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INTERNATIONAL 




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<« The World’s Daily Newspape 



PUBLISHED WITH THE. NEW YORK TIMES AND THE WASHITifiTON POST 

Paris, Friday, June 27, 1997 


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Teams fans splashing their way out of the grounds at Wimbledon, 
where heavy rams severely disrupted play for a second straight day. 

Will Wit Wimbledon 
Shrink in the Rain? 

Many Matches Might Be Shortened 



By Ian Thomsen 

International Herald Tribune 


WIMBLEDON, England — There 
tricity, there is madness, and 
re is m< 


there is me steadfast ingenuity of 
iidte/three friends who sat in the rain in 
^t&xr folding chairs outside the gates 
ofWimbledon. They were promising 
to spend the night Thursday sleeping 
the public sidewalk. 

Bntitls supposed to rain all night, a 
passerby told them. 

Not a problem, they said — they 
brought tents. 


Mam* 
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.But it is supposed to keep raining 
day Friday and all day Saturday, 
■were told. 

Don't be tanring like that,” Sue 
a nurse from Devon, said 
under her enonnous dripping 
‘ ,f - “We'll be watching tennis 

ey do see any tennis in the next 
HISw. days, it might have to be the 
,ys of colarfid old matches the 
BftC began rebroadcasting Wednes- 
, when only a couple of hours of 
p% were completed in between- 
shbweiv Forecasters are predicting 
dud this could become the wettest 
Wimbledon in its ill years. There 
was no pky Thursday, drowned out by 
rain, the &st time that's happened in 
five years. More of the same is fore- 
cast for Friday, Saturday, Sunday and 
Monday. And the forecast for Tues- 


day? “We haven't got one yet," said 
Alan Mills, the tournament referee. “I 
don’t want to get more depressed." 

After four days there are still 26 
uncompleted ladies' first-round 
matches and six for the gentlemen. 
Altogether, the tournament is 120 to 
130 matches behind schedule and los- 
ing ground fast. Officials were con- 
sidering whether to schedule matches 
for only the second time-ever on Sun- 
day, the traditional mid-tournament 
day off. But there would be no point in 
going to the trouble if the forecast is 
poor. “It would be little bit silly of us 
knowing the weather forecast, to open 
up everything, and then have another 
day like today," Mills said. 

Mills was contemplating the dras- 
tic move of slashing toe men 's singles 
matches from best-of-five sets down 
to a maximum of three sets. “I can't 
see toe final being best-of-three sets, 
or the semifinal," Mills said reas- 
suringly. The second through fifth 
rounds, including the quarterfinals, 
could be vulnerable to such editing. 
Already the men’s doubles have been 
cut back in this way. 

Wimbledon's most miserable sea- 
son was in 1922, the debut year of 
Center Court and the surrounding 
grounds, when the tournament wasn't 
completed until toe third Wednesday. 
Mills said he considered the third 

See TENNIS, Page 20 


France Says ’97 Deficit 
Will Exceed 3% Limit 




PARIS — Finance Minister Domi- 
nique Straoss-Kahn said Thursday that 
toe French public deficit in 1997 would 
exceed 3 percent of gross domestic 
product, the limit to qualify for the 
European Monetary Union. 

His statement at a business confer- 
ence was toe first time a senior minister 

Confusion deepens on plans for 
France Telecom. Page 13. 

had stated clearly that France would not 
meet toe strictest reading of the 
Maastricht TVeaty budget criterion for 
joining the angle currency- 
But he stressed that Paris was com- 
mitted to joining a single European cur- 
rency on time and vowed that the new 
Socialist government had no intention 
■ of . letthus the deficit run out of control. 

“What I can see as clearly as eveiy- 
oheis that we art not ai the 3 percent set 
out in toe finance act," Mr. S trams s- 
Kahn said. “When yon say you are not. 
at 3 percent, that also means y on are not 
at 3 .1 jtfgccfftffitoer, but I cannot tell yon 
how & we are beyond toaL ’ ’ 

“I have no'- intention,, nor does 
minister, of allowing any 


deficit to run out of control," he said. 

On Tuesday, Mr. Snauss-Kahn laid 
some of toe blame for the nation's 
budget problems on the previous gov- 
ernment He said an audit of public 
finances ordered by the new govern- 
ment was likely to show that toe pre- 
vious government worsened toe deficit 
this year; Analysts said the audit would 
show that the deficit was well above toe 
3 percent target The deficit was equi- 
valent to 4.2 percent of GDP last year. 

Prime Minuter Lionel Jospin vowed 
to increase spending on bousing and 
raise the tainirnum wage, but Mr. 
Strauss-Kahn said Tuesday that any 
spending increase would be offset by 
cnts. (Reuters. Bloomberg) 


Justices Void lute 

Doctor-Assisted Suicide 

* 

Not a Constitutional Right 



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decency Law 

Curb Violates Free Speech, 
Supreme Court Rules, 7-2 


The AssoCurted Press 

WASHINGTON — In a unanimous 
decision tlrat will echo through hospitals 
and homes, the Supreme Court said 
Thursday that terminally ill people did 
not have a constitutional right to doctor- 
assisted suicide. 

Chief Justice William Rehnquist, 
who wrote the main decision, said that 
the idea of having someone help end 
another's life conflicts with “our na- 
tion's history, legal traditions and prac- 
tices." 

In another key ruling, the Supreme 
Court gave President Bill Clinton what 
may be temporary authority to veto spe- 
cific items in spending bills. 

In its decision on doctor-assisted sui- 
cide, the court upheld laws in New York 
and Washington state that moke it a 
crime for doctors to give life-ending 
drugs to mentally competent but ter- 
minally ill patients who no longer want 
- to live. Lower courts had overturned the 
statutes. 

“The history of toe law’s treatment 
of assisted suicide in this country' has 
been and continues to be oue of the 
rejection of nearly all efforts to permit 
it,” Justice Rehnquist added in discuss- 
ing toe Washington law. 

“That being toe case, our decisions 
lead us to conclude that the asserted 
‘right* to assistance in committing sui- 
cide is not a fundamental liberty interest 
protected by the due-process clause." 

Reaction to the news was swift At toe 
American Medical Association's con- 
vention in Chicago, the 475-member 
House of Delegates broke into applause 
and cheers. 

The Hemlock Society, the hugest 
U.S. organization concerned with right- 
to-die issues, said it was disappointed 
but not surprised by toe ruling. “For us, 
it is back to business as usual,'' the 
society's director, Faye Girsh, said in a 
statement 

The decision, while bound to have an 
enormous impact on the continuing de- 
bate over assisted suicide, certainly will 
not be the last ward. States still might be 
free to enact measures allowing doctor- 
assisted suicide. 


Oregon already has done so, but thar 
referendum vote is being challenged in 
coon. The legislature has agreed to send 
toe issue back to the voters in Novem- 
ber. 

Congress passed a bill in April to 
keep federal funds from being used to 
pay for any doctor-assisted suicide. The 
bill's sponsors said such legislation was 
needed because Oregon health officials 
intend to use federal Medicaid funds to 
pay for such suicides as a form of “com- 
fort care.” 

In signing the bill into law. President 
Clinton said he had sympathy for those 
who suffer but added, “I continue to 
believe that assisted suicide is 
wrong." 

The Supreme Court first recognized a 
constitutional right to choose death in 
1990 when it ruled that terminally ill 
people can refuse life-sustaining med- 
ical treatment Justice Rehnquist was 

See COURT, Page 10 


By Brian Knowlton 

tnrvriumimut livruld Tnbune 


WASHINGTON — The Supreme 
Court, taking up the question of free 
speech in cyberspace for the first time, 
ruled Thursday that a federal law that 
sought to curb indecency on toe Internet 
was unconstitutional. 

The justices, by a vote of 7 to 2, 
agreed with a lower-court finding that 
the federal law, which sought to protect 
children under 1 8 from sexually explicit 
material, was drawn far too broadly and 
would deprive adults of access to ma- 
terials they have a right to view. 

The decision was hailed by free- 
speech advocates, library groups, news- 
paper publishers and computer industry' 
spokesmen. They said it could shape 
the court's approach to dealings with 
computerized communications for 
years to come. The Internet links 
perhaps 40 million computer users 
around the world, giving them 


access io vast information resources. 

The Clinton administration suppor- 
ted the overturned law, formally known 
as the Communications Decency Act. 

The administration » now expected 
to craft a more limited approach, relying 
on voluntary actions by the computer 
industry to produce improved software 
that can block indecent materials and 
calling on parents to monitor their chil- 
dren’s computer use. 

Justice John Paul Stevens, writing for 
the court maioriis. recognized the "le- 
gitimacy and importance of the con- 
gressional goal of protecting children 
from harmful materials'' but said that 
the law abridged constitutionally guar- 
anteed freedom of speech. 

In an earlier case, he noted, the court 
likened a restriction on speech "to burn- 
ing the house to roast toe pig. The 
CD A, casting a far darker shadow over 
free speech, threatens to torch a large 

See INTERNET. Page 10 


Hong Kong Christians Whit and Worry 


By Steven Mufson 

Washington Pm Service 


^ HONG KONG — Last year, of- 
ficials of the Roman Catholic 
Church’s obscure litnrgy commission 
here realized that when Hong Kong 
returns to Chinese sovereignty they 
will be sitting on on explosive cache — 
volumes upon volumes of letters from 
members of toe underground Catholic 
church in China. 

Fearful that if the letters fell into the 
hands of Chinese officials they would 
jeopardize the safety of thousands of 
Chinese Catholics loyal to the Vatican, 
toe Hong Kong church officials de- 
cided to ship the documents outside 
the territory for safekeeping, a source 
in the church said. 

The move reflects the quiet anxiety 
among Hong Kong's 620,000 Chris- 
tians as China prepares to lake over this 


Conflict Is Feared 
Despite China Pledge 

British territory of 6.3 million people on 
Tuesday. China has promised to respect 
religious freedom and has exempted 
religious organizations from new rules 
barring local groups from having for- 
eign links. But throughout the rest of 
China, Christians who fail to pledge 

Chinese authorities crack down on 
a restive Muslim region. Page 4. 

loyalty to the Communist Party' and its 
Communist-run church organizations 
risk imprisonment. A document issued 
recently by a Vatican group asked, 
“Given toe 'liberal' way in which 
Beijing inteiprets laws, will it not also 
try to restrict religious freedom?" 


"We have our own bottom line as 
believers." said Bishop John Tong of 
Hong Kong, where people are obsessed 
with bottom lines and w here they build 
up to the heavens instead of praying to 
them. 1 *\V e don't want to find conflicts, 
but if we have no other way, we will 
follow God and follow the church.” 

For now, Hong Kong church leaders 
say they are confident Beijing will live 
up to toe lener of Basic Law provisions 
that guarantee freedom of religious 
belief and religious activity. Bishop 
Tong. Bishop Joseph Zen and several 
other church officials have accepted 
invitations to toe handover ceremony. 

They u ere reassured in port during' a 
visit in May to Beijing, where Bishop 
Tong and Bishop Zen discussed the 
fate of toe church in Hong Kong with 
officials of the Religious Affairs Bu- 

See HONG KONG, Page 10 


s 

The Spy Who Came In From the Heat Speaks Out 


Ex-CIA Man Criticizes Effort Against Saddam 


By Jim Hoagland 

Washington Past Service 


WASHINGTON — In his three-year 
struggle to overthrow President Saddam 
Hussein and bring democracy to Iraq, 
Warren Marik of the CIA says he did 
everything he could think of — and was 
permitted to do. 

He helped organize flights of un- 
manned aircraft over Baghdad to drop 
leaflets ridiculing toe Iraqi dictator on 
his birthday. '-He organized military 

small arms s 


colleagues in the Iraqi National Con- 
gress to make a clean break with toe 
agency and start a new political phase in 
their efforts to bring change to Iraq. 

Mr. Marik and the CIA wonted 
closely in the north with Mr. Cbalabi 
and toe National Congress, an umbrella 
group of anti-Saddam activists made up 
mostly of ethnic Kurds. “We have 
learned the hard way that covert action 
that is not part of a large .strategic polit- 
ical program is of no value,” Mr. 
Chalabi said Wednesday in Washing- 


training and some small arms supplies to ton. “We want to work with the State 


■sining 

Kurdish guerrillas in northern Iraq. And 
he oversaw spending millions of dollars 
that went to a Washington-based public 
relations firm to produce radio scripts 
and videotapes denouncing toe regime. 

None of it wcxlced. The anti-Saddam 
campaign that Mr. Marik helped run was 
broken apart by the Iraqi dictator last 
year with relative ease. And now, partly 
m frustration, Mr. Marik has come in 
from toe cold to tell toe story of the 
CIA's war on Mr. Saddam as he saw u. 

Mr. Marik says he does so partly with 
toe hope of getting the agency to re- 
consider what he views as a misguided 
shift of strategy. He criticizes a past shift 
toward fomenting a quick coup against 
Mr. Saddam, and away from toe plan 
that he tried to carry out aimed at gradu- 
ally strengthening a “liberated" zone in 
the country’s Kurdish north. 

The decision of the 25-year CIA vet- 
eran to go public with details of -an 
operation that is still technically on- 
going has been strongly influenced by a 
similar decision by a leading Iraqi op- 
position figure, Ahmed Chalabi, and nut 


Department, the National Security 
Council, or AID. But our involvement 
with any covert agencies is finished.” 

AID is the acronym for the U.S. 
Agency for International Develop- 
ment. 

Mr. Marik, 51, retired from the 
agency six months ago. He says he has 
no regrets about toe role he personally 
played. “I still feel good about what I 
did in north an Iraq,” he said. "We 
were supporting exactly the kind of 
people America should support. But we 
tied ourselves in knots." 

He tells a story of sharp factionalism 
and confusion within the CIA as case 
officers warred with each other to im- 
press superiors and promote different 
sets of “clients" among the Iraqi dis- 
sidents they supported. 

In particular, while Mr.- Marik was 
working with Mr. Chalabi and the Na- 
tional Congress, others in toe U.S. gov- 
ernment opted to support former polit- 
ical associates of Mr. Saddam and his 

See IRAQ, Page 12 



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rraiJidHpuit'Ihe fe/'&mgirvif’iM 

Warren Marik, a former CIA agent who helped run the faQed campaign 
to end the regime of Saddam Hussein and foster democracy in Iraq. 

Iran Nears Nuclear Arms, U.S. General Says 


Ctia&kdtftO&Sk&fnnDaiwkn 

WASHINGTON — Iran is moving 
closer to nuclear weapons capability 
and is likely to have such arms at or 
shortly after the turn of the century, the 
army general in command of U.S. forces 
in toe Gulf said Thursday. 

“1 would predict to you that would be 
sometime at the turn of the century, in 
toe near end of toe turn of toe century,” 
General Binford Peay said. 

He added that such capability could be 
delayed only by Tehran’s ability to get 
fissionable material for nuclear arms. 

General Peay, who heads the U.S. 


Central Command, declined to be more 
specific. But he also voiced concern that 
Iran's conventional buildup of submar- 
ines and cruise missiles might spark an 
accidental confrontation in the Gulf. 

“1 wouldn’t want to put a date on it.” 
be said of Iran’s nuclear capability. “1 
don't know if it's 2010. 2007, 2003. I’m 
just saying that I think it's coming 
closer. 

“Your instincts tell you that that ’s the 
kind of speed (hat they are moving on 
today across toe board in their biological 
and chemical and nuclear and conven- 
tional fields. ’ ’ f Reuters . AFP ) 


Lagos Imposes Its Will on Wist Africa 

Continent's Most Populous Nation Flexes Military arid Political Muscle 


By Howard W. French 

New YorKTimes Service 


Publicly at least, the -action by Ni- 
geria's military 'dictator. General Sam 
Abacha, has generally been applauded 



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MONROVIA,. Liberia — Almost by other African states. 

every day, huge " Russian-built ' heh- ’ TH “ ~ 1 W ~ M "" ' 

copters fly out of lamps Springs Payne 
Airport here, raising a deafening dm as 
they ferry troops and artillery to Ni- 
g^p an positions in neighboring Stem 
.Leone. v . 

- Off Siena Leone’s rainy coast, 250 
miles (400 kilometos) to the east, frig- 




ates await orders from Abnia, the-Ni— 
gerian capital, to shcdLthe snore iflifec 
first exercise m gunboat diplomacy in 

post-indq)endenc^ 

Nigeria has explained die operation 
as an efibrt to restore — by force, tf 
necessary rr* Ahmad Tejan Kabbah, the 

aBemnma Niga.Nigg mtoMg 
r~ armv ftfficas on Mav 25 in a uncooperative governments to then- 


The military buildup in Sierra Leone 
more than 1,000 miles west of Nigeria, 
is one- of many instances in which Ni- 
geria, the roost populous African state, 
has been flexing its muscles and ex- 
tending its influence overa vast *' 'neigh- 
borhood" that stretches from Maurit- 
ania to Equatorial Guinea. 

In- Gambia, Nigeria has maintained 
military advisers to assist a young pres- 
ident, recently converted to civilian life, 
who seized power as a captain in 1994. - 
Nigeria, a major oil producer, suhsid- _ 

gaanKna cons ump tion in Chad, as- .am? driven by a sense* of noblesse 
c oring itself strong influence over a ' i pb8ge," said one senior West African 
Iona-unstable state. - r&bam&fc "Nigeria has always seen* it- 


slowing trade. And in Siena 
and Liberia, Nigeria has mounted 
fall-blown military interventions that 
have shown it to be West Africa's lone 
povfer a potentially rich nation of 105 
a people with immense oil re- 
and a large and capable army that 
a nniqne combination of blaster 
sense of mission. 

Nigeria struggles in impose its 
style of order on smallericountriea, 
tie are asking whether a mil- 
ictatorship renowned for its own 
and criminfllity is fit for 

feedask. 

You won’t ask me to believe that all 
operations they are undertaking 


as rightfully dominating this region, 

* • 

See AFRICA, Page 10 


AGENDA 


Lights Out, as Rescue Is Readied for Mir 

Short of electricity, the three men on 
the damaged Mir mace station worked 
in the dark Thursday as ground crews 


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5.817 

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Opinion 

wtuMiil i ■ i'ihuw********** 6 7* 

Sports.. 

■ 

Pages 20-2L 

T7» kiturmeriat 

Page 11. 

ThelHT on-line http://'- 



prepared an emergency repair mission 
and Russian space officials acknowl- 
edged the station was nearing the end of 

its useful life. Page 10. 

Senators Open Fire 

On Tobacco Deal 

WASHINGTON (AFX) — Demo- 
crats on the Senate Judiciary Con*- ■ 
mhtee said tobacco companies most 
admit they lied about nicotine's ad- 
dictiveness before Congress woaMT 
support toe tobacco deaL “I hope we 
will get toe chief executive ofScerspf 
tobacco companies tap here to say- c 
‘We know we lied about nicotine;’ - 
because until that happens, I don't? 
think you’ll get too many votes for the 1 
settlement,” said Senator Joe Biden. 1 











F 




INTERNATIONAL HERALD TRIBUNE, FRIDAY, JUNE 27, 1997 



PAGE TWO 


North Korea’s Man in Macau / A Rare Bend Issue 


For Pyongyang Debt, It’s a Hard Sell 


By Philip Segal 

Sprciul to the International Herald Tribune 


M ACAU — It is no doubt a measure of just 
how desperate North Korea has become 
for cash that Victor Cruz is in business at 
all and that he is doing it here. 

Macau is, after all, something of a backwater in 
the world of international finance. The Portuguese 
colony is known more for gambling, prostitution 
and gangland slayings these days than for coordin- 
ating multimillion-dollar bond issues. 

There are no vast trading floors jammed with 
computer screens here, no slick, preening masters of 
the universe peddling financial instruments to the 
world’s wealthy. 

There is just Mr. Cruz, a Portuguese agem for 
Pyongyang. 

He is busily trying to sell 360 million Deutsche 
marks ($209 million] worth of government-backed 
debt, discounted 50 percent, for North Korea, as it 
edges toward mass starvation. A sale by Mr. Cruz 
would mark North Korea’s first foray into the debt 
market in almost 20 years; it defaulted on its pre- 
vious debt obligation. 

The sales pitch for these bank guarantees is that 
the money will be used to buy hundreds of thousands 
of tons of urgently needed food and medicine. * 

His fund-raising, however, has left a lot of ques- 
tions unanswered, especially given North Korea’s 
patchy history of paying up. 

Mr. Cruz, 54, is the first to acknowledge that 
doing business is not always easy when you rep- 
resent a murky trading company in the world’s most 
insular country. His day is a flurry of phone calls and 
faxes around the world, as he sends off sheaves of 
paper from North Korea's International Industrial 
Development Co. Ltd. or Indecol. showing that he is 
North Korea's sole fund-raising agent abroad. 

Mr. Cruz recently explained his operation while 
consuming a quick lunch of two slices of pizza topped 
with Thousand Island dressing, crab and octopus, 
followed by a custard tart He granted two lengthy 
interviews in his office above his wife’s travel 
agency. 

He spends seven days a week for months at a time 
at his desk, always ready to take calls from Pyong- 
yang, the North Korean capital. He has had no buyers 
yet for die North Korean debt, he acknowledges, but 
says there are some just around the comer. 

He says he has potential customers, whom he will 
not identify beyond saying that they are French and 
are ready to make their purchases through a French 
bank in Switzerland. 

I n the meantime, his wife's travel business 
makes ends meet, as Mr. Cruz helps her book 
planeloads of Chinese tourists for gambling 
junkets to Macau. 

In Pyongyang, Hyun Choi answers the phone ai 
Indecol headquarters, identifying himself as chair- 
man of the trading company. "We are all one 
team,” he says of Mr. Cruz. "Mr. Victor Cruz is 
very trustworthy." 

Although Indecol is North Korea's paramount 
fund-raising organization, few experts on North 
Korea and no regional bankers said they knew much 
about it. 

But a banker in Seoul who has contacts with 
Pyongyang said he had "no doubt" that these were 
genuine North Korean bank guarantees, "signed by 



FUijj Irnrriuiioful 1 Wald 1'nl* 



There are no vast trading floors jammed with computer 
screens. There is just Mr. Crus, an agent for Pyongyang. 


the president of Koryo Bank,” North Korea's trade 
bank. 

The only Western analysts to have heard of 
Indecol say that it is not officially a North Korean 
company at all, despite Mr. Cruz's documents. 
Rather, they said, it is a Macau company with good 
links to various agencies in North Korea, although 
not the powerful ministry of defense. 

"It may be part of an internal power struggle,” 
one analyst said. 

Whoever is behind Indecol in Pyongyang, it 
seems clear Mr. Cruz has good connections in North 
Korea. Western analysts say Indecol, wherever it is 
officially incorporated, has good connections to 
Pyongyang, ana Mr. Cruz has good connections 
with Indecol. 

Indecol's chairman, Mr. Cruz said, reports di- 
rectly to President Kim Jong II. Mr. Cruz said he 
speaks with the president twice a day and claims to 
have enormous influence over North Korean policy. 
"If I tell them open the border with the South 
tomorrow, they open the border." he said, 

Mr. Cruz's [rath to the international bond markets 
has been an unconventional one, according to his 
account. 

Since he unsuccessfully opposed the Portuguese 
revolution that overthrew the Salazar dictatorship in 
1974, Mr. Cruz said, he has spent no more than three 
days in his homeland. 

Before he arrived in Macau four years ago, he 
was based in Tunisia, where he says he carried out 
fund-raising activities on behalf of Iraq. While 
there, he converted to Islam and adopted die name 
Slim ben Amar. 


His country of residence 
before Tunisia was Colombia. 
He declined to say what busi- 
ness he was engaged in 
there. 

One of Mr. Cruz's reported 
relationships that was verifi- 
able was his ongoing contacts 
with the U.S. Secret Service, 
which is charged with tracking 
down counterfeit currency. 
North Korea is thought to be a 
major source of bogus bills. 

"Mr. Cruz has had deal- 
ings with the Secret Service, 
but due to the confidential 
nature of the dealings and on- 
going investigations we can't 
comment," said the spokes- 
man for the U.S. consulate in 
Hong Kong, Pat Corcoran. 

Given this relationship 
with the Secret Service, a 
branch of the Treasury de- 
partment, Mr. Cruz com- 
plains bitterly that his lawyer 
in the United States was 
denied a special license that 
he needed to work on a similar 
debt issue there. 

Both he and his lawyer, 
Timothy Mackenzie of Los 
Angeles, said that there were 
parties interested in buying a 
similar series of bank guar- 
antees last year. 

The Treasury Department, 
which declined to comment on Mr. Cruz's case, has 
granted two U.S. companies licenses allowing 
barter trade with North Korea. 

U.S. citizens are also allowed to finance hu- 
manitarian aid shipments to North Korea, subject to 
Commerce Department approvaL 

he problem facing investors is gauging the 
likelihood that Mr. Cruz's guarantees from 
Koryp Bank will be repaid A 360 million 
DM issue, even discounted at 50 percent, 
“is very impressive for a bank that doesn’t disclose 
its capital or assets," one regional banker said 

Aside from the unusual practice of trying to issue 
new debt from a country still in default on its older 
outstanding paper, there are a few things about Mr. 
Cruz's pitch that make it a hard selL 

As a start is his justification why potential in- 
vestors would pay a premium for the new debt over 
debt already outstanding. 

Mr. Cruz is offering his bank guarantees at 50 
percent of face value, while North Korea’s de- 
faulted London Club debt trades ai 40 cents on the 
dollar. 

"In general, countries that are in default on 
London Club debt can't raise new money," said 
Jerome Booth, an analyst at ANZ Bank in London. 
"If he's got private buyers, there's not going to be 
any secondary market in that. It won't have any 
liquidity at all." 

Defaulted North Korean debt trades in London 
and has actually doubled in price since the be- 
ginning of the year on hopes that South Korea might 
assume some of the North’s liabilities. 


Nuclear Force Eroding, 
Russian Warns Yeltsin 

■ 

In Bitter Attack, Ex-General Rallies Officers 


By David Hoffman 

Wqshmgron PtmStrrfct 


MOSCOW — A retired Russian gen- 
eral with a leading position in Parlia- 
ment has warned President Boris 
Yeltsin in an open letter that Russia’s 
strategic nuclear forces are heading fbr 
"extinction” because of lack of muds 
and maintenance. 

He called on officers to organize 
themselves against the Kremlin's plans 
to curtail the military further. 

The warning came in an extraordi- 
narily bitter letter from Lev Rokhlin, the 
general who commanded Russian 
troops in die bloody December 1994 
assault on Grozny, capital of 
Chechnya. 

Mr. Rokhlin was later elected to the 
State Duma, the lower house of Par- 
liament, where he is chairman of die 
Defense Committee and a member of 
the political /action known as Our 
Home Is Russia. This party was or- 
ganized by high members of Mr. 
Yeltsin's government as a forum for 
campaigning in the 1995 Parliament 
elections. 

"The strategic nuclear forces are 
destined for extinction,” Mr. Rokhlin 
asserted in his letter, echoing a warning 
earlier this year by die defense minister 
at the time, Igor Rodionov, who was 
later dismissed by Mr. Yeltsin. 

“At the present time, everything is 
being done to this end, ” Mr. Rokhlin 
added. "There is no financing for the 
work to extend the life of the missiles 
that are on combat duty and have ex- 
hausted their guaranteed term of ser- 
vice. The necessary funds are not al- 
located to work out new types of 
weapons." 

When Mr. Rodionov issued his warn- 
ing earlier this year, it was dismissed in 
Moscow and in Washington as a ploy to 
squeeze more money from the govern- 
ment. 

But Western diplomatic sources said 
recently that they took the warnings 
seriously and believed the comments 
reflected a degradation of the Russian 
nuclear forces, both in vital command- 


cosed Mr. Yeltsin of failing to uphold 
the Russian Constitution and of sur- 
rounding himself with greedy cronies 
who send Russia's riches abroad. 

"You fooled the nation and the mil- 
itary, failin g to fiilfill your pre-election 
promises,” he wrote’ pointing to the 
plight of military veterans, invalids, of- 
fleers and others who have not been paid 
for months. 

"You have destined the armed forces 
to significant destruction.’ 1 Mr. Rokhlin 
added, offering dire predictions — that 
the country may break up, with Siberia 
and the Far East seceding from the rest 
of Russia and that China or the United 
States will seek to exploit Russia’s 
weaknesses. 

Mr. Rokhlin' s statements come at a 
time when pressure on the military is 
growing. A newspaper recently report- 
ed that more than 10 soldiers ana of- 
ficers die every day of causes unrelated 
to combat, including suicide. 

There also has been an outbreak of 
mass killings around the country by 
berserk soltfiers. 

According to recent reports, a plan 
has been advanced to compress the mil- 
itary into a triad of forces — a combined 
land-sea conventional force, a strategic 
nuclear force and the air force. 


Due to technical problems, we 
were unable to provide our 
regular fund quotations in the 
issue dated 26th June. We 
apologize for any inconvenience 
this may have caused. 


In this Saturday’s 



International 

Entrepreneurs 



ractices and incentives 
around the world. 


INTERNATIONAL 



pimnmB vm nr ton tub ra tbz rast 

THE WORLDS DAILY NEWSPAPER 


Los Angeles Endorses Draconian Panhandling Bill 


Lrs Atteeles Times Semce 

LOS ANGELES — Despite protests from civil 
rights lawyers and support groups for the home- 
less, the Los Angeles City Council has endorsed 
one of the toughest panhandling measures in the 
United States — a bill that bans aggressive so- 
liciting, including following, swearing, threaten- 
ing or unwanted touching. 

Civil libertarians and advocates for the home- 
less, however, said they were considering a suit to 
prevent the measure from becoming law. 

The bill also bans all panhandling in such places 
as bus and subway stations, freeway divides, and 
near banks, automatic teller machines and res- 
taurants. 


The proposal was approved by an S-to-4 vote. 
Because it did not receive the 12 votes necessary 
for immediate enactment, it will be put to a second 
council vote next week. Since only eight votes are 
required for passage on the second ballot, the bill is 
expected to be passed. 

It will take effect 30 days after Mayor Richard 
Rjordan signs it Violation of the law would be 

S unishable by a S50 fine for the first-offense and a 
500 fine and six months in jail for repeat of- 
fenses. 

The mayor said the measure would improve the 
lives of residents who are constantly harassed by 
aggressive panhandlers. But critics said the text was 
constitutionally flawed because it was too vague. 


The Associated Press 

HANOI — After canceling a visit to 
Cambodia because of security concerns. 
Secretary of State Madeleine Albright 
arrived here Thursday for her first visit 
to Vietnam. 

She will hold talks with Vietnamese 
officials on human rights, American 
servicemen missing in action since the 
war and ways to expand trade and eco- 
nomic ties. 

Mrs. Albright abruptly decided 
Wednesday not to visit Cambodia be- 
cause of a firefight a week ago in Phnom 
Penh between the security forces of Cam- 
bodia's two rival prime ministos. Prince 
Norodom Ranariddh and Hun Sen. A 



The secretary of state was to have 
spent two nights in Phnom Penh after 
leaving Vietnam. Her Asia trip will end 
Tuesday with a visit to Hong Kong, 
where she will witness the return of the 
British colony to Chinese rule. Now, she 
will lengthen her stay in Vietnam to two 


days and extend her stay in Hong Kong 
next week to three days. 

En route to Hanoi. Mrs. .Albright said 
the highest priority for the United States 
in its relations with Vietnam was to 
obtain an accounting of missing Amer- 
ican servicemen. 

As for the cancellation of the trip to 
Cambodia, the State Department 
spokesman, Nicholas Bums, said, ' 'The 
security situation simply will not permit 
the kind of trip she wanted to have." 

He said that "extraordinary security 
precautions" would have been required 
even for a short visit. The safety of Mrs. 
Albright had to be taken into account, as 
well as that of the 40 others who are 
accompanying her. Mr. Bums said. 

He said Mrs. Albright had planned to 
urge the Cambodians to end the po- 
litically-inspired violence in Phnom 
Penh, ro promote democratic and polit- 
ical reform and to bring to justice the 
Khmer Rouge leader, Pol Pot. He is 
reported to be in the custody of a mutin- 
ous faction in nonhem Cambodia. 


TRAVEL UPDATE 


WEATHER 


Bonn Shuts Post in Central Africa 

BONN (Reuters) — Germany on Thursday advised its 
citizens in the Central African Republic to leave the country 
after recent clashes between African peacekeepers and army 
mutineers that killed at least 80 people. 

Earlier Thursday, Foreign Minister Klaus Kinkel ordered 
the German Embassy in Bangui to close temporarily. 

Closure for Van Gogh Museum 

AMSTERDAM ( AP) — The Van Gogh Museum, one of 
Amsterdam’s biggest tourist attractions, will shut its doors for 
eight months beginning in September 1998, while a new wing 
is built, officials said Thursday. 

The original museum building will also be renovated. 

During the closure, a selection of Van Gogh paintings will 
be exhibited at the nearby Rijksmuseum, according to a 
museum press release. The museum attracts about a million 
visitors a year. 

France's Socialist government Thursday left open the 
possibility of building a third airport for Paris. Transport 
Minister Jean-Louis Gayssot told the Senate that Orly airport to 
the south and Roissy-Charles de .Gaulle to the north had 
reached saturation. A third airport, to the southwest, would cost 
50 billion to 100 billion francs ($10-520 billion). (Reuters) 

Chinese rule over Hong Kong will not scare away tour- 
ists, a senior tourism official said Thursday. The authorities are 
launching a "Hong Kong 100 Days of Wonder” program to 
promote the city from July 1, after Britain hands its colony back 
to China, said Kent Hayden-Sadler, deputy executive director 
of the Hong Kong Tourist Association. (Reuters) 


Europe 


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Forecast for Saturday through Monday, as provided by A ecu Weather. Asia 



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North America 

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NonhweSL 


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Heavy 

Snow 


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Cloudy, damp and coof 
Saturday through Monday 
for much ol western and 
central Europe with a gusty 
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Warsaw will have some 
ram and drizzle, but there 
will be some sun In Scot- 
land and Ireland. Warm 
and dry from southern Italy 
to Romania northward Into 
western Russia. 


Asia 

Heavy ra>n and high winds 
are likely to affect much of 
Japan and the Koveas Sat- 
urday as Typhoon Peter 
heeds northward. Dry and 
hot weather with sunshine 
will persist from Bailing 
westward mo north central 
China, but more rain will 
affect south central China 
and Tibet 


Asia 


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and-control systems and m readmeis ' 
and reliability. 

Mr. Rokhlin is considered 10 be close 
to many of the top generals and he lot, 
often appeared as a spokesman for die 
nrifiiuy. 

His letter was especially blunt in 
blaming Mr. Yehsis personally for &e 
long war m Chechnya as well as the 
armed forces’ woes. He was equally 
harsh in calling on Russian officers to 
r»v* matters into their own hands. 

"You bear a personal respohsibilav 
for »nt«*-*hfng me war in Chechnya/’ 
Mr. Rokhlin wrote. "And having made 
a decision to use the troops, you Ihen 
surrendered the army.” 

The leneT went on: “ Against mer- 
cenaries and mature men. you threw into 
die battle 18-year-olds, boy's who had 
not held guns in their hands. 

With clear disdain. Mr. Rokhlin ac- 









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INTERXA.TIO.NAL HERALD TRIBUNE, FRIDAY, JUNE 27, 1997 


PACE 3 


THE AMERICAS 


■ 

Court Critics See Risk 


To Religi 




Freedom 


A Ruling Comes Under Vigorous Attack 


By Laurie Goodstein 

R>jjiu«t{>r<>ff Past Service 


Washington — a coalition of 

religious groups that united four years 
ago to pass the Religious Freedom Res- 
toration Act has reacted bitterly to the 
U S. Supreme Court’s decision to strike 
down the law and predicted a dire future 
without its protection. 

In the aftermath of the r uling 
Wednesday, the coalition said it now 
envisions a nation in which prison in- 
mates are prohibited from praying in 
Arabic. Sikh Little League players are 
required to remove their turbans, stu- 
dents who are evangelicals are obliged 
to attend classes on evolution and 
churches are forbidden by zoning laws 
to remodel or run soup kirchens. 

Whether those predictions accorately 
reflect the ruling's potential impact is 
far from clear. 

A group of state attorneys general had 
contended that they did not need the 
power of a federal law to protect re- 
ligious liberties. And some legal experts 
cautioned that the ruling may not be as 
dire to religious practices as some ac- 
tivists claimed. 

Douglas Kmiec. a law professor at the 
University of Notre Dame, noted that, 
under the legal standard still in place, 
any religious group that felt it was spe- 
cifically targeted by srate or local law 
could make a claim. 

The controversy began in 1990 when 
the Supreme Court ruled in Employ- 
ment Division v. Smith that American 
Indians had no constitutional right to 
take the hallucinogenic drug peyote as a 
religious sacrament. The court said anti- 
drug statutes that were neutral toward 
religion could be valid even if they 
impinged on someone ’s right to practice 
his or her faith. 

In reaction. Congress passed the re- 
ligious freedom law in 1993 under the 
principle that government should not 
inhibit believers from practicing their 
faith unless it can prove there were 
"compelling" reasons for doing so. 

Since the law was enacted, Jehovah’s 
Witnesses successfully sued in Cali- 
fornia over having to take a loyalty oath 


as a condition of their state employment: 
the Western Presbyterian Church in 
Washington prevailed in a struggle with 



feeding program, and an American In- 
dian prison guard won a lawsuit in New 
York State after he was disciplined for 
refusing to cur his hair. 

But a city in Texas challenged the 
law’s constitutionality when a church in 
town invoked it as it sought to enlarge its 
building in a neighborhood zoned for 
historic preservation. 

On Wednesday, the court essentially 
said Congress had usurped the powers 
of the federal courts and die states when 
it enacted the law. 

Some observers saw a decision that 
was less about religion than about Con- 
gressional authority. 

The peyote case is important because, 
with the religious freedom law over- 
turned. it becomes the guiding legal 
principle. 

According to specialists on church- 
state issues, now only blatant and 
clearly bigoted attempts by state and 
local governments to discriminate 
against religious practices will be il- 
legal But such attempts are rare. More 
common, and more threatening, are 
laws that discriminate unintentionally, 
the specialists said. 

“The Smith approach ignores the fact 
that people lose their rights just as surely 
by unintentional discrimination as they 
do by intentional discrimination," said 
Melissa Rogers, associate general coun- 
sel for the Baptist Joint Committee. “A 
Jewish schoolboy’s right to wear a yar- 
mulke is impaired as much by a rule 
banning all hats in school as it is by a 
rule that specifically prohibits yar- 
mulkes.” 

The result will be remmiscenr of the 
1800s “when government went about 
persecuting the Mormons deliberately 
because of a neutral law” prohibiting 
polygamy, said Marc Stem, counsel for 
the American Jewish Congress, who 
wrote the brief submitted by the co- 
alition of 75 groups in support of the 
law. 

Zoning laws, landmark laws and en- 
vironmental laws are all relatively new. 




- -» 


■ 

Cleaner Air Rules 

■ « 

After. Fierce Debate , He Backs 
EPA Drive on Soot and Smog 


By JotaH. Cushman Jr. SL?!L C 2SK‘ 


Nnv VbrL Times Sen uy 


L\LUkffn1lv wwl*i| IW, 


The Reverend Anthony Cummins, pastor of St. Peter the Apostle Church in Boerne, Texas, 
which invoked the religious freedom act after it was denied permission to build an addition. 


and increasingly are applied to churches 
and religious institutions, he said. 

The court’s decision undoubtedly 
will supply new momentum to the drive 
to pass a constitutional amendment lim- 
iting government interference in reli- 
gious activity. 

“The court has once again acted to 
push religion to the fringes of society,” 
said Senator Orrin Hatch. Republican of 
Utah, a primary author of the statute that 
was overturned. 

“The Supreme Court has thrown 
down the gauntlet and we intend to pick 
it up." 

Both Senator Edward Kennedy. 
Democrat of Massachusetts, and J. 
Brent Walker, general counsel for the 
Baptist Joint Committee, said they 
would be scouring the lower courts for 
another case to use as a vehicle to chal- 
lenge the precedent the Supreme Court 
set in the peyote case. 

Mr. Walker said another strategy was 
for states to enact laws protecting re- 
ligious freedom. 


POLITICAL NOTES 


Kids! They’re As Bad as You Thought 

And Not Just Teenagers, Says Survey That Points a Finger at Parents 


By Megan Rosenfeld 

Washington Pom Service 


WASHINGTON — Children, espe- 
cially teenagers, are increasingly lack- 
ing in moral and ethical values, ac- 
cording to a survey, and their parents are 
largely but not solely to blame. 

The main problem is an absence of 
basics such as honesty, self-discipline 
and a work ethic, respondents said, and 
they did not think government programs 
could provide the remedy. 

The survey, financed by the Ronald 
McDonald House Charities and die Ad- 
vertising Council, was conducted by 
Public Agenda, a nonpartisan public 
opinion research organization in New 
York. 

Acknowledging that the older gen- 
eration has always thought that die 
young were doing poorly, the study's 
author, Steve Farkas, said that this re- 
search was particularly disturbing be- 
cause adults now thought the con- 
sequences for the nation and for the 
children themselves were more dire. 

He also said that the research showed 
that grown-ups believed problems begin 
at younger ages. 

“It’s no longer just teens in for this 
kind of criticism and disappointment, 

up, Mr. Farkas 


it’s children age 5 and up, 


said Wednesday. Nearly all of the adults 
(SI percent}, thought that being a parent 
today was harder than ever before. 

Being a child is harder, too, according 
to S3 percent of the children surveyed. 
Adults had similar responses regardless 
of age, race, sex or economic or parental 
status. 

Teenagers are “rude, irresponsible 
and wild" and have too much time on 
their hands, their elders said, and only a 
few are seen as “helpful" or “smart.’’ 

Teenagers themselves felt they were 
generally, happy and had good relation- 
ships with the adults in their lives, but 41 
percent of them said that they “see 
people using drugs or alcohol every day 
or almost every day." 

Thirty-three percent said that there 
were no adults at home- whea they re- 
turned from school, and 6 in 10 said that 
other teenagers paid too much attention 
to their appearance. 

But 65 percent of the teenagers sur- 
veyed said they got “a compliment or 
encouraging word from adults every day 
or almost every day.” 

Just as many reported' that a belief in 
God was- “an important part of my 
life.” 

Children younger than teenagers are 
seen by adults as spoiled and disrespect- 
ful, indulged with material goods by 


guilty parents who do not spend enough 
lime with them and do not enforce basic 
standards. 

Nearly a third thought “it’s very 
common for children to be out of control 
in public areas such as restaurants or the 
movies." 

Nearly all adults surveyed said that 
the value vacuum applied to children 
from all kinds of backgrounds, not just 
those considered to be “disadvant- 
aged.” 

But if parents were generally blamed 
for this state of affairs, it was with 
sympathy and within the context of a 
world with failing public schools, 
spreading crime, degrading popular cul- 
ture. demanding jobs and changing ex- 
pectations. 

Parents and teachers alike felt their 
authority had been undermined — 
sometimes by each other — and thai the 
threar of legal action had severely di- 
minished their ability to discipline chil- 
dren. 

The findings were based on two tele- 
phone surveys, one of 2,000 randomly 
selected adults and the other of 600 
children aged 12 to 17. In addition, 
researchers conducted six focus groups 
across the country and dozens of follow- 
up interviews. The margin of error was- * An obscenity-laced rock 
plus or minus 2 percent. 


A Balanced Budget by 2002? 

WASHINGTON — Congress has approved sweeping 
legislation intended to balance die federal budget for the 
first time since 1969. 

Versions of the bill passed by the House and Senate axe 
different from each other in many significant details, 
however, and negotiators from the two chambers will 
now try to work out their differences and forge a com- 
promise acceptable to President Bill Clinton. 

Both bills would balance the budget by 2002, curb the 
growth of Medicare and Medicaid, spend S16 billion on 
health care for uninsured children and restore cash as- 
sistance for hundreds of thousands of legal immigrants 
that lost their benefits under the 1996 welfare law. 

The votes ended years of wrangling over balancing the 
budget. (NYT) 

A No-No on the Punditry Perch 

WASHINGTON — When George Stephanopoulos 
signed on as an ABC News contributor, he said he saw no 
conflict between his political past and his new punditry 
perch. 

But die terrain is trickier than the former White House 
aide thought. ABC told him he could not go ahead and 
host a fund-raising dinner Thursday for Ruth Messingef. 
a Democrat running for mayor of New York city. “1 
called George and said this is a no-no,” said Richard 
Wald, ABC senior vice president. Anyone employed by 
ABC News “should not be in active support of electoral 
politics,” he said. “He made a mistake.” tWP) 

Collecting Taxes for the People 

WASHINGTON — A congressional commission has 
recommended that a wide range of changes be made in the 
Internal Revenue Service — from placing management in 
the hands of an independent board to moving the tra- 
ditional April 15 filing deadline back a month or more. 

If enacted, the recommendations would change the 
agency from “an enforcement bureaucracy to a cus- 
tomer-driven service organization,” said Representative 
Rob Portman, Republican of Ohio, who was co-chairman 
of the panel with Senator Bob Kerrey, Democrat of 
Nebraska. Bat some officials in the Clinton admin- 
istration oppose the recommendations. (WP) 


Quote/ Unquote 


Defense Secretary William Cohen on the military's 
handling of sexual misconduct cases: “Are we going to 
say that anybody who has a single blemish in their private 
life can never be confirmed for something, can never be 
promoted? What kind of signal is that to send? ’ ’ (WP) 


said Nb - 

Browner. who«i adamant de-‘ 
feme of the proposals was. 

WASHINGTON — In one described by her backers uv 
of the most important domes- courageous and principled, 
tic environmental decisions but by her detractors as stub- ; 
of the decade. President Bill born and close-minded. 
Clinton has approved signify ""These new siamiirdsvill 
icantly lighter pollution limits provide new health prolec- 1 
oh deadly soot and choking tions to 125 million Afflcr-- 
smog, while offering states icons, including 35 million; 

and cities substantial fiexib- children." 
ility in deciding how to reach She spoke at a White- 
the new goals over the next 10 House briefing that included 
years and beyond. several officials w ho have ur- 

Ending a fierce behind-ihc- gued for weeks over the 
scenes battle. Mr. Clinton rules, 
sided with the head of the Those millions of people. 
Environmental Protection officials of ibe Environmen- 
Agency, Carol Browner, ml Protection Agency said, 
against the concerns of his live in hundreds of counties 
economic advisers, who had that eventually will have to- 
balked in the face of industry impose new pollution control 
complaints that the rules measures to meet the new- 
would cost far more than they standards, 
were worth. The Environmental Prolec- 

The White House pm aside tion Agency has claimed, 
many of those economic con- based on epidemiological 
cents once Vice President A1 studies, that 15.000 people 
Gore jumped into the fray last die every year of exposure io 
week, after a lobbying cam- these pollutants, especially 
paign by environmental the fine sooty panicles. And 
gronps, administration offi- the agency expects that hun-- 
rials said Wednesday. dreds of thousands of acute 

And in the end. Ms. asthma attacks can be 
Browner made relatively avoided each year, since 
modest changes to the rule her smog often triggers breathing 
agency proposed last Novem- difficulties in children with 
ber. the disease. 

Announcing his decision in Under the Clean -Air Act. 
a speech in Tennessee. Pres- the agency must set health- 
ident Clinton cast it as an ini- based standards for air quality 
native to protect children, a without regard to expense, 
favorite theme of his admin- States where the air vio- 
istration: lates the standards must then 

In this case, he cited es- impose pollution controls that 
penally the asthmatics who can cost industries billions of 
are most at risk from exposure dollars and inconvenience 
to ozone arid small particles motorists, 
of soot, two common poilut- The drive to tighten sun- 
ants caused by die burning of dards touched off a massive 
fossil fuels. lobbying campaign for two 

“I approved some very years, led by automakers, 
strong new regulations today electric utilities, fuel suppli- 
that will be somewhat con- ers and manufacturers, 
troversial, but I think kids Although the final rules are 
ought to be healthy." Mr. not quite as aggressive as ihe 
Clinton said at a conference version that was first pro- 
on families at which Vice posed, they arc nonetheless a 
President Gore was the host, milestone in the long struggle 
The administration's de- against unhealthy air. 
cision on air quality rules The last time the ozone 
faced an enormous campaign standard was changed, nearly 
of opposition by industry and 20 yeat-» ago. it was 
determined support by envir- . weakened, 
onmentalists. The tiniest particles of 

“The final product, 1 am sooty chemicals, so small that 
delighted to say. is a major they lodge deep in the lungs.' 
step forward for protecting were not controlled under the 
the public health of the people Clean Air Act before. 



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Politics 


.Vnr flirt Times Service 


WASHINGTON — Ken- emor of Arkansas, 
neth Stan, the independent In a statement, Mr. Starr 
counsel investigating the called “incorrect" a Wash- 
Whiiewafer affair, has denied ingion Post article that said be 
a published report that his of- was investigating Mr. Clin- 
fice was examining the per- ton’s sex life. 


album has been pulled off 
store shelves by Walt Disney 
Co., less than a week after its 
music division sent 100,000 
copies to record stores. The 
decision to withdraw Insane 
Clown Posse’s “The Great 
Malendo” comes a week 

Clinton while be was gov- prosecutors and agents, this amine witnesses with whom after the Southern Baptist 


Clinton Sex Life Not Target , Prosecutor Says 


sonal life of President Bill “Through experienced seeking to identify and ex- might not be. 

President Dumps Olympic Champ for Donor 


By Charles R. Babcock 

Washington Post Servin' 

WASHINGTON — President Bill 
Clinton's intention to appoint a Cali- 
fornia bodybuilder who gave SI 00.000 
to the Democratic National Committee 
last year to the President's Council on 
Physical Fitness and Sports has run into 
a complication. 

To mrtke room on the 20-member 
council for Jake Steinfeld, the White 
House personnel director, Robert Nash, 


sent a letter early this month to Florence 
Griffith Joyner, co-chairwoman of the 
council and an Olympic champion, 
thanking her for her service and re- 
moving her from ber post. 

Mr. Steinfeld is also known as Body 
by Jake. 

Ms. Griffith Joyner was not pleased. 
She said that she did not consider a letter 
from Mr. Nash to be adequate notice. 

‘ T was appointed by the president and 
expect to be informed by the president,' ' 
she said. “I’m very upset this action was 


office has used and will con- the subjects of this investi- Convention voted to boycott 
tinue to use well-accepted gation have been associated, the entertainment giant for 
law-enforcement methods to and who therefore may pos- what it called anti-family 
aiber and evaluate such sess relevant factual infoima- products and policies. (AP) 
acts.” Mr. Starr said. “That non. We have no control over 
process traditionally includes who those persons might or • An armored car guard in 

Stroud, Oklahoma, returned 
from a fast-food restaurant to 
find his partner gone, as much 
as S3 million missing, and a 
postcard hanging from the 
rearview mirror. “Is Paris 
nice this time of year? Oui. 
Bye,”itread. f APi 


• A Russian lesbian ti 
San Francisco 


since 


vingin 
s 1992 


taken without talking to me. As far as I 
am concerned I am still co-chair of the 
council." 

The panel advises the president and can seek political asylum be- 
ihe secretary of health and human ser- cause of efforts by the Rus- 
vices on ways to encourage Americans sian government to forcibly 
to be more physically fit. Members “cure” her of homosexual- 
serve without pay at the pleasure of the ity, a federal appeals court has 
president with no set terms. ruled. The derision over- 

Mr. Steinfeld had not been an active turned a 1995 ruling by the 



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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, JUNE 27, 1997 


ASIAIPACIFIC 


■ 

Heaven or Hell: Divergent Visions of Hong Kong’s Future 


By Velisarios JCattoulas 

International Herald Tr ibune 

HONG KONG — David Li and Lisa 
Mak could hardly be more different Mr. 
Li heads die Bank of East Asia, and the 
way he tells it Hong Kong is a fairy tale 
city, thriving, safe and itching to make 
its mark on the 2 1st century. 

Miss Mak sells toys for an American 
toy maker, shares a tiny apartment with 
four others and rinds it hard to breath 
because of the city's dirty air. Listen to 
her and the Hong Kong fairy tale be- 
comes more like a nightmare. 

When China takes control of Hong 
Kong next week, it will absorb a me- 
tropolis with a deep split between its 
rich and its middle and working 
classes. 

Britain's colonial rulers and Hong 
Kong's hard-driving entrepreneurs 


have applauded each other for turning 
this into one of the world's richest cities 
and fastest growing economies. 

Yet for every person proud of Hong 

__ • ■ i _ 



happiness, r 

To be sure, Hong Kong's middle and 
working classes' have benefited from a 
half -century of dizzying economic 
growth. But they have also borne die 
brunt of its side effects, chronic housing 
shortages and debilitating air pollution, 
and few expect their lives to improve 
after Hong Kong returns to Chinese 
sovereignty at midnight Monday. 

Recent polls underscore the split 
One published this week by the Far 
Eastern Economic Review showed that 
more than 90 percent of business ex- 
ecutives expect Hong Kong to continue 


to prosper after it returns to China. By 
contrast, a University of Hong Kong 
poll published in March found that only 
one in two people were confident Hong 
Kong would continue to thrive. Four in 
ten believe problems, including bousing 
shortages and air pollution, have in- 
creased in the past three years. 

The only issue on which there is 
common ground among the rich and the 
poor is cm civil liberties. Both groups 
fear China will trample on agreements 
to preserve Hong Kong's liberties for 50 
years, but they think it will have little 
impact on Hong Kong’s role as a city 
dedicated to business. 

“We benefit greatly from our eco- 
nomic ties with the mainland/ * Mr. Li, 
chairman and chief executive of the 
Bank of East Asia Ltd., said. “Under the 
‘one country, two systems’ formula, the 
opportunities are set to multiply. Those 


opportunities are there for the whole 
world to take.” He was referring to the 
agreement nndesrwhich Hong Kong will 
return to Chinese sovereignty but re- 
main largely independent tor 50 years. 

Mr. Li, also a member of the outgoing 
British Legislative Council and of the 
incoming provisional legislature that 
will replace it, has good reason 10 be 
confident From his office in central 
Hong Kong and his home in the ex- 
clusive Peak district he has a dazzling 
view of the skyscrapers along the city’s 
waterfront beacons of its prosperity and 
future promise. 

In contrast Miss Mak shares a 300- 
square-foot (28- square-meter) apart- 
ment with her mother, father and two 
sisters. The view is of a concrete apart- 
ment block opposite and of a road below 
on which the rumble of traffic never 
fades. 


Torture Accusations Cloud 
East Timor Rebel’s Death 


OwnpBcd tff Our Stiff From Dispatches 

JAKARTA — The second in com- 
mand of East Timor rebels has been 
killed in a clash with Indonesian troops, 
a senior army officer said Thursday, but 
the circumstances of the death were in 
dispute. 

Troops surrounded the rebel leader, 
David Alex, and five followers in the 
home of a villager Wednesday in the 
town of Baucau, 130 kilometers (80 
miles) east of Dili, the East Timor cap- 
ital. Mr. Alex was shot in the right thigh 
and hand in the ensuing rirefighu said 
Colonel Slamet Sidabutar, the military 
commander in the former Portuguese 
colony where separatist rebels have 
been fighting Indonesian rule for 22 
years. 

In Lisbon, a rebel spokesman, Roque 
Rodrigues, claimed that Mr. Alex was 
only slightly wounded in the firefight 
and later died during torture at the In- 
donesian military hospital in Dili. He 
cited sources in Dili, but said they could 
not be identified because of fears for 
their safety. 

Mr. Rodrigues's version was flatly 
denied by Colonel Sidabutar. “He was 
bleeding profusely, his arteries were 
severely damaged and we could not 
save his life," Colonel Sidabutar said in 
a telephone interview, referring to Mr. 
Alex. “We took him back by helicopter 
to the military hospital in Dili to save his 
life because we needed him to tell us 
about those still in the mountains. 

“It's not true that he died while in 


custody, but he died while he was being 
treated and was receiving a blood trans- 
fusion," Colonel Sidabutar said. 

Australian supporters of the rebel 
movement urged Australia's ambassa- 
dor to Jakarta to begin an investigation 
into Mr. Alex's death. The ambassador, 
John McCarthy has been on a fact- 
finding mission in East Timor this 
week. 

Amnesty International, the human- 
rights group, has said that torture or ill- 
treatment of political detainees in East 
Timor in both police and military cus- 
tody was routine. 

Colonel Sidabutar said Mr. Alex was 
first rushed to the general hospital in 
Baucau. which turned out not to have 
the facilities needed to treat him. 

Colonel Sidabutar said the five 
people captured with Mr. Alex included 
a rebel who killed a soldier in Baucau 
last October and a student of the Uni- 
versity of East Timor who was recruited 
by Mr. Alex last year. 

Indonesia invaded East Timor in 
1975 and annexed it the following year. 
Since then, it bas been trying to curb 
sporadic independence activities. 

Rebel activity has intensified since 
Indonesian national elections last 
month. According to estimates, as many 
as 42 soldiers, police, civilians and 
rebels have been killed in a series of 
attacks by rebels since May. Mr. Alex 
was the highest ranking East Timorese 
guerilla captured since 1992. 

(AP. AFP, Reuters) 



lu«un Jin'Rcmm 

Members of the Democratic Alliance for the Betterment of Hong Kong 
demonstrating Thursday outside the colony's Legislative Council, ur- 
ging the outgoing government to impose rent controls on public housing. 


Miss Mak. 25, sells toys far the Hoag 
Kong aim of Mattel tot, and takes 
home about 17,000 Hoag Kong dollars 
($2,200) a month, in line with avenge 
per capita income of $24,500 in 1996. 
But soaring real estate prices, which 
rose by more than one-third in-1996 and 
may well be the highest in the world, 

rrwm rfiat chi> ]ins nO *4y*i*» but W 

continue to share a bedroom with be r 
two sisters, one 23, the other 27. 

“The middle class like us cannot 
afford to boy apartments, never,” she 
said. “We don’t have any personal 
space and have different lifestyles. We 
end up fighting all the time.” 

Tung Chee-hwa, who will become 
Hong Kong’s chief executive after its 
return to China on Tuesday, says hous- 
ing is his top priority. He fears the high 
costs could doer foreign companies 
from investing here and that cramped 
living conditions could undermine local 
productivity. Aides have prepared a re- 
port on what might be done, but it has 
not yet been made public. 

The government has said that the 
150,000 people on waiting lists for pub- 
lic housing could wail for up to seven 
years. Moreover, Hong Kong bas vir- 
tually no undeveloped land and its pop- 
ulation is rising. Demand for apartments 
from wealthy Chinese from the main- 
land continues to outstrip supply, push- 
ing prices ever higher. 

Pollution is another of Miss Mak's 
concerns. She now says she finds it 
difficult to breath in die city, where 
layers of pollution are clearly visible. 
Hong Kong's 150,000 diesel-engined 
taxis, buses and trucks are the main 
culprits. Although emission roles exist, 
there is little in the way of enforcement 
and no regular emission and mainten- 
ance checks are required for cars. 

There are no comprehensive statistics 
on the extent of the air pollution prob- 
lem, but anecdotal evidence suggests 
that Hong Kong’s children have been hit 
hardest Some school nurses say as 
many has half the children they oversee 
have breathing difficulties. 

Shieta Lui, 12, speaks In a wheezy 
voice you can barely hear. Two years 
ago, she became ill with atype of bron- 
chitis her doctor said was caused by air 
pollution. It took nearly a year to clear 
and in the meantime she developed 
asthma. 

In recent years, the government has 
boosted spending on the environment 
by 60 percent But to boost trade, the 
Hong Kong government plans to double 
the size of fee city’s port, already fee 
world's second largest, over the next 10 
years. 

As a result fee government expects 
fee number of fume-belching trucks that 
serve fee port to more than double and 
has forecast a 50 percent drop in air 
quality by 201 1. 


Chinese Dissident 
Beaten in Prison, 
His Family Says 

Agrarr Franrc'Prcsz* 

BEUING — The family of 
China's best-known dissident Wd 
Jingsheng, said Thursday that be 
had been severely beaten by other 
prison inmates. 

“We went to see him on June 19. 
He told us he had been beaten up by 
his cell mates while prison author- 
ities looked on indifferently." his 
sister, Wei Ling, Said. 

“He also ton us it was not the 
first time this had happened to hun, 
but that this time he was severely 
beaten up.” she said. 

Mr. Wei. 47, is serving a 14-year 

prison sentence in Tangshan, 120 
kilometers (75 miles) east of 
Beijing. 

The New York-based organiza- 
tion Human Rights in China said 
the inmates who beat Mr. Wei had 
been rewarded by having dudr sen- 
tences shortened. 

That report could noi be inde- 
pendently confirmed. 

The prison authorities in Hebei 
Province, in which Tangshan is 
situated, declined to comment ou 
the accusations Thursday. 

Mr. Wei was arrested for the first 
time in March 1979 and later jailed 
for 15 years for calling for democ- 
racy and condemning Deng Xiaop- 
ing. Freed six months early in 1993, 
he was detained again in April 1994 
and held in secret for 17 months 
before being jailed again for 14 
years for subversion. 

He is reported to be suffering 
from heart trouble. 


Legislature Appeals 
In Hong Kong for 
Greater Democracy 


A two-month 
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BRIEFLY 


7 Die in Philippines Abduction 

COTAB ATO, Philippines — Muslim separatists kid- 
napped 60 bus passengers Thursday, but most escaped 
after fee rebels were attacked by government troops. At 
least seven people died in fee fighting. 

The dead included two civilians, four rebels and an 
army officer, fee military said. 

Clashes have erupted recently in fee worst fighting 
since fee government and fee rebel Mora Islamic Lib- 
eration Front began peace talks in January. The rebels are 
fighting for a separate Muslim state in the south. 

Officials said about 150 rebels set up a roadblock in 
Maguindanao Province and seized 60 passengers from 
two buses. Government troops chased fee rebels to fee 
town of Kabacan in nearby North Cotabato Province, 
where the rebels blocked another highway before fee 
battle ensued. The police said 41 hostages escaped. (AP) 

India Opens Chemical Facilities 

NEW DELHI — India opened its chemical weapons to 
international inspection for fee first time Thursday, say- 
ing the monitoring would not compromise its security or 
hurt its chemicals industry. India was one of fee original 
signatories of fee Chemical Weapons Convention, which 
went into effect on April 29. 

“Now feat fee convention has come into force which 
collectively aims to eliminate such weapons. India has 
declared without any reservation all such materials in 
stock, production and storage facilities, which will be 
open to international expert inspection at any time." the 
Foreign Ministry said. (Reuters) 

Tokyo Protests Firing on Boat 

TOKYO — Japan demanded Thursday that Moscow 
investigate whether it was the Russian Coast Guard feat 
shot two Japanese fisherman near the disputed Kuril Is- 
lands. "Shooting at an unarmed private fishing boat is 
intolerable under any circumstances. 1 ’ the Foreign Ministry 
said in a statement delivered to the Russian Embassy. 

The 4.7-ton Eiko-maru No. 63 came under fire 
Wednesday night off the northern Habomai group of 
islets, which are controlled by Russia but claimed by 
Japan, a Foreign Ministry official said. Interfax quoted 
Russian border officials as saying feat u Russian patrol 
had fired in fee air. (AP) 

Japan Hospital Meal Fells 58 

TOKYO — Government officials said Thursday feat 
58 people at a hospital in western Japan had been infected 
wife a strain of fee E. coil bacteria responsible for a rash 
of food-poisoning deaths last year. 

Those infected include 41 student nurses, 16 patients 
and one other staff member at Okayama Rosai Hospital, 
who all ale fee same meal Monday, a city official in 
Okayama said. (Reuters) 


Crackdown in Muslim Region 

Chinese Authorities Arrest 40 for Religious Activity 


Reuters 

BEUING — China has dismissed 260 
local officials and cracked down on un- 
derground religious activities in a north- 
western Muslim region where anti- 
Chinese riots in February left nine 
people dead, state media have said. 

About 40 participants in ‘‘illegal re- 
ligious activities" were arrested, fee 
Xinjiang Daily reported in last Satur- 
day's edition, which reached Beijing on 
Thursday. It gave no details. 

“□legal religious activities were 
cleaned up in Yili district, village by 
village, hamlet by hamlet," fee paper 
said. 

The clampdown affected 35 Com- 
munist Party bosses of villages and 
towns in fee Yili district of fee Xinjiang 
region, and 19 village mayors or factory 
managers, the paper said. 

The authorities cracked down on un- 
derground religious activities, stopping 
the unauthorized construction or renov- 
ation of 133 mosques, fee paper said. 


Yili district, it said, * ‘has dealt a blow 
to key ethnic separatists, violent ter- 
rorists and religious extremist lead- 

CIS. 

The authorities broke up 105 illegal 
classes teaching fee Koran and dispersed 
499 students, it said. 

The police force was increased by 459 
officers and fee militias in villages were 
increased by 266, the paper said. 

Five pro-independence school offi- 
cials were dismissed, it said, adding that 
teachers would face dismissal for stir- 
ring up separatist sentiment 

Riots in Yiti on Feb. 5, which began as 
demonstrations for Xinjiang indepen- 
dence, left 9 people dead and 198 in- 
jured The authorities executed three ri- 
mers in April and police officers opened 
fire on a mob trying to rescue death-row 
convicts, killing two people. 

Turkish- speaking militants of fee eth- 
nic Uighur minority want to set up an 
independent East Turkestan in Xinji- 
ang. 


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Tiw AssiXUti’J Pm t 

HONG KONG — The legislature 
made a final plea Thursday for greater 
democracy after fee territory reverts to 
Chinese sovereignty next week. 

The legislature, which will be dis- 
banded once the handover to China is 
official at midnicht Monday, asked 

■V* V 

Beijing to amend the constitution it has 
written for post-colonial Hong Kong so 
that lawmakers and the chiefexecunve 
can be elected widely. 

But feat is not likely. While China has 
said that the next election will be held 
within a year, the rules are expected to 
favor pro- Beijing candidates. 

As what China calls "zero hour" 
approaches, fee legislature and fee un- 
elec ted provisional body feat will re- 
place it have become a focal point for 
debate and dissent about the terms of the 
takeover. 

The decision by fee United States and 
Bri tain to send consuls to the swearing- 
in of the provisional legislature has en- 
raged Hong Kong democrats. 

They see it as endorsing a body set up 
by China that they regard as illegit- 
imate. 

Prime Minister Tony Blair of Britain 
and the U.S. secretary of state, 
Madeleine Albright, are skipping the 
swearing-in ceremonies to convey dis- 
approval, but the U.S. consul. Richard 
Boucher, and his British counterpart. 
Francis Cornish, will attend. 

The ceremony. Mr. Cornish said 
Thursday, * ‘is about much more than the 
provisional legislature" because it will 
also inaugurate fee chief executive, his 
cabinet and fee judiciary. 

“These are individual institutions 
which we support and which we want to 
work very closely wife,” he said. 

Emily Lau, a legislator who is boy- 
cotting the new provisional body, called 
the U.S. and British decisions “disgust- 
ing and conremptible." 


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' Amsterdam Treaty 

Scorned as ‘Mediocre’ 

■ 

Even EV Leaders Concede Their Work 
Could Slow Growth Into East Europe 


By Tom Buerkle 

. International HeruU Tribune 

BRUSSELS — Acknowledging 
narsh criticism of their just concluded 
Treaty of Amsterdam, some European 
Union leaders described their own 
handiwork on Thursday as a “me- 

ui 00 ^" rcsu ^ that could delay the 
bloc's enlargement into Eastern 
Europe. 

The treaty also faced a sudden chal- 
lenge from Austria on Thursday when 
Foreign Minister Wolfgang Schuessel 
threatened to withhold his country's rat- 
ification of the document unless Austria 
was admitted to the so-called Schengen 
group of Continental countries, wtuch 
have abolished common border con- 
trols. 

The developments highlighted the 
soured political climate in Europe 
caused by a resurgence of old national 
rivalries and the mounting pressures of 
near-record unemployment. 

The mood was underscored in an 
unusual display of candor by Wim Kok, 
the Dutch prime minister, who led the 
final treaty’ negotiations among EU 
leaders in Amsterdam last week. 

Addressing the European Parliament 
here on the result, Mr. Kok heard mem- 
bers from all political parties criticize 
the treaty as lacking in ambition and 
failing to resolve key institutional issues 
of power-sharing and national vetoes, 
which already stymie EU decision-mak- 
ing in many instances. 

“I can agree with ail the criticism that 
was leveled here today.” Mr. Kok 
replied. “This may sound paihetic but I 
am admitting it.” 

In failing to meet the leaders' self- 
declared goal of preparing the EU to 
take in former Warsaw Pact countries, 
Mr. Kok conceded; the treaty was 
“probably a faithful reflection of the 
extent to which the member states are 
willing to make reforms.” 

Jacques Santer, president of the Euro- 
pean Commission, told the Parliament 
he was frustrated by the “mediocre" 
outcome of the treaty negotiations. 

“1 do not think this augurs well for 
enlargement.” Mr. Santer said. "I do 
not want to see a situation whereby on 
the eve of enlargement we are forced to 
say to our future members, 'You have 
done everything to prepare yourselves 
for entering the EU. Unfortunately the 
EU hasn't been able to get ready to 


receive you. 4 " The two leaders did find 
praise for the treaty's modest accom- 
plishments, including greater cooper- 
ation on employment policy and an ex- 
tension of the European Parliament's 
legislative powers. 

The latter step in particular was wel- 
comed by members and appeared to 
ensure that they would ratify the 
treaty. 

But the bleak assessment about en- 
largement foreshadowed a chilly meet- 
ing on Friday when Mr. Santer and Mr. 
Kok will meet with prime ministers 
from the 10 East European countries, 
Cyprus and Turkey to tell them what the 
new treaty means for their membership 
aspirations. 

The commission next month will give 
its opinion on which countries are ready 
to open membership negotiations, and 
actual talks are supposed to begin in 
January. 

In theory, the Amsterdam treaty al- 
lows as many as five new members to 
join the Union sometime after the year 
2000. 

But in practice, the open fight in 
Amsterdam between big and small 
countries over voting rights and op- 
position from Germany and others to 
any surrender of national veto power 
over immigration, borders and other 
sensitive policy areas, has cast serious 
doubt on the timetable. 

Mr. Santer and Mr. Kok said those 
issues would have to be resolved before 
t alcin g in new members, but they were 
unable to specify how EU countries 
would overcome their resistance to ba- 
sic reforms. 

Austria's border problem provided a 
timely example. For two years, the Vi- 
enna government has promised to enter 
the Schengen zone this October, al- 
lowing citizens to pass freely into Ger- 
many as one of the most-tangible ben- 
efits of EU membership. 

But at a meeting of Schengen coun- 
tries in Lisbon on Tuesday, German 
officials said they would consider only a 
gradual lifting of border controls be- 
ginning in 1998. 

Bonn’s real problem is not Austria 
but Italy, which is also knocking on the 
Schengen door, EU. officials said. 

Italy has been unable to control il- 
legal immigration from North Africa 
and Albania, stirring fierce opposition 
in the German state of Bavaria to lifting 
of border controls, officials said. 


CN TERNATIOKAI. HERALD TRIBUNE, FRIDAS, JUNE 27, 1997 

EUROPE 


PACES 



! • 

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Britain's secretary for Northern Ireland, Marjorie Mowlam, saying Thursday that she 
would be holding talks with Protestants and Catholics about sectarian marches. But in a 
setback to Prime Minister Tony Blair's peace initiative, Peter Robinson warned that his 
Democratic Unionist Party would walk out of talks if Sinn Fein were allowed to attend. 

■ 

Ahern Takes Over in Ireland 


The Associated Press 

DUBLIN — Bertie Ahem, die Fianna Fail lead- 
er known for his public charm and backroom 
cunning, was elected prim? minis ter Thursday to 
head a vulnerable minority government 

The 45-year-old accountant will head a gov- 
ernment along with his smkli coalition partner, the 
Progressive Democrats, led try Mary Harney. 

Mr. Ahem won 85 votes in the 166-seat DaiL 
Ireland's key lawmaking chamber of Parliament 
relying on critical support from three maverick 
lawmakers to get him over the 83 required for a 
majority. 

Mr. Ahem also got a vote from Caoimhghin O 
Caolain, the first member of the modem Sinn Fein 
party ever to win and take his seat in the DaiL Mir. 
0 Caolain said Mr. Ahem had “a positive dis- 
position” toward helping his IRA-supporting 
party enter negotiations on the future of British- 
ruled Northern Ireland. 

Mr. Ahern’s Fianna Fail party, traditionally the 
largest in Irish politics, won 77 seats in the June 6 
national election. 

The three-party “rainbow coalition” of depart- 
ing Prime Minister John Bruton fared too poorly 
for him to retain power. 

Lawmakers had first rejected Mr. Bruton on a 75 
to 87 vote. He was gracious in a defeat that he and 
everyone else saw coming. 

Mr. Bmton said Mr. Ahem “b rings to high 
office a personality that will help him, I know, in 
working with colleagues and conducting the busi- 
ness of government in a fair and decent way.” He 
added, ‘ ‘I wish him exceptional good fortune in the 
job." 


Mr. O Caolain was accompanied by tire leaders 
of Sinn Fein, Gerry Adams and Martin McGuin- 
n ess, , who last month won two of Northern Ire- 
land's 18 seats in the British Parliament. They 
watched events from the public gallery above. 

Mr. Bruton’s departing justice minister, Nora 
Owen, said she hoped Mr. O Caolain 's direct 
participation in southern politics would encourage 
the Sinn Fein-IRA movement to call a “perma- 
nent” cease-fire as the price for participating in 
democracy. 

She noted that the IRA had not killed anyone in 
die run-up to the vote, but then killed two Prot- 
estant policemen cm Jane 16. 

“Caoimh ghin 0 Caolain wouldn't have his seat 
today if those murders had been carried out before 
the election,” "Miss Owen said. “We do want 
people to take their place in democratic politics. 
But they now cannot say they are not part of the 
system." 

Mr. Ahem headed across town for the official 
Phoenix Park residence of President Mary Robin- 
son for official recognition as Ireland’s new 
“taoiseach,” the formal title for prime minister 
that means “chief in Gaelic. A debate on Mr. 
Ahern’s cabinet appointees was expected to fol- 
low. 

Mr. Ahem will need all his diplomat's skills to 
manage his minority government, which includes 
four members of the rightist Progressive Demo- 
crats, whose leader, Ms. Harney, is expected to be 
appointed deputy prime minister. 

It also will require support in close votes from at 
least two of the independents who voted Thursday 
for Mr. Ahem. 


BRIEFLY 


Turks Shape Secular Cabinet 

ANKARA — ' A Turkish secularist government began 
to take shape Thursday, although it still lacking the 
parliamentary strength needed to prevent pro- Islamist 
opponents killing it off at birth. 

Mesut Yilmaz, the prime minister-designate, said he 
had appointed Bulent. Ecevit, a staunchly anti- Islamist 
politician, as his deputy and bad received presidential 
backing for his left-right alliance. 

“The president told me he would approve a gov- 
ernment with the support of four parties,” be said at a 
press conference. Mr. Y ilmaz, leader of the Motherland 

Party, has the backing of three other part}’ leaders. 

He is to present a cabinet list next week to President 
Suleyman Demirel, who has to approve it for Mr. Yihnaz 
lo go to a confidence vote in Parliament.* t Renters f 

McDonald’s Buys British Beef 

LONDON — McDonald's lifted its 15-month ban on 
British beef Thursday and said that consumer research 
indicated that its customers appeared to be overcoming 
fears of “mad cow” disease. 

“We will begin buying British beef immediately and 
tbe new supplies will start to be served in restaurants over 
the next few weeks,” the chain's managing director. 
Andrew Taylor, said after meeting with Agriculture 
Minister Jack C unning ham. McDonald's has 760 outlets 
in Britain. 

McDonald's, which had been spending more than 
£22J> million (S37.5 million) a year on British beef, 
stopped using it in March 1996 after die government 
announced a possible connection between a fatal brain 
disease in humans and meat from cows infected with 
bovine spongiform encephalopathy. (APi 

Notre Dame Rite for Cousteau 

PARIS — A funeral service for Jacques- Yves Cous- 
teau will be held Monday in Notre Dame Cathedral and 
the underwater exporer, who died Wednesday in Paris at 
age 87, will be buried in his native Bordeaux region. 

President Jacqnes Chirac of France said be would 
attend die funeral, and tributes poured in from beads of 
state as well as from children around the world, according 
to Frandne Cousteau, the oceanographer's widow. 

President Bill Clinton hailed Mr. Cousteau as a man of 
“rare insight and extraordinary spirit” who “enabled 
mankind to truly become part of the sea and the creatures 
that live there” by helping to invent scuba gear and 
creating the Erst one-person submarine. f Reuters) 

U.S. Church Loses in Germany 

BERLIN — A German court ruled Thursday that the 
Giurch of the Jehovah's Witnesses would not be granted 
the status of a public body because it forbids its members 
from taking part in political elections. 

Public body status would have allowed the U.S.- 
founded Christian sect to benefit from centrally collected 
tax revenues, to conduct prison visits and to demand 
representation on the advisory panels of broadcasters. 

The Federal Administrative Court ruled That the 
church's refusal to acknowledge public elections meant it 
could not be viewed as showing sufficient support for the 
German state for it to receive full recognition. 

The church has been established in Germany for about 
100 years and it claims to have a German membership of 
more than 190,000. I Reuters j 


; i -• 

L 


Albania Set to Vote Despite Violence 


By Jonathan C. Randal 

Wmliinghm Pom Sen ice 

TIRANA, Albania — 
Sporadic violence has erup- 
ted again in southern Albania 
as this volatile nation pre- 
pares for Sunday's pari La- 
ment ary elections, a vote de- 
signed to return stability to 
Europe's poorest country 
after four months of anarchy. 

Albanians and Western of- 
ficials helping to organize the 
elections say they are intent 
on keeping the vote on track 
despite the outbreak of fac- 
tional righting in the southern 
port of VIore. 

[Albania's chaotic south 
slid deeper into anarchy on 
Thursday as the country ’s fi- 
nance minister narrowly es- 
caped from a gunbartle in 
VIore, Reuters reported. 

[Arben Malaj was forced 
to take shelter in a nearby 
seaside hotel after rival war- 
lords exchanged g unfir e dur- 
ing an election rally held in 
the town’s dilapidated sports 
palace, which was later set on 
fire. A statement by the Itali- 
an-led international protec- 
tion force said two platoons 
and two armored personnel 
carriers were dispatched to 
evacuate civilians from the 
smoldering building.] 

The determination to go 
ahead with the elections re- 
flects a sense of fragile con- 
fidence gained gradually as 
Albania has moved from 
wholesale chaos toward Sun- 
day’s ballot That confidence 
has been shored up lately as 
the International Monetary 
Fund and World Bank moved 
to instigate financial stabil- 
ization measures here, while 
competing political factions 
reached agreement on gov- 
ernment checks and balances 
and voting procedures. 

But in this notoriously un- 
predictable Balkan country 
such progress could easily 
dissolve. In fact, the coun- 
try’s 3 million inhabitants 
seem to be holding their 
breaths until the final' votes 
are counted; that, according 
to diplomats and analysts 
here, is when disappointed 
partisans of either President 
Salt Berisha or his Socialist 
rivaL Fatos Nano, may de- 
cide to resume hostilities. 

Equally worried are the 
Italian military commanders 
leading the’ nine-nation, 
,, 500 -member peacekeeping 
jrce here, as well as officials 
f the 54-nation Organiza- 
on for Security and Cooper- 
don in Europe, which is 


monitoring the elections. Al- 
bania. with its legacy of 500 
years of Ottoman rule, a half- 
century of eccentric Stalinist 
communism and a tradition 
of vendettas, “is not a gentle 
land.’ ' said a Western official 
here. “Even if the election 
comes off fairly smoothly, 
what happens after is going 
to be much more difficult" 

That is political shorthand 
for concern that Albania may 
be heading straight toward 
renewed large-scale vio- 
lence, and even civil war, if 
Mr. Berisha ’s Democrats 
defy the odds and win the 
election fairly or claim vic- 
tory through fraud, as their 
adversaries fear. 

Both sides predict outright 
victory, the Democrats 
claiming “more than 50 per- 
cent” of the electorate, and 
Mr. Nano's Socialists declar- 
ing they are sure of “all but 
1 0 to 15 percent" of the vote. 
Political rallies, often 
sparsely attended for fear of 
violence, typically have been 
occasions for little more than 
sloganeering and accusations 
of wrongdoing by the oppos- 
ing side. 

Tensions boiled over this 
week in VIore. ft was in that 
city that thousands of anti- 


Berisha Albanians, angered 
by the collapse of govern- 
ment-condoned get-rich- 
quick schemes, sparked the 
violence that engulfed the 
country in Match. 

But unlike the random, 
countrywide banditiy of those 
weeks, the new violence in 
VIore appears to be unmis- 
takably political. 

One armed faction with in- 
direct ties to Mr. Berisha's 


party put up posters warning 
residents to leave their homes 
in the city. 

Such efforts to prevent 
anti- Berisha southerners 
from voting are taking place 
in plain view of troops of the 
Italian-led peacekeeping 

force, which has defined its 
mission largely as providing 
protective cover for the dis- 
tribution of international hu- 
manitarian aid. 


Francesco 

smalto 


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http://www.iht.com 


1997 •PAMS MOPLACE INTERNATIONAL FINANCIAL FORM 


Tuesday, July 8 - Morning 


Opening address 

Eknest-Antoine SejluEre, Chatman, Paris EUROPLACE 

The Scenario for the Switchover to the Single Currency 
Jean-Claude Trichei; Governor, Banque de France 

Round Table - The New Offerings of the Paris 

Financial Markets with the Euro 

Jean Lemerre, Director, French treasury 

GErard Pfmiwdel Cfaarman and CEO, Matqf SA 

Rosemary Sagar, Managing Director, US Trust Company of New Yort 

Iain Saunders, Deputy Ckaimm, Robert Fleming Aset Management Ui 

Jean-Francos Theodore, Chatman and CEO, SBF-Pflris Bourse 

Round Table - EMU: Players get ready 

Panel. 

Jacques Creysxl, General Manager, CNPF 

Alain Leclak, Ousrmn, AFG-ASFF1 • 

Pierre Simon, Genera/ Manager, AFECE1 
Moderator: 

Karen Worn. Correspondent, Frankfurter ABgemBtoe Zettung 

Round Table - French Financial Markets adapted 
to International Standards 

Panel: 

Andrew Clearfield, Vice President, TIAA-CREF 

Bertrand Coulomb, Chairman, L afargt 

Jean-RenE Fourtou, Ckamm and CEO, {UHitf-Ponfen; 

GErard de la MARTNteE, Senior Executor, Vice Prestfnrt, AXA-UAP 
Robin Renwick. Holding Board Director Robert Fleming Asset Management Ud 
Moderator: 

Jowtfian Gage, Business and Finance E Star, International HtroW Tribune 

Lunch 

Address by Dominique Strauss-Kahn, French Minister of Economy 
and Finance 


Tuesday, July 8 - Afternoon 


Presentation of Banks 

Philippe Bordenave, General Manager, Market Operations Department BNP 

Henri Cukerman, Chairman, CPR 

Sam Gcftrane, Financial Analyst, E1FB 

Marc Pou C/urf of Capital Marfas De partm ent, Oidit Lyonnais 

Hov£ Saint-Sauvojr, CFO, Soft/ Gfafndz 

Venture Capital 

Waiter Butler, Chatman, Bader Capild Partners 
Emmanuel Harl& Managmg Director, Morgan GrenJHf Investment 
Eric Lcoys, Chairman, AF1C 

Patrick POupon, Chairman and CEO, Natwesf Seru/Stos France 

The Impact of Glo&auzxiion on Insurance Companies 
Log Fuchs, ASed Signd 

Onto Giamni, Secretary! General the Geneva Assku&m 
Eberhard Knebel, BavafeWrfscftafc^lar 
Jeam-HeevE Lorenzl Gmani Manager, Gras Savoye 
Christian Rocheteau, Chairman and CEO, AON France 

Presentation of Rem! Estate Businesses . 

Alain Sown, CEO, Unfits! 

Alec Emmott Chairman Adviser, Foscafre Lyonnais? 

|ean-Pierke PlaTZER, CEO, S& 

Philippe Tannensaum, Ano/ysJ, CPR Finance 

Debate with Insurers and Reinsurers 

Jean Aims, Cfwmn, FfdMm Framp& des Soctftes if Assurances . 

Domnkme Bazy, Cternhin, Alimz Assurances 

PErre-Dfms Champwuard, General Manager. Scot Re - 

Gu? Lauxxs, Manogrr.CimmeradUnes kiiernatxmd Development Dhsion, AGF 

fmgi w.FBANgre WALgowraCflafrntan and CEO. A xa Global Risfe 


Wednesday, July 9 - Morning 


Round Table - The French Economy in View of EMU 

Rktwcx Asms, Chief Economist Casse des DfpRs et Cmsigiuthm 
John Lleweuw-Llpyd. Gbbai Chief Economist. Lehman toothers 

Presentation of Pharmaceutical Businesses 

Pascal Brandis, CEO, Gensel 

Ian Bmadhusct, Fimudaf Analyst, BNP Eariks 

k»R Lakuu. President, RhSae-Poaknc 

Max Roms, CEO, A rkapharma 

The Bond Market Switchover to the Euro 

Serge Harry, Secretary General Sicmm SA 

Dominque Hoenn. Member of the Board, Banque Paribas 

Nicolas Jacket Assistant. Director of Monetary and Banking A fairs, Frewfi 

Treasury 

Elisabeth Palry, Head of Capital Markets Division, Braque de France 

Presentation of Telecommunications, Electrical and 
Electronics Businesses 

Claude Cocozza, Chairmen and CEO, Carbone Lorrnte 
Pore Dauvuake, Group Executive Vice President, France Td&w 
Francos Graptotte, Chairman and CEO, L egrand 
Francos TravnulG, Ftnandn! Analyst, BNP Equities 

The Attractiveness of Freno* Treasury Securities with 
the Advent of the Euro (Cash, Repo and Derivatives) 
Jurgen Brueckner, Senior Portjpfo Manager Deutsefe Bank Asset 
Management 

Jean-D AMD. Cohen, President of the Executive Board, Lewis Dreyfus Finance 
Jean-FRangog Coml-Lacoste, London Office Managing Director, Motif SA 
Philippe Guyot, Headjf Feted Income, CDC Mantes 
Pierre Lenders, Managing Director and Head of Martels, JP Morgan 
Phbuppe Leshnard, Partner, Rscfier Frands Trees & Watts 


Wednesday, July 9 - Afternoon 


Presentation of Multimedia Businesses 

Bruno Bonnell, President and CEO, \nfogmmes Entertainment 

HervE Caen, Chairman, Titus Interactive 

Wes Guillemot, President, u in. Soft Entertainment 

Laurent Majkot, Financial Analyst. Fern 

Presentation of Debt Instrument Issuers 
[acques Bellut, Head of Capital Markets, Credit Loco! de France 
Jean -Claude Bresson, Deputy Director Capital Markets, B anque 
Europdenne dlnvestissemenl 

Federico Ferrer Delso, Deputy Head, Spanish Treasury 
Thierry Pchrel, Financial Director, Ponds de Ddvebppemenl Sorted du 
Caused de rEurope 

■ 

Success Stories of the Nouveau MarchE 

Dominique Leblanc, Deputy General Monger, Sorted du Norceou Marcke 

Jean- Pierre Renault, CFO, P icogiga 

Jacques Rouvroy, Chairman and CEO, B rtvAlere 

Bruno Vanryb, Chairman and CEO, BVRP Software 

Securitization 

Nicolas Dagocwet, Deputy Head of International Securittation, 

Sorted Generate - 

Catherine Geist, Vice President, Senior Analyst, Moody's France 

Serge MarlE. Country Manager, FGIC 

Dens Wallerjch, He ad- of Securitization. Compagnie bancaut 


Ail the conferences will be held in Paris. 

Simultaneous translation is provided in French and in 
English during the entire Forum. 

Valerie Blanchin, Director of Communications, 

Paris EUROPLACE, 

Tel.: ^33 1 49 27 1 1 14 - Fax: +33 1 49 27 1 1 06 


fe*s 

Sf,-. 


























PAGE 6 


FRIDAY, JUNE 27, 1997 



EDITORIALS /OPINION 



If Kabila Wants Help 


The coming days will show what 
kind of ruler Congo’s new president, 
Laurent Kabila, is likely to be. A 
United Nations team has arrived in the 
country ro investigate reported mas- 
sacres by Mr. Kabila’s troops earlier 
this year. If Congolese officials co- 
operate with the investigation, as Mr. 
Kabila has assured the Clinton admin- 
istration they will, Washington can put 
some faith in the new leader's other 
promises. These include an end to cor- 
ruption, respect for human rights and 
eventual democratic elections. 

If Mr. Kabila lets his lieutenants 
obstruct the investigation by denying 
the United Nations independent access 
to people and places, Washington 
should suspend the tentative support 
and promises of assistance it has 
offered the new government. 

Mr. Kabila initially stirred high 
hopes by promising clean and law- 
abiding government after decades of 
corruption and brutality under his pre- 
decessor. Mobutu Sese Seko. But since 
he took full charge of Congo last 
month, disturbing reports of arbitrary 
rule and military brutality have 
emerged. These include credible ac- 
counts that Mr. Kabila's troops mas- 
sacred thousands of Hutu refugees. 

Earlier this month. President Bill 


Clinton offered Mr. Kabila assistance 
in improving health and education, and 
American advice on planning a market 
economy and democratic electio ns , 
But Mr. Clinton's emissary. Bill 
Richardson, who is also Washington’s 
UN delegate, made clear that Amer- 
ican help depended on whether Mr. 
Kabila addressed human rights and 
refugee concerns and how-quickly he 
moved toward democracy. 

Last weekend a UN advance te am 
arrived in Congo to establish ground 
rules for the investigation into the re- 
ported refugee massacres. The tone of 
its first meetings with Congolese of- 
ficials has been cooperative. But spe- 
cific details remain to be worked oul 

Mr. Kabila must make sure that 
when a full UN team starts work it is 
free to interview people* and conduct 
forensic tests in the areas where mas- 
sacres may have taken place. Any sol- 
diers found to have participated in 
massacres must be promptly prose- 
cuted. Mr. Kabila must also see that 
UN refugee workers and the Red Cross 
are allowed access to all remaining 
refugees. He needs to start delivering 
on the humanitarian agenda raised by 
Mr. Richardson if he wants continued 
American support. 

— THE NEW YORK TIMES. 


What’s Libel Where? 


Everybody talks about the global 
market and the rise of the global brand 
name, but some things remain stub- 
bornly different from place to place, 
among them libel laws. That is the 
main message'of the bizarre saga that 
came to an end last week in London, 
when McDonald's finally triumphed 
after spending most of a decade and 
$26 million on a libel action against 
two anti- McDonald's pamphleteers. 

The company declared itself satis- 
fied that it had defended its good name 
against Dave Morris and Helen Steel, 
who had distributed leaflets accusing 
the burger chain of cultural imper- 
ialism, rain forest destruction, discrim- 
ination, food poisoning and many other 
unsavory things. McDonald's seemed 
not to mind the price tag, nor the vast 
attention it attracted to the charges 
against it as the case rose gradually to 
the level of hit international theater. 

Although funny, the tale has its se- 
rious side. Galloping international 
commerce and instant worldwide com- 
munications increasingly bring citizens 
of one nation into contact and some- 
times conflict with other nations' laws. 
Once rare enough to be handled by 
treaties and embassies, this kind of col- 
lision is now close to commonplace. If 
you are an individual citizen of a single 
country, and a defendant — say, an 
American whose Web page has drawn 
the ire of foreign regulators — this can 
mean big trouble. On the other hand, if 
you are a multinational company, and a 


plaintiff, such as McDonald’s, it can 
mean the opportunity for what amounts 
to an exotic form of legal venue-shop- 
ping. If slanging McDonald's in print 
were grounds for an action of libel in 
the United States, we can think of 
whole academic disciplines that would 
be forced to shut up shop, not to men- 
tion nutritionists and those folks who 
keep describing all your favorite foods 
as containing ‘ ‘the equivalent of six Big 
Macs" in calories or faL 

But there are other reasons to be 
mindful of the great difference, em- 
phasized by this case, between Amer- 
ican free speech guarantees and the 
kind of constraints inherent in British 
libel law — in which corporations can 
sue individuals for defamation, and 
believing a statement to be true is no 
defense against a findin g of libel if a 
judge rules that it was false. 

The years- long London spectacle 
offered a demonstration of the benefits 
of the American brand of free speech 
absolutism ro economic efficiency (not 
that American courts don't have their 
own problems in that regard). But it 
also shows the geographic boundaries 
of that much-taken-for-granted Amer- 
ican right to criticize. As international 
distances get smaller and international 
companies get bigger, it is going to be 
harder and harder to predict what kind 
of rules those companies and their cus- 
tomers will be playing under ou the 
inevitable occasions when they clash. 

— THE WASHINGTON POST. 


Religion and the Law 


In one of the most far-reaching de- 
cisions of this term, the Supreme Court 
on Wednesday struck down as an un- 
constitutional exercise of congression- 
al power the Religious Freedom Re- 
storation Act of 1993, which had broad 
public support in religious commu- 
nities. The 1993 act was itself a re- 
sponse to a 1 990 court ruling involving 
the religious use of peyote. That ruling 
had bolstered the power of states to 
enforce laws applying to everyone — 
zoning, drug control, taxes, prison reg- 
ulations and the like — that might 
incidentally burden religious conduct. 

To have ruled otherwise, the court 
said at that time, “would have pro- 
duced an anomaly in the law. a con- 
stitutional right to ignore neutral laws 
of general applicability." Congress re- 
sponded with the act. which in effect 
changed the meaning of the free-ex- 
ercise clause of the First Amendment 
and restricted the power of the states. 

The case the court decided this week 
started out as a zoning matter in which 
the Catholic archbishop of San An- 
tonio challenged tbe right of the city of 
Boeme. Texas, to deny a building per- 
mit for a church in an area designated 
for historic preserv ation. But it became 
a much broader controversy almost 
immediately. The District Court judge 
went beyond tbe facts at issue and 
declared the entire aci unconstitution- 
al. The Supreme Court now agrees. 

In recent years. Congress has tended 
to respond to every perceived problem 
with legislation’ Without much 


thought about the relationship between 
federal and state responsibilities, fed- 
eral legislators want to regulate street 
crime, domestic violence and all kinds 
of activities that traditionally and con- 
stitutionally have been left to the states. 
The Supreme Court has begun to crack 
down on this expansionism. 

In this case, however, the problem is 
not. between the federal government 
and tbe states but between two of the 
three branches of the federal govern- 
ment Here the court is saying that the 
power to interpret the constitution, to 
say what the tree -exercise clause al- 
lows and what it prohibits, belongs to 
the courts, not the legislature. Con- 
gress cannot therefore overturn a Su- 
preme Court ruling on a constitutional 
matter simply by passing a law. 

This opinion will be unpopular. Re- 
ligious groups want to be free of some 
of the often burdensome laws and reg- 
ulations that states impose on everyone, 
and they believe that the constitution 
gives them that right. These groups are 
well organized and will be heard. 

But the court's view is not unreas- 
onable. The constitution divides the 
government’s power, and the courts 
have the responsibility to keep those 
lines clear. One effect of the broad 
ruling is invalidation of RFRA. But in 
light of Justice John Paul Stevens's 
concurring reminder that the act gran- 
ted preferences to religious groups that 
were unavailable to nonbelievers, the 
result is not unfair. 

— THE WASHINGTON POST 


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The West Looks Away as Albania Disintegrates 


T IRANA, Albania — As the nightly 
curfew descends upon Tirana, the 
silence is broken by gunshots that soon 
develop into a cacophonous symphony 
played on Italian handguns. Chinese- 
made anti-aircraft weapons and 
everything in between. 

The next morning, a dog scavenging 
for food is hit by one of the Mercedes 
that cruise the city's streets, Kalash- 
nikovs hanging out die windows. Hie 
poor beast drags itself to the side of the 
road, squealing in anguish and terror. 

None of the gun-toting men who 
have stopped to sip coffee nearby have 
the presence of mind or die energy to 
put the animal out of its misery. It is left 
to live its last few hours beside stinking 
garbage in excruciating pain. 

Albania is not yet dead, but it is in 
agony. In pans of the country, the state 
has suffered what Albanians them- 
selves are calling “meltdown.” 

In Vlore. the so-called rebel capital, 
three armed gangs fighting for the pro- 
ceeds of drugs and gun smuggling have 
' made themselves fat with weaponry 
and inhumanity. Their bloodthirsty 
competitiveness keeps the civilian pop- 
ulation in a permanent state of terror. 

- In areas where President Sali Ber- 
isha's police are in control, Mercedes 
cars, Rolex watches and burgeoning 
shantytowns mark the obscene gulf be- 
tween rich and poor. Politicians 
threaten each other with vengeance. 

At least 1,500 people have been 
killed in political violence in the last 
three months. Every day during the 


By Misha Glenny 

current election campaign, more die. In 
this atmosphere of fear, the notion that 
Sunday's elections can be either free or 
fair is preposterous. 

In central Albania, the Italian-led 
peacekeeping force has declared two 
industrial centers, Cerrik and Gramsh, 
too dangerous to enter. No peacekeep- 
ing force, no election observers. 

In the remore northeast, where Mr. 
Berisha’ s Socialist opponents fear to 
tread, the Organization for Security 


There are signs that the 
European Union is 
again proving 
hopelessly inadequate 
in its own backyard. 


and Cooperation in Europe has been 
forced to leave large gaps in its election 
monitoring work. 

The OSCE is trying valiantly to sal- 
vage something from this disaster 
zone, but it has insufficient time and 
inadequate resources. It'will have 450 
observers at its disposal on Sunday to 
patrol 4.900 polling booths. 

The 6,000 peacekeeping troops have 
been given a mandate by the UN Se- 
curity Council that is so vague that 


soldiers are forced to sit and look on as 
the country disintegrates. 

Mr. Berisha and his supporters con- 
tend that the destabilization has been 
engineered bv a demonic coalition of 
Communists, gangsters and unnamed 
foreign intelligence agencies. But Mr. 
Be risha and his party have been run- 
ning the country with virtually limitless 
power for five years. 

For the fi rst t h ree years of his rule, he 
received extensive diplomatic support 
from die United States. Tbe Americans 
have now wisely distanced themselves 
from him, but be still enjoys consid- 
erable European backing, particularly in 
Italy but also in Austria and Germany. 

This week he and the Socialists have 
been bickering over legislation to con- 
trol the kinds of pyramid investment 
schemes that led to the chaos. Tbe 
collapse of five such pyramids this year 
provoked widespread violence and 
wiped out an estimated SI .2 billion of 
Albanians’ savings. 

The pyramid frenzy opened a large 
gap between haves and have-nots. In a 
country where there were no private 
cars until six years ago. thousands of 
Mercedes, castoffs from Europe’s taxi 
ranks and vehicle-theft industry, stud 
Tirana's streets. Gangsters have seized 
upon the disruption, helping to create 
what a former official called “an eco- 
nomic miasma.'' 

Taxes and customs duties are no 
longer collected. In the unlikely event 
that the elections confer some stability, 
it will take months of rigorous reform 


to establish coherent economic and ad- 
ministrative institutions. 

The situation has been complicated 
by the uneven response of the inter- 
national community. The cunrcru 
American position of critical neutrality 
is without question preferable to (he .j 
thinly disguised suppon that the United 
Stases once gave Mr. Berisha. 

There are signs that the European 
Union is again proving hopelessly in- 
adequate at dealing with a crisis in its 
own backyard. Some countries, like 
Britain, show not the slightest interest in 
tins problem on Europe’s southern tier. 

Prime Minister Tony Blair has de- 
clared that next year's summit of the 
ind ustrial democracies should focus on 
organized crime. Albania ha> become a 
fertile killing field, plowed and har- 
vested by the most ruthless criminal 
organizations on the Continent. Italy 
and Greece are seriously engaged in 
Albania, but their approach is on oc- 
casion too partisan. 

Hie people of Albania are suffering 
dreadfully. This may not be sufficient 
to persuade Europe to redouble its ef- 
forts in assisting Albania's return to 
normalcy. Mr. Blair now has a real 
opportunity to demonstrate his com- 
mitment to the fight against the in- 
ternational drug and gun cartels that are 
devastating one small counuy. 


The writer, author of “The Fall of 
Yugoslavia." is preparing a hook on 
Balkan nationalism. He mrlnhuied 
this comment to The Sew York Times. 


Hong Kong: Watch Out for a New Chinese-Style Capitalism 


H ONG KONG — As new 
realities arrive, the Chinese 
version of capitalism is looking 
like a bigger threat to Hong 
Kong than communism. 

Liberals have, naturally, 
been concentrating their con- 
cerns about the future on new 
restrictive laws. Democrats 
have been bemoaning the 
erosion of representative gov- 
ernment here and its impact on 
the democratic movement on 
the mainland. 

But the fever for Red Chips 
— Hong-Kong-listed shares 
with mainland control and pre- 
dominantly mainland assets — 
suggests that an equal threat to 
Hong Kong is to the way busi- 
ness is done. 

The Red Chip fever is based 
on insider manipulation of state 
assets. In other jurisdictions, 
many transactions would be de- 
scribed by one word: theft 
Here, briefly, is how it works. 

Mainlanders get control of a 
small, moribund Hong Kong 
company. This news immedi- 
ately ensures that the price 
triples or more on the assump- 
tion of further action. The new 
interests, linked to a central gov- 
ernment or provincial entity, 
promise injection of “cheap" 
assets. The shares rise further. 

A new share issue follows, 
and with it promises of more 
cheap asset injections and sales 
creating instant profits to justify 


By Philip Bowring 


sky-high price earnings ratios. 
Insiders — newly riot main- 
landers and old-rich Hong Kong 
tycoons and investment bankers 
— get most of it. The rest is 
offered to the public and is over- 
subscribed a few hundred times. 
Shares rise further ... 

The game originates on the 
mainland but is orchestrated in 
Hong Kong. Foreign houses are 
eager participants. The brokers 
publish acres of twaddle about 
the miraculous combination of 
mainland growth opportunities 
and Hong Kong management. 
Cartloads of inflated shares are 
unloaded onto naive, greedy or 
opportunistic young managers 
of Western pension funds. 

One of two things will now 
happen. 

• Individual Red Chips will 
collapse, as most previous 
China plays have done, but the 
game will continue. The prob- 
lem for Hong Kong is that if it is 
so easy for those controlling en- 
terprises to misappropriate state 
assets for the purposes of "pri- 
vatization,” why stop with die 
mainland? Are there not some 
even richer pickings to be had in 
Hong Kong itself — for ex- 
ample, among property compa- 
nies sitting on billions' worth of 
unrealized asset gains? 

Hong Kong was built on en- 
trepreneurship and risk taking. 


Red Chip “capitalism” is in- 
stant wealth for insiders in the 
stateNparty apparatus. The pro- 
cess leaves the state enterprises 
unreformed, but shorn of some 
of their better assets. 

• The other possibility is that 
there will be a strong reaction in 
China against this spurious cap- 
italism, resulting in a leftward 
lurch and blame being placed 
on Hong Kong for being the 
origin of these evils. 


The Red Chip mania is only 
one aspect of an asset bubble in 
Hong Kong. The current admin- 
istration has let credit growth rip 
— an almost 30 percent increase 
in the past year, fueling property 
and share booms. 

One might have thought that 
incoming Chief Executive Tung 
Chee-hwa would be wary. His 
family shipping company nearly 
went under in the mid-'80s as a 
result of over-ordering ships 
when credit was cheap. He was 
rescued by mainland money and 


the unaccustomed sofiheaned- 
ness of some foreign banks. 

But instead of being seen as a 
credit-driven bubble, asset 
prices are being taken by (he 
British and Mr. Tung as illus- 
tration of "confidence." A 
hangover is inevitable and could 
be Mr. Tung’s first crisis. 

Recurring asset booms and 
busts are part of Hong Kong's 
history and way of business. 
Red Chips are a ness and more 
lethal play. 

Inumuitii'ujl i/fj T* ih'jic 


A Viable Opposition Will Be Needed 



H ONG KONG — Under its 
new chief executive, Tung 
Chee-hwa, Hong Kong moves 
into the camp of those in Asia 
who have reservations about 
Western-style democracy. 

The Asian version of demo- 
cracy, which gives greater 
ority to authority than to 
dom, clearly holds more appeal 
for China and the Hong Kong 
leaders it has approved than the 
Western political structure be- 
queathed by the British. 

Key pieces of legislation in- 
troduced by Chris Patten, the 
departing governor, to enhance 
individual freedoms and gov- 
ernment accountability are be- 
ing consigned to oblivion. The 


Excuses for Not Getting Together 


C OMO, Italy — The skep- 
tics, not to say cynics, 
who predicted that the will 
and capacity for international 
cooperation would ebb away 
after the Cold War are having 
a field day. 

Despite the ritual effort to 
put on a happy face, the Euro- 
pean Union summit in Am- 
sterdam and the newly named 
Summit of Eight in Denver 
showed that national qnarrels 
and suspicions are seriously 
blocking the way to the pro- 
claimed new era. 

No one even mentions 
George Bush's hopeful “new 
world order" to follow the 
long war of ideology any- 
more, or if they do it is only to 
cite it as proof that the United 
States is determined to run the 
world by itself. 

But any “proof” will do 
when minds are adamant. 
French television has just 
shown a long, outraged seg- 
ment on the problems that 
French cheese-makers face if 
the United States succeeds in 

imposing a health standard re- 
quiring that cheese entering 
nude be made from pasteur- 
ized milk, not raw milk, which 
gives a better taste. 

It is only an American at- 
tempt to get revenge for 
Europe's ban on American 
beef fed with growth hor- 
mones, a Camembert producer 
declared. ‘ ‘It shows the Amer- 
icans want to impose their 
ways on the whole world.** 
Fresh from their failure in 
Amsterdam to make any sig- 
nificant reforms in the Union 
treaty so that they can move on 
ro admit East Europeans with 
confidence, the Europeans re- 
acted badly to Bill Clinton’s 
extolling of the flourishing 
U.S. economy and the “Amer- 
ican model" at Denver. 

It was, many said, typical of 
American arrogance aiul hard- 
hearted indifference to social 
problems, which Europeans 
do care abouL 


By Flora Lewis 


Reach comments, in par- 
ticular, sounded almost sick 
with resentment and envy, de- 
nouncing the “new American 
imperialism" and greedy 
American ambition to take 
charge of everything. 

The press seized on die in- 
cident of cowboy boots that 
Mr. Clinton offered summit 
participants in what he doubt- 
less considered a display of 
informal western hospitality, 
and which Chancellor Helmut 
Kohl and President Jacques 
Chirac rejected as beneath 
their dignity. It reflected 
French-German solidarity re- 
sisting American offensives, 
commentators crowed. 

Recourse to such tidbits is 
not mere TV flummery for 
lack of substance to report. 
There is a bad mood, full of 
defensive assumptions and 
deliberate misinterpretation, 
alongside the rhetoric about 
mutual interest in facing the 
world's problems together. 

At the annual meeting of the 
Council on tbe United States 
and Italy here, various aspects 
of troubles at hand were dis- 
cussed, alongside a nostalgic 
tribute to the “good old days" 
of confidence and generosity 
when the Marshall Plan was 
announced 50 years ago. Of 
course that is an illusion of 
blurred memory, as several 
participants noted. There were 
plenty of harsh arguments 
throughout the period. but there 
was also acceptance drat both 
sides of the Adamic could only 
gain from resolving them. 

Now, the French analyst 
Dominique Moiisi pointed out. 
playing on the old catchphrase 
about being in "one bed with 
two different dreams," they 


are in 'one bed with two dif- 
ferent nightmares.” 

Does it really take an en- 
emy to make people see each 
other as necessary partners? Is 


getting even with, even get- 
ting ahead of, the neighbor 
worth more than getting the 
global neighborhood to move 
on with making life more liv- 
able for die lot of us? 

The problem is not ignor- 
ance, although there is a lot of 
insensitivity. 

The international assort- 
ment of officials, business- 
men, politicians and academ- 
ics at the Council’s gathering 
made clear that there is wide 
understanding of how drastic- 
ally the working world is 
changing because of the tech- 
nological revolution. That 
cannot be escaped, but it poses 
new questions. 

The temptation is to resort 
to old answers based on na- 
tional rivalries because it’s 
easier than seeking fresh solu- 
tions, although anybody who 
is paying attention knows that 
old ways no longer work. 

That goes for the United 
States, too. Its current flush, 
compared with Europe’s 
scourge of unemployment, 
hides a multitude of grave 
flaws that will also have to be 
addressed, and it can neither 
rule nor ignore the world. 

This is a bad patch for in- 
ternationalists, for those who 
are convinced, as I am. that it 
is possible for peoples to work 
in concert to overcome the 
disasters that man keeps mak- 
ing for himself, and fornanire, 
too, even though hostility 
seems to be better at mobil- 
izing emotions. 

It will take a conscious ef- 
fort to remind people that his- 
tory need not be repeated, al- 
though it cannot be erased. We 
even know what ro do about it, 
step by step. But a kind of 
lassitude has set in that makes 
important common projects 
seem too much to face. 

This is certainly far from the 
worst of times, but it should 
not take the worst of times to 
realize that we can do better. 

© Flora Lewis. 



Bv Roda Mnshkat 


shift reflects a policy prefer- 
ence, in Hong Kong and 
Beijing, for a political sysrem 
drat is stable rather than open. 

Authority wins over freedom 
because it buttresses those in 
power so that they can do their 
work more efficiently. 

The attempt to create a strong 
government in Hoag Kong is 
partly inspired by Singapore's 
example of promoting stability 
and prosperity while minimiz- 
ing opposition. 

Both societies have Con- 
fucian roots, but their political 
cultures diverge. In Singapore, 
social impulses flow from die 
top down; in Hong Kong it is the 
other way round. Hong Kong is, 
therefore, less susceptible to 
top-down guidance. 

Nor is Singapore governed, 
as Hong Kong will be, by a 
group of businessmen with no 
clear accountability. Rather it is 
driven by competent techno- 
crats-cum-poiiticians who reg- 
ularly seek to re-establish their 
legitimacy through general 
elections based on a universal 
franchise. 

Hong Koag has had a busi- 
ness-friendly government un- 
der British colonial rule. But 
this is the first time that it will 
have government by business. 
That makes a viable opposition 
necessary. 

Singapore has a good record 


Letters intended for publi- 
cation should be addressed 
"Letters to the Editor " and 
contain the writer's signature, 
name and full address. Letters 
should be brief and are subject 
to editing. We cannot be re- 
sponsible for the return of un- 
solicited manuscripts. 


on corruption. Hong Kong. too. 
has managed to make consid- 
erable progress on that from. 
But. given the change of regime 
and the growing influence of 
China, where eomiption i> 
widespread, there are legitimate 
concerns about the potential for 
regression. 

Again, in such circumstances 
an opposition check is needed. 

The writer, a law professor ai 
the University of Hong Kong, is 
author of “One Country. Two 
International Legal Personalit- 
ies: The Case of Hong Kong. " 
She contributed this t omment to 
the Herald Tribune . 

A Concern for Order 

T HE West needs to recognize 
the astounding changes that 
have taken place in China. The 
Tiananmen-type incident is not 
going to happen again. 

In any case, Hong Kong is 
not Beijing. Political demon- 
strations, for example, are pan 
of our culture in Hong Kong. 
So, of course, there will be this 
kind of freedom — so long as 
the matters concerned relate di- 
rectly to Hong Kong. 

At the same time, the worst 
thing would be if the whole issue 
of order started to slide. I lived in 
America in the 1960s and saw 
what happened: the slow 
erosion of authority, and the so- 
ciety becoming less orderly than 
desirable. I certainly don't want 
to see that happen here. 

Freedom is not unimportant. 
But the Wesr just doesn’t un- 
derstand Chinese culture. It is 
time to reaffirm w ho we are. 
Individual rights are not as im- 
portant as older in our society. 
That is how we are. 

— Tung Chee-hwa. 
commenting for the Los 
Angeles Times Syndicate- 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: An Apotheosis 

LONDON — The inner mean- 
ing of Her Majesty's Diamond 
Jubilee apotheosis can be found 
in what the English have suc- 
ceeded in making of the sov- 
ereign, that redoubtable and vet 
necessary being whp might 
easily be harmful but without 
whom the unity of a country is 
never quite a reality. They have 
kept the Monarchy, divesting it 
step by step of its most cry- 
ing abuses, and they have 
made of their democracy the 
highest and most beneficent of 
its public services. 

1922: Stay in Hayti 

W ASHINGTON — The indef- 
inite continuance of American 
military occupation in Ha\ii 
but a reduction of the force of 
marines, is recommended in a 
unanimous report of the special 
Senate investigation commit- 
tee. The committee declared 


that revolution and brigandage 
would follow an early with’ 
draw'll or a drastic cut in the 
forces on duty. Many charges 
have been made against the 
marine forces in Hayti. but in- 
vesti eat ions by a Congressional 
committee have found them 
without foundation. 

1947: Italy Hails Eva 

ROME — Eva Peron. the wife 
of Argentina’s dictatorial Pres- 
ident. arrived in Italy tonight 
[June 26] on her goodwill tour 
of Europe. Thirty thousand Ro- 
mans gave the former motion" 
picture actress a welcome, but it 
fell considerably short of what 
she received in Generalissimo 
Francisco Franco’s Spam- 
Posters on bouse walls through 
the citv hailed hex as the 
“gentle'ambassadress” of a na- 
tion which chose during 

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Starr’s Investigation: 

Partisan and Prurient 


By Richard Cohen 


W ASHINGTON — What 
America needs is neither a 
good 5-cent cigar nor a (free- 
range) chicken in every pot, but a 
special prosecutor to investigate 
the Whitewater special prosecu- 
tor, Kenneth W. Starr. Once 
asked to look into Whitewater 
and related matters, he is now 
questioning Bill Clinton's al- 
leged girlfriends. 

That makes two Whitewater 
scandals — one involving the 
Clintons, the other involving Mr. 
Starr. 

The Washington Post’s Bob 
Woodward, along with his col- 
league Susan Schmidt, reports 
that Mr. Starr's investigators 
have asked former members of 
Mr. Clin ton’s Arkansas security 
detail what they know about their 
one-time boss' extracurricular 
activities — if any, I am obliged 
to say. 

Two state troopers, Roger 
Perry and Ronald B, Anderson, 
said they were asked about 12 to 
IS woman by name. Mr. Perry 
says that- when given a list by the 
special proseoitor’s office, he was 
able to identify “seven or eight" 
women with whom Mr. Clinton 
had had clandestine meetings. He 
was even asked if he had ever seen 
Mr. Clinton engage in sex. Alas 
for talk radio, he said no. 

What could justify such a 
tasteless question? What could 
Mr. Starr be up to? The Post says 
the independent counsel is seek- 
ing out people in -whom Mr. Clin- 
ton may have once confided. Did 


the president tell them the same 
story he later (old the special 
prosecutor about Whitewater, 
Castle Grande and other matters 
so attenuated, complicated and 
obscure that almost no one can 
understand them? Or did he, in a 
triumph of bad judgment, con- 
fess to some sort of criminal 
activity while engaged in some 
other activity ■ — telling the im- 
moral about the illegal? 

Did this happen with Bill Clin- 
ton? I have no idea. But unless 
Mr. Starr can connect, directly 
and clearly, Mr. Clinton's alleged 
extramarital affair(s) to some 
criminal act of consequence, then 
he has crossed a line respected by 
even the most aggressive of pros- 
ecutors. He seems to be flailing, 
determined to punish Bill Clinton 
not for anything he has done but 
for malrinj? Mr. Stair waste three 
years of bis life. He knows what it 
is to be seduced (by fame in his 
case) and abandoned. He is a 
prosecutor scorned — by the 
facts, as it turns out, and his own 
clumsy handling of the investi- 
gation. 

We all think we know that Bill 
Clinton has had his innings. 

Gennifer Flowers alleged as 
much but, more convincingly, 
some very careful reporters have 
come out and said so.- In his me- 
ticulously researched biography 
of Mr. Clinton — “First In His 
Class” — my colleague David 
Maraniss reported that Mr. Clin- 
ton's gubernatorial chief of staff, 
Betsey Wright, confronted him 



Ten Reasons Why Chile 
Should Be Fart of NATO 


with a list of girlfriends and urged 
that he not run for president in 
1988. “Now I want you to tell me 
ibe truth about every one,” Mr. 
Maraniss quotes her as telling Mr. 
Clinton. For whatever reason, 
Mr. Clinton waited four years. 

But everyone has a private life, 
and not all are beyond reproach. 
Large numbers of people, as we 
are constantly learning to our 
constant surprise, have commit- 
ted adultery. This is not a real 
crime, but it can be the cause of 
great mortification and, maybe, 
the dissolution of a marriage. 
What would you, man or woman, 
say to avoid appearing as a wit- 
ness and confessing to an affair? 
— confessing not just to a court, 
but, in effect, to everyone around 
your kitchen table as well? 

If, up to now, Kenneth Starr 


had conducted himself impec- 
cably I might give him the benefit 
of the doubt in this matter. But he 
has persisted in partisan activ- 
ities (making speeches and cam- 
paign contributions) and prob- 
ably will wind up, when all this is 
over, at Peppendine University, 
taking a position created in good 
part by money from Richard 
Mellon Scaife, the sugar daddy 
of the right wing. From the man- 
ner of his appointment — by 
right-wing judges — to the man- 
ner of his attempted leaving — to 
that Pepperdine post — Mr. 
Starr's tenure has been tain red 
with the stain of partisanship. 

The Whitewater independent 
counsel was appointed not to see 
if the Clintons were morally, eth- 
ically, politically and in every 
other way .without fault, but ro 


determine whether They had done 
something regarding Whitewater 
that was worthy of a criminal 
charge — and, in the president’s 
case, possible impeachment We 
are talking high crimes here, not 
really misdemeanors — 
something so serious that the 
democratic choice of the people 
for president might be canceled. 

So far, Mr. Stair has not shown 
he has come up with anything 
close to momentous. If that re- 
mains the case, then driving into 
Mr. Clinton's private life, no 
matter how sordid, is more re- 
pugnant rhan anything Mr, Clin- 
ton may have done. It is past time 
that Ken StaiT either pat up or 
shur up. He, maybe more than 
President Clinton, has much to 
account for. 

The Washington Port 


By Thomas JL 


LETTERS TO THE EDITOR 


What’s at Stake 


'egarding A Frenchman in 
US." (Letters to the Editor, 


Re\ 
the 
June 17): 

We have heard international 
pundits and French politicians 
make the same argument, that the 
French are conservative. Presi- 
dent Jacques Chirac himself pub- 
licly asserted as much. 

But one should understand the 
meaning of what France wants to 
preserve and then compare this to 
what it stands to lose from a 
change. 


France has a lot, and of great 
value, to conserve. Pensions, 
paid holidays and health insur- 
ance are not frills to be shed 
lightly. They are manifestations 
of the society that French people 
have wanted and constructed over 
die years. 

LUCIO MARGHER1TA. 

Paris. 

A Separate Peace 

Regarding “ Ambivalent Cypri- 
ots ” (Editorial. June IS): 

There is nothing ambivalent 


about this situation. As the 
editorial rightly points out, the 
two communities on the island, 
Greek Cypriots and Turkish Cyp- 
riots, prefer and enjoy living 
separately, though they may 
And this difficult to admit pub- 
licly. 

As the Turkish Cypriots will 
□ever agree to live under Greek 
domination — whatever the pre- 
text — why not accept the reality 
and let the two peoples live in 
peace, separately? 

OMERKANCA. 

Stockholm. 


Obstructionist NATO 

Regarding "NATO Rejects 
Hunting Bosnia Crimes Sus- 
pects ” (June 14): 

From the beginning, the North 
Atlantic Treaty Organization has 
obstructed any meaningful action 
in Bosnia. 

When, before the Dayton 
agreements, the Bosnian Serbs 
fired on French peacekeepers. 
NATO responded by dropping 
bombs — not on Serbian military 
targets but on an abandoned Ser- 
bian tank. 


When, later, Radovan Karad- 
zic, wanted for war crimes, strut- 
ted before the noses of NATO 
soldiers, they were instructed not 
to make an arrest. 

Now NATO officials say they 
fear that the chances of a suc- 
cessful raid by a Western para- 
military mission are diminishing. 

It is precisely NATO's own ac- 
tions that have made it possible 
for mass murder and other types 
of “ethnic clemsing" to go un- 
avenged in Bosnia. 

LEON ORE SUHL. 

Ponimao. Portugal. 


W ASHINGTON — With less 
than two weeks to go before 
the Madrid NATO 'summit meet- 
ing, the. United. States sod its 
NATO allies are still arguing over 
which countries to add to NATO. 

The reason they're still arguing 
is because there are no clear cri- 
teria about who should - be let in. 

MEANWHILE 

because there is no clear strategy 
for how to expand NATO, be- 
cause the Clinton team has no 
clear idea what it wants NATO to 
become. When you don't know 
where you are going, any road (or 
new member) will get you there. 

So the United States favors Po- 
land. Hungary and the Czechs, 
while the Europeans also warn 
Romania and Slovenia. Since 
everyone is pushing his favorite 
country, I would like to propose 
mine: Chile. 

You laugh, but here are 10 rea- 
sons Chile is the best candidate for 
an expanded North Atlantic 
Treaty Organization. 

1. Chile is long, very long, and 
NATO doesn't have any long 
countries. All the other proposed 
□ew NATO members are short 
and fat, like dumplings. 

2. Since the main reason the 
Climooires chose Poland, Hun- 
gary and the Czech Republic is 
because each has a strong ethnic 
voting bloc in the United States, 
why not bring Chile in and get the 
whole Hispanic vote behind 
NATO expansion? 

3. Bringing Chile into NATO 
would bring diversity to the al- 
liance, which is now dominated 
by pasty-faced Europeans. A little 
NATO* diversity fits nicely with 
the Clinton domestic agenda, and 
without a NATO that looks like 
America, there's no way Con- 
gress will foot its bills forever. 

4. The other reason that Poles, 
Hungarians and Czechs are being 
brought into NATO is because the 
European Union won’i let them 
into its free-trade club. (The EU 
doesn’t wont Polish workers rak- 
ing French jobs.) Well, we Amer- 
icans have told Chile that it can't 
be in NAFTA because Congress is 
afraid Chileans will take U.S. 
jobs. If Chile can't be in NAFTA, 
then it. too, deserves NATO mem- 
bership as a consolation prize. 

This is especially true since the 
Clintoniies keep saying NATO 


membefthip is crucial tor helping 
to consolidate fare-market reform 
ui Central Europe. -Surely, it it is 
crvcxal to eansolftfcite such reform 
hi Central Europe. a r * more crucial 
to do it in our own hemisphere. 

5. Chile, unlike PnldiuL Hun- 
gary or the Czech Republic, ac- 
tually shares a border with Russia. 
Check it out The Ru*>un slice of 
Antarctica is off the southern tip 
of Chile. 

6. Chile is one of the few coun- 
tries in the world that not only 
qualify for NATO bu: also meet 
the Maastricht criteria for mem- 
bership in the new uncle Euro- 
pean currency. Maastricht re- 
quires EU countries to have a 
deticif-to-GDP ratio below * per- 
cenL Chile has a deficit -to-G DP 
ratio of 0 tit actually has a surplus) 
— better than Poland. Hungary or 
the Czechs. Chile could tv the 
bridge between NATO and the 
European Union. 

7. Chile is just across the ocean 
from China. That could give 
NATO a whole new front, and 
since the Clintoniies think NATO 
has to be expanded and take on 
new missions in order tn surv ive, 
what could be a more important 
mission than deterring China? 
And how better ro do uifcan w ith 
the longest country in the world? 

8. Chile has a very lough, often 
cruel anm that would put the 
Czech, Polish and Hungarian 
armies to shame. Remember Gen- 
eral Augusta Pinochet? They don't 
come any nastier. Bui uy to name 
rate Hungarian general Hungarian 
cooks, maybe." Zsa Zsa Gabor, 
sure. But Hungary hasn't wun a 
war since the 1 6th century. Alsu, 
since one purpose of expanding 
NATO is to sell the new members 
U.S. arms, Chile is perfect. 

If s dying to buy F-16s. and 
unlike the Central Europeans ir 
can actually pay for them. 

9. Chile* is near Cuba, w hich, 
unlike Russia, is still a real Com- 
munist country that -diooh down 
civilian planes and has a May Day 
parade. 

10. Chile grow - fruit during 
Europe's winter. Whar a morale 
booster For NATO trru*p»? Tliev 
would eat better than ever, and 
scurvy would never again be a 
problem for NATO's Atlantic 
command. Tty ro find froli 
peaches in Poland in December. 

Need 1 say more? 

The .Vtv T • 


BOOKS 


THOMAS JEFFERSON 
AND SALLY HEMINGS: 

An American Controversy 

By Annette Gordon-Reed. 288 pages. 
$29.95. University Press of Virginia. 

Reviewed by Brenda Stevenson 

T HE purported 38-year affair of 
Thomas Jefferson with the slave 
woman Sally Healings is the subject of a 
provocative new book by Annette Gor- 
don-Reed. Rumors of the liaison sur- 
faced publicly during Jefferson's first 
presidential administration. Fueled by 
local gossip and the grudge of James 
Callender, a notorious political hack, 
stories about the nature of the relation- 
ship, Jefferson and Hemings’s charac- 
ters, and the fates of her five children 
formed a treacherous web that ever since 
has hung heavily in an unkempt comer 
of American history. 

A legal scholar with obvious talent as 
a writer and a historian, Gordon-Reed 
takes on the wrangle-bound narrative 
that ties Jefferson to the slave woman as 
early as 1788, when she was 15 and he 
45. But that’s only half the story. The 
author wants to set the record straight 
and, in so doing, is determined to expose 
the fallacies and biases of those Jef- 
fersonian scholars who have vehemently 
denied the claim. 

Gordon-Reed's accomplishments in 
this work are numerous. She has built a 
formidable case in support of the po- 
sition that Jefferson and Hemings had an 
intimate relationship of many years. The 
debate undoubtedly will continue, but 
there is little reason that it should. 

She also provides an instructive cri- 
tique of those academicians who pur- 
posefully obscured the truth. Her de- 
nunciation of this “conspiracy of 
defense’ ’ provides a long-overdue moral 
to this story: Historians have a profound 
responsibility as excavators and care- 
takers of the nation's past, a respon- 
sibility that cannot be denied in the rush 
to case their public’s fears and con- 
science. As Gordon-Reed notes, too of- 


ten scholars have “constructed’* U ; S. 
history to comfort the majority at the 
expense of minorities. 

Her study also revisits an important 
and unrelated methodological battle, re- 
asserting — in the tradition of John 
Blass in game, Deborah White. Jac- 
queline Jones, Herbert Gutman and so 
many other “revisionist" slavery schol- 
ars — the necessity to recognize the 
slaves’ voices and perspectives. In her 
discourse on the value judgments schol- 
ars place on various sands of primary 
documentation, Gordon-Reed pro- 
foundly indicts the privileging of slave- 
holder accounts and the dismissal of the 
slave narratives. She insists, and rightly 
so, that the slaves had intellects with 
which they could reliably describe and 
analyze their lives. 

The author's work is not, however, 
without its own flaws, methodological 
and philosophical. What readers un- 
doubtedly will be most interested in will 
be a detailed account of the lives and 
relationship of Jefferson and Hemings. 
They will not get it Most also will 
finish the book without learning much 
about slavery in the United States, life 
in the Old South or the political culture 
out of which the controversy first 
emerged. 

Thu; absence of historical context 
poses a critical question: Is Gordon- 
Reed familiar enough with the 18th- and 
19th-century world of the two principal 
characters to render a reasonable as- 
sessment of their relationship? 

Much of the time she is. Yet some 
poorly constructed conclusions based on 
uninformed analyses occasionally sur- 
face. Consider, for example, her “Sum- 
mary of the Evidence” section. Gordon- 
Reed argues convincingly that die 
weight of the evidence supports the story 
of an intimate relationship. Yet her in- 
sistence that Jefferson created Hon- 
ings ’s children preferentially, even par- 
entally, and that each example of this 
treatment she cites indicates bis patern- 
ity, could not have been derived from a 
familiarity with the social history of 


slavery, particularly the peculiar nature 
of the relationship between the slave- 
holder's family and the favored domes- 
tic slave family. 

Other lands of fallacies emerge else- 
where, such as in tiie author's assess- 
ment of Southern elite female educa- 
tion, rituals of courtship, and the nature 
of Southern marital and fa milial rela- 
tions. 

What is most problematic, however, 
is Gordon-Reed's discussion of Sally 
Hemings *s place in the life and world of 
Jefferson. The author spends an enor- 
mous amount of energy suggesting that 
Jefferson and Hemings had a romance, 
that Jefferson could have loved Sally 
because of her beauty, her literacy, their 
shared experiences, etc. Yet there really 
was no basis for a companionate re- 
lationship between the two. Moreover, 
Jefferson demonstrated little humanity 
in relation to her, and she exercised little 
influence on him. 

S ALLY HEMINGS was a quadroon 
whose mother was a slave and whose 
powerful, wealthy white father never 
claimed her. Her slave status placed her 
at the feet of her half-sister (Jefferson's 
wife) and her children. Upon Martha 
Jefferson's death, Sally was under Jef- 
ferson's complete control. It was within 
this context that the -14-year-old virgin 
arrived in Paris and two years later left 
pregnant with her master’s child, Gor- 
don-Reed asserts. The power ihar Jef- 
ferson held and exercised over Sally, 
their offspring and her other kin denied 
any possibility of a companionate ro- 
mance. 

Gordon-Reed is right to defend Sally 
Hemings’s character, particularly in re- 
sponse to its crude excoriation by most 
Jefferson scholars. Yet this defense can- 
not erase her tragic victimization by one 
of America’s most important and in- 
fluential historical figures. 

Brenda Stevenson , a professor of his- 
tory at UCLA, wrote this for The Wash- 
ington Post. 


BRIDGE 


By Alan Truscott 

T WO star-studded teams 
clashed in the final of the 
Women's International Team 
Trials, to determine two teams 
to represent the United States 
in the World Championships 
in Tunisia in October. 

One team consisted of Pam 
■ Wittes, Cheri Bjerfcan, Sue 
‘ Weinstein. Stasha Cohen, 
. Shawn Quinn and Judy Wa- 
11 das, who were automatically 
^.entered into the semifinals 
'•jbecause of a strong perfor- 
• inance in recent national 
* hampiodships, 

. Opposing them were 
'wansena Letizia, Lisa 
Jerkowirz. Jill Meyers, 


Randi Montin, Tobi Sololow 
and Mildred Breed. 

A deal from the qualifying 
round is shown in the dia- 
gram. Should North-South 
play a slam in hearts, spades 
or no-trump? Seven hearts 
will make rather luckily, be- 
cause after a trump lead the 
declarer can draw trumps and 
make use of dummy’s spades. 
Seven spades will make with 
similar luck. 

Seven no-trump has a good 
chance, and made at one table 
after a diamond lead. But in 
the replay, after the auction 
shown. South arrived in six 
no-trump. Montin was now 
inspired to lead a club. This 
had a devastating effect on the 
declarer's communications. 


One could play for an error 
by taking the king of clubs, 
six heart winners and the 
spade ace. Then the ace-king 
of diamonds followed by a 
low one will endplay a de- 
fender who has failed to un- 
block the queen with a hold- 
ing of Q-x-x. 

The best play is to take all 
the side-suit winners and play 
the ace and a small diamond. 
This will succeed if East 
began with four diamonds in- 
cluding the queen, since she 
will be endplayed. But this 
play, too, had to fail with the 
lie of the cards.' 

The swing was 23 imps, 

and the Letizia team survived 
the q ualif yin g round-robin by 

a whisker. 


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We're not just 
there for the 
celebrations. 


On Monday 30fh June, after 155 ysars cf 
British Colonial rule, Hong Kong will become 
a Special Administrative Region of the Peoples' 
Republic of China. BBC World will have special reports 
on the buildup of events throughout June, as well 
as extensive live coverage on the day itself. 

The historic handover is presented by John Tusa, 
our expert on Hong Kong and China, Nid Mane and 
km, who also chairs 'BBC World Debate' and 
presents 'HARDlalk', interviewing special guests with an outlook on 
Hong Kong's future. Sr David Frost hosts a special edition of 

' Breakfast With Frost', interviewing the Governor on the day before the 

■ ■ ■ 

handover, and Howard Stapleford and Shahnaz 

Pdkravan bring us a Tomorrow's World in Hong Kong' special. 

In addition to the live coverage, BBC VvbHd looks beyond 
the change - over to examine Hong Kong's future from both 
inside China and from the colony itself. 

Trust BBC World to be there with impartial, indepth coverage 
that covers the event with a superb mix of news, 


comment and celebration. 
Be better informed 
writ 88C World. 


ana 


WORLD" 


FOR INFORMATION ON AIRTIME SALES AND SPONSORSHIP OPPORTUNITIES 

Call Nick Carugoh an ( + 44) 171 580 5420 or European Channel Management Lta- on ; + 44) I SI $76 3061 


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^TERNATIONAL herald tribune 

FRIDAY, JUNE 27, 1997 



V 




PACE 9 



By Panla Butturini 

OME — r Classic Italian gar- 
dens are paradoxical places, 
celebrating sun and shade, 
earth and sky, the green of 
hedge, the crunch of gravel, the play of 
moving water — just about anything but 
a profusion of flowers. In a country as 

dry and hot as Italy in summer, blooms 
and blossoms turned out to be far roo 
complicated and expensive to maintain. 
So although Italy was the first European 
country to be dazzled by bulbs from the 
East and West Indies, the Americas and 
South Africa — tulips, daffodils, nar- 
cissus — in the 17m century, flowers 
gradually disappeared from the classic 
Italian garden. Increasingly, architects 
focused on perennial greens, cool stone- 
work and the sound of water to soothe 
eyes and minds burning from the fierce 
sunlight that bakes die peninsula much 
of the year. 

Labyrinthine designs of ilex, laurel, 
cypress or box — interspersed with 
pools, fountains or cascades of water and 
underplanted with cool gray-green sage 
or well-trained rosemary — are set 
among paths of gravel or hard-packed 
earth, and play off .vails or balustrades of 
stone and stucco. Arbors, pergolas, grot- 
toes and statues from myth or antiquity 
also decorate the individual “rooms” of 
a classic Italian garden, outdoor spaces 
that are as carefully planned as the rooms 
of the house itself and that fit the land- 
scape as well as their inhabitants' needs. 

“It is bard to explain to the modem 
garden-lover, whose whole conception 
of the charm of gardens is formed of 
successive pictures of flower-loveli- 
ness, how this effect of enchantment can 
be produced by anything so dull and 
monotonous as a mere combination of 
clipped green and stonework,” wrote 
Edith Wharton, an early devotee, in her 
1904 book “Italian Villas and Their 
Gardens.” But Wharton was convinced 
■that classic I talian gardens were among 
the most special places on earth: “The 
traveler returning from Italy, with his 
eyes and imagination full of the in- 
effable Italian garden-magic, knows 
vaguely thar the enchantment exists: 
that he has been under Its spell, and that 
it is more potent, more enduring, more 
intoxicating to every sense than the 
most elaborate and glowing effects of 
modem horticulture ...” 

Classic Italian gardens have mostly 
been hidden behind the thick walls sur- 
rounding the castles and villas of the 
Italian aristocracy since their inception. 
Even in their home country they remain 
largely unappreciated, many still 
private and open to the public rarely if at 
all. Indeed Italians lament that their 
countrymen are generally more familiar 
with the concept of the romantic English 
garden or the formal French garden than 
with the home-grown variety. But as 
Italy’s 20th-century aristocrats try to 
balance bank accounts, private gardens 
that in some cases were planted cen- 
turies ago are being opened to the pub- 
lic. Visiting them requires planning, 
though; they are open on a limited basis. 





ftroTmVD-DQ/bjlflfC. far The Nr* Yo* i 

The garden of the Villa Arvedi, a 1 7th-cemury villa near Verona, and angel statue decorating a fountain in the Garzoni garden in Collodi , near Pistoia. 


mostly to groups of 10 or those willing 
to pay an equivalent fee. 

Casteuo Ruspoli 

When Ottavia Orsini married 
Marc 'Antonio Marescotti, the Count of 
Vignanello. at the start of the 17th cen- 
tury, she, like many a bride, determined 
to plant a garden at her new home 40 
miles north of Rome near Viterbo. 
Home, which started as a ninth-century 
Benedictine monastery that was first 
turned into a fortress and later into a 
more livable castle, dominated a steep, 
rocky outcrop. Before she could even 
think of planting, however, Ottavia had 
the marter of sou ro attend to: her future 
garden had Done. So Ottavia, the daugh- 
ter of the creator of Bomarzo — die 
garden to the north whose 16th-century 
Park of the Monsters was filled with 
exotic animals and other bizarre figures 
carved in stone — ordered tons of dirt 
carried to the site by ox can ro construct 
an earthen plateau over the rocky crags. 

Nearly 400 years later, Ottavia’s 
garden at the Castello Ruspoli in Vig- 
nanello is considered one of the purest 
Renaissance gardens in Italy. The in- 
tricate designs she laid out remain in- 


tact, says Princess Claudia Ruspoli, 
though today the elaborate plantings are 
in box hedge instead of die sage and 
rosemary that once traced Ottavia’s 
elaborate geometric patterns. 

Visitors looking out from the castle 
windows over die spacious central 
garden are rewarded wrth the most dra- 
matic view: a perfect rectangle edged in 
green, crossed by four avenues of packed 
earth and divided into 1 2 parties of box 
hedge laid out with geometric precision 
around a central fountain, Ottavia’s ini- 
tials, OO, ore visible in the central par- 
terre closest to the castle moat. Hidden is 
a smaller sunken “secret garden,” a 
standard element of Renaissance plant- 
ings, where die family could spend time 
privately. Today it is filled with roses, 
irises and dahlias, in beds shaped into 
diamonds, triangles and circles. 

Three wide avenues framed by bay 
laurel trees extend beyond the central 
parterres into a wilder area that also 
includes a small fruit garden. Infor- 
mation: (39-6) 687-6147. 

Palazzo Corsini 

In the heart of Florence, a short walk 
from the central train station, is another 


special garden hidden behind the high 
walls of the 16th-century Palazzo 
Corsini, which contains the most im- 
portant private art collection in the city. 
Part of the garden's delight is die un- 
expected nature of its very existence in 
the center of such a bustling urban cen- 
ter Step into the gardens and the 
Florentine tourist frenzy is replaced by 
an aura of calm. 

The elegant, intricate garden — a 
little over an acre — was originally laid 
out in the 1 7th century with parterres of 
box hedge, lemons and other evergreen 
shrubs in geometric patterns. In its hey- 
day. it boasted 300 lemon trees in or- 
namental terra-cotta pots. 

Today, the number of lemon trees is 
down to a more manageable 130, and 
there is said to be an equal number of 
tortoises, which move through the 
garden, hiding under leaves and 
shrubs. 

Interspersed among the lemon trees is 
second-century Roman statuary as well 
as later sculpture. Flanking die central 
garden are heavily wooded areas, which 
were once used as ragrude , areas where 
small birds could be trapped for cook- 
ing. But in 1860, when Romanticism 
had taken hold in Italy, the ragnaie were 


turned into woodland groves by letting 
the trees — some more than 200 years 
old — grow tall. Today, the groves 
serve as a sort of natural green barrier, 
framing the box parterres and lemon 
groves, and protecting them from the 
encroachments of the modem city. In- 
formation: (39-55) 218-994. 

Villa AKvin 

About five miles outside Verona 
stands a grand 1 7th-cenruiy Baroque 
villa, framed by a t wo- and- a- hal f-acre 
formal garden whose central avenue is 
lined with box trees at least 200 years 
old. From the grassy terrace that hugs 
the facade of the villa, the gardens de- 
scend in a gentle sweep to perimeter 
walls that run along the modem-day 
roadway. 

The central boxwood parterres show 
a hint of French influence in their in- 
tricate, swirling designs, but the re- 
mainder of the garden is strictly Italian. 
The central parterres surround a foun- 
tain,, and numerous carefully trimmed 
yew and cypresses punctuate- die 
scene. • 

The statuary throughout the garden 
mimics the frescoes in the villa, all of 


with a military theme, unusual for 

an Italian counay villa. Gigantic war- 
riors -and soldiers, bearing arms and 
flexing, oversized muscles, take the 
place of the figures from myth or an- 
tiquity that populate most Italian gar- 
dens. The- miliary reminders were no 
accident, according to Count Arvedo 
Arvedi, who lives with his family in the 
villa. The genteel villa now standing 
replaced a fortress that once guarded 

one of the Venetian Republic’s lucrative 
commercial roads to the northeast, 
which ran along the top of the hills 
behind the house. Later owners of the 
property wanted reminders of that mil- 
itary power. 

Along one side of the upper terrace, 
which is planted in lawn and persimmon 
trees, stands what was once a spec- 
tacular grotto filled with fanciful foun- 
tains and decorated with mosaics (un- 
fortunately, in rather poor condition) of 
mythical scenes, including Hercules 
fi ghting the Hydra. Information: (39- 
45)907-04 5. 

Villa Trissino Marzotto 

The massive complex, dominating an 
entire hillside near Vicenza, traces its 
founding to 1001, when building work 
began upon Roman ruins. The 49-acre 
gardens are vast — you could easily 
spend two hours walking through them 
— and have taken on a variety of styles 
over the centuries. Although they were 
begun in the 1400s, what is visible today 
generally dates to the 18 th century. 

Portions of the gardens resemble an 
English park, with towering trees well 
over 200 years old planted on long, 
sweeping hillsides. But Count Giannino 
Marzotto, a winner of Italy's famed 
Male Mzglia car. race in 1950 and again 
in 1953, also restored a glorious classic 
Italian garden in a lower portion of the 
property, setting statues by the 18th- 
century sculptor Marinali around a vast 
octagonal pool, itself surrounded by 
gray-green lavender. This is a garden 
big enough to get lost in, among the box 
hedges documented as 250 years old. 
the covered tunnels of green that shield 
the visitor from the sun, or the avenues 
of lemon trees that wind along a path 
topped by a minar et. Information: (39- 
445) 962-029. 

Other Classic Oases 

Giusti Gardens. 2 Via Giardmo 
Giusti. Verona. This Renaissance jewel 
covers a verdant hillside, from whose 
belvedere much of Verona is visible. 
Information: (39-45)803-4029. 

Giardino Garzoni, Piazza della Vis- 
toria, in Collodi, north of Pistoia. A 
restoration is nearly complete of this 
early 17th-century garden laid out in 
terraces on a steep hillside. It is filled 
with fountains, ponds, a labyrinth, grot- 
toes. statues and stairways. Informa- 
tion: (39-572)429-131 or ( 39-572 1 429- 
116. 


Paula Butturini. a journalist who 
lives in Rome, wrote this for The ,\ew 
York Times. 


Not an Obvious Destination: Bi 




By Nicholas D. Kristof 

New York Times Sen-ice 

IKINI. Marshall Islands — 
As the tiny propeller airplane 
drops down toward Bikini 
atoll, rocked by gusts of wind 
that produce sickeninglurches, the land 
looks breathtakingly fragile. It is a tiny 
crescent of sand peeping just above the 
sea, two beaches with almost nothing in 
between, looking as if any large wave 
could wash away B ikini for good. 

The next perception is one of spec- 
tacular beamy. The lagoon is a tur- 
quoise so brilliant it seems ro glow; the 
sands are a sparkling white; the tiny 
strip of palms and jungle is a rich forest 
green; and the ocean is a deep blue as 
thick as paint. 

A moment later, the plane has rattled 
to a stop on a grass field, and die half- 
dozen of us on board jump oul A sign 
welcomes us to Bikini International 
Airport, which seems a bit grandiose, 
since it is just a landing strip on which 
this plane wobbles to a stop once a week 
with a few passengers on a domestic 
flight from Majuro, the capital of the 
Republic of the Marshall Islands. 

Benefits of Isolation 

Bikini is one of those places that 
everyone has heard of but nobody has 
been to, like Timbuktu. Except that 
Timbuktu roday is just another dusty, 
charmless city in west Africa, while 
Bikini remains a ravishing Pacific is- 
land with a darling sun and a coral 
reef teeming with fish and sea turtles. 
Indeed, Bikini's striking beauty is 
largely a result of its isolation, for it 
was virtually deserted until it was 
opened to tourists last year. 

Bikini atoll became known in the 
1940s and ’50s when the United Stales 

dropped 23 atomic and hydrogen 
bombs on it. A French company was 
just introducing a new two-piece 
bathing suit for women at the time, and 
named it the bikini, apparently because 
it was thought to catch men’s attention 
with the same force as an atomic blast. 

In any case, background radiation 
levels on Bikini are now lower than 
those in many American cities, and six 
different studies have concluded that 
Bikini is safe, at least so long as res- 
idents do not eat vast numbers of local 
coconuts. And while Godzilla was sup- 
posed to have arisen from the Bikini 


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To get there . you have to get one of the 19 seeds on the weekly plane. 


lagoon, there is no sign that the ra- 
diation spawned mutant monsters. 

Bikini atoll is a string of 23 islands 
surrounding a spectacular turquoise la- 
goon. On my trip in February, I took a 
15-minute boat ride from the island 
with the airstrip to the main island in 
the atoll, also called Bikini. Visits 
should be arranged a few weeks ahead, 
because the only place to stay is the 
Bikini Atoll Diving Resort, and if it is 
full, you may end up on the beach until 
the next flight out, a week later. 

Most of the people who come to 
Bikini are divers participating in a 
weeklong package that costs £2,750, 
and includes diving, food and a spartan 
but clean and pleasant room. The 20 
rooms in three buildings face the la- 
goon and have toilets, hot and cold 
water, showers, air-conditioning and 
electricity (from a generator), but there 
is no television or phone (except for a 
satellite link that can be used in an 
emergency for $10 a minute). The 
lodgings are more like (hose of a motel 
than or a resort, and the cafeteria is 
similarly clean but not fancy. It offers 
fresh mahi-mahi, tuna and other fish, 
as well as tropical fruit and fresh vege- 
tables. and even foods like ham- 


burgers, hot dogs and soft drinks. 

The diving program consists of two 
dives a day to explore shipwrecks of 
World War H vintage cran in the la- 
goon. When they are not diving, the 
guests can explore the island on foot or 
on rented bicycles, or watch videos in 
the lodge. There is plenty of beach- 
combing to be done on an island that 
has had virtually no tourists for de- 
cades, and the sand is full of shells and 
sprigs of coral. There is also an old 
cemetery, from the tittle when Bikini- 
ans lived on the island before being 
evicted in 1946 for the tests, and a few 
bunkers near the beach that were used 
to shelter observers during the tests. 

T HE resort is owned collectively 
by die Bikinians, and about 30 
people live on the island — a 
dozen who work in the lodge and vari- 
ous others monitoring the area for the 
,U.S. Government and conducting sci- 
entific experiments. The Bikinians 
now live on others of the Marshall 
Islands bnt are debating whether to 
return to their atolL 
The lagoon is full of bonefish, 
sharks, marlin and other species of 
gamefish, and the resort lets people use 


fishing rods and tackle to cast from the 
beach. In addition, it is planningto get 
fishing boats and begin a sport fishing 
program this summer. 

“The lure of this place is that far 40 
years nobody has been here,*' mused 
Fabio Amaral, a Brazilian who runs the 
dive program. “At all the big diving 
sites around the world, oldtimers say 
it's not like it used to be, because of 
overfishing. Well, this is like what it 
used to be.” 

The tourist program began tenta- 
tively last year, and it is just gearing up 
this year. For now, it is pretty much 
limited to experienced divers, but there 
is also talk about inviting sport fish- 
ermen and snorkelers and other va- 
cationers. Aside from the limi t of 20 
rooms, one constraint is that the only 
access for now is the weekly flight, on 
a 19-seat plane, although there is talk 
of adding flights. Of course, anybody 
can sign up and simply spend the days 
exploring the island and swimming 
instead of diving, but for now almost 
all comers are diving enthusiasts. 

shipwrecks The main attractions to 
divans are the shipwrecks at the bottom 
of the lagoon. During the nuclear tests, 
die United States dropped atomic 
bombs near ships to see what would' 
happen, and not surprisingly, they 
sank. So among the vessels in the la- 
goon are die Saratoga, a rare aircraft 
carrier accessible to sport divas; the 
Arkansas, a battleship still equipped 
with heavy weapons; the Pilotfish', a 
submarine, and the battleship Nagato, 
once the flagship of the Japanese Navy 
and from which the order to attack 
Pearl Harbor was transmitted. 

The water of the lagoon is clear and 
warm with no currents, but the ship- 
wrecks can be explored only by ex- 
perienced divers because most are in 
100 to 175 feet (about 30 to 50 meters) 
of water. Only people with advanced 
open-water diver certification are al- 
lowed to make the dives, and the resort 
recommends that all participants have 
at least50 dives under their belts.While 
shipwrecks in other places have often 
been picked clean by souvenir hunters, 
(he ships in Bikini lagoon, are un- 
touched Some still have live bombs 
and ammunition, which divers are in- 
structed not to touch, as weli as intact 
coffee cups — and, most improbable of 
all light bulbs that somehow sur- 

vived the nuclear weapons. 


OVIE GUIDE 



Silverstone , Clooney and O'Donnell in “ Batman Robin." 


Batman & Robin 

Directed by Joel Schumacher. U.S. 

Like a wounded yeti, “Batman & 
Robin ’ ’ drags itself through icicle-heavy 
sets, dry-ice fog and choking jungle 
vines, before dying in a frozen heap. 
Unfortunately, that demise occurs about 
20 minutes into the movie, which leaves 
you in the cold for approximately 106 
minutes. Assuming you ve ventured into 
tins territory, I’d strongly advise you to 
hibernate. In Akzva Goldsman ’ s dramat- 
ically frostbitten screenplay. Batman 
(George Clooney) and his irrepressible 
sidekicks. Robin (Chris O'Donnell) and 
Batgirl (Alicia Silverstone), must save 
Gotham City from a double threat: the 
armored, cold-blooded Mr. Freeze, 
whose powerful ice gun can chill his 
opponents to death, and a toxic, vine- 
festooned temptress called Poison Ivy 
(Uma Thurman), whose kiss is deadlier 
than a weekend in Chernobyl. The 
premise is way below zero, blit it’s an 
opportunity for gothic creativity. For 
dSrectorJoel Schumacher, however, who 
used to be a window dresser, movies 
aren’t about themes, they're about 
schemes. He arranges and choreographs 
his actors as if they were storefront dum- 
mies. He blasts the gothic gloom of Bob 
Kane's original “B atman 1 * comic book 
series into goofy brightness. Throughout 
this emptily flashy, meandering fashion 
show or a summer flick, one conclusion 
is clean It's lime to discontinue the 
“Batman” line. (Desson Howe, WP ) 


Hercules 

Directed by John Musker and Ron Cle- 
ments. US. 

Welcome to Disney Olympus/ where 
Zeus is now a proud papa and devoted 
family man. And when tb 


Hercules, he just stirs up a cloud puff 
and comes up with white- and -turquoise 
Pegasus, as adorable a plaything as any 
celestial baby could imagine. Ancient 
gods and Disney animators happen to 
share a taste for such miracles, as the 
latest Disney effort demonstrates with 
such delight. On any level earthly or 
otherwise, the ingenious new animated 
“Hercules” is pretty divine. After a run 
of relative disappointments, Disney an- 
imation is hack in top form with this 
happily bastardized mythology lesson, 
one that could well have the post- 
“Beavis and Butt-head” generation 
collecting many-headed Hydras and 
contemplating Grecian urns. With in- 
spired intuition. “Hercules” brings to- 
gether ancient lore, gospel singing, girl- 
group choreography and lots of free- 
floating mischief into a jubilant pastiche 
of classical references. Will it charm 
children and vastly amuse their parents, 
teachers and friends? “In a Pelo- 
ponnesian minute,’ ’ in the words of one 

of the film's typically wisecracking, 
not-so-ancient Greeks. Infused with 
wild new visual ideas thanks to pro- 
duction design by Gerald Scarf e. and 
directed with immense glee by the 
“Aladdin* ’ and “ Little Mermaid’ ’ team 
of John Musker and Ron Clements, 
“Hercules” has cleverness to spare. 
The one Achilles’ heel to "Hercules” 
(and, of course, there are some prime 
Achilles gags here) comes with the fa- 
miliar sound of its hero, one more quest- ’ 
ins teenager who delivers a power bal-j 
laa about his hopes and dreams. (L 


, — r (Is ther? 

any doubt where Michael Bolton, whtf 
bells out the song over the closing 
its, will be on Oscar night next year' 
Alan Menken again supplies a van, 
ly man. Ana when the supreme and catchy score, this time with lyrics 
Greek deity wants a gift for his tiny David Zippel. (Janet Mas (in , ' ” 


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INTERNATIONAL HERALD TRIBUNE, FRIDAY; JUNE 27, 1997 


RACE 9 



LEISURE 




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Outdoor cafi on the Bahnhofstrasse and lively square in Zurich. 


Oflkr 


Zurich Joins Festival Chorus 




By Paul Ho fmann 

URICH — Switzerland's 
biggest city is about to launch 
the first Zurich Festival, a 23- 
day celebration of the arts that 
ir hopes will become an annual summer 
highlight in this metropolis of banking, 
technology and high-priced shopping. 

The festival, starting Saturday and 
continuing through July 20, will include 
opera, ballet, drama, concerts and an 
exhibition of American 20th-century 
paintings. 

The choice of dales is a wise one: This 
city on the northern tip of the boom- 
erang-shaped Zurich Lake is brightened 
by flowers in June and is well endowed 
with public gardens, like Pestalozzi 
Park, in the center of town, or the land- 
scaped promenade on the western lake 
shore. 

Eyes jaded by the opulent windows of 
the jewelry shops and boutiques along 
the Bahnhofstrasse can rest themselves 
on the green rangy hills east and west 
and the shimmering blue of the lake 
with the peaks of the Glarus Alps on the 
far southern horizon. 

Many languages besides the near- 
impenetrable patois of the Zurichers are 
heard in this cosmopolitan center, and 
□early' everybody knows English. The 
recenr strength of the dollar has made 
Switzerland a bit less expensive for 
Americans than it used to be. 


A ND transportation doesn't have 
to cost much at all. Through OcL 
23, a fleet of 200 bicycles will be 
available free on a First-come basis at 
the Globus department store and at three 
suburban stations that are gateways to 
out-of-town rides: Stadelhofen near the 
Opera House, Enge in the city's west 
and Oertikon to the north. For a 514 
refundable deposit, you can bike around 
the city all day. Bikes are available 
between 7:30 A.M. and 9:30 P.M. ex- 
cept on Sunday. Information: (41-1) 
825-5242. 

Included in the Zurich Festival but 
continuing beyond it is “Birth of the 
Cool." works by modem American 
artists from Georgia O'Keeffe and Jack- 
son Pollock to Sue Williams, Philip 
Taaffe and Christopher Wool. It runs 
until Sept. 7 ar the Kunsthaus, 1 Heim- 


platz, (41-1) 251-6765, where the per- 
manent collection includes significant 
works by the French Impressionists, 
Munch, Klee, the Giacomettis, Chagall 
and Kokoschka, as well as a room with 
18 Picassos. Open 10 AJVL to 9 P.M. 
Tuesday ro Thursday and until 5 P.M. 
Friday to Sunday. Admission: S9.60 at 
1.45 Swiss francs to the dollar. 

The Zurich Opera House will open 
the festival on Sarurday with Donizetti's 
“Roberto Devereux." Marcello Viotti 
will conduct, with Edita Gruberova and 
Vincenzo La Scola in the leads. Robert 
Wilson's new production of Wagner's 
“Lohengrin," conducted by Raif 
Weikert, with Gosta Winbergh and Stig 
Anderson alternating in the title role, 
will be performed June 29 and July 3 
and 6. Lebar’s ‘‘Merry Widow,’’ con- 
ducted by Franz Welser-Most, with 
Elena Mosuc in the title part and Rod- 
ney Gilfry as Count Danilo, is to con- 
clude the rich operatic portion of the 
festival on July ! 9. Tickets, $22 to $262, 
can be ordered by fax from the festival 
office at (41-1) 215-4030, or bought at 
the Opera House, Theaterplatz, (41-1) 
268-6666, fax 441-1) 268- 
6555. 

Music by Mahler, Schubert 
and Brahms dominates die fes- qV&KT 
rival program at the Tonhalle. 

Zurich’s premier concert hall, 
across the lake from the Opera 
House. For Mahler's “Sym- 
phony of a Thousand" on July 5 and 6, 
David Zinman will conduct the Ton- 
halle Orchestra with three choirs from 
Prague, the Zurich Boys' Choir and 
eight solo vocalists. Sir George Solti 
will lead the Tonhalle Orchestra in 
Mahler's Fifth Symphony on July 12 
and 13. 

SCHUBERT LIEDER Peter Schreier, Her- 
mann Prey. Gabriele Rosmanith and 
others will interpret iieder in Schuber- 
tiades July 6, 7, 9 and 14. The many 
Tonhalle soloists will include the pianist 
Alicia de Larrocha on July 7, and the 
mezzo-soprano Cecilia Bartoli July 19. 
Tickets to the Tonhalle cost from $ 1 3.80 
to $103, and can be ordered from the 
festival office or bought at the Tonhalle 
ticket office. 7 Claridenstrasse, (41-1) 
206-3434, fax (41-1) 206-3469, 10 
A.M. to 6 P.M. weekdays. 

The main railroad terminal (Haupt- 


bahnhof), which handles 500 trains and 
100,000 travelers a day, will be the 
setting for a celebration of the Swiss 
Federal Railway’s 1 150th anniversary 
Aug. 8 to 10. Train enthusiasts can 
enjoy films and exhibitions of antique 
rolling stock, all free. The Hairpt- 
bahnhof, from which the glittering 
Bahnhofstrasse stretches to die lake 
shore almost a mile to the south, is itself 
a monument to the railroad age, with its 
126-year-old cathedral- like concourse, 
which remains unchanged amid an on- 
going modernization project 

.medieval houses The heart of the 
city, between Bahnhofstrasse and the 
Limmat River where it flows out of the 
lake, is dotted with half-timbered me- 
dieval houses. Several of these ancient 
buildings were the headquarters of me- 
dieval craft guilds and evoke an epoch 
of wealthy artisans and silk traders. 
Their interiors have been modernized to 
serve as restaurants, shops, offices and 
private homes. 

The Church of St. Peter, daring from 
the eighth century, carries enormous 
clock faces 28 feet in diameter 
on its steeple. Nearby is the 
cEfay) Romanesque-Gothic Fraurnun- 
— IKfo ster. When he was 80, Marc 
. TOY Chagall designed the five 
stained-glass windows in the 
^ choir, depicting episodes from 
the Old and New Testaments. 
Open 9 A.M. to 12:30 P.M. and 2 to 6 
P.M. daily. 

Zurich's principal landmark, the 
twin-towered Grossmunster across the 
river, perpetuates the memory of the 
Protestant reformer Huldrych Zwingli, 
who preached there from 1518 to 
shortly before his death in 1531. The 
pedestrian-only precinct, known as 
Niederdorf, stretching north from the 
cathedral along the east bank of the 
river, is lively until late at night with 
many taverns and clubs. 

An outing by streetcar No.6 from the 
rail station up the forested Zurichberg 
hill can be combined with a visit to the 
zoo. Its 2,000 residents include little 
Asian elephants, bred in captivity by the 
zoo, that are the darlings of Zurichers. 

Paul Hofmann, whose latest book is 
“ The Sunny Side of the Alps," wrote this 
for The New York Times. 


m AUSTRALIA 
SYDNEY 

Powerhouse Museum, at: (2) 217-0111, 
open daily. To May 1898; "Evohffion raid Rev- 
olution: Chinese Dress, 1700s to Now. 1 * Gar- 
ments and accessories refect key periods of 
change In Chinese history, bom the sffis court 
robes of the Qtog Dynasty (1644-1911) to the 
national dress emanating tram the 1911 Re- 
publican government and the contemporary 
attire toflowing Deng Xiaoping's open-door 
policy. 

■ AUSTRIA 
Vienna 

Kunsthistorlsches Museum, tel: (1) 525-24- 
403,- dosed Mondays. 7b OcL 19: "Gold und 
Gltber airs Mexico." A presentation of pre- 
Columbian gold and sHver artifacts; Whfle gold 
objects were of paramount importance for their 
religious symbolism before Columbus, silver- 
ware, silver liturgical objects and decorations 
were created for the Spanish conquerors who 
had 'initially been lured to the continent by 
gold. 

■ in t aTm 

Bath . 

The Royal Photographic Society, tei: (1225) 
462-841, open daily. To Aug. 3: "An English 
Eye: Photographs by James Ha villous." Mono- 
chrome prints that record the rural tradition erf 
North Devon. The sense of compositton is 
combined with a feeling of complicity m the 
lives of those who passed in front of the artist's 
camera. 

Emvouroh 

Scottish National Portrait Gallery, tel: (31) 
332-2268 , open daily. To Aug. 31 : “The Face of 
Denmark.” 1 00 Danish paintings, photographs 
and sculptures dating from 1750 to the present 
day, inducing works by Christen Kobke and 
Bertel Thorvaldsen. 

London 

Barbican Ait Gallery, tat: {171} 638-8891, 
open daily. To Aug. 17: "Marc Rfboud in China: 
Forty Years of Photography.'' The French pho- 
tographer (bom 1923) has chronicled the coun- 
try's social and political developments from the 
Great Leap Forward of 1958 to tire economic 
boom of the 1990s. 

Hayward Gallery, tel: (171) 261-0127, open 
daily. To Aug. 17: “Rhapsodies in Black: Art of 
bis Harlem Renaissance." As the Jazz Age 
dawned In the early 1920s, African American 
artists, writers and musicians flocked to Har- 
lem. This multi-media exhibition brings togeth- 
er paintings, sculptures and photography, by 
artists such as Aaron Douglas, Jacob 
Lawrence, who produced the Toussamt- 
Lo overture series. The exhibition will travel to 
Washington. 

National Portrait Gallery, tel: (171) 3084)055. 
open da By. To Sept 28: “Cifflord Coffin: The 
varnished Troth — Photographs From Vogue, 
1945-1955." For more than a decade, in Lon- 
don. Paris and New York. Clifford Coffin (1913- 
1 972) produced many of Vogue's elegant fash- 
ion pictures. His portraits, also for Vogue, were 
an observation of woridwide art and society in 
the early postwar years. 


■ FRANCE 

Dijon 

Musee des Beaux- Arts, tel: 03-80-74-53-59. 
dosed Tuesdays. To Oct. 13: "1900-1938: 
Prague. Capitate Secrete des Avant-Gardes." 
From the turn of the century to the be gi n ni ng of 
World War II. Prague remained a cultural 
crossroads and contributed to the circulation of 
avant-garde ideas and movements in Europe. 
The exhibition bnngs together 300 paintings, 
sculptures, photographs, objects and archi- 
tectural drawings, from Art Nouveau to Sur- 
realism. Alfons Mucha. Kupka, Munch and Pi- 
casso are among the artists represented. 

Nice 

Musee d'Art Modern e el d'Art Contempo- 
rain, tel: 04-93-62-61 -62. dosed Tuesdays. To 
Oct. 20: “Des Mode mas aux Avant-Gardes.'* 
Documents art movements from the post 
World War I period to the end of the 1950s, with 
works by artists that belonged to Dada. Fluxus 


ARTS GUIDE 


and the New ReaBsts. Feature* iSO.wwlw by. 
25 artists including Man Rsyt Pfcabia, Arman, 

Brauner, Klee and Ben, among often. 

■ ■ - 

Pams 

Centre Georges Pompidou, td; 01 *44-78-1 2- 
33. dosed Tuesdays, lb Sept.29: “Lea in* 
centaurs du Steele." From the earnest metal 
construction to the latest butidng technology, 
from Gustavs EHM to Peter Rk», a dspiay of 
models and architectural documents HJustrates 
the works of the engjneer-toitfdera of the 20th 
century. 

FNAC St Lazars, tei: 01-55-31-20-00, closed 
Sundays. To Sept 6: “YUT Brynner Photo- 
graph*," Better known for hie stegeanc! screen 
performances, YU Brynner was also an ac- 
complished photographer whose work ap- 
peared In Ufa magazine. The show features 65 
temEy photographs, behind-the-scenes Hoi- 
lywood portraits and semes frouLtwraa races 


urn de rage cTQr 4 u Danemark * 

paintirms from Ihe first htff of ft®} 

Chnstofter Eekersberg (1783-185 j). 

Kobke (1810-1B4B) and Constamn r-srwi 
(1804-1880) depict daily life scenes, -an.- 
scapes and portraits. 

■ MITHHUHPI _ 


v 1 ' 1 f' 







yfr* ■ 


. a r 


Mr 

.tr. : \ 

y* %■ * 


YulB 

Kathy Lee,Brynner's last wife , in a 
1 980s revival of “The King and /. " 

in Paris. The works have also been cofected in 
a book written by Btynner's daughter. 

Musee Zadkine, tel: 01-43-26-91-90, dosed 
Mondays and holidays. To Sept 14: "Acrobate 
Mime Parfait, L‘ Artiste en Figure. Libre." De- 
pictions of acrobats by painters and photo- 
graphers such as CaJder, Chagall. Leger, Man 
Ray, Picasso and Mapplethorpe. 


Museum Ludwig, tel: (221) 221-2382, dosed 
Mondays. To Aug. 17: “Sechziger Jahre: Die 
Neuen Abenteuer der Objekta," An insight into 
the use of objects in art by European and 
American artists of the 1960s. Features 140 
works by Arman, Cesar, Christo, Raysse, Klein 
and Wartioi. among others. . 

; 

Dublin 

Gallery of Photography; tel: ( 1 ) 671-46-54, 
dosed Sundays. 7b Aug. 16: “August Sander.'' 
The photographer chronideti German society 
with photographs of indviduals and their trades 
and crafts during the Weimar Republic. 

1 JAPAN 

Tokyo 

Setagaya Art Museum, tel: (03) 3415-6011. 
To Aug. 20: “A. R. Penck." More than 60 
paintings, 10 sculptures, and a few photo- 
graphs by the German artist (bom 1939). A 
figurative artist Penck first dealt with social 
issues imtit the 1960s when hrs compositions 
became increasingly simplified and used fig- 
ures, symbols, numerals etc. 

■~L U X E M I O U R O 

Musee National d'Histoire at d'Art, tel: 47- 
93-301, dosed Mondays. To Aug. 24: "Pan- 


Van Gogh Museum, tel: (20) 

daily. Tb Oct 12: “Vincent van Gcgh: The 

Drawings.'' The second < n a »’■« 
summer exhtattons presenting van Gog r - » 
works on paper, thia shew cavers wC''!'? 
atBdwhtis. van. Gogh lived in Nuenen between 
1883 and 1885.-Features crawngs af peasants 
working on the land, women sprang ar.d 
weavers, as well as landscape drawings. • 

■ IWITXIRAAMP 

■ 

UmtANNE' 

Fondatlon de r Hermitage, tel; (21) 320-S0- 
01. dosed Mondays To Oct 5 : ■‘Char.es Can- 
on, 1879-1965: Sous la Signe de Cezanne e? 
du FauwsnK'.' 1 Mere than i00 paintings, cas- 

tate and drawings showing the French pa inter s 
contribution to toe development of Fauvsm 
and his rejection of Cutnsm and abstraction. 
Landscapes, portrats and stilt lifes are o-* 1 
show. - 

Musee Otymplque. tet: (21)62i-&5ii.c:ased 
Mondays. 7b Oct. 1 2: “Ulama: Jeu de Bate des 
Ofmeques aux Azjoques. Reliefs, paintings, 
and terra-cotta figures document toe practice 
of this Meso- American bail game. 

■ UHTEP STATES 
New York 

Cooper-Hewftt National Design Museum, 
tet: (212) B606B94. To Aug. 24: ' The Jewelry c* 
Tone Vtgeiand." Since estaHrsfuig her own 
studio in 1961. Wgeland. Norway's foremost 
jeweler, has gained international acclaim for 
her designs in both precious and nonprecrous 
metals. Objects in the exhibition range from 
earrings, bracelets, and necklaces, to mete:- 
mesh hats. Cham- mail shoulder pieces, ere 
long mesh chains that etude definition. 
Museum of Modem Art, tel: (2121 708-9-5 CO. 
dosed Wednesdays. To Sept. 2.- ' Ondjr Sher- 
man: Untitled Film StiBs. u More than 60 pho- 
tographs created between 1977 and 1980. ma; 
comprise a catalogue erf female rotes denveti 
from the movies, ad featuring Sherman ner- 
seif. 

National Museum of African Art, teJ. {202} 
357-2700, open daily. To Oct. 19. Treasures 
FromTervuren." Fran toe Belgian collection si 
Central African art collected by government 
officials and missionaries, more than 120 ar- 
tifacts inducting objects of rayai re gate, masks, 
figures that hold medicine and figures rep- 
resenting kings and chiefs. The exhibition wilt 
travel xo New York. Duesseidcrt and Bar- 
celona. 

Solomon R. Guggenheim Museum, tei: (21 2) 
423-3840. dosed Thursdays. 7b Aug 24: 
“From Dursr to Rauschenberg: A Quintes- 
sence of Drawing. Mastenvorks from the Al- 
bertina raid toe Guggenheim." Ten dra wit gs by 
each of 17 artists that offer a critical and his- 
torical look at the role of drawing ; n ^ese 
artists' oeuvres. Features works by Rappel. 
Rubens, Rembrandt. Klimt. Kartoinsity J.m 
Dine and Francesco Clemente. 

CLOSING SOON 

June 28: ''Arts R'tueis dOceanie 1 La ?4oyve“e 
Irlande." Mona Bismarck Foundation. Paris. 
June 29: “Alberto Giacometti." Kunsthaffeder 
Hypo-KuthJrsWtung, Munich. 

June 29: "El Greco's Annunciation: The Cyc'e 
of toe Cetegic de Mana de Aragcn " Musee 
Thysssn-Bomemisza, Madrid.* 

June 29: "Zoran Music. Retrospektive." 
ScJiim Kunsthade, Frankfurt 
June 29: "Oho Dix. Fondazione Antonio 
Mazzotta, M3an. 

June 29: "Andre Deram. 1904-1912." Museu 
Picasso, Barcelona. 

June 29: Tetsugoro Ybrozu." National Mu- 
seum of Modern Art, Kyoto. 

June 29: “Collecting m the Gilded Age Art 
Patronage to Pittsburgh. 1390-1910. The 
Frick Art & Historical Canter, Pittsburgh. 


Shopper Alert! Beating the VAT 


By Betsy Wade 

iVor York Times Service 




EW YORK — For 
travelers. the 
value-added tax is 
a pain, pure and 
simple. Those who shop while 
traveling are usually, paying 
extra, often without knowing 
it, for the Irish sweater or the 
scarf from Paris. 

The best estimate is that 76 
countries levy some version 
of a value-added tax, or VAT, 
a national sales tax, raising 
prices for many purchases by 
3 to 25 percent Although 
about a third of these coun- 
tries, almost all in Europe, 
have ways for international 
travelers to reclaim taxes on 
items they take with them as 
they leave, many visitors re- 
main unaware of this. 

Europe Tax-Free Shopping, 
the largest organization in the 
refund business, says U.S. 
shoppers in Europe will leave 
behind S50 million in un- 
claimed refunds this year. The 
company is mounting a cam- 
paign to tell travelers of the 
lost money, with some self- 
interest: Its 400 offices at main 
departure points in the Euro- 
pean Union provide cash re- 
funds to departing travelers at 
a commission of 20 percent. 

Getting a Rbfund 

Countries with a VAT do 
not apply it to their exports 
because it would be a price 
disadvantage in the world 
market. This exclusion is gen- 
e^ally also applied to foreign- 
ers' individual purchases that 
are being taken home. Getting 
a refund involves talcing a 
passport on a shopping trip 
and having a special slip filled 
out in the store. This is rub- 
ber-stamped by Customs on 
departure from the country 
and mailed back to the store, 
or tinned in to the refund 
booth at the airport. 

Collecting the money may 
aor be easy. No one wonts to 


throw away $50, which is 
what a friend hopes to get 
back on two London pur- 
chases, buT after hearing re- 
ports of airport hassles — 
"by the time you get to 
Kennedy, it's the last thing 
you want to think about" — 
and receiving letters from 
frustrated readers, I tend to 
figure the money’s spent and 
go about my business. 

But neither will I waste half 
an hour of comparisons to 
save S5 on a currency ex- 
change; vacation time is 
worth more. 

That said, here is the latest 
on VAT refunds. The discus- 
sion here applies only to leis- 
ure travelers, who, except in 
Canada, can recover the tax 
only on goods they cany with 
them. Corporations can re- 
claim tax on their traveling 
employees' hotels and meals 
past a certain level in some 
countries. In Canada only, va- 
cationers can also reclaim the 
tax on hotel bills. 

A few generalities apply: 
Countries set minimum 
amounts that must be spent in 
one store (although several 
purchases can make up the 
minimum) before -a refund 
will be made. Switzerland has 
a low rate and the highest 
minimum: A visitor would 
have to spend 500 Swiss 
francs in one store, roughly 
S350, to get a refund of $21 in 
what is technically called a 
consumption tax. 

The refunds inevitably in- 
volve some tricky arithmetic. 
The tax rate the Swiss enacted 
was 6.5 percent, for example, 
but you wouldn't know it 
from the price tag. The tax 
isn't broken out separately. 
So refunds are figured as how 
much of the price one will get 
back — a different and lower 
percentage. In the Swiss case, 
a product made to sell for 
$400 would be put on (he 
counter at $426, with the $26 
representing the 6,5 percent 
tax. The visitor would seek a 
refund of the S26, which con- 


stitutes only 6. 1 percent of the 
total price. 

However, when sales- 
people for refund services 
talk about the taxes, they tend 
to point to the larger number, 
which may lead the innocenr 
to believe they are going to 
get 25 percent of the price 
back as they leave Sweden, 
for example, not 20 percenL 

Where two rates are given- 
on the chan, the country ap- 
plies different rates for varied 
products. For example, Italy 
has a tax of 16 percent on 
shoes, fashions and textiles, 
and 19. percent on most other 
items, including leather 
goods. The refund on the 
items taxed at 16 percent 
works out to 13.8 percent of 
the purchase price; on items 
taxed at 19 percent, the refund 
amounts to 16 percent 

FIXED minimums British 
stores can set their own min- 
ixnums, which are generally 
above the national minimum 
of £30 (about $50). Most of 
the familiar stores participate 
in the Europe Tax-Free Shop- 
ping system, including Har- 
rods, Marks & Spencer, 
Laura Ashley and Liberty. 

The concept of refunding a 
VAT is mostly confined to 
Europe. But Singapore en- 
acted a 3 percent VAT in 
1994, with refunds initially 
handled by mail. In. January, 
Singapore allowed Europe 
Tax-Free Shopping, now 
owned by CUC International 
of Stamford, Connecticut, to 
create a system there, in 
hopes of speeding refunds, 
according to Scott Shapiro, a 
spokesman for Europe Tax- 
Free Shopping. The refund in 
Singapore is 2.9 percent, the 
minimum purchase S350. Ja- 
pan has a rate of 5 percent and 
South Korea, 10 percent; 
neither has a refund system. 

Australia has no VAT. 
New Zealand has a rate of 
12.5 percent, and there is no 
refund. (The tax is eliminated 
there when a large purchase 


such as furniture is shipped 
direct to the United States.) 

With the Tax Free for 
Tourists system in a store dis- 
playing the logotype, the trav- 
eler asks the clerk to fill In 
some blanks on a Tax-Free 
Shopping Cheque. At the air- 
port for a flight leaving the 
country — or in the case .of a 
country belonging to the 
European Union, at the last 
airport in the Union — the 
traveler 'should show the pur- 
chases and present the shop- 
ping blank for stamping. 

Many travelers present 
blanks for purchases that are in 
their checked luggage, and this 
usually .works. But Georgians 
Corsini, the curator of Palazzo 
Corsini in Florence, who is 
involved in a cultural project 
supported by Europe Tax-Free 
Shopping, said Italy may be 
more severe. At an Italian 
tourism news conference in 
New York, she urged travelers 
to keep purchases handy for 
inspection. In any case, they 
should be in new condition, 
not being warn. 

Then, at an airport booth in 
Europe or in New York, at 
Kennedy, the traveler can get 
a refund, min us the 20 percent 
commission, in cash or on a 
credit card The refund slip 
may also be mailed from the 
European airport in a post- 
age-paid envelope provided 
by Europe Tax-Free Shop- 
ping, ana the refund minus 
the commission will be sent 
or credited later. 



Brynner’s 1959 photograph of an elderly woman being taken away in an ambulance in Ludwigsburg. Gemianw 


. Best Bet for 

GAMBLERS 

This Summer at the 

VA'RKERT CASINO 


European Flight Tickets 
5 Star Hotel Rooms and 
Dinner in our 
Award-Winning 

Valentine Restaurant 


S OME people have used 
a simpler way to do it 
all, as well as avoid the 
20 percent commission, but it 
requires that the shopper have 
confidence in the store and 
use a credit card Two credit 
card charges are entered: one 
for the item and one for the 
VAT. The traveler gets the 
Customs stamp on the shop- 
ping blank and mails it back 
to the store. The merchant 
then tears up the charge for 
the tax. 


For all Qualifying Players. 

For further information: 

Tefc 36-1-202 4244 
Fax: 36-1-202 6764 


• the moment 

seize 

■ 

Park up ail your rares and woe. Toasr the arrival «f *iimim>t- 

wirh u favorite chardonuav. Breakfast in bed was never more civ- 

» 

ilized. Relax. Luxuriate. Celebrate life! Shop. Gn to rhe rlieater. Go 
dauriug. The time was never better ro indulge in a bit of Pari- in 
New York. Our summer special is just $275 for a guest room or $395 
for a une-bedrunin suite, tax excluded. Includes Ciuitinrnial 
breakfast for two or overnight valet parking. 

Jitiv- . 1 NftMh IhtYr Itiftht tttiiiitittilit , ArYV/f rAfi a tt ffV*rAi j/rtyf i y Ut timri/Mifi 


Do YOU LIVE 

in Denmark? 

j ■ 

For a hand-delivered 
subscription on the day 
of publication in major . 

Danish cities, 
cafl 00 33 1 4143 9361 



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r . . ... 











PAGE 10 


INTERNATIONAL HERALD TRIBUNE, FRIDAY. JUNE 27, 1997 


INTERNATIONAL 


• *i- v • 


In Russian Sex Scandal, the Big Question Is: Who Leaked the Tape? 


By Alessandra Stanley 

New York Times Service 

MOSCOW — Corruption in high 
places is hardly new in Russia, but polit- 
ical sex scandals are almost unknown. So 
a popular tabloid newspaper created a 
sensation when it published pictures of 
what it described as the minister of justice 
cavorting nude with three naked women 
in a sauna frequented by gangsters. 

Valentin Kovalyov, the justice min- 
ister, denied the allegations, saying that 
the pictures published last weekend 
were fakes leaked by enemies seeking to 
sidetrack his efforts to crack down on 
organized crime. He said he would take a 
leave of absence, but continued showing 
up for work this week. . 

President Boris Yeltsin formally sus- 
pended Mr. Kovalyov on Wednesday 
until an investigation was completed. 
But it remains unclear exactly what is 


being investigated. Since the scandal 
became public, most of the attention of 
Russian journalists and law-enforce- 
ment officials has been on who leaked 
the videotape that was the source of the 
photos to the tabloid newspaper, Sov- 
ershenno Sekretno (Top Secret), and 
why. For now, the official inquiry seems 
focused on whether Mr. Kovalyov's pri- 
vacy was breached rather than on his 
behavior. 

“The very fact that such marmaic 
have been disclosed can lead to a crim- 
inal case." said Sergei Yastizhembsky, 
Mr. Yeltsin’s spokesman. 

As in Soviet times, Russia today is not 
a country where people have a strong 
sense of privacy. People still live in 
communal apartments, share bedrooms 
with their children and cannot enter a 
university without providing a doctor’s 
certificate that they are free of venereal 
disease. 


But the notion of official secrecy and 
government privilege is deeply en- 
trenched. Faced with its first major polit- 
ical sex scandal, Russia is responding 
with a more traditional appetite for polit- 
ical conspiracy theories. 

The tape was discovered by Interior 
Ministry police officers, and many sus- 
pect that the police leaked the tape. Yuri 
Skuratov, the country's chief prosecu- 
tor, said he would investigate whether 
the leak violated criminal procedure. 

Others suggested more sinister sce- 
narios. “The Kovalyov story does not 
make us look good," Nikolai Kovalyov, 
chief of the Federal Security Service and 
no relation to the justice minister, warned 
Tuesday. “He was abroad representing 
our country and was recalled, so this is 
another blow against the prestige of the 
nation." The justice minister was trav- 
eling at the time the scandal broke. 

The notion that one of the country’s 


top law-enforcement figures appeared to 
be on social terms with Arkadi Angele- 
vich, a banker now in custody awaiting 
trial, was not shocking to most Russians. 
Nor were many appalled to see a married 
government official relaxing naked with 
women half his age. 

The main surprise was that the story, 
and the deeply embarrassing pictures, 
were seen at alL 

Anatoli Kulikov, minister of the in- 
terior, said the videotape of the justice 
minister was first discovered in the home 
of Mr. Angelevich, the banker who was 
arrested in April in connection with em- 
bezzlement. Mr. Kulikov denied that his 
office was the source of the videotape, 
arguing that it must have been leaked to 
compromise his detectives’ case against 
Mr. Angelevich. 

Interfax reported that Mr. Kulikov told 
a few reporters that there were five copies 
of the videotape, and that he bad informed 


Mr. Yeltsin of their existence is ApriL 

Mr. Kovalyov. 53, a former Com- 
munist who quit the {any when he was 
appointed to the ministry position two 
years ago. is the odd man out in the new 
reform-minded cabinet. 

Boris Nemtsov, first deputy prime 
minister, deplored Mr. Kovalyov’s loss 
of privacy above all. “This scandal is 
very untypical for Russia," he said. “I 
regret to say that it brings us closer to the 
United States." 

Hie Russian public also seemed ap- 
palled by the journalism, not the report 
Yuliya Kudryashova, an lS-year-old 
student, said of Mr. Kovalyov: “He’s 
human, like other people and he has a 
right to relax some times. I can see noth- 
ing good in showing dirty panties to 
millions of people." 

Mikhail Beglov, general director of 
Sovershenno Sekretno, says his news- 
paper, which has a circulation of more 


than 2 million, is exposing the uatr 
workings of government that few cgfcr 
Russian newspapers are indepenba 
enough to explore. But even he expressed 
some misgivings about die repents. 

"Even knowing that Kovalyov w% 
involved in wrongdoing, we would nev- 
er have published the sroiy if we had baA 
to install spy cameras, which in my 
opinion is a violation of constitution ^} 
and human rights," Mr. Beglov sa«L 
“We decided to publish it anyway, be- 
cause there are so many other angles tp 
the story, like why the tape was kept in 
the Ministry of Interior's safe." 

One of the few defenders of the ex- 
pos£ was Otto Latsis, a columnist for the 
respected daily newspaper Izvesna. **i 
would prefer this kind of information a« 
be acquired through a keyhole," he said. 
“But it would be naive to expect these 
kinds of dirty things to be acquired in a 
clean way." 


Crew on the Stricken Mir 
Forced to Work in Dark 

Russia Prepares Emergency Repair Mission 

By David Hoffman 


Washington Post Service 

MOSCOW — Short of electricity, the 
three men on the damaged Mir space 
station worked in the dark Thursday as 
ground crews began preparing an emer- 
gency repair mission and Russian space 
officials acknowledged the station is 
nearing the end of its useful life. 

The director of Russia's space agency 
said the Mir mission would continue, 
however, and angrily dismissed the sug- 
gestion by a congressman in Washing- 
ton that the United Stales might puU out 
of cooperation with Russia on the pro- 
gram if safety could not be assured. 

One day after an orbital collision be- 
tween a cargo vessel and Mir ruptured 
one of the research modules and sent the 
crew retreating for safety, plans were 
being laid to send critical electrical 
cables and other material up to Mir by a 
Russian rocket in 1 1 days. A spacewalk 
is being planned to make the repairs, but 
only after the supply ship reaches Mir. 

The U.S. -Russian crew was reported 
not to be in any life-threatening danger, 
but the collision left Mir without four of 
the 10 batteries it was using for life- 
support systems and positioning control. 
On Thursday, the crew, including an 
American, Michael Foaie, used precious 
fuel to fire thrusters and turn the ship so 
that its solar batteries would recharge. 

Yuri Koptev. chief of the Russian 
Space Agency, said the solar batteries 
were r unnin g at 60 to 70 percent of 


capacity. The crew was working in the 
dark, and was told not to exercise so as to 
conserve oxygen. 

Russian officials described the ac- 
cident Thursday as a five-point emer- 
gency on a scale of seven. The crash 
occurred when the seven- ton Progress 
cargo ship, which had been used to re- 
supply Mir, failed to dock with the sta- 
tion in an exercise, smashed into the 
Spektr research vessel attached to Mir. It 
knocked out solar panels and punctured 
Spektr with a three-centime ter- square 
hole through which air escaped. 

As the modnle began to lose air pres- 
sure, it was evacuated and sealed off. 
Spektr carried the four batteries that 
were being used to power the rest of Mir. 
On Wednesday, officials said that the 
crew had quickly escaped the leaking 
ship, but Thursday, Viktor Blagov, 
deputy flight director, disclosed they had 
gone back for a final look. 

After receiving first word of the leak, 
Mr. Blagov said in a television inter- 
view. the crew crawled back into Spektr 
in search of the hole, without wearing 
protective suits. 

“Apparently, they didn't sense great 
danger, and now we understand this in- 
deed was justified, there was not great 
danger,” he said. “It takes only one 
minute to close the cover.” 

“So, it was a natural step of the crew 
to take another look inside at the last 
minute,” he said. “You can find 
something out. You can see something. 
They did that." 



Leopold Eyhards, a French cosmonaut, trying on his space suit Thursday 
at Russia's training center in Star City. His flight is scheduled Aug. 5. 


Mr. Koptev reacted testily to the state- 
ment Wednesday by Representative F. 
James Sensenbrenner Jr.. Republican of 
Wisconsin, chairman of the House Sci- 
ence Committee, that the National Aero- 
nautics and Space Administration 
should study whether Mir is safe. 

“Excuse me. please,” Mr. Koptev 
retorted, “but your congressmen don’t 
say anything about halting flights of the 
shutlJe after the recent unpleasantness 
when one of the generators failed. Well, 


so — as soon as you stop the shuttle 
flights, we'll think about stopping Mir 
flights.” 

Mr. Blagov acknowledged that Mir 
may be coming close to the end of its 
useful life. 

Asked if the number of incidents has 
reached the critical point, and whether 
die latest accident should signal the be- 
ginning of the decommissioning of Mir, 
Mr. Blagov replied, 'To some extent 
you are right.” 


INTERNET: Curb Is Unconstitutional 


Continued from Page 1 

segment of the Internet community." 

He said that the government may not 
limit adults to “only what is fit for 
children." Obscenity and child porno- 
graphy remain illegal. 

The two dissenters were Chief Justice 
William Rehnquist and Justice Sandra 
Day O'Connor. 

In a hearing on the matter in March, 
justices cast about for appropriate par- 
allels in earlier forms of communica- 
tion. 

Was the Internet to be compared to 
phone calls between friends, to radio, to 
public speech on a street comer or in a 
park? 

Justice Stevens, in describing the In- 
ternet’s capacities, said that “any person 
with a phone line can become a town 
crier with a voice that resonates farther 
than it could from any soapbox." 

The law, be said, would have made 
criminals of parents who electronically 
sent birth-control information to their 
teenage children, and could even have 
been applied to the Carnegie Library's 
card catalog. 

Opponents of the federal law called 
the ruling a clear victory for free 
speech. 

“The court really did understand this 
new medium and finds that the medium 
is entitled to the same kind of broad 
protections that books and newspapers 
are entitled to." said Chris Hansen, se- 
nior staff counsel for the American Civil 
Liberties Union in New York. 

Coming on the heels of decisions in 
New York and Georgia against Internet 
limits enacted by state legislatures, Mr. 
Hansen said, “We now have a trio of 
decisions that provide extremely broad 
First Amendment protection for speech 
on the Internet." The American Library 


Association said it was “delighted with 
the court’s ruling.” which it called “a 
historic recognition of the principles of 
free speech.” 

Among others challenging the federal 
law’ were America Online, an Internet 
provider, the .American Society of 
Newspaper Editors and Apple Com- 
puter. 

Those groups said the law would re- 
strict access not only to indecent words 
and pictures but to discussion of issues 
including safe sex, homosexuality or 
prison rape. 

Members of an anti -pornography 
group demonstrated outside the Su- 
preme Court building Thursday against 
the decision. 

A chief sponsor of the federal law. 
Senator Dan Coats, Republican of In- 
diana, said he feared that the court had 
“entered dangerous, unexplored terri- 
tory.” 

The court, he continued, having long 
sought to protea of children from in- 
decency in other media, “has withdrawn 
those protections from a child on a com- 
puter in his or her own home." 

New attempts to draft more narrowly 
worded legislation were expected. But 
the tine drawn by the court — protecting 
adults’ access to information — would 
appear to make a new approach to In- 
ternet policing technically difficult. 

The Communications Decency An 
was passed in 1996 but never enforced 
because of court challenges. 

A federal court in Philadelphia de- 
clared the law unconstitutional and the 
Clinton administration appealed that rul- 
ing to the Supreme Court. 

The act imposed no restrictions on the 
considerable volume of indecent ma- 
terial sent from computers outside the 
United States, which some opponents 
said rendered it pointless. 


HONG KONG: 

Christians Worried 


Continued from Page 1 

reau of the State Council and with the 
United Front Work department of the 
Chinese Communist Party, which over- 
sees activities of churches. 

“We had a very friendly and frank 
dialogue with Chinese officials." Bish- 
op Tong said. He declined to give de- 
tails. but sources familiar with the 
church in Hong Kong said the Religious 
Affairs Bureau and United Front de- 
partment had told the bishops they 
would not set up offices in Hong Kong. 

Nonetheless, potential conflicts loom 
over a host of issues, including visas for 
foreign missionaries in Hong Kong, lo- 
cal church groups' links with under- 
ground churches in China, the curricula 
of religious schools, the content of re- 
ligious magazines and newspapers, and 
rental costs of church lands that were 
essentially free under British rule. 

For the Catholic church, which has 
lived under Communist rule in Eastern 
Europe and other regions, the role in 
Hong Kong will be fa miliar . It will walk a 
delicate line to avoid conflia with the 
powers in Beijing while retaining as much 
freedom as possible to conduct services, 
classes and the business of the church and 
to serve as a bridge between the Vatican 
and Catholics in the Chinese interior. 

Pope John Paul D’s appointment of 
Bishop Zen last October as the bishop 
who will eventually run the Hong Kong 
diocese was one example of church ma- 
neuvering. He has been teaching at a 
government-approved seminary in 
Shanghai for several years; his contacts 
with C hina are good At the same time, 
his appointment preempted any dispute 
over the Chinese Communist Parry's role 
in the selection of bishops after July 1. 

“The problem that I see is not about 
the church in Hong Kong," Bishop Zen 
said in a March interview with the Sun- 
day Examiner, a church publication. "It 
is about our relationship with the church 
in China; that will be difficult." 



Aija/ Rafa/Thr Avraated Pro* 

TUG OF WAR — Police pulling a Kashmiri separatist leader, Abdul Gani Lone, away from supporters 
Thursday in Srinagar. He and other separatist leaders were arrested to head off a protest outside the 
office of the UN military observer in the city. About a dozen civilians were injured in the scuffle. 


"Because if you insist on ‘one country, 
two systems,' then they will tell you, 
‘Come on, we respect your system; you 
must respect our system,' "he continued 
“Then imagine, in the case of the per- 
secuted church, I know one province in 
China where the local officials put the 
bishop and priests into prison and even 
bear the priests. What shoold we do? We 
can't just keep siienr. Those are our broth- 
ers. But if we say something, Beijing will 
say 'You are interfering in our system.' 
That will be difficult for us. " 

The task is delicate in part because the 
lines between what is allowed and for- 
bidden in China are more ambiguous 
than at any time in the past 40 years. 


In the early 1950s, the Communist 
Party expelled foreign missionaries, ini- 
tiated a “patriotic” church movement 
and forced churches to report to the 
United Front Work department. After 
Deng Xiaoping took power in 1978, 
priests were released from jail, and 
churches reopened. Nonetheless, the 
“patriotic'’ church movement has re- 
mained intact, and seminarians are sup- 
posed to sign statements recognizing the 
Communist Party’s authority. 

Bisbop Tong described Beijing's at- 
titude toward religion as controlled tol- 
erance. “This is their dilemma," he said. 
“They want to be tolerant, but they also 
want to use religious activities to serve 


their purposes under their guidance." 

A vast gray area has opened up. Many 
underground church members take 
refuge in the official churches to wor- 
ship. There are 70 bishops in the official 
church, but half have been secretly rec- 
ognized by the Vatican. There are 60 
bishops in the underground church, but 
many of them are blown to the gov- 
ernment. and some serve as priests in the 
official church. 

Some Protestant groups in Hong 
Kong could face even more pressure 
than the Roman Catholic Churcn. Many 
of them lack the Vatican’s clout or are 
linked to charismatic groups in China 
that are feared by the authorities. 


COURT: 

Ruling on Suicide 

Continued from Page 1 


the author of that decision, but said 
Thursday that there was a difference 
between a doctor who respects a pa- 
tient’s right to refuse treatment for a 
terminal disease and a doctor who assists 
the patient in suicide. 

■ Line- Item Veto Is Approved 

In another ruling, the Supreme Court 
gave President Clinton the authority, at 
least for now, to veto specific items in 
spending bills — a power sought by 
nearly every president over the last cen- 
tury, The Associated Press reported. 

The court cleared the way for Mr. 
Clinton to use the so-called line-item 
veto by ruling, 7 to 2, that six members of 
Congress lacked the proper legal stand- 
ing to challenge the federal law that gave 
him such power. 

The justices made it clear, however, 
that the law could be challenged by 
anyone affected by a tine-item veto once 
the president exercises that authority. 

Senator Dan Coats, Republican of In- 
diana and author of the line-item veto 
legislation in the Senate, called the de- 
cision “a victory for common sense and 
fiscal integrity.” 

“There is no constitutional reason 
why the president should not have the 
same ability as more than 40 governors 
to tine-item out ridiculous and wasteful 
spending. This is a good decision." 

The decision set aside a ruling in which 
a federal judge struck down the law as 
unconstitutional after finding that the six 
members could sue to challenge it. 

The judge ruled that the law shifted 
too much power from Congress to the 
president. 

Justice Rehnquist wrote for the court 
that the six members of Congress “have 
alleged no injury to themselves as in- 
dividuals." 

Presidents have hailed line-item veto 
power as a valuable tool to controL 
wasteful spending voted by members of 
Congress. 


AFRICA: Flexing Its Military and Diplomatic Muscle, Nigeria Struggles to Impose Order on Its Neighbors 


Continued from Page 1 

and that often involves the grabbing up 
of resources by their own generals or for 
their own companies. 

Others see Nigeria playing a largely 
positive role. The hasty withdrawal of 
the West at the end of the Cold War 
allowed Sierra Leone and Liberia to 
disintegrate into stateless battlegrounds 
between military governments and local 
warlords; whatever its motives, defend- 
ers point out, Nigeria filled the vacu- 
um. 

After seven years of costly interven- 
tion to try to end the civil war in Liberia, 
the closest thing to an American colony 
that has ever existed in Africa, Nigeria's 


rulers are now overseeing final prep- 
arations for what could be die first truly 
democratic elections in Liberia, on July 
19. 

‘ * Imagine you are in a river drowning, 
and a huge snake swims by, so you climb 
on its back, and it carries you to the 
bank,” said Wilson Taipeh, a prominent 
Liberian businessman. “It has still saved 
your life, even if it remains a snake. 

“If we had had the United States or 
someone else to help us. we would have 
loved iL But in the end, Nigeria came in 
and stopped the carnage here and has 
brought us peace. ” 

This is clearly the thought that Ni- 
geria's president. General Abacha, a 
man largely isolated from the world 


stage because of the human rights record 
of the Nigerian military, would like the 
outside world to focus on. 

“It is our duty to insure that there is 
peace and stability in our sub-region 
because if Sierra Leone were to be 
destabilized, it will destabilize neigh- 
boring countries and would cross to Ni- 
geria." Nigeria’s foreign minister, Tom 
Ddmi. said recently in a radio inter- 
view. 

In fact, as in the case of any regional 
power, analysts say General Abacha’s 
foreign policy interests are diverse and 
sometimes conflicting. They include: 
keeping his military busy to prevent it 
from plotting a coup, making money 
through what are seen as corrupt busi- 


ness deals, creating a constellation of 
friendly neighboring regimes and im- 
proving a tarnished international repu- 
tation by promoting democracy else- 
where. 

Of all these concerns, manv Nigerian 
critics say that democracy is the least 
important element in the equation. 

' 'In Sierra Leone, Abacha would have 
intervened even if it had been a military 
regime that was overthrown,” said 
Bolaji Akinyemi. a former Nigerian for- 
eign minister who is now a~ dissident 
living in exile in London. “The point is 
that he cannot tolerate a coup against a 
government perceived to be under his 
protection." 


policies have been as mixed as the ap- 
parent motives. 

Liberia appears to be emerging from 
its long nightmare of civil war because 
of Nigeria’s heavy investment in peace- 
keeping there. But last year the Liberian 
capital. Monrovia, was destroyed when 
Nigeria allowed Charles Taylor, who 
started the conflict in 1989, to bring 
large numbers of fighters and weapons 
into the city to attack a rival. 

A Western diplomat who has long 
monitored the involvement in Liberia 
said: " By the time the Nigerians really cot 
serious about bringing this war to an’end 
sometime last year, by most reckoning 
they had taken just about everything that 
there was to take from Liberia. ' * " 


The results of Nigeria’s foreign 


r 


BRIEFLY 


Turkey Prolongs 
Kurdish Air Patrol 

ANKARA — The Turkish Par- 
liament approved Thursday a six- 
month extension of an aerial sur- 
veillance operation, led by the 
United Stares, to protect Kurdish 
regions in northern Iraq. 

Deputies passed a motion to ex- 
tend the mandate for a U.S. -British 
force based at the Incirtik air base in 
southern Turkey. The force has 
been patrolling to protect Kurds 
from any attack by Baghdad since 
the Gulf War ended in 1991. 

Turkish deputies have often com- 
plained that the air shield helped to 
establish a power vacuum that has 
been exploited by Kurdish rebels 
using bases in northern Iraq. Turk- 
ish security forces, involved for six 
weeks in an anti-rebel operation in 
northern Iraq, have mostly with- 
drawn from the region. f Reuters) 

Brazzaville Airport 
Engulfed in Battle 

BRAZZAVILLE. Congo Repub- 
lic — Rival camps in the Congo 
Republic's civil war battled for con- 
trol of Brazzaville’s airport on 
Thursday, with both claiming vic- 
tory while shells rained down fa a 
second day. 

Artillery thundered around 
Maya-Maya Airport a day after 
forces loyal to Denis Sassou- 
Nguesso launched an assault to cap- 
ture it from forces loyal to President 
Pascal Ussouba. 

Fighting has cut the city down the 
middle since early June and is now 
focused on the strategically impor- 
tant airport. 

The International Committee of 
tile Red Cross, the only aid agency 
at work in the capital, said its hand- 
ful of foreign staff members were 
leaving as "the situation deterior- 
ated. ~ (fiearcrsl 

4 Algerians Killed 

ALGIERS — A bomb exploded 
in a working-class suburb of Algiers 
on Thursday morning, killing 4 per- 
sons and wounding 20. hospital of- 
ficials said, it was the latest in a 
series of post-election attacks. 

The bomb went off in the Hairach 
neighborhood, southeast of Algiers, 
said the officials, who spoke on 
condition of anonymity. 

There was no claim of respon- 
sibility. but suspicion fell oo 
Muslim militants. On Wednes day.^ 
bomb planted in a train leaving fran 
the same suburb wounded 50 
people, hospital officials (Art 







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INTERNATIONAL HERALD TRIBUNE, FRIDAY, JUNE 27. 1997 


PAGE 11 


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TeL +33 (OM 42 60 73 79 
tex + 33(011492705 55 


FRENCH RIVIERA 


BELAIS DE IA HEINE SA & JOHNTATLOR 

offering at 

CANNE5 

42 LA GROISETTE 

a unique residence between die Carlton Hotel & Festivals 
" ice, 16 apartments. 3 rooms, highly luxurious, supeiWy 
equipped, renting furnished. All services available. 

. .Tel: Louis FORTIN 

I Tel: +33 (0)4 93 06 60 OO or +33 (0)4 93 38 00 66 
Fax: +33 (0)4 93 06 60 20 or +33 (0)4 93 39 13 65 



Hoi 


and Travel 


HWE HOLIDAYS far Vbunptec 
wests sray fa France wrih nice 
rriy in Paris. Deft French tes- 
ted + louring Pare + weekend 
spars in Normendy.TN +33(0)611 113281 


& Breakfasts 


MANHATTAN LOGGINGS, NYC. Short 
stay ksuy apartments, superior B & 0 
registry. many locations. 
Tefi 212-4755090 Fte 212-477^420 
Ekiefa bflbOnBiMBnfadOnpfioni 


Hotels 


Lebanon 

hotel AL BUSTAN. East ot Beirut. 
S gar dehM. Es^prianto fccatian. secu- 
nty. comfort, hne outaa. comremlons. 
buteness services. saeCfa TV. 16 mki 
transfer from afirpon tree. UTHL Far 
(961) 4-072433 / (+33) (0)1-47200007 


U.SJL 

• BKATKTAKBfG VlEff OF NEW YORK, 
20 ft. glass wait Certral Park t CVy. 
Luxuriously famished: piano, fax. cable. 
For business, musician or honeymoon 
com te i bta* to Cametfe Has, z to 
LaRonan. 5 to Lincoln Carter, Muse- 


ums. Theaters. Weekly. Monthly. 3 day 
■Mkeflds (ntwrmiro) at tong term. 
Tet 212-262-1561. Ftt T1M8M14Z 


Housing Exchange 

FACING GULF 5T TROPEI in pasted 
radmee, safari lb, penorame viw, 
4 bedrooms. 2 b*s, firing v*h hg la- 
' Ihr eqripped From Aug. 1967 
1998 (morth i 


race. Id 
through 


may be msenf fa 
ar Nac-.; 


exchange for same Ir. w near Nap 
Rortte lor Jan & Feb. 1998. VIMe or fax 
LIENARD. 18 Quo) te la Medsserte 
75001 Pans Fax: +33 RT 42 » 28 71. 


Riviera 


Residence 


French Riviera 

VDIaa -Apartments 

France 

« 33 {0} 4.93 69 96 97 
Fax 33 (0) 4.93 69 96 


Holiday Rentals 


Caribbean 


ST. BUmVELEMt, F. W±- OVER 200 
PRIVATE VACATION VB1AS - beach- 
front to hBskie vrith poote. On agents 
have inspected afl vUtes persons^. For 
resenotions on SL Barts, SL tort, An- 
gola. Baitato, Musdrwe. Is vkgki b- 

laods. . Cal WIMCQf/SIBARTH - U.S 
(40i 1849-601 2/fax 847-6290, from 
FRANCE 05 90 16 20 • ENGLAND 0 
•600-888318 


French Frovfoces 


SOUTH BWTTAHY . Beach via, Irique 
location, steeps 8 WaeMy renal Jw to 
Sapt TeflFac +33 (0)1 45 51 27 02. 


French Riviera 


CAP D’ANTIBES (06) 

BEAUTIFUL ESTATE ' 

On the setrirort. 

SEA WATER SWIMMING FOOL 
4 taftoms, 4 bathrooms Mh ws 
+ 1 bottom tor I psson art bah. 
Ak condteing. Staff avatebte 
(Cook and tearing feri/J. 

Rareaf jus. Jti*. RossUb naeiy. 
Tot {33-1} 53 77 43 07 (PARE) 
Fan (33-1) 53 77 40 24 (offlea bow). 


YACHTS 


77/ c C 


C ruisc s 


The concep^dGSifn r t nd :he decoration in 1 930 Ar: Dcco styre 
of cruising czsino-yzch: -s ouz of :he orcirory end is 
designed by David Ruimyjhe 700 sq.m, of antique leaded glass 
windows and the ancient lea^ setting bordoniyg and inlaying 
the mirrors, will make this luxurious and refined yacht the 
“THE ORIENT EXPRESS OF THE 7 SEAS”. 

The quality fittings on board, remind one o- m: geiden years 
of which oniy France holds chic secret. Equiped with 72 pas- 
senger cabins* including 7 Suites and 1 Royal Su-.tc. A large 
gastronomic restaurant, exclusive!/ French, fc I lowed by a large 
Bar-Brasserie decorated in 1930 style. A vast 600 sq.m. Casmo 
with Jack pet machines wiil give the pleasure to the passen- 
gers. ! large cabarec-speccac(e with a discotheque. ( sw.mming- 
pccl, 1 solarium, i spores room, 1 sauna arc I jncuzz;. The 
Duo/ -free luxurw boutiques wiil represent me most well- 
known French brands. 


200 passengers and 36 crew members win find an agreeable 
er.vironmonz under exceptional cruising conditions in th:s truly 
floating palace ★ + The Launching ceremony of The 
Casino Royal cruising h set for the end of the 
century-'* December 99. 

Sale by Time share to private ind viduals. cruising included 
starts at $19,000 per week for a cabin for 2-4 people hr a 
period of 30 years. 


^ . . .. , Inlcm.iticna: Trace Finance H:vico 

Spot City Internationa) 3 w 

33 . a •; e n ue do s C h a m pc *E I y secs Pa a she u v c-S w- e q IS 
7500S Paris - France 1103 BE Amsterdam - Hcilanc 

Tel. - 33 (Qi t -2 25 03 03 Tel + 31 iC* 20 100 13 02 

Fax: * 33 (0) 1 43 59 34 55 Fax: + 31 -0) 20 G ?* 1 19 02 


Length: 


I 1 ry # rs 
1 9 J kJ i ( I « 

<6 iTJ 



DISCOUNT TRAVEL 



Why pay retail? 


Omscroon bays, composes and seU& rra own trips 
directly ultteur any ittsnriediarks. 

TOP PROMOTION: CRETE Joly/Augnst: 4 130 FF 

l week flight 4 - hotel MINOS PALACE 5* Luxe Aghios Nilcobos 

Fofl board 

'Wine induded. Free tuuk. One chfld Is free. 

Reduced price: Depanure 30/06 and 7A07 = -390 FF. 
Supplememsvy price: Depanure 4 and ll/OS = +200 FF 
Five iiocimtenidtirm upon request at Tel +33(0)1 45 62 62 62 
MiruceJ 5615 Dtrectours 2 j? FFArm or www.dbectoun.ft 
OPEN on The SUNDAYS 22 and 29 of June. 

9Q* &▼- Qanras-Elys&s, 75008 Puis 


Indonesia 


BAU OCEAWflOWT VUA 
New 4 bottoms, 4 tarts - Kute Beach. 

Limy private rite, aft conSorto, 
Jacuzzi, pool. Into, 10 stall. US995tWay. 
FAX: (£5) 738 6009 


My 


TUSCANY. Sstf-etoing holiday to a 
baaiNM reskna mcrasunf near Stena. 
From 2500 per weak. Tel owner +38 
577 704443. 

PANAREA - Smal quiet bouse, nfae 
view. Renting: July 8 August Teh +39 
90 963042 (Leave message f absent). 

VENICE CSfTER in beeutlM pelazzo 
sbV mated fla to let. + dote* rooms 
web bath. let 00 3941 52 25 6B5 


Paris & Suburbs 

ILE 8 ABIT LOUIS - A UNIQUE 
120 sqjiL. 6 rmbws on Sene, fating 
sort, 48i floor, in Irh of Notre Dame. 
To red from ZOtn July to 30to August 
FFSO.OOO to 15 days of FF35JOOO tor 1 
‘ roorth. Teh owner +33 (0)1 <3 S 94 SL 



PARIS 16tfv ocqttxBt apanmnl, next 
to Cnanps Elysees 8 Trocstero, 280 
sqm at equbpetf far recqten S " 
StxxVtong tarn Tet +33 (0)1 4306 
or KB6 80 40 14 



56 fax ffin 45000130 


ARTIST APARTMENT, tourgotf . View 
on Sacra Coro SOsqk. Aug. A SapL, 
— 8019 


FP15JXnmo Tei {0)14267801! 




COSTA SNEHALOA Porto Rotondo, 
beeutU house rtale an tie tine. Lams 
reception, 5 double bedrooms, 2-bed- 
room staff vHa, 2 ta land. Tel: 
+33^146371485 Fftt +33(0)1435907® 




SUNNY SOUTHERN . 

' SWITZERLAND 

to lUGANO M cn LAKE LUGANO n 
after luxifltous rwteneee and private 
tons in ben batons on the taka or 
moonttn tidBi oraadu stem, pnvati 
bods. sMflnilng pods 

From SFR 400.000 K 7fl oftt 
BIERALD CASA &A. 

Vb Cassama w ettafio Ltm 

Tat + 41 - 81-085 2050 - Fax: 966 flBft 


SWISS ALPS HISTORICAL BtADMG 
FACING MATTBWORN. Exceptional 
sui? twtitf? derate, te resort, hAN* 
lor hot^, teaflh centt, apanmen tnaa 
S# itorias. 2,700 sqjfl.. S raons. 3 
apannwiti (3 restaurants, 2 ban. boo- 
tiqua] In ornate Dark with Aogjfcan 
chutcfl VffiY I NIE flE S T M G PfiKE 
TdfFsr «41 22 7333311 


VILLAR8-0LL0H. Irmnadtate 
2 bedroom, 2 baths, fatcinnatte. 
furnished ©artroent Indoor pool 
3001000 SF. Tet 51+737-1456 Canada. 


USA Residential 


NAPLES FL0RBA 
ON THE GULF OF MEXICO 
Beach, guff, tennis, yacht. Lunvtous, 
dew. spurns 3 bedroom, 3 bath fiat 
roeoanjen ana morning to 
US S145M 
Warren 

Tet SfMSMDS ftc 



FLORIDA : 5 bedrooms, tends. pooL 
prime locaUon. extras. 
JUL TM +33 (OH 43 45 15 B4 


SOUTHAHnDN VUA 8 E NY. OrigU 
Doom but 16871 on pesfliJow mm 
5 bettraa, 4 V2 b0H, nate boue. 
Endow! gnden, tebtiw kM. Afao, 2 
Mdte btt mflige. Bote hebme bearing. 
Room far port ar.terrii am 5 Blue 
wA to omr hmctifi S itapi 
VhstifiOOK. Now STtiOK HRM. CUKt 
Bartera: 1-518287-2762 Fix. MTS- 
237-Z7B5 USA. 

NYC-160 CENTRAL PARK SOUTH. 
HAMPSHIRE HOUSE pled I tone or 
tiro. Two Ur furtfthed caotAMd tu- 
na. Caotecmg haftw. Buy 1 or bote 
at S175K each. SOOfiSD sq. ft. Mama- 
nance S1215B13t»nDL wfr kray hotel 
rnnasUBBS/eveb TV. kb UchMk 
2(2-7883322 1017. FK 2tM(fr<i94 


us. ssseuMO ffiDtienoN teaitan. 
Wfeondr. ranked »l resUandel cfly to 
US. by Money ttsgaztoe; 2 bom 
( 60T m oo t : 


tadoor swftmng pooL sauna, 
40jDOO student uAMrtteti 6 

nftw dttoM, aeckted. tob pond, grf, 
154 acres (02 HeetMWJJ*. S4.7M. 
m& FAX V60&845-77B4 


.■■mjyn'hlra Iimb 

noyu nn4 EtflSS- 


Real Estate 
for Rent 


French RMera 


SAWWAUL DE VENCE; ctwnrtg v#- 
tegs tarn fcetag S adr ■& sae tew, 
bedroom, btebroont tinftroflvtog roam 
wih snta bed, Hchen, rod terrace. 25 
mini from Nee airport. 2*4 parsons. 
AnitaMa Job. August SUOteeek. TO 
London 44 (0)171 S3 8174 



AUSTRIA 


CHANCE OF THI CSNTURYI 

APOTBIA* S < *X3BMA TT-VILLA W IN VIENNA j 

one acd usaiA* j 
die ccw arfresj 


MM fiH W W »wra .4 

Katharina Schran 


HtBI IJh ffl FOR SALE 

!e*«id«v 



baroque sedpunt* of stone. , r 

Ptot of land: 4,700 *j.:& ( (044 sq^LcaatetHiih srparattls^ puw- « } 
land) constructed area: 570 sqm. nvmg vpact: approx aOO sqJJl. , 

lafanatwm art vale: 

Dc. Rorner Innmbam GmbH 

IMMC®ttiENTRH/HANDHR - REAL ESTATE AGENT - AGENT fMNJOBJJt Jr 

A.n»Wen.EnbBdtof?ib«f?E h 

S-WA3-1 - 876 30 27. F«:-m43- 1-8778611 




Germany 


STAHNSDORRBStiJH GERMANY Ar 
rant American s^ite. roatious, nra-te- 
tactsod luusa UMurntshad. toSy 
equipped uchatL 7,800 sq<|. extra 
basa ro w raram 050 saft-i sratte 
far db. Bui ten DEM 2.4Q0mtortb 
Plato faotftoy cods Gerrany 49) ■ Oq 
(0)9261-7696. Cehter (0)1724128336. 


HoBand 


RamfOUSE MTERJWTIONAL 
No 1 kn Hotond 

tor (setnQ fiantted bcuetfftats. 

Tet 31^286446751 Far 31406465609 
NtWWn 1M1. 1083 Am Anteidaai 


HOMSnDERS INTI HennacB 141 
1015 BM Amsterdara Tel +312D83S2252 
Fsc 6392262 E-BatwwnaaleaCSpifi 


FRANCE 


VENCE 

dose St Paul de Voice 
20 


HIGH CLASS VILLA 


with outstanSjngvfiwof 

Read butina 3 tmsxns 

Brass’ 

Mum!&; ksjtm. bt±ac r, b ren. 

S ermraaea 
By OMW FF 3,600/700 
*33101 359 *2tT38 



THE INTERMARKET 
Continues 
on Page 12 



AUCTION SALE in the Palais de Justice of Paris, 
on Thursday, July 3rd 1997, at 2:30 p.m. 

APARTMENT IN PARIS 6th 

31, rue de Toumon 

7 MAIN ROOMS 1st, 2nd & 3rd floor 

STARTING PRICES FF 3,000,000 

Contact Me GSxrt MMCEAU, lawyer, Paris Bar 
5 Avenue Chaites-Floquat 75008 PARIS Tal +33 (0) 1 47 34 78 03 
Visit on site organized on Thursday June 26th 1997, from 10 tiU 12 am 
by Me Louis-Jacques PARGADt, bafiff. Tal +33 (0) 1 47 42 91 60. 



Paris and Suburbs 


78 IA CELLE SAWT CLOUD 

VERY RESIDENTIAL 
tm sabots, sfrate, bbcs 
MANSART STYLE HOUSE 
taxofaudy fated, -.ray iarge reception. 
3 bedrooms, garage and spaccus 
basement On 900 sam garden 

450333 


0 


A.B.V.L. 


FF3JBSOJOK Tet +33 W 45 03 33 05 


FACING BOfS DE VINCENNES 

Z dass 139 smu dupls. 48ta» 

. 2 moble baths 2 berttoms. 

btcbea 40 sqm. swd lenace 
f. 2 partdngs. a nust to be seen 
MAKE AN OFFER. 

Tet Us Bounfigt +33 (0)1 43 68 27 69 
office ton or hone (Oil 43 68 57 22 



AVENUE DTDIA 

CORNER PLACE OES ETATSUMS 
270 sqm. flat in parted oordfaL 
70 sqm. platted terrace, big rece pti on 
tinftq room, 4 bedroom, 4 betteo unn , 
overmans garden, 2 pages. Private 
parties orfy. TO +33 $14720 91 49. 


HOTEL DU NORD 

CHARMMG APARTMENTS 
ON CANAL ST MARTH 
tflifi <*w« tttngs 
Steitinn from Ft6to00 Dersqm 
REDUCED FEES AD VALO&H 
+33 (0)1 44 51 55 


EXCEPTIONAL, One Ot the moa pres#- 
gious pnneitia t LE VESINET, very 
restdertlal wan Paris subub. Over 25 
rooms, 600 sq.m, firing space on 2 
levels + 300 sqm. basement bto tor 
Jeara Lamrfa (destgiwi hr Fourraz 
and decorated by Rteaau ' Arts Deco* 
le. Grounds: Freeh style perk or 
i rat + take + 1300 rat forasL 
Price ffllA TO +33 (0)1 H 24 66 92 



mPOHPE 

BEAinVfaL HAT 263 K|A. ABOUT 
completely rehntehed, 4 bsttoms, 

2 firths. 1 dintag, hiy aq^ped Hehen. 
3d Boar, ftesslone buttna FF7 itflon. 
Tel (0)1 40 76 05 11 -(0)608 BIDS 02 


92. PUIEAUX, ON Hi, EXCSntQNAL 
VSM ON PARIS. 125 Sim. DUPLEX h 
3 -storey bufidng. 5 man rooms, fire- 
ptece, i terraces (10 sqm) M each level 
+ re sqm rod tenace. Double garagt 
Price: F5^550J)0a TO Owner +33 
4775 oooa I absent bon message 


16th, AUTHXL 450 ray». TOWNHOUSE 
4 storeys, 13 main rooms, hfah dass 
Rtftge, natty h* renowsed, 100 sgra. 
ganten. U^jl.7 hi Cal owner +38 (0)1 
42 8 B 13 13 Fax 433 toll 42 86 13 33 


78 - FEUCHER0I1ES' - 15 Itrtc Parts 
La Datenm. 17ft certuvlxxsa. Utel 
By owns: USSTOUJOO. ToSOtil of Am 
Tel: +33(0)5 65 48 45 88 alter let of 
-My TO +33(0)1 30 54 53 » 

1ST - ST. HONORE. NEAR VBOMeT 
Prastioloiis locafion far efagst two room 
» aom. FFIASWKJa Ossrar 



(hi 4280 3332 (answering roa- 
dwie) or +33 (0)6 8043 6180 {raettej. 


IGth, BUETTE - Ex catior a) 2 feral 
manment (170 sqm). Veranda opens 
orm private ganten ( 22 D sqm) Juafled 
hljl price. T Jte +33 (0)1 45 03 36 30 

13ft POKPE - IN PfflVATEOjum 
Apartment with outstanding eftann, In 
smaa tomfrouse. 4 roans, bafcony, 
frEWay, Odd. FF2B1 m 45008600 

7th. WE DU BAG, XVJtTH ortuy 43 
sqm + 27 sqm mezzaiM ester, per- 
fect GoreBkn. south. Windsor TO +33 
( 0)1 44 1800 30 Fax (0)1 44 IB 02 37 


ISth, PASSY, 42 sqjn. stmlo. batoy 
on gatoen, RL FPB90.0CO. Good cor* 
fcoTni +33 pi 4745883 no agsmtin 



Gerald Kremer 


Your REAL ESTATE Accnt rr^ PARIS i" 


Wiil dn the tvscanii Tor >i»u 
& wHl rstlmalc Ibr properly 
Tel.: 33(0) 1 33 20 00 50 
Fa*-: 33(0) I 53 20 08 60 
Fiuuu Mml 


SQUARE AVENUE FOCH 

(private lane) 

IN HISTORICAL TOWNHOUSE 
luxurious renovation, 3 apartments: 

120, 160 & 300 sq.m. 

Tel +33 (0)1 44 55 50 00 
Fax +33 (0)1 42 60 55 91 



HEULLY, RESIDENTIAL 
Redone Town House, targe reeeptm 
cn fern afid oasjs) +■ master 
apartment ws> 2 bafts 4 badumns + 
4 bates + ntfs apa rain L la« 
padrag Luraaious fame, tt. FFiTM. 

82 - PARC OE SCEAOX 
10 tan hen saute ti ftns. HER modem 
via. dmined n oroenery. BOO sqm 
+ 2D0SQm. » 


sqm. lenses on 
1,100 sqm of land, lane receptions, 
o neanoms, 4 cans, fflao s efmvveH, 
periang. cdtotira FFB 3 U. 

5th - PAWTHEOfC 29 rapm 
Restored buUng. A. 

BesotM stodo, Sarny, ctea FF65(UX)D 
PARIS mono 
TB; +33M1 45 63 25 00 
FAX +33tott 45 61 10 20 


PAWS XVI 

RUE CLAUDE TfflRASSE 
fw lion Gass a pflfift wib 
Fist pcfce sqm FT23JOOO 

EXAMPLES OF PRICES 

3 rooms 73 sq m, 3fid Boor FFt^85JM0 

lWr — 


sqra, balcony 13 sqm 


6 roams . . . . 

3rd floor, FF2J50 
Paaonefised floor pfanpossUe 
T«L'+3I (ffl 1 40.100011 


PARIS Ml ON 

FMISAJNTGB 


SEME 


SUbftne view, aynrtr 230 sqm 
ttfafa reception - 34 bedroome 
nice tayoif, balcony, tarn rateft room 
PATtKK RANDI +tt # « 55 22 00 


YOUR APARTMENT 

H1HE E3BASSIES QUARTER 
FACMG fflVER SEME 
160 sqm 1st floor, in 1930 fated 
tiding. FFSJBOOflOO. TO +33 
ffl8M35W5FBX+33ffl4031B038 


SAWT CLOUD. MARIE BONAPARTE 
ane, wy good tocation wflh view onr 
Paris. Owner j* renovated house, 5A 
rooms, 340 sqm oraden Close schools, 
cee. F4.4 M. 


American tnee 
46 02-25 59, Far 


TO +33 (0)1 
41 49 70 01 


8th, FS9 ST HONORE, In a 'rows’, 
charming ptatoJerre, paneled, 
SOsqm+smaB independert mom, ter- 
race. silence, FF1M. Tel/Fax 
+33(0)145018226 or (0)144088932 


LE LYS-CHANTUY, owner sella big 
horn itjft 1 0,000 sqm garden, (tap- 
tion, 6 berftnomt 4 baftnonis, 2 levBB, 
30 mti to Ralsay. TO office +33 (ffli 
42 60 27 20 


OLD PECO, WEST PARS 15nrts HSI 
gormoua property 300 sqm. mured 
3.000 sqm garden, 4 bedrooms, huge 
Mm wins calm Direct aocess stops. 
Owner USS1 M. +33 (Q 1 34 51- 67-00 


NEXT TO EIFFEL TOWER, 93 sqm. 
wo bedooms, 2 bahs, 45 sqm targe, 
parting cater, prtate 140 sqm. terracs. 
Price US5460D00- Brad owner, TO 
+33 pi 47 34 86 81 Fax .44 49 91 OB 


FABULOUS SAINT LOUIS, 125 
aqm superbly renovated, 17th rant 5 
rooms, 2 bate. FBJftL Owner TO +33 
PI 4604 W2 F» +33 pi 4603 5108 


PARS Ufa ALMA - 200 SQM. duplec 
in freestone btiflting, bafcony,. upper 
Door. Penoramfc view ow Parts. TO 
433^1 49 54 66 31 


Lm BANK nr NOTRE OAPE ctrarmkn 
76 sqm., beans. 4th ftootfflft, qutat, 
pratang FP23A Tel pi 42 81 14 16 


BUY OR RENT LUXURY APAR1MENTS 
in netetnltal dsbtis, Paris and Nafly, 
Tel / Fax: +33 pt 38-65 76 99. 


71ft, RUE DE BEAUNE, 2 rooms, 49 
sq-m.. besitete Bring dorfate aoosure. 
FFlJMOjOOO TO +S PI 45 © 84 24 


SIMMY PENTHOUSE 
1 6fffr HENA 

View on Bffel Tower and 
Arc de Triomphe + 272 sqjn., 

7 roans, 4 bathrooms. 

157 sq.m., tenace. 

Maid's room. 3 garages. 

Caff: J 

BREFICO 433 ?0) 1 44 19 48 00 T 

VALLEE DE CHEVREUSE (731 HOUSE 
BmphonL ro loo coreSuw t \astct t 
bucoflc SM (For Roub). 2S Pars 
ersaies, 15 im Sarf 


10 fan Vt 

Germain it I stied near go ! ; u&ti 
aOsqmB man mow. teg beared pcs, 
poti-tim»'B80. 2300 sqm landscaped 
A nfad garden 5-car garage + 90 sir, 
areas stuteffuean Ready to mem 
5900JBO IS > FF5.731 or SSJOCVoffi 
rat* Mr. Gacnas Noel, Tesepftcne +33 
pi 3944 12Ettto +33 Wri 3544 1266 


IAMBS 137SJKBE5E5WE 

«mcniu.«mrt iftfanvuws 

Oiaburidmgs-VVbaiSarsl. pends. 
fried for quiet* fwncing and leisure. 

Teifhuc: +33 (0) 1 46 21 62 68 
A Hhcuu of top prepraties dote n Fire 


PARS 7 ft - RUE ST DOUNIOUE Near 
Chsnp de fifaa Suparb 39 sqm stdo 
on tread square, faemo south 
FFf.HXLOOO TO +33 (0)1 45 67 84 24 


RUE BARBET DE JOUY, dose to Lm 
(mafides. chamtag fiat (73 sqm), spa- 


Sving, beftopa & ttehroran, fufly 
equipped ntiran 


Tel +33 (0)1 462(6761 


57 GERMAN DE5 PRES lop floor TO 
16th cent house, deal couple, 3J4 
roons, cten, vietr. TM +33 (0)143293757 


Commercial Premises 


PARK 16ft, INDOOR TENNIS COURT 
FF 4fi Private ot oonrateraal Fossa* 
Contact LH.T Box 322, 
LY CB3EX FRANCE 


PARS MADELEINE I OPBIA. 60 sqm 
high dass dSIce, 3 looms t perfdng, Tet 
flfl 4326 4009, answeeng macMne 


RENTALS 


Paris Area Furnished 


r . 


MA MAISON 

*KJ5T * 

Fjas*** *r~res -jr.s 

TEL / FAX: +33 (0)1 46 488850 


CAPtTALE * PARTNERS 
Kandpded quacty apannems 
ar: srn Fete and sJasts. 

Tat +3J (Oil C 66 35 S3 
Fk *33 fill 42 68 35 61 
Mr Anfa you Met' 

DENFERT ROCHEREAU. or. avmie. 
double tiring, i bedroom, hit. quet. 
sunny, tetwiscn. fatty equropel mtet- 
phcaw, conoerge. rmen. dsties Our 
renters say we are fa best FF6 5® per 
north. TO +33 iojl 43 29 76 87. 


RENTING FINMStO APARTMENTS 
near RER Le Vesnet or SaitrouvUe. 
From 4 days to 6 moors. From saxfios 
b 4 rootre. Tet +33 fO)l 30 86 23 00 
Fax 1 +33 (0)1 30 06 23 30 


EXCEPTIONAL RUE OU BAG. 140 
sqm in tree-teed pftate courtyad Ow- 
eL 2 bedrooms, drtng room, luge firing, 
al combrts. Free Aug 15th ■ end Dec. 
Fri^OCrtveefc Cal +33 (0)1 45 *4 76 74 


NATION, 3 mins metro. 70 sqm to rot 
in a private bouse, view on garden, far- 
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PAGE 12 


INTERNATIONAL HERALD TRIBUNE- FRIDAY. JUNE 27, 1997 



■ j ->y ■’ ■' 


■,.> . v 
* 


INTERNATIONAL 


. : -r-s 
■* <■ 


IRAQ: ^ Retired CIA Operative Surfaces With Details and Criticism of the Failed American Effort to Overthrow Saddam Hussein 


- - - .<!■ 


Continued from Page 1 strength and, hopefully, highlight the unwill- and Mr. Chalabi were supported in many details, mem to become CIA director 

, ingness of Iraqi Lroops to fight to defend Mr and in their overall thruster nearly 100 hours of intensified more as the 1996 presidential election participate m an assassraabon P^- Arei they 

generals in the belief that they had a chance to ‘Saddam. Mr. Marik and ,4 Bob” were the two ktemews over several ninths with other CIA campaign movednearerMr. 

qu i? 1 L 0%, ? hr ^ w ^ re ^ ime - principal CIA agents working in northern Iraq officers who asked not to be named, with Iraqi ing at the Massachusetts Institute of Technology, Lmred Sa«sw 01 so^n a public upmtng 

Mr. Mank and some other senior CIA officials with the National Congress rebels. According to opposition figures and military* defectors and declined to comment for dm *s ^ ™ 80 enn ? nc "J? JJP5* 

believe the bureaucratic warfare undermined a Mr. ChaJabi, the “Bob plan” included a secret vrith U.S. and foreign diplomats having direct CIA’s office of public affairs. A White House Some agents icafl tJus IattCT red Jg|-a 

P^^ sin S w cage Mr. Saddam. But Mr, contact with Iran — a neighbor and bitter foe of involvement in or knowledge of American policy official denied that any pressure had been exerted staxmaraone in co ert action Budapest 

Marik said he was publicizing his past activities Iraq — seeking Iranian complicity in the Iraqi in the Gulf on the CIA for political reasons. m rales. The agency was accused of navuig 


Times 


believe the bureaucratic warfare undermined a Mr. Chalabi. the -Bob plan 0 included a secret with U.S. and foreign diplomats having direct CIA's office of public afl 
promising effort to cage Mr. Saddam. But Mr, contact with Iran — a neighbor and bitter foe of involvement in or knowledge of American policy official denied that any ore! 
Mank said he was publicizing his past activities Iraq — seeking Iranian complicity in the Iraqi in the Gulf, on the CIA for political re; 

r a <1i B flm2ift7P hie vipw rhar rh* anonoii rlirl nAr.Wtop mknl D„t 11 /aaL I — ■ j ■ ■ , j k j ■ ■ e Mi *_ — ‘ A- 1 TI,a AnAfafi/UI CMnt 


Pentagon and the State Department as much as it As its first step in the campaign to bring down al errorhe thinks the agency made this way: 
did the CIA. p-jj — •«-- t_-_. ^ ^ . ° . l .. . “ — ■ u-s— t — r_ 


George Bush and die U.S. generals who pros- nothing to help fight the Russians. 

ecuied the Gulf War against Iraq in 1991. They The initial funding for the Iraq operation *2$ 

assumed the humiliated Iraqi Army would finish set at 540 million, according to two independent 


'ii-p 


end 



aiome CIA. Mr. Saddam, the agency hired an American pub- -In northern Iraq we ran a political program assumed the humiliated Iraqi Army would tnusft set at 2>4 

His matter-of-fact, precise descriptions of lie relations and political lobbying film, the Ken- that was to eventually reduce Saddam's control the job they starred by overthrowing Mr. Sad- sources, 
risky agency exploits in the remote Kurdish don Group of Washington, to develop a world- over Iraq and make him nothing more than the dam according to senior Bush officials. “The 


icatioa 


risky agency exploits in the remote Kuidish don Group of Washington, to develop a world- over Iraq and make him nothing more than the dam. according to senior Bush officials. "The question we kept getting fromihe Whfo 

homeland of nonhem Iraq center on the help wide propaganda campaign. John Rendon, head mayor of Baghdad. That kind of slow, salami- When that did not happen, Mr. Bush signed House then was ‘How much do you need? taj 
provided to the Iraqi opposition to assemble a of the firm, is a former campaign consultant for slicing operation worked in Afghanistan, and what agency personnel call a ’‘lethal finding" a CIA source. "After Clinton and national se. 

force capable of taking on an Iraqi Army division Jimmy Carter. Congress — particularly the Sen- against the Soviet Union in the Cold War. But and ordered die CIA to create the conditions that cuniy adviser Anthony Lake came in. II changed 

in March 1995. ate intelligence committee, which sent two staff then came pressure from the top for the quick kill would lead to a change in regime in Iraq. The to ‘How much can you get along on 1 Ail severs] 

Pans of the story of the failure of that of- aides along with CIA agfents on evaluation mis- for a coup on deadline — and we lost our leaders of the agency’s Iraq Operations Group key points, the Clinton White House refusal to 

fensive, and the rout of the competing CIA at- sions in the north — has played a major role in way.' 1 doubted they could easily accomplish what an come up with a few million dollars jeopardized or 

tempt to organize a palace coup against Mr. pressing for coven action and in shaping a pro- Mr. Marik declined to speculate on the mo- internarional army of 500,000 men had failed to stymied the whole operation." 

Saddam, have been previously published, gram that many at the agency saw as doomed to tivauon for that shift. Other CIA officers viewed do. Upon his arrival in 1995. Mr. Deutch not oniv 

Among the new points about the operation, fail from the outset the shift as a prudent hedging of bets that went But they- began drawing up a classic covert gave the coup effort ihe green light : but also 

which absorbed at least $100 million in U.S. The CIA official with direct departmental re- awry. Others said the National Congress was operation similar to those that had worked with pressed his agency to set "milestones” for get- 

funds and cost the lives or freedom of hundreds if sponsibility for the ill-fated operation, Steven seriously hampered from the start by feuding varying degrees of success over the past half- ting the job done. Some officials had the mi- 
nor thousands of Iraqis who worked wito the Richter, is said by agency insiders to be the among its rival Kurdish factions and lack of century' in Iran. Guatemala, Afghanistan, pression they were facing a deadline of about a 

agency, are these: A top CIA coven operative — leading candidate for the powerful position of suppon among Iraq's politically dominant Sunni Nicaragua and elsewhere in the Third World. year, in time to remove Mr. Saddam as an issue in 

known to the Iraqis as "Bob” and not further director of operations at the agency— head of the Arab religious group and neighboring govern- "Lethal findings" — under which the agency the 1996 election. 

identified in this accoum because he is still in CIA's clandestine wing — if President Bill Clin- meats. " can with two exceptions undertake whatever But Mr. Chalabi. Mr. Marik and other*, in the 

coverr service with the CIA — - designed what the ton's designated director of central intelligence. Two CIA sources noted that the pressure with- action is needed, even if that action would lead to agency were telling the operations group that the 

Iraqis called the " Bob plan” for a direct attack on George Tenet, is confirmed by the Senate in mid- in the Clinton administration to get on with fatalities — are rare. Mr. Marik only worked in National Accord, a dissident group, was deeply 

the Iraqi Army in March 1995. July as expected. overthrowing Mr. Saddam accelerated when two situations covered by such a document: penetrated by Mr. Saddams agents from the 

The goal was to demonstrate the rebels’ The accounts offered separately by Mr. Marik John Deutch moved from the Defense Depart- Afghanistan and Iraq. beginning. 


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FRH)Ai; JUNE 27, 1997 


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Asia Times 

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W; ; - " ... 

To Suspend 

"Publication 

■ 

- . " ■ 1 
■ . • ■ 

.^Bud Sees Media Plan 

‘ Fading After 18 Months 

'_■ '■ 

By Velisarios Kattoulas 

Inttmatwnal Herald Tribu ne 

HONG KONG — - Hie TTiai eutre- 
'-.prenear Sondfai Limthongkul said 
' _ _ . Thursday be would halt publication of 

v. his flagship Asia Times because of a 
f '- :i ; ... cash-flow crisis at the daily newspaper. 

Mr. Soodhi, who in 1995 set oat to 
■■-, become what he called an “Asian 
Rupert Murdoch.” said he wanted “to 
re-evaluate the business side of Asia 
x .Times” before relaunching it in two to 
three months. 

■ But analysts said the Bangkok- based 
newspaper, the centerpiece of Mr. 
Soodhi’s plan to build an Asian m«fi^ 
empire, including a satellite television 
— network, was unlikely to reappear at 

newsstands again. 

Its closure 18 months after its launch- 
ing highlights the tight competition in 
■ the market for English-language news- 

papers in Asia, analysts said. It «!«> 
illustrates the scale of the financial dif- 
1 fealties at Manager Media Imexnation- 
ai, Mr. Sondhi's publishing business, 
which has been hit bard by Thailand’s 
■ worst economic crisis in a decade. 

* i tift* » Mr. Sondhi started his quest to be- 

~ M "t . . .7 come a media baron with an $800 mil- 

. lion roll of the dice in 1995. 

A flamboyant former journalist, he 
■ announced in December of that year that 

be was adding Asia Tiroes to his stable 
- of media properties and laid out plans 

for a pan-Asian satellite television and 
: - data network. He intended, he said Later, 

= "I r:*_- to become “the first Asian to get up and 

fight (he Western press.” 

But his empire now shows signs of 
coming apart He owns around 30 
... ■ magazines and newspapers in Thailand 

H ..*■ Hong Kong, China and the United Stales. 

His proposed satellite TV venture has 
■/ been called imprudent and there is some 

. doubt that it will ever get off the 
ground 

Recent attempts to raise much- 

~ 1 ■ “ ■ - i needed capital for the TV venture have 

"Tcbme up short, according to industry 

\ r i« M ]■ sources. An additional $675 million is 

_ _ * un - needed to finance the project, on top of 

fcPSlifcJah* i?l ?hi: V'ttfimilaJ 'as $125 million in existing capital. 

1 ” 1,1 !,:l flW/ffi And some important investors have 

flhi « L t?U * ' if pulled out, including United Commu- 

isf* Tfl Ill’h ill* £ Vi ti (iliO 'lltSl^flications Industry, a telecommunica- 

„ i, ■ , , , l o . ftious concern based in Bangkok that is 

*».: . , j-Mitiy owned by Goldman, Sachs & 

i . * Co 

‘ •■•urM; announcement to suspend pub- 

w < licatioD of the Asia Times following 

j Friday's edition came after months of 


Vis? .if. S' f .-v u- „ 



Griff Mason, foreground president of McKay Nursery Co_ which has evolved into an employee-owned firm. 

Putting Stock in Migrant Workers 


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See TIMES, Page 14 


By Barney J. Feder 

Ne*f Yori. Tones Service 

WATERLOO, Wisconsin — I .ik^ 
most farms reliant on seasonal field 
workers, McKay Nursery Co. long ago 
gave up the notion that it could afford 
wages high enough to make such dirty, 
wearying labor attractive to unem- 
ployed Americans. 

“We haven’t had a local market for 
entry-level farm labor since die 
1960s,’’ said McKay’s president. 
Griff Mason, recalling how the com- 
pany turned to migrant Mexican work- 
ers to sustain its nursery here in south- 
eastern Wisconsin. “People here just 
didn’t see it as a place to start a ca- 
reer." 

Since then, however, McKay has 
veered far from the norm in agricul- 
ture. It has quietly evolved into an 
employee-owned enterprise where 
many migrant workers not only play 
an increasingly influential role, but 
annually receive chunks of stock in the 
company. Mr. Mason projects that die 
stock distributions and related bonuses 
will compound into a nest egg of at 
least $100,000 in 30 years for even the 
most lowly paid 

"I don’t feel like an owner,” said 
Guillermo Castillo, a 2 S-y ear-old na- 
tive of Zacatecas, Mexico, who freely 
admits he is confused about the details 
of the company’s ownership structure 
and Ids accumulating holdings. “But 1 


do feel like a partner,” he added not- 
ing that some peers had kidded him in 
his early days about die amount of 
unpaid work he performed caring for 
young plants. 

Such attitudes — and the oppor- 
tunities that created them — are so rare 
in the world of migrant labor th^? 
McKay caught the attention of the 
Business Enterprise Trust, a Califor- 
nia foundation created by the tele- 
vision producer Norman Lear to honor 
businesses that combined financial 
success with social vision. 

In February, Mr. Mason, along with 
Richard Knoke, the company's nurs- 
ery superintendent, and Reuben Al- 
manza, a migrant worker who has been 
coming north annually from Texas to 
work McKay's fields for 35 years, 
were lauded by business leaders and 
President Bill Clinton at the founda- 
tion’s annual awards ceremony in 
New York. 

McKay's award was a public re- 
minder that many Americans are 
angered or embarrassed every time 
they are confronted with agribusi- 
ness’s reliance on impoverished mi- 
grants — and with the way many 
companies treat them. 

Conditions have improved for the 
nation's 1 million farm workers since 
Edward R. Murrow’s shocking I960 
CBS documentary “Harvest of 
Shame.” Most now get unemploy- 
ment insurance. Social Security, 


workers compensation coverage, 
clean water and access to toilets. 

After adjusting for inflation, though, 
wages have been declining for 20 
years, as illegal immigrants continue to 
flood the labor market. The most recent 
Deportment of Labor surveys estimate 
dial the number of illegal aliens work- 
ing on farms jumped from less than 10 
percent in the 1 988-89 crop year to 37 
percent in 1994-95. Labor leaders say 
the actual figures are higher. 

Meanwhile, many seasonal workers 
have seen their cost of living soar. 
Employers have avoided charges that 
they provide substandard housing by 
simply shifting to the workers the bur- 
den of finding housing and transpor- 
tation to work. 

Nor have the most flagrant abuses 
entirely disappeared. Last month, three 
men pleaded guilty in South Carolina 
to enslaving migrant workers who bad 
illegally enteral the country from 
Mexico. “There’s rampant violations 
of the minimum wage laws,” said 
Bruce Goldstein, director of the Farm- 
worker Justice Fund in Washington. 

Debate about migrants is an annual 
event in Congress. This year, growers 
are backing a bill in the Senate to make 
it easier to import more so-called guest 
workers — foreign nationals who are 
allowed to enter the United States tem- 
porarily for specific employers. Farm 

See MIGRANTS, Page 17 


Rrralh 


* p J pIV 1 ! 

•j _ 1 A a b ’ h L rn 


T hinking Ahead /Commentary 


TO SfUN A CLASS;?J:3 A3? 


1-J9 ' 




tfSLS 


Americans , if Wise, Should Not Knock the Euro 




•Ti S. 




— 



By Reginald Dale 

Irtummonal Herald Tribune 

G ERNOBBIO, Italy — The 
latest trials and tribulations of 
Europe's move in Europe to- 
ward a single currency, the 
euro, have been greeted with undisguised 
glee by many U.S. commentators. 

It is as if some Ameri cans feel that 
uppity Europeans deserve to be punished 
for wanting their own version of the 
dollar — and that a squabbling Europe is 
somehow preferable and more reassur- 
ing than one that is growing stronger. 

Many of the Americans who criticize 
the euro hope it will not survive Euro- 
pean policy differences over whether 
priority should go to fighting inflation, 
as Germany insists, or to creating jobs, 
as Fiance wants — a difference that has 
emerged more openly since the French 
Socialists’ election victory in June. 

Fortunately, these were not the views 
of a sophisticated group of U.S. policy- 
makers and analysts who met here on 
Lake Como this week with European 
couruerparts ai a conference organized 


by the Council for the United States and 
Italy. 

Now that the euro is well on the way, 
said William McDonough, president of 
the Federal Reserve Bank, of New York, 

it is “absolutely in the best interests of 
the United States” that it succeed. A 
massive leadership failure in Europe, the 
closest U.S. geopolitical partner, would 
not be in America’s interest 
Such a failure would also, of course, 
provoke a crisis of economic and polit- 
ical confidence in Europe itself, a crisis 
that would also certainly lead to even 
higher unemployment social unrest and 
perhaps collapse of the European Un- 
ion’s single market 

History suggests that if the euro suc- 
ceeds, American companies will benefit 
immensely from a more smoothly func- 
tioning single market and a much bigger 
an ti more efficient capital market _ 

But there is still great skepticism 
among American economists — not so 
much over whether the euro will start on 
time in January 1999 as over its fate 
thereafter. 

Otto Graf Lambsdorff, a leading 


member of the Free Democrats in Ger- 
many, said hardly any respectable 
American economists were forecasting 
success for the euro, and that even the 
Federal Reserve Board chairman, Alan 
Greenspan, had doubts. 

One distinguished American partic- 
ipant here admitted, however, that 
American and British economists tend 
to decide they do not like the euro, and 
then they think op reasons why it won’t 
work — just as economists from the 
Continent search far reasons it will 
work. 

Some Americans argue that it would 
be easier for the Europeans to restruc- 
ture their economies and to tackle un- 
employment without die policy con- 
straints imposed by the euro. But many 
Continental Europeans tend to believe 
die euro is part and parcel of the solu- 
tion 

The Europeans are probably right. 
Competition in the single-currency area 
should force participating nations to be- 
come more efficient and to open up their 
labor markets, as virtually every econ- 
omist believes is necessary. 


CURRENCY & INTEREST RATES 


- 


Cross Rates 


June 26 Ubid-LJbor Rates 


June 26 












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Already, said Fabrizio Sacco manni 
of the Bank of Italy, the rules for euro 
membership contained in the European 
Union’s Maastricht Treaty have been 
‘ ‘a tremendous force for adjustment and 
liberalization.” 

But Mr. Saccomanm insisted it would 
be a fallacy to suppose that a “broad” 
euro comprising 11 nations, including 
Italy, would necessarily be a weak cur- 
rency. The euro's value will depend 
primarily on the participating central 
banks, all of which are followmg tough 
anti-inflationary policies. 

If they were not doing so. Germany 
would never agree to launch the euro. 
The final decision will depend on pol- 
itics move than on economics, which is 
why the arguments of American econ- 
omists will ultimately be irrelevant 

Nobody can be sure that it will work. 
But instead of rejoicing in misfortunes 
of the euro, Americans should be hoping 
that it will succeed. 


6 Quit NatWest 
In the Wake of 
Pricing Scandal 

Btoomherg News 

LONDON — National 
Westminster Bank PLC said 
Thursday that six investment 
bankers had resigned from Its 
markets’ unit because they 
shared responsibility for an 
options pricing scandal that 
cost the bank £90 million 
<$150 million). 

The bank also confirmed 
that it bad lost a net £77 mil- 
lion after declining to pay 
some bonuses and taking 
money from a reserve fund. It 
said it was implementing new 
systems for checking the pri- 
cing of securities. 

fit March, NatWest Capital 
Markets said a trader — later 
identified as Kyriacos Pa- 
pouis, a former employee — 
had reported the wrong prices 
in options trades to cover up 
losses. The bank's summary 
of areport on die scandal said 
that the independent system 
for checking prices of interest 
rate options were not “suf- 
ficiently robust.” 






PAGE 13 


Germany to Transfer 
Telekom Stake to Bank 

Bonn Seeks Sale to Strategic Investor 


BONN — The government said 
Thursday it would transfer a 15 percent 
stake in Deutsche Telekom AG to a slate 
hank, in a move that could help the 
government raise money without flood- 
ing the market with Telekom shares 

The rwo-suge transfer will raise be- 
tween 10 billion Deutsche marks iS5.8 1 
billion i and 15 billion DM for the gov- 
ernment in both 1 997 and 1998. said the 
bank. Krediiansialt fucr Wiederaufbau. 
Deutsche Telekom said it would seek a 
“strategic investor” to lake over ihe 
stake from the bank. 

German government sources have 
said the sale” could raise as much as 25 
billion DM over two years, bui it was 
unclear whether Bonn would be able to 
use the funds to meet the budget targets 
for monetary' union. 

“It is a pure accounting trick.” said 
David Bnckman. European economist 
with Yamaichi International. “It will 
not help them qualify for European 
monetary' union at all.” 

European countries are struggling to 
cut their annual deficits to 3 percent oi 
gross domestic product and their overall 
debt to 60 percent of GDP this year to 
qualify for monetary union, scheduled 
to be launched on Jan. 1. 1999. The 
French government decided last year to 
transfer” 37.5 billion French francs 
i $6.45 billion) from France Telecom 
SA’s pension fund to its budget to meet 
the conditions. 

"The France Telecom move is far 
worse because it increases the liability 
of the stale.” Mr. Brickman said. He 
said the Telekom sale could reduce Ger- 
many’s deficit-io-GDP ratio to between 
61 percent and 61.5 percent. 

Investors welcomed the accord be- 
tween Telekom and the government. 
The government sold a 24 percent stake 
in the company in November in Ger- 
many’s largest initial public offering 
ever and would have had to change the 
law to sell more shares to the public 
before 2000. 

“1 think it is an acceptable solution.” 
said Rolf Knisge, head fund manager at 
Metzler Investment GmbH. "The” gov- 


ernment gets its money and no neu 
shares conic onto the slock market.” 

Telekom said it would look to “current 
and future international partners” to take 
over the stake. "This will increase Ihe 
company 's flexibility in order to become 
a global player,” said Telekom’s chief 
executive, Ron Sommer, on Thursday. 

Telekom, France Telecom and Sprint 
Carp, are partners in Global One. an 
international telecommunications com- 
pany. The German and French compa- 
nies each own IP percent of Sprint. 

"1 think it will be hard to find a 
partner, because the Telekom stake is so 
large.” Mr. Knigge said. He said 
Telekom would probably have to swap 
stakes with a partner rather than sell the 
stake for cash. 

“If s a vety clever move by Deutsche 
Telekom especially if they chose a part- 
ner in Asia such as Nippon Telegraph & 
Telephone in Japan,’ 1 said Hans Peter 
Neuroth of Oppcnheim Finanzanalysc 

Telekom shares fell 40 pfennis to 
42.50 DM. 

After the transfer to the bonk in two 
stages, the government’s 75 percent 
stake in the company will be pared to 
about 50 percent. Analysis say an equity 
swap between Deutsche Telekom and 
France Telecom is possible to anchor 
their strategic alliance, but only if 
France Telecom is privatized. 

tBIuamherg. Reuters) 

■ Money Union Under Threat 

A senior Bundesbank policymaker 
has said that Europe's planned monetary- 
union is threatened bv “fundamental 
dissent” between France and Germany 
and by a lack of political cohesion. 
Reuters reported from Frankfurt. 

Reimut Jochimsen. a Bundesbank 
council member, said economic and 
monetary union “hangs in the balance” 
because last week ’s Amsterdam summit 
meeting of European Union leaders had 
failed to give a solid basis for further 
political integration. 

“I'm not against the euro.” he said 
Wednesday. “It can be a good thing if 
the political and economic preconditions 
are right. They are not at present.” 


Paris Denies Reports 
Of France Telecom Sale 

No Decision Made,' Jospin Spokesman Says 


IrfV VwJ? Friot/b/u;. br* 

PARIS — Confusion deepened 
Thursday over the government's plans 
to sell shares in the state-owned phone 
company, France Telecom, as 3 spokes- 
man for Prime Minister Lionel Jospin 
denied press reports that the sale would 
proceed in the autumn. 

The secretary of state for industry, 
Christian Pierret, came out in favor of at 
least a partial sale, and a government 
source said Finance Minister Dominique 
Strauss-Kahn also favored a partial sale 
of France Telecom. 

But Manuel Vails, the spokesman for 
Mr. Jospin, stressed that “no decision 
has been made.” 

“We have three objectives.” Mr. 
Pierret said in an interview with the 
Paris newspaper Liberation. “Consol- 
idate France Telecom’s position as a 
leading European operator, guarantee 
its independence ana allow it to reach a 
critical size on the international market. 
To my mind that implies at least some 
exposure to foe markets.” 

France Telecom’s initial public of- 
fering was thrown into doubt by the 
election June 1 of a Socialist-led gov- 
ernment, which had pledged during the 
campaign to stop state asset sales. Mr. 
Jospin said last week that he remained 
“hostile” to the sale of state-owned 
companies, without explicitly ruling out 
foe sale of France Telecom. 


Any decision to indefinitely cancel 
the offering, which would be the biggest 
in French history, could throw into 
doubt France’s ability to qualify for the 
European Union currency, the euro, ft 
could also hinder France Telecom's 
ability to forge international alliances 
with private companies, analysts said. 

Mr. Jospin has said he wanted to 
consult France Telecom staff before de- 
ciding whether to proceed with the pri- 
vatization. The sale was expected to 
generate from 30 billion to 50 billion 
francs (S5.2 billion to SS.6 billion). 

“The government wants to find a 
face-saving way of selling shares in 
France Telecom.” said Elie Cohen, a 
member of France Telecom's board of 
directors until last year and an economist 
at the National Center for Scientific Re- 
search. 

“The problem is reconciling the fi- 
nancial needs of the state and foe cam- 
paign commitments of Jospin.” 

Mr. Cohen said foe government was 
likely to try to swap shares with France 
Telecom's international partners, 
Deutsche Telekom AG and Sprint 
Corp., at the same time that it sold shares 
on the market and to France Telecom 
employees. It could then justify the sale 
of shares on the market by saying it was 
pan of a broader attempt to improve the 
company’s international alliances. 

(AFX, Bloomberg. Reuters) 


KinKcrs 




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Source: Bloomberg. Reuters 


Pregnancy Test With a Twist 


By Tamar Chany 

Nae York Times Service 


NEW YORK — Pregnancy is 
about to take a turn for the sur- 
realistic. Unilever has enrolled the 
notoriously offbeat filmmaker 
David Lynch to direct a television 
campaign for a new home preg- 
nancy tesL 

The commercials for the test. 
Clear Blue Easy One Minute, offer 
a toned-down version of Mr. 
Lynch's trademark style of dream- 
like sequences and irr ational events, 
which he has displayed jn such 
films as "Blue Velvet” and the 
television series “Twin Peaks.” 

In the spcts, by Ogilvy & Math- 
er in New York, a wo man stands in 
her bathroom and watches the cru- 
cial minute tick past. As she wails 
to learn whether she is pregnant, 
the numbers on the watch face mm 
into "yes” and "no." TTien the 
“hot” and "cold" labels on her 


sink faucets, and even drops of 
water falling from the spigot, do 
the same. 

“When you're waiting to find 
out if you're pregnant or not, noth- 
ing else in the world matters until 
you know,” an announcer says as 
the woman waits. 

As the spots close, the woman 
smiles mischievously when she gets 

her answer, though viewers never 
learn whether she is expecting. 

“When we went to consumers 
in the storyboard stage, they told 
us the basic idea totally captured 
the way that women feel when they 
think they're pregnant,” said 
Natasha Kavanagh, the manage- 
ment supervisor for the campaign 
at Ogilvy & Mather, part of the 
WPP Group. 

“This is a very different kind of 
advertising than is typically done 
for this category.” she added, 
“which tends to be rather unin- 
teresting and predictable.” The 57 


million campaign for the one- 
minute test, which consists of three 
commercials — one 30 seconds 
long and two 15 seconds long — 
will run nationally in the United 
States starting Monday. 

Mr. Lynch, who declined to be 
interviewed for this article, appar- 
ently expressed interest in the 
campaign early, when the agency 
was showing die storyboards for 
die spots to several directors. At 


first, his interest surprised both 


Unilever and Ogilvy & Mather. 

In the last nine years, he has 
directed commercials for 10 other 
campaigns, including Opium per- 
fume by Yves Saint Laurent and 
public service announcements for 
the American Cancer Society. 

In addition to "Blue Velvet,’’ 
released in 1986, his film credits 
include his 1976 debut, "Eraser- 
head,” and "The Elephant Man” 
in 1980, “Wild at Heart” in 1990 
and “Lost Highway” in 1996. 


Rising Bond Yields 



X l - * 


A Jittery Stock Market sports 


l 4 k'nuii<itJ Herald TnKnvc 


Very briefly: 


TIMES: Thai Entrepreneur Suspends Daily 9 s Publication 


Continued from Page 13 


Pennzoil Sues Union Pacific 


HOUSTON (API — Pennzoil Co. has sued Union Pacific 
Resources Group Inc. in an attempt to stop an unsolicited $4.2 
billion hostile takeover bid. 

The lawsuit charges that Union Pacific has not disclosed the 
negative earnings impact the deal could have on some of the 
stock Pennzoil shareholders would receive in the deal. 

Union Pacific made its offer for Pennzoil early this week, 
offering to pay $84 a share in cash for 50.1* percent of 
Pennzoil 's stock. The other Pennzoil shareholders would 
receive Union Pacific Resources stock valued at $84 for each 
of their shares. 


Carnival Bids for Cruise Line 


speculation that the paper was in 
trouble. 

"Asia Times was a grand idea.” 
a regional media analyst, who asked 
not to be identified, said. 

"But in the English-Language 
daily newspaper market, you cannot 
do a newspaper across a wide area 
without putting in an enormous 
amount of money, and he obviously 
didn't have iL” 

Asia Times, which had a print run 
of 70,000 but did not disclose de- 
tailed sales figures, struggled to 
generate advertising sales and sell 


subscriptions, prompting it to give 
away newspapers for free. 

"I don't think the Asia Times’ 
closure is temporary,” the media 
analyst said. 

Although the Asia Times will 
continue to publish on its World 
Wide Web site, www.asi- 
atimes.com, employees at the news- 
paper said it was unclear whether 
they would keep their jobs. 

“How can you continue to work 
for a newspaper that doesn't print for 
two or three months?' ' said an Asia 
Times correspondent who asked not 
to be identified. “Sondhi says he 
will get a new publisher but I don't 


know whether people will trust him 
anymore.” 

March salaries were paid late. But 
in recent months, the correspondent 
said, salaries were paid on time and 
in full, leading staff to believe Mr. 
Sondhi would inject more money 


into the newspaper, which sources 

$1 n 


said was losing $1 million a month. 

Mr. Sondhi had said he would 
spend $60 million to make the Asia 
Times a household name and use it 
as the platform to launch a rival 
Asian satellite network to Mr. Mur- 
doch's STAR-TV, which beams 
television programming into 54 mil- 
lion homes mainly in Asia. 


NEW YORK — Slocks fell 
Thursday, pressured by rising in- 
terest rates in the credit market, 
where bond prices were weighed 
down by signs tfaar inflationary 
pressures persist. 

The Dow Jones industrial aver- 
age fell 35.73 points, to 7,654.25, as 

the number of declining issues out- 
numbered the number of advancing 
ones by a 8-to-7 ratio. 

The Dow has seesawed through 
the past three sessions, losing 
nearly 200 points on Monday, gain- 
ing more than 150 on Tuesday, then 
losing 68 on Wednesday. 

Analysts said investors were in- 
decisive about the outlook for 
profits and interest rates. "Profit 
growth is becoming an issue for 
some investors," said Ned Riley, 
chief investment officer at Bank- 
Boston. While he sees the inflation 
and interest rate environments as 
positive, “the level of the market is 
causing anxiety among investors." 

Because stocks are trading at 
such high valuations, based on 
prospects for their long-term earn- 
ings, the stock market is very sen- 
sitive to the bond market, interest 
rates and inflation, said Barbara 
Marc in, vice president of Citibank 
Global Asset Manage menu 

Investors were jittery before next 
week’s Federal Reserve Board 
meeting, even though many analysts 
said they did not believe the central 
bank would raise interest rates amid 
signs that the economy is slowing 
and inflation remains subdued. 

Treasury bonds fell for a second 
day after a bigger-than-expected 
drop in new unemployment claims 
fueled concern a booming job mar- 
ket will push the Fed to raise in- 


terest tales in coming months io 
keep inflation from rising quickly 
A saturated job market can cause 
wages and prices to rise quickly. 

The benchmark 30- year Treaksv 
bond fell about 18/32. to 98 1/32. 
pushing the yield up to 6.78 percent 
from 6.73 percent on Wednesday. . 

The Labor Department said the 
number of workers filing for s ufc 
unemployment benefits forihe first 

time fell 14.000 to 332.000 fag 
week, the lowest level in foer 
weeks. Analysts had expected a 
(hop of about 5 . 000 jobs. 

Despite many signs the economy 
is slowing from its sizzling fast. 


■in turn 


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;s. STOCKS 


MIAMI (Bloomberg) — Carnival Corp. said it offered to 
buy Celebrity Cruise Line Inc. for $525 million, topping last 
week's $500 million bid from Royal Caribbean Cruises Ltd. 

Royal Caribbean on June 1 7 offered to acquire Celebrity for 
a mix of cash and stock. With assumed debt of $800 million, 
the transaction was valued at $1.3 billion. 

The rival entise lines are seeking to bolster their shares of 
the market as baby boomers become older and wealthier. 
About 5 million vacationers are expected to book North 
American cruises this year, up from 4.65 million last year, 
according to Cruise Lines Internationa] Association. 


Unexpected Rate Rise Props Canadian Dollar 


Ccmpdfd tn Our Staff From Dapvtrhn 


• Lehman Brothers Holdings Inc., the fourth-largest U.S. 
securities firm, said its earnings for its second quarter, ended 
in May, rose 12 percent, to $121 million, or 95 cents a share, 
from $108 million, or 89 cents, a year earlier. 


• Ameritech Corp.’s bid to offer long-distance phone service 
in Michigan should be rejected, the Justice Department said. 
The recommendation to the Federal Communications Com- 
mission is a major blow to Ameritech’s effort to enter the 580 
billion long-distance business by offering service from its 
local-calling region. Bloumhtrrg, Reuters 


NEW YORK — The Canadian 
dollar soared against the U.S. dollar 
on Thursday after the Bank of 
Canada surprised traders by raising 
interest rates for the first time in more 
than two years. 

The U.S. currency, meanwhile, 
fell against the yen on speculation 
Japanese interest rates might rise 
soon, but the dollar gained against 
the Deutsche mark on talk of Tower 
German rates. 

Canada's central bank raised its 
target for overnight lending to com- 
mercial banks by a quarter of a per- 


centage point, to a range of 3 percent 
to 3.5 percent It made the move to 
bolster the Canadian currency, 
which earlier Thursday fell to its 
lowest level in almost two months. 

“The Bank of Canada's move 
caught the market off guard, but it 
looks like they got exactly the re- 
action they wanted.” said Marcel 
Kasumovich, an economist with 
Goldman Sachs Canada, 

In 4 P.M. New York trading, the 
U.S. dollar was at 13818 Canadian 
dollars, down from 1.3943 Wednes- 
day. Canada's central bank cut in- 
terest rates 5 percentage points be- 


tween May 1995 and November 
1996 to spur domestic spending. 

The U.S. dollar, meanwhile." was 
at 113.17 yen. down from 113.80 


FOREIGN EXCHANGE 


yen late Wednesday. Bui it rose to 
1.7260 DM from 1.7233 DM. 

The dollar fell to 1.4365 Swiss 
francs from 1 .4380 francs Wednes- 
day. It rose to 5.8200 French francs 
from 5.81 70 francs. The pound rose 
to $1.6655 from $1.6633. 

The U.S. dollar fell against the 
yen after a report citing an uniden- 


tified Japanese central banker fueled 
concern Japan might soon raise in- 
terest rates from record lows. 

The Bank of Japan hemes to raise 
its discount rate, now at 0.5 percent, 
the official said. 

Hie U.S. currency gained against 
the mark after a Bundesbank official 
triggered speculation the German 
central bank might cut interest rates. 

Reimut Jochimsen, a member of 
the Bundesbank policy-making 
council, said he “would not rule out 
another rate cut,' ' to spur economic 
growth in Germany. (Bloomberg, 
Bridge News, -Market News) 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Thursday’s 4 P.M. Close 

The top 300 most odive shares 
up to the dosing on WaD Street. 

The Associated Press. 


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91 

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• ft 

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6 Vk 

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1«3 

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100 ft 

Ufa 

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27ft 

77fa 

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Safe hui Lira irtHi Orge Indexes 


Most Actives 


imgTcn 
idnTcerf 
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tMXg 

lMunoqp 

MAbfSp 

WnysSro 

tmnijr 

lotUber 

hflUQ) 

JRGup 

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KVPIB 

ICVPJiA 

MUM 

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LX RBI 
LtBcvg 
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LIU«ro 
MapHutT 

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MedcR 

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Meridlai 
WU.«ln 
ML TTY a 
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MHiAitf 

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MonA 

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USNIX 97*1 
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HTKoai 

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NAVttt 


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165 
3077 
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232 

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837 

146 

383 

208 

587 

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115 

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223 

2336 

195 

226 

182 

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202 

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to 
25H 
18*h 
47*1 
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53*1 
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-Vi 


Dow Jones 

Q|WO High 

Indus 7ft7S96 773&3J 790108 7654^5 05.73 
leans 773U7 275507 M 6 J 8 2709JB -39BA 
m 224.10 22505 223L74 22 A3? -0.1 1 
Comp n 6144 2378.09 2 JJ 7 J 2 13S2J4 -1157 


NYSE 


June 26| 1997 

Htfl Low unesl Qiga QpM 


High Low Lotasl Cbge Oplnf 


Low Lotasl Qige Oplfit 


Mgh Lcjv Latest Qtge Optef 


VoL 


SMgates 

Mofirota 


-‘1 

•‘4 


Standard & Poors 


4-t'. 

-r* 


■rdusfnob 

Tramp. 

Utfrttes 

Finance 

SP 500 

SP 100 


Hi^ Lmv Orae 

1059-841034261044^1 
644.00 634.17 437^8 
197JQ 195.01 19538 
104418 101.66 102.16 
90Z09 882.2J 808.99 
880.74 858^3 866.15 


Today 
4 PJVL 


lmoind 
PTWMcws 
IBM 4 
PlOUpi 
RPR 

ConEtecs 

Boemgs 

& 


1039 JO 
638J7 
I9SJ39 
101.17 
88168 
861JJ7 



ni/o 

51372 

48530 

456S4 

40758 

08465 

J7297 

37094 

35477 

35436 

35796 

34343 

33541 

32454 

32025 


Hlga 

J3Vk 

77* 

59k 

4TVo 

92^ 

34 

9lVn 

65V. 

02 ta 

37>ft 

42ta 

33*. 

ISfta 

3ft 'VW 


32V: 23* 
75V* 76ta 
5«H. 5H 
42V* 4?>Vfc 

32H 34V m 
90ta 9H9 

64 64^ 
53*4 
60*4 611* 
361k 37 

41Y* 4|k% 
33** 33v H 
15 IS5W 
Xrfi 36Vk 


♦ 1*4 

+r* 

4i 

-m 

+ II'VW 

•u 

-ita 


Grains 


-iv* 

+v* 

-Vk 

-ta 


GORN(CBOT) 

SJO0O &u mnimipn- u«n per buM 
Jill 97 256 250 2j0>4 -6 5X813 

Sep V M2U 239 239 1 /* -3 57.758 

Dec 97 241 23flfe 23 8h -2Si 139J24 

Mcr98 2AA6 246U, -ly, 204)78 

faxvn 252ta 251 ^4 25«6 —I 1184 

JUI9B 256% 2 5PA 25516 -1 5437 

Sep 90 252VJ 228 

Est. sates NA weefs. sates 76469 
WMfsapenfcnt 277,976 ut> 5471 


ORANGE JUICE (NCTN) 
lLOOORn,- cents Per b. 

JUI97 74JB 72.90 7120 

TfiV*? 7680 7565 76J5 

Nov 97 79 JD 78J0 TBjM 

Jan 98 8220 81 S) 82.00 

n_a Wed's, sales 
Weds open rat 2SJ32S ofl 526 


-A45 8,912 

-045 16553 
-075 559» 

-OI5 2.278 
5,774 


GERMAN GOV. BOND OJFFE) 

DTA2SOOOO ■ ptSoflOOpd 
Sep 97 101.95 10157 10158 +017 25X827 

7? 10088 1D069 100.95 *018 &348 

EsL sates; 198.807. Pie? . sdes: 190726 
P re*, open inL 261,175 ofl 1519 


Industrials 

COTTON 2 (NCTN] 


Metals 


-b 

•** 

■“h 

-*1 

-Vo 


NYSE 


Nasdaq 


22>m 

til 

J*« 

9b 

d* 

18'a 

$ 

IS'I 

IV* 

3"Vk 

l*k 

r. 


to 

1 6*i 

to 


8 "h 

*i 

to 

16-i 

ll'T 

Pm 

I 2 *v 

A 

2 £i 

2»li 

4Fi 

16^i 

to 

124 

m 

r* 

Si 

10 

** 

16^1 

5 

Iftb 

14«V 

Tm 

* 

fl'i 
»* 
3 i 
18 

SVj 


Vk 

-Vh 

4ft 

•4b 

-kb 


Composite 

mdusmd* 

Tnmp. 

UORty 

Rncnce 


Hlgfc Lew 

MASS 45094 46093 
58043 58QJ1 58161 

418.99 41061 41102 

2SL7Q 2RL3B 281.10 
42861 422J9 42173 


-1.97 

•2.15 

-AH 

-053 

-195 


Nasdaq 


intef 

AlmH 

OuanMns 

rum 

Asand 

Cometaf 

Uronm 


-v, 

■b 

-b 

• VI 

A I*. 


Composite 

Inck^kiate 

Bulks 

iiKimuce 

R ranee 

Titmsa 


144763 143126 M3&39 
117022 1164.15 116130 


M12J3 160662 161008 
16493 163244 1634JB 


1911.06 190247 1 
94170 94052 


15 


965 
-244 
+0.16 
-111ft 
-658 
+ 201 



Nawfl 

ApWMdt 


17T7W 

1 17913 

111277 

98474 

9IW 

7H786 

6J701 

60582 

SUfB 

51037 

41849 

47521 

46433 

46271 

44350 


HU 

17 

47IV» 

14649 

Z7ta 

nn 


404% 

Ik 
61% 
514b 
22 
2 CM 
1304b 
Gh 
741% 


Lew Lttrt 

ISVn 161b 
46*1 46b 
!434kl4TV» 
25 271% 
V94i 19-Vb 
67 67%% 
39H 40 

Vd Ym 
44i 5Vt 
5068500%. 
1M 20V ■ 
?9fi 20V. 
12791 128b 
4 Wd 

7m 72*k 


- 6 * 

-16% 

-3 

♦■IV* 

-u% 

JVb 

-lb 

-VW 


SOYBEAN MEAL (CBOT) 

100 tons- Mn per ion 

JUI97 269 JO 26140 26)98 -100 2X462 
Aup97 24790 243.00 24X30 —4.10 21474 
Sep 97 22170 726.30 22670 -270 13747 

Oct 97 21150 21570 21650 -Z90 1X105 

Dec 97 21180 211 J» 211 M -JJO 2X837 

Jan 98 211 JO 20850 20850 -270 3J13 

Es. sates NA Vtecrs. sates 21761 
Wed's Open IfO 10X390 □ H 566 


GOLD (NCMXt 
1 D 0 troy at- dollars per vmrax. 

Jun97 33850 33770 33850 
JUI97 33870 

AugV7 340.90 miQ 339 JO 
Oa*7 34130 340J0 34230 
D« 97 34170 34110 344J0 
M98 34750 346.10 347 JO 
Apr 98 34950 

Jun98 35210 351 JO 35X10 
Auh 98 tS470 

Esi. sates NA Wed's, safes 24440 
Wtefs open inf 181123 aft 366 


10-YEAR FRENCH GOV. BOND5 (MATIFJ 
FFsoaooo-ptsonoopd 

Sep 97 129.44 129J6 129.42 ^078 20X650 

DM97 9792 9774 98JJ2 0l 24 Z0%7 
Mar 98 97.14 97.14 97^2+074 0 

ESL soles: T4X»a 
Opep biL: 2B474J eff X31B 


7360 

71*1 

-ail 

7635 

Tfr-C 

-or 

76.95 

7716 

-029 

73.05 

78 J3 

-iLZ 

7960 

75 ?& 

-a io 


* 1 JD 

-am 

-OlBO 

+0J0 

*0J0 

♦OlBO 

♦OLBO 

+0.90 

i.QL9Q 


309 

3 

94,059 

8,064 

28,155 

SJ5D 

4J79 

B.T9Q 

762 


4b 

4lb 

•2Vk 

Jfa 

*^V*i 


AMEX 


Hlik 

41*49 61 SJfi 616.10 


AMEX 


SOYBEAN 00. (CB0T) 
4M0»tae- cm pern 
JUI97 2X73 2X28 

Aug 97 Z2JB 2X43 
SeP 97 2103 2X66 

Od97 ZU7 2259 
Dec 97 HW TUB 
Jan 98 2X30 2X95 


VoL 


-XI 4 


4k 

■vn 


Dow Jones Bond 


41 

• ■'ll 

h 


20 Bonos 
\QUIimtes 
10 Industrials 


1 Q 2 .BS 

100.13 

10558 


— DM 

— 030 

— 0L49 


«KU 

JTSCoiP 

un am 

Hwfcen 
GST Trie 

armon 



Hip 

89H 

l%ft 


9733 

7139 

6*78 

5903 

54M 

5281 

5099 


U5 

V* 

1 

6ta 

2ta 

fVi 

lDfkft 

4 


876i 8 Wd JVe 
Ute lita +Vk 
99U 29*b -1 

H h 
te 1 -+«k 

6 Vft 

716 to -Vh, 
8 Vk 8 * + 1 % 

?Vfe lOVft >Vft 
3«k JVW 


-aw 2X951 

-aw fljl 2 

-ai2 11,965 

-aoe mas 

-MB 

—a 13 X2S7 
NA Wolfs, srtes" 3X924 
Wecfs even int 10X453 up 3131 


2X36 

2X52 

2 Z 6 B 

2271 

2X64 

2X95 


soybeans mon 

£000 Du mtatamm- oerts par ttishrf 
JUI97 81M 798 800% — UVfc 29J3B 

Aug 97 755 742 743ta — Ute 31J59 

Sep 97 686 V, «75 €H'M -9 HU71 

Nov 97 656 646 6471% —91% 40,986 

Jon 98 65BV} 647 Va 6 «Vi -* SJM 

Ed.sdas NA WM^X sales 59^16 
Wrifscsaenint 147,927 rtf 679 


HI GRADE COPPER (HCNUO 
25400 bs.- oenti per feu 
Jim 97 11X00 110J0 11X95 
HA 97 11X09 109. W 111.95 
AUB97 111 JO 1I0J0 111J0 
SeP 97 111.10 10870 11070 
Od97 10970 10050 109.15 
NPV97 10600 W7JD 10600 
Dec. 77 T0T70 W&JQ WM 
Jm98 105-50 10540 10540 
R£9B W4J0 10140 10440 
Est. sates NA wetfs.&atas 
Wed's open M 49,941 ori 3735 


+125 
<•175 
+255 
+210 
+ 1JS 
+ 1 J 0 
+170 
* 1.10 
+690 
ZX345 


553 

1X025 

3,62B 

18J23 

1,253 

1706 

6,761 


542 


ITALIAN GOVERNMENT BOND (UFFE7 
m.200 mmon - ptaaf lOOpcf 
Sep 97 13484 13X92 I34J0 —038 

Dec 97 N.T. NX 10675 -038 

EsLntas 74287. Pirv. sates: 69,945 
Pw, open InL: 9&791 off 1,159 

EURODOLLARS (GMBI) 
si miuon-ptsaf 100 pet 
JrtV? 9432 9419 9420 

Aug 97 9417 94T7 9417 

SeP 97 9414 9413 9413 

Dec 97 9195 9X91 9173 

Aker 98 9X66 9162 9163 

Jun98 9075 9171 9171 

Sep 96 9164 9160 9161 

Dec 98 9154 9149 9150 

Ma-99 9153 9147 9148 

Jun9? 9147 9142 9044 

Sep 99 9143 9X38 9139 

Dec 97 9135 9130 9111 

Est.srtes NA WWLSDtas 
Wetfs aaen inf 2402768 UP 


91221 

270 


35A61 
-O01 KL363 
-0J1 561,758 
-a 01 49X640 
-402 29X365 
— ftp unm 

— 0J4 20M14 
-40414X271 
-404 10X913 
-0.04 8X961 
—005 74,181 
— QJ5 67JB15 
431371 
31675 


SOON On.- pc^ % 

Jill 97 74W 

Oct 97 7450 

Dec 97 7775 
Mar 98 7B45 
MoyW 78.90 

Esl. votes NA w«r s sem 
wetfs open iiH 66.10= ue 2737 

HEATING 00. CNMER1 

4U00OOI, OI«| per ggl 

All 97 52.95 S1J5 

Aug 97 5105 010 

SeP 97 5365 S2J0 

0097 54 4Q 5170 

Now 97 S535 5170 

Dec 97 S6J0 &5L52 
Jan 96 5460 5402 

Feb 98 5460 541T 

Mcr9B 55J5 55-27 

E*t. sales NA lNetfs 
wetfs open tel 15X611 


m 


£1471 


25?56 


I A?-! 


5102 —ft 97 
5222 -ft 95 
529? 

53fi? — 0J5 

S4J3 -ftfiS 
555? —085 
5402 -OJO 
5437 -QJ3 
5517 -075 

uies 3X551 
uo 912? 


I7J66 
38.154 
1LC79 
14181 
12477 
11591 
1 XM 
6 U 
5.954 


Trading Activity 



Tlvvnfiioi 

ThCirdb 

TraEco$ 

Hrftafrt 


1565 

IS 

482 

M 

W 

ID 

195 

100 

105 

104 

179 

1Z2 

147 

>98 

733 

W 

161 

24921 

758 

•U6 

80ft 

17J 

Hi 

lftS 

143 

las 

1361 

4 fa 

ID 

1767 

ir 

IK 


ft^ 

7'- 

tfa 

\to 

2 S 1 -? 

IkVk 

to 

13Vk 

Ute 

19". 

to 

IBfa 

\to 

V** 

114 
lQta 
fa 
1 * 
(Bfa 
5*' n 
II v> 
31 -v 
It*-* 
IU 

l^m 

38<Vft 

5 

kfa 
l Pfa 
Vh 
154 


I 8 *i 

14 

18? 

]'■ 

17^ e 

to 

U'T 

TVft 

T, 

71'- 

to 

8 fa 

Mi 
7 *. 

to 

10 k 

25Vi 

11 '-, 

1m 

I7K 

14V) 

191% 

16V. 

wtv 

MU 

to 

7* 

IX? 

10 

*k 

m 

or. * 
SPb 
I 0*k» 
Wk- 
II 1 '- 
l l 4 
IS* 

Tn 

38 

4», 

ito 

14* 

26 

l»i 


, *• 

UVft 

Iftfe 

T* 


•fa, 
41 
♦ Pk 
• fa 
-fa 


NYSE 


Nasdaq 


i?:« 

]vi 

Ufa 

Pm 

ii* 

71fa 

T-i. 

6fa 

7-4 

414 

II 

7to 

Ufa 

ip% 

14% 

|9I% 

Sfa 

16V* 

18=4 

|?fa 

3>ft 

lu 

IP'ft 

iO 

fa 

1*1 

BP* 

S9V4 

MH 

TO**.. 

I1A 

to 

Pi 

W’M 

frm 

16 

15 

? 6 ’:ft 

15- 

r? 


•fa 

■4, 

•fa 


Advanced 
DecAned 
Unaeraged 
Total tt$ae$ 
Hew Hiqlts 
New Uwrs 


1331 

1469 

(XA 

3406 

lftft 

15 


' 2 ® j,, mi 

1539 d522? 


4 ® 2 SS 
» SSPiSf 


-fa 

-6ft 


AMEX 


Market Sales 


1677 1928 

l«7 2210 

2149 1509 

5493 5727 

139 2B7 

78 95 


WHEAT (GBOD 

LOOP bu mtrUnvum- 
Jul87 335 331 

Sep 97 SUfa 34 
Dec 97 356*% 3529k 

Mar 90 362 35W 


NA Wetfs. sates 
Wetfs open W 84605 off 


perburtrar 

333 +lVi IX50I 

343 +3 31.231 

3SSVi +3 28J24 

361ft +» 1620 


9LVER (NCM7Q 
53ND vmr oz. - oertrs per rmv ol 
API 97 47408 — 1J0 

JUI97 477 JO 468J0 47400 —1-50 

S 8 P 97 48198 47100 479.00 — 1J0 
Dec 97 489 JD 480JD 4U0 — l_5D 
Jrti98 48750 -I JO 

Mar* J95JOO 48650 49X90 — L5D 

May 96 499 JO 491J0 477.10 — 1JQ 
JUI96 501 JO «6Q0 501 JO — 1J0 

E 5 t sates NA wetfs. pries 25.979 
Wetfs Open i'i« 9QJ56 up 1906 


2 

2X230 

37J42 

11,19? 

1 ft 

6936 

X815 

X3W 


BRITISH POUND (CMB 8 ) 
42JOO pounds. S par poirad 
Seo 97 1J690 IJS 8 D U614 
Dec 97 1.6574 1JS60 TJ568 
McrW U524 

Est. safes NA Wars, safes 
Wetfsopento l oil 5SS« 


LIGHT SWEET CRUDE (NMERI 
1 J 00 bbi. - noim per bbi 
Aug 97 T9 JO 19.03 12 03 

Sep97 1945 19.H 19.11 

OD97 19 J9 19J0 19 JO 

Nov 97 19J7 19J9 19A8 

Dec97 19.69 19A7 19.55 

Jon 98 19J3 19J5 19^5 

Feb98 19.71 19 JO I9J8 

Ma-98 19.73 1 9 JO I9J3 

Apr 98 19 J2 19.63 19.68 

May 98 19.76 19.^ 19fi9 

NA wetfs. sales 


w«fs open inf 290J66 off 97665 


-0.69 
- 0 J 2 
-ft 43 
-(US 
— 0J3 
— ftffl 
-038 
— ftJ3 
-ft 29 
-029 
113.198 


98,220 

43L978 

29J26 

19.1® 

4IJ79 

wn 

LSK 

5.DS 

6JOB 


11.745 


54J44 

4U 

7 


23,99 


Livestock 


PLATINUM (NMERI 
50 trovQL- donors p«r tray ez- 
JJ*7 417JQ 410JQ 41100 +1J0 
OCt 97 4114)0 40100 407 JO +100 
J0n9B 40400 4Q1J0 401 JO ^2JD0 
E 5 t. sales NA wetfs. sales 4196 
wetfs own tn 15,913 off 323 


CANADIAN OOLLM (CMea 
IMUNOdaaan. 1 per ctfn. Ar 
Sww 7325 7198 Tin 

Dec 97 7350 7745 7311 

Mor «8 7,00 7283 7344 

Est.srtes NA Wetfs. sates 71,W7 
Wetfs open lnt 43A30 UP 473 


40J77 

ZS92 

530 


4J66 

9,522 

UM 


-fa 

Ifa 

-fa 
•Vft 
•fa 
•fa 
•Ifa 
f fa 


AAonnl 

Dedtaed 

Unaiong &0 

Tolu ewes 
NowHV^n 
NnvLows 


779 

268 

144 

731 

ft 

6 


267 

s — 

n Am ex 
5 Nasdoft 
In mBtions. 


Totter 


505.13 

25.07 

572J6 


72470 

3X08 

67X90 


-Yk 

-vk 

fa 


Dividends 

Company 


CATTLE (OVER) 

40400 IPS.- cant* per fa. 

Aug 97 6410 6157 63J0 

OOV VJO 66.95 67J7 

Dec 97 69 J5 6945 6 ? JO 

Ffeb98 70.90 70.70 70J7 

Apr 98 7X02 7X77 7X37 

Jun96 WJ2 69 J5 &JP 
Est.srtes 11,143 wetfs. sates 
Wetfs open iiff 91J61 up 11 


Pravkws 


+0.02 4X965 
+DJ7 74291 
+XI7 13J10 
+X 0 S 6J79 
— 0.10 X930 

+QJE2 I J90 
1X130 


Oose 

LONDON METALS (LME) 

Dolan per metric ton 
A Wdi i uHi Often Grade) 

1550ft 1551ft 1535.00 153600 

157XQQ 157400 ISSUW ISfftO 0 


GBCMAN MARK (OABR) 
Y25JNATrHMkis.l per marti 
Sep 97 J643 .5515 J826 

Dtt 97 JB65 

Mfir9B J904 J895 J906 

Est.srtes NA Wetfs. safes 
WOtfsapeninl 59.977 off 37 


NATURAL GAS 

HMUO ran bnj’s 
Aug 97 2215 
50P97 X2T5 
0397 2220 

Nov 97 2335 
Dec 97 2475 
Jm98 2J10 
Feb ?8 2600 
MV9S 1290 
Aur9B 2150 

MOV 98 2095 
Est.srtes na 
Wetfs open ir* 


(NMERI 
s 


QTb 


2115 un 

2t20 2 120 


1130 2.130 

2X60 ;Z65 


2 JK 2 405 


2440 

2360 


2460 

7J60 


22S> 

1115 2120 


2075 ?07S 

Wetfs. Mies 65J77 
20X045 off 3633 


19.587 

i\m 

lojn 

IUU 

I5J2I 

10.1V 

IMA 


10.115 


5X946 

908 

123 


IDO 



— (HM Grade) 
2531 JO 253400 


2491 JO 2496 JO 

240100 740400 2381 JQ 238X00 


17 J mlfian v«n, $ i 
Sep 97 J95D 8846 J928 

DOC 97 5055 9020 J044 

MVJ 5161 

Ert. sates NA WetfLSrtes 1X411 
Wetfs OPBIinr 5X197 up 338 


52006 

1 JW 

tD7 


UNLEADED GASOLINE (NMERI 

ta J 00 ooL cenf* c-?r oat 

■ApI 97 57.00 5635 $6 60 

Aug 97 56.98 56 KJ S 6 JD 

Sep 97 5450 S57S 5595 

Od?7 Si JO 54.90 5190 

Now 9? 5475 5140 54 45 

CfeC97 5480 5435 «45 

Jan 98 5510 

Fet>9& 5195 5495 51 *5 -055 

Ea. sates NA Wetfs.sctes 32342 
Wetfs opener 8UQ5 up 246 


-0-37 

—061 

-ftJ? 

-3J0 

-080 

—0-53 


3X58 

VJit 

SW 

13V 

sm 

s 


Per Ant Ret Pay 
IRREGULAR 


Per Ant Rec Pay 


•fa 

♦fa 

•fa 


. jn 

_ MS 
b .7701 
- .05 


• fa 
■<WJ 


fa 

■fa 

-fa 

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-v% 
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• fa 
•ft 

■IVft 

-v. 

•fa 


TteM 

17Q 


X'-t 


-'V 

HrroOiD 

llj 

T7ft 

Ufa 

IP* 


TteOrt* 

157 

ir^, 

lift 

lift 


TfenoM 

181 

mi 

irto 

Ufa 

•fa 

Him Ter 

503 

ii 

ID i 

11 

-to 

DvVols 

144 

to 

T.m 

/to 

-to 

Tlmnota 

117 

l?fa 

174 

U-o 


Thnrt 

193 


15 

15 

-k 

rnrmio 

111 

75fa 

in 

7I«J 

.14 

Tapfira 

JA9 

760 

ravi 

IS, 

9i 

l^i 

-.11 

-fa 

TtranCft 

761 

ft 

% 

<4 


PRA 

UM 

8to 

8to 

6ft 

-fa 

rnami 

570 

19ft 

18 T, 

1P1 

-'S 

7 mm 

740 

» 

reft 

19W 

-111 

TnMrin 

171 

13ft 

13ft 

l?vi 

■',1 

TitaMi 

IS3 

5ft 

4fa 


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18 

Ufa 

17fa 

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USFCP 

11? 

17k 

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3b21 

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29 

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Vtaefi 

19978 

29ft 

30 ft 

39ft 

.? 

YtatrfC 

230 




rai 

VMoGa 

V59 

fa 


fa 


VwNB 

mil 

134 

3fc 

Ufa 

11 

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ITfa 

134 

I7fa 

■to 

■V* 

VMrtnln 

740 

10«k 

19ft 


m 

wruET 

M0 

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WMsuT 

*31 

16fa 

lfft 

IIP. 

■H 

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234 

11% 

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23? 

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WEB Jp* 

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TXto 

llto 

14^ 

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WEB Ud 

206 

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Ufa 

I5to 

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LCLUd 

WO 

'u 

>0 

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rjffnn 

448 

Ifa 

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!*■ 

• fa 


AARP Gfw Income 
AARP US Stk Inrtt 
Allied Irish Bis 
KevrtoneGvSecA 
Keystone GvSecB 
Keystone GvSecC 
Keystone Wld Bd 
Price T Rowe Bd 
Price Rorae Dte 
Price Eq Inco 
PrtaoRoM Eqln 
PrioeRondeEqln 
PriceRoweOr Inco 
Price R Pen Shut 
Price R PeraSfrt 
Price R Pdf? Volvo 

Scudder EmraMKt 

W STOCK SPUI * 8 
DAKA luff l share of Unique Gas Rest for 
each shoe tKfld. 

Naif Penn BncshrsJforSspSI. 

Pier Mmpoita 3 tor 2 spiff. 

Technology Solution 3 tor 2 spiff. 

REVERSE STOCK SPLIT 
CE Software l tors reverse split. 

INCREASED 

Green St Find - .11 Ml 7-23 


- J44 

. .052 

- .14 

. J09 

. .15 

- .08 

. .09 
- .12 
_ .14 

- -32 
n JDS 

- 23 


6-25 6-30 
6-25 6-30 
7-3 9-74 
6-25 7-7 

6-25 7-7 

6-25 7-7 

6-25 7-7 

6-25 6-77 
6-25 6-27 
6-25 6-27 
6-25 6-27 
6-25 6-27 
6-25 6-27 
6-25 6-27 
6-25 6-77 
6-25 6-27 
6-25 6-30 
6-25 6-30 


Company 

wtt Perm Bncsfire 
Supervalu Inc 

YEAREND 

SashoKh Wheat A JO 7-31 9-19 


Q 

O 


.28 

J 6 


7-31 

9-1 


8- 17 

9- 15 


OMITTED 


RriknoeAccep 
Total Petrol 


CATTLE (CMS) 

SLOJOfc*- cents dot h. 

Aug 97 79 JO 7850 79 JO >0.90 lQJtt 

Sep 97 79.10 7822 79J7 +0J0 1741 

Od97 79J5 78S 79 J5 +QJ7 3M9 

N tuV 807S 79.95 feti +045 X605 

Jaitft 0090 8810 BQJ? +0 l40 873 

Mv98 0855 88 U NL52 +OJ7 265 

Ert. series 4 jm Wetfs. srtes X698 
WOtfsapeninl 20540 up 193 


006ft 

62000 


607ft 

621.00 


618X0 


60540 

61940 


SWISS FRANC (CMER) 


GASOIL (IPE) 

UJ._daikars per mrtric ton - lota of TOO tens 


Sprt 

Farwart 

Tin 

Sort 

Fonrard 


695040 696040 
706540 707040 


692540 693540 
704040 705040 


553540 564SJDO 
5SBS40 557540 


Ztoc (Spedal Htafe Grade) 
141140 141X1 


552am 553040 
557040 558040 


141X00 
141840 1419.00 


135940 136040 
137800 137940 


INTTIAL 


High Lora Ckise Qtge opM 


Ocwen Assotlnv 
Pfer l import n 
Pftzerincn 


AARPBrtStk 
Campbrtl Soup 
DomingueiSvcs 
Geoige Mason BK 
Kerhdifelnfl 
NiPSCOJnd 
PR Cement 
Plenum Pubftsh 
RCSBFmd 
RoanoteGas 
Sara Lee Cp 
Trtctronbi Inc 



.10 77 

7-22 

r! 

J3S 7-14 

7-30 

. -17 tH 

LAR 

9-11 

Q 

.19 6-25 

«0 

Q .1925 7-10 

M 

Q 

375 9-1 

9-15 

O 

.14 7-1 

7-9 

Q 

.15 7-25 

8-1 

O 

-45 7-31 

8-20 

Q 

3 

.19 7-14 
Jl 7- IQ 
.15 7-1S 

B-ll 

7-a 

8-1 

0 

2t 7-18 

8-1 

0 

21 9-2 

10-1 

0 

.15 7-71 

7-28 


Jut 97 8X37 

Aug 97 79.12 

0dt7 7Ufl 

Dec 97 67J2 
Feb 98 66.45 


-415 7J29 

—822 11,934 

*t\7 7.513 
-835 4J10 
— 8T5 1.821 

5.926 Wetfs. $rt*S X3W 
Wetfs open bit 31478 off 239 


8X00 

7850 

7875 

67.15 

66JD 


8125 
7892 
71.17 
67 JB 
66J7 


Financial 

us t. Bins (mat 


Sep 97 JO OS 7010 7025 

Dec 97 7105 7KB 7103 

MtrW 7782 

Est.srtes NA Wetfs. soles 6.603 
wetfs open mi 32465 on 403 

MEXICAN PESO (CMER) 
soojidq neeefa irarraw 
Sep 97 .12165 .12T10 .12155 
Dtt 97 .11749 Am .11732 
Mflr98 .11340 .11310 .11325 

NA Wetfs. soles X330 
Wetfs opened 3047 off 45 


31.937 

358 

70 


JU97 
Aug 97 
Sep 97 
Od 97 
Nov ^7 
Dec 97 
Jon 90 
FeU 98 


1 tOJS 
16745 
16X75 
166 75 
16900 

170 JO 

171 JO 
T71 75 


141.75 
16325 
165 00 
1 67.50 
169 JO 
17100 
17JO0 
172.00 


I9J15 

10 JSQ 

X235 


*0400 tes.- owes per Jb. 

Jul97 8275 8885 82.10 ♦UW 3410 

Auo97 0X35 8145 8X15 + 8 KS 2M 

Feb 98 7075 4872 69 J5 -867 528 

EsLsrtea 2478 Wetfs.sote* 2436 
Wetf$ Open inf 6479 ofl 161 


SI rnllon- PH of IOO pes 
Sep 97 94J3 «J0 96.80 

Dec 97 9464 9463 94Q 

Mff-98 9453 

Est. soles NA Wetfs. sides 
Wetfs open tot 7417 up 41 


-ft 01 
—041 


271 


7J12 

3Aa 

2 


sbmWADR; p^nyobto In ConOrton funds; 
nt-amri&ty; q-qwvferty; s-seiit«WPol 


Food 


Stock ToMes Explained 

sates figures ore unoflldoL Yeaffy highs end tows refed d» previous 52 weeks pte taeamcm 
week, toff nrt the luWffix&igd0|LWherea&paarsfc)dKdMd^aiinurilinBta25pen^or more 
has been potar ttte 9 Wrt high-low range aid (Mdaid are shown for the new stodaonlir- Unless 
otaenrase noted rotes of dvkfands are amuof dbbmenwrts based on ffie lotasl deeftwnfloa 
a - dividend also extra ( 5 }. b - annual rale of eftkfend plus stock dividend, c - Rqutdaltng 
dividend, cc- PE exceeds 99 jcM - called, d- new yearly tow. dd- loss IntlwtortHmontte, 
e - dividend declared or paid jn preceding 12 month* f - awuKd rate, incffOKd on last 
dedarafton. g - dividend In Canortan funds, subject to 15% non-rc^tdencB fox. ■ - dMaad 
declared after spRt-up or slock dividend, j - dividend paid this year, omitted# deferred or ira 
odfon token at tales! dividend muting, k - rtvCdend dedared or paid IWs year# an 
accunuilaffve Issue Wffh dividends in arreara. m- annual rate: reduced onlastdectaration. 
n - new issue in the past 53 weeks. The hEatMow range begins with the shut of trading, 
nd - nmf day delivery, p - Initial dividend aimurt rate unknown. P/E - price-earnings ratio, 
q - dasetfend mutual fend, r - rtvidend dedared or paid in preceding 12 months, plus stock 
dividend. *- stock spffL Dividend begins with date of spirt, rts- sates, t- dividend paid >n 
stock in preceding 13 months, estimated cosh value on ex-<fividend orwufirtribatton dote, 
u - now yearly high, v - trading halted.* - in baikraptcy or reortverahip or being rewgamted 
under The Bankruptcy Ad or seoirlttas assumed by such companfes.wd • when distributed, 
wi - when issued/ ww - with warrants, x - **-£v«tend or ex-rights, vdte - es-cBshffwtlaiK 
xw - withoui warrants. ^ M-dhridend and sales in ML |ld- yield, z- sales In M 


COCOA (NCSE) 
laortk. 

Jill 97 
Sep 97 
Dec 97 
Mortt 
May 98 
Jut 98 

Est.srtes NA Wotfisrtes 
Wetf 5 openInt 10X313 up 


1675 

1431 

1660 

*9 

1722 

\m 

1 M 

♦7 

1755 

1718 

1736 

-7 

1780 

17S 

1768 

+9 

U08 

1765 

1783 

+3‘ 

uro 

1799 

1799 

*3 


2 IB 

9J11 

21J63 

2X391 

9,652 

W 


1X003 


37406 lb*- rails per b 
JUI97 28X00 189.90 
SeP?/ IftIJO 16500 
Dec 97 15825 14600 
Ma-98 14600 BilQ 
Moy98 135J0 IM 


19825 SJS 
166.10 — I4J5 
U625 —17.15 
13610 —1840 
13805 -9J5 


NA wetfs. srtes L630 
wetfsfxcnlns 2X410 as M7a 


90S 

11,139 

4.743 

X294 

818 


S YR. TREASURY (CBOT) 

tlOXODO orn- pn & 6an$ of 100 pel 

Sep 97 106-18 106-02 106-04 —13 710.461 

De£?7)fe-!A 105-50 105-50 —14 UQ5 

Mar W 

Est.srtes NA Wetfs. series 4X031 
Wetfs open ini 227.381 UP 2041 

10 TO. TREASURY (CTOTJ 

lltfUDBerm- pf> a 32nd* of 1 00 eel 
Sep 97 108-17 107-31 WUR -09 329 

107-23 -09 4.189 

WcrW ia#-ii -10 9 

Eascte NA Wetfs. srtes 78224 
WrtTBODentaf 33L497 up 5257 

US TREASURY BONDS (C 0 OD 

10 riO-UOftOOO-pt* ft J2nas Of 100 Kll 
5W 97 111-22 111-03 111-05 -18 421796 

DeC77 111-12 110*24 110-21 

Mcr 96116-3! lio-IS 110*15 

-tad ^8 110-04 

Est. sales NA Wfetfi «tes 37*751 
wetfsmntot w.ios up 43 99 


3-MONTH STERLING CUFFE) 
cmMQQ'pbrtUQpd 

Sep 97 9197 9X94 9196 -0J1 

Dec97 92J0 9176 9178 UncJL 

Mar 98 92J0 92J6 92J9 -<L 01 

Jun 90 9167 9163 92^6 ^L 02 

Sep 96 9166 9162 92J5 ±QJQ2 

D«c98 9166 9X6? 91a5 +OJ 2 

Mv99 9166 9163 9165 * 0.02 

Eril-OOln: 68*364. Prov tan 9X223 
Prav. open fait.: 497,980 aft 1376 

3-MONTH EUROMARK (UFFEl 
DMI ntftlon- otsoflOOpd 


12ft 728 
111B51 
84017 
58716 
33.370 
28603 
2X238 


16X25 
164.75 
166.50 
169 JQ 

11050 
17X25 
17125 
17X25 

Etf «iIm: 10534 Pre*. wtai 
Prev open tnl 7X070 up 732 

BRENT OIL (tK> 

U.5. Man per Dart - tab tf UNO 
" * 1817 17J2 17 BS -JJ7 

1433 17« 

1849 18 U 
183 1631 

16*0 1840 

l&ft« 1844 
1*46 1642 
1 8 -S3 18 32 

Ea rates 34.703 . Pm. rafe 
own mt- 175Jl4upX553 


*1.50 28378 
*1J5 I SAM 
*050 L4M 
*050 *62f 
*050 4^ 

«0JD 9 Jg 
1775 
♦025 W* 7 

1X526 


Aug 97 

Sep 97 

Od 97 

N«97 

Dec9? 

Jan90 

Fem 

Mo*98 


1790 —029 
1814 -04S1 
-035 
1838 -030 
IBJ9 -030 
1837 -039 

■4X471 


76732 

1430 

WJ7 

1 17? 


Stock Indexes 


Juft 97 
Aug 97 
Sep 97 
Dec 97 
Mar 98 
Jwi 98 
Sep 98 
Dk98 
Mar 99 


NT 
NT. 
96.B4 
»6 76 
9ft 67 
96.51 
9030 
96 02 
95.77 


N.T 

N.T 

9*33 

9073 

9063 

9047 

9637 

95.98 

9574 


96 J 6 
9085 
9084 
9&JS 
96.66 
96 JO 
9ft JO 
9603 
95 77 


Undi 

Uuol 


1607 
371 

*OOI 271645 
+0 01 281.252 
--Dm 23X961 
*002 160847 
*0J» 140303 
•0.01 95.322 
•0.03 8X407 


S&PCDMR. INDEX ICJ 6 ER) 

500 r 4 V 3 CI 

Sep 77 90X53 HiOO 092.00 
Dec?: 91870 mx ms> 
Mpr?9 9TST0 

Er tod NA Wetfs. safes 
wetfsamto r ITS J* aft 79 


— usings 

-745 lg 

— 3J5 U* 

74.S74 


EsL sates: 124751 Pitv sain- 13X475 
Prav OMfitaL: 1,437,909 up 1X474 


-19 

— 19 

— 1? 


25JQ2 

X205 

801 


MONTH Pt BOR fMATlF) 
FF5miJJon - pboi 100 pd 


SUGAR-WORLD 11 (NCSE) 


11 XOT era.- 
M77 11.19 

0097 11J0 
Mar 98 I1J7 
May «• 11.18 
E^.srta NA 
Wetfs open ktf 


rata 
11.18 11.11 
11.23 1US 
11J3 1US 
11.13 TI.17 

wetfs. srtts 
147J32 up 


LIBOR 7-MONTH (OUSt) 

vaffumon-fitsaf 2 DO PCI 

-fell 97 94 Jl 9130 9131 THAI* 

Aug97 942S 94J7 WJ7 

Sep97 9124 94.3 9U3 -fttn ^5 

NA Wetfs. ram 9jm ^ 

Wetf$ open inf 4X261 1 ® 166? 


Sop 97 
Dec 97 
Mar 98 
Jun 98 
6ep% 
Dec 98 

Mar9» 


CAC 48 (MATIF) 

FFM per flft* pert 
ixm*] 2S»J 7W2J 7894.0 *310 
Jtf ’7 25980 236X5 281? 1 <215 

Aug V7 2888X1 2S88J0 2900.0 -31-8 
5c?97 ?9U0 7877J TWO *31 J 

E* rates 49.942 
Open Ini., 764X0 up XW- 


nfl 

lS 

»803 


96.61 
96J8 
«ftSD 
9640 
MJS 
0ft Di 
95L81 


96J8 
OftSJ 
9647 
9ft J 6 
96J1 
96 JO 
057ft 


-un 


9 ftJ7 
«6J9 
9ft 39 
9ftJj 
9603 
95.81 


+ 0.03 

+ 0 . 0 ; 

-003 
*0J2 
+ 003 
*0J5 


—a« 284)97 
-8J1 71^36 
-0J1 38J73 
4 DUD 8,168 
37J79 
1619 



LONG GILKUFFEl 
C5GOOO- ph ft 32nxfs oi 108 pet 
JtfJ7 114-11 f 144)7 T14-07 -0-04 mo 
S w97 114-02 113-23 113-30 UndL MM 

EA sate*. S9.M Piw. safe: *1943 
Prev. open im_- i«L 0 * 0 fl 884 


Etf. rata?- 4Utft 
Open ml. 254ft l Soft 278. 

(UFFEl 

ITL1 mfiRon-pfsaf lOOpet 
9154 9344 V14 

9199 9187 

-- 

JllilVB 94 j61 04 JO 902 —008 

552m S 446 907 -oS 

D«-98 9450 9ft4? %447 —008 

67.9*4. Pnw. rates. 8490! 
P^v open tar: 32M13 up 1X49J 


7ft 138 
34562 
31.678 
27.3*9 
3U38 
17JM, 
11967 


FTSE 108IUFFE1 
C25 pftf Intel pan) 

Srp 97 46880 464X0 46840 *2X0 
UftC 4 *? 4729.0 4708JO *720 

Esl rates 4 . 1 * 0 . Pwt.irteft 

Ptev. open W- 6484? rtf 109 


6XflO 


CommocAty Indsres 


—O 07 
9190 -007 
*4 17 —007 


117.270 

77.632 

46.987 

34465 

24421 

11.407 


Moody's 
fecufm 
D J. Futures 
CRB 




Dose 

1,559.80 
NA 
149.94 
73940 

tnn^iPurKfBiF^ra Eiame* t** 1 

Rmteanv Et&anff* 


as 

241 J1 


I $?-***%. ie* ‘ 

*A - 

S g . ' TjkgtafA 

1 ' % , m 

'• y W WW. M j 

X • 


\ 

» m _ \ 



quarter pace, a banking trade croup 
is urging the Federal Reserve to 
raise interest rates slight!). 

Joel Naroff. chairman of the 
American Bankers Association's 
Economic Advisors- Committee, 
said the panel had urged Fed gov- 
ernors at a meeting Wednesday to 
raise short-term rates by a quarter 
percentage point this summer. 

"Taking action to raise rues 
would be an appropriate step to keep 
inflation in check and extend the 
current expansion.” Mr. Naroff, 
chief economist at First Union, said 
The Fed's policy-making Open 
Market Committee meets next week 
to decide whether to adjust rates. 

Among broad stock indexes, the 
Nasdaq composite index fell 9.87 
points to 1 ,456.37, and the Standard 
& Poor's 500-stock index slid 5-31 
points to 885.68. 

Core Industries shares rose I 7/16 
to 24 11/16 after United Dominion 
Industries said it would buy the 
maker of hydraulic controls for farm 
and construction equipment for 
about $330 million. United Domin- 
ion also agreed to buy Imo Indus- 
tries, a maker of analytical and op- 
tical instruments, for $440 million. 
Shares in into rose 2!-j to 5>i. 

American depositary receipts 
representing shares in SmithKline 
Beecham PLC rose I 9/16 to 90 
5/16 after the British drug company 
said the U.S. Food and Drug Ad- 
ministration had cleared its hep- 
atitis A vaccine for use in patients 
with chronic liver disease. 

Komag fell 6 15/16 (o I6*« after 
the maker of thin-fiirr. disks for 
computer disk driven said earnings 
for tire rest of the year would be 
below expectations because of 
weak demand for high-end drives, 
and lower orders from Seagate 
Technology, a major customer.' 

(AP. Bloomberg. Reuters i 



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TRIBUNE, 


PAGE 15 


France 

Supports 

Aviation 

Mergers 

Rearers 

PARIS — Defense Minister 
Alain Richard was quoted on 
Thursday as saying that there 
was room for just one plane 
maker in Europe and rhar he 
saw a combined Dassauli- 
Aerospatiale as simply a com- 
ponent of such a fiim. 

In testimony to the National 
Assembly Committee on De- 
fense delivered on Wednesday 
and made public Thursday, Mr. 
Richard added that the situation 
was different for the defense 
electronics firm niomson-CSF, 
which be said was important 
enough not to have to be sub- 
merged into a conglomerate. 

“In the aerospace industry, it 
seems a given that there is room 
for just one plane maker, ci- 
vilian and military, in Europe,” 
Mr. Richard said. “Negoti- 
ations in search of agreements 
with the governments of other 
countries are fundamental, with 
the bringing together of 
Dassault and Aerospatiale a 
simple component." 

European and U.S. aerospace 
executives have been anxious 
to know the new leftist gov- 
ernment’s plans for defease in- 
dustry consolidation. 

Dassault makes combat 
planes, while Aerospatiale de- 
rives some 70 percent of its 
revenues from making com- 
mercial jets for the Airbus In- 
dustrie consortium. 


EUROPE 



Rhone-Poulenc Plans to Buy Out Rorer 




CoRpMb\ OwSuffFnntDIykitrbn 

PARIS — The French drug and 
chemical company Rhone-Poulenc 
SA said Thursday that it was con- 
sidering a 25 billion franc ($4.3 bil- 
lion) bid to buy out minority share- 
holders in its U.S. subsidiary 
Rhone-Poulenc Rarer Inc. 

In an announcement drat drove 
shares in both companies higher, the 
French company said it might offer 
$92 each for the shares h does not 
already own in Rorer. It would 
partly finance the 25 billion-franc 
purchase by the sale of 7 billion 
French francs ($1.20 billion) in new 
Rhone-Poulenc shares. 

The move would thrust Rhone- 
Poulenc into the top leagues of the 
world ’ s pharmaceutical industry, al- 
lowing it to combine Rorer with its 


vaccine business. The company 
would shed its less profitable chem- 
icals activities, which have weighed 
on its profits and share price. 

“Rhone Poulenc will become a 
veritable ' drug company,’* said 
Jacques-Amoine Brerteil, fond 
manager at International Capital 
Gestion. "It will prompt a revalu- 
ation of the shares.” 

In Paris, shares of Rhone-Poulenc 
rose 40.60 francs, or 1 9.2 percent, to 
a record 252.50. In afternoon trad- 
ing in New York, stock in Rorer 
jumped $1 1 , to $90.4375. 

Rhone-Poulenc, which already 
holds a 68.3 percent stake in Rorer, 
also said it would regroup its chem- 
ical and fiber operations into a single 
unit that would be partly spun off 
and taken public in 1998. T! 


com- 


pany said it would retain majority 
control of the new unit but did not 
specify how much it would keep. 

The moves are aimed at bolster- 
ing Rhone-Poulenc *s competitive 
strength in the fast-changing global 
chemicals and pharmaceuticals in- 
dustry, which has been swept by a 
wave of big mergers. 

Analysts were enthusiastic about 
the plans, which they said made 
strategic sense and would boost 
Rhone-Poulenc 's share price-to- 
eamings ratio. They were also in 
line with Rhone-Poulenc 's goal of 
focusing on its lucrative pharma^ 
ceuticals business. 

Britain’s ICI PLC created Zeneca 
Group PLC from its drug division in 

1993, while Novartis AG of 
Switzerland spun off its specialty- 


■ 

chemicals . division this year. 
Hoechst AG of Germany considered 
such a move last year after buying 
die French drug company Roussel 
Uclaf SA, but pulled back. 

Rhone-Poulenc intends to keep a 
majority of the new chemical com- 
pany resulting from the spin-off. 

Two U.S. ratings agencies. 
Moody’s Investors Service and 
Standard & Poor's Carp., both said 
they, would consider downgrading 
Rhone-Poulenc ’s credit, rating in 
light of the possible acquisition and 
capital increase. 

The acquisition would “weaken 
Rhone-Poulenc’ s financial situ- 
ation. which is already relatively 
stretched.” said Standard & Poor’s 
analysts in a note. 

( Bloomberg. Reuters) 


Investor’s Europe 


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1997- ■* 



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1997 


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Richemont Reports 23% Rise in Net Profit 


.m ’-feiioir 134 ® 



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,.3^65.75 


CtmpM ta Qw SuffFnmt Daputckn 

ZUG, Switzerland — Compagnie 
Financiere Richemont AG, which 
has holdings ranging from cigarettes 
to luxury goods, said Thursday its 
net profit rose 23 percent in the year 
through March. 

The Swiss-based company, con- 
trolled by South Africa's Rupert 
family, said it earned a net £513.4 
million ($850 million) in the period, 
up from £416.4 milli on a year ago. 


That includes a £29 1 J million one- 
time gain from the sale of its Euro- 
pean media operations. 

Sales rose 10.4 percent, to £4.75 
billion. The results are reported in 
British pounds because the shares 
also trade in London. 

The results sent Richemont shares 
up sharply in Zurich, Johannesburg 
and London. They closed in Zurich 
at 2,020 Swiss francs, up 80, and in 
Johannesburg at 63.50 rand, up 175 


cents. In London, it was 1,398 
pence, up 45 pence. 

“The results were better than last 
year, but I don’t like the conglom- 
erate, they are not transparent,” said 
Dieter Bncholz. a fund manager at 
Hottinger & Cie. 

Richemont’s main , holdings in- 
clude tiie cigarette maker Ro thmans 
International, stakes in media 
companies Canal Plus SA and Netb- 
old BV, and Vendome Luxury 


Group, whose brands include Carti- 
er, Alfred D unhil l and Piaget. 

Earnings at the cigarette unit rose 
36 percent, to £795-9 million, as 
sales of cigarettes rose 16 percent, 
tbe company said. 

Richemont's share of operating 
losses at its media operations, which 
were held through Nethoid B V until 
the end of March, widened £34.7 
million to £S1 million. 

(Bloomberg, AFP) 


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Very briefly: 


Saudis Move Into Portuguese Oil Industry 


GxqpJrt/ In- Our SufiFrm Dapatrim 

LISBON — Saudi Anunco will buy 27.5 per- 
cent of Portugal's state-controlled oil company 
for an undisclosed sum, the Portuguese gov- 
ernment said Thursday, giving the world's largest 
oil Droducer greater access tt 


or 



eminent and 17 J percent from a holding com- 
pany of private shareholders. After the sale is 
complete, the government will own 45 percent of 
Petrogal and the shareholder group, PetrocontroL. 
will own 27 J percent. 

The statement gave no financial details, but a 
company source said the accord valued Petrogal 
at between 220 and 230 billion escudos ($1.27 


billion, to $1.32 billion) with tbe Arameo stake 
being worth some 63.25 billion escudos. 

Petrogal operates the country’s two oil re- 
fineries and a network of more than 1,100 sta- 
tions. The company controls more than 50 per- 
cent of tire Portuguese market for petroleum' 
products and has also expanded its service station' 
network into Spain. (Bloomberg, Reuters ) 


• Syria, Egypt and six Arab states — Saudi Arabia. Kuwait. 
Oman, Qatar. Bahrain and the United Arab Emirates — ended 
.talks in _ the Syrian resort of Larakia by agreeing to set up a 
common market among the eight countries. 

• Great Universal Stores PLC, Britain's market leader in 
home shopping, saw its shares tumble after reporting its first 
annual profit decline in nearly 50 years. 

• Lufthansa AG said its full-year pretax profit would prob- 
ably surpass 1995*s 756 million Deutsche marks ($439 mil- 
lion) after cost-cutting and higher sales boosted first-half 
earnings above last year's level. 

• Abbey National PLC bought the financial-services concern 
Cater . Allen in an agreed bid valued at £191 million ($318 
milli on) in cash.. 

• Havas S A, France's largest media company, said it expected 
to report a net profit of about 123 billion francs (5211.4 
million) in 1997, up roughly 23 percent from last year. 

•Glaxo Wellcome PLC agreed to sell its drug-manufac- 
turing plant and inventory in North Carolina to Catalytica 
Inc. for $247 million in cash, plus a package of shares, share 
options and business contracts. Bloomberg. Reuters 



} W 


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WORLD STOCK MARKETS 


High Low Close Pm. 


\) 

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I. 1 


Thursday, June 26 

Prices In local currencies. 
Tetekurs 

High Low aou Pm. 


Amsterdam 


AEXMotSTltf 
Previous: 871.44 


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ABN -AMRO 
Aegon 
Ahoftd 
4X20 Nobel 
Bom Co. 

Bob Wesson 

CSMoro 

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DSM 

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245.90 
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361 JO 
11350 
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£40 

£25 

8 JO 

£40 

11.90 

1120 

11.90 

11J80 

12J0 

12 

12.10 

12 

1820 

17.90 

18.10 

?£30 

£30 

8.10 

825 

BJ0 


London 

Abbe* Natl 
ABtedDamccq 
Angtam Water 
Aiqos 

AadaGfuw 
Assoc 3r Foods 
BAA 
Barclays 


PT-5E 106 465488 
Previous: 4640J0 


BAT tad 
Bar* ScoOond 
Bloc Qftif 
BOC Group 
Bools 
BPB Ind 
Brtt Aerusp 
BrilAinmys 
BG 

Brtt Land 
Brit Mm 


04) 
425 
682 
STB 
127 
615 
US 
1 7 JO 
7 JO 
657 
44)3 
4J1 
1055 
7.19 
135 
1150 
7.02 
277 
565 
TJ2 


675 
620 
657 
5 AS 
121 
611 
5 4G 
ilia 
7J3 
5 33 
194 
620 
1046 
7415 
330 
1133 
655 
270 
1*0 
7.13 


828 

625 

670 

569 

126 

5.11 

1135 

733 

797 

477 

1040 

7.1 B 
375 
1115 
7 

2J4 
SA 1 
777 


828 

424 

647 

5.76 

122 

5.16 

SJ? 

1311 

770 

555 

3.99 

422 

1053 

7416 

323 

1139 

693 

727 

561 

713 


BSkyfi 673 

BrtSted 1J6 

BfOTetecam 665 

BTR 226 

Bunuah Castrol 1020 

Burton Gp 120 

Crt to Witless 520 

Cadbmy Sdrar 5J7 

CrettenCaren 540 

Com ml Union 678 

Compass Gp 677 

Cotinairids 144 

Dtxnns 699 

EtedroGtenpononts 652 
EMI Group 1122 

Emm Group 
Enterprise Ofi 
FomColontei 
Genl Accident 
GEC 
GtCN 

Gto® Wodoome 12J5 
GronadaGp 8J5 

Grand Met 
GRE < 

GimaRsGp 
Guteness* 

GUS 
Han 

HSBC Hdgs 

ca 

total Tobacco 
Kinqftaher 
Ladbrake 
Land Sec 
Lasmo 

Legal Genl Grp 
Lloyds TSBGp 
LuaaVdfty 
Mails Spencar 
MERC 


645 

685 

1.66 

687 

146 

10J4 


MeraufyAssM 
National Grid 
Naff ftwrer 
NatWest 
Next 

Nonridi Lhdon 
Orange 
P60 
Peanon 


PramterFamel 
Prudential 
Ro8fczdcGp 
Rank Group 

ReddttCofim 
— » — ■ 
Koonna 

Reed lift 
RtaMflMal 
Reuters Hdgs 
mam 
RMC Group 
Rote Rayce 
Row! 8k Scat 
RTLreg 
BgglfSunAll 
Sateway 
Satasbury 
Schredero 
5cxjtNnKZistte 
Scot Pow er 
Seaulow 
Severn Trent 


5457 

177 

4J2 

689 

655 

682 

1620 

629 

3.97 

7.09 
141 
8-57 
173 
427 
643 
111 
112 
107 

1686 

226 

527 

125 

7.19 
326 
1.99 
617 

7.10 
122 
722 
657 

6 

608 

322 

693 

140 
695 

2.19 
638 
162 
928 
2J4 
527 

1026 

6 55 

141 
160 

1630 

634 

179 

226 

725 


ShoflTmnspR 12J1 

Stebe 1023 

Smith Nephew 175 

SmtadOfiw 1694 

5mmrstad 826 

5 them Dec 656 

S ta gecoodi 640 

Stood Charier 922 

TateALyte 4J1 

Tesoo 174 

Ttenies Water 695 

31 Group 525 

Tl Group 527 

Tomkins 220 

Urdtew 1720 

Utd Assurance 429 

UtdNews 729 

UtdUMMfls 651 

Vtatdome Lx uts 655 

2.96 
727 
119 
675 
220 
1972 


Vodafone 
WhV&road 
WM toms Hdgs 
Woboley 
WPP Group 
Zeneca 


651 

1J8 

651 

1.93 
1612 

1.18 
525 
523 
. 526 
642 
675 
140 
424 
648 
1690 
628 
675 
1-63 
878 
143 
1027 
12J4 
616 
520 
271 
646 
582 
609 
5J7 
17.96 
B2B 
191 

721 
222 
820 
2 L6A 
621 
620 
226 
527 
523 

1248 

2.16 

5.15 

828 

7.10 
122 

1.96 
627 

722 
173 

7 

651 

5L87 

5.96 
173 
872 
135 
183 
114 
626 
156 
9.75 
228 
570 

1058 

645 

137 

154 

16.10 

625 

348 

225 

770 

1224 

10.77 

1.72 

1045 

7.93 
4 JO 
671 

9.10 
4J0 
168 
525 
698 
578 
225 

17.12 
631 
770 
620 
650 
2.91 
7 JO 
3.17 
665 
2J7 
1924 


654 

1J1 

653 

222 

10.12 

1.19 

168 

£37 

£35 

662 

£77 

142 

424 

648 

10.90 

£39 

£81 

165 

825 

2J6 

1041 

1260 

£20 

523 

277 

648 

525 

£23 

522 

18.10 

£34 

195 

7.06 

228 

8J2 

266 

624 

639 

227 

£10 

£05 

1272 

273 

574 

8.16 

7.16 

132 

1.97 

615 

724 

1J1 

770 

657 

£99 

£10 

3.77 


Pm. 


High 

Low 

dOM 

4J1 

BcaCoimn Ital 

3715 

3635 

1685 

1J8 

Bca Fteeuroro 

5240 

5095 

5095 

424 

Bead Roma 

1250 

1219 

1233 

154 

Benetton 

27800 

26750 

27050 

10.14 

Cr&dto ItaEano 

3225 

3125 

3270 

1.19 

Edison 

8390 

8135 

8165 

5J9 

ENI 

9700 

9570 

.9640 

5J3 

Flat 

6175 

6050 

6165 

528 

GeoeroGAssk 

30000 

30250 

30700 

£66 

IMI 

16040 

15700 

15825 

675 

INA 

2760 

2685 

n/flf 

COfJ 

144 

4.90 

iwigas 

Medasd 

5630 

7380 

5450 

7230 

5495 

7240 

4J8 

Mnflolnnai 

10650 

10350 

10500 

11-02 

Montedison 

1154 

1120 

1130 

6J4 

Ollvetl 

505 

40 

481 

£70 

Parmalat 

2490 

2355 

2385 

124 

PMl 

4350 

4255 

4325 

826 

RAS 

13950 

13700 

138S5 

3JS 

Rdo Banco 

20850 

20450 

20550 

10J1 

SPoato Torino 

12650 

12175 

12500 

1224 

Stet 

10240 

10135 

10230 

8J6 

Toteaxn ItaBa 

5690 

5610 

5685 

554 

TTM 

5800 

5620 

5630 


High Low Close Pm. 


High Low dm Prev. 


Peugeot at 
PtaouP- Print 
Promodes 
Renault 
Rood 

Rh-PautencA 

SanaB 


590 

3047 

2435 

150 

1782 


565 

2893 

2371 

147 

1705 


573 

2970 

2406 

149 

1782 


587 

2987 

2400 

147 

1702 


ABBA 
AssIDonrai 
AsbaA 
AfiasCopmA 
A utoOv 



10620 108 
22120 221 JO 
141 JO 143JQ 
20120 20120 
29220-29720 


10150 

226 

143 

20150 

29220 


SEB 

SGSTtanon 
Ste Generate 
Sadextu 
StGobaln 
Suez 

Syrthetabo 
Thomson CSF 
ToUB 
IMnor 
Vdteo 


25£70 233 JO 25150 

211.90 

EbdtrotaB 

572 

568 

570 

572 

574 

549 

573 

547 

Ericsson 8 

31450* 

28450 

307 31250 307J0 

333 320.10 326.70 

331.90 

Henries B 

282 

282 

285 

1059 

1042 

1045 

1041 

Incentive A 

710 

704 

704 

71! 

461 JO 

450 

452 

464 

Investor B 

407 

400 

406 40250 

660 

663 

676 

665 

MoDoB 

260- 

253 25150 26050 

2993 

2676 

2903 

2962 

Nardbanken 

247 

240 

247 

242 

880 

663 

874 

865 

PtarmMpfahn 

260 

25? 25850 

271 


28620 

768 

16160 


10670 

380 


27720 

747 

15£10 

570 

100 

361.10 


28180 
756 
159 JO 
590 
10320 
36870 


308 

750 

15960 

570 

10060 

373 


Sao Paulo 


Baraga Jodflt 1814640 


‘mtouse 13053J0 


136 

£95 

2.19 

634 

229 

928 

2J2 

£83 

lift 

4J0 

140 

157 

1630 

629 

177 

225 

722 

7228 

70.19 

1.73 

1094 

7.93 

642 

633 
9.17 
441 
173 
£95 
522 
£34 
228 

1770 

634 
772 
647 
421 
192 
724 
119 
673 
2J8 

1972 


272 

4J9 

527 

£74 

£79 

18.17 
8J0 
195 
727 
2J6 
823 
268 
623 
tJS 
227 
54)8 
527 

1225 

2.15 

£10 

8.17 
7.10 
127 
1.98 
£10 
7.07 
175 

7 

653 

£91 

£10 

178 

£95 

138 
526 

117 
640 
261 
979 
142 
£81 

1021 

424 

139 
327 

Ta.15 

625 

366 

225 

7.19 
1126 
1073 
174 

1068 

£05 

473 

£38 

9.19 
421 
171 
£68 
523 
522 
229 
1772 
630 
779 
£24 
655 
191 
727 

118 
467 
149 
1942 


Montreal 

Bee Mob Com 

CdnTTmA 

Cdn LHflA 

CTRrrlSw 

GazMeto 

Gt-WestUfeco 

Imasco 

ImwtomGrp 

LobfcrwOte 

Nutt BkCanadta 

PowCarp 

PovrerFtal 

QuebecorB 

Rogers Goran B 

Roytf BkCda 


tadustrtttedtt 329602 
Previous: 3331 J2 


Oslo 


Aker A 


4240 

42J0 

4240 

42 JO 

27.10 

27 

27535 

27.10 

3514 

35te 

35M 

3S60 

37 

37 

37 

37 

18 

1755 

17.95 

17.90 

34 

3314 

33J0 

3 

39 JO 

3045 

39 JO 

38-45 

3110 

3210 

3210 

32 

19J0 

1955 

1950 

1950 

1755 

17 JO 

171ft 

17-40 

34.10 

3350 

34.10 

3195 

m* 

33H 

33Mr 

34 

26 

2» 

25.90 

26 

m 

9 JO 

9 J0 

920 

6295 

62J0 

6265 

005 

140 

OBXIfitte)C64£23 
Prevfoes; 642J2 

136 140 137 


BradescaPfd 

Brahma Pld 

CaniaPfd 

CESPPfd 

Capel 

Etetrobras 

ItaubancaPW 

Light SewWas 

LWrtaar 

PSnimPU 

PaufctaLuz 

Sid Nodorm 

Sana Cruz 

Tetebra Pfd 

Tetemte 

Tetol 

TetespPW 

Untaoiro 

UrfmtaasPM 

CVRDPfd 


1027 1070 
839.99 82720 
5820 5720 
8220 7720 
2170 2020 
66T20 63920 
62620 6 20 20 
59021 54320 
43600 42520 
32420 31600 
19620 19120 
3530 36710 
1720 Tl JO 
172-30 168.90 
205.00 201 2B0 
mx 17020 
39020 37820 
4721 4020 
1110 11.90 
2520 2420 


1OL0O 
839.99 
5720 
7760 
2123 
64020 
620.00 
54620 
42620 
31820 
19100 
35.10 
IT JO 
171 JO 


I 

37920 

4020 

7220 

2693 


1020 

82720 

5720 

7699 

2125 

65D2 0 

620.00 

sstoa 

42520 

31920 

19420 

3570 

1160 

16870 

20020 

16920 

39790 

1220 

2600 


SamB 

SCAB 

5-E Bantam A 

Thmiffn Cm 

Mnwu ran 

SbmstazB 

SKFB 

S p retwnto A 
SbdshypatekA 
Store A 
Sv Handles A 
VatvaB 


23220 
167 
8320 
282 
34920 
206 
167 

13 


2)5 

228 

165 

8220 

281 

345 

203 

16520 

190 

128 


237 23020 
206 200 


21 820 
22B 
166 
83 
2B120 
345 
204 
167 
190 
128 
23620 
20120 


21620 

232 

166 

-83 

282 

34B 

203 

16520 

190 

131 

23020 

20020 


Seoul 

Dram 97100 95500 77000 98000 


Sydney 


AJIOrAnrteK 269950 
PMVtoDB I70S.1I 

Amoor 

£75 

859 

£71 

£66 

ANZ BJdng 

950 

959 

950 

957 

BHP 

1922 

18.97 

7956 

1925 

Bard 

426 

413 

4J4 

4L19 

Bnndbtas tad. ‘ 

2556 

25.10 

25J0 

2558 

CBA 

1543 

1SJ5 

1543 

1551 

cCArean 

16J0 

1550 

1635 

1529 

Coles Myer 

757 

£80 

7 

£85 

Coma too 

720 

7.10 

7.10 

7J0 

CSR 

£12 

5 

5.12 

£04 

Fasten Blew 

252 

250 

250 

251 

Goodman Hd 

2 

1.95 

T.98 

1.99 

K3 Austrafla 

1356 

1257 

1355 

1298 

Lend Leas# 

27.90 

1£39 

2755 

2275 

MIM Hdgs 
NatAuriBw* 

157 

-18J5 

125 

1858 

2’ 

1£97 

Nat Mutual Hdg 

209 

256 

257 

211 


The Trib Index 

Pncas as ci SCO PM. Aim York nr*e. 

Jkli..iM2=10Q. 

Lsvsl 

Change 

% change 

year to data 
% change 

Worid Max 

176.55 

+1.47 

+0 84 

+18.38 

Regional Indexes 





Asla/Pactfic 

133.45 

+353 

+2.72 

+8.14 

Europe 

184.16 

+2.6^ 

+1 .48 

+14.24 

N. America 

200.96 

-2.49 

-1.22 

+24.12 

S. America 

175.02 

+2.75 

+ 1.60 

+52-95 

Industrial Indoxen 





Capital goods 

217.74 

+0J2 

+0.42 

+27.39 

Consumer goods 

197.30 

+033 

+0.17 

+2222 

Energy 

205.63 

+0j65 

+0.42 

+20.46 

Finance 

. 134.00 

+3.10 

+2.37 

+15.06 

Miscellaneous 

174.79 

+1.90 

+1.10 

+8.04 

Raw Materials 

1B6.31 

+0.38 

+0J20 

+6-23 

Sendee 

168.72 

+1.18 

+0.71 

+2141 

Utffities 

157.74 

+2.07 

+1.33 

+9.95 

77*e fntemBdonaf Herati Tr&vne Wodd StocK tnetexC oeda the US cctor \ra^es c 

290 amnwtonmiyhmWe stocks from JSeoirtnesL Formota *nt c^nancn. shea 

tx&dattsBvaSabte by writing to Tbs Trt> index 181 Avenue Charles tie Gauite 

92521 Nowfy Codex France 


Compiled by Bloomberg News 

HW 1 

Low Close 

Pm. 

High Low 

Oose Prev. 


Dobra 5ec 

DDI 

Dbibso 

East Japan Rv 
5sal 
Fanoc 
Fufi Bank 
Photo 


Bk 


W4 957 920 

8760a 8640a 8720u 8630a 
2900 2810 2850 2810 

5760a 5660a 5730a 5750a 
2230 2190 2210 2200 


CdnNatRas 
CttnOaMPet 
CdnPadflc 
Canrinco 
Dotesco 


36 J0‘ 36 
30J0 30.45 
39.70 3£3D 
3670 36J0 
25.95 25ta 


36.10 3£90 


3tPa 


31 


38*4 38.80 
3625 3flvj 
2570 2595 



Hdddtonf 

■ ■■■ ^pi 

renew 


Madrid 


Balsa tadne 601 J7 
Piwtotts: 60173 


Acerinox 

ACESA 

Agues Baraeten 

Amenta ria 

BBV 

Baiesto 

Baidtinto 

Ba> Centro Hrsp 

BooRvuter 

Boo Santander 

CEPSA 

Cantatente 

Carp Mapfre 

Endesa 

FECSA 

GcnNarurtd 

jberdro ta 

Pryw 

Repsol 

Sevaanofiec 
Tabacatora 
TetetenEco 
UntenFmsa 
Vale nc Cement 


27990 

1995 

6000 

8360 

12190 

1530 

26500 

5470 

35140 

4800 

5050 

3400 

7750 

17100 

1425 

32600 

1920 

3190 

6330 

1525 

0100 

4415 

1350 

2320 


27620* 

1965 

5950 

8250 

12000 

1490 

25760 

5370 

34100 

4690 

4985 

3250 

7*50 

11780 

1375 

3240 

1885 

3100 

6260 

1500 

7850 

4360 

1325 

2265 


27620 

1970 

5970 

8320 

12100 

1500 

25740 

5470 

35190 

4690 

4990 


7740 

12100 

1385 

32400 

1890 

3185 

6J90 

1500 

8020 

4375 

1330 

2320 


27810 
1900 
5980 
8360 
11990 
1510 
26010 
5450 
34100 
4770 
5050 
3260 
7650 
11 BOO 
1410 
32580 
1910 
3065 
6290 
1505 
7870 
4390 
1340 
2300 



fanta Motor 
TBJ • 

IHV 
tfodtu 
tta-Yotodo 
JAL “ 
Japan Tobacco 
Jura 
talma 
tarsal Elec 
Kao 

KfcmasaM Hvf 
tawa Steel 
KlnMNIppRy 
KJrbn Brewery 
KobeSM • 
Komatsu 
Kubota 
Kyocera 
Kyusftu Elec 
LTCB 
Manibeid 
Mand 

Matsu Cam 

Matsu Bsc tad 

Matsu Bee Wlc 

Mltsubtota 

MKubistdCh 

MfeufahNEJ 

MftsuteshlEst 

MHubistaMvy 

MltsuWsMMta 

MttfUWsNTr 

Mitsui 

NUlsulPudara 
Mlsuilrus! 
MurataMfg 
NEC 
rckon 
NMnSec 
Nintendo 


4370 

4260 

4270 

r , 1 | 

Dorntar 

12.15 

12.05 

1205 

12* 

. 

1840 

1760 

1790 

1730 

Donohue A 

29.90 

29« 

29^» 

30 


4750 

4630 

4630 

W 

DuPoitf Cdo A 

30to 


304 

30^ 

■ 

1640 

1610 

7620 

1640 

Edper Group 

2355 

2145 

2145 

2155 

■ 

1160 

1140 

1140 

1150 

EurofJevMng 

4170 

4255 

4120 

43^. 

- 

1340 

1310 

1310 

1330 

FQlrtaxFN 

39110 

391 

395 

393 


3410 

3350 

3350. 

3400 

Fatooiihridge 

2TA 

27.10 

27 JO 

27.30 

■ 

1930 

1B30 

1850 

1630 

FtetdwrChofi A 

24.05 

2355 

ms 

2160 


460 

40 

. 450 

455 

FnmcaNevodo 

71 

70 

70.10 

70^ft 

■ 

630 

600 

600 

605 

GUriCda Res 

11.70 

liJO 

11J5 

11-00 

• 

6900 

6700 

6720 

6890 

tatperMOa 

7155 


77 J0 

7155 

j 

514 

498 

509 

497 

InCO 

42 

474ft 

41J0 

4170 

1 



Express 

nod 


Steel 
Nesan Motor 
NKK 

Nomura Sec 
NTT 

NTT Date 
08 Paper 
Onto Gas 

rw m. 

nun 
Rflbfn 
SatemBk 
Sraftya 


91«ta 8950a 9000a 914Da 

3960 3840 . 3860 3M0 

670 645 658 637 

2270 2210 2220 2270 

1610 15?0 1590 1610 

551 540 541 536 

379 369 369 364 

702 697 698 699 

1190 1180 1180 1190 

223 777 218 217 

913 693 B96 915 

584 558 558 574 

9240 9060 9120 9090 

2020 1970 1980 2010 

530 513 515 506 

516 509 513 515 

2220 2120 2160 2210 
4090 4050 4250 4050 

2320 2280 2&0 2310 
1310 1290 -1290 1290 

1440 1410 1410 1410 

369 362 362 360 

674 661 667 675 

1670 1640 1660 1640 

884 875 876 069 

040 B2a 831 838 

1050 1800 1820 1770 

1110 1080 1090 1090 

1590 1590 1570 1560 
925 889 890 896 

4700 4700 4700 4700 
1890 1660 1660 1680 

1970 1910 1910 1930 

738 745 753 714 

9640 9520 9S5D 9540 

905 
624 
361 
047 
238 


901 

883 

884 

639 

623 

633 

370 

362 

364 

062 

850 

650 

245 

237 

239 

1600 

1560 

1560 

109011 

1070b 

1080b 

4580b 

4530b 

4550b 

7W 

691 

692 

327 

222 

376 


IPLEneray 

LotetawB 

Ltewefl Group 

MaanQBkfl 

Mom IntT A 

Methomx 

Moore 

Newbridge Net 
Norandalnc 
NOmEmrgy 
Nthem Telecom 
Nora • 

Once 

Ponctfn Petite 
Petra Cdo 
Placer Dome 
PocoPtebn 
Potash Saak 
Renaissance 
RJoAJgoni 
Rogers Conte? B 
Seagram Co 
SheflCda A 
5uncor 
Tateman Eiry 
Tedc 8 
Tetogtobe 
Tefcn 
Tbaunon 
TarDom BatA 
Trensalta 
TraiuCite Pipe 
Trimark Rni 
TrtZKHtovi 
TVXGold 
WestooaetEny 
Weston 


4475-4420 
19W 19.15 
47 JO 46M 
1920 I9te 
03 02 

\7M llte 
2820 28x 

6025 5970 
30 2920 
3220 37^ 

12115 12120 
11.70 1125 
27Vt ZT- 
2£60 2£20 
2130 2190 
7 265 2105 
14L15 1390 

104^ 
40 39.70 
33te 3110 
26(v 26 

56‘ii 55J0 
21.95 2020 
37.15 3*25 
4325 42J5 
29.10 27.60 
52Vj 52 
2525 25J0 
32J0 32 

4220 42W 

1620 16.40 
2725 2760 
60J5 3925 
3070 30.30 
7M 725 
25J0 2530 
90 09 


4425 45 

1920 1920 
46M 47.10 
19^ 19.95 
82J5 8U0 
1225 1160 
2830 3025 
59 JO 60 JO 
2920 294i 

3220 32J5 
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Korea EndiBk 
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21800 21300 
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45700 45600 
700OT 69500 

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Pacific Dantep 

Ptooeer lofl 
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TeJMdfiL 19.30 


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326 

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775 B9S 922 805 

3880 3770 3770 3820 
1800 1700 1720 1700 

521 5T4 515 515 

8520 8470 8470 8520 
6240 6090 6090 6190 
1200 1170 1170 1190 

1150* 1120 1140 1120 

9070 8900 6900 WTO 
1570 1540 1540 1540 

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691 675 690 663 

3090 3050 3050 3080 
1910 1890 1900 1910 
1430 1340 1370 1330 

7600 7510 7550 7470 

ltnOQ 9920 9920 9890 
1060 1060 1080 1040 
1990 1090 1890 1860 
516 • 506 506 JIB 

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322 310 311 318 

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3200 3170 3170 3230 
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INTERNATIONA! HERALD TRIBUNE, FRIDAY, JUNE 27, 1997 


PAGE 17 


ASIA/PACIFIC 



a % ^ 

Firms Discover Limits of India’s Middle Glass 


By Miriam Jordan 

Special to the Herald Tribune 


NEW DELHI — Daewoo Motor Co. Ltd. 
gives away 200 sedans for an 18-month ‘ ‘test 
toe.- Whirlpool Corp. offers buyers of 
refrigerators aad washers die chance ro win 
an apartment and a car. Atari Electric Co. 
LtcL lures customers for its color televisions 
by paying handsomely for their old sets. 

A nationwide clearance sale is on in In- 
dia, 

Lured by estimates that India's middle 
class is the size of the population of the 
United Stales or several European countries 
combined, makers of everything from com 
flakes to cars flocked here after free- market 
reforms in 1991 began to transform the econ- 
omy. 

Now, with inventories mounting, mul- 
tinationals are discovering rfr*r “the middle 
class of India is not die middle class of the 


Nothing illustrates the dis- 
appointment more than the 
accumulation of midsize 
American, European and 
South Korean cars, priced at 
$15, (XX) or more. Total car 
sales rose 19 percent, to 
41 1,000, for the year ended 
March 1997, but the market 
was dominated by an Indian 
subcompact that cost $6,000. 
The Association of Indian 
Automobile Manufacturers 
has scaled back its projection 
for car sales by the year 2000 
to 700,000 from 850,000. 

Daewoo Motors’ plant 
outside New Delhi operated 
ai one-third its capacity last 
year. The company sold less 


An Invisible Middle Class? 



Radio 
Bicycle 
Electrician 
Black & White TV 
Color TV 
Refrigerator 
Motorcycle 
Automobile |2 
Air conditioner | 1 



$180 - $449 $450- 

$1,199 

/ 


Under 
$180/ 



No reply / . \ $1,200 or more 


Source: Gaftvp India Pvt Ltd.. 1996 


“without concern for qual- 
ity," according to a lawyer 
for Godwj/GE Appliances. 
The. court forced whirlpool 
to suspend the plan. 

Meanwhile, judging from 
refrigerator sales, consumers 
are not that interested in qual- 
ity when it comes to having 
the Latest technology avail- 
able. Only 10 out of every 100 
sold has so-called frost-free 
technology, a standard fea- 
ture for decades in Western 


fridges. In a countiy of 950 

mil£( 


Lon people, oaly 2.9 mil- 
lion refrigerators were- sold 
last year, most of them only 
slightly larger than a mini-bar 
fridge in a hotel room. 


West, by a long shot,” said K.B. Dadiseth, 
of mndusc 


chairman of Hindustan Lever, tire Indian 
subsidiary of the Anglo- Dutch consumer gi- 
ant Unilever PLC. 

In much of the West, a middle class family 
has a mortgage, car, personal computer and 
enough savings for an annual vacation- In 
India, “middle class is a family that can 
afford to eat a balanced diet, send the chil- 
dren well-clothed to school and buy a black 
and white television,' 1 Mr. Dadiseth said. 

A 1996 Gallup poll found dial the average 
Indian household earns $780 a year. Half that 
income goes to food and clothing, the survey 
determined. 

What is more, when they do spend on 
consumer goods, Indians have a number of 
local brands to choose from. These realities 
are prompting many multinationals to re- 
view their break-even dates and market 
strategies. 


than 16,000 Cielo sedans, half what it had ufacrurers Association now expects In dians So, how big is the Indian middle class? 

anticipated. ‘ ‘We were very surprised,’ ’ said to have bought 5 million sets by 2000, five Whirlpool currently estimates that 65 mil- 

S.G. Awasthi, managing director of Daewoo years later than forecast Akai, Sony Corp., lion people can afford to buy a refrigerator, 
in India. To get Indians into its showrooms, Daewoo and Samsung Electronics Co. Ltd. But only 35 million are potential buyers. 
Daewoo offered 200 Cielos for 18-month are just some of the foreign entrants into the “You can’t expect someone to buy a re- 
test drives. Some 350,000 Indians have ap- saturated market frigerator if he still doesn't own a radio,” 

plied for die lucky draw. “Sony is working on reducing its prices to said Garrick D’Stiva, managing director of 

"Companies wishfully overestimated the have better results,” said Y. Kudo, who Whirlpool India, 
size of tne middle class,” said Amit Roy, heads Sony's wholly owned Indian subsi- Reebok International Ltd. reckons that 50 
President of ORG/MARG, a leading market diary. million Indians can afford its sports shoes 

research firm. The battle for market share in India has and apparel 

In New Delhi, the nation's richest city, driven some of the w odd’s leading brands to Still, “to capture that 50 million, you need 

home-theater and stereo televisions are Ian- craft audacious sales promotions, while a very good distribution network," can-, 

guishing on store shelves. “The income of competitors are quick to cry foul. tioued Muktesh Pant, managing director of 

Indians is too low to justify buying such Early this year. General Electric Co. and Reebok India. 

products,” said Ravi Chhadra, owner of a its Indian partner, Godrej, took Whirlpool's The country's buying power is scattered, 
home appliance store in a middle class neigh- Indian unit to court to stop it from offering and much of it lies -untapped in medium- 
borbood. He noted that most ofhis customers refrigerator and washing machine buyers the sized towns made remote by potholed 
buy 20-inch (51 -centimeter) color sets, chance to win prizes that included an apart- roads. 

priced ar $250, in installments. ment in New Delhi. Invoking an Indian un- "Nobody doubts that India will be one of 


Annual sales of color television sets stag- fair-trade act, Godrej/GE Appliances ac- the world's biggest markets,” Mr. Pant said, 
nated at 1.9 million sets in 1996, and the cused Whirlpool of “Luring gullible “The question is how long will it take to get 


Consumer Electronics & Television Man- consumers” to buy a refrigerator or washer there 


Investor’s Asia 



■ JolijyO 

: Nikkef:225 - . *. 

—V 22000 - . 

21000 — 

20000. 

19000 

18000 


J F M AM J 
■t; - 1W7 





J FM A M J 
1997 


17000 r 



J FM A M J 
1997 



15,066.02 +0-42 

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■...*■ ■.;-pwnp6rf».lndex - • 70&41 ■ . 712.50 -VAd 



III* Mil 

r * 


: 2410,15 2,402.53 +0,32 

I , ■ ■ a ■■■■ 1 ■■■ 


SC, : 77*3 ■ *&&& +0.56 


Source: Telekurs 


iMmiliiiflJ HiraJU Tnhunr 


Very briefly: 


Fighting to Survive Seoul Bank Assails Reform Plans 


• Thailand's foreign-exchange reserves dropped to a two- 
year low of $33.3 billion in May, and its balance of payments 
shortfall expanded to 112.3 billion baht ($4.47 billion) from 
155 billion baht in April. 

• Finance One PLC, a debt-ridden bank, could face an 
arranged merger with Krungthai Thanakit PLC, a brokerage 
firm and subsidiary of the state-owned commercial lender 
Krung Thai Bank PLC, after the failure of the Bank of 
Thailand to buy into the firm's rights issue. 

• Ryuichi Koike, a Japanese corporate racketeer at the center 
of a scandal implicating Nomura Securities Co. and Dai-Ichi 
Kangyo Bank LttL, was indicted by Tokyo prosecutors for 
extortion. Four former Dai-Ichi Kangyo executives were also 
indicted for making illegal payoffs. 


Kia Motors Trims Payroll to Cut Cost 


CcmpriMlF Our Stiff FnmDlspkKto 

SEOUL — Kia Motors Corp., 
South Korea's third-largest auto- 
maker, said Thursday it would trans- 
fer a third of its employees to a sales 
subsidiary in a bid to slash costs and 
revive slowing sales. 

Kia will relocate 10,000 employ- 
ees, trimming its work force to 
19,000, said Chun Sang Jin, a com- 
pany spokesman. 

The move comes as its debt-rid- 
den parent company, Kia Group, 
struggles to survive by se lling real 
estate holdings and asking banks for 
emergency loans. 

Analysts said the reorganization 
might encourage banks to help Kia, 
which has an estimated debr of $6 2 
billion. The state-run Yonhap news 
agency said Kia executives met with 
banks Thursday to ask them to stop 
recalling loans. 

“The massive restructuring is 
part of the company's long-standing 
policy to rationalize management, ' ’ 
Mr. Chun said. 

Separately, Kia Motors' labor un- 
ion said Thursday it would allow 
management to set this year’s wage 
increase, a move analysts said 
would reassure skittish lenders. 

“Management has fully ex- 
plained about the company’s finan- 
cial position and asked for our un- 
derstanding,’ ’ the union's chairman, 
Lee Seung Jae, said. "To break the 
chain of financial pressures, we 
needed a tangible decision.' ’ 

Kia Motors, which has an annual 
production capacity of 1.1 million 
cars, has $3.5 billion of debt, more 
than twice its shareholders equity. 

Labor strikes in January, a slow- 
ing economy and a shrinking auto 
market contributed to creating Kia's 
troubles this year. 

The company's domestic market 


share dropped to 19.2 percent in the 
first five months of the year, down 
from 25.8 percent in die comparable 
period a year earlier. Daewoo Mo- 
tors Co. overtook Kia as Korea's 
second-biggest car man ufacturer 
behind Hyundai Motor Co. 

Meanwhile, Kia said its construc- 
tion division, Kisan Corp., would sell 
its headquarters building in eastern 
Seoul valued at 50 billion won ($56.3 
million) to ease a cash shortage. 

The measures came as Asia Mo- 
tors Co., a commercial-vehicle unit 
of Kia Group, missed a debt pay- 
ment last week, raising concern that 
Korea’s eighth-Jargest industrial 
conglomerate could fail. 

Earlier this week, the group put its 
real-estate holdings of 795 billion 
won up for sale to raise fresh funds. 

Analysts said Kia’s latest mea- 
sures were a positive step. 

“A set of Kia's self-rescue steps 
could encourage banks and other 
financial institutions to help it over- 
come the crisis” said Yang Dong 
Ki, analyst at Dongbang Peregrine 
Securities Co.f Bloomberg, Reuters) 


GvapMbrOvf S/dffFnjmDispiitcim 

SEOUL — The South Korean central bank criticized 
government plans for finance reform Thursday and said 
it would present its own proposals. 

The Bank of Korea said the Finance Ministry’s bill 
would undermine the independence of the central bank 
and bun the efficiency of the financial supervisory 
system. 

"Should the ministry’s bill become law,” the state- 
ment said, “the central bank would degenerate into a 
tool of the government and government control on 
finance would be further strengthened.” 

The Bank of Korea opposed the integration of the 
three existing supervisoiy bodies, one each for banks, 
security houses and insurance companies, into a single 
watchdog as was called for by the reform bill. 


The government said the integration of supervisory 
bodies was necessary at a time when distinctions of 
financial institutions and their businesses are becoming 
blurred and merged. 

The other point of contention with the government 
plan concerns the status and role of the central bank. 

According to the government blueprint, the Mon- 
etary Board would be separated from the central bank 


• Indonesia has proposed changes to its mining regulations, 
including requiring a free 1 0 percent share in any project to be 
given to the government, which industry sources said could 
dampen the investment climate. 

• Brier ley Investments of New Zealand confirmed it had 
raised its stake in John Fairfax Holdings Ltd., a publisher, by 

9 11 iwppnnop nninTs m mnrp than 77 n^r r#»nv 


and become the supreme decision-making organ of the 

if Korea would 


It said the proposed integrated supervisory body. 


which the government bill said would De placed under 
the jurisdiction of the prime minister, would lead to 
increased government intervention in banking. 


central banking system, while the bank ol 
degenerate into its “executive body.” 

But the bank said the Monetary Board, whose chair- 
man would be appointed by die South Korean pres- 
ident. would end up as a tool for the government to 
maintain its grip on the country’s monetary and credit 
policies. 

The bank said it would send its own proposals to 
academics, financial experts and politicians, and would 
consider submitting it to Parliament for passage into 
law in the form of national petition. (AFP. Bloomberg) 


2.11 percentage points, to more than 22 percent. 

• The Federation of Korean Industries said the economy 
would grow 5.9 percent this year, up from its forecast of 5.5 
percent, as rising exports and strong sales swelled corporate 
profits at Korean companies. 

• Vietnam will tell TJ.S Secretary of State Madeleine Al- 
bright, who arrived in Hanoi on Thursday, that U.S. demands 
for a trade agreement were ‘'not realistic,” Vietnam's Min- 
istry of Foreign Affairs said. 

• Reliance Industries, an Indian petrochemicals and textile 
company, gave its shareholders a I-for-l bonus share issue. 

• Shanghai Petrochemical Co.'s shares rose 12 percent, to 

1.90 Hong Kong dollars (25 cents), on news China would not 
approve any new oil refineries or ethylene plants, days after 
the company signed agreements to strengthen its hold on 
China's chemicals industry. Reuter Bloomberg, afp 


MIGRANTS: At McKay Nursery Co Wbrkers Are Playing Increasingly Influential Roles 


Continued from Page 13 


■ Seoul Eases Ban on Imports 

South Korea will ease a ban on the 
import of Japanese vehicles begin- 
ning Tuesday, Agence France- 
Presse reported. 

The move, which will allow three 
Japanese utility models to be im- 
ported, was in line with South 
Korea's pledge to remove nontariff 
barriers against Japanese products 
by the end of 1999. Trade Ministry 
officials said. 

When South Korea joined the Or- 
ganization for Economic Coopera- 
tion and Development last year, it 
promised to end its ban on imports of 
more than 100 Japanese products, 
including cars and home appliances. 


employers say there are not enough 
natives and legal immigrants to meet 
[heir needs. 

But critics say that the growers are 
simply trying to avoid paying higher 
wages and that unemployment remains 
high among farm workers. The Labor 
Department estimated in its most recent 
study that 190,000, or 12 percent, were 
unemployed in 1994. Hearings have not 
yet been scheduled on the Senate bill 

At McKay, wages are legal but mea- 
ger by any measure. New migrants start 
at $6 an hour, far less than the $7.50-an- 
hour average for farm workers in the 
Great Lakes region. 

Just 30 hours a week of work are 
guaranteed, although migrants can 
count on the typical spring workload 
being almost double that. After 35 
years, Mr. Almanza's base wage has 
risen to just $9.50 an hour. 

In California, which has half the na- 
tion’s farm workers, the union wages 
paid at Dole Food Co. start at almost 


$7.50 an hour plus piecework bonuses 
that lift the average to more than $9. And 
migrant workers can easily find jobs pay- 
ing $12 an hour or more in meatpacking 
operations here in the upper Midwest. 

But McKay's other benefits and ad- 
vancement opportunities keep more 
than 90 percent of its migrant workers 
returning year after year. Ten of 
McKay's 60 year-round employees, in- 
cluding several key managers, are 
former migrants whose early stints on 
its payroll lasted only through die 10 
weeks of spring when the company is 


or cash each year for even the lowest paid 
worker, Mr. Mason said. 

The stock, which is not traded publicly, is 
revalued each August by an outside account- 
ing firm. Mr. Mason said it had been steadily 
appreciating but declined to reveal the most 
recent price. McKay does not release financial 
performance data, but filings with industry 
associations and statements about the break- 
down of sales suggest that annual revenue is 
about $15 million. 

Employees are required to sell their stock to 
the company when they retire, which limi ts its 
value. Mr. Mason worries about outsiders 


busiest shipping trees and shrubs. 


trying to convince employees to eliminate that 
restriction in the slock plan, risking loss of 
control of the company in return for a short- 
term gain in the value of the shares. 

McKay is uneasy about being cast as a model 
of progressive migrant labor policy, indeed, in 
horticultural terms, the century-old company 
might be seen as a ‘ ‘sport,’ ’ a freak of nature that 
pops up unexpectedly through a combination of 
heritage and circumstances that may not be 
easily duplicated Senior executives stress that 
McKay’s employment policies for migrant 
workers are just one part of a unique and some- 
times stressful corporate culture. 


About 60 migrants have moved into 
jobs that keep them on the payroll eight 
months annually, long enough to work 
the minimum 1,000 hours needed to 
receive bonus payments in company 
stock along with the year-round staff. 

Eligible migrant workers receive bo- 
nuses equal to 20 percent to 25 percent 
of their wages in stock or cash, the mix 
depending on how much stock is avail- 
able to distribute in a given year. It 
comes to at least $2,000 worth of stock 


Hong Kong 


Tightens Law 
On Copyrights 


By Richard Covington 

Special to the Herald Tribune 


In a compromise days be- 
fore the handover of Hong 
Kong to China, the temtoiy’s 
Legislative Council has passed 
a tough new copyright law. 

"The new bill injects ad- 
ditional free trade provisions 
and puts more reech into efforts 
to combat piracy from China 
and elsewhere,” said Game 
Roman, managing director of 
the KPS record store chain. 

The law. which goes into 
effect Friday, doubles fines 
for the piracy of audio and 
video disks and computer 
software to 50,000 Hong 
Kong dollars ($6,400) a copy, 
and imposes prison terms of 
up to four years for violators. 

The law requires record re- 
tailers to prove that they have 
copyright permission for 
every title, which will force 
them to acquire their stocks 
from local distributors run by 
the major labels. 

According to Henry Win- 
ter, an analyst for Boot, Alien 
& Hamilton, the major stores 
like HMV. KPS and Tower 
Records will be forced to re- 
duce their stocks by as much 
as 20 percent in the short term. 
There will also be a “notice- 
able increase in prices” over 
the next six months, Mr. 
Winter predicted. 


In 1 997, the IHT will publish a series of Sponsored Sections in the Asia edition on; 


Fast Track ’97 : 


Asia Business Outlook 


For the past two years, the "Fast Track " series has been taking the pulse of the Asia-Pacific 
region and winning acclaim from readers and advertisers who feel it’s one of the best of the 
International Herald Tribune’s special section projects in Asia. 


Each section in 1997 wilUnclude a variety of articles on one central theme: 

SEPTEMBER: The Public Sector - Privatization is not a panacea for all countries and ail 
industries. A look at the most dynamic public-sector initiatives and at how they can 
successfully complement those of the private sector. 


NOVEMBER: Diversify or Divest? -To maximize growth, should Asian businesses focus 
on their core businesses or branch out? A look at recent mergers, alliances, joint ventures, 
reorganizations and spin-offs. 


For more information about advertising in any of these sections, please contact; 
Andrew Thomas, IHT Singapore. Tel (65) 223 64 78, Fax: (65) 325 08 42 
or e-mail: supplements@iht.com. 



THE WORLD’S DAILY NEWSPAPER 




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RESULTS FOR THE YEAR ENDED 31 MARCH 1997 

The Board of Directors of Compagme Finaticiere Richemont AG announces 
the following results for the year ended 31 March 1997. 


■MM 1 £ Wzm 'WM: 


mm mt'smr: 

'mm# 



’Trrrrr* 

i ^ a : >v.v.v. 

■ 

Net Sales Revenue 

1997 

£ 4 755.8 m 

1996 

£ 4 306.9 no 

+ 

10.4% 

Operating Profit 

£ 

954a in 

£ 

793.9 m 

+ 

19.4% 

Profit Attributable 
to Unitholders 

£ 

302.9 m 

£ 

316.1 m 


4.2% 

Earnings per Unit 

£ 

52.7 5 

£ 

55.05 

- 

4.2% 

Dividend per Unir 

£ 

9.40 

£ 

3.00 

+ 

17.5% 


The financial highlights shown above exclude the effects of exceptional items 
and goodwill amortisation from the results for both years . 

9 The Group’s operating profir increased substantially against the previous year, 

• Improved results from Richemont's tobacco interests reflected an increase of 6.7% in 
underlying tobacco operating pro fir along with the favourable impact of die merger 
of Rothmans International with the tobacco businesses of Rembrandt Group in 
January 1996. 


Vendfime Luxury Group reported an increase of some 10% in operating profit in 
Swiss franc terms, although on translation into sterling operating profit showed a 
decline of 2.6%. 


The Groups share of operating losses from its media interests, which were hdd through 
NctHold until the end of March 1597. increased by £ 54.7 million to £ 81.0 million. 


Profit attributable to unitholders and earnings per unit, adjusted to exclude exceptional 

items and goodwill amortisation, decreased by 4 J.% to £ 502.9 million and £ 52.75. 

respectively. These results reflected in particular the substantial increase in losses 

incurred by the Group's media interests. In addition, rfae results were adversely impacted 

by the stre ng th of sterling in the year under review, which reduced attributable profit bv 

some £ 29 million. On an unde riving basis, therefore, die Groups tobacco and tuxurv 

■ 

goods businesses achieved satisfactory growth. 


The merger of Canal* and the European operations oF KerHold, which was concluded 
nr the end of the financial year; resulted in an exceptional gain of £291.5 million. 
Following the mctgc^ Richemont holds a 15% equity interest in the enlarged Canal*. 


Copies of the full remits announcement and the annual report may t* obtained from: 

Compagnic Financicre Richemont AG Rigistrasse 1 oJOu Zug Switzerland 
Telephone; +41 (0)41 710 33 22 Telefax: +41 (0)41 ?11 71 02 


Richemont International Limned IS Hill Street London WIX 7FB 
Telephone; +44 (0)171 499 25.39 Telefax +44 (U)171 491 0524 


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Worid Roundup 


Marlins for Sale, 
Team’s Owner Says 

baseball Wayne Huizenga, 
who says he will lose $30 milli on 
on the Florida Marlins this season, 
is putting the team up for sale, but 
won’t let them move out of town. 

“It's a tough decision to make 
for os," Huizenga said Thursday. 
“We have lost money every year. 
The simple answer is we are not 
willing to sustain the losses." 

“We believe the team is going to 
slay in Florida. We want to keep it 
in South Florida," be added. 

Huizenga committed $175 mil- 
lion, nearly doubling the team’s 
payroll, to upgrade die team this 
year. Attendance has risen by 35.1 
percent from last season — the 
largest increase in the major leagues 
— but Huizenga says that wasn't 
enough to offset his losses. ( AP) 

Barcelona Changing Boss 

soccer Bobby Robson said he 
has been told be will not continue as 
Barcelona's first team coach next 
season although he is expected to 
stay with the club. (Reuters) 


arena football The new 

Women's NBA and the Major Soc- 
cer League were both outdrawn last 
weekend in the United States by the 
Arena Football League. 

The league, in its 1 1th season, set 
a one- week record. Its seven games 
drew 96,821. The top attendance 
was 16,923 at America West Arena 
in Phoenix, where the Arizona Rat- 
tlers beat the Florida Bobcats (AP) 

Johnson Returns to Base 

athletics The World and 
Olympic champion Michael John- 
son reacted Thursday to his first 
400 meters defeat in eight years by 
withdrawing from Sunday's Grand 
Prix in Sheffield and next Wednes- 
day’ s meeting in Lausanne. He flew 
back to his Texas training base. 

On Wednesday in Paris, Johnson 
ran his first race since pulling up 
lame against Donovan Bailey in 
Toronto. He finished fifth in the 400- 
meters, ending a streak of 58 con- 
secutive victories at the distance. 

Antonio Pettigrew, the Americ- 
an champion, won in 44.86. An- 
other double Olympic champion, 
Marie -Jose Perec of France, fin- 
ished seventh in the 200 meters. 

In the 100 meters, Bailey, the 
Olympic champion and world-rec- 
ord holder, easily beat a field that 
included the top performers from 
the American championships. 

In a race between the two top 
1 ,500-meter runners, Hicham El 
Guerrouj of Morocco beat the 
world-record holder Noureddine 
Morceli of Algeria by 15 me- 
ters. { AP ; Reuters) 



AgoixFniU'Pitve 


Donovan Bailey sprinting to 
victory in a 100 meters in Paris. 



Holvlield Isn’t Afraid 
(But He Used to Be) 


By Tom Friend 

New York Times Sendee 

L AS VEGAS — A certain boxer at 
the MGM Grand hotel is unafraid 
of Mike Tyson, which qualifies as 
a first Hither Evander Holyfield knows 
something or is headed for a long nap 
Saturday night 

But, from all appearances, the real 
bally here is from A tlanta 

For the first 30 years of Tyson’s life, 
one sucker after another would line up 
to fight him, worried they would be 
eating dinner with a straw afterward. 

Yes, Tyson’s left hook won him a few 
fights back, bat so did his opponents’ 
fear — fear of flying into the front row. 

Holyfield had that same trepidation 
seven, nine, 1 1 months ago, and be al- 
most quit because of it He almost dialed 
up Don King and called the first Tyson 
fight off, or so the story goes, until he 
thought better of it Good career move. 

Actually, be has almost quit a thou- 
sand times, or at least five. Haring to the 
days when be was 11 years old Back 
then, it was his stubborn mother who 
ordered him to press on, and this time it 
was another woman in his life, a doctor. 

. Holyfield ’s latest crisis began with 
the Bobby Czyz fight in May 1996, an 
uninspired five-round technical knock- 
out victory that left Tyson yawning. 

It appeared to be a tuneup to nowhere 
because if Czyz bad been a complicated 
opponent, what would Tyson be? There 
was also the matter of Holyfield ’s heart, 
and whether it was ticking properly. He 
had almost left the sport because of 
arrhythmia, and before the Tyson fight, 
the Mayo Clinic and others had to sign 
off on iL 

“Yes," King said Wednesday of 
Holyfield. "Everyone before the first 
fight warned him examined and the ex- 
aminer examined." 

Holyfield did not know what was 
worse: all those doctors, or his new 
sparring partner. Holyfield’ s trainer, 
Eton Turner, had asked a 25-year-old 
heavyweight. Gary Bell, to emulate 
Tyson in practice sessions. And Bell, 
who bad idolized Tyson growing up in 
Jamaica, Queens, had the biceps and 
triceps for the job. 

Bell was told to charge furiously at 
Holyfield, right from the opening bell, 
which is exactly what Tyson would do. 
He would throw left uppercuts to the 
body — Tyson’s favorite punch — for 
30 seconds straight, and then they would 
stop and simulate it all over again. 

They were preparing Holyfield for 
the first round, but, he almost did not 
make it there. “I did almost quit right 


then,” Holyfield said Wednesday. 

“You have to convince yourself 
you're ready. Having a guy like Gary 
Bell, as tough as he is. put a lot of 
pressure on me each and every day, it 
was awfuL 1 mean, the guy is young, and 
he’s got a young body, and is aggres- 
sive, And you get frustrated. You're 
thinking, Tm sparring a guy who’s 25 
years old, and he don’t have much skills, 
and he's doing all of this to me, oh no.’ 

"And then I'm supposed to fight a 
guy supposedly a lot better? Tyson?” 

If that was not fear, nothing was. It was 
also the nudge that Holyfield needed. 
Just as he was about to turn in his locker 
room key, he draught of Cecil Collins. 

*TH never forget it," Holyfield said 
“I got my early experience at 1 \ years 
old I got beat by a guy named Cecil 
Collins. 

“Cecil Collins was a little white kid, 
and he was cross-eyed, and I was a little 
bigger than him, and I thought I'd beat 
him because I was black and he was 
white, and because I was just bigger. 
And he beat me twice. And 1 beat him 
the thud time. And it’s amazing, that 
one win overwhelmed two. 

* ‘But, you see, that bad been ray first 
time losing. T started at 8 and the first 
time I lost was 1 1 years old, and this 
white kid Cecil Collins, he's the first 
guy I hit and didn't cry. And I hit him, 
and he hit me back, and 1 kept hitting 
him, and he kept hitting me, and he 
didn’t quit. I was amazed. 

“I went to quit, and my momma 
wouldn't let me quiL My momma said 
she didn’t raise no quitter. I had to go 
back, and he beat me again, and my 
momma, said, ‘No you’ve got to go back 
and work hard’ Then, I beat him die third 
time and my momma said, ‘You can stop 
boxing if you want to,' and I said to 
myself, ‘Why do I want to stop now?' “ 

That is exactly what he decided again 
after one of those Bell sparring sessions 
— while in the arms of his woman friend. 
Dr. Janice Itson. He was ready to bail, 
but she played the pan of his momma 
and together they decided quitting was 
our of the question. A few weeks later, 
they married and three weeks after that, 
the Tyson fight got under way. 

Just as Turner predicted, Tyson came 
out furiously — "just like Gary Bell" 
— and just when Holyfield was ex- 
pecting a left hook just like Bell's, 
Tyson caught him with a right hand. 

Holyfield almost keeled over, but 
tried a novel concept hitting back. 

When the round was over. Turner had 
only one thing to say: “You're the bully 
in here. He ain’t the bully." 

And Tyson still ain’t 


TENNIS: Wimbledon Tries to Stay Afloat 


Continued from Page 1 

Tuesday as his deadline, considering 
the commitments of players to appear at 
tournaments elsewhere. At the moment 
the men’s final is planned for Sunday, 
July 6. 

Mills and Tun Phillips, a club official, 
gave a press conference Thursday to talk 
about the weather. They were given a 
thorough going-over for the AU-Eng- 
land Club’s decision to build the new 
Court No. 1 without a modem retract- 
able roof. It seems that the club decided, 
with intrepid British logic, that it would 
not be fair for some players to play 
under cover while others played out- 
doors. But what about tbe fans, he was 
asked “Well, yes," Phillips said, 
which was the entirety of bis response, 
his hands clasped together. 

Under questioning Phillips said that 
spectators were held in the highest re- 
gard. Thatwas affirmed by tbe three 
hardy souisunder pattering umbrellas 
outside the gates. They met here more 
than 10 years ago anddeveloped a system 
for buying die most precious tickets in 


tennis. 

“The club puts aside about 600 tick- 
ets on each show court for those of us 
who queue overnight.* ’ said Judy 
Bourne of Cheltenham, who has been 
camping out at Wimbledon for 13 years. 
“They're always the best seats, down 
near the court." 

Their friend. Malcolm Halstead a 
nurse from Blackburn, estimated that all 
expenses for his annual opening- week 
ax Wimbledon runs no more than £250. 
For dinner they order pizzas to be de- 
livered outside one of the gates; at 7 
each morning the police awake them. 

It might seem that they are waiting 
overnight for tickets to matches that 
won't be played — but not all was lost, 
Halstead said Those tickets will be re- 
funded by tbe club, guaranteeing them 
seats this time next year. 

But look at yourselves, a passerby 
said. Everyone is running for cover — 
and the three of you sit in the rain. 

Sue Edwards, who travelled 170 
miles for the week's holiday, thought 
about that for a while. “We have 
nowhere else to go," she said 


Scoreboard 


BASEBALL 


Kansas Ofy 


Major League Standings 


JUVIBICM ULMHIE 



EAST DtVBtON 




IK 

L 

PcL 

GB 

Bdntmore 

50 

23 

485 

— 

New Yoffc 

43 

32 

573 

8 

Boston 

15 

40 

.467 

16 

Toronto 

33 

39 

iS8 

16* 

Detroit 

32 

41 

J3B 

18 

CENTHAL OV&tON 



Cleveland 

38 

33 

535 

— 

Oucago 

37 

37 

500 

Th 

MArauhee 

35 

37 

486 

3>6 

Kansas Ofy 

34 

38 

472 

4 1 * 

Minnesota 

34 

40 

.459 

5 H 


WEST OMSK* 



Seattle 

44 

32 

579 

— 

Anahekn 

40 

15 

533 

3‘* 

Texas 

37 

37 

500 

6 

Oakland 

31 

47 

J39? 

14 

UnefUiUEAMIE 



EAST OtVUlQN 




w 

L 

PC L 

GB 

Altottto 

48 

28 

531 

— 

Rondo 

45 

30 

500 

2k 

New Yo* 

43 

33 

566 

5 

Montreal 

‘ 42 

33 

560 

SV| 

PhfiadelpMa 

23 

51 

5T1 

74 

CEHTHALOmafON 



Houston 

38 

39 

493 


5L Loufa 

35 

40 

467 

2 

Pittsburgh 

35 

41 

460 

W 

Gndnncft 

32 

43 

427 

6 

Chicago 

29 

47 

-382 

R 


WEtfTDnnSKtti 



&an Frandsao 44 

32 

579 

— 

Colorado 

40 

37 

519 

4 f 6 

Los Angeles 

38 

38 

500 

6 

San Diego 

32 

44 

421 

12 


WKD«»*Y B 1 UNUCOIO 

AMERICAN LEAGUE 

Haw York BOO Ml OM-3 5 0 

Detroit 000 Ml D0C-1 9 « 

Mtitto Stanton (81. KL Rivera (9) and 
Glrardl; Ju.Thompsan and BJoftnwn. 
W— Startwv 44. L— Ju.Ttampsuv 74. 
Sy-M. Rivera (25). HR*— New Yortt T. 
Martinez I26l« Kayos (5). 

BtfHim 833 003 000-9 12 ■ 

MifwnM 000 000 001-1 2 0 

Mirafna and Webster Eld red# Adamson 
(4), Vfidaiwn m. DoJonw (9) and 
Motherly, Stinnett 171. W-Muubn. 9-1 
L— Odred 7-fl. HRs-Baffenare Surhoff 
(10). Hammonds 7 (10). Deffucd fu. 


200 Ml 130 0-7 14 0 
000 001 ISO 1-49 13 1 
Belcher, Pichardo (B). Casian (8). J. 
Montgomery (91 and Madiiriane GCastflb, 
T. CastlDo (61# Simas (8), ftntfmer (HD and 
FabregeeL W—Ka refiner. 2-0. L— J. 
Montgomery, 0-2 HRs— Chicago, Baines (8), 
Cameron (3). 

Anaheim Dll 020 000-4 TO 3 

Texas Ml 021 Mi-5 13 1 

Perisho. P. Harris (6), Holtz (8). Hasegawa 
CO) and Kieutea YAK Gunderson C9) and H. 
Mercedes. (.Rodrigue; (8). W— Gunderson 1 - 
a L — HattZr 2-2 HR— AmMirv Salmon (12). 
Boston 183 030 222-13 H 1 

Toronto .100 123 033-12 12 1 

WakefleU. Hammond (6), Lacy (6). 
Sioaimb (9) and Hasefrnarc Haugen, 
Ouarrtrfll (9) and O'Brien. W— Wakefield 3-7. 

L— Hentgen (M. Sv— Sioaimb (10). 
HRs— Boston. Gardaparra (12). Bragg (81. 
Jefferson (8 ), Stanley (4), Or Leary (7). 

om mo mo ooo 102-4 n ^ 

Seattle 203 030 I Or— 9 11 0 

Wengeft D. Johnson (5). Groom (7) and 
GaWraamsi Wolcott Chariton (B). S. 

Sanders (9) and Mariana. W— Wolcott 4-4. 
L— wengeft 3-6. Hte— Oakland Boumigcd 

(I) . Seattte E. Moffett 2 (T2>. Sorrento (12). 
Manure 01. 

national league 

P ittsbu rg h 010 000 000-1 6 2 

Houston 000 ODD 14X-S 9 8 

Crtfte SodowskV (81, RirObet IB), Lofeefle 
(81 red Kendall- Kite B.Wagner (9) and 
Eusefcte Ausmus (8). W— Kite 9-1 
L— Sotiwsky, 8-1. HR— Hoist* Oe£el U\. 
Rondo 810 131 108—7 U 1 

PMMoiptala 4M 010 080-6 9 1 

AAmondec, F. Heredia (7). Men (7) and 
Zaun; Madura ft, Harris (5). Blazier (7)/ 
Brewer (7). Boltafto (9) and LJefaaftuL 
W— A. Fernandez, 8-6. L— R. Homs, 0-3. 
Sv— Non dll. HR~ftortda, Abbott IS). 
Gndaafl 000 1 00 000 01-2 6 I 
Montreal TM 000 000 00—1 9 0 

Mocker. Belinda (8). Remflnger (91. Shaw 

(II) and J. Olivers P-LMarilnez, Tetfoid iiai 
and Widget Chav* P0). W^Romfeger.J-l 
L-Tetford 2-1. Sv-Shaw (14). 
Hfe-Ondmril M. KeRy (21. ManttuA 
Lansing 02). 

Alfalfa 203 142 181—14 17 0 

Now York 201 0M 004-7 9 1 

GJovin* Barawsfcl (8). Ooritz (9X Byrd (9) 
red J. Low Ed dPaez ifl); BJJonoa R. 
Jordon (5). Acevedo (83 red A. Casfflo. 
W— Gkntoc. W. L— B. Wanes. 12-4. 
HRs— Ahontoi Bluuser (lOl ChJanes? 023. 
San Diego 112 030 000-7 11 2 


SmFfflftdiCD 241 100 063—14 17 1 
Ashby, TLWoneU (7)/ Boditier (8), 
Batchelor (8) and Flaherty; Q. Fernandez, 
Rod (4), R. Rodriguez (6). Tcvarez (7). Poole 
(8), O.Heniy (8), Beck (9) and RL WMns. 
W — R. Rodriguez. 3-1 L-Ashby, 3-4. 
HR— Son Diega Gomez (4). 

Orica** 810 000 MO-1 6 1 

5t. Loot* 010 0M 002-3 7 1 

TracteeL Pol teflon (9), T. Adams (9) and 
Semis; Morris, TJ-M u fti wtt (8) and 
LompUTL W— T. J -Mathews 3-3. 

L— Patterson 14. HR— St Louis*- Gaetfl (6). 
Colorado 0M 0M 000-0 4 2 

Lb Angela 280 MO Wto-1 7 0 

Burke DeJean (6), Dfaoto (8) and 
JeJteed; I.Volde* Radinsky (9). DreHori (9), 
Hafl (9) and Piazza. W— J. Valdes 4-8. 
L— Burke 2-2. Sv-HaR (23. HR-Us 
Angeles, Piazza (13). 

Japanese Leagues 


anruiiiiaa 
W L ■ T PcL Ofl 

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Nippon Ham J1 33 - 484 73 

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Klnefcu 25 37 1 403 123 

THURSDAY'S RfiSUtTB 
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BASKETBALL 


EUROMAN QIAMPIOimP 

GROUP* 

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GROUP B 

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GROUP O 

Croatia 7£ Germany 55 


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world youth cup 

SECOND ROMO 
Japan 1. Australia 0 
Ghana 3. Unfed Arab Emirates 0 
Argentina Z England 1 
Spabt Z Canada 0 


TENNIS 


Wimbledon 


all play canceled due to ram. 


TRANSITIONS 


national league 

n [^Suspended Pftkiddphia RHP Reggie 
Haris for5 gome* pending appeaL and fined 
Mm on imdlsdased amount far Intentionally 
throwing at a batter In a game on June 22. 

new yqrk— S igned SS Kendrick Miner and 
assigned him to Pittsfield, N Ybifc-PennL and 
SS Jason Shud i and assigned tism to Mete. 
GCL 

PHILADELPHIA —Activated RHP Mike 
Grace fronilS-doydbablcdKst and optioned 
him to Solution- WBies-Battfe IL 

BASOIWU 

nxnOflAL BASKETBALL association 
UK UtELES tUPPEK— T rated C Stanley 
Roberts to Minnesota far C Stoytco 
Vnutfcovic 

FOOTBALL 

NATIONAL FOOTB ALL LEAGUE 
buffalo— S igned DE Esera Tureto to a 1 - 
yew contract 

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letfied RB James Bostic and FB Adam Safi- 
na 

hew YORK jets— T raded TE Henry Lusk fa 
Green Bay Packers to comptote re earlier 
Irate. 

TAMPA bay -Announced resignation of 
0B Matin Maybe*. 

8oaar 

NATIONAL HOCKEY LEAGUE 
NHL BOARD OF OWE RUOR5— Approved A|- 
toria Mirneopofis^St Paul Nosbv«aT*nn- 
ond Cofambvi Ohio as expansion teams with 
NashvHe, Term, fa begfn play In tire 1998-99 
«M»a Atlanta hi ttie 1999-2000 se«m am 
Minneopglb-st. Pouf red Coturabu* Ohio in 
2000-01 season. 





jamo T rulli in his Prost Mugen-Honda talking to team technicians Thursday at Magny Cours, France. 


In Formula 2 , Talent Is Not Enough 


By Brad Spurgeon 

Intenumorul Herald Tribune 

Gianni Morbidelli calls it Formula 
One’s “natural selection of drivers." 

To ger a coveted drive in a Grand 
Prix, it is not enough to have talent. 
Many of the drivers in the French Grand 
Prix at Magny Cours on Sunday are also 
well connected or have simply been in 
the right place at the right rime. 

Some of those who won't be driving 
have been in the wrong place at the 
wrong time. Morbidelli is one of those. 

Morbidelli. who drives for the Sauber 
team, skidded off in testing at Magny 
Cours last week and broke an arm. A 
few days earlier Olivier Panis, the star 
driver for the Prost team, crashed during 
the Canadian Grand Prix in Montreal. 
He broke both legs and won’t be driving 
this weekend either. This is natural se- 
lection at its most brutal. If you crash 
you might not drive. 

There’s no telling what such a sab- 
batical will do to Panis, whose career 
had been steadily advancing first with 
Ligier — with whom he won the 
Monaco Grand Prix last year — then 
with Prost where he recently set the 
fastest time in testing at Magny Cours. 
Alain Prost, the team owner, had hoped 
Panis could win their home race. 

Forced to replace his lead driver on 
short notice, Prost faced a difficult de- 
cision. In the end he selected a sliver of 
experience over a large potential. 

He turned first to Emmanuel Colloid, 
26, a Frenchman who had been con- 
sidered earlieT as a possible replacement 
for Prost *s disappointing second driver, 
Shinji Nakano. 

Colloid was France's first world kart- 
ing champion in 1988 at 17. He was 
champion of French Formula Renault in 
. 1990. and was Porsche Supercup cham- 
pion last year. He has been a contender 


for a seat in Formula One since J 990 and 
has test-driven for Ligier. Williams, Be- 
netton, Tyrrell and, last week, Prost. But 
he has never driven a race in Formula 
One. 

Ken Tyrrell, the doyen of Formula 
One team owners, said of Collard: “Of 
all the people I’ve ever met who are not 
in Formula One, and who ought to be in 
Formula One, he tops the list" 

Tyrrell also called Collard, “the next 
French world champion." 

But Collard said: “I'd just like to race 
first. I'd like to start by getting into a 
car." 

His problem is the same fat all pro- 
spective Formula One drivers. 

‘ "The top teams don’t want the driver 
to have a ‘learning year’ with them," 
said Tyrrell. "They want somebody 
who’s going to win now." 

After testing, Prost passed over Col- 
lard in favor of Jamo Trulli. Trulli, an 
Italian, is just 22, but he drove the first 
seven races of the season for Minardi. 
He never finished better than ninth. 

“Selecting somebody that was im- 
mediately operational," said Prost, "es- 
pecially in terms of physical fitness, was 
clearly a key consideration. ' ' 

Collard is by no means unfit, but 
having not driven a Formula One car 
since last fall, his neck muscles were not 
ready to undergo die beating by the g- 
forces in such a car through a race. But 
that was not the only problem. 

“I haven’t practiced starts," said 
Collard. “I haven’t practiced pit stops 
for fuel either. But as long as no one 
allows me to race, 1 won’t get the ex- 
perience." 

His Prost testing was not done under 
the best conditions, since he had just 
finished driving in the Le Mans 24 hour 
race, so he was tired. 

“But I think I did the necessary,’' he 
said. “And I think that this week things 


would have gone a lot better already. 
The neck is something very specific, and 
if you don’t drive in the car. you cannot 
reproduce anywhere else what happens 
there. You can always do exercises, but 
it never replaces the actual driving. You- 
need a minimum of four, five days of 
testing to get your neck in shape.'' - 

At the start of the season Trulli did not. 
have any Formula One experience either. 
He was given a seat at Minardi for a 
learning year. Minardi is not a top team. 
One of its shareholders is Flavio Bri- 
a tore, who is also Trulli's personal man-! 
ager. Briatore is also managing director 
of the Benetton team and he owned the 
Ugier team and sold it this year to Prost. 
who changed its name to Prost. 

Collard remains optimistic as the pos- 
sibility of driving as a replacement for 
Nakano has not been ruled out. Nakano 
has been kept on thanks only to his 
relationship with the team's engine sup- 
pliers, Mugen-Honda. 

Collard says that the natural selection 
of a driver these days is not quite the 
same as it used to be. Morbidelli, 29, got 
his drive at Sauber this season because 
Nicola Larini had not been achieving 
the expected results. Both Morbidelli 
and Larini had been test drivers for 
Ferrari which Sauber' s engines. 

“These days," said Collard. “a 
driver is a pawn that they place where 
they want'' 

At Sauber, Morbidelli will be re- 
placed by Norberto Fontana, a 22-year- 
old Argentine who was a test driver for 
the team, but who has never raced. 

“Sometimes it’s more importanttobe 
in a good political situation, to know the 
right people." said Morbidelli. “It's not 
important that you are a good driver." 

The absence of Panis eliminates one 
of the French pawns from the French 
Grand Prix. It will be exclusively a 
. home show for Jean AJesi. 


Bolivia Beats Mexico on Wild Night in La Paz 


C,TtfipibrJhy Oar S \jffftvm Oupatrln 

Bolivia, the host, beat Mex- 
ico on Wednesday, 3-1, in a 
Copa America semi-final 
littered with disputed referee- 
ing decisions, one of which led 
to Mexican protests that held 
' up the game for 10 minutes. 

Mexico, which finished the 
tumultuous match in La Paz 
with nine players after having 
two sent off, protested furi- 
ously after Bolivia’s first 


World Soccer 


goal, which wiped out an 
early Mexican goal by Nic- 
olas Ramirez. 

In the 26th minute, Erwin 
Sanchez hammered a long- 
range free kick against the 
Mexican crossbar, the ball 
flew down, hit the ground and 
bounced away from the goal. 
The referee awarded Bolivia 
a goal. Mexico's players sur- 
rounded the referee claiming 
the boll had not crossed the 
line. Team officials ran onto 
the field and were surrounded 
by riot police. 

Television replays showed 
that the referee was correct. 

Bolivia, outplayed for 


much of the game, went 
ahead before half time with a 
goal by Ramiro Castillo. 
Jaime Moreno scored the 
third goal in the 75th minute. 

World Youth Cuqp Argentina 
beat England, 2-1. on Thurs- 
day in Johor Bahru, Malaysia, 
to set up a quarter-final with 
Brazil, the favorite. 

Roman Riquelme and 
Pablo Aimar scored in the 
first half and the Argentines 
outplayed England for most 
of the match. 

Argentina beat Brazil in the 
final two years ago in Qatar 
and also beat Brazil in tbe 
final of the South American 
youth tournament recently 
with two goals by Riquelme". 

James Carragher headed a 
goal at the start of the second 
half .but England found it im- 
possible to exert prolonged 
pressure. 

In Kangar, Japan gained a 
surprise 1-0 victory over Aus- 
tralia and will play Ghana, 
which drubbed the United 
Arab Emirates, 3-0. 

In Kuan tan, Spain scored 
twice in the final 16 minutes 
to beat Canada, 2-0, and will 
play Ireland on Sunday. 


m mr 














INTERNATIONAL HERALD TRIBUNE, FRIDAY, JUNE 27, 1997 

SPORTS 


PAGE 21 


Duncan Is No.l, Then Confusion 

™ I 

76er sPick Van Horn for Nets but Celtics Block Deal 




By Mike Wise 

'1 - ' Nt*r TorkTiitm Service 


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non gi 


j^HARLOTTE, North Carolina — 
fhe tlfes of his athletic ability grew 
mth each workout. He could dunk with 
eithefftandaiidjeap 36 inches (91 cen- 
from a standing position. The 
otfcerday at a workout, he made 34 of 40 
jhots. from different spots on the floor. 

■ KeifoVan Hom was not mentioned in 
breath as Tim Duncan, but the 
6-fdofelG- multifaceted forward from 
Utah had become so coveted in the past 
fe^ foy a; that several teams were pre- 
pared, to .part with superstars to get 

- i ntfitwi dy. he stole much of the at- 
tentistt5V«»esday from Tim Duncan, 
the No. T pckio die National Basketball 
y^gg ^ intion draft. After the San Ant- 
onio Spurs' added Duncan to their for- 
inidsbfc front line of David Robinson 
and Sean Elliott with the first pick at the 
Charlotte Coliseum. Van Hom was se- 
lected by the Philadelphia 76ers, who 
moments away from trading him 
itff&e New Jersey Nets until the Boston 
Geffics got in the way. 

-Tiydng to secure the right to draft Van 
Ham second, the Nets proposed sending 
Jim Jackson and Eric Montross, their 
No. 7 and No. 21 picks, to Philadelp hia 
hi exchange, the 76ers would give jour- 
neyman center Michael Cage, shooting 
guard Lodous Harris and the small for- 
ward Don MacLean to the Nets. 

But the Celtics, who had tried to send 
Dino Radja to the 76ers for Michael 
Cag&and Clarence Weatherspoon until 
Radja failed his physical with the 76ers 
cih Tuesday, moved to block the deal. 

Hearing that the trade involved Cage, 
BosBon fiJed a protest with the league, 
on Radja's failure to pass a 
Since the matter will go to 
arbitration and be decided by the NBA 
commissioner David Stem, Cage could 
not be involved in the deal — thus 
delaying the proposed trade. 

. “J drink they really drafted me with 
the idea of a trade, trying to get 
something for me" Van Hom said. “A 
lot of guys that get drafted know they're 
going to go to that team, but I don’t 
know that for sure.” 

[The Celtics claimed that the 76ers 
exaggerated the extent of Radja's knee 
problems to get out of the trade, the Los 
Angeles Times reported. 

[“When Dino left us two weeks ago, 
be was working out, playing tennis and 
one-on-one basketball, and his knee 
looked great," the Celtic coach Rick 
; Pitino said in a television interview. “1 
\Z find out when he saw two doctors in 











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- No. 1 pick Tim Duncan was chosen 
“ by tiie Spurs in the NBA draft. 


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Philadelphia, they found something 
totally different.”] 

Philadelphia’s decision cleared np 
much confusion among the first five 
picks. Boston selected the Colorado 
point guard Chauncey Billups with the 
third selection, Vancouver chose Bowl- 
ing Green point guard Antonio Daniels 
with the fourth pick and Denver chose 
Texas Tech center Tony Battle No. 5. 

The Celtics, who also held the No. 6 
pick, chose Ron Mercer, the Kentucky 
sophomore who played for Pitino the 
past two seasons. 

Boston considered taking .the 18- 
year-old Tracy McGrady from Mount 
Zion Christian Academy in Durham, 
North Carolina, but declined at the last 

moment. 

And the Nets chose Villanova fresh- 
man Tim Thomas at No. 7. 

The Golden State Warriors selected 
Adonal Foyle, the Colgate center, at No. 
8 . 

McGrady was selected No. 9 by the 
Toronto Raptors. 

Duncan was the first senior to be 
chosen No. I overall since Larry John- 
son was taken No. 1 by Charlotte in 

1991. The last time two seniors were 
chosen first and second was in 1990, 
when Derrick Coleman and Gary 
Payton went No. 1 and No. 2 to New 
Jersey and Seattle respectively. 

Darnels, too, stayed for his senior 
year, and it paid off in ways unima- 
ginable for die Bowling Green star. He 
went from the low second round to the 
top five of the draft in a heartbeat, 
convincing scouts and general man- 
agers on film and in person that hccould 
run an NBA team immediately. 

Duncan had not even heard of him 
until they roomed together three weeks 
while taking their predxaft physicals in 
Chicago. 

Bom in St. Croix in the U.S. Virgin 
Islands, Duncan will join Robinson on a 
Spurs team that is suddenly back in 
Western Conference title contention. 

He was also the first true center to be 
selected No. 1 since Shaquille O’Neal in 

1992. 

From the moment Duncan decided to 
stay in college after his junior year, his 
stock was already set as high as pos- 
sible. But that of Van Horn continued to 
rise leading up to the draft as he pro- 
duced memorable workout after mem- 
orable workout for several teams. 

The aftershocks surrounding the in- 
terest in him were felt as far as Chica- 
go. 

The Bulls were reportedly very in- 
terested in swapping Scottie Pippen and 
Luc Lougley for Boston’s third and 


NBA Draft Selections 




LSm AiOwteTln Dunoon Comm Woke Foes* 
Z PMkHMptiio. Ketti van Hen Fewont Utah; Z 
Boston Ctauncer BBtop* Guard, Cotorata 4. Von. 
ouwr, Antenta Daniels, & Bowling Green 5, Daw 
Tony BdSe. C. Tocos Toctu 

L Boston ((mm Dallas), Ron Mercer, F, Kentucky: 7 . 
Mew Jersey, Tim Thomas. F, VUtanow; B, Golden 
State, Adonal Foyle, C Colgate; 9, Tomtit* Tracy 
McGrady, F, Mount Zkm Christian Academy (Hi); 
la ArMUweutee, Danny Fortsan F, Clndimaft 

11 , Sacrament* Otvter Saint- Jean, F, San Jose St 
l Z Imflana Austin Crasher* F, Providence 1 3, Ctow- 
tomL Derek Anderson, G, Kentucky: 14 u» Angeles 
CSwn, Mauitce Toytor. F. Michigan; 

15, B- Da Has (tram Minnesota). KeMn Cato, C, Iowa 
Sfc 1* dewetand (front PtwcnU. Brain Knight & 

Stontont 17, Vteldngtm {forfeited with signing Juw- 

jai Howard) Qrtand* Johnny Toytor F. Temeum 
Chonwoogis 1& B- Portland, Chris Anstey, C. sooth 
East Melbourne (AustraRdU 19. Dotralt Scat Potent 
F# Kansas 

3a Mhneuta (from Portland through Charlotte), 
Pair Grant C Wtacnu&ir 21, New Jersey (Ihraagh 
L-A. LriwR). Anthony Parkec. Gu Bradteno 2Z AJfarto, 
Ed Gray, Go Coflfarota C-Scdte Bobby Jackson 
& Mlne90kc24 Hoostoa Rafrick Rhodes, g- South- 
ern CaL-2& New York, JotmThofuowF, Minnesota; 

2de Miami Chafes Snttfc G, New MorJck 27, Utah. 
JocaoeVdoaliaGtolCaisas; 2a Chta» 9 a Keith Boom* 
F, Maryland. 

saeom ROOMD 

3a Houston (from Vancouver), Serge Zwfcker, c 
North CaroOmSI, Mtoml (from Boston), Mart; Son- 
font F, W teMn gte ra 32, Defrott (from San Antonio), 
Chofles Ofiannone F, UCLA; 33; C-Denver, James 
CaCfoa G. Long Beach SU 34 PMadelphia. Martas 
MBIg P, SmettOSmplla (Slovenia); 

3S, DaUast Babba Wells, F, Austin PeaySt-3^ PM- 
acMptila (from New Jersey), Kefau 5tewcsrt F, CdL Si 
Bakenffekfc 37, D-Phllacfelplila (boat Toronto), 
James GoOIra, G> Florida SL 3a Golden Slgtie, More 
Jodscm. C Temple; 39, MXwautcee. Jerald Ho n ey- 
outt F. Tutane; 

40, Sa c ramenta Anthony Johnson, a Coheoe of 
Choriestoro *1, Seattle (from LA. COpfseis), Eddie 
EDsmo, F, Georgia Tech*- 4 Z E-Denver (from In- 
dtand, Jason Lawson, C Wonovro 4X Phoenbt 
Stephen Jackson, G, Butter County CC QCon. 1 ; 44 , 
Mbmesrto, Gordon Matona F, West Virginia. 

4 a dewekmdp Cedric Henderson, F, Memphis 46, 
Wdshlngtea God Shannngod G, Providence; 47, E- 
Orianda Eric WosMngloii, G, Alabama' 4a Portland 
Alvin Wimoms, G> VBkmm 49, Woa hk i g l m (from 
Chflriorte), Pfennig Drobnlafc, C Porttzan Belgrade 
(5atakdf 

saAttarrtaCfram Detnrtf).AWn Dfgbeoa G> VHIeur- 
bmne (France}; 51, Atlanta Chris Crawford F, Mar- 
quettro52, LA. Loheia DeJuon Wheat G,Lo»ilsvMte 
S3L F- Vancouver (bom Houston), CJ. Breton, G, In- 
dian HBIsQC (Iowa); 54, LA. Uricas (from Now York)# 
Pool Rogers, C Gonzopa? 

55, Seattle, Mark Blount C, PHtsburghr 5d Boston 
(from JUUamOr Ben Peppeo G Newcastle (Aushoio); 
57# Utah, Note Eidmona & Oklahoma 5a Oikaga 
Roberto Duera C FjC. Boroekm (Spain). 

A— Milwaukee haded F Johnny Newman, F-C Joe 
Wolf and righto to Danny Fartson (10lti pick) to Dmwer 
fare Enrin Johnson. 

Dofles traded rights to CKTOvtn Cato (15Sh pick) to 
Portland for rights to C Chris Anstey 08th pk*} and 
undisclosed ronounL 

C — Seattle traded rights to G Bobby Jackson (23d 
pick] to Deiwerfor rights toG James Colton C33d pick) 
and 1998 2d-round droll pWt 
D—Ptdadelphkr traded rights to G James Col DnsC37!h 
pldO to the LA. Cflppee for 1998 2d-RMmd draft pick. 
E— Denverhnded rigMstoC Jam Lawson (42nd pkkl 
fa Oikmdo tor rights to G Eric Wostongten ( 47 th pidO. 
F— Portland ocqulred righbtoG CJ. Breton (53d pick) 
fhenVaiaHniertorunJNdosedoiKeMHtfof money. 


sixth picks and Antoine Walker in order 
to have a shot at Van Horn. 

But one league official said Michael 
Jordan threatened the Bulls with re- 
tirement if the deal went through. 


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The Tigers' Damion Easley forcing the Yankees' Joe Girardi at second and throwing to first for a double play. 

Griffey Hurt, May Miss All-Star Game 


NBA Taps European Players 


By Ian Thomsen 

International Herald Tribune 


LONDON — Four of die NBA 
draftees played in Europe last season: 

• MaikoMilic — He might be one of 
the draft's big losers. The 6 foot 4 inch 
(1.93 meter) Slovenian guard of 
OlbnpijarLjubljana could have entered 
the draft next year, at 21, by which time 
he migh t have done more to prove him- 
self worthy of a first-round pick and a 
contract worth millions. Instead die Phil- 
adelphia 76ers grabbed him early in the 
second round (34th overall), so he might 
not receive more than the minimnm sal- 
ary. Milic shattered a backboard at the 
European Final Four. At exhibitions be 
Has leaped over a car to dunk. 

• Predrag Drobnjak — His physical 
style of play might be his biggest asset if 


be signs with the Washington Wizards, 
formerly the Bullets, who drafted him in 
the second round (49th). 

• Alain Digbeu — The French for- 
ward will be the athletic equal of any 
player taken in the draft. He grew ro be 
dependable under pressure for Villeur- 
banne of France, which made it to the 
Final Four last season. The Atlanta 
Hawks chose him in the second round 
(50th). He has two years left on his 
contract, but Viileurbanne has said it 
will let him jump to the NBA at once. 

• Roberto Duenas — At 7 foot 4 
inches (2.23 meters) he reminds many 
of Gheorge Muresan of the Wizards. 
Duenas, 2 1 , could be an important play- 
er for the Chicago Bulls, who picked 
him 58th overall, but they might nave ro 
be patient. FC Barcelona recently 
signed Duenas for five years. 


The Associated Press 

For the third consecutive year, base- 
ball’s All-Star game could be missing 
one of its brightest stare. 

Ken Griffey Jr. pulled up lame after 
he hit a run-scoring double in the first 
inning Wednesday night and could be 
out for up to three weeks. He was suf- 
fering from a tight right hamstring. 

The All-Star game will be played in 
Cleveland on July 8. Griffey, who leads 
the majors with 29 home runs and the 
American League with 64 runs and 79 
runs batted in, is the top vote-getter. 

Baseball Roundup 

He has missed the last two All-Star 
games because of injuries: He fractured 
his left wrist crashing into the center 
field wall in May 1995, and missed 73 
games. He broke a small bone in his 
right wrist while batting in June 1996, 
and missed 20 games. 

Griffey ’s condition was to be re-eval- 
uated by the Mariners' team physician, 
Dr. Mitchel Storey, who expects the 
outfielder to be ont three to five days if 
the injury responds well to treatment, 
bat two to three weeks if the hamstring 
is stiff and swollen. 

With Griffey gone, Edgar Martinez 
bomered twice as Seattle pounded four 
home tuns in a 9-4 victory over the 
Oakland Athletics. 

Oriole* 9, Browor* i In Milwaukee, 
Mike Mussina lost a no-hitter in the 
eighth inning on Jose Valentin’s single 
and settled for a three-hitter in another 
strong performance weeks after he 
nearly pitched a perfect game. 

Mussina (9-2) struck out a season- 
high 12 and walked one. The right- 


hander gave up a sacrifice fly to Dave 
Nilsson in the ninth to score Milwau- 
kee’s run. 

Yankees 3, rigors 1 Charlie Haves hit 
a two-run homer in the ninth inning as 
New York completed a three-game 
sweep at Detroit. Tino Martinez hit a 
home run — his third in two gomes — 
for the Yankees, who have won seven 
straight at Tiger Stadium. 

white sox 8, Royals 7 In Chicago, the 
White Sox rallied for five runs in the 
eighth and got a pinch-hit run-scoring 
single from rookie Mario Valdes in the 
10th to win. 

B a ngor* S, Angels 4 Mark 
Me Lem ore's bases- loaded single with 
one out in the bottom of the ninth en- 
abled Texas to snap a seven-game los- 
ing streak ai home. 

Red Sox 13, Blue Jays 12 In Toronto, 
Nomar Gardaparra homered on Pat 
Hentgen’s first pitch — one of five 
Boston homers — and the Red Sox 
outlasted the Blue Jays for a wild win to 
sweep the three-game series. 

Hentgen had not given up an earned 
run in 21 innings before Gardaparra 
connected for his 12th homer. Hentgen 
was charged with a season-high 1 1 runs 
and 13 hits in eight innings. 

In the National League: 

Cardinals 3, Cubs 1 Gary Gaetti broke 
out of a slump by going 3 for 4. finishing 
the night with a two-run homer in the 
bottom of the ninth to give St. Louis 
victory over Chicago. He also had a run- 
scoring single and a double. 

Gaetti came close to giving Sl Louis 
the lead in the seventh inning. But he was 
thrown out by the Cubs' center fielder, 
Brian McRae, when he tried to score on a 
short fly ball, completing a double play. 


Dodgers 2, Rockies O In Los Angeles, 
Dodger pitcher Ismael Valdes gave up 
four flits in innings and retired 19 of 
the first 20 batters he faced. 

Mike Piazza hit a two-run homer in 
the first inning to help Valdes (4-8 1 end 
a slump in which he had surrendered 19 
earned runs in 26^ innings and had a 
televised dugout confrontation with 
manager Bill Russell. 

Astros 5, pirates 1 1n Houston. Derek 
Beil's homer snapped an eighth- inning 
tie and Darryl Kile (9-3) pitched eight 
strong innings, striking out seven and 
walking two. 

Martins 7, Phillies s John Cangelosi 
went 4 for 5 as Florida moved 15 games 
over .500 for the first time in franchise 
history'. 

Rod* 2, Expos i Mike Kelly's two- 
out, I lih- inning homer gave Cincinnati 
its second straight extra-inning win at 
Montreal. 

Kelly hit his second homer as the 
Reds handed the Expos their fourth loss 
in six games. Montreal won II of 12 
before the recent slide. 

Brawn 14, Mats 7 Chipper Jones 
homered twice, including his first grand 
slam in the majors, as Atlanta won in 
New York. 

Giants 14, Padm 7 In San Francisco, 
J.T. Snow matched a career-high with 
four runs batted in and Barry Bonds 
scored four times. 

Bonds went 3 for 5 with a walk and 
Darry l Hamilton also went 3 for 5, in- 
cluding a triple, as the Giants won for 
the eighth lime in 1 1 games. The 17 hits 
and 14 runs were both season-highs for 
San Francisco. 

• Minnesota at Cleveland was post- 
poned by rain. 


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PAGE 22 


OBSERVER 


Iconization ! Help! 


By Russ ell Baker 

N EW YORK — Disaster! 

Thai’s whac my cam- 
paign against icons has ended 
in. The defeat is not as cata- 
strophic as Custer's at the 
Little Big, Horn, but it is just 
as total. American writers on 
all flanks are pelting me 
senseless with icons. 

Wherever you turn another 
writer is hurting icons. Even 
the sports page, that sanctuary 
of good old plain talk, is no 
longer icon-free. Reading 
happily along in an essay on 
corked baseball bats the other 
day, I was frozen in mid- 
column to see George Bren 
being called “an icon of the 
game.’’ 

Why belittle Brett with 
oambypamby icon talk? 
George Brett was one of the 
best hitters evert reducing 
him to an icon cheats him of 
the high praise he deserves. 


Look: Do you think Gale 
Hayman is in a class with 
George Brett? When you're 
two runs behind with two men 
on base and two out in the 
ninth inning, whom do you 
want to see coming to the 
plate? Gale Hayman or 
George Bren? 

Yer she's an icon too. 
“Gale Hayman is a beauty 
icon," reports Update, a pub- 
lication of The New York 
Times Syndicate. 

So Z open a book, a heavy 
book, a serious book, and whar 
do you suppose leaps off Page 
3 before the author has even 
warmed up? Yep. Icons. 

And what do you think 
Barbra Streisand is? “She’s 
kind of like a gay icon," a 
museum visitor tells a Wash- 
ington Post writer reporting 
from the Barbra Streisand 
Museum in San Francisco. 

But what is this I see on the 


cover of The New York 
Times Book Review? It is 
news of yet another book 
about Virginia Woolf, “an 
icon and a beacon for most of 
a century.” 

- There may be an infectious 
icon epidemic raging at The 
Times. The week after the 
iconning of Virginia Woolf, a 
Times Magazine story about 
the Long Island Congresswo- 
man Carolyn McCarthy was 
headlined, "An Icon Goes to 
Washington." 

Two Sundays earlier the 
Week' in Review section re- 
ferred to Frank Sinatra, Dean 
Martin and Sammy Davis Jr. 
as “three icons of swank." 

Poor dead Che Guevara 
cannot reappear in Tie Times 
these days without being 
i conned. Interviewed by the 
Magazine, his biographer 
says Che is “a marketing 
icon.” The Week in Review 
of the same day agrees about 
his mercantile iconbood: 

“When it comes to mar- 
keting icons, there an unmis- 
takable difference between 
being dead and being alive." 

Always competitive with 
The Times, The Washington 
Post has kept the iconic pace. 
A recent headline converted 
the old Volkswagen Beetle in- 
to “a '60s Icon.” Its Style 
section reviewed “three disks 
of iconic songs.' 1 These were 
not songs about icons, but sup- 
posedly about gay culture. 

From die Cincinnati En- 
quirer comes grim news for 
mends of the 1970s. “A Cin- 
cinnati icon for that very era’ ’ 
is dying.* 

that icon is Lucy's in the 
Sky, a saloon on the glass- 
walled 12th floor of the Hol- 
iday Inn downtown. It's 
closed. 

Will no one save America 
from ic onicization? Anyone 
who does will become an 
anti-iconicizadon icon. 

New York Tunes Service 


INTERNATIONAL HERALD TRIBUNE, FRLDAY,JUNE 27, 1997 


In Hollywood, It’s Planet of the Insects 



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By Bernard Weinraub . ■ 

New York Times Service - 

L OS ANGELES — Blame it on the 
millenni um. Blame it on fears 
about cloning. Blame it on an over- 
load of studio alien films, or just plain, 
creative exhaustion among executives 
and screenwriters. But bugs — teeny 
ones and monsters, happy little crit- 
ters who sing and fearsome ones who 
kill — are overrunning Hollywood 
studios. 

At least a half-dozen scripts in- 
volving insects are in various stages of 
development and production, tnming 
the creatures into formidable screen 
competitors of dinosaurs and aliens. 

Toe last wave of insect films took 
place in the post-atomic age, exem- 
plified by “Them!,” the 1954 classic 

about giant ants running wild in the 
Southwest after an atomic test. 

“There was an undercurrent of fear w . 
after the atomic bomb, like what have 
we wrought, bow have we upset the 
balance of nature and is this, nature's 
revenge of us,” said David Vogel, 
president of Walt Disney Pictures, 
which recently paid writer Ron Kas- Human invaders land on a planet occupied by alien insects in scene from “Starship Troopers. 


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fear and "hatred -we ail have for 
them” 

Horror films have to some degree 
often reflected die fears a^parancua 
■ . of popular Culture. In the 1 930s and 
'40s, the Frankenstein films ana their 
imitators - tapped into fear about 
crazed scientists. "Horror and sci-fi 
films have almost always been anti- 
science or very skeptical of it, sate 
Welch Everman, author of “Cult 
Honor Films” (.1993) and “Cult Sci- 
ence Fiction Films" ( 1995 )- 

“In fr-flrHftr horror films, said 

Everman, an associate dean at the 
University of Maine, "this was per- 
sonified by mad scientists. In the 
1950s, (his was changed to a skep- 
. deism . about' science itself: science 
had won the war but people were also 
frightened of the atomic bomb and 
radioactive pollution," 

Those fears inspired films in the 
1950s like “Them!,” which was a 
major success for Warner Brothers, 
as well as "Beginning of the End," 
in. which giant locusts attack Chica- 
go; “Black Scorpion," in which gi- 
ant scorpions attack Mexico, _ and 
” “Attack of the Giant Leeches," in 


dan $850,000 for the rights and " - which, the squishy monsters are un- 

screenplay adaptation for his new novel, “Instinct.'’ It's, every day. Yet bugs are creatures with a nightmarish per- ' leashed by radioactivity after a space launching, 
about a toxic chemical spill in Mexico that unleashes a faction. We have little in common with them. They have six '‘Since Vietnam, and more recently with news of potential 

swarm of killer bugs beaded for Texas. legs, multiple eyes, no heart, no lungs and are unstoppable. ’ ecological disasters and concerns about cloning, we view 

“Right now we're in a similar time," said Vogel, who was Mammals are soft, fleshy, vulnerable, while bugs are science as operating almost without limits, and these new 
echoing the views of several other executives and producers, covered by an armored plate. They can be single-minded and films reflect mat, " Everman said. ‘ 'We have amors negative 
“Every week we seem to be reading about cloning and ruthless. They are grotesque. They axe God’s nightmare.” view of science than in the 1950s.” 
biological engineering and new discoveries of water on Similarly, Wes Craven, another top horror filmmaker. What serves as an undercurrent for the new wave of terror 

planets. Science is altering our sense of the familiar. And says bugs are far more frightening than aliens. “We don’t movies, say directors and screenwriters, is the approach of 
these movies are tapping into that.'* like them," he said. "They're symbols of corruption and the millennium.. “It's millennia paranoia: people ore very 

Among the bug movies looming are Paul Verhoeven’s filth. They shine our space, and we know that they can really nervous about what 'll happen," said Chris Brancato, who 
“Starship Troopers,’ ’ about a war between humans and hurt us. They stand for an element of nature that’s voracious has written for * 'The X-Fifes" television show and written 
giant alien ants, to be released by Tri-Star in November; and ultimately sees us as food. And they’re probably the screenplay for a new film, “Species U," now in pro- 
“ Antz," an animated film (with the voice of Woody Allen as right" ductiph. 

the lead bug) to be made by Dreamworks; 1 ‘Dust’ ’ a Warner Of course, studio executives and agents view bugs as part _ Craven, director of * ‘Scream’ ' and other successful horror 
Bros, movie based on a novel by Charles Pellegrino about of Hollywood's never-aiding quest for newer and scarier films, said: ‘ ‘We're not only coming to the end of the century 
the extinction of insects potentially dooming the planet and villains. ‘ ‘We've had viruses, slugs, tornadoes, volcanoes but the end of the mille nnium. There are strange things afoot, 
a Pixar film for Disney called ' 'A Bug's Life. ’ ’ ■ and now, bugs, ' * said Mike De Luca, president of production Psychologically, we feel we are moving toward the precipice 

In -another bug film, “Mimic," to be released in July by at New line. “It's all very biblical" and nature will take revenge." 

Miramax, Mira Sorvino is menaced by a cockroach hybrid, a Beyond this, and on a purely practical level, studios are Other- masters of the honor film are not so sure. John 
combination praying mantis and termite. The film’s director, fin ding that the uses of increasingly sophisticated computer Carpenter, whose films include “Escape From L.A.,’ ' ob- 
GuiUermo del Toro, who made “Cronos," the 1993 award- techniques make insects far easier to animate than aliens or served that studios inevitably recycle old ideas, and the 
winning terror film, has obviously spent a lot of time dinosaurs. “Bugs are relatively easy to animate because they recycling is now veering toward bug films of the 1950s. 
thinking about bugs, and spoke almost mystically about have sharp lines and hard surfaces and a uniform color, and “Everyone wants to mine "the mother lode for a hit,” 


them. 

“What’s appealing 
real" he said during a 
same planet You don 1 


and a uniform color, and “Everyone wants to mine "the mother lode for a hit” 


don't have the facial expressions and recognizable human Carpenter said. “And perhaps we're alien ed-out at this 

3 ! J! _1 ■ 1 » ! J > _ a M 


swarm of bug films? “Nothing 
me," Carpenter said. 




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Diana Cleans Out Her Closet, and Charities Make $3 Million 


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By Elisabeth Bumiller 

Nw Yurt Tunes Service 

EW YORK — The clothes trace her 
metamorphosis from frilly princess 

to the 


through the “Dynasty Di” years to the wom- 
an on her own in the sleek column dresses of 
the 1990s. They were also, it turns out an 
excellent investment 

At a packed Christie’s auction, an off-the- 
shoulder, ink-blue velvet dinner dress that the 
Princess of Wales wore when she danced at 
the White House with John Travolta sold for 
$222500 — breaking a previous Christie’s 
record of $145,000 for the costume that Tra- 
volta himself wore in the movie “Saturday 
Night Fever.” 

So went a boisterous auction Wednesday 
night that brought iu $3.25 milli on for 79 
cocktail and evening dresses belonging to the 
Princess of Wales, an average of more than 
S41.000 a dress. (Christie's officials estimat- 
ed their original cost at around $5,000 each.) 
The auction, which benefited cancer and 
AIDS charities, was attended by more than 
1,100 buyers. 

Lord Hindlip, the auctioneer and chairman 
of Christie's International, said Christie's had 
taken in about twice what he had expected. 


D iana was in London, but asked that 
Christie's send her the results overnight, said 
Meredith Etherington-Smith, creative direc- 
tor for Christie's International 
A pearl-embroidered sheath that Diana 
calls the "Elvis dress" went for the second- 
highest price, S 15 1,000, to the Franklin Mint, 
a purveyor of souvenir plates and coins. A 
noisy red chiffon with silver lame — “That is 
not the most successful dress in die collection, 
I am here to tell you," Etherington-Smith 
conceded before the auction — turned up at a 
lot of film premieres. Someone paid $34500 
for it Wednesday night 
The sale of Diana’s “fairy tale gone sour" 
past at the Park Avenue auction house was, 
depending on one’s point of view, either die 
beneficent act of a caring woman or a public 
relations gimmick by Christie’s, which is col- 
lecting only its expenses. No one disputes, 
however, that it was the necessary undertaking 
of a busy shopper who desperately needed to 
clean outher closets. When. Etherington- S mith 
first went to Kensington Palace to view Di- 
ana's dresses, she was taken aback by ' 'quite a 
large room" entirely jammed with clothes. 








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lem,* " Etherington-Smith added. “I said, ‘I Lord Hindlip, the chairman of Christie’s International, 
certainly can." auctioning off a fuchsia and purple chiffon dress. 


PEOPLE 


W HEN a politically connected lobbyist 
asked the Miami City Commission to 
build a fence that would deny joggers, bikers 
and skaters access to a historic Miami street, 
the council jumped, and said how high. Ten 
feet would ao, replied Rosario Kennedy, a 
former commissioner and ex-wife of a former 
mayor, in the start of a brouhaha that has come 
to be known as “Stallone Gane,.” so named 
because Kennedy’s client is Sylvester Stal- 
lone, who lives on the. block to be barricaded. 
Without benefit of a public hearing, the com- 
mission unanimously voted to spend S4.400 
to build a 1 10-foot-long (33-meter) fence at 
the end of the cul-de-sac that also is home to 
Madonna, among others. A huge fuss ensued 
Opponents pointed out that die block includes 
a public pais that provides common folk with 
one of tne few unfettered views of Biscayne 
Bay and the Atlantic Ocean. The city cut a 
gate in the fence, but planned to keep it 
locked. A hearing was scheduled for Thurs- 
day night to determine whether the gate will 
be unlocked at least during daylight hours. 


Michael Jackson failed to sell out the first 
of his four French concerts, part of a European 


tour widely seen as an attempt to revive flag- 
ging record sales. Jackson played Lyon's 

30.000- seat main soccer stadium but only 
drew 23,000 fans. The concert venue had 
already been switched to the stadium from a A 

50.000- capacity park after advance ticket sales 
showed that the park would never fill up. 


An attorney grievance panel has found that 
Frank Maco, a prosecutor, was within his 
rights when he announced he had evidence 
that Woody Allen had committed child ab- 
use but would not prosecute. Allen had filed 
a misconduct complaint with the Connecti- 
cut panel, saying Maco's announcement in 
1993 essentially convicted him of child ab- 
use while leaving him no'way to clear his 
name and hurt his efforts in his custody fight 
with Mia Farrow, 


The Russian-born Elena Nazaroff, 27, is to 
tnlcft over as designer of Jacques Fath’s 
ready-to-wear line. Nazaroff, who will replace 
Tom Vanlingen as artistic director, moved 10 
the United States in 1991 and sru&ed at the 
Parson School of Design in New York. 


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makes calling home and to other countries really easy. 


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calling from and you'll get the fastest, clearest connec- 


tions home. And be sure to charge your calls on your 


AT&T Calling Card It'll help you avoid outrageous 


phone charges on your hotel bill and save you up to 


60%* So when in Rome (or anywhere else for that 


matter), do as many business travelers do. Use AT&T. 


Please check the. list below for AT&T Access Numbers. 


EUROPE 


Steps to IbHim far ezsy calRng worldvbk: 

1 . just dial the AT&T .Access Number for the country you 
are calling from. 

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3- Dial the calling card number listed above your name. 


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