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The World’s Daily Newspapei 

Paris, Safurday-Sunday, March 8-9, 1997 

Clinton Stands Ground 
On Election Financing 

H& Defends Gore and First Lady's Aide , 
But Puts Blame on Fund-Raising System 


No. 35.464 


CuupJrd by Our SugFmt, DupaHtrs 

WASHINGTON — President Bill 
Clinton defended his administration's 
campaign fund-raising in the face of 
Spirited questioning Friday at a press 
conference dominated by the issue 
The president described Vice Pres- 
ident A1 Gore and Hillary Rodham 
Clinton’s chief of staff as “highly eth- 
ical people” and said he was convinced 
that neither had violated campaign 
laws by soliciting and accepting polit- 
ical contributions at the White House, 
j ' . Mr. Clinton stood his ground un- 
‘Tlinchingly as reporters asked question 
after question suggesting that the White 
House had acted improperly, if not il- 
legally. in raising millions of dollars for 

Spring Brings 
Jobs to U.S., 
And Inflation 
Remains Cool 

By Mitchell Martin 

International Herald Tribune 

NEW YORK — An early spring in 
the United States gave unexpected em- 
ployment opportunities to construction 
workers last month, government data 
showed Friday, but investors did not see 
any inflationary signs in the February 
report and Wall Street finished the week 
with substantial gains. 

February payrolls expanded by 
339,000 positions, well above expec- 
tations, -with 109.000 of those being 
construction jobs that coincided with 
relatively mild weather. The unemploy- 
ment rate fell to 53 percent from 5.4 
percent in January. . 

Although Wall Street was still di- 
gesting recent statements from Alan 
Greenspan, the country's chief central 
banker, who has warned that the Federal 
Reserve Board would raise interest rates 
even be f ore the first signs of inflation 
became apparent, the report encouraged 
stock and bond investors to pile into the 

The Dow Jones industrial average 
closed up 56. 19 points, at 7,000.89, and 
■the broader Standard & Poor’s 500- 
: stock index gained 6.40, to 804.96. 

The yield on the bond market’s bell- 
wether issue. the 30-year Treasury, fell 
to 6.82 percent from 6.88 percent on 
Thursday. The price surged 25/32 point, 
to 97 17/32. 

The stock market had been doing 
even better until the president of the 
Federal Reserve Bank of Boston was 
quoted as saying that the creation of 2-5 
million jobs last year was worrisome to 
the central bank. “Signals of labor- 
market tightness in the face of con- 
tinuing above-trend growth clearly 
sound inflation alarm bells," Cathy 
Minehan, the Boston Fed president, was 
quoted by Bloomberg News as telling a 
forum at Middlebury College in Ver- 

Why would the markets rally in the 
iface of what could be seen as infla- 
tionary data? “Job leavers among the 
unemployed declined.” said Robert 
DiClemente. the chief economist at Sa- 
lomon Brothers Inc., adding, "wtuch is 
read, if year follow the logic, as a sign of 
insecurity and therefore a more passive 
work force that is less inclined to de- 
mand wage increases.” 

Merrill Lynch & Co. noted that 
hourly wages rose a less-th an -expected 

See JOBS, Page 12 



The Dollar 

F may Q 4 PM- 


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— 50^95 Tiara 

f J newsstand Price s — — 

j Andorra 10.00 FF 

AntSas__ 12.50 FF Qatar 1000 Rate 

i Cameroon 3.600 CFA R6urion -12.50 FF 

i egypt tc saua wane... i v-w • - . 

I France 10.00 FF s^egal 1.100CFA 

I Gabon 1 100 CFA g^. .225 PTAS 

Italy ,~ 2 . 8001 ^e Turts £ 1250 Din 


ji2k=If£5 u.s.w-.ii* 

his 1996 re-election campaign and that 
he had put those aides in a vulnerable 
position by pressing for funds. He said 
the fault lay in a fund-raising system 
that needed reform. 

“I do not believe there’s anything 
wrong for a president, me or anyone 
else, reaching out to his supporters.” 
Mr. Clinton said at one point. “I don’t 
think you can Find any evidence of the 
fact that I changed government policy 
solely because of a contribution.” 
he added, referring to Republican 
charges the Democrats accepted 
money from Asian business interests 
and others who sought to influence 
U.S. policy. 

The president called Margaret Wil- 
liams, the first lady’s top aide, “an 
honorable person” but said that in hind- 
sight it would have been better if she had 
not accepted a $50,000 political con- 
tribution at the White House. 

Mr. Clinton also said the vice pres- 
ident's fund-raising calls from his office 
were part of a furious Democratic effort 
to keep up with the better-financed Re- 
publicans and that he did not believe Mr. 
Gore did anything wrong. 

‘ 'We had to work hard within the law 
to raise a lot of money to be com- 
petitive,” Mr. Clinton said. 

Speaking at an afternoon news con- 
ference. Mr. Clinton said Ms. Williams 
was acting within the law when she 
accepted the check and quickly for- 
warded it to the Democratic National 
Committee. But Mr. Clinton said it 
would have been preferable if she had 
asked Johnny Chung, a California busi- 
nessman, to mail or deliver the check to 
the committee himself. 

“She was put in a rather unusual 
circumstance, and as a courtesy she 
agreed to do what the relevant reg- 
ulation plainly provides for,” Mr. Clin- 
ton said. 

Mr. Clinton said he was not aware of 
a White House national security staff 
memo describing Mr. Chung as a “hust- 
ler” until it was reported in the news 
media. He said he believed that he met 
Mr. Chung at a Democratic Party event 
and said be had no close personal re- 
lationship with him. 

“Maybe we didn’t know enough 
about folks” who were gaining access 
to the White House because of their 
political support. Mr. Clinton said. He 
said he * 'assumed, wrongly as it turned 
out. that there were established pro- 
cedures” for background checks on 
prospective White House visitors. 

Mr. Clinton held to his position that it 
was up to Attorney General Janet Reno 
to decide whether to name an inde- 
pendent counsel to investigate 1996 
Democratic fund-raising. (AP, Reuters) 

■ No Violation of Law Seen 

Roberto Sun? of The Washington Post 
reported earlier from Washington: 

Questionable campaign fund-raising 
practices ai the White House, including 

See CLINTON, Page 7 

AaaioiuMli/Apna Ran-fnuc 

Backers of Cape Town's candidacy to bold the 2004 Summer Olympic Games whooping it up on the city's 
waterfront after hearing it was chosen as one of five finalists, with Rome, Stockholm, Athens and Buenos Aires. 

For 5 Hopefuls, an Olympian Step 

2004 Finalists: Athens, Buenos Aires, Cape Town, Stockholm, Rome 

By Ian Thomsen 

International Herald Tribune 

South Africa, which was still 
serving a 24-year ban from Olympic 
competition as this decade began, was 
named Friday as one of five finalists in 
the election to be host to the 2004 
Summer Olympics. 

The South African nominee. Cape 
Town, will spend the next six months 
lobbying the International Olympic 
Committee for votes alongside fellow 
finalists Rome. Athens.*" Stockholm 
and Buenos Aires. If recent trends 
continue, the winner will spend the 
next seven years fretting, arguing and 
enacting a ftirious campaign of build- 
ing on deadline prior to becoming the 
unofficial capital of the world during 

its two and a half weeks of Olympic 

An IOC evaluation report expressed 
concern that South Africa would not 
be ready for the job in its post- 
apartheid infancy. The country is beset 
with a crime problem, and the stability 
of the government might be in doubt 
after Nelson Mandela steps down as 
president in 1999. the report said. It is 
also clear that the majority of black 
South Africans are still excluded eco- 
nomically and scholastically. 

These issues will be hashed out as 
Cape Town and the other finalists be- 
gin inviting IOC voters for official 
visits leading up to the SepL 5 elec- 

There were no surprises in the 
IOC’s choices. South America, like 

Africa, has never been host to an 
Olympics. Buenos Aires, which was 
given a good recommendation from 
die IOC technical -evaluation commit- 
tee. is making its seventh bid and is the 
only member of the 10 founding IOC 
nations to have not held the Games. 

Europe has held 14 Summer 
Olympics, and the current odds are 
that the Games will return after visits 
last summer to Atlanta and in 2000 to 
Sydney. Athens (in 18%). Stockholm 
(1912) and Rome (1960) have all held 
Summer Olympics. All three cities 
were rated highly by the IOC eval- 

' 'This is an adventure in two stages, 
and we’ve just gone through the first 

See GAMES, Page 20 

Bomb Blast 
Reported on 
Beijing Bus, 
Killing 2 

Incident at Market 
Follows Explosions 
In Muslim Province 

CtnyHkd b* Qw Stuff Fnm Dispatches 

BEIJING — At least two people were 
killed and several were wounded in a 
bomb attack on a bus in the Chinese 
capital during the Biday evening rush 
hour, Chinese sources said. 

The cause of the explosion was not 
known, but it struck a capital already 
jittery over a string of bus bombings in 
northwestern China, whose large 
Muslim population wants more 

The police and officials refused to 
confirm that there was an explosion but 
said they were investigating. 

The explosion went off in the Xidan 
shopping district in western Beijing, the 
sources said. Uniformed and plain- 
clothes police were seen patrolling near 
the Xidan Market. 

The police set up checkpoints around 
the capital, stopping and searching 
vehicles and checking drivers' papers. 

Two weeks ago. in the Muslim region 
of Xinjiang, three bombs planted on 
buses blew up within minutes of one 
another in an apparently coordinated 
attack that coincided with the Feb. 25 
funeral rites in Beijing for Deng Xiaop- 
ing, the country’s paramount leader. A 
fourth bomb failed to explode. The at- 
tacks killed 9 people and wounded 74. 

A pro-Beijing newspaper said Friday 
that China had arrested seven suspects 
in the attacks in the Xinjiang regional 
capital. Urumqi. 

Exiled Uighur nationalists in neigh- 
boring Kazakstan claimed responsibil- 
ity for the Xinjiang bombings and for a 
similar, previously unreported attack 
Monday near the Kazak border. 

See BEIJING, Page 7 

China Updates Criminal Code, and It May Be Harsher 

By Seth Faison 

-N ot York Tunes Service 

BEIJING — China’s legislature has 
unveiled a major revision of its criminal 
law, introducing offenses such as money 
laundering and insider trading, and elim- 
inating the overtly political category of 
“counterrevolutionary” crimes. 

The first significant revision of the 
country's criminal code since 1979, the 
changes reflect an effort by an author- 
itarian stale to grapple with the new kinds 
of crimes emerging as China becomes a 
more open society, as well as to handle 
old crimes in a more professional way. 

Much as the reforms were presented 
as a step toward establishing a rule of 

law in China, they are more like laying 
out the skeleton of a modem legal sys- 
tem without providing any flesh. While 
they reflect a desire by China's judicial 
officials to be more competent, the new 
items are not expected to change the 
defining characteristic of Chinese 
courts: deciding cases based on guid- 
ance from Communist Party officials 
rather than on legal opinion. 

It is a coincidence that die legal re- 
forms, expected to be approved by the 
National People’s Congress next week, 
were made public just two weeks after 
the death of Deng Xiaoping. 

Yet like Mr. Deng’s death and the 
political transition it symbolizes, the 
legal reforms are a figurative step to- 

ward grearer professionalism without 
changing the essence of a system that is 
still ran by a small, secretive and au- 
thoritarian group of party leaders. 

Most notable among the revisions 
was the decision to abandon counter- 
revolutionary crimes as a legal cat- 
egory. The category, widely used in the 
past to prosecute political cases, has 
been criticized for years by Chinese 
legal experts as a form that has no basis 
in modem legal theory. 

Essentially it meant something con- 
sidered a threat to China's leaders, but 
some time ago it became a vague, 
catchall term that even the authorities had 
to admit was imprecise and outdated. 

“Revision of the crimes of counter- 

Today’s Drinkers Make 
Europe’s Vintners Whine 

By John Tagliabue 

New Tort Times Service 

ROME — It’s not that Paola Nuvola 
doesn't like wine. She simply enjoys 
Coke more. 

“It’s just tasty, and I like it,” said 
Miss Nuvola, who works with a pub- 

tion plummeted, as younger people 
hooked on Coke and beer deserted wme 
in droves. By 1994. the average Italian 
drank only 163 gallons a year. True, 
that is 10 times die 1.7 gallons con- 
sumed by Americans, yet it is well be- 
low the 19 gallons consumed in Italy in 
1989. In France, average consumption 

liching company in Rome. While her dropped to 20 gallons from 23; in Spain, 
parents, like most Italians, are big wine to 9.8 from 12. 
drinkers, and a bottle stands on toe table With too much wine chasing too few 
at toe evening meal, she and her brother, drinkers, prices for Rieslings and Riojas. 
Daniele, don’t share toe enthusiasm. In Chiantis and Cabernets are often sharply 
fact, she says, he prefers milk, soft below what it costs to produce them, 
drinks, mineral water, almost anything This spells long-term trouble for 

and’ hardly drinks wine at all. Europe’s wine industry, with toe only 

While it’s true that Europe remains to bright spots being upscale wines and 
wine what Saudi Arabia is to crude oil, some cheaper ones. While some winer- 
the d rinking habits of Europeans in their ies are adjusting, an unsettling! y large 
20s. 1 jfr** Miss Nuvola and her brother, number are not. 
are giving winemakers in big wine-pro- Exports do take up some of the slack, 

duemg nations like Italy, Fiance, and and in recent years Europe’s wines have 

Spain a hangover. 

In recent years, per capita consump- 


Yeltsin Gives Chubais Key Economy Post 

President Boris Yeltsin named 
Anatoli Chubais as first deputy prime 
minister Friday, shifting toe liberal re- 
former from his Kremlin staff to a key 
position in running Russia's day-to- 
day economic and government affairs. 

The appointment puts Mr. Chubais di- 
rectly under Prime Minister Viktor 
Chernomyrdin, returning to a post be 
held until early 1996. The announce- 
ment was seen as another sign of Mr. 

Yeltsin’s attempt to re invigorate eco- 
nomic reform after months of drift and 
lethargy while he recovered from heart 
surgery and pneumonia. Page 7. 

See WINE, Page 7 

EUROPE Page 2. 

Albanian Rebels Reject Amnesty 

Books - Page 3. 

Crossword Page 3. 

Opinion Page 6. 

Sports Pages 20-21. 

tntornrtkvmiasssifa Pag* 4. 

The IHT on-line http:/V\vvvv.' 


fancon Mon/Tbe AnCacd ften 

Schweitzer, president of Ren- 
ault, on Friday after defending 
the automaker’s plans to cut jobs 
in France and Belgium. Page 13. 

Miami Vice II: Russian Mob, Subs and Cocaine 

By Mireya Navarro 

New YoHt Tuna Service 

MIAMI— Around 1 1 P-M.onaweekmght,Poiky’s 

son Ycster, two 37-year-old Cuban immigrants accused 
of being middlemen for Colombian drug cartels. 

Their most brazen plot, the authorities say, was 
negotiating to buy a submarine in the former Soviet 

is half-full with young men in jeans and baseball caps Union for $5.5 million to transport cocaine from 

women strip and dance, either on a smoke-filled stage 

or, for an extra $ 20 . in the mens laps. 

But Porky’s a blue-collar stnp club in Hialeah, near 

law-enforcement - , . 

In toe pink neon light that bathes its denizens, they 
say, criminal intrigue also h^nb^betwera mtema- 
tional conspirators: Ludwig Fainberg, 39, the du b s 
owner and a suspected figure m Russian or g a ni ze d 
soutoemFlorida, and Juan Almeida and Nei- 

far-fetched. Drug Enforcement Administration offi- 
cials said, if this were not Miami, the North American 
operations center for cocaine traffickers. 

“The movers and shakers are here,” said Pam 
Brown, an agency spokeswoman, “and if you are into 
criminal activity and opportunity, this is the place to 
be. They were just creating a new mode of trans- 

• While the case could play as a plot of “Miami 
Vice,’ ’ it illustrates how the crime world is expanding 
in Miami. A new element has been added to the 

region’s celebrated mix of two-bit con artists and 
Colombian drug lords, law-enforcement officials say: 
Russian mobsters. 

Drug-enforcement experts say a growing cocaine 
market in the former Soviet Union and Eastern Europe 
has led criminal arouos from the former Soviet re- 

publics to become partners in crime with die South 
American drug cartels. In addition to entering the 
cocaine trade here, Russian mobsters have been 
emerging as threats nationwide for offenses ranging 
from extortion to financial fraud. 

Mr. Fainberg, also known as Taizan for his long 
hair, and his two co-defendants are charged in a 30- 
count federal indictment issued in late January. Fed- 
eral investigators say that Mr. Fainberg first met Mr. 

See MOB, Page 7 

revolution is made out of the consid- 
eration that China has left the era of 
revolution io enter the era of construc- 
tion,” said Wang Hanbin, a deputy chair- 
man of toe Congress Standing Commit- 
tee, in announcing toe changes. 

But crimes previously considered 
counterrevolutionary are being reclas- 
sified as offenses that endanger state 

“This will definitely serve to deal 
more telling blows at cnminal activities 
designed to jeopardize state security,” 
Mr. Wang said. 

Robin Munro, Hong Kong director of 
Asia Watch, which monitors human 

See CHINA, Page 7 

1 Surrogate, 

2 Embryos 
Appall Italy 

Car^tUrd by Our Huff Fran Dupacha 

ROME — A 35-year-old Italian wo- 
man provoked outrage Biday with the 
news that she is pregnant with the 
fetuses of two different couples. 

The woman, who is three months’ 
pregnant, offered to carry both fetuses 
when she learned her doctor was having 
trouble finding surrogate mothers, the 
Milan daily Com ere della Sera reported 

To skirt Italian medical codes against 
surrogate pregnancies, toe procedure 
was carried out in Switzerland, where 
the woman also plans to give birth, the 
paper said. After their birth, the babies 
will be matched to the right parents 
through a blood test 

The gynecologist Pasquale Bikrtta, 
said that he had implanted two eggs from 
different women and fertilized by sep- 
arate men in the surrogate mother. He 
said both female donors were Italian. 

Reports have identified the woman 
only as Angela, a mother of two living in 
Rome. In an interview with the Turin 
newspaper La Stamps, the woman said 
she was receiving only expenses. 

Health Minister Rosaria Bindi said. 
‘ ’ We have crossed unimaginable 
boundaries.” Earlier this week, she an- 
nounced a temporary ban on all forms of 
human and animal experimentation 
linked to cloning. 

She said the case “has brought us to 
limits never before crossed’ ’ and called 
for a law to regulate surrogate moth- 

Dr. Aldo Pagni. head of the Italian 
physicians’ association, said disciplin- 
ary action should be brought against the 

Dr. Bilotta said that the operation was 
See MAMMA, Page 7 



ICE 9 



Holocaust Fund: Next Battle Challenges Swiss Self-Image 



By Alan Cowell 

\e*- York Times Sen-ice 

time history. Indeed, many Swiss news- 

ZURICH — With the proposal of a 
huge fund for victims of oppression, the 
focus of Switzerland's debate over its 
role in World War II has narrowed in 
part to a 57-year-old tycoon who h3S 
likened the European Union to the Third 
Reich and who believes that no Swiss 
public money should be paid in com- 
pensation for the Holocaust. 

The tycoon. Christoph Blocher. is the 
leading figure in the Swiss People’s 
Party, the smallest of the four that make 
up the governing coalition. He repre- 
sents a nationalist, conservative polit- 
ical nucleus around which opposition to 
Holocaust compensation at Swiss pub- 
lic expense is coalescing. 

On Wednesday, President Arnold 
Roller set forth an audacious and con- 
tentious plan to increase the stated value 
of Switzerland's underpriced gold re- 
serves to current market prices and use 
the “profits” for a $4.7 billion invest- 
ment fund. The earnings from the fund, 
likely to be several hundred million 
dollars a year, would be used equally 
inside and outside Switzerland to com- 
pensate victims of genocide and abuse, 
including the Holocaust. 

The suggestion was broadly wel- 
comed by American and Swiss Jewish 
groups as a turning point after months of 
opprobrium over Switzerland’s war- 

paper commentators, officials and dip- 
lomats said Thursday that it could mark 
the end of die worst confrontation be- 
tween Switzerland and its adversaries. 

Bat it was also a point of departure for 
what is likely to be a hard-fought battle 
to persuade some Swiss to see their past 
in anything less than the heroic light of 
morel superiority. 

Even within the government. Mr. 
Roller’s plan, which was worked out in 


unusually tight secrecy, drew only lim- 
ited support, with three of seven cabinet 
members arguing that the idea was 
hasty. Mr. Blocher’s party, moreover, 
said its offices had been inundated with 
telephone calls from recruits to join the 

Essentially, the debate pits two clear 
visions of the past — neither as strident 
as the widespread American condem- 
nation of Switzerland's wartime gold 
transactions with Nazi Germany, its 
treatment of Jewish refugees and the 
resistance of its private banks to helping 
relatives of Holocaust victims trace as- 

One vision, set out by Mr. Roller, 
urges self-examination, not because the 
Swiss should “feel ashamed that we 
escaped the war,” but because “we 
cannot and must not take leave of the 

century in a state of uncertainty, con- 
fusion and embarrassment, for that 
would be a mortgage that would fatally 
burden the decisions to be made in the 
next century.” 

The alternate vision, more prevalent 
among older Swiss, puts the debate in a 
wider context, arguing that what is 
really under assault is the essence of the 
Swiss character and neutrality; the nom- 
inal aloofness from the travails of those 
around them that permitted Switzerland 
to deal as easily with Nazi Germany 
during World War D as it espoused the 
economic advantages of the West in the 
Cold War. 

That is where Mr. Blocher comes in. 
The son of a Protestant pastor. Mr. 
Blocher was boro in Schafthausen, on 
the border with wartime Germany, and 
studied law at Zurich University. Turn- 
ing to business, he rose to become chair- 
man and chief shareholder of EMS- 
Chemie AG. which produces agricul- 
tural chemicals, synthetic fibers and 
epoxy resins. 

It is an enigma of his position that, 
while his business is global (with fac- 
tories in Asia and the United Stales), his 
politics are more introspective: He is 
opposed to Switzerland’s integration in- 
to the European Union or the United 
Nations, and jealous of its neutral status. 
Mr. Blocher did not respond to requests 
for an interview. 

In a major speech last weekend, he 

urged the Swiss to respond more for- 
cibly to what he termed a campaign by 
Jewish organizations to wring money 
from Switzerland for a wartime record 
of which, he said, the Swiss could and 
should be proud. 

“What is all this really about?” he 
said. “Looked at soberly, it is about 
demands for money from Switzerland. 
What is not so clear is. what Switzerland 
should be paying this money for.’ ’ 

Switzerland's private banks have put 
570 million into a fund for short-term 
help to Holocaust survivors, a fund that 
is separate from the project announced 
by Mr. Roller, but Mr. Blocher insisted 
that the government should “have noth- 
ing to do with this.” 

He added. “There is no question of 
compensation, however it is termed, for 
a purportedly erroneous Swiss trade 3nd 
economic policy during World War 


Moreover, he said, those who con- 
clude from the current debate that 
Switzerland’s neutrality is obsolescent 
should learn a lesson from World War 
n, when Hitler’s propaganda minister. 
Josef Goebbels, also urged the Swiss to 
find accommodation in a “new Euro- 
pean order.” 

"Do not some political leaders today 
wish to abdicate basic democratic rights 
to a centralized bureaucracy in Brus- 
sels?” he said. 

The comparison of European con- 

ditions today and 60 years ago aston- 
ished many Swiss commentators. 

ished many Swiss commentators. 

Mr. Blocher is already viewed asa 
powerful spoiler; He organized a ref- 
erendum in 1992 that blocked Switzer- 
land’s membership in the European 

It is in part to preempt similar moves 
over the various Swiss funds under dis- 
cussion that the authorities have de- 
liberately cast their latest proposal not 
so much as a Holocaust fund but as a 
broader, long-term effort — taking at 
least a year to establish and 10 years to 
cany out fully — thar cannot be de- 
picted “by Mr. , Blocher and his allies as 
Jewish -oriented. 

Mr. Blocher's comparison of the 
European Union to the Third Reich is 
not the only historical parallel coaxed 
forth by Mr. Roller's proposals. 

One of the principal charges leveled 
against the war tim e Swiss is that they 
knowingly dealt in Nazi gold, some of it 
almost certainly looted from occupied 
countries, to discourage Hitler from in- 

Now Switzerland is again hoping to 
turn hs gold deposits to use in the pol- 
itics of survival — not, this time, against 
a military adversary, but against an in- 
ternational uproar that has tarnished its 
reputation for honest dealing and has 
raised the unwelcome prospect of boy- 
cotts and other sanctions against its 

Poll Gives Labour 
A 26 -Point Lead 

of l > 

LONDON — A poll released 
Friday further darkened the pros- 
pects of John Major’s Conservative 
government for surviving upcom- 
ing general elections. 

A Gallup poll in lire Dafiy Tele- 
graph gave the opposition Labour 
Party a crushing 26-poinl lead — up 
1 1 points in a month — over the 
Conservatives with less than seven 
weeks remaining to general eJec- 

tions. widely expectedpnMay 

Another poll, in Tlte lmtepend- ■ 
ent newspaper, put the gap at 21: 

No governing party in Britain 
has won an election after being that 
far behind so close to elec- 
tions. (AFP, Reuters) 



Moscow to Grant 
Chechens Amnesty 

Albanian Rebels Refuse 
Official Amnesty Offer 

Canpikdln l.hjrSuffFmn Dap*2cha 

TIRANA. Albania — Armed rebels 
behind barricades in Albania's southern 
towns of Sarande and VI ore refused to 
lay down their weapons on Friday de- 
spite an amnesty offer to the insurgents 
from President Sali Berisha. 

The United States and Europe wel- 
comed Mr. Berisha’s move to suspend 
the army's advance south to end the 
rebellion and urged the president, the 
ruling Democrats and opposition parties 
to reach a political settlement to end the 

Although there appears to be little or 
no coordination between the armed pro- 
testers holding several southern towns 
and opposition politicians in Tirana, 
both issued new demands a day after an 
agreement in which Mr. Berisha agreed 
to a 4S-hour bait in offensive military 

Rebel committees in the Adriatic 
towns of Sarande and Vlore, where ri- 
oting and looting broke out last week- 

end, said they would not surrender their 
arms until Mr. Berisha stepped down. 

“We’re not giving up our weapons 
until Berisha resigns,” Fuat Karati, a 
former police officer and now a member 
of Sarande’s rebel council, told a rally in 
the town square. 

The public gathering in Sarande is- 
sued a list of demands; formation of a 
government of technocrats, new elec- 
tions. dismissal of administrators of 
stale TV and other official media, and a 
promise not to prosecute army officers 
who joined the protesters or soldiers 
who did not stop them from taking over 
military bases. 

Barricades were strengthened around 
Sarande, a town on the Adriatic coast of 
some 15.000 people. 

The message appeared the same from 
the port of Vlore, 160 kilometers north 
of Sarande. 

“They said the amnesty will not sat- 
isfy them." a Western reporter who 
reached the town said by telephone. 
“They want President Berisha to resign 

MOSCOW — Moscow's Par- 
liament, swallowing its wounded 
pride over defeat in Chechnya, 
voted overwhelmingly Friday to 
give amne sty to Chechen fighters in 
a bid to win freedom .for Russian 
prisoners of war. 

The amnesty, which officials 
sa id will become law after a final 
vote on March 12, gives a prei-.. 
identiai commission the authority 
to free Chechens and other detain- 
ees whenever they can be ex- 
changed for those in captivity in the 
breakaway region. 

Excluded from the amnesty, 
however, are a number of crimes, 
including “banditry.” ( Reuters ) 

Ankara Hits Army 
With Election Threat: 

IksnooJ Beyha/RMcn 

PROTEST IN SPAIN — Supporters of Basque separatists demonstrating in front of riot police in San 
Sebastian. A general strike call erupted into violence as police clashed with about 2,000 demonstrators. 

ANKARA — Turkey’s govern- 
ing Islamists countered the army’s 
demands for a clampdown on re- 
ligious activism Friday with a 
threat of new elections to 
strengthen the government’s hand; 
against the secularist generals. 

But die call for early elections by 
a close aide of Prime Minister Nec- 
mettin Erbakan was seen by politi- 
cians as a scare tactic and received 
little backing. The coalition partner. 
Tansu Ciller, ruled out balloting. 

State Minister Abdullah Gul was 
quoted by the Milliyet newspaper as 
saying; “At a time when Turkey is 
choked, the democratic system is 
being squeezed and pressure is 
mounting, we have to go to elec- 
tions. That is my personal opinion.” 


fiiomatie In 
Hi to Gore' 

Iway From 

Students End 
Belgrade Protest 

and they want their money back.” 
Nearly half of Vlore ’s 80,000 pe< 


BELGRADE — Thousands of 

students ended 106 days of daily 
political protests here Friday after 
their diehard rector resigned. They 

celebrated victory by surrounding 
President Slobodan Milosevic's of 
fice shouting, “You Are Next" 

“Now that my demand for the 
students to return to classes has 
been fulfilled." the Belgrade Uni- 
versity rector. Dragutin Velick- 
ovic. told state media, “lam ten- 
dering my resignation.” 

The students had offered to end 
the marathon protest and return to 
classes Friday if Mr. Velickovic 
stepped down. He in turn said he 
would resign only when they re- 
turned to classes. 

Nearly half of Vlore ’s 80,000 people, 
as well as hundreds of thousands of 
other people across the country of 3.4 
million, had invested their savings in 
fraudulent pyramid investment schemes 
that crumbled in January. 

The collapse of the financial pyr- 
amids at the beginning of the year 
sparked weeks of protests that erupted 
into anarchy last weekend as rioters 
went on the rampage, seizing arms from 
police and army depots and looting 
shops. At least 16 people have been 
reported killed in Vlore. many by ran- 
dom shooting. 

Mr. Berisha, who held talks with all 
political parties on Thursday, called a 
halt to the military push and offered an 
amnesty if insurgents surrendered their 
arms by 6 A.M. on Sunday. 

In Rome, Defense Secretary William 
Cohen welcomed the decision. 

* ‘This is primarily a political problem 
to be resolved and certainly not a mil- 
itary one.” he said, “but there has been 
a cease-fire and that is a vejy productive 

German Opposition Suspends Tax Talks travel update 

By John Schmid 

International Herald Tribune 

(Reuters, AP) 

FRANKFURT — Germany’s oppo- 
sition Social Democrats angrily suspen- 
ded their tax reform negotiations with 
the government Friday, throwing an- 
other obstacle into the bottlenecked tax 
talks that are meant to combat Ger- 
many’s record unemployment. 

A decision late Thursday by Chan- 
cellor Helmut Kohl's government to 
phase out subsidies to the nation's be- 
leaguered coal mining industry promp- 
ted the Social Democrats to postpone 
the talks as an act of protest. 

"The destruction of 60,000 jobs in 
German mines planned by the federal 
government is an intolerable provoca- 
tion,” the party said in a statement 
Germany's main mining regions are in 
North Rhine- Westphalia and Saarland, 

both states that are governed by the 
Social Democrats. 

No new date immediately was set for 
the tax discussions, originally sched- 
uled for Saturday. The national com- 
mittee of the Social Democrats con- 
venes Monday to set conditions to 
resume contact with Mr. Kohl’s center- 
right government. 

Accusing the government of hypo- 
crisy, the Social Democrats pulled out 
of the tax talks, which are meant to 
create jobs, on the argument that cuts in 
coal subsidies would exacerbate unem- 
ployment in the already depressed coal 
mining regions. 

“In this atmosphere and on this basis, 
the planned tax discussions on Saturday 
do not make any sense,” the Social 
Democrats said. 

Thousands of miners in the Ruhr 
River mining region put down their 

tools Friday and occupied mines near 
Duisburg, Gelsenkirchen, Heme, Reck- 
linghausen and Dorsten. 

Under pressure to rein in its budget 
deficits, Mr. Kohl’s coalition announced 
Thursday that it would reduce annual 
coal subsidies to 3.8 billion Deutsche 
marks ($2.2 billion) by 2005. Currently, 
coal miners get 10 billion marks in aid 
each year to support more than. 90.000 
jobs. Union leaders fear the subsidy cuts 
will mean a heavy loss of jobs. 

Prior to the coal subsidy dispute. Mr. 
Kohl had been prepared to terminate the 
tax reform negotiations if the Social 
Democrats failed to compromise at the 
meeting Saturday, sources in Mr. Kohl’s 
coalition said Friday. Annulling the talks 
would represent a significant setback for 
tax reform, which is what Mr. Kohl wants 
to use as the main weapon in combatting 
unemployment, now at 1 13 percent. 

Thai Police Get Tough 

BANGKOK(AP) — Thai police at? 
planning to take a harder line toward con 
artists who trick, tourists into paying high 
prices for cheap gemstones, a tourism 
official said Friday. The move is among 
a number of measures agreed upon by 
the Tourism Authority of Thailand and 
the police department to improve thfV 
security and safety of foreign visitors. 

Air Taxes Rise in U.S. 

Juppe Would Add Women to Parliament 





Wentenominattonal & English-Speaking norwlenorninaltonal. 820 am Hdy Eucha/W Ate 1 1 030 am 
1 Te *- + 41 61 302 1674. Sundays 1030 Choral Eucharist Rite II; 10:30 a.m. 

nS? MWere Stoasse 13. CH4056 Bast* Cfrurrii School for crtdren & timer/ cate 

BETHEL I.B.C. Am Dachsberg 92 
(Eogfchl .-Worsig &j0 1 -QQ am. and 


Cuseretraa 3, S. Amsterdam into. 020- 
641 8812 or 0206451 663. 



fEvffigefeafl. 4. bd. de Pforac. Cctomer. 

Sunday service. 6:30 p.m.Tel.: am - 
056274H5S. aVptofSL* 

MISSION; St. Anton Church. 

3339 or 39B 474 3509. 


M/nervasiraBe 63 Sunday Mass: 8:30 

am. & 11:30 am. Services held in the ALL SAINTS' CHURCH, 1st Sun. 9 & 

and 1030 am Btaentc a nip ban 54. 
Wassenaar 07D-51 7-0024 russty prw. 


LB.C. 13 rue Vernier. English service. 


aypl at St Arton Church. 


11:15 am Holy Eucharta wan Chfciren’s 
Chapel ai 11:15. AI other Sundays 11:15 
am Holy Eucharet and Sunday School 


PARIS — Prime Minister Alain 
Juppe is considering increasing the rep- 
resentation of women in Parliament by 
imposing quotas on electoral lists, al- 
though most legislators would vote 
against such a law. Le Monde reported 

It said Mr. Juppe’s conservative gov- 
ernment was studying whether to pro- 
pose legislation introducing such quotas 
before the 1988 legislative elections. 

When the opposition Socialists last 
month announced their candidates for 
the elections, 30 percent of them were 

A survey of French deputies by Le 
Monde showed that 60 percent of those 
who answered were opposed to a quota 
system. Taking part in the survey were 
312 of the 576 deputies in the National 

Of the Assembly’s 32 women, 22 said 
they were against a quota. 

WASHINGTON (AP) — A 10 per- 
cent tax on domestic commercial airtinp 
tickets returned Friday as part of a pack- 
age of aviation levies that will pump 
$2.7 billion into airport safety projects. 
In addition to the 10 percent tax oo 
domestic tickets, there is a $6-per-ticket 
tax on international departures, a 6.25 
percent tax on domestic air cargo aqd 
excise charges on noncommercial avi- 
ation fuel. Congress has let the taxep 
expire twice since January 19% but 
voted last week to reauthorize them 
through SepL30. 



•ir.’-tU." • 

TeL: (04 93) 32 05 96. 


UPS to Fly Passengers^ 

ATLANTA (AP) — United Parotid 
Service will soon begin delivering 
people on the weekends as well as pack- 
ages. UPS said Thursday it can convert 
its Boeing 727s in under four hours bj 
loading a platform fitted with carpeting 
and seats through the extra-wide cargd 
doors. The weekend passenger flights 
are scheduled to start March 15. -» 


Bulla, Sun. n VEttCE: a 22. aw. 
Resistance, 9 am Tat 33 04 93 57 19 83. 

Box 513. Stanton, Jnctana 47881 U.SA 







Worship Service. Sundays: 11 a.m. 
9, rue Louis Notary. Monte Carlo. 
TeL 377 9g IB S3 47. 

OF EUROPE (Angficon) 

THE CHURCH OF ST. AUGUSTINE Sun. 19£0 at Swxfch Church, across 



OF CANTERBURY, Sun. 10 a.m. 
Famfy Eucharist Frankfurter Strassa 3, 
Wiesbaden, Germany. Tel.: 
4®B! 1.3&66.74. 

INTERNATIONAL COMMUNITY ***•* TRNTY, Sin. 9 & 1 1 am. 1045 
CHURCH. Evangelical Btfe Befevtng a.m Sunday School far children and 



(torn MacDonalds. TeL: (02) 353 1585. 

l.B.C Ot Zurich. Gheistrasse 31, 8603 
RuschllVon, Worship Services Sunday 
mornings 1030. TeL 14810018. 

Forecast for Sunday through Tuesday, as provided by Acaj Weather 


Mpi LowW 
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sewes m Engfch 4r30 pm Smd 
Enhtiieretr. io (U2 Theresienstr.) 

at Nursery care. Third Sunday S p.m. 
9) Evensong. 23, avenue George V. 


Artiste ream 




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(StegT/tz) Sunday. Bible study 10.45. at CteyAfee & Fotadaner Sir.. S.S. 920 

9>48 002 PC 

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78*4 &4flS 


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all ate welcome. 9:45 First Service ST- JAMES' CHURCH, Sim 9 am. Rite t 

worship Service 12.00 noon. Charles am. Worehip 1 1 am. TeL 0308132021 
Wa/fom paaor. TeL 030-7744670. FRANKFURT 


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French Service 6:30 p.m. 56. me des 
Bons-Raisms. 92500 RueMMafrnaison. 
For nto. ca# 01 47 51 29 63. 


Worship Sun. 17:00, Pastor telephone: 


■B.C.. Strada Popa Rusu 22. 3:00 p.m. 


verdafoa Sunday worship 930. n German 
1 1 CO fi Engfish. Tet (022) 310S0 89 



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Cahofcj. MASS M ENGLISH- Sat 630 pm: „ 

Sun. 9.45. 11:00 a.m.. 12.15. 6:30 p.m. EMMANUH. CHURCH, 1st & 3rd Sun. 

oun. -jms. n:uo a.m.. 12.15. 6:30 
SO. avenue Hoche. Paris 8th. Tel.: 
0i H 27 38 56. Kl0oo CJaries de Gad: - Ekife 



9am Alaraweteame. TaL: (CEJ 628 MMa 
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S^VtWhs&asse 4. 81545 Munich (Har- 

Sunday-830 4 H-flOamSS^ftaSam. iadwiq), Garmany. TeL: 49/89 64 81 85 . 

bOdenetslr. 11-18. 83150 Bad Homburq. 
Sunday Worship. Nursery & SS: 
1120 AM. Mid-wed. ministries. Pastor 
Mlavey. CaBFax: 0617>6272S. 

Sunday school, nureety. inremafonaL St- 
danonv^nns welcome. Dorotheernssse 
16. Vienna 1. 



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R4GE 3 

Americans Tip the Scales Higher 

Category of Overweight Adults Expanded by 9% in 14 Years 

fi y Curt Supiee 

WwMngtun Post Srn'u’M 


warnings from medical exerts, ttefS- 
era! Centers for Disease Control and 

S'/sX Fnday in its lalest la ^- 

The segment of adults classified as 

overweight grew by 9 percent from 
1 980 to 1 994. while the segment of U.S. 
children and adolescents grouped as 
overweight increased by 6 percent in the 
same period, the survey found. 

The latest figures indicate that, be- 
cause of overeating and pandemic sloth. 
35 percent of the country's adults weigh 
dangerously more than they should, 
along with 14 percent of children aged 6 
to 1 1 and 12 percent of adolescents aged 
12 to 17. This is the heaviest the nation 


/v O itS 

Clinton Pushes His 
Domestic Agenda 

. LANSING, Michigan — Wash- 
ington may be absorbed with the 
daily twists and turns of the campaign 
fund-raising controversy, but in cen- 
tral Michigan it barely cast a shadow 
oveT President Bill Clinton as he be- 
came the first chief executive since 
Theodore Roosevelt to address a joint 
se ^°i9 of the Michigan Legislature. 

Delivering a speech on Thursday 
m which he urged adopting national 
education standards in reading and 
mathematics and making improve- 
ments in the welfare bill that was 
passed last year, Mr. Clinton received 
a rousing reception from Democrats 
and Republicans alike, including 
Governor John Engler, a Republican, 
who supports many of the same ideas 
on education and welfare changes. 

The trip was the second in a series of 
visits to state legislatures intended to 
blunt the troubles over campaign fi- 
nanerng and allow Mr. Clinton to whip 
up interest in his domestic agenda. 

Michigan residents demonstrated 
what pollsters have been saying and 
what the White House is counting on, 
that campaign finance is not a bunting 
issue for average Americans. 

4 ‘Maybe people would talk about 
it over breakfast, but they wouldn't 
dwell on it,” said Cheryl Chapko. 
chief of staff to the Republican state 
senator Harry Gast (NYT) 

Adds to Gore’s Woes 

WASHINGTON — Vice Presi- 
dent A1 Gore’s awful week was not 

Away From 

• After a nationwide talent search, 
the University of California has an- 
nounced that it has finally found new 
chancellors to run its campuses in 
Los Angeles and Berkeley. To head 
UCLA, the nine-school system has 
hired Harvard University's provost. 
Albeit Camesaic, 60. Robert Ber- 
dahl, 60. president of die University 
of Texas at Austin, was chosen to 
head the Berkeley campus. (NYT) 

• With the jury unable to decide 

between a sentence of death or life 

limited to domestic troubles. It seems 
he wrote a letter talking of his con- 
cern over the “civil conflict in 

Khali start'* that Sikh separatists im- 
mediately trumpeted as proof that the 
United States “recognizes the Sikh 
homeland Punjab as sovereign and 

Needless to say. this did not amuse 
the Indian Parliament, which went 
into an uproar. 

It was left to the State Department 
spokesman, Nicholas Bums, to take 
the heat at a briefing, where a reporter 
asked whether the White House 
checks this stuff before it goes out or 
“was it that the White House thought 
that Khali stan was a Central Asian 
republic" like the other 'stans? 

"Well, you know,” Mr. Bums 
replied, "sometimes we have a per- 
fect foreign policy and sometimes we 
have minor mistakes. In this case 
there was a mistake.” 

“We apologize to the government 
of India.” Mr. Bums said, “because, 
of course, we do not recognize a 
republic of Khalistan. We recognize 
the Punjab to be part of India. There's 
no mistaking that.” At least there 
hasn't been until now. (WP) 


Charles Lewis, executive director 
of the Center for Public Integrity, on 
a letter from an associate of Vice 
President A1 Gore's soliciting dona- 
tions to refurbish die vice president’s 
residence. ‘ ‘There’s a fascinating au- 
dacity about this. Of all times for 
Gore to be soliciting. It looks like 
they took the Democratic National 
Committee money list and used it to 
raise money to refurbish the resi- 
dence.” (NYT) 

imprisonment, a judge in Fay- 
etteville, North Carolina, imposed 
two concurrent life terms on James 
Burmeister 2d, a white former sol- 
dier, for the racially inspired murder 
of a black couple. (NYT) 

•It has been the basis of many 
science, fiction stories: The rocket 
returning from Mars carries an un- 
known organism destined to cause 
havoc on the Earth. Now, a panel of 
scientists has warned the National 
Aeronautics and Space Administra- 
tion dial plans to send robot space- 
craft to Mars to bring back soil 
samples should include stringent pre- 
cautions to prevent contaminating 
Earth with alien organisms. (NYT) 

has been since the government began 
compiling comprehensive statistics in 
the 1960s. 

"Americans need to do better in 
choosing a healthy diet and a sensible 
plan of physical activity,” Health and 
Human Services Secretary Donna 
Shalala said. 

Many analysts say it would take fairly 
modest modifications in most people's 
behaviors to slow the pudge boom. 

"It's really important for people not 
to think that they have to go on strict 
diets or join gyms,” said Cynthia Og- 
den. an epidemiologist at the National 
Center for Health Statistics, which pro- 
duced the study. Citing a report issued 
by ihe surgeon general in July that re- 
commended 30 minutes of such mod- 
erate physical activity as walking or 
gardening daily, she said, "Basically, 
it’s just moving around.” 

Obesity and related conditions con- 
tribute to an estimated 300,000 deaths a 
year, making them the No. 2 leading pre- 
ventable cause of death after smoking. 

The new weight survey, published in 
the centers' Morbidity and Mortality 
Weekly Report, shows that several 
groups are at disproportionate risk. 
Among all U.S. women surveyed, for 
example, 36 percent were overweight. 
But the rate was 50 percent among Mex- 
i can- American women and 52 percent 
in non-Hi spanic black women. 

The rate among males — 33 percent on 
average — did not vary appreciably by 
race or ethnicity, the researchers found. 

Americans simply have been getting 
too much chow and too little exercise, 
the report suggests. Modem life does 
not oblige them to walk as much or use 
their muscles as hard as they did even a 
couple of decades ago, the authors 
wrote, citing changes in "transportation 
patterns, household work and time spent 
in inactivity (e.g., watching television 
and playing electronic games).” 

Vast numbers of Americans — 59 
percent of women and 49 percent of 
men — engaged in little or no physical 
exercise, the report found. 

- -v| 

MjiLki Koin^HnUrf. 

Peruvian police guarding an unspecified construction site behind the Japanese ambassador's residence in Lima. 

Lima Rebels Fear Raid via a Tunnel 

By Calvin Sims 

New York Tima Service 

BUENOS AIRES — Marxist rebels 
who are holding 72 hostages at the Jap- 
anese ambassador's house in Lima say 
they are abandoning negotiations to end 
the crisis because they believe that the 
Peruvian police are digging a tunnel 
beneath the residence as a prelude to a 
military assault. 

In a radio conversation with local 
journalists, the leader of the Tupac Am- 
aru guerrillas, Nestor Ceipa Cartolini. 
said Thursday that for the last three days 

the rebels had heard loud noises coming 
from beneath the residence's floor. 

"This all shows, without a doubt, that 
they are preparing a military action, 
with the tactic of invading from the 
inside and the outside,” Mr. Cerpa 

Some Peruvian government officials 
and foreign diplomats in Lima said Mr. 
Cerpa' s contention is believable based 
on past police activities outside the res- 

But there was no immediate reaction to 
the accusations from the police or from 
the office of President Alberto Fujimori. 

The government and the guerrillas 
were scheduled to hold their 10th round 
of talks Friday, but the members of the 
Tupac Amaru Revolutionary Move- 
ment said they would not attend. 

"We don't believe that it's correct for 
them on the one hand to speak of con- 
ducting a dialogue to resolve the crisis 
and on the other hand to engage in this 
type of activity.” Mr. Cerpa said. 

In recent days Mr. Fujimori sought to 
portray the talks as advancing after he 
obtained a commitment from Cuba to 
give the guerrillas asylum, an option the 
rebels rejected. 

Michael Manley, 72 , Ex-Leader of Jamaica, Dies 

CarrpdfJ ty Our Frr-n Dvparha 

KINGSTON, Jamaica — Michael 
Manley, 72. who led Jamaica down the 
road of socialism as prime minister in 
the 1970s, died Thursday night after a 
long battle with prostate cancer, a fam- 
ily spokesman said Riday. 

Mr. Manley, who returned to head a 
more moderate government in 1989 but 
resigned because of illness in 1992, was 
described by his successor, Percival 
Patterson, as a "colossal figure” on the 
Jamaican political scene. 

Mr. Manley will be remembered 4 ‘for 
his passionate fight for social equity and 
justice.' ' Mr. Patterson said. 

In an article for The New York Times 
in 1975 that was a typical expression of 
his political views and literary style, Mr. 
Manley wrote: "Gross maldistribution 
of the world’s wealth and food is no 
longer a moral offense only, ft now 
represents the greatest practical threat to 
peace and to any desirable development 
of mankind." 

As prime minister from 1 972 to 1 980, 
he embraced socialism and flirted with 

President Fidel Castro of Cuba, earning 
the wrath of the United States. But in his 
second stint as leader, he was hailed by 
President George Bush as an apostle of 
free-market economics. 

Bom Dec. 10, 1924, Michael Noiman 
Manley breathed politics from the crib. 
His fattier, Norman Manley, was a na- 
tional hero who was prime minister in 
1962 when Jamaica gained indepen- 
dence from Britain. His English-bom 
mother, Edna, was a noted sculptor. 

He succeeded his father as leader of 
the People's National Party in 1969, and 
became prime minister when the party 
won elections in 1972. 

His rhetoric turned leftist; his official 
clothing became tropical casual or Af- 
rican-influenced and he ordered the 
party’s " 10 Steps to Socialism’ ’ printed 
in Kingston's biggest daily newspaper. 
His stances won him the support of 
Rastafarians, reggae stars such as Bob 
Marley and black nationalists, who 
were initially cool because of Mr. Man- 
ley’ s mulatto background. 

Mr. Manley won a second term in 

1976 in a violence-scarred election and 
wrapped his arms around Mr. Castro. 
The alliance chased investors from the 
island, drew opposition in the United 
States and the International Monetary 
Fund and led to a deep recession. 

When Mr. Manley ran for a third term 
in 1980, nearly 700 people died in elec- 
tion-related violence. Mr. Manley was 
defeated in a landslide by the Jamaican 
Labour Party, whose conservative leader, 
Edward Seaga, became prime minister. 

Mr. Manley returned to the business 
suit and tie of his youth and began 
courting the private sector, a strategy 
that paid off in 1989 when the People’s 
National Party and its leader returned to 

During a trip to the United States in 
1990, Mr. Manley received praise from 
President Bush, who said that Mr. Man- 
ley had "done a first-class job in trying 
to move Jamaica forward." 

But his health declined, and in 1992 
be turned power over to Mr. Patterson, 
the architect of Mr. Manley's economic 
policies. (AFP, Reuters. NYT) 

Cheddi B. Jagan, 78, Leader 
Of Guyana Opposed by U.S. 

New York Times Service 

Cheddi B. Jagan. 78, the firebrand 
who led Guyana to independence and 
beyond, died Thursday in Washington, 
where he had been hospitalized after a 
heart attack. 

A dentist by training, Mr. Jagan rode 
the aspirations of Guyana's downtrod- 
den Indian majority to power. But he was 
also a Marxist-Leninist of the pro-Soviet 
mold, which led to dashes with Winston 
Churchill and John F. Kennedy. 

Those confrontations ended badly, 
with Mr. Jagan in 1 964 losing the post of 
prime minister to which he had been 
elected in 1961 . But his popularity in his 
small country never faded, and he re- 
turned to power in 1992, nearly three 
decades after Washington engineered 
his ouster, with a softened outlook of his 
own and the support of the United 

Samuel Hinds, 53, was sworn in to 
succeed Mr. Jagan. 





i:; I-* 




life After Communism 
$y Slavenka Drakulic. 213 
gages. $21. W.W. Norton 
Reviewed by 

I T is a very simple image: a 
nation of bad teeth. Upon 
returning home to Croatia, 
after spending some time in 
"America, the Croatian jour- 
nalist Slavenka Drakulic no- 
ticed something she had nev- 
- or noticed before: She looked 
lipto the mouths of friends, 
relatives, acquaintances and 
neighbors, and she noticed 
that they all had terrible 
teeth. . 

In' this image, Drakulic 
sees a metaphor for what is 
wrong with so much of post- 
Cormnunist Eastern Europe, a 
metaphor for the failure of 
-people to develop a sense of 
individual responsibility and 
seize control of their lives, a 
failure she believes may ul- 
timately affect these coun- 
tries’ ability to become true 

working democracies with in- 
volved citizens. 

"Bad teeth are the result of 
bad dentis ts and bad food, 
she writes, "but also of a spe- 
cific culture of thinking, of 
vnot seeing yourself as an m- 
■f dividual. What we need here 
is a revolution of self-percep- 
tion. Not only wiH that not 
come automatically with me 
new political changes, but I 
am afraid that it will also rake 
longer than any 

economic -developments, we 

need to accept our respon- 
sibilities towards both others 
and ourselves." ti . 

“Cafe Europa, L™- 
ulic’s insightful new collec- 
tion of essays, is so*** 6 * 1 

such everyday observan 

| new authors! 



f -iKSSES?- 

!ais Sfel! 

that open out, like windows, 
to reveal wide-angled histor- 
ical vistas. The difficulty of 
buying a new vacuum cleaner 
becomes a lesson in the ab- 
surdities of Croatian bureau- 
cracy and the resignation 
evinced by Croatian citizens. 

And a question about a re- 
cipe for Bosnian sarma 
(minced meal and seasoning 
wrapped in sauerkraut) turns 
into a lament for the shattered 
dream of pluralism, destroyed 
by the war. 

Some of the essays in 
"Cafe Europa” — like a 
piece on Drakubc’s father — 
are acutely personal; others — 
like a report on what would 
have been the 75th birthday of 
the late Romanian dictator 
Nicolae Ceausescu — are 
more reportoriaL In all of 
them, however, the voice is 
conversational; the tone, im- 
passioned; the point of view, 
unabashedly subjective. The 
book not only helps to EQu- 
rninate the political and social 
problems facing much of 
Eastern Europe, but also sheds 
new light on the daily life of 
its residents, their emotional 


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habits, fears and dreams. 

A central theme — which 
will be familiar to readers of 
Drakulic 's earlier books, 
"How We Survived Com- 
munism and Even Laughed* ’ 
and "Balkan Express" — 
concerns the aftermath of 
communism and the chal- 
lenges of making the transi- 
tion to democracy. For Drak- 
ulic, it means learning to say 
"I" instead of “we," to em- 
brace the idea of individual 
responsibility, be it demand- 
ing higher standards of clean- 
liness in public toilets or 
protesting arbitrary govern- 
ment decisions. It also means 
learning not to live in an etern- 
al present: learning to save 
money instead of immediately 
spending it, learning to build 
consumer trust instead of try- 
ing to make a quick buck. 

“It is a paradox." she 
writes, “that what people 
today miss the most is the se- 
curity they have lost with the 
feD of communism: jobs, pen- 
sions, social and medical se- 
curity. maternity leave, sick 
leave. As a result, you don't 
invest, build or save in the 



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dead Sunday, 53 bsw. de fa Moneftequai 
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Tufah 4 Infl qjeocbti, bbsfcr bar. 

bad Mcfeod imiul. lit fear. MtNmH.9. 
Tel: 5128843 Ac tmdftamd. BOm Open 
Noon-3 pjn £ 6 pjn.-lajg,«af* Sunday. 

name of the future. You just 
grab what there is today, be- 
cause it might not be there 

Nostalgia for the security 
of the old Communist days, 
Drakulic goes on, also helps 
explain why some Romanians 
actually mourn the death of 
Ceausescu and why royalists 
in Serbia, Bulgaria, Romania 
and Albania nave "appeared 
in growing numbers and with 
visible aspirations." "One 
needs to understand,” she 
writes, “that we, ihe people 
from die Communist world, 
are still children in the polit- 
ical sense. We need a daddy, 
somebody who will look after 
us, so that we don't have to 
look after ourselves.” 

Michiko Kakutani is on the 
staff of The New York Times. 

Gad Hold 


•B ■ near congress 


Aik about our 

6906 LUGANO 

TELEPHONE *4191/971 22 13 
TELEFAX *4191/973 72 71 




6 Iconoclastic 

10 South Africa's 
first PAL 

U Sop 

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21 Ensemble part 

22 Commandment 

23 Pineapple island 

24 SaBorisoy 

28 Forty? 

28 Combine to the 

29 Stuffing 

jt ftmnnmg 

31 Deer 

32 1938 Loretta 
Young title role 

33 Itches 

34 Second parson 
in the Buie 

38 Approadilng 

38 First name in 

39 Take the wrong 

48 1932 skiing gold 

41 Agamemnon's 

48 Dog on "Frasier' 
46 Heiress, maybe 
46 Subject of 

monthly reading 

49 Indy racer 

S3 Monitor 

53 Phishing 

54 Onetime SAC 
chief and family 

56 Downyflake 

56 Put ob a show 
58 Virus type 

80 Part of the 

81 Leas ruddy 
62 Dreary 

85 New York nosh 
87 Trembling 
69 Hydrocarbon 

78 Class division 
73 Sandhurst 


75 Earned! 

76 Barter of 

77 Lure of New 

79 Churchill 
Downs drink 



34 ( quaiGMralG(jBan 1211 Geneva 3 
iy.: (41-22) 313 32 00 
Fax: 141-22] 318 33 00 

61 -We Do Our 

84 Paisley* 
pungent relative 
86 Whare Mocha is 
88 Hardly 
88 Largest land 
90 Concerns 
93 Phick 
95 Dessert wine 

97 Part of the 

98 Women* casual 

106 G.L'b suppliers 

102 Truth, to 

103 S en a t or 
succeeded by 

184 Liturgy 

195 S- Down Sound 

108 Beauts 

109 Sound Of 

110 Deposit 

112 Guard of myth 

114 Kind of footing 

115 Plug 

116 Blue- green 

117 Not yet 

119 Head for the 

121 “ Playing 

Our Sang' 
n 979 song) 

123 Calyx 

124 Paarro’s capital 

128 Home of the 

129 Stalemate 

130 loss 

132 Odysseus, e.g. 

134 Antique sale 

137 Lure of New 

139 R e ference 

148 Ala King? 

141 Individual share 

142 Two-time U.S. 
Open winner 

143 First name in 

144 Stumped 

145 Dallas Cowboy's 

146 Assignation 

1 Like some skits 

2 Allan 

3 Single-named 
60’s singer 

4 Zane and Lady 

5 A Saarinen 

8 Reassure 

7 Former org. of 
the Pacers and 
the Spurs 

S Guffaw 

9 Motherof 
4 1 -Across 


11 ll circles Uranus 

12 Morrison and 

7 l« (I |T1 1 13 III II ■!' Ill II III | III 

» 1 Hu 







To Jo He 

fm [ T Tn In Hn 

lias «* lor^Hiaj 

IH 1ZS IZfl 1Z7 1 

t31 13S 

Mali ■ ixF Ira] 

13 Lunch counter 

14 Start of a 
Faulkner title 

15 TV family name 

16 "Dallas- co-star 

17 Kind of suit 

18 Heavenly gift 

19 SUe of a famous 

22 Boxcars 
25 Western copper 
27 Feverish 
30 Place lo put a 


85 — Bridge. Sl 
L outs 
37 La 



39 Parts of 

42 And the 
following Lai. 

43 Fine fur 

44 Mickey 

45 Spoils, with "on" 

47 “What’s with 

48 CH, 

48 Heebie-jeebies 

50 The Rome of 

51 Loyalist 

52 Wastemizerof 

54 Became unglued 

55 Leaf gatherer 
57 Make smuggles 
59 Tunnel traveler 

©Afeir York Times/Edited by Will Shorts. 

81 Founder of New 
York's Public 
T h eater 

63 Claustrophobe's 
nightmare, for 


64 Tense 
88 Cartesian 

68 Gone 

71 Monk, maybe 

72 Branched 
74 Motor oQ 


77 Prized game fish 

78 Reason for an 
R rating 

80 Aridams 
portrayer, m 

107 Held on The 

110 Earfy arrival 

111 Blackmore 

112 “Blue River” 
actress. 1995 

113 Collectible, 

114 Sauce mode 
with pine nuts 

115 Hawk 

116 Crow's home 

118 DeB necessity 

119 Lab specimens 

120 Principle 

122 Like good 

124 Great Western 
Fotum player 

125 With aloof 

128 Prides of lions 

127 Existential woe 

128 Last Kern 
131 Wood sorrels 
133 Graft recipient 
135 Bing Crosby's 

record label 
138 Org founded in 

138 Interim rulers 

82 Produced do 

83 Some are 

85 It's a 

87 Frostiness 

89 Vegetarian's 

86 Practice 

91 probaodi 

92 Bear it 

94 Gave off. as 


98 Fruit pastry 
101 Slump 
106 PhQodendrnn. 

Solution to Puzzle of March 1-2 

saaanEan onaonon nanno 
ngnnsun annnnaa nanno 
gganann naan onnano 
□□aan nanann oraa non 
_nnnn nnn annn qbg 
gnannonnoaa0ODO nnoo 
nm ogasna onnoan 
agg □□non naan nnnno 

□nno 53nrjnpdn3nn nnno 
gggng nmnrn non mu 
sonan anon nnann non 
flcignna nnnnnn gob 
ggga nnonnnnnnnnnnan 
332 gnmn ana nnnn 
ggg Qnn^nnnnno nnnrcn 
ngnigag nnnrn nninira nnn 

n.annn anannnn nmrannn 




China Warns on Interference 

‘No Changes ’ in Foreign Policy in Post-Deng Era 


BEIJING — Foreign Minister 
Qian Qichen said Friday there 
would be no changes in Chinese 
foreign policy in the post-Deng 
Xiaoping era, but he sternly 
warned countries against meddling 
in die affairs of Hong Kong and 

peace and stability on the Korean 
Peninsula," Mr. Qian said. 

Speaking at a press conference 
broadcast five on state-run tele- 
vision. Mr. Qian stressed that 
China would continue to adhere 
to the foreign policies built up 
during Mr. Deng’s leadership, 
which pioneered the country's 
opening to the outside world. 

“There will be no new 
changes." be said. 

Mr. Deng died Feb. I9attbeage 
of 92. 

On another issue, Mr. Qian was 
questioned about the North 
Korean defector Hwang Jang 
Yop, who has been holed up in the 
South Korean Consulate in 
Beijing for the past four weeks. 
Mr. Qian indicated that Pyong- 
yang's interests had to be a con- 
sideration in solving the impasse. 

“China will follow internation- 
al law” to solve the problem, “but 
at the same time we will take into 
consideration the need to maintain 

Peninsula," Mr. Qian said. 

‘ ‘Right now, we hope all parties 
concerned will adept a cool- 
headed attitude so as to solve this 
problem as soon as possible.” 

But Mr. Qian warned the in- 
ternational community against in- 
terfering in Hong Kong and 
Taiwan, which are both viewed as 
internal issues. 

The foreign minister said it was 
understandable for nations with 
long-standing commercial in- 
terests in Hong Kong to be pre- 
occupied with fee future of fee 
Hong Kong Special Administrat- 
ive Region, or SAR, as fee ter- 
ritory will be known alter the July 
1 handover. 

"But if some countries think 
they have the right to interfere in 
fee affairs of the Hong Kong 
SAR. then they are going too 
far,” Mr. Qian said. “No one has 
that right.” 

He also said that Britain had 
overreacted in an "unreasonable 
and unnecessary” manner to 
Beijing’s establishment of a pro- 
visional legislature to replace fee 
Hong Kong Legislative Council 
after fee handover. 

Mr. Qian, who is also deputy 

prime minister, issued a similar 
warning to foreign countries over 
rival Taiwan, wife a special 
caveat for fee United States 

“There is no possibility for 
China and the U.S. to enter into 
conflicts with each other, unless 
fee U.S. harbors a desire to in- 
fringe upon China’s sovereignty 
and its territorial integrity," he 
told reporters covering the annual 
session of fee National People's 

Beijing has viewed Taiwan as a 
renegade province since Nation- 
alist troops fled to fee island in 
1949 after losing a civil war to fee 

Ruling out any early resump- 
tion of talks between the main- 
land and Taiwan, Mr. Qian said 
Taipei’s refusal to adhere to the 
principle of “one China” had 
made dialogue impossible. 

“The basis for such negoti- 
ations is fee recognition feat there 
is only one China in fee world," 
he said. 


V.S. and Pyongyang Talk 

About Missing Servicemen 

porters and includes feree of President Suharto's if ' ' 

children as candidates for fee nfong Golkar 

Robyn Bcdi/.lpa«* haw-nna 

Mr. Qian in Beying on Friday 

NEW YORK — In fee highest level meeting in 
two years, U.S. and North Korean officials opened 
talks Friday on accounting for missing service- 
men, dealing wife missife proliferation and open- 
ing offices in one another’s countries. 

The talks included the same U.S. delegation 
that met wife North and South Korean diplomats 
on Wednesday on possible peace talks for the 
divided Korean Peninsula. 

Those three-way talks were fee first time in 25 
years that diplomats from North and South Korea 
had discussed peace wife each other, leading to 

P3 Mr. Suharto’s eldest daughter, SitL Hanfijanti 
Rukmana, head of fee construction group Citra 
Lamtoro Gang, is also deputy chairman of fee 
party, and a son. Bambang Tnhatraodjo, chief of 
the Bimantara group, is treasurer. 

Mr. Suharto’s youngest sot, Hutomo jtondala.. 
Putra, head of the Humpus group, is also a Golkar 
candidate. ~ (Reuters) - 

Colombian Gunmen Kill 6 

“Unfortunately, up to now, it 
is seemed that the Taiwan au- 

has seemed that the Taiwan au- 
thorities are reluctant to talk about 
‘one China,’ do not dare to do so, 
and are afraid to do so. 

“Under these circumstances. 

how can direct negotiations be- 
tween the two sides proceed?" be 

Mr. Qian also warned Taiwan 
not to fan separatist sentiment 
during a visit this month by 
Tibet's spiritual leader, the Dalai 

“The Dalai Lama is a political 
figure in a lengthy exile and is 
engaged in activities aimed at split- 
ting the motherisffkd,” Mr. Qian 
said. “His visit to Taiwan will 
inevitably have political pur- 

The Dalai Lama, who won fee 
1989 Nobel Peace Prize for his 
nonviolent campaign for auto- 
nomy for Tibet, will make a six- 
day visit to Taiwan beginning 
March 22. (AFP, Reuters) 

optimism among American and South Korean 
officials that an agreement on peace talks might 
come soon. 

On Friday, North Korea and the United States, 
which frequently meet for lower, working-level 
calks at die United Nations, met at the U.S. mission 
in New York on the deputy-ministerial level. The 
Americans are led by a deputy assistant secretary 
of state for East Asian Affairs, Charles Kartman, 
while Noith Korea was represented by Deputy 
Foreign Minister Kim Kye Gwan. (AP) 

BOGOTA — At least six people were killed by 
suspected extreme-right gunmen, who dragged . 
them out of their homes in a banana-growing 
region of northern Colombia, the police said Fri- ; 3 
day. “■ 

The victims, a woman and five men, were ' 
pulled into fields outside the town of Fundacion, 
in Magdalena Province, and killed by masked . 

gunmen late Thursday, the police said. 

There was no immediate claim of responsi- , 
bility, but the police said the killings appeared • 
simil ar to others committed in fee region by for- . 

right death squads. At least 25 people have been • 
killed so far this year. (Reuters) 


Indonesia Approves Ballot ] n fa.p a fatanTalte Haded 

JAKARTA — Indonesia approved on Friday 
the final list of candidates for the May general 

The list, which will be publicized ahead of fee 
May 29 voting, excludes Megawati Sukarnoputri, 
the ousted min o rity party leader, and her sup- 

NEW DELHI — The United States on Friday ’ 
welcomed fee planned resumption of peace talks • 
between India and Pakistan, and urged both not to “ 
obstruct a treaty that would ban the production of 
n uclea r bomb-making material. (Reuters) 




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% Israel to Cede More of West Bank 

f| Palestinians Scoff at Size of Transfer, but U.S. Applauds 

r -i v - .. ^iaBwt 

By Serge Schmemann 

New York Tunes S ervice 

JERUSALEM — Palestinian leaders 
: assailed as too little an Israeli govern- 
: T* 1 ) 1 decjsion early Friday to withdraw 
• further from the West Bank but the 
; Untied Stales expressed satisfaction 
■over what it described as a “demon- 
j stratum of Israel’s commitment to the 

■ peace process.” 

I After a seven-hour debate, the cab- 

■ inet agreed. 10 to 7, to transfer an ad- 
yhuonal 9.1 percent of the West Bank to 
•'partial or total Palestinian control. 

i The action was the first of three fur- 
ther transfers mandated by the interim 
IsraeU-Palestinian agreements which 
;were signed in September 1993. In the 
, Hebron agreements reached in January 
\ the Palestinians exacted a further pledge 
| from Israel to make the first redeploy- 
iment by Friday. 

! The announcement of the decision 
i was made at 3 A.M., too late for Israeli 
.’newspapers. That, plus the onset of the 
■Jewish Sabbath at sunset, precluded any 
) Israeli reaction until at least Sunday a 

■ fact some - commentators thought was 
loot chance. 

The vote reflected the divisions with- 
|in Prime Minister Benjamin Netan- 
iyahu s ruling coalition over any further 

concessions to the Palestinians. The de- 
bate was said to have been as fiery as all 
cabinet meetings tend to be when the 
issue is the Palestinian peace. 

The Palestinian reaction was predict- 
ably unfavorable, since Palestinian 
leaders have not publicly accepted that 
Israel alone decides how much land to 
cede in these withdrawals, and since 
they have declared that each withdrawal 
should amount to one-third of the oc- 
cupied territories. 

“This is a big deceit operation." Yas- 
ser Arafat, the Palestinian leader, told 
reporters on his return from a tour of the 
United Srates. “It came from one patty, 
without consultation with us.” 

Privately, however, both the Pales- 
tinians and American mediators bad ac- 
cepted that the phrasing of the Oslo 
accords left the decision on how much 
land to cede exclusively to Israel. The 
wrangling had been over how much, 
with the Americans urging Mr. Net- 
anyahu to transfer at least 1 0 percent, on 
the premise that a double-digit figure 
would serve as a credible demonstration 
of Israel’s commitment. 

American officials accepted that the 
9.1 percent probably represented the 
most that Mr. Netanyahu was able to 
wrest from his cabinet, and so declared 
it a “positive first step.” The officials 

Gingrich to Lead Group on China Visit 

■ The Associated Press 

WASHINGTON — Newt Gingrich, 
the speaker of the House, is planning a 
trip to China at the end of this month and 
may also virit other countries in Asia. 
Republican congressional officials said 

The Georgia Republican will take 
jvith him a delegation of House mem- 
bers. although the makeup of the group 
-has not yet been determined, a con- 
gressional leadership aide said. 

The trip, set for the two-week con- 

gressional Easter recess, comes as Mr. 
Gingrich seeks to regain his footing 
after being reprimanded by Lhe House in 
January for ethical misdeeds. Since 
then, he has largely kept out of the 
public eye. 

Mr. Gingrich and Bob Dole, then the 
Senate majority leader, helped Presi- 
dent Bill Qinton round up votes to 
extend China's most-favored-nation 
trade status in 1995 and 1996. The ad- 
ministration is counting on the Repub- 
lican leadership again this year. 

‘Black Widow’ Guilty 
Of Murder in Austria 

C. wrptloJ hr Our Staff Firm Dispatrtus 

VIENNA — A 66-year-old 
•woman dubbed Austria’s 
“black widow” was found 
guilty Friday of murdering an 
elderly male companion to in- 
herit his savings, and sen- 
tenced to life in prison, end- 
ing one of the most notorious 
trials in the country’s his- 

■ The woman. Elfriede 
tBlauensteiner. was suspected 
iof several other murders, but 
•was tried only for die Novera-' 
■ber 1995 death of 77-year-old 
Alois Pichler. 

• Mrs. Blauensteiner captiv- 
ated the Austrian news media. 

he showed up for the first 
day of the trial in Februajy 
Clutching a small cross. 

: On Thursday, the last day 
iof the trial in Krems, 50 ki- 
lometers (30 miles) west of 
fVienna, she continued to pro- 
claim her innocence and 
'sruck her fingers in her ears 
jduring the prosecutor’s clos- 
ing arguments. 

: Mrs. Blauensteiner re- 
mained composed Friday, 
muttering and looking at her 
watch impatiently as the ver- 
dict was read out. 

Asked if she understood 
The sentence, she said with 
defiance: “I understand per- 

The eight-person jury said 
Sirs. Blauensteiner’ s “pure 
greed” justified the heavy 
sentence, noting that her 

■Jury Limits 
tlSAir Liability 
In 1994 Crash 

1 The AsS'Viareti Fress 

\ COLUMBIA. South Caro- 
lina-r— A federal court jury on 
found US Air negligent Friday 
4n the July 1 994 crash of Flight 
JT0I6 that killed 37 people. , 

•i But jurors said USAir s 
Negligence in the crash, near 
Charlotte, North Carolina, 
*was not intentional, wnicn 
podd limit the ability of sur- 
vivors and the families of 
ihose who died to collect pu- 
nitive damages. 

USAir. since renamed ua 
.■Airways, has blamed atr 
? traffic controllers, saying the 
-flight crew did not get proper 
weather . information before 
flying into a thunderstorm. 

Although the jury srnd 
USAir’s negligence contrib- 
uted to the crash, it ruled that 
the- airline was not liable for 
claims of wrongful death or for 
the claims of those who sur- 

Thai means *e 
liable only for actud damage 

and not for any punitive dam- 

*^A separate proceeding ™ 
the damages was scheduled to , 
begin Wednesday. 

The plane crashed in an in- 
tense storm. 

The National THnwrta- 


ground as it tried to tana. 

“malicious actions did not 
give the victim any chance to 
defend himself." 

Her former lawyer. Harald 
Schmidt, was sentenced to 
seven years in jail for being an 
accomplice to grievous bod- 
ily hann and falsifying Mr. 
Pichler’s will. 

Although Mrs. Blauen- 
steiner was charged with only 
one murder, the police are 
still investigating her in con- 
nection with other deaths. 

' She is suspected of having 
placed advertisements in 
newspapers to meet rich, el- 
derly men, poisoning her vic- 
tims and then gambling away 
the money she was left in their 

The state prosecutor, 
Friedrich Kutscbera, accused 
Mrs. Blauensteiner of giving 
Mr. Pichler at least 70 doses 
of a drug known locally as 
euglucon in his milk. 

A day before Mr. Pichler’s 
death, Mr. Kutscbera 
charged, Mrs. Blauensteiner 
and her former lawyer gave 
Mr. Pichler 20 tranquilizers 
and put him in a cold bath and 
shower so that he would die of 
heart failure. 

Mr. Schmidt was also ac- 
cused of helping Mrs. 
Blauensteiner pm Mr. Pilcher 
in the bathtub and falsifying 
his will so that it appeared she 
inherited about 1 million 
schillings (then $100,000). 

(AP. Reuters ) 

now playing on 
a cable system 
near you. 

Hear quafity, independent 
programs from Notional PubBc 
Radio* end Public Radio Interne- 
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Now, final* you on fct*n too. 

Onc^i t*ty 3wwa»a* +49J9.9W5351. 
fjnaiaiiiiDepuniiefprta^ AmtwjOw 

said Secretary of State Madeleine Al- 
bright telephoned Mr. Netanyahu to ex- 
press her satisfaction, adding that the 
United States hoped he would do more 
in the second and third phase. ■ 

The government did not immediately 
make public maps detailing the transfer. 
Officials said the transfers included a 
large tract around Jenin in the northern 
West Bank: an area north of Hebron: 
and a smaller area near Bethlehem. 

in the complex geography of the 
peace agreements, the decision actually 
entailed several transfers. Now, 2.8 per- 
cent of the land is controlled fully by the 
Palestinian Authority and is known as 
Area A. In 25 percent of the West Bank, 
Area B. the Palestinians have full civil 
authority, but security is handled by 
both Israel and the Palestinian Author- 
ity. The rest. Area C. is under exclusive 
Israeli control. The effect of the trans- 
fers is that the land in Area A will grow 
to 10.02 percent of the West Bank. 

Mr. Netanyahu's aides privately ac- 
knowledged that two actions taken by 
Mr. Netanyahu in recent weeks — the 
decision to build a new Jewish neigh- 
borhood, Har Homa. in East Jerusalem, 
and warnings sent to four Palestinian 
offices in Jerusalem that they were op- 
erating in violation of the Oslo accords 
and must close — were efforts to defuse 
opposition among right-wingers in his 
cabinet before Friday’s decision. 

The cabinet vote generally followed 
the breakdown of the ministers on the 
Hebron agreement in January, with one 
notable exception. Trade and Industry 
Minister Natan Sharansky, who until 
now had supported Mr. Netanyahu on all 
critical votes, this time voted against 
Mr. Sharansky was not immediately 
available for comment but officials 
close to him said his vote represented a 
political break with Mr. Netanyahu over 
an investigation involving the appoint- 
ment of an attorney-general. Mr. Shar- 
ansky is known to be angry that the 
cabinet was not consulted before the 

ii” *■ - ^ 

ijeR. **■ «*■’• >-w*i - . . 



•IGE 9 



■& J 


Vmccol AnaWy/A gmee Fnm-Pioic 

Palestinians protesting Friday at an East Jerusalem site where Israel has announced plans to build a Jewish 
neighborhood, Har Homa. The protesters would like to make East Jerusalem the capital of a Palestinian state. 

Israeli Legislator Insults U.S. Ambassador 

Cmpdrdts Our Styf From THsp&chrs 

JERUSALEM — An Israeli legis- 
lator burled anti-Semitic insults at the 
United Stales ambassador and chal- 
lenged the diplomat to a fistfight, the 
U.S. Embassy said Friday. 

The legislator. Rehavam Zeevi of 
the extreme nationalist Moledet party, 
later apologized to the ambassador, 
Martin Indyk, a spokesman for the 
U.S. Embassy in Tel Aviv said. 

Israel’s Foreign Ministry said Fri- 
day it regretted "the offensive state- 
ments" made to Mr. Indyk. 

The incident occurred Thursday at a 
memorial ceremony for former Prime 
Minister Yitzhak Rabin, the news- 

paper Yedioth Ahronoth reported. 

At the ceremony were both Mr. 
Indyk and Mr. Zeevi, who last month 
in Parliament had called the ambas- 
sador Yehudon — a Hebrew slur trans- 
lated as "Jew boy” or “Yid” — 
apparently in connection with Mr. In- 
dyk 's active role in the Israeli-Pal- 
estinian peace negotiations. Mr. Zeevi 
was formally rebuked at the time. 

Mr. Zeevi, known for his provoc- 
ative style, is opposed to making any 
concessions to the Palestinians. 

When Mr. Indyk approached after 
the ceremony, Mr. Zeevi remained 
seated, Yedioth Ahronoth said. 

Mr. Indyk then told Mr. Zeevi: 

“The last time somebody called me a 
Jew boy I was 15 years old and I 
punched him in the face. ’ ’ 

Mr. Zeevi responded: “Try me. 
Let’s see if you mean it. You are a Jew 

Mr. Indyk: “You are a disgrace to 
your people.” 

Mr. Zeevi: “You are a son of a 

Mr. Indyk stood frozen, and did not 
respond, the newspaper said. 

However, since Mr. Zeevi apolo- 
gized, “it is the ambassador's view 
that the matter is dosed,” Mr. Indyk ’s 
spokesman, Richard Scorza, said Fri- 
day. (AP. Reuters) 



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^ London on Tel. (44 171) 420 030®^ 

"• Jr.*- - :, . V 

' E-mail: bhagerty 

J. ; '.'..v].,: *r 

Fax: (44 I7IX ‘ 

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Debt Relief Endangered 

Last fall the world's richest coun- 
tries agreed, in what seemed a historic 
decision, to reduce the stifling debt 
burdens of poor countries that are im- 
plementing economic reform. The first 
country to benefit, it was thought, 
would be Uganda, and the relief would 
begin as early as this year. Now this 
crucial initiative is in danger again, as 
the wealthy lender nations — led. un- 
fortunately, by the United States — 
threaten another two years of delay. 
No one disputes the need for debt 

relief. This year, for example, Uganda 
; $9 for every 

will have to spend about 
man. woman and child on repayments 
to the World Bank, the International 
Monetary Fund and other lenders. 
That's about seven times what it will 
manage to spend on primary education 

— this in a country where one-third of 
all children don't attend school at all. 
In one recent year, a World Bank di- 
vision lent poor countries $2.9 billion 

— and collected from those same 
countries $1.9 billion ro service old 
loans. No nation can climb out of 
poverty while caught on that kind of 
debt merry-go-round. 

The poor countries themselves are 
responsible for this dilemma. They — 
or, more often than not. their corrupt 
dictators — squandered aid instead of 
using it to promote development The 
World Bank and the IMF are liable for 
continuing to shovel money out to such 
unworthy beneficiaries. But in a num- 
ber of nations, now-democratic re- 

gimes are valiantly trying to break that 
pattern and implement free-market re- 
forms, and it’s such nations that last 
fall's plan was intended to benefit 
Uganda is first among them because it 
has been following, for 11 years, an 
IMF-endorsed reform plan. It is an is- 
land of stability in an unstable region. It 
has promised to devote any debt relief 
savings to primary health and educa- 
tion — and, indeed, hundreds of thou- 
sands of children have signed up for 
school based on that expectation. Yet 
the United States now suggests delay- 
ing Uganda’s relief until April 1999. 

The U.S. proposal, which will be 
considered at multilateral meetings this 
co ming week, is not based on mean- 
spiritedness but on legitimate policy 
concerns. Even Uganda’s reform ef- 
forts are far from complete, and the 
promise of debt relief, it's argued, could 
be used as leverage — by the West and. 
in domestic politics, by Uganda's own 
leaders — to keep the program on track 
and persuade Ugandans to accept un- 
popular reform measures. U.S. officials 
also hold out the possibility of a com- 
promise that would offer partial relief 
during the next two years. 

The risk is that if the West is seen to 
be moving the goalposts yet again, 
many developing nations will lose 
faith in its promises. Then, not only 
Uganda but many others could be un- 
dercut domestically, and the effort to 
maintain leverage would boomerang. 


Get Off the Phone 

Does it really make any difference if 
Vice President' Al Gore used a phone in 
his White House office to hit people up 
for campaign contributions instead of a 
phone in an office across the street? 
The real-world answer has to be no. 
The calls would be as troublesome 
from any phone. The office in which 
Mr. Gore was sitting isn't what mat- 
ters: it’s the office he holds Lhai mat- 
ters. It was what he did. not where he 
was when he did it, that was wrong. 

Here's the vice president of "the 
United States, calling on behalf of the 
president for money. They want it ur- 
gently. They and you both know that 
you have it to give or he wouldn't have 
bothered in the first place. They and 
you also know that overtime they have 
the power to bestow — or withhold — 
all manner of favors, not just minor 
personal favors but substantial favors 
to your business or firm. Of course, it 
matters what you happen to think of the 
social philosophy of the president and 
his party versus the social philosophy 
of the other side. You may give in part 
because you find the president an in- 
spiring figure. But you give as well 
because, when you get a call like this, 
you say no at your peril. The peril is 
something both sides understand. It 
affects the entire transaction — and 
that's why such calls are wrong. 

You can talk as politely as you 
please, they still border on shake- 
downs, just as do the similar calls that 
are made all the lime by powerful mem- 
bers of Congress, committee chairmen 
and the like, which are equally wrong 
and for the same reason. 

We know what the law says about 
soliciting funds from government 
property, and we also know how the 
lawyers are going to mince the law. or 
try to. The vice president’s perfor- 
mance at his news conference the other 
day — the wriggling about how "my 
counsel advises me, let me repeat, that 
there is ‘no controlling legal authority* 
that says that any of these activities 
violated any law” — gives you as big a 
taste of that as you could possi bly want. 
But the location of the phone jack is its 

own kind of distraction. Likewise the 
question with regard to the 550.000 
check that Hillary Clinton's chief of 
staff accepted in the White House in 
1995: Is a check made out to the Demo- 
cratic National Committee as distinct 
from a check made out to the Clinton- 
Gore campaign a political contribution 
within the meaning of the law? It’s the 
same amount of money handed over 
for the same purpose either way. 

The distraction is in the interest of 
the politicians on both sides. They 
don't want to talk about the real issue. 
The real issue is that they — both 
parties, the congressional as well as 
presidential candidates and their ret- 
inues, who live off the funds in ques- 
tion — have flicked aside even the few 
modest rules that now exist about what 
they can and can't raise and spend. 
These folks, so interested in law and 
order in other contexts, have basically 
trashed the frail protective structure 
that they themselves created in the past 
— were shamed into creating — with 
regard to campaign finance. 

The presidentand his people say they 
needed the bucks because the other side 
was raising even more, as indeed it was. 
The Senate majority leader, speaking 
for the other side, says raising the 
money from those who happen to have 
it is "the American way." They’re all 
on this particular take; that’s what they 
don't want to talk about. The president 
says he wants campaign finance re- 
form, having just himself provided an 
object lesson in the need for it. He urges 
reform, as do the Democrats on the Hill, 
secure in the knowledge that the Re- 
publicans will resist it The Democrats 
complain about what the Republicans 
won't do. the Republicans complain 
about what the Democrats just did — 
and neither side does anything but this: 
keep on raising money in the most 
brazen possible fashion from people 
with an acute commercial interest in the 
policies pursued by those to whom they 
are giving the money. That is wrong no 
matter where you are when you make 
the importuning call. 


East Timor’s Future 

Last October the Nobel Peace Prize 
went to two leaders of Hast Timor, 
where a small population has been 
valiantly resisting Indonesian colon- 
ization for more than two decades. The 
prize brought a brief flare of publicity 
to East Timor's just but long-neglected 
cause, and then — just as Indonesia's 
government hoped — world attention 
turned elsewhere. Recently, one of the 
Nobel laureates, Jose Ramos-Horta. 
came to Washington, hoping to put 
East Timor back on the international 

Over the years, the United States has 
offered little assistance. Anxious to 
please a Cold War ally. U.S. officials 
looked the other way when Indonesia 
occupied East Timor in 1975 and when 

lens of thousands there died from what 
the Nobel committee listed as "star- 
vation. epidemics, war and terror.” 
President Bill Clinton, early in his 
term, seemed ready to reverse tradi- 
tional U.S. policy. But then Mr. Clin- 
ton decided that trade mattered above 
all, and the plight of East Timor again 
receded from U.S. policy screens. 

Mr. Ramos-Horta. a kind of unof- 
ficial foreign minister, for the first time 
secured a meeting with senior officials 
in the State Department. This is a pos- 
itive, if small, step forward. It should be 
followed by more action. Mr. Ramos- 
Horta is asking only for a plebiscite so 
the East Timorese can decide their own 
future. It's a reasonable request. 







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In Germany , No Sign of the Dreadful Old Nation 

•*' L/ V . . . n/Tvat ahruit' rh*» im. 

B ei 

ERLIN — The biggest story here. 

gger by far than much of what 

By Richard Cohen 

passes for news elsewhere, is that there 
Is no story in Germany. Unemploy- 
ment has reached the hold-yonf-breath 

mark of more than 12 percent and yet 


the country remains fairly placid, 
last time Germany had this much un- 
employment was 1 933 — the year Ad- 
olf Hitler came to power. 

And yet, the extreme right remains 
weak, and violent Weimar-style street 
demonstrations are unknown. Maybe 
that’s because the social safety net — 
unemployment insurance, etc. — has 
cushioned joblessness. Maybe, though, 
it’s because Germany — like the ol ’ gray 
mare — ain't what she used to be. She 
seems to have had it with the far right 

Whatever the reason. Germany is 
muddling through its current diffi- 
culties without die episodic ugliness 
that occasionally mars France’s claims 
to perfection — the occasional anti- 
Semitic outbursts of Jean-Marie Le 
Pen, for instance. That far-right politi- 
cian recently said that Jews have "con- 
trol” over President Jacques Chirac. 
How Le Pen and Le Farrakhan have so 
far avoided each other is beyond me. 

Back in 1941, Henry R. Luce, the 
founder of Time magazine, pro- 
nounced this the ‘‘American century" 

and America "the most powerful ami 
the most vital nation in the world." 
Who can argue? In some ways, the 
United States has dominated the 20th 
century. It was instrumental in die win- 
ning of two world wars and it also 
emerged triumphant in tire Cold War. 

For the time being, America is the 
world’s only superpower — both mil- 
itarily, which is the way the term is 
usually used, and culturally as well. 
From jeans to music, America is No. 1. 

But in another, darker, sense, this has 
been the German century as wefl. 
Twice, this relatively small nation 
(about tire size of Oregon) pitched 
Europe and much of the world into war. 
But the last one. World War H, although 
fought over an immense battlefield and 
costing the lives of many, many millions 
(almost 30 million in the former Soviet 
Union alone), is increasingly overshad- 
owed inthe West by the associated mass 
murder of Jews. The Holocaust has 
made this tire German century. 

Not far from where I write is the 
Wannsee Villa, where Nazi leaders 
gathered to plan the Final Solution. 
Also not far from here is the “To- 
pography of Terror” exhibition, the 

recently excavated torture chamber of about 

3 Germans didn t run the ; gul a “ ~ 

empty the cities of Cambodia. 

there seems to be no way to connect 
Beethoven and Einstein with Hitler and 
Himmler, there seems to be no way to 
connect those places with what is hap- 
pening today. The old nation seems to , 
have utterly disappeared. 

Is it hiding? No one seems. to know. 


but even the Germans are willing to 

of Holly- 

take no chances. A bunch at Holly- 
wood stars signed an ad likening Ger- 

many's anti-Scientologist practices to 

the advent of the Nazi era. The ad was 
not only tasteless, it was wrong. 

In fact, it is die near-universal de- 
termination of Germany to avoid a re- 
peat of that history Thai has produced . 
such paranoia about cults. Still, a coun- 
try confident about itself would hot 
take such measures — of, for that mat- 
ter, continue to ban neo-Nazi literature. 
But Germany, in a stock metaphor, 
considers itself a political alcoholic. It 
dare not take even a sip. 

Little by little, it has become harder 
and harder to demonize Germany and 
believe to the point of insistence that 
something uniquely dark and homicid- 
al lurks m the German soul. Recent 
history suggests otherwise. What about 
Cambodia? What about Bosnia? What 

didn't induce famine in Ukraine nor 
were they the ones who ruthlessly ap- 
plied the idiocy of Mao so that millions 
upon millions died. The ultimate lesson 
of the Holocaust is not that Germans 
are different from all other people but 
that given the right circunisrances,.we 
can all be “Germans.” 

The Cold War ended in 1989, and-it 
seems at times as if it never- happened. ~ 
Not so with Germany and the HoiocausL- 
Like a bloodstain, it Is lasting. It keeps 
coming back in different modes — 
may be a movie like ‘ 4 Schindler’s List,” 
maybe a personal sa g a like Madeleine 
Allnight's hidden ancestry, maybe the 
dispute over tire funds deposited, by 
doomed Jews in Swiss banks, bi the end,', 
though, the Holocaust changed our view 
of ourselves. This is what- people are 
capable of doing to people. 

Can human nature change? Maybe, 
but we would be fools to-' count' on it. 
Can a society change? The postwar 
experience of Germany suggests it can. ' 
There is no story in Germany today — 
and that, of course, is.quite a story. 

The Washington Post 


fiber u 


The Very Tricky Consequences of a NATO Deal With Russia. 

. N- 

will know when Boris is 
back.” a European ambassador 
told me in Moscow a few weeks 
ago as doubt lingered over Pres- 
ident Boris Yeltsin's health and 
his future ability to rule. “He 
will fire a few people to let 
everybody know he is still in 
charge. He always does." 

Recovery Day came on 
Thursday, when Mr. Yeltsin ap- 
peared before the Duma and 
promised a government shake- 
up. a new campaign against 
crime and corruption and a spir- 
ited fight against NATO expan- 
sion toward Russia's borders. 
News agencies reported that the 
Russian leader, who is 56 and 
had heart surgery last Novem- 
ber and then pneumonia, looked 
surprisingly fit 
Mr. Yeltsin being fit enough 
to cut off heads in Moscow is 
good news for President Bill 
Clinton. The political amputa- 
tions clear the way for the U.S.- 
Russian summit meeting in 
Helsinki scheduled for March 
20-21. They suggest that it will 
be Good Boris who shows up in 
Helsinki, ready to strike a per- 
sonal deal with his friend 

By Jim Hoagland 

despite the anti-NATO rhetoric 
before the Duma. 

Mr. Clinton has been sur- 
prised before by Bad Baris 
showing up instead and threat- 
ening. renewal of the Cold War. 
Thafcould happen again. But the 
visible signs of diplomacy point 
to the Russians seeking and ac- 
cepting in Helsinki the outline of 
a package deal on European se- 
curity, Russia's place in the 
Group of Seven leadership club 
of the world’s industrial demo- 
cracies and multilateral financial 
-aid for Moscow. 

“A healthy Yeltsin will grasp 
right away that he can't stop this 
NATO expansion and he might 
as well get something for it.” a 
Russian political leader in the 
Yeltsin camp predicted privately 
a few weeks ago. * ‘He and ‘Beel ’ 
will bear hug, proclaim Helsinki 
a success and order their aides to 
work out the details." 

The brightening prospects 
for Helsinki have in fact already 
changed the dynamic of the 
NATO expansion debate. The 
rapid movement by the Rus- 
sians to positiop themselves for 


a grand bargain has weakened 
chances to delay or stretch out 
the admission of the first three 
candidates — the Czech Re- 
public, Hungary and Poland — 
which is now likely to occur by 

That is roughly the admission 
schedule that ’ Mr. Clinton- 
promised in a campaign speech 
m Detroit last autumn, without 
having consulted America’s 
partners in the North Atlantic 
Treaty Organization or even let- 
ting them know he would make 
this diplomatic commitment for 
domestic political reasons. 
Many in European govern- 
ments and in the Pentagon 
doubted the wisdom of pushing 
for a tight admission dare. 

But their hopes for a stretch- 
out strategy have grown weaker 
as the Russians have moved into 
detailed negotiations with 
NATO Secretary -General Javier 
So lana. Secretary of State 
Madeleine Albright and other al- 
lied officials that do not focus on 
timing of tire first admissions. 

The Russians, through For- 
eign Minister Yevgeni Pri- 

makov, have communicated in- 
stead their concern about a 
series of “red lines” that they 
say must not be crossed in 
NATO expansion: 

There must be a moratorium 
of 10 years before any other 
Central European country can be 
considered for alliance member- 
ship. No former republic of the 
Soviet Union — including 
Ukraine and the Baltic states — 
can ever be considered for 
NATO membership. The Rus- 
sians will not accept the pres- 
ence of nuclear weapons or per- 
manently stationed foreign 
forces on the soil of the new 
NATO member states. They will 
not agree to let NATO upgrade 
Polish airfields to handle nu- 
clear-armed aircraft. And so on. 

The listing of Russian con- 
ditions for agreement before the 
NATO summit meeting in Mad- 
rid in July, when final decisions 
on admission are to be made, 
creates an important new dy- 
namic in consultations among 
Washington, Ottawa and the al- 
liance's 14 European capitals. 

The prospect of a deal has 
some allies worrying about how 
good^S deal Mr. Clinton will 

strike with Mr. Yeltsin. Is the 
American leader ready, for ex- 
ample, to accept code language 
that the Russians will cite as 
meaning the Baltics will never 
get into NATO? 

“Success” at Helsinki will 
in fact open the trickiest phase 
of the NATO expansion pro- 
cess, as Mr. Primakov, a crafty 
and determined bargainer, gets 
down to negotiating nuts-and- 
bolts issues that Could drive 
wedges between America and 
Europe, and within the Amer- 
ican consensus on NATO. 

Mr. Clinton has for three 
years pursued on NATO expan- 
sion a policy, of preempting, his % 
Republican opponents and con- 
servative critics like Henry Kis- 
singer and Zbigniew Brzezinski. 
Between Helsinki and Madrid 
he must strike a deal with the 
Russians that saves political face 
for Mr. Yeltsin, satisfies Europe 
and withstands predictable de- 
nunciations, from die right dial 
he has given away too much. 

At Helsinki, Bill Clinton will 
face the dangers of having his 
geopolitical prayers on NATO 

The Washington Post. 


For Peace, the Palestinians Must Have a Place in Jerusalem 


Arafat came to The New 
York Tunes for a discussion the 
other day, be spoke respectfully 
of Prime Minister Benjamin 
Netanyahu of Israel "He is my 
partner,” President Arafat said 
"He’s a nice man." 

But then he was asked wheth- 
er he had had any advance 
warning of Mr. Netanyahu's 
decision to build thousands of 
homes for Jews on a site in East 
Jerusalem. “I’m sorry to say, 
no,'’ Mr. Arafat replied. 

When Yitzhak Rabin and 
Shimon Peres were in office, he 
said, he had a hoi line to them 
— and back channels for 
communication. Those links 

By Anthony Lewis 

daily menacing because of its 

were gone. 

Mr. Arafat's 


mildly phrased though they 
were? pointed to a real danger. 
For whatever political reasons 
of his own, Mr. Netanyahu ig- 
nored a basic requirement of the 
peace process: that Israel and 
the Palestinians consult before 
acting on any sensitive issue, 
avoiding surprises. 

When the two men reached 
agreement in January on 
Hebron, it seemed Mr. Netan- 
yahu had turned a comer in his 
relationship with the Palestin- 
ian leader. There was talk of 
trust and partnership. 

That notion was shattered by 
Mr. Netanyahu’s sudden de- 
cision to proceed with a huge 
Jewish settlement in East Je- 

rusalem. It was the opposite of 
mutuality and consultation: an 
attempt to present the Pales- 
tinians and the world with a fait 
accompli on the most sensitive 
of issues in the peace process, 

An Israeli official. David 
Peleg. made an extraordinarily 
obtuse statement. He criticized 
the Palestinians for taking 
the settlement issue to the 
United Nations, saying that 
was “inconsistent with their 
commitment to settle all is- 
sues through negotiation.” 
That after Israel had sprung 
this decision without notice, 
much less negotiation. 

The settlement plan is espe- 

physical implications. It would 
>r East “ 

America Is Failing the Drug Test 

By Stephen S. Rose rife Id 

garding the jagged ex- 
changes with Mexico and 
Colombia over their alleged 
role in drug trafficking, many 
of us in America believe that it 
is worth any strain in our in- 
ternational relations to protect 
our population from a menace 
arguably more sinister than 
war. This is the current that 
inclines impatient legislators to 
undercut the essential cooper- 
ation with Mexico by reversing 
President Bill Clinton's certi- 
fication of that country as a 
reliable anti-drug partner. 

Not only that. Many Amer- 
icans are also prepared to 
overlook the sobering reality 
that our national drug problem 
may inflict even greater costs 
on some of the more vulner- 
able Latin societies — in 
wrecked lives, distorted econ- 
omies and corrupted institu- 
tions — than it does on our 
own children, cities and civil 
prospects. At die end of the 
day, after all, we’re still demo- 
cratic and rich. 

Finally, many Americans 
wonder whether we could 
pass a Latin test for reducing 
drug demand, if one were im- 
posed, any better than Latins 
pass our very real rest for re- 
ducing supply. Even so. we 
conclude mat a little hypo- 
crisy is a small price to pay for 
doing something effective 
about drugs. 

But to mess up our foreign 

policy, damage and punish 
our friends, come off as a hy- 
pocrite and then to cause these 
losses without cutting back ail 
that much on the flow of 
drugs to American con- 
sumers: that seems to be 
where we are now. It is an 
intolerable place to be. 

Supply and demand are the 
poles of a nagging and seem- 
ingly interminable debate 
over where to place the ur- 
gency of defense against the 
drug plague. It is. in its daily 
public aspect, a technical de- 
bate over means: What 
works? What can be done? 
But it is also a political and 
ideological debate over the re- 
sponsibility for our drug prob- 
lem. Some think we are being 
poisoned by foreigners and 
would first fight the suppliers. 
Others think our drug problem 
arises from flaws and fissures 
in our own society, and they 
would go after demand. Tak- 
ing the best from both schools 
does not come easily. 

This year’s version of the 
drug debate, however, has 
■seemed a bit different. From 
the White House come signs 
of readiness to supplement the 
traditional emphasis on redu- 
cing supply with a sharper 
edge of attack on demand, es- 
pecially among the young. 

Restricting drugs at their 
foreign sources, or interdic- 
tion, has long been the thrust 
of a counterdnig strategy em- 

ploying military means, law 
enforcement and crop erad- 
ication and substitution. There 
are some statistical successes 
to report in drug seizures, con- 
victions arid the like. But the 
salient measures of price, po- 
tency and availability of co- 
caine and heroin on the street 
provide a more mixed picture. 
Official sources report co- 
caine production (along with 
consumption) is down but 
heroin is easily available. 

The main lines of an al- 
ternative. more demand-ori- 
ented strategy are currently on 
fresh display by an experts' 
panel organized by the Coun- 
cil on Foreign Relations and 
chaired by Mathea Falco, the 
Carter State Department drug- 
policy chief. 

You do not have to embrace 
the whole Falco report to ac- 
cept that more attention could 
profitably be paid to reducing 
demand through prevention, 
education, treatment and the 
sort of close-to-home law en- 
forcement that seems to have 
the biggest payoff. 

Recent research, the report 
says, suggests that reducing 
demand is mare cost-effective 
than trying to reduce foreign 
supplies: "Specifically, $34 
million invested in treatment 
reduces cocaine use as much 
as an expenditure of $783 mil- 
lion for source-country pro- 
grams or $366 million for in- 
terdiction, according to a 1 994 
Rand Corporation study.” 

The Washington Past. 

cut much of East Jerusalem and 
its nearly 200,000 Palestinian 
residents off from the West 
Bank. It would effectively fore- 
close the Palestinian claim to 
part of Jerusalem: a claim that is 
supposed to be the subject of 
negotiation in final-status talks 
beginning later this month. 

If Mr. Netanyahu understood 
what he was doing, then the 
logical conclusion to be drawn 
is that he does not after all want 
an . Israeli -Palestinian peace. 
For unless Israel accepts some 
form of official Palestinian 
presence in Jerusalem, there 
can be no peace. 

That is a strong statement, 
but I do not think anyone fa- 
miliar with Palestinian feelings 
will question iL Just as history 
has made Jerusalem a powerful 
symbol for Jews, so is it an 
essential part of the Palestinian 
longing for a homeland. 

If Yasser Arafat agreed to a 
final peace that excluded Pal- 
estinians from a place in Je- 
rusalem, I think that peace 
would not survive. 

Mr. Arafat's policy of non- 
violence and compromise with 
Israel would be in the greatest 
jeopardy. So would his own 

All that is so plain that one 
wonders what the Israeli prime 
minister can be thinking. I find 

it hard to believe that Benjamin 
Netanyahu would knowingly 
jeopardize the great prize of 
peace with Israel's most intim- 
. ate neighbors. 

Jerusalem is not a city of * 
peace, as it is often called, but * 
one of bloody conflict. But I do 
not believe that Jerusalem is an 
insoluble issue. 

Responsible Israelis and Pal- 
estinians have charted ways to 
deal with Jerusalem in a final 

A solution has to begin with 
an understanding of what is 
meant, geographically, by "Je- 
rusalem.” After the 1967 war 
Israel extended the municij 
boundaries to a large area 
yond the city. Many Israelis do 
not view Greater Jerusalem as 
nonnegotiable. In a poll of 
1.530 Israeli Jews, published 
recently, 45 percent said they 
would be prepared to consider a 
proposal to “transfer to Pal- y 
estinian sovereignty” areas J 
previously in the West Bank 
that have been incorporated into 

Mr. Arafat indicated the oth- 
er day that he might be content 
with a modest place in the city. 

He gave the example of Rome 
as a city with two sovereignties 
in it, Italy and Vatican City. 
Which one of you would be the 
Vatican? he was asked. He 
answered: “I don’t care.” 

The New York Times. 

\ - ^ 



1897: Royal Interview 

PARIS — Commenting on the 
announcement that President 
Felix Faure will have an in- 
terview with Queen Victoria on 
her forthcoming arrival in 
France, the Figaro says: “Per- 
haps many people are of our 
opinion that it is not indispens- 
able for a French chef Elat to 
so frequently board all the Roy- 
al or Imperial trains that traverse 
the territory of the Republic. A 
quarter of an hour's visit to the 
Royal carriage at Noisy-Ie-Sec 
will add nothing to the prestige 
of the functionary who person- 
ifies the French nation." 

suicides reported is 12,000, but 
it is expected that full reports 
will swell this to 20.000. The . 
great crime wave of 1921 in-<£ 
eluded what has been called the Y 
epidemic of wife murder and 
suicide. Most of the suicides 
were without funds, but there 
were sixty-seven millionaires. 


1947: Italian Market 

1922: Rise in Suicides 

NEW YORK — An increase in 
suicides all over the United 
States is shown in mortality re- 
ports just published. Bankets, of 
whom 93 took their lives, head 
the list; of these 37 were bank 
presidents. The total number of 

ROME — Republican Presi- 
dential candidate Harold 
Stassen made a thorough in- 
spection today of one of the 
biggest black markets in the 
world — the 600-yard Square 
Piazza Vittorio of Rome. Mr. 
Stassen walked through the 
miscellaneous stalls, e xamining 
second-hand shoes, clothing, 
white bread whose price is eight 
times the legal cost and 
everything else from condensed 
milk stolen from the UN Re- 
lief and Rehabilitation Ad- 
ministration to the only Rome 
market for automobile parts. 


)ltl v «(i 



■« 1 V 1 . . 

^ ith R u „; 

n Jt*rii*al 

% ; Yeltsin Elevates Omfais 
;To Invigorate Economy 

• By David Hoffman reinvigorate economic reform after 

J *3hi ngim Pom Service months of drift and lethargy while he 

1 MOSCOW —President R„™vTT~' rBCo y ered from heart surgery and pneu- 

Inamed Anatoli ChSS a“S "“.Ty,,, ■ , 

• former as first "■ ■ ral re “ Mr- Yelism made no comment on the 

•Friday shiftineri^ne^^ m J ls ! CTon appointment, which was announced in a 

Ul-y^d! Kf£^ y *“ sra “ sment from P«* 

• key position in lumin^R 1 * 1 ™ » St ? 10 a Mr. Chubais had also been 

running Russu'sday-to- relieved of his current post as presi- 

. *£***■. chief of ^ ChubSsis 

1 directlv^Ser PrinJ^S- C J. u . l>a, ’ s ex pected to hold a dominant spot in the 
a Pl 2 me - Viktor government, and several other 

^ he heId^2?Lty^l9% g hun IO a P 0 * Ch^omyrdm deputies are expected to 

• other* **" as an- 

j s, ®° ° ' Yeltsin s attempt to Mr. Yeltsin harshly criticized the per- 

form an ce of Mr. Chernomyrdin's gov- 

• emmcni in his annual address before 

| f-r £-y -r* Parliament on Thursday, saying it was 

•ml W responsible for growing economic dis- 

: u.kj. rroposes “s- L 

. _ M. The Chubais appointment was an- 

• LL-— iL J nounced Friday night after many politi- 

I f cians had left Moscow for a long holiday 

• weekend, perhaps to deflect criticism of 

I f MW/ Mf- Chubais, a favorite target of na- 

. In IfiP/lll/iyt O tionaiists and Communists. Bui some 

wo wasted no time in blasting the decision. 

■ ^ Gennadi Zyuganov, leader of the 

; Communist Party, the largest faction in 

I By Michael R. Gordon ** tower house of Parliament, said the 

• Nnr York Tunes service appointment was “a mockery of com- 

. fc II _ _ raon sense and of all citizens impov- 

~The United States has erished by privatization.” 
told the Kremlin that it is prepared to Mr. Chubais headed the massive pri- 

-- . 

- T ''•**•* *-* I' 

~ % : > 

Tho AoocfaOcd Pren 

Russia's president, Boris Yeltsin, kissing the hand of Natalya Salnikova, a journalist with RIA-Novisti, after 
he presented her with a bouquet of flowers at the Kremlin on Friday, International Women's Day. 

terprises out of the state's control as the Chubais has also proven himself a sur- some of his party leaders joining the 
new market economy was getting start- vivor. remaining in high government government The Yabloko group is sim- 
ed, many Russians saw it as a giveaway positions for all but a few months since ilar to West European social democrats, 
of the national riches to a despised, elite the collapse of the Soviet Union. He is and their agreement to join the gov- 

I By Michael R. Gordon 

* Sen- York Tunes Service 

MOSCOW —-The United States has 
told the Kremlin that it is prepared to 
negotiate deeper cuts in long-range nu- 
clear arms in a bid to ease Russian fears 
that the West seeks military advantage. 
The American proposal could lay the 

of the national riches to a despised, elite 

Ever since, Mr. Chubais has been 
deeply unpopular. Gennadi Seleznov. 
the speaker of the lower house, said Mr. 
Chubais had “deceived millions of 
people" with his promise — never fill- 

basis for an agreement on the goals of rapidly shifted huge factories and en- 
. future arms talks at the planned Helsinki 

summit meeting between President Bill 

; Clinton and President Boris Yeltsin 

It is also intended to {nod Russia to A f» B T 

ratify the second Strategic Arms Re- Z* I 11*11 O' 1 

‘duction Talks treaty. Signed in 1993, M-PM. U£L " 

START-2 has languished in die Russian ^ 

" Parliament. The Associated Press 

We are trying to achieve guidelines MEXICO CITY — President Ernesto 
'for START-3," an American official Zedillo warned in comments published 
said, referring to a future treaty man - Friday that he would not tolerate med- 
■ dating additional cuts in long-range dling in Mexico’s internal affair s as a 
' arms. "It would make clear that we are result of Washington’s feud over cer- 
prepared to go to lower levels and, thus, tification of his drug war. 
obviate the Russian concern that Other Mexicans also bristled at the 
START-2 is the end of the road. ’ * vote Thursday by a U.S. congressional 
~ The American proposal envisions re- committee that rebuked the Clinton ad- 

vatization program in the early years of filled — that privatization vouchers that 
Mr. Yeltsin ’sreform program. It was the every Russian received would eventu- 
largest transfer of state property to ally be worth enough to purchase a new 
private hands in history, and while it car. 

rapidly shifted huge factories and en- Despite the criticism, however, Mr. 

the collapse of the Soviet Union. He is and their agreement to join the gov- 
widely viewed as the direct opposite of emment would bolster Mr. Chubais, 
ince, Mr. Chubais has been the Soviet apparatchik — cool and ana- who has been affiliated with the pro- 
ipopular. Gennadi Seleznov, lytical, teetotaling and ruthless. He was gressive Russia's Democratic Choice, 
nr of the lower house, said Mr. ridiculed on the pages of Moscow’s most the party of former Prime Minister 
had “deceived millions of popular newspaper last year because he Yegor Gaidar, 
yith his promise — never ful- brought a laptop computer to Kremlin But Mr. Yavlinsky annn unrj»d Friday 

Zaire Soldiers 
In the Capital 
Bar Pro-Rebel 


KINSHASA. Zaire — Soldiers broke 
up a bid Friday by Zaire’s main op- 
position to march in Kinshasa in support 
of talks with rebels who control 20 per- 
cent of the country, but party militants 
vowed try again Saturday. 

Soldiers from the Civil Guard 
patrolled flashpoints in the city after 
dispersing opposition militants trying to 
gather at the central train station in the 
city center to march in defiance of a 
government ban of all demonstrations. 

Jean-Claude Mabale, an activist of the 
radical Union for Democracy ana Social 
Progress, whistled a small crowd to at- 
tention, shouting support for Laurent 
Kabila, the rebel leaner, even though 
some 30 policemen stood nearby. 

Mr. Mabale, bedecked with party flag * 
and T-shirt, shouted: "Hello Kabila! 
You have taken Tingi-Tingi! You are 
taking Kisangani! We are waiting for 
you in Kinshasa!” 

Witnesses said the party secretary- 
general, Adrien Phongo, was beaten and 
arrested by soldiers from the Civil 

Laurent Mbayo, a senior adviser of 
the party leader, Wa Malumba Etienne 

Mr. Chubais had in recent days held 
talks with another reformist economist, 
Gregori Yavlinsky, who heads the cent- 
rist Yabloko bloc in Parliament, about 

that the party had refused. He said the Tshisekedi, said the march was organ- 

group was being invited to carry out 
“the program that has led us into the 
current blind alley” and “such an ap- 
proach is unacceptable to us." 

After Drug Vote, Mexico Tells U.S. Not to Meddle 

ductions to a level of 2,000 to 2,500 ministration ‘s recertification of Mr. Ze- 
warheads for each side. START-2 re- dillo’s anti-narcotics program. 

and sovereignty of Mexicans.” While 
stressing that Mexico intended to con- 
tinue cooperating with the United States, 
be promised that his government would 
act forcefully “to defend the dignity and 
sovereignty” of the nation. 

“Mexico, as with other important 
problems, has acted without hesitation to 
take up the war on drugs," he said in 
comments published on the front pages 
of several Mexican newspapers. 

Mr. Zedillo made the comments whether Mexican officials will achieve a 
Thursday while meeting in Cancun with new level of cooperation, a promise made 

South and Central American officials to 
discuss the fight a gains t illegal drag 
production and firearms trafficking. 

On Thursday, the House International 
Relations Committee rebuked both Mr. 
Clinton and Mexico by giving bipartisan 
support to a measure on overturning Mr. 
Clinton’s decision. The largely symbolic 
resolution is scheduled for a vote by the 

quired each side to slash its warheads to Mr. Zedillo described the squabble 
-a level of 3,000 to 3,500 by 2003. Russia between the U.S. executive and legis- 
’and the United States had more than lative branches as an “internal affair that 
1 0,000 warheads in the late 1 980s, when can have consequences for the dignity 
‘ the accord was signed. / 

Guidelines for a future arms accord 
were discussed here in Moscow on TlA"i"k"D _ 

'Thursday by Deputy Secretary of State iYlVJ-D# 

Strobe Talbott and senior Russian of- ft j tvz'jI Q t 
‘ficials. Russia's foreign minister, Yev- \JTOOitS frith ullOS 
geni Primakov, plans to visit Washing- 

‘ ton next week for further talks. Continued from Page 1 

American officials would like to an- 
nounce negotiating guidelines spelling Almeida, a car dealer and the owner of a 
out the main provisions of a future ac- boat storage and repair company, and 

“We have established very clear full House next week. 

foundations for cooperation with the 
United States and other countries. 

lative branches as an * 'internal affair that grounded as always on the principle of 
can have consequences for the dignity respect for our sovereignty.” 


Crooks With Subs 

Continued from Page 1 
Almeida, a car dealer and the owner of a 

■ Extradition Seen as Test Cage 

The Clinton administration has singled tional r 
out a drug case in Mexico as a test of affairs. 

in negotiations preceding the president's 
derision last week to certify that Mexico 
is fully cooperating in the war on drugs, 
the Los Angeles Times reported from 

Administration officials are pushing 
for the extradition of Oscar Malherbe de 
Leon, the alleged leader of the notorious 
Gulf drag cartel, who was arrested re- 
cently in Mexico and is under indictment 
in Houston, said Robert Gelbard, an 
assistant secretary of state for interna- 
tional narcotics and law enforcement 

cord at the Helsinki summit meeting. 
But the talks have been complicated by 
related disputes over the testing of anti- 
missile systems and NATO expansion. 
Timing has also been an issue because 
' the United States says a START-3 treaty 
must be preceded by Russian ratification 
•of START-2. 

When it was signed, the START-2 
agreement was hailed as the cornerstone 
‘of a new American-Russian reiation- 

' But Communist and nationalist mem- 

that as early as 1992 the two were buying 
Russian helicopters for Colombian drug 
traffickers. They said Mr. Almeida then 
introduced Mr. Fain berg to Mr. Tester, 
who has been sought on outstanding 
warrants for cocaine-trafficking charges 
since 1991 and is the only one among the 
three to remain a fugitive. 

Mr. Fainberg’s lawyer said that in his 
client’s line of work, the adult enter- 
tainment business, it is not unusual for 
people to call in offering all sorts of 
unsavory propositions. Mr. Fainberg’s 

The New Yb* Times 

• bers of the Parliament, who see nuclear worst crime, he said, was having “too 
weapons as a last vestige of their coun- big of a mouth,” always wanting to be in 
try's superpower status, assert that the the middle of everything and m ak in g 

UJS. authorities have accused Juan Almeida, Nelson Yester and Ludwig Fain berg, from left, of smuggling drugs 
and of seeking to buy a Russian submarine, simitar to the one at right, to transport cocaine to North America. 

try's superpower status, assert that the the middle of everything and m ak in g 

■ treaty took advantage of Russia during a himself out to be more important than he 
’period of weakness. The Pentagon’s really was. 

plans to test limited anti-missile de- “He's a puppy dog,” said the lawyer, 
Tenses have also been denounced here as Louis Terminello, who denied that his 
< an effort to gain strategic superiority. client had anything to do with drugs or 
Still another reason for the opposition organized crime, 
•hastodowiihthetennsoftheagreement . 

'itself. Parliament members complain 

that Russia cannot keep pace with the if/ I ATT?. TLfnAom Flirt 
•Americans under the treaty without a TV Ail Mho JJlOOBTJl CsUFl 

costly restructuring of its forces. _ 

■ Specifically, they argue, staying even Continued from Page 1 

‘with the Americans under the terms of , J . _ . 

•the accord would require building hun- traveled to markets as far-flung as Japan, 
•a of rw-w sinele- warhead land-based India and Russia. More recently, though. 

Mr. Almeida's lawyer, Steven 
Chaykin, called the charges “out- 

pursued business in Russia, buying and 
selling “unique products,” including 

himself out to be more i m portant than he rageous” and “the product of overzeal- Russian motorcycles, helicopters 

ousness on the part of the govern- 

Mr. Chaykin said Mr. Almeida sold 
* ‘high-end exotic automobiles' ’ and that 

submarines, but not for illegal purposes. 
Mr. Chaykin would not say who the 
customers were for such products. 

But federal officials said- that Mr. 

after the collapse of the Soviet Union he Fain berg, far from being a harmless 

braggart, was a typical member of tire 
Russian criminal element that in recent 
years had spread to Miami and a handful 
of other cities from its American cradle 
in New York City. The Russian mob- 
sters are eager for * ‘every way to make a 
dishonest dollar.” a drug-enforcement 
official said. 

ized to demand tripartite negotiations 
between Mr. Tshisekedi, Mr. Kabila and 
ailing President Mobutu Sese Seko. 

Militants in the working class 
Matonge district said they would march 
Saturday to demand the resignation of 
Prime Minister Kengo wa Dondo and of 
Marshal Mobutu. 

■ Rebels at Gates of Kisang ani 

In the east of Zaire, four columns of 
Zairian rebels are within a few kilo- 
meters of tire strategic river town of 
Kisangani, but are encountering stiff re- 
sistance at the airport. The Associated 
Press reported Friday from Kinshasa, 
quoting a rebel spokesman. 

"We're advancing in four columns, 
we’re moving closer and closer, but 
we're not quite there yet because there is 
resistance around the airport,” Nyemb- 
we Kazadi said by telephone from Dar es 
Salaam, Tanzan ia 

“We're not strolling into town — the 
way we have in other places — because 
this is their last stronghold, they're put- 
ting in everything they have,” he said 


Italy Is Horrified 

Continued from Page 1 

carried out in Switzerland because the 
Italian medical body forbids surrogate 
motherhood in its professional code of 
conduct, although there is no legal ban 
on the practice. 

Dr. Pagni said the fact that Dr. Bilotta 
had gone abroad did not absolve him and 
that he should face punishment in Italy. 
He also called for government legis- 
lation to prevent future cases. 

La Stamps declared, “The whole 
concept of the family, of brothers and of 
twins has been blown to pieces." 

The Reverend Gino Concetti, a Ro- 
man Catholic theologian whose views 
are close to those of Pope John Paul H. 
said the pregnancy was “a new step 
toward madness. 

He said surrogate motherhood was “a 
blatant violation of natural maternity 
and a grave offense against personal 
dignity, which calls for conception in a 
dignified manner and by natural means 
by a married couple. {Reuters, AP) 

WINE: Modem European Preferences for Cola and Mineral Witter Are Making the Continent’s Vintners Uneasy 

Continued from Page 1 

economist at the German Federation of Italian wineries are buying vineyards in vive only thanks to subsidies. What ag- produced a bumper grape crop. So in the 

'dreds of new single- warhead land-based India and Russia. More recently, though. 

• missiles at the cost of tens of billions of countries not traditionally abated 

* 'dollars. Building missiles with multiple with wine, like Australia, South Africa, 
warheads would be a more cost-effec- and Chile, are crowding m, transforming 

• tive wav to maintain parity, but that is the trade from a largely European mono- 
banned by the START^ treaty- . poly mto a global busmess. In Europe, 
- In addition Russia’s bomber force, m the stram is bemnmng to be felL 
’keewnewith ’the decline in the Russian Europe’s traditional recipe is toprop 

” £ .. . ■ im nnr-pc hv ravmcr wineries tn nestrov 

Wine Growers, a trade group in Bonn, 
“we should be investing in the pro- 
motion of European wines.” 

Not that the picture is totally bleak. 
Consumers in Asian countries are dis- 
covering wine, and in the United States 

Eastern Europe and the United States. 
In dollar terras, in fact, exports rose 7 

gra vales the problem, experts say, is that next several months, almost 63 million 

many regions heavily dependent on 
percent as buyers shifted ' to hraber- wine growing are among those hardest 
priced wines, and some industry officials hit by high unemployment. In Spain's 
found consolation in that. “For us, the Castile- La Mancha, for instance, unem- 
export challenge has only been good,” ployment is 24 percent, double the Euro- 

and Germany, always big customers of said Allegra Anfinori, of Marcbesi An- pean average, 

southern European wines, recent rev- 
elations about the positive health effects 

Europe’s traditional recipe is to prop of moderate wine drinking are lifting 
up prices by paying wineries to destroy sales, particularly of red wine. 

tinori, one of Italy’s leading Chianti pro- 
ducers. "Wine today is quality wine.” 

Yet the more closely watched numbers 
are those for volume, and those do not 

In February, evidence of the tension 
appeared when wineries in Spain and 
France pressured the European Com- 
mission to earmark fresh funds for the 

gallons of wine will be converted to 
alcohol, with the wineries paid up to 80 
percent of the wine’s market price. 

In 1994, Rene Steichen. then the Euro- 
pean Commission's senior agriculture 
official, sought to put an end to such 
market manipulation by proposing that 
Europe’s wineries eliminate almost 20 
percent of their production — roughly 4.1 
billion gallons — by accepting payments 

■ tSiiq on START-3 tries vineyards and to distill excess wine into Last year, the wineries of France, the 

rn i Russian concerns by com- industrial alcohol Each year, the Euro- world's No. 2 wine-producing nation 
2iS^w«hinEt(m toStiate^ further pean Commission spends about S 1 .6 bil- after Italy, lifted global exports by 13 

^ level of forces envi- Uonto keep supplies down. But as global percent; Spanish wineries usmg aggres- 
Start 3 would let Russia competition mounts, so does resistance sive marketing and pricing elbowed 
.sronea by ejeararms to such profligacy. “Instead of spending their way into lucrative markets with 

cost for price supports,” said Achim cava, a sparkling wine. And French and 

CLIN TON: President Stands Ground on Campaign Financing 

a r Pjmw 1 The disclosures about Mr.. Gore and tablished practice of the career .pros- 

' • Continued from rag ^ Williams have prompted renewed ecu tors in the criminal division that the 

. . . rrn nnn donation by calls by Republicans on Capitol Hill for definition of ‘contribution’ does not in- 

‘the receipt of die S5U, aDOear to the appointment of an independent elude most soft money.” 

, I Mis. Clinton’s lopade. do noiap^m Soft money is broadly taken to mean 

-violate federal eiecuun _ . ^ ^ Reno has steadfastly resisted contributions to a political party’s na- 

1 Justice Department otncrai those demands while a special task force tional committee or group other than a 

r unusual public siat^men - ^ Q f justice Department lawyers and FBI campaign. The funds can then be used 

' Virtually V nregu . Q political agents investigates a wide range of al- for _ stale and local elections, generic 

money” contributions Dro hibition legations Involving fund-raising activ- political activities such as voter regis- 
panies are exempt from p™ ^ jjg during the 1996 campaign. nation or administrative activities. As 

on campaign ^4 nd ‘ raJSin ° t ii nc to an in- Responding to a question about long as the money is not used to support 
frees and buildings, acc ^L < f ■ Thursday whether Ms. Williams's receipt of a con- candidates in federal races, it is exempt 
terpretationoflhe “* oir * d her chief tribution at the White House might re- from several provisions of campaign 
* by Attorney General Ken ^vg^gatjon by an independent laws. 

spokesman. wed the possib- counsel, the attorney general warned The laws cited by Ms. Reno state that 

The statements nanrowOT ^ ^ ^ ^ very impwtant that, as you it is illegal to use federal properly “to 
rility that Ms. Reno investigate make these allegations and as you por- solicit or receive' ’ any fundscontributed 

.independent counsel cities, ac- tray them in television or on headlines, “for the purpose of influencing any elec- 

■Demoeratic fund-raising a • - that you try to clarity just what the issues tion for federal office.” 

.cording to election-law expe -^. m « Critics of Clinton campaign practices 

■ In addition to me receipt f ^ Reno then called attention to the contend that the shield of soft money 

/Ms. Williams, the first taoy ■ definition of “contribution” in the was used to protect a huge fund-raising 

'staff, the Justice vice Pres- statutes prohibiting the use of federal effort aimed at re-electing the president 

►also apparently app |,ed V^: c : rat i on of offices and buildings for political fund- and that the Justice Department needs to 

^ Jdem Gore's telephone soi Hmjse j^sing. probe deeper to determine whether the 

campaign fund> from nis • „ } . mon Expanding on her comments, Bert Clinton re-election campaign directed 

office and a number ot om ^ ^ Brandenburg, chief spokesman for the the solicitation and spending of these 

-campaign activities that na c Justice Department, said. “It is the es- funds, 

light in recent days- 

Last year, the wineries of France, the look good Italy, at 1.55 billion gallons a distillation of wine to alcohol. Their to bulldoze thousands of acres of vine- 

jrld’s No. 2 wine-producing nation year, is the world's largest wine pro- action was prompted by large surpluses yards. When angry Spanish winegrowers 

er Italy, lifted global exports by 13 duoer. But in 1996 the volume of Italian in France’s Charentes region, jvhere took to the streets or Madrid to protest, 

wine exports plummeted by 25 percent 

action was prompted by large surpluses yards. When angry 
in France's Charentes region, where took to the streets 
sales of wine to local cognac distilleries the commission dr 

So the storm warning is clean For are hurting because of flagging liquor 

The disclosures about Mr.. Gore and 
Ms. Williams have prompted renewed 
calls by Republicans on Capitol Hill for 
the appointment of an independent 

Ms. Reno has steadfastly resisted 
those demands while a special task force 
of Justice Department lawyers and FBI 
agents investigates a wide range of al- 
legations involving fund-raising activ- 
ities during the 1996 campaign. 

Responding to a question about 
whether Ms. Williams's receipt of a con- 
tribution at the White House might re- 
quire investigation by an independent 
counsel, the attorney general warned 
that “it’s very important that, as you 
make these allegations and as you por- 
tray them in television or on headlines, 
that you try to clarity just what the issues 

Ms. Reno then called attention to the 
strict definition of “contribution” in the 
statutes prohibiting the use of federal 
offices and buildings for political fund- 

Expanding on her comments, Bert 
Brandenburg, chief spokesman for the 
justice Department, said, “h is the es- 

tablished practice of the career .pros- 
ecutors in the criminal division that the 
definition of ‘contribution* does not in- 
clude most soft money.” 

Soft money is broadly taken to mean 
contributions to a political party's na- 
tional committee or group other than a 
campaign. The funds can then be used 
for _ stale and local elections, generic 
political activities such as voter regis- 
tration or administrative activities. As 
long as the money is not used to support 
candidates in federal races, it is exempt 
from several provisions of campaign 

The laws cited by Ms. Reno state that 
it is illegal to use federal property "to 
solicit or receive' ' any fundscontributed 
“for the purpose of influencing any elec- 
tion for federal office.” 

Critics of Clinton campaign practices 
contend that the shield of soft money 
was used to protect a huge fund-raising 
effort aimed at re-electing the president 
and that the Justice Department needs to 
probe deeper to determine whether the 
Clinton re-election campaign directed 
the solicitation and spending of these 

every thriving European winery, thou- 
sands of mom-and-pop operations sur- 


Tougher Punishments 

Continued from Page 1 

rights abuses, said that the legal changes 
would be significant if they came in a 
context of judicial tolerance for those 
who voice differing political opinions. 

“But the exact opposite has been hap- 
pening,” he said, pointing to an intense 
crackdown on dissent over the last year. 
“The aim of the new laws is to be just as 
harsh, if not harsher.” 

Overall, the revisions increase die 
number of legal articles in the criminal 
code .from 192 to 449. They add new 
crimes as varied as insider trading, 
breaking into information networks and 
creating computer viruses. Forced labor, 
illegally collecting blood and intimidat- 
ing a witness are also on the list. 

Jonathan Hecht, an expert on Chinese 
law at Harvard Law School, said that 
specifying a new criminal code with 
more precise standards should theor- 
etically reduce arbitrary decisions in 
sentencing by Chinese judges, many of 
whom were appointed for political rea- 
sons without formally studying law. 

sales, and in Spain’s La Mancha region, 
where unusually good weather last year 

the commission dropped the plan. 

Yet some industry officials say the 
day of reckoning has not been avoided, 
only postponed. 

BEIJING: Bomb Blast Reported on Bus 

Continued from Page I 

Muslim separatists want to set up an 
independent “‘East Turkestan” in Xin- 
jiang, home to many Turkic-speaking 
people, including the Uighur ethnic 
minority. (Reuters. API 

■ Tibetan Opposes Separatism 

A top Tibetan member of China's 
Communist Party spoke out Friday 
against ethnic separatist violence, saying 
Tibet and Xinjiang have benefited from 
Chinese rule. The Associated Press re- 
pented from Beijing. 

“Everyone wants the country stable. 
Everyone wants the country's ethnic 
groups to progress together,” Raidi, 
brad of the Tibetan delegation to the 
National People’s Congress meeting, 
said this week. 

Mr. Raidi, a former Buddhist monk 
who joined the Communist Party in 1 96 1 , 
repeated China’s rejection of Tibetan in- 
dependence. but said the Dalai Lama was 
welcome to visit for talks on other is- 

“So long as he drop; Tibetan in- 
dependence, we are willing to negotiate 

anything,” said Mr. Raidi, who uses 
only one name. “We will welcome 
working together to build the country.” 

More than 90 percent of China's 1 _2 
billion people are members of the Han 
ethnic group, but the country also has 56 

The indigenous populations of Tibet 
and Xinjiang are frustrated by Chinese 
rule that for many years suppressed re- 
ligion and local customs. 

That resentment has been compoun- 
ded by a growing influx of ethnic 
Chinese settlers, regarded as a threat to 
local hopes for prosperity. 

Mr. Raidi acknowledged that Tibetan 
culture had suffered from attacks by 
leftist fanatics during the 1966-1976 
Cultural Revolution, but said that the 
region’s economy had benefited under 
recent Chinese reforms. 

“Tibet's economy is developing. 
People's lives are gening better.” he 
said. “Tibet doesn't wish unrest, doesn't 
hope to be separated from the moth- 
erland.” Mr. Raidi attributed the agit- 
ation for Tibetan and . Xinjiang inde- 
pendence to a small group of “criminals 
who want to split the motherland.” 


iGE 9 

'J viS ■ ; 




When Women Flirt 
With Power Dressing 

A ’ 90s Take on an ’80s Theme 

By Suzy Menkes 

Inirrmauwl Herald Tribune 

M ILAN — Just when you 
thought it was safe to take 
out your shoulder pads and 
rum in your power suits, the 
1980s have come back with a ven- 


Tom Ford’s show for Gucci drove a 

silver spike heel though the wispy 
waifish 1990s. His show detonated the 

Milan fashion season and sent out this 
fashion message: that women should 
dress as victors, not victims. 

Jil Sander’s graceful collection of lin- 
ear clothes lapping the body on the bias 
added a different, more intellectual vi- 
sion of women in control, while Dolce & 
Gabbana’s Felliniesque collection fea- 
tured the film director's obsession with 
clerics, cross-dressing and corsets. 

Ford’s striking and sassy Gucci col- 
lection, perfectly judged to manipulate 
media attention, offered sleek tailoring 
that will have working women heaving 
the biggest sigh of relief since jackets 
were given the designer heave-ho. As 
well as Gucci's signature pinstripes, 
there were leather-clad models looking 
strong and sexy with broad-shouldered 

jackets, shiny black patent belts and 
stiletto boots. And they dearly wore the 
pants — masculine trousers that were 
slung down cm the hips, fell loose and 
straight and so long that they caressed 
the toes. 

The collection also had short, sharp 
skirts, cunningly cut with a sleek wrap- 
front; pants tight as leggings, showing a 
flash of flesh at one hip, and boxy fox 
furs in vibrant, racing-car colors (think 
early Yves Saint Laurent). Finishes 
were hard and metallic, from the lethal- 
weapon heels through the pewter leather 
suits and brief Lurex dresses. These 
Amazonian women, shoulder pads 
shoved under filmy sweaters, could take 
anything in their stride — even the 
wobbly stilettos. 

“It’s about hard-edged luxury and 
opulence — not about the ’80s.*’ said 
Ford. “It is more that the set of values 
around now is a little bit like the 1980s,'* 
he added, although he had reduced the 
Gucci logo to G tapestry velvet purses 
and made thin black patent luggage 
straps the new signature. 

As a show, it was a brilliant exercise 
in marketing the Gucci name. As fash- 
ion, 1980s looks are more a gimmick 
than reality and may confuse women 
who fold fashion’s wheel spinning too 
fast. But focusing on sharp tailoring is a 
welcome antidote to a surfeit of floaty, 
see-through clothes. 

Jil Sander took the opposite tack. She 
played down the mannish, tailored side 
— or rather played it off against dresses 
that were long and straight, yet soft in 
their felted, flannel and velvet fabrics 
and in the way they were cut to drape 
across the body, occasionally showing a 
glimpse of flesh at foe hip. Even sweat- 
ers were knitted on the bias, creating a 
new* rounded geometry within foe 
straight lines. 

For those who want their tailoring 
straight up, Sander sends out the most 
modem coats in town — slim-line 
shapes, perhaps wrapped with a thin 
belt, and given surface texture with a 
dotted weave. But dresses have also 
become her signature and, with their cap 
shoulders ana throat-high necklines, 
they seemed to be ready to stand alone, 
without a jacket, even for the fall season. 
Dove gray and moss green introduced 
an interesting new palette of neutral 
colors, occasionally enriched with ruby 
red or caramelized orange. 

Sander’s ability to extend her range 
within her own aesthetic is impressive: a 

For Artists, an Ominous htT 

Paris Exhibition Traces Conflicts of the 30s 

• fiep 

By Michael Gibson 

tmenuttioned Herald Tribune 



P ARIS — The period 
that opened with the 
1 929 stock-market 
crash and ended with 
the outbreak of war in 1939 
was an ominous decade for 
Europe. In retrospect, it re- 
sembles the first act of a 
tragedy, the moment when 
foe die is cast, though few of 
foe protagonists are aware of 
what is about to happen. 

Such is the approach 
adopted by a fascinating, 
wide-ranging, 1.000-item ex- 
hibition at foe Musee d’Art 
Modeme de la Ville de Paris: 
“Les Annees Trente en 
Europe” (The ’30s in 
Europe) through May 25. 

Artistic production of. the 
’30s appears more closely im- 
plicated in foe historical and 
political context than it had 
been in the earlier decades of 
this century, no doubt be- 
cause foe state at that time, in 
Germany. Russia and. to a 
lesser degree, in Italy, bad be- 
gun taking an inordinately in- 
trusive interest in foe "arts. 
This, in turn, prompted many 
artists to take an unpreced- 
ented interest in foe political 

Malevich, whose work 
opens foe exhibition, illus- 
trates the artist's quandary. 
He saw himself as a revolu- 
tionary artist but. when So- 
cialist Realism became offi- 

" A. .«*r 

Gucci's pewter leather power suit. 

both are strong women designers com- 
ing al fashion from a similar view- 

T HE repeated references to other 
runways, especially Ann De- 
meulemeester’s pants, John 
Galliano's details and Yojhj 
Yamamoto’s coats, are rife in Milan. At 
least at Dolce & Gab ban a. foe most 
blatant references are to its own oeuvre. 
The designer duo left behind floaty, 
feminine clothes and brought back sex- 
pot Sicilian tailoring, sending out 
priestly, black ankle-length coats, lined 
in scarlet or animal print. For masculine/ 
feminine play, they added neckties, ver- 
tiginous jeweled shoes, widow’s veils, 
funky hats, colorful fox fur collars and 
cute feathered purses. Or perhaps it was 
to distract from the repetitive silhouettes 
in different fabrics, some with exquisite 
vintage-style appliques. 

Did it add up to a great collection? It 
was more of a slick take, executed to fine 
Italian tailoring standards, on women 
flirting with their more masculine side. 

The cut-with-a-scaipef collection 
from Laurel, pan of the Escada group, 
was on fashion target with its hard tail- 
oring in soft black leather, its sweaters in 
sparkling Lurex or fluffy mohair and its 
overall vision of a strong and sexy wo- 
man. She wears a plunge-front sweater, 
a bared-back dress, flings on a fur boa 
and prefers her skirts short and straight 
Meanwhile, if you buy foe theory that 
hemlines rise with an expanding econ- 
omy, foe investment outlook is good. 
Short skirts in the Milan season suggest 
that the bullish stock market will keep 
on roaring to foe fall. 

wrapped skirt and the slightly bloused 
dresses were fine examples. And if foe 

Jil Sander ’s speckled top and skirt. 

dresses were fine examples. And if foe 
collection sometimes plays to the same 
rhythms as Comme des Garcons — as in 
foe bias-knits — that may be because 

Detail of Raoul Hynckes' “ The Sponge of Bitterness." painted in 1934. 

colors (he produced 1.300 of 
these during foe war years i, to 
avoid foe tell-tale scent of tur- 
pentine which, had it been 
detected, could have got him 
into deep trouble. 

The Jewish painter Max 

ciaJ dogma, he was no longer Liebermann was among those 

acknowledged as such. He 
consequently took to antedat- 
ing most of his later works, 
presumably to suggest that 
they had been painted before 
the new rules came into ef- 

who had no illusions about 
foe situation: ‘Til never 
manage to eat as much as I'd 
like to throw' up.” he told a 
friend after Hitler was ap- 
pointed chancellor in 1933. 
Liebermann died a vear later. 

Franz RadziwiU (who naively 
flirted with foe Nazis), or 
Raoul Hynckes I in “The 
Sponge of Bitterness”), often 
expressed an unpopular form 
of pessimism whose roots 
reached back to foe old Sym- 
bolist notion of decadence. 

Still., viewed today, some 
of these works can strike one 
as premonitory dreams. There 
was plenty to be pessimistic 
about, after all. 

Italy: unrelentingly heroic, 
desperately pompous, aca- 
demic, vacuous and, despite 
its apparent innocuousness, 
utterly drilling as soon as it is 
presented as the sole accept- 
able idiom. 

An important selection of 
Pathe newsreels of the ‘30s is 
also on continuous display, 
from room to room, allowing 
the visitor to follow foe on- 
folding of the drama. An 

In Germany, foe story of Others, like Max Beckmann 
Emil Nolde is also telling. He and his wife fled foe country 

Unfortunately the art of abundance of documentation 
protest — with the brilliant and photographs complete 

joined the Nazi party in the 
early '20s. Goebbels liked his 
wont and even “borrowed" 
some of his paintings from the 
Berlin Nationalgalerie. 

Yet Nolde was among foe 
artists stigmatized by the 
“Degenerate Art” exhibition 
in Munich in 1937 — whose 
commissioner regretted that 
foe artists themselves could 
not be stood up beside foeir 
works so the public might spit 
in their faces. 

Nolde 's pained protests to 
Goebbels were to no avail and 
ultimately he took to water- 


german and austrian 


19 9 7 




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Yo-jr German Pictures cculd achieve record prices at Christie's 


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22-26 March 1997 

without delay. 

Those who couldn’t often 
wound up in the camps. Otto 
Dix withdrew to the country 
and sought foe high (and safe) 
ground in landscape painting 
and allegory. 

Tne exhibition, which 
ranges all over Europe, fills 
practically foe entire space of 
this large Paris museum. 

It includes paintings and 
sculptures by major interna- 
tional figures of foe day. 
(Kandinsky. Klee. Mondrian. 
Beckmann. Picasso, Matisse. 
Braque and Daii. for in- 
stance), but as many or more 
by artists who are virtually 
unknown today, though their 
presence allows foe exhibi- 
tion to put the period into per- 
spective and determines its 
peculiar quality. 

The main options available 
to artists of foe period — out- 
side of Germany and the So- 
viet Union — can be defined 
by and large in terms of three 
or four ootions: abstraction 
(hard-edged or otherwise). 
Expressionism. Surrealism 
and Realism { both naturalist- 
ic and “magical”). 

exception of John Heartfield, 
Julio Gonzalez, and various 
purely abstract works — all 
too often tends to look silly. 
This is the case, for instance, 
with F.E. McWilliara’s 
carved wood “Spanish Re- 
publican Salute.” The Sur- 
realists, on foe whole, were 
more successful in this re- 
spect. since their very exist- 
ence proclaimed foe priority 
of imagination (or at least of 
free association) over any 
‘dream” dictated from 

Space is devoted to the 
various forms of propaganda 
art in Russia, Germany and 

the picture. 

A SECOND, smaller * 
exhibition at the 
Musee des Monu- 
ments Francais 
through April 15, with draw- 
ings and scale models, is 
mostly devoted to foe archi- 
tectural dreams (and night- 
mares) of the same period — 
including works of Frank 
Lloyd Wright and Le Cor- 
busier. but also Albert 
Speer's project for a colossal 
Volkshalle which, had it been 
built, would have dwarfed foe 
neighboring Brandenburg 


■i a 

i Jf'- 
i v 

Saturday. Monday;. Tuesday: I E 00 a.m- 8 . 00 pm 
'.Sunday; Wydilysd av: 1 1 . 00 am- 7 . 00 

Impure abstraction (ffU 

I ‘ might see themselves 
-A. as the progressive av- y k, 

ant-garde, yet both Mondrian 
and Malevich had a rather un- 

revolutionary penchant for ^ 

theosophy that provided the 
fundamental inspiration of 
their work. 

If abstraction was pro- 

gressive. Realism could be | l| 8»|sl||ijg r v • •*’ J|| 

viewed as “reactionary ’’ — a §£ -jil 

“return to order” — while f jH gPfj 

the so-called Magical Real- Pjaipiy \m££3 

ism practiced by foe likes of p|||§ray 

Carel Wiliink (in his “Last 

Visitors to Pompeii” or his 

moving “Simon Stylite”). Hitler by Heartfield. 

Benefit' Preview for the ASIA SOCIETY” 

" 7 - 7 A - 7 -T^rrCLaA', 2 1 , March 

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Park Street. NevT York City 

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A,' V’LOFidon (0171) 734 5491 


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auction sales 




9, roe Orouot 7S009 Paris - TeL: 01 48 00 20 20 




— Monday, March 10, 1997 

Room 1 at 2 p.m. European. Chinese, Cie des Indes 
des Mathurins "5008 Paris, tel.: 01 53 30 30 30 - fax- 
01 53 30 30 31. 

Bernardo BelloHo H72M78U) 


Herald Tribune 


18 -19 -20 March, 1997 

Room 9 at 2 p.m. • Tuesday, March IS. COREAN ART 
Mr. and Mrs. Francois P. Mallet collection. * Wednesday.’ 
March 19, TSUBA - KOZUKA, Connoisseur's collection. • 
Thursday, March 20, FAR EASTERN ART. Etude TAJAN, 
37, rue des Mathurins 75008 Paris, tel.: 01 53 30 30 50 - 
fax: 01 53 30 30 Jl. 


Friday, March 21, 1997 

Room 4 312:15 p.m. 19fo and 20th century PAINTINGS - 
DRAWINGS - SCULPTURES, including 21 drawings from 

I n t e r n a t rojnat.Ei : r>. , - 2 ■ 

and 1;.” 

Pasein (Dr. and Mrs. M. collection). Etude TAJAN, 47. rue 
des Mathurins 7500S Paris, tel.: 01 53 30 30 30 - fax: 
01 53 30 30 31. 

Saturday, Much 22, 1997 

Room 9 at 2 p.m. CARTOONS. Etude TAIAN, 37. rue 
W53303?3| S ^ 5<W8 Pari5, It?l ” 01 55 30 30 30 - fax: 

8 — 16 March’"7 1 ■ / 

MECC Maa-strieht'\, : > v . 

.The N eth erfands ~ ’ ’ 

Information :7 ‘ ■ - f ^ ■/ 
The European' : 'ff p- - ' " * - 

Fine Art Foun datto ~' • 

Schwcnnstr. 38 
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Tel. ++49/2 1 1/49 42 02 
Fax ++ 49/21 1/49 42 12 
exhibiting at stand 439 
The Eun:ipcjn Fine An Fair 
Tel. ++49 17 22919202 

l»iol« forward 
to greeting risilors to 




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(The European 
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Intenutional Herald 
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Tiepolo: The End of One World, Beginning of Another? 

International Her*Ui Tribune 

— The story had 


rJrtSi br \ ght u 8 hts «w the su- 
perijly designed exhibition Giam- 

SS3.^tSs do 5- no£ oui ™- 

cen?^! presiding genius of 1 8th- 
century Venice, as the wall text would 
have us see the artist, « 

SnSSJ? a tOW ™S as TonTv 
rns larger compositions on canvas re- 
maned tucked away in the protective 
dimness of Venitian churches and Itali- 
an museums, leaving the imagination 
free to supply depth of feelSgAnd 
power of expression where there is little 
more than a theatrical mise-en^f 

Self-portrait (detail). 

And yet inspiration flickers intermit- 
tently. Occasionally, this resulted in a 
few, very few, wonderful pictures. On 
the other hand, as a draftsman Tiepolo 
was frequently dazzling, as another ex- 
hibition of works on paper by the artist 
and his circle at the Pierpont Morgan 
Library until April 13 shows in a beau- 
tiful pageant drawn from American col- 
lections. How could one man's work 


vary so wildly? How could he change 
his manner so radically, like some actors 
borrowing different personas? 

Tiepolo did it from the beginning, if 
art historians have got their dates right. 
The two apostles that he painted in the 
spandrels of an anch in the church of the 
Ospedaletto offer a startling contrast 
‘ ‘Saint Thomas, ’ * with bis face plunged 
in darkness, is full of mystery- The 
handling heralds the most advanced 
strain in French portraiture of the late 
1860s, Manet included. With "S aint 
John. * * alas, the painter missed out com- 
pletely. Melodramatically lacrymose. it 
is none too well painted. Such strange 
unevenness was to persist for decades. 

Theatricality certainly bedeviled 
many of his more ambitious endeavors. 
In "Scipio Freeing Massiva." the char- 
acters gesticulate and strike swaying 
postures as if they had been caught in the 
midst of a pantomime performance. 

In another operatic scene in a painting 
described as "Abraham Banishing 
Hagar," a patriarch in ochre robes 
bends over a supplicant woman pros- 
trating herself on the stone step, eyes 
closed as she touches the edge of his 
garment Another woman standing back 
looks down at the two of them, her lips 
curled in wistful disdain, while a young 
man leans forward, aghast at what he 
sees. Behind them, a bas relief picks up 
the theme. A man in Ancient Roman 
costume puts his arm around the 
shoulder of a distraught wo man, as if to 
remind the living of the need to be 
compassionate. It gives the whole pic- 
ture a surrealist twist. Even that is not 
quite enough, however, to redeem the 
artificiality of the characters. 

Elsewhere, the dryness of the ste- 
reotype is relieved by a puckish sense of 
fun. In “Apelles Painting Campaspe,” 
based on Pliny's account of the Greek 
artist falling in love with Alexander the 
Great’s favariie while she sits for Him, a 
painter is seen seated at his easel. On the 
canvas, the half-finished portrair of a 
woman stares ahead, goggle eyed. The 
painter cranes his head around, equally 
goggle eyed, as be gazes at the sitter, a 

In * Rinaldo and Arrnida in the Garden Tiepolo, master of the Venetian masquera de , displays his sense of fun. 

bare-breasted beauty none too pleased 
with her emerging likeness. 

Add, for good measure, a blackamoor 
nonchalantly standing by the easel, a 
tiny lap dog with a pink ribbon about to 
yap and snap in the middle of the room, 
and a statue of Hercules brooding in the 
distance, as if crushed by human in- 
eptitude. and it gets as close to stand-up 
comedy as Venetian painting ever got. 
Great art? Hardly. But very droll. 

T IEPOLO never gave up this 
comic-strip strain. He was well 
into his 60s when he completed 
"Rinaldo and Arrnida in the 
Garden.” based on Tasso’s poem. A 
matronly Arrnida. her breast uncovered, 
puts her arm around a golden-haired 
Rinaldo. who gazes languidly at her. 
With a garland of flowers strung across 
his vaguely Ancient Roman tunic, he 
looks the perfect nincompoop. 

That such a master of the Venice 
masquerade as Tiepolo could turn his 
thoughts to religious painting is one of 
the artist’s many paradoxes. He dis- 

played in some of it a depth of feeling 
that arguably makes him. at intervals, the 
last great religious painter of European 
art He did not altogether reject the the- 
atrical element. In "The Virgin and 
Child, with Saints Catherine of Siena, 
Rose of Lima and Agnes.” finished by 
1748. monumental figures appear in a 

kind of architectural stage set. Great ac- 
curacy is sought in the rendition of detail, 
inc! uding the trompe 1 ’oeil effect of Saint 
Agnes's cloak falling over a stone step. 
Mary, wearing an intensely blue mantle, 
is seated high up, towering above the 
scene, which exudes a feeling of ex- 
pectancy. It is a very striking picture. 

“The Immaculate Conception,” 
commissioned in 1767 by Charles III of 
Spain for die convent church at Aran- 
juez is greater still. The memory of 
Murillo's art lingers here. The young 
woman stands on a blue globe, firmly 
stepping on a serpent, which clutches in 
its teeth the apple that tempted Adam. A 
palm tree, sawn off. lies across a cloud. 
The Virgin looks down, her body 
slightly curved, the very image of grace 
and aristocratic dignity. A deeply poetic 
atmosphere pervades the picture. 

That same year, Tiepolo produced his 
most admirable religious work. "Saint 
Francis Receiving the Stigmata” ap- 
pears as an impoverished monk leaning 
back while an angel lightly touches his 
chest The angel's golden loin drape 
glows in the blue darkness, which en- 
velops a visionary landscape, one of the 
most beautiful of its kind in the 1 8th 
century. His face is probably the most 
arresting portrait executed by Tiepolo. 

Indeed, rather late in life, Tiepolo 
seems to have discovered in the human 
face something more than an excuse for 
amusing expressions. His portraits are 
little known and uncertainty still sur- 
rounds the attribution of some. 

Portraits, though, were not entirely 
new to the artisL A curious sprinkling of 
self-portraits are concealed in the elab- 
orate scenes. "Apelles” included. They 
vary from the quizzical to the deeply 
introspective. In the frescoes in the 
Arcivescovado at lidine and in the 
Palazzo Labia in Venice, they give the 
viewer a piercing look in which irony 
mingles with anxiety. 

Such a mixture of self-scrutiny and 
readiness to experiment in a variety of 
keys has a very modem flavor. Tiepolo 
may have closed a four-century-old tra- 
dition. But he also heralded the multiple 
orientations and split-personality cases 
of the new age of European art. 





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PAGE 11 

iVew? Digital Retreat 

BSkyB Exits 2d German TV Deal 

By Erik Ipsen 

haernaibnat Herald Tribu ne 

— British Sky Broad- 
casting PLC. the satellite television 
company 40 percent owned by Rupert 
Murdoch, on Friday pulled out of its 
I second attempt in fess than a year to 
break mto the German digital-televi- 
sion market 

Analysts said that BSkyB’s abandon- 
mCTt of its efforts in Europe's richest 
martet underlined problems for launch- 
ing digital television not only in Ger- 
many, but also throughout the region. 

The decision now leaves Germany’s 
Kirch Group alone in its costly struggle 
to woo Germans over to its fledgling 
digital television effort, DFI. 

Gottfried Zroeck, a senior Kirch 
Group official, said there were “in- 
terested parties” ready to talk about 
taking BSkyB’s place as a DF 1 in- 
vestor, according to a Reuters dispatch 
from Bonn. “We are open for a part- 
ner, but this is not an existential ques- 
tion.” Mr. Ztneck said. 

But analysts said the fallout from the 
split would have broader implications. 
“I t h i nk that the Kirch experience will 
now cause some of the people in the 
industry who had gotten a bit over- 
excited to rethink their positions, ’ ' said 
Ross Parsons, an analyst with London- 
based media consultants CLT — not 
related to the Luxembourg TV com- 
pany known by the same acronym. 

DFI ’s brief life to date offers plenty 
of cautionary tales. Launched last July 
with great fanfare, Germany’s first di- 
gital television service has en- 
countered an unbroken series of set- 
backs since. Instead of the 200.000 
subscribers that it had forecast for year 
end 1996, it ended 14 ) with barely a 
tenth that number. 

While DF1 's 25 channels play to a 
traditional Kirch strength — the top 
Hollywood movies on which the group 
has long cornered die market in Ger- 
many — the digital venture falls far 
short in sports programming. 

Broadcast rights for German foot- 
ball are held by Germany’s only other 

g w television service. Premiere. 

SkyB was an investor in Premiere . 
but it pulled out last July in a dispute 
with Premiere’s other owners. 

Kirch owns a third of Premiere’s 
shares and had counted on airing the 
channel via DFI. So far. however. 
Premiere’s other two owners — Ber- 
telsmann AG, the German media giant, 
and Canal Plus SA of France — have 
balked at signing over the rights, per- 
haps because both companies harbor 
digital ambitions of their own. 

Similarly, Kirch’s attempts to get 
DFI onto cable and into nearly 17 
million German homes — a feat it once 
thought easy — have gone nowhere. 

Nonetheless, Kirch insisted Friday 
that it would soldier on without 
BSkyB. The group will seek out new 
partners, it said, but in the interim 
Kirch will continue to add new chan- 
nels and to attempt to persuade sub- 
scribers to part with §90 Deutsche 
marks ($518) to buy the set-top digital 

“Our plans are not affected by the 
divorce, if ever we even had a mar- 
riage,” a Kirch representative in Mu- 
nich said. 

Last July, flush with admiration for 
Leo Kirch’s pioneering efforts that 
seemingly had given him an unassail- 
able lead in the digital race, BSkyB said 
it might snap up as much as 49 percent 
of DFI. In the end, the Murdoch-con- 
trolled group made its exit having 
bought no shares and having spent little 
on nurturing the relationship. 

On Friday, BSkyB simply noted “a 
failure to agree on a number of fun- 
damental issues” for the dissolution of 
the relationship. 

But while Mr. Murdoch may have 
maintained an iron grip on his pock- 
etbook in that short-lived relationship, 
investors nonetheless reacted poorly to 
the news that the company had lost one 
of its most promising opportunities. In 
early trading BSkyB’s shares shed as 
much as 4.2 percent. By the end of 
trading they had recovered much lost 
ground, closing at 616.5 pence ($9.93), 
down 7 pence. 

‘ ‘The disappointing thing is that this 
was BSkyB 's chance to become an 
international company, not just a UJC. 
one,” said Andrea Kukby. an analyst 
for Daiwa Europe. 

Even in its home market, where 
BSkyB made £257 million in pretax 
profits last year, there are growing 

■ £*.£: y 

ar, • 

<w . , — •/ •;,•**> ,22 

>. v.> 

Kiwi R. Conrad/TTir \iwk Tmn 

Rupert Murdoch, left, is leaving 
German digital TV to Leo Kirch. 

doubts about its plans to launch its own 
1 , 000 -channel digital service by the 
end of the year. Those doubts stem 
from an unexplained delay in announ- 
cing the award of contracts to build the 
set-top digital decoders. 

But not all analysts criticized 
BSkyB’s decision to separate from 
Kirch. “You have to give Murdoch 
credit for cutting his losses now,” 
Dennis Exton, an analyst at Nikko Se- 
curities, told Bloomberg News. 
“BSkyB’s plan to get into Germany 
through Premiere is not working be- 
cause Kirch and Bertelsmann can't 
agree terms. There are too many vari- 
ables that BSkyB can’t influence and 
they don’t feel in control.” 

Mr. Parsons suggested that part of the 
delay could stem from BSkyB’s on- 
going efforts to find a partner to share 
the immense financial burdens of going 
digital. Those burdens include selling 
consumers a digital decoder for £200 
that costs £400 to £500 to produce. 

BSkyB 's managing director, David 
Chance, had said contracts to build the 
decoders would be announced in Feb- 
ruary; the announcement never oc- 
curred. But he said last week that the 
company was still on track to start 
digital TV in Britain by year-end. 

“It is a hugely expensive under- 
taking, which is why they are looking 

to tie up with a partner," Mr. Parsons 
said. Among others. BSkyB has re- 
portedly talked with a couple of large 
banks about the possibility of offering 
an on-screen banking service in return 
for a partnership stake in the venture. 

Other companies have formed part- 
nerships, including a $3.4 billion joint 
venture between Bertelsmann and 
Compagnie Luxembourgeoise de 
Teledimision, known as CLT. A pre- 
vious four-way pact between BSkyB. 
Canal Plus and Havas SA of France 
and Bertelsmann fell apart last year, 
Bloomberg reported. 

Ultimately, analysts say Hiar digital 
television will succeed only if there are 
many different services. For media 
companies, the digital future promises 
revenue not only from advertising and 
subscriptions, but also from pay-per- 
view sporting events and movies, as 
well as from interactive services like 
borne banking and home shopping. 

The first hurdle is convincing 
enough viewers to make the switch to 
digital. Kirsch has been hobbled by its 
critical shortage in sports program- 
ming. In France. Canal Plus has top 
movie and sports rights sewn up. as 
does BSkyB in Britain. That allowed 
Canal Plus to sign up 200,000 sub- 
scribers for its digital service. launched 
late last autumn. 

Nomura Is Embroiled 
In Scandal Once More 

Tokyo Threatens Stiff Punishment 

By Velisarios Kattoulas 

liuemarional Herald Tribune 

TOKYO — Six years after its chair- 
man and president were forced to resign, 
Nomura Securities Co. became en- 
gulfed in scandal once again after rev- 
elations that Japan's largest brokerage 
had made illegal trades tor a client ap- 
parently linked to organized crime. 

Hie government pledged Friday to 
punish Nomura for the trades, and Jap- 
anese media said the company’s pres- 
ident, Hideo Sakamaki, would resign. 

Dismayed Nomura employees said 
the scandal illustrated how tittle the 
company had done after die 1991 scan- 
dal to clean up its business practices. 

The latest incident again highlighted 
die cozy ties between big business and 
organized crime in Japan. 

It also raised doubts about govern- 
ment plans to make Tokyo’s financial 
markets as transparent and competitive 
as those of New York and London by 

Finance Minister Hiroshi Mitsuzuka 
promised punishment of the company if 
it were found to have violated stock 
trading laws. 

“After the investigation is com- 
pleted, we will take severe measures 
against the company." he said. 

A company vice president, Atsushi 
Saito, acknowledged Thursday that two 
Nomura directors apparently had made 
unauthorized stock trades and passed 
money on to a big client in violation of 
the Securities and Exchange Law. 

But Mr. Saito said he could not con- 
firm reports that the client had links to a 
sokaiya racketeer. 

The trades, completed between 1993 
and 1996, were made using stocks in 
Nomura’s own account. Mr. Saito said, 
and profits were funneled to the ac- 
counts of “corporate” clients. 

NHK television news said the ex- 
ecutives had passed the profits to a real 
estate company linked to sokaiya. 

Often linked to Japan’s yakuza crime 
syndicates, sokaiya typically extort 
money from companies by threatening 
to expose embarrassing details about the 
private lives of executives or the compa- 

nies* business habits. 

The Nihon Keizai Shimbun said the 
Finance Ministry would suspend 
Nomura's activities. The suspension 
would probably be longer than the six- 
week suspension the company received 
for the 1991 scandal, according to the 
business daily. 

The Kyodo news agency said the 
Security and Exchange Surveillance 
Commission, which oversees share 
trading, was also considering lodging a 
complaint with the Tokyo District Pub- 
lic Prosecutor’s Office. Such a com- 
plaint is often the first step toward fifing 
of a criminal complaint in Japan. 

Despite the scandal. Mr. Mitsuzuka 
vowed to press on with financial re- 
forms modeled on the “Big Bang” in 
London in 1986. 

“The ‘Big Bang’ will not be 
hampered by this.” he said. “It must 
keep on steadily forward.” 

But some analysts questioned wheth- 
er the government could really press on 
with reforms. Nomura has been ad- 
vising Tokyo on reforms and is widely 
expected to consolidate its position as 
Japan's strongest brokerage following 
their implementation, according to a 
senior Nomura employee, who asked 
not to be identified 

“The government is in trouble," said 
a Japanese broker who also asked not to 
be identified. “It can’t very easily pun- 
ish Nomura for breaking trading laws 
and then pass legislation that gives 
brokerages greater leeway and helps 
Nomura make more money.” 

‘ ‘If there’s preferential treatment like 
this going on,” Paul Migliorato of 
Jardine Fleming Securities Ltd told 
Bloomberg News, "small investors 
can’t be encouraged They don't want to 
be involved in the stock market.” 

To atone for the latest scandal, the 
Nihon Keizai Shimbun and Jiji Press 
reported Mr. Sakamaki was preparing 
to resign, but Nomura called the reports 
“pure speculation.” 

The brokerage's new problems come 
just days after Australian regulators 
took its British subsidiary. Nomura In- 

See NOMURA, Page 15 

Tw-fcing Ahead /commentary Culture Clash in the Banking World 

Pacific Finance Talks Fill Key Vacuum Dispute Over Strategy Led Dresdner to Oust Kleinwort Chief 

By Reginald Dale 

International Herald Tribune 

WASHINGTON — When represen- 
tatives of six leading financial powers 
get together for private talks on eco- 
nomic and monetary matters, it is vir- 
tually inevitable dial they will be 
dubbed the Group of Six. 

That is indeed the name that much of 
the world's media has given to the gath- 
ering of senior financial and monetary 
officials from Australia, China. Hong 
Rons. Japan. Singapore and 
the United States that took 
place for the first time in Some 
Tokyo this week. t j 

It is equally understand- a 

able that some of the par- rmfrati 

ticipants — especially the 

United States — should res- 
ist die implied comparison with the 
Group of Seven leading industrialized 
nations, which holds extravagant sum- 
mit meetings once a year and purports to 
nwnay the world economy. Any sug- 
gestion that another G-7 is in the making 
could alarm Washington’s European al- 
lies and create resentment among Pa- 
cific nations excluded from the group. 
Modelings have already been heard 
from South Korea, which was not in- 

Deputy Treasury Secretary Lawrence 
Summers, who led the U.S. team in 
Tokyo, has duly been insisting dial the 
two groups have precious little mcom- 
monfand in some ways, he is nriM. As 
Fred Bergs ten. the director of the In- 
stitute for International Economics 

points out. while die G-7 countries are 
all rich industrialized democracies, the 
six economies at the Tokyo meeting, 
largely as a result of China’s inclusion, 
represent widely different levels of de- 
velopment and political systems. 

But some countries represented at the 
Tokyo meeting — Australia and Japan, 
for instance — would be quite pleased if 
the new forum could imitate the more 
successful side of the G-7, by indulging 
in serious technical cooperation on ex- 
change rates and economic policies. AJ- 

Some countries represented in the forum 
that debuted in Tokyo would be pleased if it 
imitated the more successful side of the G-7. 

though tire group set its next session for 
Singapore in year, some participants are 
already talking about getting together in 
the margins of World Bank and In- 
ternational Monetary Fund meetings, as 
the G-7 does, and possibly upgrading 
talks to include finance ministers. 

The six economies are right to be 
ambitious about their forum’s future. It 
fills a vacuum tha t has developed in the 
Pacific, due partly to the Eurocentric 
nature of the Group of Seven, which 
includes four European countries — 
Britain, France, Germany and Italy — 
alongside Canada, Japan and the United 
States. It is entirely appropriate that 
Pacific nations that hold a dispropor- 
tionate share of global foreign exchange 
reserves should coordinate their policies 

at a rime when ihe Europeans are con- 
centrating on building a monetary union 
with their own reserve currency. 

The new group has something for 
each of the major players. 

China will doubtless interpret its 
presence at the talks, technical though 
they may be, as implying political re- 
cognition of its future world leadership 
role. Japan sees the participation of 
China and the United States in the same 
group as a good omen for defusing 
future Tensions in the region. Tokyo is 
also interested in averting fi- 
nancial crises, like the one 
□! that may be developing in 

■ y. . Thailand, and in exchange 
I n It 1 ^® cooperation to stabilize 
; G-7. A* yen. The United States 
* clearly sees the forum as a 

vehicle for pressuring Japan 
and China to moderate their trade sur- 
pluses and open up their economies, 
while reminding Beijing that Hong 
Kong should retain a separate identity 
even after its return to Chinese sov- 
ereignty this summer. 

But the forum's greatest value should 
be to help draw China into the inter- 
national economic and financial system 
and educate Beijing about how the mod- 
em world works. 

It is true that the group’s beginnings 
have been modest. But so were those of 
the G-7. The G-7 has since undermined 
its own credibility, at feast at summit 
level, by issuing useless long-winded 
communiques and indulging in excessive 
pomposity. The best thing the new group 
can ao is leant from those mistakes. 


Cross Rates 

Aotsterdon I-®? 

Bmtwii nms 


Unto a(ii) \ fro 



Port; ** 

Tb *° 

1 ECU 
1 SDR 

I Oil 
11075 l-IW 
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ZZ J0147 *011 UU U998 IJ41S 11.731 

S78I 1,70500 15382 3538 128 U1J0 U6!J 1430 

_ So* 19999 8.105 99099 *7712- 42279 19B4* 

MM 0715 SL7S U274 0155 — 195J U359 

MOD' 07086 OJD- 0925 U»- — WT 

4J07’ 07663 *1B2* — UHZ UI03 MU' 
iSl J.9M 23011 4032S5 lift IBM 1591 USA? 

So USB 46740 2»42 WM 1757 199J87 

m. Paris and Zurich. tMngi In ether* centers New Yoric and 

UbicHJbor Rates March 7 

Safes Franck 

Dotlor D-Mark Franc Sferiteg Franc Ytn ECU 

1 -month 5ft -5ft 3-3% 1W-2 5ft-fift 3ft-3ft h-9* 4Vta-4Vs 

55W-59W 3*-3* 118-2 6ft-6ft M-3* 9k- 4 Vn--« 

6-rnonm 59k-5*. 398-31* 1U-U8 6ta-«8 3V6-3S8 Fk-8k **%■*<* 

1-feor 5V>-6 39k-3Vk >14-798 6M-6H fe-H 49fe-*1* 

Sources Reuters, Uoyds Bank. __ 

Hales appticaNe to Interbank ttepasBs of SI mason minimum foreqvMenO. 

S. Air. rand 
5 .Kor- won 
sued- tmn 
Tainan S 
Thai baht 

Tonm rates at Tabwm aoBan ‘Units of m HOsm* quoted MA ; net avBatle. 

or Toauyanepouatea. taw 

Other Dollar Values 

Part Comer P«rS 

f-imrr rrri Caaeoct -jnjn mu. peso 8J725 S. Mr. rand 4461 

0.9988 NUcbOd* Ml 88 5-Kx.woo B6F40 

10682 HonglfWS* UM.lonw 6.9345 Swed-troon 74876 

! , j ,11526 prjK&rjory 109 TbalbaM 25,95 


5SSS ^ ^ SS »» "■ ™ 

Forward Rates aimltT ' jmw 

. JMor * Mor lnMnB( ™ 121.13 12060 12009 

XZLm »S MS urn 

Key Money Rates 

UnHod State Ontt Pit* 

Dfeowtiate 5X0 5X0 

P i kae n Ue 8U 8U 

Fedarol ftmds 516 5*k 

90-dsr CDs daoim 546 544 

18Mar CP deafen- 5-37 5X5 

3 menu. Treasury W 5.19 S21 

1- fcor Treason fen 547 SJ1 

2- year Treasury MB 6XB 6.12 

5- YMrTreaswraote 6J9 645 

7-fcsr Treasury note &S0 654 

10-year Tretsary not* 6-57 64? 

30-rear Treasury band 883 6X8 

MerriS Lynch 30-day RA *X 7 4JB 

J reara 

Dfeuvrtrafe 0-50 050 

Coil money 042 044 

1-aaaNi tofvtmc 059 0J9 

TmAhtafeak 056 056 

4-awnfH l u te r b ca * 059 059 

10-year Govt Bond 243 244 


Lombard rata *-50 *50 

CaK money 112 3.10 

1-mealk tararaank 128 UB 

J-rtWfli ioftrowk 025 025 

6- moatt mteteok 125 125 

10-year Bud SJQ 546 


Book bout rate 
1-naMi lut ei t an fc 
6-raomh lotsbwk 
10-rear SIB 

*50 45D 

012 3.10 

028 128 
025 Z as 
025 325 

SJQ 546 

By Youssef M. Ibrahim 

Ne* York Times Service 

LONDON — To bankers in London 
and Frankfurt, it was only a matter of 
rime before the mueb-baily hooed cross- 
border combinations of financial insti- 
tutions that have been the rage over the 
past few years would result in a public 
and bitter split 

Now the unexpected resignation last 
week — described by some as an un- 
ceremonious firing — of the popular 
British chief of Kleinwort Benson Group 
PLC by the firm’s German management 
has marked the first such public clash. 

Bankers in London ana in Frankfurt 
said the feud, over bow to manage the 
bank's 1995 acquisition by Dresdner 
Bank AG, highlighted the cultural dif- 
ferences between the very different 
worlds of Germany’s staid commercial 
banks and London’s more free-wheel- 
ing dealmakers. The culture of invest- 
ment bankers in Loadon has long been 
one that is comfortable with taking risks 
and malting deals; German banks, by 
contrast, have traditionally taken a con- 
servative and unadventurous approach 
to making loans and providing routine 
corporate services for fees. 

Kleinwort said Feb. 28 that Simon 
Robertson, its chairman, who negoti- 
ated the SI . 6 billion acquisition by 
Dresdner in 1995, resigned in a dispute 
over how to integrate Klein wort’s in- 
vestment banking activities and wheth- 
er control should reside in London. 

Mr. Robertson, 55, is understood to 
have argued that London should be the 
center for all global investment banking 

“There is no disagreement about rite 
need and desirability of doing this,” 
Juergen Sarrazin. Dresdner’ s chairman, 
said last week. “Sadly, there has been 
disagreement with Simon about how to 
achieve it” 

A spokesman for Dresdner in Frank- 

furt. Giies Lothar, was more explicit Fri- 
day, saying in a telephone interview that 
Mr. Robertson had to leave because he 
“did not agree with our new strategy for 
the integration, and we are the owners.” 

According to a Kleinwort executive, 
Mr. Robertson, who built a successful 
career over 34 years at Kleinwort and 
had strongly backed the Dresdner com- 
bination, found out that German man- 
agement had decided against basing 
much of the investment banking op- 
eration in London. He had fought for a 
presence in London because that city, 
rather than Frankfurt, has long been 

Dresdner’s bankers were 
dearly not comfortable 
concentrating so much 
power and activity with 
their London associates. 

Europe’s investment banking and fi- 
nancial trading center. 

This official said Mr. Robertson was 
summoned home from vacation and 
fired, although both institutions called 
his departure a resignation. 

“This is a problem of managing two 
different cultures,” said the Kleinwort 
executive, who asked that his name not 
be used. “The British culture is too 
gentlemanly. The Germans don’t like 
criticism or arguments.” Mr. Robertson 
could not be reached for comment. 

Dresdner had not pushed aggress- 
ively to fully integrate the two insti- 
tutions until recently. But late last year, 
Dresdner transferred the investment- 
management operation of Kleinwort 
Benson toRCM Capital Management of 
San Francisco, which is owned by 
Dresdner. As a result, the German bank 
forced out Sir Nicholas Redmayne, 
chairman of Kleinwort Benson Invest- 

ment Management. 

Mr. Robertson's departure has cre- 
ated a stir in London’s financial com- 
munity. Mr. Robertson was known as an 
important corporate financier and as a 
specialist in mergers and acquisitions. 
He led ihe firm to a strong financial 
performance last year. 

The head of a competing firm who 
followed the episode said he was not 
surprised and expected more such 
clashes as different banking cultures 
tried to integrate two very different 
ways of doing business. 

Deutsche Bank AG, Germany's 
biggest bank and Dresdner’s biggest 
rival decided to concentrate control of 
investment banking activities in Lon- 
don after Deutsche acquired Morgan 
Grenfell, another British merchant 
bank. Besides consolidating its invest- 
ment banking operations with Morgan, 
Deutsche bunt a 5-acre (2-bectare) trad- 
ing room in London that has symbolized 
the degree to which London has become 
a power center in the D eutsc he -Morgan 
Grenfell combination. Dresdner, by 
contrast, appears to have decided it must 
retain control in Frankfurt. 

In die statement announcing Mr. 
Robertson’s departure, Dresdner said 
“all of us are agreed that, to recognize 
the full potential of Dresdner Kleinwort 
Benson, we must now fully integrate our 
resources in London and Frankfurt, so 
that they and all our other offices op- 
erate as one entity." 

Dresdner’s bankers were clearly not 
comfortable with concentrating that 
much power and activity with their Lon- 
don associates, analysts in London 

Several analysts said that Dresdner 
may have thought there was a lesson to 
be learned from a recent experience at 
Deutsche Bank, which suffered an ex- 
pensive embarrassment last year when a 

See SPLIT. Page IS 

IMF Chief Comforts Bangkok Investors 

6X0 6X0 

4ft 6X0 
6X0 6X0 

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730 727 


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Coflnoaer 3ft 3M 

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6-Matt intertask 3U 3Vfe 

16-year OAT 540 SJS 

Souitvs : Reuters. Bfootnbetu. Merrill 
Lrnclt. Bank of Tekro-MlHutlsSI. 
OMWcnt Oa4»LfSMB& 

Gotd ^ P* aw 

Zurich 35250 3*9X0 -175 

London 351.70 35020 -2X0 

New York 353X0 3*920 -430 

US. dollars per ounce. London official 
Usings Zofleh and Now YOdc opening 
and dosing prices New YUkComec 


Soane AeaterS. 


HONG KONG — Michel Camdessus, 
the head of the International Monetary 
Fund, chided Thai financial regulators 
for lax supervision but sought to reassure 
jittery investors by predicting that the 
situation would nor turn into a crisis. 

He said the IMF had held talks with 
Thai regulators and that he was confident 
in their ability to handle the problem. 

“What they are doing is exactly what 
you must do to avoid the recurrence of a 
Mexico-like crisis.” Mr. Camdessus said 
at a conference on Financial integration in 
Asia and the role of Hong Kong. 

Meanwhile, the stock market re- 
covered on Friday, after falling sharply 
all week. The Stock Exchange ofThai- 
land index rose 14.91 points, or 2 per- 

cent. to 691.45 as investors took ad- 
vantage of low prices, and the run on 
banking companies eased. Still, the in- 
dex is down 17 percent so far this year. 

But analysts said financial authorities 
had yet to release the data needed for 
long-term investors to return. Brokers 
and research institutes have estimated 
the burden of nonperforming loans on 
banks and finance companies at 800 
billion baht (S30.82 billion). 

Thai regulators on Monday sent 
shock waves through the nation's fra- 
gile financial sector by ordering sig- 
nificant changes in banking rules. 

They ordered 10 finance firms facing 
liquidity problems to increase their cap- 
ital by more than $300 million and in- 
structed banks and finance companies to 

raise provisions against bad loans, par- 
ticularly for those to the depressed prop- 
erty sector. The result was a run on 
deposits at the 10 troubled companies. 

"The Thai authorities are taking 
gradual steps to address the kind of 
tensions which is only the other face of a 
very successful development policy.” 
Mr. Camdessus said at ihe conference. 

He said Thailand was nek alone in 
lacking, a developed regulatory frame- 
work. “In many countries in Asia and 
elsewhere, prudential regulation and su- 
pervision have not kept pace with the ikw 
complexities of banking business.” 

"The presence of large capital in- 
flows reduces the room for policy ma- 
neuver and limits the scope for policy 
mistakes,” Mr. Camdessus added. 

PAGE 12 



The Dow 

30-Vear T-Bond Yffild 


Boardrooms Under Scrutiny 

Investors Begin to Look at Directors’ Contributions 

JOBS: Wage Numbers Cheer Markets 

Continued from Page 1 

By Judith H. Dobrzynski 

New York Tunas Service 

w ■ o"n d' j f m 

' O N D J F M 
1996 1997 


NYSE S&PSflfl 

NYSE SjjigMjg 
NYSE ' -Compos* 
UjS. .Nattfeqf 
gttEX; ■ Mafa&V 
Toronto -iTSfe'imte 
Sao Paulo Bovespa 
mntotkCtof Bbhs& •• 

. index ■ ■ Ffctejr '■ JJw. ' ' * ' 

<®4PeA ' Close Change 

ThepOW. . 78D&TO 6944.70 +081 

~S&P5£KT ' ' mil 79&41 . +0.71 

S&PKKJ - • • T79AS 77G2Z 40A2 

: Composite ' • 423.48 41RS2 +QM 

>feS(teqCc^oSite; 13tft9g 13L7.03 . <^47 

■ 602.12 «x»xo r; 

smss • 911036 +0.77 

37 toJ& 3794-21 -OjOS; 
73346 71878 +1.99. 

Buenos AftesMetvaS 733QS 71878 +1-99 . 

Santiago tPSAGeaa^, 537771 S328.d6 *0^ 

Caracas ■ ■ Gap&ri General NA 6339.45 ' . * : 

Source. Bloomberg. Reuters imcnuuooii Heraki Trfcune 

Very brieflys 

Cablevision Buys Up the Garden 

NEW YORK (NYT) — Cablevision Systems Corp. has 
agreed to acquire ITT Corp.’s 50 percent share in Madison 
Square Garden for $650 million in cash, two years after the 
companies bought the sports and entertainment center as 
partners for$i billion. 

The acquisition will give Cablevision. a cable-system own- 
er and programmer, control over the arena, the New York 
Knicks basketball team, the New York Rangers hockey team 
and the MSG Network, the United States' second-largest 
regional sports network with 5.4 million subscribers. 

NEW YORK — Life in cor- 
porate America's board rooms 
continues to get less cozy. 

A new survey of 231 large 
shareholders has found that insti- 
tutional investors, in the same way 
they have toppled poorly perform- 
ing chief executives, want inef- 
fective directors to be jettisoned. 

Many say they consider the 
quality of a company's directors in 
their investment decisions, and a 
large majority wants companies to 
disclose more information about 
investors' representatives in the 
board room. 

The survey, which was 
sponsored by the executive re- 
cruiting firm Russell Reynolds As- 
sociates, is evidence of the increas- 
ing sophistication of the corporate 
governance movement. 

Since the mid-1980s, share- 
holders have successively revolted 
against the tactics companies have 
used to thwart corporate raiders, 
against chief executives at various 
troubled companies and against 
boards at weak companies. They 
mainly focused on board structure, 
pushing to split the job of chairman 
from that of chief executive, for 

Now investors are focusing on 
individuals and what they actually 
contribute. “Investors are really 
looking for a better sense of the 
value of each director,” said John 
W.T. Hawkins, the managing di- 

rector in charge of Russell Reyn- 
olds’ board practice, which re- 
cruits potential directors. “They 
want more personal information, 
more about their business track 
records and their contributions.” 

John Pound, a corporate gov- 
ernance specialist at Harvard Law 
School, said: “Investors have real- 
ized that the structural aspects of 
the board are not really the key to 
how a board performs. That’s a 
function of who the directors are, 
and how they make decisions 
when they sit down around the 

According to the survey, 25 per- 
cent of investors consider a 
board’s quality to be extremely or 
very important when they evaluate 
investment opportunities. 

Wirthlin Worldwide, an opin- 
ion-research group based in 
McLean, Virginia, conducted the 
survey of 201 money managers at 
mutual funds, investment "banks 
and other financial institutions and 

30 corporate or public pension 
fund managers. The results are 

fund managers. The results are 
considered accurate within 6.5 
percentage points either way. 

Investors' unhappiness with di- 
rectors overall is clearly evident in 
one striking response: 88 percent 
of those questioned agreed that 
“boards need to be more aggres- 
sive in weeding out underperform- 
ing members.” and 62 percent 
strongly agreed. Investors said 
they were concerned about direc- 
tors who are family members or 
who have been ousted from their 

jobs, as well as directors who sit on 
many boards or have interlocking 
board seats. 

If investors wanted to remove 
directors, their safest bet would be 
to lobby a board against the of- 
fending director, essentially press- 
ing for a resignation. Otherwise, 
they can only withhold votes for 
directors when they come up for 
election at annual meetings — and 
they would have to muster support 
from many other shareholders. 
Such efforts have rarely suc- 

Investors are not unanimous in 
their views on directors. The sur- 
vey discovered that they are split 
on just how involved board mem- 
bers should be in a company: 53 
percent said the board should act 
only as an overseer, while 44 per- 
cent said the board should play an 
active role in strategic planning 
and management. 

But they are united on many 
other views. Investors warn the 
board to be involved in planning 

02 percent, and that the number of 
jobs created in December and Janu- 
ary was revised downward. 

Nonetheless. Mr. DiClememe 
said the report “should not be a 
lasting source of comfort to the bond 
market’ ’ and that “these data do not 
deflect the odds of a Fed tightening 
this month.” 

Analyses were divided on the ques- 
tion of "the central bank’s response. 
Ed Yaideni and Debbie Johnson at 
Deutsche Morgan Grenfell Inc. told 
their clients that the data were “con- 
sistent with our view that wages gains 

should remain moderate.” 

They added that “even if wage 
gains nun out to be stronger than we 
expect, remember wage gains offset 

about the future of their income ii 
not their securities portfolios. 

Although he was optimism, tiu* 
technology would ^ 

enhancements to P? >d ^ v 

DiClemente said Mr. Greensparu 
semiannual testimony to 
on Fed policy, as well as cannare 
he made in other forums last week- 
were as dear an indication as any uje 
central banker was likely to provide 


iriii 1 

■in' 1 

lion of "the central bank’s response. 1LS, SIuiAj 

Ed Yaideni and Debbie Johnson at “ 

Deutsche Morgan Grenfell Inc. told thar an interest rate •“*'****.- 
their clients that the data were “cot- likely. The central bank ' P° - _ ^ 

sistent with ourview that wages gains setting ^“*1 ?Pf n nn 

should remain moderate.” mmee is scheduled to next meet on 

They added that “even if wage March 25 and then on May -U. 
gains nun out to be stronger than we Even a c co untin g For me Img 
expect, remember wage gains offset number of construction jobs. iv. 
by productivity are not inflationary.” DiClemente said the average number 
Rising worker productivity has of positions created in recent montns 
been credited with fueling the U.S. was about 220,000, a level that is 
economy’s recent growth, which has hardly sustainable in ray book. 

leadership succession — 58 per- 
cent said it was a critical board 

cent said it was a critical board 
responsibility and 96 percent of 
the respondents said it was an im- 
portant responsibility. 

Investors also see involvement 
in the compensation of senior 
management as a key board func- 
tion: 63 percent want directors to 
be involved in determining exec- 
utive compensation, up from 49 
percent in a survey of large in- 
vestors Russell Reynolds commis- 
sioned in 1995. 

• Steven Hoflenberg, a bill collector who once briefly ran the 

New York Post newspaper, was sentenced lo 20 years in -m ■- g • -m-v «| 

prison and ordered to pay $462 million in restitution to the Wl I -w- £11 TIC f~}T) I I ft 1 1 5)1* 

thousands of small investors he defrauded. i 1 v WU10 VA1 17 UUW1 

economy’s recent growth, which has 
been running between 2 percent and 
3 percent a year without producing 
significant price increases. Yet, Mr. 
Greenspan has warned that the Wall 
Street rally thai has taken the Dow 
industrials up nearly 9 percent this 
year, following gains of 35 percent in 
1995 and 26 percent in 1996. could 
encourage consumers to increase 
their spending, thus leading to higher 
prices for goods and services. 

An additional worry on the in- 
flation front has been the low un- 
employment rate, which at 53 per- 
cent cannot fail much lower. With 
most people who want to work 
already holding jobs, companies will 
eventually be forced to raise wages 
to attract good employees. Thus, the 
idea that few of me remaining un- 
employed have recently quit their 
jobs was a palliative to nervous in- 
vestors because it confirmed the no- 
tion that Americans are insecure 

With the labor force increasing at 
about 1.1 percent a year, he said, 
from 125,000 to 150.000 positions a 
month could be created wtthoui ex- 

WTttnnvestors failing to share Mr. 
DiClemente’s worries that the Fed 
was likely to raise short-term interest 
rates, financial-services companies, 
which would benefit from a steady 
monetary policy, were among the 
top gainers on Wall Street. 

Among the money-center banks. 
Citicorp rose to 126 and Chase 
Manhattan rose 3% to 106Vs. The 
regional banks were led higher by 
Banc One, which rose 134t to 48Vi ana 
Wachovia, which gained 2 W to 64-Vfe. 

In the insurance industry. Cigna 
rose 5V6 to 15516, Travelers gained 
Y* to 55% and ITT Hartford rose 1 % 
to 763$. Also advancing were such 
interest-sensitive issues as Freddie 
Mac, which rose 1 to 32%. 


• Marvel Entertainment Group Inc.’s controlling share- Bloomberg Nw 

holder, Ronald Perefrnan, dropped his plan to bail out the NEW YORK — The dollar fell against European cur- 
bankrupt comic-book publisherand agreed to work on a rights rencies Friday after a Bundesbank council member said the 1 

offering proposed by bondholders. U.S. currency’s rise 3 gainst the Deutsche mark had finished. 1 

• BBDO Worldwide has withdrawn from competition for Em s» Welteke. a member of the German central bank’s 

Delta Air Lines Inc.’s $100 million global advertising ac- policy-making committee, added that he would not like to see 

count, charging that the review had been rigged by Delta 11 — ■ ■ ■■ — ■■■■ 1 ■ — 1 1 ■ - — *** 

executives to end with BBDO’s dismissal. The agency, a unit FOREIGN EXCHANGE 

of Omnicon Group, has worked for Delia since 1 945. 

• Applied Magnetics Corp. will no. raise its S1.IS billion further “l wouldnM be pleased if die dollar jgv, 

hostile offer tails larger rival. Read-Rite Corp. in a move ‘■“".'Tpm h VhJT ***' , T * S' 

- r At 4 P.M. here, the dollar was at 1.7140 Deutsche marks. 

Friday's 4 P.M. Close 

The top 300 most active shares, 
up to the dosing on Wall Sheet. 
The Assoaaled Press 

E=m u» used Cbvr 

Seta Htyi L 0 » ixret oupe |SUE 

Mts Wgff Um Land Orge 

analysts said would kill the transaction. Both companies make m ET* 5 ’ » 

the heads used in computer disk drives. j 0 "" from 1.7160 DM Thursday at 5^7810 French francs, g* 

_. _ ... „ , down from 5.7875 francs and at 1 .4800 Swiss francs, down S!r 


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• Chubb Corp raised its quarterly dividend 7.4 percent from i .4820 francs. The pound fell to $ ! .6030 from $ 1 .6 143. 
stepped up its share buyback program and will restate 1996 Bul th e dollar rose against the yen, taking heart from the & 
earnings to reflect a charge for real-estate wnie-downs. strong U.S. employment data for February released Friday. 

• UAL Corp.'s United Airlines unit, correcting an earlier “The numbers mean continued strength in the economy. 552?" 

statement, said it ordered seven additional airplanes from and that in turn should lead to a higher dollar,” said John 2S5 
Airbus Industrie and was negotiating with Boeing Co. for Trammell at A. Gary Shilling & Co. At 4 P.M.. die dollar was aSJ?- 
three more planes. AP. Bloon,berg. MT. Reuters at 121.900 yen, up from 121 . 155 Thursday. 12?,* 

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March 7, 1997 


SJm tu mrtnwn- cents per biAhel 

(toll? 30 B '4 299 V. X 0 — 4 W 1 AL 43 

M9I 301 299 V. 299 V. —4 U 0 J 77 

SeoW 29414 28795 2 B 7 V: —4 14.922 

D«: 77 292 Vi » 4 ^ 2 J 5 «, -4 69 J 87 

SI. soles NA Thu's. soles 97.938 
TTWs open ini 392,737 up 1784 







15 A 00 Ihft.- caoiner 1 > 

M(r 97 86 J 0 


80 JS 

-a 95 


Mo /97 88 J 0 


SA -50 

-k 9 S 


Jul 97 9020 

8 BJD 


- 1.05 


Sen 97 92 JD 


90 J 0 



Eft. sate NA 

Thu’ j. sates 


Thu's ocai bit 


off 275 

High Low Cose Oige Opint 

High Low dose Chge Opinr 

3 W If, L', I 3 =, 

2 C* > 7 : 1 . i: 

«£ S. 2 ft l i, 

3 4 Tl IT; 

nso v. r=. a" ! 

12 * 2 H p. 

l &'i ! 

*-■ I«U3V* 

*.* liens* 

is 5S ; r« 

121 ftl 5 5 l 

! 3 Tr i: r, }•, 

in a to, w, 

J £ If i?: 

3 a tm n w +iv» 

141 ha « *M> 

640 l*. lit in »n 

or ih -4 in in 

125 121 ; I 2 H 1215 «N 

740 UH 1341 I 3 H -M 

112 7 7 7 -W 

» 17 H 179 - 17(5 *N 

ui n m m -w 

1 U 9 h «« *H -» 

526 m m jm *w 

6448 Ilk M A _ 

m it, i & 

«1 14 k, 14 14 40 

511 »• n n -n 

238 2 DK 30 U an 

m P 2 JH vV% 

163 15 148 IA -H 

• Hk n 44 

U 5 38 38 lit 

is w m -w 

112 m 7 H 7 h 45 

444 in in im J, 

756 m m in -% 

a ii ut Ia 

147 5 f» 95 S«. 

22 M 17 m- IT «V- 

2 t 8 mi m in, ,i> 

ZB s 2» ZJR -1 

xo 4*5 fin 4n *i; 

mi--. *n 

» 48 a «k -n 

97 » J 

514 l» 13 
080 iT 24 

v m » 
in 4 3 

m j? - a 

h 17 

el, m i 

is in l 



4 n -n 
p. »n 

3 h *v. 

» ,t| 


1455 UK 
045 0*5 

2155 vW 

in -** 

« in in in -ti 

230 unt 105; Wk •** 

IX 4 Pn 4 .«• 

in u im 13 

SI W ftl KUk 

09 isu iin is*. *n 

294 llVr 115*4 11*5 *-.h 

as tn cm in 4*4 

ism it ». n 

ZB lVk 1 W in Wa 


•:n t i »< 

a-L.’ ■ . * ' - 

K M 



8 f- air. ^ 

225 11 =, 11 >, ll'i 

3 f i,‘ f =? H 

81 JljS 

2 w* u4 ifr ir- 


: Indexes 

Most Actives 

a 174 13 , 17 , 
117 ip, 171 . 1 ft, 

100 torts- dDSon per Mn 


lWInwoi- fW tars per fro, oz. 

Mot 97 35338 

S« XT AT MM n "EF nM -WWW 

oecf/ N.T. N.T. 9724—002 0 ju (97 7105 77 JS 77.98 *081 12 X 51 S*®* 

, EX. votume: 239^73 . Open Int: 15X212 Off 0097 71» 77 JO 7100 -0-713 1.377 

1638 Dec 97 77.95 77.00 77.94 * 041 lSJOfi 

Mir 98 78.70 7 U 5 7840 * 030 I J 43 ■ 

ITALIAN GOVERNMENT BOND AIFFE) MOV 98 79 J 0 78 J 0 79 i» -QJ 7 442 I 

I TL 200 mason. pis 0 ( 100 pa eg . sokes UA Thu's. soles 11405 H n 

a aassntav ESaiS** I 

Esl Sides: 60857 . Prev. sow: 49.903 IE 

Pw.eoenW; W3J63 UO *-175 0.000 not ce«s per oc4 ■ 

ao r- w. 3 - 

-a* 21 *, :i sv 

2994 13*1 I 3 '.» 1 T- 

4154 2 J 5 r.; II 4 . 

3 21 | 2 < r-a -I, 

Ifli; 15, lh Ift, 

:a ■:'» r : 4 :, 

ar du t'M 6*4 j, 

•A 3 J5-. 31 

Dow Jones 

unhs 490086 701859 69447 B 700009 * 54.19 
Trans 243753 245143 2431^3 2WM + 15 J 2 
•M 22 ft 10 227 JB 22510 22440 -r(L 70 
comp 216 L 72 217544 715440 217148 - 15 J 0 

VM. Hlpk U> Unr 
7 »M 42 » 39 * 39*6 

ir, iu ii*. 

Mm -97 ZTOJO 245 J 0 26800 *870 9 J 95 “JT * 7 

Apr 97 1 H.A) 309 40 B 800 -140 44.931 EURODOLLARS (CMS?) 

si miltion-otiaf 100 pci. 

Oct 97 22 V 3 K 72540 22640 
Efl. sates NA. Thu's, soles 30.212 
Thu's open ini 111471 up l«B 

ES.soles NLA. Thu's. sates 2841 d 
Thu's Op*] in 171,250 UP 409 

SOYBEAN (ML (CBOT) HIGRADE COPPER (NCMX) YT-*' ^ Eft. sates NA Thu's soles 3 

60400 Rn-cwn par K> J K 3 W lbs.- cents Per *> ’nS cot TTw’SOpanW 117483 up 232 

Mar 97 25.40 24.95 2544 -Q.K 4,951 "ff® I 16 J 0 11440 11120 -040 8408 Jj?® S 2 ^*™ S'!* HS LIGHT 5 WST OZUDE (NMER) 

Moy 97 2540 2 SJ 4 25.48 -OBI S 2 J 43 5 f rW ,,<J0 11100 11 L 00 -490 3,287 S'!? H 44 i 4 *»bW.- doiiars par* Mu. 

Jill 97 2630 25 J 4 2547 *802 TAJIi t™' 1 ,1<L7D 1,140 *** Apr97 21J7 M 1116 

Aug 97 24 J 0 25.93 2805 *806 4406 11 '-°S > 09.70 109 JO -OJO 998 S'.^SnUf', 2 ?™“^ Mav 97 71.20 2044 21 J 5 

5 ep 97 26 J 8 26 J 15 Eia -aoe 1118 Jul * 7 > 1(U0 ’O 7 - 00 ' 07.10 —135 7.279 ThusOPenlnl 2 ^ 447,930 up 35979 JW 197 71.00 2040 2047 

00 97 7640 26.05 26.70 *803 2491 Aug 97 10740 106.50 106.50 —040 638 BRmsH POU 0 D (CMER 1 All 97 7043 20 L 3 S 7040 

Eft. ate NA Thu’S. sSa 27 .C 9 104 -» >«J 0 -d’S 2.520 Aw 97 TSU3 XUS TUI 

Thu’s open Ini 101.1 Si up 7097 “5 Mar 97 14156 14982 14008 32432 

JjOww 10125 SC Jun 97 1.6126 LSMfl l^W SQ M OCS** 20.43 20.17 2043 

SOYBEANS (CBOT) NA Thus. sates 9.349 Sbt «« im j »90 LW 9 Nw 97 20.16 2817 20.16 

APT 97 




- 0 J 7 


MOV 97 





14 . 89 , 

Jon 97 




- 88 ) 


A 8 J 7 

55 J 0 





AUB 97 





7 J 95 

S*ft 97 

56 J 0 



♦ 1.01 








NOV 97 

57 JO 


57 JO 

+ 866 


DK 97 

SB -55 



* 1.11 






T 1.11 



Standard & Poors & nw «r 

Pi>«Iims Todair Sjr^ s 

Higb Low CtoM AM flgS 

(ndustiWs 93 L 75 92854 929 B 1 93197 SSk 

Trnnso. 582.73 57927 S8Z2A 58806 MMort 

IWUttes 797-55 19447 19458 19554 N ttonj 

Hnance 9 AM 9189 94.14 95 JJ 5 

SP 500 804.11 79750 79856 804.13 

SP 100 781-63 77*80 77632 77937 

72663 42 » 3 W 3946 -1 

58968 36 te 36 M 36 V, -IS 

43530 mu 76 7640 -!<'• 

42322 S 7 I 6 55 h 5614 -IS: 

47119 M 3 h 3 Vl 44 

41780 32 Jin 3114 -V, 

57 V, 56 K 5644 - 4 , 

4719 45 43 V, *v 

484 m Ji Hi 

37404 IM HW 834 V * 3 Vi 

37264 194 ft lfflft !«; , 4 . 

361 W 9414 9 TVv 73 

35762 27 ^u 271 . J 7 U, 

34105 3100 2914 2710 

1914 2710 -l, 

94 9V, +^, 



4 MJ 2 43824 4^ 82 + 15 B 

S 31 XQ 536.18 52953 *135 

38024 378 Jl 37933 * 1.02 

269.13 36659 26063 *804 

401*3 39*06 40880 * 6 J 4 

241543 5510 
140653 31 

U« LM Oft. 
504 ft 51 >ft - 3 >* 
§0 2574-510 

* 2 m «OT Thu’s open ini 117583 up 2227 ’ 
JunID 92.79 * 2.78 92.78 *802 5597 ijght swpPTrMinp ruucoi 


mfqocnp s 

140281 27 W ^ - 4 H* 


^ ^ ““ A™h“j 5 S> I ,.16 *122 71349 

MOV 97 21.20 2056 2 UJ 5 * 829 6 O 5 S 0 

ESI. site NA Thu's, sales 27.279 
Thu'S open Ini \ 0 I. 1 S 1 un um 

“5 Mar 97 15140 15982 1 J 008 

583 Jun 97 1.6126 15940 15 W 6 

Sep 97 15996 15990 15990 

Dec 97 15074 

Eft. sales NA Thu's, sales 893 ? 
Thu'sopenirrt 39.173 up 511 



JUf 97 837 830 h 8241 * -JV, 44,789 SAWtrovot-certspor trov«. ThuS«Wl«t 39.173 W 511 

tSS S'* SIS?* 8,4 ^ aSS 5l7 ' 00 5,1W '-?S CANADIAN DOLLAR ICMB 1 ) 

Sep »7 773 763 % 768 * 4 % 1833 ftP r ^L 101 iaajlOOdoliors. 9 PwOpi.aft 

Slfe SB ilSS 33 ££ a 5S 

ssv Si » ®s ss m ™ js 

Sep 97 773 763 % 768 * 04 » 3«3 

M.saies na Thu's, soes 7*091 
Thu’s open bw 191.167 up 2803 

WHEAT [CBOT] Dec 97 S 4 L 00 53*00 53100 -S 3 

54)00 Oil minimum- eanrs per Butter Jan 90 54110 

HJ 373 744 Mar 98 54*00 56*00 54*00 -*0 

W 5 Sk -Tift SB 


Thu'soperinr 69.956 off 9528 so »ov or. • afters per rrca^ 

1 24500 marks. 9 per mart 
Mar 97 58*4 5012 5833 
Jun 97 5881 5843 5865 

AjrW 386.90 37100 300 ^ -180 18564 Sp 97 5891 58*1 



49500 tas.- osits pet in. 

MOV 97 38850 m 

tofl Su 8 ^ iS j* itSles NA Thu's. sate 23557 

M N $$ =ila ^ Thu'sooeninJ 1,0507 oN 83 

K. sales NA Thu's, sales 4.660 JAPANESE YEN (CMER) 

TTWSapeninl 25519 up 5 J 2 5 minion ren. , per 100 yen 

4127 * BL1 ° C ‘ m LONDON METALS (LME) 

f'ILn tit? ‘ P 5 72580 Doftars per metric fan 

9 J 55 -<>■* 1*574 AfumJnDai (High Grade) 

£-S am -° ,S 14 ->B 1 Sp» 1649 JX) 16 S 0 J 0 1652 % 1653 % 

S?'i 7 — a - 2 L 465 Ponwmi I 678 E 0 16794)0 1681 JW 760 ZOO 


12 5 rnfflMn ren. i per 100 yen 
sw-uk. Mar?7 *273 5196 «08 

Prev,ows Jun 97 5377 5303 3314 

Sep 9 1 5*60 3425 5428 

Eft. safes na tki's. sates 7)537 

Thu'S open W 79 . 9*2 ON 208 

Fe 6 « 70 . 5 S 70.10 7055 -057 2,910 

ai.sales 16 . 8 I& Thu’s. sate 10 . 13 S 
TlsTs open ini 108,965 up 764 

Cathodes (Higt Grade) 

> 682.00 SWISS FRANC (CMER) 
__ I ISAM francs. 9 Por ft one 

raDER CATTLE ( 04 B 1 ) 
so eaa ins. - cents oer b. 

_ S 4 ^!' J 1 ? 6 " ? 43 *- C0 2*39.00 Mar 97 3778 3734 5763 

rd 2412.6 2413% 237000 2379.00 Jun97 69*7 379# 3822 

Am 97 3847 5796 3822 
>P 97 3890 3865 3865 

00 97 74 JB 73.15 7197 

&i. sales 5513 Thu's, sate 
Thu’s open W 22355 up 344 


■VW® cents per K. 









- 0.10 


- 04)5 

2 . 16 , 

4 J 7 I 











+ 005 


Fo^mni Si'nS EsL sales NA Thu's. sate 21,005 

rpTWara 68600 68700 07700 a 7 <L 0 O mu rM ei 7 

JWI 97 21 . W J 05 D 2037 +031 49.589 

JUI 97 2083 2035 JOSO *039 24339 

Aug 97 M 37 2025 TUI -037 18365 

T>«rt Sep 91 K 32 M 34 3048 *036 10 .OC 

SJJ 54 00 97 2043 2017 2043 * 038 13.549 

]m Nov 97 2016 2012 2016 - 038 11336 

» Dec 97 2035 2030 2135 *033 27.241 

Jan 98 7035 19.95 2037 *033 15438 

Fet) 9 B 7035 1934 2035 -036 8369 

Mar 98 2038 1*93 7038 ‘ 0 .W XI 78 

Aor 98 2019 19.92 2019 *032 3339 

Eft. sides NA Thu's, sate 131360 
38.115 Thv'sapeninf 417436 up 31 K 

lO.flOO mm bfci's. S per mm btu 
*» Apr 97 1.999 1370 1.980 35.111 

MOV 97 23 J 0 1.950 23 ® 35319 

Ju »97 2370 1.965 2350 11324 

Jul 97 2365 1.910 2355 10.775 

Aug 97 2320 1.970 2360 8320 

OORT. Sep 97 236 S 1.975 1060 7345 

Od 97 2380 1000 2380 9367 

Nov 97 2 300 2.140 2200 533 1 

Dec 97 1 X 4 ) 2260 23 » B .956 

Jl Jon 98 2370 2260 2 J 7 D 9314 

Feh 98 2280 22 H 2375 3.736 

Eft. sates NA Thu's, sate 30.967 
Thu ' 5 open ml 166.747 of) 71 

67360 fiUOOpai. cants per aal 
11304 Apr 77 6530 6*05 6535 -1137 37,177 

725 MOV 97 6535 6130 6530 ,094 20.532 

Aw 97 4*45 6 X 35 6*20 **97 1*276 

JU 97 6335 6200 U 3 S -132 6.289 

AU 097 6130 6050 6130 +132 4319 

Sep 97 59.90 SU 0 59.90 *030 2700 

Eft. sate NA Thu's, sate 28 J 88 
46 JtO Thu'S Open ini 8 B 410 up 1061 
9,181 GASOIL (I PE) 

i 390 UA doBars per metric ton - lots of 100 torts 
Mar 97 16935 16530 16930 +435 19.787 

The Egyptian economic policies 
rely on increased investments and 
"realer «pcnn<*sn lo the global 
economv. We are building the 

Wftft Im Ite Oft. 

132 X 17 13 D 9 J 9 130939 -SJM 
111221 110733 110733 »£« 

143615 142737 143234 + 4 J 6 

14 WJS 140633 1499 JS -IITS 
118237 174*46 178034 - 1*90 
87432 BUST 867.97 -139 

™ 110735 -S35 SS is 

142737 143234 +*74 S KS T* ^212 Wk 

iaa hss : 1a * ss is 

131607 374 3 S 16 35 H» 44 

111251 2416 23 % 2 J 9 » - 9 » 

,140 I 0 h [Oh. -w 

M . av 0 299 . -iV, 

I 0739 B 148 142 % 143 ,; . 1*0 

94 M 6 35 V 33 JS 3 W, -ie» 

56933 97 Vk 9600 96 % -1 

53009 Mi 53 VS 53+0 - 2 H, 

3 SH 34 %. 35 % * 1 V» 

46444 52 S 0 S 511 ft -1 

46212 2410 23 S 24 * B 

0172 Te»* ws ul 

institutions, drafting the laws. 

60235 60031 60236 -IJJ SPI 

Dow Jones Bond ^ 

training the |.H*oplr. and most of 
ail. leading a government that will 
abide bv it. an«l build on it. 

20 Bonds 
10 indusirtab 


a* »*“ 
+ 0.1 b klh? b 

^ Traci i 

+030 HastuD 

18011 810 k 80 % 80 V. +«k> 

14271 lMt .900 940 -100 

76 M 71 * 7 7 % +U 

7011 6 5 h ft 

6668 7V» 600 M 

6226 370 k 37 % J 71 ; 

4834 45 % 4410 44 % , 9 k 

® lBtft 17 % 17 V? 

tfg 20 ft 8 } m J, 

3790 4400 43 4410 +1 

Trading Activity 

- PKKtfllElST Hotfix in H(*M .Ml H 4 KIK 
hr yn tile •uitlrrts til ihr UorM fiftMNMr tiirlWI 
Urfrirt - Wrwirr 3 . )■»: 


I Tsai issues 
New Lons 

'660 1276 Admeed 
Mg 1217 Dodtoa, 


4 ? ToMtauas 
45 Nen Highs 
15 New Lons 

\S& Si 
2 ? til 



Market Sales 

Totoi issues 
Men Laws 

24 Amex 
6 Nasdaq 


T S5 5S 

579 J 1 641.41 

AOI 97 170 J 0 166 . 7 S 170 JO +A 50 19,144 

tSOCJXK- ptsof lOODd Jun ?7 17 Z 75 lctf .50 172 J 0 +150 9379 

A 6 ai 97 93.75 9077 93.75 Urch. 92344 Jul 97 173 JO 171^5 1 73.75 +100 3-123 

Fur farther mqnirif- plex ronttrl: 
fre— Uhl Infarmliafl OepartairnL Hitelrr uf Far+ssa Aflairv 
CoTOrhr ELX 3 SirhrL M»prrp. < atu. Tel: 29 - 2 - 374-783 1 Fu ^ 9 - 2 - 374 - 7218 . 



Royal BL Scat E b 56 

Per ABit Rec Pay Company 
ULflR Cammd Assets 

Per Amt Rec Pay 

WAO 91 S 5 93 J 9 +032 12*149 Auq S 7 174.50 1 7150 175 JM +175 1^28 

Sales Nqo low 

OwiBpeeWHtahGSrt g^7 9X25 rais na +0.O2 bXU£ 0097 176JX) 175.75 177.7S +175 M36 TTTT- 

Sp«^125oT 1^0 122530 1226.00 u2£u 2S Sii ’ Nov 97 1 7^0 176-50 178JS +175 734 99*. 

Fonwara 126030 126130 1241.00 *1241™ iSS ?X9 ££ SS T ^ Jl? 32 ^ 

a I«u«u iwn ^ ^jn was uS 5 . a «5 

u . . _ Oee 98 9231 9 X 73 93.78 Unch. 30382 

Hlflh Lon Close Chge Opinl Mar 99 9271 7 X 45 » 2 . 7 U + 031 11364 

Jun 99 9265 92 J 8 9244 +201 7.731 BRENT OIL(IPE) 

EsL sates: 17345 . Open lrtt.-J 0.252 up 

in, m r 

377 3>. S'. 

Wft h »l 

SS SS SH 2S :!S fs; Uifunm 

Dec 91 60.40 0,90 64 J 0 +Q 05 US Jl rnAon. eh at lHn 


5 ep 99 92 J 8 9251 9256 Uncn. *658 Oaflars pee barrel - lots 0 » 1 300 barrels 

Dec 99 9251 9248 9250 - 033 *769 Apr 9 7 2037 1955 1936 + 0.16 44572 

17J Iff', Ifti 14+1 

K2 1*. JS nv. 

«l fi* 4-1 4 >> 

Est sales- 79 . 170 . Prav.Mte- 109 J 16 
Um*on. etsorUMua. P<e«. open Inf- S 35322 up 6331 

Mar 77 94.90 9*67 94.90 2.982 

JunW 9476 9*67 9476 -033 4.537 3 -MONTH EUROMARK (UFFE) 

Sep 97 9*50 9*51 9*54 > 03 ] 2 or! DM 1 mUffan -ptsollOOpa 

Dec 97 9*48 807 *975 96.73 9673 - 

EsLStte NA Thu's. sate 573 f£ 2 L S-? — 

Thu's open ini 31 J 27 off 237 

PORK BELUE 5 (CNER 1 Dec 77 9*48 

JMOOibv-cenreocrfc Escstte NA Thu'S. soles 

JtarW 7530 74 48 7*56 -4782 751 Thu's onen ml 9.541 up 33 

May 97 77.90 75 JO 76.15 — 0.40 5 JI 7 

Jul 97 ne 75 S ?S. 9 D I 312 1 J« 5 YR. TREASURY (CBOT) 

Est soles- 77 , 170 . Prev. soiev 109 J 116 May 97 1930 19.31 19.67 * 0 JC 61.183 O** 

Pre«. ocen In,- S 35323 up 6331 June 97 I 9 J 6 19.18 1937 +OJ 0 23,298 

^7 ssssi^a ^ 

l« I?: I2*i IT* +ir 

IN »«*, ». , 1 , 

23 » «. pi !*■ 

5+v 5*. 

Jun 97 9476 9472 9472 — OJtt 194746 

5 ep 97 9468 « 46 l 4442 — 0.05 173371 24 

DCC 97 9*53 KjO 9444 -000 189641 

MDI 98 9635 9425 9 ft 25 — 0.10 I 43 k 461 

99 * Ift'j I 6+1 IM 

179 r. I"-. 9 V. 

7 W 7 -, 6 , e+ 

1*9 6 '*. 6 “: 6*1 

jw in. iiw rih 

# su i«. 

«: n>. 11 11 

w 11 1 in-. 11 +. 

AU9 97 74J0 7150 7400 -117 *100.000 ten. p» & urns o, 100 pci 

Es. sales 1083 This. site 1912 Mrr_ 97 lM -09 105.30 106-09 -21 47,195 iSS? Kfi «SZn ? 

Thu'saoeniil 7,925 OK 238 97 105-56 105-00 J 05 -H -19 164383 Sep 98 95.91 4582 9532 — 0.10 » 39 l 

S” _ . 185 : i; 3 Dec 90 756 S 9 SJ 6 9457 — 0.10 78390 

Eft. Site NA Thi S. sate 47.180 Mai 99 45 l 41 95 J 3 9533 — 0 10 $1360 

Thl S Open nr 211.581 at, 3405 Jun 99 9519 9509 95.09 — 0.10 24,63 

Stock Indexes 

jUftYB ■VU TftW *6.« - an 122236 SIPCOMP INDEX (OUER1 
Sep 98 95.91 9532 9532 -110 89391 S"******- ItMtW 

Dee 98 75 65 9 SJ 6 9457 - 8.19 78390 

Mat 99 8531 9433 9133 - 0 10 51360 SKJ J '2 ••'■*** 


cocoa (ncsei 

Id merr.c Kns- s per ran 

ffllKUlOO pr»i- sn& nrvnaj KM net 







1 E 1 




1 X 6 










I 40 S 


— S 

6 M0 

f i ar !S !®-!^ I®-*? 108-10 -15 78.179 Prev. Open m-' 1314.692 UP 31951 

sSw -i ; ^onth* cma-hh 

S.ZS^a. m t £<J22 hZr9 5W 

Dec 97 1420 1«5 1*9 —5 6390 i*oci-,laOnOO-r +,4 TTna-.or lOOncti 

ESI sate 10391 Thu's stfes 4366 Mar 97 llO- 2 B 109-11 110-35 -1 

Thu's aoeninr 90.984 off 652 JW 97 110-13 108-23 11439 -7. 

Jun 99 9519 9539 95.09 - 0.10 JA 163 21^2 "J-S 

Vep 99 44.95 4439 9*87 — 009 21492 S*P 47 82430 81733 82430 -&-50 2 J 95 Q&7* 

Dec 99 9472 9460 9*64 — 0.09 25356 Dec 97 82410 82610 82410 - 2.00 2361 SJRSy 

EsL sales; 2 * 9 . 851 . Pre* sales: 23*501 Eft. site NA Thu’S, sate 79.446 

Prev. (Wen ml- 131*692 UP 33,951 TTai'Sdpen nr 207326 Off 817 tjSnw 


Mar 97 " 94 M 5 96 °96JJ — 001 70 121 "Nn 97 440 * 0^43503 4401.0 - 223 55.702 

55? w 4457 ag ^ is.-? :§S 'j® R& 

Sep 97 9635 9630 9637-035^682 Srfev 12373 pJiu S«K 20.9if' 0 5 

^ M-SSfS-JSi ^^<“7*aT‘S?a7o W SS ? 

HI 7't V- 7 h 

3 W 4 V 4 -ft ♦«. 

2*7 S-t < 1 . S'. 

IBS S-+ 5 >i S<< 

1*5 I'. I*ft l+i 




17 h 








■' 4 


6 .; 

6 H 

•* 1 

18 k. 


101 * 



7 *ft 


1 J»» 





6 +J 






* 0 ! 






31 *'! 


J 1 -! 


2 '. 



74 . 

7 ftft 



0 *. 

»■ m 

I 1 >* 





I 3 h 



174 , 

1 7 ft r 

I 7 h 

9 ft. 

9 +. 







14 ** 


4 * 



4 ft. 







| 7 V> 





»• a 


44 '- 

44 +. 


13 % 


J 1 * 


3 U 













h -S 625 3-14 3-31 Consumers Water 

/Vtedics Pltarm 3 (or 2 spUT 
North County Bncp 2 tor 1 spffl. 
Tremrtck Group 3 for 2 spilt. 

SPLIT Eastman Chem 

put SS'fSE, 

r 1 «nfli Jonn Alden 

jjf™- Jones Medical 

Nwr Am HI (nco 

0SEO NwreUCarp 

a •?? Po*towf«p 

Q \ X7 3-31 

Q JO 5-9 5-26 
a -39S 3-21 3-g 

a A* 3-17 4-1 

Q .12 3-21 
O .12 3-30 4-20 

0 J 02 3-24 4" 

M Hi HI Ml 
Q .04 3-, 7 
Q JO 3-17 4-1 

Jl 4-3 4-15 RUCorp 

■Ji -ti 1 f-JS Rowe Furniture 

S -425 5-13 6-2 

.14 3-31 4-15 

Q -OSS 3-21 4-14 

b JO 3-14 3-31 


Chubb Corp Q 39 3-21 4-g PoiiiSf2L 

Meridton Industl Q Jl 4-3 4of RLJcSL^ 

, Nlh POtsburgn q ji 4-1 1? 

Nucor Coro Q .to >31 til 

1 SNC-LuvafinAg Q .05 >21 4-4 RoralBfcSaKC 


IflggSrpA Q . S ZV 7 iS EKE/+* 

Burnham Paclffc Q is 3-24 3-31 UnhiefsdHmi 

r ^ 9 0 -50 3-27 4-28 teDMtbagmMbHMftw 

«=»»’ 2 :!! is a 

Cdn impertM Bh a 
Canadian Tire p 
CarauStor Irrd 

h 3-14 Ml 

b 3703 3-14 3-31 
M 4)782 3-17 3-27 
M J>7 3-17 3-27 
O J 35 5-1 5-15 
_Q - 02 S 3-17 3-31 

25 3-24 3-31 UmvetsaTHIIti _ . 

■“ 3-27 4-28 p-anPUBfcb4iaan « tBftPtPnpiBft»tper 

:1S tv % W2* ta ^25 £2 l*s-« 

Stock Tables Explained 

m 5>. 4 
106 1 : 1 ; 

i» ;■ j 

xi r. sn s>. 

74 ft Eh J 0 ft» B+ - 1 *. 

Sep 97 9655 96JO 96J1 -0JK 42^82 
Dec 97 96.46 9639 7^41 _ 0 J» 31.134 

ssnarei ^ a 

ESI 12.858 Thu's. sate IIL51S Mor97 112-04 111-19 in.; 

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PAGE 13 


l .. 


1 Renault Workers Go on Strike 

It s Restructure or Die , Automaker’s President Asserts 

PARIS — Workers staged one- 
hour strikes at Renault factories on 
Rnday to protest at the automaker’s 

Sfimi' d h °r a Bel ® ian 

&w?hft£r “ d ,o ™ 

-After limited overnight ston- 
pBges, workers downed tools ai 
Ren^ilt plants in Paris and else- 
in France, with strikes 
fewghout in Belgium and 
Spain as weli. 

But Louis Schweitzer. Renault's 
pitjsident, said Friday that the com- 
pany would die unless it was re- 
structured. He defended closing the 
(actory in Belgium, citing weakness 
of the European car market and high 
labor charges in Belgium. 

Mr. Schweitzer said on French 

Aerospatiale Posts 
A Profit for 19 % 

Bloomberg News 

PARIS — Aerospatiale, the 

E ; -owned aerospace com- 
y, said Friday it had re- 
ted to profit in 1996 after 
four years of losses, and it pre- 
dicted earnings would double in 
1997 as orders rise and it ben- 
efits from cost-cutting. 

Aerospatiale earned 8 1 2 mil- 
lion French francs ($145 mil- 
lion) in 1 996. That contrasts to a 
net loss of 981 million francs in 
1995 after charges for cost re- 
ductions including job cuts. 
Sales rose 3.3 percent to 50.9 
billion francs. 

The Aerospatiale chairman, 
Yves Michot, said he hoped the 
company would become pub- 
licly traded soon after its mer- 
ger this year with Dassault Avi- 

The government is planning 
the merger to help French 
companies compete in a con- 
solidating world defense and 

feolidating world defense and 
aerospace industry. 

"We can be reasonably 
bullish on future profits,” said 
Emmanuel Dubois-Pelerin, an 
analyst at Standard & Poor’s in 
Paris. “The company is well- 
posidoned within Airbus, and 
they are also very strong in 
space. Both these activities 
should see nice growth.” 

radio that the board had agreed to 
reorganize the company, involving 
closing ihe faciory at Vilvoorde. 
near Brussels. 

Mr. Schweitzer implied on Friday 
that ways might be found of moving 
some people io other jobs and of 
finding a new use for the faciory. 

"This decision is necessary, in 
my view, for the future of Renault. If 
we do nothing, the company will die 
and that is what 1 want to avoid. 
There is rightly concern about 3.100 
employees in Belgium, but thought 
must also be given to Renault which 
employs 140.000 people.” 

The closing has also come under 
fire from the European Commission 
in Brussels. On Friday the EC an- 
nounced that the Spanish government 
bad decided to suspend a request for 

approval of a $12.5 million subsidy 
Madrid hod been planning for a 
Renault investment in Valladolid. 

A meeting of the Renault's Euro- 
pean works council has been set for 
Tuesday in Paris, a day unions are 
planning a further demonstration. 

f Reuters . AFP) 

■ Peugeot Cuts Predicted 

PSA Peugeot Citroen. France's 
largest carmaker, plans to cut 2,700 
jobs in France this year, a union 
official said, Bloomberg News re- 
ported. "Peugeot is planning to do 
pretty much what Renault just did.” 
said Michel Mainguy, an official of 
the Force Ouvriere union. "They'll 
announce a bunch of early retire- 
men r measures, and not replace 
those who leave.” 

GKN Shares Rise as Ruling 
Reduces Charge on Results 

Bltttmihcrq News 

LONDON — Shares in GKN 
PLC surged 7 percent on Friday after 
the company said it would take a 
£270 million ($435.3 million) 
charge — less than it had warned in 
December — to cover the costs of a 
lawsuit against its Meineke Discount 
Muffler Shops Inc. subsidiary. 

The decision follows a ruling 
Thursday by Judge Robert Potter of 
the U.S. District Court in Charlotte. 
North Carolina, who said GKN must 
pay $601 million in damages and 
interest for “unfair, oppressive and 
deceptive" practices in managing 
an advertising fund set up for the 
benefit of franchisees. 

GKN said the total damages fig- 
ure would be reduced by 34 percent, 
to roughly $400 million because of 
an earlier ruling by Judge Potter, 
who did not specify how much the 
claim would be cur. Traders ex- 
pressed relief that the charge, which 
includes legal costs, is less than the 
$741 million in damages plaintiffs 
asked for, or GKN’s estimate of its 
top liability, about $554 million. 

The charge, applied to 1 996 earn- 
ings released Thursday, reduced the 
company's pretax profit for the year 
to £93 million from £363 million. 
That compares with £322 million in 

GKN said its charge reflected the 

amount it would have to pay out 
under the ruling in addition to legal 
fees likely to accrue over the next 1 8 
months. U said it would appeal the 
case as soon as possible. 

"It was not as bad as some of the 
estimates,” said Martin Lupton. 
head of trading at Dresdner Kletn- 
wort Benson said. GKN shares 
surged 69 pence, to 1,019 pence in 

GKN still has the financial 
strength after the ruling to take a 
leadership role in consolidating 
Europe’s armored-vehicles busi- 
ness as defense spending falls, ana- 
lysts said. 

”lt consumes most of their 
cash.” Nick Cunningham, an ana- 
lyst with BZW Ltd., said of the suit. 
"But deals can always be done if 
they're the right deal strategically. 
You can always leverage." 

CK Chow, who became chief ex- 
ecutive of the company in January, 
disputed the thought on Thursday 
that GKN's prospects would be lim- 
ited by the ruling. 

“With £528 milli on in cash on 
our balance sheet, it also would not 
affect the strategic direction for 
GKN.” Mr. Chow said. “Even after 
Meineke, GKN would have a strong 
cash balance and would be in a much 
better position than most other cor- 
porations in the U.K.” 

Foreign Money Pours 
Into German Equities 

Bloomberg News 

FRANKFURT — Foreign in- 
vestors more than doubled their 
holdings of German securities last 
year, helping drive both stock and 
bond markets to new records. 

In 1996. foreigners poured a net 
77.6 billion Deutsche marks 
($45.16 billion) into German se- 
curities, almost twice the net 41 .8 
billion DM invested in 1995. The 
move into German bonds and 
stocks spilled over into January, 
with foreign investors topping up 
their holdings of German secu- 
rities by a net 18.2 billion DM. 

The yield on 10-year bench- 
mark German bonds sank to a 
record low of 5.47 percent on Feb. 
1 8, while the DAX 30-stock index 
rose to a record 3364.99 points. 

The rush to grab German se- 
curities is likely to slow in the next 
few months, analysts said. 
"We've had a very attractive in- 
vestment climate for foreigners in 
the last few months,” said Adolf 
Rosenstock. an economist at In- 
dustrial Bank of Japan. "Bur it's 
doubtful whether the bond market 
can keep rallying." 

Germany's borrowing costs 
have fallen more than 1 percent 
since April, driven down by a 
bond-friendly climate of scant in- 
flation, slow economic growth and 
record- low interest rates. While 
low yields of less than 6 percent 
have deterred domestic investors, 
buyers overseas have been happy 
to hold German bonds. 

The sale in November of 20 
billion DM of Deutsche Telekom 
AG shares, the country's biggest 

stock offer to date, also lured in- 
vestors to Germany. The DAX 
rose by 26 percent in 1996. "For- 
eign activity played a large role 
last year.” said Timo Klein, an 
economist at MMS International 
Ltd. "But I don’t think the out- 
look is good now that we’ve 
already seen the record lows." 

Mr. Klein reckons investors 
will be tempted back to U.S. 
bonds in the next few months as 
the dollar continues to strengthen 
against the Deutsche mark. Ger- 
man 10 -year bonds currently 
yield 1 percent less than com- 
parable U.S. Treasuries, the 
widest gap in seven years. With 
the dollar hovering near a 34- 
month high of 1 .72 DM, investors 
will opt for a stronger currency 
and a higher yield, he said. 

Germany had a capital -account 
surplus of 27.1 billion DM for all 
of 1 996, almost half the surplus of 
55.9 billion DM in 1995. The bal- 
ance dipped into the red in 
December, when Germany expor- 
ted 31.8 billion DM more capital 
than it imported. 

The account was burdened in 
December by a net 5.5 biltion-DM 
outflow of direct investment. For 
the whole of 1996, German 
companies invested 3.6 billion 
DM more on foreign projects than 
overseas companies put into Ger- 
many. "This high level of dis- 
investment is a very bad devel- 
opment,” Mr. Rosenstock said. 
"But I think domestic investment 
will pick up in the course of the 
year and Germany will be more 
attractive for foreigners.” 

Santander Sets Brazil Price 

Bloomberg News 

MADRID — Banco Santander S A 
said Friday that it would pay a max- 
imum of $220 million for a 51 per- 
cent stake in Banco Gera! de Comer- 
cio. a Brazilian bank. 

Santander, the biggest bank in 
Spain, had announced in January 
that it was negotiating the purchase 
with Geral’s owner, Grupo Ca- 
in argo Correa. It provided details of 
the final agreement Friday. 

Santander will also take a 5 1 per- 
cent stake in Banco Geral’s affil- 
iated companies, which operate in 

Frankfurt London ‘.tciftiSfe:: 

DAX • • • Ft^.WlndexJ^^p'# 

3400 j 4550 •• 2700 

3220 /V .- 4400 t l 2550 

3040 J 4250 Jr 2400 
' 2860 jyf 4100 J ■; 2250 J 
2680--V 3950 ' 2100'™ 

25MU « .... 3800 ~ ' 19SU .. 

“"O N D J F M 

1996 1997 

Exchange ' Index 

Amste rd a m AEX : 
Bra ssal s 8EL-20 

Frankfurt \ OAX =• 

O N D' J F M 1 ! 


a,18£81 g,mS 3 -035 
3,37020 3,4t7,6fr itjfr 

HEX General 

€88m 6Q482;;r^)3 

London FTSE tGp > 4 , 420.30 '/ 4 ; 399-30 < HX 4 & 

Madrid .. Stack Ew&ansfc ; ; . mJBS > => 

Milan • j i MPBe£; * /H • 

Pwfe S' 

Stockholm • ; S* 16 - .. ~ 

Vienna | ' <•' •• 

Zurich". ~ ri ‘ ; SB > ! S '.tfM 

Source: Telekurs Imemwional Herald Tribune 

Very briefly; ■ 

• The European Federation of Pharmaceutical Industries 
Associations has called for a prohibition of cloning of humans 
but said it was concerned about the implications of a general 
ban on cell-cloning technology. 

■ Spain has approved the sale of the state's remaining 10 
percent stake in Repsol SA by April 29. The sale of tbe oil 
company shares is expected to net about 150 billion pesetas 
($1.03 billion) for the Treasury. 

• The European Commission is considering filing a com- 
plaint with the World Trade Organization unless Wash- 
ington alters legislation it says restricts imports of European 
textile goods. The bill requires some imports to be labeled as 
products of the country where the material or pieces originated 
from, even if they were stitched in the European Union. 

• Italy is prepared to call for a supplementary budget of up to 
18 trillion lire ($1034 billion) if necessary to lower (he budget 
deficit to the Maastricht treaty's maximum of 3 percent of 
gross domestic product. Deputy Prime Minister Walter Vel- 
troni said, adding that the timing of the minibudget would 
depend on first-quarter economic data. 

• Deutsche Telekom AG plans to invest 13 billion Deutsche 
marks ($698.3 million) a year in research and development 
along with 15 billion to 20 billion DM telecommunications 
purchasing. Chief Executive Ron Summer said at a Bavarian 
congress on technology. 

• Incentive AB's 1996 pretax profit rose 12 percent to 533 
billion kronor ($681.2 million) after the sale of one-third of 
operations. Fourth-quarter operating profit at the Swedish 
holding company increased 1 8 percent, to 682 million kronor 
as sales rose in North America and Asia. 

• Accor has sold 113 percent of Compass Group PLC, 
raising about £255.5 million ($41 1.9 million), said Kleinwort 
Benson Securities, which coordinated tbe sale. The French 
hotel operator still owns 10 percent of the British catering 

company. AFX. Reuters. Bloomberg. AFP 

insurance, fund management and 

Santander will take management 
control of the bank — as has been its 
policy in other Latin American in- 
vestments — and invest through 
capital increases. 

Gera! is Santander's first banking 
purchase in Brazil, Latin America’s 
biggest banking market. The bank 
has consolidated assets of $ 1.2 bil- 
lion and consolidated net worth of 
$154 million. 

Santander shares closed Friday at 
9,690 pesetas ($66.65), up 20. 


3k "E 

. . . . r- ’iTPP-'fe i 

\ f : * i 

* : ■ V ! 

Friday, March 7 

Prices In local currencies. 


High Low don Pm. 


ABN-AMRO 140- 

Aegon i: 

Ahold M- 

AklO Nobel 
Boon Co. 

Bob Wesson 

CSMcvn 114! 

P,<)Rjt5dre Pel 361' 


Fouls Amev 


Hetoeken 34 *j 

Hum Dcwgtos 
ING Group 

Nutrida 300- 

OraGrfnten 244.1 

Rcnwtod Hrig 152.1 

Rofaeco 165.1 

Rodamco 60.1 

RoBnco 170.1 

Rcrerto 1101 

Royd Dutch & 

Unifever cw 357.< 


writers Warn 


A dv Into Sue 
iBorguk BJcF . 
fining Thai Bk 
Slum Cement F 
Siam Com BkF 
Thai Airways 
Thai FarmBkP 

AEX bdae 764.96 
Previous: 76467 

13660 138.60 140J0 
129 JO 132.90 129 JO 
136J0 139.10 137.40 
279 JO 279.70 Z79J0 
8BJ0 B&40 69 JO 
35 JO 3620 3620 
11220 113.90 11440 
359 36120 36440 
19420 19720 199.90 
3U0 3110 

76.10 77.90 7720 
62JD 6320 

63 63J0 6430 
165 165.90 16620 
333 34420 340.90 
9120 93 92M 

158 16120 161 JO 
7660 77.90 7760 
57.751 5920 5BJ0 
4120 4320 4150 
6660 67.10 67 

500 57 5620 

295J0 300 298J0 

24020 244 

9020 9080 9320 
9220 9490 9320 
14B.60 14920 15120 

165.10 16520 16420 

60.10 6070 6030 
17020 17020 16920 
11020 HOBO 11020 

337 341 JO 34320 
35320 356 357.10 

87.10 M 87.90 
4030 4120 
25120 25490 25360 

SET todec 691.45 

Previous: £7645 

326 232 228 

712 116 212 

33 35 35 3320 

308 330 308 

678 640 628 

129 134 130 

38 39.75 3825 

37 3925 3625 

144 153 148 

157 158 157 

Deutsche Bank 9120 
DeutTetekom 33J4 
Dresdner Bank 5720 
Fresenhis 365 

FtnmriusMed 16220 
Filed Kiupp 787 
Gene 115.80 

Henkel pM 

HocitfM 75 7320 7320 75J0 

HoechO 7840 77 JO 7720 77.16 

Karate dl 604 573 604 587 

Unde 1155 1145 1149 1175 

UTmansa 7425 2195 2407 2420 

MAN 47626 41520 467 47720 

ManiHMiHm 682 673 675 687 

Metaflgeseihd)atT3620 36 3625 36.95 
Metro 161 15450 161 157 JO 

MundrRueckR 4390 4300 4300 4435 

Picussag 436 431 423 441 

RMncfckmi 1260 1249 T249 1260 

RWE 77 JO 77.10 7727 7325 

SAPpM Z712B 26820 26820 27320 

Schertng 161 15320 lttjs 161 

SGLCartwn 23120 228 231 228 

Siemens B6J5 8623 8620 8745 

Springer (Axel) 1295 1295 040 0J0 

5wuhudcer B35 813 B30 802 

Thyssen 3S3J0 34920 352.70 35£» 

Vfeba 9920 98 9820 lOOJH 

VEW 505 504 504 506 

Vtaa 766 753 760 77420 

Volkswagen 671 859 86720 87B 

91.15 9120 
3320 3327 
5620 5727 







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99 JD 


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Picussag 436 

Rfvrinrldlro 1260 

RWE 77 JO 

SAPpM Z712B 

Schertng 161 

SGLCaitwn 23120 

Siemens BUS 

Springer (Axel) 1295 

SMUtOKkw 835 

Thyssen 35370 

Vrfte 99.59 

VEW 505 

Vtog 766 

Volkswagen 671 

HutitamaU I 

Merita A 

Metro B 
Metsa-Serta B 
Nokia A 
Outokumpu A 

45J0 4420 
239 233 

57 5620 
7420 7420 
18.90 1840 
312 303 

4 3 an 4220 
135 13320 
321 313.10 
188 IBS 
96 93 

121.90 115 

91.70 91 JO 

Hong Kong " ffg HSHg 

Market Closed 

The Bombay Stock market 
was closed Friday for a hol- 


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Hopewell Hdgs 
HSBC Hdgs 
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Pearl Orierdol 
SHK Props 
Shun Tak Hdgs 
SlnoLand Co. 
Stti CMna Past 
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90 8820 89 90.75 

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1575 1475 1500 1575 
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6700 6650 6650 6700 

12075 11700 11900 11700 
6475 6400 6425 65 M 
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Pierian: 78 M.U 

27 27 M 7720 
D 6 306 306 

70 271 27520 

50 33020 330 

74 174 174 J 5 

IB 18 19 

55 47 47 

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50 15620 156 

35 4520 4670 

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Almtul iklh 

Kuala Lumpur c™bkiwji 

r Prevtoas: 1249 J 4 

AMMS Hdgs 23.40 22.X 2329 23 

GenlkiB 17 1670 ld .90 1660 

Mai Banking 2 U 5 29 S2S 29 

Mai Irrtl Ship F 635 60 S 610 630 

ParonasGos 9.15 9 9.15 9 

Proton N.T. N.T. Pi-T. 16 

Pubk Bk £55 525 525 645 

Renoog w 4 Ji a U 3 

Reams Wortd 1120 11 JO 1140 11 J) 

RoOl mans PM 2675 2520 2520 2520 

Sime Darby 9.<5 9JS 920 

Telekom Mai 1920 19 J 0 19.40 19^0 

Tenana 12 J 0 12 12.10 12 

Ukllngineen zuo 22 22 22 J 0 

YTL 14 1380 14 13 J 0 

UW Engteeers 


Helsinki HEXGewymwfec^Ji 

Prevtoas: 296128 

442 0 44 J 0 
237 233.90 
5670 5690 
7450 75 

1820 1 B>« 
307 302 

43 4220 
134 135 

319 31420 

in 187 

95 93 

12120 11 B 

9120 92 

Abbey Natl 871 

Alien Domecq 428 

AnglanWntor 658 

Argos 680 

Asflo Group 1.11 

Assoc Br nods 654 

Bonk Scotland 355 

BA* Ottfe A 24 

BOC Group 10 J 4 

Barts 680 

BPB tod 350 

BrBAen&P 1328 

Brit AVways 667 

BG 176 

Brit Lana 640 

Brit Petlm 7.15 

BSIcyB 625 

Brtr Steel 127 

Bril T e l eco m 436 

BTR 279 

Bumuiti Castirt 1034 

Burton Gp 127 

Cotrie WMess £12 

CarflnirySctm £45 

CaritonComm 537 

Camml Union 741 

Compass Gp 725 

Counoukis 371 

Dimra ^£32 

Eledrocompanoirls 4 J 0 
EMi Group 1178 

Enetoy Group £38 

Enterprise 00 641 

Fora Colonial 1.62 

GenlAcddenr 829 

GEC 324 

GKN 1025 

GtonlMBcome 1099 

GcnnadaGg . 925 

Grand Mm 4 J 0 

GHE 2 J 9 

GreenalsGp £62 

Guinness 42 S 

GUS 650 

Hays £29 

HSBC HMgs 1622 

K 3 721 

FT-SE 100: 442030 
Previous: 439970 

726 7 JO 776 

449 422 421 

653 624 626 

673 676 681 

1.10 1.11 1.11 

4 J 6 4 J 9 4 J 6 

575 5-35 £39 

11.08 11.15 11.10 
843 848 855 

£44 £48 £48 

146 320 322 

4.12 4.13 4.16 

1025 1079 1032 
628 67 B 672 

320 326 149 

1345 1324 13^5 



6 J 0 

6 J 4 




1 J 4 








7 J 4 





1 J 7 

1 J 4 

IJ 6 

IJ 5 

4 J 6 

4 J 4 




2 J 9 



Grand Met 4 J 0 

GHE 2 J 9 

GreenalsGp £62 

Guinness 425 

GUS 658 

Hays £29 

HSBC HMgs 1622 

K 3 721 

Inuri Tobacco 4.18 

Ktogflslter 695 

LndPraka Z 45 

Land Sec S.B 2 

Losmo zm 

Legal Gtnl Grp 4.17 

UoydsTSBGp £33 

LuanVliiity ill 

Marks Spencer 492 

ME PC 492 

Mercury Asset 1416 

Notional Grid £14 

Natl Power £07 

NOIWBI 7.71 

Next 621 

Orange 114 

P&O 679 

Pearson 7 J 8 

Pmagtan 1.48 

PawenSen 426 

Premier FameO 497 

ProtteMU 6 

RanmckPP 52 ! 

Rank Group 454 

RechtttCobn 826 

Redland 376 

Heed inn im 

Rentnkl initial 426 

Reuters Hdgs 660 

Rraarn 138 

RMC Group 10.17 

RofeRayoe 220 

Royal Bk 5 ori 607 

Hlireg 923 

HayrrifSunAfl 496 

Sateway 168 

Sababury 370 

Schrodera 1729 

Scat NemasSe 675 

Scot Power 329 

Seonfcor 133 

SwemTiem 775 

Sired Tramp R 1085 

Slrbe 9 J 1 

SmBh Neobtvr 1 JS 

SiaWiUne 949 

Smiths ind 7.97 

srnem Elec 724 

Sragecoadr 760 

Stand Charier 9 J 3 

Tate & Lyle 443 

Tesar 148 

Themes Water 693 

Utd Assurance 5 43 

Uld News 7.40 

Uld Whites 67 D 

10.15 1623 
124 125 

498 £11 

£35 £38 

£21 £30 

771 7.30 

7 7 J 07 

363 36 * 

£24 £31 

419 439 

1165 1178 
£22 £27 

635 636 

160 162 
848 852 

379 3 J 0 

920 10.19 
10.47 1888 
967 963 

468 471 

2J2 2J6 

523 S 25 

431 482 

648 624 

£ 2 * £26 
1578 I £56 
735 736 

415 415 

67 B 628 

237 264 

7.90 7.94 

238 263 

403 416 

£10 £16 
265 £06 

485 487 

4 B 3 483 

14 1420 
£12 . £13 
5 £03 

760 763 

611 621 
112 112 
668 669 
771 733 

164 167 

568 620 

488 493 

575 £98 

448 492 

442 463 

BJ 3 8 fl 5 
342 371 

1168 1 TJ 9 
422 453 

663 663 

327 345 

926 1816 
225 157 
£88 £ 9 ! 
920 960 

483 489 
164 346 

114 317 

17 J 7 1766 
666 665 
362 162 
128 133 
735 732 

1070 10 J 2 
960 169 

162 1 J 4 

9.16 931 

7.91 7.93 

7 JO 7.92 
733 7SS 
891 £99 

434 439 

33 ? 366 
685 690 

£20 £21 
538 £68 
2 J 2 182 

1525 1527 
537 £38 
740 734 

663 668 


BotKHadeE 480 J 9 

PrvrioaK 473-37 









16 WI 

Agues Eoicetoo 

























Ben Centro Hlsp 









26 B 0 Q 




Bra Santander 















Carp Mapfre 











130 b 




Gas Natural 














2691 1 



















Union Fenosa 





Valenc Cement 






PSE fadsc 3286.45 

Prevtoas 3279 J 2 

Ayala B 

29 JO 

29 JO 

29 JO 


Avala Land 

Bk PhiEp isJ 



30 J 0 



1 BD 



CSP Homes 


1 X 25 


1 X 50 





o 95 






1 QJ 0 


PCI Bank 

v» on 

380 382.50 





15 BH 

San Miguel B 


90 JD 

9 JJ 0 

90 JU 

5 M Prime Hdg 






Balsa Index: ISI 0.1 6 

PmtauE 3 aO £96 

Alfa A 







I 8 J 0 



3 CLB 0 





12 J 0 

I 2 J 6 

I 7 J 8 


41 JO 




GpoCareo Al 




1 J 2 

IJ 9 

1 J 9 


Gpo Fin laouraa 

27 JO 



2 / JO 

KunfaCkirli Mex 



ABearza Assic 


Bat Hdeurorn 

Bead Roma 


Credlto Ita Uono 




Generali Asst 









Roto Banco 
5 Prato Torino 

Telecom Hallo 


Bee Mob Com 

Gca Metro 
GFVtes LdecD 
i masca 
Investor Grp 
Non Bk CDnada 
Power Corp 
Power FWl 
Rogers Comm B 
Royal Bk Ota 


BeroesenDy a 






KaniL Hydro 



OrfdsASa A 





Steretwand ah 

165 J 0 16470 16560 16470 
107 JO 10£00 10570 10490 
1574 I £64 15 J 0 1570 

MIBTriHIOHCU 1221060 
PnriOBB 1206480 
1740 12375 12605 12335 
1475 3435 3450 3460 

1680 4540 4680 4400 

283 1255 12 B 3 1269 

000 20250 20900 20215 
290 2220 2 Z 75 2265 

B 35 9670 9820 9670 

1680 8500 8680 B 585 
!525 5400 5485 5505 

150 30450 31000 30550 
350 14930 15295 15140 
295 2235 2295 2335 

>m 5890 5990 6080 
195 7080 7140 7150 

560 11235 11530 11300 
266 1243 1264 

63 ® 622 628 _. 

38 S rw iw n *4 
1710 3560 ” 3710 3550 

285 15355 15585 15360 
1450 18215 18450 18190 
980 11800 11975 11860 
M 7745 8050 7710 

435 4315 4400 4290 

510 4355 4480 4390 

lndiis&ialsladBE 2990 J 2 
Previous: 297 M 9 

<3 47 * 43 424 

25-35 25 25 V 4 2£10 

32 M 3115 3214 3270 
32 31 .75 21 31.75 

1770 1770 1770 1770 

77 JW sum 22 to 77 M 
37.90 37 J 5 37 J 5 37.90 
25 J 0 25 K 25 J 0 25 JD 
1645 1670 1675 1675 
1645 16.15 1640 1679 
29 K 2 S 20 29*> 29 

Z 7 26.70 2 aJ 0 26.70 
2 Sto 2570 2575 2545 
970 9.10 970 9.15 

60 % 59 60 to 5970 

OBXUeto 61678 
Previous: «o«J2 

176 176 1 77 

14520 147 146 

75711 75 50 7470 
3070 3040 3930 
US 116 11620 
48 48 48 

353 365 357 

338 34020 2<3 

213 214 21420 

107 109 108 

542 545 545 

305 309 315 

114 116 116 

13720 130 138 

406 406 416 

46 47 JO 4620 

Banco me 

Canal Phis 





Christian Dior 


Credit Agrtcote 


Elf -Aquitaine 




Gen. Eaux 

Haws 4: 



Leg rand 



Lyon. Earn 

Mfchefln B 

Paribas A X 

Pernod (Beard 

Peugeot CP 



Renault 1 < 


Rb-PwileocA 2| 

Schneider 31 

SGS Thomson 4 l 
Ste Generate 

Suez 21 

Thomson CSF H 
Total B 


Sao Paulo 

Brahma Pfa 

Ihxibanco Pfd 


High Low dose Prev. 

CAC 40: 270878 
PreriaaK 2698.92 

795 825 79 S 

210.10 216.10 21240 

»ll 923 934 

651 642 

374.10 37620 37870 

768 783 793 

912 919 924 

259.70 268.90 27120 
I 860 1070 1054 
3415 3479 3469 
27030 27070 276 

270 278 273 

740 745 

l 270.30 27070 276 

I 770 . 278 273 

740 745 



1300 1 X 7 1280 

— 931 942 

576 567 

959 UBB 969 
1075 1075 1045 
6.95 7-05 7 J 5 

793 805 806 

44570 44940 449.98 
832 860 832 

37 X 70 380 381 

1046 1088 1054 

1974 2030 200 S 

1382 1391 1410 

601 605 m 

3 SB 2.31120 364 

39 X 60 39540 39420 
3143 329 333 

647 654 660 

2311 2350 2405 

1066 1899 1780 
13670 139 JO 139 JO 
1772 1810 1792 
3)040 201,40 20130 
SS 5 568 572 

301.10 309.79 30749 

987 1005 995 

40120 419.90 402 

681 6«5 687 

2910 2935 2945 

877 m 859 
287 29420 291 

575 590 597 

191.90 19870 194 

472.10 4 B 3 470 

89.10 9920 92 

373 374.10 38470 

oms Ptd 

PauOsta Luz 
Souza Cruz 
Telesp Pfd 
Ustaiinas PM 



Ooewaa Heavy 
Kla Matas 
Korea El Pwr 
Korea ExchBk 
Korea Mob Tel 
Pahang Iron St 
Samsung Dtsioy 

820 £90 

725.00 73040 
4520 4580 
5880 5880 
14.90 1582 
46780 47088 
53780 54680 
459 JW 46080 
31180 314 C 8 
•mm 21820 
144.^1 14980 
3720 3720 
9.15 970 

IB&JO 10820 
159.97 161.00 
15520 15520 
29420 2 VS 99 
4120 4280 
170 172 

2630 2620 

C— pe sl te IndBC 68172 
Previous: 67 B .11 

106000 105000 
Aoa 4200 
21300 20 S 00 
15300 15000 
25400 25100 

6ioo sm 

487000 <75000 
27200 26500 
42500 41700 
43000 41900 
56000 54700 
10800 10500 

105500 105000 
4200 4200 

20500 20500 
15100 14800 
25200 25000 
5 BSU 6 U 20 
476000 480000 
27000 26800 
42000 42000 
42900 42200 
£5200 54500 
10500 10700 

Singapore sw* nows 217127 

Asia Poc Brew 
Combos Poe 
Qy Dews 
Crete Carriage 
Dairy Farm im* 
DBS foreign 
DBS Land 
Lappet Fris 
Fraser 8. Heave 

Jted Strategic 

Parkway Hdgs i 

Sing Air foreign l: 
Sing Land i 

Sing Press F 
Stag Tedi Ind 
Tat Lee Bonk 
uid Industrial 
wing Tal Hdgs i 



Prerianc 217923 

7 JO 7 JO 7.70 
1040 !M 1050 
14 1470 1470 
14 J 0 14 J 0 15 

BJ 7 077 £77 

1120 1870 W 
£50 £70 £50 

£65 £75 £65 

1240 1250 1270 
2 J 4 £86 2 J 8 

£05 £10 £10 
X 26 128 X 2 B 

10.10 1030 1070 
4.1 B 4.18 470 

1170 1170 1180 
10 J 0 1190 11 

6.15 £30 £15 
7 JO 7 J 5 7 JO 

12 J 0 1250 1270 
B 115 7.95 
27 JO 27.50 28 

190 194 190 

370 174 374 

4,76 476 4.76 

384 £44 150 

170 171 171 

I £80 t £90 1£90 
4 J 0 4 J 0 460 

SX 16 Mn; 2 f 8£90 

Preriwe 2K£16 

AGA B 107 105 106 . 105 

ABBA 892 883 888 890 

AssIDaman 217 201 203 210 

Astro A 371.50 367 370 370 

AttosCopcoA 1 87 JO 185 186 18650 

AUtol* 34150 346 34650 349 

High Low Close Prey. 

Etectrahm B 493 4 B 4 493 484 

Ericsson B 271 J 0 258 JD 27 A 50 260 

Herons B 1075 1055 1056 1061 

Incentive A 53 a 530 535 536 

Investor B 359 348 359 34150 

MODOB 253 25050 25150 251 JO 

The Trib Index 

Jan. 1. 1392= too. Im 

Prices as ot 3W P.M. Now Yorir rime. 

Norri Darken 


267 27 X 50 26750 






SandvBi 8 











170 J 0 



S-E Betaken A 

81 JO 




Stand la Fate 

24 B 239 JO 




M 3 






192 19450 190-50 

Sbdsftypotok A 

153 J 0 

190 JD 







Stora A 




100 J 0 

Sv Handles A 


213 214 J 0 







Brambles Ind. 


CC Amain 
Coles Myer 
Comal co 

Fosters Brew 
Goodman Fid 
IQ Austin la 
Lend Lease 
MIM Hdgs 
Not Aust Bank 
Nat Mutual Hdg 
News Cup 
Pacific Dunlap 
Pioneer Infl 
Pun Broadcast 
5 t George Bank 

westpac BUng 

Cathay LHe ins 
Chang Hwa Bk 
CNaoTung Bk 
China Dwetonri 
China Sted 
First Bank 
Farmosa Ptaskc 
Hua Nan Bk 
hdlCoRHti Bk 
Nan Yb Ptasfla 
Shin Kong LOe 
Taiwan 5 end 

Utd Micro Elec 


AS Nippon Air 
AMhl Bank 
AsaM Glass 
Bk Tokyo Ml&ro 
Bk Yokohama 
Chtibu Elec 
Dot Nfap Print 

DaMcIri Kang 
Ddrwd Bank 
Dohra House 


East japan By 


Fid Bar* 

Fof Photo 

Afl ententes: 243048 
Prerioes: 2447^0 





7 J 0 



11 Si 


I 6 J 3 


P/J 5 


£ 6 / 


16 / 

21 J 3 


21 .// 


1 X 06 

I £82 

1 X 06 


11 J 1 














l £92 


4 B 2 



46 / 




26 / 













1 J 5 

I ./4 

I ./5 

17 / 






1 J 9 





£ 6 / 











6 M 













IJO 5 


U 6 






X 6 I 


Stock Mortal Woe 816260 

Prevtoas: 8881 JO 















I 11 J 0 










76 J 0 















67 JO 


110 110 J 0 










Hoctrihirt Bk 
Honda Motor 

4650 47.10 
71 71 JD 

NltM 225: 1819174 
Prevtoas: 1 B 04173 
991 1030 1020 

791 802 806 

3480 3390 3470 3400 

795 808 BM 

601 650 618 

1000 1050 1070 WS 

1910 1840 1910 1890 

5 « 534 540 538 

2220 219 ® 2200 2210 

25 M 2450 2520 2470 

2130 2090 2129 2 ?e 

2180 2120 .2170 2130 

I 960 1940 1950 1 M 0 

764 750 763 754 

1290 1230 1290 128 V 

474 467 43 ® m 

1340 1290 1320 1320 

942 922 942 945 

7380 a 7340 a 7330 a 7320 a 
2170 2120 2150 2180 

5250 a 5170 a 5250 a 5170 a 
2250 2220 2220 2240 

3730 3640 3750 3670 

1360 1300 1360 13 # 
4040 3940 4040 4000 

1180 1160 1180 1180 
1070 1030 1040 1060 

1050 1030 1050 1040 

3720 3610 37 » 3680 
1360 1290 1360 1310 







SS 3 










Japan Tobacco 

8040 D 7990 O BOODB 
3240 3160 3230 






Kansal EH 


212 W 





I M 0 






4 M 


Kawa Steel 





KirU NippRy 





Kirin Brewery 





Kobe Steel 




















Kyushu Elec 







4 » 





44 / 






I 6 M 

Matsu Comm 





Matsu Elec Ind 




















Mltsubert El 




6 A 6 

Mitsubishi EsI 




T 3 M 1 

Mitsubishi Hvy 







H 4 S 













World Index 152.61 + 0.50 * 0.33 + 15.73 

Regional Indexes 

AsuLPacffic 110.45 - 0.22 - 0.20 - 17.73 

Europe 161.38 + 0.65 + 0.40 + 15.95 

N. America 178.05 + 0.60 + 0.45 -+ 36.80 

S. America 141.00 + 1.06 + 0.77 + 58.36 

Industrial Mens 

Capital goods 177.55 + 0.22 + 0.12 + 33.62 

Consumer goods 173.05 + 0.68 + 0.39 + 25.33 

Energy 178.15 + 0.22 + 0.12 + 31.36 

France 113.05 + 0.09 + 0.08 - 11.15 

Miscellaneous 158.71 - 0.06 - 0.04 + 16 .B 6 

Flaw Materials 18839 + 1.56 + 0.85 + 32.86 

Service 142.12 +033 + 0.37 + 18.43 

UtMes 13532 + 0.74 + 0.55 + 6.43 

The International Herald Triune Woria Sax* index O tracks tfw U.S. doBar vatuos ot 
280 internationally invtetabla stocks front SS countries. Fbr mom Inhumation, a tree 
booklet o avaftsOfe by wrmng to 77 w Trib Max. 131 Avenue Charies da Gauto. 

92531 Newby Ceoex. Francs. ComfOaO by Btoomberg News. 

Mitsui Fudosn 
Mitsui Tiust 

Nlpp Express 
Nippon Oil 
Nippon Steel 
Nissan Motor 



NTT Data 

Ofl Paper 

Osaka Gas 






Sanya Elec 



Seklsul Otero 

5 eUfiri House 



Shikoku 0 Pwr 
Shbvetsu Ch 
Shbuaka Bk 
Sahfaank 1 


5 umfl Oiem 
Sundtomo Elec 
Su mil Menu 
Somlt Trust 

Tonoku El Pwr 
Tokol Bank 
Tolclo Marine 
Tokyo El Pwr 
Tokyo Etonian 
Tokyo Gas 


Toppon Print 

Teeny tod 




Toyota Motor 


a: x loot b: 1 1M6 


AMM Price 
Alcan Alum 
Anderson ExpJ 
Bk Montreal 
Bk Hava Scotia 

Btocnem Pltarm 
Bombardier B 
Bre-v Minerals 

CdnOcdd Pet 
Donohue A 
DuPonlCda A 
Edper Group 
FoWtK Fhil 
Fletcher ChaUA 
Fian Nevada 
Gulf Cda Res 
imperial 01 

IPL Enemy 
Laid taw B 
Laewen Group 

1310 1230 1310 

715 725 

4150 4100 4150 

1410 1360 1400 

1770 1740 1760 

727 709 725 

B 700 B 470 8630 

776 745 776 


246 253 

1550 1500 1530 

8570 a 8480 a 8540 a 

3140 b 3050 b 3130 b 

629 624 626 

295 28 B 292 

1408 7370 1390 

B 730 0690 6730 

734 700 733 

3310 3200 3300 

1330 1290 1320 

47 B 455 474 

6740 6630 bim 

5220 5020 5220 

12 «B 1230 1240 

1100 1080 IJffiS 

7170 7110 7170 

1520 15 D 0 1520 

2100 2070 2090 

697 677 695 

2339 BOO 231 D 
1440 1420 1430 

101 0 994 1010 

10200 9900 10200 

8820 8710 8770 

838 856 

1490 1428 1470 

459 440 459 

1660 1640 1650 

273 281 

996 1010 

2830 2720 2810 

2470 2420 2470 

8320 B 220 B 260 

2060 2030 2060 

890 896 

1290 1220 1290 

2230 2190 2230 

4120 4270 4300 

““ 298 301 

541 550 

1240 1180 1240 

1360 1340 1350 

665 676 

673 661 670 

2650 2600 2630 

H 55 B 34 B 55 

3080 3040 3 G@) 

2460 2410 2440 

TSE IndUStrtata: 626191 
Provisos: 6Z14J3 

22 U 2118 

30.15 2 V JO 
50-45 4920 

16.15 15.90 
54’4 52.05 

56 5120 
36 J 5 3 £W 
68 <4 6735 
31 •• 31 JO 
7 EJ 5 76 J 5 
27 2£80 
•Wtoi -T 9 44 
17 JO 1£60 
56 5 A 
71 to 6 SVi 
52 5145 
34 J 0 34 

2170 22*6 
3650 3170 
40 V> 39 J 5 
24 to 24 J 5 
12J0 1110 
26-40 26 J 0 
34 JS 34 
2405 2190 
42*4 4135 
300 29611 
32 J 5 31 JO 
22 21 JO 
6145 6110 
10 J 5 10 JO 

62.15 61.65 

49 V, 48-80 
40 ’+ 40 

20 '.i I 94 i 

4470 43.45 
18.90 I 860 
7120 7110 

2115 2115 
30 29 JO 
50 J 5 49 JO 
16-05 15.95 

5195 52.05 
55*4 5430 
35-95 3£35 
67 JS 67 J 5 

31.70 31.70 

78 76 

24.90 2£70 
32 to 3180 

17 J 5 17 J 5 
55 5416 
70 b 69.10 
52 51 

3460 3165 
22 b 2270 
36 3570 
40 39.70 
24 b 2445 
1110 1120 
2635 2630 
3435 33 b 

3.90 24 

42 b 43 

300 298 

32 J 0 3135 
21.95 22-20 
6130 6170 

10.70 10 J 0 
62 61.65 

49 'k 4170 
4070 39.95 
2030 19 J 5 
4455 43 b 

1 EL 65 1160 
7 £S 5 71.95 



Newbridge Net 
Noronda Inc 
Naraan Enargy 
Nthem Telecom 

Ponedn Pettm 
Petra Cda 
Placer Dome 
Paco Pettm 
Potash Sash 
Rto Algom 
Rogers CanteJB 
Shea Cda A 
Stone Cansold 
Si mcro 

TalBman Eny 





TorDom Bank 



Trimark FTiU 

Trine Hahn 


Westaast Eny 


Lew Close 

13 b 1170 
30 X 

ft •» < 3 _S 5 

33-45 3£98 
29H 29J5 
9730 9730 
12 b 1235 
2516 2514 

56 56 

30 2 SL 20 
27-10 2735 
1180 T£S 0 
104 b 106.45 
39 M 4030 
3 SJ 0 3570 
25 2530 
54 Vk 54 b 
57.15 5735 
22 2110 
60 b 61 JO 
44 44 b 

32-40 3235 
39 JO 39 J 5 
2 DJ 5 -M95 
29 b SB 

39 3914 

1485 17 

7 A Hi 2645 
4155 4195 
3110 33*4 

11 JS 11.10 
2530 25-45 
7160 7160 


Credtonst Ptd 

Ffughotoi Wien 

VA Stahl 
Wtenertterg Boo 

ATX Indec 1 M 4 J 1 
Prevtoas: 12 S 0 J 6 

83460 827 831 82480 

468 4607 S 464 4445 S 

3390 3360 3374 3380 

1762 1740 1749 1756 

610 598 402.85 609.95 

1425140130 1417 1430 

85630 852 BS 4 859 

•fflS -20 477 <77 481-40 

1879 1661 1867187630 
wu was yw 5 wm 

Wellington wzsE^otodcczafw 

** Previous: 228£18 

AirNZeald B 195 192 195 193 

Brieriyinvt 1 J 8 1 J 6 1 J 7 137 

Carter Holt art 335 333 124 117 

Bach cn Bldg 415 405 415 405 

Reich Ch Eny IBS 185 187 185 

Retch Ch Font £03 2 JJ 1 2 J 2 

HetdiCh Paper 276 £92 £96 £93 

Lien Nathan 164 162 3*2 163 

Telecam NZ 675 6 J 8 £69 447 

Wlhon Honan 11 .IO 11.10 11.10 I 1 J 5 


AHtsutese R 
BK Vision 
dorian! R 
Cnl Suisse GpR 

OerShn Buell R 

Roche Hda PC 

Schindler PC 

Swiss RetasR 
Swissair R 
Winterthur R 
Zurich AssurR 

SPI index: 2938-44 
PtMtoue 292165 

1763 1743 
480 473 

1232 1207 

1675 1640 
856 856 

1730 1710 
3000 2950 
870 862 

737 725 

165 159-50 
530 S 29 

5940 5860 
<760 4630 
1118 1095 
472 469 

1642 1625 
1785 1733 
147 145 

1715 1655 
751 741 

2070 2062 
205 202 

12540 12290 
30 I. 5 D 296 JD 
1625 I &10 
3495 3410 
875 854 

961 950 

1544 1520 
1329 1302 
1344 1317 

948 930 

454 447 JO 

1763 1764 
475 J 0 482 

1232 1212 
1670 1670 
BS 6 855 
1725 1733 
3000 3010 
867 870 

75 ® 738 

16175 161 

530 530 

5905 5905 
4680 4760 
1107 1121 
469 470 

1639 1641 
1779 1747 
146 148 

1675 1710 
747 750 

2062 2092 
205 205 
12540 12510 
301 299 

1610 1640 
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* Dai-Ichi 
To Take 

Bank Braces for Loss 
Over New Bad Loans 

Ci-lfiJrd by Our Stuff Fr.m Dd/buthn 

jLm Dai-Ichi Kangyo 

^Bank Lid. said Friday it would dis- 
pose of 550 billion yen ($4.52 billion) 
in bad loans in the year ending March 
31. The write-off includes reserves 
set aside lo cover losses on some 
loans the bank told investors had 
already been cleared from its books. 

Dai-Ichi Kangyo becomes the 
orst Japanese bank to publicly say it 
must take additional losses on loans 
it had cleared from its books through 
sales to a special company set up by 
banks and insurers to help unload 
bad debt. 

Other banks will probably follow 
suit as they close out their financial 
years this month, analysts said. 

Largely because of the write-off, 
Dai-Ichi Kangyo reversed its forecast 
for full-year results, to a pretax loss of 
300 billion yen, from a previous fore- 
st cast of a 40 billion yen profit. 

Dai-Ichi also said it would shed 
3,000 employees over four years to 
cut costs. It is also planning to merge 
or close more than 30 domestic of- 
fices in four years. 

“We tried to dispose of as many 
bad loans as possible ahead of the Big 
Bang/' Fumio Akanuma, managing 
director of the bank, said, referring to 
the government's plan to deregulate 
Japan's financial markets. 

Dai-Ichi Kangyo shares rose 10 
yen to 1 .290. News of the write-off 
came after the close of trading. 

Among die write-offs, Dai-Ichi 
Kangyo included 200 billion yen in 
loans to its affiliates, and 100 billion 
yen in loan-loss reserves. As a re- 
sult, die bank said its capital-to- 
assets ratio would fall below 9 per- 
cent from 9.3 percent now. 

Hie Bank for International Sei- 
ji* dements, a Switzerland-based watch- 
dog of the global banking industry, 
requires banks maintain the ratio at 8 
percent or above to limit risk. 

Even after die write-offs. Dai- 
Ichi Kangyo win hold 1.10 trillion 
yen in bad loans at the end of March, 
barely changed from 1.149 trillion 
yen six months before. 

The bank has set aside loan-loss 
reserves covering 60 percent of die 
sour loans, most of which were ex- 
tended to now-bankrupt companies 
or on which interest has not been 
paid for more than six months. 

The bank has 150 billion yen in 
loans on which it has waived or cut 
interest payments and 100 billion 
yen in loans to borrowers to whom 
the bank has provided financial as- 
sistance. (Bloomberg, Reuters) 

U.S. Firms Fill Asia Trade Vacuum 

Bloomberg New, s 

WASHINGTON — Executives of Amer- 
ican companies. eager to raise exports, are not 
waiting for the Commerce Department to spon- 
sor more trade missions to Asia. 

More than 1 00 American executives will take 

off this weekend for talks with 

leaders in Malaysia. Indonesia and 
Singapore aimed at opening new 
markets for their companies' 

dreds of other executives to Russia, Latin 
America and other points. Republicans charged 
that Mr. Brown, who died in an airplane crash 
in Bosnia last year, used the missions as pay- 
back for big donors to the Democratic Party. 
The current commerce secretary, William Da- 

While the Commerce Department works out new 

‘nonpoliticaT rules for trade missions, business 

“Southeast Asia is the place groups are or ganizing trips of their own. 

where die Japanese. U.S. and Euro- — - 1 

peans really butt heads." said Em- 


ness Council, which is helping organize the trip. 

"Timing here is critical. Just in the last 
month the Japanese prime minister had been 
down there, and European trade ministers are 
staking a claim, too. To keep a competitive 
advantage, we need to be there." 

That attitude led President Bill Clinton's first 
commerce secretary, Ronald Brown, to step up 
the number and profile of trade missions over- 
seas. He took the chief executive of United 
Technologies Corp., George David, and hun- 

ley, suspended the trips while he worked out 
new rules to insulate them from politics. The 
new rules, issued this week, include a “non- 
political” panel of career employees lo decide 
which executives will go and to block referrals 
from political parties. 

The Commerce Department's trade-mission 
pipeline has yet to resume flowing, though, and 
executives like Mr. David; his counterpart at 
McDonnell Douglas Corp., Hany Stonecipher; 
and Raymond Cesca, managing director for 
trade at McDonald’s Corp., are not waiting. 

"While Commerce is in transition, there's 
nothing wrong with other organizations doing 
these trade missions.” Mr. David said. 

U.S. exports to the Association of South East 
Asian Nations grew 104 percent between 1990 
and 1996, which makes the group the United 
- - — States' fastest-growing export 

maiittL Singapore, Malaysia, 
Thailand, Indonesia. Brunei, Vi- 
etnam and the Philippines togeth- 
er will have more than 500 million 
people, gross domestic product of 

$1 trillion, and $250 billion in 

two-way trade with the United 
States by the turn of the century, according to 
the International Monetary Fund. U.S. exec- 
utives want a bigger piece of that market. 

United Technologies' revenues from South- 
east Asia alone have grown 20 percent a year 
since 1992. Mr. David said he expected them to 
grow 15 percent a year, to $2.2 button, between 
□ow and 2001. Enron Corp. is finishing a 500- 
megawatt power project in East Java, Indone- 
sia. Oracle Corp., the world's biggest maker of 
database software, saw its Asian business grow 
more than 60 percent last year. 

Investor’s Asia 

Hoog Kong ■; . ■ Singapore . ■_ Tokj© 
Ha^Serig . ; StnSsHmes .. NjMe$2SS : 



mu 22000 


1300Q Ar^ 

2150 \ 

2100 Li 

Jlj/ -21000 

T ' 20000 

j 19000 


2050 V 

: 18000 

lOOGO'o N D j F M 

2000 o 

N D J F M 17000 





Asians Discuss Risks of Financial Integration 


. . j :-r : ' 

Hang Ser^ r 

^ Friday" •" ’ "• ; Pnsv. “ ' %■. • 

'C&se Close. " : Gfenge 

13^7-35 13,416.38. .AIM 

Singapore .' 

Straits Times.. . .. 

.&1ft27 2.47993 *0.08 

Sydney ' - 

ABOnSnatfes 1 •• 

2,m6Q 2,447.40 *436 

NWc«22S; ; ''. ! . 

™ 18,198.74 1404133 +467 

| Kuala LuaiptirCompcffiiftQ . , - 

V j, 25L2* 1,249.84. .4011 1 

Bangkok ' 

SET / • 

691.45 676.65 +2.19 

Seoul- \ 

Conposfte loctex 

, x 681.28 678.11 +0.46 

Taipei ' 

Stock Market Index 9,1 fiZSB . 8,081.00 +1.61 j 

mm V 

WE,-. V-Jr- 

' '3£8&45: - : +420 

Jakarta ' _ 

Composite. Index . +0.10 


2£8&96 &2BS.18 +0.0S 

> > 

Wwfiwy . 

y Closed . 4876.04 .- - 

Source: Telekurs 

Imcraauonul Herald Tribune 

Very briefly: 


HONG KONG — Financial policymakers 
gathered here Friday to deDate the benefits of 
Asian market interdependence as integration into 
the global economy puts ever greater strains on 
the region’s fledgling regulatory frameworks. 

“Increasing trade and financial sector inte- 
gration, in the global economy and in the region, 
offers enormous potential benefits but will also 
pose new challenges for Asian countries.” 
Michel Camdessus,- managing director of the In- 
ternational Monetary Fund, told the Hong Kong 
Monetary Authority Conference on financial in- 
tegration in Asia and the role of Hong Kong. 

Asia’s share of world trade has ballooned over 
the last decade and capital flows to die region 
have soared, contributing to strong growth and 
the rapid development of financial markets. 

As Asian countries increase trade and finan- 
cial links with the rest of the world and with each 
other, they become vulnerable to financial crises 
in other countries. 

"Accordingly,” Mr. Camdessus said, “in- 
dividual economies will have an increasing in- 

Region Needs Its Funds 


HONG KONG — Asia's huge foreign-ex- 
change reserves are largely invested with de- 
veloped countries despite the region's own need 
for investment funds, the head of Hong Kong's 
de facto central bank said Friday. 

Joseph Yam, chief executive of the Hong Kong 
Monetary Authority, said the region nettled to 
develop sophisticated markets and instruments to 
bring funds back borne. A Hong Kong official 
said more than 95 percent of the territory’s for- 
eign reserves were invested outside Asia. 

terest in the economic prosperity and stability of 

Anwar Ibrahim. Malaysia’s deputy prime 
minister and minister of finance, said the risks 
that accompany greater financial integration and 
increasing openness were obvious. “They in- 
clude instability, increased risk taken by finan- 

cial institutions and pressures on international 
payment and settlement systems.” 

Delegates to the conference, taking place in 
one of die world's most open markets, stressed 
that each country must maintain prudent fiscal 
policy, a proper regulatory framework and strong 
banking systems to guard against instability. 

Asian countries also must act together to avert 
crises that would wreak havoc on the region's 
currency and financial markets, they said. 

Many of the countries in the region already 
have signed bilateral repurchase agreements to 
provide liquidity if one or more Asian currencies 
are attacked. 

But so far. there have been few other fo rmal 
pacts among Asian countries to protect against 
systematic financial shocks, and Friday's meet- 
ing did not offer any new initiatives. 

Joseph Yam, chief executive of die Hong 
Kong Monetary Authority, has for some time 
been a proponent of an Asian-wide payments 
system to assure real-time settlement across bor- 
ders, but response to the suggestion has been 

• China Air Lines Ltd., Taiwan 's national airline, said its top 
shareholder was planning to sell at least 3.7 percent of the 
carrier to either British Airways PLC; American Airlines, a 
unit of AMR Corp., or United Airlines, a unit of UAL Corp. 
The stake, held by the state -regulated China Aviation De- 
velopment Foundation, is worth about $164 million. 

• Vietnam's first corporate bankruptcy was approved by a 
court, three years after passage of enabling legislation. Due 
Thang Ltd. was declared bankrupt Feb. 24 at the request of a 
creditor. Banque Nationale de Paris. 

• Sankoni Ltd. will sell 50 percent of Automakers Ltd. to 
Nissan Motor Co. for 380 million rand ($85.3 million). 

• Toyota Motor Corp. has set up its own auto-parts pro- 
duction unit in China with capital of 3.7 billion yen ($30.4 
million). The unit, Tianjin Toyota Forging Co„ will produce 
drive-shaft parts beginning in December 1998. 

• Dai-Icbi Kangyo Bank Ltd. and three European banks plan 
to lend $124 million to China Eastern Airways to buy an 
Airbus Industrie aircraft. The other banks are Credit Ly- 
onnais S A, Kreditanstalt fuer Wiederaufbau and Deutsche 
Hypothekenbank AG, a unit of BHF-Bank. 

• Malaysian Airline System Bhd. signed a letter of intent 

with Boeing Co. to buy up to 15 wide-bodied 777-200X 
aircraft. afp, afk biwh^ 

Political Feud Takes Toll on Cambodia Business Climate 


PHNOM PENH — First Prime Minister 
Prince Norodom Ranariddh has voided major 
contracts signed by a rival politician, a move 
signaling that feuding between Cambodia's gov- 
erning parties has spilled over into the business 

Prince Ranariddh wrote to the Malaysian 
company Ariston Sdn to inform it that the gov- 
ernment had canceled its deals to lease land fora 
large resort and an 18-hole golf course, as well as 
an airport concession agreement. 

“The agreements are null and void,” Prince 
Ranariddh wrote in (be letter, dated Feb. 26 and 
addressed to Ariston’s chief executive, Chen Lip 

Keong. The agreements, signed Sept 16, were key 
parts of Ariston’s $13 billion plan to develop the 
southern port city of Sihanoukville into a major 
tourist destination. 

But Prince Ranariddh said (he contracts had 
been signed without proper authorization by Sok 
An, the co-minister of die Council of Ministers and 
a member of Second Prime Minister Hun Sen’s 
Cambodian People's Party. Mr. Sok An would not 
comment on the deal or on Prince Ranariddh's 
cancellation of the contract Executives at Ariston 
were not available for comment 

The move is likely to shake investors in Cam- 
bodia. who have long worried that tensions be- 
tween Prince Ranariddh’s Funcinpec party and 

the Cambodian People's Party would undermine 
the business climate. 

Analysts said die problems between the two 
prime ministers, who formed a shaky coalition 
government following elections in 1993, would 
worsen as Cambodia approaches national elec- 
tions, scheduled for 1998. 

Separately, government officials said the In- 
ternational Monetary Fund had decided to re- 
sume a $120 million loan program to Cambodia 
provided that the government took concrete ac- 
tion to improve its forestry policies. 

Hie fund had canceled a $20 million loan 
installment over concerns about heavy logging 
and accounting procedures for forestry revenues. 

South Korean Bond Sale Imperils Takeover 

Bloomberg News 

SEOUL — South Korea's top three 
conglomerates joined forces Friday to 
try to thwart the country’s first hostile 
takeover as key subsidiaries bought 
bonds in Midopa Co. 

Hie luxury retailer said it had sold 
50 billion won ($57.5 million) of bonds 
with warrants that can be converted 
into Midopa stock to units of Samsung 
Co., LG Group and Hyundai Corp. 

Chun Byung Sam, a spokesman for 
Dainong Coip., which owns I9percent 

of Midopa, said the bonds gave holders 
the right to buy 1.6 million shares, or 
10 percent of the total shares, after 
Midopa’s financial year ends June 30. 

Mr. Chun said tbe companies teamed 
up to support Dainong against an “un- 
reasonable attempt to snatch control of 
native local companies through col- 
lusion with foreign investors.” 

The alleged foreign predator is Per- 
egrine Investment Holdings LuL, a 
Hong Kong-based investment firm. Per- 
egrine Investment has denied attempt- 

ing to buy Midopa. But h has a joint- 
venture brokerage with Shindongbang 
Group, which informed the stock ex- 
change in Seoul on Thursday that it was 
considering a bid for Midopa. 

Lee Sang Jin of Samsung Life said 
the company had bought 15 billion 
won's worth of bonds from Midopa 
because they granted the right to buy 
shares at a huge discount. The bonds 
give the right to buy shares at about 
29.900 won. Midopa shares fell 330 
won Friday to close at 38,200. 

Dragonair Joins Trade Group 


HONG KONG — Hong Kong Dragon Airlines, known 
as Dragonair, has become the 18th member of the Orient 
Airlines Association, the group said Friday. 

Industry sources said Dragonair 's participation was 
also seen as significant because the move could eventually 
lead such mainland Chinese carriers as China Southern 
Airlines and China Eastern Airlines to become members. 
Currently neither is a member because of the participation 
in the group of China Air Lines, a Taiwanese carrier. 

Sources said Dragonair's main owners included two 
Chinese companies: Chin a National Aviation Corp., which 
holds 36 percent; C3TIC Pacific Ltd., which owns 28 
percent Other shareholders include Swire Pacific and 
Cathay Pacific Airways, which together hold 26 perceru. 

India Aims to Be Economic Tiger in 4 Years, Finance Chief Says 

Ctn^rd by Ow SxffFmm Pu p n rArr 

NEW DELHI — Finance 
Minister Palaniappan Chi- 
dambaram predicted Friday 
that India would be “as com- 
bative” as the rest of Asia’s 
so-called Tiger economies 
within four years. 

Mr. Chidambaram added 
that be was aiming to accel- 
erate growth in gross domes- 
tic product growth to 8 per- 
cent a year from 7 percent 

“India is an Asian coun- 
try,” be told a group of busi- 

ness leaders. "We are proud 
that Japan is an economic gi- 
ant China is powering itself 
to becoming the second 
largest economic power. 

“If India is left behind,” 
be said, “no Indian can be 
proud, and it is a matter of 
shame as one-sixth of human- 
ity is left behind. It is time that 
she pulled herself up to raise 
productivity, competitive- 
ness and demanded her right- 
ful place in the world.” 

He said free-trade reforms 

would help, but foreign ana- 
lysts said New Delhi needed 
bolder steps to spur growth 
and alleviate poverty. 

India began eliminating 
controls on production, trade 
and investment in 1991. The 
budget for the next fiscal year, 
which Mr. Chidambaram un- 
veiled last month, includes 
some cuts in import tariffs. 

But Kim Cnui So. the 

deputy director-general of the 
World Trade Organization, 
said New Delhi needed to go 
further in its reform program. 

“The acceleration of re- 
form would be necessary to 
overcome the recent slow- 
down of exports and industrial 
production and overcome the 
serious infrastructure bottle- 
neck faced by Indian compa- 
nies,” he said. (AFP. Reuters) 

SPLIT: Culture Clash at Bank NOMURA: Stiff Penalty Threatened as Brokerage Admits Wrongs 

Continued from Page 11 

j fund manager rook some un- 
authorized risks. The result 
was that Deutsche Bank paid 
$288 million to buy out some 
securities that the manager 
had acquired, and paid some 
$320 million to compensate 
customers for losses. In the 
wake of the incident, 
Deutsche Bank is considering 
moving its retail mutual fund 
business at Morgan Grenfell 
to Frankfurt. Helmut Hart- 
mann, a Deutsche Bank 
spokesman said- 
But he said that Deutsche 
Bank was firmly convinced 
that London was still the 
proper location for .its invest- 
ment tanking business. Tne 
bank wants to expand in in- 
ternational banking, and tims 
said that it cannot do that rrom 

Frankfurt. “There are too 
many regulations, and the 
people we want to run the 
investment banking business 
are to be found in places like 
New York and London,” Mr. 
Hartmann said. 

After Deutsche Bank's em- 
barrassing incident with the 
fund manager, Dresdner 
bankers became more adam- 
ant that tbe Frankfurt 
headquarters should super- 
vise the London operations. 

“We do not want to con- 
centrate our management in 
London, Frankfurt or any one 
location," Mr. Sarrazin, the 
Dresdner chairman, said 
earlier this week. “To act that 
way would be too narrow. It 
would be to fight the prac- 
ticalities and to be inwardly 
focused, rather than client-fo- 

Continued from Page 11 

ternational PLC, to court on 
charges of stock manipula- 

The Australian Securities 
Commission said it had filed 
claims in the federal court and 
was awaiting a bearing date 
after mediation with Nomura 
International broke down. 

The commission has al- 
leged that the company cre- 
ated a false impression of sup- 
ply and demand aimed at 
confusing the market 
Nomura International has 
denied any wrongdoing. 

When Japan’s stock mar- 
ket boomed in the late 1 980s, 
Nomura Securities’ business 
soared under Chairman Set- 
suya Tabuchi and President 
Yoshihisa Tabuchi. 

But from 1990 the com- 

pany's fortunes started to 
sour along with Japanese 
share prices. 

Fust, its reputation 
suffered from revelations it 
compensated big clients for 
losses. Then, die brokerage 
was left in turmoil after a 
series of reports about its right 
relationship with Susunm 
Ishii , the late head of Japan's 
No. 2 crime syndicate. 

Disgraced, the Two 
Tabuchis, as they were 
known, resigned. They were 
replaced by Mr. Sakamaki. 
But in 1995 Setsuya Tabuchi 
and Yoshihisa Tabuchi re- 
turned to Nomura’s board of 

Since the Security and Ex- 
change Surveillance Com- 
mission was founded in 1 992. 
it has prosecuted only six 
cases of illegal trading, al- 

though brokers insist such 
trading characterizes Japan's 
stock markets. 

In any case, the senior 
Nomura employee said the 
scandal would hit the com- 
pany hard 

"It shows how disorgan- 
ized Nomura is,” he said 
"Since the 1991 scandal we 
have made little progress in 
cleaning up tbe mess.” 

Nomura could lose disil- 

lusioned staff and customers 
because of the scandal, he 

“Psychologically Nomura 
will be punished for a long 
time for this scandal,” he 

On a day when Japan's 
benchmark stock index 
surged to its biggest gain in 
almost two weeks. Nomura 
shares closed Friday at 1 330 
($1239), down 50 yen. 

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MARCH 8-9, 1997 

■5 nX».;>id£& iwito '' 

PAGE 17 

faking Chances: Vancouver Rises on the Crest of a High-Tech Wave 

New Industries ij g 

"Pave Pacific City’s gp 
Route to the Future 1. 

V ancouver, a bay city 
perched on Canada’s balmy 
southwestern rim, has been 
called a Canadian San Fran- 
cisco and Hong Kong West Before 
long, it may also come to be known as 
Silicon Valley North. 

Vancouver, in the province of British 
Columbia, is home to one of the fastest- 
growing concentrations of computer- 
related and biotech start-up companies 
outside of the San Francisco Bay Area. 

The British Columbia Technology In- 
dustries Association estimates that there 
are more than 2.400 high-tech compa- 
nies doing business in British Columbia. 
The bulk of them are in or around Van- 
couver. The companies, most of which 
are less than 10 years old, range from 
information-system providers to bio- 
technology, telecommunications and 
,4‘ advanced manufacturing concerns. 

In U.S. dollars, the sector represents a 
$3 billion industry for British Colom- 
bia. and it is currently growing' at an 
annual rate of 1 3 percenL.This comes in 
a marketplace that many non-C a n adians 
still link with forestry, fishing and min- 
ing — industries that many in Van- 
couver see as being on the decline. 

Many people in tins part of Canada see 
technology as their ‘ ‘route to the future,* 
said Vic Tyson, manager of knowledge- 
based industries for the Vancouver office 
of Royal Bank of Canada. How significant 
are the technology companies Mr. Tyson 
is following? Important enough that Roy- 
al Bank has appointed a team of 20 ana- 
lysts to track the country's technology 
firms, including those in Vancouver. 
Among the stocks being closely 
■I watched bv Royal Bank of Canada are 
companies like QLT PhotoTherapeutics 

Inc., Ballard Power Systems Inc., IBEX 
Technologies Inc., StressGen Biotech 
Inc. and Spectrum Signal Processing Inc. 
These companies were consistently 
identified by other leading Canadian 
brokerages as solid prospects. 

Although Vancouver's high-tech con- 

Sourca Bloomberg EHT 

tingent may not be well known even by 
Canadian consumers, the technology it is 
producing is beginning to turn beads with- 
in the -industries it serves. With a number 
of these companies starting to go publicon 
major North American stock 
is likely to be only a matter of time before 
investors begin to take notice. 

One Vancouver company poised to 
attract some attention from its NAS- 
DAQ listing is QLT PhotoTherapeutics 
Inc., the only company with approval to 
sell photodynamic therapy drugs in 
Canada, die United States, Europe and 
Japan. These drugs are a new medical 
therapy used in connection with a light- 
sensitive device to break down can- 
cerous cells without harming healthy 
ones. The process is seen as an al- 
ternative to radiation therapy. 

QLT has three generations of drugs. The 
first, Photofriu, has been approved for 
treatment of various cancers in several 
countries and is expected to become a 
revenue-generator for the company this 
year, according Nesbitt Bums Inc., a lead- 
ing Canadian securities firm. 

Another NASDAQ-listed. Van- 
couver-based company attracting atten- 
tion is Ballard Power Systems Inc. 
Equity analysts on both sides of the 
Canada-U.S. border consider Ballard to 
be the leader in the manufacture of the 
prototype fuel cells used to power ex- 
perimental electric vehicles. 

That is an opinion apparently shared 
by such automobile heavyweights as 
D aiml er-Benz AG, General Motors 
Corp. and Honda Motor Co., which have 
Ballard and its fuel cells under contract. 
The future looks good for Ballard's busi- 
ness: Recent U.S. legislation requires that 
as of 2003, 10 percent of American cars 
sold must be zero-emission vehicles. 

Asian Real Estate: No Firm Ground 

By Ph ilip Segal 

A sian REAL ESTATE in- 
vestments, unlike property 
deals elsewhere, join penny 

- „ tfs&ISa: 

high-yield investments in a market that 

can turn on you in a ^h- . 

The market for apartments in many 

Asian countries cames .5fi nlE rven- 
swift and heavy Em 

lion, increasing the chan«of havmg 
to cany a dud asset for a l^gpenod. 

threaten to price their citizens out of a 

was acavf^ulauo" .n 1 ^5-96, 

arSocgen-Cn«bySmg^o ^ ^ of 

Added to ^ dw region discrim- 

regulanons across me 

property investments in Asia can earn 
handsome returns. 

For a nonresident, the best bet for 
liquidity is Hong Kong, where indi- 
viduals or companies will find a min- 
imum of regulation and no capital con- 
trols. The problem is that with property 
at the top end of the market having ran 
up as much as 60 percent in the last 

year, even some of the biggest bulls are 
saying it may be time for prices to fall. 

Even for cheaper apartments, “the 
market is simply overvalued,” said 
Benjamin 'Cheng of Goldman, Sachs 
& Co. in Hong Kong. 

“The top 25 percent of households are 
using more than 50 percent of househoW 
income to service their property debt,’’ 
he said. “Historically it was about 52 
percent, before the last collapse.” 

He was referring to a 1994 slide of 
as much as 40 percent in land prices 
that followed government measures to 
cool the market 

Hong Kong office space also looks 
expensive to buy, as rents have failed 
to keep pace with recovering prices. 
The real return on o ffice sp ace sold by 
die floor (known as strata title space) 
has dropped to 4 percent or less, ac- 
ceding to Union Bank of Switzerland 
This compares with real returns of 6 
percent to 10 percent in the Hong Kong 

office market over the past 10 years. 

The bulls, such as Michael Green of 
Salomon Brothers Inc-, have a dif- 
ferent view, based on the fact that 
yields in Hong Kong have been drop- 
ping fairiy steadily since late 1989, 
after the anti-democracy crackdown in 
China, when they reached 1 1 percent. 
Add to that the expectation that thou- 
sands of Chinese officials will arrive 
after Beijing’s July 1 takeover of the 
colony in search of office space, and 
you can understand the bull view dial 
prices and rents will rise handsomely. 

A S FOR THE rest of the region, 
in Malaysia, according to a law 
introduced in early 1996, for- 
eigners may not own property valued 
at less than 250.000 ringgit 
(5101,215), and they are subject to a 
foreigners’ surcharge of 100,000 ring- 
git Foreign buyers have to make their 
purchase through a Malaysia-incor- 
porated company that must be at least 
30 percent-owned by a local, which 
often means an ethnic Malay. The of- 
ficial local-ownership component is 
50 to 70 percent, but in practice 30 
percent is usually an acceptable bench- 
mark, said Rohan Cavaliero, senior 

Continued on Page 19 

Stock Exchange 
Gambles on Asia 
And a Cleanup 

By Holly Hubbard Preston 

change, tired of its shady repu- 
tation, is cracking down on its 
listed companies much as a 
school principal might crack down on a 
group of juvenile delinquents. It is also 
offering them an exchange program, so to 
speak: a computerized trading session for 
brokets in Asia during their business 
hours and a venue for Pacific Rim coun- 
tries to raise capital. 

Having been burned in the past by 
what Angela Huxham, the exchange’s 
surveillance director, called “a 
few bad characters,'’ the Van- 
couver bourse has gone to un- 
precedented lengths to regulate 
its 1 500 listed companies. 

The measures mclude the 

• All prospective companies 
and their directors must submit to an 
investigation that includes background 
checks of references, media databases 
and financial records. 

• Candidate companies must be 
sponsored by a brokerage firm that has a 
seat on die exchange. 

• Once it is accepted as an applicant 
for listing on the exchange, a company 
must pledge to comply with all ex- 
change policies and filing requirements, 
including one stipulating that all di- 
rectors must be approved by the ex- 
change. As pan of the deal, the ex- 
change says dial it will review all press 
releases issued by listed companies. 

In the past year, the exchange has 
suspended 20 companies for breech of its 
listing policies and delisted six, including 
Trellis Technology Corp. and Cam-Net 
Communications Network Inc. 

The Vancouver exchange “has made 
a real effort to clean up its act,” said 
Mike Brown, founder ofVentures West, 
a local venture-capital firm thar has a 
number of clients listed on the ex- 
change. “Today, what happens on the 


Michael Johnson;, president of Vancouver's exchange, which Has grown in the past year after a cleanup effort. 

Another Vancouver-based NASDAQ 
listee to watch is Spectrum Signal Pro- 
cessing Inc. It is considered one of the top 
North .American suppliers of program- 
mable. digital -signal -processing prod- 
ucts. Until recently, the technology was 
used for complex applications ranging 
from cellular communication to military 
radio surveillance and infrared satellite 
imaging. But in the past few years, the 
commercial market has begun to eye the 
technology for its value u facilitating 
computer/reiephone integration. 

Spectrum is currently negotiating 
deals with a number of computer 
companies and telecom providers to de- 
velop ways to bridge these industries. 

The company scored a coup on this 
-front this month,when it- shared the po- 
dium with International Business Ma- 
chines Corp. and Northern Telecom Ltd 
aiaLos Angeles computer and telephony 
show. Spectrum and Nortel have jointly 
developed Communicator, a product 
based on digital-signal processing that 
IBM is planning to sell through its in- 
direct personal-computer sales channels. 
Communicator is targeted at corporate 
users who are tied to digital-based 
private-branch-exchange systems — the 
do minan t telecom environment at big 
companies — but who want to be able to 
manage their voice, video, fax and data 
calls from a corporate desktop computer 1 
or remote notebook computer. 

Mike Brown, of die Vancouver ven- , 
ture -capital firm Ventures West, said 
that Spectrum, QLT and Ballard “are no 
Mickey Mouse group of companies.” 

Although not listed on NASDAQ, there 
are some promising Vancouver-based 
tech companies trading on the Toronto 
Stock Exchange. These include StressGen 
Biotech Corp^ which is helping to pioneer 
a field of stress protein that, when com- 
bined with an antigen, can stimulate the 
cells needed to create a cancer vaccine. 
Analysts cautioned however, that the 
company was highly speculative. 

One private company that local analysts 
are waiting to see go public this year or 
next is Creo Products Inc., a pioneer in a 
multicolor printing technique that will al- 
low color images to be transported straight 
from computers to prim plates without 
having to be processed first on film. One of 
Creo's biggest cliems is the global printing 
company RJL Donnelley & Sons. 




VSE is no worse than what happens on 

To enforce the exchange's tough 
rules on public announcements, Ms. 
Huxham has 1 1 people in her depart- 
ment. including chartered accountants, 
holders of MBA degrees and geologists 
(because of the large number of natural- 
resource companies), who are respon- 
sible for reviewing press releases. 

“We’re trying to make sure that the 
companies aren't being overly promo- 
tional,” she said. 

Although some prospective candi- 
dates have taken their companies else- 
where and shareholders of the suspen- 
ded and delisted companies are 
understandably upset, the exchange in 
Vancouver, a city in British Columbia, 
on Canada's southwestern Pacific coast, 
has been growing. Its 1996 volume was 
8 3 billion shares, valued in U.S. dollars 
at $8.8 billion, rises of 33 percent and 87 
percent over 1995, respectively, and 
No. 4 in both categories for North 
America, behind the New York 
and Toronto exchanges and the 
NASDAQ system. Vancouver 
exchange companies raised 
about $ 1 55 million last year, up 
83 percent from 1995. 

Most of that growth was 
driven by major mining dis- 
coveries in several countries last year, 
which helped draw attention to the kind 
of small mining companies that dom- 
inate the exchange. Among those is 
Vancouver-based Arizona Star Re- 
source Corp. It was the exchange's most 
actively traded stock in 1 996, with ap- 
proximately 128 million shares chan- 
ging hands at a value of about $13.3 
million. The stock's head-spinning 
1,477 percent gain over the previous 
year was largely attributable to the com- 
pany's discovery, in collaboration with 
its majority shareholder, Vancouver- 
based BEMA Gold Corp.. of a gold 
mine in Chile. 

To broaden its international reach, the 
exchange in September implemented an 
after-hours, computerized trading pro- 
gram for Asian investors and brokers. It 
has been well-received by local secu- 
rities executives, such as Ken Dong, se- 
nior investment manager at the Canadian 
securities firm Nesbitt Bums, who said it 
was “rare among exchanges.” 

In fact, only California’s Pacific 
Stock Exchange is even planning a sim- 


The Vancouver program, known as 
the Vancouver International Securities 
Trading Access, allows Asian-based 
brokers to trade 80 selected stocks as 
their working day starts and North 
America's end. 

The five- mo nth -old program is re- 
cruiting Asian brokerage houses. Two 
Hong Kong firms have applied, and if 
they are accepted, they would be clas- 
sified as international associates of the 
Vancouver exchange. 

These firms would be able to execute 
trades either from their own Vancouver 
Computerized Trading Terminal or 
through one of the exchange's 57 Ca- 
nadian member brokerage houses that 
have a Bloomberg News quote terminal. 

The associates, while not full ex- 
change members, can underwrite public 
offerings as long as they only deal with 
non-Canadian residents. 

The exchange is not publishing stat- 
istics on the plan, which is considered a 
pilot program. But officials said it was 
generating at least three trades a night 
out of Asia. And the 80 stocks are ex- 
periencing an overall increase in order 
flow, including trading during the ex- 
change’s daily sessions, officials said 

In addition to the international trading 
program, the Vancouver exchange is 
pushing itself as a source of venture 
capital for promising Asian companies. 

In May 1995, the exchange started 
North America's first Asian Pacific trad- 
ing board, recruiting more than a dozen 
junior resource companies from such 
countries as Australia. China and Hong 
Kong. It also is seeking to attract non- 
resource -based companies. 

Asian board companies are traded in 
the evening as well as during the day. 

At the end of last year, the board, 
which comprises 14 companies, had 
raised $93 million in capital. 

“It's having these sort of speculative 
companies that can hit it big through 
resource exploration that puts a regional 
exchange on the international map,” 
Mr. Dong said. 

With Canada's traditional industries 
such as mining, fishing and forestry fa- 
cing difficult times, the country is look- 
ing to new sectors. 

In the heart of Canada's largest con- 
centration of technology start-ups, the 

Continued on Page 19 

bank offshore 

have instant access to my money- 
need the lnternationgU^^^|g^\ 
Debit Card from 
Standard Chartered or 

don’t I 

If you keep money offshore, you may have all the confidence 
of knowing it is in a secure environment earning a competitive 
rate of interest. But what about getting your hands on it when 
you need it? Your offshore bank is probably a long way away and. until now, getting access 
to your money may have been a slow and cumbersome process. 


Our International Debit Card can help to put your offshore money right into your hands 
giving you easy, instant access to it from around the world. 

The Card bears the VISA symbol, allowing you to withdraw local currency from over 
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Available with our Sterling, US Dollar and now with our Deutsche Mark Accounts, 

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And we're sure that, in answer to the question we've posed above, you'll want to say *! do’ 
For more information about our International Debit Card and our Sterling, 

US Dollar and Deutsche Mark Accounts, please return the coupon below to: 

Mrs Ruth Martin, Standard Chartered Bank (Cl) Ltd, PO Box 830, 

Conway Street, St Helier, Jersey JE4 OUF, Channel Islands. Or call us on 
Jersey +44 (0) 1534 507001. Fax: +44 (0) 1534 507112. 

U* pmtttf pat rf ***« d SWWfl Otmaa art a « to ms ««» S* c«w « «. tm ™ "w** 

■ib jasevi^ttissesorow ft*, *44 w im< soms. 


LMVwna/xoa csocoaunoo asjmsoxoon ^owiooc 



I Do I] IDsni □ 
l Do □ I Don't □ 
iDoO IDemlD 
I to □ i Deni □ 

, iUMnniaiOt** . 

Standard % Chartered 


PAGE 18 





sSI BBL Invest Emerging Europe 

BBL Equity Fund 

.<$ .<£> .«P A 3 a s ,«s N rf* .<£* ,<*■ v «a*‘ jF a* 3 ,<P 

ABN AMRO Asset Management: 

• Some USD 67bn under management; 

• More than 200 asset management professionals; 

• Asset Management centres located in Amsterdam. Hong Kong, and 
Chicago (supported by affiliates). 

... . MB3 ACWoWMr 

la Mm*Oilll»MIWMM>VMnli 

Pan p rrfi rm a tBt b not l«rtfn l W of future nrjufcr 

We offer yon: 

• Trans Europe Fund (NLG-based, net asset value in USD 615.3m, 
annual average return in USD since 1985; 15.5%); 

• ABN AMRO Europe Equity Fund (USD-based); 

• And other funds from the ABN AMRO family of funds. 


- TOND . 


JaL-Dec. 1995 



Jan. - Sep. 1996 

ia.74% - 


JnL 1995 - Sep. 1996 



Advantages to yon: 

• Solid name; 

• Tried and trusted investment principles; 

• Good performance; 

• Easy to follow (prices are published daily m the International Herald 
Tribune, Financial Tunes, and the European editions of the Wall 
Street Journal). 

Andrew Midler formed Standard Pacific in 1995 after recording 
market leading returns with Fidelity Investments and Odyssey 
Partners. Standard Pacific currently manages in excess of 5300 
rndhen and employs a team of 9 investment professionals Andrew 
Midler, widely recognized as one of the emerging stars in the hedge 
fund world, manages a hedged portfolio of global equities. 

BBL Invest Er ua gtog Europe manages assets exceeding DEM 345 million. In 
compliance with ns Investment objective. BBL inusi Enraging Europe invests 
mainly on eastern European stock markets. 

Manager's Report dtspde the strong gams already scored tn lS96and reflrd- 
ingafavocnatitemhgea rate eav uwM ie nt 'abOTe-a wetage GDP growth ratcs>a 
significant d a i te ra tion of inflation, a reallocatira a t i nterna tional po rtfoKo a 
towards emerging markets and, above all. stockmarket valuations mote m line 
with International standards, equay markets in eastern Europe continue to per- 
form handsomely this yen. For the year todam, gains baUSS terms range Irom 
over 65% in Russia to around m Poland and Hungary. And yet there is no 

reason to belnrfi?tiul a speculative bubble mighl be in Kb? maldn& forthrecono- 

rrfes in the area show favourable JundamaUals (continuing GDP growth, luge 
infrastructure needs, po pulation growth, dee d c rating inflation). Oareatiy the 
country nUx of the fund is as tolkww Poland 32%, Czechia 30^. Hungary 23%. 
Russia accounts far 5% of assets, the Baltic States for around 3“J. and drae two 
areas will be awarded a higher weighting in the next tew m ont h s. 

For fathers 

BBL Invest Emerging Europe is a sub- fund cf the larimfla fund BBL bmsl mcaq/o- 
ratal in Belgium. Together a-dA it/ namesdr BBL 'Ll Invest, ma^ppralcd m Utxem- 
bertag, BBL Inucsl offers investorsa tchsde rtorjr rf ena. unudiy and industry funds- 

Currently BBL offers tnvefiore a choice of more than 100 sub-funds and man- 
ages fund assets in excess of BEF S25 When fUS5 15 billion). The BBL fund 
range includes money market funds, bond funds, equity funds and mixed funds, 
as wd as a "hlgh-fith* food (BBlTtchni,). 


Contact Ms. Anne Baumgardner, ABN AMRO Asset Management. 

PAC AP OS 10. Hoogoorddreef 66-68, P-O. Box 283, 1000 EA 
Amsterdam, the Netherlands. TcL: 31-20-6293256, Fax: 31-20-6294730. 

Mr. Dear Fa 
Alpha Fml Mcmagcmcnt, Ltd 
48 Par La WU Rood, Sute 464. Htadbon. HM It Bermuda 
Tel: (441) 29*4610 Fax:(441)295-9637 

Further information: BBL Invest Info 
S 32/2/481 33 40 

Monday through Saturday 7 am-* 10pm 


: cl i 



The Volatility Fund, a totally different concept in bed&! 
funds, starred trading un 1st August 1996. let. objective is to 
lake advantage of market mispricings through volatility based 
trading techniques. Its trading style is similar to an 
instiruoooal arbitrage and proprietary trading desk funded bv 
investor, rather than bank capital. 

The operation is jointly managed and promoted by Credit 
Lyonnais Rouse Ltd and Equitable House Investments Ltd. 
EH1 is die sole investment adviser whilst CLR is responsible 
for administration, distribution, clearing, settlement and 
global custody- 

16 Change 



Since Launch 

5 Ybara 

Stza (to) 

GAM Amalgam 

01 -Oct-01 




GAM Far Eaat 




£ 74j5 

GAM North America 





GAM Steitlna Eurapain 





GAM Storting A bit 





GAM UK Hva raffled 









DM 52.1 

GAM Europe 




DM 405 

GAM Orient 





GAM Total Bond 




DM 14JI 

GAM Tokyo 




DM 288.1 

GAM Urrtvwraal CkMark 




DU 488.8 


Since launch per forma nce 

■ 'Vibri fa. •, j 

• •■•■20 titt ir^, 

' /Aatoi OS j«£d vs-d 

n u * * i* r: n h a % u 

The Guinness Flight Global Equity Fund, a Guernsey- 
based distributing fond, aims to achieve capital growth 
through investing in an international portfolio of 

The Fund uses investment techniques developed at Equitable 
House Investments by Dr M. Desmond Fitzgerald. The 
investments managed by Dr Fitzgerald have shown a 
compound annualised rare of return since inception in 
September 1993 of about 17%. 

[Source - Misopiil and GAM as n 28/02/97) 

For further information please contact- 

GAM Fond Managers (Isle of Man) Limited 
11 Attot Street. Dougin, late of Man IM99 1HH. British Ides 
CUenl Services: 0800 919927 
T«U 44 1414 432 777 Fax: 44 1424 432 413 GAM on the Interact: Wa^gHLcmn 

Our well-defined and consistently applied investment 
approach aims to provide superior long-term performance 
ai below -average levels of risk. 

For further information, please contact our 
Investor Services Department in Guernsey on; 

Fur further information please contact Bruce Thatcher 

Credit Lyonnais Rouse Ltd 
Bnudwalk House 
5 Append Street 

Telephone: f44> 171 2146620 
Fax: 1441 171 638 0373 

Sura la the funds described art ml mailable for sale In any juriaBtaum In which such 
rale wubi tv prohibited Subscriptions will only be received end shares anted an the barn 
of the ament pnapectus for the fiords Performance comparisons an based on qffer-to-bid 
/rices wf became rein v este d ana net basis for unit trusts and on Nd-io-btJ paces nd 
Income reinvested an a gross basis for uetts foods. Performance I* shown to sterling for tdl 

+44 (0)1481 712176 

Internet- http;//w-u-w.guiiiness-nighLcom 

financial information herein but U is based ptr unaudited figures UCfTS funds are oat 
am iable to testden ts ef die RepubUe of belntd Issued by G.iM Fund Management Lamsod, 
I George h Dock, baowatbmal Financial Sernccj Canoe. Dublin I. Ireland. GAM Fund 
Managers ilsie of Man ) LunUcd Is U errand to conduct In v estmen t " by the Isle of 

Man Government Financial Supervuwn Commission. 

Credb Lymnats Rohm Ltd and Equitable Haw Iimstmnui Lid 


Sauce. MiarpaL rife: ionite, po>s mxro catena! m I'SS rZiJ - JiOJ. Five year 
pc n o m ntf la 1 2.97. t«m ha pRi-vruwe u oar nrxrmmj a puJe in die luime 
Rueful tnm. m Cx <ate of Ibr nodsfiiof *scc toon t*J Ste .Du -me Aran tbera and 
duaga tn ibow and auaage rse» men Cu: *e e <o aa 'i hcmi i cti and dr 
■me HMD II ran fall m wet a> n « ate c urn tanrwi F tv ,oui pmwUM) icier*®* 
calk nun « raurted h*ed Ganru Hi pn awi Umcemoii Limited. 

Ryoloicd h} LMHOjad ihc rot-'iul Iinninru . 3419-97. 

ric: nco v R 

field of 1 

s P 

jj0i a 1 


Value of S 1 million Invested since April 1st. 1992 




a n o 

very successful futures component of 
the RjdKDUtt Managed Account Pro- 
gram. The Program which fcs based on a 
multi manager concept with assets 
over 200 million, is designed to give 
access to some of the best money 
managers in the world. The other funds 
of the Program are Rlchcoun America 
Inc, Rldicuart S Strategies Inc and 
RjchaKTt Variable Opportunities Inc 
Since "its tnc ept tan on April 1st. 1992 
Rtehanm Futures Inc has achieved a 
total return of 99 1% This return was 
realized thanks to the careful selection 
and monitoring of the best Commodity 

Trading Advisors- located throughout 
the world Richawn Ftnuras UK. Is well 
diversified, spreading its investments 
among trend followers, dhxtetkmaiy' 
traders, and global derivarives arbitra- 
geurs. The money mariagprs Invest In 
the international financial futures, com- 
modities and foreign endiange-nrariets 
The FUnd is quoted In US dollars and 
opens for subscription and redemption 
at the end of each month 

Farther hhwto ai'W otalmd 
from the Afterfahrratnr 

TcL (31-201 67696 1 1 Fax: (31-201 6TC0UI 


Bv global n'-seK ol o\cr l "B billion. 

INVESCO oti’or-N vou (he cvt.ilin” oj)|)or(uni(v (o 
in\fs( ill in (lie worlds mdjnr m,'irlv0(s. 

• -\ii,i - ASIA IK. IK U AKKAM I I'M.) 

• lap. in ■ NIITO\ WARRANT FUND 

• Lurope - n..R()l’£.AN WARRANT R.M) 

r. - 


For Kirliifr inionn.ilion on l!n> aiiovr inioi- picasi.' (onl.icl: 

INVESCO InU'mational Limited, 

INVFSCO House, P.O.Box 271, 

Grenville Shcel, letsey, Channel Islands. 
Rc^islered in (ersev. 

Telephone Number: +44 i.O) 13, >4 14000 
Fax Number: +44 (0) 1.334 814100 

I hi- .irR.-rlRrrm'iti fro - hc<-n appro', cci in 

1N\EM O A --if? XWn/ivji'oifnl Lid, rouniolcd in IMHO 


(n 1996 the German equity 
market yielded a return of 23% 
nwasured in D-Marks. This 
vear the return has reached 
i0.Mt. W? find that 
investment in German 
equities is still attractive 

■ German company earnings 
arc expected la rise 
signitiamtiy over the next • 
years. Fasler economic 
growth in 1997 and 1998 is 
expected to cause major 
price rises on the German 
equity market, which is by 
tradition very cyclic. 

• Recent years' recession 
has forced German 
companies (o rationalise 
which will also tend to 
boost earnings 

Jyak Invest 


Access our web site 

• is a mutual hind group 
which is fully owned by its 

• was established in 1988 at 
the inibaliveof lyske Bank, 
with whom Jysk Invest 
cooperates ciosely; 

• offers a wide range of 
investment possibilities 
designed to meet our 
investors' ditti.Tent 
requirements about object, 
risk and time horizon. 

Magnum mixesarti matches leaefing hedge funds Into 
14 different combinations (mufti-manager funds of 
ftmds), each offering dlsflnct levels of risk and reward. 

Examples foflow: 

Magnum U.S. Equity Fund - mutHnanagarfund 
Investing In long/short U.S. equity hedge hinds. , aaq/ 

Started Sb# 85, 17 month return through Jan 97: +OU /o 

if you wish to know more 
about the ).B. German 
Equity Fund and other 
investment solutions 
offered by Jysk Invest, 
please comfikHc the coupon 
and write or phorwdireri 

• Interest in equity 
investment is growing beaus# 
German interest rates are historically 

J.BL German Equity Fund invests 
in Lars 

exclusively in large well-established 
quoted German companies and is one 
of the equity and bond funds ottered 
by Jysk Invest. 

Jyskr Bank 

Private Ruiking (International! 
Vesteibngade 9, DK-I7SB Copenhagen V 
TeL: +45 33 78 78 OL far +15 33 78 7B U. 
Internet http-V/www. Jyske-Banludk/ 
Jysk Invest 

Magnum Capital Growth Fund - mukknanagerfund. 

Emerg.growIlLSlHrtBd March 9B, 11 month return through Jan 07: 

Magnum Turbo Growth Fund • muitt-rranagertuncL 

Aggn3ffijVB^art8dAugust96,8nwthralijmtfirou^i Jan 57: +42% 

Magnum Special Situations Fund -muttknartagerrurd. 

Low risk.Nonstock marital owretetted.Started March 96, . 

11 month return through Jan 97: +13% 

Some ol the other special brad Magnum Funds of Funds Include: 


- active investment the easy way 

jpk hwtf a sqwiM te IM Oantei fMRtf Soeentein AatiiAc 1U n n um Bra sa ^ 
in KOrita •» ■■ »«»■ Msewel Mnmaon md u «m brth ntnr praMwra. en mm brei 
KWnri arwBjDiscftwcoi a migundai ttWin ptiicefccwiriiegBeimi vad.iMaMMtim. 

Magnum Russia Equity Fund Magnum Fund 

Magnum Tech Fund Magnum Macro Fund 

Magnum Global Equity Fund Magnum Edge Fund 
Magnum Multi Fund Magnum Opportunity Fund 
Magnum Aggressive Growth Fund 

For m o m toto nml hn pk mto fax 

Magnum at 243-356-6640 or access our web sKe 


Access our web site 

Galleon Omni Fund Series A 
(formerly Needham Omni)- 

Ra] Rajaratnanfs long/short technology hedge fund. ,4 nco/ 
Started March 96. 11 month return to Jan 97: T 

B shares include late stage private equity. — +96% 

European Focus Dollar Fund- 

Felix Zulaufs hedge fund long/short European equities and 
bonds.Started Nov 86. 3i/z month return to 15 Feb. 97: +41% 

Metal Omni Fund- 

trades base metals long and shod. Non correlated to stock 
markets. Started July 96. 7 month return to Jan 97: +2&5% 

Rosebud Capital Growth Fund- 

invesfing in emeiging growth companies. Started March 96. 

11 month return to Jan 97: +61% 

Listed uodm Magnun Fundi under Oftaftore Fundi 
For more irrformaBon, anti tar ritemiaiiofi on Mher funds, pteasa 

fax Magnum at 242-356-6640 or access our web site 


bnoona'FwinMiiitolihcpncariwwniiiBandtlv^nelhcrnteri rfunsmiv taU w 
rjpHfly js Itwv can rise. A warrant oit&i involvej J high Oegowul gwring vottiK a rcteiwtv 
vraC moivnieni In rf«c price of the security ra which the wman leton may resuf -t 
i faprc p u nfarutetv Legt nKwanwv . unfavourable as wefl os uvuuraMe. la riie price or me. 
warrant. Change in toe eechangs ran between ntrrencfa* may cause ihc vah.e ce me 
; inw53Dcra to dhnbwb or so tocrean. All or mo« ol the protectin'* provided bv ihc- UK 
■cgularory system do noi apply to these BwecnenriT arto canpensarkm under ine U» 
Lwcsaa Compemation Scheme may na be available. IH.T 


Premier arorts Partners 

The first, exclusive investment in 
international sports 

.^gr Spoils dubs and amsnitiBS ag. Manchester United, 

G&gow Rangers 

^Clolfilng and apparel e.g. nsc. Fiia. Aduias 

Equipment manufacturers &g.cauawyGoif. 

“ Iboard Marfn 

to Fdxuary 1 997 (10 rnorths) 

uhdqs flic tad) 




he AH 


If vS 


For IuTib irtormalan please tirde the appropriate number on the Wonretawi coiijon. 

Outstanding European Eciuitv Gain: 

N o global Investor can afford ra nriss die oppotnmitie?. offered In Europe 
- and wto bener ® invest wixh than OW Mauri ImcraaBonaL Over the 
pa&i Bw years our value-orinuted Hocfcpldring approach h» been 
core^watiy rewanlcd - making us Number line to flic seoor according to 
independent Money Management statistics. 

The European Stnckmaricet Fund is pm of our e ne n sive range of offshore 
cquny. bond, managed and -deposit funds, fulfilling die needs of a broad 
spectrum Investors - fromtbe ratber adronoirous todw more risk went. 

All this with the added security of investing with Old Mutual, one of the 
*T>rU'« top life assurers Established to 1845, Old Mutual worldwide now 
manages assets in excess of U5W5 fafiUaa. 

Tb find out more, shnpjy complete and return the response coupon. 

Comprehensive Outperformarice 

Soane: Mloiyd 
Tteaf Stefa* (svooli 
Man DIMJ and 
01/2/97. TAr t bait 

zxsr-(z( . 

—— oMHCl Eaovpttt Stadkinaftet Fund 

Iterate Sttefay aKnmpu Uehfo 


o;.:> mi:i 


Perpetual the fund range 










5 Years 

IntemaikiraJ Growth 





Emerging Companies 





American Growth 





Latin American Growth 





Far Eastern Growth 





Japanese Growth 





Aslan Smafler Markets 





UK Growth 





European Growth 






• Off ore 9 offshore funds Investing woritiwtde 
(Minimum Investment USS2.000) 

• Since launch, 6 funds have achieved top quartfle periormance 

• Over the last five years, S out o(7 funds have achieved fop 
quanta pesfomtancs 

• Offshore Portfolio Management Service, based on hmd range, 
also available {Minimum Investment US$150,000) 

jV statistics ore to 1st Match 799,’ eti ar, orter-ro offw. LS Dokr tecc 
«*Jdopratore5rwr«iccfi» nei of wnfawUng taros | 3 ««a htcrc&n 

t ftaid fiswonri LM c a meOng indapefsfort research comoanv ThaKp 
FtM RBSturch K&ng ce AAA. 

For further Wormadrai please -pnono our C4«ctotof Swvtosa Departrnsm ori 
■tea (011534 00788a or send us a ten art **• (0]1S94 36818. 



Nat Asset Value per share evolution 
(Baa® 100 Starting period) Feb. 28, 1982 to Feb. 28. 19S7, (Currency: JPY) 
Index: NIKKEI 300 


- • t-^r 

.. , 


f > 




33 Jan. ‘94 Jan. "95 Jan. '96 Jan 




The Sodete General? Group launched the first French S1CAV in 19t4 
and manages today more than USD 75 billion in over thirty financial 
market places worldwide, on behalf of private investors and instilu lions. 

Since 1987, the Sotfiete Gene rate Group has been offering a 
Luxembourg based mutual fund, SOGELUX FUND, today composed of 
34 compartments with a total NAV of USD 680 million. 

SOGELUX FUND indudes: 

- 10 bond compartments specialized in countries or geographic areas 

“*"*** ■- y, France, LIK, Belgium, Switzerland. 

; Currencies, and one 



- 16 equity compartments specialized in North America, Europe, 
Japan, International Growth, Gold Mines. France. Germany. Italy, 
Spain, Switzerland, Pacific. UK, China. Emerging Asia. Latin 
America, World. 

- 7 money market compartments: USA. Europe, Belgium. 
Switzerland, Germany. France. Italy. 

SOGELUX FUND - EQUITIES JAPAN outperformed its benchmark 
over a period of five years (digraph). 


Mail this coupon or send fax to: 

Monica Barron, International Herald Tribune 
181 Avenue Charles-de-Gaulle 
92521 Neuiily Cedex France. 

Fax: (33-1)41 43 92 12. 

Please send me infoimation on the funds 
circled at no cost or obligation. 














Title (i.e. Mr, Mrs or Ms), 







Fax or Tel. 

E-mail address. 

IHT 8/3/97 



PAGE 19 


Field of (Stock) Dreams: 
Own a Piece of Your Team 

By Iain Jenkins 


S JSkTI Fans used to turn to 
the back pages of newspapers to 
read the match report on their 
favorite teams. Today, in Britain 
fa/1s “* J ust a* likely to 
“““ * **“ business pages to find out 
what has happened to the stock price of 
itheir preferred club. 

The Sun. a British tabloid with sales 
of more than Antillian, reports that more 
readers are calling its soccer stock-price 
phone line than are calling to find out 
about any other quoted companies. 

Kisnot difficult to see why. A $5 000 
investment a year ago in Manchester 
United, the leader of the English first 
division soccer league, would be worth 
close to $16,400 today. Even more im- 
pressive is Celtic, the Glasgow 
team, which would have turned 
the $5,000 into $22^00 in 12 

Michael Goldman, who runs 
a $10 million Luxembourg- 
based sports fund. Momentum . .- 
Premier Sports Partners, said: 

“Some people say that valuations are 
too high. Well, they may be for some 
p clubs but not for others. A $600 million 
valuation for Manchester United looks 
cheap to me. I think we are just at the 
start of the process.” 

Teams are evaluated like media stocks, 
on the basis of their pay-per-view TV 
earnings. They are valued at 83 times 
their turnover when they come to the 
stock market 

Extraordinary gains in the sector, 
which match anything seen in recent 
years in other speculative sectors, like 
biotechnology or even top-performing 
emerging markets like Russia, have 
prompted dub owners and investors in 
Italy, the Netherlands and the United 
States to look at sports teams in a dif- 
ferent light. 

Along with 18 British and three Dan- 
ish soccer clubs and the Boston Celtics 
National Basketball Association team, 
the Florida Panthers National Hockey 
. League team recently jumped on the 
bandwagon. Currently maintaining a 
winning record, the Panthers floated in 
December and have seen the stock more 
than double, to $26 from $10. 

AC Milan, one of Italy's top two 
soccer teams, has announced that it 
wants to float its shares. Talk in the 
soccer world is that it will be valued at 
5800 million. Two other Italian clubs, 
Lazio..df Rome did Florence’s 
Horientina, also want to list, as do the 
Dutch team PS V Eindhoven and Paris 
St. Germain, the French champion. 

Suddenly, sports teams are no longer 
seen as the unprofitable preserves of mil- 
lionaires with large egos. Many brokers 
and owners believe that the economics of 
sports teams have fundamentally 
changed thanks to lucrative television 
deals and die arrival of professional busi- 
ness managers. This opens up huge op- 

portunities and risks for investors. 

Since the beginning of the year, 
however, sports stocks are down 28 per- 
cent, due in pan to a growing sense that 
pay-per-view expectations are too high. 

And teams are not a one-way ticket to 
money-making. Investors in Mill wall, 
once in English soccer’s first division, 
are in danger of losing all their money. 
Weighed down by debts and after years 
of poor performance on the field, the 
club has suspended its stock pending 
negotiations with creditors. 

Sports investing can be as volatile as 
other typically speculative sectors, like 
biotechnology, where results from drug 
trials can cause huge swings in a stock. 
The same happens in sports, as investors 
in Brondby, the Danish soccer cham- 
pion. discovered earlier this season 
when it looked as if the club had been 
eliminated from the European 
UEFA Cup competition alter it 
had lost, 3-1. in the first leg to 
Karlsruhe of Germany. 

Fears that Brondby would 
miss out on lucrative TV money 
from the next round caused a 
collapse of the stock price, from 
240 kroner ($37) to 165 kroner ($25). But 
against the odds, Brondby beat Karls- 
ruhe. 5*0. in the away match, qualifying 
for the next round. The stock imme- 
diately jumped to 240 kroner in a day and 
has risen to a high of 370 kroner. 

The jury is also still out on whether 
sports teams have turned the comer and 
are about to become profitable busi- 
nesses. There are some skeptics who 
believe that teams are focusing too 
much on income from TV deals, mer- 
chandising and sponsorship and not 
enough on cost control. 

“Wage and transfer-fee inflation is 
the biggest threat to profitability.” said 
Dale Thrope. soccer analyst at Deloitte 
Touche, an accountancy firm that pro- 
duces an annual survey of the finances 
of English soccer. “Historically, sports 
clubs have failed to control this in- 
flation. There is always one club that is 
willing to buy success by paying top 
dollar for the best players. This forces 
every other team to do the same.” 

But others, such as Jay Smart, editor 
of the respected Sports Investor news- 
letter. saia: "W’e are in the early days of 
the reappraisal of soccer teams. Some 
clubs, like Manchester United, are genu- 
ine international brands. However, it is 
not an inexhaustible list of big brand 
clubs, and when you move away from 
the top names, it Becomes more risky.” 

The merchandising potential of Euro- 
pean soccer is enormous. Mr. Stuart 
noted that unlike American football, 
which is restricted to North America, 
soccer is an international game. Football 
had merchandising of more than S3-2 
billion a year in the mid-1980s. But 
English soccer has only about S400 mil- 
lion, although it is among the le adin g 
brands in world soccer, with a unique, 
robust end-to-end style of play. 

Investors can also buy a sports fond 


Ranking of teams by market 
capitalization. Jan. 31, 1997. 
in millions of British pounds 

price, in£ 



Manchester United 


2461 .8 







Glasgow Rangers 












Aston Villa 



Caspian (Leeds) 



Glasgow Celtic 






West Ham 



Sheffield United 






Manchester Crty 



West Brom. 






Millwall suspended 


Soured.' Sports Investor 


The Allure of the Options Option 

By Iain Jenkins 

W ITH STOCK prices in 
many of the wand's mar- 
kets at high levels, many 
investors are wondering 
whether it is rime to head for the sidelines. 
But who wants to miss a further rally? 

Options offer strategies to help small 
investors hedge their bets or to spec- 
ulate on the market's direction without 
taking excessive risks. 

Many brokers report that clients tend 
to treat options like gambling. 

“Traded options can be a very con- 
servative instrument, but most private 
investors use them to bet on whether 
the market or a stock goes up or 
down,” said Liz Wvnne-Roberts, head 
of traded options at Fanmure Gordon in 
London. 4 ‘That is a risky game.” 

What keeps the speculators coming 
back is the lure of huge profits if they 
get it right. You do not nee d a h uge 
amount of capital to make a fortune. A 
$5,000 investment in a call option thM 
goes right, with the market rising 5 
percent in a month, might earn an in- 
vestor more than $30,000. 

“The problem is that when you are 
taking a view on a stock or index, you 
need treasonable movement before you 
main* money.” said James Bateman, a 
dealer at the London broker Options 

Direct. “It can be done, but the odds are 
against you, not least because time value 
is^nxhng. The odds are «««>« 
favor if you write, or sell, an option. 
Mr. Bateman said that most people 

react in horror if you tell them to write 
an option, because it suggests that they 
are taking on huge, unquantifiable 
risks. Option buyers can only lose their 
initial investments; option writers face 
theoretically unlimited losses. 

“It is true that if you write naked 
options, then you run tire risk of getting 
it wrong and making a big loss,’ ' said. 

“But we would never recommend any- 
one does that. However, it is possible to 
write options without taking huge risks. 
And writing options is better than buy- 
ing them because the erosion of time is 
working in your favor.” 

Take this example, which will be 
relevant to many investors today: You 
own a portfolio "of 15 blue-chip stocks. 
You may be worried that markets 
around the world are overvalued but 
you do not want to sell your stock 
because in the long term you think you 
own some good companies. 

A solution would be to write covered 
call options on your stocks. If you own 
500 shares in a company that is trading 
at $1430 you could write or sell five 
$16 July calls (each option covers 100 
shares in America). You are betting 
that your stock does reach $16 by July. 
You sell each of the five options for 
$250, initially pocketing $1350. 

If the price of your stock does not 
rise above $16. you keep the $1 350. If 
it does rise past the strike price, the 
option buyer will want you to deliver 
the 5,000 shares at the $16 price. As 
you already own the stock, it is not a 
problem for you to do so. Not only is it 
not a problem, it is also a profit. 

You would be selling the stock at 
SI 6 when you had thought that the 
stock was too high at $14,30. 

Anyone who thinks that tills strategy 
is too conservative can step up the risk 
by writing a spread. You think the 
market is more likely to rise, but you do 
not own a stock — or the stocks in an 
index — on which you want to write an 
option. This opens you to unlimited 
risk, but you can cap it buy writing a 
call at one price and simultaneously 
buying a rail at a higher price. 

“You don't want unlimited risk if the 
market continues to rise," said Paul 
Duncombe. a fund manager specializing 
in currency strategies at Stale Street Glob- 
al Advisors. ‘ ‘The trick is to clearly define 
your risk by setting tire maximum amount 
you are willing to lose.” 

It works tike this: You are willing to 
lose a maximum of $4,000. So you sell 
your call at, say, 100 points above the 
current index price, which means that 
you make money if, as you expect, the 
market stays still or falls. This is because 
you keep the premium of, say $2,000, 
drat you get for writing the option. 

To avoid being seriously out of 
pocket if you are wrong and the market 
rises 300 points, you also buy for, say. 
51,000 a call at 150 points above the 
current index price to cap your loss. If 
the market then rises 3u0 points you 
only lose the $5,000 that is uncovered 
(the difference between 100 and 150 
points on the index). But you have 
already netted $1,000 on your options 
buying and selling, so your maxi m u m 
loss would be $4,000. 

Buying What You Don’t Want to Sell 

L ATE IN 1990, Robert E. Tor- 
ray started a mutual fund for 
the best possible reason: his 
friends asked him to. 

Until then, he had just managed 
pension money for huge corporations 
like Boeing Co. and unions like Am- 
algamated Transit. He was posting an 
amazing record — a return of 493 
percent for the past 10 years, accord- 
ing to CDA Investment Technologies 
(third-best among U.S. money man- 
agers). but he would not take indi- 
viduals as clients because be did not 
have the staff to handle them. 

Still, his friends wanted a piece of 
the action, and, to make them happy, 
he started the _____________ 

Torray Fund, 
never expecting 

imagine. Over the past five years, 
Torray has returned an annual average 
of 20.8 percent for its shareholders — 
nearly four points better than the 
benchmark Standard & Poor's 500- 
Stock Index. 

If you had put $10,000 into the 
Torray Fund at the start of 1995, you 
would have more than $20,000 today. 

The fund is consistent. It is ranked 
in ihe top 5 percent of all funds for the 
most recent six-month, one-year, 
three-year and five-year periods. 

What is most remarkable is that 
Torray posts big numbers (up 50.4 
percent in 1995, etc.) while keeping 
risk, or volatility, one-third lower than 


it to amount to much. Was he wrong! 

Assets have grown from $23 million 
in 1994 to $1 16 million at the end of 
1996 to $180 milli on last week. New 
money is rolling in the door at the rate 
of $1 million a day, and Mr. Toiray is 
thinking about closing the fund to new 
investors “at some point in the future, 
just when is hard to say.” 

It is not difficult to understand the 
success. The no-load Torray Fund, 
which is based in Bethesda, Mary- 
land, has been producing high returns 
with low risk ever since it was 
launched. With that combination, I 
think it is one of the 10 best among 
diversified U.S. stock funds, with top 
ratings from Morningstar Mutual 
Funds (five stars) and Value Line 


I admit to a personal bias: I like the 
Torray Fund because Mr. Torray’s 
investing philosophy is similar to 
mine. Everyone should own a fond 
that is so sympathetic that it is almost 
personal, and the Torray Fund is the 
closest thing to a Glassman Fund I can 

the average fund, according to Morn- 
ingstar. The fund keeps tax liabilities 
low, too. 

Mr. Torray keeps a small portfolio 
(just 43 companies at last count) that is 
highly concentrated (the top 10 stocks 
constitute 50 percent of assets). He 
owns mainly large-cap srocks, but size 
does not matter much. "Study busi- 
nesses on a case-by-case basis,” he 
says, “and pick the good ones.” 

oHe buys stocks he believes are 
undervalued. Right now, for instance, a 
large bclding is AT&T Corp., which 
represents a hefty 6.6 percent of the 
fund's portfolio. “I think it's an ex- 
cellent company.” he said. “It's a 
great brand name with good finances. ’ ’ 
It is also cheap, trading at a price-to- 
earnings ratio of 1 1 , about half the level 
of the entire U.S. market. 

■ He holds his stocks for a long 
time. “I don't get into stocks that I 
want to sell to someone else.” he says, 
coining a mono that investors should 
hang on their walls. In 1996. die 
fund's turnover rate was a mere 1 1 

percent. That means Mr. Torray sells 
Just one stock in nine each year. The 
average fond manager, by contrast, 
has a turnover rate of 84 percent. 

• He pays no attention to the stock 
market as a whole. He was asked, 
“How much do you care what the 
market will do in the next year?" He 
answered: “Zero. In fact, I don’t care 
what it will do in the next 20 years.” 
He cares about his own slocks, not 
about the 10,000 others. 

He admits that some of the stocks 
he currently owns have run up so high 
that their prices may have outstripped 
current economic fundamentals. One 
example is Johnson & Johnson. Mr. 
^ — Torray paid $22 
a share, and it is 
now S59, which 

comes to a P/E of 27. He was asked 
whether he was tempted to sell. 

“I'm really not.” he said. “All I do 
is look at the business. J&J is an 
outstanding business. It's a bull-mar- 
ket price, nit if I sell, my shareholders 
will have to pay taxes. And if I had to 
find a replacement that's better than 
Johnson & Johnson, I couldn't.” 

So he is holding his big winners, 
including drug companies (Bristol- 
Myers Squibb, Eli Lily) that he bought 
when the market pommeled them in 
1993 and 1994, in anticipation of the 
Clinton health plan. With the new 
money flowing into the fund at the rate 
of about $ I million a day, he is buying 
stocks that he deems cheap: AT&T 
and three cable companies, US West 
Communications Group, Cox Com- 
munications Inc. and Tele-Commu- 
nications Inc. “Almost everyone bas 
soured on them." he says, happily. 

Washington Post Sen-ice 

For further information. call: 

■ TORRAY FUND. I 301 49$ it&i 

Asian Property: Deal at Your Own Risk 

like the Momentum fund, which is up 77 
percent since it was launched in May, or 
the S54 million Dublin-listed Singer & 
Friedlander Football Fund, which was 
starred in February and is trading about 
5 percent below its offering price. 

Buying a fund has the advantage of 
spreading the risk. But it is not a pure 
investment in teams. Both Momentum 
and Singer, although primarily invested 
in teams, also have holdings in sporting 
goods companies. 

For information on sports mutual 
funds, call: 



Continued from Page 17 

executive at the Jones Lang 
Wootton real estate agency. 

In Jakarta, where all land is 
owned by the Indonesian gov- 
ernment and leased out, for- 
eigners have no access to the 
best land-use rights. Also, 
foreigners buying residential 
property in Indonesia must 
live in it or sell immediately. 
In the office market, bad zon- 
ing and lax enforcement mean 
that much new office space 
can crop up. which can send 
prices plunging, according to 
the Colliers Jardine agency. 

There is an easier way to 
invest in Asian property. 
Global Property Research of 
the Netherlands said that over 
the last decade, the total 
world-wide market capitaliz- 

ation for real estate compa- 
nies has ballooned to $240 
billion from $20 billion. In- 
vesting in real estate through 
equities is now an alternative 
to signing a deed, and it can 
mitigate a lot of risk. 

I N MANY Asian stock 
markets, property has 
been the thing to own in 
recent years. The Hang Seng 
Property sub-index has out- 
performed the entire Hang 
Seng Index by 11.8 percent 
since the beginning of Feb- 
ruary 1993. In that time — 
one entire boom and bust 
cycle In Hong Kong real es- 
tate — it also has outper- 
formed the Standard & Poor’s 
500-stock index in the United 
Stares by 47 percent. 

Property has also outper- 

formed the entire market in 
Singapore and Indonesia, but 
lagged in Australia and Thai- 
land, where the SET Property 
subindex und erpe rformed Thai- 
land's entire SET index by 53.6 
percent since Feb. 26, 1993. 
With domestic interest rates of 
about 13 percent, die cost of 
financing Thai real estate is pro- 
hibitive. Compounding the 
problem is a vacancy rare of 
about 20 percent for newly built 
residential properties. 

But when Asian land mar- 
kets are good, they sparkle. In 
the four years to Feb. 1, the 
Hang Seng Property subindex 
and its Singapore counterpart 
outperformed the Moigan 
Stanley Far East Index by 165 
percent and 135 percent, re- 
spectively. Morgan Stanley's 
index for Asia excluding Japan 

did better, but was still far 
short of the two property bull 

These numbers sound im- 
pressive, but you have to pick 
your market. From March 
1992 to Feb. 1 of this year. 
Global Property Research's 
Far East Securities Total Re- 
turn Index, which tracks 99 
Asian property developers 
and investors across the re- 
gion. underperformed the 
S&P 500 by 2.8 percent. 

As for mutual funds, only 
one Asian mutual fond is lis- 
ted by the research company 
Micropal in the real estate 
category: OBC-CEF Pacific 
Properly Shares Fund in 
Hong Kong. It returned just 
0.46 percent in the last year, 
and lost 15.5 percent in the 
last three years. 

Betting on a Cleanup 

Continued from Page 17 

Vancouver exchange is lead- 
ing the way. And aggressively 
positioning itself as a venture- 
capital exchange, Vancouver 
is seeking to be the starting 
point for these companies. 

At the end of 1996, 139 
high-tech companies and 44 
health-sector concerns were 
being traded on the exchange. 
The volume of shares traded 
for each sector was 600.6 mil- 
lion and 25 1 .9 million, respect- 
ively, on share values of $613 
milli on and $203 milli on. 

Many of these companies 
may be unknown to foreign 
investors, bat several recent 
graduates have impressed in- 
vestors on larger exchanges. 

An example is Vancouver- 
based Ballard Power Systems 
Inc., the world’s top supplier 
of the prototype fuel cells es- 
sential to power experimental 
electric vehicles produced by 
several major automakers, in- 
cluding Daimler-Benz AG 
and Honda Motor Co. Ballard 
now trades on the NASDAQ 
system and on the Toronto 
Stock Exchange. 

Another example is QLT 
PhotoTherapeutics Inc. It is 
the only company with ap- 
proval to sell photodynamic 
therapy drugs in Canada, the 
United States, Europe and Ja- 
pan. The drugs, used in con- 

nection with a light-sensitive 
device, can break down can- 
cerous cells without harming 
healthy ones and are seen as 
an alternative to radiation 
therapy. QLT also has left 
Vancouver for NASDAQ and 
the Toronto bourse. 

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PAGE 20 

^ licralb^Sribune. 



World Roundup 

Cigar Blows Smoke 

horse racing The two-time 
Horse of the Year Cigar is having 
much less success in his new role of 

Cigar, who turned 7 in January 
and was voted racing's top horse in 
I 1 995 and 1996, failed to make any 
of the 36 mares bred to him preg- 

Ashford Stud farm announced 
the news, but stopped short of say- 
ing Cigar was sterile. ‘'Some 
horses that come off the racetrack 
are slow to start,” said the farm's 
manager, Barry Simon. “Rather 
than for rumors to start, we decided 
to go ahead and make the an- 

Simon said that 16 of the mares 
bred to Cigar had been tested and 
none were pregnant. He said that 
figure was expected to increase as 
more ultrasound tests were per- 
formed in the next 10 to 20 days on 
the other mares. 

Allen Paulson, who owned Cigar 
during his racing career, told the 
Daily News in New York; “All I 
can say is that it’s a shock: We were 
counting on his babies awful 
badly.” (AP) 

Wiberg Captures Title 

SKIING Pemilla Wiberg of 
Sweden wrapped up the women's 
World Cup overall title Friday by 
finishing third in a super-G in 
Mammoth Mountain, California, 
that was won by her closest com- 
petitor, Katja Seizinger of Ger- 

Wi berg’s third place was worth 
60 points and increased ter season 
total to 1,615 — 11 more than 
Seizinger, the 1996 overall winner, 
could accumulate even by winning 
this race and the five others on die 
schedule. Her victory, in a time of 1 
minute, 16.08 seconds, increased 
her overall total to 1,104. 

Wiberg failed, however, to wrap 
up the season super-G title, ffildfe : 
Gerg of Germany ensured that I 
battle would continue in the World , 
Cup Finals at Vail, Colorado, next i 
week by placing second on Fri- | 
day. (AP) 

Kenyan-Born Dane 
Sets a World Record 

Kipketer Triumphs in 800 Meters 
As Devers Wins Amid Controversy 

By Ian Thomsen 

International Herald Tribune 

The first world record was set, most 
unexpectedly, by a black Dane. The 
sprinting gold medals went to a Greek 
male and an American woman, the 
champion Gail Devers, who earlier in 
the day had not apparently qualified for 
the final. The world indoor champi- 
onships were off to a rousing start. 

The record-setting Dane was Wilson 
Kipketer. who was bom in Kenya but 
has been living for several years in 
Copenhagen. His time of l minute 43.96 
seconds in the 800 meters came in a 
first-round heat — the first world record 
set in the preliminaiy round of a world 
championships, indoors or outdoors. 

It also happened to be his First race 
indoors this year. He hadn't been plan- 
ning to run in Paris but was convinced 
by die former Kenyan champion, Mike 
Boit, with whom Kipketer trains. 

“it was not my plan to demolish the 
field or the record,” Kipketer said. “I 
set out simply to run a safe race. I am in 
such good condition that I just wanted to 
get this heat finished without any prob- 
lems. The record is a bonus." 

A $50,000 bonus, that is, as Kipketer 
became the first world champion to be 
paid by tbe international athletic fed- 
eration for his efforts. (Kipketer will not 
receive additional bonuses if he breaks 
his world record, in Sergei Bubka style 
over the two remaining rounds). 

Kipeter, who was prevented from 
running in the Olympics last summer 
because he couldn't earn Danish cit- 
izenship in time, might be one of the 
most motivated athletes in the world. 
The previous world record, 1 :44.84, had 
been set by his former countryman, Paul 
Ereng seven years ago. 

As usual in the women’s 60 meters, 
Devers was the champion of a con- 
troversy. For two minutes in the late 

afternoon, tbe scoreboards at each end 
of the lounge-red darkness of the Bercy 
arena had rated Devers in third place in 
her semifinal heat. This despite the fact 
that Devers was credited with a time of 
7.15 seconds, which was as fast as the 
apparent second-place finisher, Ekatar- 
im Thanou of Greece. 

According to the 1AAF, a more thor- 
ough examination of the photo finish 
indicated that Devers had in fact run a 
lime of 7.142 seconds, which was sev- 
en-thousandths of a second faster than 
Thanou and thus kept Thanou out of tbe 
final. The Greeks filed a protest on 
behalf of Thanou and were denied, just 
as the Jamaicans were denied when they 
protested photo finishes at the 1993 
World Championships and last sum- 
mer's Olympics that resulted in gold 
medals for Devers and silver medals for 
Merlene Ottey. 

Ottey, suffering from a hip injury, 
decided against trying to defend her 60 
meter title on Friday. 

Such controversy takes nothing away 
from Dever’s achievements, but it does 
make them more interesting than the 
typical straight line. She won the 60 
meters in 7.06 seconds after the early- 
rounds favorite. Irina Privalova of Rus- 
sia, pulled up with an apparent knee 
injury while leading — barely — at 40 
meters. After winning, Devers bounced 
off the back wall and cradled 
Privalova's head. 

A few minutes later came the biggest 
surprise of all, as the 22-year-old Greek 
Haralambos Papadias stayed ahead of 
die favorites across the finish line. Af- 
terward, he turned and held his fists out 
before him in a kind of pose while the 
photographers, naturally, turned their 
attention to the second and third place 
men. Papadias became die first white 
man to win a sprint at a major global 
event since Alan Wells of Scotland won 
the 100 meters at the 1980 Olympics. 

Bayern Player Stricken GAMES: 5 Finalists for Olympic Pageant 

Miwa Uamann o ** ■/ A ^ 

SOCCER Dietmar Hamann, a 23- 
year-old Bayern Munich midfield- 
er, has suffered a stroke but is ex- 
pected to make a full recovery, a 
club spokesman. Markus Hoerwick 
said iTiday. 

Hamann collapsed at home 
Thursday evening and tbe left side 
of his body was partially paralyzed. 
The paralysis disappeared by mid- 
night, about four hours after the 
stroke, Hoerwick said. 

' ‘These were circulatory disturb- 
ances. The X-rays revealed no em- 
bolism,” Hoerwick said. “There 
will be no permanent damage. But 
we can’t say how long he has to 
remain hospitalized and when he 
can play again," he said. (AP) 

Leonard Unretires Again 

boxing After being beaten by 
Hector Camacho, Sugar Ray Le- 
onard told the world he was ready 
to retire, this time for good. “My 
career is definitely over/’ he said 
last weekend. Now, he has changed 
his mind — again. “I’m not re- 
tiring," Leonard, 40, said in a tele- 
vision interview Thursday, “First 
and foremost is to get my leg right 
and go through a series of tuneups 
to get myself back to where I was 
two months ago. ’ ’ (AP) ) 

Continued from Page I 

one," said Primo Nebiolo, the IOC 
member, international athletic federa- 
tion president and unofficial caretaker 
of the Rome bid. "The second will be 
much tougher.” 

On Friday, die new South Africa 
merely celebrated the announcement as 
acknowledgment of the bard changes 
undertaken by Mr. Mandela so far. Dur- 

“Tbere were geopolitical consider- 
ations." said Marc Hodlcr of Switzer- 
land, the senior IOC vice-president who 
headed (he 14-member selection college 
that drew up the short-list. “We have 
added other considerations. One of 
them was that Africa has become a great 
sports continent” 

The election could be turned upside 
down in the next few mondis by a scandal 
in one of the potential host countries, or by 

ing a huge open party Friday at die city's missteps from the bid committee’s lob- 
Waterfront, "Cape Town, Cape biers. Unknown at this stage are the polit- 

Town,” was being chanted by several 
thousand citizens of one of the world's 
most notoriously divided countries. 

"It is a validation of our capabilities 
and an expression of confidence in 
Africa as a continent with a bright fu- 
ture," Mr. Mandela said in a statement 
“The prospect of an Olympic Games in 
Cape Town presents South Africa with 
yet another challenge to play an active 
role in the African Renaissance." 

By winning the election. Cape Town 
would be agreeing to build in relatively 
quick order transportation routes, hous- 
ing and dozens of athletic facilities de- 
manded by the world's biggest spotting 
circus. This week, city officials tried to 
assure the IOC, pertiap naively, that its 
crime problem would be under control 
within three years. The IOC's selection 
college did not, mercifully, limit itself to 
tbe technical merits of each bid. 

biers, unknown at this stage are the polit- 
ical alliances that will be formed behind 
die scenes by some IOC members. 

Six cities — Istanbul. Lille, Rio de 
Janeiro, San Juan, Sevilleand St. Peters- 
burg — were knocked out of the record 
field of 11 candidates. Some of diem 
called for the IOC to improve the cur- 
rent system of short-listing, which was 
enacted to prevent lowly-rated candi- 
dates from wasting millions of dollars 
on hopeless bids. The losing cities said 
they had already spent most of their 
budget anyway. 

Tbe sorest nonfinalists appeared to be 
Istanbul and Sl Petersburg. “Are we 
seeing here the emergence of a Christian 
crusaders' mentality?" said Erman 
Tuncer, an official of the Istanbul del- 

“The two-billion strong Muslim 
community of tbe world is being ex- 
cluded from the Olympics.” 


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Gail Devers of the United States blasting out of the starting blocks in the first round of the 60 meters Friday. 

A Game Played, a Secret Revealed 

By Peter Berlin 

International Herald Tribune 

PARIS — Soccer has a guilty little 
secret that was shoved quickly behind 
the furniture when the united States 
came scampering up in the 1980s, of- 
fering to be host to the World Cup. 

While the global soccer community 
was thrilled by the idea of winning over 
U.S. television networks and their huge 
audience — and by the thought of at- 
tracting U.S. corporate sponsors and 
advertisers — the problem was that 
Americans kept asking why soccer 
games regularly finished as 0-0 draws. 

The stock answer was that, to tbe 
connoisseur, a goalless game can be 
every bit as thrilling as one that offers as 
many as two or three goals. But those 
who have grown up with soccer know 
the dark truth. A 0-0 game, even be- 
tween teams of the highest ability, can 
also be deeply tedious. 

On Thursday night, Paris-St Ger- 
main and AEK Athens, two teams of not 
quite tiie highest ability, provided a 
spectacle as mind-grindingly dreary as 
any in sport Both teams were flattered 
by a score of zero. 

The fans must have suspected what 
was coming, because even though it was 
a quarterfinal match of the European 
Cup Winners Cup and was shown in 
France only on Canal Plus, a French 
subscription channel, only 21,000 
showed up, a large minority being the 
raucous Greek fens who follow their 
teams all over Europe. 

Part of fee problem is tile two-game 
format of the competition. At times it 
seemed that both teams were happy with 
0-0, which left fee contest to be decided 
in Greece in two weeks. 

AEK had come to defend. PSG, 
which won this competition last year, 
was incapable of breaking through. 
Great teams can overcome massed de- 
fenses, but PSG is merely a good team. 
It prefers to counterattack and became 
disheartened when the Greeks refused 
to be rattled on defense. PSG will prob- 
ably be more comfortable in the away 
leg when AEK must show more ag- 

■ PSG’s plan A was lo aim high crosses 
at fee head of Dely Valdes, its leaping 
center forward. He managed one header 
on goal — PSG’s only strike on target in 
the whole first half. The ball flew 
straight at Dios Atmasidis, the AEK 
goalkeeper, but he fell as he caught it 
and nearly took it into his own goaL 

Plan B was to hope that the ball 
somehow dropped to Patrice Loko. the 
team's one lop class outfield player, in 

fee penalty area. His chance came mid- 
way through the second half when he 
tried to slip fee tell past Atmasidis from 
one yard out The goalkeeper saved wife 
his legs, and then blocked again as Loko 
drove fee rebound at goaL That was it 
for PSG. 

There was no plan C. 

Having played wife characteristic 
listiessness for fee first 80 minutes, PSG 
then sank into an equally typical de- 
pression at the end, but AEK was in- 
capable of exploiting the counterattack- 
ing opportunities it was offered. 

The Greeks seemed to be so utterly 
focused on defending in numbers when 
PSG had fee ball, that they could not 
cope when possession switched. 
Throughout, then - ball play was pitifully 
inept, their ball control was poor and 
their passing hopeless. As PSG dis- 
integrated, AEK seemed not to grasp 
feat now it had tbe chance to seize 

Last year in the Eurqpean Cup semi- 
final, Panafeinaikos of Greece played a 
similar game against Ajax in Amster- 
dam. But Panafeinaikos ted strikers of 
fee quality of Georgias Donis and 
Krisztos Warzycha in attack, and when 
Ajax faltered, they scored and won by a 
1-0 score. 

Ajax then won in Greece. 3-0, which 

I-.* ' V-- 'V 4.. 

|r,' - ■ i - ’ 

should give PSG hope. That match in 
Amsterdam was an absorbing game of 
cat and mouse. On Thursday night. PSG 
and AEK were both mice. 

Brain Br a n 1 ( Liverpool i In Nor- 
way, Mons Ivar Mjeide, Brann’s lead- 
ing scorer, started the game on the bench 
as coach Kjell Tennfiord opted to play 
just one striker. Mjeide came on at half- 
time with his team trailing. In the 47th 
minute, he came close to scoring, and in 
the ensuing action Geir Hasund scored. 
Robbie Fowler had hammered Liver- 
pool ahead in tbe ninth minute. 

Bonfloa Or Ho t onMno 2 In Lisbon, 
Fiorentina completed an excellent week 
on the road for Italian teams. Inter Milan 
had tied, 1-1, in Brussels against An- 
derlecht on Tuesday in the UEFA Cup, 
and Juventus had duplicated that result 
in Trondheim against Rosenborg on 
Wednesday, but Fiorentina Dumped 
both with a victoiy in the Stadium of 
Light Francesco Baiano scored the first 
goal and Gabriel Batistuta kicked in the 

■armtana 9, AIK Selna 1 In Bar- 
celona, Pascal Simpson gave the 
Swedes a surprise lead in the first 
minute of play. Gheorghe Popescu 
leveled in the 2d minute for Barcelona, 
and Ronaldo and Juan Pizzi scored in 
fee second half . 

.•t /•' 

- 1 

^ , !#rv. ./ - " " ' 7 :^:. 

• . -• V>r7 

Ubrn OlnW Vrm . r- IVw 

FC Barcelona's Ronaldo, right, breaking free against AIK Solna. 

Formula One Season Set to Roar Off 

By Brad Spurgeon 

Intern ational Herald Tribune 

As fee Australian Grand Prix kicks off a new Formula One 
season in Melbourne on Sunday, Jacques Viileneuve is fee 
l favorite for the drivers' title. But his new Williams teammate. 
Heinz-HaraJd Frentzen. has been only rwo tenths of a second 
behind in testing, and is quickly adapting to his new team. 

Michael Schumacher calls Frentzen the better driver. 
Should Viileneuve notwin the title in his world championship 
car — after being second last year — he might have a hard 
time finding a good team next year. 

“There are not many places to go after Formula One/’ he 
said recently. “So this place is where I'm likely to slay longer 
than in the past, but it depends how things work oul” 

Some say that Damon HUI. fee outgoing Williams world 
champion, has been seen more often drinking tea in the pits 
than driving his new Arrows car feat has had technical 
problems. At 36. if Hill shows no good results — to say 
nothingof a victory — retirement will probably be next year’s 
only option. 

The oldest driver, Gerhard Berger. 37. in in a similar 
situation, After his team. Benetion. won championships in 
1994 and ’95, it lost its star driver, Schumacher, and last year 
did not win a race. Both Berger and his teammate. Jean Alesi, 
32. are now obliged to win. 

“This is his last chance/' said Flavio Briaiore. Benetton's 
general manager, in January of Alesi. “He has to show feat he 
is not only talented but feat he is a Formula One driver." 

Alesi has won only once in 118 races. 

At Alesi ‘s old team. Ferrari, it is a crucial year as well. 
Having hired Schumacher in 1995, Ferrari set a goal of two or 
three victories in 1 996, followed by fee constructors' title in ‘97. 
After u bad start Iasi season, they won three races mostly due to 

Schumacher’s taJem. His contract was promptly extended and 
Ferrari 's championship ambitions were delayed to '98. 

The team is to race Sunday wife an old engine, however 
after the new one proved unsound in testing. 

“We just want to do a little better than last year," said Jean 
Todt, Ferrari's director, last week on French television. "I 
know feat is unreasonable to ask." 

Todt was criticized by the Italian press last year, and this '» 
week it was reported that he knew his job was on fee line. Tm - 
convinced that I've done my best," be was quoted as savin 2 

Eddie Jordan's team has been the eternal hopeful since it 
started in 1 991 . when it hired Schumacher for his first race It 
quickly lost him to Benetton, however, and has now hired 
Schumacher's younger brother. Raif. 

TTiisyear Jordan almost lost its powerful Peugeot engine to 
Alain Frost’s new team. Prost Grand Prix. Prost bought the 
L^erteam last month and signed an exclusive partnership 
wrth fee French engine manufacturer that begins in 1998 
After much politicking, Jordan managed to get Peugeot to 
allow him to negotiate for the engine next year. 

I think the first five Grand Prixs of the season wUI he 
determinant to fee rest of our association,'' Jordan said 
engine^ ^ IS season * P 1081 use the Mugen-Honda 

“Starting tomorrow we will be adversaries for a year " said 
Prost of his relationship with Peugeot at a press conference 
announcing the partnership. “We will have to get the best 
results possible not only for ourselves and our relations with 
Mugen-Honda. but also the quality of our results this year will 

ifith PeugeoT" 0 " the amount of bud 5 et will get next year V 

Two other new teams are Jackie Stewart's, and Lola 

!S, S'E® sev !5 aI y ears ’ absence. Stewart has the back 
mg of Ford Motor Co., and results are expected. 

*j\ ix> 


cMV'! c** 


PAGE 21 


Utah Advances 
To Semifinals 
In the West 

- ms rr„., 

For Keith Van Horn, it was the Dei 
feet ending. For Dale Brown, the en 
came too soon. 

, i 1 ®™’ Projected as a top pick i 

the NBA draft, made the biggest play o 
^his coHege career, tipping in a lob pas 
■ * ? Sf ? uzz l fJ[ ^h^day night to give Nc 
5 ?' 58 v,ctor y over Southen 
Methodist in the Western Athletic Con 
ference tournament. 

Only three-tenths of a second re- 
mained when the Utes in bounded under 
the basket. Andre Miller lofted the pass 

■HP.sfy Cotiioi Basketball 

k Thrift 


and the 6-foot- 10-inch (2.0 meter) Van 
Horn reached back over his head to 
make the tip from the mid-lane. 

Brown's 25-year coaching career at 
Louisiana State, however, came to a 
close with a 75-54 loss to No. 24 Geor- 
gia in the first round of the Southeastern 
Conference tournament. 

Utah (24-3) held SMU scoreless for the 
final 8:20 to advance to the Western Ath- 
letic Conference semifinals in Las Vegas. 

No. 2 Minnesota 81, Michigan State 74 
Sam Jacobson scored 18 points and 
Minnesota finished 14-0 at Williams 
Arena, its first perfecL home record 
since 1948-49. The Big Ten champion 
Golden Gophers (27-2, 16-1) won their 
12th in a row overall. 

No. 9 UCLA 07, Washington 85 Charles 
O'Bannon scored a career-high 31, and 
UCLA rallied from 1 6 points down in the 
first half to win on the road. 

No. 23 Stanford 81, No. 12 Arizona 80 

Peter Sauer hit a baseline jumper with six 
seconds left os Stanford stunned Arizona. 

No. 21 Villa nova 80, Syracuse 70 Tim 

Thomas scored 20 points as ViLlanova 
(22-8) advanced to the semifinals of the 
Big East tournament at Madison Square 
Garden in New York. Syracuse (19-12) 
trailed 64-61 with 6i£ minutes left be- 
fore the Wildcats pulled away. 

In other Big East games, Georgetown 
downed Miami 63-59. Providence beat 
West Virginia 76-69 and Boston Col- 
lege defeated Pittsburgh 76-68. 

i.'hn« hteWlo/lhu' IumkmimI (Vm 

Wayne Gretzky of the Rangers, right failed to score on this shot against the Kings, but he tallied later in the game. 

Rice’s 48 Help Hornets Sting Celtics 

The Associated Press 

Glen Rice scored a franchise-record 
48 points, and Anthony Mason had his 
second straight triple-double as the 
Charlotte Hornets beat the Boston Celt- 
ics. 122-121, in overtime. 

Tony Smith's lay-up off an assist from 
Mason with 39.5 seconds left provided 
the winning points on Thursday night, 
after visiting Boston had taken a 121- 
120 lead on Marty Conlon’s drive with 
51 seconds left in overtime. 

Eric Williams scored 25 points to lead 
six Celtics in double figures, but he lost 
the ball in the lane with three seconds 
left on Boston's last possession. Dell 
Curry then dribbled out die clock. 

Bullets 99, Heat 95 Tracy Murray 
scored a season-high 22 points, and 
Washington overcame a 15-point 

fourth-quarter deficit to beat host Miami 
and knock the Heat out of first place in 
the Atlantic Division. 

Murray scored 16 points in the fourth 
quarter, including four 3-pointers, as 
Washington won its third in a row. 

Hawks 117, 76ers 104 Christian 
Laettner. Steve Smith and Dikembe 

NBA Roundup 

Mutombo all had double digits in points 
and rebounds, and all five Atlanta 
starters scored in double figures as the 
visiting Hawks beat Philadelphia. 

Laettner bad 23 points and 12 re- 
bounds. Smith 25 points and 10 assists, 
and Mutombo 12 points and 12 re- 
bounds. Tyrone Corbin and Mookie 
Blaylock each chipped in 15 points. 

Nets 102, Grizzlies 96 Sam Cassell had 
26 points and 10 assists to lead New 
Jersey over host Vancouver as the Nets 
sent the Grizzlies to their eighth straight 
loss. Kendall Gill scored 22 for the Nets, 
rookie Kerry Kittles chipped in 21, and 
Xavier McDaniel, coming off the bench, 
had 12 points and 1 1 rebounds. 

The Nets, who pulled down 61 re- 
bounds in beating Vancouver- 111-105 
last month, outboarded the Grizzlies on 
Thursday by 56-31. 

Magic 94, Clippers 93 Anfemee 

Hardaway's bank shot with 2:11 left put 
Orlando up by three points, and the 
visiting Magic held on to beat Los 

After the Dippers' Rodney Rodgers 
hit a baseline jumper with 1 :46 remain- 
ing, neither team scored again. 

Dynamic Duo Redux 

Gretzky and Messier Lift Rangers 

By Jay Privman 

Sew York Tima Service 

INGLEWOOD, California — During 
their years with the Edmonton Oilers in 
the 1*9805. Wayne Gretzky and Mark 
Messier terrorized the Los Angeles 
Kings on a regular basis. 

On Thursday night, playing at Los 
Angeles for the first time since being 
reunited with the New York Rangers, 
Gretzky and Messier recaptured the ma- 
gic. They were involved in five of six 
goals during a 6-2 blowout of the 

Gretzky had one goal and one assist, 
and Messier assisted on three goals — 

NHL Roundup 

two while short- handed — as the 
Rangers won their second consecutive 
game. Gretzky was playing at Los 
Angeles for only the second time since 
the Kings traded him to Sl Louis last 
season. He was greeted by vociferous 
booing last season, but the reaction was 
mixed this time. 

He seemed energized by his re nun, 
and his quickness led to the Rangers’ 
first goal, at 4 minutes 2 seconds of the 
first period. On a power play, Gretzky 
eluded the defense and tapped in a loose 
puck lying in the crease after a shot was 
stopped initially by the Kings' goalie, 
Byron Dafoe. Bruce Driver starred the 
play with a shot from the left point that 
was deflected by Chris Ferraro. The 
puck trickled through Dafoe's legs, and 
Gretzky pounced on iL 

The Rangers scored three more un- 
answered goals, twice while short- 
handed. Messier was the catalyst on all 
three. He set up the Rangers' second 
goal while on a two-on-one break with 
David Oliver. 

Messier picked up an outlet pass from 
Brian Leetch and skated into the Los 
Angeles zone before feeding a cross-ice 
pass to Oliver. Although he was nearly 
past the goal line. Oliver dug the puck 
out of his skates and flipped a backhand 
shot that grazed Dafoe's mask and 
caromed into the net 

Both of the Rangers' short-handed 
goals came in the second period. New 

York went ahead by 3-0 when Bill Berg 
converted on a two-on-one break with 
Messier at 6:09. Later in the period, 
Messier again seized the opportunity 
when the Kings' defense pinched in on 
the power play. He broke out of the zone 
on a two-on-one break with Niki as Sund- 
strom, and held on to the puck the length 
of the ice before flipping it to Sundstrom, 
who redirected it past Dafoe. 

In other games. The Associated Press 

Capitals 6, Avalanche 3 Peter Bondra 
ended his slump with four goals, and Joe 
Juneau added four assists to lift Wash- 
ington over Colorado. 

Bondra became the first player this 
season to get a hat trick against the 
Avalanche and the first to score four 
goals against the franchise since 
November 1993. He scored three goals 
in less than nine minutes as the Capitals 
scored a season-high four in the second 
period on only nine shots against Col- 
orado's goal tender. Craig Billington. 

Coyotes 5, Lightning O Nikolai Kh- 

abibulin stopped 30 shots, and Mike 
Gartner scored goals against two Tampa 
Bay goal tenders as Phoenix breezed to 
victory over the host Lightning. 

The Coyotes snapped a seven-game 
(6-0-1) home unbeaten streak for 
Tampa Bay. which hadn't lost at the Ice 
Palace since Buffalo visited on Feb. 8. 

■•landers 5, Bruins 2 Claude Lapointe 
and Marty Mclnnis each bad a goal and 
assist as the host Islanders beat the Bru- 
ins in a battle of the two worst teams in 
the Eastern Conference. 

Derek King, Todd Bertuzzi and Dan 
Plante also scored for the Islanders, who 
now trail eighth-place Hartford by five 
points in the playoff hunt. Tommy Salo 
notched his 14th victory with 30 saves. 
Tim Sweeney and Ted Donato scored 
for the Bruins. 

Sharks 2 , Senators 0 Ed Belfour 
maintained his knack for shutting out 
Ottawa by stopping 29 shots to lead San 
Jose to victory. 

Belfour, acquired by San Jose in a 
trade with Chicago on Jan. 25, extended 
his career record to 5-1-1 against the 
Senators, including three shutouts. He 
also shut out Ottawa on Nov. 10 while 
with the Blackhawks. 



NBA Stanmnczs 

Euro League 







New Yak 










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11 '.S 

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New Jersey 





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32 W 







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Utah V 










Minnesota • 










Denver., - 



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San Antonio 





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LA. Lakers 





- - 







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Golden Stade 





Alfcnftl 29 31 24 33-117 

PMoMpUo 22 24 22 36—104 

A: smffll 7-18 8-9 25, Loettner 9-lfi 5-7 23; 
P: Coleman SMS *-5 23. Iverson 7-163-3 20. 
Rnfao a n ds — Altonra 52 (Laettner, Mutombo 
12L PhflndeJpftia 49 (Weather s poon, 
Coleman 9). Assists — Atlanta 27 (Smith 10). 
PhtobElphla 23 (Iverson 51. 

Washington 24 22 17 38— 99 

Mbm! 21 29 24 19- 95 

W:-Mimay-8-l42-2-22r£tifcktond 4-12-11- 
16 19! Ma Mastowm 6-17 5-7 19, Austin 7-13 
5-5 19. Rebounds — Washington 59 {Howard, 
Munson 8). Miami 45 (Brown 10). 
Assists— Washington 24 (Strtdiiand 11). 
Miami 22 (Hardaway 7). 

Boston 29 33 26 2S 8—121 

Charlotte 27 28 28 30 9—122 

B: Wltfloms 9-20 7-10 25, Water 9-16 1-3 
20; C Rice 18-27 7-8 4ft Dfvac 10-1B 3-t 21 
Rebounds— Boston 54 (Contort 9), Owrtarte 
50 (Dime IB). Assists — Boston 23 (Wesley 
91, CtwWto 33 (Mason 12). .. 

Hew Jersey 24 2D 33 Z3— 102 

Vancouver 28 17 36 25- 96 

NJ^CasseD 10-19 4-5 24, G8I 7-158-1022, 
Kittles 8-14 1-1 21; V: Peeler 6-21 7-8 24, 
AMur-Rahhn 9-21 4-4 23. Re bo unds — New 
Jersey 43 (McDaniel 11), Vancouver 40 
(Reeves 12). Assists— New Jersey 19 
(Cassell ID), Vancouver 24 (PeeterV). 
Orlando 24 21 28 19- 94 

l_A.Oip|Nre 28 27 1 8 2S-93 

O: Hardaway JO-78 1-2 7L Scott 7-17M19; 
LAj Vaught 13-20 2-2 28, Martin 5-7 54) 16. 
Reheaads— Ortonclo 57 (Grant, Setety 11). 
Los Angeles 48 . (Vaught 12). 
Assists— Orlando 16 (Hardaway 81, Las 
Angeles 17 (Debere 4). 

Partizan Belgrade 71. □,'ympiaKos 81 
Etes Pflsen '6. Moccobi Tel Aviv 67 
Alba Berlin 77, FC Barcelona 95 
Stefa net Milan 67. Kinder BotagncS? 
□bona Zagreb 61. Smetr Ohmpfia 56 
Pmathtncffu* aft Limoges 67. 

NHL Standings 

Neer Jersey 

N.Y. Rangers 30 27 9 69 215 185 

Tarmxi Boy 

26 31 7 59 17B 199 
24 32 7 £9 166 162 

W L T 




34 20 10 




31 28 5 




25 30 9 




24 31 11 




21 31 13 




21 35 9 








SL Louis 



W L T 
39 23 4 
31 19 14 
30 32 4 
28 30 B 

24 30 10 

25 37 3 










































Las Angeles 







San Jose 












N.Y. iskudas 






W L T Pis GF GA 
37 1 8 10 64 217 TAT 

34 18 12 80 177 148 

29 21 15 73 175 152 

N.Y. Islanders 22 33 10 54 176 194 


82 200 161 
76 203 149 
44 189 201 
64 194 202 
42 172 144 
53 192 2Z7 

First Period: New York, King 21 (Green, 
McCabe) 2 B-T-Sweeney 5 (D -Sweeney) 1 

5- Donaro 25 (Kennedy, Bourque) (sh). 4. 
Nr* York, Bertuzzi 4 (Andersson, SmolinsM) 
(apl. Second Period: New York. Lapointe 9 
(Mclnnis. Kruse) 6, New York, Mclnnis 20 
(Lapointe) Third Period: Now York, Plante 2 
(Webb. Piton) Shots oa goab 3- 1 0-1 0-4—32. 
New York 9-1 3-8— 30. Goafies B-Corey. New 
York, Soto. 

Colorado 1 2 0—3 

Washington 1 4 1-6 

First Period: W-Oates 20 (Tlnordi, Juneau) 
2 C-Farsberg 17 (Lemleux. Foote) Second 
Period: W-Bandra 37 [NdudUhliv PTvanka) 4. 
C-Ricd 11 (Yefla Keane) 5. W-. Phranka 5 
(Juneau) (pp). 6, C-Kamensky 21 (Lemleux. 
Fomberg) 7, W-Bandra 38 (Juneau. Housiey) 
Ipp). 8. W-Bandra 39 (Tlnordi, Rantotri) 
THrd Period: W-Bandra 40 (Juneau, Cote) 
(pp). Shots on goat C-11-12-8— 31 . W- 15-9- 

6— 30. Goafies: C-BUUngfon. W-Ranford. 

Pboenb 1 3 1-5 

Tampa Bay 0 0 0—0 

First Poriotfc Phoenix. Jarmey 11 
(Nununtoen, Roenldu Second Period: 
Phoenix, Drake 10, 2 Phoenix, Tveiriovsky 9 
(Madver, Rannlng) IppJ. 4, Phoenix. Gartner 
30 (Motives Tverdavsky) (pp).ThM Period: 
Phoenix. Gartner 31 (Homing, Tiaehuk) 

Shall an goafc Phoenix 12-10-1 2— 34. T- 7-14- 

9— 30. Goafies: Phoenix, KtwWbuIln, T- 
Taboracd, Schwab. 

Ottawa 0 0 0-0 

SaoJose 1 0 1—2 

First Period: SJ.-Kariov 13 (Nkholls, 
Frieeen) (pp). Second Ported: None Third 
Period; SJ.-Granato 18 tGuolkM Shots oa 
gMb 0- 1 7-5-7—29. S J.- 11 -6-8-25. Goalies: 
O-Tugnutt. SJ.- Belfour. 

N.Y. Rangers 2 3 1—4 

UwAogeles 0 1 1—2 

Fhst Period: New York, Gretzky 18 
(C Ferraro, Driven (pp>.2 New York, 0flver2 
[Messier, Leetch) Second Period: New York, 
B.Berg 7 (Messier, Beufceboom) (sh). 4, New 
York, Sundstrom 21 (Messier. Udsteri (sh). 
& LA.-R. Ferraro 21 tOkzyk. Boucher) (pp). 
6. New York, Leetch 18 (Beukoboanv 
Gretzky) Thhd Period: LA-Yochmenev 7 
(Norstram, Boucher). 8, New YorK C. Ferraro 
1 (Sundstrom) Shots oa goafc New York 13-6- 

10- 29. LA.- 7-9-9-25. Goafies.- New York, 
Healy. LV-Datoe, Starr. 


Barcelona 2 AIK StodOwtml 
Brnan Bergen 1. Liverpool 1 
Florenhna 2 Benflca 0 
Paris St Gemote a AEK Athens 0 
Sporting G1)on 1 Real Belli 4 
sxaicDHNMa 1. Real Madrid 42 Z 
Barcelona 53, 2 Real Betts 51 4. Deporlfva 
Corona 5ft 5. Atlefico Madrid Jt9? 4, Real 
Sodedad 45; 7, Athletic BVtao 41; & Val- 

la dodd 4ft 9, Tenerife 39; 10. Racing San- 
lander 3ft 1 1, Valencia 36; 12 Cdto Vigo 33; 
12 Oviedo 32 14, Compostela 31; 12 Rnyq 
Vafiecuno 3ft 16, Sporting Gflon 29; 17, 
Zaragoza 28, IB. Log rones 2ft 19. Espanyol 
2ft 20, Extremadura 2ft' 21, Sevilla 21; 22, 
Hercules 19. 


Zamalek 2 St. George 0 



New Zealand 1 st Innings: 337-4 
West indies 1st innings: 300-4 


Super 1 2 To uh mahout 

Canterbury Crusaders 19, WeHtogton Hurri- 
canes 17. 

The Week Ahead 

Saturday, March 8 

tennis. Rotterdam, Netherlands — ATP 
Tour, ABN-AMRO World, through March 9) 
Scntsdnte. Arizona — ATP Tour. Franklin 
Templeton Classic, through March 9; Mexico 
CHy, Mexico — ATP Tour, Mexican Open, 
through March 9f I ixfian Wells, CaHfbm la- 

women. WTA Tour. Evert Cup. through 
March 9. 

golf, Rabat Morocco— PGA European 
Tour, Moroccan Open, through March ; 
Miami — U.5. PGA Tour, Doroi- Ryder Open, 
through March 9: SMmajirt, Japan — Japan 
LPGA. DoiUn Orchid, through March 9. 

cricket. Kingston. Jamaica — ICC West 
Indies vs. India, first test through March 10: 
Hamilton, New Zealand — ICC New 
Zealand vs. Sri Lanka first test, through 
March 11. 

ATHLETICS. Parts France — l A AF. World 
Indoor Championships, ihrougn March 9. 

auto racing. Melbourne. Australia — 

FT A, Formula One. Australian Grand Prta, 

alpine swing, Stogakogea Japan — 
men, FI5, Alpine World Cup. giant slalom, 
stotom, through March 9. 

ROGOV UN KMt Super 1 2 tournament— 
Northern Transvaal vs. Queensland 

auto racing Kenya — FIA, Safari Rally, 
to March 3. 

rugby union. Sydney, AusraSa — Super 
12 New South Whies vs. WOflaria Durban. 
South AJricn — Super 12 Natal vs. Dtogo; 
Rrelorta South Airfea — Super 12 Northern 
Transvaal vs. Queensland. 

Sunday, March 9 

AUTO racing. Melbourne, Australia — 
FIA, Formula One, Australian Grand Prlx. 

soccer. Bangkok, Thailand — AFC 
World Cup quaflfyfrtg, Asia first round. 

Group ft Thailand vs. Hong Kong. 
Monday, March 1 0 

TeN nul Copenhagen. Denmark — ATP 
Tour, Copenhagen Open, through March l& 
Indian Wefts, Cafifbmla —ATP Tow 
Newsureek Champions Cup, through March 

Tuesday, March 1 1 

soccer. International friendly— Bulgaria 
vs. Slovakia. 

BASKET BALLEuroLecgue efimlnallan 
rounftsecond leg— Kinder Bologna vs. 

Stefa run Mian; Barcelona vs. Alba Beriln; 
Olympktes vs. Partlzan Belgrade; Sevilla 
vs. Teamsystem Bologna; L|ubl]ona vs. 
Clbcmo Zagreb; Eshxnarrtes Madrid vs. 
Weurbanne Limoges vs. PanathlralKos. 

Wednesday, March 1 2 

alpine swing. Van, Colorado — FIS. 
Alpine World Cup Final dawniilB, super-G. 
giant slalom, slalom, through March 16. 

Thursday, March 13 

golf, Lisbon, Portugal — PGA European 
Tow. Portuguese Open, through March 16, 
Tucson, Arizona — U.S.LPGA, Ping- 
Welch's Championship, through March lft* 
SaUuma Japon — Japan PGA, Taken 
Corporation Cup, through MArch 16. 

BASKETBALL, indkmapofls — (JJS. colege 
Championship foumamenl through March 

Friday, March 14 

CRtdCET, Port ERzabettv South Africa— 
South Africa vs. Austrafla second test 
match, Ihrough March uPort-of-Spakv 
Trinidad — one-day International, ICC West 
indies vs. India thru March 1ft Wellington. 
New Zealand — New Zealand vs. Sri Lanka 
second test matcH, through March 18. 

auto racing. Sabring, Florida — 1M5A. 

12 Hours of 5ebrfnp. 

golf, Newport Bench, CoS forma — U3. 
Senior PGA Tour, Toshiba Senior Classic, 
ihrough March 16. 





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ourapRsacHj irsuwr 

PAGE 22 



A Retiring Sort of Guy 

The Great French- American Divide 

M IAMI — f've been thinking about 
how to fix Social Security. Or- 

lVlhow to fix Social Security. Or- 
dinarily. I focus on issues like how to 
remove little pieces of pepperoni stuck 
between my teeth, and I leave govern- 
ment problems to the trained profes- 
sionals in Washington (motto: “Over- 
looking The Obvious Since 1798"). 

But they are frankly not getting the 
job done. President Clinton hasn't had 
time what with all these pesky scandals, 
which have forced him to scale down his 
vision for his second term from “build a 
bridge to the 21st century" to "settle 
out of court." 

Congress has also been busy, focus- 
ing its brainpower on the scandal swirl- 
ing around House Speaker Newt Gin- 
grich. who was formally accused by- 
members of the House Ethics Com- 
mittee of reminding them of the Pills- 
bury Doughboy. 

No. sorry. I'm confusing the House 
Ethics Committee with me. Newt was 
accused of violating the tax laws. Now 
you niav sav. in Newt's defense: "But 
EVERYBODY violates the lax laws. 
The whole POINT of the U.S. tax sys- 
tem i* to be so complicated that no 
normal human can conform to it. oreven 
think about it for more than 10 seconds 
without bleeding from the forehead. 
This system enables the Internal Rev- 
enue Service to select random taxpayers 
for audit with 10O percent confidence 
that they will be guilty' of something, 
even if they live in isolated wilderness 
areas and measure their annual income 
in squirrel meat." 

Yes, but Newt is not a "normal hu- 
man." Newt is a member of Congress, 
the very organization, if you want to call 
it that, that PASSES the tax laws, and he 
is therefore theoretically supposed to 
have some idea what they say. Of 
course, the tnith is that the congressper- 
sons are too busy raising campaign 
money to read the laws they pass. The 
laws are written by staff tax nerds who 
can put pretty much any wording they 
want in there". I bet that’ if you actually 
read the entire the U.S.Tax Code. you'd 
find at least one sex scene (“ ‘Yes yes 
YES!' moaned Vanessa as Lance, his 
taut body moist with moisture, again 
and again depreciated her adjusted gross 
rate of annualized fiscal debenture”). 

omist Francois Quesnay (1694-1774): 
"Ding dong, you’re wrong." 

What actually happens is. the gov- 
ernment takes money out of your 
paycheck and immediately gives it to a 
retired person. This system works fine 
as long as there are enough younger 
people working to support the retired 
people. But there's going to be Big 
Trouble in the year 2012, which is the 
first retirement year of the massive 
Baby Boom generation (defined, tech- 
nically, as “people who, when you say 
'Shirley, Shirley, bo-berly.’ instantly 

“We are all Americans at puberty; 
we die French." 

Evelyn Waugh, “Diary” 

International Herald Tribune 

P ARIS — The differences between 
the Americans and the French have 
a long and grand literary history that 
has faded over recent decades, pos- 
sibly because Americans have decided 
that they are a more interesting and 


respond ‘Bon ana fanna fo-ferley' 

There will be WAY too many of us 
Baby Boomers collecting benefits, and 
WAY loo few “Generation X" workers 
to support us unless they are forced to 
pay ridiculously high tax rates, and So- 
cial Security will collapse like a Wal- 
Mart lawn chair under Senator Edward 

What can we do? One solution would 
be to reduce Social Security benefits, 
but this is out of the question, because of 
the powerful senior-citizen lobby. If any 
politician dares to even talk about cut- 
backs, the American Association of Re- 
tired Persons notifies the politician's 
mother, and she immediately flies to 
Washington, marches into his or her 
office and twists his or her ear until he or 
she promises never to do it again. 


So if we can't cut benefits, what can 
we do? Unfortunately, there is no one 
easy answer. There are in fact four easy 

They deserve it. for starting this stupid 
dear craze. 

um would be increased to 1 0 years if the 
purchase involved a ceramic cat. 

RITY. This would be called the “Zsa 
Zsa" rule. 


See you on the shuffleboard court. 

<31996 The Miami Herald 

Distributed by Tribune Media Services Inc. 

My point is that our leaders, what 
with one thing and another, do not have 
time for leading, which leaves the Social 
Securii} problem up to me. 

First, we need to clear up a miscon- 
ception. Many Americans believe that 
Social Security works this way: The gov- 
ernment takes money out of your 
paycheck, keeps it for you in a safe place 
like a giant federal mattress, then, when 
you retire, starts giving it back to you. 

If that's how you think it works, then 
let me quote the famous French econ- 

important subject than the French, pos- 
sibly because Paris has become too 
expensive for expatriate novelists, pos- 
sibly because the differences them- 
selves have seemingly become fewer. 

The French not only wolf down but 
actually like Big Macs and they flock to 
Disneyland Paris while, as Diane John- 
son says. “There are no longer risqud 
shows that you can't get in Cincinnati 
or clothes that you can't get in Cin- 
cinnati. It’s a kind of muting of cultural 
differences, at least superficially. There 
are still the great ones but maybe they 
aren’t so apparent." Johnson's eighth 
novel. "Le Divorce.” is a comedy of 
manners about such differences. 

Much of the comedy comes from 
surface details (how do Frenchwomen 
find such clever ways of arranging 
(heir scarves? Why do they talk so 
much about food and never mention 
money?), but none of them is super- 
ficial. It is no coincidence that John- 
son's bright-eyed California innocent 
has the same first name as Henry 
James's Isabel Archer and that the 
book ends in betrayal, pain and death. 

Johnson, a distinguished novelist, 
biographer, essayist and scenarist of 
"The Shining." has lived for many 
years between San Francisco and Paris 
where her Californian husband, a 

prominent physician, works with 
French government tuberculosis pro- 

French government tuberculosis pro- 
grams and one of her four children is an 
architect. "Le Divorce," published in 
the United States by Dutton and by 
Cbatto & Wind us in London, has hit 
the best-seller lists in California and 
New York and brought four movie 
offers so far, suggesting that Amer- 
icans in Paris are again an intriguing 
subject, although on her U.S. book tour 
Johnson, disappointingly, was usually 
asked are the French still so rude (an- 
swer no) and which are her favorite 
Paris restaurants. 

In die six months covered by the 
novel, Isabel has come from Santa Bar- 
bara (inaccurately familiar, of course, 
to the French from the TV soap of that 
name) to baby-sit for her pregnant sis- 

ter, Roxeanne. and hoping like so many 
Americans to knock offher rough edges 

Americans to knock offher rough edges 
in "Europe, repository of something 
they wish to know, and feel they are 
entitled by ancestry to know." 

She arrives by chance on the day 
after Roxeanne' s French husband, 
Charies-Henri de Persand. has left her 
for a new love. The Persand family, 
given to huge Sunday luncheons and 
perfect manners, sides with Roxeanne, 
counsels patience, and subtly tries to 
civilize the errant Isabel, unaware dun 
she has started an affair with the el- 
derly Uncle Edgar. 

The civility continues until the di- 
vorce settlement is discussed when the 
Persands become predictably Balza- 
cian and the Americans, equally pre- 
dictably. become at once moralistic 
and litigious. The divorce is compli- 
cated by a family painting Roxeanne 
brought over from California and 
which, it turns out, may be a rare 
Georges de La Tour and therefore cru- 
cial to the divorce settlement. The 
Americans consider it theirs but as 
Madame de Persand. points out with 
dangerous French finality, "It is a 
French picrure after all," 

The subjecr of the painting is Saint 
Ursula, "a natural ascetic to whom 
renunciation would cost nothing." un- 
like the characters in the book. Johnson 
clearly has a good time weaving an 
extremely complicated plot and mak- 
ing observations, so quiet that their 
sting is almost usfelt. about the two 
societies and the expatriates trying to 
encompass them both, deluded into 
thinking that they have found the 
secrets of their new world and ter- 
minally cut off from the old. 

She is an elegant writer, unassuming 
not only in the sense of being without 
pretensions but in coming to her ma- 
terial without prior assumptions. Early 
on she abandoned her fust approach to 
the book, which was to do a reverse 
Henry James in which it is the Amer- 
icans who corrupt innocent Europeans. 
“I was able to get some of it but what 
always happens is that people become 
people and therefore they become bad 
as well as good." 

What she is dealing with in part is 
the French sense of measure and the 
American tendency to the outsized. So 
the French seem stingy, and often are, 
and the Americans seem excessive and 
often are. With their tendency to cat- 
egorize, the words the French use 
about Americans have both a positive 
and negative aspect: frank/tactless. im- 
petuous/heedless. fresh/gauche. gener- 

Her French characters, she points 
out. have a strong sense of what is 
correct, a word that means little in 
English and less now in America 
where the woolly notion of situational 
morality is gaining force. Correctness 
is a way of codifying behavior as con- 
trasted with the American notion of 
doing your own thing and going to the 
lawyer or the therapist when it doesn't 
work out. 

Novelist Johnson: Americans in Paris are again an intriguing subject. 

At its best a comedy of manners is a 
way of being serious and all Johnson '$ 
novels have dealt with issues of the day 
from urban violence to medical ethics. 
In “Le Divorce” Bosnia is part of the 
story, a shadow in the amusing Amer- 
ican/Freoch discord that suggests what 
happens when nationalism is carried to 
a tragic extreme. "Bosnia is really the 
end point of the cultural differences 
that are the subject of the book.' ’ John- 
son said. "It was the other extreme of 
the cultural homogenization represent- 
ed by Disneyland." 

For a comedy of manners, “Le Di- 
vorce" is packed with incident to the 
point that the British publishers asked 
Johnson to delete a chapter ending with 
a riot during a book reading at a shop 
based on the Left Bank’s Village Voice 
because they saw it as a set piece 
drawing parallels between Bosnia and 
Vietnam that might be alienating to 

with an attempted kidnapping and 
murder. “It's probably one of those 

murder. “It's probably one of those 
anxious reflexes arising from a lack of 
self-confidence making one go ail 
antic," Johnson explained. 1 ‘Actually, 
there have been quite a few complaints 
about that in reviews — why does she 
need all that?" 

But it is a way of bringing it ail 
together, the cultural differences with 
all-too-huraan consequences. The 
French call the murder a crime pas- 
sionnel, the Americans senseless vi-. 
olence. It ends with the same thing: a 
man is dead. But the Georges de La 
Tour turns out to be real. 


P : : 

mi hm 


% subscription. 


C OMING out of the ideo- 
logical closet, Walter 

V-' logical closet, Walter 
Cronkite has unleashed a 
full-throated attack on the 
Christian Coalition as a 
“genuinely radical move- 
ment known as the religious 
right wing. ’ ' The former CBS 
anchor signed a fund-raising 
letter for the Interfaith Al- 
liance, a religiously based 
group that claims 40.000 
members in 36 stales. The 
letter calls the Christian Co- 
alition “lavishly funded" 
with "harsh right-wing 
views" and a “militant ideo- 
logy.” It underscores 
Cronkite 's decision to use the 
credibility he accumulated 
over five decades in the news 
business to bolster a fund- 
raising appeal. “I'm obvi- 
ously dropping my imparti- 
ality here." Cronkite told 
The Washington Post. "This 
is a subject I could not handle 
if I was going back on the air. 
I do not believe I’m in any 
way compromising my jour- 
nalistic role.” 


Save up to 60 

*“ 1 Anders Knnboj/n?: A/.n^tKal 

Elizabeth Taylor was ter- CLAP HAPPY — Whoppi Goldberg signaling time-out as she is applauded by the 
rifted that brain surgery audience and the cast of “A Funny Thing Happened on the Way to the Forum.’’ 
would kill her or leave her a 

vegetable. After setting through it, she between 1900 and 1907. They were eron the corporate agenda." said Kerr. 

vegetable. After getting through it, she between ivuu ana IW7. Hiey were 
pledged to live life to the fullest. ‘Tve brought to the Mondrianhuis in Amers- 

By maintaining a far-flung network of news-gathering resources, the World's Daily 
Newspaper brings you unrivalled coverage of world politics, business and economics, 
as well as science, technology, travel, fashion, the arts and sport — all from an 
international perspective. 

Take advantage of this limited opportunity to try the International Herald Tribune 
with a low cost, 2-month trial subscription and enjoy delivery to your home or office 
every morning. 

still got a lot of living left to do. It's not 
over. The Fat Lady has not sung." 
Taylor wrote in the April issue of Life 
magazine. The actress had her head 
shaved for the tumor operation, and the 
magazine includes a photograph of her 
sans hair and makeup. "I won’t dye my 
hair for awhile. Til let it grow out 
white.” she wrote. Taylor. 65. left the 
hospital Feb. 26, but returned last Sat- 
urday after a mild seizure. 



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ABC is creating a new position for 
Roone Arledge, die longtime president 
of its news division, in a move to pre- 
pare a successor to him in that operauon. 
Arledge was named chairman of ABC 
News, while David Wes tin, who had 
been president of the ABC Television 
Network, was named president of news. 
Westin will now report to Arledge, who 
until now reported to Westin. The un- 
usual shift, which ABC described as 
promotions for both men. come as ABC 
News continues to battle a series of legal 
judgments against several of its pro- 
grams and faces a stem test for news 
leadership from NBC. which has re- 
cently challenged ABC's top position in 
the ratings among network evening 
newscasts and has Tong surpassed ABC 
among morning news shows. 

foort, which operates as a foundation 
from the artist's home, by unidentified 
collectors who thought they might be 
originals. A Canadian professor. 
Robert Welsh, authenticated them. A 
spokeswoman for the foundation said 
that the landscape would be auctioned 
by Christie's in Amsterdam on June 4. 
and that the owner of the portrait has 
decided to keep it Mondrian painted 
many figurative works before turning to 
geometrical abstract art in the 1920s. 


Nelson Mandela says that he will 
keep bringing Grata Machel along on 
foreign trips, but that a wedding is un- 
likely anytime soon, if the officials who 

er on the corporate agenda," said Kerr, 
a senior vice president. Others honorees 
included the singer and actress Bette 
Midler and Queen Noor of Jordan. 

plan his travel "do not object to any 
association which 1 have. I may con- 
tinue as l have done now." the South 
African president told reporters. Man- 
dela was speaking in Singapore on the 
third leg of a four-narion trip. His ro- 
mance with Machel. the former first 

lady of Mozambique, was made public 
last year, but this is the first time she has 

last year, but this is the first time si 
accompanied him on a state visit. 

The New York Times and the Los 
Angeles Times have each won two of 
this year's I I George Polk awards for 
outstanding journalism; The New York 
Times won an award for economics 
reporting for its series "The Down- 
sizmg' of America." And one of the 
paper’s correspondents. John F. Burns, 
won the award for foreign reporting for 
his articles on the takeover of Kabul by 
Taleban, the militant Islamic group. The 
Los Angeles Times won the prize for 
political reporting for "Money From 
Asia, about suspect contributions 
from Asian sources to the Democratic 
National Committee. The paper also 
won the award for cultural reporting. For 
Chuck Philips's articles about the inner 
workings of America's S12 billion mu- 
sic industry. The award for foreign tele- 
vision reporting was won by Christiane 
A man pour and Anita Pratap of CNN 
for * Battle for Afehaniaan " an -v _ 



Two unknown early paintings by the 
Dutch artist Piet Mondrian have been 
discovered in the Netherlands, it was 
announced Friday. The two oils. 
“Landscape with Trees" and a portrait 
of a four-year-old child, were painted 

Margaret Kerr, who convinced a 
telecommunications giant to stop using 
ozone-depleting solvents, has bin rec- 
ognized by the United Nations Envir- 
onment Program as one of 25 excep- 
tional woman leaders. Under Kerr’s 
guidance, Nortel in 1992 eliminated the 
use of ozone-depleting chlorofluorocar- 
bon solvents from its manufacturing and 
research operations, “My goal has been 
to move environmental initiatives high- 

for “Battle for Afghanistan." an ex- 
amination of the armed struggle for con- 
trol of the country, with revealing in- 
terviews of key figures in opposing 

i-nmnc A »nn^. m • U. , ° 

camps. A reporter for The Plain Dealer 
in Cleveland. Elizabeth Marchak, won 
the award for national reporting for her 
articles raising questions about the gov- 
ernment s handling of air safety vio- 
lations. The awards, administered bv 
Long Island University, were estab- 
lished in 1949 in memory of George W. 
Polk, a CBS correspondent who was 
killed in 1948 while covering the civil 
war in Greece.