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PUBLISHED WITH THE NEW YORK TIMES 


WASHINGTON POST 






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The World’s Dally Newspaper 

Cambodia 
Says Pol Pot 
Executed 
A Top Aide 

Killings of 12 Point 
} To Disintegration of 
: Khmer Rouge Elite 

By Seth Mydans 

New Yeti Times Service 

PHNOM PENH — The disintegra- 
tion of the murderous Khmer Rouge in 
Cambodia has apparently reached its 
inner circle, with its ailing founder, Pol 
r - pot, executing a chief lieutenant and his 
family, then fleeing his jungle hideout 
on a stretcher. First Prime Minister 
Norodom Ranariddh said Friday. 

He said that gunmen acting on orders 
from Mr. Pol Pot killed Son Sen, 67, the 
former defense minister of the radical 
Maoist Khmer Rouge on Tuesday. They 
also killed Mr. Son Sen ’s powerful wife, 
Yun Yat, 63, and 10 of their relatives, 

. \ and ran over the bodies with a truck. 
i Mr. Ranariddh’s account could not be 
independently confirmed, and political 
analysts here cautioned that some re- 
ports in the past about the Khmer Rouge 
guerrillas have been exaggerated or er- 
' . roneous. 

But Mr. Ranarridh’s lieutenants have 
been in close contact with the Pol Pot 
forces in recent weeks, and military 
sources described photographs they 
- said they had seen of the bodies, lending 
credence to ibe report. 

" See CAMBODIA, Page 11 




Paris, Saturday-Sunday, 

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^ ty> 1 j No - 35 - 547 

Kohl Refuses to Bend 
To Jospin’s Demand 
For Spending on Jobs 


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Chancellor Helmut Kohl, left, and President Jacques Chirac at their talks in Poitiers, France, on Friday. 


By John Vinocur 

International Her old Trihtuir 

POITIERS, France — Germany told 
France on Friday that it wanted no part 
of new make-work spending, new bu- 
reaucracy or any change in the Euro- 
pean Monetary Union's Stability Pact 
that the new French Socialist govern- 
ment has warned would strangle growth 
in the community for years to come. 

In a meeting that essentially con- 
trasted the Keynesian notions of job 
creation through public spending of 
Prime Minister Lionel Jospin and the 
tighr-money, right-budget tenets of 
Chancellor Helmut Kohl, the Germans 
said they were willing to go along with a 
range of cooperative undertakings in an 
effort to reduce Europe's 18 million 
unemployed. 

But the Germans made no effort to 


hide that they expected little more than 
pious resolutions to come out of the 
European Union summit meeting in 
Amsterdam on Monday and Tuesday, 
where the Socialist government had 
hoped to reorient European policy away 
from what it said were monetarist mech- 
anisms and toward new job creation 
plans and employment programs. An 
aide to President Jacques Chirac, who 
was also involved in the meetings, said 
Germany was willing to accept a wide 
range of language emphasizing the im- 
portance of job creation, bur nothing 
that would dictate spending policy to the 
EU's member-countries. 

Conversations were to continue 
through the weekend between France 
and Germany, as well as between Mr. 
Chirac and Mr. Jospin, to try find suii- 

See SUMMIT. Page 4 


Boeing-McDonnell Ties Will Isolate Airbus , U.S. Executives Say 


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By Joseph Fitchett 

International Herald Tribune 

PARIS — Unless the European 
Commission imposes limitations on 
the new U.S. conglomerate formed by 
Boeing and McDonnell Douglas, the 
future market for airliners will turn 
inexorably against Airbus Industrie, 
U.S. aerospace executives and analysts 
said Friday. 

“The news is what's happening in 
Brussels, not what’s on show in Paris,” 


AGENDA 


a U.S. executive said just before the 
formal opening Saturday of the Paris 
Air Show at Le Bouiget. the industry's 
most important international trade 
event of the year. 

He was referring to an antitrust hear- 
ing at the European Commission in 
Brussels on Friday at which Boeing 
executives sought approval for the ac- 
quisition by their company, the world's 
leading civilian aircraft maker, of Mc- 
Donnell Douglas, which was forced out 
of the airliner business but is still a 


strong player in military aircraft, in- 
cluding heavy cargo planes. 

The deal is also being reviewed in the 
United States by the Federal Trade 
Commission, which must rule by July 1 . 
A decision from Brussels will follow in 
July. The regulatory bodies could de- 
mand concessions — for example, di- 
vestiture of some parts of the new com- 
pany’s assets or a ban on mingling the 
finances of civil and military projects. 

“If Boeing gets its way, it will be 
strong enough tohold the lion's share of 


the domestic market and then undercut 
Airbus in any potentially profitable 
markeis through predatory pricing," 
according to the executive, who de- 
clined to be named. 

The source, although not working for 
a competitor in the airliner business, 
said his company was alarmed by the 
prospect of Boeing becoming so dom- 
inant that other sectors of aerospace 
were affected. An executive with an- 
other U.S. company, who declined to be 
named in order to protect his ties with 


Boeing, said that it was natural for other 
companies to be fearful of seeing any 
sector of the aerospace market split into a 
U.S. sphere and a European one. 

A Boeing executive responded to this 
suggestion by insisting that the acqui- 
sition of McDonnell Douglas would 
bring no significant new strategic ad- 
vantages in its long-standing compe- 
tition with Airbus. 

For years, die duel between Boeing 

See PLANES, Page 4 


In Hong Kong, ‘Elite’ Means Business 


Turkish Leaders Agree on Power Swap 



Turkish political leaders have 
reached an agreement under which 
rower will. be transferred from die Is-.. 

piiine minister,'. Necmettin 
Erbakan, to Tansu Ciller, his center- 
rigbtcoalirion partner and leader of the 
JSacPath Party. The accord comes as 
pressure grows on the Islamic Welfare 
Party government from the Turkish 
mflitary, which opposes many of the 
internists' policies. 

is#-- a related development. Tourism 


Minister Bahattin YuceL, a True Path 
deputy, became the fourth cabinet min- 
ister to resign in jess than two months 
to try to pressure Mrs. Ciller to call off 
the alliance with Mr. Erbakan's Wel- 
fare Party. 

Meanwhile, newspapers reported 
that Mrs. Ciller, a former prime min- 
ister, had accepted Mr. Erbakan 's pro- 
posal to call an election in about three 
months. She had been favoring a date 
next year. Page 4. 


EUROPE Page 2, 

NATO Rejects Bosnia Dragnet 

THE AMERICAS Pages. 

Ex- fugitive Convicted of Rape 


Books 

Crossword 

Opinion 

Sports - 

The Intermarkat 


Page 6. 

— • Pag* 3. 

Page 10. 

Pages 20-21. 

Pago 9. 


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PROTECTED — A French-Congolese girl, among French legionnaires in Brazzaville, waiting Friday to 
be evacuated with her family. France said its military operation there would officially end Sunday. Page 4. 

U.S. Stock Funds: Everyone's Darling 



AT&T 


By Edward Wyatt 

NewYorlt Times Sen-ire 

■ NEWYORK — Six and a half years 
into a record-breaking bull market, 
Ame rican investors "have crossed a 
threshold, co mmitting more than half of 
their mutual-fond assets tostocks, double 
ftc tevehttlhe beginning of the decade. 

. AnMsricans, moreover, are not the 
wily ones who have grown infatuated 
with seemingly ever-rising U.S. stock 
prices. ' 

. Iatematiotati investors have signif-' 
wandy stepped up their purchases in 


— Mewaatond Prices 

FF Lebanon LL3JXX3 

**faB__..^,JZ50FF Morocco IffXJh 

CfeKwwi^tMOCW Qatar— -10,00 Rte 
LEE MO RArion —12.50 FF 
nanai „- - ■ tfvhh pi: 

<Nb«4~Jrt00Ctt Senegal — 1.100 CFA 

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American stocks this year, to the highest 
level since 1990.- Together those trends 
have produced a rich fuel that this year 
. has powered the stock market beyond 
the expectations of virtually everyone 
on Wall Street - 

On Friday, the Dow Jones industrial 
average set its sixth consecutive record, 
rising 70.57 points to 7,782.04. On 
Thursday.the Dow had soared more than 
135 points, or 1.8 percent, as a drop in 
U.S. retail sales in May signaled a slow- 
down in growth arid thus a reduced 

See FUNDS, Page 14 


+7057 


The Dollar 


Friday 0 < P.M. pnnrtQua ctoae 

1.7965 1.7296 

- 1.637' 1.632 

114.805 114,265 

5.888 5.835 

Friday daia previous doso 

7782.04 771147 


Friday A 4P.M. pwriouedon 

89324 883.46 


By Edward A. Gargan 

New York Times Service 

HONG KONG — In the 19th cen- 
tury, Hong Kong was run by English- 
men in white suits, perspiring in the heat 
and humidity, who made the colony safe 
for God, king, country and the great 
British trading .houses. 

In more recent years, that’ colonial 
structure gave way to a broader dis- 
tribution of power in which British bu- 
reaucrats and a locally grown political 
leadership presided over a government 
with an elected legislature and inde- 
pendent judiciary. 

Now, with Chinese rule to return here 
at the end of this month, a new elite has 
emerged to run Hong Kong, one dom- 
inated by local tycoons with often anti- 
democratic instincts, strong financial or 
ideological ties to Beijing and a skep- 
tical attitude toward accountability to 
Hong Kong’s citizens. 

Already they are making their pres- 
ence felt 

"For people to serve the public, I 
think these people should be the elites of 
society,” said Antony Kam-chung 
Leung, a banker who is in the new inner 
circle that will govern after Britain’s 
handover of the colony to China at mid- 
night June 30. 

Beijing's selection of a shipping 
magnate as the first Chinese to run Hong 
Kong, Tung Chee-hwa, 60, was the 
clearest signal of what Hong Kong's 
new elite would look like. 

“Instead of looking at just what 
China is doing,” said Peter Cheung, a 
poetical scientist at Hong Kong Uni- 
versity, “we should pay attention to the 
emerging political elite in Lhe Hong 
Kong political community. We are wit- 
nessing a major change in the political 
economy in Hong Kong." 

“There are two types of people,” he 
said. “There are the industrialists who 
participate most directly in government, 
who sit on the Executive Council.” the 
official cabinet Mr. Tong has chosen to 
advise him. “Then there are the people 
who don’t participate directly, the ty- 
coons who maintain very close ties to 
the mainland but who stay in the back- 
ground.” 

At a reception on a recent evening, 
the hotel ballroom was jammed with 
men and women in expensive clothes, 
and there was a flurry of speeches. 

Mr. Tung was on hand to make wel- 
coming re mar ks. Several of the terri- 
tory's leading tycoons wandered 
through the crowd. Seaior Chinese of- 
ficials based here mingled easily, and 
tins broad, flat timbre of Mandarin, the 

of£g Kong's dantonese. 


But at the center of the excitement 
was Paul Yip Kwok-wah, a man with a 
quick smile and eyes that took in 
everything. The reception, to inaugurate 
his new organization, the Hong Kong 
.Policy Research Institute, was a com- 
ing-out for a man virtually unknown to 
the wider public who has emerged as a 
central figure in Mr. Tung’s govem- 
ment-in-waiting. 

“I am a special adviser,” Mr. Yip 
said, with characteristic understate- 
ment. 


Japan Official to Attend 
Hong Kong Swearing-In 

Japan announced Friday that its 
foreign minister would attend the 
July 1 swearing-in of China's hand- 
picked legislature for Hong Kong. 

The United States and Britain 
have said that their representatives 
will not attend the ceremony that 
follows the handover of the British 
colony. Page 5. 


Mr. Tung has been cryptic in his 
comments on his adviser. “Mr. Yip 
helps me a lot,” he said recently. “He 
plays a special role.” 

A former leftist student activist with 
close ties to Communist organizers 
here, Mr. Yip, now in his mid-50s. has 
been doing business with China since 
the late 1970s. 

“In my youth, I only received leftist 
political opinions,” he said. “But I 
changed from an abstract ideological 
person to be more pragmatic.” And 
pragmatism in Hong Kong means busi- 
ness. 

With his close contacts with Chinese 
officials, Mr. Yip quickly made a for- 
tune in Hong Kong and the mainland for 
his privately held company, Renfiil 
Group, which has interests in real-estate 
development, private security services 
and manufacturing. Because of his ties 
with China, he was appointed by Beijing 
to each of the bodies overseeing Hong 
Kong’s transition to Chinese rule. 

It is widely believed in Hong Kong 

See HONG KONG, Page 11 


Creative South Koreans 
Pan for Gold in the North 


By Mary Jordan 
ana Kevin Sullivan 

Washingnm Post Sen-ice 

SEOUL — When most people look at 
North Korea, they see hunger and eco- 
nomic collapse. When Kim Young D 
looks, he sees dollar signs. 

■ Since 1990, the South Korean busi- 
nessman has imported $10 million 
worth of goods from the Communist 
North: sesame seeds, honey, cement, 
beans, fish, ‘herbal medicines. He even 
brought in 102 tons of dirt, which has 
been a huge novelty hit. 

Because of South Korea’s severely 
restrictive laws on dealing with the 
North, Mr. Kim cannot telephone anyone 
there, fly or drive there directly , or import 
goods directly across the border. The two 
Koreas, technically at war for four de- 
cades, have massive armies and state-of- 
the-art missiles facing each other. 

But, despite military threats and con- 
stant swings in political climate that 
make his business exasperating, Mr. 
Kim said he is investing in a potentially 
lucrative future. 

“Hiis is about building ties,” he said. 


“We need to improve our know-how in 
dealing with North Korea. The potential 
for future business is great" 

Virtually everyone in lhe South is 
betting on a unified Korean Peninsula 
one day, and businessmen like Mr. Kim 
have started getting ready. So has the 
government cautiously. 

Realizing the tremendous costs in- 
volved in drawing together the impov- 
erished North and the wealthy South, 
the government in Seoul has started to 
allow more private businesses to es- 
tablish ties with the North. 

“Businessmen are performing the 
role of catalyst between the two 
Koreas,” said Koh II Dong, research 
fellow at the Korea Development In- 
stitute, a Seoul think tank. “Confi- 
dence-building between the two coun- 
tries is so important toward improving 
overall relations. Personal contacts are 
crucial toward better relations, and 
that's what businessmen are doing.” 

Most analysts agree that South 
Korean capital is the North's best hope 
for economic resuscitation. No other 

See KOREA, Page 16 


Man’s Best Friend May Turn Out to Be His Oldest as Well 



By Nicholas Wade 

' New York Times. Service ' 

NEW YORK-- Long before humans 
‘ learned to sow wheat or build cities, 
when they ware simple hunters strug- 
gling for .aristence in a dangerous world, 
they had a companion in adversity. 

A new study,. based on an analysis of 
genetic material, suggests that man’s re- 
lationship with the dog may have begun 
for earlier than die generally accepted 


date of 14,000 years ago, and that foe 
animal may first have become domest- 
icated as far bade as 135,000 years ago. 

The study also reports that most 
present-day breeds of aog carry foe ge- 
netic fingerprints of a single lineage of 
female wolf. Domestication was so rare 
an event, die authors suggest, it may 
have happened only a handful of .times 
in human history. 

By exploring the evolutionary record 
inscribed is the genetic material, foe 


study has opened a new chapter in the 
history iff the dog, one that reaches for 
beyond existing archaeological evi- 
dence. Dogs come in so many shapes and 
sizes foal people have long wondered if 

other nnfmals beside foe wolf figured 
somewhere in die family tree, like die 
j ftCk fl f pr tfrg coyote. “We shall probably 
never be able to determine their origin 
with certainty," Darwin lamented. 

To resolve the lingering questions 
about foe dog’s ancestry, and to find the 


’ancestral wolf population that gave rise 
to dogs, Carles Vila and Robot Wayne, 
evolutionary biologists at the Uni- 
versity of California at Los Angeles, 
with scientists ax other universities, col- 
lected DNA samples from coyotes, 
jackals and 67 brews of dog, as well as 
from 27 wolf populations throughout 
Europe, Asia and North America. The 
team repented its findings in 1 Friday’s 
issue of Science. 

The family tree they constructed from 


analyzing & certain region of DNA 
showed mat coyotes and jackals branch 
off right at foe base of the tree with no 
subsequent intermingling. The wolf, as 
long suspected, is the only ancestor of 
the dpg, they concluded. 

More surprising was foe wide genetic 
variation seen among foe dogs, sug- 
gesting a far more ancient ancestry than 
supposed because of the slow pace at 

See DOGS, Page 11 






PAGE 2 


NATO Rejects Hunting 
Bosnia Crimes Suspects 



By William Drozdiak 

ItjisAwciwi Pun Service 


s 


BRUSSELS — An American pro- 
sal to Consider Sending a pa ramilitar y 
orce into Bosnia to hunt down war 
criminals has been blocked by fierce 
opposition from NATO military com- 
manders worried about , the danger of 
reprisals by local militias, U.S. and 
European officials said here. 

A meeting of North Atlantic Treaty 
Organization defense ministers was ex- 
pected to broach the idea of sending a 
“sheriff s posse” or “snatch squad” 10 
Bosnia to seize some of the most prom- 
inent figures who have been indicted on 
war-crimes charges. But the apprehen- 
sions of military chiefs appear to have 
shoved the idea to the sidelines. 

Western governments have come un- 
der increasing pressure from their rep- 
resentatives in Bosnia to take more ag- 
gressive action, saying the continued 
presence there of prominent figures ac- 
cused of war crimes has become a grave 
peril to the peace process. 

Secretary of State Madeleine Al- 
bright. during her recent visit to Bosnia, 
signaled new U.S. support for such ar- 
rests. She raised an immediate threat of 
economic sanctions if local authorities 
did not cooperate in turning in persons 


Croatian President 
Is Poised to Win 

Reiners 

ZAGREB. Croatia — President 
Franjo Tudjman. facing what is almost 
certainly his last election battle, is ex- 
pected to win an overwhelming mandate 
Sunday for his efforts to push Croatia 
toward the West and finally shake off the 
legacy of its Communist Yugoslav past. 

Bui the 75-vear-old former general 
faces a race against time if he wants to 
go down in history as the man who led 
Croatia into Western Europe: He is re- 
ported to be ill with cancer. 

Pressure from the United States and 
its allies will probably continue until he 
improves his record on human rights 
and loosens his grip on the media. His 
opponents in the election, both of whom 
were harassed during the campaign, 
face a hopeless battle lo succeed him. 

Vlado Goto vac of the Social Liberal 
party asked for the election to be post- 
poned after he was attacked at a rally 
and had to stop campaigning. Zdravko 
Tomac of the Social Democratic party, 
the former Communists, was the only 
contestant not allowed to address a rally 
in Zagreb's main square. “I am there- 
fore not an equal candidate.” he said. 


indicted on war-crimes charges to the 
'international tribunal in The Hague. 

But alliance military chiefs have op- 
posed stretching the mandate of the 
36,000 troops in the NATO-led sta- 
bilization force. The peacekeepers are 
now uoder orders not to pursue anyone 
accused of war crimes, only to appre- 
hend such a person if he happens to 
cross their path. 

“Soldiers never make good police- 
men," said Klaus Naumann. chairman 
of NATO’s military committee. “If 
politicians ask us to take action against 
war criminals, they should realize die 
operative risks may last a long dme. We 
do nor know what the aftermath would 
be because many people regard these 
criminals as heroes worth defending.” 

More than 70 Serbs, Croats and 
Muslims have been indicted on war- 
crimes charges, but only eight are in 
custody awaiting trial. Prosecutors have 
criticized the reluctance of the peace- 
keeping force to arrest such figures as 
the Bosnian Serb leader ' Radovan 
Karadzic and his military commander, 
Ratko Mladic. 

The refusal to hum down indicted 
persons has allowed them to operate 
with impunity and disrupt reconcili- 
ation efforts. Carl Bildt, the former 
prime minister of Sweden who has su- 
pervised Bosnia's civilian reconstruc- 
tion for the past year, insists the Dayton 
peace accords are doomed unless Mr. 
Karadzic is arrested. 

Mr. Karadzic has enhanced his in- 
fluence over the Bosnian Serb enclave in 
recent months, according to NATO of- 
ficials. securing almost total control over 
lucrative black -market dealings and 
thwarting challenges to his leadership. 

“Unless Karadzic and other war 
criminals are captured before our peace- 
keepers go home, there is a good chance 
that the war could soon return and all our 
good efforts would be in vain,” a senior 
NATO diplomat said. “The Bosnian 
mission would not only fail to achieve 
success, but it would also be left with a 
serious moral stain." 

NATO officials fear, however, that the 
chances of a successful raid by a Western 
paramilitary mission are diminishing. 
They say it is imperative, for political 
reasons/that any hunt be concluded well 
in advance of Bosnia's municipal elec- 
tions. now scheduled for September. 

While NATO military chiefs agree 
that Mr. Karadzic's presence is det- 
rimental to prospects for peace, they say 
Western governments should be aware 
that any armed pursuit of war-crimes 
suspects would cany significant 
dangers. American reconnaissance pho- 
tos show that Mr. Karadzic, for ex- 
ample. is guarded day and night by as 
many as 200 well-armed troops. 



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FALLEN SOLDIER — One of the Queen's Royal Hussars wilting in 
the London humidity Friday at a ceremony before the Queen Mother. 


Germany Supports ■U.S.- 
Over Alliance Expansion 

Cvjeittlto Ov SMI Finn Oty«a ** 


ifitivel 


i 


BONN — Germany supports a U.S. 
proposal to invite three former Com- 
munist countries to join a first wave of 
NATO enlargement, a government of- 
ficial said Friday. ■ 

But he said Bonn assumed the U.S. 


to Poland, Hungary and the Czech Re- 
public meant there would soon be a 
second round of enlargement to include 
other nations eager to join the alliance. 

“It can be assumed that this smaller 
enlargement is a signal there will be a 
second round of enlargement soon,” 
said the official, speaking on condition 
of anonymity. 

Unlike several of its European part- 
ners, Germany has avoided making any 
clear statements on its preferences for 
NATO enlargement candidates, even 
though Bonn has long been a supporter 
of enlargement in general. 

On Thursday, the United Stares 
angered some North Atlantic Treaty Or- 
ganization allies with its announcement 
that it favored only three new members 
initiall y from Eastern Europe. 

Although Washington's view is ex- 
pected to be decisive, some of its Euro- 
pean allies have vowed to fight on, at the 
alliance's July 8-9 summit meeting in 
Madrid, for Slovenia and Romania to be 
invited. 

On Friday. Italy reaffirmed its back- 
ing for both countries, and said NATO 
must reach a decision on new members 
unanim ously. Other supporters of a 
broader expansion, including France, 
argue that Romania and Slovenia need 
to be included to maintain a balance 
between NATO’s northern and southern 
flanks. 

A foreign policy expert for Ger- 


many's opposition Social DetrxxiahJ 
Guenter Vcrheugen, said be could not 
understand why the United Stales wa& 
against offering NATO membership ^ 
the two countries. 

“There is no clear reason why fey 
should not take pan in the first round of 
NATO enlargement," he tokl German 
radio. 

Mr. Verheugen said leaving out Ro- 
mania could be politically destabiliziag 
in that country and cause frictionE, 
tween Romania and Hungary. 

An alliance official in Brussels said 
the UN secretary-general. Javier Sobm 
Madariaga, would be consulting with 
heads of government and their NATO 
' ambassadors in hopes of reaching a con- 
sensus on expansion in ahoor 10 days. 

The official quoted the Slovenian de- 
fense minister, Tumsek Til, as express- 
ing his dismay at the U.S, position, 
saying it was “not logical" to exclude 
his country since it had met all the 
criteria. 

Even if Poland. Hungary and the 
Czech Republic join NATO ’in 1999. it 
will take another decade or more before 
NATO is fully capable of defending- 
them in the event of a military crisis. 

According to a U.S. government out- 
line of how the three new members 
would join NATO, during the first two. 
years of membership there would not be 
even on “initial capability" to defend 
them. That is because their armed forces 
and defense doctrine would not yet be 
compatible with the rest of NATO. 

One of the most important military, 
improvements the prospective new 
members must make is in airfield op- 1 
era lions and other means of accepting 
and supporting reinforcements from ex ^ 
isting NATO countries. { Reuters, AJ >} ' 




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For Swedes , Holocaust Data 

STOCKHOLM — Distressed over a survey show- 
ing that nearly 30 percent of Swedish pupils have 
doubts that the Holocaust happened. Prime Minister 
Goran Persson has promised that the government 
will provide educational materials about it in the fall 
to all households with school-age children. 

“This is, naturally, an appalling warning sign." 
Mr. Persson said of the survey's results at Par- 
liament’s final session before the summer recess. 

The study, conducted bv Stockholm University 
and the Crime Prevention Council, surveyed nearly 
8.000 pupils, most aged 12 to 18. in schools across 
Sweden. (APi 

Italy Probing Somali Report 

ROME — Iialy said Friday it would make a full 


investigation into allegations that troops on a peace- 
keeping mission to Somalia tortured, sexually as- 
saulted and killed unarmed Somalis. 

A statement by the Defense Ministry said a joint 
commission of magistrates and military officers 
would investigate the allegations reported in the 
news magazine Panorama. 

The Panorama repons, published last week with 
allegations of torture of Somalis by a former soldier, 
have shocked Italians and embarrassed the military. 
Italy sent troops to Somalia in late 1992 as pan of an 
international humanitarian mission. 

Panorama camed fresh reports of alleged abuses 
, along with photographs 


in its latest edition Friday 
and interviews with former soldiers. 


(Reuters I 


London Asks E U Rule Delay 

LONDON — Britain's Labour government has 
asked for a two-year minimum transition period 


before implementing the European Union's Social 
Chapter on workers' rights, the Independent daily 
newspaper said Friday. 

The Independent said that although a senior British 
source insisted that there was no question of “delay- 
ing tactics." Whitehall officials said a formal request 
had been made fora transition period to give compa- 
nies time to prepare for the changes. ( Reuters i 

Standoff in Northern Ireland 

BELFAST — Tension grew between the Roman 
Cathode and Protestant communities Friday as an 
independent commission failed to reach a com- 
promise on the routing of a dozen sensitive marches 
in Nonhem Ireland. 

With only a few weeks left before the Protestants’ 
annual parades, talks stalled over the routing of the 
march m Drumcree, southwest of Belfast, the sceoe 
of violent clashes in the last two years. lAFPi 



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THE OLDEST COCKTAIL BAR IN EUROPE r.,. 
lust tell the taxi driver. ’Sank w ,f,y u,v ' - m. 
PARIS ? rue Paunou 
BERLIN Grand Hotel Esplanade -MOVTREIA Montreal Palate 
\ HANNOVER SeidlerHntel Pelilan 



Business Perks Up at Swiss Hotels 

ZURICH (AP) — The Swiss hotel industry posted a slight 
increase in winter tourism for the first time in five years, 
according to figures released Friday. About 1 3 million overnight 
hotel stays were recorded in the 1996-97 winter season, arise of 
nearly 1 percent from the previous winter that was due mainly to 
an increase in the number of European visitors. 


TRAVEL UPDATE 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangefcal Sunday Service lOflG am & 
11:30 am.i Kids Welcome. De 
Cuserenaar 3. S. Amsterdam into 020- 
641 8812 or 0206451 S53. 

FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 
icvangetaaTi. 4. bd de Ptorac. Coioner. 
Sunday service 6 30 p m.Tel.- 
0562 74 1155 

FRENCH RIVIERA/COTE D'AZUR 

NICE: Holy Trinny r Anglican t. 11 rue 
Buffe. Sun. 1 1 . VENCE: Si Hugti s. 22, av 
Fteasiance. 9 a m. Td 33 W 9367 19 83 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays: 11 am. 
9. rue Louis Notary. Monte Carlo. 
Tet- 377 92 15 5647. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - An 

evangelical cnyrch in the western 
suburbs, all are welcome 9.45 Firsi 
Service concunem -.wh Sunday School, 
11:00 Second Service win Children's 
Ctrjrrti. French Service 630 pun. 56. rue 
ties Bons-Raisms. 92500 Ruell- 
Maknaison For rto. cal 0147 51 2963 

HOPE INTERNATIONAL CHURCH 
Hoiel Own at Parrs-te-Oefense. e bd de 
NeuAr. Wofshp Sundays £30 am. Rev 
Douglas Miller. Pastor Tel : 
01 4 3 33 04 06. Metro i io la Defense 
Esfianade 

SAINT JOSEPH'S CHURCH (Roman 
MASS w ENGLISH Sat 6® pm. 
Sun 9 45 11 00 im 12 15 6 30pm 
50 avenue Hoche Pans Blh Tel. 
C; 412725 56. Men: Charles fie Gaufe ■ 5t<* 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Wabash/ Sin Tel.: 3261- 
3740 Worship Setvce. 930 am. Sundays. 

TOKYO UM0N CHURCH, near Omotesareto 
*tvav SB. IS . 343X047. WorSW Services: 
Sunday - * 3C' a ii C.V am S3 ai 945 am 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking non-denommabonal. 
Tel. +41 61 302 1674. Sundays 1030 
MWereSlrasse 13. CH-4056 Basei 

USA 

II you woi*J ft* a free BWe couse by mai. 
please contact L’EGUSE de CHRIST. P.O. 
Ban 513. Staunton. Mara 47881 U.SA 


ZURKH-5WTTZERLAND 

ENGLISH-SPEAKING CATHOLIC 
MISSION; SI. Anton Church. 
MinervastraGe 63 Sunday Mass: 8:30 
a.m. 8 11:30 am Services held in the 
crvpl ol Si Anton Church. 


I HE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


ROME 

ST. PAUL'S WTTHN-THE- WALLS, Stfl. 
&30 a/n Holy Eucharat Bte 1: 1030 am 
Choral Eucnansi Rile II: 10:30 a m. 
Church School far chldren & Misery care 
provided; 1 pm Spanish Eucharist Via 
Napo* 58. 00184 feme. Tel: 3S« 488 
3339 Of 3EW5 474 3569. 

BRUSSELS/WATERLOO 
ALL SAINTS' CHURCH, 1st Sun. 9 4 
11:15 am. Holy Eucharist wti Chtten's 
Chapel ai 11:15. Ai other Swdays: 11:15 
a.m holy Eucharist and Sunday School 
563 Chauss^e de Louvain. Ohain. 
Belgium. Tel. 32/2 384-3558. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Family Eucharist FranWurtsr Sfrasse 3. 
Wiesbc 


baden, 
4861 13066.74. 


Germany. Tel.: 


NICE - FRANCE 

LB.C. 13 rue Vernier. Engfish service, 
Suiday evening 1ft30. pastor Ftov Mior ■ 
TaL (04 93) 32 05 96. 

PRAGUE 

I.B. FELLOWSHIP, Vmohradsfca # 68. 
Prague 3. Siti.liflO.TeL (021311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. I9fl0 at Swedish Church, across 
tan MadDcn^tfe, Tei.: (02) 353 1 585. 

ZURICH - SWITZERLAND 

I.B.C o! Zurich. Gheistrasse 31. 8803 
ROschlfcon, Worship Services Sunday 
memfegs 1ft30. TaL 1 -4810018. 


PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF THE 
HOLY TRINITY, Sui 9 8 11 am . 10:45 
a m Sunday School tor children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avenue George V. 
Paris 75008. Tel.: 33-01 53 23 84 00. 
Metro 1 George V or Aims Marceau 

FLORENCE 

ST. JAMES' CHURCH. Sun. 9 am Rra? I 
& 1 1 am Roe >i. Via Bernardo RuoeSar 9. 
50123, Florence, Italy. TeL 39® 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 

I Episcopal/Anglican i Sun. Holy 
Commwwn 9 6 11 am Sunday School 
and Ninety 10.45 a.m Sebastian Rhz 
Sl 22. €0323 Frankftm Germany, Ul, Z 
3 MqueFAftfi? Tet 49® 5501 84. 

GENEVA 

EMMANUEL CHURCH. 1st A 3rd Sun. 
10am Eucharist 2nd 8 4th Sir. Morning 
Prayer. 3 rue de Mwuhoux, 1201 Geneva. 
Switzerland. TeL 4 V22 75C 80 78. 

MUNICH 

THE CHURCH OF THE ASCENSION. 
Sun. 11:45 a.m. Holy Eucharist and 
Sunday School. Nursery Care provided. 
Seybotharasse 4. B1545 Munch (Har- 
laching). Germany Tet . 493964 B 1 85. 


EUROPEAN 

BAPTIST CONVENTION 


ASSOC OF MTL 
CHURCHES 


BERLIN 

I.B.C., BERLIN. Rothenburg Str. 13, 
(Stegltiz). Sunday, Bible study 10.45. 
worship Service 12.00 noon. Charles 
Warlord, pastor. TeL 030-774-4671 

BREMEN 

LB.C., Hchentahestr. Hermann-Sose-Str. 
Worship Sun. 17:00, Pastor telephone: 
0421-78648. 

BUCHAREST 

LB.C., Strada Popa Rusu 22. 3fl0 pm. 
Contact Pastor Mfce Kemper. Tel. 312 388Q 

BUDAPEST 

I.B.C. , meets at Morlcs Zsigmond 
Gimnazium, Torolcvesz ut 48-54. Sun. 
1000. TeL 250-3332. 

BULGARIA 

LB.C., World Trade Center. 36, Drahan 

Tzantvjv Btvd. Worship 11:00. James 
Di*te. Pasior. TeL 669 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSMP, Ev.-FreMrchiehe Gemeinrle. 
Sodenerstr. 11-1& 83150 Bad Homburn. 
Sundav Worship, Nursery & SS: 
nflO AM Mid-week mmstnes. Pastor 
Mlevey. CatfFax 061 7MZ728. 
BETHEL I.B.C. Am Dechsberg 92 
(English). Worshp Sun. 11.00am and 
ftOOpm. TeL- 069-549559 

HOLLAND 

7RMTY NTERNATONAL invites you to 
a Christ centered lefawshp. Services: 
900 and 1030 am Bfeemounplaan 54. 
wassenaar 070-51 7-8024 misery qkn. 


BERLIN 

AMERICAN CHURCH IN BERUN, cor. 
of Clay Afee & Potsdamar sir.. S.5. 930 
am. WdrsNp 11 am. TeL 03081 32021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
Nbeiungenalee 54, Sun. Worship ii am 
TeL 06995631 066 or 51 2SS2. 

GENEVA 

EV. LUTHERAN. CHURCH 20 rue 
Verdate. Sunday worshfe 9:30. in German 
n .00 h English Tet (022) 3103X89. 

JERUSALEM 

LUTHERAN CHURCH ol too Redevner. 
Old Qty. Murtstan Rd. Engfch worshp Sun. 
9 am AI ere weteoma TeL (02) S281-049. 

PARIS 

AMERICAN CHURCH IN PARIS. 

Worship 11:00 a.m. 65. Ouai tfOrsay. 
Parts 7. Bus 63 al door. Metro Alma- 

MarceaucrrlnvaSctes. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service, Sunday School & Nursery. 
Sundays 1130 am. Schanzengaase 25. 
TeL (01) 2625325. 


Italian Airport Strike Set 

ROME (Reuters) — Airport workers' un- 
ions said Friday they would stage a national 
strike June 25 over working conditions and 
job cuts. 

The unions said the four-hour strike would 
begin at 10 A.M. 

Cathay’s Airbuses Return 

Cathay Pacific Airways of Hoag Kong said 
its 1 1 Airbus A-330 jetliners had been re- 
turned to service after modifications of their 
Rolls-Royce Trent 700 engines. 

Cathay suspended operation of the planes- 
May 24 after engines Failed during flight, a 
problem attributed to inadequate oil flow to 
gearboxes. Dragonair. Cathay's sister carrier, 
grounded four similar aircraft but has since 
resumed full service. (IHT) 


Easier Visas for Qatar 

DOHA, Qatar (AFP) — Qatar will grant 
on-the-spot entry visas to expatriate profes- 
sionals working elsewhere in the Arab Gulf to 
try to attract businessmen, newspapers re- 
ported Friday. 

From now on, expatriate businessmen 
residing in the five other Gulf Arab states will 
be able to obtain a two-week visa at entry 
points into Qatar instead of having to apply to 
Qatari embassies in advance. The change will 
not apply to laborers, however. 

Disgruntled employees may have been 
behind two unrelated American aviation 
scares this week, authorities said. The in- 
cidents involved cut wires on a Pan Am 
Airbus at New York's Kennedy Airport and 
an alarming scrawl ou the lavatory wail of a 
Delta jet flying from Atlanta. MPF 


C ORRECTIO N 

In today's sponsored sec- 
tion “Gateway to the 
East: Finland." which was 
printed in advance, three 
of the Web site addresses 
listed on page f have 
since changed. The fol- 
lowing are updated: 

Virtual Finland 

Ministry for Foreign Affairs 

http://virtual.Hnland.fi/ 

Finland Online 
http://www.finland.fi 

Finnish Tourist Board 
httpV/www. mek.fi 



Sv*M < P 


nr t m 


See our 

Arts and Antiques 

everv Saturday 


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Forecast for Sunday through Tuesday, as provided by AccuWeattwr. Asia 

TO 



•total ream 

North America Europe - 

Nice from washing ran. Windy and cool in Copen. 
DC io Boston Sunday and hagen Sunday through 
Monday with sunshine. Tuesday wttn showers, 
chance lor a thunderstorm . Parity to mostly sunny 
Tuesday. Showers and those three days In London 
thunderetwms In Chicago and Paris. Partly sunny 
and Deiroii Monday and Sunday, Monday and 
Tuesday. Tranquil weather Tuesday in Lisbon and 
with partial sunshine in Madrid. Mostly sunny and 
Seattle and Vancouver seasonably warm early 
Sunday and Monday. nest week in Athens and 
Istanbul. 


Heavv 

Snow 

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Pauly sunny m Tokyo Sun- 
day. then a chance tor 
Showers Monday Vary 
warm Sunday through 
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sunshme Hazy sunshine, 
hot and humid m New 
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while monaoonal ram will 
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Islamabad 

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Karachi 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 14-15, 1997 




PACE 3 


pee E\pai, • Ex-Fugitive Is Convicted of Rape 


POLITICAL NOTES 


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' Wfir R*rt Time* Sen-ice 

STAMFORD. Connecticut — Alex 
Kelly, a high school wrestling star who 
spent eight years as a fugitive traveling 
from one European resort to another, has 
been convicted of raping a 16-year-old 
girl he had driven home from a party 1 1 
years ago. 

■■ After- die verdict was read, Mr. Kelly. 
30, cried out: “I’m not guilty. I’m nor 
guilty." 

Then he turned to the jury and said: ‘ • I 
didn'tdo this. Why are you doing this to 
jne?” He was allowed to remain free on 
hail of $1 million until sentencing on 
July 24. He faces a possible maximum 
Sentence of 20 years in prison. 

■ Last fall, a jury deadlocked in the 
same case. But prosecutors clearly had 
profited from the lessons of that trial. 

For example, Mr. Kelly’s accuser 
changed her testimony on a point that 
had proved pivotal: whether Mr. Kelly 
hail taken his hands off her throat to 
lower die back seat of the Jeep Wag- 
oneer where the rape occurred. 

.At the first trial, the defense showed the 
jury in a visit to a parking garage that it 
would have been almost impossible to 
lower die seat with only one hand.- as the 


young woman had testified. But at the 
second trial, she said he had taken his 
hands off her throat but kept her pinned 
down with his weight, conforming to 

whnr chi* inlliiill.. .L II Iftrt/ 


what she initially told the police in 1986. 
■ At both trials, Mr. Kelly’s lawyer, 
Thomas Puccio, who has built a repu- 
tation for aggressive defenses in high- 


profile cases, attacked the accuser as a 

liar Who had consume-d fit ih* 


liar who had consumed beer at the party, 
had consensual sex and then, out of 
shame, had concocted a tale of rape. 

Mr. Kelly faces another sexual assa ult 
charge involving a 1 7-year-old Stamford 
girl. That alleged attack occurred four 
days.after the rape of the 16-year-old. 

- The victim, tears streaming down her 
face, was embraced by her husband, 
parents and friends. Later she released a 
statement, read by her husband, that gri d- 
“I am grateful that the jury was able to 
focus on the truth and hope that what I 
have done will help other women who 
have been raped to obtain justice.” 

Mr. Kelly fled a few days before he was ' 
to go to trial in the two rape cases in 1987. 
For eight years, he traveled across 
Europe, s kiing and hang-gliding at a vari- 
ety of expensive resorts paidfor by money 
that officials said his parents sent him- 



Republicans Pass 
Disaster-Relief Bill 


aster relief for 35 slates, and provides 
nearly S2 billion to replenish accounts 
for peacekeeping operations in Bosnia 
and elsewhere. ( A IT \ 


Mr. Keilv outside the courthouse. 


Away From Politics 


of my life.” Denise Brown, her sister, 
said time had not led to healing. -(AP) 


J i- 

na \Ar_> 

i Hienifaiii 
Xi> v? r. 
f -— - 
j tVf 

A boLi.-* -: 


• O J- Simpson did not do anything 
Special to mark the third anniversary of 
bis former wife’s murder, even as Nicole 
Brown Simpson's family joined sym- 
pathizers at a candlelight vigil. “I think 
about her every day," Mr. Simpson said 
in a telephone interview. “Today is no 
different than any day. Today is not a day 
I want to celebrate, it was the worst day 


• The leader of a polygamist sect was 
sentenced in Houston to 45 years in 
prison for ordering the 1988 shooting 
deaths of three defectors and an 8-year- 
old witness. Aaron LeBaran, 29, received 
the maximum sentence for the killings of 
Ed Marston, the brothers Mark and Duane 
Chynoweth. and Duane Chynoweth's S- 
year-old daughter, Jenny. (API 


• A judge brought an abrupt end to 
Jack Kevorkian's fourth trial, declar- 
ing a mistrial over inflammatory open- 
ing statements by the doctor’s lawyer. 
Ionia County Circuit Judge Charles Miel 
said the jury’s impartiality had been 
tainted by Geoffrey Fieger’s statements. 


which included personal attacks on the 
prosecutor. Dr. Kevorkian was charged 
with four felonies, including violating 
Michigan’s unwritten “common law" 
that bans assisted suicide. (Reuters) 


WASHINGTON — Capitulating 
under political pressure, congressional 
Republicans passed a long-awaited 
S8.6 billion disaster-relief bill, but not 
before the process revealed sharp di- 
visions within the party's leadership 
and became a public relations fiasco 
reminiscent of the government shut- 
down last year. 

After weeks of trying to add to the 
bill two provisions objectionable to 
President Bill Cl inton and congression- 
al Democrats. Republican leaders con- 
ceded defeat Thursday. By overwhelm- 
ing margins, both the House and the 
Senate approved a version of the bill 
that eliminated one of the provisions 
and watered down the other. Mr. Clin- 
ton promptly signed the measure. 

One of die amendments removed 
from the final version would have pre- 
vented further government shutdowns 
during budget disagreements: the other 
would have prohibited the Census Bu- 
reau from using computer-aided 
sampling in the 2000 census. 

The political dustup ended in an 
embarrassing public surrender for the 
Republicans. It also aggravated dif- 
ferences between moderates and con- 
servatives in the rank and file. 

And perhaps even more harmful in 
the long term, it exposed fault lines 
among die leadership when some lieu- 
tenants of the House speaker. Newt 
Gingrich, ignored his private warnings 
against turning the issue into another 
round of political brinkmanship with 
the White House. 

The bill contains S5.6 billion in dis- 


Panel Approves 
Plan on UN Debt 


WASHINGTON — The Senate 
Foreign Relations Committee ap- 
proved by a wide margin a plan sup- 
ported by its chairman. Jesse Helms, 
Republican of North Carolina, to repay 
most of the U.S. debt to the United 
Nations provided the world body cuts 
its budget and adopts extensive or- 
ganizational reform. 

The 14-10-4 vote Thursday clears the 
measure for approval by the full Senate 
as early as next week. If enacted, it 
would mark the most fundamental shift 
in relations between the United States 
and the United Nations since the world 
body was established after World War 

n. 

Senators Richard Lugar. Republican 
of Indiana, and Paul Sarbanes. Demo- 
crat of Maryland, argued forcefully 
against the bill, saying the United 
States has no right to impose conditions 
on payment of a legitimate debt. Bui the 
debate was perfunctory because it was 
clear Mr. Helms and the committee's 
senior Democrat. Joseph Biden Jr. of 
Delaware, had more than enough votes 
to push the plan through. i R7* » 


campaign-finance abuses blocked a Re- 
publican plan to grant limited immunity 
from prosecution to IS witnesses who 
gave monev to the Democratic Party 
that may not have been their own. 

The witnesses are relatively minor 
figures in the inquiry. Republican in- 
vestigators say. but they nave impor- 
tant knowledge of improper Demo- 
cratic fund-raising. Many of the 
witnesses were involved in a fund- 
raiser at a Buddhist temple in Southern 
California that Vice President Al Gore 
attended in April 19%. 

In a rancorous four-hour meeting of 
the Senate Governmental Affairs 
Committee. Democrats refused to back 
the immuniry request until Republi- 
cans approved 34 Democratic sub- 
poenas of organizations and individu- 
als with Republican lies. 

Despite the setback, the committee 
chairman. Senator Fred Thompson. 
Republican of Tennessee, said his in- 
vestigation would push ahead. 

henin hearings the week of 


"Wcwill begin hearings the week of 
July 8. and they will be good hear- 
ings.” Mr. Thompson said. f\YTl 


Quote/ Unquote 


Immunity Is Blocked 
In Fund-Raising Probe 


WASHINGTON — Democrats on 
the Senate comminee investigating 


James Traficant Jr.. Democrat of 
Ohio, during the debate before the 
House of Representatives voted 310 to 
1 14 in favor of a proposed consti- 
tutional amendment to ban desecration 
of the American flag: “If you want to 
protest, bum your' bras, bum your 
pantyhose, bum your BVDs. but leave 
Old Glory alone!" 

Melvin Watt. Democrat of North 
Carolina, in opposition to the measure: 
"Have the guts to say this is a farce, a 
dearadaiion' of the Bill of Rights." 

t.YJTi 


Bulat Okudzhava, Russian Writer and Singer, Dies 


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HUJr.MT — :. 

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her 

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fafft - Z£ pL-.~ 



he?.'*: 

fjvT •- 

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HAIL TO THECHIEF — Bill Clinton honoring ex- 
President George Bush at a business council meet- 
ing in Washington. Mr. Bush turned 73 this week. 


Reuters 

PARIS — The Russian 
poet and singer Bulat Ok- 
udzhava. whose dissident lyr- 
ics once filled stadiums with 
his fans, died Thursday at 
Clam an. in the Paris suburbs. 
He was 73. 

Although especially influ- 
ential in the 1960s and 1970s. 
Mr. Okudzhava's simple 
melodies and moving lyrics, 
usually accompanied by 
acoustic guitar, attracted gen- 
erations of Ians. 

After serving in World 
War II, Mr. Okudzhava be- 
came a teacher. His songs and 
writing thrived during the 
political thaw in Russia in- 
troduced by the Soviet leader 
Nikita Khrushchev in the 
1950s. and he later wrote his- 
torical novels. 

He was poetry editor of the 
^Moscow Literary Gazette 
from 1956-64 arid made "the 
first of many trips to France in 
I the late 1960s. 

Half Georgian and half Ar- 
menian, Mr. Okudzhava was 
long out of favor with the 
! Soviet Communist regime 
but won the approval of re- 
form-minded authorities in 
the late 1980s. 


In December 1994 he was 
awarded the £ 1 0.000 Russian 
Booker literary prize. He was 
also named a member of Pres- 
ident Boris Yeltsin's council 
on culture and an. 

In recent years Mr. Ok- 
udzhava kept a low public 
profile. 


Calcutta. In 1 96 1 , he returned 
to the University of Chicago, 
where he spent the remainder 
of his professional life. 


Raghu Raj Bahadur, 73, 
Math Statistics Expert 

New York Tunes Sen'icc 

NEW YORK — Raghu Raj 
Bahadur, 73, a professor 
emeritus at the University of 
Chicago who was considered 
one of the architects of the 
modem theory of mathemat- 
ical statistics, died Saturday in 
Chicago after a long illness. 

A native of Delhi, India, 
Mr. Bahadur earned his bach- 
elor's and master’s degrees 
from the University of Delhi 
and his doctorate from the 
University of North Carolina 
at Chapel Hill. 

He joined the University of 
Chicago in 1950 and then re- 
turned to India but came back 
to Chicago in 1954. In 1956, 
he went back to India as a 
research statistician at the In- 
dian Statistical Institute in 


Alexander McNally, 62, 
Wine Auction Director 

Ne h 1 York Times Service 

NEW YORK — Alexan- 
der McNally. 62, an expert on 
fine wines and the director of 
the annual Heublein rare- 
wine auctions from 1969 until 
1984, died Wednesday of 
heart disease at his home in 
Hartford. Connecticut. 

Mr. McNally became in- 
terested in wine as an under- 
graduate at Princeton Uni- 
versity, when he was still too 
young to buy it legally. After 
Princeton, where he studied 
architecture, and the Harvard 


Business School, from which 
he graduated in 1958. he met 
Alexis Lichine, a major figure 
in the wine world, at aparty in 
Boston. 

Mr. Lichine was so im- 
pressed by the young man's 
knowledge and enthusiasm 
that days later he sent him a 
ticket to France. Mr. McNally 
moved into Mr. Lichine's 
Chateau Lascombes in Bor- 
deaux and spent the next four 
years learning the wine busi- 
ness. He returned to the 
United States and in 1962 
joined Heublein. 

The company had long im- 
ported ports and sherries but 
was about to move into table 
wines. McNally’s specialty. 
He put together the com- 
pany’s first wine auction in 
New York in 1969 and was in 


charge of the annual event 
until the last one was held in 
Atlanta in 1984. 

The wine trade opposed the 
auctions, complaining that 
Heublein was both supplier 
and competitor, and the com- 
pany gave up the auctions 
after the I6thin 1984. 



Our 

air condition 

- the clean, fresh mountain air 


Vittorio Mussolini. 8 1 , 
the second son of the Italian 
fascist leader Benito Mus- 
solini, died at a Rome clinic 
Thursday after a long illness. 
Mr. Mussolini fought in 1936 
in the Spanish Civil War. then 
in World War IL He emig- 
rated to Argentina after the 
war but returned to Italy a few 
years ago. His principal in- 
terest was the cinema, and he 
produced a number of films 
by Italian directors. 


Open ironi Juno 19 
=4? 


PALACE HOTEL 
GSTAAD 
SWITZERLAND 

Please call: 

Phone t 41 33 '4*5000 
Telefax +41 33 T-WSOOI 


iLpteFJeadinflbtekoftheWxkli 


“A MILLIONAIRE'S FIRST SECRET: 
Why and How You Must Set Up a Company 
Offshore BEFORE Yon Hake Your Millions” 


D on't you get angry at having to 
pay through the nose every time 


OF COURSE!, By Karen Hodge 




„ ■ . . • . ‘C - 


Aei ■*£ i r-er 

O A*: >*.£■- -. 


Irt, and 





W3t“7 ■ 


; ACROSS 

4 Must 

J8 Dispute 
Strip name " 

M Tltrash 

19 Make suit, as a 
suit 

26 NoiedSao 
Paulo-bom 

. athlete 

21 Pastoral pipe 

Z? "God -r— refuge 
• Psalm46 

23 Wrngdinjt 

24 Jive men 

25 Golt pro? 

27 Play l&hoksof 
miniature gotn 

30 Place Jot a bee. 

31 It's a matter nf 

- prkfe - 

32 Mr. told 

tnjpaery|Eanie» 

33 Rodents.' 
jocularly 

•35 Weekend 
golfer's dub? 

4 > Golf course? 


45 Pizzeria 

ifasl food chain) 

46 Sunken treasure 
locale 

47 Bouquet 

48 French 
biography 

'49 Prepare garlic. 


76 Where ihe 
action is 


i I* 3 I* * 


ri Tt rr(a Mill III II Ml' I 16 17 16 


•IS Prepare garlic. 

perhaps 
52 Victimizes 
54 Stamps 

56 Go quietly 

57 Dino.toFred 
and Wilma 

58 C3naaniie's 
deity- 

60 Bird holder 

61 del Corso. 

Rome 


R3 1 77U patriot 
Artucks 


66 The stuff of folk 
tales 

B7 Divois. fur 
instance”’ 

72- gut" 

(German 

praise) 

74 Nonets 

75 Gabriel 






78 Recognizes 

79 Overseas 
relative . 

82 Word before and 
after "of the’ 

86 Fails, to 

88 Preppy, e.g 

91 Robert 
Devereux’s - 
earldom 

92 Woodworker's 
tool 

93 Lacking fresh 
-ai r 

95 Approaching 

97 Kind of scores 

98 Golfer's 
coverup? 

100 Nostalgic for 
gall? 

103 -Slithy’ 
creatures 

104 Fine, informally 

105 Staff 

106 ’King Solomon's 
Mines’ plot line 

109 Like acme bad 
golfshois? 

116 LP.GA 

. . player? 

120 Haphazard 
collection 

121 Spotted animal . 

122 Com 

123 Hollow ■ 


126 





13 

-■ 





U pay through the nose every time 

— - the collector of taxes contacts 

you? Have you ever seen someone you 
know financially ruined by a divorce 
settlement and wondered if it could 
happen to you? 

If your answer to either of these 
questions is YES, then ordering this Re- 
port could be the most important event 
in your financial life. 

In today’s world, figuring out how 
to make good money is a total waste of 
lime - unless you have first figured out 
how to protect it. 

If yoa five in toe United States these 
days, the Government wifi fry to take 
50% ofyoor earnings while you're alive. 
And when you're dead, they'D fry to take 
another 50%. Other countries have 
equally extortionate tax policies. 

To protect yourself from vicious 
taxes and vengeful lawsuits, you need to 
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Do It Now - Before It's Too Late 


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Now is a good time to make your 
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Discover How Best to Set Up and 
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Some of the Topics Covered in 
a “Millionaire's First Secret:” 


• 12 Reasons to Form ‘Ybar Own Offshore 
Company 

• Why Offshore Incorporations are Booming 

• Foot Vfays to Use Tour Offshore 
Corporation to Reduce Tax 

• How Tb Use An Offshore Corporation 
For Hnzndal Privacv 


• Government Counter-measures: What to 
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• The Five Major Kinds of Offshore 
Business — and Which Are Hie Best 
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• How to Choose an Offshore Jurisdiction 
That’s Right fix Yoa 

• How to Incorporate Swiftly, Cheaply; 
and Discreetly 

• How to Operate Tour Offshore Company 


&Nete York Times/Edited by KVl Shorts. 


124 hy League 
■ team 




125 Daughter of 
William the _ 

Conqueror 

12 * "Er ... um ...“ 

127 Less than solid 

128 Laze in the rub 

129 lm»ven 


1 Instrument held 
- between the 
luwes 




2 Baseball 
brothers’ name . 


3 Cqpyofapnotc 
. briefly 

4 Like a Car and 

Driver car 





* \ .' - 




BiK^**** 






?§ENEVE ' .. ' 

IffiBSED PLACE! ' J 

B .121I Ghml3 1 
B32 00 ‘ !' 

B 33 00 ’ ; 

apobeh ’ 


5 Spanish essayist 
'- — y Gasset 

'• 6 Abbreviation for 

a pound 

.. .7 Oviform : egg:: 

• pyriform : — — • 

8 Quarter ofa 
quartet, maybe 

9 Check the 
boundaries 
again 

IflTeeclwr- 

frequenth- 


It Federal agey.. - 
! 948-75 

12 Lexicographer’s 
conclusion 

13 Pother 

14 Many a Beijing 
commuter 

15 Out • 

16 Music category 

17 Condi potato's 
passion 

18 At one tune, at 
one time 

26 ~ — pain 

28 Rogers and 
Clack- 

29 Basic. 

3? Whston degree 

34 Swimmer ‘5 
stopper -- ■ 

35 Arithmetic 
homework 

36 Condo 

37 Have Of (not 

allowl 

38 “Ed Wood” star. 
IBM 

39 Not easy to find 

40 “CHu rightr 

42 The Land of (he 

Bleated 

43 Exactitude 

44 New Hampshire 
college town 


47 Grind 

50 Popular (ourist 
attractions 


51 "Essays of — ’ 

53 Parting words 

55 Ancient money 

59 Ad like 

62 Last word of 
Shelleys 
“Adonais* 

63 Take il easy 

64 Mail abbr. 

65 Graduating 
Class, Abbr. 

67 Oldjoke 

68 Waiting 

69 Storm dir. 

70 Whireheads.e.g. 

71 Rest 

72 Time’s 1977 
Man of the Year 

73 Slowly destroy 

77 Rather and 
Jennings, e-g.- 

79 Sri Lankan 
exports 

80 Crass 
inscription 

81 Memo starter 

83 Org. 

84 Furniture wood 

85 Office phone 
nos.' 

87 Mrs. Wahon of 
■The Waltons’ 


89 Wedding 

90 Work areas 
94 Blvds. 

96 Brute 

99 Verse 

100 By and large 

101 Diet 

102 Enthusiastic yes 

106 Venture 
County's — 

.Valley 

107 Composer 

. Khachaturian 

108 POrt base 


110 It melts in your 
mouth' 

HI One of the 
Sinatras 

112 Sign of 
impatience 

1 13 Kind of mitt 

114 Drop 

115 Award of merit 

117 First name m 
dictators 

118 Meaning, for 
short 

119 Brownie 


Solution to Puzzle of June 7-8 . 


□□anna naaaaa ana □□□ 
nnnnnra nrtnnnn oBonoon 
□□Bflrannaannnn nnannnn 
ana raann annn noonr^a 
ranana anna annn 
□nnaan aanaanonan nno 
oaaa □□□□ oann nnnn 
□anaa aaaa naas noenn 
nrinnanarana nearinn 
aan nnnn nnnoa annnnri 
aanaaaa nnnoo narjDrinn 
aaanna nnann onnn ezoo 
nannna nnnnonnnna 
□uiann nano nano nnnan 
aann tinan nnon nraoi 
mnn nnnaonanan rannnoa 
aaan anno nonoa 
aaanaan nnnn aana nnn 
nrmnnan rvtnnaononnnnn 
jinnrtnnn mnnna rinnnnri 
ana nnn nannao nnnann 


Don't leave it until it’s loo late. If it's 
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ft What Happens To Your Offshore 
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| • 'four Of&horc Company’s Bank Amxmc 


• A Review of The Vforhfs Tbp 24 
O ff sh ore Jurisdictions 


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I Mail to: Privacy Reports Inc, 26A Peel Street, G/F, Cen hal, Hong Kong. 

I YES; Please send me copies of "A MILLIONAIRES' FIRST SECRET : How 

■ and Why You Must Set up Offshore BEFORE You Make your Millions." (US5135 per 
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I □ Amex □ Visa O Mastercard O Diners 


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’ NOTE: All cempuijr and eciMn»ldicqw» mis* badnwn tat a U-S- tank and dond Hist betaierieijvBv I 

| For tmiagUate defawy ratnd. Bank Draft [dawn oft a U.S. Bmkt nnhign fau Credn ryrt . 7 j 








I 


PACE 4 



At EU Constitutional Talks , Lofty Ideas Give Why to Modest Goals 


By Tom Buerkle 

International Herald Trihime 


BRUSSELS — When European Union leaders 
began a constitutional review two years ago, the 
objective they set was as ambitious as it was 
straightforward: transform the 15-nation bloc 
from a predominantly economic club to a global 

g jlitical power ready to embrace Eastern 
urope. 

But as Union leaders gathered in Amsterdam 
this weekend for a final round of negotiations that 
they hope will conclude with a new governing 
treaty, it was clear that their sights have been 
lowered, with lofty visions replaced by expedi- 
ency and exhaustion. 

. That attests to the limited appetite for grand 
political initiatives across Europe, and provided 
further evidence that Europe's leaders # have 
placed all their political capital in economic and 
monetary union. Thai explains why France's 
last-minute threat to a budget stability pact un- 
derpinning European monetary union has 


overshadowed the constitutional review. 

A draft treaty released late Thursday by the 
Union's Dutch presidency indicated that the Un- 
ion would merely defer for some years the res- 
olution of an issue that had been the driving force 
behind a new accord: the questions of power- 
sharing, including curbs on the right of individual 
countries to veto EU policies. 

Such institutional changes are regarded as vital 
as the EU absorbs as many as 10 new members 
from Eastern Europe, but they are being blocked 
by small countries opposed to any dilution of 
their power. 

“This is going to make the preparation of the 
Union for enlargement vety difficult," said a 
senior negotiator, who spoke on condition of 
anonymity. 

The proposed treaty also shows the limits of 
consensus at a time when many people equate 
European integration with stagnation and un- 
employment rather than peace and prosperity. 

The draft text has a long, new chapter on 
employment, largely to assuage fears about 


siiHe-currcncy ausieriiy in France and oter <oy union. "The may be by defintag ** 

countries But at the insistence of Germany and Although most EU diplomats u ere fairly op- 
countnes. DUi UK ““ f „ eW rh* ciimrnit meenne would conclude 


MIS 




degree of competitiveness." stressed by BriSn 

inH "n hii*fi lmwi nf employ- 



h>Uf' 


. chare ;hmc exnected on several issues, including these: interior policies, wiui rnrne Minister Toth- 

role to helping national ministers share ideas and ex ^“ utions ^ France ^ Germany. Blair of Britain having vowed to defend 

ThTSieM also provides for the creation of want to enhance their clout now. but the Dutch of his country's borden,. thefcej-w an accord b 
1116 M wnSnf frmlom security and justice draft treatv bows to the pressure of small states allowing Britain and, as a practical matter, Ire. 
ThTfdMi^freJive internal bolder controls, and calls fir minimal changes that will be primp- land, to escape, conmem EL bonier and w 
^mmnn Sicies on immigration and ted only when the Union takes in two to five new migration policies. L Some negotiators fear ifc. 
adopt common pontes on uMn^anonaiw after the year 2000. Dutch package's complexity could be its undoing,^ 

asylum and increase enme Hg g pe offic5ais acknowledge that the proposal will com- for example, with no provision for the EU Conn 
r- rhe texl offers such a complex mix of plicate enlargement, forcing the Union to embark of Justice to arbitrate dispute* over cooperation 

solndo^^tendal ^^ong EU in- L ftesh consututional review in the next <k- bet ween, nn ttonal courts, , 

sti tut ions and national bodies that many officials cade. 


;iwccn rauuudi iuujb. 

Foreign policy. Britain and neutral states 

t p »- f * 


Facing Coalition Collapse, 
Turkish Leader Agrees 
To Step Aside for Ally 


The Asioi tiiieil Press 

ANKARA — Turkey’s Islamic prime 
minister will hand over power to the 
head of his coalition government's cen- 
ter-right partner next week, a party lead- 
er announced Friday. 

“An agreement has been reached fora 
power swap." said Hasan Ekinci, a 
deputy chairman of the True Hath Party. 
The handover will occur Wednesday. 

Tansu Ciller, True Path's leader and 
the deputy prime minister, will become 
prime minister under the deal. She had 
threatened to quit the government if 
Prime Minister Neemetrin Erbakan did 
not step down. 

Mr. Erbakan and Mrs. Ciller met for 
four hours Thursday. 

The arrangement is pan of a strategy 


French Troops 
Set to Pull Out 
Of Brazzaville 

• >mph.t l>t I In Mill h”ui fc-v 

PARIS — The French military op- 
eration to protect and evacuate foreign- 
ers in the Republic of Congo's violence- 
tom capital will end Sunday, the Foreign 
Ministry said. 

In a statement issued Friday evening, 
the ministry said that the operation 
would end officially Sunday evening, 
and that troops would then begin to 
withdraw. 

It said that all the French nationals 
who had asked to be evacuated from 
Brazzaville, the capital, had left. 

About 1 .200 French troops remained 
in the capital Friday. The first troops 
arrived June 7. 

They have airlifted more than 3,000 
foreigners from the city in a week. 

The French departure could lead to 
new fighting, because the airport where 
the French ore based is hotly contested 
by the two sides in the struggle. 

But the city itself emerged calmer 
Friday from an eighth night under 
curfew, after an eighth successive day of 
clashes between supporters of President 
Pascal Lissouba and his predecessor, the 
former Marxist military leader. Denis 
Sassou-Nguesso. 

Witnesses and military officials in 
Brazzaville described the sporadic 
overnight shooting and grenade blasts as 
less intense. The two rivals had both urged 
their forces Wednesday to cease fire. 

"The two ponies have said they want 
a cease-fire, and I think it is calmer today 
because of that." said a lop Congolese 
police commander. 

General Sassou-Nguesso told the 
French daily Le Figaro that an inter- 
national peace force was the only hope 
of making any truce stick. 

"For the cease-fire to be maintained, 
an international force must be de- 
ployed." he said in an interview, adding 
that" a presidential election scheduled for 
July 27 could not take place without 
international supervision. 

Mayor Bernard Kolelas of Brazza- 
ville. "the runner-up to Mr. Lissouba in 
the 1992 presidential election, has raised 
the idea of France's forming pan of a 
buffer force. 

But France has said that its troops in 
the Congo, more than 1 .250 foreign le- 
gionnaires and marine paratroopers, 
would not intervene in the fighting and 
were there to protect foreigners. 

"We don't have a defense accord with 
Congo." said a French Army spokes- 
man. Henry Pelissier. “and I don t see 
why at this stage wc should pur ourselves 
in the middle as a buffer force." 

I .-IP. Reuters) 


to ease the military's growing pressure 
on the government. 

The military is upset over the cunem 
government's increasing tolerance of Is- 
lamic fundamentalism. It issued an ul- 
timatum this week and threatened to use 
force to crush Islamic radical groups. 

In a related development. Tourism 
Minister Bahartin Yucel. a True Path 
deputy, became the fourth cabinet min- 
ister to resign in less than two months to 
try to pressure Mrs. Ciller to call off the 
alliance with Mr. Erbakan's Welfare 
Party. 

“The political tension will grow even fc'f’X;. - ;' . \ytt 
deeper if Welfare continues to be part of 
the government." Mr. Yucel said. 

Mr. Ekinci told the private television 
ATV that a date for new elections would 
be announced shortly after Mrs. Ciller 
became prime minister. 

Newspapers reported that Mrs. Ciller 
had accepted >Mr. Erbakan’s proposal to 
call a vote in about three months. She 
had been favoring a date next year. 

It was not clear whether the exchange 
of power would work smoothly. 

Mr. Erbakan will have to resign to 
pave the way for the return of Mrs. 

Ciller, who was Turkey's prime minister 
from 1993 to 1996, to the post, 

■ Plant Closings Bring Power Cuts 

Turkey’s western regions were suf- 
fering from power cuts lasting as long as 
several hours after a local court ruled 
that three key thermal plants should be 
closed to protect the environment, Reu- 
ters reported. 

"We shut down the plants yesterday 
after the court ruling,” the Energy Min- 
istry undersecretary Ugur Dogan said 
Friday. 

"But a government decree has been 
prepared to reopen them for reasons of 
national security.’’ he said. "The gov- 
ernment has the’ right to do that despite 
court decisions." 

The Yenikoy, Kemerkoy and Yafagan 
coal-fired power plants. aU of which are 
near tourist attractions and leading in- 
dustrial sires, were shut Thursday, the 
end of a 30-day period in which the court 
said the state power producer TEAS 
would have to implement its ruling. 

The Energy Ministry said the plants, 
with combined capacity of 1,050 mega- 
watts and an output of 5.3 billion kilo- 
watt-hours of electricity annually, had 
been shut "out of respect for the law.” 

It added. "Power cuts are inevitable 
because only 40 percent of the region's 
electricity needs will be supplied from 
other regions." 



Wjfin 'Tin 1 I***** ui'xl IV*" 

A police diver checking security in Amsterdam near the building where the EU meeting will be held next week. 


8 Nations in Search of a Program 


By Stephen Kinzer 

Not KvI Turns Sentce 


ISTANBUL — Their combined out- 
put, by one count, adds up to less than 
dial of Italy. Their economies include 
some of the most dynamic in the world 
and some of the mosr hollow and de- 
pressed. Politically, they range from 
pro-Western to militantly Islamist. 

So. when the leaders of the countries 
that make up the world's newest eco- 
nomic grouping meet here this weekend, 
expectations are subdued. Still, organ- 
izers of the first conference of the De- 
veloping Eight, or D-8 — eight pre- 
dominantly Muslim nations of Asia, 
Africa and the Middle East — hope to 
find a counterweight to the economic 
and political power of Western gov- 
ernments and corporations. 

During months of negotiations, lead- 
ers of the eight countries concluded that 
their differences were so great rhat they 
could not realistically aspire to political 
cooperation. They have agreed, 
however, to cooperate in joint purchas- 
ing and manufacturing projects, which 
they hope will save them large sums and. 
in the process, speed their domestic de- 
velopment 

The group emerged from efforts by 
Prime Minister Necmettin Erbakan of 
Turkey to find ways to create a "just 
order" in the world, replacing what he 
described in his 1995 election campaign 
as a system by which the West oppressed 
and plundered the developing world. 
Since taking office in June 1996, he has 


suits, but we have to wait and see. it is 
mainly political, a dream of 
Erbakan's." 

For months, one of Mr. Erbakan’s 
most trusted aides. Minister of State 
Abdullah Gul, has been shuttling among 
the capitals of the eight member-nations, 
trying to forge a consensus on which 
their leaders could agree this weekend. 
In an interview. Mr. Gul said that the D- 
8 aspires to help member nations, but not 
to compete with or threaten any other 


Continued from Page 1 

and Airbus has been a contentious in- 
dustrial and political issue in trans-At- 
lantic relations. Now, analysts said. Air- 
bus could face the threat of being edged 
out of the U.S. market and losing any 
prospect of growing into a global com- 
pany. 

A worrying trend for Airbus has been 
Boeing's recent success in reaching ex- 
clusive agreements wirh three U.S. air- 
lines — American. Continental and 
Delta — - underwhich the companies buy 
their fleets exclusively from Boeing and 
in return save money. The trend 
threatens to limit Airbus's potential in- 
roads into the world's most lucrative 
market. 

Lockheed Martin executives said this 
week in Paris that their company had 
been talking with Airbus about possible 
cooperation on future military and com- 
mercial projects. 

Micky Blackwell, president of Lock- 
heed Martin's aeronautics division, said 
Thursday night that the two companies 
had been "dating," but were not con- 


Agencies to Hand Out Food in Sierra Leone 

escape previous fighting in Sierra Leone 
between government troops and rebel 
soldiers who waged a six-year civil 


The U»i'i iiihut prc\* • 

FREETOWN. Sierra Leone — Aid 
agencies said Friday that they planned to 
begin food distribution in the capital and 
elseu here m stave off hunger and pre- 
vent a neu refugee exodus following the 
coup Iasi month. 

TTuiusands of people have poured into 
the capital. Freetown, since the coup 
May 25 raised fears of clashes in the 
countryside between renegades and 
troops loyal to the deposed govern- 
ment. 

The new arrivals have added to con- 
cerns about food shortages in the city, 
where most markets have been closed 


since the coup and supplies are drying 
up. As a result, the prices for basic foods 
have doubled, and many essential 
products such as fuel and rice will run 
out within two weeks, the United Na- 
tions' World Food Program warned. 

Outside the capital, there are fears that 
tens of thousands of refugees will pour- 
a cross borders of the neighboring coun- 
tries of Guinea and Liberia. 

Liberia already has about 10.000 
refugees, who are living along the banks 
of the Mano River, which forms the 
border with Sierra Leone. They include 
new arrivals in addition to people who 
have been living there for months to 


vauvi — ci > • 

a uesViorT whether it will work, or win the nec- Employment. A new treaty chapter now appear likely to stave off French and German 
£5™«t of national parliaments and Euro- largely agreed to after Germany swung behind it demands for an evenmal mergt:rberweea lhc 
essary support or nan H" this weelc w j]l ana ch the same importance and Union and its defense affiliate, the W estern Emu- 

packaging problem, which was so cen- procedures to job-creation efforts as the pean Union. Other mcrernemal changes ha* 
tral in Maastricht islf anything even bigger in this Maastricht treaty gave ip the smgle-cuirency broad support, mcludtngan EL role m peace. 
Se ” said Perer Ludlow dilator of the Center deficit and inflation criteria. But the text reveals keeping exercises and a beefing upof EU foreign 
for EuroDean Policy Studies, a Brussels think divisions, paying lip service to the competing policy' analysis under a strengthened bureau, 
tank, referring to the Maastricht accord on mon- schools of free-market and Keynesian economics cracy. 

SUMMIT: 

Kohl Bars Spending 

Continued from Page 1 

able formulations for the summit doc- 
uments. The new government here was 
reported to be seeking some kind of 
measure (hat would reactivate a coni, 
m unity decision made in 1994 at a sum- 
mil meeting in Essen. Germany, that 
provided a framework for vast Europe- 
wide infrastructure projects. 

At a news conference. Mr. Jospin 
made indirect reference to the projects, 
and a French aide said later that they 
were included in a package of proposal 
Mr. Kohl said he had received from Pans 
late last night. 

But the'chancellor seemed to brush 
the public works idea away. “I don't 
think much of the idea to spend money 
twice that we don't even have once." 

He was also clear in his rejection of 
any other initiatives that would mean 
new allocations of cash at a time when, 
under rising political pressure, the Bonn 
government must pare budgets at hone 
to meet the deficit spending targets hud 
out in the Maastricht treaty for the in- 
troduction of a common European cur- 
rency in 1999. 

“We don’t want to create new funds 
or powers or to transfer powers to Brus- 
sels” in connection with giving new 
stress to employment as an EU priority, 
the chancellor said. He signaled that any 
new measures at Amsterdam would be 
outside the Stability Pact itself, which 
commits Europe to continuing its deficit 
rules and right-money policies after the 
euro comes into being. A French official 
acknowledged this by saying the dis- 
cussion among experts concentrated on 
separate resolutions outside the frame- 
work of the Maastricht agreements. 

Both Mr. Kohl and Mr. Chirac ex- 
pressed complete confidence that an 
agreement would be found that would . 
satisfy both France and Germany, die 
European Commission, and the Netfi- 
erlands, which holds the community^ 
rotating presidency. ’ 

Mr. Jospin, who had challenged tae 
German-inspired Stability Pact during 
the election campaign that brought the 
Socialists to power two weeks age. 
seemed to be seeking to create the im- 
pression of tough, down-to-lhe-wtfc 
talks. An aide to the prime minister 
characterizing the conversations, said, 
“Nothing is closed, nothing is con- 
cluded.” ! 

When Mr. Jospin was asked, however, 
if he could disrupt the Amsterdam meet- 
ing with a refusal to accept essentially 
verbal and vague commitments to ht* 
theses, he replied, ‘ ‘That would be a ve# 
singular way to behave.” 

The circumstances suggested that Mt. 
Jospin and his government had pulled 
back from their pre-election positions 
and the stance they had takea earlier u 
the week on delaying approval of dje 
Stability Pact. During the campaign. Mr. 
Jospin said France’s acceptance of tBe 
pact had been “a concession absurdly 
made to the Germans" that wouju 
strangle job creation with austerity mea- 
sures for years to come. ; 

On Tuesday, Mr. Jospin’s minister fiijr 
European affairs, Pierre Moscovici, said 
France could not accept just “a couple Of 
paragraphs” in a resolution, and would 
perhaps have to hold up agreement da 
the pact beyond die Amsterdam meeting 
to get its idea across. By Tuesday night 
Mr. Kohl’s coalition in Bonn said it 
would have no trouble approving lan- 
guage endorsing better job creation co- 
ordination, and the initially confronta- 
tional tone in the Socialist stanix 
vanished. 

Mr. Chirac tried to steer a middle wtfy 
between his new government and tre j 
commitments France made previously | 
to the Stability Pact by saying that jX 
would hold fast to its agreements while ■ 
seeking to take steps to make average 
Europeans feel that the integration pro- 
cess concerns their lives and not just tfje 
statistical range of convergence targets- 
A presidential aide, noting that each 
of the two French leaders had separate 
one-on-one sessions with Mr. Kohl in 
addition to two group meetings, said that 
the president alerted the chancellor to the ; 
likelihood that relations with Fracas 
would become more complex because « 
the expectations raised for public spend- 
ing by the new government. 

In a separate matter, the two sides said 

they would make representations ifl 

Madrid at the NATO summit meetirigin 
July to support Romania’s candidacy tot 
membership. This came after the White 
House said Thursday that it planned to 
consider only the candidacies of Hu°’ 
gary, Poland and the Czech Republic.; 


dropped many of his specific proposals, 
such as creating an Islamic currency or 
an “Islamic NATO." But the D-8 has 
survived as his most important foreign 
policy initiative. 

President Suleyman Demirel will 
serve as host of the two-day meeting, 
which brings together a collection of 
leaders the like of which has not been 
seen in Istanbul for many years. His 
guests are to include Presidents Suharto 
of Indonesia and Hashemi Rafsanjani of 
Iran, as well as Prime Ministers Ma- 
hathir bin Mohamad of Malaysia, 
Nawaz Sharif of Pakistan, Sheikh Has- 
ina of Bangladesh and Kama! Ganzouri 
of Egypt, The eighth member-nation, 
Nigeria, is expected to be represented by 
General Sani Abacha. the head of state. 

Apart from the fact that they are de- 
veloping countries whose populations 
are mainly Muslim, the eight countries 
have little in common. Turkey is a mil- 
itary ally of the United States, while Iran 
is one of the most intensely anti-Amer- 
ican countries in the world. Indonesia 
has made tremendous economic pro- 
gress in recent years, while Nigeria is 
mired in poverty. In economics, the 
member-states range from heavily statist 
to unabashedly capitalist. 

As a result of these differences, some 
Turkish experts suspect that the D-8 will 
never amount to much. 

“1 take it all wirh a pinch of salt,” said 
Isbak Alaton, a prominent businessman 
who is board chairman of the real estate 
development firm Alarko Holding. ”1 
hope it will provide some positive re- 


lis is not going to be a bloc like 
those that existed during the Cold War,” 
he asserted. “It is going to be a tool for 
dynamic economic cooperation. The 
political side is not really important. In 
fact, when you look at the member coun- 
tries. you see that they can't come to- 
gether for political purposes. They have 
very different political styles. Also, this 
is not the Muslim Eight, as some news- 
papers have reported. We don’t want to 
give it this dimension.” 

Mr. Gul said the two principal activ- 
ities of the D-8, at least in us initial 
phase, would be to promote trade among 
members and to bring them together so 
they con deal collectively with foreign 
corporations. 

One of its first projects, he said, might 
be joint production of helicopters and 
light aircraft. Mr. Erbakan has suggested 
that the nations work toward producing a 
new automobile and explore the pos- 
sibility of contracting with Western 
firms to hunch communication satel- 
lites. 


PLANES: Boeing-McDonnell Deal Said to Threaten Airbus 


sidering any marriage in the form of 
cross-holdings or joint investments. 

Other Lockheed officials said that the 
tajks seemed unlikely to go far unless 
Airbus was reorganized along more nor- 
mal commercial lines. Airbus is 
Europe's biggest single business and 
largest exporter, often cited as a model 
of European industrial integration. But 
its structure has become a handicap. The 
company is a consortium owned by Bri- 
tain. France, Germany and Spain 
through each country's main aircraft 
manufacturer. That awkward manage- 
ment structure has stymied investments 
and decisions to forge strategic part- 
nerships. putting it at a disadvantage in 
competing with Boeing, according to 
European officials. 

A move to reorganize Airbus — 
"make it into a stand-alone, go-it-alone 
company that doesn't come back for 
subsidies." a German official said — 
has been held up by one partner. 
Aerospatiale. The French company ob- 
jects to folding its operations into a 
larger joint venture, partly because 
Aerospatiale docs not want to separate 


War. 

The rebels have now aligned them- 
selves with the coup leaders. 

“The worst-hit are children, the el- 
derly and the sick, who are unable to 
venture into nearby hushes for wild 
fruits for food.” said Sajuma Kemokai, 
One of the refugees. 

The World Food Program said its 
distribution program would target the 
refugees on the Liberian border in ad- 
dition to internally displaced people in 
Sierra Leone. 


its civil and military sides, partly be- 
cause such a move would amount to a 
partial privatization of Aerospatiale. 

France’s new Socialist government 
has said that it opposes further privat- 
izations. but the other main companies in 
Airbus — British Aerospace and 
Deutsche Aerospace of Germany — 
have chafed at French hesitations. Con- 
stxucciones Aeronauticas of Spain is the 
other member of the consortium. 

The German economics minister. 
GuenterRexrodt. said Friday that Airbus 
should stop thinking that it can come 
back to European governments for sub- 
sidies. Instead, he said. Airbus should be 
reorganized so that it had a single man- 
agement capable of setting the com- 
pany's strategy — becoming a "power- 
ful Airbus that can find industrial 
partners." 

That capability was dramatically 
lacking last year when Airbus let Mc- 
Donnell Douglas go to Boeing — in- 
stend of acquiring it as a U.S. ally. 

Now that McDonnell Douglas has 
gone to its old rival, Boeing, Lockheed 
Martin seems to be hopeful that it might 
find a role in helping Airbus become a 
global aircraft manufacturer capable of 
challenging Boeing even in the U.S. 
market. 

Boeing's chairman, Philip CondiL 
told reporters in Washington on Thurs- 
day that he was unconcerned with the 
prospect of closer ties between his two 
main rivals. Boeing executives said Fri- 
day that they expected to answer any EU 
concerns that might emerge at the onti- 
Inist hearing in Brussels. Officials at the 
commission indicated that their con- 
cerns focused on three areas where Boe- 
ing has potentially unfair advantages — 
denied in all cases'by Boeing. 

. Boeing has nearly 60 percent of the 
airliner market, but the company says 
that this dominance was not improved by 
McDonnell Douglas's loss of indepen- 
dence, since McDonnell was already 
nearly gone from the market. Boeing 
defends its deals for exclusivity with the 


A Plea to Salvage 
BBC World Service 

Agent e Fivner-Pressc 

LONDON — Three former di- 
rectors of the BBC launched a scath- 
ing attack Friday on the corporation 
for "wrecking” the World Service 
and called on the government to step 
in and reverse the damage. 

In a letter to The Times of Lon- 
don, they said that the World Ser- 
vice, which has over 100 million 
listeners around the world, has been 
"dismantled" as a result of the re- 
structuring ordered last year by the 
BBC director-general, John Bin. 

“The speed with which it has 
been carried out is, in our opinion, 
that of the wrecker, anxious not to 
be thwarted in his indefensible 
designs,” they wrote. The three 
former directors are John Tusa. 
Austen Kirk and Gerard Mansell. 

If Foreign Secretary Robin Cook 
and Heritage Secretary Chris Smith 
decided that "the component parts 
of the World Service be reinteg- 
rated, then they could be," they 
added. 

’ 'The cost — on the principle that 
the wrecker pays — would be prop- 
erly borne by the domestic BBC and 
valid questions would then be asked 
of those responsible for so dis- 
astrous and costly a policy.” 

They say the'changes were in- 
troduced "without internal or ex- 
ternal consultation.” 


three U.S. airlines as competitive ar- 
rangements that offer reduced costs 
which can benefit consumers. Concerns 
that Boeing could use its military wing to 
subsidize its commercial business and 
undercut Airbus's prices are outdated 
Boeing sources said, because the old 
relations between governmenr-fimded 
miliuuy research and commercial ex- 
ploitation of innovations have been re- 
versed. 


Belgian. Tax Break for Cyclists 

Reuters 

BRUSSELS — Belgians who cycle® 
work will get a tax break, marching d®* 
of drivers, following an agreement be- 
tween parties in the center-left coalition 
and environmentalist politicians. 

From this year, employers will be al- 
lowed to pay their employees a tax-e* - . 
empt 6 francs (16 cents) per kilometer. 


. X 

aex 

X 








INTERNATIONAL HERALD TRIBUNE, SATV RDAY-SUNDAY. JUNE 14-15, 1997 


PAGE 5 


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Japan Aide to Attend 
‘ Hong Kong Swearing-In 

Tokyo Won’t Follow U.S. in Boycott 


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■ TOKYO — Foreign Minister Yu- 
'Irihiko Ikeda of Japan wiU attend the 
■July 1 ceremony in Hong Kong to swear 
,)n China's hand-picked legislature, of- 
ficials said Friday. 

" The United States and Britain have 
announced that they will avoid the 
' 'swearing-in ceremony. 

" "Japan is not one of the U.S. states,” 

'a government spokesman. Seiroku 
‘kajivama. said at a news conference. 
—We must make our own judgment.” 

‘ The comments echoed those of Prime 
Minister John Howard of Australia, 
'tv ho said Thursday that his nation' would 
“not be following the American-British 
decision.” 

. Mr. Howard said Australia would be 

■fU'Ild; represented at the swearing-in of the 
‘ % legislature that will replace Hong 

• p * Kong's elected assembly. 

I Reacting to the Australian announce- 
. __ ment. Nicholas Bums, the State De- 
partment spokesman, said: “Each coun- 
try will have to make its own decisions 
■■ ^as to what to do in Hong Kong. 1 don’t 
'think we want to pass judgment on other 
countries." 

. ’ The Japanese prime minister. Ryu- 
:. iaro Hashimoto. said earlier Friday that 
it was “natural" for Japan to take pan in 
• ! the ceremony. 

*■' "There is a question whether Japan 
should send him. but I think he should 
W Mr. Hashimoto said, referring to 
r Tiis foreign minisrer. 

The British colony returns to Chinese 
,pile at midnight on June 30. The swear- 
ing-in ceremony will be in the early 
hours of July 1 . 

Prime Minister Tony Biair of Britain 
.and Secretary of State Madeleine AJ- 
•• bright are to leave the event before the 
• - swearing-in of the provisional legisla- 
‘jure. 

... New Zealand and other Asian nations 
■j ^nending the event have said they 
would witness the swearing-in. 

‘ Martin Lee. the leader of the Demo- 
cratic Party, accused Japan and Aus- 
tralia on Friday of sacrificing Hong 
. 'Kong’s freedoms for trade with China 
bv sending representatives to the ce- 
'femony. 

Demanding that the two governments 
■‘explain the inconsistency in their 
‘ policies.” Mr. Lee warned" that if the 
decisions were aimed at protecting trade 
.w ith China the two countries could lose 
. out if Hong Kong's freedoms were 
tost. 

“It has always been the Australian and 


Japanese governments' position, like that 
of the United States and Britain, that 
these countries do not accept the le- 
gitimacy of China's appointed legislature 
and they need to explain the inconsist- 
ency in their policy." Mr. Lee said 
"There is no reason to sacrifice Hone 
Kong for trade with China," he said. 
"China trade and Hong Kong freedoms 
are not mutually exclusive, but com- 
plementary. 

# “Indeed, doing business in Hong 
Kong and China will suffer if Hong 
Kong loses o.ur freedom and rule of 
law, ' he said. . 

■ Chinese General in Incident 
A Hong Kong newspaper reported 
Friday that a Chinese general had 
clashed with Hong Kong customs and 
immigration officers when he drove 
through a restricted border area without 
a permit, Reuters reported. 

Major General Zhou Borong, chief of 
the People's Liberation Army advance 
unit in Hong Kong, later complained 
that his force had been insulted by co- 
lonial authorities, the South China 
Morning Post said. 

It was the first report of any incident 
since the general led a vanguard of 196 
troops into Hong Kong two months ago 
to prepare garrison facilities. 



India and Pakistan Put 
Missiles on Talks Agenda 


>1 .... tg-i. ■ I -IK— 

Workers on a pole sculpture Friday atop the Hong Kong Museum of Art. 


BRIEFLY 


. U'i'i;i (■ Ft 1 1 •Fn iw 

ISLAMABAD. Pakistan — Pakistan 
and India will resume talks next week 
on normalizing relations and will dis- 
cuss border clashes and deployment of 
missiles, the two governments said Fri- 
day. 

Foreign Secretaries Salman Haidar of 
India and Shumshnd Ahmed of Pakistan 
are to meet in Islamabad from Thursday 
until the following Monday. 

Indian sources in New Delhi said the 
mo would discuss the "entire” range of 
relations between the two countries. 

The previous round of talks was held 
in New Delhi in March after a hiatus of 
three years. The two South Asian neigh- 
bors have fought rhree wars since gain- 
ing independence from Britain in 1047 
and still dispute the status of Kashmir. 

in addition to the March talks, the rwo 
countries' prime ministers met during u 
regional summit meeting in the Mal- 
dives in May. 

The Press Trust of India news agency 
said the coming talks were expected to 
see a "free andlrank exchange of views 
of certain recent developments." in- 
cluding an alleged deployment of Indian 
surface missiles. 

On Wednesday Prime Minister Inder 
Kumar Gujral denied published reports 
that India had deployed ballistic mis- 
siles along the border with Pakistan. 
Over the past 1? years. India has been 
testing a missile, the Pnihvi. which if 
deployed could set off an arms race. 


The Press Trust said allegations of 
violation- of Pakistani air space by an 
Indian jet — allegations denied by India 
— a- well as gunbnttles between border 
guards on the Kashmir frontier also 
would figure in the talks. 

The resumed dialogue will also cover 
a “wide range of Issues" including 
"confidence- building measures” and 
“ people- to-people contact." the news 
agency said. 

~Thc contacts resumed after Pakistan 
issued statements sa> ing it had been 
receiving "mixed signals” from India 
about the talks. 

Bui an Indian spokesman said in New 
Delhi: "Our position has been clearly 
pul across during the prime ministerial 
talks in Male The signals from India are 
very clear and very unambiguous." 

A Pakistani Foreign Office spokes- 
man said the talks would begin where 
they were left off in New Delhi. 

“We are still in the process of working 
out an agenda and a mechanism for ad- 
dressing 1 he issues." he said, warning 
that "one should not expect miracles." 

The issues are "very complicated, 
very complex and long-standing.” he 
said. "Our efforts are 10 set the process 
in motion >o iliac a meaningful dis- 
cussion can lake place.” 

Prime Minister Nawaz Sharif of 
Pakistan has pledged 10 improve re- 
lations w ith India. His meeting in May 
with Mr. Gujral led to ihe setting up of 
working groups to resolve problems. 


* 


57 Feared Dead in Fire in Indin 


estimated 3.4 million eligible voters in the South Pacific 
country of 4.3 million. A result is not expected to be 

NEW DELHI — 57 people were feared dead and 90 known for U P to ,wo weeks after lhe P ol,in " SIO P s - ,APi 
were injured Friday when fire roared through a packed rr . j . /^ • 

movie theater in the Indian capital, rescue officials said. tlttnOl Investigates (j-fieVanCeS 
Dozens of fire fighters and rescuers worked to pull out 0 


people trapped by smoke in the building in a Delhi 
suburb. 

The Press Trust of India said the movie theater, which 
was full for a matinee screening of a popular Hindi 
movie, can seat 1 ,400 people. 

There was pandemonium in the narrow streets near the 
theater as spectators jostled fire fighters and police 
officials trying to tend to the victims asdiey were brought 
out on stretchers. (Reuters) 

Papua New Guinea Set to Vote 


HANOI — A Hanoi official said Friday that a gov- 
ernment team had been seni to report on public griev- 
ances around Vietnam following a rare protest by vil- 
lagers over corruption. 

The official at the State Inspectorate gave few details 
but said the delegation had completed a tour of northern 
Vietnam and was now visiting southern Vietnam to 
report on how provincial and municipal authorities were 
handling local complaints. 

Witnesses say about 3.000 people have been protest- 
ing in Thai Binh Province. 70 kilometers (45 miles 1 
southeast of Hanoi, for the past month. t Renters 1 


would resume aid to the Southeast Asian country if it 
became more democratic. 

Hiroshi Hirabuyashi met for about an hour w ith Lieu- 
tenant General Khin Nvunt. secretary of the State Law 
and Order Restoration Council, foreign diplomats said. 

Diplomats said Mr. Hirabayashi had passed along an 
offer by Prime Minister Ryu taro Hashimoto to resume 
development aid if the military regime showed more 
respect for human rights. 

Japan suspended aid in September 1.9SS after the junta 
seized power. In February I9SV. it resumed aid for 
projects under way . but has not extended any new aid 
since then. ’ MP» 


For the Record 


PORTMORESBY, Papua New Guinea — PapuaNew rrz • 1 a* i r> 

Guineans begin voting Saturday in a two-week-long Japan rr€lgnS Aid tO JD UmW 
election to determine which of the 2.370 candidates will * C 

fiU just 109 legislature seats. 

A record 2.6 million people have registered out of an 


RANGOON — A high-ranking Japanese envoy re- 
portedly told a top member of Burma's junta that Japan 


At least five inmates were killed and nearly 30 others 
injured in prison riots in Bogota and Colombia's central 
Tolima Province, authorities said. (Neuters) 

The Philippine Air Force has proposed to buy up to 
12 fighter jets and radar equipment this year to fortify the 
country's air defense system. Lieutenant General Wil- 
liam Hotchkiss said Friday. 1 Renters) 




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PAGE 6 


ART 



The Touch of the Brush: A Parting of the Ways in Venice 


By Roderick Conway Morris 

Inirmurii'iiul Hm /ltl Tnhiuir 

V ENICE — "I think we are at 
the end of a cycle, and we are 
about to see the reincarnation 
of figurative art," said Maxim 
Kantor. a 4&- year-old Russian painter, 
as he pur ihe final touches on the hanging 
of his dramatic pictures in his country's 
pavilion in the CastelJo Gardens. "The 
significant difference between so-called 
post-modem isl art and real art i* the 
touch of the brush on the canvas, the 
hand on the material being worked — 
and the disregard of this individuality 
and rendering art anonymous has been 
the greatest crime againsr art." 

Within the hour, Gennano Cel ant. the 
artistic director of this year’s Biennale, 
was declaring in a press conference the 
old values of the "gerarehical dimen- 
sion" of traditionalist an dead and the 
triumph of the multimedia, hands-off 
a pp roac h complete . 

The presence of these diametric ally- 
opposed philosophies at the 47th Bien- 
nale < which opens Sunday and continues 
until Nov. 9) is due both to the 57-year- 
old Celant's last-minute appointment as 
director and the existence of more than 30 
national pavilions, a handful of which 
have deviated for various reasons from 
the prevailing post-modernist trends of 
this, and other, contemporary art shows. 

The Venice Biennale, which also 
runs the film festival, was set for reform 
in February. The proposed institutional 
reconstruction has been described as a 
"privatization" — something of an ex- 
aggeration. given that state bodies, ac- 
cording to the plans, would remain in 
the voting majority. But the reorgan- 
ization has yet to take place, and Celant. 
a well-known advocate of everything 
post-modern, was called in only in Janu- 
ary to put together a show in the Italy 
pavilion and The Corderie (Rope Walk} 
in the Arsenale. 

Celant has made a fairly predictable 


selection of 60 postmodernist artists 
from around the world, including Roy 
Lichtenstein, Rebecca Horn. Anselm 
Keifer, Jeff Koons, Claes Oldenburg 
and Coosje van Bruggen, for his “Fu- 
ture. Present. Past." Celant called in 
fewer arrists than in post years, therefore 
allowing each of them more space, and 
mixed Them m the Italy pavilion and 
Corderie. previously used for “young" 
artists, regardless of age. Many exhib* 
itors have done pieces specially for the 


A handful of pavilions 
at the Biennale have 
deviated from the 
post-m odern tren ds. 


show, and among them are “found" 
works, such as a" brand-new. exceed- 
ingly expensive- looking mechanical 
digger thereafter festooned with tinsel 
and Christmas decorations, a giant 
sphere coated with dead beetles, a pile 
of rubble intertwined w ith copper fun- 
nels and tubes, photos, videos, beer 
bottles, distressed furniture, and some 
interesting new canvases by the Belgian 
painter Luc Tuymans. 

Most pavilions had decided their 
entries before Celant was appointed, 
notwithstanding the uncertainties of the 
form and dales of the event. As a result 
of a national competition. Robert Cole- 
scott, now 72. won the chance to be the 
first black to have a one-person show in 
the US. pavilion. Colescotfs career 
spans more than 50 years, during which 
he has lived in Paris and Cairo, and his 
bold, bright canvases often revolve 
around themes of racial and political 
injustice. Though he may sometimes 
have felt isolated not only by his color 
but also by his insistence on plowing the 
figurative furrow, his labors have bom 


fruit. .And his complex, multifaceted 
scenarios, constantly informed by a kind 
of mordant playfulness and drollery, 
reveal a man as much interested in etern- 
al human dilemmas, aspirations and 
fears as in political issues. This show of 
Colescott's work over the last decade 
will go on a U.S. tour in 1998. 

The- Australian pavilion is exhibiting 
for the first time three Aboriginal wom- 
en artists: Emily Kame Kingwuireye. 
Yvonne Koolmatrie and Judy Watson. 
All three's works reflect traditional Ab- 
original imagery, but have a strong and 
appealing personal presence. 

it is a nice irony that Kantor. a veteran 
of the struggle against the old Soviet 
regime, who equally makes no secret of 
the dim view he takes of received think- 
ing in contemporary art. was unexpec- 
tedly able to exhibit in the Russian pa- 
vilion. His modernist countrymen. 
Komar and Melamtd. were scheduled to 
occupy the space, but in the meantime 
thee were invited to appear in Celant a 
“Future. Present. Past." Kantor learned 
only a month ago that he could til) the 
vacuum, and his powerful and dynamic 
oils should become a major attraction of 
this year's Biennale. 

Kiintor's paintings contain echoes of 
artists he admires, from Goya to van 
Goeh and Bacon and the Russian mas- 
ters" of devotional an. but are charac- 
terized by a distinctive, commanding 
sense of composition and vigorous 
brushwork. Most of his present w ork is a 
response to the misrule that has fol- 
lowed the end of Communist rule — a 
businessman *hot to death with his 
bodyguards in his car. the permanently 
dispossessed in the streets and in the 
gutters, the elderly and confused, the 
pathetic inhabitants of overcrowded, 
shared apartments, and apocalyptic vi- 
sions. such as his Judgment Day-like 
icon “Rebellion of the Pygmies" — but 
others, like his portraits of his parents 
and relatives, are more intimate, though 
still inescapably direct and poignant. 


The Biennale "fringe." meanwhile, 
is showing encouraging signs of vitality 
and diversity. “Modernities and 
Memories" at the Zenobio Institute 
tRio Tera Antonio Foscarini. by the 
Accademia Gallery t is staging a display 
of artists from the Islamic world from 
countries as far-flung as Turkey. 
Pakistan. Mali and Indonesia, which 
reveals not only how unmonoiithic 
Muslim cultures are. but how artists are 
tackling the impact of post -modem in- 
fluences and the reinterpretation of local 
visual traditions. In the "Commedia 
deli'Arre" show at the Galleria del Le- 
one on the island of Giudecca. Ihe 
sculptor Joan FitzGerald, provides a 
sharp satirical commentary on today's, 
or possibly any era's, art world in a 
series of finely worked small bronzes 
representing familiar figures, stripped 
of their fashionable accessories (except 
for one gallery owner on his mobile 
phone i. transformed into naked apes. 

T HE Palazzo Querini Stampaiia 
has a selection of works that 
have so far been gathered for the 
"Sarajevo 2UU0 Project." This 
initiative was launched during the darkest 
days of the siege and was aimed at col- 
lecting works for a future modem an 
museum in a city that has lost nearly 
ihree-quaners of its historic buildings. 
Despite the difficulties, some suitable 
sites are now in view. Judging by the 
w orks on display here, however, the col- 
lection is leaning heavily toward a certain 
type of post-modem art. It can only be 
hoped that a fuller picture of contem- 
porary artistic endeavor will eventually 
find a home in Sarajevo. 




A 


s / / V $ 


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Joan Fitzgerald's “ The unpublished historian vloberrofs his expertise.’ 



Hong Kong Revisited : Photos 
Of Early Years of the Colony 




i 


By Grace Glueck 

V«m: 7 V, » Wr« „ , 


N EW YORK — Staidly Eng- 
lish and cyclically Chinese. 
Hong Kong became a pho- 
tographer's mecca after the 
British took it over in 1841. 

As the crown colony on the South 
China Sea developed from a barren rock 
into a bulling metropolis. Westerners 
and Asians — among them Felice 
Beato. John Thomson. Lai Afong. Pun 
Lun. William Pryor Floyd and the 
American Milton Miller — recorded its 
scenes and events, selling images of 
prospering Hong Kong to itself and the 
rest of the world. 

Now. on the eve of the colony's re- 
version to Chinese rule, the Asia Society 
and the Hong Kona Arts Center have 
organized “Picturing Hong Kong: Pho- 
tography 1 855- 1 9 1 0." a sort of homage 
to the early years (through Aug. 17). 

The 75 images range from panoramas 
of Hong Kong's harbor to the wallet- 
size images known as canes de visite. 


While for the most pan they show the up 
side of life in the “Fragrant Harbor." as 
the Chinese called it. there are excep- 
tions: One is an anonymous 1890s view 
of bystanders gazing at beheaded pirates 
of Kowloon, a part of the territory . 

The fascination of Hong Kong is 
partly based on the tension of British 
and "Chinese coexistence, but this the 
photographs do not often convey. 

The show’s curator. Roberta Wue. 
points out that scenes of the English 
settlement of Victoria with its fine 
buildings, well-tended streets and 
private residences were meant to stress 
Hong Kong's identity as a royal colony 
and to symbolize the beneficence of the 
British presence. 

By contrast, views of the Chinese 
areas to the east and west promoted their 
exoticaJly Asian aspects: narrow pas- 
sages. quaint architecture and the com- 
motion of street life. But even though 
they catered to Occidental stereotypes 
of Asians, these photographs provided 
for the Western world more glimpses of 
Chinese life than any other source. 


Scenes of the colony s center and the 
superb harbor that made it the hub of 
Asian irjde dominate "Sights of Hone 
Kong." the show s first section. 

A splendid panorama of the praya. or 
waterfront, circa IS6S-71 attributed w 
the Sc«»tti>h photographer John Thom- 
son shows the massive Victoria Peak 
rising behind a long line of “hongs." 
the shipping w arehouses vital to the" life 
of the city. 

T HE busy harbor also appears ina 
large prim of the Queen'* Road, 
made by Miller in the 1860s. Its 
focus is" the road leading to the 
harbor and the handsome buildings that 
lined it. includuig die landmark Clod 
Tower then under construction. 

A much sterner view is Beato A >pec- 
lacular I860 panorama of the harbor 
bristling with the fleet of ihe North 
China Expedition. 

All told. "Picturing Hong Kong" is a 
lively . humanizing portrait of a complex 
community that throw < some light on its 
situation today. 



"W 


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An exhibition by the American artist Roy Lichtenstein in the Italy pavilion at the 47th Venice Biennale. 



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Victoria Peak rises behind the Hong Kong waterfront in a panorama attributed to John Thomson. 


BOOKS 


THE GOD OF SMALL 
THINGS 

By Amihllidti Roy. 321 pa yes. 
$23. Random House 

Reviewed by 
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A RUNDHATl ROY’S 
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gins as a son of mystery story. 
What caused the boy named 
Estha to stop talking? What 
sent his twin sister. Rohel. into 
exile in the United States? 
Wliy did their beautiful moth- 
er. Ammu. end up dying alone 
in a grimy hotel room? What 
killed their English cousin. 
Sophie Mol? And why has a 
“whiff of scandal" involving 
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While such questions may 
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and class. Dickensian in its 
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ciety and character. 

A screenwriter who grew 
up in Kerala. India, Roy cre- 
ates a richly layered story of 
familial betrayal and thwarted 
romantic passion by cutting 
back and forth between time 
present and time past. Set in 
southern India against a back- 
drop of traditional religious 
and caste taboos, her story 
depicts the tragic confluence 
of events — both personal and 
political, private and public 
— that bring about the murder 
of an innocent man and the 
dissolution of a family. 

Although Roy's musical, 
densely patterned prose com- 
bines with the mythic power of 
her tale to create the impression 
of magical realism, the most 
fantastical events in "God of 
Small Things" are not the 
products of a fevered imagin- 
ation; they are simply "the 
byproducts of everyday pas- 
sions. As one of her characters 
observes: "Anything's possi- 
ble in human nature. Love. 
Madness. Hope. Infinite joy." 

Writing largely from the 
point of view of the twins, 
Esiha and Rahel. Roy does a 
marvelous job of conjuring 
the anomalous world of child- 
hood. its sense of privilege 
and frustration, its fragility, 
innocence and unsentimental 


wisdom. She shows us the 
twins' uncanny spiritual con- 
nection with each other and 
their longing for their mer- 
curial mother's approval. 
Even at age 7. Estha is the 
reserved one, dignified in his 
Elvis pompadour and pointy 
beige shoes, Rahel is the curi- 
ous one. wayward, ardent and 
solitary in her pride. 

Through die twins' eyes, we 
are introduced to their relatives 
and neighbors in the small In- 
dian community of Aye- 
menem. There's rheir mother. 
Arrtmti. a lonely, secretly re- 
bellious woman whu feels chat 
her failed marriage to a drunk- 
ard has ruined her chances of 
happiness and flight. There's 
their uncle. Chacko. a former 
Rhodes scholar who has re- 
turned home from Oxford to 
run his mother's pickle fac- 
tory. And there's their great- 
aunt- Baby Koehamma. a 
mean, perry behemoth of a 
woman whose unrequited love 
for a priest lias permanently 
warped her life. We meet 
Comrade Pillai. a local politi- 
cian willing to sacrifice people 
to principles C’rhe old om- 
eletie-and-eggs thing”). 

Roy gives us • a richly 
pictorial sense of these char- 
acters’ daily routines and 
habits, and she delineates their 
emotional lives with insight 
and panache, revealing The 


fatal confluence of jealousy, 
cruelty and naivete that shapes 
their destinies forever. 

Dozens of small details pm 
her characters to the page and 
insinuate them into our minds: 
the family matriarch. Mam- 
maehi. blind behind her 
rhinestone studded glasses, 
playing the violin: Chacko. 
carefully building model 
planes of balsa and watching 
them crash into the town’s lush 
green fields of rice, and Rahel. 
her unruly hair pulled back 
into a ponytail, making mental 
lists of people she loves in an 
effort to quiet her fears. 

If Roy is sometimes over- 
zealous in foreshadowing her ^ 
characters' fate, resorting on 
occasion to darkly portentous ,y 
clues, she proses remarkably . r 
adept at infusing her story with ' 
the inexorable momentum of 
tragedy. She writes near the 
beginning of the novel that in 
India, personal despair "could 
never be desperate enough, 
that "it was never important 
enough" because " i wpr5 ji 
tilings had happened" a™ 

"kept happening." Yet a* 
rendered in this remarkable 
novel, the "relative small- 
ness" of her characters' mis- 
fortunes remains both heart- 
breaking and indelible. 

Michiko Kakutani is on (he • 
staff /if The Kew York Times 




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SATURDAY-S UNDL4Y. JUNE 14-15, 1997 

PAGE 7 






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Givenchy Appointed 
At Christie’s France 


By Souren Melikian 

International Herald Tribune 


-A : 


P ARIS — Hubert. de Givenchy 
has been named president of 
Christie’s France in the grand 
battle for international su- 
premacy fought behind the scenes by 
the two auction market giants, 
Christie’s and Sotheby’s. Chnstie’s 
has just made a brilliant tactical 
move. 

The auction house announced Fri- 
day that Givenchy, the great French 
couturier, will assume the position as 
of Oct 1, when Nicholas Clive 
Worms steps down. 

. -“I will be an ambassador,” said 
Givenchy, who retired from fashion 
in 1995. 

With a worldwide network of 
friends, admirers and former clients, 
he will indeed give Christie's an en- 
hanced profile. Although neither 
Christie's nor Givenchy said any- 
thing to that effect, his presence at 
Christie’s will act as a magnet on 






Hubert de Givenchy standing at 
. the model of the Statue of 
Liberty on the Seine in Paris. 


French ait owners who are thinking of 
selling at auction. 

His own example should inspire 
them. When Givenchy, who lives in 
one of the most admirable hotels par- 
ticuliers of the Louis XV period in 
”Le Faubourg” off the boulevard 
Saint-Germain, decided to close one 
of the floors in his house and to sell its 
very grand Louis XIV to Louis XVI 
furniture and furnishings, he turned to 
Christie's. The catalogue was a model 
of scholarly research and production 
— - in which respect one suspects that 
Givenchy himself may have played 
some part. The public relations cam- 
paign, helped by Givenchy's name, 
surpassed anything seen as yet, and 
the $26.3 million sale in December 
1 993 in Monte Carlo set a world re- 
cord for any furniture sale. 

Christie’s hope is clearly that 
Givenchy will also apply his multiple 
skills from what might be termed per- 
son-to-person diplomacy to design, 
including architectural design (in 
1976, he redesigned the five floors of 
the Brussels Hilton), to the various 
undertakings of the company. Hughes 
Joffre. director-general of Christie's 
France, whose idea it was to turn to 
Givenchy, says he has no doubt that 
the couturier’s touch sooner or later 
will be felt throughout Christie's 
France, from the design of the re- 
ception rooms to catalogue produc- 
tion to sale preview displays. 


H IS role in attracting top- 
notch property is bound to 
be considerable, not just in 
France but. among other 
countries, in the United States, where 
he counts friends from coast to coast, 
and worldwide access to property is 
now to auction houses what access to 
raw materials is to world economic 
powers. 

Givenchy will of necessity be 
pitched against one of the most bril- 
liant figures on the Paris scene. Prin- 
cess Lame de Beauvan-Craon. the 
chief executive officer of Sotheby’s 
France. 

If the French government at long 
last gives the green light for auctions 
to be conducted without hindrance, 
legal, fiscal or otherwise, by citizens 
of the European Union, as many be- 
lieve will be the case by the fall of 
1998, the temperature will rise by 
several degrees. 


The Franks: Their Times and Treasures 


bilerihiliiHhil Herald Tribune 

P ARIS — Rarely was so much 
made out of so little. Were it 
not for politics, the art show 
“Les Francs — Precurseurs 
de FEurope" (The Franks — Fore- 
runners of Europe ) at the Petit Palais 
and perhaps its parallel exhibition as 
■well, "Les Tresors Merovingiens de 
File de France” (Merovingian 
Hoards from the Ile-de-France) at 
Saint- Germain-en-Laye, might nev- 
er have seen the light of day. 

' An shows? At the Petit Palais, this 

is hardly the mot juste. As they wind 
their way through a may? of cases 
filled with sundry odds and ends. 

SOUREN MELIKIAN 

from broke u iron blades, shield 
bosses and arrowheads eaten away 
by rust to lots and lots of the most 
banal if ancient earthenware vessels, 
visitors cannot help feeling at times 
that it has all just been unloaded from 
a wheelbarrow, straight from some 
excavation currently under way. 

In the morass, a sprinkling of 
sometimes exquisite small gold jew- 
elry easily gets lost. The sensational 
ring canying the title and name 
R[eginae] Amegundis. the spouse of 
the Merovingian king Clotaire, dis- 
covered in 1959 by Michel Fleuiy in 
a tomb in the Saint-Denis Basilica 
and rarely shown to the public, 
should not be missed. 

If only for a grouping of three ex- 
traordinary objects from out-of-the- 
way places a visit is a must. It includes 



Petit Palais t. skeletons of bodies 
hastily buried, some on top of each 
other,’ tell the grim story. A rural 
settlement at the foot of a fortress 
stormed by the Franks was found to 
have been razed. It was never re- 
built. 

Thousands of similar assaults 
must have occurred in the new two 
cenruries. The Germanic tide wa> 
unstoppable. In the Fifth centur>. 
Rome itself was occupied and 
sacked three limes. The final blow 
came in 476, when Romulus Au- 
gustulus was deposed by Odoaccr. a 
pert)' Heruli chieftain who had been 
proclaimed king of his people ih.it 
year in northern Italy. 

Within the next 10 years, the Sa!i- 
an Franks, who were in control of 
Handers and Northern France since 
around 430. pushed farther south, led 
by Clovis, who was hailed king about 
481. give or take one year. By the 
time of his death in 5 1 1 . most of w ha? 
we call France was ruled by him. 


T HE Salian Franks moved 
their capital from Tnumai to 
Paris in 507 and. two years 
later, the Franks of the 
Rhine area recognized his authority . 
** Francia." the partly Germanic and 

P artly Latin-speaking area under 
rankish rule, had come into being 
as a geographical concept. 

It was to take another 500 years lor 
the cultural entity ••France” to 
emerge, regardless of the myths, 
largely rooted in 19th-century French 
Romanticism, that would hail the 
Merovingians as a •'French" d\ nasty 
and, equally, see as "French" Char- 
lemagne. the very Germanic ruler of an 
international Empire that styled itself the 
"Holy Roman-uermanic Empire" and 
had its center of gravity in the metropolis 
Aachen (Aix-la-Oiapelle). 

The impact of the Franks as such on 
the yet-to-be French culture is not easily 
measured. Both Perm and Francotse 
Vallet. chief curator of ihe Saint Ger- 
main-en-Laye museum, who put togeth- 
er the "Tresors Merovingiens" show, 
pointed out in separate interviews that 
the Franks displayed no cultural fea- 
tures that single them out from the other 
Germanic groups. Perm stresses that 
their cultural level was modest. 

The objects seen in both shows, 
which rarely compete with the greatest 
pieces from other parts of the Germanic 
world, support that view. 

"Les Francs," at the Petit Palais until 
June 22 before reopening in a much 
expanded version in Berlin on July 13. 
"Les Tresors Merovingiens.'’ until July 
3J at the Musee dcs Antiquites Ra- 
tionales in Saint -Gennain-en-Luxe. 


Openwork gold disk from Lintons in the Pnx-dc-Dome area of central France 


a seventh -century reliquary from Essen- 
Werden preserved in the Propsieikirche 
Sank: Ludgerus. Shaped like a gable- 
ended house, this is one of the earliest 
West European objects carved with a 
scene from the Passion of Jesus, seen 
here flanked by two soldiers. 

Leaning bizarrely above the 
reliquary, a crozier from Moutiers- 
Grandval, associated with Abbot Saint 
Germain [Saint Germanus] of Trier, is 
on loan from the Musee Jurassien d’Art 
et d’Histoire at Delemont, Switzerland. 
It is a masterpiece of Germanic art with 
ilk S-shaped beaded motifs enclosing 
gold cloisonnd garnets. 

And few works are as strange as the 
openwork gold disk from Limons in the 
Puy-de-Dome area of central France. A 
stylized mask, apparently depicting the 
"Holy Face” of Jesus, appears in the 
center flanked by the alpha and omega 
letters of the Greek alphabet signifying 
that God is the beginning and end of all 
reality. 

Most striking perhaps is an admirable 
gold and cloisonne garnet rectangular 
tray of the fifth century with the Chris- 


tian cross from Gourdon in the Saone- 
et-Loire. Add its matching chalice, in 
which the um shape of Classical de- 
rivation is flanked by handles termin- 
ated with typically Germanic bird 
heads, and no one could deny that the 
show has its high points. 


T HESE, alas, are not only buried 
under a mass of material better 
suited to the storage room of an 
archaeological expedition but. 
worse still, they are overshadowed by 
big boards with sketches designed to 
explain and clarify items, from costume 
to habitat. Done in a pedestrian comic- 
strip style, the boards are presumably 
aimed at 8-year-olds. The excuse for this 
cheap populist approach seems to be the 
need to make history throb with life. 

Yet. the story behind all this is grip- 
ping enough not to need that gimmickry. 
How a Germanic group, the Franks, 
which were neither numerous nor cul- 
turally vigorous, swept over much of 
what is now France with its vast Ro- 
manized population, mainly Gallic in 
origin, ana came to give it their name in 


the latinized form. "Francia,” is one of 
the most astonishing paradoxes of 
Europe in the making. 

The sequence of events is now known 
in substantial detail, as the book written 
jointly by Patrick Perin and Latire- 
CTiarlone Feffer. "Les Francs." just 
reissued by Armand Colin, makes dear. 
The Franks came about as a federation 
of minor Germanic tribes struggling for 
survival among more powerful groups 
such as the Burgundians. Goths and 
others. They were soon caught up in the 
massive westward Germanic thrust, 
which abruptly intensified in 259-260. 
While another Germanic confederation, 
the Alemans, launched a blitzkrieg 
down the Rhone Valley, devastating 
Lyon, and another offensive straight 
into Italy as far as Ravenna, the Franks 
did their bit against the Roman limes or 
"border” between Trier and Cologne 
— in Latin. "Colonia.” or the Colony. 

Excavations conducted in 1959 at 
Krefeld-Geilep allowed archaeologists 
and historians to get some idea of die 
fury of the combats that took place. 
Broken weapons (some on view at the 


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□ AUCTIONS 


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vr BIENNALE DE SCULPTURE 
DE MONTE-CARLO 

May 24 -October 31 1997 

t e hibition of monumental sculptures 

in the public gardens 
and the Monte-Carlo Casino... 

...40 artists shown 
Arman, Botero, Colder, Indiana, 
Mansu , Martini, Mrrb... 

Lyoa CWwitk - HIGHWIND UI - 1990 


m 

■ GALERJE THADDA&US ROPAC 


COLNAGHI 




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EDGAtt'^B^S de la 

" EKHTBITION OF MASTER DRAWINGS 
12 th June - 11th July 1997 

Monday "Fnday 10 -'SJOpnt 
. 15 CM Bond Street -London W1X4JL 
• “ftL- 0171-491 7408 -Fax: 0171-491 8851 


TORRKS - GARCIA 

: - SELECTED WORKS - 

1899 - 1949 


’ : from the Col lecrion of 

Aiejandra, Aureiio, Claudio Torres 


■ May 1 6 ^997 

JAN KRUGIER GALLERY 

44 £AST 57TH ST, NEW YORK, NY- 10022 
TEL: (212) 755-7288 FAX: (212) 980 -.6079 


© ESKENAZI 


Oriental Art 


10 Clifford Street 
London WlXIRB 

Telephone 0171-493 5464 
Fa*. 0171-499 3136 
Cables: ESKENAZI London Wl 


EXHIBITION 


10 June - 12 July 
1997 


Weekdays: 9.30 - 5.00. 
Saturdays: 10.00 - 1.00 


Chinese Buddhist sculpture 

Futiy 'illustrated catalogue available 


All about 
the Arab World 
Institute 

http://mw.imarabe.org 



. POULAIN . LE FUR . 

V , COMMJSSAIRES PRISE URS ASSOOES A ) 

20, rue de Provence, 75009 PARIS 
Tel.: 33 01 42 46 81 81 - Fax: 33 01 42 46 00 09 

65 CLASSIC AND 
PRESTIGIOUS AUTOMOBILES 

Les Allies des Boutiques du Palais des Congres 
Porte Maillot, Paris 

MONDAY 23rd JUNE 1997, at 8 p.m. 


Pierre Cornette de Saint Cyr 


COMMIS5AIRE 


P R I S E U R 



44, avenue Kl£ber 75016 Paris 
Teh 33(0) 1 4727 11 24- Fax: 33 (0) 1 45 5345 24 


JUNE 30, 1997 

DROUOT MONTAIGNE - 8:30 pan. 

IMPORTANT MODERN 
AND CONTEMPORARY PAINTINGS 

Including 8 collaboration works 
by Andy Warhol and Jean-Micbel Basqmat 
and two works by Basquiat 


r .Tr"v> : i'” 

irSix 




FERRARI 250 GT Ssyder C.-.liiv-na . 1 956 


AC BRISTOL “Aoe" RmAtir. IBf 
ASTON MARTIN DUVumgB- IM4 
BENTLEY Cwneheabrrgiet- 1975 
BENTLEY R- 1953 
BUGATTI 57 CahrUa SteUs - 104 
BUGATTI 40 CahMa- IV27 
CHH4ARD& WALKER 
Sport 3 itmlvrpeda - IfM 
DGLAHAYE I3SM UvhkthMock-1f3l 
DGLAHATE 135 M CMhtGoM.lHf 
FACE. VEGA CaWefet FVI . IIS5 


FERRARI 250 GT Spyder CaMornd- IRS 
FERRARI 348 Spidir.im 
FERRARI 365 GT4BB- 1174 
FfflRARI FJ55 BerOmtu- 1995 
LAMBORGHINI Min SV - 1972 
LAMBORGHINI P400 Hn- IM7 
MERCEDES 300 S Coop* - IMS 
RAN HARD ft LEVASSOR XI9 
TwpMo • I9M 

PAUL MOR1SSE 4 (teen, - I9M 

TALBOT Ceadh Airwla - 1959 


ii ■ 




Ci) ' 


Public exhibition: 

From Thursday June 19 to Monday June 3 from 1 1 am to 6 pm 
For information: Fran c o is WE ESS. TcL: 33 01 42 46 81 81 
Catalogue on request at our Ciffice: 130 FRF (Including postage) 
INTERNET http: //wwwauedon -fr.com/poutaln/le/ur 


auction sales 

IN FRANCE 


DROUOT RICHELIEU 

9 , rue Drouot T^IX® Paris -TeL: 91 48 00 20 20 


— Monday, June 23,1997 

Rooms 5*6 OLD MASTER DRAWINGS. Etude TAJAN, 
37, rue des Mulhurins 75008 Paris. tel.:33 (0) 1 53 30 30 30 
. - fax: 33 1 53 30 30 31. 

— Wednesday, June 25, 1997 

Room 2 OLD & MODERN BOOKS - AUTOGRAPHS - 
MANUSCRIPTS. Etude TAJAN, 37, rue des Mathurins 
7500S Paris, tel.: 33 10) 1 53 30 30 30 - fax: 
33(0) 1 53 30 30 31- 

Thursday, June 26, 1997 

; Room 15 I) OLD & MODERN BOOKS. U) JUDAICAN 
ART. . Et pdr TAJAN, 37. rue des Mathurins 75008 Paris, 
kL; 33 (.0.) 1 53 30 30 30 - fax: 33 f0> 1 53 30 30 31. 

S In NEW YORK please contact Ketty 1 NlaLsonrnuge & Cn. 
Inc. It* East 65tn Street, fifth floor. N.Y. 10021. Phone 
(2121 “*37 35 "3? 38 13 - Fax: U12.) 861-14 


ANDY WARHOL & JEAN-MICHEL BASQUIAT 

“G.£ WITH WAITER " 

Acrylic and silkscreen on canvas. 

■284 x 382 cm (1 12 x 150 inches) 

On view: 

June 28 and June 29. 
21 to 27th June I lam to 9 pm 

Gallery Enrico Navarra June 30, 1 1 am to 6 pm 
75 rue faubourg Sc Honort Drouot Montaigne 
75008 Paris 15 Avenue Montaigne 

Tel j 33 0 1 47 42 1 5 99 75008 Paris 

Tel.: 3301 48 00 20 80. 


ARTS 


ARTS 

& ANTIQUES 

Every Saturday 

Contact 

Kimbsuy 

GUBRAND-BEIftANCOUIT, 
(33-1) 41 4394 76 
Fox: (33-1) 41 439370 

or your nearest IHT office 
or representative. 


1-6 October 97 
Espace Eiffel Branl 
Paris. 

International ContemporE 
Art Fair 

Country of honour: Switzerla 








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Proton N Amnncan Eq Fd ; 847*84 

NOKIA 


Communicator 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JlTiE 14-15* 1997 


Advertisement INTERNATIONAL FUNDS June 13, 1997 

available on Internet: http://www.iht.com/IHT/FUN/funds.hbnl 


Quotations awpplitd by fund groups to Mtcropal Parts (M: 33-1 40 28 09 OB) S&tWCO Sponsored by 

For i n formation on howto fist your fund, tax Katy Hourl at (3&-1) 41 43 92 12 or E-mail : funds® ihtcom |\|C3I^C|XV 
Ouotatfons for your funds via E-mail : e-fundstffthtcom 


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1 WORLDWIDE ELITE ■ ■■■n gabriele thiers-bense 
...to the best in international society : 

-PAWS -BRUSSELS- 

"SWEET" international ECONOMY EXPERT, MBA ^ Sp 

34/5*5", sfim,, a WW, wcbaAig and tender young woman who • due Wmk - ■ j9B 

b descent rttsow PUft pWosocfiy cmd Sterahn stubs ■ her mts MP : * - hSU 

’-fK? ilifc' 'fi 

a ritstitf iMwmBwwi a«ude towards Ste • she qraduSad mainly from HS§g||k ^::rrr 

American Unrrarsines, u fluent hi four languages, she plays various fflzz*§$SRl> ^Bp||§lf§ 

dasifd mustc-msfrumenb and passionately onuys extensive worid- TMzssBlip*? ■ •\israRtSv’ 

travel -A (XNIM COSMOTOtnAN WITH AN IMMSSING KNOWlflXS 


regarding world history and economic affairs ■ Although currently 
H P*® 1 to sdtle FOft MARHAGf 
Al© FAMILY UK n the United Slates ■ she ts active in tenra& wateraorts 
and m perfection accustomed to sophisticated sodal He A fl home- 
rn^^wm at imcomfirional desire for own children! ONLY FOR 


Exclusively for yog... 
Personally since 1975 

Tel.: +49 -89 -649-2205 


. . y,\ . ^ ••' •'"■■ -*i £■ ■■ rv :: t 


MARRIAGE MEDIATION ^ 

the sophisticated introduction... 

' - SOUTH- AfRiCA ■ 

with this EXCEPTIONAL WOMAN, 38/5 # 6* 

SHE IS A VITAL MOST INNOVATIVE PERSON of graceful, very feminine 
appearance but “touch" personally! ■ An impressng "pwneei* and 
genuine discoverer! - As a LEADING PROFESSIONAL & DOCTOR of 
5CIENCE (PIS)] she is an esteemed sonety-member presenting a most 
refreshing unpretentious, wonderfully natural behaviour, always 
prepared for new rentures and gods! * She wry much enjoys the unique 
beg^^uth-AfricaJer^REAT PASSION HORSEjBREEDING, 

life within her generjuT^Sr^ertti^ Integrated in the 
Engfish /Garner Society her privacy is consdouriy cutovried, presenting 
classical house-concerts, refined hosprhjTrty A many adventurous 
expe^tm throsnlwut ha- cosmtry-. She is A REAM for a man of equal 
canvidionl Ot&YFOR MARRIAGE! 


Fax: +49 - 89 - 649-2224 canvidiorl ONLfl TOR MAKHAGEI 

Doily 10-19 hrs. • Germany • 82031 Murach-GrunwaU • Otto-Heflmann - Str. 5 • By a pp o int ment 

Represented in Paris ■ Berlin . the USA — Singapore — Melbourne 



CXatMfia PfediehKhtes (Lid.). More than twenty years of experience as the partnership agency with a worldwide reputation for estabfishing 
corfiacts among the most cfistingiisbed dfenlele. Educated, aBured personaBttes erf the top ct safety, the busgiess efte and i n ternatio na l VIPs confide us. 

Simply Captivating: Strikingly Beautiful 'HE' late 30s/ 186, successful int er national entrepreneur from one af the world's 
Dcsughter at industrialist (tate2Gs/l 701, outstanding (notaole) famifies. 

ExeaSvB marooer and heiress to intefnaljotfll corporal 


Active tor you 
onaworkhMesci 


Ex ecutrvB manager aid heiress to rtemaConal corporation The husband of your dreams - kx a ffetime! A ‘muftaibrf man; mom ip in an rnTBUonaf anosphere (eta uwstay 
(Europea n ma rka leader): a slender, etegart and wonteluCy gaduael, with hpi Otto] and traBonai values, a peretnaSy irOom scwreigiiy and a dstrid sanse of respccsiBy tor 
r&^to*** cre&ure, kxig+iaired wth raoe-Tl due ayes, others, at tie same Irne a wiyromenBc tig boy wih a fetehng laid) ante ‘sarsa ol nonserse'. loves He arete capable of 
9JCcessU n business, tender and romantic In her private He, enjoyng l_ due lo hi muflipfe business comrrimerts and soda) ottaaicrs he very much appredstes Ik pnvate sphere, 
sal s, play s tonne ana a a got) berimer... She seeks HIM’; dayrggoH and temfe.skina loves sw and see -waei«xb(o»(nyBcW. tying- af nomen aT iherraropcfescttnB wtt 
tal. mravB, refabie, sti unmarrieaas wd. whowcuid be in Wi Naw Yorit to Hong Kcna from Paris ffl Genev^ZjrtS,M8i the absric hc&B0ons typical of a good icbnrqrn. a \iorid- 
a position to s import her by word and deed in business dess' man tor a sin. niua sartanecw yang bdy, sedessaiive and vwfri dsaciar, who iiows whai sha rents and 
maUBrs ■ aHemafiveiy she might be prepared to ttose ocf H taxes lie irto her own hards, she need not come from a ’ftstttoss' tarty tnS should ba accustomed to a carter degreeot 
Y4F needed her at ns ode - to be there for ‘HIM' • having (franca!) independence, she should taka pleasure h at rtamataa) way of He and speak sewrd languages. He shaft) 
chddrer. coted also be a source of happiness to her! realy ike to lay hi heart, si he possessions and the whole world a) his future wife's feet. 

Do you feel impressed? Please cal! us: You can reach us dally 1 mm 3 to 7 pin, ateo SatfSun on Fax (0049) 6241/9751 13 
Principal branch office Europe Germany- Ms. Hoffmann and Ms Zimmermann. T (0049) 69/242 77 154 or T (0049) 211/329357 . 


NANNIES/DOMESTICS # MEETING POINT 


Governess ^Companion 

I am looking tor an excellent guardian for mv 18 yean, old 
daughter for two years. 

You should not be less than 30 years old. My daughter is 
very independent, but srill needs a ‘•motherly eve*. Her 
knowledge of English is in need of improvement. Her French 
i* almost fluent, but needs constant care. 

You will live with my daughter on a farm about 120 km from 
Munich. You will have normal responsibilities like cooking, 
laundry, etc. A caring, lively personality and a first rate mind 
arc preconditions for this position of trust. 

A photograph is required. Please include your resume, refe- 
rences and desired wages with vour written application. 

A valid international driving license is required. 

Start of work on 1 2.09.1097- 

Ilse-Janine Rid, SchalilerstraBe 6, 80333 Munich. Germany 


Monroe Nannies 

MOM KTBMHNMiY FM THE VHTT BBT 

NANNIES/IUTERNITY NURSES 
eovHtfffissEsvanmsHBj’s 

Al staff are fully eqarincad In thn an 
tl tntarts i young ttitoan ft i* provide 
n wry professional a caring service 
Pba« contact WaHwIi SwjvNn 
THcfM 171)409 (WO FAX; |M 171) BB4IS 
MWOOK ST„ IIAVFMR. LONDON. HI 


TAfFof DISTINCTION 




Top agency esL 1982 
Nanmes. Mother's Helps. Babv 
Nurses. Au Pairs, Gcveht&sses 
All personally Interviewed 
and references verified 
Tek 44 171 355 5006 
Foe 44 171 355 5007 




Domestic Positions Available 


raSCH FAIBLV Seeks bingtal coo* 
I English. French! rttoti ctMran 40 

K mfii. veraable good references 
and biad. Table service, romg. 
Qrmgtcence tfcd fte coutvside and 
ararais. flejfly nth C.V arid photo. 
tHT.8K3£. 92521 Nei* C£dH 


Domestic Positions Wanted 


BENCH HA8 seels pb as housekeep- 
e ai Fiance or abroad. Pemarwa or 
: 5uanBrjcb WPans+33(0)i451181B3 


WISH NURSE wlh much atperience. 
and widi rtsmeCate level d Spansh, 
seeks fin eftter+y person to kx* rfter in 
Span prcfeotty n the Vatenoan Rwjwi 
or tee Balearic Islands Maria. *44 (0) 
181 452 8211 


FRENCH *011180 49 seeks Governess 
job in USA or Austsfia fFrendVAmencan 
tardy). Tel Badeas 433 (0)558283138 


FRENCH WOMAN 52. seeks fib as 
nanny, hoisekeeper. pnvaM teacher m 
New Yak Oy. Tet ,33(0)549517820 


YOUNG COUPLE & years Qd wih tra- 
by loolang lor a steady pb as carMatos. 
Tet Pot 433 ©1 43 20 65 41. 


NMESTIC SOLUTIONS AGENCY 
The speoRksts far Bates. Chapters. 
Compsrims, CookMrosekBepes. 
Copies & SeartysaB. 

Tel 44-171 589 3368 ft* 171 589 4866 


UK A 0VEBSEAS AU PAIR AGENCY 
NANNIES. MOTHERS H&PS. al IteHn 
salt. 87 Regers Si London WlR 7HF 
1M 171 494 2929 Fa* 171 4S4 2822 



3Hw» AmiwtefcTiL (322) SSI 99 ». 



_BpU>,Wm^CHEE5E 

L - . T ' Pw«i*d*nr. f3=«, t"±B 



■ipSMmctSmSaiMMi. 
C6*< de conotd ft CBaam on const dt 

Nska^nh 

. . [sworn T««f . 


TY-COZ 

Wl SbefctSrofaed G*wg 
l70ffa«dW7»MB»*V«r^- 
35 r & Gsm. A* 1 G*&e**A 
T«| . OI4ff70.42*J5 A 34 61 


NEW 

BALAL 

- \o&m da, Atoimi rfo>' 
vcatr#*i*a by pns?^ous G-oo 
- HhaOsfto ArccnSw*!- - 
35»n»TdbMW301 434653A7. 


KERVANSARAY 

T«W4WNs«iri»»i5awk<v. 
b«> «J uu J m iUg nm. Iri 
-«T_ 5125843 Arcodtrad 
X*n3prnS6p 

^penhsUayi.. 



Meeting Point 

ASIAN LADIES seek marriage Details. 
tCE BREAKERS. 545 Otfad FW. 1003 
Far Eas Stmm Or. Sraporp 09C3 
Td: B-732 §745. Far 65-235 3780. 
NVrtewwgscomiglkebteakas 

TEXAS FEMALE IN SAN FRANCS CO 
sophisticated & very attractive available 
ftt travel Tet 415&1-7994 USA 


GENERAL 

Announcements 

Attention visitors 
from the U.S! 

If you enjoy rating the IHT 

when you travel, why not 
also get it at home? 

Same-day deljyeiy available 
in U.S. cites 


Call (lip 882 2884 

Hcralb^i^eribunc 

mi cuaurs Dim 'ivnin 


011? NEAT SPECIAL HEAfXNG 

REAL ESTATE 
IN & AROUND PARIS 

(Sfifes and Remafc) 


FREJAY, JUNE 27th 1997 

Fa mere detafe please coetect 

M7EHNATKMAL fCRALD TRIBUNE 
PARS TM: +33 (0)1 « « 93 85 
or fine +33 (0)1 41 43 93 TO 
E-mat dassfeddlficom 


Hcnilb^^Sribimc 

na uiuDSOiiu irtewnj 1 


SUBSCRIBER CUSTOMER SERVICE: 
F« questions or quotes about ihedelv- 


EUR0PEAN, ATTRACTIVE LADY, |USt 
50. happy nature, slim, coivtty. blue 
eves, araderaie Seeks gsrilemaa- 
himea. hre M MapemM means, 
lo be happy together. P 0 Box 430. 
Sarwet m. 21X Austrste Tel. 1812} 
9558 8284 

DANISH LADY. 44. «wts to meet Ama- 
bar Tet UK 171 730 7880 O Bar 280, 
HT. 63 urg Acre. London WC2E 9JH 


Colleges & Universities 


BS.MA.MBA.PhD 

Earn A Degree, fine Ca&oq: Cenuy 
Unwetsiy. 6400 Uptown EM. NE. 
Sule 396W, DepL 50. Ataquroue. NM 
07110, USA Tet 505889-2711 


EARN UWVERSITY degrees uhtamg 
wit, Ida & academic experience For 
avaksbon & infamadon toward resune 
kr Padc Soufaem UnWenky. 9581 W. 
Ptc Shut. DepL 121 Los Angela s. CA 
90KB USA 

GET A COLLEGE DEGREE to 27 Day*. 
BSMS/ICA/PtO. etc. induing 
gradtekon mo, kwacripL dfalorna. 

Yes I s reeL le^l, gretaiieed and 
accredited 1-504-455^409 24 hous 


REGtSTEflH) ACCREDITED COLLEGE 
DEGREES. All sheets Horn Slu* 
FAX: 319-354-6335 Te+31 9-356-6620 
Box 2804. Ion City. IA 52244 USA 
E-Mat gmerwidfrveWiedcorn 


COLLEGE DEGREES. Distance Leam- 
Ucenaed Accrodied Free feJmgs. 


Legal Services 


DIVORCE WAY CfcHTFB) 

Call or Fax (714) 9688005. Wile: 1B7B7 
Bead) Btwl 1137, Hutfagfar Beech. CA 
92648 USA.- MWJ - ustomOjUBCom 


DIVORCE W 1 DAY. No trareL Write 
Box 377. Sutwy. MA 01776 USA Teh 
5064438387. Fax: 5084430183. 


KAREN MATTHEWS GALLERY 
Amettan Contarinary Fine An 


"W 


ap-jTwww. mawiew5gsteyxtxn 
Tet 1-617-63M735 
FtK 1-617-631-2935 USA 


eryaTyou newspaper, he steus of your 
sutKCipnn v abori ordering a sheep l Auctions 


ton please cafl the taJowmq numbers 
E1A0PE, MDDLE EAST AM) AFRKA: 
T0U FREE ■ Austrn 0660 8120 Bel- 
5M71 0800 77538 France 0600 437437 
Germany 0130 848585 My 167 780040 
Luxembourg 0000 2703 Nethertands 06 
0225158 Sweden 020 797039 Svrtza- 
land 155 5757 UK 0000 895965 Bse- 
whet? 1+33) 1 41433361 THE AMERI- 
CAS: USA (loB-treel 1-800- 8822 B84 
Elsewhere (+1) 212 7523890 ASIA: 
Hong Kong 2922 H71 Indonesia 809 
1928 Japan (toMreel 0120 464 027 
Korea 3672 0044 MaJflyse 221 70S 
Ptrtfaprtts 895 4946 Singapore 325 
0834 Taiwan 7753456 Thailand 277 
4485 Elsewhere 1-652) 29221171 


FEELMG low? • haute} probtens? SOS 
HELP crisis-line fa Engfch. 3 pjn - 
11pm Tet Paris (01) 47 23 90 80 


Auto Rentals 


RENT AUTO DERGJ FRANCE: WMfcnd 
FT500 7 days FF1500. TjlWanr +33 
m 4360 5555. Fax (0)1053 9529. 


SAVE ON CAR SHIPPWL AMKCO, 
Xrfabesir 2. Antwap Belgium. To/From 
US. Aha. Regular Ro-Ro saMng^Rw 
hKd Teh 320231-428 Fax 232-6353 


Autos T« Free 


nw TAX-fflS used 
Ail LEADING HAKES 

Sane day regStraKm pofisa* 

imafe ra to 5 yws 
We also reffster on am 
(sxpicex^ fareipi itax-hee) petes 

[CZKOVTT 5 

Aired fertw area 10. OWK7 Zirth 
TeL tnm 76 10. Fax: 01(202 76 30 


25 YHS OCEANWPE MOTORS 
wcricMe sj&f anl sftippflg & ^1 
Mercedes. BMW. Pasra*. 
*49-211-434646 Of l» 231-464 2lM 



The Yfotfa Largest Deater 
at AteDgraphs A MMHCfyta 
PiBsens an Ongfaal HsfaflcS Oocunenl • 
Auedon View our tuly bssated 96 page 
catalog ol 560 utkkubI signed tdorical 
documents an Bn Hemet 

WgJwww^alteyofktoryxom 


Collectibles 


PATEK PHUPPE, ref 3849. add watch, 
unworn. 60 bri. 0.41 d. highest ted. 
Fac +4WO-7240B7B 


AUTOfflAPiS oU by French colector 

Delacroix; Rousseau; Bonaparte 

- T Sanchez. 18 rue F Dflnd, 13100 AN. 
France. Foe 433 (0)4 4296 386 [M» 
Fri) E+thJ Wenysai*liffi«mkfteUiBl 


FR04CHHAN seeks pan friend in San 

ferefen Wile- Hr. Mi Kapetanatas. 

50 rue Vdor Ctenai F65000 Tabes. 


Business Services 


Lowest Infl 
Telephone Rates! 

Cal The USA Front 

Germany -SQ33 

UK SOUS 

Franca $022 

Smarted" ... StL38 

Sweden — -JOS 

Said Aotka $a89 

Cal For Al Rtes 
2SI CoosnWoft 
A^rts WMroroe! 

KallMart 

TPC 1-407-777<222 Fat 1-407-777-6411 
N^kAs^njanfiBlnHJl 


2ND PASSPORTS. Yte IfN bsreU 
bsikfag.bKk door to ^pafa t E.U. 
Agnts are wfconre. Tat 972 50883135, 
Fa 972 4 9667029 J E-TOt 
<passpcrtO passport o4ab 


YOUR OFFICE IN LOIDON 
Bond Stml • Mall Rum. Fu. Telex 
Tet 44 171 290 9000 fin 171 498 7517 


TOP CLASS, well educaea nsnrpr*- 
tan Sc&ndnavan type (artv. mid 40 s 
tushes K> meet Eurcp>edn high class 
male around 48-5S tether stim ana tal 
sporty. French speekmq Fat 44 i0|l7i 
244 7162 

MGH CLASS, ATTRACTIVE FRENCH 
boy. 31. 1.75M. ready ter -a bg nave! 
across me besf . «m a rekatee. poweriui 
man Reply to. Be# 0312. IHT 92521 
Neufily Cede*. France 


GENEVA 

SWITZERLAND 

Fufi Service 

* is our Bushess 

* uiemaDona! law and uxes 

’ MeAoc. telephone, telex and 
telacogrer servees 

* TransUnn and seaeianal services 
■ kxmaSon domldtonn and 

admmlsoatoi of Swiss and hraxfa 
comparias 

* Furashed offices and corterence 
moms far tty or monthly renal 

Fid corfriencs and dsaeston scared 

BUSINESS ADVISORY 

SERVICES SJL 

7fteitey. 1207 GBEVA 
Tel 736 05 40 Th 413222 Fax 786 06 44 


CONF9ENCE INTERPRETER 
SkMHH / Corseome 
TrenslBOons 

htbtMohrwtseherJiomBJTloig 


Tax Services 


EXPAT INCOME TAX US.T.S. Inc 
Returns and related servfces. Paris Rep. 
*33 10) 1 4413 ©44 Fax 4563 2496; 
London +44 (0) 171 722 3308 


Business Travel 


IstfBusIness Class Frequen Traveles 
Waridmde. Up to 5Cft» cf No cttjxms. 
no restndions Imperial Canada Tel 
1-514-341-7227 Fax- 1-514-341-7998 
e-mail address: imperial 6 togin.net 
htlpiffwwwJogirmartBsperial 


Business Opportunities 


MOTION ROTHSCWLD wne coledWL 
Ctenpkxe Mouton RtehschM coted Ion 
numbered bottles 1945 - 1994 wffl 2 
pieces 197B and 1993 VWi sel tor USS 
50.000. Wl iw and site ayttwe fa 
trie world. Call or fax Sweden 
+4642201930 


OFFSHORE COMPANIES. For free bro- 
chure or acMce TeL London 44 iBi 7*1 
1224 Fax 44 181 74B 5558/5338 
www^pteffiocoi* 


Edith Brigitta 

FAHRENKROG 

The l'TtRN»i>»a rumESMiir \«:r^ I s Dw>» 

VUiLiiivi The Rcht P ; ktv^ Is Mi 
P 3tinN\L IWXl'U AxiKl4M1 Is MV !>&' K-t 
Oo.-F1R^T L-; Mv HtfiHEST PKVHITV 

Fr.ankh.irt Head Office: Frankhirt. l- ju 

WtJItFfWKFlItTrMAK El+JMI 51 UCTN+.V. 
To.. + ja - wj - 4.4 1** 7 fl • Fu +4V-b M --J. , Jr»0'' 

Paris Paris Office: m.* - rk« • n pm 

Puu-: ■’Via. 72 irt e w Fub> +w>ST-H< w *E 
7a: + .1.1-1- JOii: Sn s?. K»\ * V’-l- 4Vli7 W-W 

New York VS.\. Office: New York. \k-f 

New Y i 'S k . SY I ixil 0 - niPMi vwsiib ■m i a- ■ * 
la .i»:i: - ».‘-67s5 ■ f+a. t i ■ ri ’ ■ .*.v • s “^ ( 

Sin xu Pncxr^ u Atnesnaans am Aim> in i-om »: iv 

lNuvwti ROME • VIENNA • UMVDON 

CuxnnaauL LOS ANGELES - SINGAPORE - HONG-RONG 

O ISRSRSBJy MU> TlTS'l 'X ■ VERY SL 07ESSFVL Ti HER C 

Birr irFR nm vtx un is mure oa> more ismrtrrivT T«i hw 'aala -u 

EM'HANIING L IDI .WELL ElrtK- Mnn wmi GREAT sn U ■ TM.TE 

- GRACEFlLANr* Riwivn.l FDHMNE SHE HAS A L(’T ' iF tVTERLSJ. 
ACTIVniES. CLLUklL EVENTS . AND IS <4«EN P«R AS-TTTIIV. 

BALANCED AND VLRY vILWHM: " OMAN. FILL I * UFE AND A LOVTLl. It -DEK 
PERSON AUTV SHE IS FREE AND INDEPENDENT FOR THE RIGHT PARTNER AND i W 
LIVE El ERVW'HESE 

O EUROPEAN ARISTOCRAT .. . 

IT.lLLAN Om NT iOLLi ARISTOCRATIC FAMILY- A STRONGLY CHAR ISM \ni 
U.+N WITH L'TTS t-F CHARM IX HLS Y'ODNG Si S-T v. AN ELEGANT AND 
MASCl LINE APPEARANCE ACTIVE AND DANAMIC IN HIS BISIXESS A 
SL’CCtSSn.T. OWNER AND PRESIDENT OF IM L CUMPAMbS -W- '‘V 1 } 
AMERICA - El HOPE- WI1H AN EVCJIE'T BV.'KGPul \D AND LIFESTYLE A 
(.EXEROt s GENTUM.AX wmi A PIG HEART. GREAI SENSE I IT HI Ml* AThA 
ROMANTIC AND l 'INSIDER- ATE Hh LIKES SPORTS WHIVITIES TENNIS*. UOU 
SKIING SAILING .AND AUU FINE ARTS .AND ANTP?*. E* 1IE WISHES 1*' uFFl V THE 
BEST i3F EA ERATlIINu Tl'-THt AVijMAN AT HIS SIDE 

O ITALIAN LADY WITH GREAT CLASS . . . 

SHE LN IN HEP BEST -i" Sri m WITH GR ACE AND REFINE I ■ FLEGANiE A 
REAL LADY AtRY BEAL TIFL-L WITH A BRIGHT AND CHARMING 
CHARACTER SHE HAS .AX EXCEL I -ENT BAtKGF* R'XL' SEVFPULUTE l Nl\ 
DEGREES > LIVES IN HIGH ST ANT- ARDS OF ULE VM.i OWNS MARAELL'Jl S 
RESIDENCtS IN NEW YORK AND El POPE SHE ISSPiMCTA i ALS 1 :' MtAlBELOF'iULf 
AND YACHTING iT.L'BS’ PKOFESMOXAUV INTERESTED IN HNE APTS 
<COUGCTC<L< AXTIOt ES AND t >IEP A Ci iXCFRTS ED THE TR APm* <\.A1 TAMIL. 
UFE .AND BE1NC, THE BEST FRIEND V.D COMPANION ‘ T THE r'ART.ER UF HEP 
UFE iFREELP ABLA SCIENTIST . IS A~ERA LAlKiRTANTTOHER J 


FR-ANKIT'KT 


New York 


Silt Ml 

Isumu. Al 
CuNTDHXn.Al. 


Friendships 

BEAUTIFUL 3 ve.Yf oto gti horn India 
166cm enjpneenng degitee MBA tram 
Harvard «ren sort erpenenca n India 
Europe and USA locLmg lor sufiaW? 
match who stated te tttgMv educated 
tram a good lam*., tack-around and he 
settled omsxle ot infra Jvme Et.» 307. 
IHT. 92521 NfuJA- Cedes Fiance 


MOTIVATED 3-PIECE BAND repenoire 
ol 20 Stefa. oupidJ Engxsn aTs pep mt* 
sengs great cnmmeTOi puentaTi seeks 
managerpcoducer with itaisk. mduslry 
connectors Tel Pans +33 (On 30242997 

KISH OFFSHORE COMPANIES £145 
Contact Insh IncGipwaiicns lid Far 
*353-51-386921 E-tte8 iriUWL^dte 


Telecommunications 

New Lower 
International 


Germany 31 cents 
Japan 38 cents 
France 33 cents 
UK 20 cents 


■ to Sa up Fees 
■ No Mrarums 

• Stf Second Sang 
Muk+fngwi Customer Sente 

• AT S T Quality 


flTWfc+W." 
8—aW.WA BB11B 


Wwre Sandarttt an Set, nn Had 
t9 Tel: 1^599.1991 
Fa>. 1206599.1981 
Email: WoGtartbackcom 
wwwJalfaadLoxn 


Serviced Offices 


Your Prestigious Fumkbsd Office In 
11 major locations in biy- 
WYfW£XECUTTVENETWOflKJT. 
FAX 39 2 48013233. 


Capital Available 


BLOCKED HMDS AVAILABLE 
PHONE +44 (0)171 373 0814 
FAX -44 10)171 373 4556 


EUROPEAN PRETTY YOUNG LADY 

-.erv hioh cducaiior. costncT-ciiian 
ivealthv '.s tootang let wntlemin wth 
*ia+o» vi* r*- e*irav?ned and cto en- 
p.i He to tnrid a af+ume ielac.nst<. 
«tc? Be* a (NT rft Oan« de 
Gaute ?2i3i Cede* Fiance 

FRENCH SINGLE LADES seete tenous 
hiendsnf. v.4P uS and ‘J'< ?e:;ie UK 
Tel -:3 i0» 1 iT2 Kis 4:7C 


COMMERCIAL WTL BANKING 

LOAN 

AGAINST GUARANTEE 
FAX +30 1 32 43 527 


Real Estate 
for Sale 

French Provinces 

TROUVILLE SEAVJEW. ir. manoi win 
part, matrons apanmer.i 54 sqm - 
merranine (amencar. wchen 2 bed- 
reams. batti Uriel roori tenac? pat«ir« 
SoulfrWesl Yearly careaVer =Td2C'\>i' 
frrect owner -33 lOil 42 27 71 (F 


Real Estate 
for Rent 


London 


LONDON BELGRAVIA PENTHOUSE 
wfai prestigous anaress 3 beas 2 rains 
2 recepiB Mcmes pi*,#? earnef* c.- 
elude carpeumains Available lor long 
lei - £5.500 per month References in- 
quired contact aoent ioBot hoursi Tel 
44 10)171 351 7575 Fa* »! 7272 


Paris Area Furnished 


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EVTERINATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 14-15, 1997 


CAMBODIA: 

flj- 'A Jungle Execution ? 

Continued from Page 1 


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Government soldiers said they heard 
gunfire Friday, apparently between fac- 

■ lions of the group, near the Khmer 
Rouge stronghold of Anlong Veng, 

. about 320 kilometers (200 miles) north 
of Phnom Penh, the capital. 

Mr. Ranariddh *s report took political 
. analysts here by surprise, and they said it 
• was difficult to know just what might be 
. going on. 

“All of a sudden it seems to be swirl- 
ing about and nobody is quite sure 
. what's happening up there or who's on 
whose side," a Western observer said, 

■ insisting on anonymity. 

Mr. Ranariddh himself said: "1 would 
' like to inform you that the Khmer Rouge 

S iroblems in Anlong Veng are reaching a 
evel of complexity that we cannot un- 
derstand.” 


The apparent rupture in the leading 
of die Khmer " 




PAGE 11 


DOGS: 

Man's Oldest Friend? 


Continued from Page 1 




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clique of the Khmer Rouge adds another 
uncertainty in this increasingly unstable 
country. Mr. Ranariddh and the co-prim^ 
minister, Hun Sen, have been lobbying for 
lire support of the guerrillas as they ap- 
proach elections scheduled for next year. 

A war of words and armed threats has 
escalated between the two leaders, with 
both men reinforcing their personal se- 
curity forces, and Phnom Penh has been 
od edge for weeks. In March, four hand 
grenades exploded at a political rally, 
killing more than 100 people. 

In the past three weeks, Mr. Ranar- 
iddh's lieutenants have reportedly been 
holding secret talks with Mr. Pol Pot’s 
group, and be said Friday that the killing 
of Mr. Son Sen seemed to be the result of 
a disagreement over whether to give up 
— i hie long guerrilla war. 

Since last summer, thousands of rene- 
_ _ * ■ . i‘ 1 ' gade Khmer Rouge guerrillas have de- 

fl tll lUl \ I i 1 f r nm . reeled to the government. But Mr. Pol 
^ J HI’ Pot and most of his inner circle have 


. uribn* 

Pw Pert, m dark shirt, in a 1986 photo, was said to have killed Son Sen, left, and his wife, Yun Yat, right. Khieu 
Samphan, nominal leader of the Khmer Rouge, second from left; Noun Chea, former party official, center. 


continued to hold out in the jungle, as 
they have for the 18 years since being 
driven from power by a Vietnamese 
invasion. Mr. Pol Pot’s hard-line faction 
has been estimated to include 2,000 or 
more fighters. 

During its four-year rule from 1 975 to 
.1979 the Khmer Rouge were blamed for 
the deaths of at least one million of their 
countrymen -by execution, torture, dis- 
ease and overwork. 

The rupture reported by Mr. Ranar- 
iddh is reminiscent of the brutality and 
internal purges that characterized the 
Khmer Rouge during those years. 

“Mr. Pol Peri has accused Son Sen of 
being allied with Second Prime Minister 
Hun Sen," Mr. Ranariddh said. 

“So on the 10th of June at 2 A.M. he 
killed Son Sen and 11 of his family 
members very brutally, very cruelly, by 


shooting them and running over them 
with a truck." he added. “I have enough 
evidence with pictures to show the 
killing of Son Sen." 

A military source who said he had 
seen six photographs said Mr. Son Sen 
had been shot in the right temple and 
right check and that his wife had been 
shot in the left ear and lower right back. 

Mr. Ranariddh said Mr. Pol Pot. who 
reportedly has been suffering from mal- 
aria and other ailments, was carried away 
in a sling accompanied by 200 armed 
men. He said Mr. Pol Pot had intra- 
venous drips hanging from his arms. 

Mr. Ranariddh said Mr. Pol Pot took as 
"hostages" three other members of his 
inner circle, including Khieu Samphan, 
the nominal leader of the Khmer Rouge, 
who reportedly had been negotiating a 
surrender with Mr. Ranariddh. 


Adding to the confusion, Mr. Khieu 
Samphan on Wednesday used the 
Khmer Rouge's clandestine radio to ac- 
cuse Mr. Son Sen and his wife of being 
“spies of Hun Sen, who has ordered 
them to destroy us." 

Mr. Ranariddh suggested that Mr. 
Khieu Samphan had been forced by Mr. 
Pol Pot to read the statement. 

“First, Pol Pot agreed for Khieu 
Samphan to solve it through national 
reconciliation, but he changed his 
mind." Mr. Ranariddh said. 

The apparent disintegration of the 
holdout Khmer Rouge leadership echoes 
the infighting that has brought a hah to 
effective government in Phnom Penh. 
Because of the sharpening feud between 
the two co-prime ministers, neither Par- 
liament nor the cabinet has met for 
months. 


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HONG KONG: As Power Structure Changes , Business Elite Takes Top Role in Politics 


Continued from Page 1 


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that Mr. Yip is a member of the Chinese 
Communist Party. He denies it. 

“Of coarse we don't know if he’s a 
Communist or not," said Anthony Che- 
ung, a leader of the Democratic Party 
and a professor of public adminis tration 
at. Chinese University of Hong Kong. 
“But I don’t think it matters that orach as 
long as we can make Hong Kong politics 
. as transparent as possible.'* 

Ominous to some, though, was the 
recent effort of the Policy Research In- 
stitute. Mr. Yip's organization, to collect 
information on human-rights groups, 
which are concerned about their future 
under Chinese rule. 


Robin Monro, director of Human 
Rights Watch Asia here, said the in- 
quiries were actually being conducted 
for Mr. Tung’s office. Mr. Yip con- 
firmed that the inquiries were being 
made but insisted they were the clumsy 
mistake of a junior researcher. 

But there is no question that Mr. Yip. 
who has described himself as Mr. 
Tung’s “eyes and ears," will exert in- 
fluence over government policies. 

“We clearly understand we have 
ideological and political differences 
with China." he said. “But we also 
understand that we are related to one 
country.'’ 

Mr. Tung’s II -member Executive 
Council, as well as some of his most 


ardent behind-the-scenes supporters, are 
the cream of Hong Kong's business 
community, men who fled Chinese com- 
munism for Hong Kong, where they built 
vast conglomerates and fortunes in real 
estate, industry, banking and trading. 

They are men who built their empires 
wielding absolute power over their 
companies, and they are unaccustomed 
to being questioned or to facing public 
scrutiny. 

“A very small clique of businessmen 
will be in charge." said Emily Lau. one 
of Hong Kong's most popular pro-de- 
mocracy politicians, who heads a polit- 
ical party called the Frontier. “All of 
them are pro- Beijing, and ail of them are 
very pro-business.’’ 


For his part, Mr. Tung has emphasized 
the primacy of economic growth and 
stability over political rights and 
freedoms. 

“Most Hong Kong people's concern 
is only about making money," said 
James Tien, chairman of the Hong Kong 
General Chamber of Commerce, who 
runs a major textile company. “It’s re- 
grettable; but that's how it is." 

Similarly, Ambrose Lau, a lawyer who 
leads a small pro-Beijing political party 
and a member of the Beijing-appointed 
assembly that will replace Hong Kong's 
elected legislature, said Hong Kong was 
not ready for democratic politics. 

“We need to learn democracy.” he 
said. “Everything takes time." 


which genetic changes accumulate. 

Within the wolf line, the scientists 
found, the dogs separate into four groups, 
suggesting that the wolf was dontesticaied 
on at most four separate occasions, or was 
maybe domest icated just once, with back- 
crossing between dogs and wolves oc- 
curring on three later occasions. 

The first and largest of these groups 
includes the four breeds of dog considered 
to be the most ancient — the dingo, the 
New Guinea singing dog. the African 
basenji and the greyhound — as well as 
representatives of many other breeds. 

The large group contained no genetic 
fingerprint that could be matched to 
modern wolf populations. Since the an- 
cestral wolf population lias vanished, the 
researchers were unable to pinpoint 
where the main domestication occurred. 

The UCLA team us surprised lo find 
thar several breeds of doss, including 
German shepherds and golden retrievers, 
possessed more than one of the archetyp- 
al genetic fingerprints that emerged front 
the analysis. Mr. Vila explained the find- 
ing by saying that dogs probably were 
mating freely for thousands of years be- 
fore selective breeding began. 

•‘The breeders were selecting from a 
big pool of muns. picking individuals 
from a well mixed genetic pool." he 
said. 

The oldest known discovery of a dog. 
from a Paleolithic grave at Oberkassel in 
Germany, is a jaw about 14.000 years 
old. So why isn't there earlier evidence 
for dogs in the archaeological record? 
The bones of wolves have been found in 
human settlements up to 400.000 years 
old. but archaeologists regard thc^c as 
lamed wolves, not dogs. 

The UCLA scientists suggest ihat the 
first domesticated dogs resembled 
wolves in physical form for thousands of 
years and did not acquire a dog-like 
appearance until humans started to lead a 
settled existence some 10.000 to 15.000 
years ago. and imposed a different way 
of life on their canine associates. 

But that proposal seems unlikely to 
James Serpell. an animal behaviorist at 
the University’ of Pennsylvania. 

“I find it hard to imagine that a do- 
mesticated animal would not diverge in 
appearance almost immediately." he 
said, suggesting instead that dogs might 
first have been domesticated in some 
part of the world, like Southeast Asia, 
where little archaeology has been done. 

The UCLA team analyzed a particular 
stretch of DNA that comes not from the 
chromosomes but from structures inside 
the cell known as mitochondria. 

Mitochondrial DNA changes compar- 
atively quickly, which makes it a good 
tool for separating recent genetic lineages 
from one another. But the rate of change 


Early Halloween: 
Lab Animals That 
Glow in the Dark 


llu- ;>i*ri//Vu 

TOKYO — Japanese scientists 
have created what they say are the 
world's first fluorescent mammals 
— mice that glow in the dark in ihe 
interest of medical science. 

Geneticists ai Osaka University 
bred the mice by injecting embry os 
with the DNA of a species of North 
American jellyfish that glows under 
light. When the mice “arc viewed 
under ultraviolet light, their bodies 
appear a gleaming green. 

Masuru Okahe and his team start- 
ed the project four years ago in an 
effort to develop new methods to 
observ e the internal development of 
fetuses. 

The professor says medical re- 
iseurehers will be able to use the 
technique in a variety of ways, in- 
cluding tracing white blood cells in 
cancer research. 

Shuichi Yamada. a member of 
the team. said. "We have also de- 
veloped ihe technology to make 
specific cells glow as markers. so 
the effects of research ran be ob- 
served without killing the animals 
and opening them up." 

“The marker technology has po- 
tential." said Robert Shiurbu. a bio- 
logist at Tokyo University. "Bui I 
have my doubis as to how signif- 
icant a breakthrough ii is for med- 
ical research. They should have 
made the announcement on Hal- 
loween." 

The vibrant hues of the exper- 
imental mice soon disappear when 
hair grows over their bodies, hut 
their Teet and mouths continue to 
slow well into adulthood. 

Scientists may soon be able to use 
this same procedure to produce 
fluorescent rabbits and monkeys. 

“The technique can be applied to 
other mammals, and since they are 
injected at the fertilized egg stage 
the effects will be transmitted to 
offspring.” Mr. Yamada said. 

The mice, he said, will glow 
strictly for science: Researchers 
have no intention of marketing (hem 
as novelty pets. 


is not always constant, making it an er- 
ratic kind of clock. “All of us who re- 
construct the history of species are really 
impressed with mitochondrial DNA's 
power but are cautious about interpreting 
it." said Stephen O'Brien, an expen on 
population genetics at the National Can- 
cer Institute in Frederick, Maryland. 




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Arctta’s Warm Weijcome 


W ith 19 hotels spread around 
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hs combination of rustic charm by 
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dr amati c hotel entrances. 

. All of Arctia’s elegant bostdries 
have the latest conference facilities, 
but the Marina Congress Center gets 
first prize. Located in_ front' of the 
Grand Marina hotel,' it- hosted the 
Conference on- Securit y a nd. 
Cooperation in Europe (CSCE) to 
1992 and will be a fibnt-nmnerforthe 
sanv* role when Finland assumes ihe 
presidency of the EU in July 1999. 

The Marina .Congress Center can. 
handle up to 1 , 000 . delegates, and its 
state-of-the-art technology ensures 
comfort and efficiency for both the 


The Grand Marina hotel itself, a 
converted wardteuse, is set in the har- 


bor district of Katajanokka, only a 
short stroll from the Market Square, 
President's Palace and Esplanadi. Its 
split-level suites have their own 
saunas, kitchens and, in the 
Conference Suites, fully equipped 
meeting rooms. The Grand Marina 
also boasts a pub, bar and restaurant; 
a spacious lobby and cafe area; and 
for night owls, a nightclub. 

' A truly elegant establishment does 
not neglect its cuisine, and Arctia has 
some of the best kitchens in and out- 
ride its hotels. Finnish food is differ- 
ent from that of its neighbors and uses 
simple ingredients that are as local 
and fresh as is possible. 

With a long coastline, many rivers 
and over 180,000 lakes, Finland is an 
exceptional source of fine fish and 
. seafood. Highly recommended are the 
delicate zander; glow-fried Arctic 
char, robust Baltic herring, perch, 
whitefish and succulent salmon. 

The best Finnish haute cuisine is 
found at the Savoy restaurant on the 
8th floor at 14 EtelSespIanadi in 
Helsinki. Everything, including the 
design of the room, the lamps and fur- 
nishings, was created by the founding 
father of functionalisni, Alvar Aalto. 

I .The SSavoy celebrates its 60tb birthday 
:• this year; and its recent extensive ren- 

- ovation was supervised by the Gty 
-Museum deparbment- 

One famous Savoy patron was 
F inlan d’s Field Marshall Manner- 
beim- At his favorite table in the right- 
hand comer, he would savor one of 

- his two favorite dishes; either zander a 
la Mafechal or vorschmack, a slow- 
cooked stew of mutton, beef and salt- 
ed hearing- The brave (or foolhardy) 
might want to try his pet cocktail, a 
lethal mixture of .dear spirits. 
Remarkably, he lived into his 80s. 

-As soon as you ratter 
G.W. Sundman’s restau- 
rant, your appetite will be 
wheued by . the soul of 
; fresh bread. Located oppo- 
* rite the old Market Hall, 

.-.this former sea cautato’s 
’ house has'been refu 
in its original style; wood 
ahd chhdlebgbt warm the 
oozymtnioi: 

Chef Maija Silven- 

- Borneo's specialty is black- 
ened: salmon with beurre 

. Wane, served with a mix- 
ture of lentils and beans 
. and accompanied by deep- 
fifed gtogeirpotato mash. 
Presidents’ wives have 
beco known to lunch there, 
and lesser mortals should 
' not linss out on- tins fine 
dining experience. 


ALKO 

GROUP 


Primaeco Goes International 


GET THE SPIRIT 





W hen Finland joined the 
European Union at the 
beginning of 1995, one of 
the first companies to make changes 
was Alko, the state monopoly that 
imports, wholesales and retails alco- 
hol. Steps were taken to adapt to the 
new situation and the competition 
that came with it 

Alko Group became the parent 
company for its four main sub- 
sidiaries: Arctia Hotels; Havistra, 
which is in charge of importing and 
marketing in the area around the 
Baltic Sea; the Alko shops; and 
Primal co, which is responsible for the 
production, development and market- 
ing of its spirits brands- Alko now 
retains its monopoly only in retailing 
alcoholic beverages over 4.7 percent 
and has gone from being a mainly 
domestic company to one that is 
acquiring a taste for foreign exploits. 
This is an interesting metamorphosis 
for a century-old company, bat it is in 
line with its original transition from 
yeast factory to distillery. 

The company started operations in 
1 888. but there was a hiccup in 1919, 
when glasses dried out during 
Prohibition, which lasted until 1932. 
Since then. Primal co has distilled 
mainly vodka products and white 
spirits at its still in Koskenkorva (the 
company owns other stills in Poland 
and Latvia). This village in western 
Finland was chosen for its position in 
the heart of the country’s grain belL 
All of Primalco’s alcohol is made in 
Finland from Furnish barley. It is then 
transported by rail to Rajamaki, a 
small town about 40 kilometers from 
Helsinki, for mixing and bottling. 
Once again, the choice of location 
was not left to chance: Rajam2ki has 
the purest natural spring water in 
Finland, which requires 
only one particle filtering 
before use. Up to 5 mil' 
lion litas a day are drawn 
from the water table that 
flows in from the sur- 
rounding area. Some 
products have been made 
there ever since that day 
in 1932 when Finns could 
raise their glasses and say 
“Kippis” fcheenr) once 
again. 

Favorites like MonopOl 
Cognac, Hehkuviina and 
PbytSviina, while un- 
known outside the coun- 
try, are staples for Finnish 
tipplers. The standby for 
many is Koskenkorvan 
Viina, a white spirit. 

The flagship brand, 
Finlandia Vodka, was 


launched in 1970 as Primalco’s ice 
breaker into foreign markets. Some 
1.72 million 9-liter cases were sold to 
more than 140 countries in 19%. 

Due to a ban on vodka imports in 
Russia and a change of importer in 
the United States, last year’s growth 
remained stagnant, but it is expected 
to increase rapidly. 

Vodka contains 40 percent alcohol 
and no sugar, whOe Koskenkorvan 
Viina contains 38 percent alcohol and 
about three grams of sugar. This 
accounts for the smoother taste of 
Koskenkorvan Viina 

Primalco has been well-flattered by 
imitation, with more than 20 imita- 
tions of its bottles and labels showing 
up on the market To be sure you are 
buying the real thing, look for 
Primalco’s “Vxika of Finland” logo, 
which has been accepted by the EU as 
a protected mark that guarantees a 
genuine Furnish vodka made only 
from Finnish ingredients. 

The Alko Group and Primalco are 
spreading their wings by adopting a 
strategy of expansion in the “Vodka 
BelL” These are countries in the 
northern hemisphere that have a cul- 
ture of drinking gimi-based alcohols 
rather than grape-based ones. 

In 1995, Alko bought the Ofeha 
distillery and bottling plant in 
Estonia. Later; the Ustjuzfana plant in 
Russia and distilleries and bottling 
facilities in Poland and Latvia were 
added 

A new product has been designed 
far these markets and for Finland. 
Maximus Vbdka was launched in 
March to complement the range of 
drinks for consumers. It provides a 
contrast to Finlandia Vodka, which is 
a classic vodka whose taste recalls the 
ice-cold, crisp Finnish climate. 

Maximus is a designer vodka 
aimed squarely at the upscale, under- 
30 age group. The bottles dearly 
illustrate the difference: Finlandia’s is 
frosty while Maximus's is smooth, 
sleek and dear. 

Both Finlandia and Koskenkorva 
vodkas have given rise to products 
based on the original. Finlandia 
Cranberry appeared to 1994 and was 
followed a year later by Finlandia 
Pineapple. Koskenkorva Vbdka has 
three varieties of 40, SO and 
vodkas, as well as three 
apentxrs. Koskenkorva Peach was a 
surprise hit to the Czech Republic's 
low-proof spirits market, in which it 
is the number one product 

Interesting times lie ahead fix the 
Alko Group asa whole and Primalco 
to particular, especially since 
Primalco has developed a taste for 
foreign adventures. 


Maximus Vodka (top), bunched In March 1997, is the newest member of 
Pmakn's successful product Bne. 


ADVERTISEMENT 









INTERNATIONAL HERALD TRIBUNE, JUNE 1997 


S PO N S O R KI) SLCTIO \ 


GATEWAY TO THE EAST: FINLAND 



Finland’s unique geo- 
gnptacal location ta 
Europe's northeast cor- 
ner makes it e natural 
gateway between East 
and West The country is 
home to over 1,000 
foreign companies that 

benefit from its sophtsO- 
cated infrastructure, 
regional experience and 
skBted workforce. 
With its h&dy educated 
population and commit- \ 
went to research and \ 
development, Fbrtand Is a \ 
leadmg exporter of Innov- j 
ative products and j 
processes, from telecom- j 
mradcatioos to environ- \ 
mental technology, i 















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On the Cutting Edge of Europe 

In the northeastemmost region of the EU, Finland has forged a remarkable economic success. 


W 7 

i- ■ 


F inland's population numbers tittle more than 5 mil- 
lion, yet this small Nordic country has one of the 
most dynamic economies in tile European Union. 
Following a period of severe recession in the early 
1 990s, “the outlook is vary stable in all the general funda- 
mentals, despite a tittle spillover effect from the interna- 
tional turbulence concerning interest rates earlier this 

S says Matti Vuoria, permanent secretary at the 
stry of Trade and Industry. “And the clear division 
between export and domestic industries is disappearing,” 
In 1996 alone, exports generated $43 billion. 

The export-led recovery has borne fruit, as the surging 
figures show: The balance of trade is +3.5 percent of GDP. 
Interest rates are low, with the benchmark Hetibor three- 
month rate at 3.1 percent. Inflation is the lowest in the 
European Union at 0.6 percent 
The growth in the public debt has stopped at 59.7 per- 
cent and this year's budget deficit is a low 1-5 percent, 
which puts Finland in tine to be among the probable first 
wave of participants in European Economic and Monetary 
Union (EMIT). 


Exports by region 


Developing 
countries _ 


Other _ 
Europe 



Source.- S&tfstics Hntand 


This goal was furthered last October by the linking of 
the F innish markka to the Exchange Rate Mechanism. 

A member of tbe EU since 1995, Finland has assumed 
an active role in the EtFs political and economic life and 
has taken its place in post-Cold War world politics as host 
to die Ctinton-Yeltsin s ummi t held in March 1997. Finland 
will assume the EU presidency in tbe symbolic year 1999, 
the EMU target date. 

Flying high 

The Helsinki Stock Exchange (HSE) has been the world's 
top-performing bourse for foe past two years. In 1996, the 
HEX index surpassed record-breaking growth worldwide 
by rising 46.5 percent This and the appreciating markka 
did not go unnoticed by foreign investors/There is a lot of 
liquidity on the HSE, both domestic and from abroad,” 
says Mr. Vuoria. 

John Rogers, a researcher at the independent economic 
institute ETLA. says, ‘There has been a strong current 
account surplus for four years, allied to export growth. The 
benefits can be seen in low stable interest rates and steady 
financial markets-” 

The government privatization program is prudent 
Companies are sold off by installment rather than in one 
large piece that the market may not be able to swallow. 
Many firms are now majority-owned by the private sector, 
while the state maintains a minority holding as “an act of 
good faith.” 

The latest segment of the state-controlled steel producer, 
Rautaruukki, came onto foe market in May, reducing the 
government’s influence to 40 percent Investors are eagar- 
ly waiting for the plum electricity producer, Imatran 
Voima, to fell from tbe state tree. 

To attract foreign investment corporate tax rams have 
dropped to one of the lowest in Europe, at 28 percent 
though encouraging consumption ai home remains a 



Imports &y region 


Developing 
countries ^ 

Other 

Europe . 


| • Source: Statistics Finland \ 

priority. Says Reijo MtinManen, an EILA researcher; 
“While unemployment is still high at 14.9 percent, it has 
been felting steadily for tbe last force years.” 

Finnish salaries are now at tbe EU average, “but there is 
a clear recognition for income taxes to be eased,” says Me 
Vuoria. 

Looking east 

Finland’s location, sophisticated telecommunications net- 
work and highly developed transport infrastructure make it 
tbe ideal base fra- doing business in Russia, Central and 
Eastern Europe and foe Baltics. 

Indeed, Finland's trade with Russia and tbe CIS nations 
has surpassed the levels it reached prior to tbe fell of tbe 
Soviet Union. 

Finland offers numerous incentives for companies look- 
ing east, including direct railway links to Russia, a work- 
ing relationship with decision-makers in Moscow and 
Saint Petersburg, and local language skills. 

‘Interest is now being shown by Western firms in direct 
investment in Russia," says Mr. Vuoria. “Initially, primary 
energy imports of oil and natural gas should form tbe basis 
of trade, and it is time for Finland to promote this expecta- 
tion in tbe EU. 

“In 20 years time, foe EU will import 70 percent of its 
energy needs, and for Finland’s energy-intensive industri- 
al sector, this is of vital importance." John Pagni 


At the Top 
Of the World 

Finland is a global leader in innovative mobile 
telecommunications. 


T opping the world in 
both per-capita cell- 
phone and Internet 
use, Finland has emerged as 
a significant player on the 
global telecommunications 
scene. Even during the 
depths of recession in 
1992-94. production in 
information technology 
leapt by as much as 44 per- 
cent annually. 

The best-known firms are 
Nokia, foe world's second- 
laigest mobile telephone 
manufacturer; Telecom 
Finland, pioneer in such 
fields as “telemedicine.” 
which links doctors, 
patients and hospitals on- 
line; and the Helsinki 
Telephone Company, foe 
country’s largest private 
phone operator. 

Traditionally enthusiastic 
about new inventions, 
Finnish consumers have 
embraced high-tech tele- 
coms. Contributing to this 
popularity are some of 
Europe’s lowest telephone 
rates, thanks to deregulated 
competition. In 1996 alone, 
some half a million new 
mobile-phone connections 
were sold. More than 1.5 
million are now in use - 
nearly 30 connections per 
100 inhabitants. 

Especially among young 
urbanites, modems and cell 
phones are now de rigueur. 
Businesspeople shell out 
for Nokia’s new hand- 
portable, which allows 
them to phone, fax, e-mail 
or surf the Web - all from a 
train seat or park bench. 
Worthy of a film hero? In 
the movie “The Saint” the 
protagonist played by Val 
Kilmer, is inseparable from 


his Nokia mini-marvel. 

Worldwide, Nokia ranks 
just behind the U.S.-based 
Motorola Corp. in portable 
telephones. The other main 
competitor. Sweden’s 
Ericsson, has operated in 
Finland since 1918. “More 
than half of our 1,050 
employees are in telecom 
R&D. mostly system solu- 
tions." says Eija Paulin, 
information manager of 
Ericsson Finland. “Our 
main business is delivering 
fixed and mobile networks, 
business communications 
solutions - and mobile 
phones, of course.” 

Still, Nokia is the phone 
of choice in Finland and 
throughout Europe. The 
company's global phone 
sales rose by 37 percent 
during the last quarter of 
1996, with operating profit 
up 70 percent In the first 
quarter of 1997. pretax 
profits were 1.45 billion 
markkaa ($279 million), 
more than triple the 399 
million markkaa of a year 
ago. This year has brought 
major contracts in China, 
Norway, South Africa, 
Thailand, Britain and foe 
United States, for every- 
thing from switching sys- 
tems to wireless pay 
phones. That heady pace 
has become customary for 
Finnish telecom compa- 
nies. 

“Communications equip- 
ment production started to 
grow very rapidly in 1993,” 
says Lea Paijo, senior 
researcher at Statistics 
Finland and coauthor of 
“On the Road to the Finnish 
Information Society." pub- 
lished in May. According to 



this report, the value of 
communications devices 
produced increased more 
than five-fold in the early 
1990s. “And by far the 
largest single item in the 
production of goods has 
been the mobile tele- 
phone,” she adds. 

Finland is a net exprater 
of information technology 
products - one of just three 
such countries in tbe EU. 
That trade imbalance is 
hardly due to any lack of 
consumer interest at home. 

“The growth in Internet 
use has been quite rapid, 
especially during the last 
two years” notes Ms. 
Paijo. “Last year, tbe num- 
ber of users doubled. There 
are now some 419,000 
Finns who use foe Internet 
at least once a week," about 
8 percent of foe populace. 
Of these, almost half use it 
daily - and nearly one in 
two daily users has pur- 
chased goods or services 
through foe Net. 

Statistics Finland count- 
ed 16,000 information-sec- 
tor enterprises in 1995, 


Fi ^^nx^teiecammk^tkxK(ie)^fimrikxia8teie0tones,faxmacNnesaidon-^c^ 
puters. They are carriedby nearly a third of Hnfafflfsnftaftftanfeandare exported arauid tfie world. 


accounting for 15 percent 
of private sector employ- 
mart. In recent years, one- 
third of overall employ- 
ment growth has been in 
this sector 

Finnish telecom firms are 
bullish about the future. 
According to a survey of 


120 such companies pub- 
lished in April by the 
KERA Enterprise Devel- 
opment and Financing 
Fund, company leaders 
expect turnover in the sec- 
tor to increase two-and-a- 
half-fold by the turn of foe 
millennium, and their own 


staffing to rise by 40 per- 
cent 

Surprisingly, only half of 
the telecom companies 
polled are now involved in 
direct exports - allowing 
plenty of room for growth 
into foe 21st century. 

W.S. 


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TH 


Northern Center 

Finland is the key point where East meets West 

F inlan d may seem remote, separated as it is fry water 
from most of Europe. To those interested in trade 
with Russia, foe Baltics and foe Nordic countries, 
however; Finland occupies a central position. 

The capital, Helsinki, is equidistant from Copenhagen 
and Moscow. Stockholm and Tallinn are close neighbors, 
linked by a constant flow of transport and travelers, com- 
merce and culture. Also nearby is foe metropolis of Saint 
Petersburg, with direct rail, air and sea access. 

Finland has long played middleman between East and 
West That role has become even more active since the 
Soviet breakup and Baltic independence. Savvy marketers 
now see Finland as a stepping stone to quickly expanding 
markets in tbe Baltics and northwestern Russia, as well as 
to foe affluent Scandinavian economies. Altogether, the 
surrounding market area encompasses 70 million people. 

“Obviously the Russian market next door has great 
potential, but with a base in Finland you can reach both 
Eastern and Western markets,” says Piricko Karisson of foe 
state-funded Invest in Finland Bureau. 

In addition to geography, there are plenty of reasons why 
foreign co mpanies choose Finland. 

“The infrastructure is effective and modem.” says Ms. 
Karisson. Tf you look at delivery times, it’s a lot quicker 
and safer to transport goods through Finland as opposed to 
tbe Baltics. And there are good examples of foreign com- 
panies here which consider security very important In foe 
aid, if you think about all foe hidden costs, it may be 
cheaper! to have a base in Finland.” 

Political stability as well as low rates of crime, corrup- 
tion and accidents provide a reliable setting. Transport is 
improving constantly. A project now under way is upgrad- 
ing foe highways linking foe southwestern port of Turku 
with Helsinki, Vyborg and Saint Petersburg. Finland also 
boasts one of the world's most advanced telecommunica- 
tions networks. Even truck drivers tote multifunction 
mobile phones and check waybill numbers on the Intranet 
Another, .tramp card is a highly educated, multilingual 
workforce, with widespread proficiency in English, 
Swedish and German. Estonian is closely related to 
F innis h. Finally, foe Finns offer know-how in dealing with 
foe East After all they thrived as foe only non- socialist 
state bordering on the former Soviet Union. Helsinki has 
been a favorite meeting point for leaders of East and West 
from tbe first SALT and CSCE meetings in foe 1970s to 
the Yeitsin-Clinton summit in March. 

Deliveries from Finland to Russia range from consumer 
goods and food to heavy machinery and high-tech equip- 
ment Mostly raw materials travel foe other way. Last year, 
foe tonnage of container traffic through the southeastern 
Finnish prats of Kotka and Hamina rose by one-third over 
1995. Meanwhile, the number of containers beading from 
Hamina alone to Russia doubled. 

Tbe national airline, Finnair, also had a good year in 
cargo. The carrier transported 55,000 metric tons, up 6.6 
percent over 1995. Finnair boasts the largest cargo center 
in the Nordic region, expediting almost 250 flights per day. 
At least half of Finnair cargo is “gateway freight,” much of 
it beading to or from foe Far East or North America via tiie 
state-of-the-art Helsinki hub. The capitals Helsinki and 
Tallinn are 75 kilometers apart, half an hour by air and less 
than two by sea. Stiff, some visionaries want an even more 
direct link: a tunnel. A committee of Furnish enthusiasts 
estimates that such a tunnel could be dug for $13 billion 
and cany up to 10 million tons of freight annually. Henri 
Kuttinen, director of VR. foe Finnish state railways, scoffs 
at these “unrealistic” figures. Juhani Tervala, a top 
Transport Ministry official agrees. “The calculations do 
not have a steady basis,” he says. Wif Stenger 


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SPONSORED SECTION 


INTERNATIONAL HERALD TRIBUNE, JUNE 1997 


SPONSORED SECTION 




GATEWAY TO THE EAST: FINLAND 


i> 






Abundant forests are Finland's most treasured natural resource. 
A < v coirati LS “ it does for more at the FFIF. “Markets are not beiri 


A ccotrntuig as it does for more 
^ * /\ than a third of total exports, the 

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Finland’s economic life and well- 
being. Other industries have risen and 
fallen, but the trees and the bounty 
they provide have remained constant 

Environmentally consrions 
Over the past decade, the Finnish 
forestry industry has invested more 
than 7 billion markkaa ($1.4 billion) 
in environmental protection, which 
represents 10 percent to 15 percent of 
its capital expenditure. The result has 
been massively reduced emissions 
and effluents, and the reduction or 
replacement of harmful chemicals. 
Chlorine, for example, has been 
replaced by oxygen in bleaching 
processes. 

Forestry companies have also 
adopted environmental management 
systems, and it is common to see 
BS7750 and IS09000 certificates in 
visitor reception areas. One mill, 
Enso's Enoceil, proudly displays both 
certificates, along with that of the 
ElTs Eco Management and Audit 
System. 

In April, a forest certification agree- 
ment defining criteria for sustainable 
forest management was announced. 
More than 20 partners are involved, 
including the World Wildlife Fund, 
the Finnish Forest Industries 
Federation, the Finnish Association 
for Nature Conversation and the 
Central Union of Agricultural 
Producers and Forest Owners. 

Innovations like life-cycle manage- 
ment analyses, which show the envi- 
ronmental load units of forestry prod- 
ucts, have proven an invaluable sales 
tool, especially in environment-sensi- 
tive markets like Germany. 

Paper giants 

Another important development is the 
consolidation and globalization of the 
Finnish paper-producing companies. 
“They are so big that they are neither 
Finnish nor European anymore,” says 
Perth Laine, vice president in charge 
of Industrial and Environment policy 


at the FFIF. “Markets are not being 
covered by exports only from 
Finland, but also by local production 
units” 

Finland’s big three are UPM 
Kymmene (the second-largest 
forestry-products company in the 
world), the Enso Group and Metsa 
Seda. 

All three have mills in most 
European countries through sub- 
sidiary networks. In North America, 
market share will be expanded by 
acquisition rather than by joint ven- 
ture or greenfield investment. 

Finland produces 11 million tons of 
paper and paperboard annually, but 
consumes only 1 million tons. The 
rest of the production goes mainly to 
the EU, making Finland the world's 
second-largest exporter. “When 
Finland and Sweden joined, the EU 
became self-sufficient overnight in 
forest products. This market takes 
more than 75 percent of pulp add 
paper exports, and it is not likely to be 
neglected,” says Claes von Unge rn 
Sternberg, a vice president of FFIF. 

The buzzword of the moment in 
F innis h industry is “cluster:” The for- 
est cluster includes all companies 
involved in the sector, from machin- 
ery manufacturers and furniture mak- 
ers to process development and con- 
trol or chemical companies. 

“Firms have a leading edge in tech- 
nology globally," says Mr. Laine. 
"Tbe firms are strong on economies 
of scale, and the paper machines here 
are the latest and biggest in tbe 
world.” 

Research and development 
The forest industry has centralized its 
R&D into one institute, and the clus- 
ter as a whole spends 1.2 billion 
markkaa a year to remain in tbe tech- 
nological vanguard. 

“New printing papers have been 
developed over the past 30 years, and 
diversification into new areas like 
sophisticated packaging, high specifi- 
cation grades, improved printability, 
new panels and plywood types, plus 
lighter papers and recyclability, have 


«t¥*r 







Forests cover almost 80 percent of Finland's total land area and are a vital economic 
resource sustained by an unwavering commitment to environments/ protection. 


resulted in more efficient wood use," 
says Mr. von Ungem Sternberg. FFIF 
wants the Confederation of European 
Paper Industries to be recognized as a 
renewable-base industry. 

Despite its cyclical nature, no end is 
in sight for the growth of paper con- 
sumption. 

“In 1984, global consumption was 
160 million tons per year. This 
reached 290 million tons in 1996, and 
we forecast that it will be 400 million 
by 2010 with growth in Asia and the 
developing countries,” says Mr. von 
Ungem Sternberg. “Consumption in 


Innovation and Diversity Imports by co&ntiry s) 

Finland's export-driven economy thrives on high technology. Germany 

f | the Finnish economy is export- volume is still quite high,” says Mr. Sweden ,V‘~ V-v?-' • .^ r '- V--; 

I rlrivi»n Mnthino AnnoM that” Tfrotlitmipa u f~Vn nfhpr hand uvw “‘sat &.■ jSL-'L. jl — — * — a — 


T he Finnish economy is export- 
driven. Nothing changes that,” 
says Jyrid Koulumies, senior 
economic commentator at tbe Finnish 
Broadcasting Company. Indeed, more 
than half of Finnish industrial output 
goes abroad. 

In 1996, ovu-aJl exports were 
around $43 bills m, up 6 percent for 
the year. Of the main industrial sec- 
tors, metal pnxucts and machinery 
exports grew th: roost significantly. 


tors, metal proc 
exports grew th 
notes Statistics 
Export prices, 
percent in the yr 
The main cul 
paperboard pric 
15 percent, T 
suffering from 


lowever, slipped 6.2 
ir up to March 1997. 
rits were paper and 
s, down more than 
; forest industry is 
)w prices, although 


volume is still quite high,” says Mr. 
Koulumies. “On the otter hand, very 
strong growth continues in tbe metal 
and electronics industries - for 
instance, Nokia and Valmet - and in 
the chemical industry ” The latter 
enjoyed 16 percent export growth last 
year. 

Heavy metal 

Known as the backbone of the Finnish 
economy, forest products have now 
been surpassed by the metal and engi- 
neering sector as the biggest exporter. 
Last year, forest products slipped 
from 35 percent to 31 percent of 
exports. 

In recent years, metal and engineer- 
ing have accounted for roughly 40 


Russia 


Source: Statistics Finland 


>e in Finland 


Innovation 
industry, ai 
ment to rest 
isimpressh 
the private 
this area, i 
programs a 
pare future 
their skills i 
try. AndFii 
using these 
market nicb 
One re 
devdopme 
food sectoi 
which has 
candy red 
levels in tt 
by a team 
Group, Be 


a byword in Finnish 
I Finland's commit- 
rch and development 
Tbe government and 
ctor invest heavily in 
d numerous training 
mnd the country pre- 
researchers to apply 
i the service of indus- 
tish entrepreneurs are 
roducts to create new 

lent award-winning 
t in Finland’s thriving 
is Benecol margarine, 
een shown to signifi- 
re serum cholesterol 
bloodstream. Created 
writing for the Raisio 
■col's most important 


"ingredief is stand ester, which 
was^fin derived from sterols 
obtainetfxom pine pulp. 

Just ne example from the 
dynami electronics sector is 
Nokia’ 9000 Communicator. 
Laund 1 in 1995, it is a pocket- 
sized C M mobile phone that lets 
users s d faxes and e-mail or surf 
the Int ieL , ' 

Met a! research is another 
growt area. Mcdi m i k ro has 
develc jd a hew clinical diagnosis 


system that will be used to monitor 
astronauts’ vital signs on the Mir 
space station. 

In the pharmaceuticals sector, 
Orion has launched Fareston, a 
new breast-cancer medicine, as 
well as Corn tan, a new drug to 
treat Parkinson's disease. 

Environmental technology is a 
particular area of Finnis h exper- 
tise. Neste’s City and Futuxa diesel 
and gas fuels are hailed as the 
cleanest vehicle fuels in the world 
and are exported as far afield as 
Kazakhstan. 

In addition to products, Finland 
also exports know-how. In associ- 
ation with a local partner, 
Fi nl and’s Eneigia Ekono is 
designing tbe world’s most exten- 
sive district heating net- 

I woik in the South Korean 
capital of Seoul. Using 
advanced Finnish energy 
technology, the network is 
expected to reduce local 
pollution emissions by up 
to 85 percent. 

Environmental technolo- 
gy sometimes has a surpris- 
ing impact If you are wear- 
ing a pair of stone washed 
bluejeans, chances are that 
this effect was achieved 
through Primalco Ltd. 
Biotec’s “Ecostone” process, 
which uses envirooment-fiiendly 
enzymes to treat tbe denim. 

Primalco Ltd. Biotech began 
producing Ecostone enzymes in 
Finland in 1990, and today foe 
company is one of the three lead- 
ing suppliers of such products 
worldwide. 

Ecostone enzymes are exported 
to 35 countries, and buyers include 
manufecturers of major brands m 
North America and Asia. J”. 


percent of exports, total industrial 
output and the workforce. 

Equipment and machine exports in 
1996 rose by more than 13 percent 
Major export items include ships, har- 
vesters, paper machines and cranes - 
especially those designed for 
demanding conditions. Of metal -sec- 
tor firms, Valmet nearly doubled its 
profits from 1995 to 1996, buoyed by 
orders for paper and paperboard 
machines. 

Ahlstrom saw an increase of some 
20 percent although overall turnover 
slipped. Metra’s yield was up 12 per- 
cent Meanwhile, profit at the giant 
Outokumpu dropped to one-sixth of 
the 1995 level Some two-fifths of 


liners to ergonomic garden tools. 

Energy technology has been a 
glowing export area over the past five 
years, with annual exports tripling to 
some $2.3 billion, led by ABB 
Finland. Behind foe energy-tech suc- 
cess lies long-term research. In 1993- 
94, for example, the Technology 
Development Center spent some 
$150 million supporting II energy- 
tech research programs. 

European Union nations took 55 
percent of Furnish exports in 1996. 
Thai actually edged down from 1995, 
Finland’s first year as an EU member. 
Germany remains Finland’s largest 
export destination, absorbing 12 per- 
cent of exports last year. Sweden and 


Exports fey country (top 5) 

Germany 

•'-12.1% J 



Sweden 


l|rplp" 


UK 




USA 

'"^9% y'' 

\ -T.;. ' • • 


■ 

Russia 







Source: Statistics Finland 


metal-industry exports are in elec- 
tronic and electrical products. 

The flagship sectors are cellular and 
other telephone devices, with exports 
of $3 J5 billion last year. Indeed, high 
technology would be number three as 
a separate export category, with tbe 
most active growth in the 1990s. 

Research and development 
High-tech research looms large in 
almost all Finnish exports. In 1994, 
export industries invested some 2 3 
percent of GDP in R&D, developing 
products r anging from cholesterol- 
reducing margarine to mobile phones; 
data encryption programs to four- 
legged forest harvesters; and luxury 


“Gateway to the East: Finland” 
war produced in its entirety by the Advertising 
Deportment of the International Herald Tribune. 

It was sponsored by the Foreign Ministry of Finland. 
Writers: Wif Stenger and John PagnL both in Helsinki. 
Program Director: BillMahder. 


Green Is the Color 

Combining economic success with environmental responsibility. 

T here are no simple solutions to Within the next two years, an im 
environmental problems, and grated inspection agency will be : 
Finland is addressing such up under the auspices of the mirnsi 


tbe EU and the United States is 200 to 
300 kilograms per capita annually; 
Asia's is only 25 kilograms per 
capita.” 

Price volatility is also part of the 
sector's cyclical character. Last year 
saw one of foe sharpest price falls in 
history, though growth is forecast for 
1997. With the globalization of 
Finnish production structures and 
carefril husbanding of foe forests, 
recent and future measures will 
ensure that Finland’s “green gold," as 
Finns call their abundant forests, will 
never be exhausted. J JP. 


X Finland is addressing such 
questions in a comprehensive and 
effective manner. The cleanup started 
many years ago in the industrial sec- 
tor, continued into municipalities and 
is now, literally, on everyone’s 
doorstep. 

Finland’s vibrant recycling indus- 
try, composed of more than 300 com- 
panies, exports its technology and 
expertise around the world. Ekokem. 
for example, which treats hazardous 
and toxic waste, was the first such 
company in the world to receive the 
EUs EMAS certificate, and it has 
also been awarded ISO9001 and 
BS7750 certification. 

An ounce of prevention 
Finland's environmental policies 
emphasize prevention rather than 
damage control. ‘Twenty years ago. 
we cleaned the waste; now we avoid 
waste creation by going inside the 
process to see whaTeffect it and the 
product will have on nature,” says 
Aamo Karttonen, environment tech- 
nology manager of the Foreign Trade 
Association. The government has 
taken a leading role, not only by set- 
ting some of the worid’s toughest 
standards, but also by providing 
ample enforce menL 

“Our regulations have teeth.” says 
Mr. Karttonen. ’’Monitoring is carried 
out by regional environment centers 
around the country, and companies 
have benefited from more efficient 
production and material use to attain a 
higher s tarns abroad with a variety of 
quality certificates.” 

Statistics prove that Finland means 
what it says when it signs on the dot- 
ted line. The two pillars of the Finnish 
economy are foe forest and metal 
industries, and the country is a major 
consumer of energy that can be harm- 
ful to the atmosphere. 

Nonetheless, under the Geneva 
Convention on Long Range Trans- 
boundary Air Pollution, Finland's sul- 
fur dioxide emissions have been cut 
by 80 percent since 1980. Environ- 
ment Minister Pekka Haavisto has set 
priorities, and a cascade of new ideas 
and innovations has followed his 
appointment two years ago, focusing 
on a gradual “greening” of taxes and 
oq sustainable development 


Within the next two years, an inte- 
grated inspection agency will be set 
up under the auspices of the ministry 
to coordinate all information on 
industrial environmental impact. 

“At present, air pollution permits 
are controlled by one department, 
building by another, water outflows 
by yet another and so on. This will 
streamline the whole process," Mr. 
Haavisto says. Private residences are 
foe next in line for environmental 
housecleaning. 

“finland has a good record in paper 
recycling (half a million tons in 
1996), but this has now expanded into 
glass, batteries, plastics, cans and con- 
tainers. all of which are separated by 
consumers and Lhen recycled or 
burned." 

This year, a new tire recycling tax 
and centralized collection program 
were introduced. Now. all used tires 
are collected and their metal elements 
extracted before they are burned. But 
doesn't burning tires release harmful 
fames? 

“No. not when it is done properly" 
says Mr. Karttonen. "With the correct 
air mix and temperature, a lot of ener- 
gy is extracted. Burning problems 
have been solved; it is the feeding and 
sorting side that needs investment." 

Taxing polluters 

As the first country to introduce com- 
pulsory catalytic converters on all 
new cars and to encourage unleaded 
fuel use with a tax break, it is no sur- 
prise that Finland was also ihe pioneer 
in carbon energy taxation. 

The tax helps to steer consumption 
toward cleaner energy sources. It is 
levied on both industry and house- 
holds at the primary level extending 
throughout the energy chain, from 
producer to consumer. 

“Finland has a difficult situation in 
the energy sector, although we com- 
bine high efficiency in heating and 
power.” says Mr. Haavisto. “But I 
would like to see a change from coal 
to natural gas to cut CCY emissions. It 
is a challenge. In a way. we are an 
island. Pipelines must be built; that 
will take a lot of investment, and we 
plan to use more wood, which is a 
renewable resource. Peat has reached 
its limit; my preferences are natural 
gas, wood and then wind and solar 
power for foe future." JJ*. 


The Global Environment 


“Pollution does not need a pass- 
port" is a frequently voiced com- 
ment at Finland's Environment 
Ministry, and Finland has assumed 
an active International environmen- 
tal policy, especially in relation to its 
eastern neighbors. 

Leading by example, Finland has 
implemented many agreements and 
measures to ensure that conserva- 
tion and pollution control are given 
top priority- 

“The government has done a lot 
for forests by protecting 300,000 
hectares of old growth trees as new 
forest and nature laws are synchro- 
nized to cover more: A proposed 11 
percent of total area is to be placed 
under the EU’s Nature 2000 pro- 
gram,* says Environment Minister 
Pekka Haavisto. 

The EU’s target of reducing car- 
bon dioxide emissions by 15 per- 
cent by 2010 is challenging. “Our 
position at the Kyoto International 
Climate Meeting I think is the green- 
est, but cutting emissions in Russia 
and Central Europe may be the most 
efficient use of an ECU," says Mr. 
Haavisto. 

In Finland, people are educated 
about the importance of nature and 


the environment “Finns know paper 
is valuable," says Amo Karttonen of 
the Foreign Trade Association. “The 
government has invested a lot in 
education and information that has 
led to the success of the separation 
of waste for recycling-" 

Under the aegis of the Baltic Sea 
program, Nordic countries lend their 
expertise to assist their neighbors in 
cleanup efforts. Finland has acted 
as the consultant for identifying pol- 
lution hot spots and advising on 
their cleanup. 

Finland's limited resources make 
cooperation with the World Bank, 
the EU - through the PHARE and 
Tacis programs - and the European 
Bank for Reconstruction and 
Development a must 

"There has been success in 30 
projects, e.g.. cleaning waste and 
drinking water in Tallinn and cutting 
power station emissions in Latvia,* 
says Mr. Haavisto, “but the scale of 
the problem is so huge -the biggest 
source of sulfur [pollution] in Finland 
Is the Narva oil shale power plant in 
eastern Estonia - that it will require 
many millions of dollars to resolve. I 
am hopeful that we will see a pre- 
liminary result during 1997.’ IP. 


Britain are secoad and third at 10 per- 
cent to 11 percent Finland runs its 
largest trade surplus of $1 3 billion 
with Britain. 

Next is the United States, with 
exports up by more than a quarter last 
year, mostly in the form of ships. 
Russia is now fifth. 

The Soviet Union was once the 
biggest consumer of Finnish exports, 
but its collapse forced Finns to build 
markets elsewhere. Eighty percent of 
Finland's exports now go to Western 
countries. And exports to faraway 
partners such as Hong Kong, the 
Philippines and Chile rose last year 
by one-third to one-half, pointing the 
way to the future. W.S. 


Thriving Multinationals 

F innish companies are quietly expanding their overseas operations, often 
operating under familiar brand names gained through acquisition. Others 
start from scratch, setting up their own factories and marketing teams 
abroad. 

Most have concentrated on Europe and North America. Companies in the 
two major industries, forest products and metal/engineering, are no exception. 
Europe’s largest forest-products group, UPM-Kymmene, owns mills in many 
European countries. The company has 4,000 employees in France alone, rep- 
resenting less than one-tenth of its worldwide payroll. Rauma. mostly owned 
by UPM-Kymmene, has subsidiaries around the world. Two-thirds of its 
1 0,000 employees work outside of Finland. 

Last year, another of Finland's top three forest companies, MetsS-Seria, 
bought a paper mill in Switzerland and half of one in Germany. Tbe firm is now 
acquiring a controlling interest in a Polish paper company. 

In metals and engineering, Valmet and Nokia both have several facilities in 
North America. Valmet has more than 2.000 employees in the United States 
and Canaria, with headquarters in North Carolina. Last year, Nokia opened new 
facilities in Massachusetts and Mexico, adding to its sites in California and 
Texas. 

Consumer products is a key sector of Finnish overseas expansion. Finland 
inspires images of sports and wilderness in the minds of foreigners, and, not 
surprisingly, several Finnish companies operate abroad in outdoors and sports- 
related areas. The Amer Group owns the Wilson, MacGregor and Atomic sport- 
ing goods brands, with sales offices in over 20 countries marketing premium 
golf, tennis and ski equipment 

Rapala is a small, family-owned company that wields great influence in foe 
fishing lure business, selling its products in 130 countries. The firm has an 
overseas plant in the heart of prime fishing country: Galway, Ireland Rapala 
also owns Nonnark, a U.S. company that imports Finnish knives^^ 

The 350-year-old Finnish company Fiskare owns Gerber, a venerable U S 
manufacturer of hunting knives. Fiskars itself manufactures tools, ranging from 
camping axes to garden shears and kitchen scissors, in 13 countries. Less than 
one-fifth of the company’s 3,700 employees now work in Finland The rest are 
scattered from Mexico to Canada, Russia and Italy. ^ § 







Lit 


PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAT, JUNE 14-15, 1997 


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Did You Miss A Day This Week? 

This past week sfitmi pages are available 
for viewing on the JHT site on the World 
Wide Web. 

http://www.iht com 


HmlbSS^ribunc 

BUSINESS/FINANCE 



IHT Technology Index 

AU of the past month s technology articles 
fmm the IHT. now available on our site tut 
the World Wide Hi 'b. 


SA3TIRDAX-SUJVDAY, JUNE 14-15. 1997 




http://www.iht com 


PAGE 13 


Profit in Grapevines 

Australia Wine Exports Soar 35% 


By Michael Richardson 

International Herald Tribune 


PICCADILLY, Australia — From 
his office in the hills to the east of 
Adelaide, Brian Croser recently 
showed a visitor a classic vineyard 
view: neat rows of chardoonay and 
pinot noir grapevines on the slopes, 
their leaves gold, russet and verdigris in 
a glorious autumn display. 

Although the leaves on the vines are 
withering as winter approaches, Aus- 
tralia's wine industry is in the midst of 
unprecedented growth based on buoy- 
ant domestic demand and rapidly rising 
exports to Europe, North America and 
Asia. 

' ‘The industry has never been more 
optimistic, nor has it ever had more 
reasons to be," said Mr. Croser, chair- 
man of Petaluma Ltd., an Australian 
wine producer that is 1 1 percent owned 
by Societe Jacques Bollinger, a French 
Champagne house. 

Australia's wine exports soared 35 
percent to a record 551 million Aus- 
tralian dollars ($418 million) in 1996. 
A decade ago wine exports accounted 
for 45 million dollars. 

Ian Sutton, deputy chairman of the 
Australian Wine Export Council in Ad- 
elaide. said, “We are now exporting to 
60 countries and, almost without ex- 
ception, the growth is strong.” 

But die Australian wine industry’s 
increasing reliance on exports also ex- 
poses it to the- risk of a downturn in 


international demand, analysts said. 

Australia’s clean environment, ideal 
climate for growing a wide variety of 
wine grapes, relatively cheap land and 
production costs, and innovative vit- 
iculture and wine-making methods have 
provided a strong base for expanding an 
industry that began more than 200 years 
ago when the first European settlers 
planted vines. The Australian wine in- 
dustry recently set itself an ambitious 
target: to lift export sales to 2.5 billion 
dollars by 2025 while increasing do- 
mestic sales to 2 billion dollars by 2025 
from 1.15 billion dollars in 1996. 

The strategy is based on the calcu- 
lation that although the volume of world 
wine sales may drop over the next few 
decades, the value wilj rue as increas- 
ingly. affluent and health-conscious con- 
sumers pay more for quality wioe. 

“We call it the global cappuccino 
society phenomenon,” said MiTchell 
Taylor, export director of Taylor Wines 
Ltd., a medium-sized Australian pro- 
ducer based in South Australia's Clare 
Valley that exports about 20 percent of 
its output, up from almost nothing five 
years ago. “People in the markets we 
sell to increasingly want to drink qual- 
ity wine at home or when they go out. 
Its a lifestyle thing.” 

Growing heal Si consciousness is 
also increasing demand for wine, fol- 
lowing scientific findings in the past 
few years that grapes and red wine can 
help prevent heart disease and may also 
contain a potential cancer inhibitor. 



VoLi 1-iu.itri 


David Combe, a senior vice pres- 
ident for Sou thcorp Holdings Ltd., Aus- 
tralia's largest wine producer and ex- 
porter^ said. “Demand has undoubtedly 
been stimulated by widespread pub- 
licity about the health benefits of red 
wine when drunk in moderation.'* 
Australia is not in the top echelon of 


international wine producers. But it is 
making significant inroads into the ex- 
port market where it is challenging such 
major players as France. Italy and Spain 
in such key growth areas as Britain. 
Scandinavia, North America and Asia. 


See WINE. Page 16 


Inflation Data Keep 
Bulls in the Saddle’ 


Dow Sets 6th Consecutive Record 


"i in tin » urt 


NEW YORK — U.S. stocks posted 
their sixth consecutive record close Fri- 
day after a report on producer prices 
signaled low inflation that should keep 
interest rates low enough to fuel higher 
corporate profits. 

DuPont. General Electric and Philip 
Morris, companies that dominate their 
industries, paced the advance. 

“The bulls are in the saddle, and 
they're riding the market.” said John 
Bogle, founder and chairman of the 
Vanguard Group. 

The Dow Jones industrial average 
closed up 70.57 points ar 7.782. 04. The 
30-stock average has risen nearly 21 
percent this year. 

The new report from the Labor De- 
partment was the latest evidence that 
inflationary pressures are under control, 
giving the Federal Reserve little incentive 
to raise interest rates when it meets early 
next month. The department said prices 
paid to factories, farmers and other pro- 
ducers fell 0.3 percent Iasi month. They 
had been expected to rise 0.1 percent. 

The Standard & Poor's 500 Index 
closed 9.81 points higher at 893.27, and 
the Nasdaq composite index gained 
11.72 to 1.423.04. 

American Express surged to lead ihc 
Dow industrials on speculation it would 
be bought by Citicorp. 

Helping both the Dow and S&P gain 


were shares of Philip Morris, which 
posted a strong gain amid growing ex- 
pectations that the tobacco industry and 
its opponents were close to reaching .: 
landmark agreement to settle hundred* 
of health-related lawsuits by states and 
sick smokers. RJR Nabisco Holding- 
was also stronger. 

“There's a vacuum of bad news — 
the market’s void of anything to be 
concerned about.” said Brett Bern, a 
money manager at Bailard Biehl iJc 
Kaiser. 

Bond yields fell after the producer 
price report. The yield on the bench - 


US. STOCKS 


Deutsche Bank Chief’s Warning: Takeover Battles Ahead 


By John Schmid 

International Herald Tribune 


FRANKFURT — Less than four 
weeks into his new job as chief of 
Europe's biggest batik, Rolf Breuer 
already is prepared to break a few tra- 
ditions at Deutsche Bank AG, and even 
to risk upsetting his fellow Germans. 

As he disclosed a list of changes he 
wanted at the back, Mr. Breuer warned 
Germans to brace themselves for a new 
kind of capitalism — one with an in- 
creasing number of corporate takeovers. 


for example, “whether friendly or hos- 
tile.” Even if Germans do not like to 
bear about them, he said, Germany 
needs such takeovers to keep a com- 
petitive edge in the global economy. 

The banker’s blunt message is certain 
to be unwelcome to many at a time of 
record unemployment in Germany and 
with the country ’s political class having 
often shied away from economic re- 
forms. It comes only three months after 
thousands of striking steelworkers ral- 
lied at Deutsche Bank’s Frankfurt 
headquarters to protest the bank's ad- 


visory role in Krupp Hoesch AG’s un- 
over bid of a rival steel- 


solicited takeover 
maker, Thyssen AG. 

The “watershed” Krupp-Thyssen 
deal has transformed Germany’s once- 
cozy corporate world, Mr. Breuer said, 
even though a storm of opposition at the 
time forced Krupp to drop its hostile bid 
and settle for a politically negotiated 
merger of the two companies’ steel sub- 
sidiaries. 

Changes in German capitalism will 
parallel changes that Mr. Breuer plans at 
Deutsche Bank, he made clear. As 


Deutsche Bank expands into investment 
banking, which includes the business of 
takeovers, he said, it will bow out of a 
time-honored patriarchal role in the 
economy: having its topexecutives serve 
as chairmen on the supervisory boards of 
Germany's biggest companies. 

Years of criticism of the power con- 
centrated in German banks means that 
polishing Deutsche Bonk’s image has 
become "one of my main tasks,” said 
Mr, Breuer, 59, who is known for his 
public-relations skills. 

‘‘Our image,” Mr. Breuer said, care- 


fully weighing each word, “has room 
for improvement.” 

■ Profit-Sharing at Daimler 

Daimler-Benz AG unveiled the first 
profit-sharing plan for nonmanagement 
employees in the 107-year history of 
Germany's largest industrial concern. 
The Associated Press reported from 
Stuttgart. 

The plan is to cover about 137.000 
employees at Daimler’s headquarters 
and its vehicle-producing plants in Ger- 
many. Daimler said. 


mark 30-year Treasury bond slid lob.? ' 
percent front 6.78 percent. 

“The market's now focusing on .i 
growing siring of numbers describing ,i 
slowdown since last winter.” said Clare 
Zempel. chief investment strategist at 
Robert W. Baird & Co. 

The rally extended a bull market that 
began in October 1990. The Dow in- 
dustrials have climbed about 22b per- 
cent in 2.436 days since late 1990 — the 
longest rally without a 10 percent de- 
cline since 1914. according to Birinxi 
Associates. 

A slowdown in the economy, 
however, could eventually hurt corporate 
profits, and a number of companies lu\ e 
said recently that results were not mulch- 
ing expectations. With about two weeks 
left in the second quarrer, 68 companies 
have warned investors that profits will 
fall below analysts' expectations, ac- 
cording to 1BES International. 

ESS" Technology, for example, fell 
after the company said second-quarto 
sales and earnings would fall snort of 
forecasts. 

The buoyant mood on Wall Street 
fired major European exchanges as 
well. British shares rose to a record, led 
by oil stocks, as the FT-SE 100 Index, 
the benchmark stock index of Europe > 
largest market, climbed 25.7 points, nr 
0.54 percent, to 4783.1. 

The C AC-40 Index in Paris climbed 
1.75 percent, or 48.15 points, to 
2,808.52, and the DAX Index in Frank- 
furt rose 0.98 percent, or 36.45 points, to 
3.744.44. (Bloomberg. API 


Economic scene 


Rampant Capitalism Is No Cure-All 


By Peter Passell 

New York Times. Sen-ice 


Ni 


EW YORK — It is fashion- 
able to think these days that 
economic development is 
largely a matter of getting 
political and economic institutions 
right, then letting private enterprise 
fiourish. In recent years, this sanguine 
view of free enterprise has proved 
prophetic: Most economies that have 
opened their borders and deregulated 
markets are growing rapidly. 

So when Jeffrey Sachs, director of the 
Institute for International Development 
at Harvard University and definitely of 
the glass- is -half-full school, admits to 
gloomy thoughts, the world takes no- 
tice. 

Capitalist-led development works al- 
most everywhere, Mr. Sachs says — but 
the accent is on “almost” Meddlesome 
governments and rapid population 
growth partly explain why the econ- 
omies of Latin America and sub-Saha- 
ran Africa have fallen so far behind. But 
geography, climate and natural re- 
sources may play a larger role than has 
generally been acknowledged, he says. 

While East Asia is doing splendidly, 
and the former socialist paradises of 
Eastern Europe have paused to regroup, 
Africa and Latin. America are riddled 
with impoverished places where prob- 
lems cannot be written off to a failure to 
follow the gospel according to Adam 
Smith. 


published this year by the Asian De- 
velopment Bank, suggests that all too 
often location is destiny. 

Take sub-Saharan Africa, where 
growth, on average, was 4 percentage 
points below that of East Asia between 
1965 and 1990. Bad government ex- 
plains perhaps 1 .7 percentage points of 
the difference. But a combination of 
lean natural resources, poor access to 
transportation and fragile tropical eco- 
logy explain 1 percentage point. What’s 
more, short life expectancy, linked to 
the incidence of tropical diseases, ac- 
counts for 1.3 percentage points. 

Locational problems are less critical 
in Latin America, accounting for just 
six-tenths of a percentage point of the 


region's 3.9 percentage point differen- 
awth with East Asia. But geo- 


- dal in grot «... 

■ graphy apparently does play a malevol- 
ent role in a handful of countries, 
notably Bolivia, which have done most 
things right according to the capitalist 
gospel yet cannot seem to attract foreign 

investment. 

The tropics in general and sub-Saha- 
ran Africa in particular are not going to 
join the club of rich nations anytime 
soon. The Harvard group projects that 
tropical economies will barely reach 
half the gross domestic product per per- 
son of temperate zone countries in the 
foreseeable future — and then only if 
they get their act together on economic 



Indeed, an analysis by the Harvard 
Institute in “Emerging Asia,” a report 


.on 

agricultural reform, the World Bank’s* 
flavor-of-the-month policy prescrip- 
tion. might make sense. 


While the strangulation of commer- 
. cial fanning in Africa has certainly ad- 
ded to the region’s misery, Mr. Sachs 
says that free markets in agriculture 
have contributed relatively little to de- 
velopment outside the temperate zone. 
He fears that farming is a dead end in 
places subject to rapid soil erosion and 
deforestation. 

He would, however, focus more at- 
tention on public health. Tropical dis- 
eases are ferocious killers — malaria 
alone slaughters 1 million people a year 
and debilitates tens of millions more. 

By the same token, Mr. Sachs wants 
to make tropical countries as attractive 
as possible to export-oriented manu- 
facturing. which he sees as the main 
chance for improving living standards. 
To this end, investment in urban in- 
frastructure, both human and social, is 
badly needed. But the big payoff will 
come only if the West opens its markets 
to entry-level manufactured imports — 
clothes, shoes and the like — from the 
tropics. 

The postcolonial era in which atti- 
tudes toward the economic develop- 
ment of the tropics were colored by 
guilt, ideology and racism has given 
way to a new realism in which the 
capitalist growth model reigns supreme. 
The trouble is. the spread of capitalism 
alone will not guarantee tropical econ- 
omies a place in the affluent world. The 
trick now, Mr. Sachs suggests, is to 
reinvent development strategies ro over- 
come deterrents to growth that ded- 
ication to global capitalism cannot 
change. 


CURRENCY & INTEREST RATES 


Croks Rates 


June 13 Ubid-LJbor Rates 


June 13 


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Safe French 

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PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. JUNE 14-15. 1997 


THE AMERICAS 


Investor’s America 


7250 

A . A 

jr* ] m 


r 

V| 

6250 

• 6S0 


• 3D- Year T-Bbntl Yield 




Dollar. in 'Deutsche marks B Dollar. in Yen 


1.75 

1.65 J** 

^ F 
1987 

v v Y y . 

M A M J ' 

130 

120 

1997 

"■'7mm 

M A M J 

ijww ;?;.’:'/' .% : : 

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mt.47 

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-46CL34 . 

: +1.05:; 

as. 

■WastfaqCom 0 O 6 fB 2 142S3+M 

.1411. JO 

+0.85 

A ... 

.Market .Value... . 

:: miOf. 

.605.36 


Toronto - 

tse index 

■ S558^J0 

6307.50. 

+0.78 

Sao Paulo ' 


. T1828LS3 

11838^0 sQJ26\ 

Mexico C9y 

Bofea ' 


424024 

+ 0.10 

. Buenos AfFesMerva? . 

813.41 

814.43 

*0.13 

Santiago 

iPSA.Ganacel-.. 

504S.36 

S83a82 

• + 0 .I 6 

Caracas 

■C^pftaM3«ieraI 

3^08.55 

73^^4 

+2.35 

Source: Bloomberg. Reuters 


liUrmaii.ntjl hklrild TrihulK 

Very briefly: 


Century to Buy Pacific Telecom 


Blcimberfi Nres 

MONROE. Louisiana — - Cen- 
tury Telephone Enterprises Inc. 
agreed Friday to buy Pacific Tele- 
com Inc. for $2.2 billion in cash 
and assumed debt, in a move that 
will double Century’s local phone 
operations. 

PaciflCorp, parent of Pacific 
Telecom, plans to use [be money 
from the sale to help finance its 
acquisition of Energy Group PLC 
of Britain for $9.7 billion in cash 
and assumed debt. 

With Pacific Telecom, Century 
will become the 12th-largest U.S. 
local phone company with 1.2 mil- 
lion phone lines, primarily in rural 
areas. 

Bui at least one analyst said Cen- 
tury paid a steep price of $3,400 per 
phone line for Pacific Telecom — 
double the average rate. 

“That’s exrremely expensive.” 
said Tony Ferrugia. an analyst at 
A.G. Edwards & Sons Inc. “When 
you start hitting $3,000 and better, 
that’s really expensive.” 


Mr. Ferrugia said the price per 
phone line for a Baby Bell local 
phone company was currently 
about $1,400 to $1 ,700- 

Century's shares rose 50 cents to 
close at $32.25, while PacifiCoip 
ended unchanged at $22. 125. 

"This acquisition helps move 
us closer to our vision of becoming 
the leading provider of integrated 
communication services to rural 
America,” said Glen Post, pres- 
ident and chief executive. 

In April, Century said it would 
buy Pacific Telecom's wireless 
businesses for $1 64.4 million. The 
announcement Friday replaces the 
earlier agreement. Century said. 

Pacific Telecom, based in Van- 
couver, Washington, had revenue 
last year of $521.1 million. Century 
said, and expects to add about $60 
million with pending acquisitions. 

Pacific Telecom provides local 
phone service in seven Western 
U.S. states and Alaska over about 
640.000 phone lines. It expects to 
gain about 70,000 more phone 


lines from pending acquisitions. 

■ PacifiCorp to Sell Assets 

PacifiCorp confirmed it would 
buy Energy Group PLC. creating 
an international electricity and 
coal giant in a $9.7 billion deal 
financed partly by selling several 
of the U:S. company's businesses, 
news agencies reported. 

But PacifiCorp also said it was 
looking to acquire electricity gen- 
erating assets in the United States. 

“We plan to continue to build 
off of our fuel resources and gen- 
eration. leading on value all the 
way through to the light switch.” 
Dick O’Brien. PacifiCorp's chief 
financial officer, said. 

PacifiCorp, based in Portland, 
Oregon, said the acquisition of the 
British utility would make it one of 
the world's biggest energy con- 
glomerates with 5 million custom- 
ers, 17,000 megawatts of electric 
generating capacity and more than 
10 billion tons of coal reserves. 

(AP. Reuters i 


Netscape Security Flaw Reported 

SAN JOSE, California { AP) — Netscape Communications 
Corp. is trying to confirm the existence of a reported security 
flaw in its Internet browser software. 

The company said it would fix any problem as soon as 
possible after the business news cable channel CNNFN re- 
ported that a newly discovered flaw in Navigator software lets 
operators of World Wide Web sites read anything on a hard 
drive of a personal computer logged on to the site. 

The glitch was reported by Cabocomm. a Danish software 
company. CNNFN reported The cable channel and PC 
Magazine, running their own tests, also found the glitch. 

Canada Oil Firms Lost on Hedging 

CALGARY. Alberta (Bloomberg) — Canadian oil and gas 
companies lost as much as 800 million Canadian dollars i$578 
million) in revenue from their hedging strategies in 1996, 
according to the accounting firm Price Waterhouse & Co. 

Of the top 100 companies, 55 lost bets they placed on the 
outlook for crude oil, and it appears that most companies now 
are rethinking their hedging strategies, said Rick Roberge, who 
heads the Canadian Energy Group for Price Waterhouse. 

In an annual report. Mr. Roberge also said increased oil and 
gas prices through 1996 fueled an “exceptional” year for the 
100 biggest producers. He said 1997 could also be a good year 
for the industry, which will undergo a record amount of 
mergers and acquisitions. 

• Wasatch International Corp. said its Edwards- Wasatch 
Enterprises LLC affiliate planned to offer about $16.5 
million for the struggling Kiwi International Air Lines. 

• Microsoft Corp. said it would acquire Cooper & Peters 

Inc., a Colorado-based developer of software technology 
products, for an undisclosed sum. .\rx 


FTC to Take Aim at Junk E-Mail 


Washington Post Service 

. WASHINGTON — The Federal 
Trade Commission has promised to 
crack down on commercial compa- 
nies that swamp the Internet with 
unsolicited electronic mail. 

The commission's top official 
said that government regulators 
would increase their efforts under 
existing fraud laws to punish 
companies and individuals who use 
unsolicited e-mail to make decept- 
ive business claims. Such messages 
— that mighr advertise a “Unique 


Business Opportunity” or the 
chance to “Build Wealth Now” — 
have become the focus of com- 
plaints from many Internet users. 

In an interview, the trade 
agency's commissioner, Christine 
Varney, said: “A lot of the problem 
with unsolicited e-mail is thai it is 
fraudulent, and we want to start en- 
forcing the laws in this area.” 

It costs almost nothing for some- 
body with an Internet account to 
send millions of the messages, but 
Internet service providers complain 


that the flow is slowing their op- 
erations and forcing them to buy 
costly new computers. 

At America Online Inc., 5 percent 
to 30 percent of the 1 5 million e-mail 
messages sent to its subscribers each 
day are unsolicited, a lawyer for com- 
pany said at a hearing on the issue. 

Two marketing groups, the Inter- 
net E-Mail Marketing Council and 
the Direct Marketing Association, 
told (he hearing that they have adopt- 
ed guidelines that call for commercial 
mailings to be clearly identified. 


EU Currency Doubts 
Help Support Dollar 


hilt” ,l f I * i 

NEW YORK — The dollar rose 
against major currencies Friday, 
bolstered by the strong perfor- 
mance of U.S. financial markets 
and doubts about Europe’s pro- 
posed single currency. 

Investors were cheered by a U.S. 
government report showing that pro- 
ducer prices fell for a fifth straight 
month. Stocks and bonds rallied on 
the news, triggering demand for dol- 
lars from overseas investors. 

Events in Europe also gave the 
dollar a lift. Chancellor Helmut 
Kohl of Germany, after meeting 
with French leaders, said the two 
sides would continue talks over the 
weekend to iron out differences 
over a pact to enforce budget -deficit 
limits as part of Europe's economic 
and monetary union. 

“Looking at the bond and stock 
markets, it's hard not to like the 
dollar,” said Jack Griffin, manager 
of currency sales at Fuji Bank. * * If I 
had an extra couple million dollars. 
I wouldn't put it in Europe. There's 
so much uncertainty there.” 

The dollar rose to 1.7365 
Deutsche marks in 4 P.M. trading 
from 1.7296 DM on Thursday and to 
1 14.805 yen from 1 14.265 yen. The 
U.S. currency was also at 1.4429 
Swiss francs, down from 1.4435 
francs, and at 5.8680 French francs, 
up from 5.8350 francs. The pound 
fell to $ 1 .6370 from $1 .6320. 

The dollar gained against the yen 
even after Japan said its economy 
grew at a 6.6 percent annual rate in 
me firsr quarter as consumers 
rushed to buy before an April 1 lax 
increase. Economists said those 
taxes would slow growth for the rest 
of the year, so the report did little to 
help the yen. 

The next big economic news in 


Japan is due to be the central bank's 
quarterly survey of business seqtif 
merit, the so-called tanLan report 
June 25. *’We don't expect the 
tankan to show' much of a recovery, 
so we don’t expect interest rates to . 
rise soon in Japan.** said Chris Iggo. 
currency strategist or Barclays Bank. 
Japan’s record-low interest rates 
help the dollar by spumng investor^ 
tn pour money into U.S. assets. . 1 . : 

Even so. trade tension between the 
Washington and Tokyo is growing- 
in the run-up to next week’s summit 
meeting of the Group of Seven lead- 
ing industrial nations in Denver 
Thai has hurt the dollar on and off 
this week. Top U.S. officials, in+* 
eluding Treasury Secretary Robert 
Rubin, warned in recent days that. 

FOREIGN EXCHANGE"" 

Japan should not use exports to puli 
its economy out of a five-year slow- 
down. A strong dollar lifts Japanese, 
exports by making them cheaper in 1 
dollar terms. \ 

In Europe. French and German! 
officials hope to reach an agreement; 
on a deficit pact so that European- 
Union leaders can sign it at their 1 
two-day summit meeting in Am-’ 
sterdam beginning Monday. On: 
Friday. Mr. Kohl and President! 
Jacques Chirac of France were un- 
able to reconcile French demands 
for a strong pro-employment clause! 
in the pact, which puts limits on; 
budget deficits for nations that join! 
monetary union. 

“It seems like there is no clear! 
agreement yet." said Ivar Bjorn-- 
stad. manager of foreign exchange! 
at Den norske Bank. "The uncer- 
tainty of all this is weighing on 1 
European currencies and making 1 
people buy dollars.” 



FUNDS: American and Foreign Investors Shovel Record Amounts of Money Into U.S. Stock Vehicles 


Continued from Page 1 

chance that inflation will revive. The 
gain in the Dow industrials, the mar- 
ket bellwether, is now nearly 21 per- 
cent since the beginning of this year. 

Those gains have come in pan 
because of the huge volumes of 
money pouring into mutual funds. 
The Investment Company Institute, 
a mutual-fund trade group, estimat- 
ed Thursday that $18.5 billion 
flowed into equity funds in May, the 
seventh-highest monthly total ever. 

So far this year, investors have 
added $92 billion to mutual funds 
that invest in stocks — well behind 


last year's record pace, but 50 per- 
cent ahead of the next-best year. 

Meanwhile, the Federal Reserve 
Board reported Thursday that in the 
first quarter, foreign investors 
boughr shares of U.S. stocks at more 
than double the rate of Iasi year. 
That increased foreign holdings of 
American equities to 6.5 percent of 
the total, the highest level since 
1990, when the current run of die 
bull market began. 

The long rise in stocks has also 
led mutual-fijnd investors to place a 
bigger portion of their fund assets in 
the stock maiket than ever before. 
At the end of April, according to the 


Investment Company Institute, 
stock funds contained $1.88 trillion 
in assets, just over half of the $3.73 
trillion contained in stock, bond and 
money-market funds. 

At the end of 1990, stock funds 
accounted for only 23 percent of the 
$1.07 trillion in mutual-fund assets 
— far less than bond funds, which 
contained 30 percent of the total, 
and money-market funds, which 
had 47 percent. 

Still, die percentage of Americ- 
ans' total financial assets that are 
invested in the equity market — 
through mutual funds and direct 
holdings of stocks — remains well 


below the peak. About 28 percent of 
household financial assets are in- 
vested in stocks, said Melissa 
Brown, an analyst at Prudential Se- 
curities. 

That is double the portion in 1985 
but well below the peak of 34.5 
percent, reached in 1965. 

The recent popularity of equity 
funds and the flow of money from 
overseas investors into the United 
States have contributed to greater 
demand this year for stocks, analysts 
say. But the supply of slocks for sale 
has been shrinking as new public 
offerings of shares have not kept 
pace with corporate takeovers. 



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which take shares out of circulation.. 

"We're seeing close to 10 cor- 
porate takeovers being announced! 
each week, most of them for cash." 
said Charles Biderman. president of 
Trim Tabs Financial Services.. 
which tracks both mutual-fund cash 
flows and stock-market liquidity. 
“That gives investors money ui 
their pockets, but with less shares to! 
choose from, it drives up prices.” ; ( 

Add to that mix a growing num- | 
her of companies announcing plans ! 
to repurchase shares of their own 
stock, Mr. Bidemian said, and thfi‘ ■ 
result Is an astounding run-up in 
stock prices. 


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Dow Jones 

an Him LOW LM Ckd* 

Indus TTHISt 77W&8 7711 07 WOM ,7U7 
Trans 2*35 14 774S03 3*M«« 2341*7 + 50.73 
Ull Kilt 23532 23138 774*0 *U2 
Coira> 238746 73S4M 23*33» +304S 

Stondard & Poors 

Proton Today 

Iflm lm> Omt 4PM. 
Industrials 103931 102251 ! DM.74 105054 


Most Actives 
NYSE 


Transp. 
Uhliiies 
Tmance 
SP500 
SP 100 


NYSE 

Can|XB4« 

tnOuvrloti 

Tramp. 

UIHHY 

Financp 

Nasdaq 

Carapasiie 

toSinHoib 

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ifi'jiranic 

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AMEX 


01979 <1430 618.08 631.78 
196.02 19138 196X1? 106.96 
101.78 9968 101.44 10248 
BB4J4 869X31 B8244 80227 
860.94 846.71 86024 8*9.94 


Him ton 

45542 44064 

58936 SB3J3 
4I4J9 40*50 
28*15 2B2J4 
47640 47754 


Han ton 
143*42 141 M7 
1144.75 114142 
1545^7 1 539.42 
1604.11 1588.71 
1178 40 1B64J7 
■*51*3 WUS 


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*3011 *26.17 43011 +144 

Dow Jones Bond 


20 Bonds 
10 Llinties 

10 Industrials 


Today 

tow Nona 

10285 10281 

100.03 99.76 

10568 10585 


AMEX 

HaitMi 

SPOR 

VfocB 

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12*591 4415 
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5487 114, 

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4244 73ft 
4108 l+n 


45"1 44 ft 
58Li 58 ft 
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48’ l 48ft 

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*5 46 ft 
g>- 42ft 
73ft 74ft 
25ft 24ft 
tMtt 70ft 
14« 34ft 
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36ft 3*ft 
70ft 71ft 
21ft 221* 


1471. 144ft 
43ft *4*i 
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341* 35V, 
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IJSfti 179ft 
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June 13, 1997 

Utl^i Low Lalesl Cnge OpM 


Grains 

oomteson 

5.000 bu mlnHrom- oanr* per Duvlwl 


Jul 97 

173 

270V; 

271ft 

+ ft 

96^07 

Sen 97 

259ft 

256ft 

258 

-ft 

39.10 

Decta 

255ft 

253 

254 

-ft 


War 98 

26lft 

259to 

240 ft 

-ft 

11*08 

MOV ta 

265ft 

76Jft 

2*lft 

-ft 

1-4KW 

tolta 

268 ft 

267ft 

248ft 

-ft 

166! 

Sep 98 


256 

257 

♦ Vi 

108 


Efl. soles HLA. Thu's, soles 39,443 
Tfoisopenim 274631 oH 1490 

SOYBEAN MEAL (CBOT) 

1 00 tarn- dol'srscar ion 

Ju'97 21460 27800 281.10 +440 17*401 

Aug 97 26100 25130 257 JO -2LH 18.971 

Sep 97 247310 237.00 23150 -160 LL3(H 

00 97 22760 22560 22650 -160 12^69 

OC 77 220 00 71450 Z1810 -100 763179 

JtmOB 71540 21360 71550 -150 2J62 

Est sales BLA Thu's soles 22612 
Thu's own irt 115.467 up 1552 

SOYBEAN «L ICBOTJ 

*0600 On- ccnr> par ib 

All 97 2144 23L25 2133 -009 39644 

Aun 97 3365 ZL44 2155 -012 193)34 

Sep 97 a 78 2165 7170 -0.09 9.29D 

0097 B97 Z3J5 an +0319 11691 

Da: 97 7420 a9B 76JH -0.12 21658 

Jon 98 24J5 24.10 24.23 -Oil 1646 

Es« sates NA Thu s, sides B.770 
Tftj'sopea rt 103679 otf 578 

SOYBEANS (CBOT) 

5-000 hi minimum- cents Per busM 


H+« I**! 

+ »« 

Ari 97 fTlft 

B44 

854ft 





AU097 m 

785 

790ft 

-6ft 

24-346 



Septa 7«ft 

711 

711ft 


9.902 




671 

473ft 

+ 2ft 

52.112 

I7'4* le+a, 


JmV8 688 

67( 

475ft 

-2ft 



+fru 

Esi. soles NA 






Tin's Oden hit 

159,528 

alt 969 



Trading Activity 







NYSE 

Ctow 


Nasdaq 




Aoranccd 

CVxUnefl 

unannoM 

TaMI issues 

HraHftiU 

New Lows 

1760 

827 

811 

339* 

477 

4 

1927 

740 

734 

3403 

458 

14 

Aavanred 

(Mined 

uiKiaiged 

Tirial owes 

New reghs 

New Laws 


1024 

mo 

2231 

5565 

114 

66 

Pro*. 

2147 

1928 

1064 

S73S 

213 

42 

AMEX 

CkM 

Pro*. 

Market Sates 




A4ranced 

Docunno 

Undmpeo 

TouilsHirs 

NraHirin 

Nm Lows 

HI 

254 

740 

5) 

2 

305 

251 

18b 

70 

58 

9 

NY5E 

Am ex 

Nasdaq 

Tftfor 

4ffi 

57184 
22.27 
557 68 


7U99 
27 39 
63032 




Inmtiiorts. 





WHEAT (CBOT) 

MOD be mtrwmum- corn per Bushel 
All 97 358 348 152ft -ft 38.094 

5ep9? 364ft 357 341ft — 1ft 24JS7 

CSc97 379 370ft 373ft — 1W 18.987 

Mur 96 382 375 379 -I 2653 

EsI sales NA Thu's, safes 25.772 
Tfol'SOpenW 84637 UP 741 


Dividends 


-H 

a'l 

Company 

P*r Ami 

Rec 

Pny 

Jl 

IRREGULAR 



s'i 

Abbey Nall AOS A 

b 346Q 

6-30 

7-7 

J m 

First M&F 

- 32 

6-25 

6-30 

•!? 

Kaneb Sues, ad A 

. 335 

6-33 

6J0 

. \ 

RcpsaiSA ADR 

b .7045 

7-9 

7-21 



STOCK 



-'•re 

Covenant Bank 

_ 4°S, 

6-34 

7-14 


P#r Amt Rec Ray 


STOCK SPUT 
Asslsled Lhrtnq 2 tor 1 spH. 

9.ontnL Ahold 3 lor 1 spur. 

Outdoor SrsTems 3 lor 2 spot. 

Renal Care 3 lor 2 spot. 

INCREASED 

CCF Holding S 375 6-30 7-15 

Hubbell Inc A&E O .2 •> 6-23. Ml 


SPECIAL 

. Dl 6-20 7 11 
0064 6-17 MS 


Electronic Snt 
PtmEneiTjy Corp 

INITIAL 

Bk Stti Carol n _ Ob 6-30 8-15 

DvnesCapiUdn - J35 6-30 7-31 

REGULAR 

Abbott Labs O J7 7-15 8-15 

AmcrfVcjl Prop Q .1125 6-26 7-9 


BoncoGanaderoB 
Banco GonaderoC 
Barca Indus Col 
Bov ApaFtments 
CarndhinTIrog 
Ccirteipolnt Prop 
Chubb Corp 
Colonial InfermdHI 
Equity Inns 
Emms Wtttiyanbe 
Fsl Camnwlth fa 
First Esaa 
FstS»g3 Bncp 
GeneweCoipB. 
HochCo 

Hancock Fabrics 

Hnh Yid Plus Fd 

Huftr Corp 
LSB Bilcshrs NCj 
M entrostFodl 
Oak HiBFln 
OligearCo 
PnidGtbGwplus A. 
Slhn Commun Bks 
Storage USA, 
United Asset 
Universal Foods 
VinaConctia 


b-3343 6-26 
b J256 6-26 
b .0778 6-25 

a 61 6-30 

a .ia 7-i 

fl 42 H 

0 .29 6-27 

M ,057 6-30 
Q -28 6-30 
0 615 630 
M W2S 6-30 
Q .12 6-30 
' -20 6-30 

35 6-23 
.06 7-16 
IB 7-1 
sn 6-30 
.085 7-15 
.11 7-1 

.175 6-30 
.06 6-20 
.10 7-1 

.125 6-17 
.075 6-30 
60 6-27 
.IBS fc-30 
30 7-25 


b .1209 6-24 


7- 15 
9-1 

8- 25 
7-15 
7-11 

8-1 
7-1 S 
7-11 
7-15 
7-18 
7-1 
7-30 

7- 15 
Ml 

8 - 1 
7-15 
7-18 
7-15 
7-10 
6-20 

7-fl 

714 

MS 

9-2 

7*8 



Livestock 



CATTLE (CMER) 




Jun 77 65.25 

*050 

6517 

-070 


Aug ta 64JQ 

6165 

44J7 

-055 


Od 97 a.*} 

4492 

67 32 

+ 0.12 


Decta 7020 

49.65 

70. K) 

-042 

iun 

Ft* 98 7105 

7045 

7095 

-057 

6175 

Aw 98 7170 

72.40 

72-7# 

-040 

2416 

Esr. sales 1SJ30 Thu's, sates 

7.994 

Thu's open nt 

97.122 

Off 828 



FEEDER CATTLE (CMBt) 







Auata m m 

n.u 

tin 

-IA5 

lo.vn 

Septa TtM 

7065 

77 JO 

+ 100 

2.515 

OOV 78.00 

77.05 

77.« 



NtTvta 7095 

701/ 

7075 

-0.55 

2.354 

Jan 7090 

mo 

7090 

-0A) 

646 

Marta 7835 

70S 

7025 

+ 005 

191 

Est. soles 2.221 Ttx/s sates 

1.763 


TtXI'SOPWiW 

19.543 

UP 125 



H06S-Len (CMER) 




40JXB ibs - cen 





Junta 8080 

8057 

8077 

-025 

1644 

Julta 10 05 

7875 

8002 

-067 

1 o.m 

Ago 97 77.72 

im 

77.45 

-0.12 

10.756 

Od W 7075 

69 Mi 

70*2 

•037 

6348 

Dec 97 *7.0) 

65.95 

6690 

-065 

1677 

Esl toes 10407 Thu's wries 

14.178 

Thus open felt 

38 3M 

Off 1402 


PORK BELUES (CMER) 



4UXN foi - Cents por e 




Julta 70(0 

75.90 

7690 

-3 JO 


Augta 7850 

7642 

77.62 

-1.55 


FebM 7045 

AMb 

7045 

-l» 

470 

Esi sates 4^71 Tmft. soles 

2,220 


TTw'sooenint »6Z 5 olt 9)8 


(Httnuab b-eppmJmde amount per 
shara/ADR; g-paraMo b Canadtan hinds,' 
nwnonlWy: q-quarterty; s^e«ii-ammd 


Stack Tables Explained 

5d«a figures rae unotEdoL Yeody I658B Bid lows rolled the previous 52 weeks plus Rie cunenl 
week, bur netmebtnllradbg day WhereospBor stock dmdendairnun&ngtD 25 percent or more 
nos been pad Hu* yean higt+W ronge aid dMd«id ore shown hr the new starts only. Unless 
otherwise reotert rotes ol dhiMendb wt onnual (toburscmenls based on lie West dedorntion. 
a - dividend also extra (si. b - annual rate of dividend plus stock dividend, c - liquidating 
dividend. « - PE exceeds 9?.dd - called, d - new yeorty low. dd - loss In me tasl 1 2 months, 
c - dividend declared or paid in preceding 12 months, f - annual rale. Increased on laa 
deeb ration, g - dividend in Canadtan funds sub|ect to m. non-residence fa*. I - dividend 
decla rod otter split-up Of stock dividend. I- dividend paid this year, omitted, do (erred, ar no 
action taken at lotos! dividend meeting, k - rfividend dodo rod or paid tWs year, an 
accumulative issue with dividends In arrears, m - annual rale, reduced on KHt declaratfon. 
n - new issue hi the past 52 weeks. The high-tow range begin* nib me start ot trading, 
ml - next day delivery, p - htatal dividend, annual rale unknown. PTE - price-earnings rats, 
q - closed-end mu teat fund. r-dMdend declared or pout In preceding 1 2 months, plus stock 
dividend, s - slock spill. DMdend begins wllti dote of split, sli - sales, f - dividend paid in 
stotf in preceding 12 months, astknalod cosh value on e* -dividend or ex-dratribulion date. 

- new yearly htgii. v . trading hailed, vl - In bankruptcy or rcooiveraWp or being reorgonued 
underlhe Bankruptcy Act orsoeurttles nssumed by such coin pa rues, wd- when dsfributod. 
wi - when issuedT ww ■ wllti wvra nts. * - ex-dividend ot ex-tiqhls. xdls - cx datributton. 
nr- wirtwut warrants- y- a-dMdend and sales M fvd yW - yield, x - solas in fufl. 


1597 

1523 

1592 


16U 

1576 

1*32 


1*77 

1611 

1671 

-47 

1700 

1638 

I7IB 


1720 

1720 

1720 




1/40 

+49 

NA 

tun. sates 

20/90 


Food 

COCOA OiCSE) 

10 metric tom- 1 nr ion 

Jul 9? 

Sea 97 
OK 97 
Mar 98 
Mov9B 
Jul 98 

Ew.sok.. . 

TtVsownint 93.937 up 2451 

COFFEECINCSE) . 
ir.VX) tJv- nnft Mr t? 

Jul 77 J11S1 19 SjM 19170 -1210 

S®97 (9U0 18Z.M 18225 -9.6S 

Dec 97 1 7260 U150 1*150 —8.75 

War to 1 6000 U95D I495D -J»S0 

War 98 130.00 14*25 14625 —9.00 

^t srtes HA. Tlirt. sales 8.300 
tlUSODOnm 21,770 oH 187 

SUGAR-WORLD 11 (NCSE) 
liJMb.ariiptrb 
jWW 11-SI »■» Itrt* HUJ7 71,164 

Oaw 60 1123 112? -A02 JX5U 

Wreto 11.74 U.U 11.17 -A0J ]| Mi 

«orM 1IH 11.04 11.11 .061 ? T(5 

Ep.m(« na. Thu's, sales 30.324 
Tlxi'sapwi irt 181.732 UO 34S9 


1.527 

79J53 

19658 

32637 

8.77* 

575 


5.363 

8.7S 

4,585 

?.W 

5« 



High 

Law 

Lotesf 

Qige 

Opto 

ORANGE JUICE (NCTN) 



15000 B»s.. cents per b. 




Jirita 77.10 

75.25 

7620 

—080 

16.095 

S«ta 79.70 

7825 

7880 

-065 

WB7 

Npvta 8025 

8095 

81 JO 

—ZOO 

4215 

Jon 98 BUS 

MOO 

84J» 

—1.15 

1299 

Esl sates NA. 

Tlw^. safes 

3.171 


Thu's open H 

ass? 

UP IB 




Metals 

GOLD (NCMX) 

100 rrov 02.- dollars opr Bw 07. 

ton 97 341.90 J4B60 340.90 -050 351 

-MV7 34260 -050 1 

Auo97 34460 3(260 343.10 -450 74652 

OC197 346.90 34560 3(540 -050 7.424 

Dec 97 34960 34760 K82D — <L50 24432 

Pen 98 15070 3SQL70 35070 -R50 9,7*5 

ACT 98 35300 -060 4.353 

ton 98 35460 3S5JO 35550 -0,70 8673 

Aug 98 358.10 — 0.00 757 

W.MdM NA. Thu's, soles 17.3(7 
Thu'S open W 1A3J83 up 1700 

H GRADE COPPER (NCMX) 

75600 lbs.- cents Mr CD. 

ton 97 12110 120.10 12025 -065 1648 

JUI97 122.90 120.3S 12060 -0JS 32.91* 

Aug 97 119.70 11960 11960 -0J5 2.750 

See 97 11965 11760 118J0 -0JB 7.718 

00 97 11660 M610 11610 -&15 1,171 

NOv 97 114.00 -0-25 1J27 

Dec97 11450 11290 11300 *0.05 6.320 

ton 98 110.70 654 

Feb 98 10965 *065 541 

Ea.wta NA. Thu's, safes >356 
Thu's open M 99.703 off 453 

SILVB? (Naux) 

Son Irav or.- cants per vovoz. 
ton 97 44650 —129 2 

tor 97 47460 465(10 (6750 -130 4*622 

Sen 97 47860 47050 47220 —120 13,229 

Dec 97 48460 47860 47960 -;to B.117 

ton 78 *8160 — 3JU r 

Morll 48860 48560 48560 -140 b^S4 

MOV 98 489.90 -150 2612 

tot 98 49860 40400 47460 -360 2.776 

Est.saJps na Thu's. sales 9J87 
thus open ini 84.717 off 1082 

PLATINUM (NMEH) 

*> Irw OJ-- Collors per nov bz. 

tot 97 (4060 42460 42630 -680 12430 

Oct 97 41260 40260 40630 —360 4479 

huff 39840 38860 39830 -180 7481 

Est. sales NA Thu's, sales 1.7*0 
Thu's open uu 20,112 oil 434 

Close Pievtous 

LONDON METALS (IMS 
Ditoars per metric ton 
AMpwn (High Grate) 

*P» . ISMft 1567ft 159Sft 1596ft 

Fortran 159300 I5»3ft 1*1560 161660 

r Cathodes (Mgh Grata) 

270100 270560 2*4660 266960 

260060 360160 257060 258000 


Load 

£ 

recta 

s 


Tin 

pal 


.00 62100 62960 63000 
63160 63260 *3660 63760 

725060 736060 709500 710560 

725503 Tmaa tmoo mom 


5SBS0Q 559560 558000 55906a 

------ 5420® 5625.00 501060 563)00 

Zinc (Sped* High Grata) 

Sect 1340ft 1340ft 1333ft 1334ft 

Foreaid 137000 1371.00 13S860 135960 

High Lm Ckne Chge OpM 

Financial 

JST.BILL5(CMER) 

11 roltlion- pnof MOpO 

ton 07 95.13 9566 9568 -063 2M6 

iep97 9(43 04)9 94.79 -gnj *.976 

38C97 94*8 -063 219 

Est soles NA Tfxrs sales 477 
flu's ooenW 9.861 off 13 

SYR. TREASURY (CBOT) 

5100600 prln- uts A «4lhs ot 100 pef 
ton 9) 106-A1 l«-2\ 106-31 -13 (2.613 

tap 97 106-28 106-05 104-20 + 13 141,413 

>C97 106-02 - 13 1,340 

Est. sales 60600 Thu's, sales 102.92s 
flu’s open int 235465 up 3616 

18 YR. TREASURY (CBOT) 

norum prm- m G 32nch« loo co 

ton 9 7 109-0] 108-T7 709-30 - n 38.943 

5» 97 108-19 108-01 H0-13 -10 ai.nM 

OK97I08-W 100-02 108-62 -10 2.8» 

E«. sales 90600 Thu's, sales 116.663 

flu's open ini 33X485 up 6648 

US TREASURY BONDS (CBOT] 

(6 PCI-4100600- Dts ft 3MS Df IDO pa i 

ton 97 112-13 MI-21 112-07 - Jj aja* 

a»97 112-07 111-08 ilt-27 +15 4)0,997 

Dec97 111.19 110-11 lll-U -15 XM2 

Marie 111-04 - is ; 

ES.sahB 020600 Thu's, sales 65B6S 
Thu s open nr *0,997 up 10999 

UBORl -MONTH ICMER) 

0 mauas- ros ta tad pet 
ton 97 94J3 9462 903 

Jul 97 MM 9460 9463 -007 ISJffl 

Align 9130 MJ6 943 -Ora 8^ 

EsL sdes NA Hu's srtes 11.01s 
thrsopenitv 41.118 up 821 

LONG GILT (UFFE) 

BOOM pis & 32n* of 100 «j 
ton 97 114-21 11*07 11*1* Un-i. 

g« solos- 56*1* Prov. ataa- 72603 
Pre« open W f 1S»J* up 3.005 


2628 


14611 


Wg" Low Latest dw Oplnl 

GERMAN GOV. BUND (LIFFE) 

D7A2SOOOO- pbotlOOpd 
Sep 97 10173 70172 10137 +0J1 244071 
Dec 97 10060 100.40 10063 +021 300 

EsI safes: 220075 Pruv. safes: 204469 
Pirn, open M.: 24L371 up 11.9W 

10-YE AR FRENCH GOV. BONDS (MATIF) 
FFaxiOffi - pit of 100 pd 
Jun 97 13062 13a 12 13a 40 + 034 45607 
tap 97 128.94 128.44 128.92 +056 149,410 
D« 97 9730 97.40 9704 +OS4 *75 
EN-wdes: 317,250. 

Openlrrt_-21i892up745. 

ITALIAN GOVERNMENT BOND (UFFE) 

1TL 200 nriRon ■ ph of 1 00 pd 
Sep 97 13269 131.10 131.79 +0.16 8*049 
Dec 97 NT. NT. 104.74 +0.13 0. 

EH. sales: 7E19S Pure. Mtes: 71720 
Pure, open 8*369 afl 958 
EURODOLLARS (CMHH 
yi mmort-pnai iso po. 

Jun 97 94J4 9462 9121 

tol 97 MJ3 94.19 *422 

AuB 97 900 94.16 94.19 

SW 97 94.17 94.11 94.14 

Dec 97 9199 93.92 919* 

Marta 9192 9302 9188 

Jwtffl 9360 9171 93.76 

sn« 9149 9361 9366 

Dec 98 9339 9X51 9335 

Mar 79 9157 7330 9333 

ton 99 9154 9X45 9367 
Sep 99 9330 9341 9145 

Dec 99 9142 7X33 9138 

6SL safes NA Thu'S. SCtas 864.134 
Thu's open kit 2665677 up Z7745 

BWTTSH POUND (CMER) 

42. mo pounds, sper pound 
ton 97 16410 13306 133*4 
Sap 97 16372 16258 1.6328 
Dec 77 1.4280 1.4280 16292 
Ed. soles NA Thu's, sates 24633 
Thu's ooenlnr 56.507 up 4459 


High Low Lalesl Chge Optnd 


+061.352649 
+0.03 21427 
+063 6619 
+062 521177 
+063 420.144 
+065 281104 
+004 240612 
+ 065 191711 
+065 133639 
*am 102,104 
+064 84.134 
♦ftW 70.998 
+06S 64457 


25.509 

30371 

125 



Industrials 

■ 

COTTON2 (NCTN) 




SCUJO) Jbv- am per b 




JUlta 73 45 

7190 

7115 

-071 

74.1C. 

Otfta 1M5 

2500 

fWB 

— 017 

J.TH. 

Decta 7619 

7100 

7002 

-0.17 

3ZD3 

Marta 77.06 

74.95 

77.00 

-024 

s~m 

Mav 98 7770 

7750 

77 JO 

-009 

MU- 

E5t soles NA Thu's- WriK 

170*5 


Thu's open int 

74to» 

Off 1285 

vJ 

HEATING OH. (NMER) 




0,000 oal. Cdn+S orr aol 




Julta 5050 

51.40 

5164 

-me 

31400.. 

AU0 97 5300 

5200 

5114 

-a i6 

26071 , 

Septa 53 90 

5290 

5104 

-a is 

1X444, 

Otf 97 M.75 

53.94 

WM 

-016 

10452, 

New 97 55JD 

5*84 

54JM 

-016 

10855.. 

Decta 54.50 

Jirt 

5169 

-016 

15062. 

Jtfita 5710 

5424 

5+24 

-0.74 

71079. 

Feb 98 57 A0 

5424 

5*24 

-01* 


Marta 56.40 

5144 

5144 

-076 


Est. sates NA 

Thu*v sales 

21626 



Thu'sopenkll 142605 up 7710 

LIGHT 5WST CRUDE (HMERJ 
1000 ebl- dooors per bu. 
tol 97 19.17 1871 1860 


0Lll 

aw 
066 

1964 19.24 -061 

19.46 194B +at2 

-001 


1196 1903 

19.15 19.15 


AU977 1935 

Sep 97 1964 

Od 97 19 SO 

NOV97 1960 

Dec 97 19.70 1945 W45 

ton 98 19.45 19.55 I9.M -112 

Fed « 19.46 1965 19.66 -015 

MCfta 19.70 1961 19*1 -109 

AW 98 1969 1969 I960 -017 

Eft. sides NA Thu's, sales 171681 
Thu'sopenire 404,547 w 3788 


29675 

31926 

1637 


43375 

51371 

716 


40.981 

48349 

994 


20612 

28.177 

752 


9.051 

17097 

9.S3B 


CANADIAN DOLLAR (CMER) 

IM600 Honors. S per Cda (Hr 
ton 97 ms J230 J3it 
Sep 97 .7310 J271 J29I 

Dec 9? 7350 7337 7335 

gl. sates NA. TIM'S, sales 21002 
Thu'S Open inf *5,775 UP 116 

GERMAN MARK (CMER) 

175-000 mark s. t per mark 
ton 97 .5797 3744 3753 

Sep 97 3B32 3781 3790 

WC 97 3840 3822 3H29 

^.smes NA TlxrtL safes 3Q62S 
Thu's open nir 75,984 up 1610 

JAPANESE Yer (CMER) 

19 S mIHcrl von. I bw tOOven 
JM1 97 6757 6701 6704 

tap 97 6Sft) 4815 682D 

Dec 97 6979 8936 6936 

».M6es NA Thu's sates 43029 
. Tito’s open <ro 90.545 ott 1618 

SWQS FRANC (CMGR) 

129.000 trana. I par franc 

ton 97 4953 6901 699 

tap 97 7033 . .6979 J08S 
Dec 97 MS MS JOE 
Sf-,*®* 95, Tito's. Uriel 17.470 

Thu’s open Int 49.174 pH 932 

MEXICAN PESO (CMSi) 

SdftOOO pesos. S Per peso 
ton 97 .12575 .12550 .12555 
Sec 97 moo lawn .law 

Dec 97 .11*60 116*5 .11445 

ea.srtas NA Thu's, saes 7.159 
Thu's open »it J7.QJ3 rf 7n 

JSK2U M rTERUNQ (UFFE) 
coamo.pfooMWpd 

Jun97 9129 9128 9129 Unas »118I 

2’** ^.'3 9115 -6.0J 17M0J 

DecJ7 93 01 92.95 0199 -061 11X423 

9265 9180 +001 68.329 

Jittl 98 0263 9229 9262 +0.01 u^ua 

S' 7 ® 0176 +0.01 31,727 

DeeW 92.76 9271 9174 +0.01 21688 

Est. soles; 51381 Pre*. safes- JIU89 
Prev Open Inf.: 562332 off 779 

^“"THEURDAWIW (UFFE) 

ff--war- K ^ 

=»tw 

ii JWe *6 23 96 74 —0.02 2*4*67 

W45 —061 2343D3 
Undv. 159.995 

Sol o*m Undl ' >31780 

95.97 96.01 UndL B8JJ5 

Marw 95.79 9i72 95.76 £5^ 

Est soles 151*70 Pi*v salec 1764m 
Mre.epmint.i 1441^31 uo 2l!^ 

y«N™ p IMR(MATlFl 

FF5 rniBon - pis ofloo pd 

SM97 ^ +WJ 3 49,746 

+007 *MfI 

IteCto 9435 9648 9634 +007 HJSI 

Marta fttto 0443 94^7 +0tH 70774 

£Eo§ ’ 9w? + M7 ?5.S<!4 

0*76 0*20 9424 +008 24600 

D«08 ».W 9600 4* 05 +.0.08 143^ 

EU. sates- 100032 
Open Ini.: 277,291 off 92a 

fcMpNTH EURQUBA (UFFE) 

1TL1 mBtoo-niso# 100 pci 

SSo? 2- 18 Undl S9Sn 

rS« P (Ml — 0JW 110741 

S&L2 S-S * aos 47 - ,w 

A*l« 9197 9367 9195 +4168 27*57 

IS;,**"- Pie*, antes. 112.739 

Ppw open tell ■ 334453 Up 0149 


NATURAL GA5 
10600 ran bru s, 
Jul 97 2.17* 

AuO07 1185 
Sep 97 1170 
Otf 77 ’I® 

Nov 07 1305 
Dec 97 1445 
Junta 2695 
Feb ta 2410 
Marta 22® 

A pros 1135 
Esf.sutes NA 
Thu's open in 


(NMER) 

. Iiwrmai 
2095 1740 

2120 2140 
2115 2140 

21)5 1170 

2265 2295 

2410 2425 

2J50 2480 

2375 2400 

12*5 1278 

2.115 2 US 

Thu's, scries 3X494 
197.553 off M3 


5MWT, 
78321' . 
3487* 
26J71 
17355 ’ 
30966;.' 
17J5S.' 
7.9 0f\ 
4623, 
4691', 


8.977 

27.966. 

t76l3.j 

206(0,; 

MB*, 

12,181/ 

nsa- 

9.791 f 
4551 
1407.' 


aw 

2X2611 
4,776 ! 
3LMB. 
261?'. 

*** 


UNLEADED GASOLINE (NMS1) 

41600 uc(. antHrm 
Jul 97 5805 5765 5735 -427 

AUS97 £35 S47S 5635 -017 

Sep 97 5760 5665 5665 -063 

Otf 97 55.90 5115 55.15 + 0JB 

Nov 97 53*3 

Dec 97 UsQ MJ) SUO -0JD 

p aries NA Thu's, totes 21672 
Thu's open ml 74. BA) off 56 

GASOIL OPE) 'i 

U£. doPon par instrK bra ■ kris of 100 tax ’ ■ 
tol 97 16450 16275 14175 +025 10^«- 

AU097 16+60 IWi(J J44J0 + 0.7S W«, 
Septa 16660 16riJ0 16*91 +075 
Od 97 17tt(» 160 JO 16035 +100 4W 

Nov 97 moo 170 75 171.00 + 0.7S !*•,■ 

Ota 07 17325 17175 17225 +025 
ton 98 17425 17275 1732S +07S Ulftj 

Esl.sotes laiM. Phjv series. 2X729 
Pwv. open Int: eftsta od 7^38 

BRENT OIL <1 PEI o 

U-5. doftars per bamH ■ tots ol IJH0 banob i 

July 97 1765 1765 17.69 +125 Wi 

AU097 1012 t7 77 17J6 + 0 G-5 Wig'., 

Sop 97 1028 17.94 17.91 UiKfe. 20t».j 

Od97 1040 18 14 1008 -O0I IMS''. 

NmW 1834 1830 1024 Undl 0j*,* 

Dec07 1055 103V 10H-0JR fJIfJj 

lairtB 1050 jBto 1033 —005 ‘-Klj 

FebW 18J7 1051 10X2 — (L06 

Esl sates- S7.4I4 . Pwr. rates : S042i J 

Pirn, open W. 1621 TBoft 4J32 

Slock Indexes 1 

SBPCOMP.MDEX (CHER) - 

5W*twte» _ - 

Junta 897, SO 84610 89260 +6J9 1 f}^ 
Sep 97 906 40 89150 «2» +7.M W-g.* 
C«C 97 91190 905.00 91190 +9M lw .J 
Br.sales NA. Thu's. sates IK.IS6 
TTnrsopenlni 717.009 up 3085 

CAC « (MATIF) -' 

FF200 per indoi point 
Junta 2801 0 2772.0*7910 +470 
MW 27806 27716 27910 '475 
Septa 28005 37840 2W7J0 +47i8 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 14-15. 1997 


PAGE 15 


Currency Don),, r 

j> Support Doll* *Generale des Eaux 

i Meets a Roadblock 


EUROPE 


1 N • .FHUT J > 

iX.A.x't-f ??-' ; " 


■if 

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In lime Warner Talks 





Bloomberg News 

• PARIS — Generate des Eaux 
SA’s effort to recruit Time Warner 
Inc. to its fold is being stalled over a 
question of debt, sources familiar 
with the talks said Friday. 

• The diversified water utility 
wants to sell a 35 permit stake in its 
cable-television unit to Time 
Warner, reinforcing the U.S. com- 
pany's cable activities in France and 
oringioS it onto Generate des Eaux a s 
team. As part of the proposal, Canal 
Plus, Europe’s No. 1 pay-television 
company, would increase its 20 per- 
cent stake in the unit to 35 percent. 

Canal Plus, however, is resisting 
the plan unless Generate des Eaux 
agrees to keep the unprofitable 


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Danish Banks 
Gall Off Plans 
For an Alliance 

AFX Nev^-s 

COPENHAGEN — BG 

- Bank A/S, Nykredit A/S and 
: Topdamnark A/S said Friday 
■ they had called off their stra- 

- tegic alliance, but BG Bank and 
Nykredit will continue to work 

• separately with Topdanmark. 

Despite the demise of the al- 

- iiance, BG Bank will continue 
to offer Nykredit ’s mortgages 

. dirough its branch network, and 
. Nykredit and Topdanmark will, 
work together in the insurance 
market, die companies said. 

The three established the stra- 
tegy alliance at the end of 1994 
to offer a full range of financial 
services to their customers. 

BG Bank 'will increase its 

- stake in Topdanmark to 15 per- 

* cent from 10 percent by ac- 
quiring shares from Nykredit. 

'' In turn, Topdanmark will in- 
crease its holding in BG Bank 
' ro 10 percent from 5 percent by 
acquiring shares from Nykred- 
. iL 

' BG Bank will also buy 7 per- 
cent of its own shares from 
NykrediL 


unit's debt of 1.5 billion francs 
(5258 million), executives said. 

A failure of the talks could post- 
pone die plans of Generate des 
Eaux’s chairman, Jean-Marie 
Messier, to transform his company ’s 
media activities into an international 
powerhouse. This comes as the util- 
ity's rival, Lyonnaise des Eaux SA, 
through its merger with Compagnie 
de Suez, has just gained access to 6 
billion francs with which to pursue 
its communications ambitions. 

Generate des Eaux * 'could emerge 
as one of the big poles in the media 
industiy in the long run,” Christian 
Parrain of Cap Finance said. 

The negotiations over the cable- 
television unit, Compagnie Generate 
de Videocoznmunication, have 
dragged on longer than the four to six 
weeks Mr. Messier forecast in April. 
He declined to comment on the talks 
at a shareholders' meeting this week, 
saying only, “I can confirm the talks 
exist amf continue.” 

All three companies are facing 
debt problems. 

Canal Plus is fresh from acquiring 
its debt-ridden rival, Nethold NV of 
the Netherlands, for $2 billion. Time 
Warner recently bought Turner 
Broadcasting for $7.5 billion, help- 
ing increase its debt to $18 billion. 
Generate des Eaux aims ro cut its 
debt to 32 billion francs this year 
from 43 billion francs in 1996 and 
51.7 billion francs in 1995. 

Generate des Eaux said in Feb- 
ruary that it wanted to sell its 72 
percent stake in the cable unit as part 
of its program to reduce debt ana get 
rid or businesses not central to its 
utility and communication activities. 

But it wants to sell the unit to 
strategic partners to keep it from 
falling under the control of the state 
telephone company, France Telecom 
SA, and Lyonnaise des Eaux. Those 
competitors could use the network to 
beef up their broadcast capacity or 
infrastructure in telecommunica- 
tions, where Generate des Eanx itself 
has ambitions. 

“it is entirely in our interest to 
keep the network from falling into 
the hands of France Telecom or Ly- 
onnaise des Eaux.” Pierre Lescure. 
chief executive of Canal Plus, said 
after Generate ‘des Eaux’s share- 
holder meeting. 



Are Workers Fighting Back? 

Labor Leader Cites a Backlash Against Globalization 


Reuters 

GENEVA — The head of the 
world's largest labor grouping said 
Friday that although workers’ 
rights were under fierce assault 
around the globe with the advance 
of free .markets and open trade, a 
backlash was clearly under way. 

Bill Jordan, general secretary of 
the International Confederation of 
Free Trade Unions, also said labor 
groups would have to resume the 
fight for rules on labor standards 
within the World Trade Or gan i- 
zation. 

Mr. Jordan was presenting the 
confederation's annual report on 
violations of labor rights, which 
said that employers in rich and 
poor countries were exploiting 
economic globalization to push up 
profits by attacking work stan- 
dards. 

Because- governments feared 
they were “missing out on the 
benefits of world trade," Mr. 
Jordan said, they were “prepared 
to do the bidding of big busi- 
ness.” 

But he added that recent elec- 


tions in Britain and France, where 
center-left parties had gained 
power, showed that a backlash was 
starting “against a process of 
globalization which has no social 
dimension.” 

The report from the Brussels- 
based confederation named China, 
Colombia, Nigeria and Indonesia 
among the worst violators of labor 
rights bur also asserted that such 
abuses were frequent in the United 
States. 

It said that women in particular 
were suffering from an assault on 
unions by governments and large 
companies. 

By rejecting a bid by the United 
Nations' International Labor Or- 
ganization to enable the UN body 
to enforce core labor standards, 
developing countries had shown 
“hypocrisy” in keeping the issue- 
out of the WTO, Mr. Jordan said. 

A report issued this week by the 
Brussels-based World Confeder- 
ation of Labor gave a similar as- 
sessment. 

Under globalization, the report 
said, the market was the only reg- 


ulator and “everything is sacri- 
ficed to the cause of competit- 
iveness*' to maximize profits. 

The report by the confederation, 
which links 1 24 million workers in 
195 organizations across 137 
countries, said that violence 
against union activists took place 
mainly in Latin America. 

It said that last year, 264 union 
activists were murdered around 
the world. 

■ Electrolux Shares Surge 

Shares in Electrolux AB. the 
world's largest supplier of house- 
hold appliances, soared to a record 
592 kronor (576) from 529 kronor 
a day after the company an- 
nounced a radical plan to cut jobs, 
Reuters reported from Stockholm. 

The company said Thursday 
that it would dose 25 of its 150 
plants to restore its competitive 
edge and lay off 12,000 workers 
out of a work force of 105,000. 

A Lehman Brothers analyst. 
Chris Heminway. said he expected 
Electrolux's share price to reach 
630 kronor in the medium term. 


1 Investor’s Europe ~~1 

Frankfurt 

London 

Paris 


DAX 

FTSE 100 Index CAC 40 


3800 

m 

, * 


3600 

^ 4600 

y m 

A 1 


J ™ sA 

/ m 


3200 ft 1 

4200 A " 


3000 A 

4000" 

2400 / 


FMAMJ ffl JFU 

A M J ®J fM 

A M J 

1997 

1997 

1997 


Exchange 

Index 

Friday Prav. 

Close Close 

% 

Change 

Amsterdam 

AEX 

846.09 839.36 

+0.60 

Brussels 

BEL-20 

2,400.36 2,391.23 

+0.38 

Frankfurt 

DAX 

3,744.44 3.707.99 

+0.98 

Copenhagen 

Slock Mariret 

589^8 587.71 

+0.27 

Helsinki 

HEX General 

3,143.51 3,138.83 

+0.15 

Oslo 

OBX 

644.33 640.05 

+0.67 

London 

FTSE 100 

4.783.1 D 4.757.20 

+0.54 

Madrid 

Stock Exchange 

58132 575.04 

+1.44 

Milan 

MIBTEL 

12761 12469 

+2.34 

Paris 

CAC 40 

230152 2.760^7 

+1.75 

Stockholm 

SX1G 

3,166.48 3.137.50 

+0.92 

Vienna 

ATX 

1,302-29 1,296.08 

+0.48 

Zurich 

SPI 

3,420.56 3.406.00 

+043 

Source: Telekuts 


Into nuit. .'ivil 1 U 

.M T nhw.' 


Very briefly: 


Russian Telephone Network Plan 


Reuters 

MOSCOW — The news agency 
Itar-Tass and U.S. Transworld 
Communications Inc. will start a 
long-distance telephone network 
this year that would nearly double 
public network capacity. Trans- 
world said Friday. 

The network has a license to work 
with the main domestic Public 
Switched Telephone Network and 


will work with domestic long-dis- 
tance companies, officials said. 

Trans world's Advanced Com- 
munications Technologies subsidi- 
ary and Tass's Tass-Telecom sub- 
sidiary each have 50 percent stakes 
in the venture, to be called Tass- 
Loutch Telecom. Privately held 
Transworld Communications is 
based in McLean, Virginia. 

The chief executive of Advanced 


Communications, Mikhail Alex- 
eyev. said the network's planned 
capacity after five years, with two 
Loutch-2 Russian-built communi- 
cations satellites and 50 ground sta- 
tions, would be 2.S billion minutes a 
year. 

He said the Public Switched Tele- 
phone Network, operating near its 
capacity, carried about 3.3 billion 
minutes a year. 


•Italy plans to end a retail monopoly on newspapers and 
periodicals in an attempt to ease a crisis in its publishing 
industry ; sates are currently restricted to registered newspaper 
vendors, who usually work from street kiosks. 

•Prime Minister Romano Prodi’s office approved an out- 
line for a draft Jaw for the sale of Italy’s state telecom- 
munications company. STET SpA. to private investors; the 
government plans to privatize the company in mid-October. 

• Italy's industrial output rose by 3.9 percent in April, com- 
pared* with a year ago. 

•France's 10- year benchmark bond yield has fallen IS basis 
points to 5.64 percent since the Socialists surged in the first 
round of legislative elections May 25. the franc has risen by a 
centime against the Deutsche mark, and the benchmark C AC- 
40 stock index has gained 5 percent. 

• Philip Morris Cos. has evacuated two British executives 
and their families from Moscow after they received death 
threats. 


• Bayerische Motoren Werke AG said a new U.S. sates and 

distribution program that uses computers to speed delivery’ of 
_ _ _ _ _ _ __ - __ - cars would reduce its costs in the world's largest car market. 

hi IIS ana ■ , nun fin Hpnrh IrnftP rfirt • Olivetti SpA and Bell Atlantic Corp. mav withdraw from 
MJmkJm Will tiUflliUll lltULfl ±illl ICX wtl Infostrada an alliance between the ItMian affice-equipment 

company and France Telecom SA that aims to set up a 


The Assoriated Press 

BRUSSELS — The European Union said Friday it 
had reached an agreement with the United States and 
Canada on mutual recognition of safety standards cov- 
ering $45 billion a year in trans-Atlantic trade. 

Under the agreement, products tested and approved for 
sale in Europe will automatically be ready for sale in the 
United States and Canada without having to undergo 
certification procedures, and American and Canadian 


products will have the same advantage in the 15-nation 
EU. 

The Union’s top trade official. Sir Leon Brittan, 
called the agreement “one of the crowning achieve- 
ments of the new trans-Atlantic relationship." He said 
the deal would be a boon to consumers and business. 

The agreement seeks to speed up and reduce the costs 
of trade in a range of products including health products 
and electrical goods. 


telecommunications venture in Italy. 

• Andrew Lloyd Webber, composer of a string of inter- 
nationally successful musicals, said his production company. 
Really Useful Group, would post a loss of about £10 million 
($16.3 million) this year. 

• The Bank of Russia cut its Lombard rate for 15-day to 30- 

day loans to 24 percent from 36 percent, the second reduction 
in two months. Blonmberx. Reuters 


WORLD STOCK MARKETS 


— ■ -Friday, June f3~- • 

Prices in toad currencies. 
Tdekurs 

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823 £04 

436 436 
486 480 

935 934 

461 435 

187 335 

474 *25 

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£57 534 

8® 857 
17.W 1494 

464 463 

736 tm .fmroeauOH 
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1890 
6000 
B3M. 
11570 
1550 
25870 
5000 
31690 
4495 
52® 
2948 
7860 
11310 
1365 
302 BO 
1825 
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6470 
1465 
78® 
4385 
1330 
2100 


BefcaMne 58332 
Proshas: SHUT 

28590 29500 
1885 18® 
5940 5970 
8230 8310 
1 1430 11410 
1525 1515 
25598 25640 
4990 5020 
32310 32500 
4490 4385 
51® 5110 

2905 2905 

7680 77® 
1180 11310 
13® 13® 

29930 29710 
1810 1805 

2845 2E75 
6410 6410 

1440 1445 
7710 7610 
4365 4325 
1310 1315 

2095 2070 


28340 

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5960 

81® 

11380 

1515 

25400 

4965 

32300 

4390 

51® 

2870 

7670 

11220 

1335 

298® 

1795 

3830 

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4345 

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1935 

21.75 

146 

930 

93 

555 

730 

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830 

7430 

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PmriOUi 2787J4 

19 1935 19 

2135 2130 2130 
161 166 162 
9-70 9.90 MO 

9230 93 9250 

545 545 5® 

7.10 7.S0 7.10 

•m cn 25158 ro 
858 825 SttS 

7230 73 75 

730 730 7 JO 


5030 

21 ® 

3145 

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39.10 

4830 

139 

28.90 

31.® 

117JB 

1934 


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Prestons: 4MU2 

4930 50J0 50.10 
2000 21® 19J6 
31 JO 31.95 32.18 
17® 12.04 12.16 
39.10 39.10 39.15 
4000 

1-90 1.94 

2H5n 5SJ13 
30J5 3U5 30® 
11630 117.® 11530 
1890 18.96 1900 


Paris 


CA 049:280832 
Provtoas: 276837 

Actor 

900 

887 

887 

904 

AGf 

186® 

1® 181® 181® 

Ak-Ltqukto 

Ak£)AUta 

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941 

656 

960 

645 

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369 

363® 368® 359.70 

Boncnfre 

712 

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710 

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955 

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BNP 

739® 

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4325 

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756 

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43£90 

415 421.80 422® 


832 

797 

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395 

38530 390.90 388® 

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596 

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149® 

14030 

147® 

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1728 

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206 

20230 

204 202® 

Sanaa 

560 

546 

553 

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31 £30 

321 

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1054 

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435 

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625 

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857 

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15670 157® 15610 

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555 

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369® 

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298 

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390 

393 

392 

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247 248® 

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Kordbanken 

242 

234 

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263® 

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227 

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162 

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271 

273 

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352 

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193 

164 

181 

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190 

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171 

117® 

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228 

224 

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12100 

11675 

17075 

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3660 

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1228 

1187 

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254® 

239® 

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23900 


3000 

2874 

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189.98 191.00 
172® 176310 
351.10 352® 
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8.62 

£47 

£47 

£54 

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VJB6 

941 

964 

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BHP 

HL92 

l£2* 

I8HV 

l£/U 

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614 

4,07 

610 

612 

Brandi les tad. 

7£4U 

24J2 

25® 

7642 

CBA 

1434 

1444 

1434 

1644 

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1£/4 

16.14 

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Coles Myer 

655 

648 

634 

631 


7® 

705 

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£14 

49S 

£13 

696 

FastanBirw 

2® 

249 

731 

2® 


1,03 

1.77 

1J1 

138 

Id AiHhdia 

12.10 

12.01 

1704 

12*1 

Lend Lease 


24.70 

26® 

2SM 

MIMHdn 

Not Auto Bank 

I.V4 

1.92 

1..V4 

1.92 

18J8 

l£6ll 

1£73 

1175 

WMaiWHdB 

1.99 

1.94 

1.98 

1.94 

Mews Carp 

674 

£12 

614 

6.77 

Padfle Dunlop 

368 

3® 

368 

3® 

Pioneer bill 

4® 

408 

670 

675 

Pub Broadcast 

7J5 

698 

7 

7 

RioTIrto 

22 31 

22.15 

2239 

21® 

SI George Bank 

ai? 

8J6 

AM 

£11 

WMC 

8JI 

W3 

826 

837 

WmtpocBkfng 

WborUdePet 

7J2 

1009 

744 

1002 

734 

1007 

136 

1038 

WoahHHlhs 

4.17 

4JH 

617 

606 

Taipei 

l 

! 

Cattwy Ute ins 

141 

138 

139 

138 

ChangHwo Bk 
ChtaOTUBBBk 

113® 

111 

112 

110® 

6/ 

65® 

66® 

64® 

DilnaDevetaaii 

121 

118® 118® 118® 

CNnaSM 

2A7D 

28® 

28® 

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113 

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110 

110 


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74® 

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111 

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108® 

108 

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64 

63 

63 

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84® 

82® 

81® 

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86 

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92 

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57 

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nam 


The Trib Index 

Pncesesot 300 PM. New York time 

Jan. l. !5«?= 100 

Level 

Change 

%changs 

yaw to date 
% change 

+ 16J?1 

World Index 

173.32 

+1.56 

+0.91 

Regional Indaws 

Asta/PaaBc 

126.95 

+0.89 

+0.7 1 

+2.85 

Europe 

179.34 

+1.16 

+0.65 

+11.25 

N. America 

204.32 

+2.71 

+1.34 

+26.19 

S. America 

industrial Maws 

166.69 

+147 

+O.B9 

+45.67 

Capital goods 

213.05 

+1.91 

+0.90 

+24.65 

Consumer goods 

195.70 

♦1.79 

+0.92 

+21.23 

Energy 

207.67 

+3.08 

+1.51 

+21.65 

Finance 

128.64 

+1.00 

+0.78 

+10.46 

Miscellaneous 

168.62 

+0.56 

+0.33 

+423 

Raw Materials 

188.51 

+1.04 

+0.55 

+7.49 

Service 

162.69 

+ 1.17 

+0.72 

*18.48 

Utilities 

149.18 

+1.94 

+1.32 

+3.99 

The international HeraM Trbvre World Stock tnOex <9 tracks the U.S dollar values ot 
2B0 rmmawnaBy invBstabb slocks from 25 countries. For mam adormauan. a free 
booktm is available Oy wring to The Trib Index. 181 Avenue Charles (to GauSe, 

82521 Neudty Codex. France. Compded by Bloomberg News. 


Wg0 

Low 

Close 

Prev. 


High 

Law 

Ctasa 

Prev. 

1600 

15® 

1570 

1580 

Moor 

®ta 

Min 

Mh 

30.10 

906 

HHU 

WO 

B48 

Newbridge Het 
Norondonc 

58.45 

u 

57® 

5630 

4M0 

4640 

4660 

4420 

32.10 

31ta 

31*6 

32.10 

16® 

1920 

1630 

1640 

1630 

Nucen Energy 

33 

31.90 

32.10 

3105 

IKK) 

1910 

1880 

NtaemTelecnm 

124ta 12265 

124 

123.10 

710 

M2 

693 

688 

f tow 

11® 

11® 

1145 

11® 

9700 

9600 

9600 

9700 

Onex 

279) 

26® 

2680 

2680 

945 

916 

975 

938 

POncdn Prtta 

X 

29W 

29® 

29® 

654 

636 

636 

645 

PehoCdn 

3420 


23.90 

2195 

347 

342 

345 

345 

Placer Dome 

26® 

26 

2605 

2610 

815 

7?6 

800 

810 

Paco Roto 

14® 

14® 

1455 

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242 

235 

238 

236 

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108-60 

1079. 10860 

10840 

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4190b 

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26*6 

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741 

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57® 

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309 

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6020 


Saikyo 3820 3750 

SanwoBonk 17® 1660 

Sanyo Elec 531 517 

Seam 8510 8310 

SetouRwy 63® 6350 

SettadOiem 1230 1200 

Sefclsui House 1190 1170 

Semn-Ekvni 8778 S-4®- 

Shaip 15W 1520 

SlAdai El Pwr 2020 1990 

Shtodni 


1530 1510 1520 1520 Sumr 

11400 11300 11300 112® Tribunal Enjr 

837 813 B2D 795 TeckB 


Tokyo 


Seoul 

Doconr 

Dossno Heavy 

KanoBPw 
Karoo ExtiBk 
Karoo Mob Tel 
LCSaeneon 
Mronglran5t 
SnsEung DUkiy 
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StabdionBonk 


Coopostte Mac 789.15 
PrestoOK 77444 

95000 925® 93000 90100 
8350 81® 8150 0400 

230® 214® 33»Si 213® 
161® 15680 158® 160® 
302® 295® MSB 296® 
7670 7030 73® 7118 

3830® 366000 380KB 3650® 
395® 39NQ 390® 367® 
610® 580® 600® 57 580 
470® 45300 45000. 45300 
695® 66000 689® 65000 
118® 112® 118® 110® 


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PfWtofK 199048 


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33 3» 33 

26® 26.10 26® 
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61.10 6035 <065 


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17430 170 174 174 

2430 24 24 

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38630 385 

260 155 260 255 

111 JO* TO 104 

554 544 549 $44 

315 3W 315 £15 

140 135 140 13630 

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309® 385 ~ an 304® 


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1210 1220 1220 
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4650 4480 4600 

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2130 7140 2140 

S86 588 587 

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PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 14-15, 1997 

ASIA/PACIFIC 




Sihoni Tiitn^uAniicri 

Shoichi Itoyama, acting chairman of 
the Securities and Exchange Coun- 
cil outlining Tokyo's plans Friday. 

A Glimpse 
Of Tokyo’s 
6 Big Bang’ 

Finance Deregulation 
Takes a Step Forward 

Ci nil/.WM i.4« Suit Fnw PuikftHn 

TOKYO — The government released 
details Friday of its plans to overhaul 
Tokyo's financial markets by 2001 in an 
effort keep up with London and New 
York, as world finance centers. 

Parliament also passed a law that will 
allow Nippon Telegraph & Telephone 
Corp. to. split up into Three companies 
and create Japan's first holding com- 
pany since World War 11. The law clears 
tlte way for NTT to enter the inter- 
national market. 

The plan to deregulate financial mar- 
kets. dubbed the “Big Bang." should 
allow businesses and individuals more 
flexibility in saving, raising and invest- 
ing money. Foreign financial-services 
companies stand to benefit. 

The plans released Friday — in bank- 
ing. insurance and securities — follow 
two earlier sets of proposals on account- 
ing changes and foreign currency rules. 
Like similar deregulation measures im- 
plemented in the united States and Bri- 
tain. the plan is intended to encourage 
consolidation in the securities industry. 

The reforms will allow banks, 
brokerages and insurance companies to 
gradually enter each others' businesses 
and permit many new kinds of financial 
services currently not common in Japan, 
including mutual funds and so-called 
wrap accounts that allow securities as 
well as banking transactions. 

NTT said it expected to set up an 
international phone company within a 
few months. The company also plans to 
set up ventures in Singapore, the United 
States and Europe, though ir is not ready 
to join any global partnerships. “We 
don't want to be constrained by a tie- 
up." said Junichiro Miyazu, the firm's 
president. (AP. Reuters. Bloomberg) 


Japan Steps Cautiously Into Africa 


Reuters 

TOKYO — It takes almost a 
whole day and a night to get to 
Johannesburg from Japan, even 
on a direct flight. But Japan is 
finally waking up to the potential 
of the African continent, three 
years after South Africa's first 
post-apartheid government. 

‘•Japanese companies have 
started to invest in South Africa for 
expanding their market share there 
and in the neighboring countries." 
said Kaznyoshi Kawaguchi of the 
overseas planning division of 
Bank of Totyo-Mitsubishi Ltd. 

Over the past several months, 

Japan's top carmakers Toyota 
Motor Corp. and Nissan Motor 
Co. as well as tire maker Bridge- 
stone Corp. have announced plans 
to move into South Africa. 

Toyota is to pour in 446 million 
rand ($99.1 million) and Nissan 
350 million rand to acquire a stake 
in local car manufacturers, while 
Bridgestone is to pay 290 million 
rand to take over a local tire plant, 
which once belonged to Firestone 
Inc. of the United States. 

According to Nissan, the South 


African car market, which saw 
vehicle sales of 380.000 units in 
1996. is set to grow ro 500.000 
units by the year 2000. Nissan 
also hopes to increase exports 
throughout the continent from its 
base in South Africa. 

Toyota, Nissan and Bridgestone 
were the first Japanese companies 
to join Johannesburg's list of major 
foreign investors, but they stand 
behind others, such as Malaysian 


African Embassy in Tokyo. 

“It’s clearly physical distance, 
coupled, with psychological dis- 
tance and lack of history" in con- 
ducting business in the continent, 
Mr. Roberts said. 

Official data show the African 
continent accounts for less than 2 
percent of Japan's overall trade 
and investment, with South Africa 
comprising about half of the total. 

“Unfortunately, our eyes are on 


Japanese companies have slowly started to 
invest in South Africa to expand their market 
share there and in neighboring countries. 


slate- run Petroiiam Nasiooal. 
which is to spend 2 billion rand. 

Some metal croups also have 
rushed into South Africa to secure 
a supply of its natural resources. 

"Japanese companies seem to 
be not fully active in participating 
in unique opportunities for invest- 
ment in South Africa and Southern 
Africa." said Brendon Roberts, 
economic counselor of the South 


China, Asia and Latin America." 
said Hitoshi Suzuki, manager in 
charge of trade with Europe and 
Africa at trade house Nissho Iwai 
Corp- “That's where we see 
strong growth in the near future." 

To txy to turn the tide, the South 
African government and Bank of 
Tokyo-Mitsubishi plan to pro- 
mote Japanese direct investment 
to South Africa. 


"As South Africa's economy 
expands, purchasing power in 
neighboring countries will also 
rise." Mr. Kawaguchi - said. 
“South Africa’s population is 40 
million, but the region has some 
140 million people." 

Many Japanese companies are 
reluctant to invest in other African 
countries, which are in need ofhard 
currency and technolog}' transfer, 
even in the mining sector. 

No Japanese name was found 
among bidders for Zambia Con- 
solidated Copper Mines, even 
though Japan relies on imports 
from that country to meet about 15 
percent of its copper demand. 

None seems to be dashing into 
the Congo, formerly Zaire, where 
the demise of former president 
Mobutu Sese Seko has opened 
new opportunities. 

“There’s a sayrag that ‘capita! 
is a coward.’ It doesn’t go where it 
seems slightly dangerous,” Mr. 
Sawai said. "We won’t be going 
to Zambia, or Zaire. If at all, it will 
be together with South African 
mining groups. They say they 
know best about Africa.” 


Investor’s Asia 


Singapore 

Straits Times 


Tokyo 
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Very briefly: 


Rush to Beat Pearl Oriental Stock Hits a Skid 
Tax Increase 
Inflates GDP 
Data in Japan 


■ Ag f hit Fruine-Pressc 

TOKYO — A last-minute rush to buy 
goods ahead of a tax increase in April 
helped Japan post its strongest economic 
growth in six years in the year that ended 
in March despite stagnant activity in 
other areas, the government said Friday. 

The Economic Planning Agency said 
the surge in consumer spenduig in the 
final quarter of the fiscal year offset a 
decline in housing investment and a 
slump in capital spending by the private 
sector in that period. 

Shinpei Nukaya, deputy minister of 
the agency, warned that activity would 
slow “significantly" in the June quarter 
and possibly even contract. But the tar- 
get of 1.9 percent growth for the full year 
was "likely to be attained, as private- 
sector capital spending is expected to 
maintain its firm trend." he said. 

In the year that ended in March, gross 
domestic product expanded 3.0 percent, 
exceeding both the 2.4 percent growth 
shown a year earlier and the agency's 
official forecast of 25 percent. The ex- 

S ansion was the strongest since Japan’s 
iDP surged 5.5 percent in the year that 
ended in March 1991. 

With the government raising its con- 
sumption (ax from 3 percent ro 5 percent 
beginning in April, the agency said, 
consumer spending in the March quarter 
focused on televisions, computers and 
cars. 


Bloonthcrg News 

HONG KONG — Pearl Oriental (Holdings) 
Ltd., once dubbed a "fairy" stock in Cantonese for 
its ability to soar heavenward, has lost its wings. 

Shares in the property concern lost nearly half of 
their value this week amid speculation that ihe 
company’s chairman, Wong Kwan, was being re- 
fused credit by banks and that its share trading was 
being investigated for possible improprieties; Pearl 
Oriental said neither claim was true. “Pearl has lost 
its magic touch," Lennon Chan, executive director 
of Tai Kook Securities Co., said. “The past few 
days have brought it back to earth." 

Despite a slight recovery Friday, Pearl shares 
ended the week at 1.36 Hong Kong dollars (17.5 
cents), down from 2.57 a week earlier. The stock 
touched a high of 3.23 in mid-March, having more 
than doubled in the previous year. 

Pearl attracted investors because Mr. Wong, a 

former hotel chef in China who arrived in Hong 
Kong after the Cultural Revolution began on the 
mainland in 1966. has had a knack for buying real 
estate and quickly reselling it at a sizable profit. 

In January, for example. Pearl chalked up a $5-4 


million profit by selling a luxury Hong Kong home 
just two months after acquiring it. Mr. Wong 
“definitely has a trading mentality,'’ said Victor 
Kwok, an analyst at Deutsche Morgan Grenfell. 

Such gains swelled Pearl's market capitalization 
to 15.5 billion dollars at its apex, when its stock was 
tr adin g at more than 30 times the company's 
earnings per share — about double the multiple of 
HSBC Holdings PLC. Hong Kona’s largest bank. 

Traders said the past week's decline bad been 
accelerated by investors who bad bought so-called 
put options to sell the stock on the over-the-counter 
market.. As Pearl's shares began to fall, those who 
owned the puts exercised thorn, setting off a chain 
reaction that caused brokers who had been ob- 
ligated to buy the shares to dump them in turn. 

' Property trading in Hong Kong is known to be 
extremely volatile. Prices of luxury homes suiged 
60 percent last year, sparking concern that they 
could fall just as fast. 

"Mr. Wong is very lucky," said Stanley Ng, 
research manager at Mansion House Securities 
(Far East) Ltd. "He’s been riding on a property 
boom during the last couple of years." 


China to Fire Stock-Exchange Chiefs, Executives Say 


• The United States joined Japan and the European Unksi fcj 
their complaint to the World Trade Organization over Iw 
donesia's national car policy, which gives tax and import drijj 
breaks to a company partly owned by President Suharto's son; 

• China Telecom plans to float its Hong Kong branch on ihe 
Hong Kong Stock Exchange, according to reports. The listing; 
which could be as large as 75 billion Hong Kong dollars (S9.7 
billion), would make the unit of China's Ministry of Posts aad 
Telecommunications the biggest red-chip stock on the Hong 
Kong bourse. 

• Deutsche Telekom AG signed a cooperation pact wiihChoa 
International Telecommunications Construction Corp^ tJal 
could lead to equipment and service sales. 

• Asia Pacific Breweries iJd/s first-half profit rose >5 

percent, to 49.5 million Singapore dollars (S34.8 millionKfed 
by earnings in Singapore ana New Zealand. Sales rose 85 
percent, to 753.4 million dollars. : 

• The Philippines, stung by Salomon Brothers Inc.'s failord 

to sell $1 .25 billion of bonds, dropped the investment firm a 
a lead underwriter and reduced the sale to $750 ntiUkmj 
Manila also said investment banks must buy the securities 
themselves before selling them to investors. ■ [ 

• Ford Motor Co. plans to make limited number of a special 

Ford Escort model called the Freedom in India to marie thej 
country's 50 years of independence from British rule. The car 
would be priced lower than other models. ! 

• General Motors Corp. and Shanghai Automotive In- 
dustry Corp. inaugurated a SI .57 billion auto manufacturing 
project, said to be the largest Chinese-U.S. joint venture 

ever. AFP. Bridge Nr* v Bhntmbrrg. Ream 


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Bloomberg Nett* 

SHANGHAI — China will dismiss the chair- 
men of its two stock exchanges and the chief of its 
securities regulatory commission, industry exec- 
utives said Friday. 

On Thursday, the government fined six banks 
and brokerages, and fired executives at five of the 
concerns. Analysts said the move was a warning 
that Beijing planned to enforce securities laws 
more rigorously. 

A senior official at the Stock Exchange Ex- 
ecutive Council, an advisory body, said the gov- 
ernment had decided to replace the chairman of the 
China Securities Regulatory Commission, Zhou 
Daojiong. 

An executive at Shenyin & Wanguo Securities 


Co.. China's largest securities firm, commented, 
"Today's point is to show the public that the 
government is doing something about the situ- 
ation." 

The moves arepart of a stock-market crackdown 
launched last December dmid concern that 
rampant speculation had driven share prices in 
Shenzhen and Shanghai to unsustainable heights. 
Eight Chinese executives, including Kan Zhidong, 
Shenyin & Wanguo’s former president, have been 
fired so far. 

Meanwhile, China stocks rose Friday. Shang- 
hai's B-share index, which tracks stocks that can be 
owned by foreign investors, climbed 1.2 percent, 
to 83.93 points. In Shenzhen, the B-sbare index 
rose 2.0 percent, to 146. 15. 


Dai-Ichi Chairman Resigns 

Bloomberg News ■■ * 

TOKYO — The chairman of Dai-Ichi Kangyo Bank Lid* 
Tadashi Oku da, quit Friday after he “suddenly remembered” 
knowmgthehank had made loans to a reputed racketeer.^ 
Katsuyuki Sugiia, who will become the bank's president a? 
part of an effort to restore its image, announced Mr. Okuda's 
resignation. Mr. Sugita said he asked Mr. Okuda to resign after 
the chairman said he had remembered thai the bank tad 
money to a reputed racketeer. Rikiya Kijima. Mr. Okuda pre 
viously denied knowing of any business links between the barf 
and Mr. Kijima. Separately, prosecutors arrested a vice president 
of Dai-Ichi Kangyo, Ichiro Fajita, who had been briefly named 
its head, and its executive managing director, Tateo Fukushima, 
raising the number of arrests in the inquiry to 10. 


i 


Gordon Power 


Hue 


VflviceBt 


KOREA: Southerners Don’t Let Laws Derail Business in the North WINE: Ambitious Australian Exporters ’ Profits Increase by 35% 

Continued from Page 13 


Continued from Page I 

natron has the emotional, cul- 
tural or economic incentives 
to rescue it from economic 
disaster. While most in the 
South hate the Northern lead- 
ership. many still believe a 
reunited peninsula is the nat- 
ural order of things. 

Exports from North to 
South Korea have jumped 
from SIS million in 1989 to 
SIS 2 million last year, and 
ibis year’s figures are on track 
to exceed S200 million. South 
Korean exports to the North 
have climbed from $69,000 in 
IW* to S6I million last year. 

Those figures are Seoul's 
official rallies: many believe 
the actual amount is much 
higher because of such small 
dealers as Mr. Kim working 
quietly through third coun- 
tries. 

In 1995. the massive Dae- 
woo conglomerate was the 
first South Korean company 


to win government permis- 
sion to invest directly in the 
North. The Daewoo textile 
plant in Nampo. run with a 
North Korean partner, aims to 
produce 600.000 jackets. 
300.000 bags and 3 million 
shirts a year. 

Two weeks ago, a second 
South Korean company. 
Taechang, was granted per- 
mission to bottle spring water 
from Kumkangsan. a famous 
North Korean mountain. The 
company plans to do some- 
thing unthinkable even a few 
months ago: ship the spring 
water directly from Wonsan 
in North Korea to Pusan in the 
South. Most goods are still 
shipped through a third coun- 
try, usually China. 

A dozen more companies, 
including Samsung Electron- 
ics. are in the final stages of 
gaining government approval 
for joint venture projects in 
telecommunications, phar- 
maceuticals and consumer 


electronics. Some ambitious 
investors have drawn up 
plans for ski resorts and other 
vacation getaways- in the 
North, where some of the 
peninsula's most spectacular 
natural beauty remains virtu- 
ally undeveloped. 

When Mr. Kim announced 
he would give away the dirt in 
two-pound jars, saying it was 
an investment in die image of 
his company and unseemly to 
sell soil, 6.000 South Koreans 
wrote asking for a jar. 

“Some of the letters made 
me cry," Mr. Kim said, flip- 
ping through the notes in ms 


office, in which people said 
they wanted to toss the din on 
a parent's grave or put it in 
their garden. 

Mr. Kim also is offering a 
million cans of an herbal- 
medicine soft drink made 
from a powder extracted from 
North Korean pine trees. It 
sells for a bit more than $1 a 
can. 

Per-capita annual income 
in the North is about $900. 
compared with about $ 1 0,000 
in the South, and Mr. Kim 
said the low wages in the 
North gave him big savings in 
the labor-intensive work. 


Australia’s share of world 
wine exports by value was 
nearly 4 percent in 1996, up 
from 2 percent in 1991. Its 
wine industry said in a recent 
strategy report that it aimed to 
increase that share to 6.5 per- 
cent by 2025. to make Aus- 
tralia "the world's most in- 
fluential and profitable 
supplier of branded wines. " 

The country's reputation as 


a consistent producer of 
value-for-money wine, as 
well as of a small number of 
expensive, so-called icon 
wines with brand names that 
are widely recognized by dis- 
cerning buyers, is backed up 
by the strong performance of 
Australian wines in interna- 
tional blind tasting competi- 
tions in the past few years. 

In die United States, im- 
ports of Australian wines in- 
creased 33 percent to 100 mil- 


lion dollars in 1996, compared 
with the previous year. 

Wine Spectator magazine, 
a major force in molding buy- 
er opinion, put Australia's 
Penfoids 1990 Grange, a red 
wine made almost entirely 
from sbiraz grapes, at the top 
of its annual ranking of the 
world’s best wines in 1995. 
Eight Australian wines were 
in the magazine’s top 100 for 
1 995. Last year there were 16 
— the same as for France. 


Australian wines hdve 
gained nearly 10 percent ^ 
the British market, one of the 
largest and most competitive 
in the world. _ i 

Still, Mr. Combe wotrio 
that rising grape prices in 
Australia could undermine 
the competitiveness of winfc 
exports, especially as other 
producers with lower costs— 
such as Chile, South Africa 
and Argentina — improve 
quality and increase sales. 




ABN AMRO Interest 

Growth Rind, SICAV 

Sooeie dlrwesnssemem A Capital Variable 
RaGerered office 4 rue Jean Manner 
L2180 Luxembourg lirchberg 

R C Luxemboura B 39529 


•YR,\ \MHll Rani npennl 1 neu inir^lrrwnl Fund under ihe umhrplln Fond. 
lll\ \MK** linrrr-J tintttlfl fund. 

Ill,, nmi imr-Mineill funil i»: AK\ IMWI InlercM Urtnrih Fund-lTl. 

Til.- nfr.T Ilf tin- riJ«'».inl ■•T «han-». flaw A ■Aar**. (rapu al prowth) 

.i.mmm. 1 - .« 10 n.ni.. on Juik Ih. l no 7 4»*l »ill tl«- t«1 10.00 luiur* on 
Juit 1 1. I««7. 

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Thr Board uf IHn-rlnr. 


Istituto Finanziario Industriale S.p.A. . 

Jan Scoot Company 

Comoran Offcas Si Corso Mateon. Ton tety 
Cartel Scoot Ixa 123.500.000.000 UPy pad n 
Timn. Rogotry a I trio Comparaea no. 327/27 

Notice of a Shareholder’s ordinary 
general meeting 

Notice is hereby given that a Shareholders annual general 
meeting will be held in Tunn at the offices of TORO 
Assrairazram S.dA. Vis La scans 4 on Monday June 30th. 
1997 at 10.00 a.m. and m case of a second call on Tuesday 
July 1. 1997 at the same place and time, m order to discuss 
and vote upon the following agenda: 

1 Report of the Board of Directors and of the Board of 
Statutory Auditors far the year ended December 31. 1996; 
financial statements as of December 31, 1996; related 
resolutions. 

2 Resolutions in accordance with an 2357, 2357 far 
and 2359 bis of the Italian Civil Code. 

3 Determination of the number and election of the directors. 

n Election of tne Statutory Auditors and determination of the 
fees. 

5 Appointment 3’ toe indmenoent Auditors far the focal 
years 1997-1996- '999 

in order to paneooaie to me general meeting, holders of 
ordinary (voting) snares and holders of preferred (non voting 
in tne ordinary meeting) snares are required to deposit their 
certificates, at least five day prior to the meeting, at the 
corporate offices in Turin - Corso Matteotti 26. or at any of the 
fallowing banks. 

Authorized banks: 

In the Federal Republic of Germany: Commerzbank. 

In Switzerland: Banca Commertaafe Italians (Suisse). 
Credit Suisse and Soddfa de Banque Suisse. 

In Italy: all the leading banks. 

The Board of Directors 

~he Financial Reports at December 31th 1996, with the 
'eoons of the Statutory Auditors and fee Auditors, are 
depositaied at toe Corxnraie Offices at the Shareholder's 
dsposai and will be sent to those wno request them. 


car eurok hind 

Sodete d'lnvestissement a Capital Variable 
69/ Route d'Esch, Luxembourg 
R-C Luxembourg B-21108 

Notice is hereby given to thr shareholders, that the 

ANIYUAL GENERAL MEETING 

of shareholder* of GT EUROPE FUND will be held at the 
offieefl of Banque Internationale h Luxembourg, Society 
Anonvtne, 69, route cTEseh, L-l470 Luxembourg, on Friday, 
June 20, 1997 al 3:00 pjn„ with the following agenda: 

I To hear and accept the reports of: 

(a) The Directors 

(b) The Auditors 

To approve the Report of the Directors for the year 
ended 31 December 1996, including the Statement of 
Net Assets as at 31 December 1996 and Statement of 
Operations for the year ended 31 December 1996. 

To discharge the Board or Directors and the Auditor 
with respect of their performance of duties for the 
year ended December i I, 1996. 

To approve the Board of Directors and elect tbr 
Directors to .serve until the next Annual General 
Meeting of shareholders. 

To reappoint Giopen* ft Lybrand S-C as Auditors of 
the Fond to serve until the next Annual General 
Meeting of shareholders and to authorise the 
Directors to Gx their remuneration. 

To approve the dividend if anv paid in respect of the 
year ended 31 December 1996. 

VII To approve the payment of directors' fees. 

VIU Any nther business. 

L\ Adjournment. 

The shareholders are advised that no quorum is required 
foe ihe items on the agenda of the Annual Genera! Meeting 
and that decisions will be taken on a simple majoritv of the 
shares present nr represented at Ihc meeting. 

In order to take part at the Meeting uf June 20. 1997 , the 
owners of bearer shares will have to deposit their shares 
five clear days before the meeting with the registered office 
of the company or with Banque Internationale a 
Luxembourg, 69, route d'Esch. L-1470 Luxembourg. 

THE BOARD OF DIRECTORS 


n 


in 


IV 


V 


VI 



ABN AMRO Funds, SICAV 

Soa6t£ rflrwostissoment a Capital Vanable 
Registered office Lu rembourg. 4 rue Jean Mon net 
L-2180 LuJemboorg-Kifcribefg 
RC UrjwrtoouigB 47072 

AB-\ AMRO Bank opened 7 new irmaunerfl fiimis under the umbrella Fuad, 
ABN AMRO Funds. 

Three now investment fluids nrc: Global Emenong Marian* Equki Fund. Lada - 
America Bond Fund. Netherlands Bond Fund. NethcclawU Equity Fund, faff - 
Bond Fund. Italy Equity Fund and Euro Bond Fund. 1 

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Primer or Bruskup, Some Investing Essentials 

IT ~ fir -• 


hearing 

from readers who want to know 
how to get started investing. No 
wonder. Young people. espe- 
cially, are worried that they will nor 
have enough money to live decently 
when their working years are over. 

The good news for the novice in- 
vestor is that, with time on your side, 
you can build a huge stake — for 
retirement, education, a house, travel 
or anything else. The bad news is that 
you can’t invest unless you have the 
discipline to save. That is not easy. It is 
often hard enough to make one 
paycheck last until the next. 

The best incentive I can offer is the 
^ miracle of compounding. If you man- 
age to save $4,000 a year ( less than $80 
a week) and put it into an investment 
that returns an average of 12 percent 
annually, you will have $1,080,000 
after 30 years. (If inflation averages 3 
percent annually, then your nest egg 
■ will have the buying power of $440,000 
: in today’s money. Not bad at all.) 

Here, then, is a primer for investors 
who need to know how to get started, 
or for those who want a brush up. 

First things first: Given a choice be- 
tween stocks and bonds, buy stocks. In 
the long term, stocks almost always 
outperform bonds, money-market 
funds, Treasury bills, certificates of de- 
posit orany other financial investment 

Since 1926, according to Ibbotson 
Associates, the Chicago investment 
firm. large-company stocks have re- 
turned an average of 10.5 percent an- 
nually in dividends plus price in- 
creases. Long-term government bonds 
have averaged 5.2 percent, and Treas- 
ury bills t short-term instruments, sim- 
ilar to money funds ) have averaged 3.7 
percent 

If you are in your 20s or 30s and do 
not plan to break open your nest egg 
until you are in your 50s, then you have 
a great advantage over older investors 
— you can put all of your money in the 
stock market Do it You will suffer ups 


and downs over the years, but, if his- 
roiy is a guide, you will come out far 
ahead in die end. 

Of-course. stocks are risky, at least 
in the short term. “Risk” in financial 
markets is usually defined as volatility 
— die extremes of ups and (more im- 
portant) downs. In a single day, a stock 
can lose half its value or more. But in 
the long term, the riskiness of stocks 
smooths out, and a diversified port- 
folio of stocks is remarkably stable, 
according to research by Jeremy Siegel 
of the Wharton School at the Uni- 
versity of Pennsylvania. 

Mr. Siegel looked at every 20-year 
period from 1802 to 1992. He assumed 
that an investor held either stocks, 
bonds or Treasury bills during each 


personal satisfaction ihan with funds. 

A good starting portfolio might 
include one U.S, stock fund that spe- 
cializes in large companies, one ag- 
gressive small-company fund and one 
international stock fund, plus shares of 
five separate slocks in different in- 
dustries. Don't be in a hurry to pick 
those stocks; make your own con- 
sidered choices. But move quickly on 
funds; you can’i go too far wrong pick- 
ing solid funds with good long-term 
track records from large firms. 

•With the Dow Jones industrial av- 
erage up more than 1,000 points in just 
two months, you may wonder Is this the 
best time to invest, or should I wait? 

The answer is, don 't wait. Don't try 
to “time' 'the market. Buv stocks and 


JAMES CLASSMAN ON INVESTING 


period. In the worst period, the real 
(after inflation) return for stocks was 
1.0 percent. For bonds, it was -3.1 
percent; for bills. -3.0 percent. 

The smartest, quickest way to get 
into the stock market is through mutual 
funds, which are investment compa- 
nies that own many different stocks. 
When you buy a share of a mutual fund, 
you own little pieces of dozens (some- 
times hundreds) of stocks selected by a 
professional fund manag er 

Owning individual stocks is also a 
good idea, for at least five reasons: (1 ) 
You can take advantage of special 
knowledge of a company that other 
investors lack. (2) You can manage 
your tax liability so as not to be hit with 
a bill for capital gains whenever a fund 
manager warns to take profits. (3.) You 
can. in many cases, keep your costs 
lower than with mutual funds, which 
typically charge a management fee of 1 
to 2 percent each year. 14) You can get 
a good education in investing and in 
business in {general. (5) And, since 
these stock picks are your own. you 
will have more fun and gain more 


stock funds and hold onto them, 
through thick and thin. Sell only if you 
need the money, if you believe the fund 
manager is doing something stupid or 
if you think you made a fundamental 
error when you bought a stock. Do not 
sell merely because you think a stock is 
too high, or too low. 

As die investor Philip A. Fisher wrote 
in “Common Stocks. Uncommon 
Profits,’* his 1958 book (available still 
in paperback): “Once a stock has been 
properly selected and has borne the test 
of lime, it is only occasionally that there 
is any reason for selling at all.” 

Many expens claim they can pick the 
bottoms and tops of markets and jump 
in and out of stocks and funds according 
to their view of the future. I have never 
found anyone who can do this con- 
sistently — and amateurs will almost 
certainly lose money if they try. 

Most mutual funds require a min- 
imum investment of $1,000. Fidelity 
Investments, the largest fund company 
in the world, generally has a lower 
limit of $2,500 for a regular taxable 
account or $500 for a tax-deferred in- 


dividual retirement account < IRA ). But 
Robin Tice, a Fidelity spokeswoman, 
says that her firm, like mosi others, will 
often accommodate novice investors. 

You can buy Pioneer funds for just 
$50, Franklin funds for $100. and Pur- 
nam for $500. Also, if you make your 
fund purchases through a discount 
brokerage firm such as Charles 
Sehwab & Co., minimums are often 
lowered or waived. 

Finally, before you buy, you need to 
have a philosophy — a model or u 
metaphor — in mind. 

Warren Buffett, the highly success- 
ful investor who chairs Berkshire 
Hathaway Inc., says his mentor, the 
late Benjamin Graham, taught him two 
very different world-view principles 
They should guide you. too. 

First, “look ar stocks as pan own- 
ership of a business." When picking 
slocks, you should be choosing the 
companies with which you want to be a 
partner. The wonder of the market is 
that you are free to team up with the 

g eatest corporations in history: Coca- 
oia Co.. Toyota Motor Co’rp.. Mi- 
crosoft Corp. As a partner, you are in 
for the long haul. 

Second,~realize that you can some- 
times buy into one of these companies 
at a bargain price. That is because a 
fellow who Mr. Graham christened 
“Mr. Market” will make you an offer 
every day — bui, lucky for you. it’s not 
necessarily an offer based on the true 
value of the stock. 

"The more manic-depressive this 
chap is. the greater opportunities avail- 
able to the investor,” Mr. Buffen 
wrote in his 1993 Berkshire report. “A 
wildly fluctuating market means that 
irrationally low prices will periodic- 
ally be attached to solid businesses.” 

In other words, if you buy Ford 
Motor Co. at $30, believing it is worth 
$40. then don’t wony that Mr. Markei, 
on a given day. thinks it's worth only 
S25. In fact, take him up on his offer. 

Witt liingl»n Pi 'si Sen ice 


hii'idii Chairman 


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-J Q &A /Gordon Power 


Some Advice Before Starting a Business: Get Advice 


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Gordon Power is managing director 
of Guinness Mahon Development Cap- 
ital Ltd., a unit of the Bank of Yokohama 
that makes equity investments in small, 
unquoted companies. He spoke with 
Conrad de Acnlle about haw to start a 
business and Iww to keep it running 
when problems arise. 

• 

" Q. Many people go into business after 
they have lost their jobs. Is that a better 
or worse time to do it? 

• A. That’s not necessarily the best 
time to go into a new business venture. 
The reason many people opt for this is 
that they may have received attractive 
compensation packages which give 
them a helping hand in getting their new 
business started. 

Q. There are programs in which 
companies cutting their work force will 
help those lei go to start businesses, 
often with a promise to use their ser- 
vices. Do these programs work, and 
under what circumstances should a 
soon-to-be-former employee take part? 

A. These programs can work as long 
as the new companies are being well 
advised and have sufficient guarantees 
of income in place from their previous 
companies to help them survive. 

- Q. How do you know if you 're cut out 
to be in business for yourself? Do some 
.people just not bave’the right tempera- 
I mem for it? 

! A. There is a feeling [of] entrepre- 
neurial spirit. This is most commonly 
1 found in individuals who are prepared to 
I take risks, who are experts in their field 
1 and who are of on age where they feel 
I sufficiently confident in what they do. It 
i is quite common that the older someone 
gets, the harder it becomes to take risks, 
as the individual is usually tied to family 
responsibilities, and other people in 
t their lives will have an influence on 
their decisions. 

Q. What is the best sort of business to 
build for a first-time owner? Perhaps 
something in a service industry, which 



Gordon Power of Guinness Mahon. 

might require less capital? 

A. No. Individuals wishing to start 
their own businesses should focus only 
on their skill base and experience. You 
should only go into a business venture in 
an area that you know and understand 
fully. , 

• 

Q. Does buying an existing business 
or a franchise, rather than creating a 
company from scratch, remove some of 
the risk for a first-time owner? 

A. Yes. The asset you are buying 
already has a basic structure, estab- 
lished market, probably an existing cli- 
ent base and some good will, which 
makes growth easier than building a 
business from scratch. 

Q. What are the best ways to finance 
a new business or one that wants to 
expand? 

A. It depends on the circumstances. 
Most businesses have to rely on debt 
financing, which can be negotiated with 
their hanks . However, for riskier ven- 


tures, you would need to look to 
based finance, most commonly found 
from venture capitalists. 

Q. What are the most common mis- 
takes that entrepreneurs make at the 
start? 

A. The most common mistake that a 
new business makes is underestimating 
the time it takes to penetrate a market, it 
is easy during the early periods to over- 
forecast sales. 

• 

Q. Are there books or consultants or 
public or private organizations that new 
business owners can turn to for help in 
the start-up phase? 

A. There are hundreds of books on the 
subject which are useful for background 
information. My advice is you can never 
get too much advice. The best advisers 
you should look to for help are lawyers, 
accountants and your bank manager, all 
of whom are frilly qualified to assist you 
in the development and growth of your 
business. 

Q. Which ones give besi value for the 
time and money they cost? 

A. The guy who will offer ihe advice 
free. There are many people who will 
offer you advice for free and this is 
valuable. However, it is worth every 
penny to pay for proper advisers in the 
form of an accounrant and a lawyer to 
guide you. 

Q. Do sole owners typically have 
more or less trouble than partnerships in 
running a business? 

A. Sole owners have an easier de- 
cision-making process, but they are of- 
ten limited in their ability to cope with 
the future growth of the business. The 
bigger the business gets, the more de- 
cisions need to be made, and this be- 
comes hard for one person on his own. 

Q. After the start-up phase, what are 
the warning signs that something is 
amiss at a company? 

A. Insufficient cash flow, credit 
stretch and insufficient business activ- 
ity. These signs can be recognized as 


they develop. 

Q. Once they appear, what steps 
should be taken to put the company back 
on the right track? 

A. Honesty is the only policy when 
things are going wrong. You must be 
totally honest with your creditors, real- 
istic on cash-flow forecasts, and you 
must ensure that adequate financial’ re- 
sources are available for you to survive 
through the bad period. 

Q. And if the signs are ignored and 
real trouble develops, what then? 

A. A serious headache. The longer 
the problem is allowed to develop, the 
harder ii is to resolve as the problems 
become bigger. 

Q. Once a small business is in fi- 
nancial difficulty, under what circum- 
stances should more capital be sought, 
and from what sources? 

A. That’s too difficult to answer with- 
out a full investigation as to the cause of 
the problems. The cause of the problems 
needs to be identified and solutions 
found. Professional advice should be 
sought before any new money is put into 
the business. Greater financing can only 
ever be considered if the company has a 
realistic ability to ride out the storm. 

• 

Q. At what point should bankruptcy 
be contemplated? 

A. As soon as it is impossible to pay 
back creditors in some form within an 
accepted time scale. It is illegal to re- 
main in business under any other cir- 
cumstances. 

Q. Should the worst happen and a 
business goes under, is it best to start all 
over again, perhaps in a different line, or 
should the owner go back to being a 
wage earner for a while? 

A. You need to analyze the reasons 
why the business failed before contem- 
plating whether to start back up again. If 
sufficient lessons have been learned as 
to why you failed and these issues can be 
resolved, ii can still be considered an 
option. 


Virtual Help With the Real College-Tuition Crunch 



By Mylene Mangalindan 

USA RUDD was elated when 
she was accepted to -Florida 
State University’s graduate 
r program in career counseling, 
--~.,jaJiiyserin; The program would, 
i cost S33".824'for two years. 

: -"Tin crying to get as much financial 
; aid as possible,” said Ms. Rudd. 28. 
;‘Td prefer not to be in debt when I 
j graduate.*' 

■; -She isn’t alone. With college tuition 
i riskg at twice the rate of inflation, stu- 
. * dents and parents are looking for any leg 
I np on expenses that can run as much as 
: $ 41,515 a year at elite schools such as 
‘Stafford University. 

; Many are turning to - the Internet. 

! Abort a- million of them use the global 
‘computer network in their quest for a 
; sliver of the $1 billion to $4 billion a 
v ; tariff private scholarship aid, said 
S -Mark/Kanunowitz, creator of-FinAid. 

! The site, one of several cropping up on 


the World Wide Web, is sponsored by 
the National Association or Student Fi- 
nancial Aid Administrators. 

“That’s the money everyone’s 
scrambling for,” said Mark Rothschild, 
scholarship director of FastWeb, an- 
other free Website that matches 
student profiles with informa- 
tion on more than 180,000 aid 
awards. 

* For Ms. Rudd, who majored 
in psychology as .an under- 
graduate at LaGrange College 
in Georgia, the profiling was 
important. She filled out an on- 
line application with FastWeb, listing 
writing and cultural arts as hobbies. 

In return, she got information on a 
dozen' ‘scholarships for which she qual- 
ified — including the Southern Schol- 
arship Foundation awards and the 
graduate - -scholarship program 
sponsored by the National Association 
of Junior Auxiliaries. 

“Using the Internet made n really 
convenient,” die said, “I didn’t have to 



go through the physical effort of going 
to the library ana sorting through a lot of 
books.” 

She also didn’t have to pay the $ 1 ,000 
fee typical of many private scholarship 
search concerns. On-line search compa- 
nies make their money from 
advertisers, corporate or uni- 
versity sponsorship, or selling 
their subscriber . lists or 
products like college guides. 

FastWeb’s listings run the 
gamut from the Asian Amer- 
ican Journalism Association 
and Howard Scripps Founda- 
tion to- news about the Westinghouse 
Science Talent Search and essay con- 
tests sponsored by the U.S. Institute of 
Peace. Information is updated daily and 
more than 20,000 people log on each 
day, FastWeb said. 

Because about three-quarters of all 
scholarships are based on criteria other 
than finan cial need, it can help to have 
diverse, specialized of quirky interests. 

“The winners in this game are par- 


ents and kids committed io looking for 
opportunities,” Mr. Rothschild said. 

For instance. Ball State University 
offers the David Letterman scholarship, 
named for the U.S. television talk-show 
host, who graduated from Ball State. 
The award goes to communications stu- 
dents who show creativity in a broad- 
casting projecr. 

Bats Conservation International 
gives grants to graduate students study- 
ing bats. The American Concrete In- 
stitute offers funds for specialties in 
engineering or architecture using ce- 
ment products. The National Quiltere 
Association wants to help enhance 
quilt-making skills, while Whiriy-Girls 
scholarships go to women studying heli- 
copter flight. 

Bloomberg Nert'S 


FOR MORE INFORMATION, vhii ih«* Web wk 
FinAjd — *ww.finwi«W 
FniWcfa — fauwsS emu 
SRS Exim:* — JamtcMifan 

CoUeseW MACKS — nrftrerncicmn 

College 

Xap Ceip. — v*p.ram 



A Wake-Up Call at 40: 
Never Too Late to Save 


Investment Options for Slow Starters 


By Ann Brocklehurst 


F inancial advisers and 

planners agree that there is 
something about turning 40 that 
makes people stop to consider 
their financial future. For 40-year-olds 
who never got around to saving, one of 
the most depressing aspects of their 
predicament is hearing what could have 
become of the S 1,000 dollars they 
frittered away at age 23 if only they had 
invested it wisely. 

Add to that the horror stories about 
how government pension plans will not 
be able to provide the current level of 
support in the future, and 40-year-olds 
without assets have the best possible 
incentive to save — if only they can stop 
wiping the sweat from their palms. 

“Thou shall not panic,” Karen 
Schaeffer, a financial planner in Silver 
Spring. Maryland, advises her 
clients. “J think people should 
be concerned, since being con- 
cerned is appropriate, but being 
paralyzed by fear is not.” 

Maryann Bruce, a senior vice 
president at OppenheimerFunds 
in New York, agreed. "You're 
not going to be poverty-stricken 
or a bag lady or have to eat dog food.” 
she said. 

Although, like almost all financial 
planners. Ms. Schaeffer advocates early 
savings to gain the financial benefits of 
compounded growth, she maintains that 
she. is not "a real fan of looking back- 
wards and saying. 'Oh. we should have 
done this, this and this.’ ” 

Non -savers, ir seems, can be found all 
across the salary spectrum, postponing 
saving until it becomes easier, wailing 
until they earn their first million or count- 
ing on winning the lottery. Those in the 
higher-income categories often have al- 
most no idea where they are spending 
their money, and they convince them- 
selves they do not earn enough. 

For expatriates, a stint abroad can 
prove either an opportunity to save or an 
excuse to adopt a more luxurious life- 
style, according to Bob Graham, a vice 
president with Right Management Con- 
sultants Inc. of Philadelphia. With perics 
such as overseas bonuses, home leave, 
housing allowance and fully paid edu- 
cation for their children, expatriates can 
live well and still save money. Or, they 
can get carried away and save nothing. 

Mr. Graham, who was posted in Hong 
Kong for several years, said many ex- 
patriates spend a lot on personal travel. 

“My wife and I had a favorite resort 
island in the Philippines that we'd go to 
a couple of times a year,” he said. “I 
would have never done that in the U.S.” 
He added that saving can be much easier 
for expatriates posted to spots such as 
Eastern Europe, where there may be less 
temptation to spend. 

What it often boils down to is that 
many baby boomers are spoiled, said 
Ethan Kra, chief actuary-retirement at 
the William M. Mercer consulting firm 
in New York. 

"They have no memory of the De- 
pression and hard times," he said. 
".Many have spent every penny and then 
some. They’ve enjoyed trips to the Carib- 
bean and Europe, second cars and boats. 
There's only one solution for them: It’s a 


wake-up call to save, save, save." 

When they do wake up, the boomers 
will have to save on a grander scale than 
their parents, many of whom earned 
windfall profits on' property — a phe- 
nomenon that analysts agree is unlikely 
to repeat itself in the coming decades. 

Demographics also mean that old-age 
social security systems will be stretched 
to breaking bv' the sheer volume of 
boomer retirees, making pensioners 
more dependent than ever on their own 
savings. 

That's the bad news. The good news 
is, at age 40, there is still plenty of time 
for most people to build a nest egg. 

Ms. Bruce says she likes to tell par- 
ticipants in her 'financial seminars the 
story of two savers, one age 30 and one 
age 35. Each starts out with S 10,000 and 
each puts away SI. 000 a year until age 
65. With an average annual compound 
rate of 8 percent, the 30-year-old's 
$45,000 investment grows to 
$320,000 while the 35-year- 
old's $40,000 investment ex- 
pands to S2 13,00. 

"You can look at it two 
ways," she says. “You can cry 
about how that S5 .000 produced 
so much more or you can say. 
you know what, the 35-year-old 
produced $213,000 and that's not 
chopped liver." 

Financial planners advise late starters 
to begin putting away as much as pos- 
sible immediately. Mr. Kra said indi- 
viduals should, in theory save 7 percent 
ro 10 percent of their income over their 
working life. If they start to save in their 
early 40s. they need to put away a per- 
centage of their salary in the low teens 
and if they wait until their late 40s, the 
amount should be in the mid -teens. 

Luckily for most people, the years 
between 40 and 60 are the peak earning 
years — and, if their house is paid off 
and their kids financially independent, 
they may be in a position to ao some 
serious saving. 

All the financial planners interviewed 
for this article recommended having the 
money taken out of paychecks or out of 
bank accounts automatically. “It's our 
of sight, out of mind." Ms. Bruce said. 

Mr. Kra concurred, noting that most 
professionals can make minor changes, 
such as taking vacations closer ro home 
and buying cheaper cars, less often. 

The planners also stressed the need ro 
take advantage of tax-deferred savings 
vehicles, including company pension 
and personal retirement plans. 

“Thai way, if you invest $2,000 it’s 
not really costing you $2,000,” said Ms. 
Brace, adding that the true cost would 
be determined by the saver’s income 
level and tax bracket. 

Late savers also must invest fairly 
aggressively in a mix of stocks and 
bonds. If they stick to something con- 
servative such as government" bond 
funds, Ms. Schaeffer said, they will in- 
crease their chances of r unning out of 
money in their retirement years. Ms. 
Bruce cautioned that women, in par- 
ticular, must be wary about a tendency 
to invest too conservatively. 

After a few years, even late savers 
will begin to.see benefits. “It's a cycle,” 
Ms. Bruce said. “Their money grows 
and then they want to get more. Time 
and diversification create wealth." 






PAGE 18 


- Friday’s 4 P.H. 

The UKXJ most-traded Notional Market securities 
in terms of doflor value, updated (trice a year. 

TTwAssoastod Press. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 14-15, 1997 



















































































INTERNATIONAL HERALD TRIBUNE, SATURDAi-SUNDAT, JUNE 14-15. 1997 


PAGE 19 



Moonlighting Isn’t the Only Way to See the End of the Debt Tunnel 


By Barbara Wall 

D uring the day, Sara 

Willars works as an ediior for 
a fashion magazine in Lon- 
don; by night, she moonlights 
as a cocktail waitress. Sara is neither an 
insomniac nor desperate for company: 
She is overextended on her credit cards 
and needs the extra income. 

Ms. Willars is Dot alone. Last year, 
more than a million people in Britain 
sought debt counseling from their local 
Money Advice Association, a govern- 
ment-sponsored organization that is de- 
signed to help people with financial 
problems. About 75 percent of the quer- 
ies related to credit-card debt. 

In the United States, the extent of 
credit-card debt has reached eye-pop- 
ping proportions. Gerald Carter, a 
spokesman for Budget and Credit 
Counseling Services Inc., a not-for- 
profit financial adviser in New York, 


estimated that 70 percent of the U.S. 
population is overextended on credit 
cards. 

"Many of our clients earn good sal- 
aries, but they have fallen so heavily in- 
debt that they are no longer able to pay 
aJJ their bills,” Mr. Carter said. *‘A 
typical scenario is where the client pays 
the minimum monthly installments re- 
quired by the card providers and yet 
continues to spend on the credit cards. 
Many people fail to realize that by pay- 
ing the minimum installment they are 
only paying off interest on the debt and 
not any of the capital.” 

Ms. Willars might prefer to be in that 
situation: She has reached the point 
where she is barely able to pay even the 
interest. 

"I have four credit cards and the 
combined debts amount to around 
£5,000.” or about $8,150, she said. 
"The total minimum monthly payment 
is £240. This may not sound much, but 
there always seems to be bills to pay and 


unexpected expenses, so I never make the Money Advice Association in Liv- 
any headway into the capital I owe the erpool. said that consolidation loans 
money on." such as the one Ms. Willars got were a 

"Recently I received a letter from the good idea, but only under certain cir- 

managing agent of the apartment block cumstances. 

where I live, stating that I had to con- ’Twouldprobablvneverrecommend 


tribute to the costs of a new 
roof. If I can’t pay. 1 could be 
repossessed by my lease-hold- 
er — despite the fact I have 
lived in my apartment, mak- 
ing the mongage payments -- 
every month, for seven |[ 
years,* * she said. u- 

To consolidate her debts at 
a lower rate of interest, and at the sug- 
gestion of her bank manager, Ms. W’U- 


gestion of her bank manager, Ms. W'Q- repayments was t< 
Jars rook out an unsecured personal loan people to handle. ' * 


”1 would probably never recommend 

a consolidation loan if it is to 

be secured on a client's prop- 
eny,” he said. “It is just too 
Vfis risky. When U.K. mongage 
Vj_P] interest rates soared sky high 
Srjf in the late 1980s. people ended 
W 11 up losing their houses as a 
result of defaulting on secured 
loan repayments. The higher 
mortgage interest rate on top of the loan 
repayments was too much for many 


of £10,000. Apart from a reduced cost 
of credit, the advantage of a consol- 


Debtors whose bank managers are 
not as helpful as Ms. WiJIars's can call 


idation loan is that Ms. Willars will on other advocates. The Money Advice 
have paid it off in six years and be free Association and Budget and Credit 
of her debts — assuming, of course, that Counselling Services Inc. negotiate 


she does not accumulate any more. 
John Fairiiur5t, a debt counselor for 


with creditors on behalf of their clients 
for lower interest nues. or even a sus- 


pension of interest payments. Mr. 
Fairhursi said that this was often the 
breathing space people needed to regain 
control over their finances. 

"Where clients can provide financial 
statements and explanatory letters, 
most credit-card companies will agree 
to a deal,” he said. "They may even 
agree to write off the debt, though this 
usually only happens if the person ow- 
ing the money is elderly or unlikely to 
work again.” 

Mr. Fairhursi also advised shopping 
around for deals on credit cards: Bank 
cards, for example, are usually cheaper 
to' use than store cards. As for the ul- 
timate solution — cutting out credit- 
card use altogether — that is probably 
unrealistic. "The credit-card culture is 
now so deeply ingrained in society that 
it would be pointless to advise people 
not to use" them, he said. 

In extreme cases, bankruptcy may be 
the only course of action left. "Many 
people see banluuptcy as a terrible 


stigma and try and avoid it at all costs, 
eening further and further into debt.” 
Mr. Fairhursi said. "However, once the 
wheels are in motion, a declaration of 
bankruptcy often brings a great sense of 
relief to clients, and it does not ne- 
cessarily preclude them from gening 
credit in the future.” 

Bankruptcy laws vary widely from 
country to country. In Britain, a person 
can petition to be discharged from 
bankruptev after two years. In the 
United States, the waiting period is sev- 
en vears. with an additional three years 
before vou can apply for credit. 

In France, a person can be discharged 
from bankruptcy after seven years, but 
the doors to credir may still be closed 
due to the stigma still attached to debt in 
France. Andfin Germany a declaration 
of bankruptcy will in all likelihood af- 
fect you for "the rest of your life: Few 
financial institutions will grant you any 
form of credit, even assuming that you 
have discharged all of your debts. 




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BRIEFCASE == 

Funds 1 Feverish Ad Pitch 
Leaves Analysts Wary 

U.S. mutual-fund groups are increas- 
ing their advertising budgets by about 60 
percent this year, trying to lure investors 
while the markets are hot, according to 
an industry reporL 

For some industry executives and fi- 
nancial advisers, the money might be 
better spent warning investors about the 
risks of high-flying markets. 

“Fund groups are losing sight of their 
fiduciary responsibility to investors and 
are more interested in attracting as much 
money as possible,” said John Brennan. 
Vanguard Group’s chief executive. 

The industry should be more vigilant 
about lowering the expectations of in- 
vestors. Mr. Brennan said. The Standard 
& Poor's 500 Index has risen at an 
annual rate of more than 17.5 percent 
since the bull-market rally began in mid- 
1982. The gains are unsustainable, and 
the industry must make sure investors 
understand that, he said. 

Mutual-fund groups will spend more 
than $500 million this year on advert- 
ising, based on the first four months of 
statistics. That's up from about $360 
million in 1996. according to Compet- 
itrack Inc., which tracks advertising. 

Janus Capital Coip. of Denver is ooe of 
the industry's more aggressive advert- 
isers. The firm paid more than $1 million 
for a 30-second advertising spot during 
Super Bowl XXX3 in January. Janus is 
believed to have paid more for one ad 
than any U.S. fund company in history, 
according to Competi track. 

Sane analysts say the avalanche of 
ads, coinciding with a huge flow of new 
money into mutual funds, is yet another 
sign of stock-market excess. 

Fund companies are "merchandising 


Planning After the Bad News Comes 


themselves like Gillette merchandises 
razor blades , ” said S tephen Janachowski . 
an investment adviser in San Francisco. 

"At some point, we’ll have a down 
market and it will get ugly.” he added. 

(Bloomberg) 

More U.S. Homeowners 
Lag in Paying Mortgages 

The number of U.S. homeowners be- 
hind in their mortgage payments in- 
creased again in the January-March 

r ter and could continue to climb 
ughout the year, according to an 
industry group. 

The Mortgage Bankers Association 
said the seasonally adjusted delinquency 
rate on one- to four-unit homes was 4.3C» 
percent, up from 4.32 percent in the 
October- December quarter, when over- 
due payments rose 12 basis points, or 
0.12 percentage points. 

"Although the U.S. economy has ex- 
hibited close to robust growth during the 
past several quarters, rising consumer 
debt continues to place str ains on house- 
hold balance sheets." it said. 

"With the economy expected to de- 
celerate to a more sustainable growth 
pace and the growth in consumer debt 
showing little evidence of easing, the 
delinquency situation re mains vulner- 
able to further deterioration during the 
next several quarters." it added. 

The survey of 22 million Joans covers 
about one-third of residential mortgages. 

f AP) 

Deutsche Bank to Plunge 
Into U.S. Fund Market 

Deutsche Bank AG, Europe's largest 
bank and one of its biggest mutual-fund 
managers, is planning to enter the 


crowded U.S. fund business by selling 
nine of its own stock and bond funds. 

Deutsche Bank's move follows sim- 
ilar moves by Commerzbank AG and 
Swiss Bank Corp.. which are entering the 
U.S. market by acquiring fund compa- 
nies. Commerzbank. Germany’s third- 
largest bank, agreed in March to acquire 
the mutual -fond group of Montgomery 
Securities Inc. Swiss Bank introduced a 
group of mutual funds last year that are 
managed bv Brinson Partners of Chica- 
go. which Swiss Bank owns. 

Deutsche Bank's biggest equity fund. 
Provesta, has about $800 million in as- 
sets and has risen at an annual rate of 
19.4 percent — in U.S. dollar terms — 
since its introduction 12 years ago. com- 
pared with the 16.3 percent annual gain 
of Germany's DAX 30 Index. 

( Bloomberg ; 

Fidelity to Cut Charges 
For Most-Active Clients 

Fidelity Investments is to reduce the 
charges to individual investors who are 
active equity traders. 

Fees and commissions will be reduced 
to $25 for the first 1 .000 shares traded by 
Fidelity's most active brokerage cus- 
tomers — those who make at least 72 
trades a year and have $20,000 in assets. 
It will charge 3 cents a share after that. 

The company said it previously had 
charged fees and commissions totaling 
$70 to trade 1,000 shares through tele- 
phone representatives. It has been taking 
steps in recent weeks to lower fees for 
customers who trade stocks on-line. 

The new pricing structure for the most 
active traders applies whether the cus- 
tomer is trading shares through a phone 
representative, an automated telephone 
system or on-line. (Bloomberg) 


A Tobacco Dilemma for Pension Funds 


By Katherine Burton 


T HE VIEW among 
money managers is 
that when pension 
funds decide to buy 
or sell, the timing is often 
wrong. Many public pension 
funds, for example, bought 
real estate at the top of the 
market in 1990. Lately, funds 
have been piling into lever- 
ijged-buyout pools, just as 
such analysts as Morgan 
Stanley Group Inc.'s Barton 
Biggs say the returns of such 
portfolios have peaked. 

Same of the funds may be 
wrong again. Vermont, Flor- 
ida and possibly Washington 
state are about to unload their 
tobacco stocks because ciga- 
rettes kill people. But they may 
miss out on strong returns for 
years to come, some money 
managers said, even if they do 
benefit slightly from the. ex- 
pected end of litigation against 
the tobacco companies. 

“If you compare Philip 
Morris to other consumer 
product companies, it's worth 
S100 a share,** said Stephen 
Yackrman, vice president of 
Yackiman Asset Management 
Co., which has 10 percent of 
his $1.6 billion assets in to- 
bacco stocks, mostly in Philip 
Morris.- “They are a very 
gootHong-tenn holding.” 

Mr. Yacktman manages 
' money for pension funds and 


endowments. Philip Morris 
shares were trading at $46 at 
midday on Friday. 

The attorneys general of 34 
states have sued the tobacco 
industry for money spent 
treating sick smokers. A set- 
tlement could come soon. 

But many public pension 
funds believe that it would be 
a mistake to sell tobacco 
shares, Louisiana and Con- 
necticut are among states that 
say that selling these slocks 
would violate their fiduciary 
duty to invest in what makes 
money. 

In the past 10 years, Philip 
Morris shares have jumped 
about 25 percent annually 
with dividends reinvested, 
compared with 15 percent for 
Standard & Poor’s 500 Index 
companies. 

Even with that climb. 
Philip Morris, the benchmark 
stock for the tobacco in- 
dustry, is still inexpensive, 
said Kemp Dolliver, senior 
portfolio manager at 
TradeStreet Investment As- 
sociates. Shares are trading at 
16 times last year's earnings, 
compared with 21.7 times for 
companies in die Standard & 
Poor's 5 00- stock index. 

Other funds have taken a 
middle-of-the-road approach. 
The New York State Com- 
mon Retirement Fund de- 
cided not to buy any more 
tobacco stocks and the New 
York State Teachers fund 



sold a portion of its stocks. 

There are still pension- 
fund boards that have not de- 
cided what to do. The $30 
billion New York City Em- 
ployees Retirement System 
bas been examining, from 
both .a legal and financial 
point of view, what to do with 
its $250 million in tobacco 
shares for about two years. 

A settlement in the in- 
dustry will not dictate what 
the fund does, said Norman 
Rosner, pension direeror. 
"The question is, over the 
long-term, are they good in- 
vestments?” he said. 

The expected settlement 
will let Philip Morris, RJR 
Nabisco Holdings Co. and 
other cigarette makers avoid 
future court verdicts that 
could be devastating. In re- 
turn, they will agree to severe 
restrictions on cigarette ad- 
vertising. accept strict gov- 
ernment regulations and pay 
$10 billion initially ana as 
much as $15 billion a year. 

While a. majority of states 
are suing the tobacco in- 
dustry, only Maryland has 
sold all Its tobacco shares. 

Florida and Vermont do 
not have a deadline to sell the 
shares, and will likely wait for 
a settlement, bur only if it 
comes soon. 

The $37 billion Washing- 
ton State Investment Board, 
which governs the $29 billion 
state employees' pension 


ITC 


fund, looks like it could be the 
next seller. A committee for 
the investment board recom- 
mended earlier this month 
that it sell its $253 billion in 
Tobacco stocks because they 
are too risky. Even if there is a 
settlement on the lawsuits, the 
industry faces greater regu- 
lation, the board said. 

“You can'r predict what 
the potential settlement, and 
likely regulatory and legislat- 
ive action will be, and you 
can't predict how Wall Street 
will react." said Christopher 
Ailman, chief investment of- 
ficer for the. Washington 
fund, whose full board will 
vote on the issue on July 17. 

The big question is wheth- 
er other funds will follow the 
wave of decisions to sell, or 
whether they will hang on for 
potential profits. 

"I don't know if we have 
the beginning of a trend here 
or not," said Amy Wilson, 
research manager for the To- 
bacco Information Service of 
rhe Investor Responsibility 
Research Center, a Washing- 
ton-based research group for 
shareholder issues. 

Bluotnherz News 


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By Digby Lamer 

I AN MILLER vividly remembers 
the workday three years ago this 
month that began as* any other but 
ended with him joining the growing 
ranks of corporate -downsizing victims. 

"The company I worked for had got 
through the worst of the recession and 
was actually starting to make a profit." 
he said. "We had our normal production 
meeting, there was no hint anything was 
different. Once it was finished I was 
called into the manager's office and giv- 
en the bad news." 

Mr. Miller was relatively lucky: He 
collected a severance payment of six 
months' salary and found a similar job 
within months. 

But at age 42, after 20 years of con- 
tinuous employment and four years in a 
senior position, Mr. Miller had to face 
the emotional and financial shock of his 


altered circumstances. 

The first piece of advice financial 
advisers offer people like Mr. Miller is to 
do norhing for at least six months, and to 
park any cash severance payments in an 
interest-bearing checking account. 

"Until the dust settles and you have a 
clearer idea of what your prospects are. 
it's best to make no' decisions at all." 
said Ian Shipway of Saga Asset Man- 
agement in Britain. 

One of the main considerations in any 
financial plan is the age of the person 
involved. If the person is approaching 
retirement and has a range of retirement 
options already organized. Financial 
planning is usually straightforward: 
Apart from the lump-sum payment from 
the former employer, there may be the 
option of taking early pension benefits. 

The option to draw both state pensions 
and privately funded pensions varies, de- 
pending on the regulations of the country' 
in which the person retires. If early re- 


If You Find Yourself Jobless. 


• put severance pay into an interest-bearing account. 

• find a financial planner. 

• explore the option of cashing in pension benefits. 

• reduce expenditure, especially on credit. 

Don’t: 

• make any investment moves for six months. 

• tie up more than half your cash in illiquid vehicles. 

• eliminate expenses that may carry tax advantages. 

• let short-term panic rule long-term decisions. 



tirement is allowed, the income gener- 
ated by the pension will likely be less than 
if the benefits were draw n at the expected 
retirement date. If the reduced pension is 
not adequate, the person's lump-sum 
must be used to generate income. 

For younger people, the problem is 
more complicated, said John Hunon- 
Attenborough. a financial adviser with 
the British investment company Berry 
Birch & Noble PLC. Often they have a 
family to support and are too far from 
retirement to access pension benefits. He 
therefore recommended keeping up to 
half the total payoff in cash as a con- 
tingency fund. 

Anyone who is laid oft' should nat- 
urally try to reduce expenditure, advisers 
said. To decide which expenses should 
be reduced and by how much. Mr. Hut- 
ton- Attenborough recommended mak- 
ing a straight cash-flow comparison be- 
tween the costs of debts and potential 
income. 


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PAGE 20 


nmx\vni\u.£* .< 

ltcralo 5 ^g&,enbunc 

Sports 


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S ATG RDA.Y-SUNDAY, JUNE 14-15, W#y 



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World Roundup 


Champs to Run? 

athletics The International 
Amateur Athletic Federation 
inched closer to a plan Friday that 
would allow world champions (he 
automatic right to defend their 
titles. 

Such a move would clear the way 
for Michael Johnson and other in- 
jured American track stars to com- 
pete at the world championships in 
August, despite rules of their own 
national federation that make them 
ineligible to compete. 

An 1AAF spokesman said that if 
the U.S. federation would support 
such a move then “ this measure 
opens the way for the IAAF to 
examine the possibility of inviting 
champions and world-record hold- 
ers to Athens. ’ * [Reuters) 

• The IAAF said an American 
hurdler. Siephon Flenoy, remained 
suspended for alleged (hug use and 
was not authorized to run in the 
USA Championships, despite an 
arbitration ruling in his favor, f AP) 

Lomu Getting Better 

rugby Jonah Lomu, the star 
New Zealand rugby-union winger, 
could be playing again within three 
months after being treated for a 
serious kidney disease. The New 
Zealand team's doctor. John May- 
hew, who is overseeing Lomu's 
care for nephrotic syndrome, said 
the treatment was going well 
enough that he could play most of 
the national championship season 
forCounties-Manukau. [AP) 

• France held off a determined 
Australian Capital Territory Pres- 
ident's XV team for a 3 1-22 victory 
in a rain-marred rugby-union tour 
match Friday in Canberra. (AP) 

Graf Tax Case Dropped 

TENNIS German authorities 
dropped their tax investigation 
against Steffi Graf after the tennis 
star agreed to pay $760,000 to the 
state and charitable causes. The 
chief prosecutor in the case said: 
* ‘There has never been any strong 
evidence of wrongdoing by Graf. 
But if we agree to a dismissal 
against payment, it does not mean 
we believe those involved are in- 
nocent.” (AP) 

A Long Day for Sampras 

tennis Pete Sampras’s miseries 
continued Friday when he was ous- 
ted in three sets by Jonas Bjorkman 
of Sweden in the quarterfinals of 
the Queen’s Club toumamem. a 
key warm-up for Wimbledon. 
Sampras appeared in firm control 
after winning the first ser. but his 
game fell apart near the end of the 
second and Bjorkman rallied for a 
3-6, 6-3. 6-4 victory. (AP) 

Middlesbrough Drops Bid 

soccer The Middlesbrough 
owner. Steve Gibson, has given up 
his legal bid to overturn a three- 
point penalty that led to the club's 
relegation from England's Premier 
League. But lie accused the league 
of incompetence and negli- 
gence. (AP) 


Woods Bounces Back 

2d Round 67 Follows Troubled Day One 


The Associated Press 

BETHESDA, Maryland — Tiger 
Woods stumbled on the back nine of 
Congressional Country Club again on 
Friday, but not before accurate tee shots 
and a slew of short birdies got him back 
in the hunt at the U.S. Open. 

Woods, disgusted with a 4-over- par 
74 on Thursday that left him nine 
strokes behind the first-round leader, 

U.S. Onn Golf 

Colin Montgomerie, took a rain- 
softened course by storm on Friday 
morning. 

He birdied four of the first seven 
holes — ad from inside 5 feet — and 
was even par for the tournament through 
No. 16 when play was suspended for 2 
hours 18 minutes because of lightning 
and rain. 

When play resumed. Woods three- 
putted for bogey at the 17th and then 
narrowly avoided disaster at the par-3 
18th when his tee shot hung on the edge 
of a bank sloping toward the water. 

Woods got up and down for par and a 
67,putting him at 1-over 141. 

That still left him six shots back of 
Montgomerie, who headed for the tee 
box as Woods was finishing. 

He was four strokes back of Tom Lehman, 
who put together a nervy 70 and W3S the leader 
in the clubhouse at 3-under 1 37. 


‘T learned I need to drive the ball a 
little better, keep ray cool a little better 
and maintain my patience — all day,’* 
Woods said. 

”1 had the same game plan. I hit the 
same clubs." 

Lehman, who had four birdies, and 
four bogeys, looked poised to get to 5 
under when play was suspended. But he 
put his drive on No. 17 in the rough, 
backed our and then made par by stick- 
ing his approach close. 

He lost ground on No. 18 when his tee 
shot landed in the right rough, an almost 
impossible place from which to make par 
because of die front right pin placement. 

“I got off to a very slow start, which 
was kind of unfortunate," Lehman said. 
“After that, 1 played well. It's difficult 
to have to wait two hours and rben hit the 
tee shot at the 17th.*' 

Ernie Els, the 1994 U.S. Open cham- 
pion. shot a 67 and was at 2-under 1 38. 

The low scoring in the morning was 
typical on a soft and still Congressional 
course, especially with a 20-minute 
downpour. 

Woods, trying to become the first 
player in 25 years to win the Masters and 
the U.S. Open in the same year, trailed 
Montgomerie by nine strokes to start the 
day. 

In 96 previous U.S. Opens, only Jack 
Fleck in 1955 trailed by that much after 
the first round and still managed to win. 



Woods and a large crowd of fans watching his shot Friday. 


Daly Leaves Open • 
In Middle of Round 

Reuters 

BETHESDA. Maryland — Join 
Daly, who has been trying to recover 
from alcohol and gambling problems.' 
withdrew from the U.S. Open halfway 
through his round on Friday. 

Daly. 31. who shot a seven-over-par 
77 in the first round, played the first nine 1 
holes of his second round in three over' 
par before suddenly walking off the 
course. 

The winner of the 1995 British Open 
and the 1991 PGA Championship, Daly” 
underwent substance-abuse treatment 
in April after an alcohol-related incident' 
in a hotel room after a night of drinking 
during the Players Championship. He 
subsequently underwent treatment at' 
the Betty Ford Clinic. 

Daly and apparently did not even tell’ 
his caddie he was leaving. Daly’s group 
was beaded toward the 10th tee when 
Daly veered left through the pro shop 
and into the locker room. He gathered, 
his belongings departed, leaving his 
caddie wondering where he had gone. - 

Hours later. 'Callaway Golf, the 
equipment company that recently 
signed Daly, issued a statement saying^ 
that Daly was experiencing a combin- 
ation of physical and mental fatigue. 



Vs** 


•***..’*13 


a - v * ? - » 


I* 1 -’ 


Following Woods 5 a Colorful Crowd 


v.-s* — : '■ 



I Jiu-nm'll.-iiln- 


Paul Azinger bowing to Jose Maria Olazaba! after the Spaniard’s eagle. 

Flyers Fire Murray After Sweep by Detroit 


The Asrocuih’d Press 

PHILADELPHIA — The Phil- 
adelphia Flyers fired the team's coach, 
Terry Murray, on Friday, less than a 
week after the team was swept in four 
games by the Detroit Red Wings in the 
Stanley Cup finals. 

There was no immediate word on who 
would replace Murray. 46. who led the 
Flyers to a 45-24-13 record this season 
and a 12-7 record in the playoffs. 

Murray 's job appeared safe as recently 
as two weeks ago, after he coached Phil-, 
adelphia to victory in playoff series 
against Pittsburgh. Buffalo and the New 
York Rangers. 

After the series with the Rangers, 
Clarke said Murray would return as 
head coach next season “if he wants 
to." Murray said at the time that he did 
want to return. 

But the goalie gamble he tried suc- 


cessfully in the first three rounds of the 
playoff — alternating between Ron 
Hextall and Garth Snow — failed 
against the Red Wings. Never a par- 
ticular favorite among his players, Mur- 
ray further eroded his locker-room cred- 
ibility after the third game of the finals. 
After a 6-1 loss. Murray said that his 
team was in “a choking situation." 
Several players, including team captain 
Eric Lindros, bristled at the term. • 

■ Penguins Name New Coach 

Kevin Constantine, who led the San 
Jose Sharks to a playoff upset of Detroit 
in 1994. will coach a Pittsburgh Pen- 
guins team trying to address the loss of 
Mario Lemieux, The Associated Press 
reported. Constantine, 38, replaces the 
man who hired him, general manager 
Craig Patrick, who finished the season 
as interim coach. 


Washington Post Seniee 

BETHESDA, Maryland — Within 
shouting distance of Tiger Woods at the 
U.S. Open at Congressional Country 
Club, it is less a golf tournament than a 
holiday parade. 

As Woods plays, teenagers shin up 
pine trees, toddlers climb on shoulders, 
and ketchup-spilling, smeared-shirt on- 
lookers elbow for a view of the 2 1 -year- 
old who has changed America’s rela- 
tionship with golf. 

Woods’s composure in the midst of 
the hysteria that has accompanied his 
rise to mythic status over the past 10 
months has been as astonishing as his 
golfing achievements, but if there are 
signs of his youth at Congressional, 
perhaps they are in his visible discom- 
fort about his relationship to the big 
carnival alongside him. 

In the first round. Woods made a lot 
of uncharacteristic mistakes. He fin- 
ished with a 4-over-par 74. nine shots 
behind the leader, Colin Montgomerie. 
He smiled rarely at the crowd, returned 
only a few waves, kept his head down 
and’ occupied his idle moments in con- 
versation with his caddie. “I have had 
some disappointing rounds lately — and 
this is one of them,” he told a reporter 
after the first round, “I will try and 
figure out what went wrong today, what 
1 did wrong, and tomorrow hopefully 
make some corrections.” 

He did. On Friday, playing a rain- 
intemipted round, he had improved to a 
1 -over-par 141. 

When th ings are going well, Woods’s 
parade feels something like the Fourth 
of July. 

Many in the overall crowds of 30,000 
who come out to traipse beside him stay 
with him throughout. 

The crowd .of spectators at a pro- 
fessional golf tournament is typically 
called a gallery, as if it were made up of 
paintings and statues, and in general, the 
gallery, like art. stays puL The thou- 
sands who are following Woods at Con- 
gressional Country Club are purely a 
crowd — a crowd remarkable for its 
exceptional number of blacks, women. 


VANTAGE POI NT/Steve Coll . 


Asian -Americans . seniors, children, 
hippies and beer-gulping lawyers. It 
looks so much like America ir threatens 
to be a case of life imitating a Nike 
commercial 

Even Woods's caddie has a popular 
following — the caddie being Mike 
(Fluff) Cowan, of the white walrus mus- 
tache and world-weary bearing. On die 
back nine Thursday, as Woods slumped, 
“Go. Fluff" became as common a 
crowd refrain as any other. 

For the many people of color who 
turn out, it is a chance to celebrate the 
full cultural opening to blacks and other 
minorities in a sport that has for years 
symbolized the clubhouse exclusivity 
of corporate America. There was a hu- 
man-resource executive, Leon Hollins, 
for instance, striding jubilantly in his 
Tiger-emulating white Nike hat. 

Golf, he noted, the sport of deal- 
making executives, “has not been avail- 
able to African-Americans for so many 
years.” 

“It was opening anyway, but now 
Tiger’s made it wide open. Look at this 
crowd.” he continued, waving his arms 
enthusiastically. “It’s so diverse, 
whether age or color — it’s wonderful 
to see.” 

Democratic, yes, but a corporate- 
sponsored democracy. There were a lot 
of name tags on display — from banks 
and satellite companies, retailers and 
media giants. Ana what with the four- 
day tickets costing $200 and the $30 
parking and the $3 chocolate chip cook- 
ies, this is not exactly the cheap bleacher 
culture of nostalgic sports memory . 

Of course, even the face of privilege 
in America is changing. Along the ropes 
with Woods in the first round walked 
Robyn Cort and Eric Broyles, young 
lawyers for a large Washington law 
firm, she a summer associate and he a 
junior associate dispatched to show her 
bow much fun life for a lawyer can be. 

Cort had managed to ignore golf 
completely for the first two decades of 


her life, she said, but then caught a look' 
at Tiger on television last sumn‘.<.t , when 
he won his third consecutive U.S. Am- 1 
ateur championship in thrilling fashion. 
“It was so exciting." she said, that she 
has not only become a fan. but she also 
is planning to take up the game. 

Broyles said that as a young black, 
lawyer at a high-powered firm, he has 
come to believe that golf "means 
something,” as he put it. Playing golf 
and following the game is “a means of 
forging bonds and coalitions among 
your colleagues and peers" in the of- 
fice. he said. “It has helped me to build 
relationships with people in the firm and 
outside the firm," he added. 

That, and when the sun is shining and 
the putts are falling, it's a blast. 

Woods looks like the Pied Piper, 
there are so many children running 
along behind him. They shout and 
squeal joyfully whenever he swings at 
the balL paying no heed to the stem, 
beleaguered marshals along the ropes 
attempting to enforce traditional golf 
gallery decorum. 

By the six* hole stood freckle-sat- 
urated, 9-year-old Chris Slaby. clutch- 
ing a stuffed tiger that he had bought at . 
two weeks earlier to bring to *e Open. 
He first became a golf fan when his 
father pointed out to him how far Tiger 
Woods could hit the ball. 

*‘I said, ‘Whoa.’" recalled Chris, 
who was hoping for an autograph. 

To catch Tiger’s attention, it requires 
not merely the clutching of a stuffed ■ 
animal but *e full adornment of a tiger ! 
mascot suit, which was the tactic suc- 
cessfully adopted by Rebecca Herron. . 
16. 

An occasional sports mascot at the 
School of the Holy Child, where she will 
be a junior next year, Rebecca dressed 
up in full tiger gear and waited around 
the putting green until Woods noticed. 
He gave her an autograph and said 
Rebecca recalled, that “he liked my 
suit.” 






Ktriimurt 



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Scoreboard 



BASEBALL 


Major League Standings 


Baltimore 
New York 
Toronto 
Dctrat 
Boston 

Cleveland 
Karan City 
Milwaukee 
Chicago 
Minnesota 

Seattle 
Anaheim 
Tex no, 
Oolland 


AMERICAN LEAOUE 

CAST DIVISION 

w 


G 
36 
29 
29 
26 

CENTRAL DnnttON 


L Pet. 
19 *89 


GB 


27 .571 7 

31 *83 IZ 1 ., 

32 *75 13 

37 ,413 17 


28 533 

12 47S 

32 .475 

34 >152 


32 

n 

29 
28 

28 35 444 

WEST DtVtaON 

35 29 547 

34 29 540 

32 30 516 

27 39 .409 

NATIONAL LEAGUE 

EAST DIVISION 


3‘j 

5 

y/j 



w 

L 

Pet 

GB 

Alkmta 

42 

23 

A56 

— 

r ton da 

37 

26 

.567 

4'a 

Montreal 

35 

28 

5« 


Hew tore 

35 

28 

556 


PhBadelphta 

21 

41 

J39 

20 

CENTRAL DtVtSXJN 



HDusten 

32 

33 


— 

Pittsburgh 

Jl 

32 

J/K 

— 

SI. LOUIS 

30 

33 

.470 

1 

Cincinnati 

26 

37 

AX2 

5 

Chteogo 

J5 

39 

y>\ 

Mi 


west DnnsroN 



San Francisco 

Ja 

28 

563 

— 

Colorado 

35 

30 

538 

If. 

Las Angeles 

31 

33 

Mi 

S 

Son Diego 

28 

3b 

A38 

8 

THURSDAY'S UNISCOURS 



Holies. Webster (61: Sete. Lacy (81. 
Hammond C9J and Hotteberg- W— Scte 7-5. 
L— Kamiemeeki 4-3. HRs— SatBmare. 

SurhoH (81. Boston. Garda parra 2 (8). M. 
Vaughn (I9j. 

Miwaukee 000 101 022-4 10 0 

Cleveland 000 800 002-2 6 1 

J.Moncedes. Do Jones (91 and Mathcnys 
Br Anderson. Plunk (B> and SJUamar. W— J. 
Mercedes 3-Z L— flr-Andefsan Q-i. 
HR— Milwaukee, Niksan 17). 

MTERLEACUE 

San Francisco 001 000 300—4 9 1 

Texas 010 020 000-3 8 0 

Gardner, Beck (9) and J onsets D.onver. X 
Hernandez (8) and 1-Rodriguex.W— Gardner 
7-2. L— D. Oliver 3-8. S*— Beck (20). 
HR— son Frandsco. Jovter ill. 

Los Angeles 000 011 2W-J 10 0 

Oakland 010 004 oax-5 6 1 

Noma Guthrie (6). Osiroa (7) and Prince 
Teigheder, Groom (7). Admail C7). Taylor (9) 
and Marne. GcW*iams <61. W— tefcjtefer 
2-3 L — Noma 6-6. Sv— Taytor (12). 

HR— Oakland, Stoirs (9). 

Sat Diego 003 000 108-4 9 1 

Anaheim 810 111 22x-8 16 1 

H Murray. TLWoreH |71 and FWietta 
Penslta HoRt (7), James (7), PactnU (9) and 
Kreuter. W— James 3-2. L— H. Murray 1-1. 
HRs— San Diego, Hen demon (2), Ftoherty (4). 
Anaheim, Philips (3). Erstod (7). Hottre (9). 
Cetorodo 060 MS 010-11 18 2 

Seattle 010 502 40s— 12 12 1 

Holmes, Dlpoto (4), DeJean (7), M. Munoz 
(71. 5 Peed (7) and Je.Reed. Monwartnq (8); 
Lowe, M. Maddux (2), Charlton (51 B. Wells 
(7). McCarthy C8), Ayala IB) and DaWIborL 
W-B. Weils 24L L-M. Munoz 1-1. 
Sy— Ayala (4). 

Japanese Leagues 


CluntQil 

27 

27 

- 500 

as 

Hanshin 

27 

28 

- 491 

9J) 

Yokohama 

22 

28 

- M0 

ltj 

Yomluri 22 

33 

— 

ADO 14 D 



FRIDAY'S RESULT! 

CtnmicM 5. Hanshin 2 
Yakut! 5. Yokohama 0 
Hiroshima 4. Yondurt 2 


Steve Janes 
Jespet Pamevft 
Brad Faxon 
David White 
Edward Fiyatt 
Rk* Cromer 
Bernhard Longer 
Mike Halbert 


36.36 — 72 
3844-72 
36-36-72 
3446-72 

36- 36—72 
38-34-72 

37- 36—73 
37-36—73 


John Daly 
Greg Kuril 
Chris Smith 
Mike Swartz 
Paul Braca hurst 
MlkeSpcsa 
Anthony Aguilar 
Gregory Swectt 


42-is-r? 

3809—77 

38- 39-77 
37-40—77 
42-15—77 
39 38-77 

39- 38-77 

39-39-78 



Mamiuan 



Mark Cakavecthfa 

37-36-73 

David Toms 

4638-78 


w 

L 

T 

Pet 

G8 

Ben Crenshaw 

37-36-73 

Kent Jones 

3646-78 

Orix 

29 

•9 



604 


JocfcNttiaus 

34-39-73 

Gary Robison 

4638—78 

Soibu 

31 

22 



585 

05 

Russ Cochran 

3637-73 

Jason Semeisberger 

40-38-78 

Do KM 

27 

28 



691 

55 

Stephen Ames 

37-36—73 

Kevin AJtonhoft 

4638-78 

NipDonHam 2s 

29 



473 

65 

Dirtty Waldorf 

34-39-73 

Brett Wcyment 

3642-78 

Latte 

22 

28 

1 

440 

84) 

‘ Fred Funk 

38-35 — 73 

Curl Is Strange 

3641—79 

Kintetsu 

22 

31 

1 

615 

95 

Jay Ho® 

3637-73 

Jay Don Blake 

41-38—79 


mojar's usuur 


Spike McRoy . 

36-37-73 

MasasMOiaki 

39-40—79 


OrU6. Lotte 1 


US Open 


BMEMCkN LEAGUE 

Baltimore 820 900 120-5 8 0 

BostM M3 500 OU-4 11 1 

Kanvenledd. Rhodes (5). Boskie (81 and 


cintRALUAcm 
W L T Pet GB 


Yakult 

Hiroshima 


19 — -655 — 
26 — J09 8 0 


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Tilt, nniiijrs mm vssm.ii 


Lsatfing score* Thursday, from the first 
round erf ths 07th U.S. Open on On 7.213- 
yard, par 38-35 — TO Congressional Country 
Ck* course In Bathacdj, Marytond ; 

Colin Manlgomerie 33-32—65 

Hal Sutton 33-33—64 

Steve Strieker 32-34-44 

Mari McNulty 37-30-67 

Tam Lehman 35-32—47 

Hldekl K<se 35-33-68 

DavcSchreyer 3633—68 

Jett 5luman 3636-69 

Justin LwncTtJ - 34-35— 4fl 

David Ogrln 35-35-70 

Mike Brisker 36-34-70 

Chris Petty 35-35-70 

Hatolmln 37-33—70 

Joel K libel 35-35-70 

Craig Pony 33-37—70 

Laity Mi» 35-35—70 

Peter Teravaitten 33-38—71 

Stewart Onk 34-37-71 

Mvk Brooks 35-36—71 

Nidi Price 34-37-71 

Thomas Bjorn 35-36—71 

V5ay Singh 35-36—71 

Bab T way 36-35—71 

Scofl Hath 36-35—71 

Frank Uddiler 37-34—71 

MarkWicbc 36-35-71 

Jose Mono Okuabal 36-35-71 

Payne Stewart 3^35-71 

Ernie Eh W-37-71 

Lcn Mattroce 36-35—71 

Olln Bromic 34-37—71 

Stuart Appleby 36-35—71 

Lee Westwood 37-34-71 

Frank Nataflo 37-34—71 

Greg Tawnc 37-34—71 

Randy Wylie 35-36-71 

JoO Ferenz 37-35—71 

5 lode Adams 37-34—71 

Loren Robert? - 34-38—72 

John Cook 35-37—72 

Mika Reid 36-36-72 

Clarence Rase 36-36—72 

Grom Waite 34-38—72 

Jim McGovern 3834—72 

Tom Watson 36-36—72 

Funy Zaettor 36-36-77 

Kelly Gibson 36-36—72 

Nick Faldo 35-37—72 

Lee Janzen 37-35—72 

Paul Azlngn 36-3s— 72 



JohnMazza 
PautGoydas . 

Lee Pinker 
Gary Nicklaus 
Dick Mast 
P JCawan 
Mark O'Meara 
Scott McCarron 
Darren Clarke 
JeffMoggert 
Rodney Buldter 
Eric Brito 
BttIPorior 
JimEsles 
Andrew Cohort 
Steve Hart 
Trow Woods 
Corey Pavbi 
Lany Nelson 
Dennis Trtder 
Tommy Tofles 
Jim Furyk 
DavW Duval 
Ken SchaO 
Donnie Hammond 
Ken Green 
Fred Couples 
Stove ElkJngton 
Davis Lave III 
Ptti Mlcheton 
Greg Norman 
BlBy Andrade 
Christopher Wo Smarm 
Paul McGJnley 
Podralg Harrington 
Sean Murphy 
Scott Dunlap 
Peter Mltdwll 
Tom Kite 
Terry Noe 
Robert AScnby 
Paul Stonkowskl 
Malta Dawson 
Bradley Hughes 
Jimmy Green 
Perry Parker 
Bob Kearney 
Ed Hurowdk 
lan Waasnam 
Larry Rtnker 
Kevin Perry 
Scoff Simpson 
Denrtb Taikon 
John PHkjr 
Ronnie Block 
DawStoacton 
RayHuntor 
DanM Foreman 
Larry SI hwro 
Michael Bradley 
Rob Bradley 
Mknoet Clark 


37 36-73 

34- 39-73 

36- 37 — 73 

37- 36-73 

38- 35—73 

35- 38—73 

36- 37-73 
35-38-73 

34- 39-73 
34^9-73 

37- 36-73 

35- 39-74 

36- 38-74 

38- 36-74 

39- 35—74 
3836-74 

34- 40—74 

35- 39-74 
3W8-74 

36- 38-74 

36- 38-74 

37- 37—74 
35-39 — 74 
3836-74 

38- 37—75 
37-39-75 
3639-75 
3639-75 
3639-75 

39- 36-75 

39- 36-75 

40- 35 — 75 
39-36-75 
3639-75 
3639-75 

37- 38-75 
39-36-75 
3639-75 
3639-75 

38- 37-75 
3637-75 
35-40—75 

3639- 75 

41- 34-75 
3637-75 

3637- 75 
41-35-76 

39- 40—74 

3640- 76 
3636-76 
38-38-76 
3636-76 

3638- 76 

3638- 76 
3640-76 
37-39 — 76 
37-39-76 
37-40—77 
3B-39— 77 

3639- 77 
37 JO-77 
3938-77 


Brian Totwson 
Raymond Russell 
TodTryba 
Roger Gunn 
Bob Gilder 
Matt Gog el 
Marty Scti tone 
Michael Martin 
Andrew Morse 
John Morse 


39-40—79 

39- 40-79 

42- 38-80 
41-39—80 

40- 40 — 80 
38-42 — 80 
40-41-81 
44-43-87 

43- 44 — 87 
43-44-87 


TENNIS 


QUERN'S TOURNAMENT 

OUARTERFMALS 

Greg RinedsM (16). Britain, del. PalTWi 
Roftor [9j, AustraSa 4-4 7-5, 61 Mark 
PMippMnsis 161. Australia, del. Jens Knlpp- 
schSd. Germany, 61 67 (4-71. 6-4; Janas 
BJoriunan 18). Sweden, def. Pete Sampras 
(1). US. 3-6, 61 64 

cMDunr wwropw 
OUARTERFWALJS 

Boris Backer U). Germany, def. Jeff 
Taronga US, 64.62; Yevgeny Kafelrftov (1). 
Rm Ja del. MidwdSfeh Germany. 7-6. C7- 
5). 67 (4-71. 63; Pair Korda (81, Grech Re- 
pubfc, del Thomas Muster D). Austria 61 
64. Paul Hoaitrate Netherlands, dot. Richey 
Rencberg, US. 62.61. 


tiOMAMRKA 

Boflyfa l. Venezuela 0 
Peru l. Uruguay 0 


TH Rif PAY MATCH 

NdTTmariAMSHHE vs. Australia 
FRIDAY M NOTTWGHAH. ENGLAND 

Notttaghomshlre Inrilngs: 239 all out 
AustrWfl inntagx 3965 

{match ended In a draw) 


TRANSITIONS 


AMERICAN LEAGUE 

anaheim -Signed 18 Tim Adams. 2B 
Adam Leggett SBOscraBotenawiL 3BBan 
Talbott SS MSie Condon, OF Casey Child, OF 
James Nuntey. OF Sheldon PhlRp^uida, 
RHPMotlhe* Wise, RHP Emesi Donaldson. 
RHF SI even Fhh. RHP Douglas Nlcue. RHP 


Aaron Porter. RHP Ranald Ricks. RHP Soot 
Shields. LHP Joseph Gangeml LHP Jayraie 
Bane, LHP E/nasf Muter, C Casey Martin and 
C Peter Quittner. 

CLEVELAND -Signed RHP Robert Pug- 
mlre, 2B Brian BeneftaJd. RHP Jonathan 
Tumtoon*, LHP Johnnie Whsstor. LHP 
Midiael Hughes, 2B Nick Dampeer, 28 Todd 
HarcGng. 2B Ryan Holey and RHP Daniel 
Alvarez. Agreed to terms with RHP Joseph 
CcA RHP Patrick Malloy. RHP Andrew Mc- 
NaSy and 3B Anthony Miner. 

Oakland— Signed RHP Chris Enochs and 
assigned him to Southern Oregon. NL. 

tampa —Signed RHP Eddy Reyes, RHP 
Christopher Reynolds, RHP Matt Pruett, INF 
Eric Benavidez and RHP Ignafius Gonzalez. 
Assigned RHP Matt White to Hudson Valley 
Renegades, Now York-Perml_ Assigned 38 
Doug Johnson ana OF Poul WRder to Prince- 
ton DevD Rays. AppL 

Texas -Assigned DH Mickey Tettteton to 
OWnhomo City, AA on rehoMttalion asslgn- 
rrnwt Activated 2B M«k McLemore hom 16 
day d baWed list, Designated OF Mtks De- 
vereaux for assignment 


The Week Ahead 


Saturday, June 14 

SOCCER. Lfl Par, BaRvto — CONME80L, 
Capa America Brough June 22; Chorzow, 
Poland — FIFA. U£f A. Wand Cup qual- 
ifying. European Group Z Poland wy, Geor- 
gta. 

athletics. Bari Italy — XIII Modlter- 
ranetm Games, through June 27; Indkjrapo- 
Hs — U Championships, through June IS. 

tennis, Biminghani England— women. 
WTA Tour. DPS Classic, through June 15: 
Halle. Germany — ATP Tour, Gerry We- 
beiOpea through June London England 
— ATP Tout Queen's Club tournament 
through June li . 

GOLF, ■ USGA, U-S. Open, through June 15; 
Etobicoke, Canada - UJ. Senior PGA Tour, 
du Maurfer Champions, through June 15; 
Sap para, Japan — Japan PGA, Sapporo 
Tokyo, through June IS; Mhmi, Japan — 
women, Japan LPGA, Suntoro Ladles Open, 
through June 14 MppJe Grave, Minnesota— 
women, U.5. LPGA. Edina Realty LPGA 
Classic through June 1 5. 

Rugby union. HanuRoa New Zealand — 
lost New Zealand Fiji: Vancouver. Bnfch 
Columbia - Pcctfte Rim Cham more Wa 
Canada vs. Japan; San Frandsco — Pocfnc 
Rim ChampbreMp, US vs. Hong Kong. 

RifCdT LEAGUE. Cohns. AustroBa — Super 
league. WOrid Ch* Championship, ttesl 
raond. North Qoaondand vs. Otahanu Brad- 
ford. England — Super League, Wortd Club 
ChampimNpt -Amt round, Bradford vs. 
Aaddarid. 

AUTO Raonb, Montreal — auto nxtng. 
FI A. Formula One. Canadian Grand Pitr, 
quattfytog: 

Cricket. St. John's. Antigua — , ICC West 
Indies w Sri Lanka, trot tet, through June 
17; Hyderabad. India - exhibition. Siyarom 
Cufk India XI v Pakistan XI. 

Sunday, June 1 S 

ATHLETICS Gateshead England — IAAF, 
Grand Prfx, Bupa Gomes i class II). 

KUGBV LEAGUE. Christchurch. NmtZMlnd 


— Super League. Wartd Club ChampkmsHp, 
first round Canterbury vs. Halifax; Canberra, 
AustroBa — Super League. World dub 
Championship, first round Canberra vs. Lon- 
don; Sheffield England — Super League, 
World Club Champton si Up, first round 
Sheffield vs. Perth; Warrington. England — 
Super Uaque, World Okib Chomp ionshid 
first round Warrington vs. Penrith. 

SOCCER. Sydney. AushaTia — FIFA, OFC 
World Cup quaSfylng, Oceania, second 
round Group I. Australia vs. Tahttt Suva. FS 
— FIFA, OFC World Cup guafifylnq, Ocea- 
nia second round Group Z F9 vv Papua 
New Guinea- Osaka Japan — FAJ, exhi- 
bition Kirin Cup, Japan vs. Turkey. 

Monday, June 1 6 

tenna Wtoihiedoa England— ITF, Wim- 
bledon seeds announced- Eastbourne, Eng- 
land — women, WTA Tour, Direct Line In- 
surance Championships, through June 22 
Roamoten Netherlands — men women 
WTA and ATP Tours, WBkJnson Lady Cham- 
pionships and Heineken Trophy, through 
June 22, Natttnghanv England — men ATP 
Tour, Ntrtttng her, Open, through June 21 

SOCCER Kuala Lampur, Malaysia —FIFA. 
World Youth iU-20) Championship, through 
JutyS. 

anaanr, Hyderabad India — exhibition 
Styoram Cun final. 

RVSBY lsaoue, Brisbane, Australia — Su- 
per League, Worid Club Championship, first 
round Brisbane vs. Hcltfwg Warrington. 

Engtand— Super Leoguft Wotld dubChom- 

ptentfip, ftrat round SI. Helens vs. Cranutta. 

Tuesday, June 1 7 

tennis. WimWedon, England — ITF. Wtn- 
m Medan draw. 

horse RACINC, Ascot England - Royal 
Ascot Fasttvcd through June 20. 

w»mr union. Brisbane, Australia - <*- 
hiblftoiv Queensland vs. Fnmoo. 

soaifc Sydney, AushoCa — FIFA, OFC 
Worfd Cup qualifying, Oceowa. second 
round Group 1, Australia vs Salomon Is- 
tand« Joctoonvflle, Florida — exhibition. 
United States vs. teraeL 

Wednesday, June 1 8 

athletics. Helsinki Flntand — IAAF. 
Grand Pin. World Gamas (doss 111 . 

SOCCER. Auckland New Zealand — FIFA. 
OFC World Cup qualifying. Oceania second 
round Group 2. Kew Zeeland vs. Fiji 

Thursday, June 19 

golf, Stuttgart. Germany - European 
PGA. German Open through June 22 Rye. 
Now York - U.5. PGA Tour. Butt Classic 
throughjune QPittsFonL New York— wom- 
«k U-5. LPGA, Rochester International 
through Juno Q Nbhinomiya — Japan PGA. 
romiuri Open, through June 22 Fujtta 
Japan - women Japan LPGA, Dunlap Twte 
Lakes Ladles, through June 22. 

cricket. London - ICC England n Aus- 
tralia, second test ttuguuh June 23. 

KWER. kydney, AustraSa - FIFA, OFC 
World Cup qualifying, Oceania second 
round Group l, Sotomon isianeb vs. TahttL 

Frio ay, June 20 

tennis. Prague. Czech RepuMc — ATP 
Senior Tour of Champion^ went through 
June 23. 


GOLF, Alpharetta Gewgto — US. 5«*» 
PGA Tour. Nattanwids Chompioftshtp. 
through June 22. 

cricket. Amos Vote, SLVuWHtt — ICC 
West indies «. Sit Lanka, second test 
through June 24. 

RVC8Y LEAGUE Adetakte. AustroBa - So- 
per League World Club Championship. fW 
round Adelaide vs. Oktham; Sheffield. Eng- 
land — Super League. World Chib Cham- 
Ptanship. first round Sheffield «. Hurttec 
BnJdford, England — Super League. World 
Club Champtonahlp, first round Bradford vs. 
CronuDa. 

soccer. Tashkent Uzbekistan - FIFA. 
AFC, World Cup quaGfyino, Asia first row* 
Groups Uzbekistan vs. Indonesia' Baghdad 
Iraq — FIFA. AFC WOrid Cup qoofltyin» 
Asia first round Group 9. Iraq «. Ptddsten. 

■ Saturday, June 21 

RUGBY UNION. Sydney. Austrata - Ans- 
traHo vs. Franca test WeUngtoa New 
Zealand— test New Zealand vs. Argertme 
Cape Town South Africa - first test South 
Africa vs. Britfeh Uore. ► 

ITNLETK& Munich, Germany — Euro- 
pean Cop. through June 22. 

soccer. Sydney. Australia - RFA. OR> 
Wwtd Cup ouofitying. Oceania seamd- 
round Group 1. AustraSa vs. Tahiti; Port 1 
Moresby, Papua New Guinea — FIFA, OK ' 
World Cup quaSfying, Oceania, reamd 
round Group Z Papua New Guinea vs. 
various sSas — VJEFA IntertBto C«L (PW 
rounds, through June 22 F r eetown. Slerro 
Leone — CAF, African Cup quaSJyind *6 
ond round. Group 4, Siena Leone vs. Tanisrtt 
Blarrtyrd Malawi — CAF, Atflcan Cup quaF 
Hying, second raund Group 7. Mo kiwi R 
Mourifius. 

RUGrr league. Coom. AuchidW — Supw 
League, World Club ChompranShlA »»• 
raund North Queensland vs. Satfoid; Pori*— 
Super Loagire World Cfab ajampten^toi ■ 
flret mind Parts SG vs. Perth. 

Sunday, June 22 I 

football Barcelona Spain - WLA*' 
World Bawl. 1 „ 

soccer, Bor| Hamm: Lebanon — 

AFC World Cup guaWying. Asid fhst nw™ 
Group 7. Lebanon vs. Kuwait Dushmura 
ToflkWan Group & TatOuston «■ 
mertstaL China vs. Vtotnamr Luonr kk Ate 

goia — caf, Aihcan Cup RwlifytoB' **ono 

round Group 1, Angela vs. Ghana; Ban**® , 
Mali — Group 2, Mall *i Benin; A todjw - 

Iwuy Coast— tvoiy Coast vs. AJged®ooh» 

Senegal — Group X Senegal vs. EWJ* 
Rabat MwKa— Iterates us.£wl *Naw- 
bi Kenya — Group S, Kenya vs. 

Yaunde. Cameroon — Cameroon vs. 
Dar-Es-Sakum, Tan z a ni a — Group 
zonla vs. Togo; Monrovia, Uberio— JJ*™ 
vs. Congo (Zaire); Maputo 
Group 7. Mozambique vs-Zambto^ 

ruort leaooe. Canberra Aretrwo 

per Uagua woria Club Chanwion»W'”' 
round Canberra *5. Wigan; WeM ^‘JzL 
holla — Super Laagud World ° t)b ^^ 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 14-13, 199 


PAGE 21 



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SPORTS 



Another First for Baseball: Interleague Games 


* 11 '**ddlr (l j ( ) l "‘ li Giants Edge Rangers, 4-3, in Opener 




By Murray Cfaass 

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ARLINGTON. Texas — Just before 
the San Francisco Giants took batting 
practice in an alien park, Bany Bondi 
stood at the stands next to the dugout 
and signed his name for the Texas 
Rangers fans who jammed into die area 
io get a close-up glimpse of the star and 
maybe, just maybe, his autograph. 

This sort of scene was what major- 
league baseboU officials had in mind 
when they broke with tradition and de- 
signed interleague play. 

They wanted to rekindle the fans’ 

interest in the game, and here was one of 
its often irascible attractions taking the 
friendly approach before going about 
his evening’s work. 

“This is exciting; I’m excited," 
Bonds had said minutes earlier, sitting 
in the visitors' dugout on Thursday and 

Baseball Round op 

looking laid-back, not excited, when 
asked how he feels about interieague 
play. “I like it" 

About an hour and a half later at the 
Ballpark in Arlington, Texas, Willie 
Mays and Nolan Ryan, present and fu- 
ture Hall of Famers representing the 
teams they played for, threw out ce- 
remonial first bails to the league pres- 
idents. First, Mays, threw a ball to Gene 
Budig of the American League. Then 
Ryan tossed a ball to Len Coleman of 
the National League. 

Three minutes later, at 7:11 P.M. 
Darren Oliver, the Rangers' starter, 
threw the first pitch that counted to 
Dariyl Hamilton, the Giants’ ieadoff 
hitter, and baseball history was made. 
The first of four ganies on Thursday 
nighr’s first interieague schedule was 
under way. 

The first pitch from the left-handed 
Oliver was inside for a ball, and Jim 


McKean, the plate umpire, took the ball 
out of the game to save for posterity. 

With a new bail, the left-handed hit- 
ting Hamilton took ball two and a strike, 
then rapped a grounder between first 
and second into right field for a single 
and the first hit in interieague history. 

Stan Javier, who played nine seasons 
in the American League, hit the first 
homer in interieague history. He also 
bad a go-ahead double in the seventh 
inning for the Giants and singled, too. 

In the end, the Giants wound up win- 
ning the majors' interieague opener, 4- 
3. 

The other three interieague games on 
Thursday night’s schedule, like this one 
matching West Division teams, were on 
the West Coast and thus scheduled to 
stan two hours later. The other 20 teams 
were scheduled to play their first in- 
terieague games Friday. 

If any fans were reluctant to accept 
interieague play, which has long been a 
fact of scheduling life in other sports. 
Mays had a message for them. 

“Don't judge it on one game," Mays 
said earlier in the day at a Rangers' fan 
luncheon. “Watch it for two years. 
Then if you don’t like it, write to the 
commissioner. * * 

Interieague play is a two-year ex- 
periment. If it is io continue beyond the 
1998 season, the owners and the players 
will have to negotiate the terms and 
agree to it. 

In other ganies. The Associated Press 
reported: 

Angels 8, Pa ekes 4 Led by home runs 
by Tony Phillips, Dave Hollins and Dar- 
in Erstad. the host Angels beat San 
Diego. 

“It's a good thin g for baseball, but 
unfortunately they played an American 
League-style of game tonight. And it 
was better than the game we played,” 
said John Flaherty, who homered for the 
Padres. 

Anaheim rapped 16 hits, with every 



El* CayThr Av 

Willie Mays throwing out the first 
pitch at San Francisco-Texas game. 

player in the lineup gening ar least one. 

Mariners 12 , Rockies 11 At the King- 
dome. fans got exactly what they ex- 
pected from the two highest- scoring 
teams in the big leagues. Ken Griffey 
drove in three runs and Seanle rallied 
past visiting Colorado. 

Trailing 6-0 in the second inning and 
10-6 in the sixth, Seattle overtook Col- 
orado on Jay Buhner's three-run double 
in the seventh. 

The Rockies' 4-5-6 hitters — Andres 
Galarraga. Dante Bichette and Vinuy 
Castilla — combined to go 10-for-15. 

Alhloties 5, Dodgers 4 In Oakland, the 
Athletics had trouble hitting in their first 
encounter with Hideo Nomo. ButNomo 


was wild, and the A’s won. A crowd of 
28.201, about double what the A’s have 
been drawing at the Coliseum, saw the 
first regular-season meeting of the 
teams that played in the 1988 and 1974 
World Series. 

Nomo (6-6) struck out four of the first 
five batters. He allowed only one hit in 
5Y* innings, but lost a 2-1 lead in the sixth 
by walking three and tuning a batter. 

Rad Sox 9 , Oriolvs 5 Nomar Gar- 
ciaparra hit two homers and drove in 
four runs, leading Boston to a victory 
over Baltimore, the AL East's leader. 

The Orioles will next meet the At- 
lanta Braves, whose 42-22 record is the 
best in the NL in their first interieague 
series Friday night at Atlanta. 

Bra wars 6 , Indians 2 JoSC Mercedes. 3 
last-minute replacement for Scon Karl, 
allowed three hits over eight innings and 
Dave Nilsson hit a two- run homer to 
lead Milwaukee. 

■ Twins Looking for a Park 

The Minnesota Twins have a power- 
ful new negotiating tool as they try to get 
a new ballpark: permission to seek buy- 
ers who might move the franchise after 
the 1998 season. The Associated Press 
reported. 

The acting commissioner. Bud Selig. 
called the Metrodome, opened in 1982, 
an “economic albatross 1 ' and said the 
sport's new revenue-sharing rules in- 
creased pressure ro make more teams 
maximize their income. 

“It’s not possible to remain econom- 
ically viable in the Metrodome." Selig 
said as owners concluded three days of 
meetings in Philadelphia. “We can’t sit 
and let a club sink into a morass of 
economic failure that dooms a fran- 
chise." 

One group of potential buyers has 
sought a NL team for Northern Virginia, 
but could be blocked by the Baltimore 
Orioles from purchasing an AL team for 
the Washington area. Other cities in- 
terested in teams during the last ex- 
pansion bidding were Charlotte. North 
Carolina, and Mexico City. 



1-J.i.l. 1L.lui.sl-. I .-i- --IS. 

The A’s Brent Mayne tagging the Dodgers' Raul Mondesi out at home. 


A Different Kind of Rhubarb 


The Asuvhmd Press 

ALBANY, Georgia — After four 
years of playing professional base- 
ball, the Colorado Silver Bullets 
women’s team found itself involved 
in something else ballplayers some- 
times do: brawling. 

“I've seen it before in baseball, but 
never with women." said the Silver 
Bullets' general manager. Phil Niek- 
ro. a Hall of Fame pitcher. 

The bench-clearing melee came 
Wednesday night as Colorado played 
the Americus Travelers, the state 
champions in the Georgia Recreation 
and Parks 18-and-under men’s 
league. 

With two outs in the ninth and trail- 


ing 10-6. Kim Braaiz-Voisard of the 
Silver Bullets was hit in the back on an 
0-1 pitch from Greg Dominy. Braatz- 
Voisard was headed to first base when 
the pitcher began laughing. 

Braaiz-Voisard charged the 
mound, and the other players stormed 
the field. Niekro said the .Americus 
catcher “was saying stuff like. * We’re 
going to knock you down on this 
pitch.' The umpire told him to stop. In 
the ninth, the catcher said something 
to Kim. She told him to just catch the 
game. The next pitch, she got hit. Then 
all havoc broke loose.” 

"Some of our players sot in some 
pretty good licks." Niekro added. 

No one was seriously injured. 


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NBA Fines Rodman 


By J.A. Adande 

Wushiilvion Post Service 

CHICAGO — The NBA has fined 
Dennis Rodman of the Chicago Bulls 
a record $50,000 for a series of ex- 
pletive-laced comments about Mor- 
mons that he made while the team was 
in Salt Lake City for the finals. Rod- 
man apologized for the remarks.' 

When the Bolls were in Utah last 
week during the finals. Rodman com- 
bined. “It’s difficult to get in sync 

cause of ail the [expletive] Mor- 
mons out here." 

Although Rodman’s comments 
were reported by various media, the 
NBA took no immediate action 
against him and the controversy grew. 
On Tuesday, the Anti-Defamation 
League joined other groups that were 
decrying Rodman’s remarks. Rodman 
stm did not apologize or back down 
from the comments, which he made 
during a session with reporters. 

The NBA fine was in keeping witha 
precedent set by the NBA commis- 
sioner, David Stem, early this season. 
He fined the coach of the New Jersey 
Nets, John Calipari. and die broad- 
caster for the Miami Heat, David Hal- 
bereiam, for ethnically “insensitive” 
comments. It was the third time the 
league has fined Rodman this season. 

“I have indicated in previous ac- 
tions thar insensitive or derogatory 



Suai OhMritcMCfk 

Dennis Rodman apologizing Fri- 
day for remarks about Mormons. 

comments involving race or other 
classifications are unacceptable in the 
NBA.’ -Stem’s written statement said. 
"Dennis Rodman’s comments were 
exactly the kind of offensive remarks 
that cannot be tolerated or excused” 
Rodman was fined $25 ,000 in Janu- 
ary for kicking a courtside photograph- 
er. He was also suspended for 11 
games, which cost him more than $1 
million in salary. He apologized Friday 
before die fine was announced saying 
it was “a bad action on ray part” 

The Chicago coach. Phil Jackson, 
said: * ‘To Dennis, a Mormon may just 
be a nickname for people from Utah. 
He may not even know it’s a religious 
cult or sect or whatever it is." 


Jordan Proves, Yet Again, That He’s Unique 


U'lishiiinhut Post Service 

CHICAGO — Who’s writing these 
scripts anyway? Having beaten every- 
body the NBA can throw his way, Mi- 
chael Jordan is now willing to battle 
nature. It has come to the point where 
opponents don't even believe what 
they're seeing. “Sick?” Jerry Sloan 
said. “How could you tell?*’’ 

Y ou 'd be in denial, too, if you’d been 
beaten by a man who just before tip-off 
was lying in the dark, feverish and de- 
hydrated, while his teammates took pan 
in warm-up drills. 

It's like somebody said before Game 
5 of the NBA finals Wednesday night, 
“O.K., we know what you can do 
healthy, let’s see what you can do when 
you’re dizzy and can’t breathe!" 

What he did was play 44 minutes, 
scoring 38 points, including the game- 
winning 3-pointer with 25 seconds left. 

Of all the Bulls’ recent teams, none 
have been more dependent on Jordan 
than this one. At least you could count 
on Orlando Woolridge to ger his own 
points, Charles Oakley to get rebounds 
and John Paxson to hit an open shot, no 
matter what. 

At 34 years old. with four cham- 
pionships to his credit, and with a 
chance to wrap up a fifth when the Bulls 
met the Utah Jazz in Game 6 of the finals 
here Friday night, a man should be 
doing less, not more. 


fan/age Point/ Michael Wilbon 


And sick as 3 dog. a man should have 
the covers pulled up to his chin with a 
nurse bringing him chicken soup, noi 
out trying to win another title. 

This season, it’s not about the Bulls, 
it' s about Jordan. One player dominating 
a sport like no man has dominated any 

S it was quite a mouthful when 
e Pippen said after Game 5, “As 
teammates, we should have played much 
better than we did. That bothers me.” 

But it stopped bothering Jordan a 
long, long time ago, which is why he 
doesn't bother waiting around for some- 
body to cover his back. He found out a 
long time ago that with just a teaspoon 
of help he can make happen pretty much 
whatever he wants to happen at certain 
times of certain basketball games. And 
that’s what transpired in Game 5 in 
Utah, only more dramatically and more 
to our s uiprise than usual. 

I’ve been at nearly all of Jordan's 
great games, from his freshman year at 
North Carolina when he beat George- 
town for the NCAA championship, to 
the 50-plus-poini playoff performances 
against the Knicks and Suns, to the 55- 

g aint comeback shocker in Madison 
quare Garden. Bui nothing was more 
impressive than what he did to beat 
Utah, 90-88, in Game 5. 


He has played great in the critical 
games for so long, we've come to rake 
what Jordan does for granted. Anything 
short of a buzzer-beating shot elicits 
little more than a shrug and the phrase. 
"Thai's Jordan.” 

But this was absurdly different. The 
first thing you have to know is that 
Jordan, during a game — any game — is 
a talker. I mean a 48-minute, nonstop, 
trash-talking chatterbox. He's animated. 
He playfully slaps talc in the faces of the 
radio broadcasters at courtside. He teases 
reporters for wearing ugly ties. He talks 
ro opponents. He tells teammates to run 
thejplay the right way or take a seat. 

The great privilege about sitting at 
courtside for a Bulls game is nor only 
seeing Jordan up close, but hearing him. 
Hearing him tell an opponent. Wash- 
ington’s Juwan Howard, after a couple 
of cheap fouls during a playoff game. 
"Juwan, stop fouling!" and hearing 
Howard say deferentially, "O.K.” 

So if you had any doubt about the 
legitimacy of Jordan's sickness, if you 
were so stupidly inclined to think he was 
just playing possum, that he would 
come up with some new rope-a-dope 
type strategy, then at least consider this: 
Jordan didn't appear to say a word the 
whole game. Not to his teammates, not 


to Phil Jackson, not to the Utah players, 
not to anybody. “He couldn’t." Luc 
Longley said. “Michael was too sick to 
talk. I’ve never seen a bloke play that 
sick before." 

Just before the Bulls left their locker 
room for the court, I stood in the hallway 
and looked at Jordan and he looked just 
like the rest of us when we've been up all 
night vomiting, experiencing the chills, 
living in the bathroom. Jordan looked 
awful, like he was about to faint. 

Just this week, somebody asked Pip- 
pen if. after all these years, he is ever 
surprised anymore by anything Jordan 
does. And matter-of-factly, Pippen said: 
“No. I’ve pretty much seen him do it all. 
either in practice or games. We've been 
together a long time, you know.” 

But there was Pippen, after Game 5. 
saying, “I've never seen Michael so 
sick, to the point I didn’t think he was 
going ro be able io put on his uniform. It 
was will and guts. I’ve never seen any- 
thing like it. It was incredible." 

If there were ever a time for the Bulls 
to cover Jordan’s back, this was it. But 
they couldn’L This is why 1 have a 
problem considering them the best NBA 
team of all time, because they can’t do a 
thing without Jordan. 

It's worth staling, once again, that we 
are watching someone unique to a gen- 
eration, the natural extension of Ruth, 
then AJi. 


OENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 



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page 22 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY. JUNE 14-15 . 1997 


DAVE BARRY 


Checking Out the Odds 


M IAMI — You may have seen in the 
news that President Climon 
(motto: “Building a Better America By 
Hugging' ') has appointed a blue-ribbon 
commission to study gambling in Amer- 
ica and find out whether it is a bad rhino 
or what. The commission, consisting!)? 
nine experts, was given a budget of $5 
million, which it immediately lost play- 
ing roulette. 

No, seriously, the commission is go- 
ing to study gambling for two years, 
then produce a detailed report, which, in 
accordance with federal laws concern- 
ing blue-ribbon commission reports on 
important issues, will be fed to pigs. But 
that does not mean this is not an im- 
portant issue. Gambling 
is a huge industry that 
has caused many people 
to become addicted, 
possibly including you. 

To find out. take this 
SCIENTIFIC QUIZ to 
determine if you are a 
compulsive gambler: 

I. Do large men 
sometimes come around and break your 
thumbs? 

2. Have you ever lunged across, a 
table and tried to strangle a 73-year-old 
grandmother simply because she said, 
quote, “Bingo"? 

3. Have you ever, after gambling 
away all your money and pawning all 
your possessions, asked yourself: 
“Hey, why do I need TWO kidneys?” 

4. Have you ever attempted to place a 
bet on the chariot race in “Ben Hur"? 

5. If so, did you bet AGAINST 
Charlton Heston, your reasoning being 
that, hey, one of mese times he has to 
lose? 

6. Have you ever wagered money that 
you should have used to feed your chil- 
dren? 

7. Have you ever wagered your actual 
children? 

If you answered “yes" to any one of 
these questions, the odds (ha ha!) are 
that you are a compulsive gambler. The 
best treatment, in my opinion, is for you 
to fly to Las Vegas and attempt to learn 
the game called “craps": this will cure 
your compulsion by causing your head 
to explode. I recently spent a night at a 
Las Vegas hotel-casino, and when I 
rumed on the TV in my room, it was 
showing a program wherein a cheerful 
man demonstrated how easy and fun it is 
to play the various gambling games. He 
was explaining * ‘craps,' ' and it sounded 
like this: 

"... if the shooter throws a 2. 3, 6, 9, 
or 1 1, then that becomes the ‘point,' 
unless the shooter has previously 
thrown a 4. 5, 10, 14 or ‘boxcars, 'except 
on Wednesday, when the shooter must 
throw ‘snake eyes* unless there are two 
or more hotels on Park Place, in which 
case the shooter ...” 

This is why most people prefer slot 
machines, which are very simple: You 


Take this quiz to 
determine if you 
are a compulsive 
gambler. ■ 


put money in, you pull the handle, and 
then you put more money in. You keep 
doing this until finally — * in a sudden, 
exciting explosion of ringing bells and 
flashing lights — your money, plus a lot 
more, comes -pouring out of a machine 
10 feet away. 

But the slots are addictive. In Las 
Vegas, they have them right at the air- 
port gates. Sometimes people get off 
their planes, start playing the slots right 
there, and never do get to their hotels.- 

Sometimes departing flights can’t 
take off because the pilots are busy 
playing the slots, or trying to get more 
money by pawning things (“Hey, why 
does the plane need TWO engines?”). 

Nevertheless I like 
■going to Las Vegas. A 
lot of people do, which 
is why every week or 
so somebody out there 
builds a new casino the 
size of the Czech re- 
public, but with more 
rooms. 

Most of the big casi- 
nos have some kind of classic theme — 
ancient Rome, pirates, volcanoes, naked 
hreasts, etc. Hie one casino theme you 
will NOT see is organized crime. Las 
Vegas is very sensitive about this, be- 
cause at one time there was a large 
criminal element in the gambling in- 
dustry, although I am stating right here 
in print that it has been completely elim- 
inated, so please do not put a bomb in 
ray car. (Actually, I think a hotel-casino 
with an organized-crime theme could be 
a big hit: it could be called “The God- 
father," and there could be fun Little 
touches, such as a card that you'd hang 
on your doorknob to indicate whether or 
not you wished to wake up in bed with a 
deceased horse.) 

□ 

The way organized crime originally 
got involved with gambling was by run- 
ning numbers rackets, which are evil 
because they encourage people to throw 
their money away on lottery games with 
terrible odds. Numbers rackets should 
not be confused with state lotteries, 
which encourage people to throw their 
money away on lottery games with even 
worse odds than organized crime is of- 
fering. But this is good, because state- 
lottery proceeds are used for worthwhile 
causes, such as producing TV com- 
mercials urging people to buy state- 
lottery tickets. 

All of these issues will be considered 
by the blue-ribbon commission: let's 
hope that it comes up with practical 
ways to help those pathetic souls who 
cannot control their gambling addiction. 
And now, if you'll excuse me, I have to 
go watch TV; they’re showing “Gone 
With the Wind," and I've bet my last 
$500. plus both corneas, on the South. 

The Mici nu Herald 

Distributed by Tribune Media Services Inc. 


Quentin Crisp’s Life of Order and Squalo 



By Alex Witchel 

Nor Yurt Times Sen ice 


N EW YORK— “If you live in squalor, 
you have to have order.” Quentin 
Crisp says, squeezing past the piles- that 
block his front door. “I Jive in America in 
exactly the same wav I lived in England. A 
room in a rooming house." 

The British writer, now S8, is also a part- 
time actor and full-time eccentric, who has 
lived in this single-room-occupancy build- 
ing in the East Village since 1981, sharing 
the toilet and shower down the hall (quite 
clean, actually) with the five other people 
on his floor. Yet despite the yearly fluc- 
tuations in his income — in 1993. when he 
played Queen Elizabeth 1 in Sally Potter’s 
film "Orlando,” he was flush — there is no 
earthly excuse for the filth here. Lush, 
degenerate , ril-never-clean-my-room-a- 
gain filth. 

The potato peeler is rusred orange. The 
towels near the sink are blackened, and a 
corroded pot on the windowsill holds water 
covered with film. Everything in the small 
room from the bed to the single chair to the 
dresser seems cloaked in a soft layer of 
grime; even the green blanket's dust balls 
have gone black. 

“Oh, yes, the room,” Crisp says evenly. 
“Everyone is worried about it. There used 
to be a television show in England, ‘The 
Woman's Hour.’ with Nancy Spain. And 
she said, ‘Only a fool would make the bed 
every day.’ ” 

He notes where he is seated, on the edge 
of his well-made bed. “I make it because I 
have to." he says almost apologetically. 

“It’s my table.” He sighs. “I could clean the place, 
but it would be a terrible effort. “ 

As to his own appearance, the maintenance is of a 
higher order. Crisp keeps his eyebrows plucked, the 
better to show off his violet eye shadow, black 
eyeliner and mascara. His skin is smooth, and the 
delicate veins near his eyes show through like nee- 
dlework. His silver hair is upswept & la Hepburn, 
beneath his hat. The angle of his chin is up, his nose 



sever 


Vmt N» »l 11 - \ni fin.— 


is up. It gives him an inquisitive air, not to mention 
perfect aim at the visitor's chair, set about four inches 
from the bed, for bis thick and rheumy cough. 

A small television sits on its cardboard packing 
box. and the typewriter rests nearby: Crisp writes 
with it on his lap. Since he first found fame in 1968 
at age 59 with his autobiography “The Naked Civil 
Servant," a candid account of living in London, 
where he was reviled as an uncloseted homosexual, 
he has published four more, including his just- 
released “Resident Alien: The New York Diaries” 
(Alyson Publications, $21.95), a compilation of 
pieces he wrote for the gay news magazine The New 
Yoik Native, now defunct. 

This means he’s getting even more mail than 
usual. Never will you hear him complain about the 
U.S. Postal Service; he regularly receives letters 
addressed to “Quentin Crisp. New York City. Amer- 
ica.” “Most of ihose letters ask me for money,” he 
says, amused. “You'd think a person’s hand would 
tremble asking for money to Third Street” 

On the contrary’, no one is afraid to ask Crisp for 
anything, which is how he likes it. His telephone 
number is listed, and when he walks down the street, 
people just start talking. When he played Queen 


Quentin Crisp, part-time actor and full-time eccentric. 

Elizabeth L be says, they walked backward and 
bowed. After a lifetime of being pointed at, 
snickered at, even spat at. Crisp has learned to 
welcome attention, to court it, and though die gay 
men of younger generations dismiss him as pa$s6, he 
says it doesn’t bother him. In his opinion, gay {side 
is an oxymoron. 

“It's not normal to be gay, and I think it's very 
.weird to think that it is,” he says. “My agent says, 
‘You don’t understand, it's different now. there's a 
character on Roseanne's show.* And I think, 
it a pathetic consolation. ' I love Roseanne. but it 
doesn’t justify the suffering. The persecution is not 
from without, it’s from within.” 

Crisp also disapproves of Act Up. the AIDS activist 
organization. “It's so shrill, and people don't like it.” 
hesays. “I saw Larry Kramer once in a bookshop, and 
I hid behind the books. He was so fierce.” 

Reached by telephone, Kramer, a founder of Act 
Up. said: “Quentin Crisp has never fought for us or 
for the cause. He’s been fighting for himself, for the 
right to wear a strange outfit down the street. I 
actually find him embarrassing, because the world, 
which doesn't see gay men, thinks he's the rep- 
resentative gay man, which makes it harder for us. ' ’ 
Crisp couldn't care less. “When I was coming to 
America, I went to the American Embassy in Gros- 
ven'or Square, and the man asked me. ‘Are you a 
practicing homosexual?’ And I said I didn ' t practice. 
I was already perfect. The man covered his face with 
his hands and said, Tt's all so embarrassing!'” 
Crisp laughs, delighted. 

Quentin Crisp was bom on Christmas Day, 1908. 
and named Denis Pratt. He was the youngest of four 


■thildren. three boys and a gni “My 
was a son of cipher,” be says. “He 

. I realize now my mother bad a rotten 
She had been a rnasenr governess, ari 
wlfen she married my fan**, who was a 
lawyer, that meant she made a good raar- 
rytge. Not with happiness, bet ftat be had a 
profession, not a trade. My parents' real 
weiry about me wasn't the sat,bat that 1 h ad 
aGf^aesott of earning a living. ” 

He did take money for sex, which 
wrote about in ‘ ‘The Naked CIvU Servant^-’ 
And he eventually got work iHustratisg 
books and modeling in art schools on a 
governme n t stipend; brace the book's tide. 
“Maybe it’s tree that artists adopt a flam-, 
boyant appearance.* ' he says, * ‘bur it’s a&L 
true that people who look fruity get 
with die arts. T. 

As an adult, he changed his name, r 

though he never made peace with his sUkm 
lings, he has three nieces he likes. “Thai ■ 
attitudes toward my notoriety are quire dif-. , 
ferent from my brothers' and sister’s,” h£ v 
says. “They regard me as a joke, while die 
other's were embarrassed.” - .. : - T 

A joke? Is that how he wants to be | 
thought of? He tosses his head. A passage-, j 
from “Resident Alien" comes to mind: “J 1 
realized I was becoming like Miss 
Madonna. The more desperately I try to 
shock, the more hopelessly routine my act 
becomes.” 

Because, of course, so much of this display 
is just that The posture of gay self-loathing, 
the figurative bowed bead in the face of the 
brute butch world, when he really spends a 
good amount of time appearing at gay pride, 
and AIDS fund-raising events across the 
United States. And then there’s the slovenliness of his 
room standing in defiance to spit-spot old England 
Whar makes him most proud, he says, is his move to 
America. “That I actually pulled myself up and 
went,” he says. “And I had nothing when I got 
here." 

He looks out the window, dunking, it seems, while 
a white plastic clock, the kind you buy in the 
drugstore, ticks loudly by the bed. It is the only sound 
in the room, aside from the sink glubbing every now 
and then. Crisp has lived with both noises so long, he 
notices neither. 

Is he sorry he was never in love? He sighs. “Not 
really." he says. “It’s such an entanglement. 1 think 
only the very young rush into die room and say. * 1 ‘m 
in love." After that you say, ‘Well. I can’t very well 
leave.’ ” He coughs again. 

“The other day I saw a television program where 
the woman seized the lapels of the man’s jacket and 
said, ’Do you really love me?’ What does that mean? 
You can fancy someone, wish them well or enjoy 
their company. That’s all I can do with anybody." 
He tilts to his nose-up position. "People are my only 
pastime,” he goes on. “Bui when Miss .Streisand 
sings, ‘People who need people are the luckiest 
people in the world.’- she's being funny. When >ou 
need people, you’re finished. I need people, but not 
any one person. 

“A woman in England once told me, ‘Allpeople 
are the same to you.' But that's not true. They're 
different hut equal- I've spread my love horizontally, 
to cover die human race, instead of vertically, all In 
one place.” He looks satisfied. “It’s threadbare, but 
it covers.” 


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PEOPLE 


T HE police in Wiltshire. 

England, say Camilla 
Parker Bowles could face 
charges stemming from an 
auto collision. They said they 
were investigating the pos- 
sibility that Parker Bowles 
was responsible for the ac- 
cident and left the scene af- 
terward. Parker Bowles, who 
was en route to Prince 
Charles's Highgrove estate 
in ■ southwest England, suf- 
fered a blow to the head and a 
twisted wrist in the accident. 

The other driver, Caroline 
Melville Smith, was trapped 
in the car. She was freed by 
passing motorists, treated for 
chest injuries at a hospital, 
and released “1 was trapped 
in my car, yelling for help and 
she did not come. I could have 
been badly hurt and she just 
left me there,” Melville 
Smith said. “We then spent 
two hours looking in the 
fields, trying ro find this other 
driver. We didn’t know what 
had bappened.to her. ’ ' British 
tabloids reported Friday that 
Parker Bowles feared she 
might be kidnapped or at- 
tacked and had been trained 
by security officers ro leave 
an accident immediately. “1 panicked 
out of sheer terror,” The Mirror quoted 
her as saying. Asked whether she could 
be prosecuted for leaving the scene, a 
police spokesman said, “We under- 
stand Mrs. Parker Bowles left the scene 
to call the emergency services. It will 
depend on the exact circumstances." 

□ 

The playwright Tom Stoppard, the 
veteran character actor Donald Sinden. 
and horse racing broadcaster Peter 
O'Sullevan received knighthoods in 
Queen Elizabeth's birthday honors list, 
and the jazz singer Cleo Laine was 
made a dame. The painter David Hock- 
ney, who recently returned to Britain for 
an exhibition after years of living in die 
United States, was made a Companion 
of Honor. England's cricket captain, 
Mike Atherton, was made an OBE; 
Nick Park, creator of the animated film 
characters Wallace & Gromit, became a 
CBE, and Bob Jordan, doorkeeper at 
No. 10 Downing Street, the prime min- 
ister's residence, an MBE. 

□ 

Rosie O'Donnell paid a hefty fine for 
not returning an especially rare book 
from the Public Library in Bethel, Con- 
necticut: the library’s only copy of Meg 
Ryan’s high school yearbook. The talk 
show host donated $1 ,000 to the library 
after she borrowed the book for a guest 
appearance by Ryan. Researchers for 
O’Donnell's show had asked the town 
library whether they could borrow the 
yearbook for the taping. "Meg was so 
excited because she lost hers,’ * a spokes- 
woman for the show said. “And Rosie 
said. ‘Sure, rake it.' How could she say 
no?” Ryan, then known as Peggy Hyra. 



LAWRENCE OF ARABIA — An undated photo of 
T.E. Lawrence sitting on his Brough Superior mo- 
torcycle. The cycle, which he was riding when he 
crashed and died in 1935, is being auctioned off. 


crowd in singing “Happy 
Birthday.” 

□ 

It took Meret Meyer 
Graber, the 55-year-bld 
granddaughter of the artist 
Marc Chagall, years to bring 
an exhibition of his work to 
Minsk. “We are here. And it's 
a miracle!” said Meyer 
Graber. who traveled from her 
home in Switzerland to attend 
the opening. Chagall was bom. 
Moishe Segal in 1887 in t he 
Belarussian town of Vitebsk 
Although Vitebsk became the! 
cradle of the Soviet avant- 
garde early this century* 
Chagall joined a stream of 
artists who fled the Soviet Un- 
ion after the revolution. Tbe 
Soviet authorities later banned 
his art. “Chagall has come 
home after many years of ob- 
livion,” said Culture Min- 
ister Alexander Sosnovsky. 
The artist died in 1985. 

□ 


graduated from Bethel High in 1979. The 
yearbook has become a collector’s item, 
fetching S 1 00 to $300. 

a 

President Bill Clinton greeted bis 
predecessor. George Bush, with a 
handshake, and then surprised him with 
a cake for his 73d birthday. After ad- 
dressing about 250 business leaders. 
Clinton welcomed the former president 
to the dais, where the pair shook hands. 
“One of the best perks of being pres- 
identisthefood,”Clintonsaid. “Today 
is President Bush’s birthday, and I was 
coming over here, so we had the White 
House mess bake him a cake.” Bush 
blew out the candles, as Clinton led the 


Muhammad Ali put on 
sunglasses to hide the tears 
when he walked his daughter 
Rasheeda down the aisle to 
marry the restaurateur Bob 
Walsh. Rasheeda, 26. arrived at the 
Muslim ceremony in Chicago in a 
horse-drawn carriage with her twin. Ja- 
millah, who was the maid of honor. 

□ 

Julia Roberts admits to having been 
“sort of a fashion idiot." The Pretty 
Woman is now ready to put those worst- 
dressed lists behind her. Roberts, who 
will turn 30 in October, has seen her 
fashion IQ spike upward of late, she told 
In Style magazine. “I’m beginning to 
realize you can be comfortable, stylish 
and, dare I say, pull off a whole sexy 
thing," she said. “I'm a late-blooming 
clothes fanatic. Most girls go through 
this at 16 or 18.” 


Shultz to Wed San Francisco Protocol Chief 

Washington Post Service 

WASH^GTON- George Shultz, the former secretary of state, is getting 
▼ v married. And for a guy who used ro stare down tyrants and negotiate 
throw weights, he's downright mushy. 

We sort of made an impact on each other and we started to see quite a lot 
“ , , u ‘ a yezi or so ago-" Shultz said of his fiancee, Charlotte 

MatUaxd Swig. Hostesses would invite me and invite her to dinners.” 

un Aug. loathe 76-year-old widower will wed the twice-widowed Swig, 63. 
San mncisco s chief of protocol. They met when he rerurned to California 
trom Washington and Swig came to his Stanford University’ office to discuss 
a dinner in ms honor. 

. s f ej £8 eat ^J ot | ler at several dinners, she invited him to her party for the 

band leader Peter Duchin and she was "very attentive.” "It was the first time 
-l~e after the long illness of my wife that I had had a good rime,” 

More dates followed. Dinners. A picnic. They went out in New York and in 
Washington, too, and “it sort of gradually dawned on us. hey, this is terrific.” 
Last month Shultz gave her a ruby, diamond and sapphire engagement ring — 
that would be red, white and blue — and popped the question at San 

Francisco's Bohemian Club. 





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