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| ^ INTERNATIONAL ^ ^ 



PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World's Daily Newspaper 




Paris, Saturday-Sunday, July 5-6, 1997 



Beep! U.S. Spacecraft Bounces Down Safely on Mars 






A Hopeful Cosmic Search 

‘Loneliness 9 Drives Our Quest Into Space 


By John Noble Wilford 

Net.- titft Two Sfn'ii c 

PASADENA, California — For 
the first time in 2 1 years, a spacecraft 
from Earth has landed on Mars, 
largely because human beings hope 
they arc not alone. 

Being human in a universe vast 
beyond comprehension has always 
engendered conflicting emotions, os- 
cillating between the anthropocentric 
arrogance of feeling special, perhaps 
even the reason for it ail. and a deep, 
haunting loneliness. 

The ascendant emotion nowadays 
seems to be a longing for cosmic 
companionship. Space aliens inhabit 
the new movie “Men in Black” and 
the minds of people who think Earth 
has been visited by unidentified fly- 
ing objects. Another new movie. 


“Contact.” is afictional account of a 
radio message being received on 
Earth from intelligent beings some- 
where in space. 

The Pathfinder craft was launched 
last December on a mission to the 
planet of (he quintessential 1 ‘others," 
the Martians. 

No one still believes in the Mar- 
tians of lore, and Mars Pathfinder was 
not sent to look specifically for some 
kind of simple life on Mars, only for 
clues as to whether it could have 
existed there and where to search for 
evidence in future explorations. 

But the spacecraft was aimed at the 
russet flood plain of Ares Vallis be- 
cause the planet continues to hold a 
strong grip on scientists and others 
who think, or want to believe, that life 

See ALONE, Page 6 


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Pathfinder Begins Sending Data; 
Robot Rover Prepares to Explore 


Mike NcfevtfAgcser ftnu-c-Rnr-** 

Rob Manning, right, the mission's flight systems manager, being em- 
braced Friday by staff members after Pathfinder's successful landing. 


C«i|cld (x Ow Slag From Dapatchn 

PASADENA, California — After a 
seven-month flight, the Pathfinder 
probe landed safely Friday on Mars, 
opened its three exrerior panels and 
began sending data back to Earth — the 
first step toward an extraordinary sci- 
entific exploration of the planet after a 
2 1 -year-absence. 

The opening of the panels — like the 
petals of a flower — demonstrated that 
the air bags encasing the entire probe 
had cushioned the U.S. craft’s bounce 
onto the planet's surface and properly 
deflated. It also indicated that some of 
the systems were functioning well, ju- 
bilant mission control officials said. 

At about 2130 GMT, the first stream 
of data popped onto computer screens at 
NASA s Jet Propulsion Laboratory. 

“This is way beyond our expecta- 
tions,” said Brian Muirhead, a key 
flight manager. ‘ ‘ It sounds like 
everything is absolutely perfect." 


Donna Shirley, Mars Exploration 
Manager, said on CNN, “This is ihe 
‘Mom, I made it' phone call.” 

Some four hours earlier. Pathfinder 
transmitted a brief signal from the sur- 
face of the red planet, announcing its 
arrival after traveling an epic 309 million 
miles (495 million kilometers). A 
second signal announced that it had 
landed in an upright position with its 
base on the ground — the best position. 

President Bill Clinton hailed the land- 
ing Friday as a remarkable feat and a 
testament to the ingenuity of Amer- 
icans. “Our return to Mars today marks 
the beginning of a new era in the na- 
tion's space exploration program.” he 
said in a statement from Washington. 

Inside, Pathfinder carried a 10- kilo- 
gram six-wheeled robot rover, called 
Sojourner, that was designed to begin 
creeping across the dusty flood plain 

See MARS, Page 6 




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4 


EU United 
In Opposing 
Boeing Plan 

Says Aerospace Merger 
‘Should Be Prohibited' 


By Anne Swards on 

Washington Post Sen-ice 

PARIS — The 15 nations of the Euro- 
pean Union agreed unanimously Friday 
that the proposed merger of two Amer- 
ican aerospace giants. Boeing Co. and 
McDonnell Douglas Coip.. “should be 
prohibited,” according to EU sources. 

The sources at the Union's headquar- 
ters in Brussels said member states had 
decided that -she . 514 billion merger, 
“would lead to the strengthening of 
Boeing's existing dominant position” 
in : manufacturing civilian aircraft and 
that Boeing's compromise proposals 
were “not sufficient” to meet their ob- 
jections. 

The statement marked the first time 
that representatives of the member 
countries, rather than the European Un- 
ion's executive body, had spoken out 
against combining Boeing and McDon- 
nell Douglas into what would be the 
world's largest aerospace company. 

- The representatives were die chiefs of 
their respective countries’ antitrust of- 
fices ana constitute an advisory panel to 
the executive body, the European Com- 
mission. The commission has been 
loudly critical of the proposal and in- 
tensive discussions with Boeing have 
faded to soften its position. 

The principal EU concern is over the 
effect of the merger on Airbas Industrie, 
the four-nation European manufactur- 
ing consortium based in Toulouse, 
France, that would be the only other 
civilian jetmaker left in the world with 
roughly 30 percent of the market 
■ At the Paris Air Show last month, the 
Airbus chief executive, Jean Pierson, 
said the planned merger was aimed at 
suppressing “real competition, a real 
alternative to ah American monopoly in 
the aerospace industry.” 

The final decision on the merger will 
be made July 23, and the decision on 
Friday left open the possibility that ne- 
gotiations between Boeing and the EU 
could produce compromises that could 
satisfy European concerns. 

. Were the EU to rule against die mer- 
ger and if it went ahead anyway, Boeing 
would face tough restrictions on its 

See BOEING, Page 6 



British Court Allows 
Major Tobacco Suit 

Class Action May Give Green Light 
To Anti- Smoking Forces in Europe 


By Tom Buerkle 

International Herald Tribune 


BRUSSELS — Britain’s High Court 
gave the go-ahead Friday for the coun- 
try's first class-action lawsuit by cancer 
victims against cigarette manufacturers, 
a move that could unleash a wave of 
American-style litigation against Euro- 
pean tobacco companies. 

The decision comes at a time when 
governments in Europe and around the 
world are pondering die implications of 
-5 billion settlement reached 


Brian biDcTOr AmMed 1 

A resident of Garvaghy Road in Portadown, Northern Ireland, putting finishing touches Friday on a mural 
opposing the route of marching Protestant Orangemen. Hie Protestants plan to march on Sunday. 

July , and Marching Season in Ulster 

Portadown Is Again Ground Zero in the Centuries-Old Conflict 


By Warren Hoge 

Ne k - York Times Sen ice 


LURGAN, Northern Ireland — The 
sashes, tassels, epaulettes and deep- 
throated bass drums are moving off the 
shelves of Victor Stewart Regalia and 
Band Uniform Manufacturers faster 
than the owner of the store is this 
County Armagh town can ever remem- 
ber. In most places, this brisk commerce 
would cany the promise of fun and 
festivity. 

But Lurgan is the town where on June 
16 two Royal Ulster; Constabulary po- 
licemen on foot patrol were shot and 
killed by Irish Republican Army gun- 
men. And Northern Ireland is the place 
where July becomes the inarching season 


— the series of smart-stepping, full-dress 
pageants commemorating battles over 
the last 300 years between antagonistic 
Roman Catholic and Protestants. 

Five miles to the west of here, down 
hedged lanes and past cottages with red 
roses in flower boxes, is the parish 
church of Drumcree. an unadorned 18th 
century stone building with a tapered 
steeple. Ibis pastoral spot has become 
the latest signpost in a centuries-old 
conflict char has cost pools of blood. It is 
there that the two sides staged a violent 
five-day stand-off a year ago and there 
that uniformed members of the all-male, 
all-Protestant Loyal Orange Order of 
Portadown plan to go marching this 
Sunday as they have since 1807. 

As in doe last two years, people living 


in nearby Catholic subdivisions are 
vowing to block their passage through 
their neighborhood back to the Prot- 
estant clubhouse in Portadown, known 
as “the Orange Citadel" because the 
order was founded there in 1795. 

“There is no valid reason for an Or- 
ange march from Drumcree Church 
along the Garvaghy Road,” said 
Brendan McKenna, the leader of die 
Catholic residents' association. “Hie 
nationalist community must have a 
breathing space from the parade, from 
the fear, the anger and the real ap- 
prehension it causes.” 

But for George Patton, executive of- 
ficer of the Grand Orange Lodge of 

See ULSTER, Page 6 


the $368 

last month between American tobacco 
companies and 40 U.S. states. 

The agreement has increased pressure 
for a total ban on cigarette advertising in 
the 15-nation European Union and 
prompted some local authorities in Bri- 
tain to consider following the United 
States in suing to recover die health-care 
costs of treating sick smokers. 

The prospect dial litigation might 
cripple the industry or lead to a similar 
settlement in Britain or across Europe 
appears fairly remote now, legal experts 
and industry analysts said. European 
legal systems tend to discourage class- 
action cases, and they award relatively 
modest damages in liability cases com- 
pared with U.S. courts. 

Cigarette taxes in Europe also are 
more than double those in the United 
States, limiting the potential for gov- 
ernments to wring more money out of 
the industry. 

The British case will be decided by a 
judge rather than a juiy. This system has 
kept liability awards far below those in 
the United States. British law does not 
provide for punitive damages. 

Marryn Day, the lawyer representing 
47 cancer sufferers in die suit against 
Britain’s two leading cigarette makers, 
is seeking an estimated £50,000 
($84,000)per victim, or a total of £2.3 
million. That is a fraction of a com- 
parable claim in the United States. 

Still, lawyers for Ihe British cancer 
victims hailed the development Friday 
as a major advance for anti-tobacco 
efforts in Europe. 

“I’m delighted they’ve agreed to go 
ahead and that they’ve. allocated a judge 
to deal with it speedily,” Mr. Day raid in 
reaction to the decision. 

He expects numerous procedural 


With China Distracted, Taipei Maneuvers 


-fit 

r Direct Service- 


By Sheryl WuDunn 

New .York Thiks Service 


Access Numbers- 


. :TAIPEI — With the world’s eyes 
focused -on Hong Kong, and with 
Beijing on its best behavior, Taiwan 
appears to be taking advantage of the 
moment to take, a step that could lead to 
a nasty confrontation with China. 

Now that Hong Kong has reverted to 
Chinese sovereignty, President Lee 
Teng-hui and his government seem to 


be moving in the opposite direction, 
with on ultimate aim, many critics say. 
of establishing Taiwan as a separate 
nation. 

In an unusual move, the governing 
party and the main pro-independence 
opposition party have joined behind a provoking an incident that could jeop- 
plan that would change the constitution ardize their campaign to convince 


tiations to adopt the plan as close as 
possible to the original target of July 1. 

Some scholars say the politicians are 
gambling that this is precisely the time 
that China would be least likely to react 
because its leaders do not want to risk 


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to scrap the Taiwan provincial gov- 
ernment, one of the last vestiges of the 
old arrangement under which Taiwan 
was considered a part of China, 

Taiwan has had a provincial layer of 
government as well as a national gov- 
ernment that once purported to be the 
ruler of all China. 

The provincial government, which 
employs several hundred thousand 
people and runs banks and other en- 
terprises, governs most of the island, 
except for the cities of Taipei and Ka- 
oshiung. 

But it essentially covers the same 
areas as the central government and so 
President Lee is proposing to eviscerate 
the provincial layer, and thus the fiction 
thai Taiwan is still a province of main- 
land China. 

Members of the National Assembly 
have been embroiled in intense nego- 


Taiwan that it, too, could live under a 
“one country, two systems” a range- 
menL 

’ But if the measure passes, .is ex- 
pected, it could ignite Cninese rage and 
farther sour relations between the two 
sides, which have not had direct contact 
since China staged war games more 
than a year ago. 

“It’s a step for the independent 
Taiwan movement," said Feng Hu- 
hsiang, a member of the National As- 
sembly for a small opposition party that 
opposes the plan. “This is very dan- 
gerous and could be very harmful for 
peace and security in this area.” 

President Lee has denied he is pur- 
suing Taiwan’s independence, but this 
move follows other steps — such as 
abandoning the island’s claim to be the 

See TAIWAN, Page 6 


AGENDA 


Paris Near Charging Algerian in Bombing 


A suspected Islamic militant has 
been placed under formal investiga- 
tion in the Paris Metro bombing in 
July 1995 that killed eight people, 
French court officials announced. 

Boualem Bensaid, 30, an Algerian, 
is the first suspect to be placed under 
formal investigation, one step short of 
being charged, for the explosion. 


Mr. Bensaid, who denies any in- 
volvement in the bombing, has been 
held in a French jail since his arrest 
last November m , Paris. He has 
already been placed under formal in- 
vestigation in connection with bomb- 
ings in Paris and Lyon in August and 
October 1995 that wounded more 
than 30 people. Page 2. 


Sampras and Pioline in Wimbledon Final 


EUROPE 2. 

Bosnia Hardliners Defy President 

THE AMERICAS Page 3. 

Economy Swaying totes in Mexico 

ASIA1PACIF1C Pase4. 

Hong Kong Registration Begins 

Books'. - — Page 8. 

Crossword Page 8. 

Opinion ■ Page 10. 

Sports Pages 18-19. 


The IHT on-!in 


Pete Sampras beat Todd Wood- 
bridge of Australia in straight sets 
Friday in their Wimbledon men's 
singles semifinal. 

He will face Cedric Pioline of 
France in the final Sunday. Pioline 
beat Michael Stich of Germany, 6-7 
(7-2), 6-2, 6-1, 5-7, 6-4, in the other 
semifinal. Page 18 
• Haile Gebrselassie of Ethiopia 
recaptured die world 10,000 meters 
record Friday with a time of 26 minutes 
3 1 .32 seconds, nearly 7 seconds inside 
the mark set by Morocco’s Salah His- 
sou in August last year. Page 1 8. 


obstacles and does not envisage the case 
going to trial for at least 18 months. But, 
he added, “If we win, it’s highly likely 
we will see thousands or tens of thou- 
sands of people coming forward to sue 
the tobacco companies." 

The companies — Imperial Tobacco 
Co., maker of the Embassy brand cig- 
arettes, and Gallaher Group PLC, maker 

A settlement in Mississippi could 
affect U.S. tobacco deal. Page 12. 

of Benson & Hedges and Silk Cut — 
played down the court’s decision as a 
mere procedural step that did not ad- 
dress the merits of the case. 

“Imperial continues to be advised 
that we have a strong defense against 
this and any other product liability 
claims,” the company said. 

See SMOKE, Page 12 


In a Reversal , 
Clinton Seeks 
A Quick End 
To Jones Case 


By Peter Baker 

Washington Post Sen ice 

WASHINGTON — In his first for- 
mal response to allegations of sexual 
harassment. President Bill Clinton has 
“adamantly” denied propositioning 
Paula Corbin Jones in a Little Rock 
hotel room and asked a federal judge to 
dismiss the case or go ahead and sched- 
ule a trial. 

In court papers filed Thursday in U.S. 
District Court in Little Rock, Mr. Clin- 
ton rebutted Ms. Jones’s account in a 
point-by-point document in which he 
said he does not remember meeting Iter 
at an economic conference in 1991, 
while he was the governor of Arkansas 
and she was a state employee. 

Mr. Clinton’s court filing further ar- 
gued that Ms. Jones failed to prove that 
die had been defamed, denied her civil 
rights or intentionally subjected to emo- 
tional distress, as she charged. 

“At no time did the president make 
sexual advances toward the plaintiff, or 
otherwise acl improperly in her pres- 
ence,” the document said. “At no time 
did the president conspire to or sexually 
harass the plaintiff.” 

The submission of about 85 pages of 
motions and documents was the first 
formal action in the case since the Su- 
reme Court unanimously rejected in 
'ay Mr. Clinton’s bid to postpone the 
suit until he left office in 2001. 

The filing essentially adheres to the 
version of events that the president and 
his aides have provided in the past, but it 
marked the first time the president put 
that in writing in a legal forum. 

Through a series of court maneuvers, 
Mr. Clinton had -avoided a direct re- 
sponse to Ms. Jones’s allegations since 
she sued in May 1994. 

As some of his allies have done 
through the media, Mr. Clinton painted 
Ms. Jones as an opportunist, seeking 
book or movie deals, who went public 
with her story ‘ ‘ to derive economic ben- 
efit and simultaneously to harm the 
president politically .** 

See CLINTON, Page 6 


J 







PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 5-6, 1997 


Bosnian Serb Assembly 
Convenes Amid Crisis 

Hard-Liners Defy President in a Battle . 
Over Karadzic and His Grasp on Power 


Reuters 

PALE, B osnia-Herzego vina — The 
Bosnian Serb Parliament, dominated by 
natio nalis ts loyal to Radovan Karadzic, 
who is facing international indictment 
for war crimes, convened Friday in a 
crisis session, defying an order by Pres- 
ident Biljana Plavsic that it disband. 

The Bosnian Serb news agency re- 
ported before the assembly session 
began that the Constitutional Court had 
re led the government could ignore Mrs. 
Plavsic’s decision and her call for gen- 
eral elections aimed at breaking the 
power of Mr. Karadzic and his hard-line 
supporters. 

The government has threatened to use 
Parliament to remove Mrs. Plavsic from 


Opposition 
Rebuffs Bonn 
On Tax Reform 


The Associated Press 

BONN — The opposition-controlled 
upper house of Parliament on Friday 
rejected Finance Minister Theo Waigel’s 
tax reforms for 1998 and 1999. 

The two bills now will go to Par- 
liament's Mediation Committee. 

They passed easily last week in the 
Bundestag, the lower house, with the 
votes of deputies from Chancellor 
He lmu t Kohl ' s coalition of the Christian 
Democratic Union, the Christian Social 
Union and the Free Democratic Party. 

But the Social Democratic Party, 
which holds a majority in the Bundesrat, 
the upper bouse, had criticized Mr. 
Weigel's plans to cut taxes by a net 30 
billion marks ($17.4 billion) over the 
next two years as socially unjust and 
fiscally unsound. 

The Social Democrats said the bills 
would open a 45-billion-mark gap in 
federal, state and local budgets, provide 
little relief for low- wage earners and fail 
to bolster investment because they did 
not lower wage costs. 

Next week. 16 representatives of the 
Bundestag and Bundesrat will meet to 
seek a compromise. 

“We are prepared to reach an agree- 
ment,' ’ said Henning Voscherau, mayor 
of Hamburg and the Social Democrats' 
negotiator with Chancellor Kohl’s co- 
alition. * ‘But not at any price. I will not 
hold out my hand for the ruination of my 
budget" 

The tax reforms, which were amended 
in committee, would cut the lowest rate 
of income tax to 15 percent in 1999 from 
39 percent while the top rate would fall 
to 39 percent from 53 percent 

A surcharge raised to help rebuild east- 
ern Germany would fell to 5.5 percent 
from 15 percent The top corporation lax 
would fall in two steps to 35 percent by 
1999 from today's 45 percenL 


power because of her allegations that 
Mr. Karadzic and senior aides are in- 
volved in widespread corruption and 
obstruction of the peace process in Bos- 
nia-Herzegovina. 

She remained at her office in the 
northern town of Banja Luka while the 
Parliament convened in a hotel near the 
stronghold of Pale; outside Sarajevo. 

Western mediators have backed Mrs. 
Plavsic in the struggle, fearing that vic- 
tory for the nationalists could further 
damage the slow peace process in Bos- 
nia. 

The lawmakers’ session was appar- 
ently not attended try Serbian opposition 
deputies or fee 14 legislators of the 
Muslim SDA party, who left the field 
clear for fee ruling SDS, which is cov- 
ertly controlled by Mr. Karadzic. 

Earlier Friday, international mediat- 
ors sided with Mrs. Plavsic in her power 
struggle wife the nationalists. 

Representatives in Sarajevo for the 
United Nations and the Organization for 
Security and Cooperation in Europe said 
that Mrs. Plavsic was correct under the 
constitution to disband Parliament and 
that its work would not be recognized by 
fee international community. 

Simon Haselock, spokesman for the 
UN chief representative in Bosnia, said 
to reporters: "Since the assembly has 
been dissolved, anything that meets this 
afternoon cannot be considered an as- 
sembly meeting." 

“Clearly the international commu- 
nity will deal only with constitutionally 
recognized bodies," he added. “But we 
still have to see what happens in the next 
24 hours. That will be crucial.” 

Western mediators did not hide their 
concern that efforts to rebuild Bosnia on 
the basis of fee 1995 peace agreement 
were at a turning point 

A diplomat in Sarajevo said: “If we 
are willing to see the one person in 
power in Republika Srpska who is will- 
ing to cany out the peace agreement be 
crushed by an indicted war criminal, 
where are we?” 

Mr. Karadzic's chances of forcing 
Parliament to do his bidding improved 
when the bloc of 14 Muslim legislators 
decided not to attend. 

Without their votes, it was unlikely 
that opposition to the hard-liners would 
be strong enough to prevent them from 
getting their way. 




WoUjpq KumnVApaiee RnsAiM 

WHAT IS TORE DONE? — Prime Minister Viktor Chernomyrdin of Russia, left, and Chancellor Helmut 
Kohl taking a walk during a conference at Humboldt University in Berlin called “Russia: What to Do.” 

Economic Slump Is Over, Yeltsin Says 


CanpQeJ ty Oar SittfFmm Dtspaxha 

MOSCOW — President Boris 
Yeltsin declared Friday that the Rus- 


Russia still faces monumental eco- 
nomic and social problems, but Mr. 
Yeltsin said that the country was be- 


sian economy was growing after con- ginning to turn the comer. 


trading for six years, but he acknowl- 
edged that it could take a while before 
millions of hard-pressed Russians no- 
ticed the modest improvement. 

“The slump has been stopped," Mr. 
Yeltsin said during a nationwide radio 
address in which he reviewed the first 
year of his second term in office. “We 
have reached the point from which 
production can go up." 

Heart and lung problems sidelined 
Mr. Yeltsin, or kept him working at 
less than foil capacity, for most of the 
last year, but he has made a strong 
recovery in recent months. He main- 
tains a full schedule and his health is 
not presently a day-to-day concern. 

“This year has been probably the 


most difficult in my life," said Mr. 
Yeltsin, 66, who was re-elected to a 


“The breakthrough has already 
happened," Mr. Yeltsin said. “That is 
it. We have reached the point when it is 
possible for production to go up. The 
decline has been stopped." 

Mr. Yeltsin did not say when or by 
how much the economy would grow, 
and he made it clear feat Russians would 
not feel the benefit immediately. 

He later told regional leaders that he 
wanted all wage arrears to public sec- 
tor workers, such as teachers and doc- 
tors, to be paid within three months. 

TTie government recently paid off a 
huge backlog' of retirement pensions 
and promised to pay all wages owed to 
the military in the next two months. 

Finance Minister Anatoli Chubais, 
sitting beside Mr. Yeltsin in brief tele- 
vision footage of the meeting, remon- 


Mr. Chubais was brought into the 
government in March to take charge of 
economic reforms. 

The presidential press service 
denied a report by the Itar-Tass press 
agency that the president had said he 
might turn to foreign leaders for help in 
paying off fee huge wage arrears, al- 
though the agency had directly quoted 
Mr. Yeltsin on this matter. 

Tass reported the Kremlin denial 
without comment 
Russia has funds set aside from the 
World Bank to help pay pensions and 
cushion the social effects of reforms, 
but only $300 million of fee $800 
million loan approved in June will be 
available immediately. 

Russian assessments of the econ- 
omy are increasingly rosy. Prime Min- 
ister Viktor Chernomyrdin said 
Wednesday that gross domestic 
product the broadest measure of eco- 
nomic health, had risen 1 percent in the 


four-year term on July 3. 1996. ‘ 'But it strated with the president, telling him first six months of this year. 


has been a remarkable, exceptional one 
in other things as well. I couldn't ima- 
gine feat at my age a person can 
change. It turned out one can." 


that three months was not long enough 
to catch up. But Mr. Yeltsin, looking 
flustered, said, “It is possible if we all 
duU together.” 


That he said, was the first rise in 
GDP, the value of goods and services 
produced, since the Soviet Union col- 
lapsed in 1991. (AP. Reuters) 


briefly 


Paris Court Annuls 
Inquiry on Mayor 

PARIS — A court annulled cm 
technical grounds Friday a judicial - 
investigation into allegations feat 
the Gaaitist mayor of Paris, Jean 
Tiberi, and bis wife iUegaUy re-; 
cfeived cash from publicfonds. ; . 

Acting on a 'motion by, the may- 
or's lawyers, feecourt riUed-tbataa 
, investigating magistrate had used 
incorrect procedure in reiziqg a 
port for which Mr. Xiberi’s wife,. 
Xaviere. was paid by aiocal.au- .: 
thority during a search of their Paris / 
apartment ' o-- 

Mr. Tiberi, re-elected to paiiia^ ' 
ment last month, was placed tmtfcr 
investigation this year over fee pay- 
ment ^ of 200.000 francs ($3^000)'; . 
to his wife by the Essonne district 
council in exchange for a 36-page 
report on prospects fpr economic 
links between Essonne and Fftjncb^: 
speaking nations. ; . (Reuters) ; 

Labour Defeated 2\ : 
In House i of Lords 

LONDON' — The Labour gov- 
ernment has suffered its. first par-' ' 
liamentary upset with a defeat in 
fee House of Lords- over dates for 
planned referendums in Scotland J 
and Wales. 

The unelected upper chambers : 
where a majority of Conservative. 
peers give fee opposition party a ■ 
built-in advantage, voted by 101 to 
94 on Thmsday.night against gp^T 
eminent plans to hold fee <r£fer- 
endums on separate days. •- 

The Lords opted instead for a ■ 
Conservative amendment - calling 
for the two referendums to' be held. : 
on the same day. • - -- • (AP)~ 

Turk Cypriot Chief 
Arrives in Ankara 

ANKARA — Rauf . Denktash, 
fee T urkis h Cypriot leader, arrived 
here Friday for talks wife Turkish : 
leaders about a UN-sponsored 
meeting with the Cypriot president, 
Glafcos Clerides, next week. . . ' 

Mr. Denktash and Mr! derides 
are to meet in upstate New Yank 
next Wedneseday through Friday in 
a bid to end the division of Cyprus. 

Mr. Denktash said Thursday that ■! 
he would definitely attend fee talks 
despite threatening this week to 
pullout. (Reuters) 


Paris Ready to Charge Algerian for Subway Bomb 


TRAVEL UPDATE 


The Associated Press 

PARIS — Anti-terrorist judges have 
made a breakthrough in their inquiry 
into a deadly Paris subway bombing, 
placing a suspected Algerian Islamic 
militant under formal investigation, 
court officials said Friday. 

Boualem Bensaid, 30, is the first sus- 
pect to be placed under formal inves- 
tigation, one step short of being 
charged, for fee July 25, 1995, explo- 
sion, which killed eight people and 
wounded 120, officials said 


RELIGIOUS SERVICES 


Judge Jean-Francois Ricard placed 
Mr. Bensaid under investigation Thurs- 
day for murder, destruction by explo- 
sives leading to death or mutilation and 
for criminal conspiracy with a terrorist 
organization, officials said on custom- 
ary condition of anonymity. 

Mr. Bensaid, who denies any in- 
volvement in the bombing, has been 
held in a French jail since ms arrest last 
November in Pans. 

The investigation into fee bombing, 
one of a series of attacks that killed 10 


AMSTERDAM 


SWITZERLAND 


BRUSSELS/WATERLOO 


NICE - FRANCE 


CROSSROADS INTERNATIONAL BASEL CHRISTIAN FELLOWSHIP ALL SAINTS* CHURCH. 1st Sun. 9 & I.B.C. 13 rue Vernier, English service, 
CHURCH Interdenominational 4 =ngK*-^eaJang non-denorrtnatlonal. n:15 am Hoy Eucharist vrith Children’s Sonday evening 1B30, pastor Roy Mfer- 
Evangallcal Sunday Service 10:00 1 0:30 Chapel aMinSAIdher Suidays: 1 1:15 TeL (04 93) 32 05 0& 

a.m. & 1130 am/ Kids Welcome. De IWUeraStrasseiaCH4056 Basel amHdy Eucharist and SuxtaySchod. 

,n, °' ZURICH-SWITZERLAND 563 Chaussde de Louvain. Ohain. PRAGUE 

020-641 8812 or 020-6451 653. 


am Holy Eucharist and Sinday SchocL 
563 Chauss4e de Louvain. Ohain. 
Belgian Tel 32S 3&KB5& 


FRANCE/TOULOUSE WIESBADEN 

(E^L5 E a^ , ^ A p^” U &Sd “5n&molm! ^& P heWin 0 th2 THE CHURCH OF ST. AUGUSTINE 

oyptofStAntonOuch. OF CANTERBURY. Sun. 10 a.m. 


PRAGUE 

LB. FELLOWSHIP. Vlnohradska # 68. 
Prague a Sun. 1 ina Tel: P2) 31 T 7974. 

WATERLOO 


Noble Hotel, 90 av. de Comebarrieu, 
Btayrac. TeL 05 62 74 1 1 55. 

FRENCH RMERA/COTE D'AZUR 

NICE: Holy Trinity (Anglican), 11 rue 
Buffa, Sm. 1 1; VENC& St Hugh'S, 22, av. 
Resistance. 9 am. Tet 33 M 93 87 19 83. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Angfictm) 

PARIS and 5UBURB5 


THE AMERICAN CATHEDRAL OF THE 1 vwiwtmiwn j 

MONTE CARLO HOLY TRNTY, Sun. 9 & 11. am, 10:45 

MONACO CHRISTIAN FELLOWSHIP BERLIN 

Worship Senrice Sunday: Ham. £ VBr1g ^g. G^fv! BERLIN. Rothenburg Sir. 13. 

M0TltB Cari0 ' Pflris 75008. TbL: 33-07 53 23 84 00. (Steglrtz). Sunday, BOAb study 10.45. 
Tel: 377 sz 16 56 47. Mere: George V orAlmaMarcsau. worship Service 12.00 noon. Charies 


Tel: 37792 165647 


OF CANTERBURY, Sun. 10 a.m. _ - , 

Family Eucharist Franldurter Sbarae 3, 

lAflacharfait Pamtsnu Tnl ■ SUn. 19.00 St SWOCVSTl CfHJTCn, SCfOSS 

«wf5a66.74. from MadDooakfe, Tel: (02)353 1585. 

ZURICH - SWITZERLAND 

_ K1 I.B.C of Zflrtch. Ghetetrasse 31 . 8803 

BAPTIST CONVENTION RuschlBton. Worship Services Sunday 

mornings 1030 Tel: 1-4810018. 

BERLIN , 

I.B.C., BERLIN. Rothenburg Str. 13. ASSOC OF INTL 

(Steglrtz). Sunday, BflriB study 10.45, CHURCHES 


people and wounded 160 from July to 
October 1995, has concentrated on Al- 
gerian Islamic militants, who had 
threatened France for supporting Al- 
geria's military-backed government 

Mr. Bensaid has already been placed 
under formal investigation in connec- 
tion with bombings in Paris and Lyon in 
August and October 1995 that wounded 
more than 30 people. 

According to coart officials, Mr. 
Bensaid was arrested in a telephone 
booth shortly after instructing militants 
to place a bomb in a market in the 
northern city of Lille. Investigators had 
tapped the phone line. 

The case against the Algerian is based 
on accounts from other suspected mil- 
itants placed under formal investigation 
for fee 1995 wave of bombings, the 
officials said. 

Mr. Bensaid, known as "Mehdi," 
came to France in April 1995 on a 
student visa. 

He is also warned by the authorities in 
Algeria in connection with a number of 
car bombings. 


Europe 


Ghunnel Traffic Rises 

PARIS (AFP) — Tourist shuttie 
traffic in the Channel tunnel linking 
France and Britain rose by 1 1 percent in 
June from a month earlier, with 180,730 
vehicles making the 30-minute trip. 
Eurotunnel said Friday. 

Compared wife June 1996, however, 
traffic was down 1.6 percenL 

Since the beginning of the year, 
833,057 cars and 23,718 buses have 
used the shuttle service, which resumed 
operations on Dec. 10 after a fire in the 
tunnel in November. 

A heatwave in southeast Turkey 
has led to fee deaths of 27 people in 
accidents, the Anatolian News Agency 
said Friday. It said 18 drowned as peo- 
ple sought relief from high temperatures 
in rivers and lakes, and nine more fell 
off roofs in their sleep. (Reuters) 

A Renaissance palace in Rome 
where fountains once gushed with wine 


WEATHER 


Forecast for Sunday through Tuesday, as provided by AccuWeather. 


at fee banquets of a pope will reopen in 
December after 13 years of restoration. :• 

Culture Minister Walter Veltroni said 
that fee Altemps. Palace, used by Pope 
Sixtus IV for entertaining, would re- 
open on Dec. 16. - (AP) ■ — j, 

Singapore’s Changi Airport is of- 
fering cash and free travel to tire best . 
passenger ideas for a planned new ter- 
minal. The top prize is 10,000 Singa- 
pore dollars ($7,150) and a free round- 
trip ticket to anywhere Singapore Air- w ~ 
lines flies. (AP) * * 

Hong Kong expects more than 12 ’ 
million tourists this year, officials said 
Friday. They are expected to spend 
$12.27 billion, which would keep the- 
menopolis East Asia’s top tourist des^ : 
tination. (Reuters) 

Manila has banned the use of cel- 
luiar phones on the road, saying feat 
too many motorists have their minas on 
dialing instead of driving. .. (AP) ; 


PARIS and SUBURBS 


FLORENCE 


EMMANUEL BAPitSr CHURCH - 56, ST. JAMES' CHURCH. Sun. 9 am Rte I 
cue des Bons-Raisins. 92500 Rueil- tti p&rII Ufa Rnnwrin nnhi a 


(Steglrtz). Sunday, SMb study 10.45, 
worship Service 12.00 noon. Charles 
Warford. pastor. TeL 030-774-4670. 

BREMEN 

LB.CX, Hohertohestr. Hermam-Bose-Str. 


Algous 

Amsmdam 

Ankara 

Atfwns 

Borcoiona 

Belgrade 


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AMERICAN CHURCH Bi BERLIN, cor. 


21/70 13/56 > 
16/51 046 r 


21*70 72/53 pc 
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aon f - Maian6 ' “O & 11 am Rte II. Wa Bemado Rucetei 9. vvorshin Sun 17-00 Pastor teteohona : dOsyAfe** Pttsdamer Sr.. S3. a30 

vKi^lvroCoffee ^ ^^ Fbren » tei y- Tflt:3ass2S4 4i7. cSreeS. ' teH ** K)na - ajn.Worertpn am. Tel:03CV8 132021. 


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Copahhogm iS/54 73/55 r 2170 12/53 pc 

Costa W Sol WTO 16/01 9 26/82 217001 

Di**n 16/64 12-53 pc 1W66 7/44*. 

Edrtugn 16/64 12/53 c 18/M 1 12C2 C 

rkmoco 28/79 1«/S7 pc 24/75 I2/SJC 

Frankfurt 21.70 13/55 1 2170 11*52 pc 

Geneve 16/61 &46 1 21/70 12/53 pc 


0421-78 84ft 

into call 01 47 5 1 29 63 or check: FRANKFURT BUCHAREST 

hBp-y/wvvw^eocees OTrVF^rts/MeOo'l 352. CHUHC H OF CHRIST THE KING Busu ZL S00 pjn. 

HOPE INTERNATIONAL CHURCH (Episcopal/ Anglican) Sun. Holy Ortact Pastor #Ae Kemper, Tel 312388a 
Hotel Orion at Paris-la-Odfenss. 8 bd. de Comnunlon 9 &11 am. Sunday School BUDAPEST 

meets at Modes Zsigmond 

la Defense Esplanade. 3 M*JetA>aa Tat 4069^01184! amra^im^T^^esz ul 43-S4. Sun. 

SAINT JOSEPH'S CHURCH (Roman GENEVA BULGARIA 


FRANKFURT 


INTERNATIONAL CHURCH (Episcopal/ Anglican) Sun. Holy Cortact Paste WraKemper.TeL 312388a 

rion at Parts4a-0«ense. 8bd.de Conmunlon9an am Sunday School BUDAPEST TSoS»raiOffiw5l^^ 





Today - Tiunwiua - 

Mgh LowW High LowW 
OF CIF Off OF- 
4*iwy 96/07 IBM pc 33181 10B+* 

Bn* 31/88 IBM a 31/88 IBWi 

Brnytm* 32/09 24/75 a 32/89 25/77 pc 

Ba*ng 34/V3 2475* 33W1 3373 • 

Bon*ay 2S/B4 29/T7 r 29/84 2fV77c 

Calcutta 11/88 2S/77 ah 31/88 28/7# r 

CNangMai 328S 2373c. 33«1 237aj». 

Cdombo 3086 2577 pc 3CHM 24/75 pc 

HWI 32/B9 26/70 □ 3TA8 27«Opc 

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Hang Kong 3tf86 2577c 20/04 2877 pc 

hrimead 44rt1i 27780 a 43 / 1 OB 26/70 1 - 

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Karachi 34/03 2B/79 * 33W1 23SK)po 

K. Lunpur JVB8 2373 r 32/88 2S7S«fe : 

K. IQneiNhi 3VB8 2170 r 29«4 22/71 po_ 


SAINT JOSEPH'S CHURCH (Roman 
CahofcL MASS W BGJSH SSL 630 pm; 


BULGARIA 


EV. LUTHERAN CHURCH 20 rua 
VenJaine. Sunday wersh^ 93a In German 


Horanco 

Frankfurt 

Geneva 

l-Msaitd 

Itunbul 

K*tr» 

Las Paknoa 

Uabon 

London 

Madrd 

Udorca 


19/64 I2-S3pc 18*66 7/44*. 
19*64 12,53 c 18*64 1 1/62 c 


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IAU 


2679 15/59 pc 2674 16/61 sh 
33/91 2271 s 3391 2271 pc 
28/82 19/68 pc 26,® 18/64 r 
2U71 17 62 s 2679 21.-70 9 


Jotmsom KXVH tV^^I anra. Karachi 

North America Europe Asia IcraSbli 

A strong storm in Quebec Tunwig cooler In Eastern Warm and hum/d In Tokyo •*»* 
win cause soaking rains m Europe Sunday through and most ot Japan with 


3086 2577 pc 30/86 2475 pc 
32/69 2670 o 3UU 27«0pc 


EtIMANUEL CtAIRCH, 1st 8 3rd Sua LBXL, WdrU Trade Center, 36, Drahan 11 DO In Engish. Tet (022) 3105089. 


Sun 9-45 11-00 a.m 12-15 6-30 n m “iiwmuu. wwnui, isa sun. s*nwr, oo, 

» S^£1 ; JS^ 11 - :00 - Janie8 

01 42272855 Metro: Charies deQaAe- a*. pSl^^r 


JERUSALEM 


2679 1114 1 
7 » 6 C 1 1 /S 2 e 
26*82 12/53 9 
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23,73 14*57 1 
28/62 17.-62 c 
19*66 12/53 r 
2271 13/58 a 


27/80 IVS 6 U 1 
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37/88 15/50 pe 
2170 17*02 pc 
2*75 14*57 pc 
27*60 19436 pc 
10*84 9-48 c 
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RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprogrammed (silent) 
meeting (or worship. Sundays 11 am 
Cense Quaker International. Entrance: 
114 bis, rue de Vaugirard, 75006 
Paris. All Welcome. Information: 
*33 01 45 48 74 23. 


MUNICH 


rang lor worship. Sundays 1 1 ajn. THE CHURCH OF THE ASCENSION, ri ' t« mirmrtad 

isb Quaker International. Entrance: Sun. 1 1:45 a.m. Holy Eucharist and 

> bis, me de Vaugirard. 75006 Sunday School. Nuraery Care prated. ?SS a y.. M R? h . l P:. Nur .?.?7 s . g - 


rmracuKi LUTHERAN ClftJRCH tit the Redeemer, 

INTERNATIONAL CHRISTIAN FEL- Ott Cly, Muristan Rd. Englsh woretlip Sun 
LOWSHR*, Ev.-FreMnchfiche GemeindB, 9 am AJare wefcomaTaL (02) Qffil-049. 


2170 12-83 r 
12-53 7/44 ah 


20*68 10/60 c 
8/46 3*97 c 


ST. PAUL INTStNAHONAL LUTHERAN ST. PAUL'S WTTHB+-THE-WALLS, Sun. 6:00 P m TeL 06B649559. 


PaSkX AMERICAN CHURCH IN PARIS. 
y.TaL49B96401 65 cayPax:0ei73 ^^ S - Vitorshfr 1 MX? a.m. 65. Octal tfOreay, 

dame BETHEL I.B.C. Am Dachsberg 92 Parts 7. Bus 63 at door. Metro Alma- 

KWinE (EngSsh), worship Site.- i MX) am and MaraeEU or kwaMdes. 


Moscow 28*62 17.-62 c 27*60 1*« pc 

Munich 19/66 12/53 r 18*84 9-48 C 

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HJffi 2577 15/58 pc 2577 16*1 ah 

Rsnra 2679 14*7 pc 2*75 13*58 pc 

St Pstanbrag 2*77 1 W 81 c 2475 108* * 

SKKMnhn 2475 18*81 pe 2373 13/55 pc 

Sosrtxxou 2 U70 12*3 ah 1W66 1 1/52 c 

T«Son 27*0 18*1 pc 25-77 17/02 ih 

TMW 2373 1064 r 2879 IB/64 « 

Voiko 2475 17.621 2373 14*57 c. 

Vwmi 2*75 11/52 c 21/70 11.52 pc 

Wnm 2679 14*7 r 2373 11*52 pc 

Zurich 17-62 12/53 r 17*62 11/52 e 


saaiom Canada Sunday Tuesday, white drenching some sun and a thunder- 5U2? P “' h S2!f 
and Monday: southern rains will move from the sroim or two. but Kyushu nmum azSs sSttb 

Quebec win nave thunder- Balkans Into western Rus- will have naavy rains. Hoi Samd 2V7S iwaa r 

storms. Humid In the sia. Mainly dry and pleae- and diy with blazing sun In Shanghai 29/8* 27/60 f 

Southeast with thunder- ant with soma sunshine Beijing and across ell of Shware ai/ea asm r 

Etorms. Hot. dry weather across mosi at England, northern and western fM** 31/68 24/75 r 

will spill from the South- France and Germany. China. Humid in Hono Ti*y SS** 

west inn me oantral Plains Mostly cloudy with ram. Kona with e shower or two” vtanB ** # 3389 24/79 6 

K Tuesday. N.ee in the heavy at times . across Rain will persist In south- ■■ ■ ■ 

rthwest. northern Scandinavia. central Ctvna. Africa 


SUM 32/rt ah 31/68 23/75 pe 
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2475 10*81 p« 2373 13/55 pc 
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North America 


26/79 18/64 « 
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UP OF CJF OT C*F CJ*F 

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26/7B 1601 6 24/75 19/fli pc [ Nanai 33/91 23/73 s 

;yn I3*66 a 2476 l«7 9h I Now York 27*80 1804 s 


SUwayS&TeL 36000047. Services: NapoS S& 001B4 Rorr 
Suiday - R30 A 11:00 ortL. SS at R49 am 3338 or 39E 874 356a 


.Holy Eucharist nel; 1030 am 
Eucharist Rite II; 10:30 a.m. 


HOLLAND 


CHURCH, near Sdabashl Stn TeL 3261- 830am. Holy Eucharist Rttel; 1030 arti. HOLLAND 

374tt WoreHp Service: 930 am Suidavs. Choral Eucharist Rite II; 10:30 a.m. INTER NAT I 

^ Church School tarchktan&Nursey care trrity ntefnadonal invites you to CHURCH E- 

TOKYO UMON CHURCH, near Omawsando prowled; i p.ro. Spanidi Eucharist Via a Christ centered lelowship. Services: service. Sui 


Middle East 


INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School & Nursery. 


TeL 396 4aa 930 and 1030 am. Gtoemcamptaan 54, Sundays 1 130 am. Scharcangasse 2a 
Wassenaar 07M17-a034 nursery prov. TeL- (01)2625925. 


Mxi Dhabi 

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JeruiaMin 


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Danwr 2W»* 13*58 I 

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INTERNATIONAL HERALD TRIBUNE, S ATUR DAV-S ITN'DAY. JULY 5-6, 1997 


PAGE 3 



t Annuls 
Mayor 

on annulled on 
’nday a judicial 
allegations that 
■rfParis, Jean 
fe diegaUy re . 
Liblic funds, 
ion by the may- 
int ruled that an 
s crate had used 
: in seizing a re- 
- Tiberi's wife 
by a local au- 

•ch of their Paris 

ccted to Parlia- 
as placed under 
jar overthe pav- 
rancs ($35,000) 
Essonne district 
e for a 36-page 

s for economic 
one and French- 
t Reuters i 

feated 
f Lords 

be Labour gov- 
ed its first par- 
rith a defeat in 
s over dates for 
ns in Scotland 

ipper chamber. 
3r Conservative 
>osition parr)- a 
voted by 101 to 
iht against gov- 
hold the refer- 
5 days. 

d instead for a 
ndment calling 
dums to be held 
f AP, 

lot Chief 
Ankara 

Rauf Denktash. 
•t leader, arrived 
ks with Turkish 
UN -sponsored 
ypriot president, 
text week, 
nd Mr. Clerides 
jtaie New York 
hrough Friday in 
ision of Cyprus, 
id Thursday that 
■ attend the talks 
g this week to 
t Reuters i 


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tope will reopen in 
?ars of restoration, 
liter Velironi sajJ 
ace, used by Pope 
linin g, would re- 
f A? ' 

agi Airport is of- 
» travel to the best 
l planned new ter- 
i is 10.000 Sinaa 
i and a free round- 
rre Singapore Atr- 
iAP> 

cts more than 12 
year, officials said 
xpected to spend 
h would keep the 
fs top tourist des- 
f Reuters i 

ed the use of ctrl- 
• road, saying that 
ave their minds on 
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On Eye of Elections, Mexico’s Debtors Say the Economy Is Still in Crisis 


By Sam Dillon 

Artu- York Times Service 


*4 


CUERNAVACA, Mexico — Teresa 
Lasso, who owns a beauty parlor and is 
married to a veterinarian, intends to vote 
for a leftist candidate when Mexico 
elec ts a new Congress on Sunday. To 
explain why, she grabs a pencil ro 
scribble the disturbing arithmetic of 
their $79,000 bank loan. 

When Mrs. Lasso and her husband. 
Guillermo, took out their variable-rate 
loan in pesos six years ago to build a 
house, they and Mexico were prosper- 
ing. For four years, they made payments 
that were equivalent to about $660 a 
month. 


But after President Ernesto Zedillo's 
government devalued the peso in 1994, 
interest rates soared and Mr. Lasso’s 
veterinaiy practice collapsed. “People 
were just letting their dogs and cats 
die,” Mr. Lasso said. 

Today, the loan paymenis have com- 
pletely " overwhelmed the couple's 
monthly income. Their combined earn- 
ings are the equivalent of about $1 ,250 2 
month, but the payments on their loan 
— if they were making them — would 
amount to more than $2,125. They owe 
the bank $1 13.000. 

“We think the economy is in crisis," 
Mrs. Lasso said, setting down her pen- 
cil. “President Zedillo says no, but 
nobody can pay their debts. * 


By Richard L. Berke 

Neve York Times Service 


CHICAGO — As President Bill Clin- 
ton addressed a rally at Daley Plaza here 
days before his re-election last Novem- 
ber, a senior White House aide groused 
privately that the president bad no 
choice but to share the stage with Sen- 
ator Carol Moseley-Braun, once the 
pride of die Democratic Party and now 
one of its bigger embarrassments. 

Ms. Moseley-Braun was an electoral 
sensation in 1992 when she catapulted 
from obscurity as the Cook County re- 
corder of deeds to became the first black 
woman elected to the U.S. Senate. 

.But her tenure as Illinois' senior sen- 
ator has been marred by a rash of mis- 
eries and episodes of questionable judg- 
ment, from disclosures about her 
financial practices and her private life to 
her secret visit to Nigeria last summer to 
meet with the country’s brutal dictator 
— just in time to draw negative pub- 
licity as her party was about to assemble 
for its national convention in this city. 

Now, Ms. Moseley-Braun, a 49-year- 
old lawyer, is viewed as perhaps the 


POLITICAL 


Spotlight Changes 
In Funding Inquiry 

WASHINGTON — The Los 
Angeles businesswoman whose 
$250,000 in contributions to the 
Democratic National Committee 
helped trigger inquiries into pos- 
sible influence-buying by the 
Chinese government told Senate 
investigators that she also donated 
$50,000 to theNationa] .Policy For- 
urn, a conservative research orga- 
-nization under fire for serving as a 
' Republican Party front 

Jessica Hlnitiarta's gift to the Re- 
publican-connected group came 
just days before the House speaker. 
•.Newt Gingrich, met with her father, 
jed Sioeog, an Indonesian busi- 
nessman, at a gathering of Asian- 
American business leaders in 
Beverly Hills, California. A Re- 
publican consultant has confirmed 
that he solicited the donation after a 
Gingrich adviser urged him to raise 
money for the research organiza- 
tion. 

- -Meanwhile, Haley Barbour, the 
former bead of the Republican Na- 
tional Committee, acknowledged 
that the National Policy Forum ac- 
cepted $25,000 last year from a 
nonprofit foundation based in 
Taiwan. - (LAT) 

Quote /Unquote 

■- The administrator of foe Nation- 
al Aeronautics and Space Admin- 
istration, Dan Goldin, on the mis- 
sion of the Pathfinder spacecraft to 
Mars: *T think it’s very, very ap- 
propriate that we celebrate the 
American Independence Day with 
a sign of bold science and a state- 
ment that America still is an ex- 
ploring society seeking to make life 
better for our children.” (AP) 


Like ihe Lassos, millions of Mex- 
icans are preparing to vole against the 
governing institutional Revolutionary 
Party, or PRI, perhaps more than at any 
time since the party was formed in 1 929. 
They cite many motives, among them a 
simple desire for new leadership after 
decades of single-party rule. But ihe 
biggest reason is that they continue to 
nurse wounds from an economic crisis 
foe government insists has long since 
passed. 

Before ihe crisis began two and a half 
years ago. the Mexican peso was worth 
about 29 American cents. In the course 
of a year, the peso's value eroded to 
about 13 cents, taking with it the savings 
of millions of families. Prices on basic 


items like electricity, gasoline and even 
tortillas surged. About a million people 
lost their jobs, bringing the number of- 
ficially out of work to about 2 million. 
Unofficial estimates put the figure at 
three times that. The economy contrac- 
ted by 6.2 percent in 1995. 

Partly with the help of a $ 1 2.5 billion 
bailout loan from the United States, the 
Zedillo government has succeeded in 
nursing the economy’s figures back into 
recovery. But the Institutional Revo- 
lutionary Party is still in trouble be- 
cause. despite an economy that expan- 
ded by 5.1 percent last year, falling 
official unemployment and inflation, 
and a rising stock market, many Mex- 
icans do not yet feel the recovery. 


“Our challenge is to convince the 
people that the economy is as good as 
the numbers say." said a senior adviser 
to Mr. Zedillo. 

Up for grabs on July 6 are all 500 seats 
in the Chamber of Deputies, 32 Senate 
seats, six state governorships, and for 
the first time, the mayor’s office in 
Mexico City. The mayor has previously 
been appointed by die president Sup- 
port for the PRI has eroded more com- 
pletely in Mexico City than anywhere 
else, so the dominance of the mayoral 
race by Cuauhtemoc Cardenas Solorz- 
ano, of the leftist Party of the Demo- 
cratic Revolution, or PRD, was not 
totally unexpected. 

But the PR] has run into trouble in 


Democrats Circle Wagons 
For a Problem Candidate 


most endangered senator running for re- 
election next year; so much so that the 
Senate Republican majority leader, 
Trent Lott, summoned Illinois’ popular 
governor, Jim Edgar, to Washington last 
week to entice him to challenge her. 

Days earlier. The Chicago Tribune 
had published a poll that found that 
among people who usually vote, only a 
third wanted Ms. Moseley-Braun re- 
elected. The survey said her support 
among white suburban women, who 
were crucial to her election, had hem- 
orrhaged. And her favorable rating was 
37 percent, compared with 64 percent 
for Mr. Edgar. 

Yet for all of her vulnerability. 
Democrats from here to Washington 
have acted early to embrace Ms. Mose- 
ley-Braun and discourage Democrats 
from challenging her. 

In a move that has scared off rivals. 
Mayor Richard Daley of Chicago be- 
stowed an early endorsement on Ms. 
Moseley-Braun. And Mr. Clinton, re- 
turning last week fra- a fund-raising 
event that helped her erase a four-year- 
old campaign debt, declared that “she 
deserves your support ’ ’ 

The turnabout among Democrats re- 
flects the politics of race rather than the 
accomplishments of Ms. Moseley- 
Braun. Many Democrats said they 
would be wary of the backlash if they 
took cm the only black woman senator, 
particularly since Illin ois has no other 
highly visible black politicians. 

Several Democrats also said they had 
no appetite to reopen the racial tensions 
of a decade ago, when a black mayor, 
Harold Washington, was elected in 
Chicago over two white challengers and 
the politics of race upended die city's 
once-monolithic Democratic machin e 

Some said they were acting out of self 
interest; if black voters were alienated, 
they might not turn out for other Demo- 
cratic candidates. 

Hie decision to close Tanks around 
Ms. Moseley-Braun so early also re- 
flects the Democratic Party’s problems 
in recruiting appealing candidates: the 
Illinois Democratic Party has been little 
more than a shell since many of the 
state’s most promising Democratic 
elected officials were wiped out in the 
1994 elections. 

Moreover, several Democrats said 
that finding a more formidable can- 
didate was not worth the upheaval it 
would cause the state party. 

“There’s this aura of having messed 
up,’’ said Dawn Clark Netsch, an 
Illinois Democrat who once introduced 
Ms. Moseley-Braun in the 1992 cam- 
paign as “a national heroine." 

“All of these distractions have 
clearly crippled her effectiveness,” she 
said. “The way you bear it expressed 
most often is that ‘She messes up her 
personal life’ and 'If she’d just get her 
act together.’ What substance she’s 
been involved with she has a hard time 
getting out because the rest of it over- 
whelms.” 

In an interview, Ms. Moseley-Braun 
was lively and composed, and dis- 
missed her missteps with laughter. ‘ ‘For 
every blessing you get,” she said, “the 
devil’s going to try to take it away.” 

Ms. Moseley-Braun acknowledged 
that she has had difficulty making the 
switch to a national stage, and she still 
appears surprised that U.S. senators are 
held to higher expectations than ordin- • 
ary citizens. 



Alden MJca/Thc AMOBdPlW 


A PRE-FOURTH DISPLAY — Fireworks exploding in the night sky in Burlington, Vermont; during 
celebrations for Independence Day on the shore of Lake Champlain on the eve of the Fourth of July. 


many parts of Mexico where it has pre- 
viously faced little competition, includ- 
ing Cuernavaca. A city of 320,000 res- 
idents an hour’s drive south of Mexico 
City, Cuernavaca has never in modem 
times elected an opposition congress- 
man. But this year, voters have grown 
ornery, and the candidates from the 
PRD and from the conservative Na- 
tional Action Party, or PAN, both have a 
chance to wrest Cuernavaca's congres- 
sional seat from the PRI. 

Under Mexico’s seal -allotment sys- 
tem for the Chamber, 300 deputies are 
elected directly from districts while 200 
others are distributed to parties accord- 
ing to their percentage of the national 
vote. A party must win at least 167 seats 
directly and earn more than 42 percent 
of the vote to gain a majority; polls 
suggest that no party will. 

In a national survey published Friday 
by the newspaper Reforms, 37 percent 
of those polled preferred the PRI, 30 
percent preferred PAN and 26 percent 
the PRD. 

I .arking the votes to impose their 
will, foe PRI and Mr. Zedillo would 
have to negotiate the national budget, 
and opposition lawmakers for the first 
time could set up committees with the 
power to investigate corruption. 

The Lassos’s gripe is mat foe gov- 
ernment works to tail out the tankers 
while doing little to help small-time 
debtors, and thousands of other Mex- 
icans agree. A debtors’ group that has 
joined forces with the PRD asserts that it 
has 600,000 members and estimates that 
about 12 million other Mexicans are up 
to their ears in debt. 

Some PRI stalwarts remain, like Al- 
fredo Castaneda, the governing party's 
representative in Tetela del Monte, a 
working class Cuernavaca community 
that sprawls across a rocky hillside. 

Mr. Castaneda’s role has - been ro 
channel public works to Tetela, and to 
deliver neighbors’ votes to the PRI in 
exchange for the right to hand out pat- 
ronage jobs. But since the PRI lost 
Cuernavaca’s City Hall to the oppo- 
sition in March, he no longer has jobs to 
give. So prospects for foe July 6 bal- 
loting are uncertain, he said. 

“Before, we could tell people who to 
vote for,” Mr. Castaneda said “But now 
people vote for whoever they want.” 


Away From Politics 

• A jury ordered a lawyer in San 

Antonio, Texas, to pay $ 1 .6 million to a 
former client for having an affair with 
the man’s wife. The lawyer, Stephen 
Boyd engaged in deceptive practices, 
unconscionable actions and fraud in his 
dealings with John Kahlig, the jury de- 
cided unanimously. The jurors even 
awarded Mr. Kahlig $500,000 more 
than he was seeking. (AP) 

• A sightseeing plane canying passen- 

gers from a cruise ship crashed in a 
southeast Alaska bay moments after the 
pilot reported a fuel problem. Two 
people were killed and two were miss- 
ing. Aboard the plane were four Mid- 
west residents traveling together on the 
Star Princess cruise ship, said Dean 
Brown, president of Princess Tours. The 
ship had docked in Skagway, north of 
Juneau. (AP) 

.•Thousands of people in Alton, 
Illinois, cheered when a fireworks 
barge lit up during a Fourth of July 
display, unaware the glow was from a 
misfired shell that blew up the remain- 
ing fireworks, killing one man. Two 
other workers were missing. (AP) 

• A car belonging to the former as- 

tronaut Brewster Shaw was pulled 
from Town Lake in Austin, Texas, with 
the bodies of two men in the trunk, and 
the police said one of the victims was the 
astronaut’s son. No evidence emerged 
to show that Brandon Shaw, 20. and foe 
other victim, a 25-year-old city em- 
ployee, knew each other, and the police 
said they were probably the victims of 
separate carjackings. (AP) 

• A minivan swerved across a median 
on Interstate 95 in Emporia, Virginia, 
slammed into three vehicles and rolled 
over at least twice, killing all six people 
inside. Two people in other vehicles 
were also killed. The accident shut 
down the East Coast’s major artery for 
five hours Thursday, trapping thou- 
sands of holiday travelers in a gridlock 
that stretched for nearly 30 miles (50 
kilometers) in 95-degree heat. (AP) 



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PAGE 4 


BSTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 5-6, 1997 


Registration of Illegals 
Begins in Hong Kong 

Children With a Local Parent Can Stay 


The Associated Press 

HONG KONG — About 700 people 
lined np Friday to take advantage of an 
offer by the government, which said that 
children who had arrived illegally from 
China could stay if they had at least one 
Hong Kong parent 

Family members began lining up at 
the I mmi gration Building at 5 A.M. to 
register and claim the right to stay..Some 
had smuggled children across the border, 
while others had overstayed their visas. 

Although Hong Kong returned to 
Chinese sovereignty on Tuesday after 156 
years of British rule, mainland Chinese 
s till need special permission to live here. 

A new law gives children with at least 
one Hong Kong parent the right to live in 
the territory, out they must wait their 
turn to enter under a quota of ISO people 
a day from China. 

Before taking office as chief executive, 
Tung Chee-hwa had vowed to deport all 
illegal immigrants. But Mak Kwai-yun, 
assistant director of immigration, said 
Thursday that illegal children could stay 
if they could prove their eligibility. 

The new stance sparked fears of a 
flood of illegal immigrants. Officials 
estimate there are 35,000 to 130,000 
children in China with at least one Hong 

Kong parent. 

Leung Ping-kwan, the Immigration 
Department's principal officer for in- 
vestigation, refused Friday to call the 
new policy an amnesty. He also declined 
to reply to criticism that it will attract 
new illegal immigration. 

“The illegals will be repatriated as 
soon as possible and the overstayers will 
be prosecuted and repatriated as soon as 
possible if they cannot produce proof' 
of eligibility to stay, he said. 

Of the 700 people who registered Fri- 


day, Mr. I^nng said 19 were found to be 
ineligible to stay and were sent back. 
Thirty-seven others were found to have 
overstayed their visas and faced fines 
and forced return, he said. 

Felix Tsui, an Immigration Department 
spokesman, said checkpoints cm both 
sides of the border had been tightened to 
guard against an influx of children. 

In another development, the com- 
mander of the Chinese garrison promised 
the territory's new leader that his soldiers 
would abide by Hong Kong laws. 

A government statement said Major 
General Liu Zhenwu made the pledge 
when he and other senior military of- 
ficials paid a call on Mr. Tung. 

Mr. Tung told the general that Hong 
Kong was fortunate to have soldiers of 
the Chinese People’s Liberation Army 
stationed in the territory, the statement 
said. A total of 4,000 Chinese troops 
rolled into Hong Konj> on July 1. 

The posting of Chinese soldiers had 
been one of the most sensitive issues 
during the transfer of sovereignty. 

Many Hong Kong residents fear the 
Chinese Army because of its assault on 
unarmed demonstrators near Beijing’s 
T iananme n Square in 1989. 

■ Tung Toasts U.S. Independence 

Mr. Tung and U.S. Consul-General 
Richard Boucher joked and toasted 
American Independence Day on Friday 
at a reception packed with business lead- 
ers, Reuters reported. 

With .the American and Chinese flags 
side by side, Mr. Boncher said Mr. Tung 
was “a mar in whom we have great hope 
and confidence.’’ 

Mr. Tung has lived and worked in .the 
United States. His three children were 
bom there and have U.S. passports. 



Swiss Freezing Accounts | 
Of 4 Argentine Officers | 
Linked to Killings in 70s 

AmantinA Ci 


By Marlise Simons 

iVm- York Times Service 


m TlrAmtnnlhm 

SLIDE — A section of a cemetery was swept away Friday in a landslide m 
Hong Kong’s Shatin district Torrential rains were responsible for traffic 
chaos and numerous other mudslides, in which one person was missing. 


“So, from now on, the United States 
and Hong Kong will celebrate s imilar 
anniversaries during the first week of 
July," Mr. Boucher said at the reception 
at his residence. As guest of honor, Mr. 
Tong returned the toast by saying that 


the United States “is a very important 
partner for Hong Kong, in terms of 
people, trade and culture.'’ 

He said his aim would be * ‘to enhance 
this relationship as we move into the21st 
century.’' 


Life Harder Under Ramos, Cleric Says 


Canpded fcr Our Snflf Fran Ddpaarka 

MANILA — The most influential 
clergyman in the Philippines sharply 
criticized the government of President 
Fidel Ramos on Friday and warned of 
dire consequences if the constitution 
were changed to allow him a second 
term. 

“I am sony to say that I have to revise 
my previously rather high estimation of 
the achievements of the present admin- 
istration.'’ Cardinal Jaime Sin said in a 
statement 

In his unusual outburst the cardinal 


contended that the five-year-old Ramos 
administration had failed to do any thing 
for most of the population, and he com- 
plained that corruption and incompe- 
tence suffused Asia’s only predomin- 
antly Roman Catholic country. 

* ‘Only a relatively small minority has 
benefited from the economic growth" 
under the Ramos adminis tration Car- 
dinal Sin said. “For most of our 
people," he added, life “has become 
even more difficult" 

In addition, he said, “Some of 
Ramos’s appointees to high positions. 


Number of AIDS Cases Jumps 

UN Reports an 18 Percent Global Rise in 12 Months 


Reuters 

GENEVA — Nearly 1.65 million 
people worldwide have been officially 
reported as having contracted AIDS 
since the start of the pandemic, an 
increase of 18 percent in die past year, 
the World Health Organization said 
Friday. 

But the UN agency estimated that 
the due cumulative number of AIDS 
victims in 16 years was closer to 8.4 
milli on at the end of 1996. 

The official figure of 1 .65 million is 
based on reports to die Geneva-based 
organization from the health minis- 
tries of its 191 member states. 

“As of 30 June, 1997, a cumulative 
total of 1,644,183 AIDS cases in 
adults and children had been reported 
to WHO since the onset of the pan- 
demic," the health organization said 
in a weekly bulletin. 


This 18-percent annual increase in 
AIDS cases at the end of last month 
compared with a 19-percent rise the 
previous year. ft was not clear whether 
the one-percentage point drop in 
AIDS cases worldwide was due to 
better prevention, new treatments or 
.delays by countries in reporting new 
cases to the health organization. 

At the end of 1996, tire World 
Health Organization estimated die 
□umber of people infected with the 
AIDS virus at 30 million and the num- 
ber to have died from AIDS at 6.4 
million. 

This past year, the United States 
report eel the largest number of AIDS 
cases — 581,429 — followed by 
Brazil with 103,262, Tanzania with 
82,174, Thailand with 59,782 and 
France with 45,395, according to of- 
ficials at the health organization. 


appointed in spite of much outcry and 
dire warnings from the public, have 
turned out to be disasters in terms of 
corruption, incompetence and partial- 
ity.” 

The Philippine economy has become 
one of the most dynamic in Asia under 
Mr. Ramos’s reform program. 

.But Cawlinal Sin said that even the 
basis for the economic take-off — a 
surge in manufacturing — has consis- 
tently declined as a share of gross dt> 
mestic product. 

Some of his sharpest words were 
aimed at those he accused of tampering 
with die constitution to allow the pres- 
ident to run for a second term. 

Written 10 years ago, after the dic- 
tator Ferdinand Marcos fled the country, 
the constitution limits a president to one 
six-year term. 

Mr. Ramos has repeatedly said he 
would step down at the end of his term, 
which expires June 30, 1998. But critics 
say he has allowed his supporters to 
push for a constitutional change. 

The Commission on Elections is due 
to decide next week whether to act on a 
petition to scrap the limit. The petition’ s 
organizers say they have collected 5.5 
million signatures. 

The Supreme Court has ruled twice 
that there is no law dial allows for 
people's initiatives for constitutional 
changes. 

“The proposed changes to the con- 
stitution are likely to harm the common 
good and the national interest." Car- 
dinal Sin said. 

He said that such changes would re- 
inforce the Philippine cultural weakness 
of making exceptions for personal rea- 
sons as well as making it much more 
difficult to implement national policies 
impartially, and should therefore be res- 
olutely opposed. (Reuters. AP) 


A Cambodian 
Leaves for France 
As Tensions Rise 

CanfHInl by Our Staff Fnm DapoL-hn 

PHNOM PENH — First Prime 
Minister Norodom Ranariddh left 
Friday on an unannounced trip to 
France amid rising political tension 
that has caused armed clashes be- 
tween factions in the coalition gov- 
ernment. 

In a statement before leaving for 
France, Prince Ranariddh played 
down his standoff with Second 
Prime Minister Hun Sen and urged 
his supporters to "not respond to 
violence with violence.” 

During his visit, which he called 
a vacation. Prince Ranariddh is ex- 
pected to seek foreign help to stave 
off a new civil war. 

Tensions between the prime min- 
isters have led to two gunbattles be- 
tween their partisans in the past two 
weeks. Part of the animosity is fueled 
by disputes overhow to handle peace 
negotiations with the remnants of the 
Khmer Rouge- 

On Thursday, Hun Sen loyalists 
stopped a convoy of officials from 
Prince Ranariddh's party at a high- 
way checkpoint. The officials and 
their security detail were forced to 
turn over their weapons. 

Prince Ranariddh issued a state- 
ment Friday claiming the check- 
point standoff was carried out by 
“uncontrolled elements'* and ex- 
pressed “satisfaction in cooperat- 
ing” with Mr. Hun Sen. 

But Khmer Rouge radio accused 
Mr. Hun Sen of preparing a coup 
d'etat. Independent military ana- 
lysts noted that his forces appeared 
to be consolidating their positions 
around the capital. (AFP, AP) 


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The Royd Yacht Britannia is a palace at sea, a ship 
unlike any other in the British Royal Navy. In the 
week following its departure from Hong Kong 


Harbour, BBC 
filmed during 


WATCH 6 JULY AT 
19:05 CET 


WORLD' 


BBC WMd g rt Bnhill Bwotfan*rg|Cc » | xaM >B« 


MADRID — Switzerland has agreed 
to freeze bank accounts and other assets 
of four Argentine military officers 
charged in Spain wife responsibility for 
the kidnapping and killing of Spanish 
nationals in Argentina during a cam- 
paign in fee 1970s against leftist in- 
surgents. 

The Swiss move came in response to a 
request from Spain, where a High Court 
judge is conducting a criminal inves- 
tigation into the torture, disappearance 
and murder of 320 Spanish citizens in 
Ar gentina 

The Spanish victims were among the 
thousands of civilians illegally detained 
and killed during Argentina’s military 
'rule between 1976 and 1983. • _ 

The Spanish investigation comrades 
with new efforts by world powers to 
insure that people held responsible for 
war crimes and crimes against humanity 
do not escape punishment. Special 
United Nations trib unals have been cre- 
ated to deal with such crimes committed 
in Rwanda and fee former Yugoslavia. 

No special conn was created for Ar- 
gentina, where some senior military 
commanders were tried in Buenos Aires 
but freed under an amnesty a few years 
later. 

The investigators in Spain who are 
examining fee killings in Argentina have 
so far charged 110 former and active 
military and police officers, including 
army commanders, intelligence chiefs 
and even doctors, who are said to have 
supervised torture sessions. 

Argentina has refused to cooperate.' 

Last October, the Spanish investiga- 
tors asked the Swiss authorities to search 
for secret bank accounts belonging to 
any of the HO accused. Assets dis- 
covered this way migh t be used to com- 
pensate relatives of victims, investiga- 
tors said. 

Baltasar Garzon, the Spanish judge in 
charge of fee case, said that Swiss au- 
thorities notified him on Thursday that 
they had found accounts and safe deposit 
boxes belonging to four Argentines on 
the list. At fee magistrate's request, the 
assets were frozen on Friday, he said. 

Judge Garzon said he could not dis- 
close fee names of fee four Argentines or 
fee value of their assets. “More accounts 
may still be found,’ ’ he said. 1 ‘The Swiss 
officials have searched 300 banks so far 
and there are another 300 or so banks to 
be checked.” 

Spanish officials said they were en- 
couraged by fee swift Swiss response. 

Judge Garzon said a separate search 
was going on in Switzerland for secret 
Argentine military files that may have 
been deposited in bank vaults there and 
could include information on fee fate of 
Spaniards and others. 

The judge said he had reports from fee 
Spanish police feat in 1983— the year in 
which Argentine military rale ended — 
military planes from Argentina carrying 
cases full of documents made at least 
two stopovers in Spain. 

On both occasions, according to the 
reports, the Argentines allowed the 
Spanish military intelligence agency, 
known as Cesid, to make microfilm cop- 
ies of files involving Spaniards. The 
cargo was taken to Switzerland and 
stored in vaults in Lugano, fee judge 
said. 

The Spanish intelligence agency has 
denied that any such events took place. 

In Spain, fee investigation has ap- 
parently already served as a precedent 
for pursuing crimes allegedly committed 
by fee Chilean military junta against 
Spanish citizens during fee 1970s. A 
separate inquiry into the Chilean events 
is now going on, and fee United States 
recently agreed to provide documents 
“to the extent permitted by law” to fee 
Spanish judge in charge of feat case. 


Charles Kuralt, ‘On the Road’ Newsman, Dies 


The Associated Press ' 

NEW YORK — Charles Kuralt, 62, a CBS 
newsman who chronicled fee offbeat and en- 
dearing as he traveled fee country's highways 
and byways for his “On fee Road” reports, died 
Friday-. 

Mr. Kuralt died at New York Hospital of 
complications from lupus, said Rich Diefen- 
bach, a spokesman for the network. He had been 
suffering from the progressive disease for some 
time. 

The veteran CBS broadcaster joined the net- 
work in 1957 as a writer after working as a 
reporter and columnist for the Charlotte News 
in North Carolina. He became a correspondent 
in 1959. and became host of “CBS News 
Sunday Morning” and his acclaimed “On fee 
Road Wife Charles Kuralt.” 

During his travels. Mr. Kuralt did pieces on a 
school for unicyclists, horse-trading and a gas 
station/poetry factory. He interviewed lumber- 
jacks, whi tilers and farmers. 

He retired from fee Sunday program three 
years ago, telling his audience, “1 aim to do 
some traveling and reading and writing.” 

“People really loved Charles Kuralt,” said 
Charles Osgood, who succeeded him as host of 
“Sunday Morning.” 

“He came across as a real human being,” 
Mr. Osgood continued. “He was kind and 
thoughtful, who was a little quirky but whose 
interest in people were the same as yours and 
mine or anybody else's would be. 

"He never put himself on some kind of plat- 
form or presented himself as some kind of 
authority. He was just a decent, beautiful man. - 
And all of us who worked wife him knew that 
and I think (he audience came to know it, too." 

Winner of the Peabody award as well as 10 
Emmys. Mr. Kuralt also wrote several books: 
“To the Top of the World," “Dateline Amer- 
ica,” “On fee Road with Charles Kuralt,” 
“Southerners," '‘North Carolina Is My 
Home” and “A Life on fee Road.” 

Mr. Kuralt did four tours in Vietnam cov- 
ering fee war and visited "all fee tropical trou- 
ble stops," he once said. In 1967, accompanied 


by a three-man camera crew, he began a threc- 
monfe trial run of “On the Road.” It im- 
mediately struck a nerve. Mr. Kuralt had found 
his niche. 

General F.W. von Mellenthin, 92, 
Intelligence Chief for Rommel 

JOHANNESBURG (AIT 1 ) — General 
Friedrich Wilhem von Mellenthin, 92, military 
intelligence chief for Field Marshal Erwin 
Rommel, has died here. 

General von Mellenthin, who died June 28, 
was appointed chief of staff of a 50,000-man 


corps led by Rommel during the battle for 
Alsace-Lorraine in 1945. He emigrated to South 
Africa wife his family in 1950. 

Maurizio ZiPferero, 67, who headed the 
effort to disarm Iraq's nuclear weapons pro- 
gram after fee Gulf War, died June 20 of cancer 
at his home in Rome. 

Johnny Copeland, 60. one of the foremost 
Texas blues singers and guitarists, died Thurs- 
day in a Manhattan hospital of complications 
during a surgical repair of a heart valve. 


The case against the ATS 601 ™* se- 
curity forces opened here m March 1996 
after several Spanish legal associations. 

filed a complaint. . . " 

Judge Garzon ruled that it was. apr : 
propriate for him to pursue the case 
because crimes against humanity can be 
tried anywhere and have no statute af. 

limitations. , , LL— - 

Argentina contends, however* mat 
Spain has no jurisdiction over events in 

Argentina and that the leadera of its 
security forces were tried m 1985 and- 
1986, imprisoned and finally pardoned : 
in 1989 by President Carlos Saul .Me-. : 
nem. 

But several Argentines have cooper-^ 
ated with fee Spanish investigators- j 
Judge Garzon said he and his invest- 
igative team bad heard from more than 
60 people so far, among them fonner,'.- 
militar y officers, diplomats, the chief • 
prosecutor of the Argentine mil i tar y • 
co mm anders in 1985 and Adolfo Perez- - 
Esquivel, a human rights advocate. 


BRIEFLY 


_- 2 _ 

-r-^. 


Japan Bans Photo 
In Beheading Case 

TOKYO — The Japanese gov- 
ernment ordered a publisher to 
withdraw magazines Friday that 
carried a photograph of the 14-year- 
old suspect in the beheading of a 

orhnfilhnv 

The Justice Ministry’s unusual 
order was issued two days after Fo- 
cus magazine, published by. Shin- 
cho-Sha, hit fee stands.. 

Last week, the police arrested the 
junior hi g h school student, whose 
name is being withheld, after he 
reportedly confessed to killing Jun 
Hase, 11, and leaving his severed 
head in front of a school gate. 

It is illegal in Japan for news 
organizations to identify juveniles 
charged with or convicted of a 
crime, and the local media usually 
honor police requests not to identify 
juvenile suspects. But there is no 
penalty for violators. (AP) 

Burma Rebuffs 
ASEAN Request 

BANGKOK — Burma’s military 
rulers have shrugged off a request 
by the Association .of Southeast 
Asian Nations that they hold talks 
wife fee opposition leader Daw 
Aung San Suu Kyi, Thai officials 
said Friday. 

The ASEAN request was con- 
veyed to leaders of the State Law 
and Order Restoration Council last 
month by the Malaysian foreign 
minister. Abdullah Badawi, when 
he visited Rangoon, a Thai official 
said. The Burmese council would 
not agree to fee talks. (Reuters) 

No Strategy Found 
On Aborigine Issue 

CANBERRA — A meeting of 
Australian government leaders and 
Aboriginal officials broke up Friday . 
without agreement on a united 
strategy to combat the unusually 
high number of Aborigines dying in 
jails and police cells. 

Native Australians represent less 
than 2 percent of fee country’s 18 
million people but account for more 
than 25 percent of deaths in custody, 
despite a five-year campaign to 
combat such deaths. ( Reuters ) 

Manila Reiterates 
Claim to Spratlys 

MANILA — The Philippines 
will continue removing foreign 
markers and structures built in areas 
it claims in fee South China Sea. 
Foreign Secretary Domingo Siazoh 
said Friday. 

Mr. Siazon was reacting to re- 
ports that China's Foreign Minis try 
had protested the recent removal of - 
Chinese markers by Philippine sol- 
diers on a Phil i p pine-claimed shoaT 
in fee Spratly Island group. He said- : 
Filipino soldiers would continue to- 
remove such markers if fee Chinese 
continued putting them in Philip-, 
pine-claimed territory. (AP) 


Turkish Extremists | Israel Warns It Will Shoot to Kill 

Face Death Penalty 


Agenec Frunce-Presse 

ANKARA — A Turkish state security 
prosecutor on Friday sought the death 
sentence for 38 Islamic fundamentalists 
charged wife setting a hotel fire in which 
37 leftist intellectuals burned to death 
four years ago, the Anatolian News 
Agency said. 

The incident, in the central town of 
Sivas on July 2. 1993, was the worst 
crime linked to fundamentalists in the 
history of modem Turkey. 

In 1994, a court trying 124 suspects 
sentenced 27 of them to 1 5 years in jail 
for murder and gave 1 1 of them lesser 
sentences. But an appeals court over- 
turned fee sentences in December and 
ordered a new trial, calling the 1993 
incident a “fundamentalist rebellion" 
that required more severe punishment. 

The trial resumed in April, and on 
Friday fee prosecutor asked thul fee 38 
fundamentalists be punished on fee more 
serious charge of “trying to forcefully 
change fee constitutional regime.” He 
requested capital punishment. 


Agent t Front c-Presse 

HEBRON. West Bank — Israel warned 
Friday fear it would shoot to kill in clashes 
with Palestinian stone-throwers in this di- 
vided West Bank town after Israeli troops 
opened fire, wounding 18 demonstrators. 

One young Palestinian was seriously 
wounded when he was hit in the head by a 
rubber-coated bullet,- and another was shot in 
fee leg by a real bullet, witnesses said. 

Palestinian protesters threw gasoline 
bombs and home-made explosives at Israeli 
troops guarding Jewish enclaves in Hebron 
but caused no injuries, witnesses said. 

The commander of Israeli forces in the 
West Bank, General Gabi Ofir. repealed 
warnings that sterner action would be taken 
to quell clashes in Hebron, where 220 Pal- 
estinians have been wounded in three weeks 
of violence. 

“Those who throw explosive devices to 
kill must understand that they will die. be- 
cause those are the shooting orders,” he said 
in a radio interview. 

Two Israeli soldiers were wounded, one 
seriously, by a pipe-bomb in Hebron on Tues- 
day. The general called on the Palestinian 
Authority to intervene lo restore calm. “If 
noi, lie said, the price could be heavy.” 


* * We have sufficient forces and endurance 
in Hebron to confront any disorder,*’ General 
Ofir added. 

Members of Yasser Arafat's Fatah move- 
ment tried to calm the situation Friday by 
pushing Palestinians back from settlers’ 
homes and army positions. 

Demonstrations also swept fee northern 
West Bank town of NabJus. Thousands of 
Palestinians marched in fee self-rule area 
Friday calling for revenge against Israel as 
anger mounted over a poster depicting Mo- 
hammed as a pig. A Jewish extremist. Tatiana ; 
oosskind, 25, is in Israeli police custody after 
admitting plastering Arab shops in Hebron 
with the offending poster a week ago. 

A Hamas leader m the West Bank, Sheikh 
JamaJ Mansur, made a speech inciting anti- 
Israeli revenge attacks by recalling the sui- 
cide bombings that left 58 Israelis dead 
after the assassination in January 1996 of a 

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INTERNATIONAL HERALD TRIBUNE. SATL RDA V-SL NDAV. JULY 5-6. 1997 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 5-6, 1997 


Cosmonauts Postpone 
Dangerous Spacewalk 

Delay Will Allow More Practice on Mir 


By David Hoffman 

Washington Post Service 


MOSCOW — Russian ground con- 
trollers on Friday ordered a week's delay 
in the dangerous spacewalk planned in- 
side an airless research capsule on the 
space station Mir in order to give the 
cosmonauts more time to practice the 
procedure. 

The delay was just the latest in a string 
of setbacks that have followed the col- 
lision on June 25 between Mir and an 
unmanned cargo drone. The accident 
punctured a research module, Spektr, 
and cut off 30 to 40 percent of Mir’s 
power supply. 

Mir's three-man crew, meanwhile, 
was trying Friday to repair the 1 1 gyro- 
dynes, similar to spinning tops, that keep 
the space ship positioned at a correct 
angle to the sun. The gyrodynes shut 
down Thursday, forcing Mir to rely on 
rocket thrusters. 

Russian officials said that the problem 
appeared to be a computer part situated 
between the gyrodynes and the com- 
puter that monitors the ship's angle to 
the sun. The cosmonauts were planning 
to replace the defective part. 

Mir needs proper alignm ent with the 
sun to charge its solar batteries. The 
orbiting station has 12 gyrodynes. but 
one has been broken. 

Viktor Blagov, deputy chief of flights. 


said that Mir was absorbing a “suf- 
ficient” amount of solar energy in its 
current position. 

The spacewalk inside the Spektr mod- 
ule is being planned to reconnect some 
of the severed power cables. 

Originally, it was to take place late 
next week. But die Russian chief Sight 
director, Vladimir Solovyev, told report- 
ers at Mission Control on Friday that the 
spacewalk had been postponed to July 
17, at die earliest. 

The Russian cosmonauts have said 
chat they lack training for the maneuver, 
which will involve crawling through 
narrow passageways in bulky, pressur- 
ized space suits and working in a dark, 
airless environment. 

The two cosmonauts, Vasili Tsibliyev 
and Alexander I^mzkin, must not only 
find the wires for electric power, but also 
must then affix, a special seal on the 
hatch that will allow the wires to pass 
through, while plugging any air leaks. 

The American on board, Michael 
Foale. will wait out the operation in the 
Soyuz capsule attached to Mir, which 
can be used for emergency evacuation. 

Although Russian officials have ruled 
out trying to fix the hole in Spektr on this 
trip. Mr. Blagov said that the cosmo- 
nauts might be asked to look for the hole. 
“I’m not very certain that they will be 
able to see where the hole is,” he said. 

The spacewalk delay was ordered as 



preparations were underway on the 
ground for the mission, including prac- 
tice runs in an underwater tank to sim- 
ulate weightlessness. 

Russian officials said Friday that die 
repair operation might be slightly scaled 
back and that the cosmonauts would try 
to reconnect only two of the three work- 
ing solar arrays on Spektr to the batteries 
in Mir. A fourth array was knocked out 
of use in the accident 

Early Saturday, a new drone cargo 


vessel was scheduled to be launched 
from the Baikonur space center in the 
former Soviet republic of Kazakstan. 
The vessel is carrying critical repair 
parts for Mir’s crew. It is expected to 
read] Mir early Monday. 

The drone will carry 572 pounds. (260 
kilograms) of scientific equipment. 891 
pounds of repair gear, 1,371 pounds of 
life-support cargo, 726 pounds of food 
and 1,210 pounds of water and oxygen. 
The drooe is also brin ging a new satellite 


TAIWAN: 

Unusual Maneuvers 

Continued from Page 1 

government of ail of mainland China — 
which have helped set the island on that 
path. Many say Mr. Lee also may be 
using the issue to enhance the presidency 
and to remove a potential rival from a 
provincial government that is largely 
redundant but offers a significant power 
base for the governor, James Soon®. 

It may seem odd that there should be a 
debate about whether Taiwan will be- 
come independent, when in fact it has 
been effectively independent from 
mainland China since 1949. In that year, 
Generalissimo Chiang Kai-shek lost the 
Chinese Civil War and fled with his 
defeated forces to Taiwan. 

Then for years Taiwan claimed to be 
the legitimate government of all China 
and vowed to “recover die mainland.” 
But now President Lee, the first indig- 
enous Taiwanese to become president, 
has alarmed C hina with some of his 
moves, such as paring down the number 
of mainlandeis in high government 
posts. 

Chinese leaders have repeatedly 
threatened to use force against Taiwan if 
it moves toward formal independence, 
such as a proclamation of a country 
called Taiwan. Such a ■ bold step, 
however, is unlikely now since the gov- 
erning party nominally opposes inde- 
pendence. 

But if Taiwan takes steps that China 
perceives as moving toward indepen- 
dence, and China retaliates militarily, 
some scholars warn that the United 
States might be drawn into a war be- 
tween Taiwan and China. 

Julian Kuo, an official at the Demo- 
cratic Progressive Party, the main op- 
position group, which supports the plan,, 
says the proposal has nothing to do with' 
independence but is simply a restruc- 
turing. 

China has not commented so far on 
the debate. But earlier this year, a State 
Council spokesman criticized the 
Taiwan authorities’ plans to change the 
constitution. 

It accused them of “going too far 
down the path of separatism," the New 
China News Agency reported. 



MARS: U.S. Probe Bounces Down Safely and Opens Panels 


Pathfinder’s landing site on Mars, seen here 
in a 1976 photo by the Viking spacecraft 


Continued from Page 1 

called Ares Vallis several hours after 
the arrival. 

“We’re down,” a delighted Rob 
Manning, the mission’s flight sys- 
tems manager, shouted out after the 
initial signal. His announcement, 
shortly after 10 AM. Pacific time 
(1700 GMT), was greeted with 
cheering and clapping as team mem- 
bers hugged each other. 

Mr. Manning based his statement 
on an unexpectedly early radio signal 
received from the spacecraft by a 
tracking station in Spain. The signal 
indicated the Pathfinder probe was 
on the surface of Mars in a stable 
condition. Officials had expected a 
temporary blackout immediately 
after the landing. 

Pathfinder’s aim was so accurate 
that no overnight course corrections 
were needed, engineers said Friday. 
“It’s been wonderfully dull,” Mr. 
Manning said jokingly. 

The route was so fine-tuned that 
Pathfinder had headed for a 100-by- 
20-kilometer ellipse in the southwest 


part of its original 160-by-lOO-Jri- 
lometer target That gave Pathfinder 
a view of a 500-meter island carved 
by an ancient flood — which geo- 
logists would savor. 

Launched in December, Pathfind- 
er was designed to shoot like a bullet 
through space at 17,000 miles 
(27,000 kilometers) an hour and 
enter the Martian atmosphere at a 
142-degree angle. Too steep and it 
could bum up from friction; too shal- 
low and it would have skipped off the 
atmosphere into oblivion. 

Two seconds above the ground, it 
cut loose the parachute and hit the 
surface, bouncing like a beach ball 
on four giant airbags. 

As the first day of the mission 
progressed, scientists were expect- 
ing a full-color panorama showing 
everything from Pathfinder's solar 
panels to the horizon. 

NASA, which picked the Fourth 
of July as the landing date, planned to 
broadcast the images simultaneously 
on the Internet. 

Once Sojourner begins roaming at 
a painstaking pace — a centimeter a 


second — it will take color pictures 
and determine the types of minerals 
in rocks and soil it encounters. Mean- 
while, PathfintW will sit in place. 



and weather, 
is the first U.S. 
craft dispatched to Mars since 
billion Mars Observer 
from NASA radar screens in August 
1993. It is the first mission designed 
to land there since the dngi Viking 2 
probes set down in 1976. 

Mars is intriguing in part because 
of what is known —icecaps cover its 
poles, towering volcanoes punctuate 
its vast empty plains and river-like 
channels snake across thousands of 
kilometers. Because it tilts on its 
axis. Mars has seasons. Life might 
even exist on Mars, deep beneath tbe 
planet's surface. If it does, nobody 
expects Pathfinder to. find it; NASA 
considers it the first step in a lengthy 
exploration for signs of life. 

A manne d mission might follow 
some tune in the first half of the next 
century, but NASA has no specific 
plans yet (AFP. AP. Reuters) 


BOEING: All EU Members Unite in Opposition to Boeing Deal With, McDonnell Douglas 


Continued from Page 1 



Analysts also say a negative decision 
could lead to a trade war between the 
United Stales and the European Union, 
dwarfing not just the annual tiffs over 
pasta, cheese and beef but the continuing 
dispute over tbe Helms-Burton law that 
sets penalties for foreign companies do- 
ing business in Cuba. 

Jim Frank, Boeing’s vice president of 
European affairs in Brussels, said that 
although the company had received no 
formal notification of the opinion, “ob- 
viously it does leave room for further 
discussion and we are prepared to work 
with the commission to find a com- 
bination of remedies that might be ac- 
ceptable." 

The U.S. Federal Trade Commission 


gave the merger a green light on Tues- 
day, saying that combining the two old 
rivals would not substantially lessen 
competition in aircraft manufacturing 
because McDonnell Douglas ’ remaining 
jet business was so small. 

The EU indicated then that the trade 
commission decision did not alter its 
skepticism or its claimed jurisdiction 
over the merger, which would create the 
world’s largest defense and aerospace 
company, with over 200,000 employ- 
ees. 

The European Union contends that it 
has die power to approve or disapprove 
of the merger under agreements with the 
United States that give national reg- 
ulatory authorities a primary role in an- 
titrust questions but leave room for other 
countries to play a role. 

So far. neither Boeing nor the U.S. 
government has challenged EU juris- 
diction, although 10 U.S. senators and 


several Clinton administration officials 
have accused the EU of bolding Boeing 
hostage to improve competitive condi- 
tions for Airbus. 

Karel Van MIert, the EU commis- 
sioner for competition, has said the 
Europeans are especially concerned 
over Boeing's long-term exclusive con- 
tracts to sell planes to three U.S. airlines 
— American, Delta and Continental. 

In addition, European concern has 
been expressed over Boeing's future 
control over parts, supplies and main- 
tenance of McDonnell Douglas planes 
owned by European airlines. 

Boeing and McDonnell Douglas 
planes together account far more than 80 
percent of tbe world’s commercial fleet. 
And the proposed merger has rekindled 
European interest in renegotiating an 
agreement with the United States de- 
signed to limit government subsidies to 
commercial aircraft manufacturers. 


The European Union has worries about 
Boeing’s ability to support its civilian 
business with revenue from its military 
arm, which would be increased once Mc- 
Donnell Douglas 's extensive defense op- 
erations are folded in. Boeing denies that 
any such “cross-subsidy” takes places, 
but EU officials contend defense revenue 
can offset the highly cyclical nature of the 
civilian jet business. 

Airbus has no military-manufacturing 
operations. 

Mr. Frank said that Boeing had sub- 
mitted proposals in all three areas of 
European concerns, and that talks were 
still under way. 

There have been reports here that 
Boeing has offered to drop the sole- 
supplier contracts, but analysts note that 
Boeing’s dominance will likely continue 
even without them since airlines are 
unlikely to change manufacturers once 
their fleet is based on one product line. 


Sergei OririUw/Apncr Ftmx^Ptc* 

A cosmonaut praticing repair procedures on a life-sized model of Mir at the Russian space center outside 
Moscow. The damage to Mir caused by a space collision last week has forced experts on Earth to innovate. 


dish that will allow Mir to have better 
communications with the ground. 

After the launching, the next hurdle is 
tbe docking of the cargo drone. Progress 
M-35, to Mir. During the docking last 
week. Progress M-34 failed to slow cor- 

punctured a^Soletn tire Spektr vehicle. 
The accident is being investigated. 

Russian and American officials have 
said that the Progress craft was over- 
weight and packed with garbage. 


* 


ULSTER: Power Dwindling, Protestants Seem to Have Little Room for Compromise 


Continued from Page 1 

Ireland, the march has absolute validity. 
“This is not simply a walk down die 
road," he said. "This is about whether 
we as a people have the right to exist.” 

Unionist gunmen have been blunter. 
In a statement issued with a codeword, 
the Loyalist Volunteer Force warned: "If 
the Orange parade does not go down the 
Garvaghy Road on Sunday, the Irish 
government may expect civilians to be 
killed in the Irish Republic. This threat 
will be carried out immediately if the 
parade is banned.” 

The 2,500 Protestant parades in 
Northern Ireland commemorate epochal 
moments like the Battle of the Boyne in 
July 1690, when William of Orange, the 
Protestant King of England, overcame 
his Catholic rival, Janies 2d. 

Spokesmen for the Orange Order de- 
scribe the events with a familiarity and 
intensity as if they happened on Friday. 

The two sides remain miles apart and 
dug in. The Orange leaders refuse to 
hold face-to-face talks with the residents 
because their leader, Mr. McKenna, is a 
convicted ERA bomber. 

Mo Mowlam, the British secretary for 
Northern Ireland, has been moving bock 
and forth across the divide in recent 
weeks, holding Bosnia-style proximity 
talks in her Belfast office but producing 
no signs of a formula to avoid the kind of 
clash that occurred at Drumcree last 
Julv. 

The new Irish prime minister, Bertie 
Ahern, has urged the British government 
to stop the marchers. Since taking office 
May I . the new British prime minister, 
Tony Blair, has made some key con- 
cessions to Sinn Fein, the political wing 
of the IRA, but the only significant re- 
sponse thus far from the underground 
organization was the defiant killing of 
two policemen here. The gunmen’s 
choice of a village in the midst of the 
marching area was seen as an effort to 


provoke a violent response from the 
Protestants. 

In last year's confrontation, tbe Or- 
angemen remained corralled in the 
country church cemetery and surround- 
ing pasture for five days while armed 
British soldiers and military helicopters 
patrolled the floodlit meadows. Police- 
men in bullet proof vests, vi sored hel- 
mets and shields held off their return to 
Portadown to keep them from encoun- 
tering protesting Catholics. 

Then, citing die danger that the grow- 
ing numbers of Orange supporters pour- 
ing in from all around Northern Ireland 
posed to his men, the chief constable let 
them down Garvaghy Road and back to 
their hall, where they were hailed by 
ecstatic residents of the town. 

The decision set off days of bombings 
and riots across Ulster and further set 
back a peace process already under- 
mined by the IRA’s abandonment of its 
17- month cease-fire. 

Two Catholics were killed, and the 
violence has kept spiraling out of con- 
trol. threatening to plunge the province 
back into the sectarian violence of the 


"Troubles” that has claimed more than 
3200 lives since 1969. 

In May, Robert Hamill, 25, died from 
befog beaten by a gang of 30 Protestant 
youths in Portadown as he was returning 
from a dance in St Patrick's Hall. 

“Drumcree was Northern Ireland’s 
Chernobyl with almost a meltdown in 
community relations,” said Reverend 
Samuel Hutchinson, an officer of the 
Presbyterian Assembly in Belfast 

Community relations is a quaint 
phrase for the state of play in the North- 
ern Ireland of today. 

Despite some narrowing of the in- 
come and opportunity gap between Prot- 
estants and Catholics, socially and in- 
stitutionally the communities are as far 
apart as they have ever been. 

“We grow up so close together we 
can hear each other’s voices through the 
walls, but we don't know each other,” 
said David Ervine, spokesman for tbe 
Progressive Unionist Party and a former 
unionist paramilitary who served five 
years in jail for possession of explosives. 
“We’re divided from the beginning, 
sent off to separate schools and -we 


stay separate for the rest of our lives.” 

David McKittrick, a Belfast-born 
Protestant writer said, “Unless you 
make a big effort socially, it’s possible to 
get through life without having any close 
friends of the other sort.” 

Indoctrination starts early. Small chil- 
dren in Catholic neighborhoods instinct- 
ively reach for rocks to throw at police 
vans. One of the cheering members of 
the unionist crowd that greeted the 
Portadown marchers last year carried a 
sign saying, “Don't Let Them Take 
Away Our Culture.” She was 4. 

For centuries, the Protestants ran 
Northern Ireland, and until recent de- 
cades Orangemen could march 
wherever they pleased. Now they must 
negotiate their marches and put up with 
organized opposition to their presence. 

They are anxious about their growing 
powerlessness in a place they have dom- 
inated for so long and angry and de- 
fensive over common characterizations 
of their marches as strutting displays of 
bigotry and the self-importance, of the 
ruling class. 

But the feeling that power is ebbing 


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has made them more determined than 
ever to mark their territory. “The more 
threatened a community becomes, the 
more elaborate and regular the attempts 
to define it.” Mr. Bryan said. 

"People say we are suffering from a 
siege mentality, and I don’t like that, but 
I accept it." Mr. Patton said. "There’s 
an clement of insult in the comment, but 
ii’s not inaccurate.” 




ALONE: S-M 

Jhe Quest Continue, 

Continued from Page 1 

exists elsewhere and who see Mars ^ ; 

most inviting place to start looking-,-^: ^ . ? 

“Landing on Mars is mystical,; its,, 
exciting/* Daniel Goldin, admiru^ralar ^- -• 
of the National Aeronautics and Space- __.vf.v-_ 
Administration. “Mars has an unbeliev--- ^-^ 
able pull on people’s imagination. , ; ; r ; j: y 
Part of foe attraction is perhaps re^v 
siduaL the memory of Martians- m nte> 

erature and scientific misconception.. 

In "Gulliver’s Travels, Jonaifcm • •fev. 
Swift wrote in 1726 of Munmts’ spend; f_' 
tag “the greatest Part of taeirLtv^m, 
observing the celestial Bodies, which.;- 
they do by the Assistance of Glasses, Jr . 
excelling ours in Goodness. -X - : 

In this century, Edgar Rice Burroughs' 
entertained with stories of a 
princess of Mars. . ' ’ • ‘. "v " 

H G. Wells described fiercejuiyadecs ; : 

from Mars descending on Earth. r 

For a time, Percival Lowell, a BcKtoa T ^ > 
Brahmin and Mars enthusiast, had people^ ; ' 

including some scientists — beltevi^; ; 

in canals on Mars, the irrigation works raVj,. . 
a dying civilization on the arid pla net. 

A more rational attraction sterns fironr-f 
current scientific thinking. - 

If the basic physical laws of the um : „> ; 

verse apply everywhere, as is thought; 
and if life could evolve on Earth, what ; 

to prevent life from having arisen on. ^ 
otber planets around other stars? Perhaps . 
even on Mars, which, of all the other- 
planets in the solar system, is most like* 

Earth. It also happens to be close athand, -■» . gfc; . 

seven months or flight time away. . - ; 

Any question that Mars still tugs at fheT 
imagination vanished in August with the , X : 
announcement that a meteorite, almost'-, lv . 
cer tainl y from Mars, contained minerals * : 
and fossil-like evidence suggesting that < 
in its past, the planet harbored microbial K 
life. The reaction was mostly positive, - 
even as scientists continue to try to nail . ■ 
down the hard microbial evidence. 

Though flights in the 1960s dashed 
any lingering notions of canal-building 
Martians, and though two Viking 
landers in 1976 failed to find any in- 
disputable signs of life, geologists read - 
into photographs of the deeply eroded • • 
surface theories of a Mars that was more 
Earth-like in its first billion years, wann- 
er and wetter and with a denser atmo- 
sphere. That was tbe same time that life 
on Earth emerged. 

“We know life originated on Earth 
when it was incredibly inhospitable,” 
said Wesley Huntress Jr., chief of space 
science at NAS A. “It’s very possible it 
may have arisen on Mars under those 
very same conditions.” 

As planetary geologists reason, Water 
appears to have once washed the Martian 
landscape in great floods; where there is 
liquid water, there could be life. Then 
along came the meteorite findin gs, 
winch, if they hold up to continuing 
scrutiny, would seem to bear out the 
geologists* theories. 

The findings thus gave added impetus 
to plans by the United States for an 
intensive 10- year program of Mars ex- 
ploration, leading up to a mission in 
2005 to bring back rock samples to ana- 
lyze for fossils. 

Only then do scientists have much 
hope of answering questions about life 
on Mars. 

Mars Pathfinder was the first of the 
program’s missions designed to reach 
the planet Another, Mars Global Sur- 
veyor, is on its way to orbit the planet in 
September and conduct a two-year map- 
ping reconnaissance. An even more am- 
bitious Russian mission. Mars 96, failed 
shortly after launching last fall. 

Mars and Earth come relatively close 
to each other once every 26 months, and 
NASA plans to send two craft there - — 
one a lander, the other an orbiter — at 
each of those opportunities until the 
sample-return flight in 2005. Those mis- 
sions are to scout the terrain for the best . 
place to collect the rock samples, some- 
where most likely to have had water in 
the past 

Mars is about 4200 miles (6,720 ki- 
lometers) in diameter, about half the size 
of Earth. A Martian day is 'only 37 
minutes longer than an Earth day. 

Though colder and drier, Mars has 
Earth-like seasons, polar caps, enor- 
mous amounts of water in permafrost, 
volcanic mountains and other , similar- 
ities with Earth. 

So if Mars proves to have been forever 
lifeless, then even as people look else- 
where they will face an intriguing ques- 
tion related to the broader question of 
extraterrestrial life: Why did life never - 
arise there? 

For the renewed efforts to explore 
Mare have objectives besides the search 
for life. One is to understand the Martian 
climate, especially its apparently cata- 
strophic swings over time, and what - : 
lessons it holds for the past and future of 
Earth's climate. Another is to survey the 
geology and resources that might be - 
used to support future human missions to ’• 
the planet. . . " " 

With every robotic flight, every set of ' 
photographs and geological rinta . the pub ■ 

of Mars on the imagination will probably 
draw astronauts closer to its surrace, on a. - , 
mission in the next Century. No nation-' 
has any plans now for human Bights to 
Mms. but NASA is conducting studies. Jr/ 
Sooner or later, though, people could 
be traveling to Mars, perhaps to found ’• 
colonies. Then there would be Martians 
without question, but perhaps no relief 
trom cosmic loneliness. 




$ 


# 




* 


rS- 


CLINTON: President, in a Reversal, Is Seeking Quick Action to Settle the Paula Jones Sex Harassment Charge 


Continued from Page 1 

Mr. Clinton added that she “suffered 
no damages” at his hand because he 
never hindered her career security or 
advancement in her low-level job as a 
state clerk. 

Although he disputes her allegations, 
one document argued that even if he had 
done what she asserted he did. it would 
still not qualify as a violation of law. 
"Even if they are accepted as true 
for purposes of this motion, Jones 
herself has alleged nothing more 
than private conduct — a single over- 
ture. abandoned as soon as she stated 


it was unwelcome,” the motion said. 

Ms. Jones has claimed that while 
working at the reception desk at the state 
conference on May 8, 1991, she was 
summoned by one of Mr. Clinton’s 
bodyguards and escorted into a hotel 
room to meet with him. Once there, she 
said, the governor engaged in some flat- 
tery, pulled down his trousers and asked 
her to perform a sex act on him. She 
refused and fled the room, she said, 
distraught about the encounter. 

The tactics of the legal filings Thurs- 
day marked a reversal in strategy by the 
Clinton legal team. After years of seek- 
ing to delay the case, the lawyers arc now 


trying to speed the process to get the 
matter over with. Even with the high 
court ruling, Mr. Clinton could have 
continued to put off a formal answer io 
Ms. Jones’s charges pending other mo- 
tions, yet his attorneys not only vo- 
lunteered it but also turned it in on the 
first day allowed under court rules. 

“The bottom line is we’re going to 
move quickly, 1 ' said Robert Bennett, 
who is leading the president's defense. 
“It’s a very strong pleading and hits the 
issue very strongly.” 

The documents were not delivered ta 
U.S. District Court in Little Rock until 
minutes before the clerk's office closed 


day 

Bennett's offic 

ies. guaranteeing minimal immediate 
public attention. 

The Clinton aides insisted that the 
timing was not deliberate, saying they 
were not sure until late yesterday wheth- 
er the documents would be accepted at 
this time because the case has not been 
formally returned to the district court. 

The filing blind-sided Ms. Jones’s 
lawyers, who had expected Mr. Clinton 
io continue the delaying tactics. One of 
the attorneys. Joseph Cammarata. said 
he had not seen the filing but added that 
he welcomed a faster timetable. 


-TS 2 SK S®? 5 SS 3 Sv 

^er* 101 ! ,e ? m in fcs first term was to - • 
put off a trial or embarrassing depos- 
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them 1 election now behind ; - 

£ 22 ; CI, " to " s confidants have • v 
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^see Mars as the 
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>r. Mamans in l«_ 

*™sconception 

S?*..” Jonathan 
rMaruans , spend 
tdf their Lives in 
■ ^es. which 


eanerce invaders 
3 on Earth. 

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bnsiast, had people 
artists - — believing 
irrigation works of 
t the arid planet 
■action stems from 

king. 

il laws of the uni- 
sre, as is thought 
e on Earth, what is 
having arisen on 
ther stars? Perhaps 
l, of all the other 
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PAGE 8 


BST ERN AT IONA L HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 5-6, 1997 



MEN'S FASHION 





It's a Shirt , It's a Jacket , No , It's — 


By Suzy Menkes 

Jniernjtiorut Herald Tnlmiu 


P ARIS — The French men’s 
shows have opened with a sar- 
torial statement worthy of Mag- 
ritte: “A shirt is a jacket is a 
shirt. ’ ’ As slithers of transparent viscose 
trickle over the torso, gauzy fabrics waft 
from the shoulders and linen flops across 
the chest, the jacket is looking like a 
shadow of its robust self. 

The hybrid shin-jacket opened the 
first three shows of the spring-summer 
season: a floppy stretch linen pajama 
jacket from Hermes: boxy ticking- 
striped shirts from Comme des Garcons; 
light, laboratory coats at Issey Miyake. 

This is nothing new for the avant- 
garde who deconstructed fashion a de- 
cade ago. But at the more classic houses, 
the shin-jacket is now the star, with 
Emanuel Ungaro showing Friday up- 
scale versions of his couturier's work 
shin in grainy linens and Lanvin offering 
tobacco-brown featherweight tailoring 
and safari jackets in silk. 

At Comme des Garcons. Rei Kawa- 
kubo, founding mother of the shiit-as- 
jackeL showed her signature soft suits 
and square coats. They looked familiar, 
but were enlivened with zippered tops, 
jacquard sweaters, fancy socks and bright 
slipper-shoes with trodden-down backs. 
Modeled by guys from the three cut- 


ting-edge graphic design studios, Me 
Co., Tomato and Visionaire, the show 
looked like Kawakubo playing to the 
gallery of her loyal design-aware clients. 
Alexander McQueen praised the sweet 
mauve and blue-pastel tailoring that was 
the best of the low-key show. 

You want the ultimate in throwaway 


elegance? Try the Hermes jacket, light 

i that 


as a waiter's uniform, in a collection i 
mixed meringue-white with clotted 
cream, and dry*, checked linens with 
slithery openwork sweaters. Innovation 
came mainly in color (suede tunics in 
deep greens and blues) and in accessor- 
ies: glove-soft leather tennis shoes, 
graphic checkered neckties and other 
ties bead-embroidered in homage to 
Hong Kong's Pearl River. 

Between the eye-pepping partems and 
the ear-splitting music, Naoki Takiza- 
wa's collection for Issey Miyake was 
wired into the avant-garde scene. 
* ’Light, light . . . right" was the show’s 
mission statement, with a fine opening of 
airy shirt-jackets, some woven in paper 
with cotton. But clothes in dense, whirl- 
ing patterns synthesized from electronic 
music, seemed better suited to the de- 
signer’s work costuming modem dance. 

Dior’s Patrick Lavoix showed dose- 
to-the-body jackets with dominant blue 
tones in homage to George Gershwin. As 
a diversion from the business clothes in 
super-light fabrics and the seashore 


PHRACTURED FONETICS, By Robert H. Wolfe 


ACROSS 
I Ir comes in b 
scoop 

5 Small club, say 
9 Underlying 

14 Essential pans 

19 Butcher's cut 

20 Luxembourg 
town where 
George Patton is 
burned 

21 Daughterof 
William the 
Conqueror 

22 On 

(reveling) 

23 First name in 
mystery 

24 Grand 

25 Tree knots 

26 Domingo 

27 Seat setring 


60 Stadium sounds 
62 Close one 

66 Spa: Abbr. 

67 Like a 


37 20'1-50’s papal 
name 

38 Transfer and 
messenger 
materials 

39 Yoga 
practitioner 

40 Film maker Gus 89 K'g™™ 1 

Van 

41 What to call a 
lady 

■12 Letter trio 

45 F-4's 

48 Former Toronto 
pitching ace 

50 Noted name in 
civil rights 

51 Dark limes, 
briefly 

52 Good cheer 


prize-winning 
witch’s costume 


70 Financial page 
inits. 

72 kwondo 

73 Reams 

74 Zip 

75 Former Eur 
carrier 


1 

2 

3 

4 

I9~ 








ri~ 




3t~ 



■ 


28 1997 Stanley 
Cup finals 
player 

31 Unexplained 
skill 

32 Hamed 

33 Scraps 

34 'Little House on 
the Prairie- 
co-star Karen 

35 Counts, e.g 


53 Where Europe 
was divided 

54 Sales worker 

55 Country name, 
1937-49 


77 Like very few 
games 

79 Aldrin's craft 

80 Strength 

83 Lao— 

84 Sugar- — 

85 Somewhat 

86 Kick 

87 Handful, maybe 


57 With 17-Dnwn. 
temporary 
urban home 


58 Characters in 
"Julius Caesar* 
and “The 
Merchant of 
Venice" 


AGENCE CHAMPS ELYSEES 


Fun shed apartments, 3 morShs Of 
more or urfiirrtshed, residential areas. 


Tel Parts: +33(0)142253225 
Fax Palis: 433(0)14563 3709 


: 88 li may be lard on 
thick 

89 Scythe handle* 

90 Ogle 

94 Wurdwirh 
pepper or paper 

95 Covering 

96 lntl. group si nee 
1948 

99 Voltaire, e g 

102 Color of some 
hummingbird 
throats 


i« 

is 

IS 

n 


22 





St 

















103 Noted Civil War 
biography 

104 Big name now- 
out 

105 Start of a 
cheer 

106 SiteofaTO's 
revolution 

107 ' my case" 

108 Violate a treaty, 
perhaps 

109 Land of 
literature 

HO Oneorthe 
Ringting 

Brothers 

111 They run in the 
blood 

112 Pickup 

113 Depilatory- 
brand 

114 Throw off 


C ,V>ir York Times /Edited by 1HU Shorts. 


8 Place to play 
b-bail 

9 Charier Baseball 
Hall-oF-Famer 

10 " only" 

11 They're bound 
to work 


12 “ Have to Do 

Is Dream’ 

13 Pasta dishes 

14 Turkish 
pooh-bahs 

15 W.W II Axis 
members: Abbr 


DOWN 


1 — France 

2 Charles and 
• others 


16 Prizes for 
Tommy Tune 

17 See57>Across 

18 Outlet 

29 .Accomplish- 
ments 

30 A pusher may 
push it 


3 They have suns 32 Give more 
and red. white medicine 
and blue fields 

4 Small roll 


5 Title sne in a 
Sondheim 
musical 

6 Tippy canoe 
area 

7 Microphone 
inventor 
Berliner 


36 acre 

37 Annoyance 

38 Recherche 

39 Try- 

40 Basic Halloween 
. costume 

41 Breakfast 
offering 

42 Divisions 
politique^ 


43 King called 
-leBel' 

44 Be rewarded at 
work 

45 Ring around the 
end of a post 

46 1996 biography 

"Citizen " 

47 Spelling an TV 

48 Med. nation 

49 Hounds 

56 Conditions 

57 Any vessel 

58 Coll, course 

59 Ahas 
61 Edge 

53 Horace, for one 

64 Sheepdog with 
fine malted hair 

65 Wrong for rhe 
situation 

68 Yacht's dir. 

71 Catch slyly 

74 Reply Trom Boris 

75 Dins 

76 This and that 

78 "Step !" 

80 Headdress, 
roavbe 

81 197-1 hit by 
Chicago 

82 Unaware 

54 Brie -a 


87 Readers 

Encyclopedia 
(classic literary 
reference) 

88 Their home is 
the Astrodome 

89 Rock guitarist 

Ray 

Vaughan 

90 Shoot 

91 -Voter 

92 “1 Love a Parade" 
composer 


93 -Touched by an 
Angel* co-star 

94 Where to see 
-The Last 
Supper- 

95 Lit 

97 Decrease 

98 Bishops' group 

100 Beal it 

101 Broiler 

102 Guadalquivir 
and others 


Solution to Puzzle of June 28-29 


Iq ’c C- g I* u 

Iwici* i Ir~ ! 


I 









Still the Spirit of N ew York 

Both Sides of Keith Haring: The Light and Utu£m 


•*?r- '-Va^v 



By Holland Colter 

Neve York Times Service 


N EW YORK — For many New 
Yorkers sweating out long 
summers in the early 1980s, 
the art of Keith Haring was 
more than just a fact of daily life. It was 
a touch of Christinas in July. 

Commuters dashing into the subway 
on a Monday morning would find his 
work waiting for them on the station 
walls: thickly contoured cartoon figures 
of luminous babies, yapping dogs and 
flying saucers, drawn in chalk the night 
before on the black rectangles ' usually 
reserved for movie posters. 

The images were simple but catchy; 
their little narratives of danger and tran- 
scendence gave the workaday world a 


subversive lift, as if a pop song had 
• me Transit Au- 


Comme des Garcons' light jacket and zippered sweater, left, and Eric Bergere's mix of check and foulard print. 


suddenly floated in over 1 
thority’s PA system. People really Liked 
the drawings. Fragile as they were, they 
usually stayed intact until a poster 
covered them up. 

Haring, who died of AIDS in 1990 at 
the age of 31 , is back in town this sum- 
mer. A smart, exuberant retrospective of 
his brief career has opened at the Whit- 
ney Museum of American Art; a dozen 
of his large-scale sculptures are parading 
down Park Avenue, under auspices of 
the Public Art Fund; a handful or gallery 
shows are on view. 

How does his work look now, nearly 
two decades on and far from the sub- 
ways, streets and downtown studios that 
produced it? Visually, like the deft, feb- 



Sale 


WbHnc) Mu 


Untitled 1982 work in vinyl ink on vinyl tarpaulin at the Whitney show: 


rile, often expressive but thin-textured 
>. Conceptually, as something 


sportswear in sunshine colors, the French 
tennis star Henri Leconte and his tor- 
eador wife cut his 34th birthday cake. 

Romance has its place in modem 
menswear. Ungaro found that in color 
and texture, playing with both for his 
easy, unstructured clothes that seemed to 
look back to his Italian roots. 

John Rocha has a hard, club edge to 
his leathers and baggy pants. But he 
finds romance in textiles: brocade pants, 
cobweb knits, artistically painted sweat- 
ers and dashing scarves! 

Eric Beigere has a style: precise, 
youthful and French romantic in its tidy 
cuts and nonchalant mixes of check and 
foulard prints. But in his first menswear 
runway show, skinny suede coats won 
over bared torsos, shirts unbuttoned to the 
waist and jackets draped over shoulders 
turned the look into 1960s Latin gigolo. 


thing it was. 
more: a dynamic popular art that suc- 
ceeded in bringing entertainment and 
edification together as later art has rarely 
been able to. - 

That dynamism comes across at the 
Whitney. The show's curator, Elisabeth 
Suss man. has given a prolix, repetitive 
body of material a propulsive shape and 
pace; the exhibition's designer, Tibor 
Kalman, with the help of Lana Hum and 
Richard Pandiscio, has put together an 
appropriately high-octane installation. 
Paintings and drawings are hung floor to 
ceiling; the sounds of disco and car horns 
hang in the air. wail vitrines filled with 
biographical ephemera — family pho- 
tos, grade-school drawings — run tike a 
time line from room to room. 


O N all the runways, the male 
models are still very young 
and slight, but rhe decadent so- 
called heroin-chic look is right 
out of fashion. 

On Sunday, a Paris exhibition will 
show the work of Davide Sotrenti, the 
photographer whose death from a heroin 
overdose shook the fashion world. 
Colette, the minimalist store at 213 Rne 
Saint Honore, will stage an auction to 
benefit substance abuse rehabilitation in 
the fashion industry. 


I N the case of Haring, who took 
much of his inspiration from child- 
hood and from the culture around 
him, and who approached art as 
both a form of social interaction and 
serious play, the inclusion of such 
memorabilia makes perfect sense. Bom 
in 1958 inPeonsylvania,’he grew up on 
a diet of Saturday morning cartoons. Dr. 
Seuss and sitcoms. By the time he was 
in his teens, the antic, tune-in spirit of 
the ’60s kicked in: He went through a 
brief religious phase in high school, 
then became an acid-dropping Grateful 
Dead devotee. 

At the same time, he was already look- 
ing hard at art: at the primitivist work of 
the Belgian painter Pierre Alechinsky. at 
album-cover psychedelia, at Stuart Davis 


and Jackson Pollock. In 1978, he left for 
art school in New York. 

Culturally, die late ’70s were a wa- 
tershed time in New York City, one that 
Haring both wandered into and helped 
create. The art world, like the city, had 
bottomed out economically. Young 
artists looking for places to make ana 
show their work gravitated to marginal, 
racially mixed neighborhoods tike die 
East Village and the South Bronx. Fig- 
urative painting and graffiti were on the 
rise; street life had taken on a new 
glamour. 

Haring’s early collages of cut-up 
newspaper headlines pasted to lamp- 
posts owed a lot to older artists like 
Jenny Holzer. His hit-and-run use of 
public space for art was modeled on the 
methods of graffiti artists, Jean-Michei 
Basquiat among them. But once he start- 
ed his subway drawings, he was on his 
own track. 

A handful of such subway drawings, 
dating from the early ’80s, appear in a 
dim. corridor-like gallery near the start 
of the Whitney show. They look ghostly 
now. their improvisatory fizz long gone. 
But in them. Haring’s narrow repertory 
of images are in place: the Everyman 
bodies with holes in the center and 
mutating limbs; the beasts and UFOs 
that seem to be alternately friend and 
foe; the New Age optimism touched 
with an edge of violence. - 

After this, the museum show opens 
into a room bursting with paintings on 
vinyl tarpaulins and sheets of paper. 
Some are elaborations of the subway 
drawings in other media, with their polit- 
ical import — anti-racist, anti-nuke — 
made explicit Others are dense, centrally 


focused compositions in which bright.- 
Pop colors ("bubble-gum pink, - 
green, tangerine orange) and networks of"', :-’ 
hieroglyphic squiggles cause figure. and ’’-' 
ground to merge, then bounce apart. -!y '.. 

Even with this jazzy optical buzz, the- : 
formal hallmark of Haring's art .is its . 
readability, which is ultimately both its'; - 
strength and its limitation, like effective- - v 
advertising, it establishes an instantly fee* 
ognizable presence whether seen close up v.;- 
or from a distance, under good iighf or> f 
fyirf, and in a wide variety of media. . : 


Hi 


APING understood the attrac- 
tion of his style and exploited 
it. By the tnid-’80s, his images 
were showing up oh buttons 
and decals and in coloring books, for 


sale in the Pop Shops he set up in New 
York and Tokyo. Ms 


lany of the products 
i, Harin 


were geared toward children, Haring s 
favorite audience; others, like a senes of- 
fiberglass garden pots covered with his 
all-purpose babies, were little more than 
high-priced designer items. 

The idea of bringing aesthetics and 
commerce together so blatantly had its 
audacious side; Haring saw the Pop 
Shops as performance art But for many, 
his entrepreneurship, like his jet-set 
celebrity, was at odds with his guerrilla 
roots. When a theory-intensive, neo-Con- 
ceprual style came intofavor in New York 
in die mid-1980s. Haring’s work tended 
to be dismissed as feel-good fluff. 

The Whitney show tells a different 
story. Some of the most complex and 
interesting paintings here date from 
1985 and after, and they suggest the 
tough, contentious, often radical nature 
of Haring’s best work all along. 


BOOKS 


SHADOW SHOGUNS 
The Rise and Fall of Japan's 
Postwar Political Machine 


By Jacob M. Schlesinger. 366 pages. S26. 
Simon & Schuster. 


JAPAN: A Reinterpretation 

By Patrick Smith. 3SS pages. $2730 
Pantheon. 

Reviewed by Akira Iriye 

T HERE was a time, not long ago. when 
writings on Japan contained super- 
latives: about its disciplined work force, 
group loyalty, technological ingenuity — 
or about its sinister designs to dominate 
global markets and to plunder other na- 
tions' cultural treasures. Japan appeared 
like a new breed of inscrutable, giant 
monster that made even the Soviet Union 
seem a tamer, more familiar rival, with a 
power largely confined to the military. 

If the new. excellent books by Jacob 
Schlesinger and Patrick Smith, both 
American journalists of long residence in 
Japan, are any indication, those days of 
exaggerated images of the country, 
whether in adulation or in fear, may be 
about over. Instead, we may be beginning 
to have accounts of Japan tb3t are truer to 
size and, therefore, more illuminating 
about its position in the world today. 

To be sure, the Japan that is depicted 
by the two authors is not pretty. Schle- 
singer focuses on postwar Japan’s polit- 
ical machine and explains how it man- 
aged to keep itself in power, enriching its 
members and. by association, their con- 
stituents. The key to the story, which is 
told vividly in this well-researched and 
reliable account, was the political ex- 
ploitation of public works. 

As the nation sought to recover from 
the war, the leaders — politicians, bu- 
reaucrats and businessmen — developed 
grandiose schemes for the construction of 
highways, railways, tunnels, dams, 
sewage systems. Politicians and bureau- 
crats determined where to build high- 
ways and tunnels; and they also worked 
closely with construction companies so 
that, instead of open bids that might result 
in lower costs, contractors were preselec- 
ted, and they in turn made generous cam- 
paign contributions to politicians and 
gifts to bureaucrats. 


Similar patterns of collusion developed 
not just in public works, but in many other 
areas — in agriculture, shipping and avi- 
ation. for instance. The result was a cor- 
rupt system. 

According to Schlesinger, it was Kak- 
uei Tanaka. “Japan’s first true, success- 
ful populist.” who perfected this system 
of government-business collusion. Com- 
ing from a province on the Sea of Japan 
side of the country, he had an ardent wish 
to reduce the gap between such provinces 
and Tokyo and other cities on the Pacific 
Ocean side. His solution, not surpris- 
ingly, was the large-scale installation of 
highways and trains (one line of the 
bullet trains connected the capital with 
his constituency). He actively promoted 
construction projects as a Liberal Demo- 
cratic Party politician for years before 
becoming prime minister in 1971 

Even more important, Schlesinger 
notes, after he resigned from office in the 
aftermath of a scandal involving the 
Lockheed company, he retained his 
power over the politicians and bureau- 
crats because of his intimate knowledge 
of their associations, but, more import- 
antly, because the voters recognizeahim 
as a man who was bringing home so 
many benefits. ’Hie Tanaka system con- 
tinued under his followers, who were 
able to push his politics of corruption 
even further during the economically 
giddy days of the 1980s. 

Schlesinger observes that these cor- 
rupt politicians and their constituents 
were able to get away with it because the 
nation confronted no serious existential 
issue. Its security was assured by a U.S. 
alliance, and, after what it had done to 
the world in the 1930s and the 1940s, 
few nations wanted it to play any role in 
international affairs. 


inine. * ’ This real Japan is represented by 
the provinces on the Sea of Japan and by 
people who have been marginalized, ob- 
scured and discriminated against, in- 
cluding women, radical students and 
even the far-right nationalists. 

The search for authenticity — behind 
the veneer of accumulated images — has 
beep an ongoing process, according to 
Smith. He believes that there was a brief 
moment, circa 1945-1947, when, under 
the guidance and encouragement of U.S. 
occupation authorities, the Japanese 
sought to assert their autonomy and in- 
dividuality, but, with the onset of the 
Cold War. such endeavors were sup- 
pressed and gave way to the faceless. 4 
inhuman bureaucratic system in which 
collective economic successes mattered 
far more than personal rights. The na : 
lion's political brokers “put Japan to 
sleep as a civic society. “ 


S MITH harshly criticizes Japanese 
and foreign commentators who, he . 


S CHLESINGER’S superb analysis of 
Japan's politics and economic affairs 
is matched by Smith's equally penet- 
rating examination of its culture and 
society. The books parallel each other in 

tTianv imnnrtmf urntfc 


many^ important ways in describing a 


E'TlHI 


US- 


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NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors world-wide Invited 
Wrtte or send your manuscnqito 
MINERVA PRESS 
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less than formidable Japan, but Smith's 
is more argumentative, combining bril- 
liant observations with questionable 
generalizations. Distinguishing what he 
considers the real Japan from the one 
that has been imagined by Japanese and 
foreigners alike, he notes that “authen- 
tically Japanese” culture and society 
have been hidden from view for cen- 
turies. The “visible” Japan is “a world 
without feeling: rational, scientific, cal- 
culating. capitalist, masculine.” In it 
everyone wears a mask, and the masks 
are all the same. But there is another, 
more authentic Japan in which people 
seek ’’the communal, the nurturing, the 
intuitive, the sentimental, and the fem- 


alleges. have obstructed this dismal pic- 
ture by harping on such themes as Ja- v : 
pan's modernization, partnership with. • 
the United States, membership in the - 
elite group of advanced democratic na- 
tions. etc. In reality. Smith argues, Japan 
is neither advanced nor democratic, and 
it will continue thus until the people .1 
discard their masks and learn to express ' 
themselves. 

Highly critical, these two books nev- 
ertheless suggest there is still hope, , if - 
only because the situation up to now -’; 
could not have been worse. In Schle- * 
singer’s account, the collapse of the Jap- ■ 
anese “bubble, ' ’ combined with the U.S.'£ ‘ 
government's ever-increasing pressureff.^ 
on Japan to open up its markets, was. - 
bound to produce a situation in which the V 
political machinery would be weakened. 1 , f .■■■ 
The Japanese are being forced to consider -• 
their options domestically and externally- 
If the search is successful, according. to. V : ^ 
Smith, Japan will become “stronger,,.^ 
more assertive, more of its own mind.’’. - : . 

Whether that is a welcome prospect -- , 
for the United Stares or for. China and-. 
other Asian neighbors, however, is by no -Vr ; 
means clear. Do they really want a Japan 
that is soul-searching ana intemanoTH' 
oust and devotes more resources to ex-}'- . 
temal affairs? Would other countries,’ :" 
vrant a Japan with a sense of mission? " 

I ne answers are by ao means clear. The - \ : 
solution may lie in more, rather than less . ~ v 
m ? u ® nce upon Japanese life. 
their search for identity, the Japanese',”;} 

Uii^t d thar no nation today is com- ., 
pietely autonomous. . 


a Professor of history 

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S ATURDAY-SUNDAY, JULY 5-6, 1997 

PAGE 9 


rid Dari 








Never Underestimate a Good Yarn 



• "r:> 
& . “■ 



Tales of the Sunday God and a Portuguese Theologist 


• 

•- • V 


% * 


Former astronaut Alan Bean 's “ Heavenly Reflections. " inspired by Monet . 

Dreamers and Scientists 
Look at a Starry Sky 


Bv M.G. Lord 


H at the Wham . o,„„ 

^positions m •, 1l . 

(bubble-gum p ni c 
rifle orange > . t r,j 
rsquiggles cim-c - uurcj 
erge. then bi.utke.fn.*, 
ithis jaZZy Op!» % .,i 
nark of Harir*-’. n ... • 
which is uir.r. V, .r = 
iis-Ikniiaiior.. L >.r 
rt establishes 
esencewherh-t 
fctance. unde:; ; ....i ; ,.±. 
j wide varier 


RING under'i- 
Hf of his s;\ •- 
By the mid- ^ 
ere showing . 
and in coi'.r.i 
?op Shops h. 
ok vo Mar,-. 

3 toward U"’;:.: 
lienee: others 
[Order. po>> <•. 
babies, were 
designer i’.e- 
t of briugi:'^ 
together ' 
Side; Harm: 
sformance 
reneiirship. 

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L OS ANGELES ~ 
From the plucky 
comet that upstaged 
the '“Adoration of 
the Magi” in Giotto’s 
Scrovengi Chapel frescoes in 
Padua to the fiery swirls of 
van Gogh's “Starry Night,” 
celestial objects have long 
fascinated artists. 

Whistler. Goya and Paul 
Klee also studied the heavens 
after dark. In the last SO years, 
however, breakthroughs in as- 
tronomy and space explora- 
tion have changed how artists 
portray the cosmos. Where 
once it glittered with remote 
. objects onto which romandc 
longing could be projected, it 
now beckons with reachable 
destinations, whose topo- 
graphical details — craters, 
ice fields, volcanic ridges — 
have been revealed. 

While the images beamed 
back from robotic spacecraft 
are by definition "up close," 
they are far from “personal.” 
Artists, though, have inter- 
preted scientific information in 
ways that heighten intimacy. 

In 1971 and *72. the painter 
and printmaker Vija Celmins 
(who has just won a MacAr- 
■ thur grant) look actual images 
-of the lunar surface returned by 
the Surveyor lander and re- 
created them, detail by pain- 
staking detail, in a richly 
layered pencil drawing. ‘ ‘I was 
attracted by the cool blandness 
of the scientific image,” she 
said, and wanted to translate it 
into something “that like the 
moon, had real dust.” 

In a similar vein, the artist 
Linda Connor printed photo- 
graphs of the sky from glass 
plates made in the 19th cen- 
tury at the Lick Observatory 
■ in Santa Cruz, California. The 
resulting images, especially a 
map of moving star trails re- 
miniscent of a mandala, in- 


studies of the way nature 
breaks down discarded tech- 
nology — resemble planets- 
capes. 

This mix of "rock-and- 
bali ” pictures, as insiders call 
technically accurate space 
renderings, and oddball cre- 
ations is" a far cry from the 
staid show that the Planetary 
Society sponsored nine years 
ago. Put together during the 
cold war. it included many 
Soviet artists and emerged in 
pan from a painting trip 
jointly organized by the 


Whitney in its show. “Rock- 
well Kent at Night.” 

Space travel. Bean sug- 
gests. is but one of many his- 
toric occurrences on which an 
artist’s perspective can be 
useful. 

There is nothing gimmicky 
about Bean’s acrylic render- 
ings. They blend scientific ac- 
curacy with a subde Impres- 
sionistic palate inspired, he 
said, by Monet’s paintings of 
the Rouen Cathedral. “1 went 
to Rouen, to the exact spot 
where Monet stood, and I 



Before the space program: Van Gogh’s "Starry Night." 


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plates are damaged lone re- 
sembles a glass-shard jigsaw 
puzzle), they also address the 
frustrations of scientific in- 
quiry. Along with text by the 
poet Charles Simic, the pho- 
tographs appear in the look 
“On the Music of the 
.Spheres,” published this year 
by the Whitney Museum of 
American Ait 

L IKE Connor’s sky 
maps, the impres- 
sionistic moonscapes 
painted by Captain 
Alan Bean, the former Apollo 
^ astronaut who walked on the 
moon, bear witness to the hu- 
man experience of space, on 
which he has a unique per- 
spective. 

As part of an exposition 
coinciding with die landing of 
NASA’s Pathfinder probe on 
.Mars, the Planetary Society 
.mounted a major exhibition 
of otherworldly images at the 
Pasadena Convention Center 
in Pasadena, California. ' 
Titled “Exploring the Art 
of Space,” the show of 99 
pieces by 48 artists featured 
contributions from top tech- 
nical illustrators like Michael 
Carroll, whom NASA fre- 
quently commissions to por- 
tray its hardware, and Dr. Wil- 
liam Hartmann, the artist, sci- 
fi novelist and planetary sci- 
entist who in 1983 founded the 
International Association for 
the Astronomical Arts, a guild 
for. artists who work With cos- 
mological subject matter. 

Bibbi Ahmsiedt, a Swedish 
artist, domesticates, the uni- 
verse, .incorporating astro- 
nomical phenomena into 
glass dinner plates.Oneof her 
pieces, an ice-blue dish with 
red-brown patches and indigo 
striatums, eerily evokes re- 
cent pictures of Europa, a 
Jovian moon, sent back by the 
Galileo orbiter. 

Jacques L Gamier, a. Cali- 
fornia photographer, inad- 
vertently found images of the 
celestial macrocosm in an im- 
probable microcosm: rusting 
junk. His Cibachrome close- 
ups of decaying surfaces — 


IAAA and the Soviet Union 
of Artists. 

This year’s exhibition, 
however, has no Russian ait, 
because none was submitted: 
“You can’t just contact the 
Union of Artists and say, 
‘Send me 50 paintings,’ ” 
Hartmann explained. “The 
whole structure has col- 
lapsed.” 

In many ways, though, the 
quirky pieces in the current 
show are similar to the Rus- 
sian work. Often childlike, 
Russian paintings usually 
dealt with symbolic aspects 
of flight, rather than its actual 
technology. 

"Typically, the IAAA 
artists got into an because 
they were inspired by space,” 
Hartmann said- "The Russi- 
ans were the opposite: artists 
first, who then got commis- 
sions for ' space-relaxed 
work." Soviet secrecy also 
influenced their approach: 
it’s hard to paint gadgets you 
aren’t permitted to see. 

In 1963, with the establish- 
ment of the NASA Art Pro- 
gram. the .United States, by 
contrast, opened its doors to 
artists, including Norman 
Rockwell, whose stunningly 
hokey image shows an astro- 
naut poised to plant his foot 
on tne moon, and Robert 
Rauschenberg, whose “Hot 
Shot" montage elegantly 
chronicles the flight of a 
space shuttle. 

Stored at the Smithsonian 
Institution or the Kennedy 
Space Center and displayed at 
various NASA centers, the 
collection now includes 2,500 
pieces by 350 artists. 

Paradoxically, before the 
advent of the space program, 
the work of sci-fi artists in- 
spired engineers, rather than 
the other way around. 

"What one person can 
imagine, another person' can 
do,” Hartmann observed, 
quoting Jules Veme. 

He believes thai the scient- 
ists and engineers who worked 
on the Apollo program were 
influenced by the illustrations 
of Chesley BonesteU, whose 
landmark depiction of plan- 
etary exploration, "The Con- 
quest of Space,” was pub- 
fished in 1949. 

Nor was Bonestell the only 
artist who flirted with astro- 
nomical themes. In 1937, Life 
magazine commissioned 
Rockwell Kent to illustrate 
' 'four ways celestial perturb- 
ation wifi bring about” the 
end of (he world (The images 
accompanied an article on the 
Hayden Planetarium.) “Lun- 
ar Disintegration,” an omi- 
nous piece from this series, is 
currently on display at the 


didn 't see any color, ” he said. 
“At first I thought there was 
something wrong with my 
eyes.” Then he realized: 
"Monet didn’t see those col- 
ors, .either; they're not there. 
He saw a beautiful shape with 
chan gin g shadows." 

Bean concluded that Mon- 
et had applied color in an in- 
teresting, abstract way, la- 
beling his inventions 
“morning” or “noon" or 
"rainy day.” Inspired, Bean 
began to apply evocative col- 
or to the lunar terrain. Nev- 
ertheless, he observes, paint- 
ing a spacesuit involves 
different challenges from 
those of a cathedral: “If you 
make the visor too Impres- 
sionistic,” he said, “it looks 
like there are dents in it” 


Irttenii/ncuul Hcr.il, l Tribune 

L ONDON — If any- 
one entertained 
doubts that the an 
market has as much 
to do with dreams as it does 
with economics, the sale of 
European sculpture and 
works of an held this week at 
Christie's brought the evi- 
dence needed to dispel them. 

Perhaps the most compel- 
ling dreams are those rooted 

SOUREN MELIKIAN 

in reality. Human stories re- 
lating to characters once fa- 
mous and powerful, when 
suddenly revealed by long- 
lost works of art. have an ir- 
resistible appeal. 

At first glance, there was 
little about a grayish 
weathered stone bust of a 
young man rhat augured fi- 
nancial triumph, The smiling 
boyish face would go un- 
noticed in an English crowd 
and the scuipturafhandling is 
unremarkable despite a touch 
of the picturesque. Flames 
dart from the head in a blazing 
halo and more flame> spring 
from the wheel that the man 
presses against Kis chest. 

But as a monument to the 
eccentric ideas of a famous 
figure in 18th-century Euro- 
pean politics, the bust stands 
second to none. It depicts the 
Saxon god Sunna (one of the 
seven deities that gave their 
names to the English week- 
days) as visualized between 
1728 and 1730 by Michael 
Rysbrack. The expatriate 
Dutch sculptor was then at the 
height of his fame and it was 
to him that Lord Cobham, the 
prowbead of the liberal Whig 
movement, naturally entrus- 
ted a bizarre commission. 

Rysbrack was to carve the 
seven Saxon gods. Sunna. 
Mona, Tiw, Woden, Thuner. 
Friga and Seatera to be set up 
on tall pedestals in a rustic 
temple erected on the grounds 
of his house at Stowe, Buck- 
inghamshire. Names tran- 
scribed in Runic characters 
would identify each one of 
them. 

Cobham ’s reasons lay 
firstly in his conviction that the 
Saxons embodied the native 
virtues of Britain, in particular 
its democratic spirit, and 
secondly in. his feeling that his 
own ancestry could be traced 
back to the Saxons. A few 
decades ago, alas, such spec- 


ulations and the an they in- 
spired were scorned. When the 
contents of the house at Stowe 
were auctioned off in 1921, the 
statues were dispersed. 

It was to be another 64 
years before an art historian, 
Susan Moore, observed that 
“Thuner.” now in the Vic- 
toria & Albert Museum, and 
“Woden,” now in a private 
collection, belonged to Rys- 
brack 's set of seven Saxon 
gods from Stowe. She was 
able to trace “Mona,” 
"Tiw” "Friga" and “Sea- 
tem,” but “Sunna” seemed 
to have vanished. Eventually 
another scholar. John P.S. 
Davis, found tn 1991 an old 
photograph apparently repre- 
senting Sunna. 

This year . a discovery' 
clinched the matter. Sam- 
antha Wyndham. of the Na- 
tional Trust, recognized the 
sculpture in private posses- 
sion. As David Ekserdjian of 
Christie's notes in the cata- 
logue. it matches precisely 
the description of Sunna in 
Richard Verstegan’s standard 
book on Antiquities which 
was used at the time. 
Cobham's seventh god was 
identified beyond alfpossible 
doubt. 

One question, not raised by 
Christie’s. remains un- 
answered. Could the smiling 
face, clearly a portrait, depict 
Lord Cobham as the god 
Sunna? Such an assumption 
may have been at the back of 
the minds of those who sent 
the bust with the burning 
wheel spinning to a blazing 
£133,500 (S225.600) — 15 or 
20 times the price it might be 
worth without a context. 


A! 


SECOND gripping 
piece of English 
history was high- 
lighted when a 
bronze by Anne Seymour 
Darner, which was first seen 
six years ago only to vanish, 
resurfaced on Tuesday. Ar- 
guably the most unconven- 
tional figure on the English 
scene in her lifetime (1749- 
1828). she was the grand- 
daughter of the fourth Duke 
of Argyll and the wife of the 
eldesf’son of Lord Milton, 
later Lord Dorchester. 

Lady Dorchester however 
was not particularly inter- 
ested in the lifestyle to which 
she was entitled. She wanted 
to be a sculptor, and a sculptor 
she became, incongruous as it 


M.G. Lord, who is working 
on a cultural history of 
NASA's Jet Propulsion Lab- 
oratory. wrote this for The 
New York Times. 



ChnMir 


Circular bronze portrait relief ofPayva de Andrade. 


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1 



Can ed stone figure of the god Sunna by Michael Rysbrack . circa 1728-30. 


may have seemed to her 
peers. She studied under Gi- 
useppe Ceracci and John Ba- 
con the Elder. Friends and 
acquaintances became her sit- 
ters, among whom was Mary 
Beny. a writer and protegee 
of Horace Walpole. 

Christie’s bronze bust re- 
mains a unique model. Signed 
in Latin on the marble ped- 
estal. it also carries the artist's 
name in Greek' lettering en- 
graved on the upper hair band 
preceded by Mary Berry’s 
own name. This is a fascin- 
ating work. Influenced by 
neoclassicism in the handling 
of the hairdo, the bust already 
betrays the advent of Roman- 
ticism. Contained emotion 
exudes from the face bent for- 
ward, lost in unsmiling rev- 
erie. Technically, the bronze 
is an accomplished piece. Not 
bad. Lady Dorchester. At 
£19,955, the bronze portrait 
was hardly overpaid. 

Yet there was a greater 


catch. This is a powerful 
bronze medallion portrait in- 
scribed in Roman capitals 
with the name of Diogo de 
Payva de Andrade, a theo- 
logian in 16th-century Por- 
tugal. Very few Renaissance 
bronzes are ever given a Por- 
tuguese label. The portrait is a 
sensational find. It is pre- 
cisely datable. Payva de An- 
drade died on Dec. 1, 1575. 

Thanks to a second inscrip- 
tion incised in calligraphic 
lettering on a metal plate 
screwed on the back, we 
know the original destination 
of the medallion as well as the 
circumstance of its first dis- 
covery in the 18th century. 

T HE bronze was cast 
as a funerary device 
for the family in the 
church of St. Nich- 
olas of Tolentino in Lisbon. In 
1755. the great Lisbon earth- 
quake reduced the church to 
rubble and there it was that the 


Marquis of Pombal, the 
premier who introduced his 
country to modernity, found 
the bronze in 1771. It was 
then engraved with the theo- 
logian’s name and fitted with 
a heavily molded black wood 
frame, which it retains. 

As a work of ait. the medal- 
lion is a masterpiece of 
Renaissance portraiture ex- 
ecuted under strong Italian in- 
fluence but with a dour vigor 
suggesting a non-Italian, pre- 
sumably Portuguese, hand. At 
£16,875. the unique icon, 
twice lost, seemed a giveaway. 
That is presumably the opin- 
ion of the European dealer 
who got it. One hopes that he 
had been commissioned to bid 
on behalf of some museum — 
a hope that must be similarly 
extended to the Anne Sey- 
mour Darner bust. If even such 
discoveries will not stir mu- 
seums into action at prices that 
the most impoverished can af- 
ford, one wonders what will. 


Eight World Auction Records 
at Sotheby’s London 

£42.34 Million Sale on 24 June is highest total for Impressionist and 
Modern Art in Europe since 1990 





World auction records 
ton 

Vincent van Gogh 
( Watercolour i 
Kees van Dongen 
Emsi-Ludwig Kirchner 
Alexei von lawiensky 
Emil Nolde 

Heinrich Campendonk 
Hermann Max Pechstein 
Henri Laurens 


Capitalise on our 
international success. 

For further details of our 
London Winter Sales of 
Impressionist Se Modern An 
and 20th Century German 
Art, 1 & 2 December 1997 


itT-i (*% 


Please contact Melanie Ciore 
or Philip Hook in London 
on (0171) 408 5393 or 
Alexander Apsis in New York 
on (212) 606 7360 


Ernst Ludwig Kirchner 
Street Scene. 1913 
Sold for £1.981,500 


Sotheby’s 

34-35 New Bond Street 
London W1A 2AA . 

Sotheby's 
1334 York .Avenue 
New York 10021 


SOTHEBYS 


Erjyr. w ’ :r; 
ffrfhT'F" 
ah P<st- 









PAGE 10 


SATURDAY-SUNDAY, JULY 5-6, 1997 


EDITORIALS/OPINION 


Ileralb 


INTERNATIONAL 



PIBLLSHtn WITH THE MEW YORK. TIM IS AND THE WASHINGTON POST 


SriblUtC Mighty Saviors of Hong Kong: Greed and Ego 

“ J J H ” ^rlKs to deal with such ? cj 



Where Secrets Can’t Hide 


Even as the U.S. Supreme Court was 
ruling on free speech on the Internet 
last month, a confrontation over that 


very subject in Britain offered a re- 
minder of why free speech is important 


minder of why free speech is important 
to begin with. 

The travels of a so-called Joint En- 
quiry Team report demonstrate the 
reach of electronic networks across 
national borders and the limits of a 
single court’s jurisdiction in matters of 
expression or publication. But the re- 
port also is a classic example of the sort 
of government information that, sup- 
pressed to spare a few officials em- 
barrassment. could have averted con- 
siderable suffering if it had been 
published as intended in 1990. 

The report was commissioned to in- 
vestigate what had gone wrong in a 
celebrated prosecution of child sex- 
abuse charges in Broxtowe in 1988 — 
a prosecution that brought a round of 
convictions but also generated a rash of 
accusations about satanic ritual abuse. 
The report ended up taking a dim view 
of the satanic charges ana laying out 
how a well-meaning social services 
department had come to believe, and 
perhaps unwittingly even to help gen- 
erate, gruesome assertions for which 
the police could find no evidence. 

No one who remembers the similar 


Time for Answers 


At last Americans may be getting a 
clearer map of the pipeline that carried 
tainted campaign money from Asian 
businesses to the re-election effort of 
President Bill Clinton. 

The Democrats have conceded that 


the money was suspect, returning S2.2 
million of the nearly $4 million raised 


million of the nearly $4 million raised 
by two party supporters, John Huang 
and Charlie Trie. 

This week. The New York Times 
reported that investigators are looking 
at $470,000 in transfers to Mr. Trie 
from on account in Macau. The money 
came in just as Mr. Trie was showing 
up at campaign offices with envelopes 
of money, some from donors who can- 
not now be found. 

The pattern here is familiar. New 
information keeps dripping out while 
the White House argues that the in- 
vestigations into the finances of Mr. 
Clinton and his wife. Hillary, have 
gone on too long. We make this point 
by way of noting the importance of 
hearings that start in the Senate on 
Tuesday. With any luck, the hearings 
will also pave the way for reform. 

Senator Fred Thompson, Republi- 
can of Tennessee, has promised an 
evenhanded inquiry', and that is to the 
good. The Republican Party has its 
own questions to answer. 

For example, the former Republican 
National Committee chairman, Haley 
Barbour, must explain how he set up a 
partisan think tank that received loans 
and gifts from a Hong Kong business 


and girts from a Hong Kong business 
family, possibly in return for access to 
Republican leaders and other favors. 


Republican leaders and outer tavors. 

With both parties eager to keep their 
campaign books closed, the public 


needs to watch for attempts to stall the 
hearings. Mr. Thompson's fellow Re- 
publicans would like to focus exclus- 
ively on the president, while the Demo- 
crats want every Democratic reve- 
lation to be matched with one by the 
Republicans. 

At least initiall y, Mr. Thompson 
mishandled the investigation by ig- 
noring requests from John Glenn, the 
Senate committee’s senior Democrat, 
to issue subpoenas and grant sufficient 
time to investigate the Republican 
campaign. At one point, (he chemistry 
between Mr. Thompson and Mr. Glenn 
was so poor that colleagues had to 
broker a cease-fire. 

Our real hope is that the hearings 
will awaken the slumbering Justice 
Department to its responsibilities to get 
to the bottom of the foreign connection 
in the campaign last year. We have 
repeatedly called for an independent 
counsel, which Attorney General Janet 
Reno has refused to accept despite the 
flagrant conflict of interest in her head- 
ing of an investigation that has arrived 
at the White House door. 

But the administration could instill 
some confidence in the investigation 
now by promising io press China to 
cooperate. Mr. Trie, for instance, now 
lives in China and has vowed not to 
return, taunting investigators by say- 
ing, * ‘They 'll never find me. * ' 

In the weeks ahead, the public has a 
right to expect a clearer look at the 
pipeline, its operators and their foreign 
sources. That puts a special burden on 
Mr. Thompson and Mr. Glenn to avoid 
squabbling and rise to the moment. 

— THE NEW YORK TIMES 


Elephants in Danger 


The wanton destruction of the Af- 
rican elephant has been one of the 20th 
century's grimmer monuments to hu- 
man stupidity and greed. 

In the 1980s alone the kill rate, 
mainly from poaching, reached 200 a 
day. The number of these majestic 
creatures dwindled from 1.3 million to 
less than half that. 

Then, in 1989, the UN Convention 
on International Trade in Endangered 
Species put the African elephant on its 
“most endangered" list and banned 
worldwide commercial trade in ivory. 
The agreement has been a resounding 
success. The ivory trade dried up, and 
elephant populations have shown only 
modest declines ever since. 

Last month, after days of bitter de- 
bate in Zimbabwe, convention mem- 
bers amended that pact to allow three 
Southern African states to begin 
selling less than half their stockpiles of 
ivory to Japan. 

The three, Botswana. Namibia and 
Zimbabwe, have large elephant pop- 
ulations and solid conservation records. 
They also need the millions of dollars 
that their stockpiled tons of ivory will 
bring them. Several countries that sup- 
ported the ban eight years ago voted this 
time to carve out an exception, partly in 
recognition that all three nations have 
more elephants than they can comfort- 
ably handle and partly to reward them 
for their conservation practices. 


These are generous sentiments but 
they produced the wrong outcome. The 
agreement reopens what has always 
been the world’s most insatiable ivory 
market, Japan. 

This in turn provides a powerful 
incentive for poachers throughout 
Africa to resume the killing in the hope 
that their illegal ivory can safely be 
commingled with the legal ivory from 
the three African countries. The Clin- 
ton administration opposed any weak- 
ening of the ban on precisely these 
grounds. 

Indeed, the convention's own ex- 
perts concede that Japan's internal 
controls for distinguishing legal ivory 
from contraband are seriously flawed. 

The agreement therefore delays 
sales to allow the convention to es- 
tablish monitoring mechanisms at both 
ends of the ivory pipeline before trade 
can begin. That should not be a prob- 
lem in the three African countries, 
which have a vested interest in seeing 
the program work. Japan may not have 
such resolve. 

The UN convention therefore needs 
to take its policing responsibilities se- 
riously and honor its pledge to halt 
trade immediately if there is poaching. 
The African elephant has lately been 
spared the slaughter of the '80s. But in 
mosr African nations, it is a long way 
from recovery. 

— THE NEtt' YORK TIMES 


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H ONG KONG — As they lowered 
the Union Jack here, marking the 


child abuse prosecutions in the United 
States in the 1980s will be surprised 
that, in the years since the British re- 
port was written and then withheld 
from publication, several waves of 
satanic abuse accusations have hit Bri- 
tain, and the Broxtowe case has been 
cited as an instance of such abuse. 

This month, three E nglish journa- 
lists obtained a copy of the report and 
posted it on their Web site, along with 
a statement by the report’s author, J. B. 
Watkins, saying timely publication 
could have helped avert these later 
panics. County authorities quickly 
brought an injunction ordering them to 
remove the report from their Web site, 
saying it was m violation of copyright. 
They complied, bat not before appeal- 
ing to a local civil liberties group, 
which put out an appeal on the Net for 
operators abroad to “mirror," or copy, 
the site. 

The unsurprising result: Some 30- 
plus sites in cyberspace now feature 
the report, and most of them are 'out of 
reach of British law. This may be a bad 
thing for national sovereignty, but it is 
a very good thing for those who worry 
about the ill effects of governments’ 
natural tendency to mm their embar- 
rassments into official secrets. 

— THE WASHINGTON POST. 


XX the Union Jack here, marking the 
end of 156 years of British rule, and the 
band played “God Save the Queen," 
tire thought occurred to me that while 
God may save the queen, who will save 
Hong Kong? The answer is two of the 
most basic human emotions — greed 
and ego. The greed of the supermarkets 


By Thomas L. Friedman 


there is only so much that foreign gov- 
ernments can do to influence events in 
Hong Kong. The United States can 
punish by dropping bombs, but there is 
nothing appropriate to bomb here. 
Moody's, though, can punish by drop- 
ping credit ratings, and there will be 


Chinese provinciaLgovernors and busi- 
ness conglomerates) to come into Hong 
Kong and ‘ ‘mess things up. 


, Hong Kong is the ultimate post-|«- 

nothing appropriate to bomb here, dustrial diplomatic challenge, .becaus 
Moody’s, though, can punish by drop- Hong Kong is the capital of- a nug 
ping credit ratings, and there will be cyber-community: “Mantime 
plenty of opportunities for that if things na.” This community includes ram- 
go wrong here. ilies, coastal trading houses, business 

If the Chinese start to mess with " alliances between merchants ana oi- 
Hong Kong — either by fiddling in its ficials (including intelligence ana army 


and the ego of the last Communists, plenty of opportunities for that if things 
God save them both. go wrong here. 


God save them both. 

Let me explain. At Sunday night's 
pre-handover dinner, the head table 
was stacked with politicians and states- 
men from around the globe. Now all of 
these were powerful people, but alone 
they won't exercise the decisive in- 
fluence over China's handling of Hong 
Kong. If the Hong Kong colonial gov- 
ernment had really wanted to intim- 
idate the Chinese it would have invited 
the heads of the Moody's and Standard 
& Poor's credit rating agencies, Fi- 
delity and Vanguard mutual funds, 
Merrill Lynch, Barclays, Deutsche 
Bank and Mitsubishi. 

Thai is to say, there is great concern 
that China live up to its obligations to 


preserve Hong Kong's unique capit- 
alism and democratic freedoms. But 


stock market or seriously restricting the 
free flow of information — China will 
be punished by that most brutal, ef- 
ficient and immediate of diplomatic 
tools: the automatic-teller machine. 

There is more than $100 billion in 
foreign investment here, most of it in 
highly liquid funds, and long before 
foreign governments respond to any 
downward spiral here, the Hong Kong 
economic elite will move their money 
out by electronic transfer. And the 
Chinese know it. Lu Ping, China's top 
official in Hong Kong, warned his own 
countrymen Tuesday that China will 
not allow regional “warlords" (amaz- 
ing that he used chat term to apply to 


nuini.i u , j j 

officials), as well as some underworld 
groups. It stretches from HongKong to 
China to Macau to Taiwan to aU of the 
ethnic Chinese communities of Soum 
As.ia. 

It is not a single network or con- 
spiracy. Rather it is a source of great 
economic vibrancy in Asia, with many 
competing alliances. The real long- 
term threat to Hong Kong is less from 
the iron fist of Imperial China and more 
from the dark side of Maritime China 
— the alliances between Chinese war- 
lords, military chiefs, gangs and busi- 
ness that involve everything from 
smuggling to. shady, sweetheart stock 
deals. It’s not that governments are 


powerless to deal with such 
community, but the supersets. ^1; , .«. : 
probably be a much more efficient ;*►. a & 

because China's ita*; ; V - . 
ers desperate to prove that now thar.; _ 
rhev have recovered Hong Koqg caey ,. - \ 
canrun it every bit as well as tbeBnfr^- , 
did Moreover, to complete the reum-,.. *> 
fication of China, they want to demofl^; 
strate to Taiwan, as China’s pnmem^v 
Lfer, Li Peng, said, that “one county. . . ; L , 
two systems” can work for Hoqg~ 
Kong, and therefore “it can also wodc^ 

for Taiwan." , , • 

China’s leaders are keenly aware that- , 
they are taking over Hong Kong.a$ iy . . 
time when property prices ami tbejlang- - «. ». 
Seng stock index are .soaring. A top-- 
Hong Kong official told me the BmjIm t- ; 
team is already concerned that they will . - 

be blamed if the bubble here bursts. That y- /- . 

is a huge incentive for China to keep . 
Hong Kong in good working order. : i •: t ir- 
itis a fitting irony that the reputation: 
of China’s leaders is now linked to the.. -- 
Hang Seng index. And that could be 
Hong Kong's salvation. God save ’; ... 

Mao’s legacy and Merrill Lynch. i 

The New York Times. 


China’s Natural Ambitions to Loosen the U.S. Grip on Asia 


P ARIS — Two themes have 
dominated discussion of 


By William Pfaff 


Hong Kong’s return to 
Chinese sovereignty: human 
rights and China's supposed 
future global geopolitical chal- 
lenge. Both are grand distrac- 
tions from the regional polit- 
ical issues that will dominate 
the start of the 2 1st century. 

The current debate asks 
whether China will respect the 
Western-style human rights in- 
troduced in Hong Kong by its 
last British governor, Chris 
Patten. The answer must be no. 
This conception of individual 
rights is not only subversive 
for the Chinese political sys- 
tem but also inconsistent with 
the cultural assumptions of 
much of the region. 

Is China the next economic 
superpower? The answer to 
that also seems to be no. If the 
standard UN system of nation- 
al accounts, instead of pur- 
chasing power parities, is used 
to make the international com- 


parison, and if Chinese nation- 
al accounts are reliable, 
China’s gross domestic 
product is today probably 
somewhat larger than that of 
Spain, and considerably smal- 
ler than that of Italy. 

With Hong Kong’s GDP in- 
cluded — itself something like 
a quarter of China’s previous 
GDP — the country’s new 
total figure comes closer to that 
of Italy, without exceeding iL 
In short, China has a substan- 
tial and rapidly growing econ- 
omy, but it is far from be- 
coming a superpower. 

The truly important issue 
here concerns the balance of 
power. Beijing's natural stra- 
tegic and political interest lies 
in re-establishing China’s tra- 
ditional primacy in mainland 
northern Asia, which implies 
an effort to break the Japanese- 
American alliance and reduce 
America's regional presence. 


There is no reason now to 
think Beijing would employ 
other than political measures 
ro do this. It is normal for 
China to want a regional bal- 
ance in which it is one of the 
three major autonomous act- 
ors. American officials ordin- 
arily describe this as a threat to 
the balance of power. 

But there is no power bal- 
ance in Asia today in the clas- 
sic sense. There is an Amer- 
ican predominance that China 
wishes to break. Indeed, 

C hina ’s natural ambition ro re- 
store its own primacy tends to 
create the balance that now is 
absent. 

The countries benefiting 
from America's military he- 
gemony in Asia have been re- 
luctant to lose ±at comfortable 
reliance on the United States. 
But the American role is fun- 
damentally artificial in that the 
only material interest that the 


United States has in East Asia 
is commercial. It has no se- 
rious geopolitical interest oth- 
er than a general desire for 
stability. 

It is a reasonable propos- 
ition that neither China, nor the 
real Asian great power, Japan, 
will indefinitely accept Amer- 
ican domination of their re- 
gion. In this perspective, it is 
the United States that increas- 
ingly is the destabilizing factor 
in East Asia. 

America' 5 position in Asia 
since World War Q has rested 
on Japan's, interest in a U.S. 
alliance to counterbalance 
China (and Russia), and 
China's interest in having the 
United States confine Japan ro 

g ilitical and military passivity. 

ut the U.S. relationship to Ja- 
pan is inevitably becoming 
more distant and difficult, as 
the economic rivalry becomes 
more intense. 

As the United States be- 
comes less useful to the major 


actors in Asia, this American 
strategic hegemony will be 
challenged. China wants 
Taiwan, and it will reaffirm its 
regional role and lay claim to 
an international role that wfll 
set it against Japan and .the 
smaller countries on its bor- 
ders. 

The American public will 
question this contested hege- 
mony that has no evident 
profit. The government will 
discover serious domestic 
political obstacles to an activ- 
ist Asia policy. 

The national interest of the 
United States is not threatened 
by China's effort to reclaim its . 
old position on the north Asian 
m ainl and, where in modem 
times China's rivals have been 
Japan and Russia. Yet die 
United States now is engaged 
there. In managing thar en- 
gagement, much prudence and 
foresight will be needed. 

Inrenuttianal Herald Tribune. 

<8 Los Angeles Tima Syndicate. - 


A Bad Settlement Forces Tobacco Firms to Pay for Others 5 Sins 


C HICAGO — First, some 
disclosures. I have never 


V/ disclosures. I have never 
puffed a cigarette in my life. 

And I have advised the cig- 
arette maker Philip Morris on 
its defense strategy for nearly 
13 years. 

I see no contradiction there. 

Smoking is not a habit 1 wish 
to acquire. Nor is it a practice 
for which tobacco companies 
should be held liable. The 
S368.5 billion settlement to 
which the tobacco industry 
agreed last month tin which I 
played no role) represents the 
substitution of political muscle 
for sound legal principle. 

The 1969 federal law on cig- 
arette labeling required specific 
warnings on cigarette packs and 
then barred states from impos- 
ing additional “requirements or 
prohibitions" on smoking. 

As the U.S. Supreme Court 
correctly held in its 1992 de- 
cision in Cipollone vs. Liggett 
Group, people who began 
smoking after 1969 could not 
sue on the ground that they had 
not been adequately warned of 
the clangers. Individuals who 
started smoking earlier and 
tried to sue tobacco companies 
for damages were all unsuc- 


By Richard A. Epstein 


cessful. Juries found that they 
indeed knew of the risks of 
smoking. And claims of addic- 
tion failed because too many 
smokers had already quit. 

So why did a triumphant in- 
dustry succumb to this monster 
settlement? Because the 
plaintiffs' lawyers skillfully 
shifted their firepower io face- 
less class-action litigation. 
These broad suits promised to 
bring the question of what the 
tobacco companies knew about 
their product to the fore while 
relegating the issue of what 
smokers knew about the 
dangers of their habit to the 
fringes. 

In addition, the states sued in 
an effort to get the tobacco in- 
dustry to pay for treating the 
smoking-related illnesses of 
people in the government’s 
Medicare health program for 
the elderly. Courts have uni- 
formly he’ld that states could 
recover such medical costs only 
when individuals were entitled 
to do so. 

But the states conjured up a 
dubious legal tiieory that would 
apply only to the tobacco compa- 


nies and government health care 
providers. The states argued that 
they should be able to recover 
smoking-related Medicare costs 
even when individual claims 
would be barred. 

Meanwhile, on the regulat- 
ory front, nicotine suddenly be- 
came a drug subject to regu- 
lation by the Food and Drug 
Administration. 

This war on multiple fronts 
forced the tobacco companies 
to capitulate ro stiff terms. But 
the deal is unholy from the 
plaintiffs’ side. If tobacco is a 
deadly scourge, why not urge 
Congress to ban it altogether? 
Because plaintiffs' lawyers and 
states will not receive a single 
dime if tobacco is not sold. 

So the settlement extracts co- 
pious mea culpas from the to- 
bacco industry and then gives 
the states a continued interest in 
seeing that enough cigarettes 
are sold for the tobacco compa- 
nies to keep paying the fixed 
tariff. In effect, tobacco's old 
adversaries have made them- 
selves its new co-owners. 

I suspect that the financial 
and regulatory burdens of this 


.settlement may. kill the goose , 
that lays the golden egg. In any 
case, die plaintiffs should have 
been sent home empty-handed. 

What could be done? La- 
beling requirements can be 
strengthened. Medicare premi- 
ums should be raised for 
smokers. Tobacco subsidies 
should be eliminated- The pres- 
ident can rail against smoking. 


But individual .smokers 
should own up" to the con- 
sequences of their actions. 

And the tobacco industry's 
liability for smoking-related ill- 
nesses should be zero. 


The writer, a law professoral 
e University of Chicago, con - 


the University of Chicago, con- 
tributed this comment to The 
Net f York Times. 


Make Them Say -Sorry 9 


Something is missing from 
the cigarette settlement 


I feel this strongly, possibly 
irrationally and not at ail, many 
will insist realistically. Still, I 
feel that at the very least all of us 
— especially those of us who 
ever smoked — should get an 
apology from Big Tobacco, a 
bumble and most humbling 
“I’m Sorry” accompanied by 
some pretty fair groveling. I 
want contrition. 

I find nothing like rhat in the 
proposed agreement I do not 
find an admission of guilt, a 
confession of greed, an ac- 
knowledgment that they always 
knew the evils of smoking but 
hey. they wanted to make a 
buck. I want the tobacco big- 
gies. the guys who make mil- 
lions of dollars, to say they were 
wrong and now they will devote 
the rest of their lives to a worth- 
while cause. 

When my Uncle Mike died, I 
took a sign from his house: 
"Warning. Oxygen In Use." 
He had emphysema, the pay- 
back from the gazillion 
Chesterfields he smoked over 
the years. I took the sign, and 


Mr . Smith, Booed in Washington 


W ASHINGTON — In a 
way. this capital city 


VY way. this capital city 
and James Stewart will 
forever be linked. 

The actor's life and films 
seem to have become monu- 
ments to America and its 
ideals. And in this town per- 
haps more than any other, res- 
idents and tourists are remem- 
bering Mr. Stewart with 
affection for “Mr. Smith Goes 
to Washington," the 1939 
film in which he plays Jef- 
ferson Smith, an idealist who 
becomes a senator and cham- 
pions principle over politics. 

Ironically, the congress- 
men, Supreme Court justices 
and pundits who attended the 
gala Constitution Hall 
premiere on Oct. 16, 1939 — 
the District proclaimed it 
"Mr. Smith Day" — thought 
Mr. Stewart and the director 
Frank Capra were guilty of 
heresy for their depiction of 
corruption in the political es- 
tablishment. 

“Two-thirds of the way 
through the picture, they ston- 
ed w anting our — booing, dis- 
gusted,” remembered Mr. 
Capra. “About the time of the 
filibuster, they really began to 
walk out in droves. The news- 
papermen were just vicious 
about it, and the senators were 
all vicious about it." Mr. 


By John Meroney 


Capra sought refuge it 
Willard Hotel suite. 


Hollywood feared such 
hostile politicians as South 
Carolina's Senator James 
Byrnes — “It Is exactly the 
kind of picture that dictators 
of totalitarian governments 
would like to have their sub- 
jects believe exists in a de- 
mocracy," he said — would 
retaliate by accelerating legis- 
lative efforts ro break up the 


monopolies on production, 
distribution and exhibition en- 


distribution and exhibition en- 
joyed by the big studios. But 
like his’ character, Mr. Stew- 
art's movie prevailed: Audi- 
ences across the nation, and 
the globe, loved the picture. 

Decades later, it’s hard to 
imagine such dispute existed. 
Indeed, today’s Washington 
establishment appreciates 
what is at heart the optimism 
of “Mr. Smith.” 

Former Senator Bob Dole 
fought a war with Mr. Stewart 
50 years ago; both returned to 
their nation as heroes. 

Mr. Dole says "Mr. 
Smith” is one of his favorite 
films. “It's about a heroic, 
small -town political figure 
standing on principle against 
the powerful forces of Wash- 


ington." he said. "Jeff Smith 
is a role model for countless 
young people, providing the 
timeless lesson of the impor- 
tance of doing what's right." 

It was fitting that at the Lin- 
coln Memorial on the night of 
Mr. Stewart's death, in a real- 
life scene reminiscent of the 
one Mr. Capra and Mr. Stew- 
art created on a Hollywood 
sound stage almost 60 years 
age. a woman from Ohio was 
reading the Gettysburg Ad- 
dress to her granddaughter. 
Touring the capital for the 
Fourth of July, she said they 
heard the news of Mr. Stew- 
art’s death on their hotel room 
television. 

"Jimmy Stewart seemed 
like such a genuine person," 
she said. “His movies were 
always decent." 

And then There was a 47- 
vear-old man from Virginia. 
George Bailey, a name he 
shares, appropriately enough, 
with Mr. Stewart’s character 
from “It’s a Wonderful 
Life." Mr. Bailey reflected 
the emotions of many Amer- 
icans when he noted, simply, 
"America lost a hero." 


stared at it whenever I lit up. I 
thought it would make me quit, 
but it didn't. I could smoke in 
Che very face of the con- 
sequences — such is the ad- 
diction. Finally I quit, but I fear 
that someday all those ciga- 
rettes will catch up with me. In- 
stalled at 14. My decision, I 
know. Still, I hadn’t even heard 
of emphysema. 

President Bill Clinton, 
forever in loco parentis, is intent 
on stopping youngsters from 
smoking. He’s right, of coinse. f 
But what is the lesson for teen- 
agers or anyone else, for that 
matter) when people sell 
something awful, something 
whose mere use constitutes ab- 
use, and get away with it? They 
are not asked to apologize. 
Their names are not posted on 
some wall so that they can be 
shamed. They are not punished,; 
and, indeed, have arranged mat- 
ters so that the punishment fei. 
their companies is limited. 1 /V 

I want contrition. What I'm/ 
getting, though, is more 
smoke. 

— Richard Cohen in The 
Washington Post. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Japan’s Protest 


PARIS — The Japanese protest 
against the annexation of 
Hawaii was more serious thar 
the State Department has been 
willing to 3dfmit. Mr. Sherman 
makes no direc t reply to Japan's 
explicit declaration that the 
maintenance of the status quo is 
essential to a good understand- 
ing between Japan and the 
United States. He hardly ap- 
pears to appreciate the gravity 
of that language, which indeed 
he dismisses rather mvni;<iriv 


It remains now to be seen how 
far Japan will carry her protest. 


leaving. In many States, a man I 
can legally prevent his 
from running for political office; r 
if success requires her absence* V- 1 - 7 
from home. A man is given the] :- - v 
choice of domicile, and, shoold\>:; ■ : 
a wife refuse to comply with hi^ ^; f... 
wishes in this respect, the law ‘V . 
regards her action as desertion:- :'i.r 
and he may sue for divorce, i T- fy-:: 


1947: A Jewish State / 


1922: Home Ties 


WASHINGTON — Women 
voters and women office-hold- 


The writer, an author in 
Washington, contributed this 
comment to The Washington 
Post. 


ers are creating new problems, 
not only in politics but in the 
home life of the country. Some 
women refuse to leave home to 
lake up political office, and 
some husbands object to their 


JERUSALEM — The Jewish; 
Agency told the United Nations:. 


v-omminee on x-aiesnnc 

that the solution of the Holy 
Land problem must be the -ere-: 
ation of a Jewish stare in all. or! 
pan of, Palestine. The Agency 
riatiy rejected any proposal fbr 
a joint Jew-Arab state or' the 
mere continuance of the man-; 
date administration with - ih* 
United Nations taking over d«r 
present role of Britain. The* 
Agency case was presented in s' 
two- hour speech by David Ben : 
Gurion. chief of its executive; . . 


B -> h „LLnjal!oi 




deeper 


Stfady.iustdaj 


i -irettes. oi 


W ih:,vear.ac 


ti of Capita 


WASHINGTON 
KfliSi *.Tu-h this t 
For the fci 
vtar isv.U'try ext 
aff-jj-zir.. jn-asain 

ttflii jvi:i !«■'*. 

y. 7i.Tr. •<■4} exi 
k.i-.frr>*are 1 


r. plerij : r. j -heir 




The reaped ac 
*<!- ..i a eoncertei 
in utnsni'i ration i 
iMv.'i ;hc technok 
Fr.e j ejrs ago. > 
ftwdeni A I Gore 


™ continue d 
m Brazi 
TOxican elections S 


^ half of 199 


ls s Rates 

















iEgo 

such a cvk. 

W^supennartreS^ 

be ^ use Chin a \i 0 

a?s%j? 

ss=sass 3 S?» 

teyS 5 : 

a.to,-o„ P e r ™'^- 

»n work for 

can also u'5 

i&® keenly au . 

™ Hong Kons ^ 

iy.pncesandvheH^ 

c *re soarins a , 8 
tftoldmethl'BeiiS 
^THharthevS 
ibUeherebnrsj^Tha, 

ve for China to kin 
ad working order 

oy that the reputation 

.. And that could he 
alvanon. God 
[Merrill Lynch. 

! I'ont: 77mri 

>n Asia 


Asia, this American 
-hegemony will he 
• C !“ na ^ants 

tad u will reaffirm its 

Eple and lay claim tr. 
anonal role that «-,j| 
ainst Japan and the 
pantries on it* bor- 

merican public mil 
this contorted hese- 
at has no ci [Jem 
te .government \u|| 
serious domestic 
tbstacles to an jcm- 
trffcy. 

tional intere>t ...i ih c 
ates is not threatened 
s effort to reclaim n> 
» on the north Asian 
.-•where in modem 
ria’s rivals ha\e hem 
df Russia. Yet the 
ales now is engaged 
managing th.’t en- 
ktnudi prudence and 
will be needed 

Her* .•./ 7 .- 

Sr/fi 7 /h.vO; .: 


:ers’ Sins 


individual >mokw* 
jwn up to inr u.'fr 
«6f their ac:i'.- : i' 
he tobacco :ncu>tr. s 
orsmoking-rdated ill- 
ould be zero 

iter, a law pr •:«> 
•rsisyu/CiihLij.' 

this counm m v hit 
: Times. 


rry' 

er ! In up i 
ake me cjuii. 
Id smoke in 

f the con- 
i i> the ad- 
tit. but 1 
those ciaa- 
t with in*- 
decision. I 
t even heard 

Clinton. 
«is. is in« nl 
isters non' 
i. of coup- 
on for reen- 
se. for that 
eople 
s,bmerhing 
isunnes ab- 
itli ti’Tbe} 
apolo2t7 tf - 

tpo-tedon 
hey can_tj 
c>i puntsho 5 
■Triced mat’ 
lishm^nt [l1 



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PAGE 11 


Thai Currency Storm 
Appears to Be Easing 

But Analysts Point to Underlying Trend 
-:f}f Layoffs and Widening Labor Unrest 


By Thomas Crompton 

Special ft. the Herald Tribune 

BANGKOK — In the three days 
since Thailand allowed the baht to float, 
the currency appears to have stabilized, 
share prices have rallied 25 percent, and 
some Thai officials are suggesting that 
the worst is over. 

Digging deeper below the surface of 
this country's months-long financial 
crisis, however, many analysts find that 
a dark new reality is taking hold. They 
warn of the potential for labor unrest 
and social disruption as consumer prices 
rise, the economy continues to slow and 
companies are forced to shed workers. 

Already, just days after Thai officials 
^ut the currency from its dollar peg, 
effectively devaluing the baht for the 
first time since 1984, prices for some 
foods, cigarettes, oil ana other goods are 
be ginnin g to rise. 

And this year, according to the Labor 
Ministry, Thailand will have its first 
encounter with mass urban unemploy- 
ment as the number of jobless rises from 
virtually nil to more than 40,000. 

“It’s going to get a lot uglier because 
there will be more laborers out of work 
clamoring for the government to do 
something,” Sriyan Pietersz, chief 
strategist of Capital Nomura Securities 


in Bangkok, said. 

While less than 1 percent unemploy- 
ment may seem paltry by European or 
American standards, the layoffs will 
almost entirely take place in industries 
located in or near Bangkok. 

Until late last year, the tremendous 
demand for qualified workers led to 
rampant job-hopping and precipitous 
climbs up the salary scale. 

Now, nowever, several high profile 
labor disputes have erupted into vio- 
lence, including one Wednesday during 
which disgruntled workers at Thai Mi- 
cro Systems temporarily blockaded ex- 
ecutives in their office, the govern- 
ment's labor relations director, 
Pomchai Yuprayong, said. 

Among the hardest hit will be young 
college-educated white-collar workers 
in the finance sector. The 16 finance 
companies whose operations were sus- 
pended June 27 will clear out about 40 
percent of their staff while other finance 
companies will lay off 20 percent, re- 
sulting in about 3,000 finance-sector 
workers, or about 1 0 percent of the total, 
losing their jobs this year, according to 
Yongyudth Chalermwong, labor spe- 
cialist at the Thailand Development Re- 
search Institute. 

"These 22- to 30-year-olds who could 
expect to make 60,000 to 100,000 baht 



'-rarr r 1 ,*■ . 


Hong Kong traders trying to fight a slide in real-estate shares Friday. Page 13. In Bangkok, consumers kept an eye on the rate of the Thai currency. 


per month in the early 1990s, would be 
lucky to get 20,000 baht per month now. 
if they can find anything at all," the 
labor specialist said. 

These cutbacks may herald the end of 
a class of conspicuous consumers 
whose mobile phones and flashy tastes 
symbolized the emerging new Thailand. 
At the peak of consumption in the early 
1990s, Thailand ranked as world's sev- 
enth-largest market for Mercedes Benz 
cars, and credit cards crept into the 
traditionally cash culture. 

Now rows of Mercedes cars at 
Bangkok's Khlong Toey port are wait- 


ing to be shipped out of the country and 
banks are saddled with a growing level 
of credit-card debt that many fear may 
never be repaid. 

More worrying to foreign investors, 
however, is the rise of urban-based blue- 
collar unemployment and the violence 
that may accompany it 

The Thailand Development Research 
Institute estimates that at least 37,000 
blue-collar workers, mostly in 
Bangkok, will lose their jobs this year. 

"We have encouraged preventive 
measures by asking companies to lay- 
off workers' in a gentle manner and give 


them all the legally required compen- 
sation money," Mr. Pomchai, said. 

Panus Thailuan, president of the Na- 
tional Congress or Thai Labor, said: 
"Violence only happens when full com- 
pensation is not paid to workers." 

The labor discord comes as the econ- 
omy is winding down after a decade of 
nearly continuous 8 percent annual 
growth. The Bank of Thailand on 
Wednesday lowered its estimate of 
1997 growth to 4.8 percent, while 
private economists have predicted a 
contraction of as much as 1 percent. 

How the crisis plays out in Thailand 


In Search of More Influence, Silicon Valley Goes to Washington 


By El 
and Ra 


and Rajiv Cbandrasekaran 

• Wiishingnm Post Service 

WASHINGTON — It's not just a 
teenage crush this time. 

For the past few years, high-tech- 
nology industry executives have had an 
off-again, on-again love affair with na- 
tional politics. 

No more, say executives. High-tech- 
nology leaders are looking for a higher- 
profile role on the political scene, and 
are pledging their time and dollars in 
exchange. In the next few days, a group 
of 12 leading Silicon Valley entrepre- 
neurs and venture capitalists plan to 
unveil ‘’Technology Network, a bi- 
partisan coalition that aims to influence 
both federal and state policies. 

“There’s a sustained level of com- 
mitment to being part of. the political 
process that hasn't been here before," 
said John Doerr, one of Silicon Valley's 
most prominent venture capitalists and 
co-chairman of TechNer. 

The increased activism comes on the 
beds of a concerted effort by the Clin- 
ch administration to win back the sup- 
port of the technology industry. 

Five years ago, Mr. Clinton and Vice 
President A1 Gore rode into the White 


House with the enthusiastic support of 
some of Silicon Valley’s most prom- 
inent executives, who were convinced 
that die baby boomer duo would be hip 
to the industry's concerns. But their 
enthusiasm turned to dismay following 
several administration decisions — in 
particular, Mr. Clinton's veto of a law 
changing the rules of securities litig- 
ation and his support for a federal law 
that would have made putting “inde- 
fcent*’ material on the Internet a crime if 
children could see it. 

Those disagreements, however, 
seemed to fade away this past week as 
Mr. Clinton and Mr. Gore said they 
favoredminimal government regulation 
of the Internet and no new taxes on 
Internet commerce. In a White House 
ceremony on Tuesday packed with tech- 
nology industry leaders, Mr. Clinton 
formally released the administration's 
report on electronic co m merce and 
vowed to make fee Internet a global 
free-trade zone. 

In fee past, said John Chambers, chief 
executive of Cisco Systems Inc. and a 
TechNet board member, "most Silicon 
Valley companies have had a simple 
view" of Washington. "We ignored 
everything." Those who did take an. 
interest, he said, were hatf-hearied, head- 


ing to Washington to voice an opinion, 
then sprinting back to fee West Coast. 

Technology leaders got a wake-up 
call last year, however, when they faced 
an initiative on the California ballot feat 
would have made it easier for share- 
holders to sue companies feat expe- 
rienced abrupt changes in stock price. A 
Silicon Valley coalition campaigned 
against the measure, called Proposition 
21 1, which was defeated. But fee ex- 
perience taught them that if they con- 
tinued to shy from politics, they might 
confront similar problems in the future. 

The low political profile of Silicon 
Valley chief executives, moreover, has 
tended to extend to their wallets. Tech- 
nology executives, on average, have 
made smaller contributions to federal 
and state candidates and political parties 
than leaders of other industries. Tech- 
Net aims to change that. 

With some of Silicon Valley's lead- 
ing executives at its helm, TechNet will 
be well-funded, Mr. Doerr predicted. 
Indeed. Mr. Doerr raised $40 million in 
120 days to helpdefeatProposition 21 1. 
TechNet also is establishing federal and 
state political-action committees. 

For now, TechNer will focus its en- 
ergies on continued security litigation 
issues and on improving education, both 


of which “are key to fee new econ- 
omy," Mr. Chambers said. 

■ Bonn Approves Internet Law 

Germany on Friday passed a law reg- 
ulating fee Internet that officials said 
would help control illegal uses of cy- 
berspace and. at fee same time, boost 


electronic commerce. The Associated 
Press reported from Bonn. 

The law says that on-line providers 
can be prosecuted for offering a venue 
for illegal content, such as pornography, 
if they do so knowingly and it is * ’tech- 
nically possible and reasonable ” to pre- 
vent it. 


Firms Agree on Disk Standards 


Bloomberg News 

TOKYO — Fifteen of the world’s 
largest electronics companies — includ- 
ing Fujitsu Ltd of Japan, LSI Logic 
Corp. of the United States and Philips 
Electronics NV of the Netherlands — 
agreed Friday on standards for a power- 
ful new computer disk. 

The accord should give a lift to the 
latest magneto- optical, or MO. disk 
against the less powerful DVD-RAM 
disks in die battle to become the preferred 
method of storing information in the next 
generation of personal computers. 

“We think the MO market can grow 
from a million units a year today to tens 
of millions of units when fee MO will be 
the standard recording device in a PC," 
said a Fujitsu spokesman, Mike Beime. 


Under the agreement, an MO disk 
made by Japan’s Hitachi Maxell Ltd., 
for instance, could be used in a com- 
puter made by South Korea's LG Elec- 
tronics Co. Unlike read-only disks, MO 
and DVD-RAM disks — both of which 
are the size of compact disks used to 
record music — allow users to rewrite 
information on fee disk. 

The new MO disk can store up to 6 
gigabytes of information, enough to 
hold a two-hour movie, according to 
Fujitsu, fee world’s biggest maker of 
MO disk drives. 

But the sophisticated disk drives 
needed to read the new MO disks will 
cost around S500, or twice fee price of a 
DVD-RAM drive and 25 times fee cost 
of a standard $20 disk drive. 


After Big Runup in Latin American Stocks, Can the Good Times Last? 


By Dan Colarusso 

. York Times Service 

In the first half of 1997,. Latin Amer- 
ican stock funds produced some of the 
world's best returns. But whether that 
run _ wilL continue depends upon budget 
^questions in Brazil, the aftermath of 
/Mexican elections Sunday and investors' 
willingness to continue to see the stocks 
in the region as attractively priced. 

Stock markets in Brazil, Argentina. 
Mexico. Venezuela, Colombia and Peru 
have been powered sO far this year by a 
wave of privatizations, other economic 
and fiscal changes and increased flows 
of foreign capital. Those forces helped 
the Morgan Stanley Latin America 
Equity fernd post a 44 percent return in 
fee first-lulf of 1997, while fee T. Rowe 
Price J-atin: America fund jumped 41 
percent and the Fidelity Latin America 
rand gained 39 percent. 

Excluding -.specialty funds, Latin 
.American -stock funds accounted for 


eight of the 10 top-performing funds 
during that period, according to Mom- 
ingstar Inc., the Chicago fund- trackers. 

The play in fee first half was clearly 
Brazil, where the markets benefited 
from the government's decision to 
privatize several key companies, in- 
cluding Telecomunicacoes Brasileira 
SA, or Telebras; Centrais Electricas 
Brasileiras S A, or Electrobras, and Pet- 
roleo Brasil eiro SA, or Petrobras, re- 
spectively the telephone, electric and oil 
and gas companies. 

Such privatizations, which are also 
talcing place in Peru and Venezuela, can 
free companies to become markedly 
more profitable. 

Also, some fund managers say the 
region’s rally is on firmer ground than in 
past upswings. For one, Latin America's 
economic growth this time is fueled in 
large part by exports and foreign in- 
vestment, which are steadier sources of 
growth than domestic consumption. 

The managers say the good times are 


also a product of long-needed changes 
by governments that have mastered 
their fiscal policies, from privatization 
to currency management. Patti Satter- 
thwaite, manager of the Fidelity Latin 
America fund, visited Brasilia in April 
and “was amazed at how consistent fee 
reform story was" among all levels of 
government. “There’s a strong com- 
mitment," she said. 

But there is wariness as the region 
heads into fee second half of- 1997. 
“Latin America looks good — fairly 
good — but not as good as early in fee 
year,” said Ariun Divecha, the manager 
of fee GMO Emerging Markets Equity 
fund. Mark Haet, a Latin American 
portfolio manager for Bonkers Trust, 
agreed. "We should get 10 percent to 15 
percent’ ’ from fee region for fee balance 
of the year, he estimated. 

While Ms. Satterfewaite said fee. 
Brazilian market might continue its up- 
swing, buoyed in part by a state auction 
of cellular licenses and continuing pri- 


CURRENCY & INTEREST RATES 


Brazilian stock index, has risen 75 per- 
cent since January. The index. Hading at 
12 or 13 times earnings early this year, 
now carries a multiple of 16. Mr. Haet’s 
firm began to lighten up on Brazilian 
stocks in April and to add more Mexican 
positions. Mr. Divecha has grown neu- 
tral on Brazil and bullish on Mexico. 

Mexico's market has yet to return to 
fee levels it reached before fee 1 995 peso 
crisis. With fee index carrying a multiple 
of 14, many fund managers say Mexican 
stocks are undervalued. Mr. Divecha 
added that gross domestic product was 
growing and inflation falling. Some con- 


C&W Sees 
Foothold 
In China 


sumer stocks have gained sharply, Mr. 
Haet said, with Fomento Economico 
Mexicano SA. or Femsa, a beverage 
bottler, up more than 70 percent since 
January, for example. Analysts also ex- 
pect construction companies like Cemex 
SA and Tribasa Cons truce iones SA, to 
benefit from a recovery. 

But there are nationwide elections 
Sunday, and the Institutional Revolu- 
tionary Party is expected to sustain big 
losses. Managers expect a period of 
uncertainty as it 1 earns to share power, 
said Robert Meyer, who along with 
Andy Skov, manages the Morgan Stan- 
ley Latin America fund. 


will reverberate throughout Southeast 
Asia as foreign investors watch the 
woes of an economy built upon their 
investments. The battering of the baht 
has also been a time of reckoning for 
other dollar-pegged currencies, such as 
fee Hong Kong and Singapore dollars. 

While the central bank s growth es- 
timate for this year would be considered 
respectable by more developed econ- 
omies. Thailand has geared itself for fast 
growth and easy jobs with little planning 
for a safety net, Mr. Yongyudth said. 

See BAHT, Page 12 


Jospin Chided 
For Slowness 
On Economy 

Rearers 

PARIS — Opposition politicians 
and France’s powerful trade unions 
expressed concern Friday over 
Prime Minister Lionel Jospin’s go- 
slow approach on key economic 
decisions. But the union leaders did 
praise his goals. 

Following Mr. Jospin's first live 
television appearance since he took 
power a month ago, rightist mem- 
bers of Parliament accused him of 
hypocrisy in blaming fiscal woes 
on the previous conservative gov- 
ernment and in his handling of the 
controversial closing of a Renault 
auto assembly plant in Belgium. 

Union leaders urged the Socialist 
head of government to move more 
swiftly to implement potentially 
costly campaign promises to create 
700,000 new jobs and to trim the 
working week to 35 hours from 39, 
with no loss in pay. 

Mr. Jospin stressed pragmatism 
and patience and turned his back on 
ideology in fee interview, reaffirm- 
ing his commitment to launching a 
single European currency while 
tackling public deficits and trying 
ro fight unemployment, boost so- 
cial justice and preserve fragile 
economic growth. 

He acknowledged feat fee job 
was a challenging one and he 
blamed his difficulties in pan on 
financial problems inherited from 
fee previous government. 

Concerning Renault's plan to 
close its plant in Vilvoorde, which 
Mr. Jospin had pledged during his 
campaign to review, fee prime min- 
ister said he had kept his word. 

Though the plant will still close, 
he stressed, some workers will be 
redeployed and none will be laid off 
outright. 

A Gaullist deputy, Patrick De- 
vedjian, accused Mr. Jospin of rais- 
ing false hopes on the Renault clos- 
ing, which he called inevitable. 


FIDELITY FAR EAST FUND 

Societe d'Investissement a Capital Variable 
Kansallis House, Place de 1'Etoile. 

B.P. 2174 - L-1021 Luxembourg 
R.C. Luxembourg B 16.926 

NOTICE OF ANNUAL GENERAL MEETING 


IYEARSAG^. Cross Rates 


s t ..nil, . tj. LM an it. if. Y« c fcujj 

I- : 157S run 1127 urn anss* — net- vua t-wi* uw unr 

,....*12 eoss assents immas — uss an auo »sa 


Pi ' y foHfr r .V'.usa issa use aw me *m m uw i-s® 

iJwdaaJBj r. .- um — 2ft .mbs. zoos inn asm us mm 2J9SMW 

'loa MS 8109 2UH ' Jitf- BUI USt HXUH UU9* 107SB — 
MB nn UKK ZVM 9 UX ».10" — USJj- «3W MM* KM 12£B t\5U 

fcwyartft) _ a Bad 

Pan -. saw ?» ism — saw* im un saw" un 

Tokyo : 3075 HUB MS7 l?» US .SMI Wffl 77JJ M Wj* 

Twalo -law 23154 U» 0HK OKI' Uttl UK' 0SSS1 IMS* — 

luirt MP3 0J3U 42*2 MtT WJ UW* — W” IM W* 

1 ECU - 1J2M - Uffl US ms U2U» 33BI 4L7S71 M53I 1*M» 

1SDR 15B7 MW. UHt IttW 2JUA Uffl «SSB 1®?. 1SU0S US 2WSD1 


KMm oboe to 9ux 
HwyartW — 0 

Pott ■' saw 99# 33791 
Tola* " ■ ' SOTS MSB MJ7 


Libid-Ubor Rates Ju| y 4 

Swim Fundi 

Data- D-Moift Franc Storing Franc Yea ECU 

I -month 514-5% 2%-3V* ltt-IH Mft-aWSV. -3Vn fc-W 
3-monffi 54I-5V. 2 *Pb- 3!A» 6H*-7yi* 3W-M* Vfc-'Vis 

. A-montti l*lt-lWn 7*n-7Vo 3*ta-3W* Ml- Vi 4M-4** 

I -year 3V»-3Vi ltV-TV» 3W-3W *-Wi 

Sources: Reuters. Lloyds Banh. , „ 

Rates appHcnble to Interbank deposits of SI mWkm minimum {or equivalent). 


Key Money Rates 


ront/B foies a3 PM - ' 

flf To buy one pound- fc To bay one doSnc Unffs of lO^N.Qcmf twtei NA: not tnmnbie. 


Other Dollar Values 

Smmci Pots • Camnq 
*J*8l.-FM0 099H GntfH 
AWWraS-- 1328* HonfK 
Awtrtarsdv 1X34 Haig.fi 
5jw>ndV • -1JIMS 1 acta i 
CMnmymn 1321 lndo.(d 
503? iffckfi 
gwfiMftWt LS77S ismoflj 
13K2 ROW* 
52246 Motajr.i 

Fottoard [Rates 

CMnKr 38-dBT « 

'PwndlterfWg 1-674& U 

Cowidfcui flallaf 13744 

D«Sdi«iortc . : 1.7502 i: 


CniMiy Pork 

crook**. 27630- 
HongKongS* 7343 
Haig, forint .18752 . 
Inttat rcpM_' 25,765 
Inda.wpMi 2000 
MshC 06557 

lsmfijMtL 15179 . 
KOWAnr 03029 
ttBtajr.rinft.25ia 


MHtar W-da i 

‘15721 - 13705 
13716 .13682 
17461 ’ 1.7424 


QHTUCf Po>S 
MK.P4U • 7.955 
H.ZMdudS 1.48W 
None, tame 73167 
PUt. peso 2639 
PoOslilloly 339 
MftMcgdo 176JO 
Ruts rata 578230 
Saafiriy* 335 

5100. S ■ 1X34 


Conmcy 
JapaaoMjrH 
franc ' 


amoqf Port THUBOr 
5. JUT. nod 45256 3-V"* 
S.-Ksr.waa 887.10- 
SwwLtaWH 7.7781 IJH* 0 
TtaftraiS 2736 30f« 
Thai butt 2930 Won* 
TurtdshBm 148660. Japan 
UAEdmnai 1671 nwZ, 
Vonatboae. 48730 7m m 


United Statss 

Ctase 

Prev 

Britain 



Discount rote 

530 

530 

Bank base rate 

66 

6Vt 

Print rota 

(to 

m 

Caflnmy 

6¥> 

630 

Fftorrttowis 

C fed 

5W 

1 -no(i 11 iWwtai« 

» 

6M 

9Mar CDs deafen 

- 

553 

3-owrtti tatortotik 

730 

730 

lflWor CP doulBf* 

- 

556 

t-moatt) Interbank 

m 

7Vu 

3 montt) Treasury MB 

— 

S3l 

10-year GOT 

732 

734 

T-yoarTreasuv M 

- 

536 




a-ywr Treasury bta 

- 

5.92 

Franco 



5-ywrTfWWrynote 

- 

6.19 

Intervention rot# 

3.10 

110 

7-yaar Traattiy note 

- 

634 

CoBmenay 

3VW 

3W* 

IIHmir Treasury note 

- 

Ml 

I -month bnertank 

3b 

14 

3ftfoar Treasury bond 

- 


3-OMith tofortiank 


3 Vo 

Morrill Lynch 3o-day RA 

- 

$j0s 

6-awitti btttffeank 

.34* 

3to 


- ScunzsrtNG Bank {Amsterdam}: fhdosaerBmk (BnrsselsiiMaxa CcvwnertjWe tteBana 
IWknti Sannrn tie France (Pats}; Bank of Tokyo-MltsubkcM (Tokyo},- 


DtatwiBtrsta 
M730 cnuaoney 

1 -month tatortmnk 
3-awrth ialortJank 
fr-ronfti tatertM* 
UkywrGevt bead 

today Corawny 
112.76 Lnrtmrd rata 
16555 OsHnoa*/ 

1 -raonm (otertaift 
3-mentti kitortonk 
W 6-nmtRi idtartKBtt 
10-yoar Build 


10-yowOAT S3B 5X9 

■ Sources: Reuten. Bteoabera, Merrill 
Lrncb, Bank of ToXyp-Mifivbislil, 
Commeabank. OwW Lynmalt. 


AM. PM. Ch'g* 

Zortcti NJL 33Z40 Uncti. 

London 33230 32450 -850 

NowYark Closed 

(7,5. doltam per ounce. London offiOat 
tUngarZiHkh trnd New Yak opining 
and dOMg (dices; New York Camex 
(Aug.) 

Sauce Ream. 


Bloomberg Sens 

HONG KONG — Cable & 
Wireless PLC’s chief exec- 
utive said it was "very pos- 
sible" that fee company 
would buy a stake in the Hong 
Kong arm of China’s largesr 
telephone company. 

China Telecommunica- 
tions (Hong Kong) Ltd. may 
grant C&W fee stake in ex- 
change for shares in Hong 
Kong Telecommunications 
Ltd., in which C&W owns a 
52 percem stake, Richard 
Brown, the C&W chief ex- 
ecutive, said. 

C&W wants to sell shares 
in Hong Kong Telecommu- 
nications Ltd. in return for 
access to the Chinese market, 
one of the fastest-growing in 
the world. 

"China Telecom Hong 
Kong may well be floated," 
Mr. Brown said after the an- 
nual general meeting of Hong 
Kong Telecommunications. 

But analysts said fee link 
between Cable & Wireless 
and China Telecom may not i 
happen. 


Notice is hereby given that for administrative reasons the Annual General Meeting of the Share- 
holders of Fidelity Far East Fund, a Societe d'Investissement a Capital Variable organised under 
the laws of the Grand Duchy of Luxembourg lihe "Company";, will be held ai the registered office 
of the Company. Kansallis House. Place de 1’Etoile. Luxembourg, at 1 1.15 a.ra. on July 14. 1997. 
specifically, but without limitation, for the following purposes : 

1. Presentation of the Report of the Board of Directors: 

2. Presentation of the Report of the Auditor: 

3. Approval of the balance sheet and income statement for the fiscal year ended February 28. 1997 : 

4. Discharge of the Board of Directors and the Auditor: 

5. Election of six (6) Directors, specifically the re-election of Messrs Edward C Johnson 3d. 
Barry RJ Bateman. Charles TM Collis. Charles A Fraser. Jean Hamilius and Helmen Frans 
van den Hoven. being oil of the present Directors : 

6. Election of the Auditor, specifically the election of Coopers & Lybrand. Luxembourg : 

7. Declaration of a cash dividend in respect of the fiscal year ended February 2S. 1997 : 

8. Consideration of such other business as may properly come before the Meeting. 

Approval of items 1 through 8 of the agenda will require the affirmative vote of a majority of the 
shares present or represented at the Meeting wife no minimum number of shares present or rep- 
resented in order for a quorum to be present. 

Subject to the limitations imposed by the Articles of Incorporation of the Company with regard to 
ownership of shares which constitute in the aggregate more than three percent (3^) of the out- 
standing shares, each share is entitled to one vote. A Shareholder may act at any Meeting by 
proxy. 

Dated: May 16. 1997 

By order of the Board of Directors 


investments 





PAGE 12 


DSTERNAIIONAL HERALD TRIBUNE, SATURDAT-SUNDAY, JULY 5-6, 199 


THE AMERICAS 


Th& Dow 


30-Year T-Bond Yield 




Big Settlement for Mississippi 

But Cigarette Makers’ $3.4 Billion Deal Stirs Doubt 


NYSE Predicts Record 
For Non-U.S. listings 


Yvv* 


By Barry Meier 

New York Tones Service 


F M A M J J 
1997 

LdcJiil'Vs’* 


F M A M J J 
1997 



In a move that could undercut 
the proposed nationwide tobacco 
settlement, four major cigarette 
producers have agreed to pay Mis- 
sissippi $3.4 billion over 25 years 
to resolve a lawsuit over health- 
care costs associated with 
smoking. 

The agreement was the first for- 
mal settlement of a lawsuit be- 
tween tobacco companies and any 
of the 40 states that have filed 
actions against them to recover 
Medicaid funds spent on smoking- 
related illnesses. 

Mississippi's case was set to go 
to trial next week. 


Similar settlements are expec- 
ted soon with Florida and Texas, 
die next states to have trial dates, 
several lawyers close to the alTcy 
said. 

Under the agreement, reached 


Thursday, Mississippi would im- 
mediately receive $170 million as 


mediately receive $170 million as 
its share of the industry’s initial 
$10 billion payment, which is part 
of the national $368.5 billion set- 
tlement proposal reached two 
weeks ago. 

That is a favorable cut for Mis- 
sissippi, given its size and medical 
expenses, die lawyers said. 

In announcing the deal in Jack- 
son, the state capital, Michael 
Moore, the Mississippi attorney 
general, said the resolution of the 


case guaranteed Mississippi pro- 
ceeds from the national agreement, 
regardless of the broader propos- 
al’s fate. 

That deal, if approved by Con- 
gress, would resolve all existing 
state lawsuits. 

“This is a great day,*' said Mr. 
Moore, who was a principal ar- 
chitect of the nationwide settle- 
ment plan. “We have defeated the 
giant tobacco companies.” 

The broader proposal has 
already run into opposition from 
critics who have complained, 
among other things, that it under- 
cuts federal authority to regulate 
nicotine in cigarettes. 

Mr. Moore has lobbied Con- 
gress on behalf of the proposal. 


SMOKE: U.K. Court Allows Class-Action Tobacco Suit 


Continued from Page 11 


Source: Bloomberg. Reuters 


[lucmauurul Herald Tribune 


Very briefly: 


Procycle Buys Canadian Company 

VANCOUVER, British Columbia (Bloomberg) — Pro- 
cycle Group Inc. said it acquired Rocky Mountain Bicycles 
Co. for an undisclosed price, creating Canada's largest maker 
and exporter of high-performance mountain bikes. 

The acquisition will allow Procyle to expand into more 
expensive bikes and take advantage of Rocky Mountain's 
design and welding expertise. The average price of bikes sold 
by Procycle is about 180 Canadian dollars ($130), while the 
average Rocky Mountain bike sells for about 1 .000 dollars. 

Procycle has 450 employees and generates annual revenue 
of 50 million dollars. Among its bike brands are CCM, Oryx, 
Mikado and Velo sport. 

The company is the exclusive North American maker and 
distributor of Peugeot bikes. Procyle makes 350,000 bicycles 
a year. 


Analysts said the case would 
only intensify the tobacco in- 
dustry's search for growth and 
profits in the developing econo- 
mies of Eastern Europe and in In- 
dia. 

The plaintiffs in the British case, 
one of whom died Wednesday, 
contend thar the tobacco compa- 
nies were aware that smoking car- 
ried a risk of cancer back in the 
1950s and should have reduced the 
tar levels in cigarettes to diminis h 
that risk. 

The companies vigorously con- 
test the allegations, and Britain’s 


legal traditions give them some big 
advantages in mounting their de- 
fense. 

There are no established rules 
for handling class actions, and a 
key test in the case will be whether 
the judge allows the companies to 
insist that each of the 47 cases be 
treated individually. That would 
drag out proceedings and escalate 
costs to the companies’ advan- 
tage. 

“It's all too easy to create 
obstacles," said Paul Balen, a 
class-action specialist at the firm 
Freeth. Cartwright, who worked 
with Mr. Day on the case before 
the plain tiffs were denied public 


legal-aid funding. 

“Product liability is not as de- 
veloped in Europe as in the United 
States, and any settlement would 
not be made on the same terms as 
in the U.S.,’’ said Emilio Alvarez, 
a tobacco industry analyst at Mor- 
gan Stanley in London. 

The only other case pending in 
Europe was fried in France last 
year and seeks 4.3 million francs 
($730,000) on behalf of two 
smokers. That case is not expected 
to go to trial before the British 
case. 

The new Labour cabinet has dis- 
couraged talk of government ac- 
tion against tobacco companies. 


Reuters 

SHANGHAI — The New York 
Stock Exchange expects to list at 
least a record 75 new companies 
from outside the United States this 
year, compared with 59 new compa- 
nies in 1996, James Cochrane, the 
exchange's senior vice president, 

said Friday. _ , ... 

“I use the number 75, but frankly 
I’U probably be a Utile disappointed 
if that’s what wedo,” Mr. Cochraiw 
said at a seminar in Shanghai. I 
think we can do a bit better.’ 

At the end of 1 996. the New Y ork 
Stock Exchange listed 290 non-U .S. 
companies with common stock. 

But Mr. Cochrane said it was dif- 
ficult to forecast an exact number 
because the listings would depend 
on the health of the securities mar- 
kets in the local country and its 
political situation. 

“Numerically, when the year is 
over I suspect that South America 
and Europe will be our biggest 
source of non-U.S. companies,’ he 
said, adding that Brazil was one of 
the brighter prospects. 

He said Asia looked “exciting. 


but it varied on a country-by-to un- 
try basis.” . 

The exchange expected to listtwo 
or three companies from Japan this 
summer and had “several, oppor- 
tunities’ 4 in South Korea, he said. 

There were. also, a number of 
Chinese companies in the pipeline, 
Mr. Cochrane said, s 
“In Southeast Asia; oiir-most ex- 
citing short- and medium-term pros- 
pect Ts Indonesia, in renns of aottaiyj 
amounts of the offerings, size of the#" 
companies and the probable appetite 
for the securities in tbe.-United - 
Stales,” Mr: Cochrane sakL 
In addition, he said one. or two 

Philippines and Thailan^msrd-ex- 
pected to list this year. 

“We’ll do a couple more from 
Australia, but the big one will be 
Telstra — that's a significant flot- 
ation,” be said. Telstra Corp.; one of. 
Australia's nuin 'telecommunica- 
tions companies, is planning a pub- 
lic offering of a one-third stake in. 
the company worth 8 billion Aus- 
tralian dollars ($6.02. billion), ac- 
cording to analysts. 


Dollar Soars Against Mark* 
On Outlook for Weak Euro 


BAHT: Fresh Concern Over Economy and Labor Unrest 


Continued from Page XI 


• Mexico’s president, Ernesto Zedillo, said private businesses 
had pledged to invest 53.6 billion pesos ($6.75 million) in the 
country's telecommunications industry by the year 2000. 

• Chrysler Corp. has signed contracts with Shinwon Ltd. 
and Haein Ltd. to take over 15 of its 23 dealerships in South 

Korea. Reiuers. Kmghi-RidJer 


Markets Gosed 


U.S. financial markets were closed Friday for In- 
dependence Day. 


ning fora safery net, Mr. Yongyudth ' 
said “There was virtually no un- 
employment until the end of last 
year, but now it is increasing very 
fast among white and blue collar 
workers," he said. 

Before the baht plummeted, the 
Labor Ministry and Development 
Research Institute estimated that 
40,000 employees would be laid off. 
Now Mr. Yongyudth reckons the 
devaluation could raise that estimate 
more than 10 percent 

Thailand's blue-collar labor force 
has traditionally migrated from the 


country's northeastern provinces in 
good times and returned to the fam- 
ily rice paddies when things got 
tough in the city. 

But now, Mr. Yongyudth said, 
“Many who came to Bangkok have 
lost their safety net of family con- 
nections or are unable to move be- 
cause it costs too mucb to get the 
whole family out.” 

Also, he said workers were un- 
willing to take a two-thirds pay cut 
to work in a provincial factory. 

Violence by disgruntled workers 
has been on the rise. In mid-Decem- 
ber a group of angry workers ran- 
sacked and burned a Sanyo Uni- 


versal Electronics warehouse after 
the company proposed cutting their 
annual bonuses. Immediately after 
the fire, the club of Thailand’s 
largest investors, the Japanese 
Chamber of Commerce, demanded 
stricter police enforcement of laws 
against illegal labor actions. 

Prime Minister Chaovalir Yong- 
chaiyut had harsh words for pro- 
testers who blockaded the Labor 
Ministry two weeks ago, making it 
clear that his government would not 
tolerate illegal disturbances. Iron- 
ically, those workers prevented of- 
ficials from attending a presentation 
on how to address labor problems. 


Coofiled by Oar Stuff Fro* Dopmka 

LONDON — The dollar rose to a 
three-year Hi gh against the Deutsche 
mark Friday amid expectations the 
German currency would be replaced 
by a weaker euro, Europe’s planned 
single currency. 

The mark has fallen 12 percent 
against the dollar so far this year 
amid expectations of a weak euro 
and a straggling German economy. 

“ People are worried about EMU, 
and they don’t want to be long 
Deutsche marks," said Gerry 
Celaya, analyst at American Ex- 
press Bank. “We’re pretty positive 
on the dollar in this weak marie 
environment." 

Trading was thin with U.S. mar- 
kets closed for die Independence 
Day holiday. 

The dollar rose to 1.7565 
Deutsche marks in London trading, 
compared with 1.7520 DM at the 
close in New York on Thursday. It 
rose to 1 13.74 yen from 1 13.65 yen. 


Against other currencies, the dol- 
lar rose to 5.9117 ^French francs 
from 5.9065 francs-Tt was steady, ai 


1.4675 Swiss francs. The pound 
slipped to $1.6877 from $1.6900. 
The pound held on fp most of this . 


FOREIGN EXCHANGE 


week's gains against the mark, slip- 
ping to 2.9528 DMfrom 2.9616 DM 
ar the end of the day. Thursday. 

Analysts said bnsk : demand foiP^ 
the pound was likely to persist be-' 
fore a meeting of the Bank of Eng- 
land's policymaking council next 
week because of expectations of a 
rise. in base lending rales of as much 
as half a percentage point. 

“Everyone and his mother and . 
brother wants to buy sterling at the 
moment. Even on a quiet day like 
today there was still demand out of . 
the U.S.,” said Peter Wood, cur- 
rency trader at Bank of Boston in 
London. (Reuters. Bloomberg / 


WORLD STOCK MARKETS 


Friday^ duly 4 

Prices in local currencies. 
Telekuts 

High Low dm Pro*. 


Amsterdam aexm«cN7.i» 

Pimm 897.10 


ABN-AMRO 
Aegon 
AJMU 
Alao Noted 
Boon Co. 

Bals Wesson 
CSMcvo 
DartfechePet 
D5M 
Elsevier 
Fortfe Amev 
Gentries 
G- Brecon 


39X0 38.70 
14480 14X90 
171.90 169 JO 
77640 771 JO 
143 148.30 
38.40 37.90 

97.90 9550 
11740 11440 

705.90 20040 
3X60 31 BO 

92 9050 

48.90 67.10 
£9 66.80 

104.70 101.50 
350 344^1 
11430 11170 
17440 17030 
9170 9330 
47-Sffl 65J0 
4430 41® 


Hcinewn 

H womens eva 
Hvnf Doughs 


INC Group 
KLM 
KNPBT 
kPN 

NedfaydGp 

Nutrida 

OceGnnten 

PMlpsElec 

Polygram 

Rwidstad Hdg 

RoiHTO 

Rwtantco 
Roflnco 
Rorento 
Royd Dutch 
Unilever evo 
Vender lull 
VNU 

Woden KJcva 


3940 3840 
14630 14330 

169.90 169S0 
271.70 273.20 

142 13930 
38.10 3820 
9670 9810 
11530 11520 
205 19930 
3340 32.90 
97 91 

6740 6730 
6870 67.10 

102.90 101 
34s jp 

11270 11330 
171.10 174 

9430 9330 
66 6740 
44 4X90 


High 

Deutsche Bank 10430 
Deul Telekom 43 
Dresdner Bank 6330 
Fresenius 357 

Fresenius Mad 152-10 
Filed. Krupp 349 
Geta 12130 

Hekfeibg Zmt 169 
Henkdpfd 106 

HEW 469 

Hochtief 86 

HoedKf 79 60 

Knrstadl 644 

Lotaieyer 79.90 
Unde 1390 

Lutthomu 3430 
MAN 554 

Maimesimmi 807 
Meta IgeseHschaff 35.90 
Metro 19630 

Munch RuedcR 5430 
Plwmoq 57450 

RWE 7750 

SAPpfd 382 

Schema 189.90 
SGLCarhan 246 
Siemens 10815 


Springer (Axed) 1550 


5830 57.60 5830 5840 
327 32130 37630 321.® 


14530 14040 144.10 
1800 103 103 

212 209 20930 21040 


Saedzudcer 

Thyssen 

Veto 

VEW 

Vb&wugen 


Law aose 

102.30 T02J0 
42.70 43 

6240 62-90 
356 357 

15130 IS2 
344 34530 
11850 11870 
168 168 
104.70 105 

465 469 

83 86 

7857 7837 
639 63930 
7940 7940 
1343 1343 

3230 32.70 
54730 551 

78550 80S 

3535 35.90 
19540 196.10 
5215 5400 

518 522 

77.10 7740 
37550 37830 
187.60 187.70 
244 246 

107 JO 10730 
1550 1550 

933 938 

433 437 

102 10330 
563 575 

80230 810 ! 

1389139030 



High Low 

ClaM 

Pray. 


High 

Low 

Close 

Pro*. 

5A Breweries 

140 

139 

140 

140 

UMITtaes 

7X3 

6.90 

7.15 

7X3 

Srenaiear 

42 

41 

41 

44.95 

VendomeLxuft 

455 

• 450 

454 

450 

Saul 

59XS 

56.75 

59 

5950 

Vodafone 

109 

3J02 

3.0* 

304 

SBIC 

215XS 21450 

215 21750 

WhHmsd 

BJI7 

7JJ9 

7.97 

7.94 

Tiger Oats 

78X5 

77X5 

78 

78.75 

WSamsHdgs 

130 

3ja 

125 

3X8 





Wdsetey 

4*4 

453 

453 

465 






WPP Group 

2X8 

10 

242 

245 

Kuala Li 

imour 

Com 

posAe: 1 

07131 

Zeneca 

20X0 

20X8 

7052 

20X8 


High Low Ctose Pm. 


High Lew dew Prw. 


AMMBHdga 

16 

15.90 

15.90 

16 

GenBng 

1150 

11 JO 

1150 

1140 

Mof Banking 

2750 

27X5 

2750 

27X5 

Md Inti Ship F 

7 

6.7.5 

6X5 

tvs 

PefranasGas 

8.90 

8.75 

HflO 

8.VS 

Pxotori 

12X0 

11.90 

11.90 

11.90 

Public Bk 

414 

410 

412 

412 

Renoog 

3X7 

1X4 

3JU 

3X6 

Resorts World 

7X0 

755 

750 

7X0 

Postmans PM 

25X5 

24 AU 

25 

9480 

Stare Daiby 
Telekom Mai 

9X5 

845 

&70 

9 

12X0 

11X0 

1150 

12.10 


Madrid 


Bobatadot: 61579 
Prevtoej: 62239 


Terwga 

lltd Engineers 

YTL 


12.20 1130 
1840 1820 
80S 745 


12.10 12.10 
1840 1830 
7.9S 805 


London 


FT-5E 100:481240 
Previous: 4811 30 


Abbey Natl 932 

AUedDamecq 442 


Bangkok 


19350 

*480 

19X80 

192*0 19240 191X0 
*410 6410 6440 
19160 19350 19350 

Helsinki 

H EX Gaaeral Mac 333348 
Preview: 329588 

115 JO 

11110 115.10 11170 

EnsoA 

4850 

47X0 

4840 

48 

11170 

11200 113X0 112X0 

Huhtanakll 

235 ns ra 

234 

225 

445 

440 440X0 442-30 

Kenura 

5340 

5740 

5340 

52 

11450 

11280 11450 11340 

Kesko 

7850 

77 

7750 

7750 

47 

4170 4650 4540 

Merita A 

20X0 

19.70 

19.90 

■w 

25040 24480 246*0 24450 

Metro B 

173 

167 

167 









SET tadne *5789 

Neste 

14* 

141 

145 

141 


Nokia A 

m 

390 402.80 39550 


Previous: 617.98 

Orion- Yhtymoe 

202 

200 

20050 

an 


AUedDooiecq 442 

Anglian Water 732 

Aims 587 

AsdaGmup 137 

Assoc Bf Foods 531 

BAA 602 

Barclays 12 46 

Ban 7.98 

BATInd 567 


Bank Scotland 434 


Blue Qrdr 

BOC Group 

Boots 

BPB lnd 

BntAemsp 

BrtAbwuyi 

BG 

Brit Loud 
BriJPeflm 


Ad* lidoSvc 

Bangkok Sk F 

KrungThai Bk 
PTTEjiptar 
Siam Cement F 
Sioci Com Bk F 
TeJeaunaMO 


790 

7*8 

298 

272 

25* 

733 

242 

242 

15.75 

3350 

35.7S 

3250 

446 

400 

408 

406 

600 

576 

590 

584 

159 

142 

144 

159 


Outokumpu A 

UPNVKjmmene 

Voimet 


104.90 10190 10480 10330 
13740 17610 125.90 17650 
91 8930 90 89.70 


Bril Steel 
Bril Telecom 
BTfi 


Bunnah Castro! 9.90 


884 9.05 

430 438 

647 7.10 

575 576 

132 132 

548 549 

576 578 

12.17 1239 
7J3 7J5 

534 555 

448 418 

4.18 431 

1039 10.62 

742 734 

348 109 

1107 1115 
647 681 

239 232 

548 596 

737 7.85 

438 446 

133 135 

440 4.99 

1.84 1.96 


AaertaoK 

ACESA 

Aguas Ba rattan 

Amnia ria 

BBV 

Banesio 

Backbiter 

Bco Centro Hisp 

Bat Popular 

Bca Santander 

CEP5A 

Cdnttaente 

CorpMapfre 

Endesa 

FECSA 

G«K Natural 

Ibeidrota 

Piyaj 

Repeal 

Serifana Elec 
Tahacalera 
Tetetarfca 
Union Fenasa 
Vbfenc Cement 


29300 29400 
2065 2060 
6200 6220 
8700 8700 
12410 12400 
1500 1505 

27890 27100 
5870 5860 
39300 39990 
4710 4740 
5020 5030 

3365 3325 
8190 8150 

12970 13130 
1370 1375 
33200 33550 
1865 1 670 
3240 3200 

6530 6550 

1520 151® 

8470 8150 
4550 4490 

1290 1295 
2450 2440 


Accor 944 

AGF 193 

AlrUquide 963 

Alcatel AlsSi 791 

Ajd-UAP 369 

Baronins 773 

Bit 876 

BNP 249 

Canal Plus 1253 

Carrefour 4396 

Casino 28890 

CCF 25830 

Cetatem 717 

Chrisflan Dior 1014 

CLF-DextaFran 575 

Credit Agrtoale 1250 

Danone 983 

Etf-Atpntaine 675 

EridanaBS 808 






Electrolux B 

595 

5*7 593 

567 



Ericsson B 

317 31350 31550 

312 


Preview: 293US - 

Henries B 
Incentive A 

284 

700 

279 279 

694 694 

28150 

701 

944 

979 

935 

943 

Investor B 

477 

416 41850 

416 

193 

188 

197 

18890 

M0D0B 

75* 

25050 251 

251 

96.1 

V44 

958 

962 

Nontomfcen 

7*5 

2S9 263 26650 

791 

77V 

787 

790 

PharmftJpjahn 

SmdvfkB 

788 

284 28450 28350 

369 

366 36810 36950 

22950 

226 228 

227 

778 

749 

774 

752 

Scania B 

234 

232 233 W15W 

976 

970 

9711 

978 

SCAB 

169 

16650 16650 

1*8 

249 

244 

249 

246 

S-EBankenA 

88 

8650 88 

8650 

1253 

1220 

1220 

1240 

Skondia Fora 

312 

292 306 

290 

4396 

4310 

4372 

4379 

SkamkaB 

344 

338 33950 

343 


The Trib Index 


Prions as ot3.H0 PM Nam York time. 


Jan. I. J98Z-=.ftW. 


28890 28620 287 28630 
25830 252X0 256 257 


Eurwfcney 
Eurahume) 
Gen. Earn 
Havas 
bnetd 

Lafarge 

leqnmd 

LOreai 

LVMH 


Lyon. Eaux 
MdieSn B 


Manila 


PSEtadau 275896 
Previous: 274242 


AyutaB 
Aran Land 
Bk PWRp fad 
C&P Homes 
ffitemBa EiecA 
Metro Bank 
Friran 
PCIBre* 

PM Long Dtst 
SanMIguetB 
SM Prime Hdg 


17 17.75 18 

23 23X5 2X75 

158 160 165 

10 1875 10 

«4<n m»i u 

530 530 540 

630 6-50 640 

25230 25230 2S5 

870 930 870 

6630 67 <630 

730 740 7.40 


Penrod Hicard 317.40 

Peugeot Ot 587 

Pinautt-Prmt 2880 

Promodes 2475 

Renault 14230 

ftewH 1825 

Rh-PoutencA 25630 

Sanafi 580 

Sdmekler 334 

SEB 1052 

SGS Thomson 48890 

Sic Generate <92 

Sadsdaa 301 B 

SlGababi 879 

Suez 14.95 


SvnttKtobc 774 
Thomson C5F 170.90 


Thai Always 
Thai Form Bk F 
Utd Carom 


4135 41.25 41.25 3730 
50 50 50 4875 


152 138 138 150 
140 12B 132 128 


Hong Kong 


Haag Seng: 14822.97 
Pm loin: 15055.74 


Bombay 


Sousa 30 tado: <32382 
Pmtoos: 432144 


Amoy Props 820 

Bk East Asw 3230 

Cathay Pacific 15 

Cheung Kong 7430 

acinfrastnid 2340 


Ba|a| Auta 
Hpidust Lever 
Hindus} Pettm 
lnd Dev Bk 
ITC 

MahanagarTd 
Reliance lnd 
State Bk India 
Steel Authanty 
Tata Eng Loco 


928 932 93735 

13631371.751395X5 
449 453 457 

10030 10175 102.75 
530 534X5 S4lsn 
315 31875 317.75 
355 357.25 36330 
344.75 350 346 

7125 24 2X75 

441 442 44630 


China Light 
QftcPoafic 


CltlcPodfc 
Don Hern B 
FrsiPadbc 
Hang Lung Dev 1430 
Hang Seng Bk 116 

Henderson In* 835 

Henderson Ld 6630 

HK China Gas 1530 

HK Electric 


a 35 810 

3130 3250 
1620 1430 

72 73.75 
2335 2335 
4230 4190 
47.40 47.90 
44 44 

930 930 

14 1435 


HK Telecomm 1830 


Brussels 


BEL>28tadek: 247119 
Previous: 10887 


Hapmefl Hdgs 433 
HSBCHdgs 243 

Hutchison Wh 
Hyson Dev 
hriison El Hdg 2X20 
Kerry Props 19.10 

New World Dev 4650 


Ahnaml 

Borcolnd 

BBL 

CBS 

Cairuyl 

DeHMheUon 

Ekarobel 

Eiedrohna 

Forte; AG 

Gevoeit 

GBL 

GenBanque 
Kiedemank 
Petal na 
Pownfin 
Royaie Beige 
5oc Gen Beig 

Safvay 

TiadsfieJ 

UCB 


16500 14150 
7400 7300 

9710 9530 
3350 3210 

19300 1E503 
1970 1945 

7790 7680 

3001 3733J 

7850 7750 
3385 3340 

6140 <050 

MWHl 14500 
14900 14600 
13875 13650 
4975 4930 
11500 10950 
3600 3525 
22875 22100 
14775 14900 
122450 120050 


16350 16375 
7340 7330 

9400 9610 

3310 3315 

18950 19450 
1960 1970 

mu 7900 
3730 3800 
7800 7820 
3340 3388 

4060 6080 

14775 14700 
14725 14900 
13750 13900 
4940 4975 

15550 11300 
3575 3595 
22375 22775 
14925 14975 
171900 121000 


i 19.10 
Dev 4650 


no 11050 11653 
O O &55 
6X75 46 65-50 

1530 15-JO 1X70 
2960 30 32 

17.55 1780 1810 
■US 438 440 

239 241 237 

6X50 4175 65 

22 2125 2135 
21 JO 22.10 21.45 
1865 1870 1865 
45.10 4650 4610 


Burton Gp 1.17 

Cable Wireless 5.90 

Cadbury 5ctw 5.48 

Carlton Comm 557 

Com mi Union 7.00 

Compass Gp 667 

CourtauWs 3.38 

□ flaws 4.84 

Eledrocomponenb 4.34 
EMI Group 11-53 

Energy Group 643 

Enterprise 01 739 

Fcm Cotortd 1^9 

Genl Acddenl 9Ji 

GEC 188 

GKN 9.52 

Glaxo Weikoroe 1155 

Granada Go 784 

Grand Met 633 

GRE 2.91 

GreenoHs Gp 442 

Guimess • 4X3 
GU5 604 


9.77 9.78 

1.13 1.14 


705 714 712 

991 996 999 

599 566 570 

1250 1250 1280 

946 973 974 

647 663 654 

891 900 904 

890 9 9 

7.50 780 7 JO 

750 753 757 

431 JO 437 428 

769 774 769 

381 384 387.90 

1071 1099 1097 

7428 2442 2483 

1590 1616 1638 

<05 610 <11 

357 369.90 362J0 
41b JO 41 9 JO 418.50 
315 317.40 315.10 
573 573 579 

2812 2873 2867 
2391 2442 2415 

140 1«J90 14X60 
1790 1795 1825 

252.10 25X80 25840 
570 572 579 

327 327.70 33X50 
1035 1048 1040 

484 487 48550 

<69 690 675 

7930 2990 2929 

861 874 871 

I4J0 14.95 14.95 
758 774 760 

16S.A0 167 163 

591 593 ®7 

102J0 10870 104.90 
390 40450 380 


205.50 202 204 205 

ken A 172.50 167 169.!* 

patek A N.T. M.T. N.T. 190 

12850 12550 126 128 


SvHOKBaA 25150 249 251 25150 


20650 204 20650 205 


Sydney 


AB Ontario: 273X40 
Protons: 274199 


Amcor 

ANZBMng 

BHP 

Boro! 

Brambles lnd. 
CBA 

CC ArmtU 
Coles Myer 
Comalco 
C5R 

Fosters Brew 
Goodman FM 
1CJ Austrofla 
Lend Lease 


882 8J2 880 880 

958 9J7 987 975 

19J2 1957 1950 1948 
4J7 4J6 478 4J6 

27 JS 2635 2635 27 

16.70 1X98 1606 1602 
17.17 1687 17 1690 


World Index 
Buglonul Indmu 
Asra/Paafc 
Europe 
N. America 
S. America 

mdustrtd Indexes 
Capital goods 
Consumer goods 
Energy 
Finance 
MisceBaneous 
Raw Materials 
Service 
UBitm 


Level . 

Change 

.%change . 

. year to date 
%ctange 

17952 

-0.08 

-0.04 

+2037 

129.92 

-1.89 

-1.43 

+526 

186.95 

-fO.64 

♦0.34 

+1537 

209.43 

■one 

-0.03 

+2935 

180-87 

+2.60 

+1.46 

+58.06 

224.28 

-039 

-0.17 

+31.22 

201.86 

+0.03 

+0.01 

+24.92 

201.36 

-0.03 

-0.01 

+17.95 

134.15 

• -034 

-0.40 

+15.19 

176.64 

-035 

-0.46 

+9.19 

193.46 

+0.57 

+0.30 

+10.31 

170.05 

+037 

+032 

+23.83 

179.23 

+130 

+0.73 

+24 93 


The Wwndcnal Hsrakt TrStune Woria StOt* frxfcv © tracks tfw US. riofur values rtf 
200 Memmcvtay swestsUe socks bom 25 countries. For more WBmatkm, a tree 
OocMotts avttdabie by wrung W Trip Max.181 Avanus Ctwlas da OmiBa. 

32S21 Notify Codex. Ranee CompSeribyBoomberg News. 


7.12 694 695 7JM 
7.15 7J71 7.14 7.05 


522 115 5.15 518 

2^8 US IAS 2M Mitsui Fatten 


MIMHdgs 

Nat Aost Bark 1950 19J4 1950 19J5 NUaSec 

NatMuhnd Hdg 2.18 X15 X17 217 Nlntenda 

News Corp 654 649 650 653 Nlpp Earns 

Podfic Dunlop 174 X65 3.71 358 Njpponaa 

Pioneer hiH SJ5 505 5.08 533 Nippon Steel 

Pub Broadcast 805 7.99 805 7 39 Nissan Mata 

raoTmto 2170 22X5 2243 2240 NKK 

bt George Bank 8J5 865 8.45 870 Nomura Sec 


1.95 1.92 1.92 1.93 Mfcui Trust 

1X10 1285 1190 1112 MuratnMfa 

2950 2845 29 2950 NEC 

1.94 1.90 1.92 1.94 Nikon 

1950 19J4 1950 19 JS BS&oSec 


654 649 650 653 Nlpp Eatress 

174 165 3.71 358 ffipponOI 

5J5 5.05 108 SJ3 NlppanSleel 

805 7.99 805 739 Nissan Motor 

2170 2135 2143 22.40 NiXC 


High Law dose Prev. 

1530 1510 1530 1520 Moore 

820 806 BOB 818 NewtuidgeNei 

4430 4400 4400 4430 Narondalnc 

1560 1540 1560 1560 Notceo Energy 

1830 \m 1800 1850 Nihern Telecom 

704 «95 700 700 Now 

9410 9360 9340 9310 Onei 

900 B74 880 905 Pancdn Pedtm 


High Law Ouse Prey. 

2885 2780 27.95 2755 
65H 6480 45.10 65 

3185 3085 3085 31.10 
36 34.40 36 34M 

132 131 H 13185 13140 
1Z 11.90 1Z 11.95 
27 a 27.05 


WMC 

WeshtocBking 

WoorbfdeRel 

Woohrerths 


880 826 8J7 8J4 NTT 

7.99 7.91 7.91 7.94 NTT Data 

1150 1 1 -34 11J9 1154 Op Paper 

453 442 4M AM Osaka Gas 


522 5.75 

582 587 


Mexico 


580 5.46 

428 678 


o*sa tadou 441611 
Previous: 459152 


652 659 

110 118 


425 475 

4J0 430 


Oriental Press 

3X0 

805 

3.10 

110 

Pern) Oriental 

1J1 

1X4 

1X5 

1X7 

SHK Props 

B9 

84X5 

86X5 

UV 

Shun Tali Hdgs 

478 

470 

470 

478 

SbiaUmdCo. 

8X0 

7.J9 

755 

370 

Stti China Past 

750 

7X0 

7.?0 

750 

Swkr Pac A 

«S 

65.75 

U *Jl 

67.75 

Wharf Hdgs 

33 

JI40 

31 VO 

37.70 

Wheetoek 

1870 

17X0 

1805 

18*5 


Copenhagen sMtaB:4ja.M 

r ® Previous: 59784 


BG Bank 
Corisberg B 
Codon Fars 
Danbco 
Den Danske Bk 
D/S Sveadbra B 
1912 B 
FLSIndB 
iCob Luffhavne 
NvaNanNskB 
Saphus BerB 
TeJeDanmk B 
Ttyg Bstticn 
UrildanrmV A 


401 36950 
345 340 

925 8WJ 
410 410 

720 <82 

N.T. N.T. 

244000 245000 
238 230 

730 714 

732 700 

1015 990 

35404 345 

371 357 

405 394 


385 371 

363 360 

925 890 

414 411 

710 487 

N.T. 351351 
245000 241000 
232 233 

714 714 

730 728 

1000 985 

351 344 

347 350 

398 392 


Jakarta 

Composite fluSou 734*0 



Pravtom 73S49 

Astra Infl 

8225 

8100 

822S 

8075 

BkinHIndon 

20® 

2025 

2050 

2025 

Bk Negara 

1575 

1550 

1575 

1575 

GuaangGann 

10100 

9975 

9975 

10050 

Imfocement 

3W0 

3875 

3900 

3900 

indataod 

5700 

5*50 

5653 

5700 

Inteit 

7700 

7625 

7700 

7625 

Srenpoema HM 

10025 

9900 

10000 

9950 

Semen Greslk 

500 

5350 

5400 

5375 

Tetekarmmflatsi 

4175 

4100 

4175 

4150 


Johannesburg Antataiuxa 

Previous: 740132 


Frankfurt 


DAX: 194253 
Previous: 3187.39 


AMBB 1580 

Adidas 197 

AttnuHag 39750 

Altana IBS JO 

Bk Berlin 3675 

BASF 6650 


Bayer Hype Bk 5415 
Bay Veretebar* 73 


Bcryer 71.70 

Betendorl 90.20 

Bewag 39.10 

BMW 1470 

CXAG Catania 179 

Commerzbank 50.15 

Daimler Benz 14580 

OegirsM 92 


1575 1575 

197 I 9480 
39630 34850 
188 108 
3640 3673 
46 45.85 
5400 5425 
7285 73 

71 J5 71.15 

89 JO 9050 

30.90 3BJ0 
1460 1475 

173 148 

4985 4985 
145 145 JO 

90 40 92.10 


AmaigamM Bks 
AngloAmCod 
AngtoAm-Coro 
AnglaAm Goto 
AiwtoAm lnd 
AVMIN 
Bartow 
CG. Smith 
De Beers 
Wefontein 
Pst Nan Bk 
Gencor 
GFSA 

ImpedarHdgs 
ingweCoat 
I scar 

JtririeS Indl 

Liberty Hdgs 

UhetiyUta 

LtaLrto Stmt 

Minorca 

Nanpak 

NMror 

Rembrandt Gp 
Rkhenaro 
Rust Platinum 


I 32 3255 
275 275 

27035 27050 
262 265 

194 198 

1550 1530 
50 5075 
25 25 

14750 167 

X 31.15 
3a 35 3675 
20.90 20.90 
103 104 

4675 67 

7550 7620 
3 7.99 

6375 62 

33835 335 

IX 128 
1750 1750 
100 10050 
1930 1940 
K» 100 
47 46.75 
<950 <950 
79 81 


HSBC Kldgs 18.60 

ICI 833 

Impl Tobacco 388 

Kmfisher 671 

Loaroke 256 

Land Sec 934 

Lasna X72 

Legal Genl Grp 479 

UoydsTSBGp 7.10 

Lucas Vretty 2.07 

Marks Spencor 5.21 

MEPC 613 

Mercury Asset 1X18 

National Grid 289 

NaflPnw 589 

NotWflst 697 

Next 670 

Norwich Union 137 

Orange 111 

PM <35 

Pearson 7.15 

PUkaigtan 1J0 

PovrerGen 7.75 

Premier FamtHI 4*7 

Prudential 650 

RoflTrackGq 7.10 

Pank Group 167 

RecUttCoka 987 

Rod land 121 

Reed tin 582 

RentoU biUd 231 

Reuters Hdgs 692 

Roam 250 

RMC Group 935 

Rothltayce 2J1 

Royal BkSoot 625 


11.15 11.15 
638 640 

7.12 7.13 

157 188 

9.16 933 

173 179 

9.18 931 

1XU 1133 
7.72 7.79 

612 615 

2-75 2.75 

4J5 438 

611 614 

583 5.90 

583 585 

1844 1665 
7.97 8 


Alta A 
Banned B 
CemaCPO 
CBraC 

EmpModeroa 
GpoCanoAl 
Gpa F Boomer 


GpoFin Inburea 
Ktaib Clark Me* 


Kknb Clark Mex 
Televisa CPO 
TelMacL 


54 <0 5470 55.10 
2085 2130 2085 
35.40 3580 3565 
128! 1X90 1X90 
4X90 4495 4415 
S550 5610 5580 
248 248 249 

3340 3X40 3X70 
3X15 3250 3250 
12450 12440 123 M 
1968 1984 19.70 


SSO PaUlO Berasoaiudau 1340X20 Taipei 
Pmtatn: 1328480 


Ricoh 

Rohm 

SokuraBk 

: 919257 . 


Stack Market todK 919X57 Sankyo 

Previous: 902783 Sonin Ban* 


MlBTetaatat I8408J0 
Previous: 1360380 


3J0 175 

654 454 


242 243 

987 9.14 


262 267 

437 653 


ABearua Assk 
Bca Comm Hal 
Bca Rrteurori 
Bca di Roma 
Beneiton 
CiedOo Ha Bono 
EiSmmi 
ENI 
fiat 

Generali Asslc 

I Ml 

1NA 


*60 683 

151 1.94 


5.10 618 

5 603 


rag 1088 
i S Sun An 480 


Saktsbwy 180 

Schraders 17.75 

Sari Newer:,.;- 782 

SeatPower 438 

Sccuricor 287 

SewnTrere 884 

Shed Tramp R 450 

Sebe 9.9S 

SniBh Nephew 133 

SmBftKBne 1X05 

SmWtslRd 744 

SBieniElec 442 

Stagecoach 630 

Stand Cbarter 10.26 

Tate & Lyle 464 

Tesco 406 

ThaiMM WMer 765 

31 Group 614 

T1 Group 478 

Tamkats 269 

Unilever 17.99 

Utd Assurance 480 

Utd News 7.12 


13 1101 
741 X4S 
543 553 

862 085 

662 666 
127 131 

283 2-05 

612 613 

785 788 

T-33 1X5 

782 758 

487- 460 
621 634 

607 7 

157 159 

988 980 

113 1U 
677 580 

124 129 

699 604 

240 140 

9.11 9.15 

124 128 

698 602 

10-38 1080 
460 461 

361 365 

X75 X75 

1780 1780 
684 684 

410 413 

284 284 

8.10 841 

4 37 441 

984 984 

U9 149 

1168 1187 
7JS 734 
484 484 

633 638 

9.71 9.97 

483 485 

X92 197 

7J7 782 

562 602 

480 471 

262 263 

1788 176S 
445 444 

787 789 


Merflobanca 

Montedison 

OGvrffl 

Parmalat 

PtreN 

RA5 

Rata Banco 
5 Panto Torino 
sw 

Tetecam tkfla 
TIM 


14150 14100 
3990 
5920 5850 
1302 1300 

2050 27600 
3395 3380 

B74D 0855 
9990 10000 
44S9 4540 

31*50 31550 
1*133 16190 
2545 2590 

5540 5510 

7430 7400 

112^) 11045 
1179 1174 

481 477 

25B» 2540 

4305 4340 

14710 14430 
21*00 21750 
129(03 13200 
9825 9900 

54a 5465 

5605 5495 


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Brahma PM 

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CESPPfd 

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TotebresPtd 

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CVRD Pfd 


10 JO 10.71 
801.00 80600 
5560 5580 
77.00 7950 
20810 21.00 

420.00 648.D0 
<1580 619.00 
55080 550,00 
44680 45080 
30X00 30780 

190.00 19055 
0680 3760 
10.90 iaw 

17380 174. BO 
19980 700.40 
16880 170.98 
34100 375.00 
4350 42JB 
1X50 I1W 
2660 27.90 


Cathay Life Ins 
ChaigHvnBk 
China Tiling Bk 
China Dcvrdpml 
China Sled 
FbstBank 
Formosa Ptasffc 


Hua Nan Bk 
UrttCorrsn Bk 
NanYa Ptosfics 
Shin kaag Lite 
Taiwan Semi 
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Utd Wcra Bee 
UM World Chin 


1.53 

146 

157 

745 

2150 

117 

11850 

116 

7V50 

77 

7850 

77 

4450 

141 

141 

142 

29.70 

29.20 

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119 

11450 

11650 

113 

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121 

117 

119 

115 

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11450 

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11350 

172 

11750 

120 

118 

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5450 

5450 

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117 

111 

117 

10950 

71 

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6450 


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422 410 614 421 PatroCda **“ — — 

343 352 353 357 PtacerDame 

838 824 837 B2S Poco Ppffni 

239 234 234 239 MosUSoSk 105.15 103b 105 10X65 

1540 1510 1520 1530 Renaissance 

1080b 1050b 1070b 1080b RJoAIgam 

4410b 4270b 4280b 4410b Rogers Canfei B 
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328 325 327 328 SheflCdaA 

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11900 1IB00 11900 11700 TaflsmanEny 
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4000 3910 3900 3900 Teiegtabe 

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504 496 499 504 Thomson 


23 <4 23 23.20 2X20 

21X0 20X0 20* 21 JO 

14.10 1X80 14 14 

105.15 10X* 105 10265 

3BW 38ta 3865 38W 

3615 34J81 35 3610 

26 25W 26 25V, 

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2085 209S 2085 20-00 

37J5 3*60 37 37.20 


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4465 4419 4460 4465 to 

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1190 1170 1170 1190 Trimark FW 

t* 70 84B0 8*20 8*70 TrtffiC Hotel 

IMO 1540 1540 1550 TVXGaid 


® SNsekto 


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2980 2940 2950 2990 

1920 1870 1870 1910 

1280 1260 1280 1290 

7430 7300 7430 7300 ... 

few 9s*o 9*8o 9*« Vienna 

10*0 1040 *050 1050 


61 W 6065 mm 61.45 
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251* 26*5 25.70 2565 
93H 90W 93 91 


AlXtodK 1388.18 
Pmtosi 118160 


5umRChem 


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Tokyo 


Sumaomo Elec 1910 1890 1B99 1900 


NUnt 225: 19960JM 
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1170 1150 1(60 1160 TokedaOiarn 
760 745 752 752 TDK 


GmposrlB tade*; 701 JO 
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Korea Mob Tel 

isss, 


108000 100000 108000 100000 
8740 8100 8*70 8100 

24200 23500 21700 23500 
15880 1420C 15000 14500 
27700 27000 27400 27200 
6200 6010 6070 6160 

515000 499000 S87MQ 498000 
3*800 36000 36300 36400 
66400 65500 6*100 65900 
49500 47600 49100 48500 
73000 72000 72500 72700 
11200 10000 10900 11100 


AO Nippon Air 
Amway 
AsaWBonk 
AscMChem 
Asrtfii Glass 


EA Generali 
EVN 


3840 3780 3800 3850 TrtiokuEIPwr 2010 1970 1993 2K» 

936 894 901 936 TakaiBank 1140 lOGS 1100 1140 

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1110 1090 1110 1110 Tokyo El Pwr 237® 2310 2310 ZJSS 


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322 320 322 322 |ft H GOT:raR ^ H9 

112 28 2S ^-envita 5^ '2 sAS 

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1140 1080 1100 1140 Jk/LI?? B n MH2SM.10 2S51 2520.10 

1450 1420 1440 1430 Wenerterg Bou 2*30 70 7580:45 2619 2610 


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Si nqapore strain tthm: i9ssm 

r PimtMK: l9tX48 


Bk YrduhoiMi 

Bristoestane 

Canon 

□wbu Elec 
Chugoku Elec 
CUNtop Print 
DaW 

Dai- kH lung 

DabmBank 

Dotara House 

DaheaSec 

DDI 

Denso 


643 626 632 646 TakyoGas 

2610 2570 2590 3650 Tofcyu Carp. 

31*0 3070 31*0 3880 Toner 

2090 2040 20<® 2090 Toppon Print 


2050 

3070 

2030 

2550 

2510 

2520 

758 

739 

750 

1540 

1500 

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3714 3715 

18 17.90 
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3115 3)1* 

2030 20.15 
184 1805 
35 344 

34.10 3185 
2645 26X0 
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654 65.10 


4X30 434 

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35.90 35.90 


OaXIndn: 47X09 
Prevtods: <71.10 


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Bergesen DyA 
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Easl Japan Ry 5820a 5770a 5770a 5820a 

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M851H 1090 1060 1070 1060 Methanes 


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1885 1857 18*0 inn 
3120 3025 3060 3m 
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1272 1737 1243 iiu 

2117 2094 2109 Jin* 

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a ! 1 1 




Gol 


Tot 


Sale b; 


t - t ,i qatririy 1 

SYDNEY - 

Hieif lowest p 

worldwide fell 

TTie Reserv 
«id late Thur 
\ 0 7 of its 24 j 

holdings over 
for an estimate 
Australian dot 
■ Executives 1 

in c industry 
ought he force 
.lump ra goW 
hjie into profit 
-Bv doing 1 
they have sbw 
the industry, 

managing dm 
concern Sons 
chairman of m 

' urn. a trade gre 
George Sav« 
the Association 
pioration Con 
mining indusn 
form of betra 
been belled atx 
[here's ihis.” 

Australia is 
largest gold ot 
Africa and the 
nation’s miner 

lion dollars wo 

making it Ausfc 
export comma 
Gold produ 
aalu are the l 
however, accoi 
based Gold Fie 
Total mining c 
e raged S35S an 
pared with a gl< 
an ounce. 

The London 
GST said that 
tame as “furtfi 
central hanks 


Mu 


MUNI 
reinsurer 
sidiaries 
insurer, i 
pnmarv 
AG. 

The pr 
gruppe, ' 
owned b] 
tona. req 
from sha 
and Victt 
Munic 
Rueckva 
If appi 
Lhe merg 
largest st 
insurance 
Ergo Ver 
than half 
Germany 
insurer. 


so they 
Candida 
analyst 
AGinF 






INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 5-6, 1997 


P4GE 13 


ASIA/PACIFIC 


y-by^un-' 

dtolisttwo 
■'Japan this 

:ral opp6r- 

i,' he said, 
number’ of 
k pipeline, 

urmostex- 
riennpros- 
ns of doila®, 
,sizeofth^ 
ble appetite 
ihe United 

aid 

ane or two 
igapore.ihe 
d were ex- 

more from 
me will be 
iffcant flot- 
loqp!; one of 
ommunica - 
mng a pub- 
ird- stake in 
-illion Aus- 
rillion), ac- 


[ark^ 

luro 


ies, the dol- 
:nch bancs 
as steady, at 
The pound 
SI .6900. 
most of this 

LANGE" 

r mark, slip- 
2.9616 DM 
ursday. f . 
demand foil 
I persist be- 
ank of Eng- 
ouncil next 
tattoos of a 
i of as much 
nt 

mother and 
irlihg at the 
iet day like 
mand out of 
Wood, cur- 
f Boston in 
Bloomberg) 


yaartodalB 
“.change ■■ 

■*■20.37 


+3122 
-t-24.32 
+77.95 
♦15.19 1 

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♦ 10 31 # 

+23.83 
+24 .SC 

&nat values * 
-'J.tor. a iwb 
rtJauift . 

^rav-g Maws. 


27.65 

65 

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MSS Wl 

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42W 

36.20 

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7.10 

2SAS 

. . B 


Gold Prices Slide 
To an 11-Year Low 

Sale by Australia Shakes Market 


GtoVMIn&rSttfFrvmDtfUirhn 

SYDNEY — Gold prices fell to 
their lowest point in more than 1 1 
years Friday after the Australian 
central bank said it had sold off two- 
thuds of its strategic reserves. 

Shares in gold-mining companies 
v ; ; worldwide fell, and Australia's own 
mining companies sharply criticized 
the centra] bank's decision. The 
price of gold fell by $8.50 to 
$324.50 an ounce in London 

The Reserve Bank of Australia 
said late Thursday that it had sold 
167 of hs 247 metric tons in gold 
holdings over the past six months 
for an estimated price of 2.4 billion 
Australian dollars ($1.8 billion.). 

Executives in the Australian min- 
ing industry said several mines 
might be forced to shut down as the 
slump in gold prices continued to 
bite into profits. 

“By doing what they have done, 
they have shown total disregard for 
the industry,” said Peter Lalor, 
managing director of the mining 
concern Sons of Gwalia Ltd. and 
g: chairman of the Gold Industry For- 
“ urn, a trade group. 

George Saveli, chief executive of 
the Association of Mining and Ex- 
ploration Companies, said: “The 
mining industry sees it as a certain 
form of betrayal. We've already 
been belted about the head, and now 
there's this.” 

Australia is the world’s third- 
iargest gold producer behind South 
Africa and the United Stares. The 
nation’s miners export about 6 bil- 
lion dollars worth of gold each year, 
making it Australia's second- largest 
export commodity behind coaL 

Gold production costs in Aus- 
tralia are the highest in the world, 
however, according to the London- 
i>$ based Gold Fields Mineral Services, 
r Total mining costs in Australia av- 
eraged $358 an ounce in 1996, com- 
pared with a global average of $317 
an ounce. 

The London-based trading house 

GNI «»id that the annrvnnr<»_mp;nT 

came as '‘further confirmation that 
central banks no longer feel that 


gold has a significant role to play in 
their reserves.” 

Hanspeter Hausherr, an anal yst ai 
Swiss Bank Corp., said the Aus- 
tralian sale “was a confirmation that 
central banks are really tempted to 
sell gold reserves. Now the market is 
further convinced this will go on, so 
the prices will go still lower." 

In June, the gold market was buf- 
feted by rumors that the Belgian 
government was seeking to sell off 
some of its reserves. Brussels larer 
said it planned to sell just 26 tons of 
gold per year from 1999 onward. 
But the market remained concerned 
that even that amount might rep- 
resent a shift in asset holdings at 
European central banks, many of 
which are seeking to sell gold re- 
serves in favor of currency. 

In January, the market fell after 
the Dutch central bank said it had 
sold 300 tons of gold from its re- 
serves in 1996. 

Gold’s all-time high juice was at 
$850 per ounce on Jan. 21, 1980. 
after the Organization of the Pet- 
roleum Exporting Countries had 
gradually quadrupled the price of oil 
and triggered violent inflation. 

But new derivative financial in- 
struments have provided alternat- 
ives to gold as safe havens from 
turbulence in the global economy. 
Indeed, gold had been losing favor 
among speculators even before the 
alarm in recent months over central 
banks’ intentions. 

Gold prices have fallen by 6 per- 
cent since the beginning of June. 

Belgium recently confirmed a 
203-ton sale by its central bank, 
made in March 1996, and the Neth- 
erlands verified that it sold 300 tons 
last January. 

Gold- market jitters intensified re- 
cently when toe German govern- 
ment proposed to revalue its gold 
reserves to help meet the criteria for 
European Monetary Union. 

Australia took the view that al- 
though some gold was worth hold- 
ing, it no longer needed to keep 20 
percent of its overall reserves in 
gold. (AFX, Reuters, Bloomberg ) 


■ :^ 7 , ™ 








fcr ■ * .-j, 


KHHHfeJr _ Ki 

SwtU Kufr-kn/Rciiicre 

Indian Bank Workers Strike for a Day 

Bank employees demonstrating in Bombay on Friday as more than 
one million workers went on strike to protest the government's 
decision to allow private banks to compete with state-owned banks. 


Japanese Builder Collapses 

Tokai Kogyo Has Liabilities of 511 Billion Yen 


, Bloomberg News 

TOKYO — Tokai Kogyo Co., a 
mid-sized Japanese general con- 
tractor, filed for bankruptcy with 
liabilities totaling 511 billion yen 
($4.5 billion), the first collapse of a 
listed contractor in Japan. 

The eighth-largest bankruptcy 
since the end of World War fl 
stemmed from speculative land and 
real estate investments in the late 
1 980s. Analysts say other mid-sized 
contractors may follow. 

‘ ‘We are facing intensifying com- 
petition as the price of buildings 
declined and as the government de- 
cided to reduce public works spend- 
ing 7 percent this year and 10 per- 
cent in the next three years.” said 
Tokai Kogyo's president, K unihide 
Kobayashj. 

“We felt onr future business en- 
vironment would become even 
harsher.” he said. 

The entire 28-member board will 
step down to take responsibility, he 


added. 

“It throws darkness over the out- 
look for mid-sized construction 
companies with similar problems,” 
said Toshihiko Okino, senior ana- 
lyst at Schrodera Securities in 
Tokyo. Tokai Kogyo shares were 
suspended at 1:20 P.M. by the 
Tokyo and Osaka stock exchanges. 
Both exchanges said the stock 
would be delisted Ocl 5 pending 
approval by the Finance Ministry. 

■ Former Bank Chief Arrested 

The police in Tokyo arrested a 
former chairman of Dai-Ichi 
Kangyo Bank Ltd., Tadashi Okuda, 
and indicted two of the bank's 
former senior executives for al- 
legedly paying off a corporate rack- 
eteer, Bloomberg News reported. 

Eleven former executives of the 
bank have been arrested by the 
Tokyo Public Prosecutor's Office 
since allegations surfaced in May of 
illegal loans. 


EUROPE 


Munich Re Creates Big Primary Insurer 


Cempikdby Ow Stag Prow Ditpacdta 

MUNICH — Munich Re, the world’s largest 
reinsurer, said Friday it would merge two sub- 
sidiaries with Victoria Holding AG, a German 
insurer, to create the country’s second-largest 
primary insurance company after to Allianz 
AG. 

The proposal to create Ergo Vemcherungs- 
gmppe, which would be at least 55 percent 
owned by Munich Re and 45 percent by Vic- 
toria, requires antitrust approval and approval 
from shareholders at Munich Re’s subsidiaries 
and Victoria. 

Munich Re’s full name is Muenchener 
Rueckversicherung AG. 

If approved by regulators and shareholders, 
the merger would create Germany’s second- 
largest seller of primary insurance, which is 
insurance sold to individuals and businesses. 
Ergo V ersichenmgsgruppe would still have less 
than half the premium income of Allianz AG, 
Germany’s largest and Europe’s second- largest 
insurer. 

Munich Re is “already No. 1 in reinsurance, 
so they had difficulty finding more takeover 
candidates,” said Simon Foessmeier, insurance 
analyst with Bank Julius Baer (Deutschland) 
AG in Frankfurt “R’s’a positive strategic move 


because primary insurance is profitable.” 

Victoria Holding said Ergo would have an- 
nual net profit of about 380 million Deutsche 
marks ($217 million). 

The acquisition puts primary insurance on an 
equal footing with Munich Re’s reinsurance 
business, Munich Re said. Munich Re’s pre- 
vious acquisitions have focused on its rein- 
surance, which insurers buy to spread then- 
risks. In August it paid $4 billion m cash and 
assumed debt to acquire American Re Corp. 

Ergo would be created from the merger of 
Victoria Holding and two primaiy insurers ma- 
jority owned by Munich Re, Hambuiger-Man- 
nheimer Versicherungs AG and DKY Deutsche 
Krankenversicherung AG. Munich Re owns 60 
percent of Deutsche Krankenversicberang. 
Europe’s largest health insurer, and 80 percent 
of Hamborger-Mannheimer. 

Munich Re already owns 18.2 percent di- 
rectly and 5.3 percent indirectly in Victoria, 
whose 8_5 billion DM in premium income will 
boost Munich Re's total to 46.6 billion DM 
annually, with about half coming from primaiy 
insurance. Allianz had 1996 sales of 74.6 billion 
DM. 

“There will not be any change in Munich 
Re’s traditional function as reinsurer of die 


German and international insurance indus- 
tries,” Munich Re said. "On the contrary, the 
transaction will improve the risk balance in the 
Munich Re group, thus providing additional 
security for our reinsurance clients.” 

Eamonn Flanagan, an analyst with Charter- 
house Tilney , said: ‘ ‘The logic is certainly very 
sound, arising from the complementary nature 
of the two businesses. Victoria will gain from 
Hamburg- Mannheiraer's strength in health, 
while Hamburg-Mannheimer will gains from 
Victoria’s strength in personal accident” 

The main beneficiary from the deal will be 
Munich Re, with a stake of about 18 percent in 
Victoria, and an 80 percent stake in Hamburg- 
Mannheimer. 

Analysts said the insurers would benefit from 
the greater financial strength to pursue new 
markets overseas, pooling of information tech- 
nology and savings from joint administration. 

‘ ‘They are not being big for the sake of being 
big — die gains from complementarity suggest 
that a loss of flexibility shouldn’t be an issue,” 
Mr. Flanagan said. 

The scale of savings from pooled informa- 
tion technology and administration could be as 
high as 400 million DM. said Georg Kanders of 
West LB Research. ( Bloomberg . AFX) 


INTERNATIONAL FUTURES 


July 4, 1997 

J Low Latest C ftp OpH 

Metals 


poor Pre vfc m . . 

LONDON METALS (LME) 

DpHocs par metric ten 

Spot 1587.00 

Fwd 1606J30 1607.00 160900 


teat 64800 649.00 625J30 63800 

Art 657.00 65800 437XD 63800 

Spat 684540 685QJH 

6045JOO 6956X0 «SLOO 6955.00 

Th 

Spot SgOXO 549000 54*5X0 5495X0 

ftrd 5530.30 5S3SX0 35306)0 5540X0 

ZteC (Scwctot HM Cnxtej . 

Spot 14S7W 1458V* 147200 147100 

Fwd 146900- 146900 T 48000 148100 

• High Low Otar Cage Opfnf 

* Financials 

LONG GILT OJFFB 

-.V/rsaan-prssajmhonoopd- 

* Sop 97 1)4-30 114-10 114-24 +009 162449 

Dec 97 114-10 1)405 114T1 +009 228 

Est sates 40406 Pm. sates 135371 
Pm. open taL 169077 up 0546 

6ERMAN SOV.BUND (UfTO 
DM25OM0 - ob of 100 art 

Sep 97 1QZ52 10230 10242 UndL 276655 

Dec 97 10US5 10104 10M9 -001 W05 

Eat sates 80422 Prw.uteK 220049 
Pm. open Mu 285360 up 6010 

10-YEJU< FRENCH GOVOOKM IMATtn 
Ff 500000 - pts of KB pd. 

Sep ?7 130.14 129J0 129.96 +008 201,562 

Dec 97 9880 9852 9860 +006 1M4 

Mur 98 9U2 97.92 9880 +008 0 

Eat sates 122,585. 

Open (nt; 204946 off 9<K. - 

ITALIAN GOVERNMENT BOND OJFFB 

ITL 200 muon- pis ofioo pa 

Sep 97 13884 135J5 13838 +0X3 108932 

08C 77 M.T. N.T. 107.77 -4103 

Est sates 24616. Pm. sates 5?J09 - 

Pm. open M: 118182 op &231 

WJOJJTH STERLING OJFBE) 

®7 W ’ PI 92a6 00, tta2 9284 +801 148159 

^ Dec 97 9266 9261 9254 +8B 130051 

Mar 98 9259 9233 9256 +525 90314 

f Jon 98 9259 9254 9255 +801 58085 

’ Sep 98 9260 9255 9257 +042 39,103 

En-idteK 34*82. Pm. sates 264914 
Pnv.aponMt; S9.160 up 32.786 

3-MONTH EUROMARK (UFFE) . 

9657 UndL 2977 

%% fib tOL-VSi-mSl 

Been, 9878 9677 9677 +OBI 2646)2 


HW Low Latest Qigs Optot 

Mar 98 9669 9667 9667 Unch. 245,711 

.tun 98 9655 96-S2 9653 UndL 179.902 

Eslsote 73633. Pm. soles 141^67 
PmoponOrt: 1677,120 off 4329 

3-MO NTH PI BOR CMAT1F) 

FF5 aiHBon - pis of ) OOpd _ _ 

Sop 97 9658 9657 96S7 UndL 71,704 

Doc 97 9656 9654 9654 UndL 34487 

McrH 9651 9649 9649 UndL 31,042 

Jun98 9642 9640 9640 UndL 26432 

Sop 98 9630 9627 9627 UndL 31^94 

Dec 98 96.10 9609 9607 —001 17X03 

E*t sates 17,160. 

Open bit: 249,103 off 8S5. 

3-MOKTH EUROURA (LIFFB . 

ITL1 mfflkwJdsofiOOpd' 

Sep 97 9251 9248 9249 -002 112004 

Sc 97 9392 9187 9189 -002 84604 

Mar 78 9423 9418 9419 -<UU 50225 

Jan 96 9444 9439 9441 UndL 35£62 

Sep 96 9467 9452 9455 +002 27493 

DOC 98 9462 9458 9462 +OW 14046 

Ma- 99 9460 9455 9459 +005 10815 

Jun 99 9449 9445 9448 +004 4588 

EsL sates 10666 Pm.sMes 203*8 
Pm.opM UL 339657 op 2512 

Industrials ” 

GASOIL QPB 

- U6. doten per metric ton - tots of lOOtens 
jriOT^ Soo 16200 16200 +025 16047 

■Ah 97 6525 16250 16360 +025 14403 

SS97 6JM 16600 16560 +060 6636 

0397 69X0 16825 1682S +675 2SC 

N«57 71.00 170X0 17025 +025 4,721 

Dec 97 7250 172X0 17160 +060 9^0 

Jon9B 73S 17225 1722S +025 52S7 

17225 17225 +025 2619 

Eat SOteK 16125 . Piw.srtes : 14266 
bit: 74932 up 2574 

B^S«p2^rel-MsoflX00bon«s 
Aua97 1827 18X4 18X6 — 0 l15 61680 

Sep 97 ll» 18-16 1821 —til 54,738 

0397 1448 14B 18X0 

Nov97 . 1456 1847 1453 — imm iup/f 

5^7 1864 1857 1458 -0X6 16089 

Jao9B 1863 1 862 1461 -0X4 10495 

Feb98 M.T. N.T. 1459 -0^ 4612 

Mo98 1458 1458 1457 -0X2 2654 

Estsates129B5. Pm. soles 24892 
P m.apen 86:182996 off6144 - 

Stock Indexes 

ESEKS? 

Sep 97 49060 4869.0 48220 -532 66X57 

Dec 97 4900.0 49002 48825 -525 2464 

Mar 98 N.T N.T 4933X -I6S 1 

&t. sates M26 Pm. sates ,24455 
wen mL: 70X22 up 1,776 
CACtftM ATlF) 

JolW ,P »50X P »?7X ' 29382 -200 31,748 
Aug 97 29492 29382 29462 -220 2270 
S»97 29632 29365 29S4X —200 20628 
Dec 97 29865 29865 29772 —2X0 948 
Mar9B 29912 29912 300120 -220 7X57 
Ed. sates 10764 
Open Mj 67.999 up 257. 


Lukoil Will Develop 
Field in Azerbaijan 


CamftMbrOwSs^FmmDisfkarh n 

MOSCOW — AO Lukoil Hold- 
ing, Russia's biggest oil company, 
said Friday that it had signed a $2 
billion agreement with Azerbaijan 
to develop a known oil field in the 
Caspian Sea. 

Lukoil said die agreement with 
the State Oil Company of the 
Azerbaijani Republic, known as 
SOCAR, involved an offshore pros- 
pect called D222 with estimated re- 
coverable reserves of 50 million 
tons, or about 365 million barrels. 

The deal was the latest major 
agreement to develop Azerbaijan's 
vast oil reserves on the western side 
of the Caspian Sea since the collapse 
of the framer Soviet Union in 1991. 


It was also the latest in a series of 
projects in the region for Lukoil 
Lukoil will hold a 60 percent share 
in the field and SOCAR will have 40 
percent. The companies did not say 
when production would start 
Separately, Standard & Poor’s 
Corp. assigned a BB-minus credit 
rating to Lukoil foreign-currency 
bonds. The rating, which was in the 
upper end of so-called junk status, 
indicated that the bonds had some 
speculative characteristics. 

Foreign-currency bonds issued 
by the Russian Ministry of Finance 
are also rated BB-minus. 

Stock in Lukoil rose to $23.65 
from $22.50 at Thursday’s close. 

(Reuters. Bloomberg ) 


Hong Kong 
Is Shaky as 
Real -Estate 
Shares Fall 


Bloomberg News 

HONG KONG — Hong Kong 
stocks tumbled for a second day 
Friday as investors sold real-estate 
shares on mounting concern the gov- 
ernment would curb housing prices. 

Sun Hung Kai Properties Ltd. and 
Cheung Kong (Holdings) Ltd.. 
Hong Kong’s two biggest de- 
velopers. led die decline. Hong 
Kong’s new chief executive, Tung 
Chee-hwa, said in his inaugural ad- 
dress this week that he would pro- 
pose rough measures to slow' ac- 
celerating property prices. 

The 33-stock Hang Seng Index 
fell 232)77 points, or 1.6 percent, to 
14,822.97. Real-estate shares con- 
tributed to a third of the index's 
decline. 

The index, which is still up 12 
percent this year, has dropped 2.5 
percent in the two trading days since 
China took control of Hong Kong. 

“There’s so much uncertainty 
surrounding the p r o p er t y market 
even though the government said it 
only wants to depress speculation,” 
said Ben Kwong, research director 
at Dharmala Securities Ltd. 

Sun Hung Kai, Hong Kong's 
largest property company by cap- 
italization. slid 2.8 percent to 86.25 
Hong Kong dollars (S11.14). The 
share has declined 7.5 percent in the 
past two days. 

The developer could be among 
those most affected by Mr. Tung’s 
plan to build more public housing 
and sell more government land. 
Those steps could cut the value of its 
holdings of agricultural land. 

Among other developers, Sino 
Land Co., controlled by Robert Ng, a 
Singaporean businessman, slumped 
4.3 percent, to 7.85 dollars. 

Cheung Kong fell 2.4 percent, to 
72 dollars. 

On Friday, the South China 
Morning Post newspaper quoted 
two real-estate agencies as saying 
property transactions fell 13 percent 
in June, reflecting the effect of the 
new government’s plans to clamp- 
down on property speculation. 


Canal Plus 
Sees Big Gain 
On TV Swap 

CcmgMbfOvSs^fFnmiDlspairbn 

PARIS — Canal Pins SA said 
Friday it would make a 3 billion 
French franc ($508 million) gain on 
the sale of its stake in the German 
pay-television channel Premiere as 
part of an asset swap that gives it 
control of Italy’s only pay-TV com- 

CanaJ Plus said it had agreed to 
sell its 315 percent share of 
Premiere to the Kirch Group for 1 
billion francs cash. It wall get 
Kirch’s 45 percent stake in the Itali- 
an pay-TV firm, Telepiu SpA. The 
stake is valued at 2.95 billion 
francs. 

The agreement reinforces Canal . 
Plus's leadership in the pay-tele- 
vision market in Europe. The pur- 
chase doubles its stake in Telepiu to 
90 percent, giving it a dominant 
position in one of the fastest-grow- 
ing markets in Italy. It already is the 
biggest operator in France and 
Spain. 

Laurent Perpere, finance director 
of Canal Plus, said the company 
now expected to post a net profit in 
1997 of close to 3 billion francs, 
provided that corporate taxation 
rules remained unchanged in 
France. 

The group had previously expec- 
ted only to breakeven in 1997 due to 
losses at the NetHold operations it 
acquired earlier this year. 

Canal Plus said it would sell a 
large part of the Kirch stake in 
Telepiu to Italian partners. 

Pay-television is expected to be 
one of the most lucrative media in- 
dustries in Europe in craning years, 
especially with the advent of digital 
television that promises a sharper 
image, more channels and interact- 
ive services such as Internet access. 

Canal Plus shares fell 20 francs 
Friday to 1,220 francs after surging 
2.6 percent Thursday to a seven- 
month high. The shares had risen 17 
percent over the last right trading 
days in expectation of an agreement 
with Kirch. (Bloomberg, Reuters) 


Hong Kong 
Hang Seng 

17000 


Singapore •'/••"triicya" 
Straits Times N3d®i225 


! A, 

;V ■ 

J F MA MJJ - 
1997 


! 


F M A 
1997 


M J j 17000 F MAMJJ 
1997 


'Exchangai- - Judaic'.'. . ; V 

HongKorg Haa&Sdtiig ■ f - 
Singapore . Shafts Times ■ 


j- Tokyo 0 ; . 

Bangkok .SET.' 


WetSngtoO 
: Bon*a/ T" 

Source: Tetekurs 


+:^^34 > ;:t962.40 

£,74Z$Q .-OS5 
.■1%9flW»;.-20;121.41 -9.76 
• T^mei ; -d'6 J s 

857.09', flt7.88 '' ' 


. 735:49’ 


I ?t ntf .. 1 ..I l ‘ l ' ' ' 1 

IntrmaiHjojJ Hcnki Tnhcne 


Very briefly: 

• General Electric Capital Consumer Finance, a wholly 
owned Japanese unit of the financial services arm of General 
Electric Co. of the United States, said it would share some 
customer services with Sakura Finance Service, a subsidiary 
of Japan’s Sakura Bank Ltd. 

• Indonesia has again delayed a package of deregulation 
measures aimed at boosting economic efficiency and will now 
announce the measures next week. State Secretary Murdiono 
said. 

• Sales of imported cars in Japan fell 20.5 percent in June to 
32.176 units, the Japan Automobile Importers Association 
said. It was the third straight month of decline. 

• Dacom Corp. shares surged on the Seoul stock exchange by 
their 8 percent daily limit on speculation the South Korean 
Parliament is poised to let foreign investors own stock in the 
nation's second-largest telephone company. 

• Victorias Milling Corp., the Philippines' largest sugar 
refiner, said it has filed a petition with regulators to suspend 
debt payments. If approved, Victorias will be placed under the 
control of the Securities and Exchange Commission. 

• La Tondena Distillers Inc., die Philippines' largest liquor 
manufacturer, got a 1 billion peso ($38 million) loan to double 
the capacity of a distillery in Negros Occidental Province. 

• Dresdner Bank AG of Germany has opened a branch in 

Beijing. Bloomberg. Reuters 





y; 4000 


r S 2800 

' ;? 2600^A|^ 

_ 2400 

v 


: : ®FMA MJ j i 3800 FMA M J J f ! 2200 "FM A M J j 
S 19 97 ^ 1997 j; 1987 ; 






Source : Tetekurs tntemuii><iul HcraJd Tnhone 

Very briefly; 

• Thorn PLC will close 64 electrical-appliance rental stores in 
France, Belgium, the Netherlands, Luxembourg and Finland 
over the next three years, taking a charge of £30 million ($50.5 
million), because of losses and difficult trading conditions. 

• The Federation of Migros Cooperatives, Switzerland's 
largest retailer, agreed to buy the department store chain 
Magazine zum Globus AG for 705 million Swiss francs 
($481.3 million). 

• Electrolux AB, Europe's largest household-appliance 
maker, said the first 2 percent of the 12,000 jobs it planned to 
cut as part of a 25 billion krona ($321.4 million) cost- 
reduction plan would take place in Sweden. 

• France’s economy will grow at an annual rate of 2.3 percent 
in 1997 from 1 .5 percent in 1 996, according to forecasts by the 
national statistics institute Insee. 

• Deutsche BA’s parent company. British Airways PLC, 
will raise its stake in the German airline to 65 percent from 49 
percent Bayerische Vereinsbank AG said it would sell BA 
the 16 percent stake in the airline for an undisclosed amount 

• Sweden’s unemployment rate rose to 9.4 percent in June 
from 7.6 percent in May, the labor board reported. 

• Bertelsmann AG, Europe's biggest media conglomerate, 

named Thomas Middelhoff, who has driven the company's 
push into multimedia and Internet-related services, as its 
chairman, starting next year. Bloomberg. Reuters 


Energy Lifts RWE S Net 8 /o JJJJ to Begin Printing in Israel 


CMfUedbyOwStfFniBiDapisrkn 

ESSEN, Germany — RWE AG, 
Germany's largest diversified util- 
ity, said Friday its net profit rose 8 
percent in its latest financial year, 
led by energy, chemicals, ma- 
chinery and construction. 

Net profit for the fiscal year that 
ended June 30 rose to 1.3 billion 
Deutsche marts ($742 million) from 
1.2 billion DM the year before. 

Sales for the year rose 8 percent, 
to 70.8 billion DM, from 65.4 billion 
DM in fiscal 1996. 

Shares in the company fell 90 
pfennig, to 76.40 DM. 

Sales in RWE’s fledgling tele- 


communications division soared to 
1 . 1 billion DM from 500 million DM 
the year before. Still, start-up costs 
in the division restrained earnings 
even though the company dipped 
into its reserves to compensate, 
RWE said, without giving figures. 

The company invested a record 
10.7 billion DM in the financial 
year. About 3.6 billion DM went to 
its O.iel .0 telecommunications joint 
venture with VEBA AG. The ven- 
ture will compete against Deutsche 
Telekom AG next year when the 
German telecommunications mar- 
ket opens folly to competition. 

(Bloomberg. AFX) 


Bloomberg News 

PARIS — The International 
Herald Tribune said Friday 
that it would begin printing the 
paper this year in Israel, 
providing same-day delivery. 

The move brings the num- 
ber of worldwide priming sites 
for fee Paris-based newspaper 
to 14. TTie IHT, owned by New 
York Times Co. and Wash- 
ington Post Co., opened a 
printing site in Malaysia in 
March. 

In Israel, the IHT will be 


printed by Ha'aretz Group, 
which owns Ha’aretz, a broad- 
sheet daily, and local newspa- 
pers and magazines. The IHT 
will begin printing at Ha'a- 
retz’s facilities in the autumn. 

Circulation of the IHT has 
been growing for three con- 
secutive years and is up 4 per- 
cent from 1996. 

"The opening of another 
print site will build on that 
momentum,” said Richard 
McClean, publisher and chief 
executive of the IHT. 


mm 


The Board of Directors of 
SchhxnbetQpf Ltd has announced 
that shareholders, who will be 
registered in the books of the 
Company on Jura 2. 1987 wB be 
erntad to receive two new shares 
for every old share In the Untied 
Slates of Amsnca (ha shares are 
traded ex stock split as from 14 
July. 1997. 

As from ieth July 1997 for i old 
CF-oenflcare Sctiunbergor Ltd 2 
new cerdDcates can be otxatied by 
Kas-Associaiie N V Spmsiraat 
172. 1012 VT Amster da m. 
Amsterdam. July 4. 1997 

PARIBAS 

ADMIN! STRATI EKANTOOR B V. 


I 




PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 5-6, 1997 


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CM aussels: 02-646 6522 


FOCLY 

IhcuntpuoAx 


BREAD, WINE, CHEESE \pt 

» WdtoritofcMmr. 
Touner cr or, Momue (f or* 
iwen nu antlnd by p iwrfriww Owka 
Near Opera. A cenaMoaned. 
j 25, n» TdrtmuL TaL: 01 42 4A 53 67. 

LE BILBOQUET 


\^f) yfojCiraj KERVANSARAY 

Tukfeh l W1 speddfies. lobster txr. 

You am Mnpb tie qjicv, ammafic fcnfaari batftaafoadradovtml. Id floor. McMenW.9. 
rfahwlhre are becoming rage ki Francs^ ML: 5128843. ArandBbaad. 80m. Opera. 

_*Fm»iuu a'i 97* (arcareflioireaj >fa»-3 pjn. A 6 pjn.-1ojn, except Sondoy. 

14, rue Douphine. T: 01 43 26 44 91 Opmhdofoyfc. 


NANNIES/DOMESTICS 


Top agency esi. 1982 
N anmes. Mon-en's Helps, Baby 
Nurses, Au Pairs. Governesses 
A ll personally Interviewed 
and references verified 
Teh 44 171 355 5006 
Frac 44 171 355 5007 


STAFF of DISTINCTION 

!W 



HXJIWNES ■ CHEFSiCOOKS 
BUTLEBSUALETS ■ ESTATE MANAGERS 
No RejWroHwt Foe, Open Mondoy-Satioiia? 
Td: +44 Z7I 589 5494 5 
Fax: +44 171 589 0095 

ZSItotot Stiwi, LONDON SW7 2LH IAGY1 


Monroe Nannies 





Positions Available 


FRENCH- AMERICAN FAULT n 
New Vo* Ky seeks nanny to hefe care 
fcs 5 year old boy and mart gd Musi 
hove aperlence florUmjAlving in a major 
oty Musi be naUve French speaker 
Venflabte. recall references necessary 
One year en mnto ma t Musi be ftexi*. 
playful, athletic and able to travel 
Conwreatanal Engfeti necesssy 5atary 
commenswae win experience CaB 
21C-76W755 to apply 


LJV&W HOUSEKEEPER: LARGE 
Waiertroni house lamiy of 5. no cM- 
dren m need of highly otganued ai- 
around n«p wih drwers tome unwed 
cooking Laundry & cleaning requied 
Sian lug i Sor monsis to i year. Cal 
203453-4565 between B-lOam EST a 
F* 203453029 USA 


COUPLE (HO CHLDREH] 
Eh^sft and Frerto speakrnj 48 years 
dd mh Very reWie persons will good 
raierences. for table service, cooking, 
ironing, nfli dnvrg Icense flegrrang. 
the 1st d September. 

Room S board. 

A MUST: TO LOVE DOGS. 
Please answer rth CV and photos to. 
ALMENTA SA 
31 quei V Bsoi 
1201 GENEVA SWITZERLAND 


Domestic Positions Wanted 


BKPB9EHCB1 COUPLE ■ French. Por- 
tuguese. S panto & some End to. Call 
Usban 351 12244774 


OCCASIONAL AND PERMANENT 
NANNY AGENCY has experienced 
Brito Nannies aid Baby Nuses tor tn- 
lemahcral pts 2 Cremrel Place, lon- 
(toft. SW7 2JE Tel UK 171 225 1555 
Fax UK 171 563 4966 


UK 6 OVERSEAS AU PAIR AGENCY 
NANNIES. MOTHERS HELPS. aS h*4i 
stall B7 Regent St London WiR 7HF 
Tel 171 434 2929 Fax 171 4« £-22 


WORLDWIDE ELITE 

...to the best in international society 

• THE "SUPERMflNNBSU" * 40 / 57 " 

SUM, BLOND, BEAUTim & fNCSEDQUY SUCCESSFUL! 
She is the owner of on enormously expendm^ future orientated 
company as wd as two further. equaBy successful businesses - 
and possesses that 'genetic secret of success" which cannot be 
lean^J^fDOi&ME ABSOUJIRY FANTASTK, on first sM* 
the land of woman who wins aB along the fine - surrounding 
persons instantiy and each goal - her sophisticated, youthful 
elegance complements her bright & etecr pqiunufc y n perfection - 
she is abo the chairmen of an externa! company & smoe she has 
made her awn fortune she appreciates cm equcfly established 
company-owner as husband, who will definitely be on a 
comprehensive success course until this OUTStANMNG WOMANl 
ONLY FOR. MARRIAGE 


■gabriele thiers-bense 



MARRIAGE MEDIATION — . 

the sophisticated introduction... 

■ RKNCIKANAHAN LAWYER 4 WEA 0 HY 
NTTRNAnONAL COMPANY-OWNER. 44/5' 1 1 
_«Mi ukUnHes « % EuropracrttoMt ® «» 


ma£ af»« He is irfest and chainwa of efilMssoaahoaJ, an 


Friendship* 


75 ! SOUTH WEST, PRETTY WOMAN, 
45 yews oto. (good tacomel. btande. 
btoor e^es, divorced, wttna difdren, 
■rasbavef, suprias and art. Tree spW, 
Canute to adapt Hfeta to meet man. 
4055 years ntd wBi good sodaVOftsal 
level, sense 01 tumi * wtio enfogjb Be, 
tor taoHemi honeymoon, fftegto d no 
Inoortance). Contact: Mtn DfekCHY. 
43, bw HaBsmenn. TSOWPABS. Tet . 
+33(0)1 « 12 33 11- 


I 

I 


esteeeied member 5 leo&g sodNycbdesbitiatotM <Mweq 

SSL' Exclusively tor you... 

own fortune she appreciates an equdy established Personally since 1975 meBjaf^mamagef to tiR ^ A 

-owner as husbaST who will £fin% be on a kxiyM|iK^r cobscwb of daaoal Amodem 

isive success course wWi this OU1SU11NNG WOMAN! Tel« +49 ■ 89 ■ 649-2205 moored for m ubMusbrnnerHow & diltoe* wl amvwce ben - OMY 

MARRIAGE Fax: +49 - 89 - 649-2224 formauage) 

Dcdy 10-19 Ivs. • Germany • 82031 Mwikh^runwcdd ■ Otl o-He dmann - Sfr. 5 • By appointment 

Represented in Paris — Berlin ... ■■■■the USA Singapore ■■ - Melbourne 


RiX J* / i l ibd u i L 



ClaucSa PQscfieft-Knies (Lid.). More than twent 
contacts among the most dstingutahsd crentBie. Educated, 

A may who is held in great esteem worldwide^. 

Top manager, late 50s/ 1 84, slier many years to the top 


peraonalitiescifthe top of society, ttiebuSnesse 

An otitskmcfing, ravishingty beoutifui you 
from q fi rst-rate, in H e m oBondl 


wfthawortdwi 
less elite and £ 


mana^meni tri an American rmitinational corporation he now kxtolges a radamty baaulfful. ctessy, gorgeous creature, (rial) teten, slender, fomtoine, 
h toe luxury of taking Urns far private actMUss Bee traveling, lime to spontaneous tod capabfe or emhusiasm; her parents are i among the very m 
|usl enjoy life, time for happy togetoerriess; a man of boundess raaktences in tttor. Monaco and SorfrAmerica toe ‘rirfi and famous bejong to tm-- 
generosity and refetofiy. warteiQ^ tobe married is for him a matter o! 

bU for aa that she hasfl mat toe ritot one yet a tender kmO+njarted. sportva 

temtotoa gacetutoess, styte and wramflh. amaflari social standards mature r Mg and has aheac^ ‘mia the tesT. Tough and hanFvrortdnB but sUS capable of e njoying T he good 
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be pampered, ai otetandng, todapendent personaBy standing al te tmcS 1 .. Her faiher waid be happy about a r^iabte. trusTwotfry sor-IrFfaw. She is compiBlgJy t ndepend erd r 
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tod international VIPs confide n us. 

dream woman ( 27 / 169 ) 

SStoitotoeffeg dart hair, wonderfufly 
a the very wealthy- industrtaliM to nibw, 


in kaly, Monaco and SoJtvAmerica (the Ttch and tamous ? bdong to thflff cbde icf trtends). stieScM 
ring, last sports care, along, saltog. dwing, surfing and leels at home n the workj d mtsc and ad, 
hg business acumen she i 




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OUR ieXT SPECIAL HEADINB: 

REAL ESTATE 
IN THE SOUTH OF FRANCE, 
THE RIVIERA and MONACO 

(Sales and Ratals) 
wfl area an 
FffQAY, JULY IUi 1997 

For more delate please contact: 

meWAHONAL i®IALD THBUME 
PARS Tel: +33 (0)1 41 43 SI 85 
or Fax: 433 (0)1 41 43 93 70 
E-mai. ctesHedOilcom 


EDUCATIVE H0LDAVS tar YoungstefE 
1-3 weeks slay In France writi nice 
French family in Pans. Deft French les- 
sons included 4- touring Pans + weekend 
spons In Normandy. Tel 433(0)611113281 


FHUNG tow? - tamp problems? SOS 
HELP cnsts-We n English. 3 pjn - 
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Auto Rentals 


RENT AUTO DERR FRANCE: Weekend 
FF500. 7 days FF1500. Tel Pails +33 
[0)1 4388 5555. Fax (0)1 4353 9529. 


Auto Shipping 


SAVE ON CAR SHOVING. AVESC0, 
Kribbestt 2, Antwerp Belgium. To/Fram 
US. Alrxa. Regular RoJIo safSng. Free 
hotel Tel- 3231231-4239 Fax 2324353 


Autos Tax Free 


new TAX-FREE used 
ALL LEADWG HAKES 
Same day registration pcsstte 
renews* ip to 5 years 
We also regster cars wth 
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Auctions 


EVUHIVAIIOIUI 
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Colleges & Universities 


RESSTERED ACCRBXTED COLLEGE 
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Pen Pais 


FRENCHMAN seeks pen fnsnd to Sai 
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50 ne Victor Ctemert, F65000 Tabes. 


Business Opportunities 


WE ATE LOOKNG tor kireoors or part- 
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advanced lecinaiatf kx Ihe recyditg in- 
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chum or advea Tet London 44 181 741 
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IRISH OFFSHORE COMPARES Pi 45 
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TaL- (242) 394-7080 Ite (242) 394-7082 
Agents Wanted Worldwide 


Telecommunications 


New Lower 
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Rates 

Germany 31 cents 
Japan 38 cents 
Prance 33 cents 


* No Set Up Fees 


■ Six Second Bteng 

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for Sale 


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PLAYA DEL CARMEN. Juwinry town- 
house laong Cozumel i block hum 
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Real Estate 
for Rent 


Paris Area Furnished 


16th Metro RANELAGH ohw rents 70 
stun. + 16 sq.m. batoony. ready to 
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SATURDAx-SUNDAi, 
JULY 5-6, 1997 
PAGE 15 



Kg 






In Britain and France, Sharp Left Turns Lead to Rocky Roads 

WELY. Bfilft ' M. J 


JVBL.Y, 

SSsa®?' 

*"«* A dut S**< w 

iteSox 333 ihrS. a *«i ,' 

iCA-nur- . — ' '& 


2®^ *81 naurai 
rtte, man over *? r«**4 

““top uoiirT~., 


“WraCNATroiA, , 
kHTEXHtelTIoxs 
A*JCno\SALEg ; 
COLLECTORS* 
CHIDE 

today r KCt [ 


Doubt Clouds French Market , 
Despite Record Performances 


By Judith Rehak 


era/ Positions W anted 

«4»JW»«iwc5ii3; 
Bfts ct) oort*a -<;• 

Jbfe +33 j'0|6 £■ ;■ *■ ‘ 


YOl SAW 
THIS \D 

So did invrli i - ., J i j rr ,,|| l>4) 
wIRJu. M.rU.nyi 

■^Xj! 'll* • • "ill I 7. jr|i>r. 

Sliuuhin'l i..| i.ii.;;„. 

i . 

I NTKRY \ | ]i »\ v| 
HKR\Ll» iCIKi \). 


it :o-:c-* 
i ■•£*.-: !> •. 

V. E I L L B ■ ’ 

■s* £==-.:=^ 

5 ES:0=T SERVICE 
v. v. -; i. ^ i 

K ? U S 7 ■ " _ 

■i?t ti’.z 



T he french stock 

market has risen to un- 
precedented levels since 
the surprising election 
of a leftist government on June 
1 . but rather than being poised 
to scale new heights, many 
. analysts said, the Bourse is 
on the edge of a precipice. 

The negativism concerns 
the government's vows to re- 
duce the unemployment rate, 
which now stands at 12.8 per- 
cent, and to raise wages. While 
the new government's 
policies will clearly impact 
the path to European Monetary 
Union, what is troubling mar- 
ket strategists is the question of 
where Prime Minister Lionel 
Jospin will find the money to pay 
for the labor-friendly programs. 
‘The most likely source are the fat 
cats of the corporate sector," said James 
Lister-Cheese, economist for Independ- 
ent Strategy, a London-based invest- 
ment adviser. "He's made no bones 
about raising revenue from them, and 
that’s not good for profit margins.” 

On Wednesday, French share prices 
fell, with the CAC 40 index closing down 
1.1 percent, after the government 
spokeswoman, Catherine Trautmann, 
said the Socialists might impose new 
corporate taxes to cut the budget deficit. 

Corporate profits stand to take a hit 
from a number of pending government 
proposals. Peter Sullivan, 
European equity strategist for 
Goldman Sachs International 
in London, pointed to the gov- 
ernment's promise to create 
700,000 jobs, half in the public 
sector, and to reduce the work 
week to 35 hours from the cur- 
rent 39 .without cutting pay. 
Moreover, a 4 percent increase in die 
minimum wage has just been approved 
by the National Assembly. 

None of this bodes weft for company 
profitability and die stock market, Mr. 
Sullivan said, noting dial the broad S&P 
FT Index for the Bourse was trading at 
an elevated price/eamings ratio of 22.5, 
well above its long-term average of 15. 

"Generally, that’s unsustainable with- 
out higher corporate profits,” he said 
Contributing to negative sentiment is 
the Socialists' rejection of company re- 
structuring. which typically means trim- 
ming work forces and closing unprof- 
itable operations. 

"One of the single most important 
influences on equity performance has 
been restructuring,” Mr. Sullivan said. 
"That’s what we’ve seen increasingly 
in Switzerland, Germany, and the 
United Kingdom, and now it’s less 
likely in France.” 

At the same time, just how far the new 
government will go to fulfill its promises 
is open to interpretation. A case in point 
is the on-again, off- again privatization 
erf France Telecom. On June 19, in his 
first speech to the National Assembly 
after becoming prime minister, Mr. 


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French Snapshot 


CAC 40 index, 

percentage gain since July 1, 1996 

2 “ s ®!£5233 §#§ssii* 

1 July '96 " " ' ^2 July V 

Dollars appreciation vs. franc 
since July 1, 1996, in percent 






1 July '96 


2 July '97 


Market Return on equity In percent 
25 



s>i» . J( ® 1 

'..y s« 

1 } : SUP 1 


!8i '83 '85 '87 '89 '91 '93 '95 

Sowcas: Bloomberg Goldman Sachs 


Jospin led many to believe rhat he would 
not support the planned flotation. Yet 
repons are now circulating that it could 
go ahead as early as this fail because the 
government badly needs the funds to pay 
For its job-creation programs. 

Despite the uncertainties, few 
strategists said they would be completely 
out of the Bourse, which is the second- 
biggest stock market in Europe. But they 
are cautious. The market is expected to 
be driven by knee-jerk reactions to gov- 
ernment announcements, as well as by 
developments surrounding monetary un- 
ion. but buying on downturns is seen as 
risky for all but professional investors. 
So many strategists are targeting compa- 
nies that will be least impacted by the 
new government's policies. 

At Credit Suisse First Boston 
(Europe!, Moulinex SA. the household- 
appliance maker, is in favor, because it 
has completed a restructuring that re- 
duced its work force by 20 percent. Mr. 
Sullivan likes Elf Aquitaine SA, the oil 
company, which has a global, dollar- 
based business, and Christian Dior SA. 
the fashion and luxury-goods house, 
another multinational with considerable 
business outside France. 

Investors who like to follow big play- 
ers might note that George Soros re- 
cently took a 2.2 percent stake in Accor 
SA, the global hotel company. Some 
figure that if government policies put 
more cash in consumers' pockets, low- 
end retailers could benefit. Bur other 
analysts prefer to be elsewhere. 

"French equities look overvalued,” 
Mr. Lister-Cheese said. "I have to 
plump for U.K. equities be- 
cause they're trading at the 
lowest price/eamings ratios to 
historical values compared to 
the rest of Europe.” 

•There is one positive for dol- 
lar-based investors prepared to 
venture into French stocks. Al- 
though the CAC 40 index is up 
a healthy 26.72 percent this year, it has 
returned only an anemic 10.8 percent in 
dollar terms because the dollar has been 
strengthening against the franc. But cur- 
rency analysts said the dollar had risen 
about as far as it can go. taking most of 
the currency risk out of the market. 

As for French bonds, the picture is not 
much more positive titan it is for stocks. 

"We're bearish,” said Marie Fox, 
chief European fixed-income strategist at 
Lehman Brothers in London. Like equity 
analysts, he is worried about where the 
Socialists will find funds for their pro- 
grams. One option.he said, is the removal 
of tax breaks granted to life-insurance 
policy-holders a year ago. The breaks 
fueled a rush of cash into French bonds 
from money-market funds, Mr. Fox 
noted, warning that if they ended, the 
outflow could be "dramatic." 

While tile path to European monetary 
union is clearly a factor, for these analysts 
the impact of Socialist policies on the 
stock and bond markets looms larger. 

"Monetary union is largely a done 
deal,” said Mr. Fox of Lehman.. "The 
more important issue for France is how 
far Jospin loosens the fiscal reins and 
shies away from fiscal austerity.” 



Analysts Say Cheery Investors 
Labor Under Misapprehension 


By Conrad de Aenlle 


B ritish investors have been 
unsure what to make of the 
first budget the country has 
had from the Labour Party 
T in a generation. Stocks rose ahead of 
the announcement on Wednesday, 
\ gyrated wildly but ended with a 
gain on Thursday, then slipped 
% slightly on Friday. 
f Sr-iy Although the market is still 
near recor d highs, analysts have 
a more consistent view of the pros- 
W pens for securities investors, and 
v that view is negative. 
r When Gordon Brown, Prime Min- 
ister Tony Blair's chancellor of the Ex- 
chequer. opened up his new. red budget 
box on Wednesday, there was a cut in 
the corporate income-tax rate to 31 per- 
cent from 33 percent and a promise to 
reduce government borrowing to zero 
by the fiscal year ending in April 2000. 
The budget contained few new or un- 
expected taxes. 

Under British law and custom, the 
chancellor virtually controls the treas- 
ury, malting the budget announcement 
an important political and economic 
event So when Mr. Brown's proved to 
be a far less fearsome document than 
some people had been expecting, traders 
who had sold stock-index futures were 
forced to step in and buy them back. 

"The reaction of the U Ji. equiiy mar- 
ket was entirely down to futures-related 
short covering,” said Jeremy Batstone, 
head of research at NatWest Stock- 
brokers. "A lot of people went 
short expecting it to be a night- 
mare, but Gordon Brown pulled 
his punches. When you look at 
the measures in the budget, the 
reaction is entirely perverse.” 

Analysts and economists 
said there was less to the 
budget than meets the eye and 
wanted that the enthusiasm shown in the 
stock market could be misplaced. 

"You’d have to be a brave man to 
think the Footsie is going to rally from 
here,” said Ciaran Barr, an economist at 
Deutsche Morgan Grenfell, referring to 
the Financial Times-Stock Exchange 
100-share index. "Buoyancy in over- 
seas markets may underpin it, but the 
Footsie is very expensive and very vul- 
nerable. I would be surprised if at the 
end of the year it’s above current levels, 
given the interest-rate outlook.” 

That outlook, in the opinion of much of 
London's financial community, is bleak. 
Consumer spending is booming, fueled by 
die disbursement of £30 billion (£50-51 
billion), from a series of conversions of 
mutual savings banks into publicly owned 
institutions. That is putting added infla- 
tionary pressure on what is already die 
strongest major economy in Europe. 

The great hope had been that Mr. 
Brown would choose to skim off 
enough of the savings-bank windfall as 
extra tax to cool the economy rather 
than leave it to the Bank of England to 
do the dirty work by raising interest 
rates. That hope was not realized, as 
traders demonstrated by selling bonds. 






FTSE 100 Index, 

percentage gain since July 1. 1996 

30 • rl 


10 "JL 


1 July ’96 


2 July ‘97 


Dollar's appreciation vs. pound 

since July 1, 1996, in percent 

10 


1 July ‘96 


2 July *97 


Market return on equity In percent 


10 L -b, i \ 


‘81 ’83 ‘85 ‘87 ‘89 '91 V3 '95 

Sources: Bloomberg. Goldman Sachs 




Pounds or Francs? Better to Keep Your Fists Full of Dollars 


even as shares were soaring. 

' 'The bottom line is that while Brown 
has persuaded everybody that this is a 
tight budget, you could argue that it’s 
expansionary, not massively so, but 
mildly expansionary,” Mr. Barr said. 

Mr. Ban forecast a drop in the Fi- 
nancial Times-Stock Exchange index 
from its current 4.8 1 2.80 to about 4,550 
by the end of the year and expects the 
government's benchmark short-term 
lending rate to climb from the current 
6.5 percent to 7.25 percent by the end of 
the year and to 8 percent next year. 

Mike Dicks, an economist at Lehman 
Brothers, agreed that “what's priced in 
for rates now is not aggressive enough.” 
He expects a rise to “8 percent or high- 
er” and foresees little change in the 
stock market for the rest of the year. 

What some budget-watchers found 
irksome was that the fiscal measures 
that were included were aimed far more 
at businesses than consumers. 

“The promise of a radical budget to 
rebalance the economy by squeezing 
consumer spending and encouraging in- 
vestment has not been backed up by the 
measures announced by Gordon 
Brown,” said Andrew Sehtance, direc- 
tor of the Centre for Economic Fore- 
casting at London Business School and 
an adviser to the previous chancellor, 
Kenneth Clarke. "When we look in 
detail at the budget arithmetic, the im- 
pact on the consumer is pretty modest.” 
Thus, he added, “Consumer spending 
will need to be controlled by higher 
interest rates.” 

One of the biggest losers, he pointed 
out, wifi be pension funds, 
which lost their exemption from 
tax on dividend income. Mr. 
Brown's intention in this pro- 
vision, apart from raising £5 
billion a year, was to encourage 
companies to plow profits back 
into their businesses instead of 
distributing it to shareholders. 
The effect may be the opposite. 

"He is taking money out of pension 
funds, which may well result in higher 
contributions being needed from the 
corporate sector,” Mr. Sentance said. 
"Companies could well come under 
pressure to deliver higher dividends to 
offset the lost tax credit.” 

• Andrew Green, who runs a fund tar- 
geting British equities for Global Asset 
Management, put a different spin on the 
tax break's demise. 

"The dividend tax credit was indul- 
ging pension funds because they had 
been extracting higher yields as the 
price for keeping failed management in 
place,” he said. Its elimination, he said, 
will compel companies to invest with a 
longer-term focus and force fund man- 
agers to shop around for more growth- 
oriented stocks. 

Mr. Green also suggested that con- 
sumers had not gotten off as cleanly as 
others think. For example, local taxes 
may have to rise as councils scramble to 
top up pension plans for their employ- 
ees. He said interest rates may not have 
to rise much, after all, though he re- 
mains wary of many British equities. 
His favorites are small companies in 
industries such -as building materials, 
real estate and energy, which would 
benefit from a strong British economy. 


j oflhecesi 


irwtsck 1 *^ 




■ By Aline Sullivan 

H ANG ON TO your dollars. 
That is the message from cur- 
rency analysts and econo- 
mists on both sides of the 
Atiantic following elections in France 
and Britain that resulted in govern- 
/ments of varying hues pf red. 

-- Although the pound and the franc 
have proved to be surprisingly robust 
since the elections in May and June, 
they offer only limited scope for further 
gains for the rest of this year, the ana- 
lysts said.. 

Instead, the currencies could soon 
falter against the dollar and, to a lesser 
extent, the Deutsche mark. Sterling’s 
recent gains make it particularly vul- 
nerable, although the franc will soon be 
under pressure as the country’s new 
r'Jrfiist government casts about for 
Itrategies to reduce the deficit ahead of 
European Monetary Union. 

Sterling, which soared to five-year 


bioub* 

U*» 1 — T. O a sr 


!**« 1 ~ XO-. 
gaV * 


of the . Exchequer Gordon Brown re- 
leased' the Labour government's first 
budget Wednesday, is clearly becoming 
overvalued, the analysts said. The pound 
rose to , $1.6785 and 2.94 DM as Mr. 
Brown finished speaking and rose more 
on Friday to $1.6877 and 196 DM. 

Sterling; may, however, rise still fur- 
ther, over die next few weeks before 
retrenching, said Chris Iggo, chief 
economist at BZW Securities Inc. in 
New .York. . 

“Short term, sterling is still .worth 
buying .because interest- rates are 
rising,” he said. “But by the aid of this 
year, I see it falling to below $1.60 
against -the dollar and 2.75 against the 
mark.”-. --•• 

. TheBritish budget wasjxreeived by. 
many investors as inadecpiate. to stem 
inflationary pressures m. . Britain’s 
booming economy. The task will there- 


fore fall to the 

newly independent -C\\ N 

Bank of England, 

which is now 

widely expected to 

raise its base lend- f 

ing rate by a quarter 1 

to half a percentage 

point from the cur- gSa 

rent 6 3 percent at sIpfeSejSj 

its next monetary 

policy meeting on 

July 1 0. It would be 


July 10. It would be 
the third rate hike 

in three mouths. ^ - 

"Sterling is a i 

said Kit Juckes, T-r — 

currency and bond 

specialist at NalW- jjggg^JSJ 

est Markets in Lon- B 

don. “Right now 

our interest rates ^ 

and wage growth - ^ 

are way above our - ~~ | 

competitors so it * — 

isn’t surprising dial 

we lave an over- f ^ 

valued currency as BET -r Vtl^J 

. He. expects ster- 9 i|f J| 
ling to rise to $1.70 Mf| J ,i| 1ml 
in the next few HH ,rf|| J HU 
weeks before set- WW 
tHng back at lower 

.than current levels for the remainder of 
this year and next 
Lisa Finstrom, senior currency ana- 
lyst at Smith Barney Inc. in New York, 
agreed that the pound’s potential was 
limited. 

“Near-term, the outlook is bright be- 
cause the UJL economy is strong and 
interest rates are rising,” she said. ‘‘But 
the upside from these current lofty 
levels is not great. " 

She forecast a peak of $1.68 when 
rates rise again, with a possible decline 
thereafter to about $1 .oO, 




1 O O 'W •N'.vN \ 




The outlook for the French franc is 
more stable, despite an economy that is 
in far worse shape than Britain's. Bui 
the French government is increasingly 
powerless to affect its currency's value 
ahead of European monetary union. 

Iodeed, many economists expecr 
Prime Minister Lionel Jospin to renege 
on campaign promises of new spending 
and instead increase taxes to limit the 
deficit this year to about 3.3 percent of 
gross domestic product. A larger pro- 
portion would prohibit France from 
joining EMU. The ratio was 4.2 percent 


t lM. in 1996. 

f On Thursday, 

fn French finance 
F / f £7 Minister Domin- 

b-^ - ( ique Strauss -Kahn 
I— LA said that the 1997 

1 Vi budget deficit may 

l — ^ \-l be as high as 3.6 of 

1 LI gross domestic 

f* product. He is con- 

f sidering raxes on 

[' pi corporations and 

Pj Jr=J households io re- 

, j' LJ dace the deficit 

\ L-| this year but said 

~ I If ). he would wait for 

~~y- the audit of public 

finances due July 
-LT 21 before making a 

fk _ decision. 

“The Socialist 
jl 3 government would 

like to see a weak 
franc,” said March 
Chandler, senior 
analyst at Deutsche 
Morgan Greofellin 
New York. "One in 
eight people are 
s. unemployed in 

France. But there is 
a limited amount 
that they can do." 
David Sum Deutsche CttHl- 
oraists predicted 
that in the next six months the franc 
would decline just slightly to 5.80 
against the dollar, from about 5.898 in 
recent trading, and to 3J7 against the 
mark from 3.3725. It ended the week at 
$5,904 and 3.3701 DM in Paris. 

Mr. Juckes agreed that the French 
government batuy wanted a weaker 
franc but argued that it would have 
difficulty achieving this goal. 

“The French franc is now a Deutsche 
mark, I see no difference between the 
currency,” be said. “It will be im- 
possible to soften it substantially when 


interest rates are high." 

France does, however, have the op- 
tion of delaying EMU. Some analysts, 
such as James Lister-Cheese at Inde- 
pendent Strategy in London, think the 
French government may choose to en- 
courage growth at the expense of mon- 
etary uhion. 

That decision would cause the franc 
to plummet as much as 15 percent 
against the mark and 7 percent against 
the dollar, Mr. Lister-Cheese said 

“The risks of EMU being delayed 
have risen very significantly since the 
Socialist election victory in June,” he 
said. “The new government has made it 
very clear that they are unwilling to 
countenance monetary austerity, which 
means there is a very fundamental ideo- 


logical spilt in Europe.” 

Delay would probably destroy mon- 
etary union, Mr. Lister-Cheese pre- 


dicted. “The consequences would make 
it unlikely thatChancellor Helmut Kohl 
would be re-elected in October 29PS," 
he said, "and it is difficult to see who 
else could achieve monetary and polit- 
ical union if he bad failed.” 

In contrast the dollar appears to have 
nowhere to go but up, despite a brief 
setback on Thursday following higher- 
than-expected unemployment figures. 
Already hovering around a 40-month 
high against the mark, the dollar looks 
set to make further gains, th a nks to 
continued strong growth, remarkably 
low inflation and investor expectations 
that the greenback will prove more sol- 
id than tne euro. 

The Federal Reserve Board kept key 
short-term rates unchanged this week, 
as most investors had expected, but the 
next move will almost certainly be up, 
analysts said. 

The Fed last raised rates in March, 
when it boosted its target for. federal 
funds rate, which banks charge one 
another for overnight loans, to 5.50 
percent from 5.25 percent 


A nother large revenue-raiser in 
the budget a £5.2 billion one- 
time tax on so-called excess 
profits of privatized utilities that was a 
pillar of Labour’s election campaign, 
had been loudly heralded and so caused 
little damage. 

"The windfall tax came in toward the 
top end of the range, but they are all up, 
and up quite' strongly,' ’ a portfolio man- 
ager at a large European fund company 
said. "The tax was more than discoun- 
ted. These companies are not expensive 
compared to other stocks in the U.K.. and 
I would expect them to keep going up.” 

The total raised from the windfall tax 
was in line with forecasts, but Mr. Dicks 
of Lehman Brothers said thar several of 
the utilities "got off light. Some of the 
effects were different from what was 
expected.” British Telecommunica- 
tions PLC, for instance, will be hit for 
about £500 million, half the amount 
some analysts had predicted. 

"BT didn't get hurt,” he said, “but 
I’m not sure I’d say it was a winner." 

He was sure about prospects forexport- 
oriented manufacturers, and they are not 
good. With a stronger pound and higher 
interest rates in store, "they are clob- 
bering the sector that doesn't need clob- 
bering. Export-sensitive stocks ore going 
to be hurt because currency strength will 
have an impact on demand. The guys that 
are going to do better are the retailers.” 

Mr. Batstone of NatWest agreed. 
Likely beneficiaries of the budget, he said, 
will be companies with strong domestic 
businesses, including food retailers, retail 
banks and property developers. 

Stocks he suggested avoiding are big 
industrial companies with heavy for- 
eign operations, such as BTR PL'C and 
BAT Industries PLC. Not only will the 
strong pound hurt, but a budget pro- 
vision taking effect in 1999 could result 
in double taxation of dividends paid out 
of foreign income. In fact, BAT could 
be a three-time loser, when one of the 
few consumption taxes in the budget 
pushes the price of a pack of cigarenes 
up by 19 pence. 


E-mail address: moneyrep^jhLcom 



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INTERNATIONAL HERALD TRIBUNE, S ATURDAY-SUN DAY. JULY 5-6. 1997 


PAGE 1 


Playing With Options: 
Easy Money, Big Risks 

Dangers Lurk Behind Lure of Huge Profits 

C AN IT REALLY be this higher than $60. Otherwise, yoi 
easy? The stock market rose LEAP is worthless. 

percent during the first The market price Tuesday for th 
half of 1997. If. at the start of I .RAP nminn ; e Ik 


C AN IT REALLY be this higher than $60. Otherwise, your 
easy? The stock market rose LEAP is worthless. 

20 percent during the first The market price Tuesday for this 
half of 1997. If. at the start of LEAP option was S10. That is the 
yj U, “ a ^ invested $1 ,000 in the premium you pay for the privilege of 
Y Standard & Poor’s 500 stock index holding your option. Its amount is 
you would have S2.000 today. determined by market forces, which 

But some folks want more. If take into consideration interest rates 
stocks are rising so quickly and con- fin effect, you are getting a loan) and 
sistenrly, can you do better than the stock 's’expecied appreciation. For 
merely doubling your money every you to break even, Pfizer's stock must 
wiMnd-i-lHlf years? rise from to $70 (not including com- 

Well, yes. But I am hesitant to missions, which I'll omit here). That 
show you how, since there is so much is 17 percent in 18 months, or about 
danger involved. Let’s make a pact: I 11 percent on an annual basis, 
will describe the technique u you Consider two other attractions: First, 

promise not to run out and try it you do not have to \Vair until the options 
without reading my final warnings. expire to sell; if Pfizer jumps, you can 
The way to make lots of money is to take your profit's immediately. Second, 
buy options, which provide investors those profits can be astronomical, 
with the power of leverage. In other Say Pfizer rises to $100. Your op- 
words, a small increase in the price of tion will be worth at least $40 fi.e., 
a stock can _ $100 minus 

T JAMES GIASSMAN ON INVESTING 

. r the value of vestment 

. an option. With leverage, however, was S10. so your profit is $30. or an 
comes extreme risk. One way to incredible 300 percent, 
dampen it is to buy long-range op- LEAPs. like all options, come in 
dons, called LEAPs. or Long-Term lots of 100. So you would pay $1,000 
Equity Anticipation Securities. to “control” 100 shares of Pfizer. If 

But let's look at an example of a Pfizer goes to SI 00 a share, the value 
conventional option. From April 8 to of your investment rises to at least 
July 2, shares in Compaq Computer $4,000. for a profit of $3,000. 

Corp. jumped to $102 from $79, an Consider what happens if you make 

increase of 29 percent. But over that a similar investment in Pfizer stock 
same period, the price of Compaq itself. For $1,000, you can buy about 
options soared to £22 from $7 — an 17 shares, if each share rises to $100. 
increase of 2 14 percent! your holding is worth $1,700. for a 

' An option is a derivative — or an profit of only $700. With LEAPs, 
investment whose value is based on your profit is four times greater, 
the value of something else. A call Your risk is greater, too. Stocks do 
option gives an investor the right to not expire; LEAPs do. If Pfizer sold at 
purchase a specific stock at a specific $60 in January 1999, your LEAPs 
r « price on or before a specific date. would be worth zero, but you'd be 
f Most investors do not actually con- breaking even with the stock — 
veit their options into stock. They which might appreciate in the next 
simply sell mem to someone else be- year or five, 
fore they expire. There is a ready In a raging bull market, however, 
market for options on 2,(K ^ under- there is nothing better than owning 
lying stocks on five exchanges, in- options — especially on an index like 
eluding the New York and Phil- the S&P. I recently calculated that, if 
adelphia stock exchanges and the the S&P rises 48 percent in the next. 
Chicago Board Options Exchange, year and a half (as in the past year and 
which invented stock-options trading a half), you can quadruple your 
in 1973. Most brokers will execute money with a LEAP contract, 
trades for you. Now for the warnings. What op- 

In addition, you can buy rations on tions do is amplify — or broaden the 
67 indexes, including the S&P 500, bands — of risk. You can make more, 
the Nikkei 300 for Japanese stocks but you can also lose more. In two- 
and such esoterics as the CBOE In- thirds of all years, a stock might fluc- 
teraet Index. mate between a loss of 10 percent and 

Traditional options expire in nine a gain of 20 percent (that is a standard 
months or less. So. for you to make a deviation of 15). But, with options, 
profit, your stock (or index) has ro that range can expand geometrically, 
move up quickly. LEAPs. a more to between a loss of 100 percent and a 
recent invention, expire up to two- gain of 200 percent, for a standard 
and-a-half years in the future. deviation of 150 percent. 

* ‘Investing in LEAPs is riskier than Playing the options market is fine 
investing in stocks,’ ’ said an article in for a pot of money that you have set 
Dow Theory Forecasts newsletter, aside for speculation. Bui it is lunacy 
“But for investors who feel strongly to put a large chunk of your retirement 
• about a stock’s prospects, LEAPs money into options — even LEAPs. 
provide a big potential payoff.” A second warning: Commissions 

± There are LEAPs for about 300 on options are steep (up to 10 percent 
^fctocks, including Microsoft Corp., or more), and trading can be addict- 
Federal National 'Mortgage Associ- ive. You’d be suiprised how quickly 
ation, Philip Moms Cos.. Citicorp, you can lose all your money. 
Telefonos oe Mexico SA, Tiffany & StilL the CBOEsuggests a conser- 
Co. and American Express Co. vative approach: the “90/10 strategy.” 

Early this week, shares of Pfizer You put 90 percent of your account into 
Inc.." the pharmaceutical company, money-marker funds and 10 percent 
were trading at $60. If you were en- into LEAPs. Say that, over two years, 
thusiastic about its prospects, you you lose your entire LEAP investment 
could buy a Pfizer LEAP, expiring on You should still break even, thanks to 
Jan. 46. 1999, with a strike price of $60. the dividends earned on the raoney- 
(Othcr Pfizer options have different market funds. But if your LEAPS quad- 
• expiration dates and. strike prices.) ruple in value, you will end up with a 

This particular LEAP gives you the substantial overall return, 
right to buy Pfizer at a firm $60 on the Washington Post Service 

expiration date : — no matter what the For fy^r information: : 
market price of the stock happens to .^si T THEa« g »B«miop n ™»& C h M# .«h««« 
ber Your hope is that the price will be w*»x*oe.com. 





: MUUAm, 


Prices in the London and Paris real-estate markets, which boomed in the 2980s, are crawling back up after a slump hit both cities in the early 1 990s. 

New Governments Inherit Real-Estate Recovery 


By Barbara Wall 

C ONFIDENCE has been re- 
stored to the French and Brit- 
ish real-estate markets after 
nearly a decade's absence, and 
elections that replaced rightist govern- 
ments in both countries are not expected 
to reduce peoples' desires to acquire 
homes. 

After cresting in mid- 1989 in Britain 
and in mid- 1991 in France, prices for 
residential real estate then began to fall 
steadily in both countries. Since 199S, 
they have been climbing back up in 
Britain and seem headed that way in 
France, which analysts say is roughly 
two years behind the British market. 

“The new Socialist government in 
France has inherited a buoyant real- 
estate sector that could be further stim- 
ulated by pro-consumption-friendiy 
policies.” said Jane Edwards, an econ- 
omist with Lehman Brothers Interna- 
tional in London. “Interest rates are at 
levels last seen since the mid-1960s, 
house sales have increased by 20 per- 
cent in the last 1 2 months and the time it 
takes to sell a property has fallen to 10 
months from an average of 16 months 
during 1995 and 1996.” 

In his keynote speech to the French 
National Assembly on June 19. Prime 
Minister Lionel Jospin outlined plans to 
boost consumer spending and job 
growth. As well as extending a mortgage 
program and renovating up to one mil- 
lion housing units over the next five 
years, he said he intended to expand the 
number of civil-service jobs and in- 
crease the minimum wage by 4 percent. 
Fears that the Bank of France might 


raise interest rates following the So- 
cialist government’s election have been 
allayed. 

“The general sentiment in France is 
that economic monetary union is a cer- 
tainty and that recent falls in interest 
rates' should be preserved,” Ms. Ed- 
wards said. “Mr. Jospin has already 
stated that he will not tamper with fiscal 
policy for at least 12 months.” 

While Mr. Jospin's policies will ben- 
efit the real-estate market in the short- 
term. there is some concern about long- 
term impact, according to analysts. 

“Given the current state of . 
the economy, Mr. Jospin can 
afford ro boost job growth and ||j^ 
consumer spending for the next |H— . 
two to three years without in- » 
fl ation taking hold,” Ms. Ed- 1 g* 
wards said. “Beyond this time . 
frame, die government will mmSSt 
have to make major structural changes 
to the economy if it is to avoid putting 
strains on the budget deficit and pushing 
up long-term interest rates." 

Frank Rutherford, director of the 
Rutherfords real-estate agency in Lon- 
don. which specializes in the French mar- 
ket. said he advised clients to buy now. 

“Of the major cities in France, Paris 
has been hit hardest by the slump in real- 
estate prices, but it is also one of the first 
ro show signs of a recovery.” he said. 

* * Before very long — two years at the 
outside — real-estate prices will have 
started moving again, irrespective of 
government policies.” he added, refer- 
ring to Paris prices, which, having hit 
their low, he believes must recover. 

Donelie Higbee. a spokeswoman for 
the real estate division of Sotheby's 
France, in Paris, said that while property 


n H 
e g m 


values in some areas had fallen by half 
since the late 1 980s. no real pattern had 
emerged with regard to pricing policy. 

“There is often large differences in 
price between similar apartments in the 
same building complex,” she said. 
"This is reminiscent of the situation in 
London a few years ago, but ir is too 
early to say if Parisian prices will follow 
London’s lead.” 

For those who plan to rent out their 
French properties, Mr. Rutherford said 
the new government had indicated that 
it would be tightening loopholes in the 
_____ taxation system that allowed 
99BS absentee landlords to escape 
taxes 00 rental income. On a 
. r-^lf more positive note, it is un- 
* ■“ | likely that the Socialists will 
; jgj 1 raise the tax on rentals. 

; , I While the French real-estate 

i U Bl market is only just emerging 
from recession, the recovery across the 
Channel is more advanced. According to 
figures released from the Department of 
the Environment, house prices 
throughout Britain have shown an av- 
erage increase of about 8 percent in the 
past 12 months. In pans of London, 
growth has been in double-digit figures. 

Loma Vestey, a real-estate consultant 
for the London-based real -estate agency 
Knight Frank & Rutley. said that she 
believed the majority of people in Bri- 
tain approved of Prime Minister Tony 
Blair's handling of the economy. 

“Although the recovery in die real- 
estate market has slowed dow'n since 
Labour's victory, this is primarily be- 
cause people have been waiting to hear 
the contents of the government's budget 
before committing themselves to mov- 
ing house,” she said. 


Rumors that the chancellor of the Ex- 
chequer, Gordon Brown, was intending 
to increase the stamp duty, or real-estate 
transfer tax. by as much as 4 percent have 
proved to be groundless. In the budget 
announced Wednesday, stamp duly was 
increasedTo 1.5 percent from 1 percent 
on property' sales above £250,000 
($412,500) and io 2 percent on property 
sales above £500.000. The chancellor 
also announced that mortgage-interest 
tax relief would be reduced by 5 per- 
centage points, from the current 15 per- 
cent to 10 percent starting in April. 

“The government needed to trim de- 
mand in the housing sector in order to 
encourage long-term investment,” said 
Mike Dicks, an economist with Lehman 
Brothers International in London. “The 
fiscal tightening measures introduced in 
the budget are welcome, but they have 
not gone far enough. It is thought likely 
chat base rates will rise again shortly. 
Activity in the housing market will un- 
doubtedly step up a gear, and we could 
see price increases push into double 
digits next year.” 

Looking to the future, there is some 
concern in the real-estate industry about 
the possible effects on the market of 
Britain’s membership in European 
Monetary Union. Mr. Dicks said amove 
toward membership would put pressure 
on the pound, reducing the attractive- 
ness of British assets to overseas in- 
vestors. But the consensus view is that 
this will not stop foreigners from buying 
real estate ia Britain. 

• THE. ASSOCIATION OF RESIDENTIAL LETTING 
AGENTS hK Mabhshcd i Buy to Lei plan if help people 
pmchur properties tIui uouid he i erred oul [MelM rales 
charged hv rbr five lenders in ihe pLui are similar to IbfU 
charted on randmlial mmNft*. The minim um down payment 
u 20 percent of Uae purrfifec price The juncianon can he 
leached at 44 1494 4 ? I 6 SU. 


Changes at the Helms May Rock Expatriate Boats 


By Digby Lamer 

F OR EXPATRIATES based in 
Britain and France, the recent 
elections of leftist governments 
may bring an end to some of the 
financial benefits they have tradition- 
ally enjoyed. 

Such fears run deepest in Britain. Tax 
breaks for expatriates are more far- 
reaching there than they are elsewhere 
in Europe and Britain's Labour Party 
has declared war on tax avoidance. 

A standard test for trainee British tax 
accountants is to decide whether Britain 
is a tax haven. According to Richard 
McDwee. a tax partner with Clifford 
Chance in London, most are surprised to 
find that for certain expatriates the an- 
swer is yes. 

Expatriates enjoy a number of tax 
breaks that are unavailable to residents. 
For the most part, these benefits are based 
on Britain’s unusual domicile rules. 

Expatriates currently are only liable 
for tax on income or gains derived in 
Britain. This offers temporary residents 
two major tax-break opportunities. 

The first is that none of their capital- 


gains tax or investment income is taxable, 
provided that it remains outside Britain. 

Expatriate workers also are permitted 
to have dual work contracts governing 
different portions of their income. If an 
employee returns home periodically to 
work, this — and the money earned — 
can be excluded from the British con- 
tract and will ’not be taxed in Britain. 

“A lot of executives working abroad 
spend as much as one week a month at 
their original office,” said Mr. Mcll- 
wee. “Exclude that from the British 
work contract and the executive has 
already knocked 25 percent off his in- 
come-tax bill.” 

Elsewhere in the European Union, 
temporary residents and full residents 
are treated more or less equally for tax 
purposes. Despite being out of step with 
other EU countries, the British gov- 
ernment has so far resisted pressure 
from the European Commission to re- 
vamp its regulations for foreigners. 

But following the election of the La- 
bour government in May, the question 
now is whether Britain's expatriate ben- 
efits will continue and, if they do not, 
what options will be available to foreign 
residents in Britain. 


For the time being, at least, the pres- 
sure is off. In the Labour government's 
first budget on Wednesday, the chan- 
cellor of the Exchequer. Gordon Brown, 
passed on the question of expatriate 
taxation, even though he had threatened 
to attack it in pre-election speeches. 

Mr. McDwee warned that Britain’s 
spring budget could be different. 

“We only take one budget at a time,' ’ 
he said. “Mr. Brown’s pledge to stamp 
out certain tax loopholes means that 
reforming the domicile rules is still very 
much on the agenda.” 

There is also no restriction on how 
long a temporary resident can stay in 
Britain for capital-gains and investment- 
income purposes. For inheritance tax. 
expatriates are automatically considered 
resident if they spend 17 out of 20 years 
in the country. Tax planners fear that a 
similar restriction will be applied on 
income tax by die Labour government 
but with a shorter limit — perhaps for 
seven our of 10 years. 

Ken Dunbar, a tax specialist with the 
British broker Greig Middleton & Co., 
said that even if Mr. Brown wanted to 
maintain (he current rax regime in order 
to attract foreign capital, the Labour 


government's bid to improve Britain's 
relationship with its EU partners might 
encourage him to give up the tax breaks 
sometime later. The most encouraging 
aspect of the latest budget is that Mr. 
Brown has no plans to alter the domicile 
rules quickly or radically, he added. 

If the current tax regime is altered 
drastically, the offshore investment in- 
dustry will move quickly to find al- 
ternative ways of maintaining expatriate 
benefits, Mr. Dunbar said. 

In France, there is less of a direct 
threat to expatriate finance, mainly be- 
cause there are fewer expatriate benefits 
in the first place. 

Eric Daviday, a partner with Clifford 
Chance in Paris, said that apart from 
being able to offset certain relocation 
expenses against taxes, expatriates are 
taxed on their global assets in the same 
way as residents. 

“So far, we have no idea wbat the 
prime minister, Lionel Jospin, will do 
financially,” he said. “There are no 
clues and he has not said when he will 
announce a budget. I doubt that he will 
attack expatriate privileges, but there 
aren’t too many of those here in any 
case." 



Property in Japan 
May Fait No More 

It . has been a long way 
down; but some observers are 
saying Thai the Japanese real 
estate market, in which prices 
have fallen by as much as 90 
percent since 'their peaks in 
the 1980s, has fallen as far as 
it is going to fall 

First-grade commercial 
properties have reached bot- 
tom prices/* said Koichi 
Ohho, president of Ohno 
Land Appraisal Institute. 

. “But prices of other com- 
mercial land have yet to-bot- 
tqjno’uL” he added..' \ 
■.Recording to Mr. Ohno’s 
ilAessmeats, land in Tokyo's 
Ginza shopping district, for 
example, valued at 52 million 
yen per isubo ($114,958 per 
squareyard,or$ 137,491 per. 
square meter) in - October, 
stayed even when Mr. Ohno 
last appraised it in ApriL 

Takashi. Ishizawa, senior 
ecoriomist at LTCB Research 
Institute, said he believed that 
some high-grade Tokyo prop- 
erties had even become un- 
dervalued. -■ 

Mr. Ishizawa usesa model 
that calculates . optimum 
prices based on the revenue. 
*ar a. given size of land is . 
Arable of yielding. 

V From That viewpoint. land 
har commercial use. in many 
business districts in Tokyo 
and other major cities have- 
little reason to furiherdepre- 
ciafe fc hesaid. . 

. The bad debt arising from* 
the speculative bubble of the- - 


1980s has not disappeared — 
the Ministry of Finance es- 
timated in . September that 
banks were saddled with as 
much as 30 trillion yen of 
nonperforming loans. 

But in the real-estate mar- 
ket, analysts said, many of the 
top properties that had been 
used as collateral have been 
separated from their mort- 
gages and sold by the 


With that bout of selling 
over, optimistic observers 
said the market for the best 
properties was poised to re- 
cover. 

Others remained cautious. 

- “You can only determine 
post facto that prices have ac- 
tually bottomed out,” said 
Qsamu -Aoi, director at Eiwa 
Real Estate Co., a Tokyo de- 
veloper. • 

■“And the trading is too thin 
to really decide that prices hit 
bottom,” he added. 

Yet even fee skeptics agree 
that the pace of price-fall for 
prime locations has signifi- 
cantly slowed and that the 
market will rebound sooner 
or later. 

Recovery of the zeal estate 
market, when it cranes, is not 
expected to be a simple sce- 
nario,, lifting all commercial 
property- in tile country at the 
same time. 

Rather, analysis said, there 
will be a dear gap in value 
between useful laud at top lo- 
cations .and those properties 
-wkh limited, marginal use. - 
. This reflects the growing 
difference in productivity 


among different locations 
within big cities, underscor- 
ing increased efficiency in the 
real estate market. 

(IHT) 

Discount Prices 
At Offshore Broker 

Cater Allen Group bas in- 
troduced a discount stock’ 
brokerage in Jersey. 

There are several accounts 
and commission schedules to 
fit' tire needs of a variety of 
investors, but the deal that 
modest traders probably 
would find most attractive is 
the basic telephone service. 

It carries an annual fee of 
£15 ($25) and charges com- 


missions ranging from £10 
for a £500 trade to £40 on a 
trade of £10,000. 

For larger traders. Offshore 
Gold costs £50 a year, plus a 
commission of £25 on any 
trade up to £10,000. 

Because that rate applies 
even to the smallest transac- 
tion, this account would not 
appeal to small- or medium- 
sized traders. 

On all accounts, the mar- 
ginal commission on trades 
above £10,000 is 0.2 per- 
cent. 

Offshore Gold also offers a 
regular information sheet on 
new stock offerings and al- 
lows trading on margin. In- 
terest is charged at 2 percent 


over the British base lending 
rate. 

The brokerage accounts, 
which can be linked to Cater 
Allen’s offshore banking ser- 
vices, are aimed primarily ai 
British expatriates and there- 
fore specialize in British 
shares. 

Britons living abroad, as 
well as foreigners living in 
Britain, can obtain various tax 
benefits by conducting their 
financial affairs offshore. 

The attitude of offshore 
brokers bas traditionally been 
to skim some of those benefits i 
for themselves in the form of : 
relatively high commissions. ; 

Jeremy Norfolk, managing j 
director for Cater Allen (Jer- 


ITC 


sey), said there had not been 
“competition” in offshore 
discount stock trading. 

“Traditional stock brokers 
in these islands remain full- 
service stock-broking opera- 
tions with full-scale commis- 
sions,” he said. 

Cater Allen has been ex- 
panding its discount financial 
services since 1993, when it 
bought the British discount 
broker City Deal Services. 


Cater Allen last month 
agreed to be acquired by Ab- 
bey National PLC. 

Mr. Norfolk said Cater Al- 
len clients would see no effect 
on the brokerage service as a 
result of the acquisition by the 
large British bank. 

{IHT) 

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PAGE 18 


World Roundup 


Gebrselassie Sets Record 


ATtOfncs Haile Gebrselassie set 
a new 10,000 metres world record 
Friday with an unofficial time of 26 
minutes 3132 seconds at the Grand 
Prix meeting in Bislett, Norway. 

The old record was 26:38.08 set 
by Morocco's Sal ah Hissou in 
Brussels last August (AFP) 


England Batting Totters 


CRICKET Australian spin bolwer 
Shane Wame took five wickets Fri- 
day as England's batting wobbled 
on the second day of die third test in 
Manchester. 

England had started the day by 
taking three wickets for 1 1 runs end 
Australia's first innin gs at 235 runs. 

In reply, England reached 94 runs 
for two wickets but then lost its next 
six wickets for 29 runs before Mark 
Ealham and Andy Caddick carried 
the home team to 161 runs for 8 
wickets at the close. ( Reuters ) 


M M 







Rm VkaraTITic AaorfNed Plw. 


Steve Waugh being hit Friday 
just before he was out for 108. 


Ballesteros Misses Cut 


Golf Severiano Ballesteros, the 
Ryder Cup captain, shot 78 Friday 
in the second round of the Irish 
Open for an 1 1-over par total of 1 53 
as he missed his ninth cat in 11 
events this year. 

Michael Jonzon, a Swede, shot a 
7-under-par 64 to break the Druid's 
Glen course record of 65 set in 
Thursday by Lee Westwood of Eng- 
land. Westwood shot a 69 Friday to 
lead by two strokes. (Reuters » 


Flames Hire Brian Sutter 


ICE HOCKEY The Calgary 
Flames appointed Brian Sutter, a 
former NHL coach of the year, as 
coach Wednesday. Sutter coached 
St Louis from 1988 to 1992 and the 
Boston Brains from 1992 to 1995. 
He was coach of the year in 1991. 

The Anaheim Mighty Ducks said 
they intend to appoint Pierre Page, 
who coached the Flames last sea- 
son. if they could agree compen- 
sation with Calgary. Page still has 
one year left on his contract with the 
Flames. (AP) 


Kluivert Charges Dropped 


soccer Dutch soccer star 
Patrick Kluivert will not be pros- 
ecuted over an accusation of rape 
brought against him last month, the 
Amsterdam Public Prosecutor's of- 
fice said Friday. { Reuters > 

• Italian club Inter Milan was 
fined 10,000 Swiss francs ($6,700) 
Friday by UEFA, the governing 
body of European soccer, for per- 
mitting the Church of Scientology 
to advertise at UEFA Gup final 
second leg in Milan. (AFP) 


Greece Advances 


BASKETBALL Greece beat Po- 
land 72-62 Friday in Barcelona to 
advance to the semi-finals in the 
European Championship. 

Greece will face Yugoslavia 
which beat Lithuania 75-60. Pre- 
drag Danilovic led ail scorers with 
21 points. { AFP, Reuters) 


ivrcKVTHmi. 


Sports 


SATURDAY-SUNDAY, JULY S4, 1997. 


Sampras Dominates 
A Gloomy Semifinal 

He Will Face Pioline in the Final 


By Ian Thomsen 

Iniernutii'nal Herald Tribune 


W IMBLEDON, England — The 
gray, rainy Wimbledon semi- 
finals offered up a gloomy 
forecast for the rest of the century — 
No. I Pete Sampras versus three guys 
who weren't Boris Becker, Andre 
Agassi or Stefan Edberg. 

Sampras, the last great survivor his 
era, had little trouble advancing to the 
final with a 6-2, 6-1. 7-6 (7-3) victory 
Friday over the Australian doubles 


WlMBLEDOl 


specialist Todd Wood bridge. In the oth- 
er semifinal, Cedric Pioline of France 
beat the former champion Michael Stich, 
6-7 (2-7). 6-2. 6-1, 5-7, 6-4, thus ending 
the German's Wimbledon -career. Stich, 
28, is retiring this year because of a 
shoulder injury. In Pioline ’s only other 
Grand Slam final, the 1993 U.S. Open, 
he lost to Sampras in straight sets. 

Even if world No. 44 Pioline suc- 
ceeds in puzzling or frustrating 
Sampras, preventing him from winning 
his fourth Wimbledon title in five years 
on Sunday, it won't change the fact that 
tennis is suddenly a sport with only one 
man who matters — Sampras. 

When Becker announced his retire- 
ment to Sampras after their quarterfinal 
Thursday night and then quickly escor- 
ted him from Centre Court, the German 
champion was effectively setting off a 
kind of neutron bomb — killing off the 
sport’s last decent rivalry, its soul, if 
you'd like, but without damaging the 
infrastructure’s empty shell. Friday, 
then, was like The Day After. There was 
a vacuum of spirit as Sampras went about 
his work efficiently and obliviously. 

For anyone watching it was a day of 
lost promise. The court was neglected 
and balding, and from outside the crowd 
around Court No. 2, being used for 
doubles matches, could be heard doing 
the wave, and having a lot more fun with 
it than any of the privileged 13.000 in 
Centre Court. 

Sampras broke ahead in the second 
game and that was the end of that The 
rest was derails — a delay for rain early 
in the second set, and in the third the end 
of the American’s amazing winning 
streak of 97 service games dating back to 
the middle of his opening set last week. 

"I don’t remember a Wimbledon that 


I've served as well as I have this year,” 
Sampras said. Then he praised Wood- 
bridge: “He made me work a lot more 
than Boris did.” 

Throughout the 105-minute match, it 
was difficult not to think of Sampras in 
terms of his newfound importance to the 
game, to appreciate him for the first 
time. To do so was to lose all interest in 
the player on the other side of the net. 

“I really felt that I played quite 
well,*' Woodhridge said, u was true — 
when Sampras didn’t put in his first 
serve, it created the possibility that the 
point might bloom into a b rillian t lob or 
passing shot from Woodbridge, who has 
won the last four Wimbledon doubles 
titles with his fellow Australian Mark 
Woodforde. But in the larger sense, 
Woodbridge was never in the match. 
Suddenly there seems to be no one to 
oppose Sampras — no one who will be 
remembered a couple of decades from 
now, anyway, oo one else playing the 
game on his historical terms. 

”1L was a pleasure to be out there 
playing against him,” said Woodbridge, 
ranked No. 27 in the world, who before 
this week had never made it beyond the 
Round of 16 in a Grand Slam singles 
event. “Not many people get to ap- 
preciate what a good player he is be- 
cause they're not on the court with him, 
and I at least got to see that side of iL 

'‘He’s one of die all-time greatest 
players, for sure. You can’t rate someone 
who played in the 1960s to someone 
from the 1 990s, but there ’s probably only 
a few on that list, and he's in that few.” 

Asked to rate the chances of his op- 
ponent in the final Woodbridge said. 
"They're going to have to play ex- 
tremely well for a long time, because 
Pete’s level of play is on such a high 
plateau for so long during the matches 
that, you know, you feel like he's just 
concentrating and hitting the ball so 
well that you're not getting a breather 
anywhere. In matches sometimes a 
guy’s level drops and you get a few free 
points here and there, but lus — if it was 
a graph, it would be just straight” 

Woodbridge went on and on talking 
about Sampras, speculating on the mys- 
teries of his enormous second serve and 
re-examining one point in particular, 
when Sampras jumped up from his 
knees to run down a forehand winner. 

A few minutes later Sampras came 
into the press room and talked about 
nothing more technical than how much 



Tapie Gets 
18 Months 


For Misuse 
Of Funds 


Reuters 

MARSEILLE — A French court on ' 
Friday sentenced Bernard Tapie, the; 
imprisoned bankrupt tycoon, to an ad- , 
ditional 18 months in jail with another 

.a .1 J fnr III! tllB I llillft 


18 months suspended for embezzling 
funds from the Olyrapique de Marseille 
soccer club. ' ■ . • 

Tapie’s attorney, Jean- Yves Lienard, » 
said be would appeal. 

The 54- year-old businessman and-, 
former cabinet minister was charged i , 
with embezzling 100 million francs; 
($17 million) between- 1987 and 1993" 
when he was president of the club. •, 
All 19 of Tapie’s codefendants, who 

held various club posts or were otherwise . 

involved in French soccer, also were* 
convicted and given fines or jail terms.. 

The trial failed to determine whereTjjr 
the embezzled funds ended up but high- 
lighted widespread illegal practices in . 
soccer, including false invoicing and . 
kickbacks. 

During the trial, Tapie admitted- 
breaking the law with fictitious loans to ' 
star players but aigued that what he had • ' 
done was less illicit than other possible 4 
courses of action. He also admitted us- 
ing gate money to bribe rival players to . 
lose a key 1993 match. 

Tapie was imprisoned earlier this 
year after the highest French court up- 
held an eight- month sentence against 
him for bribing players of a rival team hi 
Valenciennes. 


- 



EU Body Weighs In on a Trade j 
The European Commission on Frida^” 


. krvm LmunpK / Kruin* 

Pete Sampras smashing a return to Todd Woodbridge on Friday. 


he would enjoy having the day off Sat- 
urday. There were many other questions, 
he was being sized up to be placed in a 
new context, but he just rolled his eyes. 
"It's not dial complicated, guys.” 

While Sampras rests, the ladies final 
Saturday will feature the 16-year old top 
seed, Martina Hingis, who within seven 
months has contested as many Grand 
Slam finals — three — as her opponent. 


No. 3 Jana Novotna, has in a 12-year 
career. The crowd will be rooting — if 
not praying — for Novotna, 28, who 
cried on the Duchess of Kent's shoulder 
after losing the 1993 Wimbledon final. 
Novotna, who has never won a Grand 
Slam singles title, withdrew from her 
women's doubles quarter-final Friday 
due to a "chronic", thigh. muscle prob-. 
lem. 


threatened to intervene in the dispute . 
between Barcelona and Inter Milan over 
the transfer of Ronaldo, die Brazilian 
soccer star, Reuters reported from Bras- - 
sels. Ronaldo bought out his Barcelona ; 
contract for $27.6 million, but Barcelona . 
objected that be could only do that to | 
move to another Spanish club. FIFA, the 
governing body of world soccer, has said 
it will rale on the matter. Its current rales 
support Barcelona's position. 

The commission said a rece nt state- * 
ment on the subject by FIFA ‘‘con- 
stitutes an unjustified obstacle to the. 
free movement of workers.” It added 
that it hoped FIFA would "take this . 
preliminary position into account,” a 
signal that the EU executive body might 
take the matter further. ‘ 


Is Rominger’s Heart in the Race? 

Swiss Just Hopes to Win a Stage, Any Stage, ‘Even Sprints’ 


By Samuel Abt 

l/vrrruiliurul Herald Tribune 


ROUEN, France — Looking morose 


and perhaps bored. Tony Rominger ar- 
rived between cloudbursts for the Dep- 


rived between cloudbursts for the per- 
functory medical examination all 19S 
riders in the Tour de France Undergo. 

The doctors monitored his pulse and, 
yes, he had one. Then they checked his 
heart and, yes, he had one of those too. 
What the doctors didn't try to ascertain, 
however, was whether Rominger's 
heart is in the race. 

Others think they know, and their 
finding is negative. At age 36 and in his 


Tour de France 


seventh T our de France and 1 2th year as 
a professional bicycle racer. Rominger 
is generally regarded as a man who. as 
the sport puts it. is riding a season too 
many. 

Chatting before the medical exam 
Thursday, the Swiss leader of the Cofid- 
is team appeared to agree. "I've trained 
hard," he said, "but my form just 
doesn't come. There’s nothing to show 
for my work." 

It has been a bleak year for the man 
who was second in the Tour as recently 
as 1 993 and who also won the two other 
major muhiday races — the Vuelta a 


Espana from 1992 through 1994 and the 
Giro d’ltalia in 1995. 

Told that a French racing magazine, 
the respected Velo, predicted in its Tour 
de France issue that he would not reach 
the first climb in the Pyrenees on July 
14, the ninth daily stage after the race 
starts in Rouen on Saturday, Rominger 
burst out laughing. 

"We’ll see," he said, sounding 
amused but not challenged. In this long 
year of obscurity, Rominger has shown 
no sign of being challenged. 

"He hasn't been seen since the start 
of the season,” said Bernard Hinault, 
who won the Tour five times a decade 
ago and is now a public-relations of- 
ficial for the race. "It’s time for him to 
do something.” 

Hinault had a special horror of riding 
a season too many, as he often said such 
stars as Eddy Merckx did, and retired on 
his 32d birthday in 1986 after he fin- 
ished second in that year's Tour. Not for 
him, he explained, to show up for races 
he could not hope to win and to be pitied 
by his opponents. 

Is Rominger finished? Hinault was 
asked. 

"I don’t know.” he replied. "Only 
he knows.” 

If he does. Rominger isn't saying. 
What be docs say is that this is his last 
season and that his major, perhaps 


unique, goal is to regain the record for 
the hour’s ride on the track against the 
clock. "I will do it like my last race and 
then retire," he said months ago. 

In October 1994. he set the record at 
55.291 kilometers (34.2 miles), which 
Chris Boardman broke in September 
1996 by covering 56.375 kilometers. 
Rominger’s attempt is scheduled for 
October. 

This 84th Tour de France. Rominger 
continued, is not the priority itonce was. 
He is not riding for overall victory, he 
said, but hopes to win a stage. . 
"Whatever they give me." he said. "In 
the' mountains, a time trial, wherever 1 



Liurcm RrNuVTbe AreocnloJ Prow 

Tony Rominger, 36, undergoing an electrocardiogram in Rouen, as part 
of the medical exam that all riders in the Tour de France undergo. 


“Even sprints." Rominger said with 
a laugh. "If they give me a sprint srage. 
1 will take it." He has been a dominating 
climber and, as befits a holder of the 
hour record, a strong linie-trialer but 
never a sprinter. 

Rominger expects an open Tour with 
many challengers to last year's winner! 
Bjame Riis of the Telekom team. 

"It’s because of Riis. everybody 
thinks it’s his year loo. now he can do it 
too, win the Tour de France. That makes 
it more open, so many people who think 
in their own heads they're con- 
tenders." 

Still, he continued, he likes Riis’s 
chances to repeal. "He has that extra 


motivation of knowing he won it last 
year. So he has to be quite the fa- 
vorite.” 

Jan Ullrich, Richard Virenque. 
Laurent Jalaben, even Evgeni Berzin — 
Rominger sees many candidates for 
overall victory when the Tour ends July- 
27 in Paris after covering about 3,950 
kilometers counterclockwise around the 
country. 

Rominger's sentimental favorite is 
Abraham Oiano. the Spanish leader of 
the Bane.sto team and his former team- 
mate at Mapci. 

"He’s like a brother." the Swiss said, 
"he grew up on my team and if 1 could 
have a wish, it would be that he would 
win the Tour de France." Oiano and a 


handful of other Spaniards rode for 
Rominger when he won the Vuelta and 
the Giro. 

"Thai was the reason I left Mapei,'.' 
said Rominger, who switched from the 
Italian team to Cofidis, based in France, 
when the Cofidis leader, Lance Arm- 
strong, was diagnosed with testicular 
cancer last fall. 

‘‘Mapei let all the Spaniards leave, so 
I went too. 

"I wanted to spend my last year 
working for Oiano, to pay him back for 
what he did for me." If that seemed a 
humble goal for the rider still ranked 
12th among the world's 900 profes- 
sionals, it seemed to fit with Rominger's 
season so far. 


Scoreboard 


BASEBALL 


Major League Standings 

AMERICAN 1 

LAAOHC 



EAST DIVISION 




W 

L 

PcL 

GB 

Bnttimore 

54 

73 

667 



New York 

47 

35 

■573 

7*6 

Toronto 

38 

47 

A7S 

IS'A 

Detroit 

38 

43 

M9 

16 

Boston 

38 

45 

458 

17 


CENTRAL DIVISION 



devetand 

41 

36 

532 

— 

Chksgo 

40 

43 

488 

TA 

Milwaukee 

37 

43 

442 

S'A 

Kansas Oly 

36 

43 

456 

6 

Minnesota 

36 

46 

439 

7*i 


WEST DIVtSrON 



Seattle 

48 

36 

571 

— 

Anaheim 

42 

41 

506 

5'y 

Terns 

41 

41 

500 

6 

Oakland 

36 

SO 

.419 

13 

NATIONAL U4MHI4 



EAST DIVISION 




W 

L 

Pet. 

GB 

Attanla 

55 

39 

455 



Florida 

SO 

33 

407 

*-j 

Montreal 

46 

37 

S54 

B'.y 

New York 

45 

38 

542 

9' i 

ndtaddatna 

23 

S9 

580 

31 


CENTRAL DmsION 



St. Uwis 

41 

42 

494 

— 

Houston 

41 

44 

482 

1 

Pittsburgh 

40 

43 

482 

I 

CbKlnnoti 

17 

46 

446 

4 

Chicago 

35 

49 

.417 

6', 


WEST DIVISION 



San Francisco 48 

36 

571 



Colorado 

43 

42 

506 

5«. 

Los Angeles 

42 

42 

500 

6 

San Diego 

38 

46 

452 

10 


nwmri umscoass 

AMERICAN LEAGUE 

Min n e so ta 000 322 001-8 13 1 

MOwouloee 100 Ml 020-4 6 2 

Rndkc. SwindeB (S>. AquBern (3) and 
Steinbach.- Cf Arnica Florie 161. Widunan (7). 
DoJanes (9) and Stinnett, Levis (B). 
W— Radhe. 10-5. L— DAmico. 4-4. 
Sv~ Aguflera (161. HRs — Minnesota, Medlar 
ML Stahavtak (6). Better (6>. 

Battlmor* 205 010 110—10 IS 0 

Detroit 000 000 010-1 5 1 

Kev,TeJKafhc«rs(9j and Webster; Lira. M. 
Myers 18). BairHsfa 19) and Casanova 
W— Key. 12-4. L-Lfra, S-S. HRs-Baltimore. 
Hammonds 02J. Detroit Casanova [41. 
Boston IM 003 000-4 7 0 

Chicago IN 000 000-1 7 0 

Seta and Hatteberg; Drabefc, McElroy IfiJ 
and Fabregas- W— Seta 1 0-6. L — Drabefc. 6- 
6. HR— Boston GairSapanu (131. 

NowYort 010 101 000-3 10 0 

Taranto 000 001 000-1 4 I 

D.Welb, Nelson (61. Stanton (91. M. Rivera 
(9) and amnfe W.W1 Korns. SmUaric FT). 
QuantitO (8), Plesoc (9) and OBrieri. W — Cl. 
Weft 9-1. L-W. WBJorra 3-8. Sv-Al. 
Rlv.i27). 

NATIONAL LEAGUE 

CNcago 100 310 000—9 10 2 

PMtadolpMa 031 010 000-4 8 I 

JaGoaratet Patterson 18). T. Adams 
Ro|as M) and Senrais; ScNffing. BoHolico 191 
and Lieberthal. W— Je.Gonzatez 5-7 
L— ScteHmg. 9-8. Sv— Rojas (8). HRs— PhIL 
Boulton til). Bragra (9). 

Alton to 300 930 000—15 19 0 

Montreal MO 90S 200—7 7 1 

Smoltz, Byrd (6). Borowski IB), Ciontr (9i 
and J. Lome BuHnaoi. Tams (4). Tettora 
LSI. D Veres 19/ and Fletcher. Chaws (SI. 
W— Smoltz 8-7. L—Su Rutger. 5-B 

HRs— Atlanta. A. Joiws (7), j. Lopez tI4). 
Montreal. R. White till. 

OmhMfi 3M 100 000-4 8 0 

Houston 0M 0« 300-3 7 0 


Smiley. Befiftdo 17). Shaw (9) and J. OBvM 
RLCarda Marlin (81. Hudek (8} and Ausmirs. 
W— Smiley, 6-10. L— R. Garcia 3-7. 
Sv— Shaw (IT). HRs— Cinarmati. J. CHhrer 
17). Houston. Bony (5). 

Florida oca M2 000— id 14 l 

NowYort Ml Ml 110-4 II 0 

LHemandez Cook (6), Stanlfer (8) and C 
Johnson Reynoso. Crowfard (2), LI die (7). 
kashiwada (81. Jo Franco (9) and A.CastiBa 
w— L Hemandez 2-0. L— Reynoso. 6-2. 
HRs— Florida Canine (8). N.Y„ GOxrt O). 
Pittsb u rgh Ml B2I 200-4 12 I 

SI. Louis 200 DM 200—4 11 0 

Loatza Rue be! [71. ML. Wilkins (71. 
Christiansen 18), LatseDe (B) and OsPt 
VuteaniHa Petkovsek (6), Fiuscntore I8L 
Fassas (81 and Lompkla 5li«*iffer [91. 
W-Looiza 65. L— Valenzuela 2-11. 
Sv— Lofeettc <9j. HR— Pittsburgh. K. Young 
INTERLEAGUE 

Colorado 000 010 002—3 4 O 

Tens 0M 004 04k— 8 u 0 

Rite. DeJean (61, Leskanic (8) and 
Manwnrtngr DOlnrer. Vosberg (91 and I. 
Rodriguez W— D. Oliver. S-9 L— Rltz 6-8. 
HRs— Cotaruda . Casino 121]. Terns. W. 
ClarL (81. 

Saart* 004 301 000-8 10 0 

San Diego 7M 012 00k— 10 9 1 

Lowe. B. wens (11. Manzanillo 13). 
McCarthy (5). Ayala 16' and Da. Wilson. 
Hitchcock. P. Smith (3). Batchelor f6:, 
Cunnnno l 7>, Ti. Worrell (81. Hoffman (9J and 
Fiatrerry W— Batchelor. 2-1. L— McCarthy. 
t-1. Sv — Hartman (16). HRs— Seattle. Cera 
(*J. E. Martinez (IS). Buhner (72). San 
Diego. S. Finley 2 (la). Flaherty (SI, 
G.vaughn (10). 

Oakland 018 010 200-4 6 i 

San Francisco 2M 310 Oft— 6 12 0 

Pigby. C Reyes (5), Mahler (7), A. Smofl 
(?) ond GO-WiUjamu Creek. Tawnez (7). D. 
Henry !81. Beck (91 and BenytiHI. W— Creek. 
1-0. L— Rigby. 02. Sv— Beck (27). 
HPs— Oakland, Bdltnm (2). San Francisco. 


Bonds ( 701 . Snow 7 ( 12 ). 

Los Angeles M 2 020 048-8 II 2 

Anaheim OM HO 111—2 4 I 

NomaOsuna ( 7 ), Radinsky ( 71 . Hotkey (91 
and Prince/ Watson. Grass ( 6 ), P. Harris ( 8 ). 
Hascgawa 19 ) ond Kreuter. W— Noma. 8 - 7 . 
L— Watson. 7 - 5 . HR— Anaheim. Ersfad (Bl. 


FOOTBALL 


TRANSITIONS 


Canadian Football 


Japanese Leagues 


THURSDAY'S RESULTS 

Montreal 27, Winnipeg 24 
British Columbia 17. Calgary 16 


C8MTTUU. LZAaOl 


TENNIS 



w 

L 

T 

Pet. 

GB 

Yafcult 

45 

25 

_ 

443 



Hiroshima 

34 

32 

— 

515 

95 

Hanshin 

35 

34 

_ 

507 

95 

Yokohama 

31 

35 

— 

470 

12J) 

Chtsnctu 

31 

38 

_ 

449 

>35 

Ybmluri 

29 

41 

— 

414 

16JJ 

NMMC1UM8 



W 

L 

T 

PCL 

GB 

Oris 

38 

23 

1 

623 

— 

SeOni 

37 

29 

2 

561 

35 

Daiei 

38 

37 

— 

543 

45 

Nippon Ham 

33 

37 

— 

471 

95 

IGntelsu 

27 

39 

I 

409 

135 

Latte 

26 

39 

2 

4M 

14.0 


WIMBLEDON 


MMI’I USOJLTS 


CENTRAL LEAGUE 
ChunkM 8, Yakut! 2 
Yokohama 9, Hiroshima 7 
Hansiein A Ycmhrri 3 


Mcmc LEAGUE 
Ortxia Lotte 5 
Settw 5. Nippon Ham 7 


MEITSSMGLES 

SEMIFINALS 

Pete Sampras ( 1 ), USL del. Todd Wood- 
bridge. Australia 6 : 2 . fr I. 7-6 ( 7 - 31 ; 

HEN'S DOUBLES 
SEMIFINAL 

Jacco Elttngh, Netherlands, and Pom 
HoartWH ( 21 . Nettwriand^ del. Martin 
Damm. Grech Republic and PowH Vtarer 
( 13 ). Czech Rcpubfc. 6 - 2 . 6 - 2 , 6 - 4 . 

WOMENS DOUBLES 

QUARTERFINALS 

Gtpl Fernandez US, ond Natasha Zvereva 
(IL Belarus, del. Mary Joe Fernandez US, 
and Loa Raymond ( 51 . US s- 7 , 6 - 4 , 6-4 

Larisa Ndland, Latvia and Helena Sukow 
( 41 . Czech Republic. dH. Els Callem. Bel- 
qtanw and Ginger Helgcsdn Nielsen. UnUed 
StatmL 6 - 4 . 6 - 4 / 

Nicole Aremfl, US. and Maiwn Bolleqral 
( 6 ). Netherlands, del. Mortma Himus. 
Switzerland, and Aranhm Sanchez Vicuna 
( 2 ), Spain. A-A S- 7 . 6 - 2 . 


AWEMCAN LEAGUE 

ANAHEIM —Put RHP MltC James On IS 
day disaWcd list. Recalled C Todd Greene 

I mm Vancouver. PCL. 

Chicago -A ctivated INF Nortrerio Martin 
ham 15-day disabled llsi. Optionua IB Mario 
Valdez to NoshvSta AA 

CLCVE LAND -Signed LHP Angel Miranda 
Mi minor -league contract and i&Hgned Mm to 
Buifaia AA. 

NATIONAL LEAGUE 

NL-Peduocd suspension ol Florida Mar- 
lin? LHP Dennis Cook (ram 3 names to 7 tar 
throwing at Andre? Galarraga in qainc on 
May 31. 

FLO at da — OpLoncd RHP Llvon Hernan- 
dez lo Charlotte. IL 

MONTREAL — Activated C Damn Fletcher 
horn 15-day disabled list. Optioned OF Sher- 
man Obando to Ottawa IL 

HEW yojtk MET?— Bought contract ol C 
Todd Pratt tram Norfolk. IL Optioned IF Ja- 
son Hanttkc la Norfolk. 

sah Diego -Activated LHP Sterling Hitch- 
cock. From 1 S-day disabled hst. Put RHP Doug 
BocnRor on 15-day disabled Irsf. 


_ Dallas —Agreed terms uritti D Shawn 
Chambers on 3-year contract. 

EDMONTON -Signed LW Bill H u ant lo 
multi- year contract and LW Doug Friedman. 

OTTAWA —Signed LW Manon Hossa LW 
Marc Labette and F Ivan Cermk. 

phoenix — Announced resignation af Pete 
Peelers, goaltendinq cooch. Named Dave 
Farrish coach af SpnirgfioJd, AHL 
TORONTO -Signed LW Derek King and F 
Mike Kennedy. 


Paraguay — South America Paraguay vs. 
Argentina 


Monday, July 7 


AYHLBTICS, Stockholm— Grand Pltl 
meeting 

tennis, Gsinad— Swiss Open menJflt 
tournament through July 13. ® 


Tuesday, July 8 


baseball. Clevekind— AD star garaa 

Wednesday, July 9 


Saturday, July 5 


BASKETBALL 


CRICKET 


European Cm ampionsh ip 


QUARTERFINAL 
Lithuania « Yugoslavia 75 
Greece 72. Poland o2 


DMlMD VS. AUSTRALIA 
TMtnO TEST, 2 D DAY 
FHfDAT. M ■UIKMCOTER, ENGLAND 
England: 161-8 
AustrabO: 23S 


NATIONAL BASKETBALL ASSOCIATION 
INDIANA -Signed F Oushn Crasher* ro 3- 
year canlracr 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 
SEATTLE -Fired Mike Allman and Phil 
Nctl cn-coIkKK scoulinq directory. 

Noarrr 

NATIONAL HOCKEY LEAGUE 
caumoy -Named Orion Sutler coach. 
CHICAGO - Announced Bob Pirilunl has re 
linauMicd qcneral manaacr duHez but will 
remain as ■■enmr vice ora', idem Named Bob 
Muimy general mnnag>*f 


rugby UNION. Johannesburg. South 
Ainco — South Africa w. British Lions. 3d 
lest: CnnsKhurciL New Zealand — BicdisJoc 
Cup. Mew Zealand vs. Australia waniingtnb 
norm Cnrollnq— isttest. US vs. Wales. 

cvclmo. Parrs — uci. Tour de France, 
through July 77. 

BOXING. Glasgow. Scotland — Steve 
CoHins . Ireianq. n Craig Cummings, United 
stores. 1 2-round bout tar CoHns' WBO super- 
m idd lewcighl title 

SOCCER. Sydney. Australia — World Cup 
qualifying. Oceania 3d round fdayofl, 1st leg, 
Austro fia ns. New Zealand; Dar Es-Sakrans 
Tanzania — exhibition. Tanzania vs.Zamt*L- 
MakhrJa— World Youth championship 3d 
plow play -alt and Final. 

ba ■netball, Barcelona— SemifinahL 
Men's European championship 

Sunday, July 6 


athletics, Unz Austria, — Internation- 
al meeting. 

golf. Lodi Lomond. Scotland— Loch 
Lomond World Invitational Ihroagh July. 12. 

■OCCER. Geneva— Draw lor quatifying 
rounds of European Champions' League, 
UEFA Cup and Cup Winners' Cuju East 
Rutherford. New Jersey— Ma|ar League Soc- 
cer, Afl star game. 

emcKET. Jesmand 1 England— Minor 
Counties vs. Austrafia 

Thursday, July -to 


golf. Coal Vafley. I Knots — Quad City 
Classic through July, 13: Comcftrs, Oregon— 
Women's US Open through July 13. 

Friday, July 1 1 


SUMO. Nagoya Japan — Nagoya Grand 
Sumo Tournament, mraugn July 30. 

SOCCEI ». Sairtmqa. Chile — World Cup 
Qualifying. Soulh Amen at CMe vs. Cotom- 
bvL Urn. Peru — Soulh America Peru vs. 
Bolivia, Maracaibo. Venezuela — South 
AmcrKa Venezuela vs Ecuador; Asuncion, 


tennis, various sites — Davis Cup 
ihraugh July, 13, EuwAincan zone group i * 
play-off, Ukraine vs. Britain; group 2, 2ejr- 
round Slovenia vs. Norway; Portugal vs. YbJfc 
gosTavia; Poland vs. I wry Coast- Finland vs. ™ 
Betanis; group 2 play-offs i return! vs. GrenCEs 
Latvia vs. Ghana; Egypt V9. Lithuania; Gear- 
gio vs. Nigeria/ American zone group 1. m 
round pkry-oits. Argentina n. Ecuador; Ba- 
hamas vs. Venezuela.- AtftfJarania zone 
Qtaupl ptay-oH, Uzbekistan vs. Japan 
soccer, various sites- African Nations 
Cup Qualifiers, group 1 Algeria w. Mob 
group X Eayptvs. Senegal. 


If# 


sm 

fori 


f rade % 


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INTERNATIONAL HERALD TRIBUNE. SATURJDA Y-S UN DAY. JULY 5-6, 1997 


PAGE 19 


SPORTS 


• JULY 5-6 , 1997 

Sets 

nths 

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ten 

c °urt on 
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« tycoon, to an ad- 
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led for embezzling ■ 
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foan-Yves Lienard. . 

businessman and 
ruster was charged' 
100 million francs 
een 1987 and 1993 
ent of the club. 

» codefendams, who 
sts or were otherwise 
i soccer, also were- 
i fines or jail terms, j 
to determine where? 
s ended up but high- 
illegal practices' in 
false invoicing and 

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ith fictitious loans in 
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t than other possible 
tfe also admitted us- 
aribe rival players to 
itch. 

risoned earlier this 
est French court up- 
lth sentence against 
yers of a rival team in 

jfhs In un a Trade 

ommission on Friday? 
rvene in the dispute 
: and Inter Milan over 
maldo. the Brazilian 
5 reported from Brus- 
?ht out his Barcelona 
niliion. but Barcelona 
ould only do that to 
xmtshclub. FIFA, the 
world soccer, has said 
tatter. Its current rules 
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ject by FIFA "con- 
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For the AL Pitchers 

Trade Talk Doesn’t Distract Slugger 


The Associated Press 

Greg Vaughn provided his own 
Fourth of July celebration on Fireworks 
-Night at San Diego — hours before he 
was expected to be traded to the New 
. York Yankees. 

Vaughn delivered a .pinch-hit, two- 
ran homer in the sixth inning to lift the 
Padres to a 10-8 victory over the Seattle 
Mariners on Thursday night. 

“Until they say I'm a New York 
Yankee. I can't worry about it,” said 
Vaughn, reportedly on the verge of go- 

Intiuiaoui Roundup 

mg to the world champions for Kenny 
Rogers and Mariano Duncan. * ‘I like the 
Yankees. I have a lot of good friends on 
thar team. I like all the history behind the 
ball club. It's the Big Apple. It's pretty 
exciting." 

Vaughn excited the home crowd of 
46,483 with the Padres' fourth homer of 
the game as San Diego blew an early 7- 
0 lead. With the score tied at 8-8, 
Vaughn hit his 1 0th homer off Bobby 
Ayala, who came in after Greg Mc- 
Carthy allowed John Flaherty a single. 

- "I haven't lost any confidence in my 
ability. All I want is a chance,” said 
Vaughn, who has snuggled this season 
while sharing time in left field with 
Rickey Henderson. * ‘If I ger lour at-bats 
everyday, something good will happen. 
I’ve never had to play one out of three, 
one out of four.” 

For the Padres, Steve Finley hit a 
grand slam and a solo homer. 

Giants 6, Athletics 4 In San Francisco, 


J. T. Snow hit rwo homers, and Barry 
Bonds blew kisses to the crowd after 
hitting his 20th. 

Snow led off the Giants’ three-run 
fourth with his 1 1 th homer of the season 
and also led off the fifth with a homer. 
He has seven homers in his last eight 
games. 

Bonds, helped in pan by howling 
winds gu sting up to 30 mph. bomered 
into the second row of the upper deck in' 
right field. He blew kisses to the crowd 
of 47,719 — the Giants’ first sellout 
since 1994 — after crossing home 
plate. 

Dodgers 8, Angels 2 Roger Cedeno, 
Greg Gagne and Mike Piazza each 
drove in two runs and Hideo Nomo (8- 
7) overcame an early stretch of wildness 
as Los Angeles swept its four-game 
season series with Anaheim. 

A crowd of 35,295 in Anaheim 
marked the second straight night the 
teams drew a sellout. Before the two- 
game set, the Angels sold out only once 
at home this year. 

Nomo pitched our of a bases-loaded 

i 'am in the first and issued four walks and 
tit a batter in the opening three innings, 
when he threw 66 of his 106 pitches. He 
wound up allowing three hits with six 
strikeouts and five walks in six in- 
nings. 

Hangars 8, Roelrias 3 In Arlington, 
Will Clark ’s three-run homer — his first 
since May 30 — and Darren Oliver’s 
strong pitching paced die Rangers. 
Clark's homer capped a four-run sixth 
that gave the Rangers a 4-1 lead. It was 
his first in 29 games and 1 13 at-bats. 



Classic Matchups 
( 96 Years Too Late) 

Baseball ‘Revolution’ Fills Seats 


«h 'Hr Lviriilril I V-* 


The Twins' Paul Molitor scoring against the Brewers' Kelly Stinnett. 

Exchange of Mound Aces 
Paying Off on East Coast 


Phillies Get It All Together 
And Still Can’t Beat Cubs 


L: 


The Associated Press 

The Philadelphia Phillies had their 
largest crowd of the season at Veterans 
Stadium. They had ace Cun Schilling oh 
the mound. And they were playing the 
last-place Chicago Orbs. 

Ail that, and they still lost. 

Philadelphia dropped its 10th straight 
Thursday when a m nth- innin g rally fell 
short in a 5-4 defeat It was the 18th loss 

If L Roundup 

in 19 games for the Phillies, whose 23- 
59 record is the worst in the majors. 

A crowd of 40,213 on Fireworks 
Night saw Philadelphia extend its worst 
skid since 1989. 

Schilling (9-8), the Phillies’ only All- 
Star representative, struck out eight and 
, increased his league-leading total to 
! 159. . ... 

.But a rookie, Jeremi Gonzalez, out- 
; pitched him to win his third straight start 
i and give die Cubs their fourth victory in 
! STOW. - 

j iii; Only the Phillies have a worse record 
j^Aan the Cubs, who are 35-49 and last in 
f NL Central. 

| ; Bravo* 1 5, Expo* 2 Andrew Jones and 
[JavyLopez bomered on consecutive 
^ pitches as Atlanta sent 15 batters to the 
>; .plate in a nine-run fourth inning in 
i" Montreal. 

i-, . ■ .The Braves won for the eighth time in 
f.- nine games. They have beaten Montreal 
!.; five straight tunes. 

; -John Smoltz (8-7) left after five in- 


nings with Atlanta ahead. 15-0. Lopez 
and Ryan Klesko each had two hits in 
the fourth. 

Marlins 10, Mots 4 Kurt Abbott hit a 
pair of two-run doubles as Florida got 
even with Armando Reynoso at Shea 
Stadium. 

Reynoso shut out the Marlins on the 
road last month, but struggled this time. 
The Marlins’ pitcher Livan Hernandez 
hit a run-scoring single during a four- 
run first inning, and Jeff Conine hit a 
two-run homer off Reynoso that made it 
8-0 in the second. 

Hernandez (2-0) was optioned to 
Triple-A Charlotte after the game to 

S ive him another start during the All- 
tar break. 

Pirates 6, Cardinals 4 Kevin Young 
hit a two-run homer and Pittsburgh won 
its fourth in a row. The victory] in Sl 
L ouis moved the Pirates within one 
game of the Cardinals, leaders of the 
Central division. 

Fernando Valenzuela (2-11), who 
leads the majors in losses, is winless in 
four starts since being traded from San 
Diego to Sl Louis. 

Rods 4, Astros 3 John Smiley beat 
Houston for the ninth straight time, and 
Joe Oliver homered and drove in three 
runs as Cincinnati won at the Astro- 
dome. 

Smiley has not lost to the Astros since 
May 8, 1993. 

He left in the seventh after Sean 
Berry’s homer pulled Houston within a 


The Associated Press 

Jimmy Key and David Wells weren’t 
traded for each other. It just seems that 
way. The two left-handers exchanged 
uniforms as free agents in the offseason, 
with Key going from the World Series 
champion New York Yankees to Bal- 
timore, and Wells coining from the 
wild-card Orioles to New York. 

Key was the winner in the decisive 
Game 6 of the World Series for the 

AL Roundup 

Yankees last year, while Wells was the 
only Baltimore pitcher to beat New 
York in the American League cham- 
pionship series. 

Both pitchers continued successful 
seasons Thursday night as Key pitched 
Baltimore to a 10-1 victory over Detroit, 
and Wells helped the Yankees to victory 
in Toronto. 

Key (12-4), showing no ill effects 
from a weekend hamstring injury, 
stopped his three-game losing streak by 
limiting the Tigers to five hits and two 
walks in eight innings. 

Jeffrey Hammonds homered, 
doubled twice and matched a career- 
high with four runs batted in as the 
Orioles supported Key with 15 hits. 

The Orioles have won a franchise- 
record 10 consecutive games against 
Detroit, including the last seven at Tiger 
Stadium. 

Yankoos 3, Bhm Jays 1 Wells allowed 
five hits in IVi innings as the Yankees 
tied a season high with their fourth 
straight road victory. 

wells (9-4), who gave up five runs 
over three innings in his last start against 
Cleveland on Saturday, gave up one run, 
struck out six and walked three as the 
Yankees improved to 13-3 at the Sky- 
Dome since 1995. 

The Yankees’ mpager, Joe Torre, is 
considering changing his starting ro- 
tation to give Wells more starts at night 


after the All-Star break. “I don't know, 
bur his body language seems to suggest 
it,” Torre said. “Tonight, it looked like 
he had a little spring in his step, a little 
bounce.” 

Wells said: “If he can read my body 
language, he's psychic. Whether it's day 
or night. I take the same approach.” 

Joe Girardi had three hits and an RBI, 
and Chad Cunis had two hits, scored 
once and drove in a run for New York. 

Rad Sox 4, White Sox 1 In Chicago, 
Nomar Garciaparra, Boston’s only All- 
Star representative, led off the game 
with a homer and later scored the tie- 
breaking run. 

Aaron Sele pitched a seven-hitter for 
his first complete game since last Sept. 
22. He struck out six, walked none and 
sent Chicago to its fourth straight loss. 

'Garciaparra homered on the fourth 
pitch of the game from Doug Drabek. It 
was Garciaparra’s 13th homer this sea- 
son. 

The White Sox tied it in the first when 
Ray Durham doubled Mid later scored 
on Albert Belle's single. Garciaparra 
later doubled to lead off the sixth and 
scored one out later on John Valentin’s 
double. 

Twins a, b rew»rs s In Milwaukee, 
Scott Stahoviak led off the sixth with a 
towering homer off Jeff D’Amico, and 
Brad Radke stretched his career- best 
winning streak to six games as the 
Brewers lost their fourth straight. 

Radke (10-5) scattered four hits and 
gave up three runs, two earned, in seven 
innings. D'Amico, who had won four 
straight, gave up three runs in the fourth, 
two in the fifth and two in the sixth. 

The Twins erased a 2-0 deficit when 
Matt Lawton hit a run-scoring single 
before Paul Molitor doubled him home 
in the fourth. Molitor advanced to third 
on a fly out, then scored when the Brew- 
ers ' catcher. Kelly Stinnett, overthrew 
D’Amico following a pitch to Terry 
Steinbach. 


By Thomas Boswell 

HJjfawg/iw Past Senm 

WASHINGTON — Willie Mays is 
probably the greatest all-around base- 
ball player who ever lived. His prime 
overlapped a decade of my boyhood. 
But I never saw him play. I would spend 
weeks in anticipation of watching Ted 
Williams or Mickey Mantle in person, 
circling the date on my Washington 
Senators schedule. But I knew that the 
one player who was better than both of 
them was never coming to my home- 
town unless the Senators won the pen- 
nant. Which meant Willie wasn't com- 
ing. 

For many years, Warren Spahn was 
my favorite pitcher. I kept a chan of all 
his pitching lines through the final five 
of his 13 20-win seasons. I read his 
autobiography until it was do-geared. 
His pickoff move, in sequence, was on 

Vantaoe Point 

my wall. When his Braves came within 
radio range of Washington, I'd try to get 
a static-filled play-by-play of any game 
he might pitch against the Phillies. 

As with Mays, however, I never saw 
Spahnie pitch in the flesh. Finally, when 
he was 60, 1 saw him in an old-timers' 
game in California. It stunk. Thar day 
just made me realize all the more 
sharply that l*d never really seen him. 

Orthodoxy has enormous power. De- 
spite the vividness of my own expe- 
rience, I have believed for 40 years that 
play between the American and National 
leagues was somehow unholy. In print. 
I've been positive toward the idea, but in 
a tepid, almost ashamed way. 1' always 
suspected that something was terribly 
wrong with me for not wanting to pre- 
serve the "purity” of the two leagues. 

Now, I know that such purity is all 
bunk. It's cheap talk promulgated by 
generations of sports writers who, as 
pan of their jobs, eventually got to see 
everybody in both leagues. Sure, for 
them it was easy to talk about baseball’s 
uniqueness in keeping the leagues sep- 
arate from 1901 until 1997. 

Yes. that was unique all right. 
Uniquely stupid. 

On Wednesday afternoon, the press 
box in Baltimore was abuzz as Greg 
Maddux of the Braves shut out the New 
York Yankees on three hits, facing only 
28 batters. "What’s the count?” we 
would ask, peeking at Maddux facing 
Cecil Fielder or Bemie Williams on TV. 
"Which game?” would come the reply, 
since almost everybody was watching 
the live Phillies-Orioles game and the 
Maddux game simultaneously. 

It’s hard to get' a press box excited 
about a midseason game on TV. But this 
was one of those classic matchups be- 
tween The Greatest Pitcher Of His Time 
against the reigning world champions in 
their park. Zt was like Christy Math- 
ewson making a fool of Ty Cobb. Or 
Dizzy Dean mowing down that De- 
pression Era version of Murderers Row 
with Gehrig, Ruth, Dickey and Lazzeri. 
Why, it was as riveting as watching 
those Brooklyn Boys of Summer who 
always battered Bob Feller when he 
came to Ebbets Field. 

Of course, none of those fabulous 
matchups ever occurred. Interleague 
play am ved a centurytoo late for them to 
happen. 

In the last three weeks, baseball has 


undergone a quiet revolution. Few knew 
what to expect of interleague play but 
absolutely nobody predicted that atten- 
dance for all such games would be more 
than 35 percent higheT than the com- 
parable dates the previous season. TV 
ratings appear to be up 15 percent. 

The gate numbers are the ones thar 
matter. We’ve been able to see stars from 
the "other league” on TV far decades; 
the tube experience isn't Dew. Baseball, 
however, is a game in which no ex- 
perience matches the live experience. 
You didn't really know Mantle until you 
saw how high bus homers flew and how 
fast they left the park. Some comparably 
unique aspect of Mays’s play would 
present itself to a person who had actually 
waiched him play. Not that I'd know. 

Foes of interleague play moan that 
some matchups will be pitifully dull. So 
what? Plenty of midseason games have 
been junk. What matters is the scads of 
pairings thai have marquee appeal 
thesplit- second you see the team names. 
This week, Mark McGwire beat Oak- 
land’s cross-bay rivals from San Fran- 
cisco with his 30th home run of the 
season. Big Mac wasn't just getting back 
on the Roger Maris chase fast track. He 
was one-upping Barry Bonds in his own 
park and prompting the Giants ’ manager. 
Dusty Baker, to say of McGwire's flick- 
of-the- wrist, opposite-field blast, “Only 
he and Paul Bunyan could do that.” Last 
night, the final day of the second phase of 
interleague play. Bonds got him back 
with an upper-deck shot and the Giants 
drew their first selioui since 1994. 

Cross town and regional rivalries are 
naturals, as are rematches of previous 
World Series. Even previews of possible 

The ‘purity’ of the two 
leagues? That’s bunk. 

World Series are fascinating; the most 
interesting three days of ihe Orioles’ 
season was their sweep of the Braves' 
three Cy Young starters in Atlanta. Thar 
doesn't diminish a possible October 
meeting; it doubles interest and sows the 
seeds of a rivalry before the Series. 

The leagues, bless their hearts, are 
undergoing a heightened distaste for 
each other. The AL has, for several 
years, assumed that it was the stronger 
loop. So far, it holds a 66-64 lead in 
games. More ominous for the NL is the 
differential of almost 100 runs between 
the leagues. That AL won-lost edge 
could get wider when interleague play 
resumes just before Labor Day. 

For the moment, each team has 15 or 
16 imerleague games. That number may 
well be expanded to 30. And why not? 
Then you’d have home-and-horae series 
with five opposite-league teams each 
season. At that rate, each learn would 
come to every park every three years. 

Those who think the novelty of in- 
terleague play will fade have not studied 
the numbers. If Ken Griffey or Cal Rip- 
ken comes to your town for only one 
three-game series every several years, 
you’re not just going to see him every 
time he comes. You're going to be temp- 
ted to go to every game. If. as a child. I’d 
thought I might get to see only one 
Willie Mays series in my whole life. I'd 
have turned my parents’ lives into a 
living hell until they broke the budget for 
tickets to every game. I can hear myself 
whining now. What a lovely thought 


DENNIS 






























PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 5-6, 1997 


DAVE BARRY 


The Joys of Being a Sportswriter 


M IAMI — Perhaps you have a boring job, 
the kind of job where the most interesting 
thing that ever happens is when the vending 
machine gets refilled, an event that sends an 
electric current of excitement through the cu- 
bicles. (“Whoa! Dibs on the bagel chips!”) 

Perhaps sometimes — when you're sitting 
in yet another totally pointless meeting, stay- 
ing awake by deliberately inflicting paper curs 
on yourself — you think: “I 
wish I had a job wherein I 
could go to exciting events 
and meet famous people. 1 
wish I were ... a sports- 
writer!” 

It sounds like fun. doesn’t 
it? A sportswriter! You get 
paid to watch games! You go 

into the locker room and chat 

with famous athletic stars! 

Unfortunately, that scenario portrays real- 
world sportswriting about as accurately as 
Road Runner cartoons portray the laws of 
physics. I know this because recently, for a 
few hellish minutes. I found myself attempt- 
ing to do what spons writers really do, which is 
try to get intelligible statements from large 
mumbling naked men surrounded by approx- 
imately the population of Sweden. 

This was my wife's fault. She's a 
spons writer, and "I had accompanied her to an 
NBA playoff game between the Heat, rep- 
resenting Miami: and the Knicks. represent- 
ing Satan. I enjoyed the game immensely. Not 
only did the Heat win, but also there was a 
great moment in sportsmanship history when 
— you may have seen replays of this — a Heat 
player named PJ. Brown picked up an op- 
ponent named Charlie Ward and set a world 
indoor record for the Knick Toss. 

So I was in 'a good mood until my wife, on 
a very tight deadline, asked me if I could go to 
the Knicks * locker room and get her some 
quotes from the players. Sportswriters need 
quotes, because otherwise their stories would 
basically consist of the score and a whole lot 
of padding ("The Miami Heat beat the New 
York Knicks 96 to 81 Wednesday night on a 
basketball court measuring a regulation 94 by 
50 feet and made of maple, a hard, close- 
grained. light-colored wood belonging to rhe 
family of . . .") 

So player quotes are critical: the problem is 
that the players almost never have anything to 
say. TTiis is not their fault. They shoot the ball; 
it goes into the basket, or it doesn't. What is 
there to say about this? 

But reporters are constantly badgering rhe 
players for quotes. In response, the players 

Another Rome Reopening 

The Asswiutcd Prcu 

ROME — A Renaissance palace in Rome, 
where fountains once gushed with wine at the 
banquets of a Pope, will reopen in December 
after 15 years of restoration. 

The palace, used by Pope Sixtus IV for 
entertaining, houses a collection of sculpture, 
including several works by Bernini, as well as 
ancient Roman pieces. Last week, the Borghese 
Gallery reopened after almost 14 years. 


Player quotes are 
critical; the prob- 
lem is players 
almost never have 
anything to say. 


have developed Sports Blather. This is a spe- 
cial language consisting of meaningless words 
and phrases — such as “execute.” “focus,” 
“step up." "find a rhythm,” “game plan," 

“mental errors” and “die next level” — that 
professional athletes can string together in any 
random order to form quotes, as in: ‘ * We made 
some mental errors, but we found our rhythm 
and were able to focus on executing our game 

plan and stepping up to the 

next level.” 

On “We gamely planned to 
erroneously focus on stepping 
up our level of mental rhythm. 
Professional athletes regularly 
make statements just as inco- 
herent as these while hordes of 
reporters religiously record 
every word.’ 

— So anyway, there I was. 

clutching a notebook in the middle of a 
stressed-out group of — this is a conservative 
estimate — 26 million reporters, all of them 
on deadline, shoving their way into the 
Knicks’ locker room. My instructions were to 
get quotes from a Knick named John Starks, 
but 1 couldn’t see any Knicks at all. You'd 
think that, in a fairly small confined space, it 
would be easy to locate large, naked men, but 
all I saw were the backs of sports reporters, 
who had formed dense, impenetrable clots 
around what I assumed were the players. I 
went from clot to clot, getting up oa tiptoes, 
trying to hear what was going on in there, but 
all I picked up were quote fragments — ‘ ’level 
our rhythm,” "execute our steps,” etc. 

Finally, a kindly sports reporter named Craig 
took pity on me and. grabbing my arm, yanked 
me deep into his dot. where I could just barely 
make out the top of the head of someone I 
assumed was a Knick sitting on a stool, mum- 
bling quotes at the floor. It might have been John 
Starts; it might also have been Colin Powell. 1 
considered asking a question, bur the only one I 
could think of was: "Which specific Knick are 
you?” Nevertheless, I tried to write down 
everything I heard, then I fought my way out of 
the locker room and sprinted back to where my 
wife and several other sportswriters were work- 
ing. right smack on deadline and badly in need of 
Knick quotes. They looked up expectantly from 
their computers as I rummaged frantically 
through my notes, which looted like drawings by 
hyperactive preschoolers. 

" "They planned the game!” I said, breath- 
lessly flipping pages. 

"They executed a focus!" “Who said 
that?” they asked. 

“A Knick, I think! ” I said. “He was sitting 
down!” 

“Fine,” they said, calmly turning back to 
their laptops. 

“Thanks.” 

And the thing is. they actually managed to 
write coherent stories for the next day’s paper. 

I don't know how they did. and I don't know 
how they stayed so calm. I was a wreck. I'm 
happy to go back to just being a fan. I prefer to 
stay on that level, avoid menial errors, find my 
rhythm and focus on my game plan. I find it 
helps if I execute a couple of beers. 

<01997 The Miami Herald 
Distributed by Tribune Media Sen-ices Inc 



t- 


Reconquering the Sidewalk for Pedestrians 


International Herald Tribune 

N ICE — Strolling, Balzac said, is the gast- 
ronomy of the eye. To walk is to vegetate, he 
added, to stroll is to live. Not necessarily on the 
Promenade des Anglais along the shore in Nice 
where, says Jean Delmas, the stroller faces injury 
or death by rolierbladers, skateboarders, motor- 
bikes and marauding cars. “It is total anarchy.” 
he says, citing the example of an elderly woman 
who was knocked down by a biker who didn’t 
even stop to help. 

Delmas is the local head of Les Droits du 
Pieion. a nonprofit pedestrian rights organization 
which was founded in 1960 in Paris, now has 12 
branches nationwide and has drawn up a ped- 
estrians’ charter to be distributed throughout the 
country when they have sufficient funds. If ped- 
estrian deaths have decreased in France from 
more than 3,000 in 1971 to 987 in 1996, in the 
Alpes-Maritimes department of which Nice is the 
center, it is one a day. 

“The AJpes-Maritimes is definitely a black 
spot,” says Daniel Leroy, national head of Les 
Droits du Pieion. He says coastal resort areas tend 
in general to be dangerous because of the high 
proportion of elderly people and fast cars. Ami- 
ens. where Leroy lives, had only three pedestrian 
deaths last year. 

In Paris, too, the problem of traffic fatalities has 
become less urgent, according to Jean-Paul 
Lechevalier, general secretary of Les Droits du 
Pieton, thanks to official measures and campaigns 
and heightened public awareness. "The public is 
more concerned with road safety than it was, so it 
is less of a preoccupation for us,” he says. “Our 
chief concern is the reconquest of the sidewalk. 
That is the leitmotif of all our members.” 

Reconquering die sidewalk means keeping 
cars from parking on it by putting up ugly but 


efficient bollards and by backing the generally 
ignored laws on the curbing of dogs. The Paris 
group also fights for pedestrian streets and is, says 
Lechevalier. riding high on a crest of public 
sympathy. “We use all the modem marketing 
methods, we rhink we are on the right road. 1 ’ 

In the south, on the other hand, die read leads 
uphill all the way. Delmas has only 80 members 
for the entire Alpes-Maritimes out of a total for 
France of more than 4,000 and he has no time to 

maryblumeT 

think of marketing strategies. Most of his tele- 
phone calls come from nonmembers who have 
been knocked down in traffic and want advice. 
"In Nice everyone complains and nothing hap- 
pens. When I speak to the authorities they tell me 
to be patient.” 

As for reconquering the sidewalk, pedestrians 
are starting to avoid the Promenade des Anglais. 
“It's too dangerous,” he says. 

As its name suggests, die Promenade was cre- 
ated by English settlers who liked to stroll along 
the shore while the Nicois preferred to walk 
inland After the bad frost of 1821-22 increased 
unemployment to dangerous levels, the congreg- 
ation of the English Church in Nice combined 
worries about uprisings and love of fresh air by 
raising funds to employ the jobless on building 
the Promenade des Anglais. For years it was 
Nice's most fashionable walkway. 

The Promenade is no longer the pride of Nice, 
a city' of exceptionally unruly drivers where triple 
parking is common and people with the 06 license 
plates of the Alpes-Maritimes assume priority as 
if by divine right Women as well as men become 
totally macho at the wheel and the meanest jalopy 
is driven as if it were a Testarossa. “It is the 


southern temperament," sighs Delmas. who is 
from Lyon. ' -• 

Les Droits du Pieton, staffed by volunteers, 
stresses that it is not anti-car. Almost half its Paris 
members use their automobiles dally while more 
than half would like to see the use of cars in cities 
limited, perhaps a sign of schizophrenia of the sort 
which some years ago led a group of psychiatrists 
to study' the French driver. The road hog is 
described by one of them as suffering from a 
castration complex while another not surprisingly 
invokes Oedipus whose troubles, it wul be re- 
membered, began when he refused to give way to 
’his father's carriage at a crossroads. “In Oed- 
ipus," the diagnosis states, “we have the earliest 
dramatic example of a refusal to cede the right of 
way.” 

In Nice the problem is exacerbated by what is 
proudly called “la specificire nicoise, .the in- 
dividualism and deficient civic sense that is 
ascribed to its Mediterranean heritage: 
"Everything is forbidden but everything is tol- 
erated,” Delmas says. 

A recent article in the newspaper Nice-Mat in 
about Les Droits du Pieton brought Delmas even 
more inquiries than usual from Injured pedes- 
trians — whom he advises to consult a lawyer 
before accepting an insurance company's set- 
tlement — but no more members. “It’s incred- 
ible,” he says. 1 ‘Lots of people want information 
but to get them to pay 100 francs [about $17] to 
join our organization is another thing." 

Recently, at a meeting in Nice he cited figures 
showing that France has twice as many road 
accidents as Britain. "Someone said why com- 
pare us to the English? I said, so what makes you 
special is having 4.000 more traffic victims a 
year?” The speaker was silenced, Delmas says, 
bur he didn’t join the group. 



'gcg gagg 


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T HE Beatles rook root at a church 
party in Liverpool 40 years ago this 
Sunday. Paul McCartney remembers it 
well. McCartney recalled his first 
glimpse of John Lennon, who was 
singing with the group The Quarry- 
men. "They were on a little platform and 
I just sort of listened and thought, ‘That 
sounds good,’ ” McCartney said. “I can 
remember him now, singing in a kind of 
checked shirt, this guy with slightly curly 
hair. I thoughL He looks good — "l 
wouldn't mind being in a group with 
him.’ ” The two were introduced and a 
few days later, the 1 6-year-old Lennon 
asked the 15-year-old McCartney to join 
his group. "When we got together, we 
hit upon the idea of maybe Hying to write 
a few songs ourselves." he said. 

□ 

Mezzaluna, the Brentwood. Califor- 
nia. bistro where Nicole Brown 
Simpson ate her last supper and where 
Ronald L. Goldman worked has closed 
its doors, a victim of bad mojo and 
tourist-ghouls who kept stealing the 
flatware. The restaurant auctioned off 
its pots and pans, as well as menus. 

□ 

Representatives for Michael Jack- 
son have proposed an old military air- 
rt as the site for an amusement park 
ackson plans to build in Warsaw, city 
officials said Friday. Jolanta Kalka, a 
city council spokeswoman, said. "We 
are treating it as a serious proposal, 
especially since there is no big amuse- 
ment park in Warsaw or even in this part 
of Europe,” Kalka said. Bur she said 
Jackson still had a long way to go until 
the project, expected to cost SI 00 mil- 
lion, could be approved. 

□ 

Woody Harrelson declared a new 
holiday in his court battle to legalize 
industrial hemp in Kentucky. "I’d like 
to think of today as Independence Day 
for Kentucky farmers, ’ ' a beaming Har- 
relson said from the steps of the Estill 
County courthouse in Irvine. A circuit 
court judge upheld a district court ruling 
that declared Kentucky's marijuana 
statute unconstitutionally broad. TTic 
decision said there was no basis for 
treating industrial hemp the same as its 
cousin marijuana. The actor 
planted four industrial hemp 
seeds in Lee County in 1996. 
challenging the state’s mari- 
juana law. He touts hemp as a 
wonder product, with seeds 
and fibers that can be used in 
everything from fuel and 
clothing to food. Harrelson 
was charged with a misde- 
meanor for possession of 
marijuana. 


% 


lywood Walk of Fame to honor 
the lanky, slow-talking symbol 
of American integrity, who 
died Wednesday at the age of 
89. "You’ll always be an un- 
forgotten angel.” “To a won- 
derful life.” "Good-bye to one 
of the classics." The state- 
ments, in blue, orange and 
black felt pen, were written in 
German. French, Swedish and 
English, on a paper scroll 
stretched along die sidewalk 
over 12 other stars. The flowers 
that piled up and the scroll will 
be given to his family. 

□ 

Model Cindy Crawford, 
who studied chemical engi- 
neering before opting for the 
catwalk instead, is now poring 
over the secrets of high cuisine. 
Crawford on Friday wound up a 
four-day cooking course at one 
of France's gourmet establish- 
ments. the Moulin de Mougins 
near Cannes on the Cote 
d’Azur. Chef Roger Verge is 
known for his zucchini and 
black truffles, stuffed ar- 
tichokes and mushroom-crus- 
ted lamb. 

□ 

Playing in front of thousands 
of fans in New York City isn’t 
going to bother Garth Brooks. 

But he has the jitters over a 
three-night stand in his home 
state of Oklahoma, "f'm more nervous 
playing here than I could ever be in 
Central Park.” Brooks said before the 
first show in Oklahoma City. Brooks, 
coming off a six-week break in touring, 
grew up in nearby Yukon. He said the 
Oklahoma City appearances will be the 
toughest of the tour. “I’m sure it will be 
full of mistakes, but we are rested," he 
said. “For the first three or four songs, 
m be frozen, and 1 think I’ll be trying 
too hard too early. ’ * Brooks has planned 
a free concert in Central Park in New 
York on Aug. 7. 

□ 

Ted Turner picked up the Phil- 
adelphia Liberty Medal for his CNN 



□ 

They were actors who 
were inspired by him and fans 
who were touched by him. At 
the comer of Hollywood and 
Vine, Jimmy Stewart ad- 
mirers from around the world 
flocked to his star on the Hol- 


A Monumental Refurbishing 

Washiiinruii Post Service 

W ASHINGTON — The Washington Monument, one 
of the oldest and most readily recognized American 
memorials, will be obscured by scaffolding be ginning in 
1998 and closed to the public for about three months as it 
undergoes a $5 million face-lift. 

The ambitious three-year repair project will be the 
most comprehensive since the 555-foot (170-meter) ob- 
elisk was completed in 1884. The plan includes replacing 
the monument's elevator, which dates from the 1950s, 
and air-conditioning. 

Interior Secretary Bruce Babbitt said that donations 
would pay for the refurbishing and that an architect would 
be commissioned to design the scaffolding that will 
encase the monument. 


Tta. - V~*jne , 'l rv— 

BIRTHDAY WISH — Gina Lollobrigida. 
who turned 70 Friday, stiU hopes for "an 
intelligent proposal” for another movie role. 


international, an award that is given for 
leadership in the pursuit of liberty. The 
committee that chose the winner this 
year included former Defense Secretary 
Robert McNamara, Nobel Peace laur- 
eate Oscar Arias Sanchez, and HJsashi 
Owada, Japanese ambassador to the 
United Nations. 

□ ' 

LeRoy Net man can smell an insult 
miles away. So he has withdrawn £■ 
offer to display S4.5 million worth oftfk 
drawings and paintings in his 5l Paul. 
Minnesota, his hometown, after a new s- 
paper columnist said his art stinks. 
"That’s the roughest one I've ever 
fielded, and I’ve been the recipient of 
many comments .from de- 
tractors over the years.” said 
Neiman, who lives in New 
York. The art was supposed 
to be put in a museum ded- 
icated to Neiman 's work.and 
state lawmakers even appro- 
priated SSOO.OOO for the mu- 
seum. But Neiman. a well- 
known sports artists, has 
scratched his support. He 
blamed a column in the St. 
Paul Pioneer Press by Kath-^ 
erine Lanpher, who objected 
to the museum project be-' 
cause ”1 think his art stinks." 
Neiman called the column a 
“savage, insulting attack on 
character and work.’’ 


mv 


arm 

vful 


awfully thin-skinned.”