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international 


The World’s Daily Newspaper 



ib une 


PUBLISHED WITH THE NEW YORK TIMES 


Paris, Saturday-Suoday, June 7-; 



Indonesia 
Cancels 
F-16 Deal 
In Anger 

Jakarta Won’t Accept 
Criticism by U.S. 

Over Human Rights 

OwfuMfcr Oar SufffnviOufkmim 

JAKARTA — Indonesia said Friday 
that it had canceled a deal to bay nine F- 
16 fighter jets from the United States 
because of repeated criticism of its hu- 
man rights record in Congress. 

Foreign Minister Ali Alatas also said 
that Indonesia had pulled out of a U.S.- 
sponsored military education and train- 
ing program, known as 1MET. 

Mr. Alatas said the decision was con- 
veyed in a letter sent by President Suharto 
to President Bill Clinton on Monday. 

Quoting from the letter, Mr. Alatas 
pointed to “wholly unjustified criticisms 
in the United States Congress against 
Indonesia, which are linked to its par- 
ticipation in the IMET program ana the 
planned purchase of the F-16 planes.” 

“While we regret this decision,” The 
U.S. embassy said, “it is of course up to 
Indonesia to determine its own defense 
requirements. 

“The United States and Indonesia 
have cooperated closely on a broad 
range of regional and global issues in 
the past, and we look forward to work-' 
ing closely with Indonesia in these areas 
in the future.” 

Mr. Alatas denied there was a link 
between the move and criticism from 
the U.S. State Department over the con- 
duct of Indonesia's May 29 general 
elections, which the governing Golkar 
party won with a sweeping majority. 

Several members of Congress have 
urged Mr. Clinton to postpone or cancel 
the F- 16 deal because of reported hu- 
man rights abuses by Indonesia’s mil- 
itary, particularly against separatists in 
the former Portuguese colony of East 
Timor, annexed by Indonesia in 1976. 

Human rights activists say the In- 
donesian Army has carried out killings, 
torture and illegal imprisonment of East 
Timorese fighting for independence. 

Mr. Alatas singled out a bill, drafted 
by Representative Patrick Kennedy, 
Democrat of Rhode Island, that would 
eliminate $26 million in annual aid and 
$600,000 for military education and 
training to Indonesia. 

Mr. Kennedy visited Easr Timor in 

See INDONESIA, Page 5 



An Anti-Euro Bandwagon 
Picks Up Speed in Germany 

Kohl’s Bavarian Allies Voice Mistrust 


By John Schmid 

International Herald Tnlume 


K 'wm-x x y- - ■ # / r :/#, 


Fito HcWThc Amu.ukiI Pit-* 

Chancellor Helmut Kohl, right and Prime Minister Tony Blair of Britain taking part in a 
ceremony Friday at the Bonn ChanceDery as doubts grew in Germany over monetary union. 


FRANKFURT — Support within Germany for 
Europe's single currency deteriorated further Friday 
as Chancellor Helmut Kohl’s Bavarian sister party 
voiced mistrust of the euro, heightening doubts that 
the project can move ahead as scheduled. 

Further adding to the doubts over monetary 
union, a senior official at the German central bank 
said that France, under its newly elected leftist 
government, did not appear intent on meeting the 
qualifying conditions to join the single currency. 

"I see no will by the French government to fulfill 
the Maastricht criteria.” said a Bundesbank council 
member, Reimut Jochimsen, commenting on the 
Socialist Party's victory in France on Sunday. 

Germany’s own uphill efforts to meet the 
Maastricht budget criteria became tougher Friday 
when the government published unexpectedly high 
unemployment figures. Expanded welfare pay- 
ments will make it more difficult for Bonn to plug 
holes in its budget. 

According to the Federal Labor Office, the num- 
ber of unemployed Germans climbed by 56, TOO in 
May. to 4.36 million after adjustments for seasonal 
and calendar variations. The unemployment rate 
rose to 1 1.4 percent in May from 1 1.2 percent in 
April. The government and some economists had 
expected a drop in unemployment. 

Resistance to a punctual introduction of the euro 
by the rightist Bavarian Christian Social Union — 
a critical ally within the governing coalition — 
threatens to weaken the pro-European stance of 
Mr. Kohl's government. 

Blistering comments from Bavarian conserva- 
tives have further weakened the reputation of Mr. 
Kohl’s pro-European finance minister, Theo 
WaigeL chairman of Bavaria's Christian Social 
Union. Mr. Waigel's own party members are un- 


Algeria’s Pro- Government Parties Sweep Vote 


By John Lancaster 

Washington Past Service 


ALGIERS — The main 


Government party 


pro-fic . . 

in Algeria scored a comfortable if not entirely 
convincing victory Friday in the country's first 
parliamentary elections since the eruption of civil 
■war between Islamic militants and government 
•forces in 1992. 

Opposition parties promptly accused the gov- 
ernment of fraud, and power will remain firmly in 
the hands of President Liamine ZerouaL, a member 
of the ruling military elite that has dominated 
Algeria's political life since it won independence 
from France in 1962. 

Nevertheless, arespectable showing by two pro- 
Islamic opposition parties has raised modest hopes 
among some Algerians of a gradual transition 
toward greater political pluralism and, possibly, an 


end to the slaughter that so far has claimed an 
estimated 60,000 lives. 

The National Democratic Rally, which repre- 
sents Mr. Zeroual’s military-backed regime, won 
155 of 380 seats in the new National Assembly, 
according to final results of the voting Thursday 
that were announced at a news conference Friday 
morning by Interior -Minister Mustapha Benman- 
sour. 

Another pro-government party, the National 
Liberation Front, won 64 seats, bringing die total 
number of pro-government seats in Parliament to 
219, or 57 percent 

But the second place finisher was the country's 
largest legal Islamic party, the Movement for a 
Peaceful Society, with 69 seats. 

A smaller Islamist party, AI Nahda, won 34 
seats, giving the Islamists an overall presence in 
Parliament of 103 seats, or 25 percent 


“If die elections give confidence to people that 
things are moving in the right direction, I think the 
violence could decrease in a fairly short time,” 
Mohammed Harmed, a political scientist at the 
University of Algiers, said in an interview Fri- 
day. 

"It’s the beginning of a process,” he said. 

• Government officials hailed the relatively 
peaceful contest as evidence that Algerians were 
shunning the violence that erupted after the army 
canceled multiparty elections in January 1992 
rather than permit a victory by the Islamic Sal- 
vation Front, which has since been banned. 

They claimed a final turnout figure of 66 per- 
cent, or slightly more than 10 million of the coun- 
try’s 16.8 million eligible voters. 

"This historic vote, which was not marred by 

See ALGERIA, Page 5 


dermining his efforts to put Germany at the heart ot 
a Europe unified by a common central bank and a 
common currency. 

Calls for a delay by Mr. Waigel’s associates 
made it clear that the euro could become a political 
liability in Germany's elections next year. And as 
Wim Duisenberg, president-designate of the Euro- 
pean Monetary Institute, observed Friday, mon- 
etary union is impossible without Germany, which 
has Europe’s biggest economy and its strongest 
currency. 

EU finance ministers will be under pressure to 
put the single currency back on rrack when they 
meet Sunday in Luxembourg. The meeting is ex- 

See EMU, Page 5 


U.S. Jobs Rate 
And Eurojitters 
Pump Up Dow 


By Mitchell Martin 

Ju/enuihiqjl Herald Tribune 

NEW YORK — The U.S. unemployment rate 
fell to a 24-year low of 4.8 percent in May, the 
government said Friday. Combined with concerns 
about the ftiture of the common European cur- 
rency, the data drew money to Wall Street’s stocks 
and bonds. 

The jobs data surprised investors on two counts, 
showing a drop from the 4.9 percent jobless level 
of April — where a rise had been expected — but 
also revealing a smaller-than-expected 138,000 
jobs had been created. 

The job-creation number, however, reflected 
revisions going back to 1988. Ed Yardeni and 
Debbie Jacobs, economists at Deutsche Morgan 
Grenfell Inc., said in an advisory to clients that the 
important thing was that “the average monthly 
employment gain so far this year is 229,000. in line 
wim gains recorded in 1996.” 

With wages showing a rise of only 0.3 percent 
during May and 3.8 percent from the level a year 
earlier, the view on Wall Street was that the 
American economy is churning out" jobs without 
generating price increases. 

On Wall Street, the Dow Jones industrial av- 
erage closed up 130.49 points, reaching a record 
7,435.78, and yields were sharply lower in the 
bond market. (Page 1 2) 

Investors are betting that the Federal Reserve 
Board will not push short-term interest rates up 

See DATA, Page 12 


Criticism of Ties to Nazis 
awns Swiss Backlash 


Sp 


Truculent Mood May Endanger Payments 


By Alan Cowell 

AW Kml Times Service 


ZURICH — After months of being 
told that their history books were wrong 
and that Switzerland's war was nor a 
good war, a truculent mood is building 
here that may turn the nation against 
making amends for what the Clinton 
administration and others depict as 
complicity with Nazi Germany. 

Increasingly. Swiss diplomats, com- 
mentators, and the general public bristle 
ar what they see as a double standard. 
Many here' feel that the critics, par- 
ticularly the United States, have un- 
fairly s’ingled out Switzerland for its 
shortcomings in a period in which many 
other nations behaved ingloriously. 

“In our eyes, morality can mean oth- 
er elements,” Flavio Com. the foreign 
minister, mused in an interview that 
seemed to reflect a new and unchar- 
acteristic readiness to abandon the 
niceties of diplomacy. “We could ask 
the United States why they didn't enter 
the war until later?” 

Although they have learned that com- 
parisons of their wartime behavior with 
that .of .others, brings them no credit, 
officials here seem ready to make them 
if only to reflect their frustration that — 
no matter what' they say or do — the 
image of a perfidious Switzerland will 
not go away. 

“What happened to Dutch Jews, 
French Jews? It isn’t discussed,” said 
’nmmas Borer, the country’s leading 
diplomat on the so-called Nazi gold 
affair. "We are willing to discuss, 


but the debate is turning sour.” 

Politically, such sentiments mean 
thar Swiss voters may not endorse what 
was to have been the centerpiece of the 
government’s plans to make restitution 
to victims of oppression, including 
Holocaust survivors. Documents re- 
leased in recent months have made clear 
that Swiss banks traded in looted Nazi 
gold, and that Swiss businesses made a 
- fortune selling arms to the Nazis. 

The government’s plans to increase 
the monetary value of its gold reserves 
to create a $4.7 billion investment fund 
whose earnings would be used to pay 
compensation is subject to a referendum 
next spring. Additionally, the Parlia- 
ment must vote this year to approve a 
$70-miUion contribution by the Swiss 
National Bank to a separate fund for 
Holocaust survivors. 

After plans for the $4.7 billion fund 
were announced on March 5, opinion 
surveys registered 60 percent to 70 per- 
cent of Swiss voters approving the ac- 
tion. A recent survey, in the weekly 
L’Hlustre, registered 43 percent against 
and only 40 percent in favor. 

What was more alarming was the 
xenophobic, if not anti-Semitic, mes- 

See SWISS, Page 5 



w.'±4 

Ltuto Bakfb/Rewr, 

POPE AND PIGTAILS — Pope John Paul II blessing children 
daring a Mass on Friday in the ski village of Zakopane, southern 
Poland. It was the seventh day of the Pope’s visit to his homeland. 


AGENDA 

U.S. Envoy Warns 
Kabila on Rights 

KINSHASA. Congo (NYT) — 
President Bill Clinton's special envoy 
to the Congo, Bill Richardson, arrived 
here Friday with a team of U.S. of- 
ficials who can pave the way for the 
investment and aid desperately needed 
by this country, which was reduced to 
ruin during the three decades of rule by 
Mobutu Sese Seko, who was over- 
thrown last month. 

But Mr. Richardson had a human 
rights fist in the financial glove. The 
level of U.S. aid, he said, was dependent 
on the government’s making “more 
progress on human rights,” and taking 
decisive action to protea the tens of 
thousands of Rwandan Hutu refugees, 
thousands of whom are' reported to have 

new president, Laurent Kabila. 


The Dollar 


New Yofr Friday O 4 PJA previous dose 


CM 


1.7253 


1.729 


Pound 


1.632 


1.6345 


Yen 


114.40 


115.B65 


Ronlcs. 







Paces 20-21. 

r — o 

ThelntBimarkat 

Page 7. 

1 The IHT on-line 

http://www.iht.com | 


Japan-U.S. Crisis Plan 

In drafting new Japan-U.S. crisis 
guidelines to be released this weekend, 
both sides have an eye on China, ac- 
cording to Douglas Paal, president of 
(he Asia Pacific Policy Center in 
Washington. Page 4. 


5.8194 



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S&P 500 


7305.29 


Friday 0 4 P.M. previous doss 


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857.96 


843.43 


Europe’s Airlines Fly High With American Managers 


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describes today as a “long, serious talk” with Juergen 
Weber, Lufthansa's chairman. . 

In February 1992, Mr. Rdd became, at 41, 
FRANKFURT — It’s not that Frederick Reid isn’t Lufthansa’s senior vice president for the Americas, 


By John Tagliabue 

New York. 71m» Service 


used to working abroad. After alL Mr. Reid, a Cali- 
fomia native, has worked for a hotel concern in India 
and spent 14 years overseas with Pan American World 
Airways and American Airlines. 

Still, when a headhunter called from Germany one 
day in 1991 to ask whether Mr. Rdd was interested in 
working there, be said, “I don’t dunk so.” Mr. Reid, 
then American Airlines’ managing director for Euro- 


penetrating deeper than any foreigner before him into 
the German carrier's inner sanctum. In April he went 
deeper still, becoming president ami chief operating 
■officer, 

Mr. Reid’s remarkable rise at Lufthansa is by no 
means an isolated case. As Europe’s airline industry 
goes through an overhaul reminiscent of the wrench- 
ing changes at U.S. ai rline in the 1980s, many Euro- 



pean sales, recalled that ‘‘first of all, I said, I have no pean carriers are recruiting battle-tested American 
German, and secondly, I have no interest in working executive for mp jobs. 

for a German company, except maybe for In 1994, Air France hired two former executives of 


Lufthansa. 

But the headhunter called back to say the company 
was, in fact, Lufthansa, and Mr. Reid had what he 


& 


United Airlines to advise management This year 
Swissair, a unit of SAirGroupAG, named a former- 
American Airlines officer as its chief operating officer. 


Last year, when the British investor Richard Branson 
started a no-frills carrier, Virgin Express, he hired the 
former heal of Continental Express to run it 

European airlines apparently see an edge in hiring 
executives who know the rough-and-tumble of Amer- 
ican deregulation and are familiar with techniques for 
getting costs down, running hub-and-spoke operations 
and increasing efficiency with computerized schedul- 
ing and pricing systems. . 

With growing European airlines increasingly thirsty 
for private capital, recruiting tough American man- 
agers signals to international investors that they mean 
business. 

Not that Europe has not had its own crop of airline 
turnaround artists. In the 1980s, when Prime Minister 
Margaret Thatcher privatized British Airways, a Brit- 

See YANKS, Page 5 


He’s Forgiven 
But She’s Not: 
Is Pentagon 
Hypocritical? 


By Dana Priest 

WjshingU'ii Post Srrvice 

WASHINGTON — Defense Secre- 
tary William Cohen's decision to for- 
give a four-star general’s adultery has 
plunged the Pentagon into a new con- 
troversy over whether it has a double 
standard for sexual behavior that pro- 
tects top-ranking men but punishes 
women and lower-level service mem- 
bers. 

‘ ‘If you are a friend of the secretary of 
defense and you've had an affair, you’re 
in,’ ’ said Representative Carolyn Malo- 
ney, Democrat of New York. "If you 
are a successful woman who's had an 
affair, you’re out." 

Current and former military figures 
stepped forward to endorse Mr. Cohen's 
decision Wednesday to retain General 
Joseph Ralston of the air force as a lead 
candidate to become chairman of the 
Joint Chiefs of Staff, and thus the na- 
tion's top military commander. 

But some members of the House 
Women’s Caucus called for a morator- 
ium on military prosecutions of con- 
sensual sexual activity until a way could 
be found to ensure that punishment was 
applied uniformly. 

The White House was cautious, 
praising General Ralston, now vice 
chairman of the Joint Chiefs, in general 
terms, but saying it had not yet received 
Mr. Cohen's recommendation for a suc- 
cessor to the departing c hairman Gen- 
eral John ShalikashviU. 

White House aides, speaking on con- 
dition of anonymity,* said the issue was 
uncomfortable for President Bill Clin- 
ton, who has been accused of extramar- 
ital affairs and faces a sexual harass- 
ment lawsuit. 

Even people who agreed with Mr. 
Cohen s decision said they were struck 
by contrast between the Ralston 
matter and the way the military handled 
the recent case of First Lieutenant Kelly 
Flinn, the nation’s first wo man to fly a 
B-52 bomber. She was discharged from 
the air force after being accused of adul- 

See ADULTERY, Page 5 










PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATUR0AY-SUNDAT, JUNE 7-8, 1997 


Blair Tells Europeans: 
6 Am I Satisfied? No’ 

‘ Modernize or Die,’ He Advises Socialists 


By Warren Hoge 

Nm Yuri Times Service 


LONDON — Prime Minister Tony 
Blair of Britain went on his third Euro- 
pean excursion in two .weeks Friday, 
b rashly counseling a gathering of the 
Continent's socialist leaders gathered in 
Sweden to discard dogma “or die’* and 
telling Chancellor Helmut Kohl in Bonn 
that the European Union was out of 
touch with its own people. 

"Am I satisfied with Europe? 
Frankly, no," Mr. Blair said in an ad- 
dress to the European Social Democratic 
Parries' Congress in Mairao. 

If the center-left leaders were thinking 
of celebrating recent electoral victories 
that have given them control of 9 of the 
union's 15 countries, Mr. Blair was play- 
ing the spoiler. “Stay as we are and we 
fail," he said. 

Urging them to abandon “old style” 
ideas of “mote spending or regula- 
tions,” he said, “Our task today is not to 
Tight old battles, but to show there is a 
third way — a way of marrying together 
an open, competitive and successful 
economy with a just, decent and humane 
society.” 

In a plea for a New Europe remin- 
iscent of his campaign for New Labour, 
he said, “As I said to the British Labour 
Party a few years ago. we modernize or 
die.” 

• Riding the crest of his overwhelming 
win in Britain's election May.l and a 
Gallop poll published in The Dally Tele- 
graph in London on Friday showing him 


with an approval rating of 82 percent, the 
highest ever achieved by any British 
prime minister, Mr. Blair was greeted 
joyously as he took the stage before a 
solid red backdrop. While ms remarks 
clearly challenged values and postures 
held dear by many of his 1 ,000 listeners, 
they drew a standing ovation and a warm 
handshake from the subsequent speaker, 
an even more freshly minted European 
center-left hero. Prime Minister Lionel 
Jospin of France. 

In his speech, Mr. Jospin, 59, spoke 
admiringly of some of die very policies 
that Mr. Blair, 44, had said were out- 
dared and received an equally idolatrous 
reception. 

“1 am very attached to the idea that 
public services must remain central,” 
said Mr. Jospin to the same audience that 
moments before had heard Mr. Blair 
pledge reform of rhe welfare state, lim- 
ited government spending and taxes and 
the adoption of free-maiket steps to in- 
crease worker productivity and business 
competitiveness. “Market forces — if 
there is no attempt to cootrol them — 
will threaten our very idea of civili- 
zation,” Mr. Jospin countered 

Mr. Jospin became prime minister on 
Monday after Freoch voters turned out 
of office a center-right government that 
had been applying austerity measures to 
reduce public debt to bring its economy 
into conformity with the qualifying cri- 
teria for monetary union in 1999. 

With France's unemployment at 12.8 
percent, twice the rate of Britain’s, Mr. 
Jospin bad promised to create 700,000 



R8EFLY 


Goad CcriMApnee Fnmccftcwc 

Prime Minister Lionel Jospin, left, greeting Tony Blair, his British 
counterpart on Friday at the socialist congress in Mahno, Sweden. 


new jobs and reduce the work week with . 
no cuts in pay. 

Mr. Blair, by contrast, is trying to 
steer Europe in the direction Britain 
has gone over the past decade, and that 
has produced an economy with wider 
income disparities but less inflation 
and less unemployment than the Euro- 
pean norm. Mr. Blair puts jobs ai the 
top of his agenda, too, nut he believes 
they should be created by the private 
sector with the focus on the training 
and upgrading of skills of workers to 
fill them. 


One of Mr. Blair's first acts in of- 
fice, aimed at repairing Britain’s 
frayed relations with Europe, was to 
reverse the policy of the preceding 
Conservative government and agree to 
sign a package of modest workplace 
proposals known as the Social 
Chapter. On Friday, Mr. Blair cau- 
tioned his center-left colleagues not to 
exploit that accord to introduce ex- 
cessive regulations that would damage 
competitiveness and said he would be 
keeping a ‘-watchful eye*’ on devel- 
opments. 


Mafia Boss Arrested 


-Cobra attack helicopter 

(Renters) - 


PALERMO, Sicily — Scores of po- 
lice stormed a Sicilian famflrouse on 
Friday to arrest Pietro Aglicri, one of 
Italy's most wanted Mafia chieftains. 

The PialermQ polke' chief f ' Ant- 
omno Manganelli. said at a news con- 
ference that Mr.^glierittadijoati ar- 
rested Iwith' two mob .lunnea^after 
about 100 police officers used-ladders 
to enter the grounds of a house east of. 
Palermo. About 200 other agents sur- 
rounded the pranises. ■ 

The qp^tiorx was hailed as. a 
severe blow to organized- crime in 
Italy and was die most important 
Mafia arrest since that of the Sicilian 
boss Giovanni Brusca last year. 

Mr. Agferi Ins been sentenced in 
his absences life in prison for die 
murder of another Mana boss. Bene- 
detto Grade. . . - (Reuters) 

TurkeyJSays Kurds 
Deploy SA- 7 Missiles 

ANKARA — A Turkish military 


craft missiles to shoot down. two army 
helicopters on a mission in northern 
Iraq. ■' 

General Eror Ozkasnak said the 
Kurdistan Workers Party rebels had 
gained access to such weaponry for 
the first time from countries that Tur- 
key accuses of supporting the rebels. 

He said the rebels had used SA-7 
missiles to bring down a Cougar troop 
earner, with 11 officers and soldiers 
on board, this past week, and a second. 


Spanish Protesters 
BarFrendt Crossing 

MADRID — Hundreds of S{ 
truck drivers and fanners blocl 
die French border Friday to protest 
'attacks by their French- counterparts 
on their tracks and produce, union 
officials said. -- 

.The protesters blocked the major 
crossing 'at ‘ La Johquera, stopping 
vehicles from passing die highway 
toll. 

Meanwhile, the French Foreign . 
Ministry spokesman, Jacques Rum- 
melhardt, condemned violence car- 
ried out by his country’s fanners and 
called for a police report on the in- 
cidents. . (Reuters) 

Bonn Moves to Stop 
Pensions to Ex-Nazis 

BONN ^ Germany’s upper house - 
of Parliament approved a draft Law 
Friday to stop disability pensions be- 
ing paid to Nazi war criminals after 
U.S. Jewish groups revealed that thou- ■ 
sands were still receiving benefits. 

The upper house, representing the - 
16 federal. . states, said payments ' 
should be stopped for anyone living in 
Germany or abroad who had clearly 
“violated the principles of humanity 
and justice” during World War IL 

Until now, states could only cut off 
payments to former war criminals liv- - 
ing abroad. Bonn admitted in January ~ 
some Nazi war c rimina ls were still - 
receiving pensions. ( Reuters ) ' 






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A Christian Burial for Lenin? 

Yeltsin Floats the Idea, and Communists Take Up the Challenge 


TRAVEL UPDATE 


Campded bf Our Stag From Dbpatckn 

ST. PETERSBURG — 
President Boris Yeltsin 
dangled a red rag in front of 
his Communist foes in Par- 
liament on Friday by suggest- 
ing that Lenin should get a 
Christian burial. 

Mr. Yeltsin’s government 
has hinted that he may dis- 
solve Parliament if it does not 
pass reforms, and the pres- 
ident was clearly relishing a 
new battle when he suggested 
Russians could decide the 
fate .of the Bolshevik leader’s 
corpse in a referendum. 

“I hope we will gradually 
rid Red Square of its status as 
a cemetery,” Mr. Yeltsin told 
cultural leaders here, saying a 
referendum could be held in 
the autumn on whether to 
move Lenin’s mummified 
body from its marble tomb 
outside the Kremlin wall. 

“The Communists, of 
course, will fight this, but I 
am used to fighting with 


them,” Mr. Yeltsin added. 

Gennadi Seleznev, speaker 
of die Communist-dominated 
lower bouse of Parliament, 
the State Duma, did not op- 
pose the idea of a referendum. 
“The referendum will take 
place. It’s democratically 
normal, but the president will- 
lose,” he said. 

“The problem of burying 
Lenin shonld not be raised for 
another 30 years because we 
have many other problems 
and I do not know why this 
subject should be a priority.” 

Mr. Yeltsin, 6$. rarely 
travels around Russia outside 
election campaigns, and he 
has been busy with foreign 
policy and a new reform push 
since he recovered in February 
from months of illness. But he 
was in robust form during bis 
trip to St Petersburg, the start 
of what he says will be an 
‘ extensive check on the regions 
to root out corruption. 

. The deputies, meanwhile. 


Channel Tunnel Traffic Disrupted 

COQUELLES, France (AFP) — Traffic through the Chan- 
nel Tunnel was disrupted far about 45 minutes Friday after an 
incident in which truckers had to be evacuated along the 
service tunnel, the operator, Eurotunnel, said. 

The incident, the second disruption in 24 hours in the 
tunnel, occurred after an alarm went off, stopping ‘a train 
carrying freight trucks, a spokesman said. . 

British Airways to Revamp Image 

LONDON (Bloomberg) — British Airways PLC will un- 
veil a corporate makeover that will include dropping die 
Union Jack and the heraldic-style crest from the tail nns of its 
planes, instead adopting a softer look of abstract images. 

The change underlines an attempt by BA to bill itself as a 
global carrier at a time when competition is intensifying and 
airlines are challenging each other in their home markets. 

El Al Barred From 3 U.S. Cities 

TEL AVTV (AP) — The Israeli airline El Al has been barred 
from operating direct flights to three major U.S. cities as part 
of a dispute overflight rights, media reported Friday. 

The U.S. Department of Transportation banned El AI from 
expanding its U.S. service to Orlando, Dallas/Fort Worth and 
Washington," D.CyBaltimore after Israel prevented the U.S. 
charter carrier Tower Air from starting a Tel Aviv-Athens- 
New York route, the Jerusalem Post daily said. 


have passed a law banning 
changes in the appearance of 
Red Square in a bid to stop 
Lenin’s body from being re- 
moved. But Mr. Yeltsin has 
not signed the law and is un- 
likely to do so. 

On Friday, he suggested 
“removing the funereal 
bloom” from Red Square, 

“not with bulldozers or ex- 
cavators but gradually and in a 
civilized way,” Interfax said. 

‘ ‘This is our history,” Mr. 

Yeltsin said. "Let us give it a 
Christian character. A dead 
man should not be above 
earth. He should be buried in 
earth.” 

Mr. Yeltsin didnot say what 
he. wan ted to do with Stalin 
and other Soviet personalities 
buried along the Kremlin wall 
(Reuters, AFP) 

■ 4 Journalists Freed 

Four Russian journalists 
were released Friday after 

three months of ^vit^ U.S. Is Top Choice for Japanese 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH interdenominational & 
Evangetal Sunday Sendee 1000 am. & 
1130 am./ Kids Welcome. De 
Cuserstraat 3. S. Amsterdam Infs. 020- 
641 eai2 or 020*451 653. 

FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 
lEvangefcal). J. bd de Pbrac. Catomier. 
Sunday service. 6'30 p.m.Tel.: 
■35627411 55. 

FRENCH RIVIERA/COTE D'AZUR 

NICE: Holy Trinity (Anglican}, JJ rue 
Bjfta. Sun 11: VENCE Si Hugh's. 22.au. 
Pwistencs 9ajn.Tet 33 04EQ8719S3. 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 

Worship Service. Sundays: 11 a m. 
9 rue Louis Notary. Monte Carlo. 
Tel 155647 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - An 
evangelical church m the western 
suburbs all are welcome 9 45 First 
Service concurrent rath Sunday School, 
it 00 Second Service ivrtn Children s 
ChjTcn. Fiencn Sennce 6 "30 pm. 56. rue 
des Eons-R3isms. 92500 Rueil- 
Maimatscn For rfo. can 01 47 51 29 63. 

HOPE INTERNATIONAL CHURCH 

Hcrei Orion ai Pans-ia-Deferae. 6 bd. de 
Nei.irfty Worship Sundays 920 am. Rev 
Douglas Miller. Pastor. Tel.- 
01 43 33 04 06. Metro i to la Defense 
Esplanade 

SAINT JOSEPH'S CHURCH i Roman 
Cato;*.- MASS IN ENGLISH Sal 630pm. 
Sun 2 43 1 1 W a m 12:15. 6:30 p.tn. 
V. a,enue Hoche Pans 8th Tei 
Vetr. Chaftfsce Gaul? - Etc*? 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Idabashi Stn. TeL 3261- 
3740 '/.'orehtf Senxe 930 am Sundays 

TOKYO IM0N CHURCH, near Qrctesarda 
5 xv ’. 5B T?' MC-CW.WaRtipSewes 
Suns*-.- - & " CC- am. 35 a 945am 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking non-denomlnaoonal. 
Tel. +41 61 302 1674. Sundays 1030 
Rfflfere Strasse 13. CH-4056 Basel 

ZUMCH-5WITZERLANP 

ENGLISH-SPEAKING CATHOLIC 
MISSION: St. Anton Church. 
MinervastraBe 63 Sunday Mass: 8:30 
a.m. & 11:30 a.m. Services held in the 
aypl ol SL Anton Church. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


B RU S5EL5/W ATERLOO 

ALL SAINTS’ CHURCH, 1st Sun. 9 & 
11:15 am. Hoty Eucharist w*h CWdren's 
Chapel et 11:15. Al other Suntfays 11:15 
am Holy Eucharist and Sunday School 
563 ChaussAe de Louvain, Ohaln, 
Belgium. TeL 322 384-3556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Famfy Eucharist. Frankfurter Strasse 3. 
Wiesbaden, Germany. Tel.: 
43B1130£674. 


PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF THE 
HOLY TRMTY, Sul 9 & 11 am.. 10:45 
a.m. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avenue George V. 
Pans 75008. Tel: 33431 S3 23 84 00. 
Metro. Geoige v or Alma Marceou 

FLORENCE 

ST. JANES' CHURCH, Sun gamFStel 
& 11 am Rife n. Via BemarUb Hucefel 9. 
50123. Ftorenca Italy. TeL MW 29 44 IT. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
lEpiscopai'Anglican) Sun. Holy 
Gonmuryon 9 & 11 am Sunday School 
and N ursery 10:45 am. Sebastian Rinz 
SL 22 . 60323 FrarMut Germany. Ul. Z 
3MfoueMtee. Tel- 49695501 84 

■ GENEVA 

EMMANUEL CHURCH, 1st & 3rd Sun. 
10am Eucharist: 2nd &4ffl Sul Momrtg 
Prayer. 3 medefAmthoux. 1201 Geneva, 
SvwEBrtand Tel 4122 73280 7a 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. n.45 a m Holy Eucharist and 
Sunday School. Nursery Care provided. 
Seybothstrasse 4. 81545 Munch | Bat- 
tening), Germany Tef 49896481 65 

ROME 

ST. PAUL'S WITH1N-THE-WALLS. Sun. 
aao am Holy Euchanst RU? I'. 1030 am. 
Choral Eucharist Rile II: 10-30 a.m 
Church School tor chid/en & Nursay care 
provided: 1 p.m. Sparvsh Eucharist Via 
Napdi 58. 00184 Rome. TeL 336 466 
3339 or 336 474 3565. 


EUROPEAN 

BAPTIST CONVENTION 


BE RUN 

I.B.C.. BERLIN. Rothenburg Str 13. 
iStegDtzi. Sunday, BWe study 10.45, 
worship Service 12.00 noon. Charles 
Watford, pastor. Tel: 030-774-4670. 

BREMEN 

LB.C_ Hohenlahsstr. HermanrvBose-SV. 
Worshp Sun. 17:00, Pastor telephone: 
0421-78 64a 

BUCHAREST 

I.B.C.. Strada Papa Rusu 22 . 3.00 pm 
Contact Pastor Mte Kemper. Tel 312 3860 

BUDAPEST 

meets at Moncs Zsigmond- 
Gimnaaum, Torokvesz ut 48-64, Sun. 
VM0 Tel 250-3932. 

BULGARIA 

LB.C.. World Trade Center. 36, Drahan 
Tzankov Btvd. Worship 11 M0. James 
Duke. Pastor. TeL 669 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, Ev -Freflathsche Gemefode. 
Sodenerstr. 1MB, 83150 Bad Horrfaug. 
Sunday Worship. Nursery & SS: 
1120 AM. Mid-week ministries, Pastor 

M. Uvey &*Fa>c 0617362738. 
BETHEL I.B.C. Am Dachsberg 92 
(engfish). Worship Sun. 11:00 am and 
BflGprn TeL 069-549559. 

HOLLAND 

TRO'ffTY INTERNATIONAL nvtes you to 
a Christ centered feUowsNp, Services: 
TOO and 1Q30 am Btaemcampi&an 54 
Wassenaar 070-517-8034 nursery prw. 


NICE - FRANCE 

LB.C. 13 rue Vernier, English, service, 
Sutd8yevw*Tgi83Q,pa8torRoyN®er- 
TeL (04 93) 32 05 96. 

PRAGUE 

LB. FELLOWSHIP, Vhohradska « 68. 
Prague 3. Sun. 1 1:00. TeL (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 19:00 at Swedish Church, across 
(ram MadOonalds, TeL (02)353 1585. 

ZURICH - SWITZERLAND 

I.B.C of Zurich, Grtetstrasw 31. 6803 
Ruschlfton. Worship Services Sunday 
mornings 1030. T*L: 1 -4810018. 


A 5 SOC.OFINTL 

CHURCHES 


BERLIN 

AMERICAN CHURCH M BERLIN, COT. 
of Clay Alee & Potadamer Sir.. S.S. 930 
am. Worship 11 am. Tel: 030-6132021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
Nbebngenafee 54. Sun. Worship n am 
TeL 069195631066 or 512552. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdalne. Sunday worship 930. fnGaman 
11 JOOInEn 0 ah. Tet (023 3105989. 

JERUSALEM 

Ll/THEHAN CHURCH 0 i tfie Redeemer, 
Old Cty. Murisan Rd EngBsh washfp Sm. 
9 am Al are irwfasma TeL: (02] 6281 ■04i 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am 65, Dual cTOrsay. 
Parts 7. Bus 63 at door, Metro Aima- 
Marceau or Inwaldes. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service. Sunday School & Nursery, 
Sundays »30am, Sc h anaengasse25. 
TeL (01 12625525. 


Chechnya, and officials 
said they hoped three more 
captives would be freed soon. 
Reuters reported from Mos- 
cow. 

The journalists, an Itar- 
Tass correspondent. Nikolai 
Zagnoiko, and three reporters 
from Radio .Russia, were 
seized in the breakaway Cau- 
casus region two months be- 
fore the signing of a peace 
deal between Mr. Yeltsin and 
the Chechen leader, Aslan 
Maskhadov. 


TOKYO (AFP; — The United States was the top des- 
tination for Japanese travelers last year, while Hong Kong 
replaced South Korea as the second most popular spot, a 
government report showed Friday. 

The annual report on tourism also said the number of Hong 
Kong people coming to Japan soared 84 percent from a year 
earlier, tire sharpest increase among all groups of foreigners 
visiting the country. The report said 5.18 million Japanese 
traveled to the United States in 1996, up 9.1 percent from 
1995. 

Shutting down Turkey's gambling casinos will be a blow 
to the country’s $6 billion a year tourism industry; an industry 
spokesman said Friday. (AP) 


Bonn Orders ( 
Surveillance 
Of Scientology 

CdoysM Out Sufi From DUjxarkn 

BONN — Germany said 
Friday that it would place the 
Church of Scientology under 
nationwide observation by 
federal and state counter-in- 
telligence agents. 

The federal Interior Min- 
istry and Germany’s 16 re- 
gional states said a working 
group had recommended that 
sufficient suspicion existed of 
anti-dembcratic intent for/ 
them to legally place Scien- T 
tology under surveillance. . 

Interior Minister Manfred 
Kanther said Germany would 
do all in its power during a 
yearlong observation to as- 
sess whether the group, which 
Germany does not recognize 
as a religion, could be clas- 
sified as anti-constitutional. 

“The whole spectrum of 
means available to protect the 
constitution will be put to the 
service of this examination,” 

Mr. Kanther said at a news 
conference after a two-day 
meeting of interior ministers. 

Germany says that Scien- 
tology exploits the insecurr- ■ 
ties of its members to extract 
profits from self-improve- 
ment courses. It is also ac- 
cused of suppressing its 
members’ freedoms guaran- 
teed under the constitution. 

A Scientology spokeswom- 
an said the organization would 
seek to lodge a legal challenge 
against the decision. 

(Reuters. AP) . T f 
•tfs • 


WEATHER 


Europe 


Forecast for Su/tday through Tuesday, as provided by AocuWaathar. Asia 



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Plsnty of suns/m Sunday. 
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with comlortable alter- 
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Rain', possibly heavy, in 
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windy, but drier Monday. 
Warm and humid Sunday 
through Tuesday « Hong 
Kong, chance tor a thun- 
dershower. A good chance 
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' 181 Awe. Charles de Gaufle, 92521 NauiRyCwfot, France 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 7-8. 1997 




PAGE 3 


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Chicago School System 
Gets Tough on Students 

Trying Out New Approach, City Raises 
Standards for Passing to the Next Grade 


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By Dirk Johnson 

New font rimes Stri ke 

CHICAGO — Students who skip 
classes or slough off homework often 
seem to smirk at their exasperated 
reacbers. as if to say. “What can you do 
10 me?" 

The Chicago public school system 
has an answer that is getting the attention 
of students in a big way: Hunk you. 

About one-quarter of the eighth- 
graders in the Chicago system were told 
This week that they would not be al- 
lowed to graduate from elementary 
school on time, because they had failed 
to master the required material. They 
must attend classes during the summer 
and then pass a standardized test, or 
repeat the eighth grade. 

Among ninth-graders, a similar re- 
quirement wiU fall on a staggering 48 
percent. 

The Chicago system, pilloried a de- 
cade ago as the worst in the United 
States, has become perhaps the boldest 
experimenter with a toughened, badc- 
ro-basics approach. 

“Everybody is passing tougher stan- 
dards, but Chicago is actually holding 
students to them," said Kathy Christie, 
a spokeswoman far the Education Com- 
mission of the States. “They're a little 
ahead of the game. We're going to be 
seeing a lot of this around the country in 
the next year or two." 

Judging the Chicago schools to be in 
desperate straits, the Illinois Legislature 
in 1995 gave hroad powers over the 
system to Mayor Richard Daley. The 
mayor chose one of his top aides, Paul 
Vailas. to head the schools, naming him 


chief executive officer — a title in- 
tended to connote the transformation of 
a leaden bureaucracy into a nimble, 
results-oriented business. 

Now in his second year leading the 
United Stares’ third-largest school sys- 
tem. Mr. Valias has put students and 
administrators alike on notice that they 
are expected to do better. 

More than 100 schools have been pur 
on academic probation, with demands to 
improve test scores or bear the con- 
sequences. More than a dozen principals 
have been removed from schools where 
students were performing poorly. 

And students have learned that the 
schools were not bluffing when they 
announced the -end of “social promo- 
dons," the custom of promoting stu- 
dents even when they fail to do the 
work, solely to keep them with then- 
peer group. 

Last year, when about 25 percent of 
eighth-graders were required to attend 
summer school, they were nonetheless 
allowed to participate in the June gradu- 
ation ceremonies. This year die cere- 
monies will exclude failing students. 

Mr. Valias deplores social promo- 
tions as “educational malpractice,'* ar- 
guing that schools set up youths for 
bitter failure by promoting those who 
lack the proper skills. 

“How. many of these young people 
became dropouts?" he said. “How 
many became members of street gangs, 
or public-aid recipients? What’s wrong 
with having children spend another year 
or two in elementary school? What’s 
wrong with taking five or six years to get 
through high school, if that's what it 
takes to get them prepared?" 



1-- Mjiauciie/Tte 4v».^ nr 


BRONZE AGE — Senator Strom Thurmond of South Carolina, 94, looking at a bust 
of himself during a Capitol Hill lunch honoring him as the longest-serving member. 


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Renters 

ATMORE, Alabama — A former Ku 
Klux Klansman, Henry Francis Hays, 
was executed Friday, the first white man 
in Alabama to be put to death for mur- 
dering a black since 1913. 

Mr. Hays, 42, was electrocuted for 
the 1981 murder of Michael Donald, a 
murder that prosecutors said was in- 
tended to demonstrate KJan strength. 

The case triggered a civil court judg- 
ment in which a Klan group was held 
liable for its members’ actions and 
ordered to pay damages to a victim's 
family. Mr. Hays contended that he was 
innocent and attributed his conviction, 
in 1 983, to his membership in the United 
Klansof America. 

. But one of his fellow Klan members, 
James Knowles, testified at the murder 
trial that be and Mr. Hays had cruised 
Mobile, Alabama, on March 20, 1981, 
looking for a black to kill. The victim 
they set upon was Mr. Donald, 19. They 
forced Mr. Donald into their car at gun- 
point, beat him and, after he trial to 
escape, put a noose around his neck and 
choked him. Mr. Knowles said Mr. 


Hays then slashed Mr. Dqn aid's throat 
three times to make . sure he was dead 
and tied his body up in a tree. 

The jury of 1 1 whites and one black 
also recommended a sentence of life 
without parole. But the trial judge 
changed the penalty to death. 

Mr. Knowles' received a life sentence 
after pleading guilty to a federal charge 
of violating Mr. Donald’s civil rights. 

Mr. Hays’s brother and sistermade an 
unsuccessful appeal for clemency to 
Governor Fob James, blaming their late 
father for the crime. 1 - 

Mr. Hays’s father, Bennie Jack Hays, 
leader of the United Klaus in southern 
Alabama, was charged with inciting Mr. 
Donald’s murder. But a mistrial was 
declared in his case after he collapsed 
during the proceedings. He died before 
he could be tried again. 

“I think the tragedy here was Bennie 
Hays, a man who orchestrated die whole 
thing," said Morris Dees, founder of the 
Southern Poverty Law Center, which 
sued the United Klans over the Donald 
murder. “A very, very evil man ended 
up destroying his whole family." 


Away From Politics 

• An inspector brought in by a theme 

park in Concord, California, to exam- 
ine a water slide collapse that killed a 
teenager and injured 32 other people 
found no structural problems. The in- 
vestigation by John Hunsucker, a Uni- 
versity of Houston engineering profes- 
sor and president of National Aquatic 
Safety Co., backed Waterworld USA’s 
contention that the collapse was caused 
by too much weight when 30 Napa High 
School students rushed past a lifeguard 
and tried to go down the slide together. 
It tore apart 37 feet (II meters) above 
ground. (AP) 

• A plastics factory employee infuri- 

ated by an argument at work fatally shot 
two co-workers in Santa Fe Springs, 
California, and wounded four others, 
then fled and killed himself. Less than 
two hours after shooting his colleagues. 
Daniel Marsden accosted two women 
on a Los Angeles street comer and blur- 
ted, ‘ 'This is my last day! " before stick- 
ing a gun barrel in his mouth and pulling 
the trigger. [API 

• The FBI said it had recovered 12 of 

its 13 missing high-powered weapons, 
all but one grenade launcher. They were 
found in bashes and high grass in Mem- 
phis, Tennessee, a few blocks from 
where a stolen FBI vehicle was dis- 
covered, burned and abandoned, its ar- 
senal missing. (NYT) 

• Florida is fighting its worst out- 
break of the Mediterranean fruit fly in 
decades, trying to keep the citrus pest 
from spreading. The infestation was 
found east of the Tampa Bay area, and 
state officials expect to spend up to S3 
million eradicating the fly. In a week. 


million eradicati 


inspectors trapped more than 50 med- 
flies in Brandon, Tampa. CarroIJwood 
and Dover counties. (AP) 

•The six daughters of Betty Shabazz, 
wearing purple ribbons in support of 
their mother’s struggle for life, thanked 
the world for its "outpouring of sup- 
port' ’ and asked for its continued pray- 
ers. Mrs. Shabazz, the widow of the 
slain black activist Malcolm X, re- 
mained in extremely critical condition 
after undergoing two consecutive days 
of surgery. The 12-year-old grandson 
suspected of setting her alight was due 
back in Family Court. (AP ) 


ET TOO, By Richard Silvestri 


iWER 








ACROSS 

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21 Ajeriatisi'sgetup 

23 Shoot-out 7 

25 Rmagoinsi 

26 Journal 
conclusion 

27 Evegbdes 
deposit 

28 Bolts down 

28 Without words 

38 Mr. Hyde, for 


48 DHstat 

43 Scots longue 

44 Riding for a fall 

46 Construction 
piece 

47 Go over 

48 Jerk 

50 Canute's foe 

52 Mining waste 

53 Year St. Eugene 
became Pope 

54 Second-rate 
missile? 

57 Harangue 

58 Teacher's deg. 

61 Exmoor 
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62 Surrey. e.g. 

63 "Sland By Me* 
director 



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authority — 

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104 1959 Kingston 

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107 Photography — 

aids 

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bad end? 

111 Cheese dish 15 ( 

112 CH^eg. ' 

113 Tidded pink Jg ’ 

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13 Gobs 

HDoAewaOs 


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JWtnesi$.m 
cartoons 

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17 Richer 
Hetishtter 

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get* caught 

22 Ptgaway 

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31 Bhefgessip 

32 Senate 
Agricuhure 
utanitaebead 

34 Basketball 
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35 Cydoid section 

36 Pacer's burden 

37 Four-mimae 
men 

38 Die down 

39 Odboy.inaybe 

41 Ftdieniraa.ai 
notes 

42 Opposite 

45 Simple 

orpfcfem 

47 Money 


49 Two^etss worth 

51 Promotes 


52 Slipped in sleet 

53 Not coastal 
55 People rai line 
58 Big piece 

57 Sun fish 

58 Put on a pedestal 

59 Good farm 

60 -BackdrafTby 
the Bolshoi? 

65. Shankar and 
others 

88 Spread Out 
67 Exact ( 

moment 

69 Directly 

70 Cremona 
collectible 

74 Fommeteller’s 

tool 

76 Short tone? 

79 Honey 

86 Sladdog 

81 Set, as a price 

82 Marshal at 
Waterloo 

84 Receptive 

88 Checkout device 

89 “LCSaodnaTstar 
96 Hotdtah 

91 Thundertwad's 
mother, m film 


92 Sounded 
swinish 
94 Giant 
get -together 
96 Pluckabie 

98 Pastoral setting 

99 Other, in rhe 
barrio 

100 Row 
J01 Mach I fliers 


102 Uzbekistan's 
— -Sea 
163 Brilish gun 
105 Headed for 
overtime 
108 Cappofthe 
comics 

199 Pilot's heading 
110 197] McCartney 
album 


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POLITICAL NGTES 


Phony Campaign Donors? 

WASHINGTON — At least $200,000 in contributions 
to President Bill Clinton’s 1996 re-election campaign 
came from donors that federal investigators now suspect 
were fictitious, including checks from several phony 
corporations and a $3,000 draft funneled through the 
account of a dead woman. 

The most compelling evidence of this illegal practice 
comes from two strikingly similar checks that arrived ar 
the headquarters of the Democratic National Committee 
in August, on the day after Mr. Clinton's 50th birthday 
ftmd-raiser at Radio City Music Hall in New York. 

Both checks were solicited by John Huang, the fund- 
raiser who is at the center of the investigation into the 
financing of the 1996 Democratic campaign. One check, 
for $3,000, bore the name of Michele Lima, a New York 
City woman who died in 1986, according to investigators. 
The other, for $4,000, is signed with the name Hong Jen 
Chiao. Election records list Mr. Chiao’s address as the 
Democratic National Committee’s office here. Yet in- 
vestigators. who have failed to find Mr. Chiao. now 
suspecr he does not exist. 

Written on the same day and in handwriting that appears 
identical, each check was made out to “Victor ’96." an 
erroneous reference to “Victory *96," an organization 
committed to the re-election of Mr. Clinton. (NYT) 


Quote /Unquote 


Anne Luzzarto, a White House spokesman, on Pres- 
ident Clinton’s decision to stand by William Weld, die 
Republican governor of Massachusetts, as his choice for 
ambassador to Mexico despite objections from Jesse 
Helms, the Senate Foreign Relations Committee chair- 
man: "He has strong bipartisan support, and we believe 
that we’ll work through any concerns that may be out 
there successfully.” (WP) 


AUCTIONS 


auction sales 

IN FRANCE 

HOTEL GEORGE V (Salon “Vendome”) 

31, avenue George V, 75008 Parts -Tel: 01 47235400 


37. rue des Mathurlns 
75008 PARIS 


PARIS 


TaL: 01 5330 30 30 
Fax: 01 53303031 


Monday, June 16, 1997 

At 8 p.rn. Important 19th & 20th century PAINTINGS 
and SCULPTURES. 

Tuesday, June 17, 1997 

Ai 2:30 p.m. 17th. 18th & 19ih century FURNITURE 
and WORKS OF ART, mainly from Mrs. N.. Mr. S. 
collections and from 'Chateaux du Val de Loire, de 
Lnzere..." VERY FINE OLD SILVER. 

Tuesday, June 17, 1997 

Ai 8 p.m. Important OLD MASTER PAINTINGS. On 
view ar Hotel George- V. Saturday. June - 14. from 
11 a.m. to 8 p.m.. Sunday. June 15. from 11 a.m. to 
H p.m.. Monday. June lti. from 10 a.m to 2 p.m. 

In NEW YORK please contact Ketty MilvmnJUge & Co. 
Inc. 16 East foul Street, fifth floor! X.Y. 10021. Phone: 
t212) 737 35 97 / 73" 38 13 - Fax: <2121 S61 14 ,3t. 


n DROUOT RICHELIEU 

a n u> rvni TCnm Pnrie . Tot ■ m 


9, rue Drouot 75009 Paris - TeL: 01 48 00 20 20 


1 Wednesday, June IB, 1997 

Boom 2 at 2 p.m. FAR EASTERN ART. Etude TAJ AN, 
3 7 . rue des Mathurins 75008 Paris, tel.: 01 53 30 30 30 
fax: 01 53 .50 30 31- 

Friday, June 20, 1997 , 

Room 2 at 2:15 p.m. WEAPONS. HISTORICAL ] 
SOUVENIRS. Etude TAJAN, 37, rue des Mathurins 75005 1 
Paris, tel.: 01 53 30 30 30 - fax: 01 53 30 30 31. 

Saturday, June 21, 1997 

Room 9 «l5 p m. CARTOON'S. Etude TAJAN, ?7. rue 

des Mathurins 75008 Paris, id.: 01 53 30 30 30 - fax: 
01 53 30 30 31. 

In NEW YORK please contact Ketty Maisonrouge & Co. 
Inc. 16 East 65th Street, fifth floor’ N.Y. 10021. Phone: 
12121 737 35 97 7 737 38 13 - Fax. (212) 861 U 34. 


DON’T MISS 
OUK ART SECTIONS 
RUNNING TODAY 

ON 

PAGES 8 & 9 


4 I Miss My Mom, 5 
Says Son of Victim 

McVeigh Prosecution Ends Phase 


flte Associmcti h css 

DENVER — Prosecutors 
on Friday ended the penalty 
phase of their case against 
Timothy McVeigh, finishing 
up with a father testifying 
about comforting his young 
son after the death of his 
mother in the Oklahoma City* 
bombing. 

“I deal with Clint's hurt all 
the time." Glenn SeidJ said of 
living without his wife, 
Kathy, who d ted in the federal 
building’s Secrei Service of- 
fice. “We try to live a normal 
life, but this isn’t a normal 
situation." 

The same jury that con- 
victed Mr. McVeigh of 
murder now must decide if he 
should die by lethal injection 
or spend the rest of his life in 
prison. 

Mr. Seidl's son. Clint, now 
9. had been scheduled to testi- 
fy. but Judge Richard Matsch 
of U.S. District Court ex- 
cluded him. ruling that the 
account would be inflamma- 
tory. 

Instead, the father read the 
jury a message from the son. 

“I miss my mom.” the boy 
wrote. "We used to go for 
walks. She would read to me. 
We would go to Wal-Mart. 

“I will still make my moth- 
er Mother's Day and 
Valentine's Day cards like 
the other kids." 

Three jurors and two al- 
ternates cried. Mr. McVeigh 
remained stoic, with the same 
blank expression he has worn 
through 38 witnesses who 
over three wrenching days 
have supported the prosecu- 
tion bid to take his tire. 

Prosecutors contend that 
death by injection is rhe only 
verdict that fits the April 19, 
1995, bombing of the Alfred 
Murrah Federal Building that 
left 168 people dead. 

The defense will attempt to 
spare Mr. McVeigh the death 
penalty by calling his rela- 
tives. teachers and military 
officials. They are expected 
to describe the influences and 
events — including the FBI 
siege of the Branch Davidians 
near Waco, Texas — that 
turned the 29-year-old Gulf 
War veteran against his own 
government. 


On his way into court Fri- 
day. Mr. McVeigh’s lawyer. 
Stephen Jones, said: “1 Think 
that it might take another 
week or so of testimony be- 
fore it's ready to go to the 
jury. It’s all tough.^lt’s been 
uphill for us, we understand 
that." 

In their presentation, pros- 
ecutors displayed a series of 
photographs of the wounds 
on some of the bombing sur- 
vivors. ’Although Judge 
Matsch barred the most grue- 
some images, the presenta- 
tion still left jurors looking 
sickly. 

Narrated by an Oklahoma 
epidemiologist. Sue Mal- 

lonee. the "pictures showed 
backs sliced open by flying 
glass, crushed eye sockets, 
faces made limp by nerve 
damage and neck scars where 
jugular veins had been ripped 
open. 

Ms. Mallonee provided the 
ghastly details of the victims’ 
wounds: 

"She had a large door knob 
embedded in the back of her 
head." 

"He still has glass embed- 
ded in his back." 

"Her right ear was tom 
away from her scalp." 


Rado Swiss Open 
Cstaad 


lulv 2-13 


PALACE HOTEL 
GSTAAD 
SWITZERLAND 

Please call: 

Phone +41337485000 
Telefax +41 33.748 5001 

^htffeadiajfHatds of thcWijfid. 


fs 


CALMELS CHAMBRE COHEN 

12 RUE ROSSJN1 - 75009 PARIS 
TEL: 33 CO) 1 47 70 38 89 
FAX: 33 (O) 1 45 23 01 46 

PRIMITIVE ART AUCTION 



Monday 
Juie 23, 
1997 

at 8:30 p.m. 

DROUOT 


ZaJPe, anthropomorphic cup, wood. Height 19 cm 

80 fine pieces of ancient art from West-Africa, Nigeria, Central 
and East Africa, Oceania. Important Dan mask. Fang reliquary 
figure, and Luba bellows. Rare and superb Shankadi female 
figure and exceptional Kuba anthropotfrarphic cup reproduced in 
major Primitive Art Publications. 

Catalogue upon request Matt order 120 FF. 


Saint-Germain - En 


< ommis'-;iir<-- FtL-cur- Ar-.socic'- 5.0.1’. (France) 


Auction, “Florilege 97” 

Sunday, June IS, 1997 at 2. 30 F " 
Impressionnist Modem and Contemporary Are 






M WO Joan (I8?3-I983> 

'iii <-• i.'d 


Awvmonc* 

• ■' v .riv.-r.T.- 


zy- ■ • : ■ « ■(.- at » Zc v ;:ti i, . ; a r. . . 

For all InformadkmTd : (0033) 1 39 73 M 64 
Fa* : (0033) I 39 73 03 U 
MiTot Mariana Dlgarri . M-VaJerfe Bouvfer 








i 


PAGE 4 


In New Japan-U'S. Crisis Guidelines , One Eye Is on China 


BRIEFLY 


Tentative guidelines defining Japan's 
rule in supporting the United States in 
regional crises are to he released this 
weekend. Under the guidelines, Japan 
reportedly would, among other things, 
fight under a unified military structure if 
Japan was attacked and help ewcuate 
civilians from countries in a crisis. 
Douglas Petal, president of the Asia Pa- 
cific Policy Center in 'Washington, dis- 
cussed rite plans with Michael Richard- 
son erf the International Herald Tribune. 

Q. What do you expect -to see in the 
new guidelines for military cooperation 
between Japan and the United States? 

A. I think that for peacetime, there’s 
going to be a fairly extensive additional 
level of Japanese cooperation. Where 
there is no question of conflict or war, 
the Japanese are quite flexible. 

The real issue will be how the 
guidelines would operate in a crisis. 


Q&A/ Douglas Paal, of the Asia Pacific Policy Confer 


Japan's constitution doesn’t allow its 
military to engage in any direct fighting 
with other countries, except in self-de- 
fense if Japan itself were attacked. 

Q. Why is it important to clarify the 
terms for military cooperation between 
Japan and the United States? 

A. Defense budgets are declining. 
When military contingencies are 
planned for, the U.S. no longer has the 
overwhelming capability it had during 
the Cold War. The extra planes, per- 
sonnel and stockpiles are just not there 
to the extent they were before. 

Yet some of the potential crises we 
confront could call for very large sums 
of money to be spent on transport am- 
munition and things of that kind. 


Q. President Bill Clinton and Prime 
Minister Ryutaro Hasbimoto signed a 
declaration last year to strengthen the 
bilateral alliance. Chinese officials have 
been saying that the alliance is aimed 
against China. Do they have a point? 

A. They do and they don’t. The talks 
to rework the guidelines emerged out of 
the near-crisis in 1994 over North 
Korea's nuclear weapons program, 
when military action appeared prob- 
able. It was then that the gaps in the 
understandings between the U.S. and 
Japan over what were the ingredients of 
a successful buildup for managing a 
crisis became obvious. 

But in the intervening period, we had 
die tension with China over Taiwan, 


when Chinese forces test-fired ballistic 
missiles into the Taiwan Straits and 
staged large-scale military exercises in 
the area. The security ties between Ja- 
pan and the U.S. became palpably more 
• important to each of their publics be- 
cause of what China was doing- . 

Q. Where is the U.S.-Japau alliance 
now directed? 

A. Primarily toward the Korean pen- 
insula. But there are other grinds of crises 
that are possible. In a worst-case sce- 
nario, if tnings were to go very badly in 
Hong Kong, tbeU.S., with 30,000 Amer- 
icans in the territory, would have to con- 
duct a noncombatant evacuation oper- 
ation. We would need Japanese support 
for some aspects of that. But Korea gives 


the guidelines review real urgency. 

Q. Why then should China suspect 
that the scope of the U.S.-Japan allian ce 
is being expanded specifically to in- 
clude the Taiwan Straits and even the 
South China Sea? 

A. It’s not an unreasonable thing tor 
the Chinese to see it this way. But they 
also see a tactual advantage: By seizing 
on this, they believe they can use it 
diplomatically to pressure the Japanese 
into making concessions. 

Q. Won’t the future implication of the 
U.S. -Japan alliance and me military co- 
operation guidelines depend at least to 
some extent on how China behaves? 

. A. That’s the bottom line. This dec- 
laration may become meaningless if 
Korea becomes a source of peace rather 
than tension. As to situations elsewhere, 
Chinese behavior will determine the ex- 
tent to which it becomes an operational 
reality. So China should reflect on that. 


Albright Revives Marshall’s Spirit 

In Harvard Speech, She Outlines Activist Foreign Policy 


By Steven Erlanger 

.Vfir Y.vk Times Sen ice 

CAMBRIDGE, Mas- 
sachusetts — On the 50th an- 
niversary of George Mar- 
shall's offer here at Harvard 
University to rebuild Europe 
with American aid. Secretary 
of State Madeleine Albright 
laid out an activist agenda for 
American responsibility and 
leadership in a less coherent, 
post-Soviet world. 

On a dazzling Iate-spring 
day at Harvard University's 
346th commencement, the 
secretary of state reached into 
her personal history to warn 
of the dangers of American 
isolationism and global indif- 
ference. Mrs. Albright praised 
Marshall and the lesson of the 
war he helped to win. which 
was that .America must re- 
main engaged in the world to 


prevent “the rise of great 
evil,” and dial ’’this time, 
America would not turn in- 
ward. America would lead.” 

Her speech was notable for 
its vision about how the 
United Stares can use its un- 
challenged power in the 
world. 

‘'In the wake of the Cold 
War. it is not enough for us to 
say that communism has 
faded," she said. “We, too. 
must heed the lessons of the 
past, accept responsibility, 
and lead.” Just as Marshall 
urged the nations of postwar 
Europe to come together to 
make the most of American 
aid, Mrs. .Albright said the 
United States stands ready to 
help any country in the world 
willing to help itself. 

“Our vision must encom- 
pass not one. but every con- 
tinent.” she said, telling 


those who were graduated 
Thursday they will “live 
global lives,’ ‘ competing in a 
world marketplace. Last 
week, she noted. President 
Bill Clinton said that no 
European democracy would 
be left out of a new com- 
munity, even if the North At- 
lantic Treaty Organization it- 
self expanded slowly. 

“Today, I say that no nation 
in the world need be left out of 
the global system we are con- 
structing," Mrs. Albright said. 
“And every nation that seeks 
to participate and is willing to 
do all it can to help itself will 
have America’s help in find- 
ing the right path." 

Pointedly, Mrs. Albright 
said she spoke not only as the 
secretary of state but “as one 
of the many people whose 
lives have been shaped by the 
turbulence of Europe." 




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Cmrmt. 


Her father. Josef Korbel. 
was a Czechoslovak diplo- 
mat, chief of staff to the for- 
eign minister. Jan Masaryk, 
who wanted to participate in 
the Marshall Plan. She re- 
called her father's telling her 
about Masaryk' s return from 
Moscow, where Stalin in- 
formed him that Czechoslo- 
vakia would not participate. 

Mrs. Albright, just back 
from the former Yugoslavia, 
received some of her 
warmest applause here when 
she demanded that war crim- 
inals be brought to justice. 

While Mrs. Albright has 
said that she has no disagree- 
ment with Secretary of De- 
fense William Cohen and 
fully expects American 
troops to leave Bosnia-Her- 
zegovina in mid-1998, she 
raised the stakes for the ad- 
ministration about what 
needs to be done first 

She said that “the peaceful 
integration of Europe will not 
be complete until the Dayton 
peace accords are fulfilled.’' 
She added: “We cannot 
achieve our objectives in 
Bosnia by doing just enough 
to avoid immediate wan we 
must do all we can to help the 
people of Bosnia to achieve 
permanent peace.” 



Leu Sk* Vinp.'Afakf Fimat-Picvc 


UNBOWED DISSIDENT — Bao Ge, a Chinese dissident, at his 
Shanghai home on Friday. Mr. Bao, who was released from a labor 
camp days earlier, said he would not be intimidated by the au- 
thorities into abandoning his activities to promote human rights. 


Explosion on Bus 
Kills 5 in India 

AMRITSAR. India — An ex- 
plosion ripped through a bus in 
northern India on Friday, killing 5 
pie and wounding 11 , the police 



Other C 


No one immediately claimed re- 
sponsibility for the explosion, but 
its timing suggested militant Sikh 

involvement. 

The blast occurred an the 13th 
anniversary of the deadly army raid 
on Sikh separatists who were hid- 
ing in the Golden Temple here, the 
holiest shrine of the Sikh religion. 

The explosion occurred soon 
after the bus left the city of p«h- 
ankot, 400 kilometers (250 miles) 
north of New Delhi. (APj 

Protests in Peru 

LIMA — Stone-throwing pro- 
testers clashed with Peruvian po- 
lice in Lima during demonstrations 
against President Albmo 
Fujimori. .- 

The violence Thursday began 
when several thousand demonstra- 
tors in central Lima surged toward 
Congress, where riot policemen 
blocked their way. witnesses said. 

Ir was the largest recent protest 
aimed at Mr. Fujimori, whose pop- 
ularity soared after the mid April 
22 against terrorists holding 72 
hostages in the Japanese Embassy 
but has slipped because of his per- 
ceived autocratic approach and 
failure to improve the lot of Peru’s 
poor. 

The protests embarrassed Peru 
while a meeting of the Organiza- 
tion of American States was taking 
place here. ( Renters! 

Nike Assails Strip 

HONG KONG — Nike is chal- 
lenging the cartoon strip “Doones- 
bury” over working conditions in 
Vietnam. 

Nike, the American sportswear 
giant, says Gany Trudeau's strip 
unfairly portrays its Vietnam fac- 
tories as sweatshops where work- 
ers are abused and paid too little to 
eat properly. 

N ike’s workers earn two to three 
times the average per capita in- 
come of $200 a year in rural Vi- 
etnam. said Martha Benson, direc- 
tor of Asia-Pacific commun- 
ications for Nike International. 

Her remarks appeared in a letter 
published Friday in the South 
China Morning Post, a Hong Kong 
newspaper that carries “Doones- 
bury. (APt 



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J. Anthony Lukas, Pulitzer Winner, Dies at 64 


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By Clyde Haberman 

Nine Vorl Times Semre 


NEW YORK — J. Anthony Lukas, 
64, a driven, tenacious author and 
reporter who won two Pulitzer Prizes 
while exploring the social and racial 
fault lines of 20th-century America, 
died Thursday in his Manhattan apart- 
ment. 

Mr. Lukas, who chronicled the 
generational upheavals of the 1960s 
for The New York Times and later 
wrote a detailed study of Boston's 
agony over school busing, had re- 
cently completed a new book about a 
politically charged murder trial in the 
West at the rum of the century. 

An autopsy conducted Friday de- 
clared Mr. Lukas a suicide and 
showed that he asphyxiated himself. 
Ellen Borakove of the medical ex- 
aminer's office said. 

“He'd been in a funk since he 
finished the book,” said his agent, 
Amanda Urban. “He'd convinced 
himself that it was not good enough, 
which was crazy because it was bril- 
liant.' * 


That kind of intensity was char- 
acteristic of Mr. Lukas, who spent 
years researching and writing his 
.books. 

“He was absolutely brilliant,’’ said 
the author David Halberstam, who 
worked with Mr. Lukas at The Times 
in the 1960s. “He took journalism to a 
high intellectual leveL. yet he also had 
the doggedness of an old-fashioned 
police reporter. So you had a powerful 
combination.” 

That was recognized In the many 
journalism awards that Mr. Lukas 
won over the years, topped by his 
1986 Pulitzer for “Common 
Ground,” which examined the effects 
of court-ordered racial integration on 
three Boston families. It followed his 
1968 Pulitzer for an in-depth inves- 
tigation. “The Two Worlds of Linda 
Fitzpatrick.” for The Times. 

If was about the life and death of an 
affluent Connecticut teen-ager who 
was beaten to death, along with her 
hippie boyfriend, in Manhattan’s East 
Village. The article contrasted her af- 
fluent suburban upbringing and her 
squalid drug-ridden life in New York 


City, which her family knew nothing 
abput. 

In 1969. Mr. Lukas covered the 
trial of the so-called “Chicago 
Eight,” later the “Chicago Seven,” 
anti-war militants accused of conspir- 
acy to incite riots at the 1968 Demo- 
cratic National Convention that was 
held in Chicago. 

During the 1 970s he wrote for many 
publications, including a highly de- 
tailed series on the Watergate scandal 
for The Times Magazine. Over the 
years, he won many journalism 
awards before he turned his attention 
to book-writing more or less fulltime. 

George P. Livanos, 70, Owner 
Of Greek Tanker Fleets 

ROME (NYT) — George P. 
Livanos. 70, who helped build post- 
war Greece into a formidable mer- 
chant shipping power and as owner 
and operator of tanker fleets vigor- 
ously promoted efforts to protect the 
marine environment, died last Sunday 
at a hospital in Athens. 

Although usually counted among 
the select group of Greek shipping 


giants tike the late Stavros Niarchos or 
Aristotle Onassis, known as the 
Golden Greeks, Mr. Livanos was n« 
known for society page antics, but for 
the innovative way he built his family 
shipping company. Ceres Hellenk 
Shipping Enterprises Ltd., into an in- 
ternational behemoth. Its 91 vessels 
with 4.6 million deadweight tons, 
more than double the shrunken hold- 
ings of the late Mr. Onassis. make it 
Greece's largest merchant fleet. 

But Mr. Livanos also sought to 
reduce the damage to the environment 
caused by large-scale shipping. In the 
early 1980s. upset by the growing 
incidence of oil spills, he founded the 
Hellenic Marine Environment Pro- 
tection Association to encourage ship 
owners to promote improved training 
of crews and better safety measures 
aboard ships. 

Ronnie Lane, 51. a bass guitarist 
who helped launch the careers of the 
British rockers Rod Stewart and Ron 
Wood, died in Trinidad. Colorado. 
Wednesday after an long battle with 
multiple sclerosis. 


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BOOKS 


:i l 


PANDAEMONIUM 

By Leslie Epstein. 398 pages. 
$24.95. St. Martin's. 
Reviewed by Carolyn See 

F OR years, writers — tal- 
ented and not so talented 
— have been trying their 
hands at the Hollywood nov- 
el, taking that form, at once so 
appealing and so intractable, 
and trying to bend it into some 
other shape so that it might 
yield information about the 
larger world. But Hollywood 
is tricky and the Hollywood 
novel trickier still. 

If anyone can do it. it 
should be Leslie Epstein. His 
other novels include 
“Goldkom Tales” and 
“King of the Jews”; he is 
thoughtful, edgy, bitter, 
acute. Also, his Hollywood 
credentials are impeccable: 
His father and uncle were the 
Epstein brothers, who be- 
tween them wrote a zillion 
films, including ’’Casa- 
blanca.’ ’ They were — are — 
a Hollywood legend. 

In his earlier work, Leslie 
Epstein has been concerned 


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with illuminating and defin- 
ing the Jewish experience in 
this century, and he is con- 
tinuing to do that here. He is 
saying things that will not ne- 
cessarily conform to the pop- 
ular or politically correct 
view of life as we know it. 

In the year 1938, Peter 
Loire, the charming Jewish 
character actor who has been 
saddled in Hollywood with a 
string of perfectly dreadful 
Mr. Moto flicks, finds him- 
self flying to Salzburg in the 
company of renownai Ger- 
man director Rudolph von 
Beckmann and the exquisite 
legend of stage and screen 
Magdalena Mezaray. Beck- 
mann has been prevailed 
upon by the Austrian chan- 
cellor "to save his nation 
from being swallowed up by 
its neighbor to the north. ’ 

Of course, we, as readers, 
know that these theatrical 
types are on a fool’s errand, 
but, even within these fiction- 
al parameters, why anyone 
would think a production of 
“Antigone” might stop 
Hitler’s Aryan hordes is a 
mystery. 

Nevertheless, here they all 
are in Salzburg. Lorre is a 
nervous wreck, and snorts far 
more cocaine than is good for 
him. Von Beckmann struts 
and postures and utters anti- 
Semitic remarks to anyone 
who will listen. Hitler in- 
vades and promptly begins to 
court the delectable Mag- 
dalena. 


This plot summary is. I’m 
afraid, too coarse and prim- 
itive to begin to suggest the 
depth and texture of the nar- 
rative here: It’s strange and 
iridescent; nothing is quite 
what it seems. It’s hateful to 
have to give away any part of 
a plot, but it must be said that 
by the end of Part 1 , von 
Beckmann is unmasked as 
plain, unaristocratic Beck- 
mann without the "von." On 
top of that, he comes from the 
unappealing town of Za- 
leszczyki. He’s Jewish after 
all, from the same general 
neighborhood as the handful 
of Jewish refugees who came 
from the European nowhere 
and then went on to "invent" 
Hollywood. 

T HAT'S what Epstein 
aims to do here, I believe 
— to continue the work of 
writers like Neal Gabler and 
Scott Berg by looking into 
how this Jewish invention of 
Hollywood worked. His in- 
terpretation is frightening and 
more than a little sick-mak- 
ing, and a lot of people won't 
like it. (Of course, people 
who don’t care about the fate 
of the Jews in this century or. 
on another level, don’t care" 
how movies are made, won’t 
give a rat's whisker one way 
or the other.) 

Back in California. World 
War n cranks up. and the au- 
thor nails the Hollywood 
community. Over in Europe, 
Jews are being massacred, but 


Hollywood Jews pay tittle or 
no attention. They 're too busy 
whirling around in the glam- 
our and gossip of the moment, 
and they're far too busy mak- 
ing money. Even Lorre, who 
sees all these injustices, . 
neither lifts a finger to help ■ 
the Jews in Europe nor con- 
siders giving up playing that 
unappetizing Detective Mr 
Moto. The money is too good 
in Hollywood, the life coo 
easy. 

Meanwhile, “von” Beck- 
mann has come to Hollywood 
and is filming that same ‘ ‘An- 
tigone" as a western, out in a 
ghost town. The formerly per- 
secuted Jew, now that be has 
real power of his own, is b®* ./ 
having very much like a mad • 
Nazi. 

Could it be that, in real lif' _ 
the totally irrational, utterly \ 

vicious behavior we associate 

with the highest levels of Hol- 
lywood can be traced through 
oppressed Jews from m® : 
early part of this century back ■ 
to their crazed Hun oppress- 
ors? Is Hollywood an essen- - 
tially fascist system rub by • 
would-be Nazis? It's an in- 
teresting idea and "Pandae- : 
monium" a very compw* . 
novel. 

There’s a problem, though- . 

Does the larger reading pub- 
tic care to know — or 
about this at all? 


\DL1 




->r. — TT 




Carohn See reviews hook* 
regularly for The Washing! 01 
Post. 








INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 7-8, 1997 



kSI", the Other Congo, No Welcome for Refugees 


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By Raymond Bonner 

New York Times Service 

BILOLO, Congo Republic — Hie di- 
minutive peasant woman stands, hunched 
over, with the aid of a stick. Asked her age, 
she says: “I don’t know.” Then, after talk- 
ing to her granddaughter, she says she is 
84. 

Yet in the last seven months, Marthe 
Nyarwango walked 2,000 kilometers (1.250 
nules} across Zaire, the former Belgian 
colony now called Congo. She made the trek 
with -tens of thousands of other Hutu 
refugees — young men, pregnant women, 
old people. They traversed some of die nas- 
tiest terrain on the planet — malaria-infested 
swamps and stretches of jungle so thick it is 
often not possible to see aperson only meters 
away. They survived * — those who aid — on 
roots and leaves. 

£fji Along the way, Mrs. Nyarwango lost her 
son, his wife, and their son and two daugh- 
ters. “I don’t know if they are dead,” she 
raid. 

The refugees who have arrived herein this 
former French colony are barefoot, weak 
and clothed in rags, living in a field where 
smoke rises from fires as they try to cook. 

But now they may well be sent back, 
against their will, to Rwanda, the place they 
originally fled. It is a story of painful choices 
for the international agencies that want to 
help them, and of die governments that 
could. 

The refugees are more than 10,000 Hutu 
who fled Rwanda three years ago after their 
ethnic rivals, die Tutsi, came to power. They 
feared retribution for a genocidal campaign 
that Hutu hard-liners had waged against the 
Tutsi, in which a half mill i nn or more Tutsi 
were slaughtered. Many of these survivors 
of the trek — the women and children — 
almost certainly had nothing to do. with the 


massacres of the Tutsi, bnt many others are 
young men who might well have been 
among the killers. 

After three years in refugee camps in 
eastern Zaire, they were set on their most 
recent flight when Rwandan Tutsi a frarkftri 
the camps and a civil war broke out in Zaire. 
Now, after arrival ai a safe place here in the 
Congo Republic, the refugees face a future 
that may be as perilous as die past they have 
tried to flee. 

UN officials said that before the month 
was out, they would begin repatriating the 
refugees to their homes in Rwanda. They are 
responding to the Congo Republic's gov- 
ernment, which has said 
die refugees must be out 
of the country by the end 
of this month. 

Ibis presents an ex- 
cruciating' quandary for 
die UN High Commis- 
sioner for Refugees. 

Under the international 
conventions that the 
refugee agency is bound to uphold, only 
voluntary repatriations are acceptable, ana 
the Hutu here do not want to go home. The 
overwhelming majority of than are young 
men a fact attributed bythe refugees to 
survival of die fittest on die trek — and they 
fear that if they are sent back, they will be 
killed or thrown Into jail, because they will 
be suspected of having been involved in the 
killing of Tutsi in 1994. 

During their odyssey across an area as 
large as the United 'States east of the Mis- 
sissippi die refugees were besieged by hun- 
ger and disease. 

They have been hunted for the last seven 
months — and thousands of them were 
killed — by Tntsi soldiers in the rebel army 
of Lament Kabila, who since his army’s 
victory has become president of the country 


‘I saw die body of 
my wife in the river 
with blood. My son 
was with her.’ 


formerly known as Zaire. (Mr. Kabila has 
readopted his country’s original name, 
Congo, creating a bit of confusion with this 
country, the Congo Republic, which lies on 
die other side of the Congo River). 

“I ran over dead bodies,” said Therese 
Nyarampaduka, 47, standing with two 
daughters, 4 and 5, who made it; their father 
did not “I was sure I would die,” she said, 
starting to cry. 

To cross the Congo River to here, she had 
to pay the canoe owner with all she had — 
the plastic sheeting, kitchen sets and clothes 
she bad been given when she was a refugee 
in die camps in eastern Zaire from which she 

and the others fled in 

“ October. 

Last month, when the 
refugees reached 
Mbandaka,, in western 
Zaire, they" were only a 
canoe ride across the 
river to the safety of the 
Congo Republic. 

“We were resting in 
Mbandaka,” said Jean Nsingayumva, a 24- 
year old peasant from Butare, Rwanda. 
“The Red Cross helped us. They gave us 
rice.” 

Then the town fell to the rebels; die Zairi- 
an Army fled without a fight. 

“After we heard the guns crying, we 
began to run away,’ ’ Mr. Nsingayumva said. 
He and his wife ran to die river with their two 
small children. 

As Mr. Nsingayaumva was running, he 
turned, around. "I saw the body of my wife in 
the river with blood,” he said. “My son was 
with her.” His son was 7 months old. 

Now Mr. Nsingayumva, so weak that he 
lay down most of the time he talked, was 
caring for his surviving son. Petit Ntam- 
izero. who is suffering from severe mal- 
nutrition. Four years old, he weighs 18 


pounds. 

It was on May 27 that Mr. Nsingayunwa’s 
wife and other son were killed. Mr. Nsingay- 
umva said. He said he also saw the rebels 
knife two men to death. 

That was the day chi which hundreds of 
men, women and children were dubbed, 
bayoneted or shot by Mr. Kabila’s forces. 
The Boston Globe reported Sunday. 

The Kabila government in Kinshasa has 
emphatically and repeatedly denied that its 
soldiers killed any unarmed civilians. 

In the refugee camp here, the sentiment of 
the refugees was expressed by Patrick 
Ndinda, 20. ”We think we are safe now,’ ’ he 
said, practicing the English he had learned in 
Kigali, the capital of Rwanda. 

UN officials from the World Health Or- 
ganization and the Food and Agricultural 
Organization who visited this bleak site 
Thursday said that the UN would comply 
with the Congo Republic’s demand. 

“This will not be a voluntary repatri- 
ation,” said a refugee agency official here, 
acknowledging a reality be did not like. 

Already at least 10.000 Hutu refugees 
have crossed into die Congo Republic, and 
an additional 20,000 are on the other side of 
the river, desperate to come over. 

That is more refugees than the United 
States or most European countries would 
accept, and die Congo Republic is a poor 
country of 3 million people. 

A major concern is the potential for polit- 
ical instability brought about by the presence 
of thousands of refugees in this country, 
which is preparing for an election next 
month. 

It would cost at least $50 million to care 
for the refugees. ”Are the donor govern- 
ments going to come up with that kind of 
money?” the agency officer asked rhet- 
orically. “The international community is 
tired of the Tutsi-Hutn refugee mess." 



BctkM tVntjpvmK Nr* l.akTmn 

Marthe Nyarwango, 84, a refugee who walked 2,000 ki- 
lometers across Congo, being aided by her granddaughter. 


V//.r . > [r!f SWISS: Accusations Spawn Resentment 


Continued from Page 1 


opportunity 
the mud,” v 



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inner, Dies at 61 


sage that some read into die swing in 
public opinion. “The Swiss of today do 
not need Jews and Americans to take the 
of dragging than through 
wrote Daniel Pillaxd, an ed- 
itor at L’Hlustre. 

At the beginning of this year, it 
seemed that Switzerland might just trip 
lightly our of the opprobrium attached to 
its wartime past and its doling* with 
Nazi Germany. 

Like a choreographed minuet, 
bankers, diplomats, American Jewish of- 
ficials — and a majority of die Swiss — 
all seemed ready to take steps to ward die 
creation of funds, foundations, and high- 
level inquiries that would underpin the 
process of moral atonement for Switzer- 
land’s economic closeness to the Nazis. 

But since the publication in May of a 
withering U.S. report accusing the Swiss 
of prolonging World War II by acting as 
the Nazis’ bankas — a charge Bern 
rejected — the dancers have stumbled. 
The repeat was directed by Smart Eizen- 


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star, U.S. under s ecretary of-commoce. 

All die while protesting friendship 
with Washington. Swiss officials such as 
Mr. Cotti have taken to saying publicly 
what many Swiss were already saying in 
ate: If the United States is so trou- 
by the morality of Switzerland’s 
wartime behavior, why did it not enter 
the war until ova two years after it 
started? Why did it not bomb die rail 
lines leading to Auschwitz? 

The national obsession with the issue 


is so pervasive that Swiss television re- 
cently devoted a full three hours of 
prime-time viewing in French to a debate 
on the emotional issues that have arisen 
from the nation’s modem history. 

There is agreement, to be sure, be- 
tween Switzerland and the United States 
about die broad outlines of Swiss war- 
time actions. Few dispute that die Swiss 
National Bank bought looted gold from 
Nazi Germany, that Swiss private banks 
and businesses did lucrative business 
with die Third Reich, or that Swiss of- 
ficials turned away - 30,000 Jewish 
refugees. 

Even in the postwar era, die Swiss 
authorities axe coaping to acknowledge a 
legalistic obstructionism — some would 
call it greed and duplicity — that shiel- 
ded Goman assets from Allied expro- 

S tion and blocked survivors ’ access to 
c deposits of Holocaust victims. 

The question for the Swiss, though, is 
the motive. What Switzerland did in a 
continent at war was done for survival’s 
sake, the Swiss argue. What Switzerland 
did, their critics assert, was done out of 
opportunism amorality and sho uld 
be paid for in both moral and financial 
terms. 

Yet many Swiss refuse to accept the 
callow characterizations of their coun- 
try’s motives and object to die pressure 
from abroad to do otherwise. 

“Swiss-bashing by outsiders does not 
help.” Mr. Borer said. “A lot of Swiss 
feel treated in an unfair way. They feel 
we do everything we can and yet the 
criticism goes on.” 



Cropln RnlitURnlcn 

IRELAND VOTES — A policeman carrying a ballot box from a polling station on Inishfree island, off 
Donegal, on Friday after its eight voters made their choice in Ireland’s general election. Late polls showed 
that the center-right alliance led by Bertie Ahern’s Fianna Fail party could topple the government coalition 
of Prime Minister John Bruton. Eighty-four seats are needed to control the 166-member Parliament 


ALGERIA: 


Continued from Page 1 


YANKS: European Airlines Are Seeing an Edge in Battle-Tested American Managers 

organization unused to scrapping for France, Christian Blanc, hired Stephen Government Victory 
turf. Wolf and Rakesh Gangwal, both vet- w 

“Airlines are a damned competitive erans of United Airlines, he had to ran 
business,” he said, “and this is not a interference for them against Ranee’s 
company ftbere I get a sense that this tough unions, 
matters, though it’s going to have to." 




...rfKSwtr- 


4BW *:***■-- * *yt; ■ 



ish manager. Sir Colin Marshall, turned 
it from a bloated dinosaur into a lean and 
aggressive airline. 

ret Sir Colin, too, learned many of his 
tricks in the United States, where he 
waked for more than a decade in die 
car-rental business, first at Hertz Corp. 
and later at Avis Inc. 

Some U.S. investors, impressed with 
changes at the European carriers, axe 
already betting on them. David Bon- 
dennan, a principal of Air Partners of 
Fat Worth, Texas, which led an in- 
vestment group that put $450 million 
into Continental Airlines to help bring 
the carrier out of bankruptcy in 1993, 
sank $39 million last year into Ryanair, a 
Dublin-based upstart airline. 

With its no-fnlls, low-fare flights, Ry- 
anair has been such a success that when 
it starts selling shares on the New York 
Stock Exchange later tins year, analysts 
expect Mr. Bondaman’s investment to 
double in value. 

The hunt for American managers 
cones at a time of crucial change in the 
world industry. Like airlines elsewhere, 
European carriers are having to cone to 
grips with the globalization of markets 
and increased competition. 


at Swissair were a cultural shock. Man- 
agers converse in guttural Swiss Ger- 
man; executive meetings are in High 
G erman a in En glish, which Mr. Katz 
said he still prefers, despite his efforts to 
cram German. 

Groomed in a world of global com- 
munications, he found Swissair’s e-mail 
system old and cumbersome. “Inamod- 
ananporation it would be a handicap,” 
he said “How quick do 1 get analytical 
information? Many American airline 
companies dealt with that 10 years 
ago. 

Mr. Katz, 41 , views himself as a cata- 
lyst for change at Swissair. While he 
appreciates the airline’s assets — a 
young fleet, a strong home marke t, a 
respected brand name and loyal cus- 
tomers — his first impression was of an 


Continued from Page I 


Some analysts say part of the reason 
for hiring Americans, particularly at 
Swiss and German airlines, is to impress 
international investors. 

_ With globalization, European airlines 
must rely increasingly on inte rn ational 
capital markets for expansion, said 
Charles Donald, who follows the in- 
dustry at UBS Securities in London. 

“They want to be seen in the public eye 
as an international employer, to inject a 
sense of investor confidence,” he added. 

Sometimes, of course, the culture 
fights back. When the chairman of Air 


While Mr. Gangwal , as executive vice 
president fa revenue management, built 
a hub-and- spoke system, and Mr. Wolf, 
as special adviser to Mr. Blanc, im- 
ived yield management and created a 
it-flier program, Mr. Blanc skir- 
with labor. 

Both American executives have since 
left to run USAirways, and the French 
carrier is not yet home free. But when 
asked whether the Americans had 
helped the airline, an Air France spokes- 
woman in Paris replied: “Absolutely. 
They were a large part of the renovation 
of the company.” 


ADULTERY: Military Double Standard? 


Continued from Page 1 


tery, disobeying an order and lying. 

Mr. Cohen “can somehow put him- 
self into General Ralston’s shoes,” said 
Senator Barbara Boxer, a California 

Democrat who said she, too, could fbr- 

So pronounced ‘is the shift, and so give General Ralston. “But he couldn’t 
gressive have U.S. airlines been in fit himself into Kelly Flinn’s shoes.” 

Many people agreed, however, that 
Mr. Cohen was right to try to end what he 
called die frenzy of accusations that the 
army opened when it set up -a sexual 
misconduct phone line last year in an 
attemp t trade down rapists and other 
serious sexual offenders. 

“Enough is enough,” said Senator 
Christopher Dodd, Democrat qf Con- 
necticut. “We’ve got to make distinc- 
tions between- sexual harassment and 
private matters between consenting 
adults/’ He said, however, that if Mr. 

Cohen foj^ave General Ralston, he 

at American, a unit, should forgive-lieutenant Ftinn, too. 

General Ralston issued a statement 
expressing “deep appreciation” for the 
support he hadreceived from Me. Cohen 
andotbens, 'T take ftifi responsibility for 
my conffec? some years ago and nave 
woskeddiUgojtiytoIeamBRpmiityDtis- 
takes,” belaid “Our armed forces are 
composed .cf human beings that strive to 
meet the highest standards every day, 
but I am acutely aware .of human 
strengths and human frailties.” 

Adultery feat crime in the mflkaiy, 
under certain -conditions open to sub- 
jective interpretation- It is rarely pros- 
ecuted enfess^RCCompanied by other 
cringes. - 


aggressive 
responding to die challenge, that some 
executives say global experience, not 
cost-cutting skill, is what makes Amer- 
ican executives so valuable. 

U.S. airlines were die first to see “the 
full world as a market,” said Gerald 
Grcenwald, chairman and chief .exec- 
utive of UAL Corp., parent of United 
Airlines. “You don’t need to be arocke* 
scientist to cost-cuL” 

A view of tbe globe as their apple is 
cer ta inly something U.S. airline exec- 
utives often stock in their baggage. Of die 

17 yeas that JdifreyKstz, Swissair’s new 
-chief. 


: AMR Conk, four woe spent running 
die caiman y*s Sabre Travel fofonnation 


, a global innovator that seHs 

computer reservation sendees to holds, 
ttavd agents and corporate travd man- 
agaam more titan 70 oountries. 

The experience was, amo ng other 
dungs, a crash course in die European 
Way of doing things, as Sahre fought for 
turf in Fnmce and Spain, whiqfa allowed 
* virtual monopoly wx Amadeus, a can-, 
peative system owned by airlines 9 ^ 
rinding Air Prance and Iberia of Spain. 

Though Mr. Kat% jvho w3I become 
riuefe*ectrtiveirf&^w3iueon#ah.L 
bad spent time overseas, the-first we<fe 


General Ralston, now 53, was a mar- 
ried colonel with 19 years of service 
when he had an affair with a married 
CIA employee 13 years ago. The affair 
* ‘was fairly well known” at the time, an 
air face official said, but General Ral- 
ston told Mr. Cohen about it only this 
week after news organizations made in- 
quiries about it. 

General Ralston said the relationship 
lasted about a year during a time when he 
was separated from his wife, Linda, with 
whom be reconciled for a time before 
they divorced. That account differs from 
Mrs. Ralston’s. She said in divorce pa- 
pers that the affair continued fa years 
after the reconciliation and was the 
primary canse of the divorce. 

Lieutenant Fhnn was single and two 
years on of flight school when she slept 
with a married civilian soccer coach and 
then lied to superiors about it 

The air force chief of staff. General 
Ronald Fogleman, told Congress that the 
Flinn case was not about adultery, be- 
cause she bad lied, he said, she could not 
be trusted to carry nuclear weapons on 
ber B-52. In part because of the public righ’ 
outcry over her case, the air force al- Mr. 
lowed Lieutenant Flinn to leave the ser- 
vice with a general discharge that strips 
her of the right to ever again fly military 
aircrafL 

Kenuetb Bacon, a Pentagon spokes- 
man, said the Flinn and Ralston cases 
were different because General Ral- 
ston’s affair, which began when be and 



)cfcB^Bcapn»iiVThf l U« fa «fJftw« 

General Ralston: Officially forgiven. 


any distortion, is an enormous progress 
ana a great victory dedicated to the na- 
tion and future generations to build and 
strengthen democracy and the state of 
law,” Mr. Benmansour said. 

Opposition parties put a different spin 
on the results. They accused the gov- 
ernment of stuffing ballot boxes, or- 
chestrating pro-government votes in 
military barracks and illegally barring 
party election observers from public 
polling places, among other sins. They 
also suggested that the government had 
inflated turnout figures to bolster the 
credibility of die results. 

“I doubt the official result will open 
the way for a solution to the crisis,” 
Abdallah Djaballa, head of the Nahda 
Party, said in a brief interview Friday. 
“We have before os a long struggle.” 

Under the auspices of Ae United Na- 
tions, more than 100 international mon- 
itors are in Algeria to observe the elec- 
tions, although their ability to do so 
effectively is questionable given the 
large security details that follow them 
everywhere they go. 

Bat many of the reports of fraud ap- 
pear to be credible, according to a mem- 
ber of the international team who spoke 
on condition of anonymity. In one in- 
stance, international observers at a 
polling station near Algiers grew sus- 
picious when ballot boxes delivered 
from an army barracks were found to 
contain only votes fa the pro-govern- 
ment National Democratic Rally, the 
source said. 


EMU: 

Discord in Germany 

Continued from Page 1 

peeled to be a critical test of the will- 
ingness of Germany and France to main- 
tain their commitment to introducing the 
single currency in 1999. 

On Friday, the Sueddeutsche Zeitung, 
Bavaria's most influential newspaper, 
led its fronr page with a report that 
leading members of the Christian Social 
Union were in revolt over Bonn’s pro- 
European position on currency union 
and were “unanimously” in favor of 
delaying the introduction of the euro. 

“We all take die view, following the 
elections in France, that European mon- 
etary union should be delayed.” an 
unidentified member of the cabinet of 
the Bavarian state government told the 
newspaper. The election in France of a 
leftist government, which has said it will 
seek softer qualification terms for the 
new currency, is seen by the party's 
faction in the Bavarian cabinet and in the 
state house assembly as a “monetary 
death sentence” fa die euro, the news- 
papa quoted party members as saying. 

’‘Within the party it is clear that we 
can no longer establish the euro in 
1999,” the Bavarian official told the 
newspapa. 

Asked to comment on the newspapa 
article, Edmund Stoiber, Bavaria's con- 
servative prime minister, said he saw 
only a “50-50” chance of a punctual 
introduction of the euro in 1999 if the 
newly elected French government ad- 
hered to its campaign promises to soften 
the selection criteria. 

Mr. Stoiber, a political rival of Mr. 
Waigel’s, stopped shot of open rebel- 
lion, saying he was unwilling to demand 
a formal delay. 

Even so, Mr. Stoiber said the chances 
of putting the euro in place by 1999 had 
became “plainly weaker. ’’ Any weak- 
ening of die criteria to meet the deadline 
would have “catastrophic con- 
sequences,” Mr. Stoibersaid. He added 
that it was no longa evident that a “con- 
sensus of stability” existed across the 
European Union. 

Alois Glueck, Mr. Stoiba’s parlia- 
mentary leader in the Bavarian as- 
sembly, said he saw increasing uncer- 
tainly in the Bonn government ova the 
timely birth of the euro. 

Mr. Waigel said, ' ‘We are not leading 
a discussion ova a delay.” He said his 
party stood by resolutions it made at its 
annual congress in early April, when it 
adopted tbe position that the fulfillment 
of the criteria determined the timing of 
the currency, a position that implicitly 
leaves room for a delay. 

Mr. Waigel, who survived a no-con- 
fidence vote in the Bundestag on Wed- 
nesday, has alienated many of his polit- 
ical allies in tbe past two weeks with 
stop-gap proposals to patch the budget. 
Lawmakers harshly criticized the pro- 
posals and said they would cost them 
votes in national elections next year. 

Other voices in Bonn are calling for 
looser interpretation of the Maastricht 
rules to ensure a timely start. Urging 
flexibility on the single-currency cri- 
teria, forma Foreign Minister Hans-Di- 
etrich Genscber warned that delaying 
the single currency would lead Bonn into 
“ice-cold isolation.” Heiner Geissler, 
Mr. Kohl’s deputy floor leader in Par- 
liament, also called for a looser reading 
of the criteria Friday. 


INDONESIA: Jakarta Strikes Back at U.S. Over Rights Criticism 


business interests, including a prominent 
Indonesian banking family, ova alle- 
gations of improper donations 10 the 
Democratic Party. 

Mr. Alatas said tbe cancellation of the 


Continued from Page 1 

December and spent time with Bishop 
Carlos Ximenes Belo, a co-winner of the 
1996 Nobel Peace Prize. The human 

its abuses woe evident everywhere, contract wo”ld remove “a potential 
Kennedy said when he introduced stumbling block” in relations between 
the bill in Match. 'the two countries as well as “difficulties 

The State Department urged Indone- fa the Clinton administration.” uuui participating m me program in 

sia to move toward greater democracy The Clinton administration had 1992 after security forces fired at dem- 


gram. It is not that much it is not that 
important,” 

A diplomatic source said the military 
courses “are generally considered pro- 
fessional military courses for senior mil- 
itary members as opposed to technical 
courses.” 

The United States barred Indonesia 
from participating in tbe 

dem- 


the CIA employee met at foer National 
War College, dud not nndamine good 
order and discipline. - 


after Mr. Suharto’s party won a landslide offered the jets to Indonesia from 28 that onstralors in the capital of East Timor 
victory in May 29 parliamentary elec- were originally intended for Pakistan. Dili, in 1991. Witnesses said ud to nm 

-> -= — The sale to Pakistan was blocked by a - — y “ w 

U.S . law forbidding military sales to that 
country because ^suspicions that it was 
developing nuclear weapons. 

Mr. Alatas said the military training 
program was “only a $2.5 million po- 


tions. Poll monitors and minority parties 
claim the ballot was marred by vote- 
rigging and other irregularities. 

Congressional scrutiny of U.S. rela- 
tions with Jakarta has also been 
heightened by investigations into Asian 


people died. 

In late 1995, Washington reinstated 
Indonesia s participatio n in the pre 
which covers about 20 senior 0 
annually at a cost of $600,000. 

(AP , Reuters) 


ers 


i 




r 


PAGE 6 


EDITORIALS/OPINION 


llcralb 


INTERNATIONAL 



Srtbune. 


-n BLisHFD mm the »» \nun times *ni> tiik wanhihctun fost 


Abacha’s Ambitions 


The recent military overthrow of 
Sierra Leone's elected government 
drew swift and justified condemnation 
across Africa. It defied the continental 
trend toward democracy and 
threatened to re-ignite a civil war in 
which at least 10,000 people died be- 
fore the now deposed president, 
Ahmad Tejan Kabbah, achieved a ne- 
gotiated peace six months ago. 

But African leaders have been far 
too quick to endorse Nigeria's attempt 
to reinstall President Kabbah by mil- 
itary force. The growing inclination 
among African countries to be more 
active in addressing crises like this 
should be welcomed by an outside 
world that has too often ignored or 
aggravated the continent's problems. 
Yet in signing on to the dubious agenda 
of the Nigerian military regime, other 
African countries risk making an 
already bad situation even worse. 

Nigeria's dictator. General Sani 
Abacha. did not order his troops into 
action out of any commitment to demo- 
cratic principles. Nor is the general a 
plausible opponent of military coups, 
having engineered several himself. 


leader seems mainly interested in es- 
tablishing his own country as West 


Africa's dominant military power and 
tan. That role t 


While happy to accept any diplo- 
matic benefits’ that might come from 


regional policeman. That role has also 
involved Nigerian forces in a pro- 
longed attempt to impose a solution on 
Liberia's waning factions. 

Making Nigeria a dominant regional 
military force not only serves General 
Abacha's grandiose ambitions, it also 
keeps restless army officers busy 
abroad instead of plotting against his 
rale in Nigeria. 

The first Nigerian military moves in 
Sierra Leone went badly. After Ni- 
gerian naval forces bombarded the 
capital city, Freetown, local troops at- 
tacked and overran Nigerian positions. 
Nigeria has since sent in reinforce- 
ments and new fighting seems immin- 
ent unless Ghana's efforts to work out 
a negotiated solution quickly succeed. 

If African countries are determined 
to seek a military solution to this crisis, 
they should carefully define the man- 
date for outside troops and seek ap- 
proval from the UN Security Council. 
As for General Abacha, if he really 
wants to become a champion of de- 


mocracy and civilian government, be 
begin at ' 


his role in Sierra Leone, the Nigerian 


should begin at home. 

— THE NEW YORK TIMES 


Sex and the Military 


On its face, the American military 
seems to be dealing inequitably with 
sexual and sex-related offenses. The 
army puts a sergeant in jail for 25 
years. A first lieutenant gets drummed 
out of the air force. A two-star general 
loses one of his stars. But a four-star 
general gets to be considered for chair- 
man of the Joint Chiefs of Staff. 

Is that about right? Well, yes and no. 
The kind of coercive sex that then- 
Staff Sergeant Delmar G. Simpson' 
forced upon trainees in his direct chain 
of command is not comparable in any 
way to an affair between a general, 
temporarily separated from bits wife, 
and a consenting civilian adult. First 
Lieutenant Kelly Flinn's affair with the 
husband of an enlisted woman, and her 


Chiefs, the president's top adviser on 
military matters. “We need to come 
back to a rule of reason instead of anile 
of thumb," Mr. Cohen said. 

Well, he’s right about that. The 
American military is a peculiar and, on 
tiie whole, successful institution that 
has good reason to interfere in some 
personal matters that civilians would 
rightly consider off-limits to their em- 
ployers. But the purpose of such in- 
terference is oot to command morality: 
it is to ensure the good morale and 
discipline of the troops. Relationships 
that interfere with that -discipline — 
especially between commanders and 


those they lead — should be prohibited 
of rank. . 


subsequent lying about the matter, also 
take her to a diner 


:rent place. 

But there is inconsistency and — to 
put it mildly — confusion in the mil- 
itary about how to deal with adultery 
and related sexual matters. On Tues- 
day a respected two-star major general 
of the army, John E. Longhouser, an- 
nounced that he was retiring early, and 
at one rank beneath his current stand- 
ing. because it had been revealed that 
five years ago he’d had an affair. He 
said he was separated at the time; he 
has since reconciled with his wife, but 
no matter — Secretary' of Defense Wil- 
liam Cohen agreed — the much-dec- 
orated general had to go, especially 
since he was commanding officer at 
Aberdeen, where others more junior 
had been disciplined- 
"We have very high standards that 


and punished, regardless of. rank. As 
for relationships that have no such im- 
pact, the military should adapr its 
“don't ask, don't tell" policy. 

Part of the difficulty here stems from 
the telephone hot lines that military of- 
ficials established to take complaints 
about sexual abuse. The intention was to 
provide a channel of communication for 
service men and women who felt they 
no longer could oust their chain of com- 
mand — a reasonable goal. Now the hot 
lines seem to have evolved into a funnel 
for malicious gossip and anonymous 
backstabbing; it shouldn’t be allowed 

Even the original case of Sergeant 
Simpson bears some re-examination. 
He was convicted of rape (although 
none of his victims alleged the use of 
force) and sentenced to 25 years in 


S i son. Against Staff Sergeant Vemell 
obii 


tobinson Jr., who was pan of the same 


we insist upon for the military." Mr. 
lid c 


vaspc 

predatory sex ring at Aberdeen Prov- 


Cohen said on Tuesday. “And when 
those standards are breached, then 
there are consequences that flow from 
it." But the statement turned out to be 
too hasty and categorical. The next day 
it was revealed that a respected four- 
star general of the air force. Joseph W. 
Ralston, had had an affair 1 3 years ago, 
apparently while he was separated 
from his wife (whom he subsequently 
divorced). This time. Mr. Cohen 
vowed to "draw a line" against a 
"frenzy" of sexual allegations and 
keep General Ralston as leading can- 
didate to become chairman of the Joint 


mg Ground in Maryland, the army 
dropped, without explanation, its 
charges of rape and won a six-month 
sentence for lesser sexual misconduct. 
Why such a discrepancy? 

Even the most reasonable rules will 
have to be applied with judgment and 
discretion, and there will always be 
abuses and inconsistencies. But the 
present situation — an almost total 
prohibition on adultery, selectively en- 
forced — seems guaranteed to promote 
unfairness. If the Ralston case drives 
that point home, it will have served a 
purpose. 

— THE WASHINGTON POST 


A Hearing for Weld 


What is striking about so many of 
Senator Jesse Helms's uses of his con- 
siderable power as chairman of the 
Senate Foreign Relations Committee is 
his patent lack of confidence in the 
persuasiveness of his own views. One 
could understand that the North Car- 
olina legislator would have political 
differences with the governor of Mas- 
sachusetts — any governor, even a Re- 
publican one such as William Weld. 
But to deny Governor Weld a com- 
mittee hearing on his prospective nom- 
ination as President Bill Clinton's am- 
bassador to Mexico on the basis of 
those differences? Without allowing 
the governor a forum in which to con- 
test die things being held against him? 
Without giving the senator's colleagues 
on the Foreign Relations Committee, 
let alone the fell Senate on the floor, the 


opportunity to make their own inquiry’ 
and to submit their own judgment? 


No doubt Governor Weld is, by Sen- 
ator Helms's lights, ideologically in- 
correct. The senator includes amoag 
his concerns the governor's stands on 
abortion and on the medical use of 
marijuana. But these are hardly issues 
that go anywhere near the heart of an 
ambassador's responsibilities. Gov- 
ernor Weld's experience in law en- 
forcement and political life, on the 
other hand, is specifically relevant to 
the major Mexico post. 

The president intends to submit the 
Weld nomination anyway. Any other 
course would mark a cave-in that 
would only encourage further defiant 
denials of democratic procedure. Gov- 
ernor Weld deserves a hearing so that 
his fell qualifications can be measured. 
President Clinton deserves the oppor- 
tunity to get on with his conduct of the 
foreign policy of the United States. 

— THE WASHINGTON POST 


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The Euro Won’t Buy a Genuine 

YORK —The first two lessons 




i from the Socialist victory in 


By Tony Judt 


From the perspective of candidates for 
future membership in the Eu ropean un- 
ion, the prospect' is equally depressing. 
Even if one or two former CottHmanst 
states could technically qualify for mem- 
bsship under the Maastricht rules today 
ich is nuite nossible). they cookl not 


France’s elections last Sunday are ob- 
vious, and mostly of interest to the 
French, One is that President Jacques 
Chirac and the Gaullist movement are in 
.trouble, revealing a dangerous sinkhole 
on the right wing of French politics. The 
second is that any serious attempt to 
reduce France’s generous social ana wel- 
fare provisions will be overwhelmingly 
rebuffed by die French public. 

A third lesson, however, will have 
broad consequences for Europe and the 
world. It is that the goal of uniting 
Europe around the euro, die common 
currency envisaged under tire Maastricht 
treaty, has been revealed as politically 
unattainable. 

Paradoxically, it was the Socialist 
President Francois Mitterrand who was 
the driving force behind fee Maastricht 
agreement in December 1991. Like 
many of the previous stages in the Euro- 
pean Coramuniiy’s forging of an "ever 
closer union" over the last 40 years, the 
treaty was economic in form but polit- 
ical in purpose. 

In the aftermath of German unification, 
the french were anxious to bind their 
powerful neighbor firmly within existing 
European institutions. Chancellor Helmut 
Kohl of Germany, assented readily, but 
only on the condition that the move to a 
single European currency be achieved at 
no cost to Germany’s cherished monetary 
stability. If die German currency was to be 
folded into the euro, then the euro would 
have to be as firm as the mark. 

But the criteria under which member 
states are allowed to join the monetary 
union — notably the requirement that 
their annual budget deficit not exceed 3 
percent of gross domestic product — 
were arbitrarily set nearly six years ago 
and represent an unrealistic and excess- 
ive concern with monetary stability. 

Such terms might have made sense in 
an era of sustained high economic 
growth. But in today's straitened cir- 
cumstances they oblige governments to 
pass unpopular deflationary measures 


and spending cuts — and thus destabil- 
ize national politics. 

Furthermore, the race to the euro has 
encouraged political dishonesty and bad 
faith among the European member 
stales. To qualify for membership in their 
own club, the French and more recently 
the Ge rmans have attempted budgetary 
sleight of band — the French by mort- 
gaging state pension plans' and the Ger- 
mans by unsuccessfully trying to revalue 
their central bank’s gold reserves. 

This has soured relations with smaller 
nations like ’Spain and Italy, which . the 
Germans have sanctimoniously lectured 


(whu 


is quite possible), thev 
continue to pursue the difficult economic 
and social transformations they have be-, 
gun without eventually increasing gov- 
ernment spending of die sort precluded 
by the criteria. 

The likely outcome is less a twined 
■ continent than a concentric series of 
European “clubs,” a multiclass Europe 
that will nourish disagreements and re- 
sentments in years to come. 

Finally, by defining a strong euro as 


Contrasting social and 
economic practices 
cannot be obliterated 
with the wave of a 
magic monetary wand. 



on the virtues of financial stringency. As 
a result, the move to a closer monetary 
union i$ actually driving Europeans fur- 
ther apart. 

Thus the I talian government of Ro- 
mano Prod: has taken great pains and 
considerable political risks to bring its 
budget in line with the Maastricht cri- 
teria. Yet German politicians and 
bankers continue to cast doubt on Italy’s 
long-term economic reliability, Ger- 
many’s own budget deficit and soaring 
unemployment notwithstanding. 

Thu has led the Italians, along with 
Greeks and Spaniards, to suspect that the 
rigidity of the terms for the euro have 
more to do with German domestic pol- 
itics than any grand design for a united 
continent 

To many, the criteria seem little more 
than a device to keep Mediterranean 
countries out of the monetary union as 
long as possible. 


:ks to that goal, Europe’ 
played into the hands of critics from fee 
political fringes. 

All across Europe, "Brussels" is now 
attacked by demagogues as the symbol of 
rules and requirements that create local 
unemployment, cuts in government ser- 
vice and economic stagnation. 

Critics assert: "We are the ones who 
stand- for those who have no voice in 
Brussels, for votes fearful of change 
(and foreigners), for those who. look 
closer to home for their security and 
identity. We shall reassert the policy- 
making autonomy of the nation-state,” 

In France the extreme-right National 
Front and the Communists, together 
with various dissident politicians who 
share their dislike for “Europe,” gained 
nearly 30 percent of the vote. 

In Austria the Freedom Party, a Euro- 
phobic group, has attracted voters from 
social-democratic strongholds including 
Vienna, where it won a quarter of fee 
votes in municipal elections last year. 


If fee painful budgetary reforms and 
opted by It 


tax increases adopted by Italy’s center- 
left coalition prove in vain and fee nation 
is kept out of monetary union, an angry 
reaction can be expected there, too. 

At fee very least we shall bear demands 
across the continent for a "social" 


Europe rathet (few a mratetiry Ose-^-fee 
same vague promise feat was hed oat *> 
French voters by fee new prime sauter, 
Lionel Jospin, ^nd is finding an , eager 
audience among Geonaay > floun tj qin g 
Social Democrats. Likewise, it is <*riy in 
some 6uch social uokm few we can expect 
Tony Blair's Britain to play a fell pari 

The lesson i s clea r. AEuropeanUnion 
founded on a strong and inflexible cur- 
rency — fee extrapolation to the rest of 
the continent of the postwar German 
“miracle” — is no longer realistic or 
prudent. 

An ever-closer union, of fee kind that 
seemed so admirable aafraecessaty ^ 
1957 when the Treaty jc£JRome was 
drawn up. may no longer be. fee best way 
to ensure peace and stabtiity-in Europe. 

Melding fee economies ctf countries as 
different as Austria and Britain, France 
and Portugal, Sweden and Greece foot to 
mention Poland or Hungary) is both im- 
possible and unwise: Contrasting social 
and economic practices are bom of long- 
standing political and cuhural differ- 
ences that cannot be obliterated wife the 
wave of a magic monetary wand. 

There are alternative, less monolithic 
models of cooperation. The Swiss con- 
federation, in which real political au- 
thority and the power to make . major 
economic decisions are shared among 
autonomous regions, might he a more 
reassuring model. 

If Europe is ever to move toward 
genuine cooperation in foreign policy 
and military coordination, both of which 
require the active cooperation of sov- 
ereign states, then the union will need to 
scale back both its rhetoric and its cur- 
rent monetary obsessions. 

But what, some will ask. if global 
market forces make economic “hannon- 
izatiorf" inevitable? That, however, is the 
last lesson of fee recent French election: 
“Global market forces” don’t vote. 


The Right’s Austerity Fixation Is Passe, and Not Just in France 


P ARIS — Ranee’s election 
last Sunday of a Socialist- 
led left-wing alliance means that 
fee left now is in power in five of 
the seven leading industrial na- 
tions. It may soon take power in 
a sixth, Germany, where Chan- 
cellor Helmut Kohl's situation 
is distinctly insecure. 

The right is in disanay, to be 
polite about it As a con- 
sequence of fee right's electoral 
fiasco in France. President 
Jacques Chirac’s personal 
power vehicle, fee Gaullist RPR 
party, now will either pass under 
fee control of Mr. Chirac’s crit- 
ics and opponents, or they will 
establish their own party and 
leave the RPR mutilated and 
ruined. The racist National 
Front will pick over fee pieces, 
and scavenge what it can. 

In Britain, the defeated Con- 
servative Party is trying to find a 
new leader who can reconcile 
pro- and anti-European Conser- 
vatives. The chances for a last- 
ing success seem slight; the 
Tories’ famous appetite for 
power at the cost oi principle 
may allow them to fudge fee 
European issue temporarily, but 
the division between those for 
and against European involve- 
ments is probably too basic to 
be overcome. 

The modem era of Tory dom- 
inance in Britain, which began 
with fee fall of David Lloyd 
George's last Liberal coalition 
in 1922, may be over for good. 
Republicans in Washington 


By William Pfaff 


are in better condition, but the 
American right is nonetheless 
divided into warring factions. 
With key Republican policies 
shoplifted by BUI Clinton, fee 
right's chances against a Gore 
or Gephardt Democratic can- 
didacy in 2000 are problem- 
atical. 

Why is this so? 1 would say 
that fee right has fatally allied 
itself to an economic ideology 
that made sense in fee condi- 
tions of fee early 1980s and 


promotes employment? Unem- 
ployment, and the deteriorating 
quality of employment, have 
become politically fee most im- 
portant phenomena in most of 
today's Western industrial 
economies. 

Robert Heilbroner, fee distin- 
guished American economic 
commentator, wrote in the Los 
Angeles Tunes Book Review 


brought fee right to power, but 
lien hi 


which has lost its pertinence in 
fee conditions feat now prevail. 
Few, except fee French elec- 
torate, have noticed. 

Foreign comment on fee 
French election has been all but 
unanimous, in Europe as well as 
North America, saying feat 
French voters chose "the 
past,” “discredited solutions." 
“tax and spend," "wishful 
thinking,” “romanticism." 

That means fee French re- 
jected fee Chirac government’s 
version of American free-mar- 
ket policies. This actually 
seems very sensible of them, 
because feat system does not 
work in the European countries 
wife powerful traditions of so- 
cial democratic and Christian 
democratic policies. 

What is backward about de- 
manding growth-promoting 
government programs, and a 
European monetary policy that 


What's backward 
about demanding 
growth-promoting 


government 

programs? 


last Sunday feat “fee most dis- 


iaay thi 

turbing effect of today’s global 


economy has been fee unprece- 
dented shift in fee distribution 
of incomes between capital and 
labor,” adding that capitalism 
today may be in fee process of 
inflicting severe and lasting 
damage upon itself because of 
the harm its current practices 
and doctrines have inflicted on 
labor. 

In 1980, inflation was the 
West’s most important econom- 
ic problem, producing the 
erosion of individual savings 
and severe budget deficits. In 
Britain, long-tolerated abuse oi 
union power was wrecking gov- 


ernment after government, and 
constituted a huge obstacle to 
investment and job-creation. 

The response was govern- 
ment austerity, dictated by 
monetarist doctrine, fee liber- 
ation of markets and confron- 
tation wife union abuses. Mar- 
garet Thatcher, newly come to 
power, and her American ad- 
mirer, Ronald Reagan, were fee 
Marx and Lenin of what their 
followers considered a revolu- 
tion. (Mr. Reagan’s subsequent 
recourse to deficit financing 
demonstrated a Stalin-like flex- 
ibility wife fee party line.) 

However, economies are dy- 
namic, not static, as are soci- 
eties and their problems. Dur- 
ing fee later 1980s, and in the 
1990s. market and monetarist 
thought hardened into an in- 
tolerant ideology, promulgated 
as appropriate to every circum- 
stance and every time. 

This was quite untrue. 
Keynesianism had been the ap- 
propriate response to fee mis- 
management of Western econ- 
omies in fee first decade after 


World. War L The Keynesian- 
inspired Bretron Woods system 
was a brilliantly successful re- 
sponse to conditions in Europe 
and in the international system 
after World War II — when 
most politicians and econo- 
mists, it should be noted, feared 
that depression and mass un- 


enmloyment would return. 
The Brettc 


Bretton Woods system 
was destroyed by Lyndon John- 


Canada, Boring? On the Contrary, It’s Busily Falling to Pieces 


W ASHINGTON — A few 
years ago. The New Re- 
public magazine held a com- 
petition for the most boring 
headline in history. The name of 
the contest — the benchmark 
for dull — was: "Worthwhile 
Canadian Initiative.” 

The key adjective was "Ca- 
nadian": boring, bland, safe. I 
regret to report feat this is no 
longer true. No country in fee 
process of imploding has the 
right to be called boring. True, 
fee excruciatingly slow and al- 
most civilized way it is doing so 
is characteristically Canadian. 
But the reasons it is falling apart 
should be of great interest, es- 
pecially to Americans. 

Last Monday. Canada held a 
national election. The results 
show a country in an advanced 
stage of fracture. 

Canada used to have three 
major parties. They represented 
different ideologies: There was 
a party of fee left (fee New 
Democratic Party), fee center 
(the Liberals) and fee right (the 
Progressive Conservatives). 

No longer. The NDP and fee 
PC were effectively wiped out 
in fee 1993 parliamentary elec- 
tions and have only made feeble 
comebacks. 

What is left? 

There are still three major 
. parties. But they are regional 
and ethnic. The Liberal Party 
has survived and. wife a bare 
majority in the new Parliament, 
remains the rating party. But it 
did so by winning two-thirds of 
all its seats in one province, 
Ontario. (Canada has 10.) In 
Ontario, fee Liberals won 101 
of 103 seats. 

Ontario is fee geographic and 
economic center of Canada, To 


By Charles Krauthammer 


one side is Quebec; to the other, 
fee West. In Quebec, fee ma- 
jority of seats in Parliament was 
won by a radically ethnic and 
separatist party, the Bloc Qud- 
b&ois. Its platform is the sep- 
aration of Quebec from Canada. 
It sends its delegation to the 
national Parliament in Ottawa 
for fee principal purpose 


pendence referenda. 

The separatists have lost 
twice. But they lost fee last one 
by less than one percent. And 
they vow to keep holding them 


until they win, at which point 
~ Dllapse. 


breaking up the couotty. 
To tire other side of C 


of 


. _ Ontario 
are • the Western (prairie) 
I me- 


provinces stretching all the way 
to fee Pacific. 'Hie Reform 
Party, the second-largest party 
in fee Parliament and now the 
official opposition, swept 70 
percent of the seats in the West. 
It won not a single seat any- 
where else in Canada. 

The Reform Party does talk 
about lower taxes and less gov- 
ernment, standard conservative 
fare. But' its real attraction is 
that it is anti-Quebec. The es- 
tablishment, it charges! has 
been trying to keep Canada to- 
gether with too many conces- 
sions to Quebec. 

The soft Easterners would 
give Quebec fee status of a 
"Distinct Society” within 
Canada and extraordinary c on- 
col over its language, culture, 
immigration and other func- 
tions. Reform rejects special 
status. Its platform is equality 
for all the provinces — read: 
Get Quebec off its pedesral — 
and if Quebec doesn’t like it, it 
can go jump in the Atlantic. 

On Monday, fee Liberals 
won. Ontario — bland, reason- 
able, accommodating — rales. 
For now. But the Reform Party 
will rail and Quebec will soon 
have another one of its inde- 


Canada will indeed collapse. 
The next referendum is prob- 
ably less than two years away. 

Why is this important to us in 
America? We know what can 
happen when parties and pol- 
itics become radically region- 
alized, as in, oh, fee election of 
I860. Now along comes 
Canada to remind us again what 
politically inspired, politically 
encouraged, politically hyped 
ethnic and regional differences 
can lead to: They can threaten 
fee very existence of a country 
as wefi-ordered and civil as 
Canada. 

For the last 20 years, Ca- 
nadian governments have been 
trying to satisfy Quebec’s, de- 
mands by granting it more and 
more autonomy. Quebec has, 
for example, its own language 
police. It goes around fining 
people for putting up linguist- 
ically incorrect signs. If fee 
French words on your shingle 
are not aHeast twice the size of 
fee English ones, you are in 
trouble. 

Hence, too, one of fee tri- 
umphs of French Canadian sep- 
aratism to date: fee abolition of 
fee apostrophe. (French does 
not have them.) Eaton’s, 
Canada's Macy’s, is now 
Eaton. Liberte! 

There is more, of course. 
Laws to force immigrants to 
send their kids io French-speak- 
ing schools. Quasi-diplomatic 
status for Quebec at meetings of 


French-speaking nations. But 
all of this will not do. Quebec’s 
French-speaking majority is not 
appeased It wants more. It 
wants independence. 

Quebec should be an object 
lesson to those American politi- 
cians who thrive on the promise 
of fee multilingual, multicul- 
tural nirvana awaiting us if only 
we gram special rights and 
status to America's various lan- ' 
guages, races and ethnicities. 
Ana fee' disaster awaiting us 
would be even greater than 
Canada’s. 


Why? Because Canada has 
one saving grace. For the most 
part, the French live in one 
place, fee English in another. 
Canada’s groups enjoy a neai 
geographic distinctness. They 
can have themselves a divorce 
and build a fence. 

We can’t. Americans are 
hopelessly physically en- 
meshed wife each other. 
Canada can afford its disastrous 
indulgence in ethnicity. It has a 
way out. 

We don’t 

Washington Post Writers Group 


IN OUR PACES: 100, 75 AND 50 YEARS AGO 


1897: Lightning Strike 


PARIS — A singular effect of 
lightning on a railway train was 
noted on fee Lyons-Saint-Paul 
to Montbrison line on Friday 
[June 4). A passenger train was 
traveling at full speed when 
suddenly there was a flash of 
lightning and fee .train appar- 
ently became enveloped in 
flame. At fee same moment fee 
driver noticed feat fee speed of 
fee train had been reduced by 
more than two-thirds. The man 
put on steam and fee train again 
traveled at its former rate. 


troubles, contracted under fee 
severe regime of the Bolshev- 
ists in Russia. He and his friends 
are anxious for him 10 come to 


France, but up to the^p reseat the. 


French Government has refused 
to grant the necessary visas. 


1947: Letter Bombs 


PRIEMOSHI 








!>•'! 


I 



The writer, director of the Remarque 
Institute at New York University, coii- 
tributed this comment to The Nev,' York 
Times. 



17 


4 




son’s financing of the Vietnam 
War by exporting inflation, and - 
by Richard Nixon's termination 
of the dollar's link with gold, 
leaving it to float. International 
inflation was fee result. Mon- 
etarism provided an answer. 

Those are not today’s prob- 
lems and answers, although 
nearly everyone has been going 
on as if they were. The French * 
electorate seems to be fee first 
politically influential body of 
think ers to realize that "nearly 





- s -**' 

— -*!■** 7 ' x~ ■- ‘ 


everyone is wrong. 

What now will follow can- 


.v 


not, obviously, be foreseen. The 
cabinet announced this past 
week by the new French prime ■ 

minister includes serious 
people and has a popular man- 
date to find a response to fee 
blight of unemployment. A su- 
per-powerful economic min- 
istry has been created. 

Should the French succeed, 
their example would influence 
the rest of Western Europe. 

The new French government 
may fail, of course. However 
these problems do have solu- 
tions, if one lifts one's eyes . 
from fee received doctrine. It is, 
first of all, essential to renounce 
fee belief that contemporary un- 
employment, and the degener- 
ation of conditions of employ- 
ment, are fatality — and v 
government “fee problem" 
rather than indispensable to fee 
answer. 

Inreriuiiinhjl Heivld Tribune. 

© Los Angeles Times Syndicate 


■ ■- ■i -r 








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1922: Gorky's Health 


PARIS — Will Maxim Gorky, 
fee famous Russian writer, be 
allowed to come to France to 
take the treatment for his health 
wluch only certain French wa- 
tering resorts in the South can 
efficaciously cure? Gorky is 
suffering from serious intestinal 
complications and nervous 


LONDON — Scotland Yard and 
British postal authorities inter- 
cepted nine more “letter 
bombs" today [June 6] includ- 
ing five addressed to Prune Min- 
ister Clement Attlee, war-time 
prime minister Winston Chur- *[,. 'i ^ 
chill and three other Labor cab- i ; ' 

inet ministers. Last night the /• : :: 
Fighters for the Freedom of Is- 
rael (fee Stem Gang) announced % ' 
their agents in Italy are mailing ' ■ • ^ 
the explosive letters. Twenty 
"letter bombs" so far have-been 
discovered in London addressed 
to famous British political lead- 
ers, including Foreign Secretary _ 

Ernest Bevin and former Foreign ^ |( ^ 

Secretary Anthony Eden, -*5 . . 




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meeting 

POINT 

IHeetfng Pant 


COMPANY EXECUTIVE. 56, IRISH, 
v&tf rh B ed. suoes&U. lows aatm. 
sport - slo, wmnrSng. hone ritfeig at. 
goaf hoi. gonl wine & ge«J onpaqr - 
SHtemmao £45 wSh whan b share 
he good 9mgs ot We a® b$ and 
atalttjYBaTdgalow.leTKtfneal 
aflecfco. vfihes to estebfash a deep S 
tastog Mta&nship. A ^ «h (dmo to 
B« ftt 248, HT. 63 Long Acre. Condon 
WCZE SJH.UK 

GBHLEUAH. 35 TEARS OLD. blood. 
cosmopoBsi. ihrSmss dentist living n 
a snoJ 5*u resort R SwdTBrtaftd. hand- 
one. sansAve. nee. wel maniwed. 
^K*og 5 languages. 177 cm. B7 kg. 
jAtaresud in ctestcai ruse, an taeei- 
tog. knkng lor sin. Minted. beaukM 
lady 30-2B s nnling chidren. manage 
and a ace horns. Wnb b Box 308. nr. 
92521 Uaufly Codex. France 

TOP CLASS, wel adxBbd. cosmopob- 
M Scamfinamafl type lady, nd 40's 
wbIms to meet European nigh dass 
irate around 46-55. rather stan and aa, 
sporty, french speakng F»: 44 mi\ 
244 7162 

ASIAN LAOfES seen marriage Details' 
CE BREAKERS. 545 Orchard Rd. 1WH 
Far East Sncppng Ct, Siompore 0923 
Tet 65-732 6745. Fax. 6>235 3780. 
ttQjfimi* guougioiMaB. 

Enteklunment 

Appears every Wednesday 
in The Intermarket. 

To advertise contact 
Sandy O’Hara 
in our Ncinr York o£Rce 
Tei.: (1-212) ^2 38<H> 
Fax: (1-212) 75S 8785 

or your nearest I HT offic« 
or representative. 


GENERAL 


Personals 


THANK YOU SACRED HEART OF 
Jesus and SaiM Jude lor prayers an- 
swered MTa 


Announcements 


mm as 24 

AU 7 AJIN 1997 
Pm Has TVA en dense locate 
{ta&etui (topondiie sir domnde) 
Rempbce les harernes aoNntus 

FRANCE I zone C; en ff,1 - TVA ZOffl. 
GO 3.68 FOO* 222 

SC97 5,41 SC5P: 522 

UK en .1 - T/A 17 |bd n) 

GO. 05254 FOO 1 : 0.3476 

ALLEUAGNE (zone It DM - TVA 15% 
ZOHEI-G: 

GO 1.08 

ZONE If./: 

CO 1.05 SCSP. 1.43 

ZOffiff-F: 

GO 1.03 SCSP: 1.41 

ZOttlV-F: 

SCSR 1.39 

20Enr-G: 

GO 1.55 FOD 061 

BELGIQUE en FBI ■ TVA 21% 

GO 22.07 FOO 1058 

SC37 3322 SCSP 3124 

HOUANDE UoneH) MG1 - TVA 17^% 
GO 1242 FOO 0.795 

SC97. 1.79S SCSR 1.753 

LUXaeOtKG en LUF-1 - TVA 15% 

GO 15.13 

E5PAGKE tzo» A) en PTASTTX'A 16%- 
GO 9333 

SCS7 101.30 SCSP 10234 
• Usage re^emente 


FEBJNG tow? ■ latng protfems’ SOS 
HELP 068-fcne m English. 3pm- 
11pm Td Pars (01) 47 23 80 SO 


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PAGE 7 


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Amencan Conterrporaiy Rne Art 
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hdpJ?*wwrm»ie»sgalBryxam 
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BEAUTIFUL. 29 year old grt from Inda. 
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Harvard. m4> work expeiience m huta. 
Europe and USA. looting la suitable 
math who should be h$ily educated.- 
bom a good lanty bactcgound and be 
soiled outside of ttaTwree Box 307. 
HT. 92521 NeuiSy Codex. Franca 


GENERAL 


DYNAIK A HWVATWE COMPANY 
■ft experience d rteas. approved 
patents and sold etontete seeks, 
ache pavor respecMy nsnrknal 
a prwate support also trom tee hotel 
and resort niEtry, n Oder b expand. . 
Fa xpp fa t kt i and farther bi t ani a tk m 
please coded ui under Box 291 
LRT, 92521 Neully Cedes. France. 


Telecommunications 


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UK 20 cents 


■ No Set Fees 
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Where Standards art Set not Mali 
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Fax: 1^06^590.1981 
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CONFERBfCE INTERPRETER 
SmAaneas / Ceasecuwe 
Tiaratetom 

rmpJ/dotmebctwJiomejTioni 


GENEVA PRETTY WOMAN 
BASa. LAUSANNE. M0NTREUX 
Cal 022 / 346 00 89 Escort Agency 
Crete] cants accepted 

ASIAN 1 PERSIAN • OfflBfTAL S 
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RETIRED U.S. BUSINESSMAN seeks 
non-smokmg Canada ot Dutch tarty 
(lesdent'Dhzen) (or posaoie mamage. 
desrog Canada a DuWi resbency and 
expfaie otter mubal busness interests 

Wrtle- J. Alton. 517 Bwcombe Si. 
Gteemde. SC 29601 USA. 

AMERICAN BUSINESSMAN, eealthy 
and generate, seeks local English 
speaking girls Iw las trps al over Eu- 
rope Pinto and debris to tMemamna! 
Herald Trtxre. Boc 231. Via Cassofa 6. 
20122 MSano, Italy 

NICE GERMAN WOMAN. 52 YEARS 
rcmanK and sensdve wnJd Ito b get 
k> know wamHiearted 

AMERICAN GENTLEMAN 

1 are interested n ixk. Uerabre. arts, 
theatre, travelling some sports, dancing 

YOUNG LADIES WORLDWIDE reek 
mentfcfttomates. Detelk and 400 phobs 
bee 1 HERMES, Bat 110660*. D-10836 
BERLN FAX *49-30-2513318 

DANISH LADY. 44. warts ID meet Amer- 
ican Ter UK 171 730 7688 a Box 288. 

IHT, 63 Long Aae. London WC2E 9JH 

& cooking "Happy atone is the Mi who 
loves' ( Goethe) f would te happy to 
make you happy Who wart Ito to wide 
b me * photo' 1 Box 310 IHT Enetfaetelr 

15, D-6G323 FrankfanMaxi. Germany 


EDUCATED . IINTV DEGREES. FASHION DESIGN! AND HAS ATOP' KWIION U? H* 
BUSINESS ACTIVITY A WELL-BALANCED TEN DER PEKSON^L I TTi . 

I MDMPllCATED AND GESEROLS. WITH GREAT »E;NSE OF HUM* 3UR SHE 
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YOUNG COSMOPOLITAN LADY WITH GREAT COMPREHENSION FOR HU. BL SLNE5S 
LIFE SHE COULD LIVE E'tR'i “WHERE. 

O MO/vre CARLO -PABIS- NEW YORK... 

AN ATTRACTIVE DARK-HAIRED ELEGANT MAN 1R2.W1TH GRE^T 
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EOLUJBRATED ASDGENEROIS HE IS LOOKING FOR TRUST. LOVE AND MITL AL 
RESPECT IN A PARTNERSHIP IN PERFECT HARMONT 

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PACE 8 



ART 



Wandering the World 
In Brooklyn’s Museum 


.Jvutm Whitcffhc No* Y*k Tunc* 


.mm i 

Frank Gehry' s computer-generated final model for the Lewis residence, inspired, the architect said, by “an armada floating in the mist. 

A Fantasy House That Never Was 


By Patricia Leigh Brown 

AVii KwJ Tunes Serriet 

N ew york — a 

began as an idolat- 
rous crush. Soon, il 
had escalated into 
an elaborate tango of flirta- 
tion and desire. It was an 
“odd and asymmetrical love 
relationship.'' one critic ob- 
served. that after 1 1 years was 
never consummated. It was 
an architectural affair to re- 
member. And remember and 
remember. 

in commissioning Frank 
Gehry to concoct a fantasy 
house overlooking a golf 
course in suburban Cleve- 
land. Peter B. Lewis was in 
many ways living out the pipe 
dreams of homeowners 
everywhere: being blessed 
with a seemingljT limitless 
money and a great architect to 
shape their reveries. 

‘ ‘ I spent a lot of money, but 
I had a lot of money." said 
Lewis, a Cleveland entrepre- 
neur and philanthropist ana- 
lyzing. a touch wistfully, the 
unorthodox 40.000-square- 
foot 1 3. 700-square-meter \. 
SS2 million Xanadu that 
Gehry spent more than a de- 
cade designing but never got 
to build. Like a kitten with a 
ball of siring. Lewis watched 
his dreams unfurl, unsure 
where they would lead. 

Even in these tell-all times. 


the spectacle of one of the 
world's pre-eminent archi- 
tects and his deep-pocketed 

f tatron publicly dissecting a 
ailed dream house is novel 
enough, not to mention that it 
was part of the Peter B. Lewis 
Critical Issues Forum last 
month in the Peter B. Lewis 
Theater t renovated with 
Lewis’s S 10 million donation t 
at the Guggenheim Museum. 

Gehry: “He kept saying. ‘I 
want Fallingwater. Go for 
it!' " referring to the 1938 
Frank Lloyd Wright master- 
piece in Pennsylvania. 

Lewis: “I kept talking 
about making it greater than 
Fallingwater. But I didn't 
know what that meant." 

From early concepts in 
1984 as a villagelike cluster 
of conventional rectangles, 
what had been a 22.000- 
square -foot compound — a 
two- bedroom house, guest 
house and pool — doubled in 
size, evolving into an other- 
worldly. free-form sculpture 
not immediately identifiable 
as a house. In the 1 1 years, die 
architect honed many of the 
ideas, and techniques that 
have since found life in other 
buildings, including the Gug- 
genheim Museum in Bilbao, 
Spain, set to open this fall. 
Like the Lewis house, its 
floor plan resembles a flower 
blossoming from the center. 
The question of whether 


Lewis, now 63. actually in- 
tended to build — or was just 
enjoying the ride — burned a 
hole through the Guggenheim 
forum called “Desiring Con- 
strue tion/Cons true ting De- 
sire: The House That Gehry 
Didn't Build." But the ob- 
sessive saga of the phantom 
house-that-might-have-been, 
the project filmed from its in- 
ception by documentary crew 
hired by Lewis, raises the 
scrim on the fragile ecology 
of the architect-client rela- 
tionship, in this case ending in 
an amicable divorce. 

A S Gehry observed 
with some sadness, 
Lewis never “vis- 
cerally connected" 
with his own house. Despite 
his wealth and enthusiasm, or 
perhaps because of it. he re- 
mained profoundly uncertain 
about what he wanted, more 
infatuated perhaps by the idea 
of the house and the interplay 
with its stars — Gehry and his 
collaborators Philip Johnson, 
Claes Oldenburg, Frank 
Stella. Richard Serra and 
Larry Bell, to name a few — 
than the actual house. 

“I didn't know what the 
rooms were going to look 
like." he cheerfully admitted 
at the forum. “And I didn't 
care a lot" 

Most architectural post- 
mortems tend toward the 


back-slapping “aren’t we 
brilliant” variety, which 
makes Lewis’s willingness to 
discuss what he called the 
“screw-ups” before 100 wit- 
nesses ana a panel of scholars 
all the more unusual. But it’s 
consistent The chairman of 
the Progressive Insurance 
Corp., the country’s sixth- 
largest auto insurance com- 
pany, is widely known as a 
creative renegade -in a staid 
corporate milieu, a supporter 
of such causes as the medical 
uses of marijuana. 

He has amassed one of the 
largest country's largest cor- 
porate an collections, be- 
cause he believes art encour- 
ages people to “think outside 
the lines." In a self-revealing 
unpublished corporate his- 
tory, Lewis, who is divorced, 
chronicled his reasons for 
turning to psychotherapy 
(note to Gehry: it has to do 
with difficulties maintaining 
a lasting relationship). 

His interest in the talking 
cure — albeit in a seminar at 
the Guggenheim — seemed 
ro bring out the psychoanalyst 
in everybody, In a reference 
to the house. Kurt Forster, a 
professor at the Federal In- 
stitute of Technology in 
Zurich, said: "It’s like a fer- 
tilized egg in a deep freeze. 
Somebody's fathered some- 
thing but doesn't know 
whether he wants it." 


Basel art fair maintains its international leadership. 

(International Herald Tribune) 

Contemporary art’s most influential trade fair. 

(Newsweek, New York) 

Un grand cru. 

(Le Figaro, Paris) 

Kunst in ihrer besten Art. 

(Frankfurter Allgemeine Zeitung) 


La feria principal. 

(El Mundo, Madrid) 

La fiera svizzera mantiene il suo primato. 

(La Repubblica. Roma) 



SpOrtwetti by 

Swiss Bank 
Corporation 


Alt 

28*97 

Basel 11.-18.6 1997 


Catalogue out May 97. Reserve now by fax: +49 89 12 69 90 11. 
Art 28*97, Messe Basel, CH-4021 Basel, Internet: www.art.ch 
Telefon +41 61 686 20 20, Fax +41 61 686 21 88 


By his own admission, 
Lewis was smitten. “I fell in 
love with Frank Gehry." he 
said. "There’s no question 
about it." 

In 1984. Lewis decided to 
“give up my bachelor pad," 
as he put it, and buy n ine acres 
of land with a stream running 
through. He described his 
taste at the time as “an in- 
tersection between being ex- 
citingly original and taste- 
lessly garish." After hearing 
Gehry lecture, he called him 
up and asked. “How’d you 
like to do the greatest bouse 
you ever did?" 

Thus began what Lewis 
called “11 years of wonderfu 1 
moments," in which, as in all 
great romances, “one thing 
led to another." Gehry. who 
remains a friend, designed 
numerous plans and models 
for the on -again, off -again 
project. 

T HE final design was 
inspired. Gehry said, 
by ‘ ‘an armada float- 
ing in the mist," with 
an undulating roof .canopy 
that mimics the ripples of 
lulling sails. 

• Gehry, who describes him- 
self as "a lefty-liberal do- 
gooder." said he felt increas- 
ingly uncomfortable with the 
scale of the project, and at one 

K suggested that Lewis 
a $5 million house and 
give the rest to charity. 

"I don’t think it was a 
building Peter would have 
been 'comfortable in, a master 
bedroom with 40-foot ceil- 
ings and a skylight." he said. 

But Lewis is still shuffling 
the deck. "This could be the 
most exciting thing I ever 
did.” he said. "Maybe it still 
is." 


By Holland Cotter 

(Vfu- Yo rk Tints Service 

N EW YORK — Let 
us now praise fa- 
mous museums, or 
at least a single 
great one: the Brooklyn Mu- 
seum, recently rechristened 
the Brooklyn Museum of Art- 
Between this year and next, 
the museum will celebrate 
two anniversaries: 175 years 
as a public institution, and a 
century of residence in its 
splendid Beaux- Arts home on 
■Eastern Parkway. 

Such longevity is a feat in 
itself. But the museum hasn't 
just survived; it has moved 
ahead. It just hired a new di- 
rector, - Arnold Le hm an, 
formerly of the Baltimore 
Museum of Art, to give the 
deep, dark future a honey- 
moon glow. And it continues 
to present first-rate shows of 
fabulous art. 

.Some of these are high- 
profile visitors. Last year’s 
"In the Light of Italy: Corot 
and Early Open-Air Paint- 
ing” arrived from the Nation- 
al Gallery of Art in Wash- 
ington. And “Monet and the 
Mediterranean,” waiting in 
the wings for October, comes 
from the Kimbell Art Mu- 
seum in Fort Worth. ■ 

But many of the most 
memorable offerings, like the 
groundbreaking “Conver- 
ging Cultures: Art and Iden- 
tity in Spanish America.” are 
entirely home-grown. And 
fresh re-installations of Af- 
rican, Egyptian and Chinese 
art from the museum’s per- 
manent collection have 
amounted to superbly man- 
aged survey shows in them- 
selves. 

Showcasing off what's in 
die cupboard is crucial be- 
cause the museum has hold- 
ings of astonishing quality 
and scope, from the indisput- 
ably major (Egyptian sculp- 
ture, American 19th-century 
painting), to the unique (gath- 
erings in late Persian and 
Spanish colonial art), to the 
offbeat (a fully furnished 
1 7th-century farmhouse and a 
Surrealistic bouquet of 
Schiaparelli gowns). 

Together they are worth 
any amount of bridge or tun- 
nel traveling to see, and 
there's no better time to see 
them than now. The museum 



is relaxing between big 
shows, so there’s nothing to 
distract attention from the 
galleries themselves. 

And art lovers routinely 
traumatized by mob scenes at 


the Met will find the Brook- 
lyn Museum almost eerily se- 
rene. (Low attendance has 
been, as it happens, a problem 
for years, ana rhe museum's 
recent name change is an at- 
tempt to sharpen its institu- 
tional profile.) 

The museum started life as 
a public library in 1823 i Walt 
whitman was one of its later 
librarians), at a time when 
“New York" meant Manhat- 
tan, and Brooklyn was an in- 
dependent village a ferry ride 
away. 

By 1842, the library’s col- 
lection — cobbled together in 
eclectic, magpie American 
fashion — included paintings 
and sculptures along with 
models of machines and nat- 
ural-history specimens. By 
the 1880s, the library had be- 
come the Brooklyn Institute 
of Arts and Sciences, with 
departments ranging from an- 
thropology to zoology. Fif- 
teen years laier, the present 
McKim, Mead . & White 
building got under way. 

If all had gone well, the 
result would have been the 
largest museum complex in 
the world at the time, leaving 
the Louvre in the dust. But 
things changed: In 1898, 
Brooklyn was incorporated 
into New York City, and the 


BASEL ART FAIR 


□ 





ARTS 


□ 


Galerie Beyeler 

Jobe De Vivre 

Gauguin, Van Gogh, Monet, 
Toulouse-Lautrec, Degas, Cezanne, 
Bonnard, Matisse, Picasso, Miro, 
Mondrian, Pollock, Roth ko and others. 

Baumleingasse 9, CH-4001 Basel 
Tel 41 6l 272 54 12 
- Fax 4l 6l 271 96 91 


ziegler 

Kimber Smith as. bis 12.7 1997 
Art 28*97 Basel 
Hall 204/B5 

*— Brnii Mghr 

■VrensJf - CH-6001 Zureh 
ToL. 261 2322 - Fa* 251 86 46 
Mo-Ff pm; Sat: 10 ajn. - 2 pjn. 



TURN 
TO PAGE 3 

FOR MORE 
AUCTIONS 


antiques! 


ANTIQUITIES 

Finest Classical, 

Egyptian, Near Eastern. 

Rh£a Gallery 

•by appointment- 
Zurichbergstr. 26 
CH-8032 Zurich 
2520620 Fax 2S20626 


Japanese Antiques 
Meiji 8c Edo Periods 


We sd & purchase museum-quality 
Jcpanese Satauma, bronzes, 
doixnme, porcelains & enhque 
Somuroi sywds, armor & Hirings. 

fhng cranes ANTIQUES, HD. 

1050 Second fin, NY, NY 10022 
Tel: 2)2-2234600 Fok 212-223-1401 


See our 

Arts and Antiques 

every Saturday 


producer ol' rhe exhibition 
ANTIQOMR 

VAN ROSSUM & CO. 


proud! v presents 

Etchings 
by Rembrandt : 
Reflections of 
the Qolden Age 

Pushkin Fine Art- Museum 
Moscow 

3 till ’PJune 

Geelvrnck Hinlopen Huis 
Hcrengncht 5 IS 
1017 CC Amsterdam 

tel. 1+31)20622 1010 

e-maii: niyium@cun>ntt.nl 



13,14,15,16 

JUNE 1997 

THE PARK LANE 
HOTEL 

PICCADILLY, LONDON Wl 
IWlOin-mWI Fug 81 7! -4M 460* 

tmp'-AmwJuugMan.coix 

■mafc MoChautfitaffaHni 




a HAUGHTONFAM 


FIAC 

1-6 October 97 
Espace Eiffel Branly 
Paris. 

International Contemporary 
Art Fair 

Country of honour: Switzerland 


1 




,4 t - 




r- 


\ 


* . . • i . • . ■ *«• > • » •• * 4|f :«>.<*{ 4 

S k' - 

Ov>*« MiesfUKi rr.Thc V- Y>iL Tim- 

The Egyptian Gallery of the Brooklyn Museum of Art. 


competitive zeal that had 
fueled its cultural ambitions 
cooled. Construction on the 
building more or less slopped 
within a decade, and the ex- 
isting structure, white-ele- 
phantine though it is. is a mere 
fragment of a grander design. 

B IT aT the same time, 
other things were 
perking up. Under a 
series of smart cur- 
ators in the departments of 
fine arts, ethnology and nat- 
ural history’, new infusions of 
art poured in: wotk from cul- 
tures ancient and modern. 
Western and non- Western, in 
a wide variety of fonns. in- 
cluding paintings and sculp- 
tures. fabrics and ceramics, 
prints and photographs. 

By the time the museum 
redefined itself exclusively as 
an art institution in the 1930s. 
an encyclopedic collection 
was in place. 

Choice samplings from al- 
most every aspect of that col- 
lection are on view in the mu- 
seum today. And they are 
arranged over five floors in 
what — 50 years ago. at least 
— was considered chronolo- 
gical order, i.e. "primitive" 
art at street level and con- 
temporary work way up there 
under the rafters. 


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Pre-Columbian Art Market Booms 

huertuinwuii Herald Tribune as the highly elaborate “ef- with red geometrical mod 

N EW YORK — figy bowls.” as specialists a pinkish ocher ground. W 
There is a poignant would have us believe? - human group conceived 

lure to cultures One of these bowls in the strange apparition and wj 
from the distant form of a monstrous head means has yet to be founc 


ICS 


huenumomil Herald Tribune 

N EW YORK — 
There is a poignant 
lure to cultures 
from the distant 
past of which glimpses can be 
caught through scattered 
works of art no longer un- 
derstood because all else is 
losr. In Central and South 
America, the loss goes fur- 
ther. The very identity of the 
human groups who made 
most of them eludes us. 

The sale with many re- 
markable works held at 
Sotheby 's on May 28 came as 
a dazzling reminder of the 
havoc done.in recent decades, 
in the form of so-called com- 
mercial digging. 

Right at the beginning, a 
miraculously well preserved 
small mantle of square shape 
from the Poracas Pe nins ula in 
Peru fascinated the atten- 
dance. Stylized creatures with 
monkey- like feet and masks 
suggestive of felines are em- 
broidered on deep red bands 
running around the edges and 
two central bands standing 
out on the dark purple ground. 
Very few complete mantles 
have come out of the nec- 
ropolis which specialists 
place some time between 200 
B.C. and A.D. 100. 

This one. last seen in public 
in 1974, triggered a furious 
bidding match won by the 
New York dealer Sam Merrill, 
probably on behalf of a client 
At $398,500, it multiplied the 
high estimate fivefold. 

Virtually nothing is known 
of the people who wove such 
textiles or molded earthen- 
ware vessels with highly so- 
phisticated shapes and motifs 
sparingly engraved. A jar 
with, a cylindrical neck that 
has human features and arms 
engraved on the body had an 
express ionistic ferocity well- 
attuned to modem aesthetics. 
It was bought by a French 
collector for $29,900. The 
meaning of the object re- 
mains as impenetrable as that 
of the textile. 


T HE site of Trem- 
bladera in the Je- 
quetepeque Valley in 
northern Peru offers 
even weirder enigmas. Small 
standing figures in burnished 
earthenware are handled in a 
comic-strip vein that gives 
them the appearance of ro- 
botic creatures from outer 
space. Credited to the “Late 
Chavin” culture, they yield no 
clue to their meaning nor to tbe 
identity of their makers. Two 
of these sold for $10,350 and 
$8,050, proving dial lack of 
understanding does not equate 
with lack of desire. 

Did the same people, who- 
ever they were, also make 
such utterly different objects 


as the highly elaborate “ef- 
figy bowls.” as specialists 
would have us believe? 

One of these bowls in the 
form of a monstrous head 
with a worried expression, 
holding in its mouth the bead 
of a feline, heavily repaired, 
was nevertheless sufficiently 
intriguing to find a taker at 
$4,600. 

Similar uncertainties be- 
devil our grasp of the ancient 
cultures of Mexico. The dif- 
ference is that they are better 
concealed. Labels sanctified 

SOURJEN MELDQAN 

by time-honored usage, how- 
ever mistaken, entertain an il- 
lusion of knowledge where 
there is none. 

Michael D. Coe, the dean 
of Meso-American studies, 
recently remarked that those 
we call the “Olmecs” are 
wrongly named. "Olmeca,” 
an Aztec name picked up by 
modern scholars, describes a 
group that lived centuries 
later. Our ‘■Olmecs,” whose 
culture lasted from 1400 to 
550 B.C., are nameless. Their 
language and metaphysical 
beliefs are not known either. 

All that can be said for sure 
about an admirable black 
earthenware bottle associated 
in the entry with the site of 
Las Bocas and dated "ca. 
1 200-900 B.C.” concerns the 
size (it is 17.8 centimeters 
high, about 6V6 inches) and 
the technique — burnished to 
a fine black sheen, it is par- 
tially carved in champleve. 

Whether or not there is rea- 
son to believe that “the hand- 
paw-wing, motif may symbol- 
ize one of the composite 
creatures of Olmec icono- 
graphy such as the were-jag- 
uars” is a matter of personal 
inspiration. Undaunted, a col- 
lector paid $16,100. 

Should we believe the spe- 
cialists who credit tbe same 
culture with making, around 
the same time, figural earth- 
enware sculptures? 

A reclining man wearing a 
turban of veiy Middle Eastern 
appearance could be seen in 
the sale. With its chin resting 
on its hand, it is cleverly mol- 
ded. A lovely burnished 
sheen has been given to the 
ivory-colored slip covering 
the pink clay. It touched a 
chord among those attending 
and ended up at $28,750. 
triple the high estimate. 

So did another dozen or two 
pieces without ID papers. 
What Sotheby’s described as a 
“Chuplcuaro Polychrome 
Mask. Late Preclassic ca. 300- 
100 B.C.” is in effect a com- 
plete enigma. The circular 
convex mask with small open- 
ings for the eyes and a bigger 
one for the mouth is painted 


with red geometrical motifs on 
a pinkish ocher ground. Which 
h uman group conceived this 
strange apparition and what it 
means fans yet to be found oul 
It soared to $41,400. way 
above the high estimate. 

The irrelevance of labels 
(bat serve as fig leaves to total 
ignorance was perhaps at its 
most laughable when these 
applied to works reflecting 
daily reality. Nothing could 
be more movingly evocative 
of seething communal life in a 
vanished Indian world of 
2,000 years ago than the clay 
models of two-story houses 
from the Nayarit stare in Mex- 
ico. Small figures chat in the 
upper story, sit outside on the 
ground with their backs to the' 
walk gazing at invisible pass- 
ers-by, or snoozing amid 
wandering poultry. One such 
model with intersecting roofs 
was of a type hitherto un- 
known. It brought $23,000. 

Not all of these ancient cul- 
tures are quite as elusive. 
Huge strides have recently 
been made in Maya studies. 
The pictorial script has been 
solved by Coe, bunding on the 
foundations laid down by the 
Russian specialist in Egyptian 
hieroglyphs Yuri Knorosov, 
and later by the American 
scholar Linda Schiele. His 
book, “Breaking the Maya 
Code,” was published last 
year by Thames & Hudson. 


s is?' 

. * w- . ?Sj> - 



This clay model of a house .found in Mexico ‘s Nayarit state . was sold for $23,000. 


By Keith Bradsher - 

; New York Timei Service 

npvmorr— The Detroit Institute of Arts, the 
I United Stales ’s fifth-largest art museum, is 
‘ ■ 'M crumbling because' of 'financial problems. 
■ There is imminent risk Thai sections of the outer 

walls will fall away from the corroded steel frame. During 
snowstorms, condensation dribbles down the inside of the 
single panes of thin glass in the gallery windows. 

A block away, the same city government that owns the 
art museum has just finished building the nation's largest 
museum of black history and culture. The double^paned 
glass dome over the rotunda at the Museum of African- 
American History is designed to admit light while keep- 
ing the building at a steady temperature and humidity. 
The towering decorative masks over the main entrances 
are partly plated with 14-carat gold. 

The visible contrast partly reflects the difficulty of 
raising money for old cultural institutions and the relative 
.ease of fund-raising for new buildings. But behind that 
lies a remarkable example of bow race, class, labor unions 
and big-city politics can aff eel cultural institutions. These 
. issueshave echoes in other cities, but seldom are the fights 
as nasty or as public as tbey have been in Detroit lately. 

. The tensions were most visible during the failed at- 
tempt this spring by Mayor Dennis Archer to transfer 
daily management of the art museum to Us mostly sub- 
urban benefactors. Those patrons, who already furnish 
the bulk of the museum's budget and were prepared to 
donate. more, agreed to guarantee the jobs and salaries of 
all municipal workers at the museum. The museum itself 
would have remained city property. 


Y ET, much still es- 
capes us. An ex- 
traordinary figure of 
a cross-legged man 
carved out of motley green 
stone around 250-450 is one of 
only six comparable Mayan 
sculptures, is this a ruler? Or is 
it a deity — such as the Lord of 
the Universe? Speculation 
goes on, but bidders did not 
wait for-tbe answer to push it 
up to $33-2.500. 

By far the most fascinating 


ARTS 


NOORTMAN 



Low* 

1S69- 1952 


Pert? d Ountreham 
Canvas 33 x 55 cm. signed 


French Impressions 

An Exhibition of French Painting 
from Paul Huet to Louis Valtat 

4th June - 4th July 

Man Fri 9 30 - 5 30. Sal 1 2.00 - 4 00 
At our London Gallery 
FuBy flkittralKJ uuloguo jvaibblo. £10 md posuyo 
40-41 Old Bond Street. London W1X 4 HP 
Telephone 0171-491 7284 Fax 0171-493 1570 
Vrijthof 49. 6211 LE Maastricht. Holland 
Tel: 043 3216745 Fax: 043 3213899 


• htlp.//www.auction-lr.com| 

nim'iimm. 


Claude Monet in Giverny 



auctions 


piece for the insight it yields 
into Mayan culture at its 
highest point was a painted 

S late considered to belong to 
te “Late Classic” phase, 
550 to 950. A scribe or painter 
seated cross-legged bends 
over the leaves of a codex. He 
wears a plumed headdress. 
Similar plumes project from 
the edge into the image. They 
suggest die presence of a 
second otherwise invisible 
artist, as Stacy Goodman, di- 
rector of Sotheby’s Pre- 
Columbian Department notes 
in the entry. If so, the unique 
representation might well de- 
pict a painter-calligrapher’s 
studio, the only one known. 
Broken and mended, but com- 


plete, with only limited touch- 
ing up along the breaks, the 
plate made it to $11 2.500. 

Like a Mayan circular slate 
mirror carved on die back 
with an elaborate bird motif 
($13,800) and a Veracruz 
small carving in low relief 
showing a standing dignitary 
holding a horseshoe stone 
yoke, the pictorial plate was 
bought for $23,000 by an 
American collector of 19th 
and 20th century art who is 
new to this field. 

"With the breakthrough in 
understanding the language 
and, at least in part, the icon- 
ography, Maya art has come 
into its own on the world 
scene,” says FatmaTurkkan- 


Wille, consultant to the Pre- 
Columbian department 
This is happening at the 
very time when destruction is 
reaching unprecedented lev- 
els. At. a seminar on “Con- 
serving Cultural Heritage,” 
organized last month by the 
School of American Research 
in Santa Fe, a grim account of 
looting as a form of subsist- 
ence in impoverished Indian 
areas exploited by dealers 
was given by David Matsuda.- 
As long as all public insti- 
tutions do not repudiate the 
acquisition of undocumented 
archaeological finds, things 
can only get worse. Give it- 
another two decades and not 
much of it will be left. 


B UT the museum's 64 unionized janitors, guards 
and workers objected vehemently to losing their 
status as civil servants. At a tumultuous special 
session in March, the City Council sided with 
the workers and blocked the management transfer. Union 
officials told council members- that Detroit, the nation's 
largest city with a black majority, should not transfer 
control of one of its cultural jewels to a group of mostly 
white suburban residents. 

. But some of the same issues of race and class have 
helped the black history museum win broad public sup- 
port. Voters have approved two bond issues to cover most 
of the $38.4 million in construction costs. 


that derives its emotional power from photographs, videos 
and clearly worded explanatory panels. Yet many of its 
traditional African, masks are on loan from the art museum. 
By contrast, the art museum has a remarkable collection of 
masterpieces, but with money short, there are few signs to 
explain the context or importance of the artworks. 


f^iARTS 


ARTS 


PlERJRE CORNETTE DE SaINT CyR 

COMMIS5AIRE-FR1SEUR 

44, avenue Kleber 75016 Paris 
Tel: 33(0) 14727 11 24- Fax: 33(0) 1 45 5345 24 


ANDY WARHOL 
& 

JEAN-MICHEL BASQUIAT 



“Crocodile" ■ Acrylic and silkscreen on canvas. 
290 x 437 cm (114 i/h x 172 inches) 





Grosveuor House 

’ant'd 1 Xx 


On view: 


21 co 27th June 
Gallery Enrico Navarra 
75 rue Faubourg St Hon’ort 
75008 Paris 
Tele 33 01 4742 15 99 


June 28 and June 29, 
II am to 9 pm 
June 30, 1 1 am to 6 pm 
Drouot Montaigne 
15 Avenue Montaigne 
75008 Paris 

Tel™ 33 01 48 00 20 80. 


London Summer Exhibition and Sale 
June 9-17 

.4 Ryder Street, St. James's 
For information call 0171 -930-8606 
In New York 212-265-3227 


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GROSY i.NOK !U)( M' PARK L A NT. 
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CREDIT MUNICIPAL 



PAINTINGS, ART OBJECTS & FURNITURE 
— AUCTION SALE — 


Thursday, June, 26th, 
at 1:30 p.m. 


Wednesday, June, ZJtfi 
from 930 am to 4 pjn, 
Thursday, June, 26m, 
from 9 JO to II JO am. 
Catalogue 50 F on request 

Tavernier 

exceptional calender 
about L fo-1780 
in dueled bronze and gold. 

indicating year, month, 

J 1 ’of the moon. 


55, rue aes rrancs-Bourgeois, 75004 Paris 
TeL:0l 44 61 65 00 - FaxrOI 44 61 65 32 

RC5 flirti B2A7 500 007 



VERDURA 

an original worn by originals 





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PAGE 11 - 


World Bank 
Increases 
Lending 
To Russia 


Bridge News 

WASHINGTON — Citing a “win- 
dow of opportunity” created in Russia 
by a cabinet shuffle that placed staunch 
market reformers in power earlier this 
year. World Bank officials announced 
plans Friday to increase leading to the 
country in 1997-98, raising it by the end 
of the period to $12.4 billion, from $6.4 
billion. 

The bank’s board approved six loans 
to Russia totaling $884.6 million. Jo- 
hannes Linn, the bank’s vice president - 
for Europe and Central Asia, said the 
Russian government’s commitment to 
accelerated reform had persuaded the 
bank to increase its lending. 

Mr. Linn noted that during the board 
meeting Thursday, there was “signif- 
icant support for the bank’s approach of 
increased lending to support accelerated 
reform.'’ 

But he warned that the political risks 
in Russia remained “si gnifican t,” and 
emphasized that the bank’s increased 
lending would be highly conditioned on 
the successful implementation of fur- 
ther reforms. 

For each loan, he said, “the con- 
ditions will be very specific and time- 
bound. ” 

Mr. Linn said conditions are set in 
collaboration with the Internati onal 
Monetary Fund, and include such tasks 
as restructuring the tax system, reform- 
ing Ae pension system, accelerating pri- 
vatizations and energy-sector reform. 

For example, he said die bank’s board 
on June 26 will consider an $800 million 
social-sector adjustment loan that will 
only be disbursed when the Russian 
authorities submit a plan for “signif- 
icantly restructuring the pension sys- 
tem.” 

The implementation of such reforms 
are die keys to increased bank support 
Mr. linn said, although he did not play 
down the risks. 

“There are significant risks in the 
medium term that the reform coalition 
could unravel,” he said, but far die 
moment die Russian authorities’ 
“commitment is there and steps are 
being taken.” 


fey 



British Central Bank 
Lifts Rates by 0.25% 

Increase Is First Under New Rules 


Lull [h-MIrWRnrt’D 

Vietnamese working at a JVC plant in Ho Chi Minh City, a sign of the influx of foreign investment 

Youth Lures Investors to Vietnam 

Despite Frustrations, Foreign Companies Tempted by Potential 


By Kevin Sullivan 

Washington Post Service 

HO CHI MINH CITY — It was 
Saturday nig ht and the Saigon Su- 
perbowl was buzzing. Pop music 
blared over the crashing of bowling 
pins. All 32 alleys ware filled with 
cash-flush young Vietnamese. 

Elsewhere in the two-stoiy com- 
plex, the huge video arcade was full 
and there were lines at all eight tables 
in the billiards parlor. Families drank 
Coke and watched “Hintstones” car- 
toons on TV screens in die food court, 
which smelled of hamburgers and 
fries, or shopped in a score of stores 
carrying American products. 

While much of Vietnam, including 
the neighborhoods just outside the 
mall’s doors, is still aland of dirt roads 
and flimsy shacks, this year-old, $ 1 3 .5 
million complex, built by a Singa- 
pore-based company with a Viet- 
namese partner, is a symbol of one of 


Asia's fastest-growing economies. 

It is also a sign of Vietnam’s demo- 
graphics: More than 60 percent of the 
population of 7S million is younger 
man 25, the vast majority bom after 
the Vietnam War ended in 1975, and 
young people are eager to try what the 
outside world has to sell them. 

“We don’t care if ii's American or 
Chinese or anything else; if it's fun 
and it's new, we will pick it up,’ ’ said 
Le Thuy Anh, 28, who works m Coca- 
Cola’s corporate office here and was 
surveying the Superbowl scene. 

Vietnam is booming. While its per 
capita gross domestic product is still 
just $301, it is growing at a rate of 
more than 9* percent a year, second 
only to China among Asian econ- 
omies. More than $10 billion in direct 
foreign investment in the past decade 
has fueled much of the growth. 

Ho Chi Minh City, still known to 
almost everyone here as Saigon, is the 
heart of that optimism, with the local 



Software Industry Reports on Its Clout 


By Steve Lohr 

New York Times Service 

NEW YORK — The computer soft- 
ware business has risen rapidly to be- 
come America’s third-Iaigest manu- 
facturing industry, paying wages twice 
the national average, a study has as- 
serted. 

The study provides the most detailed 
portrait to date of the jobs and wealth 
generated by the fast-growing software 
business. The industry-roonsored re- 
search was presented in Washington by 
a group of computer executives led by 
Bui Gates of Microsoft Crap, and An- 
drew Grove of Intel Corp. 

The study is partly a lobbying tooL It 
is intended to emphasize the rising 
importance of the software industry at 
a tune when Congress is considering 
legislation on a number of issues that 
affect the business, like export curbs on 
date-scrambling software and new 
laws to protectuiteUeciual property. 

After presenting the study at a press 
conference, the computer executives 
fanned out for meetings on Capitol Hill 
and al the White House. 

“We see the study as a framework 
for saying to leaders in Washington 
that software is a major engine of the 
modem economy,” said Robert Hol- 
leyman, president of the Business Soft- 
ware Alliance, a trade group that 
sponsored the research. “And a* we 
move to a new generation of software 
— software used and distributed on the 
Interact — it is essential to have 


policies that encourage innovation and 
protect intellectual property.” ' 

The study, conducted by Nathan As- 
sociates, an economic consulting firm 
in Arlington, Virginia, found that the 
American software industry generated 
revenues of $102.8 billion last year. 
Since 1990, the software industry has 
grown at a rate of 12.5 percent a year, 
nearly 2J5 times faster than the U.S. 
economy as a whole. 

The computer industry is often re- 
garded as a textbook example of the 
rising “wage gap” — an increasing 
difference between the high incomes 
enjoyed by skilled workers in fields 
like software and the far lower incomes 
of other workers. 

That view is confirmed by this 
study. The 619,400 Americans em- 
ployed in the software industry last 
year earned an average of $57300. or 
more than twice the national average of 
$27,900. 

Workers in the packaged software 
business, used in personal computers, 
did even better; they averaged $64,- 
500. 

“The average wages are phenom- 
enal,” said Robert Damuth, director of 
policy studies for Nathan Associates. 
“The incomes are extraordinary be- 
cause software is a knowledge-intens- 
ive industry that is thriving, and work- 
ers are getting compensated for their 
skills.” 

Pal ml a ting size and employment is 
tricky in most industries, but especially 
so in high-technology fields. The in- 


dustry classifications used in govern- 
ment statistics were set long ago. 
Those definitions have not been re- 
vised to keep up with die changes in 
fast-paced industries. 

Software, for example, has been 
defined as a service for years, but when 
new classifications are adopted in 2000 
it will be defined as a manufacturing 
industry. 

Still, Mr. Damuth said his firm tried 
to be reasonably conservative in its 
definition of the software industry. It 
included only three of nine possible 
categories in the broad- grouping of 
government industry statistics called 
“computer programming, data pro- 
cessing and other computer services.” 

In comparing software with other 
manufacturing industries, Nathan As- 
sociates employed a value-added mea- 
sure, which excludes an industry’s pur- 
chase of other goods used in 
production. The value-added calcula- 
tion more accurately measures an in- 
dustry’s contribution to the economy 
rather than counting the production of 
its suppliers as its own. 

On the value-added basis, software 
ranked third after automobiles and 
electronics. In a 1995 study, software 
ranked fifth, behind the aircraft and 
pharmaceutical industry as well . as 
autos and electronics. 

The total direct and indirect employ- 
ment of 2,065,000 million people last 
year, the software study projected, will 
reach 3,435,000 million by 2005 — or 
nearly 3 percent of American workers. 


mm 



















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economy growing at a 15 percent a 
year. It has become one of Asia's 
hottest cities, drawing foreign cor- 
porate muscle that is betting billions 
on the future of a nation with a young 
work force and 91 percent literacy. 

Despite apopulation of about 5 
million. Ho Chi Minh still has the feel 
of a small colonial city. Its broad 
boulevards are shaded by tall trees and 
lined with lovely white buildings built 
by French colonists. 

Ho Chi Minh City's young people 
have long since abandoned their par- 
ents’ conical straw bats for Mororola 
cell phones, Spanish tapas and Corona 
beer. They mix with young foreign 
Lawyers and investors at places like 
the Apocalypse Now nightclub, 
where the young Turks of business 
shoot pool and dance past dawn be- 
neath ceiling fans painted to look like 
upside-down combat helicopters. 

See YOUNG, Page 15 


By Erik Ip sen 

International Herald Trlhune 

LONDON — The Bank of England 
increased its base lending rates Friday 
by a quarter of a percent, to 6.5 percent, 
in the first exercise of its month-old 
power to set monetary policy. 

Analysts who had been almost evenly 
divided on the chances of a rate increase 
noted that the balance in the end may 
have been swung by the bank’s eager- 
ness to prove its independence and anti- 
inflationary mettle after the new Labour 
government gave it control over mon- 
etary policy. 

It marked the third increase since last 
fall, and the second since the Labour 
government came to power in early 
May. But it was the first time that the 
central hnnlc had changed interest rates 
without being instructed to do so by the 
govemmenr since the bank was nation- 
alized in 1945. 

“The bank cannot afford to miss the 
2.5 percent inflation target set for it, bnt 
that still does not mean that they will be 
willing to cut the economy off ar the 
knees,” said Robin Marshall, an econ- 
omist for Chase Bank. 

Instead analysts saw Friday’s an- 
nouncement as a harbinger of the more 
predictable and less political monetary 
policy regime that die chancellor of the 
Exchequer unveiled exactly one month 
earlier, days after taking office. At that 
time he passed responsibility for mon- 
etary policy on to the central bank and 
its new nine-member monetary policy 
committee, five of whose members will 
come from within the bank itself. 

By choosing well regarded centrists 
earlier this week to fill the four posts 
reserved for outsiders. Chancellor Gor- 
don Brown further reassured the mar- 
kets of a professionally managed anti- 
inflationary campaign. 

“We will still have some uncer- 
tainty,” said Don Eggjnton, an econ- 
omist at the Daiwa Institute of Research. 
“But in the future it will be driven by 
uncertainty over die state of the econ- 
omy, not over the state of politics as 
wdL” 

On Friday, uncertainty was in short 
supply. In glaring contrast to the state of 
affairs on the other side of the Channel, 


Britain’s economy is widely seen as 
growing too fast for its own good. Even 
with the consensus calling for interest 
rates to climb another half percentage 
point on top of the half-point rise in the 
last month, the economy is still expected 
to grow by 3 percent this year. 

Retail sales are booming, up 4.3 per- 
cent in April, and unemployment con- 
tinues to tumble at an average clip this 
year of 60,000 people a month. It now 
stands at 5.9 percent of the work force. 

Economists and officials have also 
cast wary eyes over a tidal wave of 
conversions of building societies into 
public corporations. This year alone that 
demutualization is expected to pump as 
much as £35 billion ($57 billion) into 
consumers' pockets — a sum equivalent 
to 2 percent of the entire economy. 

Originally the Bank of England and 
others had calculated that the vast bulk 
of those windfalls would be safely 
socked away in savings accounts. In- 
creasingly though, anecdotal evidence 
of such things as a boom in reservations 
for around the world boat trips suggests 
that Britons’ will to spend may have 
been underestimated. 

The nation's exporters, meanwhile, 
have also surprised the forecasters. In- 
stead of sagging under the weight of a 
steep run-up in the value of the pound 
against the currencies of its European 
trading partners in the last year, exports 
have continued to grow, adding more 
fuel to the economic expansion. 

The pound's rise has made its mark on 
inflation, which now stands at 25 per- 
cent and is widely forecast to continue 
falling for die remainder of the year, as a 
stronger pound cuts the price of im- 
ported raw materials and finished 
goods. 

“The rationale for the decision to 
raise interest rates is all clearly laid out 
in the Bank of England's latest inflation 
report,” said Chris Wright, economics 
director at Barclays Bank. 

The move pushed other banks to raise 
rates. Barclays increased its base lend- 
ing rate by a quarter-point, to 6.5 per- 
cent. Halifax, Britain’s largest lender, 
said it would raise its mortgage rale by 
35 basis points, to 7.95 percent, a move 
that will probably be followed by most 
other banks and building societies. 



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PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, JUNE 7-8 , 1997 


( ;, „lip to Nr.. 
/ ! \ t .,iiur«* Stake 

YL for £1 Bill! 


THE AMERICAS 


30-Year T-Bond Yield 



Excel Takes Control of Telco 




1.75 i i 1TQ — 

us • 120 /'V* 


1,55 y F "m a"m J 110 


J F M A M J 


CwfiiW bjOir&£Pm Di^crka 

CHANTILLY, Vir ginia — Ex- 
cel-CoromnnicatioM fae. is baying 
control of Telco Communications 
Group Inc. for atom $1.2 billion in 
cash and stock, the companies an- 
nounced Friday. 

The purchase consolidates Ex- 


Jobless Report Sends . 
Stocks to Record High 


mBr 


VfftA 








sales and 6.3 million customers. 

In late trading, Telco was op 
$4.25 at $26.25, and Excel was up 
$1,875 at $20,625. 


Excel also said it was increasing 
its stock buyback plan to 10 mil- 
lion shares from 2 million. 

Excel said Telco shareholders 
will receive 0.7595 common 
shares and $15 in cash for each 
Telco common share, giving it 
about 80 percent of the new com- 


Tor«dp;. v: 

Mexico City BptS* *?.- "li 

Satt 




pany once the transaction is com- 
plete. 

Dallas-based Excel's access to 
the Telco network will better po- 
sition the combined company to 
co ntinu e with plans to enter the 
$100 billion local telephone mar- 
ket and ultimately provide a pack- 
age of local, long-distance and 
wireless services, the companies 
said. 

■ Excel buys phone service and 
then sells it to its residential cus- 
tomers, while Telco runs a long- 
distance network. The combined 
company will take on AT&T 
Corp. and the other principal long- 
distance carnets ana hurt World- 
Com lnc„ the No. 4 company, 
which sells time to ExceL 

“What’s critical is owning your 
own network.” said Thomas Mea- 
gher, an analyst at Ferns Baker 


Wans. ‘This brings Excel the as- 
sets.’ 7 

Excel said it had secured a $1 
Ullion line of credit from Leh m a n 
Brothers, about half of which will 
be used to pay cash to the Telco 
shareholders and refinance exist- 
ing Telco debt 

“This merger represents a sig- 
nificant strategic move for Excel 
as we continue to implement our 
vision of bec oming a leading pro- 
vider of communications products 
both domestically and internation- 
ally,” said Kenny Troutt, chair- 
man. 

Excel said chat it expected costs 
to fall $100 million and earnings to 
increase in die first year after the 
acquisition is completed. It also 
forecast that capital spending 
would fall 

(AP, Bloomberg, Reuters ) 


Source: Bloomberg. Reuters 


InlenaliOOal HmVl Tribwc 


CIBC Might Pursue Oppenheimer 


Very briefly: 


Avis to Launch Stock Offering 

WASHINGTON (Bloomberg) — Avis Inc., the car rental 
company now owned by HFS Inc., filed Friday for an initial 
public offering of stock, planning to raise as much as $250 
million. 

The company is offering 75 percent of its stock to the public in 
a sale that comes six weeks after a first-time stock offering by 
its rival. Hertz Corp. The proceeds would place the total 
market capitalization of Avis at about $333 million. 

Avis, the second-largest car rental company in the world 
behind Hertz, did not say how many shares it planned to 
sell. 


OmpikdtyO*Sa&FrmaUptm*a 

NEW YORK — Canadian Im- 
perial Bank of Commerce’s CIBC 
Wood Gundy Securities Corp. is in 

talks to bay Oppenhe imer & Co. fhr 

about $500 million in the next 
month, a source said Friday. 

The acquisition has been re- 
viewed by the board of die Canadian 
bank’s parent, the source said. 

Oppenheimer’s president, Nathan 
Gantcber, said last month that die 


company was still for sale to a com- 
mercial bank, after talks with PNC 
Bank Corp. over its offer for about 
$500 million fell through. Those 
talks were the third unsuccessful ef- 
fort at selling Oppenheimer in two 
years. 

Mr. Ganccher said the company 
was in no rush to be acquired and 
would hold out for the best offer. 

Oppenheimer is the No. 31 U.S. 
securities firm in terms of capital. 


with about $320 million in share- 
holders’ equity. Revenue for the 
year that ended in April was $800 
million, generating pretax profit of 
$70 million. 

The talks come amid a series of 
takeovers in the U.S. securities in- 
dustry as banks merge with secu- 
rities firms to gain a bigger share of 
the $100 biliioD-a-year business of 
selling stocks and bonds and ar- 
ranging mergers .(Bloomberg, AFX) 


CaafMbt Om Sktfffem 

* NEW YORK— Stocks shot to a 
record close Friday as bond y ields 
d r o p ped on si gn s that interest rates 
mighi not rise soon and as investors 
grew more confident that corporate 
earnings will rise. 

The Dow Jones industrial aver- 
age closed . up 130.49 points at 
7,435.78, a record. Its previous re- 
cord was set May 27 at 738331- 

Advancing issues led decliners 
by a 2-to-l ratio on the New York 
Stock Exchange. The Standard & 
Poor's 500-stock index finished up 
1438 points, at 858-01, and the 
Nasdaq composite index rose 14.80 
points at 1.404.85. 

Stocks drew on the bond market 
for their gains after an upbeat as- 
sessment of the economy by Treas- 
ury Secretary Robert Rubin, who 
asserted that the “probability is 
very hi gh that inflation will remain 
at low levels.” 

The benchmark 30-year Treas- 
ury bond rose 1 7/32 to 98 2/32, 
lowering its yield to 6.78 percent 
from 6.88 percent Thursday. 

Investors took comfort from the 
unemployment report for May, 
which showed that the jobless rate 
had fallen to 4.8 percent but that the 
number of new jobs, at 138.000, 
was lower than expected. The re- 


meets July 1 because they do 
show an overly robust economy. 

“The market feels better about 
die next month’s meeting,” said 
Michael Bird, rn a riagrpg dgeaor ia 


< • .* SUfr j**-f ier . 
• , * 


equity trading at DainBosworth lac. 

“These numbers weren't tenfole. ,; 


“These numbers weren’t tembfe." 

Banking shares, which do best 
when interest rases art low and de- 


v . . ■ **&;y** : m 


US. STOCKS 


..-*■* in 
' ?»* agings- 


Economists said die figures made 
it less likely the Federal Reserve 
Board would raise rates when it next 


mand for loans is high, were among 
the biggest gainers, with Nations- 
Bank rising VA to 6316, and )j>. 
Morgan up 2% to 1 1 1%. 

Dreg, health and beverage stocks 
also rose as investors snapped up 
shares of companies whose profits 
do well no matter how the economy 
is fining. Merck rose 314 to 92ft and 
General Electric gained 1% to 62‘A. 

“We’re in a stable' economy 
that’s not-too-hot and -oot-too-cold, 
and earnings growth hasn't really 
slowed down much,” said Jim Mar- 
gard, chief equity strategist at Rain- 
ier Capital Management “Wecoukl 
have a good rally this sommer.” 

Shelby Davis, chief investment 
officer at Davis Selected Advisers, 
said: “We’re in one of these perfect 
worlds, and no one can quite see an 
end to iL Profits are the lifeblood of 
the stock market, and profits are 
going to be maintained.’ 

Technology stocks also gained, 
with Dell Computer up 4 7/16 to 
1 12%, Compaq gaining 4ft to 104 
and Intel rising 3 23/64 to 14614. 

{Bloomberg. AP) 


-j. j/w * i.. ' ^ 




. . - -.3 :- n- 


fiirri 


r *- ** ■ : ■*** *> m: 

Mr 






fuii 






• General Motors Corp.’s parts plant in Oak Creek, Wis- 
consin. faces a threatened strike by the United Auto Workers 
union that could swiftly cripple GM’s North American pro- 
duction of cars and trucks. The union notified the company 
that it may strike if a new local contract is not negotiated. 

• The New York Stock Exchange and the Nasdaq Stock 
Market said they would close in observance of Martin Luther 
King Jr.’s birthday on Jan. 19, starting next year. 

• PepsiCo Inc. will name Janies O’Neal to the new position of 
president and chief executive officer of its Frito-Lay In- 
ternational snack foods unit. 

• BCE Inc.’s Northern Telecom Ltd, unit said it would hire 
5.000 workers in Canada and spend an additional 250 million 
Canadian dollars ($ 1 80 million) on research and development 
in the next four years. 

• Marvel Entertainment Group Inc. can temporarily stop 


DATA: U.S. Unemployment Rate Hits 24 -Year Low of 4 . 8 % but Still Fails to Ignite Inflation Fears 


- . - —fa : 


Continued from Page 11 


making $4 million monthly interest payments while the com- 
ic-book and trading-card publisher tries to pull itself out of 
bankruptcy, a judge in Wilmington, Delaware, ruled. 

• FPA Medical Management Inc. a physician practice 


aid publisher tries to pull itself out of 
Wilmington, Delaware, ruled. 


management company, agreed to buy the closely held com- 
pany HealthCap Inc of San-Diego in a stock swap on terms 


that were not disclosed. 


Bloomberg. AP 


sharply from current levels as 
long as it seems that inflation is not a 
problem, even though such low un- 
employment has raised fears that 
scarce workers will d eman d big pay 
increases. Such raises would lead to 
higher spending and encourage 
companies to pass along the wage 
demands to consumers in the form 
of higher prices. 

Bond yields began falling sharply 
as speculation abour the future of the 
single European currency grew in 
New York. 

An apparent split in the German 
government about the starting dare 
of the single currency as well as the 
victory by French leftists in elec- 
tions Sunday made dollar-based in- 
vestments seem like a haven, ac- 
cording to Marvin Zonis, a 
consultant in Chicago. 


“There is no question that the 
American market is going op be- 
cause foreigners see it as a good bet 
in relation to their own markets,’ ’ he 
said. “This is a sale haven.” 

“Certainly,” said David Resler, 
chief economist at Nomura Secu- 
rities International, “the French 
election has thrown a larger element 
of doubt into the timetable, and it's 
not surprising to me that people are 
starting to question die outlook.” 

Still, he said, the Wall Street rally 
could not be entirely attributed to 
foreign investors, and the May em- 
ployment report also did not warrant 
a major change in market senti- 
ment 

“What do we know that we did 
not know before?” be said. “Not 
much. The economy is still gen- 
erating decent employment.” 

He said after taking into account 
the revisions, the data on job cre- 


ation was in line with economists' 
expectations. 

At MMS International, David 
Ethridge, director for currency anal- 
ysis for the Americas, said investors 
bad been keeping significant 


FOREIGN EXCHANGE 


amounts of money in cash and this 
was now coming into the securities 
markets. 

Although the Federal Open Mar- 
ket Committee, the arm or the cen- 
tral bank that sets interest-rate 
policy, might vote to raise interest 
rates when it meets next month, he 
said the American economy seems 
able to grow without significant in- 
flation at a speed faster than the 2 
percent to 2.5 percent that has been 
identified as the Fed’s target range. 

This, be said, was because Amer- 
ican productivity is higher than has 


been measured, while inflation 
gauges such as the consumer price 
index could be overstated. 

“Who is to say we can't we have 
potential growth at 3 percent?” he 
said. 

If the U.S. economy can indeed 
grow faster than the 23 percent 
thought to be the ceiling, then cor- 
porate profits have scope to increase 
with it. a boon for slocks, while the 
federal budget deficit would dimin- 
ish because of rising tax revenue and 


reduced expenditures for public as- 
sistance. Inis scenario explains op- 


sis tance. Inis scenario explains op- 
timism about stock and bond 
prices. 

Yet for all the haven talk about 
havens, the dollar weakened a little 
on Friday. It was quoted at 1.7253 
Deutsche marks at 4 P.M., down 
from 1.7290 on Thursday, and at 
1 14.400 yen, down from 1 15.685. 

It fell to 5.8154 French francs 


from 5.8305 but rose to 1.4497 
Swiss francs from 1.4453. The 
pound fell to $1.6320' from 
$1.6345. 

Mr. Ethridge of MMS. a unit of 
Standard & Poor’s Corp. that tracks 
currencies and interest rates, said die 
explanation was that “most people 
who wanted to buy dollars before 
this level already bought them.” 
Late last month, for example, die 
dollar closed as low as 1.6780 DM. 

Mr. Zonis said that despite its slip 
on Friday, the dollar's strength was 
a worrisome aspect of the outlook 
for the U.S. economy. 

The higher the currency rises, the 
more difficult it becomes for Amer- 
ican exporters to make money in 
foreign markets, while imports be- 
come cheaper in die United States. 
This could lead to calls for pro- 
tectionism in the United States, he 
noted. 


t: 

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AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday’s 4 P.M. Close 

The tap 300 mosl active share* 
up to the dosmq on Wdl Street. 
The Associated Pwss. 


an up u» u*si age Indexes 


la* tiflot Ois* 


7V» -H. 

8>» -iv» 

nn -•> 

i*» -i* 




Dow Jones 


Most Actives 
NYSE 


June 6, 1997 


HI9I1 Low Lined Chpe (taw 


WO SJS.1* M«22 pouo 

Trais W74.es 2719.49 1477.00 771115 - 3*M 

UW 27073 JBJt 330JJ6 222J3 *133 

Conn 277441 23124] 2277.17 23MJ7 +33.W 


Standard & Poors 


V*. MK 

mm 2m 

7799V 43 
45791 84 
41239 

3*251 631* 


High lorn U*Kt 019* OpM 

Grains 


n»j 3i*« 


IndusTriats 

Transp- 

U Rifle* 

Fuxmce 

SP500 

SPIOO 


MW uw am «r*L 
990-25 9S&43 991.59 100872 
4J8754 611.54 41A29 62159 
19142 191.63 192.19 19118 
96A« 9126 9M5 97.98 

ML89 B40.il 84X43 B58.01 
82855 83037 B22A4 837.14 


MOW 39 

37MI M 
33766 391* 
33437 37* 
3330* 215* 
35454 45H 
31975 ion* 


*2J* lg* +24* 
35Vi 35** 41* 

« «m *v» 

594k 6t« +1** 

g* «u *7 

»7i* 1U *34* 
364k 3Mk 4llk 
W 4i»» 
374* 38 ^4 

369k 37}* -Ol 
1W 70V> .1* 

444* 4S*k *1H 
971* 1D0U 4244 


OMIN(CBOT) 

MM bu itiMmwn- eve* Btr 

M 97 mVt VT* 274 -V. 109,110 

Sep 97 JUfc 2S»V. 16156 ZU22 

Dec 97 260 25644 25956 4 m 1X1476 

Mo r% 26456 76455 26556 4 115 11*40 

MOV 98 270 36856 26844 +1V5 MB 

Ju(98 27355 77154 773 *1 1451 

Sec 96 26054 25914 26054 *1 S 

Esr.sote HA TTWi.irtes 38J12 
Thu's open M 275,154 aft 311 


ORAM6E JWCE (NCTN) 

11000 bs.- am per 1b. 

JUI97 79W 77.48 77 JO —US 15,701 

Sec 77 8210 79.00 80.10 -U5 13C 

Nov 97 8400 8260 8260 -MS 1786 

Jan 96 87.00 BilO 85.1# —MS 1J7S 

EsJ.srtes NA Thu's. sates 130 
Thu's openin' JM8 uo 199 


Low Latest Q>ge Oplnl 

GERMAN GOV.SUHD UJFFfiJ 
DM2SOO(»-pHoflOOpc» 

Jun 97 ILa.IUI.IUL BA 1W69 

Sep 97 10076 10027 10074 +023211474 
Dec 97 9064 99J4 99.83 +023 35 

EsLsoies; 138,725- Pne.soteK 212A05 
Prev. open intj 229,148 off 3*461 


.tflgh Low LdeP Cny OpM 
Industrials 


Nasdaq 


1? it* 
9, 

17** 17W 
j i r* 
15'. Wl 
J4*I 23'/ 
rn r. 
J 1 . *1 

4»'V* 

I7'i law 


44463 441-54 448.13 4*49 

567.35 *aJD 
ff.n MM 46rj3 4S.I2 

27ts TOM 776» 4U44 

409.98 mm 48924 4*19 


Nasdaq 


W* LOW Lari C*v- 

I40f» 138763 1*0485 *U80 
'J45-S ’>7*^ 11*5.7* *680 

15078] 14MJ0 1507 14 • 1 1-57 
1W4.90 1541.75 155*64 4I3-9S 
1C9J6 1B1IJS 109.04 41*41 
95164 90.12 951.16 *3J9 


VoL H|p 

131234 28V« 
106810 1461* 
1131? 1131* 
66334 4R* 
47136 49 
MI14 65M 
56405 46*4 
54374 175* 
52186 15M. 
49471 56 
«7S4 775* 
4*676 tJ*Y» 
407B3 51« 
38534 34V* 
3B36S 45** 


SOYBEAN MEAL KSOn 
100 ton- **lorsp»r ten 

M97 27100 27270 27160 -160 394100 

AU097 2*50 2SL30 25580 -1J0 P.W 

Sep 97 VOSO 23950 24180 *0L» 11421 

0097 22980 224.10 229JW 4 200 11,139 

Dec 97 22200 22020 221 JO ,*1J0 22439 
Jon 96 21980 717JD 21980 flJO 2JM 
Bsl series NA Thu's, aries 31361 
WSOPWIW 107473 off !947 


GOLD (NCMX) 

1 DO rrorot- (tutors oerlroree 
Jur 77 3*540 3000 3020 *020 
JU197 3*440 *U0 

Aug 97 3080 3*150 3070 *0.10 
0097 35020 3480 34820 *0.10 
Dec 77 35270 35040 35070 *010 
Feta 96 3S340 35520 35220 tOlO 
Apr 98 355J0 

Jun98 35980 3SOOO 358J10 -010 
Aug 96 31070 -020 

EsLSdkL NA Ttkl'LSdes *4.96* 
Thu'sopeninl 157470 off *211 


10-YEAR FRENCH GOV. BONDS (MAT1F) 
JOT97^2946 + 014137455 


COTTON! (NCTN1 

50000 *».- owe* pur b. 

Jut 17 7320 72.13 7131 -073 

Oct 97 7495 7*20 7425 -043 SflC 

Dec 97 7520 74.90 7S0S -057 2LW 

Mar 91 76JB 74-15 7626 -OO Ltf 

May 98 77.1S 7660 7685 -042 1,12» 

Est. series NA Thu's, soles 8,771 
Thu'S atoiint 72429 ie> 199 


• • •. a 


ITALIAN GOVERNMENT BOND CUFFE) 

ITLaOOmOSon-pfcioflOOpd 

Sep 97 13025 13a 12 130^3—029 KL815 
Dec 97 N.T. N.T. 103J8-O29 ISO 
Est. sales: 4020. Ptw.ertes: 

Pie*, open krtr 82.965 up 1,980 

EURODOLLARS (CMER) 

SI rrd B on UiqUOOpa. 

Jun97 9421 9U7 9420 +002 391581 

Jill 97 9415 M-10 6415 +a(0 1B,M5 

Aug 97 9411 940* 9411 *104 341* 

Sep 97 9*JB 9396 9405 *m»6BL9K 

Dec 97 9137 9327 9186 -0JI7 38609S 

Merit 9176 9X61 9127 ‘CUO 271669 

Jun96 9386 RUB *366 +111 231521 

Sep 96 ns *329 9154 +O.W1BL10* 

Dec 96 9346 9127 9144 *0.W 131J8S 

Mar 99 9345 9126 9144 + 0.11 102.189 

Jin 99 9148 9323 9340 tail N.186 

Sep 99 9137 9LB 9137 +111 09272 

sates NA Rv^l. sales 376401 
Tfirtopennt 2248A7B uo 13799 
BRITISH POWO (CMEIO 
SUN pounta. s per pound 
Jun 97 1634 14196 1.6316 31565 

Sep 97 1.6300 14159 16790 i9S5 

Dec 97 1 6180 16180 16130 1M 

Ed. sates NA Thu's, safes 4751 
Thu's open W 41634 off 144 


HEATWDOLtNMBO 

*Z600«ai,ctotopergal 


-n -J-.: 


SOYBEAN OR. U30T5 
40800 tae-Pkrrii peril) 


ISM 134V* 
4Mk 47VM 
IF* 3JU 
62»« iS 


IP* 

3** ■* 

O'* 

JT1 


41*68 MIAS *1465 *199 

Dow Jones Bond 


4*1 

J4»» 

S'. J, 
ft 

1 J‘. 

3» 


J* *'< 
JB>* 


20 Bonds 

!DUffilfe3 

10 Industrials 


VM. K%* U> L«t Ok 

61917 4 51* 4 +1 

"7« 2* 10*5 +■*» 

29177 ZM 23 23 _ 

14417 IM |4»a |M *!«, 

w U iSiK IS 

ss » a 5 ; r: 

S214 10*4 IBVi 10M *N 


JU4P7 

2365 

23J5 

214* 

-401 

43683 

Aug 97 

2100 

21 SS 

2148 


1676* 

Septa 

2193 

2375 

3187 


8,973 

DOW 

2+JQ 

ruo 

239# 

*BJ6 

10700 

Dec 97 

HZ 

34te 

3421 

♦ 0.® 

19J14 

Junto 

VJO 

3425 

3437 

♦ OS7 

I6B 

60- soles NA 

T1Vs.sohB 

20779 


Thu's stoi tet 

101607 

uo 371 


SOYBEANS (CBOTl 






JUtta 

MM 

832 

ESWi 

-* 

75788 

Aueta 

795 

787 

7B8M 

—1 'A 

25625 

Septa 

TWl 

/IS 

730% 

+ 7 * 

9,/32 

UmV 

m 

6B1 

to* 

*3 

S.1M 

janto 


6M 

609 'A 

♦ 3Vk 

7.20 


HI 6RADE am (NOUQ 

TS80oi>L- cents pern. 

Jun 97 117.10 11568 injo *025 
Jill 97 11730 11580 117.15 +815 
Aug 97 11495 11410 11495 +0.15 

S« 97 U4.0S 11388 11485 *025 

Oct 97 11205 11180 11105 +425 

Nov 97 11020 11000 11020 +020 

Dec 97 10955 10890 10955 +815 

JartW W790 

Feb 96 165.95 -810 

Elt. sates NA TTu'S. Sates 4658 
Thu's open W a. 925 up 173 


Est.strias NA Thu's, sates 91J89 
Tin's open ( re 174*49 off 3143 


TratHug Activity 


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12* • 12 
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!■•« ri 
10 9*» 

fl S - : 

■t SI 

66U 64*u 
SPt* 5 «i 
1U lip 


Deciitea 

Uncnanned 

New Lon 

Market Sales 


1814 2348 

TMfl 1491 

'S ^ 


WHEAT (CBOT1 

560D bu mMmwn- cam par hu*ai 
JJ97 ]«2 35716 3S916 +3Vi 

Sep 77 369Vi 3U% 167*6 +4Vt 

Dec 97 301 W 377 37996 +» 

Ma-96 38516 381 383 + 4M 

Es). sates NA TVssOB U.179 
TtM'saoenM 12.957 up M52 


9LVB1 (NCMX) 

Lgeotra* es.- cents pw Irev az 
Jun 97 «SJ» 47490 47650 +160 
JW97 «L0Q 4nj)6 *7631 *130 
SepT 497.00 48160 40220 +1.40 
Dec 97 SOI JO MBJO 489.10 +160 
Jen 91 491.10 +161 

f faft 33400 49S8S «S80 +1* 
MnyW 50530 899JB 499J0 +1.00 
kd« mm +060 

Esf.sotes NA TTu^saiB 98558 
Tlki'saaenM to, 9(6 up 320 


JW97 54.00 
AUD97 SL« 
Ste»97 54.95 
Otf 97 5580 

Nov 97 56.00 
Dec 97 57.75 

Jan 9# 58W 

Feb 96 5810 
86X98 5780 
Ete. sates NA 
Thu'scpwiint 


5125 5130 -167 3801] 

53-45 SJA5 -631 3L»» 
5X60 5365 -1.17 IMS? 

5830 5*30 -r.D T0JN 

5560 5550 -867 89M 

5420 5830 —833 l*Jll 

5620 57 JO -067 83U 

5620 57 JO -062 Mg 

56J0 5620 —022 4J7I 

Tlkrt. safes 29.950 
127,9*3 UP 5316 


LKHT SWST aiUOe(NMBU 
lJWbbL- notes per 

Ju*97 1935 I860 1808 -028 79JJI 

Aug 97 20J3 19.15 19.15 -021 SUU 

Sep 97 2015 1937 1942 -454 »27» 

CKJ97 2020 1962 1963 -431 JUN 

MOV 97 2023 I960 NJ0 -436 17617 

Dec 77 2026 1926 »2B -036 JWM 

Jon 98 3822 1925 1925 -031 17.171 

Feb 96 3833 3085 2035 -fc£ ^ 

Mar 90 2037 19.95 19.95 -6J9 Mff 

Aar 96 7820 W.90 19.90 —817 *6* 

Esi. scries NA TlV's.sates H9J03 
Thu^cnenM mjnt up 


NATURAL GAS (NMBU 

10600 nvn bet's. S per nvn triu 

3AT7 1316 11» 2.16B 


Livestock 


PLATMUM (NMER7 

JO rrpvm.- LLi l toi pwtrorm. 

-M77 47389 43K.CC 454J0 *17/» 13J0B 
OC97 429J0 41400 424J0 +1360 5.223 
Jan 96 419 JO 41480 419 JO +1460 1J07 
Esf.sctes NA Tiers. sales 4J37 
Thu's open fer 19355 aft 1M 


CANADIAN D0UAJ1 (CMBt) 
laxoae <Wtarv S pw Cdn. Or 
Jun 97 2273 2227 2734 

Sep 97 2315 22(5 2278 

Dec 97 2311 2307 2315 

Es>.50i« NA TlW's-sMto 14826 
Tlttrt open tel 68725 off 905 


1 

Mnr Hlgps 


NYSE 

Amen 

Nasdaq 

InmOhns. 


CATTLE (CMER) 

*g 800 tas.- cents oer to. 

Jun 97 63.97 6365 6125 -0J7 IL813 

W7»97 O.V 6365 6176 +805 4L331 

0097 £735 47.D 67.13 71,956 

Dec 97 69.97 6960 6965 -8M »J94 

F*b96 7027 7060 7433 -035 5.7« 

Apr 98 7320 7125 7320 —430 M0I 

Esf.stries 14219 TUI's. Ides 13656 
TTX/s opener 102J92 off Ulf 


dose 

LONDON METALS (LME3 
Doflcrrs per mebte too 


GERMAN MAIBC (CMBO 
12SJDS mala, » per me* 

Jim 97 6812 6740 6795 

Sep 97 6651 6770 6632 

Dec 97 6836 6830 6631 

ESI. ides NA Thrs-sotas 14)536 
TIM'S 0PS1 tet 98601 Off 307 


>677 1314 1160 2.110 

Aug 97 2214 1170 2.19S 

S»97 2206 2.160 2.1® 

Oct 97 2J05 2.120 2.190 

No»97 2M5 2205 2630 

Dec 97 2670 2.460 26(0 

Jon 78 2515 2485 2605 
Feb 9* 2615 2595 L415 

Morffi 2285 2J70 2» 

Air 98 2.1® 2.130 2140 

Esl.sdes NA TlW^WIP* 29JM 
Tiw^apenim itsjm up <375 


1576V5 1577% 
Forward 1596J0 15V7J0 1599 JO .160800 


JAPANESE YEN (CMai) 
lUmltelY«i.9toHtV*n 
JU" 97 J745 A633 J732 

Sep97 J860 8745 J6S2 

Dec 97 J97B J87D J970 

EsL stria NA ‘nu's.soiea 13.993 
TTw'sopcnM 63J86 up 268 


UNLEADED GASOLINE (NMBO 
«UB0 ad. cents per aal 
JUI97 6815 5760 57 JO -iX 39.457 

AUB97 S9J0 36.90 56J9 — 1.« 15^ 

Sep 97 5860 5660 5665 -Lg 4M 

CW97 57 JO 55® 5® -0.99 3JO 

Nt~97 BJ0 5540 55® 

Dec 97 St.20 5520 SSJB -859 

ea.Kries NA Tim's. strin .77677 
Thu's open Int 74J54 up 740 


Dividends 

Comptmy 


Per Amt Sec Pajr Coropaiy 


Per Ant Rec Pny 


23 

17 ■* II 

IS* iv* 


IRREGULAR 

London InNGip b.2139 <5-13 9-2 


Ctriorrial InvGrd 


STOCK 

FflMfcbrgonBk _ 10% 7*15 7-31 


Cons umers Water 
Conff Mta&Eq 


Cana Mlp & Eq 
Enhance Hnd 

nsdwsden«c 

HFNC Fteel 


STOCK SPUT 


life 17>i 

171% IM 

rr^ w. 
ISh IS*I 


CGI Gmop A 2 for 1 ipfit 


SPECIAL 

FrariJuft First . 4.00 «-17 6-24 


ACetoCorp 
Am Wood mart 
Assoc Estates 
HRrt Bl 2009 


Cdn Imperial BJc a 
OrionkU Inftmrt l 


REGULAR 

S -W 6-16 M0 

O .02 6-13 M0 

Q 665 7-IS 8-1 

M JJ75 6-16 6-30 
0 0 .25 4-27 7-28 

f m an. ms 7-1 


La 

NY 

Pioneer Inter -MMS 
PubSvcNewMex 
Thormstn MB A B 
T ranscortl Rffj 
USF6G PocetioWr 
USFf^htouysCp 

Wallace Computer 
WoLMon Stores 


MJS35 6-16 7>1 

Q JO 8-11 B-25 

O .13 6-13 MO 

a .11 6-16 6-3J 

0 JJZ 6-18 7-3 

Q JJ7 6-18 640 

» .115 4-20 6-3D 

Q JO 6-19 7-3 

M .053 6-14 M. 
Q 27 6-19 MO 


PEBDEIR CATTLE OGMBO 
SBJOita.. cents par ■>. _ 

AU997 7870 75.90 75.95 -A8D 

SO»97 7640 74JD 7695 —0.7* 

Octft 7L8S 7435 7463 -tiS 

NPV97 78-55 77 JO 77.90 -067 

Junto TWO TITS 7880 -OJO 

MV 91 7850 78A 780 -060 

ESLscfes 2JU TWl. sates 26W 
■mu's esen tel 18649 oft l» 


Lead 

Spat 63216 633K 671 W 

64SJOO 446JC 63SJ0 

HkW 


Spot 7725JX 723100 7110.00 7T1SJJ0 
Forward 233000 734000 723000 7225J0 


SWISS FRANC (CMBO 
12SJ00 Uonck, S par franc 
Jun 97 6930 6840 6097 

Sea 77 TUB jto 6971 
Dec 97 7042 7000 70*3 

EM atos NA Thu’s, uries 15600 
Thu's apM tet 48339 up 386 


GASOIL OPE) 

UJS. doHvs per metric ton - Kte of IDO** 
Jun97 16875 16125 16625-1 JO IfcJjJ 
JplW 169.75 164.75 16575 -MO IJ’® 
Aug 97 17175 167-25 16775 — 100 


134 LOO 1347 JO 
136Wi 137800 


27 6-19 
.17 frl 
-075 6-16 


,07 6-13 6-30 
625 6-30 7-10 


H0eS-LeM (CMai) 

4Moo toa.- asm per to. 

Ate 97 01, « R065 Sl.tS +810 

JiP97 82.82 8175 UTS -0J5 

Aug 77 797B 79.1$ 79J7 +0.17 

OaV 7170 713B 71 SI -V0 

Dec 97 4810 47.53 4775 — 86S 

EM. soles 7684 Thu's, vies I2J93 
Thu's opal irtl 39,753 off 149 


High Low Ctae Chge OpM 


MEXICAN PBOtoHBU 
seettne pern spar pew 
Jun 97 .13505 .72*50 .12400 15^0 

56P97 .12000 .T19S0 .11955 13701 

Dec 97 .11560 .11510 .11520 7^34 

Vries NA. flu's, safes 10799 
Thu's open tet 39.269 up TOO* 


1 TVI Tt i/DAJU I/ 7 J 3 l/J^- — yrz 

Dec 97 1H50 173.75 175flO — 2JO 

Est. sales; 11677 . OiieniiiLW^ 1 ^ 
1034 


QJ933 6-20 7-3 

Q .535 7-10 8-1 

Q .14 9-2 9-23 

QJ67S 6-20 7-14 


aaJBOtot.- cents per b. 

6497 8820 8L2S 


UST.BtLSKMBt) 

SI n*Han- pTs M WD od 

Jun 97 9475 94.90 94.9J +0J2 3,977 

S»97 9471 9463 9469 +0J4 &94 

Decff _ »M9 10 

EM. vries NA Thu's, vries 401 
Thu's Open Ifri 9681 UP 8877 


o-arGoot tHupnsdnata neuaf per 
RnWHfc f poy cb te In Conaboa luodv 
m-msntMs: ifrqwBteityi veeari-aoBini 


6497 8820 8475 B4JD -275 S633 

4*1997 0800 84.05 8472 -451 1040 

P«b9! 7190 7150 7149 -IB 444 

EM. soles 3.744 Thu's, sates VS 
Thu's open «n» 7,937 up 13* 


SYR. TREASURY CCBO-rl 
sieojn irkv pts 6 6fehs ot too pa 

JU197M6W 105-32 106-06 - 20 71,904 

Sep 77 105-63 105-14 105-63 + 39 147,116 

Dot 97105412 105-02 10M2 -14 577 

Est. vries NA_ Thu's, series 56.722 
TtHftopantet 219,597 off 258 


WRONTH STERLING ftJFFEJ 
£500.000 - trts at 100 nd 
J|m97 WJ8 9liB 93J28-M6 110631 
S«S7 9122 93.71 93.14 —4UQ It 4492 
teW 9107 92.96 9100 — 0J71 99.725 
«■*« ?273 956* 75.90 + 0.01 637R5 
S-S Sr 76 92^2 +003 48273 
13r n ??- 68 W-77 +805 32,793 
Uric 98 92.73 9266 9273 +065 &433 
ES. sales: >38896. Prw. sales 61,941 
Pre», open Wj 546,125 up 2^86 


BRENT OIL (IPE) 

US. doflais per barrel - lots of 1JW WJf 
Julr97 1851 1769 I7JD— D63 *&iw 
Auo9t 18TO 1764 H.W-OSri 56^7 

Sep 97 1805 18.00 1800-067 

Oa97 1896 1835 13.15-067 

N0V97 19.00 1830 1824-06* 8^ 

CWC97 19J» 1860 'Hi “2^ 1C» 

J0n98 19J00 18W3 18B-JL59 J® 

Feb98 N T. NT. 1830-059 *7* 

Est. sales; 644MQ Open Infc 144rS»0 up^ 


Stock Tobies Explained 


W» Ifr* 

Itt* IT 1 ! 


Kh WN 
I** in 


w. is*, 
isv is 


I**, u» 
is 1 * in 
1ft 71** 
r»* l TV, 

nn n% 

I* i I4rt 

,a 


Sales Hgum an unaffldol. Veorty highs and lows icfled IM previous 52 w e e k* plus the 
current week, butwriWre totosttradng day. Where a 8pfitorstD« ffividend orreiuiilfeio to25 
percenlarmare hag been paid ftwyearslrigti How range and dhfdsnd are shown lorltie new 
stocks ont|t Unless Diher«fee noted, rates of dhridends are annual iSsbuisenwiti booed on 
meiatesrdocJoretkm. 

a - tfVKtend aba e*fro (s). 0 + annual rare of dividend phis stock dhridend. c - HquMafing 
dividend, cc -PE exceeds 99^M- called, d- new yearly low. dd-iassln the la it 12 nwdtkL 
e - dividend doctored or paid hi preceding 12 months, f - annual rate. Increased an luff 
dadaratfan. a - ivfcfend In Canadian funds, subfeef to 1 5% nan-reel denco fax. I - dMdend 
dedamf alter spw+ip ar stock dividend. | - dividend paid tWs year, emitted, deferred onto 
action taken or latest dividend meeting, b • tfvfdend declared or paid fWs year, an 
accumulative issue with dividends W arrears, m - annued rate reduced on last dedaiatkm. 
n - new Issue to the past 52 weeks. The Ngh-iaw range begins wttti the etartaftrafflnfl. 
nd - note day delftm?. p - biltfal dMdaid aimual rale unknown. ?m - pitee-comtogs wlto. 
q - dosed-end mutualfuiKL r- dMdand dedand or paid in preceding 12 month* plus stack 
dMdend. s ■ stadi spn. Dfektend betllfts with date of spRL ds • sales, t - dtvtpmd paid In 

srat* In preceding ] 2 months, estimated cart value an ac-dMdend or ax-dbtribufton dote, 
u - new irealfv high. v-tracBng baited. * * In bantouptcy OriestoMaldp or being reorganized 
undartheBanbuiikyAcLotnaiinesaeuMvtod fey wdi companies, wd-whmdfstrfbuted. 
M - when iwwtf ww - with womnb. x - a-dMdend or eterigMs. vfls - er^SshttutWl. 
m- wffhout warrants. r-en-dMdend and sales biftifl- 7 kl-)rieta.z -soles In fuL 


COCOA (W3E) 

16 morrtc too- S per ion 


1« 

U13 

—6 

19.951 

1448 

1455 

-4 

20,921 

14 V 

14M 

—1 

2QJI2 

19 

1526 

♦l 

216*0 

19 

1546 

+1 

1570 


15(4 

+ 1 

i?5 


tfYR. TREASURY (OOT) 
SIOOAflCcrto-ttoUtoUllrilWpcT 

Jim 97 108-11 HP-15 108-11 + 23 99638 

Sep 97 108-01 106*21 107-31 *21 22,913 

Dec 97 U7-19 W-W w-19 +;» Tw 

Ete. safes MX. TteYi. vries 150JS1 
Thu's aaen tet 33SJS6 off 13341 


3-MOfetH EURO MARK <UFFE) 

DM1 mlSon-pb of 100 pd 
Jun 97 9640 9881 9483 +0411 20X250 
“‘W N.T. N.T. 9&81 +M1 1^97 


Jufto 156* *1 

E*f, sales NA Thu's. Kte* 9,195 
Thuteaenirt 44,122. up 442 


coRFactacsE] 

37,M • am per to. 

Jut 97 23850 22800 237.2$ +475 

S«97 211DD 5BJ0 214.15 +475 

DKW JtiOO 179 JO 18445 <145 

Marti 17100 16560 17165 +4.15 

MOVto 146J0 16100 16400 *40# 

EF.KriS NA Thu'S. Hries 14191 
7tel^4PenH 2t» Off 1163 


US TREASURY BONOS (C 8 QfT) 
re PO-nqaaOMte 8 3tatfi ef loe Pdi 
Jun 97 111-25 109-78 1IN20 + ] #7 149699 

Sep 97 111-09 105-15 m-aa MOB xljl3 

Dec 97 110-17 W-U 110-22 .ire ynw 

Mar 98 109-w iro 

Eel safes NA Thu's.voes 278466 

Thu's open tet *41651 oft Basil 


97 96J9 96JS 9879 +893219,87* 

97 9669 9665 9669 +004247 

- « 9658 9653 9658 +805228*39 

Junta 9640 9635 9640 +0JM 152J36 

Sm>9S 9618 9614 9618 +040136313 

gteta 95.92 9569 9552 +04Q 85,191 

Mar 99 9567 9563 9567 +0.04 82613 

Est. sates; 136007. Prev. sales 121.728 
Prev.opgnmtu 1683636 off 8202 


Stock Indexes 

StPCOMR.WDBt (CMBO 

Jun 77 862J0 H4M 56140 ♦'iM'S'S 
Sep ?7 87890 85260 569.70 +15JB “ffi 
Dec 77 677.00 86890 879 JO +1525 
EsLscte NA TWa vries ttW 
Thu's open m W9.115 off 2W 


CAC 4# (MAT1F) 


SSI J«IW 2699J 267341 M9M 

Sep 97 2710.0 265541 2713J +1?" 


Sep 97 2710.0 26654) 2700 +»» 1 ^2 
Dec 97 N.T. N.T. 27330 +150 ^ 
Marta 27506 27500 27570 +170 


Esl. sales 16*57. 

Open tot: 68664 up 181. 


W40NTH PI BOR (MATIF) 

FFS nritSan -pb of 100 pd 

JimW 9656 9653 9664 + 000 57.217 

Septa 9648 9*64 §666- 001 61216 


PTSElOOUii 

£25pertodQ( 


SUGAR-WORLD 11 (NCSE) 
liun Ibt^ Me eer b. 


MJ1 11 J* I1J7 1165 *0M 

Od 97 IT JB 11.19 1U6 +9JH 

M»W Jl.U 11.10 11.14 +8uM 

MOVto 11J5 11J0 TIJ4 +RM 

Safes NA Thu's, vries 1480* 
ini's eaen mt 180,118 off 659 


LIBOR 1-MONTH (CMERJ 

amMm-mtMiOBpci. 

Junta 9432 9439 94Jt +#jn uatt 

Jutta 9417 94B 9U7 +0» itfiM 

Aug 97 9421 9417 9421 +0« LOT 

Ev.iMH NA Ihu'ASaia aJOt 
TteTsooeflinr 37jt2 no a 
LONG «LT (UFFE3 


Ok 97 ta67 %64-Om Effii 
Marta 9660 9i38 9608—001 ^lS 
Junta 9829 9826 9A58 + 04B 24,238 
Septa 96.13 96.10 96.11-001 21J62 




Est. sates-. 16.952. Pre*. sides: T 
Prev.open Wj 81,753 UP 


tot: 2751937 off 151, 


- pis fc 32MB oHOOpo 

Junta 113-26 1134Q 113-74 +0-90 5i059 




3-MONTH EUR0URA (UFFE) 
fTLTmnm-jrtetiflWnjJ 
'imta 93.18 934)7 9110—0477 8028 
5B61 93J1 9303—00511066 
taA4 VISS —04)6 61,98 

93.78 9369 9369 — Cflt 37.14 

Junta 93X6 9375 9377 MLD6 2669 


Commodity Indexes 


Dec 97 9364 
Marta 93.78 

Junta 93X6 -m. « 

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Petroleum Actanga 


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Rank Group to Sell 

Joint-Venture Stake 
To Xerox for £1 Billion 


SGS-Thomson Sees Weak Net 


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Coe/pHrii by Qtr Ss&Fiom Dnpmm 

LONDON — Rank Group PLC 
said Friday that it would sell its 
remaining 20 percent stake in the 
office equipment joint venture Rank 
Xerox to Xerox Corp. for as much os 
£1 billion ($1.63 billion). 

Rank, a leisure-goods and enter- 
tainment company that owns the 
Hard Rock Care, the Universal Stu- 
dios Theme Park and other interests, 
also said it planned to spend, as much 
as £250 million to boy back its own 
shares. 

Rank said it had signed a letter of 
intent with Xerox, under which the 
American company is to pay £500 
million on completion of die trans- 
action, which is expected to take 


SGL Carbon 
Facing Inquiry 
In Price-Fixing 

CcnpBtd bj Our Stiff From Dapatrin 

WIESBADEN, Germany — 
SGL Carbon AG. the world’s 
largest maker of specialized 
carbon and graphite products, 
said Friday its offices were 
searched in an investigation by 
the European Union and the 
U.S. Department of Justice into 
possible price-fixing. 

Authorities are looking into 
whether SGL and two U.S. 
competitors, Carbide/Graphite 
Group Inc. and UCAR Inter- 
national Inc., fixed prices for 
graphite electrodes, which are 
used to conduct current in steel- 
recycling furnaces. 

An SGL spokesman said that 
offices in Germany and the 
United States had been 
searched Thursday. But he re- 
jected allegations that SGL 
Carbon had been involved in 
price rigging. ‘*Why would we 
do such a thing?” he asked. 

Under EU law, a company 
found guilty of ope^atiDg a cartel 
can be fined up to 10 percent of 
its global sales in the business. 

(Bloomberg. AFP) 


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place at the end of Junebut is subject 
to approval by shareholders. The 
balance will be payable in two an- 
nual installments of £220 million'. 

Xerox may pay an additional £60 
million in 2000 . based on profit per- 
formance. 

As a result of die deal, Xerox, the 
American technology and photo- 
copier company, announced that it 
was suspending its own share re- 
purchase program. 

The sale will give Rank £750 
million to invest in other leisure 
activities, particularly in its' theme 
park in Florida, said Nigel Reed, an 
analyst with Paribas Capital Mar- 
kets. 

Rank Xerox, with headquarters in 
Marlow, En gland, manufactures 
Xerox products, systems and sup- 
plies, and markets them in more than 
80 countries in Europe, Asia and 
Africa. It also owns 50 percent of 
Fuji Xerox. 

Rank shares rose 22 pence to 
446. 

Rank, which has held a stake in 
the joint venture with Xerox since 
1956, reduced its 33 percent holding 
to 20 percent in 1995, selling part of 
the stake back to Xerox for £620 
million. 

It announced last year that it 
planned to sell the remaining stake. 

“Today’s agreement is another 
important step in the achievement of 
onr strategy,” said Rank’s chief ex- 
ecutive, Andrew Teare. 

“This had to be dealt with before 
we moved forward,’ * Mr. Teare ad- 
ded. “It didn’t fit into our product 
portfolio, and we didn’t manage 
it.” 

Rank is expanding its existing 


C/vnpUfd br Out Sag Fn*a Din utrhn 

PARIS — SGS-Thomson Mi- 
croelectronics NV said Friday that 
its second-quarter net profit would 
match the first-quarter result but 
would fall short of analysts' es- 
timates, sending the company's 
share price falling 6 percent. 

The company said sales for the 
quarter would exceed the previous 
quarter, when they totaled $ 994.9 
million and resulted in $90.5 mil- 
lion, or 65 cents per share, in net 
profit. 

Analysts surveyed by EBES In- 
ternational Inc. said they expected 
SGS-Thomson to earn $1.02 per 
share for the second quarter. 

The company said second- 
quarter sales were more than ex- 
pected for its standard chip 
products, for which prices have 
been depressed. 

The company said that its third- 
quarter order backlog was above 
the second-quarter level, ft added 
that it expected higher gross profit 
margins in the period because of 
increased sales of specialized, 
non-standard products. 

‘ ‘They were a little worried about 
expectations,” said Neil Barton, an 
analyst at Merrill Lynch & Co. 
“They are trying to be cautious.” 


SGS-Thomson shares fell to 445 
French francs ($76.33 1 Friday from 
471 francs at the previous close. 

With annual sales of $4.1 1 bil- 
lion last year and a global market 
share of 2.9 percent, SGS-Thomson 
is the world's No. 10 semiconduct- 
or supplier. In Europe, the company 
is second after Philips Electronics 
NV of the Netherlands. 

SGS-Thomson lowered its fore- 
cast for this year’s growth in the 


Firm Fiat Sales 
Fire Share Price 

by ilttr Siitf fnaj PfyvnSn 

MILAN — Fiat SpA said Friday 
its results so far this year were 
“better than budget,” sending its 
shares up SO lire (4.7 cents) to 
5,800 lire. 

Italy's largest industrial com- 
pany said it expected new car re- 
gistrations for May to be up 
sharply from a year ago. 

Fiat said it was in the process of 
reworking its profit forecasts for 
the full year and would present 
them at its shareholders meeting 
on June 16. (AFX. Bloomberg) 


global microchip industry last 
month because it had delected only 
little improvement in the second' 
quarter. 

“There is only extremely mod- 
est growth in the second quarter, 
with extremely low visibility." said 
Philippe Dauvin. SGS-Thomson ’s 
chief economist. “Customers art 
still talking about a soft market” 

The Semiconductor Industry 
Association said Thursday that 
sales of computer chips fell 5.3 
percent in April, to $1 1.12 billion 
from $1 1.74 billion a year earlier. 

When SGS-Thomson reported 
first-quarter earnings, it said av- 
erage selling prices for microchips 
were between 1 5 percent and 20 
percent below those for a year 
earlier. This resulted from in- 
creased competition as companies 
in the industry passed on cost sav- 
ings from more efficient technol- 
ogy to their clients. 

SGS-Thomson T s profit warning 
follows similar statements this 
week from two U.S. companies, 
Seagate Technology Inc., a maker 
of makes disk drives, and Cabletron 
Systems Inc., a computer network 
company, that some analysts said 
indicated an industry-wide slow- 
down. (AFX, Bloomberg) 


Frankfurt 

London 

Paris 

OAX 

FTSE 100 Index 

CAC40 

3800 

4600 

M fX_ 

3000 

3600 

jf 4600 h 

2800 

3«0 A 

J m 

2600 

3200 A 

T 4200 A r 


3000 P* 

4000 " 

2400 / 

»»J FM 

A M J ^JFMAMJ 

2200,, p 


Exchange Index 


Amsterdam 

Brussels 

Frankfurt 

Copenhagen 

Helsinki 

Oslo 
London : 

Madrid ~ 
Milan 
Paris ■ 

Stockholm 

Vferina- 
Zurich ' 
Source: Telekurs 


AEX 

BEL-3? _ 
DAX 

Stock Marfcet 
HEX General 

~OBX 

FTSE1Q0 
Stock Exchange 
MT 8 TEL 
GAC40 

. sx fe 

ADC ♦ " 

SFf 


Friday Prev. % 

Close Close Change 

824.43 820-69 +0.46 

~~2.309.93 2363.07 +1.18 
34595-29 3^73.03 +0.61 
581.29 579.03 +0-39 

3,075.81 3,057.64 +0.59 

~S4098 634.63 +1.00 

4,645.00 4,57630- +1.50 
574.95 664.41- +1.87 

. 12277 12250 . . +0.17 

2719.25 2.690-8S +1.06 
3^ 186-60 3,060-35 +&ifi 
"1 ,305.35 L306-92 4),12 
W6&58. 3,327.99 +1.22 
Ink-mjihjul Hi-raM Tnhtm- 


574.95 

.12277 


Lukoil Expects $2 Billion from Sale 


pump £1 5 billion into British leis- 
ure sites over the next four to five 
years. 

It also plans to open new Hard 
Rock Cafds around the world at the 
rate of one per month over the next 
three years. 

“We can now fully concentrate 
on our leisure and entertainment 
businesses, where we believe in- 
vestment opportunities and our 
management expertise can generate 
improved returns and best enhance 
shareholder value.” the company 
said. (Reuters. Bloomberg. AFP) 


Bloomberg Nr*? 

MOSCOW — AO Lukoil Hold- 
ing, Russia’s largest oil producer, 
said Friday that it hoped to raise up to 
$2 billion from its planned sale next 
year of 15 percent of the company. 

Part of the sale will include a new 
class of American depositary re- 
ceipts traded on the New York Stock 
Exchange. Lukoil already lists one 
class of ADRs. The new shares 
would require Lukoil to comply 


with U.S.-style accounting and dis- 
closure rules. 

Lukoil, which produced 58.5 mil- 
lion tons of oil last year, is in talks 
with Moscow to use part of the 
money raised from the share sale to 
finance investment in new produc- 
tion. a Lukoil executive said 

Lukoil already has level-oue 
ADRs. which are backed by existing 
securities but do not require the 
higher level of disclosure of new 


level-three shares. Level two refers 
to level one shares elevated to the 
higher reporting standards. 

The sale of 15 percent of the com- 
• pany , announced Thursday by the 
State Property Committee chairman, 
had been long planned, although the 
timing had not been specified. 

Lukoil will make the share offer 
after the accounting firm KPMG 
finishes auditing its 1996 accounts 
according to Western standards. 


Spain Approves Change in Labor Rules 


The Associated Press 

MADRID — The Parliament has overwhelmingly 
approved a landmark labor pact that government and 
union leaders say will reduce Spain’s 22 percent un- 
employment rate and give employers greater flexibility 
in hiring. 

The pact took effect immediately after Parliament 
approved it Thursday by a 302-to-18 vote. 


Under the new law. tax incentives will encourage 
employers to hire workers under newly created “in- 
definite contracts" offering severance pay of 33 days 
for each year worked. That is far greater than what is 
offered now under the temporary contracts, but less than 
the 45 days offered under the old -“permanent con- 
tracts,” which employers complained hindered their 
ability to compete internationally. 


Very brief lys 

• Airbus Industrie's members have changed tack in their effon 
to reform the group into a stand-alone company, abandoning 
plans to transfer factories and other assets into a new company. 
But the four European aircraft makers with a stake in Airbus 
have agreed to begin a new set of discussions aimed at creating 
a separate single entity to manage both civil and military 
industries throughout the Continent. The move clears an im- 
passe in the talks over how Airbus’s assets would be valued. 

• Bankgsellschaft Berlin AG. already in talks to take over 
Norddeutsche Landesbank Girozentrale. plans to buy or 
build an investment bank in Frankfort, said Bankgsellschaft 
Berlin’s chief executive, Wolfgang Rupf. 

• Fokus Bank ASA, a regional Norwegian bonk, will sell its 1 0 
percent stake in Bolig- og Naeringbanken A/S to Den norske 
Bank ASA. Norway's biggest bank, abandoning its own 
attempt to acquire BN Bank. Den norske Bank said the move 
would enable it to complete its acquisition of BN Bank. 

• Seagate Technology Inc., the world’s largest maker of disk 
drives, said it would invest £249 million /S243 million) to 
expand its operation in Londonderry, Northern Ireland, cre- 
ating 1,125 new jobs over the next five years. 

• Karstadt AG, Germany's second-largest retailer after Metro 
AG, said net profit fell 46 percent in 1996, to 58.6 million 
Deutsche marks ($33.9 million), amid sluggish demand. The 
company will cut its annual dividend to 10 DM from 13 DM. 

• Sweden's unemployment rate fell to 7.8 percent in May 
from 8.3 percent in April; 329,000 people were considered 
unemployed, 21, 000 fewer than in April. An additional 
214.000 people were in government training programs and 
were not included in the unemployment rate. 

• TeteRzza SA. Spain’s largest pizza-delivery chain, said it 
was looking to buy another Spanish fast-food restaurant chain 
after completing its 1 .9 billion peseta ($1 3.0 million) purchase 

Of Pizza World. Bloomberg 


WORLD STOCK MARKETS 


Friday June 6 

Prices in local oNranctes. 

Telekurs 

Higfe Low daw Pie*. 


Amsterdam ***“■= 

PnarfMK J2W9 


AActf 
Aim Hotel 
BcnnCa 

Boh Wess cn 

CSMcm _ . 

Donfcdwpe! 

DSM 

EKerier 

Fate Awn 

Gefcwta 

G-Braccw 

Hoflaoerw 

Hasten 

I toowwois ora 

HontDoosku 

MG Grasp 

KLM 

XNPBT 

KPK 

nmnoa 
OaGMnfen 
naps EMC 


RortOte* 

Udcwrcn 

VMtaW 

VNU 

HUnUoe 

Bangkok 

Mv Into Sic 
Bangkok B*F 

KnuThalBk 

PTTExpJcr 

SanOmtdlF 

SmGonBtF 

T >l> rn< n iTfr 

tHrSERf 

BtdCoran 

Bombay 


VJ0 «1) 
145J50 US20 
15070 147.70 
2*050 258 

11740 119.20 
3740 37.50 
99 98.90 
38950 387 

194 191. BO 
3110 32.90 

81.10 80JW 

65.10 66 
65J0 6450 

95 93.90 
338 33SJ0 
10140 10170 
14150 1464) 
09 JO 88 

56.10 5180 

42-ffl 41.40 
7140 75 

4.10 47 
30U0 30180 


20130 200 JO 
177 JO 17150 

a si 

1B120 181 

11180 11140 
380 376^) 
380 37440 
10980 11110 
4540 45 

23(90 233 


SET kstee 53842 
Prart a wt SOJB 


HUb 

Deutsche Bonk 100.10 
Dec* Telekom 4115 
Deadlier Bonk 4230 
Fiwenfaa 348 

Franks Mad 140 JO 
Filed Krapp 35030 
Gate 12530 

HeUefcgZfBl 147 
HetedpM 97 JO 
HEW N.T. 

HodTtfcf 7430 

Hoechri 70.95 

KastocH 423 

Lobm e rtr 7530 
Ln*r 1345 

LuflhaiM 31 

MAN .« 

ManMsnom 779 Si 
Mc*agaaasclHf>3735 
WWro 19530 

Munch Ruetk R 4780 
Preuaoq 508 

RWE 7480 

SAPpfcJ 315 

SGLCmUi 244 
Stamens 99J5 

Sd*qalA«0 1500 
Sgedjudter 975 
TlWKen 41130 

Veba 99 

VEW 529 

Vara 783 

Wbingen 1208 


Low am 
99 JO 9980 
3935 40.15 
4130 6130 
341 344 

u? m 
348 35030 
124 12430 
145 164 

9640 9440 

XT. XT. 
7330 74 

7035 7083 
420 430 

74 742s 
1295 1316 
3035 3035 
504 512 

724 72930 
3725 3730 
19330 195.10 
4485 4700 
498 SOI 
74.10 74.10 
31020 31430 
18330 1B490 
234 239 : 

9045 9925 
1500 1500 

940 975 

40630 40730 
9825 9820 
528 S2B30 
77730 78030 
1195 1201 


Mph Law Cbm Prev. 

SA Breweries 13225 13130 132 131 

5amancDr 4930 49 <920 4930 

5<ho I 57 5630 57 5430 

SfiJC 214 213 213 21150 

Tiger Oats 7725 7725 77.75 7425 


High Law Oom Prev. 

Veil dome Lx uh 431 442 484 443 

VDdaton* 2.92 288 2.90 191 

WNtbnnd 730 7J3 7J7 7JZ 

Wflkwn Hdgs 117 3.13 3.15 • 114 

Utoh d e y 447 437 447 440 

WPP&wp 235 249 233 230 

Zeneca 18.78 1848 1833 1133 


Kuala Lumpur c appw— = 111721 

rTCTFWUH 1 iMJW 

AMMB Hdgs 1740 17 1720 17 

Gerfcig 1320 1280 liio 1280 

Mol Banking 2730 2675 2725 27 

Md InJ Slip F 5.95 530 5.95 590 

Petfoods Gas 925 920 920 920 

Proton 13 1230 13 1230 

Pubic Bk 4 194 194 402 

fenong 332 138 140 3M 

Resorts Wtarid 8JS 825 830 820 

RotanansPM . 26 2575 2575 24 

_ - . U5 — 

1220 1230 
11.90 1110 
1980 2110 


Helsinki hex cmwa fate ; amy 

nWMK JH744 


148 

151 

151 

167 

710 

204 

206 

210 

9X25 

7626 

27 

7fi 

330 

318 

318 

330 

490 

480 

404 

490 

117 

M» 

105 

117 

7650 

3X25 

SAW 

7/S 

3X50 

35 

35J0 

3X75 

lie 

111) 

114 

ITS 

117 

102 

102 

113 


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MfirtaA 

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Metoa-SeriaB 

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OukrioimpuA 

UPAUCymraent' 

Vohnol 


46.10 47 

220 22030 
52>ffl 5120 
7730 79 

1740 1740 
145 14620 
4020 39 

137 137 

34330 339 

.20630 210 

TIM 103 
121 119.90 
90 90.10 


Sine Drain 840 

TeUumMof 1170 

Tenqga 1110 

UtdEnghtea 2020 

YTL 985 

London 

AbteyHoU 162 

AffiedDamecq 421 

AtoXnVWtr 422 

Aigrn 511 

AsdnGrew 124 

ASSOC Brftwh 534 

BAA . 540 

Boiclon 1182 

Ban 745 

BAT M 547 

Bank Scotland 339 

Blue Ode 4.12 

BOC Group 1025 

Brads 745 

BPS W 325 

BrftArautp 1X17 

BdtAtawnys 727 

BG 117 

Bril Land 6 

BiftPMro 787 


FT-5E M8--4445J0 
Pnttet: 457420 

.849 B33 513 

423 429 4J6 

635 6.71 639 

602 605 6M 

122 124 124 

529 533 527 

531 531 538 

1138 11.72 1134 
738 735 720 

525 547 529 

Ml 335 345 

4JM 412 407 

102S 1025 1029 
620 721 690 

122 133 321 

12J0 1X11 1177 


WnhatPU 

tad On 8 k 

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Mate a Ms 

Tata Eng Loco 

Brussels 


Swal Item 383444 
Pmioas: 387X85 

894 887 892 89S 

1262 122425 123530 1238 

431 Ok 42930 43038 
94 90.75 9225 9125 
493 481.25 48530 48S2S 
282 270 27225 281.75 

313 306 36630 311 

321 31225 31X50 J19J3 
1825 1775 J8 IB 
40725 401 403 4M 


Hong Kong 

Cathajp Padflc 1X10 1185 1185 12 

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BEL-28 fete 230938 
PnAnnxaSM 

14850 M17S 15975 
6350 6370 4330 

95W 9700 9550 

3300 3340 3305 

14400 14500 14450 
1915 WO 1820 
7560 7640 7620 

J550 3580 3580 

6910 4950 6920 

3110 3160 3135 

574) 5770 5750 

14275 1437S 14Z75 
14*5 1527S 14850 
12400 13475 12375 

ra aw. am 

10075 10150 10075 
3340 3380 2350 
21890 22350 21808 
15525 15575 15525 
94300 97*0 94550 


■RjSB 

t 320 SOS' 320 318 

® 2 2 S 

900 tt* 908 900 

m 392 397 M 

( S4 424 634 432 

1 342000 334000 SW0 319000 
2K231 232800 233500 225G0 
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722 710 722 710 

978 940 »Wa 

344 m 339- 3U 

3«4 359 340 30 

JO W W SI 




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Hong Sara Bk 
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SB. Own Post 
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PmiwMTISfl 

L30 X3S 885 
29 294)5 2885 
185 1185 12 

76 7625 79 

120 2X50 2640 
44 4670 4620 
1.50 4780 48.90 
LSD 41.40 4180 
>85 950 1020 

140 1640 1480 
>25 8940 91JS 
L70 8J0 9 

1.75 71 J3 74 
LS) 1245 V4 
L30 2850 2840 
MS IMS 17.15 
L10 618 623 

226 227 227 

41 41 6125 

L40 2650 2650 
UO 2110 22J0 
U0 1950 19.40 
’80 «J0 49 JO 
L6B 2J0 2J3 

[55 258 243 

L75 9175 97 

585 585 615 

US 450 9A5 

r.n 7 JO 7 JO 
48 6850 71 

L40 3U0 352) 
L40 1X75 19 JO 


Bril Steel 150 

Brit Tricorn 459 
BTR 185 

BwnKdiCasM 1U1 
Burton Gp TJ2 
CabteWretesB 680 
CadtxnySchw 5X2 
CoidonCwm 637 
ComraJ Untor 785 
compass Gp 697 
CaurfiSk 140 

Dfeans 673 

Etadrocoropooents 602 
EMI Grom H59 

IEEE'S 

Fo roCtonid 144 
Gerrl Aoddert - 9.15 
GEC 385 

GKN 10J3 

GtacoVSefcosee 1X18 
Grenada Gp 8J8 
Grand fM 545 

GRE • .280 

GreenalsGp 442 
Gutaness - 675 

GUS 640 

Hew 672 

HSBCHdgs 1X41 
a 854 

brpt Tobacco 190 
Ktaafisher 783 

Lm&taiE 350 

Load Sec 8JS 

Unwn 2J7 

LegdGerdGip 654 

LkWtsTSSGp 607 

LucosVmlJy 1.93 
Atota Spencer 609 
MEPC 636 

MenurAssot 1353 
NoOrani Grid 2J5 


7J7 

7.15 

727 

7.17 

117 

Z15 

216 

216 

6 

5X3 

X99 

5.90 

7X7 

7X3 

7J2 

724 

5.99 

5X4 

5.95 

5X6 

1J0 

1X8 

1J0 

1X9 

4J9 

452 

455 

454 

1X5 

1X7 

1X8 

1.94 


1080 1038 

TS 181 

695 644 
622 580 

618 622 
6.73 7425 

690 696 

385 389 

687 688 

198 198 

1180 11X1 
653 660 

4.98 X99 

142 143 

850 9.15 

380 3J0 

1X14 10.16 


Madrid 

Acsfcwx 

ACESA 

Agues Boiceto 

Barjesto 
Boakkrter 
BcoCenkolftp 
Bco Pnputar 
Bas Santander 
C EPSA 
Catanenle 
Co r^Mo pfic 

FECSA 
Gas Nalural 
Ihedrota 
Pryca 
RepsaJ 

SmMranEtac 
TrdMcnleia 
Tetefurlca 
Union Femso 
VatoncCanert 


Manila 


Awka Land 
BkPhlpIri 
CXPHtme* 
ManSa Elec A 
Metro Bank 
Peftno 
Pa Bank 
Pti Lang DfsS 
SanMkpjeJB 
5M Prime Hdg 

Mexico 

Ada A 
Banned B 
Centex CPO 
QfraC 

EmpModeraa 

Gpa Ftoraer 

GpoFhMrona 

ntedratMex 

TetertsaCPO 

TetMexL 


Baba lodes 5MJS 
Protons: 5*641 

7520 28050 27490 
1B05 1825 1800 
5B00 5870 5810 

7740 8000 7770 

0820 11050 10600 
1515 1530 )5M 
5140 25830 25050 
4625 4845 4800 
2260 3Z700 31800 
3010 13390 12960 
5110 5160 5300 

2810 2920 2800 
7420 7430 7410 
1210 11540 11310 
1315 134 1315 

9200 29260 29300 
1765 1780 1775 

2705 2815 2745 

6310 6350 6290 

1400 1445 1410 

7350 7500 7420 

4B0 4340 4315 
1300 1315 1310 
2045 2070 1070 


PSEtadra: 274288 
PratoH: 277X44 

1925 1X75 1X75 19 

2160 7125 2125 7150 

143 140 143 160 

9 JO 9 JO 9 JO 9 JO 

9350 93 93 93 

545 530 540 545 

7.10 7 7.W 7 

260 25750 240 260 

800 790 790 795 

7650 7150 72 77 

740 7.10 788 750 


Baba jades 4151 88 
P rov i sos : 411953 

4780 4X80 4X00 
1X90 1980 1X88 
3120 3120 3185 
1148 1184 1280 
39.10 39.10 3925 
4720 47 JO 47.10 
1J8 W0 1J8 
2 X 00 ?«ito ww 
•jny tn in x^O 
11750 117.70 11X00 
1X48 1X78 1X50 


AkLfaude 

AtaddAbPi 

AI&4JAP 
Banco X e 
BIC 
BNP 

ctodPtuB 

Crarefour 

Crotao 

CCF 

CeJeten 

Owfettoii Dior 

CLF^Jaito Fran 

CredH Agrtcnle 

Danone 

Ed-Aqudahe 

EridatoBS 

Eurofcae* 

Eurotunnel • 

Gen. Eon 

Haws 

taetal 

Laftege 


Hite tow am Prev. 


CA040:27I9JS 
Pntoas: 249085 

877 B79 

169.10 172 148.90 

926 941 

431 M 2 
344 34650 34680 
6&I 487 

903 905 919 

22520 228 22740 

1031 1042 1040 

3891 3980 3925 
274 28770 27X30 
24020 242 Z4250 

673 680 

920 930 

542 545 543 

1246 1244 1270 
919 934 ““ 


Electrolux B 
Ericsson B 
Hermes B 
hKMflwA 
Investor B 
MoDoB 
Nradbanken 


Sand»8:B 
Scania B 
SCAB 

S-E BonkenA 
Storafla Fob 
S kanikaB 
SKFB 

Sportxmten A 
SktasirypotekA 
Store A 
Sv handles A 
Volvo B 


Hite tow aose Pm. 

470 457 458 45750 

28750 2S2 286 28150 

246 23750 246 23450 

491 485 486 690 

393 389 391 390 

24450 237 242 237 

240 23550 234 234 

270 24750 268 26750 

714 21)50 213 212 

22050 21950 220 220 

16650 143 16450 164 

83 8150 82 82 

27X50 27150 77250 275 

337 329 334 32X50 

181 179 18050 179 

165 154 144 15450 

190 190 190 190 

11750 11450 11650 11450 
229 221 22450 221 

211 204 20650 21050 


1 * 1^0 Tfib Index P*Masel3'i»P,M Now York tone 

Jin l. 1982^ ICO. Level Change % change year to dale 

% change 

World Index 157 93 +163 +0.98 +12.60 

Regional Indexes 

Asia/Pacific 125.20 +0.07 +0.06 ’ +1.43 

Europe ‘ 175-30 +1.81 +1.04 +0.75 

N. America 194.94 +2.72 +1.42 +20.40 

S. America 157.41 +188 +1.21 +37.56 

industrial Indexes 

capital goods 204.61 +2.3B +1.18 +19.71 

Consumer goods 188.38 +1.69 +0.91 +16.68 

Energy 200.87 +0.70 +1.88 +17.55 

Finance 125.06 +0.73 +0.59 +7.38 

Miscellaneous 167.32 *0.59 -0.35 +3.42 

Raw Materials 183.68 +1.98 +1.09 +4.73 

Service 160.00 +183 +1.16 +16.52 

Utilities 143.75 +0.61 +0.43 +0.20 

VnlrmmatmalHmM Tribune World Stock Mm O backs the U.S. obter vetoes o! 
280 internationally ’mmstaUa stocks firm 2S counmes. For more kttomuglon.B tree 
booklet <s avBtebie ty writing to TTie Trtotod&t,i8i Avenue Charles de GauBe. 

92521 NewByCedex. France. CompBea by Bloomberg News. 


Lyon. Earn 

WrtiufciB 

Pa*asA 

Peraod Hkxud 

Peugeot Of 

Ptaoufl-Prirt 

Paaaodes 

Renautt 

Rod 

Rti-PradencA 

Sor+oft 

SchBeWer 

SEB 

SGS Thomson 

SteGaiwrate 

Sodexho 

StGotato 

Sues 

ss? 

Valeo 


Sao Paulo 

BradesxsPM 
Brohroo Pfd XS 
CemT 
CES 
Cope! 

Ethoteos 
ttraibcnco Pfd 53 
Lighl Serrido* 51 


1218 

11.95 

12J1 

11.97 

XJB 

8J0 

X77 

171 

5X5 

559 

5X1 

5X4 

, 280 

2J0 

279 

223 

442 

458 

4X2 

460 

5J5 

5X5 

571 

5X9 

6X0 

533 

437 

639 

572 

5J5 

5J0 

5X3 






jsp % ! S 

377 553 336JS 3U 

708 TUB SUL. 

452 4MB 

43 09 

1431 ,1425 

3SU0 

BL78 


Prod— glJt 

OT am tos 
1950 19® 192S 
1575 -WS 1450 

KQOO 12335* 19175 
3825 3050 dODfl 
5425 5450 SCO 

7425 7450 *025 
10325 1035B pS2S 
5S0 5400 • fflS 

3«5 39* 39S0 


Johannesburg 

And— 29 JO ttJQ 2925 *40 

TSSSSc^ 297 JO 29U0 TflSt Tg 

airiteWO bo 274 271 274 Zw5 

S3bAhGo« BOX 304 3W75 380 

CJSlS— 

Da Sacs 
DdetoWa 
FMNMBk 
GaBBCr 

CF5A 

issss^ 


Pffldngfoo 

Poe«Gei 


Piue ta r rmn e fl 4J0 

Proderdlal 6J7 

RatoxkSp' X40 

Rank Greep 440 

RtoMCete X41 

Red— \ 127 

Rsed Ini 

ReAUUd 128 

Rndenttdgs 635 

Roura ZB 

RltC Gragg . 9 JO 

RctoReyw - 249 

ReyidBkSeofc. X24 




4735 47 JO 47 JS , 47.95 
rJB 2X15 2520 5SS0 
163 141.75 1«2 % 142 

37.HJ 3X25 3T 3i2S 
SjO 3X30 3158 3X45 
2OJ0 2X45. 2X40 20AS 

nzJO ii 2 ittjo nun 

57 »» 5x» ftn 
2| 2D 3X75 V 3025 

xm 1*2 in in 

{gSfiSS -aSSkSS 

SKtjr ms 1272 13X25 127 

uSSstet. 17JS 1720 1725 17 


fitter— 

MWter 


1725 1720 1725 17 

1QX50 10473 10X75 lfSSB 
IX 17J0: 1720 UJ0 
9025 89 JS « «J3 
46 45J5 4S* 
fl 412 «S M g 
?9 » 79 7535 


8ww b ZB 

RltC Gragg . 9 JO 

RotoRojw . 249 

tod Bk Scot. 624 

todjEsaotf ’kJfl 

Sdnfawy V IS 
Sdirodm ixjd 
S edNaacoste Ail 
Scot Power 372 
Secnttr 224 

Scran Tigol 7J3 
StekTtwapR 1222 
State 942 

SraXh Heptew - L73 
Sen BNOto : 1074 
Sofiotad . 727 

Store Eto ' 428 

Sogeceodt X90 
SfirdQwtw 942 
TtoXLyto ' 454 
T«xd . 174 

TtaneVMv 498 
31 Creep SJOB 

TlGreop - 5JS2 

Taottas 240 

UnBrrar 1X22 

UMA— BiCa 470 
Wdteto 744 

IM—ta 492 


1721 1828 
X70 849 

183 187 

721 726 

243 7S 
XS9 X75 
225 175 

444 422 

5J0 X9B 
122 1.92 

SJ2 X09 
523 &20 

1323 1155 
118 223 

5 5J4 

7J5 727 

721 7.10 

IB> 111 
625 XX 
7.03 727 

1.14 1.18 
455 445 
443 445 
423 636 

442 449 
421 444 

X34 137 

120 321 

552 557 

223 227 

472 477 

257 244 

9.17 925 
243 247 

£98 412 

10.15 1041 

445 4.70 
349 353 
347 3J0 

1X40 1447 
457 459 
345 170 

2J2 283 

745 7& 

11 J5 11.99 
948 9J1 
1J3 122 

1X50 10J4 
7 JO 7J5 
418 424 

485 4ff 
9.19 923 

451 454 

349 3J5 
487 452 

SJ01 5J7 
546 548 

256 2JB 

WS 1420 
445 445 

7J6 7 JO 

4J5 492 


AXeonia Aide 

Ben Corner (W 

Bar Rdearran 

BcnfiRwna 

Benetton 

CrodSo ttaBono 

Ed«M 

ENI 

Bat 

GawraU Aesic 
IMI 
I HA 


torfiabanen 

Montadisofl 

Ofrett 

Pumida) 

Pktttf 

HAS 

Rdo Banco 
SPooto Torino 

SM 

Ttocoa Itafia 
TIM 


Montreal 


BczMcbCon 

OtallBA 

CAiUtIA 

CTRrtS« 

GoiMdro 

GMMdLHea 

lowstonGrp 
LottnrCos 
Nod BkOnoda 
Pnwcara 
PowFkn 
QMteeorB 
Rages CBraaB 
tomJBkCda 


Dte noste Bk 

HcfJtondA 
KneraerAsa 

SX^A 

PdbnGeeSvc 

TamDonnOff 
Storebrand An 


MIBTderatece: 1227748 
Proton; 1225X40 

11000 1084S 10930 10955 
3490 3450 3470 3440 

449S 4305 4325 4415 

1197 1177 1179 1181 

23500 231» 23250 23400 
2645 2400 2635 2600 

7850 7765 T76S 7730 

«m 8575 8725 B635 
5850 5740 5800 5720 

28950 2OTQ 28700 28800 
15000 14705 14750 14825 
24X 2400 2420 2415 

5200 5155 5155 51B5 

7350 7215 7215 7315 
9750 9605 9650 9680 
1046 HH5 1038 1045 

4W 40 482 484 

2475 2435 24» 2435 
3925 3B50 3880 3870 

13150 12B7S 12900 12970 
18470 18200 18300 18400 
10WS 10805 10840 10910 
8580 8495 8510 8530 
4660 4615 4620 4640 

5155 SOSO 5120 5140 


, PM 

Poo Seta Lux 
SdNodorart 
Souza Con 
TektiRBPfd 

W" 
5^2- 
^, pw 


431 651 

a53 871 

X95 9.05 

610 6.10 
715 732 

405JD 409 

793 805 

38LSJ 290 
1026 1045 
2202 2243 

1444 1479 
545 548 

333.10 334 
362J0 365.70 

300.10 30X30 

561 549 

2595 2630 
2116 2174 

135-10 13X90 
1705 1707 

196.10 201.10 

545 558 

30040 30X50 
1044 1077 

431 445 

606 424 

2800 2900 

807 828 

28440 286 

700 713 

140 JO 162J0 
547 564 

90S 96.10 
35X30 359 


taraspo tadac U2S7J8 
Protoua: 1118X38 

X40 XSS X50 
809 JO 840.00 809 JO 

54J0 54J0 54.90 

60.90 61 JO 6190 
1SJ50 1160 15J0 
484.00 486.00 488X0 
SXM 527 JO 520X0 
495X0 512X0 495X0 
350X0 356J0 350X0 
250X0 257.00 249J0 
15BJ0 163X0 157 JO 

3A60 34JD 35J0 
1X150 10X0 1097 
143J0 14695 14150 
172J0 17X50 172X0 
152X0 140X0 16L40 
338X0 338X0 3050 

38.90 3950 38.960 

1.12 1.13 LI3 

22.90 23X5 231 » 


Sydney AiOnUeartesranaXO 

3 3 Proton; 248090 

Alcoa 856 895 847 853 

AN2 Bktag 9.10 176 9J9 BJ9 

BHP 18X6 1853 ISJ2 1883 

Bond 4X7 4 4X6 4X7 

Bramble* IbA 2350 2149 2355 2358 

CBA M93 14.16 1421 14JD 

CCAmofl 15X6 1590 1590 15X7 

Cote Myer 640 6JB 690 691 

Camota) 7.15 X90 7 7-15 

CSR 4X2 4.75 4J9 AB2 

Fasten Biro 156 14B 253 160 

Goodman FW 1 J7 1 J5 IJ6 1.76 

KIAiMoto 121 5 12 12X5 !2)0 

Lend Lease 3640 25.95 2399 2699 

1X5 1X3 1XS 1X4 

1894 1X77 18J7 18X8 
1.91 1X8 1X9 1.91 

5J6 5.70 £76 5.49 

376 3X3 3X4 3J4 

455 452 453 452 

6.97 4.92 £55 4.98 

21X2 T0J0 20X5 21X7 
7X9 7X2 7X4 7X8 

895 XU 893 812 

793 7.15 7.17 7 JO 

11X7 10X0 11X4 10X1 
4X1 394 4 196 


Market Closed 

The Seoul stock market 
was closed Friday for a hol- 
iday. 


Singapore ! 1 ">£’S£gg; 


ratatriafc tadac 323293 
Protoes 338251 

42J0 42% 42J0 43tt 
2435 2635 2693 J6.10 
3645 3538 3345 
36.90 3450 34.90 ^0 
18 17X0 13 1755 

m JW 8» IN 
J9» 3X90 J9.10 39.10 
045 2&4S 2X45 2Bto 
19,95 19X5 19X5 1950 
1«5 14X5 17.15 17.10 

32* 32to 3» 32V» 

31* . 21 31J5 31^0 
24* 24.J0 2630 24.15 

a 25 7 S 


.OBKhdaccetM 
Pf iri pu. 4XA2 

140 13SLS0 140 135 

171 148J8 Mg )48 

34« 24« 1450 24X0 
29 2X30 2X90 2X40 

4450 4430 MJD 4430 
410 tetfl 40150 407 

375 270 , 373 24X50 

257 2S2'. ', 36 251 JO 

«| M* 104 

57S 545 - 557 548 

317 3IZ<'7 31^ 3^0 

WS 1 to 

141 140 U1 140 

NX NX KT. 515 

47 44A0 4&50 47 


A*lo Rat grow 
Carebafftr 
CBrDertH 
OnOnrioH 
Formld* 


....-Xtewe 

HKLond* 

. — Shotete 
upptf 

MSk 

Reppa rets 
KmdUnd 


0 Sllrf® 

PartarayHdgs 

Safe 

SngTediind 

SnaTetacranm 
TafLeeScB* 
UW todusktal 
UMOSeaBkF 

WngWUdO 5 

“toltXitotos. 


6J0 6X0 

XU) tos 
14 1040 
1440 1490 
CL79 074 
1890 1X30 
474 4J2 
11J0 1X50 

3J4 2.73 

X3S 7 JO 
4 184 

635 425 

3X0 3J8 

4X4 .4X2 

4.10 4X4 
1540 1S» 
9X5 9^ 
655 XSS 

& iffi 

7.10 7X5 

29 JO 29 
402 194 

2X1 2J6 

394 334 

1.15 1.14 

U 1570 
490 410 


6J0 4X5 

am a 

13X0 13X0 
1450 1440 
077 074 
1X70 1X40 
468 474 

10J0 11.10 
2X5 Ui 
890 795 

194 3X2 

435 425 

3J8 3X0 

4X4 478 

4J8 410 

15X0 1590 
995 990 
6X0 660 

4X0 490 

12X0 1150 
7.10 7.10 

1990 2X90 
198 402 
2X1 2X1 

394 394 
1.14 1.15 

15X0 15X0 
415 420 


MIM Hite 
Nal AmBrodi 
Not Mutual Hdg 
News Crap 
Pacffic Dunfop 
Ptaneralidl 
Pub BraxtcaC 
Rio Unto 
St George Bank 
WMC 

WadoacBtteg 

WwdUdePet 

Meteorite 


Taipei 


.JtwBk 
ChtooTungBk 
0*o Devetpad 
OdnaSraT 
Hr* Bonk 
Fomosa PtatflC 
Hua Nan Bk 
IntlCamroBk 
NanYaPtosOo 
a anK o^Ufc 

Ttriung 
toAHcreBec 
UW World O* 


Tokyo 

Abnanto 

AfASpponAlr 

Anwray 

AscHBraik 

AsortOwn 

AWrtGkH* 

Bk Tokyo MItei 

SkVokchoraa 

Bridgestone 

Canon 

OtubuBec 

Qwaoku Elec 

WfepPiW 

Data) 

DaUddKraig 

□ateaBank 

Dotai Howe 

ar* 

Demo 

East Japan Ry 
FOfl Bonk 

Fuff* 

HocftortBk 

HSttt 


Level 

Changa 

% change 

167 93 

+1.63 

+0.98 

125.20 

+0.07 

+0.06 

175-30 

+1.81 

+1.04 

194.94 

+2.72 

+1.42 

157.41 

+1.88 

+1.21 

204.81 

+2.3B 

+1.18 

188.38 

+1.69 

+0.91 

200.87 

+3.70 

+1.88 

125.06 

+0.73 

+0.59 

167.32 

•0.59 

-0.35 

183.68 

+1.98 

+1.09 

160.00 

+1 83 

+1.16 

143.75 

+0.61 

+0.43 


Stock Mortal Use BML94 
PietooB 823198 


144 143 

118 115 

45 44 

122 118 
29X0 29.10 

114 1M 

7150 72 

115 112X0 

67 65 

78 76X0 

90X0 88X0 
128 124X0 
54 55 

85X0 82X0 
48 47 


142X0 142 

116 11S 

67 46X0 
122 117 

29.10 7990 
115 113 

■ 72 72X0 
113 112 

m <ai 65 
77X0 76 

89X0 88 

127X0 12450 
55 55X0 
8tH 82 
47X0 68 


1HI 

Itochu 

fe-WBte 

JAL 

JopniTolxiccD 
Jura 
Kaftan 
bra! Elec 
Kao 

KananldHw 

KawaStob 

KWdNtopRy 


Stockholm *>««« 

ASAft 103 101X0 VS 101J0 

TbS * 110 107X0 110 1» 

Sfr- biiji 

asp** 3» sss 1 ^ 


K ota Ste el 

Koaotrn 

Kubota 

BS" 0 * 

Maubenl 

Mato 

MatejCoaiin 
Mato Elec kid 

asssr " 1 

MBmWsHOi 

ffissi. 

MtobbhlHvr 

Mbtodtotet 

MOtuUMTr 

Mitsui 


HKMZS: 2048575 
Prottou: 20418.15 

1200 1210 1240 
745 75) 7 60 

4360 4370 4360 

766 780 772 

666 475 485 

1140 1150 1150 

2020 2030 2M0 

580 587 SR 

2690 2680 2680 

3040 3060 3070 

2080 2100 2100 
2030 2030 2040 

2370 MOO 2300 
7B2 795 789 

1240 1250 1330 

450 458 451 

1360 1370 1380 
883 889 894 

5000a 9050a 9090a 
2910 2920 2890 

5740a 5770a 5800c 
2260 2270 2280 

£00 4220 an 

1540 1560 1580 

mo 4750 4770 
1450 1470 1470 
1090 1090 1090 
1250 1240 1270 
3460 3500 3520 
1420 1£» 1440 

435 444 434 

604 615 614 

6680 6710 6630 
496 496 499 

9050a 9090B 9060a 
4000 «eo 3970 
645 450 499 

2230 2240 2260 
1500 1400 1400 
514 Sir 510 
350 352 356 

699 700 703 

1180 1190 1180 
222 324 224 

920 929 917 

569 579 581 

9040 . 9130 9240 
3030 2030 2040 
377 385 381 

503 510 512 

2220 2240 2210 
3700 3750 

71 « 2220 _ 
1300 1330 1340 
1370 1380 1400 
370 374 372 

404 684 698 

1470 1700 1710 
843 8S5 853 

842 844 842 

1540 1570 1610 

1030 JOM HU 


Mitsui Fudosn 

Mitsui Trod 

MurnkiMla 

HEC 

Mkon 

■AkoSec 

Ntntendo - 

REST 

Nippon Steel 
Nissan Motor 
NKK 

Manura Sec 
NTT 11 

NTT Data 4! 

Op Paper 
Orton Gas 
Bcoh 

Rohm 11 

SakuniBk 

Sonkro 

SanwaBonk 
Sanyo Elec 
Secum 
StobuRwy 
SefcKoiCnan 
SeklHii House 
Seven- Seven 
Strap 

StftotaEIPwr 

Shktozu 

Stila-etsuai 

ShteeWo 

Shizuoka Bk 

Softbank 

Sour II 

Suntooma 
Sumitomo Bk 
SumflOwn 
Sumitomo Elec 
Sumlt Mated 
5umlt Trust 
Tafeho Ptram 
TakedaChera 
TDK 

TohokuBPor 
TokatBank 
Tokto Marine 
Tokyo E j Per 
Tokyo Elm.1iui 
Tokyo Gas 
Tokyu Corp. 

Tonen 

Tap pan Print 

Toroy Ind 

Toshiba 

Tostem 

TayoTrost 

Toyota Motor 

Yamanudil 

KxUXtirxlDOB 


Toronto. 

AbtobICOK. 
Alberto Energy 
Alcan Atom 
AndeocnExpt 
Bk Montreal 
Bk Nan Scotia 
Garrick Gold 
BCE 
BCTefecomra 
BUm Pterm 
BoBbanfia-B 

B reran A 
Cameo 
aec 

Cdn NaSRal 
CdnNutRes 
CctnOcdd Pet 
CdnPgcBe 
Cortona 
Datura 
Daoitar 
DonoteoA 
DuPontCdoA 
Edpra Group 
EtsoNevMag 
FakkaFU 
Fokoabridge 
FtetcherChalA 
Franco Nero" 
GtdfCda Res 
taiperiatOI 
Into 
IPLI 
Laktow 
Laewen Group 
MacntoBtal 
lot A 


1550 1570 
850 B64 

4720 J7J0 
1620 1640 

1980 2000 

683 690 

9550 9600 

900 917 

613 613 

347 348 

816 
239 242 

1340 1360 

1000b 1080b 
4460b 4490b 
688 710 

299 302 

1510 1520 

11200 11200 
728 742 

3710 3740 
1480 1510 
520 525 

8380 8430 

5910 5910 
1170 1200 

1200 1210 
8650 B680 

1540 1550 

1950 1950 

472 689 

2850 2880 

1 B10 1840 

1150 1170 

7490 7700 

9870 9950 

997 1010 

1670 1680 

43 490 

1840 I860 

303 309 

1080 1090 

2940 2950 

3010 3050 

8470 3710 
200 2020 
985 997 

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INTERNATIONAL HERALD TRIBUNE, SATURDAX-SUNDAY, JUNE 7-8, 199' 


PAGE 15 


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Tokyo Again Raids Dai-Ichi 


I Investor’s Asia 


Investigators staging a second raid Friday at the Dai-Ichi Kangyo Bank. 


Cnm/Mlnlh ‘TftrSktfFr.miDujw. bn 

TOKYO — Japanese prosecutors raided the 
headquarters of Dai-Ichi Kangyo Bank on Friday 
in connection with a payoff scandal, as Finance 
Minister Hiroshi Mitsuzuka hinted at tough pen- 
alties for the bank. 

Investigators from the Tokyo District Public 
Prosecutors Office staged a second raid on the 
bank’s headquarters in central Tokyo, following 
up on a May 20 raid, reports said. 

The prosecutors’ office refused to comment on 
the investigation. 

Investigators are believed to be looking for 
evidence that the bank provided loans to Ryuichi 
Koike, a reputed sokaiya. or mob extortionist, 
who is at the cenrer of a payoff scandal involving 
Nomura Securities Co. 

The Ministry of Posts and Telecommunica- 
tions, which oversees the world's largest savings 
institution, said it was suspending dealings with 
Dai-Ichi because of the bank’s involvement in the 
scandal. 


“We'll decide how long io halt trading with 
Dai-Ichi Kangyo after seeing what measures the 
Ministry of Finance takes against the bank.’’ the 
Posts Minister, Hisao Horinouchi. said. 

The ministry purchases deposits issued by Dai- 
Ichi Kangyo and keeps time deposits at the bank. 
Mr. Horinouchi said, though he did not say how 
much business the ministry does with the bank. 

The Posts Ministry’s action follows suspen- 
sions of dealings by local governments, public 
corporations and private companies. 

One former executive and three present ex- 
ecutives of Dai-Ichi Kangyo were arrested 
Thursday on suspicion of providing Koike with a 
total of 11.78 billion yen ($101.3 million) over a 
two-year period beginning in 1994 to buy his 
silence at the bank's shareholders meetings. 

The four are suspected of violating the Jap- 
anese commercial code, which bans payoffs to 
sokaiya. They could face prison terms of up to six 
months and fines of up to 300,000 yen if con- 
victed. (AFP. Bloomberg I 


Hong Kong 
Hang Seng 

17000 

16000 

15000 - 

14000 . / 

OT'-Hr-i 


Singapore 
Straits Times 

225M-I — -• 

2200 -n- — - 

2150 -4- - 
2100 - --V-jV ‘ 

2050 - VP) 
2000 — 


Tokyo 
Nikkei 225 

22000 - 

21000 — “■ 

20000 — yf- 

190004 — ji — J- - 


1 J FM A M J 1950 Tf M A M J 17000 J F M A M j 


Exchange index 
Hong Kong Hang Seng 


Friday Prev. % 
3osa Close Change 

14,655.13 14,795.52 -0.95 



Thai Shares China Raises Stake in Hong Kong Telecom 


Bangkok 


Manila 


Bombay 

Source: Telekurs 




765.67 / 


Stock Market Index 3,342,94 8,231.30 +1.36 


2J62AG 2,778.44 -0.56 


-40 

Sensitive Index 




2,376.14 
3^75.13 3,873.65 +0.03 1 

Ink null. HcijU Tnhmw 


Dive Further 
After Bank 
Downgrades 

"\ 

Our Shiff From Dnwhr* 

BANGKOK — Thai stocks plunged 
anew Friday after the' principal national 
ratings agency issued promised down- 
gradings of the debts of 14 banks and 
financial companies. 

The Stock Exchange of Thailand 
benchmark index fell 17.43 points, or 
3.2 percent, ro 530.62. its lowest level 
since May 26, 1989. 

Thai Rating and Information Services 
said it had downgraded the senior debts 
of the No. 1 commercial bank, Bangkok 
Bank PLC, to “AA plus’* from 
‘■AAA.” It also cut the credii raring of 
the senior debt of Thailand's third- 
largest commercial institution. Thai 
Fanners Bank PLC, to "AA plus’* from 
‘■AAA.” 

Pha tra Thanakii Finance PLC ’s senior 
debt rating was cut to “A” from 
“AA-” 

Bangkok Bank shares fell to 142 baht 
($5.84), down 6; Thai Farmers Bank fell 
4.5 baht to 93. 

THIS said the downgrades reflected 
~t concerns over the increase in bad loans 
in the financial and banking sectors, 
which are groaning under the weight of 
massive bad loans that have. been left 
behind after die sliding properly sector 
was hit by the country's severe eco- 
__ nonric slump. 

But Standard & Poor’s Carp, said it 
had no plans to cm Thailand's sovereign 

— long-term credit rating of “A," as some 
traders had predicted after the American 
ratings service downgraded the debt of 
the government-controlled lender Indus- 
trial Finance Cotp. of Thailand this 

— week. (AFP. Bloomberg) 


Cntqilnl fcj Our Huff Fhw, Dapakhn 

' HONG KONG — China said Friday it 
would buy a 5.5 percent stake in Hong 
Kong Telecommunications Ltd. from 
Cable & Wireless PLC of Britain, 
strengthening its hold on Hong Kong 
business before the territory's return to 
Chinese rule July 1 and giving the British 
company a foothold on the mainland. 

China Telecom, a unit of China's 
Ministry of Posts and Telecommuni- 
cations, will pay 14.25 Hong Kong dol- 
lars per share ($1.84), valuing the stake 
at 9.18 billion dollars. China Telecom 
will have one member on the board of 
Hong Kong Telecom, while Cable & 
Wireless will gain rights to participate in 
Chinese telecommunications projects. 

Another Chinese state-owned entity, 
China Everbright, is currently buying a 
7.7 percent stake in Hong Kong Telecom 
from China International Trust & In- 


vestment Coip., a joint venture between 
the Chinese government and Hong Kong 
investors. Combining the two deals. 
Beijing-controlled entities will own 13.2 
percent of the Hong Kong telecommu- 
nications provider. Cable & Wireless 
will still have management control, with 
a stake of more than 53 percent. 

For China, the transaction brings an- 
other of Hong Kong’s basic industries 
under its influence. In the past year, 
China took stakes in Hong Kong’s two 
airlines and its largest utility. For Cable 
& Wireless, the sale provides cash to 
reduce debt, pursue further acquisitions 
and identify business opportunities in 
one of the world's fastest growing tele- 
communications markets.. 

“It makes Hong Kong Telecom the 
preferred partner in the early develop- 
ment of telecommunications in China,” 
said Doug Hawkins, an analyst at 


Beijing Ban Hits Stock Market 


Agence Frunce-Presse 

SHANGHAI — Share prices fell Fri- 
day on the Shanghai and Shenzhen stock 
exchanges after the Chinese central bank 
banned commercial banks from trading 
stocks for their own accounts. 

The government issued a notice draf- 
ted by the People’s Bank of China late 
Thursday outlining the new rules, which 
are aimed at controlling volatile stock 
markets. 

The notice, which was broadcast on 
state-run television news, said funds 
from commercial banks had been flow- 
ing steadily into the country's two stock 
markets through various illicit channels 
in recent years. 

. "This has disrupted the financial order 
and increased financial risks,” it said. 

The Shanghai Stock Exchange’s com- 
posite index of locally traded A shares 
and hard-currency B shares, which are . 
nominally reserved for foreigners, fell 


84.93 points, or 6 percent, to finish at 
1,275.30. 

In Shenzhen, the composite index fell 
288.2 points, or 5.6 percent, to 4,847. 

Xn Zhilin, an analyst with Guotai 
Securities Co., said stocks bought for 
banks' accounts would come under 
selling pressure as h anks cleared their 
positions to meet the 10-day deadline. 

The bank also banned all commercial 
banks from engaging in Treasury-bond 
repurchases and spot bond trading on the 
stock exchange from Friday, saying ex- 
isting repurchase agreements would be 
allowed to expire normally. 

Commercial hanks will be allowed, 
instead, to buy bonds on negotiated re- 
purchase agreements at the national in- 
terbank market. 

The new rules come just two weeks 
after the government implemented a ban 
on stock speculation by state-owned and 
private enterprises. 


YOUNG: Vietnam’s Big Boom 


Continued from Page 11 

But despite the youth and 
increasing wealth here, Vi- 
etnam's transformation from 
communism to a style of com- 
munism that embraces cap- 
italism has been slower and 
more .frustrating than many 
had predicted. 

Investment in Vietnam has 
leveled off since booming in 
1994 and 1995, after the 
United States normalized 
trade relations. Many Amer- 
ican companies arrived in Vi- 
etnam with high hopes, only 
to find their plans frustrated 
by a stubborn bureaucracy. 

Foreign companies doing 
business in Vietnam battle a 
disheartening array of official 
corruption and petty bribery, 
from laughably restrictive 
joint venture requirements to 




for imagined offenses. 

. Apparently reojgnizing 
the problem, the Vietnamese 
government has enacted new 
laws that call for the death 
penalty for the most extreme 
cases of corruption. 

Contracts are almost im- 
possible to enforce in Viet- 
nam's crude legal system, and 


the government changes reg- 
ulations every day. The Com- 
munist government in Hanoi 
has conducted campaigns to 
limit foreign language on 
signs; logging on to the In- 
ternet here requires a govern- 
ment license. 

"It takes a great deal of 
patience to be here,” said Mi- 
chael Scown, an American 
lawyer who advises foreign 
investors. 

Still, more than 150 Amer- 
ican companies belong to the 
American Chamber of Com- 
merce here, and upwards of 
3,000 Americans are doing 
business in Vietnam, said the 
chamber. 

Joshua Jake Levine, editor 
of the Hanoi-based Vietnam 
Business Journal, said most 
American businessmen are 
still bullish on Vietnam, es- 


Washington's first postwar 
ambassador, Pete Pererson. 

American investors are 
saying, “We’re here for fun- 
damental reasons: our belief 
in Asia, our belief in Vietnam. 
We’re not here because we 
think we can make money in 
one year and leave,” Mr. 
Levine said. 


Sal Oppenheim jr. & Cie 

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WATCH SATURDAY AND SUNDAY 
ai 2G:30 CET 



WORLD’ 


Wertpapierkainummer 

Wahrung 

ROdmahmepraise per 31.12.1996 


Ausschuttung per 20.03.1 997 


asschOaungsgteiche Ertrflge 


davon VerauBerungsgewinne 


ais Ehtommen zu versteuem 
im Privatvemiogen 
im Betriebsvermogen 


Eftr&ge. cfie tier Kaprtalsteuer unterfegen 
Kaptetertragstauer30% (depotMe) 
SoHdaritStezuschlag (Depotfae) 


Kapitatertragsteuer 35% (NiditdepotSfle) 
Sofetaritatszuschlag (NtehtdepolBila) 


Angabenje Anted 

Vobehaiich eventueller Anderungen duch das Bundesamt fur Fmanzen. 


Comision Ejecutiva Hidroelectrico 
del Rio Lempa (“CEL”) 

Autonomous Public Service Institution of 
The Republic of El Salvador , 

Considering: 

I That CEL is the owner ol the share capital of the following 
companies. Campania de Alumbrado Beatrice de San 

. Salvador. SA de C.v. (CAESS, SA de C.V.). Compaflfe de 
i ny sectrica de Santa Ana. SA. de C.V. (CLESA, SA de 
C.VJ. Distribuidora de Electricidad del Sur, S.A. de C.V. 
{rin fit ir SA de C.V.), and Empresa Becmca del Orleme 
S A de c.’\£ (EEO SA de C.V.); 

II Thai in accordance with Legislative Decree No. 1004, dated 
the seventeenth ot April of 1997, and published in the Diario 
Ofidai No. 76. volume 335. dated twenty-ninth of the same 
month end year. CEL is enabled to transfer the shares which 
represent the share capital ol the above-mentioned 
companies, 

Therefore 

fn accordance with Article Three of Legislative Decree No 1004. 
We Worm: 

That, following the third publication of this announcement, will begin 
tne process for the sals of shares that are the property of CEL and 
which represent the share capital of Compahla de Alumbrado 
SSTTSn Salvador. SA. de C.V. (CAESS. SA de C ; V.) : 
Compahla de Luz EIGctnca de Santa Ana, S.A. de C.V. (CLESA. S A 
de C.V.J, Drstnbuicfora de Electricidad del Sw. S.A de CV 
(DELSUR. S.A. de C. v.), and Empresa Electrics del Orients SA de 
C.V. (EEO SA de C.V): 


Nomura Research Institute, in 
London. China is “one of the 
least . telephoned economies 
on the threshold of major ex- 
pansion,” he added. 

Before the announcement. 
Hong Kong Telecommunica- 
tions shares soared after the 
company confirmed that 
Cable & Wireless was in talks 
with Chinese authorities. 
Stock in Hong Kong Telecom 
rose 11 percent, ro a record 
19.00 dollars in heavy trad- 
ing. The stock has risen 53 
percent so far this year. 

Shares in Cable & Wireless 
soared 13 percent in London, 
to 564 pence ($9,201. 

Analysts say Cable & 
Wireless would not want to 
lose majority control of Houjg 
Kong Telecom, because it 
contributes as much as 70 per- 
cent of the parent company's 
profit. 

Last month, the State Coun- 
cil, C hina ’s cabinet, agreed in 
principle to let China United 
Telecommunications Corp. 
operate local phone networks 
in three regions. Unicom, as 
die company is known, is a 

K er with Sprint Corp. and 
omedia Co. of the United 
States, so the move was seen 
as opening the door to foreign 
companies' participation in 
die expansion of China’s 
phone system. 


Only about one in 20 
people in China has a phone, 
compared with one in two in 
Hong Kong. Bur the industry 
in China is growing at about 
30 percent a year. 

I Bloomberg. Reuters ) 

■ A Red-Chip Warning 

Investors swept up in the 
cunent wave of "red-chip 
fever” for China-related 
stocks are at risk of losses 
because of the poor health of 
many mainland state -owned 
companies, a leading econ- 
omist said Friday, Reuters re- 
ported from Hong Kong. 

Demand for red-chips, or 
Hong Kong-listed companies 
with mainland ties, has come 
amid a burst of optimism 
about Hong Kong's handover 
to China in three weeks. 

But Kenneth Courtis, chief 
economist at Deutsche Bank 
Group Asia Pacific, warned 
that the speculative gains 
could be short-lived in light of 
serious problems with main- 
land Chinese companies. 

“People who are rushing 
into the streets to try to pay 
their $100 to get a subscrip- 
tion form may think they’ll be 
able to seU that some time 
soon," Mr. Couitis said. 
"Things like that usually end 
in tears and it won't be any 
different this time." 


Very briefly: 

• Direct foreign investment in Japan more than doubled in 
the year ended March 31, rising 109 percent to 770 billion yen 
(S6.65 billion!, as a weaker yen and lower rents prompted 
overseas companies to increase spending. 

• Japan plans to send Finance Minister Hiroshi Mitsuzuka to 
China after the Group of Seven summit meeting with Russia in 
Denver. Japanese officials are reportedly detemtined to send 
the minister to Beijing following the decision to include 
Russia in the meeting, since China will not be represented. 

• Samsung Group of South Korea plans to spend $500 
million to expand Malaysian operations. 

• Ministers of Bangladesh, India. Sri Lanka and Thailand 
launched a new regional economic organization. 

• Telephone & Telecommunications Pd, struggling with 
high debt and lower-than-expected earnings, proposed giving 
the government's regulatory agency. Telephone Organization 
of Thailand, 250 million new shares, or 25 percent of the 
enlarged company in return for dropping the requirement it 
pay the agency 43.1 percent of its revenue. 

• Kentucky Fried Chicken, a unit of Pepsico Inc., has signed 

a deal in Ho Chi Minh City with a local company to open its 
first outlet in Vietnam. Bloomberg. R^hu xj. afp 


Manila to Curb Dollar Lending 

Bloomberg ,Wk j 

MANILA — The Philippine central bank said Friday that it 
would curb banks’ dollar lending through a new rule In its 
latest effort to prevent a crisis such as the one that led to a run 
on the Thai baht last month. 

The bank said its policy-setting board approved a measure 
requiring banks to keep at least 30 percent of their foreign- 
exchange assets in cash or securities easily traded. The control 
affects banks' ability to make loans from their $15 billion in 
foreign-currency deposits. A surge in dollar loans has caused the 
money supply to balloon, raising concerns about expansion. 



The Brand Hotel. Rmsterdam. June 20 

This conference, timed to follow the Amsterdam Summit, which marks the end of the Dutch Presidency 
of the EU, will debate the Euro’s potential impact on multinationals and financial markets. 


Paul Aarunson 
Erecutivc Director, 
Morgan Stanley ft Co. Inti Ltd. 

Jean Frijns 
Chief Erecutive 
ABP 

Michael Gardner 
Director 

F.T.S.E. International 

Johan Groothaert 
Client Strategies Group 
Merrill Lynch International 

Peter Stanyer 

Performance S Risfc Management 
Mercury Asset Management 
. Group PLC 


Peter Jay 
Journalist, 
writer & broadcaster 

Gordon Bagot 
Director, Head of Research 
fl Consultancy 
WM Company 

Angel ien Kemna 
Director of Equity Ini’estmehi 
Robeco Group 

Lars Nielsen 
Professor of Finance 
INSEA D 

Richard Pagan 

Bonds ft Equities Portfolio 
Analysis 

Salomon Brothers International Ltd 


Jan Michiel Hessels 
Chief Executive Officer 
Vendex International N.V. 

Andrew Skirton 
Chief Investment Officer 
Barclays Global Investors 

Piet Veldhuisen 
Head of Mutual Funds 
Generale Bank N.V. 

Onno Vriesman 
Client Strategies Group 
Merrill Lynch International 

Bill Stack 

Chief Investment Officer, 
Global Equities 

Dresdner RCM Global Investors 


■ \ ■„ For further information : <m how to register for this 

■ Ursula Conference Office, 63 long Acte, fotofcat WCffisiH 

• TcL (44 I7tl 836 4S02 :: 171)836 0717 E-mag: l 


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The It Netherlander 


the ft imursnun Mitwuta 




Sth June, 1997 
Third Publication 





















PAGE 16 


INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY, J UNE 7-8, 1997 


THE FUND PERFORMANCE FOCUS 



Hie I.H.T. would like to remind its readers that past performance is no guarantee of future results and that die value <rf 


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Credit Lwnniiu Roue Ltd uni Equi t a bl e Hour Internments Lid 


J.B. DANISH EQUITY FUND 


In 1996 the Danish equity market 
yielded a return of 28%. TWs year 
the return has reached 22%. We 
find that investment in Danish 
equities a still aBnctive because: 
the price level of Danish equities 
Is sbD some war below the 
European average. In step with the 
increase of foreign Investment 
prices wUl edge closer to those on 
other Eu topes n markets. m 

We expect the esrrengs growth A 
over the next yean to be in «■ 
the range of ]0%-15%- The 


jyske Invest 

. ■ is a mutual fund group 
I which Is fully owned by its 
I investors; 

R • was established in 1988 at 
) the inltiibveofjyske Bank, 
■""I with whom Jvske Invest 
J cooperates doseJy; 

V ■ offers s wide range of 

\ investment possfbultiea 
designed to meet our 
Investors' different 



ALPHA FUND MANAGEMENT. LTD. 

& 

ICATU BANK (CAYMAN). CO. 

Are Pleased to Introduce 
Two Open End Offshore Investment Companies: 


ICATU BRAZIL MULTI-ADVISOR FUND. LDC 

The iratu Brazil MoM-Advfew land. LDC offers three distinct professionally 
msiiaged investment classes, a BrszlDan Equity Trading Class, a BrazlBan 
Equity Value Class and a Brazilian Faed Income Class. Each class of the Food 
"31 attempt to nmlmhe cartel appreciation bj investing to assets with a group 
of premier BranUm nwoej aauagers selected to arrest ■ Brazfflan equity and 
debt securities. Managers selected for The BririHan Equity Value Class 
purchase shares of RrezHkn companies identified as basing future jromb 
potential white the Brazilian hqotiy Trading Class employs an aggressive 
in vestment and trading strategy. The Brazilian Find Income Class invests ■ 
the defat eecaritks of public and private Brajdffaa tsraen. 


ICATU ALPHA GLOBAL FUND. LDC 

The lean Alpha Global Fond. LDC offers three distinct professional!) managed 
investment c lasses, an Aggressive Growth Ctev ■ Growth Class and a 
Comenathe Growth CToss. Eacfa class of the Fend w31 attcmpl to maximize 
capital appreciation by investing Us assets with a group of premier money 
managers' *decud u loves primarily ai equity and defat recuriltes of issuers' 
located throughout the world. 


Tkii announcement It neither an offer to srH nor a solicitation of an offer to buy any 
of (fan# tecorides. The offer Is made only i.r l*r Prospectus. 

Cope* of the Protpeam may be obtained fnm Mr. Daniel Feiuter 
Alpha Food Management. Ltd. 

■IS Par It vale Road. Saile 464 Hamilton. HMII BERMUDA . 
Phone: *41-95-9620 Fan *41-295-965 7 


HAVE YOUR JAPAN INVESTMENTS 
GROWN BY ff0% IN 5 YEARS? 

GAM Tbkyo is the top performing of all 65 “Offshore Japan Equity" 
foods since launch in March 1 992, having provided investors with a total 
rernrn of 95% in Deutsche marks. Over the same period the Tokyo Stock 
Exchange Index (in DM) rose by 8.99%.* 


U M 

The toy id the Paid's success baa been 
a highly selective approach to stock 
picking. The manager baa avoided 
poorly performing sectors (i.e. the 
bonks), baa hedged the yen during 
period* of currency weakness and baa 
recently concentrated on companies 
which have bon benefiting from yea 
weakness and thragnlntkHi. 


w ee or 
With the Japanese market down more 
than 40% fium its peek in 1989 and many 
Japanese dares now attractively valued, 
we believe that GAM Tokyo offers 
atceiknr proqwets fbrinvemoro over the 
medmm term, enhanced by a broadening 
economic recovery. Selectivity win. 
however, continue to be the key to 


fcrMItefcrmattennnCAM'Mrio.piiaa i i m i U i tn faaGAMCIiaptgwvfared^artoiM d 
an«MM9W7(inC r sh * i nnl y)ar-t441fl402777(lB tnHuu alMl«). 
Alteraailre t y . fled menttwlrSiM* an wwwj d te i gygiBLca far Mdririh of our fluid* 
tor Earapiaa sad UK farMtors. 

■ tMVH^iea^MMtHrwlKWiMiAwiaMl AI oafcUahH hi MC 
A-wwOAMtj%«taa.M M MiMwa«>* M Mrpri>aai(ia liwUdinm rev wre* to rnUUM. 
S ^ t| rt M ^rtrB.i« l awiMiUM».iw»leiOclMUW*iiBra| i i n i |iw ii » .rreiwfaa«i.iM 
A« nwia Wdula WMB l»Md. con ta* rwJ. 

. — ■■ — , -—11111 frnmi^Miiij iranrn it 

kl — 1 W wr. t rmtm SW 1 A I WC 


MAGNUM FUNDS 

Access our web site www.magnumfund.com . 


MagpKim mixes and matches leading hedge funds Into 
15 dfferent combinations (multi-manager funds of 
funds), each offering distinct levels of risk aid reward. 
Examples falaw: 

Magnum U.S. Equity Fund - muithnanagertund 
investing In tang/sbort U.S. equity hedge funds. j- e ©/ 

Started Sept 95. 21 month return through May.97: +03 Zo 

Magnum Capital Growth Fund - muw-managerfund. 

Emec^. growth. SianeOMaicii 96. 15 month nebsntrvou^i May S7: 

Magnum Turbo Growth Fund - muiu-managerfund. 

AggressfvBJStaitooAuauasa. 10 month return ihroutfi May97; +32% 

Magnum Special Situations Fund - muni-manager fund. 

Low risk. Non stock market correlated. Started March 96, . 

15 month return through May 97: +1 0% 

Some of the other specialized Uagnum Funds of Funds Indude: 

Magnum Ruaala Equity Fund Magnum Fund 

Magnum Tech Fund Magnum Macro Fund 

Magnum Global Equity Fund Magnum Edge Fund 
Magnum Multi Fund Magnum Opportunity Fund 
Magnum Aggressive Growth Fund 

Forman Inform ati on pio tin fax 

Magnum at: 242-356-6640 or access our web site 
wwwjnagnumfundcom 




■MS ««MC 0OB M ■»»■ *• 


BBL Invest Emerging Eurbpr manage* assets owed mg D£M M- 5 »Hhon. in 
orenphanoe with its inves tm ent objective BBL Invest Emerpng Europe uiVtoti 
mainly on eastern European stock markets 

Manager's Report despite the strong gains already scored in 1996 and reflects 
Inga favourable interest rate environment, droweverage GDP growth tales, a 
significant deodaatjon of inflation. a reaSocaban of buernationvl portfolio* 
towards imaging markets and, above alL stockmarkri valuations «n«* w 

with interna Bo nal standaitis. equity markets in eastern Euro^: continue to 

torm haiKlsamefy this year. For the year to daw, grins lr U95 terms range from 
over fcfis in Russia to around 20*» In Fotand and Hungary And yet tboe ts no 

reason to bdBeveftwt a qjecvdati'ie bubble nujete be in die making, iorftie econo- 
mies in dw area *how favourable fundimailalsfconnniilngCDr growth, huge 

infrastructure needs, population growth, decekmttrg inflattoil. Cunenity. the 
oountrvmlx of the fund Is as fonown Potand 32%. Czechia 30S . Hungary 239. 
Russia jcomiitb tor W of a»eb. the Brine States tor around 3*. and three two 
areas will be awarded a higher weighting m die next few months. 

BBL Invest Emerging Europe o 0 su b-funl of the umbreth fund BBL hmst incorpo- 
rated in BriguiM- Together anfft to namesake BBL OJ Invest, meurponted m Liurm- 
hnuy. BBL incest offers un dton a wMt nngea) ana. country and industry fundi. 
Cunwitiv, BBL offers Investors a choke of more than 100 sob-hinds and man- 
ages fund assets in excess of BEF S25 billion iU$$ 15 billion) The BBL fund 
ranflelndudesminiey market funds, bond funds, equity funds and mtiai funds. 
as well as a “high-tech* fund fBBLTeduuxl. 

Further information: BBL Invest Info 
832/2/48133 40 

Monday through Saturday 7 am-* 10pm 



CHINA FUND 


rk 

V 



Z 

z 

M 

- 


*m id «■« Od Nm 0« B7 '•fctaN 

• The Guinness Flight China Fund has produced a 
performance of 12796 over the last year, 
underlining the Investment potential of China's 
developing equity markets and Guinness Flight's 
Aslan Investment expertise. 

Far further Information, please contact our 
Investor Services Department In Guernsey on: 


+ 44 (0)1481 712176 


internet: httpy/www,guinness-fllght.com 

Prt pwfw mtno It net nw —— «y ■ >*>■ to tin tteuv. nuotutftora h P» w*u» at 
tm inMXno moiHm wid ttw twm tarn Own «nd shanoa In krereit and 
■atanga nto* man av* #■» wtu« at W» lm«*tnwit mat tho kicsm Horn t awi M 
■ w im«na*wnotBu«"*— d . i n >— imr wwnaonbiVMin toBwnattre 
oomodL mMM rod HttMiNM rtM M CNni are aoiMiaray MBtNr thro n anon 
U wW uu »dmfte«»ra< ■”»■*>* H tf * l — i ftum redgdSiirtlr 

tewar. ttia tuna ntf< ctan* rind Ma **> laid of aananyi Mact Rum* 
H-C. MWwum a wl i i wii l- qjCBOAia muio.' for your profvettan W phora c«*« may 
ba lacndad. bauad by aJrewaa Macrtro Anal Mroagroirot UndlM. raiMaHd 
by WBQ and Ttw Paraoml liw bun AuthoHty. aaavur 


Momentum 


Absolute Returns in Ail Market Conditions 


Launch % Return % Return 

IstQuaner since inception 
1997 


AssetMaster 

(futon) 30 Jim 91 +2.08 +123.79 {69 nxndH) 

StodcMaster 

fitmgWiort/jonedJ 31 Mar 92 +2.34 +137.90 160 momhi) 

Rainbow 

(Fund of Funds) 31 Dec 92 +2.75 +6352 {31 mooda) 


Investment Products for the Short to Long Term 


MOME NTUM 

ASSET MANAGEMENT 
For iiiithn infoniurioii please ardt the appropriate rumba on it mftrnanoo coupon. 


R!( iu:or R 


RICHGOURT VARIABLE OPPORTUNITIES Inc. 


IffaffSaaiktf 





moacourr vabahu. wTOftnmrrtts 
be. was JrcoporaKd in the British 
Virgin Islands on November 1st iW 
The Fund currently has assets vn: 96 
million dollars The Fund's investment 
objective is to achieve capital apprecia- 
tion by inresting a substantial portion 
□I Us assets among a dhreretfted group 
at money managers selected and moni- 
tored by RJehcouri Capital Management 
Inc. the Fund's Investment Manager 
The money managers selected by the 
Investment Manager generall y wil l 
employ non directional trading strate- 
gies. the results of which generally are 
nor expected to correspond with the 
direction ol slocV and bond markets 
(ie convertible arbitrage pairs trading, 
fixed income arbitrage delta-neutral 
option trading and risk artitoagel 
The Fund is offering three separate 
Series of shares lor purchase by eli- 
gible investors Eligible Investors may 
purchase shares of one or more Series 


Each shareholder* exposure to the 
profits and losses of Trading by the 
money iratweerj will vary accordingly 
to the Series ol shares which it holds 
The Senes are as follows- 

• Series Bi'bendunatV ) The shares 
of senes B are mrended to offer 'an 
investor the o p portunity to diversify 
its Investment portfolio through. In- 
vestment m the investment Com- 
pany's actively managed pool of 
money managers 

• Series Lrleverage" i Theobteotueof 
Senes L shares is to provide inves- 
tors with a 33®b leveraged version of 
Series B shares 

• Series S r -specular- w; -The direc- 
tive of Series S shares Is to provide 
Investors with a Wt. leveraged ver- 
sion of Senes B shares 

Ftarthae bdbrauuSiw cm be nbnteed 
from the Mtntoteoator: 

CTICO FUND SERVICES (EUROPE) B.Y. 
Tti: (31-20) 67tW II Fax: 131-30) tTHMll 


the R«? 

Hake a 


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Contact us now to And out more: 

INVESCO- International Limited. INVE5CO House. PC Box 27], Grenville Street. 
St. Helier. lereev JE4 BID. E-mail atkfctas: ft_mai«#Jer.irAwcoxt3m 
Telephone: +44 (0) 1534 B14098 Facsimile: +44 (0)1534 814107 


tt rnwUoru) Find Nawdi RjMw. 

(■ fund tamt »jwig ‘ \uNmr 1 m Hone “"H. 

Tim m b iw iwnMrih v pMr la Lamretemaro Ttw Miv« «f 
■lam cm Wum* u wandihr -nMiwnw* napibKkltv 
«ncmro"einiHv im'—rt Qmnga in mdn'igr on bawnm curttncw 
mrcaneaNi value of Be Uncamcre w amMAii o' nnwr. Al or nmr 

efiw anlKtkn mritbdbi «» LK ****** omm to n# «PB*> io 

invcnnni MS rorepaiHfro vnarisw UK awroui 
C(jiUffT2t V^ ScMM BUY Ml bt ffi rij mm 

tl« atomemn » aaad bv IWE5CO Befmoaonai IS roa MirMI br 
esVtSQUAMiMniinnn UrWeanMcni|iq*aaW Ia 1MKJ __ T _ 


INVESCO 


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I\j o global investor can ifibrd to miss the opportunities ofered m Europe 
1 1 -and nto better to innw with rfun Old Mutual IntenatkmaL Over *e 
past five yean our value-oriencued stotiqricMng approach has been 
coiidxendy rewarded - mafan g uj Number One in the sector according to 
independent Money Management satista. 

-The; European Stockmarka Rind is pan of our extensive range of o&bore 
equity bond,-- managed and deposit funds, fulfilling the needs of a broad 
speesum of Investors - from the rtther adventurous to the mote risk iwn£ 

M this with the added security, af.tnvesnng with Old Mutual, one of dx 
void's top' fife usurers. Esabtehed iri.lfrtl Old Mutual worldwide now 
manages assets in excess of US£#5bffltaa - 

To find out sure, simply cboqdete and return the response coupon. 
Comprehensive Outperform ance • s«wiMi™M 

TMri Sterling fmtS 

^ " M tftwtnOUim.ond 

01/SfW. TferiteH 

220 " J (tareM+to+UOU 

>89 - J ^\T ^.^.AjJ.A Iftrowf MenatUmd 




■eTJx,.-- 


OMKGI EaropoM StoduuiiMit Find* . 

Moibm StMter a Impa U-UK Max ' 
Micros*! Ofisbom Enrepaaa tqrin Food Index. 


[Cvmaqi) Ebirorw 
StekwMFud ' 


OLD MUTUAL 
INTLK NATIONAL 


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Perpetual THE FUND RANGE 




°<i Change ( 

Find 

Dare 

Since 

Lauren 

5 Yaare 

tmemaiontf Grown 


+91.7 

Emerging Companies 

S 4 85 


♦106.1 

American Growth 

2f.4.ea 

+11S2.7 

+111.7 

Lain American Growth 

31.155 

+40 3 

~ 

Far Faslem Groviith 

B 11.06 

+451. 2 

♦134.9 

Japanese Growth 

30.11 91 

■+■12.0 

♦10.0 

Asian Smadar Mamets 

8.3.93 

♦100 3 

* 

UK Gwvlh 

24 10.S7 

+4IM.6 

♦110.7 

European Growth 

8.11.86 

*£48 i 

♦99.3 


Fund 

Research 

Ftottogf 



GENERAL INFORMATION ON PERPETUAL UNIT 
Trust Management (Jersey) limited 

• Offers otishore equity funds investing worldwide 
(Minimum ln«ymcm USS20C0! 

■ Since launch. 7 tui* nav-; achieved top quartfe perform area 

• O.-er the last hie years 4 cul of 7 funds have achreved top 
quartile pertoimancu 

• Offshore Portfolio Mana-jement Service, based on lund range, 
also available < Minimum investment. USS 150.0001 

V „i-„- v -J*-'.-. 

: r ..-.- • ii - .-.-li.Virv -,r:.i V'..'.:ir. 71.- rcti 

Par hirere* intermsW a'vas* phefw me Cusrwwr Saivicm Oeparwrent mi 
— m -O'-ts? 4 V vs J la. on -44 i0n5JJ 3S9t9. 


SOGELUX FUND 
EQUITIES JAPAN 


Net Abbot Value per eliaro ovalution 

(Bom 100 Stoning Period) Itoy 29. 1892 to May 30. 1987, (Currency: JPY) 
Index! NIKKEI 300 

SO LUX EQUITIES JAPAN SG - ■ NIKKEI 300 



Jon.93 Jan 94 Jan.95 Jan.96 Jan.97 

The SractL* tfonerafo Croup Lit inched the first Frouh SICAV in 19b4 
and manages today more Uun L'SD 56 billlLm in over thirty financial 
market plaats worlilmde. on behalf of private mvestors .tnd iristitutiuns. 

Since 1*^7. chu Svwle Cenurale Croup h.rs been ottering a 
Luxembourg based mutual tun cl. SOCFLUX FUND, todav composed of 
To compartments witli a total NAV ot USD 5*23 million. 

SOGELUX FLHVD mcluciL^ 

- lh equity compartments Speu.tlicLd in North America. Europe, 
lapan. International (.irmvth. Cold Mines. France. Germany. Italy, 
Spain, Stvibvriiind. F.vcjtic LtK. Chinn F.mergmg Asm! Latin 
Amcnca. W»wld Indian Subcontinent. Eastern Europre. 

- Ill bond compartrmitts sprecialLred in enuntnes or geographic areas 

iL r SA, Japan. Europe, Germany, France. UK, Belgium. SwitaerLind. 
Spain Italy j denominated in the corrospunding airrynaes. anti ime 
tvorldwtdtf diversified denummated in LSD. 

- 7 monev market Compartments. USA. Europe, Belgium, 
Switzerland. Lierrnany. France. Italy. 

Two comparrmenc* have been launched on April 25. 1997: 
SOGELIA FUND EQUITIES - INDIAN SUBCONTINENT and 
SOGELUX FUND EQUITIES - EASTERN EUROPE. 

SOGELUX FUND - EQUITIES I AT AN nutpertormed ih- benchmark over 
a fwrii*i or five veara icf graph) 


Mail this coupon or send fax to: 

Julian Staples, International Herald Tribune 

63 Long Acre 

London WC2E 9JH, United Kingdom 

Fax: (44-171) 240 3417. 

Please send me information on'the funds circled at no cost or obligation 

5 6 7 

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SATUR D AY-SUIN’ D AY. 

JUNE 7-8. 1997 

PAGE 17 


...A 

VTOhsV/ 

"VW;V. ! ; s - 

4 S'W* J ■■ 



Do the Right T hing 
Or Make a Profit? 

Constraints of ‘Ethical’ Investing 


By Digby Lamer 


F OR MANY investors, being so- 
cially responsible and making a 
profit are conflicting objectives. 
At fust glance, the quest for 
businesses that not only have not caused 
socio-environmental damage but are in- 
vesting in systems to prevent it is a 
difficult one, with a limited number of 
options from which investors can 

Socially responsible investing can be 
divided broadly into do's and don’t’s. 
The do's are businesses investing money 
or effort to protect the environment The 
don Vs are those with a poor environ- 
' mental or social track record or those that 
produce unsavory products. Corpora- 
tions involved in tobacco or alcohol or 
linked with oppressive governments are 
big no-no’s. 

'And not only do managers have to 
pidc stocks carefully, they also have to 
monitor corporate behavior to ensure 
that the companies continue to meet in- 
vestors’ expectations. 

Although there are plenty of mutual 
funds offering investors good returns 
. and a clear conscience, the nagging 
doubts about how responsible an in- 
! vestment is may linger. According to 
1 Eric Harhom, an investment manager 
with Henderson Croths waite in London, 
investors are wise to be wary. 

In the early 1990s he published a 
monthly newsletter offering stock rec- 
ommendations for the ethically minded. 
The task eventually proved to be too 
much, however, and the newsletter fol- 
ded, leaving Mr. Hathom feeling 


braised and cynical. The main problem, 
he said, was the enormous gulf between 
investor expectations and what busi- 
nesses were prepared to do. 

“We started off with the best in- 
tentions, printed it in green ink on re- 
cycled paper," Mr. Hathom said “Yet 
when 1 looked at the slim range of 
companies that were actually doing 
something positive environmentally it 
became hard to sustain an argument for 
investing. In the end I felt it was better to 
! advise my clients to give some money to 
adeovironmental charity if they really 
wahted to do some good.'* 

Along with many other investors, Mr. 
Hathorft believes that very little so- 
caUedgrcen investing stands op to close 
induction. 

*1n the early 1990s it became clear 
that putting the label ‘responsible’ on 
something had marketing potential,’ ’ he 
said. “Suddenly a lot of funds were 
launched claiming To have ail sorts of 
environmentally friendly credentials." 


In some cases, stan- 
dard mutual funds simply 
changed labels. Some 
continued to invest in 
□on-green businesses but 
said they were ethically 
correct because such in- 
vestment was limited 
For many environment- 
ally conscious investors 
this is not acceptable. 

One of the biggest 
obstacles Mr. Hathom 
encountered was the 
variety of ideas that 
people had about what 
constitutes socially re- 
sponsible investing. He 
found that it could be al- 
most impossible to get 
investors to agree on 
what was acceptable. 

At a meeting of invest- 
ment advisers in London 
several years ago, Mr. 

Hathom was encouraged 
to drop a recommends- *•* 
tion to invest in a tele- 
communications com- 
pany because it supplied telephones to 
nuclear bunkers. A fund manager 
present at the meeting was reluctant to 
make the change but came up with a 
major British bank as an alternative. 

“In investment terms it wasn’t much 
of an alternative,’’ he said “Yet tiiar 
was also thrown out on the grounds tiiar 
the bank had refused to write off all of its 
debts held by Third World countries." 

Clare Brook, a manager of so-called 
ethical funds with the British insurer 
NPL believes that most socially respon- 
sible investors can find something to 
suit their tastes among the range of 
funds she manages. 

“We have people coming to us with 
all sorts of demands," she said “We 
get approached by vegans, for example, 
who want to be assured that the funds 
they invest in are not involved in animal 
experimentation or any other activity 
they find unacceptable." 



El 


VEN IF a fund accommodates 
social concerns as much as pos- 
sible, Ms. Brook acknowledged 
that making a reasonable return on in- 
vestment involved a difficult balancing 
act between responsible investment and 
profit-making. 

In the United States, the number of 
socially responsible mutnal funds has 
grown during the last three years but 
remains small relative to the number of 
other funds. Laura Lallos, an analyst 
with the Chicago-based fund monitor 
Moroingstar Inc., said that investors in- 


evitably had to compromise their ethical 
standards in order to invest effectively. 

“Any intelligent person could run 
through the list of investments in a so- 
cially responsible fund and find 
something they object to.” she said. 
“People’s views on social responsibil- 
ity are so varied that the only way to be 
sure a portfolio conforms to your ideas 
is to construct it yourself.” 

She added that because this was not 
practical for most investors, the only 
option was to downgrade expectations. 

Of the 7,000 or so mutual funds mon- 
itored by Momingstar, only 45 are mar- 
keted as socially responsible. Because 
the number is small, it is difficult to 
mak e meaningful comparisons between 
these hinds and others; the smal ler group 
is more susceptible than the larger one to 
die ups and downs of a few funds. 

The result for the relative perfor- 
mance of socially responsible funds 
compared to others over the last three 
years is dose, however. They returned 
15.39 percent compared widi a 16.83 
percent average for U.S. diversified 
equity funds, according to Momingstar. 

Ms. Lallos said that achieving returns 
at that level required managers to invest 
in a broad spread of equities and meant 
that their ethical concerns could not be 
too narrow. On occasion, this has brought 
managers into conflict with investors be- 
cause of die equities drey buy. 

Investors concerned about the envir- 
onment, for example, often prefer not to 
invest in McDonald's Corp. because 


they believe that hamburger production 
is indirectly responsible for destroying 
rain forests. Yet many socially respon- 
sible funds buy McDonald's shares, 
said Ms. Lallos. 

"The reason is that although Mc- 
Donald's scores poorly in some areas, it 
scores highly for its attitudes to women 
and minorities, “ she said. 

Buying U.S. Treasury bills can be 
equally problematic. Most socially re- 
sponsible funds avoid military stocks on 
ethical grounds. Because money raised 
by government bonds may be used for 
military purposes, some investors find 
these objectionable as well. 

Once-acceptable stocks may fall 
from grace, however. Gap Inc., the 
clpthing retailer, was popular among 
socially responsible funds that cham- 
pion women ’s issues, Ms. Lallos said — 
until the company ran an ad campaign 
assailed by women’s groups for en- 
couraging women to become too thin. 


Sapling ‘Green’ Funds 
Failing to Bear Fruit 


By Ann Brocklehurst 

O N THE evolutionary scale 
of investments, the so- 
called green fund is a re- 
latively new financial 
vehicle ihat nonetheless appears to be 
headed for endangered species status. 

Although interest in socially re- 
sponsible investment is growing 
steadily, pure green funds have not 
proven to be as popular or adaptable 
as the hybrids of environ- 
mental and ethical funds. 

One problem is that most 
investors who care enough 
to select a fund devoted to 
nonpolluting companies are 
unlikely to "want shares in 
companies that tolerate 
child labor or manufacture 
high-tech weapons, no mat- 
ter how good their corporate environ- 
mental records may be. 

"It would be like saying you just 
want to look after trees bur don't care 
if a 3-year-old child is doing it,” said 
Richard Hunter of Holden Meehan, a 
London-based investment house that 
compiles a guide to ethical and en- 
vironmental funds in Britain. 

Almost all funds that identify them- 
selves as strictly environmental, with 
no ethical component, are what have 
come to be known as “environmencaJ 
services” or* ‘environmental technol- 
ogy” funds, set up over the lasr de- 
cade to invest in companies expected 
to profit from the pollution-control 
business and the worldwide tighten- 
ing of environmental regulations. 

To complicate matters, these funds 
often invest in companies that are off- 
limits to the so-called socially re- 
sponsible funds. Environmental-ser- 
vices funds, for example, frequently 
hold shares in large waste-manage- 
ment conglomerates such as WMX 
Technologies Inc. and Browning-Fer- 
ns Industries Inc., which are screened 
our by ethical funds due to rheir reg- 
ulatory problems and involvement in 
the hazardous-waste industry. 



Despite The rosy predictions made 
at their inception, most of the en- 
vironmental-services funds have 
badly underperformed the market and 
many of them have closed down. 

"They were a failed experiment.” 
said Laura Lallos. a senior analyst 
with the Chicago-based Momingstar 
fund-rating service, which now tracks 
just four environmental-services 
funds in the United States, compared 
to twice that number three years ago. 
In Europe, as well, a number of 
similar funds have come 
and gone, according to Max 
Demi, editor and publisher 
of the Vienna-based news- 
letter Oeko Invest. He said 
that three funds in Austria 
had given up due to lack of 
volume, and several Ger- 
man funds, managed out of 
Luxembourg, were forced 
to quit when they fell below the 5 
million Deutsche mark iS2.9 million) 
minimum investment requirement. 

Analysis attribute the decline of 
these funds declines to weak demand 
for environmental products and ser- 
vices, the failure to enforce environ- 
mental regulations and the waning of 
environmental issues in the public con- 
sciousness. That the funds overwhelm- 
ingly failed to perform in the recent 
buif market did not help maners. 

One of the purest and oldest green 
funds on either comment is the New 
Alternatives fund, based in Long Is- 
land. New York. Ir bills itself as "a 
socially responsible mutual fund em- 
phasizing alternate energy and the 
environment.” It has had average an- 
nual returns over the past five years of 
just 7.3 percent, compared with 11.1 
percent since its inception in 1984. 

The president of New Alternatives. 
David schoenwald. said the fund had 
lagged not only due to weakness in the 
environmental sector but also due to 
its lack of investment in any of the big 
software and computer makers whose 
shares have skyrocketed in the tech- 

Continued on Page 19 


Whiting to Reap an Organic Bounty 

Growth of Young Natural-Foods Sector Holds Promise for Investors 


By Barbara Wall 


A; 


STEADY increase in the 
consumption of organic and 
natural food products in the 
United Stales and Western 
Europe has attracted the attention of 
the investment community, but in- 
vestors may have to wait a few years 
before they can profit from the growth 
opportunities in this sector. 

As Anne-Maree O’Connor, an ana- 
lyst with NPI Global Care Investment 
Funds, a division of the London-based 
insurer NPL explained; “While the 
consumption of organic food has been 
rising, most of the food producers and 
retailers in this sector are still too small 
to seek a public listing." 

In Britain, two exceptions include 
Cranswick PLC, a park 
production business that 
emphasizes the ethical 
treatment of its animals, 
and Treatt PLC. a soft- 
drinks and food-flavorings 
business that uses natural 
ingredients in its products. 

Since going public in Ju- 
ly .1993, Cranswick’s share 
price has risen to 266 pence 
($4.46), from 170 pence. 

The lowest price ever reached was 
172J pence, in September 1996. 
Treait has had more of a rocky ride in 
terms of sock marker performance. 
The share price fell to 99.75 pence in 
June 1993, from an opening price of 
130 pence. It has since recovered to 
153 pence, bat analysts warn of further 
price volatility. 

Ms. O’Connor said time Cranswick 
was an excellent investment. 

“Few farms pr acti ce high-welfare 
animal husbandry in Britain," she 
nid. "so Cranswick has filled an im- 
portant niche in the market. The gen- 
public has also become more sen- 
n> animal-welfare issues and the 
4*0605 inherent .in higb-inlensiiy 
ttcsnnxfaictkn.*' 

Afcbocgh Treatt has been more vol- 
Hile, die said that it had the potential 
fodowefl. 

“Treatt has had its fair share of 
® n »oriattttd managerial problems in 
areeot times, hence foe volatile share 
i Price, boHheqaality of the company’s 


products is high and sales are thought 
likely to continue to grow," she said. 

Matthew Harrogin, a spokesman for 
Albert E Sharpe & Co., a stockbroker- 
age in Bristol, England, said he be- 
lieved that it was only a matter of time 
before other natural- and organic-food 
companies sought a public listing. He 
said that the British organic baby-food 
producers Hip Nutrition and Baby Or- 
ganics were worth keeping an eye on. 

“Both companies have started to sell 
their products in conventional grocery 
stores and their market share is growing 
rapidly as a result," he said. “It would 
appear that while parents are prepared 
to take risks with their own health, an 
increasing number will not take risks 
with the health of their children." 

There are more organic food 
companies listed in the United States 


‘While the consumption of organic food 
h«« been rising, most of the food 
producers and retailers in this sector are 
still too grnoll to seek a public listing, 3 
said an analyst based in London. 


than in all the other markets put to- 
gether, but they may not all be suitable 
investments for private investors. Ms. 
O'Connor warned that many compa- 
nies with a U.S. listing were illiquid 
and therefore risky investments. She 
'aim said it was difficult to get in- 
formation on the companies, since few 
were followed by analysts. 


Wi 


'HOLE FOODS Market Inc., 
by far die largest organic 
food retailer in the United 
States, with annual revenue of about 
$1 billion, is popular with socially 
conscious fund managers. It is fol- 
lowed by 10 analysts and The share 
mice has not exhibited the peaks and 
valleys experienced by smaller 
companies in the sector. 

Whole Foods Market started 18 
years ago as a single store in Austin, 
Texas. The company has expanded to 
75 stores, 65 percent of them built or 
1 aired in the last five years. 
Parnassus Fund, which 


started lOyears ago by Jerome Dodson, 
a socially conscious fund manager, has 
a S10.5 million stake in Whole Foods 
Market, or 3.5 percent of die fund port- 
folio. The fund invested in the company 
four months ago; the share price has 
since risen to $30 from $19. 

Steve Monticelli, an adviser to the 
fund, said that he would happily re- 
commend the company to private in- 
vestors. "The stock is liquid, the qual- 
ity of the management is high ana it is 
widely anticipated that profits will 
grow faster than sales in the years 
ahead,” he said. 

Another company that comes 
highly recommended is Vestro Nat- 
ural Foods Inc., which produces or- 
ganic snack foods. Vestro, soon to be 
renamed Westbrae, is listed on the 
Nasdaq exchange and Mr. Monticelli 
said that it was growing at 
about 15 percent a year. 

Not all investors have 
the resources or the inclin- 
ation to invest directly in 
the stock market, however. 
One alternative is to put 
your money in a bank dial 
lends to organizations and 
businesses with social and 
environmental objectives. 

The Triodos bank, 
which has offices in Belgium, Britain 
and thfi Netherlands, has lent to or- 
ganic farms and retail outlets, includ- 
ing the Little Pencoed dairy farm in 
Wales and Welsh Organic Foods Ltd., 
which sells organic cheeses in super- 
markets and other stores. 

The Triodos Social Target Account 
allows depositors to target their savings 
to a specific project or sector. The 
interest payable is now 3.0 percent and 
ihe minimum balance is £100 ($168). 
The Triodos high-interest checking ac- 
count pays an interest rate of 2.5 per- 
cent on balances above £1 ,000. 

There is also the Triodos Biogrond 
Investment Fund, a fund of about $12 
million listed on the Amsterdam Stock 
Exchange, which invests in land and 
property to support organic farming. 
The fund has paid a modest dividend 
of about 3 percent a year. It is es- 
pecially attractive to Durch investors 
because all profits from the investment 
are tax-free under the Durch govern- 
ment's new green fiscal tax system. 


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■PAGE 18 


INTERNATIONAL 




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Eco-Friendliness Is Not 
The Business of Business 

Firms and Investors Are in It for the Money 

Bv Conrad de Aenlle For ^ * e embarrassing publicity 

surrounding the resolution vote and die 

W ffiN A GROUP of share- h^aSrtSfhaw^ftSd^SSd 
holders in Royal Dutch/ harm, which is why attempts to alter 
Shd Group, led by die coiporate policy will probably continue 
Worldwide Fund for to rad, even if there are more of them. 
Nature, presented a resolution this year “These companies are so big you 

at the annual meeting demanding that can’t put pressure on them,” said an oil 


Royal Dutch Petroleum 

Daily dose. In guilders, on — 230 

theAmsterdam stock exchange » 

Bfant Spar platform / 

occupied by Greenpeace _J_ 9in 


W HEN A GROUP of share- 
holders in Royal Dutch/ 
Shell Group, led by the 
Worldwide Fund for 
Nature, presented a resolution this year 
at the annual meeting demanding that 
the largest Western oil company become 
a better corporate citizen on environ- 
mental and human-rights issues, they 
didn't stand a chance. The proposal was 
defeated by an overwhelming majority. 

It's not that Shell investors 
don't care about such matters. 

Rather, it's that they own the 
stock to make money, not to m 
clean up the planet. But such ( —m 
resolutions could occur more I 


frequently 
. licitv fc 


. They attract pub- 


causes, and the threat of the 
wrong kind of publicity may 
compel companies in polluting indus- 
tries to do business in a more envir- 
onmentally friendly way. 

Shell knows all about chat. Two years 
ago. Greenpeace seized the company’s 
Brent Spar oil platform to try to prevent 
it from being anchored to the bottom of 
the North Sea when its useful life had 
ended. Shell had to endure images of its 
mammoth hunk of floating scrap metal 
leading news broadcasts around the 
world tor days, accompanied by reports 
— inaccurate as they turned out to be — 
of the damage rhar would result should 
the platform be sunk. 

In opposing the resolution last month. 
Shell *s executives said that they were all 
for environmentally benign policies but 
that it was up to the board to decide such 
things without pressure from sharehold- 
ers — a curious argument, considering 
that shareholders are their employers. 


analyst at a large investment house, who 
asked not to be identified. “It’s not 
something that affects share prices and 
institutional investment. Brent Spar had 
absolutely no impact on share prices.” 

The impact was indeed 
minimal: Shares in Royal 
Dutch Petroleum Co., which 
fcr \ owns 60 percent of the Royal 
1 Dutch/Shell • Group, fell 
tm Y I slightly during the incident, 
I M but quickly recovered. 

Environmental policy “is 
not yet a priority for us to 
focus on.” the analyst added. 
’ ‘It’s very unfair to the environment, our 
approach, but our job is to evaluate 
investments. There are 100,000 other 
things to look at before that one.” 

The pension and mutual funds that 
dominate the shareholder registers of 
large industrial companies have just as 
many matters occupying their time, in- 
cluding the diverse opinions of their 
clients. They tend to have mixed and 
often muddled feelings about environ- 
mental issues. 

“Ido not see a substantia] trend among 
fund managers in this regard,” said 
Charles Ober, who runs die New Era fund 
at T. Rowe Price, an American retail fund 
company. “Most investors that I hear 
from do not bring up these issues. They 
are more concerned with returns. ' * 

But he added: “In today's world, 
being eco-friendly is good practice from 
a business standpoint.The economic ra- 


For Environmental Plays, Think Cleanup 


By Judith Rehak 


W ITH ALL the current em- 
phasis on cleaning up the 
environment, it would 
seem logical that investing 
in companies that do everything from 
hauling hazardous waste to recycling 
glass bottles and newspaper would be a 
sure way to profit. 

But while they may bring moral sat- 
isfaction to those who support compa- 
nies that improve the quality of air. earth 
and water, then profitability has proved 
to be far less predictable. 

In the United States, which has more 
environmental-services companies than 
any other nation, highly profitable gi- 
ants sHch as WMX Technologies Inc. 
and Browning-Ferns Industries Inc. 
have seen their earnings languish in 
recent years. At the same time, other 
companies, both American and inter- 
national, have enjoyed spectacular run- 
ups in their earnings and share prices. - 
What has changed the ground rules 
for finding profit in environmental 


borne or tne disappointments nave 
come from investors hoping for more 
regulations, and there haven’t been a lot 


more,” said Jeremy Kramer, manager 
of the Alliance Global Environment 
Fund. In the United States, he added, the 
business peaked in 1991, and suffered 
from overcapacity and recession. 

The key to profitable investing in 
environmental companies now, Mr. 
Kramer said, whose hind returned 31.6 
percent last year, is to look for those that 
are business-driven rather than regu- 
latory-driven. That means sticking with 
sectors, thai are still growing and with 
well-managed companies whose earn- 
ings are improving. 

Some of the most successful envi- 
ronmental plays of the past two years 
have resulted from the merger-and-ac- 
quisirion fever sweeping smaller waste 
haulers in the Umted States. These 
companies collect solid waste generated 
by businesses and light industry and 
dispose of it in landfills. 

Mr. Kramer’s favorite is U.S-A. 
Waste Services Inc., a Texas-based 
company that is growing at more than 10 
percent a year and is also in the midst of 
an aggressive acquisition program. He 
expects U.S.A. Waste’s earnings to 
grow 40 percent this year and another 30 
percent in 1998. 

A sector currently favored by ana- 
lysts is the water-treatment industry. 


which is thriving on growing global 
demand for its products and services. 
Rod Lache, who follows environmental 
stocks for Deutsche Morgan Grenfell in 
New York, likes Memtec Ltd., an Aus- 
tralian company in the water filtration 
business that has a growing list of con- 
tracts from Japan to the United States. 

Memtec's advantage, in his view, is 
that it has developed a filter that does not 
have to be changed as often, an im- 
portant selling point for a process that 
has historically been expensive. 
Memtec shares, which trade in Australia 
and on the Nasdaq in the United States, 
have been riving investors a roller- 
coaster ride, however. After doubling to 
$32 at the end of last year, they are down 
to about $19, after what Mr. Lache 
termed a temporary slowing in its 
growth rate two quarters ago. 

And what about the most familiar 
environmental cleanup known to the 
general public — recycling glass bottles 
and newspapers? Mr. Kramer’s advice 
is to stick with economic-based re- 
cyclers that are paid for services such as 
processing scrap materials. His top pick 
is Philip Services Coip., a Canadian 
company that works with regional tele- 
phone companies to retrieve materials 
from used copper cable. 


‘Green’ Funds Fail to Bear Fruitful Returns 


Continued from Page 17 

noiogy boom of the last few 
years. 

The fund’s S33.6 million in 
assets are heavily invested in 
natural gas through compa- 
nies such as Enron Corp. and 
National Fuel Gas Co. Other 
major holdings include York 
International Corp., a man- 
ufacturer of heating and air- 
conditioning technology that 
does not use ozone-depleting 
chemicals, and Baldor Elec- 
tric Co., a maker of energy- 
saving electric motors. 

A self-described former 
hippie who runs the fund with 
bis father, Mr. Schoenwald is 
committed to remaining an 
environmental fund despite 
the ups and downs of man- 
aging a fund with a compar- 
atively narrow focus. 

“We are what we are and 
it’s proven so for to be a viable 
enterprise,” he said. “We’re 
a nicne within a niche.” 

Outside of North America 
and Europe, investors with 


environmental concerns will 
have a tough time finding 
green funds. The easiest way 
to assuage concerns about the 
environment while trying to 
earn profits globally is to in- 
vest m a hybrid ethical and 
environmental fund, such as 
Calvert Group's World Val- 
ues Global Equity Fund. 

The company, based in 
Bethesda, Maryland, says the 
fund was the first in the 
United States to advocate 
“positive social change and 
coiporate responsibility cm a 
global scale.’' 

In Britain, the Jupiter Mer- 
lin Ecology Fund is another 
international investor with a 
list of environmental and eth- 
ical criteria that must be met 
before it buys a share. 

High-net-worth individu- 
als and institutional investors 
may also wish to consider 
buying a limited partnership 
in the • Washington-based 
Global Environment Emerg- 
ing Markets Fund IX, a $120 
million follow-on to the $70 



million GEF I fund, which 
was started in January 1994. 

Both funds are described as 
focusing on “investments re- 
sponding to increased de- 
mand for cleaner forms of en- 
ergy and water-treatment 
services in rapidly expanding 
emerging economies. ’ 

They do this by taking sig- 
nificant minority equity po- 
sitions in companies that de- 
velop, own and operate 
projects combining stable 
cash flow and long-term rev- 
enue-growth potential. 

The first fond’s invest- 
ments include a $3 million 
stake in a Slovenian munici- 
pal services company, set up 
to develop and own gas dis- 
tribution and water and 
waste-water treatment ser- 
vices, as well as a S9 million 
commitment to Tata Elecnic 
Co. of India for the financing 
of pollution control and en- 
ergy efficiency infrastructure 
projects. Among the general 
partners of foe second fund 
are Bechtel Enterprises Inc. of 


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Look Long and Try Treasury Bonds 

L ONG-TERM U.S. Treasury body owns bonds,” says Joseph West, and take the capital gain. 

bonds look attractive these a portfolio manager at Smith Barney in Now look al zeroes. A zero is a pnn 
days. That doesn't mean you Washington. cipal-only bond; you i receive zero in- 

should dump your lone-term But foe reason I like bonds now is rerest overthe ufe of the bond bui wher 


tionaJe would be that companies would 
eventually have to come back and clean 
up or pay restitution for damaging foe 
environment. Secondarily, the stocks 
can come under a cloud for long periods 
of time should substantial potential li- 
ability exist.” 

The attitude of benign neglect, except 
when serious money might be on foe 
line, is widespread in the fund industry. 
For instance, Janus Group, which like 
Price is a large American retail manager, 
“doesn't use its clout as a shareholder to 
force companies to comply with things 
we might not necessarily agree with,” 
said Chrissy Snyder, a company spokes- 
woman. “However, if asked, our port- 
folio managers will certainly give their 
opinion in foe scope that what is usually 
environmentally friendly will impact 
foe stock positively on a long-term 
basis. Therefore, it’s usually in foe best 
interest of a company to reduce de- 
leterious effects to foe environment.” 

One reason that investor interest in 
environmental activism is only luke- 
warm is that there is little money in it. 

Environmental funds, a category that 
researchers at Upper Analytical Ser- 
vices Inc. describe as investing “at least 
63 percent of assets in companies con- 
tributing to a cleaner and healthier en- 
vironment,” have proven to be natural 
disasters themselves. In foe three years 
through May, the average American one 
had a total return of 37.7 percent, ac- 
cording to Upper, compared with a 65.4 
percent return for foe benchmark Stan- 
dard & Poor’s 500 index. 


L ONG-TERM U.S. Treasury 
bonds look attractive these 
days. That doesn't mean you 
should dump your long-term 
stock holdings to buy them. Bui & your 
stocks have risen so much in recent 
years that they represent an uncom- 
fortably large proportion of your as- 
sets, you should consider T-bonds, 
which are nothing more than loans 
from you to the federal government. 
Better yet, consider zero- 
coupon Treasuries, which 
allow you to lock in high JAMES 
interest rates. 

Currently. 30-year Treasury bonds 
are paying about 7 percent interest. 
With inflation running below 3 per- 
cent. that’s a real return of more than 4 
percent, compared with an average real 
return for bonds fOT the past 50 years of 
just 2 percent, according to research by 
Ibbotson Associates. 

In fact, you may actually be earning 
more than 5 percent if such economists 
as Michael Boskin of Stanford Uni- 
versity are correct in their claims that 
the consumer price index overstates 
inflation by at least one percentage 
point. If you reinvest the dividends, a 5 
percent real return will double foe buy- 
ing power of your original stake in less 
than 15 years. And at no risk. 

Because of these high returns, “I'm 
very intent in making sure that every- 


a portfolio manager at Smith Barney in 
Washington. 

But foe reason I like bonds now is 
not simply that rates are high. (They 
could, after all, go higher if inflation 
threatens. j The big attraction of bonds 
is that — in a relative sense — they 
look bener than stocks. 

Here’s why: If disaster strikes in the 
form of higher interest rates, stocks 


CLASSMAN ON INVESTING 

will almost certainly take a steep dive. 
Bonds will fall. too. but. most likely 
less than stocks. If good news arrives in 
foe form of lower interest rates, then 
there’s a good bet that bonds will ben- 
efit more than stocks. 

The price of a bond falls as interest 
rates rise. A bond with a long maturity 
falls more when rates rise — simply 
because it will pay those lower rates for 
more years. The same process works in 
reverse if rates fall. If you own a 7 
percent bond and rates fail to 6 percent, 
then foe price of your bond goes up. 

One reason I like bonds is that they 
can serve, at the same time, as borh 
long-term holdings and shon-iemi 
speculations. You can choose to keep 
the bond to maturity and get your 
money back or, if rales rise, cash it in 


and rake foe capital gain. 

Now look at zeroes. A zero is a prin- 
cipal-only bond; you receive zero in- 
terest over the Ufe of foe bond, but when 
you buy it. you gel it at a huge discount 
fo its face value, or what the government 
will pay you when it marures. 

There are two big advantages to zer- 
oes. First, you can buy them without 
‘ putting up a lot of cash. For example, a 
zero that matures 10 years from now 
was trading last week at 50 
■ percent of face value. For a 

bond that costs S500, foe 

U.S. Treasury guarantees 
to pay you SI, 000 in foe year 2007. A 
zero maturing in the year 2024 was 
trading at just 15/ or SI 50 for a bond 
that will eventually pay SI. 000. 

The second advantage is thai zeroes 
lock in current interest rates. A plain 
SI, 000 Treasury bond with a 7 percent 
coupon pays out only S70 a year — 
which, even if you reinvest it in new 
bonds, might earn at a lower rate if the 
market falls. 

There’s one significant disadvant- 
age to zeroes: “accreted" interest is 
taxable each year. You have to pay 
taxes on interest even though you don’t 
receive it on a current basis. So it’s 
wise to hold zeroes in a tax-deferred 
account or to buy them for children, 
who may be in lower tax brackets. 

Hdshint;ii‘fi Post Sen u t 


BRIEFCASE E 

Japan Fund in U.K. 
Beats the Indexes 

Paul Kirkby. who runs 
Global Asset Management’s 
new Japan Growth Fund, ac- 
knowledges that his task is 
not easy. 

“I’ve had difficulty find- 
ing good stocks.” he lamen- 
ted in a video presentation at 
foe fund's introduction last 
week. ‘ ‘Trying to put together 
a portfolio of 50 to 60 stocks 
in Japan is problematic.” 

Nevertheless, he has con- 
sistently beaten benchmark 
indexes, and the two other 
funds he manages have been 
best or second-best of 116 
Japanese-oriented offshore 
funds over three and five 
years. 

He has outperformed by 
avoiding banks and by con- 
centrating on technology and 
nonbank financial compa- 
nies. He said that there could 


also be opportunities ahead 
for retailing and property 1 
companies and that ' ‘some of 
foe quality cyclical stocks 
have been thrown out the win- 
dow” and could be had 
cheaply. 

Japan Growth is Britain's 
first open-ended investment 
company, or oic — a fund 
structured to allow different 
classes to be marketed to suit 
foe wishes of different types 
of investor. Oics are what 
Americans call mutual funds 
or what Continental Euro- 
peans know as Sicavs, but un- 
til now they have not been 
permitted in Britain, where 
foe preferred fund is a unit 
trust, in which only one or two 
share classes can be sold and 
foe sales charge is reflected in 
a spread berween foe price at 
which the fund may be bought 
or sold. 

Japan Growth has a min- 
imum investment of £10,000 


t$ 16.300). There is a 5 per- 
cent sales charge and a 1.5 
percent annual charge for one 
share class: foe alternative is 4 
percent up front and 1 .75 per- 
cent annually. There are vari- 
ous discounts for investment 
made before June 13. (IHTl 

FOR MORE INFORMATION call JJ loM*.?: 

“77 .w II, itw »rh MR 31 unm ul- 
inU'.fOTi £1*1 


Correction 

An article in the May 24 
issue of The Money Report 
misstated the name of the 
French shipyard Chantiers de 
I’Atlantique and mischarac- 
terized its ownership. The 
shipyard is owned by foe 
French-British company 
GEC-Alsthom. 


IS Month CD 




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the United States and United 
Utilities PLC of Britain. 

"We’re not a passive in- 
vestor identifying foe best 
screened companies.” said 
Jeffrey Leonard, president of 
the Global Environment Fund. 
“We've been involved in proj- 
ects in Latin America where 
we’ve walked every inch.” 






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PAGE 20 


-T* 44. mTEBNfflO\U.©4 *4 

itcrala«^fe(bribune 

Sports 


World Roundup 



Graham Thorpe of England 
acknowledging cheers after 
reaching his century on Friday. 

England in Control 

cricket Nasser Hussain hit a 
career-best 207 in Birmingham on 
Friday to give England a strangle- 
hold in the first cricket test against 
Australia. 

Hussain propped England lo41S 
for 6 by tea on the second day, 
giving it a 300-run first-innings 
lead and virtually sealing the fate of 
Australia in the opening match of 
the six-test series. England, starting 
the day on 200 for three, was 449 
for six when rain sropped play one 
hour into the final session. Mark 
Eolham was unbeaten on 32 and 
Robert Croft on 18 not out 

Hussain and Graham Thorpe 
shared a record fourth-wicket 228- 
run partnership, compounding 
Australia’s misery after the visitors 
had been bowled out for 1 18 in their 
first innings. Thorpe achieved his 
fifth centuiy in 38 tests. lAP) 

Colombian Wins Stage 

cycling Jose Jaime Gonzales 
Pico confirmed his status as the lop 
climber in the Giro d’ltaiia Friday 
with a convincing victory in the 
20th stage. 

While the Colombian retained 
the green jersey assigned to the 
race’s so-called King of the Moun- 
tains. Ivan Gotti of Italy remained 
on course for the overall victory. 

Gotti, trying to become the first 
Italian in slx years to triumph in the 
Giro, staved with his chief rival, the 
defending champion Pavel Tonkov. 
throughout the 176-kilometert 109- 
mile f stage in the Dolomites from 
Brunico to Passo del Tonale. 

The Giro ends Sunday with a 
mostly ceremonial ride into Milan, 
Italy's financial capital. (APi 

Tomba Is Investigated 

skiing The police in Italy were 
.searching lhe house of Alberto 
Tomba near Bologna on Friday as 
pan of an inquiry into allegations 
ihjt the skiing star may have 
avoided paying taxes on sponsor- 
ship earnings, a magistrate said. 

The magistrate. Enrico Cieri. did 
not specify the exact nature of the 
accusations against Tomba but 
confirmed that public prosecutors 
in Bologna were investigating pos- 
sible irregularities in the declara- 
tion of income from sponsorship 
and advertising deals. ( Renters I 

Injury Sidelines Johnson 

athletics Michael Johnson, 
the world and Olympic champion 
in the 200 and 400 meters, said he 
would noi run in this week's U.S. 
Outdoor Track and Field Cham- 
pionships because of a left quadri- 
ceps injury. i API 


An Unlikely Foe for Bruguera 

Kuerten, Unseeded, Will Face Spaniard in Final 


By Ian Thomsen 

International Herald Tribune 


PARIS — Next up for the young man 
known as Guga will be the final of the 
French Open against its two-time cham- 
pion, Sergi Bruguera of Spain. 

The 16th -seeded Bruguera will wear 
all white. Guga, the nickname of 20- 
year-old Gustavo Kuerten of Brazil, 
will anive at Paris’s most elegant tennis 
stadium Sunday afternoon in a garish 
sbirt of blue and yellow vertical stripes, 
blue swimming trunks, yellow socks 
and blue shoes. 

Bruguera will not wear a hat Neither 
will Guga. Guga prefers a bandanna. 

Bruguera will play from the baseline, 
the accepted mode of clay -court play- 
ers, the method responsible for 
Bruguera having won the French Open 
in 1993 and 1994 among bis 14 tour 
titles. That is exactly 14 more than Guga 
has won. He has never been to a real 
tournament final before. Until Friday, 
when he beat the Belgian qualifier Filip 
Dewulf in four sets, Guga had never 
been to a real semifinal before. 

While Bruguera is standing patiently 
in tbe back of the court, playing the 
game as conservatively as everyone 
says it must be played. Guga will out- 
rageously be seeking to become the 
third unseeded champion since the 
French champior 


ever advanced as far as he has already. 
At a skinny 6 feet, 3 inches (1.89 me- 
ters), he will attempt searing winners 
from every position imaginable, grunt- 
ing his odd grunt and flouting most 
every convention, especially the one 
about experience. 

Kuerten, ranked 66th in the world, 
had no experience in the conventional 
way when he came to Roland Garros. In 
the week before coming he had felt it 
necessary to return to Brazil to play in — 
and win — a minor-league challenger 
event, so lacking was his confidence. 


Then he upset the former Roland Garros 
champions, fifth-seeded Thomas Muster 
of Austria, and the defending champion. 
No. 3 Yevgeni Kafelnikov of Russia, 
sprinting away from each of them in the 
crucial late sets of each match. 

If Kuerten wins a prize no one ever 
imagined him winning, he will have 
done so by beating the 1993. 1994, 1995 
and 1996 French Open champions. Ii 

French Open Tennis 

will rank up there with the 1982 French 
Open victory of Mats Wilander of 
Sweden, who was unseeded at the time. 
In Brazil, they might compare him with 
the 17- year-old Boris Becker of 
Wimbledon in 1985. Kuerten is the first 
Brazilian to reach the final of a Grand 
Slam event. 

“I just feel my best moment, my 
happiness is so great, ” Kuerten said, in 
his slightly ungrammadcal English. “I 
don’t have no words to tell you, but I’m 
feeling so well and I'm really enjoying 
to play the final. I will give my best.” 

Bruguera, who hasn't won a tour- 
nament in three years, hindered as he 
was by a major ankle injury at the end of 
1995, won his late- afternoon semifinal 
against No. 25 Patrick Rafter of Aus- 
tralia. 6-7 (6-8), 6- 1, 7-5, 7-6 (7-1). 

Rafter's defeat provided center court 
with perhaps its finest match of the 
tournament. Rafter had lost five of his 
six previous meetings with Bruguera; in 
four matches on clay he hadn't won a 
set Yet he won the first set tiebreaker 
frantically and did Bruguera a favor by 
attacking witb volleys whenever pos- 
sible and inventing strategies on the fly. 
Bruguera, with incredible passing shots 
and other winners from every spot on 
the court, recovered from 5-2 down to 
win the third set 

His most unlikely challenger, Kuer- 
ten, began playing serious tennis just six 
years ago. Although he is a Brazilian 
citizen, Kuerten also carries a German 


RedWings 
Home In on 
Stanley Cup 


. By Joe Lapointe 

Hem Yuri Tim e* Sen-ice 

DETROIT — The Stanley Cup 
championship has not been clinched by 
the Red Wings, but residents of Detroit 
have been celebrating for several days 
as if it is a sure thing. 

They turned up the energy a little 
more Thursday night after a 6-1 Red 
Wings’ victory over the Philadelphia 

Stanley Cup Finals 

Flyers that gave the home team a 3-0 
lead in the best -of-seven -game cham- 
pionship round. 

Sergei Fedorov and Martin Lapointe 
each scored twice for the Red Wings, 
who trailed in a game for the first lime in 
the series but roared back with six con- 
secutive goals. Fedorov also had two 
assists. 

Three of Detroit's goals came on the 
power play. Philadelphia's lead lasted 
only two minutes, early in the first peri- 
od. when John LeClair scored on the 
power play. 

One more Detroit victory will give 
the Motor City its first cup since 1955. 
when Gordie Howe was in his first 
decade as a Red Wings star. Game 4 will 
be played here Satuiday night. 

After LeClair scored for Philadelphia 
on a rebound at 7 minutes 3 seconds of 
the first period with a backhanded shot 
past Mike Vernon. Detroit tied the score 
at 9;03 on a power-play goal by Steve 
Yzerman. 

He fired a slap shot past Ron Hextall 



Mike BtAr/Krtncr. 

Detroit's goalie, Mike Vernon, assisted by Larry Murphy and Sergei 
Federov, reaching out to stop a shot by the Philadelphia Flyers in Game 3. 


after a pass from lhe comer by Slava 
Kozlov. 

Fedorov gave Detroit a 2-1 lead at 
1 1 :05. at equal strength, when he stole 
the puck from a stumbling Karl Dykhuis 
and fired it past Hextall. 

Hextall played Game I. a 4-2 loss for 
Philadelphia, and was benched in favor 
of Garth Snow for Game 2, also a 4-2 
Philadelphia defeat. The Flyers had a 
chance to score late in the first period 
when the referee Kerry Fraser called 
two Detroit penalties that overlapped 
and gave Philadelphia a two-man ad- 
vantage for 1:20. But the Flyers had 
difficulty coordinating their attack. 

Another Detroit penalty yielded an- 
other unsuccessful Philadelphia power 
play, and eventually led to another De- 
troit goal at 19:00 when Lapointe came 
out of the box. 


Skating fresh against Philadelphia's 
weary power-play attackers, Lapointe 
sailed in on Hextall and hit the goal post. 
The Wings continued the pressure, and 



SATURDA1-SUNPA1 


[in* Fall to 

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passport, and his German grandmother 
arrived with his mother in Paris on 
Thursday. 

His father died while umpiring a 
youth match before Kuerten was 10. 
The rest of his family plus his coach, 
some junior players ana their coaches, 
and a friend of the late Brazilian driver 
Ayrton Senna, were all in a section of 
the audience just behind the court chant- 
ing, “Guga! Guga!” The refrain will no 
doubt spread among tbe French crowd 
during Sunday’s final. 

For this day, however, many in the 
audience, having taken their seals in mid- 
match after a late lunch, were naturally 
supporting the first Belgian semifinalist 
at a Grand Slam semifinal Dewulf was 
also the first qualifier in 20 years to go 
this far in such a major tournament. 
Guga, however, he was noL 

*T was not having fun anymore on tbe 
court," said the No. 122 Dewulf after 
his 6-1, 3-6. 6-1 7-6 (7-t) loss. “I felt it 
was a bit too much. The desire was not 
there, really. I was able to come back 
into the match because of him. because 
he didn't play so well during the second 
set, I had opportunities during the fourth 
set also. But the desire to fight to the end 
was not really there today.” 

Kuerten, his opposite, was building up 
a lead in the fourth set, twitching with 
each step, skipping in between points, 
looking up for the warmth of his fellow 
Brazilians shouting his name and, once 
before serving, glaring ar two tennis balls 
in bis hand as if they were a pair of dice 
and shouting at them in Portuguese. 

Despite all of this, the tall, 25 -year- 
old Dewulf succeeded in breaking 
Kuerten just as he was trying to serve 
out the match. In the tiebreaker, Dewulf 
lost his last two service points on sud- 
denly undependable forehands. 

“I’m very, very happy, but I'm not 
satisfied yet,” Kuerten said. "I really 
want it more now. I really have the 
chance to win the tournament. Why not? 
I'm just giving it my all.” 



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Gustavo Kuerten celebrating his victory over Filip Dewulf on Friday. 


Jazz to Try, Try Again 

Down 2-0, Uphill Climb Starts in Utah 



alls Lift 


By Mike Wise 

Ne *- York Times Sen-ice 


Brown. Fedorov got the other assist. 

Fedorov scored his second of the 
game at 3; 12 of the second period, on 
the power play. 

Brendan Shanahan got the next goal, 
at 19:17. when he Fired the puck from 
behind the net and caromed it in off 
Hextall to make the score 5-1. 

The Flyers played without Paul Cof- 
fey, their attacking defenseman, who 
suffered what the Flyers called a slight 
concussion in Game 2 when he was 
bumped by Doreen McCarty late in the 
third period. 


SALT LAKE CITY— Bryon Russell 
stuffed his belongings into a garment 
bag and was about to trudge out of the 
home arena of the Chicago Bulls. 

Unable to produce a single positive 
element about his team's performance 
in Game 2 of the NBA finals Wed- 
nesday night, he was asked if the high 
altitude of Salt Lake City might help tbe 

NBA Finals 

Utah Jazz against the NBA champions. 

“I don’t know," the Jazz’s small 
forward said, shrugging his shoulders. 
“Depends on what kind of shape 
they’re in. You know Michael.” 

The Jazz players know Michael 
Jordan and the Bulls too well after losing 
the first two games of the best-of-seven 
series in Chicago. Utah hoped to extend 
its 21 -game winning streak at the Delta 
Center (elevation 4,600 feet, or 1,400 
meters) on Friday night in Game 3. 

Game 4 is scheduled for Sunday and 
Game 5, if necessary, for Wednesday in 
Salt Lake City. As for the altitude con- 
cerns, the Bulls have booked themselves 
into a hideaway 6,000 feet up in tbe 
mountains. There goes that advantage. 

Not only was Utah run off the floor in 
Game 2, falling behind by 22 points in 
the second half before losing 97-85, but 
Karl Malone, John Stockton and their 
teammates were also embarrassed. 

Jerry Sloan, who made a career of 
scuffing his knees and getting in the faces 
of opponents he guarded when he played 
for die Bulls two decades ago, is very 
concerned. The team he has coached in 
the finals resembles neither himself nor 
the team he coached a week ago. 

*Tve always been amazed how easy 
it is to intimidate people in this busi- 
ness, ” Sloan said. "And I thought we 
were intimidated right from the begin- 
ning of the game.” 

Only two teams have recovered from 
0-2 deficits to win the National Bas- 
ketball Association title, but neither the 
1969 Celtics nor the 1977 Trail Blazers 


had to deal with Jordan. He was spec- 
tacular in Game 2, scoring 38 points, 
grabbing 13 rebounds' and finishing 
with 9 assists. Scottie Pippen, playing 
on a sore left foot, and the other regulars 
did not allow the Jazz back into the 
game after the Bulls built a 47-31 half- 
time lead. 

Another bad omen for the Jazz, who 
mast win four of the next five games to 
take the title: The Bulls have not lost 
four of five games since a road trip in 
February 1995. The last lime they lost 
four of five with Jordan on the team was 
during the 1992-93 season. 

.“Why should they write us off?” 
Jazz forward Antoine Carr said. 
“That’s my question to you. I don’t 
think. there is a reason to write us off.” 

The Jazz could use a litany of excuses, 
beginning with the open wound on the 
right hand that Malone suffered in tbe 
last playoff round. It has to be bandaged 
and is said to be affecting his shooting. 

But Malone is not admitting this. 

“I’m just stinking it up right now as a ■ 
whole,’ ’ said Malone, who made 6 of 20 
shots and missed a plethora of layups. 
“Like I said, I kind of wish people 
would stop talking about iL Obviously, 
I’m playing and that’s the most im- 
portant thing.” 

Carr implied that Jordan and Pippen 
had received favorable treatment from 
referees, that much of the feistiness 
around the basket is working against 
Utah. “I’ll just say they’re getting aw?y 
with some stuff that has nothing to do 
with basketball,’’ he said. 

But while Jordan has been treating 
every loose ball like a gold nugget, some 
Jazz players are acting as if they have 
the best seats in the house. 

“I expected them to come out and 
play harder than they did the other 
night,” Sloan said of the Bulls after 
Game 2. "But I expected our guys to 
compete. We played the first half, seven 
or eight fouls. We were 3 for 12 inside 
on layups. And to me, that’s not really 
attacking anybody.” 

The way the series is proceeding, com- 
ing back to Chicago for Games 6 and 7 
may be wishful thinking on Utah's part 


A'. 8: . 


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BASEBALL 


Major League Standinos 


DflWOson, Marrano (B); Lint SauhsM (4). 

4-1 . HRs— SL 

LjouIa 

Lankford 

(12). 

Nippon Ham 

25 

25 - 

500 

SJ) 

JCumming^ '71, Broull v)> and Cnsanavn. 

Wttibvngh. Ronda UI. 



Daiei 

25 

26 - 

JM 

55 

W— Fassero 5-2. L— Lira 4-3. HRs— Seattle. 

Afluto 

020 

IH 402-9 

13 0 

Lotte 

20 

25 1 

MA 

75 

ARndrtquer I’l, Buhner (151, Da WIban 15). 

M hi) rent 

mo 

ON 000 — 0 

t 1 

Kintctsa 

19 

29 1 

596 

t(L0 


AMBUCAN HAGUE 



LAST DIVISION 




w 

L 

Per. 

GB 

Baltimore 

38 

15 

.717 

— 

New Vort 

31 

2? 

534 

9'. 

Toronlo 

26 

79 

473 

15 

Oerroit 

lb 

JO 

J64 

I3W 

Bmon 

23 

W 

411 

16- . 

CENTRAL DIVISION 



Cletelona 

28 

2o 

519 

— 

•Milwaukee 

28 

27 

510 


Chicago 

26 

30 

MA 

3 

Kansas Cilv 

25 

30 

.455 

3‘. 

iVimivMla 

25 

33 

.431 

5 


WEST DIVISION 



Teiai 

31 

19 

5SJ 

— 

Anah n im 

30 

26 

536 

1 

Scatflv 

31 

J7 

534 

t 

Oakland 


35 

^117 

a 

NAnONAL LEADire 



EAST DIVISION 




W 

L 

Pet. 

GB 

Atlanta 

39 

19 

672 

— 

Fionda 

33 

24 

579 

S'. 

New York 

33 

25 

.569 

6 

Mgnl<vd 

29 

28 

509 

V. 

PhBaddphia 

20 

37 

351 

W. 

CENTRAL DIVISION 



Pittsburgh 

29 

27 

500 

_ 

H**ston 

29 

30 

.491 


SI Louis 

20 

31 

454 

2' 

Chrsago 

?J 

3J 

JI4 

5 

Cincinnati 

22 

36 

579 

7 


WEST WVISKJN 



San Fronusto 33 

24 

579 

_ 

Cotorado 

32 

M 

557 

f. 

Lot AnaHes 

78 

?> 

.491 

5 

San piwje 

26 

31 

456 

7 


THUUMT'I UHIMOMf 

AMERICAN LEAGUE 

Boston 000 200 000-2 6 0 

Milwaukee 000 iba 000— i j o 

Wauffid 4 Lew I9j one HawMnwn. 
McDonald and Mainemt W— WakefiettT-i. 
L— V.cDanald. 6-4 Sv— Locy m 
hr— Bosmil K. Vaughn 


RDavis 171. 

Chico'* 000 010 210 00 — : u I 

Oevdand 002 010 010 01— S II 1 

(11 innings) 

Manana. McEiror (81. Kartfinct (Si. R. 
Hcfnanae; noi, C CosnBo 01) and Fab- 
mins. Nag*. AHcnnactu* (81. M. Jackson 
(V). Shuoy (II) dnd SAlofniu W-$hvoy2-l. 
L — C. Castillo 0-r. HRs— Chicago. FThwin 
(151. Fobregus (2). 

Trias 100 HI 010 03-4 S I 

Kansas Gry HO IH 020 00-3 a 0 

(II hininqsl-Wm. Vowoff) (9[, X. 
Mem and"! (fi*. Wcntfand (B1 and 
IJtodriguei. Appier. Pichardo MO). R V«w 
till and Macfarioiw. W— Wcttdand 3-G. 
L— 1 Pe'Jwnlo 1-2. HRs— T<nas. D Cedetvo 
( 1 1. Bulan) (5). Kansas City. Kjna i7J. 
Oakland 001 OH 030-4 0 0 

Toronto 100 002 000—3 B D 

Prieto. Graam (7). C. Reyes (7). A. Small 
IB), Mahler (01. Taytw (9) and GaWiiBoms. 
HpniQcn Ouammi (9> end Santiago, tv— c. 
Beyw 1-0. L— Honfqcn 5-3. Sw— ' Taylor (10) 
HRs — Oakland, Canseco H2i Taranra C. 

Deigoife (loi 

Anaheim 000 000 130-3 10 0 

Minnesota 000 000 000-0 6 0 

Dickson. Pcrcival (91 and Luynte 
Tewksbury. Swindell (81. Trombley (8J and 
SlMnbadL W— Dickson 7-2. L— Tewksbury 
2-4 Sw — Pcrcwal Ml. 

RATIONAL LEAGUE 

Houston 101 HI 020-5 7 0 

Cmanqfi 102 10J OOk-4 11 0 

Reynolds. R. Gorcfl (OJ, Maemanto 19J and 
Ausmuk Schoorck, Belinda (*). Rewlinqor 
(8i. 5haw (01 and Tmibcnsee. J. Obvcr ioj 
W— SchaunA, 5-4. L— Reynolds. J-4. 
Sw— snow r?i. hRs— H ouston. Biqgio (10). 
Cincinnati, L. Hams (J). 

Ftnrhio 000 OH 000-0 5 1 

New Tart 010 3H 20s-4 12 I 

KJ.Bidwtl F. Heredia tBi anoC Johnson- 
Reynoso and Hundley W— Pcyiwsa 5-0. 
L-K. J Brown S-S HP. — N. Vort. GUkey (4). 
SI. Loub HO 030 001 — 3 9 2 

Pittsburgh 303 030 0U-9 11 I 


Neagta and J. Lopes Hermarcon. Tama 
(J), Dad (6). D. Veras (71. Urbina (9l and 
Wldger. W— Neagie. 8-1. L— Hermansan. 2- 
i. HRs — Atlanta J. Lopes (101. Lockhart 12). 
A. )on« (31. 

San Diego 021 030 101 00- 7 ia I 

Colorado IH 310 110 02—9 10 0 

(11 innings) 

Hitchcock. Bergman (cl, Tl Worrell (8). 
Burrows [101 and CHcmandec Rife Holmes 
(7). McCuoy (81, M.Mutku (9), Leskanic (0). 
S. Reed<ll)afidManwonn9.W— S. Reed. 2- 
). L— Burrows. 0-1. HRs — Colorado. Ca-dllia 
(15). L Walker J M 7). S. Diego. S.Ftaley (7). 
Chicago 110 103 200 0-8 14 2 

ptuMetphia 0M 0M 013 i-o w g 

(IS hirings] 

Feeler. BdtenfleW Mi. Patterson (7), 
Wended (71, RdjdS (91, T Adams HO) and 
Housloa M.Ldler, Planlctibeig 17), SprodSn 
1 71, Btaror (8). BtrtloCco (9). Ryan HO) and 
LieberthaL W-Ryon 1-0. L-T. Adams 0-1 
HRs— Chicago. B. Brown (3), Sosa fiJi. 
Hansen (1). Phtodrtoh'ia Ueftotihai (8>. 
SanFrondKO 030 020 000—5 7 1 

LOS Angeles OH 031 010—4 A 3 

VnLandlngtim. Tauare? (7). DHcnry (81. 
Beck 191 and RWUkln*. IVolries. Candkltl 
Ml. Radinsky (8). Osuna (9) and Piazza. 
W— VnLandlnghm 3-3. L — I Valdes 3-7. 
Sw— Beck 118). HP— L. Angeles, Gaqne (3). 

Japanese Leagues 

Cl HTML LUO UI 



W 

L 

T 

Pet. 

GB 

YnVuH 

30 

19 

_ 

512 

_ 

HiRKhuna 

25 

22 

— 

532 

4.0 

Hanshin 

2£ 

24 

— 

510 

50 

ChunicM 

73 

75 

— 

4?9 

ras 

Yokohama 

21 

73 

— 

.477 

65 

YomHin 

19 

30 

— 

588 

n jo 


FHDATS UW1XS 

Orix 4. Daiei 3 (10 innings) 
Nippon Han 7, Kintetsu 4 
Selbu w Lurie roinod out. 


CE HOCKEY 


Stanley Cup Finals 

(BEOT-OF-5EVEK) 

THUMB AT'3 HSU 
PtriladetpMa 1 0 o-i 

Derrott 3 2 1-* 

First Period: P-LeOair 9 (Dcsiatttins. 
BrtmfAmouri (pp). I D-ITennan 7 (Kozlov) 
(pp). 3, D-Fedorov 7. 4 D- Lapointe 3 (Brown. 
Fodorowl P enables— McCarty, Del 

ilnterteroncel; Desjardins. PM (holding); 
Felum. Del (slashing); Sandstnun. Del 
(holding). Lapointe, Del (tripping) Second 
Period: D-Fodarov B IKoUw, Shanahan) 
tpp). & D-Snenaban Q (McCarty) 
Penalties— Wall# Phi (tripping); Petit Phi 
(holding slick) Third Period: D- Lapointe 4 
(Fedorov. Vernon) (ppt. Penalties— Linoros. 
Phi (cms-etecking],- Undros. Phi 

(elbowing); McCarty. Dei rmtcrfercnco). 
Felisov. Del (slashing); Brown. Det 
(stashing) Shots on gaofc P- 8-7-7—22. D- 10- 
12-7—20. Power-play Opportunities— P- 1 of 
7S D- 3 of 5. Coates; P-HextaD 4-2 (29 shris- 
23 saves.) D-. Vernon 15-4 122-21). 

(Detroit lends scries XD 
Next match & ployed on Saturday In 
Detroit 


CYCLING 


Giro d 1 Italia 


FHDAYl HIDUI 

Yotr.lun ?. Chuntehl 3 

MamiuaH 


Seattle 

300 

410 110-14 17 1 

Stomemyre. Pdkjwsek (51. Botirnn 16). 


W 

L T 

Pst 

GB 

Dehetl 

HO 

HO 330—4 7 0 

Ectcn*^ IH) and DHefKe Looiro. Pmcon 

5«bu 

29 

19 - 

504 


Fcssvro. Charttan .8) 

M. Maddux (9) and 

|9'.andCKJi W— (.antra. S-J.L—Stottlemyn: 

On* 

24 

IB - 

571 

2.0 


CRICKET 


wnMiMiam 

1ST TEST HATCH. 2ND- DAT 
ENGLAND VS. AUSTRALIA 
FTBDAV. M LONDON. ENCLAW 
Eng livid: 4494 
Ausrrotkr 1 18 
Rain forced an early dose. 


Lending ptadngs In 17C tan 20ih saga 
from Bnmico to Passa Del TorukE 
I. Jose Gonzalez, Cri. Kelme 4 h. 45 m. and 
3 s s 2 Massimo Podennna IL Morcatone 
Una at 1 vKh 3. Falca PirtfinL Swtfc, O- 

roiricfeRefa&iaiLGabrfctaMtHogOa It, 
MapaSdlZ 5. FaiKla DottL IL RasMwysJ,- 
6- Gcrmarn Pterdomericu IL Cantma Tola 
*02:7. Bruno Boscarrila SwRz. Fesltna *50: 
S. Yevgeny Berzin, Rus, Batik ilA 9. 
Alessandro Boron IV It, Aries 7M1; 1 0. Andrea 
Nm’.IL Asks 10:10. 

OVERALL: 1.1MUI GOttULSoeCOPl tLlS 
m. and 48 sj Z Pavel Tanknv.RH, Mqjei at 
I--32; 3. Giusoppe GuertnUL Patti Lft 4. 
Gwitchar, Ukraine, AKI 1037; 5. Nkria MIceL 
It. AKI 1040: 6. Gtawppe Dl Grrnide.lt. 
Map el ) l.-M 7. Wladlmlr Beta IL Bresctalot 
IZ44; a Marcos SaramSpala Ketme 14:Bt 
9. Shriano Ganoiruti. Morcatone Uno't4:42t 
to. Jose, RubinaSaKeanel7:I&. 


Its WOMBM COP 

Itoty 1 Canoda I 
Urtlod States 9, Aushirtta 1 
STAomufaSi united Statu 6 points . 
Itaty fc Canada & Aurinda 0 

WHUsdPaMURttl 
ASIAN ZONE. GROUP 2 
FR8UY. IN DAMASCUS. SVRU 

HniHaion 1 MaWvas 0 
Iran l. Syria 0 

STAMDiMHk Iran a portitt Syria 3; Kyi- 
ayatan a-MalrSwasd. 


French Open 

BEMITOML 

— m'lT hhohi 

Kuerten. Brail dri. Dewutt Betaium, 6-1. 3- 
6,6-1. 7-6(7-41. 

Bruguera £16), Spain, def. Rader. Australia t 
7(6-81.6-1. 7-5. 7-6 (7J 


woHorspaunis 

Fernandez, U.S. and Zvereva (1), Bei. def. 
Hingis, SwMz. raid Sanchez Vknrfo (3),Spz>ki 
3-6, 7-6 (7-3), ID-8. 

Femondei, and Raymond (5), U.S. def. Fusai 
and Tauzlat (8). France. 3-6. 6-4. 6-t. 


TRANSITIONS 


MRMI1 

AHERICAN LEAGUE 

Twjoirro— Acquired OF Ryon Thompson 
hum Cleveland hnlans for INF Jeff Mania. 

■ASKRB4UL 

NATKWAL BASKETBALL ASSOCIATION 
golden STATE— Named PJ. COfteitaa 
ceaeh and agreed to term? with him an 5- year 
contract- Fired Dawe Twronfck, general mtm- 
oger. Named A) Attte 'mlertm general man- 
ager. 

SACSAMEifTO— Promoted Mike Bratz to 
lead a ssb turi cooch. Named Ralph Lewis 
assistant coach. 


NATIONAL HOCKEY LEAGUE 
CHKAEO-ExtemM the contract at Craig 
Hartsburg, coach, tor two years, feuvqh 
1H9-2000 season. 


Saturday, June 7 

ATNirrus. Bloomington Intfiana - men 
women NCAA, US. college dwmpionshlps 
Stockholm, Sweden —Stockholm Marathon. 

AUTORACHK Athens, Greece — Acropolis 
Ratty, to June 10. 

OEiaCET. Burning ham. England - first 

tost, Engtand vs. Australia, tp Juk 9 

CYCLING, Rome- ua Giro dltolla Tour 
atHaty-htJoncfl. 

FIELD HOOCET. Bertm - women. Sixth 
Oinmptom Trophy, to June g. 

GOLF, meiv Staley H on. England -Statay 
Hall Noritiumhcrtond ChaOmge. to June &■ 

Patamoe.Maiytond-KamperOpervtoJune 
&■ SWbato. Japm - JCB Omsk. SendoL to 
June ar NosrrwBe, Tennessee — BeUVnrth 
Senior CkMbc to June & Manta, Japw — 
TPC StnrtsScntor, to June 8. Women East 


\^\ I » V*A 


Lanstag, Michigan — DtemoOhe Claseic to 
June ft Kobe. Japan — Mltoubnh] Electrical 
Ladies, to June ft 

HORSE RACUHL Epsom. England - En- 
glish Derby; New York — Belmont Stokes. 
BUGfiY union. Buenos Aires, Argentina — 

2nd test Argentina vs. E nglaad. Vartaas sites 

— Pacific Rim Championship. Canada in 
Hong Kong; United States «. Japan. 

ten ms. Ports —men. women F ranch 
Open, to Juneft 

SOCCER. Montpellier, France — Toumol de 
Fiwkx, France vs. England. Various sites — 
World Cup qualtfiers Georgia vs. MaUava 
Befgtom vs. San Marino; Macedonia w. Ice- 
tana- Portugal vs. Albania; Ukraine vs. Ger- 
many; Nigeria vs. Kenya Morocco k. Ghana 
Fiji vs. New Zealand. 

Suhpay, Junes 

athlbtks. Moscow — men. women 
Grand Prix, Znamensky Memorial (class I). 

AUTO RACING Watkins GtenNewYert — 
S b< Hours of the Gkn.' Detroit- CART, Indy- 
car, Detroit Grand Prix. 

MOTOBcrax raciml LeCotaefiet France 

— French Grand Prtt 

soccer. Lyon, France — Tairmai de 
France, Brazil vs. Italy; Tokyo — Kirin Cup, 
Jrgjan vs. Cmriks Various sites — Worid Cup 
qualifiers: Guinea vs. Burkina Faso,- Egypt 
vs. Tunisia; Republic of Congo vs. Conga 
South Alrtaj vs. Zambia; Angola vs. 
Crawraon; Togo vs. Zimbabwe; Gabon vs. 
Swna Leone; China vs. TalUdskac Vietnam 
vs. Turkmenistan; El Salvador vs. Mexkw 
Denmark w. Bosnla-Herzegovlna; Ftotand 
vs. Azerbaijan; Hungary vs. Norway; Latvia 
vs. Austria; Estonia vs. Swadero Betanra vs. 
Scotland; Bulgaria vs. Luumboarg; Russia 

VL Israeli Faerea Islands vs. Malta; Spain vs. 

Czech Republic; Yugoslavia w Slovakia; 
Ecuodor vs. Chile Uruguay vs. Cotamtwu 
Venezuela vs. Bofrvia Argentina vs. Peru. 

Monday, Jume 9 

_If Wli women. Birmingham. England— 
DPS Classic to June 15. Men, Haflo. Ger- 
many — Gerry Weber Opan. to June is.- Lon- 
don Engkrad— Queen's CkJbtDuma moat to 

JVIK 15. 

soaen. Tetann . Iran — World Cup guot- 

■fymfl. Asia. firshourKk Group Z second bait 
Iron. fCyigvstaa Matakres, Syria, to June Ii 


Tuesday, June 1 0 

sucev utiioN, Metboeme, Austraia — »■ 
tv baton, Vldorta vs. Francs. 

Wednesday, June ii 

SOCCER, various sites — Wwta Cup Qual- 
ifiers; Iceland vs. Lithuania Ftokatafl » 
Kazahston. La Pro. BaOwta — Copa America 
to June 29. 

rucbv union. CortlfL Woles— tost Woles 
vs. Untied States. 

Thiirsoay, June 12 

GOLF, men, Bethesda, Marytalld - Ui 
Opera Etobicoke. Canada — Senior PGA 
Tour, du MaurierChampbns.to Jane iSSap 
por* Japan — Sapporo Tokyu to June I s - 
Women, Miaou. Japan — Suntaro L «#» 
□pen to June 15. 

Friday. June 13 

RUMY UNION. Canberra, Austro Bo - «■ 
hiblftoa ACT vs. France. 

SOCCER, Sawn, Yemen - Worid Cup qu» 
ttytag, Yeroon vs. Indonesia 

sumo. Sydney, Austrafia - DdVMH 
sumo maWws. to June 14. 

aoLF. women, Maple Grwra MlimwVo— 
Edina Realty LPGA Oasslc to June IS- 

GOMEL Bari, Itaty - XJII MerfltefW wcfl 
Games, to June 27. 

Saturday. June 14 _ 

football. Wurtd Laagaa Frankfurt rf 
Amsterdam; Scotland at Bamtow- 

Soccer, ChoRow, Poland — Worid cup 
qualtfier. Potond vs. Georgia. 

BUGSr union, HamBtoa New Zndand- 
tKt New Zealand n. Rfi. VWiws sl»T 
cifk; Rhn CltamptaiBtap, Canada *■ JnpOT 
United States vs. Hang Kong. 

Sunday. June 8 _ 

ATHLETICS. Gatwhaod. Engtand - 
*»om era iaaf. Grad Prtt. Bupa w"® 
(doss II). 

AUTO MaHfc Montrei* 

to t, Canorfian Grand Pita. . . 

football. yywMLaafliAcDoejMtoonn 
London. 



- ??■ 


RKt 



mi 



Mi J 


5‘f UMiff. 


, 5 

' r ‘' % ’ . ft 

• : ? 
- 'rivwi. '-i 









INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 7-8, 1997 


S-W 1 W>\VS 



' Marlins Fall to Mets 

iV.L Gets Record 5 Double Plays 





r 





The Associated Press 

Armando Reynoso pitched a five- 
hitter for his first career shutout, and the 
New York Mets tied a club record with 
five double plays in a 6-0 victory over 
the Florida Martins. 

Reynoso (5-0) didn’t allow Florida a 
hit until the fifth inning Thursday night 
when Jim Eisenreich ied off with a 
s ing le. 

The right-hander earned his first 
complete game since May 3, 1994, 
when he was with Colorado. Reynoso 

"ill Eopnpup 

walked one and struck out four. The 
only other time the Mets had five double 
plays was on June 9, 1983, at Chicago. 

New York tagged Kevin Brown (5-4) 
for seven runs and 12 hits in seven 
innings. 

The Mets, now 25-1 1 — the league's 
best record since April 27 — split the 
two-game series with Florida to re main 
one-half game behind the Marlins in the 
National League East 

Brava* 9, Expos o Denny N eagle 
scattered six singles for his second ca- ■ 
reer shutout, and Keith Lockhart, Javy 
Lopez and Andrew Jones homered as 
Atlanta beat host Montreal. 

N eagle (8-1), who also singled and 
drove in two runs, struck out seven and 
walked two. 

Atlanta swept the two-game sales, 
sending Montreal to its third consec- 
utive loss. 

Rods 8, Astros 5 Lenny Harris and 
Pokey Reese replaced injured starters 
and had three hits apiece, leadin g Cin- 
cinnati ova visiting Houston. 


Hams hit a bases-empty homer and 
later scored two runs and drove in two as 
a replacement for Deion Sanders, who 
left the game in the second inning after 
twisting his left ankle. 

PKMe*9jiC*dmala3 In Pittsburgh, Joe 
Randa, who replaced the injured Kevin 
Els ter as the Pirates’ No. 5 hitter, hit a 
two-ron homer and run-scoring triple. 

Keith Osik, an infrequent starter, bad 
a two-run single and an RBI triple to 
back Esteban Loaiza’s solid pitching as 
the right-hander won for the first time in 
nearly a month. 

Ray Lankford homered for the 
second straight day for St. Louis. 

Ro ck ies 9. Padra* 7 Larry W alter hit 
two homers, including a two-run shot in 
the llth inning, as host Colorado 
snapped San Diego's six-game winning 
streak. Colorado turned a team-record 
six double plays. 

PtWEw 9, crib* a Mike Lieberthal hit 
a three-run homer in the ninth, and Scott 
Rolen singled home the winning run in 
the 10th as host Philadelphia ended a 
six-game losing streak. 

Mel Rojas entered with an 8-5 lead in 
the ninth and blew a save for the fourth 
time in nine chances. 

Gbnts 5, Dodgars 4 W illiam Van- 

Landingham, coming off two horrible 
outings, allowed three runs and four hits 
in six innings as San Francisco beat the 
Dodgers in Los Angeles. 

Va n JLandingham (3-3), who gave up 
11 walks and seven runs in three-plus 
innings in his two previous starts, turned 
it around against die Dodgers. He 
walked one and struck out three before 
being relieved by Julian Tavarez at the 
start of the seventh. 



PAGE 21 


Greg Norman: 
Make or Break 
Time for Golf’s 
Flawed Master 


llnui) Kiy MmiWApiKT hamv* IViw 

The Mets' Carlos Baerga being upended by the Marlins' Cliff Floyd, who failed to break up a double play. 

Barcelona Battles to Keep Ronaldo 


is* vi=rvT-r * [ •! - 


Try. Try 

4/ ^ 

phiHOimb Start- 


i-“ - ::: 

*"V •? - r=7^-.- ,fC 


Dubious Calls Lift Bosox 


(U 


i : 


tail 




>* 




f. .. • .< 


\ - "• . ..j.jir ?-■> \'t ■ 

Jr.-WL 


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v -~ 

,*U W ■ 

r ^,v ' 

at s : • 

sasr ■ * . 

ffii- 1 

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**■* '-*-. 

**i*yr?? ’s ■■ 


The Associated Press 

The Boston Red Sox profited from 
three questionable calls, including a dis- 
puted home run by Mo Vaughn, to beat 
the Milwaukee Brewers, 2-1. and end a 
five-game losing streak. 

Hm Wakefield (2-4) tied a career-high 
with 10 strikeouts in the game Thursday 
night in Milwaukee. The knuckJeballer 
threw 168 pitches in 8% innings. Kerry 

AL Roundup 

Lacy earned his first major league save, 
retiring Dave Nilsson on a pop-up with 
runners on first and second to end it 

Vaughn lofted a low, outside fastball 
down the left-field line and barely over 
the fence in the fourth inning. The third- 
base umpire ruled it fair. Gerald Wil- 
liams, tire I eft fielder, and Jeff Cirillo, 
die third baseman, argued that it was 
fouL In television replays, die ball ap- 
peared to be about three feet fouL 

The second base umpire called out 
Jeromy Burnitz trying to steal second in 
the third inning and railed out Williams 
in the seventh. Both times, TV replays 
showed that the runners were safe. 

Mariners 14, Tigm* 6 Alex Rodriguez 
became the first Seattle player to hit for 
the cycle in a nine-inning game as the 
visiting Mariners homered four tiroes to 
rout Detroit. 

Rodriguez, who drove in two runs 
and scored three, homered in the first, 
singled in the fourth, tripled in the 
eighth and doubled in the ninth. 

AtUatics 4, Bloe Jays 3 Jose Canseco 
hit a three-run homer in the eighth in- 
ning as visiting Oakland handed 
Toronto its fourth straight loss. 

Pat Hentgen (5-3) had retired 12 


straight batters before Geronimo Berroa 
and Mark McGwire hit consecutive 
singles with the A’s trailing 3-1 in the 
eighth. Canseco then hit his 12th home 
run of the season to put the A's up 4-3. 

It was his 32nd career homer against 
the Blue Jays. 

Angsts 3, Turin* o The rookie Jason 
Dickson scattered six hits in eight in- 
nings and Luis Alicea broke a scoreless 
tie with a seventh-inning single as Ana- 
heim won in Minneapolis.' 

Dickson (7-2) limited the Twins to 
six singles as he outdueled Bob Tewks- 
bury, who allowed nine hits after ston- 
ing off with 4% perfect innings. 

Alicea’s single on a low -an d-aw ay 
pitch with two outs in the seventh scored 
Garrett Anderson, who had reached 
base with a one-out single. 

Indian* 5, Whit* Sox 4 Casey 
Candaele lined a game-winning single 
off Carlos Castillo in the bottom of die 
1 Ith as Cleveland avoided a three-game 
sweep by visiting Chicago. 

Castillo (0-1) walked Manny Ramirez 
with one out, arid Sandy Alomar doubled 
down the left-field Kne. Candaele, a util- 
ity infielder called up from Triple-A 
Buffalo on May 24, fouled off several 
pitches before tutting a 2-2 pitch to cen- 
ter for his first RBI of the season. 

Ranger* 6, Royals 3 Dean Palmer 
singled home the go-ahead run in the 
llth inning to give Texas the victory in 
Kansas City. 

Rusty Greer and Juan Gonzalez led off 
die llth with consecutive singles off 
Hipofito Pichardo (1-2). After Will Clark 


Reuters 

BARCELONA — FC Barcelona has 
made a last-ditch effort to stop its star 
striker. Ronaldo, from moving to Inter 
Milan of Italy by invoking a FIFA rule 
that would prevent his urmegotiaied 
transfer to a non-Spanish club. 

“For Ronaldo to go to Inter, they 
have to negotiate with us,” a Barcelona 
official said Friday. 

Inter had appeared ready to pay the 4-5 
billion pesetas ($30.8 million) stipulated 
in Ronaldo’s contract as the price needed 
to release him from obligations with 
Barcelona. It is normal practice in Spain 
for players to sign contracts that include 
such so-called withdrawal clauses. 

But FIFA, world soccer's governing 
body, recognizes such contracts only for 
transfers made within Spain. With a 
foreign team such as Inter, “the with- 
drawal clause is invalid,” said the Bar- 
celona official. “In that case. Ronaldo is 
untransferable.” The Spanish Football 


Federation's secretary-general, Ger- 
ardo Gonzalez, said be had received a 
FIFA circular that supported Barcelo- 
na’s case. 

“It is not admissible that this in- 
strument is used by a third party that is 
not governed by Spanish rules.” he 
said. “We are sure that Barcelona 
would win the case.” 

As a result, Barcelona claims, Ron- 
aldo could move only to a Spanish club 
unless the transfer were negotiated. 

Speculation has already begun that 
Barcelona’s arch-rival. Real Madrid, 
could buy the Brazilian international 
before selling him to Inter. Real's pres- 
ident, Lorenzo Sanz, has even raised the 
prospect of Ronaldo joining die Madrid 
club itself. 

“We’d like to have Ronaldo — it’s 
an interesting subject,” said S anz. 

Barcelona's vice-president. Joan Gas- 
part. said that if a Spanish club acted as a 
bridge to make a deal, “then it would be 


fraud which could be easily proved.” 

Ronaldo, who is now with the Brazili- 
an national squad in France, has said he 
will not play again for Barcelona, “not 
because of the fans but because of the 
management” 

■ Dortmund Coach Moves Up 

Ottmar Hitzfeld has quit as coach of 
the European Cup champion Borussia 
Dortmund just nine days after the 
biggest triumph in the club’s history, 
Reuters reported from Bonn. 

Mr. Hitzfeld said he would be taking 
over as sports director at the club. It is 
not yet (mown who will take his place as 
trainer. 

Mr. Hitzfeld has been in charge since 
1 991 and last week led Dortmund to the 
biggest moment in the team's history 
with a 3-1 victory over Juventxis in the 
European Cup final in Munich. He also 
steered the club to German league tides 
in 1995 and 1996. 


ran. Warren Newsome walked to load the 
bases, Damon Buford hit an RBI single 
and Benji Gil hit a sacrifice fly. 


U.S. Umpire May Call It Quits in Japan 


The Associated Press 

TOKYO — The first American 
. umpire invited to introduce U.S.-style 
officiating to Japanese baseball may 
call it quits after a series of disputes 
with players and their managers, it 
was reported Friday. 

Mike DiMuro, who umpired Triple 
A minor-league baseball in the United 
States and is the son of a former 
major-league umpire, Lou DiMuro, 
was invited to Japan to help instill 
strict and impartial officiating to Jap- 
anese baseball, where disputed calls 
are often negotiated. But his firm style 
has drawn criticism from players and 
managers since he arrived two months 
ago. 

After meeting with DiMuro on Fri- 
day, the Central League commission- 
er, Hiromori Kawashima, said 
DiMuro, 29, was thinking of resign- 
ing, the Kyodo news agency reported. 


League officials could not be reached 
to confirm the report. 

The latest dispute occurred 
Thursday night, when a Chunichi 
Dragons’ slugger. Yasuaki Taiho, 
punched DiMuro in the chest after 
being ejected from a game, Kyodo 
reported. 

“Mr. DiMuro was shocked by the 
incident and seemed considerably de- 
pressed about it,” Kawashima told the 
news agency. 

Taiho was ejected for protesting a 
called strike and later faced a warning 
from league officials. 

Kawashima said he tried to per- 
suade DiMuro not to leave. The um- 
pire will be relieved from working two 
weekend games, Kyodo said, and the 
two will meet again Monday, but it 
appears unlikely that DiMuro will 
change his mind, the report said. 

Professional baseball has been 


played in Japan since 1934, and in 
some ways the country is as devoted to 
the sport as is America. But on the 
field, Japanese players are far more 
team-oriented than their American 
counterparts, favoring slow, method- 
ical strategy. 

For years, Japanese umpires have 
been blown to crumble under the 
pressure of managers. But DiMuro 
has stirred a wave of wrath from Jap- 
anese managers and players, who 
have said that the American does not 
understand the Japanese way of play- 
ing baseball. 

In April, the manager of the Yakult 
Swallows, Katsuya Nomura, who is 
known for his reserve in the dugout, 
stormed onto the field to protest 
DiMuro’s balk call on a Swallows 
pitcher. Nomura later said that 
DiMuro was “going to completely 
mess up Japanese basebalL” 


By Thomas Boswell 

Washington Past Service 

WASHINGTON — For the next 10 
days, watch Greg Norman. To a degree, 
his life is at stake. His golf life, anyway. 
His followers in Washington, a town he 
calls a second home, should not pretend 
that some other place or time is more 
likely to hold the key to the last years of 
Norman's career. The happy ending, if 
there’s to be one in this far-too- lifelike 
sport, could stan here and now. 

When you fall off a horse, you need to 
gei back on. And the sooner the better. 
Norman suffered the greatest fall in golf 
history 14 months ago at the Masters. 
He hasn't been back in the saddle since. 
Now. finally, fate has arranged to give 
Norman a decent chance to ride again. 

The 42-year-old Norman is playing 
superbly once more. He shot a 64 last 
Sunday to finish lied for second at the 
Memorial. He holed a 1 26-yard shot for 
an eagle on No. 2 Thursday and shot 66 
to tie for the lead at the Kemper Open. 
Most important, the U.S. Open will be 
played next week at Congressional 
Country Club — one of two courses in 
America on which Norman has won 
more than once. 

“1 enjoy it here in Washington. 1 got 
married here.” said Norman, whose 
wife, Laura, was a stewardess whose 
airline's hub was here. “I’ve got a lot of 
friends here from as far back as 1979.” 
he said, adding: “Now, I'm coming in 
here in a nice relaxed frame of mind, 
feeling good and solid with my game. 

“1 want to put in a great performance 
and win this week. Then, on Sunday 
night, I can lie back in bed and throw my 
mind back into the ’80s and remember 
Congressional.” Those memories 
should make for pleasant dreams. 

When Norman first emerged as a star 
on the PGA Tour 13 years ago with a 
win at the Kemper Open at Congres- 
sional, the accepted wisdom in golf held 
that a player could only endure a finite 
amount of suffering during a career. 
Then, you broke. Sooner or later, every- 
body cracked. 

Arnold Palmer was never the same 
after he blew the '66 U.S. Open at 
Olympic to Billy Casper. Sam Snead 
never got over that catastrophic 18th at 
the '57 Masters. Jack NickJaus’s mys- 
tique was punctured after Tom Watson 
chipped in to beat him in the '82 Open at 
Pebble Beach. And so forth. For eveiy 
superstar, you could code up some the- 
ory about a dagger in the heart, a brutal 
loss, a stroke of terrible luck, that ended 
his era of dominance and made him a 
mere mortal thereafter. 

Then, along came Norman. He broke 
the mold Or, rather, you couldn't break 
his mold His resiliency amazed his 
peers. No matter how badly the game 
bent him out of shape, he returned to his 
original form. The litany of his bad luck" 
— and sometimes, his own bad play — 
on Sunday in the majors is now le- 
gendary. He might not be the greatest of 
players, but he became one of the most 
appealing ever because of his tough- 
ness, his all-too-human flaws and his 
stubbornness. 

After the 1996 Masters, the whispers 
about Norman began again. They wer- 
en't malicious, just sad Surely, this 
time, after blowing a six-shot lead on the 
final day, even Norman would ‘ ‘never 
be the same again.” 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 7-S, 1991 


DAVE BARRY 


; Facts About Floating Frogs 


IAMI — Gei ready to dance naked 
p-LVAin the streets, because scientists 
'have finally done something that hu- 
jnanity has long dreamed about, but 
Tthwt of us thought would never happen 
"within our lifetimes. 

- That's right: They have levitated a 
'frog. 

I swear I am not making this up. 
•According to an Associated Press article 
.sent in by a number of alert readers, 
'British and Dutch scientists "have suc- 
ceeded in floating a frog in air.” They 
-did this by using magnetism, which, as 
you recall from physics class, is a power- 
> fill force that causes certain items to be 
;attracted to refrigerators. Magnetism is 
. one of the Six Fundamental Forces of the 
•Universe, with the other five being 
"Gravity, Duct Tape, Whining, Remote 
-Control and The Force That Pulls Dogs 
'.Toward The Groins Of Strangers. 

□ 

- The AP article states that the sci- 
■entisls levitated the frog by subjecting it 
!to "a magnetic field a million rimes 
stronger than that of the Earth.” Ac- 
cording to scientists, the frog “showed 
no signs of distress after floating in the 
air inside a magnetic cylinder.” 

1 am not a (mined scientist, but my 
reaction to that last statement is — and I 
quote — "Duh.” I mean, of course the 
frog “showed no signs of distress": It's a 
frog. Frogs are not known for their ability 
to show emotions; they are limited to 
essentially one facial expression, veiy 
much like Jean-Claude Van Damme. 
What did these scientists expect the frog 
to do? Cry? Hop around on their com- 
puter keyboard and spell out the words ‘ ' 1 
AM EXPERIENCING DISTRESS”? 

No. we don’t really know what the 
frog was feeling; this is why we should 
be skeptical about the scientists' claim, 
as reported in the AP story, that "there 
Is no reason” why this same magnetic 
technique could not be used on “larger 
creatures, even humans.” Before we 
stan exposing human beings to ex- 
tremely powerful magnetic fields, we 
should conduct extensive laboratory 
rests on Richard Simmons. 

□ 

But if magnetic levitation really turns 
out to be safe. I think it could have some 
important "real world" applications: 

1. GETTING CHILDREN OUT OF 
BED ON SCHOOL MORNINGS. Sci- 
entists calculate That the attraction be- 
tween a child and his or her bed on a 
school morning can be up to 75 rimes as 
strong as mere gravity. Most parents uy 
to overcome this attraction by pounding 
on the door and shouting ineffective 
threats, the most popular one being: 
“YOU'RE GOING TO BE LATE FOR 
SCHOOL! ” The problem with this threat 
is that it's based on the idiotic premise 
that the child wants to be in school and be 
forced to sit on a hard chair and figure out 


how many times 7 goes into 56: naturally, 
die child prefers die bed. 

Think, parents, how much easier it 
would be If, at 6:30 A.M. on school 
mornings, you could simply press a 
button, thereby activating gigantic mag- 
nets under your child's bed that would 
cause the child to float upward, along 
with any frogs that happened to be in 
bed with the child. Then, instead of 
wasting your time yelling, “YOU’RE 
GOING TO BE LATE FOR 
SCHOOL!" you could waste your time 
yelling, "STOP DRAWING WITH 
THAT MARKING PEN ON THE 
CEILING! 1 ' So perhaps this is not such 
a good use for magnetic levitation after 
all. Perhaps a better one would be: 

1 COPING WITH PEOPLE WHO 
“SAVE" SEATS. I don't know about 
you. but it makes me nuts when I enter a 
self-service restaurant, airport gate area, 
movie theater, etc., and there are people 
“saving” seats — sometimes lots of 
seats — for people who are not there, 
and who sometimes do not ever actually 
show up, which does not stop the savers 
from vigilantly guarding their seats, of- 
ten by placing items such as shopping 
bags on them. My feeling is, if an acrual 
person was physically there and had to 
go to the bathroom or something, fine, 
you can “save” that person’s seat until 
he or she returns: but if you ’re “sav Lng ” 
a seat for a hypothetical person who is 
not there, then the seat should go to real 
people who ARE there. The concept of 
“saving” seats should be restricted to 
junior high school, where “frontsy- 
backsy” is still considered a legal tech- 
nique for butting into line. 

So my idea is that public seating areas 
would be monitored via cameras: if a 
“seat-saver” was observed denying 
seats to real people, the appropriate 
magnets would be activated, and the 
seat-saver, along with the shopping 
bags, would vacate the “saved” seats, 
very much the way a Poseidon missile 
vacates a submarine. Granted, the mag- 
netic field would also prevent everybody 
else from using the seats, but I think the 
overall effect would be worth it 

3. IMPROVING THE QUALITY OF 
MEDICAL CARE. I recently had my 
annual physical examination, which I get 
once every seven years, and when the 
nurse weighed me, I was shocked to 
discover how much stronger the Earth's 
gravitational pull has become since 
1990. There should be magnets — very 
powerful magnets — under doctors’ 
scales to compensate for the gravitational 
increase, much the way economists ad- 
just dollar amounts for inflation. 

I'm sure I could come up with other 
practical uses for magnetic human lev- 
itation, but I have to go. It's been an hour 
since lunch, and, as a resident of the 
Earth's magnetic field, I find myself 
powerfully attracted to the refrigerator. 

€> 1997 The Miami Herald 

Distributed by Tribune Media Sen ices Inc. 


Frontiers of Memory: A Director’s Voyi 





By Joan - Dupont 

International Herald Tribune 

p ANNES — The venerable and the 
L- absent, dearly beloved by festivals, 
received a standing ovation when 
Manoel de Oliveira presented ' ‘Jour- 
ney to the Beginning of the World," 
starring Marcello Mastroianni in his 
ultimate role. The director noted with 
sorrow that this was Mastroiaoni's 
171 st film: "It was not supposed ro be 
his last.” 

Chiara Masrroianni was in the audi- 
ence that applauded both her father and 
the Portuguese filmmaker, who is. at 
88, probably the world's oldest work- 
ing director. 

Oliveira, a phenomenon on the in- 
ternational scene, started in the days of 
silent film, hit his stride in his 60s, and 
has made a film a year since 1990. His 
casting has become international, the 
setting contemporary, but he is against 
gimmicks, flashbacks, special effects, 
saying, "Cinema is already a special 
effect, you don't have to lay it on.” 

His career, from the documentary 
“Hard Labor on the River Douro," 
moved through neo-realism, and, in 
past decades, ro dense romance, po- 
etry and dark humor. His " The Con- 
vent,” starring Catherine Deneuve 
and John Malkovich. he describes as 
“a mystery you never see, whereas 
•Journey to the Beginning of the 
World' is about places that you can 
touch and see.” 

Sporting a kelly-green Lacoste shirt, 
and a Panama hat, the spry director — 
he was a racing driver in his salad days 
— concedes that lately, he tends to 
muddle his languages. “I think I'm 
speaking French or Italian and it comes 
out Portuguese,” he said- “Although 
I'm in good shape, the years add up. 
and I think, just like Marcello, you have 
to work, work, work, to forget that 
death is there. We walk to the water's 
edge and what do we see on the other 
side? We see death.” 

“Journey to the Beg inning of the 
World” (Viagem Ao Principio do 
Mundo) takes place in a confined space 
and mixes themes from Greek tragedy, 
a search for the father, a touch of sur- 
real humor and an elegy in a church- 
yard. The action, situated in northern 
Portugal near the Spanish border, in 
fact crosses frontiers of memory — 
looking back on a past that was im- 
perfect. commenting on a world in 
which. “Americans have not heard of 
Sarajevo but know die names of fa- 
mous movie stars.” "Journey” is also 
about a once-glorious power, Portugal, 
"bom of the crusades, like all of 
Europe,' ’ and the return of exiled sons 
to a deserted country. 

Oliveira dedicated this complex film 
to Mastroianni, whose health was fail- 
ing during the shooting — “none of us 
ever referred to the fact" Not only did 




Marcello Mastroianni, left, and director Manoel de Oliveira, in “Journey to the Beginning of the World.*’ 


the actor slip into the director's skin, 
adopting his attitudes and accoutre- 
ments, down to the Panama, but each 
relished the game of identification. 

The Italian, who celebrated his 72d 
birthday on location in a rugged moun- 
tain village, plays the part of a famous 
director named Manoel, who is driven 
through Portugal scouting locations. 
Oliveira actually drives rhe car in the 
movie, while Manoei/Marcello sits in 
the back and reminisces about sites 
from his childhood. In the car with 
them is a younger generation: a pop- 
ular actor, Afonso (Jean-Yves Gau- 
tier) and actress, Judite (Leonor Sil- 
veira). 

“This first pan of the film is about 
Manoel 's memory,” the director said. 
“He wants to find the path to the vil- 
lage, the statue of Pedro Macao, a rustic 
roadside sculpture of a figure carrying 
a beam on his back — all the weight of 
the world, the image of humanity.” 

In the second part of the film, Afonso 
the actor is stirred to talk about his own 
childhood: His father left the hard life 
in Portugal for France: he talked little 
of his family, and never taught his sons 
his native tongue. "Listening to 
Manoel, Afonso thinks of his own sad 
story, and how their paths are different, 
but parallel. The idea came from a real 
story' I heard about a Portuguese actor, 
raised in France, who shot a movie in 
Portugal and became curious to see his 
father s homeland — when he got 
there, he was overcome by the strong 


pull of the past." 

Arriving at the farmhouse of 
Afonso’s aunt (Isabel de Castro), the 
troupe of roving players come up 
against a cast of grim old-timers, gothic 
mountaineers. The old aunt stubbornly 
refuses to recognize Afonso: He may 
"look like her brother, but he doesn’t 
"speak - ‘Portuguese; why doesn't he 
speak their language? 

The others, who speak Portuguese, 
interpret: “But your nephew is . a fa- 
mous actor, he's on television.” The 
woman does not watch television, and 
has only a loaf of bread to offer. “He 
can’t be my nephew because he doesn't 
speak the way we do," she repeats, 
until finally. Afonso puts his ‘bare arm 
next to hers and says. “It's not lan- 
guage that counts, ir's blood: the blood 
that beats in my veins is the same as 
your blood. “ Only then is there a shock 
of recognition — she accompanies him 
to the family cemetery, and the journey 
is accomplished. 

“When we talk about returning to 
the beginning of the world, it means 
going back to our origins. We make 
war in Africa, we act impulsively, 
without knowing why. I don't know 
about the future; we can imagine some 
good things, maybe. I see cycles 
passing, repeating. We always have to 
start over again,’ ' the director said. 

This knotty story of roots, race and 
lost heritage, a prophecy of small hope 
for a wasted land, is a heavy package 
for a one hour, 33 minute movie. 


Manoel the director may be at the 
wheel, but Manoel/Marcelio is the 1 
backseat driver, giving the movement a 
lightness and grace by dint of his mere 
presence: His sighs, ironic smiles and 
the way he tilts his head to listen make 
him more a wise witness than an actor- 
doing a job. In the second pan. of the 
movie, his character fades into the 
background, but he bounces back in the 
farmhouse scene, mugging and mim- 
icking the spooky hosts. - 
During pauses in the shooting, Mas- 
troianni was also interviewed for a 
documentary, “I Remember” ("Miri- 
cordo si io mi ricordo” ). filmed by his 
companion Anna Maria Tato. At the 
end of Oliveira’s film, he said. 
“Manoel, if you want us to shoot an- 
other film together, let me know. I'll 
come immediately." Oliveira said. 
'‘Then he was gone. But no one ever 
heard him complain." 

The director doesn't think his film is 
pessimistic. “It’s just realistic," he 
said. “I believe that the world is always 
in transition, and; personally. I don’t 
like this mechanization and dehuman- 
ization of man — we speak into these 
gadgets — " he points to the tape 
recorder-, “and cameras that distance 
contact between people.** 

He is preparing to shoot a new film 
this summer, with “the extraordinary” 
Irene Papas. “It’s called ‘Inquietude — 
Disquietude’ — that's the title, and that's 
all I can say for now, and yes, ‘dis- 
quietude’ describes the way I feel." 




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N OT every father gets to do 
this, but President Bill Clin- 
ton gave an emotional send-off to 
his daughter. Chelsea, at her high 
school graduation ceremony Fri- 
day. “Though we have raised you 
for this moment of departure, and 
we are very proud of you. pan of 
us longs to hold you once more as 
we did when you could barely 
walk," Clinton" told his 17-year- 
old daughter in remarks at the 
Sidwell Friends school gradu- 
ation. He aud his wife, Hillary, 
are bracing for their daughters 
departure next fall for Stanford 
Universiry in California. “Our 
pride and joy are tempered by our 
coming separation from you,” 
Clinton said, speaking an behalf 
of all the parents at the ceremony 
at the private school. 

□ 

A little-known singer has been 
chosen by the legendary rock 
group Genesis to take the place of 
Phil Collins. Edinburgh-born 
Ray Wilson, 28, who sang with 
rock band Sttltskin, said he was 
nervous about his role in Genesis. 
“Fronting a band with such a history is 
an incredible challenge,” .Wilson said 
Friday. He will be the third front man for 
Genesis. Peter Gabriel was Collins's 
predecessor. Both went on to worldwide 
success as solo artists. Wilson sings all 
1 1 tracks on the new Genesis album, due 
out this summer. 

□ 

In the latest round in the print war 
between Brigitte Bardot and a former 
husband, Jacques Charrier. the 



Fred PmusTtRcuier. 

OVER THERE — The London talk-show host 
Ruby Wax arriving for a party in Beverly Hills 
to celebrate the U.S. launching of her show. 

erstwhile sex symbol is asking a court to 
order big cuts in a book he wrote about 
their marriage. Her lawyers requested 
descriptions of their intimate life, love 
letters she once wrote him, and pictures 
of her to be deleted from Charrier’s 
“My Reply to BB,” which was written 
as a rejoinder to "Initiales BB.” in 
which Bardot, 62, wrote a number of 
disagreeable things about Chanier and 
their son, Nicolas, now 36. Charrier 
failed to have Bardot’s memoirs excised 
of 80 pages mentioning them, but a 


court awarded them 250.000 ' 
francs (S43.000) in damages. 
Bardot and Charrier were married 
from 1959 to 1963. 

□ 

The Irish rock band L-2’s am- . 
bilious “PopMart” stadium tour 
appears to have fallen short of its 
hype with at least tw-o shows 
already canceled, with slow ticket 
sales being one possible reason 
“About 20 percent of the dates 
have been less than overwhelm- - 
mg,” Paul Wasserman, U2's - 
publicist in Los Angeles: said ou ; 
Thursday. "One hopes for total, 
capacity everywhere, but that • 
doesn *t always happen. ' ’ 

□ 

Anne Sinclair has been the 
prime time interviewer on the 
ular current affairs program, 
for 13 years. She is also 
the wife of France's new Socialist 
finance minister, and she will end 
her connection with the program, 
the private television channel TFl 
said Friday. Sinclair will present 
the last of the hourlong Sunday 
evening interviews of leading politi- 
cians on July 6, a week before her 49th 
birthday. Prime Minister Lionel - 
Jospin put her husband, Dominique 
Strauss -Kahn, in charge of a super- 
ministry of finance, economy and in- 
dustry after the left's victory in a snap j i j 
parliamentary election. A Tf 1 spokes- ; jf, 

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woman said Sinclair originally planned 
to end the program after the regular 
election that would have been held next 
year. She will remain deputy director of 
the channel’s news services. 


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Daniel Ducruet kicking a door after his appearance on German' TvT 


Not Much Talk 
At the Reunion 


Alienee Frame-Pteise 

COLOGNE — An effort by a Ger- 
man TV talk-show to confront Daniel 
Ducmet, former husband of Monaco's 
Princess Stephanie, with the stripper 
who led to the break-up of his marriage 
last year, turned explosive. 

Ducruet, who had been Stephanie's 
bodyguard before their marriage, 
stalked angrily off the set after the 
surprise announcement of Fiti Houte- 
man 's impending arrival, and smashed 
up her box in the studio. RTL tele- 
vision said he had broken the furniture 
and smashed the windows. 

Before his dramatic departure, 
Ducruet said on (he popular 
“Schreinemakers” show that he had 
been the victim of a set-up in August 
1 996, when he and the Belgian srripper 
were filmed naked by a French Riviera 
poolside. 

The publication of the photos 
around the world led to the divorce 
between Ducruet and Stephanie. 


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