Skip to main content

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

See other formats


Beralh 


INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES AND THE 




IN POST 


The World’s Dally Newspaper 




Paris, Saturday-Sunday, June 21-22, 1997 \^ 6 \ * '■" ' j 

r -•;/ 



"ir 

wif 

cyy Wvwo. Spri* 


No. 35.553 


«v1 


U.S. and Japan Paper Over Dispute 

Trade Gap Clouds Russia’s Status: 
Economic Summit In, but Not Quite 


By Brian Knowlton 

International Herald Tribune 


DENVER — Early efforts Friday by the U.S. and Jap- 
anese delegations at the economic summit meeting here to 
paper ovct differences appeared to be fading almost from the 
moment they were triumphantly announced. 

Both sides played down the recent announcement of a 90 
percent year-on-year increase in Japan's trade surplus with 
the United States. And the Americans portrayed a summit- 
eve agreement for an enhanced initiative on deregulating 
markets in four key sectors as a signal achievement 
But both sides were finding they had to pick their words 
carefully, not wanting the large trade gap and other dif- 
ferences to cast a shadow ova the summit meeting even 
before it had officially opened. 

President Bill Clinton, asked about new figures show ing the 
U.S. trade deficit with Japan at $4.8 billion in April, the worst 
in six months, said only, “I wish they weren’t so high.” 

Prime Minister Ryu taro Hashimoto erf Japan noted that 
markets had responded “calmly” to the trade figures. And a 
Japanese Foreign Ministry spokesman said, almost wist- 
fully, * * We are very pleased to have trade issues off the front 


By Peter Baker 

Muhingum Past Service 


jut a last-minute effort by the two countries* trade 
representatives to bash out an agreement on deregulation and 
to start the meeting on a positive note appeared in danger of 
accomplishing the opposite. The agreement, as described by 
the U.S. trade representative, Charlene Barshefsky, «*iia for 
enhanced contacts between the two sides to work on de- 

See SUMMIT, Page 4 


DENVER. — Imagine one of the most exclusive clubs in 
the community. Yon ’re dying to get in, but the establishment 
thinks you don 't make enough money and your clothes aren't 
nice enough. Finally, after years of wheedling, they invite 
you to nearly every function, give you a seat at the table, even 
rename the annual dinner to reflect your presence. 

But for all of that, they still won't give yon the mem- 
bership card. 

On a geopolitical level, that is the situation hoe as Russia 
joins the world’s traditional industrial powers for the onee-a- 
year summit meeting of the Group of Seven nations, with 
President Bill Clinton playing host through Sunday. 

After years of attending these meetings as an observer. 
President Boris Yeltsin ofRussia, for the first time, will be 
allowed into all but one of the official sessions. His policy 
advisers were involved in all of the planning. The tricolor 
Russian flag will fly alongside those of the seven other 
nations. Participants are even shying away from the term 
Group of Seven, inerrari calling the gathering the “S umm it 
of the Eight” 

Yet in an odd semantic dance characteristic of the world of 
diplomacy, U.S. officials dodge and weave when asked 
about Russia’s not-quite status and, if pressed, stress that it 

RAlnurre at rtlA onmmit rnaafivm knt mnf 



deputy national security 

added, "They are a frill member of the eight' 

See CLUB, Page 4 



Urvmdrrl hmajlpA'Rnjio 


President Yeltsin and Prime Minister Hashimoto in Denver. 


Watch for Bulls! Market 
Has a ‘Breadth Stampede 9 

Broad Gains Mean Long Rally , Analysts Say 


By David Barboza 

New York Tunes Service 


NEW YORK — When it comes to 
breadth. Wall Street has not seen any- 
thing like die current rally in more than 
six years. And some analysts think that 
means that the bull market is nowhere 
nearitsend. 

If history is any guide, the study of a 
liste-watched market indicator — the 
ratio of stocks that advance to those that 
decline on die New York Stock Ex- 
- suggests that share prices 
I go even higher in the next year. 

What is happening is a historic rally, 
what some technical analysts call a 
breadth tteust or breadth stampede — a 
period in which share prices nse across 
die board, lifting the vast majority of 
stocks. The reason some analysts are so 
optimistic about the coming year is that 
such broad gains have tended to occur at 
die beginning of a bull market, and they 
have usually led to even bigga gains in 
the following year. 


On Friday, declining issues exceeded 
advancing ones by a 3-to-2 ratio on the 
New York StockExchange, an exception 
to die rale of recent days. Still, the Dow 
Jones industrial average was up 19.45 
points at a record 7,79a51, and me Stan- 
dard & Poor’s 500-stock index was up 
0.71 to 898.70, also a record. 

And ova_the.30-day tfading period 
that ended on June 9, the cumulative 
total of daily advances of all stock issues 
on the Big Board was 13,097 greater 
than the total of declines. Even when the 
totals are adjusted to account fa the 
of new listings in the past few 
5 , it still stands as one of the 
broadest stock rallies in 25 years. 

The ratio of advances to declines ova 
that 30-day period was 1.42to 1 , the best 
since March 1991 , although well behind 
a run that occurred in 1976, when there 
were 1.8 advancing issues for every 
decliner. 

Still, there are same differences. 
While this year's rally came after one of 
the most serious declines in recent 


I The Dollar I 

New York 

Friday O 4 PJ4. 

previous dose 

DU 

1.7276 

1.7235 

Pound 

1.6565 

1.6407 

Yon 

114.B75 

114.075 

FF 

5.8265 

5.81 B 

nr 

u 

Friday 6 dm 

riravtauBEtaaa 

+19.45 

7786.51 

7777.06 

S&P 500 

dianga 

Friday ® 4 PJd 

previous ctow 

+0.7 

898.70 

898.00 


years, one that saw the Dow lose nearly 
10 percent of its value from mid-March 
to mid-April, it did not, like other 
breadth explosions, erupt out of months, 
if not years, of severe losses. 

"It's unprecedented in this sense,” 
said Robert Farrell, senior market ana- 
lyst at Merrill Lynch who has been 
following the advance-decline line for 
decades. 

“I’ve never seen this before, where 
you have breadth thrusts after two spec- 
tacular years with only moderate cor- 
rections,” he said. 

As perplexing as it seems, though, 
Farrell and so 


Tobacco Companies Seal 
Historic Deal With States 

$360 Billion Settlement Includes Health Care 


Mr. Farrell and some other analysts see 
the recent gains as a harbinger of even 
better times to come. 

' ‘The only- way I can interpret what’s 

S*e MARKET, Page 4 


Cvepllrd by Our Staff FraaDbpatrhct 

WASHINGTON — In a landmark 
$360 billion settlement, anti-smoking 
forces and tobacco companies agreed 
Friday to unprecedented restrictions on 
cigarettes in exchange for sharp limits on 
tobacco makers' liability in lawsuits. 

Michael Moore, Mississippi's attor- 
ney general and a lead negotiator in the 
hard-fought talks, called it “die most 
historic public health achievement in 
history. 

“We stand here today, we hope, 
planting die flag to victory against die 
tobacco industry,” he said. 

Under the agreement, which still must 
be approved by Congress, smokers 
would see dire new warnings on cigarette 
picks, get free medical help to kick the 
habit and be inundated with nationwide 
anti-smoking advertising. Joe Camel and 
the Marlboro Man would disappear un- 
da strict new tobacco ad curbs. 

In return, tobacco companies and in- 
vestors would get relief from die un- 
certainty posed by pending lawsuits. 


In all, die industry would pay out S360 
billion over 25 years, most of it for anti- 
sraoking campaigns and public health 
efforts. It would put $4 billion a year in 
compensatory damages info a fund that 
would pay any smoker who won a suit, 
and tobacco companies would never 
again face class-action lawsuits. 

"We wanted to do something that 
would punish this industry for its past 
misconduct, and we have done that." 
Mr. Moore said. 

President Bill Clinton, howeva, said 
Friday that he was naming two top ad- 
ministration officials to head a panel to 
review details of the settlement. 

“We must now carefully consider 
whether approving this proposed set- 
tlement will protect the public health,” 
he said in a statement that named Donna 
Shalala, Health and Human Services 
secretary, and a White House aide, 
Bruce Reed, in charge of the review. 

“They will report to me on whether 

See SMOKING, Page 4 





MMtyn Hiylm/rb* tonrtim d ftwt 

Queen Efizabeth II and the Queen Mother arriving at Ascot on Friday. 



Of Britain ’s Ex-Empire 


ByEriklpsen 

. Immadonal Herald Tribune 


' LONDON —In Sunny Bermuda, the 
British empire still - counts fa 
something. ‘The governor’s open car- 


parties — the tourists all love it, ' said 


NnwMfnd Prices 


AndontL** — 1100 FF 
Anaes_t£5QFF 
CamaoofWl.aOQCFA 

Egypt — _:._£g &50 

Franca- JftOOFF 

Gabon T100CFA 

2£00 Lire 

toy Coast. 1.250 CfiA 
J °rtan-4___1.250JD 
Ku*ai__700 FBs 


Lebanon -LL 3,000] 
Morocco-. — : — 16Dh 

Qatar iftOORWs 

R£unfan _. — .1230 FF 
SauSAiabte-iMOR 
Senegal— . 1 .100 Cft 

Spam- 225 PTAS 

THsta- 1350 On 

uae. looocim 

lL&ffl.(Eut)-J 8130 




David White. “But the govema him- 
self is the only thing we get from Bri- 
tain.” 

The governor's bills, much less those 
of the government, are all paid from 
local pockets, said Mr. White, editor of 
Bemrada’s leading newspaper, the Roy- 
al Gazette. „ „ , _ . 4 

Five hundred years after Jam Cabot 
began Britain’s colonial odyssey by 
Maiming batren- windswept Newfound- 
land for king and country, and almost 
exactly 50 years after the independence 
of the erstwhile jewel in the crown, 
Ip/tia it has cone to this. Bermuda, a 
litde specof a place with 61 ,000 souls, a 
place where the queen’s official rep-, 
reseniative ranks nght up there with the 
sandy beaches as a tourist -attraction, 

• will shortly become ha most populous 
colony — they are now tamed “de- 
pendent territories’.’ — when Hong 

Kong revats to China at the end of the 
month. 

See EMPIRE, Page 4 


Should These Pranksters Be Jailed? 


By Donald P. Baker 

Washington Post Service 


TAMPA, Florida — It began as a 
youthful prank. Three friends, during a 
nightaf beer drinking, stole abnnch of 
highway signs to decorate the trailer 
they shared. 

Soon after their night of revelry and 
vandalism in February 1996, a car 
roared through an intersection where a 
1 sign was missing and was broad- 
1 by a truck. Three teenagers rid- 
in the car died instantly, 
st month a jury here found the 
three vandals — who admitted taking 
some signs hut not that particular stop 
sign — guilty of manslaughter. On 
Friday, they were each sentenced to 15 
years in prison. 

The three young defendants thus 
received what is perhaps the toughest 
punishment ever meted out in a van- 
dalism-related case. 

The decision by the prosecutora to 
charge the -sign-stealers with man- 
slaughter, and die ruling by a judge 
here, Bob Anderson Mitchum ofHUfe- 
borough County Circuit Court, that the 
accusations of theft and manslaughter 
conld be tried together, focused na- 


tional attention on the widespread and 
often tolerated stealing of road signs. 

But because of the youth of the 
offenders, their lack of malice and the 
absence of direct evidence that they 
tampered with the sign, it has also 
ignited a debate about the appropriate 
punishment for such crimes. 

After a three-week trial that was 
shown nationwide on television, high- 

4 When the families of 
the victims come 
forward, you know you 
have gone overboard. 9 

way safety officials hailed the pros- 
ecution, and began planning a national 
anti-v andalis m drive similar to cam- 


Christopher Cole. 20; his girlfriend, 
Nissa Baillie, 21, and their roommate, 
Thomas Miller, 20 — was so circum- 
stantial that the family of one of the 
victims of the crash appealed to the 
judge to grant a new trial, a at least 
show leniency in sentencing. 

But Judge Mitchum rejected the de- 
fense request for a new trial before 
beginning the sentencing hearing for 
Mr. Cole. 

“I don’t believe for one minute that 


fee no national statistics are avail- 
able about this kind of vandalism. 

1 fa the National Highway 
: Safety Administration and the 
American Automobile Association 
could not recall a similar case. 

- To farther complicate die scenario, 
the evidence against the defendants — 


these signs up with the intent of caus- 
ing the death of anyone,” the judge 
told Mr. Cole. Butpulling up the signs 

* ‘has caused ramifications that none of 
you may have ever expected.” 

"There are no winners in this 
case,” he said. “I've had difficult 
cases and this is at the top.” 

Leland Baldwin, the assistant state 
attorney who prosecuted the case, ac- 
knowledged this week that she had 
been criticized for bringing the man- 
slaughter charge. 

Ha reply 10 those complaints: 

* ‘This was not a prank. These were not 
young kids. These were young adults. 

See SENTENCE, Page 4 


AGENDA 


Truce in Congo Republic Is Extended 


. KINSHASA, Congo (Reuters) — 
The warring factions in Brazzaville, 
capital of the Republic of Congo, 
agreed Friday to extend a trace for 
seven days as French troops with- 
drew from foe city after evacuating 
foreign nationals. 

A spokesman fa Bernard Kokhs, 
mayor of Brazzaville and a mediator 
in the conflict, announced the ex- 
tended truce: “The chiefs of staff of 
both sides have agreed to prolong the 
cease-fire for a period of seven days 
staffing tonight at midnight.” 

The spokesman was reading from a 
S ta te m en t signed on behalf of sup- 
paters of President Pascal Ussouba; 


his rival, the forma dictator General 
Denis Sassou-Nguesso, and Mr. 
Kolelas, whose own forces have so 
far kept out of the fighting. The three 
mm had been due to contest a pres- 
idential election. July 27. 

The French ambassador, Raymond 
Cesaire, said French troops bad left 
the city afta evacuating almost 6,000 
French and otha foreigners. “Yes, as 
for as I know they have all left,” he 
said, adding that 30 military police 
remained in theciiy to protect French 
dip lomats. 

•Mr. Lissonha and a special UN en- . 
voy, Mohammed Sahnoun, ted urged 
France to leave its forces in foe chy.- 


EUROPE Page 2. 

The Fall of Germany's Free Democrats 

THE AMERICAS Page 3. 

Rape Victim's Nightmares Finally Bid 

INTERNATIONAL Page 4. 

Skepticism of Pol Pot Reports Deepen 

Books 

Crosswad. 

Opinion 


Sports — .. 


..Page 3. 
.. Page 6. 


Pages 22-23 


Sponsored Section Pages 19-21. 

SUMMER KNEW YORK 


Thotot&market 


Page 7. 


The IHT on-line http ://w\vw.i ht.com 


A Centrist 
In Turkey 
Gets Chance 
To Govern 

Turn to Yilmas Seen 
As Effort to Thwart 
Fundamentalists 


By Stephen Kinzer 

.V, u \ori Tilth » Si n hr 

ISTANBUL — in an effort to push 
Turkev back toward fully secular rule. 
President Suleyman Demire I on Friday 
asked Mesul Yilmaz, a center- rightist 
with strong secular credentials, to try to 
form the next government. 

Mr. Demire] acted two days after 
Prime Minister Necmeitin Erbakan, the 
first head of an Islamic party to lead 
Turkey, resigned under intense pressure 
from military commanders. They feared 
he was leading the country toward fun- 
damentalism. 

The president's choice was a clear 
rebuff to Mr. Erbakan and a victory for 
the secularist military. 

When he resigned', Mr. Erbakan sug- 
gested that his coalition partner. Foreign 
Minister Tansu Ciller, be named prime 
minister. Senior generals opposed that 
idea because it would probably have left 
Mr. Erbakan's Islamic Party' in control 
of important ministries. 

Turkey has been in political tunnoil 
for months, with Islamic and secular 
figures locked in an increasingly bitter 
struggle over the country's friture di- 
rection. 

At a news conference afta he was 
named, Mr. Yilmaz said he was “in 
favor of holding general and local elec- 
tions together by next spring,” in an 
effort to break the deadlock. 

If Mr. Yilmaz manages to form a 
government, he will carry the hopes of 
secularists into the election. He has a 
reputation as a weak political leader and 
an indifferent campaigner, howeva, 
and it is far from certain that he will be 
able to turn back the Islamic advance. 

Mr. Yilmaz, who in foe 1990’s has 
served two short terms as prime min- 
ister, said he would immediately begin a 
round of consultations with leaders of 
other secular parties. He said that he 
would have an interim report for Pres- 
ident Demirel on Wednesday and that 
he hoped to have a government in place 
by the end of the month. 

Mr. Yilmaz *s Motherland Party holds 
129 seals in Parliament, and he must 
now put together a government that can 
win support from a majority of the 550 
members. 

This may prove difficult because he 
has pledged not to approach the Islamic- 
oriented Welfare Party, and because he 
has a long and bitter rivalry with Mrs. 
Ciller, who heads the otha major sec- 
ular party. 

He said he would approach rwo cen- 
ter-left parties and a small far-right fac- 
tion as possible coalition partners. His 
success may depend on nis ability to 
overcome his loathing of Mrs. Cilia a 
to lure enough dissidents in ha party to 
his side. 

Mr. Yilmaz. 50, was bom in Istanbul 
to a family with a long interest in pol- 
itics. One of his uncles served as a 
cabinet minister under Prime Minister 
Adnan Menderes in the late 1950's. 

Like many politicians of his gen- 
eration, Mr. Yilmaz first tasted power in 
the 1 980s, when Turgut Ozal dominated 
the political scene here. In 1987, as Mr. 
Ozal's minister of tourism, he visited 
the United States to open “The Age of 
Saltan Suleyman the Magnificent/’ an 
exhibition at the National Gallery of Art 
in Washington. 

Later that year Mr. Yilmaz was 
named foreign minister, and in that job 
he showed himself to be a staunch sup- 
porter of Turkey's traditionally pro- 
western foreign policy. He was espe- 
cially welcome in Germany, in part be- 
cause he speaks fluent Gen 


as a 


See TURKEY, Page 4 



Mr. Yilmaz after his appointment 









PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY- SUNDAY JUNE 21-22, 1997 




Germany’s Free Democrats 



. By John Schmid 

Intmutimul Her old Tribune 


FRANKFURT — 7 With Germany 
groaning under the weight of record 
Unemployment, staggering taxes to re- 
build eastern Germany, w aning indus- 
trial competitiveness and a welfare sys- 
tem it can no longer afford, the 
economic reform zealots in die nation's 
Free Democratic Party thought their 
moment had arrived. 

The>- were wrong. According to opin- 
ion polls, Germans overwhelmingly re- 
ject die small, pro-business political 
party, whose policies are the nearest 
Germany gets to the free-market eco- 
nomics that have spawned legions of 
jobs in the United States and Britain. 

‘ ‘The message that Germany needs 
radical change has not gotten through/’ 
complains Robert Guenther, a Free 
Democrat activist in Solingen. 


Only four years ago. the Free Demo- 
crats had seats in 15 of the nation's 16 
state assemblies; today it has seats in 
four. In 1 5*90, the party had 1 1 percent of 
the national vote, today ithas only about 
5 percent, die threshold to qualify for 
state or national representation. Now it 
is Germany's fourth largest party, trail- 
ing behind die Greens. 

Not surprisingly, die decline in the 
party's popularity has coincided with 
setbacks for many of the economic and 
political reforms that Chancellor 
Helmut Kohl confidently proposed a 
year ago. 

It also comes at the same time as a 
left-wing political ride in Europe that 
swept a Socialist-led government to 
power in Fiance and forced Mr. Kohl’s 
conservative allies to go back to de- 
fending big government. 

Mr. Kohl’s backtracking on support 
for austerity programs has left the Free 


Democrats isolated even within Mr. 
Kohl’s government, which it underpins 
as die junior coalition partner. • • 

Mr- Kohl’s hard-pressed finance 
minis ter Thco WaigeJ, a member of the 
Christian Social Union, who has forced 
die Free Democrats several times uj the 
;t to abandon its anti-tax principles, 
1 been seeking one last tax nike to cut 
the deficit and qualify Germany for 
European monetary union. For Mr. 
WaigeU it was the easiest way out of the 
worst budget crisis in the 14-year his- 
tory of the current government 
Rather than backing down again, this 
time the Free Democrats have been un- 
compromising in resisting Mr.' Waigel 
by engaging him in a game of brink- 
manship: the party vowed to leave the 
government if Mr. Waigel raised taxes. 

The gamble might pay off. Under his 
latest budget plan, Mr. Waigel slowly 
and reluctantly agreed to forgo a tax 


increase in 1997, and then this past week- 
extended the pledge to 1998 as well. 
Deliberations between Mr. Waigel and 
die Free Democrats are expected to con- 
tinue in coming days. - 

A budget deal without new taxes, if 
approved, would represent a badly 
needed success for the party, which lost 
credibility with past retreats from its 
anti-tax dogma. 

The tax issue has obscured the rest of 
the party's free-macket platform, which 
supports privatization : of state-owned 
companies and opposes old-style state 
intervention, state subsidies and Ger- 
many’s burdensome regulation. 

And. to the dismay of many, die party 
welcomes foreign workers in Germany 
and wants to grant German citizenship 
to anyone bom on German soil 
Clearly, the Free Democrats miss 
Hans-Dietrich Genscher. an Interna- 
tionally known figure until he retired in 


Arms Radiation Mishap Kills Russian 


CP*lpttcrft7rOi*S*4fFrr*i Dbjvxbrt 

MOSCOW — A nuclear researcher 
died Friday three days after receiving a 
high dose of radiation during an ex- 
periment at one of Russia’s largest nu- 
clear research centers, officials report- 
ed. 

Alexander Zakharov, 42, died of ra- 
diation sickness after he was inadvert- 
ently exposed to several hundred roent- 
gen, said Vitali Nasonov, a spokesman 
for the Nuclear Power Ministry. 

A safe annual exposure is considered 
to be in the range of five roentgen. 

Mr. Zakharov was flown to a hospital 
in Moscow from Arzamas-16, a town of 
80.000 people about 350 kilometers 
(220 miles! east of Moscow, and treated 
in a sterile room at Clinic No. 6 . one of 
the main centers used for treating vic- 
tims of the explosion at the Chernobyl 


nuclear reactor in 1986. 

Doctors said they had hoped that the 
experience they gained after the Cher- 
nobyl accident would help them to keep 
Mr. Zakharov alive. 

The incident occurred Tuesday at the 
research center near the city of Nizhny 
Novgorod, while Mr. Zakharov was 
conducting an experiment involving in- 
complete nuclear chain reactions. 

Arzamas-16 is one of Russia's so- 
called secret cities, closed to foreigners, 
where military-related work is carried 
out. 

Officials blamed foe accident on hu- 
man error and said there was no ra- 
diation leak outside die experiment 
area. The room was sealed on and foe 
authorities have been trying to devise a 
safe way to decontaminate it. 

Mr. Zakharov was conducting a 


weapons test involving a controlled nu- 
clear chain reaction using small 
amounts of uranium when what foe min- 
istry called “a serious breach of foe 
rules'* caused “an irregular, radiation 
situationinvolving foe emission of neut- 
ron rays.” 

Doctors said Mr. Zakharov was foe 
first Russian to suffer serious injury in a 
nuclear accident since foe Chernobyl 
mighnp rhai- killed many people and 
contaminated a vast azea. 

Ukraine is looking to foe Denver 
summit meeting tiiis week of foe Group 
of Seven leading industrial nations for 
concrete help on foe Cheniobyl prob- 
lem. The nation has been talking with 
foe West for several years to get fi- 
nancial help to shut down foe Chernobyl 
plant 

(AP, Reuters) 



In the final days before the handover, 
Tim Sebastian interviews special guests 
in HARDtalk - direct from Hong Rang. 


WATCH 25, 26 & 27 JUNE 
AT 20.30 CET 


mag 

WORLD" 

UC WfatJ <a ttAnw* ol BreadaMeg Ccpatov 



. . . . R*tn SigtvdAOncn 

MINERS’ SOLIDARITY — Coal mine workers proclaiming victory. 
Friday in Petrosani, western Romania, after a 10-day strike ended 
with Die government agreeing to raise their salaries, by 30 percent. 


UN Team in Congo as Evidence of Massacres Grows 


Ome>drdb\ Ov Sag Frau Dapadtn 

KINSHASA, Congo — President Laurent 
Kabila’s reputation as foe “liberator’ ' of the 
former Zaire was hanging in foe balance Friday 
after the arrival of a United Nations team to help 
investigate mounting evidence that troops fight- 
ing for him massacred thousands of refiigees. 
The six-member advance team arrived early 


refugees as they swept across the country dur- 
ing their eight-mouth campaign to oust Pres- 
ident Mobutu Sese Seko. 

e party 

with a BBC report that its East Africa cor- 


eport 

respondent had collected “eyewitness ac- 
counts” from villagers who told of both local 
civilians and Rwandan refugees being killed by 
Mr. Kabila’s forces. 

The correspondent, Kathy Jenkins, said she 
was told by several people in one village that 
Kabila-allied soldiers in April had come look- 
ing for Hutu militiamen . 

* ‘When they found none, they rounded up 15 


of UN forensic, human rights and security 
specialists, who will arrive July 7 to begin 'the 
inquiry in earnest. 

International humanitarian groups contend 
foe Kabila troops slaughtered thousands of 


of the villagers and shot them/': she said, 
adding that foe victims included two women 
and a child- She said foe Tiitsi soldiers had 
accused the villagers of sheltering Hutu mi- 
litiamen responsible for the genocide in 
Rwanda in 1994. (AFP, AP) 

■ UN Employee and Family Slain 

The UN High Commissioner for Refugees 
suspended work Friday in a troubled Rwandan 
region frill of Hutn returnees after a Hutu 
driver, his wife and two children were killed in 
foe third attack against UN aid staff in just over 
a week. Reuters reported from Geneva. 



1tfovuf6 &CVI 

Ed. WU- PARIS 

THE OLDEST COCKTAIL BAR IN' EUROPE im. 

Just tell the taxi driver. "Sun* no doe «w" sm. 
PARIS: 5. rue Daiinoti 
BERLIN: Grand Hotel Esplanade - MONTREUX- Mmtreux. Palace 
HANNOVER: SeidlerHotel Petikan 



RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Infer danonv'naUana! A 
Evangefcal Sunday Service lttOO am. & 
11:30 a.m./ Kids Welcome. De 
Cusatfraat 3. S. Amsterdam Mb. (BO- 
841 aaiaorra>«4si 653. 

FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 
(Evangetafl. •». bd, de Ptjrac. Cofcmter. 
Sunday service. 6:30 p-m.Tei.: 
OS 62 Tail 55. 

FRENCH RIVIERA/CdTE D'AZUR 

NICE: Holy Trinity (Anglican). 11 rue 
Bj8a,5ua IVVENC&SsrtJ^'s. 22.3V. 
Rsatance, 9 am Tet 33 W 93 87 19 83. 

MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Warship Service. Sundays: 11 a.m. 
9. rue Louis Notary. Monte Carlo. 
TeL 37792 165647. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH - 58. 
rue des Bons-Raisins. 92500 Roefl- 
Malmaison. Summer Schedule: 9:45 
Worslup. 1 fro Coffee Hour For more 
info call Of 47 51 29 63 or check. 
MpJYAWgaotMasgs nft tMM^ 362. 

HOPE INTERNATIONAL CHURCH 
Hotel Onon at FteFtotoOfense. fibd.de 
Neufiy. Worehp Sundays 920 am. Rev. 
Douglas Miller, Pastor. Tel.: 
01 43 33 04 06. Metro 1 to la O&atse 
Esplanade. 

SAINT JOSEPH’S CHURCH (Roman 
Ccrtdtt. MASS N ENGLISH SaLfiSQ pm: 
Sun 945. 11:00 a.m.. 12:15. 6:30 pm 
50. avenue Hoehe. Parte 8th. Tdt.: 
Ci 42 r 23 56 Mora Dales de Gate ■ Bote. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near toasshr Stn TaL 3261- 
3740 V.tosfip Serves- 930 am Sundays. 

TOKYO UW0N CHURCH, near Qrefcsando 
Sutway S3. TeL 340MQ47. Worship 5en£es 
Suna*.- - 833 & H40 am. SS at 945 am 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
Encpsti-SpesMng non-denomination aJ. 
TeL +41 61 302 1674. Sundays 1030 
Mttra Steam 13. CH-KJ5B Basel 

ZURtCH-SWITZERLAND 

ENGLISH-SPEAKING CATHOLIC u 
MISSION; SL Anton Church. 
Mlnervastrafla 63 Sunday Mass: 830 
am & 1130 am Services held in the 
ayptef St ArtonChuch. 


THE EPISCOPAL CHURCHES 
OF EUROPE (AngBccsi) 


BRUSSELS /WATERLOO 

ALL SABOS' CHURCH, 1st Sun. 9 & 
11:15 am. Ho* Eucharist wAh Cttdwfs 
Chapel at 1135. Al after Stntoyc IMS 
am Holy Eucharist and Sunday School. 
563 Chaussde de Louvain. Ohaln, 
Belgium. TeL 32*2 3843556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY. Sun. 10 a.m. 
Family Eucharist Frankfurter Strasse 3. 
Wiesbaden, Germany. Tel.: 

498113066.74. 


PARIS and SUBURBS 

TEE AMERICAN CATH83RALOFTHE 
HOLYTRWTT. Sun, 9 & 11 am. 1045 
am. Sunday School for children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23. avenue George V. 
Paris 75008. Tel.: 334)1 S3 23 84 00. 
Mew* George V or Atea Mareeau 

FLORENCE 

ST. JAMES* CHURCH Sun. 9 am Rte I 
& 1 1 am n» u. via Bananto Rucetel 9. 
50123, Ftarava Italy. TeL 3965 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
Sun. Holy 
9 & 11 am Sunday School 
end Nureery 10:45 am Sebastian Rlnz 
SL 22. 60323 Frankfurt, Germany. U1. 2. 
3Mqu*ABaaTet498055Ol84. 

GENEVA 

EMMANUEL CHURCH, IB & 3rd Sun. 
10 am Euchartt 2nd & 4li Sin. Morning 
r. 3 rue de MonhouL 1201 Geneva. 
.TeL 41/22 73200 7a 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. 11:45 a.m. Holy Eucharist and 

lading^ German/. TeL 4SB96* 81 86. 

ROME 

ST. PAUL'S Wmot-THBWALLS, Sun. 
&30 am Holy Eucharist Rte 1: 1030 am 
Chomf Eucharist Rite II; 10:30 a.m. 
Church School ibr chUen & Nusay care 
provided; 1 pm Sparest) Eucharist- Via 
Napofi 58. 00104 Rome. TeL: 396 488 
3339 or 396474 3509. 


EUROPEAN 

BAPTIST CONVENTION 


BERLIN 

I.B.C.. BERLIN. Rothenburg Sir. 13, 
(StB0ia). Sunday. Bible study 10.45, 
worship Service 12.00 noon. Charles 
Uferfbrd. pester. Tel: 090-774-1670. 

BREMEN 

IB£, Hohenlohasr HercnanrvBoee-Sfr. 
Worship Sun. 1730, Pastor te l e p h on e : 
0421-78648- - 

BUCHAREST 

L&C., Strada Papa Ruau 22. 330 pm 
Canted Paster Mke Kemper, Tal 312 3860 

BUDAPEST 

I.8.C., meets at Morics Zsigmond 
Glmnaaajm, Torakvesz ut 48-54, Sun. 
1030. TeL 25EX5S32. 

BULGARIA 

l&G, World Trade Center, 36, Orahan 
Tzankov Bfvd Worship 1130. James 
DifctP«or.TeLe69666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
LOWSHIP, Ev.-fte fte chfche Gerrainde, 
Sodeneratr. 11-18. 83150 Bad Honturg. 
Sunday Worship, Nursery & SS: 
1120 AJW. Midweek r rinbMe s . Pester 
M Levey. CaSTtoc 06173-62728. 

BETHEL LB.C. Am Dechsberg 92 
(Bxjfah). Worship Sun. 1130 am and 
830 pm TbL 06B64S599. 

HOLLAND 

TRINRY INTERNATIONAL Iwites you to 
a Christ centered Mcwshlp. Senncee; 
930 and 1090 am Soamcampban 54. 
Wassenear 070-517-8024 misery prov. 


NICE - FRANCE 

LB.C. 13 rue Vernier. English service, 
Suidayever*i0l8aapBstorFtayMBer- 
TeL (0*93)32 05 96. 

PRAGUE 

LB. FELLOWSHIP. VlnohrBCMca # 60. 
Prague S Sun. 11 3Q TeL (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 1930 at Swedtah Church, across 
fromMacPcnalds, Tel: {02} 353 1585. 

ZURICH - SWITZERLAND 

LB.C of Zurich. Ghetetrasse 31 . 8803 
ROschlkon. Worship Services Sunday 
morringa lOaaTelj 1 -481001a 


ASSOC OF NTL 
CHURCHES 


BERLIN 

AMERICAN CHURCH M BERLIN, cor. 
of Clay AHee & POtedamer Str., SS. BGO 
am. Worshfc 1 1 am TdL 0304132021 . 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
Nbetengeralee 54. Sua Worship 11 am 
Tel 08905631086 or 512SE. 

GENEVA 

EV. LUTHERAN CHURCH 20 nit 
Vatdafna Sunday woitffo 930. to Germai 
1130 in EnQ&m. Tet (022) 3105089. 

' JERUSALEM 

LUTHBtAN CHURCH of the Redeemer, 
Oj Cty. MwMai Rd. Endfah wntB> Sin 
9am. Al ere wofcnmti. TeL (02} 6281049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 1 130 am. 66. Qua) tJOreay, 
Paris 7. Bug 63 at door, Metro Alrrta- 
MareeauorlnvaidBS. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service, Sunday School & Nursery, 
Suidays 1130 am, Schenzengosae 25. 
Tel? (01)2525525. 


TRAVEL UPDATJE 


Airlines of 3 Nations 
Create Route Network 

MELBOURNE (AP) — Airlines 
from S ingapore, New Zealaod and Aus- 
tralia announced plans Friday to com- 
bine some of their operations and create 
a network of routes to 200 cities. 

The agreement among Singapore 
Airlines, Air New Zealand, Ansett Aus- 
tralia and Ansett International includes 
a code-sharing arrangement, in which 
airlines book passengers on each other's 
planes as part of a 'Single trip. 

Related article. Page 15. 

Typhoon Rakes Japan 

TOKYO (Reuters) — The typhoon 
designated Opal ripped through central 
Japan on Friday, killing one person and 


Flights were delayed at Newark In- 
ternational Airport Friday morning after 
a fire at an electric station caused black- 
outs in New Jersey, Public Service Elec- 
tric & Gas Co. said (Bloomberg) 

United Airlines said it plans tp add 
a second daily Miamz-to- Caracas flight 
July 15 to meet demand. (Bloomberg) 


Correction 

Nguyen Co Thach was incorrectly 
identified in a captiod in Friday’s edi- 
tions. He is the former foreign minister 
of Vietnam. 


BRIEFLY 


1992, after nearly two d e c ade s as for- 
eign minister. 

Thesetiays the ;rany is ted by a man. 
who Is often described as a “ytqjpie/* : 
Guido WesterweHe, a 35-year-old law-' 
ye*- . : / • ' v - . 

Attacking state subsidies, another 
Free Democrat pastime, has not won 
Sny- popularity contests. When coal 
miners rallied in Bonn in March to 
protest cuts in their state-subsidized 
paYchedcs.jbey barik^ded&e ^rarty’s 
headquarters. ... '* .' 

‘ ■ Subsidies have become a -way to 
buy votes, and fous a structural problem 
of democracy that hits Gomaay par-, 
ticnlarly hard,’ * said Gerhard Papke, a 
Free Democrat aide in foe Bi 
foe lower chamber of PariiamenL 

And Paul Friedhoff. ajarty member 
of foe Bundestag . 7 said: “Germans are 
too busy with. unification to notice.foe 
forces of globalization.” 


Veteran Is Picked 
As Tory Chairman 

. LONDON — The new Conser- 
vative leader,. William Hague, 
began foe task of rebuilding his 
party Friday with foe surprise ap- 
pointment of a veteran politician, 
Cecil Paririnson, as party chair- 
man. 

. A day after defeating foe former 
chancellor of foe Exchequer, Ken- 
neth Clarke, in a final bailor for foe 
leadership, Mr. Hague said that 
Lord Paririnson, a symbol of foe 
Conservative glory days of the 
1980s, had accepted a job that is 
crucial to rebuilding foe party’s 
grass-roots support. 

: Lord Paririnson. 65, who was 
party chairman 14 years ago, is a 
close ally of former Prime Minister 
Margaret Thatcher and played a 
key role in her 1983 election vic- 
tory. f Reuters ) 

Gonzalez Won’t Run 
As Socialist Leader 

MADRID — Former. Prime 
Minister Felipe Gonzalez, who led 
Spain for 13 years, stunned his sup- 
porters Friday by announcing that 
he would not seek re-election as foe 
head of foe Socialist Party. 

Mr. Gonzalez said he wanted to 
be replaced “to open a new 
stage." 

H 4 re-election had been seen as 
a mere formality at a three-day 
party meeting that opened Friday. 

Mr. Gonzalez, 55, gave no clear 
signal of his preference for a suc- 
cessor, Opening foe way for a lead- 
ership battle ahead of foe general 
elections scheduled for 2000 . 

' Delegates mentioned the NATO 
secretary-general and former for- 
eign minister, Javier Solana 
Madariaga, and foe Barcelona may- 
or, Pasqual Maragall, as potential 
candidates. (Reuters) 

Top Swiss Official 
Lashes Out at U.S. 

BERN — In a debate with a top 

U. S. historian, the Swiss foreign 
minister on. Friday sharpened his 
rejection of American suggestions 
that Switzerland helped the Nazis 
and prolonged World War II. 

“Even neutral nations can make 
mistakes and Switzerland made 
mistakes/’ said foe minister, Fla- 
vio Cotti. “But it is simply un- 
acceptable to equate neutrality with 
immorality/’ 

The comments were made at a 
. seminar about a U S. government 
report on Nazi Germany's gold 
dealings with Switzerland. William 
Slany, chief historian at foe U.S. 
State Department, was one of foe 
guest speakers. (AP) 

Ex-Minister Drops 

V. K Libel Action 

LONDON — A former cabinet 
minister. Jonathan Aitken, dropped 
his libel action Friday against a 
newspaper and a television channel 
over allegations about his links to 
Saudi business associates. 

The attorney for Mr. Aitken, who 
left the cabinet in 1995 to fight foe 
libel actions, gave no reason for 
dropping foe suits. But foe move 
came a day after The Guardian 
newspaper and Granada Television 
said they had uncovered new ev- 
idence that cast doubt on. Mr. 
Aitken 's defense. (Reuters) 


WEATHER 


Europe 



TenMRto 
Hfeii LowW 


OF 

OF 

of or 

Atom* 

am 

1039 pe 

21/70 7081 C 

AnwanJtm 

17S2 

11*2 r 

17*2 1U52 r 

Mra 

32WI 

IOWjk 

26*4 TOW* 

tewni 

31W 29*71 a 

32*9 24/73 f 

Bareawn. 

27180 

1B*8i 

22771 12*53 pc 


298* 

1081 pc 

3*B3 71*70 a 

Brti 

21/70 

17*2 r 

71*70 13M r 

Bms»*x 

1081 

11*2 r 

10BJ 10-50 Vl 

Badap** 

Z7W 

IBM* 

32*9 22/711 


21*70 

16/SSc-. 

20*8 11*2 pc 

Cato D*8* 2079 

10S1 % 

2373 16*1 pc 




17*2 11*201 


1MT 

12*3 r 

1081 9MB r 


27(90 

18*9 PC 

30*6 17*8 c 

PwnMufl 

23*79 .18*4 c 

22771 14*7r 

Onva 

22.71 

1081 r 

2388 7M4e 

H*aaki 

2271 

11-82 pc 

18*4 13*5 > 


31 *8 

18*8 ■ 

3i*0 ia*e« 

Km 


14«Tt 

24778 17*2 C 

UtPrito 

2379 

17*2* 

23/73 18*4. 



14*7 c 

1B*B 14*7 c 

Londai 

17« 

1 SBI 

18*4 1060 r 

ModM 

2780 

13® pc 

28/77 1000 a 

Waloto 

2079 21770 a 

21770 13*6 pc 

Uhn 

2S77 

i»«4 r 

W7fi 14*7 1 

Hojotk 

23/71 

1383 pc 

82/71 1 3*6 pc 

liurten 

2373 

IMP r 

21/70 10*0 r 

/tea 

2373 

1084 pe 

23/73 IlSSpc 

0*0 

16/61 

14/57 r 

17*7 12*3 r 


1061 

!M»* 

18*1 B146 r 



10B4OI 

22/71 1102 r 


IMS 

0460 

1203 043 01 



15*9 * 

22/71 17*2 i 



19*4 po 

2082 18*4 pc 


1*83 PC 

2170 13155c 



1055 e 

17*2 13*6 r 

Seasturo 

raw 

18*91 

1W4 9-40 e 

TaWw 


11*2 pc 




18 ** a 

29*4 1081 r 


2079 

1081 c 

£7*0 18*41 


247? 

18*4 pc- 

30*8 1084 pc 

Vbnaw 

21/70 

IMSsh 

27*0 18*4 th 

Zunch 

908* 

1881 r 

17*2 i960 r 

Middle East 


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



High nmW 
OF OF 
32*89 17302* 
3869 iirropc 
vmt 


High LowW 
OF OF 
3891 17/62 pc 
HO 6 2871c 
32*88 WTSt 


CttengUai 
Goto 
AM 
HoCHMrft 


North America Europe Asia 

Thun fli rgwm a ufl rumble England end northern Sunny and hot In Belling 
from the Upper Midwect France will be rattier Sunday, but it may thun- 
Suoday to New England cloudy andcool wfih show- deratonn Monday. North- 
Monday: some ean be era Sunday end Monday, am and western China wffl 
severs with heavy rain, then partly sunny end race be hot and dry through 
Sunny, hw weather tn me Tuesday. Some heavier Tuesday, but the South- 
central Plains Sunday w» rains erettwly in Norway east will 
spread to the Midwest by and Swadeh. Plenty of rains. Dry in Seoul I 
Tuesday. Thunderstorms sunshine and warm (ram the period, but ToKya war 
will cross , the northern Italy and Greece through, be humid with some sun 
Rockies into the northern the Ukraine to Betsrus and and a shower or thunder- 
Plains. Russo. ' storm at tmea. 



ssrttt sere* sanoc 2 W»* 

2M4 274)01 3QM 2BT79r 
3801 ZBtfBpc 3W1 53777 r 
33TB1 23l73r 8209 32771 r 

3008 W77pe 29Ai 5M773 pa 
3209 7700*1 3108 2700 r 
3209 23773 pc 3209 2373 c 
2904 28779 *1 2984 20777 r 
40111 2700 * 447111 2700* 
31788 SSm pc 3108 23773 pc 
3209 5*779 e 3088 2079*1 
3108 22771 *1 3108 22T7I pe 
2100 pc Si/88 21/70 pe 
3VB8 23773 r 3108 2*73 pc 
437109 3804 • 437109 31/88* 


PWttnPMfc 32A8 231131 

Phaw 3209 24/75 r 

Rangoon 3208 007' 

8*0(4 2904 17302 pe 

Statoul 2802 23773c 

31/BS 2VJO pc 
3108 24/75 e 
Saw 21/70 pe 
3108 2700*1 


3108 33773*1 
32*89 2075 r 
3088 23/73 r 
2884 1804 pc 
2802 21/70 e 
31/88 22771 QC 
3108 24775 *1 
28779 2277! c 
31/88 2879 r 


Africa 


North America 


Capa Town 1B04 


W 

or of 


Anchmg* 


AtaiDnett 

Bani 

Cooo 


J«ia*am 

| inage 

ArwA 


3403 23773 a 
3M6‘ 22)71 ■ 
39(10? 2271 * 
3W 1SIS9 a 
32B9 TMla 
4011! 21/70 > 


3748 ?«7S a 
2M4 21.70 a 

4070* 2068* 

34*3 1B/59 a 
32S9 18019 
45/113 22/71 1 


Bmpi 

CTheago 

Data 

-Oamar 

0 *M 

hkroUu 

LoaAngalat 


HV Um* 

• OP OF 
n /70 MOO Ml -21770 1102 pc 
32189 2 UBBp 6 3 V 88 21770 pc 

sow anepc 3 un ipoepc 
avw 13/84 I 2802 ITWpe 


34793 22/71 pe 
31/38 13)66 pe 
29/84 1STOB I 
29(84 22/71 r 
33/91 23)731 

29*84 wait 

33)91 S4775pC 


33/91 21/70 pa 
33)81 14/57 1 
29/8* 17*21 
30)38 2/71*1 
SKn 22/71 1' 
3006 WS1 pc 
3209 2075 pc 


Maw Yam 
©Undo 
ftwnh 
San Fran. 


Tororao 

Vancouver 

Waehnglon 


cjf cm 
2802. 1801 a 
2984 21/70 I 
32/88 22771 pc 
3108 2V70 pc 
3403 73773 pc 

*17108 29/77 4 
Stn 135SOO 
1804 1000*1 
3802 18041 
17/62 gwsah 
3301 23mpc 


Hfeh LowW 
cm c/f 
zma 1702 pc 
2700 19391 
30)88 2V73 pc 
3208 21/70 pc 
3V91 sarnpc 
41/106 26)70 a 
21/70 l2S3a 
ISM «48ah 
28/82 13081 
1804 7/44 ah 
3301 23)73 pe 


LasQi 

n Am 

Tito 


3088 WSli 
B/46P0 
ISOS 1308* 

sm moo a 
2904 22/71 r 
207B IBS) pc 
34/83 24/70* 


2700 14071 
1305 W7C 
sons 18/sea 
27180 12/S3 a 
28182 23/73 r 
23777 11/52 pc 
34/93 IMS* 


Latin Anwrica 


Buemr/Ura* 2008 948 pc 
OM OP 81/88 23)79 pc 
urns £371 ISO'S 

MancoOy 2700 16759 pc 
F90 dwanaao 2602 21/70 pe 
SanSagp 9/49 7/44r 


19*88 11/62 pc 
3008 2075 pc 
21/70 17*2 pc 
1 BOB 72/53 c 
'extra 21/70 pc 
iaS3 W37r 




! P 
4* u 


42/107 2S77 z 42/107 2700a 


Oceania 

legend; s-sunny. pe-perty cloudy, oidouir. dvshowsra. ^Cukwi/uiib, r^ain. s<-nw Arm, 
srasraw. Hos, W-Wsuhsr. ARiiMM,ta8anta«id(MspnivliMbyAaau«MVMr.taft.eiO07 


1263 W46e 
1M1 1060*1 


13/55 6U6c 
17*2 12(53 pe 


I i 

li 
•4 - 




A two-month trial 
subscription. 
Save up to 60% 

Try o special, low cosl 2-month trial subscription to the 
International Herald Tribune to enjoy delivery to your 
borne or office every morning AND save up to 60% off 
the newsstand price. 


COUNTRY CURCfrJO 

1 MONTHS 
NEWSSTAND 

I MONTHS 
OVER- 

DISCOUNT 

OFF 

AUSTRIA 

ATS 

PRICE 

T.A56 

PRICE 

6S0 

COVER PRICE 

S5 '• 

BELGIUM tUXtMK 

BEF 

3 380 

T 350 

ftC 

DENMARK 

DKK 

7 SO 

360 

5A 

FINLAND 

FIM 

62-T 

310 

SO . 

FRANCE 

IF 

SIC 

710 

60- •• 

GERMANY 

DEM 

1 £2 

72 

bO 

GREAT BRITAIN 

c 

.;>• 

22 

S3- 

HONG KONG 

HKJ 

6 7 ft 


3/ - 

ITALY 

1TL 

1*55.600 

55.000 

(SO-- 

JAPAN 

¥ 

36.000 

12 150 

S3 ■ 

MALAYSIA 

RM 

'£3 

101 

-14". 

NETHERLANDS 

NLG 

ic-s 

73 

60 ■ 

NORV/AY 

NOK 

ail 

SCO 

S3’ 

SINGAPORE 

SS 

1 AO 

£2 

43 

SPAIN 

PIA5 

1 1.700 

S.000 

S 7 

SWEDEN 

SEX 

6 32 

350 

SR 

SWITZERLAND 

CHF 

1 Oft 

06 

00 - 

USA 

s 

73 

33 

5 o r 


FOR OTHER COUNTKltS PLLAS1 CONTACT YOUR NtACtST IHT OfflCE 


. I wo&tfolo Oort receiving fcMmtceian(JHmklTHbM. ■ . 

I D Mydwdtiiandasad (payaUa to tha HtJ 

j Charge my: □ Antax □ Diners □ Vt$A O Ac»» G MasterCard □Euroasd 
■ Far u4JS and Asian prie*i, cracfc card* <^1 dmgad in Frandi Francs currant rates. 


Country: 

Horae UNb^ 


BusmalelNo;. 




Cad Na. 


Exp. Dai*;. 


Sgnalure: — , ■ ■ , — 

For business ordaft, mdiente yoer V<4T Na, 


[IHT VW Number tit7473202H 2^ 


I Mr/Mrs/Ms Foai3y Nome. 
! Frrd Nome 


Jabnk. 


IgtfthbecpyelAwHTM: Qlmk □ hotel Oolrftm Gather 22*6-97 

□ 1 <£> not vdtfi to rarahra Mbnealion from adwr cmMy seraeiwd arapenws 
Mol-or fat to: IntmKdfuoa) Hefad Triune 
EUROPE, MIDDLE EAST A AFRICA 
T81 Aw. CharfesdeGaufa, 92521 N8uiByCd«Riin« 

-- Fdic+331dl43m0.fefr+33lri'439361 
IIH AMBtKAS 

850 Thid Avwve, Mew Yod, N.Y. I0022d275, USA 
Fax: +1 2)27558785. Tat M MT-80O882-2B84 


j Moving Addrau:. 
| Qy/Gock 


■ASW 

7/F ry, Ko^ 

E-MaB: 9u luWit* om A dat eubMMMbcom 

Offer wAf far itomfaieAas only. . HA7M |i. 




httprimi par Offprint. 7 3 roe de fEnatgile. 750ItS Paris 


\ 










tie - = 




1**7 - 

-tr- -- i - _ r ^ . 

ti: \ To;-. =.-vr.* . 

*«; -f *v" 
lifcj" T-.-r 




With Rapist’s Conviction, Her Nightmares End After 11 Years 




By Monte Williams 

New York Titties Seniie 


' ’* ’•iZlllt.- Il- ' . I . , _ . DtCWWITB N™ Y«LTinw. 

, * *1 (jii’j h ' Adrienne Ortolan o id her first interview since she was 

.Is \, • i. * raped in 1986. Her attacker was convicted June 12. 

htl M‘ 


STAMFORD, Connecticut — Every night 
for 1 1 years she says she has thought about 
some aspect of what happened to her, whether 
it was Alex Kelly’s powerful grip on her 
throat, the paralyzing fear she felt during the 
rape or Mr. Kelly's flight from justice. 

When sleep finally came, so. too. did the 
nightmares. In a recurring dream, Mr. Kelly 
followed through with a threat thai she says 
he made three times after be attacked her. 

“He said, ‘If you tell anybody, m do it 
again, and 1*11 kill you,* .** Adrienne Ortolano 
recalled, granting tier first interview since her 
rape in 1986 and allowing herself to be iden- 
tified and photographed. "‘I'll never forget 
the words he used, or bis tone. In my dream, 
henever gotto the killing pan. I would always 
wake up as soon as he hod me down with him 
on top of me." 

Last week, after a jury of three men and 
three women convicted Mr. Kelly of rape in 
state Superior Court here, Ms. Ortolano said 
her nightly terror vanished. On the morning of 
June 13, the day after the verdict, her husband. 


Chris Ortolano, asked her how she rested. 

“1 said I slept very well." she said. “1 
didn’t have any nightmares. He told me. 
‘You've had your last nightmare.' ” 

The guilty verdict was a testament to the 
tenacity Ms. Ortolano has shown since her 
rape. She rejected a plea bargain in the year 
after the rape, anti again last fall. She hired a 
lawyer to track down Mr. Kel ty in iy94. years 
after he had fled to Europe as a fugitive, in 
1987. Mr. Kelly spent eight years there. 

She weathered one trial that ended in a 
deadlocked jury and took the stand for a second 
time during the second trial. Each lime she was 
called a liar and subjected to a withering cross- 
examination, and during the second trial. Mr. 
Kelly’s lawyer called her a drug user. 

Ms. Ortolano, 27, said she agreed to an 
interview because she warned ro give other 
rape victims the courage to "come forward, 
follow through and get justice." She said she 
also wants the world to know that she is not 
ashamed of who she is. 

“I'm a survivor of rape, and there are 
thousands of survivors of rape just like me." 
she said in a voice that remained steady 
through most of the interview, conducted in 


the office of her lawyer. David Golub. Fi- 
nally. she said she was going public to set the 
record straight. 

Although she was never identified in news 
accounts about The case, she said she still felt 
sullied by Mr. Kelly’s lawyer. Thomas 
Puccio, who accused tier of using drugs that 
night and of agreeing to have sex with Mr. 
Kelly. In his defense of Mr. Kelly. Mr. Puccio 
said she had concocted a tale of rape out of 
shame of losing her virginity in the back of a 
Jeep ro an 1 8-year-old she had just met. a 
youth with whom she would have no future 
because he had a girlfriend. 

Ms. Ortolano. who works as a sales rep- 
resentative for a pharmaceutical company, 
said nothing could be further from the truth. 
She did not use drugs, she insisted. 

“I never flirted with AJex Kelly. "she said. 
“Mr. Puccio said I was a liar. He said 1 
wanted to have sex with Mr. Kelly. He also 
implied 1 was drunk. That’s also untrue." 

in the two-hour interview. Ms. Ortolano 
appeared alternately confident, guarded and 
angry. She said that while the nightmares may 
be gone, she still does not feel at ease. Mr. 
Kelly, stie noted, remains free on S! million 


bond until his sentencing on July 24. and she 
say* she is still afraid of him. 

She said she was so obsessed with rape 
throughout her college years at Northeastern 
University that nearly every term paper she 
wrote was about sexual assault. 

“1 alwass wanted to tell everybody what 
had happened because many people think it 
couldn't happen to them." she stud. 

She confided her ordeal to Mr. Ortolano 
s.oon after they began dating. She was 20 at 
the time. She sought psychological coun- 
seling. which continues to this day. and Ms. 
Ortolano said she remained distrustful of men 
after the assault. 

When she met Mr. Kelly at a party in 
Darien. Connecticut, she was Adrienne Bak. 
a suburban teenager. Mr. Kelly was a high 
school wrestling star. She accepted his offer 
of a ride home, but said she had been reluctant 
because he had received some local notoriety 
3s a convicted burglar and drug user. 

“I wish I had followed my instincts." she 
said. “But my friends said it was O.K.. that he 
could give me j ride home. They knew him. I 
didn't. Bui 1 blamed myself tor taking the 
ride." 


Gingrich Unfazed by House ‘Turmoil 5 


By David S. Broder 

Washington Post Service 


H&Jft T-ZiOrri 

lift Tr.y Mr EM-tirK* 

- 

r* 


jrrtm* 

T*>jf s 

' : ~-V 

-• . _L : 

i .•=>,-• . • - 

: 1 - 

FjutiSiN .tijLsii 

Lnslh 




u 


WASHINGTON — Newt Gingrich. 

; the House speaker, says that he is be- 
: 1 sieged by the media, the Democrats and 
■ ":■< • fellow conservatives, but that he is in no 
; -F* : [ danger of losing his job. 

' Accounts of his possible ouster by 
■ ; rebellious Republicans come from “a 
'• totally self-fed media frenzy,” the 
[Georgia Republican said in an inter- 

- ! view. There is ‘ ’zero quotable evidence 
• of any kind that my career is at stake.” 

' "V ! That assessment is supported by coo- 

- - ■versations with a cross-section of Re- 
:. [publican lawmakers in die House who 

• :> agree that, for now, the speaker is safe. At 
• [ the same time, even Mr. Gingrich's close 
! allies say he is- now in a very difficult 

n //idi . 


position that will not change soon. 

Mr. Gingrich’s latest bout with con- 
troversy began last week, after a Re- 
publican strategy to confront President 
Bill Clinton collapsed. Republican law- 
makers had loaded a flood-relief bill with 
two unrelated riders, but they backed 
down when Mr. Clinton vetoed the bill as 
public support turned a gains t them. 

On Wednesday, Mr. Gingrich ap- 
peared unconcerned about the dissension 
in the Republican ranks, and as voluble 
as ever about his plans to craft a new 
"Contract With America” for the con- 
gressional election campaign of 2000. 

He did acknowledge that he was re- 
thinking his leadership tactics and was 
asking fellow conservatives to get over 
their "presumption" that someone is 
about "to sell us out today.” 


in 


Medicare Overhaul Under Fire 


By Adam Clymer 

Nei i York Times Sen-ice 


~'F V 

f ' ■ >1 


rf 2..-.." . “-■= *•;' — ' : 
■**}=« -2 

’/f:.- v, *■' . 
■< t *u.i :i - - •. 


/ 

i h. I.M 


^luti-U'rDij 


.. "WASHINGTON — The bipartisan 
' [shine on Senate efforts to revolutionize 
[Medicare and protect its finances has 
*; 'already started tarnishing, as the plan met 
' : [ pained silence from House Republicans 
" • and withering arracks from Democrats. 

[ On both sides of the Capitol, high- 
. ranking congressional aides said the 
central elements of the plan — to raise 

- [the Medicare eligibility age to 67 from 

- [65 and increase payments by the well- 

- [off elderly — were unlikely to become 
-law. 

[ The obstacles amounted to the same 
1 hairier that has thwarted efforts for sev- 
[eral years to protect Medicare against 
■the surge of baby-boomer retirements 
foreseen in the next century: the fact that 
old people vote. 

On Thursday, Republicans showed 
no appetite for signing on to a plan 
produced suddenly, without hearings or 
consultation, in a Senate committee. 
Aides said their bosses expected the 
Senate itself to kill the plan on the floor 
next week — and spare them the need to 
kill it in conference. 


Senator Edward Kennedy, Democrat 
of Massachusetts, who has led most of 
his pany's successful efforts on health 
care, told the Senate that the idea die 
plan was needed to preserve Medicare 
for future generations was "hogwash.” 
He said. "Our goal is to save Medicare, 
not destroy it" 

He argued that raising the eligibility 
age to 67 would break ‘ “acompact made 
‘with millions of working Americans" 
and would “throw millions of seniors 
into the ranks of the uninsured." 

He also attacked the plan for increas- 
ing the annual deductible from $100 to 
$540 for individuals with incomes over 
$50,000, and to $2, 160 -for those with 
incomes over $ TOO, 000. ' 7 

In other decisions Thursday, the Sen- 
ate Finance Committee agreed to add $8 
billion' in new financing for children's 
health insurance by raising the tax on 
cigarettes by 20 cents a pack, nearly 
doubling the current federal tax of 24 
cents a pack. The increase was proposed 
by Senator Onin Hatch, Republican of 
Utah, who along with Mr. Kennedy, has 
been pushing a proposal ro use the pro- 
ceeds to provide health coverage for 
uninsured children. 


What news organizations had begun 
to call the "GOP turmoil” story was 
dismissed by Mr. Gingrich as falling, weU 
within "the normal parameters of a ma- 
jority with an opposition-party president, 
working through a series of 'historic is- 
sues. Some things work brilliantly; oth- 
ers, not so well.” he said. “People 
should relax and get used to it.” 

Some of the speaker's longtime allies 
and advisers say the problems in the 
House Republican cloakroom are a lot 
more serious than that. 

Historical circumstances little appre- 
ciated by rebellious rauk-and-lilers and 
leadership weaknesses that Mr. Gingrich 
has been reluctant to acknowledge un- 
derlie the upheavals. The heart of the 
dilemma, as allies of Mr. Gingrich see it, 
is that the speaker fueled a movement of 
political revolutionaries who have now 
turned on him — because political real- 
ities have forced him to take a much more 
cautious and accommodating stance. 

Mr. Gingrich's own analysis of what 
has gone wrong puts much of the blame 
on others: the conservative movement, 
the press, his enemies in organized labor 
and the Democratic Party. 

“Some of our conservative critics are 
so used to being on defense that they 
automatically yell, ‘Sack the quarter- 
back,’ even when it’s their quarterback 
on the field,” he said. “It is very dif- 
ficult for conservatives who have spent 
their lives being anti-Communist, anti- 
Washington. anti-tax suddenly to be 
pro-Congress." he added. 

“The conservative movement histor- 
ically since World War II has always 
felt betrayed,” Mr. Gingrich said, dia- 
gnosing "a degree of paranoia on the 
right. “Eisenhower. Nixon, Ford were 
never conservative enough. Ultimately, 
Ronald Reagan was not conservative 
enough for them. There is an automatic 
presumption: We know they will sell us 
out eventually and we wonder if they 
will sell us out today." 

While many Republicans on and off 
Capitol Hill have made Mr. Gingrich the 
scapegoat in the recent policy reversals, 
most Republican members of the House 
.still describe him as the natural leader of 
their cause. 


FULL-LENGTH FEATURES, By Matt Gaffney 


-- - — --- 




Til KK 



il l* 


' ACROSS 
I Sleeping spots 
7 Rais 

12 Mart Df official 
approval 

18 WMte-knockted 

’ 20 Pointless 
1 21 Breathing aid 
22 194461m 

25 See 45- Down 

26 With 60-Down. 

, bid 

27 Blasted a bole in 
i 28 Boots 

29 ‘The Road 
Runner” 
background 
sights 

. 38 “ — mod in 
your eye!” 

35 Pitcher 
Fernandez: 

37 Fan letdown 

38 "TheFksr 
Wives’ Club" 
members 

49 Latin 
clarification 
42 Make an . 

outstanding 

design? 

45 1965 fibs"'. ’ 

51 Skirt 


52 English 
churchyard 
features 

53 Dealer in piece 

pw fa 

54 Literally, 
“goddess" 

55 They Ye toasted 
at luncheons 

56 Shooting mat c h 

58 Domingo y lunes 

62 Won! of 
encouragement 

63 City of northern 


City of ra 
F inland 


64 Certain drop 

65 Singer Jackson 
67 1986 or 1994 

film 

72 Habituates 
.73 “James and the 

Giant Peach" 
author 

74 Dole's Senate 
successor 

73 lmLairbub 

76 Big name in 
videogames 

77 Golden 

(seniors) 

79 BaD throwers 


42* ' T" . • T“ 



sV 


y 4 *«¥£* -■ 


•Hie Finance 

Merchants Group 


- Ofefaorc Comme r cial Santa . 
Bahamas, Tel: ( 242 » 394-7090 
• Fax: {2421394-7082 


80 It played the 
Platters' platters 

81 Hogtike animals 

84 Auto with 
models 900 and 
9000 

85 Locale of 
ancient Ur 

86 1951 film 

91 Unfair shake 

92 Relaxation in 
63- Across 

93 Exciting 
experience, fn 
Slang 

94 En- graved 
letters? 

95 “That feels 

good!" 

97 Wash) knots 
100 Recesses 
103 If A=Band 
B=C.tben 
A»C,eg. 

196 -Serpico” author 
Peter 

108 Glass 

Currency Act 
1913- 

HO Impolite reply 
112 1948 film 

118 Helmsman 

119 Like some walks 

120 Successful 
person 

121 Bootlicker 

122 Theroux's The - 

Happy of 

Oceania" 

123 Bay, county or 
city of Ireland 
DOWN ■ 

..1 Super Bowl XIV 
participants 

2 Late bedtime. 

3 Daisy variety 

4 Request to a 
guest 

5 Kenyan, 
independence 

leader . . 

Mboya 

6 Lookfor 

- damages - 
. 7 Former Chief 
justice Harlan 
— Stone 

8 Breaks 

9 More than nod 
10 Contentious 

• -political 
assembly 
: ll Antivetuas 
12 British F-BJL 
33 Flnt namein 
folk 

14 Third Chinese 
. . dynasty 

15 Two-time 

of 



© New York Timet/Ediled by Will Shorts. 


23 Slangy 
turndown 

24 Coming up 

30 Crayola color 

31 Canceled 
32 1 


61 Real-life sailor 88 Some TV's 
on whom Crusoe 89 The Tar Heels: 


preskJenn 

Texas 


16 Snob 

17 Actress Harper 
and others 

19 Computer game 

21 Isao of the 

P.fiA 


34 Author LeShan 

38 “Edward 
S dsso rhands" 
star ■ 

39 Stralr of Messina 
menace 

41 Iron: Prefix ■ 

48 “The Simpsons" 

(aiyrnW 

44 With 111-Down, 
vulture or hawk 

45 Wlth25-Across, 
voiced an 

■ opinion 

46 Satanic moniker 

47-Soatheni 

■ swarmer 

48 Lull 

49 Sympathetic 
sounds 

50 A Turner . 

55 Pays the price 
for 

56 Namesakes of a 
son of Adam 

57 Swiss theologian 
Barth 

59 Site of a famous 
flag-raising 

60 See26-Anros 


was based 

63 Words of praise 

64 Pauli, e^. 

65 Pot contents 

66 18. 19 and 20 of 
a series 

68 Henry Clay, for 
one 

69 West-central 
Texas dty 

70 Double fold 

71 Challenger of 
• the dragon 

Smaug 

77 Boost 

78 The Pelican 
BrieT author 

79 Caseworkers, 
for short 

80 Arches 

82 90 '£ film 
autobiography 
subtitled* My 
Story” 

83 Bear of 
literature 

84 Fish that sings 
when mating 

85 Sit - 

86 Embodiment of 
Impractical 
chivalry 

87 They make calls 
from home 


Abbr, 

90 Mouths 
• 91 Loud and rude 
96 1944 Bing 
Crosby hit 

98 Cuddly film 

creatures of 1983 

99 Opium * 

191 Jostle 

192 Historic rival of 
Florence 

104 City near Provo 


105 Vklal's* 

Breckinridge" 
107 Prefix with -vert 
109 Riot-stopping 

111 l2e44-Down 

113 Mid. 

114 Wheaton of 
"Stand By Me- 
tis Seasonal drink 

116 Actress 
Thurman 

117 Country singer 
McDaniel 


Solution to Puzzle.of June 14-15 


oonnin 

kinnno 

rjrunrtn 

nnran noon nnnnra 
anno nnnn nnnmrj 
r?ruio nnonranannn 

bona 

man 

ooanomcin nnnmrra 

□a ana onnnnj 
nrannnnno nnoflannen 

□anoEQ 

nanao onn 

nraanm noriasn 

□ □□naana 

fiasna 

ann 

□ana 

ana n 
non 
nooaao 

onn nonnn 
nnnn nnno 
aoannnn 
nnn 

onn nonnn 

naara n 

□ 

iTuoaa 

nrcoiaa 

n 

non 

nnntnnn 

n 

nanra 

aao mnnrto 

HP1F4 

anm 

nn 

on 

n 

□ 

nnt as 
a onn 

noon onn 
nnnoanrmn 

n 

nnran 

HTTJ 

nn 

a 

a nnn 
nno 

nna 

□nnnnnnrm 

tinnn 

nn 

n 

non n 

nnn nnnnn 

nano 

nrvm 

n o 

n n 

nnui n 
non n 

non oonnn 
nnn nnnnn 



U.V'W.'jB-.u-. U-rurFm* Pit-- 

SAYING ‘NO’ IN PERU — A Lima resident signing a petition calling for a referendum to bar President 
Alberto Fujimori from seeking election to a third term in 2(HK). Organizers want to keep Mr. Fujimori, 
whose popularity has plummeted, from sidestepping judicial panel rulings that he cannot run again. 


POLITICAL NOTES 


Whitewater Counsel 
Beefs Up His Office 

WASHINGTON — The independ- 
ent counsel in the Whitewater case, 
faced with criticism of his inquiry’s 
pace, has shored up his staff by ap- 
pointing four prosecutors. 

Among the appointments made by 
the prosecutor. Kenneth Starr, is that 
of John Bates, who will be deputy 
independent counsel. Mr. Bates left 
Mr. Starr’s staff in February when Mr. 
Starr announced that he was stepping 
down to take a university job, a de- 
cision he later reversed after a torrent 
of criticism. 

Even some of Mr. Starr’s own 
friepds and colleagues say his lack of 
prosecutorial experience and his op- 
erating mode — working part-time as 
independent counsel while continuing 
to handle cases for his Washington 
law firm — have slowed the inves- 
tigation into the involvement of Pres- 
ident Bill Clinton, and his wife. Hil- 
lary, in an Arkansas real-estate deal, 
ana other matters. (LAT) 

Clinton Threatens 
Veto of Spy Bill 

WASHINGTON —The Senate has 
passed a secret spending bill for U.S. 
intelligence, but die White House 
threatened to veto it over a provision 
that would protect whistle-blowers. 

The amount of money provided by 
the bill, passed Thursday, is classi- 
fied. But it is known that it would let 
employees of the Central Intelligence 
Agency and other intelligence agen- 
cies tell members of Congress clas- 
sified information that would expose a 
crime, without fear of reprisal. 


But the White House said il would 
veto the bill over that provision. In a 
statement, it said the whistle-blower 
measure would usuip “the president’s 
constitutional authority to protect na- 
tional security and other privileged 
information. ’ ’ ( A' IT l 

Turnout Low in ’96 

WASHINGTON — At the driver’s 
license bureau, the welfare office and 
tbe comer mailbox. Americans signed 
up as voters in record numbers last 
year — then stayed home from the 
polls in droves. 

An estimated 3.4 million more 
people registered in time to vote in 
1996 as a direct result of conveniences 
created by the national ‘ ‘ motor voter’ ’ 
law, according to a federal report that 
was released Thursday. 

The Federal Election Commission 
found that almost 73 percent of the 
nation’s eligible voters were re- 
gistered, the highest number for any 
election since reliable record-keeping 
began in 1960. 

Bur actually going to the polls 
proved Jess popular. For the Novem- 
ber election, turnout was 49 percent of 
citizens old enough to vote, the lowest 
level since 1924. (API 

Quote /Unquote 

Tbe House minority leader, 
Richard Gephardt of Missouri, saying 
that Republicans had aimed a tax cut 
at the richest 5 percent of taxpayers, 
while the Democratic plan would of- 
fer average taxpayers a helping hand: 
“There is a different way to provide 
tax relief than rewarding traders of 
stocks and bonds for a bull market 
brought on by the Democrats' eco- 
nomic recovery." . (WP } 


Away From Politics 

• The man who tried to kill President 

Ronald Reagan in 1981 cannot leave 
the mental hospital for unescorted visits 
with his family because "he has de- 
ceived those treating him in ways too 
numerous to recount ' and may still be 
dangerous, a federal judge has ruled. 
The judge ciied the opinion of a gov- 
ernment psychiatrist who testified that 
the behavior of the would-be assassin, 
John Hinckley Jr., toward the hospital’s 
chief pharmacist was similar to his one- 
time obsession with the actress Jodie 
Foster. (ATT) 

• All those infected with AIDS should 
be treated with a three-drug combin- 
ation of ami-viral medications, and 
most people in the early, symptom-free 
stage of human immunodeficiency vi- 
rus infection should get the same ag- 
gressive treatment, the federal govern- 
ment has recommended. A document 
prepared under the auspices of the De- 
partment of Health and Human Services 
tells doctors what is good — and what is 
substandard — care for patients with 
HIV infection. The guidelines, which 
have no regulatory or legal force, con- 
tain specific advice about when lo start 
treatment and how to change it. (WP) 

• Civilian complaints against New 

York City police officers, which rose 
steadily during the first half of the de- 
cade. dropped slighily in 1996 and then 
by nearly j 1 percent during tbe first five 
months of this year, according to stat- 
istics released fry the Civilian Com- 
plaint Review Board. (A'JT) 

• Arid California, which faces the 

threat of wildfires every summer, is 
bracing for a devastating fire season this 
year with almost no rainfall in recent 
months along with unusually abundant 
brush growth. In some areas of Southern 
California, the grass and brush growth 
this spring is 50 to 60 percent drier than 
usual. (WPi 


Save up to 

80 % 

ON ALL 

International Calls 


■EW WORLD'S RATES TO THE ILS. 

10VEST RftTES • S SECOHD BUJNG 
HO HIDDEN CHARGES 
IDEAL FOR HOME / OFFICE / CELLULAR 

Cal Hans at 44 171 360 5037 
fee 44171360 5036 

Or afl ouf US. office at (201 1 907-5156 
Of fee pmj 907-5111 

e-mait 

^y/*rw,rww«lBkcom 

E 







Oui 

air condition 

- the dean, fresh mountain air 


PALACE HOTEL 
GSTAAD 
SWITZERLAND 

Please call: 

Phone +4133/7485000 
Telefax +41 33/7485001 


See our 

Business Opportunities 

every Wednesday 
in The Intennarket 


LIFE 
1 S 

WORTH 

BACCARAT 






IA1ANDE CLOCK 


MUSEUM AM) STORE : 30Bis, RUE DE RARADIS - RMBS 10* 
CA11: 01 47 706430 









PAGE 4. 


INTERNATIONAL HKRAT.il TRIBUNE, SATURDAY-SUNDAY, JUNE 21-22, 1997 


INTERNATIONAL 


<r IVO 




Skepticism Deepens at Rebels’ Report of Pol Pot’s Surrender 


By Seth Mydans 

New York Times Service 


PHNOM PENH — For the second 


It then described what it said was a 
mass meeting of 3,000 villagers who 
took turns standing up to denounce Mr. 
Pol Pot as a ‘‘ruthless dictator” at his 


time this week, the clandestine radio jungle headquarters of Anlong Veng. 


station of die Khmer Rouge guerrillas 


illation,” said Christophe Peschoux, a 
leading expert on the Khmer Rouge. 
"We have such scanty evidence to go 
on. I’m not saying it’s not true. Bui all we 
have are statements from people who 


leaders is pan of his increasingly dan- 
gerous power struggle with his co-prime 
minister, Hun Sen. ■ . 

The potential for violence growing 


t followed a report Fri- have their own po litic al agendas." 

^ g — * — - — ' - - i nr . J XV 


reported Friday that the movement’s fo- day morning by the first prime minister, A Western diplomat noted that for all 


out of that power struggle was demon- 
strated late Tuesday night when security 
units loyal to different political parties 


gitive leader, Pol Pot, had capitulated. Pnnce Norodom Ranariddh, that Mr. Pol the talk, of surrender, Mr. Pol Pot was opened fire on each other, Mralyang the 


leader? Then, the day before yesterday, 
they say Pol Pot has sipendered; but 
surrendered to whom, since he is their 
top leader? 

“I don't think you can say any of this 
is real until Anlong Veng is under the 
control of the government," he said. 

One experienced Western analyst. 


Thief in TelAsk^. 
Steals Bag, and” 
Finds a Bomb 


r 6 tor 


~ — * y — » ftmw^v^vyvww niiin iuwi, uianfli. rm UXC LaJJL Ul blUIvIlUCr, IVir. rui ruii — ^ •*_ - 1 " j;.; r _ 

The new broadcast was greeted with Pot, stranded in the jungle with only 15 still among the Khmer Rouge guerrillas capital with heavy gunfire for two hours however, speaking on condition 


deepening skepticism here in the capital, 
after a week of unconfirmed reports 
about what had become of the man ac- 
cused of the deaths of a million people 
from 1975 to 1979. 

On Wednesday, the radio, broadcast- 
ing from remote jungles in northern 
Cambodia, announced what it said was 


armed men, had asked to surrender. 

According to the prince, the Khmer 
Rouge leadership split last week and Mr. 
Pol Pot fled into the jungle after killin g a 
top lieutenant and seizing other Khmer 


he has commanded for nearly 30 years. 

“I don’t think we can talk about sur- 
render or capture nnril he is in the hands 
of the government,” he said. 

The reported split in the Khmer Rouge 


and killing at least two people. 

Speaking to reporters Friday morning, 
Mr. Hun Sen joined in the expressions of 


Rouge officials as hostages. leadership would appear to be related to 

But Prince Ranariddh has not visited differences over whether to continue the 
the area and is at the mercy of his own guerrilla war or to strike a deal with 


skepticism that are being voiced by ex- 
perts on the Khmer Rouge, foreign dip- 
lomats and ordinary people ranging 
from Cambodian journalists to shop 
owners. 


onymity, said at least some of the reports 
may be true. . 

“I don’t get the sense that Pol Pot is a 
gay that’s in custody.” he said "Bat I 
think there was some type of strife with- 
in the top leadership.” 

He, said the Khmer Rouge leadership 
seemed to be engaged in abstruse ma- 


his surrender using a Khraer-ianguage informants, who, one Western diplomat Prince Ranariddh. The prince’s emis- "This is a political game," Mr. Hun neuvers intended to make some mom- 

verb that means "to admit guilt" On suggested, might themselves be getting saries had reportedly been negotiating .Sen said of the Khmer Rouge radio bers appear more palatable to the ouBiae 

Friday, the radio seemed to strengthen their information from Khmer Rouge with the Khmer Rouge at Anlong Veng. reports. “I don’t believe it First, Khmer world so tint they could came in from 

its report, saying he had been "cap- sources. The prince’s attempts to forge an al- Rouge radio says Pol Pot has betrayed; me cold with some degree of protec- 

tured” Thursday. "We are in the realm of pure spec- tiance with defecting Khmer Rouge but betrayed whom, since he is their top tion. 


SUMMIT: U.S.-Japan Trade Maneuvers 


Continued from Page 1 


regulation in the telecommunications, 
medical devices and pharmaceutical 


products, housing and construction, and 
financial services sectors. It builds on 


financial services sectors. It builds on 
the earlier U.S.-Japan Framework 
Agreement. 


Ms. Barshefsky said that the U.S. side United States.” 


way agreement and that somehow U.S. 
officials would be supervising Japanese 
deregulation was quickly hammered 
down by the Tokyo delegation, begin- 
ning with Mr. Hashimoto. 

“We have no intention of being su- 
pervised,” he said. “We are friends, so 
we are ready to discuss matters with the 




had “much to gain” from more open 
Japanese markets, and that Japanese 


And a Japanese Foreign Ministry of- 
ficial said that Tokyo considered the 


consumers would benefit from greater agreement to provide for Japan esernon 
choice and lower prices. itoring of U.S. deregulation efforts, no 


grit** 


She implied that the agreement was just the other way. 


aimed primarily at the J; 
that the United States ; 


iese, saying “This enhanced initiative will take 


world’s most open major economy.” 
But the impression that this was a one- 


ly “is the place under the basic principle of two- 


CLUB: 

: Not’Quite Status 


Continued from Page 1 


That may seem like a distinction with- 


way dialogue," a Japanese spokesman 
said. "Japan can take up issues with the 
U.S. side." These issues, he said, could 
include complaints by Japanese tele- 
communications companies that they 
face unfair licensing barriers to compete 
in the U.S. market. 

The suggestion by U.S. officials that 
the accord was expected to produce re- 
sults in a year was also played down by 
the Japanese. “The Hashimoto cabinet 


out a difference. After all, unlik e the has been working harder than ever to 
North Atlantic Treaty Or ganisati on or promote deregulation,” the spokesman 



The Aanvffed Pma 

TEL AVIV — A man who 
thought he was stealing a bag left by 
a sunbather on die bead* in tel A w 
on Friday discovered that be was 
-carrying a bomb packed wife sev. 
eral kilograms of explosives, the 
police said. 

The man took the bag to a nearby 
apartment building, opened it to 
check the contents and found a 
bomb fixed with a timer mechanism 
as well as a cookie tin filled with 
nails. 

He ran to the nearest hotel where 
the manager contacted die police, 
who sealed off the area close to the 
beachfront promenade, evacuated 
residents of the apartment building 
and detonated the explosives. 

The police were investigating 
whether the bomb was placed on the 
crowded beach by criminals or by 
Palestinian militants. 

The Palestinian miiitanr group 
Hamas has taken responsibility for a 
series of bombing attacks, including 
one at a Tel Aviv cafe in March in 
which three Israeli women and the 
bomber were killed. 

Most Hamas arracks were suicide 
bombings. 

■ Violent Clashes in Hebron 


the European Union, there is no G-7 said, “bu 
organization, as such, outside of the an- limit." 
nual summit meetings — do headquar- The Ja 
ters, no bureaucracy, not even any there was 
bylaws or formal membership criteria, other issui 
But the nuances involved in the termin- the summ 
ology highlight the far more consequeo- four-party 
tial and delicate questions surrounding Peninsula, 
.the integration of Russia into the com- ing China 
.’ munity of industrialized democracies. communit 

\ The Group of Seven comprises Bri- Kong's m 
’-tain. Canada, France, Germany, Italy, after it rev 
Japan and the United States. July 1. 

Russia, once one of the most dora- H « • 

inant political and military superpowers • 
in history, no longer ranks among the Russia 
world’s economic superpowers under pan from 
most traditional measurements. missile tai 

Its economy is barely a tenth the size relations ^ 
of that of the United Stares and a third the from Den 
size of Japan's. A Japa 

While Western officials believe Mr. Boris Yell 
Yeltsin’s government has made progress meeting v 
in stabilizing the economy during its to. The of 
rocky transition from communism to hotdregul 
capitalism. Moscow remains a recipient sia and es' 
of economic assistance rather than a Mr. Y< 
creditor like the other countries attend- were met 
ing the Denver meeting. European 

Consequently, the one time Mr. Yeltsin and Russi 
will be excluded this weekend will be a ■ economy. 
Saturday session devoted to discussion of 
international monetary policy, global fi- 
nancial regulation and ways of reducing C’C’IV 
the risks of economic calamities such as kjJCjl i 
the 1995 peso crisis in Mexico. 

“They are not a kind of leading fi- Co 

nancial power." Mr. Steinberg, the ad- 
viser to Mr. Clinton, said of Russia. Perhaps t 
“When you talk about international fi- cases that 
nancial regulation, for instance, which is eration to 
one of the things they’re goin^ to do, others t 


said, “but we do not have any time 
Limit" 

The Japanese said, however, that 
there was a meeting of minds on several 
other issues expected to be discussed at 
the summit meeting: the need to open 
four-party talks dealing with the Korean 
Peninsula, mutual support for integrat- 
ing China into the international financial 
community and the importance of Hong 
Kong's maintaining its present lifestyle 
after it reverts to Chinese sovereignty on 
July 1. 


THAT SINKING FEELING — Garage mechanics studying the question of how to tow a waste disposal track 
out of a sinkhole after the road collapsed Friday in North Guilford Hills, Pennsylvania. There were no injuries. 


Palestinians unleashed barrages 
of fire bombs and stones al Israeli 
soldiers, who shot and wounded at 
least 40 of them in the West Bank 
town of Hebron on Biday in the 
fiercest day of clashes in a week, 
Reuters reported. 

The clashes underscored tensions 
over a three-month impasse in talks 
between Israel and uie Palestine 
Liberation Organization on the ex- 
pansion of Jewish settlements in die 
Gaza Strip and the West Bank, in- 
cluding Arab East Jerusalem. 

The violence Friday began when 
about 100 youths attacked about 60 
Israeli soldiers barricaded behind an 
iron gate separating Jewish en- 
claves from PLO-con trolled areas. 


MARKET: Wall Street Bulls Find Justificationfor Optimism in the ‘ Breadth Stampede ’ 


Continued from Page 1 


going on is: This is not the end of the bull 
market,” Mr. Farrell said. “The odds 


indicated that the market is gathering 
momentum, a kind of warm-up sprint for 
a bigger run-up in prices. 

For instance, in September 1982, a' 


Instead, they say that because the 1997 that have been borrowed and sold, but 
gains did not come out of a bear market, not yet covered by repurchase, 
die old rules might not apply. On the smaller American Stock Ex- 

‘Tt*s a funny period,’* said Charles ‘change, short interest rose 7.45 percent. 


are the market's going up for another broad stock market rally erupted out of Clough Jr., chief investment strategist at to 171 million shares — also a record — 


Russia (o Detarget Japan 


three to six months.” 

He added that a study he conducted 
showed that after a historic gain in mar- 
ket breadth, over the next six months 


Russia pledged Friday to remove Ja- ket breadth, over the next six months 
n from the list of Russian nuclear stock prices rise about 80 percent of the 


the recession of 1981 and early 1982. 
The next year, the S&P 500-stock index 
rose about 36 percent and the Nasdaq 


Merrill Lynch, who has had bearish for the same period. 


leanings for some time. “All sorts of In a short sale, an investor borrows 


pan from the list of Russian nuclear 
missile targets, in a major step to repair 
relations with Tokyo, Reuters reported 
from Denver. 

A Japanese official said President 


composite index soared 61 percent 
There was an even better run in IS 


time. 

Tim Hayes, a senior equity strategist 
at Ned Davis Research Inc., said he 
found similar results in studying the 


Boris Yeltsin made the promise during a advance-decline line of the Standard & 


meeting with Prime Minister Hashimo- 
to. The official said Japan had agreed to 


Poor's 500-stock index, going back to 
1979. The company’s cumulative chart 


There was an even better run in 1975, 
after the market emerged from one of the 
worst bear markets in history, with the 
Dow plunging 27 percent in 1974. A 
year after the 1975 broadening, die S&P 
500 was up 41.3 percent. 

Still, there is one glaring exception. 
Shortly after the market saw broad gains 


happened before. Let me tell you. I’ve them, hoping to buy them back at lower 


bowed down before this market But prices and make a profit If the shares 


usually, your best periods of broad mar- 
ket advance have rebounded off some 
economic low.” 


Sales of Short Positions Increase 


The New York Stock Exchange has 
said that open positions of short sales 
rose nearly 5 percent to a record 3.44 


hold regular summit meetings with Rus- recently reached a high, and the ratio of in October 1973, it began spiraling rose nearly 5 percent to a record 3.44 short-sellers 
sia and establish telephone hotlines. advances to declines through June 9 was downward into the worst collapse since billion shares for the month ended June shares back. 


rise in price, Ihe short-seller faces a 
loss. 

High short-interest positions have 
been considered an indicator of bearish 
sentiment among market investors. Bui 
some analysts say large short interest 
positions are a positive sign because 
short-sellers eventually have to buy the 


Mr. Yeltsin and President Clinton 
were meeting later Friday to discuss 
European security issues, arms control 
and Russia’s integration into the global 


almost identical with that of the Big 
Board. 


the Depression. 

The usual trend, however, is to see 


Beyond indicating that investors are gains, which might be encouraging news 


buying into a wider variety of compa- 
nies, such strong ratios in the past have 


for some investors. But not all analysts 
agree with Mr. Farrell of Merrill Lynch. 


10. The Times reported. 

Short interest was equal to 1.8 percent 
of the total shares listed on tne Big 
Board, the exchange said Thursday. 
Open positions of short sales are shares 


SENTENCE: Prison Terms for 3 Vandals 


Continued from Page 1 old Randall White, who was killed in the 

crash, said they “cannot sit back while 
Perhaps this is one of those types of three more young people’s lives are 


CIA Suspect Said 
To Admit Killings 


SMOKING: Tobacco Firms Sign Deal 


Continued from Page 1 


cases that have to be tried every gen- 
eration to remind high school kids and 
others that vandalism has con- 


Russia is an object, not a subject.’ Russia, sequences.” 


he added, “doesn’t have the competence 
or the role to make those decisions.” 

Indeed, Russia's unprecedented role 
in this summit meeting stems as much 
from political calculations as economic 
ones. Although Russian leaders have 
been attending as guests since 1 99 1 , Mr. 
Clinton managed to gel Mr. Yeltsin in- 
cluded as an all-but-full partner during 
their March meeting in Helsinki, mainly 
as an inducement to win Moscow's ac- 
quiescence to NATO expansion. 

That decision underscores the evo- 
lution of the Group of Seven since its 
inception in 1975 as a purely economic 
event, first with six countries before 
Canada was quickly added. 

These days, economics is often over- 
shadowed at these meeting by other top- 


The assistant public defender, Joseph 


Registrato, whose office represented 
Mr. Cole, said: “This is what tne public 
wants. But the ramifications go far be- 
yond what anyone thought. When the 
families of the victims come forward, 
you know you have gone overboard." 

In a letter to Judge Mitchum, the 
mother, grandfather and aunt of 18-year- 


taken from them.” 

The letter said that the Whites were 
shocked when the three defendants were 
charged with manslaughter and shocked 
again at the guilty verdict. 

But the families of the two other boys 
— Kevin Farr and Brian Hernandez, 
both 18 — applauded the convictions. 

Brian’s father, Mike Hernandez, 
when asked about the severity of the 
punishment, said: “What's fair? Noth- 
ing’s fair because nothing will bring 
back Brian's life.” 


TURKEY: Centrist Gets Another Chance 


Continued front Page 1 


result of his attendance at a German- 
language high school in Istanbul. 
Earlier this year he visited Bonn and 


ics. While the leaders plan to talk this year renewed his long-standing friendship 


a bom opening new trace routes wun 
Africa, they also intend to explore ways of 
combating international crime, drugs, ter- 
rorism, environmental decay, arms pro- 
liferation and the spread of diseases. The 
opening day Friday featured a discussion 
about the ongoing peacekeeping mission 
in Bosnia, while the final day Sunday is 
scheduled to include consultations on is- 
sues from the broken-down Middle East 
peace process to the impending transfer of 
Hong Kong to China. 

"The summits over the years have 
become a lot more about the political." 
said Daniel Tarn No, the top international 


new trade routes with 


with Chancellor Helmut Kohl. 

Mr. Yilmaz was prime minister for six 
months in 1991. and after the most re- 


proved unable to work together. 

Their coalition fell apart after Mr. 
Yilmaz insisted she accept a judicial 
investigation into corruption charges 
against her. 

■ Turkish Units Leave Iraq 

Turkey has withdrawn more units 
from northern Iraq, where it is winding 


cent election in 1995 he took the office down a cross-border operation against 


again at the head of a secularist coalition 
with Mrs. Ciller. Her political platform 
is almost identical to his own. but the two 


Kurdish rebels, Reuters reported from 
Ankara, quoting the Anatolian news 
agency. 


Washington Post Service 

WASHINGTON — As he was 
being flown back to the United 
States after his capture in Pakistan, 
Mir Aimal Kansi voluntarily signed 
a statement admitting that be 
opened fire with an assault rifle in 
1993 outside CIA headquarters in 
Langley, Virginia, killing two em- 
ployees of Hie spy agency and 
wounding three other people, 
sources familiar with the investi- 
gation have said. 

Mr. Kansi told federal agents on 
(he plane that his motive was his 
dismay over something done to his 
family in Pakistan by the U.S. gov- 
ernment, die sources said Thursday. 
.They declined to be specific. 

Mr. Kansi said be “felt like he 
did the right thing" by shooting at 
motorists outside the CIA, the 
sources said. 

Mr. Kansi, 33, was advised of his 
legal rights, the sources continued, 
and was told he could have a lawyer 
present before making a statement 

It was not clear why Mr. Kansi 
may think the U.S. government 
harmed his family. The CIA has 
denied that any of Mr. Kansi' s rela- 
tives were connected to the agency. 


this agreement represents the best means 
of protecting the nation’s public health 
interests,” be said. 

The deal, worked out during hard- 
fought talks between the industry, state 
attorneys genera] and public health rep- 


both actual and punitive damages for any 
future industry wrongdoing. 

Instead of paying individual smokers 
punitive damages, the industry would 
pay billions as “punishment” for past 
misconduct — money that will finance 
health care for uninsured children. 

The deal would settle 40 state lawsuits 


resentatives marked a milestone in the that seek to recover Medicaid money 


decades-long battle over smoking and 
health in America. 

Responding to growing public sen- 
timent against smoking, tobacco makers 
acceded to federal regulation and to 
sweeping limits on cigarette marketing 
to avoid potentially devastating legal 
liabilities. 

The deal was struck after negotiators 
agreed on two final sticking points: that 


spent treating sick smokers and 17 class- 
action lawsuits against the industry. In- 
dividual smokers’ lawsuits that are 
already pending in court are not ex- 
pected to be affected, unless those 
people chose to join the settlement 
The deal puts special emphasis on 
discouraging smoking among young 
people. It includes tight limits on ads that 
would appeal to youth, and the tobacco 


the tobacco industry need not apologize industry would pay fines if smoking 


for past misconduct, and how much the among young people failed to drop 


tobacco companies must disclose of quickly enough. 


their most-secret documents.. 

On another hard-fought issue, the 
Food and Drug Administration will reg- 
ulate the nicotine in tobacco as a drug 
and could decide to ton nicotine after 
2009. 

Sick smokers could no longer sue 
tobacco companies seeking punitive 
damages for past industry misconduct, 
but they could sue to recover actual 
damages, such as medical bills And 
smokers could still sue for and collect 


The deal sets out goals of reducing 
youth smoking by 30 percent in five 
years, 50 percent in seven years and 60 
percent in 10 years. States would have to 
reduce illegal sales to minors by 75 
percent in five years and 85 percent in 
seven years or lose some of the set- 
tlement money. 

Cigarette prices would rise — perhaps 
as much as 75 cents a pack. But stock 
prices were expected to rise, too. as legal 
threats died. (AP. Reuters) 


EMPIRE: After Hong Kong Becomes an Imperial Memory, Britain Will Be Left With 13 Specks on the Globe 


Continued from Page I 


said Daniel rarullo, tne top international h weigmy iomc puonsncu uy me guv- 
economic adviser at the white House. If emment, “Britain: An Official Hand- 


descendants of the original mutineers average out-earo Britons by a comfort- 
from the HMS Bounty scrape by with able margin, still does not allow them to 


A weighty tome published by the gov- government subsidies amounting to thinkofcastingofffromLondon.Infact, 

‘*nr4f,;n- in rtffinUi ri aqi non. . inne a . i .i 


nothing else, he added, including Russia 
in the summit meeting helps anchor it in 
the democratic community. “To give 
them the opportunity to pursue their own 
interests with us is to build a much more 
stable relationship in the long term,’ ’ he 
said. 

One of the items on the table in Den- 
ver will be finding ways to incorporate 
Jlussia into other international organi- 
.'■zations, such as the Paris Club of cred- 
•llor nations and the World Trade Or- 


book," hints only obliquely at the scale 
of the change now only days away. 
“Britain’s dependent territories,” it 


£3,691 ($6,090.) a year each. 

In a debate in Parliament on the future 
of the 13 dependencies. Lord Wadding- 


ton conceded that many might regard years. 


in 1995 they voted, three-to-one, to stay. 
Ballots in other territories have reached 
similarly lop-sided conclusions in recent 


says, haye a combined population of their existence as “something of an em- 


over 6 million, of whom 6 million live in 
Hong Kong.” 

In other words, what is left is barely 
worth counting. The Guardian news- 


bairassment,” and that some might even 
wish to "get shot of’ them. 

As well they might. After all. the 13 
have drained the British Treasury of 


paper in London calls the empire without £ 1 53 million thus far in the 1990s, and 
Hong Kong * ’tite detritus. ’ T The Daily along the way have aroused annual con- 


For Bermuda, which has grown rich 
off tourism and is the world’s second 
largest international insurance center, 
being a colony is no matter. Same with 
the Cayman Islands (population 
35,000), which struck it rich as a taxless 


there and now represents the territory in 
London, includes among its drawbacks 
“the lack of an economy, the total lack 
of natural resources, its inaccessibility 
and its high unemployment. ’ ’ 

The Fa lkl a o ds Islands, even farther 
south in the Atlantic, resurfaced his- 
torically when Argentina attempted to 
seize what it calls the Malvinas in April 
1982. Ten weeks later, 1 .000 people had 
died, the flag of the Falkland-; (a Union 




* Mpn 



W 1 


Still short interest can rise because of 
complex trading strategies involving op- 
tions. futures and other stock-related de- 
rivatives. Investors also sell short for 
merger arbitrage. 


Jack with a large white sheep super- 
imposed on it) again fluttered over Gov- 


Telegraph goes further, simply calling demna Lions from the United Nations De- 

aL. U Anil of ant- — a* 


ganization. 

Western leaders have made it clear 


the colony’s handover "the end of em- 
pire,” as if Hong Kong were iL 
For the record, what escaped the Tele- 


that Russia has a place with the Group of graph’s note is not much: 180,000 


colonization Committee, not to mention 
more frequent protests from Argentina, 
in the case of the Falklands, and Spain, in 
the case of Gibraltar. 


linking center and now boasts of being eminent House and Britain had'redis^ 
the fifth largest banking center in the covered its colony of 2.200 citizens 
world with more than 500 banks. And sprinkled sparinslv over 200 islands 


ditto for the British Virgin Islands, 
which 200,000 corporations call 


sprinkled sparingly over 200 islands. 

It drew up an economic developmi 
plan, backed it with hard cash, a 


out there as there might be. the royalties 
could be substantial.’ ’ said Richard Ral- 
ph, the Falkland’s governor. 

Prosperity has left the lucky few 
among the 13 increasingly ch afing under 
their present label of dependent terri- 
tories. "It doesn't really reflect our po^ 
sitions in the global economy of today," 
said Thomas Russell, a former governor 
of the Cayman Islands and now chair- 
man of the Dependent Territories As- 
sociation. 

For Britain, on the eve of the descent 
of empire into cartographers’ footnotes, 
historians offer some consolation. Denis 


Seven beyond this weekend. Britain has p-vp— -p*~~~ , “"'r;- -■? ” tryj •» uigajuzaauns money macnine by imnosinp licensin? nlarvs’ ' 

signaled that it will follow a similar They range from Bermuda at the top of chologrcal, of even a downscale empire, as there are citizens. fees in 1985 on aU tho^fiSilna sT Tl P .??V 

_JTi: t ,.ihpn ;> ic hnei nfih^ hnth the nonulation and affluence scales. . no one disputes that Britain is tranced At rtw nrh»r onrl nf rh» cr*ai» %t . .. . m !rs 


graph’s note is not much: 180,000 the case of Gibraltar. “home" for legal and tax reasons 10 turned the cnlmw ZT 1L5 supposea peas ai me ena di ^ 

people spread over 13 dependencies. Despite the costs, financial and psy- limes as many fee-paying organizations money machine by imDOsin/lSfnSLo century, anxieties were mounting in high 
Thf v mnpe from Bermuda at the too of choloeical. of even a downscale emnirft. m />ihMnc £ , nAf X imposing licensing places. 


policy of inclusion when it is host of the 
summit meeting in Birmingham next 


both the population and affluence scales, 
to tiny Pitcairn Island in the South Pa- 
cific at the bottom. There, the 50-odd 


no om dis'putes that Britalnis trapped Attte mhereiri of the scale, though Sftere ££ 

with what it has. Even the smug self- are places like Sl Helena in the South pickings offshore^ ^ of even ncher about the world nmningoutofs^ea^ 
satisfaction of man v Bermudans, who on Atlantic. ("Winda who V ■ ' .. British Empire out of time, h® 


satisfaction of many Bennudans.whoon Atlantic. Corinda Essex, who grew up “If there is a totally massive oil field 


Empire 




o* 


\3£ 



utMtey topniterj 

lv taMhl 

***#,*! Alton Qm 
rH.**Mx*m**#d: 
'TV' Mmsumuim 


?* m mm fmm 
i*pi - tip Maw 

- a? Jitm M* 

v r * \.inm mmmhmn 

q Wt nfwrffrrr, _ 


hdinffeFfa 


\ K xxx*m W 

Wr V ttaar 

xj& m to* . mm 

--.•Vtpan ’ . • 
TV' t l gg WWM Bl.ljl 

Ml 

hi \ K 

v. r**y**t 1 

■ziem sttinbdi & V * 


l A Questions 


things are happening that have never shares from a brokerage firm and sells 




Krr 


1. -- -VstCT A***. 

is ^ 

- ■.ssStii =*•*«!*•* : ■* 


<t ?ZTS!X<_- . 




' "*• i is" (ri 

s.-.’V-*-,-.* &■*,&&***• * 

-.ta- t-r%; 

£:=?■ Ar ? 

-.-.m Mr . ftvmr . . 

Ml -4 . *.»! * 

- - r -r.t*- ?***Ji* ■ -9 

A:-'* “?•=.« V. J»r .-sac.-* w £ 


Indonesians!) 


Arses jr.* J*ar _i •-£ • 

TV re. '24- ?.*••• -.j -ilSf i, 
•r '* ^ > .*** a 

r'jrtlk e: 


Vtt r./'- 

* V \* t:< .- x * ,V 

k ■ \V j:-:-. .'7=5 f, i 

\.-Ji Iskzxtx e-; ;STK>7- 

> V wtzxrowcd £ai.'A»V i 


HowtaMpkMp 

Ganfeen'ftsfetfi**' 
Nfeft'c rvportfc& 

rtfccffeountogieo 

yourridfo. 


l rr-- 


■**.'* -*»*-* 
■»- «*-!* iwrA-fr- 

' 


-pc-''** •-» -*Vr 





PAGE 5 

—in 




Si <-nls l> M 


'ill 


; ’m ~ li. 


H 


% 

■ r- 


At-' 1 i 


; -.v -- 





'3 

■ ‘i-; 


,.i. 


"'•'"U-L 


jr»it *r:.*iiu 

t wtff W'-PjEnr: 


timi-sm in thr 'tin miih 


^innipfi 


• * ^ - 4i - _ 

f!.vd.zr li*'. 

L^r-ra-r 




Sf*i intuit to / inn % s i-?i 


kob. f i. 

■' ■* -fiv <- -t • i • i- 

- »4-- i :r. "I..-' 






• • . ; . Lhk 

ft Kith t i >i‘*rh on tin 



.aa_ 


j». - =-•>»-* *—• 

a : * : 

jpsw'-r^^i 1 


Hong Kong Tries to Smooth 
Dispute With Chinese Officer 

Border Feud Is Attributed to Language Differences 


C<«pM *f Our Sniff Fm PnfvHrifc-i 

HONG KONG — A clash 
between one of the future 
Chinese military command- 
ers in Hong Kong and local 
customs officials was just a 
mix-up, the government told 
parliamentarians Friday. 

A political dispute flared 
afterme Chinese deputy com- 
mander of the future military 
garrison in Hong Kong had a 
run-in last month with border 
officials. 

The commander. Major 
General Zhou Borong. ac- 
cused the colonial authorities 
of insulting him by refusing to 
ahoW bis car into a closed 
area at the frontier. 

The government told a le- 
gislative security panel that 
mi sco mm u mcation was to 
blame for die quarrel. 

•‘Partly, there is the lan- 
guage problem," the deputy 
security chief, Carrie Yau, 
told the legislative body that 
is investigating the affair. “It 
was the first rime the chauf- 
feur had driven past the bor- 
der, and he did not know the 
procedures." 

Cantonese is spokea in 
Hong Kong, but Mandarin is 
the official language on the 
mainland. 

“As for the accusation thar 
Major General Zhou went 
through the border without a 
permit, it is not true." the 
security official said. 

The British governor in 
Hong Kong, Chris Patten, has 
denied that Chinese troops in 
Hong Kong get special treat- 
ment by being allowed to 
drive across the border with- 
out being .inspected. 

An advance party of 196 
Chinese soldiers is in Hong 
Kong to set up facilities for 
the. garrison before China 
takes over the British colony 
at midnight June 30. ' 

The customs department 
told the legislative panel thar 
it was withdrawing a list of 29 
Chinese military vehicles that 
it had given to frontier staff 
after the incident involving 
the deputy commander. The 
list was issued to customs of- 
ficers to avoid further mis- 
understandings. But law- 
makers said the list would 


Protest Targets 
Beijing Over 
Housing Policy 

The .Asst-aareJ Press 

BEIJING — More than 
100 people upset with hous- 
ing policies held a sit-in Fri- 
day outside the high-walled 
office compound for China’s 
senior Communist Party and 
government leaders. 

Later, the protesters stood 
outside the heavily guarded 
west gate to Zbongnanhai, a. 
former imperial garden in 
central Beijing, demanding to 
see . officials in charge of 
housing policies. 

The police did not interfere 
at first, but after an hour they 
dragged away at least one 
man and escorted others onto 
buses, ft was not dear if any- 
one was formally arrested. 

The police also surrounded 
about 10 reporters from 
Western and Hong Kong 
news agencies as soon as they 
arrived, detaining them for 
two hours and confiscating 
videotapes. 

Reporters who arrived 
after the protest was broken 
up saw about two dozen 
people aboard a parked bus 
shouting at the police, as 
more than 100 uniformed of- 
ficers and more in civilian 
clothes patrolled the street. 

A .police spokesman for 
Beijing did not return tele- 
phone messages seeking 
comment. 

Small-scale protests by 
workers laid off from what 
were once lifetime jobs at 
staie-rnn factories and by city 
residents angry over poor 
housing occur almost daily 
outside Beijing’s dry govetn- 

mera and party offices. 

But : .protests outside 
Zhongnanhai are rare. None 
have mairfiyrf die huge sit-ins . 
held by students in May and 
June of 1989. 

Baity leaders had the mil- 
iary crush those Tiananmen 
Square protests on June 3-4, 
1989." "in a crackdown tbai 

kited hundreds. 

* Crackdown on Drags 

. . Firing squads executed 15 
drug. traffickers 10 cap and- 

drug rallies in die southern 
city of Guangzhou^ a news- 
paper report said. The Asso- 
ciated Press reported. 

. The convicts were shot 
Wednesday after anti-drug 
rallies is three areas of the 
city, i he Yangcbeng Wanbao 
dafiy. reported. 

.Three of the defendants 
had ben condemned for 
smuggling a Total of 55 kilo- 

' ' {121 poundsy of 

; ibeuewspaper sakL 


send a wrong signal to border 
guards that they should not 
check these vehicles. 

Although Hong Kong is to 
become an autonomous part 
of China, a border will still 
exist between die territory 
and the mainland. 

After the handover, 
however, members of the new 
garrison will not have to show 
permits or go through checks 
by Hong Kong customs, ac- 
cording to a law that will go 
into effect July 1 . 

In another development 
Friday, a news report said that 
Prime Minister Tony Blair of 
Britain has requested a 
private meeting with the pres- 
ident of China, Jiang Zemin 


before Hong Kong is handed 
over to the mainland. The 
Ming Pao Daily said the re- 
quest was a sign of improving 
relations between China and 
Britain, long strained by dis- 
putes over the future of the 
colony. 

The newspaper did not 
name its source for the report, 
which said Mr. Blair also 
wanted to meet with the 
Chinese prime minister, Li 
Peng. 

Mr. Blair is scheduled to 
arrive in Hong Kong on the 
afternoon before the colony is 
turned over to Chinese rule, 
and be is due to leave shortly 
after the midnight transfer ce- 
remony. (Reuters, AP) 


BRIEFLY 


Pakistan and India Ease Rift 

ISLAMABAD — Indian and Pakistani diplomats 
began a new* round of peace talks Friday, and a spokesman 
said they hoped to devise a mechanism for future meet- 
ings between the rival neighbors. 

The two-hour afternoon session was devoted to 
"identifying the outstanding issues and devising a mech- 
anism to address these issues in a purposeful manner," n 
Pakistani aide said. 

“The discussions were thorough and result-oriented," 
he told reporters after the meeting, which was presided 
over by the Indian Foreign Ministry secretary. Salman 
Haider, and his Pakistani counterpart, Shamshad 
Ahmad. 

On Thursday, Prime Minister I. K. Gujral of India and 
the Pakistani prime minister. Nawaz Sharif, spoke tor the 
first time on a hotline set up to help dispel decades of 
mistrust and conflict. . {Reuters) 

India Vice President Gets Boost 

NEW DELHI — Vice President Kocheril Raman 
Narayanan of India won backing Friday from the coun- 
try's three main political groupings for his bid for the 
presidency, virtually assuring him of victory in next 
month’s election. 

A former journalist, he would be India's first low-caste 
president 

The main opposition Bharatiya Janata Party decided to 
back Mr. Narayanan’s candidacy hours after he registered 
to run for office, flanked by the prime minister and the 
Congress party’s leader in a show of unusual political 
solidarity. 

The ruling United Front and Congress, its ally, agreed 
Monday to endorse Mr. Narayanan as their- joint pres- 
idential candidate in the July 14 voting. (Reuters) 

U.S. Questions North Korean 

SEOUL = — American officials are joining South 
Koreans in questioning a North Korean defector, the 
highest- rahldng offirial ever to'Tlee die reclusive. Com- 
munist-ruled country, a spokesman for the U.S. military 
said Friday. 

“We can’t go into details, but U.S. officials are par-, 
ticipatihg in discussions with Mr. Hwang Jang Yop,” 
said Jim Coles, spokesman for the U.S. forces here. 

The statement was the first confirmation that U.S. was 
interrogating Mr. Hwang, who arrived in Seoul in April 
after defecting in Beijing. 

Mr. Hwang. 74, was a member of North Korea's top 
decision-making body, an architect of North Korea's 
guiding philosophy or self-reliance, and he once tutored 
Kim Jong H, the current leader. (AP) 

Indonesians Bum US. Flag 

JAKARTA — Fifteen Indonesian youths burned an 
American flag in from of the U.S. Embassy on Friday and 
that Americans be expelled from the Muslim 

country. 

The protesters said Indonesia should close its embassy 
in Washington and deport Americans because of a res- 
olution by the Congress condemning years of human 
rights abuses in the former Portuguese colony of East 
Timor, . 

The demonstrators moved on to the Foreign Ministry, 
where the group's leader, Faizal Assagaf, met officials. 

Repeated criticism of Indonesia in the American Con- 
gress led Jakarta to cancel a jet purchase and pull out of a 
U.S. -sponsored military training program. (AP) 


How to help keep 
Garrison's stories, 
Nina's reporting, 
and Tom & Ray's 
advice coming to 
your radio. 


For more than 18 month j, 
European*, expatriate American* 
and U.S. visitors to Europe have 
been hearing the best of National 
Public Radio* and PubEc Radio 
International * on the America 
One channel. Award-winning 
programs like A Prairie Home 
Companion with Garrison KeOfor* 
AM Things Considered,* Car TUc. 1 
Marketplace’ and Morning 
Edition’ are broadcast 24 hoorc 
a day, seven days a week. 
Amerior One b your pubBc radio 
station in Europe. 

Like other U.S. public radio 
ctatioru, the norvproft America 
One depends on support fh)m 
listeners Wee you to make this 
valuable servke possible. So from 
June 21-29, we're asking you 
to help v$ by pledging a 
Contribution during our first 
America One fundraiser. Pledge 
toMree: Just caO your AT»T* 
Direct access numbar, then 
800-504-9000. Or, you can OB 
+1402-41 4-3240. Operators wflJ 
take your pledge Hiytkm day or 
night Your generous 
contributions wM help to keep 
the voices you know and tow 
coming to you In Europe. 


bpassjajttflGiobttPS 
MBUStafcfcforUi .’ 
au&kharlbrtotna 
JhteBKLMBAmtt - 
Vwfa- Tu B CT ikffl 

MaUdrarhemm. 

JbnaOKBWwata 

■MgnalGonp* 



AMERICA ONE" 


Your pufefle radio station 
In Europe. 






SIXFOLD 
OPPORTUNITY IN A 

SINGLE PACKAGE WITH 
DOUBLE AND TRIPLE 
BENEFITS 



FEDERAL REPUBUC OF GERMANY 

REVENUE ADMINISTRATION 

AS VENDOR 

OF THE FOLLOWING PROPERTIES: 


AS A SINGLE 
BIG PACK OR 

IN ATTRACTIVE 

COMBINED 

PACKAGES 





SACHSEN- 
AN H ALT 


K 

\ 


AT THE HEART OF EUROPE 

SachseivAnhalt has always provided an environment encouraging the 
development of great personalities and ideas. One need only think of Martin 
Luther. Or of Walter Gropius and the Bauhaus. And this tradition continues 
up to the present day. For this is the crossing-point of oil major European 
trode routes, be it from Paris to Moscow or horn Scandinavia to southern 
Europe. It is here that the nine properties For sole con offer you attractive 
locations with plenty of scope for innovative ideas. Combined as interesting 
targets for investment. In an infrastructure that is being constantly upgraded. 

With best prospects for the future. And double ond triple benefits. 


DOUBLE PACK AT 395.92 ha 


Location Stendal 

Historic district town in the Allmark. Former WGF barracks 
"Puschkin Park 1 , 90.64 ha, partly buift-up, use undecided. 
Near B 1 88 and B 1 89. Northern SochservAnhalt. 

Location Gardelegen 

Picturesque township in the Altmark. Former airfield, 305.28 ha. 
8 buildings, housing construction planned on approx. 10 ha. 

Directly on B 1 88. Northern SochservAnhalt. 


DOUBLE PACK A2 692.25 ha 


Location Halberstadt 

Old cathedral town (district town) near Harz Mountains. Former WGF 
barracks FriedricfvUst-Str. 435.52 ha, partly built-up. use can be agreed. 

Convenient traffic links. 

Location Lossa 

- Municipality in spa and health resort region. Former WGF garrison, 
r 256.73 ha, partly buildup, no general development plans. Near B.176. 

Southern SachservAnhalt. 


TRIPLE PACK A3 276.89 ha 


Location Wittenberg 

Luther town and historic district town. Former ARADO barracks, 
1 2.59 ha, partly built-up, housing construction planned. 

Directly on B 1 87. Eastern Sochsen-Anhab. 

Location Kapen 

Between Oronienbaum and Dessau, the Bauhaus town. Former WGF 
barracks, 170.83 ha, partly built-up, own rail siding, use undecided. 

Directly on B 185. Eastern Sachsen-Arhalt. 

Location Klieken 

Near Rosslau in district of Anhob-Zerbst. Former WGF garrison, 
93.47 ha, partly builkip, use undecided, own access to B 187. 

Eastern SochservAnhalt. 


DOUBLE PACK A4 321.40 ha 


Location Borstel 

Neor Stendal in the Altmark. Former WGF 
airfield, 312.00 ha, partly built-up, plans for 
commercial air use, otherwise undecided. 

On B 1 80/189. Northern SochservAnhalt. 

Location Altengrabow 

In the Jerichower Land district in eastern 
Sachsen-Anhalt. Former WGF property 
"Rotes und gelbes Stadtchen 1 , 9.40 ha, 
mostly built-up, use undecided, free for 
housing use. Near A 2. 


s 


r 


f 

(ft 

I 


MECKLENBURG- 

VORPOMMERN 


OPEN ON ALL SIDES 

Unimpeded vistos, wide horizons - such is the image of this region. 
Gatewoy to the Baltic, with miles of magnificent beaches. This was 
the home of Heinrich Schliemonn, the discoverer of Troy. This was 
where the great sculptor, Ernst Barlach, lived and worked. Right here, 
on Germany's nortlvsouth axis, is where you can find excellent 
investment prospects. Five properties ore ter sale in attractive locations 
with optimum links to west-east trade routes. Here too we have put 
together suitable targets for investment. With scope for innovative 
ideas, and double and triple prospects of success. 


TRIPLE PACK B 1 503.20 ha 


Location Ludwigslust 

Baroque district town in the south-east of the Lund. 

Former WGF garrison Techentin 1 , 70. 1 2 ha, partly built-up, 
planning includes commercial and industrial use. Near A 24. 

Location Schwerin 

Historic Land capital and lakeland town. Former WGF garrison 
"Schwerin-Gon-ies", 64.48 ha, portly buildup, use undecided. 
On A 24/241 . Western Mecklenburg-Vorpommern. 

Location Putnitz 

Municipality in the Baltic sea resort region. Former airfield, 
368.60 ha, partly built-up, use undecided. On B 105. 


DOUBLE PACK B2 595.10 ha 


Location Neustrelitz 

At the heart of the Mecklenburg Lakeland. Former WGF fuel depot 
*Fursten5ee a . 60.50 ha, partly built-up, general development plon 
in hand. On B 96/1 98. 

Location Tutow 

Near the historic district town af Demmin. 

Former WGF airfield. 534.60 ha. 
partly built-up, use undecided. 

On B 1 10. Al the centre 
of the land. 





Q.>- 'straSund 

UJHr 4 s C- s 
IrOSTOCK GREtFSWAlS N / \ . 

™ o - 

niiMvt 





fcwMtfv.., 


. . . 

% NEUBRANDENBtAG A 


MnfiM: 


TECHENTIN 







'-vr. A tJCrtSJ* 


BIG PACK totalling 2,784.76 ha 


l . 


>4gD€BU^^ 


ALTENGRABOW 


KLIEKEN 


HALBERSTADT 









The properties in question are WGF properties 
used by (termer Soviet) West Group Forces. 

This advertisement is an Invitation to submit tenders, preferably for 
the 'Big Pack 1 , alternatively ter one or more of the other "Pocks". 
The currently valid tendering conditions are to be found in the 
property descriptions which can be obtained In German and English 
tram 

OBERFINANZDIREKTION MAGDEBURG 

Bundesvermogensabteilung 

Otto-v.-Guericke-Strossd 4 

D-39104 Magdeburg 

For information please contact Mr Buhr - 

Tel. 0391/545-271 1 

Fax 0391/545-1500 

Closing date for the submission of tenders 
is 31. Aug. 1997. 

No liability whatsoever is accepted ter the content 
and accuracy-of the particulars given here. 


http:/ /www.sachsen-q nhalt.de 

This is the INTERNET address of the Economics Ministry ond 
the Economic Promotion Agency of the Land of SachservAnhalt, 
where. you can access further information in various languages 
on SaChsen-Anholt as a forget ter Industrial investment, 


for large-scale Investors • industry and commerce • trade * sports and leisure projects • housing construction 











PAGE 6 


SATURDAY-SUNDAY, JUNE 21-22, 1997 


Herali> 


INTERNATIONAL 



tribune 


published with tiie ke» non twhj and tub Washington post 


Arms for Dictators? 


For years, a small band of peace 
activists pushed the entirely sensible 
tjut seemingly hopeless idea that the 
world should refuse to sell arms to 
dictatorships. Now it may be coming to 
pass. For the fust time, a Code of 
Conduct setting out criteria for de- 
termining who can buy American arms 
has passed in the House of Repre- 
sentatives. The British government 
has said it will adhere to an even 
stronger code, and support is growing 
in the European Union for a code that 
would apply to all members. Together ' 
the United States and the European 
Union account for SO percent of the 
world's arms trade. 

- The code passed the House on June 
10 on a voice vote, with no one speak- 
ing in opposition. It has drawn fierce 
opposition from the administration, 
which resists anything that ties its 
bands, and from the aerospace in- 
dustry. But it has support across the 
spectrum in the House, where its spon- 
sors are the liberal Cynthia McKinney 
of Georgia and the conservative Dana 
Rohrabacher of California. 

The widespread support is due in 
part to the fact that the code is a 
watered-down version of previous ef- 
forts. It would require the president to 
make an annual list of countries eli- 
gible for American arms transfers, us- 
ing several different tests of demo- 
cracy and nonaggression. If the ad- 
ministration wanted to sell to a country 
that does not meet the criteria, it could 
propose a waiver in die national se- 
curity interest Congress would then 
have eight months to block or con- 
dition the administration's request 

It is not, therefore, an automatic ban. 
but it is likely that die administration 
would choose to duck many of the 
battles that selling to egregious viol- 
ators might produce. The code might 
also encourage some borderline nations 
to democratize. About half of ail Amer- 
ican arms sales now go to countries that 
could be considered dictatorships. 

Mr. Rohrabacher. who did not hes- 
itate to support arming right-wing dic- 
tators when he worked in the Reagan 
White House, says that with die fall of 


communism, selling arms to dictators 
is no longer necessary. 

Indeed, such sales are often dan- 
gerous. American weapons have been 
turned against American soldiers in 
Somalia, Panama, Haiti and Iraq, to 
name a few places. Dictatorships are 
often unstable, and arms sold to the 
shah of Iran end up in the hands of 
Ayatollah Khomeini. 

The sales also harm the buyers, who 
have better things to do with their 
resources. The former Costa Rican 
president and 1987 Nobel peace laur- 
eate Oscar Arias points out that 18 of 
the world’s poorest countries spend 
more on their militaries than on edu- 
cation and health combined. Mr. Arias, 
who has led the effort for the Code of 
Conduct internationally, would like to 
see the money once spent on weapons 
go to demobilize armies instead. 

While most governments will not 
unilaterally renounce modem arms, 
many would be happy to join a ban that 
applies to their rivals as well. At a 
recent conference at the Carter Center 
in Atlanta, IS former and current Latin 
American heads of state joined former 
Presidents Jimmy Carter and Gerald 
Ford in endorsing the code. 

Agreement by the major weapons- 
ex porting nations is crucial. If the Code 
of Conduct is multilateral, no one 
country will be the chump, losing mar- 
ket share to its competitors. Countries 
denied arms, moreover, will not be 
able to look elsewhere. 

The Code of Conduct still faces 
obstacles before it becomes law. It 
must win the agreement of Senate con- 
ferees. If it does, it will be an amend- 
ment to the State Department’s au- 
thorization act. which has become a 
magnet for legal flotsam and could 
draw a presidential veto. 

The code, while very worthwhile, is 
weaker than it should be and will face 
constant end runs by the Clinton act- 
ministration. But die House vote is a 
remarkable demonstration of the re- 
wards that can come to adogged move- 
ment with few resources bat an im- 
portant idea. 

— THE NEW YORK TIMES. 


What Turkey Needs 


Turkey’s resolutely secular military 
on Wednesday forced the resignation 
of that nation's first Islamist prime 
minister, heightening fears of a coup or 
forther instability in a vital U.S. ally. 
The political uncertainty reflects con- 
tinuing tensions between democracy 
and army mandate, between West and 
East, between tolerance and funda- 
mentalism In a nation of 61 million 
Muslims that straddles Europe and 
Asia. Turkey’s friends in the West 
mast sympathize with the generals’ 
fears of a nondemocratic movement 
coming to power democratically. But 
the same friends are right to warn that 
short-circuiting democracy now is 
likely only to postpone and then ex- 
acerbate the problem. 

Turkey has been avowedly secular 
since Mustafa Kemal Ataturk and oth- 
er young officers seized power in 1923 
and began turning the Ottoman Empire 
into a modem stale. Most Turks still 


revere Ataturk, respect the army and 
afseci ‘ 


support the policy of secularism; in the 
December 1995 elections, the Islamist 
Welfare Party and its leader, Necmet- 
tin Erbakan, won only 21 percent of the 
vote. But no party did better than Wel- 
fare in that election, as the secular 
forces fractured and squabbled among 
themselves. Many nirks supported 
Mr. Erbakan, or were not sorry to see 
him come to power at the head of a 
coalition, because they were disgusted 
by the corruption, cronyism and in- 


efficacy of Turkey's longtime ruling 
parties. And it is also true tha 


tat more and 
more Turks chafe under anti-religious 
proscriptions, such as those that bar 


women and girls from wearing head 
scarves to school. 

As prime minister, Mr. Erbakan 
made overtures to Iran and Libya but 
did not, or was not allowed by the 
military, to significantly tilt Turitey’s 
foreign policy away from its alliances 
with NATO, Israel and the West. 
Nonetheless, army officers grew in- 
creasingly angry at what they saw as 
Mr. Erbakan's backing for Koranic 
schools, promoting of fundamentalism 
and other policies undermining Tur- 
key’s secular society. 

When the Welfare Party did not 
back down, military leaders, who have 
staged three coups since 1960. forced 
him to resign. Now Turkey’s president 
will designate a different party’s leader 
to seek to form a government. 

Turkey is a fast-growing, increas- 
ingly diverse country that the military 
might find considerably harder to man- 
age than after its last coup, in 1980. But 
ocher players could help in the fight 
against fundamentalism. 

The West — and particularly the 
European Union, so quick to criticize 
T urkey — could be far more generous 
in integrating it into Europe. Turkey's 
secular parties could open themselves 
up and become more democratic, pay- 
ing attention to the urban poor whom 
the Welfare Party has better served in 
local governments. And Turkey's 
political elite could push much harder 
for the privatization and other eco- 
nomic reforms that would promote 
growth and, ultimately, deepen support 
for the democratic, secular system. 

— THE WASHINGTON POST. 


Other Comment 


An Apology Is in Order 


Australia's prime minister, John 
Howard, is under pressure to issue an 
official apology to 100,000 or so ab- 
origines taken from their parents and 
placed in white foster homes in an 
effort to rid them of their “backward" 
culture. He won’t, he says. .He is 
wrong. An apology to the aborigines 
would serve two purposes. 

First, it would soften the sense of 
grievance of those people who suffered 
at first hand the effects of an inhumane 
policy, which ended only in the 1960s. 


It would, in other words, perform the 
same task as an everyday apology 
offered by one person to another after 
an admitted mistake. 

Second, it would in a small way, 
change Australia's sense of itself so 
thar such policies would be less likely to 
happen in future. Postwar Germany's 
readiness to express remorse for Nazi 
wrongs has been an integral part of the 
evolution of a benign Genruin demo- 
cracy. Postwar Japan’s reluctance to be 
* as abject or explicit remains a stain on 
the national character. 

— The Economist (London). 


rflUMTHMM. 


ESTABLISHED ISB7 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 

Cu-Chuirmen 


KATHARINE P. DARROW. Vice Chairman 


RICHARD McCLEAN. Publisher ȣ Chief Executive 
MICHAEL GETLER. Executive Editor 


• WALTER WELLS. Manama Editor • PAUL HORVTTZ, Deputy Managing Editor 
> KATHERINE KNORR and CHARLES MITCHELMORE. Deputy Editors • SAMUEL ABT and 
CARL GEWIRTZ. As soaae Editors • ROBERT 1. DONAHUE, Editor of die Editorial Pours 
• JONATHAN GAGE. Business and Finance Editor 
• RENIs BQNDY, Deputy Publisher 

• JAMES McLEOD, Advertising Director • DIDIER BRUN. Circulation Director. 
Duertcur de la Puhtiaitkm: Richard McCInoi 


international Herald Tribune. 181 Avenue Chnites-de-GaulEc, 92521 Neuilly-sur-Seine, ftaira. 
TcL: (|)4I AWA Fav. SuhcnptHS. il|4l AVUKJ; AdvWHtg.m4tAJ.91l2; New. (U 41.43.9! J8. 
Interncl address: hdpJ/wwwJhLcum E-Mail, ihl&ihuom 


EthuirfiiiAiiii-MichuilRlchanlsini.SCunifrhuryRJ .Singiiftn05ll Trl I65H72-77NI Fas (651274-2334 


Hue hr AM. Rolf D Krunepuhi. jW Gfaumter Rd . Hong Kimg. 7W R52-2022-IIRR Fax: R52-2922-II9) 
Gffl Ale r Gmnrn T S,Wn.Fntihchr. ftatyMM. Td tftfMnJML Foe 

Pm US Michael C.«in»». #50 Thud Air . Ain tart. NY 10022 Trl >212)752 3W Fax. (212) 755-87X5 
U K Advertising Office. t>J Long Acre, London WC2. Tel f 171 1 R3MR02. Far: (171) 240-2254 
SA.S an i iinitul de I 260/mOF RCS Namerrc B 73202112b. Commission Pariiaire No. 61337 
©/OT7 htirrrutomal Herald Tribune All rights reserved ISSN • fl2SWJM5J. 



EDITORIALS /OPINION 


A New Africa Is Generating Success and Hope 


W ASHINGTON — Africa is on 
the move. From Mali to Uganda 
to South Africa, hope and real snccess 
are transforming the continent 

A new spirit of social and economic 
progress has energized much of the 
region. Gradually fie rest of the world 
is beginning to take notice- Africa fig- 
ures prominently on the Group of Sev- 
en's agenda this weekend. 

Average GDP growth for sub-Saha- 
ran Africa was about 5 percent in 1996, 
with more than half of the continent’s 
48 countries growing at rates higher 
than population growth of 3 percent 
African markets are opening, foreign 
investment is increasing, and economic 
performance is improving in a wide 
range of areas. These facts translate 
into better lives feu millions. 

Africa's social and economic pro- 
gress is still fragile; 45 percent of the 
population still lives on less than SI a 
day. A legacy of social unrest and 
ethnic rivalry continues to slow de- 
velopment. And effective development 
in the region will require a hefty 8 to 10 
percent annual GDP growth. 

The challenge of poverty eradication 
is as large as the continent itself. But 
recent progress provides a platform on 
which to build a better future. 

Despite recent events in Zaire/ 
Congo and Sierra Leone, significant 
improvement in political stability and 
the shift to democracy have under- 
pinned social peace in much of Africa, 
encouraging the participation of civil 
society in the development process. 


By Callisto Madavo and Jean-Lcrais Sarbib 


and strengthening the legitimacy of 
governments. Also politically crucial is 
die new generation of African leaders 
who are committed, qualified and 
nooideological. No-nonsense, ac- 
countable pragmatism. is now the rule. 
These political changes have laid a 
foundation for better economic man- 
agement. As In other developing re- 
gions experiencing impressive growth, 
the key factor driving economic pro- 
gress in much of Africa is improved 
economic policy — liberalizing ex- 
change rates, lowering or eli minatin g 


We can see clearly the 
benefits of sound 
economic policies . 


import and investment barriers, and 
disi 


i is mantling price controls. 

These policies have, in a relatively 


short period of time, made Africa an 
increasingly attractive market to in- 
vestors. The U.S- president and Con- 
gress are considering a new policy to 
promote trade and investment in sub- 
Saharan Africa — a strong vote of 
confidence in the region’s future. 

Ivory Coast, Ghana, Uganda and 
South Africa are now moving toward 
joining Thailand, Malaysia and die 
Philippines as hot new markets for for- 
eign capital. And in a world economy 


in which capital, production and in- 
formation are highly mobile, in which 
investors live by diversification and 
identifying untapped markets. Africa is 
increasingly referred to as the final 
frontier of global investment. 

We at the World Bank can see 
clearly die benefits of sound economic 
policies in Ivory Coast, Uganda and 
Mali, where exchange rate reforms 
have improved export competitiveness 
without significant inflation. 

Togo, Lesotho and Uganda have av- 
eraged 10 percent growth in die last 
two years. Policy reforms in the CFA 
franc zone countries have led to export 
expansion from negative 3 percent 
(1991 to 1993) to positive 6.6 percent 
(1994 to 1996). 

Private capital is increasingly flow- 
ing to Africa, and seeing healthy re- 
turns. Private investment has increased 
more than 10-fold since the early 
1990s, to $11-7 billion in 1996. 

From 1990 to 1994, rates of return on 
foreign direct investment in Africa av- 
eraged between 24 and 30 percent, 
compared with 16 to 18 percent for ail 
developing countries. 

Capital markets are seeing a broader 
range of investors, greater participation 
of private sector borrowers, and im- 
proved creditworthiness. 

This progress is a good sign for 
many African countries. However, it 
remains fragile. There is still much to 
do before the continent secures the 


broad-based economic growth that <5*. 
linguistics the roost dynamic para of 
the developing world. 

Governments roost difigentiy set die 
pace for change by keeping dwr econ- 
omies on a sound footing, mtproviag 
the banking sector, holding roads, wa- 
ter and sanitation facilities, and giving 
people access to bask heahh and edu- 
cation services. Africa’s strengths mss 
be harnessed in order to address the 
bottom-tine human issues of poverty, 
illiteracy, unemployment and baric 
health services, which continue to re- 
quire dramatic improvemdS. 

The World Bank is woriting with 
African governments in these ad 
many other areas, providing tocbmcal 
and financial support 

Our recent Highly indebted Poor 
Co un tries initiative seeks to reduce the 
financial burden — a primary stum- 
bling block for many African nations, 
which often spend me re on servicing 
their debt than on providing baric so- 
cial services. Forgiveness of nriltions 



of dollaxs' worth of debt to coan a u e t 
such as Uganda, which has made good 
economic reforms and is now seems 
the benefits of sound policies, is centra 
to assisting Africa's development. 

Africa ir on the move. The changes 
we are w itn essi ng . buJdmg fo u ndatio n s 
for prosperity and welfare, are oeatteg 
a new sense of hope in the frame. 


The writers, vice presidents cf the 
World Bank, comribiaed this commas 
to the International Herald Tribute. 


Mexico: Wanted, a Political Revolution to Curb the Crime 


M EXICO CITY — The sto- 
ry here is the crime. The 
State Department warns of 
street robbers and counsels a 
super-defensive street style. My 
hotel warns gravely against a 
Sunday jaunt to the Z6calo 
park. Practically any Mexican 
you meet (who does not travel 
under armed guard) has anec- 
dotal evidence. 

A journalist tells of his three 
armed holdups and one kidnap- 
ping — 15 hours in the trunk 
until his checks were cashed. 

Abductions by cabbies work- 
ing with waiting toughs, some- 
times police or ex-police, are a 
particular menace. Kidnap- 
pings are an estimated 1 ,500 to 
2,000 a year. 

What causes this crime? 1 ask 
President Ernesto ZedHlo. It 
maligns the poor to attribute it to 
economic conditions, he says, 
singling out “a relaxation of 
ethical and legal standards” and 
of lav 


By Stephen S. Rosenfeld 


“a failure of law enforcement. 


institutions.” But police corrup- 
ts; the 


don is declining, he reports; 
problem is not “insoluble.” 


This benign explanation is 
challenged by what seems to me 
the consensus view. 

First, of the 17 million Mex- 
ican people who are in extreme 
poverty. 7 million live in this 
swollen capital, so desperation 
is doubtless the engine of much 
crime. Crime is a partial answer 
to the Americans' question 
“How do they. live?” 

The millions of Mexicans 
who fell out of the barely 
middle class in the brutal peso 
devaluation shakeout of 1994- 
1995 are suspect as a reservoir 
of perpetrators. That shakeout 
surpassed anything that Amer- 
icans have experienced since 
the Great Depression. 

The official response to the 
poverty lies in an economic pro- 
gram to restore job-creating 
growth. The government claims 
already to have made up the 
peso-crisis job loss and to be 
near meeting the goal of adding 
at least as many jobs (a million) 
as the number of annual new 


entrants into the workforce. 

A Yale-trained economist, 
Mr. Zedillo gives credit for the 
evident recovery to his tax re- 
forms that enhance investment 
incentives, and especially to his 
signature attempt to finance ex- 
pansion from domestic savings 
mher than from foreign loans. 

Another matter figures in the 
crime analysis coming from a 
range of well-placed sources: 
politics, bat of different sorts. 

The drug traffic continues to 
savage police effectiveness. 
The otherwise laudable purging 
of a quarter of Mexico City's 
police has. as one businessman 
put it, “put 1.200 hardened 
criminals on the streets.” 

Politics of another sort, 
however, is the most painful and 
elusive consideration at play. 
The 68-year-old ruling party, 
the PRL long ran the cities ma- 
chine-style, and kept crime, or at 
least crime that was not bought 
and paid for by PRI loyalists, 
within bounds. But the ma- 


chines began to weaken, leaving 
the cities more exposed than 
ever precisely as American-fed 
drug demand staged. Unfair. 

Ideally, the PRI would have 
used its decades of uncontested 
power to shape the inert tnKowg 
of a just and law-abiding so- 
ciety. Instead the party erased 
the crucial distinction between 
itself and die state. 

Think-tanker Luis Rubio 
says it like this: It is not that 
corruption became the unfor- 
tunate side effect of the political 


universal view, completely 
clean on the personal leva. Bar 
be is inevitably touched by die 
cynicism fared by his party tS- 
filiation and tythedarkdsrrges 
that have enveloped his once 
similarly respected prede- 


system; corruption is me sys- 
tem. For loyalty up. the party 
offered favors paid with gov- 
ernment money and privilege. 

In short, the weakness of law 
enforcement that is felt on the 
streets by the victims of com- 
mon crime is the otherside of the 
weakness of respect for law that 
mates mul timillionaire s out of 
former Mexican presidents and 
makes the country's erstwhile 
highest figures families sus- 
pects in foe vilest political and 
drug-related crimes. 

President Zedillo is, in the 


cessor. Caries : 

You begin to see how dif- 
ficult it mast be to get citizens*) 
expect responsiveness from, <u 
to extend respect to, the gov- 
ernment By comparison, pop- 
ular cynicism in the United 
States is a mere whisper. 

You also begin to see that foe 
problem of crime as faced by the 
average citizen requires much 
more than foe vigorous cleanup, 
necessary as Hiar is, » fan out- 
siders identify with “refo rm .” 

The indicated requirement 
cranes closer to a political rev- 
olution. It means a change in foe 
ruling party’s relationship to foe 
state, and above all foe devel- 
opment of institutions and habits 
that enable citizens to hold foes' 
elected representatives account- 
able for foear deeds. 

The Washmgrm Post. 


Northern Ireland: The IRA Logic Doesn’t Seem to Change 


L ONDON — When Irish Re- 
publican Army gunmen 
killed two Ulster policemen on 
Monday. Prime Minister Tony 
Blair suspended British con- 
tacts with the IRA’s political 
wing, Sinn Fein. “Their cyn- 
icism and hypocrisy are sick- 
ening,” he said. “Their actions 
defy normal understanding.” 

Exactly. Anyone who ex- 
pects foe normal logic of polit- 
ical movements to govern IRA 
behavior does not understand. 

The IRA returned to the gun 
just when things seemed to be 
moving its way politically. Mr. 
Blair’s new government had re- 
sumed talks with Sinn Fein. 


By Anthony Lewis 


Voters in Ireland had opened foe 
way for a new prime minister 
who was also ready to talk. 

The killings undid those 
political gains. They outraged 
even some who had voted for 
Sinn Fein candidates, who 
called a Dublin radio station to 
say so. They undermined foe 
credibility of Sinn Fein and its 
leader. Gerry Adams, in their 
claim that they wanted a peace- 
ful. negotiated solution. 

The IRA’s is the logic of an 
underground army. When it 
sees a chance to win a skirmish, 
it takes that chance. 


The dominant forces within 
the IRA evidently still believe 
that terror will force Britain to 
abandon the majority Protest- 
ants of Northern Ireland. Any in 
Sinn Fan who really want to 
take part in a political process 
do not control policy. So one 
must cooclnde. 

Another thing has to be said 
about IRA strategy. It borrows 
from foe debris of Marxism the 
theory that making things worse 
in the short run will make them 
better in foe long. 

These murders were carried 
out three weeks before the Prot- 


Imperial Rites , Then and Now 


H ONG KONG —The eyes 
of the world are on Hong 
Kong in these last days of 
British rule. But Queen Eliza- 
beth is heading for Canada for 
celebrations of a less final but 
equally symbolic sort 
The number 97 has been a 
defining year in foe birth and 
prime of empire. The Queen 
of Canada is due in St John’s, 
Newfoundland, to commem- 
orate foe arrival 500 years ago 
of Giovanni Caboio, better 
known as John Cabot. 

On June 24. 1497. the feast 
of John foe Baptist, Cabot a 
Venetian in foe service of 
King Henry VO, staked the 
first English claim outside 
Europe. Empire had begun. 

Ironically, for many years 
settlement of Cabot's New 
Found Land was inhibited by 
foe English, whose fishennen 
wanted to keep its rich Grand 
Banks fishing grounds to 
themselves. 

Those grounds are now foe 
location of the Terra Nova oil 
field being developed by a 
consortium which includes 
Husky Oil, owned by Hong 
Kong’s leading property de- 
veloper, Li Ka-shing. 

Newfoundland only joined 
Canada after- World War H. 
With its deep English and Ir- 
ish roots, it seems half a world 
away from Hong Kong mi- 
grants' preferred destination, 
Vancouver, chunks of which 
are also owned by Mr. Li. 

But a million people from 


By Philip Bowring 


Britain’s first and last colon- 
ies, separated by half a globe, 
are united by an imperial leg- 
acy: Canadian citizenship. 

Despite Cabot, the first 
English permanent settlement 
in foe Americas came a few 
years before the nascent em- 
pire acquired an Asian outpost 
English traders claimed Pulau 
Run in 1603, or 237 years be- 
fore they got Hong Kong. 

The people of that square 
mile of precious nutmeg trees 
preferred foe English devils 
to their Dutch rivals. The writ 
of King James I did not ac- 
tually run in Run, but he was 
prowl of his spice-rich island, 
a 17fo century Kuwait. Some 
thought it more valuable than 
James’s native Scotland. 

Run is part of Indonesia’s 
Banda Archipelago, south of 
foe Moluccas. In 1667, the 
British traded Run for territory 
which included an island that 
deserved Prime Minister Lord 
Palmerston’s later description 
of Hong Kong: “A barren 
rock with nary a house upon 
it.” The island: M anhattan 

In 1797, a Scottish doctor 
named Mungo Park, who had 
braved the fevers of West 
Africa, published his “Trav- 
els in the interior districts of 
Africa.” This was to generate 
a fever for exploration and ul- 
timately foe unseemly Euro- 
pean scramble for Africa. 


Fast forward to 1897 and 
Queen Victoria's diamond ju- 
bilee. If a single month rep- 
resented the apogee of empire, 
it was that June. Tens of mil- 
lions on all continents cele- 
brated, willingly or not, her 60 
years on the throne of an ever 
expanding empire. 

Events included a parade of 


170 ship, the biggest flotilla 
'jied 


assembled before the Nor- 
mandy landings. Two coun- 
tries from a just emerging 
Asia were among the 14 for- 
eign navies represented. From 
Japan came the Fuji, and from 
Siam the Mahachakri, flag 
vessel of the still reigning 
Thai dynasty of that name. 

St. John's celebrated by 
constructing Cabot Tower, 
where, four years later, foe 
radio pioneer Marconi was to 
receive the first trans-Atlantic 
morse message. 

Hong Kong, like most im- 
perial outposts, marked foe ju- 
bilee by erecting a statue to the 
great queen. A century later it 
still stands in Victoria Park. 
There, on June 4. 55,000 Chi- 
nese commemorated the Tian- 
anmen massacre of 1989. 
Whether they will be able to do 
so next year when imperial pro- 
tection, and perhaps foe statue, 
are gone remains to be seen. 

One thing is sure, whether 
in Hong Kong or SL John’s. 
By 2097, only foe ghost of 
empire and a few of the har- 
diest statues will remain. 

I we motional Herald Tribune. 




UP 



estant Orange marching season 
comes to a critical test at Drum- 
cree, where the march last year 
brought terrible violence. The 
policemen were killed not far 
from Drumcree- The evident 
design was to arouse a Prot- 
estant backlash and strengthen 
foe determination of Protestant 
ultras to march through Cath- 
olic neighbrahoods. That in 
turn would lead more Catholics 
to give op hope in peace ne- 
gotiations and turn to the IRA. 

The strategy has a certain 
political logic to it But recent 
decades have shown dial terror 
will not move Britain to turn its 
back on Northern Ireland. 

Britain bears a heavy respon- 
sibility in history for its policies 
toward Ireland. It invaded the 
country over the centuries, sup- 
pressed its people and colon- 
ized foe North. But foe Prot- 
estants of Northern Ireland are a 
reality today that cannot be 
wished away. No imaginable Ir- 
ish government would want to 
absorb them against their will. 

The only way to tire normal 
life that practically everyone in 
the Norm wants is by negoti- 
ation. But is there any point in 
negotiation after foe IRA out- 
rage?! put the question to former 
U.S. Senator George Mitchell, 
who fra two and a half frus- 


trating years has presided over 
talks intended to bring about a 
new constitutional settlement. 
I leached him in London, on ins 
way to a resumption of foe talks 
in Belfast on Tuesday. 

“You jnst can't give way to 
despair,” he said. “The timing 
of this attack was particularly 
egregious, bat even with this 
I don’t believe it’s hopeless. 

“Two things have to happen. 
First, the marching season has 
to pass without serious incident 
Second, in our talks we have to 
end foe procedural wrangling 
and get to substance. Both are 
difficult but not impossible. 

“People obviously have 
deep differences, even hatred 
— but they don’t want to go 
back to violence.” 

Mr. Mitchell's first point 
getting past the marching sea- 
son, will require unusual re- 
straint on the part of Orange 
Protestant groups. 1 he 
marches, for many, make a 
primal statement: The land on 
which we march is ours. 

The hope has to be that the 
parties now in the talks will 
make enough progress to draw 
in foe IRA. The price of its ad- 
mission would be a genuine sus- 
pension of violence: a chance 
for the habit of peace to grow. 

The New }’ar* Tunes. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Queen’s Fete 


LONDON — Yesterday (June 
20] was really the opening day of 
the Queen's Jubilee celebrations. 
It was Accession Day. and foe 
event was observed in most 
places of worship as a day of 
general thanksgiving. London is 
now in a state of positive ex- 
citement People are conqrietely 
absorbed in the event Hie pre- 
vailing spirit may be described as 
a combination of intense loyalty 
and candid self-congratulation 
on the greatness of foe nation. No 
dynasty can ever have had a 
more complete demonstration of 
foe universal attachment of a 
people. There is not anywhere a 
discordant note. 


cientiy to linger fra some time 
in retirement but be will never 
be able to resume control of 
affairs of State. Despite ament 
rumors there has been so para- 
lytic stroke in foe accepted 
sense of foe tom. but nervons 
strain, combined with varices 
ailments, seem to have resulted 
in a clot on foe brain. 


St 1947: Better Radar 


1922: Leuin Failing 


LONDON — Reports from au- 
thoritative sources at Moscow 
state that short of a miracle Len- 
in’s political career is over. He 
may recover his health suffi- 


PARIS — A new radar warning 
device to keep planes from 
crashing into mountains or oth- 
er obstacles during bad weather 
will soon be installed on aB 
Trans World Airline aircraft, 
the company announced in Par- 
is yesterday Pune 20]. Weigh- 
ing only sixteen pounds, foe 
device is mounted on foe pilot’s 
dashboard and flashes a warn- 
mg signal whenever an obstacle 
is getting too dose. The new 
equipment is expected to help 
gready in eliminating acc iden ts 
caused by poor visibility. 




rnmmm 





GENERAL 






;fJERAL 


tlHQXNi 



***•* «. .a-. i 
**■« -r-.fr run*.' 

- '>• . .. 


tsrr '*%■«*- '-r!± ;■ 
Vu' 'ttev* V 
. iw-. ; : • 






r •. :~t ■:cf. : -or. 

• “■*** If '.r~r&xrvri‘' 

r •«, — ■ ’ 

’ . _ .... i 




- i 


*,u*.v ■i-^Wi-a*****' 

•»*rrs“ •*•** # 


-nr- -rr-sssirt.-i* 

y y- 






•• - ‘ v- “- -V- ■ ; 

n-5-r- :r: : 




jjt 

t. r .jr? . 

ZZVt Sr..^£ atTLX- • #T » 

*-• J r r '*?» . 


4v*?» *** r f* 


•«* U.tfm ruff 
* . iI«KP8 

.-■i V- tf.v . j 

’f'H* i -■ • - j 

j.1 VK3 j 


-v.-. 


*»rr-a . 

■j? 

’ . - -r^.. "i 


i'l IF-AiWSf 


zm. 


-i>/rcr ■#*. : 


err** r**. 



CWC4f r 

ft ***y«k. HlWJWfl 








Vi*r , 


x-rawr T v*r 

•art 


lH*-. j ; • 

****** ?»- 


_ • - ; . ’ 


30 




« *■ . 


1 v 




_ _ t% . . • «-*! »■*»!* 
ri-.x 

.. -r.; J J « .*. * 


* j.*. *.«*J*fc ws-p'-®*. 

i'A' i • ^tr. 


I>o 









PAGE 7 


•rllife 








SS and U 0 




■'Ok 

■r'. ^ * 




■<>* 

4? 

! e. *i4 


Rive Gauche 

biting rduto«sfai$v 
dace 1980 

"A jwwrafal network 
iitVptMleu 

Numerous quality encounters. 
Ask about our mended services 
i i, quai Salnt-Mkhel - Paris-V 
Tel. : 93 (Oil 43 54 55 oo 


Friendships 


€j»* ax:.}, 

^.OTSi* 

'‘■'tiPi- ,?&C •1^..-. 

ter ;jT 

* »E j “i ajf^- ji . mVm 

BSTEC 3S 4P^-S 

• ;*;rev^ ?.-„• 

t. _. . 

-r ?+-.-•* L-- 

t* <ai-‘ ■' J^-v- 

itt: ~- 

'* ***** L~ Wl 
«Ci*V- SwPC,, 
pr >.v •.£&: - -. 

tote**- Tt'v.,:.'. fflk- 


. - . ^ 

::t>h 

•r-- _-T> 
■ . 

• 

. r^s* 
•••*.*. :** 

•-Cc ■ 




WORLDLY INDUSTRIALIST 

1 fififl74. smokar. sn^e. Met) 
aa. nm pet Sme enter, good 
loote. manly, etegatt, onpnal (taker 
wth mine preseree and charm, Mn[ 
to style on Cole D'aai sects sman am 
uB&rted ntmguaL ssractve ! 
a arty. 35-50. as a low! i 


tannine. 160/170 refabe sih oUgotag 
peiGtrrty Bewy, compUer & dnvtog 
m a pbe. id store Ufa’s tarty, 
sodrtzing, art. safing, heute cubne. 
wifrg and mom Wife openly, dfccreton 
fissoad. (Recall p tote hetAi). 

Bn 313.HT3S21 Neufiy CrW+ance 


EUROPEAN PRETTY YOUNG LADY, 
vwy high education, cosmopolitan, 
warty, te looking lor gam toman vr4h 
■sarar vbiB", ewaverted and who an- 
toys Be to ImH a gamine lerttonshto. 
Wile Bob 305, IKT. 1B1 eve Charts oe 
Gaufe, 92521 Nsufiy Cetex. Fiance 


ATTRACTIVE BLONDE WOMAN, Into 
2D s. Bjieskian, seeking mature, refined, 
dtoent gentieman to pamper me Atm 
Am RW2. Bn 113, Mum Road. Wal- 
ton, NY 13856 USA. 


Oil to Curl) the C 


nm e 


FRENCH TOP MODEL seals setae re- 
Utonsnto wflh honest generous nan 
MO Ires USA. TeL 433 (0)1 4267 196Z 




+i 1 


V- -n-.** rr- - 
j pH-viaii-. £t:s ELsJjrt 

t _ 

■SMawfc. TV! ; 

t *i -Set. . 

FIR k ' ■ 

» .**-* s*.i ; 

> 

j. J-.-C7Z7T": \i 

4C *. - r.T 

aferltt. LK.^r: ■- ,^ L y _• 

• •: -i:.i i: .• -.** 

SE«tfi AS^.ifcSi--. i?.“ ^ ;• 

es* ~ jk ■ ~~~ — 

■ t c i^fv £x7- i. L • .-. 

- r 

« ,r V- nsii 5»S.J. .■ - 

• '• . 

'■ h** Ac . 

--- TfSH i= r • S • 

» eSa: jvtor. _ti- • . • 
i*p*K ^ if* V* •« 

'.N4c.yA jfc 
<er. %* s ~ 

jdki . 

1 * 2 WK fifeas {liesw .a.--.. 

• v*^Kii-J3^«== 


YOUNG LADIES WORLDWIDE seek 
toottAematos. Oettfe and 400 photos 
tree! HBWES. Bn IIOesOVE. D-10636 
BERLW FAX +4MO-25 13318 


^ GENERAL 

______ 

r .rr S Announcements 


<ra?. 


: -ii 


- 


BAfiEHE AS 24 

AU 21 JUH1997 
Pm Hors TVA bh devise locate 
(seduction disponUe cu demande) 
Raqjfece les baremes amenein 

FRANCE (zone 0 an Fffl - TVA 20.6% 
GO- 365 ratr. 2.19 

_SC97 532 SCSP- 5.13 


UK end • TVA I7j% (Hod 6%) 
GO 0322 POD*. 


03475 


ALLEUAGNE (zone 1) DLM - TVA 15% 
20KEI-G: 

GO- 135 


- - . 

ZONE S - t : 



■ •‘•'■Sis 

GO. 1.04 

SCSP- 

1A1 

.csss 

ZONE HI -F : 




GO IjOf 

SCSP 

1.38 


2QKIV-F: 




SCSP 137 




ZONE fV - G : 





-FDD: 

0,70 

" =5 

B8SCUE en FBI 

■TVA 21% 



»: 21.74 

FDD: 

10^8 


SC37. 3322 

SCSP 

3124 


efcir t Si*ein to Cbanop 



— p. .V.I.* 


= - J ■iVffcuSJ-S T - 

- •>» W 

>-*J. ;.=4t^t . 


. . .-.-1- 

.j: ;.:C 

IV— 

: . C- 


HOUAIBIE (ana2) NLGfi - TVA 173% 
GD.--1231 F0D: 0,778 

St 37. 1.779 SCSP. 1,735 

LUX9B0URG an LUR - TVA 15% 

GO 19.13 

ESPAGIE (one Aj en PTASfl-TVA 15% 
GO 8234 

SCfl7. ; ' 10155 SCSP 102.41 

• Usage regtemerte 


*=&&■*■> f f»- 

1. V ; V Hk- ^ 

B-ivji J-**!TT i ’.-W 

il cinirSn - ! i. 7 . .-..i. ' 


arralfcSSribunc 

If XWWP VWtfW 

SUBSCRIBER CUSTOMER SERVICE; 
Fa qw51lcns a queries atKiil the cbfrv- 
aynlmf naKpsper, thestoisof your 
soartoi a Sxrt ndatog i silsaip- 
hoa please call Die ta&mrn numbeis 
EUROPE, WOLE EAST AND AFRICA: 
TOLL TREE - Austria 0560 B120 BeT 
1 0600 17538 France 0800 437437 
r 0130 B4S5B5 Italy 167 780040 
Lmamtaag 0600 2703 Nahertends 06 
025158 Sweden 020 797039 Swftzer- 
Iml 155 5757 UK 0800 895965 Bn- 
where. 1*33) 1 41439361 THE AMERI- 
CAS; USA (tot-tree) 1-8003822884 
Bsenhere [*l] 212 7523890 ASIA: 

a Kong 2922 1171 Indonesia 809 
Japan (lot-tree) 0120 464 027 
Korea 3672 0044 Malaysia 221 7055 
PMpptow 895 4946 Singapore 325 
0834 Taman 7753456 Thailand 277 
4485 Elsewhere (*552)29221171 


WORLDWIDE ELITE 


■to the best in international society 

AN "EASKOASHADY" OF THE 

tt v«.™‘ FINBr " B 5 UEff - i W/ 5 ' 7 "- 

FROM ONE OF THE E5IBMED AMSUCAN F AMUB 

rtewSSSSaaiiaa 

honest tovwmb Jwmans 

W» "her success ■ She owns 
In ^ US.md.resWM m a a fmy~ 


gabrieie thiers-bense 



MARRIAGE MEDIATION 

the sophisticated introduction ... 

AGAIN A DREAM-WEDDING 
IN H1GH-SOCHTY QROES HAS BEEN 
ACCOMPUSHED BY OUR KNOW-HOW & GUIDANCE 

™A SOFMSnCATED BEAUTY Rvl FER YOUTWUL 
FORTES & AN OVERWHELMED, 
WmY-WSTINGUISFffiD GLOBAL 1NDUSTR1AUST 
OF "THE BEST V1NTAGF FORWARD THSR THANKS^ 


Exclusively for you... 

Personally since 1975 

TeU +49 ■ 89 ■ 649-2205 
Fax: +49 - 8S - 649-2224 
Daily 10-19 Krs.. Germany • 82031 Munich^rumrald • Otte-H^mcmn - Sir, 5 • By appointment 


THANKS, WHICH WE RETURN WITH JOY 
AND COMPUMENT5 FOR A PERFECT CHOICE! 


Represented in Paris Berlin the USA Singapore Melbourne 



ClauiBa Piischol-Kntes 

contacts among the most distinguished i 


. j as the partnership agency with a worldwide i 
I personalities o( the top of society, the business elite and i 


An bresteUy dioming, Amningly beautiful woman «i her 40 s, 


Iff is one of the few reoly notable, global entrepreneurs ^ Trni „„„„ t 

^ ® ® 3 ’ S£ *^ 30e m8n '- * b “"Ohs w ’psW of 0* Wild aa a era d tie marts dean wnen d rtarotional sating - slender figure and 

r i w fw Ns rttfemmded dwacterend mpressm pesntiity ■ hawig feminine elegance, with long blonde hair and lender green eves, she 

***”■ a tttB ? * l*4h srt) tta^i OK d Pynaay, a magtfart deen personfes Euopean oOjib, siyte Hnd tenrmsy camdned nidi tenderness 

fy^-P ^fi aOeam^nd dhiawnontoBEasOoaaasasacondresitencewiihpniBtegolcouBeandaaMd-andyeiheis aria esc 

I non ^^riaBnd^,i W toher£^4Qs.taisli^.Bretereaytf^ romar 

naa<a at iad)*a, stfe gd ^e ara a nna..yg; may tick toraenl a a taciioig, eroaadnariy boms Be ixyrt yw wtesi pesenu 

dmm s (gaoiky even ater te OMBi) - Lae and wantti. btrtha and happness s wnal he tags ton Ohai he s to be the quesl of excetar 


Active far you 
onatwrkMde scale 


personfes Euopean cutora, siyte and lernmay 1 
and espre. vrth tne fool 1 n the USA and a wortdmte orete d tnends. 3 
woman wflh toe cartain je ne eas qua'- [speaks 4 teguagasi r.-orts as 3 
presenter m the mada. e nuscal and sporeve isatog. terns, goto and an 

hn.w.Dfan a i ; uuj v BcOgi fcstess. acoganHlio represent - would prefer, however, g be toere 

0865 ft 18 *? 18 ghd d toe waB are among memsetesL Ycucanmeatm ftBre psafo* hbuL a hapoy ttflana s otia she «*nes tur.. a -^jcnr.? A'jno,- 
Mtywpre toagBlBaiartBdtoanxrepwaeBtniosphereThafgueaw^saiyowaspiisa.asBdasabefluttiAs^^ wse. cutorated iron mn warn* Brel tareur. atamayweOteuosiE^ 
wateGting.gdLenrtooratptohto)a-e«aitiMa)okBw^Bpan^yu She would be Me to sente wherever HEisai home 1 


^ (“JJO’Presaad? Piease caU uk You car re®ch us dafly from 3 to 7 pun., also SatfSun on Fax (0049) 6241/575113 
Principal branch office, Europe Germany- Ms. Hoffmann T(0049 ) 63/242 77 154 or Ms. Zhnmermann T (0049) 21 1/329357 


GENERAL 


OOR NEXT SPEW. HEADM 

REAL ESTATE ■ 

IN & AROUND PARIS 

(Sales and Rereals) 
appear on 

[TODAY, JUHE27th 1997 

For more ddafe ideass ccntaa 

HTiRNATIONAL HBUU) TR»ME 
PARS Tab *33 (0)1 41 43 93 85 
or Fmc +33 (0)1 41 43 93 70 
E-mat dasdtodMtoLcom 


FEELING tow? - hairing prabkms? SOG 
HELP crisis-line in Bij^slL 3 pan - 
11p m TaL Parte (01) 47 23 80 BO 


Pan Pals 


FRENCHMAN seeks pen frtend In San 

Francfeca Wrte Mr. Ivan Kapeunakos, 

50 rue Victor CtemenL F65000 Taitws. 


Arts 


KARBI MATTHEWS GALLERY 
American Cofller|o&y Fhe Ait 

W ^ / rS"i , 6m®^ , ' eora 

Far 1-617-631-2935 USA 


Auto Rentals 


RENT AUTO OERG1 FRANCE: Weekend 
FF500 7 daw FF1500. Tel Parts *33 
(0)1 4368 5555. Fax (0)1 4353 9629. 


Auto Shipping 


SAVE ON CAR SHIPPING. AIESC0, 
KrfflbBflr 2, Antwerp Belgian. TdFnro 
US, Africa Rente Rd-Rd sating Free 
tmeL Tet 32/^231-4238 Fax 2326353 


Autos Tar Free 


new TAX-FREE uaed 
ALL LEADrtG MAXES 
Same day regb&aton possUe 
rerewabte ip to 5 years 
we also register care nth 
(expired) ftadgn (tax4re^ plates 

iczKOvrrs 

Alfred Esther Street 1G CH60Z7 Zirich 
Tet 01/202 76 10. Fax: 01/202 76 30 


ATX WORLDWIDE TAX FREE CARS. 
Export * shfppkig + ledrtation d new & 
used care. ATX NV. Tenteiddei 40, 2930 
Bcasschad. Belgium. Phone: *62 3 
5455002. Fax +32 3 6457109. ATX. 
shoe 1959 


EUROPE AUTO 

TttHtenJ 31(0)30-6064494 


Legal Sendees 


MVORCE 1-DAY CERTI F I E D 
Cal or Fax (714) 9686595. Wrte. 16787 
Beach Bfvd. H37. Hurthgton Beach. CA 
92648 USA- e-mel - wstorniOrtKioom 


DIVORCE W1 DAY No bavel Wrtw 
Box 377. Sutouy, MA 01776 USA Tet 
508/4436387. Fax. 5064430183 


Colleges A Universities 


BS,UA,NBA,PhD 

Earn A Decree Free Catalog: CenUn 
University. 6400 Uptown Bfcd, NE. 
Sute 396W, DepL 5a Afiuueftiue, NU 
B7T10, USA Tel: 5»W37ll. 


EARN UNIVERSITY degrees utttzbig 
work, lie & academic experience. For 
evaluation & Honmflon toman) nasuna 
to: PbcMc Southern Unwetey, 8581 W. 
Ptoo Btvd, DepL 121 Los Angeles, CA 
80035 USA 


GET A COLLEGE DEGREE fa 27 Daya. 
8SMSABA/PK)., etc. Mudtog 
greduation rtng transalpL rtltena- 
Yes rs reel tepai, guararteed end 
aocredbd. 1604455-1409 24 Ixxrs. 


REGISTERED ACCREDITED COLLEGE 
DEGREES. AB Mtojects. Home 
FAX: 319364-M35 IttStt 
Box 2804. Iowa Cly, IA 52244 USA 
E-Mat amerartfti 


■Business Opportunities 


OFFSHORE COMPANIES. For be bro- 
due or adhrice Tet London 44 181 741 
1224 Fax: 44 181 748 6558/6338 
www^ppletoacai* 


2ND PASSPORT S10K Also EU. 

Diplomatic, Driven Ucances. Emat 

cqueMuneLneLph Fax: 63-2631 7552 


IRISH OFFSHORE COMPANES 2145 
Contact Irish incorporations Lid. Fax: 
*85361 -3EW21 E44sft HshtocetoUa 


Tax Services 


EXPAT INCOME TAX U.S.T.S., he. 
. Returns and retated servtas. Paris Rep: 
*33 (0) 1 4413 6944 Fax 4563 2496; 
London *44 ffl 171 722 3908. 


BLOCK® FU7BS AVAILABLE 
PHONE +44 10)171 373 0814 
FAX *44 |0)171 373 4558 


Telecommunications 


New Lower 
International 
Rates 

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


‘No Sal Up Fees 
1 No Mnrinnts 
’ Sfc Second BBng 
24-hour MuMngual Customer Service 
*AT ATOuaRy 



bask 

B«Dta.WA M11B 


Where Standards are Set not Med 
B Tel: 1206698.1991 
Fax: 1206589.1981 
Email: MoQkattnckcoo 

— tattaftwa 


Serviced Offices 


Your Prestigious Furnished Office in 
11 mayor locations to Italy. 
WWWEXECtnWENETWORIUT. 
FAX 39 2 48013233. 


Business Services 


Lowest Inf I . 
Telephone Rates! 

Cal The USA Front 

Gamany S033 

UK SO 25 

Fiance -50 32 

Swizatand ... — — SO 38 

Sweden i025 

Said Arabia —JOB 

Can For AI Rates 

25% Commission 
Agants Wstansl 

KallMart 

Tet -1-407-777-4222 Fai r 1-4Q7- 7776411 
Ite^ypnoomtaftiBit 



:: • *' , v - Escorts A Guides 


iNtetiJs: '-3*- ■■ ** 

f. t&ri . St ‘--v i ■ 


-r^- 



fit It !«!: 



# fri* 





~ y-te* +-*- 





..-.re* -e 
- 


itrti 

\ :r- J ,-C\ 

... 


BELGRAVIA 

ORCHIDS 

LONDON - PARIS 

IRE FINEST A THE MKT SINCERE 
18 • 38+ INTERNATIONAL 
BEAUTIFUL A RSlAJfT STUDENTS 

SECRETAJffiS, AB HOSTESSES A 

• - IMDELS + 

AVJUtABLE AS YOUR COMPANION 
MBS' SERVICE WORLDWIDE 
Escort Agncy Cruft Canto WMcons 

T^UM^h44(0} 

■om 589 5237 


-ROYAL PUHNUH SERVICE - 

ATLANTIC.. 

LONDON PARIS NEW YORK 

- ffiribwbnd BaoMu Cola if Aar 
WTBUIATOIAL escort SSWICE 

TI 04 11/22 


_ s* 




- * * r 


QflS A DOLLS Escort Service 
BLArpME^OTE ffAniRWaS - 
WW&ilONKRrTlJaUW^W 

GaMAHTSCAIttWAWATTHCYDEn: 

Tfk*»JJ>3»aK 3788 Credl Cart* 


«M« BEADm CHAMBIK HwL 

®P9m Pw» Earn Sen*» laitai 

Ttf flBSi 


CHIC-VIP 

HTERNATIONAL BCOffT SERVICE 

LONDON PARIS NEW YORK 

Cots d’Azur GafTBanr' Prague 

++ 44 (0) 7000 24 28 91 
info 8diic-vip.com 


INTERNATIONAL ESCORTS 
Worts Fist 5 Most ExEtoste Servfca 
ModMs, Baaity Qiaans, AdressM 
Mukflngual Tmd Companion! 

Hdqtrs. 212 - 765 - 7 B 96 NY, USA 
Miceointttecort&cni 
Rated "Bast in Maw Yorte* by New Yak 
Uaffdne. Serete ' 


SWnZERLANDCatMANY-BELGIJM 

■ *4431-20427 28 27 

ZmfiWJenm*6«9Bi6urr»- 
FrenrtrelJWra^esbadK^^ 
Bow»6i«ddrirHfanfcto6Blii- 
BnitwteAnlweip + A: Wanoa 

coans Eaeovt Agiaey - Cm* Cwh 


GEREVA PRETTY 'WOMAN 
ca 022 / 346 00 89 Escort Af 
LAUSANNE-MOffTRHJX- BASE 
ZUfflCH ■ CRHXT CARDS 


FAR EASTERN 0850 521 074 

jHsine. Aslan. Korean, Caribtean. 
7 SbT Chinese. Mdeysten & PMBRJto 
Undtn Esnofi Agency 


ULTIMATE ’10* 

Tot 212686-1656 
Hew Yate Escon Sendee 


HIGH SOCIETY 

Exaeutiva Escort Sendee. 
Germany, Paris, New Ycrt, London 
Tel: London 0171 268 1033 


MAN ' ITALY * TOP CLASS 

Alfa Emrl Sendee 39 mmaSHSl 
+ ft™ LitotiM Fsris fl™ra flrwste 


HEffifS HIGH SOClETY’VENNA'PAfflS 
COTE DAZURTLTOCH'GBF'WJNCH 
kda tofati Escort A Tiate Sente 
vienrH **43-16354104 d oe* cards 


ELITE Escort Service 

NEW YORK CITY 
16004646667 


GLAMOUR INTERNATIONAL 

LONDON ESCORT SERVICE 
0171734 0771 


— — • EUROCONTACT INTL •"**"* 

Top local & travel senna ■oridwkte 
p358sm»€UfQaeAmcH 

RlVIERA-flM)SSflS , LOMX3N7IEMIA 

IfijWflOME^I GERMANY 5 USA 

Escort Sawica Wanna +143-1-212 0431 


Do you live in Athens? 

For a hand-delivered subscription on the day 
of publication, adl 00 33 1 4143 9361 

Tl^ral h^feS ribttPC 


THEItOtelJTSnWU'N'CTteBUP'Eg, 


BERN, BASEL, ZUFDCH 
Escon Sava 
+077/88 55 05. AS cards. 


•ZURICH -C/WOLOffi" 
Escort Servica 
Tet 01 7 261 49.47 


te-t *-7" 
<* ■*** _ • 


■k 




CONFERENCE H1ERPRE1ER 
Smteneous - Conseciftre 

TansBBons 

httpJ/iWmetechwJUJrntJnLorg 

YOUR OFFICE li LONDON 

Bond Street - Mai Phone. Fax. Tela 

TeL 44 171 290 9000 Fax 171 499 1517 

Real Estate 
for Sale 


French Provinces 

NORTH CHARENTE 

Deep m rural France, but only 2 1/2 
hotrs from Pans m the TGV Substantial 
Manor House fully renovated by an 
Amercan to hates: carton siantanfc 
Sending on a M top in 10 ha. floaaeri 
park. Speoacifar nme. Guei tiosa 
atoo Uy rsnmaed. Total 7 bedrooms. 

3 receptions. FF3.750.000. Ad* tonal 
ted available tadufag nfle ucharl 

TtL owner. *33 (0)545318874 office or 
(0)54531 B473 home. Fax (0)545318787 

TROUVfLLE SEAVEW, In manor wflh 
park, charming apartmem 54 sqjn + 
mezzarene lamencan kilciwn, 2 bed- 
rooms. betii, niei room. mace, parting 
SoudHMasL Yearly caretaker. FF620.0M 
(Ned owner +33 (0)1 42 27 71 07 

VEND0ME, chanung chalet, unoded 
area. 2 bedrooms, Ihreig. Replace, 
bathroom, kitchen, 1.950 sq.m 
garden. 3/4 hour T.G.V. Pans 
FF3S0JK0. No agency. Tel and Fax 
+ 33 (0)2 54 23 49 89. 

French Riviera 

ST. JEAN CAP FERflAT. owner sells 
sea view visa. 6 bedrooms. Depan USA 
ugeri KT Box 284, 92521 Nafly Cdx 

Parts and Suburbs 

FABULOUS ILE SAINT LOUIS. 125 
sqm superbly renovated, 17th cere. 5 
rooms, 2 bates. FF55M. Owner Tet +33 
(0)1 4604 9042 Fax +33 (OH 4603 5103 

Real Estate 
for Rent 


Paris Area Furnished 

MONTPARNASSE. 2 rooms * kitchen, 
quite, charm, etovsKx FF5.7D0. Tet +33 
(0)1 47 07 36 04 leave message please 


AMSTERDAM 1 DREAMS ’ ESCORTS 
and Dam Dale Sente tor Fflm or Her. 

Tet *31 |0) 20-64 02 666 / 64 02 111 

M SPAIN HARMONY Engflsh awton 
Exclave Escort Sente. Maffid Td +34 

1 386 mBarcekna 3442968698 

NICOLE VBTY PRETTY AND SHAPELY 

Young Blond. PiNata Escort Sente Lon- 
don Tet 0410 7® 253 

AMSTERDAM BERNADETTE 

Bcort Service £ Dim Offles 

Tet 631 63 36 or 831 06 43. 

ASIAN * PERSIAN ‘ ORIENTAL & 
CONTINENTAL Escort Sendee London 

Tel 0956 223317 24 In Credx Cards 

BEAUTIFUL DANISH MODEL Friend* 
aid Vary High Ctass Escort Sente. Tefc 
LandoaOITI 376 7921 or 0468 353 424 

CITYFRANKFURT4AREA 

Mam Boon Agree* 

Ptoass cd 069 - 597 66 68 tram 2pm 

** EXECUTIVE CLUB** 

LONDON ES00RT SERVICE . 

TEL 0171 722 5008 Credit Cards 

EMMANUBIE'5 ESCORT SERVICE 
" FRENCH SPEAKKG “ 

LONDON 0171 282 2886 AI Cards 

JULIA BEAUTIFUL YOUNG Bnn&B 
r leafy ana vsry 5n flpoy. nw« tscon 
Service London Tet 0410 772 916 

LONDON STUNNKG ELITE O RENTAL- 
Fiicndy PriMto Eicon Sente. Yoke Tet - 
.0421 519 731 Cretil Cards. 24 ta. 

PflflE TOE ENTHtPRISES 

Escort Sante h New York City 

212-2794S22 

VALENTWES INTERNATIONAL 

VIP Escon Sente piste to view canal 
. London ofice 0171 83G 0006 afl cuds 




Switzerland 

GENEVA. LUXURY FURNISHED aparl- 
mms From sudos to 4 bedreorrs Tel 
-.-SI 22 735 6323 Fax *41 22 736 2.71 

Holiday Rentals 


French Provinces 

AK EN PROVENCE- Les Mies, baste 
cattle, an equoped. 12 pecpie pou 
6n»l2m, 80m access road. 15km to gill 
and tennis 1-T5 aim FF35.000. 16-30 
aug FF25D00. T»-33«)4ri2D42050 

SOUTH BH1TANY - Beach vfla. umye 
locadcn sleeps B. Y/eekk renal Jree to 

Sept TelFax +33 (0|1 45 51 27 02 

Parts A Suburbs 

MARAIS Hal In iSh rent house. 130 
sqm. 31/2 bedrooms, equipped. July & 

Aug Fie.ooa™ Tet *33I!)|1 42741BC7 

Sardinia 

COSTA SMERALDA Porto Rotondo, 
beeittri house ngrt or fe shore, lage 
reception. 5 dottle bedrooms rath en- 
sure bates. Tel. +39 7B934062 or 
+33(0)146371485 Fax *33(0)143590703 

Employment 


Genera/ Positions Wanted 

FRENCH CHEF 34. sngle, lluem 
English, working knowledge Spamsh. 
trameig and eriensr;? wort expenerte 
wflh major names French harte-cu&ine, 
French entasees. hotets-reaarearts and 
private posts, seeks responsWe job 
France or abroad Excelenf references 

Tel *33 (0)2 41 92 48 34 Fax 4192 3893 


GOING ONCE. 

TU ICE SOLD!!! 

nvrEBJVATIOXAL 

ART 

EXHB8ITIOAS 
AUCTION SALES' 
COLLECTORS'S 
GUIDE 

E V SATURDAY'S 

IKTERXATIONAL 
HERALD TRIBUNE 
TODAY PAGES 8*9 


Hcralb"Hfe.Sribunc 

THE TO RUTS UUD NEWSRVPER 


PLANNING TO RUN 
A CLASSIFIED AD? 

Place your Ad quickly and easily, context your ... 

office or representative witn your text. You will be in 
tne cost immediately, and once payment is 
appear within 48 hours. AH major Credit 


EUROPE 


GBMANY. AUSTRIA & (XNflML EUXXPE: 
,1 teifcrt 

%L: |Q6V) 9712500 . 

Fac {044)97129000 

BBGMM&UURMUURG Bruutb 

G8GECE I CYPBUSc Afar* 
hi 301/tiBSl S25 l 
F ac W1/68 53357. 

RNAMto Hetot 

1/ 3599606828 
Free 358 9 646 50B. 

let: 58315738. 

Fac 583 20938. 

NETHBBAND&Ainted^ 
fcL 31 20. 6841000 

Foe 31 2D6881374. 

NORWOr, 5WS3B4 & DGhWASK: 


POBUGALUsb^^, 
■fcL 351 -M57-7293. 
Ftac 35M-457-7352 

SMKMoM, 

ML 4572856 
Fax 4586074. 

SWTBBSM^j, 


UT«7B> STATES 



CHU: Santiago da ChJa, 

hione. U201 26,6327937. 
Fee 63201 26 


Foc'jg!5)682 81 22/687 48 42/ 

MPDiEEAST 

>AMMME5cShoi^ 


HWGIF 

AMA/PAORC 

JNGKON& 
3^(65212922-1188. 
TL4M7D BflHX 
Foe (853 2922-1190. 




1)726 L _ 
m 728 30 91 


1N1ED XWGDOM: torin, 


SICAKME: 
trij 223 647B 
: 32506412 
. 28749 HT5W 


.K 


u'S^osio 

Ik J33673 Fn 32 01 02 09 


JAMN: 



Fk.\NKR1RT 


P.\R1S 


New York 


StH'M’ 

Lnumixu. 

CiMimMiu 


Edith Brigitta 
Fahrenkrog 

Thl Ivn jevini in u. rtmuMitr Aiaso In Eumn. | 

Mitiii^oThe Kii HrP^r\n*.KM> 

Pa* in*l Lmsmij'm. A«is: iNcr h Mv SiK-.vt 
O U Mi Hoaim he*.-n 

Hevd Office: Frankfvrt.I’-^ s. >m 

nf'’|r»FF.nNkr-WT.A1w. tLWMmWais 51.CEUt+\1 
Xf L 4 4 v.M*-45 1°?“ • V\\ 4*: . - 43 JJ to 

Paris Office: m< *. - Yv *» * m -6 pm. 

I 1 jib *2 kit Dr FaiibvKi>Si-Hi*v *± 

TtL ,33-l-4im , Nb87. Fv\ +?>1-40 iT W)40 

I'&A, Office: New York, m--v-fk->»v .4 pi- 
ne-* V wk- UWI 1 ‘i. 7.11* Finn A\ b*vl Ynr fu • w 

Til . I . JI 2 - - i*"S5 • F*\.il»2l3 

Plrminm VmHNivHMS \W Ai.viPiivoaiJ Iv 
ROME - VIENNA ■ LONDON 
LOS ANGELES - SINGAPORE - HONG-KONG 

WITH TYPICAL MEDITERRANEAN CHASM . . . 

?- I S4 HE IS BVsEI< l\ ITALY COTE D'AZL'B AND OTHEE El'KOPF ^N 
. CuCMRJLi A MEI'I TEKH.V-E AN TAPE- DARK HAlFED YTHLETlL AND 
MASCl.'IiSE A H.1SD60ME L \TTVLO' >K|VG MIN Dl> AMU' AND H-TM. WITH 
GBF4T SENSE OF IllAlC'B UENTROLS V.D W> iNUEBFl UY kuMANTM.' HE » « 
ECU' YTFD LS - ITALY -l’N[\ | lEGKEl - AM' HIS rSf+EASUiN AL CAREER IS VERY 
MOTSSF1 1 EAEi'l T1VF. IN LCNE Lf THL BIOOFST MLLIINAlirm SL l W sNU-S 
HE LO\E5 TO HLAmCf Sh.Nil S. BASKETS ALL 5K1LNC « ATERS[VPTS AND ALSO 
UKE> TOOlhL uMR PY TR AVEUJNC. ALI OVER THE WORLD \E» HL.ACIS FILL 
OF HISTORY .AND a LTl fit NOW HE KEALLY W ANTS TO PVT HIS PRI\ ATE UFI IN 
THE FIRST PPSmi.*N WITH THE RIGHT tt o\J VN AT HIS MPl 

O A YOUNG SMART AM) CLASSY BEAUTY . . . 

APAWVNTLY FEMINNF ANIi GRACEH. L BE AITY »OMC HILLY LONG 

hair .and green ey es in her mid '■•s i -j \ fantastic charming 1 

NATlkE WITH AN ELEGANT APPEARANCE AND E\0' ISITE TASTE SHE HAS A 
HUGH LEA □. HACKijRlJlNT' .AND F.tH'C \T10N AND IS \1 WAGING VAITH GRE.AT 
SU'.LSS THE FAMILY ENTERPRISES SHE l> VERY '.'PEN MINDED. LIKES TU l 
TRAVEL AND HAS GREAT INTEREST IS I'UTl P AI. FA F\Tn AM) SPORTS 
ACTIATIIFS TENNIS SUIMj "A ATEkSP-HTs AH ARM AND CHARMING AN 
r.|\lNG ARSl iUTT PRIORm TO SI1 APING HER LIFE Mill THE RIGHT PARTNER 

O A MAN OF THE WORLD . . . 

MOKTE-f AR1 G-PARIS-NF A Y 11 RK AN' AT TV ACITA E DARK HAIRED 
ELEGANT MAN '-I.VAITH GREAT STYLE AND PERFECT MANNERS A 
REAL GENTLEMAN YAITII GREAT SENSE UK RESPONSIBILITY HI HAS AN 
ABSOLUTELY EMrELLLM U Ai'KC.POLM' ANT In THF. OWNER OF nORLDUiDT. 
LT iMP AMES HE HAS M AKYELLul S RESIDENT E> IN THE M-.tfT ENCLl >I\ t SITE* 
IN FI ROPE AND I S A CilTTR L YA ARM- HE ART Eli CHAP. AfTER UK BRIGHT 

INTELLIGENCE. Ei.U IUBk AlED AND GENEfc U. < HE Is L'ViKING FUR TRl'ST 
LOVE AND MLH'.YL R£.'PE'T IN A PARTNERSHIP IN PERFECT HARMONY 

PLEASE CALX I 


Of 


MEETING POINT 


Meeting Point 


ATTRACTIVE SINGLE SWEDISH son- 
ue male ieeks Mo Unt 45-J5 .n 


AMERICAN BUSINESSMAN cealriy 
era gjrerous seeks gens anng i £■ 
le^r.e fecal Enqtsh spealjnq icr triiiu 
to tern ip speak Enghshi gai to erconv 
pan-/ rvm on ta nematciBl tra-.ei Fre- 
es 8 Hat to Eo> 324. ihT 65 Long 
Acre. Londc-n VX2- 5JH 

you take ^re cl me Icr 2 r.eeis and 
inen »f can ran rr. k - sjTjie nun .=:- 
sqm > in uie lartastic stoc^hcum ar^u- 
petojo Frch- *cn r-naro id uitinar 
narisson Smultrcnstigen 4 5-144 37 
Pominge Sr.etoi E-ma:: GurrarKans- 
son^sriD sHose 

ASIAN LADES seek manage Details 

ICE BREAKERS. 546 Crthara Rd 1EMC 

Far Ean Shopping Ctr Smiapore 0R23 

Tel 65-732 B74J. Fai 65-255 3^0 
http ,.'.-.tx gs ccmsg-oetrakers 

ENFANT TERRIBLE mlellaer.l charm- 
ing wiirjwBflea. -jenw. i aJ,- 

looking lor tra'-eicaniana to Europe 
USA 4sa t-cfi nnh das. Art ofl aca- 
'leiTK b7,1naic Tel (XW-X-cneSOB 

DINING OUT 


BKUSSaS 

PARTS 7th 

7HOUM1EUX 

RESTAURANT 

SpociaftiM of tire Conwn. 
Mttnuou. Confit de nmnL Tire 6m «wau. 

dared Sdurlcw mfeUayndSuattK 

154, run Arnerixnie. ToL (322) 538 99 OV. 

THOUMJEUX 

SomMMm of the Souit+WtaL 

Confi de gainnl 8 costoulat ou confir 
do canard. AirtumMiunod. Open 

79 100 S*DoCTWq^T^fbl.A7.05A9J5. 
Naor knoBdu TcnniiMd. 

NEWLY 

1 FPCUU -ill 

SZM£ 11 1 

aimjuimidadbybncui yriunviwc giedifc 
HuinfcjwiA—retwkrekWmitewwBiM. 
79. n+Oi+Ma*. Nwly. T.0MUW3J6. 
AH, or. Suftwi Rnw7fc.t01-flr4a27.il 

PARIS 9th 

£7^r± NEW 
BALAL 

lodoi L Mcotcoil Restaurant. 
*Iourior d'or, Monnhw d'or" 
■iwtomnoiiihcr by prwfireow OuMre. 
Noor Opflra. An- conditioaned. 

25. rue TaMiaiik UL 01 42 44 S3 ». 

PARIS 4th 

BREAD, WINE, CHEESE 

Owere dmer, radon, fandue 

T«L;0142JWJ2(iirerylby, dhnranly}. 

PATHS 17th 

PAJU5 6th 

ALGOLDENBERG 

Meta taripgi ■ Paaore ■ Cnwre dwire bead 
mdlmthnnumA-nitiinriaAollfatOnA 
MA me. 6? Av. do tttnun. 

U: 01 4127^79. Erery day uptoadU^t 

LE BILBOQUET 

A km tampb tto 1M7 
whichMittdnBraalHtlnznwii. 

AT the heat of SdnKJ+maivdwTVw 

lacfimadro driok. 

Costraaomkdmauora reosoncttl* prx*. 
13, n w SainHtawcft. T. 01 45/UUl.M. 

VIENNA 

i J Dtyamj 

You asi san^da the tpkf, orocnoic tcadoori 
dtfvH that bKomiig rng« h Fma. 

■VroDmtrtj 97* (air mxflnitiwJi 

14, me Dauphin*, T: 01 43 26 4491 

KERVANSARAY 

Turidih A kdl qwckte, kttttar hr, 
bottreafaod mtarati, Ittloar. MMdwWrA 
TdL 51 2IM3. Air ooBctitoned. tthn. Opera. 
Noon-3 pA A 6 pan-lam, «xc*p» Sunday. 
Opanhofidays. 


NANNIES/DOMESTICS ♦ 


Monroe Nannies 

XHnHHIBWmOH/U 

NANNIES/MATERNITY NURSES 

GOVHINESSESfliimiEirS HELPS 

Afl staff are ftfly experienced In tiie cm 
of tofartt & jniig drtdren A ae pmtete 
■ very proreaalonal & caring sarvlcs 
Phase contact NsthaHe Ssuvaln 
TH: (44 171) 40 991 0 FAX' (44 171] 8S 41 S5 
34 BROOK ST., MAYFAIR, LONDON. W1 . 


STAFF"/ DISTINCTION 


Quafitv vcdiri MiE Immediately 
available. Our experienced Ctnuunam 
ore here in salve your aefttag Deeds - 

all now to dbams your requbemenfa. 

COUPLES ■ HOUSEKEEPERS 

HJCNANNIES • CHEF&COOKS 
BUTLERS/UALETS'ESWE MANAGERS 

No RegairoTioB fee. OynNonritp-Satudiy 

S TWU +44 171 581 4844 
Pin +44 171 581 3078 

gThuria* BheaL LOHDON QW7 3LH J 


Nannies & Norses 

Immaionri xjffiwan 
WE SPEdAUSE nN’ THE PLACEMENT 
OF EXPERIENCED & Ql'AIJFIED 

• NANNIES * GOVERNESSES 

* BABY MAJERNTTY NURSES 

EXCELLENT CAJtEASSUXED 

PIEASE TELi 4* ITT 589 5789 

OR FAXi 44 171 898 0740 
20 BEAL CHAMP PLACE. LONDON. SO) 


Domestic Positions Available 


EXPERIENCED BRITISH NANNY for 
pratesstonal m0e n Vbib. Imnwaate 
Sat TS *31 72 5203361 


Domestic Positions Wanted 


ENGLISH AND FRENCH SPEAKING, 60 
year old Vietnamese tody. Austrian na- 
tionality, uitaraity education, sorts job 
as governess rttnm a randy, pan-time 
Room + bead * $1,000 or S1.2DQ. pte 
to Ftorida & East Coati. Write Box 
323. HT. 92521 Neuiy CBdn France 


COUPLE: CiHiteur, butiar, cock, housa- 
Lesper. Portuaese, French, SteRteh, 
soma EngBLUl: 2B1-68M821 USA. 


Top agency esi 1982 
Nanmes, Mother's Kelps, Baby 
Nurses. Au Pairs, Governesses 
AD personally interviewed 
and references verified 
Tab 44 171 355 5006 
Fox: 44 171 355 5007 


Imperial Nannie^ 


feunSH KANOTES GOVEBNESSeS) 

BABY NQBS ES . 

PeraremEv veiled, experienced nod 

pteessooal rth escrikm refaeoces. 
AVAILABLE NOW 

Open Monday - Saturday. 

£cfepJtMtc Smtfonc fimuki& on 
Tel: +44 171 581 T331 

Fax: +44 1 71 581 3078 
BTlimte* Stre*L LOUDON SUT72LH . 


BUSH NURSE nlh much experience, 
and rUi intermartee fete of Spanish, 
seeks an eljeriy person to took alter in 
Spain preferably in tee Vatendan Region 
w toe Batearfc islands. Uarta: *44 {01 
161 452 8211 


FRENCH woman. 49, seeks Governess 


FRENCH TRANSLATOR. 49. seeks 
Summw job wtii dtidrw (au SAjr 
Fran* cooking. Tet +33 ffl2 3576 SB5 


TOWJGCOUPIE, C were old tilh ts- 
to&feadf ]* or caraakare. 
Tet Pans +33 (Ql 43 20 65 41 


YOUNG MAN SEEKS (uU-tlm lob as 
co* lamenanca /mtera nu tt ) chtid care to 

- *33 {0)1 45725197 


OCCASIONAL AND PERMANE 
NANNY AGENCY has Bxperien 
BtMfenrteaftfBabyfthesfci 
unutiml jobs 2 Cramd Ptee, i 
Don, SW7 2JE. Tet UK 171 t 
Fax UK 171 589 4956 


UK h OVERSEAS AU PA! 
NANMES, MOTHERS HBJ 
Ortt 87 Regenl SLLondn 

Tet 171 48JM29 ftcnTI 




1 1 









































































































PAGE 8 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 21-22, 1997 


ART 






M adrid — a viewer's 

physical relationship with 
an artwork is at the heart of a 
lot of contemporary an. Per- 
haps that’s why it is a recurring topic in 
the conversation of the Spanish sculptors 
Cristina Iglesias and Juan Munoz. 

‘ 1 A piece isn’t finished until it has been 
mounted and installed," Iglesias says. "I 
have to work out the details of how it will 
be approached and entered, or how it will 
draw the viewer in, or how it will sur- 
round the viewer. Sometimes a piece will 
even turn its back on the viewer, but 
that’s also a part of the experience." 

Munoz adds: “Painters have it easier. 
The painting stops on one side of the 
frame. And infinity starts on the other 
side." 

This architectural and theatrical in- 
terest in choreographing the viewer’s 
perspective is a philosophy that Iglesias 
and Munoz, who are marned, explicitly 
share. They also share a certain acclaim: 
independent yet parallel trajectories, 
they have become highly ‘sought-after 
artists on the international circuit. 

Munoz has a long-running exhibition 
at the Dia Center for the Arts in New 
York City, and Iglesias opened a show of 
21 recent works at the Guggenheim Mu- 
seum on Friday. 

Wiry and energetic, Munoz, 43. 
makes sculptures, installations and 
drawings that are intriguing yet discon- 
certing. Roberta Smith wrote in The 
New York Times about Munoz's show 
at Dia, “He certainly knows how to 
create an effect, one that sets the mind 
racing, spinning out possible narratives 
and suggestive precedents . . . using cast 
figurative sculptures and dramatic ar- 
chitectural spaces to create a sense of 
alienation, spectacle and enigma." 





WW 


rain repeating images derived 
larged photographs of miniature models 
that she builds. The large and outwardly 
spare sculptures frequently incorporate 
figurative elements and deroracive tech- 
niques. like bas-relief and wallpaper. 

In addition, Iglesias often arranges her 
work around the periphery of an ex- 
hibition room, partitioning it into smal- 
ler. more illusory spaces of her own 
design and jurisdiction. "Often what I 
am making is a wall, but a wall that is 
more Like a tapestry that changes the 
space it occupies and at the same time 
creates the illusion of yet another space. 



Omvm^uc FxjcuAFP tw TV Nct. Y«tTno*>- 

Christina Iglesias in Madrid studio. 


obstructed doorways kept spectators 
from gening near the figures. And at the 
1997 Venice Biennale, a mechanical ele- 
ment is introduced; tire mouth of one of 
the Chinese figures will move in con- 
stant. silent laughter. 

"Even Minimalism creates a kind of 
theater. When 1 saw how Donald Judd 
positioned his cube in the room, how he 
completely controlled the way people 
had to look at his cube. I said to myself. 
‘This is theater!’ ” 

Munoz has assimilated ideas ranging 
from the Baroque period to late mod- 
ernism into a distinct style that avoids 
postmodern techniques of quotation and 
imitation. “Time has collapsed." he 


says Iglesias, woo is Basque, it s 
being in a clearing in the forest You’re 
not really in the forest, but you're sur- 
rounded by trees." 

Another typical component of Iglesi- 
as’s work is her confident and eclectic 
use of materials, ranging from alabaster 
to aluminum and concrete. And for the 
Guggenheim show, Iglesias has added a 
new motif to her repertory: screens, or 
jalousies, made of wood. 

“What people used to call ‘the sin- 
cerity of die material’ is not a value 
anymore." Iglesias says. “I would say 
that I’m sensitive but not faithful to the 
material. Even light is really just one 
more material, a material that lends or 
borrows color.” 


W HEN Iglesias ’s show closes 
at the Guggenheim on Sept 
7. it will travel-to the Renais- 
sance Society in Chicago 
and to Madrid's Reina Sofia Museum. 

When not traveling, Iglesias and 
Munoz live with their two young chil- 
dren. Lucia and Diego, in Torrelodones, 
a peaceful suburb overlooking Madrid. 
There Munoz gladly shares his opinions 
on everything from Joseph Conrad’s 
chaining together of adjectives to Pi- 
casso's classicism. 

"Except for the light bulb in ‘Guer- 
nica.’ Picasso didn’t use any imagery 
from the 20th century." he says. Ig- 
lesias, by comparison, reveals a gift for 
aphorism — for instance, on well-in- 
tentioned yet tedious art: "It's one thing 
to go fishing, and it’s something else 
again to watch someone else fishing." 


says, jumping up and pointing at his 
disordered bookshelf to explain his 
sense of historical freedom. 

* ‘It’s like my bookshelf. There was an 
imposed order, in this case alphabetical 
order. Borges was supposed to be next to 
Borromini. But then one day I was look- 
ing at Borromini and when I put it back I 
laid it sideways on top of some other 
books. And then somebody else came by 
and read some Borges and put it back 
somewhere else. 

"Time has collapsed in the same way. 
All history is available at once, without 
order and without the slightest sense of 
nostalgia. I have no nostalgia. None." 

Iglesias. 40, slender and soft-spoken, 
generally works with silk-screens and ab- 


H IS most recent pieces have 
been group sculptures of 
Chinese men; from their ex- 
pressions and positioning, the 
almost- life-size monochrome figures 
seem to be fervently involved with one 
another yet utterly oblivious to the spec- 
tator. 

Each exhibition of the figures differs 
in subtle ways. For a show at the Hirsh- 
horn Museum in Washington. Munoz 
placed the Chinese figures in front of a 
trompe 1‘oeil curtain. For a show at the 
Reina Sofia Museum in Madrid, half- 


George Stolz. the Madrid correspon- 
dent of Art News magazine, wrote this 
for The New York Times. . 


',:x . 

■Am 


■ \ : r 







Sa-A # 






t'mm 






.. 4 /; 

■ m-s 








■■■ 


i-Mi % 

' - v* 

te#' • : i 




£ ;> |§ji 


m 






Wwm 

kiwi 


ella 


Hfi 

h. 


Juan Munoz with some of his recent enigmatic and disconcerting figures. 




DifniWqur Fjpi/AfP li-rlbr Nr* Yin*: Ta 


AUCTIONS 


Pierre Cornette de Saint CyrIi auction sales 


COMMISSA1RE-PRISEUK 


IN FRANCE 


44. avenue Kieber 75016 Paris 
Tel: 33 (0) 1 47 27 II 24 -Fax: 33 10> 1 45 53 45 24 


DROUOT RICHELIEU 

9, rue Drouot 75009 Paris - Tel.: 01 48002020 


JUNE 30. 1997 

DROUOT MONTAIGNE - 8:30 pan. 

IMPORTANT MODERN 
AND CONTEMPORARY PAINTINGS 

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


Tuesday, July 1, 1997 

Room 16 at 2:IS p.m. OLD AND MODERN PRINTS. 
Etude TAJAN, 3 7 - rue des Mmhurins 75008 Paris, tel.. 
33 10> 1 53 30 30 30 - fax: 33 «0i 1 53 30 30 31. 



Wednesday, July 2, 1997 

Rooms i & 7 at 2:30 pm. l“th. itfth and I9di ceniurv 
FURNTFURE AND WORKS OF ART. Etude TAJAN, 3". 
rue des Matliurins ~50O8 Paris, tel : 33 1O1 1 53 30 30 30 - 
Fax: 33 '0 j 1 53 30 30 31. 


Friday, July 4, 1997- 


Room 13 at 1 . 15 p.m. GARMENTS AND FASHION 
ACCESSORIES. FABRICS. LACE. DOLLS. TOYS. 
HISTORICAL LINEN. SHAWLS. Etude TAJAN, p. rue 
tics Mathurins oOO-s Paris, tel.: 33 t0> 1 54 3ft 30 30 - 
lax: 33 id 1 53 30 30 31. 


JEAN-MICHEL BASQUIAT ' 


In NEVi' YORK nk-aie uwtaa Keu\ Mjisi mmupe & Oj 
I nc. In East 'i5tn Street, fifth Ilnur'. N.Y. 10c.i2f Plmne: 


i’2 1 2 1 "3" 35 97 . ~5~ 3S 13 - Fax. 1 212» W»1 14 34. 


T.Y ORZ\ 1982 
Acrylic and oil stick on canvas. 
1 53 x 7 (i cm (60 x 30 inches) 


On view: 


2 1 to 27th June 
Gallery Enrico Navarra 
75 rue Faubourg St Honors 
75008 Paris 

Tel.: 33014742 1599 


June 28 and June 29, 

1 1 am to 9 pm 
June 30, 1 1 am to 6 pm 
Drouot Montaigne 
15 Avenue Montaigne 
75008 Paris 

Tel.: 33 01 48 00 20 80. 


Arts & Antiques 


Appears every Saturday. 

To advertise contact Kimberl> Guerrand-Betrancourt 
Tel.: + 33 (0) 1 41 43 94- 76 / Fax: + 33 {0) 1 41 43 93 70 
or your nearest IHT office or represen laiive. 

Hcralb^SffilEribunc 








Lartigue on the Cote cVAzur 


jjnjHn'Urrii bran'' C V«ra«' r f »■ * !»■ L 1 1 rut -■ 


Hi (l 


Suzanne Lenglen, AJbarran and .Alain Gerbault at the tennis championships at the hotel Beau Site in Cannes in 
1920, photographed by Jacques-Henri Lartigue (1894-1986). An exhibition of Lartigue's photographs of the Cote 
d’Azur is at the Hotel de Sully in Paris until Sept 14. Lartigue, who made his first trip to the area with his family at 
age 11, with his first camera in hand, captured in his photos the life of the elegant and famous on the Riviera — the 
villas, hotels, spas, dubs and casinos — as well as panoramic views of the French coast and scenes of his domestic life. 


■r (in 




New Life for Khmer Silk Weaving 


V . - • - r „- 


By Rita Reif 


P HNOM PENH — In 1995, 
Kikuo Morimoto, a Japanese 
weaver and textile expert, 
traveled by motorcycle, by boat 
and on foot through the forests and 
jungles of Cambodia in search of master 
weavers. Everywhere he went, he 
showed pieces of boldly patterned 
Khmer silks taken from 19th-century 
costumes and temple hangings to shop- 
keepers in hopes of finding weavers who 
were still producing such work. 

For centuries, men had raised the silk- 
worms, and women. had tie-dyed the 
yams and woven them into ikat fabrics, 
for which Cambodia was renowned. 
Then in 1970, when civil war broke out. 
women had to abandon their looms. 

Five years later under the Khmer 
Rouge, families were uprooted and 
forced into slave labor, digging canals 
and working fields far from their own 
villages. As a result, traditional silk 
weaving ceased, natural dyes disap- 
peared. silkworms vanished, and the mul- 
berry trees, grown for the leaves fed to the 
silkworms, were left untended and died. 

In his travels, Morimoto visited 50 
villages in eight provinces, and what he 
found was that as Cambodian society 
begins to return to normalcy some looms 
are humming again. Today, affluent 
women are seeking the brilliantly 
colored silks that for centuries have been 
worn in costumes on national holidays or 
hung behind the Buddhist statues in their 
temples and homes. 

"We want to restore weaving to Cam- 
bodian village life,” said Morimoto, 
who at 49 divides his time between here 


New York Times Service 


and Bangkok, where his wife and chil- 
dren live. He has spent the last 15 years 
teaching traditional dyeing and weaving 
techniques primarily In the refugee 
camps in Thailand and Cambodia. 

The goal of his trip was to conduct a 
survey of Cambodian weaving, a study 
that was commissioned by the UN Edu- 
cational, Scientific and Cultural Orga- 
nization. 

After he complered his research and 
submitted his report, Morimoto set up the 
Institute for Khmer Traditional Textiles, 
of which he is the acting director. The 
institute is helping to revive traditional 
weaving in Cambodian villages. 

The bulk of its financial support, 
S50.000 a year for the last two years,' 
comes from the Japan Foundation, a 
government agency that supports cul- 
tural exchanges, and the institute is 
housed in a two-story studio in Takh- 
mau, a town just southwest of here. 

Morimoto’s efforts are attracting the 
attention of textile experts far from here. 
When H. Leedom Lefferts Jr., an Amer- 
ican, visited the studio Iasi December, he 
was impressed by what he saw. 

“In addition to producing fabrics for 
their own clothes, weaving gives Cam- 
bodian women a supplementary in- 
come," said Lefferts, an expert on South- 
east Asian textiles who is a professor of 
anthropology at Drew University in New 
Jersey. “Most important of all, it gives 
them a role in Khmer culture.” 

These days, thanks largely to Mor- 
imoto’s efforts, traditional weaving is on 
the upswing in Cambodia. Morimoto 
planted 60 mulberry trees of different 
varieties in the front yard of the in- 
stitute’s studio and expects to raise silk- 
worms there too in the future. 


The silkworms raised in Cambodia. 
Laos and Vietnam, he said, produce dis- 
tinctive yellow yams that are finer, 
stronger and more lustrous than the 
white ones found elsewhere in Asia. 

Under Morimoto’s direction, a pilot 
program of silkworm cultivation has be- 
gun in the village of Takov in Kampoi 
province, about 75 miles ( 1 20 kilometer) 
south of the capital. There a team of 43 
villagers, including 15 who are mostly in 
their 60s and 70s. are involved, in cul- 
tivating silkworms using methods they 
learned in their childhood. 

Most of the 17 skilled weavers he 
discovered in his research now work for 
the institute, and in contrast to former 
times when only women did the weav- 
ing, three of them are men. 

The weavers restore old fabrics and 
reproduce rhe kind of 1 9th-century ikats 
that Morimoto carried with him on his 
travels two years ago. The yams are tie- 
dyed to create the geometric, linear and 
figurative images of flowers, elephants 
and people that pattern these fabrics. 


dwiqf 

•es’.r&i. -■ 

— :*t acifcfc jtiiwtf'. 

- ■ n '• tv . rf . . *w*-t 'Cjityhm. . 

: <f.- «i*r. _ 

• -rrf tarhnrojir wii'” 

. -.-.a h.fK * tw* An ■ 

1 v. - 

• V : rr" • i-j-pbrirf. ’ 

N.-r* nr* a- sratsy'dv : ' 

•• uivawA . . 

. --- . ' v.'r >"s.\ iSar ' 

- w‘ •' 

75V 5 “AiftBSSEUtN. 

- •-= : ,"r V v rtjti. » 

SirVlii.k i •' hi-.9-X ' 


i ! * X.V j; -• 

: • i * *. _a,-» C _ j::v. t'lf'-lf 

-i..- . Ti'rL* .v • 


S OON these fabrics will be avail- 
able for sale and provide an eco- 
nomic boost for a country where 
80 percent of the people still live 
in rural areas. The weavers have formed 


a cooperative that will produce and mar- 
ket fabrics later this year. Eventually. 


they hope to export them to the United 
States and Europe. 

‘ These projects will help restore the 
ethnic Khmer identity,” Lefferts said- 
"Cambodians produced some of the 
finest weaving in the world prior to 
1970. Now Khmer hand weaving, which 
in my book is absolutely first rate, may 
become available worldwide.” 


r : . y-v-v 

• • 

•“. * ■Av-'t.-BT': ’ ■' . 

'• r*, i - 

■ -• ' 

- iS;o H ■ 

--hr-j •"r^s 4 

: . eT. . o 1 . .:c,r aa .*, - i 
■ / cr-s ■Jj.rr-rt . . 

. .• V’ S - 

- ---—a- r-.-virw -tervX’rsky--; 

% .-r— ; . * ■ * aflai •: j 

; . ; ^ 4 "*■ HS* . ; 

v rr-: v«? ,. a “Kt ’ 

■- .*• r TW?;- if. V 

•• “-i - 4 4 jsfivflC* 

. •• •- • . 


BOOKS 


F.R. LEAY1S: 

A Life in Criticism 


By Ian MacKillop. 476 pages. 
S35. St. Martins. 


Reviewed by 
Michael Dirda 


F .R. LEA VIS (1895-1978) 
is often regarded as the 


X is often regarded as the 
greatest British literary critic 
of the century, his main rival 
being the author of "Seven 
Types of Ambiguity" ( 1930). 
the precociously brilliant 
William Empson, long a hero 
of mine. Both were, in fact, 
intellectual mavericks, on the 
outs with the academic es- 
tablishment for much of the-ir 


careers. 

As a young man. Empson 
was discovered with a woman 
in his room and forced to 
abandon any hope for a Cam- 
bridge University appoint- 
ment; he spent most of the 
next 20 years teaching in Ja- 
pan and China. Pugnacious 
and uncollegial, Leavis never 
received a professorship, 
suffered years of uncertain 
employment and saw lesser 
men promoted to the jobs he 
deserved. With their mentor 
I. A. Richards, who preferred 
mountain climbing to the 
classroom, these three none- 


NEW AUTHORS 

PUBLISH YOUR WORK i 

1 ALL SUBJECTS CONSIDERED 

Authors world-wide invited 
Write or send your manuscript to 
MINERVA PRESS 

2 OLD BROW PTON HD. LONDON SWT 31X1 . 




theless came to symbolize a 
Cambridge school of crit- 
icism. 

In fact despite some initial 
common ground — admir- 
ation for T.S. Eliot as poet 
and critic, devotion to close 
reading, a revaluation up- 
ward of John Donne and Ger- 
ard Manley Hopkins — the 
trio diverged rapidly, 
Richards to focus his ener- 
gies on Basic English and a 
Harvard career (in the edu- 
cation department! ), Empson 
to a peripatetic life and 
strong influence on Americ- 
an New Critics, and Leavis to 
undergraduate teaching (at 
Downing College) and the 
editing of the provocative 
journal Scrutiny. In this last, 
the critic of ‘‘The Great Tra- 
dition" (1948) and "The 
Common Pursuit" (1952) 
was assisted by his formi- 
dable wife, Q.D. Leavis, her- 
self noted for the ground- 
breaking sociological study 
“Fiction and the Reading 
Public" (1932), and later co- 
author with her husband of 
several books. 

Since he lived well into the 
1970s, Leans remains a con- 
troversial figure in England, 
where his former students 
still run English departments 
and keep alive the memory of 
their master’s intellectual fer- 
vor and rectitude. In the 
United States, however. 
Leavis never made much of a 
stir He gained a few disciples 
(chiefly the Americanist 
Marius Bewley). but seldom 
commented on American lit- 
erature (always excepting 


Henry James), and disdained 
the presumption of Harvard 
or Columbia scholars to pos- 
sess any real understanding of 
British fiction. For the public 
at large, however, Leavis re- 
mains best known for his at- 
tack on the notion of "the two 
cultures" — roughly science 
and literature — promulgated 
by C.P. Snow. Leavis insisted 
on the primacy of a literary- 
humanist tradition. 

Ian MacKillop's painstak- 
ing biography provides an un- 
even guide to this prickly, 
contentious thinker. At its 
best, it offers striking pen por- 
traits of the Scrutiny team, 
and exceptionally detailed 
battlefield accounts of uni- 
versity squabbles and ap- 
pointment controversies. Ar- 
thur Quiller-Couch (editor of 
"The Oxford Book of Eng- 
lish Verse"), the philosopher 
Wittgenstein, mtellectual his- 
torian Noel Annan, and the 
critic Frank Kermode are 
only a few of the notable char- 
acters who cross swords with 
the hero of these pages. 


hasten to the library or book- 
store to acquire copies of 
"Revaluations" (1936) or 
"Anna Karenina" and "Oth- 
er Essays" ( 1967). And yet 
Leavis’s books can still be. in 
spite of his sometimes re- 
barbative prose, quite exhil- 
arating works of criticism. 
"New Bearings in English 
Poetry" ( 1932) sounds an af- 
fecting hurrah for the revo- 
lution worked by the young 
Eliot and Pound; “The Great 
Tradition" was virtually the 
first modem work of schol- 
arship to point up the artful- 
ness of Victorian fiction and 
the particular mastery of 
George Eliot and Joseph Con- 
rad; and "The Common Pur- 
suit" — a miscellany that 
touches od virtually all the 
classic authors of English Lit 
— ■ strikes me as a volume to 
place beside Cleanth Brook's 
“Well-Wrought Urn” or 
even Eliot’s "Selected Es- 


.v-vr-ri w-fcupry -I mh: '' 

. . \ - ysaition . . &r. • i 

. •. .-:rr C-r- wnasg * 

. : ,• trier 
. .. y.'if 

■ -.y rr r ^ac ft a ti ' vv? 

■ 1-: .Th -? j. Va ft mn ' 

’ .* .-v'lf rWw 


cy rr:* 

R its && 

^ at* . 

■-'•t 'x :u» ? T-r. T 


. . -. hr p& 


t . >; i, i:' ats V .> 4 - 

^ rpe jAjaaL-.'d ' w 

V ; . .'J v. ~-'XL : Jaefi; 


Y ET. willy-nilly, the pic- 
ture that emerges of F.R. 


and Q.D. Leavis is roughly 
that of twin monsters — esot- 


that of twin monsters — egot- 
istical, narrow-minded, pro- 
vincial. quick to take offense, 
jealous, snide, and sanctimo- 
nious. The pair may have pos- 
sessed critical genius, and 
they clearly inspired deep de- 
votion in their pupils, but you 
wouldn’t warn to share an of- 
fice with either of them. 

Nobody who reads MacK- 
illop’5 biography is likely to 


says. 

Before reading MacKii- 
lop’s biography. I had heard 
that Leavis was a contuma- 
cious character, but I never 
expected to find him quite so 
repugnant. I should have done 
better had I stuck with his 
essays and books, where he 
seems 10 have poured die best 
of h imself. There his voice — 
learned but down-to-earth, 
iconoclastic and very person- 
al — seems quite refreshing. 


.1 y 

. V - tV l i* 'we '■?? ", ; 

-T' V-vS- ^ > 

. . -jtfK 'v « '• 

_ -z-r . v 

-V ; _ J *; i 

3 ? ■vtatxtx « •; 

.. ^ •—ri-jdr*# ****■ . 


;r. 


Michael Dirda is a writer 
and editor for The Washing- 
ton Post Book World. 






I 







INTERNATIONAL HERALD TRIBUNE 
S ATL RUAV-Sl'NDAY. JUNE 21-22, 199T 

PACE 9 



Riches and Penury in Manuscript Market 






- i;.-- ..Jr- • 

nfc.<v jfe •<? . , 

- »! life f . 


- -Mitr 

'• 1-ir .rt 

trier Si 1 

1 V 

l\ \\i 

*a\in 




•L-. 

oils 


'■Jr. . 

srS'"tT i---. — 


--'oa.vc r-.- , 

+s?=is-<=^-~ - 


-V --- .• T r- 






•1 . r*^.- .*i • 

■IX i ^ 


...r.5r - 

. If ; . . , =4v.*r5 t *7'’ 


iHT^AERiSfe* ■ i”."' 

- ij^T yzrji..: r*.- * 

■Al A t ju r a yriarr^r r 
TT1IWJP*'** — ■ • 

-^£y- -•-•-■• 


3 ^ - .T * 


Sin KnUuicfanv New Y.«t Tmw- 

Chilling exhibit: Ku KluxKlan robe in New York show. 

Good and Evil 
After Civil War 

By Dinitia Smith 

New York Times Sen ice 

N EW YOWC — In September 1865. during die Re- 
construction period. John Dennett, a correspondent 
for The Nation, encountered a black man, newly freed 
from slavery in the town of Concord, North Carolina. 
Exhausted, his body hurting, the man said he had walked 600 
miles from a plantation in Georgia searching for his wife and 
children, who had been taken from him when they were sold. 

Of all the social forces unleashed by Reconstruction, noth- 
ing was more powerful than the former slaves' desperate 
efforts to find their lost families, and their rush to marry the 
partners they had been forbidden to marry under slavery. 

The mention of John Dennett’s encounter with the wan- 
dering black man — neither his name nor whether he ever found 
his family is known — is an enduring moment in “America's 
Reconstruction: People and Politics After the Civil War,” an 
exhibition at the Schomburg Center for Research in Black 
Culture that will run through October. 

The show was organized by Eric Foner, De Witt Clinton 
Professor of History at Columbia University, and Olivia 
Mahoney, curator of industrial and decorative arts at the 
Chicago Historical Society. It was commissioned by two 
Southern institutions, the Valentine Museum in Richmond 
and the Virginia Historical Society. 

The Schomburg exhibition is the first major museum show 
to be devoted to Reconstruction, it challenges popular con- 
ceptions about the era, above all that it was a period of corrupt 
carpetbaggers from the North and “scalawags,” their South- 
ern allies, vic t i misin g ignorant, childlike former slaves. 

The show argues that blacks were actors in their own fete. It 
demonstrates how the freed slaves pressed their rights and helped 
create anew society, building in part on institutions that had existed 
in black-communities even before the end of slavery. 

Rather than being a period of chaos and corruption, the show 
argues. Reconstruction set the agenda for modern democracy 
with the passage of the 14th Amendment, which mandates 
equal rignts for all citizens, and the 15th Amendment, which 
forbids a state to deny the right to vote because of race. Out of 
Reconstruction, too, came the first statewide public school 
systems in the South, the founding of black institutions of 
higher lead in g and the black church in its modem form. 

“The carpetbaggers were not all corrupt, and the blacks 
were not all victims," Foner said recently in his office at 
Columbia University. Foner, 54, is the author of a ground- 
breaking text, “Reconstruction,** published in 1988. 

P ERHAPS no other period of American history has 
been as misunderstood as Reconstruction, In a 1988 
poll by the National Assessment Governing Board, a 
federally financed education panel, high school stu- 
dents knew less about it than any outer significant topic in 
American histdry, and Foner believes that little has changed. 

Until recently, the popular notion of Reconstruction was 
farmed through movies, primarily "Birth of a Nation" and 
"Gone With the Wind." But the Schomburg show — about 
250 objects, including an actual carpetbag, the suitcase of 
woven wool favored by Northerners, along with rare pho- 
tographs, mementos and artifacts — represents a search far 

new images to tell the story of the era. 

“Most people think Reconstruction begins immediately 
after the Civil War," Foner said “But it really began in die 
middle of the Civil War." On exhibit at the Schomburg are 
tintypes of some of the 200,000 black men who served with 
Union forces: It was their service in the war that staked out 
blacks’ claim to citizenship. 

As .Southern states fell, the Union was confronted with the 
prpblem of wharto do with the freed slaves. Northerners began 
going south, some to cash in on the cotton crop, some to help 
the former slaves. . , „ . . .. 

In 1865, the South capitulated A lithograph depicting the 
burning of the Confederate capital at Richmond, with names 
shooting, hundreds of feet into the sky, captures the extent of 
the defeat. “A quarter million Confederate whites died, 
Foner said. "If was a disaster without parallel in the American 
experience. " - 

I N the aftermath, a cult of mourning developed Among 
the exhibits are a white Southern woman s moire silk 
-mourning dress, her special mourning jewelry. Moummg 
, became ritualized, with stages of grief lasting 216 years. 
Attire same time, the myth of .the Lost Cause spnmgupm 
reaction to the profound disruptions faced by white South- 
erners in.rire post-CivjJ War era. On show is a wood caning 
from 1875 in Tennessee of General Robcrt R ^ and the 
crucified Christ side by side. Romanticimd-unages like tins 


huuriiiiriiuuil Herald Tribune 

L ONDON _ The auction felt like an 
unofficial farewell party. As George 
Bailey brought down his hammer on 
the last of the manuscripts from “The 
Beck Collection,” sold at Sotheby's for a total 
of more than £1 1 million (SI 8 million.), many 
professionals thought that they might never 
witness another such event. 

The auction market for Western illuminated 
manuscripts has been dramatically contracting 
in the past few years, not for lack of en- 
thusiasm, but because supplies have dwindled 
to a trickle. Christie's has long given up on 
holding specialized sales and at Sothebv's. 
helped by the presence on its roll call of'the 
Oxford-educated medievalist Christopher de 
Hamel, sales since 1 993 have exceeded the $2 
million mark only once. 

Dealers here have become the real force. In 
recent years, Heriben Tenschert of Basel has 

SOUREN MELIKIAN 

been producing catalogues that leave behind 
those of any auction house, whether in terms of 
magnificence of the items or of the scholarly 
research carried out by the German an his- 
torian Eberhaid Konig. 

This week, the growing penury boosted 
Sotheby's auction. Had “The Beck Collec- 
tion” been sold in earlier times, it might not 
have made much of an impression. Its 25 
Western manuscripts, plus sundry items, were 
not nearly as dazzling as Sotheby's suggested. 
The collector Helmut Beck of Stuttgart ap- 
pears to have tackled his subject from the angle 
of cultural history, artistic achievement being 
only part of the equation. 

It takes a historian's rum of mind to respond 
to the fascination of four leaves tom away 
from an eighth-century lectionary from Mer- 
ovingian France. Copied in the script known as 
“Luxeuil minuscule.” the leaves reproduce 
parts of the Latin version of Isaiah and Daniel. 
Only one other leaf, from a manuscript in 
Luxeuil minuscule, appears to remain in 
private hands. That helped Beck's four leaves 
climb to £73,000. 

The same cultural interest multiplied 
twentyfold sent a ninth-century Gospel copied 
in Lorraine, perhaps in Metz, shooting up to a 
staggering £1.1 million. De Hamel boldly 
opined that it might have belonged to Queen 
Tneutberea. the spouse of Kins Lothair D. 


\o 






wm 


*7*- ■ 


in the 1230s or 124fK. Almn.Ni complete, it 
retains 37 larue miniatures and IWi smaller 
images. Connoisseurs went berserk. Reluc- 
tantly. Tenschert conceded defeat to a tele- 
phone bidder at £2.5 million. 

Such u figure suggests a new buyer wnh 
immense wealth going for the finest of the 
finest if one is to judge from his other ac- 
quisitions. the impeccably preserved innih- 
centurv Gospel and the psalter so boldly 
associated bv Sotheby's with Queen 
Mechnld. These point to a taste lor early 
German manuscripts. 

Another anonymous buyer went after lop- 

notch illuminated manuscripts from the Inter 
Gothic period. Also bidding over the tele- 
phone. he bought a beautiful Dutch Book of 
Hours illuminated in Lite 1420s with 17 full- 
page miniatures and 53 large initials en- 


-0- ■ ; * Gothic period. Also oiaotng over me 
SSgL' .. phone, he bought a beautiful Dutch Book of 

■ V Hours illuminated in Lite 1420s ivith 17 full- 

page miniatures and 33 large initials en- 

Jk, ; J-* closing formal ornament. plus another fram- 

“rp. ing the image of the Virgin and Child; At £ 1 

, ‘ x million, it became the most expensive Dutch 


4 A 


’'I 

t».- 0 i 


T-Jf 


million, it became the most expensive uuicn 
manuscript ever. 

A second Book of Hours, which retains iu» 
contemporary Toumai binding signed by 
Jacques Poiulle. cost the same buyer 
£4 19.500. He rounded it off with a third Book 
of Hours, this lime illuminated in Florence 
around 1465- 1 475. bought for £SS 1 ,50u. 


tr'tiPLr I HESE new buyers are probably the 

. > f--' I I last w ho will he able to operate in the 

’g. ; I field. At auction, the end of die m.»r- 

i -* I j .A. ket is already in sight — give u 

■ 1 -/’■ another decade, two at the most. An alw ays in 

^ I such cases, prices for the top lay er rise at ,m 
f' 1 * accelerating pace. The fragmentary psalter 
*** sold this week for £ l .87 mil lion had cost the 

■ . late Hans Kraus, the famous German-born 

^ U- New York dealer. £18.000 in 1969 at Sothe- 

by’*, and the £ 1 million Dutch Book of Hours 
r *■ was likewise acquired by Kraus lor £18.01 tti 

- / - - \. in 1970, 

, .V v- But the rise will not be sufficient to offset 

*2 the decreasing number of transactions and. 
' eventually, auction houses will find their 
v • Western manuscripts departments too costly 

‘ .*■: for a decreasing turnover. At that point, the 

i ^ * ever-shrinking market will be in the hands of 

” . ; * two or three connoisseur-dealers. For them. 

! handling rarities, one or two at a time, is not 

s " lM? ' unthinkable. Tenschen has just brought out a 
rnai). ground-breaking book. “Boccaccio und 

Perrarca in Paris.” in which Konig focuses 
on the rediscovered manuscript of the French translation of 
Boccaccio's "De casibus virorum illustrium” illuminated 
around 1470. Last seen al Sotheby's in 1929. the volume was 
shorn of three miniatures shortly afterward. It is now complete 
once again with its SS illustrations, Tenschert having traced 
and bought the missing three, one by one. in the Netherlands. 
Israel and the United States. 

In a short addendum. Konie describes the first complete 
manuscript that can be safely given to Jean Coene IV. a Paris 
painter of Flemish stock hitherto known as the Maitre de* 
Entrees de France. A full signature in the margin of an 
illustration to a missal spotted by Tenschert and authenticated 
by Konig has solved the riddle of the Maitre des Entrees de 
France. Even as it performs its vanishing act. the market still 
allows some astonishing revelations. 


kuJ : t"A- * •. k . d A • ■ - 


■ r 




* ,.*> U v::-* 

* * * s* : - -a. . 


Fifteenth-century Book of Hours from the southern Netherlands f Toumai). 


Theutberga, the spouse of King Lothair D. Superbly pre- another speculative trip. The psalter was made, he wrote “prob- 
served, the Gospel has virtually no decoration other than the ably for one of tire son s of Henry the Lion.” The medievalist 


Canon tables calligraphed under arches. These gave the 
impression of being some tongue-in-cheek homage to Roman 
Antiquity. 

In one arcade, three athletes in the nude and a fourth 


then staled that Mechnld of Brunswick, one of Henry's grand- 
daughters. “almost certainly owned the manuscript, for at about 
the time of her marriage to Heinrich II of Anhalt in 1 245, she had 
the historiafed initial on folfio] lr[ecto] here copied into a 


character seated cross-legged in the Middle Eastern fashion — second Psalter commissioned by her.” 


an unusual occurrence in Carolingian book painting — lean 
against the pillars. At the top. the capitals are designed like 
human heads with three faces, one looking frill front, the 
others sideways. Other arcades display equally strange fea- 
tures — most of which have yet to be explained. 

As the sale switched from historical curiosity to manuscript 
painting, tension rose. It started with a German psalter from 


But what if it was just the artist or a disciple repeating the 
initial because they felt pleased with it? Uninhibited by such 
petty objections, bidders ran up the manuscript, now reduced 
to less than a quarter of its original folios, with only two frill 
page miniatures, to a phenomenal £1.87 million. 

Yet even that price was outshone by a German psalter of the 
13th century. Associated in the past with Sanct Blasien, the 


painting, tension rose. It started with a German psalter from 13th century. Associated m the past with Sanct Blasien, the 
early 13th-century Saxony that tempted de Hamel to embark on volume was illuminated somewhere around Lake Constance 


ARTS 


All about 
the Arab World 
Institute 

http://mmimarabe.org 


COLLECTORS 


HARRY FANE 
wishes to purchase old 

CARTIER 

objects: 


INSTITUT 
DU MONDE 
ARABE 



# ESKENAZI 


Oriental Art 


10 Clifford Street 
London W1X 1RB 

Telephone 0171-493 5-JW 
Fax 0171-499 3136 
Cables ESKENAZI London Wi 


EXHIBITION 


DUNDAS 

MASTERPIECES 

A of | 

-Vi. wb ». : * 




docks, donates esses, powder boxes, 
desk accessories, photo frames, etc. 

Please contact 

OBSIDIAN, London 

TeL 0171-930 8606 foe 0171-839 5834 


li-Hia'..- -.li: J -.~’ x 


a community. Fonw emphasized fear even before i 
-blactetedestablWred a network of msnnjwjB^mch^sc^ 
and nBimal benefit societies. Slaves, too, had created netwmts of 
secret-tranches and femiBes. Ttese instnuupns provide ore oasts 

fifraqew -black sense of community- • . ^ 

As blacks gained the vote, the Democratic Party s re 

stance to change stiffened, arrested to ^ r^Imhlets. 

show Is a Ku Klux Klan robe: brown rather than- the mote 
familiar white of a later period. " We tUdn't 
shrine go. the Klan,” stud, Mahoney, the co-curator of m 
exhiWt, ' ‘bat it was important to include it. 


THE ART 
GUIDE 
BROCHURE 

Tbmecre 
aFKEECOPY 
of this compilation 
ofgaOerieSf 

auction kouttes, 
antique, dealers, 
museums 
and tart fairs 
around thetrorld, 
please mile to: 

Enza LUCrFERO 

Lybernamonal 

Herald 

Tribune, 

18L ax. Qiaries-de-Gaule, 
92521 NenOfy Cedes 

" France 


GROSVENOR HOUSE 
PARK LANE, LONDON Wl 
26 th - 28 th Jnne 1997 

The World’s Premier 
International Book Fair 

0\fr 90 leading booksellers 
will be offering for sale 
a wide variety of rare und 
illustrated books, fine bindings. ' 
maps, prints anti manuscripts. ^ 

Thors 26 June, 5pm - 9pm 
Fri 27 June, I lam - 7pm 1 
Sat 28 Jane, 13 am - 6pm 

AcfaniMKia by ticket Thasky £13 
inefada catalogue i valid tor three days} 
Friday & Saturday ucltei £5 catalogue 13 
Available id advance from May 
£2 pip Europe, 

G-JOpAp Rest of ihcWlrid 

Anttpiarua Booksellers ‘Association 
Saclnilte House. 

40 Piccadilly. London ir IV 
Tri-0n.43v.iiUI For UIV-439 JIIV 

cNnat/ jfuid'unn^uantin com 
rn.nr hnp. 'v-trrr.anrrfihinaiLctu>t aba 


10 June - 12 July 
1907 


Weekdays: 9.30 - 5.00 
Saturdays. 10.00- 1.00 





Chinese Buddhist sculpture 

• Fully illustrated catalogue available 


NOORTMAN 


\ patr M II! gilnv’wi u' 

:■*. ttybrr: ^,U»it STho:i.*i i hiui'.-ndalc. 

1 .2- 'i. ? : 

• )r,o «»! hr-wt !«' !•: 'itTcrci 'Vorr. :) r 

i hr. t .'.a ( 


London. 3 lulv 199’ 


1 - 6 October 97 
Espace Eiffel Branly 
Paris. 

International Contemporary 
Art Fair 

Country of honour: Switzerland 



CHRISTIE’S 


v.y>S King 

• hr.TrpcE 
.iooduTiSWSY'RiTv 


Lous Vohat 

1869 - 1952 


Porte d' Oultveham 
Canww 36 x 55 on, tugued 


International 
Herald Tribune 
ads work 


French Impressions 

An Exhibition of French Painting 
from Paul Huet to Louis Valtat 

4th June - 4th July 

Mon - Fri 9.30 - 5.30. Sat 11.00- 4.00 
At our London Gallery " 

Rifly dhMiaied catalogue awafloble. £10 ind postage 

40-41 Old Bond Street, London W1X 4HP 
Telephone 0171-491 7254 Fax 0171-493 1570 
Vri|thof 49, 6211 IE Maastricht. Holland 
Tel: 043 3216745 Fax: 043 3213899 


ANTIQUES 



Wfe sell & pur chose museum -quality 
Japanese Sottwno, bronzes, 
cloisonne, porcelains & antique 
Samurai swords, armor & finings. 

FLJT1NG CRANES ANHQUES, LTD. 

1 050 Second he., NY, NY 10022 
%l: 2 1 2-2234600 For 212-2234601 


ANTIQUITIES 

Finest Classical, 

Egyptian, Near Eastern. . 

Rhea Gallery 

-by appomtment- 
Zaiichbergstr. 26 
CH-8032 Zurich 
l£ Mjj520620Fax2S2nA^ 






PAGE 10 


Hi |i | c 

1 N : 1 1 I 'S 


11 i 


» 8 ; a I P £ 

" " * M 1 I 

If t? It IS iff 4W. IT* 

S fi n«s85 j sa sc 

^ ” js ss si ga 

,T5 .1 ? Ni i xvi Fin 

'A u fi 1 2 " 


■4 2 IKWittfa S 
- S 107 IHf 1' 


* = 2 
- n 


P k iSSr 


« 2l A 
IA Fi I 
»1Jf s3 I 
.12 3 il 


UK S? s 
SS I n, 2 


” \ Ha 1 p 

145# ZJ ID SMB 77£ Wjl n«* 

i« 8 vlC £ iC 
«S A £ w % 'sr 

-a ||i| 

ii u fl iJr 5K »o ah 

.11 LD - 447? IlltdlW llto 

it i.» £ uumfk «*, <n« 

af ¥, -. & S" as 

3 ii fi afif B E3 E 
a jg ai&ir ^ 

si = Till 


!S|: ^ p b 

■« a ft J s r fe 

_ 4fet ». 2f »*, 


J J * 

i i s 

I fl 8 
Big S 


L J 1 JS S5 S 

! «K & 


% ISU 

r S jss£ 


Uft jT z £- li, us IS 
'■* « ,1 's* wa r ks 

£JI !! 5^ I I 
'p ’I 8 !#•&» S t? 

3 1 ,1 » *a ® g? as 
t a * p g- is p 

II § “ ? t,I* ,r if* 
i ? fs.fa fi ,rc 

■* ■? ii £ fe* te is 

_ __ ~ _ 2 nd <n • li 


l» n : “SJS A, 

.fi J ’? 'I fe B„ 
fi S? JJ M ft. SC 


lie = i'm & $ 

E is », flf J ? life iP ]P 

A, 'vS - *» B $ iff »P 4g 

2S° ”* !*• <1 fl 4sH 41& 4li 1.5 

4* 2JJ* w if ii i«7* 7ft, ntt m*i 

as f£ s&t AS & » ,S S“$ T c? 
p gs4 ts II !! “? ss S3 Si 

grill as |l £ i i 

« a jlf- 's a “ 'b! -Sr -a -s 

* #= & 9 £h ,».*t £ f 

111 1 fill 

HI 4 ml H 

p£ js % » 




.« ii a a 
■as - a 
»o . | 

fi S " 1 * 

U M 2 « 


SP » fe 
111 


hi; 

ii ; 

ssl» 


a 


is « “ §H& 

« *18 « : B e? 

^ - if 

| ‘3 1 

■ ^ ^ fi IS *E 

i 41 8 E ss 


r&gb a 

T J4 


Pi 

| SB' 
Blffi 




ie % ss 

1 iff 1 


3 - idle 


D*| 4W 

ia jg !R 

IS ® IB 

£ |: j? 


i» ij - wn i(v> it it', 
-i*9 u _ a in r, ijm 

<>• Ij fE u *9 ** 

> wS 11 ?» It* lil* 


,- s w »•» lt^ if;* 

I.W 7, T _ t BH B*l 2S*, 

I jJ u rt >u TJt, fi*« i4*i 

S U firiifg SS S3 fix 

2J3 1ILJ _ Jm jJjO JTJ- 

UD J - I wrr\ f77V, O/T 1 ^ 

io» <t » !2 »? Ff' c j*?*’ 


g> s* g» .jb a * ».3A »s .-n 

V. 53e- « ti r | 9S %. *. .s 


sr ffi; asff. “ i = ffl bs & R 

he sc: -:»ik r r 




IS K * "8 55 


25 IS i^Sf H .1 « ml IK IS? 

It r\ fail _ fl 884 IW* .*>. 


ift a Jar 
sa iJ 

sa Ri Kfc^ 


48 r, ii ,1 9 fi’i Iff 25 

ijt .a » nu no ««• n 

- - . » IJ'x !?•* 1 , 


- - . J '2'x !?•* 'Z » 

_ it li?* r« * r 

Ml 4 .4 M. ]4>l Ji-I K- 


_ 4 '_• a ii 

ZJ if i*n*tz 


& r i- , . i s ” s & fe 

^ Kit 1 * ■ I 14 7* 15 3«*1 14S 

Wu in BPfni U7f u.4 10 m i&h i« ■ ■ i* i 

ir* i^i „ iJl u 6 td is 7 jh 

to ft** RI99_— . id s>» n* n- 

2BV1 74^ gf PLBlO m>0 . US H*1 2S^ 

sa iff nsa. ,sr - ti ,i ^ sc a ac 

j- is S' l<S .» • 15 rf: ,k j* 

a ^ F 1 . 4 a I .a ff* » « 


SiKHT IS H g *S 5ff ^ S5 

st as Sa .is *3 Ji is »* ir? 

S5 iiS KSffl M ^ '* ft r s 

ns JR £e H - |B B2 P ft 

jft Hr ’as u a ’sna k b? 

|«3 I li WvSofl .414 H 14 IJS If It*, If, 

fern tv* Hwaii un Js K> » ? ?**■ 


IR ffiSS" ,J J5 o « ;S K K 


» ft KS3T ,2 S H r uC fi 1 * 

ft, a- 8§&* * a « jb s; a 

ri2 .W W35 S in : 'I A „ 

BS 4T- UBfiDH l«4* Zl ft 104 *?1% ^ 

S Aft BSS5? it a .4 S*- 

mi II*, |04lK _ _ 14 IHO 34 74J 

fill 44*1 IBM IDO 1 If m M 4*h 

T*v 4T4 ln> I* 13 U 14 J«Wi 

If. Benin liu _ 4 774 St i'\ 

%: r ^Sb il a = 4 ft, g 

313 ft BKSSF, O ? - HI » » 


I » Hk 

D 31- BMKWtfil 

33: ft ffiHff, 


74 23 14 

1 no >1 If 

IM U 14 


n> t . m ixn tl« 

140 . _JI »to ■*» fei 

*4 79 19 9944 m* 47, — 

7 is t3 . 17 S, 74 ^ * 5 - 

la ii _ Tttoietv * 2 * 

IS ts . 14 4M tin <n 


44h P*A» DW IB U . 14 49, 

ST* BUniS 11 D . 1 «. 

J4v. BUidfid 104 _ _ nr.* 

If- KM kfl a z SK 

a ptAinJfZ l«4 Ii _ Ut 7>v> 

1« Bob vi 7<Mf 3J IA fl04 TV. 


s? a*. Baa/ 

4JV. 41 IMpn 

r SB 


490 44 ll 4144 


14*- Jl'fl amTpfO 10 44 „ 71 74' 

it"- i 1 '* Ml!? 'J* - '■ «'■■ 2‘i.’ Si 

77» 14. Wl* 1 *1 O _ *W 74-1 »■»» »'* 

J" Jl' BvBpI 1(0 73 * & Ifn, If'l IS'i 

£: K5 IBSffi is !J] : a ft If ft 

Bi 4/ • Boon JSOp i7 Ii fi ?n. }/ 77V. 


»** 15*4 Br 9 
41* 11 *. IkmNW 
1*1 14*. Horan: 


4, 7*Vi Bara*, 
44*1 741 . toKW* 
IVi 71'- Bmjfl 


“ ..; » &. S'. « 

.55 !J IS */ 7/ TOT »^t 

’* ” jt ue-ec ?>‘i si; 

141 J a i44g nji 7j*k 

l*f « 17 . m T, 74, .’4', 

B 1 . >#*( 4*1 4 4*1 


id ii i 

117 il 44 


W-, If. imeM IK M k Ml ,1*4 ls-4 vn 

14'. IS, UOlNrai - 91 7ft 48 7,*, 31 V. £>■■ 


Ut. H't WHIG-. lilf it 


Btx it*. Srartl *0b I 7 I ]l3» E*, X X, * 

Si, 73': M>S8«a |.»F IA I S, JJ*» W» 

74, n-. wnriDjo l» <-i _ n r.* *i, b, 

a-* n* B"£g« F» li , a n i <-i 7J*t 

If- 17*. Biiwfcl . I »> I". I"4 IT*. 


Jfl 1,'. Wot a** 90» ID 

?: £, KS, S j I 


jk: ft bss° p 

W- 7r: BMtm 


iw IS ” WTR SU 


iHi ir* feWM 

hrtMl 

» l?i 

ft ft S3SJ, 
S: w-T bSBe 
5, r BS5T& 


144 IT In if* ^ 

U 19 30 10|4k«K 

m ii 71 n/uii 

IV iMihl 

iv ?■» N n» n*. ?i*i 

4.11 UJ _ I «•« 

JDto 18 _ 31 »H 


INTERNATIONAL HERALD TRIBUNE. 5ATURDAY-SUNDAY, JUNE 21-22. 1997 


■SI:' 


»mn tW Bi W K l£ m* Lon Laea ar«r 


: 


f. -5t? 


; 


I 


|rr 

II 


If 


,t\ ■ 

£ 




n a : 

a a fl 

Vs 93 7, 


S>- 


'•5 


' 


il 


_ a 

» » fi 

4 1} s 


il- 


I' 


nil? 

■« ,1 4 

man 


hi 


< 




a s; : 


— 1 




ta a * 


li 


11 ? 
« H 
,a:H 


ja! 


5 


'in 




.* -I 


H 


II! 

S 8 3 ; 
.0 : a 
* 

si! 


P 


: * 
U* l> 14 

ji a ii 


fe; 




Hi 

221 


yj :^-' 


I j 3- 


r f g 3a« 


ids 

111 

Sal 


tt 


fr 


J4 14 If 
ISO il IF 

M 3 ft 


111 


ifld » 
» 4 J 


J 31 

1 3* 


40 94 U 

.y* p _ 


ifi » .J 

'3 li 8 


? il 




gtkj 






<5 r-> 




:i 


! 


li 


IJ 




f 






li 


kv 


V't 


ri 




t 




■* 


•> 


: 


iitl 


73 13 >2 


'a 


t-’ 


it 


•J 




hi 


laies 



i>c 


c. 


;**. 






Don’t miss the upcoming 
Sponsored Section on 


Eco-Efficiency: 
Business and 
the Environment 


on June 23, 1997 



- 


.!• i . 


* 


» r 


F * 


i? 






:Ei5 




" V *-J 


P‘ 4’7 


=r 





I* ^ 

£ 


? ll? 


r*ij 






i 


^°^ 6 * 


OiJ: 


V 


f 1 


h i 1 


i| 




; 


} 




( 




•2 


: 


it t 


! 


J* 


1 




5 V 


-- I» ! 


■r 


Br JE i 

EsSS. : 1 ^ ff« Jf. 


^ - 




'£ « R 2 




ff* ii if 





4? 




.-vraMftU 








h- 


IT 





t * ? 

jfC 

a. 


kW: Ifl WC 


CURRENCY ft 


sn 


« » ns* 


5 ^ 


r^a ^ 


» *t ,4- ' W ' " fl ' 

>:t 1 ..OT • ■» 

-• - •» •.KC S'- 1- "W 

. .«. v*y^.. 

-t, -TJ 

t.— fit 1 




















































, 4 




t- 


f 


if 


t ^ 


X > •-- 


< JV- 

■i £ ^ 


t ;• : ; 

• j * r: x r . : 

-t:. — ■ -- - . • - 

> ’.? "• ;• 

•4. ?:i y- 

-- .. i: U- : 

i t k ^ ": : 
- - : 

•' •« . ( 

? ** * i: 

'• ..> J. 

i :r ■?* •.. 

vn:$l- - 

* * V jC l ’•• 


Wi 


'vj 




l 

iT 

-i x 

S — ' ' 


XL-; 

: " 


• * ’ 

£ : • ’* 

p 

■* 

*■ 

r .. 

#_ 

w 


A 


ii 

y -s' 




f If t •; 

* !l j i 



i 


4 s i 


O'V ' 



Personal Stock Portfolios 

Up or down? Design your personal stock 
portfolio mid track its daily performance 
using the IHT site on the World Wide Web. 

•• ^y/www.artcom 


BUSINESS/FINANCE 

u> GST 



IHT Technology Index 

All of the past month s technology unit lex 
from the IHT. now availohie on i ‘in' xih’ i « 
the World Wide Web. 



http://www.iht com 


SATURDAY-SUNDAY, JUNE 21-22, 1997 


PACE 11 


. _ • « lurl » mnirrTTir V^ui^l IV* 

A crane raising a concrete roof section for the vast stadium at St Denis in preparation for the World Cup. 

In France, a Time for Decisions 

Privatization Policy Remains Uncertain 


By Joseph Fitchett 

hnemaiionul Herald Tribune 


PARIS — “If I could only do one 
riling. I’d privatize France Telecom 
tomorrow because every day it stays in 
government hands it loses a little bit of 
competitive value and a little bit of its 
chances to become a long-term global 
winner for France.” the French So- 
cialist said. 

The speaker was Jacques Delors, 
the man expected at the time — 
November 1994 — to bring the So- 
cialists back to power by winning the 
French presidency six months later. 

Mr. Delors, fresh from eight years 
of international exposure as president 
of the European Commission, was 
convinced that privatization of high- 
tech companies was vital to France’s 
chances of success In increasingly in- 
tense global competition. 

Mr. Delors withdrew from the pres- 
idential race before that view could be 
tested on French voters. 

But now. following this month’s 
Socialist election victory, France 
Telecom's future has emerged as a test 
case for Prime Minister Lionel 
Jospin's new government as it tries to 
adjust its campaign platform — op- 
posing privatization, including a 
lanned public offering of France 
elecom shares — to the demands of. 




modernizing the French economy. 

“If the new government can't find a 
way at least to partially privatize France 
Telecom, which is the best source of 
revenue out there, then there's little 
hope of rational decisions about the 
other critical state-owned sectors,” an 
influential Socialist industrialist said 

ECONOMIC SCENE 

Friday, a day after Mr. Jospin's first 
major policy speech on the issue. 

However, privatization — probably 
fhe most critical question about 
France's economic outlook — was the 
issue on which Mr. Jospin left the 
country in limbo. 

Financial markets on Friday seemed 
to interpret his taciturn approach as a 
sign that the government may be look- 
ing for some wiggle-room in which to 
proceed with privatization. One So- 
cialist industrialist said that “the 
longer the government puts off taking 
a position, the better the chances that it 
can distance itself in practice from its 
own doctrine.” 

A hint of how the government might 
proceed with Ranee Telecom, whose 
partial privatization had been sched- 
uled to start this month by the previous 
government, came Friday when a gov- 
ernment minister told the magazine Le 
Nouvel Observareur that * ‘there would 


be no objection to selling some shares 
to the company’s employees." 

But Claude Allegre, the minister of 
research and a close confidant of Mr. 
Jospin, denied that the government had 
a broader appetite for privatizations. He 
recalled that when a Socialist govern- 
ment decided to hive off France Tele- 
com from the French post office in 
1991, Mr. Jospin, a cabinet minister, 
publicly opposra the move. 

Mr. Allegre dismissed a suggestion 
dial privatization in France spawned 
entrepreneurship, saying that “most 
of the top French businessmen are 
bureaucrats who got control of na- 
tionalized companies that were then 
privatized.” 

But most observers believe that Mr. 
Jospin cannot afford to wait long. 

Selling off state-owned companies 
would bring in revenue to ease die 
nation’s debt load. More importantly, 
the companies — including France 
Telecom and Air France, Airbus In- 
dustrie and Thomson-CSF, the de- 
fense-electronics giant — need to go 
into private hands before their main 
international competitors will seal 
strategic alliances with them. 

A common feature of these four 
major enterprises — in the case of 
Airbus, Europe's biggest single in- 

See PLAN, Page 12 


For World Cup , a Billion-Dollar Stadium 


By Anne Swardson 

Washington Past Sennce 


PARIS — In an industrial district 
to the north of Paris, huge cranes 

into place the last 345-ton section 

of the curved roof of a new stadium. 

In the countryside to the south, a 
field of turf is sprouting for transfer to 
the stadium. All over France, other 
stadiums are being renovated, tickets 
are being printed and volunteers are 
being recruited. 

A year before kickoff, France is 
preparing for the largest World Cup 
soccer tournament ever. And it is not 
going to be cheap. 

The world's most popular sporting 
event will start next June 10 and last 
until July 12. In 1998, the competition 
will consist of 32 teams, up from die 
24 of the last four World Cups. 

That means more games, more tick- 
ets, more visitors, more transportation, 
more hotels, more planning and, of 
course, more money. 


“We have entered the operational 
phase,” said Michel Platini, the 
former French soccer star who is now 
co-president of the French Organizing 
Committee 

The total cost of the 1998 World. 
Cup is budgeted at $1.4 billion. 

The 1994 World Cup in the United 
States, by contrast, cost about $370 
milli on. The figures are not strictly 
comparable, however, because so 
much of the French expenditure is tied 
up in the construction of an 80,000- 
seat stadium in the suburb of Saint- 
Denis. 

Outfitted with 148 sky boxes, 670 
toilets, three restaurants, an auditor- 
ium, 6,000 parking places and its own 
shopping mall, the Stade de France, as 
it has been named, will cost nearly $1 
billion. 

In a centuries-long French tradition, 
taxpayers will cover much of that The 
central government is paying half the 
roughly $1 billion in construction 
costs, and regional and local govern- 


ments are kicking in an additional 
$240 million. 

The three-company consortium that 
is building the stadium will pay an- 
other $240 million. 

In the 1994 World Cup, the U.S. 
government outlay was a total of $14 

milli on. 

The idea is that the expenses for the 
stadium will be offset by future rev- 
enue. In 1993, when the stadium was 
conceived, government officials as- 
sumed it would become the home of a 
professional team. 

But Paris- S l Germain, the only soc- 
cer team from the area in the top French 
division, wants to continue playing at 
Pare des Princes to the west of Paris. 

At this point, the stadium's owners 
are talking to a local team named Sl 
D enis-SL Leu. There is a problem in 
this, however. It is a thud-division 
team that attracts but a few thousand 
spectators to its games. 

See GAMBLE, Page 12 


CURRENCY & INTEREST RATES 


Cross Rates 


ummut 


j £ DA FA til W U ® 

1MB S2ZI LIUS UM Mg — ’jJH S’ 

y«o t MlfS 7° 08 *111 ZMto. U3U 

win _ B2Q i MB* UBB 4M3* 1*8 1*8 1*“ 

1«! *2 mu IMS ZWJI 1228 Attn SJM-IBJS. UJJJJ 

™ - -£5 wS 2$ K 85 iS* BTB m 

^ VS" a - “ «S « "Sr'S “ 

Hi W M Iffl 1W - Bi “»■ 

25? ' 5 s S S SB S m & Key Money Rates 

1S» - ism SUM MM «11 i* « » 

.aotopingaakidam London MtomPatound lari* 


June 20 LibicHJbor Rates June 20 

Swiss Frsedi 

O-Moto Bwc Storting Franc Ytai ECU 

1 -month 5<Vfc-5M 3-3W life- 14* 5U-6W 3M-3tt Vi- VS 4-41* 

Sflionm zv»-m m-i*w er*-cM 3j»-3» »-h *-*v» 

6-month 3V»-3V» lVk-lfcMfe-iVsSlfe-OT. M-tife iWj.flfe 

T-yor ' Stt-A ' 3M-3M iy»-in> 7Vb-7V» 3T»-3r» 

off! miBron mflirnwn (areqvmivnf). 


Other Dollar Values 


ifert 
•'watiwa. 095M 
itnlM is U351 
AKMHlCk 12.151 

— ““ ' urns 

turns 

32J05 
*57 76 
EyypLpoMd 3 3952 

FfeLHMi 5.I71B 


Gnat tow. 

HongKongS 

HtoB-torint 

Into* raps* 

IntokNpfeti 

bbfefi 

Hroeflsbsfc. 

Kowtonar. 

Motqr. rtos- 


Ml 

273.lt 

7J42 

16553 

33JM 

una 

056U 

14175 

ft30 

25158 


Onrsaqr 
MasLpaso ' 
N.ZMtondS 
NMW-knos 
PhApoto . 
PUtolidrtr 
Ptotesoton 
Rmratoe ■ 
Santo rfyol 

Stag.* 


Pars 

7596 

15584 

73*2 

207 

354 

174.18 

SfM 

3.75 

15240 


S. Atr.n»« 
S.Kor.WM . 
SwerLtosna 
TatonS 

TMtwht 
Ts rtfcbtira 
UAEtort» 
VtotoLtitok 


Parti 

4508 

86820 

72216 

2751 

25.00 

145590. 

35710 

48454 


IWBrtStotia - 

Hscovot rnlr 

Prtnarate 

FsdBral foods 

w-day cm asto m 

180-dsy CP’dotosts 

SBiMATraaniyU 

l-yaorTraanaybB 

*ynrTnasan't8i . 

S^ewltowryosto 

7-ywa-trooMTiwto 

lO^rsorTrwcaryost* 

SfryaarltoaHtobaad 

MMiCLyndiaMtoirRA- 

JSSS 

Dtocsantral* 

CsAsuasy 
i-asntti Wertonk 


ForwardRates 

(MO »*T OmtKf 

15511 15495 J54E 

15847 L3815 15788 W»(ra* 

ljm 1JW6 U71S9 


ll^aarGMl bsad 


PwntSMtog 

rmrnu m m m 


Mr 

114.16 11354 113.15 

15346 - 15290 15239 


Unkorlrali 
Cal money 




6awoHi tatertonh 
lessor 8und 


<3«st Piwr 
5.00 550 

8tt 

SVt SVi 
546 556 

555 £55 

444 AM 
53 3 533 
197 199 

455 659 

*30 632 

655 638 
US 657 
5.05 505 

050 0-50 

046 056 

055 055 

057 057 

055 055 

253 251 


450 450 
305 UB 

no 310 

313 313 

317 317 
&7T 5.77 


Bfttton 

Bank bora ral* 
CoS mousy 
I-HNnthtatotoalt 
Smsstoi Intertank 
6-4Mnfli infautiank 

lOfsa-GOt 

total fail Huh nik 
Cdinsney 
l-fMAihMak 
3«nHi taMmii 
tmoriHi brttrtxmk 
lOywrOAT 


6VJ M 
6Wi 6 Pb 
Wl M 
6V* 6Vn 
6M 6to 
7.15 7.16 


310 310 
39W m* 
3M 3U 
W* 3W 
3M 3 M 
178 556 


, Soottea: Rmrtm Stoomtjtftt Merritt 
LmCh, Bank el Tokra^MItiubiBln 
ammnoanlb Onto udma 


Gold 


AM. PM. CVgs 


Zoritoi M A 338.10 —1.90 

London 39956 33020-300 

HswYsrfc 34330 33940 -100 

■ per owns. Lantowcffldof 

tAUBJ 

Soaae: Reotart. 


Bonn Takes Aim at Tax Breaks 

Industry Objects to WaigeVs Latest Budget Proposal 


By John Schmid 

Inienkuimtal Herald Tribune 


FRANKFURT — Ignoring pleas 
from industry, the German Parliament’s 
finance committee on Friday stepped 
toward resolving the budget crisis by 
proposing to scrap tax breaks for Ger- 
man companies next year as pan of the 
government's tax-reform plans. 

Finance Minister Tfteo Waigei is 
counting on more than 4 billion Deutsche 
marks ($231 billion) in supplementary 
tax income next year from the plan, funds 
that are desperately needed to rescue 
Bonn’s bid lo join Europe's single cur- 
rency in 1999 and ease strains among 
parties within the government of Chan- 
cellor Helmut KohL 

After Mr. Waigei unleashed a 
firestorm of criticism with other unsuc- 
cessful attempts to patch Bonn's def cits, 
he is now seeking a heavier business tax 
load as pan of a broad package of un- 
conventional budget measures that in- 
clude selling oil from emergency stock- 
piles, sales of the government's stake in 
the national phone company, and another 
round of budget cuts from ministries. 

Significantly, his plans do not include 
actual tax increases, at least for now. 
Tbe Free Democratic Party, Mr. Kohl ’s 
junior coalition partner, has threatened 


to leave the government if Mr. Waigei 
raises taxes. ~ 

But Mr. Waigei still faces an uphill 
bailie in pushing through his reforms. 

Mr. Waigei. who canceled his trip to 
Denver this weekend for the summit 
meeting of the world's biggest industrial 
powers, stayed in Bonn to continue con- 
sultations to win support for his latest 
measures. Tbe search for cash already has 
put Mr. Waigei on a collision course with 
the powerful German central bank, which 
blocked him from repricing the nation's 
gold reserves as a way to raise money. 

The budget crisis, which has brought 
the government closer to collapse than 
any other time in its 14-year history, 
comes as Mr. Kohl's popularity has 
slipped in the polls. Mr. Kohl now trails 
the leading challenger from the oppo- 
sition Social Democratic Party, Gerhard 
Schroeder, by a 2 -to- 1 margin, according 
a monthly survey by the Electoral Re- 
search Group. Only 30 percent of voters 
supported Mr. Kohl, down from 42 per- 
cent in May, the poll found. 

The government has until July 1 1 to 
agree on a comprehensive package to 
fill an estimated 27 billion DM hole this 
year and a 32 billion DM gap forecast 
for next year. 

Criticism of Mr. Waigel’s budget 
management continued on Friday. 


The Federation of German Industry, 
the nation's premier business lobby, 
lashed out at the latest plans to add to ihe 
already burdensome tax load carried by 
German business. The federation ac- 
cused Mr. Waigei of threatening German 
jobs, particularly for small and medium- 
sized business that cannot afford a tax 
increase. In particular, ihc federation crit- 
icized Mr. Waigel's plans lo diminish tax 
write-offs at loss-making companies. 

The Berlin-based German Institute for 
Economic Research objected to another 
of Mr. Waigel's “accounting tricks.” a 
revaluation "of German dollar reserves. 
Heiner Flassbeck. chief economist at the 
institute, charged Bonn with conducting 
“a currency and economic policy bor- 
dering on the limits of respectability." 

There is no guarantee that the Euro- 
pean Union will recognize windfall 
profits from the revaluation as a way to 
reduce the deficit when it chooses which 
countries qualify for currency union, 
since this breached the principle of sus- 
tainability, Mr. Flassbeck said. 

Rolf Peffekoven, a government eco- 
nomic adviser, said "there was little 
chance the plans for the dollar reserves 
would improve Bonn's financial crisis. 
“We need lasting and .solid finances and 
this has not been achieved through 
this,” he said in a television interview. 


New Thai Finance Chief Steps In 


CtmqiUr»tlKOurSiaffFn»nDat*aihi 

BANGKOK — Thanong Bidaya, 49, 
president of Thai Military Bank Ltd. for 
the past five years, became on Friday 
Thailand's sixth finance minister in two 
years. 

Tbe stock market seemed to welcome 
the appointment, but analysts warned that 
Mr. Thanong, a little-known executive 
from a medium-sized bank, might have 
trouble winning market confidence as he 
takes die reins of an economy at its 
weakest point in more than a decade. 

The benchmark Stock Exchange of 
Thailand index rose 3 percent on Friday, 
U>480.2S, its first gain in nine days. The 
index is down 42 percent this year. 

The baht weakened further, however, 
as the dollar rose to 23.00 baht in late 
Asian trading on Friday from 2330 baht 
on Thursday. 


Mr. Thanong said he would follow 
many of the directives set by his pre- 
decessor. including a yet-to-be-an- 
nounced package geared to promote 
mergers among many of the country's 
ailing finance companies, which have 
been crippled by loan defaults, a share 
market collapse and the slowest eco- 
nomic growth since 1986. 

Mr. Thanong declined to comment on 
his intended policy for the Hui cur- 
rency, which has been the target of 
attacks in the foreign-exchange maikei 
for the past several months. Last month 
the government imposed “temporary” 
capital controls to fend off devalu- 
ation. 

Mr. Thanong's appointment was 
made official when King Bhumibol 
Adulyadej signed the nomination sub- 
mitted by the prime minister. His pre- 


decessor, Amnuay Vim van. resigned 
Thursday after a stormy seven-month 
tenure. Narongchai Akrasanee. who 
resigned Thursday along with his ment- 
or Mr. Amnuay, was reappointed com- 
merce minister on Friday. 

Thailand's government is a fragile 
six-party coalition. Mr. Thanong. Mr. 
Narongchai and Mr. Amnuay are not 
affiliated with any party. Mr. Amnuay 
and Mr. Narongchai found the lack of 
political connections sparked opposi- 
tion to their policies. 

For months, investors have been fret- 
ting that Thailand's widening current- 
account deficit would force it lo devalue 
its currency as Mexico did almost three 
years ago. According lo NaiWcst Mar- 
kets, Thailand is likely to devalue die 
baht by as much as 25 percent by the end 
of the year, f Bloomberg . AFP. Kauersl 


I. Grafted lo black, silk-grain 
leather nlih gllt-meial comers, 
this handsome address book nlll 
go with you anywhere. 


3. Ring-binder pages are quick to 
add. update or rearrange. 


5. laminated tabs H ,mhi turn 
right lo Ihe names » uu need. 



7. The pages Include a guide to the 
IntemattonaJ Dialing Codes of 114 
countries for fasl reference when 
you’re calling abroad. 


9. Leather pencil holder and snap 
enclosure keep n vnitilng In place 
when you're on the rmnr. 


0. A builtrtn note patkcomplete wlih 
refill sheets, keeps lofting paper 
on band 


8. Designed to a compact, efficient sixe of 
tl.Sx 18 cm (4^x7 in) when dosed, 
this book Sts comfortably In ymrr 
briefcase, handbag orhiggage. 


Finally, an executive address book that has 
everything you’re looking for, plus a little more. 


No doubt, most professional address 
books have too many of some features and 
not enough or others. 

Bui we don't think you'll feel that way 
about the new executive address book from 
the International Herald Tribune. Ilk a 
beauty. And perfectly balanced (as we have 
pointed out above) with all the features you 
need - and we believe, a few extras. 

It is compact, 
portable and com- 
plete. which makes 
it well salted for 
your travel and 
every day use. And 
it's a great gift idea 
as well. 

Older yours 
today. As a special 
bonus, well 
Imprint your ini 
tials in gold on 
the cover. 



. Executive AMrem Books at UK£39 (US$84) aach indutfing 
postage in Euope. AddBonal postage outside Europe: UKE4.50 (US$7) par copy. 

NAME 21^97 

ADDRESS 

CITY/CODE ; 

COUNTRY 

TEL 


RAX. 


Please diarge to try cred9 cant INITIALS (max. 3 initials) 

□Access DAmex □Dfrras □Euucard □MasterCard □ Visa 

CARD NUMBER 

Expky diate 


PLEASE RETURN YOUR ORDER TO: 
International Herald Tribune Offers 
37 Lambton Road, 

London SW2D OLW, England 

For faster service, 

fax order to: (44-181) 944 8243. 

Or E-mail: paulbakerQbtintemeLcom 


Heralb^^iSrUiuni 

VHE VORijra QMiy NKWSftLPgB 








i 



PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 21-22, 1997 


ft 


THE AMERICAS 


Investor’s America 


The Dow 


7410 

yW : 7.10 


/* ■ 6 JO 

6250 ^ 

: 650 


30-Year T-Bond Yield 




Dollar in Deutsche marks R Dollar in Yen 


1.15 

1.65 

155 



J F M A M J 
1997 


• 3 *-' 


130 

120 

no 




- /Wn v> : 

J F M A M J 

1997 


* • mut.SZ* 

















T<jari(MS«sc» ' 

'’T&WBt": V*.': 

851(^18 est2.7tt -6 jm; 



■msim-'-tamm 

> " ' , a -in 

445t1.45 43S3L67 *i.79 



4 S7S&2& 80.1V 



7844 SR 7834.08 80.14 

Source: BioamOerg. Reuters 

Inwmatnvul Herald Trriv|n.' 

Very briefly: 


Budget Deficit Nears 20- Year Low 

WASHINGTON (Bloomberg) — The U.S. budget deficit 
narrowed in May from a year earlier, keeping the annual 
shortfall between revenues and expenses on target to drop to 
the lowest level in almost two decades, according to a Treas- 
ury report released Friday. 

The Treasury's monthly budget statement said thedeficit was 
$48.49 billion, down from $53.05 billion last May. Analysts had 
expected a shortfall of $50.60 billion for May this year. 

The Treasury is benefiting from strong tax collections as a 
healthy economy is raising paychecks and corporate profits. 

House Panel Passes B anking Law 

WASHINGTON (Bloomberg) — The House Banking 
Committee ended four days of stormy debate Friday by 
approving legislation to reshape the U.S. financial industry. 

The measure, endorsed by a vote of 28 to 26, would tear 
down Depression-era walls separating banks from securities. It 
would allow limited mixing of banks and nonfinancia] compa- 
nies, eliminate federal thrift charters, and expand consumer 
protections. The close vote, however, suggested that revisions 
of the bill by the House Commerce Committee are likely. 

• Archer Daniels Midland Co. has acquired ED&F Man 
Group's cocoa unit for $223 million in cash and assumed 
debt, making ADM the world's largest cocoa processor. 

• Southwest Airlines Inc’s flight attendants voted down the 
company's first offer for a five-year labor contract, although 
both sides are still working toward an agreement. 

• Great Plains Software Inc shares more than doubled on 
their first day of trading, to $32 in late trading, amid optimism 
for the maker of Financial-management software. 

• Mackenzie Investment Management Inc said it would 
merge four municipal bond funds, valued at about $142 
million, into funds managed by Thornburg Management 

Co. Bloomberg 


At Disney, Business as Usual 


By James Bates 
and Marla Dickerson 


Angela runes 

BURBANK, California — For 
Walt Disney Co. ? the summer of 
1997 can be boiled down to this- 
another year, another boycott. 

No war room, no crisis man- 
agement consultants needed. Just 
issue a two-sentence statement in 
defense, and wait until the head- 
lines, die nightly news spots and 
the talk radio shows move on to 
another subject next week. 

Few companies have endured as 
many protests and boycotts as Dis- 
ney — at least a dozen on a host of 
subjects in the past three years. 

Baptists angry that the main 
character in the television show 
“EUen" disclosed her homosexu- 
ality on Disney-owned ABC, or 
that the company finally joined 
other Hollywood studios in offer- 
ing health benefits to same-sex 
partners. Catholics angry at die 
movie “Priest,” released by its 


Miramax unit, depicting a gay 
cleric. Animal rights advocates 
protesting a new animal theme 
park Disney is building in Florida. 
Arab- Americans angry at what 
they say are the stereotyped char- 
acters in the movie "Aladdin.'’ 

In the end, Disney will no doubt 
weather the latest storm without 
any threat to the company's stock 
price or $20 billion in revenue. As 
one former top executive said, “1 
can tell you Disney views this as a 
gnat on an elephant." 

The latest attack was the vote 
Wednesday by delegates at the 
Southern Baptist Convention in 
Dallas to urge its 15.7 million 
members to boycott Disney over 
what is seen as "gay friendly” 
policies. 

Inside the Burbank entertain- 
ment giant's headquarters, accord- 
ing to people close to the company, 
die atmosphere Thursday was one 
of resignation that Disney will al- 
ways be the target of choice for 
Hollywood critics. Disney boy- 


cotts grab the attention of tele- 
vision, newspaper and magazine 
editors in a way that a boycott of 
Fox Inc., Sony Pictures Entertain- 
ment Inc. or Warner Brothers can- 
not. 

Companies that adopted bene- 
fits policies for same-sex partners 
of employees long before Disney 
are not as interesting as a boycott 
target Neither are companies with 
popular family entertainment that 
offer same-sex benefits, such 'as 
Viacom Inc. and its Nickelodeon 
channel, or studios that featured 
gay characters, as MGM/UA did 
last year in its hit film * ‘The Bird- 
cage.” 

Disney’s response has been 
measured, and brief. The only for- 
mal response was a statement 
Wednesday saying the company is 
“proud that the Disney brand cre- 
ates more family entertainment of 
every kind than anyone else in the 
world" and that it plans to increase 
its family entertainment produc- 
tion. 


PLAN: Future of French Privatizations Remains Uncertain 


Continued from Page 11 

dustrial operation, the French part- 
ner company is state-owned 
Aerospatiale — is that they operate 
in markets fully exposed to inter- 
national competition from big 
private companies. 

Mr. Jospin said Thursday that 
there might have to be ‘■adaptations" 
for such companies — a phrase that 
some executives interpreted Biday 
to mean eventual privatization. 

That would leave untouched the 
status of public-service industries 
such as the French railways or even 
state-owned insurance and other fi- 
nancial service companies — for 


example, the Groupe GAN insur- 
ance company with its banking sub- 
sidiaries or Credit Lyonnais SA — 
on the grounds that they operate 
mainly in domestic markets largely 
shielded from the outside pressures. 

Asked to interpret the distinction 
made by Mr. Jospin in a policy 
statement. Socialist officials were 
reluctant to venture much farther 
Friday than to say that any privat- 
izations would be considered on a 
case-by-case basis, an approach 
bound to slow the process. 

France has pledged to privatize 
several big companies, including Air 
France, Credit Lyonnais and GAN, 
as part of a deal with the European 


Commission allowing Paris to 
provide a final round of subsidies 
aimed at saving the companies from 
bankruptcy. But Socialist officials 
have made it clear that they are pre- 
pared to ignore rulings from Brus- 
sels if politics force them to. 

French public opinion remains 
largely hostile to privatization, in 
contrast to general support for the 
idea in most of Europe. Germany is 
privatizing Deutsche Telekom, and 
Italy's Socialist government said 
Friday that it expected to privatize 
the Italian post office. In France, 
trade unions often see their last bas- 
tion as government-run businesses 
where employees have job tenure. 


GAMBLE: France Is Betting Big on $1 Billion Stadium 


Continued from Page H 

A few events are scheduled after 
the World Cup, most notably a pop 
concert in September by the French 
rocker Johnny Hallyday. 

But things could get expensive in 
the long run if no home team is 
found for the new stadium. Without 
a permanent sports tenant, the fa- 
cility would be the scene of only 
about 20 events a year. In addition, 
the contract obliges the government 
of France to pay $8.6 million a year 
to the consortium, rising in later 


years, if no resident team is found. 
That obligation could last for 30 
years, the length of the free lease 
France gave the consortium. 

Another cloud hanging over the 
stadium: an investigation by the 
European Commission into allega- 
tions that the contract to build the 
facility was altered during the bid- 
ding process, thus unbalancing the 
competition for the contract 

The inquiry could eventually be 
referred to the European Court of 
Justice. 

A recent practice event — a 


friendly four-nation, six-game tour- 
nament — ended up being played 
before a lot of empty seats. High 
ticket prices and me meaningless 
nature of the tournament, in which 
France finished third, may explain 
the lukewarm attitude of fans. 

Nevertheless, the World Cup will 
make money. All but the most ex- 
pensive first-round tickets were sold 
out more than a year before the 
tournament even begins, and FIFA, 
the governing body of world soccer, 
has increased the number of main 
sponsors from 10 to 12. 


High-Tech Stocks Push 
Wall Street to Record 

i.a>DMferbr Truicko. a portfolio manager at 

NEW YORK — U.S. stocks rose Unity Management. A net S&23; 
to a record Friday, led by computer billion flowed into equity funds a 

the week ended Wednesday, tc- 
cording to AMGData Service**, 


and aerospace shares. 

The Dow Jones industrial aver- 
age closed 19.45 points higher at 
7,796.51, surpassing the record it 
set June 1 3 at 7,782.04. 

"We had three days of a general 
correction this week and then 
gained it aU back in one day," said 
Alfred Goldman, vice president at 
A.G. Edwards & Sons Inc. in St. 
Louis. "Today is just another ex- 
ample of this bull market" 

The Standard & Poor's index 
gained 0.71 point, to arecord 898.70, 
led by computer-related stocks, and 
the Nasdaq Composite Index, laden 
with computer stocks, slipped 0.05 
point to 1 ,447.09. 

Bullish comments from Abby 
Joseph Cohen, co-head of the in- 
vestment-policy committee at 
Goldman. Sachs & Co., helped the 
rise. Mr. Cohen told the firm’s sales 
force that the S&P index could top 
950 in the next 12 months. 

Tobacco stocks posted losses late' 
in the day after U.S. tobacco 
companies and their opponents 
reached a landmark preliminary set- 
tlement of health-related lawsuits 
after seven months of talks, setting 
up a historic change in cigarettes' 
place in business and popular cul- 
ture. Philip Morris fell I % to 45%. 

The popularity of index mutual 
funds, which try to mirror the per- 
formance of benchmarks such as 
the S&P 500. is fueling gains in 
large-company stocks, said Guy 


me preceding week, $3.61 bfltion: 
flowed into equity funds. 

Shares in AlfiedSignal rose I % to 
83% after the aerospace and amo- 


US. STOCKS 


components company said Thurs- 
day it would buy Grimes Aerospace 
from Forstmazm Little & Co. for an 
undisclosed amount. 

Boeing rose Y* to 56% after it 
won a $1 billion order for jetliners 
from British Airways. 

United Technologies rose ! to 
87‘v& after it said that its Ban & 
Whitney unit might develop en- 
gines for the Boeing 777 with Gen- 
eral Electric Co. 

Among technology stocks. Intel 
rose 5/16 to 14614. and Microsoft 
climbed 9/16 to 129%. 

Airline stocks, .including AMR 
Corp.. parent of American Airlines, 
and UAL Corp., parent of United 
Airlines, rose after members of the 
Senate Finance Committee agreed 
to drop a planned tax on interna- 
tional airline tickets. 

The benchmark 30- year Treasury 
bond’s yield fell to 6.66 percent 
from 6.68 percent on Thursday, and 
the price rose 1 1/32, to 99 22/33. 

Friday was “triple witching," 
when stock index futures, options 
on those futures and common stock 
options expire. (Bloomberg. AP) 


Hope on Trade Feud 
Gives Dollar a Boost 


CrMytMty Oar StogF nmt Dbpartn 

NEW YORK — The dollar rose 
Friday against the yen amid spec- 
ulation that U.S- Japanese trade will 
not be a contentious issue at the 
Group of Seven industrial nations* 
summit meeting in Denver. 

The dollar was quoted at 1.7276 


FOREIGN EXCHANGE 


Deutsche marks in 4 P.M. trading, 
up from 1.7235 DM, and at 1 14.875 
yen, up from 1 14.075 yen. 

President Bill Clinton and Prime 
Minister Ryutaro Hashiraoto of Ja- 
pan agreed Thursday on ways to 


smooth access to Japanese markets, 
easing concern that G-7 leaders 
would dwell on Japan's swelling 
trade surplus at the three-day con- 
ference, which began Friday. 

The dollar rose against the 
Deutsche mark amid optimism that 
for Europe’s monetary union as 
Jacques Santer, the head of the Euro- 
pean Commission, said the single 
currency would go forward on time. 

Against other currencies, the dol- 
lar rose to 1 .4385 Swiss francs from 
1.43S0 francs and to 5.8265 French 
francs from 5.8180 francs. The 
pound climbed to $1.6565 from 
$1.6487. (Bloomberg. API 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday’s 4 P.M. Close 

The top 300 most odive shores, 
up to the dosing on Wofl Sheet. 
The Associated Press. 


SfexS 

tote 

re* 

Loo 


AMC 

s 

71U 

Wt 

21 '• 

ARC 

4)1 

J». 

A 

AMI Fun 
ARM F pi 

OB 

& 

IS 

% 

if*. 

w: 

'A 

* 

J*n 

IJn 

Arnm 


life 




n 

3)4 


AHoaon 



15*4 

IP* 


33*S 



aar" 

IW 

21*9 

2131 


10 


9>4 


Si 

life 

IM 

u 

14*. 

e 

ni 

M 

m 

3F* 

rv« 

1JVW 

* 

17*1 

29*. 

IV. 

'V 



p. 

5*1 

s*. 

Ata)« 


4V. 

551 


AlHta 




6*» 

Aspfenin 

in 

JL 

5S 

Wi 

**1 

Asm* 

in 

a* 

% 


ID 




A am 

027 



Of. 

AuMais 

536 

1W 

l"k 

1*1 

Annenun 

ATI 

Jlh. 

JIM 

31**> 

AXD 



ID 

IH 

BAT lad 

un 

20 

19V, 

IW1 





7 

Bate. 

AM 

1 

1» 

.r 



1731 


BoiUbl 

2V1J 


413* 

+53. 

Er 

unto 

4to 

4*1 

2M 

4u 


(Unufti 

574 



m 

Bfawff 

m 

0V. 


ft 

Bagnfcj 

s 

in* 

ir*i 

Bowmr 


2»u 

ft 


543 



flrantf r»; 

31* 

JIM 

toi 

Brscau 

124 

2531 

24* 

24)1 

mm 

M 

8*1 

M 

F*1 

cfxcb 


in* 

173. 






53*9 

CflWtsp 

1534 

274 


>7 

Cartfear 




17 






CftrfkdB 

11745 

2Ti 

ll<> 

21 *» 

mm 

4D 

inn 

IU 

in 


V* 

II. 

IM 

Un 

a SIAM 




O’* 

CdSori 

m 

1 





4'.k 




Ml 

ii"* 

11 

IT VW 


to 





in 


1'. 


at?" 

1347 

17-5 

10*1 

nn 

UN 

CoWartr 

ZD 

8 

s*. 

ifl 






CanM 

1192 

Til 

S*. 

T* 

TV. 


re* 

S'i 




1334 

11 

IS*« 

1**. 

c<mh 












IF*. 

14)2 

I4V1 


30 

14+. 

141, 

I4-*. 



•Vm 

9 



277 




DMD4 


4 





1 '* 

I 








ID 

lVk 

1- 


OntoalTD 

tu 

109 

4Vk 

5)1 

** 

21 ‘n 

OemE 

M 

KfB 

»u 

B 


ns 

IP*. 

9n 

19- 







m 

IIA 

11.1 



3*4 

IM 

I7U 

12 


IU 

Wi 

?n 

ON 

OnMfe 

to 

ion 

10 

10* 

‘h 

EH A 

412 

431 

IN 

n 

EXAB 

IAS 

4*1 

24) 

439 


*152 

9*. 

Sn 

SM 

Edfcto 

2459 

9.2 

9 

9- 

EiPbuiE 

112! 

74 








Enatus 

230 

UN 

IJn 

IM 



+ 

A 



52! 

T* 

», 

r* 

EnirTc 

1*1 

63. 

f* 

BN 


766 

IM 

IS* 

ll« 

E essoin 

554 

UN 

U'i 

1*1 


4W 




Ffemm 

lf7 

5416 

54U 

S43. 

F1U 

IU 

4341 

UN 

UN 

FKF* 

NO 

n 

21* 

a 

FUSS 

334 

»•! 

0<7k 

IN 

FfosPi 

2011 

9*1 

VH 

91B 

Rioer 


lli 

13N 

12'*. 


70 

17*1 


II 

FBP* 

194 

41. 

4M 


FonKAl 

211 




FwsLb 

546 

IIA 

«>■ 

44*. 

F«M 


rx 

2V« 

jv. 

FnSSe 

141 

4*1 


IN 

ijAFad 



i#n 

irv. 



TV. 


Ti 


375 

4i* 

4'S 

I'M 


104 

4*1 

6 

«>. 







1551 

216 

IVW 

l*n 







1109 

DV> 

B-* 


QfcWvfr 

22 ! 

lih 

JS 

25N 






'MtH. 

ID 


3:. 

34. 





14 


711 

»4 

27'*. 

27. 

CftffeML 

3417 

45 4 

J> 


a. 

949 


n*. 

1-8 

W 


367 

8 *i 


IN 


1477 


% 



1805 

« 

5** 








1*44 

N1» 

ten 

»•* 


XE 

4)1 

4 C '4 

4u 



In 

IN 

14 

HdfeC* 

no 

JS*. 




a 

*n 

IN 

4* 

HwCn 

so 

6 *-, 

ft 

4 




o. 



I2 a1 

1TV. 

I0-. 

IQm 


577 

IT. 

jn» 

27*. 

OTWIJC 

791 

107 

51 A. 
M 

W.3. 

2 

A ' 


-** 

-*» 


+N 

-*U 

-4N 

-l“w 


■*1 


•*. 

2 

I*. 


3U 

Sum 


Lo» 

LONat 

onu 

Inon 

7*8* 

4.. 

9. 

SN 

+N 

WRrSvs 

£ 

24N 

!4'4 

253N 

-V. 


4*. 

S’* 

S. 

-V. 


A 




_ 

Mnm 

fewstsfa 

IJN 

lv. 

U+. 

UN 

-N 

-» 

iotudm 

133 


7>. 

734 


JTSCwp 

12741 

13. 

10-. 


-ii 


105 

15* 

X*. 

4n 

Ta 

A 

2N 

ft 

FVRiB 

£ 

I**. 

1*N 








Know 

291 

ift 

5*1 


ft 

Keane i 



5* 


k£y£pq 


!*■*» 




KJfcfTI 

2* 

SN 

SN 


-N 

KogtfEq 





-N. 

LdlBtal 


7 L . 




Ltfary 

m 

4^. 




\ss 

• IM 

A 

22 

2JV. 


Imran 

L4t4Kvflnf 

m 

TO 

14*1 

1IN 

IB* 

19*9 

••ft 


147 

1 

t 

1 



■J 

2N 

29. 

7*4 

*V. 


■ 1 



It*. 

• 1ft 

MflmHurt 

Ej 

»'4 

6 



479 

41. 







44*1 

47 



4*1 




SXre 


J*** 

JN 

JJ*. 

r-N 

3h 

-N 

Mr* 


8 

TU 


-N 



?■ 

*1 



1 ■ 


7N 

*U 


-N 

Iff? pr* 





-N 

1 ", Tfl 

.■945 

15*1 

15** 



Mefemta 

7044 

IT-re 

12*1 



I . • 



ID. 



I-'ifew 1 i^^B 

275 

2*1 

Id 


-A 

lv 



11 


• *k 



79'1 




«5ft1 

IV 

19V. 

l»b 

19 


«A5M»97wl 


5*4 

9V 






V; 



MmWHgn 


I7N 

ltn 

14 1 






9V. 


MTKCom 

234* 

1*. 

37 

4N 

*71i 




I* 






23N 




mpaw 

14*1 

O* 



•*» 

KYTfena 


S». 



• N 

, J 


1B+ 

iFre 


-N 

1 M 

ir 

5 

5 


- *1 

HAUBU 


10* 

173. 


w'ft 

L.1JH 

ii* 

2N 

M* 






8N 



OnuMui 


9^ 



• 'J B 

Ona* 

31 JJ 

4V, 

JN 






IV”. 





1*4 



PLCir- 

43* 

IB 

37- 


+4 


4J4 

sn 

7>. 



PnmC 

3314 

13 . 

1! .. 

Ijvw 

*1 

PfOOd 

1104 

*N 




PmSE 

133 

22 ■ 

Jl*. 



P1BJW 


4V. 

IN 


-V. 



2-i 



-V, 




U 


-V* 

POhTOJ 

144 

8 m 

7V. 

8 


PnfeVN 






Pntpnm 

III 

L* 

V. 




23® 

24N 

!3N 

2M 


PicQs 



731 

7*., 








PraAdKA 

m 


'V"B 


• Vm 


3D 

tP* 

A't 




773 

7’1 

7N 




107 

IT*. 



•N 


roo 

h 


H 



497 




- f *u 


in 

■*» 

n 

H 





8'v 

JN 

* % 

b-m 










J* 

FajT! 

238 

3S • 

U*i 

14N 

■1 







KBg) 

IS 

T7D. 

UN 

I2*n 



JJ5 

14 A 

1A 

14*. 


Btt' 

114 

1931 

Itei 

IW 

-N 

499 


19. 


■N 



1 





454 




■'ft 

Sw4r»r l 

554 

257 

IN 

1". 

39. 

1 

1*. 

9* 

58 CmiSC 

515 

IJN 



-n 

SSTo 

SPtM 

107 

1JJ73 

/■ 

1'1 

Whr 

*. 

2*. 

■1 

2‘. 

Hfep 

-lb 

5PMU 

071 

s*+fc 

SAN. 

54*. 

-’A. 

staWw, 

161 

l*n 

Ill 

144 


SlflMHt 


22 

JIN 

JIN 

-N 




11 


-N 



lire 

IN 

12 

r 

IJN 

■1ft 

Jfm 



i! 

IIN 

II 

• VI 





r>. 

.*• 

iustri 


S». 

V. 





91 

ON 








r-^WI 

91* 

MO 

Jr». 

3FV. 

■N 


HI 

y. 

IN 

S». 



HJ 


1 

Ill 






lire 









i*i 

1SH 

15*1 

l»i 

■N 


159 

101. 

I0‘ 

10W 








lrr» 

4*0 

6N 


6 



231 




."U 



10-1 

IM 




190 






SI 

24 









_ 


144 


In 



STa w 

4510 

S': 

In 

8* 

w 


no 

5*» 

4V, 

SN 




3S 

If* 

Un 

•'.1 


199 




‘Vm 


14* 



4n 

N 


J!*1 



Vm 

■ Vm 


re 

AN 


A*1 


IJn UMM 

458 


ft B 4 

W. 


207 

2 • 

2". 

r* 









MO 

N't- 


78-4 



470 






129 

IJVi 

U39 

13.1 

• ■ft 









r 

317*, 

11 V. 

■i*» 


Mi 

m 


IN 



Jit 

| 

Vm 

J 



n& 

17V) 




IMVmn 


ION, 

lO'v. 

10*1 

■V 


■Jot 




•Vm 


% 

10*1 


ION 


NE8M9 

WES 11s 




.‘Vd 

i« 

lth 

14V. 

14V. 

.N 

WHIG 

& 

I4v. 
14' + 

14*. 

l4ft% 

i* 

WEBimq 

717 

II*. 

IV*. 

ir. 

■N 







hfm 

IIS 

1 

r« 




Indexes 
Dow Jones 


Most Actives 
NYSE 


Indus 77B7.47 704.06 7777.06 771641 +19,45 
Tims J3».99 7761.99 7733J6 275441 +2346 
UBI 214*7 22701 jStfJ 224JM 

conn 23*720 2400.04 23044 239120 +74* 


Standard & Poors 


T* *9 

Hfc* lam dare 4P_M_ 
Industrials 1055.96 104198 1053.72 1 05479 


Tramp. 

Ufflffles 

Finance 

5P500 

SP100 


NYSE 

Compart* 

industrials 

Tramp. 

u®l?» 

Finance 

Nasdaq 

Comrade 

induimab 

Insurance 

Rrnnce 

TlDRSp. 

AMEX 


63749 62&7I 635X3 639.40 
19844 196.91 19847 197.75 
10447 103.12 104.16 104.16 
900.09 88&99 897.99 898.70 
876J35 866.99 8733* 87648 


v*. mw 
177027 40 
77432 24 
66206 6814 
60941 274. 
<00*1 63* 
54930 7144 
54322 916* 
53300 101 74 
52505 3344 
49606 37* 
47711 36* 
47193 599 
46523 47 

46240 3(44 

42957 1216 


45* 46 

2244 n 
67* <7* 
34* 25 

62* S3* 
71* 71* 
•94. 90 

99* 100* 
„ a 3341 
37* 3744 
34* 34* 
54 55 

04 46 

3*H Ml 
12 * 12 * 


-* 

•U» 

+1* 

-m 

+* 


Nasdaq 


+u» 


Nigh LW Lml 

«*M» 44754 467*4 

502.71 59061 591J3 +421 

421.01 417.54 470* +2*2 

1*6.79 2*561 31561 -055 

434*9 43160 43173 


H*k L mm tat 

145X3? 144663 1447.00 
1175.14 1171 JM 117155 
15*4*3 158158 15*4*4 
165*44 1638*4 165480 
1911*9 1*04*7 1907 JO 
950.16 942.95 94101 


629J0 627.94 67126 -£04 



0763 * 

87311 


ass 

mu 

61902 

55394 

54940 

46119 

44052 

4071 2 

37806 


m** u» Lot a*. 


14181* 

50V, 

69* 

131* 

43* 


48* 4IK 
146 14446 
' 49* 

S9M 


» 


120* 129* 
4041 41*6 
*» Ml 
7* 7*h 
45* 70* 
1646 M* 
17* 10 

1MN 14* 
20* 110*1 119* 
58* 55* 574)1 


7V. 

7? 

ft 


-16* 
+ VW 
♦ 1 * 
*41 

♦*i 

♦9* 

-14* 


- 1 * 

+** 

+14* 

+9* 


Dow Jones Bond 


20 Bonds 10X44 

louruiries 100.6-4 

10 Industrie* 10624 


AMEX 

Hartjn 

viacB 

SPpR 

JT5 Cora 

asnOccfg 


+028 

+CL51 

+026 


BenaGdd 
*884 ft) n 


vot, Hirt lam lw a*. 

J 6 5N. +* 

4384 33 31 V» -I9W 

13373 fWm 89 rim 897*» +76. 

2761 1*1 * * -* 

1745 2216 21* 71 4* -* 

1196 4* 3* 38* + V» 

10104 6 * 5 * 5^W -4* 

«44 20* IS 19** +1. 

7945 IS* IS* 15* 

' 6*1 S* 5* ♦* 


Trading Activity 
NYSE 


Advanced 
Oedlnw 
UncJur^o 
Tom issues 
Mew Htghs 
New Lo«5 

AMEX 

Attained 
Dadfeied 
Uncharged 
Tidal mues 
NewHlgns 
New Lews 


Nasdaq 


1141 

>492 

771 


B sssss? 

™ iSfKS 

Market Sales 

9m. 

335 

235 

73 S NYSE 
™ Amec 
5 Nasdaq 
InmtBhm s, 


Neee Pm. 

1741 2313 
1641 1723 
2157 1695 
5559 5731 
I* 251 


■1 


61 


659.08 565.92 
29.07 109 
577-54 651.73 


Dividends 

Company 


Per Amt Rec Pay Company 

IRREGULAR 


British Sn ADR bl.4315 6-27 3-21 

Crass Tim here Roy _ .1842 6-30 7-15 

Fid 5.pA. 6 295 7-18 8-11 

Fta1S.p.A. b 3835 7-18 8-11 

Mexico Fund .. .12 6-30 7-31 

MwynStEmeiq . .5607 6-30 7-15 

MorgStGWOporf -J1« 6-M 7-15 

Pengnmtti Energy - .15 6-30 7-15 

Permian BcsRay _ .1864 6-30 7-15 

Phoenix CanvA _ .152 4-19 6-20 

Phoenix To« Ret A - -402 6-19 6-20 

SPDRTnntl . 549 6-26 7-31 

SanJiMn BasRoy - JtoJ 6-30 7-15 

VfttagEneigyg - 27 6-30 7-15 

STOCK SPUT 
AuMed Living 2 tar 1 spot. 

Fletcher Bfdg l -25tti at a shore of Ftakher 
Forest Division tor each shore hew. 

SI Paul Bncp 3 tar2 spSt. 

STOCK 

BrentonGrp 4% 6-25 741 

Rat 5.pA b 10% 7-1B 8-11 

REVERSE STOCK SPUT 
Trans Global I tar 6 reverse sprit. 
INCREASED 

Bedford Bncslm 0 .14 7-1 7-17 

Franklin Res 0 .00 6-30 7-is 


Per Anri Rec Pay 

Q .12 7-7 7-21 

0 .10 6-30 7-29 

O 22 M0 MB 

M .165 MO 7-7 


INITIAL 

Chesapeake Erar - -02 6-30 7-IS 

St Paul Bnqi it _ .10 6-30 7-14 

TriaxDhranfdg _ .209 6-30 7-15 


Hardin Bncp 
MQilpara Corp 

hemr- 


June 20,1997 

M0i La* Latest Chge Optnf 


Grams 

CORN (CBOT) 

5000 hu mlnlmunv- cents oer busftei 

JUI97 36616 264 565V, +14 75423 

Sep 97 2*9 246 147* — >6 «472 

Dec 97 245* 2*2* Mf* *1 1292157 

664* 98 2S2* *49* 25046 ♦* 16457 

Mo* It 256 2S4* 355* ♦* LOW 

M 98 259 251 25B44 ♦* 3.776 

Sap 98 253* 253 S 3 *1 109 

Esf.sdes NA. Thu's.srtes 574*9 
ThuSopenW 276442 up 319 

SOYBEAN MEAL (CBOT) 

100 IW drtors Mr ten 

Jul 97 27390 270.10 27190 —100 32415 

Aim 97 25070 24LOO 34X60 -1.60 20,144 

Sep 97 23070 32SJO 22030 —150 T2.94D 

Oct 97 719-50 217.20 217.50 -240 13490 

Dec 97 21220 21120 21140 -ilO 17,192 

JWI9B 210-50 20000 30940 -1JD 3407 

Est. sorts NA. Thu's.scrts 20.955 
ThuSaaenM 114.155 up 129 

SOYBEAN 00. KXOT) 

40400 fes- cants part, 

Ju» 97 0.14 2175 22JS -419 32453 

A0097 2132 22.74 2103 -415 70.U7 

SfP 97 2L47 73.10 2370 -418 949 

Oct 97 2345 23 .W 2118 -ail 11459 

Dec 97 2165 2123 2X43 -009 21.126 

Janlt 2X78 21* 2XS3 —0.15 1.658 

fit .srtes HA Thu's, vte 1S469 
Thu'sopenim 10X084 oil 1127 

SOYBEANS (CBOT) 

5AOO tu mfewnren- an* Mr burtet 
JI497 840* SS 826 -12 50.223 

Aim 97 773 761* 766* -4 28.919 

Sep 97 894 685 6SS* -9* 10474 

640* 97 660 654 654* -7* 57432 

Jain 663 656* 657* -7* 8447 

Em pries NA Thu's, sorts 50,787 
Thu's open fed 159,786 an 985 

WHEAT (CBOT) 

U00 ta maurnwn- aanis per 6uM< 

Jul 97 339 332* 334* -3* 30A57 

Sep 97 345 V, 339* 34J -I 26J62 

Dec 97 357 352 354 —1* 23491 

MorJB 362* 357 39 -I* 2429 

Etf.srtes HA Thu's, sales 20.130 
WsOaenM 84J8B up 1137' 


Livestock 

CATTLE (CMS?) 

404M im- cents pot b 

JUA97 65.25 6445 6430 *042 2J73 

Aim 97 6445 6140 6X45 -027 42459 

0097 66.95 4645 6640 -022 2X546 

Dec 97 'g77 4945 69.10 -015 11330 

F*98 7072 70.05 7012 -0J7 6456 

Apr 98 72.65 7227 7247 -045 2453 

Est.sdes 10419 710/5.50*5 11469 
TTx/sopOTiInt 91,909 all 703 

FEEDER CATTLE (CMETO 
S04M Ds.- cents par id. 

AuoW 77.90 7487 7740 *840 10432 

Sep 97 77 JS 7645 772D *045 74K 

0097 78.00 77 JB 7748 tttl7 Xfilfi 

HW97 7945 7145 7LB2 * 12 1449 

Jan 78 79.45 79.10 79.10 *0» 653 

MarM 7865 78.4 m 7140 .Oli 10 

Esi. sales X637 Thu's, satas 3423 
Thu's Open in) 20.056 up 316 


REGULAR 

Am Mutual Fd 
Central Malta Pwr 
E rails Business 
FNBCarpNC 
FMel Partner 

First of LJ, 

Gables Resident 
HaBwood EnerC 
Horizon Grp 
IrttlMufflbods 
Nnsvcindusi 

RaUanuB 


JeBncp 

SummBRElTg 
Toronto 35lndcng 


40 7-3 
425 7-10 
.155 7-IS 
.18 6-30 
.90 6-30 

44 7-9 
49 6-30 

45 6-30 
45 6-30 
40 6-30 
40 6-27 
43 7-7 

475 8-1 
.16 7-3 
43 6-26 


0.1761 6-30 


7-7 

7- 31 

8 - 1 
7-20 
7-15 

723 

7-14 

H5 

7-10 

7-15 

7-11 

7-31 

9-1 

7-18 

7-8 

7-17 


HOCS-Laai (OUER) 

40400 tes. - cents oar b 
Jul 97 O.I7 040 81.95 

AUB97 7742 7870 7942 

Octn 71.77 71.15 71.9 
Dec 97 6870 68. K) 6845 

F«e 90 9.50 6740 02 S 
ESI. Sotos 64 94 Thl/L sorts 
TUI's open kit 36,135 up 

PORKBBJJBtCMBU 
40.000 tas.- unis perk 
4697 8X10 79 JO 8140 

AU097 8110 7945 1145 

F«9B 72.77 n.90 72.07 
^.sdes l m Thu's. sorts 
Thu's open W 7477 up 27 


+8JD 9492 

-aio iuii 

+0.10 6.9)5 
*0ja 4477 
♦ 045 1.708 
9.916 


+887 3499 
+017 2.9(6 
+0JU «7 
2436 


OHRMriBly; q-qoortMtr s-SonMmurt 


Food 


Stock Tables Explained 

Safes (igum tse wwffaaL Yearty highs aid lows relied the previous 53 week* {Art the curtail 
week but rtf itKMesflrodkxi day. WhereaspO or static <fvkfend<aTOuotbiata25 percent or more 
has been pakt 0» yedis h^h-fex* range and tiMdorxl die shown tar toe new state only. Untes 
otherwise noted rates ot dferideods are annual efisbusemenis based an ihe latest dedoralfen. 
a - dividend aba extra (9). b - annual rate of dhridend phis stodt dividend, c • Cquldotfiig 
dividend. « - PE exceeds 99.dd ■ ended, d - new yearly low. dd - toss in tM losl 12 months, 
e - dividend decJaird or paid In preceding 13 months, f - annual rat* increased on Iasi 
declaration, g . dividend in Canadan funds, subfed to 1 5% non-residence fax. I - dhridend 
dectorrd after spUI-up or stack dividend. | - dividend paid ihb year; omitted, deferred, or no 
•ration token at West dnMend meeting, k . cfivWeryj doctored or paid tho y«r. an 
accumulative issue wtm t&rtdends in arrears, at - annual rale, reduced on last dectaaflon. 
n - new issuo in the past 53 weeks. The high-low range begins with the start of trading, 
nd - next day delivery, p - mmal dhridamv annual rale unknown. P/E - priceeambigs ratto. 
q - closed-end mutual fund, r- dividend declared or paid in preceding 1 2 months, plus stock 
dividend, s- stock split Dividend begins nrtb date of spffi. sis- sales. t-«vfdend paid to 
slock in preceding 1 2 month* esthnated anh value on ex-divtdend or a-dbtribunon date, 
u- new yearty high, v - trodtog haded, vi-in banfuuplcy or receivership or being rearganuod 
under the Bankniptcy Ad, or securities assumed by such co m p an ies, wd- whendlslribulcfl. 
wi - when tsue* ww - with warrants. * ■ ex- d ivtd end or ex-righls. jab - ex-dlslribifflon. 
xw - without warrants, y- ex-dMdond and solos to tulL yid - yield. 1 - sales In luO. 


COCOA (NCSEJ 
to rut— 

Jut 97 


isn 

ISM 

ISN 

-29 

SIS 

1638 

Hll 

1613 

—36 

3LI74 

,676 

16S6 

I6S 

-32 

van 

1702 

UM 

16(7 

-26 

Z2J5B 

1712 

1706 

1706 

-V 

UB 



1736 

-V 

628 


Jul 98 

fcl Sftea i,ni inriwc l*#l 

Thrt open fit 98868 UP 1827 
COFFEE c (BCSE) 

JJ97 20880 17*00 198.75 «105 IJ36 
rtP77 18X50 17740 17940 -0J5 11,166 
OK 97 16125 159 JB 1S95D -145 4.R2 
Marw 15540 15800 15075 -145 2,557 

Marti 14700 uus U623 -325 619 

KA. TWssOfcS 19487 
T1Vsop«rt 2140 art 114 

UKAB-W0RLD11 tNCSE) 

to-ort pot X?. 

4697 J 41 1105 1106 -041 45481 

SS.™ IS . ,, - B0 »° -*> 3B 

-9 18.99 II JB -021 34JH6 

«Brto I M0 1093 M.94 -419 7432 

Esi. sues KA Ttws. sores 28565 
Thu's opeort 1*1,253 off 13(3 



Low 

Latest 

Chgo 

Ophil 

ORANGE JUCE (NCTN) 



ISjn ta.- ares parte. 




Jul 97 76.10 

7415 

7455 

-1J55 

1*471 

Sep *7 78.60 

7615 

74.90 

-145 

12428 

Nov 97 1150 

7975 

71.75 

—140 

4.11* 

Jan 98 82.10 

8X55 

8X55 

— IJS 

2 J» 

Esr. sates NA. 

Thr's. sate 3J01 


Thu'sopenini 

36J158 

UP 173 




GOLD (NCMXJ 

100 Uor < 

Jun97 34040 
Jul 97 

Aug 97 3020 
0097 346.10 
Dec 97 iSS.00 
Feb 98 347JB 
Apr 98 35000 

JUT) 98 

AU09I 

ES.wtoS NA. 
Thu's open felt 


Metals 


pot ferry or. 

337 JB 337 JB — 100 332 

tu n — XOO 1 
319.10 33940 -100 87493 
34IJI 34150 -XU 7.981 
344*0 3H4B -410 26.980 
3*440 347 JB -410 4738 
349 JO 349 JB -420 4J81 
351 AO — 120 0.158 
35440 -1.70 TO 
■nwsorts 3SJfeU 
176-317 i*) 1473 


HI GRJIDE COPPER CNCMX) 
ZUQOIDL.CCnApirB). 

Jt*)97 12Z20 1 IMS 11150 — 150 IJ13 

Jul 97 12270 11840 118.10 —105 34.733 

Aug 97 12120 117JJ0 1I7JB -345 1833 

Sep 77 119 A0 11145 116.10 -135 14569 

Od 97 11640 11X90 1)198 -195 LZ20 

Nov 97 11X00 112.10 11X10 -245 1,228 

DK 97 11480 1 II JS 111X5 -240 6479 

Jon 98 11150 107.10 1179.10 -220 645 

FW)7S 10745 -400 541 

Esr.sorts NA Thu's. safes SAG 
Thu's open w 58.779 oft 176 

OLVBHNCMX) 

LOOO lro» nt- coto» pot «rov ot 
JUH97 470JO -120 <7 

Jul 97 47550 469 JB 47120 —130 37487 

sec 77 47940 474JM 47190 —133 77418 

Dec 97 48459 4140 48220 —140 8,605 

Jdl 98 48460 -150 17 

*64*98 48950 — 350 8481 

MOV 98 49160 -140 2512 

JlHtl 497.70 — 320 7.884 

EsLsales «A Thu's. sales 35.290 
Thu'S Open W 93J05 up 3311 

fUTMUMlNMER) 

SDlraroi.- Mounrlmru 
Jul 97 42220 41Q40 41X20 *253 8574 

Oct 97 40450 397 JO 4B20 *)J0 7.417 

An 91 39840 39108 39X70 +140 1535 

Ed. sates NA Thu's, soles 2558 
Thu's open to) 17.575 oft 275 

Oose Previous 

LONDON METALS (LME3 
Dollors per metric ton 
i fee feen tHMCrtl 
5pm 15571V 1558* 156740 156800 

Forwart 1580J0 15*1.00 159040 IW140 

r Cafliedei OUgli Croie) 

270800 271140 270840 271140 

257740 258040 259100 259440 


61000 

62100 


611.00 

62100 


613* 

62640 


614* 

62700 


710540 711040 
721540 722040 

Spat 556040 557040 
Rrwuid 561040 561540 
ZbKCSpwtol High Grade) 
Sped 13040 1381.00 
Forward 139940 168040 


WTO40 7080.00 
718040 718540 


S57S00 558540 
562540 563040 


1373* 

1393* 


1374* 

1394* 


High Low One Chge Optnf 

Financial 

US T. BILLS (CMQfU 
SlmfltorvptsadOODa. 

Sep97 9442 WJJ 9441 7.276 

Dec 77 94.45 5465 9445 -441 352 

Mar* 7463 

Eg. sales NA Thu's. sOes UBO 
Thu's open W 76® off 1367 

5 YR. TREASURY (CBCJT) 

1100400 pnn- Pte A 6WK of I0D pci 

Sep 77 106-15 106-23 Mt*3t * 05 7PL787 

Dec 97 146-13 . K Ijn 

MarTB -01 

Eg. sorts NA Thu's, safe* 61.178 

Thu's open ire 721,413 oH 3679 

18 TR. TREASURY (CBOH 

S 1 0040B pr «- p*» A StoOi O* I M Pd 
5ep77 108*25 108-14 108-3 * 05 3S.045 

Dec V? IOB-12 1 0B-07 108-12 * 05 3Js7 

MorTS 107-30 * 05 9 

Ert. sorts NA ThFLiotes 6M18 
Thu'sopenini 33038 up IT83 

US TREASURY BONDS (CBOT) 

<■ pa-oaLoee-p* ATTmted loppcfl 

Sep 97 117-2* 11242 112-17 *11 431406 

Dec 9? ■ 72-60 111-23 112-05 * 12 25.216 

Mar 90111-29 111-27 111-27 • 17 7, M9 

Jtn90 llt-M i 12 SOI 

Es. sorts NA Thu's sties «7,7« 

Thu’s opal W 669.264 OH 7672 

LIBOR 1460NTH (CMER) 

S3 m,1tan- Pt» Ol 100 pci. 

Jut 97 901 9430 9431 51AM 

Ai*» 9428 912? 9478 12.773 

Sep 97 9474 9473 «J4 

E«. sorts NA TtxFs. sales 10.290 
Tier's open r* H418 up 730 

LONE SILT [UFFE) 

esaOOO-plmA32ndsofiniKt 

tan W 113-30 113-15 113-39 * 0-13 UIM 

Sep 77 113-17 112.31 I III* *0-1 J 159,926 

Esi whs: 3C4ML Pm sakn- 56.788 

Pre*. open bit. 159,9*2 on 1*51 


High Law Later Chge Optat 

GERMAN GOV. BUND fUFFE) 

DMssaoao.pbotioopd 

Sep 97 101J3 100.94 101J2 +025 2*4666 

Dec 97 100 20 1 00.10 10437 +U5 1767 

Est. sorts: 13&754 Piev. sorts: 186^53 

Pm. open lot- 144433 oft 1354 

I*YEAR FRENCH GOV. BONDS (MATIF) 

FF 500000 - Mi of 100 pd 
Sep 77 128.70 128.42 12462 — 404 194893 

Oec97 77J8 9722 97.38 - 046 1,973 

Mar 98 96*2 9682 9678-466 0 

E*t. sorts: 127.267. 

Opon toL- 196868 off 24)44 

ITALIAN GOVERNMENT BOND (UFFE) 

ITL TOO taBan ■ pts af 100 pet 
5*P 97 13X45 13175 13131 +467 94078 

Dec 97 10685 10545 105.91 +462 2M 

Est ste: *6tt Pm. solos: 86637 
P«w. open felt.- 90358 up 197 
EURODOLLARS (CM631) 

SI miUm-pfs of. 100 pet. 

Jul 97 9422 9470 9421 34867 

A«97 9418 9411 9418 9.530 

Sep 97 9415 HO 9*14 562.163 

Dee 97 9197 7193 9196 *401 429.143 

War 91 9189 91IS 9188 *101 290J30 

Jl*l9S 9179 9176 9178 +101 237,903 

Sep98 *170 9166 9168 +101 194253 

Dec 98 9158 9155 9157 +40! 136JM1 

Mar 99 9157 9XS3 7155 +401 104351 

tan 99 9152 9150 8151 11,789 

Sen 99 9150 9147 914 +401 74371 

Dec 99 9142 91® 9141 +401 654«9 

EsLafes NA Thu's. sorts 619^57 
TtVsopwiir* 2.564595 ofl US 

BRntSHPoum ccmsi) 

67, 500 pounds, t POT pound 
Sap 97 1A540 16420 1A524 39J88 

Dec *7 1A5D0 1MU IAS0 UJ 

Marfa r MB 3 

Efl.sarts NA Thu's, soles 14139 
Thu'saaenint 39.737 up 5336 

CANADIAN DOLLAR (CMER) 
loaanaaikrs. s pv can wr 
Sep 97 7751 7219 7224 

Dec 97 THE .7243 J270 

War 98 .7315 7308 7308 

a.sotes NA Thu s sales Ms 
Thu’s open tor 43.156 up 1232 

GERMAN A4ARX (CMER) 

125^00 marks, s oot mark 
SepW 5848 JBB7 5824 

Dee97 5862 5855 5863 

M®98 5W! 

g. safes NA TIM'S, safes 26777 
Thu's ooen tor 61167 aft 3743 

AAFAHE5EYEN 1CMHQ 
lUmBlon v+n. S pot loo van 
Sep 97 8881 JB09 *824 

Dec 97 8953 5941 JW 

W««8 .9059 

Brt.sotes NA Ttoitsarts 247S2 
Thu's open inr 99 JIB oft 2485 

SWISS FRANC (CMER) 

12 S 4 XXT teancs. f POT teOPC 

Sep 97 JOK jm 7015 
D« 97 7898 7088 7097 

Jtar* 7,71 

W. sorts NA mi's, sates 18.256 
TTv'sapenvit 3JJ46 up 2J4| 

‘ MEXICAN PE50(CUBQ 
see. 50 pesos, spot »» 

Sep 97 .12120 ,1»0 .12115 
Dec 97 .11690 .11640 .11615 
Marti .11280 .11250 .11280 

NA TftuX safes imn 
Tlxrt open felt 33.1B7 uo 163 

3-MONTH STERLING CIJFFE) 

EawBQ-pisatloQpa 

SfSm 2-S S rutl 9104 UnA 136455 

Doc 97 0X85 9X82 9X85 +001 106444 

MOT98 ^73 92*9 9173 +401 7X740 

JUD9B 9266 9353 91U »fljn jicti 

52 9X62 9159 9262 +401 31387 

S 41 9158 nti 27.999 

S 41 9157 9160 Una 20385 

tan 99 7X69 9258 9X59 Una 11.764 

EiL scries 465el Pm sates: 10X988 
Prov. open fell 49X430 ad 5175 


39581 

1550 

516 


62.177 

862 

123 


49.135 

1-076 

107 


33537 

786 

23 


194198 

10.112 

2JU 


yjflHEinKHMMt (UFFE) 

DM1 mNlon 

Jut 97 
Aug 97 
Sep 97 
Dec 97 
Star 98 
i unto 

Septo 

Dec 98 
Mar 99 


96B6 9486 Una 
N T N.T. 9685 U«h. 

«B» 9682 Unctl. 
to 72 9469 9471 Ul«L 
to.62 949* 9461 +001 
to.*l 9441 9443 +0O1 
9421 9618 9621 +002 

95.94 9S°l 95.03 

956 * 9 i« 95 . 4 B .401 

totes: 71514 Pm sates: 96456 
Pro*- open W.. 1J01341 up 141 B 

W60NTH PIBOR (MATIF) 

FFSmBUon - pis of 100 pet 
Sep97 9654 9650 9653 * 401 

to52 9648 9451 Utah. 

9644 9639 9643. Utah, 
toJ4 9429 9633 -off 

9410 0416 96.18 -401 

95 97 95.94 9J0S 1/™*. 

9574 9171 9574 *401 

to54 9551 9SM Una 

Ett ldtes:U185 

Op«i irrij 241734 up 231. 

WK»NTH EUROURA (UFFE) 
tTLI rnUBon ■ pfsot lOOpcJ 

0151 9X43 9150 <17517 

ttecw «X87 9176 9186 -410 71501 

M»to 9*09 9J99 9*06 +411 4*034 

tan 98 WJ1 9411 9X21 +411 1X561 

Sep9B 9428 W 18 MJ8 +411 21.725 

Dec to 9439 94 22 94J1 +411 9314 


Dec 97 

MOT98 

Junto 
5epto 
Dec 9H 
Mar 99 
tan 99 


1257 

391 

275071 

268.951 

239 JP) 

159370 

144739 

91145 

81997 


64468 

3&1M 

31741 

77525 

31302 

16332 

11753 

1.384 


SI JO -«s 
5150 —836 
57L50 -4JB 
5130 -416 
S4XD -416 
S5W —486 
55.90 +419 

5630 +0.14 

SSJS +0J4 
sdes 35+611 
Off 689 


Hkpt Low Latest Chge Opim 

Mar 99 94J9 9430 9439 +410 4919 
Jan 99 94.19 94.10 9A20 +410 1485 
Est-wries: 34216. Pm sorts: 74472 
Pm. open OIL: 310248 up 14417 


Industrials 

COTTON 2 (NCTN) 

94000 tos. -ceres pert). 

MV 71® 7145 7X70 +488 

OCT 97 7419 7486 75.10 +088 

Dec 97 7474 74*5 7468 ‘OJB 

Alhrto 7685 7665 7685 -405 

Moy 98 7785 7737 7785 -0.1# 

Est. soles NA Thu's, safes 14142 
Thu's open W <7.063 aH 2912 

HEATING OR. (NMER) 

42800 ore, ceres dot sal 
JU97 51.75 5478 

Aire 97 51.95 51.10 

Sep 97 5X70 5X00 

Oo97 5160 aos 

Nov 97 3485 5480 

Dec 97 5450 54.90 

Jan 98 56.05 5550 

Fetoto 5630 5570 

Maria S3) 5400 

Esi. series NA Thu's. 

Thu'SfSfenirtf 149,295 

LIGHT SWEET C3HJD6 (NMER) 

1800 bW.- dWlars dot ot*. 

MV 18.74 1135 1446 -421 

1465 I486 —406 

1480 I4to -407 

1495 19.12 -405 

1988 19JD -007 

19 18 19 JO -404 

1934 19 J9 +401 

19 JO 19.39 —402 

19J7 19 J? -405 

— 1980 19.43 *401 

Est. sorts NA Thu'S, sorts 11SJI9 
Tlxt’s opened 294565 off 19773 

NATURAL GAS (NMBt) 

I 1 LOOO mm otu's. S pot inn Mu 
Jul 97 2245 1187 2335 

Aug 97 2350 XI 85 X235 

Sen 97 1345 1190 X232 

Od97 X245 1200 1238 

New 97 X355 2J20 2JS0 

Dec 97 2890 2850 2845 

&l. sorts NA Thu's, sorts 51802 
Thu's ooenrt 281,917 up 2497 

DM£ADS> GASOLINE POWER) 
toJrtBare. ceres pot sol 
8897 56* 5580 5448 -46l 

AUPW 5605 «75 55.11 -154 

522 5 140 4445 5473 ~ 144 

OCT97 5a® 5180 S180 -48) 

Nov 97 5180 5140 5140 —436 

gK 97 SL70 5115 53.15 -431 

soles NA TlnFs. sates 2XU5 
Thus open ml 79j»o an 174* 

GASOIL OPE) 

U J. dadan per rntnc ion - kris ellOO in 
JUI97 16000 15800 15450 —100 

Aug 97 16X00 16015 16080 —135 

*““•* 16*00 16X50 16175 -1JB 

167 JI0 I6S80 16450 -075 

16835 16750 167J0 _a75 

170.75 URJ» 16935 —035 

- 17135 17075 17050 -475 

Febto 17150 17075 17450 -450 

&d sorts.-, LSS2. Pm. soles 11358 
Pm. open ire.- 6&B40 up 249 


Aug97 19.03 
Sep 97 n.15 
OCT 97 1936 
Nov 97 1».» 
Dec97 19J7 
Jtato 1980 
Feb 98 1982 
Mar 98 19 J7 
Apr to 1983 


Sep o; 
OCT 97 
Nor 97 

Dec 97 

Jan to 


11573 

9794 

34.991 

4916 

1.113 


34560 

33838 

15JB7 

,4880 

12866 

Ki5«t 

11.935 

5556 

477* 


17821 

97,149 

39.T5S 

27804 

18861 

41864 

17888 

7.966 
4522 

4.966 


76.114 

32583 

14911 

19532 

98« 

0056 


2S873 

Z7JB2 

7J59 

4066 

XI69 

4.99) 


19508 

1*752 

4871 

4975 

199B 

9,178 

1184 

UBO 


BRENT OIL (IPO 

U.S. Mian DOT Band - lob oil 500 brerete 
Aug 97 17.91 1749 1787 -401 7E6W 

Sep 97 1103 1768 17.90 +401 30441 

0097 18.15 1789 1410 +007 11199 

N9997 1830 1803 1828 +013 9.770 

D4«97 IMS 18.10 IMS +013 11665 

tanto 1035 14J8 1436 +413 7837 

febto 1034 1418 ,434 *0)2 *602 

Mart* 18 J I 1431 1432 +412 1.783 

Ert vries. 34000. Pm. totes : 3X3-4 

Prev. open toL- 1648M i» 4897 


Stock Indexes 

SAP COMP. INDEX (CMEH) 

SOOrndra 

SepW 91 X* 907.19 98480 +1JM748S 
Dec 97 921 JO 917.75 921 JO +455 45W 
Marto 92889 924« 92440 +1 HI 1828 
Est. sates KA Tier's, totes 114.199 
Thu's open <m 742.130 i*> 2357 

fAC * (MATIF) 

FF200 per index pom 

ta n 97 27678 77114 27550 -250 331179 

Ari«7 27610 27094 27510 +255 &98S 
Aug 97 27265 27265 27615 -255 1,793 

Sf9 97 77665 27300 27680 +745 16322 
Dot 97 050 050 27895 +255 72 2 

ESL sorts: 1 7.444. 

Openftri^ 71811 up 1.IB8 
FTSE 100 (UFFE) 

ss rar*^i -un* 

Sop 97 47105 46855 46045 -76.0 
Dk 97 NT N.T 46615 -820 2339 

Est I*K ZU9Q. Prev.srrieS; 37309 
Prw open IM- 85,6*3 off 2J63 


Commodity indexes 

dose PnrttoaS 

Moody's 1,58880 187430 

Reuters 101410 25J2 9fl 

OJ Futures 153.10 

CRB UO S3 W-* 

SovmsM&tLAssodafed Press. Landwj 
Inn FteKKM Futures Etchanga Inn j 
Prfnkvm Exchange. 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 21-22,1997 


EUROPE 


PACE 13 


^Strategy 

Of LVMH 

Worries 

Investors 


GmqaM tn Ov Sag F* m Dupuxbrs 

PARIS — Investors on Friday 
were questioning whether cash spent 
by LVMH Moet Henuessy Louis 
Vuitton SA to lift its stake in Grand 
Metropolitan PLC to block a pro- 
posed merger between that company 
and Guinness PLC might be better 
used in LVMH's own profitable lux- 
ury-goods unit. 

LVMH's chairman, Bernard 
Arnault, smarting from having been 
put on the sidelines in the proposed 
merger despite his 14.2 percent stake 
in Guineas. surprised markets by 
snapping up a 6.29 percent stake in 
GrandMet this week to leverage a 
better negotiating position. 

Mr. Arnault, who is now the 
largest shareholder in both hopeful 
merger partners, has said he wanted 
to combine the three companies' 
drinks businesses into one, creating 
the world's largest drinks company. 

"I'm advising investors to stay 
on the sidelines anti] there is more 
clarification of LVMH’s strategy," 
said Edouard de Boigelin, analyst at 
Merrill Lynch & Co. A 25 percent 
stake in GrandMet would cost about 
£3.7 billion ($6.09 billion), he said. 

Meanwhile, LVMH's debt was 
placed Friday on Standard & Poor 
Corp.’s CreditWalch list with "neg- 
ative implications.” S&P said the 
move to buy GrandMet shares would 
' 'place further pressure on its existing 
financial profile, which had already 
been stretched in 19% by the pur- 
chase of a 61 percent stake in DPS,” 
a duty-free shopping group in Asia. 

The S20 billion Guinness-Grand- 
Met merger must be approved by 75 
percent of GrandMet ’s shareholders 
and by a majority of shareholders in 
Guinness. LVMH needs to buy 25 
percent of GrandMet to block die 
merger, but it needs only 10 percent 
in GrandMet to call an extraordinary 
meeting of GrandMet shareholders 
and challenge the merger, according 
to the London Stock Exchange. 

LVMH shares fell 5 percent this 
week before rebounding Friday, 
when they rose 70 francs tS12) to 
1,531 francs. Several investors said 
the stock was likely to resume its 
decline in coming weeks if Mr. 
Arnault persisted in buying Grand- 
Met shares. (Bloomberg, Reuters ) 


East Europe Fears E U Expansion Delay 


Straw- ift-K .? 


^ 3000 A 


By Peter S. Green 

International Herald Tribune 

PRAGUE — The failure of the 
European Union at its Amsterdam 
summit meeting this week to agree 
on reforms needed to expand into 
Eastern Europe, and its wobbly 
progress toward European Mon- 
etary Union, have raised fears in 
East European countries that ex- 
pansion could be delayed and ne- 
gotiations on terms of entry made 
more difficult. 

“The Amsterdam summit did 
not give a clear signal on the pos- 
sibility of countries like the Czech 
Republic moving fast with regard 
to European Union membership,” 
Prime Minis ter Vaclav Klaus of die 
Czech Republic said. 

“This I believe casts doubt on 
the possibility of other countries 
entering the Union,” he added. 

This view was echoed, in softer 
tones, across the region. 

"I cannot imagine how we could 
successfully end negotiations be- 
fore some decisions are taken in- 
ternally among the member states, 
especially on economic and finan- 
cial matters,” said Andrzej Har- 


asimowicz, a senior official with 
the Polish EU integration commit- 
tee. “The length of our 1 negoti- 
ations will depend on how these 
discussions torn out” 

East Europeans fear that if eco- 
nomic and monetary onion is 
delayed, or if its fiscal restrictions 
are too painfuL EU countries could 
lose their appetite for the expensive 


-quotas, rules and the internal 
changes required of each aspiring 
member could take 18 months or 
longer to complete. The decision in 
Amsterdam to delay a decision on 
changing the Union's cumbersome 
policy making process by balancing 
power more evenly among large 
and small states and removing na- 
tions' veto power on major issues. 


After Amsterdam, East European officials worry 
that EU countries could lose their appetite for 
the expensive and long task of expansion. 


and long task of expansion. 

"If something would go wrong 
that could have a potential impact on 
enlargement, it is EMU,” said Pavel 
Telicka, an official of the Czech 
Foreign Ministry. Reflecting the 
view of officials across the region, 
Mr. Telicka said he believed that 
neither difficulties with monetary 
union nor unresolved problems in 
revamping the Union could stop the 
opening of accession talks , which 
are expected early next year. 

But complicated negotiations on 


will hint the Eastern hopefuls. 

Without the streamlining, the EU 
will have to hold additional dis- 
cussions before either Cyprus or the 
East Europeans can be allowed in. 
This will give the member states 
that oppose expansion plenty of op- . 
portuniry to stall the talks, espe- 
cially over such issues as exemp- 
tions from EU rules that the aspiring 
countries cannot yet comply with. 

"Worried? Yes and no,” said 
Mr. Harasimowicz, the Polish of- 
ficiaL * ‘I don’t think our way to die 


negotiating process was stopped, 
but the' problems which we hoped 
would be solved before, we start 
negotiations are not being solved, 
just suspended.” 

Nicholas van der Pas, an; EU 
spokesman, said after die Amster- 
dam meeting that "the way is now 
open to launch the process of en- 
largement, ” But a senior EU official 
argued thai “the unresolved ques- 
tions at Amsterdam obviously put a 
question mark over expansion/’ - 

“With French unemployment 
and German economic stagnation, 
this is no time to throw open the 
doors to well-educated cheap 
labor,/ said the official, who spoke 
on condition of anonymity. “If the 
Czechs, Poles and Hungarians 
haven’t figured that out by now, 
there’s something wrong with their 
figuring-out capacity.” 

He warned that worse is yet to 
come. When the European Com- 
mission delivers its own opinions 
next month on the technical read- 
iness of the Eastern states to cany 
the burdens of EU membership, the 
official said, many states wul-be 
disappointed at how pooriy pre- 
pared they have been judged to be. 


3200 — ^ 
300Qt*A 


4600 — 
? 4400 — 


1 m- — =7 : 

I 2800 J FM AM-Ji 3800 J FM AM 7" 2200 J F M A ML 

: J 19B T. ^ ^ ... ' 




Source: Teleklirs Imcnmml Herald Tnhnar 

Very briefly: 

.• SaberiaSApians to invest 650 million Belgian francs ($18.2 
million) in Compagnie des Grands Hotels Africains, its hotel 
subsidiary, whose main asset is a hotel in Kinshasa, the capital 
of Congo. 

• Halifax PLC and Alliance & Leicester PLC, two banks, 
will join the Financial Times-Stock Exchange 100 Index on 
Monday, replacing the clothing retailer Burton Group PLC 
and the consumer products group Smith & Nephew PLC in 
Britain’s blue-chip share index. 

• Genset SA, France ’s largest biotechnology company, could 
unveil a multimillion dollar research agreement with a major 
drug company this month, people familiar with the company’s 
plans said. 

• Unilever NV said it was in talks to acquire a margarine 
factory in Russia. 

• Polish unemployment fell by 88,000 people in May com- 
pared with April, to 2.04 million people, pushing the jobless 
rate down to 11.7 percent from 12.4 perce nt 

• Royal NedUoyd Group NV plans to cut 100 of 680 jobs at 
its road -cargo subsidiary to restore profitability. 

•SAP AG, a German software company, bought a 25.2 
percent stake in IDS Prof. Scheer GmbH, an information- 
systems company, for an undisclosed price. 

• Daimler-Benz AG will add eight shifts at its Unter- 
tuerkheim and Sindelfingen factories until December, bring- 
ing both plants to full capacity. 

• SPTTelecom’s shareholders approveda 10-for-l stock split 
for die Czech Republic’s fixed-line telephone operator. 

French industrial production rose 3 percent in April, lifted by 
a sharp increase in energy production and more moderate rises 
in most manufacturing sectors. 

■ Russia’s Parliament delayed a vote over a government plan 
to cut budget spending, but a senior deputy suggested it might 
review a proposal to cut social benefits, which it rejected 
earlier this week. : Reuters. Bloomberg. AP. AFX 


Italy’s Post Office to Bolster Services Before Sale 


ROME — Traditionally seen as 
unwieldy and inefficient, the Italian 
Post Office is planning to turn itself 
into a dynamic provider of financial 
services and hopes to have a blue- 
print for its privatization ready by 
the end of the year. 

Enzo Cardi, chair man of the un- 
profitable state service, said Friday 
that the post office wanted to improve 
its retail services ahead of a two-part 


sell-off. He said be hoped that it could 
submit a privatization project to the 
government by die falL 
- Mr. Card! said the Treasury,' 
which controls the post office, could 
follow Germany and the Nether- 
lands by creating two separate en- 
tities: one to handle letters; the other 
to deal with banking operations. 

The post office has started pre- 
paring for life in the marketplace. It 
has shed 60,000 jobs by not re- 


placing staff who retire, leaving it 
with lBOvOOO employees. 

Mr. Cardi also has pledged to 
bring the post office out of the red in 
1997 after a. loss last year of some 
800 billion lire ($500 million). 

He said the nation's network of 
15,000 branches, including offices 
in 3,000 villages where there are no 
banks, had successfully moved into 
financial services two years ago. 
when it started offering state bonds. 


Italians ore among the most en-. 
thusiastic savers in the world, and 
state bonds are widely popular. 

"At the moment, we are the 
biggest provider of financial ser- 
vices in Italy,” Mr. Cardi said. But 
hedoes not expect the post office to 
compete directly with large banks. 

He said post offices will offer 
such services as providing mort- 
gages, personal bank loans, postal 
bonds and exchange services. 


Boeing Lands $1 Billion Jet Order From BA 


Bloomberg News 

LONDON — British Airways PLC an- 
nounced Friday it was exercising options to bay 
five Boeing Co. 777s and had placed orders for 
three 767 jetliners in a contract valued at $1 
billion, another victory for the U.S. planemaker 
from one of its most reliable customers. 

The world's largest long-haul airline has never 
ordered a plane from Boeing's rival, die European 
consortium Airbus Industrie. The 777 and 767, 
used mainl y on long-distance routes, compete 


with the Airbus A330 and A340 wide-body jets. 

BA has been one of the most aggressive 
airlines in cutting costs in recent years and flies 
only a few different aircraft types to save training 
and maintenance expenses. 

“An airline as cost-conscious as BA wouldn't 
make a major investment in another type when 
its fleet is already well-set, 1 ’ said Chris Avery, an 
analyst with Paribas Capital Markets. “In a 
sense, the only entry Airbus can make into its 
fleet is with a new type — the A3XX-” 


Mr. Avery was referring to Airbus’s plan to 
break Boeing's monopoly on planes seating 
more than 400 people with the 600-seat A3 XX, 
which it hopes to introduce early next century. 
BA has chided Boeing for dropping plans to 
build a plane larger than the 420-seat 747, which 
BA uses on routes to congested airports such as 
those in London and Hong Kong. 

Boeing plans to deliver the 767s in April and 
May, and start delivery on the 777s in September 
1998. • (Bloomberg, AP) 


WORLD STOCK MARKETS 


Fridays June 20 

Prices In local currencies. 
Tetekuis 

High Low CIbh Prey. 

Amsterdam AgxwttjaM 

PlWKWV 65X59 


ABN-AMRO 
Aegon 
AhoM 
Akro Nobel 
Boon Co. 

Boh Wesson 

CSMcvo 

DordtodiePct 

D5M 

Elsevier 

Foitis Amev 

Getroroa 

G-Bratoa 

Hagemeyer 

Here ten 

HoMowRjcva 

HuruOougJra 

ING Group 

KL/.1 

KNP BT 

KPN 

NedUoyd Gp 
Nutrica 
OceGrmten 
Pinups Elec 
f^stygrnn 

Bban&tad Bdq 

H&Beto 

Hodamto 

RnBnco 

Rarer* 

Royal Dutch 
Umtevercva 
VeadaMI 
VHU 

wcHersWcwi 


Bangkok 

AdvlnfoSrc 
Bangkok 3k F 
Krunn Thai Bk 
PIT Enplcr 
5km Cement F 
Siam Can 6k F 
Tcicamesia 
Ttoi Airways 
Thai Farm Bk F 


Bombay 

Bon Auto 
Hmousl Lever 
Hndusr Peflm 
tod Dev Bk 
ITC 

'.tohoragor Td 
Pefemceind 
State Bk India 
Steel Authority 

Tata Eng Loco 


37.50 36.90 37 JO 37.20 

138.90 13490 138.10 13850 
163 140.30 14250 15950 

242.90 34050 241 -241 JO 

125.40 I19J0 125 119 

39.40 3750 39 JO 3780 

10040 99.40 100 10050 

41450 411 414 41350 

192 JO 190 19050 190 

32.70 3130 32.70 32.40 
8150 80.40 81.10 8090 

64.70 4130 64J0 6450 

6S® 44.90 65/0 64.90 
10550 102.90 104.90 10250 
34150 354.10 34150 354 

112.70 10820 10850 108.10 

144 14058 144 162.89 

9020 89 JO 89.90 B9.9D 
5950 5610 5950 SS.70 
45.90 4470 4540 4470 
8250 8220 BJJQ 82.80 
5550 5110 5550 53.30 

309.90 30750 309.90 307.70 

2SJJ0 251 251 751 

13X40 13370 13430 13450 
11050 104 no 10420 

199 19J mao 19850 

18450 1B168 18X40 18420 
65 6470 65 64.90 

1B720 18*50 187 1B620 

11350 11110 11110 11150 
401 401.20 Jffl.90 J0220 


High Law I 
Beiendorf 9250 71 

Bmmg 41.90 4150 

BMW 1435 1414 

CXAG Comma 14850 16750 

Commerzbank 4950 4820 

Daimler Benz 137.40 13650 

Oewwa _ 9490 92 

Deutsche Bank 9930 9825 

DeutTdotom <290 4255 

□manor Bank 61.90 61 JO 

Fresenhn 365 360 

FresenlwMed 15250 151 

Fried. Kiupp 350J0 347 

Gehe w 122 118 

HwderngZmt 1*720 14750 

Henkel pfd 10050 10050 

HEW 470 470 

Hochtief B4 SB 

Hoedist 71 7055 

Kaistadt *4350 440 

Ltfmujynr 8190 90 

Unde 1348 1330 

Luflttansa 3530 3440 

MAN 544 “* 




Law 

dm 

Pm. 


Hlgb 

Low 

Gen 

Pm. 

High Lev das* 

Pm. 


High ' Law 

dm 

Pm. 

Nedcor 

« 

96 

9625 

96 

Thames Water 

672 

4*1 

669 

6*6 









Rembrandt Go 

4670 

45® 

4610 

46 

3! Group 

£11 

5*5 

£06 

5*9 



392 


(Jld IndustiM 


107 

. 106 

Hdteaunt 

61 

6025 

6050 

4025 

Tl Group 

5*8 

£38 

529 

5*9 









RnfPlabnuiri 

76 

7X25 

75 

7*50 

Tomktas 

2*5 

157 

2*5 

£56 





Wing Tal Hdgs 


420 

4*24 

SABiHWWiSB 

13475 

133*0 

134 13X75 

UnBew 

1727 

1697 

17 

17.16 



553 






Sammcar 

47J5 

47*0 

47 JO 

4725 

Ubl Ana ranee 

*48 

4*0 

4*7 

4J0 

PMmGeoSvc 323 

31B 

321 

316 





Sank 

57® 

5525 

5725 

55JD 

UtdNon 

7*7 

72V 

722 

7*3 



137 





SBC 

207 

2® 20675 20650 

IttdUHi&i 

638 

625 

429 

632 








TtoorOats 

82 

77*0 

81 

77J0 

VbndaeneLxiib 

*62 

*36 

4J7 

427 

fnmnceanOff 510 

510 

510 

510 






Henkel pfd 10050 10050 

HEW 470 

Hochtief B4 

Hoedist 71 7055 

Kaistadt 64350 440 

Lohmuynr 8190 90 

Unde 1348 1 330 

UdttHmsa 3530 3X40 

MAN 544 536 

Manoesnonn 77350 7*4 

Metaggcw6vdiofl 36.75 3625 

Memo 19590 193 

MundiRueckR 510S 5060 

PNMSOg 51550 51050 

RWE 76*5 7558 

SAP pfd 348 342 

SdJertM 19150 189.65 

5GL Carbon 23X80 22550 

Siemens 10IJS 101.45 

Springer (Are!) . 1545 1545 

Suediudcer WO 947 

Tbyseen 41* 411 

Vena 10020 9920 

VEW SO 555 

I 802 798 

swag wi 126250 1256 


Kuala Lumpur C Mpy ijwjg 

r Previous: 1097.48 

AMMBKdgs 1650 1620 1630 1640 

Gerttoq 1350 12® 1120 1150 

Mol Banking 2750 2625 2*25 27 

A4d IrW Ship F 680 650 6*5 6*5 

PehamGas 930 9.15 925 9.15 

Proton 1 X 60 7120 1X60 1220 

Public Bk • 188 184 314 318 

Renang 148 136 358 246 

Roods World L15 8 8 8.10 

RanmamPM 2725 27 2725 27 

~ ' 845 R4S ' ‘ * “ 

1130 12.10 
1110 12 

1840 18.40 
LTD MO 


1430 1640 

21 "f 

6*5 645 

925 9.15 

1340 1220 
184 188 


855 845 

1110 1110 
1110 12 
1850 1840 
L65 845 


London 


409 JO 40270 408® 39V® 
106® IQS 10520 105® 
46® 4570 45 W 4610 
241 239 JO 2BJ0 2*70 


SET Index: 48025 


Pratan: 46X77 

147 

137 

143 

1X1 

163 

152 

162 

151 

2635 

U 

25.75 

25 

m 

M 

*H 

294 

450 

®7 

■ 430 

AU 

89 

K6 

87 

8ft 

2525 

24J0 

76 

2X50 

31 

29 

31 

2825 

98® 

95® 

®5G 

9150 

W 

81 


81 


Markets Closed 

The Helsinki and Stock- 
holm stock markets were 
closed Friday for a holiday. 


5eoMX 3d tadec 488344 
Previoui: 401898 

934 920 92225 92625 

1143 1310 1321.25 136325 
44* XH.7S 44075 43950 
9650 9650 94.75 9750 
515 «7 50175 50325 

31350 295.50 298 25 30925 
366.75 31450 360 34050 

IS 75 33950 342 339 

17.75 1*25 17 1730 

463 43235 451 434 


Brussels hel m wo.- 04144 

PrMon: 334540 

Simon* 1*550 164C0 1*500 16500 

Berea Ind eS50 *780 O 67ZD 

BBL 9640 9530 955Q 9660 

CBR 3480 3390 3475 3390 

Cdruyt 16750 16400 14550 1*503 

Ddhazo Uon 1855 1815 1845 1835 

Elcrtntel 7720 7*90 7490 7*90 

Eledrafiira 3520 IrtO 3528 3505 

F arils AG 71M 9050 7110 7850 

GettWT 3350 3320 3350 3380 

GBL 9«0 HW 5943 BTO 

Gen Bamwe 14400 14300 14350 14350 

Kiwbettonk 14750 14475 1 4525 14500 

Petafing 13B75 12775 12775 12850 

iWrfin 5DS0 4930 4990 4950 

PnyoleBel w 10025 9990 9943 

Sac Gen Beig 3135 3360 3«?0 3370 

5dvay 21600 71500 71575 21450 

Tradebd 15100 14900 15050 I49C0 

UC0 011 6C0C01 1350001 15753)1129(9 


Hong Kong 


BfcEadAsia 
Cnftay FtecBc 

cneungKang 
CK InfiuSilnia 
CPtoaUgM 
DHcPwifc 
DooHengBk 
RnlPKfe 
Hang Lung Dev 
Haig Seng Bk 
Henderson hiv 
Henderson Ld 
HK China Gas 
HK Electric 
HKTEtecoinni 
HdbewSHdgi 
HSflCHdgi 
HutaMonWh 
Hpan Dev 
JrWHonEIHdg 
Kuny Props 
New World Dev 
■Oriental Press 
Pwn oriental 
SHKProjB 
Shan TakHdgs 
Sbio LandCo. 
Sift China Past 
SwtrePucA 

«r 


HaegHng:15lMJ4 
Pnvfeax: 14H649 


1658 1130 
78 7675 
7sjo lias 

4X70 4190 
4740 4*40 
4640 4070 
9JS 9A5 
1640 1610 
110 97 

880 84S0 

7125 68 

15J0 1561 
3270 3210 
18.10 1760 
630 635 

233 226 

64 075 
2370 2115 
US 2105 
1870 1875 
4&40 43.90 
3 288 

1J6 1.1? 

95J5 90J5 
685 680 

8*0 815 

7.35 7JS 
69J5 67J5 
3X80 3168 
1780 1695 


Copenhagen 

BCBonk 
CarisbeigB 

Codon Fas 
Dcnraco 
DenDanskeSk 630 

□ SSvendbrgB 35029 

OS 1912 B 

FLStodB 
Kob Lufflnme 72S 

NVONOtfBkB 756 

SadmBerB 984 

TcfeDcnmi B 427 

TtygBdficn 356 

UmdaiMwriiA 370 


Stock hnlae 59188 
Pmtoussoji 

348 3*5 348.90 

345 370 371 

87920 885 fi» 

424 <27 4 ?i 

622 *26 *28 
348000 347000 347000 
238000 7410C0 240000 
214 229 214 

715 715 71820 

717 723 723 

97X 984 970 

3S37B 35- 21 359 

3S2 352 35* 

342 36* 364 


Jakarta 

Alin m 
B k Infllndon 
Bk Negara 
Gudang Gann 
Indocemerd 
liuMoad 
Indaiai 

Saaipoemn HA* 
Semen GMhBi 
T ekkonundkojl 


CeapasilelMtae71U2 
PlWtan; TOLAS 

7600 727S 7400 7275 

. 2150 2100 2150 2100 

1575 152S 1550 1550 

10200 9925 9975 10300 
3500 3400 3500 3375 

5725 5575 567S 5525 

74M 7550 7550 7550 

9400 91 SO 9150 MOO 

5325 S29I 5300 5350 

<050 4000 4000 dOOO 


Abbey Natl 134 

AHedDamcai 639 

AngOan Water 6J2 

Aims 17* 

AidaGnwp 1J2 

Anocfirftnto 544 

BAA 561 

Border 1207 

Ban 7J9 

BAT tod 4JB2 

Bank Scotland 190 

BibaOpde 631 

BOC Group 10J3 

Baata 7 JO 

BPS Ind 

BritAemp 1121 

manat* 7.m 

BG 2.19 

BritLand 164 

Bill Petto 730 

BStoB £15 

Brit steel 1*2 

BATetoCom 663 

BTR 238 

Banna hCadrol 1038 

BurtaiGp 1J6 

cntilr Wtaton 5J9 

Cadtmry5chw £34 

CarikMComm £30 

Comnd Untar 679 

SKf” S 

Dbtorn . 536 

Etedrecmmuuerdixa 

EMJ Group 1133 

EnrgyGmip 642 

EntnpriieOU 6*6 

FornOdunU 1*5 

Gem Acddent 9 JO 
GEC 148 

GXN 1043 

GtaxoWencomi 1280 
GmadoGp 8^> 

Grand M« 608 

GRE 173 

GnenabGp 650 

Guinness 613 

GUS £U 

Han 5 JO 

HSBCHMgi l&X 

Kl 8.78 

Into Tobacco 610 

KtagfWier 7.19 

Lafflaafe* . 243 

Land Sec 245 

UNO 176 

Legal Geni Grp 620 

UordtTSBGp 6J5 

LucasVtittr 101 

MariaSpencar 530 

MEPC 697 

MmnyAistt Rio 

National Grid 120 

NatiPtwer 537 

NatWtat 7*5 

Nad 7.16 

Nonrfeh Uokn 3JB 

Drang* 103 

P10 217 

Peorson 7.17 

FffiMra 1J2 

PffliwGcn in 

PntmlerFflnwp 658 

Piudemhd 207 

RoBbackGp • US 
Rank Gram 327 


Johannesburg A OMgw. ro^u 


Frankfurt 

AM6B 1498 

AdtCCS 199 JO 

AUkmi Kdg 391 
AUgno PIS 

Bk Berlin 38.0 
BASF 6J^ 

Boyer H ISO Bk 53 .14 
BqyVLteuKBnnk 73 
Bo?« *978 


_ D AX; 378227 

Pnvntn: 3749 J7 

IMS U*S 1490 
m 198 JO 19X50 
385 385 37740 

1875 1905 1850 
38.75 55 JO 38*5 
6605 *jJ0 *385 
S285 52J85 5190 
77JS 72J5 71. B0 
*9 IS *'IM «L2B 


AMdgomtdBks 

AnguwnCaal 

AjiglaAm-Cbm 

AngtaAmGaki 

AiHtoAmind 

(WkMH 

Bfflfow 

CG-Sradh 

DeBaen 

DrietoaMn 

FstNoflBk 

Genew 

GFSA 

Impend Hdgs 

iiKpeCaal 

hew 

JotmntKlml 

UwiyHeg* 
Ubcriy Ufe 
UbUftStral 
mmorm 
Nampak 


Pnykm: 7289.12 

I 3U0 » 

33 200 283 

18 26250 2*9 JO 

15 285 29150 

25 190 186 

35 1SJ5 1530 
75 <7 JO 4195 
45 ]175 2350 
« 165 16530 

75 31J5 3235 
O 41.10 4040 
H 21 »9S 
« 104 103 

57 57 J5 57^ 
» 3040 3030 
IS 3.15 315 

1 ? W *38 

19 U0JS 121 

50 16*5 16*5- 
99 101 1B3SJ 

n 18 1735 


Rmdlntl 5J6 

R*tflDkfl toBkd 125 
RadnHdgs 6.79 
Rear 2.72 

RMCGnup 1039 
Ro*J Rok* 2J3 
RamlBkScar £99 
RTZng 10*7 

Royal ISafl AD 665 
Mmy 353 

5afaafaioy 1*6 
SOradcn 1625 
SadNenmarlto 6*2 
Scat Pow 384 
Socaricsr 182 

Severn Trent 7J3 
SMlTranpR 1239 
5W>e 10J2 

SndBittaptow 1J5 
SmttiKDnc 1084 
SndBBtad 022 
SflieraEJK 625 


FT-SE 10fe4593J0 
Prarton: 445328 

7J0 835 831 

618 621 627 

6*9 652 6*9 

£67 £75 5J< 

1.19 1J0 IJ? 

535 S3* 5*4 

5l41 5.47 5J9 

11*1 11*4 12*1 
738 739 7J2 

£81 5J9 5J2 

323 327 287 

614 614 620 
10.58 10*3 10*8 
JM 7JB 7.14 
332 134 341 

13*8 13*0 1370 
6J7 689 £M 
US 118 119 
5*4 £J4 5*3 

7.11 7.11 714 

697 698 £12 

1*7 IJ8 1*0 
647 649 656 

1.99 2JH 305 
1105 10J5 1030 
1J0 1J1 1J7 

5*7 150 

5.14 £16 

£16 £17 

659 673 £._ 

7.10 7.16 7*5 

337 339 341 

692 692 £13 

651 6*2 4 

1137 11*8 11 

637 6*1 6.. 

6*6 651 6*6 

1*4 1*4 1*4 

694 9*3 8*8 

338 339 3*4 

10JB 1029 10*3 
12*1 1223 12*2 

638 8*7 8*4 

£89 £90 5*9 

238 2*9 271 

4*3 645 646 

5-93 60S 6*1 

MB 6S0 6*3 

£76 £82 5-76 

1776 1621 17.B0 
8*8 MS 8*0 
60S 4*7 60S 

7 -08 7*0 7.18 

235 236 239 

632 833 8*4 
2*5 2*7 274 

611 612 615 

607 609 620 

2JM 2*6 2*7 

5.07 5.00 577 

693 693 697 

1U0 I’m 1302 

2.W 311 3)5 
697 £01 5J02 

7*5 7*6 7*2 

6*7 689 7.16 

122 124 322 
193 1.94 2*1 

611 614 613 

7*2 7*5 7*8 
US US ‘US 
685 IB 688 
4*8 652 652 
5*5 5*6 6*6 

613 6U 630 
3*7 3*8 175 

685 890 687 

133 337 34T 

£71 £72 £84 

2.19 2J2 2J3 

6*3 665 6J4 

2*3 2*6 373 

18.12 1617 10.14 
2*4 3*5 £53 
£74 £75 £94 

10*5 10*4 16*6 
650 4*1 4*2 

3*5 1*8 153 

158 159 3*2 
16*5 1658 1673 
6*0 6*1 6S9 

177 3J0 

37S 2*0 — 

7J5 7J5 738 

1120 1320 1238 
1610 1030 1617 
1.71 U2 1J4 
10*5 1672 1671 


Whitbread 
WttmKdp 
WDheley 
WPP Group 
Zeneca 

Madrid 

Acertoot 
AC ESA 

Aguas Bmaton 

#7“ 

.Banestn 
Banktoter 
Ben Centra Hkp 
Bco Papular 
BcaSontonder 
CEPSA 
CcnHnanle 

FECSA 
Got Natural 
toerdrota 
Prycc 
Repeal 

SMOanaEtoc 
Tabaeatcra 
TeWadai 
UalanFmM 
Vatenc Content 


7*8 7*0 
3.13 11T 
685 688 
2*8 2*9 


Baba bidw: 589.72 
Prevtorc 5*2*1 

27290 28010 77040 
. 1880 1940 18», 

5870 5890 5370 

8180 8250 0200 

11420 11510 11340 
1470 1485 1500 

24920 25180 2501B 
5830 5100 9M 

31710 32130 31800 
4475 4500 4450 

5070 5140 5100 

2910 2990 2915 

7m 7690 7630 

11330 11400 11230 
1370 1400 1375 

31800 32450 32000 
1830 1865 1820 

2815 1878 2830 

4388 6430 6390 

U35 1436 1430 

7H20 7M0 7830 

4340 4400 4330 

1310 1330 1315 

2210 2235 2180 


Storebrand Asa 45*0 4£20 4520 


Sydney A,< S52!EEI2-S 

7 r PnNtaac26n*s 


CAC-40: 7757.10 
Pmriaai? 2739*9 


AirUamde 

AkntdAbth 

Am-UAP 

Bancutnr 

BIC 

BNP 1 

Canal Plus 

Comkor 

( mto 

CCF 

Catetem 

OufehanDlor 

CLF-DedoFran 

CrtdHAgricoie 

Danone 

EB-AguSuine 

EfkknuaBS 

Euadaney 

Eurofumd 

GeaEtMi 




Manila 


rvMi 1 * 

Arota Land 

UPNBpbl 

C&PHomei 

Mania EtocA 

Mato Bank 

Petran 

PQ Baft 

PtdlmgDM 

SanMigudB 

SMPitneHdg 

Mexico 

Alfa A 
Banaa58 
ConaCPO 
CBraC 

Eiap Madwna 

GpoCwsoAl 

GpoFBaonw 

Gao Hn Infauna 

Km Ctarfc Men 

TdevbaCPO 

TelMexL 


PSE taOnc 2HT.73 
Preetoos i 298697 

19.7S 1925 1925 19J5 
24 23*i; 23XG 2 A 
163 161 162 162 

H 1025 1050 10*0 
92 91 91 92 

540 545 550 540 

7 20 7*0 7*0 7*0 

260 291 25150 250 

850 845 B50 BSD 

75 7450 75 7650 

7 JO 7 JO 7 JO 7 JO 


Baba todtec 44S9J7 
PrwfMK 4353*7 

52J0 53J30 5120 
7125 TVS 2125 
3320 3X35 3320 
1128 TIM II JO 
41.90 41.90 42J0O 
51.10 5T.70 51 JO 
£15 £17 £17 

29 JO 2920 29*0 
31 JD 3110 3120 
12020 12600 12020 
1820 19*8 1&80 


Peugeot at 

Pmautt-PrW 

Pramcde* 

Renault 

Road 

ifii-PouJvnc A 
Sanofi 
SdwekW 
SEB 

SG5 Thomson 

StoGenereto 

Sntato 

StGdSn 

Suel 

S w ittietobo 
TnamsanCSF 
Total B 
Itfnar 
Video 


895 877 

17630 169*0 
940 921 

«?4 6 m 

365 359 JD 
704 691 

974 946 

22£Mi 220 

1056 1042 

<235 4141 
27250 288 

242J0 239 JO 
688 671 

896 
572 555 

1295 1275 

971 959 


— 840 

9.15 9j05 

6*0 6*0 
719 
414 409 

774 743 

37690 34610 
1070 1025 

2299 2235 
1536 1436 
583 564 

348*0 341 

39150 382 JO 
307 29630 
594 570 

2946 2820 

2258 21B1 
149 JO 147 JD 
1709 I486 
20631 199.20 
547 525 

320 31120 
1047 1025 

4S1$» 4« 

620 m 

2987 29Z5 


15140 14820 
56) 535 

97-30 95JD 
377 36110 


895 890 

171*0 17610 
936 929 

673 652 

361*0 
696 
955 

_ 225.60 
1045 1059 

<139 

8 3 

675 
921 912 

540 563 

1295 1251 

964 964 

630 626 

B60 887 

9.15 9.15 

6*5 6*5 

717 716 

41120 415 

764 748 

368 377 

1049 1031 

2363 2258 
1531 1461 

576 566 

342*0 3<3 

382J0 389-80 
304.10 300 

584 587 

2944 2862 

2223 .2195 
14.70 148*0 
1686 1710 

201*0 205 

538 537 

312*0 313*0 
1027 1053 
450*0 445*0 
610 621 
mu 2851 
840 839 

300 295JSJ 
715 713 

150*0 152*0 
557 540 

9*75 97*0 
377 373.90 


Anar 

ANZBktog 

BHP 

Boial 

Brambles bid- 
CBA 

GCAmati 
Gales Myer 
Comaico 
C5R 

Patton Bnur 

Goodman Rd 
KJAnstadta 
L»od Loawi 
MIMKdn 
Nat Aust Bank 
Nat Mutual Hdg 
News Cora 
Podflc Dunlop 
Pioneer Inti 
Pi* Broadcast 
raoTtnlo 
St George Bank 
WMC 

WMtpacBWng 
WotxkWe Pet 
WoaUrorths 


665 159 

9J7 9.® 

19J5 19J2 
620 4J3 

26J4 25J2 
15J8 15 JO 
16*8 1*50 
673 6*3 

7J5 7.15 

£05 £12 

£51 2*9 

IJ4 1J4 
12*0 12*4 
27 JO 27.35 
£06 2.04 

1695 1683 
207 1.99 

628 625 

£72 163 

455 4,80 

7J4 7J4 
22*2 2304 
8*0 B*2 

8*9 8*5 

805 7J7 

11.16 .11 JO 
4J0 629 


The Trib Index 

Prices as of 3£0 PM New York erne. 1 

Jan 1. 1993=100. 

Level 

Cttongo 

Kchnnoe 

yoaructare 
% change 
+17.46 

World Index 

175.18 

♦0.75 

+0.43 

Regional Indarea 

Asia/Pactfic 

130.38 

+1.47 

♦1.14 

+5.61 

Europe 

180.57 

-0.03 

-0.02 

+12.02 

N. America 

205.96 

-KJSfl 

+027 

♦2721 

3. America 
Induatrta! Indaxaa 

167.23 

-127 

-0.75 

+46.14 

Capital goods 

217.88 

♦1.18 

+054 

♦27.47 

Consumer goods 

197.53 

+0.38 

+0.19 

+22.36 

Energy 

205.60 

+026 

- +0.13 

+20.44 

Finance 

130.68 

+0.73 

+0.58 

+1221 

MtaceDanaous 

173.54 

+1.59 

+022 

+727 

Raw Materials 

188.51 

-028 

-0.15 

+6.35 

Service 

165.08 - 

-0.11 • 

-0.07 

+2022 

jmes 

152.08 

-0.63 

-0.41 

+6.01 

77m International Hanrid TitOuno World Stock Index O tracks toe US. Ooiar values of 

3$0 tvamaUonaBy knostaOle stocks tmm 35 oountrtea. For more information, a One 
boakM a avaBsae by anting to The 7X» Index. 1 Jt Avenue Crianea oa Oauta. 

92521 NeuHy Codex. France. Compiled by Bloomberg Newa. 


High Low aoM Pm. 


Hrgk Law Closo Pm. 


Taipei 

CatbeyUfolra 
Chang HwaBk 
Chino Tung Bk 
CWnaDevetpmt 
China Seef 
First Bank 
Formosa Plasfc 
Him Nan Bk 
HI Comm Bk 
Nan Yo Plashes 
9iki Kang Ufe 
TairranSemt 
Tataqg 

UWMfcroElec 
UtdWbridCNa 


Tokyo 


Sao Paulo 


BaMnatottoc 12069 J0 
Previous: 1220M 9 


ESSE? 


Gep-Assk 

IMA 

Medtotaiica 

MonJedhon 

Wven 

Parmalat 


Rato Banco 
S Panto Torino 
SVVf 

TefeeaaHoSa 

TIM 


Montreal 

Mop Com 
Tire A 
CdnUtkA 
CTfttlSvc 
Gtrz Metro 
GMIMUfeca 
Iraosco 
ItwestonGip 
UftkwCas 
NM Eft Canada 

Poster nm 
OitebecarB 
Roger* Cams B 
RopdBkCda 


MIB Tsjmflfcai 1318680 
Prenrfout 13B8J0 

12950 12358 12900 12515 
3h0 3535 3695 3630 
SOT) J«M wm 4000 
1253 1225 1341 1237 


SS SOS 
6210 6100 
30050 27750 
ims isrs) 
2770 2720 
5610 5550 

7395 7375 
10405 10290 
1155 1104 

*58 <62 

2555 2550 
4365 428Q 

13995 137<0 
20050 20050 

12100 liras 

9805 9700 


todusjrtah Store 7355*7 

Pmtaas:3329J0 


BradwaoPM 10*0 1615 1035 1635 

““ 84X00 841 JO 643.00 U3M 

5*80 5X70 51710 *4<ai 

7200 69*0 7601 7200 

WM 20 JO 81*0 19JQ 

58asa 57500 577.00 58600 

IfDJ banco, Pfd 60000589.990 60000 600.00 

Ujtlt Savfdai SlftOO 49500 505.00 509J9 

UghtfW 42200 450.69 <1600 425 SS 

PWroSas Pfd 299.® ».©J SK» 297J0 

PouOBoLul 181-95 T78JW 180*0 181*0 

SldNadmat 3600 3140 3£« 35.4^ 

SauniCrur 1X00 ll® 11 JO 11-99 

TMm PW 157*0 154JD 155.40 T57J0 

18900 18500 186*1 18699 

165*9 15900 141*0 165*0 

35800 35X115 355.00 3S3» 

<Q£A AM I «8 4100 


TefespPtd 

UoSkdioi ~~ — ~ 

UskntnasPM 1200 11X5 11*4 11J1 

CVRD PM 2610 2149 £U0 2609 


Asahl Bank 

AsddCbeai 

AsaMGftns 

Bk Tokyo MDsu 

BkVOkatonno 

Bridgestone 

Canon 

OndiuEfec 

Cbugofaj Etec 

Da Nlpp Print 

Mel 

DaHcttKang 
Da too Bank 
Wm House 
Da too Sec 
DDI 
Denso 

test Japan Ry 


Stock ItaW Indue B8t£l3 
Pnvtsas; 862629 

163 154 163 153 

120 US 11B 11650 

73*0 70 73*0 69 

140 132 MO 131 

2680 2670 MO 27 

119 115 117*0 114 

74 73 74 71*0 

117 TO 116 112 


107 102 W7 100 

111*0 106*0 110 104*0 

56 55 56 55,® 

103 103 103 96® 

70 65*0 70 65*0 


NBdtel 225: 20385*4 
Previous: 20507.85 

1240 1200 1210 
725 712 717 

4000 3840 40BQ 
880 880 
667 667 ... 

1140 1120 1120 1140 

2180 2140 2180 "" 

604 598 599 

" 2420 2518 _... 

00 3060 3060 3090 


Ntaan Motor 

HKK 

Nomura Sec 
NTT 

NTT Data 

Ofiftmer 

Osaka Gas 

Rkoh 

Rohm 

Sakura Bk 

Sankyo 

Suren Bank 

Sanyo Else 

Seaw 

SetouRwy 

SakhiAQtera 

Sekhot House 

Seven-Etoven 

Sharp 

Sldknku El Pwr 



Docofll 

Doem Heavy 
MundalEng. 
KtaAtoton 
KoreaBPwr 
Karoo ExchBk 


77™ BM 
3610 3610 
36 36 

17.95 1785 
3214 S 
40 39 JO 
32H 32*0 
20.70 20*5 
17J0 17 

3195 SP* 
3190 33V 

61*5 <060 


4280 42J0 

27.15 Tfc 
3610 3t85 
36 36 

17.95 17.95 
33 32V, 

40 39.95 
3314 32*0 
20.70 2070 

K-W 1TJ5 
3190 33*0 
33*0 33*0 
7630 3620 
9JS 9W 
61*5 61 


OMg89itolMtoK77U2 
Pin linwUMS 

103500 99100 102500100000 
mm 7810 7900 Ml® 
24000 22900 23200 23300 
14000 12700 13600 13100 
28900 28200 28500 28500 
*600 6300 6330 6400 

433500 435000 440000 
36000 36800 37700 
99900 <0500 61800 
*7000 <7000 <8000 
72000 69500 700® 71K® 
11500 11000 11000 11300 


Singapore 


Stand chatter 

Tate&Lyto 

Tesc o 


637 

6® 

LID 

L19 

AkerA 

*25 

*17 

431 

4. IB 

665 

637 

6* 

6*0 

ptr(^|(f 

9.15 

£76 

£76 

£98 


*40 

*55 

456 

X59 

£79 

3*9 

£70 

£79 

HofiMi 


DBXfP4CC(H51 
PrevteW: 437*0 

136 IB 131 13650 
172 t« W 169*0 
2X20 2X80 2X80 2258 
29 2620 2630 28*0 
139*0 136 138*0 137*0 

44*0 <3*0 44 44*0 


AttaRKBrew 
CaebasPDC 
QlyDovfls 

D 

DBSunm . 
Fw«r&N«M 
HU Land* 
JantMaOiesn 
Joni Strategic 

'tsa&u 

KenpdFds 

ITanulLinJ 


OS 

Partway Ktta 
Serabawa 
Hog Air 
itngLai .- _ 
Stag Press F 
Hug Tectr tod 
'—Ttoefflrwn 
*egoft 


630 6 JO 

6.75 660 
1370 13 

1X90 1X20 
070 0*9 
1610 17J0 
672 4*4 

1050 1070 
£90 376 

8 7*5 

3J6 X84 

615 60S 
372 168 

686 XJO 
3.90 3J& 
15 1X40 
680 680 
6X5 6X0 

6*0 645 
1£30 12.10 

*8 n 

3.96 184 

£60 £56 

136 334 


6 JO 630 
660 6*5 

1330 1150 
1X80 1X90 
0.70 0*9 
17.90 17.70 
4*8 4*8 

« » 

& s XU 

SI 

432 XBfl 
3.90 184 

^ w 
II 

334 3J4 


HodftlidBk 

HOxhl 
Honda Mater 


Hocbu 

Ha-Ydhada 

JAL 

Japan Tobacco 

Jusco 

Mtoa 

KansaiEtec 

Kn> 

Kawasaki Hvy 

KaeaStaef 

KkftlMppRir 

Wrin Brewer} 

KfibeSM 

Komatsu 

Kubota 

Kyocera 

Si? 0 " 

Marubeni 

Monk 

Matsu Comm 
Matsu EtoclnO 
Matsu Elu Wk 
Mitsubishi 

MttsubtehtQi 
MOsulMije 
MbbtaSlHEsl 
MflsaUsMHw 
Mitjubohi iM 

MnnAWOTr. 

MOsul 

MBsw Ftatosn 

MftsdTntst 

MugltaMlg 


& 


. 70 2040 

2490 2470 

778 774 

1430 1400 

532 "SB 
1330 1300 

895 885 

B250n 0130a 
25B0 2510 
5920a 5B» 
2190 2160 
4260 4180 

1650 1620 

4470 4350 

1590 1550 
1140 1130 
1330 1310 

3260 ‘WO 
1#» 1600 
449 442 

618 603 

7180 7040 

519 -5B3 

9380a- 9300a 
3990 3920 

684 <71 

2280 2250 
1600 1570 
£22 . 513 
£8 348 

707 - TOO 
1180 11» 
219 214 


9000 6790 
2031 2020 
448 437 

511 513 

2320 2260 
4160 3960 
2286 2240 
13® 1280 
1X30 1390 
365 358 

64? 
1595 
846 
820 
1740 1710 
1090 1080 
1560 1520 
871 859 

4590 4520 
1670 1*40- 
1920 1850 
703 667 

9400 WIO 
940 918 

636 630 

351 344 


2050 7m 
2490 2470 
777 782 

1420 1410 

529 529 

1300 1320 

895 889 

0201.7 8170a 
2560 2560 

■OCTn 5840a 
2170 2268 
4220 - 42X 
1650' 1640 
4360 4430 
1570. 1530 
1140 1120 
1330 1310 

3210 3240 
1630 1SWJ 
442 446 

606 618 
7U4D 7050 
503 515 

IS *88 

671 680 

2268 229B 
1580 1590 

514 517 


7148 1180 

214 219 

MM 

*23 » 
2 S 0 4 -A 

3990 4150 
2250 2260 
1290 1290 

1400 W 
3S8 360 

649 665 

1590 1620 

851 BSD 
830 828 

1738 1700 

1 OS? 1090 

1530 -1531 
868 89? 

<530 4560 
1850 r~ 
1860 X... 
698 700 

UM '9360 

921 941 

02 <33 
3SS 344 


Takedodum 

mar 

Ttftto Marins 
Tokyo El Pvr 
Tokyo Elednm 
Tokyo Gas 
TokyuCarp. 
Tooerl 

Toopan Print 
Tony tod 
TosBfea 
Tastom 
TbfoTnm 
Toyota Atotor 
Ybtnonoudir 
ccxmbzximo 


81* 797 

237 235 

14M 1420 

1070b 
<7000 4568b 
70S <94 

309 303 

1520 1500 

11300 11300 


3760 36SD 
1700 1670 

525 510 

8430 8250 
5960 5940 

1200 1170 
1158 1130 

8930 8840 

1560 1*20 

1010 1990 

715 688 

3110 3070 

I860 1830 
1230 
7130 
9770 
lOOO 
1750 
508 
. 1840 

3 305 

“ .1160 
2960 
3210 
8490 8310 

88 ?23 

1420 1380 

2448 2410 

5020 571 Sj- 

312 305 

717 707 

1«0 1450 

1760 17X 

802 795 

754 747 

3170 3120 

911 903 

3370 3240 
3140 3090 


802 799 

235 236 

1430 1X70 

1070b 1O0» 
46506 46600 
694 706 

309 m 
1510 1500 

11300 11000 
864 841 

33® 3810 
167D 16® 

515 515 

83® B3W 
5940 5930 

1180 1200 

1158 1120 

89® 8880 

15® 1520 
1990 20® 

688 720 

.wm 3070 
1850 1840 

1230 1230 
7250 7138 

9830 97® 
1070 1020 

1780 1770 
510 512 

1850 1850 

312 30a 

1170 1170 

2960 30® 

7m 33® 
8410 8240 

2060 2040 

1090 11® 

1410 1390 
2420 2430 
5750 5860 

312 307 

7® 717 

1470 14® 

1750 1720 

wn m 

749 747 

3W0 3130 

™ W 
3350 3290 
3120 .3110 


Nan 

-Ones 

Prorata Petto 
Petra Cdo 
Placer Dome 
PoaPeflm 
Potato Sask 
Rantesance 
Rk) Algam 
Rogers CanM B 
SamramCo 
Shell Cdo A 
Sroenr 
TaOstnan Enr 
TedtB 
TetaStobe 

Isis 

Thomson 

TarDonjBank 
Tirmsafa 
TransCda Pipe 
Trimark finl 
TrtttcHohn 
TVXGold 
Westcmst Etiy 
Weston 


nw ms 

27 J0 27.65 
19.95 29.85 
2X05 23 

2X95 24V* 

14 14.05 
106 107 JO 
39 JO 391. 

3X95 3530 
2660 27 

56M 5640 
61 ta 61.10 
37ta 3714 
4X85 43W> 

2630 28. S8 
52 52J0 
2540 25 JO 
32J0 32.95 
4£60 42V* 

1645 1640 
27 JO 27 JO 
63rt 63 

30.70 311*0 
7 JO 8 

2£45 2540 
90 9£10 


Vienna 

Boshtor-Uddeti 

OBtflhnstPfd 

EA-Gcneral 

EVN 

Ftoatafenm® 

OMV 

OastBeMrfz 
V A Staid 
VATodi 
WtanmtMgBdu 


ATX todot 1302.47 
Previous: 1299*6 

957 944 957 935 

5SM 49® 499.90 500 

31® 3110 3155 3170 

1677 1637 1650 1669 

50X50 495.10 498 49675 

1547*0 15201547.90 1533 

869 864 866 869 

560 553 560 558 

2Z152172.102195HI 2193 

2550 2501 2549 2540 


Wellington 


Ak-NZetddB 


Toronto TSE l«t#s«ah: 652 X 29 

Prertous: 6512J1 

jra. 3U& 2X35 B*5 2S>4 

Enefgy 3X70 3X30 3XS5 3X05 

Won Alu m 49JS tm <9.15 <9*5 

Ai toenqnEjm l 1635 1615 TITS lBVi 

BkMoalretd n*5 5115 53*0 53J0 

Bk Now Scotia 58.10 57J0 58 57 Vj 

BantkGold . 32W 31.95 . 32J5 32.85 

BCE 4SJ0 39 JO <610 JO 

BCTetefflmm ' 32.10 32 32 3M5 

WodjMjPfmm 3140 3wo 3U 31??, 

BombanfcrB 3110 3a95 S.10 31.10 

BnncanA BJ5 3X65 34JS 35 

Qroeco 531* 52* 5285 53.28 

age . 36.10 3X55 34J0 3X70 

MlltaflRoB 59*5 5685 5885 59*0 

-3HJ 3610 36!* 36*5 
CWOceidltot 31 XJO 30A5 30 

Ma Podflc « 39VS 39.® 3916 

Comma 39 3816 38*0 3605 

2660 26<4 2616 2616' 
12h 12te 12JQ 12U 
28J0 2135 28J0 28H 
311* 3IV2 3lta 31*5 
23J0 23*0 23*0 13*5 
<2 <1 41tt 41*0 

363 3 Sfk 36216 357 

2&J5 28*5 2B45 BW5 
FtotatierChrtA 2X10 26 24 26 

Frwnojtawdo tm, a 59.10 69.60 

GaHOtaRa . 11SS I £30 12J5 12U 

taterioiOl 71.15 76® 71.15 70U 

M0_ . • 43.95 43*5 63JO 63*5 

4416 443 m 4X40 

. - » HUS ' M 19*5 

Loevren Group 4680 4630 46* 4660 

_2« 20Vt 20*5 20*5 - 

85*5 B5 
13- 1£« 
30.10 29.95 30JJ5 29.95 
6£2D U 62 6IJD 
3070. 3055 ‘3&55 

„ , .. M»» 3Ka 3X55 3X60 

N*tefnT4toc»l 124*S 12£3S 12*15 122*5 


4J3 

435 

423 

*?4 

1J9 

1J7 

TJB 

1J7 

164 

X57 

3*0 

155 

4*5 

4J0 

X37 

432 

4*2 

435 

437 

434 


111 

£14 

£10 

3J7 

X45 

3*8 

144 

US 

in 

174 

172 

7JB 

133. 

7J4 

738 


FtetdiQigny 4*2 435 437 434 

Ftelebdifint iffi 112 £14 no 

FWdlQlPoper 3J7 3*5 348 3*4 

lien Mata ITS 2.71 2Ji in 

Telecom NX 7J8 7J2 7J4 7J8 

WBnn Horton 11 J5 11*0 11.75 ii*0 




^PtaflMoA 


gsP 

IPL Energy 
LaUawB 
inewteiGraim 
MMtoHBIdl 
■' MIA 


-Moore 

H—JutlluB |U 
BWwIWB IW 

Nonmda me 
Norcen Energy 
w*n laocom 


Zurich 

fSSB&w 

OaSpBcCtan 

OurfcidR „ 

& 

■ESBCHda _ 


OeriflaiBuehR 

WHS® 

Iv 


SPItaBfeDC 351612 
PmfclB:84B9J9 

2166 2128 2161 21* 
614 567 582 576 

1500 14® 15® U7J 

21® 2165 21® 21- 


2222 22)3 

3425 MS 

1193 1191 
135 136 

19£50 19150 
561 561 

% 
1847 1829 
2290 2272 
168 17050 
1965 1989 
833 820 

1940 1932 
. 278 278 

13245 13063 
37150 37150 
18® 1908 
*15 3105 

892 m 
1*0 1282 
2067 1987 
1636 V583 

1719 1724 
1280 1273 
555 


11K nre 

1* 13X50 
936 924 

195J5 190J5 
5,1 


1850 1833 
*99 2255 

in 168 

1965 1945 
833 815 

1942 1932 
285 278 

13340 13110 
375 37LS0 
1906 1880 
30<0 3015 
899 884 

13® - 12® 
2068 2001 
1645 1607 
1744 1711 
12® 1264 
567 553 






PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. JUNE 21-22, 1997 


Friday’s 4 P.M. 

most-traded Nottoral Market securities 
In terms of dolor valu* updated twice a jwjr. 
The Associated Pmss 



NYSE 


U'Atnm it. 

H-0 loo M Do na PE lath w,n im L*m 


lw S»* Do TO PE tBh im lam c>w I up Loo Sfca Db* *t igfeltwi Lao Low O'* Mpi !«• Sac* 


oar yh PE loss* 


LM Stack town MO* Htaii Loo LOT* Coijf 


ke to wn- : «d kmmi to I 


Friday’s 4 P.M. Close 

( Continued I 
























































































































■* ri-tr* L» 
•; - =(F=V 

I t* C ^ 

if: i; fi 
im i '•: 

.j£ j_. ;• 

f £’ 51 T ■; 

5. ^ ;• 

rSS:' ? 

I#;?- •_• 

*-kh £ - 

*10 


- ai- £ c ■■ 
i SL'ii - 
l W2-. •: 


i.:£fc * - 

***■• X .•• 

; lr. r ": 

it #3 fr T-- 

Ms i: f 

J : ^' -■ 

| fir 




"• feir 

* AT, 

r 1 1* 

+. .-z 

? >r 


r-n?" 

f 

i. iil h 


V Vr _. -r •_; 

*. a. /■ _£-. •: . 

- ~C l i 

*fi= i; _• 

, tt ?- r '• 
. ■*» - -:■ 

; 3f^‘ ' = 

; £ - V* -V ' 

m s i . 

* S" ■*-. --. • : 

* i f £ £ : 


= A- i, T, 



± L _ 

r -V t> 

x" ■ 

= -T >, -7T-. 


f >£ r - S 

s. * « , j. 


4 m, A- i ' 



1 « r £ r 1 1 

- V' '■*- --* *=> 

■* « ti. u 

» ■ ■» • ■«■■- +-1 - - 

: 3 J. l£ *. V 

* i. .?. * ’r •--' 

1 4 ȣ ,il S', iir 1 : 

V W V; W* *.- 




Q P I 

— 

Flying Australasian 

3 Airlines Challenge ‘Kangaroo Route’ 


INTERNATIONAL HERALD TRIBU NE, SAITIRDAY-SUNDAY, JUNE 21-22, 1997 

ASIA/PACIFIC 


PAGE 15 


By Michael Richardson 

Ihiemiliuwl Herald Tribu ne 

SINGAPORE — By signing a 
commercial alliance Friday, Singa- 
pore Airlines Ltd. and two leading 
Australasian carriers aim to cut 
costs and mount a challenge to the 
dominance by Qantas Airways 
Ltd. and its part-owner, British 
Airways, of flights between Aus- 
tralia and Europe via Asia. 

Singapore Airlines. Ansett Aus- 
tralia Lid. and Air New Zealand 
Ltd said that they had formed the 
largest international alliance of 
carriers based in the Asia-Pacific 
region. Together, the partners cov- 
er 200 dries in 47 countries with a 
combined fleet of 223 aircraft. 

The partnership appears well 
founded, analysts said, because the 
airlines involved have relatively 
few conflicting services. Ansett 
operates mainly in Australia, 
where it controls about half the 
domestic market, and Qantas con- 
trols the rest 

Air New Zealand has a dominant 
share of the New Zealand market 
and growing links with East Asia. 


But it flies to its two European 
destinations — London and Frank- 
nm — across the Pacific, the United 
States and the Atlantic, not via Asia. 
Singapore Airlines has an extensive 
network to Britain and other parts of 
Europe, as well as in Asia. 

But Singapore Airlines needs a 
stronger flow of passengers from 
Australia, who can now come from 
An sett’s domestic base, to chal- 
lenge the dominance of the Qantas- 
British Airways tie-up on the lu- 
crative "Kangaroo route’ * between 
Australia and Britain via Asia. 

“Singapore Airlines is Ansett ’s 
narnral extension to Europe," said 
Michael Qng, an analyst at Soc- 
GenrCrosby Securities Pie. “In re- 
turn. it can feed its passengers into 
An sen’s services in Australia,” 

In signing their alliance,- Singa- 
pore Airlines, Ansett and Air New 
Zealand said that to cut costs and 
improve customer services, they 
would operate joint services by 
code -sharing, meshing schedules 
for interconnecting passengers, and 
exchanging frequent-flier bare fits. 

The alliance “will be good for 
our customers and, of course, for 



Jt4ui Ui«a|4rj- 


Rod Eddington, chairman of Ansett Australia, in Melbourne, 
our shareholders as well," Cheong .coordinated fare pricing, revenue 

Choong Kong, Singapore Airlines' sharing or a complete pooling of 
chief executive, told Agence resources as has the arrangement 

between Qantas and British Air- 
The airlines also plan to cooper- ways. British Airways beat Singa- 
aie in areas such as joint purcbas- pore Airlines in bidding for a 25 
mg, promotion and marketing. percent stake in Qantas, Aus- 
Such steps have yet to be agreed tralia's leading international car- 
by regulatory agencies in Aus- rier, in 1993. 
tralia. New Zealand and Singapore, But analysts said that if the new 
but analysts said they did not an- alliance helped Ansen return to 
ticipate problems in gaining the profitability, Singapore Airlines 
necessary approvals. was likely to buy a stake of be- 

At this stage, the alliance does tween one-third and one-half of the 
not involve an exchange of equity, company. 


Gates Joins Packer in Australian Internet Pact 


C.+fwIrd tv i.'tur Sutf Fmu Dupjirba 

SYDNEY — Kerry Packer, the richest man in 
Australia, teamed up Friday with Bill Gates, the 
wealthiest man in America, to form a joint ven- 
ture on the Internet. 

Mr. Packer's Publishing & Broadcasting Ltd. 
and Mr. Gates's Microsoft Coip. formed a com- 
pany to provide on-line news, sports, entertain- 
ment ana weather programs, and finan cial and 
retail services. Each partner will hold 50 percent 
of the venture. 

The venture will use Microsoft’s on-line tech- 
nology and will draw content from the U.S. 
software giant's products. It also will use Pub- 
lishing & Broadcasting’s television arm, Nine 
Network, and its magazine business, Australian 
Consolidated Press. 

Nine is Australia's highest-rated television net- 
work and Australian Consolidated is die country's 
largest magazine group. The unit's publications 
include the Australian Women’s Weekly, Wom- 
an's Day. The Bulletin, Cleo. Cosmopolitan, 
Dolly and Australian Personal Computer. 


“We are very excited about the opportunity to 
partner with a world-class media organization like 
PBL," said Mr. Gates, Microsoft’s chairman. 

The Australian on-line service would be start- 
ed in the next two to four months, Publishing & 
Broadcasting said. 

The service will include Microsoft products — 
Microsoft Network, the entertainment guide 
Sidewalk, the travel service Expedia and the 
financial service Investor. 

Daniel Petre, chairman of Publishing & Broad- 
casting's PBL on-line unit, said die venture 
would allow economies of scale. 

“Each partner could have embarked upon this 
on-line route individually, but the task becomes 
considerably less difficult as a single entity. ’ ' Mr. 
Petre said. 

The companies did not provide details, but MSN 
International’s director, Alan McGinnis, said it 
was a “serious investment for both companies.” 

“We are not going to be making any money 
out of it for the next two to three years.” Mr. 
McGinnis said. 


About 20 percent of Australian homes own 
computers, one of the world's highest levels, Mr. 
McGinnis said. Australian MSN membership 
was expected to reach 75,000 by July I, he said. 

f Reuters, AFP l 

■ News Corp. Joins Packer in TV Venture 

Australia's News Ltd. said it would join Pub- 
lishing & Broadcasting in a major shake-up of the 
country's fledgling pay-television industry, 
Agence Fhwce-Presse reported 

News Lrd.. the Australian arm of Rupert Mur- 
doch's News Corp.. is already teamed up with 
Telstra Corp., a telecommunications company, in 
the pay-television joint venture Foxtel. Publish- 
ing & Broadcasting has a stake in the loss-making 
pay-television operator Australis Media. 

News Ltd. said Publishing & Broadcasting 
would share with News Ltd. and Telstra its eco- 
nomic interests in Australis Media Ltd. Australis 
has satellite infrastructure that would extend the 
reach of the News-Telstra pay-TV joint venture 
Foxtel. which delivers its services by cable. 


Speculation 
Of Takeovers 
Lifts Hong 
Kong Stocks 


Ou'Sy/fF’tmPiiJhhr* 

HONG KONG — The Hang 
Seng index soared to a record close 
Friday amid speculation that main- 
land firms were on the prowl for 
takeovers before Hong Kong reverts 
to Chinese rule. 

Receding fears over the property 
market also helped push the key 
Hong Kong index 4.5 percent high- 
er, to 15,154.36 points, sailing past 
the previous record set June 2. 

Market volume reached a record 
26.59 billion Hong Kong dollars 
(33.44 billion), and the rise of 
647.87 points was the biggest yet for 
a single day. 

Some dealers said the index could 
reach 16,000 in a few weeks, per- 
haps even before China resumes 
sovereignty at midnight on June 30. 

“You breathe the word 'China,' 
and (he stock takes off," said 
Charles Schmidt, a director at Mbf 
Unit Trust Managers Ltd. 

Property companies such as Sun 
Hung Kai Properties Ltd. and Che- 
ung Kong (Holdings) Ltd. rose for a 
second day as investors bet the in- 
coming government's new housing 
policy might not be drastic enough to 
hurt property prices. Property shares, 
as a group, rumbled recently amid 
concern the Beijing-appointed gov- 
ernment may impose rough measures 
to clamp down on speculation. 

Hong Kong’s future chief exec- 
utive, Tung Chee-hwa, is consid- 
ering new taxes on property trans- 
actions and restrictions on banks' 
mongage lending, steps that could 
damp developers' profits, according 
to newspaper reports. 

Hang Seng Bank Ltd. was par- 
ticularly a focus of speculation that 
Chinese firms might be interested in 
buying a stake. 

Although the bank’s British -based 
parent, HSBC Holdings PLC, said it 
had no intention of selling any of its 
61.5 percent stake in the territory's 
second-biggest listed bank, the shore 
price rose 13 percent, climbing 12.75 
dollars, to 109.50 dollars. Cathay 
Pacific Airways Ltd. and Hopewell 
Holdings Ltd. have also risen on 
similar rumors. (AFP. Bloomberg) 


Investor’s Asia 


Hong Kong Singapore Tokyo 

Hang Seng Straits Times Nikkei 225 

® fh • ■ 

1 6399- ■- VL- - £iED— 

' 2,£ °- "*■ 25335 -- 



'J FU A M J 
1897 


i --VX 

J F M AMj 
1997 


IWr 

I'M A "Mj 

1997 


Exchange 


Hong Kong Hang Seng 

Singapore Straits Times 

Sydney AH Ordinaries 

Tokyo Nikkei 225 

Kuala Lumpur Composite 
Bangkok SET 

Seoul Composite 

Taipei Stock Mari' 

Manila PSE 

Jakarta” Composite 

Wellington NZSE-40 

Bombay Sensitive ii 

Source: Tetekurs 


Close Close Change 
Hang Seng 15,154.36 14.506.49 +4/47 

straits 'Times 2,006.44 ~2.002.g7 *0.27 

Afl Ordinaries 2,712.60 2,693.30 *0.72 

N*keT225 2035^4 20,507.85 -0.60 

Composite 1,097.54 1.097.48 +0.01 

SET " 48025 464 77 +3.33 

Composite Index 770412 770.95 -0.09 

Stock Market Index 8,882.13 8.63529 +2.85 

PSE 2,881,73 2,905.97 -0.83 

Composite Index 712^2 70845 +053 

NZSE-40 2423.60 2,407.50 +0.67 

4 4B&04 4~088.98 -0^5 

Ii|!.'Rl.ii.-iuJ H.r JJ Iii-j', 


Sensitive index 


Very briefly: 

■ Hyundai Motor Co. and Kiu Motors Corp. have cur back 
production because of mounting inventories and slow de- 
mand. A Hyundai spokesman said the South Korean auto 
industry "now faces a saturated domestic market. " 

• Pure Drinks (New Delhi t Ltd., an Indian partner of Cad- 
bury Schweppes PLC. said it would force the British company 
to honor its commitments after a court ruled that Cadbury had 
violated an exclusive marketing conrruci by joining w ith an- 
other Indian company. Skipper Beverages Private Ltd. 

• Jet Airways, India’s largest private airline, sard it hoped 
Naresh Goya!, a London-based Indian cuizen. would buy the 
40 percent of the company he does not already own foUowinc 
the government's decision to ask foreign airlines to w iihdraw 
their investment from Indian domestic carriers by Oct. 15. 
Gulf Air and Kuwait Airways hold stakes in the company. 
■Washington stale chenies-were shipped to China for the 
first time since the 1995 signing of a bilateral agreement, but 
a U.S. official said the high retail price of about S9 a pound 
would inhibit soles. 

• Nike Inc. played down the dismissal of more than 400 
apprentice workers at one of its factories in Vietnam, saying 
the trainees had never signed a contract, were paid for the work 
they did and would be given the first priority for work when 
business picked up. 

■ Honda Motor Co. said it would double motorcycle pro- 
duction at its factory in Attesa. Italy. Honda produced 66 1 .000 
motorcycles at the plant last year. 

■ Kokusai Dens hi n Denwa Co„ Japan’s biggest international 

telephone company, said it would begin domestic telephone 
services next month following the deregulation of Japan's 
telecommunications market. afp. afx. Return 


i - - — -mi • — 

* 4* £ t 

-. 5 *r # -• 

* * i% v i 

7 w--*! V -• 


* f. V k 

J Is £ : .v 

4 •: T- K 

3r. n- r 


t. =r 

F t: *- 


5- j* 


f t 4. 


b f 


j f 4-. ^ 

•si t /’ 

>t| £- 'L 

it S i 

ll fv K 

at -III s 

1 1 * i 

4 ± % f 

4i *- A- 4- 


TheiH.T. would 


uiitiu 1 .: ‘ 

BBL BBL (L) Invest Health Care 


f jiast perfonnarice Is do guarantee of future results and that the value of an investment and the income from It can go down as well as 


's'. <*v 


BBL (LI Invest Health Caw manmn assets approaching: USD 100 mflUon. In 
comptumce with its luveatuiaU objective. BBL CL) Invent Healfh Care invests 
maintv in heatlh caae stocks. 

Manager's Report Industry research conducted by BBL's Equity Research De- 
portment has shown that health nr companies frequently outperform fltcfr 
domestic market indexes, forthev one expected to boast earnings at an average 

anmial rate of 16* oniflam.a forecast predkai^ on the anumptian tat voL 
umes told wfll grow at on annual pace «rf 8% and that ding prices will rise 15* 
in the US and remain flat or decline slightly in Europe. 

boat May 31th) Country Kofesaea 

Novartis Switzerland 9A0* 

Merck & Co USA Silft 

Johnson & Johnson USA 6.97% 

Roche Holding . Switzerland 6J<* 

Glaxo UK 5,92* 

. paw usa **** 

Bristd Mver* Squibb USA 

Eh Lilly USA <-18* 

SmUKUtne Beeriiam U5AAJK 4. 17% 

• Zeneca Group UK Z93% 

Tha optimbtlc posture Is underpinned by several factors: by the turn of the 
oennuy the number oi people aged 30 and over wilt b< lup 22% hum current 
levek a growing number of people in the US an signing up for health cwt 

insurance, an tacreMdng number of odenave thempies are being refdacM wim 

m*dkatxm__ Moreover, drofpnakew opera** more 4y as marejnslm 
lonmaldiig plants are shirt down, aiabting them to slaUBse or even rattepront 
raaRba. They also focus on wlde-margm diugs, whereas votfcal in^ratton 
reduces operating costs. Lastly. Increased co-opowlon with biotechnology com- 
pains ■whMy c dear research efforts and three In five yean from now, a new 

ra!'S?l^tHSfoCOTP^ ! ^fond of the umbrellfl fond BBL t Ufrww 
- IW W [W .I ^ t- 1 r , t w*mng. Togeriw with Ws ttamcsake PBLlnvcsLJncorpo- 
rawd ta EMghim, BBL (L) hwesc offers: in vestors a whole range of area, country 
2nd ipdmuy funds. 

Cunwdji Bffi. tsfiea iavestas a drotoe of more foan 100i Mbfods 
ues fwrf assets in ewera of BEF 525 Wilton (USS 15 WDxm). Tbs [BBL .fond 
nmge Includes money market funds, bond funds, equity fandsand mhud fonds, 
as well as a TUgMech" fund IBBLTechnix). 

Farther infonnatioiu BBL Invest Info 
S 32/2/481 33 40 

Monday through Saturday 7 am — * 10pm 


Couatty 

* of assets 

Switzerland 

9W* 

USA 


USA 

697% 

Switzerland 


UK 

asw 

USA 

4M 

USA 

423% 

USA 

4.18% 

U5A/UK 

4.17% 

UK 

193* 




ourtEx mauu. ksbbrcb rm- 


-SfchIrSSt*a»ve rv to cpmnucV 
imt pwtenwante #.f***W J!!* 
^itaesor MU a supertor *009 tern 
.KrfBUm on ■ nverttaere « mam 
‘ ^nraucc wrald wfoe stocu. 

4&S Out** tar EMMI 
'• B wa*. tm n n l lM H—l 

g foM fr 
prtK HM»en (euets. c«»«y 
- irTfffitfrMi at near peak races end 
pncesatnearwienqty**^ ■ 


m A 


MMMTKSMIB. 


BMgmitai asms trarntates wa 
picrave potential tor resource ffltxw: 
wortdwtde. ; 

IbMcFWrS* I Canada BHtbT 
ISE300PR W-BH-. 
ganSI iCanSI 

SftarpefcDO 9.1044 3.4W5 

utfa 09000 3 6313 

ff. >^00 08450 

Kaisrd 1X000 -4612 

SSonfltj 1X000 X679l_ 

■ iaKeifiogagiPK.iWp3»w»iW7> 

. ?!? £S?d"SSiiB- 

pne ■ willnfl 10 SVnOttOf^aom 

■pSSSftEJZZS 

uukje^d ihepw^*"' *V^ant 

fiintaii j ppiecunwn. 

T^SmdPlDec. twaina* IW 


- -a: • !*‘£?2L“2 , taSSsu?0 BB*N9M3L mm* 

a Wi Sawi M >i" i i iwaa t II ■ III I iaisi'1 >!!■■ 1 


FMG Russian Federation Fund 

132 % 


May 1996 to May 1997 



FMG Alterum 

FMG ALTERUM FONDGRUPP AB, 
194 37 STORA WASBY, SWEDEN ' 
Tel: 46 (0)8 590 926 40, Fax:-46 (0)8 590 926 70 

www.fmgltd.rom/alterum/ 


dtfL ■ 

Perpetual the fund range 


Internationa] Growth 
Ematspio Compariet 

Amer ican Qrowth 
Latin American Growth 
Far Eastern Growth ; 
japanaae Qruwth ] 
Asian SrnaSer'Markats i 

UK Growth j 

European Growth 


9.11J6 

30-11^1 

8A93 

24.10J7 

8 . 11^8 


% Change J 

Fund 
| Research 
RattngT 

Since 

Launch 

5 Years 

+686.0 

+S5 2 

AAA. 

+743.7 

+107.0 

AAA 

+1221.9 

+116.4 

AA 

+492 

— 

- 

+458J 

+138.1 

AAA 

+13.7 

+11.6 

AA 


- 

AA 

+408.7 

+11Z4 

AAA 

+2590 

+105.6 

. — 


GENERAL INFORMATION ON PERPETUAL UNIT 

Trust management (Jersey) limited 

• Offers 9 oifehora eqiity funds investing worldwide 
(Wnimum Itweswent; USS2000} 

• Since taunt*. 7 funrichawt achieved top quartte perfomianca 

• Over the last five yflffls. 4 out of 7 funds htwa schtowd top 
(jarffle performance 

• Offshore PorifelrtMan«* n 8ntSan*»,I»8a(l on fund range, 
also avaihbte (Mnknum Investment USS 150.000) 

AKstaaua an ft 1«tfi Jb« 1X7, on an dfiHHiIfK. US Doter basis 
*«***» of 

m Fmokesamch La satafohfl Moptntt tjvW&n nimen cervuy. V » 
l^pAMiAssaafcnraanphdAA- ■ 

.For hinhv WtomaScn ptsaae ptaoe eur Cuwansr Santoet Dapartmam on 
*44 (0)1 534 807860, or aandua a tax an +44- (0)1 83^ 5991 1 


J.B. DANISH EQUITY FUND 


In IMS the Oiifoh equity, raaritef Jyake Invest 

yielded a return of 28%. This year A I 

the return has reached 22%. Wi JL * la a mutual fund group 

find that investment in Danish All ||B which is folly owned by its 

equities is iffll ittiactive because: MS SIH invetrtora; 

Iheptice level of Danish equities ■wasestabliahedinl968<t 

is stall some way bdow the j IhelnltUtiveof JyskeBank. 

European average, to step with the «f l,T-~. with whom Jyske Invest 
increase >f foreign invatoenL Nil B 1 cooperates dotty; 

-ilLP^ •offcra.widerarereof 
ofter European markeis. investment pAs 

We esroect the eamiiifp growth ^7 \ designed to meet our 

over tne neat years to be hr """ investors' different 

the range of 101-15%. The I reqidtemenis about obji 

expoi+oclented companies 11 riw and time hrafooev 

SISS'lSi&Lior teSSAoK" 

Danish interest rates areal a ^ 
historic low at present and Danish JyskeBank 

equities appear very attractive In Private BanMag Ba t eraalioniP 

comparison with bond Investments. VesttriMg^SrDK-UWGopenhagei 

t n HuiLii Tjuittf Pinui imipikin Lni. "feL *4533 73 38 DL tan 33 V3 78 H- 

iA_Danish.bquity toind Invests m large 


i@®! 

Ky 


| risk and time horimn. 
if you wish to know more 
about U»J-B. Danish 
Equity Fund and other 
investment soluttom 
offered by Jyske Invest 
please write or phone 
direct to: 


JyskeBank 

Private Banking flnhua al iGd a D 


weU-cstabUshed quoted DinUi 
companies and is one (rf foe eqtuty and 
bond funds offered by Jyske Invest 


In tr tn rfc h Upa t f Wwut Jyske- B a n k.dk/ 
Jyske Invest 


JYSKE INVEST 


- active investment the esay way 

IMta MpsnM to*a DaM HnwcWSroan«o>vSataa^TIMta Menroausaa* 
raSmMMMMrasMsaMrtMaitMiiMsaMnipoMn 
ed—aiQ «u EU less cMc s tosq raSaattoi fareea mt a in tansfaista 


The international 
equity investment 
with few equals. 

Since 1933. Rob ecu NV has app reared regular]* in 
the top rank of global equity investment companies. 

'We offer the investor; 

• An intern ariorul blue-chip portfolio, rfivcraflcti 
aver industries and markets. 

• An even balance of dmdotd income and capital growth. 

• !"«»■« liquidity as as shares are traded daily. 

• O*cr60 yean of investment expertise. 

• Assets under management of USS 6 bUlkm. 

For details, on Rofaeco NV please contact Robeeo Bank 
bv circling the appropriate Reader Reply Card number. 

Haal rwarat In NLQ (PMdands Ital n ra st ad) 



D«etl DaefZ Dacfl DaeM D«ctS Draft 




N o giobal investor can afford to miss ibe opponunnies offered u Europe 
- and whobeacr u> invest with dun CHd Mutual Intenuuona] Over the 
past five years our nluc-onentated stockpH±mg approach has been 
consutendy rewarded - making us h umber One in tbe seewr actotdingio 
independent Money Mini gem cm naraucs. 

The European Stockmaikei Fund » pan of our extensive range of offshore 
equitv. bond, managed and depom funds, fulfilling the needs of a broad 
spectrum of investors— from the rather adventurous to the more nsk avetse. 

All this wkfa the added seamrv of inresong unh Old Mutual, one of die 
world's top life assures. Established u 1845. OH Mutual noridwide now 
manages assets ui eaccss of IJSSaS biflioa 

To find out more, simply compkar and returo the response coupon. 


Comprehensive Outperforrnance sraj*nMkw»at. 

That StaUlf tnwih 

300 1 M fetiram 0171/93 ni 

-6C - rV OI/Si+7. Ttwrtiut 

270- AA. f tlmw»M4»MiaU 




— OMHCI EnrapcM SudaurkM Fa«l 

— Merpa Soafer ° Eoropa ex-UK Index 

■■■ Hknpxl Oflihon CarepcM Cqattir Fxndi tadex 


Htadw/ IrdcnutoMf 


IGamarvI EanfrtW 1 
fibriranfat Float 


Ol l> MUTUAL 
INTFUNATION.M 


Mall this coupon or send fax to: 

Julian Staples, International Herald Tribune, 
63 Long Acre 

London WC2E 9JH, United Kingdom. 
Fax: (+44-171) 240 3417. 

Please send me information on the funds 
circled at no cost or obligation. 


Name 

Title (i.e. Mr, Mrs or Ms). 

Initials 

Nationality 

Company 

Posto'ofi 

Address 

City 

Code : 

Fax or Tel 

E-mail address 


IHT 2 1/06/97 


1 


i I. * 







SATURDAY-SUNDAY. 

- JUNE 21-22, 1997 
- = . PAGE 16 



Profitable Mix: Oil and (Rain)water 

Billionaire Investor Sees Bright Future in Real Estate and Petroleum 


W HEN Richard Rainwater 
talks, listen up. The nor- 
mally reclusive self- 
made billionaire, who 
rarely grants interviews, made an un- 
usual U.S. television appearance April 
25 and told viewers that the two most 
attractive areas for investment right 
now are real estate and oil and gas. 

That's no surprise to Rainwater afi- 
cionados. A few years ago, he 
launched Crescent Real Estate Equit- 
ies Co., which owns a portfolio of 
hotel, office and residential properties, 
mainly in Color- 
ado and Texas. 

Since going pub- JAM IS 

lie in 1994, the 


Lately, there has been Lirde evi- 
dence that demand is pushing up 
against supply. The price of crude ou 
has been remarkably stable over the 
past decade. Except for a brief spike to 
$40 a barrel when Iraq invaded 
Kuwait, the range has been roughly 
between $15 and 525. It is now about 
SI 9.. Adjusted for inflation, oil is half 
as expensive as it was in 1985. - 
One reason is more conservation; 
another is more supply. Will those 
trends continue? 

John Mueller, an economist at Lehr- 


GLASSMAN ON INVESTING 


company's stock has returned 161 per- 
cent. 

Then, in 1996. Mr. Rainwater took 
control of sickly Mesa Inc., the pet- 
roleum company founded by T. Boone 
Pickens, whose stock had plummeted 
to $2.63 from $68.75. The return for 
investors in Mesa over the past 12 
months: 93 percent. 

I’m a longtime Rainwater fan. His 
style is to concentrate in only a few 
areas that are ripe for systemic change. 
As an adviser, he made the rich Bass 
family of Texas even richer, perform- 
ing such virtuoso tricks as turning $50 
million in Wall Disney Co. stock into 
$5 billion. 

So. over the past few weeks, I've 
been pondering what he sold about oiL 
He may be right. 

The ’theory goes like this; Demand 
for oil and natural gas will increase as 
the world gets richer and needs more 
and more fuel for transportation and 
heating. In another 30 years, altern- 
atives like hydrogen fuel cells may 
become widespread, but in the mean- 
time there are no reasonable options 
beyond what’s in the ground. 

Mr. Rainwater believes that short- 
ages could lead to export controls. 
Governments will require that their oil 
and gas stay at borne. For that reason, 
he is enamored of such domestic pro- 
ducers as Mesa (which will become 
Pioneer Natural Resources after its 
buyout of Parker & Parsley Petroleum 
Co. is complete). . 


man Bell Mueller Cannon Inc., an 
Arlington. Virginia, consulting group, 
is among those with doubts. He sees 
crude rising to $38 a barrel in the next 
three years. 

Even at current prices, oil compa- 
nies have learned to make good 
money. During the long stretch of 
tough years, they have become far 
more efficient at extracting crude, us- 
ing such techniques as horizontal 
drilling. And, as many companies 
have suffered, others have bought 
them up. so. In certain niches, there is 
less competition and more freedom to 
raise prices. 

Oil, gas and related businesses may 
comprise an anomaly in today's high- 
flying stock market: an industry that is 
undervalued. Unfortunately, the sector 
has not been overlooked completely. 
In the past 12 months, for example, the 
Standard & Poor's index of oil-well 
equipment and service stocks has re- 
turned 41.8 percent, or five points 
more than the market as a whole. The 
S&P index of integrated domestic oil 
producers has returned less, 24. 1 per- 
cent, which is still a respectable num- 
ber. 

But despite these increases, oil 
stocks have done poorly over the past 
five years. Service stocks have re- 
turned an average of 8.2 percent an- 
nually; domestic companies just 6 per- 
cent. 

Now, rimes may be changing. But 
don’t expect big gains immediately. 


Rainwater followers know die impor- 
tance of patience. 

Here is a tour of some stocks worth 
considering. . 

With a recent acquisition. Tidewa- 
ter Inc. now dominates the business of 
servicing the offshore drillers in die 
Gulf of Mexico and has international 
operations as well. James Stone, an 
analyst for Schroder Werthem & Co., 
figures that Tidewater can cut its over- 
head and probably increase its rates 
this summer. Sales rose 25 percent last 
year, and profit nearly doubled. The 
srock trades at 
a price -to- 

earnings ratio 

of 1.2, based on 
profit estimates for the fiscal year 
ahead. 

The blue-chip oil service company, 
however, is Schlumberger Ltd., with 
a market capitalization (stock price 
times shares outstanding) of $29 bil- 
lion, one third more than Chrysler 
Corp. The good news about Schlum- 
berger is that first-quarter earnings 
rose 52 percent. The bad news is that 
the stock reflects it; up 44 'percent in 
the past 12 months. Still, Eugene Per- 
oni, top analyst for Janney Mont- 
gomery Scott Inc. in Philadelphia and 
an excellent stock picker, is high on 
the company, estimating that shares 
could rise by a third in the next nine to 
12 months. 

' Bob Gabele, editor of the newsletter 
Insiders' Chronicle, tracks the buying 
and selling activity of insiders — di- 
rectors and top managers — in their 
own stocks. Insider purchases are of- 
ten a good sign, and Mr. Gabele said 
last month that ‘‘the strongest buying 
we see is in the energy sector." He 
cites recent activity in Apache Corp. 
and in Santa Fe Energy Resources 
Inc„ both producers with strong do- 
mestic holdings. 

Charles Biderman, who publishes 
Individual Investor Trim Tabs in Santa 
Rosa. California, is enthusiastic about 
Stone Energy Corp., a domestic oil- 
and-gas company based in Louisiana 
with a reputation for skilled manage- 

Continued on Page 17 • 


XtfOTI <*»ihora .w mgganw mirrj nm » itaano am» H n nuaonal Pktmet C wwh wuii UMMiUBFCI U&fCi pm:*ai ux* <4 tuu>«i a **-mi ammv DcwnriJH la para up omul 
and IMHO CE, ■e. mittan. Capxi <H ffw l«M cmtMM Kcnunci on amui or inqiiwt nonma a (ndtiMlWm '*wi a nay batata H MM vw'eamv d iwMnca « Home** w 

« ■ « ■aratand to onsOiar W III. pMM dapaM <a< panonal canmiBCM aM 1W U aart ^ancfl linii vdiv nu otMar Tha a*W nol OsnaMiU awotai K tan or 

MidciM«dvi«nu^nam»iiid«d^«aaw|>nriiraiompamiaia»nUini^niraUi^H^o'»ruknniu»|aiidlcun TC4W1U79B 


Common myths about 
Offshore Banking 



fit 


All offshore banks are the same 


9 9 


At first glance, offshore banks may seem similar. The difference is in the quality of services they provide 
to ensure you can make the most of your money. For example, does your offshore bank provide you with 
the following: 


24 hour banking by phone or fax 

YES □ 

NO 3 

Free annual review of your financial affairs 

YES □ 

NO 3 

[ Automated Savings Plan which makes financial planning simple 

YES □ 

NO 3 

| A full range of investments 

YES 3 

NO □ 


If you benefit from all these, the chances are you’re already banking with Midland Offshore. If not 
read on. 

Not only are we open 24 hours a day, 365 days a year, but when you contact us you’ll be surprised by 
how much you can achieve over the phone. You can open additional accounts, make payments and 
transfers and if you need guidance on an account or investment, our financial planners can help. You’ll 
also find we have innovative services, such as the Automated Savings Plan, which through sound 
financial planning keeps your money where it’s working hardest for you. 

To find out just how different we are, simply call our Offshore Service Centre or return the coupon. 


Midland Offshore 


Member HSBC Group 


Helping you make your money work harder 


@ Call 44 1534 61 61 11 

24 hours a day 




Fax 44 1534 616222 

24 hours a day 

Or cut the coupon 


Please return to: Midland Offshore. PO Box 615. Si Helier Jersey JE4 5YD. 
Channel Islands or fax 44 1534 616222 

Please send me information about the following services 

J 24 hour banking □ Offshore Savings Accounts □ Automated 
Savings Ran 


Name. 


Nationality 


Address, 
Tel 


ftwtcode 



Investors Warm to Scandinavia 

Northern States Offer Alternative to the Euro Zone 


By Aline Sullivan 


.Fax 


A S THE WEAKNESS of its 
core economies casts a shad- 
ow over much of Continental 
Europe, the sun seems to be 
shining more brightly in the north: 
Scandinavia is basking in unaccus- 
tomed investor approval. 

Much of this new popularity is due to 
uncertainty over the prospects for Euro- 
pean monetary union, or EMU. Doubts 
among many investors that it will start 
on schedule have depressed the. French 
franc and the Deutsche mark and lifted 
the so-called "safe haveri" currencies 
of Switzerland, Britain and the Scan- 
dinavian countries, all of which are 
likely to opt out of the first phase of. 
monetary union in 1999. 

Even if EMU goes ahead smoothly, 
Europe’s periphery may benefit more 
than its core, some analysts said. 

"Investors are increasingly trying to 
find ways to diversify when EMU is 
created," said Wike Groenenberg, 
European economist at Salomon Broth- 
ers in New York. . 4 ‘Switzerland is an 
obvious choice but Norway, Sweden 
and Denmark are good bets as well." 

'The outlook Js- rosy for equity in- 
vestors throughout the region. Compa- 
nies in Norway, Sweden, Denmark and 
Finland are benefiting from restructur- 
ing programs implemented years ago. 
Today, Nordic companies are some of 
the world's most dynamic in some of the 
fastest-growing sectors. 

The process is continuing, as demon- 
strated by the announcement last week 
that Electrolux AB, the Swedish ap- 
pliance maker, will cut 12,000 jobs, or 
II percent of its global work force. 
Electrolux stock rose 16 percent on "the 
news. 

Peter Oppenheimer, European 
strategist at HSBC James Capel in Lon- 


don, said Nordic companies were for 
ahead of their Continental European 
rivals in restructuring. 

"The process has been ongoing for a 
long time,” he said, "particularly com- 
pared with France where they are just 
getting started." 

That view was seconded by Clarkson 
' Williams, vice president and interna- 
tional analyst at fond management 
group Pioneer in Boston. Scandinavian 
companies are often much more ap- 
pealing to American investors than their 
counterparts elsewhere in Europe, he 
said. Pioneer funds are a case in point 
The three with significant exposure to 
the region — the $180 million 
Pioneer Europe Fund; the$500 
million International Growth 
fund and the $180 million Pi- 
oneer Global Equity fund — 
are all overweight in Scand- 
inavia. 

“Despite Scandinavia’s 
historic socialist tendencies, 
businesses have adapted a very share- 
holder-friendly attitude." Mr, Williams 
said. "Their disclosure, accounting and 
communication with analysts, is better 
than at companies elsewhere In Europe. 
The companies -are also leaner and 
meaner.” 

Most of the 'Nordic coqntries still 
have high unemployment. About 8 per- 
cent of the Swedish and Danish-labor 
forces are jobless, as is a startling 15 
percent of Finns. Only Norway, With. its 
relatively small population and boom- 
ing oil industry,, has avoided this pre- 
dicament. Its unemployment rate of 4 
percent is the lowest in Europe. 

Employment rates and attitudes to- 
ward European union are just two of the 
differences among the Nordic coun- 
tries. 

"There is a new awareness of the 
differences among the countries,'.' said 
Beshara Madi, an economist at Morgan 



Stanley in London. “Five years ago, 
Scandinavia was viewed as one bloc bat 
now some major differences have be- 
come more apparent There are differ- 
ences in politics, labor relations and 
their monetary and fiscal policies.’ ' 

Some of these differences have been 
years in the making. Denmark started to 
gravitate south back in 1972 when it 
joined what was then the European 
Community. Since then, its economy 
has been greatly affected by Germany's. 
But investors tempted to dismiss the 
country as a satellite of its giant neigh- 
bor to the south would be making a 
mistake, some analysts said. 

According to Richard 
Woodworth, a strategist at 
Merrill Lynch in London, 
Denmark enjoys some notable 
advantages . over Germany, 
particularly since opting out of 
EMU. “Denmark has more 
flexibility in its fiscal policy 
and more flexibility in its labor 
market,” he said. "While Germany has 
been burdened by high debts from re- 
unification and much of Europe has 
suffered a downturn, Denmark has been 
able to stimulate-its economy. *’ 
Norway embarked on a different path 
a decade earlier when oil and gas was 
discovered. Exploration began on a 
grand scale in the 1970s although it 
wasn't until the 1980s that rising ofl 
prices caused revenues to soar. Today it 
has the strongest balance sheet of any 
country in the world. 

Sweden and Finland have more in 
common, despite their disparate views 
on EMU. Both countries endured sev- 
eral devaluations in the 1980s, which 
brought about high inflation and over- 
heated economies. The result was a 
crash in the early 1990s. They have 
emerged with the some of the lowest 
inflation rates in Europe: 0.5 percent in 
Sweden and 1.5 percent in Finland. 


Q & A / Goran Espelund 

Nordic Nations: A Global Head Start 


Coran Espelund is co-director of 
equities at Robur Kapitalforvaltmng 
Ad, the largest fund-management com- 
pany in Sweden and a unit of Spar- 
banken Sverige, as Swedbank is biown 
in Sweden. Mr. Espelund spoke with 
Conrad de Aenile about the prospects 
for the Nordic stock markets. 

Q. Of all the plaices to invest, why the 
Nordic countries? What have they got 
that other European markets, or those 
outside Europe, don’t? 

A. I think the Nordic countries can 
offer companies that have been used to 
competing globally for many years and 
hence have a head start on some of their 
Continental European competitors 
which , due to their larger domestic mar- 
kets, have been ranch slower respond- 
ing to globalization. Second, with the 
exception of the U.S., I believe Swedish 
companies in particular are responding 
forcefully to the trend of increasing fo- 
cus on creating shareholder value. 

Q. How are the region's various mar- 
kets likely, to perform over the next 
several months, compared with markets 
elsewhere? Is It a good time to send 
money north? 

A. I think they will outperform. Mod- 
erate growth, low inflation, good prof- 
itability and a continuing focus on cre- 
ating shareholder value give us a great 
backdrop for the Nordic equity markets. 

• 

Q. One thing the Nordic countries 
were famous for in the early 1990s, aside 
from boxy cars, was weak banks. Most of 
the patients have recovered, but is their 
financial health really sound now? 

A. Yes. the Noidic banks have clearly 
recovered. Loon losses and provisions 
have generally come down to veiy low 
levels, and profitability, in particular in 
Sweden, is at sustainable high levels. So 
the patient is doing just fine. 

Q. The region depends a lot on cyc- 
lical industries, like oil and forest 
products. To what extent can the bank- 
ing crisis be blamed on weakness in 
those industries during the recession in 
the early 1990s and how much was the 
fault of the bankers? 

A. I don’t think we can blame foe 
banking crisis on weakness in oil and 
pulp prices. I think there were a number 



Goran Espelund on Nordic banks: “The patient is doing just fine." 


of different factors. Credit deregulation 
in foe 1980s, over-speculation in real 
estate, the reform of trie tax system and 
the transformation .from a world of high 
inflation to low inflation are some of 
those factors. The recession aggravated 
the situation further. Then we have the 
icing on the cake; the bankers them- 
selves, who for a period totally forgot 
that they are in a business where you are 
supposed to avoid the bad risks and make - 
sure you get paid for foe risks you lake. 

Q. Why won’t foe next recession, the 
one that no economist on earth is an- 
ticipating, have the same impact on 
banks and foe economy? 

Au There are no sectors with foe kind 
of leverage we saw in foe late 1980s. On 
foe contrary, both corporate and indi- 
vidual balance sheets are strong. 

Q, What’s your outlook for foreign- 
exchange movements, and which way 
will interest raises move? 

A. The Danish krone is in the. 
Deutsche mark bloc and will do very 
little in relation to the mark. I guess foe 
Norwegian krone will be a strong, cur- 
rency given foe health of foe economy. 
For Finland and Sweden it’s venrmuch 
about EMU. The more positive the 
countries will be to EMU, and the more. 


positive markets will be that a wide 
EMU will go ahead, foe stronger the 
currencies will be against the mark. 

I think foe outlook for both short- and 
long-term rates -is for stable to lower 
rates, with the best possibility for lower 
rates in Sweden. 

• 

Q. Have Sweden, Finland and Den- 
mark been helped or hurt by membership 
in the European Union? Has Norway 
been helped or hurt by staying out? 

A. It is probably too early to tell in the 
case of Sweden and Norway. However, 
in principle I believe it is very hard as a 
s mall , open economy to stay on die 
sidelines. If you do, you have to be less 
dependent on the rest of Europe, which 
Norway is due to the oil, so if anyone 
.can do it, it’s Noway, as long as they 
■ have that oiL 

Q. Of foe four stock markets, Den- 
mark is valued conspicuously higher 
than the others.' Its pnee-eamings ratio 
is much higher and its average dividend 
yield and afialysts’ projectedgrowfo are 
lower. Is the market best avoided? 

.. A. I think some of foe valuation dif- 
ference can be explained by a different 

Continued on Page 17 


4 


a. 
f. . 


Vi 


* 


•*J 

"■I 

n 


* t 







- Vi I 


zji ^ . T n 
‘- z: * l 

n \i 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-SU1SDAV, JUNE 21-22. 1997 


PAGE 17 


;t, 




Norway Oil and Gas: Plentiful in the Ground, Scarce on the Stock Market 


By Judith Rehak 

T HE DISCOVERY Of huge Oil 
fields under the North Sea in the 
late 1960s has propelled Nor- 
way to the top rank of petroleum 
producers, pumping some 3.5 
million barrels a day, and 
second only to Saudi Arabia as 
an exporter. With new finds 
coming on stream by the turn of 
the century, and underexplored 
areas that still offer huge po- 
tential — all in a politically 
stable region — few see any 
let-up soon in the oil and gas riches that 
underpin the country’s economy. 

Yet investment opportunities in Nor- 
way’s most important industry are sur- 
prisingly sparse- Unlike the . United 
States. or Britain, both of which offer an 
array of big and small producers, Nor- 
way is dominated by its “Big Three." 
Statoil AS, the largest by far, is state- 
owned, and Norsk Hydro ASA, 51 per- 
cent government-held, is really a con- 
glomerate where owners of its listed 
shares get a stake not only in oil and gas 


scaN&mavta 




but aluminum, fer tile ^ eve n sal- 
mon farming. 

Only Saga Petroleum ASA, an ex- 
ploration and production company, is 
independent and publicly held. There are 
a few small exploration firms, but at 
least one analyst in Oslo warns indi- 
vidual investors away, saying. 
“They're like gambling. 1 * 
Nevertheless, followers of 
Norway’s oil and gas industry 
say its two big public compa- 
nies, and a few others in related 
sectors, warrant attention, es- 
pecially for investors looking 
out over the next year or two. 

For devotees of a pure play. Saga is a 
favorite among several analysts right 
now. “They've had particularly stun- 
ning exploration successes," said Iain 
Rad of NatWest Securities in London, 
citing the company’s recent Lavrans and 
Kristin discoveries, two huge finds in the 
North Sea. 

“The full impact of that isn’t in the 
share price," said the - analyst, even 
though Saga stock has surged 9 percent 
since April. He calculates that the two 
. discoveries have roughly 2.2 billion bar- 


Norway’s Oil Stocks 


Daily dosings on the Oslo exchange, in Norwegian kroner 


400 


200 — 



Norsk Hydro ASA 


Smedvig ASA 


Saga Petroleum ASA 


280 L— I I — I — I l U 80 I — J ) 


D j f 
US 1837 


M A M J 


J— U L 


d a f 

'96 1997 


M A M J 


J I I L,_ J | BO 


D J F 
*96 1997 


M A M J 


Source: Bloomberg 

rels of oil and gas reserves. Once the new 
fields begin operating in 1998, Saga will 
be able to produce 250,000 barrels a day, 
up from 200,000 currently. 

As for Norsk Hydro, fans of blue- 
ribbon, big-corapany stocks, both for- 
eign and Norwegian, often mm to Nor- 
way’s largest publicly listed company as 
the easiest way to participate in its stock 


Intmuliiiful Herald TntaiK 

market, as well as its oil and gas in- 
dustry. 'But the fortunes of this con- 
glomerate are heavily impacted by other 
commodity prices as well, and after a 
roller-coaster ride in its stock price over 
the past year, analysts are divided on its 
prospects. 

“We were great bulls in its big stock 
price runup last year, but then we warned 


that people were loo optimistic about 
commodity prices, especially aluminum 
and light metals.’’ said Sue Graham. 
Merrill Lynch's European oil specialist. 
Norsk Hydro's price rise came to an 
abrupt halt last February, when its shares 
plunged 6 percent in one day on news of 
a 16 percent decline in e;imin£S for 
1996, inflicted mostly by weak prices 
and bloated inventories in aluminum as 
economic growth stagnated in Europe. 

Nevertheless, when the company's 
first-quarter eamines for 1997 fell less 
than expected, investors jumped back on 
board, causing its shares to surge again. 
Ms. Graham still has a “hold" rating on 
the stock, however. 

But other analysis see aluminum as a 
positive for Norsk Hydro. 

"People haven't focused on enough 
cm their goal to increase aluminum pro- 
duction from 580.000 ions in 1996 to 
700,000 tons in 1998." said Pelter Bar- 
ring, who follows the company for Karl 
Johan Fends AS. the Oslo-based broker- 
age unit of Union Bank of Norw ay. He 
estimates that the price of aluminum 
ingots will average about Si. 600 a ton 
this year, and need only a mild economic 


recovery in Europe to hit $1,700 in 1 998. 
"And it’s profitable at S1.600.” he 
said. 

Moreover. Mr. Barring expects oil 
prices to stay around S!9 a barrel, and 
possibly slip lower. In his view, that 
places Norsk, with its stakes in alu- 
minum and other commodities, m a 
more favorable position than Saga. 
"Saga is more vulnerable because it’* a 
pure play." he said. 

Investors with a low tolerance for the 
ups and downs of the commodities mar- 
kets may prefer Norway's thriving oil- 
service sector, companies that build and 
install drilling rigs and offshore plat- 
forms. Per Gtinnar Rymer. an analyst at 
Kari Johan Fonds. favors Smedvis ASA 
as the most technologically advanced, a 
key to profitability as exploration and 
production moves to deeper waters and 
smaller fields in the North Sea. 

“The most exciting thing about 
Smedvig is their floating production 
ships. ’‘Tie said, explaining that instead 
of building a fixed platform, the ships 
can go into a field, bring up as much as 
100.000 barrels of oil a day. and move on 
to another field when it's' completed. 


i to Scandinavia 

ernatiic u, /.; ((f(| ^ 






«"• -j. . 


Wallenberg: A Family's Jewels 


Daily closings on the Stockholm stock exchange 








450 


400 


350 


200 


Source: Bloomberg 



Inlenuiional HcnJd Tribune 


— v; 4* .• 


4J* 


T V 




Change Comes, Gently, 
For Wallenberg Empire 

Family Business Adapts to Globalization 




By Digby Lamer 


-TV. y ~ ■ - «? 







Head Sta 








err* 
5» * 


1*0# A 




T HE WALLENBERG FAMILY 
of Sweden is the type of power- 
ful dynasty that inspires screen- 
play writers. Investors and dip- 
lomats — Raoul Wallenberg used his 
position in the Swedish Embassy in 
Budapest to help smuggle Jews out of 
Nazi-occupied Hungary — the Wal- 
lenbergs have held an active interest in 
most of Sweden’s blue-chip businesses 
for more than half a century. 

With stakes in such corporations as 
Scania AB. Saab Automobile AB, Eric- 
sson AB, Astra AB. SKF AB and Elec- 
trolux AB. die family has had a strong 
impact on the boardrooms and 
die strategy of Swedish com- 
merce. Trading under the um- 
brellaofTnvestor AB, the fam- 
ily’s investment is worth 79 
billion kronor ($10 billion), up 
from around 9 billion kronor 
10 years ago. Figures from 
Nelson, the U.S. business re- 
search company, show that Investor’s 
average annual return has exceeded 20 
percent over the last 25 years. 

As remarkable as this dynastic con- 
trol of Swedish businesses may seem, 
signs are it is going through a period of 
change. The steady pressure for cor- 
porations to globalize, coupled with the 
rear that Sweden’s economy is slowing, 
has forced the Wallenbergs to adapt. 
Instead of remaining the biggest player 
in a relatively small arena, the family is 
setting forth into the more competitive 
international market. 

The first evidence that the Wallen- 
bergs’ traditional hold over Investor 
was loosening came with the appoint- 
ment of Percy Bamevik as chairman of 
Investor in April The replacement of 
Peter Wallenberg, who retired, by 
someone outside the family was the first 
time in 50 years that direct control of the 
business had been wrested from a Wal- 
lenberg. 

Peter Wallenberg had been steadily 
reducing his boardroom presence in re- 
cent years but was said to have favored 
his son, Jacob, and his nephew, Marcus, 
to head the corporation. 

Ironically, the need to alter the In- 
vestor strategy "is driven partly by its 
success, analysts said. 

Steffen Lindstrand, an analyst with the 


SCANDINAVIA 

L-7.V 


iKvt 



Swedish broker. ABB Aros Fondskom- 
mission, said there was simply no room 
for Investor to expand further in its do- 
mestic market “Investor has the type of 
balance sheet that makes it possible to 
invest elsewhere and it clearly has to look 
outside Sweden for growth stocks." 

Exactly what impact this change of 
emphasis will have on the Wallenbergs’ 
traditional hold over Swedish corpo- 
rations is unclear. Some analysts expect 
Investor's foreign expansion to be fin- 
anced by the sale of part of the com- 
pany’s domestic portfolio, especially as 
it plans moving away from its current 
dependence on.slow-growth industrial 
stocks in favor of more dynamic in- 
vestments. 

However, few expect any 
significant relaxation of Wal- 
lenberg’s overall control of the 
Swedish market. Indeed, some 
of its existing Swedish invest- 
ments, such as Ericsson and 
Astra, are exactly the type of 
international growth stocks In- 
vestor wants to hold. 

As part of its new strategy another 
Wallenberg investment company. In- 
centive AB, recently sold half its stake 
in ABB AB, a holding company for the 
engineering business, ABB Asea 
Brown Boveri Ltd. Of the 110 million 
shares sold off, half went to institutional 
investors while the rest were pumped 
directly into Investor. Cash from the 
sale helped finance Incentive’s 51.59 
billion purchase of Vivra Inc., an Amer- 
ican dialysis-service company. 

“Finding the right investments is a 
slow business so you’re not- going to 
notice a dramatic sea-change, ’ ’ Mr. Lin- 
strand said. “Percy Bamevik spent a lot 
of time on the Investor board before 
becoming chairman, so it’s not like he's 
a new person with completely different 
ideas. He’s a bit like warren Buffet of 
the United States, in that he makes fairly 
infrequent investment changes.” 

Fredrik Grevelius, an analyst with 
Carnegie AB in Stockholm, sard it will 
take several years for the Investor port- 
folio to change direction. “I think even 
in about two or three years you will still 
see pretty much the same types of hold- 
ings as there are now. The amount of 
money tied up with these companies is 
so big that it would be impossible ro 
move into other investments very 
quickly," he said 


Nordic Nations 
Get a Global 
Head Start 

Continued from Page 16 

composition of companies. There are 
fewer cyclical companies in Denmark. 
No, we do not think the market should 
be avoided. 

Q. Where are we in the economic 
cycle now? 

A. We believe economic activity in 
Scandinavia and Continental Europe 
will be a bit better going forward, but we 
are not expecting to see tremendous 
growth rates over the next 18 months. 

Q. Each country seems to have a 
dominant industry: cars in Sweden, pa- 
per and forestry in Finland, oil in Nor- 
way and pharmaceutics in Denmark. 
What are the prospects over the next 
year or two for each of diem? 

A- We think the outlook is bright [for 
Volvo AB]. The company has divested 
almost all non-core assets. The car di- 
vision has a very strong model range 
today and will introduce a lot of exciting 
new models in coming years. 

For the paper and forest-products 
companies in Finland and Sweden, we 
believe pricing will slowly improve as 
the business, cycle improves- The in- 
teresting thing with this sector is con- 
solidation, which we believe there will 
be much more of. 

The Norwegian oil industry, of 
course, will be dependent on the oil 
price, which we believe will trade in the 
$20 ro $25 range. 

Pharmaceuticals in Denmark ought 
to be judged on a company-by-company 
•basis. We think the most interesting 
pharmaceutical company is not Danish 
but Swedish: Astra. 

Q. What are the biggest holdings in 
your portfolio and what do you like 
about diem? 

A. Sandvik has great business areas in 
tooling and steel. It's a world leader in 
the tooling business, with very good 
profitability. Its steel business is niche- 
oriented, with margins far above those 
you are used to in the major European 
steel companies. 

Astra. There is still great potential for 
Losec [a drug for digestive ailments] to 
continue its success, and it has a number 
of other strong products. 

Skanska. The Swedish construction 
market is at rock bottom and can only get 
better. The company is doing a lot to 
realize value in the balance sheet through 
divestitures and share redemptions. 

Q. What’s your opinion of the mobile 
phone makers, Nokia and Ericsson? 

A. We own both and are very bullish. 
This will continue to be a great growth 
industry for the foreseeable future and 
both companies are well positioned. 


BRIEFCASE 


Swedish Funds 
Attract Investors 

Swedish investors appar- 
ently are bullish on their own 
economy, judging by the 
latest monthly figures from 
the Swedish Association for 
Funds, an industry group. 

Net investment in Swedish 
stock and bond funds was 4.8 
billion kronor. (.S622.3 mil- 
lion} in May, lifting total net 
investment for the first five 
months of this year to 44 bil- 
lion kronor, the association 
said. New cash invested in 
stock funds was 4.1 billion 
kronor in May, while mixed 
funds took in a net 1.2 billion 


kronor. Fixed-income funds 
lost 550 million kronor, as 
withdrawals were larger than 
deposits for the first time 
since April 1996. “Savings 
ore about three times as big as 
in May last year," the as- 
sociation said' For 1995 and 
1 996 net inflows were 24 bil- 
lion kronor. (Bloomberg l 

Bet Your Money 
On French Tourism 

French travel and leisure 
stocks are becoming a favor- 
ite port of call for "investors 
hoping to profit from an ex- 
pected upswing in summer 
travel. With the tourist season 


kicking off June 2 1 . investors 
arc fattening portfolios with 
leisure picks from Accor SA. 
operator of the Ibis and 
Sofilel hotels, to Club Medi- 
lerranee SA. the tour oper- 
ator. They are also choosing 
smaller stocks, such as 
Louvre SA. which operates 
the Concorde hotel in Paris, 
and the sailboat maker Be- 
neteau SA. < Bloomberg i 

Hongkong Telecom: 
Handover Fever 

So you thought you had 
seen it all — “canned co- 
lonial air.' * the * ■ 1 was there’ ' 
certificates stamped by Hong 


Kong's Monetary Authority, 
and enough handover T-shirts 
to clothe a small country. 

Think agam. Hongkong 
Telecom, which runs ifie ter- 
ritory’s telephone services, 
has leaped on the souvenir 
bandwagon in anticipation ot 
the British colony's July 1 
return to Chinese rule. 

With China Telecom, a 
mainland-owned enterprise. 
Hongkong Telecom is issuing 
whar is billed as the first joint- 
issue phonecard between two 
major Asian carriers. The set 
of eight cards is "highly col- 
lectable,** Hongkong Tele- 
com said, and priced at S64. 

(Renters i 


A Profitable Mix: Oil and (Rain)water 


Continued from Page 16 

menL He writes, “Stone En- 
ergy is a table-pounding buy 
atunder$30." At midday Fri- 
day. ir was $26,625 a share. 

In its 14-stock capital-ap- 
preciation portfolio with 
“above-average risk," Smith 
Barney Inc., includes 
Transocean Offshore Inc, a 
drilling services company 
that specializes in deep water, 
technically demanding work. 
Profit rose 32 percent last 
year, and the stock trades at a 
reasonable P/E of 20, based 
on estimates for this year. 

Newly merged Morgan 
Stanley Dean Winer gives 
“strong buy" recommenda- 
tions to Tosco Corp., an in- 
dependent refiner and mar- 
keter that also operates Circle 
K convenience stores, and 
Valero Energy Corp., a re- 
finer and producer that spe- 
cializes in environmentally 
clean fuels. Both trade atP/Es 
under 14, based on estimates 
fra next year’s earnings. The 
investment house also ranks 
energy as its third-most- 
favored sector, after technol- 
ogy and capital goods. 

Merrill Lynch & Co. this 
month upgraded Quests r 
Corp. to a “long-term buy,” 
calling it “an excellent in- 
tegrated [natural] gas com- 
pany with a 95-percent-plus 
share of the strong Utah mar- 
ket," Quesiar has delivered 
annual average returns of 17 
percent over the past five 
years. 

The most interesting of the 
international giants may be 


Texaco inc_ which is invest- 
ing S4.5 billion on explor- 
ation this year, seeking to 
boost oil and gas production 
by 50 percent by 2000. Unlike 
more diversified companies. 
Texaco's earnings are highly 
dependent on the price of 
crude. But if you believe a 
demand-supply squeeze is 
ahead, then Texaco could be 
attractive. 

Picking individual energy 
stocks is no easy matter, so 
the best bet for many in- 
vestors may be specialized 
mutual funds. The best per- 
former over the past five 
years, according to the Value 
Line Mutual Fund Survey, is 
Fidelity Energy Services, re- 
turning an annual average of 
23 percent, a figure Value 
Line calls “astonishing." 
Top holdings include 
Scnlumberger, Halliburton 
Inc., Weatherford Enteira 
Inc. and Dresser Industries 
Inc. 

A lower-risk fund that has 
produced solid returns over a 
long period is T. Rowe Price 
New Era, which 1 have owned 
for many years. The fund’s 
holdings also include pre- 
cious metals companies, but 
among its largest investment, 
at last report, were Mobil 
Corp., Royal Dutch Petro- 
leum Co., Atlantic Richfield 


Co. and Union Pacific Re- 
sources Group Inc. 

If you are willing to take 
risk, a good selection is State 
Street Global Resources, 
which concentrates on small 
energy stocks. It has returned 
an annual average of 23 per- 
cent over five years (thanks to 
a 70 percent gain last year) 
but with a risk rating that 
Mornings tar Inc., the fund re- 
searchers in Chicago, pegs at 
77 percent above average. 
Top holdings are TransTexas 
Gas Corp., a production and 
pipeline company; Nuevo 
Energy Co., a domestic in- 
dependent with an offshore 
interest in West Africa; and 
Ranger Oil Ltd., a Canadian 
company that drills in the 


Gulf of Mexico, the North 
Sea, Ecuador and Namibia. 

Of course, there is another 
way to get into oil and gas. 
Just buy stock in Mesa, Mr. 
Rainwater's own company. 

W'Mlnnpion PoU Strike 


OFFSHORE 

COMPANIES 

From US$350 only 


. Legal Citizenships 
2nd Passports Arranged 
TEL: +44 1624 801801 
FAX: +44 1624 801800] 

INTERNATIONAL COMPANY 


SERVICES LIMITED 



WORLD WIDE 


THE WORLD S 
LEADING OFFSHORE 
COMPANY SPECIALISTS 


S^ce 19*5 ouf ttonowCa asm ol own 
2?5 muT-discobnec nrolessnrais na.e L 
specuJAoc m (a omO'rg con’deni ai ana 
com •'Ikwb company f cmu»<jr r tne f 
wows tj;d» Bo ia. areas 


HUE OF MAN . 3 MONK Mr: C» 
OVERSEAS COMPANY 
REGISTRATION AGDTS LTD 
CccnpwK hMM Toow Seen ftsrsey 
fcOdMsr &tbais*s DJWiAN 
E n* nfoc'4 =n 
TEL: ♦ 44 1824 815544 
FAX: * 44 1524 817078 
Mauritius 

K£V1N RAMKAlQAN V. |C *«sft J 
Happy IVorlQ House. Sir VViUtam 
Newton Stw. Con Uxus Mmim 
TEL -230211 5100 FAX. i 230 21 1 5*» 
SEYCHELLES ■ DURA AKATSA 
303 Aim CnamOe'y. Mom Fleun, 

PD Bo. M3. Mahr. Swidlei 
TIL 225S55 f AX -.’48 225W 
HONG KONG ■ BART DEKKER. UM 
240L Bark of Amenta Tome*. 

12 Hanoun R0. Hong Kong 
TIl -8 S2 25220172 fAX. 2S!l 1190 

WtOOCBmnCATH) 


Bl 


www.ocra.com 


IK 


IS Month CD 




5°/o 


TALK TO US BEFORE YOU INVEST 
809 • 440-4949 EXT. 901 

• Our Staff has the expertise to serve 
your banking needs with 
confidwitrality and security. 

• Check our web site for a few 
reasons why you should invest 
Wi Bai 


with Banque Martinique 


GUARANTEED 

through 
June 30,1997 


NB« ACCOUNT opems 
BOISRJS 





iANQU&. 

INIQUE 


’An Iraemeuonsl Investment Bank* 

St, Qeorgei Granada • VWjst indies 
Telex 3476 Banque Mertmiqua 
http://vwwiv.tiietenotue.com 


‘•'i 

ir„- • 

»‘j*J S'. Sit"-'-' t’* 1 # ■ 

-i- 

ft* 






Distributors Needed Worldwide 

For Call Back International. Domestic & Cellular 


International Telephone Company 
290 Pratl Street, Meriden, CT 06450-2118 
1800-638-5558 ext. 91 ! 203-238-9794 Fax; 203-929-4906 


if ■ 


ii,. .’ 

KV-i'***- ?=£■ »v l 


-v “* . : 


K •** 


TV**. «L1 * ' 





(A 


In the past few years I’ve had 5 homes, but my money’s had just one. Robeco Bank in Switzerland.” 


Robeco Bank in Geneva specialises in bringing Swiss 
ttrviiv to customers at home - wherever due is. We’i* 
been doing this successfully .for 2*i years and now serve 
clients in over 150 countries, in four languages. . 

. When you open a Personal Investment Account ax 
Robeco Bank, we ensure that you’re kept « close touch 
with your finances. 

vtfcD provide vou with all thc latest information on the 
woxidV equini bond, property and money 'maduis, 
through regular reports, market overviews and insights 
into emerging trends. In running vow account, yonr 
Personal Account Manager wili ghe as much mput as you 
deem necessary and youllbe wetame to contact the Bank 
whenever \w want - by post, telephone, fox or e-mail loti 
■of course, to visit vs)- ■ 

■ Privileged access to expert advice 

You’ll also hare privileged access to the vast experience 
of ik financial. specialists of the Robeco Group, and its 


focused range of globally diversified products aimed at 
long-ierm performance. 

lb give an example of the Group's investment expertise: 
since its founding in 1933, its flagship equity investment 
company, Robeco N.V„ has regularly set the standards by 
which others are measured A turn of USS 100 JCO invested 
in March 1992 was worth, with dividends reinvested, US5 
188,800 by the end of Match 1997 

Resulrs such as this have helped make die Robecn 
Group Europe's leading investment house, with assets 
in excess ofUSS 45 bilRon. 

And, since Robeco Bank is a duly registered Swiss 
bank, confidentiality and security are assured. 

Isn't it rime vou found the right home, for your money? 
>b« (Mi open a Personal luzrcstuMti Accnimt v itb 
Robeco Bunk ui «i distuncr. Fill in the coupon. Or call «f 
in Geneva on (41) 22-9JP 0139. Or me fax or e-mail, 
quoting the reference. 


To: The Manager: Robeco Bank (Suisse) 16 chemin des Coquelicots, Case Posule. CH-T215 Geneva 15, 

Switzerland. Faxs (41) 22-341 1392. e-mail: infoOrobecobank-ch Reference CIHE259? 

□ I would like to open a Personal Investment Auvoum. Please send me an ovuoum- opening pacluiw. 

D Please send me more information about managed investments from Robeco Bank. 

In English D German ID Dutch G French G Tick appropnarc box 


Mr/Mrs^Miss/Ms 1 Delete ai appropriate! Surname and initials 


Year of Birth 


Profession 


Sneer 


Town 


PdsulhI? 


Country 


Telephone: daytime/ ci rning f Delete as appropn.il e I C on ntn Code ' Area Code 


ROBECO BANK 

SWITZERLAND 


\itmbcr 





-S' 





PAGE 18 


H C»HT4L MC 


m ABC GUM B«H SJ $ ]|7jg 

? Bar 70. tmtmhn 

v CrisniUB Secwnfc; & iitri 

* TiWtS lunw FuW R R ]jnjj 

m Thro Eurgpo Rind 5 S B7JI 

» Urerm R lino 

8WA W.AMP0 jH»p>Td:li&q»W»JMiT« 

4 hri J MoroeiJl BO luk.Fi 0S!-C«J93«8 
•’ Isim America EqFd 5 tiaj. 

a Nortn Amancn £□ i-c 1 wo. 

o Anon Tig®* Eb Fd t our*. 

s SKa'# 5 SS: 


a JdXW touuy Fd 
a GvmomrEqum Fa 
o OJtmd Bonflftf 
a Europe Bond Fa 
a u; Sana Fund 
o Gammy Band Fd B 
a Spain Bona Fund 
a Em»m Europe Ea Fd 
a C«ro Emnty M 
a Switianana Equity Fd 


S W47. 

1 eui- 
S 9078* 

2 4154* 
S MJ0* 

_ i BIOS. 
DM .11JJB* 
&D11082Z0O* 

Dm 7«m* 
S 80 AS* 
5F 175113. 


ZB CHILTON 

eSrSiL'y'.H.SSSF* iCmocmo N.V. 

™ AiBBnirt^uS LWQ A t I7B9.99 

£ pipiW' MUuiigB 4 irmaa 

o owibd Hon™ ta iSvn i 1130139 

toOTI&ASKCAtXEMBOURWSA. 
km un lkiombuio r»L nsfi «ui*-i 
a Cnunca am Buna t 12177 

2 '-'SO i 1*32 .96 

o gjntm Fop ecu &u imis 

0 adririsT FGP on 11332X0 

° HS W,S *^ 0 ' * inu* 

a Utoificrra USO j 1896*0 

a CWlhtb^bdem DM 1MU1 

a CmauiunckaOBP E 191.53 

- yopon na. Equity s *im_ 

e Gtggrl Curt, Euro EflutlY Ecu 296.74 

a QRflurl UK eaulif I IUO 

0 GspoH French Equity FF I 

0 Ofljjcn Cemron Equity DM „ 

a Cirport Japan Eqiflif * «1 


INTERNATIONAL HERALD TRIBUNE, S ATURDAY-S UNDAY, JUNE 21-22, 1997 


Advertisement INTERNATIONAL FUNDS L June 20 , 1997 

available on Internet: http://www.iht.com/IHT/FUN/ fund5.html 

w i. T .f *argr 


o S udtWIOiW Equity Fd SF 17503*. 

jpsssi iQaasr**^** 

m KES'rSCmud t 

riKHP^r .» 

a DM Dn*y Incerng DM ioq 

j i Bono incmw s 3077 

0 tun • 1 Baiu | 31 *7 

0 GiopM Bonds f 3411 

a GtaW EduSe ? 1 J aS 

5 MfSSSGgg!* I SU 

j Ewopegn Equina* 1 if.o* 


0 GSpoti French Equity 

0 “WoNCwimn eSb#» 
a Ciiport japan Eaulif 

1 CBtoUIlAPEC 
c CHIpofl Edtroc 

d tjfport NAS Bond 
a Olqjort Emu Band 
■> a«tl Jg.5mCaB 
j cnnrai rafejn Eauiry 


Ear 10236 
Y 903430 
UI 13760700 
S I HUO 


d mpofl us ?a Gro s 

a OOwrus SmCap S 

a CAeon 11 STSonl Ln 

j cmpon nuBa ifL 

n CL Aiion Incan* Fund S 

0 CL »>0 Comjncr Fund S 

a India Foaii Fund S 

j Moner Manager 1 5 

a MwwMingvIl 4 

a Odwlfd Plfl Bokmcdd Fd 5 

a •^nwwciPMGmraiRi 1 

a rKw 4 ciPtfiEnlwnwdCf»i 5 

m CTT1BAPX CLOUL ASSET MfiT (ASIA) LM 
T9l Dp 852 2848 6366 Fm 00 W? 2SJ3 1379 


Tgl DO 852 2848 6366 Fox Q 
a ClFICgynoii Ami 
j CIF tCaymoni Hn Ea 


a Emm Mqrtwi Otf. \ um 

m AJC ASSET MANAGEMENT LM 
a AtO Amur Ed Trail I 62.38a 

• AIG AiU Emm MAR Fd i 06J8O3 

w AIC So torePd Wodd Fd t 1*4.029 

0 AKi Ev MdEfKl t Al Em Mk f 00 Jb18 

» AKV Burn Snwir.qpg Pk { 2044601 

• akj Japan Fund 1 n «j» 

7 AIGJuanSnuaCaiFd S 1119 

1* AW Lffin Amenta Fo o: ! I97.7«W 

» Aw joulhetnl Asa Sm Cm S 109.761a 

a UBZ eui&Opminw Fund Ecu 14 If 


a UBZ LtouMUv Funa SF 5F 12308*1 
008 ALBATROS performance rind 
m AMotHI Pea RnoDMI S 1635817 

tr ARHlmi PorMtMoj DEM DM IWOflO 

m AfctMiB Oalt i mon ce Uit» 5 3126442 

10* ALFRED BE RG TO : 44 ■ 723 U 111 
ALFRED BERG NORDEN 
a A* ■ho' I «l.« 


alfpeoberg;icav 

a CtoM S 3414s 

a O*mton» DM 37233 

a Sgntiottana IF 331 4J 

a Eeropa DM 385 J 2 

a Nattn Amanoa S 202.75 

a RvEau 5 160 % 

a Jjpon Y 11222.00 

ID ALLIANCE CAPITAL MANAGEMENT 
CO Bank of BermnM 0:2^04446339) 
t% AltkoKe US Gi. Stigln A 5 1451 

m AJIlncaUSGr. StiglMB 5 I4JI 

« AllkHKe U 5 <ir Sfrglfr-. I S ZK59 

r ANOKC US Or Jlrnim N 5 2X88 

CO GOLDMAN SACH? iCAf/AAM)T-4DW»t.770 
m ACM Reienn* FO ■ Oa« 1 S 1D77 25 

« HA FUNS MANAGEMENT. LTD 
O-YUle Pd. HamWtm. HMIt BermuM 
tp Aim Fd LUKfAmai s 109 89 

r M Altai Fd-HIC 1 15754 

uiM|A 

m Alpha aims Fd-TjoyMoyil 


•M WMGEST 03-1) 4471 7S II 

m C.F.E Onyt Fund S 1 56177 

f C.F E. Lehu Fund i 120931 

• CongadAsa s ufftoa 

a CantOHlEumM SF 257055 

» Ponoa Stan s 101708 

841 CONZETT HOLDINGS LTD 

Internal tlla mm camen com 

• Contiowv Um86d SF 221094 

B COffiBlt EflPDtn IIWjI ua SF 182540 
» LOiuen Fom Fund ud SF 3807.15 
n Envralna MAR Quartl Fd Ud DM Ha8.ll 
ff EdulfaMTl FiM LJd DM I ITUS 

• SimAtwar Ttwing Fund Lid DM 176096 
M2 COWEN ASSET MANAGEMENT 

unran EnKrprtu- Fund N.V. 

» OossASha S 13550 

B QOSS B Slw S 1963.15 

•43 CBEDI5 1 N VESTMENT FUNDS 
TO *41 1 333 8500 Fa. *41 1 2?1 3*1S 
a CS Port FU tnc IDMi A DM 1030* 
a CS Poiti Fii in: IDWI 8 DM 1KD16 

a CS Pam Ft> Inc tC'SJi A 
a CS Punt Fa Irk. tlJSSi 8 


a CS Pontine JFO 
a C4 Fortl Inc SFP 6 
a CS Panf Inc USS A 
a CS Pont Me USS B 
a C5 Pont Boi DM 
a C5 Port Bal SFB 
a CS Portl Bal U53 
a CS Port Fos„i SFP A7B 
? CS Port! Graiith DM 
a CS Part Groat! SFB 
a CS Pont GuKtiti uSS 
a Cradis Money MU Fd BEF 
a Crepts Money Mai Fd CS 
a CrattkAtonef AiUd FdDM 


Alpha ados F d-TdoyMaySi I ikh 
A lpha Emd MAJ» DnlrMoyll s 21 tx 
Alpha Europe Fd IMavJli Ecu 27403 


Hop £d Cl C/MdfSI 
Aipna snoti Fd I 


Buch-Ecu EurHdq Mayil . Ecu 2IS1 

CumVOaoLdl Am AiMofSl) s 1X1 

■jiaaalvHl value iAotJOi 
r Meael Japan Fund 
Mda Periamoxe 
UHnweVVWUel 
Podf RIM OppBV) MOTH 
NM Poc Cup QfMvMayJI 
m ffteRwHiaPdiMaifni s 272) 

612 AMERICAN PHOENIX INVT PORTFOLIO 
a European Muttnutonal Phi 5 244 

- "nafcmalPIO I 24i 

a lit unman Conpinmi I — 
d u.5 Real EiateSec Pro 


w DEFAuodalu N v. SleaidfOE 

i» Eagle StMed Fund S 1I1I59E 

> Flrjl Eagle Fund SlOaOul 47E 

a The G*o6ol Bmemqe Fo s IH24E 

015 ASIA PACIFIC PERFORMANCE. SICAV 
f APP S 12J6 

■It ATLAS CAPrrALAUUtAGEMENT LTD 
w Atu> dabai Fd 5 11737 . 

y AAm t'lTC Aieetage Fd t 124507. 

* GMlwdlMe ArmttDfle Fd S 1107 aO. 

n ChalVtigerFd 5 112835 

1 : The DfcOWTT Fund 5 10085. 

f The Second AtaARMlOfl* S 1057^1* 

817 BAII T4t *4-171-724 1786 

! inUnrarM Fd Unml NAV S 65154 

lrterpotHuHo Funa 

• timeHttle Fd iFFH FF 3)3*55 

t CamterUUaFd flJSSI J mm 

1 CamtoH Fund 1 USS 1 l 534 17 

<11 BANK BRUSSELS LAMBERT IB-B SO Jin 
a BBL Ipuea Amencn Cap * 7772* 

a BBL imnsf Betflium cap BF unarm 

a BBL irweu Jopon Cop 
d BBL KfRAi Lorn Ame<Olp 
a BBL inumtHLA China Con 
a BBLlmrrti Anon Gnh Cop 
a BBL MWBl UK Cop 
a BBLiD Imr Galdmlnw Cap . 

a BBL 1 Li Invwl EwnoeCtm LF 2300300 

a BBL rU I mad World Cop LF UnDD 

3 BBL IP Inf Bmp Met Cop 4 mi 


a BBL Renta Fd Irdl Co 
a BBLPDmmoreai B«4i .. 
a BBL R C Sh- Medium Ca 


119 BANOUE BELCE ASSET MGMT FUND 
Shan* Oldnbvnr Cuetneef 44141 776414 
m im Eaulif Field S 1 

r Inti Bond Fund S I 

- DoBorliTO BdFd 1 I 

u am paciAc Peuion Fd I 1 


• India Fund 

» j taring Equily Fd 

* sierkng Ba Fa 


2D BANOUE EDOUARD CONSTANT 

• BEQOhFd mteamnd SF 

■ EEC «f Fa linehec SF 

- BEC SuNsshmd SF 

BANOUE FSANCAI5E DE LOR I ENT 
m BP3 Sfcnv-Globd Shafeqlen S 
■20 BANOUE INDOSUEZ 

• nit Dragon Funa s 

p MawnoHH FdSer la A S 

P Manma FvL Fd Sat 1 □. E S 

m Marina RH FdSer 2ac S 

n manual Cwr CIA Undf 3 

a '3om»y» Japan Watrara S 

e mooiuei High >ld Bd Fd A S 

■ iitomw'tHrfjh lla Bd Fa B S 

e Men F' 4 »na Pjai : 

a Indmuei Latin JUnenm 5 

a inotTBKd Mulmtcam Fd S 

a Inonuei Eur SnuCo M DM 

INDOSUEZ ASSET MOT ASIA LTD 
a Inonuej Arim Pm jrruip A S 

a Indnual Arim PlflJ'nihpB S 

a I5» Acton Growth Rind 

a ISA Japan Req Gnri*lh Fa S 

a ISA P«iBc Gold Funa I 

o ISA Avan incane Fund s 

a Indowei rarea Fund S 

r 5 no norm Fund 5 

1 * HimiwanFuna 5 

it .Manila Fund S 

f Malacca Fund 5 

. Ttv Srin Funa S 


a inOmuel Japan Fa S 143 

«. liMtnum Managed tm SKI 

a Indosuei Aaion Pn-lndon A 5 21 

a indmuet Alton Pn-lndon B S 21 

121 BANOUE SCS ALLIANCE 
(41 J31 639-4500. GeaeM 
.' Pietaoe Rom Am Eouip 

e PriooeEurutdEquiM* 

- Pleodc --jo PiKific Eq 

PttdMe Enymnmeni Ea 
Pleooe Donor Bunds 
r PteioaeECU BontK 

i- PMaaeFFBondu 

r PtotodO Inn Coro Bondi 

Flemde Dollar Reune 
P leone ECU Rewrm 
Phono SF Peverve 
Pietoae FF Btsanre 
190 BARCLAYS GLOBAL INVESTORS HK 
42 F cethan* Taim'.Cinc PiLKrdnua Stl'MK 
Tm iHJIiJTOIJIJi 

a Cninj.?»C-1»fJ4i i 157 

a Nonq long .|7tJ4i S 77 g 

j inroneM 710041 i it, 

: Jaoon‘i?.)6i S T I 

7 fated 0 *Om i 7 \ 

• Maun'/iail'iQAi 5 36 « 

r Pn.bpp.nei 1 17 Dei S 25 J 

a 5 m Meant (17-0*1 S 21 J 


a inoutjnd iWG6> j ijtaai 

a 4 von F.ma .CeC*. 5 8D37: 

n So.iin StuJAioilTOai S 38 Jl3c 

— 177 BARING INTL FD MANGRS (IRELAND! 
LTD (SIB RECOGNIZED) IFAX <2503 
|FK USE Cuuom Hie DockiDuhJJI HUBoOM 
c Bannq Eiripni iVorto Funa f owh 

c Banna “• m t>a 1 3 14 001 

H.gn Slrjid Sana S II772 

a Jaoan SntgiWLoi Fund 5 8 65: 

j Bonn, Eouern Eurepo Fo S liT*; 

a i\jna&a« c fr FF 81 9j: 

— 171 BARING INTL FD MNGRS (IRELAND) 
LTD 'NON SIB RECOGNIZED! IFAX HS02 
a Au'Jrijia S 34 4J- 

•’ Jauan F.<na j jjau: 

i .-.•.34Tv:0*SSrrqgpu«. J 13489: 

Noun Amenta 1 51 jtj 

0 tjewotr. F-ma *its- 

1 PdoScFuno S 1^)9: 

a Inlomc'Knai BOrkJ S X 45‘ 

< Euroofl Ftnig S ;»0^ 

a Hong tong S 188 E 1 

a Tmar ironuni ; 41 IS; 

a GieEd Enrnmina M*» i Hut 

a LnUn Anwhaj j 18 JK 

j US Dollar Cunondf Fund 5 18.7*1 

a ilunwfD Funa Managed i S~ »h 

a Koroa Fnads* Fund _ S * 74j 

a Europe SeloB Feeaot Fund E 1 ijk 

624 BEACON GLOBAL ADVISORS LTD 

- Gemini Cqrs Lid S 4*47 ;i 

* .:«npdHSawiN LM i 10359 a: 

- CampatJ Setm E LM 5 2’5i 4* 

<n Contpais Sam I Lia S 1*84.85 

m ComptWI S*n« iv U'1 S »1*4 r j 

Ml EEC UNIVERSAL FUND 

'7 OJOUll Ea U50 A lOhri S 24.4095 

o GlftUaiEaUiDBlCJHi S »3S4> 

j '3*oPol Banal USD A loan 5 l»%3l 

j GtooaiBomi'JSDB iCagi ,S 

c .Stobeu Bar»ji FPF A .DM F= 128 9041 

J Gtobal B-ina: FPF B llopl FF M? 1 


a Fn>E«lUSD AtO.el 
J Fri E»l USD B iCdf 
■j Japan JPt a iDdi 
a Japan JP . Bf.apt 


- ieShKl Eaiiuan Fd ' ' 9 10309 J 

-■ BcFnveH Realfj Fund Pic S JW-4?} 

! BebtTjcU V.ienbona S 1 SjI«7 


. Anno Bn-.'Aefllcnl Gdin S J73E 

.* Mila cop G—ln Fa. Ud S ftft’E 

a Anfld Hifln T«ni3orm S J5«E 

■ Adda Hlgnr.MOrP F3 LH i SOP 

127 BOWEN CAPITALMCT 
.■ Ji'.'-nrl Alio c un.j S 12035a 

.■ Zigougv Furu S 89731 

931 CALLANDER TO-133D44T44SM FdB4**44S*t 
Caflonoe* FAsW S :4Sot) 

1 . Cditmder F.Awinon 45 137*21 

,r CflUttnpnr F-Ewttrr. Etnoue DM a 257 

j Cailcrour Feirorrm .3pp } 178.70 




-tec**** 


Z*2 Of * 




rr iw 



i t i t w 


fhtfoi tin* 

IrtUtlU' UUikvfMXBT 



4** c 


.j: jivj'. 

* vrr tf i^Roflfft?. ; 

■ 











































































sro\soi<i:usf;cno\ 


INTERNATIONAL HERALD TRIBUNE, SATURDAl-SUIVDAY. JUNE 21-22. 1997 


PACE 19 


mi; lii-n: . t-.i 




SUMMER IN NEW YORK 



hotels, restaurants and 
tinders, stumper has 
income one of New York's 
busiest periods. With 
aim aid poBution at their 
lowest levels in decades, 
visitors and residents are 
t&kigadvaitageofthe 

vast possibilities for 
entertakunentf cultural, 
leisure and sporting 
activities the city has to 

offer for kuBvfduats, 
c ouples an d fawffies. 
Whether your Uea of a 
good time Is taking in the 
monuments or soaking up 
the sun hi Central Park, 
New York wB keep you 
coming back for more. 


ilftffSF 1 




iJ^VaANIhS. ; A- 










j.-c, 







And the Living Is Easy: City Rides an Upswing 


The summer months ate packed with a wide variety of activities for native New Yorkers and tourists alike. 


I n the 1970s, people used 
to laugh at the ad slogan 
“New York is a summer 
festival.” The city's reputa- 
tion for sweltering, dirty 
streets sent residents packing 
for the hills and beaches 
every weekend. 

With foe rise of nearby re- 
sort communities like foe 
Hamptons, Fire Island and 
the Catskills, restaurants 
were empty, good seats at the 
hot Broadway shows were 
readily available and hotels 
had high vacancies. 

No more. New York is rid- 
'.ing an upswing among res- 
idents and tourists alike. New 
Yorkers have rediscovered 
the joys of local assets like 
I Centra] Park, the New York 


Botanical Garden and foe 
Brooklyn Botanic Garden. 

Battery Park City, an en- 
tirely new neighborhood 
carved out of landfill from 
foe construction of foe World 
Trade Center, reawakened 
interest in the city's extensive 
waterfront as a place for re- 
creation and relaxation, and 
the huge new Chelsea Piers 
complex has taken full ad- 
vantage of its location. 

Festivals like foe New 
York Jazz Festival, Mostly 
Mozart, and the Metropolitan 
Opera and New York Phil- 
harmonic concerts in foe 
parks are drawing people 
away from summer destin- 
ations. And tourists are ar- 
riving in droves, forming 


long lines at old standbys like 
the Empire State Building 
and the Statue of Liberty and 
at new meccas like foe theme 
restaurants and stores along 
57th Street. 

Meanwhile, foe old 
“bawdy, naughty, gaudy 
42nd Street” has been trans- 
formed. The menacing ped- 
dlers, dope dealers, porno- 
graphic shops and peep 
shows have been replaced by 
new office towers, a Madame 
Tussaud's Wax Museum, a 
25-screen movie palace and a 
magic-theme restaurant 
owned by magician David 
Copperfield Then there are 
foe theaters, chief among 
them the Ford Center for foe 
Performing Arts, owned by 


theater impresario Garth 
Drabinsky. and foe New Am- 
sterdam, an early 20th-cen- 
tury jewel lovingly restored 
by the Walt Disney Company 
as a showcase for its Broad- 
way productions. 

Booking ahead 

Today, getting a good seat at 
the top restaurants or foe hot 
Broadway shows in the sum- 
mer months is no easy matter, 
and hotels are booked to ca- 
pacity. 

The city has become much 
more kid-friendly, with foe 
new Children s Science Mu- 
seum. Sony's Wonder Tech- 
nology Lab and special ex- 
hibits at foe American 
Museum of Natural History 


— all hands-on and inter- 
active. 

New Yorkers themselves, 
meanwhile, are staying home 
to people-watch foe masses 
of roller bladers, joggers and 
bike riders in Central Park. 
They’ dine al fresco at foe 
many sidewalk cafes or res- 
taurant gardens, cheer on 
sports teams like foe Yankees 
and Mets, and bet on a fa- 
vorite horse at one of the 
local race tracks like Aque- 
duct or Belmont. 

There is so much going on 
in New York in the summer 
that it would take a book { and 
there arc several) or a Web 
page (also numerous) to de- 
scribe them all. For detailed 
information once you arrive. 


» \rEfb , H 


foe new Time Out magazine 
covers the weeks events in 
detail. The weekly, a spin-off 
of its London namesake, it i> 
available at all newsstands. 
The Milage Voice also has 
listings and is free at side- 
walk kiosks. Other helpful 
weeklies: The Cue section of 
New York magazine and the 
selective listings at the front 
of The New Yorker. • 


Under the Stars 

Front suing music to Shakespeare in the Park. 

L incoln Center's "Midsummer Night Swing" has be- 
come one of the most popular activ ities in town. 
Outdoor dancing to a live band brings back the 
romance c\cn Wednesday to Saturday until July 26. 

Music st\les range from Cajun to ballroom, disco and 
numfro — complete with lessons. Tel.: (212 ) 54c«-26>6.^ 
Further downtown. "Dance on the Waterfront" offers 
similar fun under foe stars within the dome of the World 
Financial Center (West and Rector Streets). Tel.: (2121 945- 
U5U5. 

Cur-ic.Ns New Yorkers bring chairs or sit on foe lawn at the 
mock "drivc-m" m Bryant Park, hard by the magnificent 
main librurv on 42nd Street. The film scries highlights the 
classics. Tel.: i212> 512-S"00. 

Music and drama 

One of the most popular events in the city is the annual 
Shakespeare in the Park festival. Although the plays haven't 
been announced, they usually attract top Broadway and 
Hollyw ood talent. 

The free tickets arc available on foe day of performance, so 
get to the Delaeorte Theater i Central Park West at Sfhh 
, Street > earlv — and bring a blanket and a book. Tel.: i212i 
539-S51HI. ' 

The Metropolitan Opera performs in Central Park on the 
North Meadow cat S 1st Street) June 24. Bring a blanket and 
a picnic basket, either from upscale delicatessens Zabar's 
< Broudw jv at With Street)or E.A.T. t Madison Avenue at Smh 
Street >. Tel.: « 2 1 2 f 362-tf »J0. 

Country mu^ic lovers, take note. On August 7. the most 
popular countrv star in the world. Garth Brooks, w ill perform 
live in Central Park s North Meadow (SI si Street i. Get there 
early if you want to ^ee the stage: hundreds of thousands arc 
expected 

Also in Central Park. Summerstage will hold pop conceits 
featuring cv cm lung from zvdcco to salsa, opera and dance 
music throughout the summer at the Rum<C) Playfield. in the 
middle of the park at “2nd Street Tel.: (212) 3 60-2 ”77. 
Summerstage also features performances by the New York 
Grand Opera. Tel.: i212i 245-SS37. 

On July 4. Macy's department store sets off one of the 
world’s largest fireworks displays from a barge in the East 
River The entire F.D.R. Drive is closed to traffic to ac- 
; commodate the crowds. 

From Aug. 10 to 17. the Brooklyn Botanic Garden cel- 
ebrates the heritage of its Caribbean neighbors in nearby 
Crown Heights with a Tropical Carnival, Events include a 
stilt walker, a tour of the warden's rain forest and spiev food. 
Tel: t"lS) 622-4433. 

Kid's stuff 

For some outdoor family fun. you can take a short day trip to 
the Bronx Zoo and International Wildlife Park, lr is the largest 
urban zoo in the United States — and kids lov e it. Tel.: c 7 1 S ) 
367-1 1 MO. 

Or stay in Manhattan and v isit foe Central Park Zoo. w here 
a complete renovation has made the world-famous collection 
even more spectacular, habitat-friendlv and fun for children. 
Tel.: 1 2121 861-6030.* 


Take Me Out to the Ball Game 

Whether for players or spectators. New York offers a range of facilities for sports-lovers. 


T he New York Yankees are still playing at historic 
Yankee Stadium. It should be pointed out that foe 
■reputation of the Bronx as a dangerous neighborhood 
is unearned; foe area around the stadium is one of foe safest 
in foe city, particularly on game days. 

The easiest way to get to foe stadium is by subway. Either 
take foe CC (“A” local). D (Sixth Avenue line) orthe number 
4 (Lexington Avenue line). 

The Mets. New York’s National League team, play at Shea 
Stadium in Eastern Queens. To get there, take foe Lexington 
Avenue line number 7. 

For some world-class tennis action, foe U.S. Open takes 
place dining the last week of August at the Tennis Center, not 
far from Shea Stadium. But beware: tennis lovers snap up 
tickets far in advance. Tel.: (71 S) 760-6200. 

I Just do it 

The biggest news in foe local sport and health club scene is 
foe advent of Chelsea Piers. Located where 23rd Street meets 
the Hudson River, this enormous complex of buildings 
houses horseback riding facilities, a golf driving range, two 


“Summer in New.York” 

was produced in iis entirely by the Advertising Department oj 
the International Herald Tribune. 

Writer: Slew Weinstein in New' York City. 
Program Director: Bill Mahder. 


indoor ice-skating rinks, roller-blading trails, an Olympic- 
size swimming pool, a fully equipped gym with a climbing 
wall and other up-to-the-minute equipment, and a roller- 
skating rink (local hockey teams play there). After all that 
exercise, tired athletes can dine at restaurants that feature 
dramatic overhangs onto the river. 

And don't forget that Central Park is closed to cars every 
Saturday and Sunday throughout foe summer to accom- 
modate weekend athletes. • 


jjjjIsjjj : . 

SlffTH & WOOBWSKY n , ,,.*,4 • J 

.7ffl , nwfAwN»iSUrJ7-ZSS-lBB .3U ill J2J =21 w 

"Hffl sppropnan dassen n > nogs' otter a 'tiumongow' nook owl-? 

« ft* awe « Ms twntnfl, oopater. Bw-rtwv "NYC mat'; | 
*8 iiQitBhtDl prime moot hash browns, cnMimjd *pinach and M 
■wteodMwiaei^'anh'flh mart* year ataiwwtwwavw. m 

’MutetiaKtWwaluonmciiewfldilnli^iBatwatteia' - 3 R 
persarataa- M 


Objects of Desire 

*THE MODERN STILL LIFE 



>i \irntmr rn 


YC ZAGAT'S 1997 



We couldn’t improve on our location so we save 
the hotel a major facelift New y renovated, The 
Anvetitania Hotel features 207 deluxe guest rooms 
including 1 2 luxury suites for the business 
traveler desiring exceptional service ana attention 
- to details. Located in the heart of the corporate 
. and entertainment district and steps away from 
fine-dining and New York's top attractions. 

SUMMER RATES 

Single/double: $1 15.00 Suites: $155,00 
Cad; 2 1 2-247-5000 Toll Free I -000-922-0330 

AMERITAN1A HOTEL 

1701 Broadway, New York, NY 100 1 9 


■MALONEY'&POROELLI '• 

Bna MW «nd a hrraa tmna party room. 


110, NYC ZAGAT'S 1997 
MANHATTAN OCEAN CLtlff £]3i£j£Sl- : 

57 W. 3 M$ltbm. 5 ttili&t>to<al 2 l 2 -Sn' 7 rn 
Drondai -boat NVCaaalaod*. mil 'ctew'.modmn Hdnwnar 
htodistHHiierf Cawal Part; pmducas -fanarte* -friwh' S«h that** 
float too nadwpto being cmnM, job ran umalr haw ■ 



AVENUE CAFE JilaJ2Jfi2l 

iJWhStod a PfttAmL 2 I 24*4- TSOO 
’Bad»l»ba*cre«llwiwfll*>fl'»«teptievw^ 

' tajtjwswbnwis «d dasssra^; Ws m- 

t «M)HteRal^awMdio«'Mam. BMttSna*, EaaSUa 


NYC ZAfiATS 1997 

. HERE HE DIED 1.500 RESTI0R1ITS 
II THE IHSIII NEH YORK CUV RESTRURRUT SUflVEV. 
HETfE DOME D LITTLE EDITING FOR YOU. 

■ The»f premitr fHiiariaii 
Mrnlf welcome ibe 
American Exp re* •* Card. 

Cards 

MmHM C-fi* llri«*teWi«lWailWW"»*»« s «' 


;i-;eny.e -i toil ' ri "-.r R-.ro' i ■••• f..Ti •• ;i.;- . • . J ■ ^ w.: Lnii.-rs-fi-. 

They're not your average pictures of fruit and flowers. They're amusing, outrageous, 
seductive, and surprising takes on the modern still life by Picasso, Matisse. Mir6, Warhol, 
Cgzanne.and 67 other artists. A major exhibition of 132 works in various mediums. 

'Loaded with modernist masterpieces and... a beautiful show" — -hs n=w »crk t*wes 


Now on view 

The Museum of Modern Art 

1 1 West 53 Street, 212-708-9400 www.moma.org Open daily except Wednesdays 

Generous sjpDO'l is prOv'ded by the ^de'e Council on 7'e Arts arnj the w urrianii es end AT&T 






PAGE 20 


ETOKNA3T0NAL HERALD TRIBUNE, SA3TJRDAY-SCNDAY, JUNE2T-22, 1997 “ 


SUMMER IN NEW YORK 


ji».‘ 5 r.’ 


m:k. 




Going Out on the Town 

•Some New- York favorites include steak, seafood, pasta and tandoorl 


Who says New York restaurants are too 
expensive? From June 23 to 29, more than 
100 of die city’s finest will serve three- 
course prix-fixe flinches for SI 9.97. Cal! 
ahead — way ahead — for reservations. 
Tel.: (800) 692-8474. 

If this special offer doesn't fit in with 
your travel plans, here is a selection of old 
and new favorites. 

The Bombay Palace 52nd St. at Sixth 
Ave. Tel.: (212) 541-7777. In a city full of 
Indian restaurants, this is considered one 
of the most elegant with some of the best 
cuisine. The tandoori dishes are especially 
good, and the lunch buffet is a bargain. 

Cite. 51st Sl between Sixth and Seventh 
Aves. Tel.: (212) 956-7262. For lovers of 
French food. Cite offers “wine dinners” 
every night at S P.M. Four wires are served 
without charge to accompany a prix-fixe 
dinner of S49.50 (includes enrire menu). 

Felidia. 5Sth St. and Second Ave. Tel.: 
(212) 758-1479. Zagat’s, the New York 
restaurant bible. says. “They don’t get 
much better.” Located in ah elegant 
brownsrone, Felidia's fine North Italian 
cuisine is complemented by the restaur- 
ant s renowned wine list. 

Park Avenue Caff. 63rd St between 
Park and Lexington Aves. Tel.: (212) 644- 
1900. Chef David Burke has been called 
“the most imitated chefin New' York” for 
his New American cuisine. The pastry 


chef, Richard Leach, has just won the 
lames Beard award for best pastry cbet 

Maloney & PorceJU. 50th St between 
Park and Madison Aves. Tel.: (212) 750- 
2233. Open for less than a year, this new 
favorite has outdoor dining and food from 
the past, including crackling pork shank 
and angry lobster. 

Manhattan Ocean Gnb. 58th St be- 
tween Fifth and. Sixth Aves. Tel.: (212) 
371-7777. The New York Times restaur- 
ant critic Ruth Reicht raves about this 
New York seafood shrine. More than 50 
original Picasso ceramics built into the 
walls provide the setting for chef Jonathan 
Parker’s creations,' called “foe best sea- 
food in New York” by Zagat's. 

The Post House. 63rd St between Park 
and Madison Aves. Tel.: (212) 935-2S88. 
The Wine Spectator called this “one of the 
10 best steak houses in America.” Offers 
an extensive wine list. 

Sel et Poivre. Lexington Ave. at 64ih St 
Tel.: (212) 517-5780. At this cozy bistro. 
Chef Bernard Teissedre combines tra- 
ditional French cooking — including a 
$20 bouillabaisse — with other cuisines. 

Smith & Wollensky. Third Ave. and 49th 
St. TeL: (212) 7S3-1530. Gourmet 
magazine called this revered local insti- 
tution the “quintessential New York steak 
house.” Outdoor dining available. • 


m. 



i v ’ * 







.* -■ 

. 



Visits to the BUs te land Immigration Museum are usvafiy combined with a bp to the Satue of Liberty. 


Web Sites and 
Glide Books 

A selection of resources far visitors and residents. 

T 'bgps arcprobably more guidebooks written about New 
York than anytifoercity-iaL foe world. Here are a very’ 
Select few. , 

Baedeker New York (Macmillan, $17): Complete, with a 
'few gaps; so-nonsenser fold-out map. 

Essential New York {Passport Books, $7.95): Pocket-sized. 
wdB*organized. _ 

Manhattan (Compass Division of Fodor’s, $26.50): Beau- 
tiful, but covers Manhattan only, includes appropriate lit J 
eray'excerpts, 

Cadogan City Stride: New York (Globe Pequot Press! 
$14.95): A British per spe ctive: very well organize; includes 
walking tours. . ! 

New York for the Independent Traveler (Marlow Pressj 
$14.95): TOkfogtoras organized by foeme. > 

Native's Guide to New York (Prim Publishing. $16.95): 
Just what it says; not for foe uninitiated: goes beyond a classic 
giridebook. .j 

Frommer’s Irreverent Guides: Manhattan (Macmillan, 
$12.95): Good fun, with “X-rated” sites and more. \ 
Hie AJA Guide to New York (Harcourt Brace & Co.. 
$23:95): Not a guide per se, but a detailed view' of neigh-- 
bothoods and every notable structure in the. five boroughs* 
certainly foe most comprehensive guidebook, as well as arj 

invaluable reference. ' 

• . .j 

New York On-line :•{ 

The best Web site for up-to-date travel information is run by 
foe Travel Channel. Call up http://www.city.net, typ^S 
newyorkeity, then click on Take me there. ■ \i 

. To fold out what is happening in the city, go to http:// 
i wmv.R\'C\isit.com, run by foe New York Convention <£} 

* Visitors Bureau. Includes listings of hotels, museums, theab- 
ers and restaurants, plus a lad’s guide to the city and more, i 
The site also offers a wide range of hyperlinks, including ^ 
ticket reservation services, travel schedules and a directory of > * 
other NYC Web sites. • 


Hie Mark T-Shirt $395 

(Suite included) 


From the Glories of Byzantium to Graffiti Art 



THE MARK 

GifEiGipsira 


*i e w v o * r 



Special summer race, daily June 27 - September 7, 1997. 

Package include*. One Mark Hhbt. Gonrincnral breakfast Sew York Tima each morning. Shuttle service to tbe 
theater district Frida}- and Saturday nights. A fabulous Upper East Side location, in the heart of New York's 
most exclusive shopping. Rooms also available at $260 per night. Rates based on double occupancy. Tbe Mnfc. 
Madison Avenue at 77th Street N.Y. Reservations, call 212-7S4-43O0, 1^0O#&6275 or your tmdpnrfeaBkwaL 

Rue does ikk include tua tenia duijgn or panada. 

A idea number of loonu *ubjea to anuLdiiliiy. Rare* wbjca to dsnge. 

Nut JvaiUhlc for group*. 


swm mumt HOtiLSQf Twt uoblc 


-«Tbe%maBfao^atoeiMr 




A sampling of the summer's most important exhibitions from among the city's cornucopia of museums. 


T rying to see everything 
foe New York mu- 
seums have to offer 
could take a lifetime. For vis- 
itors with limited schedules, 
here are some suggested 
starting places. 

Ellis Island Immigration 
Museum. General informa- 
tion: (212) 363-3200. Tickets 
and feny schedules: (212) 
269-5755. 

Once a dilapidated wreck, 
Ellis Island has arisen as foe 
nation’s premier shrine to foe 
12 million European imml- « 
grants who came to foe 1 
United States between 1892 
and 1954. The Victorian 
complex looks much as it did 
when foe newcomers first ar- 
rived. A ferry departs from 
Battery Park every day for 
Ellis Island and the neigh- 
boring Statue of Liberty. 

Hie Intrepid Sea- Air-Space , 
Museum. Pier 56.46th St and 
Twelfth Ave. TW j (212) 245- 
0072. Located in an actual 
noncommissioned World War 


n aircraft carrier: this is the 
world's largest naval maritime 
museum. 

In addition to exhibits de- 
voted to naval history, in- 
teractive displays enable vis- 
itors to sample the ship’s 
awesome technology for 
themselves. 

The American Museum of 
Natural History. Central 
Park West at 79fo St. Tel: 
(212) 769-5100. This sum- 
mer, foe museum is showing 
“Endangered,” a full-scale 
multimedia presentation 
about species that are 
threatened with extinction. 
The Isamu Noguchi Garden 
Museum.- Vernon. Blvd. at 
33td Road, Long Island City. 
TeL: (718)204-7088. 

Founded in 1985 by the in- 
fluential sculptor, the museum 
is located just across the East 
River in Long Island City. The 
outdoor setting is one of foe 
most dramatic and unusual of 
any museum in foe city.. Perfect 
for a side trip. 


Metropolitan Museum of 
Art Fifth Ave. at 82nd St 
Tel.: (212) 535-7710. 

The sumptuous creations 
of Cartier pace foe evolution 
of 20th-century art — ■ from 
Ait Nouveau to 1930s geo- 
metric abstraction — in near- 
priceless jewelry. 

The other big news at foe 
Met this summer is “The Gkxy 
of Byzantium,” a once-in-a- 
fifetime mega-exhibit of treas- 
ures that covers the period from 
the founding of Constantinople 
to the'Tuftasb conquest 5 
Hie Museian of Modern 
Art 53rd St between Fifth 
and Sixth Aves. Tel: (212) 
708-9480. 

"Objects of Desire: The 
Modem Still Life” explores 
the still life in modem art — 
from Cfeanne through Ab- 
stract Expressionism. Pop 
Art and beyond — in foie 
most comprehensive exhibit 
ever mounted on the subject 

Also at MOMA are . a 
group of 80 paintings and 50 ' 


noguchi 


drawings detailing foe art of 
Fernand Ldger as well as 
works by the Stenberg broth- 
ers, forerunners of foe Rus- 
sian avant-garde in the 1920s 
and 1930s. AQ three exhibits 
run throughout the summer. 
Whitney Museum of 
American Art. 75th St. and 
Madison Ave. Tel. : (212) 
570-3600. 

By foe time he died of 
AIDS in 1990 at the age of 


3 1 , Keith Haring had become 
foe best-known artist of his 
generation for his iconic dan-* 
cing figures and dogs, high-; 
lighted by Aztec-like im- 
agery. The first major 
retrospective of foe artist 
who cut his teeth scrawling 
graffiti in foe subways will .1 
take place not only at the = 1 
museum but also at she in- 
stallations throughout foe 
neighborhood • 




The Isamu Noguchi Garden Museum 

Y'cninu Hot.! kill'd al .’.’id Kim-J. I . ■ » ; i !--hr.! < i' 


Celebrating 

Summertime 

Festivals liven up city days and nights. 

The JVC and Texaco Jazz Festivals have just begun, 
and will run until June 30. Popularly known col- 
lectively asthe New Yak Jazz Festival, foe successors 
to Newport are the biggest and best in foe world and 
include venues ail over town, from Central Park to the 
tiny Knitting Factory. TeL: (212) 219-3006. 

If you miss the Jazz Festival or are a swing fan. Jazz 
in July runs from July 2 to 3 1 at the 92nd Street YMHA 
(at Lexington Avenue). The Preservation Hall Jazz 
Band will come in from- New Orleans to participate. 
TeL: (2121 996-1 100. 

In just two years, foe Lincoln Center Festival has 
grown into foe. city’s biggest summer festival. This 
year, events range from the Royal Opera's 
“Palestrina," by Hans Pritzner, to a celebration of jazz 
great Ornette Coleman — his first local appearance in 
seven years. July 8-27. Tdl.: (212) 875-5928. 

Also at Lincoln Center, foe Mostly Mozart festival 
returns with some of the world’s foremost performers. 
July 29-Aug. 23. Tel.:.(2 12) 546-5 103. 

Washington Square Music Festival takes place in 
foe bohemian nerve center of Greenwich Village at the 
footof Fifth Avenue (at Eighth Street) on July 1 , 8 and 
15. TeL: (212)431-1088.* 


■4^ 








. / I : r 
i : 7 A 1 ! -• 
MAI r 
; i i h 

! r .\ ! A ' ' ! \ 


THE PENINSULA 

SEW YORK 


vwr. >• * s -ii ?* . vmi v a m uvi'». i. > T.iifn,- *svi >:»«•:* us. a .iii*» Tr».u :i:»:-iT::*v w*u 

Tin i ■. mi-iii ■ rl-it-- f --a. • 'tjii'li • V> 1 -n. • f> i.il. Hill- • viVit) L-J.vRc-.-n • flic rj^ic Ifc-fel Knim- * Tlie Huiel Km Kiin. 

E uhiI. i in , l ,niii-nLi.,. iu Uti'.iu- lirrp‘"«-'ii prtunnd ui-ni m tYTNTACTY^X.TlTKAN’EL rROFESS'li.'NAI. • 


Shop till you drop or hop into our limo 
and treat yourself to a rejuvenating day at 
our luxurious spa. Then unwind at Tatoir. the 
city's most celebrated supper dub. Ride the 
elevator and sweet dreams anvit you 
in a cozy one bedroom suite. 

Pamper Yourself I.. You Deserve It. 

ASK ABOUT OUR SPA AND FAMILY PACKAGES. . 


. Htrnqve mim mm * w* 


145 East 50th Street, New York City 
212-755-0400 1-800^683-0400 




Amsterdam Hospitality Group 
New York 
212-247-9700 

Amsterdam Court Hotel 
Summer Raws: $99-5109 
226 West 50ch Street, New York City, NY 10019 
TeL 212459-1000 Fax: 212-265-5070 

Bentley hotel 

Opening in *97 

500 East 62nd Street, New York Chy, NY 10021 

East Side Inn 

Opening in *97 . 

201 East 24th Street, New York Cicy, NY 1001 1 

Midtown Inn 

Openingin *97 

221 West 55fo Street, New York City, NY 10019 

Aladdin hotel 

Private Rooms: $50-570 

"• 'Shared Rooms: $29-549 

317 West 45th'Street, New York Chy, NY 100J6 
TeL 212-2464580 Fax: 212-246-8063 





. INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX JUNE 21-22, 1997 


Web Site 

Gt IDE B( 

, • . 


:S A\ D 


E.T =J 


Vm Virt 
©■HBfcHArw V,?*. 


SUMMER IN NEW YORK 

i — . I 

Country Life: Getting Away for the Weekend 

The buccolic Hudson River Valley is becoming an increasingly popular weekend destination. 

M Woodswck^ftism Srit l0 ° k “ and 3 “^ Hudson Valley is full racking tales of Upstate wrian furnishings, ar 

the 1969 rock fes- _ Located 1 ess than two- ^ows in other styl 


RYGE 21 


SPOISSORED SKClION 


.V64 -C- 

C jrik ' gaa i-iii s,u..; r v 

Arif 

Wi t-WT , 

■474'T*-r 

Njlhr« *--4akir \, ,, •. 


1 U *« ost people know of 
|\ /| Woodstock from 
:■>„ XT A the I9fe9 rock fes- 
oval (which actually took 
: place in Bethel 50 miles 
away in Sullivan County), 
but Ulster County is home to 
•c several other communities 


that are worth a look — and a 
visit — as well 
Located less than two 
hours by car from Manhattan 
off the New Yoik Thruway, 
the town of Woodstock has 
been famous as a crafts cen- 
ter for over 100 years. 


,: nmm sff ? 


HI* M\ Cud.' r. \. 




' tv&l'iaSt -r-n - - 


. _ 


i(i i fi/T - . 

■ : S W 

■ ' a 4{ 

Vn thf-iia- 

■ !‘i4£ ■ < -! * i . .- 


:*^- T’--- . j, 2. 


- 


S'-- ■ 

1 - hr 

; - 

' -‘Jl? 

• rA 

-.-r- 






A typical Upstate New York famine*- the town of New Paltz. 


“The Hudson Valley is full 
of people like me. expatriate 
New Yorkers, who chose the 
quality of life here," says 
Beverli Sontz, publisher of 
Options, Unltd.. a regional 
magazine serving die Hud- 
son Valley and Catskills. 

Ms. Somz recalls sing- 
outs featuring part-time local 
folk-rock residents like Bob 
Dylan, the Band, Paul But- 
terfield and Van Morrison. 
Impresario Michael Lang 
came up with fee idea for a 
music festival, and fee rest is 
histoiy. including the 25th 
anniversary celebration in 
nearby Saugerties. 

Leatherstocking tales 
In Woodstock, the Bear Cafe 
features fine food and wine 
(tel: 914-679-5555). Prob- 
ably fee best-known local 
restaurant is New World 
Home Cboldiig (tel: 914- 
679-2600). Chef Ric Orlando 
has been featured on national 
television and makes his own 
line of foods, including Wa- 
termelon Salsa and Jerked 
Everything; his American 
Fusion cuisine is notably 
, spicy. 

§ Only 12 miles from 
d Woodstock, tiny Phoenicia is 
± a quaint throwback to James 
Fenimore Cooper’s Leather- 


stocking tales of Upstate 
New York, with its log-cabin 
houses and gabled Main 
Street stores. Among Phoen- 
icia’s attractions are an old- 
fashioned working train and 
the world’s largest kaleido- 
scope: it is also fee Northeast 
capital of white-water tubing 
and fee home of world-class 
fly-fishing. 

Harry Jameson, a former 
computer flight simulator, 
founded Town Tinker Tube 
Rental IS years ago (tel: 
914-688-5553). The tubing 
season lasts less than three 
months, but Jameson has 
managed to send 300,000 
people down fee Esopus 
Creek. A day-long tube rent- 
al costs only $1 0, wife S3 for 
fee bus ride to the big waves 
two-an d-a-hal f-mil es down- 
river, and another $2 for life 
jackets (required). Old 
sneakers are also for rent at 
$2, so visitors won’t ruin 
their Nikes. 

The most notable inn in 
the area is fee Mohonk 
Mountain House (teL: 914- 
255-1000). This world-class 
resort will be known to -those 
who saw fee film “The Road 
to WellviUe,’’ which was 
shot there. A complete resort 
near New Paltz, N.Y., the re- 
sort offers Shaker and Vic- 


torian furnishings, and bun- 
galows in other styles. The 
restaurant is equally well- 
known. 

Sbawangunk Range 
The region is home to spec- 
tacular mansions built by 
19th-century land barons 
along the Hudson. 

Today, fee mid-Hudson 
Valley boasts some of New 
York’s finest wineries, such 
as Millbrook Winery near 
Poughkeepsie (tel: 914-677- 
8383). 

Vintner David Bova opens 
Millbrook every day from 
noon till 5 P.M. and offers a 
grilled luncheon on week- 
ends. along with a tour and 
full wine casting. 

The Shawangunk Wine 
Trail is nestled between fee 
Shawangunk Mountains and 
fee Hudson River in Ulster 
and Orange Counties. 

The 60-mi I e trail, extend- 
ing from New Paltz to War- 
wick. includes eight winer- 
ies, which follow a tradition 
begun by French Huguenot 
settlers 300 years ago. 

The nearby Shawangunk 
Ridge is one of fee most dra- 
matic rock formations in 
North America and offers 
spectacular rock-climbing 
opportunities. • 


TO Gr ai- i i t i Arj Where to Stay in the City That Never Sleeps 

.v-i ; Despite heavy bookings, savvy travelers can find accommodations ranging from the elegant to the intimate. 

s-4 :•? -r .• iowds of tourists have put the neighborhoods. It is just a short walk The Kimberly Hotel. 145 E. 50th Hotel Plaza Ath£nee. 37 

I ' squeeze on New York's ho- from fee shops, offices and restaurants SL. Tel: (212) 755-0400. Tel: (212) 734-9100. 

. ?-. r A V*-/ tels. Visitors are recommen- of fee Flatiron District Particularly In fee heart of Midtown, offers Located in the heart c 


'■ . ?--r ^ 

•*f. ' — i-. . • ■ 

Tr. «■“ — ii-— ' — : - 

A.H. V- 

• ■V- C_: - 

iitrart M r&ni : 

Vi* 

_ V ,. :r: 

*'V. 

tA ^ r.r .- 


; Celebk 
i .Summer 


' #jtl w:.' ••• 

t ±L~. -• 

I : ■ 

’r,I *- --- • • 


• w 1 .- 

I K***: 

I ~-=- 

■ . “Aiw- 46 — 1 ^ 


n\u 

! \ I h 


C rowds of tourists have put the 
squeeze on New York’s ho- 
tels. Visitors are recommen - 
ded to book as far ahead as possible 
: to guarantee finding the room of their 
choice. 

' 7 The resourceful traveler, however, 
• : can find lodgings ranging from el- 
egant five-star hotels to charming 
■ jbed-and-breakfasts. 

Arneritanla Hotel. 1701 Broadway. 
- : Td.: (212)247-5000. 

; A major renovation has trans- 
! formed this boutique- hotel, fee bet- 
iter to address the corporate traveler 
ipn a budget, but wife high standards 
fhe best bargain in Midtown. 

jCramercy Park Hotel. 21st St and 
Lexington Ave. Tel: (212) 475- 
4320. 

; The only hotel on the city’s only 
private park, located in one of Man- 
hattan’s most elegant and serene 


neighborhoods, it is just a short walk 
from fee shops, offices and restaurants 
of fee Flatiron District Particularly 
popular with performer s and other 
celebrities. 


Inter-Continental Hotel 111 E. 
48fo St. TeL: (212) 755-5900. 

A S20-million renovation has 
restored the neo-Federal interior 
decoration. The Barclay Restaur- 
ant highlights New American 
cuisine and specialty cocktails. 
The bar is popular with U.N. dip- 
lomats. 

Malibu Studios Hotel 2688 Broad- 
way. Tel: (212) 222-2954. 

Located in a quiet neighborhood in 
the shadow of Columbia University, 
this is undoubtedly fee best — that’s 
right, the best — bargain in town. 
Suites start well below SKXL and 
they’re roomy, comfortable and well 
decorated. 


The Kimberly Hotel 145 E. 50th 
St.. Tel: (212) 755-0400. 

In the heart of Midtown, offers 
free boarding on the hotel yacht, a 
complimentary health facility and a 
spa discount Talon, a supper chib, 
will soon be joined by fee Tam Tam 
Bar. 

The Mark Hotel. 25 E. 77fe St TeL: 
(212) 744-4300. 

. Near Madison Avenue shops and 
galleries on a quiet side street on the 
Upper East Side. Amenities include 
24-hour room service, free shoeshine 
and newspaper, and a full-service 
concierge. 

The Peninsula HoteL 700 Fifth Ave. 
Tel: (212)247-2200. 

Considered by many fee Hotel of 
the Moment Favored by West Coast 
entertainment executives for fee Art 
Deco rooms, marble baths and Fifth 
Avenue views. 


ofTa ris ********' 

jSjjj t nous lSan 

8* sd OSs 1 ™ ™ 

Quaint Country Frsmch Bistro 
With Old World Charm 

Our Gant Chef welcome* Spring 
with some etching new adrihimw to our menu, 
mim*pon(btt m&m So.) *212 517-5780 


Now York Citv has never 
boon more affordable: 


Hotel Plaza Ath£nee. 37 E. 64th St. 
TeL: (212) 734-9100. 

Located in the heart of the chic 
East 60s. this European-style 
boutique is low-key, elegant and 
quietly opulent. Special packages 
available. 

Salisbury HoteL 123 W. 57th St 
Tel: (212)246-1300. 

A grand Gothic-revival building 
on “Tourist Row," on the same block 
as the Carnegie Hotel, Hard Rock 
Cafe, Planet Hollywood and Brook- 
lyn Diner. Reasonable rates, begin- 
ning at only $149, including Con- 
tinental breakfast 

The Surrey HoteL 20 E. 76th St. 
TeL: (212) 320-8027. Located on the 
Upper East Side, just off Central 
Park, this hotel offers suites and all 
services. Room service by Restaur- 
ant Daniel — feat’s Daniel Boulud, 
of La Cirque feme. • 


IfS A 
<L Steal! 




$7095 


free continental 
breakfast included 


4 mtierdm * 


At the crossroads of fine 
dining, art and fashion. 


Located on Manhattan's elegant Upper East Side, 
the Surrey Hotel stands in the cultural center of 
New York. With its spacious, discreetly priced suites; 
fitness center and attentive service, the Surrey offers - 
sophisticated travelers value for both short- and 
long-term stays. The Surrey is also home to 

. , the famed restaurant Da nieL 

• Summer rates from $225.* 

Surrey Hotel 

- - J A Manhattan East Suite Hotel 

. 33 East 76th Street • New York, NY 10021 
Phone: (212) 320-8027 • Fax: (212) 465-3697 - 

K ‘Sufej tu availability Rate etletbw lune 19. 1 WT, to SeptentojJgg^M- 


I or Rcw rv,u i ■ ■i'l v 

V'N;i !•)!•■. . Nvw Y<>rk 1 U0.' w 
TO; A 125 22 2-29Y4 kix: 6?s-6N42 

T< ' I S 1" ;v . ■ ■ IJY A r i n i v 1 - * ( ;t )-M~A22 7 


%i MS 



\H s !■ K L \i I E K \' \ I l 1 I I I I ' I [- I 







Xi.U* <w 






YVisiting New York City? 

Bstinguished 509 roomiotel overlooking 
^emercy Park. Excellent Restaurant, 
-^cktail Lounge, Piano Bar and Room 
Multilingual staff. Minutes to 
‘‘Business Centers & Sightseeing. 

— Banquet and Meeting Facilrties. 

s aaes $135-140 • Doubles $145 
Suites $180 & Up ; 


_ iagton Ave 

New Y<^k, New York lOOiO 
21X47M320 I 

F«; 212-505-0535 I 

UAUI. . 



.. -- ; - r* . 


i)' t 




"i 




:,i l 



■fs%; 


' -T^ei 




.y 











& 

C? 


4 



% 

* 


Bright lights, big city. Broadway’s legendary theaters are aaractfng bigger audiences than evw. 

On and Off Broadway 

New Yorks theaters offer rousing entertainment for every taste. 


New York theater is coming off the 
strongest season in memory. Three major 
new American musicals opened in fee 
spring — “The Life." a raunchy tribute to 
the old Tunes Square by \ eteran Cy Cole- 
man; “The Titanic," a Tony Award-win- 
ning spectacular about the doomed \ es- 
sel: and “Jekyll & Hyde.” a cult favorite 
based on the classic Robert Louis Steven- 
son novel. 

The honest tickets, however, arc still 
fee revival of Bob Fosse s original staging 
of “Chicago” and last year’s “Rent.' 1 

Award winners. 

Off Broadway, the favorites are: “Gross 
Indecency." a restaging of Oscar Wilde’s 
three trials; “How 1 Learned to Drive." a 
multi-award-winning meditation on the tri- 


als of growing up: “Tap Dogs.” industrial- 
strength dancing from an all-male Aus- 
tralian troupe: and “When Pigs Fly." a gay 
revue wife most outrageous costumes. 

To get tickets to Broadway shows, 
visitors can phone (212) 563-2929. a ser- 
\ice of the League of American Theaters 
and Producers, which also provides up- 
dates on what’s playing and even snippets 
of music from fee shows feemseKes. 

The discount TKTS booth has become 
a mecca for in-the-know tourists. Located 
at 47th Street and Broadway, it provides 
half-price tickets for that day's perfor- 
mances only. Prepare to wait in line, and 
don't expect the hottest show s. Premiere 
Ticket Service can deliver tickets to any 
New York address: tickets can be ordered 
by faxing (201 ) 461-8821. • 


• i In- in- mien t 

seize 

Park up a!) ymir raro am! win*. Ti*ast the nrri\al of piumner 

with a favorite rharc lummy. Break fu*t in lied wa* never re eiv- 

ilized. Relax. Luxuriate. (>M»rai»* life! Simp. Uo to the theater. Go 
dancing. The time wu> never I letter n» indulge in a hit nf Pari- in 
New York. Our summer >[ieeinl \> jiift ^Ti for a aiie-t room or S3115 
for u oiie-hedroom -uite. lax exelmled. Im-lmle- f uiiiiiieiiuil 
breakfast for two or o\eniidii valet |iarking. 

Jnl\ • III .*!„/. thin- brjhi 1, ,11,1 ilium. .. r-11 . •• •» >u •ufit-ilili. 


-a m *' 

h 6 tel plaza athenee 

TT EAST 64TH STREET. BETU EIV MADISON AVD PARK. AVENUES 
2IS 734 9109 - 8f>n 4-1 T 8800 - FAX 213 TTC 09S8 

t Th£feadmtfWoitteartb£W3rid r 


You don’t Lave to be a CEO to 
travel like a VIP in New Yorb. 






7. fr- 



Situated just off Rirl Awnuc, close to slopping, restaurants anil 
museums, tie Inter-Continental las earned a reputation as a 
midtown Manhattan landmark. A quiet oasis of elegance offering 
Impeccable service and accommodation. And new the most comforting 
place to stay is also the most rewarding. ft>r a limited time, earn 500 
airline miles or points each night or your stay, plus one of these 
Business Options. From 

Business 

[■ j OP TIONS 9 

< Upgrade to a Junior or One-Bedroom Suite. 

* US$25 Credit for Food and Beverage. 

€ Double Bonus Miles or Points with Participating Airlines. 

For reservations, contact vour travel agent 
or call (212) 755-5900, toll-free SOO-327-O2O0- 

• One ^5Rbrld. One Hotel. 

Uniquely Inter- Continental. 


HOTEL 

INTER-CONTINENTAL 

NEW YORK 

111 Hut 4Sth Start ■ Nw YmL 

















PAGE 22 


World Roundup 



MjjN^WAP 

Australia's Matthew Elliot left 
congratulating a teammate* 
Gregg Biewett after a catch. 

McGrath’s Fire 
Cut Short by Rain 

CRICKET The Australian bowler 
Glenn McGrath produced his first 
ominous spell or the 1997 Ashes 
series Friday, but any hopes his 
team had of throttling England’s 
First innings in the second Test at 
Lord's were soon cut short by rain. 

McGrath, back to his best after a 
disappointing first-Test perfor- 
mance, made a mess of the England 
batting, taking 3 for 21 in 10 fieiy 
overs, and vindicating the Australi- 
an skipper Mark Taylor's decision 
to ask England to bat in overcast 
conditions. 

After McGrath had limited Eng- 
land to 1 3 for three by the 1 1 th over, 
England's first Test heroes Nasser 
Hussain ( 10 not out) and Graham 
Thorpe ( 13 not out) survived a test- 
ing 43 minutes before rain forced 
players off the field. (API 

Gean Sweep for Hasek 

hockey Dominik Hasek. the 
Buffalo Sabres’ goaltender who led 
the National Hockey League in 
saves percentage for the fourth 
straight year, has won two most 
valuable player awards — the 
Lester Pearson Award, voted by 
players, and the Hart Trophy, voted 
by sportswriters. Hasek was also 
awarded the Vezina Trophy on 
Thursday night as the NHLL’s top 
goalie. fAP) 


Novotna Needs 3 Points 

tennis Jana Novotna was three 
points away from clinching a place 
in the semifinals when rain washed 
out play Friday at the Eastbourne 
women’s grass-court tournament. 

Novotna was leading Ai Sug- 
iyama 6-2, 6-5 and serving for the 
match at 15-15 when the quarterfi- 
nal match was suspended. 

The rain also halted the quarterfi- 
nal berween Nathalie Tauziat and 
Natasha Zvereva, with Tauziat 
leading 6-4, 5-7, 2-1 . { AP) 


^ licntlbS&ribune 

Sports 


SATURDAl-SLMUX JVNE 21-22. 


The Green Monster 
Of Tennis Stirs Anew 

Is Defending Champion Krajicek 
Just a One- Wimbledon Wonder? 


By Christopher Clarey 

fnitrnurioiml . 

It is fast-twitch time in the world of 
men's tennis: a fortnight for skids and 
screams of frustration; for half-swings 
and last-split-second compromises. 

Wimbledon, that, hopelessly ana- 
chronistic hut somehow still defining 
green monster, is upon us Monday. And 
though some might want to know if Pete 
Sampras can win his fourth, or if Goran 
Ivanisevic can finally win his first, or if 
Gustavo (Guga) Kuerten, the freshly 
anointed French Open champion, can 
win his first-round match, what this ob- 
server wants to know is the following: 

Who is Richard Krajicek? 

‘ Is the rowering Dutchman who rode 
his formidable power game to last year’s 
title merely a one- Wimbledon wonder? 
(See Michael Stich in 1991.) Or is 
Krajicek something more perennial? 
(See Sampras, Boris Becker and other 
Open-era icons with large serves and 
lusty appetites for makin g history.) 

For the moment, the 25-year-old 
Krajicek looks a whole lot more like 
Such, the soon-to- retire German star, 
than a ravenous player for the ages. Like 
the lean and gifted Stich, Krajicek is 
versatile and one of the precious few to 
have won tournaments on all four es- 
tablished surfaces: clay, hard court, car- 
pet and grass. 

Like Stich, he has had success at other 
Grand Slam events, reaching the semi- 
finals of the Australian and French 
Opens. But like Stich, injuries have of- 
ten stopped his momentum, and he has 
won just one major singles title. In short, 
if you examine Krajicek's potential and 
his performance, you do not see har- 
mony. 

“For sure. I have the tennis tools.” 
Krajicek said in an interview. “I can 
play on every surface, and I can play 
with anybody. That’s a nice feeling to 
have when you step on the court.” But, 
“I sometimes play one good tourna- 
ment and one bad tournament." 

A glance at Krajicek’s results in his 
last four Grand Slam events proves his 
point: 1996 French Open (lost quarterfi- 
nals). 1996 Wimbledon (winner), 1996 
U.S. Open (lost first round). 1997 
French Open (lost third round). 

The 1997 Australian Open is missing 
from that hot-and-cold litany because 
Krajicek missed it altogether after un- 
dergoing arthroscopic knee surgery to 
repair a slight tear in his meniscus that 
had been nagging both at his game and 
his confidence for approximately two 
years. 

It was hardly his first nagging injury. 
Before he turned 1 3, he already had tom 
ligaments in both his ankles. In 1992, he 
had to default from his first Grand Slam 
semifinal in Australia because of 
tendinitis in his right shoulder, and in 
1993, he took five months off to heal 
tendinitis in both knees. 

Small wonder that when Krajicek re- 
tired in the third round of the 1996 
Australian Open with a back injury. 
Andre Agassi observed charitably that 


“Krajicek gets injured if he just thinks 
about playing tennis.” 

After that disappointment; for the 
first time in a long time, Krajicek let go 
of his obsessive, constrictive regimen of 
exercises, treating "gymnasium" like a 
dirty word. Six months later, somehow 
lighter without his daily checklist, he 
was bent over backwards on Wimble- 
don’s Centre Court, hands covering 
eyes in disbelief after beating the un- 
seeded MaliVai Washington in straight 
sets to write an emotive end to what, at 
least until this year’s French Open, 
looked like a stranger-than-fiction 
Grand Slam event. 

If Krajicek bad been Sampras — a 
player whose childhood mentor, Pete 
Fischer, wielded the name "Rod 
Laver’ ’ like a mantra — he would have 
pumped his big fists and gone right back 
to chasing history. But while Sampras 
and Krajicek are both big servers and 
die sons of immigrant parents — 
Krajicek’s left Czechoslovakia after the 
Soviet crackdown in 1968 — they do 
not share the same single-mindedness. 
Indeed, shortly after his triumph, the 
first Dutchman to win a Grand Slam 
singles title began to wonder. "Now 
what?” 

"I noticed pretty quick what was 
happening to me." he said. "I had this 
satisfied feeling, and in a way. I didn't 
want il So I was telling myself. ‘O.K., 
you want to go for top five. You want to 
win another Slam.' But if it doesn't 
come from the heart, you can tell your- 
self but you cannot fool yourself." 

Only die foolhardy would make 
Krajicek a heavy favorite to defend his 
title, but there have been encouraging 
signs this season, including tides in Rot- 
terdam and Tokyo. He is serving well 
and sounding the right notes, vowing to 
play fewer events in the future to help 
keep his edge. 

Right notes have not always been his 
specialty. At age 20. he ruffled feathers 
by saying that eighty percent of wom- 
en's professional players were “lazy, 
fat pigs. ” In this age of sound bytes and 
snap judgments, that sort of comment 
can create an unshakable label. But if 
you spend an hour or two with Krajicek 
when he is relaxed and receptive, you 
quickly realize that he is among the 
more thoughtful and expressive young 
millionaires on tour. 

Unlike some of his peere. he is also 
steadfast. He and his Australian coach. 
Roan Goetzke, have been together for 
nearly seven years: a lengthy associ- 
ation in modem tennis. And next year, 
he will return to his roots. After many 
years of tax-free, sun-rich life in Monte 
Carlo, Krajicek plans to take up res- 
idence again in the Netherlands with his 
longtime girlfriend. Daphne, in a village 
near Amsterdam. 

So who is Richard Krajicek? Big 
server. Small-fowner. Inconsistent 
player. Steady companion. Quick-wit- 
ted jokester. Earnest self-criticizer. 
Wimbledon chump turned Wimbledon 
champ who, on Monday, becomes just 
another Wimbledon hopeful. 



k R-n Vywh^'-lVw 

The Pirates' shortstop, Kevin Poicovicb* snagging the throw to second to force out Lance Johnson of the Mets. 

Back Home, Mets Edge Pirates, 7-6 


By Selena Roberts 

New York Times Service 


NEW YORK — It seemed the New 
York Mets might suffer pixie-dust with- 
drawal symptoms once they departed 
the magical Yankee Stadium to return to 
their same old crowd at Shea Stadium. 
And yet, for this team, not even reality 
can bring them down. 

It did not matter that the chants of 
“Let’s Go Mets’ ’ seemed to ring hollow 
Thursday night when they echoed from 
a group of four men down the third-base 
line instead of en masse, as they had 
during the Mets' three-day. interleague 
bash in the Bronx. 

And it didn't matter when the closing 
pitcher, John Franco, ruined what had 
been an impressive starting performance 
by Mark Clark by serving up a three-run 
home run in the ninth to allow the lowly 
Pittsburgh Pirates to tie the game. 

It did not matter because the sprite- 
sized Jason Hardtke came up with his 
first hit of the season in the bottom of the 
ninth to score Todd Hundley for a 7-6 
victory. 


The Mets avoided a letdown against 
baseball's marked-down team, the Pir- 
ates, a group that has all but been put 
together with the use of coupons. The 
Pirates' team payroll at the start of the 
season was just over S9 million. Mea- 

lUHiUltOBIIW 

sure that against the salary of Albert 
Belle, who makes S10 million a year in 
Chicago. 

So this seemed like a team that could 
be nicked away like pocket change by a 
Mets bunch fresh from showing that they 
could play in foe House that Ruth Built — 
even though they lost the Subway Series 
to the Yankees, two games to one. 

The Mets staggered at the start and at 
the end Thursday. After falling behind 
1-0. they put up a run in the first, then a 
three-run thirdto take a 4-1 lead- 

Franco who gave up the game-win- 
ning hit against the Yankees a day earli- 
er. suffered another lapse. With two outs 
and twoonintheninth,heservedupal- 
0 pitch to the pinch hitter Dale Sverum, 
who lashed it over the left-field wall to 


tie the game. Franco got the next out. 
then ducked into the dugout. escorted by. 
boos. 

The Assoc iated Press reported: 

Rockies 8, P idr a t 4 Andres Galar- 
raga's second three-run homer in 24 
hours helped visiting Colorado to victory 
over San Diego. Galarraga's shot to right 
field his 20th homer, came with two outs 
in the third and capped a five-run inning 
that gave Colorado a 5-2 lead. 

Giants 5, Dodgers 2 Shawn Esies al- 
lowed one run on three hits in 7V* in- 
nings as host San Francisco beat Los 
Angeles for its fifth straight victory. 
Barry Bonds had a solo homer, his 13th 
of the season, in the eighth. 

Mariners 2 , Rangers 1 Randy Johnson 
won his seventh straight, pitching 
Seattle past host Texas. Johnson 1 11-1 ) 
limited Texas to one unearned run and 
four hits in seven innings. He struck out 
six and walked one. 

Angels 4, Athleticsa Garret Anderson 
drove in the tying and winning runs with, 
a one-out single in the ninth inning as 
host Anaheim beat Oakland to end a 
five-game losing streak. 



• •-« ’ c — 

• • Jg w-*f f 1 -"I * M 

-i (Hi 

. v •> M **■ 

ir 

.-5-j- < grratE. , tadj/fftyri 

M,- 


Fans Gather to Pray for Injured Red Wings 


The Associated Press 

DETROIT — About 300 people 
gathered to pray, listen to music and 
light red and white candles for the Red 
Wings’- defenseman Vladimir Kon- 
stantinov and the team’s masseur, 
Sergei Mnatsakanov, who were in- 
jured in a limousine crash last week. 

Konstantinov and Mnatsakanov re- 
mained comatose and in critical con- 
dition Thursday night at Beaumont 
Hospital in Royal Oak, Michigan. 

Mnatsakanov was undergoing sur- 
gery late Thursday night to stabilize his 
spine, which was injured in the ac- 
cident, a hospital spokesman said. 

Another defenseman, Viacheslav 


Fetisov, also was injured in the ac- 
cident He was released from the hos- 
pital Wednesday. 

For many who came to Hart Plaza it 
was a way to show support once again 
to those who were an important part in 
securing Detroit's first Stanley Cup 
since 1955. 

One banner being held in the crowd 
read, “God please mend our broken 
wings.” Prayers were read and fans 
signed get-well cards. 

The candlelight vigil was organized 
by Rodney Parrish, 31. of Warren, 
Michigan, who paid the $400 rental fee 
for the meeting hall to the city. 

“I felt helpless when I heard about 


the accident," Parrish said. “It seemed 
like a good way to show our support-” 

Konstantinov, Mnatsakanov and 
Fetisov were returning from a golf 
outing celebrating the team's victory in 
the National Hockey League cham- 
pionship when the limousine, driven 
by an unlicensed driver, crossed over 
two lanes, jumped a curb, careened off 
a pole and slammed head-on into a 
tree. 

The passengers were not wearing seat 
belts. Witnesses said the limousine 
brakes were never used. The police sus- 
pect that the driver. Richard Gnida. may 
have dozed off at the wheeL He was 
released from the hospital Sunday. 


.1*. ?■**%*•' 

• . ■•a-l-.s T* r* 


~ir r && r 1ig 

' ’-'rr dr*-*® 

. -Tv** * 4 

' s « 

. ... 

v ' ***** 

. •- 

. . '-..T 

W 

Ini 

. — -'irsr «■ 34 

;.ul" _'.*=* " *•* 

. .. -Jjkx ; 

.. < ..yCifckfc/S l***i*5 

iff, t* 1 

..rr.-;v=f : 

>:*&: ***& 

t ’ir«. 



Scoreboard 








35 

34 

.507 

3'.i 

BASEBALL 

1 

Oakland 

30 

42 

.417 

10 

Major League Standings 


EAST DIVISION 

PcL 




Attorda 

44 

26 

629 






Flooda 

41 

28 

-594 

2'6 




pa. 

GB 

Montreal 

40 

29 

-580 

3' j 


46 

71 

£86 


New York 

38 

32 

.543 

6 

New York 

39 

JO 

-565 

8 

Phitodefphta 

22 

46 

J24 

21 

Taranto 

32 

34 

.485 

13'4 




Boston 

31 

38 




34 


J79 


Detroit 

30 

37 


16 

Pittsburgh 

33 

37 

.471 



CENTRAL DTY BOON 




31 

38 

M9 

2 

Cleveland 

35 

31 


— 


29 


A20 


Kansas Criy 

33 

34 

493 

2’i 


28 

42 

400 

5V> 

MUiroukcc 

33 

34 

493 

2'v 






Chicago 

32 

36 

.471 

4 


WEST otvtsrott 



Minnesota 

32 

27 

464 

4to 

San Francisco 

41 

29 

.586 

— 


WEST OrVISKM 



Coknodo 

38 

33 

.535 

3'6 

Scuffle 

39 

31 

-557 

— 

Las Angeles 

34 

36 

-486 

7 

Toots 

36 

32 

SI9 

2 

San Diego 

29 

41 

.414 

12 


munursunKous 

AMERICAN LEAOUE 

Seattle 016 000 106-2 9 l 

Texes HO 000 106-1 5 0 

RaJotuisoa Ayala (8) and OaWtban; 
K-HII. Vosberg (fl>, Patterson (9) and I. 
Rodrtguei W— RnJormsoo M-l. L-4C HID 
<•5. Sv— Ayata <S). HRs-Secftte Buhner 
(18). Sorrento (111. 

Oakfc»l 602 0U Ml— 3 9 1 

Anaheim 061 HI 002—4 9 1 

Karsoy, C Reyes (7), Groom (7|. Taylor (9). 
Mower (V) and GaWilfiams,- Perisho. 
OeLvcio (7). Holtz (7). James (ED and 
Kreuler. W— James 4-1 L— Taylor 2-4. 
NATIONAL LEAGUE 

Colorado 005 010 002-0 12 0 

Saa Diego 201 001 006-4 10 2 

R_ Barter. M. Munoz <71. Olpoto (7). 
Leskanic (9) and Mmiworing; DnJacteoa 
P. Smith (71. H. Murray (7) and Flaherty. 


W— R. BaBey, 8-S. L— DnJockson. 1-4. 
HR — Colorado, Galarraga (20). 

Pittsburgh 010 000 203-4 8 8 

New York 103 002 001—7 15 1 

Ueber, Peters (3). Chrfsfkmsen (4), 

Sodowsfcy (7). Rincon (9) and Kmdalfc 

M Ocrt. Jo.FrancD (9) and Hundley. 
W— JaFronco 1-1. L— Rincon 2-4. 

HR— Pittsburgh, Suetmt (3). 

Los Angeles QM 000 101—2 4 0 

Sad Fnnasco OH 103 Blr— 5 5 0 

Astoda Osuna (6), Guthrie (8) and PSazza 
Esles, O. Henry (8). Beck (7) and BerrytiO. 
W— Estes 91 L— Astoda 3-6, HRs— LA. 
Karras (14). Ashley (5). San Frondsca Javier 
(4). Bands (13), Muefler C2>- 

Japanese Leagues 


aNTMliUUWW 

f l T M.M 
Yokwrt 37 22 - .627 — 


evian 

•masters 


Golf 

4 e Open de Golf Feminin 


DUEL AT THE TOP 

At the last round of the evian masters dawns. Alison Nicholas from England and 
Himmi Kobayashi from Japan come into dose grips. 


Wnh its generous four million francs of prize money, (he Evian Masters together wiih the British Open 
is a highpoini on the European ladies golf circuit. At the evian masters. 66 of (he best lady players in ihe 
world meet up for 4 days of play from 18th June 1997 to Saturday 2 1st June 1997. This Open is played 
stroke play over 72 holes. On the eve of the linal day of the competition, the winning podium is taking 
shape. Today, on ihis alpine golf course, battle was waged between Ihe 3 leading players. Alison 
NICHOLAS t-12) and Joanne MORLEY (-8) from Britain, are on either side of Hiromi KOBAYASHI 
from Japan f- 1 1 ) in ihe winning stakes. These three players are American circuit hahiruees and took the 
lead from the outset. Laura DAVIES (-2). the current title holder and tipped as favourite at the start of 
the competition, seems unlikely to carry off tomorrow’s final from the 12th position she occupies at the 
end of this third day of play. 

Result 2<V(Htf97 - Round 3: 1 i-I2j Alison Nicholas. 2 i-l 1 1 Hiromi Kobayashi. 3 t-8) Joanne Morley. 
4 (-7) Amv A Icon. 5 i-5t Shuni Waugh. 6 (-4) Estcfania Knuth. Kathryn Marshall, Helen Alfrcdsson. 
Caroline Blaylock. 10 r-3) Marie Laurc de Loren/i. Trish Lnhnsnn. 12 (-2) Laura Davies. Charlotte 
S„rcnstam. Lisa Hackney. 15 M I Carin Hj Koch, Lnraine Lambert. Martina Kuril. Pcmilla Sterner. 



Hiroshima 

29 

28 - 

.509 

7.0 

Konshin 

30 

29 - 

508 

7 JO 

Chunkhl 

28 

30 - 

.483 

85 

Yokohama 

24 

30 - 

.Ml 

105 

Yomluri 

25 

34 - 

All 

12 JD 


imuDirsusan 
No games scheduled 


MdFlC LUOUf 


Olte 

W 

32 

L 

20 

f 1 

pa. 

415 

GB 

Sefflu 

33 

23 

1 

589 

1-D 

Dafel 

31 

30 

— 

508 

55 

Nippon Han 

28 

32 

— 

167 

8.0 

Lotte 

23 

31 

2 

-426 

105 

KMetsu ' 

23 

34 

1 

.404 

115 

THURSDAY'S NZSUIXS 

Dale) 4 Lotte 3 



TENNIS 


NOTmCHAM OHM 

IN NOTTMGHAM. ENGLAND 
OUAKTENFMALS 

Tim Henman (4), Britain, def. Grant 
Stafford, Sou* Africa, 3-4. 6-1 7-iS C8-6); Korol 
Kucera. Slovakia def. Scott Draper, Austraba, 
4-6. 6-2. 7-5s Greg Rusedski. Brttabx dot. Ja- 
son Statartiero, Austrarta 6-4 7-4 (7-4); Scut* 
don Stole, Australia def. AJe* O’Brien (6), 
UnBed States, 7-4 r7-5). 4-6, 7-6 (7-41. 

KEUHXEM TROPHY 

W ROSMALEM. NETHERLANDS 

OUARTEWKAL* 

Michael Chang I, United States deLPrcm- 
ebeoCtavetB. Spala 6-T (S-71 7-6 00-81 6-1; 
Janos Btorianan 4. Sweden, def. Femon Wi- 
bier. Nedieftandb 4-2 6-4 Guillaume Raaim, 
France def. Slang Sctnlken Nettiertands. 7- 
6(7-5) 6-4. 


CRICKET 


SECOND rest 3D DAY 

EHOLAND VS. AUSTRALIA 
' FHOAr. IN LONDON 
England 1st Innings: 38-3 
Ram slopped play alter tunch 
England MM 1-0 ta 6 match series 



FR8T ROUND. GROUP C 

Brad 2, Colombia 0 

Mexico 1. Carta Rica 1 

ftNAI. TOT ROUND 5TANDMOS: Brazil % 

MancoA Colombia 3* Casta Rica 1. 


RUGBY LEAGUE 


woub cup auuiMt 

a ROUP B 

Adelaide 42. Oldham 14 


TRANSITIONS 


MMMil 

AMERICAN LEAGUE 

ANAHEIM -Put DM Edrte Murray on 15- 
day *so Wed fist. Receded RHP Kevin Gross 
from Vancouver, PCL. 

TEXAS -Pul SS Bf»y Ripken on 15- day dls- 
atrted list Recalled INF Harder Frias from 
Oklahoma Oty, AA. 

NATIONAL LEAQUE 

Chicago— S igned LHP Steve Warred and 
assigned Nm te Oriarrta SL Put SS Shawan 
DuRston on 15-day diMMed Hst 

Florida T-OpSoned RHP Antonio Affon- 
secalaCharioHeiL- 

NEW to bk— S igned LHP J.D. Arteaga and 
assigned hbn to Ptfcftetd, NYaA-PennU as- 
signed Randy HamBion la Kings part. AppL 
and RHP Shown Mikkola and assigned ttn 
toMafcsGCL 

SAN Diego -Readied INF Jorge Vefcmdia 
from Las Vopas, PCL. Sent LHP Tory Bur- 
rows outright to Las Vegas. PCl_ 

SAN FRANCISCO — Activated RHP Osvaldo 
Fernandez from 15-day dkobfcd list. Op- 

fened RHP Dm Cortson to Phowofc PCL 

ST. Lours —Signed SS Adan Kennedy and 
assigned Mm to Now Jersey, NYoft-PermL 

■ASOTUU 

NATIONAL BASKETBALL ASSOCIATION 

NBA— Announced Cary Corral Texas TecK 
Ronnie Holds of Fanogut Academy. Domed! 


Do you live in Austria, 
Belgium, Luxembourg 
or Sweden ? 

For information about subscribing call: 

Austria 01891 363 830 
Belgium 0800 17538 (toll-free) 
Luxembourg 0800 2703 (toll-free) 

Sweden 020 797039 (toll-free). 

Hcralb^Enbunc 

THE TONI Jfb IMll> NKWSPtPEB — 


• Poptmfcotoou of Otymplokas (Greece), Un- 
roll Rede at Utah Slate, Dawood Thomas of 
California (Pa.), Mir&od Tuikcan of Efes 
PBsen (Turkey), and Lucas Victor*! no of 
Olimpia (Argentina) have withdrawn from 
NBA Draft. 

Wash imotoh— Named Jim Brave*. MOte 
Brawn and John Outlaw assistant coaches. 

(OOIMU 

NATIONAL FOOTBALL LEAGUE 

RiV-Named Art Gemmas to o supervisory 
officiating position. 

A Buph a -Signed TE Pal Garter to 1-year 
contract 

buffa lo— S igned DT Mark Gunn fol -year 
contract 

DETHort— Agreed to terras with OB Chris 
Dittoes and re-signed FS Van MatoneAgreed 
to terms ^ with S Mark Carrier. 

Indiana pous— Ter mi nated contract of LB 
JeffHetrod. 

taWSASOTY-Signed WR Andre Rbonto2- 
year contract. 

Miami— S igned LB John Fla la a ndWR Bri- 
an Manning to 3-year contract. 

Oakland —Signed LB Aaron Wo8ace and 
CB Lionel Washington. 

ST. LOWS —Nanud Kerin Warren vice prev 
tdeni of otaver programs and football legrt 
counsel. 

washwotom— S igned 06 Jeff Hostetler to 
3-year aontmd. 

HOCIIY 

NATIONAL HOCKEY LEAGUE 

Cal&ary — A nnounced resignation of 
Pierre Pog« coach. 

rmiABELPHiA— Signed D Samuels 

son to l-year camod. Acquired rights » C 
Marita Cerven from Edmonton lor seventh - 
round pic* In 1997 draft. 

TAMPA BAY -Signed D Jamie Husaaft to 
mumyeor contract. 

Washington— N amed Tim Army assistant 
coach. 

COUM 

Atlantic re conference— Armouncad 
resignatton of Qndy Mazda assistant com- 
mtsstoner. 

ooKE-Armwinced that F Ricky Pttoeltas 
“wn niled Dcodemicafty inehgtote for Bret 
two months of Ihe 1997-98 coBege bosketbaB 
season. 

-i «wtM-Suspended RB^B Em 
WHame from football team far ore fame for 
his part In officampus Inddent In Mmrh. 


nasajanra 

Saturday, June 21 


«Wxn, La Paz, Bolivia — CONMEBOL 
Capa America through June 2$2 Kuala Lom- 
PW, Mokrysio - FIFA. World Youth (U-20) 
Championship, through July 5c various sites 
— RFA OFC World Cup qualifying, Ocea- 
nia second round. Group l, Australia vs. 
Tnhdfc Papuo New Guinea vs. Fgs various 
sites UEFA Intertuto Cua group round v 

through Juoe 22 various sites— sogcocCAF. 

African Cup OvaSfymg. second round. Group 
4, Srona Leone vs. Tunisia Group X Morocco 
**■ Egypt Group 6, Tvaontavs, Togo; Group 
7. Malawi vs. Mauritius. 

ATHLETICS, Bari, Holy - XIII Medtfcr- 
raneon Games, through June 27; Murech. 
Cerewnr — European Cup, through Juna 2Z 
TMNH Eastbourne, England — women, 
WTA Tour, Dcotl Dm Insurance Ctnmpt- 
onshipj, through June 22,- Rmmalen. Mother- 
tonds — WTA and ATP Tours. WlUnson 
Lody Championships and Hrtnoken Tropny. 
through June 22. Nottingham. England — 


ATP Tour, Nottingham Open, through June 
Zb Prague, Czech RepubBc — tennis. ATP 
Senior Tour of Champions event through 
June 231 

oolf, Stotlgort Germany — European 
PGA. German Open, through June 22. Rya 
New York - U5. PGA Tour, Buick Ctossle. 
through June 22; Ptttsford, New York— vhsiv 
en VS. LPGA, Rochester Irfemofenal 
through June22; Ntohfawmiyn — Japan PGA. 
Vomlurl Open rhroogh June 22 Fujiata 
Japan— women Japan LPGA, Do ntap Twin 
Lakes Ladtos. through June 22 
CRICKET, London -ICC England vs. Aits 
India, second test, through June 23; Amos 
Vnie, SLVtacenl -ICC West Indies vs. Sri 
Lanka second test through June 24. 

suosy union. Sydney, Australia — Aus- 
tralia vs. France, lest; Wellington, New 
Zealand —test New Zealand w. Argentina: 
Cape Towa South Africa — first test South 
Africa vs. British Lions. 

•wear leasue. various sites — Super 
League, World Club Championship, (tod 
round. North Queenskmd vs. Sattonfe Ports— 
Paris SG vs. Perth. 

Suhpay, Juke. 22 


football. Barcelona Spain — WlAF. 
World Bowl 

ke Hoaarr. Pittsburgh— ice hockeyi NHL' 
Draft. Pittsburgh. 

S0CCSA various sites — FIFA, AfC 
Cup qwtffying. Asia tost round. Group 4 
second had Japan, Macoa Nepal Oman 
through June 28s Group 7. Lebanon «. 
Kuwait Group ftTapklston vs. Turtmentetun, 
Ortna vs. Vietnam Luanda Angola —soccer. 
CAP, African Cup Qualifying, second muni 
Group 1, Angola vs. Ghana various sites — 
CAF, Group z MaS vs. Benin Ivwy Coast vs. 
Algeria; Group 3, Senegal v* Ethiopia Group 
S. Kenya vs. Namfea- Cameroon «. Grt ms 
Group 6. Liberia vs. Conga (Zaireh Group 7. 
Mozambique vs. Zambia. 

RUGBY LEJCUEjrarious sites — Super 
League World Club ChanpionsMpv h" 1 

round Canberra vs. Wgan.Brtshanev5.HaF 

ftuc St. Helens vb. Penrith. 

Monday, June 23 

tenn FS. WlmWedon, England - IIP, ATP 
Tour WTA Tour, Wimbledon Champtonfi**’ 
through July 6. 

Tuesday, June 24 

BASKETBALL Borcttona, Bodota* 
Gerona 5prtn — FI BA. European OiflmpF 
onshlp. through July 6 
ATHlETMd Turin. Holy — IAAF, omdwr 
permit meeting. 

Wednesday, June 25 

ATHLETICS. Pons - IAAF, Grand Pri*, G® 
de Franco Grand Pth (doss 0. 

soccer. Maputo. Mozambique — edhfe- 
tkm. M o zambique vs. Tanzania 

Thursday, June 26 

GOUvParls — PGA European Tour, Peu- 
geot French Open. through Jime29:Haku'— 
Japan PGA, Mlzuno Open through June 29; 
MBu — goK, women Japan LPGA, Jopa" 
Wamen's Open ItHwrgh Juno 29. 

a™letks. Son Juan Puerto Rka — IAAF. 
CCAAF, ion Central Amerlain and Cor*®^ 

Aftiidlc a»nN*ros«pMhrooBii Jm*» 

Friday. June 27 

athletics Madrid. Spain — iaaf. oat- 
door pfnnit mocfuig. 
























INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JUNE 21-22. 1997. 


PAGE 23 


. b ■ J I ^ 





Brazil Does It Again 

Colombia Falls , 2-0, in the Copa 





rfl * t*j firft: 


Edge Pirut es , 1 






Reuters 

' SANTA CRUZ. Bolivia — Brazil 
beat Colombia. 2-0, to record their third 
consecutive Copa America victory de- 
spite being outplayed for long periods 
by^their. young, inexperienced oppo- 
apok^'ri'r ' 

Dunga, die captain of Brazil, opened 
thd string Thnrsday with a thundering, 
Jow^bot*om 30 meters (99 feet) in the 
lldunmute. It was his sixth goal in 73 
foUjntexnaliooals. 

A subsdtnte striker, Edmundo, made 
sum Brazil finished on the top of group 
C when he added the second goal m the 
67 tb minute from a rebound of a shot by 
Roirario that hit .the defender Oscar 
Cordoba. - 

But 1 much of the match was- dom- 
inated by ' Colombia, which finished 
? third in the group with three points and 
also qualified for the quarter-finals as 
one of the two best third-placed teams. 

Colombia finished.even on points and 
goal difference with Uruguay, which 
came third in group B but scored only 
two goals to Colombia’s five. 

The Colombians suffered a nervous 
last 20 minutes because another Brazil 
>• goal would have sent them home. 

, The result set up a fasc inatin g 
quarter-final between Brazil and 
Paraguay on Sunday. 

Mexico, which finished second in the 
( group after a tie. 1-1, with Costa Rica 
I earlier Thursday, will face Ecuador on 
1 Sunday, while Colombia travels to La 
Paz to free Bolivia on Saturday. 

Brazil’s much-vaunted striking pair, 
Ronaldo and Romano, were superbly 
contained by Jorge Bermudez and Ivan 
Cordoba. Ronaldo was substituted on 
i the hour to a chorus of jeers from the 
large Brazilian contingent in the 
crowd. 

Despite his goal, Dunga, as in several 


The best of Colombia’s new players 
were Neider Morrantes in midfield and 
Cordoba and Bermudez in defense. 

But they were unable to transform 
some often excellent midfield play into 
goals and die Brazilian goalkeeper, Taf- 
fareL was only severely tested three 
times throughout the game. 

Colombia’s best effort was a long- 
range drive by Wilmer Cabrera, which 
Taffarel tipped over bis crossbar. 

■ Ronaldo Now a Free Agent 

Ronaldo's lawyer said Friday that he 
had paid the 4 billion pesetas ($27 J 
million) necessary to release the Brazili- 
an striker from his contract with Bar- 
celona, Reuters reported from Madrid. 

Although the payment technically 
makes Ronaldo a free agent, a UEFA 
circular has decreed that only Spanish 
clubs are allowed to sign him without 
negotiating with Barcelona. 


SPORTS 


recent matches, added little else to the 
game, spending most of his efforts in- 
itiating opponents. He was taken off 
after receiving a yellow card 

The consolation for Brazil’s coach, 
Mario Zagallo. apart from the result, 
was that tne Goncalves-Aldair partner- 
ship in the center of the defense looked 
far more secure than other combinations 
he has tried recently. 

'‘Efficiency in football is judged by 
victories,” Zagaiio said. “Some days 
you play well, other days badly, but 
what counts is the victory. I prefer to 
play ugly football and win than attract- 
ive football and lose.” 

Colombia, like many other teams in 
the competition, had decided to rest 
their top players for the region’s World 
Cup qualifiers. Brazil, as worid cham- 



Paitlljdinl^pnr huu-Plr* 

Brazil's Romario, right, and Colombia's Jorge Bermudez fighting for 
the ball during their Copa America Group C match in Bolivia. 


The Italian club Inter Milan is hoping 
to buy Ronaldo. 

“From today, the player no longer 
belongs to Barcelona.’’ said Fernando 
Rev, the Brazilian’s lawyer. Negoti- 
ations to keep Ronaldo at Barcelona 
broke down at the end of last month. 

The International Association of 
Players' Agents, meanwhile, has urged 


Spaniard Leads by 3 Shots 
In German Golf Tourney 


the European Commission to judge on a 
FIFA ruling that is preventing Ronaldo 
from joining Inrer Milan. 

A commission spokesman confirmed 
Friday that it had received the letter but 
declined to comment further. Barcelona 
has invoked the FIFA ruling as a last- 
ditch effort to stop Ronaldo from mov- 
ing to Intern azionale. 


Reuters 

STUTTGART — Ignacio Garrido of 
Spain opened up an early three-shot lead 
in the German Open on Friday while 
Mark James of Britain moved into 
second place, partly due to his first tour- 
nament hole-in-one in a 20-year career. 

The week after he won the Spanish 
PGA title in Madrid, a non-European 
Tour event. Garrido ’s second round 
four-under-par 67 took him to 10-under- 
par, three ahead of James, who also 
carded a 67. 

Garrido rolled home a 30-foot <9- 
meter) pun on the last hole for a birdie, 
soon after James had produced bis ace at 
the penultimate hole. 

The 25-year-old Spaniard is seeking 
to go one better than the three second 
places he has had on the Tour siDce 
joining in 1994. His third runner-up spot 
came in March in the Portuguese Open. 

A tip given to him by his uncle. 
German Garrido, a former European 
Tour pro. before the final round of last 
week's victory in Madrid has helped his 
game, he said. 

“My uncle noticed I was using my 
hands too much which meant I "kept 
hooking and pulling when I am a natural 
fader of the ball,” said Garrido. “I felt 
much happier after adjusting my swing 
and that helped me shoot a 68 in the 
wind in Madrid and I won by three.” 

Garrido 's father. Antonio, was 
Severiano Ballesteros’s first partner 
when the present Ryder Cup captain 
made his Cup debut m 1979. However. 
Ignacio Gamdo. who currently lies 33rd 
in the Cup table, is keeping tiis feet on 
the ground, even though last year he had 
firmly forecast be would be on Balles- 
teros's Valderrama squad. 

“Maybe I should not have said that, 
maybe I was just joking,'’ he said. “I 
don't want to even think about it be- 


cause it puts on so much pressure.” 

James charged into second place by 
holing out with a five-iron on the 194- 
yard eighth, his 1 7th hole. 

■ Els Is .Ahead in Buick Classic 

Ernie Els continued to display his 
uncanny mastery of the Westchester 
Country Club with a 7-under-par 64 and 
a two-stroke lead over Brad Faxon in the 
first round of the Buick Classic. The 
Associated Press reported from Har- 
rison. New York. 

Els. who won the U.S. Open last 
week, and is defending his Buick title 
here, just missed lying a tournament 
record for low opening round on Thurs- 
day when he left a short putt on the lip of 
the 8th hole — his 1 7th of the day — for 
his only bogey. He came back to make a 
two-putt birdie on the uphill, 505-yard 
par-5 9Ui after hitting a driver off the tee 
and a driver off the fairway. 

"1 don't know how to explain it,” Els 
said. “I’m playing well. I should go 
with it now. j shouldn’t hold back at all. 
I’m not going to hold back." One stroke 
behind Faxon were Jeff Maggen. Vijay 
Singh. Paul Azinger and Jim Fuiyk. 

Els was a wire-to-wire winner by- 
eight strokes here last year, and he ston- 
ed off this year’s tournament in the same 
dominating fashion. The South African 
birdied three of the first four holes he 
played, numbers 10. 11 and 13. and 
added others at 17. 2. 3 and 4. 

On Wednesday, Els had worried that 
he might be distracted by the lingering 
glow of his Open victory at Congres- 
sional Country Club and the whirlwind 
days that followed. His birdie-birdie 
start Thursday ended those fears. “I was 
quite surprised,” he said. “I didn’t have 
to find my mind. It was out on the golf 
course and I was thinking about golf 
aeain. All in all, a nice round. ” 


rr-. i - 


1 : t"H 
***,-; . lu* . 




. — 7T-- - 

••• 

aSi itA;- 

1 f -v : i 

™ir & . -WR rjrj" 


Of Linebackers and the Lord: A Former Coach’s Ministry Gains Ground 




r Injured I ml Wins f 


y-. 

r-i. - Ay-*- 
■■Afc,-* jir-si-- ‘ r 3yr =?r 


-*v? 

:r :„•,*£ t.z,- 
*'.* * > • Y7^n*.=- 

* ; -<S 

-.rv' \: 

vr:f, i v 


:: C : ' m By Bruce Weber 

Nr*- York Times Sen-ice 

N EW YORK — Like many evangelists. 
Bill McCartney has a passel of stories to 
telL stories about individuals who turned 
' v ' : to God and were rewarded. Because he won fame 
"" as the successful head football coach at the 
University of Colorado, he also has football 
stories — about men bonding in a common 
> cause, infusing their team with a power greater 
than their individual selves and marching to 
-■ victory. 

These stories of uplift are standards of the 
_ evangelical genre, and McCartney, who left 
i coaching three years ago to run Promise Keep- 
f ere, the. Christian ministry for meg that he foun-_ 
"S 1 ded nr 1990, makes ample use of them. 
l “You ain’t going in the end zone without the 
Holy Spoil.'' he toJd an audience of two dozen 
drug addicts Thursday, meeting at the Bowery 
Mission Transitional Center on Manhattan’s 
- Lower East Side. 

But McCartney’s best story, his most effective 
■: one, has none of those cliches and does not smell 
.- of snake oiL It is about a Hispanic Vietnam 
r : veteran named Ivan, who McCartney said now 
.. : lives in Denver, his life in ruins because of 
. something that happened 30 years ago. 
ji . Ivan’s squad had befriended Vietnamese vil- 
lage childreo who visited the men daily for 
candy, McCartney said. And Ivan bad become 
vj friendly, more than friendly — fatherly — with a 
7-year-old girl named Kim. He held her on his 
lap, told her he loved her. 

r„ •• Then one day Kim was used by the Vietcong 
as a human bomb. She showed up alone at die 
soldiers' camp, wired with explosives, but be- 


fore she got too close, she unbuttoned her blouse 
to show the soldiers the bomb. 

. “And what she was saying was, 'Take me out 
now because if I get any closer I'm going to take 
out all of you,’ ” McCartney said. 

Ivan was one of the men who shot her, he said, 
and to this day. “this guy is in pure torment.” 

It is an agonizing story all on its own, but 
McCartney’s finish was unexpected. 

“He can’t receive what Kim offered,” Mc- 
Cartney said. “His life. 

She gave her life so he could live. * ' He paused . 
“Of course that parallels what Jesus did. He gave 
his life because He fell in love with you.” 

The story was delivered with a fervor that 
might be practiced but seemed nonetheless 
.heartfelt Andjf it did not make the men in the 
room want to leap up immediately to block and 
tackle for the Lend, -the story — and others — 
clearly had an effecL 

‘ ‘The Vietnam story was very touching,' ’ said 
Duane Bell, 33, who came to the mission three 
years ago as a drug addict and is now on the 
mission staff. “I got a little teary. The whole 
brotherhood thing, one in Christ. It really hit 
home.” 


A director , Robert Pohto, if runs a program 
that “combines frith, drug. therapy, education 
and job training.” 

For many, it is a place of last resort, the kind of 

e ace where faith may be all that someone has 
ft. Easy pickings, perhaps, for the evangel- 
ically minded, but McCartney, because of his 
football background, was able to strike a note, 
serve as the kind of role model, that some others 


cannot. Promise Keepers is best known for its 
weekend conferences and stadium rallies, but 
McCartney spends a great deal of his time in 
smaller settings like this. 

“I’m not a real spiritual person.' ’ said Vernon 
Kinsler, 44, who had been living on the street 
when he came to the mission center just a week 
ago. But Kinsler, who described himself as an 
alcoholic and a heroin addict — ‘ T use and I use 
all the time ’ ’ — explained he came to the mission 
center because, ' T ve tried so many other ways, 
without spirituality. You always do something 
different when all else fails .” 

When McCartney walked away from coach- 
ing to run Promise Keepers, a nonprofit or- 
ganization, he left a $350,000 annual salary 
package for a job that pays him nothing. 

“But this is more rewarding than coaching 
football,” he said in an interview after his 40- 
minme talk. "I believe I have a calling-” 

He also noted, however, that his former and 
current roles have a lot in common. 

“You get me in a setting like that and I feel 
comfortable,” he said, acknowledging that the 
cafeteria where the meeting was held was not 
unlike a locker room. “I like to be around guys, to 
exhort them, challenge diem. That’s what I do.” 

This was seconded by Lee Rouson, a former 
Colorado running back who went on to play for 
the Giants. Now an evangelical worker himself, 
Rouson was the lead singer Thursday for the 
electric gospel band that played for the addicts 
before McCartney spoke. 

The comparison between McCartney as coach 
and McCartney as preacher is simple, Rouson 
said; “Coach Mac is intensity. He’s always been, 
that way. He’s that way now. In your face all the 


McCartney has guided Promise Keepers dur- 
ing a period of enormous growth. Its budget has 
grown more than 20-fold since 1993. to an 
estimated $85 million this year. The group earns 
most of its money from the $60 registration fees 
for its stadium events, which some 2.S million 
men have attended. One such conference is 
scheduled for Sept. 1 8 to 1 9 at Shea Stadium. On 
OcL 4. the group is staging an event in Wash- 
ington. called “Stand in the Gap.” a kind of 
Christian version of the Million Man March. 


N OW 55, McCarmey was a football coach 
for 32 years, the last 13 of them at the 
Colorado, where he took a weak program 
to national prominence, including a national 
championship shared with Georgia Tech in 
1990. It was a controversial reign, however, 
since many of McCartney ’s players tended to- 
ward the kind of destructive and unlawful be- 
havior that is more easily associated with the 
men now at the mission center. During one three- 
year period. 24 Colorado football players were 
arrested. 

At the same time his family life was also 
making headlines. His daughter, Kristyn. gave 
birth to two children by different fathers, the first 
of them being the Colorado quarterback Sal 
Auoese. Aunese died of cancer in September 
1989, six months after his son, Timothy, was 
bom, lending a twist of grief to an already 
tortuous moral tale. 

Timothy is now 8; Derek, the other child, is 3, 
and McCartney said he spends each Saturday 
with them. Still, the whole long series of events is 
a bit of a stain on the reputation of the man who 
now leads a movement that he says “is an answer 
to the cry of women’s beans.’’ 


.Among the group's stated purposes is to make 
men into bener fathers, husbands and family 
men. "A man's man. a real man. is a godly 
man,” McCartney told the addicts. “A man's 
man is a tender man.” 

In the interview, McCartney acknowledged 
that he had regrets. 

“I wish I hadn’t been so focused on winning 
football games that I didn't spend more time with 
my daughter he said. "But now 1 see an 
opportunity to build a godly content into those 
two boys that can make a difference in their lives. 
So on the one hand, maybe I could have pre- 
vented some promiscuity . But on the other hand, 
wow, I love those two little guys!” 

He addressed another issue that has dogged 
him and Promise Keepers, which presents itself 
as apolitical. McCartney voiced his support for 
the Colorado anti-gay amendment, which was 
later declared unconstitutional. He has called 
homosexuality “an abomination,” but he said 
here Thursday that gay men were welcome. 

“We all fall short,” he said. “Those who 
practice homosexuality need a visitation of God 
in their lives.” 

Which is one reason why the end of the 
meeting had poignancy. McCartney challenged 
the men in the room to stand up and hold hands 
and pray. 

“I know you guys are lough,” be said. “So if 
you don't believe, don’t stand up. Be tough 
enough not to stand.” 

Chairs were pushed back. A circle formed, 
men holding hands. Everyone in the room was in 
it. 

“This is not locker room halftime rhetoric,” 
he said. * ‘This is real life. You know how we can 
get into the end zone? Together." 


r DENNIS THE MENACE PEANUTS 


CALVIN AND HOBBES 


Cl-i M 



THAT OTHER TEAM 15 
TRASH-TALKING U5, 
CHARUE BROWN.. _ 


I GOT EVEN I SAID/ YOU GUY5 TH INK THAT REAUY/TLL BET^ 

WITH THEM, YOU'RE 50 GREAT.. MOZART • SHUT 'EM ilT DID.. > 
THOUGH... WA5 WRITING 5YMPH0NIES j ^ U p ~ J^Tl/ 

^ — WHEN HE WAS YOUR AGE!" | Z} 


CALVIN STEPS UPTOTVt 
PLATE. AND THE OJTFlEVD 
meads FoamasNcuERs. 
tTS 9JRE TO BE ANSWER 
-,-uomer; reus. , — - 




HERES , ) ^ 
THEPTOti J U 


r?. 




MOT SURPt5V5tN6LV. TV£ 

Pitcher decides to -vwx - 

v ^CALVIN, j 

Oh- 
k -fr ■' 








•HWWic -Jpr -rum.’-} 






i ^ J 

■■•.7" „ 'ttflYSE At? PLUGGED OP WITH ALLTWMONPf 

, .. DM SMS Gets DOWN THE DRAIN. 1 * 

sjw S*' 1 JL — 

BflTPagn 


OXUMB 


GARFIELD 

/ HARRIET, IF VOO EV&RL£M/e7 
III PULL MV5ELF OUT W 
Z ' THE R00T6f 


WIZARD Of ID 




Unnpvcj 













aae~-?-- -.- L - 




• WHAT THE • 
SCULPTORS 
WO E K VA5_ 
CONSPflgg , 

gnMirMwan* 


|j|T- -|^~| NOUCL FAMED ftfOKT fHUflW 
EM BurtagM a canooso 
ijfe-' BMiw-wA-FomrwoO* 


fSEDUomoiv 

w»T Moafey ; 
mThg fatmnato. 
TlPP-Y To atfarrtiee costwt ' 

Gu«raiuFBefra»court 
#S + 33 (0) 1 41 439476 

33 (0)1 41 43 93 70 
:«Y:j*ryoBr nwrwt IHT rffce . 

-J ; - ;■ errqireEBnadre. 


| JTM HWW6 fr*\ 

BEETLE BAILEY 

IW GOINS OUT. ' If ok 
WATCH THE GENERAL'S 
. CA«: PONT 
TAKE VDl)R Ey g-'py 
OPF IT FOR A -J ■ 

5ECONP - %>7-F n 




WH-AT 
I7IP7H& 
P0CT0K 
9 AY? 


i was nY 

&£Tr\fi& 

BfiOVGH 


XCM Lp ' 
havet&lp 
YtWTHAT 


I'M NOT 
LOOm& RPR 
A fiBce 7NP 


-r. 

JiL 1 




BLONDIE 

hmmm.there£ a soxjp tr/ins 

TO KEEP SCHOOL SOiNG T— ' 
TVROUSfl TVS. 




NON SEQUITUR 

Boowm w 

PSXCHoTHEttPY , 




DOONESBURY 




HOW CCXJLP VOU KNOW THAT ? > 
rr JUST CAME OUT IN r— ^ 
— rTOOWS PAPER j-' 


Ntf MOTHER S 
IS THE LEADER 
OF THE T — S 
GROUP 


( OH, }f UH^YBS. > 
fA* KBRr J (/KgRgttSV-J 


iiMtficY cHsexr^Z — ' 

JOANS IjBMWjUaSSWi, 
SKxsnm iouR. 

CW L f \ BBBK. f x'' 


saw Wiiy mat «il IT MaAhfni tat Vrlttn hup 




'PAGE 24 


INTERNATIONAL HERALD TRIBUNE, SATURDAl'-SUNDM'. JUNE 21-22, 199 


DAVE BARRY 


It’s the Plumbing, Stupid! 


The Hawk- Watchers of Central Park 


M IAMI — 1 was walking through my distance — jusr out of flashlight reach, 
bedroom oil a recent Sunday morn- but I could definitely sense its presence 


huentiiiiiMul Herald Tribune 


ing when I suddenly had a feeling that 
something was wrong. I’m not sure how I 
knew; perhaps it was a "sixth sense" I’ve 
developed after years of home owner- 
ship. Or perhaps it was the fact that there 
w as water coming out of the ceiling. 

Moving swiftly but without panic. I 
went into the living room and read the 
entire sports section of the newspaper, 
thus giving the problem a chance to go 
away by itself. This is one of the four 
recommended methods for dealing with a 
household problem, the other three being 
( 1 \ wrapping the problem with duct ape; 

(2) spraying the problem with a product 
called ’ WD-40." and 

(3) selling the home, and ■~~ r ' 

then telling the new “Don' I te 
owners, "Hey. it never , , , 

did that when WE cneck in 
owned it." Unfortu- said. “‘St 
nately. when I went back 

to the bedroom, the ceil- about U1 

ing was still dripping. 

My wife. Michelle, sug- 
gested that maybe there was water sitting 
on the roof and leaking into the house, but 
I knew, as an experienced guy of the male 
gender, that she was wrong. 1 knew that 
the problem was the plumbing. Ir’s time 
that we homeowners accepted the facr 
that plumbing is a bad idea. Many his- 
torians believe that the primary reason 
why the Roman empire collapsed is that 
the Romans attempted to install plumb- 
ing in it. Suddenly, instead of being ruth- 
less. all-conquering warriors, they be- 
came a bunch of guys scurrying around 
trying to repair leaking viaducts. 


“Don t tell me to 
check the roof!* I 
said. ““Stop talking 
about the roof! 5 


So I knew that our plumbing had 
broken, and I also knew why it had 
chosen that particular morning: We had 
a houseguest. And of course our plumb- 
ing had waited until Sunday, which 
meant that the plumber would not come 
for at least a day, which meant that it 
was up to me. as a male, to climb up into 
the attic and do the manly thing that men 
have had to do as long as men have been 
men: shine a flashlight around. 

‘•Maybe you should check the coof 
firsr.” said Michelle. “Maybe there’s 


Dut i couifl oenniteiy sense its presence 
— a tarantula the size of the Reverend 
Jeny Falwell. 

So I came briskly back down the 
ladder and told Michelle that, to stop the 
plumbing from leaking. I was going to 
turn off ail the water to the house until 
the plumber came. Speaking in clipped, 
efficient, manly sentences. I instructed 
Michelle to fill containers with water 
and write a note for the houseguest 
telling him how to flush his toilet with a 
bucket. 

"Before we do all that." she said, 
"Maybe you should check the . . .” 
"DONT TELL ME TO CHECK THE 
ROOF!" I explained. 
_ - STOp TALKING 

I me to ABOUT THE ROOF! 

r r j THE PROBLEM IS 

TOO! I 1 the PLUMBING!" 

P t alking Sometimes a man has 

r ^ pyj fQQ[ 

root! down. 

So while Michelle 

wrote toilet-flushing 
instructions for our houseguest and pre- 
pared a small apologetic basket of fruit 
and cookies, I tried to locate the valve 
that would shut off ail the water. This 
was very difficult, because our plumb- 
ing system turns out to have approx- 
imately one valve for every water mo- 
lecule. We could start a roadside tourist 
attraction ("TURN HERE FOR THE 
AMAZING VALVE FOREST’ * ). 

The fascinating thing is. not one of 
these valves controls the flow of water to 
our particular house. I shut a number of 
them off. and nothing happened. So if. on 
a recent Sunday, the water stopped flow- 
ing in vour home or store or nuclear 
power plant, that was probably my 
fault 

Since I could not turn off our water, 
our ceiling continued to leak all Sunday 
night, so that by morning our bedroom 
carpet was a federally protected wetland 
habitat teeming with frogs, turtles, 
Mafia hit-victims, etc. So we were very 
happy when the plumber arrived And if 
you are a student of literary foreshad- 
owing. you know exactly what he did: 
He looked at the ceiling, went outside. 


N EW' YORK — They are new- 
comers to a fine apartment 


IN comers to a fine apartment 
house on Fifth Avenue but they are 
not in New York parlance nou- 
veaux and they are being watched 
like hawks, which is as it should be 
since they arc hawks: the firsr red- 
tailed hawks to nest on the side of a 
building in Manhattan. 

Every day a cluster of hawk- 
watchers at a bench on the edge of 
the Model Boat Lake trains its tele- 





other hawk-watchers. She h fin- 


ishing a book, to be published by 
Pantheon, called “Red-Tails ;r 
L ove.” It is about the hawks and 
also about the regulars who watch 
them. 

"At the time they're due to 
; fledge there’s a lot of .excitement 
. and 1 think that’s understandable.*' 
she says. "There’s something that 
touches your imagination about a 
bird that’s been up there all its life . 
in this link nest and afl of a sudden 
it's going to fly.” 

Among the hawk-watchers 
Winn has spotted are a film pro- 
ducer, a homeless man selling 
. Street News, a flight attendant a 
painter with a canvas in the Gug- 
genheim and a minister in a mo- 
torized wheelchair carrying a com- 
puterized Bible. 

The hawk-watchers are not ne- 
cessarily bunders. "We have more 
commonality." Kennedy says. Ac- 
cording to Noreen O’Rourke, a re- 
tired school teacher from the 
Bronx, the interest is so contagious 
that a woman who lives on Fifth 
Avenue has even sent over coffee 
and cakes to chilled early-morning 
watchers. Jerry Seinfeld and Man. 
Tyler Moore l who lives in an apart- 
ment four stories below the hawks! 
are among the celebrities w ho have 
stopped by tbe lakeside for a look. 

» "People ask me where I have 
‘ traveled since I retired." says 
O’Rourke. "I say onh Central 
Park.” 

On a typical day recently. Tom 

• Thomsen, an architect, had as usual 
set up his Nikon 1 000mm telescope 

; 1 by the lake's edge. ' 'Nothing much 

~='- doing right now.” he said. 

L* "They’re just in the nest enjoy ing 
their morning squab.” An exec- 
utive with an arrach£ case briefly 
broke stride to look into the scope. 

* a woman asked the baffled regulars 
how to care for a wounded sparrow, 

and a biologist handed out a leaflet 



MAKYBLUME 


water sitting up there.” She was fixated 
on this roof theory. Women can be like 


got a ladder, climbed up on the roof, and 
round some water sitting up there. 


on this roof theory. Women can be like 
that. I had to explain to her. being as 
patient as possible considering that I had 
urgent guy tasks to perform, that she 
was being an idiot, because THE 
PROBLEM WAS THE PLUMBING. 

So I got my flashlight and climbed up 
a ladder into the attic, where I was able, 
thanks to my experience as a homeown- 
er and my natural mechanical sense, to 


get pieces of insulation deep into my 
nose. I was not. however, able to locate 


nose. I was not. however, able to locate 
the source of the leak, because my attic 
rumed out to be a cramped, dark, dirty, 
mysterious place with pipes and wires 
running ail over the place, and off in the 


found some water sitting up there. 

It couldn't drain because there was a 
little place clogged by leaves. 

The plumber fixed it in maybe 10 
seconds. I could have easily fixed it 
myself at any time in the previous 24 
hours if I had not been so busy repairing 
our plumbing. I wrote the check in a 
manly manner. 

So far Michelle, showing great self- 
restraint. has said "I told you so” only 
about 450.000 times. Fine. She’s en- 
titled. But don’t YOU start on me. O.K.? 
Not if you want me to mm your water 
back on. 

<01997 The Miami Herald 

Distributed by Tribune Media Services Inc 


scopes and field glasses on the ped- 
iment above the 12th-stoiy win- 
dow of an apartment overlooking 
Central Park at 74th Street. There is 
no truth to the rumor, watchers say, 
that some of the field glasses are 
trained on the apartment of Woody 
Allen in the building next door. 

Right now the watch starts at — 
dawn because on June 1 2 the two 
chicks in the nest fledged and are 
likely to alight at Cedar Hill, just 
south of the Metropolitan Mu- 
seum. where their parents will 
teach them to hunt until August 
when they should be able to fend 
for themselves. August also marks 
the start of the fifth season of City 
Hawk Watch (mono: Nature in 
Our Backyard). 

Naturalists have hung around 
Central Park since its creation, but 
activity has never been so intense, 
as the 1997 Central Park Bird Re- 
gister, a thick book of observations 
(including one written on the back 
of an income tax form >, shows — a 
red-bellied woodpecker, female 
cowbird, and common loon at the 
Reservoir, a veery in the Conser- 
vatory Gardens, a mourning cloak 
near the Bridle Path, a tufted tit- 
mouse. nuthatches and the backside 
of a raccoon in Mugger's Woods, 
and so on. The hawks are referred 
to as the Fifth Avenue Red-tails, rather 
like the Camegies or Vanderbilts. 

In a city so grittiiy self-obsessed, it is 
heartening to see a mix of cliff dwellers 
watching something other than their 
cellulite and troubled psyches and tak- 
ing such reviving joy in it. .As Poet-O, 
whose real name is Isadore Block and 
who lives in a senior citizens' home, 
remarks in a poem in the Bird Register. 
"Waking dreams ebb not from me.” 

Charles Kennedy, a hawk-w'atcher 
who bicycles up from SoHo. attributes 
the new* sense of res in urbe to the 
Central Park Conservancy, which was. 
instrumental in rehabilitating the park. 
Kennedy has published "Curves of 
Talon.” a handsome chapbook of 
hawk-inspired poems in the haiku 
mode: * ’I could not / always fly / hawks 
teach me,” 

Sharon Freedman, a desktop publish- 


: n 

r, 4 -| 

Hi 






eiZ&iff** -j 


V 




filial 


J vTv 




■w, ■; 


er and leader of bird walks in the park, 
founded City Hawk Watch in 1993 to 
study hawk migration from the park's 
Belvedere Castle because of a gut feel- 
ing that Central Park would be a good 


although the building’s management des- 


troyed the red-tails' first nest Since a called "The Central Park Red-Tailed 
warning from the U.S. Fish and Wildlife Hawks. " 


Service that they faced a S10.000 fine "It’s a nice place to sit. it'* so quiet 
under the 1918 Migratory Binds Act the and comforting.” Thomsen said from 


place to study hawks as they flew south 
for the winter (it is: the count for 1996 


for the winter (it is: the count for 1996 
was 14.821). One pair found, probably 
in 1992, that rather than make the very 
long flight south in search of food they 
could thermal in the updrafts caused by 
skyscrapers and feed off the park’s plen- 
tiful pigeons and rats (the birders got the 
Conservancy to see chat Upper East Side 
pigeons would no longer be poisoned 
while there are hawk eggs and young). 

The first year, Freedman says, the 
hawks tried nesting in trees and were 
attacked by crows. "They were both 
probably first-year nesters and very in- 


experienced. 1 ' The Fifth Avenue building 
offered clifilike familiarity and safety. 


nest has not been couched. 

It was Marie Winn, in her bird column 
in The Wall Street Journal, who first 
called attention to the hawks in March 
1 993. Her first article quoted an amazed 
ornithologist as saying that nesting on 
the side of building suggested that 
' 'maybe the male bird has a screw loose 
somewhere.’’ Since then, there have 
been reports of possible nesting uptown 
at Mount Sinai hospital and as far afield 
as Dallas which. Winn says, doesn't 
counr for much because "what’s city in 
Dallas looks like suburbs to us.” 

A streetwise New Yorker, Winn vis- 
its the park at hours that might be 
thought dangerous, but always with 


hawk bench, the park bench next to his 
telescope, which anyone can look 
through. He wears a plaid flannel shin. 
Timberland boots and a baseball hat 
marked Hawk Watch. The reaction of 
kids from uptown housing project* is 
most appealing, he says. "The kids 
from Fifth Avenue ask are you going to 
shoot them?” 

The little group is one of New York's 
sweetest sights, to the point where pass- 
ers-by often find it too good to be true. 
"Some people think they're expected to 
drop coins after a look, others that it must 
be a scam," Thomsen says. "They can’t 
believe that somebody is giving away 
something for free in New York.” 


PEOPLE 


■"? V ff. ’ rf™ 



A two-month 


T HE philosopher and 
columnist Jean-Fran- 


trial 


■ff subscription. 




cois Revel has been elected to 
the Academic Francaise. 
Revel, 73, the iconoclastic 
author of works of philosoph- 
ical and political thought, 
was editor of the weekly 
L* Express magazine from 
1978 to 1981 and is currently 
a columnist for the weekly Le 
Point: Among his best known 
books are "Ni Marx ni Je- 
sus" (Neither Marx nor Je- 
sus), written in 1970 and 
today a compulsory text for 
French high school students, 
and “La Tentation Totalit- 
aire” (The Totalitarian 
Temptation), written in 1976. 
Revel was elected to the 40- 
member Academie to fill the 
chair left vacant in November 
by the death of the biologist 
Etienne Wolff. Members are 
appointed for life. 


Save 


up 


60 


The bell hasn’t tolled for 
the Hemingway Days Festi- 
val after all. Organizers say 



painting, L enfant et la pou- 
pee" (Child and Doll i. was 


that, despite a challenge from 
Ernest Hemingway’s three premiei 
sons, they will go ahead with 
the celebration July 24-27 in Key West. 
Florida, where the author lived from 
1929 through 1939. The annual festival 
was canceled in April after Jack, 
Patrick and Gregory Hemingway 
vowed to sue if they weren’t given a cut 
of the proceeds and control of the event. 


By maintaining a far-flung network of news-gathering resources, the World's Daily 


ChrW PiMriV/The 

FACE CARD — Emma Thompson arrives at the 
premiere of the Film “Face/OfF* in Los Angeles. 


A brooch offered by a love- 
struck Napoleon Bonaparte 
to his 1 6-year-old misrress. an 
actress known as Mademois- 
elle George, fetched £25.300 
($42,000) at an auction at 
Sotheby's this week. The 
brooch represents six arrows 
in a quiver and is set with 
diamonds, emeralds and ru- 
bies. Napoleon, who fell for 
the actress in 1803. had the 
jeweler tip the arrow s on the 
brooch successively with a 
garnet, an emerald, an opal, a 
ruby, a second garnet and a 
second emerald*’ — jewels 
whose first letter spells out 
the name “George.” 


"Batman 5." "I could even wear my 
old tights, after getting all the mothballs 


Newspaper brings you unrivalled coverage of world politics, business and economics, 
as well as science, technology, travel, fashion, the arts and sport — all from an 


The family later announced plans for a 
festival July 18-20 on the Gulf Coast 


as well as science, technology, travel, fashion, the arts and sport — all from an 
international perspective. 

Take advantage of this limited opportunity to try the International Herald Tribune 
with a low cost, 2-month trial subscription and enjoy delivery to your home or office 
every morning. 


COUNTRY /CURRENCY 


GREAT BRITAIN 


LUXEMBOURG 

NETHERLANDS 


I PORTUGAL 


SWEDEN 

S witzerland" 

elsewhere 



2 MONTHS 

2 MONTHS 

DtSCOWT 


NEWSSTAND 

OF FBI 

OFF 


PMCE 

PHCE 

COVER PRICE 

atT 

1.456 

650 

55% 

BEF 

3,380 

U50 

60% 


780 

360 

545, 

FlM 

624 

310 

5CK 

fT 

520 

210 

tffi 

DEM 

182 

72 

60% 

C 

— 

47 

18.200 

22 

9,100 

53% 

50% 

«1C 

52 

26 

50% 

FTl 

145,000 

58,000 

60% 

Lf=r 

3.3800 

1,350 

60% 

PJLG 

1®5 

78 

60% 

nchT 

832 

390 

53% 

Is T 

11.960 

5,000 

58% 

PTAS 

11,700 

5,000 

57% 

SB - 

632 

350 

58% 

CHF 

166 

66 

60% 

S 

— 

50 

— 


I ‘ tar mformwwn concerning; bond dejiwry in rnaior 
Omn. ai 01 W 04 B50W®. |069] 9712 Ml I 


■or German c*iei cedi Rail bee IHI | 




Yet. I wouW like to start reserving the International Hereld Jnbvna. ' 

D My stack i> endued (payable to the JH7J 21-6-97 

D Raoso charge my. _ 

U Am«* □ Diners dub U VISA □ Acc«s» □ MasterCard □ Eurocard 
Credit card charges **ifl be node in French Francs ai current rates. 

Cord Nce— Dote; 


festival July 18-20 on the Gulf Coast 
island of Sanibefi though Hemingway 
never lived xhere. Last week, owners of 
the Hemingway Home museum sued 
Hemingway Lid., a company formed by 
tbe sons to maiket items like eyewear 
and a limited edition Mont Blanc pen. 
The museum owners asked a federal 
court to declare ihey are not in violation 
of the Hemingway sons' trademark and 
that Hemingway Ltd. does not hold val- 
id rights to the name and image- 


out of it. and come back in the original 
Batmobile,” West said. But he has his 
own ideas for tbe script. “My Bruce 
Wayne," joked West, "would have 
been romancing Catwoman with a 
brandy snifter of milk. Then he would 
have said something silly, like, - ‘Man 
cannot live on milk alone.’ ” 


A painting by Pablo Picasso valued 
at up to $7 million has been recovered 
undamaged more than five years after 


Ted Turner warns to settle his feud 
with Rupert Murdoch in the boxing 
ring, challenging him to a pay-per-view 
clash of media heavyweights. "It 
would be like ‘Rocky,’ kind of only for 
old guys,” Turner said in issuing the 
challenge. "If he wants, he can wear 
headgear. I won’t.” Turner, CNN 
founder and Time Warner vice chair- 
man. said he envisioned the fight with 
the media mogul as a S4.95 pay-per- 
view event, with the proceeds going to 
the charity of the winner's choice. And 
the loser? “How about the loser has to 
leave the country." Turner joked. 


Signature: 

For bu lines', orders, indicate your VAT No . 


(HT VAT Number FR74732021 1 261 


Mr/Mrs/Mi Family Namur, 

fin! Nanur 

Moiling Address: 


Gry/Code: 

Cwnky. 

Home fel Nnr fej Nr» 

E-Mail AdAiwr 

I gal ifib copy of the HT at □ bade □ hold □ airiiw □ other 
□ I da not widi to receive ■ d otmorior Iron other careful ly- screened companies 
Mail or hx to. International Herald Tribune 
1 d i. avenue Charles deGauSe. 92521 NwtSv Cede*. France. 

Fax: +33 l 4 ] 43 92 10 ' 

OR CALL +33 I 47 43 93 61 

In Ada: *832 2922 II B8. tn the US (tolHrael: 1-800S82-2B8A. 
E-Mod Nk su luWA tMti 

Offer valid far now subscribers only. HA2M 


Marlon Brando is in Greece, on his 
first visit to the country in 3 1 years, to 
appear Monday at an environmental 
conference being sponsored by a ship- 
ping magnate. Brando arrived with his 
girlfriend, one of his children and five 
Friends in a plane owned by Marianna 
Latsis, daughter of Yannis Latsis, one 
of the world’s biggest shipbuilders. 
Marianna Latsis and her boyfriend, the 
actor Nicos Kourkoulos. took rhe 
Brando party to a marina where they 
plan to board a yacht later for a cruise of 
the Greek islands. On Monday. Brando 
"will express his strong concern for 
environmental protection” at the forum 
entitled * Biochemical Dilemmas of our 
Times." 


' ' v ~ V 

.- & - 



Adam West, the TV caped crusader. Mtes^eRca-cr 

has a fantasy: to play Batman's long- CELEBRATION — Members of “Cats” cast hug theatergoers as the show 
lost uncle in the yet-to-be-hatched eclipsed “A Chorus Line” as the longest running musical on Broadway. 


being stolen, the museum in 
Grenoble said Friday. The 
painting. "L’enfant et’la pou- 


painted in 1901. It was stolen 
in March 1992. The canvas, 
small enough to be concealed 
inside a bag or a coat, was 
apparently taken during vis- 
iting hours and its theft went 
undetected for IS hours. 



■roi(H*ol G 




v-dUfeertM* 

' .• sstyliBrtt Affia 

-i • r tecepm 

-y rfef 

v- -4fiV 

v C3T 

1 rS'&H *£rr; tsvfal ¥ 
w'.-V ‘ siifc. SVd|Bi 

;*■ .! 


miiH 2 


kVvVuS 


tufiiin Almunia 


*■ - « Z U . 


, /-.-i . it** T-dr'i -?**'•* 
n= g zJ rs' -a* 

i ■. 

-ii T- -.-let f vr*#*- 


’. j .-yv/afOB - 


.. V *?>.£?*. -tefu-K Kfc . 

. s -I** Tb*. 


• -.'/.T L if at* vt 

btJR vr 
'••r.'-v -7=c 


., t; vs F. 

■• -•.Vi- ■*»:’! far. 

-- - r • • > si-isJ ■; 


* - ;iv: a few* tint 

>. *■ -A i K fin « 

•. - - V KSj f 


_v.ir .vw# -0W 

■ v -v: ’tvh HW. 






t for Radic 


s w wJt -fh 

.-.'t rsr dW & 

- -T vr. . “'ftopita* 

■’ s- '.•c v 

•- “r.tz vzfr* 1 - ** * * 

r - .■*£": : KsMw TK&* 

-vfrv- tete'Otr 

-JL JS: % i 


■ -. — ‘siM**'- 






• -hill 


. ^ 
■zxxm: • 

S&Of*?..., 

v.** **■ 


C- Tr.