foods bought the 
right to use the name of the Taco Bell 
Mexican fast-food chain on its super- 
market products. In only three years, 
Tostitos salsa, made by the world's 
largest snack maker, PepsiCo’s Frito- 
Lay unit, has “gone from zero to be- 
come a gorilla in this category,” Mr. 
McMillin of Prudential Securities said. 

Sales of tbe Tostitos salsa came to 
more than $200 million in 1996. a 30 
percent increase from 1995. 

It took decades for the corporate gi- 
ants to scent profit in Mexican food. For 
many years, large regional companies 
such as Pace and Pet Inc., former owner 
of Old El Paso, struggled to gain a hold 
on grocery-store shelves, while small 
specialty suppliers pioneered the high- 
end salsa market in gourmet markets and 
department-store food boutiques. 

In the mid- J 980s, several books were 
at in popularizing Santa Fe chic. 


Mobutu Undergoes 
A Minor Operation 


The Associated Press 

MONACO — President Mobutu 
bese Seko of Zaire, who hag pro- 
state cancer, underwent minor sur- 
gery Friday at a Monaco hospital, 
members of his entourage said. 

Mr Moburn, 66. returned 
Thursday to his French Riviera villa 
following a three-and-a-half week 
visit to Zaire, which is in the midst 
ot a rebel uprising. 

He was admitted to Princess 
Grace Hospital on Friday morning 
and underwent a “small surgical 
mtervention,’ * according to a mem- 
ber of his entourage. He is expected 
to remain hospitalized for several 
days, the source said. 


- 


! V" 


Before long, the chicken fajita became a 
trendy menu staple. By 1990, Mexican 


products exploded in popularity, a boom 
that the big companies capitalized on 
three years ago by starting to buy such 
producera as Pace and Old El Paso. 

About tbe only thing missing from the 
boom is Mexicans, who have less and 
less to do with defining the world’s taste 


fOT theur Woof There are no Mex- 
on PUlsbuiy s 20-person Old El 
Paso development team; its leader was 
bom in India. Pillsbury’s Las Palmas 
rood line, which is primarily marketed to 
Hispanic people, does have a Hispanic 
manager, however. X5fsa » 

n J° M^can-Americans, the 
u, S.com^ntes brands are inauthentic. ; 

.teS &fc ' ,35 - aNe ” s; 

Mexico-. 

^^ri^ B S? p ! nies do no1 have the 


fits 


M 



















u. 




Milosevic Faces a Barrage of Pressure in Showdown 


BRIEFLY AS! A 


By Michael Dobbs 

_ Washington Past 

. BELGRADE — Pressure 
President 
Mllos evic from 
both home and abroad on Fri- 
tey to concede the demands 
of protesters who have ac- 

■SSJ? Soveming Socialist 
Party of stealing local elec- 
-Uons in Belgrade arid other 
oerbian cities. 

- Tb^ were chants of 

U-SJLI U.S.A.1” at the 
rally Fnday afternoon in the 
■center of Belgrade as oppo- 
sition leaders were joined by a 
.fact-finding delegation of six 
American congressmen led 
,by Bruce Vento. Democrat of 
Minnesota. The European 
, Union earlier called on Mr: 
Milosevic to accept opposi- 
tion victories in the Nov.T7 
election to avoid witemafii>n ? i 
isolation. 

Thousands of students; ‘ 
meanwhile; won a -daylong- 
jstandoff wife riot policemen 
who had been preventing 
.them from marching on a cenr- 
iral Belgrade .thoroughfare. 

.. The policemen finally wife- 
$ drew from; fee streets shortly 
after 3 A.M. and let fee stu- 
dents pass, but reappeared 
Friday afternoon. 

‘ With the protests now in 
their eighth week, Mr. Mi- 
losevic’s position appeared to 
he increasingly isolated, and 
there were reports of high- 
-level meetings to attempt to 
resolve the political crisis 
-caused by his annullin g of fee 
election results. 

On Wednesday, the Serbi- 
an government made a sig- 
nificant concession by ac- 
knowledging an opposition 
victory in the sou than city of 
Nis, but this has not been 
enough to end fee protests. 

Many leading Serbian in- 
stitutions such as the Orthodox 
Church and fee Academy of 
'Sciences, once strong support- 
ers of Mr. Milosevic’s, are 
Jx>w calling on him to take 
^decisive steps to reach as ac- 
cord wife the opposition. Oth- 
er institutions, such as fee 
jinny, have taken a neutral po- 
sition. 

' Economic pressure is also 





Serbian riot policemen forming a cordon in a main Belgrade thoroughfare Friday, as pressure mounted on President Slobodan Milosevic. 


growing on fee Serbian pres- 
ident, the only surviving 
Communist Party leader in 
Eastern Europe. Over the last 
few weeks, fee Yugoslav 
dinar has fallen 20 percent on 
fee black market following the 
government’s decision to pay 
back salaries for fee 80,000- 
strong police force, a key ele- 
ment of Mr. Milosevic’s 
strength, and guarantee jobs 
for woskers in big factories. 

Mr. Milosevic is also under 
pressure from Serbian busi- 
ness interests worried about 


endless delays in- reintegrat- 
ing fee country's economy 
with the rest of the world. One 
.very influential ally-tumed- 
critic is Bogoljub Karic, a 
banker and media magnate re- 
puted to be one of Serbia’s 
richest men. hi a rare inter- 
view wife a Western news- 
paper, he described Mr. Mi- 
losevic’s handling of the 
crisis as “stupid” and 
“counterproductive.” 

“It is not the opposition 
feat is tarnishing the image of 
fee regime.’ he said. “The 


regime is doing it to itself.” 

Mr. Karic’s willingness to 
speak out against the 'govern- 
ment is significant because he 
is still on friendly terms with 
the Serbian president and his 
politically powerful wife, 
Miijana Markovic. and has 
refrained from criticizing 
them in the past. 

He predicted that Mr. Mi- 
losevic would end up recog- 
nizing the other opposition 
election victories and open- 
ing up fee mass media, but 
expressed regret that it had 


taken so long. 

The U.S. congressional 
delegation was allowed to re- 
main in Belgrade only for a 
few hours en route to 
Montenegro, the other repub- 
lic in the ramp Yugoslavia, 
whose leaders have distanced 
themselves from Mr. Milo- 
sevic. But that was time 
enough for the congressmen 
to meet wife opposition lead- 
ers and hear fee furious noise- 
making that takes place every 
evening ar 7:30 when Bel- 
grade residents try to “drown 


out” fee evening news on 
stare-run television to protest 
coverage they see as biased. 

"People here have high 
hopes for the United States/’ 
said Mr. Vento. who ex- 
pressed American support for 
fee democracy movement He 
said that he later had an “in- 
tense discussion” with For- 
eign Minister Milan 
Mil utmovic of Yugoslavia, 
who reiterated the govern- 
ment stance that fee protest- 
ers represented only a small 
minority of fee population. 


R\ 


Seoul Acts to Arrest Strike Leaders, Who Vow to Resist 


By Kevin Sullivan 

Washington Post Service 


SEOUL — The South Korean 

r eminent issued arrest , wanants 
leaders of a 16-day strike Friday 
and an auto worker at a Hyundai 
Minors plant set himself ablaze in a 
clash wife riot policemen. 

A judge in Seoul issued fee arrest 
warrants after union leaders ignored 
three court orders this week to ap- 
v ; pear for questioning. 

*■* The seven union leaders, who 
represent at least 500,000 South 
Korean workers, are camped out in 
tents on the grounds of Myongdong 
Cathedral in Seoul, a symbolic cen- 
ter of opposition protests in South 
Korea.- . - 

The leadeis, who refused to ac- 
cept a court summons from author- 
ities backed up by hundreds of riot 
policemen, said they expected to be 
jurested but vowed to make the po- 


lice take them py force. 

„ ‘ ‘Frwp fee fregmni ng, expec- , 

- fedjtome peo^ wdularbe arrested 
and imprisoned, so we are pre- 
pared.” Kwon Young. Kil, the. top 
strike lead er , said in an interview at 
the cathedral. “We only hope that 
fee government does not make the 
miscalculation of thinking they can 
stop this strike with their repressive 
measures.” 

' “If a large number of people are 
arrested. it will only add fuel to our 
anger and the strikes will be intens- 
ified,” said Mr.. Kwon, 55. '.a former 
Paris correspondent for. a Seoul 
newspaper. * T believe my arrest will 
be an opportunity for fee trade union 
movement and for progress toward 
social change in Korea.” 

. While. he spoke Thursday, wear- 
ing a “Down wife President Kim 
Young Sam” headband, riot police- 
men carrying fields, ^batons and 
tear-gas guns were massing just 


down fee road in Myongdong. one of 
Seoul's mo^t fashionable shopping 
districts. 

. As darkness fell, dozens of strike 
supporters, mostly men and women 
in their 20s, waved banners and 
chanted slogans in (he narrow 
streets of Myongdong. 

Riot policemen, many of them 
wearing gas masks, moved in. chas- 
ing fee protesters down alleys, firing 
tear-gas canisters and snapping in 
half the flagpoles carrying strike 
banners that were dropped by fee 
fleeing demonstrators. 

No injuries were reported, but a 
worker who set himself afire at a 
Hyundai plant in Ulsan, southeast of 
Seoul, was listed in critical condition 
Friday. 

Three other workers were also 
injured, the first serious casualties 
since the strikes began Dec. 26. 

Mr. K won’s Korean Confedera- 
tion of Trade Unions, an umbrella 


group that is technically illegal but 
still recognized by^ thousands of 
workers, will bring public sector 
workers, including subway drivers, 
into the stoppages if the government 
arrests leaders and refuses to reverse 
laws that sparked the strike. 

Union officials said that about 
200.000 workers continued the 
strike Friday, while the government 
placed the number at about 56,000. 
They are protesting labor laws 
adopted by the National Assembly 
on Dec. 26 in a session at which only 
members of Mr. Kim’s New Korea 
Party were present. 

The laws allow companies to lay 
off workers, set more-flexible work- 
ing hours and hire temporary workers 
and replacements for striking work- 
ers — virtually dismantling the life- 
time employment system. 

Mr. Kim says those laws are 
needed to bring fee country in line 
wife the labor practices of the rest of 


the industrialized world: rhe strikers 
say. the law is “evil” and unfairly 
harms them. 

Mr. Kwon said fee president was 
“more or less lying” when he as- 
serted feat South Korea’s laws 
would be like those of other ad- 
vanced countries if the new changes 
were accepted. 

South Korea has limited unem- 
ployment benefits for workers. Mr. 
Kwon said, so those who arc laid off 
do not have the same welfare safety 
net as workers in other countries. 

In an interview, a senior official in 
Mr. Kim’s government said that the 
president understood chat fee arrests 
would exacerbate criticism that the 
government is forcing its will on 
workers. 

‘ ‘That is our burden," ’ the official 
said. “But fee government has 
drawn a line, fee dice have been cast 
and there is no turning hack. We are 
resolute.” 








6 Nicaragua Troops Die 
In Preinagural Ambush 

The Associated Press . 

MANAGUA — Six soldiers died in an ambush in 
northern Nicaragua, overshadowing preparations for the 
inauguration of a new president Friday. 

The conservative president-elect, Arnoldo Aleman, 
feces opposition from leftist Sandinistas, who warned 
Thursday that violence could break out if he continued to 
press a conservative agenda. ! 

The ambush took place late Thursday in La Paija, a 
rown 230 kilometers ( 145 miles) northeast of Managua. 
Few details were available. i ; - .... 

Hundreds of former cop era rebels, former Sandinista 
troops and common criminals are believed to be armed 
and operating in the area. 

The government has offered amnesty for former com- 
batants who rearmed after the end of the civO war m .the 
early 1 990s, but it has warned that it will treat as criminals 
those who refuse to lay down feeir arms. 

As Nicaragua's new legislature convened Thursday, 
fee Sandinista leader. Daniel Ortega Saavedra, warned 
feat violence could break out if the new government 
continued the policies of President Violeta Bam os de 
Chamorro, whose election victory in 1990 ended a decade 
of Sandinista rule. . 


Liggett Is Set to Break Ranks Again 


By John Schwartz 

Washington Post Service 


WASHINGTON — For the second 
time, Liggett Group Inc. is considering 
breaking wife die rest of the tobacco 
industry by agreeing to settle lawsuits 
pending against it — this time by offering 
to turn over sensitive industry docu- 
ments. 

Liggett, controlled by the financier 
Bennett LeBow through his Brooke 
Group Inc., has discussed the offer wife 
representatives' of attorneys general 
around the country who are suing to- 
bacco companies, mainly to recover 
millions of dollars of government Medi- 
caid funds spent to treat smokers. 

Although Liggett is one of fee smaller 
. tobacco companies within the $45 bil- 
lion industry, it possesses documents 
feat could provide opponents wife a 
damaging window into the workings of 
the entire industry — especially doc- 
uments from the decades-old “com- 
mittee of counsel,” a grot? made up of 


top attorneys from fee major tobacco 
companies that meets regularly. 

Sources familiar wife the negoti- 
ations said Thursday chat it was unclear 
whether fee talks would continue, es- 
pecially since they have became public 
in published and television reports. 

In March 1996. Liggett rocked the 
industry when it announced a settlement 
with five states and wife attorneys 
mounting a large class-action lawsuit 
against tobacco companies in New Or- 
leans. Not all attorneys general signed 
on to that deal, however, and others have 
filed suit since. The new offer is seen as 
an attempt to broaden the previous set- 
tlemenL 

Mr. LeBow’s organization would not 
comment on the negotiations. 

Other tobacco companies have 
pledged to block any attempts by Lig- 
gett to release information about the 
industry. Philip Morris Cos. said in a 
statement feat it “would resist any effort 
by Liggett to disclose documents in- 
volving legally privileged discussion 


shared with others in the industry.” 

“Liggett has no right to mm over 
notes that reflect legal discussions at a 
joint meeting without the consent of all 
involved parties.” Philip Morris said. 
“Once again, we hear of a Liggett ‘set- 
tlement.’ ” 

Mr. LeBow’s prior attempt at a set- 
tlement “turned out to be little more 
than a marriage of convenience” be- 
tween Mr. LeBow and the. attorneys 
general in fee former's efforts to lake 
over the No. 2 U.S. tobacco company. 
RJ. Reynolds, Philip Morris added. 
Thai takeover attempt failed at the com- 
pany's annual meeting in April 1996. 

RJ. Reynolds issued a similar state- 
ment about what it called the “illusory 
settlement” . . . that was “nothing more 
than a PR ploy.” Neither company 
would comment beyond their prepared 
statements. 

One of the leading attorneys general 
suing the industry, Hubert H. Humphrey 
3d of Minnesota, said he was ‘ ‘open to a 
principled settlement,” 


Japan Tries to Fence Off Slicks as Oil Nears Nuclear Plants 


✓ 


* 


■ The Associated Press 

MIKUNI, Japan — The Japanese Coast 
Guard on Friday began laying a boom around, 
parts of a large oil spill to prevent it from 
reaching nuclear power plants on fee coast. 

The oil spill has tainted a 200-kilometer 
(125-mile) stretch of Japan’s western coast 
At Mikuni, the worst-hit village, 150 soldiers 
joined 1 ,0 00 local fishermen and volunteers 
Friday to shovel the muck from an oil-fouled 
beach for a third day. 



up wiui pipes nwsw 
spraying chemicals to disperae the s — 
Coast Guard officials said parts of the 
23.000-barrel slick from a shattered Russian 
tanker washed ashore Friday in Totton Pre- 
fecture, bringing to five fee number of states 
affected so far by the spilL 


Near the enirance to Waknsu Bay, which is 
ringed by nuclear power plants, eight Coast 
Guard .ships and about 40 fishing vessels 
began putting up fee boom to contain patches 

Fishermen say stocks of 
seaweed and shellfish have 
already been destroyed. 

of oil that are spread out for 1 1 kilometers, 
said Hisao Nishiyama. an official of the Jap- 
anese Coast Guard. 

The nuclear plants, which use large 
amounts of seawater for cooling, could be 
damaged if fee oil slick gets too dose. 

At a beach in Kyoto Prefecture, volunteers 


found the bodies of three oil-muddied wa- 
terbirds Thursday, according to Kei Sasa, a 
prefecture! official. Birds that are sullied, with 
oil usually drown because they can no longer 
float 

“What we are also afraid of is feat more 
birds will die from organ damage if they 
preen fee oil off their feathers wife their 
beaks,” Mr. Sasa said. “There’s no way we 
can save them.” 

The Russian tanker Nakhodka splir in two 
on Jan. 2 about 150 kilometers off fee coast. 
The front half drifted and ran aground Tues- 
day off the beach at Mikuni, a picturesque 
village 320 kilometers west of Tokyo. 

Fishermen say fee oil has already des- 
troyed plentiful stocks of seaweed and shell- 
fish along the coast. The effect on crab and 
fish in deeper waters is still uncertain, but 


tourism, another major source of livelihood 
for this region, will also probably suffer. 

In Moscow on Friday, fee federal transport 
prosecutor’s office opened a criminal inves- 
tigation into fee tanker accident and fee 
spill. 

Japan had called on Russia to investigate 
the accident and to take steps to prevent a 
recurrence. The message was delivered to the 
Russian government by fee Japanese am- 
bassador to Moscow. Takehiro Togo, on 
Thursday night. 


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Indian government, fa- 
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with more than two chil- 
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fice. the Press Trust of 
India said Friday. 

The agency quoted the 
junior health and family 
welfare minister. Saleem 
Shervani. as saying that 
the government would 
make “concrete efforts” 
to ensure passage of a bill 
to this effect during the 
February session of Par- 
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Leftists Kill 16 Police in India 

HYDERABAD. India — Leftist extremist* killed 16 
police officers Friday in an attack on j remote police 
station in southern India, prompting calls for a crackdown 
on an outlawed Maoist group. 

Some 60 members of fee People’s War Group sur- 
rounded Karakagudem village in Andhra Pradesh slate at 
about 1 :30 A M., the police in Hyderabad, fee slate capital, 
said. 

Two groups of guerrillas raided the police station and 
exchanged gunfire » ith police for more than half an hour, 
said the Andhra Pradesh interior minister. A. Madhuv 
Reddy. The insurgents then attacked the station with 
bombs, killing all Tri police officers inside. tRaticrst 

Sri Lankan Army \ Mopping Up' 

COLOMBO — Sporadic fighting continued in the 
nonhem Sri Lankan tou n of Paramhan on Friday, a day 
after govemmeni forces repelled a major attack by sep- 
aratist Tamil rebels, military officials said. 

Sri Lankan security forces were consolidating their 
position after the rebels overran parts of tlte town's defenses 
Thursday in fierce fighting that left more than 500 guerrillas 
dead or wounded, fee Defense Ministry said. 

“Forces are mopping up the Iasi of the resistance.” an 
army official in Colombo said. The bodies of b0 gov- 
ernment soldiers had been recovered by Thursday night, the 
ministry said. t Reuters) 

Pakistan Toxic Gas Toll at 32 

LAHORE. Pakistan — The death toll from a toxic gas 
leak here rose to 32 Friday after two more people died in 
the hospital, doctors said. 

They said 90 people were still in the hospital, of whom 
1 8 were in critical condition. More than 900 people were 
treated in hospitals after the gas leak in the populous 
Mughalpura district of fee Punjab provincial capital on 
Wednesday night. The gas was identified by officials as 
chlorine rather” than ammonia, as first thought, t Reuters l 

China-Taiwan Shipping Talks 

TAIPEI — China and Taiwan plan to meet later this 
month to discuss opening direct shipping links. theTrans- 
port Ministry announced Friday. 

The two will meet in Hong Kong on Jan. 22 to talk 
about establishing links between the southern Chinese 
pons of Fuzhou and Xiamen, and an offshore trans- 
shipment center in Taiwan's southern Kaoshiung port. 
Transport Minister Tsay Jaw-yang said. tAPl 


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PAGE 6 




SAXURPAY-SUND AY, JANUABY 11-12, 1997 

EDITORIALS/OPINION 


. / 


Ilcralb 



PU BLISHED Wmt THE X£W YOgK HUES AW> THE WWIKIWTON POST 


Korean Promises 


The Foolish, and Costly, Def vnse Merger Mania 


The rising tension between South 
Korea's government and its labor uni- 
ons represents more than a domestic 
dispute over how to shape that nation's 
growing economy. South Korea’s fi- 
delity to its international obligations is 
also in question. As various interna- 
tional organizations search for the best 
way to integrate transitional econo- 
mies — China's as well as South 
Korea’s — the current episode may 
serve as a cautionary tale. 

The trouble het^n the day after 
Christmas, when congressmen belong- 
ing to President Kim Young Sam's tid- 
ing party gathered secretly at 6 AM. 
and, in six minutes and without debate, 
adopted sweeping new labor laws. At 
the same time, with opposition legis- 
lators nowhere in sight, the furtive ma- 
jority reinstated many powers of the 
internal security agency, an odious sym- 
bol of South Korea’s earlier dictatorship 
whose wings President Kim himself had 
clipped when he was first elected pres- 
ident 

Mr. Kim subsequently explained 
that the new labor legislation merely 
brought South Korea's laws into line 
with other developed countries and 
that the explosion erf worker discontent 
reflected a "big misunderstanding." It 
is true that the way the legislation was 
passed put the labor laws in the worst 
possible lighL It may also be true that 
South Korea needed to limit workers' 
rights in some ways in order to remain 
globally competitive. 

But that's not the whole story. Last 


Don’t Isolate Cuba 


Now that the campaign season is 
over. Washington has a chance to put 
its Cuba policy on a sane course mat 
might encourage moves to democracy 
on the island. But neither Congress nor 
President Bill Clinton seems inclined 
to try anything more creative than the 
isolation strategy that over nearly four 
decades has failed to budge Fidel 
Castro from his autocratic ways. 

If anything, American policy has 
regressed in the last year, propelled by 
Cuba’s unprovoked attack on two ci- 
vilian planes over international waters 
last February. The incident led Mr. 
Clinton, already concerned about of- 
fending Cuban-American voters in 
Florida and New Jersey, to sign the ill- 
conceived Helms-Bunon law that left 
Washington almost no flexibility in its 
handling of Castro. 

Mr. Clinton has neutralized one of 
the most impractical parts of the law, 
twice waiving a provision that invites 
lawsuits against any company using 
Cuban property that once belonged to 
people who are now citizens of the 
United States, including the many Cu- 
bans who have migrated to this country 
since Fidel Castro's 1959 revolution. 

Numerous countries have forbidden 
their companies to pay any claims un- 
der this provision, and its enforcement 
would guarantee bitter conflict with 
America's closest allies. The presi- 
dent's use of his waiver power under 
the law, most recently invoked last 
week, was appropriate and commend- 
able, but other rigid restrictions remain 
intact. 

Beside trespassing on the sover- 
eignty of other countries, the law un- 
dermines Washington's ability to en- 
courage democracy. It does so by 
taking away the president's authority 
to loosen or tighten the U.S. economic 
embargo of Cuba in response to policy 
changes by Havana. 

What hope now exists for expanding 
li berty in Cuba and preparing me tran- 
sition to a post-Castro era ties in the 
constructive use of international eco- 
nomic and commercial leverage, not in 
trying to bludgeon the rest of the world 
into joining America's lonely and 
counterproductive economic embargo. 
Countries and companies should tie 
their willingness to expand trade and 
investment with Cuba to signs of pro- 
gress on human and political rights. 

That is just the approach America's 
European allies have now begun to 
take. Mr. Clinton cited Europe’s ex- 
plicit new commitments to link further 
expansion of its economic and political 
ties to expanded freedom on me island 
as justification for again suspending 
the Helms-Burton penalties. Ideally. 
America should be following the same 
sensible approach. It cannot under the 
Helms-Burton law. 

The administration suggests that 
Europe’s new linkage policy comes in 
response to the threat of Helms-Burton 
penalties. Thai case is hard to make. 
Europe’s new emphasis on encour- 


aging freedom in Cuba was initiated by 
the (Section of a new conservative gov- 
ernment in Spain, the country whose 
lead Europe traditionally follows on 
Latin American issues. Spain's new 
prime minister, Josfi Marfa Aznar, an- 
nounced his intention to press for 
democracy in Cuba before the Helms- 
Burton law became a factor. 

Postponing the law's penalties 
against foreign businesses makes 
American policy less harmful than it 
might be. But it scarcely makes the 
United States an effective force for 
democratic change in Cuba. If Mr. 
Clinton is unwilling to press for repeal 
of the Helms-Burton law. he should at 
least use his executive authority to take 
what steps he can on immigration and 
travel issues to encourage the flow of 
democratic ideas to Cuba. 

— THE NEW YORK TIMES. 

Other Comment 

Tribunal Without Teeth 

The great hope of tribunal advocates 
was that the individualization and de- 
coUectivization of guilt — placing re- 
sponsibility on the leaders and the per- 
petrators of atrocities, rather than on 
whole communities — would help 
bring about peace and reconciliation. 

Recently, nations worldwide have 
been more ready to prosecute human 
rights and humanitarian atrocities, in- 
cluding Ethiopia, Honduras and South 
Korea, where even former presidents 
have been convicted, hi South Africa, 
prosecutions are under way against per- 
sons who did not cooperate fully with 
the truth commission by coming for- 
ward, reporting the entire truth andseek- 
ing amnesty, ft is not absurd to suggest 
that in a few years Belgrade, Zagreb or 
even Pale might have more responsible 
leaders and more credible criminal 
justice systems , and might be ready to 
prosecute before their courts some of 
those indicted by the tribunal. The pros- 
ecution could aid such efforts tty pre- 
paring a report on the historical record 
analogous to die report of a truth com- 
mission. 

Despite the difficulties the 
Yugoslav tribunal has encountered, it 
may be necessary to follow the same or 
a similar model in the future. But from 
now on, . international criminal 
tribunals must be more effectively sup- 
ported by police power. Just as there 
can be no national justice without a 
police force, there can be no effective 
international justice without arrests, 
subpoenas, investigations and a reli- 
able enforcement mechanism. The in- 
ternational community's inability to 
create such a mechanism, whether for 
ad hoc criminal tribunals or for tbe 
proposed international criminal court 
threatens all efforts to create a system 
of international c riminal justice. 

— Theodore Meron in Foreign Affairs 
( New York). 


Tit (L iJTtiwnmLW ♦ 4 

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VTEW YORK -Baffled by the rash By Ann Marimsen outsourcing 

Sassy*--- , -KgS?- scss , s , ssss i a£ 

then Lockheed bought Martin and To be reimbursed, a company need reimbursed for the open 

mated with Loral. Northrop took over only make a plausible case that closings say, space engineers info worfcon coo- founnSdweap^. 

Grumman. General Dynamics sold off and layoffs should bring savings on sumer products, ^JRW did wfo 
divisions to Hughes and McDonnell existing long-term contracts. Pentagon aabags, or Raytheon did with rm- Thesptte or uvoraai 
Douglas and sapped up Bath Iron auditors must certify (hat tbe numbers crawaves. But they can bo remiursd 
Works. Boeing bought Rockwell's de- look good to them. But companies will for dosing tbe same factory and firing si z e d 

fense unit and now proposes to buy never have to document dial such sav- employees. seroflcMrauai use J- ( 


fall, after a long campaign. South 
Korea won admission to the club of 
developed nations, the Organization 
for Economic Cooperation and De- 
velopment. In return. South Korea 
promised to bring some of its laws into 
line with the organization's standards. 
That meant, in particular, liberalizing 
its financial markets to ease foreign 
investment and changing its labor laws 
to guarantee the funda m e n tal right of 
association to South Korea’s workers. 

The labor legislation approved Dec. 
26 went back on that pledge. It gave 
employers what they wanted, die right 
to lay off workers and hire replacement 
workers during strikes, but zt did not 
legalize multiple unions, as South Korea 
had pledged. That means that, as during 
South Korea's dictatorship days, only 
one official (and usually compliant) 
labor federation is aflowed. The 
OECD's union advisory committee 
condemned the moves, but with South 
Korea already a member, it’s not clear 
what die organization can do beyond 
complain. 

A similar debate is now taking place 
over China's entry into die World 
Trade Organization. China wants to be 
admitted now and dismantle its trade 
barriers later. Others argue that China 
should have to comply with the trade 
group’s standards as a condition of 
admission. Once it's in. the argument 
goes, others will lose much of their 
leverage. The South Korean example 
is persuasive. 

— THE WASHINGTON POST. 


fense unit and now proposes to buy 
McDonnell Douglas. A Hughes di- 
vorce from General. Motors ts in the 
offing, and Texas Instruments has suc- 
cumbed to Wall Street pressure to put 
is defense operations on the block. 
Speculation is that Raytheon and TRW 
are not far behind. 

Why are all these mergers happen- 
ing? Ine answer lies in the Pentagon's 
new permissiveness toward mergers, 
coupled with a novel and insidious 
practice of reimbursing defense 
companies for tbe costs of consolid- 
ation on tbe specious ground of saving 
Americans money. Lockheed Martin 
requested $1.7 billion in such pay- 
ments. and a Boeing-McDonnell 
Douglas is sure to apply for a good 

rhimlf- 

What can be included in these costs? 
Golden parachutes for "displaced” 
executives. Severance pay for workers 
(but not retraining for new civilian 
jobs within die company). Legal costs 
for fighting employee breach-of- 
contract suits or for contesting local 


only make a plausible case that closings 
and layoffs should bring savings on 
existing long-term contracts. Pentagon 
auditors must certify that tbe numbers 
look good to than. But companies will 
never have to document that such sav- 
ings actually materialized. 

It’s a great deal for the companies, 
which are permitted to charge tbe gov- 
ernment more up front on current con- 
tracts. But studies of a number of these 
mergers, the General Accounting Of- 
fice found, showed real savings to be 
less than SO percent of those promised 
— and most are a poor 10 percent to 20 
percent of initial company estimates. 
By then, taxpayer reimbursements 
have long been pocketed, and tbe mer- 
gers are irrevocable. 

Pentagon reimbursements are cred- 
ited on Wall Street with producing re- 
markably high profits and high price- 
to-earmngs ratios for big defense 
companies even as procurement spend- 
ing has fallen nearly 70 percent 

The reimbursement policy has per- 
nicious consequences. For one, it en- 
courages companies to ‘'outsource” — 
to lay off their own well-paid workers 
and play off subcontractors that in tom 
put the squeeze on their own, often 
nonunion, workers. The “costs” of 


say, space engineers into work on con- 
sumer products, as TRW did with 
or Raytheon did with mi- 
crowaves. But they can be reimbursed 
for closing tbe same factory and firing 

employees. 

Research shows that those compa- 
nies vigorously pursuing civilian al- 
ternatives — TRW, Hughes, Rockwell 
and Raytheon — are reinvesting higher 

shares of their revenues in research and 

development than are ‘‘pure play” de- 
fense giants l ike Lockheed Martin and 
Northrop Grumman. Surprisingly, they 
have also done as well or better in terms 

of profit. 

But all have been under Wall Street 
pressure to divest themselves of their 
mil itary divisions. Why? Because bil- 
lions be made off Pentagon re- 
imbursements. And because Wall 
Street would rather see tbe market real- 
locate resources, especially the cash 
aennmnlatwrl Airing the 198Qs buildup, 
than permit companies to do so in- 
ternally. 

Payoffs for layoffs, as they have 
been dubbed by critics, are particularly 
repugnant because they undermine fire 
“dual use” policy pursued by the Clin- 
ton adminis tration. By integrating dr 
vilian and military industrial activity. 


with contracts for unneeded weap onry. 
The spate of divorces of defense from 
c omm ercial divisions among mid- 
sized defense contractors is a major 
setback for dual use policy. 

The Pentagon should say “no ’ to 
tbe Boeing-McDonnell Douglas mer- 
ger, which removes a competitor from 
fixture fighter-craft competitions. A 
thorough study of tbe longer-term con- 
sequences for national defense should 
be conducted to determine bow many 
“lines” the Pentagon can support for 
major weapons system. Simul- 
taneously, the United States should 
more , vigorously pursue cooperation in 
arm* industry restructuring with its al- 
lies, particularly tine Europeans who 
find themselves in tire same boat. . 

Finally, the Congress should reject 
further Defense Department reim- 
bursements for defense merger costs. 
Tbe failure of savings to approach any- 
thing near el pfrn? is a scandal in the 
era long. 

The writer, a senior fellow as the 
Council on 'Foreign Relations and a 
professor at Rutgers University in New 
Jersey, contributed this comment to the 
International Herald Tribune. 


For a Long-Term Peace, Peru Should Talk to Its Guerrillas 


L IMA — As hostage-taking 
incidents go, tbe takeover 
of the Japanese ambassador’s 
residence here has been very 
unorthodox. So perhaps the 
Peruvian government should 
pursue an unorthodox resolu- 
tion and agree to enter into long- 
term peace negotiations with 
the terrorists. 

Some of Lima’s most prom- 
inent and well-connected res- 
idents turned out at an embassy 
party on Dec. 17 to celebrate 
Emperor Alrihito's birthday. 
This energetic flocking, which 
a few years ago would have 
occurred only at the American 
Embassy’s Fourth of July re- 
ception. was a tribute to Japan’s 
new status as tbe most impor- 
tant foreign power in Peru. 

So it was clearly more than 
shock over the tactical virtu- 
osity of tbe Tupac Amaru 
rebels’ raid on the. embassy 
compound that caused Presi- 
dent Alberto Fujimori’s virtual 
paralysis for days afterward. 

For him. the commando at- 
tack into the very heart of the 
new establishment was like a 
horror film — Carrie’s arm 
shooting from the grave and 


By Gustavo Gorriti 


grabbing his government's 
neck. After all. his gover nm ent 
had declared the Tupac Amaru 
movement dead. 

But Mr. Fujimori’s author- 
itarian counterinsurgency, fun- 
damentally ntimiral to demo- 
cracy. has been more about 
propaganda than facts. 

The president himself appar- 
ently believed his own rhetoric. 
A few weeks before the raid, he 
said Aar defeating the insur- 
gents had been papayiia — Per- 
uvian Spanish for “a piece of 
cake” — easier, be said, than 
divorcing his wife. 

In reality . the small squads of 
police detectives that crippled 
the Shining Path and Tupac 
Amaru guerrillas from 1989 to 
1992 were dissolved after the 
arrest of the Shining Path's 
leader, Abimael Guzman, in 
1992. The intelligence service 
has become a bloated bureau- 
cracy primarily interested in 
harassing the legitimate oppo- 
sition. 

Meanwhile, the Tupac Am- 
aru cadres were quietly assem- 
bling weapons and fighters. 


After the takeover of the 
compound, Peru and the world 

braced for the nightmarish 
script when hostages are taken 
— ultimatums, shifting dead- 
lines and violence to increase 
the pressure of armed extor- 
tion. 

But so fer nothing of the sort 
has happened. When the guer- 
rillas released hostages by the 
dozeos, many in the govern- 
ment and die press thought they 
were simply solving logistical 
problems. But if so, why were 
senior American diplomats re- 
leased days before the Hondur- 
an ambassador was? 

Many freed hostages, includ- 
ing some Americans, o ffe red 
positive reports about their 
captors. They spoke of the in- 
tense debates on economic 
policies and other issues that 
had taken place between the 
rebel leader. Nestor Cerpa Car- 
tolini, and some captives. ’ •' 

It is still, of course, an ex- 
plosive situation, but the intel- 
lectual exchanges have had a 
stabilizing effect. 

Mr. Capa, a former factory 


worker, has been having long 
discussions with one hostage in 
particular. Fan’s foreign min- 
ister, Francisco Tudela. Within 
a few days of the attack, the 
rebels shifted their emphasis 
from the initial Hwnand of free- 
dom for. their comrades in pris- 
ons to a somewhat vague pro- 
posal for apeaoe accord. 

Mr. Cerpa emphasized his 
new postion by freeing tbe 
Guatemalan ambassador the 
day before that country signed 
an accord that ended a decades- 
long civil war. 

Would it be worthwhile for 
Pern to consider negotiating a 
broader peace with the guer- 
rillas? Undoubtedly. 

Of course, one should be 
skeptical of the rebels’ current 
bean-geste approach, given 
their history of terrorism. But 
the group has never been as 
ruthless as the Shining Path. In 
the past, it looked for openings 
to talk wi& the government, fol- 
lowing the lfcadof dther Latin 
America guerrillas. But the 
Fujimori regime rejected such 
entreaties out of hand. 

Elsewhere in Latin America, 
even imperfect accords be- 


tween authoritarian govern- 
ments and guerrillas have been 
infinitely better than tbe wars 
they resolved. . 

accartf^oulJn’t begin until foe 
hostages are freed. But their lib- 
eration would probably entail a 
good-faith promise to begin 
talks soon. 

The government could offer 
safe passage for the rebels in fo^. 
compound, improvements xft 
appalling prison conditions and 
establishm ent of legal due pro- 
cess. In the longer term, a cease- 
fire might mean an amnesty for 
imprisoned Tupac Amaru 
rebels. 

Negotiations would certainly 
not be papayita. But an armed 
assault, even a “successful” 
one wife a low number of hos- 
tage casualties, would [probably 
strengthen die guerrilla move- 
ment and would likely lead tp 
greater bloodshed in the fu- 
ture. • • 

: The writer is a Peruvian jour- 
nalist who is the associate di- 
rector of La Prensa in Panama , 
He contributed this comment to 
The New York Times. 


Dutch Demonstrate the Slippery Slope of Doctor- Aided Suicide 


W ASHINGTON— In 1991 
in the Dutch city of As- 
sen, a perfectly healthy 50- 
year-old woman asked her doc- 
tor to help her die. Her two sans 
had died, one by suicide, one Ity 
cancer. She wanted to join 
them. After many hours of con- 
sultation. Dr. Boudewijn 
Chabot consented. He was at 
her side when she swallowed 
tbe lethal pills be prescribed for 
her death. 

In the Netherlands, doctor- 
assisted suicide is for all prac- 
tical purposes legal, but Dr. 


By Charles Krauthammer 


Chabot was tried anyway be- 
cause this woman wasn’t ter- 
minally ilL She wasn’t even ill. 
In fact, she wasn’t even psy- 
chiafricaliy ill, a point that at 
trial Dr. Chabot made in his 
own defease. She was as lucid 
as she was inconsolable. 

The three-judge court in As- 
sen acquitted Dr. Chabot. So did 
an appeals court So did the 
Dutch Supreme Court. Thus, 
notes Dr. Herbert Henrtin Cm his 
study of euthanasia in Holland, 


“Seduced Ity Death: Doctors, 
Patients and the Dutch Cure”), 
has tbe Netherlands “estab- 
lished raaihii suffering as a basis 
for euthanasia.” 

On Wednesday the U.S. Su- 
preme Court was asked to de- 
cide whether doctors-assisted 
suicide should be legal in 
America, as in the Netherlands. 
The two cases before the court 
both involve the terminally ifl. 
But tbe deployment of these 
heart-rending cases of terminal 


The Elite Have to Take the Heat 


N EW YORK — In the mail 
conies an invitation to a 
conference sponsored by the 
Council on Foreign Relations. 
In news stories, the council's 
name is usually preceded by 
“prestigious,” “elite” or 
“ influential ,’* and all three 
are correct. 

Tbe title of the two-day 
conference, in April, is “From 
Bicycles to Beepers: Tbe Pol- 
itics and Economics of Busi- 
ness in China.” 

Seminars and workshops 
will be held on opportunities 
for investment in the 
provinces, the future of U.S.- 
Chinese relations, taxes and 
accounting, and such spe- 
cified targeted investment 
subjects as banking, securi- 
ties, computers, telecommu- 
nications, power and energy, 
“joint ventures and strategic 
alliances,” and textiles and 
manufacturing. 

Two things about the meet- 
ing trouble me. One is in the 
list of subjects. A few are 
broad but most seem remark- 
ably like how-to courses. As a 
member. I do not think it befits 
tbe council to help investment 
in the world’s most brutal and 
dangerous dictatorship. 

Tbe second is not on tbe 
agenda. When I asked who 
was paying for tbe confer- 
ence, the answer came that 
much of the money is from 
American businesses operat- 
ing in China. 

Well, sir, 1 said, this strikes 
me as a conflict of interest — 


By A. M. Rosenthal 


lauicu. uy ujb 

gn Relations, taking money to hold a con- 
foe council's fcrence on China trade from 


companies already in business 
there and hardly likely to raise 
such questions as government 
blackmail, official corruption, 
slave labor, religious perse- 
cution, and other matters that 
might be of i n te re st to Amer- 
icans contemplating invest- 
ment in China. 

1 was told the council would 
not allow company support to 
(tictatertbe dismission. Abo: If 
the corporations had not come 
through, foe council could not 
have afforded die meeting. 

1 have been a member of tbe 
council for 34 years, one of 
3,265 ocher prestigious, elite 
and influential Americans, 
among them foreign-affairs 
specialists, businessmen, 
former government officials 
and journalists. Meetings usu- 
ally are held under the rule 
that what is said cannot be 
attributed to anybody. 

Now, nobody worth listen- 
ing to is fool enough to tell a 
ctember full of people aery 
great secret. But often I 
profiled intellectually from tbe 
speakers and discussion. 

Still, foe rationalization for 
taking money from China- 
trade companies is the same 
dreary excuse foal journalists, 
politicians and academics 
give when they let money cre- 
ate thereality or appearance of 
conflict of interest. Listen, it 


won’t influence me and I need 
tbe money for foe good of my 
work. 

The International Herald 
Tribune goes farther. It bolds 
conferences on doing business 
in China with financial help 
from companies in tbe trade 
— and also lists China ’ State 
Commission for Reconstruct- 
ing Economic Systems as co- 
convener. I doubt the two 
newspapers that own tbe IHT 
would do that themselves — 
The Washington Post and The 
New York Times. 

Whypadt on the council or 
the HTT when so many think 
tanks take money from found- 
ations that try to influence foeir 
agenda or from companies that 
have commercial interest in 
what is studied? 

Reminds me of when tbe 
writer Nick Pfleggi called me 
years ago to say that Tbe New 
York Tunes was taking 
dozens of free baseball tickets 
every day and, for an article he 
was doing, why. I said it was 
Impossible. But tbe sports ed- 
itor delightedly told me it was 
true. He gave them to tbe 
printers to get sports copy 
moved fast 

We stopped it that day. But 
I grumbled to my colleagues 
that somebody was always 
picking on The New York 
Times. Then I reminded my- 
self of the reason and I did not 

fed bad at alL We are pres- 
tigious, elite and influential, 
that’s why. 

The New York Times. 


illness is part of tbe cunning of 
tbe euthanasia advocates. They 
are pulling heart strings to get ns 
to open the door. And once tbe 
door opens, it opens to every- 
one, terminally ul or not. 

How do we know? Justice 
David Souter asked that ques- 
tion in one form or another at 
least four times: Once yon start 
by allowing euthanasia for tbe 
terminally ill, what evidence is 
there that abuses will follow? 

The answer is provided by 
tbe Netherlands. Fm not even 
talking here about the thousand 
cases a year of Dutch patients 
put to death by their doctms 
without their consent. (Most, by 
the way, are killed not for rea- 
sons of pain, boL as the doctors 

put it, tor “low quality of life” 
or because “all treatment was 
withdrawn but the patient did 
not die.”) Fm taflring here 
about Dutch doctors helping foe 
suicide of people not tenninalfy 
ill not chronically ill, not ill at 
all, but. like our lady of Assen, 
merely bereft 

By what logical principle 
should foe relief of death be 
granted only foe terminally ill? 
After afi, the terminally ill face 
only a brief period of offering. 
Tbe chronically ifl, or the 


healthy but bereft — they face a 
lifetime of agony. Why deny 
them die relief of a humane 
exit? 

The litigants before foe Su- 
preme Court, however, claimed 
the right to assisted suicide on 
the grounds not of mercy bur of 
liboty — tbe autonomy of in- 
dividuals to determine when 
and how they will die. 

But on what logical grounds 
can this autonomy be reserved 
only far foe terminally ill? 
Wednesday at foe court, foe 
lawyers for foe eu thanasia side, 
Kathryn Tucker and Laurence 
Tribe, turned somersaults try- 






•fit s 



But they had no answer be- 
cause there is no answer. If as- 
sisted suicide is a right for foe 
tenninalfy ilL there is no ar- 
gument that can be made to 
deny it to anyone else who 
might request it. 

That is why die Supreme 
Court decision in these two^ 
cases will be so fateful. The * 
could be the beguming of 
somefomgmnch larger; nrrfhinfe 
less than legitimation — 
through tbe legally blessed par- 
ticipation of the rapytireil pro- 
fession — of suicide. 1 

The Washington Post. ■, 


-wwjM 




IN OUR PAGES; 100, 75 AND 50 YEARS AGO 
1897: Historic Treaty ^ Rcc State provided for in 

J fflft twstv lu> ruumhViul nritfi 


WASHINGTON — The Gen- 
eral Arbitration Treaty with 
England signed by foe British 
A m bassador and the Secretary 
of State contemplates two ar- 
bitration tribunals, one for the 
settlement of pecuniaiy claims, 
and the other for foe adjudic- 
ation of territorial claims. Res- 
ident Cleveland welcomed this 
experiment “initiated by 
kindred people joined fay die 
same tongue, common tradition 
and institutions” and aimed at 
substituting civilized meth od s 
.for brute force to settle inter- 
national questions of right 

1922: Griffith Voted b 

DUBLIN — ■ Dad Etreanc has 
elected Mr. Arthur Griffith as 
the new Resident, of the 'Irish 
Republic in succession to Mr. 
De Valera. With aCabinetafhis 
own ^choosing, be is now free to 
p r o ceed to foe establishment of 


foe Free State provided for in 
the treaty he negotiated with 
Mr. lioyd George and to submit 
foe completed project to foe Ir- 
ish people and let them choose 
between it and the Republic to 
which foe De Valenrts gave 
such fanatical service. ; 

1947: Yoniig Offenders 

VIENNA— r The increase of ju- 
venile delinquency in Austria is 
considered proportionately the 
highest in Europe. The causes, 
besides the dislocation of war, 
are basically foe Nazi destruc- 
tion of moral ValtKS, inrinding 
foe sanction of acts of tarorism 
and foe bearing of children out of 
wedlock. The most troublesome 
group are foe ‘‘Sdifanfe,*’ 


.. r'V 


of older siblings called up for 
war service. Then rangin g hi age 
from twelve to sixteen, foej' 
smoked and played, avoided 
work and school, and relied oh 














INTERNATIONAL HERALD TRIBUNE 
SATURDAV-SUNDAY, JANUARY 11-12* 1997 

PAGE 7 


Show UnderscoresFragile State of Artistic Legacy 


• to ernatjoncd HemldTribun* ** 

1 1 OMDON — Rarefy 
\ I did an an show as 
.1 . modest m ils present-. 

rfMica.as “Treasures 
ST .Ey«yone*” on view ai 
tOnsfe s until Jan. 26, raise 
jsucfa firadatnental »«pn»s re_ 

•^djng &c artistic heritage of 
Old World. Simply put, the 
(Central question is whether an 
-ancient nation has foe wfl] arvt 
;*e financial means to ream 
-jtne woriss of ait necessary for 
jtne survival of its past and tbe- 
iWMitinuity of its culture. 

( The 150 or so works of art 
,on view, “saved by the Na- 
|taonal Art Collections Fuad,** 

\ SOUREN METTKIAN 

tos the subtitle claims in a 12- 
£ Tage brochure, were bought 
" .tetween 1981 and 1996, all 
{with some financial help from 
jthe fund by museums or coun- 
try houses that could not meet 
{the cost cm their own e ng a ge r 
•resources. The idea of the 
{fund, set up in 1903, ulti- 
mately goes back to John - 
R us kin. In 1857, the art writer 
declared in a lecture, there 
ought to be a great National 
Society instituted for the pur- 
chase of pictures; presenting 
them to the various galleries 
■in our great cities, and. watch- 
jngthere over their safety.” 
uavid Barrie, the Raskin- 

Jlirector ■ a °^ 'Crucifixion -, " attributed to Buoninsegna. 

1 992, quoted these words in a telephone changed* but, adjusted for inflation , the 
interview, but refrained from r emarking markup was moderate. This was a huge 
'that the present fund is nothing like die figure. However, the Crucifixion is one 
mighty orga niz a ti on envisaged by of those very rare works of art that may 
-Ruskm. The nonprofit body merely ex- be argued to be wonhanythiog it takes to 



4ends a helping band to institutions get item. 

^strapped for cadi if a majority of its 17- The same applies to one of El Greco’s 

member committee expresses a favor- most mysterious paintings, bought in 
fble opinion at one of its moothly meet- 1989 by the National Galleries of Scot- 
htgs. landfor £1,269,303 plus an undisclosed 


, Undoubtedly, its influence must grow azrwuntrepreseotinga tax remission. No 
<as its membership expands — it jumped one has-been able to explain, tire scene 
by 60 percent in the past two years to its convincingly. A wistful baboon observes 
current 62 ,000 members — but it has no a wennan as she brings a candle without a 
policy of its own, nor is it supposed to. flame into contact with a bright object. 
Museums are there to act on their own whileaman watches her act with an air of 




Museums are there to act on phut own whileaman watches her act with an air of 
initiative. But what can yon buy with absorbed curiosity. It is all seen in 
pieager funds allocated by governments driarosenro that is closer to early Cara- 
ihai show less interest in art than any vaggism than is usual for El Greco, 
.other of the larger European nations? 

The message delivered by the show is -|A - . ORE recently. In 1993, Jan 
“precious little.’’ Pafating&get theh'-. 1% /Bj van de cc C^Rgene>.; “A, 
on's share- Yet, the unforgettable mas- .■* CbUb,’-. .- fainted' m i654,' 

terpieces number four or. five at the JL ▼ A- went to the National Mur 
most. . seum of Wales in Cardiff at a cost of 

• These include one of the most bean- £3,850,000. Admirably composed, the. 


.tiftil Sienese school pictures in toe painting is monumental and also so- 
worid, an early 14th-century “Qcucti- pcahly preserved, if a trifle too labored in 
fixion” that is “attributed” to toe great the detail of its ships immobilized in a 
Duccio de Buoninsegna. Unchallenged glittering sea. Bnt the picture is an icon 
mttepast,tolabelisnowqu<^onedby. of British collecting.- Izi 1769, Johann 
some. Factual kiK)wtedge regarding toe Zoffany, painting the portrait of Sir 
identity of earty Trecento artists in Siena Lawrence Dundas, reproduced the sea- 


being what it is, this matters not a whit* 
except to scholars. The picture, owned 
since 1863 by toe Earisof Crawford, is 


ape hanging in the room. The nation 
old .not afford to let that go. 

Nor could it, toe British Museum nn- 


m. ■ m 1260 for Henry ni cn the ceiling of the 

- In 1984* the panel was bought by toe “Printed Chamber” in Westminster 
.ManchesterChyArtGalleiyfiiWDtheait, Palace. Soon concealed by ovenjecor- 
Wade for £1,798,000 to which the Na- ation, they were shielded from an m- 


tional Art Collections Fund cootribctted evitable abrasion .process. In 1816, as 
£500,000. The market had obviously inscriptions era their 19tb-ceutmy gilt 


Wright in 1761. With its two girls fuss- 
ing around a kitten, the picture looks like 
some Walt Disney film still done in 
Caravagesqne chiaroscuro. Surely not 
“An Iron Forge,” a worthy 1772 an- 
ticipation of Socialist Realism, by the 
same painter, let alone Sisley’s view of 
the Welsh coast, painted in 1 897, with its 
upper half flatly painted and empty as if. 
unfinished, nor a mildly pleasing Renoir 
of no'particular significance. 

Wien it comes to toe 20th century, toe 
exhibition at times takes an uninten- 
tionally hilarious turn. A failure? No, 
rather toe clumsy, ponderous creaking of 
scares of museums and historic houses, 
almost none with half the resources they 
need. Saving Britain’s most precious 
pictures has a long way to go. 




r :W//J y j 


trm 




flames specify, toe panels 
were removed in the course of 
“repair wodc.” swing them 
from destruction in the 1834 
fire. Their later peregrinations 
remain unclear. How they 

ended up m a Bristol house to 
be discovered by workmen in 
the course of a “house clear- 
ance” and- consigned for sale 
to “Bristol. Auction Rooms” 
is not known. On March 23, 
1994, they were knocked 
down at £120,000 to an agent 
bidding era behalf fim of toe 
British Museum and then of an 
unnamed “collector” who 
hpri given a hi gher limi t. 

The “collector’ * must have 
been fickle in his loye of art. 
Within months the printings 
passed through the hands of 
the -dealer Stan Fogg and fi- 
nally were bought by the Brit- 
ish Museum, this tfme to the 
tune of £500,000. The saga 
has a grotesque touch to it, not 
uncommon when toe wheels 
of institutional buying are set 
in motion. But the two panels 
are as unique to the medieval 
art of Western Europe as they 
toe crucial to British history. 
These too had to be “saved.” 
Add one or two more gems 
which did not mate it to 
Christie’s show — such as 
Hans Holbein toe Younger’s 
admirable portrait of a lady, 
bought by the National Gal- 
lery in 1992 for, it is believed, 
£10 million — and that's it for 
the unforgettable pictures 
bought in die last 15 years. 

Of the losses, nothing is said. The show 
boasts a Claude Locrrin, beautifully com- 
posed, but not in toe best condition, ac- 
quired in 1981 by the National Gallery 
“far an undisclosed sum.” But what 
about the sublime “Holy Family” dace 
by Nicolas Poussin around 1650 and re- 
corded in the collection of toe Dukes of 
Devonshire as early as 1761, over which 
no tears were shed when it came up at 
Christie’s on April 10, 1981? One of toe 
very few Poussins to have retained its 
pristine bloom, it was unsold at £13 
million. Within hoars, the laze Norton 
Simon was on the phone negotiating its 
acquisition for his museum in Pasadena, 
California, which now owns it, half share, 
with the J. Paul Getry Museum in Malibu. 
Oddly, a year later, the National Gallery 
settled for Poussin's stilted ‘‘Triumph of 
Ran’.’.and its danemg satyrs. ... 

The-, other “treasures” hardly make', 
up for such losses. Surely not “Dressing 
toe Kitten,” painted by Joseph Derby of 


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Km; HomjtWThe Km Ywk 1 

The main reception area of the Glass Hall: the hall's shipshape roofing slices through the Tokyo cityscape. 

Tokyo’s Cultural Crystal Palace 


By Herbert Muschamp 

New York Tunes Service 


T OKYO — Japan’s 
new Tokyo Interna- 
tional Forum is such 
a perfectly realized 
building that you may actu- 
ally find yourself hoping that 
a flaw will turn up. 

Everything about this com- 
plex of theaters and conven- 
tion halls has been thought 
through with precision. The 
only Sting Scan be faulted for 
is a pursuit of excellence so 
unyielding that it seems to not 
quite deserve a place in our 
worid of scintillating compro- 
mise. 

Designed by the New York 
architect Rafael VInoly. the 
$1.5 billion Forum opened 
Friday. His design was se- 
lected in 1989 from among 
395 entries in Japan's first 
international competition. 

The architect may be best 
known in the United States 
for the sports center at Leh- 
man College in toe Bronx (his 
most important New York 
project to date). 

vinoly' s design for the 
monumental Forum flies in 
the face of architectural his- 
tory, or at least runs against 
the current preoccupations of 
many leading contemporary 
architects. It is lucid, whole 
and completely straightfor- 
ward, qualities that have not 
enjoyed wide favor in archi- 
tecture for some time. A text 
is not needed to comprehend 
it It does not speak in codes. 
Some will call it modem, but 
it is a tribute to this building’s 
strength that one wants to pro- 
tect it from toe standard ter- 
minology for style and taste. 

In a lecture, Vinoly once 
said that architecture is “an art 
of dealing with heaviness,” 
and that is what you get here: a 


Immendorff’s Iceberg of a Painting 


By Roberta Smith 

New York Times Service 


N 


EW YORK — 
Among the German 


JL v who burst on the 
New York art scene in toe 
£ariy 1980s, Joere hnmend-: 
orff always seemed to be hav- 
ing die most fim, while re- 
maining the hardest to pin 


’1IUWU- 

* A former student of Joseph 
Beuys and a sometimes ad- 
herent of Ftaxus who started 
out as a performance artist, 
Jmm endorff became known 
for garish, slyly Fop-orieated 
paintings that had httie to do 

with Expressionist angst, 

neo- or otherwise. 

Under the general rubric 
“Cafe Deutschland,” fees© 
Works portrayed toe division 
■of Germany as a nightclub act 
replete with jaded onlookers 
who often included the artist 
nod his friends, a floundering 
eagle and,- representing toe 
.country itself, a big, sweating 
-iceberg, the cryptic equivalent 
of a cultural wasteland. The 
images had toe exuberance of 
big, slightly arcane political 
fcartoons total spared no one. 

The first word of Immen- 
jdorfF also turne d out to be 
nearly the last, for despite two 
gallery allows of ember 
works he has not had an ex- 
hibition of new pai nting s in 
New York since .1987. Now 
he’s bringing the city ab- 
jruptty- Up » date with 
something . of a m ag num 
opus; a S-foot-long (seyeaa- 
jneter-long) canvas titled 
“The Rate’s Progress that 
.hlls most of one long wall ai 
*k» fcirti Street gallery of 


jects, events and different 
levels of reality, it is painted in 
an exuberant cartoonlikc style. 
It features seven Kfo-sisse fig- 
ures, five men and two wo- 
men, who flank an even larger 
hollow statue that suggests a 
human, version of . a Trojan 
horse. AH_stacd in a row, most 
■with toeif backs to toe viewer, 
they are taking a. bow from a 
crowded stage overlooking a 
dark chaotic theater that is part 
gar den, part bar, with tiers of 
seats. - 

The painting itself might 
be described as the tip of a 
very big iceberg. This iceberg 
includes ■ ImmendorfFs sets, 
costumes and curtain for a 
1994 production of Stravin- 
sky’s ‘The Rake’s Pro- 
gress,” in Salzburg, Austria. 
But it also involves a meat 
number , of paintings of which 
tins is.the largest, as well as j 
scone beautiful, sometimes 
sexually graphic works on pa- ! 
per* several of which are also i 
on view. j 

Stravinsky's “Rate” — in- 
spired by Hogarth’s eighi- 
ppfpting cycle of. toe. same 
name, 'winch toe. composer 
saw in Chicago is 1947 — has 
had other artistic admirers. 


opera's lead character, the 
dissolute Tom RakeweJJ — 
who abandons his fiancee, 
Anne, at toe invitation of a 
family retainer who turns out 
to be the devil — into a ver- 
sion of himself. He converted 
most of toe opera’s other roles 
into similar hybrids by mer- 
ging them with the characters 
of his friends and associates, 
while adding at least one new 
character, the poet Rimbaud. 

The painting, which de- 
picts & post-performance 
curtain call, shows a scene 
laid waste by the opera. The 
front of the. house is a rose 
garden that progresses, left to 
right, from, blossoms to 
withered stalks;. above is an 
audience in a state of unrest 
- Onstage, art references 


abound. A portrait of Rim- 
baud sits on tbe far right of the 
stage; near masks of Auden, 
Stravinsky and Freud pro- 
truding from a box labeled 
“Bedlam” (the insane 
asylum where Ratewell 
dies). 

Big as it is, “Tbe Rake's 
Progress” has been carefully 
attended to at nearly every 
juncture. The actors ate out- 
lined in bright yellow; there 
are numerous feats of trans- 
parency and wonderfully 
painted details, especially at 
ground level among the shoes 
and toes. However Immeu- 
dorffs reconception of the < 
* “Rake ’’ may have played on- 
stage at Salzburg, on canvas it 1 
is boldly conceived and richly i 
entertaining. : 


feat of creativity in which 
floors, ceilings and walls have 
been made to soar. 

Tbe Fotura occupies a 
privileged site in the heart of 
Tokyo, steps away from the 
city's main train station and a 
five-minute walk from the 
Imperial Palace Gardens. 
Though built with private 
money, the Forum is a civic, 
indeed a national, symbol, a 
monument to Japan's global 
economic power. 

It is a hybrid building: a 
place where concerts and oth- 
er performing arts events will 
take place amid trade fairs 
and conventions. 

Americans can be discom- 
forted by toe mixing of cul- 
ture and commerce, but in Ja- 
pan, the most progressi ve art 
is typically displayed in de- 
partment ' stores. There's 
nothing contrary about a 
building that brings Kabuki. 
Beethoven and cars together 
under toe same roof. 

And what a roof. Hagia 
Sophia, toe Guggenheim Mu- 
seum and Grand Central Ter- 
minal have a new cousin. By 
day a gliuering crystal, at 
night a glowing laniem. toe 
Forum '5 Glass Hall joins toe 
ranks of the world’s great 
spaces. 

Lite some lighter- than -air 
vessel, 'toe ball’s shipshape 
roofing slices through toe 
Tokyo cityscape. It is won- 
derful to see that even in a 
built-up contemporary city, a 
strong horizontal arc can be- 
come a landmark as emphat- 
ically as a skyscraper. 

As you approach, the For- 
um divides itself into two 
structures joined by a public 
plaza. The Glass Hall rises on 
one side, tapering to a blade- 
sharp comer at both ends. On 
the other side, toe Forum’s 
four main meeting halls oc- 


cupy a graduated row of gray 
concrete cubes. 

The plaza is actually more 
like a two-block-long pedes- 
trian promenade. Beautifully 
landscaped and furnished 
with seating, toe plaza is 
meant to be an oasis for office 
workers in the financial dis- 
trict nearby. The visual effect 
of this outdoor space is of a 
man-made ravine, a portage 
between rippling glass reflec- 
tions and a cliff of faceted 
gray stone. 

You will want to go into the 
Glass Hall immediately, but 
first you ought to look at the 
fire stairs set between toe con- 
crete cubes. These are the 
Rolex of fire stairs, immacu- 
lately engineered cascades of 
open-mesh steel that rise 
without a crude or wasted mo- 
tion. If you climb a flight or 
two of them, you will get toe 
key to the whole building. 

I T’S almost unheard of 
for architects today to 
devote themselves to this 
level of detail. We pre- 
tend not to mind, because if 
we did we’d go crazy. We 
accept that architects develop 
concepts, sketches, drawings 
and models, and then hand toe 
project over to an “associ- 
ated" firm to create toe phys- 
ical object in space. 

Here we’re dealing with a 
radically different economy 
of mind. The bolt beneath our 
feet emerged from toe same 
esthetic intelligence toai con- 
ceived toe space around it. An 
architect is making architec- 
ture, and we almost can't 
stand it It is dizzying to real- 
ize that excellence is a polite 


term for obsession. 

And these are just toe back 
stairs. Officially, people ar- 
riving to attend functions at 
the forum will enter from the 
opposite side, facing toe 
street. Once inside, you grasp 
that Vinoly has chosen to cel- 
ebrate Japan’s power with a 
lavish display of toe coun- 
ty's scarcest commodity: 
space. 

There hasn't been a spatial 
sweep like this since the Paris 
Opera House: wide lobbies 
with floors of white glass il- 
luminated from below lead to 
escalator banks of such glam- 
our that you may have to 
squelch the impulse to ride 
them twice. Or give into it. 

A the top of toe escalators 
are mezzanines with glass 
walls that look out to toe plaza 
and back down to toe entrance 
lobbies. The play of reflec- 
tions infinitely expands the 
interior’s already sizable 
three dimensions. 

The Forum has been cri- 
ticized by Japanese archi- 
tects. They are careful to 
point out that what bothers 
them is not toe building's 
design but its commercial 
function in toe center of toe 
city. The Tokyo Forum went 
up around the same time as a 
new museum of contempor- 
ary art, a building on Tokyo's 
outskirts. 

Walking through it, you 
don't even think “modern- 
ism,” “functionalism” or 
“machines for living.” You 
chink about George Bal- 
anchine. Or a thoroughbred 
race horse. Or ancient Greece. 
You think about physical 
poise. 


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Monday, January 20, 1997 

Rooms 5 & 6 at 2:15 p.m. I9rh and 20to PAINTINGS - 
DRAWINGS - LITHOGRAPHS - SCULPTURES - 
CERAMICS. On view at Espace TAJAN, ??. rue des 
Mathurins 75008 Paris, tel.: 01 53 30 30 30 - fax: 
01 53 30 30 31, from 6 to 16 January, from 9 a.m. to 
12:30 p.ro. and from 2 pi n. to 6 pjn., on Saturday from 
11 a.m. to 6 pjn. Public viewing at Drouot Richelieu. 
Saturday, January 18, from 11 sun. to 6 p.m. and Monday, 
January 20, from II a.m. to noon. 

Wednesday, January 22, 1997 

Room 1 at 2:15 p.m. OLD and STYIE FRAMES. On view 
at Espace TAJAN, 37, rue des Mathurins 75GU8 Paris, tel.: 
01 53 30 30 30 - &x> 01 53 30 30 31. till 17 January, from 
9 a.m. to 12.30 p.m. and from 2 p.m. ro 6 p.m., on 
Saturday from 11 am. to 6 pju Public viewing at Drouot 
Rtehetteo, Tuesday, January 21. from 11 a.m. to 6 p.m. 
and Wednesday, January 22, from II a.m. to noon. 


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Hftalb^Eribunc 

BUSINESS/FINANCE 


SAJURDAY-Sl^VDAY, JANUARY 11-12, 1997 


PAGE 9 


Anti-Inflation 

Is Blueprint 
For European 
Central Bank 

C»*wMlvCk*Sii#FnmDi)t*tehe* ' 

FRANKFURT — The European 
Mooetary insoxute on Friday unveiled its 
- Wuepnm for a fiercely anti-inflationary 
European central bank designed to en- 
sure chat the single European currency is 
as stable as the Deutsche marie. 

m a long-awaited report, the institute 
endowed the future European central 
bank with the policy strengths of the 
powerful Bundesbank, which already 
essentially dictates the level of interest 
■ rates in Europe. 

But it left final decisions on other 
questions, such as reserve requirements 
*s t0 , tbc fa tan? central bankers themselves, 

? who will take over responsibility for 
monetary policy when the European 
. single currency is launched in 1999. 

• Under the institute plan, which must 
be approved by the bank, the central 
bank’s interest-rate structure will have a 
floor rate, a main money-market rate, 
and an emergency lending facility »i «™»h 
at putting . a cap on interest rates 
throughout the Continent The balk of 
bank borrowing will take place via se- 
curities repurchase operations, it said. 

The interest-rate structure and the use ■ 
of repurchase operations are similar to 
the tools used by the Bundesbank to 
direct monetary policy. But Alexandre 
Larnfalussy, head of the institute, 
stressed that the plan was not simply a 
copy of the German central bank. 

“ We have not taken over any model 
from any one country,” he said. 

Although it gave very precise details 
in some areas, the report left several key 


j strategy the central bank will adopt, 
simply recommending that it target 
either inflation or money supply. 

The Bundesbank, the region's top 
reflation fighter, is determined to keep 
money-supply targeting alive, while 
most other European central banks have 
switched to a combination of direct in- 
flation and money-supply targets. 

It also left open, whether, the bank 
would use minimum reserves, requiring 
banks to deposit some funds at the cennal 
bank. The Bundesbank has pushed hard 
for this, but Britain and others reject the 
idea. {Reuters, Bloomberg) 


Thai Alternative 


villages by a program for small magnet enterprises. 

“l was sick of it,” said PSengpen Tawipoon, 18. who 
spent two years in a garment factory in Bangkok before she 
learned of the new factory near her home village here in 
northeastern Thailand. “It was expensive and duty, and I 
was far from my family.” 

The factory here is one of several such enterprises 
created by Mechai VIravaidya, who in the !970s es- 
tablished Thailand’s population-control program and has 
now turned his energies toward the problem of rural 
poverty. “It’s reverse migration,” he said. “We have one 
factory where 80 percent of the people have come back 
from Bangkok.” : . 

His program, financed partly by donations from major 
Thai and foreign companies, is intended to be self-sup- 
porting. It is an attempt at a model for attacking urban 
migration, which is one. of the country’s most destructive 
economic trends. 

Over the past decade. Thailand’s economy has been one 
of the world’s fastest-mowing, with a rate averaging more 
than 8 percent a year. But that has also created one of the 
greatest divides between rich and poor. 


•* ■ * 

■ \ 





Rural Factories Reverse Trend 


By Seth Mydans 

_ Nm- YM. Jmn Senice 

NANG RONG, Thailand — The factory scene could be 
replicaied in almost any crowded Third World city: dozens of 
young women laboring at assembly lines and seated on the 
floor sewing, cutting, stamping and gluing shoes for export. 

But outside the windows of this spacious convened chick- 
en pen are broad green rice fields and the tin-roofed houses of 
a remote farming village. Many of the workers here are 
refugees not from rural but from urban poverty, lured bade 
from the sweatshops of Bangkok, the capital, to their home 










>rth VyLo-'n* V-* W luO-. 

Workers stitching shoes at a factory in Nang Rong. 

Here in northeastern Thailand, where the year is divided 
into just two harsh seasons — flood and drought — the 
economic boom of the capital is as distant as those of 
foreign countries. The average annual income here. 5680. is 
less than one-tenth the average of S7.000 in Bangkok, less 
than 320 kilometers (200 miles) away. 

The region has quite naturally turned to supporting itself 
off the wealth of the big city, sending its sons and daughters 
to Bangkok to work as laborers, vendors and domestics. 
They have joined a growing underclass of slum dwellers 
who make up about 1.5 million of the city’s 10 million 
residents. The villages, too. are suffering as'a result. 

"Thailand's rural culture is dying,” Mr. Mechai said. 

See THAILAND, Page 13 


Unemployment Data 
Show Renewed Vigor 
In the U.S. Economy 


By Robert D. Hershey Jr. 

,\fn- Yitk Tims Service 

WASHINGTON — Jobs and 
paychecks swelled with unexpected vig- 
or in December, the strongest evidence 
so far that the economy ended the year 
with fresh momentum. Labor Depart- 
ment figures showed Friday. 

Although the unemployment rate was 
unchanged at 53 percent, analysts said 
the overall jobs report, the first broad 
gauge of the economy’s performance in 
December, was so thoroughly robust as 
to increase the risk of inflation and a 
derision by the Federal Reserve Board 
to raise interest rates to counter it. 

Bond and stock prices initially plunged 
on the news, but the Dow Jones industrial 
average staged a comeback and closed at 
a record 6.703.79 points, up 78. 1 2. 

Interest rates moved higher across the 
board, uith the benchmark 30-year 
Treasury bond rising to 6.84 percent 
from 6.75 percent Thursday. The price of 
the bond fell 1 3/32 point, to 95 20/32. 

More economists joined the scramble 
to raise estimates of national output in 
the final 1996 quarter, which already 
appeared to be higher than is consistent 
with steady inflation. 

"You’re starting off from a much 
higher platform.” said William C. Dud- 
ley. an economist at Goldman. Sachs & 


Co., which now figures fourth-quarter 
growth to have been at an annual 3.6 
percent, rather than 3 percent. 

But while the chances increased that 
the Fed will tighten credit, analysts said 
the central bank would probably wait 
until its March policy meeting to do so 
when it would be better able to tell wheth- 
er the economy’s current resurgence will 
ebb on its own with help from high 
interest rates generated in the market. 

Some analysis predicted just this. 
"The current strength in the economy 
will be temporary.” said Mickey D. 
Levy, economist at NationsBank in 
New York. "In the spring we'll see 
signs that the current raze of growth 
won’t be sustained.” 

While a 262,000 expansion of cor- 
porate payrolls was about 50 percent 
greater than the consensus prediction, 
the most startling development was a 
second straight large increase in average 
hourly earnings. Most analysts had ex- 
pected little change after a huge 9-cent 
November jump, but pay rose another 6 
cents instead. 

This suggested a hefty rise in the 
quarterly employment cost index, to be 
published Jan. 28. which the Fed 
watches very- closely. 

Nearly ail industries posted big job 

See JOBS, Page 10 


GM Espionage Settlement Forces VW to Cut All Ties to Lopez 


The Associated Press 

• FRANKFURT — General Motors 
Corp.’s settlement with Volkswagen 
AG over corporate espionage requires 
the German carmaker to sever all ties 
with the case’s central figure until the 
turn of the century, the head of GM’s 
German subsidlarysaid Friday. 

A sticking point in the agreement had 
been VW’s loyalty to Jose Ignacio 
Lopez de Amortua, GM’s former Euro- 
pean purchasing chief who faces crim- 
inal charges of stealing company secrets 
when he and seven other GM executives 
defected in March 1993. 


That touched off a four-year legal and 
public relations wrangle between the 
two automaking giants that was settled 
late Thursday with VW agreeing to pay 
GM $100 million in cash. 

VW also said it would buy $1 billion 
worth of GM parts over seven years. 

But David J. Herman, chairman and 
managing director of GM’s Adam Opel 
AG subsidiary in Germany, said Friday 
that the agreement also included VW 
cutting Mr. Lopez adrift. 

“Volkswagen has severed its ties with 
Lopez and three of his associates, who 
have been indicted.” Mr. Herman said. 


"Lopez will not be able to perform any 
duties for VW or any of its companies, in 
any capacity, until at least the turn of the 
century — either directly or indirectly.” 
Even after Mr. Lopez, who was cred- 
ited with VW’s recent profit turn- 
around, had formally resigned in 
November. VW had said it would pay 
his legal fees and use him as a con- 
sultant; the agreement bans thaL 
Mr. Lopez still faces prosecution in 
Germany and a criminal investigation 
by the U.S. Justice Department without 
access to VW’s funds. 

The settlement provided that GM 


would dismiss the civil case against Mr. 
Lopez and three former GM executives 
— Jose Manuel Gutierrez, Rosario Piazza 
and Jorge Alvarez. They also face Ger- 
man criminal charges of conspiring with 
Mr. Lopez to steal the GM trade secrets. 

Mr. Lopez was about to be promoted 
as chief of GM’s huge North American 
operations when he jumped ship to VW. 
Europe’s biggest automaker. 

German prosecutors have accused 
Mr. Lopez of stealing thousands of 
pages of documents and computer 
diskettes from the world’s largest auto- 
maker. including plans for an innova- 


tive, cost-saving assembly plant pro- 
posed for Opel. VW opened a similar 
plant in Brazil last autumn. 

Klaus Kocks. a VW spokesman, said 
a legal battle would have cost the com- 
pany much more than the settlement. 

“In terms of dollars, this is relatively 
cheap for Volkswagen." said Mike 
Robinet. an analyst at CSM Forecasting. 
"But it doesn’t serve both companies to 
drag this through the courts.” 

VW shares closed at 712 Deutsche 
marks ($451.63) in Frankfurt, up 2 1 A(l 
DM. GM shares closed at $6! on the New 
York Slock Exchange, up $1.75. 


Insuring the Ability to Make a Living 


. .By Peuer Passell . 

/Vfw Tort Tones Service 

N EW YORK — Most homeowners would not be 
able to sleep if they didnot have fire insurance. But 
what about the much greater financial risk of losing 
equity if the volatile housing market heads sooth? 
By the same token, unemployment insurance is a crucial 
link in guaranteeing adequate income in the event of a job 
loss. But for most people, the greater risks to thetr live- 
lihoods are borne privately — for example, the risk oflivrog 
in a declining economic region or simply entering the job 

market in an era of stagnant wages. ■ - ■ — 

“Macro Markets” (Oxford Uni- Must iwhtoIp 
vereity Press), by Robert Shiller of 
Yale University,- explores these and greatest risk 

oth^ gapmgholes in msurance. livelihoods D 

This is a dine of spectacular m~ uveuuwua p 

novation, one in which it is possible to ~ “ ~ 

hedge against anything. Trading in financial derivatives — 
the generic term for synthetic securities thar are, in essence, 
wagers — now tops $50 trillion annually. That is just 
another form" of insurance against risk. 

Str ikin gly, though, this market has hardly touched house- 
hold assets in general and human capital — the ability to 
earn a living — in particular. 

One reason, notes Stephen Ross, an economist at me Yale 
School of Management, is “adverse selection.” Those 
most eager to inane themselves against for example, 
physical disability are typically those at highest risk. ^ 

Another reason familiar to specialists is “moral hazard. 

Those who are insured against, say, auto theft, are more 
inclined. to leave their cars unlocked, pushing premiums 
beyond the reach of more prudent owners. 

But insurance markets for disability and auto theft do 
exist Why then, Mr: Shiller asks, is there no way to insure 
against stagnant wages? One possibility is that few would 
pav enough to get an insurance company to take the other 
£de of thebeL Another is that most people are willing to pay 


to protect themselves only against a sudden catastrophe 
rather than the less severe losses from economic change. 

— ; — ~ — - . Still, wage and income growth is not often correlated 

as would not be between countries. There’s no good reason. Mr. Shiller 
Sre insurance. But argues, why Taiwan, for example, where incomes are 
roal risk of losing relatively low and wages are rapidly rising, would not be 
uket heads sooth? willing to bear some of the risk of wage stagnation in Japan, 
trance is a crucial which has high incomes and slowly rising wages, in return 
the event of a job for cash premiums. 

sks to their live- Or consider the less grandiose idea of insuring against 
.the risk ofliving changing housing costs the way farmers and food con- 
i r entering the job glomerates insure each other against changing corn prices. 

• - Those who already own valuable 

Most iwhuiIp hear the houses might be prepared to forgo any 

iTlOBI. people pear me profit from further appreciation in re- 

greatest risks to their win for insurance against any fall in 

j ‘ • , price. Meanwhile, renters thinking 

livelihoods privately. about buying might be prepared to lake 

— the other side of the bet, insuring them- 

jal derivatives — selves against rising house costs in return for forgoing the 
at are, in essence, benefits if house prices fall 

illy. That is just Mr. Ross finds the Shiller approach ‘ ‘provocative and 
bo Id.' 'but argues that “the issues of practicality loom large.” 
ly touched house- An attempt to trade options linked to an overall index of 
; — the ability to house prices in Britain failed for lack of interest in the 1980s, 
he said. It may be that the idea was never marketed welL 
lomist at fee Yale On the other hand, there may be insurmountable psy- 
slection.” Those chological barriers to getting people to pay to reduce certain 
ist, for example, lands of risks. 

tighest risk. Olivia Mitchell, an economist at the Wharton School of 

"“moral hazar d.” Business, offers another warning. 
d theft, are more While the risk of stagnant wages in a whole country 
ishing premiums might be offset by buying into the wage experiences of a 
j. larger pool of nations, she argues that most of the variation 

md auto theft do in individuals' incomes has nothing to do with overall wage 
no way to insure trends. Those risks may be inherently un insurable because 
is that few would of moral hazard: If the insurance company will replace 70 
to take the other percent of any shortfall in my income next year, I think m 
are willing to pay lake the day off. 


CURRENCY & INTEREST RATES 


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idteW 

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Other Dollar Values _ . _ Mrs 


Jan. 10 

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Mi 



Swiss 

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UK‘ U1I5 

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82SH 342? 

am}* 

7-moom 5H-5PH 

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tVk - 1 W. M 3Y* - 3Va 

Vi-»8 

4-4M1 


Smrcbs Reuters, L/oyOs Bonk. 

Retea npqOcobfe to Interbank deposits of SI mflawrmfnfiwm for equMenO. 


cwTMor Per* om**» 
An*att>a*ft WWW 6re*<J foe v 
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Mata sc*, tuffs awB-tatot 
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Ohmseyam 83268 mfenq** 
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Egypt, pnaid iaa KssrStar 
Ruanko 4AM4 Motef-ta- 


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fMWtraar 

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Forward Rates 

tow \ »■** *+* amCI 1U.90 T1*A» 11193 

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M itet Ternary beat AS* 

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ttaldiMi 
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Range 

ldcnattaa rate 3.15 115 

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moMktatefteak 3V<i 3U 

sraeantamtak V* 34 

10-ywrOAT 5X2 5X1 

tana*.- Reottfs. 01 eembere. derrtH 
L»C0. Boat oi Tokfo-Mitsubism. 
Camroerzbtjak CiedO LYOMoB. 

AM. pm. arte 

Zorteh 357^5 35030 +2X0 

l taw 35055 35025 +1.75 

Hew York 359.10 36020 +1» 

ILS. denars per owice Lonta oflfcfaf 
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one dosing pikes Nett Vart Otar 
(FebJ 

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(That’s 3.9 Billion DM in Hard German Currency) 


•LQTT.QisjheJNoJ Gants in Germany, and Jackpots of US$20 Million Extra 
uneol the largesi Lotteries in iltc world paying out 

nearly US$3 Biliiun this year, it's controlled and Rcmcmher. every' week tun 
adminisiered by the Government of the Federal W ednesdays and Saturday s j a prize pool ol 


Republic of Germany. 


• You now have a chance to win one of the one wins the First Prize, the full amount is < 
MULTI-MILLION DOLLAR CASH PRIZES carried forward to the next Draw .so you get a 
paid out every week in hard German chance to win is much is an c£ira * 


Deutschcmarks. USS20,000.(XW from the Jackpot payment. 

• You can I i veanywhere in the world to enter. You When you tick the Automatic 

dpp t hjve to be a German ciuzen anymore to play p enewa j ^ below and charge your credit 
Goman ujTTO. card, you’ll be sure not to miss out on any 

•TTnsyear nearly US$3 Bilbon Dollars! in German . j. jackoots 
Deutschcmarks ) will be paid to those who pick out ^ P° 

the winning numbers correctly in ary one of ihe3 How You Know When You've Wot 

Draws evcrvwrsk. .. _ 


the winning numbers correctly in ary one of ihei How You Know When You've Won. 
Draws every week . .. 

•With just a small in vestmen tvou too can become y°u f Ent ry * 1 

an Instant Millionaire. All you have to do is select fe- EYfR YCtXVFfRM ATION 

6NUMBERS coneci ly, play in e from One to Ten CERTIFICATE .confirming the numbers 
0 -jng, you ve selected, the number of GAMES you II 


This year, at least 364 new people will of your first Draw. Your numbers will be 
become InsUmtMiQionaires through winning entered in 3 LOTTO DRAWS per week. 
GERMAN LOTTO. Many thousands of others _ „ v u v . „ ^ 

will win prizes of 500.000 DM and more. Hothne Tells You How You re Dl 

Introductory Offer to New Overseas _ Eyoy 5 weeks you'll be sent a list .of 
Subscribers Outride Germany: ' S m iTSS • 

PLAY UP TO 5 WEEKS FREE! 1'* 


Jackpots of US$20 Million Extra y KREE C tuners 1 o Win an K*tr» DM 25JJ00 L 

N. t-nrr very USS1 UOyiai iiivcsi in Grrman Lollo. you / 

Rcmcmhcr. every- week tun /pci s Unvenuiarm “INSTANT SCRATCH - Tk-i.tis N 

Wednesdays and Saturdays) a prize pool of \raEfc. For every USS200 you invesi. you grt 10/^ 
over USS57.000.iXt0 is paid out in cash. If noC ">• ln > 

r .u r i, . - i Each Ticket can win v<w a cash prize of up to C 

tine Wins the First Pruc. (he full amount IS / D M1S.0C« You simply u-faleh where mJioteJ - for > 
carried forward to the nest Draw .so you get a\ manyihjiices ru win INSTANTLY < 

chance to win as much as an extra 

USS20.000.0CW from the Jackpot payment. Here's Exactly How to Play German Lotto: 

When you tick the A utomatic Take a pen and marl ft numbers wirh a cross {X; 

Renewal box below and charge your credit oul °f numbers on each GAME you iwish toj play, 
card, you'll be sure not to miss out on any The GAMES ^ shown 

I . f. , and you can play up to 10 GAMES at once. Tick one 

large Draws or Jackpots. of the boxes at bottom left indicating the number of 

How You Know When You've Woo. GAI if“ ploy - .he swac ,our 

When your Entry Form is received, you’ II chances of winning. When the numbers you've selected 

he rushed an ENTRY CONFIRMATION match ibe winning numbers in any one Draw YOU 
CERTIFICATE confirming the numbers BECOME AN INST ANT MILLIONAIRE, 

you’ve selected, the numberof GAMES you’ll If y° u havc - , - 4 “ ** wmning raunbeis 

play, the period of your subscription and the dote «« y° u onc of ‘ housands of other 

nf vniir Irrct DnUL' Vmir nnmtorc wilt he prizes. 


card, you'll be sure not to miss out on any 


'r\ irm-n Zi*k Just com f ,lae ^ Fonn Mow * Ml 

ntered in 3 LOTTO DRAWS pe week- and ruium iilcuhdmenuiiicKia] Subsen pj on Processing 

Hotline Tells You How You’re Doing Centreby FAX or MAILas follows: 
c c . .... , . r OVERSEAS SUBSCRIBER AGENTS 

Ev-ery -5 weeks you l! be sent a list of International Suhscriplron Processing 

W,nning Numbers. (If you can t wan o know Centre Nieuwezijds Voorburgwal 86 

nngthcHotiriteNumtHrryou YouH I0I2 SE ^erdam, Netherlands 
be noufied when you win, and asked to state p or p^gst Entry: Fax (31 } 20-6383171 

how you want your winnings paid and where. _ ... ^ r . 

Evcri' 5 weeks you'll roceiw i SUBSCR1P- , 


Play for 1 8 weeks and gel an extra 2 how y 
weeks play COMPLETELY FREE for each Every 
GAME you play. Play for 36 weeks, and you TIOM 
get an extra 5 weeks COMPLETELY FREE, exact! 


TION RESULTS STATEMENT showing 
exactly how you’re doing. 


HONEY BACK GUUUNTEEdl lot my rsasan TMTn n« cMT¥taMt| 
nlislW wtb U» aovtc^ ydbY* fnv u emefi vwr uSaolffion a) 

anydwaad wc a li n tuawrijwlmilmwaiplivd porta n- 


,J8L; To participate in GERMAN LOTTO, E 

please complete this ENTRY FORM in full: E 

■ I * || fr*. O' ERSEAS SUBSCRIBER AGENTS. 
lyiAIL I Ui lo»*rn» lisraJ SakmlpliM PracwaJn- Cmln. 
Nictiwuijdf Vaorhiitnl U 
IB12SE AmtMdui . NMLrHands 


ENTRY FORM 6/49 

FAX E)iBECT:(31) 20-6383171 
E-mail: rda@iitpfi.net 


r Sated and mark a cross 
« on 6 numbers tor 
each GAME you wish to play. 
Play up to 10 Games at 
Ihe same time 


234 56 7 B & 10 


1 234 56789 10i 


3 4 5 6 7 8 9 10 


123456788 10 
II 12 13 14 15 16 17 18 19 20 


123456788 10 
11 12 13 14 IS 16 17 18 19 20 


■ ~ 11 12 13 14 15 16 17 18 19 2D " 11 12 13 14 15 16 17 18 19 20 " 11 12 13 14 IS 16 17 18 IB 20 ’ II 12 13 14 IS 16 17 18 19 20 “ 11 12 13 14 IS 16 17 18 19 20 _ 

| ^ 21 22 23 24 25 26 27 28 29 30 gj 21 22 23 24 25 26 27 24 22 30 §! 21 22 23 24 25 26 27 28 29 W 5 21 2! 23 24 25 26 27 26 39 30 J 21 22 23 24 25 ?6 27 28 2® 30 I 

■ < 31 32 33 34 35 36 37 38 39 40 g 31 32 33 34 35 36 37 36 39 40 g 31 37 33 34 35 36 37 38 39 40 g 31 32 33 3J 35 36 37 38 39 40 g 3l 37 33 34 35 36 37 38 » 40 | 

J 41 42 43 44 45 46 47 49 43 41 42 43 44 45 46 47 48 49 41 42 43 44 45 46 47 46 49 41 42 43 44 45 46 47 48 49 41 42 43 44 45 46 4 7 48 46 ( 

■ i" Z _ 3 r 5 6 7 8 7i0 . 7 2 3 4 5 6 7 8 9 10 TTTTTTTTTio 123456789 10 0 123456789 10 J 

| ® 11 12 13 14 15 it 17 Ifi 19 20 1J J2 13 14 IS 16 i7 18 19 20 “ i» 12 13 14 IS IE 17 18 19 20 “ 11 12 13 14 IS 16 17 18 19 50 11 12 13 14 15 16 17 IB 19 !0 | 

■ S 21 22 23 24 25 26 17 26 29 30 S 21 22 23 24 25 26 27 28 29 30 S 21 22 23 24 2$ 26 37 28 29 30 <£ 21 22 23 24 25 28 27 28 28 30 5 21 22 23 24 25 26 27 28 29 30 . 


ADO ADO 
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s' 31 32 33 34 35 36 37 36 39 40 < 3! 32 33 34 3S 36 37 M 39 40 g 31 32 J3 34 35 36 37 38 39 40 g Ji 32 33 34 35 36 37 38 39 40 

I ?| 41 42 43 44 45 46 «7 48 49 ° 41 42 43 44 45 *6 47 4fl 49 __ 41 42 43 44 4 5 45 4? 48 49 _ 4M2 43 44 45 46 47 48 49 _ 

Z7DR a WS I 60 DRAWS (i23DRAWS|[y£Q, I’d like foplay GERMAN LOTTo7lVes 

1 dGmvsannyPBM 9 weeks IS weeks 36 weeks T uO. for each Game I wish to play and licke 
1 ~ ~ ~ ~ , - - i- '■ period ol my subscription. Rush me mi 

One Game □ US$ 65 0 USS 130 □ USS 260 CERTIFICATE showing the date ol 

I ► Two Games □ USS 130 □ USS 260 □ USS 520 „ l 


3f 32 33 34 35 36 37 38 39 40 
41 42 43 44 45 46 47 48 49 1 


27 DRAWS 
9 weeks 


60 DRAWS 123 DRAWS 
18 weeks 36 weeks 


I V Four Games □ USS 260 □ USS 520 □ USS 1040 

*> Six Games Q USS 390 □ USS 780 □ USS 1560 

■ > Eight Games □ USS 520 □ USS 1040 □ USS 2080 

I > Ten Games □ USS BO □ USS 1300 Q USS 2600 


Entry Costs shown in USS - 

bjraRw Draws aemaea . 

*EnTata^PycuSiBCPpEf1> i- 

AutomaticRsnewa): 


2 *eeteFR£E 
DRAWS added 


■ Charge my Cra£l card to continue my subscription 
j tiB further notice, so I wont rniss out on a single draw. 

i rorarwii^ 
jMkpmfanl dt GonramM. Maaoka npracesjed 
B BwiighAawtelCBita^taBoiwraMwMiiiteidta. 

lii 


5 wteJoFREE 
DRAWS acted 


I INITIAL HEBE 

B n i ra i i ae» HiMt 
d*ra«ol>HBia 


wrQ, I’d (ike to play GERMAN LOTTO. I Ve selected 6 numbers above J 
T LJ. lor each Game I wish to play and ticked a box at left showing the 1 
period ol my subscription. Rush me my ENTRY CONFIRMATION | 
CERTIFICATE showing the date ol my first Draw. ■ 

□ Please charge my credit card lor USS » 

□ American Express □ Visa O Mastercard □ Diners □ Eurocad I 

Card No. I 

Signature Expiry date J 

□ Imctosechequefcankdrafttor payable to "OVERSEAS • 

SUBSCRIBER AGENTS". Major currency cheques accepted for the eqisvafeni arexrt. J 

* Name I 

Street 1 

City Courtly I 

X Tel. No Fax. No. ■ 

F« fastest ScrvioAChtey your crarfit card and FAX AMSTERDAM BBBJ: (31) 20-6383171 f 


**P-T3V 


** 


PAGE 10 




THE AMERICAS 


, ; I f ; 


Investor’s America 


30- Year T-Bond Yield 



Dollar in Deutsche marks H Dollar in Yen 



A S O N D J 
1996 1997 


■E fedian^ 

NYSE . 

Index" 

'■RwOow 

Frit% : ■ Prev. ' . %: 

Ctoso-. . Ctose CJran^ 
\6 TbS.'Tb 6825-67 .+$.18 

NYSE 

SSP.5Q0. ' 

758.50 ' 7&U95. . +0^68 

NYSE ‘ 

S&PIOO 

74A34 . 739.42 » -»0.7S 

MY^E : 


398.58. "rfk55 

ttS. 

Nasdaq Oofi^oste t32^26 - *326.88 -^.18) 

AMEX/ 

Market Vakra - 

. mM - : 581^4 '"+0L74. 

Taranto . 

TSE index 

£38433 5959J3& . +QJ3 

S&oPatrfo 

ajvrapaf 

74783.41 74542.1 

NejdcoC/iy 

Bcfea 

359Rfi9. 357834- +0,50 

[ Buenos Aires Mervat ' 

67453 672.17- . ^>.4? 

Santiago 

IPS A General • 

■ 5135.16 5140:i3 -<ktO. 

CsraCas 


B5&OJ& 65SL 13 AOST 

Source: Bloomberg. Reuters 

Inwnunonal Herald Tribune 

Very briefly: 

E! Owners Let Comcast Seek Control 


Helmsley Willed All to Leona 


By Matthew Purdy 

Nev Yw* Timer Service 


NEW YORK — Except for the 
S25.000 he left to his longtime 
secretary. Harry Helmsley be- 
queathed his entire S1.7 billion 
empire to his wife. Leona, auto- 
matically anointing her as one of 
the dominant forces in New York 
City real estate. 

Considering the vastness of Mr. 
Helmsley ’s holdings, his will was 
a fairly straightforward 18-page 
document that was filed Thursday 
morning in Surrogate’s Court in 
Manhattan. By just after noon, the 
will had been approved by Sur- 
rogate Eve Preminger. 

The will transfers to Mrs. Helms- 
ley ownership and management 


over Mr. Helmsley's stable of prop- 
erties — from the Empire Stale 
Building and One Penn Plaza to a 
chain of hotels that includes the 
Helmsley Park Lane and the Sl 
M oritz. It also gives her die freedom 
to transfer or sell any properties. 

The power was granted to Mrs. 
Helmsley just five days after die 
death of her 87-year-old husband. 
She had already gained consid- 
erable notoriety, first as the iron- 
fisted overseer of some of the 
city's most famous hotels and then 
as a convicted, imprisoned tax 
evader. 

While Mrs. Helmsley is her hus- 
band’s rally heir, greatly reducing 
the chances of a challenge to the will, 
her claim to her husband's entire 
fortune is not without question. 


Two partners of Mr. Helmsley. 
Irving Schneider and Alvin 
Schwartz, have accused Mrs. 
Helmsley in a lawsuit of draining 
the Helmsley-Spear realty firm of 
assets to avoid paying them mil- 
lions of dollars. In 1970, Mr. 
Helmsley granted the two men an 
opdon to buy the firm upon his 
death or receive payments of S 10 
million apiece. 

The will filed Thursday did not 
contain a list of Mr. Helmsley’s 
holdings, and an inventory of his 
estate is to be filed within six 
months. His personal fortune has 
been estimated at $1.7 billion, and 
he was owner or partner in real 
estate in New York and around the 
United States that was worth an 
estimated $5 billion. 


JOBS: Unemployment Stays at 5.3% 

Continued from Page 9 




i ■„ » * 

I _ 


gains last month — business ser- 
vices. bars and restaurants, con- 
struction, fmance-insurance-real es- 
tate and even manufacturing- The 


rising rates hurt their profitability. 
Wells Fargo fell 2'* to 278 w.C«s- 
ates Financial dropped S to 50*. 

Chipmakers were mixed after a $ 
nade association said orders farnew 
chips feU 2.9 percent in December as 


v*‘ , { iiii u 


? «. V 


computer companies aw aited Intel’s 


ly. returning to its highest levels u PSj“* sls ^/rhe drop was ex- 
pected. November is usually the 


since early 1995. 

For all of last year, job growth 
was 2.6 million, split nearly evenly 
between men and women, while the 


U.S. ST OCKS 

uciwceii |||C|1 “ ,u y- . - — • 

proportion of the adult P°P^ ,OT } ’ . strongest month as computer 

with jobs climbed 0.7 point, to 63.4 m holiday coders. 


2d Vacancy Created on Fed Board 


NEW YORK (AP) — Comcast Corp. announced Friday 
that it had won the right to buy Time Warner Inc.’s controlling 
stake in E! Entertainment Television for $321 million. 

Comcast is one of five cable-TV companies that are partners 
in the celebrity-news cable network. The partners triggered a 
provision in their partnership agreement late last year allowing 
for a change of control. Comcast said they agreed in talks to 
allow it to buy out Time Warner’s 58.4 percent stake. 

The four minority partners in E! are Comcast; Tele-Com- 
municarions Inc.; Continental Cablevision, which is owned by 
U S West Inc., and Cox Communications Inc. 


AMEX 


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Bloomberg Business News 

WASHINGTON — Lawrence 
Lindsey will resign Feb. 5 as a gov- 
ernor of the Federal Reserve Sys- 
tem, creating a second vacancy for 
President BUI Clinton to fill on the 
U.S. central bank’s board. 

Mr. Lindsey. 42, a Bush admin- 
istration appointee, is joining the 
American enterprise Institute, a 
Washington-based think tank 
known for its advocacy of conser- 
vative positions. He will be die res- 
ident scholar and the first to hold the 
Arthur F. Bums Chair in Econom- 


ics, named for the former Fed chair- 
man. die president of the institute, 
Christopher DeMut, said. 

Neither Mr. Lindsey, an econ- 
omist with a doctorate from Harvard 
University, nor Janet YeUen. 50. 
who is leaving to be Mr. Clinton’s 
top economist, will attend the Fed’s 
first monetary policy session of the 
year on Feb. 4-5. 

Michael McCurry, White House 
press secretary, said Mr. Clinton 
was unlikely to make any appoint- 
ments by the Feb. 4-5 meeting. 

Before joining the Fed, Mr. Lind- 


sey was a member of the White 
House Council of Economic Ad- 
visers during the Reagan admin- 
istration between 1981 and 1984. 
He also taught economics at Har- 
vard, was a White House adviser in 
foe Bush administration and worked 
at the National Bureau of Economic 
Research. 

In recent days, Mr. Lindsey and 
other Fed officials have repeatedly 
tried to send a signal that the U.S. 
economy was in sound shape. In- 
flation is “generally contained,” 
Mr. Lindsey said Thursday. 


percent. 

The employment rate for Novem- 
ber was initially reported as 5.4 per- 
cent but this was changed to 5.3 
percent as part of an annual revi- 
sion. 

■ Wall Street Sets a Record 

Stocks surged to a record close 
for the fourth time in a week as 
investors shook off concern about 
higher interest rates and looked to 
foe bright side of surprisingly fast 
jobs growth, news agencies reported 
from New York. 

“The jobs data suggested the 
economy’s growing at a healthy 
pace, which should be good for cor- 
porate earnings.’* said John Maack, 
a portfolio manager at Crabbe 
Hus on Group in Portland. Oregon. 
“If you continue to see better cor- 
porate earnings, stocks will follow, 
even if you get a backup in rates.” 

Advancing issues were nearly 
even with declining issues on the 
New York Stock Exchange. The Nas- 
daq Composite index rose 5.82 points 
to a record 1 332.02, buoyed by Mi- 
crosoft which added 1% to 833&, and 
Intel which gained % to 143%. 

But interest-rate sensitive compa- 
nies such as banks retreated because 


The so-called book-to-bil! ratio fell 
to 1.10 from 1 . 16 . Thai ratio implies 
that chipmakers took in S MO in new 
orders for every S 100 shipped. 

Motorola rose 1 to 66 alter sev- 
eral analysts upgraded foe stock Fri- 
day even though the maker of tele- 
communications equipm ent late 
Thursday reported a 45 percent de- 
cline in earnings in foe fourth 
quarter. But much of the drop was 
attributed to restructuring and other 
unusual costs. 

Software writer Macromedia 
dropped 4 3/16 to 9 5/16 after foe 
company reported an unexpected 
foird-quarter loss. 

Faring best were companies 
whose profits can benefit most from 
quicker growth. 

Alcoa rose 1% to 71V&. GM 
gained 1% to 611*. Texaco gained 
23* to 107% and Exxon rose 2/s to 
105%. Faster growth bodes well for 
energy consumption, and prices for 
crude are near their highest levels 
since January 1991. 

Among steady earning consumer 
companies, Procter & Gamble fell x h 
to 10914 and insurer American In- 
ternational Group slid % to 1 12%. 

(AP. Bloomberg) 


*3 


:>'S 


•i M 




*■¥> 

. 

-*.• a 

. 

... A 1 


• ** 


Black Workers to Split Texaco Fund 


TOKYO: Plunge in Stock Market Index Just Won’t Quit, Analysts in Japan Are Starting to Fear 


WHITE PLAINS, New York (Bloomberg) — Texaco 
Inc.’s current and former black employees will divide $115 


Continued from Page 1 


million from a race-discrimination settlement based primarily 
on their length of employment since 1991, according to a 


settlement plan filed Friday by their attorneys. 

The cash pool is part of the $176 million settlement of a 
lawsuit against Texaco that attorneys for the employees sub- 
mitted to a federal judge here. The settlement also reserves S26 


million for pay increases of about 1 1 percent over five years for 
current workers and S35 million for racial tolerance programs. 


• General Motors Corp. has confirmed it is considering a 
spin-off of part or all of its Delphi Automotive Systems auto 
parts unit. 

• MCI Communications Corp. will eliminate 1,200 jobs, or 
3 percent of its work force, in a restructuring. 

• General Electric Co. will pay foe government $950,000 to 
settle a lawsuit that alleges the company failed to do quality 
tests on circuit boards produced for jet engines. 

• AMR Corp.’s American Airlines and British Airways 

PLC have formally asked the Department of Transportation 
for approval of their trans-Atlantic marketing alliance and for 
immunity from U.S. antitrust law. Bloomberg, ap 


week's plunge is that there was 
nothing in particular chat triggered 
foe selling, and the currency market 
was relatively stable Friday. But 
there are severe underlying prob- 
lems that encouraged foe market’s 
tremble: a dim economic outlook, a 
higher sales tax, and budget tight- 
ening. 

Economists say thar an increase 
in the sales tax, to 5 percent from 3 
percent, is likely to crimp buying by 
consumers after it goes into effect in 
April. Along with a tiny increase in 
fiscal spending and an end to tax 
breaks, the economy is projected to 
manage little growth in fiscal year 
1997, which begins in April. 

The government recently forecast 
foal the economy would grow 1 .9 
percent in 1997, its lowest forecast 


since the end of World War U. 

Some private economists have 
projected growth rates as low as 0.9 
percent, and chose could foil further 
if foe stock market depression per- 
sists. 

“It’s a downward spiral,” said 
Mineko Sasaki-Smith, an economist 
at CS Fust Boston in Tokyo. 

While the lackluster outlook for 
the economy helped drag down 
stocks, the depressed stock market 
may in turn hurt the economy. 

Japanese companies are drawing 
up capital investment plans for the 
next year. If stock prices drop fur- 
ther. poisoning investment senti- 
ment and making it unattractive to 
raise money in the stock market, 
then companies may curt) their cap- 
ital spending plans, which hurts the 
economy. 

Moreover, the damage from foe 


stock market is already being felt 
acutely by the nation's thinly cap- 
italized tranks, which are burdened 
by several hundred billion dollars in 


FOREIGN EXCHANGE 


sour property loans. Japanese banks 
are trying to maintain an interna- 
tional standard of minimum capital 
of 8 percent of outstanding loans. 

To do that, they have relied in part 
on unrealized profits from portfolio 
shareholdings they bought years ago 
at much lower prices. But with stock 
prices plunging, unrealized profits 
have shrunk so much as to nudge the 
weakest and even some moderately 
weak banks below foe 8 percent cap- 
ital standard. 

Banks must meet the capital stan- 
dard by March 3 1 . when their fiscal 
year-ends, and traders said that many 


financial institutions had been Dy- 
ing to lock in profits by selling cross 
shareholdings, stakes held in 
friendly companies which in torn 
assume shares in the institution. 

Still, if the stock market does not 
recover by March, some weaker 
banks wall face real challenges. 
Bank shares fell sharply Friday. 

Mr. Hashimoto’s massive plan 
for deregulating the financial in- 
dustry ami the overall economy is 
contributing in some ways to the 
plunge in stocks. The government 
has said that it wants to make over 
the financial markets so that Tokyo 
markets will rival New York and 
London by 2001. But one of the 
crucial results of such a change is 
that strong banks will survive, while 
weak ones simply will not. 

For financially strapped banks, 
one source of profits is sales of over- 


sea s securities, particularly U.S. 
Treasuries and other bonds. But ana- 
lysts said that a Japanese sell-off 
was unlikely to affect the bond mar- 
ket in America in a major way. 


I 


-c 

i-Vv -jk 

: • :-n 


I Dollar Rises on Jobs Report 


The dollar gained against most* 
major currencies Friday after a 
strong U.S. employment report 
spatted speculation of higher in- 
here Busin 


terest rates. Bloomberg Business 


News reported from New York. 
The dollar finished at 1.5859 


Deutsche marks, up from 1.5809 


DM on Thursday. But it slipped to 
116.125 yen from 116 J75 yen. 


• iOR* is 


Against other currencies, the dollar 
rose to 1.3760 Swiss francs from 
1.3695 francs and io 53508 French 
francs from 53223 francs. 

The pound fell to $1.6800 from 
$1.6988. 


a* 

• 

7rV. l 2*r 

L.Va?ij 


- ; k iM 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Indexes 
Dow Jones 


Most Actives 
NYSE 


UN Lost 


Irate 455371 0OBJD *557.94 47BL79 * 70.12 
Trara 2251 J* 2271 00 223048 22*148 -7M 
um mn 2300 m4 0 2300 ■ 

cone 20*579 200120 204*20 308034 • 13.90 


' ^ Standard & Poors 



High 

Low 

OOSB 

dig. 

Industrials 

89iH2 879J8 

B95J0 

+ 748 

Tramp. 

545lSD 537 JB 545.46 

—004 

uirattes 

20137 

19057 201 57 

+ 0J9 

Rnance 

B2J3 

B1J» 

82J8 

— 025 

5P500 

759 AS 

746.92 

759 JO 

+ X65 

SP100 

7X5L4S 732.15 

74X94 

+ 5J2 

NYSE 







Low 

Lop 

Cbe. 

CaraxnBB 

400^3 

394*3 

40074 

*118 

(ndtetrtob 

SOttXS 

49*41 

SBSJ1 

*X1» 

Trcra>. 

155.06 

15050 

1HJ31 

— XQ7 

UIWV 

24X81 

75736 

24X11 

-0_55 

Ftoraie* 

15X84 

35X30 

35187 

-097 

Nasdaq 






High 

Low 

Last 

C3» 

Ccnunsae 

1329*3 13 1154 132926 

*306 

mduprials 

114X80 112747 11X180 

♦ 157 

BaDa 

13X24 177939 17S2JC 

— X24 

Inawwioa 

144X71 1421 13 144X73 

—1.19 

Raw 

lSteJD 159144 199924 

—133 

Tronss. 

no 

897.98 

WX 8 B 

-8J4 

AMEX 






Wad 

Low 

LOP 

are. 


5frtAUft» 

Compaq 

PcpuCa* 

GnMBr 

AnierOn 

K tnwl 

IBM 

empAsci 

AT&T l 
Lucent n 
WoWlan 
MetcFn 


Nasdaq 


kiM 


Grades 

Mtcmfls 

Amoen 

Qscos 


Ascend 

WodoCms 

C-Rwne 
oeocpi s 
SunMKi 
MO 

AnWMnt 

DSC 


AMEX 


St*. 04 S7ttJ0 54*04 -470 

Dow Jones Bond 


Dose eh* 

10X00 — 0236 

100.14 -006 

10X84 —CUB 


HanwtB 

SPOB 

Hanot! 

PeoGtt 

XQ- Ltd 

Ecfoecv 

Audwocc 


Wacfl 

GayiCn 


VaL 

tate 

Lew 

List 

are. 

11743/ 

40 

65 

«4V, 

•1*6 

99*70 

2!fc 

I4H 

J7W 

—1*6 

5BSS9 

7*16 

74*6 

79*6 

• 4 

54044 

»’*. 

7ft 

2* 

— Mi 

55540 

6ft 

5896 

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53492 

JIN 

3«6 

39*. 

• 5*6 

50194 

)/*» 

10*6 

1)96 

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43481 

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11096 

143 

• 1*6 

42483 

4816 

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<7 

—2 

4158/ 

Jft 

389, 

3916 

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392*4 

3896 

38 

3816 

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38373 5154 

49-6 

51*6 

*116 

35409 

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23Vi 

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15441 

14 

11*6 

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3498* 

33W 

329. 

33*6 

— *6 

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tate 

Lew 

Last 

are. 

139430 14496 

14196 

144V, 

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135730 

1056 

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— «Vu 

133945 

4116 

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«*. 

—16 

83115 

8ft 

81*6 

84*6 

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8112* 

Jft 

54’A 

55Yu 

— FM. 

4MS4 

4ft 

U% 

68*6 

-1*6 

4*377 

B99. 

4SVu 

45*6 

—ft 

5*795 

47H 

41*6 

47*6 

-496 

558*7 

27 

1**6 

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— *4. 

SS765 

17V. 

12% 

16% 

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54115 

HH 

5* 

40 

♦ ft 

51901 

2714 

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27% 

-16 

J90B0 

3ft 

32*6 

335% 

-96 

ma 

419. 

3916 

4116 

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*346 

19*6 

17*6 

19 

♦ 7 

VoL 

Htt 

Lew 

Lap 

are. 

115075 

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22U8 

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74% 

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♦ *6 

18802 

ft 

w. 

ft 

+ 96 

16405 7"/, 

7*6 

7% 

— % 

14188 


% 

Uu 


B3B 

ft 

ft. 

6*6 

+»% 

6814 

7 

ft 

ft 

+ 16 

6040 216,. 

2*6 

ft 


S7T9 3ft 

3ft 

3ft 

♦ 1% 

5144 

7*. 

7 

7*% 



*lan. 10,1997 

High Lot case Chge Oetra 


Mg* Low Close Chge Optnt 


Grains 


CORN (CBOT) 

LOCO bo rrtrwnum- ocAjrj art Dutfwt 

Mar 97 170% 2J7* 145% *0.071* 144,101 

Mar 97 WM Z_» 2 M* ttLOB* &C09 

Jut 97 271% 151 144 *000*4 54488 

$ep97 24ft 243 LflVt .036 6.990 

Dec 97 246 '/i 2J7V, 242Vi .0MH374I7 

Ed. soles KA. Thu’s, sale* 37,097 
Thu's oawiint 301-533 off 3t<0 


OKANGE JUKZ (NCTN) 
IUOOM.-arhiurB 

Jon 97 7*00 74J5 74.lt —1.90 460 

Mcr97 7&5D 77.55 7745 —070 ZM14 

Mar 97 41 JO EL50 BOOS -075 5447 

JUI97 4450 8375 8375 —0-50 MB* 

ES.scMs MA. Thu'S. srtes 3,945 
Tbu'scpenM 3431 UP 899 


Metals 


SOYBEAN MEAL (CBOT) 

100 «m- dBBora par tan 

JW177 23X50 23*00 73540 *9.10 2,13 

Mar 97 720.10 23L50 229 JO *940 34J48 
May 97 27*90 2172X1 22670 1 10.00 11. DM 

Jul 97 2*460 22400 22*40 *1000 14780 

Aub 97 22570 222JO 22X00 *940 2.765 

Sep 99 22170 2707 779J0 * 740 2758 

ESI. ates NA. Thu's. Mies 1X949 
Thu’s open to 41.97* up 4M 


SOYBEAN OK. (CBOT) 

*02100 te- aoBan PV 100 «*. 

Jan 97 2U0 2347 2448 *141 47 M 

Mar 97 2470 2176 2476 *140 47.10 

Mor 97 2X06 34JO 2X04 *140 1543 

Jill 97 2X37 2X07 2X36 +a» 12,168 

AUS97 2X45 2X20 2X45 *140 U79 

Sep 97 2X2 2X30 2X57 *X97 2 73 

ESI. soles NX Thu'S, sales 24.0*7 
Thu's epen ird 45448 up 616 


4466 

2.195 

2X5M 

982 

MM 

770 

3485 

580 

2 JM 


SOYBEANS (C80T1 
5400 bo mWmum- dollars oar bushel 
Jai97 7J5 772 776% *0Jft X5S9 

Mar 97 77ft 679 7J9Vi *030 67779 

MOV 97 77ft <79 77ft *030 87 V 

JM97 7J0L, 6799, 7 JO*. tOJO 25477 

Aug 97 77915 772 7799, *030 1958 

ESl.SCfcS HA Thu's. SOBS 35,247 
Thu's OBBlW 144368 UP 117 


Trading Activity 
NYSE 


Nasdaq 


Atfwiaed 

□KJlned 

Undianoed 

Taralaste 

NenLoaa 


P5 1632 
123* 957 

8(1 761 

3350 3350 

194 220 

23 23 


AdvancM 

Dednea 


ToW issues 
Newrtghs 
New Lours 


2014 2294 

33*5 1785 

1650 1651 

5729 S730 

192 226 

66 49 


WHEAT (CBOT) 

5.000 bu rnMmum- OoBars per bvjhH 
Mor 97 19ft 3359, 3B7 -X 0 Z\* 32767 

Mw97 378 1*7 3J0 *04254 X127 

JUI97 1*1 3*4 15456 -04855 28757 

Sep 97 345 3J7 15BV, +X 10 1488 

Est. soles ha. Thg's. sales 12,931 
Thu'sapenktf AM 6 up 175 


Livestock 


AMEX 


Market Sales 


274 300 

259 213 

190 225 

723 734 

32 33 

I 10 


NYSE 

Amo 

Nasdaq 

tammoos. 


Todor Ptw. 

440 tens. 

£5172 66X21 

2351 3944 

*0445 621.95 


CATTLE (CMBl) 

*0000 On.- an* par fe. 

FB097 6X75 6442 6X62 -070 

Apr 97 (677 6X05 6*72 *077 

tel 97 64.12 6 UD *447 *0J0 

AO097 <44! 6347 6197 * 872 

On 97 *4*5 4420 6460 *0JS 

Dec 97 68.05 67.SJ 6X02 *035 

ES». soles 20 1 r Thu's. 5 «*B 19,419 
Thv’saoeninr MM or 92| 


GOLD (NCMX) 

1 00 hw az.- oallan per Mr BB. 

Jon 97 399 JB *14) 

Fet>97 360*0 35448 36020 ♦1A0H2W13 
*4tr97 361 JH +1JB 

Apr 97 3SZSB 3HLS0 362 M fIJD 29,178 

tel 97 36X00 3060 36LC *1*8 17,441 

Aug 97 36460 36480 36480 *170 5448 

Od 97 38980 34980 36970 *170 L160 

Dec 97 37170 37090 371,70 *180 15467 

Btsaies NA Thu's. sate 40107 
Thu's 0 P«nird 286J84 up 365 

M GRADE QOPPSt (NCNUO 
2 U 00 te- cems per sx 
Jon 97 100*0 10770 10870 —045 

FW97 107X0 10X65 W770 -065 

Mar 97 10X90 10X30 10X10 -045 

Aar 97 104.10 -075 

Mar 97 102*8 . IflJJO HUT -050 

Jun97 itnjo imjo 10170 -075 

Ail 97 9945 99.10 9980 -070 

Aug 97 9070 —078 

Sep 97 98.10 9770 9780 -070 

EsJ. soles NA Thu's, sides 4718 
Thu's opeifrrt H413 w 1216 

SBLVBI (NCMX) 

S4»0Mr eA-cenesparMrta. 

JOT 97 4728 *11 6 

Feb 97 4748 *38 2 

Mar 77 4715 4715 4765 *38 0824 

Moy97 4»8 47X0 «18 *11 10.151 

Mf7 mij MLB 4858 *12 8535 

5*97 4895 095 4907 *13 2759 

Dec 97 4775 4968 4977 *35 X017 

JOT 98 5008 *35 9 

EsLsote Ha. Thu's.sdes 177B5 
Thu's open W 91702 up 1567 

PLATMJM [HMOU 
SO Mr at- aoeras per Mr g*. 

Jan 97 36X00 36480 36190 *170 39 

Apr 97 37050 36450 36080 *270 19X26 

8*97 37200 37200 37170 *270 2512 

Od 97 37450 37300 37380 *270 2.169 

Jm98 37670 *270 1074 

Btf. sate HA Thu's, soles 3.127 
Thu'sepenuv 25720 up 9 


32856 

27809 

1)788 

11835 

7056 

1716 


Close 

LONDON METAL5CLME7 
DaRars per mettle ton 


Previous 


i — .BOTSk 157ft 157754 
ftrwaid 159X00 159700 160700 160600 


fvf Dividends 

^ Cowpa n y per Are! Rec Peg 

STOCK SPLIT 

I Am H0RW4tar5tor4 spilt. 

'J HaibtooerCofp3tt»r2 3iim. 

prodoaionOBwarftirlsDa 
~ Tyson Foods 3 far 2 spit. 


Cosvany 


Per Amt Ree Par 


SPECIAL 

- 06 1-22 1-30 


CF5 Group 0 

INCREASED 

Romre Indus 0 .155 1-24 


2-7 


REGULAR 


Adams Express 
Alum Co America 
BDafc Bread 2BBP 
DettaSPIne 

FstCWodW B 
FsICModpiC 
FsrSttm Bncshre 


Q .12 2-2* 3-1 
Q 725 2-7 2-25 

M 075 -15 1-21 
g XO 2-39 3-3-4 

- 150 2-7 2-28 

- 1.62S 2-7 2-28 

O .125 1-21 1-31 


Grac&Wn Co 
HUBCOInc 
Haahh Rettnoent 
UbedrBnepDEl. 
ftycMklnc 
Petn* Resources 
Putnam Dhmrefd 
Putnm Pedlnca Tr 
PutnreHaYWAd 

Putnm HgYklTrA. 
Putnm Inca FdA. 
Reoo,fsDt«st 
SdmtesrsflX 
Seowoy Food 
SJtiwstn Energy 
Factory 


Tanger Facto 
T*u6ay Ship 


- .125 2-28 3-11 
O .19 2-14 3-1 

Q 76 1-24 2-20 
Q .15 1-20 1-24 
O .099 1-30 2-20 
Q 70 2-24 3-1 

M 071 1-10 1-21 
M .051 1-10 1-21 
M 072 I-I5 1-27 
M 092 MO 1-21 
M 037 1-15 1-27 
0 -45 3-23 W 

Q 75 2-6 2-21 

0 .11 1-21 1-31 

Q 06 1-20 2-5 

0 52 1-24 2-14 

Q 715 1-17 1-3 


FEEDER CATTLE (C6450 

SOAOOIBV- cerBs pro 

Jon 97 *887 6785 6857 —0.13 2510 

, Mar 77 UJi 67jSJ 6L70 -440 7M1 

Apr 97 6X97 67,92 6X72 — OJO 2866 

Mar 97 6985 6185 6970 -4181 3521 

AU077 7180 7050 7175 -075 1622 

5ep97 7150 7080 7185 -025 403 

».sate 5792 Thu's-Ktes 4766 
ThusaoenW 19704 up <95 


CaQmtts Otiatt Grade) 

241070 341X00 238X00 239X00 


226170 226X00 22070 225X00 


Spot 68ft 
Forward 69700 
Ntokel 


69056 

69X00 


68100 

68970 


68200 

69X00 


Spat 718X00 719070 
■rofward 


Tie 


710X00 

727570 728X00 719570 


711X00 

720070 


Sgot^ 581070 5B2070 


HOBS-Uea (CMER) 

40800 te.- CBrt! per fe. 

Fah97 77.95 7780 7770 +0J* 

AJT97 7X37 7570 7630 *078 

8*1 97 7985 7LM 798Q *033 

Jut 97 7X85 7X39 7X65 —107 

Alow 747D 7333 7390 *010 

0097 <780 67J12 6722 -4U33 

M.SQlBS X9QZ TlirxSPte X»56 
Thu'soPenint 32.164 up 148 


57&5TX3 

566000 587000 584580 


ZtoC (Special High Grade) 
_ ' 1MB* 1049’A 


5795 JI0 
585X00 


12596 

X182 

6515 

1300 

UM 

U3T 


1041 JB 
106X00 


104X00 

106400 


l&iirrd I069M 107X00 

High Low Close Chge Optnt 
Financial 


High Low Ctee Chge OpIM 

WTEARJ FRENCH GOV. BONDS (MAT1F) 

FROXOOO - RS of 1 00 pet 

WOf 57]»O0 12880 12870 — 0JJ61 17,701 

2 12 -S JS-S I 2730 -<u» lxsio 

Sep 97 12X68 12X58 12XA2— 006 100 

Doc 97 N.T. N.T. 9X06 -OOS 0 
EsL volume: 17X053. Open InL: 12X311 off 
1709. 

rrALIAN GOVERNMENT BOND (UFFE1 
nx 2 t»*«ion . pi of 100 pd 
M*97 12925 ITftAQ 12X78 * X05 94794 

Jun97 12855 12X55 12880 * 0J>4 USB 
EsL sates 5&SKL Peer, sales 57700 
Pne.apenNL: 9X052 up 2527 
EUR O DOLLARS (OUST) 

SI mmen-ptsal too per. 
ten 97 94868 94800 94815 -30 23503 

Fed 77 94840 94360 94370 -40 538? 

WTJ7 *«» 94300 94340 -50 41X168 

te"V7 9L2« 94890 94.130 -80 349532 

'ttSTS 1 JK5 SS 2-PS -i* 37 -®i 

93 ^ 50060 — 130 A 189 

304,7 

DkOO 91090 92580 92738 —120 2L206 
g- sote HA Thu's, sides 42X621 
Thk/japon rd 1137575 up 22636 
BRITISH POUND (CMER) 

4LS» mjnds. s per pound 
M»97 15996 15718 13750 — T70 41504 

ten 97 15916 75690 15712 -774 2519 

75672 —176 1527 

Dec 97 15432 -176 7 

®-«des NA Ws.«*es 5861 
Thu's open W *4557 up <20 

CANADIAN DOLLAR (QMSt) 

MOaao donors, tperCte.de 
Mw97 J459 3415 7446 *14 4X463 

ten 97 7492 7455 7*06 *M 

Sep 97 7530 7495 7571 +14 

Dec 97 7555 7530 7W +14 

NA. WS-sDes X177 
Thu's apaietf 54530 Off 22B1 
GERMAN MAiK (CMER) 
lMJOOrnert n us per mo re 
MOT97 53S2 jEX& 8338 -25 66.999 

Am 97 5418 5310 537* -25 4741 

Sec 77 5421 —23 1775 

Dec 97 5450 5450 5465 -50 H 

Eftsate AM. Thu'S. tea 17809 
Thu's open W 73532 up 235 
JAPANESE YB4{C44BO 
1 U mBaonrte. s per 100 yen 
Mo- 97 J08753 JOBMB 708696 *34 <7441 
tel 97 508860 JXS765 508111 *J7 1558 

§?? 97 50(929 *27 354 

Ea.fflte NA. Tho'S.JOte 9898 
Thtfsooenw 69550 off 1050 
SWISS FRANC (OMBO 
124)00 Irancvs per 4*ne 
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Ata-11 7753 -HOB 

Estsae* NA Tiers. stdes 8871 
Thu's open ini S78» up C4 
KEATWOOR- (NMSU 


1X121 

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.WbUt-dtex, per obi. 

F*97 2X81 2X00 2X93 -054 &S.10X 

Mar 97 2570 2535 2585 —077 5X013 

te» 2Si04 2*75 2432 -021 JU81 

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tei» 2175 23J0 2156 -014 31 8H 

te 97 2112 2291 2UB — QJ7 1X317 

tS£ 2215 ru& -Oil 13770 

Sep 97 2257 2192 2257 -4UK 1X036 

N«W 97 2134 Z155 2134 X2U 

Decw 2136 2088 3191 -0.12 228M 

tern 2075 2075 2075 -tUB 13831 

teW 1995 1938 1988 12356 

Dec 00 1985 19.40 1985 *0.13 655 

K.sate NA. Thu's. sate 9580 
Thu's open ret 301959 up 53 a 
NATURAL GAS (NMER) 

HMOQraniMrs. sera rwnbiu 
Fte97 1630 3300 1300 — WI 31376 

Mor 97 1185 2740 2760 2X5DB 

APT97 2860 2870 ZJa {£09 

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w-mawl Un Q-qoarterlir: s-SBwXWBWd 


Stock Tables Explained 

S<ie> figure* are unaffidd Yetey hktfis ted kwsieBed the orertous S2 weeks plus the current 
•eefc, but net fi»Wwttradingdo)r.Whereaspfflar stock *8dend«nounftngto25pensnt or more 
has been roU tta yeore lii^hkw renip and iMdml are shawn lor the new stocks onV. (Mess 
atherabe nalei nfies of dMdends are arewul fflshuTsemgrts based on tie bfet dedanaian. 
a - ifivfctond also edra b). b - wwwol id* of dMdetid phis stock dtvWwuL c - BowJdottng 
dMdenX cc> PE exceeds 99xM- culled, d- new YHdy law. dd- toss in tire last 12 rhonttts. 
« - dtvfdend dedared or paid In preadlng 12 months, f - amual rafe. Increased on last 
dedarattoiLg-dMdend hi Canadian furets, subject to lSfcnon-resHertee fox. I -diridwd 
declared oflBrte^P orstodr dMdernl I- dfvfdend paid mb tvar, anfiffed, deferredr arna 
action taken at West fiuWend meeting, k * dMdend dedaied or paid tWs year, an 
ocmrmilattw Issue with dMdends hi arrears, a - onrwal rate, reduced on lost declaration, 
n - new Issue In the past 52 *e*ta. The Idgh-iow range begins until me start of trading, 
nd - next day drtveiy. p < Initid dMdend omuai rate unknawa p/E - prlce-eamlngs rafla 
q - dosefrend mutual fund, - dMdend fiedmed or paid in preceding 1 2 months, plus stack 
dMdend. s - stack spot. DMdend begins with dote of spot, sis - sales. I ■ dividend paid In 
stock (n preceding 12 months estimated atsh uotoe on ex-divWend or ex-dtsttlbutton dale, 
u - new realty hfgtLv-lKU&ig hotted u! - hi bankruptcy orrecehrerstup or being reotganaed 
underihe Bretkruptqr Actor securities assumed by sudi com pa rues, wd- when dis&toutod- 
wi • who) issued/ ww * whh warrants, x - a-dMdend or ex-tigtds. xfls - onHstrtbufton. 
xw- without warrants. r~ex4HMtn!- and sdes hi fall ytd - yteW.x^ - sales In fvH. 


pawBQjjsiewsy 

4U06 Pte.- cants pbt fa. 

F*b97 79.10 77 JO 7X00 —057 

Mor 97 7142 77.80 77 JO -037 

May 47 n.7Q 7XJ0 7L85 —085 

Jut 97 7150 77.90 7BJ0 -X25 

Aw 97 753 0 7485 7X45 *080 

Est-reto* 28M ThU'S.SdE 2339 
Thu’s opwiM 6J34 0 B 49 


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-cents par to. 

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Mov 97 Hug 11X43 11780 *035 7393 

JJfl 11430 11X75 11530 *030 2834 

Se»97 11430 TOTS I1MS tM 1,993 

E9.satos NA. Wxjrses 7.113 
Thu'sapontor 35.UP an 57 


U 5 T.BU -5 (CMBD 
% I mBBcn- mb oMBB oa. 

Mar 77 9X94 9X87 9X88 _O0S X93D 

JUT 77 9X72 MJ9 9X72 -007 2381 

Sep 77 9430 —OK) 162 

gd. soles NA Thu's, ides 213 
Thu'sapenkn 7373 aa 15 

SYR- TREASURY (CBOT) 

ti 00009 ten- m 8, 3*nds at 190 pa 

Mar 77 106-17 105 -Z 1 S 105-37 - IB uiJRSI 

JMI 97 W 5 - 19 S 105-135 105-175 - 16 3 .H 5 

Estates 5 & 0 M Thu's. toes 3x422 

7tarSOPei>H 16X734 UP 2741 

18 YR. TREASURY (CBOT) 

nooAoe rate- paxaMi ef iubm 

Mo -97 105-37 107-20 107-30 - 22 30 X 029 

S 97 107-22 107-0 107-11 — 22 11 J 10 
97 106-20 - 22 180 

Estates T 25 JXB ThYxsteS 66^*9 
Thu'sopenM 317*536 up 690 

US TREASURY BONDS (QQT 1 
UttelMIM X 3 Ms«ri 09 PCt) 

Mor 97 111-21 109-36 110-11 —102 < 3,164 
Jun 97 111-04 109-10 109 -U -IO 1 X 04 
Sep 97 709-23 109-01 1 09-72 -403 iza 
Dec 97 ( 00-30 106-22 106-30 -102 1722 

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Mo*97 2000 2000 

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Stock indexes 
UPCOMP.MDEXKMBQ 


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Jun 97 


Mor 57 76430 
770* 


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75X00 7050 +X1S lS 
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every Saturday 


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Mcr97 1077 1043 1044 -M2 7X176 

Mor 97 (944 KJ3 ISM -009 3X194 

te 97 1080 1049 10JQ -0J7 25.193 

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CDTTON2OCT70 

SMODRsL-canKBariu. 

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EUROPE 




f--ir 




Bereft Gr 

*> New Partner but Sees 
Turnaround in 1998 




Bttxinnx Nem 

FUERTH, Germany — The ehief 
executive of Grundig AG said Fri- 

S'^- lhe “"P^fiiabte consumer 
electronics company needed a new 
partner to survive but could return to 
profit in \m if it found onT 

t ,r CKT . Wai said that no 
talK.s with possible investors were 
under way and that Grundig bad not 
received any inquiries. 

‘ * We're too small to be global and 
ttX> j‘ 8 » ** Sl niche player.” Mr. 
van der Wai said. *’A company of 
Unsvolume cuo'i make it alone.” 

Philips Electronics N V said Toes- 
day that it was relinquishing control 

Gehe Raises Offer 
^ For Lloyds Chemists 

LONDON — Gehe AG raised its 
offer for Lloyds Chemists PLC to 
£6S4.I million ($1.16 billion) on 
Friday, which analysts said was 
enough for the German drug whole- 
saler to beat a rival bidder. UniCbem 
PLC. 

The 5 percent increase in Gehe's 
bid is likely to end the year-long 
battle for Lloyds Chemists, a phar- 
macy and wholesale drug chain 
based in Staffordshire. England. The 
acquisition of Lloyds would lift die 
German drug distributor to a leading . 
position in the £2.5 billion British 
retail pharmaceuticals market. 

Both companies have until Jan. 

1 7 to raise their offer. Under British 
takeover rules, a decision must be 
made by Jan. 31. 

Gehe described its S25 pence-a- 
share cash offer as a final, ^knock- 
out” bid. aimed at erasing any 
^chance shareholders would accept 
^the cash-and-shares offer of £632.6 
million UniChem made on Jan. 3. 

“It looks a clear winner,** said 
Tony Cooper, analyst with Greig 
Middleton & Co. “It would he very 
difficult for UniChem to match this. 
I think the game is over.** 

• UniChem had no comment 

On the London Stock Exchange, 
Lloyds Chemists shares rose 14 
pence to close at 525.5. 

, ( Bloomberg, AFX) 


of Gnindig. once a hallowed symbol 
of German technology, following 
up on its earlier declaration that it 
would no longer assume responsi- 
Ddiry few the company's losses. 

CS First Boston has been hired to 
search for a partner, and Mr. van tier 
Wai said he was optimistic one would 
be found by the end of the year. He 
said he did not role our any category 
of buyer. The size of the stake to be 
sold also is open, he said. 

“We belong to the top four 
companies in consumer electronics in 
Europe,” he said. " ‘We're the market 
leade r in Germany. All of that wiH 
certainly be of interest to a partner.” 

But analysts were skeptical. 

“From an operational point of 
view, 1 don't think there's any rea- 
son for anybody to buy Grundig,* 7 
said Gijsbert Groenewegen of 
Europe Co. 

“In this business you have to be a 
low-cost producer.” he said. “Where 
is the low-cost production? In Asia. If 
the Koreans- want to establish them- 
selves in Germany by acquiring 
Gnindig. it might be a possibility.” 

Mr. van der Wai said Grundig's 
Joss for 1997 would be smaller than 
in 1996. though be declined to give 
figures, adding that the 1996 results 
had yet to be completed. 

The company reported a loss of 
598 million Deutsche marks ($379 J 
million) for 1995 amid declining 
demand and sinking prices for home 
entertainment products such as 
video recorders and stereo systems. 

Sales for 1997 will be about 3 
billion DM, Mr. van der Wai said 
adding that the company had plenty 
of cash to fund operations. Sales 
totaled 3.5 billion DM in 1 995. 

Philips’s withdrawal came as a 
surprise, Mr. van der Wai said, but 
he added that it freed Grundig to 
compete more vigorously with the 
Dutch electronics giant 

Philips had managpA Grundig 
since 1984 by agreement with the 
founding family’s trust In ex- 
change, it was completely liable for 
the German company's losses. 

Grundig has reported a loss nearly 
every year since Philips took con- 
trol, with the deficit totaling about 
15 billion DM, the company said. 

Philips* shares finished Thursday 
up 1 guilder at 73.10 ($41 .29). . 


GEC Gets a Change of Pace 

New Chief Loses No Time in Making His Mark 


HttHWibrrK iluxincM Nm 

LONDON — For 33 yeare. 
Lord Weinslock run General Elec- 
tric Cxx of Britain with an eye on 
finances and an arm’s length from 
factory workers and managers. 

- When the 72-year-oU executive 
stepped down from the conglom- 
erate in September to pass control to 
George 5impson. a man almost 2 (1 
years nis junior who enjoys chatting 
with employees, their differences in 
management style gave only an ink- 
ling of changes to come. 

Mr. Simpson quickly sold three 
struggling units, started a stream- 
lining process and pledged to in- 
crease earnings. Now. with a cash 
pile of £2.6 billion (S4.4 billion) 
and a leading position making mil- 
itary radar and electronics, GEC’s 
changes will rock Europe's de- 
fense business, which is coping 
with the end of the Cold War. 

“It is a comparatively thriving 
comoany.” said Michael Codner, 


fense analyst at Royal United 
Services Institute, a policy re- 
search organization. “Sooner 
rather than later the lid will be 
taken off the European defease 
industry, and GEC will be well 
placed to take a piece.” 

Mr. Simpson, managing direc- 
tor. is preparing the company for a 
climate in which defense spending 
is tight and competition in GEC’s 
other big business — power equip- 
ment and telecommunications — 


is jjetting fiercer 


; future of GEC, which is not 
related to General Electric Co. of 
the United States, is anything but 
certain. Mr. Simpson told analysts 
last month his first job was to 


quicken the pace of annual earn- 
ings growth. which is al a bclmv- 
industry average of 3.2 percent 
over the past 10 years, compared 
with promised growih of 15 per- 
cent a year at rival Siebe PLC. 

The changes come al a cost. 
GEC took a charge of £ 1 60 million 
against profit in the six mouths to 
Sepr. 30, which cut profit 35 per- 
cent, to £261 million. The charge 
was to cover the costs of writing 
down assets for a streamlining. In 
December. Mr. Simpson promised 
to sell businesses and find joint 
ventures to lift the company's 
prospects. 

“Almost anything is possible,” 
said James Heal, an analyst at 
ABN-AMRO Hoare Govene Ltd.. 
at Mr. Simpson’s presentation to 
investors Iasi month. * ‘There are a 
number of other businesses that 
could be sold.” 

Mr. Simpson's whole approach 
to managing GEC is remarkable 
for a company that seldom makes 
any pronouncements beyond its 
earnings statements and that omits 
the kind of forecasts other compa- 
nies include as a matter of course. 

He gave “quite clear priorities 
about what he wanted to focus 
on.” SashTuxa, a UBS Securities 
Ltd. analyst, said of Mr. Simpson's 
presentation. It was a contrast with 
Lord Weinstock's style of keeping 
strategy secret to all but a few 
inner-circle executives. 

The management style has been 
reflected in the company's share 
price. GEC’s stock price has risen 
16 percent since the beginning of 
1996, when speculation surfaced 
that Mr. Simpson would become 


the head of the company. On Fri- 
day. GEC closed al 397 pence in 
London, down 5 pence. 

Mr. Heal figures the stock is 
worth 451) pence if Mr. Simpson 
makes good on his plan to make 
GEC an attractive partner for 
Europe’s defense industry . 

But GEC’s British defense busi- 
ness fortunes depend on the Min- 
istry of Defense, which cut its 
budget 1 1 percent in the past five 
years, to £21.8 billion. In Europe, 
it is waiting to work on the S60 
billion Eurofighier attack aircraft, 
whose fate is in doubt as Germany 
debates budget cuts to meet cri- 
teria for a single European cur- 
rency. 

GEC, meanwhile, is courting 
Thomson-CSF, a French military 
electronics maker, as a partner to 
help it weather tough limes. Ana- 
lysts speculate a fink with British 
Aerospace PLC, Europe's biggest 
defense contractor, to be more 
likely because Mr. Simpson once 
served as the company's deputy 
chairman. 

"We would like to go faster,” 
said David Newlands, finance di- 
rector for GEC. “There is a much 
greater recognition in Europe of 
the need to do something than 
there was a few years ago.” 

But the company still must live 
with past mistakes. Lord Wein- 
slock has acknowledged GEC 
blundered in not entering the mo- 
bile telephone market in the late 
1980s, ceding the business to rival 
Racal Electronics PLC, which 
started what became Vodafone 
Group PLC, now worth £7.7 bil- 
lion. 


South Koreans May Join Airbus 


Bloomberg Business News 

PARIS — At least two South 
Korean companies said Friday they 
were talking with Airbus Industrie 
about becoming risk-sharing part- 
ners on its jumbo jet project, aimed 
at breaking Boeing Co.’s monopoly 
is large airliners. 

Spokesmen for Samsung 
Aerospace Industries Co. and Korean 
Air Lines Co. said their companies 
and several others were involved in 


die talks on an aircraft capable of 
carrying at least 550 passengers. Air- 
bus confirmed that it was holding 
talks with South Korean companies. 

Such a plane would be larger than 
any jet] iner on the market and is pan 
of the European airplane maker's 
desire to complete its family of jets 
to challenge Boeing, the world's 
largest maker. Airbus is aiming to 
win its first order by 1998. putting 
the plane into service by 2003. 


1 investor’s Europe 

■n 

Frankfurt 

London 

Paris 


DAX 

FTSE 100 Index CAC40 


2950 

. * «» . 

.A 222= 

u 

2S5D 

Hr «® / 

UV 255 

N 

2750 jJ 

2300 Ar 

V 2175 A 


2550 /* 

2BM/ 




3700 f 



SON 

DJ ^ASONDJ '"“A S O N D J 

1996 

1997 1996 

1997 1996 

1997 

Exchange 

Index 

Friday Prev. 

Close Close 

% 

Change 

Amsterdam 

EOE 

646^59 650.06 

-0.52 

Brussels 

BEL-20 

1,945 JBB 1.929.62 

+0.85 

Frankfort 

DAX 

2^33.39 2,392.63 

+1.41 

Copenhagen 

Stock Marts! 

481.98 486.67 

+1.09 

Helsinki 

HEX General 

2,623.39 2.61337 

+0.36 

Oslo 

OBX 

555.13 560.01 

-0.87 

London 

FTSE 100 

4/356.50 4,087.00 

-0.74 

Madrid 

Stock Exchange 

457.71 453.88 

+0.82 

MBan 

MIBTEL 

11,418m 11,099.00 +2.87 1 

Paris 

CACAO 

2 , 327.50 2.349.08 

-0.92 

Stockholm 

SX 16 

2^47*W 2,588.91 

-1.60 

Vienna 

ATX 

1,130.04 1,136.09 

-0.53 

Zurich 

SPI 

2£26.61 2^39.19 

-0.50 


Source: Tetefcuis 


<■! IL'jIiI fiihini 


Very briefly: 


Airbus estimates it would cost S8 
billion to develop the plane, and is 
thus seeking outside capital in Asia 
and elsewhere. Alenia SpA of Italy 
has already signed on ax a risk- 
sharing partner. 

A spokesman for the four-member 
consortium said he could nor con- 
firm which South Korean companies 
were involved in the talks. At Sam- 
sung, a spokesman noted that noth- 
ing has been decided. 


• Bank Austria AG and an investors' group led by EA- 
Generafi AG raised their bids for Creditanstalt-Bankverein 
AG, but the government would not disclose the new offer as 
political maneuvering intensified ahead of a possible weekend 
decision. 

• Halifax Building Society, the largest mongage lender in 
Britain, said its planned stock flotation in June could be worth 
as much as £12 billion (S20.33 billion). 

• British Gas PLC's fourth-quarter earnings will be reduced by 
£841 million because of costs related to its planned splii-up into 
two companies and renegotiated gas contracts. 

• Russian shares soared to record levels on Friday on heavy 
volume as foreign investors poured money into the country, 
dismissing fears about President Boris Yeltsin’s health. 

• Den Danske Bank AS, Denmark's largest bank, plans to cut 
up to 500 jobs this year and make further cuts next year. 

• French consumer prices rose at an annual rate of 1 .7 percent 
in December, near a five-year low, confirming that inflation 
was under control, economists said Bi.wmhen:. Return, ap 


Asset Sales in CL Rescue? 

Renter \ 

PARIS — Credit Lyonnais refused to comment Friday on 
reports that it might sell European subsidiaries in the next six 
months as part of a recovery plan. 

But a spokesman for the French state-owned bank denied a 
report in the daily Les Echos that Chairman Jean Peyrelevade 
would defend such a recovery plan when he meets with the 
European Commission on Monday in Brussels. The plan 
reportedly under discussion involves a government capital 
injection of 12 billion firancs ($2.3 billion). 


f 


WORLD STOCK MARKETS 


M)t Law Oottt Piw. 


His* Lav dose Piti 


Hljjti Law date 


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J 


FridayrJan.10 

Prices in toco) currencies. 
Te/efons 

High Low Oom Pm. 


Amsterdam 


EOEH»MUI 


ABN-AMRO 
Aegon 
AlioW • 
AkZONoM 
Boon Co. 

Bats Wesson 

CSMcw 

DantedwPrt 

□SAft 

Ebevfar 

Farit* Aiwv 

GeWnles 

G-enccwi 

KogMwyer 

HtWriST 

Haomwnson 

Hum Douglas 

ING Group 

KLM 

KNPBT 

KPN 

NedOeydGp 

Nofrido 

Oce Guinea 

PMjBEtec 

Poiyuiani 

RandsMHdg 

Raheao 

Rota mar 

RoSnco 

Rorerao 

RorolDuMi 

(AKtewerew 

vandnlrfl 

VNU 

vnsnsKlcva 


11X30 1W50 
112JD 109-70 
106X0 104.10 
3*9 2*1 M 
71 JO *50 
31 -SB 30XQ 
9440 9120 
329 32150 
in 16930 
2SJ0 830 
6140 -60BQ 
50-20 49.10 
5170 S2J0 
14170 138-50 
31070 302 

70.10 67,80 
121 T19J0 

64-60 030 

4B*0 47-50 
37 JO 36X0 
6450 63.10 
47 JO 46*0 
263 259 

19130 19140 
7420 71.90 

06.90 KUO 
132 129.50 

. 145 M2 
5030 5040 
151 14950 
10630 106 

300.90 303-40 

30290 295 

8050 .'7950 

37.90 3660 

222.90 216J0 


Bangkok 

Atnrinto5vc 
Bangkok BkF 
KrungThofSk 
PTT Expire „ 
Stan Cement F 
Stan Com BkF 

TeteaunasKi 
TWAtawrt 
That Form BkF 
UttCwnm 


276 

268 

272 

272 

264 

284 

SB 

54 

SS-50 

388 

332 

38a 

868 

am 

816 

202 

197 

199 

JZJB 

50 

52 

3340 

36J5 

39.50 

192 

187 

IBS 

190 

180 

187 


Bombay 

- Hindus) Peflm 
ind Dev {Ut 
IK 

MoMnogorTet 
Retkmoelod 
SWaBklwfiD 
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set 


995 
897 
362 
nijs 
34625 
251-25 
225 
257 JO 
2425 
35925 


Brussels 

tatonl) 

Barobw 

BBL 

Befcoen 

g R P 

&2K. 

Count 
Demote Urn 
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EUdnjflno 
Falls AG 

ss" 

GBL 

GwBomw 

KitdMfam* 

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Poweffti 
Royotei 
SecGer 
Sotwv 
Tradefad 
UC8 

Union Mhtoe 


31 W 3W5 
3005 1990 

1236 1240 

120 122 


7620 700 
3070 3050 

5340 5310 

2315 2230 
7SS MM 
4250 4130 


*no 4W 

6920 6690 
2515 2545 


Copenhagen 

8G Boot M3 

CnristwroB 377 
Codon Fan an 
Donbas 363 

DenbomKoBk 490 
DA SwenAra B 347000 
W5 1912 B 173M0 
FLStBja 
KrtUfttont 
NwoMinSstB 
SflOhdS BWB' 
TWOornnkS 

Unlm^MA 


m 

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545 

795 

331 

335 

333 


166MO 171000 ICO® 
773 790 786 

644 65B M4 

S 535 537 

»0 70 W 

3MJB ® 

317 V 0 B1 

32UO 331 3B7 


8 

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Frankfurt 

AMBB 970 

Adidas 144 

ABtauHdg 2755 
ABpdd - 7280 

BkBaitn . 31-35 

BASF mis 

Bom Hypo BF J7JB 
Boy.VBvmtank 62 
Boyer 59J5 


High .low Oew. Fw, 


Bu to dcrt 
BMW 


DOMarBaa 


OeuttWcttai 


U1J0 11UB 
111 JO 11 M0 
105J0 106J0 
247.10 24830 
TIM 6P.2C 
31 JO 31.40 
9390 9148 
32530 miO 
170JO 171-30 
27JO 28.10 
6L40 62-20 

50.10 49.40 
53-30 5350 

139 J6 14050 
304B0 309-30 
68JQ <960 
121 12080 
6160 64J0 
48 48.10 
37 JO 37 JO 
6160 *460 

47.10 47 JO 
261 261 St 

19440 194 

7130 72.10 
8480 BM0 
130.90 129 JO 
14220 74170 
5OJ0 50,20 
149 JO IS) 
106 10SJB 
M6J0 3^50 
297J0 3WUW 
8048 7960 
37 JO 37 JX) 
219 JO 221 


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77.10 

108S 

1073 

1078 

1053 

42J5 

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42X5 

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<07 JO 680J5D 687 JO £7150 

74J0 

76 

7628 

74X0 

30*3 

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3352 

31.35 

49X5 

4X65 

48X3 

4866 

306 

: .307 

305 307 JB 

lOJO 

139 

139T39J0 

34830 

245 24£10 

248 

9650 

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96 

95 

12838 

138 

128 127*0 

82 

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82 

BO-ID 

6430 

62J0 

6U0 

S 3 M 

6930 

68X5 

68/0 

69 JU 

504 

502 

582 

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999 

991 

998 

986 

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21X5 

21X5 

2U5 

408 

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404 403J0 


GFSA ' J. ■ 
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Ubedy Hdgs 
Liberty Life 
amoves 


172 

• 121 

•• 121- 

120 

Unflarer ■ ■ 

1£7> 

12JD 

13-55 

1£70 

FeftmGeo59c 

‘ '282 

271 

274 269 JO 

KlnnerikBF • ' TOJO ' 

192 

194 

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£62 

£68 

£63 

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4.96 

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SanaPerimA 
SdMWtd — 

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11850 

126JO 

125 

M0D0BF 302 

196 

300 

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323 

324 322-50 

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£85 

4X0 

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136 

127 

126 

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366 

268 

119 

119 

119 

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£30 

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425 

415 

415 

429 

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98-75 

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£13 

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45J5 65 

43 42J5 
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64JD 65J0 


I960 18-75 
6525 65J5 
42.90 42 

64-50 65 

65J0 65 


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SasoC 

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Tiger Oats 


123 7Z1J0 121.73 12025 
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56J0 55 5i25 56 

184.75 184-50 184.50 18458 
67 65J5 66 65 


WPP Cl sup 
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2-51 245 

7J4 7J8 

364 135 

466 457 

260 2J5 

1645 15-85 


7M 

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459 

296 

15.96 


151 

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361 

463 

238 

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HWWteliranfwOTlITl 3270 ,3290 37J9 
Mrto 123.80 121*0 123J0 120 

Mooch RuedtR 3475 3j^ 3628 3680 

Pltuscag 387 JO 382 384 379*0 

RWE: 47 JS 6460 O 6S50 

SAPpM 223 219 220-20 21 4 

Sdwlng 13660 134 13470 132J0 

Sinn 70.15 77*5 7778 7479 

TUwaen 2 KL 56 2 S 3 L 2 C 2 SZ 20 2 85 

vSo 92J0 91 JO 9220 90*5 

VEW 500 497 500 485 

Viog 644J0 642 644JD 63050 

Wfonam 712 7B5JD 712 690 JO 


Helsinki hex c f w tiwt w; 20179 
hnlnBlu 


Kuala Lumpur 

GeMtoa 1760 

Mol Booking 27 JO 

MWUMMpF 7J5 

PetnxtQsGa iojo 

Renoog 4*1 

ResertHterid 1260 

Sine Dolby 1060 

THekumUol 21*0 

Tempo 12.40 

UWBwfaem 2420 


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PmtaHc 1236J2 

17 J0 1758) 1730 
3675 2675 2675 
730 730 735 

10.10 10.10 low 

456 4*0 456 

ll.» 1230 11.90 
1030 1030 1060 
21 JO 21 JO 21 JO 
1230 1230 1230 
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PMIImkMUB 

268 
272 
5650 
386 
863 
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189 
186 


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OutokumooA 

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tlPMRyniflune 

Vatmel 


248 240 

39 JO 3870 

6630 65J0 
1480 1430 
265 260 

37 35*0 
7J7J0 114 

302.10 291 

180.17650 
7B.7Q 78 

4420 4330 
382- . 375 
100 98 

8238 7938 


241 242 

3870 3B3B 
220 21B 

5670 57 

66 6630 
1460 1430 
262 262 
36 3640 
IU 775 
297 292-50 
177 177 

78 7BJB 
43*0 44JD 
376 370 

9830 99.10 
80 82 


Hong Kong 


1DL85 


20 Mac 34! 822 
Pmtoac 316239 

3462 9B0J0 9|41 

870 392J0 872-75 

- 347 360 344 

10650 (OP-75 
331-50 34575 
240 249 

220-50 221 

253 253-50 
2330 2150 

351 35375 


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222 


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7 QJS 71 JB 7275 
2175 2165 2175 
33.50 33*0 3160 
175 378 188 

1630 1630 1660 
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1620 1625 1670 
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3630 3920 3830 
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32*0 22-80 32.70 
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4450 45 446* 

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21 JO 21 JO 21-80 

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7.1 S 775 7.10 

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27-75 2770 27 JO 
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470- 6« 655 

70 7175 71 

17.10 . 1770 16W 
3060 3160 305B 
3770 38 33J0 

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AflBldBWoter 5J4 

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Aula Group 173 

AssacBrrads 4*7 

BAA 4*9 

BarcJoys 1072 

Baa *27 

BAT tod . 4X7 

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BOC Group 882 

Bods 619 

BPBM IQ 

BritAenap 12J7 

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Bid Pettm 7.10 

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BirnnaftCbsM 1692 

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574 
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9580 

9805 

960t 

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TlfiO 

6973 

7100 

6920 

Trteoare Halo 

4370 

423b 

4315 

4270 

TIM 

4200 

4020 

4120 

4065 

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IndOSMta kdte 289179 
PmRBK 2858X1 

BceMobCaai 

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21 JO 

21 

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32*5 

37 Q5 

32-45 

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17V? 

17J5 

17*5 

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Gi-Weauteco 

71.15 

2496 

21.10 

21(4 

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MU 

28*3 

7041 

20X0 

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35.15 

3470 

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3M5 


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15.14 

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1135 

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2714 

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7746 

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14,95 

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2495 

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JSVi 

7410 

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2435 

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10*0 

1130 

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Royal BA Cdo 

49.15 

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48V 

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Aker A 

BuroosanDyA 

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Den nonka Bk 
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HafstaaJA 
KroarwrAsa 
MoaX Hydro 
Henke stag A 
NKaaWA 
Orido Aso A 


OBXtadegeSSS.13 

Preview; 560X1 

149 14&SD 146 147 

151 U5JU 147 ISO 
23 2218 22*0 2250 
3680 2630 26X0 2660 
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A20 47J0 475D 4050 
320 314 314 317 

362 352JO 354 357 


Paris 


Accor 

AGF 

AlrLtadde 

AktedAHh 

Aaa 

fioneort 

BIC 

B HP 

Canal PM 

Candour 

Casino 

CCF 

e s te e m 

Christian Dior 

CLF-DertaFran 

Oerift Agnate 

Donane 

HFAguftatne 

Ertdontoss * 

Eorotunoel 

Gen. Etna 

Haros 

imefts 

Latage 

Leawd 

LlSed 

LVMH 

Liwl Eaw 

AkhefttB 

PacfixisA 

Pernod Rieart 

PwgeotQl 

PinnutMMm 


CAC-46 22Z7JB 
Previous.' ZMfXS 


Ronoult 

Real 

Rft-PotdencA 
Roassd-Udct 
So nefl 
SdineMr 
SEE 

SOSTlwnrson 

SteGanemle 

Sodexho 

SlGabaln 


Syrwjeioto 

TnomsanC 


TOMB 

UAP 

Ulinor 

VMM 


CSF 


<64 
160 
827 
43450 
350.90 
623 
815 
70690 
1120 
3341 
742X0 
23620 
<26 
850 
465 
7250 
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179 

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610 

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358.10 
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532 

2082 

1438 

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1600 

161*0 

1527 

530 

24140 

1119 

360 

538 

2662 

760 

21470 

535 

167.10 
410 

T3S80 

7775 

340*0 


Seoul 


Daeam 

DgmoKam 
Kle Mates 
KonaEIPwr 
Korea Each Bft 
Korea Mod to 
LGScnUcoo 
Pahang Iren St 


... K 641*9 

Preriruss 6*7X7 

87000 81000 07000 83000 
S5D0 5BX 52W 5180 
16600 15700 1650Q 1&600 
27300 26200 Z71M 261M 
9350 0930 B950 9220 

448000 434000 447000 431000 
19100 19000 two 1OT 
40500 39500 40000 40000 
42900 4110Q 42300 42000 
11800 11400 11800 11800 


Singapore strata tmb! p cji 

Prertoos; 22S3J3 


CwehosPoc 

CJVDWS5 

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DBS 

DBS Land 

FreMf&Neaw 

HKLand* 

a l 1*009 FBI 
Maflresn' 
JoidSMcgtc* 
Kepoot 
Naisled 
Hndune Orient 
oSctotegn 
OSwUntoBk 
SemtaMmo 
SngAMnesF 
StngFeBni 
StaFreSsF 
ST Area F 
STHrip 
Stag Tdecoram 
Spirits Stan 
UM industrial 
UtdOSeaBkF 
WlngToiffdBS 
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11*0 

11JB 

11 JO 

n jo 

ML10 

1290 

13 

13 

1880 

1820 

1830 

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0X3 

0X1 

0X2 

0X2 

9.10 

9 

9,10 

9X5 

£40 

5-35 

£* 

5*0 

1430 

14 

Kit 

U.10 

2.94 

2X9 

2.90 

193 

128 

338 

12S 

128 

645 

(SJS 

6*5 

6X5 

£74 

£68 

170 

172 

lUO 

10X0 

11 

11 JO 

134 

130 

134 

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1J4 

1J0 

1J1 

134 

1850 

1330 

1820 

T&X0 

6*0 

6*0 

840 

835 

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8X5 

805 

13 

12X0 

1190 

1190 

176 

174 

1.76 

1J0 

2870 

2830 

2830 

28*0 

136 

134 

136 

134 

1X8 

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147 

1X8 

330 

120 

120 

130 

4*4 

444 

446 

4 S 3 

1J3 

111 

1J2 

132 

1860 

1840 

1860 

16*0 

4.18 

<12 

418 

416 


208 196 

104 99 

472 466 


199 

100 

472 


210 

104 

467 


Stockholm 

AGA8F 108 

ABBAF 797 

AssJDerecnF 189 jo 

A9DAF 336 

Altas CokqAF 168 

AviBtaf 79 

EteCrriiaBF 406S0 

Ericsson BF 230 

Hennes BF 1015 

tncenttw AF 550 

InvwwSF 310 


SXMiadee 2547*0 
PiMaes: 2581*1 


KQJ0 

774 

185 

323 


105 10550 
776 794 

187 190 

_ 329 33450 

163 16650 164 

7450 I? 7940 
39950 401 402 

21 9 JO 294 236 

990 1010 1010 
490 SOS 517 
301 302 30850 


S-E Banken AF 
Skomflo FatsF 
Sftans>aBF 
5KFBF 


High Law Oat* Prev. 


19750 
203 
270 
191 
145 

6650 6850 70 

1B4 155 190 

795 29650 299 

1S2 157 159 


70 

190 

301 

159 


656 655 

163 165 

821 829 

423*0 431 

34650 34650 
<10 627 

803 802 

19B5D miO 
1107 1120 

3290 3357 
239.10 142.90 
236 237 JO 
615 616 

B35 B51 

465 461 

1250 7250 
754 754 

497.90 48650 
836 833 

685 685 

<99 70B 

36670 35620 
773 779 

31610 3I9J0 
91S 917 

1930 1962 

1406 1443 

491 SOI 
282 JO 290 

35110 3500 
299 299*0 
544 S55 

2092 2105 

1463 1467 

10650 111.10 
1622 1598 

162.ro 165*0 
1527 1527 

561 535 

24640 247.40 
1129 1135 
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539 553 

2720 2695 

771 779 

216 218-40 
557 01 

147*0 in 

418 420 JO 
137 JO 127X0 
7630 7635 
346 348J0 


To Our Readers 

Due to technical problems 
at the source the Sao Paulo 
stock market was not avail- 
able for this edition. 


SSABBF 

123 

11740 

118-50 

12340 

StoraAF 

97 JO 

94J0 

9b 

9/JO 

Sv Handles AF 

193 

185 £0 

187 JO 

193 

SyriftroflAF 

IS7 

190 

140 

152 

TreriebareBF 

112 

10b 

10/ 

108 

Volvo BF 

163 

1£S 

156 

16050 

Sydney 

AH Oratories: 241U6 
Prevlwis: M2U0 

Amcw 

815 

8X3 

8X5 

8X7 

ANZBfeng 

6X9 

7*4 

7*5 

811b 

BHP 

1825 

i>m 

>81? 

1872 

Bonn 

153 

148 

140 

143 


2195 

2K0 

2K0 

2190 

BumsPftSip 

2*2 

245 

2*0 

134 

CBA 

12-25 

mi 

12.14 

1116 

CCAmcri 

1160 

1138 

12*1 

1140 

Coles Myef 

£04 

4.99 

£03 

5 


860 

655 

460 

640 

CPA Ltd 

1973 

1945 

19-54 

l«Jb 

CSR 

4J2 

4X2 

4*4 

<*9 

FasfwsBrow 

2X1 

2J7 

3-59 

7 98 

(yOAuSTTOta 

125 

121 

121 

120 

Goodman FW 

1X7 

161 

1X3 

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KJAuxtraia 

1130 

7120 

1125 

1112 

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2X1 

2X0 

2X0 

2X0 


2478 

2199 

24 

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1X3 

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NrtAusIBaii. 

1478 

1443 

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14X6 

Mows Cora 

6X7 

6J3 

8/3 

8/9 

NarBl Ud 

175 

SAI 

1/0 

169 

Bodfic Dunlap 

110 

107 

3X8 

113 

Pioneer inrt 

157 

JJ3 

145 

Ibl 

PtocwPocffe 

173 

172 

1./3 

1.13 


£16 

5XB 

£12 

£10 

Somhwep 

422 

4.15 

414 

414 


aw 

8*0 

8W 

6«0 

WteDMMng 

WeslfleUTrt 

825 

8.10 

814 

80/ 

2J7 

234 

135 

2-36 

Wesrpac Bftlng 

7J2 

723 

725 

7J6 

WoodiltaPrt 

10 

9X0 

9.72 

9X3 

WoehMlt* 

110 

107 

3X7 

1X8 

Taipei 

Stact Martel Mbc 70M77 
Previous: 701 OJ* 

Asia Ctment 

5040 

SO 

50 

50 

Caltscy uto bis 

179 

174 

178 

l/A 

Cheng t-hro Bk 

1/2 

165 

170 

167 

anna Start 

2550 

2430 

3.4*0 

2JJ0 

CWna Trust 

57-50 

SI Ml 

92 

91 JO 

CveRjrocfi 
Far East Tea 

54*0 

2820 

5150 

27X0 

54 

2810 

53-90 

27X0 

FalBank 

1/B 

172 

1/6 

1/3 

Formosa CF 

<S 

<110 

47 JO 

« 

Hum Non Bk 

147 

14(1 

147 

142 

Hurtan Tehran 

2440 

2190 

2410 

24 

ICBC 

85 

63 

83J0 



45X0 

44J0 

*450 

*4X0 

Tehran Cemr 

59 40 

49 

SPJO 

59 

Tsung 

5160 

53 

5140 

S 3 


Tokyo 

All non ka> 

AS Nippon Ai 
AsoWBo* 
AroM Owen 
AsaW Glass 
Bfc Tokyo Mftsu 
Bk Yokohama 
BridcesJone 
Canon 
cnanBnnk 
OwtaEtee 
OwgotaElec 
DaSt 

DnSdritotg 
DcAunBort 
DrtwHotsa 
DctanSee 
Denso 
Rrnuc 
FuPBanX 
IPftOtD 


HtkKM 

Honda Mater 

IBJ 

IHI 

lloctw 

IK-YotadD 

JAL 

Juscn 

KflOra 

Kesri Elec 
Kao 

KMwStef 

HDD 

CnUNIppRy 

Kirin Brewny 

Kobe Steel 

Komatsu 

toPoic 

Kyocera 

Kyushu Dec 

L.TCB 

Marubeni 

Mctvl 

MatsoQrcfnd 

Mate EM Wh 

MitebaM 

WJtebfcNQl 

MMwblsMB 

6WwbisWE«J 

AMnbfcNHn 

MJSuEWriMrt 

MBsuteMTr 

Mteri 

MITSUI FwSflSn 
Trust 
MuRriBMfg 
NEC 

Nfete Sec 


NIppOedMBk 
Nl 



Mktel 22& 1730165 


Pravtas: 18873X7 

1100 

1000 

1050 

1090 

800 

739 

750 

811 

•62 

772 

US 

862 

568 

5*0 

550 

S97 

1050 

995 

1010 

10® 

7050 

1820 

1990 

2030 

705 

635 

637 

705 

2140 

2940 

20® 

2110 

2440 

2280 

2330 

2400 

727 

675 

687 

730 

2780 

2200 

2200 

2260 

2340 

2110 

2130 

22® 

806 

770 

778 

835 

1460 

1280 

1350 

1550 

S33 

489 

519 

S43 

1440 

1390 

7410 

1440 

947 

903 

937 

929 

2610 

2430 

2570 

3650 

JrW 

SIO 

3330 

3500 

1550 

1320 

1410 

1540 

3580 

3200 

3390 

3590 

1130 

1D70 

1100 

111D 

1090 

1040 

m 

I960 

3080 

2 950 

3050 

3030 

1880 

1680 

1710 

1670 

466 

412 

<23 

461 

570 

512 

523 

552 

5440 

5760 

5330 

5200 

585 

555 

556 

589 

3710 

3550 

3610 

3710 

709 

674 

674 

710 

2310 

2150 

2180 

2300 

1310 

1290 

1310 

1330 

296 

785 

286 

290 

?4W 

6900 

7280 

7490 

711 

695 

704 

710 

1070 

970 

1010 

1080 

222 

211 

214 

218 

867 

779 

790 

372 

5*7 

501 

516 

SO 

TWO 

7980 

7100 

7150 

2220 

2130 

2140 

E» 

S6B 

512 

520 

578 

459 

421 

428 

447 

1840 

1750 

1020 

1710 

1840 

7760 

1780 

1830 

990 

960 

960 

990 

1130 

950 

1010 

1130 

352 

317 

321 

352 

684 

651 

657 

679 

1170 

1090 

1100 

1099 

087 

830 

SSI 

8*0 

875 

B50 

870 

852 

1430 

1248 

1290 

1380 

915 

B50 

850 

906 

1060 

1000 

1030 

1000 

793 

695 

695 

795 

3930 

38)0 

3830 

3880 

14 « 

1350 

1370 

1430 

770 

730 

741 

756 

8200 

7870 

8040 

bioo 

290 

2S6 

264 

292 

730 

630 

656 

724 

571 

550 

5 S 2 

571 


The Trib Index 


Ctosng pnees. 


Jen 1. 1992 = IPO. 

Lev©! 

Change 

%changa 

yoartodate 
% change 
+12.50 

World Index 

148.38 

-1.01 

-0.68 

Regional Inriexm 

Asia/Pacific 

114.29 

-3.56 

-102 

-14.87 

Europe 

158.82 

-1.18 

-0.74 

+14.11 

N. America 

167 83 

+1 35 

+0.81 

+30.83 

S. America 

122.60 

+0.16 

♦013 

+37.69 

Industrial tadexsa 

Capital goods 

174.52 

+0.44 

+0.25 

+31 34 

Consumer goods 

160 93 

-1.02 

-063 

+16.56 

Energy 

• 175.58 

+1.55 

+0.89 

+29.46 

Finance 

110.30 

-2 54 

-225 

-13.31 

Miscellaneous 

161.24 

-1.48 

-0.91 

+18.72 

Raw Materials 

176.00 

-0.73 

-0.41 

+24.12 

Service 

137 55 

-0.60 

-0.43 

+14.63 

Utilities 

141.86 

-1.27 

-0.89 

+11.58 


The ksemahonai HerskS Tnbune Worfd Stock InOox © tracks the US dollar values of 
280 crttgmjttonaaf imnsa&e srocte Irom 25 counoroe. For moo information, a (roe 
booklet a available by among to The Tnb Max. 161 Avenue Charles oe Gaulle. 

&521 NeuOy Cet&x Franco CompSed by Bloomberg Buctness News. 


Nippon Paper 
Nippon Steel 
Nippon Yusen 
Nissan Motor 
NICK 

NonwroSec 

NTT 

Obayashi 

OoognjElRy 

OnoPhom, 

Osaka Gos 

Ricoh 

SokuroBk 

Sankyo 

Sawn Bank 

SanroElec 

Secant 

SWpuRwy 

Sckfeirf House 

Sewn-Bleven 

Sharp 

swmtai 

ShhvebuOi 

SWzuokaBk 

S uW taH IC 

SumltaDwBV 

SomBOwm 

StrmnwnoElac 

5umllMainl 

Sumh Trust 

Tribal 

Tataho Phorm 
TakecbOieffl 
TDK 

TohoVuBPw 
Tokal Bank 
Tokia Marine 
T okroEtPm 
TokroGas 
Tokyu 

Tonen 

Tappan Prim 

Toroylnd 

Toshiba 

TuyoSeikon 

ToujTws? 

Toyota Mowir 

YamaieHSec 

YonwnouCW 

YasudaFire 

YBSWSo Trust 

or 4 100 


High 

Low 

dost 

Prev. 


High 

Law 

Close 

Prev. 

520 


51* 

510 

Placer Dame 

29Vt 

20.05 

2«.® 

28J0 

307 


297 

306 

Pom Petal 

1165 

1130 

1165 

1155 

506 


*70 

502 

Powsh bask 

117W 

116 

117>‘ 

UBiy 

672 


623 

688 

Renaissance 

49.® 


49J0 

<9 

242 

216 

226 

239 

WeAlgom 

34J0 

37« 

34J0 

32 

1540 

U70 

1*90 

15® 

RogmCarMB 

27.70 

77 

27.70 

27.05 

8810a 

8500a 

8510a 

8710b 

Seagram Co 
Shell coo A 

54X0 

53X0 

5430 

54X0 

no 

660 

671 

702 

S3 1 * 

S2*» 

52*4 

52.95 

6*1 

625 

634 

653 

Stare CsrsoM 

21X5 

21*5 

21.65 

21 Vi 

3320 

3050 

3100 

3290 

Suncnr 

57 

S5WS 

57 

£54 

• 304 

287 

790 

306 

Trthawn Eny 

4B19 

47»* 

40*5 

<8.15 

1290 

1200 

1230 

1280 

TecftB 

30 

29 JS 

29.90 

29X0 

709 

60S 

650 

<99 

retag Me 

4035 

39X5 

40 

4LW 

3160 

3090 

3100 

31® 

Tdus 

2DX5 

19.85 

20 

20.15 

1*40 

1300 

1300 

1440 

Thomson 

29.70 

29 

29.15 

29X5 

430 

40ft 

<14 

430 

TofDom Bank 

3*X0 

3*A5 

34.70 

34.95 

69® 

6610 

6620 

6890 

Traitsalla 

17 

16.65 

16.95 

16.90 

*010 

3500 

3500 

4000 

TuraCdoPtpe 

2165 

21® 

2X55 

2170 

1160 

1100 

1120 

1180 

TrinuifcFM 

42-6 

41.95 

424 

*2X0 

6750 

6550 

6550 

$700 

Trtztt Hahn 

30.10 

30 

30X5 

30.15 

16® 

1570 

riw 

1630 

TVXGaW 

iai5 

*«» 

9.95 

9u 

750 

710 

713 

751 

Westons! Bny 

23* 

2110 

23’* 

23V. 

2110 

2060 

2060 

2100 

Weston 

71* 

70 

71W 

70X5 


1100 

7560 

926 

1470 

426 

1420 

258 

1000 

539 
2640 
2340 
7*0 
2200 
1090 
1030 
2420 

307 
580 
1330 
1410 
685 
713 
2640 
B 25 
31 SO 
482 
2320 

540 


994 1000 

7300 7320 
874 894 

1280 1370 
39S 406 

1580 1580 

246 246 

899 899 

509 515 

2560 2560 
2140 2250 
7100 7J30 

2150 2150 

900 907 

1000 1020 
2240 2300 

292 392 

528 535 

1220 1240 


680 


1270 

665 

689 


2380 2400 

725 725 

2940 3060 

454 465 

2220 2230 

530 548 

440 386 398 


1110 

7510 

916 

1460 

436 

1630 

260 

999 

535 

2600 

2330 

7500 

2500 

1080 

1010 

2M 

307 

567 

1350 

1410 

<85 

713 

2520 

821 

3200 

63 

2290 

556 

450 


Vienna 


ATX tatex: 1130X4 


Previous: U20J2 

AustAkflnes 

1640 

1640 

1640 

1500 

BrtaMJnGoesS 

693 

681 

685 

CUD 

Sima Vers PM 

38a 

384 

<90 

<90 

CnsfltansiPW 

*05-50 *7120 478J0 ®2.90 

EA-GeneroD 

3020 

2950 

3000 

3000 

EVN 

1667 

164/ 

1*47 

1655 

Interatrial 

N*. 

NA 

HA- 

l<7b 

L erring 

a75 

664 

665 

668 

Leyte m 

176 

271 JS 

7/3 

777 

Moyr-MeMto! 

557 

5W 

W7 

550 

0«V 

1251® 

un 

I2<9 

ll/b 

Oesi &rou 

750 

ru 

/bn 

741 

DestElektrb 

815 

B0/ 

811 JO 

6I0J0 

VATfiUl 

1701 

16881695-50 

1690 

Vrtenerbefger 

2092 

2060 

2070 

2080 


Wellington raseroiiwtaeMta*! 

9 Previous: 2402J6 


Toronto 

AHfibiPriee 
Alberta Energy 
AksnAhrei 
Anriereon &qri 
Bk Montreal 
BA Now Scoria 
Garrick Said 
BCE 

BCTareconan 
Skrehrm Pbomi 
BanbantefB 
Browm A 
Brest MHwnb 
Cwwca 
a sc 

Can Marital 

CdiNrfRes 

OriiOocMPet 

Mn Pacific 

Cerelnco 

Dctasco 

Owner 

DonofweA 

Du Port CpO A 

EurpNMMng 

FdrinFiiil 

Fafenntrridge 

FkteierCMOA 

Franco Nerodo 

GuHCda Res 

Imperial Oil 

men 

IPL Energy 
LdHlewB 
Laewen Group 
MocmUBW 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 11-12, 1997 


NASDAQ 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JANUARY 11-12, 1997 


Manila Has Big Plan 
iiFor Clark Air Base 


ASIA/PACIFIC 


Agence Frcmce-Presse 

r , ■ t i 1A111LA - Hie Pfaflippira nn 
rnday unveiled an $8 lUffion, 2&- 

ffissassssaK 

«™ing aviation and business center. 

The state-ron Clark Development 
t-orp. said the plan would involve 
me construction of an international 
airport, equipped with a new 4,000 
nietw (13,200 foot) runway and a 
terminal capable of handling 50 mil- 
uon passengers a year, by 2025. 

It said the airport and a modem 
rapid railway and road network con- 
°ecung die former U.S. air base to 
Manila, which is about 80 kilome- 
aw ?y. would cost about $6.6 
billion dollars. 

. The 2,220 hectare (5,486 acre) 
^port aims to replace Manila as the 
Fnihp pines’ premier intematioual 
airport 

^yelopment of the rest of 
Claik s 4.440 hectare fenced area 
into a residential, business and tour- 
£ ism enclave is projected to cost $1 _5 
■ billion dollars, the agency ‘ari d. 

The bluejam, drawn up by a con- 
sortium led by a U.S.-British firm. 
Tarmac, Black & Veatch Aviation 
PLC, was presented to President Fi- 
del Ramos on Friday. An official at 
the palace said the president had 
approved the plan. 

“The master plan for the main 


zone is an adaptable framework that 
m a xim i zes functional viability of 
Oark and phases the development 
of Cl ark as the site of the country’s 
premier international airport,” said 
Romeo David, the head of Clark 
Development Coip. 

The development blueprint also 
contains a busmessplan that a i m s to 
generate $70.6 billion in income in 
the next 30 years. 

The U.S. Air Force abandoned 
Clark Air Base in 1991 because of 
the damage caused by the eruption 
of nearby Mount Pinatubo. 

The base was a key innnrihrng 
point for ILS. bombers during the 
Vietnam War. It also contamed a 
sprawling bombing range extensive- 
ly used for training by U.S. pilots. 

■ Casino Closure Rescinded 

The state-owned Philippine 
Amusement & Gaming . Carp, said 
Friday it had withdrawn its carder for 
Mondragon Leisure & Resorts 
Corp. to close its casino in the Clark 
area, Reuters reported. 

Philippine Amusement said it had 
decided to lift its closure order after it 
and Mondragon agreed to submit 
their differences to an arbitration 
committee. Mondragon’s casino li- 
cense was revoked Thursday after 
claims it had violated an agreement 
by marketing to Filipino 


Is Mazda Leaving Minis ? 

Reuters 

TOKYO — Mazda Motor Corp. is likely to cease producing and 
developing so-called mini passenger cars to save on development 
costs, industry sources said Friday. 

Carmakers do not disclose actual development costs for new ' 
models, but the sources said it could be several billion yen. 

In 1996, mini vehicle sales in Japan by Mazda fell 11.9 percent, to 
49, 1 78 vehicles, or 2.9 percent of the market. 

On Friday; the economic daily Nihon Keizai Shimban said Mazda, 
which is 33.4 percent owned by Ford Motor Ca, would step production 
of 660 cubic-centimeter minivehicles and would begin «i»ng vehicles 
produced by Suzuki Motor Corp. under its brand name next year. 


Wu Asks for Thailand’s Help 


QrpfMirOm’SB^rtimDt^HKAa 

BANGKOK — Hong Kong’s Hopewell Holdings 
Ltd. sought Thai help Friday to secure loans and 
submitted an eight-point proposal to speed up con- 
struction of its delayed $3.2 billion Bangkok rail and 
highway transit system. 

Hope well’ s chairman. Gordon Wu, also sought 
assurances from government officials That a 30-year 
co n cession obtained six years ago by his firm ro build 
the system would not be revoked. 

In a tetter to Thailand's minister of transport and 
communications. Mr. Wu said the government 
should provide a “a letter of comfort to lenders’ * and 
lend Hopewell an additional 2.5 billion baht ($97.5 
million) to bolster the confidence of Hopewell's 
foreign creditors and enable them to provide ad- 
ditional financing for the project 

Tim transport and communications minis ter, 


Suwai Liptapahop, who was briefed by Mr. Wu on 
the project's progress, said be had asked Hopewell to 

g ‘ ve legally binding assurances that the system would 
: completed by a December 1998 deadline, 
hi 1991, Hopewell agreed with the State Railway of 
Thailand redevelop the rail and road network. Less than 
20 percertf of construction has been completed, and last 
year die government threatened several times to cancel 
the contract if Hopewell did not speed up work. 

On Friday, Mr. Wu defiantly dismissed concerns 
that his project faced major construction delays. 

“What delay? There is no delay.” Mr. Wu said, 
adding that the project would be finished before the 
1998 Asian Games. 

In the past, the Hong Kong magnate has blamed 
Thai red tape for delays in approving specifications 
for the multilevel rail and highway sysiem- 

iBloomherg, Reuters) 


BT Plans to Buy Stake in Indian Cellular Firm 


I? Ow Atf F>bh tN^oiAei 

NEW DELHI — British Tele- 
communications PLC said Friday 
that it would acquire a 22 3 percent 
stake in India's largest cellular tele- 
communications company, Bharti 
Cellular Ltd. 

BT predicted the deal would have 
a negligible effect on earnings in the 
first two years and would be prof- 


itable thereafter. It declined to re- 
veal the value of the acquisition, but 
said it would not represent more 
than 1 percent of its total assets. 

' *11115 a big step forward toward a 
long-term commitment of the com- 
pany in India," said lain Valiance, 
BT’s chairman. India's Department 
of Telecommunications must ap- 
prove the sale. 


Mr. VaJ lance said that British 
Telecom, which proposed in 
November to buy MCI Communi- 
cations Corp. far about $23 billion, 
wanted to take advantage of ‘‘new 
opportunities'' in the global market 
BT said Bharti. with more than 
65,000 subscribers, had the largest 
customer base of ail Indian cellular 
operators. (AFP. AFX l 


THAILAND: Factory Project Aims to Reverse Migration 


Continued from Page 9 

“Oar economic advancement has taken a tremendous 
social price that no cute has measured. How do we know 
that the economic gain is worth die social disasters?" 

Families are being torn apart, he said, traditional social 
structures are collapsing and some villages in remote 
areas have lost virtually all residents of working age. 

One study, based on World Bank figures, found that 
Thailand has the fifth most skewed distribution of in- 
come in the wodd — the worst outside Latin America. 

In Thailand, nnlifce Taiwan, Singapore and South 
Korea, economic growth has only widened the gap. 
Twenty years ago, the richest 20 jpercent of the population 
earned just under half of the national income; today they 
earn 63 percent. The share of the poorest fifth of the 
population dropped from 6 percent to 3.4 percent. 

The small factory here brings the low-paid work of 


the city back into a traditional village setting. Although 
hs employees are still poor, they have been able to 
recapture their parents' measured way of life. 

The young workers, many of whom have known one 
another since childhood, chat and visit as if they were at 
the village pump. In the evenings, they take home armfuls 
of shoes, distributing (hem among friends and family 
members to sew for an additional four cents a pair. 

“A lot of them have come back from jobs in 
Bangkok," said Suphatra Kakamdee, a supervisor. “Be- 
fore this factory, there was no work for them here." 

Lumpan Charnchat, 16, who like most of her co- 
workers left school alter the sixth grade to help support 
her family, was due to follow her older brother and 
sister to work in Bangkok. Instead she found work at a 
sewing machine here. "It's much better to live in the 
countryside,” she said. “I can earn as much money as I 
would in Bangkok, and I can be close to my parents. ” 


HongKofig Singapore 

Harig Seng • Stress Times ' 

■ 15000 2300 

. 14000 2240 — 

13000 — -/V^ -2180 irkr 

L 12000 — • 2120tyV-V-J 

\ — — - 206O — hr- - 


Tokyo • 
NBckfii 225- 


_____ |^09 — — -- - 


A S ON D J 2180 A S ON D J • 57fflC A S ON O J 


1937 

Index 


Singapore Straits Tones 


Tokyo . - . *Skfcef225 

KuaTa Lumpur Compose 
Qangfeofc SET ~ 


1997 1996 1937 

Friday Prev. % 

Close Close ■ Change 

13.191 JO 13.198.1i -0435 

2.242-31 2.253.73 -051 

2A18JO 2.423.20 -0.T9 

17,303.65 18,073.87 -4.26 

1,23238 1,236.92 -0.37 

84OLS0 843.22 -0.32 

648.69 639.87 +1.38 


Jakarta 


SET 84050 843.22 -0.32 

7 ~Com^ 648.69 639.87 +1.38 

. 'Stock Market Index 7*034.77 7.010.76 -Tt io 

7‘FSE * 3*262.14 3,223.36 +120 

Composite IniteK 657.87 657.43 +007 

'^NZSE-40 ' £406.81 2,409 . 36 +0.19 

' Sensitive Index 3.41 8J2 3~36239 '+1JBB 


Source: Tetekurs 


biicnjjio'u) Hcnlil Tribune 


Very brief lys 

• Morgan Stanley & Co. said 23 employees, including two 
senior executives, had resigned from its offices in Hong Kong 
and Japan and its equities departments in London and New York 
after me securities company paid annual bonuses this month. 

•China's bankers, who meet next week in Beijing, are expected 
to propose measures that would tighten controls ana curb 
irregularities on (he country's financial markets, particularly 
insider trading and institutional manipulation of the markets. 

■ Softbank Corp. of Japan plans to focus new investment on 
its JSkyB satellite broadcasting venture and small Internet- 
related companies, putting on hold a recent acquisition spree. 

• Philippine Commercial International Bank has formed a 
joint veoture with CCN Group Lid. of Britain to provide 
credit card and financial services in Asia. 

• A Hong Kong court fined an unidentified garment man- 
ufacturer 398,004 Hong Kong dollars (S5 1,445) for affixing 
“Made in Hong Kong" labels to textile products made in 
China before shipping them to the United States. 

• Highlands Gold Ltd.'s deal to sell a 25 percent stake in the 
Porgera gold mine in Papua New Guinea to Placer Dome Inc. 
of Canada collapsed after the Australian mining company 
failed to gain support from institutional investors for a plan to 
spin off other assets into a new company. Bloomberg. Reuters 


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SATURDAY-SUNDAi; 
JANUARY 11.12, 1997 ^ 
PAGE 15 


^/'■ ■.^ i si. : -^r rv v 5, ...:v| ' ■ v ' 

*S*iS5 icaes 


When Hard Times Look Good: The Wily Art of Distress Investing 

B y Judith Rehak vo ^ independenr of _ ^ ^ _ The Mutual Series funds, part of the cut hack toas little as 5 percent, after 

~ — / 'v' A . / Franklin Templeton family, also re- once-high-flying vehicle had some c 

E UROTUNNEL. Rum vmtnre investing is notsomething to / \. __ ( cently purchased corporate bonds of appointing returns and its trio of m 

SCA, Kmart Com H tjS «yon_ your own. It requires intensive I Olivetti SpA, the Italian electronics agers left to form their own firm and i 

& Co. These diverse cnimvnrira a s P" ODg s ? 3nl ? c *V ^rm ■ /* company, which has been suffering fi- private partnerships. Now more a 

have something in commit ^ order to do what we do, the interim / ' / f nancial difficulties. Mr, Langennan de- servatively run, it gained 1 1 .6 perc 

P»y have all been-^w sGD are — 


more opportunistic and independent Of 
the market.” 

Vulture investing is not something to 
hy on. your own. It requires intensive 
^alyas, and a strong stomach, since 
“in order to do what we do, the intpr ir p 
outlook must look very bad to the out- 
sider,’ ’ said Marlin Whitman, manager 
of the Third Avenue Value Fund. 

. A year ago, for example. Mr. Whit- 
man bought debentures of Kmart, a dis- 
count retailer that most observers saw as 
headed straight for bankruptcy court, 
for 74 cents on the dollar. Instead the 


and bonds oi ure lturd Avenue Value Fund. 

SesS *** for 74 cents^the dollar. SkH* 

offpSno targets wfll revive, company refinanced its debt, and Mr 

10 mvestws "*<> Wbionm sold nearly aQ ^holdings at 
a higher price, plus collecting a 
•• . . . VULTUHE large chunk of interest. 

f»J^T nBinvestmfil ? mitsIa - ^vesting “ft was apretty good seme.’ * 

# £ncy in many countries, where Jg|M| he gSdi &ooascai *' 

^ carries a consider- Value Line reported that his 

Jtk ^^ morethan40pa '' 


partnerships specialize m dis- ^ 
tressed investing for institutions and 
wealthy individuals, and even the av- 
erage investor can get a taste of it via 
certain mutual funds. Such funds look 


a higher price, plus collecting a 
"UHE large chunk of interest. 

Ting “It was apretty good score,’* 

9k he said. 

V Value Line reported that his 
■k return was more than 40 per- 

■ cent. 

Another strategy of Mr. 

Whitman’s is to buy a group of stocks in 
abombed-out category. In mid-1 996, he 
loaded up on $54.7 million worth of 






The Mutual Series funds, part of the 
Franklin Templeton family, also re- 
cently purchased corporate bonds of 
Olivetti SpA, the Italian electronics 
company, which has been suffering fi- 
nancial difficulties. Mr. Langerman de- 
scribed the securities as only “mildly 
distressed'* compared to the Eurotunnel 
bonds, but they were still bought at a 
discount relative to face value. 

“We’ve done some pretty time-in- 
tensive analysis, and Olivetti is selling 
off assets, so we think they're an at- 
tractive investment,’’ he said. 

Olivetti's stock soared more than 7 
percent this week amid expectations 
that it was close to selling its unprof- 
itable personal computer unit 
The Mutual Series funds have also 
invested in other distressed securities in 
Italy on a private basis. 


M R. LANGERMAN said that 
his company had been looking 
at opportunities in the de- 
pressed French real-estate market as 
well, although it has not committed any 
money. A number of private partner- 
ships from the United States have 
already snapped up bad mortgage loans 
at deep discounts from French banks 
and insurance companies, hoping to 
replicate the hefty profits they made in 
the bailout of the American property 
market in the early 1990s. 

Russell Kinnel. an analyst with 
Mornings tar Inc., the Chicago-based 
mutual-fund research concern, noted 
that even though the Mutual Series 
funds and the Third Avenue Value Fund 
are managed by two of the most suc- 
cessful vulture investors in the business, 
they will probably not have more titan 
about 15 percent of their assets in dis- 
tressed securities at any time. 

The Fidelity Capital & Income fund 
once held as much as 40 percent of its 
assets in distressed securities. But it has 


certain mutual funds. Such funds look comptaer-eampmenf stocks after their 
attractive right no w, be cause they , have . prices plummeted. The stake comprises 
little correlation with the American 12 companies, based on his pre mia* that 
stock market at a time when many it is too difficult to sort out the winners 


strategists are warning that it is over- 
valued and riding for a fall 
Moreover, despite their B eamingly 
dicey investments, well-managed funds 
that have some of their assets in distressed 
securities can be solid investments. 

“People without a lot of knowledge 
think they are risky, because the compa- 
nies are m bad financial sffaralTfwitt apri 
there are so many negativefactors, hut in 
fact the opposite is true,” said Steve 
Savage, editor of the Value line Mutual 
Fund Survey. 

, . “When you own a group of f hfis e 
^investments, the prices are already so 
’depressed there’s not much downside 
risk,” he added. “The plays tend to be 


from the losers. The group is currently 
valued at roughly $83.4 million. 

“fm nrt selling yet,” Mr. Whitman 
said. 

While Third Avenue Value sticks 
close to home in its search for distressed 
securities, the five Mutual Series funds 
Tim by Michael Price, another well- 
known vulture investor have been shop- 
ping in some of Europe's better-known 
financial debacles. Peter Langennan, a 
senior vice president , said the funds had 
bought debt in beleaguered Eurotunnel 
from banks frur less tiian 40 cents on the 
dollar, its current price. 

Eurotunnel’s problems underscore 
another requisite of vulture investing: 




Uj 

im 




y / 

F£ 


patience. Most such situations take a Mr. Langennan said. “It's not a done- 
year or two to work out deal yet, and tiiey ' ve had more problems 

“The outlines of restructuring for like the recent fire, but we think ul- 
Enrotunnel have been agreed upon,” timately there's value there.” 


cut back to as little as 5 percent, after the 
once-high-flying vehicle had some dis- 
appointing returns and its trio of man- 
agers left to form their own firm and run 
private partnerships. Now more con- 
servatively run, it gained 1 1 .6 percent 
last year. 

Another fund, the $10 million 
Prudential Distressed Securities Fund, 
which was rolled out in mid-1 996. got 
off to a shaky start, down 5.7 percent at 
year’s end. while Third Avenue Value 
and four of the five Murual Series funds 
posted 20 percent-plus returns for 
1996. 

Leigh Goehring, the Prudential 
fund's manager, attributed nearly all the 
loss to one holding. Gram Geophysical 
Inc., an oil-services company that was 
forced into bankruptcy. In sharp con- 
trast to Mr. Whitman's and Mr. Price's 
funds, Prudential is marketing the 
vehicle as a high-risk investment that 
will invest exclusively in distressed se- 
curities. 

Investors shopping for a taste of vul- 
ture investing might heed the advice of 
Mr. Kinnel: “It’s a different risk, and 
for something like that you want 
someone who is very skilled, not a fund 
that just comes out and says they're 
vulture investors.” 

For information on the Fidelity In- 
come & Capital Fund, call 44 1732 361 
144, or, in the United States, l 800 544 
8888, or consult local directories in 
other countries. 

For information about the Mutual 
Series Funds', call 1 415 312 2000, or, in 
the United States, l 800 342 5236. 

For information about the Prudential 
Distressed Securities Fund, call 1 908 
4177555. Prudential will accept collect 
calls from outside the United States. 

For information about the Third Av- 
enue Value Fund, call 1 212 888 6685 , or, 
in the United States. 1 800 443 1021. 


Q&A/ Martin Whitman 


A Manager Who Says Hhe Sly’s the Limit ’ When the Stocks Are Doim 


Martin Whitman, manager cf the 
$644 million Third Avenue Value Fund, 
says that only fools make investments 
based on market conditions. Rather 
than tracking stock indexes, he looks 
for compamesplagued by severe short- 
term problems that batter their equity 
to about half the price that Mr. Whit- 
man thinks the company's shares are 
worth. 

77i£s bottom-up strategy has paid off. 
The fund has averaged an annual re- 
turn of 22 32 percent since its inception 
in 1990 and has more than doubled in 
size over the past year. 

After several false starts in ' estab- 
lishing a family cf funds, Mr. Whitman, 
72, will soon sum a fund for small 
companies, which he expects to attract 
at least $100 nullum. Two other funds 
also are in the works. 

Me recently spoke from his office in 
New York with Aline Sullivan. 

Q. Could your approach weak for 
private investors? 

A. Sure. Wall Street is full of short- 
term speculators predicting short-term 
earnings per shore dr interest rates. 


That’s top-down garbage. 

What we do is what most business- 
men do. Tbey don’t pay any attention to 
the marker. • ■ ■ 

Before we buy shares in a company, 
we have to be sure that tiie business has 
exceptional financial strength and that 
his reasonably well-managed. And we 
stick with businesses that we under- 
stand! 

Q. How has this strategy been af- 
fected by the recent bull market? Does 
it make undervalued stocks harder to 
find? 

' A. ff you look hard enough, you can 
always find something. We have made 
a major c ommitme nt recently in semi- 
conductor equipment manufacturers, 
and we are still buying. These are 
companies that have lost momentum 
and will go through a protracted period 
of tough times, maybe two or three 
years. But after that, the sky’s die lim- 
it 

We are still experiencing techno- 
logical revolutions and the demand for 
dam chips is going to be huge. 

Q. What else are you baying? At last 
count semiconductw-eqinpaient man- 


ufacturers accounted for 12.4 percent 
of the fund’s portfolio, followed by die 
financial insurance and security 
brokerage sectors, which each accoun- 
ted for about 8 percent. Is that com- 
position changing? 

A. We are buying some depressed 
small-cap and some high-tech stocks. 
Stocks get very cheap when they lose 
momentum. 

That’s happened at Sequoia Com- 
puters, which is trading at about $2 per 
share now. At dial price, we would buy 
it till tile cows come home. 

Q. You have been quoted as saying 
that money management is the most 
attractive business. Do you still believe 
that? 

A. Absolutely. It is inherently an all- 
cash business and is facing dramatic 
changes. 

In the U.S., die liberalization of the 
Glass-Steagall Act will mean a major 
revolution in financial institutions. The 
big money banks will all want to take 
over broker/dealers within the next 
three to five years. 

So we have bought shares in FSA 
(Financial Security Assurance Hold- 


ings), Legg Mason and Liberty Finan- 
cial. Of course, the more shares I own 
in these companies, the longer the pro- 
cess w3J take! 

Q. Do you invest in companies 
primarily because you expect them to 
show strong growth or because they are 
possible takeover targets? 

A. We almost always expect them to 
be taken over. But we also expect 
strong growth from everything we 
buy. 

The current exception is the 50,000 
shares in Ford that we bought recently 
because the company may sell its non- 
auto motive operations. 

Everything else we expect to grow 
dramatically. 

Q. How will your investment 
strategy be affected if the stock market 
tunas dowD? 

A. Falling markets will make life 
easier. 

Q. What do you expect the stock 
market to do? 

A. I don’t have a clue. 

Q. Do you still expea the fund to 
return more than 20 percent a year? 

A. No one with any brains tries to 


outperform markets consistently. The 
thing to worry about is being wrong 
about the business and I am genuinely 
worried. 

I haven’t had any big disappoint- 
ments in a long time. Even I ana not that 
good. 

Q- You’ve mentioned a target of SI 
billion in assets under management for 
the fund. Has the growth so far changed 
the way you invest? 

A While we are still small as funds 
go, we are in some 15 situations where 
we own mare than 5 percent of the 
stock outstanding. That gives us more 
say. 

We haven’t opposed any manage- 
ment lately, but we are always active 
investors. 

Q. The new small-cap fund will be 
ran by Curtis Jensen, 35, who was one 
of your best students at the Yale School 
of Organization and Management Do 
you have any retirement plans? 

A. As long as I can’t be a tennis pro, 
what is my choice? 

I am still teaching at Yale and have a 
book coming out in August So I’m 
staying put 






m 


l Wf/'fl 

Martin Whitman 


Asia Bounces Back 

• , -r '}• ■ • 





tm. , . 





Sourca: Bloomberg 


— re; 

mwmrjmrn 




Political unrest in Jakarta, July 


I- •/ i. y 4 

: r ; : . -.i, \ *r : .. . _-2 . 2b. rz 


In Asia, Unrest Can Spell Opportunity 


By Phili p Segal 

P OLITICAL UNREST in Asia 
has a history of upsetting for- 
eign investors, bat those prag- 
matic souls who look beyond 
the newspaper headlines often find sti- 
ver linings. „ .. 

Jardine Fleming Securities, me 
biggest money manager in Hoog Kong, 
basastraiegy ofboying secunnes whm 
there is civil unrest, hoping for gams 

after calm is restored. _ , - 

Just days after political trouble m 

Indonesia last year, for 

K« imKni Ftamme s closed-end 


ja&aria as uav uik, uw . . 

on company earnings over the long 
term, since the major question sin" 
rounding Indonesia is not the eco aonnc 
system, bar rather who will succeed 

resident Suharto. ■ 

The report argues that historically, 
almost every political disturbance in 
Asia has represented a buying oppor- 
tunity fra: long-term investors 
The document added SjS 

sons are quite consistent poling 

pares haw often been over either per- 


sonalities or the rain of change, nor toe 
system or change in itself.” 

Investors who followed Jardine Flem- 
ing's advice ar the time would have been 
pleased. Major stocks that comprise 
Jakarta's composite index fell by as much 
as 8 percent before recovering days after 
the nots, and the index rose by more than 
19 percent from that point to the end of 
the year. (The Jardine Fleming' fimdun- 
dcaperformed the index by 4 percent). 

fTPTHE LIST OF major buying qp- 
I portunities goes on; In Hong 
X Kong, after the Chinese crack- 
down on democracy demonstrators in 
Beijing in June 1989, the Hang Sens 
Index fell below 2,100, but by the cad of 
1989 bad rebounded to 2,837, an in- 
crease of more than 35 percent. 

In March 1996, Taiwan’s major in- 
dex was depressed after China, carried 
out military exercises off- die island. 
rhina was furions at Taiwan for con- 
ducting democratic presidential elec- 
tions. 

As the tension mounted, marry in- 
vestors dumped shares, bm after ihe elec- 
tions the market rose more than 47 per- 
cent by year's end from Us low point 
The same thing happened to stocks 


following violent unrest ibis decade in 
Thailand and India. If stocks have since' 
performed sluggishly in those markets, 
the culprits have not been bombs or 
ri«s, bot rafter poor electronics exports 
or a bad investment environment due to 
misguided fiscal policy. 

W HEN THE KEY INDEX on 
the Bombay exchange soared 
5.7 percent in a single day ai 
the end of 1996, it was not because 
violence had been quelled. Rather, it 
followed news that the Indian govern- 
ment would immediately remove a cap- 
ital-gains tax on sales of stock in state- 
owned companies. 

Why do fund managers bail out in 
times of crisis, time and again? 

“What you always do in a crash is 
yon go back to your home," said a 
manager in Hong Kong. 

“Its a lot easier to explain to your 
trustees that Wal-xnart or Marks & 
Spencer let yon down if you're a British 
manager. But if you get hurt on a 
Taiwan stock, your people will ask 
‘What were you doing in Taiwan?’ ” 
Buying when there is blood in die 

Continued on Page 17 


Far-Flung Adventures in Real Estate 


By Barbara Wail 

E NTICED BY low real-eswre 
values and die prospect of sub- 
stantial capital appreciation, in- 
ternational investors are snap- 
ping up luxury second homes and 
investment properties in increasingly 
offbeat locations. 

“Spain and the South of France are 
still popular with European and Amer- 
ican buyers, but many people are be- 
ginning to realize that they have to ven- 
ture farther afield to ferret out 
exceptional bargains,” said Olof Hel- 
man, a spokesman for Tee Marbella, an 
international real-estate agency based in 
Britain. 

“Goa, in India, is very popular at the 
moment because overheads are minimal 
and property values low in comparison 
to other holiday destinations,” he said. 
“Moreover, house prices have risen by 
around 40 percent in the past 12 months 
and the general sentiment is that this 
trend will continue for some time 
yet” 

Foreigners were not allowed to buy 
property in India until about 18 months 
ago. But today, Goa is being promoted 
as the main tourist destination in India, 
and developers have been granted per- 
mission from the government to build in 
the coastal areas of Anjuna, Candolim 
and Cal ungate to meet die growing de- 
mand for investment property from 
European and Asian buyers. 

Mr. Helman said that a studio apart- 
ment along the Baga River, near the 
popular beaches of Baga and Calungaie, 
could be purchased for about $18,000. 
A villa overlooking the Vaeatu beach 
sells for $50,000 to £80,000, he added. 

The associated costs of buying prop- 
erty in India are low by Western stan- 
dards — less than 2 percent of the 
purchase price — and developers often 
sell the property before completion so 
that the new owners avoid stamp duty. 


If the buyer intends to rent out the 
apartment, he can sign an agreement 
under which the developer manages the 
apartment an the owner’s behalf and 
guarantees to pay about S 1 ,400 per year. 
Owners can earn substantially more if 
they handle rental arrangements them- 
selves, but this could be difficult for an 
owner living abroad. 

There are risks involved in buying 
property in a foreign country, not least 
of which are exchange-rate fluctuations. 
If you are buying property in India, you 
may have a problem repatriating the 
proceeds from a future sale: Foreign 
investors are allowed to take out of fte 
country no more than what tiiey brought 
in. There are ways around this rule, but 
they may require costly legal advice. 

South Africa also has opened to the 
tourist trade in recent years and, as a 
result, property values there have risen. 
Although it is still possible to find bar- 
gains in major cities and in coastal areas, 
anal ysts say that an investment in South 
African real estate is strictly for the 
adventurous. 

“Many American and British clients 
have sold their second homes in Europe 
and bought property in Cape Town. 
Constanna and in the beach resorts of 
Sea Point and Plettenberg Bay,” said 
Christopher Wilson, director of The 
Wilson Group, a London-based prop- 
erty finding agency. “The cost of living 
in South Africa is lower than in tra- 
ditional holiday destinations, such as 
the South of France, and property there 
is significantly less expensive.” 

A three-bedroom apartment in Cape 
Town can be purchased for about 
$250,000 — the price of a studio is 
resort areas in the South of France — 
while a luxury five-bedroom villa in 
Constantia, which is within commuting 
distance of Johannesburg, can sell for a 
minimum of $500,000. At the top end of 
the property spectrum, a colonial-style 
manor house with a swimming pool will 
command a price of $1 million. 


“Although real-estate values in 
South Africa are increasing by around 
1 5 percent per annum, we advise clients 
to invest only what they can afford to 
lose,” Mr. Wilson said. “Nelson Man- 
dela’s imminent retirement and rising 
crime figures in the major cities con- 
tinue to present a threat to the country’s 
economic and political stability." 

Fra those who prefer to invest in a 
more conventional market, the French 
government has recently started a series 
of programs to attract international buy- 
ers to the French property market. 

T HE PROGRAMS “offer in- 
vestors the opportunity to buy 
student lodgings, which are then 
let to the student authorities for an in- 
dex-linked, guaranteed return of 7.39 
percent per annum net of expenses and 
tax.” said Frank Rutherford, the di- 
rector of Rutherford’s estate agents, 
which has offices in Britain and France. 
"One such program in Lyon offers stu- 
dio apartments fra sale at 230,000 
francs, or around $45,000. Similar pro- 
grams are in operation in Aix-en- 
Provence and Montpellier.” 

Graham Baigent, editor of Overseas 
Property Match, an international prop- 
erty journal published in Britain, said that 
Ireland was worth considering for those 
seeking a second home and an invest- 
ment property. 

“Property in Ireland offers excellent 
value for money,” he said. “A tra- 
ditional farmhouse, with one acre of 
land attached, in the picturesque region 
of County Kerry, recently sold for 
$50,000." 

“As well as being inexpensive, a 
house in Ireland could represent a sound 
investment for the future,’ ' Mr. Baigent 
added. "Financial aid from the Euro- 
pean Union has helped kick-start the 
Irish economy and house prices are 
steadily rising. Real estate values may 
get an added boost if the peace ne- 
gotiations get back on track.” 


J •:» 

yf fy"-'’ -^TLTiTT - r 





7 j/)C*4 


PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, JANUARY 11-12, 1997 


THE FUND PERFORMANCE FOCUS 


TheLH.T. would like to remind its readers that jsast performance is ho 


aaecffaffl 


It can godown as well ^BP- 


ABN’AMRO ALRENTA 


— AJfanta<NAV HUSO) 

—Satonm Brothers rtM&nmrnMrt Bctri M« 


STANDARD PACIFIC OFFSHORE FUND, LTD . 


to\v to\*2 o\3> to\V e »V*’ e»\v %>' 

ABN AMRO Asset Management: 

■ USD 54bo under management 

■ Motc than 100 asset management professionals; 

• Asset Management centres located in Amsterdam, Hong Kong and 
Chicago (supported try affiliates). 

We offer yore 

• Alrenta (Nl.G/D EM -based, net asset value NLO 1 ,7bn (USD I .Obn). 
annual average return in USD over the last 10 years; 12.4%); 

• ABN AMRO Global Bond Fund (USD-based); 

■ And ocher funds from the ABN AMROJamify of funds. 

Advantages to yon: 

• Solid name, 

• Tried and trusted investment principles; 

• Good performance; 

• Easy to follow (prices are published daily in the Imrmeboaal Herald 
Tribune, Financial Times, and the European editions of the Wail 
Street Journal) 

Interested? 

Contact Ms Anne Baumgardner, ABN AMRO Asset Management, 

PAC AP 0810. Hoogoorddreef 66-68. P.O. Box 283, 1000 EA 
Amsterdam, the Netherlands. Td.: 31-20-6293256, Fax 31-20-6294736 


FRIEDBERG 
MULTI-SECTOR 
FUNDS 


ftiedberg Currency -Only Trading Program 

76,16% 

Jan-Dec 1996Y-TD Return 


61,42% Jan 1986-Dec 1996 

Annual Compou n d e d Rate of Return Since Inception 
See listing for our NEW CAYMAN funds. 

For information rail Enrique Femg. 

Phone: 416-364-1171 
Fasc 416-364-0572 


J-B. Euro-Pool/Exiro-Invest 


Investment in J.B. Ehto-Tcolr' 
Euro-lnvoi is attractive now 
because Uv fund 

• focuses on Europe -It 
inverts in high yielding 
countries that have proliHed 
jnd will continue » profit 
from the poKtical 
c oum i i tmen i in the 
European Monetary Union 
and me introduction of the 
Union through a narrowing 
of yield gaps to Germany j 
and a possible further 
weakening of DEM 
against after European 
currencies; 

• invests in several bond am 
markets to that it tns an^H 
ex fere hn risk 

diveaifiation; N| 

■ outperforms the ' 

benchmark. 



ftj 


Jysk Invest 

• is a mutual fund group 
which is fully owned by its 
investare; 

. • was established in 1968 at 

( the initiative of Ijrske Bank, 
with whom Jysk Invest 
cooperates daeWy; 

^ • offers a wide range of 
— invcsfmBTt posabrofies 
| downed to meet our 
I irwatora' different 
1 1 requirements about object 
I risk and time horizon. 

I If you wish to know more 
1 about theJ.R Euro-Pool/ 

I Euro- Invest and other 
I investment solutions 
I offered by |ysk Invest, 

| please complete the coupon 
and write or phone direct 
to: 


J.B. Euro-Pool /Euro- Invest invests JyskeBank 

mainly in European bonds (at kart 80* of Private Barking Ontemafiau]) 

\tofe*mgadf9;CIK-17WCoperturaHi> 

tond funds oflfaed by jysk Invwu TeL 4453378780 . hx +1633787807 

tntemefc hHp-tfwwnt fyat+JtsntMf 
jysk Invert. 


O i YS K INVEST 


- adhre investment the easy way 

Jlrt mmuartmmdbyM OmtofimaMto sa . dra y Mwq nutoaaBiiaaiwai-aaato 
jy^—toarartaMrtaraorttosaaBwartweDMrtaMMnvwitoBaurtiBia— bays 
Jtortto»to»aaaN«4— re«W— te»«tocswtoMwa«tommto te l i— W. 


ORBITEX 

vituxip o: 1 ur.cis - — 


THE ORBITEX DYNAMIC FUND 

+ 95,5 %* 

•Since trie inception of trie Fund on August f. I9V5toOoo6er 
31. 1996. the NAV Of Che ORBITEX DYNAMIC FUND rose from 
USi 5.00 to USS 9 . 77 or Oy 95. 59b versus 22.0 96 recorded by the 
NASDAQ 


A sophisticated Hedge Fund with a concentrated portfolio 
of onfy the »best ideas* of our lop investment managers. 
Shorts anti derivatives are used to provide both absolute 
return contributions and relative downside protection. 

V-f actor Strategy 

As the martet goes As che market goes 

down i a up: 

- Decomemore \ \ f a - become more 

aggressive \ \ f T conservative 

- reduce short \\ // - naeasesfxjrr 

pasinonexposire \ \ If position expose 

- add to positions m \ \ // -reduce or seilUjy 

favored stocks \\ / / vatetfstocks 

- decease cash positron // - increase cash 

\/ poacton 


fix rtnner nvtviTutai Mnuct 

OBBTTEX MjnJOfm^lJfrweaSi^mi>r H0U5C FrrOntfjL. fTO B®N4432.Nas»* Miami 

M.WMSMtoA.AxaouaMMl.MtonatMpfiwttaKawn 


OP6-"C‘ Zit.f ;? Pu.-: 



«, i, (H Hn h IM M N> v Hv a “ to 


Pmi pedumance a no I nkrtw a) future rtnhi 


BBL Invest Belgium 

BBL Belgium Equity Fund 



Andrew IVfidler formed Standard Pacific in 1995 after recording 
market leading returns wifi} Fidelity Investments and Odyssey 
Partners. Standard Pacific currently manages in excess .of $300 
million and employs a team of 9 investment professionals. Andrew 
Midler, widely recognized as one of file emerging stars in the hedge 
fund world, manages a hedged portfolio of global equities. 


Mr. Dm Footer 
Alpha Field Man age m ent , Ltd. 

48 Par La VI Ue Road. State 464. Hamilton, HM It Bermuda 
TeL (441) 295-9620 Fax: (4411 295-9637 


GLOBAL ASSET MANAGEMENT 


No»«l Ho*-« 1«o.S3 NoMM NsvOS Mo-96 

iiea»i.iao 

BBL Invest Belgium manages assets exceeding BEF 9.2 bOHon (USS 
295 million), tn compliance with its investment objective, BBL Invest 
Belgium invests mainly in blue chips. Shareholders benefit from BBL's 
in-depth knowledge of the domestic market scene and the outstanding 
returns it has managed to achieve, as shown In the chart above 

Manager's Report for the last quarter of '96: FED Chairman Greens- 
pan's gentle admonishing against irrational exuberance sent chills 
through equity and bond markets around the world, triggering an 
uptick of bond yields, its impact was short-lived, though. For one 
thing, several indicators suggest that the US economy is running out 
of breath, thus allaying fears of a round of monetary tightening. The 
Belgian equity market resumed Us advance, spurred by the cyclical 
stocks. In less (Tun three months, net asset value was apT^ft. 

BBL Invest Belgium is a sub-fund of the umbrella fund BBL Invest 
incorporated in Belgium. Together with its namesake BBL (L) Invest. 
Incorporated in Luxembourg, BBL Invest offers investors a whole 
range of area, country and industry funds. 

Currently, BBL offers investors a choice of more than 90 sub-funds 
and manages fund assets in excess of BEF 525 billion (USS 1 » billion). 
The BBL hrttd range Includes money market funds, bond funds, 
equity funds and mixed funds, as well as a •high-tech*’ fond (BBL 
Technia). 

Further information: BBL Invest Info 

8 32/2/4813340 

Monday through Saturday 7 am -> 10pm 


% Cheng* 


Paid 


GAMAmrtpm 


QAM Far East 


QAM North America 


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Lamed) 

Sncn Lamch 

OSOtd-61 

+6L9B 

91-Dao-M 

♦99125 

O&JwWfi 

+421 JB 

ahaeom 

+106.78 

CUM* 

+9WLES 

ISMffUO 

+162X3 

0&Oct-94 

-1095 

12-00-82 

+4025 

16Bty»Bl 

♦77.16 

31-Oso+E 

♦1B27 

ouwa 

t«U0 

OMUB+O 

♦16741 



GAM Tokyo OUter-82 


GAM Universal DJItorfc tS-Aug-W +167X1 +115*2 DUWA 


(Some — Miunpd end GAM m at 31/12/96) 

For further information please contact: 

GAM Fmd Mongers 0* of Mn) United 
11 Athol Street. Doughs. Isk of Men IM99 1HFL, British Irtes 
OktotSto-vfceto M00 939927 

Tct> 44 1624 632 652 F«ac 44 16X4 632 813 GAM on the Intoraets bdMhfpmvcoB* 

Shorn in the fads described <at eat wnOabtefor tale mmxieribgatm Bwdnchsncb tab 
wetdd he pnmUud. Subtcripuom w3t onty be method ami Aon* bumd on tor hade of Urn 
contra pnuptam for the funds. Petfonnanc* ean^arisonx are based on efftr^oJndjrcket 
visit imremr nmeOcd on a net bod* for umt mat oud as bLUo bid pHco* with Income 
KbomxltdenOgiotibamfoTudtxfiBA.PmfommKehihenminmtransforuBJimdo.Pan 
pmf ar m m ot h tat a jmigfr effimat prifenoancx. The price of therm can go dawt at 
umB as *p ami aw? be iffiatdbv change* a naaqf exchange. An uemnor may nor get bact 
(hr iimgii rwuri a sf . fonj rffon hot been mode to eniunihe accuracy of the jh u mrid 
■^bfimiaa herein b*e h U boxed on mumUlrd fems UCTFS funds an no* anaHaUe to 
KjnJentt of lie Repubte of Ireland homed to QAM fmtd Management U* * ilu 4.'4tk Floor. 
6S-66 twer UcmstSorec Dnb£nZ Jreiani IMM fund Hatagen tide of Mae) l \ lilt 
Ueenudmaudmx hiKireKHtlttitlnen byiheldeifMm Gumnmt e ni PtnaneitlSaptrdxion 


rV 


r M 

V 


GLOBAL EQUITY FUND 



X 

X 

r > 

T • 

m 

z 

z 



The Guinness Right Global Equity Fund, a 
Guernsey-based distributing fund, aims to achieve 
capital growth through investing in an international 
portfolio of equities. 

Our well-defined and consistently appSed investment 
approach aims to provide superior long-term 
performance at below-average levels of risk. 

Far further information, please contact our 
Investor Services Department in Guernsey on: 


+ 44(0) 1481 712176 


internet httpyAwww.guinness-flight.cQ.uk 

tasew afcroprtaflto-tooitoc sms towns (towMstfbUSSr.zaff-t.T.sr. 
Fto yssr pw tomroi cs to 1.1.97: ♦71-07%. Ps rt prt untow l» nu t ns r j rowt j 
S gurts to ttw funsB. HUtoutoons hi te rokas or too isidaiiytoB ssourtlfM wxl 
too toons from ton and ctongro n fotoratowrt aaetos^s Rtonw tost _ 
to* tow oMMb SMrtnM ud ihs iriooms iiotn a omf U os med m itos mil 


MAGNUM FUNDS 

Access our web site vnvw.magnumtuiHll.com 


Magnum mixes and matche s leading hedge funds into 14 
(Afferent c omb ina tio ns (nudfi -manager fundi of funds), each 
offering cfistinct levels of risk and reward. Exan^ies Maw. 


Magnum U.S. Equity Fund^ -mutt-manager fund 

Investing to longfchort U.S. eqiity hedge lunds. , A "7 Of 

Started Sept 96. Return through Nov 96: +*rr /O 

Magnton Capital Growth F^flCl- tnuM-rnanagar fund. 

Bneig. giowfli^tarted March 96, Return through nov sr 

Magnum Turbo Growth Fund -muK-managerlund. 
AggressiveStaited Au^st96, Return through Nov 96: +32% 

Magnum Special Situations Fund - muRMranagertund. 

Low rislLStartad March 96, Ratum through Nov 96: 75% 

Maiptum aiao offers a eompfets range of apeefafiat afngfo 
manager funds Inducing: 

Gaffaon Omni Raid Series Aripnoariy NaadfwmHscftnotogy 
het^e fund. Started March 96. Return to Nov 96: +102% 

Rosebud Capital Growth Fund- investing in emerging growth 
corrpaniea Started March 96. Return id Nov 96: +64% 

European Focus $ FuocHongfctort European equates and bonds. 
Started Nov 96. One month return to Nov 9& +7,95% 

Matrf Omni Fund - to-tdes base metsb tong and short. 

Started Jdy 96. Rve month return: +9.8% 

Fbr mo w infctoM8on.plBaMCkdBre a pprtp rtrt BnuratwBitwrtrto W Bllon card 

or fax Magnum ah 242-356-6640 or vWt A 

www.magmunfund.cofn 


Momentum 

Premier Sports Partners 


The first, exclusive investment in 
international sports 


^ Sports ChAs and amenffies &g. Manchester llrated, 
w GesgwRargsrs 

^ Clothing and apparel ag.wte.Ria. Addas 

^ Equipment manufaGhiiBR e.g.CaiiawGotf, 

Ouboad fc&iie 




Omf * 



■m 


(kgObd «t BHtnda. (flu compris 
Bsad <to not necesarty reflad curat 
Wdnssintebd) 


Launched. 2nd May 1996 


Buy what you know I 


MOM ENTUM 

ASSET MANAGEMENT 

For twtter 'infomBtiOT please drete tha ^®rapriats nunber on Bie mtormation coupon 

fl 


Perpetual THE FUNS) RANGE 


SOGELUX FUND 

EQUITIES JAPAN 



MemaSonal Growth 


Emet^ng Comp ani e s 


American Growth 


Latin American Growth 


Japanese Growth 




UK Growth 


European Growth 


25.1A3 


8.4.85 


21.4^4 


31.1.85 


8.11 AS 


30.11.91 


6^.93 


Z4. 10.87 


S.J7.SS 


Fund 

Research 

Rattngt 


+600.5 461.4 AAA 


♦7166 ♦129.7 AAA 


♦1167.0 +1223 AAA 


+19.8 


+459.4 l +149.2 


+3.1 


♦100.4 


♦368J +1302 


Net Asset Vafin per share evofutfon 

(Boa 100 Storting Period) Owe. SI, 1991 to Dec. SI. 1996, (Currency. JPV) 
Indue NIKKBSOO 





GBHEFtAL INFORMATION ON PERP ETUAL t^HT 
TRUST MANAGEMENT (JERSEY) LUSTED 

■ Offers 9 otfehom funds Investing wnUMde 
(MHmim investment USS2.000) 

• since launch, 7 funds have achieved top quartSe performance 

• Over the last Ova years, 5 out of 7 funds hava achieved top 
quarSa performance 

• Onshore Portfolio Management Service, based on fund range, 
also avstebte {Mrimum Investment USS1 50,000) 

AistateetsotBO tsf Jandry 1997, enanafftrsxSto: uS&ctarOads 
ndUSng itornested tooms, nd of mBtaichp taxes fnutx:Ucne>e6. 
t RrC flBsawcfi Late a ****•«*« gwaotw research ctwywy Ttvtap 

ford Answer) rang a AAA. 

For fcrtwr WenwAwi ftooso "ohm oer Cuoenvr Semen* Dapanmere cn 
♦44 (0)i634 607880, or tend us a tn on +44 (Q)ia34 3631 B. 


Hie 5oc£t6 Gdi^rale Group laundtod the fiist Frendi 51CAV in l964 
and manages today more than USD 75 billion in over thirty financial 
mortet places vvomwide, an behaU of private investors and institutions. 

Since 1987. the Soctetd GSnfirale Group has been offering a 
Luxembourg based mutual fund. SOGELUX FUND, today axnposed of 
34 compartments with a total MAV of USD 625 million. 

SOGELUX FUND includes 

- 1C bond gr mp artniaTls specialized in c ou n t ri es or geographic areas 
(USA, Japan. Europe, Germany, France, UK, Beigiuirw 'Switzerland, 
Spam. Haiy) denominated mtfeconespondingcupe nriwy a nd one 


- lb equity compartments specialized in North America, Europe, 
Japan, International Growth, Gold Mines, France Germany, Italy, 
Spain, Switzerland, Pacific, UK, China, Emerging Asia, Latin 
America, Worid. 

- 7 money market compartments: USA, Europe, Belgium, 
Switzerland, Germany, France, Italy. 

SOGELUX RIND - EQUITIES JAPAN outperformed ib benchmark 
over a period of five years (cLgmph). 

15 


CREDIT t YQNNAIS ROUSE 


mOUtTABILM MOUSK 

unmarmomrs ltv 


The Vobdlicy Fmd, • totally ddfcrem 
tank, mntttd trading c» 1st Aoga-i 1996. 1» 

Ts»k« advaniMc of asnktt misprians? throusb 

trading Techniques. Its trading style ; is *«® , 

insrimtomal arbitrage and proprietary trading hmaea 

investor, refer dun bank capitaL 

The opendoo Is jointly toan ag r d and promoted by 
Lyonnais Rouse Ltd and EqutaWc House laveuaumo IM. 
EH1 is the sole in vesonent adviser wiubt CLR is respo»»““* 
foe administration, distribution, clearing, leafesrem and 
global custody. 

The Rmd use* investment techniques developed at 

House Inv e stm ents by Dr M. Desmond Fitzgerald. The 
investments managed by Dr Fittgerald have shown a 
c mniiiaii vc r et urn since initprinn in September 1993 of over 
110%. The Volatility Funds has produced a net return of 
9.5% over its fim five months of tr adin g. 

**-— f"+T* {l ^flT'"> l ‘ iw> rl"** rMlafl Bruce TTuftfen 

Credit Lyonnais Rouse Ltd 
BroodwaBt House 
5 Appold Street 
London 
ECZA2DA 

Telephone: (44) 171 214 6620 
Fax: (44) 171 638 0373 

CnlaLaonnASaueclMindEQaedAc Haute bmtutmenuljA 
art «epJ fl t r d by ihe SFA- 


OPPORTUNITIES 
THAT WARRANT 
A CLOSER LOOK 

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h>i lurlhri ininrm.ilu.il mi tii<- .liimr I tind- < oni.n 

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toesnn m Monwri dm toe pneet of aonano mT ttmlav die prior atsten ir^r tail 4i 
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Comp re he nstve-Ou tper^rmance sma* mug*. 

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’ .. 

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kh 


(rum 


Mail this coupon or send fax to: 
Alberto Cano, international Herald Tribune, 

181 Avenue Charies-de-GauHe 
- 92521 Neuflly Cedex France. 

Fax: <33-1) 41 43 92 12; 

Please send me information on the funds 
circled at no cost or obligation. 

I 2345 

6 7 8 9 10 

II 12 13 14 ic 


Name 

Title (Le. Mr, Mrs or Ms). 


Nationality 


--r*: ..A 


Address 


Fax or Tel, 

E-mail address.. 


•w.. • std 

■ ■ M 


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I W* * a HCEM ¥ Qk'H n I a iLT Rill fill ;j h 11 \i UVA^ lift I7:\m EW1 ilt u 


THE MONEY REPORT 


Family-Run Companies Are Profitable Affairs 


nnsH 


% M arcia Vickers stock volatility. lysts dttd several reasons why. companies. Consider William Wrigley 

' ' — ; — . top five family companies dur- "Family-owned businesses, since Jr. Co., the chewing-gum maker foan- 

S TORIES ABOUT Mv h..«L ™Y® y* 3 ** were Berkshire Hath- they wishiopreservethefamily's own- ded in 1891 in Chicago. From 1986 to 

nesses often arnconimwiit “SlJ 1 * hol ? n 8 company of ership, rend, to take a very long-term 1995, it averaged a 28.1 percent annual 

fi phtm o -nA wazrea Bmrctt, with average annual perspective rather than attempting to return, putting it among the top five 

But such E® 111111 38.1 percent Manor Cano manmize earnings .per share quarter companies of the 209 studied. 


stze or stock volatility. 
The too five family c 


patently not the h^anureing-^^ 

iL c S^^ snb “* ^ we 

^“AnflWSio Mach 1996. fte tyife Roberts 

lagett US. fimiiy 

ammal Wma 30.7 perasnt, and Tyson 

**#* Inc., fee poSyproducer^ 

as- There aresolra quafeficationstofeo 
53 c ° as ^y .tone period. The method is common 

&4SSS ^^aso™^***** 

tSSSSP^ -Mfesasastts 

. xusses were not consistently superior. 

. “*® researchers ranked tire comps- For the five years e nde d December 

%L% SS 1995.f OT ^K^hadTSS 

^ m stode jmee as wettas <fi- return of just 12.62 p^eent, verses 
vidends. Calculations were adjusted to 14.63 percent for the S&P 500 

?$■ pgrfoq^pce differ- ,5tiOanrily stocks turned in im- 


, with average annual perspective rather than attempting to return, putting it among the top five 
"percent; Manor Care fwrarmze earnings, per share quarter companzes of the 209 studied. 


to a study by 'Robert Kkdman, an^ 
soaaie professor of finance at Oakland 
Uznversiiy m Rochester, Michigan 
Mr. Kleiman, who condricted the 


vices, an Internet content company 
jjjsfd to Needham, Massachusetts, 


by quarter,” Mr. Kleinian said. 

Tnere is a bottom-Hne impetus, too. 
Many fiouly-btxsuress managers have 
much of their net worth tied up in the 
companies. That may be a reason those 
businesses reinvest more of their earn- 
ings than do other enterprises — 70 
percent to 55 percent. 

But succession fights, family ec- 
centricities and other pitfalls can hurt a 
company. For that reason, investors in 
these businesses should follow a few 
guidelines, Mr. Kidman suggested. 

For example, he said, at least half the 
directors should be from outside the 
family and outside the company. Thai 
has not been tire care at Archer- 
Daniels-Midland Co., the agricultural 
giant that pleaded guilty to federal 


Mr. Kletman also said that investors 
should avoid companies with no clear 
plan of succession, especially if the 
chief executive is 65 or older, and 
companies where an elderly head of 


^:~r*xZI'-.7Z £ L ,£T rr 11 ^ -■ nmrny stocks turned in nn- Most important, tamiiy 

ences mHt might result from company presave kmg^aam results — and ana- be a double-edged sword, 


control can 
even at top 


"Not every year is a good one. but 
one of our jokes in-house is that you 
never sell Wrigley,'* said Anne 
Selkovzts, a portfolio manager at Gray 
Seifert, a money management firm 
holding shares in the company. 

Few people doubt that the Wrigley 
family, which controls about 56 per- 
cent of the voting stock, deserves the 
credit Still, some wonder if a Wrigley 
family trait — fiscal conservativeness 
— may somewhat dampen the good 
results. For instance, the company 
rarely raises its prices. 

The price of a single pack of gum has 
been 25 cents for 10 years and in the six 
decades from 1911 to 1971, the price 
remained at 5 cents. 

To test the study's conclusions, 
wealthy investors can buy shares of a U 
the 209 family stocks, which Netmar- 
quee tracks on the Internet 
(wwwjnnq.com). Or drey can main- the 
52 ntilltnw mfnin^ im initial investment 
in the one mutual fund that focuses on 
large family-run companies, the Pitcairn 
Family Heritage hmd. 

New York Times Service 



ason Manager Values Tradition and Trends 


: By Roy F mchgott 

F ROM HE mindescript, button- 
down attire to his low-turnover 
fund portfolio, Legg Mason's 
William H. Miller Mis hardly a 
follower of fashion. - 
But in a year when investors fafmjyi 
from mutual funds focusing on' hot- 
growth companies to funds emphasiz- 
ing solid pmonners, Mr: Miller found 
.himself, hzs funds and his value-in vest- 


But the group has grown rapidly in the 
last two years by acquiring asset-man- 
agement operations, in January 1995, it 
bought Batterymarch and soon started 
two funds mmy BattBty ilMlch nmnag ft- 




m ml imiier manages or co-manages 
three LeggMason stock fimds, whose 
; combined $3.2 billion in assets repres- 
ent more than half Ore total of the com- 
pany's 17 stock and brad retail funds. ' 
All three soared to top' rankings for 
■ the yean The flagshm Value Trust fund, 

; with a return of 3 S3 percent, ended 
1996 .jn fire top 2 percent of all U.S. 
diversified stock fun^ just behind were 
Total Retmn Trust, co-managed with 
Nancy'T. Denmrz, and Special Invest- 
ment Trustln ttefourth quarter. Value " 
■Trust, up 14.75 percent^ ranked No.~2 
among U.S. drversifiedstockfunds- 
Legg Mason, based in Baltimore, 


and Legg Mason Emerging Markets. 

Last January, it acquired Bartlett & 
Co., which now ovetsees $2 1 1 million in 
assets in rwo stock mntnal fimds. 

Le gg Mason gained an international 
distribution line with tire purchase in 
RbraaryofLehmanBrotiMrsCHobalAs- 
set Management, which bad £L9 billion 
m assets under management divided 
among institutional accounts and debt 
and equity fends. The funds were re- 
organized as LM Global Funds, serving 
residents outride the United Stares. 

The firm now has more titan $40 
btilibri in ass^ta^fsrmanagementwitii 
a goal of $100 billion by 2000. 


Raymond A. Mason, the company’s 
chamnan. said the investment-manage- 
ment business “probably contributes 
over 40 percent of our profits, and prob- 
ably the single biggest source or that 
group’s proms are the mutual funds.’’ 
Id the year ended in March, tire com- 

S took in $516 milKnn, versus $389 
at a year earlier, and earned $38 
milli on, versus $1 6 million. In tire first 
six months of its current financial year, 
earnings were $26 million, ig> 53 percent 
from the period a year earlier, and rev- 
enue was $296 million, up 23 percent 
Legg Mason has always used value 
investing, which remains tire underlying 
philosophy of tire Value Trust fund. 

Mb. Miller has adhered to it, but with 
his own spin. A former candidate for a 
doctorate m philosophy, Mr. Miller, 46, 
retains a scholarly bent that be applies to 
investing. He is on the board of the Santa 


As h grows, fee fond family is con- Fe Institute, whidi is devoted to study- 


tributing a larger portion of Legg Ma- 
son's overall revenue. Half comes from 
tire brokerage arm. called Legg Mason 
Wood Walker, but the asset manage- 
ment and investment advisory portion 
of tire company, which includes tbemu- 
tnal foods, now generates 29 percent, np 


^ started its first fond, Value- Trust, in . from lS peacent m 1990. Therest comes 
1982, and has developed several others, ftomcommercial mortgage banking. 


ing similarities within complex categor- 
ies like economic systems, ecosystems 
and the body's immune systems. 

Because these systems adapt to their 
environments, the Santa Fe theory holds 
that history does not always repeat itself. 
Mr. Miller tries to look past traditional 
riata-on stocks, too. ? 

<r We say changes are context-de- 


pendent," he said. “This summer, 
when the market fell out of bed. it was 
because everyone believed tire Fed 
would tighten based on a specific em- 
ployment report The Fed doesn't tight- 
en because of one report. The envir- 
onment was conducive for the Fed to 
tighten, but not all of the data indicated 
that it would.” 

He stood pat cm his funds, and the Fed 
did not move. Mr. Miller looks at data 
like price-to-eammgs ratios, price -to- 
book value and cash-fiowratios, but only 
as a starting point He says a forward- 
looking approach is to be more attentive 
to free cash-flow than to earnings. 

“We bought a big position in IBM 
two years ago when it was in the S50s,” 
he said “Before feat, it had been a cash 
user. In 1994 it went cash positive, 
focusing on profitability, not sales 
growth. The stock is currently trading 
around $163. We don’t forecast fee mar- 
ket or prices; we try to understand where 
thin gs are going." 

That approach has led Mr. Miller to a 
lope-standing bet in the financial sector. 
In September, the latest portfolio re- 
porting period, the Value Trust had 47 
percent of Its assets in financials, and 
Total Return had about 40 percent. 

New York Times Service 


Bonds From Insurers Thrive if Nature Is Kind 


F 


By Digby Lamer 

OR INVESTORS with a par- 
ticularly speculative bent, tire 
insurance industry is offering a 
chance to bet against earth- 
hurricanes and other natural 


; Known as disaster brads, these in- 
struments offer hig h returns if insurance 
claims are low, but in exchange, in- 
vestors take cm some of the m- ' 
surers’ risks. 

So far, only afew small issues vul 

,have reached tire madeet, but lN ^l 
.more arc expected this year/ gUR 

St. Paul Cos. sold two se- 
curities issues last month that Jk 
let investors take a piece of the 
action of its reinsurance sub- 
’ gidiary, St- Paul Re. 

• The first part of the issue, launched 

; wife Goldman, Sachs & Co„ is a $443 
million tranche of 10-year notes that 
■carries triple-A ratings from Moody ’s 
Investors Service Inc. and Standard & 
Poor’s Corp. and is currently yiddmg 
18.17 percent, well above tire roughly 6.5 
■percent offered by Treasury notes of 
‘tfeat maturity. The second part is a $24 
fknillion issue of preference Stock, rc- 
tieemable in three years, and now yield- 
ling about 9-58 percent 
: St_ Paul ret up a company. George 

^Town Re, and ceded some of its low- 
-frequency, high-severity reinsurance 
ebusiness to the new entity, for which the 
►two classes of securities were issued. 

& To ensure that tire bond-holders get 
?jdl their principal back, $232 million of 

•the proceeds from tire 10 -y car iss ue was 
►invested in zero-coupon securities. The 

•rest of the money frcim the 10 -year bond 


VULTURE 

INVESTING 

a 


sale and the money raised from fee 
preference shares will go to reinsurance 
ami other investments. 

How well these two areas perform wfll 
determine tire interest that bondholders 
receive andtire dividends andxedemption 
price rathe preference shares. 

Robert Lrtzenberger, managing di- 
rector of derivatives research wife 
Goldman, Sachs in New York, said that 
although the market for disaster bonds 
was now small, it is expected to grow 
substantially tins year. 

While Mr. Lrtzenberger was 
ruRE unable to say how many bonds 
ting would be launched tins year, he 

- said Goldman, Sachs had a 
V “handful” set to be issued in 
the coming quarter. 

Wm There are two types of dis- 
_ '• aster bonds. They can either be 
linked to the fortunes of a spe- 
cific insurer — like fee St Paul issue — 
or to an index of tbe insurance market’s, 
overall claims pcaftaxnaoce. As wife all 
investments, opting for a sipgle-com- 
' pany bond carries a higher risk of loss 
than bonds that are diversified across 
the sector. 

Mr. Litzenberger said there were a 
number of niche areas in which tra- 
dmonal reinsurance foils to operate and 
disaster bonds are effective. 

“The sort of events insurers need to 


really big earthquakes," he said. “You 
can buy reinsurance against relatively ■ 
small earthquakes, but its something else 
if the insurer wants cover against areally 
big quake — if San Francisco were to 
slip mto tbe Bay, for example.” 

In fee absence of reinsurance cov- 
erage. insurers can rally protect them- 
selves against such risks by cither tying 


up huge amounts of capital or issuing 
disaster bands. 

The investors currently involved in 
tins young market are mostly institutions 
and professional investors, said Mr. 
Litzenberger. But he said that as the 
madeet grows, private investors would 
increasingly be drawn in. 

S TEWART COWLEY, a fixed-in- 
come specialist wife Hill Samuel 
Asset Management in London, 
was less certain. He agreed that disaster 
bonds could be attractive, but said that 
their unpredictability would put off 
private inverters. 

“The income disaster bonds generate 
is usually better than average and 
there’s always the possible bonus of 
some extra gains when the bond is re- 
deemed,” he said. “What will probably 
scare investors aft is the problem of 

The only measure for predicting nat- 
ural catastrophes is probability, Mr. 
Cowley said. ! 

“It’s too much like throwing dice," j 
he said. “You can say bow many times 
you can expect to get a donble-six out of 1 
one hundred throws, but it’s impossible 
to know wizen they’ll turn up.” 
Although fee last three years have 
been relatively free of natural catas- 
trophe claims, there can be no guarantee 
that this will not be reversed 
Mr. litzenberger said this should not 
be a problem, noting the existence of 
probability models aimed at quantifying 
the Hkehbood of major natural catas- 


companies are woridn to ex- 


mutnal insurers could raise capital, a 
move that allowed them to issue bonds. 
Although no disaster bonds have bean 
issued, HSBC Holdings PLC and Gen- 
eral Re Coro, of the United States are 
promoting the idea in Britain. 

HSBC, however, was reluctant to out- 
line its strategy, fearing that the infor- 
mation would be used by its competitor. 


Morgan Stanley Wary 
Of Its Own Nifty Fifty 

Some of the world's biggest compa- 
nies may have fueled the bull run on Wall 
Street in 1996, bur they are likely to lag 
their smaller counterparts in 1997, ac- 
cording to Byron Wien, Morgan Stanley 
& Co.'s chief U.S. investment strategist 

Mr. Wien has predicted that the Dow 
Jones industrial average would plunge at 
least 10 percent in the second half of the 
year after climbing as high as 7^00 in the 
coming months. 

The bigger the company, Mr. Wien 
said, the harder the fall. 

Morgan Stanley's Multinational In- 
dex tracks 50 U.S.-based large-cap 
companies with extensive overseas in- 
terests. Companies in this new version of 
the Nifty Fifty — the original was a 
collection of buy-and-hold stocks in fee 
1960s — have an average weighted mar- 
ket capitalization of $60 billion, or al- 
most twice that of Standard & Poor's 500 
average. As a group, they significantly 
outperformed the S&P 500 in 1 996. 

“The big stocks have done better so 
for for three reasons,” Mr. Wien said. 
“Firstly, there was a concern among 
investors last year that the U.S. econ- 
omy was softening and they viewed 
international consumer growth stocks 
as likely to have tbe most reliable earn- 
ings. Secondly, most of the stocks in our 
index are the largest cap stocks in the 
S&P 500 so they benefited from the 
trend toward indexing. Finally, these 
stocks simply developed momentum.” 

“But their valuations are getting 
rich,” he warned. "My own view is that 
they are going to lag fee market this 
year. Smaller, cyclical stocks will do 
better.” (IHT) 

IRS Wins on Taxing Gains 
On Foreign Home Sales 

The Internal Revenue Service has won 
a coun battle over its right to force an 
American citizen living abroad to pay 
U.S. taxes on currency-related gains from 
die sale of a foreign residence. 

The Supreme Court refused to con- 
sider an appeal by an American banker, 
who said the IRS should not be able to tax 
* ‘phantom ' ’ t urrency gains from fee sale 
of a British home feat was purchased, 
financed, and sold for British pounds. 

The dispute centered on an IRS rule 
that overseas transactions by American 


citizens roust be translated into dollars 
for tax purposes. 

If an American living abroad buys a 
house and later sells it for a profit, the 
IRS requires the purchase to be cal- 
culated in dollars at tbe exchange rate in 
effect cm tbe date of purchase. That 
amount is compared to the sale price, 
which must be converted into dollars on 
fee date of sale. The difference is subject 
to tax. 

Carlos Quijano, an American who 
worked in Britain, said feat method un- 
fairly inflates the amount a taxpayer 
owes, by including gains that, are at- 
tributed solely to changes in tbe ex- 
change rate between fee time a house is 
bought and fee time it is sold. 

Mr. Quijano said he used foreign 
currency when he bought a bouse in 
Britain in 1986, and when he sold it four 
years later. He said the IRS should have 
let him compare fee sale price to fee 
purchase price — in pounds — and 
calculate ms tax by converting the profit 
into dollars on fee date of sale, under 
fee IRS role. Mr. Quijano ’s tax bill was 
$30,610 higher than it would have been 
without iL (Bloomberg) 

Mercury Manager Bullish 
On Investing in Asia 

Investment opportunities in emerg- 
ing Asian equity' markets should im- 

K e this year, especially in China, 
g Kong, Indonesia and India, said 
tbe manager of the Mercury Selected 
Trust Asian Opportunities Fund. 

“From a tag-picture view, stronger 
growth in Asia plus the likelihood of 
generally easier domestic monetary 
policies should create a healthy envir- 
onment for Asian stock markets,” said 
John Mellor, bead of the $9.4 million 
fund. The fund, an open-ended fund re- 
gistered in Luxembourg, is part of Mer- 
cury Selected Trusr'spool of 31 fimds, 
which make up S!. 617 billion in assets. 

“In particular, we feel there will be 
good opportunities in Hong Kong red 
chips and Indonesia, and not withstand- 
ing India's poor performance, we re- 
main of the view feat the conditions are 
in place for a good rally in this market 
over the next six to 12 months," Mr. 
Mellor said. 

Hong Kong red chips are Chinese 
state-owned companies that are listed cm 
stock markets in Hong Kong. 

( Bloomberg ) 


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^Asia’s Troubles Offer Opportunities 


^ Continued from Page 15 

"-streets, as Lord Rothschild once iecooi- 
Imended, can be “apretty brutal reachra 
• to some country’s democratic s * ru ffi *^ | 
*but fee stock market can be a oratat 
♦place,” said Ted Pullin&w?*® 

'•an Asia-wide fund for Jardine Fle ming 
r as well as fee firm’s India investmen • 
i 

/"FT REPEATEDLY, Asian mar- 
Y kets bounce back from unrest 
\l JL “Asia has this fantastic capacity 
nto find compromise, and economic 
^growth in most of feese countries is 
►/quite handsome,’ ’ Mr- 
i Jte problem 


violence, and sometimes it means bad 
news for companies, as with India's 
previous government, which imposed 
the now -removed capital-gains tax,. 


family and friends of President 
Suharto. 

Strikes in South Korea this month 
also are aimed at changing tbe system: 
the demonstrators are against a new 
labor law feat would reduce the barriers 
to firing workers. 

The critical thing to decide in the face 
of unrest is whether fee events will lead 
to systemic change, and, if so, what kind 


President 


More ominously for investors, a for- 
eign company feat derived most of its 
earnings in China before the 1949 re- 
volution would have been out of busi- 
ness after tire Communists marched in 
unless it took evasive action and de- 


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PAGE 18 


'T* tV rciwcMinnu. m • < 

licralo ^^fe- fcnbunc 

Sports 


SATURDAY-SliNDAl', JANUARV 11-1-- 199* 


World Roundup 


Lehman Takes Lead 

GOLF Tom Lehman took the 
first-round lead after shooting a 6- 
under-par 66 in the Mercedes 
Championships, the PGA tour 
opener, at Carlsbad. California. 
Lehman's round with seven birdies 
and one bogey gave him a one- 
stroke lead over Jim Furyk and Paul 
Goydos and put him three strokes 
ahead of Fred Couples, Justin Le- 
onard and Guy Boros. ( API 

Simla Leads Lineup 

FOOTBALL Don Shula. who 
coached the Miami Dolphins to two 
Super Bowl titles, heads the list of 
15 candidates for induction into the 
Pro Football Hall of Fame. The 
Pittsburgh SteeJers' former center 
Mike Webster and wide receivers 
John Stallworth and Lynn Swann 
were also named, alone with 
Dwight Stephenson. Carl Eller and 
Jack Youngblood. Ray Guy. Mike 
Haynes. Paul Krause. Tom Mack, 
Ozzie Newsome, Ron Yary. Jerry 
Kramer, and the New York Giants' 
president. Wellington Mara. tAPl 

Sailor Feared Lost 

yacht racing Fears grew Fri- 
day for the Canadian mariner Gerry 
Raufs, missing since Tuesday in the 
southern Pacific in a round-the- 
world solo yacht race, organizers 
said. Isabelle Audssier. a fellow 
competitor, and two other racers 
from France gave up looking for 
Roufs on Friday after 36 hours, leav - 
mg a Panamanian -flagged cargo 
ship to continue the search. (AFP I 

Unser vs. Forest Service 

The auto racer Bobby Unser. still 
recovering from a near-fatal ordeal 
when he and a friend became lost in 
a blizzard after their snowmobile 
broke down, could face a six-month 
jail term for sno wmobi ling in a 
federally protected wilderness, the 
Forest Service says. Unser says he 
can't believe ir. 

"People shouldn't be prosecuted 
for something they have no control 
over." he said. Unser said he's un- 
sure. but he might have strayed into 
Colorado's South San Juan Wilder- 
ness during a blizzard on Dec. 
20. “ (.API 


Brunell, Just a Backup, 
Left Packers Impressed 

With Favre, Team Had to Trade Sub 


By Dave Sell 

Post Service 


Mike Holmgren. Green Bay's coach, 
has the National Football League's most 
valuable player in quarterback Brett 
Favre. But Holmgren is greedy, in a 
good-natured. quarterback-hoarding 
son of way. 

"Under the old rules. Mark Brunei! 
would be with me forever and ever.” 
Holmgren said. “He's a fine person and 
great player. You saw it You knew it. 
The hard "pan for me is that he's not here, 
but 1 knew he would be a great player." 

Free agency, the salary cap, expansion 
and a trade combined to put Brunei! in 
Jacksonville before the 1 995 season. The 
Jaguars, who play the New England Pat- 
riots on Sunday for the AFC cham- 
pionship. could "not be happier. Brunell 
outplayed two future Hall of Fame quar- 
terbacks. John Elway of Denver and Jim 
Kelly of Buffalo, in leading the second- 
year team Sunday to the ~ AFC cham- 
pionship game against New England. 

Brunell. 26. threw for more yards 
t4.763) than any quarterback in the NFL 
this season and "the fifth-most in a season 
in league history. He had one of the best 
louchdown-io-inrerceprion ratios in 1995. 
That charged for the worse this season, 
but some in Jacksonville think it had more 
to do with Andre Risen ‘s running the 
wrong routes than Brunell's throwing to 
the wrong team. 

A day "after Brunell shouted at Rison 
as they came off the field at Three 
Rivers’ Stadium for making just such a 
ii! i> take in a 28-3 loss to the Pittsburgh 
Steelers. Risen was cut. (Holmgren 
signed him for Green Bay.) The Jaguars 
have not lost a game since. 

Brunell, who is 6 feet l (1.85 meters) 
and 217 pounds (98 kilograms), is 
tough. He was the only NR. quarter- 
back to play every snap for his team. 

But know ing he can run. Brunell had 
a tendency io bail out of a collapsing 
pocket a moment too soon. Early in the 
Buffalo game, teammates had' to re- 
assure him that they would figure out 
the Bills' blitzes and protect him. 

"His mobility is his greatest asset, 
and that’s Steve Young's greatest as- 
set." said a Jaguar safety. Dana Hall, 
who played with Young in San Fran- 
cisco and Brunell at the University of 
Washington. 


"Early in Steve ’scarcer, they wanted 
him to stay in the pocket and be like Joe 
Montana. But Steve Young out of peck- 
er is more dangerous than Steve Young 
in the pocket, and it's the same with 
Mark. 

"Defensive backs have to stay with 
their guy. and linebackers have to make 
a decision whether to come up or let him 
run. If they come up, he throws over 
their heads. 

"Now, Mark is more poised in the 
pocket. He stays in a bit longer to find 
receivers and then escapes when he has 
to. But he also has a sense that he 
doesn't have to win the gome alone.” 

Brunell is the first to say that the 
Jaguars' seven-game winning streak is 
due in large part to Natrone Means, who 
has given the offense a running threat to 
match the passing attack. 

But Means had been a Pro Bowl 
running back with San Diego before the 
Jaguars signed him: Coach Tom Cough- 
lin" took more of a gamble when he 
acquired Brunei!. 

He was the fourth quarterback picked 
in the 1 993 draft behind New England's 
Drew Bledsoe (Washington State). 
Seattle's Rick Mirer (Notre Dame) and 
Oakland's Billy Joe Hobert (Brunell's 
teammate at Washington). 

Brunell did not play as a rookie be- 
hind Favre. He beat Ty Detmer for the 
backup job in ’94, but played in only 
two regular season games, completing 
12 of 27 passes for 95 yards. Even with 
the lack of experience, the Packers 
sensed Brunell could play and knew 
they wouldn't be able to pay both him 
and Favre big money. So. just before the 
1995 draft, they talked about a trade 
with Philadelphia. 

"When me, my agent and Phil- 
adelphia could not agree on a contract, 
the trade ended. ' ' he said. ‘ ‘Jacksonville 
stepped in, and it was done awfully 
quickly after that.'' 

The deal — Jacksonville gave up a 
third- and fifth-round pick and signed 
him to a three-year. S3 million contract 
— looks very smart today. And Brunei!, 
who will be a much-sought free agent 
after the 1997 season if he is not re- 
signed, was happy to gel his chance. 

"I thought it was a good opportunity to 
get on the field,” he said. "I was not 
going to get that in Green Bay. for ob- 
vious reasons.” 



Birk Runjt.’lV V—-~ I'fV'— 

Jennifer Capriati on her way to beating Lindsay Davenport in a semifinal Friday at the Sydney IntemationaL 

Fractured Hand Stops Kafelnikov 


The Associated Press 

MELBOURNE — Pete Sampras 
didn’t even have to step on court to 
gain a spot in the title match of the 
Colonial Classic. 

The French Open champion. Yev- 
geni Kafelnikov, withdrew Friday 
from both the exhibition tennis tour- 
nament and next week's Australian 
Open because of a broken bone in his 
right hand. 

The Russian was to face Sampras, 
the world's No. 1 player, in the semi- 
finals of the Colonial Classic on Fri- 
day. Instead. Sampras had to settle for 
a gentle workout with Amaud 
Boetsch of France. 

Sampras was given a walkover into 
the final and will face world No. 2 
Michael Chang in Saturday's all- 
American affair, a repeat of last year’s 
U.S. Open men's singles final, which 
Sampras won. 

The tournament director, Colin 
Stubs, said Kafelnikov fractured a bone 


in his right hand during a gym workout, 
but declined to say how. Kafelnikov 
preferred not to talk about it. 

"Yevgeni is pretty distressed," 
Stubs said. “It is a pretty bad break, 
and he will be out for four to six 
weeks." 

Sampras played a demonstration 
match against Boetsch to entertain the 
Kocryong crowd after Kafelnikov's 
withdrawal, winning. 6-4, 6-4. 

Earlier Friday, Jim Courier with- 
drew from his third match at die Co- 
lonial Classic, citing a minor ham- 
string injury. 

Courier was scheduled to play Scott 
Draper of Australia after losing his 
opening two matches to Kafelnikov 
and Michael Stich of Germany. 

Courier told tournament organizers 
that the injury was not severe, but said 
he did not want to take any risks just 
before the Open. 

Andrei Medvedev of Ukraine won 
the playoff for fifth place with a 7-5. 6- 


tory < 

The Colonial Classic is a warm-up 
exhibition tournament before the Aus- 
tralian Open begins its two-week run 
Monday. 

■ Capriati Goes to Final 

In the Sydney International tour- 
nament. Jennifer Capriati defeated 
fourth-seeded Lindsay Davenport. 2- 
6. 6-4. 6-2, Friday to gain a spot in the 
final. She will play Martina Hingis of 
Switzerland. 

The second-seeded Hingis. 16. 
reached the women's title match with 
a 6-3 . 6-2 rout of Mary Joe Fernandez 
of the United States. 

In the men’s final, Tim Henman of 
Britain will face Carlos Moya of Spain. 
Henman upset top-seeded Goran Ivan- 
isevic, 4-6, 7-6 (7-1 ), 6-1, to reach his 
second consecutive finaL Moya saved 
a match point against third-seeded Al- 1 
ben Costa before edging his compat- 
riot, 3-6, 6-3, 7-6 (8-6). 


4 



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Green Bay Has the Weather, but Panthers Have Johnson 


By Timothy W. Smith 

JVVh York Times Service 

CHARLOTTE. North Carolina 
— The weather will be frightful in 
Green Bay for the National Football 
Conference championship game 
Sunday, with forecasts calling for 
snow, single-digit temperatures and 
a wind chill that could reach 50 
below. But the Carolina Panthers 
have a great equalizer in running 
back Anthony Johnson. 

Johnson’s straight-ahead, plow- 
ing style and the Panthers' patience 
with the running game makes Car- 
olina a force if the weather turns too 
nasty for quarterback Kerry Collins 
to throw or if the resodded Lambeau 
Field turns to mush. It will be in 
stark contrast to the conditions that 
Johnson had last week in Charlotte, 
where he rushed for 104 yards 
against the Dallas Cowboys in Car- 
olina's divisional playoff victory. 

Having played at Notre Dame, 
Johnson has seen his share of snow- 
flakes and muddy fields. But what 
he is less familiar with is seeing 
himself in a starring role on a foot- 
ball team. After spending the first 


four seasons of his career in In- 
dianapolis, Johnson. 29. has played 
for three teams — the New York 
Jets, the Chicago Bears and the Pan- 
thers — in the last two years. 

“There have been opportunities in 
the past, but I don't think they were 
the right opportunities," Johnson 
said. "The timing just wasn't right. I 
believe the Lord did that for a pur- 


pose. This is the best situation for me 
right here. The timing was right.” 
it certainly was right for the Pan- 
thers. who watched starting tailback 
Tim Biakabutuka go down with a 
season-ending knee injury against 
Jacksonville in Week 4. The Pan- 
thers brought in former Baltimore 
Ravens running back Leroy Hoard to 
shore up the running game. Johnson 


didn’t say anything. Then the Pan- 
thers cut Hoard, who wound up in 
Minnesota, and turned to Johnson. 

“I certainly felt like I should have 
been afforded an opportunity to do 
the job, but they didn’i see it that 
way,” Johnson said. "Eventually. I 
was given the opportunity to show 
what I could do, and I showed them 
I could do the job." 


Coming Up: Packers vs . Jaguars 


By Timothy W. Smith 

/VfH 1 Yori Times Service 

Carolina at Graan Bay 

The Panthers did something Green 
Bay tried to do twice — knocked 
Dallas out of the playoffs. So the 
Packets have a great (teal of respect 
for Carolina. They should. The Pan- 
thers are one of the best teams the 
Packets will face this season. 

On Che other hand. Packets’ quar- 
terback, Brett Favre, who is at the 
top of his game right now, will have 
all his weapons at his disposal, and 


he is the best quarterback the Pan- 
thers will face this season. 

And the Panthers, who have 
played in one cold-weather game 
this year, haven’t experienced any- 
thing like Lambeau Held in January. 
That will be the edge the Packers 
need to go to the Super Bowl. 

Prediction: Green Bay 28, Car- 
olina 23 

Jacksonville v&. Haw England 

This will be the matchup between 
the teacher (Bill Parcells) and the 
pupil (Tom Coughlin). They both 
say this will be an emotional game. 


But you can believe that they'll do 
evejything they can to knock the 
other one out of the Super Bowl. 

Coughlin has shown quite a bit of 
moxie m the last two playoff games, 
perhaps because the Jaguars have 
essentially been playing in a single- 
elimination situation since Week 
12. Jacksonville is no longer a sur- 
prise team. They’re for real, and the 
Patriots will find that out when Jack- 
sonville knocks them off and heads 
to the Super Bowl. 

Prediction: Jacksonville 31 . New 
England 28 


It has always been a struggle for 
Johnson. The Panthers drafted four 
running backs last spring, and 
Coach Dom Capers limited rhe prac- 
tice reps in training camp by the 
veterans so he could get a better idea 
of what the rookies could do. Fills-" 
(rated at not getting many chances, 
and fearful he would be waived in a 
numbers game, Johnson went to 
Capers and asked to be released. 

"I told him. ‘I have plans for you; 
just hold on.' " Capets said. "I 
explained to him that the reason he 
wasn't getting reps was because I 
was going to play him. He thanked 
me and left 

"After his third or fourth 100-. 
yard rushing game, I went over to’ 
him and said. ‘Hey, AJ. you still 
want me to release you?’ " 

What Johnson accomplished this 
season — 1, 1 20 yards on 300 carries 
* — has been nothing short of amaz- 


"t 


Lushing for more than 1,000 
yards after not entering the starting 
lineup until five weeks into the sea- 
son is like spotting someone 10 me- 
ters in a 1 00-meter sprint. And run- 
ning with a bucket on one foot 


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2 Japanese Pitchers * 
Sign With U.S. Te ams 


CumpStd by Ob- Huff Fran DUpatdies 

Shigetoshi Hasegawa and 
Masayuld Nakayama. two 
Japanese pitchers, have agreed 
to terms with UJS. baseball 
teams, increasing the number 
of Asians in the major leagues 
to five. 

Hasegawa, 28, a right- 
hander for the Orix Bine 
Wave, struck a deal with the 
Anaheim Angels. 

Nakayama, a 27-year-old 
right-hander, agreed to terms 
with the Seattle Mariners 

Seattle, whose ownership 
includes Japanese business- 
men, becomes the first Amer- 
ican team with two Japanese 


"As a 

cess as „. „ 

middle reliever, 
Hasegawa fits well 
pitching staff plan 
1997 season," said 


players. Nakayama joins re- 
lief pitcher Makoto Si 
die Mariners' lineup. 


Hasegawa won 57 games 
in six years in the Japanese 
League, all with the Bine 
Wave, compiling a 57-45 
mark with 43 complete 
games, four saves and a 3.25 
eamed-run average. 

After three consecutive 
years with at least H tri- 
umphs, he slumped last sea- 


O O" [g 

join the American major 
leagues before last season. 


lavasL 
In his career. 

has walked 286 and 

515 in 903 inning! 
rendered just 79 ho 

•The New Yort 
agreed Thursday to 
lion, one-year con; 
outfielder Mark W1 
New York ain 
Beroie William* 
O'Neill, Dairy! S 
and Tim Raines for 
starting spots. But 
Ifses’ general man; 
Watson, said White 
potential insurance p 
power and a switch 
. O’Neill and Rj 

both coming off han 
juries. 

Whhen, 30, cane 

ditional $650,000 : 

oOO plate appeara 
plays 150 games. H 
with io homers and 
for Philadelphia an 


12 homers and 
Seattle. 



hm 


'iu-befj » 

* W 




'"hEoa 





INTERNATIONAL HERALD TRIBUNE, SATURDAY-StWDAY, JANUARY 11-12, 199; 


PAGE 19 


SPORTS 



a 



ops 

Another Streak 

Flyers Hadn’t Lost in 17 Gunies 


. For the second - straight 
night in the National Hockey 
League, the Tampa B^y 
Lightning stopped an un- 
beaten streak, halting the Fly- 
ers' nm at 17 with a 3-1 vic- 
tory Thursday in Pittsburgh. 

In New York the night be T 
fore, the Lightning beat the 
Rangers to end goaltender 
Mike Richter’s streak at 16. 

DinoCiccarelli’s debreak- 
ing goal with 6i58 remaining 

NHLRoDNbop 


led the Lightning pasktbeFlyr 
ers. Ciccarelli beat Flyers 
goalie Ron HextaH witfa a 23- 
foot (8-raetear) slapshot as 
Taznpa Bay . ^roh . its* thinf 
straight road game. 

Patrick PouHr who scored 
f TampaBay’s first goal, added 
* an empty-net goaf with 2L6 
seconds left Trent. Kbit 
scored for the Flyer®. : 

The Lightning goalie; 
Corey Schwab, subbing for 
injured starterRicfc Tabaracci, 
made a number of big saves . 
among a total of 30. 

Capitals 2 , Rugm o Oiaf 
Kolzig had 25 saves in his 
second shutout in three games 
as Washington extended its 
unbeaten streak to four by de- 
feating visiting New York. 

Kolzig played in 56 NHL 
games before notching bis 
first career shutout Friday 
against Phoenix. 

Peter Bondra and Kelly 
Miller scored for the Capitals, 
who unproved to 3-0 against 
New Yodc this season. 

Avalanche 2, Senator* O 
Patrick Roy recorded, his 
. ! jxth shutout to lead, the 
league as the injury-riddled 
Avalanche extended their no- 
beaten streak to nine. 

Adam Deadmarsh scored 
the winner on a power play 
early in the second period, 
then helped set up Eric 
Lacroix's insurance goat /' 
The Avalanche . — : without 


JoeSaktc, Peter Forsbexg and 
Mike Ricci. among others — . 
. played a conservative game 
mat relied heavily on Roy. 

Brafaw S,CanadhHM 4 Jozef 
Stnnqpel scored with 1:58 left 
in the Bruins’ first victoiy 
against the Canadians at home 
in their last five meetings. 

Go alie Rob-Tallas, substi 
. tntingfot the!, injured Bill 
/Stanford, turned away 26 
.Montreal shots^ 

5, Coyotes 4 In 
■Phoenix, Igor Larionov 
spared 58 seconds into over- 
time as Detroit snapped a 
four-game winless streak. 

-Brendan Shanahan scored 
two goals, and Greg Johnson' 
and Vyacheslav Kozlov each 
2nd one for the .Red Wings. 
Dallas Drake, Jeremy Roeu- 
ick, Mike Gartner and Keith 
Tkachnk -scored far. the 
Coyotes. * • 

/: n«m»« 8, nHi «| si 2 Jarome 
JgHjilAScxaedthegame-vrainer 
with less than six minutes left 
in the third period as Calgary 
rallied to beat Hartford. 

. After Joel Bouchard scored 
fa: Calgary and Keigh Rameau 
struck for the WbaJers, Kevin 
Dbeen put Hartford ahead 
early in the third period But 
theFlamespu^ 

McTavish’s first pro goaL 

King* 6, Saba** 3 In Los 
Angeles, die Kings gained 
their 900th franchise victory. 

Dimitri Khrisddh had two 
goals and two assists, and 
VladtinirTsypIalawbadthree 
assists. Kevin Stevens, Phil- 
ippe Boucher, lan Lapemere 
and Jan Vopst also scored for 
die Kings, who were winning 
their second in a row after 
managing only one victory in 
tbeir previous 12 games. 

Mum 4, Shark* 3. Pierre 
Turgeon soared a power-play 
goal with 25 seconds left as St. 
Louis beat the Sharks for Jbd 
QuennevifleV first victoiy as . 
an NHL coach. Andrei Naz- .. 
aroy scored twice, htsfirstnnd- 
hgoal game, for the Sharks . 



The Associated Press 

RICHMOND, Virginia — Jackie Joyner- 
Kersee has left the Richmond Rage of the 
American Basketball League to concentrate 
on her track and field career. 

“We’re gomg to talk with Jackie over die 
weekend on sevoal options,’ ' Gary Cavalli, the 
league’s co-founder, said late Thiusday. 
Cavalli said Joyner-Kersee’s contract was 
structured so that die could continue tea: track 
training. 

“I know she is competing in the Chase 
Mfllrose Games that start Feb. 7, so she may 
not play from now until after the Milhose 
Games, ' ’ Cavalli said He said Joyner-Kersee 


joined the ABL with the understanding that 
she would play in 28 to 35 of the team's 40 
regular-season games. She had been with the 
Rage for 17 of 29 games, scoring 16 points 
and grabbing 10 rebounds. 

Joyner-Kersee first hinted that she would 
abandon her basketball career, at least for this 
season, at a press conference Wednesday in 
New York. She said she was beginning to 
prepare for the track season, where she will 
make her return at the prestigious Chase Mill- 
rose Games at MadsooSquare Garden. She has 
won five previous Miflrose championships. 


Stanford Humbles UCLA 

Bruins Lose by 48 in Their Worst Defeat Ever 


The Associated Press 

UCLA, winner of arecord 1 1 NCAA cham- 
pionships, has endured the most lopsided loss 
in its history. 109-61, to No. 21 Stanford 

The Bruins fell behind. 17-1, trailed by 31 
points at halftune and never came close on the 
road Thursday. The 48 -point loss surpassed 
their previous worst defeat: 38 points. 102-64, 
to Arizona in 1989. 

Stanford (9-2 and 2-1 in the Pac-10 con- 
ference) made a school-record 35 3-pointers, 

COILIOE BASKIT* ALL 

breaking the mark of 14 set against Alaska- 
Ancborage on Dec. 1 8. Brevin Knight led the 
Cardinal with 25 points. 

UCLA (7-4, 2-1 Pac-10) began the game 
leading the nation in field goal shooting at 54.9 
percent. But the Bruins shot just 333 percent 
in the first half and finished at 36.7 percent. 

No. 1 Kansas 1 34, Niagara 73 Raef LaFrentZ 
scored 27 points and Scot Pollard bad 20 
points as Kansas improved to 15-0. 

The host Jayhawks led, 69-39, at halftime 
and made their first ( 1 shots afterward. 

Billy Thomas and Jerod Haase each had 17 
for Kansas. Jeff O'Connor and Chris Watson 
each had 15 points for Niagara (6-5). 

No. 3 Kentucky 88, Canmius 45 Anthony 
Epps made two 3-pointers in a 16-0 burst 
during an eight-minute span in the middle of 


the game at Kentucky. The Wildcats (14-11 
scored the first 10 points. Canisius (6-71 
closed to 26-21 before Epps started the de- 
cisive spurt 

Derek Anderson led Kentucky with 17 
points. 

No. 18 IfichSgan 88, No. 25 Illinois 74 

Maurice Taylor became the 34th Michigan 
player to score 1.000 career points as the 
Wolverines won at home. 

Louis Bullock had 19 points, Robert 
Traylor had 16 and Taylor added 14. 
Michigan (11-3, 2-1 Big Ten) used a 19-7 
spurt early in the game to take control. 

The Fighting Uhni (11-4, 1-2) have lost five 
straight in Ann Arbor since 1991 . 

Washington State 81, No. 1 7 Owttfou 78 Isaac 

Fontaine scored 14 of the final 18 points for 
Washington State, which sent Oregon to its 
first loss of the season. 

Fontaine finished with 28 points for the 
Cougars 1.9-5, 1-2 Pac-10). 

Oregon (10-1, 1-1) was seeking its best 
start since the 1946-47 team went 12-0. 

No. 18 Now Mexico 70, TCU 64 Charles 
Smith had 23 points and 13 rebounds as New 
Mexico broke away from visiting Texas 
Christian. 

The Lobos (12-2, 1-1 Western Athletic 
Conference) led, 39-38, at halftime, then went 
on a 17-4 run. Clayton Shields scored eight of 
the points and finished with 16. 


Healthy Toronto Muzzles Utah 


a 

oor 


tony rUnsc/.Vftax-r Fnm-Pnar 

The Hawks' Dikembe Mutombo, right, blocking Anfemee Hardaway's shot 

Joyner-Kersee: Back to the Track 

might return following the meet. The ABL 
regular season ends Feb. 20. Joyner-Kersee 


The Associated Press 

The Toronto Raptors got 
little healthier — on the flo< 
and in the standings. 

Damon Stoudamire made 
two 3-pointers in the last 2:38 
and scored 17 points in the 
fourth quarter Thursday night. 


NBA Ki 


Toronto, a crowd of only 
12.410. the smallest in the 
club's history, made it to the 
game at the Sky Dome. 

TonbenwotVM 110, Nats 
107 In East Rutherford, New 
Jersey, Stephoo Marbury was 
plagued by fouls and out- 
Iayed by Robert Pack in his 


leading the Raptors to a 110- 
96 victory over the Utah Jazz. 

Toronto welcomed back 
Walt Williams and Marcus 
Camby from the disabled list 
and ended a four-game losing 
streak. 

Stoudamire scored 27 
points to lead the Raptors, 
who used an 18-4 run over the 
last five minutes to cement 
their victory. 

With a blizzard dumping 
almost a foot of snow on 


only appearance of the season 
near his hometown as Min- 
nesota beat New Jersey. 

Tom Gugliotta had 26 
points and 1 1 rebounds, and 
Marbury had 22 points and 
seven assists for the Wolves. 

Pack had 28 points and 1 1 
assists, but he did little in the 
fourth quarter after Marbury 
fouled out with almost seven 
minutes left Jayson Williams 
added 18 points and 23 re- 
bounds far the Nets. 

Hawk* 97, Magic 92 Steve 
Smith scored 27 points and 


Atlanta made four free throws 
in the final nine seconds for 
its second straight overtime 
victoiy. 

The visiting Hawks held 
Anfemee Hardaway, who 
was playing his second game 
since coining off a second 
stint on the injured list to nine 
points on 3-for-l5 shooting 
and shut down Orlando after 
giving up 74 points in the first 
three quarters. 

Warriors 102, Grizzlies 86 

In Vancouver, B.J. Arm- 
strong, making only his 
second start this season, 
scored 13 of his 15 points in 
the third quarter to lead 
Golden State. 

Playing in place of the in- 
jured guard Mari Price, Arm- 
strong went 5-for-7 in the 
third quarter when Golden 
State put the game away. 


! 


Scoreboard 


BASKETBALL 


NBA SmMMNas 



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(Staddon 14), Toronto 25 (ChrtttelO). 
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A: S0«h 1D43 4^27, JanesMM » O; 
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9oi»' 51 CSpanos -TV 


Vanaxwor 10 (Lyocnffl^dife— Gofc*n State 
M (Sprwcfi BV MaxvwrJI CAiTOienyT). 


OIIOUPE 

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OlyatolobX' GneanjCSKA-MOeoHMi Rib*. 
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Atacc*8T<H Acte 17. dmierai 11. . 
BMOU9F 

Poolonfca. Breoce 72. Tn u n n ptem Boloonn, 
IW788 

LBnogoi, Fnroae 9V, EstuTOrntteB Madrid, 
Spate 85 

ton tew i Teamsyslwa Batagna 19- 
potete, Ctoona Zaffleb 18, Estoamtti 17, 
ttengeo 18, W»zr 5per JS PaMos U. 
anaciFA 

Dynamo Mecca*. Russia 88, ProiaMnalhos. 
Cmcx/n 

eu * e PcmaBdnaOooi 19 points. 
VBHtbanu 19, HuWtow 18, SwBla 14, 
PauHMIia M, Dynamo Wtocow 14. 
ana up H 

Baroobro Spate 73. Mndor Batogn* «8r 72 
Soft, CroaPa 78, Partem Batgrade. Yu- 
gaslavia.75 

*■**« Etes Pteeo 20 pcWs, Pm- 
tew Beisrodtt 17, Kliider Batogaa. 14 
Bmcetona 16 Sp* M, Bayer UmtaM* It. 

(TBp 4 bi each (poop quality for round of 
lasM8J . 


CRICKET 


U«<n»OVlMW»MBa*BS - ■ 

PAKISTAN VS. WE 3 TtND 1 tB 

ROOM, K PCRTIV AUSIRAUA 
PakJsteB 257-7 (n JO own 
Wed inda; 25fr5 In A4 overs 
WMT hides wan tey Bw vktoeto. 
wte ro West litotes flpflMs,FaUBfcsi 
4AnstroPa4. 


NQHTWAar omsnA 

W L T PIS GF GA 
PlttsbuiBh 22 15 4 48 153 130 

Buffalo . 21 M 5 47 125 113 

Hartford 17 17 7 41 U» 134 

Montreal - 18 19 8 40 140 149 

Boston 16 19 8 38 121 147 

Ottawa 12 21 7 31 107 121 


GHKXMLANO WBETV*. IMXA 

mvmcHr hatch 

THURSDAY, M mUBOOEY, SOUTH AFtaCA 
Griqwdond mat: 2QS-7 bi 5D wets 
tatfla: 206-3 to 34^omfS. 
tadta won by sewn wldctes. 


HOCKEY 


NHL Standinqs unmi 


CEHTHAt UtVTOtOM 

W L T PH GF GA 
DoJkn 24 15 3 51 124 103 

DntroU 21 14 7 49 133 95 

SL LOUtl 19 21 4 « 124 144 

PtMOnte 18 20 4 40 114 125 

Chicago 18 21 7 39 115 121 

Toronto 17 25 0 34 128 MO 

MC*KMWttUN 

W L T Pis GF GA 
Cotomda 25 10 8 58 147 99 

Edmonton 19 20 4 42 142 133 

Vancouver T9 23 I 39 126 138 

Calgary 16 22 5 37 109 128 

Anahatai 15 21 5 35 116 128 

LasAiweteS W 23 4 34 118 143 

San Jose 14 22 5 33 105 130 


ATLANTIC DlVRtON 


PtftxhlpMa 
Florida 
H.Y. ftangea 
Hew Jersey 
MtosMngtan 
Tampa Bay 
N.Y.lstanden 


Mr L 
26 13 
21 11 
22 18 
21 15 
IB 20 
16 20 


HlSPM »•« J 3 l-« 

58 141 106 tenon 0 2 3h-fi 

51 120- 95 Parted: Mane, second Pcrto* B- 

50 158 128 Kermedy 4 (Roy, Stumper) Z M-RecCM 18 
48 106 102 (Savage, DamphoumO 3, M-Tucker 4 
40 111 110 (Stevenson) 4. B-ToaHet 8 (Donate, Oates) 
37 120 131 & B-Odpers 6 (MCLoren, Haridns) 8, M- 

12 20 8 32 102 118 R«xM 19 (Quintal, RUveG (ppl. Third 


PtonkMfc M-Savage 15 (Dantpbaussel & B- 
Taochet 9 (Oates. StumpcQ (pp>- Q . B- 
Stumpd 12 {Bauitpw, Kennedy) Shots no 
goat: M- )M5-5-3a B- J3-14-I5— O. 
Godem M-ThiaaulL B-Toilas. 
cotarodo 0 i 1-2 

Ottawa P 0 0-0 

Hni Period; None. Secead Period: C- 
Deadmareh 14 (Pp). Third Pertah C-Loaohi 
13 (Morha Deattowreh) Sheds en gwto Cr 14- 
45-25. O- 9-11-13-31 G eaie v G-Roy. O- 
Rhodes. 

Tampa Bay 0 1 2—3 

P MBfc tp Ma 8 1 0—1 

rttf Period: None Second Petted: T- 
PauOn 9 (Bradley. Hautaeri. Z P-Kutt 13, 
THd Period: T-Occmfll 19 (Bradley. 
HanatOQ 4 T-Poutei 10 (Utanor, Gndtanl 
tan)- Shots on ped: T- 9-7-15-31. P- 9-9- 
13-31. GoaBeKT-Schwoh. P-HexJt*. 

Mr. Rangers 0 0 0-0 

Wus Mn o an 0 2 0—2 

First Period: None Second Period: W- 
MBer 4 (TtowdD 2 W-Bondro 24 (Hutan. 
Hausleyl (pp).ThM Period: None Shots an 
goal: H.Y.- 8-10-7—25. W- 4-11-9-24. 
GadteK N.Y.-Heoty. w-KoWg. 

Detroit 2 2 8 1—5 

Ptamrik 2 8 2 0—4 

First Period: Phoenix, Drake 8 

(Tverdovsky) X D-, Johnson 5 (Fedorov, 
EridESWtf 3, WweiUto Nosntt II CntoOnfc 
TVerdavEky) (pp). 4. OShanatnn 23 
(Udstram, Larionov) (ppi. Secead Period: D- 


Shanadon 23 (Lapotofe vzaman) 4 O- 
Krstov 15 (Fedotov, Larionov) TMid Period: 
Phoeote Gartner 18 (Korolev, RoenfcW 8. 
Phoenix, 7 taettuk 25 (Quint Conner) Ipo). 
Overtone: 9. D-Larionav 6 (Lapointe, 
Shanahan). Sheris on goat D- 11-)4-10- 
1-38 Phoenix 7-6*4-22. GetfMK O- 
Osgood. Phoenix, KhabtouHiv 
Hartford 8 I 1—2 

Grigory 0 1 2-3 

Bret Period: None S eate d Period: C- 
Boucfiataa (shLZ H-. Primeau 12 (CHducW 
Third Petto* H-Dtneen ID OJtdudO 4 C-. 
McTavfcfi 1 (Hknhko, Gaveyt 5, C-IgMa 13 
(Gnqm Hogtand) Shots m go at H- 8-12- 
16-14. C- n -5-1 3-29. Goafles H-Glguott G- 
Rotoson. 

Sr.Uete 2 1 1—4 

Sop Jose 1 1 1-3 

Fhtt Potto* SJ.- Noton 17 (Fitesee 
Badger). 2 SJL-Maneui )2 tPotrortcKy. 
Pranger) 3. S.L.-, Hud 2D (Petertn, Pensan) 
Secnod Porto* 5J.- Nazanw 7 (Turcane) & 51. 
Lauto PMiovIdty 3 (Atadnnis, Pranger) Third 
petto* S-L-Nararov B (GH. Drawn); 7, st. 
Louis, Turgeon 7 (Pranger, Huffl (pal. Shots 
on got* SJL- 12-9-7—28. SJ.- 166-14—3*. 
GoaSec &U-Fuhr. SJ.-Terrerl, rtrudey. 
Baftate I I 1-3 

Lbs Angola 2 1 J-6 

First Period: UL-KhriStWl 10 (Vopot) X 
Las Angeies, Stevens 4 (Lapentore) 2 B* 
Andette 14 (HoUnger. Moore) Second Period: 
LArfloucher 5 (Tsypiakw. KtefcriCh) S. B- 


Burridge7(Peca) tort. ThW Peria* B-Dowu 
10 (Peco, BunUge) 7, Los Angries. Lnperriete 
4. 4 UL-J. Vopot 1 (Khrtsncti, Tsyptotov) 9, 
UL-KMfHctt 11 mummlnen Tsyp tokov) 
Shots on got* B- 11-11-9-31. LA- 5-7- 
1 3-2$. GaaOes: B-Hrnek. l-A^FfaeL 


SMIOMCSF 

THIRD ROUND. HfWT LEG 
Real Madrid 2 VanodoOd 1 


TENNIS 


FRIDAY, W STOMET 
WOMOTS EMGLEB SEStffWALS 
JermHOT Capriati. United States, dot Lkid- 
9ay Davenport (4), U.S. 2-4 6-4 6-2; Martina 
Hingis Oh Switzerland, def. Mary Joe Per- 
ntrndez. U5- 63. 62. 

iters wbles eewniAL* 

Tbn Hetman Britato, det Gann Nontswic 
01. Croatia, 64 7-6 17-1), 61; Catos Aftoye 
Spain. deC Albert Casta (3), Sorrin. ^463. 7-6 
OLA). 


FW0A1C M HOBART. AUSTRALIA 


Marttmw WefdeMWltmeyt* U def. Eb 
CaUen. Belgium. 61 6* Dominique Man 
Roast Belgium, def. Mona Entta, Japan, 63, 
64 


DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


«U BEUBfE TWTWBE 
LEnSSS W5.KXlSJt«{S11l6JS| 
UBKSMFOOPS. 


AND AMMB WDUKE.1QU 

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COCKT HVXER J 



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Infornmtion ;39) 432/512464 







INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, JANUARY 11-12, 1997 


RAGE 20 


DAVE BARRY 


Life on the Ski Slopes 


M IAMI — Here's a fu/i winter va- 
cation idea: Why not go skiing? 
If you answered: “Because I don't 
want to spend the next two years in a full- 
body cast." then I have good news: 
Thanks to modem, high-tech ski equip- 
ment developed for use by U.S. astro- 
nauts. 72 percent of all skiers are able lo 
walk with assistance in less than 10 
months! 

Yes, things have really changed since 
the early days of skiing, a sport that 
traces Its origins back to 16th-century 
Switzerland, where, according to le- 
gend, a man named Hans lived with his 
family on top of a mountain. One day 
Hans s daughter became very ill, and 
his wife, Bernice, rold him to go down to 
the village and fetch the doctor. Hans, 
knowing that it would take him hours to 
walk down the mountain, noticed two 
loose barrel staves that happened to be 
lying around, and suddenly an idea 
struck him. Using some leather thongs 
that also happened to be lying around, 
he attached the staves to his feet, 
grabbed two poles that also happened to 
be lying around, aimed the staves down 
the mountain and gave a shove. Within a 
matter of seconds, nothing had 
happened. 

“Hans, you moron.” explained Ber- 
nice. “It’s July. There's no snow.” 

□ 

And so Hans had to walk down the 
mountain to get the doctor, who cured 
the little girl in five minutes by threat- 
ening her with leeches. But this got 
Hans to thinking, and the next day he 
started tinkering with some chairs' and 
huge steel towers and powerful motors 
and several thousand feet of cable that 
happened to be lying around . By dusk he 
was finished “Look. Bernice!” he 
said. “A person can ride all the way up 
the mountain on chairs dangling pre- 
cariously from this cable!” 

“If you think I'm getting on that.” 
said Bernice, “you're crazy.*' 

“I'm not talking about US." said 
Hans. “We'll stay safely on the ground 
and collect large sums of money." 

And thus the modem ski industry was 
bom. Today there are thousands of ski 
areas, and as of 8 A.M. this morning 
every single one of them had excellent 
skiing conditions, as measured by the 


Official Ski Area Rating System, in 
which each area objectively rales its 
own conditions from Extremely Superb 
(.defined as “snow or at least cold mud 
clearly visible in places"! all the way 
down* to Very Good (defined as “this 
ski resort is located in Puerto Rico"!. 

If you 're a beginner, you want lo avoid 
the steeper slopes. One time I went skiing 
at Aspen, and the ski slope there turned 
out to be a cliff. Not coincidentally. As- 
pen is the home of a world-class knee- 
injury clinic. It's located right at the base 
of the mountain: the surgeons just stand 
around the operating room, scalpels in 
hand, chatting about golf, and every few 
minutes there's a scream, and a new- 
patient comes crashing through the roof. 

Of course, to reach that level of ex- 
pertise. you 'll need to take lessons. Most 
ski areas have ski schools, where an 
instructor will assign you to a class of 
students who are of approximately the 
same age. skill level and athledc ability* 
as you, except that they are all secretly 
members of the Olympic slalom team. 
The instructor will get you all up on top 
of the mountain, then say . ‘ ‘Follow me ! " 
and start skiing sedately down, making 
graceful turns, totally* under contraf. 
Your classmates, after exchanging the 
secret Olympic wink, will follow, mak- 
ing it appear as though they have never 
done anything like this before. Some will 
even fall down, but they'll get right up 
again as though it's no big (teal. 

You’ll think. “How hard can this 
be?" So you'll push off. and within 
seconds you'll be going so fast that your 
ski outfit will burst into flames from 
friction with the atmosphere. You'll 
hurtle straight down the hill, penetrating 
the ski lodge through the wall and com- 
ing to a violent halfin the cafeteria when 
you slam into the salad bar. As you’re 
lying there, face-down in the vinaigrette, 
you'll hear, from way up on the moun- 
tain. hearty Olympic laughter, plus your 
instructor's voice advising vou: “NEXT 
TIME. KEEP YOUR KNEES BENT!” 

The important thing is not to be dis- 
couraged. Remember Everybody falls 
at first. The real winners pick them- 
selves up. dusr themselves off. and sig- 
nal for the cocktail waitperson. Remem- 
ber to keep your elbow bent. 

>01990 Tke Miami Hi’raU 

Distributed b\ Tribune Media Seduces Inr. 


Remembrance of Millenniums Past 


International Herald Tribune 

ARIS — When the Pompidou 
Center opened here 20 years 
ago. it boasted a gallows-like ob- 
ject which was in fact a special 
dock ticking away the seconds to 
die end of the century. 

The clock has gone, along with 
the bravado that inspired it Like it 
or not we are now one step closer 
to the fateful date, 2000. No one 
quite knows what the date means 

maryblumeT 

— or even whether we should un- 
cork the bubbly on Dec. 31. 1999, 
or the following year — but no one 
can think of it without a frisson. 

The future may be inevitable yet it 
always carches us by surprise. As 
the writer S.J. Perelnaan said 
in a letter to a friend in 1975: 

“I never thought I'd be typing 
those numerals, which in ray youth 
were associated with images of 
traffic cops flying through the air 
with wings on their heels and cit- 
izens piloting cigar-shaped air- 
ships.” 

It is hard to know how to ap- 

P roach the millennium — with a 
erris wheel and vast dome as they 
will in England or to state con- 
vincingly, as the historian Eric 
Hobsbawm does, that what he 
calls "The Shortest Century" 
ended in 1991 having begun 
in 1914. the years lamentably 
bookended between Sarajevo 
and Sarajevo. Hobsbawm allowed 
himself more optimism in 1987, when 
the millennium was 10 years further 
away: 

“The evidence is that the world in 
the 2 1 st century will be better is not 
negligible." he wrote. “If the world 
succeeds in not destroying itself (i.e. 
by nuclear war), the probability will be 
quite strong.” 

The French phrase fin de sifcde 
(which the historian Eugen Weber 
dates to the title of a forgotten play of 
1 888) best describes the feverish end- 
of-cenrury mood, a mixture of cake- 
walk and danse macabre, of hectic 
activity and a gloom mocked by Oscar 
Wilde’ io “The Picture of Dorian 



Pauid boric 


Gray”: “I wish it were fin de globe,” 
said Dorian withasigh. “Life is a great 
disappointment.” In 1900 Wilde died: 
Queen Victoria in her diary, on the 
other hand, didn't even mention the 
century's end. 

With uncharacteristic optimism bur 
totally characteristic opportunism, 
publishers are bringing out stacks of 
millennium books. One of them, edited 
by Asa Briggs and Daniel Snowman, 
studies 600 years of attitudes toward 
the turn of the centuries, “Fins de 
Sifecle: How Centuries End, 1400- 
2000.” Published by Yale University 
Press, it attacks this fascinating subject 
in a series of rather summary chapters 
from English history. 


One problem with studying the ends 
of centuries is that the word century 
is relatively modem. Only in the 17th 
century were centuries compared 
to each other, the previous measure- 
ment having been reigns and seasons. 
Bui even if people were unaware that 
a century was ending, there seems 
to be a definite restless fin de sifecle 
mood as can be seen from the year 
1399 when Richard II was deposed and 
there was a general conviction that 
time was running downhill to Judg- 
ment Day. 

The next fin de sttcle began dis- 
turbingly in 1497 when Henry VU’s 
Christmas revels were interrupted by 
Ms castle's burning down, and 100 


vears later there was unnerving 
uncertainty about Queen Eliza- 
beth's succession although she 
had done her best to ensure im- 
mortality in 1596 by ordering uut 
all realistic portraits of bereelf be 
destroyed and replaced by images 
of the vibrant young Virgin 
Queen. 

The next fin de siScie began 
soothingly with the Glorious Re- 
volution in which the Dutch king 
William was bloodlessly anointed 
and with a radical change in fash- 
ions in which doublet and hose 
were replaced by the ancestor of 
the three-piece suit. But scientists 
were changing the old order and 
the 1690s saw the biggest drinking 
spree of English history, helped by 
die Dutch gin brought in by Wil- 
liam's men. 

The notion that the century's 
end brings unrest was spectacu- 
larly illustrated by the French Re- 
volution in 1789. The industrial 
revolution brought an optimism 
soon blighted by Malthusian 
gloom and a sort of a moral rearm- 
ament. “What we often dub Vic- 
torianism was being bom, not 
merely before the accession of the 
Queen (1837) but even before her 
birth (1819),” Roy Porter writes 
in the chapter on the 1790s. 

The Queen’s Diamond Jubilee, 
exactly a century ago. was cel- 
ebrated amid prosperity, wonder- 
ful inventions and a far-flung em- 
pire, bat die very notion of 
progress was being called into doubt 
and replaced by dissolution and decay 
most energetically expressed in the 
decadent movement imported from 
France. Time was winding down: The 
Gay Nineties were indeed that, but 
tempered by fevered despair. As for the 
year 1900 itself, Henry James declared 
it “dreadful,” “gruesome” and 
“monstrously numbered.” 

One doesn’t want to think the same 
of the year 2000. and yet . . Best of 
luck to London with its celebratory 
giant Ferris wheel but the huge dome at 
Greenwich by a famous architect may 
never be built: The much-publicized 
Millennium Fund has failed to come up 
with the cash- 


7* 


PEOPLE 


The Plot Thickens at Hollywood on the Nile 


By John Lancaster 

M 'ashinwn Pr-st Si'ti. ,■ 

C AIRO — Racing against a setting 
sun. the television director Hossam 
Eddin Mustafa scrambles to shoot one 
last scene for “Abu Hanifa." his 40- 
part serial on the Sth-cemurv Muslim 
scholar. Turbaned actors sit cross- 
legged in an outdoor courtyard. The set 
falls silent. Cameras roll. 

But things keep going wrong. 

An actor flubs h is lines. A bus 
trundles by and toots its horn, spoiling 
yet another shot. Finally, just as the 
actors seem to be making some head- 
way. a bulldozer fires up its engine and 
drowns out their voices. 

Mustafa leaps to his feet, “May God 
bring down your houses!” he screams, 
shaking his fist at the baffled construc- 
tion crew. Then he cancels the shooting 
in disgust 

So goes a typical afternoon at Media 
Production City, a gargantuan new stu- 
dio complex noisily taking shape in the 
desert 10 kilometers east of the famed 
Giza pyramids near Cairo. The SI bil- 
lion, government -owned project — 
whose lavish sets include farm fields, a 
train station with a working locomotive, 
and a full-scale replica of a pharaoh's 
temple — is aimed ar restoring the coun- 
try's reputation as “the Hollywood of 
the Orient.” 

If all goes according to plan, the 
studio complex eventually will fum out 
3,500 hours of television serials, soap 
operas and movies each year. Many will 
be beamed around the Arabic -speaking 
world on Nilesat. Egypt's first satellite, 
which is slated to ride into orbit on a 
French rocket later this year. 

“We've had a movie industry for 100 
years," said Mahmoud Yassin, who 
plays the leading man in Mustafa's tele- 
vision serial. “It was late for them to do 
this. We are very happy.” 

That view is far from universal, 
however. At a lime when Egypt has 
embarked on an ambitious program to 
privatize state-owned industries — in 
keeping with its World Bank-sponsored 
transition to free-market economic 
policies — foreign experts question the 


logic behind the new state-run studio. 

Their skepticism is shared by many 
Egyptian filmmakers, who say the new 
facility will only strengthen the state 
television monopoly they hold primar- 
ily responsible for their industry's de- 
cline. 

*T don't think it has anything io do 
with boosting cinema." Yusri Nasral- 
lah. one of the few Egyptian filmmakers 
with a reputation beyond the Arabic - 
speaking world, said of the new com- 
plex. “What we're asking the govern- 
ment to do is to lay off. stay out. let us 
work, and we'll do fine.” 

But in an authoritarian state such as 
Egypt, that is easier said than done — 
especially when it comes to television 
drama. Such programming is both a 
powerful instrument of propaganda and 
also one of the country's leading cul- 
tural exports. Last week. President 
Hosni Mubarak vowed that broadcast 
media “will be neither privatized nor 

The $1 billion project is 
aimed at restoring the 
country ’s reputation for 
leading Arabic films. 


sold, stressing the importance of ... the 
mass media in projecting facts to the 
citizens," according to reports in the 
government-run press. 

“The basic point is that these people 
cannot imagine a life without this kind 
of domination of the media." Nasrallah 
responded. "These people would not 
exist if the private sector started flour- 
ishing.” 

Government officials acknowledge 
that the studio is being built for reasons 
that transcend mere economics. “It's 
nor just a commercial project," said 
Magda Raffa, an architect who serves as 
the project’s design manager. “We 
have been the cultural leader of the Arab 
world for a long time. So we must keep 
our country as a leader." 

But they insist the project also makes 
good business sense. The complex will 
generate hard currency by producing 


television programs for export ro Ar- 
abic-speaking countries, the officials 
say. and by renting space to Western 
filmmakers lured by Egypt's low labor 
costs and year-round shooting climate. 
They even hope to turn it into a major 
tourist attraction — modeled after Dis- 
ney World and Universal Studios — 
complete with its own hotel. 

“Some people think we are not se- 
rious." said Raffa, who keeps a pho- 
tograph of Kevin Costner pinned to her 
office wall and travels frequently to the 
United States. “We want to tell the 
world, it's not just a design on paper. 
We've already started. We have 
something to show.' ” 

Fourteen years in the making, the 
Japanese-designed, television city is 
known in diplomatic circles as ‘ ‘Safwat 
Sharif* s pyramid." after Egypt's 
powerful and long-serving information 
minister, its principal backer. Work 
already has been completed on seven 
outdoor sets, including a mud-brick vil- 
lage surrounded by date palms, a 
Bedouin encampment and a mock-up of 
the Alexandria slock exchange, used to 
shoot a pivotal scene in “Nasser 56,” 
last summer's blockbuster movie about 
the 1956 Suez crisis. 

One of the most distinctive sets re- 
creates a neighborhood in old Cairo. Its 
Islamic-style houses feature balconies 
covered with carved wooden screens, 
called mashribiya, that permit women 
to look out without being observed. 

Nearby is a children's theme park, a 
Disney esque confection of brightly 
colored minarets, castle turrets and 
plastic dinosaurs opened by Mubarak 
last May. 

Still to come are 13 indoor television 
studios, a theater and a film-processing 
lab. Last year, the government chose a 
British consortium — led by Sony 
Broadcast & Professional/Europe and 
Trafalgar House Construction — to 
build die studios and supply them with 
the latest audiovisual equipment. 

Government officials say the state 
will pay 46 percent of the overall cost; 
they hope to raise the rest from private 
investors, although the Information 
Ministry will retain overall control. 


I T’S official: The flamboy- 
ant former French culture 
minister Jack Lang is taking 
over the reins at Milan’s 
crisis-hit Piccolo Tealro, 
after its founder Giorgio 
Strehler resigned. Lang, 57, 
a French Socialist Party 
member who sits in the Euro- 
pean Parliament, agreed Dec. 
19 to step in to run Italy's 
most celebrated theater, but 
the directors only now have 
approved his hiring. 

□ 

The Japanese pop star 
Seiko Matsu da and the actor 
Masaki Kanda announced 
they bad agreed to divorce 
after a tumultuous 12-year 
marriage rocked by scandals 
and extra-marital affairs. 
“We’ve decided to end it 
quietly for the sake of our 
daughter," the country's 
most notorious showbiz 
couple said in a handwritten 
statement, referring to their 
10-year-old child Sayaka. 
Matsuda, 34, has bad several 
toy boy American lovers in 
recent years, including a 
waiter-tumed-aspirmg-actor 
known as "Jeff” who wrote 
a best-selling book about 
their steamy affair. Kanda, 
46, is best known for his role 
playing a detective in a lopg- 
running television series. 
Since her debar in the 1980s. 
Matsuda has -had 25 consec- 
utive number-one hit singles 
and 15 number-one albums 
in Japan. 

□ 

The dancer and choreo- 
grapher Roland Petit has' 
gone on stage at the Paris 
Opera for the first of a 
farewell series of five per- 
formances of the ballet 
“Coppelia” by his Ballet 
National de Marseille. Petit, 
who will be 73 on Jan. 13, 
plays Dr. Coppelius, the el- 
derly inventor who makes a 
mechanical doll and then 



Agcnce Franer-Prme 

Seiko Matsuda and Masaki Kanda in happier days. 


falls in love with her. He has 
performed this role, which is 
mainly mime, regularly since 
creating his own version of 
the ballet in 1975. Despite his 
age, Petit’s dancing was as 
stylish and elegant as ever and 
he never appeared out of 
breath. 

□ 

President BUI Clinton let 
Dick Morris decide such 
things as what to s ay in the 
Stare of the Union address 
and where to take vacations, 
according to the fallen polit- 
ical guru’s new book. Morris, 
48, resigned as Clinton’s 
political consultant in August 


after revelations that be al- 
lowed a prostitute to listen in 
on phone conversations with 
the president. In his book, 
“Behind the Oval Office,” 
Morris says Clinton is prone 
to temper tantrums and dis- 
paraging his aides. “Tune 
and again he would derisively 
refer to his staff as ‘the chil- 
dren who got me elected.’ He 
would plead for more 'adults’ 
in the White House, ' ’ accord- 
ing to excerpts in Friday’s 
New York Daily News. The 
newspaper obtained an early 
copy of the book, which is just 
hitting bookstores. The Daily 
News said the book portrays 
an insulated president en- 


twined In a White House 
sharply divided by warring 
camps, one led by the first 
lady and the other by his top 
advisers. Morris portrays the 
president as being cut off 
from the world, saying he 
does not read newspapers and 
depends on his staff for news 
summaries. Morris, credited 
with devising the strategy be- 
hind Clinton's comeback 
after the 1994 Republican 
landslide, wrote that he 
changed the president's im- 
age. “In order to maintain the 
president's populist image, I 
tried to keep aim away from 
Hollywood and the jet set." 
Morris wrote. He claimed he 
advised him to take a “reg- 
ular-guy" vacation of hiking 
or camping with his family. 

□ 

Marcia Clark update: The 
unsuccessful OJ. Simpson 
prosecutor has been chosen to 
be the host of a television 
series about women in law 
enforcement Name of the 
program: "Lady Law." A 
buyer for the 30-minute pro- 
gram has not yet been found. 

□ 

Lionel Hampton, 88, was 
awarded the National Medal 
of _ the Arts by President 
Clinton, who called him a 
“lion of American music” 
who can “still make the vi- 
braphone sing. ’ ' Clinton said, 
“We are glad to see Lionel 
Hampton here safe and 
sound,” because Hampton 
barely escaped a fire in his 
New York apartment earlier 
this week that destroyed all 
the mementos of his seven-, 
decade career. Also receiving 
the medal were the plaw 
wright Edward Albee. the 
actor Robert Red ford, the 
children’s author Maurice 
Sendak, the Broadway com- 
poser Stephen Sondheim 
and the photographer Harry 

Callahan 



eyes are smiling. 


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