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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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The World’s Daily Newspaper 

2d Death 
Reported in 
North Korea 
Leadership 

Changes at the Top 
Set Off Speculation 
About Possible Purge 

By Mary Jordan 

H •askiagion Post Service 

SEOUL — Just days after North 
' Korea's defense minister died of a heart 
attack, another key defense official has 
died of an “incurable disease, 1 * accord- 
ing to the state-run radio. 

These two deaths, following the de- 
fection of a top government ideologue 
and the replacement of the reportedly 
ailing prime minister, all in the last two 
weeks, amount to a major change in the 
elite who rule the secretive nation. 

Radio Pyongyang announced Friday 
that Kim Kwang Jin, 69, the first deputy 
minister of the armed forces, died 
Thursday. It gave no details other than 
the vague statement that he had died of 
an “incurable disease." 

Mr. Kim's death, so soon after that of 
Defense Minister Cboe Kwang, 78. on 
Feb. 21, led some to speculate that one 
or both of their deaths may not have 
been from natural causes. 

Some Korea- watchers wonder if Kim 
Jong D, the North Korean leader, is 
purging those he deems insufficiently 
loyal, in particular elder party officials 
closely aligned with his father. Kim n 
Sung. The charismatic elder Kim ruled 

Cabinet shake-up in Seoul. Page 4. 

the country for four decades until his 
death in 1994, and his son is seen as far 
weaker and less of a natural leader. 

But analysts here also acknowledge 
that so little is known about the inner 
workings of North Korea that it is en- 
tirely possible that both of the defense 
officials died simply because they were 
old and sick. 

“North Korea lends itself to con- 
spiracy theories," said Michael Breen, a 
North Korea specialist in Seoul. "Bat 
you have to remember that people don’t 
retire in Communist regimes. They die 
in office." 

Mr. Breen said he was “not yet con- 
vinced" that a purge was going on. "but 
there is certainly generational change,” 
Katsumi Sato, president of the Mod- 
ern Korea Institute in Tokyo, said he u 
believed there was an ideological split in 
the North Korean leadership. He said 
that Kim Jong D was thinking: * ‘Are you 
going to support me or my father? If you - 
don’t support me, you will be purged." 

Any conflict within the hierarchy of 1 
North Korea is important to waich, Mr. t 
Sato said, because it could lead to in- c 
stability and even the end of the regime. I 
North Korean newspapers have re- t 
cemJy begun to write about "Red Flag” 1 
ideology, or intense loyalty to Kim Jong s 
D. Mr. Breen said this might be part of j 
Kim Jong D’s attempt to “strengthen his z 
personality cult" and his grip on the i 
country, whose economy is collapsing, a 


R 


Paris, Saturday-Sunday, March 1-2, 1997 


? ■ ■■ 
•-•-■a,* t. 


No. 35,458 



Labour Could Win, 
Major Concedes 

Tory Chief Sees Threat as Real 
After Severe Ry-Election Loss 


Sorti KjrfcnLa/Rnlai 


INDIA’S BUDGET SENDS SHARES SOARING — Stockbrokers outside the Bombay Stock Exchange 
conferring with colleagues as the government unveiled a budget proposal Friday that would slash corporate 
and individual taxes and raise limits on foreign investment. Buyers pushed shares up over 6 percent. Page 9. 

A French ‘Miserable’ Finds Justice 


By Bany Janies 

International Herald Tribune 

Jean Valjean, the stout-hearted hero of “Les Miser- 
ables," would have understood. 

Displaying more sympathy than strict legality, a court in 
Poitiers, in southwestern France, has found a wo man not 
guilty of theft, even though she readily admitted shoplifting 
in three supermarkets to put some mear on the plates of her 
two children. 

It seemed like an open-and-shut case until the woman's 
lawyer, Philippe Brottier, found a little known statute 
dating almost from the time of Victor Hugo. 

Incorporated in the 1 994 penal code, the statute states that 
a person who steals out of necessity is not guilty of theft, 
provided the means are not disproportionate to the end. 

The legislation echoes a principle taught both by the 
Roman Catholic Church and by Enlightenment philosoph- 
ers that there is a natural law standing above man's law. 

Introduced into French jurisprudence during the Belle 
Epoque at the end of the last century, a time of luxury for 
some end misery for many, the law originally exculpated a 
man who had stolen bread to feed his family. 


It has more recently been used to justify homeless people 
who have broken into empty apartments in search of 
shelter. 

In the Poitiers case, the judge looked into the woman's 
background and discovered that she was bringing up her 
children alone but decently on a sparse income, and that she 
had just begun a course of chemotherapy. 

She had gone to Poitiers for treatment, and, she testified: 
“As 1 left. I looked at the store windows. There were sales 
everywhere, particularly for foodstuffs. And I thought of ray 
children, who kept saying they were fed up with pasta." 

Oearly, said die judge, the woman was in a state of 
necessity , and since she had reimbursed the stores, they had 
not been harmed. Because no crime had been committed, 
the woman could not be identified. 

The question now is whether the case will set a precedent 
at a time of rising unemployment and poverty. 

The public prosecutor at Poitiers is appealing the case. 
He said that the women’s children ate at their school 
canteen, and that necessity could therefore not be invoked. 
The woman told a reporter than only one child ate at the 
canteen of his kindergarten, and that both complained they 
had had enough of eating pasta and rice every day. 


By Erik Ipsen 

International Herald Tribune 

LONDON — Prime Minister John 
Major conceded Biday that he was ‘ ‘dis- 
appointed" by the severe drubbing de- 
livered by voters in a parliamentary by- 
election. but vowed that the real battle 
"has yet to be fought." 

But, speaking in a televised interview, 
he also noted that “if opinion does not 
change then we are going to have a 
Labour government," publicly contem- 
plating the possibility that the Conser- 
vative” Party, in power since 1979, might 
not win a fifth consecutive term of of- 
fice. 

With less than nine weeks to go until 
the general election, the st unnin g defeat 
of aTory candidate Thursday on middle 
class, Tory-friendly suburban ground, ■ 
both the timing and the scale of the 
result could scarcely have been worse. 

To retake Downing Street on the likely 
election day of May 1, Labour needs to 
better its last general election perfor- 
mance by a swing of 4 percent of the 
voters. On Thursday, in Wirral South, an 
affluent commuter-belt constituency in 
northwest England, with an unusually 
heavy 73 percent turnout. Labour pulled 
off a swing of 17 percent, more than 
enough to produce a landslide should the 
party's standing bold up that long. 

Labour's deputy leader, John 
Prescott, hailed the victory of Ben Chap- 


man as “amazing and brilliant" and as 
marking “a major shift in politics." 

Meanwhile, in a speech in Edinburgh, 
the Liberal Democrat leader. Paddy 
Ashdown, had a simple, goading mes- 
sage for the prime minister “The 
game’s up." 

For the Conservatives, there was little 
to fall back on but tbeir own surprising 
record of longevity and durability. Be- 
fore the last general election, five years 
ago. the Conservatives had gone with- 
out a victory in by-elections for five 
years, a record that stretches unbroken 
to this day. In spite of that, and with 
polls showing them trailing Labour up 
to the eve of the balloting, Mr. Major 
stormed to victory in the last general 
election with a 7 percent majority. 

On Friday, the prime minister re- 
affirmed his conviction that voters 
would once again balk at the prospect of 
putting into office what he referred to as 
a “socialist" government. 

Mr. Major, who came from behind to 
win the 1 992 election, made it clear that 
be would not go down without a fight 

“The battle is still to be fought." he 
said. “Does Britain change course, does 
it move towards the policies of social- 
ism? Or does it stay with the policies 
that have made it successful? Thai is the 
choice that lies ahead." 

What worries Tory strategists, and 

See MAJOR, Page 5 


Bloom Is Off Tory Rose 
In Once -Stalwart Wales 


World Starts to Weary of Bosnian Hate 

Aid Donors and NATO Troops Give Signs of Retreat Before Violence 


By Chris Hedges 

Nm Tort Times Service 

MOSTAR, Bosnia- Herzegovina — 
The local Croatian authorities insist that 
the two huge pits being dug along the 
old confrontation line m the center of 
Mostar will hold the foundations of a 
theater and a Roman Catholic cathedral. 
To their Muslim enemies on the otter 
side of town, they look like the be- 
ginnings of fortified bunkers and an 
attempt by the Croats to seize territory 
in the desolate no man's land that sep- 
arates East and West Mostar. 


The international peacekeepers here 
say they suspect the Croats are building 
forts, but they show no inclination to do 
anything about it 

It used to be that such questions, 
typical of the dizzying contretemps be- 
tween ethnic Croats and Muslims in 
Mostar. preoccupied and concerned the 
outside world, which invested tens of 
millions of dollars to unify this divided 
city of 70.000 people. 

Bui no more. Exhausted and frus- 
trated by the repeated refusal of Serbs, 
Croats and Muslims to honor the 
December 1995 peace agreement, the 


international organizations have begun 
a silent retreat from Bosnia. 

An international peacekeeping force 
of 30,000 remains in Bosnia, but its 
commanders insist that the force will 
leave as planned in the spring of next 
year. 

The European Union, which donated 
more than SI 50 million in reconstruc- 
tion aid, withdrew in disgust in Decem- 
ber. The United States, which brokered 
a federation of Muslims and Croats in 
Bosnia, has yet to get it to function. 

See BOSNIA, Page 5 


By Warren Hoge 

Ne h- York Tunes Service 

BARRY, Wales — The menace to 
Britain's Conservatives lurks here, 
above the Victorian row houses by the 
Bristol Channel up to subdivisions 
scattered about the coastal hills. 

The Tories have presided over a five- 
year recovery, and they have been par- 
ticularly generous to the Welsh, lav- 
ishing government spending here at an 
annual rate that is nearly $1,000 a head 
more than in England. 

South Wales leads all other regions of 
Britain in attracting foreign investment, 
including the largest Europe has ever 
seen, a $2.75 billion manufacturing base 
under construction nearby for the South 
Korean electronics giant LG. 

Main street business is booming, auto 
parts and semiconductor factories are 
expanding, houses are gaining value, a 
new 76,000- seat all-weather sports sta- 
dium is being built, and the European 
prime ministers have picked Cardiff as 
the location of their summit conference 
next year. 

All these signs of confidence and 
economic well-being have not protected 
the Conservatives, now in power for 
nearly 18 years, from the danger rep- 


resented by people like Mark Steph- 
enson, a consulting mineral surveyor 
who lives in a house at the end of a cul- 
de-sac with his wife, Helen, and their 
15-month-old son. Ross. 

A self-described “strong Conserva- 
tive” who has taken part in the Tory-led 
prosperity, he will desert the party he 
has always voted for to support the 
opposition Labour Party in the general 
election to be held this spring. 

"They don't seem to have any new 
ideas, any energy, and Labour does,' ' be 
said in a living room cluttered with toys. 
“No one has fears about putting the 
country in control of Labour anymore 
because they’ve put all the old rears to 
rest.” 

Passionate about Margaret Thatch- 
er’s fiee-maikex reforms a decade ago, 
Mr. Stephenson said he now believes 
they have produced too much social 
dislocation. 

“I’ve lived in die Cardiff area all my 
life, and I never saw beggars in die 
street," he said. “Now when I go to 
work, I pass 15 a day, and in the valleys 
the deprivation is incredible." 

Several miles away. Keith Martin 
Do ust was busy moving into the new 

See WALE^S, Page 5 


Latins Bristle at U.S. Drug Preaching 


By John Ward Anderson 
and Douglas Farah 

Washingi on Aair Service 

MEXICO CITY — Monica Cuevas y 
Lara, director of Mexico City’s Na- 
tional Museum of Interventions, knows 
foreign meddling when she sees it, and 
to her the U.S. drug certification process 
obsessing governments across the 
hemisphere certainly qualifies. 

“It s a big attack on our sover- 
eignty," said Ms. Cuevas, whose mu- 
seum chronicles, year by year and with 
painstaking detail, what it sees as in- 
fringements on Mexico's domain. "We 
fee] it's H umiliatin g because the U-S. is 
the most important drug market, and 
they don’t have the moral authority to 
judge us." 

In Latin America, it is hard to find a 
voice that does not agree with Ms. 
Cuevas that the annual certification — 
in which the U.S. government declares 
whether 31 countries are aggressive 
enough in combating narcotics traffick- 
ing — is humiliating and hypocritical. 

Decertification triggers U.S. eco- 
nomic sanctions, including the cutoff of 
most aid and an automatic negative vote 

Newsstand Prices 

Andorra 10.00 FF Lebanon JJ. 3,000 

Arafflas IJISOFF Morocoo 16 Dh 

Cameroon ..1 .600 CFA Qatar 10.00 Rate 

Egypt SE 5.50 Reunion 12-50 FF 

France 10.00 FF Saudi Arab&...1Q.OO Ft 

Gabon 1100 CFA Senegal- 1.100 CFA 

Greece .350 Dr. Spain ..225PTAS 

Italy _._2.800 Lire Tunisia 1 .250 Din 

toy Coast, 1250 CFA UAE. .10.00 Dirfi 
Jcnten„ .1250 JD U.S. A*. (Eur.) — ^1^0 


by the United States on any loan re- 
quests the countries make of the In- 
ternational Monetary Fund, World 
Bank and other multinational lending 
institutions. 

Colombians, for example, whose 
government was decertified last year, 
complain bitterly that Americans’ de- 
mand for drugs, not Latin America’s 
ability to provide them, is the root of the 
problem, and that therefore the United 
States has no right to judge. 

In a region where the United States 
has a long history of intervention, many 
others as well see the certification pro- 


cess — especially when their countries 
are targeted — as a vestige of a bygone 
era, offensive to nationalist sentiments. 

“It is a process that is unjust, un- 
realistic and brings deep indignation," 
Colombia’s foreign minister, Maria 
Emma Mejia, said in an interview. “The 
United States does not evaluate itself, 
and it is a policy that does not work. It is 
terrible fen: building hemispheric un- 
derstanding." 

Ms. Mejia said that if Colombia were 
decertified again this year, Bogota 

See DRUGS, Page 5 


The Wall That Never Went Up 

New Battle of Normandy Rages Over US. Memorial 



By Brian Knowlton 

Imematumal Herald Tribune 

WASHINGTON — When Ameri- 
cans visit the D-Day beaches of Prance, 
thousands head each year to Le Me- 
morial, a war museum and garden tak- 
ing shape in Caen to honor the soldiers 
who took part in the liberation of Nor- 
mandy. 

And many look for the wall — the 
wall of Norman stone on which nearly 
70,000 veterans’ names were to have 
been inscribed. 

Thousands of World War D veterans 
and members of their families paid 540 
each to be included in the monument, 
inspired by the sober black marble of the 
Vietnam Memorial in Washington. 

The garden is magnificent, a beau- 
tiful expanse of greenery, says Jacques 
Belin, director of Le Memorial. 

But there is no wall. 

And, as angry complaints by veterans 


pile up, questions are being asked about 
what happened to the $2.5 million raised 
by a group called the Battle of Nor- 
mandy Foundation specifically to build 
the wall. 

The foundation, a private, nonprofit 
organization, is currently under inves- 
tigation by die FBI. 

Its former president, Anthony Stout, 
who was forced out amid concerns of 
gross mismanagement, left debts of more 
than $3 million, board members say. 

Mr. Stout, a Washington lawyer and 
lobbyist, said this week on the CBS 
program “60 Minutes” that he does not 
know where the money wetu. 

Tom Baker, a retired army colonel 
who joined the foundation after Mr. 
Stout's departure and now serves as 
executive director, finds that hard to 
believe. 

“He knows where the money went. 
See WALL, Page 3 



AGENDA 

Clinton Recertifies 
Mexico Drug Policy 

The Associated Press 

WASHINGTON — Overriding crit- 
ics who call Mexico a springboard for 
U.S.-bound drugs. President Bill Clin- 
ton decided Friday to recertify the Ze- 
dillo government’s scandal-ridden drug 
program, administration officials said. 

Three administration officials, in- 
cluding a senior Clinton aide, also said 
the president decided to decertify 
Colombia again, a diplomatic slap at a 
country whose anti-drug campaign is 
considered too weak by the United 
States. 


| The Dollar 1 

NmYofk 

Friday O 4 P.M 

previous ctoss 

DM 

1.6903 

1.688 

Pound 1.6295 1.626 

Yen 

120.225 

120.675 

FF 

5.71 

5.694 

I The Dow I 

k. ' 

Friday dose 

previous doss 

-47.33 

6877.74 

6925.07 

[ S&P500 | 

charge 

Friday 04 P.M. 

previous dose 

*4.26 

790.82 

795.08 




F. Olivia M»abyVAjS»T Fance-ftw* 

RESENTING RENAULT — Workers feeding a fire Friday near a 
Renault plant in Belgium after learning the plant was to be shut. Page 9. 


EUROPE Page 2. 

Germans Seek Trend in Sunday Vote 

THE AMERICAS Pag* 3. 

When the Pentagon Cant Find Logs 


Books. Page 3. 

Crossword Page 13. 

Opinion Page 8. 

Sports Pages 18-19. 

International Classified Page 4. 


2 Quakes Kill 180 

ISLAMABAD, Pakistan (AP) — 
An earthquake measuring 73 on the 
Richter Scale shook southwestern 
Pakistan on Friday, demolishing 
homes and killing at least 80 people. 
And in Iran, a magnitude 53 quake 
killed 100 people and injured 250 near 
the border with Azerbaijan, Iranian 
television reported. 






PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 1-2, 1997 


Frankfurt Votes Sunday, and Germans Which for a Trend Apology 



'■‘f- 




By John Schmid 

International Hentid Tribune 

FRANKFURT — The City Council 
elections in Frankfurt on Sunday, which 
the main parties view as a bellwether of 
national German voter sentiment, are 
expected to give Chancellor Helmut 
Kohl a badly needed boost, though one 
that might prove short-lived. 

With opinion polls pointing to gains 
in the Frankfurt City Hall for his Chris- 
tian Democratic Union, Mr. Kohl has 
said that the vote Sunday will send a 
signal for the outcome of the 1998 na- 
tional elections. Mr. Kohl has not an- 
nounced whether he will run for re- 
election next year, although many ex- 
pect he will in an effort to keep up the 
momentum of his economic reforms 
and tiis drive for European currency 
union. 


About 330 towns in the state of 
Hesse, in the heart of Western Germany, 
will vote. But Frankfurt’s is the hottest 
race because its 600,000 residents and 
its economic and international signi- 
ficance dwarf those of the other mu- 
nicipalities. 

Tne most formidable advantage for 
Mr. Kohl, if the polls prove accurate, 
will derive from the strategy by the 
Social Democrats, who are in oppo- 
sition in Bonn. They have tried to make 
the municipal vote a referendum on Mr. 
Kohl’s record, exploiting the disillusion 
at Germany's record unemployment. 

As the campaign entered its final 
weeks, the Social Democrats have 
plastered Germany’s financial center 
with posters dial have nothing to do with 
traditional city issues like crime or 
garbage collection. They instead invoke 
the federal government’s drive to curtail 


welfare entitlements and urge voters to 
“send the bill to Bonn." It looks as if 
the strategy could backfire. The Social 
Democrats consistently get only 2S per- 
cent in the polls, down from 32 percent 
in the last City Council election, in 
1993, and well below the 40 percent 
they got in the 1989 city election. 

Although Mr. Kohl is expected to 
portray any gains by his allies in Frank- 
furt as a victory, it could prove fleeting. 
The party’s standing in Frankfurt is an 
anomaly to the national trend, which 
shows that Mr. Kohl's popularity has 
sunk as unemployment has risen. 

The Electoral Research Group, the 
most respected of Germany’s polling 
agencies, last week gave Mr. Kohl’s 
government its worst approval rating in 
three years. His party trailed the Social 
Democrats, h found, and a majority did 
not want him to run again in 1998. 


Mr. Kohl and top leaders from all the 
political parties have descended on 
Frankfurt in recent days to whip up 
voter enthusiasm, evidence that Frank- 
furt's election enjoys national attention 
disproportionate to its provincial sub- 
stance. 

That is only because there are vir- 
tually no other barometers of genuine 
voter reaction this year. The next 
sampling of die electorate's mood will 
be in September for the statebouse vote 
in the city-state of Hamburg. 

Regional elections, however, can 
have major national importance. The 
other most recent, elections were in 
March last year, when the Social Demo- 
crats used a statebouse election in 
Baden- Wuerttemberg to exploit Ger- 
man fears of giving up the Deutsche 
mark in the 1999 currency union. They 
suffered losses and had to retrench 


Russians Are Engaged 
In a Fierce Debate Over 
Their Military’s Future 


BRIEFLY 


By Michael R. Gordon 

New font Times Service ■ 

MOSCOW — Russian defense min- 
isters have rarely hesitated to tout their 
nation's military power. But Igor Ro- 
dionov has taken a decidedly different 
approach. 

In an increasingly desperate effort to 
prop up military spending, Mr. Rodionov 
has been bitterly belittling his nation's 
military forces. He has even gone so far 
as to warn that Russia may lose control of 
its nuclear-tipped missiles, comments 
that deeply embarrassed the government 
of President Boris Yeltsin and drew stout 
denials from the Kremlin. 

Call it bargaining from weakness. 
Mr. Rodionov's alarms have become 
part of an unusually public fight the 
fractious security establishment is hav- 
ing with itself. 

The often shrill debate is colored with 
talk about defending the fatherland. But 
like virtually everything else in Russia 
these days, most of it boils down to 
money — or rather the lack of it. 

On the one side is Mr. Rodionov, a 
recently retired general who achieved a 
degree of notoriety in 1 989 as the com- 
mander of Russian troops that cracked 
down on peaceful protesters in the 
Georgian capital, Tbilisi. 

Joined by his fellow generals and by 
former officers on the pro-military par- 
liamentary committee on defense, Mr. 
Rodionov argues that Russia needs to 
spend considerable sums to moderate 
the pace of cutbacks and cushion the 
harsh fates of officers with long years of 
service to the Soviet Union behind them 
and nowhere to go. 

“By 2000 or thereabouts, our coun- 
try’s defenses will be in ruins," Mr. 
Rodionov said recently. 

On the other side is Yuri Baturin, 
secretary of Mr. Yeltsin’s Defense 
Council and an economist by training. 
Arguing that the government simply 
does not have the money, he insists that 
the sooner the armed forces are down- 
sized and restructured the better. 

* ‘There is no reform, only endless talk 
about reform," a frustrated Mr. Baturin 
said recently. “We should be talking 
first and foremost about a more rational 
utilization of the defense ruble." 

At times, the debate is almost per- 
sonal. 

Mr. Rodionov recently attacked the 
president’s promise to create a profes- 
sional array as a favor to "new Rus- 
sians" who want to exempt their chil- 
dren from military service. By so doing, 
he seemed to be challenging the pat- 
riotism of the former bankers turned 


politicians who dominate many of the 
top posts in the government 
Mr. Yeltsin responded to that and 
other Rodionov assertions by urging his 
defense minister to stop “whining. * 
All of the military politics has done 
little to rescue the armed services from 
their perilous state. 

Defeated on its own soil by Chechen 
rebels, the Russian military -is not even 
sure how many soldiers it has. Some 1.7 
million supposedly serve, but most ex- 
perts think the real number is far less. 

“Nobody knows die exact strength of 
the armed forces," Mr. Baturin said. 
Ultimately, the military is to be reduced 
to 1.2 million. Nor do top Yeltsin aides 
have a clear idea of what happens with 
the money allocated for defense. 

“Nobody knows what happens with 
this money, and the Ministry of Defense 
also does not know," Finance Minister 
Alexander Livshits said in an interview. 

What is clear is that there is not a lot 
of iL This year the government plans to 
spend 104 trillion rubles (a meager 
$18.5 billion) on the military. But the 
armed forces will be lucky to receive 
anywhere close to that sum. 

By contrast, the Pentagon will spend 
$250 billion in the 1 997 fiscal year. Even 
allowing for Russia’s cheaper man- 
power, its budget does not go very far. 

In one of the stranger twists of Rus- 
sian military reform, cutting the armed 
forces may actually entail substantial 
up-front costs. In part, that is because 
retired senior officers are entitled to 75 
percent of their military pay, a stipend 
and a free apartment for life. The Rus- 
sian military is top-heavy with of- 
ficers. 

Those are benefits budget-cutters like 
Mr. Baturin would like to pare. 

Far-reaching plans to develop a more 
mobile, better equipped and profession- 
al army also entail considerable spend- 
ing. Even if the military had a blueprint 
for change, nobody knows where the 
money would come from. 

Adding a new element of intrigue, 
Mr. Yeltsin met Thursday with Colonel 
General Victor Cbecbevatov, com- 
mander of the Far East military dis- 
trict 

During last year’s election, Mr. 
Chechevarov scored points with the 
Kremlin by withdrawing his candidacy 
in favor of Mr. Yeltsin after the general 
was nominated by his troops. 

The Russian press has noted that 
General Chechevatov's view of military 
reform is closer to Mr. Baturin’s, not 
Mr. Rodionov's, so the meeting fanned 
rumors of a military shake-up that could 
eventually extend to defense minister. 


Yeltsin Denounces Budget 

MOSCOW — President Boris Yeltsin of Russia 
accused bis own government Friday of producing a 
“bad budget" and said he would have to take fi- 
nancial matters into his own hands to avert a crisis. 

In a brief radio address, the president said he was 
not sure the 1997 budget was realistic, but that he 
had signed it reluctantly to avoid political turmoiL 

“I have just signed Russia's 1997 budget," he 
said. “I’ll tell you straight. It was not an easy 
decision. There are very major doubts over whether 
the budget can be fulfilled.’' 

He added: “I signed it with a heavy heart. 
Because to send back the budget today would have 
meant pushing the political situation in the country 
to the Omits of bitterness. ’ ’ (Reuters) 

Hearing on Prodi Delayed 

ROME — A hearing to decide whether Prime 
Minister Romano Prodi should be put on trial on 
charges of abuse of office was adjourned Friday 
until March 1 9, Mr. Prodi ’s lawyer said. 

The lawyer said the examining judge had granted 
a request from another defendant for a court-ap- 
pointed investigation of the financial transaction at 
the root of the allegations, linked to Mr. Prodi’s 
chairmanship of a state holding company. IR1 

The allegations relate to the company's sale of 
the food group Cirio in October 1993. when Mr. 
Prodi was chairman. The prosecutor, Giuseppe 
Geremia, contends dial Mr. Prodi and five outer 
board members awarded an “unjust advantage" to 
a consortium, Fis. Vi., in its purchase of Cirio. They 
deny the charge. { Reuters j 

Tirana Is ‘ Pessimistic ’ 


while Mr. Kohl used the momentum to 
get his unpopular austerity plan 
passed _ , 

Unlike the Social Democrats, Frank- 
furt’s local Christian Democrats have 
not linked the city hall election to na- 
tional affairs. Much of their optimism 
stems from' the city’s popular mayor, 
Petra Roth, an accomplished and affable 
politician. 

Although Mayor Roth was directly 
elected in 1995 and is not on the ballot 
Sunday, her personal popularity leads 
the campaign for the party’s City Coun- 
cil candidates. 

Showing their confidence, the Chris- 
tian Democrats have campaigned under 
a slogan of winning an outright majority 
in die 93-seat chamber. 

They are unlikely to attain that goal, 
but they are expected to post solid 
gains. 


t®§ . .V 





?■ |;|r w,v '' * 




TIRANA, Albania — The embattled prime min- 
ister of Albania warned Friday that the country was Neck 
on the brink of an economic catastrophe, as 10,000 taine 
people marched for a 24th straight day of protests polio 
over failed savings plans. 

The official, Aleksander Meksi. said he was 
“very pessimistic" about the economic crisis gripping the 
country, but rejected charges that the government was to 
blame for the collapse of various pyramid savings plans, 
which have ruined tens of thousands of f amili es. 

“The situation could be worse than in 1992," when the 
Communist regime collapsed, he said, citing rising in- 
flation, a budget deficit and the instability of the national 
currency, the lek. 


(UhIUiWIImbi 

LETHAL CARGO — Trucks leaving the nuclear plant at 
Neckarwestheim, Germany, on Friday with three con- 
tainers of waste destined for a dump in the north. The 
police said about 1,000 protesters tried to block the convoy. 


In the past two months, the lek has lost a third of its value 
against the dollar, and prices have risen 40 to 50 percent. 

But. while more than 10,000 people took to the streets of 
the southern city of Vlore to protest the collapse of the 
savings plans, Mr. Meksi attributed die crisis to ' ‘’left-wing 
extremist elements and people who live off ill-gotten gains, 
such as drugs and contraband.’ ’ 

The protesters blame the governing party of President 
Sali Berisha for the failure of the pyramid plans. (AFP) 


Due to Jews, 
Executive 
Advises Swiss 


Reuters 

ZURICH — A leading Swiss in- 
dustrialist and far-right politician 
injected more acrimony Friday into 
rhedebate about a Holocaust fund 
by saying that the Swiss should not 
apologize for their business deal- 
ings in World War H- . 

The industrialist, Christoph 
Blocber, chairman of EMS-Chernre 
Holding AG and a member of Par- 
liament, said that contributing to a 
fund for Holocaust survivors was 
an admission of guilt. 

Switzerland had no reason to 
apologize for doing business with 
Nazi Germany to survive as a neu- 
tral country during the war, Mr. 
Blocher said in answer to questions 
at a news conference on the 1996 
results of the chemical company. 

“The trade policy was not false: 

It was legal, correct and necessary 
for Switzerland’s survival." he 
said. “I want to send the clear mes- 
sage thnr reparation or an apology is 
out of the question.’ ' 

The debate began almost imme- | 
diately after the nation’s three 
biggest banks announced in Feb- 
ruary that they were donating 100 
million Swiss francs ($68 million) 
to start the fund. 

At the same time, they also en- 
couraged the government and busi- 
ness to contribute. 

The decision to set up the fund 
was aimed at diffusing the con- 
troversy while helping to repair the 
Swiss banking industry's image, 
which was bruised by the affair. 

Swiss banks have been accused 
by Jewish groups of withholding 
accounts left by Holocaust vic- 
tims. 

The banks deny they deliberately 
kept heirs away from the money. 
But they agreed with the World 
Jewish Congress last May to an 
inquiry by an independent panel 
with powers to lift bank secrecy to 
search historical records. 

The federal government has 
delayed a decision on joining in 
while it grooms broad political sup- 
port for the step, but the cabinet 
agreed Wednesday to administer 
the fund with the World Jewish 
Restitution Organization. 

Other banks and private industry 
in Switzerland have pledged their 
support for the fund. 

But Mr. Blocher contended that 
the Swiss should question the idea 
of using taxpayer money to make 
donations to such a fond. 

“Why are we paying?" Mr. 
Blocher said. “The people win want 
to know why they would have to 
pay.” 









travel update Annan Pushes for a UN Force 

Lufthansa and Union Moving to Resume Talks To End Strife in Eastern Zaire 


RELIGIOUS SERVICES 


AMSTERDAM 


SWITZERLAND 


BRUSSELS/WATERLOO 


CROSSROADS INTERNATIONAL BASEL CHRISTIAN FELLOWSHIP ALL SANTS' CHURCH, 1st Sun. 9 & LB.C. 13 rue Vernier, English service. 
CHURCH Interdenominational & English-Speaking ncxvdenominaiiarwi. 1V.15 am Holy Euchatel vdth ChkJrerts Sunday evening 1630. pastor Roy NHer- 


FRANKFURT (Bloomberg) — Lufthansa and the DAG union, which represents 
pilots, cabin and ground staff at the airline, indicated Friday that they were ready to 
resume contract negotiations. 

The union, which represents about one in 1 0 Lufthansa employees, called Friday 
for the Gentian carrier to resume talks, averting the threat of a strike by pilots as 
early as this weekend. If the wage talks fail, toe union said its members would 
support a strike. It said job security was toe central issue. 

Lufthansa said it was ready to respond to the union's call. 

IATA Clearinghouse Handles Record Billings 

GENEVA (Reuters) — The International Air Transport Association’s clear- 
inghouse, which settles bills between companies in the airline industry, processed 

a reconi $27.9 billion in 1996, the or- 

ganization reported Friday. 

This meant that one quarter of the 
industry's turnover for scheduled inter- 
national flights — which hit $ 1 30 billion 
in 1995 — was passing through the 
LOO NICE - FRANCE clearinghouse. It settles most debts wito- 

t Sun. 9 a LB.C. 13 rue Vernier. ErwUsh service. OUt cash transfers. 


Service 1000 am & Tel. +41 61 302 1674. Sundays 10:30 Chapel all 1:15. Al other Sundays: 11:15 Tel: (04 93) 32 05 96. 


11:30 a.m J Kids Welcome. De MUareSnasse 13. C3+4056 Basel. 

Cuserstrsat a S. Am ster dam Info. 020- 7 iiDH*u.cwTT 7 yBi and 
641 8012 Or 0206451 (33. ZURICH-5WITZSKLAND 


FRANCE/TOULOUSE 


ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anton Church. 


am Holy Eucharist and Sunday School 
563 Chauss4e de Louvain. Ohain, 
Belgium. Tel 32ffl 384355a 

WIESBADEN 


HOPE INTERNATIONAL CHURCH Minervasttafle 63 Sunday Mass: 830 THE CHURCH OF ST. AUGUSTINE 


PRAGUE 

La FELLOWSHIP, Wwhradska « 68. 
Praguaa Sun. llOXTeL (02)311 79T4. 

WATERLOO 


(Evangeicaf). 4. bd. de Rbrac, Cdomier. WATERLOO BAPTIST FELLOWSHIP Friday. 

Sunday service. 6:30 p.m.Tel.: owHraSLAntei Church. ™™v eiujuikt Frank* ntor sir/wcn a. _ - - - - — 1 


The United States and Taiwan have 
agreed to a free market aviation agree- 
ment thar ends restrictions on flights 
between -the two countries, the U.S. 
Transportation Department announced 


0562 741155. 

FRENCH RIV1ERA/C6TE D'AZUR 

NICE: Holy Trinity (Anglican), 11 rue 
BuSa. Sin 11; VEM& St Hugh's. 22. av. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Angfaon) 

PARIS and SUBURBS 


Famly Eucharist. RaUdurier Strasse 3. 
V&den,_. Genneny. Tel.: 


430113066.74. 

EUROPEAN 

BAPTIST CONVENTION 


MONTE CARLO THE AB/ERCAN CATHEDRAL OF THE 

r^r... . .... HOLY THNITY, Sun. 9 & 11 am, 10:45 BERLIN 

MONACO CHRISTIAN FELLOWSHIP a .m. Sunday School lor children and 

Worship Service, Sundays: 11 am. Nursery care. Third Sunday 5 pm. LB.C., BERLIN. Rothenbui 
E^^ arv 1 Monl8 Cari0 ' Evensong 23. avenue George V, (Sleglta). Sunday. Stole sti 
TeL: 377 165647. Paris 75008. Tel: 33-01 53 23 84 00. worship Service 12.00 noc* 

MUNICH Meta Geage V or Alma Marceau. Waribid. paScr. Tel: 000-774- 


TeL: 377 82 165647. 

MUNICH 

INTERNATIONAL COMMUNITY 


LB.C., BERUN. Rathe nburg Sir. 13, 
(Sleglrtz). Sunday. Bfole study 10.45, 
worship Service 12.00 noon. Charles 
Watted, pastor. Tel: 030-774-4670. 


FLORENCE 


ST. JANES* CHURC H Sui. 9 am. Rte I 
& 11 am Rte n. Ve Bernardo Ftuafei 9. 


Enjufcarstr. 10 (U2 HierBSlenstr.) iw»i 50123 , Florence. teTy. TeL 3955 294417. "«"»«■ 

PARIS and SUBURBS FRANKFURT MO 

EMMANUEL BAPTIST CHURCH - An CHURCH OF CHRIST THE KING ewea fcBteKraiper.TO, 312 3§91 
evangeicelchutoh rite western steubs, (Eplscopal/Anglican) _ Sun. _Holy 

all are welcome. 9:45 First Service Ccmmurw 9 & 11 am Sunday Schcol BUDAPEST 

ooncurTonT wilh Sunday School. HOT .^-.Sebastian Ffra: c Zslomond 


BREMEN 

LHC, Hoheniohsstr. HermarivBose-Str. 
worship Sin 17:00, Pastor t el ephone: 
04791-12877. 


12877. 

BUCHAREST 


from MadDonalds, Tel: (02)353 1535. 

ZURICH - SWITZERLAND 
LB.C of Zurich. Ghetstrasse 31. 8803 
Rflschflkon, Worship Services Sunday 
mornings 1030 TeL' 1-4810018. 

ASSOC OF INTL 
CHURCHES 

BERLIN 

AMERICAN CHURCH HI BERUN, a*, 
of Clay Alee & Pttsdamer Str, SA 930 
am. Worship 1 1 am TeL- 030-8132021 . 

FRANKFURT 

TRINITY LUTHERAN CHURCH, 
Nbehjraenalee 54, Sun. Worship 11 am 
TeL 069/95631 066 or 51 2552. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdana 5unday woshfc 930. h Gaman 


Europe 


Reuters 

PARIS — The United Nations sec- 
retary-general, Kofi Annan, encouraged 
by France, said Friday that he hoped to 
persuade member states to reconsider 
sending a multinational force to eastern 
Zaire because of tlte serious human- 
itarian situation there. 

But UN officials questioned whether 
the United States and other powers 
would be more willing to send troops 
into the region now than they were in 
December. 

“I hope with this information we can 
persuade member states to reconsider 
the decision to cancel the multinational 
force for eastern Zaire," Mr. Annan 
said after talks with Foreign Minister 
Herve de Charette of France. 

Mr. Annan said he had no precise 
information about reported massacres 
of Rwandan Hutu refugees in Kivu 
Province, where Tutsi rebels are fight- 
ing Zaire government forces, but he said 
"toe humanitarian situation is very se- 
rious.” 

The new UN chief, visiting Paris, said 


WEATHER 


Forecasl lor Sunday through Tuesday, as provided by AccuWeather. 


(Reuters) 


the international community had not 
shown sufficient political will to send 
the force created by a UN resolution in 
November but he would take toe issue 
up again on his return to New York. 

Plans to send the force, for which a 
Canadian general had been appointed 
commander, collapsed when many of an 
estimated 1.2 million refugees from 
Rwanda and Burundi relumed home. 

■ Important Town Is Said to Fall 

The United Nations said Friday that 
Zairian rebels had captured ihe key 
town of Kindu, on toe upper reaches of 
toe Zaire River, on Thursday, bui this 
was denied by toe government in Kin- 
shasa, Agence France-Presse reported 
from Nairobi. 

A senior rebel official said Friday that 
fighting was continuing in toe region. 

The UN Department of Humanitarian 
Affairs quoted "well-placed regional 
sources" as confirming that toe rebels 
had occupied Kindu on Thursday. Its 
report was backed up by a source in 
Kisangani. -400 kilometers downrr. er. 


Mgh LwrW Hgh 1 »W 
OF PF Cf OF 
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BUOVM B/46 307 p 

Copartiagan 7/44 406 p 

Cosrn DM 3d 23/73 11/57* 
Dubtfl 11/52 8(46 • 

Ednbwgh B/46 7(44 r 


BMO W3C an 
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17/BE 11/M oc 18/84 USE a 
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10*0 fi/opc 14/57 307 c 
1SSS3 7/44 pc 1305 409 c 

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23/73 11/52 s 22/71 IMS pc 
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BM6 7(44 r B/46 EOS Hh 
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10(50 307 pc 12/53 104 sn 



,BC - meete « Morics Zslomond llpOOHEn^sh.Tflt (022)3105089. 
W ^ Gcrmszkxn. Torokvesz ut 48-52. Sun. jro.KA.PM 


French Sanrice 6:30 p.m. 56. rue das 3 Mk*JeWWea Tet 4989 SS 01 84. 
Berts -Raisins. 92500 Rual-Malmason. rmeua 

For info, call 01 4751 2963. GENEVA 


1000. TeL 250-3932. 

BULGARIA 


JERUSALEM 

LUTHBIAN CHURCH of the Redeemer. 
Old City. MuriSEBi Rd. Engisfi mxshp Sun 


HOPE INTERNATIONAL CHURCH EMMAN UEL CH URCH 1MB WStfi. LOC.. World Trade Calk?. 38, Drahan 9am Al are welcome. TeL- (02) 6281 -089 

Hotel Orion a Pari&te-tiifense. 8 bd. de 1° ^ futfiaia :3nd & 4th Sun. Morning Tzankov Blvd. Worship 11:00. James PARIS 

Nei*y. Worship Sundays 930 im. Rev. Mort^ imi Geneva, CXi®. Pastor. TeL 669 866. . MFmr . N church in parks 

DouoJas Miller. Pastor Tel.: Swteertand. TeL J1/22 73280 7B. AMERICAN CHURCH IN PARIS- 

Worship 110) am. 68. Qua! tfOrsay. 


MUNICH 


FRANKFURT 


sun. 3.45. umo a.m.. 13 - 15 . 6:30 p.m. 
50. avenue Hoche, Paris 8th. Tet: 
01 4227 38 58 Mara Chafes Oo Gaute - Er*L 


l). Germany. TeL 49896481 8S. 

ROME 


INTERNATIONAL CHRISTIAN FEL- ***’ 

LOWSMP, Ev.-FreMrchEche Gameinda, Maceeuorlra«dra._ 
e~ia~~4. M.« «*,.=* O-J Hofrtbum. VIENNA 

^ VIENNA COMMUNITY CHURCH, 
amdey worship m Enghsh 11 J 0 AM. 
9*9648185. M±»ey. ca»Fa>c obi 73-ez738. Sunday school, nursery, niemanonal. * 

BETHEL LB.C. Am Dachsberg 92 danonUnafions wetara. Dorttheergasse 


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UraPnhias 2 6/77 18ZB« n 20/70 lEMBOs 

Listen 16/64 12/53 c raw 17*0 pc 

London 13(65 9M8pc 12(53 409 c 

UmOne 21/70 7/44 pc 2UW> 7(44 g 

Mafcna 15/ 59 12(53 PC 17«Z 1253 s 

Mian 10/BI 8/43 c ia»4 awe oc 

Moscow -2/29 -3/27 re 205 -1/31 P 

Mur** 9(40 2/35 c 14(57 6(43 K 

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PM* 13(55 8/40 pc 13/55 e/43 pc 

Pnnua BM8 3/37 pc 13/E6 Wit 

RMpA -60S -7/Sdc -1/31 -S/IBni 


Juistimnj 

North America 


| UnsusaroS9|r 
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Europe 


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K. Knatnlu 31*8 *V7S tc 3Cur 

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HhM 34/93 13/55 1 30-7- :i r 


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ToSnn l/U -1.01 *n 3U7 002 u, 

Vonoa 15/50 6(43 pc 10*1 H/JB 

Vienna 11(52 5/4 1 c 14/57 9/40 


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ST. PAUL INTERNATIONAL. LUTHERAN 

CHURCH, near 5ttabas/v Sin. ToL 3361- bjtl Holy ttKhanst Rte 1, 1030 am 
374a W^shp Service: Chora I RHe IL 10:30 a.m 


Holy Eucharist Riel 1030 am 
iucnarlst Rite II: 10:30 a.m. 


ifisft). Worship Sun. 1130 am. and l&Vtemal. 
pjn. Tel: 069-548559. 

HOLLAND INTER NAT 


7/44 1/34 oh 10/50 7>44 c 

0148 5/41 c 1407 7/44 pc 


ZURICH 

INTERNATIONAL PROTESTANT 


Middle East 


ouraHjo. IVursBJycara TRMRY NTEWATIONALimMa&yau'O CHURCH English speaking, worship 

TOKYO UMON CHURCH, near Onotesancta provided; 1 pm Spanish Eucharist Via a Christ centered teUowsHo. Services: service, Sunday School & Nursery. 

^ibuirki Cln Till - UnfLnrVTT lufa n l ih i Cnaiwe- BlmeS CO nmai ENtfTw> Tnl . *vue soa arum r> T. - ■ -» m B -■ nt- 


Subviay Sla TeL 34000047. Washto Serdoss: 
Sunday - 830 & 1130 ajn, SS at 9:45 am 


58. 00184 Rome. TeL: 39/6 488 TOO and 1030 am. Etoarcamptaan 54. Suiddys 1130 am. Sehanzwigasse 25. 


or 306 474 3569. 


AbuDhPN 

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WSaseenaar 070-51 7-0OM nwsEBy prw. Tel; (01) 2625525 


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BNTERNATIONAL HERALD TRIBUNE. SATURDAV-SUNDAY, MARCH 1-2, 1997 


PAGE 3 


' No Anni 

Due to t. s '' 


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Ilf?'* 


Chemical- War Logs 
For Pentagon Vanish 

faterans Fear Cover-Up on Gulf Ailments 




By Philip Shenon 

>wir lw w. 




WASHINGTON t»T„ d ~ 

*e military during the wTSwS 
r* P 3 ^ *fnd on compuier disks h*H 

paKsss-j-B 

? W of the esrinSS 
u'SS? ,° f C I“ s l? ed ta 8. s *“ -ere 


- v. — lygs, \\y 

supposed to record any incideni In 
wmch chemical or biological u 


'•!l- 

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V J- ^ 

- J - r; 'iv. . • 


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, __ 


° n 'die' l bart^fie J l{i eap0nS 

i« J^i? 8S f - irsr re P° netj missing 

last year, and their disappearance has 
alarmed veterans who believe they may 
have been made sick by exposure to 
chemical or biological weapons. 

The report heightened speculation by 
veterans groups and members of Con- 
gress that there had been either criminal 
incompetence within the Defense De- 
pmunent it can be a federal crime to 
mishandle classified material — or a 
cover-up. 

The report raid that the logs, which 
were recorded on floppy computer disks 


and on paper printouts, had been 
shipped after the war from Saudi Arabia 
to the- headquarters of the U.S. Central 
Command in Tampa. Florida, where 
they were kept in a safe. 

A separate computer disk containing 
die log information was stored after the 
war in a safe at the army’s Aberdeen 
Proving Ground in Maryland. 

The report said that paper printouts of 
the logs were made daily during the war 
as a backup and then filed away at the 
U.S. military command post in Riyadh, 
the Saudi capital, but virtually all of that 
information has vanished. 

The report suggested that there was 
an honest explanation for many of the 
gaps in the logs: A computer vims des- 
troyed some of the logs during the war. 
while some of the computer disks and 
the printouts may have been misplaced 
in an office shuffle at the Central Com- 
mand headquarters after the war. 

Still, members of Congress said the 
disappearance of nearly 80 percent of 
the logs was alarming and suspicious. 

“Just incomprehensible.” said Sen- 
ator Arieo Specter, Republican of 
Pennsylvania. Mr. Specter, chairman of 
the Veterans Affairs Committee, is in- 
vestigating Gulf War illnesses. “The De- 
partment of Defense is entitled to the 
benefit of the doubt for a reasonable time, 
but it’s past its quota,” he said. 


Democrats Will Return 
$1.5 Million More in Gifts 


The Associated Press 

WASHINGTON — The Democratic 
National Committee will return an ad- 
ditional $1.5 million in improper cam- 
paign contributions from 77 donors, the 
party chairman announced Friday. 

The chairman. Governor Roy Romer 
of Colorado, said that the Democrats 
had made a mistake and that they were 
correcting it, while instituting new rules 
to prevent future abuses. The party had 
returned about the same sum earlier. 
“It’s a serious amount, but it's a small 


or Vice President AI Gore musr be 
screened in advance. 

A document found among the files of 
a former top deputy to Mr. Clinton 
suggested that Democratic fund-raisers 
wanted to reserve seats on Air Force 
One for donors and arrange White 
House restaurant privileges. The memo 
said the purpose was “to reach our very 
aggressive goal of $40 million. " 


I FBI Looks at Gifts to Congress 


The Washington Post reported earli- 


■- Romer said at a news conference. 

The Democrats also unveiled guide- 
lines to keep future fund-raising within 
the law. “Our system broke down and 
we have fixed it, said Steve Grossman, 
the party co-chairman with Mr. 
Romer. 

The rules include the following: 

• No contributions may be solicited 

in exchange for invitations to any White 
House event . ... 

• Fund-raisers must not convey the 
on that contributing would re- 


er; 



x. vJ>I * 


era Zaire* 


the Democrats have denied doing. 

• No Democratic National Commit- 
tee event may be held in any govern- 
ment building, except for affairs to hon- 
or supporters of the president and party, 
which may be held at the White House. 
The guidelines call it “the executive 
residence,” 

■# People who do attend events at the 
White House, or at the vice president’s 
residence, or who may have their picture 
Clint 


The FBI is investigating whether rep- 
resentatives of the People’s Republic of 
China tried to buy influence among 
members of Congress through illegal 
campaign contributions and payments 
from Chinese-controlled businesses, ac- 
cording to government officials. 

The inquiry was started at least sev- 
eral months before the Justice Depart- 
ment created a special task force to 
examine improper fund-raising prac- 
tices, including whether Chinese rep- 
resentatives at the embassy in Wash- 
ington planned to make contributions to 
the Democratic National Committee be- 
fore the 1996 presidential election. 

A witness who has been interviewed 
by FBI agents said be was told that a 
focus of the Justice Department inquiry 
is to determine whether members of both 



^ V -5 '/" •/ : \$k' 




y^L 



bcmui CwAfThe Sv*xa*A Pm* 


Justin Dart, director of Justice for AH, a disability organization, speaking at a protest rally at tbe site of a 
memorial to Franklin D. Roosevelt in Washington. Organizations of the disabled object that the 
monument’s statues of the former president, a victim of polio, will not depict him as a handicapped person. 


Clintons' Legal Debts Piling Up 


WASHINGTON — President Clinton and his wife have 
fallen so deeply into debt from their growing legal bills — 
now topping $2 million — that the legal defense fund they 
established to pay for their Whitewater expenses charges 
reporters $2 for lists of donors. 

Officials at the defense fund reported on Thursday that 
donations had slowed to a trickle over the Iasi six months as 
the legal bills continued to rise. And in a twist dial will only 
complicate their ability to extricate themselves from their 
debts, the defense fund bas now found itself spending tens 
of thousands of dollars on its own lawyers. 

The defense fund has been subpoenaed by investigators 
from the Justice Department and Congress, and iis top 
executive has recently appeared before a federal grand jury. 
No one has suggested Quit die defense fund did anything 
improper. Still, officials at the White House and the fund 
acknowledged on Thursday that the fund's poor condition 
made itail but certain that Mr. Clinton would be unable to pay 
many of his legal debts before he leaves office. Michael 
McCurry. the president's press secretary, said Mr. dim on 
was “painfully aware’ ’ of his growing legal bills. 

He said Mr. Clinton had said “he’s young and vigorous 
and expects to be an employable ex-presidenL” (NYT) 


taken with either President Bill Clinton 


have made illegal payments to them. 

The government officials said tbe 
FBI had not yet identified specific mem- 
bers of Congress who may have re- 
ceived illegal or improper payments. 


Olympian View of Financing 


President Bill Clinton was eager to turn the White House 
into a bed-and-breakfast for big campaign contributors. 

Peter Valentine, an unemployed tree-planter who voted 
Republican last fall, was equally unmoved: "We're not 
talking Tammany Hail.” he said. “It’s not a question of 
bagmen. It’s a problem of appearances." 

Political cynicism tends to run high in towns like this, a 
state capital where too many people observe how the sausage 
is made in the legislature and can. if they are masochistic, 
watch tipsy lawmakers singing karaoke at The Carriage Inn. 
The blase reaction here is not an anomaly, however. A 
national poll taken Wednesday found that 63 percent of those 
surveyed believed President Clinton’s behavior typical of 
how the White House is used by both parties, while 22 percent 
said it was worse. The poll of 627 adults, sponsored by CNN. 
USA Today and Gallup, also found that 45 percent of 
respondents did not care about Mr. Clinton's role in the White 
House sleep-overs, while 27 percent said they were dis- 
appointed but not angry. 

But if the reaction in Olympia, too, is mainly jaded, there is 
also a strong conviction that campaign financing must be 
reformed, and many have already considered how. “I think it 
should be capped, how much you can spend on a race.” said 
Evangeline Sauls, a nonpartisan clerk in the bill office of the 
Capitol. “Think of die amount of money they' re wasting! 
They could take care of all the welfare reform they're talking 
about with the money they spend on a campaign? ’ (NYT) 


OLYMPIA, Washington — In the fumoir at the Spar — Quote / UiWUOte 
a smoky back room in a historic diner dear to politicians and x * 

civilians alike in this state capital — there seems nary a 
whiff of outrage these days to mix with the cigar fumes and 
cigarette haze thickening at happy hour. 

“Much ado about nothing!” declared Casey Clegg, a 
local accountant, about the latest reports showing that 


Senator Richard Durbin, Democrat of Illinois, as be 
introduced a bill to prohibit foreign visitors to the United 
States from buying or carrying firearms: “Our nation is a 
terrorist target. We should not be putting guns in the hands 
of would-be terrorists.' ’ (NYTl 


Away From 
Politics 


• A record 76 percent of U.S. toddlers 
got their vaccines cm schedule in 1995. 
That is an increase from 1994, when 75 
percent of 2-year-olds got their four 
vaccinations for diphtheriai^eitussis, 
three for polio and erne for measles, 
mumps and rubella, the Centers for Dis- 
ease Control and Prevention said. (AP) 


• A lack of economic opportunities for 
black residents and their poor treatment 
by the police were the major factors in 
rwo nights of disturbances in Sl Peters- 
burg, Florida, last fall, the U.S. Civil 
Rights Commission says. (AP) 


• A man who killed two police of- 
ficers as a teenager in 1978 and was 
paroled 16 years later as a model pris- 
oner committed suicide in Baltimore 
when police officers cornered him 
after they say he robbed a bank. (AP) 


• In a bid to thwart maiure-looking 
youths under the legal smoking age of 
18 from buying cigarettes, new Food 
and Drug Administration rules require 
retailers to check anyone appearing to 
be younger than 27. (AP) 


•Tobacco companies won a victory 
in federal court when a judge in San 
Francisco threw out a lawsuit filed by a 
dozen California counties seeking 
damages for treating victims of 
smoking-related illnesses. (AP) 


U.S. AIDS Deaths Fall Sharply; Therapies Get Some Credit 


By David Brown 

W’asftuigun Post Service 


d Fall 


T-. 


• L <r. I 

. - r.< * 


WASHINGTON — Deaths from AIDS in the 
United States last year fell significantly for the first 
rime, since the epidemic began in the early 1980s, 
federal health officials report. 

The decline in deaths occurred in all regions or 
the country and in all racial and ethnic groups. But 
the trend was not seen among women or among 
people infected with the AIDS virus through het- 


erosexual contact. These groups each showed a 3 
percent rise in deaths, and they account for an 
increasing proportion of Americans with AIDS. 

Epidemiologists at the Centers for Disease Con- 
trol and Prevention, which made the announcement, 
argue that deaths from AIDS are falling for two 
reasons. Tbe number of infected people who are 
progressing to AIDS — the advanced, usually lethal 
stage of the disease — is leveling off. At the same 
time, better medical therapies are prolonging the 
survival of patients who are already at that stage. 


The total number of deaths from AIDS in the 
first six months of 1996 was estimated at 22,000, 
compared with 24,900 deaths during a similar 
period in 1995, a 13 percent decrease. Although 
there had been other slight declines for short peri- 
ods, the decline last year was by far the largest. 

The trend appears to have begun in 1995. Only 
some of the fall can be attributed to the growing use 
of protease inhibitors, a potent new class of antiviral 
drugs that did not become widely available until last 
spring. Protease inhibitors are now commonly used 


in combination with two other antiviral drugs in 
what has become known as "triple therapy.” 

The 13 percent drop in mortality nationwide was 
unevenly distributed. It was 32 percent among 
American Indians, 21 percent among non-Hispanic 
whites, 10 percent among Hispanics, 6 percent 
among Asians, and 2 percent among non- Hispanic 
blacks. AIDS deaths fell 15 percent among men. 

Worldwide, AIDS deaths continue to rise. Last 
year, more than 1.5 million died, about 25 percent 
of all AIDS deaths since the start of the epidemic. 


Panel Chief 
To Block Lake 
For CIA Unless 
FBI Gives Files 


By Tim Weiner 

York Times Service 


WASHINGTON — The chairman of 
the Senate Select Committee on Intel- 
ligence says that unless he receives all 
of the FBI's files on Anthony Lake. 
President Clinton's nominee as director 
of central intelligence, he will not hold 
confirmation hearings for Mr. Lake. 

The demand Thursday by the chair- 
man, Richard Shelby, Republican of 
Alabama, was backed by the majority 
leader, Trent Lott of Mississippi, and a 
dozen other conservative Republicans 
led by Phil Gramm of Texas. 

“Unless we see those files, there isn’t 
going to be any hearing,’ ' Mr. Shelby 
said in an interview. 

Mr. Shelby said he wanted to see the 
raw data in the files, not summary reports 
prepared by the FBI. which he called the 
equivalent of “a second-grader's 
’Weekly Reader' ” newspaper. 

The demand came hours after it ap- 
for the first time that Mr. Lake 
won support from a majority of the 
Intelligence Committee. 

Two senior Republican members of 
the committee, Richard Lugar of In- 
diana and John Chofee of Rhode Island, 
said Thursday that they would probably 
vote for Mr. Lake barring some dev- 
astating disclosure at the confirmation 
hearing. Their votes would very likely 
ensure Mr. Lake’s confirmation. 

The committee has 10 Republicans 
and 9 Democrats. All the Democrats are 
expected to vote to confirm Mr. Lake, 
who served as national security adviser 
from 1993 through 1996. 

Mr. Lugar, in an interview, said he 
strongly disagreed with the demand by 
his fellow Republicans. 

“The whole confirmation process 
has become more and more out- 
rageous.” said Mr. Lugar. a senator for 
20 years. “People feel it's their duty to 
engage in character assassination or 
cause a nominee's defeat or discourage 
and demoralize them. 

“FBI raw files are raw files” and 
may contain rumor, gossip, hearsay and 
innuendo, Mr. Lugar said. “They may 
be true, they may be false, they may be 
scandalously defamatory,” but they 
should not be the basis for evaluating 
someone’s character, he added. 

Mr. Lugar and Senator Bob Kerrey, 
Democrat of Nebraska and the vice 
chairman of the committee, said 


Thursday that they found it particularly 


troubling that Senate conservatives 
cited a precedent for the request for the 
raw files; President George Bush's 
nomination of John Tower as secretary 
of defense. When "Tower was nom- 
inated for secretary of defense, his com- 
plete FBI file was placed in a secure 
room of the Capitol for members of the 
Senate to read and evaluate," Mr. 
Gramm said in a letter he sent Thursday 
to Mr. Lott. 

Mr. Gramm said he and other fellow 
conservatives would not “permit this 
nomination to be brought to the full Sen- 
ate until every senator has had sufficient 
opportunity to review the totality of Mr. 
Lake's background, including informa- 
tion contained in the complete FBI 
files.” 

In 1989. Mr. Bush sent the Senate a 
140-page FBI report on Mr. Tower in an 
effort to refute hearsay allegations, orig- 
inally from a conservative spokesman, 
that the former Texas senator was a 
drunkard and a womanizer. 

After a bitter and partisan battle, dur- 
ing which Mr. Tower conceded he had 
"broken wedding vows” and promised 
to swear off alcohol, his nomination was 
defeated, the first time that had happened 
to a Cabinet nominee in 30 years. 

Mr. Lugar said he was disturbed by 
the idea that the Tower nomination 
should be any kind of precedent. 

“Perhaps they feel that the example 
of Senaror Tower is outrageous and it is 
time to simply settle that score,” he 
said. "If that's tbe case, that’s unfor- 
tunate. The treatment of Senator To wet 


was outrageous. To repeat that expe- 
rience is not good public policy.” 




W AIIi i FBI Investigates Case of a Memorial That Wasn 't Built 


BOOKS 



Continued from Page 1 

- andif he doesn't, he should,” said Mr. Baker. "Itafl happened 

Stout said on CBS that his management of tbe Nor- 
mandy foundation had been exonerated in an audit by 
vffiioSe firm. Price Waterhouse said there was no audit, 

ai M^ Stout C Sid that an inquiry by the US. 

aro - ul ~? . . ’ — J his name. Declaring feat the 

- ’ run,” he said he 


Tfc&n'SS Accounting Office 
, for the Wall of Liberty project, the 

S'Ssns » -« » m - — ■ 

fee FBI inquny.and added, ine™ ej-- OT misman- 

for crionX Whether the/U 

fed it or not I bavenoidei Revenue Service was 

Mr. Salmg^ a^ncy^would not oommenL _ . 

investigating as weU. maf 8 j ' and later in a 

, Mr.: Stout wrong. 


faxed 


a^^rtharh^ ^ n ^J^sed Mr. Stow of 


•‘desperate mistakes movgp^^ publisher who examined 
\Surn Kaplan- a « its chief financial of- 

gm dationsp enrtog had spent extravagantly 

under Mr. Stout. ■ 


noeae, conicnw^* 

under Mr. Stout. mj s week, said he was traveling 

*Mr. Stout's office, cmrtM JlJJjded a three-page statement 

» f ” ismana « emai1 - bul 


blamed those who succeeded him at the foundation for chan- 
ging its fund-raising approach, with poor results. 

"The foundation has not sought to revive the successful 
membership fund raising.” it said, "and therefore has been 
without any new funds to complete its projects." 

The statement asserted that more than “2,000 registrations 
and donations later received by fee Foundation for fee Wall 
were put in storage, unopened and unanswered" 

Mr. Baker said that the foundation had stopped accepting 
individual donations for now because of the debt problems. 

Although the foundation is private, it received S3 million in 
federal fonds from the sale of commemorative coins, in 
addition to the S2J million raised — much of it in $40 
donations from vets and their relatives — specifically to build 
the Wall of Liberty . 

Thai was just one of several projects promoted by the 
foundation since it was incorporated in 1985. They included 
the memorial garden in Caen, a statue of General Dwight 
Eisenhower in Bayeux, and a so-called Freedom Tour — an 
educational tour of war memorabilia that was to cross fee 
United States. 

The Eisenhower starue was erected, though the sculptor, 
Robert Dean, says he is still owed $30,000. * 

The garden was inaugurated almost three years ago, just in 
time for the 50th anniversary of D-Day. The Canadian portion 
opened last year, the British have laid their first stone. 

The American part, which covers about one hectare (2.5 
acres), includes a granite fountain shaped like a pair of 
welcoming hands. The landscapers and other contractors are 
still owed mcne than $400,000, and some, said Mr. Belin, are 
in financial difficulty as a result 
And there is, of course, no wall 
Of fee 25,000 to 40,000 Americans who visit Le Memorial 
each year, Mr. Belin said, many ask about the wall and leave 
“extremely disappointed.” 

He finally obtained from the foundation a list of fee names 
that were to have been engraved on the wall. When visitors ask 
about fee wall, they are shown the Hsl 
"T hat way,” Mr. Belin said, "I can show them feat the 
Normans have not forgotten them. Normandy has a moral debt 
to fed Americans.” 


SPIRITS OF THE 

ORDINARY 

A Tale of Casas Graodes 

By Kathleen Alcala. 244 
pages. $22.95. Chronicle 
Books. 

Reviewed by 

Carolyn Ruff 

K athleen Alcala’s first 

novel is a tale of worlds 
that converge but are never in 
harmony, a saga of unmet ex- 
pectations and deflated 
dreams. With a classic Latin 
flair for combining heart- 
break and magic. Alcala 
writes of love and spirituality 
and how they nearly topple 
the Carabajal family. 

Set in fee lS70s. “Spirits 
of fee Ordinary' ’ moves from 
northern Mexico to the west- 
ern United States, This is a 
time and place when relations 
are tenuous among just about 
every race, social class and 
individual. The author uses 
this pervasive unrest — Mex- 
ican troops are stationed in 
the town of Saltillo, workers 
at nearby mines are revolting, 
tbe powerful are nervous, fee 
locals pre wary — to reinforce 
specific issues that are splin- 
tering the Carabajal dan. 

With a nod to supernatural 
forces and inexplicable occur- 
rences, the novel is written in a 


whimsical tone. But, stripped 
of this ethereal glow, tbe story 
is rather grim. At tbe center of 
the familial maelstrom is Za- 
carias. who is married to a 
long-suffering wife from a 
prominent family in their 
Mexican town. He and Estela 
have a beautiful house, loving 
children, financial security. 

But two things prevent Za- 
carias from enjoying his life. 
One is that he is more inter- 
ested in searching for gold 
than in being a responsible 
husband. The other is the 
secret that he is Jewish, which 
he learns only when he is old 
enough to understand fee con- 
sequences. His religion is not a 
paralyzing issue in his life — 
in feet, he hardly seems aware 
of it. It is important to fee 
townspeople, however, that 
their lives not be threatened by 
"an outbreak of heresy.” For 
this reason. Zacarias’s family 
has concealed its beliefs for 
generations. 

It takes a while to warm up 
to this novel. Initially there is 
little to lure fee reader in to tbe 
plot. The story begins wife fee 
marriage's end, Stela yells at 
Zacarias, “Why can’t you be 
like other men?” and sees in 
his face “a mixture of hurt 
and stubbornness that seemed 
more and more to character- 
ize their entire marriage.” 

To Estela, Zacarias only 


seems intent on emptying the 
family till. He does not attempt 
to defend himself, which only 
makes the accusation ring true. 
The reader can see that he is 
not evil only preoccupied, 
driven by an unseen force to 
pursue his dream of gold. 

Once Zacarias disappears 
into the desert, his and his 
wife’s lives become separate 
tales. Estela, considering her- 
self a widow, falls for a sol- 
dier, Fed up with her way- 
ward husband and reveling in 
her newly bom passion, she 
dismisses her Catholic up- 
bringing and fee gossip of 
neighbors. Although happier 
than she has ever been before, 
she begins to loosen the knot 
holding her family together. 

Zac&rias's parents fill in 
another piece of fee Carabajal 
family puzzle. As closet Jews, 
fee couple quietly hide their 
heritage. Zacarias 's mother is 
the loving force behind her 
son, even though she has not 
uttered a word since she came 
down with a mysterious ill- 
ness as a child; his father has 
devoted himself to his books. 

Zacarias’s path determines 
the fate of everyone in fee 
family. He wanders into the 
arms of a rich businesswoman 
with a taste for men but leaves 
her to go on a spiritual quest 
and unwittingly becomes a 
kind of savior for the nearby 


indigenous people. Beyond 
rational explanation, Zacarias 
has become a wise man with 
extraordinary powers. 

This is the beauty of fee 
novel. In the midst of a dreary 
reality emerges fee strength 
of blind faith. Alcala lets her 
characters find solace 
through their belief in 
something beyond their im- 
mediate world. Her message 
seems to be feat happiness for 
fee ordinary can be found by 
having faith in fee extraor- 
dinary. 

Swirling together themes of 
love, family and spirituality. 
Alcala echoes the style of Isa- 
bel All code and Laura Esquiv- 
el. She does not yet have fee 
voice of these preeminent 
writers, but there is the prom- 
ise feat one day she will. 
Meanwhile, she offers a 
poignant tale wrapped up in 
magic. 


Carolyn Ruff, a writer 
based in Washington „ wrote 
this for The Washington Pose 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors wortd-wWG invttod 
Write oi send your manuscript to 
MINERVA PRESS 
2QlJBWr0NRD.LtWD0WSW730Q 


IT 


JUNE 
1997 
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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 1-2, 1997 


Seoul Leader Appoints New Advisers 

Kim Seeks to Restore Credibility in Wake of Loan Scandal 




Reuters 

SEOUL — President Kim Young 
Sam of South Korea on Friday began a 
sweeping shake-up of his administra- 
tion aimed at restoring his political cred- 
ibility damaged by a loan scandal. 

Mr. Kim replaced his chief secretary 
and three other senior advisers respon- 
sible for political, economic and general 
affair s, a presidential spokesman said. 

' ’This is die start of a major reshuffle 
in the government and the ruling party,” 
he said. “The cabinet reshuffle is ex- 
pected early next week.” 

The former home affairs minister. 
Kim Yong Tae, who served four terms 
in Parliament, will succeed Kim Kwang 
II as chief of staff at the presidential 
palace, die Blue House. 

The members of Mr. Kim’s Blue 
House inner circle, along with the entire 


after die president on Tuesday apolo- 
gized and took responsibility for the 
loans-for-kickbacks scandal. 

The chief Blue House political of- 
ficer, Lee Woo Jong, was replaced by 
Kang In Sup, a former member of Par- 
liament and journalist. 

Tbe aide in charge of economic af- 
fairs, Lee Suk Chae. stepped down in 
favor of Kim In Ho. die head of the Fair 
Trade Commission. 

South Korea's presidential system 
concentrates power in the Blue House, 
and Mr. Kim’s aides have wielded great 
influence over policy. The chief pres- 
idential secretary's position is described 
by some newspapers as a “vice pres- 
idency behind the facade.” 

Political analysts said the president 


appeared to be fighting to regain his 
credibility and avoid being labeled a 
lame duck in his last year in office. The 
constitution bars presidents from seek- 
ing a second term. 

■ Unionists Stage 4- Hour Strike 

Teas of thousands of unionists staged 
a four-hour strike to protest the slow 
pare- of legislative negotiations on chan- 
ging a disputed labor law. The Asso- 
ciated Press reported. 

The strike was called by the Korean 
Confederation of Trade Unions, the out- 
lawed union umbrella group responsible 
for a three- week strike dial bad crippled 
die nation's industries last month. 

The unionists want the changes to be 
completed by midnight Friday, before the 
disputed law, adopted in December, takes 
effect Saturday. 



The AMOcMed Pica 


Kim Yang Tae, who became chief of 
staff to South Korea’s president Friday. 

The confederation said 131,000 
workers, belonging to 107 unions, took 
pan in die four-hour strike. But die 
Labor Ministry said only 32,000 walked 
off their jobs. 


In China, ‘Political’ Crimes Make Way for ‘Sedition’ 


■ The Associated Press 

BEUING — China's legislature said 
Friday it would discuss eliminating 
political crimes long used to suppress 
dissent, a change human rights groups 
immediately described as cosmetic. 

The National People's Congress, 
which opens its annual session Sat- 
urday, will deliberate amending the 17- 
year-old criminal law. One change will 
replace “counterrevolutionary” crimes 
with “crimes jeopardizing state secu- 
rity,” a spokesman for the congress, 
Zhou Jue. said. 

The much debated move would bring 
China's legal code closer to interna- 
tional standards. Although counterre- 
volution was once commonly used to 
punish political foes, the Communist 
Party has in recent years preferred the 
vague Slate Security Law. 

The opposition activists Wei Jing- 


sheng and Wang Dan, both previously 
jailed for counterrevolution , were re- 
arrested and sentenced in the past IS 
months for sedition. 

Those cases indicate that amending 
the law will not bolster lawful dissent. 
Human Rights Watch/Asia and Human 
Rights in China said in a joint statement. 
The New York-based groups said ev- 
idence presented at the dials of Mr. Wei 
and Mr. Wang showed the pair were 
engaged in peaceful advocacy for 
democratic change. 

Other changes to the criminal law 
will help fight against corruption, 
stiffen guidelines on reducing sentences 
and make sure that punishments fit the 
crime, Mr. Zhou said. 

The 2,901 -member congress meets 
every year for about two weeks to pass 
laws and review work reports by the 
prime minister and the economic plan- 


ning and finance ministers and other top 
government officials. 

“While some of the other legal re- 
forms that the NPC is expected to enact 
may represent genuine advances in 
criminal justice, the removal of ‘coun- 
terrevolution' statutes does not ap pe a r 
to be me of them,” the human rights 
groups said. 

To make the amendment meaningful, 
die groups suggested that the congress 
narrowly define national security in- 
terests and broaden limits for freedom 
of expression and information. 

■ fliimi Weighs Right s Accords 

China said Thursday that it was “pos- 
itively considering” signing two cov- 
enants on human rights that would ob- 
lige Beijing to report on the protection 
of civil liberties on die mainland and in 
Hong Kong after it reverts to China on 


July 1, The New York Times reposted 
from Beijing. 

In the first such statement by a gov- 
ernment spokesman, Tang Guoqiang 
said Thursday, ‘ 'We are positively con- 
sidering the two United Nations cov- 
enants on human rights.” 

In private diplomatic conversations, 
China has expressed a willingness to 
sign the covenants as pan of a deal that 
would require the United States and die 
European Union to drop their support 
for a resolution c alling for an inves- 
tigation into human ngbts abuses in 


But Thursday's statement was a sign 
that the Communist leadership is con- 
sidering making a deal to free political 
prisoners and to reopen talks with the 
Red Cross on prison visits to assess the 
treatment of thousands of prisoners of 
conscience, including those in Tibet 


briefly 


Big Quake Kills 80 
In Western Pakistan 

ISLAMABAD, Pakistan — A 
powerful earthquake shook south- 
western Pakistan for nearly a minute 
Friday, killing at least 80 people and 
injuring dozens of others when their 
mud dwellings caved in, government 
officials said. 

The quake, which measured 7.3 on 
the open-ended Richter scale, struck 
near Quetta, about 650 kilometers 
(400 miles) southwest of Islamabad. 

The U.S. Geological Survey in 
Golden, Colorado, said the quake was 
centered 70 miles east-southeast of 
Quetta, a city of about 200,000 that is 
the capital of Pakistan's least pop- 
ulated province, Baluchistan. The 
dead ana wounded lived in die remote 
outskirts of the city. (AP) 

Political Activist 
Is Slain in Jamaica 

KINGSTON, Jamaica — Two gun- 
men killed a Jamaican political activist 
as be supervised a drainage project in 
Kingston, die police said Friday. 

The men approached the activist, 
Clinton (Jingles) Davy, 47, on 
Thursday afternoon and opened fire 
after a brief exchange of words, 
killing him instantly. A crowd quickly 
gathered at the scene. 

Mr. Davy, who had interests in 
horse racing and the local music in- 
dustry, was a controversial figure in 
the governing People’s National 
Party. He unsuccessfully challenged 
the Labour Party leader, Edward 
Seam, for his Kingston constituency 
in 1 fti9, and made an unsuccessful run 
for a different seat in 1993. 

He often embarrassed die party's 
leadership with his fiery rhetoric. But 
both the party and Mr. Seaga ex- 
pressed deep regret at his killing, cit- 
ing his work to bring peace to the 


capita d0Wna,W ?S 

uniti es. 

Chlorine Gas Fells 19 

At 2d Mall in Sydney 

SYDNEY Poisonous chlorine 

ras injured 19 people and forced the 
SLuSofnW than 500 
Friday in the second such attack a 
Sydney shopping center this week- 
The Eastgate Shopping Center 
filled with chlorine fumes shortly be- 
fore 1 1 A.M., fire departiwmt officers 
said. Die authorities discovered the 
gas coming from a glass jar on the 
floor in the middle of the complex. 
The authorities did not disclose any 
possible motives for the atta c k . 

On Wednesday, four people were 

treated for minor respiratory problems 

after a chlorine gas device went off in 
the Randwick Village shopping cen- 
ter. Chlorine gas is a strong irritant 
that forms an acid when mixed wito 
water. (AP) 

Bombing Suspects 
Arrested in China 

BEUING — The police have ar- 
rested suspects in the bombing of 
three buses in northwestern China, an 
official said, as the death toll rose to 
three and Beijing ordered a nation- 
wide clampdown on explosives. 

The bombs struck buses traveling 
in different parts of Unimqi, the cap- 
ital of the Xinjiang region, almost 
simultaneously Tuesday. 

A Communist Party official in 
Xinjiang said that at least three people 
were killed in the bombing, including 
a child. He said that several other 
people were severely wounded. 

But residents in Urumqi reached by 
telephone and tourists arriving in 
Beijing said rumors were circulating 
that the Heath tell was several times 
higher. (AP ) 


\ m 


..Thrill - 


HH 





Personals 

HAY TIE SACRED HEART OF JESUS, 
be lowd, adored, gtonfed and pre- 
served, nos and borer, throughout tie 
■odd. Sacred heart of Jesus, pray for 
us. Sant Jude, wrier of nwactee. pray 
br us; Sart Jude Hsto of the hopetass, 
prey torus. LR and R.R. 

THANK YOU SACRB] HEART of Jean 
end St Jude br special prayers an- 
swered. Signed D.W. 


HAT THE SACRB) HEART OF JESUS 
be adored QtoiHsl bred and preserved 
throughout the lurid, now and tararar. 
Sacred Heart of Jesus pray tar is. Srtnf 
Jude, water of miraebs prey for us. 
Sail Jude, hetaj of the hopdess, prey 
br is. Amen. Say this prayer nine toss 
e day, by be tMi dey yav prayer wll 
be answered. II has never been blown 
total PiiAcabxi must be promised JG 


GO 


Frankfurt 


New York 


SOUTO 

Individual 

Convuniml 


FRIENDSHIPS 


Edith Brigitta 
fahrenkrog 

The (ntebuhunal Punraranp agency In Europe 

Matching The Right Partntss Is My Business. 
Personal Individual Assistance is My Service. 
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Head Office: Frankfurt, dwly3-7pji 

60316 Runkfukt/Majn, EucafflAOSTR- 5 (.Germany 
-na_- +40-60-43 1979 . Fax: +49-W-432066 

Pars Office: Mon - Fu 9 ajh. - 6 pal 

Paws 75008. 72 rue du Faubcu«o-St-Hcwoii£ 

Tel: + 33-1- 40 07 8687* Fax: + 33-1-40 07 8040 

USA. Office: New York, M»-Ra9AJL-4p* 

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Perscmal ArvowTuarns Are Also Rosedlx Ik 
SOME- VIENNA -LONDON 
LOS ANGELES - SINGAPORE - HONGKONG 


HAY THE SACRB) HEART OF JESUS 
be adored rfnSad, bred ad preserved 
throughout the world, now 8fld forever 
Saoed heart of Jesus, pray for is. Saw 
Jude, renter of rriradss, pray br us. 
Sait Jude taker d the topeteas, prey 
tar ib. Anna (ha* you. 8. 

HAY THE SACRED KART OF JESUS 
ba adored. gtariCad. tend A preserved 
ftmughort be world, now ft forever. Sa- 
cred Heat of Jesus, fray tar us. SUude, 
wotter of rnredes, prey br us. Si Jude, 
helper of the hopeless, pray br us. 
Amen. Thaik you for prayere answered 
ft 


Announcements 

Attention visitors 
from the U^! 


O A MAN OF THE WORLD. . . 

EUROPE - USA - FAR EAST. A MANAOINO DIRECTOR AND INT’L. 
SUCCESSFUL BUSINESS-MAN (FINANCE/INVESTMENTS) 4S/I.B2. WHO IS 
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Sffine-dsy defivery avtfabfe 
h key US. cities 

Call (1)800 882 2884 

craiOdfl^Btoenbunc 

the reauw chip hctywfm 


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Legal Services 

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ILS. MUGRATKM Fax yore questem* 
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Colleges & Universities 

EARN UNIVERSITY degrees utiizlng 
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Business Services 


INT L MEETING POINT 



O A SUCCESSFUL SCIENTIST - PBOF. DR 

A VERY CHARMING GENTLEMAN IN HE LATE XTS/I-Sb WITH A WELL 
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PLEASE 


WORLDWIDE ELITE— 

the sophisticated introduction ... 
THE WEALTHY HEIR & 

SOLE OWNER OF A LARGE SWISS FORTUNE 


Meeting Point 

A MALAYSIAN MIAN (URL, age 40, 
graduate, is locking tor a man of equal 
sttus tor a posstte mantaga. Reefy to 
P.0. Box 149. Paya Ubarwst (race, 
Stag*** 915425. 

ASIAN UPES seek mantaga. Details: 
ICE BREAKERS, 545 Mwfi Rd. 10-03 
Far East Shopping Ctr. Singapore 0923 
Teh 65-732 8745, Fax: 65-235 3780, 
NftiAta— .pi ran ighabreHi. 

REAL LADY, BEAUTIFUL. 36 years ok! 
WeSgert. locking br well Bstatttahed 
man. Fax: *33 (0) 1 45 00 55 42 


gabriefe thiers-bense 


Pres- •jSk'j 


GORGEOUS LADY MHER 3Cl 
reftcU dependents. MM baggage, is 
kraldng lor super-succoaful mean 
qertereen wfth integrity & class tor 
rerevw mantaga Reply a 


Box 239, LKT. 850 TNrt Am., 10ft 
floor. New York, N.Y. 10022. (JSA. 


YOUNG ALONG, 35, darning and » 
dudhre. tong hair, seeks knritabons tar 
saouous mekends In or near Srtar- 
bnd For hither delate reply to Box 242 
I HT, 92521 NauMy Cedex Franca (photo 
appreciated). 


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Watches, pens, drome, crystal, toys, 
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OFFSHORE COMPANIES. For free bro- 
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•••to the best in international society 

ONE OF THE VERY RICH SWISS 
(and a genuine treasure) 

-NOT ONLY BECAUSE OF WWSY J - Although this dwrt is a wO- 
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and status ■ m general a superb gen Hem an of selected taste & 
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Wy 10-19 hrs. • Germany • 82031 Munkh-Grunwald • Otto-HeSmcmn - Str. 5 • By appointment 

Represented in Paris „ Berlin — the USA ■ ■ Singapore _ Melbourne 




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reqg y sMid anfiepmieun Aa martUy dmino, tounrengly beoufiul woom h her 40s, 

nn^i^&iq’gan. he sa s wa Americarp so respedfirty rate to bs a 'sst-nEda man'. He s among »w ‘gM' of tre wrtl and al ora ot fts mid's rtaan women N temalaal aanilng - Btenttar Sgum and 
rnra as nrer me gtoba A pa tow pa gaatarte. ha arts ouf fa le nctfemnfled eharactor end liumaw paanaiiy - hretaq (enwime ataganra. with long bJorate hair and lender green eyes, she 
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1Bci.p wa B|a.attemi «3nd aic wnoniliBEaaCoBaa3asecordreaiilBncewaii»iraiBflcacouaardaiiMd-«1|M.hes and aspri... reft 'em toot* in die USA and a wateride ante oMrtonds. a 
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presenartoftei 
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horseback ndng. +33 (D) 1 4754 9084. 


FRIENDSHIPS 


A TOUCH 

OF PARISIAN CLASS 
NATHALIE BUCLET 
Voire ‘chasseur de coeur" 
arranges quality encounters. 
Attentive, personal service. 

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Paris: +33 (0) 1 42 9745 45 
Fax: +33(0)142 97 4979 


Friendships 


I WOULD UXE TO FTTr) SOHEONE 
THROUGH H£ HERALD TRIBUNE. 
German woman, in her 40s. wWi real 
dass and ayta - bnndte wrti Inatld 
brown eyes - nreoous personatoy Man- 
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ST.TBOPEZ ISQON (CROK VALHBfl 
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dose to beaches. Large swmraing pool 
Sbqib ana May FOO.OOO pa week 
June & September FF15JD0 per we*. 
July S August FF20.000 per week. 
Cal UX. 44 171 221 B515 


Paris Area Furnished 

7ft. RUE VANEAU. owner rents tar 1 
year, furnished 55 sqjn. ftaL 2 rooms. 
Amencvi bfcfien Tet +33 (0)142221751 

CLOSE LOUfflE. fuly equaled. sbJdto. 
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EXHmrnoNs 

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IN SATURDAY’S 

INTERNATIONAL 
HERALD TRIBUNE 

TODAY PAGE 6 


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Herald Tribune 
ads work 


TO PLACE AM AD 
IM THE 


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Contact the Paris office: 

Ms (3S-1) 41 43 9S 85 - Rro (8S-1) 4143 93 70 

E-mail: claasified@UiLconi 


NANNIES & DOMESTICS 


Imperial Nannie^ 

fBItrnSH NANNIES GOVEBNESSeS) 
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Ptarae contact Natfufle Sauvaln 
IE: (44 171)409 0610 FAX: (44 171)69 4185 
. M BROOK ST^ MAVFA1A, LONDON. «M . 


Domestic Positions Available 


GOVERNESS wanted 
prefer (rish/UK. want) A caring mature 
woman. Md age. Previous experience 
teh rasng (Ndren essent ial , preferably 
to ertmton. Driving Ucerae Wling to 
ralocata & travel whan necesssy. 2 
adorabte bo ys, aged 8 8 4. Able to sort 

‘ mn Sera* data 8 photo to Ms M. 
McLeod. P.0 Bra 50633. DUBAI, UXE 


Domestic Positions Wanted 


BUTLER, VALET, CHAUFFEUR, En- 
gfeh. 44 years old. seeks posnon. 10 
years sperm* Cal Eaton Bureau Td: 
44 (0(181 SB7 3029 Fax: 44 (0)181 991 
2S65 


FRHICH AU PAIH GIRL, 18. bring br 
an EnjAsh cr American tamfe in Frans, 
prefer Parts. Free horn 1 st March. 
Pteew Tet En*e Kuc 02 31 ra 68 61. 


BUIGUAL ASIAN, guaifiefl cook and 
axperisncM cftairifeur. soaks a job m 
Europe. Tah Pans *33 (0)1 68 05 16 43 


RETHH) SKW1TTY MSPECTOR bote 
w (oh as second hone caretaker, 
todged. Wiw ASCHER, 3 rue Geallroy. 
Sart+aeire. F Q 2 I 00 Sam-Querain. 


ttidei&lla 

IhmsmATKJNAL Nannies 

_ Est 1982 
Top Agency for reuabue 
& expefhenceo. Nannies. 
MaternttyNurbes. 
Mother Helpers 
Call Mrs Angela Greene 

MayfljrTMwSSnf^XteBU 


STAFF »/ DISTINCTION 



nour DcuSar - (»o 
H Own Wav, 


Na nnies & IVurse» 

WE SPECIALISE IN THE PLACEMENT 
OF EXPERIENCED & 

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PLEASETEU 44 171 5S9 

OR FAXi 44 171 838 0740 
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Brosti lianed irnnas. Gommessu A 

baby rum emtata lor Worid nda 
ptacemerta Top quaRy saw* 3 
aftenare. No regtabaon tee. 

Tet UK 1273 876082 Fra 1275 340159 


OCCASIONAL AND PERMANENT 
NANNY AGENCY has experienced 
Brttti Nannies end Baby Nurses tor to- 
temadond jobs. 2 Cranrel Place, Lon- 
don. SW7 2JE. Tet l* 171 225 1555 
Fax UK 171 58S 4866 


UK « OVERSEAS AU PAB AGENCY 
NAMES. H0THS5 HOPS. SB h&in 
naif. 87 Regent SL London WiR 7HF 
Tel' 171 494 2929 Fax 171 494 2992 


















INTERNATIONAL HERALD TRIBUNE, S ATIIR DAY-SUNDAY, MARCH 1-2, 1997 


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Thais Are Accused of Forcing Hundreds of Refugees Back to Burma 


Ram 'r 77 "* ftwa D 

oajn T/VKO BON Th-jii a . avvn camp oi an abandoned tin mine 
Brushing aside ^ ^ J“st inside Thailand, 

the Thai Army has sent several . Absent from the camp and others along 

refugees back to Burma, when* ^nJer with Burma are young and 

tewg caught up in a maior onm? n ‘ sk ^‘ddle-aged men. shipped back across 
offensive against ethnic Kailn SS!* 111 b - v milirary officials who ac- 

Reversing a decades-oM n f ^j^ e s ‘ ^ 0056 them of ^ing Burmese gueirillas. 
sheltering refugees from Rt.rtE° ICy ° f _ 4 I ' ,ear, . v 1 ^.0<K) refugees had arrived in 
flic*. nS 1 ,!a n( f^ con : Thatod «ince Feb" II, fleeing a 

an estimated 5.000 K are-n L [ e P airia Wd Burmese Army offensive aimed at wip- 
week, aid workers alono tfl,s ' n ® ou * rbe National Union, a 

‘ 'Hie U.S. goveSn^,S rsay - guerri,,a *** hQS fought for 

rights groups have DrotesrJTltL huma f l ? uton 1 oni y since 1949 but now numbers 
sioos. but the ThS «??■ ,ess than ^00 fighters, 

are taking pl ace t2r ^ deiues diey A victory over the Karen would give 
Women, children and rh* -w i control of its border with Thaj' 

make up th e 2,300 Ian , d f ° rlh . e firM “■* in , ils his '° r V. 


back to Burma. Relatives and aid group Now their only hope may be to join rhe 
workers charged that women and chil- thousands of other Karen who. failing to 

dvan <uAn* ac ural I It J i ■ i* _ ■ Tt 


!£££$* ■ 2 -3°°etlinic Karen refers 

SSir"* » grains of rice and ve- 
getables inside the makeshift Pu Nam 


Burma control of its border with Thai- 
land for the first time in its history. 

In Pu Nam Rawn. the military on 
Tuesday and Wednesday separated out 
all males 13 and older and trucked them 


dren were being forced back as well. 

“No. no. no," said Christable Paul, 
whose 15-year-old son. Thaser, was 
among several hundred people trucked 
back. ’ ‘ He is a schoolboy, not a soldier.* ’ 
the health worker said as she wept. 
“They do not have any experience, they 
do not know how to fight. ’ * 

Nor do they have any weapons with 
which to defend themselves, she said. 

With the Burmese Army treaiing Kar- 
en territory as a free-fire rone and 
refugees recounting tales of executions 
and gang rapes of innocent villagers by 


make it to Thailand, are hiding in 'the 
Burmese jungles. 

Aid workers said the Burmese and 
Thai governments stand to gain eco- 
nomically from an end to the Karen 
insurgency. 

For example, a $1.2 billion natural gas 
pipeline owned by the Burmese gov- 
ernment and French and U.S. oil compa- 
nies is being built through Karen ter- 
ritory to sell gas to Thailand. The rebels 
have vowed to destroy it 

“I feel very bad for these Karen," 
said Samor Supbap. a com farmer and 


Burmese troops, the prospects for the militiaman in Pu Nam Rawn. "The 


young men’s survival are bleak. 

Though some admittedly were rebels. 


Burmese soldiers are very cruel, raping 
and killing anyone. If the Karen go back. 


the refugees contend most were not. they are as good as dead.*' 


■ Slate Department Protests 

The U.S. State Department has de- 
manded that Thailand immediately stop 
the forcible repatriation, calling the situ- 
ation “very difficult and tragic’ ’ Reuters 
reported from Washington. 

The State Department spokesman. 
Nicholas Bums, said Washington was 
“deeply concerned” about the actions 
of the Thai Army in repatriating about 
900 Karen women. 

But Major General Thaweep Suwan- 
nasing. chief of the 9th Army Division, 
denied that people were being sent back. 
“There is no such forcible repatriation 
as they charge.” he said by telephone. 
‘.‘The soldiers under my command have 
assisted hundreds of refugees, especially 
women, children and elderly people.” 


.VIETNAM) 


B*y& 


BURMA 

Ay 08 

t / 

** j 

l 

ft&utoon K \_ 

THAILAND 

vmiyuvn k 


. W,*- 

^Bangkok 


Building Project Reopens 
The ‘Battle for Jerusalem 5 

Army and Palestinians Appear to Gear Up 
For Clashes Over New Jewish Neighborhood 




m 




..*i • By Joel Greenberg 

1 York Times Senice 

JERUSALEM — For a few tense 
■moments, violence seemed about to 
■erupt Friday on the pine-covered hill in 
.East Jerusalem where Israel announced 
this week that it would build a Jewish 
'.neighborhood over Palestinian objec- 
■ lions. 

; As hundieds of Palestinians from the 
.adjacent village of Um Tuba attended a 
' Friday prayer protest on a soccer field at 
.'the foot of the full, a group of women and 
■youths who streamed up the hillside 
I scuffled with Israeli border policemen. 

. “This is our land, and we're not going 
down!” an angry teenager shouted in 
Hebrew at an Israeli officer who ne- 
gotiated with village leaders to disperse 
Jheyouths. 

* Sara Abu Teir. 63, sat on the scrab- 
“covered, rocky soil with other women 
-and insisted that she would not be 
moved. “We have nothing but this 
: mountain.” she said. “We’ll throw 
l stones, we'll die for our land! ' ’ 

» The incident ended peacefully as both 

• sides drew back, but it seemed to be a 
t taste of things to come, an example of 
? how the remote, empty hill on the south- 
; eastern outskirts of Jerusalem has been 

* transformed into a flashpoint of tensions 
; since the Israeli government's decision 
l last Wednesday to build there. 

\ The move immediately reopened 


j WALES: 

I Grim News for Tories 

Continued from Page 1 . 

home that some inheritance money and 

■ the proceeds ofa thriving housecleaning 
. company he owns had enabled him to 

• buy.- 

; “After all these years, the Conser- 
! vatives have no credibility left” he said 
- of die party he bad always voted for until 
♦ converting to Labour this year. ‘ ‘I run a 

• busmess, and a lot of my friends and 
. clients are upper-middle-class-type 

people, small-business men and man- 

• agers. You could say that the Conser- 
vatives aren't people we would want to 

> employ anymore." 

It is in places like Barry, suburban 
communities of the young aspiring 
classes that have traditionally voted 
Conservative, where the 1 992 American 

■ campaign truism “It’s the economy, stu- 
! pid” has landed in Britain with a con- 

■ crarianthud. 

Prime Minister John Major has re- 
peatedly predicted that in time the elec- 
_iorate wifi grow to appreciate the eco- 
nomic success of the Tories and that the 
>pereistent double-digit lead that Labour 
^basbeen enjoying in polls will start to 
.^decline. But so far be has been proved 
wrong as economic indicators continue 
^ to.reflecr robust growth and Labour s 
■ :£4eadonly widens. 

.• Tony Blair, the Labour candidate for 
i’ prime minister, has successfully trans- 
3 formed his party into a centrist move- 
>! ment that has abandoned its socialist 
past reduced its dependency on trade 
;? union financing and broadened its mem- 
oership to marginalize the influence of 
' left-wing factions that have cost it past 

ffSSio shed its reputation for rad- 

• .taS! Labour has limited in 

■ -for change to constitutional re f or P 

: House of Lords and 

■ Sideling the establishment of legis 
: damns m Wales and Scotland. 

The carry has promised that it will 

■ Conservative spending 

"limits for ihTnext two years “d “l 

l ^cSbusiness^tnctri^™n c 

• viools and a domed city hall 

:f"edT" w ^ h drasoni " da 

lofty clockiower. c &Co . >lhe 

Inihe office of consulting con- 

intemanonaJ propyjy . re2 jpnal man- 

aging partner, said. ojied La- 

Wh ° ^ 

nefictal.” He “bogeys of 

c^d in from the minds 

H spending and taxau 

of business-miO^J ^d. “had no 
— -Fast Labour lead R- ^ lhresho{c j of 
ftppe. of getting, .^String to die address 

Stratford Place, s 


what both Israelis and Palestinians call 
“the battle for Jerusalem.” perhaps their 
most difficult dispute, which is supposed 
to be decided in negotiations on a per- 
manent peace settlement. Israel asserts 
that all of Jerusalem is its eternal capital, 
while the Palestinians claim East Je- 
rusalem as the capital of their hoped-for 
staie. 

Palestinians have been demonstrating 
peacefully near the hill daily, bur 
groundbreaking work, expected to start 
in two weeks, could provoke much 
harsher protests. 

Known to Arabs as JabaJ Abu Ghneim 
and to Israelis as Har Homa, the hill was 
bristling Friday with soldiers and police 
officers, who massed to block demon- 
strations there and at A1 Aqsa mosque in 
Jerusalem’s Old City after the Friday 
Muslim prayers. 

On one side of the hill just inside the 
West Bank. Israeli soldiers in full battle 
gear lay behind rocks, one of them man- 
ning a machine gun. 

A checkpoint nearby was fortified 
with sandbagged firing positions, and a 
field headquarters had been set up at the 
site. 

The army appeared to be taking no 
chances, applying the lessons of the 
deadly clashes last September in which 
Palestinian police officers fired at Israeli 
troops. 

That fighting had been set off by the 
opening of a new exit to an Israeli ar- 













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Palestinians during prayers Friday on the disputed hill in East Jerusalem where Israel plans dwellings for Jews. 


chaeological tunnel near Muslim shrines 
in Jerusalem's Old City, and the army 
fears that the new neighborhood on the 
hill could set off similar unrest. 

But prayers ended quietly Friday at AJ 
Aqsa and at Um Tuba, where villagers 
said they did not want violence, only a 
peaceful show of resistance to the new 
neighborhood, which they say will be 
built partly on land seized from them and 


from neighboring Palestinian commu- 
nities. A village of 2.500 people, Um 
T uba has been unable to expand onto the 
disputed hill since it was expropriated by 
the Israeli authorities in 1991. 

Residents complain that their village 
is flanked on three sides by Israeli and 
Arab communities, and that the con- 
struction of the new Jewish neighbor- 
hood will denv them reserves of land for 


natural growth. Even the soccer field, 
they say, has been expropriated for the 
new project 

Palestinian political leaders assert that 
the project is part of an Israeli plan to 
isolate East Jerusalem from the Arab 
communities around it completing a 
ring of Jewish neighborhoods built in 
areas of Jerusalem captured by Israel in 
the 1967 Arab-Israeli war. 


Mexico Seizes 
Leader of a 
Cocaine Cartel 


The Associated Press 

MEXICO CITY — As U.S. officials 
struggled Friday with the decision of 
whether to recertify Mexico as an ally in 
the war against drugs, Mexican officials 
announced the capture of a drug lord 
whose canel has been held responsible 
for tons of cocaine entering the United 
States. 

Oscar Malherbe de Leon, head of the 
Gulf Cartel, was once ranked as Mexico's 
second most powerful drug smuggler. 

A government statement came as 
President Bill Clinton met with advisers 
on whether to certify the drug programs 
of Mexico and 31 other countries. 

In the statement, which did not say 
when Mr. Malherbe was captured, the 
authorities said public prosecutors were 
preparing a number of charges against 
him, including drug trafficking and pos- 
session. 

The government said that when fed- 
eral and military police stopped Mr. 
Malherbe's luxury car. the drug lord 
offered them $2 million to avoid arresL 
The government said he was carrying a 
.45 -caliber pistol. 

The arrest was another blow for the 
Gulf cartel, which grew from a back- 
woods marijuana operation into a boom- 
ing cocaine smuggling outfit under its 
now-jailed kingpin, Juan Garcia Abnego. 

According to the statement. Mr. Mal- 
herbe assumed die cartel's leadership 
after the 1996 arrest in Mexico of Mr. 
Garcia Abrego. who was taken to Hous- 
ton and convicted in last fall by a U.S. 
court of smuggling 15 tons of cocaine into 
the United Stales. 




2^ 


DRUGS: US. Policy Reaps Resentment 


KVtA’V — — 


■^^WAL£S ^ 

Bristol Channel 


Manchester 


Holywell 


* ■ 

' ,«dt 


London 







pf the company^I^tidoa headquarte^ 

fill that * ‘the prospects for Wales are the '.'f ' £ \ 
best they have been in a generauon." V 

It was not lost on commentators that 

grims^have traditionally gone seeking 

miracles. Keith Martin Doust and many others have turned against the Conservatives. 


Jnnaltun \r* \mCTniM 


MAJOR: Tory Leader Sees Defeat Hf Opinion Does Not Change ’ 

Continued from Page 1 ets as free enterprise, and even tight Conservatives can now rule only v 


what many pundits insist that the Wirral 
South by-election demonstrates con- 
cretely, is dial the electorate has now lost 
its fear of Labour. Voters seem to have 
accepted Labour’s three-year slog to- 
ward the political center, and its embrace 
along the way of such conservative ten- 


ets as free enterprise, and even tight 
government budgets. 

On Friday the architect of that trans- 
formation. the 43-year-old party leader. 
Tony Blair, pledged that there would be 
‘ ‘no going back to the past; no out of date 
dogma of the right or left.” 

Having, as a result of Thursday’s de- 
feat. losttheirmajority m Parliament, the 


Conservatives can now rule only with 
the nine votes of the Ulster Unionists. 

Mr. Blair called on Mr. Major to stop 
“dithering” and name the election day. 
Mr. Ashdown lambasted the prime min- 
ister for clinging to power “I suspect that 
when finally we get him out of Downing 
Street slivers of his fingernails will be 
found on the doorknob of No. 10.” 


Continued from Page 1 

would begin a hemisphere-wide cam- 
paign to protest the U.S. certification 
process and “re-evaluate its entire re- 
lationship with the United States.” 

The main problem in certifying 
Colombia is President Ernesto Samper. 
U.S. officials have made it clear that they 
believe that Mr. Samper received $6 
million from the Cali cocaine cartel for 
his 1994 presidential campaign. But 
even Mr. Samper's opponents find little 
reason for the certification process. 

4 ‘The most sensible thing would be to 
eliminate certification.” said Enrique 
Santos, a leading arm-S3mper figure 
who is editor of El Tiempo. the nation's 
largest newspaper. ‘ ‘Conceived as a club 
to beat into line the drug-producing and - 
exporting nations, it has become a hate- 
ful. arrogant and imperial practice that 
has not reduced drug supplies. It is based 
on the false premise that the United 
States can solve its drug problems out- 
side its own borders." 

And senior Colombian police officials 
said that while the intent of decertific- 
ation might be to castigate Mr. Samper, if 
was interpreted here as a condemnation 
of all anti -narcotics efforts. “What can I 
tell my men?” asked one senior official 
who leads drug raids. 

In Mexico this year, the annual “cer- 
tification war,” as Mexicans call it. was 
in fact proceeding peacefully until the 
head of its federal drug agency was 
arrested and accused of collaborating 
with the country’s top narcotics smug- 
gler. 

The revelation that corruption had 
spread to such a high level prompted 
U.S. officials to reconsider, in a highly 
public way. whether Mexico deserved 


BOSNIA: As Violence Continues, International Groups Start to Weary of Ethnic Hatred 


Continued from Page 1 
And the Spanish peacekeeping force 

stationed here, which lost 17 soldiers in 
the Bosnian war, recently received or- 
ders from Madrid to avoid violence, 
senior NATO officials say. Those com- 
manders say Spanish patrols, which 
have been fired on twice this month, 
have begun turning away when con- 
fronted by groups of aimed Croats. 

Mosiar. a city split down the middle 
between ethnic Croats and Muslims, has 
always been one of the country s most 
visible and dangerous fault lines. But its 
current crisis, rather than an anomaly, 
exposes What by general agreement is 
the failure of the international effort in 

Bosnia. , , . 

The Worid Bank spent only a third of 
the $1 8 billion it raised foT Bosnia be- 
cause of repeated failures to institute 
economic reforms or honor the terms of 
the peace agreement. And the United 
Nations High Commissioner fix 
Refugees was only able to raise a thud of 
the money it solicited for this fiscal year 
because of whai refugee agency officials 
described as “donor fatigue- 

“We have been abandoned, said 
Ivan PrNkaJo, the Croatian mayor of 
West Mostar. “The European Union re- 


built the infrastructure but didn't give us 
the money to maintain it International 
aid has virtually ceased. Things are be- 
ginning to fall apart. We are in crisis. 
The worid needs to come back and finish 
the job.” 

' But the days when the international 
community saw this as their job are over. 
International officials say that at best. 
Bosnia will limp along with a tense 
partition, as in Cyprus, and at worst will 
plunge again into war. 

Mostar saw savage fighting in 1994, 
when Muslims and Croats battled house 
to house, leaving some 2,000 dead and 
the city’s center a desolate, gutted 
wreck. Muslims are now bottled up on 
the eastern bank of the Neretva River, 
which divides the city: the Croats control 
the west and access to Croatia and the 
coast. Nervous Croatian and Muslim 
troops eye each other along the opposite 
banks, often just a few hundred yards 
apart. 

The Croatian construction activity 
along the dividing line speaks volumes 
about the attitude of confrontation that 
prevails here. The Croats have filled in 
the windows in the old high school and 
several other roofless hulks with cement 
blocks. Bui the builders have left narrow 
gun slits in each bricked-up frame. 


Abandoned Muslim homes in ihe no- 
man's land west of the river, although 
already heavily damaged, are flattened 
in nightly explosions. 

And in defiance of the outside world, 
the Croats in West Mostar have renewed 
a campaign to evict the dwindling and 
elderly population of some 3.000 
Muslims from their sector. 

In late November, Croatian police 
seized the municipal building, renovated 
with a half-million dollars of EU money, 
and have locked out the Muslims, who 
under the federation agreement should 
share offices with them. West Mostar 
officials refuse to speak or meet with 
their Muslim counterparts. 

On Feb. 10, Croatian police officers 
opened fire on a peaceful crowd of 
Muslims who walked into West Mostar 
to visit a cemeiery during the Muslim 
holiday of Eid al Fitr. Spanish troops, 
stationed at the crossroads where the 
shooting took place, withdrew moments 
before the firing begat and ignored pleas 
by unarmed UN police observers who 
witnessed the attack to return to restore 
order, according to an internal Inter- 
national Police Task Force report. 

The UN police monitors have re- 
leased a series of color photographs 
showing Croatian police officials, in- 


cluding West Mostar’s deputy police 
chief. Ivan Hricac. firing pistols at the 
fleeing Muslims. But they have been 
unable to get the Croats to remove the 
police officers, who killed one man and 
left more than 20 wounded. 

The Bosnian Croat leadership, who 
defend the police action, say the Muslims 
were carrying knives and were preparing 
to “attack Croatian children.” 

North Atlantic Treaty Organization 
officials say the orders they” get from 
Washington and most European capitals 
is to maintain the current cease-fire and 
stay out of disputes that could draw 
peacekeeping soldiers into a local con- 
flict. This greatly emboldened the de- 
fiance of militants on all sides. 

“The situation has become 
ludicrous," said a senior Western of- 
ficial in Mostar. “We are handing out 
piciures of Croat police shooting women 
in rhe back and nothing is done. It il- 
lustrates how weak and futile our pres- 
ence has become. It exposes where not 
only Mostar but Bosnia and Herzego- 
vina is headed.” 

The Muslims, who say the shooting is 
too egregious an act to ignore, warn that 
it will end their attempts io reach out and 
build a uniled city and a workable fed- 
eration government. 


the routine stamp of approval it has 
received since Congress mandated the 
certification process in 1 986 — with the 
avowed intent of stiffening executive 

S ssure on countries where drug traf- 
ring is rampant. 

The current questioning contrasts 
starkly with the last half-dozen years, 
when U.S. officials, in view of Mexico’s 
potential as apaitner in the North Amer- 
ican Free Trade Agreement, played 
down growing evidence of high-level 
narcotics- relaxed corruption and of the 
country's drug cartels having begun to 
rival Colombia's for power. 

The cheerleading began to fade with 
the December 1994 currency crisis and 
the U.S. -orchestrated bailout of $50 bil- 
lion that kept Mexico solvent. Even then. 
Clinton administration officials were 
quick to point out that Mexico paid the 
loan back, and ahead of schedule. 

Bui U.S. determination to see Mexico's 
good side seems to have cracked since 
Feb. 18, when General Jesus Gutierrez 
Rebollo was charged with corruption after 
10 weeks as head of the National Institute 
to Combat Drugs, a period during which 
high U.S. officials lauded him as an hon- 
est anti-drug zealot. 

In fact, most Mexicans seem aware of 
how pervasive corruption has become. 
On some days, every article on the front 
pages of the country’s leading news- 
papers is about drugs, the influence of 
the cartels and the protection that traf- 
fickers receive from law enforcement 
and other officials. 

But criticism from a foreign power — 
particularly the giant to the north — 
offends the strong sense of nationalism 
of most Mexicans, who think the United 
States should clean up its own house 
before passing judgment on others. 


Governor in Mexico 
To Sue U.S. Paper 

Renters 

MEXICO CITY — A Mexican 
state governor accused in a New 
York Times article this past week of 
haying links to drug-trafficking 
said that he planned io sue the news- 
paper in Mexican courts. 

“Governor Manlio Fabio 
Bel! rones has decided to sue in civil 
and penal court the newspaper The 
New York Times (and) the report- 
ers Samuel DU Ion and Craig Pyes," 
the government of Sonora srare .said 
in a statement Thursday. 

Mr. Beltrones would also sue 
“the foreign individuals and orga- 
nizations and the agents of the Drug 
Enforcement Administration 
(DEA) quoted in the article, who 
provided this news medium with 
false and baseless information. “ 
the statement said. 

Mr. Dillon, one of the newspa- 
per's Mexico-based correspon- 
dents, declined to comment. 

The governor of Morelos state. 
Jorge Canitlo Olea. said Wednes- 
day that he was planning to sue the 
newspaper. 


IT 

bcne 

, 1997 
iCE9 


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ART 

INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAT, MARCH 1-2, 1997 
PAGE 6 




Revolution in Egypt: Smiling Women and Other Mysteries 


International Herald Tribune 

N EW YORK — Some 3.350 
years ago, the most extraor- 
dinary drama began to unfold 
in Ancient Egypt A young 
king who ascended the throne around 
1353 B.C. under the name Araenhorep 
IV, experienced a spiritual illumination 
in circumstances unknown to us. In what 
had hitherto been a polytheistic culture, 
the king became convinced that God is 
one, all powerful and invisible behind the 
veil or the physical world. 

How profound this impact was on the 
course of Egyptian culture can be sur- 
mised from the new an that emerged 
suddenly and is on view at the Met- 
ropolitan Museum of An until March 14 
in one of its most remarkable aspects, the 
images of “The Royal Women of Am- 
ama-'’ 

That die king was aware of the turmoil 
he would provoke is clear enough. He 
declared himself to be no less than God's 
messenger. In one of the most gripping 
sections of the exhibition catalogue. 
James P. Allen, the American historian 
of Egyptian religion, quotes this text 
engraved on a stela from El Amama, as it 
is called today: “My Lord promoted me 
so that I might enact His teaching.” 

The young king soon burned his boats. 
He changed his name. Amenhotep, 
which means "Amen/Amun [the sun 
god] is content,” to Akhenaten, “Light 
in the Sun Disk [Aten], ** God was hence- 
forth symbolized by the sun disk. After a 
terrible experience of which the nature is 
not made explicit, Akhenaten decided to 
transfer his capital horn Thebes to the 
new location. It would be called Akbet- 
aten. “Horizon of the Sun Disk.” 

Of the arguments that broke out in the 
king's inner circle over that emplace- 


ment, the echo rings out in the stelae that 
have the king say: “Nor shall the king’s 
Principal Spouse say tome: ‘See, there is 
a good place for Akhetaten somewhere 
else.’ ” 

The king went further. Some time 
between the 8 tb and 12 th year of his- 
reign, the old religion was banned, die 
plural word “gods" erased from monu- 
ments throughout the land as a blas- 
phemous affront to God’s unicity. 

Precisely how the new religious ori- 
entation was conveyed to the artists is 
not known. Dorothea Arnold, the curator 

SOUREN MEUKIAN 

in charge of the Egyptian department to 
whom credit goes for the marvelous 
idea of putting together the exhibition, 
notes the new fluidity with which the 
bodies were rendered, the fleshiness of 
the features, an overall sensuousness 
that all contrast with the style cultivated 
at Kamak under Amenhotep HL 

She accounts for this by assuming that 
artists with a different background from 
their predecessors at Kamak were re- 
cruited. It seems plausible. But the trans- 
formation of Egyptian art from one reign 
to the next was not just a matter of 
stylistic difference, as Arnold admits 
when sbe speaks in the catalogue of an 
“artistic revolution.” 

A new spirit ran through Egyptian ait. 
The smile so subtly suggested in the 
brown quartzite portrait of Nefertiri from 
Memphis, or another brown quartzite 
portrait of her found in the workshop of 
the sculptor Thutmose at El Amama 
have no real parallel in earlier times. It 
conveys an ineffable contentment, the 
mix of exultation and serenity of those 
on whom revelation has descended. The 


same kind of expression illuminates die 
features of a young princess whose head 
carved in yellow quartzite was also re- 
covered from Thutmose 's workshop, or 
in the gesso mask of a young woman. 
Even if a whole range of nuances, from 
happy youthful serenity to radiance can 
be detected, these are like a hallelujah 
carved in stone. 

There was another side to the new art 
and it is the combination of the two that 
makes the Akhenaten period as in- 
triguing in visual terms as it is for its 
religious upheaval. A whole series of 
three-dimensional portraits display the 
most penetrating psychological insight 
ever in Egyptian art or, for the matter of 
that, in any art at all. It is as if sculptors 
who had until then concerned them- 
selves with creating timeless icons had 
suddenly discovered the fascination of 
probing human thoughts and feelings. 

Few faces in world sculpture are quite 
as arresting as the head of the aging 
Queen Mother Tiye carved out of yew 
wood. The weariness in the slanting eyes, 
the skin of die cheeks pulled down by 
advancing years, the pout of die mouth 
twisted by exhaustion, are not easily 
forgotten. Nor are the red quartzite head 
of Queen Tiye, and its plaster version 
found, again, in Thutmose's workshop. 

But even that pales in comparison 
with the limestone statuette of Nefextiti 
that lay broken in different comers of the 
workshop. This is a sculptor’s study 
made for his own sake. A black line 
across the chest, over the breasts, another 
underlining them are so many indica- 
tions of the work in progress. The face of 
the woman in her 50s shines with in- 
telligence. Tense, almost anxious, she 
gives a searching look as if desperately 
seeking to pierce some secret 


Djd Egyptian ait have infinitely 
greater versatility than we suspect? The 
unique set of circumstances that al- 
lowed the survival of this figure, and the 
others recovered from the sculptor's 
workshop, invites the question. The 
quarters, abandoned at some point, were 
blocked off by a mud door, leaving 
inside a host of sculptor's plaster mod- 
els made perhaps as studies for further 
reworking, and of half-finished to 
nearly finished portraits. 

Arnold reckons that the workshop 
was closed off when Akhenazen's reign 
came to an end and the sculptor moved 
to follow the new king, Tutankhaien 
(T utankhamun), when the court rever- 
ted to the old cult. To this we owe the 
survival of plaster portrait of a laughing 
old woman with a pug nose that could 
have come down from some French 
15th-century church and a young wo- 
man whose wistful face would not be 
our of place in Donatello's workshop. • 

A S if this was not enough, a 
third strand in Akhenaten' s 
art illustrated a kind of styl- 
ized expressionism unusual in 
Egyptian art. The bodies are elongated 
and angular as in the colossal statue of 
the king from Kamak, the features ex- 
aggerated, almost apish. 

Elsewhere, Akhenaten is represented 
as a laughing sphinx caressing a globe. 
Sun rays with h uman hands at the end 
touch his back in Surrealist fashion. The 
effect is of a sinister cartoon. 

No convincing explanation has been 
put forward for this weird strain in 
Akhenaten's art. Bm then the entire reign 
leaves an impression of unreality. With 
all our accumulated bits of information, 
Egypt remains as unfathomable as ever. 



Ttar Meuqpetaan Miwmi uf An. Vw Ywk 

Yew-wood head of Queen Mother Tiye, from the reign of Akhenaten. 


Japan Through a Master's Lens 


By Velisarios Kattoulas 

International Herald Tribune 

T OKYO — Hiroshi Hamaya was 
one of the first Japanese pho- 
tographers to abandon studio 
and glib postcard photography 
in the pursuit of realism. So in 1957, 
when he published his headless image 
of a woman planting rice seedlings in a 
flooded, muddy paddy field, many crit- 
ics were confused. The immediate re- 
sponse was overwhelmingly negative. 
The photograph was called ugly. 

But 40 years later, historians consider 
the photograph a masterpiece, one of the 
most telling images of life in rural Japan 
in the decade after World War II. 

The first photograph to earn Hamaya. 
now 81. widespread recognition, “Wo- 
man Transplanting Rice” is among more 
than 100 of his photographs on display at 
the Tokyo Metropolitan Museum of 
Photography (until March 30). The first 
major exhibition of his work in six years 
includes photographs taken between 
1931 and 1980. 

The first of the exhibition's four sec- 
tions is a selection of photographs taken 
in Tokyo between 1931, when a family 
friend gave Hamaya his first camera, and 
1945. The images are of the entertain- 
ment districts of Akasaka and Ginza and 
of downtown Tokyo, where Hamaya 
was bom in 1915. Geisha, showgirls and 
musicians mingle with street vendors, 
beggars and crowds at a market amid the 
rubble of buildings flattened by Amer- 
ican bombers in 1945. 

One of the most striking photographs 
of Hamaya ’s * ‘Century of Photography' ’ 



“Woman Transplanting Rice.” 

exhibition is of a dancer in a shimmering, 
backless dress holding back her hair and 
staring into a mirror. “There was always 
something which 1 liked about that pho- 
tograph,” Hamaya said at his home west 
of Tokyo. "But by die time I took it, I had 
already become interested in Japanese 
folklore and found myself drawn more 
and more in that direction.” 

From 1939, Hamaya became strongly 
influenced by Keizo Shibusawa’s studies 
of Japanese folklore. The other dominant 
influence was Yoshio Watanabe, now 89, 
who worked with Hamaya in the eariy 


1930s. The influence of the late 
Shibusawa and of Watanabe is most 
evident in the second section of Hama- 
ya’s exhibition. It includes photographs 
from “Snow Land” and “Japan’s Back 
Coast,” Hamaya 's first two major pub- 
lications. 

The photographs in “Snow Land” 
were shot between 1939 and 1954 in rural 
Niigata Prefecture on the Sea of Japan 
coast facing mainland Asia. Hamaya first 
visited Niigata in 1939 to cover Japanese 
soldiers training in the snow. He spent the 
next five years traveling there to record 
shaman festivals and the grinding 
struggle of everyday life. 

In 1944. Hamaya left Tokyo and 
moved to the city of Takada in Niigata. 
It was there where he shot his famous 
“Sun on the Day of Defeat.” After 
hearing a radio broadcast announcing 
Japan's surrender in World War II, 
Hamaya ran for his camera and pointed 
it at the sun. He still does not know 
why. Although the photograph re- 
mained unpublished for nearly 30 
years, it is an image of great poignancy 
for people old enough to remember 
Japan's surrender. 

The folio wing year he published * ‘Ja- 
pan's Back Coast.” Shot between 1954 
and 1957, it illustrated the relationship 
between the harsh climate that afflicts 
12 prefectures along the Sea of Japan 
coast and the poor farmers, loggers and 
fishermen who lived there. 

Together, “Snow Land” and “Ja- 
pan's Back Coast” brought Hamaya in- 
ternational recognition, and from 1960, 
he traveled the world as a contributing 
photographer for Magnum Photos. 



* 


An ambiguous threesome in an 1873 painting ( detail ) by Sir Lawrence Alma-Tadema at the Van Gogh Museum. 

Victoriana: Spice and Nostalgia 


AUCTIONS 


DROUOT MONTAIGNE - PARIS ^ - 


: VENUE .V.CK7AK«.'E 7 5X~ fA-'S ‘ 

CURING Mi CAH&TiCN AND’tfCSAUj.. • -WCO ?0 50 


TUESDAY 1 1 MARCH at &30 p.m. 


Me m IMPORTANT AUCTIONS 

16. rue Drouot 75009 Paris -Tel: 33 1 42464608- fax; 33 1 424646 15 -Catalogues on request 

WEDNESDAY 12 MARCH at 8.30 p.m. 

19 th CENTURY, 
MODERN, 
CONTEMPORARY 
PAINTINGS AND 
SCULPTURES 

EXHIBITION; 
at Dronot Montaigne 

•Saturday 8, Surety 9. 

Monday IQMaidi 
llamtoPpm 
■Tuesday 1 1. 

Wednoday 12 March 
II am. to 4 pm. 

MOfSEXJSUNG 

im> mi 

toraaft at a young, lady, ctca 1925 
OUcnomva} StymScnloueiMt 
S3 ,60 on 



OLD MASTER PAINTINGS, 
EUROPEAN FURNITURE 
AND WORKS OF ART 


PIERRE BRUEGHEL IB 

•w-t k.u 

WMdlng festMrtes 
CUonco<wi5 
A3 5 > 1 18 an 



DROUOT RICHELIEU 

9, rue Drouot 75009 Paris - Tel: Of 48 00 20 20 


Friday, March 14, 1997 


Room 2 at 2 p.m. U POSTAGE STAMPS - ID OLD 
ROMANTIC and MODERN BOOKS. Etude TAJAN, 3 A 
me de.s Mathurins ~5008 Paris, tel.: 01 S3 *0 *1 3*1 - fax' 
01 S 3 3o Vv 31 . 


In NE\K > ORK please ev'nuct Kerry Maisonn. >use N- Cr.v 
Int. in Hast hSch Street, fifth floor. N.Y. 10021. Phone: 

861 1 i 3 h. 


* - 1 - 1 35 v 73" 38 13 - Fix: '( 212 1 


ANTIQUES 


Japanese Antiques 
Meiji & Edo Periods 


We idl & purchase museum -quality 
Japanese Safsuma, bronzes, 
dotsanne, porcelains & antique 
Samurai sword,, armor & finings. 

FMNG CKATCS ANTIQUES, LID. 

1050 Second Av, NY. NY 10022 
2 1 2 - 223 -MOO Fax- 2 i 2223 - 160 1 


EXHIBITIONS 


\ • Fine Modem 
> I Japanese Prints 
| The Jim Collection 
The Hague, Netherlands 
Tel/Fax +31(701 511 1265 


ARTS & ANTIQUES 

Appear* every Saturday. 

To Wn-ni-e contort: Kdsbeku CintRVtO-Bmuicwvr 
Tv-L: + 33 (Ol I 41 43 94 76 - Fou a- 33 (0) i 41 43 93 70 
or Vjut norm IHT ufficr «r rrprwnLiuNc. 


By Joseph Fitcbett 

International Herald Tribune 


A msterdam — a Victorian 

academic painter renowned for 
the antiouarian detail. Sir Law- 
rence Alma-Tadema (1836- 
1912) occupies a spicy niche in an his- 
tory thanks to a handful of hyper-real 
paintings with an erotic subtext in his 
reconstructions of Ancient Rome. 

Victorians knew the episode of “The 
Roses of Heliogabalus” in which the 
libertine emperor twisted the fashion- 
able practice of showering di ruier guests 
with perfumed flowers by ordering a ton 
of rose petals to crush the pleasure- 
seekers at his feet. The painting seizes 
the climactic instant: Trie young vo- 
luptuary watches his guests in the throes 
of asphyxiation. Most of the courtesans 
appear too thrilled to understand what is 
happening. One silk-clad young man, 
his beard contrasting with his elabor- 
ately tressed hair, glares bitterly at his 
languid killer. An androgynous woman 
with a split red pomegranate stares 
stoically at the viewer. 

Drowning in flowers, fabrics and 
jewelry, the canvas is visually access- 
ible because Alma-Tadema exquisitely 
renders the whole surface, including 
translucent marble expanses that invite 
a caress. Nothing in the picture is ex- 
plicitly sexual, but the classical ma- 


terial is charged with febrile desires. 

Spectacular in every sense. Alma-Ta- 
dema's work resembles a Technicolor 
precursor of Roman screen orgies of the 
black-and-white era. Fittingly, his most 
avid modem collector was a Hollywood 
producer who said as he auctioned off 
his 36 Alma-Tademas that they showed 
* ‘an artist trying hard to give a viewer his 
money’s worth. Every inch is crowded 
with interesting and beautiful detail.” 
Stressing the effort needed to produce 
un equaled effects, this showmanship is 
rooted in the Victorian work ethic. 

Alma-Tadema, a promising young 
Dutch painter who studied in Belgium, 
found a bigger market in London. After 
an initial success with a theater scene, 
Alma-Tadema made a career of recast- 
ing Victorian vignettes into the Roman 
vernacular, where the scenes became 
historically entertaining — and often 
ambiguously suggestive. 

A Roman soldier leaving a bouquet 
on the lap of his fiancee could also be a 
London cake in fancy dress trifling with 
a tart. A courtship scene, a Victorian 
genre, shows a young couple in dis- 
cussion with an older man: perhaps a 
betrothal but perhaps the start of a more 
wanton evening. With his staidly titled 
paintings, much fun lay in the saucy 
readings that surely leaped to the eye of 
financial barons who bought his work, 
but might well have been overlooked 


by the American widows who were his 
second-best patrons. 

At his best. Alma-Tadema’s brush 
manages to many the lore of antiquity . 
and nostalgia for a golden age with a ^9 
graceful vision of uninhibited sexu- 
ality, 

Bui such sensual moments are rare 
enough in his 60 paintings, and they are 
impossible to savor in the Amsterdam 
show. The paintings are badly hung, 
apparently without any concern to min- 
imize glare, and the Van Gogh Museum 
itself is a harshly austere, uncomfort- 
able environment 

E QUALLY unfortunate, the 
catalogue's reproductions are a 
travesty of art printing. The text 
is often insightful. Fot ex- 
ample. it discusses Alma-Tadema's 
work as an inspiration for Gustav 
Klimt's stylized nudes and monumental 
spaces. 

But the color reproductions are too 
muddy for the detailing in the Dutch ^ 
tradition that is crucial in Alma-Ta- 
dema's approach. No editor seems to 
have checked the colors, so che repro- 
ductions look more like washed-out cal- 
endar art from the 1950s than the vibrant 
material world of Alma-Tadema. 

Van Gogh Museum. Amsterdam, until 
March 2. then the Walker An Gallery. 
Liverpool, from March 21 to June S. 


Dining di Out 


AMSTERDAM 


BRA5SBZE DEROODELSUW 


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14. me Dauphin* T:01 43 26 4491 


P fists rib 


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Wl SMfish. Seafood Emngnem 
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JSrSlCmM ArCondfamed 
TeL 01 *878*2.95 &3A6I. 


17th 


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Td 51288*3 A* contfaaned. 80m Cip«u 
NnavJpjn &4CA-lare,aKcdS»^ay 
Open KAcfcyJ. 



Thursday, March 6 , 1997 at 8:30 p.m." 

RICHARD LALLI SARA LAIM0N 

Bsntone 

FRANZ SCHUBERT 

Die seftane MiiUerin 
(Tfcr beautiful maid of the mid) 

'Rkhant Ldffi m fu) viib twmwa; 
feebiw otd tmpKhenwn. 
dosoviit^ the iwrfrr tviKmi muai rwinf 

Salle Cortot 

78 . rue Caramel 75017 Pans M' Malesherbes Monccau 

A awmamoN whi b£ beojcsied to BevEfiT l> Fowtvmcw ces Honrw* « P«ns 
^ ■ i 



I iVTERNATIONAL FUNDS 

Listing 


Track the performance of over 
1 ,800 international funds, 
every- day. on the IHT site or. the 
. World Wide Web. 


http://www.ihtcom 




* 


















. -V 





'Stf- 






INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY, MARCH 1-2, 1997 


PAGE 7 


EUROPEAN FINE ARTS 


SPONSORED PAOP 


rr 

BU3\E 

,1997 

4G£9 


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f.S':*- 1 . 


Post-Recession Buyers 
Have Pared-Down Tastes 

Specialty collecting remains the same, but traditional areas are changing. 

T nirkl l i er Ka ti0na! ^ cent increases in sales last well aware of their bargain- 
ena*H ex P e . n “ y*® 1 . has shown better signs ing power has set a whole 

starts in I J ian y ^ a | sc . of financial health than new range of prices, and of 
but Franc , e - Art-wW Profes- values. 

Ifivi ic «««> if ^ ie / n ^ r ' SionaJs are quick to com- 
_.■ ,„***■« d\ e plain, however, that the Increasing rarity 

sin«» rh* J 1a *‘*°88®dn British who can afford to Galleries dealing in con- 
- e JJ;& 1[Uun g °* ** buy art are even less willing temporary art, the biggest 
hi<rh , na f i exces J‘ v fly to do so than before. single victim of the reces- 

’ s_P«: u 1 at i on -fuel ed sion, dewed by the dozens 

u Jv e L Me ^Os. ^ ew U-S. collectors in New York. London and 

n en badly hurt many Saddled with the economic Paris. Good Impressionist 
SSrtiTnf™ <3 . lscol ^r a S*f i a consequences of an unem- paintings suffered less 
wnoie generation of collec- ployment rate of nearly 13 because of their increasing 
tors in the ensuing slump, percent and government rarity on the market, while 
arc a thing of the past. A commitment to meeting the the prices of good modem 
less ostentatious and. many economic deadlines of masters have recently been 

r^^’iLvfi rlu 1 P ros P er ^0' Maastricht - the Treaty, not on the increase for similar 
lies ahead. The complex the art and antiques show - reasons - purchases by 
relations between auction French dealers have been museums mean there are 
houses, galleries and art pinning great hopes on the simply fewer around, 
shows, not to mention their return of collectors from Highly specialized fields of 
respective shares of the the United States. collecting, meanwhile, 

market, are emerging into The tastes of America's independent of social 

the light of day much newly moneyed, however, 
c h an S e d- are different from those of — - — ■ 


Regional differences 
General economic recovery 
and the performance of the 
art market vary from coun- 
try to country. Large-scale 
Japanese investment, which 
grossly inflated the prices 
of Impressionist and mod- 
em paintings and An 
Nouveau glass, for exam- 
ple, has shown no signs of 
returning. 

In the United States, after 
a particularly serious down- 
swing in the early 1990s, 
the market has been perkier 
for longer- than in Europe: 
exceptionally good results 
at modem paintings sales in 
New York last fall and at 
Old Masters sales in 
January were proof of 
renewal energy. 

Britain, meanwhile, 
where middle-of-the-road 
auctioneers Philipps and 
Bonhams recorded 16 per- 


cent increases in sales last 
year, has shown better signs 
. of financial health than 
France. Ait-world profes- 
sionals are quick to com- 
plain, however, that the 
British who can afford to 
buy art are even less willing 
to do so than before. 

New VS. collectors 
Saddled with the economic 
consequences of an unem- 
ployment rate of nearly 13 
percent and government 
commitment to meeting the 
economic deadlines of 
Maastricht - the Treaty, not 
the an and antiques show - 
French dealers have been 
pinning great hopes on the 
return of collectors from 
the United States. 

The tastes of America's 
newly moneyed, however, 
are different from those of 
the East Coast socialites 
who. with the dollar at 10 
French francs in the late 
1980s, decorated their 
apartments top to bottom in 
18th-century French grand 
mobilier. 

Today’s buyers are more 
likely to work in the enter- 
tainment or computing 
field, to come from the 
West Coast and to have less 
elaborate tastes. As Thierry 
Despont. Microsoft boss 
Bill Gates' decorator, points 
out, “As soon as Bill’s 
name is mentioned, French 
dealers reach for their most 
expensive piece of furni- 
ture. Which is not likely to 
interest him at all." 

Upswing, downswing 
Certain fields of collecting 
are emerging better than 
others from the past seven 
lean years, as highly selec- 
tive buying by fewer clients 


drs John H. 

Schlichte Bergen 

Master Paintings and Drawing 


G alloy: 

P.C Hoofcuaat S3 1 
1071 BN Amsterdam 
Tel.: 020 - 675 17 01 
676 93 44 


Postal adress: 
Velszquezstraac 8 
1077 NH Amsterdam 
Tel.: 020-676 93 44 
Fax: 020 - 673 47 86 


STAND NO. 440 



Bernardo Brikuto (17214780) 


GALERIE 

UNGEMER 

Scbwerirtsir. 38 

40477 D0SSELDORF. 

Germany 

TeL ++49/211/49 42 02 
. . Jrax ++49/211/49 42 12 
exhibiting at stand 439 

The European FtneAn Fm 

TeL++49 1? 22 91 92 02 



This wooden statue of an 
Egyptian dignitary from the 
New Empire (1306-1070 B.C.) 
stands at 54 centimeters (21 
inches ). Five specialists In 
Egyptian and MetEtemmean 
archaeology wBI occupy their 
own space at TEFAF. 

trends calling for intellectu- 
al investment on the pan of 
the buyer - coins and 
porcelain, for example - are 
much the same as ever. 

Fairs are the future 
Buying habits, however, 
have changed profoundly 
during a period fear has 
seen the rising importance 
and the proliferation of art 
and antique fairs. 

With few prospective 
buyers visiting galleries, 
dealers have started using 
them as base camps from 
which to organize several 
trips a year to major shows 
across the world. Many col- 
lectors now meet their 
favorite dealers only at 
fairs, where they can view 
and compare a wide range 
of objects. Fairs, rather than 
galleries, are the new inter- 
national rivals to the 
increasing power of major 
auction houses. Only the 
strong survive, and only the 
very strong prosper. • 







mm 






C*7I ? 





“European Fine Arts” 

was produced in its entirety by the Advertising Department 
of the International Herald Tribune. 

Writer: Nicholas Powell, based in Paris. 
Program Director: Bill Mahder. 



BABA 

ANTIOUES 
FAIR 


TEFAF Looks West 

A fair will be launched in the United States next year. 


Each spring since I9S8. collectors 
and curators from all over the world 
have converged on an immense 
warehouse-like building on the out- 
skirts of the southern Dutch town of 
Maastricht. The hangar houses 
TEFAF. The European Fine Art Fair, 
which developed from a merger 
between two earlier art shows into 
one of the most prestigious - many 
think the best - collecting venues in 
the world. 

TEFAF s success is partly due to 
its location, close to Belgium. 
Luxembourg and northern Germany: 
prosperous, densely populated areas 
with strong currencies and highly 
educated, serious collectors. 
American an lovers and curators, 
too. proved quick to make the trip to 


Maastricht These are “not million- 
aires wife flashy tastes, but serious 
types wife quite a few thousand dol- 
lars a year to spend on a collecting 
specialty" says one Paris dealer. The 
real draws of TEFAF are outstanding 
quality, great variety and dealers 
who take the trouble to discuss their 
art 

In order to attract collectors from 
northern Italy, south ern Germany 
and Switzerland, TEFAF launched a 
second fair in Basel in the fall of 
1995. After a shaky first edition, it 
drew 135 dealers from II countries 
and over 14.000 visitors last year. 
TEFAF also plans to launch a fair in 
1998 in a major U.S. city - '*not nec- 
essarily New York." according to its 
director. Leo Lemmens. 


Two Sections in the Lead 

At TEFAF, objets d'art and paintings, drawings and prints are dominant. 

O ne hundred sixty- archaeology will be repre- section, on the contrar 
five dealers - most sented by five specialists in conservative in its choice 
of them, as in previ- a separate corner of the staid and often minor wor 


O ne hundred sixty- 
five dealers - most 
of them, as in previ- 
ous years, from Britain, 
Germany and the 
Netherlands - are taki ng 
part in this year's TEFAF 
Maastricht. The fair is 
divided into seven sections, 
the two most important 
being those devoted to 
objets d'art and to paint- 
ings. drawings and prints. 

Fifty dealers will take 
part m the latter, from 
Richard Green of London 
to Bob Haboldt of Paris, 
David Koetser of Zurich, 
Maastricht's Noortman and 
U.S. Old Master specialists 
French & Company, 
Newhouse Galleries and 
Richard L. Feigen. Three- 
quarters of the Dutch and 
Flemish paintings available 
on the market, it is said, go 
on show in Maastricht 
while other major schools 
are well represented. Rob 
Smeets from Milan will 
show a portrait of a woman 
by Bernardino de Conti, 
circa 1500, and New York 
dealer Hero Corsini an 1 8fe 
century view of Venice by 
Bernard Bellotto. 

Every period and culture 
The objets d’ art section will 
house no fewer than 75 
dealers, covering every 
period and culture, from 
neolithic Chinese terra 
cotta figures (Mediter- 
ranean and Egyptian 


archaeology will be repre- 
sented by five specialists in 
a separate corner of the 
fair), to medieval European 
statuary, German Renais- 
sance silver- gilt ware and 
the innovative designs of 
Ait Nouveau and Art Deco 
designers of glassware, 
ceramics and furniture. 
Grand French furniture of 
the 18th century, mean- 
while, will be shown by 
Jacques and Patrick Perrin 
of Paris and Adriano 
Ribolzi of Monte Carlo. 

From strength to strength 
Antique textiles from 
across the world used to be 
a great specialty of 
Maastricht, but that section 
has shrunk this year to a 
mere five exhibitors, as 
against a dozen in its hey- 
day. The 20th century art 


TEFAF- 

Maastricht 

8 -IS March 1997 

stand no. 325 
phone +31/43/3833665 
fax +31/43/38 38 B7B 


section, on fee contrary, 
conservative in its choice of 
staid and often minor works 
by the famous artists of the 
century, goes from strength 
to strength. Once confined 
exclusively to Dutch deal- 
ers. it has opened up over 
recent years to some of the 
biggest names in modem 
and contemporary art, such 
as Marlborough interna- 
tional Fine Art, Waddington 
Galleries and fee Gmur- 
zynska gallery of Cologne. 
They will be joined for the 
first time this year by the 
Piltzer gallery of Paris. 

For those with something 
left to spend, Maastricht 
boasts six dealers in old and 
rare books, plus a jewelry 
section, fielding names like 
Gianmaria Buccellati, 
Cartier, Hany Winston and, 
from Munich, Hemmerle. • 


galerie gmurzynska 


pxithe’svmsa* Efia • 50*68 • swnom 

plena +49-2n-3T644(i ta*«C»:?1-3;a'30 


umai all Modi ro 6306 ;ug MnU*tldM> 
pltjn# +11^1-710^02 Hi Jl-VtaifJt 





x- ? ~ 


MT FAI & 


Giambattista Tlepoto (1696-17701 


THE DUKE OF YORK’S 

HEADQUARTERS. CHELSEA, LONDON SW3 

12-18 MARCH 1997 

CHARITY GALA EVENING 13 MARCH 

TICKETS* TEL 0171 825 4245 

OPEN: nJXtau&OOPH CLOSES: FIRST DAY at 9.00pm 
THURSDAY 15 MARCH AT 5j0pm- LAST DAY m 6.00pm 
PERIOD DINNER. H MARCH 
ORGANIZERS - TELi 0171 750 6730 







xvnuh 

oenbny 

German gold 

moulded 
mother-of-pearl 
box c 1730, 
Width; 

7 1/2 cm 



Exhibiting TEEAF, Maastricht 8- 16 March 1997 wEj 
Stand No. 265 

Telephone: 0171-629 6061 Foe 0171-495 6180 




>;! ion,” 

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RICHARD GREEN 


ASIAN ART FAIR 




j»n vanGoyanl-^' ri456 ’j 

pS:l:rOiK!Oio/26*«>Jcffl 

Fxhibitin 0 at The European Fine Art Fair 
Malstncht, The Netherlands 

Sih-I6ih Match 1997 
. . c tnnd number 3 1 6 

■ ctrr+L London 9 HD 

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THE WORLD'S PAID" NEWS RIPER 

The International Herald Tribune 

looks forward to greeting visitors to 

TEFAF MAASTRICHT 1997 

(The European Fine Art Fair) 

. a /HUjpflfU of works of art that no auction can match—' 
Souren Melikian, International Herald Tribune 
16 March 1996 

MECC - Maastricht - The Netherlands 
8-16 March 1997 
at our stand 

Stand no. 20 


[•■17 1 Ml*] 










INTERNATIONAL 


pii m IMMI WITH THR HEW TORE HUB *WD THE WASHINGTON TOST 


Dithering on Burma 


Unocal, the U.S. energy company 
cooperating with Burma’s totalitarian 

* — _ . Mtiwwl iT4e in that 


regime to develop natural gas in that 
Asian country, likes to show photo- 
graphs of the classrooms and clinics it is 
building for villagers along the route of 
its unfinished gas pipeline through the 
jungle. Unocal’s presence, the argu- 
ment goes, can act as a civilizing in- 
fluence on Burma's regime — better 
known for repression, torture and forced 
labor — and so the U.S. administration 
shouldn't impose economic sanctions 
restricting U.S. investment 

Another, less appealing consequence 
of economic development is unfolding 
now on the Burma-Thai border. The 
pipeline of the $1-2 billion project, in 
which France’s Total is the other major 
participant, will carry natural gas from 
Burma's Andaman Sea to Thailand. 
Burma’s junta will get badly needed 
foreign currency; Thailand’s growing 
economy will get badly needed energy. 
But Burma's regime fears that ethnic 
Karen, a Christian anti-Communist 
minority that has been fighting for great- 
er autonomy for five . decades, could 
stand in the way. So about 100,000 
Burmese troops are now bludgeoning 
their way to the frontier in a m opping-up 
campaign. Thousands of refugees are 
streaming across the border. 

Thailand, which for years has 
sheltered Karen refugees, now is for- 
cing them back across the border to- 


Greenspan’s Warning 


That latest warning from Alan 
Greenspan, chairman of the Federal 
Reserve Board, that stock prices might 
be unsustainably high is rooted in a 
statistical dilemma. The U.S. economy 
— jobs, production and income — - has 
been growing at a steady but unexciting 
pace. Yet stock prices, which should be 
tied to the growth of corporate earnings, 
are soaring to breathtaking levels. The 
rosy scenario is that investors are bet- 
ting correctly that earnings growth will 
rise further, justifying high stock prices. 
The ominous scenario is that stock 


prices will prove irrationally high, col- 
lapse and drag consumer spending and 


lapse and drag consumer spending and 
the economy down with them. 

To ward off the bad outcome. Mr. 
Greenspan gently reminded investors 
that stock prices fall as well as rise, and 
that they might want to think twice 
before pouring more money into stocks. 
He also reminded them that the Fed will 
not shrink from raising interest rates — 
which will draw money out of stocks — 
if it sniffs inflation building up. 

What Mr. Greenspan wants to avoid 
is a replay of October 1987, when stocks 
fell by an astonishing 20 percent in one 
day. a frightening collapse unlike any 
other since the great crash of 1929. 

To be sure, Mr. Greenspan flooded 
financial markets with cash, which pre- 
vented die 1987 Wall Street collapse 
from spreading to Main Street, except 
for New York’s economy. There is 
every reason to believe that he could 
similarly insulate the economy today 


from a turnaround on Wall Street, but 
he would prefer not to be tested. 

The unanswerable question is 
whether stock prices are truly out of 


line. If so, they are probably not wildly 
high. In the 1970s and ’80s, investors 
had to pay about $15 for a share of 
stock that laid claim to $1 worth of 
corporate earnings. Today that number 
has risen above $20. 

But the number was also about $20 
during the early 1960s. Yes, share 
prices are high, but they are not as- 
tronomically high and thus are not 
poised to take a gigantic nosedive. 
Besides, the economy that underlies 
stock prices is remarkably healthy. Un- 
employment is low. yet inflation re- 
mains smothered. Productivity is 
rising at about its expected pace. The 
budget deficit is low by international 
standards, and falling. Monetary 
policy is rock-steady. The private and 
government sectors are in good shape, 
giving investors reason to be at least 
mildly optimistic. 

There are those on Wall Street who 
dispute Mr. Greenspan’s cautious 
warnings and contend that the Amer- 
ican economy is headed toward un- 
precedented prosperity. Corporate 
profits will reach new highs, powered 
by the painful restructurings of many 
companies and by a new global reach 
of American corporations. But like any 
story that says the future will be unlike 
die past, the predictions are probably 
wrong. Corporate earnings have com- 
prised an unchanging portion of the 
national economy for the past 60 years. 
Investors are betting that those earn- 
ings will now fly higher. That’s not 
impossible, but Mr. Greenspan gently 
asks investors whether that is a bet they 
are prepared to lose. 

— THE HEW YORK TIMES. 


Aid to Russia 


The Clinton administration is asking 
Congress for $900 million next year for 
aid to Russia and other former re- 
publics of the Soviet Union, a 44 per- 
cent increase above this year’s appro- 
priation. The proposal seems to reverse 
earlier plans to phase out such aid, and 
it seems to collide with gloomy news 
from Moscow. But it deserves a fair 
hearing, because the principle of re- 
maining engaged with Russia and its 
neighbors continues to make sense. 

Tensions in U.S.-Russian relations 
are real and bound to continue. So, too, 
are Russia's problems — crime and 
corruption, industrial stagnation and 
political uncertainty caused by Pres- 
ident Boris Yeltsin's long illness. But 
Russians have kept their democratic 
experiment more or less on track. They 
rejected, last year, a Communist pres- 
idential candidate who would have 
tried to lead the country backward. 
That decision creates an opportunity 
that the West should not ignore. 

Certainly, it’s in the West’s interest 
that Russia and its neighbors develop 
as open, democratic societies. It’s trite 
but true that anything the West spends 
on aid is less than the military spending 
that would be required if things went 
badly wrong in Moscow. 

The West’s ability to influence 


events in Russia is limited. But the 
administration now has tried to refocus 
its aid program on areas where it can 
make some difference. That means, in 
particular, promoting U.S. investment 
and the local conditions that make in- 
vestment possible, and encouraging the 
emergence of a civil society through 
exchange programs and assistance to 
independent media and the like. 

Aspects of the administration pro- 
gram raise questions. Proposals to help 
Russia fight crime may end up strength- 
ening institutions that are port of the 
problem. Helping Ukraine is reason- 
able, but congressional mandates to 
spend $225 million per year there no 
matter what (compared with a proposed 
$241 J million in Russia) eliminate the 
administration's ability to respond to 
problems, such as Ukraine’s growing 
level of corruption. Reducing environ- 
ment-related aid makes no sense, since 
the most active and independent civic 
groups have grown up around such is- 
sues. In fact, sending aid to such grass- 
roots groups will bear fruit no matter 
what the political climate in the Krem- 
lin. Other questions, too, may arise. But 
the general diesis — that promoting 
democracy in Russia helps all con- 
cerned — is as right now as ever. 

— THE WASHINGTON POST. 


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EDITORIALS/OPINION 


Giving Russia and China a Hand With the Bomb 

O . i 


W ASHINGTON — It should come 
as no surprise that Russian sci- 


ward Burma’s guns. The lure of Un- 
ocal’s gas apparently is very strong. 

What does any of this have to do 
with the United States? Burma is a 
naturally wealthy country of 45 million 
people (of whom about 4 million are 
Karen) that has been steadily impov- 
erished by its corrupt and incompetent 
rulers. In 1990 an overwhelming ma- 
jority of Burmese voted for a pro- 
democracy party headed by Daw Aung 
San Suu Kyi. the daughter of Burma’s 
anti-colonial independence hero. She 
is supported, too, by the Karen and 
other ethnic minorities, for whom she 
promises a democratic federative sys- 
tem. But the military thugs who rule 
the country never allowed her to take 
power, and she remains under virtual 
bouse arrest. Hundreds of her sup- 
porters have been jailed — more last 
year than at any time since the current 
regime seized power in 1988. 

Promising to stand with Burma’s 
democrats. Congress last year passed a 
law requiring the president to ban fur- 
ther U.S. investment if the regime 
moved against Daw Aung San Suu Kyi 
or intensified its repression. Both in 
Burma’s capital and on the Thai bor- 
der. the latter condition certainly has 
been met If die administration dithers 
any longer, it will only encourage the 
regime to think it can realize the former 
condition, too, at no cost to itself. 

— THE WASHINGTON POST. 


YY as no surprise that Russian sci- 
entists are now designing nuclear 
weapons with powerful American 
supercomputers. 

When California-based Silicon 
Graphics improperly outfitted a Rus- 
sian nuclear laboratory last fall, it was 
the inevitable result of the Clinton ad- 
ministration’s penchant for putting ex- 
port earnings above national security. 

The Silicon Graphics computers are 
about 10 times more powerful than any- 
thing the Russians had before. They will 
enable Russia to design nuclear war- 
heads faster and more cheaply through 
computer simulations and to make 
long-range missiles more accurate. 

To make matters worse, die head of 
marketing at Silicon Graphics told me 
that the company sold even more power- 
fid supercomputers to the Chinese 
Academy of Sciences Last March. Dial 
august body helps develop long-range 
Chinese nuclear missfles such as the DF- 
5, which is aimed at American cities. 

Hie Commerce Department is prob- 
ing the Russian sale — which appears to 
be illegal — and will probably probe the 
Chinese one, but Cranmerce is primarily 
to blame for allowing them to happen. 

Early last year, the administration’s 
nuclear expats asked Commerce to 
send American computer makers a list 


By Gary Mifihollin 


of the sensitive nuclear sites in Russia 
and China. The experts wanted to put the 
companies on notice so they wouldn't 
unwittingly sell high-power machines to 
these places. Commerce refused, saying 
it was against U.S. policy to name such 
sites in friendly countries. 

Why was there a danger of unwitting 
sales? Because to please Silicon Valley, 
Commerce had slashed export controls 
on strategic technology to one-tenth of 
what they were under the Bush ad- 
ministration. Under Bush, no computer 
performing more than 12_5 million op- 
erations per second could go to Russia or 
China without an export license. Now, 
computers performing up to 7 billion 
operations per second can go without a 
license if the sale is not to a nuclear, 
chemical, missile or military site. 

Claiming ignorance, Silicon Graph- 
ics made the Russian and Chinese sales 
without an export license. “It boggles 
the mind that Silicon Graphics would 
do this,” said an official at the De- 
partment of Energy. 

Officials at the Commerce, Defense 
and Energy departments say that the 
four Silicon Graphics computers — 
each performing more than 4 billion 
operations per second — needed an 


export license. The computers were 
destined for scientists at Chelyabinsk- 
70. the center that has developed most 
of Russia’s nuclear warheads, includ- 
ing the world's most powerful hydro- 
gen bomb. 

But Edward McCracken. Silicon 
Graphics’ chief executive officer, told 
me mat the company didn't know what 
Chelyabinsk was up to. 

Thar’s ridiculous. Since opening in 
1955, it has been one of the two best- 
known Russian laboratories for design- 
ing nuclear warheads. 

And in 1995, in a guide to acquaint 
American expotters with Russia’s mil- 
itary sites, the Commerce Department 
plainly listed Chelyabinsk's ‘'product 
line” as “development of nuclear 
weapons.” Moreover, U.S. export laws 
oblige an exporter to investigate a buy- 
er before making a sale. 

As for the Russians, they got the 
computers just in time to continue the 
arms race. Russia’s minis ter of atomic 
energy, Viktor Mikhailov, told the me- 
dia recently that Moscow will obey the 
new test ban treaty but will now design 
its warheads with simulated explo- 
sions, using tire computers from Sil- 
icon Graphics. 

If Silicon Graphics can rewire Rus- 
sia’s and China’s bomb makers without 
anyone knowing, it can do the same for 


scores of other nuclear and missile sites 

in India and Pakistan. AU four nations 
are under the same computer export 

m Ajid there is the fact that Mr. Mc- 
Cracken was an influential campaign 
supporter of President BUI Clinton’s m 
1992 and 1996. He helped lead the 
industry drive to slash computer export 
controls and was also a candidate for 
secretary of commerce. 

By touting trade as the supreme for- 
eign policy goal. President Clinton has 
given the impression that anything 
goes if it brings in a buck. Congress 
must reverse that impression by de- 
manding a foil public account of die 
computer sales to Russia and China. 
And the Commerce Department, in ad- 
dition to giving computer makers a list 
of off-limit nuclear sites, should make 
an example out of Silicon Graphics by 
yanking its export privileges for six 
months to a year. 

That would get industry’s attention. 
It also would show that the Clinton 
administration cares more about the 
spread of the bomb than about its cam- 
paign supporters in Silicon Valley. 


I^ 1 


(}# :l 




ilH 



The writer, director of the Wisconsin 
Project on Nuclear Arms Control in 
Washington . contributed this comment 
to the Los Angeles Times. 


Dialing for Dollars: How the Campaign Cash Game Is Played 


W ASHINGTON — Some- 
how, I find it hard to be 


By Robert Kuttner 


shocked, shocked, that 938 
political allies of President Bill 
Clinton spent a night at the 
White House. The press is in one 
of those pile-on moods, having 
trouble sorting out what is il- 
legal, what ought to be illegal 
and what is just unseemly. 

Are presidents political fig- 
ures? Of course they are. Do 
they raise money for their 
parties? Of course they do. 

Shortly alter his inaugura- 
tion. John Kennedy presided 
over a Democratic Party fund- 
raising dinner in which he par- 
odied his own inaugural ad- 
dress. The debt from the 1960 


campaign would not be paid off 
in the first hundred days, or in 


in the first hundred days, or in 
the first thousand days or per- 
haps in our lifetimes, he intoned. 
“But ... let ... us ... begin.” 
The audience of donors roared, 
and nobody was offended. 

Similarly, it is preposterous 
to think that White House staff 
should never sully their hands 


with political duties. As a re- 
election campaign approaches, 
winning the election becomes 
the number one preoccupation 
of the president's senior staff. 

Cabinet members crisscross 
the country making speeches 
and meeting with supporters. 
The president's party and his 
administration become exten- 
sions of each other. 

Rules do exist that prohibit 
civil servants from engaging in 
some partisan activities, bur 
political appointees are precisely 
what the nam e implies — polit- 
ical. If Harold Ickes, as White 
House political point man. 
crossed the line between 
straiegizmg and fund-raising, 
that could be a technical vio- 
lation, but is it really corruption? 
Does anyone think Jim Baker, 
while White House chief of staff, 
did not dirty his high office plan- 
ning Ronald Reagan's re-elec- 
tion or meeting with s up p or ters 
who were also donors? Please. 


By the same token, political 
cumbents are constantly look- 


incumbents are constantly look- 
ing for perks to reward faithful 
allies. Are we really indignant 
that the president invited some 
of his most loyal supporters to 
the White House for coffee, or 
to spend a night at die pres- 
idential mansion? Tacky, per- 
haps. Illegal? Hardly. 

Politicians cross a legal and 
ethical line when they extort 
political contributions in ex- 
change for special favors. Part of 
the Watergate scandal was about 
the break-in and the subsequent 
cover-up. But the other part was 
about the Finance Committee 
for the Re-el ectio n of the Pres- 
ident — CREEP — systemat- 


ically shaking down big donors. 
It is this aspect of die ad- 


it is this aspect of die ad- 
ministration’s behavior, and not 
the nights spent in Motel 1600. 
that is genuinely troubling. 

Under the stewardship of Ron 
Brown, the Commerce Depart- 
ment became not just the ad- 


vocate of U.S. industry abroad. It 
became a fund-raising arm of the 

Clinton White House. 

The Commerce Department 
used U.S. diplomatic pressure 
to open new markets to Amer- 
ican corporations. After a de- 
cent interval, the corporation 
sent a nice $100,000 check to 
the Democratic National Com- 
mittee as a thank you. 

There is little doubt dial Bill 
Clinton has been the most sys- 
tematic exploiter of presidential 
incumbency to raise political 
money since Richard Nixon. But 
without excusing him, let’s 
pause for a moment to ask why 
President Clinton was under 
such pressure to dial for dollars. 

The Watergate reforms have 
plainly backfired. In the U.S. 
system today, money increas- 
ingly dominates politics. And 
most people who can afford to 
donate serious political money 
are. by definition, rich. Hie 
Democratic Party has to twist 
itself into a pretzel to raise 
money from rich people and 


corporations, because for the 
most part the wealthy have no 
reason to be sympathetic to the 
Democratic program. 

So unlike the Democrats, the 
Republican Party doesn't have 
to stay up nights thinking up new 
ways to use the Commerce De- 
partment and die Lincoln Bed- 
room as bait to separate fat cats 
from their money. The well-off 
said money to the Republicans 
as a matter of course, because it 
serves their self-interest. 

There is a related cost Hie 


more die Democrats suck up to £ 
the rich, the mare it seems sen- ™ 


sible for their program to emu- 
late the Republican program, and 
the more ordinaiy people — po- 
tential Democratic voters — turn 
away from politics in disgust 

If government is for sale, then 
the deck is permanently stacked 
against the party of the little guy. 
So Democrats in particular 
should want to get big money out 
of politics, not just for civic rea- 
sons but for partisan survival. 

Washington Post Writers Group. 


A Grim Fairy Tale About Monetary Union and Dissolution 


B russels — if you don’t 
believe in economic and 


believe in economic and 
monetary union, you're anti- 
European. 

That’s the word in Brussels 
these days. The mood is that 
Europe’s vaunted single-cur- 
rency project will go ahead on 
time and will succeed. Anyone 
who doubts this is considered 
either hostile to the cause of 
European integration or has 
failed to understand the polit- 
ical and economic forces that 
will make monetary union an 
inevitable success. 

Brussels's unquestioning en- 
thusiasm has serious draw- 
backs. The European Commis- 
sion's proper role is to be the 
honest broker of European in- 
tegration — it has the sole right 
to propose new actions to the 15 
European Union governments, 
and the duty of interpreting and 
applying the EU’s rules and 
treaties. Its job is not to be a 


By Giles Merritt 


highly partisan champion of a 
particular policy. 

Monetary union may turn out 
to be great leap forward for 
Europe. lilting it from a world 
economic power to a political 
giant like the United States. But 
it is also, as Britain’s Prime Min- 
ister John Major has warned, a 
leap in the dak. The commis- 
sion should temper its enthu- 
siasm for monetary union, or 
EMU, with much more practical 
attention to the problems and 


S tfaJls that accompany such a 
r-reaching experiment 


far-reaching experiment 
It is not always for political 
reasons that London is the main 
EU stronghold of Euroskepti- 
cism. There is often great com- 
mon sense in British objections. 
The City of London, along with 
Wall Street is a global financial 
center that assembles rare ex- 
pertise on currency matters. 


Some of the views now being 
expressed in the City on EMU 
are worth careful attention. 
Elsewhere, a growing number 
of Europe’s top industrialists 
are also beginning quietly to 
question the idea that EMU wiD 
be a sure-fire success. 

One of the most arresting con- 
tributions to the EMU debate 
comes from a British observer, 
David Lascelles, who heads 
London’s Center for the Study 
of Financial Innovation. Mr. 
Lascelles has published what he 
describes as a fairy tale in the 
form of an official report to 10 
Downing Street on the collapse 
of EMU in Che year 2003. It is a 
convincing imitation of official 
language, blending established 
facts with future scenarios. The 
author was once the financial 
Times's banking editor, and his 
grasp of technical know-how 


makes his fantasy tale chillingly 
convincing. 

Mr. Lasce lies's forecast for 
EMU is best summarized by the 
subheads in his “report.” The 
beginning is upbeat: the single 
currency had a long history; 
Helmut Kohl wanted EMU. and 
so did Jacques Chirac; Britain 
was cool despite worries about 
the City of London; econom- 


ically. EMU could boost Europe, 
but the question was could it 


Banning Mercy for the Foreigner 


A TLANTA — After Con- 
gress passed a restrictive 


xVgress passed a restrictive 
immigration bill last fall and 
President Bill Clinton signed 
it into law, 1 had a letter from a 
New York lawyer, Stanley 
Mailman. 

“The law sets us back 100 
years in its disrespect for due 
process,” be wrote. “It is piti- 
less in barring relief to those 
who have transgressed the law 
even in minor ways, including 
those with dependent U.S. 
families. Decades of reason- 
able court decisions have been 
overturned in the effort to re- 
move from immigration judges 
the discretion to administer the 
immigration law with mercy. 
Worse than the individual 
hardship is the sacrifice of the 
system of adjudication that we 
depend on for fairness.’ ’ 

In recent weeks numbers of 
people have begun to under- 
stand what Mr. Mailman de- 
scribed. The Justice Depart- 
ment has been aggressively 
urging courts to throw out 
pending appeals of actions by 
the Immigration and Natur- 
alization Service on the 
ground that the new law strips 
courts of power to hear them. 

One such case concerns a 
legal immigrant. Alfredo D.. 
who has been in America for 
21 years. He has a disabled 
wife and four children, all U.S. 
citizens. In 1994 he was found 
deponable because he had 


By Anthony Lewis 


been convicted of carrying an 
unlicensed gun. He sought re- 
lief from deportation. 

An immigration judge re- 
fused to gram relief because 
Alfredo would not admit guilt 
oa the gun charge. His lawyers 
appealed, arguing that his fail- 
ure to admit guilt was not a 
valid reason to deny relief. On 
the government’s motion, the 
9th U.S. Circuit Court of Ap- 
peals threw the case out as now 
beyond its power to review. 

After April 1, the new law 
will remove entirely the dis- 
cretion of the immigration au- 
thorities to waive deportation 
of legal immigrants who have 
committed one criminal of- 
fense and who have spouses or 
children who are citizens. The 
crime can be a minor one, com- 
mitted many years ago. that 
was not even a deportable of- 
fense at the time. There will be 
no discretion for mercy, even 
in the most pitiable case. 

One of the cruelest sections 
of the new law strips courts of 
the power to review the cases 
of people who active without 


proper papers and seek asylum 
from persecution. It will have 


from persecution. It will have 
devastating effects on asylum 
applicants like Fauziya 
Kasinga, the young woman 
who fled from Togo to escape 
genital mutilation. 


Ms. Kasinga’s appeal for 
asylum was turned down at 
the border and by an immi- 
gration judge. But a lawyer 
took the case to the Board of 
Immigration Appeals, and she 
was granted asylum. Under 
the new law someone like Ms. 
Kasinga would have a week to 
ask an immigration judge for 
asylum — probably by tele- 
phone. and without a lawyer. 
If the judge said no, all appeals 
would be barred — and she 
would be sent back immedi- 
ately to be mutilated. 

Representative Lamar 
Smith wrote a letter to The 
New Yoric Times last fall deny- 
ing that the law would bar ju- 
dicial review in asylum cases. 
But his own lawyer conceded 
to me it would do just that when 
someone like Ms. Kasinga ar- 
rived without proper docu- 
ments. If Mr. Smith was un- 
aware of that, he should file 
legislation to remove die pro- 
vision barring judicial review. 

President Clinton could 
help, too. by instructing the 
Justice Department to srop pur- 
suing every chance to intensify 
the law’s worst features. 

But it is probably too much 
to expect concern from the man 


but the question was could it 
work in practice? The financial 
markets were bullish. 

The report goes on: The start- 
ing lineup for EMU had 12 
names but was reduced to a 
“first wave” of seven; in the 
political fudge that took place, 
joblessness was overlooked; in 
1999-2001, the euro was bom a 
strong currency and speculators 
were beaten off, even though ad- 
justment costs canceled many of 
EMU’s benefits; the new Euro- 
pean Central Bank took a tough 
line, with firm regulation and a 
strong monetary policy. 

Then, however, EMU was hit 
by the Wall Street crash of 2000. 
The stability pact kicked in, and 
French workers rioted. The first 
cracks began to show, and the 
German mood darkened. The 
British became more hostile, but 
the City benefited. There was 
rising violence in France, and 
President Chirac sought EMU 
reforms. The euro collapsed. 

From December 2002 to 
January 2003. concludes die re- 
port, a last-ditch rescue plan was 
made in which an ambitious 


“EMU Treasury” would be cre- 
ated to take over die funding of 
member countries’ debts. But 
Germany said no to this, and 
France reissued the franc. With- 
in days, Italy and Spate were 
also forced out, and EMU shrank 
to a Deutsche mark bloc. Britain 
also suffered the shocks. 

Mr. Lascelles finishes his 
grim fairy-tale report with the 
dry comment that political uni- 
on within the EU was “post- 
poned.” 

Back to the present and the 
commission’s role in preparing 
for EMU: The attention of Euro- 
pean banks and companies 
should be directed to the areas 
where monetary union could 
backfire, or ac the very least 
perturb the smooth-running of 
the EU’s national economies. 
Brussels's task should be to find 
out where the hiccups caused by 
planned currency upheavals will 
most probably occur and seek 
ways of heading off trouble. 

This is not to say that the EU's , 
executive commission should 
destabilize the EMU project by 
emphasizing disaster scenarios. 
Rather, the commission should 
analyze much more carefully 
the impact of the EU’s partial 
monetary union — fewer than 
half the member states will be in 
the first wave — on the intricate 
workings of the advanced econ- 
omies of Western Europe. 

If Brussels restricts iis role to 
that of cheerleader, it may end 
up as chief mourner. 

Imernationul Herald Tribune 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: No Cretan Rule 


ATHENS — It is a total error to 
imagine that the Cretans prefer 
autonomy to annexation. The 
Cretans regard themselves, 
with some justice, as the finest 
specimens of the Greek race, 
and they are not satisfied to 
govern Crete, but are ambitious 
to exercise a voice in the whole 
Greek nation. The Cretan Turks 
themselves infinitely prefer 
union with Greece to auto- 
nomy. They realize that their 
lives and property would be 
safer under the Greeks than 
under Cretans. 


through London’s rare sunshine 
— the Princess sunshine, they 
called it. Every symbol of the 
greatness, the honor, the glory ^ 
that centuries of culture, tra- 
dition and achievement could 
devise was mustered, but 
mustered with that admirable 
British quality of restraint. 


1947: German Morale 


1922: Royal Wedding 


who signed this legislation. To 
return fairness to immigration 


procedures we shall have to 
nave a president and congres- 


have a president and congres- 
sional leaders who care. 

The New York Times. 


LONDON — Princess Mary 
became a bride to-day [March 
1]. London’s swarming mil- 
lions, augmented by visitors 
from all parts of the Empire, 
thronged the streets. The rich- 
ness that tells of Empire flashed 
in silvered cuirass and gold lace 


FRANKFURT — There are 
fewer people in Germany’s in- 
sane asylums who think that 
the}' are “ Adolf Hitler" than 
during the twelve years of ihe 
Nazi rule. That is because there 
is not so much Nazi propagan- 
da regarding the Fuhrer to in- 
spire the mentally unstable 
people to go about saying that 
they are the leader of the 
Third Reich. However, the 
mental hopes and morale of the 
civilian population of Ger- 
many’s bombed-out cities are 
declining, and the number of 
drug addicts is skyrocketing. 



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BUSINESS/FINANCE 

SATURDAY-SUNDAi; MARCH 1-2. 1997 


Belgians 
Outraged 
At Renault 

But Investors Send 
Firm’s Stock Up 13% 

By Barry James 

International Herald Tribun e 

BARIS — The decision by Renault 
SA to close its plant near Brussels and 
thus eliminate 3,100 jobs ca used out- 
rage in Belgium on Friday but won the 
applause of the Paris stock exchange 
where the shares of tbe ailing car- 
maker soared 13 percent on the news. 

Workers at the VjJvoorde plant 
blocked the departure of 4,000 can* for 
export, and the prime minister of tbe 
Flanders region. Luc van den Brande, 
said he was “profoundly shocked by 
the brutal and unacceptable decision,” 
which was "not based on any ob- 
jective economic grounds.’' 

Prime Minister Jean-Luc Dehaene 
said he was “indignant and stupefied” 
by tbe decision, which he intends to 
bring up with his French counterpart, 
Alan Juppe, on Monday. 

The decision, which came shortly 
after the decision by Boston Scientific 
Corp. to move a manufacturing op- 
eration from Belgium to Ireland, 
where corporate taxes are lower, 
marked another blow to the European 
single market 

The European Commission said it 
would investigate whether Renault 
had violated worker-protection rules. 

But Renault, which piled up es- 
timated losses of 4 billion French 
francs ($703 million) last year, said it 
would save 850 million francs a year 
by closing the plant in July. It will 
transfer production of die Megane and 
Clio cars made in Belgium to two 
factories in France. 

A Renault spokesman said the com- 
pany no longer needed a large number 
of geographically dispersed plants and 
could respond to increased demand by 
having three shifts a day at its French 
plants instead of two. 

Earlier this week, Renault and its 
French rival PSA Peugeot Citroen SA 
failed in their attempt to get the gov- 
ernment to finance layoffs of workers 
in their 50s to enable the companies to 
hire younger and cheaper hands. 

The French carmakers argued that 
they have older work forces than rival 
companies in Asia. 

Renault is 46 percent owned by the 
French government 
Renault shares closed at 146.90 
francs on Friday, up 16.90 francs, on 
the Paris exchange. 



Dismayed plant workers speaking Friday after news that tbe Belgian Renault plant was to be dosed. 

Paris-Run Firms Owe $105 Billion 


CmpdedbyOtf SbtfFwm Dispatdxs 

PARIS — French state-controlled 
companies have debts amounting to 
about 600 billion francs ($105.24 bii- 
tioQ), Finance Minister Jean Arthuis 
acknowledged Friday. 

This figure — about 6_3 percent of 
gross domestic product — remains an 
estimate, awaiting the outcome of the 
sale of property liabilities and other 
factors, but it is slightly more than 
twice the annual national public de- 
ficit, analysts noted. 

Mr. Arthuis gave the figure in an 
answer to a question arising from the 
latest state rescue: 20 billion francs for 
Groupe GAN, which amassed massive 
losses in recent years on property 
.loans and irsurance underwriting. 

■ GAN shares rocketed 21 percent, to 
150 francs, before being suspended Fri- 
day, as Investors bet that the rescue 
would return the company and its bank- 
ing unit. Cie. Financiers de CIC, to 
profit and make h a takeover target. The 
government plans to privatize GAN. 

“Obviously the market’s assump- 


tion is that ibe government is pretty 
much writing out a blank check.” an 
analyst said. 

Mr. Arthuis also acknowledged that 
the cost of saving Credit Lyonnais SA, 
the debt-ridden bank being rescued for 
the third time, would not be known until 
the entity created to dispose of property 
liabilities had completed its work 

But be said that die net burden to the 
taxpayer would be at least 50 billion 
francs. Many analysts, noting previous 
recapitalizations, maintain that the cost 
will be closer to 100 billion francs. 

Debts owed by state companies are 
not covered under the definition of 
public debt in the Maastricht treaty, 
which sets conditions for participation, 
in the single European currency. 

But the cost of rescuing such busi- 
nesses, or of recapitalizing them, is 
putting enormous strain on the budget 
and social policy as tbe government 
tries to cm the public deficit this year to 
3 percent of gross domestic product to 
qualify for the single currency on its 
scheduled Jan. 1, 1999. launch date. 


The strain has forced the government 
to accelerate privatization plans during 
the last two years, even to die point of 
signaling that Credit Lyonnais could be 
sold if a buyer came forward. 

Tbe government already rescued 
Air France, providing 20 billion francs 
between 1994 and 1996. also in prep- 
aration for eventual privatizatioa 

It poured 3.7 billion francs last year 
into GIAT Industries SA. the defense 
contractor, and 3.4 billion over three 
years into Cie. Generate Maritime et 
Financiere. 

It intends to pump 1 1 billion francs 
into Thomson Multimedia to make tbe 
consumer electronics company fit for 
sale, initially set at the symbolic price 
of 1 franc. 

Nearly all of the money raised from 
the sale last year of shares in such state 
holdings as Elf Aquitaine and Renault 
was used to recapitalize state compa- 
nies, and the same will occur again this 
year. About 10 billion francs remains 
from die sales last year to help with 
rescues this year. (AFP, Reuters ) 


PAGE 9 


India’s Budget Plan 
Sends Stocks Soaring 

Proposal Offers Major Tax Cuts 


Reuters 

NEW DELHI — Indian stocks soared 
Friday after the government proposed a 
new budget thar would slash corporate 
and personal income taxes and raise 
ceilings on foreign investment. 

The blueprint for the fiscal year start- 
ing April 1 was presented by Finance 
Minister Paianiappan Chidambaram, 
who said the plan would reduce deficits 
while spurring growth. 

Mr. Chidambaram stud the govern- 
ment planned to reduce the tax on do- 
mestic corporations to 35 percent from 
40 percent, and abolish a tax on di- 
vidends. He also proposed scrapping a 
73percent surcharge on corporations. 

Trie budget also would allow foreign 
investors to cake stakes of up to 30 
percent in Indian companies, up from 24 
percent. 

Investors, anticipating a spurt in cor- 
porate profits, sent the Bombay Stock 
Exchange's benchmark index, the Sen- 
sex 30. up 225.12 points, or 6.57 per- 
cent, to 3,652.99 in a special late-even- 
ing session. 

Mr. Chidambaram also said the 
budget, which must be approved by 
Parliament, would cut personal income- 
tax rates across the board and bring 
down the maximum rate to 30 percent 
from 40 percent 

“This will lead to a sea change in tax 
compliance.” said K.S. Mehata. a se- 
nior member of the Federation of Indian 
Chambers of Commerce and Industry. 

The budget plan would extend the tax 
net currently limited to only about 12 
million of India's 936 million citizens, 
by imposing new levies on owners of 
cars and telephones, which are con- 
sidered luxury goods. 

Mr. Chidambaram said die fiscal de- 
ficit as a share of gross domestic product 
— considered a barometer of the econ- 
omy’s overall health — ■ would (frop to 5 
percent in the fiscal year ending March 
31. That would be a steeper-than -ex- 
pected drop from tbe 5.8 percent deficit 
in the preceding fiscal year. Analysts 
had expected the fiscal deficit to fall to 
between 5.1 percent and 5.4 percent of 
GDP. 

Mr. Chidambaram said the 15-party 
center-left government which took of- 
fice last June aimed to cut the fiscal 
deficit to4.5 percent of GDP in tbe year 
beginning April 1 . 

Mr. Chidambaram’s sympathy for 
the business community, which had 
lamented a slowdown in industrial 
growth and sluggish share prices, drew a 
lukewarm response from left-wing 
parlies within Prime Minister H.D. De- 
ve Gowda's minority coalition. 

"There is not much to encourage 


agriculture in tilts budget,” said the 
farm minister of the Communist Party 
of India. Chaiurajian Mishra. 

That party’s leaders said Che cut in 
customs duties meant foreign firms 
might take over Indian companies. They 
also complained about a rise in postal 
rates. 

Tbe government stopped short of 
raising oil prices to cut state subsidies 
and proposed only a modest opening up 
of the state-run insurance industry, 
which has hundreds of thousands of 
workers. 

The government’s vows of fiscal dis- 
cipline prompted some skepticism. “In- 
flation will increase.” said Aral Bihari 
Vajpayee, leader of die Hindu nation- 
alist Bharatiya Janata Party. 




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Finance Minister P. Chidambaram 


Pretoria Seeks to Get Serious About Privatization 


H,' v 


By Donald G. McNeil Jr. 

AV w York Tones Service 

J OHANNESBURG — For men 
who defended tbe repression of 
blacks and secret wars in Africa by 

declaring that they were holding 
back communism, the former white 
rollers of this country created a sur- 
prisingly socialist state. A startling 50 
percent of South Africa’s fixed assets 
are in government hands. 

The state owns all or almost all of tbe 
telephone company, the electric com- 
pany. the national airline, the arms in- 
dustry, the railroads, buses, ports, hos- 
pitals and television stations. It drills for 
gas, Jogs forests, mines some diamonds 
and. grows a few mangoes. 

For three years now, the new leaders 
— the African National Congress — - 
have been saying that they will sell 
some of these industries to encourage 
efficiency, lower prices and a^t tor- 
eign investors. But little has been : soM, 
and analysts say one reason the South 
African rand fell 30 percent ast year 
was that investors thought South Africa 


was not serious about privatization. 

“They alwaysrefer to it as ‘restruc- 
turing of state assets’ — they don ’t even 
like to say the ‘p’ word,” said Dennis 
Dykes, chief economist for Nedbank, 
c me of the country’s largest banks. 

“But they don't seem to realize.” he 
said, “that state enterprises will be a lot 
less attractive in even a year’s time. 
Telkom, for example, has growing com- 
petition from cell phones and tbe Internet. 
It’s very much a changing market.” 

President Nelson Mandela’s govern- 
ment concedes that progress this year is 
crucial. It is now overcoming the 
• biggest obstacles to privatization, in- 
cluding opposition within tbe ANC and 
from some unions, as well as a host of 
practical difficulties. 

There is still a long way to go, but 
foreign investors are showing interest, 
said Sipho Shabalala, deputy director 
general of the Ministry of Public En- 
terprises. Weyerhaeuser Co., a U.S. 
forest-products company, has asked 
about the forestry company SafcoL And 
SBC Communications is 3 final bidder on 
a 30 percent stake in Telkom South Africa 


Ltd., the national phone company. 

Among investment banks. Mr. 
Shabalala said he had had visits from 
Goldman, Sachs & Co., Salomon Broth- 
ers Inc. and Credit Suisse First Boston, 
along with many more from British. 
German and Asian companies. In all, 
the privatizations could raise as much as 
S30 billion. 

The public images of these state- 
owned companies vary enormously. 

Telkom, which charges high rales for 
calls and can make customers wait six 
months for a phone, is seen as bloated 
and incompetent. But Larry Solomon, 
an SBC spokesman, said: “We’re in- 
terested in Telkom for the same reason 
we’re investing in other countries 
around the world. Tbe country has ex- 
cellent growth potential for telecom- 
munications. There's an opportunity to 
upgrade die network.” 

In contrast. Eskora, with a network of 
coal and hydroelectric plants, provides 
cheap power fairly efficiently . South Af- 
rican Airways flies safe, clean planes on 
schedule, a rarity in Africa, and has used 
Its market dominance to crush rivals. 


CURRENCY & INTEREST RATES 


Crass Rates 


». Aasterdon 
N Brands 
' Frankfort 
London 

Madrid 

HUta 

Rem Voit ft» 
Forts 
Tokyo 
TwMto 


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LfbkJ-Ubor Rates Feb. 28 

Swiss Franck 

DOUBT Mint fmc Sfefeg Franc Yen ECU 

1 -month SVW-SVu kfe-lto S3* -6 3*W-3Vn 

Smooth 2*V-3V» flk-6W CV0-4V* 

4-month 5*» - 5V» 2<V» - 3V* 3W3Vit 4Vn-4*fc 

1-yeur 5Wb-5Vi. 2**i-3V« ft- % 4 '/b-4V* 

Saunas: Reuters, Lloyds Book. 

Rates t&pBarthio Merton* deposits of SI mISat mUmijm (eruBoMenO. 


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Other Dollar Values 


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Austrian set 
Brma raid 
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CmLporatf 
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Gnekdtoc. 
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fndM-repee 

Irish t 

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Nerw. krone 
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Sort 
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Curacy 

S.Afr.iad 

S-Kar-ran 

S wed. iffww 

TotwmS 

TteiboU 

ToHoskOm 

UAEdrtm 

Venez-Wh. 


Key Money Rates 
United SWes Osh 

Dtscaaftrote 5M 

Prime rate ®A 

Fndnnri fends 5¥» 

90-doy CDs dealers *4 

iKMloy CP (fasten &34 

anfiBttTreaswYtifl 5 3 \ 

1- ywTnssKybB 543 

2- yetr Trasonr ME dJJS 

S^rera Treasury note 438 

MrearTraasnyBora 6M 

10-yncrTrmjsory na» 454 

a y e a r TrangffT bond 480 

Mnnfl Lynd) 3»4iy R4 488 


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waodlh iaftrbonk 
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400 57 k 

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(Tametok- MF tsDR) a****™ 


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Bloomberg and Reuters' 


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18-yeor Bond 


France 

MenenHenrirte 3,10 3.10 

CoO money Ttv 3V« 

1-aenVi foferhank 3*4 

3-noath kricrtsnlL 3Vn 

taoafh briertak 3U 

10-fecrCAT 439 5-58 

Sources: Hesters. Sleoatkera, MerriM 
Lynch, Bank of Totya- Mitsubishi. 
Goomritaifc. Oefi Lmmoa. 

Gold 

AM. PM Cb'ffs 

Zorich 34a 70 359J5 +340 

Inaden 34060 25440 —1M 

Ne« Yet* 361.10 365.10 +410 

US-dokars per ounce. London offldot 


tAprBJ 

SwraRwl Ef4 


Denel may make the world’s best 
cannon, but many of its deals, like 
selling arms to Rwanda and tank sights 
to Syria, get it into political trouble. 

The South African Broadcasting 
Coirp., which owns three of the four 
television channels,is hemorrhaging 
money and advertisers. 

But the idea of privatizing the air- 
waves makes the government nervous 
because it wants broadcasts in 1 1 lan- 
guages, heavy coverage of Parliament 
and the network chairmanship to remain 
a political appointment. 

How much of this shopping cart full 
of companies will go up for sale is still 
being debated. 

Sieve Friedman, director of the Cen- 
ter for Policy Studies, a liberal research 
group, discussed die government’s re- 
luctance to let go: “There ’s a strain of 
thinking in the ANC thar says, ‘Look at 
what happened when the Afrikaners 
took control of government in 1948. 
That lot was able to use its control of 
state enterprises to take poverty- 

See PRIVATE, Page 13 


Pakistan Suddenly Shifts 
To Friday as a Work Day 


By Kenneth 3. Cooper 

Washington Post Service 

NEW DELHI — Pakistan was open 
for business Friday, the first time in two 
decades that government offices and 
most private concerns in tbe Islamic 
nation have operated on a Friday. 

In one of his first acts in office. Prime 
Minister Mian Nawaz Sharif this week 
ordered a sudden shift to a Saturday- 
Sunday weekend to conform to Western 
practice and help Pakistan attract more 
foreign investment and trade. Since 
1977, most Pakistanis had not worked on 
Fridays in keeping with Islamic custom. 

Tbe decision by Mr. Sharif, a former 
steel industrialist, surprised business 
leaders who had been pushing for the 
change. Last year, the nation’s largest 
stock exchange, in Karachi, and textile 
exporters in FaisaJahad abandoned ex- 
periments with making Friday a work 
day, after opposition from religious 
parties and without support from the 
weakened government of Benazir 
Bhutto, then prime minister. 

Arif Habib, president of the Karachi 


Stock Exchange, said last month that the 
market had * ‘given up” on the idea. But 
a two-thirds majority in Parliament ap- 
pears to have emboldened Mr. Sharif, 
who made no move to alter the work 
week when be was prime minister from 
1990 to 1993. 

“This was a demand of the business 
community for a very long tune.” said 
Ilyas Bilour, president of me Federation 
of Pakistan Chambers of Commerce and 
Industiy. “We are quite happy.” 

Offices of federal and provincial gov- 
ernments. including state-owned banks, 
opened in tbe morning for half a day, as 
did tbe Karachi stock market. Mr. Bil- 
oursaid factories stayed open all day but 
gave workers time off in tbe afternoon 
to perform Islamic prayers in mosques. 

Pakistan’s largest religious party, 
Jamaat-j-Islami. launched street 
protests against the change Thursday 
and continued demonstrations around 
the nation on Friday. The party boy- 
cotted the Feb. 5 election ana therefore 
does not have elected representatives 
who could challenge Mr. Sharif’s de- 
cision in Parliament 


U.S. Growth Is Lower Than Expected 


C.snpitnlbtO^SafFntnOufatrkrx 

WASHINGTON — The U.S. econ- 
omy grew at a robust 3.9 percent annual 
rate in the final three months of 19% but 
doi nearly as strongly as the government 
had first estimated, while inflation re- 
mained low, according to government 
figures released Friday, 

The downward revision in economic 
growth, from the Commerce Depart- 
ment’s initial estimate of a seasonally 
adjusted 4.7 percent growth rate, ac- 
tually was a positive signal for growth in 
the first quarter of this year. 

The revision in the gross domestic 
product — the economy's total output 
of goods and services — was almost 
entirely due to a slower buildup in in- 
ventories of unsold goods. A slimmer 
backlog of surplus stocks means that 
any pickup in consumer demand is more 
likely to create production increases at 
the nation's factories. 

Farm inventories were also smaller 
than previously estimated, export . 
growth slowed and defease spending 
declined, the Commerce Department 
figures showed. 


A measure of inflation tied to GDP — 
prices paid by U-S. residents — rose at a 
moderate 2J5 percent annual rate in the 
OctobeT-December period, the same as 
first estimated. 

The GDP price deflator, a measure of 
price increases followed by Wall Street, 
grew at an unrevised 1.4 percent pace in 
tbe fourth quarter, the lowest reading 
since the first quarter of 1967, a gov- 
ernment spokesman said 

The slower growth in inventories is 
worrisome, however, because die foster, 
production increases it portends could 
lead to inflationary bottlenecks in the 
manufacturing pipeline, analysts said. 

“Relatively tight labor markets, 
lower inventories and strong consumer 
confidence could ignite inflation," said 
Bill Cheney, an economist with John 
Hancock Financial Services. “This re- 
port may be a harbinger.” 

The Dow Jones industrial average, 
which fell a total of more than 100 
points on Wednesday and Thursday, 
dropped another 50 points by midmom- 
ing Friday and finished the day at 
6,877.74. down 47.33. 


Separately, the National Association 
of Realtors said sales of existing, single- 
family homes edged up 2. 1 percent to a 
3.94 million annual rate in January. In 
1 996, 4.08 million homes were sold, die 
most since 1978. 

The revision in die fourth-quarter 
growth rate of 0.8 percentage points was 
about 0.2 percentage points larger than 
economists were expecting. It produced 
a change in the growth estimate for all of 
1 996. That is now pegged at 2.4 percent, 
instead of 2.5 percent. 

Last year’s growth marked an im- 
provement over tbe 2 percent registered 
in 1995 but was less than the robust 3.5 
percent advance in 1994. 

Many economists believe growth this 
year will continue in the same moderate 
range as 1996, but they nevertheless 
look for the Federal Reserve Board to 
nudge short-term interest rates higher 
sometime this spring. 

The Fed's chairman, Alan Green- 
span, warned Congress on Wednesday 
that the central bank may increase rates 
even before any measurable increase in 
See GDP, Page 10 








PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 1-2, 1997 


THE AMERICAS 


I investor’s America 

* ■■ : 



Hong Kong Firm 
Bids for Barney's 




. mmmssmMmeiz 




saawH* 


— mrt “i — — T ~'~“ 

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Cmq^bnOrS^FnmDtipatdta 

NEW YORK — Barney’s Inc., a luxury -goods retailer 
that filed for Qiapter 1 1 bankruptcy protection last year, 
said Friday it had not yet reviewed a takeover offer from 
Dickson Concepts (International) Ltd. of Hong Kong. 

The company said Dickson’s proposal was “to invest 
in the company as part of Barney's recapitalization’ ’ 
under a company-sponsored reorganization plan. 

Dickson, an upmarket retailer with operations in Asia 
and Europe, including Harvey Nichols Group PLC of 
Britain and ST Dupont SA of France, offered Barney’s 
owners $240 million in. cash and a minority stake in 
Barney’s non-U.S. store licensing income.- 

Barney’s said it had had “numerous discussions” with 
Dickson regarding a potential investment proposal 

It said it did not receive a formal takeover proposal 
until early Friday morning and had not had a chance to 
review it with its financial and legal advisers. 

Barney’s said it had anticipated the proposal as part of 
die Hong Kong company’s completion of a “due di- 
ligence” review of Barney’s books and records. 

The company added that it had been in talks with 
potential investors as part of its efforts to develop a 
reorganization plan that maximizes its value. 

Barney’s creditors hope Dickson’s offer will spur a 


bidding war from other potential suitors, including 
sibly Neiman Marcus Group Inc. and Saks Holdings Inc., 
the owner of Saks Fifth Avenue. 

“Dickson has been very successful in running busi- 


Very brief lys 

Hertz Files to Make Stock Offering 


nesses worldwide and they will put their management 
stamp on this company as well,” said Walter Loeb, a 


NEW YORK (AFX) — The Ford Motor Co. auto-rental 
unit Hertz Corp. said Friday that it had filed with the Securities 
and Exchange Co mmiss ion for an initial public offering of less 
than 20 percent of its stock. 

The offering will include newly issued Hertz shares. 

Ford, in a separate statement, said the offering was con- 
sistent with its January ann ouncement that it was considering 
a variety of strategic alternatives with regard to Hertz. 

“Investor interest in the rental car industry has increased 
dramatically,” Vice Chairman Ed Hagenlocker said. 

• Cigna Corp. is buying Healthsource Inc. for $1.7 billion in 
raah and assumed debt to creaie a health maintenance or- 
ganization and medical insurer with 123 million customers. 

• Hilton Hotels Corp. has said fed eral antitrust regulators are 
allowing its hostile offer for ITT Corp. to proceed, as the 
waiting period for regulators to examine the $ 10-5 billion bid 
expired Thursday. Hilton said about 710,000 nT shares had 
been tendered in the offer, out of 122.7 milli on outstanding. 


stamp on this company as well,’ said Walter Loeb, a 
retail consultant at Loeb Associates. Dickson’s offer 
might be an ‘ ‘opportunity for others to re-examine” their 
potential bids and “step up to the plate,” he said. 

Barney’s filed for protection nines' Chapter 11 of the 
federal bankruptcy law last in January 1996 amid a cash 
squeeze and a dispute with its Japanese partner, Isetan Co. 

Isetan says Barney's owes it between $200 million and 
$500 million in rent for stores that were built with its 
money. Barney’s cl aims the money from Isetan was an 
investment Barney’s also owes about $350 million to 
other creditors. (AP, Reuters, NYT) 


IRS Bans a Tax Dodge 


• Summit Bancorp is buying Collective Bancorp for $867 
million in stock, allowing S ummi t to expand in southern New 


milli on in stock, allowing S ummi t to expand in southern New 
Jersey. Summit said it expected to take a charge of $33 million 
in connection with the purchase. 


• Mitsubishi Estate Co. has bought the remaining 20 percent 
of Rockefeller Group Incu, which owns the Time & Life and 
McGraw-Hill buildings in Rockefeller Center. It bought the 
rest in 1989, also from Rockefeller family trusts. 

■ RJR Nabisco Holdings Corp. will buy back as much as 
$200 million of its shares in 1997 and increase its annual 
dividend by 11 percent, to $2.05 a share. 

• AT&T Corp.’s president, John Walter, has moved to assuage 
investors with a revamping that includes several hundred job 
cuts and makes management more accountable to him. 

• Morgan Stanley Group Inc**s chairman and president each 
earned more than $10 milli on last year, a Securities and 
Exchange Commission filin g disclosed. Bloomberg, ap. NYT 


had hoped to use to borrow money at extremely low cost. 

One Treasury Department official, who asked not to be 
identified, estimated that as much as $20 billion in such deals 
had been completed or were under way. 

The order affects a type of security known as “fast pay” or 
“step down” preferred stock. The deals rely on capturing for 
a corporate borrower the tax advantages enjoyed by real estate 
investment trusts, which are created for purposes of the 
transaction. 

Until last month. Wall Street had used the deals in only a 
limited way, largely out of fear that they exceeded what was 
permissible and would be prohibited. 

Detailed regulations are still to be written but they will take 
effect on Thursday. 


INTERNATIONAL FUTURES 


Feb. 28, 1997 


High Low dose digs OpM 


High Low Qoh Chga Oplnt 


High low dose dige Oplnt 


High 

Low 

Oose 

Chge 

Oplnt 


Grains 



CORN (CBOT) 





5X00 bu minimum- cants «r bushel 


Mo-97 29716 

29314 

29616 

*Vt 

4&52> 

Mcv97 295Vi 

39214 

29514 


51795 

Jui 97 ZMK 

291 

294 

+ W 

00783 

Sep 97 28416 

2SIM 

28316 

— % 

11536 

Dec 97 282 

Z7B 

281b 

*: 

60879 

Est. soles NA 


14J15 


Thu'idpenW 

383JBS 

UP 7386 


SOYBEAN MEAL (CBOTl 



IDO k>»- dollars dot ton 




Ha97 259 JO 

253X0 

259.40 

+3X0 

163(1 

May 97 254. B0 

349X0 

25470 

*3X0 

(6X49 

Jul 97 251 JO 

2(7X0 

251 JO 


28X65 

AUO 77 246X0 

34X80 

24640 

*1JD 

6.771 

Sep 97 237 JO 

234X0 

23670 

4020 

3X22 


ORANGE JUICE (NCTlfl 
i MOD Orx- cams per to. 

Mr 97 77.05 75X0 76X0 -4U5 1830 

May 77 aa.10 78X0 79.10 —ISO 11285 

J||I97 >150 8250 82.10 —US 4SE? 

SOP 97 86.su B4X0 8450 —1X0 1400 

ESI. softs NA Thu's, sales 1004 
Thu's open int 24737 of! 139 


10-YEA R HIE HCH GOV. BONDS (MATT FI 


FHO&OOO- phot 100 pet 
Mar 9713278 13142 132X2 +042134411 
Jun 97 13MB 131.14 131.18 +042 20963 
Sep 97 12948 12944 12950 +042 1,782 
DK 97 NX NX 9872 +042 0 

EsL volume 1 72.984 . Open W4 182758 up 
2.545. 


EURODOLLARS (CMBU 

11 mflMK+Mi at 1<B Pd. 


Oct 97 22240 21940 22040 —220 2558 
Est. sates NA Thu's, sates 42744 
Wsrewiht 110457 up 3222 


SOYBEAN OH- (C80T) 

KUDO fas- cents per lb 

Mr 97 24S 2196 2427 *073 1333 

May97 2447 2476 2445 +0.16 46423 

A497 2546 2475 2546 -115 21472 

AUB77 2520 2*95 2S.17 *0.14 3.925 

Sep 97 2526 25.10 Z5J6 *114 1781 

0097 2U8 25.15 2578 *115 1 762 

E*sdes NA Thu's, sdes 46471 
Thu'sopen int 92.117 ofl M798 


COLD 060470 
100 Innraz-- MitPV Irpy OL 
Mar 97 359 JD 399J0 35940 —1,10 

Apr 97 365.50 35940 34530 +459 

Jun 97 36100 361.90 365JD *270 

Auo 97 368L8S 36440 368X0 +240 

Od97 37110 36740 36190 *040 

Dec 97 37340 36940 37240 +140 

Feb 98 38740 

Apr 98 375.90 

Est ate NA Thu's, sales 108497 
Thu'SOPffl kit 171737 off 6575 


SOYBEANS (CBOTl 
MM bu minimum- cures aerbusnd 
Mf97 793 779'A 791 *77* 

May 77 79S 781 793 W -914 

M9J 7*3 781 792 +8 

Aug 97 783 ■+ 7741* 7B3V* -49i 

SOP 97 741 736 741 +2h 

Bt.sate NA Thu's, sates 99,933 
Thu's open int 180434 off 1192 


HI GRADE COPPER INCMX1 
25.000 B#.- cents iv to. 

Mar 97 11340 11140 11X75 -120 
Apr 97 11240 11180 11240 -115 
May 97 11135 10925 11190 -145 
Jun 97 109.10 10120 109.10 -145 
44 97 107 JO 106.10 10740 -145 
Aug 97 10595 10440 105.95 -140 
Sep 97 10440 10340 10160 -435 
00 97 10170 10150 10150 -135 
Now 97 10240 11040 102J0 -135 
Est. sales l Thu's, sete 17568 
Thu’sopen int 61231 aR 80 



Mar 77 

94X6 

94(2 

9442 

-0X1 374530 


Anr97 

9437 

9435 

9436 

-am 9X96 


MOV 77 

9430 

9427 

9428 

-0X2 10.729 

23 

Jun 97 

9423 

9418 

9420 

-002(06X90 

76X14 

See 97 


9197 

9400 

—002 307X88 


Dec 97 

93X2 

9176 

91X0 

234951 

KUQ6 

MtrW 

71/1 

73X5 

93X0 

-0X1 139X89 


Jim 98 

93X0 

9355 

9158 

147X18 


Sep 98 

9153 

9148 

9151 

111211 


D8C9B 

91(3 

9137 

93X1 

09.1 B2 

1X68 

Mar 99 

9342 

91V 

93X1 

*0X1 69583 


Am 99 

9136 

9131 

9135 

+0X2 69X70 


SBP94 

93JI 

9336 

9130 

+0X2 53X53 


Dec 99 


9111 

9122 

+002 46396 


Od97 7735 7735 7735 -4.10 

Dec 97 7730 77.10 7730 

MtrN 7840 7100 7BX0 -113 

Est. sales NA Thu's, ictes 5389 
Thu’sopen M 61465 Oft 1393 
6EATMGOR. (NMBU 
42400 eal. cents per gal 
Mr 97 S40 5445 55JJ0 -543 

Apr 97 54J5 5330 5195 -184 

May 97 5165 5340 5340 -154 

JUn97 SIB 5295 5150 -134 

Jut 97 5195 5128 SMS -109 

AUO 97 5445 5430 5445 +041 

S#P 97 5540 5545 5540 +111 

OCt 97 5110 55.75 5600 *146 

Now 97 5630 5640 5640 +106 


WHEAT ICBOT) 

M00 hi mMfnan- cents aer busnel 
Mr 97 37SV5 364 373 * 4% 

MOV 97 376Vj 368 37514 *1 

Jut 97 365 358 ft 364ft -1 

Sm97 367 342 365Vi -3 

Est. sate NA Thu's, sales 31,262 
Thu'sonenmt 71J58 oh 1291 


SB.VES (NCMXJ 

Sana tnrrn.-oam nor trovaz. 

Mr 97 S32JD 520X0 527 JD +130 5452 

Apr 97 52740 27 

MOV 97 53840 52540 S48S +4J0 59490 

JuI97 54100 53040 53940 +440 11,152 

Sep 97 5(5.00 539 JO 54540 *540 3375 

Dec 97 55040 54550 55040 +3J0 5430 

JWtOB 5(940 14 

Mar 90 557.00 55740 557.00 * 230 4.586 

Estsdes NA Thu's. sdes 46455 
Thu’s open int 92.995 oh ivio 


Livestock 



CATTLE (CMER) 




<0X00 lbs. - cents aer b. 




Apr 77 7035 69.45 

69X2 

-045 

42X67 

Jim 77 65X2 6535 

65JD 

-007 

20372 

Auo 97 64X0 6407 

6437 

-012 

19XQ 

Oct 97 6795 (7.60 

67X7 

-0.12 

I29ffl 

Dec 97 69X5 6957 

4940 

-030 

5.398 

Feb 98 71X2 70.(0 

7085 

-015 

2X56 

Est. sates NA Tltu’s. sales 

17365 


Thu's open ini 103X20 

Off 6(7 


FEEDS? CATTLE [CMER) 



50X00 lbs.- ants ear b. 




Mar »7 63.97 68J5 

68.95 

-0X2 

4327 

Apr 97 tPJS 69.15 

69.47 

‘0.© 

1907 

MOV 97 71.95 7092 

7132 

*035 

5.161 

Aug 97 7430 7190 

7415 

-035 

4X46 

Sep 97 74X5 7415 

74X5 

-022 

1X27 

0097 7150 75X0 

7532 

-037 

2067 

“.sales NA Thu’s soles 

1483 


Thu S open M 22X33 

110 82 



HOGS-Leon (CMBU 




40X00 Rib.- cams per B 




Apr 97 7(32 74.15 

74 47 

-0X7 

15.773 

JW197 B0 00 79.57 

79.90 

—0X5 

■ 0X13 

Jul 97 77.90 77 JD 

77 J7 


2X14 

Aua97 7460 7412 

74(0 


1201 

0097 670 46X5 

6730 


1X71 

Dec 97 &S3S ta.m 

(5 22 

-0.17 

786 

Est. sole* NA Thu's sates 

9.737 


Tim's open inf 31&30 

UP 334 


PORK BELLIES (CMER) 



40X00 lbs. - cents per B 




Mar 97 6230 79.55 

81.92 

-130 

1X56 

MOV 97 8410 81X0 

SL95 

-1.50 

4.219 

Jut 97 83X0 DUO 

8287 

-130 

1X65 

AUB 97 8000 77.W 

7935 

-1.15 

505 

Bi. sates NA Thu s sates 

3X46 


Ttei'seaenini uo 99 




PLATINUM (NMER) 

50 trow SB. - Mm per trow m. 

Apr 97 41540 3B9.08 39640 -130 11941 

Jut?? 40170 391 JO 397 JO -140 3421 

OG97 40240 3*6.00 39600 -190 1.994 

Join 40240 1,118 

Est. soles NA Thu's, sales 9,912 
Thu's open int 25J074 oft 100 


Oose Previous 

LONDON METALS (LME) 

Doftars per metric ton 
Alum team CHIgti Grate) 
spat 1622ft 1623ft 162+00 162640 
Fotwmd 1650.00 1651.00 5 165540 

1653.00 

Copper cathodes (High Grade) 

Spat 2428.00 2431X0 2458ft 2460'/. 
Farwird 237240 237440 239140 239240 
Lead 


Spot 72X00 72540 863ft 665ft 

Forward 6*540 69640 66740 66940 

Nickel 

Spat 798540 799040 B02040 803040 

Forward 807540 808040 811040 812040 

Tin 


Spat 575040 576040 576040 577000 

Forward 580540 581100 581040 582040 
Zlac (Special High Crate) 

Spat 120Sft 1206ft 1211ft 1212ft 
Forward 122540 122640 123240 123340 


High Law dose Chge OpM 


Est. sdes NA Thu's, sates 713,947 
Thu's OPwi int 2JB6.172 Oil 44(1 
BRITISH POUND (OVER) 

SUM pounds. S nor pours] 

Mar 97 14310 14170 14299 34.733 

Jui 97 14200 1J224 1XSEB 2470 

SepW 14188 1333 

Dec 97 14156 8 

Bt. sates NA Thu's, sdes 5415 

Thu'sopen int 3B4U off 315 
CANADIAN DOLLAR (CMBU 
I M40Q datiara. s ner Cdn. dr 
M<r9? .7330 7311 TUB 44099 

Jg* 7353 7362 14,950 

Sep 97 7415 7403 7414 3729 

Dec 97 7454 7«8 7454 787 

EAsdes NA Thu's, sdes 14448 
Thu'sopen fit 63433 id US 
GERMAN MARK (CMBU 
lzsaaa marks, inermorti 
Mw97 J949 JW J929 91,288 

jun 97 J984 3&SJ _SMl 9.178 

Sep 97 J99I 4991 J991 7.430 

Dec 97 4037 25 

Est. safes NA Thu’S, sdes 26.947 

Thu'sopen int 102,921 up 22859 
JAPANESE YEN (CMER) 
lUmBHan ven, iper in wen 
Mar 97 JBa «m 4340 75,250 

Jun 77 4450 4378 4(48 5443 

Sen 97 3548 4510 4538 670 

Easdw na Thu’s, sales 27351 
TtM'sanenirl 81428 ue 81527 
SWISS FRANC (CMBU 

■25400 francs. S Per franc 
Mct97 4812 4763 4788 50443 

JdiW 4868 4833 4855 19S7 

Sen 97 4910 4410 4910 1.778 

Est. sales NA Thu’s, sdes 14.570 
Thu’S open mt 51799 off B47 

MMN7N EUROMARK tUFFE) 

PMIjn Mon - ptiM 100 pd 
Ham 96.77 9675 9676 UnOl. lei. IBS 

2^2 »A79 UfldL 6.166 

5S-2 2*79 9679 undt 2406 

«-74 — 0 02 184,798 
" J0 9fiJ 0 (Inch. 167473 

DeOT 9640 9646 «LS6 -041 177379 

Mam 9447 94(0 9441 -041 129.166 

J*mW 94» 9672 9673 - 041118413 

Sep96 96.09 9643 9643 — 041 82405 

D4Cte 9545 KJ9 9579 -042 71JM 

MOW «42 95J7 9ii7 -0X2 49J9I 

JW199 95(1 9577 95JS —043 25677 

Sep99 9116 95.14 95.11 -043 22940 

Eitsdw 1S1W7. Picv.sdw: 219X00 
riew. open 1751783 up 22.939 

WJSSJH JJgWJHG XI FT El 
£500000 - ps at 100 pa 

£Lp 9370 9171 -042 101512 


Dec 97 5770 5670 57.10 +041 7,155 

Ed. sdes NA Thu’s sales 49J23 
Thu’sopen kti 117,517 ofl 810 
U6HTSWST CRUDE (NMBU 
1 400 EtoL- doOars aer bhL 
Apr 97 2086 2042 2043 -076 86473 

May 97 2040 2031 2042 -072 49311 

Jun 97 2040 20.14 W38 -0.14 42407 

Jul 97 23.15 2040 20.13 -0.11 Z37U 

Auo 97 2QJM 1940 2000 — 0.11 18483 

Sep 97 1945 1943 1945 -046 11317 

Oct 97 1946 1976 1945 -449 12.970 

Now 97 1942 1976 1942 -047 11.295 

Dec 97 1945 1970 1940 -045 26,959 

Jan 98 1943 1970 1978 -04S 14.173 

Feb 98 1943 1973 1943 8489 

Mv 98 1941 1940 1940 -043 2.283 

Apr 98 1943 3476 

Est. safes NA Thu'S, safes 69483 
Thu'sopen Int 396483 up 5494 
NATURAL GAS (NMER) 

ID400 mm Utu's, t per mm blu 

Asr 77 1465 1480 1 430 33.188 


May 97 1.910 1455 1480 
Jun 97 1.920 1 475 1.905 


Jul 97 1.9X 1410 

AUO 97 1.935 1.900 

Sep 97 1.945 1.910 


0097 1570 15(0 1565 


Mow 97 2H0 2480 

Dee 97 27S 2725 

Jan 98 2785 2255 


US T. BILLS (CMBU 

11 mi*on- p»i otlM W 

Mar 97 94.94 9(52 9492 —042 410 

Jun 97 9478 9475 9(77 -041 4364 

Sep 97 9459 9456 9456 -041 1411 

Dec 97 9448 847 

Est. sdes NA Thu's, sales 

Thu’s open int 

5YR. TREASURY 1C8QT) 

SlM4MBrtn-0K AMttaol ’00 pd 

Mar 97106-07 105-56 106-02 + 02 115433 

Jun 97 105-53 105*36 105-C *02 II42S2 

Sen 97 105-33 3 

Est. sales NA Ttu’LSdes 141.927 
Thu's open W 229.510 up 4813 


9X73 9170 9171 - 1L02 IKL512 

«54 2^4 9X44 -0.09 124459 

TO34 9372 9372 - 0.10 84861 

91X Mi* 9308 — 0.11 58.113 

H-1S 92.98 9258 -ail 39.741 

5® 9248 -0.13 37JH5 

»93 9242 9241 —0.12 21486 

9JM 9274 9274 -ail 19,130 

m2 E-Zf K 4 ? —OlII IftMS 

9274 9247 9341 -ail 7^95 

9167 9240 91SB —Oil? 7736 


Jun 98 2785 2755 2780 9,189 

Feb 98 2705 1110 1290 3422 

EiLSdes NA Thu’s. sdes 21441 
Thu'sopen ini 158.177 up 1667 
UNLEADB7GA50LME (NMER) 

4X000 pal, arts per m» 

Mar 97 6165 6175 6140 —147 10562 

Apr 97 6375 6240 6110 -062 3BJ43 

May 97 6370 6160 6190 -050 1741B 

Jun 97 6135 6100 4125 -a® 11158 

Jul 97 6170 M-W 4170 -X25 5J03 

Aug 97 59.50 5940 5940 -075 1672 

Est. sales NA Thu's, sales (a?53 
Thu'saoenint 91J54 up 2965 
GASOILdPE] 

U J. dotlats per matrtc tan - tats uf 1 00 tons 
CAC40CMATIF) 

FF200 per index i— ... 

Feb 97 2633.0 2606.0 26117—2170 9729 
Mar 97 2640 J 26144 262L0- 16J» 34.288 
Apr 97 2638.0 26214 2625.0-16.00 694 

Jun 97 25915 2580 J) 25917—1640 1674 
Sep 97 NT. N.T. 2603J— liOT 7.1)5 
Mar 98 NT. NT. 2641.5— 16.00 8JC9 
Sep 98 NT. N.T. 2620 JJ— 1640 1.210 
Est. vdume; 41^58. open kiL: 64741 up 

981. 

BRENT OIL (IPE) 

Ui. dtAirs per barrel - lots of 1JNO barrets 

Apr 97 1976 1080 18AS — 0J0 51906 

May 97 1*01 1BJ8 1062 —0.(8 49J)7® 

June 97 1847 1060 1064 -070 28,551 

July 97 18.76 I860 1858 -076 11915 

Aug 97 1871 1840 1855 -073 4809 

Sep 97 1846 1840 1853 -070 6.(23 

On 97 1863 1855 1851 — ai8 4012 

Nav97 1844 1842 1849 —0.15 3451 

Est sales: 5X000. OpenteL; 168748 up 
2403 


RN sdew 88994. Pm. ate.- aaim 
new. open Mj 52l3ll » 


Food 

COCOA tNCSE) 

10 rrwtrie ions- 1 inn 
Mar 97 1263 1*44 121 


1263 

1246 

1746 

1308 

1282 

1284 

1137 

1310 

11H 

11(7 

1343 

1344 

1394 

1374 

1374 


WC97 1394 137( 1374 _* 

gt-safes 6353 Thu’s sales 7418 

WWsaoenrfrt 9J,M1 up 1134 

COFFEE C INCSEl 
ir.SM >M - eoniswrii 
Mtr 97 191.00 182.00 19040 - 1 X) 

MOV?? 17740 17825 TTiS -STS 

!»*> '62.00 1MU -380 

Sep*7 158.50 I S3 SO J5815 -U) 

ESI.Mte 9.S48 Thu’s Si. 9.590 
Thusopen.ni 47^31 M . 


II YR. TREASURY (CBOTl 

SIQ0400 win- pis & 32nds of IQQ od 

Mar 97 10B- U 108-04 108-10 - 02 188573 

Jun 9 7 107-2S 107-15 107-22 + 03 135.976 

Sep 97 107-05 107-04 107-05 * 03 5.115 

Est. sdes NA Tlx/s. sales H 0.133 

Tta/s open int 322405 ofl 11375 

US TREASURY BONOS (CBOTl 

IB Ki-tioa-oao-pn A Unas al 100 Bell 

Mar 97111*03 110-19 110*30 - 06 30531 

Jun 97 110-20 110-03 110-15 - 07 772J72 

Sep 97 110-02 109-24 109-30 - 03 10.942 

dec 97 109-71 109-21 109-21 - 07 J-BQ 

Est. safes NA. Thu’s sates <07478 

Thu’sopen M 5(8193 afl 11252 


3-M OWTH PIBOR (MATiB 

FfSmtetoi-gtsoniQOpe, 

aSvt Sf 45 W*65 +801 47,961 

iuE EfSf 7 *- iS +W>* S2J66 

rE£ « 2^2 W4 1 +003 36,123 

K 52 9453 +-003 29,938 
'™ 9? 9847 9843 9844 +003 18060 
iS 1 1 JH' 96J1 *003 18207 

& « « « Sfrl? JS-1* + 004 H-888 

SSF. S S-2 S-5S ,SJa *0xn 9,968 
kS & 9S - 74 +0X14 12465 

oq ’5-5 95-S4 +00)3 8501 

WfH eg’i S'?? +’2-0* 4^40 

oec 99 95Jw 95LOB 95.11 - n m 

Est walume: 69479. Open ML- 250557 off 


Stock Indexes 

S&P COMP. INDEX (CMER) 

Mor X 97 a mJ0 789.70 79170 +120 179.184 

Jun 97 80540 797J0 B0 1.50 -140 72M1 

Sepf7 80740 007 JU B0740 -4L90 2233 
Dec 97 B16W 2.1B2 

Est. safes NA Thu’s, sales 81747 
Thu’sopen ini 205461 ofl W ■ 


Commodity Indexes 


Moody's 
Reuters 
DJ. Futures 
CRB 


SUGAR-WORLD II (NCSET) 

1 1 7 4)00 ib) . cent) nee o 

1 1 _50 1034 11 J2 
Mov 97 10.99 lost 1097 


GERMAN GOVERNMENT BUND fUFFEl 
□Mzsanw jits ol 100 Dd 

m« 97 laifi 10115 mie — 04* 21 us/ 

Jun97 103.16 10245 103J6 — 0J8 1M.7S1 
Sep97 N.T. NT 101 Jl — 0 48 
Esl SOKS. 3064*2 Ptew safes; 2B9.900 
Prew open inu 3344M up 7469 
LONG GILT (UFFE) 


3-MONTH EUROURA(UFFE) 


siS? SS5 & 01 -029 1 

9160 9126 9136 n n 

RJJJJ Sf? 93J0 -o5 

S4I 9345 9131 —036 

■Mhfle W3J* 714 9126 — 037 

jst sates: 115431. Ptew. sdes: 77463 
Fivw open Ini- 291JU5 atf 1450 


PTSE 1 B0 0J FFE1 

5j5^ to j£fio Tn 4jlAO 62052 -454 57.735 
JU097 43340 43340 43D4J -455 7441 

Sep97 NT N.T 4331.0 - 450 1187 
Est sdes 10512. Prfw.safes; 9277 
Ptew. open ML <7.263 up 93 


Jut?7 10 76 1049 11^ -0.02 


92” ,0 i!-_ lo “ »n -006 
gy*» SSJ Thu’S, safes 14.443 
Thu's open wn 141.654 off m 


LSOOOO - pis 6 37nds oM00 pci 

MOIJ7 113-15 11147 112-11 -870 110497 
J«97 II3 » HI M III 27 — 820 IS9793 

5fp97 N T NT. Ill ll — 828 
Est sdes 128722 Pra.iam. UW< 

Prev open im_ 270490 jd 1+775 


Industrials 

COTTON 1 INCTN) 

SO409 On - ceni> ou ■> 

MB'?! 7440 ,115 7187 —023 

MW” 5S 7561 -OJ74 

JUI97 77 00 7830 7640 -Al* 


Commodity Indexes 


Moody's 
Reuters 
DJ. Futures 
CRB 


Official Sees Early Selection for EMU 


By Tom Bueride 

Imemarional Herald Tribune 


With many German bankers and the po^ ^20.125 yen, down 

mrWsnrslr^ .rnttinn to limit the- fifSt TfaC dollaT_WaS » J™* 


BRUSSELS — Abandoning the of- euro, speculation has been zife that 
fidal position that the European Union leaders might commit to reviewing 
will not select the countries to launch a — - - — - 

single currency until the spring of 1998, FOREIGN EXCHANGE 

the prime minister of Luxembourg said 

the decision would effectively be marie candidacy of Italy and other southern 
this autumn. countries in 2000 or 2001 to soften fee 

“During our presidency we will sud- blow of their exclusion in 1999. 
denly be in a situation to know more or But Mr. Juncker urged EU leaders to 


Bundesbank arguing to limit the first Th« Thursday. It was at 

wave of countries so as to ensure a stable *gJS 2 c£maik*. up frtsm 1.6880 
euro, speculation has been nfe feat EU 1 -J 88 8 Detfsch ^ from 

leaders might commit to reviewing the DM; at L4756 b French Trancs. 

ISS^sSU Mandat 1,693 lire. 


up from 5.6040 franw, and at ljow^ 
m from 1.680 tire. The pound rose to 

$1 Thedo^ was hurt against fee yen by 
comments from U-S. Tre^uiy ^cretary 


i4unug our picsiuency we win suu- mow oi men exclusion in iw. -- -- — - . . f T s is nre- 

denly be in a situation to know more or But Mr. Juncker urged EU leaders to Lawrence Summers ma* jc+ues 

less who will be in a situation to par- avoid speculation about qualifiers, not- pared to confront japMi _ ir f ace jf 

tiripate and who will not,” said Jean- ing that France and Germany, the pre- and that trade frictions 
Claude Juncker, whose government will sumed core of any monetary union. Japan's su fP* us .? lir ^’ a cevere 

take over stewardship ofthe Union in fee “would have to make tremendous ef- The Italian lira tame , gtPT 

second half of the year. forts themselves to meet the criteria." selling pressure rinaay m 

Mr. Juncker indicated his preference -raj/. „ ^ „ denied, swart fee market feat fee Bunoes 

for ™ tTTt — +„ ■ Trade Concerns Roil the Dollar Kant about to announce a two-year 


second half of the year. 

Mr. Juncker indicated his preference 
for an open-ended EU commitment to 
admit additional countries to monetary 


The dollar was mixed against other 


union as and wbeu they meet the eco- major currencies Friday on concerns 


nomic criteria spelled out in the 
Maastricht Treaty on European Union. 


about trade and the timetable for Euro- 
pean monetary union. Bridge News re- 


Japan’s surplus surges. 

The Italian lira came under severe 

bank was about to announce a two-year 
delay of European nicmfirtary^^umon. 
Traders said comments by Prune Minister 
Romano Prodi feat Italy “cannot afford 
a delay lent credibility to the rumors. 


GDPs Z7.S. Growth Falls Short of Forecasts but Remains Robust 


Continued from Page 9 


inflation is evident. Growth in the fourth 
quarter was due mostly to an increase in 
consumer spending and the feet that 
exports grew more strongly than im- 
ports. 

Consumer spending, which accounts 
for roughly two thirds of fee nation's 
economic activity, rose at a 3.4 percent 
annual rate. 

In other areas, business investment in 
new plant and equipment grew ai a 5.5 
percent annual rate. However, many 


■ Rate Fears Weigh on Stocks 

Broad-market averages fell Friday, 
weighed down by fears the Federal Re- 
serve Board may soon raise interest rates 
to keep inflation in check, news agencies 
reported from New York. 


U^. STOCKS 


analysts believe that, wife corporate 
profits coming under pressure this year, 
these investments will slacken. 

Residential construction, a source of 
strength in the first half of 1996, edged 
Iowa at a 0.4 percent rate in the final 
quarter. (AP, Bloomberg) 


Declining issues outnumbered advan- 
cers by more than a 3-to-2 ratio on the 
New York Stock Exchange. The Stan- 
dard & Poor’s 5 00- stock index fell 425 
points to close at 790.82. 

The Nasdaq composite index, hard-hit 
ova the past two weeks by profit-taking 
in the high-flying technology sector, fell 
3.67 points to 1308.99, rebounding 
from the day’s low as several computer- 
industry bellwethers turned positive. 


In late trading Intel rose 2 33/64 to 
14214 as the most active Nasdaq issue, 
while Microsoft was up 114 at 97% and 
Dell Computer was up 1% at 72%. 

Bond prices steadied Friday as fee 
Commerce Department’s report of steady 
growth in fee U3. economy offset cot- 
cons that fee Fed might raise interest r| 
rates. The benchmark 30-year Treasury 
bond was unchan ged at 97 24/32, leaving 
theyield at 6.S0 percent. 

Hnancial shares lost ground for a third 
day on fears that rising interest rates will 
cut into profits. In late trading J.P. Mor- 


!. f i 

;1/\\ * t ' 


gan fell 2J4 to 104%, NationsBank was 
down 1% to 59%, First Bank System was 
down 2% to 78 Va and Mellon Bank was 
off 1 at 81. 

Philip Morris rose % to 136V4 after a 


U.S. judge dismissed a major health- 
related lawsuit. (AP, Bloomberg) 




AMEX 


New York Times Service 

WASHINGTON — The government has banned a cor- 
porate financing maneuver that had exploded in popularity in 
the last month, calling it a tax dodge mat threatened a major 
loss of revenue for the Treasury. 

The action Thursday by fee Internal Revenue Service halted 
billions of dollars of transactions feat dozens of companies 


ftfttay’s 4 P Jf. Close 

The top 300 mod ocftve shores 
uptolhe dosing on Wall Street 
The Associated Press. 


Htat UN Lstmt dig* | Start 


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U. S. STOCK MARKET DIARY 


Indexes 


Most Actives 


2ft +S 

IS* *lft 


in m +r 

19»1 » +ft 

35 H4 -1R 


Dow Jones 

Open High Lon Lost dig. 

India 6889 JS 692807 606812 6877J4 -47J3 

Inins 231023 233088 2311 J7 2317311 -185 

un 22603 raja 22196 227.29 +o 3 l 

CMW 271077 273007 7116.17 2IT7J-T -VJT 


EGYPT 


Standard & Poors 

PmriaNS 

High Law Oose 
Industrials 94053 927X2 927.82 

Transp. 55941 552.03 552.03 

UlflDles 19656 19157 19557 

Rnancs 9455 92.94 92.94 

SPOT 80568 795X6 795X7 

SPTOO 78447 773.12 773.16 


10 m Xftl aw. 


NASDAQ 


LIBERALIZATION. DEREGULATION. PRIVATIZATION. 


Ctaomfe 

InajsMOft 

Trtreo. 

UtIBv 

Hnanc* 


Nasdaq 


417X0 41478 416.12 —1.77 
5046 51928 521X5 -2X1 
3CJ1 350 JB 361X9 +053 
£065 26002 27027 +129 
380X4 39L24 386X4 -128 


Our policies for this sta«e of our 
economic program aim at one 
fundamental goal - growth... 
one that is auxtainahle, one that 
reflects the true potential of this 
country. To this end our policies 
rely on three main dimensions 
of action: Increased investments, 
greater openness to the 
global economy, and 
increased productivity. 


. Comnosltt 
Industrials 
Banks 


1311X3 1297X1 130642 -4J4 
1097X0 T0B9XS 100431 -2X1 
142756 1422X9 I4Z3J7 -7.98 
149193 1400.18 14SBJ1 —431 
I7SL54 174478 174478 -1165 
MLSB 843X3 847X9 +8X4 


vdl High 
35ft 

« 144H 
3ft 

144413 17ft 

93181 60ft 
94767 51ft 
94088 71ft 


B625J 

75047 - 

62124 lift 
5«408 32ft 
57074 104ft 


Liw Las) 
33 33ft. 
137 141ft 

5214 52ft 
«5*ft 97ft 
5SVi SSWh 
46ft 50ft 
55ft 71ft 
11«9ft 119* 
26ft 26ft 
m !3ft 
TO I Oft 
ZTft 29»r 
96ftl01ftu 


*&I7 593.17 594.01 — 1.14 

Dow Jones Bond 


Pmtous Todor 

Oose Noon 

20 Bands 103.17 103X9 

10 unities ioox6 100.04 

10 Industrials 106X8 106.14 


ml High 
24287 779* 
16390 

11533 3SR 
8178 16ft 

S3 Ss 

6637 8ft 
3831 Sift 


Lon Lost dig. 
79”. 79ft: .ift, 
SA» 5ft -lit 
5 5ft +[fc 

4ft 4ft +v. 
349*351. +ft 
15ft 16ft -ft 
Tit 7li +ft 
14ft lift 
01. 8ft 
48R 51ft *3ft 


Trading Activity 
NYSE 


Nasdaq 


- President Mumamad Husnt MiviRAk 


Achanaed 

Declined 


iNll CIIBAL ADOBESS ME>A OWFEHENCF. 
November 12, 19% 


Total Issues 
NowKSahs 
New Laws 
AMEX 


147 238 

276 311 

1U 171 
588 727 

10 16 

3 7 


Not AwdnUe al Ribs Time 


Market Sales 


WONDER OF THE PAST, 

YOUR INVESTMENT FOR THE FUTURE 


Advanced 
D*cl ova 
Unchanged 
TtM issues 
New hi Bfn 
New Laws 


1309 173] 
7167 vn 
2267 tH7 
5743 5742 

49 in 
63 105 


NYSE 

Amex 

Nasdaq 

MiwMva. 


Today Prev. ■ 

4c0o cons. ■ 

513.11 464.68! 

22/*4 25.18 

653.71 673X0' 


hr# and libnadiw Dtpanarfll, HkMn >T Funip AAmy. 

Comirhe H-Nfl StrerL JUtpa*. Cara. Tell 2IM-574-7834 Fu 30.U7-1-T34S. 


Dividends 

Company Per Ant Rec Pay 

IRREGULAR 

Teen Phannaceufl tn. X899 3-1 1 3-26 


Company 


Per Amt Rec Pay 


Seta Hip Lou 


27ft 27 
30ft JOft 
M 7** 


17 16ft 
33 Bft 
23ft 22ft 
ft ft 
U 15ft 
17ft 16ft 
Ift 111 
1ft Jft 
17ft 16ft 
4ft 4ft 
13ft 11 
7ft 7 

soft n 
15ft rjft 
5ft 4ft 
lift left 
Ift 8ft 
ift Ift 
6ft 6ft 
6ft 6h 
7ft m 
lift HR 
HI M 

lift lift 
6ft 4 
7<ft 7ft 
12 lift 


lift hr 
17ft 17ft 
!U 2ft 
6ft 6ft 
3D» a 


stock split 

Advontest Carp 1.) tor Ispllt; 
PanCdn Peira 2 tor ispffl. 


REVERSE STOCK SPLIT 


lift IBM 
6ft W 
MW 9ft 
48ft 4JR 


TekrcMps Corp l 
tar 15rewi30 split. 


29ft 30R 
39ft 39ft 
Jft 3ft 
Tfti 7R 


INCREASED 

Pled NaturGas Q jqs 3.35 4.15 

Trt-CoumyBncp c .15 3-4 3-31 

f,’ 0*?B* ,J 1 ™!. s ® , l*«™iual to quarterly.: 
United Bkslirs W O X3 3-14 4-1 


REDUCED 

PttlSWVRR. Q .13 3.14 3_ M 


CommonSense Mu 
Cracker Bareu 
Eastern Enterpr 
Engle Homes 
Eiecuttve Risk 
FFW Carp 
Fsl Amer Fktd 
Fst Fed Find 
Gabeffi Eg 
Hancock Pal PfDv 
Harris Carp 
JON Realty 
Jones Intercabie 
Laclede Gas 
Poncdn Petrol g 
Phann & Upjohn 
Public Storage 

PubSfrg Prop XVL 

PubStrgXVH, 
PubSfrg XVI1L 

PubStigXI. 
PubStrg XIX 


111* I3W 
lift 12R 
ift ift 


» »w 

44 ft <m 

2J5 22 

4ft 4 
Ift 1ft 


ASR Invest 
Aetna Inc 
BEA Income Fd 
BEA Strategic in 
Cardtaal Health 
Centex Carp 
CHI Save Rn 


Q XO 3-17 3^1 
Q JO 4-25 5-15 
M X6 3-7 3-17 
M X675 3-7 3-17 

O .025 4.1 4-15 

Q X5 3-13 4-10 
Q .10 3-17 3-31 


PubStra XX 
Royal Carte 


Sandy Spring 
UrUanbancal Carp 


o-nwraak b+tapnadmate onouat per 
share/ADR; g-pnyo M e la Canadian hrnds; 
■-raonttity; g-gaarterty? s^enl+mnuai 


Stock Tables Explained 


Sft 5ft 
21»* 21ft 
2W JVm 
31ft Wl 
It 10" 
Ift 1 
9 9W 
J7W J7R 
Wft lift 
TNft 7W 
9R 9W 


2R 7R 
25ft 34h 
77ft 7IW 
M »■ 
ev. 7>» 
■ft n 
(«• ift 


rwirntt.!^ Sift h| s hs kw* reflect the previous 52 weeks plus die 

Itay - Where 0 spwor Slock dMdend amoumEw to25 
t ^ cn P ?* 1, H *7 oor » high-low range and dividend are shown tor the new 
5 tacks on ly. U n less alttetyrtse noted, rates of dividends are annual disbursement* Imuk 


7ft 6+ft 
rv. 9ft 
1U Ift 
n ft 
in* 15ft 
7ft W1 
mi 11. 


3 :<» 

1311 IW 
Si Wi 
lift 15ft 
9ft Oft 
9ft N* 

& r 


3U 7ft 
Ift lit 
IIS lift 


67ft 62S 

M «» 

f IN 

M 7ft 


lift 37ft 73ft 

337 22 39ft 

4541 1ft 

N lift 10ft 

■ iri las 


(Me mh, ^ihTuef >rocirs hl9h-low range and dhrt Send are shown tor the new 
"WUKL rateK ofdlwMetMlsi an ann«i«X tflslyurufnenM 

"!S ? tlra l? >-j- o.nra«l rare ot dividend plus slock dividend, c - liquidating 
■ aMe± »«»1» tow.dd-^ kiss mite last 12 maSti 

° f pnl<< •n Preceding 12 months, f - annual rale. Increased on last ~ 

H Cn ™ dlan hrnds - suh(ea to 15% non+esldence tax. i - divided . 
dividend.^ | - dividend paid iNs year, omllted. deferred, or no 

* ■ ****« dectared “ poW « V 

n-nw Issue tanL « drtndcnds In onecra. m - annual rate, reduced an last declaration. \ 

***** ^ start ot t^: ' 

a-idosed-iwj on,10O 1 rme unknown. P/E - Dnce-eamfnas ratio. 

dMdwMi «■ l I?.’.5^jy?? eil< ! acctt| 7 g dofpold in preceding 12 man His, plus stock s 

a -new wwtehigh. J 2 ¥alue 00 w ex-distnbuiion date. •’ 

tay-wkhoutyyananKg-^S^'^^ ” / 




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— 

INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAY, MARCH 1 - 2, 1997 


PAGEU 

Italy’s Growth Stalls 

EUROPE 



l A m fa Y't /» TT 



VM. 


As France Reports 
18,100 More Jobless 


SuffFnm 

^ T ??^! alian economy ended 19% 

Z2ZZS-." «“■» w™w 



ou^rat braked growth, die nationd 
e Isu 


fourth quarter from the third quarter. 
An Istat spokesman said the de- 


statisrics office istat said Friday. 

Also on Friday, die French Labor 
Mirnsny sard the number ofun- 
employed had risen by 18,100 in 
1*™*? to just short of 3.1 million 
^^the rate of unemployment 
remamed stuck ar the record 12.7 
peramt it reached in November. 

Italy s gross domestic product 
pew just 0.8 percent in 1996, ac- 
cording to provisional figures after 
nsing 3 percent in 1995. The econ- 
omy contracted 0.1 percent in the 


BA Backs Building 
Of \ Superjumbos 9 


: vr v 

r\zji 


& 


i ir. v ; „ 
*a ' . , : 

vr. I 


:: : 'A 

.'-3; 


•A- :-- ! 


•d.! . . 


Agence France- Presie 

LONDON — British Airways 
PLC said Friday that the develop- 
ment of “superjumbo” jetliners 
was the best way of meeting the 
demands of the growing market for 
air travel. 

Aircraft capable of carrying more 
than 500 passengers “provide the 
best way to meet the growth in sev- 
eral markets, make efficient use of 
slots ai busy airports around the 
world and also address the intense 
economic pressure to reduce costs 
per seat,” the airline said. 

The comments follow a decision 
by Boeing Co., the world’s leading 
civil aviation manufacturer, to scrap 
plans to develop such aircraft, which 
have been dubbed “flying hotels.” 

The U.S. company said that a 
decision by the European consor- 
tium Airbus Industrie to press on 
with its own development plans 
amounted to “financial suicide." 

Boeing argued that over the next 
20 years, there would be demand for 
just 500 aircraft able to cany more 
than 500 passengers. 

But Bob Ayling, British Airways ’ 
chief executive, said that “there is 
no basis for assuming that larger 
aircraft, including 600-sealers, will 
hot be flying in significant num- 
bers” early in the next century. Air- 
bus has set a target date of 2003 for 
putting a supeijumbo in service. 


dine in growth in the final quarter 
had been caused largely by a drop in 
industrial output, which was only 
partially offset by a slight improve- 
ment in the service sector. 

The statistics office gave no fur- 
ther details but figures released last 
week showed industrial production 
in December had tumbled 3.1 per- 
cent from December 1995. 

Full GDP data for 1996 will be 
presented to Parliament by the end 
of March. 

In Paris, the French government 
said an improving economy had 
bolstered business confidence and 
would soon begin to produce jobs, 
but it shied away from predicting 
when die record 12.7 percent un- 
employment rate would foil. 

The January rise in joblessness 
followed a drop of 29.000 in 
December, but economists have dis- 
missed that decrease, as well as an- 
other in October, as statistical ab- 
errations, and have said that 
unemployment remained on the 
rise. Some say it could reach 13 
percent this year. 

But the government noted that a 
survey released later in the day of 
business leaders showed their con- 
fidence in growth at a 19-month 
high. Paris is counting on economic 
growth of at least 2.3 percent this 
year, up from 1 .3 percent in 1 996, to 
create jobs. (Reuters. Bloomberg ) 

■ German Churches in Debate 

German Roman Catholic and Prot- 
estant churches leaped into a healed 
debate over the country's stalled eco- 


Siemens and Daimler-Benz Signal Readiness to Exi t 


Bloomberg News 

LONDON — Siemens AG and 
Daimler-Benz AG signaled that 
the pace of consolidation in the 
European defense industry was 
quickening as they separately an- 
nounced plans on Friday to cut 
their links to the business. 

In Munich, Siemens said it was 
in talks to sell all or part of its 
military electronics business, 
which makes radar and commu- 
nications equipment. Daimler, 
based near Stuttgart, confirmed it 
was looking for a partner for its 
missile-making unit. 

For Europe's defense industry, 
struggling to cope with lower de- 
fense spending after the end of the 
Cold War, the moves cement a 
growing trend by smaller compa- 
nies either to increase their size or 
to get out of defense. 

“It’s happening everywhere," 
said Peter Roe, an analyst at Pari- 
bas Capita] Markets in London. 
“Defense is gening to be a big 
boy's game. It's a market where 
you have to have scale,” 

Siemens said that, although its 


defense electronics business is 
profitable, in the long term it is not 
big enough to compete in Europe ‘s 
defense market. The unit had a 
profit of 63 million Deutsche 
marks ($37.3 million) in its 1996 
financial year on sales of 1.8 bil- 
lion DM, making it less than 2 
percent of Siemens’ 94 billion DM 
m total sales. 

Big mergers in the United 
States, such as Lockheed Corp. 
with Martin Marietta Corp. in 
1995 and the planned union of 
Boeing Co. and McDonnell 
Douglas Corp., have underscored 
the importance of size in the in- 
dustry. Daimler and British 
Aerospace PLC both are pushing 
hard for European defense compa- 
nies to combine. 

Siemens, too. recognizes the 
trend. “Siemens is a small player. 
The market is shrinking. We tiave 
to think about bow this division is 
going to look in 10 years," a 
Siemens spokesman said, adding 
that it will either sell the unit or 
find a partner “for whom this area 
is a core business." 


For Siemens, the decision to 
leave the business could have been 
pushed along earlier this year 
when Britain canceled a £50 mil- 
lion CSS 1 .5 million) contract to buy 
an intfiUigence-gathermg system 


called Vixen and by delays in the 


British army's £2 billion Bowman 
battlefield data and radio system, 
now years behind schedule. 

Thomson-CSF of France and 
General Electric Co. of Britain are 
the two leading defense electronics 
makers in Europe, and Racal Elec- 
tronics PLC in Britain also com- 
petes with Siemens' defease unit, 
called Siemens-Plessey Systems. 

At Daimler-Benz's aerospace 
unit, executives said they were 
looking for a partner for the missile 
business. Daimler-Benz 

Aerospace is under pressure to 
consolidate after British Aerospace 
and Lagardere formed a venture 
last year to become the region’s 
biggest missile maker. There, too. 
Daimler's missile unit competes 
with GEC, Thomson-CSF and a 
number of other missile makers for 
a shrinking pool of work. 





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'uomsII-AA: "--lipe.- 



Source: Teiekurs 

Imeniaacaal Henld Tribune 

Very briefly; 


U.S. Demand Lifts Net for Porsche 


nornic reform with anoint wanting 


Friday on the evils of mass unem- 


ployment and excesses of capitalism, 
Reuters report 


reported from Bonn. 
Leaders of the German Catholic 
Bishops’ Conference and Protestant 
Churches in Germany said the 12.2 
percent unemployment rate was a 
catastrophe and urged the govern- 
ment to work with industry and 
labor to solve economic problems. 

Meanwhile, leaders of the gov- 
erning coalition and the opposition 
Social Democrats said there was 
roan for compromise on the top in- 
come-tax rate, the most controversial 
issue in the rewriting of tax laws. 


Bloomberg News 

FRANKFURT — Porsche AG 
said Friday its first-half net profit 
almost quadrupled as strong demand 
for its sports cars, particularly the 
91 1 model sold in foe United States, 
lifted unit sales 32.7 percent. 

Earnings rose to 38.4 million 
Deutsche marks ($22.7 million) in 
the six months ended Jan. 31. from 
10.3 million DM in the comparable 
period a year earlier. 

Porsche is foe first German car- 


maker to report earnings in a year 
when new products, streamlined 
plants and a weaker Deutsche mark 
are expected to spur strong profit 
growth. 

Most first-half growth came from 
the United States, its biggest market, 
where unit sales rose 56.7 percent, 
to 6,558 cars. German sales rose 
21.5 percent. Exports excluding the 
United States rose 13.2 percent. 

The company said foe dollar, 
which has strengthened almost 15 


percent against foe mark since last 
August, has helped to lift earnings. 

Porsche shares closed Friday at 
1 ,900 DM, down 25 DM. The stock 
has risen more than 40 percent since 
the announcement of preliminary 
first-half earnings in January. 

Porsche repeated earlier forecasts 
that 1997 sales would rise to more 
than 30,000 cars from 20.000 the 
year before, lifting revenue to about 
3-5 billion DM, compared with 2.8 
billion DM in 1996. 


• Postabank, Hungary's third largest bank, was hit by a run 
Friday as thousands of depositors rushed to withdraw their 
savings, but government and bank officials said there was no 
justification for foe panic, which was sparked by rumors that 
Postabank had been hit by big losses. 

• Dresdner Bank said that a group of international h anks it is 
leading had granted foe Russian gas giant RAO Gazprom an 
eight-year loan worth $2.5 billion. The loan, which was not 
guaranteed by any government institutions, was aimed at 
financing construction of foe Yamal -Europe gas pipeline. 

• The German government said it would allow foe Post 
Office to take a stake of up to 17.5 percent in Deutsche 
Postbank AG. clearing the way for privatization of foe postal 
authority’s banking arm later this year. 

• The European Commission is poised to demand major 
changes in the link between Anglo American Corp., foe 
South African mining giant, and Lonrho PLC. foe British 
conglomerate, partly due to concerns about foe role of foe 


Oppenheimers, a powerful South African family. European 
Union sources j 


said. 


LVMH Sees 6% Gain in Operating Profit 


* Bloomberg News 

PARIS — LVMH Moet Hen- 
nessv Louis Vuitton SA said Friday 
it expected operating profit for 1996 
to be 6 percent greater than the 4.05 
billion French francs ($710.4 mil- 
lion) it posted in 1995. It also con- 
firmed it would ' ‘shortly’ ' complete 


its purchase of DFS Group Ltd., foe 
No. 1 retailer of duty-free products. 

LVMH. a major producer of lux- 
ury products, said DFS would have 
added to the operating profit if it had 
been included in the 1996 results. 

LVMH shares closed in Paris 
down 69 francs, at 1,332. Traders 


said investors were concerned about 
weak DFS earnings. LVMH, when 
it announced 1996 sales on Jan. 30, 
said foe DFS purchase would have a 


• General Motors Corp., the U.S. automaker, named Hans 
Wilhelm Gaeb chairman of the supervisory board of its 
Germany subsidiary, Adam Opel AG. Mr. Gaeb, 60, who has 
been on foe board since 1989, takes over July 1 from Ferdin- 
and Schwenger. 70. Mr. Gaeb will also take up the new 
position of vice president of General Motors Europe. 

• Telefonica SA. foe newly privatized Spanish telecom- 
munications group, said net profit rose 20.3 percent in 1 996, to 
160.28 billion pesetas ($1.12 billion) as a result of larger 
business volume and cost cuts. 


negative effect on 1997 net profit. 

1996 ne 


A report that DFS’s 1996 net 
profit fell 15 percent contained “nu- 
merous inaccuracies,’ ’ LVMH said. 


• Neste Oy, the Finnish oil and gas group, reported a pretax 
profit of 745 million markkas ($148.2 million) for 1996, down 


from 1 .36 billion markkas foe previous year. The government 
holds a majority share in the company. Reuters, afp. ap 


M a K i i ;•!*?} 


WORLD STOCK MARKETS 


Higb Low Close Pik 


Higb Low dote Pm. 


High Low CktM Pm. 


High Low Qooa Pm. 




— Friday, Fob. 28 

Prices Jn local cunendes. 
Tetekurs 

High Low da aa 


mg* Low. dose- An 


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AEX Wes 7X7*6 
Pirrimn: 747.15 


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Dataller Benz 12260 

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Frewdus 348 

FreaenteMed 16050 

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41150 434 

66650 672 

35.99 3464 
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56 5550 SS.7S 56 
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183 182 1 8250 1B3 

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257 Z90 2.92 

864 760 766 764 

373 117 370 372 

460 468 4.71 ABO 

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1855 1765 1863 1839 


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PiMRC 262968 


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980 

980 

980 

984 

Ro^BkCdo 

Sit 

5480 

5585 

5565 


Accor 

AGF 

Wruoutoe 
Alcatel AMt 
Abs-UAP 


795 777 784 793 

J1TJD 19970 20070 206.90 

9» P» 895 09B 

591 582 585 571 


Bancolre 

718 

688 

691 

719 

BIC 

929 

9IU 

924 

V2U 

BNP 

258J0 

257 25880 

250 

Canal Ptas 

1060 

1061 

106B 

iSJ 


3556 

3493 

3411 

Casino 

262 

243 

260 

242 

CCF 

270 265.10 

267 26680 

Cetetere 

715 

698 

706 

715 

ChrtsrianDlor 

844 

827 

828 

861 

CLF-OataPron 

569 

547 

569 

561 

CredtlAgriajte 

1266 

1266 

1266 

1266 


885 

B&3 

064 

884 

EH-ArraOnlne 

561 

544 

544 

546 

ErfdantaBS 

928 

91/ 

921 

921 


Electrolux B 

Ericsson 8 

Hemes B 

incantMA 

investor B 

M0D0B 

NonSbortwd 

PUanoNpiohn 

5cmdvfkB 

Scania 9 

SCAB 

S-E Banlcen A 
StandkiFora 
sxcmkaB 
SKFB 

SportxsnkanA 
SUdshiRKMA 
Stara A 
SvHomBesA 
VohroB 


470 462 469 46450 

242 23870 23870 24170 


1085 

1050 

1066 

1055 

527 

522 

523 

524 

337 

332 

332 33780 

24080 

234 

238 

238 

275 

2 » 

272 

271 

280 

277 27780 27980 


18570 18370 18370 18570 
18570 18370 184 18570 

168 
80 


168 

16680 16650 

80 

79 

79 

234 

225 

228 

335 

330 

331 

182 

T7B 

179 

14880 

146 

148 

190 

190 

190 

10380 

102 10X50 

21X80 

209 

210 

TM 

18680 

100 


336 


190 


212 

18770 


Eumfsnev 

Eurotunnel 


Gen. Eaun 
Hotos 

Imetei 

Lofwge 

Lramd 

L*eoJ 

LVMH 


LywiEota 
MWWl 


/iMwCriB 
PartbasA 
PemodRIcont 
Peugeot CB 
PJnoull-Prtrtt 
Promodes 
Renault 
Rexel 

Rh-P«wiencA 

Sanoti 

SOuielder 

SEB 

5GS Thomson 
Ste Generate 
Sodexho 
StGoboin 
Suez 

SvTOMaba 

■pwmsanCSF 

ToWB 

Usjnor 

vateo 


10*5 

7.15 

10-25 

695 

10*5 

7JS 

1620 

705 

Sydney 

802 

/tffl 

793 

799 


452 447 JO 

*50 

440 

Amcar 

824 

814 


024 

A NZBkinB 

36X00 

345«U 

361 JO 


1020 

998 

1000 

1013 

BoraJ 

1973 

1931 

19J1 

197B 

Bramble* Ind. 

7375 

1327 

1333 

1402 

CBA 

588 

474 

582 

584 

CC Amcrtg 

360 

353 

3S6JD 

3S1 

Coles Myer 

40080 38610 

38/ 

397*0 

Csmka 

645 

310 

311 

31*20 

CRA 

610 

630 

ssr 

CSR 

2470 

2411 

2411 

2470 

Fasten Bre* 

1700 

1605 

1605 

1606 

Goodman Hd 

150 13880 14690 

130 

iQAusbafa 


ABOn8oaries3449J8 
Pravtoos: 246470 


872 160 868 848 

809 7.95 804 809 

1770 1491 1775 1770 
156 147 170 372 

21.94 2162 2170 2170 
1372 1274 1262 1102 
1278 1165 1160 1278 
577 560 567 5J5 

667 673 664 6.90 

1975 1972 1979 1973 

461 451 475 478 MltsoJ FadOM 

273 265 269 273 


The Trib Index 


Prices as of 3M> PM New York time. 


Jan. 7. 7992 = 100. 

Level 

Change 

^change 

year to dole 
% change 
+14.B8 

World Index 

151.46 

-1.63 

-1.08 

Regional tadtexoi 

Asm/Pacffic 

113.38 

-2.05 

-1.78 

-15.57 

Europe 

158.37 

-1.47 

-0.92 

+13.79 

N. America 

178.33 

-1.88 

-0.94 

+37.48 

51 America 

137.53 

-0-36 

-058 

+54.46 

tnduMiial tmtocaa 
Capital goods 

174.15 

-ill 

-1-20 

+31.06 

Consumer goods 

171.83 

■1.76 

-1.02 

+24.31 

Energy 

173^5 

-1.32 

-0.76 

+27.75 

Finance 

113SO 

-1.85 

-1.60 

-10.46 

Mscedaneous 

15a68 

-1.43 

-0.89 

+16.84 

Raw Materials 

183.70 

-0.47 

-056 

+2955 

Service 

141.48 

-1.25 

-0.88 

+17.88 

Utmes 

133.03 

-0.97 

-0.72 

+4.63 


The mtarttaOcnal Herald Trtouta World Stock Index C tracks the U.S. dotar values of 
280 IntgmationeDy Irve&able stocks Imm 2S countries. For mom tntormebon. a free 
booktm hevaMatAB by writing to The TtibtndeKlOl Avenue Chariea do Gaule. 

92521 NouBy Cedex. Francs. CampOed by Bktamberg News. 


1769 174S 1769 1748 
201 19770 200 201 

564 547 544 555 

309 30810 30810 30970 
1081 1066 1070 1090 

380 36970 37450 38770 
679 654 660 675 

3170 3060 3170 3060 

845 833 840 837 

279 27470 27860 27570 
630 t06 618 615 

18370 18850 18070 18850 
464.40 45270 455.10 4»,90 
89 87 88 8770 

38670 37770 384 38170 


Lead Lease 


MIM Hdgs 
iroEUnk 


Nat Aua 
Nat Mutual Hdg 
Neva Carp 
Podflc Dunlop 
Pioneer Inti 
Pub Broodast 
St George Bonk 
WMC 


NEC 
Naan 
NfUraSoc 
Nintendo 
Ntao 
Nlopcn 


. Per 

Woohvortts 


Sao Paulo a«o« y Mara owmc Taipei 


Mitsui Trust 
176 172 176 175 MuraloMfg 

1270 12 12737 1270 ‘ — 

2375 2371 2376 2375 

162 178 179 179 

1676 1615 1672 1671 

1.94 ITS 1.91 1.95 

676 672 676 6.98 

112 107 210 3-08 Nippon Steel 

194 342 343 388 Nissan Motor 

U5 474 6.45 6-50 NIOC 

7T0 779 7.70 777 Nomura Sec 

871 BJO 812 815 NTT 

777 775 770 776 HTTOTOa 

890 864 871 888 Op Paper 

262 375 3T9 3-57 OsakoGas 

RJcori 
Rahn 
SakuraBk 


AAettunex 

Moore 


Newbridge Nel 
Noranda Inc 


323 

730 

240 


318 

712 

253 


326 PetroCdo 
730 PlocerDonie 
262 PocoPettm 


BrodesoaPW 
Brotnno Pfd 
CtanJq Ptd 

cesppw 
cepei 
EWrobros 
rtoodanco Pfd 
UgtaSenfdas 


PetrobrasPM 

PtralSaLuz 

Sid Na banal 

Sauza Cruz 

TeietumPId 

Tatemta 

Tetart 

TetespPfd 

Unlbanco 

UaknlnasPfd 

CVRD PM 


880 840 

71800704.990 
44J0 4100 
5870 58710 
1865 1490 
4S8.no 44900 

rm m ■rjnnn 
xmryi OAiy) 

319.99 309.99 
21170 20771 
146.58 145.10 
3860 3770 
855 255 

10270 10840 
15400 150J0 
15400 75270 
*9170 26570 
4200 41 69 
173 170 

2770 27-40 


870 

70570 

4200 

5870 

1470 

nr 

54800 


71800 

20750 

145.10 

38490 

855 

10210 

15670 

1S370 

29802 

41-49 

172 

3750 


8T0 

71070 

4X40 

5870 

1570 

45370 

55670 

42979 

31570 

21270 

14870 

37.10 

B5D 

10150 

1SI71 

15570 

29470 

<270 

U3 

2800 


Calhoy Ufe Ins 180 

Chang Bk 179 

OitaaTungSk 92 

ChOifl Devetpna 10950 

CWna steel 

Flat Bank 


Stock Motet betas: 787572 Sankjro 

niWMI IIITUfT Snrwa Bank 

S 179 177 

172 178 172 SeflJURWy 

89 9050 89 SekteuiOtern 

106 10750 10750 SeUsui House 

3620 2580 2610 2W0 SevervEleven 

184 177 182 177 Stwro 


ShBtoku 

Shkntai 


ElPwr 


Formosa Plastic 7S 73 74 73 

HuaNanBK 147 14250 146 14250 _ 

Inti Oram BK 8550 84 85 84 5NlVCt5UOl 

Nan fa Pteta 67 66 66 66 ShbeWo 

SWn KangUta 11X50 HO 111 11850 sWzoateBk 

TataranSend 64 62 6250 62 Softbank 

Totals 54 5X50 54 5350 Sony 

UWMtaoEtec 45.90 4X80 4670 44.10 sumtano 

Uld WOfld CWn 71 69 70 69 Sum homo Bk 

SurnftQwn 

- 5un*omoEloc 

SumRMatal 
SumO Trust 
TabhaPtam 


Higb Law dose Pm. 

1330 1300 1310 1330 

775 729 746 778 

4170 4170 4170 4220 

1410 1380 14 OO 1410 Noranda Inc 

1800 1770 1770 IBM NDtchiEWW 

728 699 700 730 Nltiem TeteCOm 

8500 8300 8500 8500 NOW 

793 776 777 782 Onex 

521 SOS 509 526 Pancdn Petlm 

321 
712 

_ _ 259 _ 

1650 1590 1610 1660 PMOstlSOS* 

89S0a 8490a 8590a 0930a Renobwnce 

X130b309000Q 3100b 3130b PJoAJqam 

693 672 672 699 Rogers Conte! B 

297 293 297 297 Seoaram Co 

1440 1410 1420 1460 ShefCdaA 

8730 8640 8730 6610 SWneCWl50ta 

7OT 765 771 788 5uncor 

3390 3330 3360 3410 TrtfcmcnEny 

14« 1360 1390 1440 TedtB 

503 488 503 495 Tetestobe 

6000 6660 4800 4670 Talus 

5250 5150 5160 5040 TWnnson 

1250 1 230 1250 1260 ToiOom Bank 

1120 1100 1120 1130 TnmsWta 

7770 7150 7260 7200 TnwsCdoPIpe 

1540 1 510 1510 1520 Trtraart RiU 

2110 2070 2090 2070 TrfeecHahn 

742 728 720 738 TVXGald 

2350 2330 2330 2350 WesfcoaslEny 

1430 1 410 1410 1430 Weston 

1030 1020 1030 1040 

11300 10000 T0900 11200 

8850 8690 8710 8860 


Higb Law On* Pmc 
13-40 13V, 1X30 1140 

30-20 29T0 30-05 3X10 
4140 4115 4115 4120 

3X20 32-80 32-B5 3190 
29V> 29ta 2914 29 AS 
9814 97 9W4 WTO 

12.45 1214 1155 1145 

2465 24W 2465 24b 

S7 5S60 56 57 

20 19T0 19 JO 20 
2960 2130 29b 29.65 

1X^0 1190 13 13-45 

100 IM 105-80 108.35 
40-70 39 JO 39 JO 42.15 
3416 3410 3445 34W 

25 24b 24.70 25 

5420 5X60 53-80 5430 
56.95 55 56 5695 

2135 2115 2135 2120 
6140 40.05 61 U 6145 

44b 4430 4420 441* 

1X45 33ta 33b 3X35 
3960 39 JO 391* 39b 

2080 2065 2W 2180 
27T5 27T5 2714 27 JS 

.3814 38V, 38.45 3860 

1670 1635 1640 1660 
25-40 25J0 25-30 25.55 
O'* 40.95 42Vk 4135 
3105 3114 32 31.90 

1120 1165 1115 11.95 
2490 2465 2480 249S 
75 74 741* 75 


922 902 907 923 in 

154a isle 1520 1580 Vienna 


ATX tadoc 122X97 
Prevtcos 123S79 


Tokyo 


Seoul 

Doom 


ABnomaki 
AI Nippon Air 


67*53 

PreriOOE <69-41 


Hwn 

KlalV 


undo! Eng. 
iMotafs 
Korea El Par 
Kbtea Exfttt 
Korea Mob Tel 
L5 Sera Iasi 
Pohong Iron St 
Samsung Dtetar 
SomsunaEtec 
StdnhanBank 


110000 105000 109500 107000 
4500 4260 4400 4300 

19200 10700 1B900 19000 
15400 15100 15400 1SM0 
J5«0C J440O 74000 255CC 
5900 5330 5790 5510 

510000 480000 495000 492000 
27200 26300 36600 36300 
43900 42600 43000 43400 
45000 43000 44300 43300 
59000 56300 58000 57300 
10700 10500 10500 10500 


Asohll ..... 
AsMCbwn 
AsahJGtes 
Bk Tokyo NUN 
BkYOWftamo 
Britfpeslone 
Com 
□mbuElec 
OMOokeElK 
Dal Print 
DiM 

DaHdtiKong 
DcflwoBat* 
Datwa House 
DaKroSec 
DDI 
Dtatso 


NMM22S: 18557 JB 
Prevfaas: 1902166 

1140 1090 1090 1120 TotectoChem 

083 867 873 861 TDK 

3400 3180 3350 3200 TahofcoEIPwi 

892 077 884 900 TflkolBoflk 

662 652 6S3 663 TMdoMretw 

1080 1060 1070 1080 TOfroEI Pwr 

200 1970 1980 2)70 TekfO Electron 

57S 572 578 579 TokyoGas 

2210 3160 3160 2200 TrtryuCbrp. 

2560 2510 2520 2S50 Tamo 

2150 2130 21» 2130 TOppwiPlW 

2110 2000 2090 2070 TOrjrlnd 

2040 2010 2010 2040 T«Uba 

005 79S 79B 805 Tos^ti 

1380 1300 1320 1400 TdNT/Wt 

503 405 485 500 Toyota Motor 

1370 1340 1340 1380 YdmoncucW 

973 933 948 983 axiattUXlJXB 

7B50O 69500 7270a 7650a 

2380 2330 2320 2410 


1560 1510 1520 1580 

472 460 460 480 

1690 1660 1670 1690 BoeAtor-Uddeh 

290 286 288 2B7 CredBans! Pfd 

1060 985 985 1 0*0 EMmtal 

I7M 2720 27W 2770 EVN 

2% SfiS tS Fl-^Wte 

8200 8070 aoao 8110 omv 

^ ^ ^ SKS Oe^EWa* 

992 960 976 1010 VAStchl 

1160 1140 1150 1130 V A Tech „„ 

& %£ g %% VflenmteuBcu 2?i5 

310 306 307 309 

575 565 565 57B 

1260 1220 1220 1260 


023 810 820.50 82*95 

4 64 45X50 45480 464 

3370 3300 3324 3370 
1763 1742 1749 1761 

600 593 595 602 

ICO 1380 1400 1424 

864 853 863 8M 

47AM 462 471.05 476J0 
18141792.101792.10 1814 


^ ’SS ™ 'm WeHIngton 

W «8 S 8 ikVi7iwHR Pm^HTAl. 

2810 2780 28D0 2790 £***““* 

870 053 B62 865 . 

3170 3080 3090 3180 SS™. 1 ” 

awn 2520 owb 2550 

rtardi Qi Eny 
FtaMiChForel 


RinnnrVMV Sf llfeT lB GV tlBJO Obtsc 2380 2320 2320 2410 

Singapore soao? suoe sieoa 


Aste PncBrwr 
CerebosPoc 
aty Devtu 
CytieCantage 
Doin' Farn Ira ■ 
DBS fereton 
DBS Low 
For East Lering 
Fuser INwve 
HKLnta* 

Jcrt Mcrtriesn ■ 
Jard Strategic * 
Kepgel 
KepgelBank 


N.T. N.T. 
10J0 10.10 
1440 14.10 
1550 1490 
078 076 

1890 1870 
US 53S 
590 5J0 
1290 12J0 
290 184 

*06 6 


121 iHS 




7.16 7.12 

1043 1054 


9J8 9*5 


Oslo 


OBXtadee 58*07 
PrtetaacJ9U7 


OB Union BkF 
FtariaauyHdgs 
Sembawang 
S&mAtetareigr 
Sing Land 
Stag Press F 
Sing Tech Ind 


1.93 193 

9.19 9J3 


AkerA 


7J1 797 
7.02 7-80 


3J8 

MS 


7JS 727 
6-43 8.13 


436 441 

138 145 


6X7 691 

5.10 &16 


DenrmkeBlt 
Eftn 
HeMundA 
KWenwrAH 
Nook Hydra 
Hooke StogA 


2J9 

15.75 

5-30 

798 

&60 


531 

29* 


NycomedA 

DriUoA*. 


15-75 ie 
5J0 532 

790 7J0 

LB 474 


. jA*jA 
PWln GesSvc 
iFWtaA 


TronacemOCf 

StorebnuidAsa 


177 
U3 
2530 
30 
110 
50 
337 
340 
20790 
107 
542 
284 
11599 
134 
STUD 
<9 an 


168 172 

140 140 

UJQ 2SJ0 
2990 30 

108 108 
49 4990 
331 331 

335 33790 
206 207 

104 105 

535 540 

281 281 
113 1115D 
131-50 132 

37390 37390 
4X50 45.10 


17690 
144 
2480 
2990 
108 
4990 
33790 
33790 
206 
1 0790 
553 
791 
1X450 
132JO 
371 
44J0 


Sng Telecomm 
Straits! 


. jSteara 
Tat Lee Bank 
Utdlndustrhd 
UMDSaBkF 
WbtgTalHdgs 

1 1n US. doom 


XOM 

430 414 

1910 1870 
1U9 11.10 
& 5.90 

790 775 

1290 1290 
810 845 

27-90 27,41 
X86 XB0 
X34 330 
496 490 
156 150 
115 112 
1690 If" 
470 496 


N.T. 830 
10.10 1810 
1410 1430 
IS 1550 
878 078 

1890 1870 
595 595 

485 S- 9 ® 

1270 1290 
185 191 

645 645 

iSS tS 

430 426 
18.90 1870 
11.10 11.10 
6 6 
7 JO 775 
1260 1150 

41 xl 

130 ^ 

486 496 

UO J» 
lit IS 
1630 1690 
498 470 


EM 

FOTUC 
FBI Bank 
Photo 


HacbOunlBk 
Hitachi 
Honda Molar 
IBJ 
INI 
Itochu 
ItD-Yakado 
JAL 


2270 2250 2260 2270 Tomnto 

3640 37» 3750 3930 ,Dr ° nI ° 
1460 1400 1410 1500 

4130 4070 4040 4080 AbMHPrfCS 

1220 1190 1190 1210 AJbsta Energy 

1080 1050 1060 1050 AKanAJeM 


TSEIl 


Pivvtoas; *18796 


3J0 375 177 375 

19D 1-39 1 J9 1JB 

33? 826 127 3J6 

43S 430 AM u, 

376 370 l/T 376 

2.08 295 296 208 

Ftecnen Paper 2J0 2J5 IBs i» 

Lion Nrtfhtm XS7 155 356 394 

TelecODiNZ 6-53 695 699 695 

61«92 WHsan Horton 1191 tun 1190 1190 


2X55 2X20 22V. 2140 
B 2810 2870 289S 
49 4840 4845 4&90 


Stockholm “’“SEffiS! 

"B % Jg"S 

l?e 194 18450 ■ 196 


ACAB 
ABBA 
AMDoroan 
Astro A 
Ate Copco A 
AtMv 


jusco 
Kafrna 
(ConsoJEtec 
Kao 

Kawasaki Hv» 

Kara Steel 

KMlNtapfty 

KbtaBrawag 

KoM5ieel 

KamatsB 

Kubota 

MW- 

SB" 6 " 

Marubeni 

Mand 

Matsu Comm 

Matsu Ebe Ind 

Matsu Elec Wk 

Mteubbhl 

MteufatshlCh 

MlbubUIEI 

MBsubtaHEtt 


1080 1030 1060 1050 AKmAiain 49 4840 4895 48J0 7]|rireh 

1070 1030 1040 1070 AndenonEipl 1855 1810 1820 1840 £Ajncn 

3060 37M 3730 3750 BkManbeal 4890 4830 4870 4890 

52 5190 5195 52 ABBS 

3880 3795 3865 3&3S Adecco B 

6890 6820 6840 6890 AlusoNseR 

3035 30 SOU 3090 Aras-SermiB 

74 74 74 B2te AMR 

2835 2695 2810 2815 BoarHdgB 

3XB5 3X70 3X30 3X80 BakKseHdgR 

1890 T9 JO 1995 19J5 BKUrfon 

51J0 SOU 50J0 51 CJatettR 


SWtedcc 285796 
P1W0UE2B7O13 


1470 1430 1440 1500 Bk New SCDtta 

447 427 432 449 BofrfckGaJd 

607 593 3M 60S BCE 

5590 5470 XC5 54« BCTetecortan 

500 501 508 BlgCflero Pttorm 


510 


Japan Tobacco 3150a terra Slooo 8080a BcmbonterB 


16W 1670 1676 1714 
4f7 460 470 465 

}1» 1185 1179 
1520 1490 1520 1510 

860 853 860 M2 

ISI ISli 1414 

2920 2090 2900 2940 

845 836 836 8fl 

66-60 6516 4595 6880 CrdSuteeGpR 157J0 ia« IS® Ic/t? 

49 JO 49.10 4W* 4990 EJektrovroftS 531 528 in ^ 

33 3X20 32V, 3X30 En»OKmie 5825 57W 5K5 

VNt 2X95 2X95 23-40 ESECHda — — ” 

3*35 331* 3170 3440 HaiderteS. B 

3890 38 3890 38J0 UecfctesJLBB 

25 SAM J4J0 3*95 NesMR 

1290 1X35 1X35 1X35 NnarlSSR 

2840 2805 2830 2840 OeriftnButfiR 14X50 14150 

2120 2090 2090 JtlO DuPortCdaA 3XB5 3X30 3X90 33 PmgesoHtdB 1510 1500 15m i<» 

444 432 435 OB E door Group 23L3S 23 23,10 2145 PhannVbnB 749 727 '735 749 

485 468 472 486 EuroNevMHB 4*90 da 4*90 4490 RtatWRlontA 2070 30® 2070 9170 

1840 1730 1730 1880 Fairfax FW 29X15 291V, 292 29X15 PIreflPC W VS Iffi m 

3210 3130 3170 3170 Fataonbridge 31J5 314 31.90 32 RQdwHdgPC 12555 123® 12115 im£ 

]880 840 I860 1870 RefcfterOioJlA 2X85 2X45 2X45 22J0 5BCR W & 279X 


3420 3260 3420 3320 BrnscsnA 

670 &S8 660 667 Bre-xMburab 

2220 2170 2190 22D0 Cones 

ISO 132D 1320 1350 DBC 

509 492 500 513 CdnNaORol 

325 315 323 327 DfciNtfReS 

730 723 725 TO CdnOcddPet 

1050 1030 7030 1040 CdnPadflc 

226 223 223 223 Qrikira 

904 897 TOO 902 DofaKO 

557 549 5« 549 DomfT 

7160 7130 7150 7120 DenobeeA 


4870 4760 4815 4830 
1110 1085 1096 1114 
460 458 45B 460 

1SS J 406 ^ 

1W 167B i486 1700 
142 143 




174 17X50 17—- ~- 

34X50 337 341 339 


IM0T 

Mitsubishi Tr 
Mitel 


1060 1(0 1060 1020 Franco Nevada 

1150 1126 1120 1160 GuKCdaRes 

346 334 335 346 UnpnUOfl 

696 677 678 700 In 

14S0 ICO 1420 U30 IPLEnere* 

873 866 B69 872 LakSNrB 

896 883 BBS 898 LemrenGraup 

1370 1310 1330 1390 MKffltlBUl 

899 893 m 903 Magna ItilA 


65J0 63 6» 65U ScMndUrPC 

9 JO 955 9b 9JS SG5B 

6895 6030 6030 40J0 SMHB 

*65 47J0 47.90 <8-45 SirizerR 

4016 39U 39 58 «U SwtSSRtfUR 

1090 i860 1090 in SwtaalrR 

44 4X15 4X85 4*10 UBSB 

19 1080 1095 1080 WWwftUfR 

7230 71-95 7X0S 7220 Zurich AssurR 


MSO 1625 1650 fig 
3g0 3M0 3350 3315 


650 _ 
935 918 
1513 1498 
1284 1255 
1329 1303 
901 892 
440 435J0 


840 

920 


843 

ill? J® 

J257 1292 
1B6 1308 

!E w 

•439 439 




j ( Rim 

1 ! * 1997 

it; UJE9 


■j 4 


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i I .1 ion," 

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Ford Aide 
To Manage 
Mazda Unit 

Beattie to Revamp 

American Operation 


-Q - TOKYO — Mazda Motor Com. 
sign aled a reorganization Friday of 
its unprofitable North American op- 
Wiling an executive of 
Ford Motor Co. to lead its subsi- 
diaries there. 

Ford’s already strong grip on the 
Japanese car maker will be 
strengthened further after Richard 
Beattie takes over Mazda’s U.S. and 
Canadian operations as a specially 
appointed assistant to the com- 
pany’s president 
Tbe fifth-ranked Japanese auto- 
maker also said that it was con- 
sidering consolidating its five North 
Amen can units, a move that the 
company said would help reduce 
costs. It added that no job cuts are 
planned for now. 

But Mazda said it could not rule 
_i out dismissing employees in the 
United States as it reorganizes its 
unprofitable North American oper- 
ations. 

Mazda has 1,600 employees in 
North America. Worldwide, it has 
trimmed its work force to about 
25.500 from 30.000 in 1 993, mostly 
through early retirements. 

Mazda’s long-standing ties to 
Ford intensified last year when 
Henry Wallace, a Ford official who 
moved to Mazda, took over as pres- 
ident of the troubled Japanese car- 
maker with the task of steering it 
back to prosperity. 

Ford increased its stake in Mazda 
last April to a third of its shares from 
24J4percent, gaining management 
control. 

A few months later, Mr. Wallace 
was appointed president, beco min g 
the first foreigner to head a major 
■q Japanese company. 

Mr. Wallace said Friday that the 
new North American chiefs initial 
responsibility would be to create a 
strategic plan for integrating 
Mazda’s five units in the area. 

“Oar goal is to increase market 
share in North America while 
achieving a higher level of oper- 
ational efficiency,’' he said. 

-Mr: Beattie, a 42-year-old Bri- 
ton, is currently executive director 
of Ford’s Americas and World- 
wide Export operations. The new 
appointment will take effect on 
March 1. (Reuters, Bloomberg) 

■ Isuzu Develops Engine . 

Jsuzu Motors Ltd. said that it had 
developed a diesel engine that is 35 . 
percent' more fuel -efficient than 
conventional engines, Bloomberg 
News reported from Tokyo. 

E Tokyo, shares of Isuzu surged 
40 yen (33 cents) Friday to 545 yen 
apiece. after the announcement 
A company spokesman said Isuzu 
may sell the new engines to General 
'■t Metres Corp., the owner of a 37 3 
percent stake in Isuzu. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 1-2, 1997 

ASIA/PACIFIC 


PAGE 13 


4 Group of Six ’ Plays Down Its Debut 


Reuters 

TOKYO — Officials of the six 
Asian-Pacific economies taking 
part in a new forum that has been 
dubbed the “group of six’* are 
playing down expectations of any 
immediate action. 

Senior central bank and finance 
ministry officials from Australia, 
China. Hong Kong, Japan. Singa- 
pore and die United States meet 
Tuesday in Tokyo to discuss eco- 
nomic policy arid financial market 
matters. 

Analysts accepted that bold ini- 
tiatives were unlikely right away. 

“This is going to be the first 
meeting of this kind,’’ said CJH. 
Kwan of Nomura Research Insti- 
tute, “so I really wonder whether 
any concrete results would come 
out, although there are topics of 
common concern.” 

Finance Minister Hiroshi Mit- 
suzuka of Japan has said he hopes 
the forum will meet on a regular 
basis and later be expanded to in- 
. elude finance ministers and central 
bank chiefs themselves. 

But others have been reluctant to 
set such goals. 


“This is a meeting, not a group,” regularly under a variety of urn- 


Lawrence Summers, the U.S. 
deputy treasury secretary, said. 

A former deputy finance min- 
ister of Japan, Makoto Utsura i , dis- 
missed the "group of six’ ’ parallel 
to the Group of Seven leading in- 


brellas. Finance ministers from the 
18-member Asia-Pacific Econom- 
ic Cooperation forum meet annu- 
ally. as do heads of governments. 

Last year, the meeting of the 1 1- 
m ember Executive Meeting of East 


dustzialized nations — which reg- Asia and Pacific Central Banks, set 
ulariy brings together heads of up at the Bank of Japan's initiative 


government as 

well as finance " 

officials of Bri- 4 I don’t thi 

Ranee. Cai Ger^ function li] 

many, Italy, Ja- dlSCtlSS SDC 

pan and the £_ 

United States. 

“I don’t think it will like the G- 


4 I don’t think it will 
function like the G-7 to 
discuss specific issues. 9 


7 to discuss specific issues and so every year. 


to further re- 
. gional central 

k ft will bank ties, was 

» riiA T 7 tn upgraded to the 

; tne tw to central bank 

ific issues. 9 chief level. The 

_____ governors of 

10 Southeast 
Asian central banks also meet 


on,” he said, “but as a kind of Japanese officials stressed the 
forum for more dense discus- importance of having both China, a 
in." growing economic powerhouse, 

But participants In the meeting and the United States, whose cur- 
lesday are expected to discuss rency dominates the region, in the 
proving cooperation in'financial new and smaller forum, and ana- 
xrkets. macroeconomic policies lysts said Hong Kong was keen to 
d financial industry supervision tie involved ahead of its return to 


Tuesday are expected to discuss 
improving cooperation in'financial 
markets, macroeconomic policies 
and financial industry supervision 


and possible responses to the col- Chinese sovereignty this year. 


lapse of any key Asian currency. 

Finance and monetary author- 
ities from the region already gather 


"The major currency in the 
Asian region is the U.S. dollar, so 
it's meaningful for the United 


States to participate,” a senior of- 
ficial of Japan's Finance Ministry 
said. * 'China has the second-largest 
foreign reserves after Japan, and it 
is still increasing its reserves. 
Chinese participation is essential.” 

Regional foreign exchange sta- 
bility is another likely topic of dis- 
cussion next week. But analysts 
said the talks were unlikely to be 
directly linked to any expansion of 
existing regional pacts aimed at 
stabilizing local currencies. 

The Japanese Finance Ministry 
and the Bank of Japan entered into 
dollar- based repurchase pacts in 
April with seven other Asia-Pacific 
central banks to provide liquidity 
in times of currency crisis. 

Washington has shown no in- 
terest in becoming involved in the 
repurchase arrangements. 

Angus Armstrong, chief Asia- 
Pacific economist at Deutsche 
Morgan Grenfell, said the meeting 
was Likely to result in establishment 
of a dialogue “where they consider 
what the regional objectives are 
and what methods could be used if 
there’s a requirement to stabilize 
some of the regional markets.” 



Source: Tetekurs 


International Herald Tribune 


Banks Shy Away 
From China Critic 


Bloomberg Wms 

HONG KONG — A dozen times in the past 
three years. Next Media Group, Hong Kong’s 
most popular newspaper publisher, has ap- 
proached investment banks here, in Japan and 


Ports Reform Is Tough, Japan Says 


tacn tune, Bankers turned down the company 
controlled by Jimmy Lai, whose criticism of 
China's leaders has resulted in the blocking of the 
mainland expansion of Giordano International 
(Holdings) Ltd., the clothing empire he founded. 

With four months to go until China resumes 
sovereignty of Hong Kong, few investors are 
willing to gamble on a company whose news- 
papers routinely castigate the Chinese leadership. 

“I’m shocked to realize that there is an un- 
written rule in Hong Kong among the investment 
community that Next can never list,” the com- 
pany's chairman, Yeung Wai Hong, said Friday. 
“It’s off-limits or somehow untouchable.” 

Some bankers told Next that Bey were reluctant 
to underwrite the sale for political reasons and that 
they would have to consult Xinhua, the state-tun 
Chinese news agency and de facto embassy in 
Hong Kong, Mr. Yeung said. 

The latest target of Next's wrath is Sun Hung 
Kai International Ltd., a brokerage here. Two 
weeks ago, die firm denied a newspaper report that 
it had pulled the plug on the proposed Next listing. 
On Thursday, the fern’s managing director, Peter 
Fung, , did jnst that Mr. Fung did not respond to 
requests Friday for an interview. 

But the reluctance of bankers to underwrite the 
share sale may reflect the relatively low price at 
which the stock could be sold. 

Mr. Lai’s problems began after he criticized 
Chinese officials in 1994, when he published an 
open letter in NexL that heaped insults on Prime 
Minister Li Peng for crushing democracy protests 
near Tiananmen Square in 1989. 


Reuters 

TOKYO — Transport Minister Makoto 
Koga said Friday that it would be tough For 
Japan to meet U.S. demands for reform of its 
controversial port practices but acknow- 
ledged that improvements were needed. 

The U.S. Federal Maritime Commission 
said Wednesday that it would impose 
$1 00,000 in surcharges on Japanese vessels 
calling at U.S. ports in retaliation for what it 
called “unfavorable restrictive practices." 
The surcharges would take effect April 14. 

The commission maintains that the Japan 
Harbor Transportation Association, which 
mediates between labor unions and shipping 
companies, has put in place costly and re- 
strictive practices that discriminate against 
foreign vessels. 

The commission said the authority exercises 
its control through a “prior consultation ” sys- 


tem of negotiations and pre-approvals in- 
volving carriers and waterfront unions. 

Mr. Koga, whose ministry on Thursday 
urged Washington to withdraw the threat of 
surcharges, said it was difficult for Tokyo to 
intervene in matters involving unions. 

But be added, “I think we should make the 
system more transparent, as U.S. and Jap- 
anese shipping firms are calling for more 
transparency." 

Japanese shipping companies, which will 
suffer significantly if the surcharges go into 
effect, argue that they are victims of the port 
practices rather than beneficiaries. 

U.S. and Japanese negotiators could meet 
as early as next week for talks to cry to avert 
the surcharges and settle the dispute, but a 
Japanese official said it could take until die 
end of March for Tokyo to come up wife a 
new proposal. 


Triton Energy Agrees to Settle Bribery Charge 


By Leslie Eaton 

New York Times Service 

NEW YORK — Triton Energy Corp., an 
international oil and gas development com- 
pany based in Dallas, has agreed to pay 
5300,000 to settle federal charges stemming 
from bribes that a subsidiary paid to Indone- 
sian government officials in 1989 and 1990. 

The unusual complaint was brought by the 
Securities and Exchange Commission, which 
contends that Triton executives not only made 
payments violating the Foreign Corrupt Prac- 
tices Act, but falsified records to make fee 
bribes appear to be business payments. 

Six former company executives, including 
fee former president, were named in die civil 
siut filed in U.S. District Coun in Washington 
or in a related administrative proceeding. 

All but one settled wife fee SEC and, like 
Triton, neither admitted nor denied the com- 
mission 's charges. Richard McAdoo, a former 


vice president of Triton Indonesia, who was 
named in the civil suit, intends “to assert his 
innocence of any wrongdoing and to contest 
fee charges.” his lawyer. Henry Pufzel, said. 

It has been more than 10 years since the 
commission brought this kind of case against 
a U.S. company, but William McLucas, di- 
rector for enforcement, said the agency had 
“a number of investigations under way" 
relating to improper foreign payments. 

Triton will not face criminal charges in the 
bribery matter, the Justice Department in- 
vestigated the payments but decided not to 
bring charges, fee company said last year. 

Since fee Indonesian events, Triton has 
brought in an entirely new management and 
has restructured its operations. 

According to the SEC’s complaint, Triton 
executives in Indonesia paid an agent named 
Roland Siouffi a total of $300,000 wife fee 
understanding that fee money would go to 
government officials. 


Very briefly: , 

• South Korean companies such as Hyundai Motor Co. and 
Daewoo Motors Corp. braced for further strikes after talks 
between the ruling and opposition parries failed to rewrite a 
controversial labor law. 

• Japan’s seasonally adjusted unemployment rate stood at 33 
percent for fee third consecutive month in January. 

• Mitsubishi Oil Co.’s chairman, Kikuo Yamada. will resign 
following the company's admission it was linked to an Osaka 
oil dealer indicted for fraud and tax evasion. 

• Toshiba Corp. cut its forecast for net profit by 25 percent 
for fee year ending in March, to 60 billion yen ($492.6 
million), citing declines in semiconductor prices. 

■ Japan's benchmark Nikkei 225 stock index fell 464.56 points, 
or 2.4 percent, to 18,557.02.4, as exporters’ shares declined 
amid concerns feat a weak dollar will crimp profit growth. 

• Hong Kong’s retail sales rose 8 percent from a year earlier to 
22 billion Hong Kong dollars ($2.84 billion) in December. 

• Samsung Electronics Co. will increase its revenues this 
year by 30 percent, to 20.7 trillion won ($23.9 billion), by 
strengthening its multimedia, cellular-communications and 
micro-chip units. 

• Hong Kong property developers are preparing for extended 
apartment sales next month but analysts expect feat lofty 
prices and interest-rate concerns should help rein in spec- 
ulation while demand is high. 

• Alcoa of Australia Ltd., the world's biggest aluminum 
producer, will cut its market capitalization by 300 million 
Australian dollars ($232.5 million). Bloomberg. AFP. Reuters. AP 

Profit Report Saps NTT Stock 

Caiy&d tyOwStttfPnzi, Dupcaches 

TOKYO — Shares in Nippon Telegraph & Telephone Corp. 


Match 31. about 10 percent below some analysts' expectations. 

The shares closed at 859,000 yen, down 34.000 yen. 

But Japan’s largest phone company also said it expected 
pretax profit to grow to about 354 billion yen in fee next 
financial year, a figure deemed low by bullish analysts. 

“This is a very conservative forecast, ’ ’ said Toshiaki Iba of 
Dresdner Klein wort Benson (Asia) Ltd. "We expect NTT’s 
pretax profit to easily top 400 billion yen in fee next bu sines s 
year. ” Mr. Iba cited fee prospect of a 1 0 percent gain in NTT’s 
local-call traffic, helped by Interact users. 

Meanwhile, an NTT rival, Kokusai Deoshin Denwa Co., 
lowered its pretax profit estimate for fee current year to 21 
billion yen from 24 billion yen. In contrast to NTT, it said its 
pretax profit would decline by nearly 20 percent in fee next 
financial year, partly due to rate cuts. ( Bloomberg , Reuters) 


*r 

I BUNE 
}• t 1997 
! VGE9 


ion, 

, .. ID of 
j ^ran- 

y of 

I 'j oung 
! '.j nnly 
i \ es in 
! U-A 

■ oud. 

; a >ody 
, ,1 race 
j wtic 

! j I his 
■; aint 


PERFECT SQUARES, By Harvey Estes 


PRIVATE: Pretoria Wrestles With Sale of State- Owned Assets 




. ACROSS 
1 Follow 
8 Cases 

IS Uianemo ri zed 
.wonts 

20 8 e$n,e«. 

21 Less stirred 

22 Window 
Homer's home 

23Be ecstatic 

26 King of the 1 8th 
dynasty 

27 Parodied, with 

- Ttitf=- 

28 Poetic 
W' contraction 

’29 Even though 
30 Tiny bit 
33 Go to bat lor 




... 


43 Song from the 
Beanes' “Sgt. 
Pepper” album 

48 Rocker Joan 

49 Principle of 
philosophy 

50 Old Aika-Setaer 
mascot 

51 Finder's cry 

53 Slippery 

54 Land of the 
Chosen people 

55 “Diary of a 
Genius" author 

57 aringupon 

61 Stout relative 

62 With 86 -Down, 
partner ofbuts 


35 Smtit Marie 63 Brunch 

36 Okfe football _ beverage 


rival ‘ 

37 “Women and 
Imre** author 
40 Neighbor of 
Mian. 

4f Garish 
42 Paris-to- 
Marsefltes dir. 


65 incognita 

66 Muscat 
measures 

68 S ome g old 
diggers 

72 Watchword 

73 Not chronic 
75 Approached 



***** 

aOTELMHTROPOLE 

. GENEVE 
^fWILEGED PLACER ^ 

IfflgSL- 


76 Nice view 

78 Fraternity letter 

79 Pool contents? 

80 “It’s ... 

World* 

81 Bowiothe 
theater 

83 Reunion group 

84 B flat's 
equivalent 

87 1985N.LCy 
Young Award 
winner 

88 Ally of the U.S. 

89 Raised 

92 Slots 

66 King's title: 
Abbr. 

97 MetviDe 
foretopman 

98 Singer Janis 

99 Rockefeller 
Center moralist 

100 Chemical suffix 

101 Hasp, areas 

102 Sandinista foe 

105 Cruise m style 

109 Reception helper 

111 Performs, for 
King James 

112 Downwind 

115 Dauphin's father 

116 1970 Chicago hit 

121 Waste maker 

122 Partly coincide 

123 Show up 

124 Vocalist John 

125 Hounds 

120 American and 
Swiss 



6 New York Tunes/Edited by Will Shorts. 


25 Firet published 
work by 


60 Yard chore 

63 ■ 

Breckinridge’ 


d qwn 39 -Down Breckinridge” 

. Crrair* inawav 31 Antonio's role ifl M 

1 ' Ewita SttStVerabk 

2 Exhaust^ 22 Aguirre military forces 

3 Where sir portrayer 67 Place 

ArthurEwuts M very alluring 99 Raised 

4 SSof-Famer “ 70 OtywtrhaUti 

Miihhard ™ A1CTI quarter 

5 Slimmer 38 £3^ of 71 Composed 

swimmer rhamwirier 74 0x8111 

6 Some Ivy 41 

LMgu® 5 heroine 77 Petered oat 

7 Water barrier ^ -^.Hur" 81 Provhwetown 

8 It's quarried in author catch 

Vermont 44 Round trip of 82 Tennis shot 

9 Continuous ^ ^ 85 Like some 

sound 45 Spot wages 

10 Celebrated ^ Humphrey's 86 See S2 -Across 

11 Galore -High Sierra' 87 Chap 

12 like some floors cottar 88 Get some air 

13 Presumptive 47 Malefactor 90 Urban 

person? 48 Jamie Lee's modernization 

14 Full house mom 91 Chomolungma' 

indicator 49 it's often in hot more famJlar 

15 Sashayed water name 

16 Brush carelessly 52 Supplies 93 ‘Do the Right 

17 Poet’s 55 Treated to Thing" extras 

prerogative supper ._ M Way down? 


military forces 
67 Place 

69 Raised 

70 City with a Latin 
quarter 

71 Composed 
74 Drain trap 

shape, at rimes 
77 Petered oat 

81 Provmcetown 
catch 

82 Tennis shot 

85 Like some 
wages 

86 See S2 -Across 

87 Chap 

88 Get some air 

90 Urban 
modernization 

91 Chomolungma's 

more familiar 


97 Hammered 

1 02 Recesses 

103 Coarse files 
194 Former ring 

king 

106 Riding 
accessories 


ill Midler's “ — 
Las Vegas" 

113 Big cheese 

114 Use acid 
117 AgiftinO. 

Henry's The 
Gift of the Magi" 


18 Most pitch-biaek 56 Surrounded by 

% SSZSu. 


more familiar 
name 

93 “Do the Right 
Thing" extras 

94 Way down? 

95 Spanish 
diminutive 
suffix 


107 Representative 118 Squeal 

location 129 Good boy 

108 Rollera? 12 ® Old-style 
110 Division word interjection 


Solution to Puzde of Feb. 22-23 


□anna naon nramno naaa 
luaann njana aanran nano 
annaaananaorannern anna 
0m onnao nnn nan ano 
,aaa anna aann nnanHan 
nnunaHODunno noams 
noana non ana nano 
□ana nnnnea nnoaan 
□a Mini a an rmn conn 

ana annnnnnoon nnmnna 
,an«aaa raaana annann 
naapiapi nanaannonn nan 
nann nno nnnnnnnn 
□noann onnonH nann 
naon nao onn nnano 
nooan nnrronannnisnn 
aciaanan qbqo anna nan 
,atin nan nnn noann nan 
naan aarcnnannnnnnnnnn 
nano annnn nano nnnrm 
anna naann nnnn rmnnn 


Continued from Page 9 

stricken backwoods folks and 
put them into the middle class 
in two generations. We can do 
the same.’ ” 

Because of fee delays, 
there is frequent criticism in 
the press about foot-dragging, 
and unflattering comparisons 
wife the Asian tigers and even 
to impoverished Zambia. But 
what is remarkable is the psy- 
chological turnaround that the 
ANC has made. During fee 
long struggle against white 
rule, it was closely allied with 
trade unions and the Com- 
munist Party, and it strongly 
advocated state ownership. 


But by 1994, some ANC 
mini sters had became tree- 
market enthusiasts. 

They talked about selling 
the post office, privatizing 
water and filling fee coun- 
tryside with toll roads. 

Early this month, in his 
state of the nation speech, Mr. 
Mandela named companies to 
be sold or reorganized. 

In “a matter of months," 
he said, all of Sun Air and 
Aventura, a resorts company, 
would be sold, as would a big 
chunk of Telkom. By year’s ' 
end. Airports Co., which 
manages fee nation’s airports, ! 
and SafcoL would “complete j 
their bidding processes.” By 


THE M*A*R*S FUND 

Societe d'invesftssement a capital variable 
2, boulevard Emmanuel Servais, 1 - 2535 Luxembourg 

R.C t B 431S9 

NOTICE OF EXTRAORDINARY GENERAL 
MEETING OF SHAREHOLDERS 

Nolice is hereby riven that an Extraordinary General Meeting of 
THE M*A*R+a FUND Sicav will be held at the office of 
M* Franck BADEN, Notary reading in Luxembourg - 17, rue des 
Bains, L - 1212, on Monday 17 March, 1997 at 2:00 pjn. wife 
the following Agenda: 

1. Proposal of the Board of Directors to proceed with 
llie liquidatiojn of the Sicav; 

2. Appointment of a liquidator; 

3. Sundry. 

Shareholders are advised lhal required quorum for the above 
meeting will be 50% of the capital of fee Company, represented 
by shareholders present or represented by proxy. Resolutions will 
be adopted by a majority of two thirds of fee votes issues by 
shareholders present or represented. j 

Dated: February 5, 1997. 

1 Tbe Board of Directors. 


| Current Affairs 

1 Well-informed, 

I * newsbreaking, the ins and 
outs of current events. 

if you missed his reporting in the 
IHT, look for rt on our site on the 
World Wide Web: 



Barry James 
Reporter 


http://www.iht.com 


early next year, South African 
Airways and Autonet, fee in- 
tercity bus and trucking com- 
pany. would revamp. 

“All these steps,” he em- 


phasized, “will be taken in 
full consultation wife all role 
players, and I wish to urge 
both management and work- 
ers to respect this principle.” 


GT DEUTSCHLAND FUND 
SICAV 

2 , boulevard Royal, LUXEMBOURG 

R.C. Luxembourg B 2562S 
Dear Shareholders 

At a meeting of directors of the fund in Luxembourg, on 
4 October 1996 fee current and future situation of fee fund 
was reviewed. 

The directors were concerned that at its present size of 
approximately US$5 million fee fund will Gnd it difficult to 
provide an acceptable level of return 10 its shareholders. With 
a email fund fee expenses of management and costs of dealing 
in securities make it harder to achieve superior performance 
and an adequate diversification within the portfolio. The 
directors feci that this situation should be brought to the 
attention of the shareholders so feat they may consider 
whether they wish to continue U> bold shares in the fund. 

A further meeting or fee directors will be held in Februrary of 
this year Lo consider proposing to fee shareholders feat fee 
fund should be pul into liquidation. The costs relating to this 
liquidation would be borne by GT Global and not fee firnd 
shareholders. 

The directors have, in the meantime, been advised by fee 
Manager of fee fund that should any shareholder ol fee fond 
wish to reinvest any part of fee proceeds realised from fee 
redemption of shares in the fund during the month of 
March 1997 into Deutschmark denominated GT German 
Growth Fund, an Irish domiciled LOTS and part of fee GT 
World Series Umbrella, or, any other Irish or Luxembourg 
UemS managed by tbe GT Clonal Funds Croup or Companies 
(together fee ‘‘fimas*'), they may do so without payment of any I 
sales commission normally charged in relation to subscriptions | 
to such funds. This offer does not apply to shares of any 
mutual fund established in the United States of America. 

As stated above fee directors will be writing to shareholders 
following their meeting to be held in February of this year 
wife funner information. 

Yours faithfully 

Due Board of Directors 

Potential investors are advised feat all, or most the protections 
afforded by fee United Kingdom regitetwy system will mx apply to an 
Investment in the hinds and that compensation wilt not be available 
under the United Kingdom investors Compensation Scheme. The value 
(in terms of the relevant base currency of a fund) of fee Investments of 
fee funds, may rise and fall due ot exchange rata fluctuations of 
IndMduai currencies. The price of shares in the funds and fee income 
from them can go down as weSl as ip and you may not realise your 
Initial Investment. Investment in emerging markets is high risk and 
potentially vohde. This letter is Issued in fee United Kingdom by GT 
Global Investment Funds Led. regulated by the Investment Management 
Regulatory Organisation and the Personal Investment Authority. Copies 
of prospectuses for fee funds are available from GT Global Investment 
Funds Ltd. at Afijan Gate, IIS London Wall, London EC2Y SAS. 


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INTERNATIONAL 


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SATURPAy-SUNDAX3 
MARCH 1-2, 1997 
PAGE 15 




Jfci 


. . C- \ ; ■•I : r ! *' ... ■ v’fi 




Some Fertile Ground for Cultivating a Bouquet of Many Currencies 


. - r ?=r 


^ By Conrad de Aertile 

M oving from currency to 

currency is investment for 
sonie people, speculation for 
others, but for those whose 
frontiers - immigrant 
eX ?k? eeXeC ^ Ves ’ 5111311 businessmen 

ZSStS ?"*- A number of 

institutions arc meeting the need with 

multicurrency savings and checking ac- 
coualsor with money-market funds. 

Bom types of services allow un- 
fettered switching among currencies. But 
banks also offer their usual array of cus- 
tomer services, such as checking, credit 
cards and loans, and so are more con- 
venient. The tradeoff is that money funds 
are cheaper and offer higher yields. 

Joe Bloggs in the street going into 
the market cannot get a high 
\ rate of interest.” said Jo Rod- 
■ J dan, a spokeswoman for Fidel- 
ity Investments, which has ' 

money funds in 1 8 currencies. 

“We combine . 
people's money to 
get a higher mic” • 

she added. . I TJg 

Of. course, they jgft|| , 

tiake their cut, too. 

Fidelity charges a (ra ffijgjpp 
1 percent annual 1 M 

management fee, iwDfSf ' ffi 

which js high com- MjMw h 

pared with Araer- ■ Jgsjj 
ican money-mar- uf&lgjy A 4 4 4 
ket mutual funds ■ , 

and even by more -MBfaM deswg 

tolerant interna- 1||| 

Donal standards, 

Management 

charges 0.75 percent, for instance, and 
Guinness Flight 0-5 percent. 

9 Fidelity has a minimum-investment 
requirement of $2,500 for its dollar fund 
or the equivalent of £2.000 ($3,2601 for 
the others. The minimum is $5,000 for 
Mercury’s funds and £5.000 fw Guin- 
ness Flight's. 

Mercury's range is much smaller than 
fidelity's, with hinds denominated in 
pounds, dollars. Deutsche marks and 
Swiss francs. Guinness Flight has the 
same Jbisv plus yea. A crucial point for 
tax planning is that Guinness Flight 
provides the choice of roll-up funds or 
distribution funds. The Fidelity and Mer- 


Japanese yen 
German mark 
frfench toe' 
Btffeis franc' 


v ■ 1.60 : f ■' - : Spanish peseta 


S ’JU\ 


Belgian franc 
U.K, pound* 
idshpunT 


> fo o,; : 


~GJ8 _ .J ” . -.Forttigesa Escudo .165 

S ' “ .Swecfeh ^ona. 7.45 

■■ £,02 j ' .; . | banish krone $,41 
'37.Q* ;:- ' Fbvtieh.inarkka -4.96 

Ct^; . • ' * Norwe^Hi kroner ajSO- 

'733* 1 rv Australian dofiar* 0.77 ' 


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m 


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A444G0X45E 

f CrVy fof > 



«5sr^^€. L^. 


cury funds are only offered as roll-ups. 

With roll-up funds, interest is not paid 
out but is instead tacked on to the value 
of the shares. The entire return, there- 
fore, is a capital gain. A distribution 
fund pays all income out periodically, 
with no capital gain. Opting for one 
variety over the other can mean lower, 
or at least delayed, taxes, depending on 
a person’s country of residence. 

Multicurrency funds and bank ac- 
counts are often based offshore, provid- 
ing flexibility to clients who must cope 
with more than one tax system. Offshore 
accounts pay interest without deduction 
of the tax that onshore banks in some 


.• 147 148 ; •. - Mew'gealamFdogqr Oig .. 

T& . . : m . ■ ‘ ■• ^Hongk<g^do8ar- : -. * 

7.71 . 7.92 . \ 

6£S 8^4 ! ' ; 2J5& \ , ■ • jgi3 ' J • g£4 -’ v 

51 14 ' '5.13 * • shigaporedc^ar ‘ ■«’ .7.43.; V‘ H'M V ? &2T ). 

... ... I —-I,, . ■ ' ■ • ■»■■ » ■■■; • I ■■ •• ■■ ♦ 

6.82 ' 6^3 V ' • .V KbfMwyatt:- "-',747 

0J6 0.80 - • T#i vahidoBar-. >26J$ ^.3-': - } • Qg 8^3 - ‘5 


niS.'doter per wit of ^ &mt$esr'.~' 


‘‘Local markets develop from local 
requirements,” said Amanda Iremon- 
ger, a spokeswoman for the bank's Lon- 
don office. ‘‘Increasingly, broadly, you 
can get not only local-currency accounts 
but foreign-currency accounts.” 

Citibank's rival, Chase Manhattan, 
has no foreign-currency accounts, ex- 
cept in Hong Kong, where it offers U.S. 
and Hong Kong dollar checking ac- 
counts. 

One of the most versatile services is 
available from Guinness Mahon, a unit 
of the Bank of Yokohama in Guernsey. 
It offers checking and savings accounts 
in more than 25 currencies. The ac- 
counts pay more attractive interest rates 
than those at other institutions, although 
a balance equivalent to £5,000 must be 
maintained, and spreads on conversions 
between currencies are much thinner. 


Sottrce-Wirr&lfnch 


countries are required to withhold but 
that many expatriates and foreign res- 
idents often are not liable to pay . 

Fidelity's funds are located in Ber- 
muda. Guinness Flight's are on the 
Channel Island of Guernsey and Mer- 
cury’s are in Luxembourg. 

I N ADDITION to offering higher 
rates, money funds allow exchanges 
between currencies on more advant- 
ageous terms than banks do. Exchanges 
are usually done at the interbank spread, 
a matter of a few hundredths of a per- 
centage point, while banks swap cur- 
rencies at wider differentials. 


& An offshore-account holder at 
Rj Royal Bank of Scotland exchanging 
# dollars for pounds in a small nans- 
A action would have had to pay $ 1 .6401 
r per pound one day last week; going 
the other way, buying dollars with 
pounds, the investor would have re- 
ceived only S 1 .595 1 per pound. 

But exchange rates get better os trans- 
actions get larger. Nualla Cull inane, a 
supervisor in the bank's foreign section, 
based in Jersey, in the Channel islands, 
said diems “have the option to go to die 
dealers to try to get a higher rate.” 

The bank offers instant and time- 
deposit accounts in a number of cur- 
rencies, with a minimum deposit of 
£10,000 or the equivalent But the only 
currencies for checking accounts are 
pounds and dollars. The checking ac- 
counts earn interest, but only if balances 
are kept above $5,000. 

But account holders may never re- 
ceive their interest There is an annual 
charge of $60 to keep the account, plus a 
$5 fee per check written. A bounced 
check costs S50. 

Retail banks often have high charges 
on such accounts because few of their 
customers demand them. At Barclays, 
for example, foreign-currency accounts 


■ ■ ' lit ,i| f l« - ■> 


are offered “more for die convenience 
of being able to do that” and not as 
mainstream products, said Jo Wright, a 
spokeswoman for the British bank. 

Barclays offers checking accounts, 
based either in Britain or one of several 
offshore centers, on “all currencies that 
are freely traded in London; as long as 
you can name it, we can probably do it,” 
Ms. Wright said. 

No interest is paid on die accounts, 
which are free as long as a minimum 
balance of $2,000 is maintained. Oth- 
erwise. there is a quarterly charge of £7. 

T HERE IS also a Byzantine struc- 
ture of per-check charges, depend- 
ing on die amount of the check and 
the way the bank clears it Barclays also 
has foreign-currency savings accounts. 
Interest rales are low. 0.625 percent on 
Deutsche marks, for instance, and in- 
terest is paid only if a balance equivalent 
to $3,000 is maintained. 

Citibank pays similar rates on savings 
balances in a dozen or so currencies. It 
has a more international focus than the 
British banks, which aim their products 
at a British clientele, and therefore offers 
a different range of checking, savings 
and card services in its different offices. 


A N ESPECIALLY convenient fea- 
ture is a single checkbook on 
which checks in any of the cur- 
rencies can be written. The bank also 
offers trust services, payment cards pay- 
able in dollars or pounds and secured loans 
in 25 currencies, but not mortgage loans. 

Until this year, the bank had not im- 
posed fees on its accounts. But new 
clients whose combined average daily 
balance in all accounts falls below 
£2.500 in a given quarter will be 
charged £25. 

“with all the attendant administra- 
tion, at a certain low level of activity the 
accounts become uneconomical,” said 
David Whitworth, a Guinness Mahon 
director, in explaining the new fees. 

“If they can’t maintain these relat- 
ively low levels, we recoup the cost of 
the service.” be added. 

Mr. Whitworth noted that while more 
banks had begun providing foreign-cur- 
rency accounts, demand was also grow- 
ing, typically among expatriate business 
executives, the bank's biggest customers. 

“Quite a lot of people offer these 
things,” be said. 

4 ‘Over the last 25 years, lots of people 
have started moving around,” he added. 
“It doesn't matter where they move to, 
they've got this facility." 

For further information call: 

• MERCURY ASSET MANAGEMENT. IS? MI 0101 . 

■ GUINNESS FLIGHT. 44 171 522 ?lll 
•cmBANic.44 i7i «o sm 
• ROYAL BANK OF SCOTLAND. 44 15.W ?43(S5. 

• GUINNESS MAHON. 44 14* I 723 506. 


; bune 
l ! * , 1997 
*! AGE 9 


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Early Prospecting for Euro- Gems 


ifttc 0 ? 


, By Digby Lamer 

A S THE deadline approaches 
; /I for the introduction of 
Europe’s single currency on 
. jLj jL Jan. 1. 1999;. doubts about 
the"projeei are easing among econ- 
omists and business executives. 

• There is a sense that monetary union 
will take place as schediiIed,.although 
winch European Union nations will be 
founding members is not yec clear. 

■■■ With this increased confidence has 
com* excitement over the investment 
opnOrtuniLie.s created by the single 

currency, the euro. In the last few 
months. Deutsche Bank, in Frankfurt, 
aftftfae fund manager Intrag of Zurich 
have started mutual funds aimed at 
making the best of euro opportunities 
■ {Page 17). 

- • Ttev Plan to invest in corporanons 
— not necessarily in 

growth would be boosted by the euro- 

- While other managers haw yet to 

introduce dedicated euro growth funds, 
maay foresee positive ^ 

businesses from the single c H ur ^^ e r 

■Stenhen Cohen, a ftw* d manager 

mk keeps a lot of 

in^sTUe,” he 

like solid local businesses with names 
they know, evn) though they are prob- 
ably global operators that are, 

: re% generating local _ 

With the currency mk ® 

*«» -ii -- sSfJSSt 

pricing anomalies tnar exis 
tab European sectors, hfr- . 

“ft’s^tedmique wevc been usmg 

formore-than five yeara, he aa^ 

- “When we re 

aock>e fouDd S^iW^ther W 

bay. German V^^an high- 

say,4.CLL 

kere a lot more expcn* 
seam-average-’ ^mally work 
■ n ‘®?5 svstem, bringing 

out of * for 

ragfer-than-a' en3 | J in under- 

yestqfs who bought ^ ^ 

-.valued sectors- o. a- _ 


dieted, European investors start 
scouting across borders for good- 
value stocks, pricing anomalies will be 
corrected more quickly. 

The chemical sector is now old news, 
he said, but pricing anomalies currently 
exist among growth companies. 

• “This is mainly because there are 
more listed growth companies in Bri- 
tain than in Continental Europe,” Mr. 
Cohen said. 

Some businesses are expected to 
benefit directly from the smgle cur- 
rency, said Juliet Cohn, co-manager of 
Kleinwort Charter Investment Trust. 
She said she believed the euro has an 80 
percent chance of being introduced. 

“That’s high enough for us,” she 
said. “But investors need to put an 
gi pphasis on stock selection raiher than 
on particular countries. Spain might 
look like a good bet, but if we can’t find 

any stocks there we Idee, we 

won’t buy just anything in or- 
der to get country exposure.” 12? _ 

Her favorite sector in the I ffiL 
short term is information tech- j fv 
nology, even before the euro’s p— 

scheduled introduction. Be- IjL 

reuse the euro will lead banks 
and other financial institutions to update 
technology to accommodate the new 
currency, computer-tyStem providers 
are likely to enjoy fogber-foan-average 
growth. 

“On top of that, the rationalization 
of the financial sector, post-euro, will 
lead to mergers and acquisitions, 
which, likewise, will cause FT systems 
to be updated,” Ms. Cohn said 

With this in mind, Kleinwort 
Charter Investment Trust has holdings 
in Genomes of the Netherlands, tire 
Danish company T.T. Tieto and SAP 
AG of Germany. 

But despite the sector s good pros- 
pects, investors still need to pick 
Socks carefully- 

“Ideally, you want quality growth 
companies that are financially 
healthy." Ms. Cohn said. 

.More generally, she predicted a rush 
■of European investment after 1999 
from companies that have been hold- 
ing back cash because of uncertainty 
surrounding the single cmreocy. 


ficulty 


ties investors, however, is knowing 
which countries will take part. 

An Italian technology company 
may show the right signs but will be of 
little use if Italy is excluded from euro 
membership. The current favorites to 
join from the outset are Belgium. Fin- 
land. France, Germany, Ireland. Lux- 
embourg and the Netherlands, al- 
though only Luxembourg would be 
likely to qualify if the Maastricht rules 
were to be applied today. 

The participants are expected to be 
announced by the European Commis- 
sion early next year. 

David Potts, European fund man- 
ager with Guinness Flight Global As- 
set Management Ltd. in London, said 
he expected banks to be the biggest 
euro beneficiaries, despite the heavy 
cost of baying new technology and the 
loss of income earned on currency 
________ exchange. 

EOT “Banks will have to ad- 
2J2 1 c dress their cost base,” he said. 
¥| “France and Italy are urging 
| their banks to do so already. 

I Through mergers and ration- 
jSy alizanon, they will have to 
increase their return on equity 
if they are to be competitive on the 
broader European stage. * ' 

The investment risks differ from 
bank to bank, he added. 

“You can either go for quality 
banks, with big names, that are secure 
but which are not so cheap,” Mr. Potts 
said. “Otherwise, you can go for ris- 
kier banks that you think are good 
merger prospects." 

“If you are proved right,” he ad- 
ded, “die share price would probably 
rise faster than the market average.” 

If you are wrong, of course, the bank 
could disappear, taking your money 
withiL 

He added that the division between 
predators and prey can depend on 
where they are based. 

Dutch banks are taking an interest in 
the French market, for example. Credit 
Commercial de France, although not 
considered a weak bank, is a potential 
acquisition target. Mr. Potts said. 

On the Dutch side, he cited ABN 
Amro Bank and ING Groep NV as the ' 
most likely banks to hit die post-euro i 

Continued on Page 17 j 


Dollar Bulls Get Long in the Tooth 

Despite Steady Climb, Others Say, a Fall May Not Be Far Off 


By Aline Sullivan 

T HE BELIEF THAT the dollar 
can only rise this year is almost 
as profound in many invest- 
ment circles as the faith in Wall 
Street. But boundless confidence may 
be misguided. 

Since the beginning of the year, the 
dollar has soared about 7 percent against 
the Deutsche mark and 9 percent against 
the yen. Gains since die postwar lows of 
1 995 come in at about 23 percent and 54 
percent, respectively. It seems that 
everybody is betting that the relative 
streagth of the U.S. economy against its 
European and Asian rivals can only 
increase. 

But a few traders and economists say 
the dollar's glory days may be 
numbered. 

* ‘The premise that everything is per- 
fect in America will be tested in the 
second half of this year,” said Stephen 
Roach, managing director of equity re- 
search at Morgan Stanley & Co. in New 
York. “People will be disappointed 
about the credibility of the U.S. budget 
plan and surprised when inflation rises. 
This is not good news for investors in 
dolbr-denominated assets.” 

Another worry among some profes- 
sional investors is that the recent 
buildup of foreign holdings of U.S. 
Treasury securities — more than $200 
billion last year, or about four rimes the 
recent annual level — could topple, 
bringing a plunge in the dollar. 

Investors' perceptions that U.S. in- 
terest rates are on the rise helped fuel 
much of the dollar's recent gains. In- 
deed. some economists are predicting 
short-term rates of as high as 7 percent 
by the end of the year, up from the 
current 5.5 percent Rising interest rates 
boost demand among investors for a 
country’s currency, putting upward 
pressure on its value. 

But interest-rate gains this year will 
not be confined to the United States. 
“The presumption that foreign in- 


terest rates won’t rise will be tested 
because that is going to happen in 
Europe and Japan,” Mr. Roach said. 

That he added, combined with “a 
good old-fashioned dose of reality” re- 
garding the U.S. budget deficit, “will 
send die dollar heading the other 
way.” 

The turnaround may already have 
started. Japan has had some success in 
boosting tile value of its currency in 
recent weeks, while the Bundesbank is 
thought to be weighing similar mea- 
sures. Germany, like many of its neigh- 
bors, is battling a sluggish economy t h at 
has so far kept its interest rates low. But 
concerns are growing that its currency 
has become too weak. Investors have 
been pulling funds out of both Germany 
and Japan in search of higher yields. 

Donald Straszbeim, die New York- 
based chief economist of Merrill Lynch 
& Co., suggested in a note to clients last 
week that German interest rates may 
soon rise. This followed statements by 
Hans Tietraeyer. the Bundesbank pres- 
ident, that the dollar has appreciated 
enough. 

For now, however, Mr. Straszheim 
said he believed that the Bundesbank 
would stay its hand. He predicted that 
the dollar would rise to 1.80 DM and 
130 yen in coming months from its 
current levels of about 1.68 DM and 121 
yen. 

Mr. Roach was less sanguine. He fore- 
cast that the dollar would sink to 1 .60 DM 
and 120 yen Ity the end of the year. But be 
conceded that die short-term gains fueled 
by the current confidence in the dollar 
could push the currency as high as 1.75 
DM and 130 yen. 

Seth Garrett, chief dealer and director 
of foreign-exchange at Credit Suisse first 
Boston in New York, voiced what ap- 


peared to be the majority view. He was 
confident about the dollar's long-term 
prospects but warned investors to sit tight 
for me next few months. 

“We have reached the point where 
we may have some substantial correc- 
tions,” be said. “It is possible that the 
dollar will drop as low as 1 .64 DM and 
120.5 yen before it starts rising again.” 

That outlook was echoed by Robert 
DiClemente, senior economist ax Sa- 
lomon Brothers Inc. in New York. 

“Fundamentally, the prospects for 
foe U.S. are better than almost anywhere 
else.” he said. “The fiscal policy is in 
better shape and the monetary policy is 
more stable. We expect the dollar to 
settle at 1 .70 DM ana 125 yen over the 
next several months.” 

While many professional investors 
are confident that the dollar will remain 
strong this year, the number of doubters 
seems to be rising. 

“The key word is volatility,” said Mr. 
Roach. “This will be a volatile year.” 

— 20 % 


March 1 April 12 May 24 July 5 Aug.16 SepL27 Nov. 8 
1996 


Dec. 20 Fob.2B 
1997 nrr 



PAGE 16 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, MARCH 1-3, 199 


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■i AitaCrowitiCn 
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MG ASSET MANAGEMENT Ud 
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a AIG Asia Emera Mite Fd 
* AH5 Balanced WwidFd 
0 AhS Emera Mkn Bd Fd 
a AIG Eu MdLtEl & AT Eld Ml 
w AIG Eum Sirtar Co Fd Ft: 
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TO 00 852 2MB 6266 Fa? M 
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d UBZ uauidrty ftmd S X I30OIS2 

<t UBZ UquMiry Fund DM DM 139.2621 
a UBZ Ltautaey Fund Ecu Ecu 109062 
0 UBZ UouUSty Fund XF SF 131.5480 
ALBATR05 PERFORMANCE FUND __ 
m Atootrax Pert FManrtd S 1773 6*7 

m A*Mtm Pertlnder DEM DM 20686.25 
m Atatm Pfrtonnancc USD I 22*01.10 
ALFRED BERG (TM 1468 7X3 SB 00) 

ALFRED BERG NORDEN 
J AMtrt * J4467 

0 utortd*c»S»ertOoe 5*6 10648 

d OoBmflon Seeflage XCk I2J.94 

ALFRED BEWS 5PCAV m „ 

0 Gland X 271 OB 

0 Germany CUM mgl 

0 Srefcretmd SF 22200 

a Euan* DM 141-23 

d Nootl America X 183.31 

J Far East X 10737 

0 japan V 102*100 

ALLIANCE CAPITAL MANAGEMENT 

Da Bank at Bermuda llS 20 IMiiurt‘ 

. Ataarce UX Or. strides a i 129* 

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n UphaHdg FdOAiJanJl 1 58*2* 

01 Alpha Hdo Fd a a-jmai s isu» 


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J ARDINE FLEMING, GPO Bat 1 144* Hg Ku 
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I Inc DM B 


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S A DM 1061 76 

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X 100007 
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DM 172089 
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m HtlsH Japan Fund 1 6556 

m India H c«fe imoi 'ce Fty/onJ I S 85)1 

m LalhnepVidue IJaiJII X 10766 

t Facrt PIM Oau Bin Jan3l 5 ® 6 n 

nr 5lona Pa: Coo OHWjanJI X 13237 

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AMERICAN PHOENIX INVT PORTFOLIO 

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d French Franc— DB 1061 FF 14J9 

0 GtoOal Bona DC.Z 2 B X 110 

0 ItaFon Urn Bono Lit H57A00 

a Podflc income X 2JD0 

d Spantoh Peseta Bond Pi as 29980 

EOUl rv P0HTF0U0S 


d AA4SF. Fund s I3IIJ7 

d FILAILIFunO X 117146 

d F.LLM. 11 Fund X 11*587 

d FiJJU HI Fund X .14977 

0 F.L5.T. I Fund X 155820 

0 FJ.8T II Fund s 11*322 

0 S7LFE.F0 S 1316601 

0 5T.LB Fund X 1/0705 

UPPO INVESTMENTS 
Tel ItaLl&DOl) 521-2672(73 
Far no. M2) (31) 521-7*77 

w Jam Field X 959 

a I DR Money Motto Fd X 1851 

a Indonesian Growta Fd X S3. 73 

LLOYD GEORGE MHGMT UBZ) 2895 6433 
w LGAntewa Fund X 20.15 

w LG Askm Senator Ca* Fd X 21.4916 

a LG India Fund Ud X 9.16 

w LG Japai Fond X *J2j 

w LG Karoo Fund Pic X 586r 

LLOYDS BANK INTL (BAHAMAS! Ud 
a Ltaydx Americas Pontota s 12.1* 

LOMBARD, ODIER A OE - GROUP 
0 L0 Swiss 5 8 M Cats CHF 5F 2CL22 

0 LO UnmunaMgy Fond 5F 209*7 

LOMBARD ODIER OPPORTUNITY 
0 5wtaenan0 SF 5294 1 

0 France FF 601.00 

d iJratM nngtam 8 iHNnd C 1J».09 

rf GenDatyA AinMa DM OaJB 

a Southern Europe XF ,204S 

0 Srmtdlnev M SF 20233 

DBUFLEX LTD (Ql 

0 MuOiai nancy X 3981 

d DaUarMedun Tern s zva 


0 Dmtsdie Mark DM 

d DwchFiann Fi 

d HY Euro Cunaidea Ecu 

d Sabo Franc 5F 

a US Dotar Stoat Term X 

0 HY Euro CmrDMd Pay Ecu 

0 Siensi MuHcurrency SF 

0 European Currency Ecu 

d Bogan Franc BF 

a CautnKde t 

0 French Franc FF 

a Swiss Mum-DMdond SF 

0 Swiss Franc Short-Term SF 

0 Caiadan DoRar CS 

4 Dim Ftarhl Mall FI 

0 Sntss Franc DhM Pay SF 

o Me dh ai ieme iCUrr SF 

d coivertibiex SF 

a Deutochmak Short Term PM 

0 CHF Gtobd BatancEa SF 

0 OuWiGaHer Shan Term FI 

0 BanastConr CHF-Otartbtetog sf 

0 MetRt Cum Dtstrlhulng SF 

a NLG MuMcurr. Drv FI 


BF 18024 


LOMBARD ODIER INVEST 
0 Smtotar European Caps DM *037 

0 North America 5 1443 

0 RaOOc Rha 5 1075 

0 Japan OTC Yeti iivun 

0 Eastom European DM 15J4 

d European Bead Raid DM 1803 

*LEL SA5S RE/ENTERPRISE INTL LTD 

re Class AA [31/1 Oj X 186083 

MAGNUM FUNDS 

lunutenfwjnagnumtunaxom Fa* 240-156-668) 
w Magnum Agipn. Gnrth Fd 1 151.5* 

■V Magnum Cratid Growth X 175.63 

ir MagaumEdge X 121*5 

w Muyune Fuad X 13860 

w Moonum Global Ea. 5 12180 

w Magnum Macro fund X 103 7* 

iv Mograen MoU-Fund I 13461 

a Mognun Opportunity Fund X 11148 

a Magnum Russia Eq. X 118IJ 

w MatowmPucfcFrf 1 15UA5 

a Mognun SpecJto SOuohoni s 11383 

a Mognun Tech Funa S 10<xo 

a Mognun Turto Growth X 141.19 

a Magnum US Ecuty X 1*024 

■t Metal Omni B x 124.98 

a DLR Coptoft Fund X I DO 80 

a DLR Growth Fund X loom 

“ Eumpean Focus Dotar 5 1K37 

d Galewi Omni Ser A x 22683 

re GaUean Oanl Ser B X )9*.ii 

w Lonart Varan, Fund X 12138 

a Rosebud Capital Grow* X 14080 

v Tiqrdgn Pertarmance Fund X 10800 

w vip Seleci Fund X 1104 * 


0 ASEAN 
a AsmpuHc 
J Caihaenral Earoot 
j Devetaareq r.vnters 
0 Easton Europe 
0 F mnce 
a iieronmv 
0 UTtwrairana 
a nay 
0 J apan ^ 

0 Japan 5mc*rr (orncauc 
a North America 
0 Span 
a 5«rizer1and 
0 UnOM vJncdam 
RESERVE FUNDS 

a DEM Os 5 779 

d Dollar Da 2.1 35 

J French Franc 

a SnentaaFaieiw 

a Yen Reserve 


X 043 

X 583 

Ecu 034 

5 38* 

5 2863 

=F 1457 

D.U 788 

X 112 

LB 1313988 

T 26300 

V 21300 

J 429 

Flos 35800 

5F 5 M 

C ZI8 

DM 6J1B 

X 2.666 

PF 1*47 

I 1 030 

Y 288.9 


GRYPHON FUND MANAGEMENT LIMITED 
m Gnrcnan Bend Fond Ua X 9*25 
re Meroroiffie Fund l« 5 9 SJ 9 

GUINNESS FLIGHT U4]l4gi 712174 
IPAXI2SM 

a 05 F Managed CurraKy S 1*24 

0 r-SEGtabalBand $ 3451 

j DSFOdiUHiqh im; Bond S 7103 

a GSF Euro High Inc. Bona £ 28.13 

e GSF GOT iDerttag Bona I ICL09 

a GIF AUar Currency &Bd X 71-78 

a GSF Gtatart EarjilY X I IB42 

a GSF AiMrican Blue Odo X 46J3 

d GSF Jcsan 3. Podltt X 11060 

a G5F EuraaeiBi 5 174 0, 

a OXFHonaWng X 2VA9 

a GSFUh £ 1528 

4 GSF CJbl Priyar-schan Fd X 31^7 

d GSF Asem X 5651 

0 G5F Astai Sroctar Cos X 2*77 

0 OSFGwraiBci Grant) X 22.99 

a 1AF us DcBcr Hijn Vd8d x m-Ji 

a I4F fnh Bataacea GrtHrth s 4**l 

HASENBICHLER ASSET MANGT GeuraH. 
a Hasentucnkf Coro <G S 1045700 

a HosenbKhWtMv X 215.00 

0 4FFT 1 200000 

HERMES ASSET MANAGEMENT LTD 
Beranrtto:i909!79S 4000 Lut[352i«M*<*-3l5 
Fuiai Pisces as B 31.U1.9) 
p- Hermes Eurooeon Fund Ecu 42451 

re Homes North AmartatnFd 1 *6558 

re Hermes Aslan Fond X ML83 

re Hermes Emery 4Uts Fund X 149.41 


re 1 Wnn et neuirol Funa 
ip Mernws <3Uta< Fund 

re Hermes aona Fond 
ip Hermes Sterling Fd 


Ecu 42421 
X *6558 
X 3*53 
J 149.41 
X 92&A6 
X 139.1 S 
■ 74287 

Eo i 


re Herares Goto Fund s rr^a 

m Hermes ureversa Fa s 1 15-62 

ip Hemes CHF Ffaea me Aec SF 180985 

re Hernej CHF Fued IncOtS XF I0»fl7- 

re Homes USX Fbea me Acc J 11 ml 

re Hermes Bbi Sates Franc Fd SF S4&6P 

IP Homes Gtaod Ecu Fd Ecu SIAM 

HIGH YIELD WORLD FUND 
re U5. Dotar Pratrota X 1041-75 

re Swiss Fort Porttalta X 1D55-7J 

HUT2LER BROKERAGE 
re Pegasus P P Parncue X 110 

J I 5®SF. P A B T KEBS “SBT MGT (HIQ LTD 

^adrtjffuL" 9 Ban * ****■ 

Tto- (852) 2849 0186 Fee 18HI 2349 4991 

rn Asia FU Inc Ser II S 11.190 

» AsenQww Bd Fa Small 5 lUb 


ir Metal Onrrk B X 124-98 

a DLR Coptoft Fund X 1 DOOO 

a DLR Growth Fund X UM-OO 

“ Eurapeon Focus Dotar 5 1K87 

d Gatarai Oran) Ser a 5 22*83 

m GaUean Oanl Ser B X 196.1* 

w Lancer VqraOT Fund X 12BJ8 

0 Rosebud Capital Grow* X 14080 

v Tiqnton Pertanrnnci Fund X 10000 

w vip Seleci Fund X 1106* 

MAGNUS BROS TM (45)21 15 02 36 
W BeBtc Grow* Fund DM 19-58 

a BaBlc Growth Fund Set 1850 

MALABAR CAP MGMT (Bermuda) LTD 
re MotaMrfntl Fund X 2bJ8 

MANUUFE GLOBAL FUND 
T:(BS 2 l 25a1-9IXOrFrtOX2) 2819-9510 
d American Growln Fund X IZ-OIBS 

0 Europeon Growth Fund S 61198 

a Global Reuuran Funa S 50357 

a lixlra Hang hong Fund 1 0.W4I 

a InternallctaF Growth Fyna X 2I71S 

a Japanese Grow* Fund X 2071< 

d PocHta Basin Cnwh Fund X il «0 

a Reserve Fima X 2J'3i 

a now Fund X 105*8 

a kJA Growai Fund X 2-1027 

MATTHEWS INTERNATIONAL MGT 
E ME PGING ASIAN STRATEGIES FUND 
T 809 9J9 7942 ' F 809 449 0340 
re OomA S 0130 

MAVERICK (CAYMAN) (395) 9*9-06X8 
re MrmrtcL Fuftd U3C X 270.76 

00-52111881 

X 4255 

FI IJ7JI 

4 

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I 20*758 

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Ecu 1974 .U 
X 1IU 

DU 18 99 

Ecu 1251 

X 1202 

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X 1241 

XF 16788 

X >5.1*0 

SF I? TO 

I ism 

MERRILL LYNCH EMERGING MARKETS 

a OassA X 11*3 

a Qosa B X 115* 

MERRILL LYNCH EQUITY/ CONVERTIBLE 


BASIC VALUE PORTFOLIO 


CONVERTIBLE SECURITIES PTFL 
a OassA 

0 OauB 

GLOBAL ALLOCATION PTFL i US XI 

0 OaisA 

GLOBAL E QUITS PORTFOLIO 
0 QQSS A 

GLOBAL SMALL CAP PORTFOLIO 
a OassA 
a Class B 

EURO EQUITY PORTFOUO 
0 Oau A 

LATIN AMERICA PORTFOLIO 
a Class 4 
J Class fl 

PACIFIC. EQUITY POPTFCUO 
0 OassA 
d Cta . li B 

TECHNOLOGY PORTFOUO 
a OassA 
J CUM B 

VISIONARY PORTFOLIO 



0UG 

* 8J1 

1BB8 

LSI 

v 10.6$ 

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C 18.94 

£ 1122 

T GRADE PTFL 

I 155* 

1 1465 

, 1467 

Y 14T* 

PTFL 

X 9.94 

X 2529 

S 1087 

X 2AI7 

PTFL 

X 9M 

X 1080 

MEHUU LYNCH INC S PORTFOLIO 
0 Ctasi A X 1255 

J Gats B X 1256 

d Class C X 125$ 

mWMZ'T i 

MERRUJ.^LYH^HAV as it 27*UT) ( ^ 

s 

4 Om B X 78S 

MILLENNIUM ASSET MANAGEMENT 
re SMI Onani teiwnged I 183875 

re XMI Quant Untcrarogta I 1DZLU 

ie Swiss Prone Convey Fd SF 1087.H 
m USX Global Carrency Fd X 113604 

EMENT 

X 10615 
S 174511 
I “61W 
X I39JKI 
X 1269* 

X 219AM 
X I0979Z 
S 106181 
S 141281 

1 1118*4 

X 138581 
X 1 64812 
X 12577, 
X 2393*2 
I l662Xr 



M: / I ifjM ' JV. T- 


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w AcNgesflon MV 
i Actam Lewaged F0 
w Atalaldc 


TAIL MIND INC W: 2S31 675 7601 

re The Tra Wind Fund Ltd S Zlllte 


0 J3. Emcra MUs Ea Fd S 1 07 (to 

a JJL Dcmdm Band Fd DU 11955 

a J B. utarnatanal Bond Fd DU 167*0 

KEY ASSET MANAGEMENT INC 
C/D Furman Sab. Dvbrin T« 3S3 1 STV 7924 

re Key Ada Holdings 5 11 351 

m Key Global Hedge 8 . 317.79 

re Kay Hcrtge Futd Inc 1 28750 

in Key tKM Emnulna Vtaiur X 184.74 

re uyLangutaodSic x I24.4S 

Ki PACIFIC ASSET MANAGEMENT INC 
re KJ Alla PacMC Fd Lfel X 125113 

LEHMAN BROTHERS 27A2/Y7 
0 Global AdMsm II NV A X U«B 

a Global Adrinrx II NVfl X 167? 

d Gtabai Advtsws Pan NV a x U85 

d Gtabai Advtsotx Port NVB 1 1350 

a Lehman CurAOv. A/B X vjn 

d PranlerFsjtures Adt AM i K*l 

UBERALBM FUNDS 
Tef ; S5 21 21 2 4876 Fte : SI 21 261 72H 


MULTIMANAGER N.V. 
re Euopeai ErgifllH Ecu l T .l' 

m Jaaesrese- EquMM > >17 

re Emerging Motets X 2081 

m ArbBroge X 18 77 

m Hedge 7 1657 

NAM FOREX MANAGEMENT 
w NAM MuH Hedge SF 1UI0 

HKHOLAS- APPLE GATE CAPITAL MOT 
J NASiratODpartuidgesCA x I70.71 

d NA Stud Dataalunihcs a B X 94.9* 

w NAFtadbtaGroanhFd I 19105 

a NA Hedge Fund i IS35I 

NOMURA INTL WONG KOKGI LTD 
0 Nomura joumi Fund X 1159 

NORTH STAR FUND MANAGEMENT 

™ -“’H2CT17 

DU *96084 
DU 486004 
DM 2*6004 
DU 279X0. 
Fd 1 2(1804 

DU ] 5900*- 
tSEY) LTD 

C 5524 
C A«93 
£ 6278 

£ 4889 


OLYMPIA CAPITAL I NTL INC 
Warns House HamHcn HM11. Br-nmata 
Teb *41 TO-)aiB Fro.441 29S-23QS 
w AIS Artrttroge Fund X 

5 Wretdmde Fund 


w AlS AiBttrane Fund X 11672 

w AIS WartdHlde Find X 12889 

w Ftajhrrry Group X 29853 

a (Ryraaia Emerging Mkn X 1031.11 

a VltricE. Eoatero Dnmon X 1611 

w Winch. Frontier x 46989 

a atyrauta star Sates X 21301 

w CYtmpra Star FF Hedge Ser FF 28563* 
w OTyincIa Star FF MngM Sw FF 3282.66 
■V HVfnOLOtabal HcaJthane Ecu 130202 
0 WMdl Hbg Irte Moatson Ecu 169254 

» Wbidx. Hldg tort Ser D Ecu 19ol.ll 

w Winch. HUg tort Ser F Ecu 197672 

w Ohrmtto Global Hadgrr S 122*89 

w WtodLReMr Mull.GrBd 5 21.73 

a Olympia Ind Arbitrage i 11617 

a ciympia Natural Rasaunss X 42881 


Ecu 197672 
i l»fJ9 
X 21.73 
i 11617 
X 42881 


OPPENHEIMER A CO. INC Fts (Hnal ear) 
t Arbitrage Intentattanat X 13942 

i EmetgMtasintiii I l«66« 

t ton Haitian Fund II X .128.28, 

r Opneri Catalyst inXUd X 142.10 

t Qppen Ind Eiriay Ltd X 127.1* 

r Oppen Paragon mp Ltd I 145J? 

I oapen VtdlieMI Ltd X 107.38 

OPnGESTlON PARIS 
GROUPE MARTIN MAUREL 
a OphgeK GHh Fd-Fbed Inc DM 219202 

a OpUgesHawFd-GrmSubF. DM 1(034 

OPTIMA FUND MANAGEMENT 
73 Front Si. Hareeron, Bermuda 809295-8*58 
a Grohnm Fin Fuhaesuo X 1157 

t> Qonma Wtarrafttw 5lrat 3 1206 

0 Opltea Emenaa Fd Ud X 1626 

a Optima Fund I 7-UW 

m Opflroa Futures Fund X 26 2/ 

m GoUrea Global Fund X 1413 

re OqhoM QspartunBy Fd Ud X l a 70 
w Optima Short Funa X 4J7 

m The Martrtar Fd Ud S 651 

» The Plata urn Ffl Ud 5 1X30 

ORB15 INVESTMENT Baranta (Ml) 2*6700* 
a Ortte Gtabai CD F«l 3 2689 

w Ortte DpHniid BO F*v) X 2501 

0 OrMsUraerooeiJraiFevI X 1382 

OR BIT EX GROUP OF FUNDS 
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hnp-j-TaMevesm. 

a OrUtuAstaPac Fd X JW( 

a oaitex Cam 6 Into Tech Fd s 5.9132: 

-1 L-rebBi Dynamic Fn X X5«d 

0 OmXrn Ctrl Discovery Fd X 66948; 

d OrWer Growth Fd X 44*7: 

d OrWlei Herdtn&EnrbFO X 650S3J 

0 Ortntes Japan Ffl X 47*12: 

a Ortrltei Unq-Wtan Fd X 1)2B4< 

0 orenes Natural f« fu a 178826: 

FACTUAL 


X 3.94791 
t X9132: 
I 15*42: 
X 6*948: 
X 6*2*7: 
X 68K41 
X <7412: 
X 11284: 
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r« r uhl 

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J ETemliy Fond Ltd X 5062667 

d toftiHy Fund LM 5 7188423 

d Novrctar Fund I 1235138 


d NovrcJar Fund I 1235138 

a Star Htah YV*I Fd Ud X 22<.as70 

a OrenFondLU X 1628871 

a Tatnjtar High Yield Fd X 10*8649 

PARIBA5 MULTI-MANAGER OUH.FD PLC 
m Portaos Airanotlra Imr DecTI 8 10789 

PARIBA5-OROUP 

w Uuror S 788* 

a Pprvesr Ascan X 9r.»9 

a Prawn Astai Growth 9 X 8X15 

a Parwst Belglurn BF 725550 

■J Penma Europe B Ear AID* 

a Parvesl Earpp* MM Can Ecu 17717 

a Parrasi France B FF P5777 

d Panes/ Cermon, fl DM 4*777 

a Fanesi Gtabai 1 USD B I 107 n 

rf Pones! Global 2 U5D S II8.W 


d Pancsl Otohrfl 3 BEF 
a Parvesl Glot>«< 3 USD 
<7 PraveslOlobalJ-CHF 
a Panes! Holland B 
d PorvesJ ira Band S 

d Parvesl mir 
a Parvesl Jotxai B 
a PaiMstBbB-Betui B 
rf Parvesl Oblt-CtoHda B 
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a Prave-JCHta-Dur B 
a Parma ONI -DM B 
fl Ftnvwl i»S-Du!lar B 
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0 Parvesl OOH-Fntnc 6 
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0 Pntvesf Oral - Yen B 
0 Prams! S T Bel P9n B 
a Pond S-T CHF B 
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a Parvesl i- 7 Qatar B 
a Parvesr 5-T Europe B 


X 107 11 
f 11859 
LF 88e93» 
X 1325* 
SP 21/43 
R 27692 
X 2XW 
LB 99901000 

Y JXJ9D0 
LF 1008600 
CS 248JI 
5F 71783 

DrF. 124671 
DM **678 
S 2IZ*3 
Ecu 120.31 
FF 12*7.99 
H 401 38 
Ul 225483D0 
£ 9*81 

Y 1875000 
BF 585500 
SF 76227 

DM 300 48 
X 117-37 
Ecu 1 AX 
FF 1 032-34 
111 *0873600 
Fl 30558 

S C ?J?!l7 

X 3053 


a Panes! 5-1 FPF B FF IKK-35 

a PanierS-T rtait in *0873600 

J Pmvd Xhon Terei NLG Fl 30S58 

T Parvesl Swruertraid SF 329.68 

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PARK PLACE MANAGEMENT 

* Pod Ploce irol Ltd 195Feb2* I ISJK 88 E 

w Grono Capital UdFehT* DM 2096ME 

PERMAL FAMILY OF FUNDX 

i Aurai HcUhgs N.v S 11*850 

I Asian HaUInqs N.V B X llaWl 

i Bnuil LW X I2*X*0 

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■ Fx, Rnanctols 4- Futures Lid X 13933 

• Anviiri Ml/ « 


■ Gnwih N.V t <*78. <3 

t Mraanent HUgs rtv. x 193X65 

I kTirtanonl HHps II v. 0 x 197125 

: MKM 6 Cernniunkallqns X 1*0503 

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J OHsiM re ioponev Gwrli I 0D5T7-- 

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a OHihaie la! Are Gudn Fd X 1295 m 

a Oitonree Euiqnirai Gwto X 2 101*7 

J Otfsrw Am Guvth Fd 5 1 /PWj 

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5 HUBS- i {« 

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1 AlUCTMV i 8X0* 

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■r PFJ.GIFuealncCHF SP IIS-OJ 

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a P.FJ Prune 5F 626 ** 

a PAJ. Remora! CHF XF 32X13 

W pj=j Rennrai uxd x t’.rj 

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w PF.i.va»w»DEMiLB»J DM 355-76 

: & .ss 

m P.F i Valbond GBP iLuil C 1213* 

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0 PTf. Enmq tfkQiUu S ZSQ./I 

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Tab 21 28 676 Mil Free 31 28* 
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a racboowt oppwtunby 6 lac s T02962 

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FOB 97X3008 AZ ftottardara.cn HO 234122* 
d RG America Fond R Z36T0 

d RG Eunrae Fund R 20860 

J RG Podlfc Fund FT 156*0 

d RG Dtvwioe Fund Fl 51 JH 

a RG Band Phis Ft 1093* 

a RG Emerging Marteto Fd R U 6 B 

0 RG Mmy Pins F FL R 12650 

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ROTHSCHILD (GROUP EDMOND DE] 

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a Aston Grain* Hr**™ Fta s 6X25 

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a Forte Cion Tnatotainal DM DM 100-53 

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w Ltoasn 5 2/7855 

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a PithandFaHY EmtrMka X 1*448* 

t Prtutd FtmoEcu Ecu 1565*6 

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t> Prtaqubv Fond Latin Am X 10879* 


J FUND, SICA V 

G.TELO03S2 465 


Ecu l*6«3 
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ECU 1162.11 


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TO - 152 *79 11*1 Fax : 352 472 986 
a e spill Ear. Praia im, Tsi Ecu 1975 

» European Shot Inv. Fd Ear 957*0 

w LG Hid Fa Aslan Growth X Tl 60*20 
0 PocHk Niro Funa t 7_*l 

o Stoeawe Invesi SA X 36*002 

w USBaMBhn 1 1326466 

b VKtoHe Artane X UT7.13 

SAFDIE MOVNKKY ADVISORS LTD 
m Fjry avsMea Inc Fd LM X 1652010 

t Tower Fund Gtabai Band X 1016502 

b Town Fond Gtahal Equily X 1214X67 

SANTANDER NEW WORLD INV. 
in CammaMkrFund 5 1 39077 JJ 

re Ejqdara Fund i 19605X87 

SKANDINAVISKA ENXKILDA BANKER 
l d t mtfw j eb d iit teltoder 
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a Eumoa Inc X 1 3168 

a FjonraiCWera Inc X 1.0887 

d Gtabai tnc X IJOU 

a LmutmcdeilBC X 18510 

a vartaen (sc X IJU57 

V 745730 
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THORNTON INVESTMENT MGMT LTD 
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0 Poctflmfl W5AE £ 1117 

a Podl Unit Fd SA DM DM 3633 

0 Eretoni Owoder Fbnd X 931 

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■X Jakarta X ( 2 Sr 

0 Kami X 97* 

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d Japan Warmne Fund £ 254 

d Anton Infant Inst T« X 11JB 

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0 EadUK man piiis B 
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m Faarei Fund 
re Fbeturo ovenecs LM 
w FW Trident Can Crap 


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a F ix enu Ul ton 10 Ind 
d Formoso Growth Fd 
w Fortitude Forex Inc 
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a MWninc 
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SKAKDIFONDS 
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0 Eqraly Japan V 817931) 

0 Equity Norm: I 271 77 

d EqutryU-K. E J-JMM 

a Equity canliientai Europe x 23*87 

a EouHyMetW ra roiwrei X 1.1390 

a Equ*y North Amedeo ■ x 34*48 

a FarEosi t 55*53 

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a wH Easran Eunqw X 17*30 

0 Bond (nil Arc X 160696 

0 Bond W1 Inc S 75282 

d Bond Europe ACT X 2.07*5 

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d Braid DEM ACC OM 15755 

O Band DEM UK DM O.W86 

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18183131 
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TITAN CAPITAL MGT IFAX 82X8* 

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TRANS GLOBAL FUNDS GROUP 
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TWEEDY BROWNE VALUE FUNDS 
w US Value X ] 

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a BTW cai B S 5TJ6 

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0 SOflOSn Funn-Bartos USA 1 19*r9 

0 Sogrtux FunrVBonas Japan Y 2771 
0 Sogetoi FumVBandj Europe Ear 23.02 
0 Sagem Fimfl/Scrds Belgium BF I029D0 
0 Sagem FuncUands France FF 14177 
d SogekD FG'Banqs Garaiaiy DM 16*4 
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j Sogejin Funfl.'Eq Nortn Ante 1 1 SJM 
a Sogchu Funii'Ea Japan V 1502 

0 Sageiu FuntEa Einoe Ecu 2112 

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0 Sogtoui FurOrlVWiey MUEurEou I9J0U 
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SODirtC AS5ET MANAGEMENT INC. 
a SAMBraiH X 280.48 

a SAMDhcnKed S 15172 

w SAM/McGart Hedge X l«*U2 

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a GSAM Ccnrarrdte I *57.44 

w GSAM DM Cnnpaata DU 156.74 

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a G5AM c-BP Omtioura £ 1011* 

a GSAM AAcreer MWs USX 1 I0Q» 

a GSAM Money MiU Xnv C 10092 

0 GSAM Money MkK SF XF 10016 

0 GiAM Mqnev MUs OM DM 10Q-V, 

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SOFA FUND UNVfTED 

n OasSA $ I077AIU5 

re Oav, B DM 10*3 5916 

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STAINES FD MANAGERS (GUERNSEY) LTD 
a Curr Conceal Tao Ttowsonl X 182* J2 

a AI- Fatah invest Ca X 115702 


0 B-Fonfl SF 1*7738 

0 E Fund SF rffijifis- 

0 J- Fund 5F JVOOV 

■ a -M - Fund - SF - 1*8699 

0 UBZ turn IncDOT- Find * SF 1188 
0 UBZ World hKOMFand Ear 503* 

0 UBZ Gtdd Fund - 1 121.11 

0 UBZ NtopoA Convert SF 101639 

0 ASta Growdl Convert XFR SF 12*2-83 

0 Asfe Grouflh Cowart USX X 12D5-80 

J UBZ DM - Etant Fund DM 12614 

0 UBZ 0 -Fund DM )«55 

a UBZ Swiss Equity Fund SF 171-8* 

0 UBZ Arrwnam Eq Furel X 134 . 1 a 

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0 UBZSaitfaemr Astald X . 10131 

a US VBiue Gnnrth Fd X 13050 

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UNION BANGAIRE ASSET MGT UBAMI 
INTERNATIONAL, NASSAU 
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CAPITAL GUARANTEED 1C 
0 GuarailfiKrasI (USCVCHF] C S 240688 

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5 24700-99 

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UNION BANCAIRE ASSET MGT (UBAM) 
INTERNATIONAL, HAMILTON 
a DtavexlAstaS X 10362*2 

a Lataei Htgn Yield Ud USX S S229JM 

UNION BANCAIRE ASSET MGT (UBAM) 
INTERNATIONAL, LUXEMBOURG 
it UflAAMhort-Teira X I 1327.53 

a UB4M-5hon Term lECU) Ear 1.TB.13 

a UBAM Med- Term X Bond 1 10*3*2 

w UBAM DEM Bond DM 139560 

0 UBAM FRF Bum FF 709172 

a UBAM GBP Bond £ 12 QaJl 

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a UBAM EreergPnfl Growth 1 121121: 

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p UBAM Ind Granin Eq I 1326041 

W u bam- jaatmese Egufiy V 7026001 

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S S0S98Z 
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X 32DM7: 
X 1738-57: 
X 1972J% 
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Ecu 2*87.601 
X 4731^9: 
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m araegn Overseas Partnoro ; J58J655* 


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ECU 1040.5* 

X IS 


m PAN internaBo mF 

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re Para intr Fur>d X 

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Inc 

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UNICO FINANCIAL SERVICES SJL 
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DM 10U1 

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$ 1077.6105 
DM 10*3 5918 
X 1787 7*58 
DM 1317.1592 
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Fl 143369 
Ecu 8*109 
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FF 57*7 4* 
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C 6*036 


, 0 AMF Corera indention Fired X 9191 

a AMF Corereunlcnltai Fund DM I42J9 

0 Prafirenl S-A. DM 1*5*33 

a UVJF DEMAkMr DM 119^5 

a U U F. OEM Pentm AB DM IJ2JS 

0 UUF DEMResennAB DM 1168* 

J U U J=. Short Terra A/B DM I17J8 

a Urdu EauUy F-jrrd DM 8603 

a Uhta) Imr. Fund DM *0.97 

UNION BAH K OF SWITZERLAND/1NTRAG 
TeU)#*l-l-IIS-3*3* Farayni-I 235-J2»3 
a UB5 B 0 InvCHF Dranerolc 
a UBSBd inrOtF Intmigi 
a UBS Bd Inv Convert Asia 
a UDS Bd invConven asu 
a UBS Bd inv DEM 
a UBS bd inv gbf 
a UBS Bd urv Gtatto 
-j UB j Ba eir JPv 
0 UBS Bd lira NLG 
a UB5 art Inv USD 
a UBS Eq Inv America LdVna 
a UBS Ea Inv America Lntoiq 
0 UBS Ea inv Asm New Had: 
a UB5 Ea I rtv Asia New Hart! 
a J&X Eq Inv Canada 
a UBS Ea inv Energy 
a UBS Eo inv Europe 
d UB5 Eq In, Frov:e 
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J UBS Ea Inv Gtabai 
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0 UBXEq inv Greai Britain 
0 UBi Ea rev Iberia 
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d UBS Ea Int Japan 
a UbS £0 Inv NehMtands 
a UB! Eq in» Pqafk 
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a UBS Eq inv Snaec Europe 
a UBS Eq inv Small C. Europe 
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0 UbS Ea me South Africa 
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0 UtMrt.uUlftirny.CHFT 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX. MARCH 1-2, 1997 


PAGE 17 



THE MONEY REPORT 



»: * 


What 


I n THE STOCK MARKET, the 
tend names have made „,e bi 

oSSS* tSSST 1 electric shavere 

55 permit for its share- 
J&3 ® “Creased price plus <fi- 
more than twice *e 
PJ_{ * e market as a whole. 

• Morris Cos., whose brands 

mclude Marlboro cigarettes, has re- 
oot^ roughly 41 percent Coca-Cola, 
which owns the top trademark in the 
world, is up 51 percent 

i ™"t 0sofr c ^ r P- whose logo is 
siapped on most computer opera one 
wftware has risen 94 percent and 

Proc ^ r * Gamble Co. (Crest tooth- 
paste). 49 percent. 

In fact, companies that sell brand- 
nan f gwds have become brand-name 
stocks. That is happening in part be- 


s in a Brand Name? A Lot , but Don’t Overlook the Wallflowers 


cause so many new investors, unsure of 
their stock-picking skills, are entering 
the market. Naturally, they are buying 
what sounds familiar, big and safe. 

Hie Dow Jones industrial average, 
whose 30 stocks form a brand-name 
paradise, has climbed 80 percent in the 
past three years, but the Russell 2000, 
which tracks no-name small stocks, is 
up a mere 44 percenL 

Have brand -name stocks risen too 
far, too fast? It certainly looks that way. 
I am nor saying you should sell what 
you own. If you are willing to hold 
them through a correction or even a 
bear market, these stocks should con- 
tinue to thrive over die long haul. 

But if you are thinking about new 
investments, it is time to look at compa- 
nies that are a cut below die brand- 
name biggies. 

Even in a market that may be suf- 
fering from “irrational exuberance" (a 
phrase Alan Greenspan, the Federal 


Reserve Board chairman, reiterated last 
week in his semiannual presentation to 
Congress), there are promising stocks, 
with good names and managements but 
without absurd prices. But be warned: 
the pickings are slim, and gening slim- 
mer. 


growth at decent prices: Aluminum 
Corp. of America (a Dow industrials 
stock), trading at a price-to-eamings 
ratio, based on 1997 earnings projec- 
tions, of 13: Dresser Industries Inc., oil 
service, ar a P/E of 12; Chase Man- 
hattan Corp., at a P/E of 12 but with 


JAMES GLASSMAN ON INVESTING 


Marshall Acuff at Smith Barney Inc. 
points out that the stocks of some hot 
brand-name companies, including 
General Electric Co. and P & G. are 
trading ar two to three times their ex- 
pected rate of profit growth. 

Mr. Acuff, however, has found some 
brand names whose prices are modest 
“despite very positive longer-term 
ftindamentals." He likes Amgen Inc., 
the biotech firm, and Nokia Corp., the 
Finnish cellular-phone company. 

Smith Barney also recommends 
these brand names, which offer sound 


profit growth of 24 percenL 

Back in July, T pointed readers to- 
ward whai I called “branded wall- 
flowers" — companies with great 
names that were being shunned by the 
market. They may have suffered tough 
limes but were clearly on the right 
track. 

Unfortunately, many of them are not 
wallflowers any more. Memll Lynch & 
Co., for example, soared from $39 a 
share in July to $97 last week. The 
firm's P/E jumped from to 14 from 9. 
Both figures are based on projected 


earnings one year ahead. 

JJ*. Morgan Co., the New York 
bank, rose to S106 from $61 over those 
seven months. IBM jumped 46 per- 
cent 

B UT SOME of our braided wall- 
flowers remain within buying 
range. Two to consider are Dow 
Chemical Co., at a P/E of 1 1. and Du 
Pont Co., which has risen 25 percent . 
since July but still appears attractive. 
Here are other stocks to consider 
• Among the 13 stocks recommen- 
ded for purchase on the Focus List of 
Dow Theory Forecasts, a conservative 
newsletter, are at least two "cut-be- 
low" brands: Pittston Brink's Group, 
which sells alarm systems, and South- 
west Airlines Co. tP/E 1 51, whose price 
has dropped 30 percent since its April 
high. 

Jeremy Butler of the Value Line 
Investment Survey oversees a 20-stock 


portfolio for “performance and in- 
come” with several second-tier brands 
that pay decent dividends. Among 
them: Occidental Petroleum Inc., with 
a P/E of 14 and a dividend yield of 4.0 
percent: Moore Cora., office supplies 
(with customers in 50 countries), at a P/ 
E of 14 and a yield of 4.5 percent; 
NationsBank Corp., (P/E 13. yield 2.4 
percent), and Timken Co., the metals 
fabricator (P/E 11. yield 2.4 percent). 

• Dean Witter Reynolds Inc. re- 
cently boosted Westvaco Carp., the 



.J percent annually — 

the next five years, and the stock trades 
at a P/E of 14. 

Also elevated was Johnson Controls 
Inc., a company that makes monitoring 
systems and can benefit from the trend 
toward outsourcing by auto compa- 
nies. 

Washington post Service 


& 


No-Thrills Speculating: Low Risk, Low Gain 


By Conrad de Aenlle 


Y OU DO NOT have to be George 
Soros to speculate on currency 
movements. Small-tuners can buy 
any of three dozen offsbore funds 
that invest in short-term debt instruments of 
different countries as a means of trading 
major currencies. 

Because managed-currency funds, which 
target small investors, do not use leverage and 
seldom trade anything but treasury paper and 
cash deposits, owning them will not provide 
the thrill of foreign-exchange trading. The 
risks are ordinary and so are the returns. In fact, 
the returns often are worse than ordinary. 

. The average managed -currency fund 
tracked by Lipper Analytical Services rose by 
23 percent, when expressed in dollars, in the 
year through January, about half the gain 
available from U.S. Treasury bills. It was not 
^ just a short-run deficiency: Among the 26 
" funds that were in business during the five 
years through January, the average gained 
18.4 percent, which is still less than T-bills. 

This is not a good showing, considering 
dial these funds exist to allow people whose 
assists are heavily weighted in a single cur- 
rency to diversify should that currency de- 
predate and to produce higher returns than 
cadi in the process. 

• ■ -“The reason for managed-currency funds 
being set up in the first place is as multi- 
currency savings vehicles, having a spread of 
currencies managed to a greater or lesser 
degree as a way of protecting the international 
purchasing power of your money.” said 
Philip Saunders, a director at Guinness 
Flight, which markets two managed-currency 
funds in the Channel Islands. 

“You've got to add value relative to deposit 
ratesin their base currency “be added. “If you 


take these kinds of funds, what you aspire to do 
is outperform the cash bogey by about 150 to 
200 (percentage] points on’ an annual basis. 
Over a longish period of time, the best currency 
funds have outperformed deposit funds,” 

Guinness Flight's funds are arguably 
among the best. Lipper ranks them first and 
third over five years, with returns of 33.8 
percent and 28.2 percent. Over die last two 
years they have been average, however, and 
over three years they have returned only half 
the amount of the average fund. 

“The funds that have probably done best ■ 
over that five-year period would have been 
sterling-oriented." Mr. Saunders said. 
“Thinking about ours, we certainly missed 
out cm yen and the hard-currency spike up; that 
was quite a significant opportunity cost ' * 

The yen and Deutsche mark reached a peak 
against the dollar in the spring of 1 995 before 
abruptly falling. 

One reason the best funds are barely better 
than mediocre is the constraints that managers 
face.The aim of the funds, Mr. Saunders said, 
is “making cash work harder but not exposing 
it to imerest-raie risk or volatility." 

Tony Plummer, who runs two Guernsey- 
domiciled managed-currency funds for Ham- 
bros, gives himself more room to maneuver by 
buying longer-dated instruments. The current 
average maturity of the holdings in the fund for 
pound-oriented shareholders is three years. 

“The fund was issued with the option to 
have bonds to try to boost performance,'* he 
said. Bonds generally do better than short-term 
debt, but they cany greater risks, too. 

The funds are geared to pound- and dollar- 
based shareholders, with each heavily- 
weighted in the reference currency. Thar is 
why the pound fund rose by 10.1 percent in 
the year to January and by 233 percent over 
three years; the dollar fund had one- and 
three-year returns of 3.6 percent and 13.7 


percent, respectively . But over five years, the 
dollar fund has done better, reflecting the 
weakness in the pound after it was yanked 
from the European Monetary System’s ex- 
change-rate mechanism in 1992. 

When deciding how to invest, Mr. Plummer 
said, “we rank currencies based on both fun- 
damental and Technical criteria using a well- 
defined process, which involves our chief 
strategist and senior investment people." 

“Some of this is computerized," he added. 
"We look at balance of payments, inflation, 
government borrowing, rate of economic 
activity, all the ones you’d expect, for all 
major countries.” 

Then the staff studies technical factors, 
such as momentum, and combines the two. 

Despite these efforts, “we've found it very 
difficult to call the sterling-dollar exchange 
rate," he said. Therefore, the dollar-based 
fund stayed mostly in dollars, even as the 
pound was rocketing last fall. 

What makes it harder for shareholders in 
currency funds to come out ahead is the cost of 
doing business. Funds have annual manage- 
ment charges of about l percent which is high, 
considering that the goal is to beat short-term 
deposit rates by only a bit more. Also, there are 
sales charges.’ At Ham bras, the charge is 4 
percent and at Guinness Flight 5 percent 

"You have a certain level of fees and 
charges inside funds," said Stephen Cohen, 
who heads the offshore funds division ar 
Mercury Asset Management which does not 
offer managed-currency funds to retail cli- 
ents. “If you're going to beat T-bills and 
cover all those charges, you're going to have 
to take risks, no way around it" 

Managers of currency futures funds, an 
alternative to managed^currency funds for 
large investors, do not seek to avoid risk; they 
crave it using highly leveraged futures con- 
tracts to try to lift returns. Some succeed. 



j Tola/ return in U.S. Poflare ID Jan. 31. 1996 

Domicile Fund 1 yea i 

2 years 3 years 

OB 

OMklR) STG 13.14 
MgdCuir 

13.57 2S.89 

GU 

Lloyds int MM- 11.84 
MgdSTG 

14.00 22.76 

GU 

BveArlritRes* 1&35 
MgdSTC 

10.98 20.09 

GU 

Hambro Cun- 10.11 
STGMgd 

13.83 23.27 

CY\ 

•SMMtGL. \ i&tt 
STG MgdCur ... 

1052 t 6-13. 

VT 

Pacff UPP- 8.78 

AUD MgdCur 

17.53 23.23 

J£ 

HBSarnJGqis-* £40 
-STGMgd- V 

' 1179 20.56: 

■ • \ 

CY 

Syfret Gl 6.39 

USD MgdCur 

8.02 10.87 

JE ' 

fL86 

•Tj#r i5^i- ■ 


;• • 

■V r ~ - 

CY 

IBI Glbl- 5.52 

Mgd Curr 

7.94 19.08 

DB=Dublm. GU=Guemsfiy, CY=Cyprus, JE=Jersey, 
VT=Vanuatu Source: Upper Analytical Services 


INVESTING 



$ 


IHT 


often posting annual returns of 50 percent or 
more, but they also suffer spectacular fail- 
ures. Because of the risks, these funds are 
open only to the wealthy; minimum invest- 
ments of 51 million or more are common. 

In the long run, they do better than con- 
ventional managed-currency funds, but not 
much better. The average currency futures 
fund tracked by Lipper rose by 34.9 percent 
over three years: the average currency-ori- 
ented hedge fund was up 23.3 percent 

Currency futures funds may not have 
souped-up performance to show for their 
higher risk, but they have souped-up costs. A 
typical fund carries a 2 percent annual man- 
agement charge, plus what is euphemistically 
known as an incentive fee. This is often 20 
percent of a year's gains. 


Funds That May Open 
Doors to Euro Deals 


F OR INVESTORS who want to take advantage of the 
benefits that Europe's single currency may bring to 
certain stocks — but who prefer not to do the legwork 
themselves — there are several specialized mutual 
funds available. 

Intrag. the fund-management arm of Union Bank of 
Switzerland, recently started a fund called UBS (Lux) Equity 
Invest-Eurowinners. It includes stocks from a range of sectors 
in eight European countries. Examples in- 
clude the British retailer Marks & Spencer 
PLC, which it identifies as a strong domestic 
player with ability to expand into Europe. 

Daimler-Benz AG of Germany is inducted 
as a hand-currency exporter and Spain's 
Telefonica de Espana S-A. because it has 
competitive advantages in its sector. 

OveralL it identifies information-technology businesses as 
tile main euro beneficiaries, along with businesses involved in 
the supply or manufacture of coins and notes. Unlike some 
managers, Intrag believes banks will be net losers, at least in 
the short-term. 

In Germany, Deutsche Bank-owned DWS Gruppe offers an 
equity and a bond fund. The bond fund, DWS Euro Strategy, 
aims to exploit yield discrepancies among European Union 
countries during the transition to full participation in the single 
currency early next century. It is cuiremly invested in 12 EU 
currencies, including the euro, although nearly one third is in 
Deutsche marks. 

Its equity fund. Top 50 Europa, is invested in a range of 
sectors in eight European countries but with an emphasis on 
technology and pharmaceuticals. It has a 50 percent weighting 
in German stocks. The fund’s main targets are businesses with 
a long-term commitment to strong earnings growth but with 
good medium-term prospects. 

There are no restrictions on international investors with any 
of these funds. 

— DIGBY LARNER 

For further information: 

• DintAC HOTLINE 41 I 235 7036 
• DWS GRUPPE 49 607 IW9 197 


Various Dollars Go 
Their Own Ways 


BRIEFCASE 



OLLARS used to 
i move in packs. As 
l the American dol- 
_ lar went, so went its 
. Australian and 

New Zealand counterparts. 
Now, however, some traders 
say the link has been broken. 

"The Anglos have to be 
separated into different sto- 
ries, now,” said Lisa Fm- 
strom, currency analyst at 
Smith Barney Inc. in New 
Ybrit “They should be con- 
sidered in the pecking order 
of '- yield rather than as a 


omists doubt this will occur, 
few investors are willing to 
risk considerable exposure to 
the currency. 

Ms. Fmstrom. as do many 
traders and analysts, views 
the British pound as part of 
the dollar bloc. She predicted 
that investor uncertainty 
ahead of the general election 
that must be held by May 
would keep the pound stag- 
nant. 

B UT AFTER the elec- 
tion, British interest 
rates are likely to rise 
no matter who wins, said Carl 
Weinberg, chief economist at 
High Frequency economics. 
He predicted bank base in- 
terest rates would begin to 
rise by June.. 

For those investors wish- 
to take Ms. FinstronTs 
[vice about ranking die dol- 


oercent with Britain at 5.75 
- * — “--*■'1.02 — 


;v 

- «•*• B-S' I 

: w '-,;0 ^ 


V^Very different economic 
^ and political conditions make 
for disparate outlooks. The 
Canadian dollar, for example, 
is hampered by declining Ca- 
nadian-- interest rates and a 
shaky economy. But analysts 
reckon, that the budgetary and 

t2£5’*?Z£2£ 

are looking far some rate m Canadais roughly 2.73 
«» nmg against the 
TJS.'dollar. 

- TbeAustralian dollar is the 
darling of many traders fol- 
lowing' a huge sell-off earlier 
this -'.war by Japanese^ in- 
vestors and before China $ 
takeover of Hong Kong m 
June; which may encourage 
investment in Australia- . 

Some investors are betting 
. that; the Australian currency 
' niTwff effm h as high as 87 U-S. 

‘cents -in coming frcOT 

the current level of 77.5. 

■hi.«mmst,theoud(wkfor 

fheiNeW Zealand dollar is 
ant nac 


South African Bank Sees Challenge 
To Foreign-Exchange Regulations 

South Africa’s foreign-exchange regulations, which pro- 
hibit residents from investing abroad, may soon be challenged 
in die country’s highest court. Amalgamated Banks of South 
Africa Ltd., or Absa. said Friday. 

Absa said in its latest economic review that aspects relating 
to the enforcement of foreign-exchange control measures 
could be in conflict with the new constitution. These include 
the authorities' right to enter premises without a search 
warrant, which the report said could be “incompatible with 
the 'rigfrt to privacy’ provisions" in the new constitution. 

The authorities' right to interrogate people suspected of 
infringing foreign exchange control laws, under which a 
refusal to reply is regarded as a violation, appeared to be in 
conflict with the constitution’s “right to remain silent" 
premise, die report said. It added that “the whole apparatus of 
exchange controls could be challenged on the grounds that 
they infringe on human rights.” (Reuters) 

East Asian Tiger* Economies Snub 
Europe as Foreign-Investment Target 

East Asia’s so-called tiger economies are emerging as net 
direct invertors in foreign economies, but they pay little at- 


tention to Europe, a United Nations survey found. 

Europe has only a 5 percent share of the investment flows 
coming from Asia’s increasingly affluent economies. They 
are keeping the bulk of thetreapitai within Asia, but have also 
been lured to the United States, the United Nations Con- 
ference on Trade and Development found in the survey 

( Reuters ) 

1NG Barings Finds Promise in Philips 

Philips Electronics NV is finally ready to turn around. 

Barings Securities 


according to technology analysts at ING 
Jiti 


Ltd. In a recent issue of lie firm ’s Global High lech Weekly, 
analysts predicted that the Dutch company would earn 6.80 
guilders ($3.59) per share this year after losing money in 
1996. They projected 1998 earnings of 8.50 guilders per 
share. 

A ‘ ' strong focus on profitability and cash flow* ’ will lead to 
* ‘ strong improv ement in the coming years, ’ * the report said. It 
noted mat Philips had maintained its 1.60 guilder dividend 
despite a 5 90- million- guilder net loss last year, which re- 
flected, in part, restructuring charges that were higher than 
had been expected. 

With the company’s problems entirely accounted for in 
1996, the ING analysts predicted that Philips shares would 
rise to 100 guilders in the coming year, up from the current 
level of about 85. (IHT) 


Single-Currency Gems? 

Continued from Page 15 

ition trail. 

le outlook for European bonds is less promising than for 
equities. Predicted economic growth across Europe of up to 3 
percent in 1 998 has increased bond-yield expectations for the 
coming year. 

Added to this, said Stephen Macklow -Smith of HSBC 
Holdings PLC in London, is that traditional bond issuers are 
increasingly turning to equities as a cheap capital source. He 
said “more and more’ ’ Goman companies were ‘ ‘pushing up 
share prices and making friendlier noises to shareholders." 

“European bonds are probably past their best," he said. 
“There's now more momentum in equities than from a 
decrease in interesf rates. 

But for bond investors, (he euro may create investment 
opportunities in countries that foil to qualify in the fiist wave. 
Philip Saunders, a director with Guiness Flight, said the reduced 
number of different currencies within Europe would re d uce the 
diversification needed to cut investment risk. The increased 
volatility this creates may increase returns. 

“Income-seeking investors will still be interested in the 
nonparticipating countries, where more volatility may push up 
yields," he said. 

He added that this limited range of currencies may help open 
up the immature East European bond market possibly also 
pushing European bond investors out as far as Asia. 


percent 

One-month U.S. Treasury 
bills, by way of comparison, 
are yielding about 5.22 per- 
cent 

— ALINE SULLIVAN 




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PAGE 18 



SATURDAY-SUIVDAY, MARCH 1-2, 1997 


World Roundup 


Olazabal Makes Cut 

qolf Jose Maria Olazabal hit a 
double-bogey 8 on Friday, but still 
achieved his objective in his first 
tournament in IS months, making 
the halfway cut in Desert Classic in 
Dubai. 

A less famous Spaniard, Domin- 
go Hospital, held a two-shot lead at 
the halfway stage after shooting a 
three-under par 69. (Reuters) 

• Scott Hoch and Payne Stewart 
shot 6- under-par 65s to share the 
lead in the first round of the Nissan 
Open in Los Angeles. Tiger Woods 
hit a 70 but refused to talk to the 
press afterward, because, be said, 
he was not one of the leaders. (API 

Doping Expert Attacked 

A doping control expert at the 
Russian Olympic Committee lost 
an eye when he was severely beaten 
up in an attack his colleagues said 
could be linked to his anti-drugs 
work. Yuri Vdovin has partial am- 
nesia after the incident on a Mos- 
cow street in February. Colleagues 
said Vdovin had doping samples 
with him when he was attacked. 

Padres Win Pitcher 

baseball Japanese pitcher 
Hideki Irabu must take his 1 00 mph 
fastball to San Diego, major league 
baseball's executive council ruled. 
Irabu has repeatedly said he wants 
to play only for the New York. Yan- 
kees. But the council said he was 
bound by a deal between the Padres 
and Chiba Lotte Marines, Irabu's 
Japanese club. George Stein bren- 
ner, the Yankees’ owner, said Fri- 
day that his club would file a griev- 
ance. (AP, AFP ) 

Ivanisevic Fights Back 

tennis Goran Ivanisevic fought 
back from 4-1 down in the final set 
to beat Daniel Vacek of the Czech 
Republic, 6-3, 6-7 (2-7). 6-4, in the 
quarterfinals of the $815,000 Itali- 
an Indoor event in Milan on Fri- 
day. 

Ivanisevic, the only seed left in 
the tournament, will play David 
Prinosil of Germany in the semi- 
finals. Prinosil beat Petr Korda of 
the Czech Republic. 4-6, 7-6 (7-3), 
6-3. 

• Pete Sampras held off 
Sweden's Jonas Bjorkman, 7-5, 7-6 
(7-2), to move into the quarterfinals 
of the Advanta Championships in 
Philadelphia, but Jim Courier, the 
second-seed and defending cham- 

8 ion, lost to the South African 
irant Stafford, 6-3, 5-7, 6-2.(APJ 



George WtabntuTte Anodued Pneu 

Jim Courier serving to Grant 
Stafford, who won the match. 


‘It’s A War , 9 
Says Skater 
Who Fell 


H! 


By Robin Finn 

New York Times Service 

' AMILTON, Ontario — At stake 
is an obscure title, a tidy $50,000 
.prize, and Micbelle Kwan’s 
damaged reputation. Repairs on that last 
but definitely not least component of 
this champions -only weekend skatefest 
are already under way. 

Kwan became figure skating's fallen 
woman two weeks ago in Nashville 
when she surrendered her U.S. national 
title, with a resounding thud, to the 14- 
year-old Tara Lipinski. 

Usually meticulous, and occasionally 
flawless, Kwan had stumbled through 
her long program with all the navig- 
ational skills of "a chicken with its head 
cut off." At least that is how Kwan, 
practicing hard here to defend her 
Champions Series title from usurpers 
like Lipinski. described the Nashville 
debacle in retrospect. 

"I kind of went loony at the nationals, 
and that's the worst thin g you can do,” 
said Kwan. 

In Nashville, a botched landing on her 
triple toe, double toe combination. .a 
maneuver that had not proved traumatic 
for her before, was the precursor of three 
more mistakes. On her triple flip, she 
touched a hand to the ice. On her triple 
loop, her backside made full ice contact: 
she says she has die braise to prove it. 

Then, paranoid that her jumping 
prowess had vanished, she downgraded 
her triple lutz to a timid double. 

“If that scared chicken happens 
again, she's going to be chicken soup,” 
warned Kwan’s coach, Frank CarrolL 

“Losing to Tara isn't a nuclear blast; 
it's life, it's sport.” Carroll said. 
“Michelle's not always going to be 
perfect, she's not die queen of May, 
she's not wearing a crown like some 
Venus de Milo.” 

On Thursday, Kwan showed up post- 
practice at Copps Arena wearing a so- 
phisticated Versace-designed black 
variation on a catsuit theme, typical fare 
for a fashion-wise millionaire with the 
silhouette of a whippet 

But strapped to her back like a pa- 
poose was an unsophisticated backpack 
she calls Mr. Bear — a little indication 
that Kwan, a 16-year-old who studies 
with tutors and dreams of a college 
diploma, is not all glitter, eyeliner, and 
spun! sequences. Actually, she is plenty 

giggly- 



England and France 
Head for Showdown 


By Ian Thomsen 

fndnuriaiul Herald Tribune 


-a**]/. 



Phil de Gian ville, who has replaced Will 
Carling as captain. . . ; 

Rowell has been widely criticize*, 

LONDON — The high-scoring trend since England’s clobbering by New 
of the Five Nations rugby championship Zealand in the World Cup 

- - followed immediately by Jtsftrst loss to 

France in seven years — yet be is now 
favored to win his third straight Five 
Nations tide and second Grand Slam. 

The French claim to be no longer 
worried after winning their last two meet' 
ings with England, including the 15-12 
penalty -kicking due! in' Pans last year 
that was decided in die last minute. 

“In die old days, we became too 
wound up, thought too much about the 
match,” said Philippe Sella, the Lon- 
don-based Frenchman whose world-re- 
cord 110 Tests include France’s last 
victory at Twickenham, in 1987. “We 
had an inferiority complex." 

This week the scrum-half Philippe 
Carbonoeau and Olivier Merle, the mon- . 
strous second-row forward, have ex*, 
pressed their loathing for the English. 
Sella predicted that France would not 


this year might be strangled when 
France tries to win Saturday at Eng- 
land's hallowed Twickenham for the 
first time in a decade. 

France (2-0) and England (2-0) are 
the only unbeaten teams, and at this lam 
stage in the tournament each side will 

Five Nations ttnoav 

probably be more uptight and less out- 
going than in recent weeks. 

Of England’s last nine victories over 
France at Twickenham, seven have 
been by fewer titan five points. More of 
tiie same is to be expected with a tour- 
nament Grand Slam at stake. 

“It is vital we play with control right 
from the start," said Jack Rowell, the 
English coach. ‘‘The French have very 
good fluency, and if we allow (hem to 
exhibit it, they can be frightening. We 
have to fence them in with our defensive 
play.” 

The French, as always, are concerned 
about the English pack of forwards. This 
despite the new threat of England’s 
backs, affirmed by 10 tries in its first 
two matches. 

The English need just 32 points from 
the re maining two games to break the 
Five Nations record for scoring. 

England has brought in 10 new play- 
ers since the 1 995 World Cup. including 


be psyched out 

“One or two players might still talk 
about the arrogant English, but we're 
not really that wound up," he said. 

France, which has scored eight tries, 
surprisingly named the fast oj>en-side 
flanker Olivier Magne among its four 
changes for Twickenham. Magne, a 23- 
year-old who plays for Dax, won his first 
cap as a substitute in France's 27-22 
victory at Wales two weeks ago. Eng- 
land is enjoying the luxury of fielding 
tiie same team for a third straight game. 


I*niil niinitwirThr ftrnirirril T~ini 

Michelle Kwan going through her routine in a practice session in Hamilton. 


Kwan was all business about this 
Olympic-style competition, the end of a 
season-long series of events staged in 
the United States, Canada, Europe, Ja- 
pan and the Soviet Union. Not only is 
this a perfect place for some damage 
control, it is tiie perfect lime to practice 
the art of defending a title before next 
month's world championships in 
Lausanne, Switzerland. 

“1 want to show everybody that I’ve 
still got it," Kwan said. * ‘This is a fight, 
it’s a war.” 

Lipi 

terviews nearby Kv 
mg glance in the youngster's direction 


As the tiny lipinski conducted in- 
Lwan cast an apprais- 


wben asked if they had become 
friends. 

“We’re not enemies." Kwan said 
with a smile that closed the topic. 

Carroll said that Kwan is not con- 
centrating on outdoing her rivals or re- 
taining titles or pleasing her entourage. 

“We're talking about Michelle Kwan 
skating the best she can for herself, not 
for mommy or daddy or Frankie,” he 
said. “Forget the nationals, the worlds, 
whatever." 

“I have to chase myself, I guess,” 
said Kwan. “Maybe I expected too 
much of myself at Nashville, and maybe 
I gave myself no options." 


South Africa’s Tail-Enders Fight Back 


Reuters 

JOHANNESBURG — South 
Africa’s late -order batsmen added 
107 runs for the last two wickets to 
allow the home team to reach 302 runs 
all out on tiie first day of the first test 
against Australia 

Dave Richardson, the wicketkeep- 
er, made 72 not out Earlier, captain 
Hansie Cronje had made 76 to begin a 
comeback after his team had lost its 
first five wickets for 1 15 runs. 

Glenn McGrath, an Australian fast 
bowler, lived opto his statistical rank- 
ing as the No. 1 bowler in the world 
wife a devastating burst of three wick- 
os for 10 runs in the morning session. 


McGrath exploited overcast con- 
ditions to dismiss Andrew Hudson for 
0, Gary Kirsten for 9 and Jacques 
Kallis for 6. South Africa had lost 
three of its best batsmen for just 25 
runs. McGrath returned after lunch to 
dismiss Daiyll Cullman for 27. 

Shane Warae removed Cronje with 
the help of a brilliant catch by Mark 
Waugh to reduce South Africa to 1 95 
for eight. Then Richardson hit 72 
from just 87 balls with 10 fours and a 
six. He was supported by pace bowler 
Allan Donald, who made 2 1 . and spin 
bowler Paul Adams who scored 1 5 
before he fell to Warae to end the 
day's play. 


Russian Wins Nagano Downhill 
Amid Complaints and Disputes 


Scoreboard 


GmpSrd by Our Staff From Dupatdia 

HAKUBA, Japan — Varvara Zelen- 
skaya won her second World Cup 
downhill in a month on Friday on the 
course that will be used for next year's 
Nagano Olympics. 

Afterward, skiers complained that the 
course resembled a super-G piste while 
ski officials argued with the organizers 
over the scheduling of a second race. 

Zelenskaya, a Russian, sped down the 
bumpy, hard-packed 2,656-meter track in 
one minute 35.59 seconds to collect her 
third World Cup downhill victory. 

Hilary Lindb of the United States was 
second in 1:36.01. 

Carole Montillet of France was a sur- 
prise third, 0.02 seconds further back. 

Zelenskaya and other skiers said the 
course setters had not taken full ad- 
vantage of Mount Happoone in laying 
out the 34 gates. 

“It’s a really good hill that’s wide 
enough for downhill,’ ' she said 

“I think they could set the course 


wider to make it more like a downhill. If 
it had fewer turns, it would be more 
interesting to watch and better for 
downhill specialists." 

A second downhill is scheduled to be 
held on Saturday, but an approaching 
cold front is expected to bring rain, high 
winds and snow. 

The race jury urged the organizers to 
bring the second race forward to Friday 
but they refused because of sponsorship 
commitments and because fans had 
bought tickets for Saturday's race. 

■ Daehiie Wins 3d Gold 

The Norwegian team led from the 
start to win the men's relay ax rhe Nordic 
World championships by 2 minutes 
11.2 seconds, Reuters reported from 
Trondheim. 

Finland finished second with Italy 
third. 

Bjorn Daehiie, who raced the third 
leg for Norway, won his third gold 
medal of the championships. 


Exhibition Baseball 

IMUMriWUHl 

Atlanta 1 Georgia Tech 0 

Baltimore 1Z Minnesota 4 

San Diego 4, Seattle 1. 6'h innings, ndn 

Brigham YDung vs. Anohetai of Tempe, Artz, 

PfxLraln 

ilHUiltiUlB 

NBA Stamm nos 


OB. 



Montreal 

33 29 T1 

57 

195 

222 

Ottawa 

20 28 13 

53 

173 

183 

Boston 

21 33 8 

50 

179 

219 

WOT— COHPlttlltCl 



CENTRAL DtVIGION 




W L T 

PIS 

GP 

GA 

Dallas 

38 22 4 

80 

196 

155 

Detroit 

30 19 12 

72 

195 

144 

SL Louts 

28 29 8 

64 

192 

199 

Phoenix 

28 31 4 

60 

181 

197 

Chicago 

25 29 9 

59 

166 

163 

Taranto 

23 37 2 

48 

181 

219 


Mcme DWtSIQN 




w L T 

Pis 

GF 

GA 

Colorado 

38 16 B 

84 

209 

150 

Edmonton 

29 28 7 

65 

199 

193 

Vancouver 

28 32 2 

58 

201 

213 

Anaheim 

25 30 7 

57 

179 

187 

Cdgmy 

25 31 7 

57 

169 

186 

Lh Angeles 

23 33 8 

54 

172 

210 

San Jose 

21 33 7 

49 

157 

204 

THURSDAY'S nsaus 


Tampa Bay 


0 

1 ' 

1-2 

Boston 


3 

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Chicago 

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Atlanta 

Charlotte 

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Indiana 

Milwaukee 

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11 

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Portland 

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453 

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5- 6 24. Rebounds — Lw Angeles 44 (Jonas 81. 
Washington 47 (Howard 12). Assists— LA 22 

. (Van E«9 IB, W. 25 (Strickland B1. 

; Chicago 14 18 20 18— 70 

i Cleveland 21 20 21 11— 73 

C Jordan 7-25 9-9 23, Rodman 6- It 4416, 
C Brandon 9-20 5-5 21 Phffls 5-14 (Ml 13. 
Kcbeands— Chicago 57 (Rodman 16). Owe- 
land 40 iFeny. PhUb 71. Assists— Chicago 12 
(30101014), Ctowtand 19 (Brandon. Sum 5). 
MUmnaiD 23 n 13 M 7 8-1® 

Danas 22 17 33 20 7 6-105 

M: Garnett ?- 15 5-6 23. GugOotta 10-23 2-3 
Tb ft Strickland 8-14 6-7 2L Finley 7-20 >3 
20. Rebounds— Minnesota 50 (Garnett 9). 
Dallas 70 (Green 17). Assisfe-MInnesofa 25 
(Martjwr 7), Dallas 23 iFbitey. Reeves 6). 
Chartatte 30 25 22 19—106 

Houston 33 26 19 17- « 

C: Rice 10-173-3 24, Curry 6-11 2-217.-H: EBe 

6- 11 8-8 231 Ofotuwan 9-21 48 22. 
Retaunds— CtarUte 39 (Woe. Masoa Dhrae. 
Geiger 5), Houston 55 (Berkley 13). 
Assists— Orartotto 27 (Bogues ID- Houston 
a (Bander 7). 

Toronto 27 23 28 36-114 

Utah 36 29 28 25—118 

T: WWtami 10-T9 -9 32, Rogers 8-10 2-4 
19, U: Mo lone 13-24 6-7 32, Stockton 7-9 3-4 
19. Rebounds— Toronto 52 (Rogers. JonesS), 
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W 

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PhBadetphta 

36 

17 

9 

81 

206 

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New Jersey 

31 

18 

12 

74 

165 

143 

Florida 

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19 

15 

73 

17S 

147 

N.Y. Pangen 

to 

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204 

176 

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24 

30 

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55 

170 

191 

Washington 

74 

» 

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157 

172 

N.Y. Islanders 

20 

31 

10 

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165 

183 

NORTHEAST DIVISION 




W 

L 

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GF 

GA 

Buffalo 

37 

20 10 

74 

181 

155 

Pittsburgh 

31 

25 

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67 

217 

199 

Hartford 

24 

29 

9 

57 

174 

192 


1st Period: B-Moger 8 (State) Z B-. 
Bourque 13 (Oates, MaBette) 1 B-Odgea 7 
(Myrvotd) (pp). 2nd Period: T-Umgkaw 13 
(PouBa Wienwrt & B-Stampct 14 (Roy) 3rd 
Period: T -Grattan 21 (Andsram. Zamuneri- 
7. B-DiMoto 13 (Bourque. Dates) Mi). & B- 
Danata 24 (Oates) Shots on goat T- 11-11- 
11-31 B- 13-11-6-30. Gardes T-Tabmocd, 
Schwab. B-RnrrtORt TaBas 
Buffalo 0 T 8-1 

New Jersey 1 0 3—4 

Fkst Period: NJ.-MacLean in ipenatty 
shat) Second Period; B-Wort 10 (WBm 
HoMngert TIM Period: NJ.-EHett 5 
(Pederson, Ntedemwyeri (pp). 4 Nj^-Guerin 
71 (Hoflk) £ NJ.-, Gftnour 17 (Chambers, 
Thomas) (enj- Stalls on goat B- 8-5-8-21. 
NJ.- 14-11-13— 38. GordtaK B-Hosek. NJ.- 
Bredeur. 

St Lords 0 8 2 «-2 

Florida 8 18 1—3 

First Period: None. Second Period: F- 
StaiNland 5 (Warrene& -I -HuiQZF- Sheppard 

21 (Meftmby, GJAorphyl (pp). TIM Period: 

S-L-PrangUrd (Petroridry, Kravchuk) 4 S.L- 
B.Hurt 38 (Madnids) Overitair 5, F- 
Nledermayer 10 (Guslofesorv SveMal Starts 
as goat: 5.i_- 11-7-8-2—28. F- 4- 10-5-1—20. 
Goalies: SJ_-Fuhr, F-Vtmblesbroudc. 
Pittsburgh 1 8 8—1 

Detroit 2 T 1— 4 

1st Period: D-Konstaitfnm 5 lUitonort Z 
P- Johnson 9 (Volt, KastxmrtMs) 1 D-, 
Fedorov 34 (Konstantinov. Sandstromj (pp). 
2d Period: D-Udstram 11 (Shanahan, Larion- 
ov) (pp)- 3rd Period; D-Lortono* 9 (Shanahan. 
Wart) Shots an goat: P- 10-13-7-30. D-16-12- 
11-39. Goales: P-Wreggd. D- Vernon 
Dallas I 3 2-6 

Cotarada 1 1 8—2 

First Period: D-Brotcn S Dfeitieek. Hoard) 

Z e-Hod ID (Deadmoslb Ozodnsitj (pp). 
Second Period: D- tutor 12 (ftialen, Huacdl 4. 
D-Sydor 5 (Langenbrunner, NtauwendyW 5, 
C-, Lacroix 18 (Corbel Fooie) 6. D-Modano27 
(Sydor, Ntewendyk) (pp). TIM Period: D- 
Meowendi* 25 (Vtabeefc. Syttorl (pp). a D- 
Cartameou -i Shots ea goot: D- 11-16-4— 23, 
C- 10-1O-8—2S. Coates: D-Moog. C-Roy. 
Pftoento 8 8 2—2 

lAmcoonrer 2 4 0-6 

1st Period: V-Gelnas 20 (Lummc Burel 
(pp). Z V-Geflnas 21 (CourtnalO 2nd Period: 
V-Lumme 10 (Cowman. ftoHIn) A V-Getaios 

22 ILkimn Linden) 5, V-, GeRnas 23 
(Courtnatt. Linden) 6. V-Courlnal 9 (Gellnos. 
Linden) 3rd Perio d: Phoenix. Romtog 16. a 
Phoentx. McKenzie 5 (Janner.RoenldO Shots 
an goal: Plumb 11-8-1*— 31 V- 4-9-4— 17. 
Goodes: Phoenix. Khabibudn. Duffus. V- 
McLcon. 

EdtoOntea I 8 2—3 

UKdagefes 2 3 1—6 

fW Period: LAJChrisikh 14 

(Yodimenev. Boucher) 2, LA.-KhrtsHch 15 
(TsyphAM) a E-. Grier 9 (McAmmomn 
Second Period: la. J.Vopol ■> (Yoctonenev. 
Khrtsdcni 5. LA.-Ok3rA 20 (ShcvoBorj & 
LA... Bylsmo 3 (Shevaller. Boucher) Third 
Period: E-KoralerAo 38 (Marchani) & Los 
Angefes. Tsyptaxav 15 ( V nctonenev. J.Vooall 
(ppl. 9, E-ltava lento 29 (WMghL Amort) 
(ppl Shots an eoafc £- 10-1*8—32. LA,- 15- 
10-3-38. Contes: E^ssensa. LJL-Fiset. 


QUAftTEWMAU, 1ST LEO 
Los Pal mas 0 Espanym 0 
Racing Santander 1 Celta Vigo 2 

P WIU C UP 

FWDAV, M KUALA LAMPUIt 
SEMIFINALS 
China 1 Zimbabwe 1 
Malaysia a Basnio-Henegavlna 1 
On Sunday Chino plays Bosnlo-H«Regavlna 


WOtUN'S DOWMMILA 

FRIDAY, H HAKUBA. JAPAN 
1, Warwara Zetensturja, Rassia, 13539. 

Z Hflaiy Undh, United States. 13631. 

3. Carole ManUUeL France. 136JEL 

4, PemMa Wtoerg, Sweden VMM. 

& Kat)o Selzfnger, Germany, 136-31. 

6, Hehfl Zurtatggea Swnzertand, 13636. 

7, Renata GoetoctiL Austria, 

8, Florence Matoada France. 13639. 

9, UoUe tanner, Italy. T 363a 

10, Alexandra Metssnltzer, Austria, 1 3632. 

o*w« f 1. PamTOa Wtoerg, 

T-475 points. 2 Katta SeWnger. 99a 1 HDde 
Gerg. Germony- B34. a Deborah Compagnort. 
Italy, 7B7, 5. Ante Wbchtar. Austria 654 lie 
Heidi Zwbrtggen, 654 7. Isolde KoAnv 63A 8. 
Warworn ZetotAoto, *849. Renata GoetsdiL 
483, 14 Mvltno Ertl Germony, 451. 


TENNIS 


FRrtMT, H WLAN, QUMtTEJtfWALS 
David Prinosil Germany, del. Petr Korda 
Ctech Republic 4-6 7-6 (7-3) 6-3. 

Goron Nanteeric m, Craatta. del. Daniel 
voce*. Czech Republic 6-3 6-7 (2-7) 6-4. 


TRANSITIONS 


MAJOR LEAGUE BASEBALL 
AMERICAN LEAGUE 

anaheim— A greed 10 terms with RHP Jo- 
son Didcson ond C Todd Greene. 

Baltimore— A greed to terms vrttfi RHP 
ArcMe Cartbln. RHP Jute Marena RHP Fran- 
cisco SaneauJt LHP Rich Krtvda OF Wbdy 
Almonte. INF Juan Bautista and INF Scon 
McCtaJnofl l-yeorcufirrads. 

Kansas cmr-Agreed to temts wBh 2B Jed 
Hansen. 2B Sergio Nunez and RHP Bilan 
BeriL 

Milwaukee- Agreed to tarns wffti RHP 
Steve Sparks. INF Antane WTUtamsoa OF 
Todd Dun n and INF Brian Banks on one-year 
confrocts. 

Tommy— Agreed to terms «tm OF Short- 
non StowarL C Julta Mosquera. RHP Joe 
Young and RHP Ketvhn Escobar on 1-yeor 
contracts. 

HATIOHAL LEAGUE 

atlaitta— A greed la terms with LHP Ter- 
refl Wade. RHP Paul Byrd and OF Jerma in e 
Dye to irixwr aorrirnets. 

aucAGO-Agreed 10 terms with RHP Terry 
Adorns. OF Brooks Klexnnick. OF Doug 
GtanvOe RHP Amaury Tetemaca OF-18 
Brant Brown, OF RoUn Jennings. C Mike 
Hubbard, OF Pedro Valdes. RHP Jereml 
GanzaHa. RHP Marc PIsckAtn and inf 
MJ guOl Cairo on I -year contracts. 

aNPHHATt— Agreed to terms with OF 
Steve Gibraltar on 1-year contract. 

los AMocLEs— Agreed to terms with RHP 
Chan Ho Pork an 1 -year contract 
NEW YORK mets— S igned RHP Toby Bor- 
land to 1 -yew contract 
SAN Fnancbo)— R e-signed RHP Wlfflam 
VonlondtoBham. LHP ntk Rueterand LHP 
Doug Creek to 1 -year contracts. 


CRICKET 


FNtSY TEST. 1-DAY 
SOUTH AFRICA VS. AUSTHALU 
FWOAV. H JOHAtINEBSUnC 
South Alricn Innings.- 302 an out. 


HMTIOMU. HOCKEY LEAGUE 
nhl— Pined Vancouver Canucks F Donald 
Brasheor SIJWO and suspended Mm tour 
games ifar punching Los Angelas Kings C Ian 
Lanentoe in a Feb. 22 game. 

_ nmONjo-Tradcd C Doug Gtonour. D 
Dave EDett and a 1999 ihlrd-round draft 

choke to tee New jersey Devfls lor DJcson 
CoSUy F SleW Su ® von "Mi C Atyn me- 


The Week Ahea 


Saturday, March 1 

Mmm TTOKtheim, Norway - FIS, world 
««rtte SklClampionshlps.ta Ntarcn 3. 

TENNt& Various sites — women. Fed Cup. 


World Group 1 flnt round: UA. or Nrther- 
lands Czech Repub Beat Germany: France at 
Japan; Spain at Belgium. Wbnd Group Z test 
round: Austria at Ooaffa; SwfTaerfand or 5k>- 
vokks Aigenflna ot Korea: Aushala 01 South 
Africa to March Z 

golf, GoW Coast Australia — women, 

UJt. LPGA, Alpine Australian Lades Mo- 
snr>tDMan3i2i Dubai, UAE.— European 
PGA. Dubai Desert Ctassto to Match Z 

PodflcPrWsode&CcdHamio— gait men, ,? 
U3.PGATour,NVs-kanOpervtoNterGn2. *v 
cricket. Johannesburg, South Africa — 
ICC South Africa vs. Australia, flrst task to 
March 4; Aoctaand, New Zealand — ono- 
day tota l u u lt u nol. New Zealand vs. England. 

ATHLGTK& Atlanta — USA MobH Indoor 
Champtonshlps, Atlanta, to March Z 
FH»AE SKATING. Homftofe Canada — 

I5U, Champions Sarto Final, to March Z 
EKHN6 Nagana Japan — womea R5. 
Alpine world Cun downhnt KvW*eiL Norway 

— men, FIS. Alpine Worid Cup, downha. 

AllTO RAatKL Kenya — FIA. Sotari Rally. 

to March Z 

RUG8T UNK»L Various sites — IRB, Fhre 
Nations, England vs. Fiance.- Scotland vs. 
Iretondj mow shes — Super 1Z Queens- 
land vs. ACT. Northern Transvaal vs. 

Auckland 

SOCCER. Honiara, Solomon Islands — 

FIFA. 0FC Worid Cup quaMytag. Oceania, 
hrst-round ptayoff, second leg. Sotomon 
Islands vs. Tonga. 

Sunday, March 2 

SKIING. KvWWL Norway — men, FIS. 

Alpine World Cup, super-giant slalom. • 
SOCCER. Various sites - FIFA. World Cup 
qualifying, Mexico vs. Canada- Jamaica vs. 
United States; Tltataid vs. Soulh Korea. T 
RUGBY UNION, Bloemfontein. South Africa 

— Super 1Z Free State vs. Transvaal. 

Monday, Mahch 3 

biathlon. Nagana Japan — uimpb. 

World Cup Btathtaa Ito March 9). 

tennis. Mexico dry — men. ATP Tour, 
Merten Open (to March 9): Rotterdam — 
men, ATP Tour. ABN/AMRO World (lo 
March 9) : Scottsdale. Arizona — men. ATP 
Tour. FrarKfci Templeton cup (to March 91 ; 
Indian Wells. CoStomta — women. WTA 
Tour. Evert Cup Ito March 9). 

Olympics. Lousorme. Switzerland — IOC 
Executive Board meeting, to March 5. 

Tuesday, March 4 

CRICKET. WeSi iylon. New Zealand — one- 
day miemoftonot New Zealand ra. England 
soccer. Various sites — UEFA Cup auar- 
terfinals, Hist lee: Newcasrte United w. AS 
Manaca Tenerife vs. Brandby IF. SchalkeOe 

vs. Valencia: AnderieeM vs. inter- Milan. 

Wednesday, March S 

soccer. Various dies - European 
Champions League quarterfinals, first leg: 
Borusski Dortmund vs. Amene Ajax vs. 
AHefico Madrid,' Manchester United vs. Fc 
Pottos Rosenborg vs. Juventus. 

Thuhspay, MahcwS i 

OLYMPICS. Lausanne, Switzerland — 
selection of Bnaflsts for 2004 Summer 
Olympics to Match 7. 

BaskETBALL Various sites — Men's 
EuraLeogue ettmtoalton round, first leg. 

gola. Rabat Morocco — mea Pca 

European Tour, Moro c o on Open, to March t. 
cricket, Klngstaa Jamaica — icc West 

Indies vs. India, fitw test, to March io. 

skiing, Manunath Maunlalr. CaiUomlo — 
women. FIS. Alpine Worid Cup. Miper-p 
state m. la ywarcti 7. 

cou. Miami - men. U.S. PCA Tour. 

Doral- Ryder Open, to Moreti 9. 

soccer. Various sites — European Cup 
Winners - Cup. quarterfinals, first leg; 

Benefits vs. FtaretiRna: Pans Saint 
Germain vs. AEK Athens,- SK Brartn Bergen 
vs. UverpoaL- FC Banoetono vs. AIK 
Stockholm. 

Friday, March 7 

athletics. Paris France — iaaf. World 
Indoor ChampkntsMp& »> Match 9. 

cricket. Hampton. New Zealand — ICC 
Now Zealand vs. Sri Lanka, fltsl tesi. to 
March ||. 

colp. Shimafto. Japan —women. Japan 
LPGJC Dalkin OKhM. to March 9. 

Rugby union. Bloemfontein. South Africa 
— Super 1Z Free Slate vs. Auddand; Chrtst- 
cnurcti. New Zetond — Super 1Z Canterbury 

•s. WeflHgton. 

SOCCER. Various Sites — African Cham. 

Ptans Cira first round, first legs, to Match 9. 















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SPORTS 


Carefree Days , and a Hint of Spring Training in the Air 


, Rhcxia Wuc/Agoxc Ftsou-Pt»« 

Cal Ripken tracking a foul ball in 
his first at-bat of Grapefruit play. 


Washington Post Service 

F ort Lauderdale. Florida — Baseball 

here isn’t a game yet. just a mood and a 
warm breeze on your cheek. It is like hitring 
the lottery, but not for money. Spring training is a 
peace-of-mind sweepstakes that you win just by 
turning off Route 95 onto Commercial Boulevard, 
then parking at Fort Lauderdale Stadium. As in 
any self-respecting heaven, admission to watch 
the Baltimore Orioles practice has been free for 
the past couple of weeks. 

Grapefruit League games started Thursday. But 
they were almost entirely populated by minor 
leaguers. For the big leaguers, baseball is still 
mostly long toss, cut-off drills and wind sprints 
from foul pole to foul pole. A little batting practice 
— no tougher than those 20-balIs-for-a-dollar 
machines beside the highway — constitutes heavy 
lifting. 

Even intrasquad games are makeshift things. 
“We’ll play seven, maybe eight innings,” said 
Davey Johnson, the Baltimore manager, before 
Wednesday’s skirmish between unknowns. 
“We'll see how it goes.” 

No use being too specific or uptight. The long 
season is a kind of heU and Opening Day will come 
soon enough. For now, why even play all nine 
innings? 

Eveiy morning the grandstand starts to fill 
before lO.There is absolutely nothing to see. 

Vet the fans gather and watch the empty field 
for more than an hour. They sit in little groups, 
chatting, eating a fast-food breakfast, feet up on 
the seats in front of them. There is not even a 
grounds crew to chalk the foul lines. Y et hundreds 
— of all ages, all types — sit and bask. 


Vantage Point/ Thomas Boswell 


Yes. it is starting again — that mixture of 
baseball and spring and a rejuvenated spirit as 
clean as an 0-0 record. 

In the distance beyond the left-field fence, the 
fans can barely glimpse the Orioles. They are 
warming up in privacy on the Back Field, one of 
baseball's inner sanctums. Perhaps no other field 
in the game is so isolated. The diamond is en- 
circled on three sides by wails of 25-foot (8- 
meter) evergreens, sei shoulder-lo-shoulder and 
impossible to see through — an almost perfect 
silo of impenetrable green boughs. A tank would 
have a hard time crashing through dial 
hedgerow. 

No wonder glamorous players — from Reggie 
Jackson and Thurman Munson when the Yankees 
trained here for decades to the Orioles’ current 
crop of superstars — feel so comfortable here. It is 
a venue worthy of a S45 million payroll. The air is 
full of conversations — conducted almost at a yell 
— that you would never hear at Camden Yards, 
the Orioles' stadium in Baltimore. 

Cal Ripken Jr. sneaks up behind Brady An- 
derson and disconnects a remote microphone that 
the outfielder is wearing on his bell to tape some 
promos for the team. Anderson and the television 
crew are befuddled by the audio problems. Ripken 
spreads the joke. 

”lf my mike is dead, can L start swearing 
again?” yells Anderson, who promptly does so. 
not realizing that Ripken, standing behind him. 
has turned his mike back on. 

Practicing bunt defense matters on the Back 


Field, but so do other things. Like telling stories. 
The Orioles’ coaching staff buddies to discuss the 
day' s plans. Suddenly, they break up laughing and 
stan high-fiving each other. 

“We've got a lot of old Orioles around here," 
said Ray Miller, the pitching coach. “So the Rick 
Dempsey stories are starring again.” 

T HE ORIOLES would love to have more 
Dempsey-style fire and spirit on their laid- 
back team. By telling old tales, maybe they 
can set a tone. 

For example , the catcher would frequently go to 
the mound to inspire, berate or educate pitchers. 
About twice a game, he would be so deep into his 
own pep talk he would forger to pull down his 
mask when he returned behind borne plate. 

As the next pitch came to the plate, the Orioles’ 
bench would scream, “Rick! Rick!" A split 
second before the ball arrived, Dempsey would 
realize his peril, flip down the mask with one hand 
and catch the ball with the other. 

“You have to love a guy who’s so deep into the 
game he doesn’t know his face mask is up.' ' Miller 
said. “Somehow, he never took a foul tip in the 
teeth.” 

Coach John Stearns stands on second base on 
the Back Field as Rafael Palmeiro practices 
double plays. 

“How’s that?” crows Palmeiro after a throw 
right over the bag at second. 

“Perfect." says Steams. 

Time after time, the second baseman's throws 


are belt high, over the center of the base. 

“Right on the bag,*’ beams the player who 
batted in 142 runs last summer, proudly polishing 
his defense. 

By April 1, the Orioles will start to know 
whether they have gained more in defense, speed 
and offensive versatility than they lost in power in 
the off-season and how their pitching rotation will 
shape up. 

For now, they question nothing. They think they 
look marvelous. 

Johnson raves about having 15 quality pitchers 
for just 12 or 13 spots and brags that half the staff 
on his second-level minor league team is on the 
verge of winning in the majors. 

“Maybe I should say all our young pitchers 
stink so' Arizona and Tampa Bay won't take them 
in the expansion draft after this season," he says, 
getting somber. 

“In fact, they’re starting to look like a bunch of 
donkeys." 

What a difference a few personnel switches and 
an offseason of rest can do for morale. “All the 
problems we had in this clubhouse last season 
seem to be gone,” one veteran says. 

Well, maybe. If you don 't count rel iever Randy 
Myers, whose motto could be “I'm different, 
therefore I am. " Myers arrived 1 1 days after other 
pitchers. 

“It's tike the old Oriole days," Miller said. 
“Eveiy body is a pretty good person. That makes 
the work a lot more like fun.” 

So it seems. But then, at the start of spring 
training, the work is always close to joy and the 
biggest jerk on the team looks like a potential 
brother in arms. 


Cavs’ Swarming Defense 
Tames Jordan and Bulls 


* r. i 


The Associated press 

Michael Jordan missed a game-tying 
3-poinl attempt near the end of the 
game, and the Chicago Bulls lost to the 
Cleveland Cavaliers for the first time in 
two years. 73-70. 

“It was a busted play and 1 tried to get 
a good fee! for the baJL but couldn’t," 
said Jordan. “It just was an off night for 
’•is." 

...... The sellout crowd in Cleveland 

waited until the last few seconds to get 

~ NBA Roundup 

? 

up and cheer, having seen Jordan ruin 
’ too many of their seasons to take any- 
■ thing for granted. Jordan's career high 
* ' 1 of 69 points in a game came against toe 

Cavs in 1990. He and die Bulls also 
knocked Cleveland out of die playoffs 
in 1988, ’89, ’92, ’93 and '94. 

“It wouldn't have been justifiable if I 
had made that shot with the way that we 
- :c - played,” said Jordan, who was booed by 

about half the fans during introductions, 

asts the custom in Cleveland." 

"> r The defeat left the Bulls with a 49-7 
record, one game behind their pace last 
year when they finished at72-10, the best 
tegular-season record in NBA history. 

Dennis Rodman wasn't too con- 

cemedabout Chicago’s first loss since 
Feb. 5. “So we lost one, so?" Rodman 
? V r . said. “Now we have to try to get back on 

\ ^ l t track. I think we have the ability to do 

' * that, don't you?" 

'i Cleveland, the NBA’s top-rated de- 
fensive team, held the Bulls to season 
lows in points and field-goal percentage. 
The Bulls made 25 of 76 shots from the 
field for a 329 average, eclipsing then- 
previous season low of 337 against In- 
diana hr December. 

It was a big game for the rookie Vitali 
Potapenko, whom the Cavs’ president, 
Wayne Embry, recently refused to trade 


IrniZai 


to the New Jersey Nets for Jim Jackson. 

Potapenko, the 1 1th pick in last sum- 
mer's NBA draft, played his best game 
of the season, scoring eight of his 12 
points in the fourth quarter. 

“He was the X-factor,“ said the 
Bulls' coach, Phil Jackson. 

Lakors 1 22, Bultota 1 07 Elden Camp- 
bell scored 38 points, and Nick Van 
Exel added 31 points and 12 assists as 
the visiting Lakers beat the Bullets. The 
Lakers improved to 3-4 without Sha- 
qiriUe O'Neal, who is out with a hy- 
perextended left knee. 

Homcrta 106 , Rockets 95 Glen Rice 
scored 12 of bis 24 points in the third 

r riser, and Charlotte beat Houston for 
first time at The Summit. 

Jan 11®, Raptors 114 Karl Malone 
scored 32 points, including eight 
straight in the final 2:42. to help the Jazz 
beat the visiting Raptors. 

Thnborwolvos 107, Mavericks 105 At 

Dallas, Tom Gugliotta’s 17-foot jumper 
with 2.6 seconds left in the second over- 
time period gave the Timberwolves a 
vtetoiy^ — • 



Oh, Baby! MacLean Makes 
Memorable Goal for Devils 


Mart Uinfan/Hir Awcotol 1W 

The Bulls’ Scoftie Pippen driving past Chris Mills of the Cavaliers. 


Freshman Steals Spotlight From Duke Seniors 


The Associated Press 

Duke honored its seniors at its last home game of die 
season while offering a glimpse of the future 
Jeff Capet a senior, sewed 18 points and Mike Chappell, 
a freshman, scored 10 in die second half as No. 7 Duke beat 
No. 16 Maryland, 8 1-69, Thursday night. The victory assured 


Duke (23-6. 12-3) of at least a tie for the top seed in next 
week’s Atlantic Coast Conference tournamenL 

The Blue Devils led the Terrapins ('20-8, 9-6), 55-54, 
before Cape! hit a 3-pointer and Chappell added five 
straight points. Chappell said he had not intended to draw so 


much attention on the seniors night- He had scored only 27 
points in his previous 14 games for Duke. 

"I can't really explain what happened in that half," 
Chappell said. “I just kind of lost myself in the game." 

Mo. 9 Cincinnati 80 , Marquette 74 The Bearcats (24-5, 12- 
1 Conference USA) started a fresh set of guards but still 
held off Marquette (17-8, 8-5). Damon Flint missed the 
game because of an injured right wrist and Charles Wil- 
liams was left at home for what coach Bobby Huggins 
called a violation of team policy. 

No. 20 Charleston 89, Centenary 71 Stacy Harris scored 
22 points, and the College of Charleston extended the 
nation’s longest winning streak to 20 in the first round of the 
Trans America Athletic Conference tournament. 


CornpiM by Chir SetfFmn Dispatches 

John MacLean, the all-time leading 
scorer for the Devils, spent most of 
Wednesday night at a hospital awaiting 
the birth of his first child. After a brief 
nap Thursday afternoon, he came to 
Continental Arena on Thursday night 
and celebrated the birth of his son 
Thursday evening by scoring on a rare 
penalty shot to lead the Devils to a 4-1 
triumph over the Buffalo Sabres. 

“It's unbelievable that it happened 
on this night. ’ ’ MacLean said afterward. 
“I was trying to be composed. I never 
had a penalty shot before. I’m taking the 
puck to dip hospital to give it to my 
son." 

Doug Gilmour and Dave Eiiett, who 
made their home debut after their ac- 
quisition from Toronto on Tuesday, also 

NH L Roundup 

scored for the Devils, who have lost 
only once in their last 16 games. The 
Sabres, who managed only 21 shots 
against Martin Brodeur. saw a 12-game 
unbeaten streak end. 

Dixon Wand matched MacLean 's 
goal by beating Brodeur. But Eiiett 
broke the tie at 1 :3 1 , when his blistering 
shot from the point found its way behind 
Dominik Hasek with help from Denis 
Pederson's screening. Bill Guerin ex- 
tended the lead with his 21st, an easy 
task from close on the left after a pre- 
cision pass by Bobby Holik. 

The Devils sealed their victory when 
Gilmour scored his 17th of the season 
into an empty net with 393 seconds 
left. 

Rad Wings 4, Penguins i Igor Lari- 
onov had a goal and two assists as 
Detroit handed visiting Pittsburgh its 
third straight loss. 

The Peaguins lost the NHL's top 
goal-scorer when Jaromir Jagr aggra- 


vated a recent groin injury. 

Panthers 3, Blum 2 At Miami, Rob 
Niedermayer scored with 1:10 left in 
overtime to lift Florida to victory in Sl 
L ouis. The Blues had scored two third- 
period goals, including Brett Hull's 38th. 
with 1:49 left in regulation to help force 
Florida’s fourth consecutive overtime 
game. 

Stan s. Avalanche 2 Joe Nieuwendyk 
and Darryl Sydor each had a goal and 
two assists as Dallas won its 20th road 
game in a battle of division leaders. 

Mike Modano. Sergei Zubov, Neal 
Broten and Guy Carbonneau also scored 
for the Centra] Division-leading Stars, 
who won their fourth straight. Mike 
Ricci and Eric Lacroix scorw Color- 
ado's goals. 

Bruin* 8, Lightning 2 Embattled star 
Adam Oates was cheered in his return to 
Boston — even before his three assists 
helped his team snap a 10-game winless 
streak. 

With the Bruins in a slump following 
the end of their longest road trip of the 
season. Oates ripped Bruins manage- 
ment for assembling a weak team. As- 
sistant general manager Mike O'Connell 
stripped Oates of his alternate captaincy 
and began shopping him around. 

Oates got a cheer nearly eveiy time he 
touched the puck, and when he fed Ray 
Bourque to make it2-0 just 4:41 into the 
game, the crowd erupted at the an- 
nouncement of Oates's name. 

Kings 6, Oilers 3 Dimitri Khristich 
scored the first two goals of the game in 
the opening period and assisted on Jan 
V opal’s second-period goal as Los 
Angeles beat visiting Edmonton, the 
Kings’ fourth straight victory. 

Canucks 6, Coyotes 2 Martin Gelinas 
had four goals and an assist to lead Van- 
couver over visiting Phoenix. The victory 
was Vancouver's first in four games and 
just its fourth in 13. (ATT, AP) 



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PACE 20 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 1-2, 1997 


DAVE BARRY 


We All Make Mistakes 


M IAMI — You can say what you 
want about us newspaper journa- 
lists. You can say that we are atheistic 
liberal family -hating snake-worshiping 
communist perverts. You can say that we 
dress like the character Ratso in the 1969 
movie "Midnight Cowboy" and appar- 
ently have our hair styled by angry wrens. 
But the one thing you CAN’T say about 
us is that we don’t admit our mistakes. ( 
Yes. we have made some ‘ ‘doozies. 
Everyone remembers the famous 1948 
picture of Hany Truman holding up a 
copy of the Chicago Tribune with, a 
huge front-page headline declaring 
DEWEY DEFEATS 
TRUMAN. But what 
people DON’T remem- 
ber is that the very next 
day. The Tribune cor- 
rected that error with a 
front-page headline de- 
claring DEWEY DE- 
FEATS COOLIDGE. 

That is the high stan- 
dard of accuracy to which we hold 
ourselves. And that is why, today, I want 
to correct a statement that I made in a 
recent column about a police officer in a 
Finnish city called Espoo who invented a 
harpoon for cars. 

In that column. I stated that Finland is 
also known as "Norway.” Shortly there- 
after, I received dozens of letters, and do 
you know what they said? That’s right: I 
may already have won SlO million! 

Bui 1 also received a lot of letters, 
some of them quite angry in tone, stating 
that Finland is NOT also known as 
"Norway." A typical statement came 
from Patty Young, who wrote: 
"Though Finland and Norway are both 
within Europe, they are two individual 
countries.” 

□ 

Another writer, Elizabeth Natti, 
noted that "Finland was the only for- 
eign country that paid off its World War 
I debt to the United Stales." She also 
took issue with my suggestion that the 
civic mono of Espoo should be "The 
City That Sounds Like A Person Spit- 
ting.” 

So I wish to sincerely apologize and 
issue the following corrections: 

I. Finland is NOT also known as 
"Norway.” Finland is. in fact, also 
known as "Sweden.” 

2. The civic motto of Espoo should be 
"The City That Sounds Like A Person 
Barfing.” 

3. None of this should be construed in 
any way as a criticism of Neil Dia- 
mond. 

Now that we've cleared that up, let's 
get to the real purpose of this column, 
which is an alarming medical discovery 
that was made during Valentine Season 
by alert reader S. Scott Han an. M.D., a 
family practitioner who apparently has 
( 1 ) access to medical research materials, 
and (2) a lot of spare time. 


I received a lot of 
letters stating that 
Finland is NOT also 
known as ‘Norway.’ 


Dr. Hanan's discovery, which he 
backs up with six pages of diagrams 
from medical books, is that — prepare 
to be shocked — the human heart is 
NOT shaped like the valentine-style 
"heart” that is used in candy boxes, 
cartoons, tattoos and the signatures of 
women named “Brandi." 

By way of proof. Dr. Han an sent a 
medical diagram of a human heart: it 
looks like a member of the mollusk 
family. Right next to this diagram, for 
comparison purposes. Dr. Han an who 
notes. "I am a medical doctor, and 
therefore more than qualified to com- 
ment on such matters,” 
has drawn a standard 
valentine "heart” and 
written “I DON’T 
THINK SO!” 

And that is not all. 
Dr. Han an has also re- 
viewed the medical lit- 
erature to see if any hu- 
man organ IS shaped 
like a valentine. He found one: It is the 
PROSTATE GLAND. He enclosed 
several prostate diagrams, and there can 
be no medical doubt: It's a dead 
ringer. 

This discovery has MAJOR implic- 
ations, and not just for people who play 
bridge ("I bid three prostates”). It also 
means that there are thousands, perhaps 
millions, of hairy men walking around 
with the word "Mom" tattooed on a 
picture of a prostate gland. But the 
biggest impact has to be on the greeting- 
card industry, which I imagine will have 
to recall the billions of prostate cards it 
has sold over the years. 

In an effort to gauge the extent of this 
crisis, I called the Hallmark greeting- 
card company, which is located in Mis- 
souri (.also known as "Kansas"). I 
spoke with spokesperson Allison Nov- 
ela and told her about die heart/prostate 
situation. She checked into it, and. a 
short while later, she called back to read 
this statement, which I am not making 
up: 

"The doctor is correct about the 
shape of the human heart. However, 
Hallmark decided to sacrifice accuracy 
for sales after the poor performance of 
the following verse: 

Valentine, r d follow you clear 'cross 
state. 

For you to hold the key to my prostate. 

So that settles that. All that remains to 
be done now is for whoever is in charge 
of these things to send Dr. Hanan his 
Nobel Prize and a large cash award. 

Speaking of which. I have this im- 
portant announcement for those nations 
that have not yet paid off their World 
War 1 debts to the United States: It’s 
NOT too late! Send the money to me. 
and I assure you that will be the end of 
iL 

01997 The Miami Herald 

Distributed by Tribune Media Sen-ices Inc. 


In Paris, Military Music With Strings 



International Herald Tribune 

P ARIS — Military music bears the same relation to 
music as military justice does to justice, Georges 
Gemenceau famously remarked, weary perhaps of 
the sound of cunningly plangent regimental brass. 

But already before Clemenceau s time, in 1848, 
the Orchestic de la Garde Republicans had been 
formed, suggesting serious musical ambitions, and in 
1872 it began touring abroad. More crucially, in 1 948 
the orchestra added a string section. 

"It’s not comparable with, say, Boston's, it’s a bit 
small for Tchaikovsky or Brahms, but for Beethoven. 

MARYBLUME ^ "" 

Mendelssohn and contemporary music it is suf- 
ficient." said Roger Boutry, the orchestra’s con- 
ductor. In the French tradition, he regards the wood- 
winds as his orchestra's strongest component. 

While all branches of the armed forces have their 
bands, the Garde Republicaine is unique — perhaps 
in the world. Boutry suggests — in having a full-time 
symphony orchestra with a regular concert schedule 
in Paris and on tour. Through this month, for ex- 
ample, they are presenting a cycle of free concerts at 
the Invalides called Vents d'Hiver, featuring wind 
instruments and including works by Stravinsky, 
Ravel and Berio, to be followed by works with guest 
soloists, including Roger B. Williams at the great 
organ of the church of Sl Louis des Invalides. 
followed by a traditional Napoleonic cycle, Na- 
poleon having stated that, * ‘Of all the fine arts music 
has the greatest influence on the passions, one that 
the legislator must do his utmost to encourage-'* 

The concerts are under the aegis of the music 
department of the Invalides museum, one of its seven 
divisions. The department, formed three years ago by 
Christine Helfrich. its curator, who came from the 
Debussy museum outside Paris, is less concerned, 
with the ancient, and mostly useless, musical in- 
struments scattered through the vast collections of 
the Invalides than in promoting the orchestra of the 
Garde Republicaine. 

Founded in 1813, the Garde Republicaine has 
mainly ceremonial functions. Of its 2,960 members, 
120 are musicians, not including the much-loved 40- 
man mounted bands who avoid breaking their teeth 
while trotting by holding their trumpets slightly 
sideways (the drummer guides his horse only with 
his feet). 

Boutry, a composer, pianist, winner of the Prix de 
Rome and professor of harmony at the Conservatoire 
National Superieur de Musique in Paris, has been 
chief conductor of the Garde’s symphonic orchestra 
since 1 994. He has the honorary rank of colonel and 
wears, for concerts, the appropriate epaulets fixed to 
his tailcoat. The musicians, ail civilisuis, include 17 
women, play in uniform and rise through the non- 
commissioned ranks until obligatory retirement at 
55, young for a musician. 

Musicians are recruited from the conservatories of 
Paris and Lyon, ensuring a high musical leveL, * ‘They 
are professional musicians, hiring is on the same 
level as for die Orchestic de Pans or the Opera,” 
Helfrich emphasizes. 

Their venues tend to be monumental, the Ministry 
of Defense having drafted them to play at historic 
buildings under its protection such as the Invalides, 
the Ecoie Mtiitaire and the 17th-century Val-de- 
Grace hospital, which awarded Boutry its Medaille 
d’Honneurdu Service de Sante. "It’s because we’ve 
given a lot of concerts there, not because I took care 
of the patients,” Boutry explained. 



The long relation between military music and 
national prestige took a leap forward, says General 
Jean -Francois Reyn and. secretary-general of the In- 
valides museum, as a Cold War weapon in 1982 
when tbe secretary of defense, Charles Hernia, foun- 
ded the armed forces chorus. "There was the Red 
Army chorus, so why not the French?" 

Music, says the general, has always been im- 
portant to fee military, not only for utilitarian drum 
rolls and trumpet blasts. "You don’t form an army to 
have an orchestra of violins, but ii is not an anomaly 
that the military is interested in music. Tbe Garde 
Republicaine is a good thing because it shows an 
orchestra in uniform and also it adds to tbe prestige of 
the armed forces and of France.” 

"I think our orchestra is unique in die world 
because we do nothing but concerts. The others have 
military duties as well." Boutry said. "It is not 
military music but music played by people in uni- 
form,’’ the general underlined. 

The Garde orchestra does not do funerals but does 
play at ceremonial inhumations . at the Pantheon, 
most recently that of Andre Malraux. Nor, heaven 
forbid, do they play in parks. Boutry has nothing to 
do with the mounted musicians although he oversees 
their recruitment. 

The programs usually include a piece with a 
military connection, which may range from Lully’s 
"Marche Franchise,” composed by order of Louis 
XIV for tiie Comte de Sery’s regiment to a Schubert 
marche miliraire to a recently commissioned piece in 
commemoration of the Battle of Verdun. Vocalists 
and pianists are recruited from outside the orchestra 
when needed. 

On June 12. at the church of Sl Louis in the 
Invalides. there will be a concert in honor of Boutry ’ s 
retirement, at which be will be at the piano playing 
Ravel and Franck. His own military service was with 
the Chasseurs Alpins in Algeria and, aside from dif- 
ficulties once in playing the Brazilian national anthem, 
he is glad he joined up with the Garde Republicaine. 

“We have not only wind instruments but a proper 
symphonic orchestra. If you lead the bands of tbe 
army or the air force you will never again in your life 
see a violin.” 



! df r \JTTKT. pjfu 

Tbe Garde Republicaine 's Symphony Orches- 
tra (top) often plays in tbe Invalides church: 
above, a Second Empire army musician. 


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A BOUT seven years ago, 

Patty, a character in 
Schulz’s “Peanuts” cartoon, stood up at a 
j concert and yelled, “Way to go, Ellen! ” 

I Patty was referring to Ellen Taaffe Zw i- 
I Kch. fee first woman to win apulitzer Prize 
for music, whose work she had just heard 
The strip was inspired by a performance of 
a Zwilich composition Schulz had heard at 
a concert by the Sonoma County Sym- 
phony in Northern California. "Every 
time I go to the symphony, it stirs up my 
brain,’ he said. Now Zwilich has written a 
concerto grosso called “Peanuts Gal- 
lery. ’’Iris to be given its world premiere at 
Carnegie Hall on March 22. There are six 
movements, including “Schroeder’s 
Beethoven Fantasy,” “Lullaby for 
Linus” and "Snoopy Does tbe Samba.” 

□ 

Former King Michael of Romania re- 
ceived a big welcome in Bucharest on 
arriving Friday for his first visit home as a 
citizen in 50 years. He and his wife, Anne 
of Bourbon-Parma, were greeted by 
Prime Minister Victor Ctorbea, along 
with several hundred well-wishers as they 
stepped off the plane for a six-day visit. 
The 75-year-old Michael, who lives in 
exile in Switzerland, was farced to ab- 
dicate in 1947, then stripped of his cit- 
izenship by the Communists in 1948- His 
citizenship was restored on Feb. 21. In 50 
years, be had only once before received 
authorization to visit, in 1992. 

□ 

As pundits went into overdrive about 
the ethical and scientific implications of 
genetically cloning a little lamb named 
Dolly, show business immediately saw 
its potential for new jokes and drama. 
For comedians trying to pump up flat 
jokes about Mexico's drug-fighting fail- 
ures and the president's fund-raising 
scandals. Dolly’s arrival was heaven- 
sent. They immediately focused on the 
lighter side of cloning. "They cloned a 
sheep and created an exact double of that 
sheep," said NBC’s late-night host. Jay 
Leno. “Is that really a big deal? Don’t alt 


iretty much look alike anyway?" 
His CBS counterpart, David Letter- 
man, offered the top 10 "good things 
about having a clone.” Among them: At 
parties you’re no longer automatically 
the biggest loser in the room, and your 
clone can do jail time while you continue 
as first lady. The playwright Wendy 
Wasserstein wondered what cloning 
would mean for psychotherapy. "What 
would you say to the shrink? 1 hate my 
parents when 1 am my own parent?’ ' 

□ 

Resolved: "This House believes that 
The Beatles contributed more to British 
music than Oasis ever will. ' ' So read the 
motion put before the Oxford Union. 
And after a heated argument at the de- 
bating society at Oxford University on 
the merits of each group, students voted. 
190 to 69, in favor of the golden oldies. A 
dozen or so musicologists, rock critics, 
composers, and even Paul Gallagher, 
brother of the Oasis linchpins Liam and 
Noel Gallagher, were on hand to share 
their thoughts on the divisive issue. 


□ 

Smokey Robinson & the Miracles 
got back together for only the second 
time in 25 years. Robinson left the group 
in 1972 to pursue a solo career, and they 
first reunited for a 1983 television special 
marking Motown ’s 25th anniversary. 
This week, Robinson and the other sur- 
viving original Miracles — Claudette 
Robinson, Bobby Rogers and Pete 
Moore — gathered in New York City to 
tape “Ooh Baby Baby" and “The 
Tracks of My Tears," two of their biggest 
hits, for the Rhythm & Blues Founda- 
tion’s Pioneer Awards ceremony. 

□ 

The Chinese actress Gong Li says she 
intends to forward a motion calling for 
more freedom in films and the arts at the 
current session of the Chinese People's 
Consultative Conference. Gong, star of 
"Raise the Red Lantern” and "Farewell 
My Concubine." is a member of the 


conference, even though some of her 
films have been frowned upon by cen- 
sorship officials. She said the govemmen ! 
should ease censorship and rake a more 
tolerant approach to opening the film 
industry to producers, saying, "h is best 
to let a hundred flowers blossom — a real 
policy." 

□ 

The mansion that Donald and Ivana 
Trump lived in during happier days is 
up for grabs, but it’s not exactly a fixer- 
upper. Ivana. who got the 1 1 -bedroom. 
Georgian manor house in Greenwich. 
Connecticut, in her divorce from the real 
estate tycoon, is asking S18 million. It 
has nine full baths, seven fireplaces, a 
library, separate formal and family din- 
mg rooms, a game room, an exercise 
room, a bowling alley, a wine cellar, an 
elevator and a heated swimming pool. 
Donald Trump paid S3.7 million for it in 
1984. 

□ * 

Don Cornelius, the creator of the T\ v 
dance program "Soul Train,” has re- 
ceived a star on the Hollywood Walk of 
Fame. "Soul Train" celebrated its 25th 
season in 1995. 

□ 

The family of Jim Thorpe is getting 
back some medals taken away from him 
as an amateur athlete m 19 1 3’ — and it’s 
all because of a high school research 
project in Reserve. Wisconsin. “I am 
proud of those kids up there . . . digging 
around in thar computer to come up with 
this. " one of Thorpe's sons. Richard, 
said by phone from Oklahoma City. 
Thorpe won gold medals in the decathlon 
and pentathlon during Ihe 1912 Amateur 
Athletic Union national championships 
and the Olympic Games in Stockholm, 
but was stripped of the medals because 
he had played seniipro baseball in 1909 
and 1910. The Olympic medals were 
returned to his family in 1984. but over- 
looked were the AAU medals, which had 
qualified him for the Olympics. 


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