Skip to main content

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

See other formats


V 






Fj&'A 




v->*£a 




% 


i fe _ 








&'0Pi£ 






IatsT 


Hera lb 



INTERNATIONAL 



Sribuni 


1116 Wor ^D^7N^^: 

Jordanian 
Opens Fire 
And Kills 7 
Israeli Girls 

6 Students Wounded; 
Hussein Voices Shock 
At Soldier’s Attack 

C**FtirJbyOnrSuffFiun Oapacha 
NAHARAYIM, Jordan — A Joitla- 
njan soldier killed seven junior hieh 
school girls Thursday when he opened 
lire with an automatic rifle as they were 
, ? n ? fiel d crip io the “Island of Peace’* 

, vin the Jordan River. 

Sixeighth-graders were wounded be- 
fore the gunman was overpowered bv 
other Jordanian soldiers. 

They said the attacker was mentally 
unstable, but Israeli leaders linked the 
shooung to Jordanian criticism of Israel 
over the impasse in the Mideast peace 

talk’s 

King Hussein, who said Tuesday that 
Prime Minister Benjamin Netanyahu of 
Israel was pushing the Middle East * ‘to- 
wards an abyss of bloodshed,** cut short 
a foreign tour and returned to Jordan, 
expressing “shock, pain and anger** at 
the attack. 

“When I warned a few days ago of 
the danger of the possibility of violence, 

I never thought it would lead to this.” 
said the king, who was visiting Spain. 

“I was fuUy within my responsibilities 
to warn of such a possibility.” 

, Crown Prince Hasson, speaking at a 
; hospital where more than 20 Jordanians 
gave blood to help treat the Israeli 
wounded, termed the shooting "a mur- 
derous act carried out by a Jordanian 
soldier on his own.” 

Asked if it would further strain re- 
lations with Israel, the prince said: “I 
don't want to read anything political 
into this. 11115 was an act of inhumanity 
and an act of murder.” 

In Washington. President Bill Clin- 
ton condemned die slayings and called 
on Middle East leaders to redouble their 
efforts toward peace and reconciliation. 
Later, the president called Mr. Netan- 
yahu from Air Force One to express his 
condolences. ■ 

The shooting, which took place on 
Jordanian land leased to Israel under 
their 1994 peace treaty, was the most 
serious violence along the heavily 
guarded border for many years. 

Some Israeli government ministers 
suggested a link between the king's 
warning, prompted by Mr. Netanyahu’s 
plans to build housing in East Jeru- 
salem, and the shooting. 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON PO 

Paris, Friday, March 14, 1997 


German Miners Cheer Compromise 



Rolia! SctadonuiMpeaer Franra-Prerae 

Miners who had blocked Bonn's streets in protest gathered in 
Cologne on Thursday to welcome news that Chancellor Helmut 
Kobl had agreed to delay cutbacks in subsidies for mines. Page 6. 






No. 35.469 


Anarchy Engulfs Albania 

Several Countries Start to Evacuate Nationals 


By Jane Perlez 

New Yuri Times Sen-ice 


TIRANA. Albania — Albania 
crumbled into anarchy Thursday, as 
gunfire rattled across the capital, and the 
united States and other countries began 
evacuating their nationals. 

At leasr 12 people were reported 
killed throughout the country. 

U.S. Marine helicopters plucked 
dozens of Americans, mainly children, 
from Tirana. Italian helicopters flew out 
hundreds of people, while olher coun- 
tries considered land routes for evac- 
uations. 

Four Chinook helicopters landed in 
Tirana early Thursday evening, sending 
out troops to help in the evacuation, said 
the State Department spokesman, Nich- 
olas Bums. They evacuated 50 Amer- 
ican civilians, mostly children. About 
170 U.S. government employees and 
dependents will be brought out by the 
military in the next day or so, Mr. Bums 
said in Washington. All those among the 
nearly 2.000 American civilians who 
want to leave will be evacuated as well, 
he said, adding that the ambassador and 
key embassy staff members would re- 
main for the time being. 

In the increasing chaos. aJJ 600 pris- 
oners escaped Thursday from the main 
jail in Tirana, according to Albania's 
director of prisons, Bedier Coko. 

Fatos Nano, head of the Albanian 
Socialist Party, jailed since 1993 for 
diverting millions of dollars of Italian 
aid. and the country's last Communist 
leader, Ramiz Alia, were among those 


who broke out. Mr. Coko told Agence 
France-Presse. 

The deeply unpopular President Sali 
Berisha, an authoritarian ruler who has 
allowed only a facade of democratic 
trappings for the last five years of his 
rule, refused to resign even though his 
departure might help calm a nation that 
has become a series of armed camps. 

In a desperate effort to focus 
Europe's attention on his country's 
crisis. Mr. Berisha and the opposition 
parties who formed a new government 
of national unity with him Wednesday, 
issued an appeal late Thursday for the 
European Union and NATO to send 
peacekeeping troops to restore order. 

An opposition leader, who was at the 
meeting, Skender Gjinushi. said Mr. 
Berisha acknowledged that he had no 
army or police and that outside forces 
were needed to quell the violence. 

But the appeal was likely to be 


scoffed at because many Western gov- 
ernments believe the fust step along the 
long road of restoring order is Mr. Ber- 
isha' s resignation. 

To help resolve the crisis, the Or- 
ganization for Security and Cooperation 
in Europe based in Vienna, of which 
Albania is a member, was planning to 
send a mission Friday morning to Al- 
bania. Their arrival Thursday was abor- 
ted when the airport was closed. 

Austria's former chancellor. Franz 
Vranitzky. was expected to suggest dur- 
ing the mission that Mr. Berisha resign 
as the best way to contain the anarchy, 
diplomats said. He would also urge that 
leaders of the southern rebellions be 
brought into discussions. 

In Tirana on Thursday morning, 
warehouses of weapons were opened 
and civilians were allowed to help them- 

See ALBANIA, Page 7 


Berlin to Begin Deporting Bosnians 

Symbolic Ouster of 2 Refugees Signals Big Program to Come 


By Alan Cowell 

New York Times Service 


See ISR AEL, Page 7 


isy' 

hosts to a costly and increasingly un- 
welcome population of Bosnian war 
refugees, the Berlin city authorities 
ordered on Thursday the deportation of 
two refugees to Sarajevo — a symbolic 
gesture signaling what is planned as a 
much greater forced exodus. 

The expulsion was the first from Ber- 
lin since some 700,000 Bosnian war 
refugees fled to Germany and other 
pans of Europe as fighting engulfed 
their land, beginning in 1 992. The order 
coincided with signs of disarray among 
German authorities about how they will 
handle what is viewed as sharpening 
tensions between refugees who want to 
stay in Germany and authorities who 
want them to leave. 


The expulsions followed small-scale 
deportations from two southern German 
states late last year before the B alkan 
winter set in, leaving German author- 
ities reluctant to risk being called hard- 
hearted by sending Bosnians to a chilly, 
uncertain fate. 

In the intervening months, German 
authorities have mounted increasing 
pressure on some of the 320,000 pre- 
dominantly Muslim Bosnian war 
refugees to return home voluntarily. 
The authorities have cut some social 
security payments and insisted that the 
overall Bosnian refugee population in 
Germany will be reduced by some 
80.000 before summer. 

Between 25,000 and 30,000 people 
have gone home voluntarily, said Judith 
Kinnin, rhe representative in Germany 
of the United Nations High Commis- 
sioner for Refugees. 


But, according to German officials 
and international relief officials, at least 
half of the Bosnian refugees still in 
Germany are Muslims whose homes lie 
in what are now areas controlled by 
Serbs. 

“Where am I supposed to go? 
Where? Where? Where?" asked Nasifa 
Kolar. a 50-year-old former official 
from the town of Bosanski Bred, now 
under Serb control, who came to Ger- 
many two years ago. She spoke in a 
phone conversation from the central 
town of Gottingen. 

“There's a panic here,” said Fadila 
Memisevic, who works at a support 
center for Bosnian refugees in Gottin- 
gen. News of the expulsions from Ber- 
lin, she said, had left many refugees 
“afraid because they have no place to 

See BOSNIANS, Page 17 


AGENDA 


Successor to Mother Teresa Is Selected 

The Missionaries of 
Charity order chose a Hindu 
convert Thursday to suc- 
ceed its ailing founder. 
Mother Teresa. 

The new superior general. 
Sister Nirmala, 62, directed 
the Calcutta-based order's 
spiritual wing. The nuns who 
chose her seemed to have 
sought a combination of 
compassion and administrat- 
ive skill to sustain an op- 
eration with 4,500 members 
in more than 100 countries. 

Mother Teresa was said 
to have been "present Jfor 
the election and blessed Sis- 
Sister Nirmala facing the press Thursday, ter Nirmala." Page 4. 

House Rejects Clinton’s Support of Mexico 

WASHINGTON (Reuters) — The 
House of Representatives voted.228 
to i 95, on Thursday to overturn Res- 
ident Bill Clinton’s finding that Mex- 
ico is an ally in the war on drugs but 
agreed to give it 90 days to improve its 



performance. The House approved a 
resolution — which would need Sen- 
ate approval and faces a presidential 
veto — that would blacklist Mexico 
but would waive the economic sanc- 
tions usually involved. 


London Is Confident 
On Outlook for 6 City 9 

Market’s Role Is Expected to Survive the Euro 


By Erik Ipsen 

Inrernational Herat J Tribune 


LONDON — On the paper- strewn 
teal-blue trading floor of Europe's 
largest futures and options exchange, 
trading in British contracts came in 
dribs and drabs. The action and the 
din, on a recent and entirely typical 
day. came at the far end of the cav- 
ernous room. 

There, frenzied traders four and 
five deep around trading pits haggled 
over prices of billions of dollars of 
futures and options from Italy and 
Germany. 

In other financial markets in which 
Britain has long claimed the lion's 
share of European business, such as 
foreign exchange and bond trading, 
the scene is much the same. The lan- 
guage is English, the location is Lon- 
don, but what the traders buy and sell 
is not often British. 

“Our position as a financial capital 
has little to do with Britain's eco- 
nomic strength, to the extent we have 
any," said Douglas McWilliams, 
chief of the Center for Economics and 
Business Research in London. 

That is good news for London. It 
means that its financial district, 
known as the City, is unlikely to cede 
its role as Europe’s leading financial 
center after a single European cur- 


rency is launched — even if. as now 
seems likely, Britain declines to join 
in this monetary union. 

When economic and monetary uni- 
on comes to Europe, Britain will slip 
farther than ever from the European 
mainstream. But proximity to eco- 
nomic power has never been crucial 
to London's role as a financial center 
where stocks, bonds and currencies 
are traded. 

Instead, for decades, the world's 
banks have come to London because 
its markets offer them cheaper and 
more efficient places to do business, 
and simply because so many have 
done so for so long. 

First of two articles 

"It would take many yeais for the 
center of gravity to shift from London 
to the Continent, if it ever did," said 
Donald Strazheim, chief economist for 
Merrill Lynch & Co. in New York 

Far from taking their business back 
to Frankfurt. Milan or Paris, Euro- 
pean banks continue to pour money 
into new offices and staff in London. 
Some financiers, in fact, now argue 
that nothing would dull London's 
competitive edge so much as having 
Britain joining in the Continent’s 

See CITY, Page 17 



Creed and Want in India 

Bought to Beg in Saudi Arabia, Children 
Return to Prick a Society Inured to Poverty 


By John F. Bums 

New York Times Service 


Dieter Uidwig/Tbr New York Time* 

Kabirul Islam, in shorts in foreground, sitting with other boys who were 
taken to Saudi Arabia to beg in the streets of Jidda, Riyadh and Mecca. 


BERHAMFUR, India — When 
Kabirul Islam emerged into a corridor at 
the child welfare center here, it was not 
hard to see why he caught the attention of 
the recruiters who prowl local villages 
looking for children to work as beggars. 

At 14, Kabirul is about half the nor- 
mal size of boys his age. He is wise 
beyond his years, and be knows the 
value of a smile. He also has a special 
quality that the recruiters, known here as 
touts, seek: He is severely disabled, with 
withered hands and feet that cause him 
to move about on all fours, supporting 
himself on heavily calloused elbows 
and ankles. 

Organized groups of child beggars 
are common in India. The children who 
beat on car windows at stoplights and 
chase after the well-to-do in the streets 
include many who are disabled and 
some, according to Indian studies of 


begging, who have been deliberately 
mutilated by criminal gangs to make 
them more pitiable when they solicit 
donations on the streets. 

But the conscience of Indians on chil- 
dren's issues has rarely been so sharply 
pricked as it has been by the plight of the 
youths of Berhampur. 

Along with at least 1 20 other children 
from this district in the eastern state of 
West Bengal, and possibly hundreds of 
other Indian children, Kabirul ’s journey 
into the world of begging took him far 
beyond the dusty streets of this town, 
which has a Muslim majority. 

In return for payments ranging from 
575 ro $1,500 and more to then- parents, 
the children were handed over to touts, 
equipped with false passports represent- 
ing than as the touts' children and taken 
3,000 miles to beg in the streets of Saudi 
Arabia. Some were as young as 4, the 
oldest about 15. 

See BEG, Page 7 


y o K5 " ,r," ... Page 6. 

5 rossword pJXs. 

Opinion *“ ,, 

Sports.. 22-23. 

i . Mews stand Pricgs 

j Cameroon ..1.600CW 

EqypU -1E&50 gaud AraWa...l0.00 R. 

j France,- 10.00 FF Senegal- 1.100 CFA 

iGaDon... 1100 CFA goaki... _225FTAS 

I Italy l- 2501 * 

I Ivory Coast 1250 CFA £ ....—10.00 Dirh 

[Jordan- 1.250J° Jg ^'(Eur.) $120 

Lebanon- LL 3,000 


Outside Washington: 2 Big Stories , 2 Big Yawns 


Scandals? Indifference in Michigan 


A Push to Raise Consciousness on NATO 


By R-W. Apple Jr. 

New York Tunes Service 




ANN ARBOR, Michigan — It s 
one of the great puzzlement of the 
year,’* Robert Teeter said. How can 
people be so indifferent to all this seamy 
ijuff? I don't know, but they are. Scan- 
dal is on everyone’s mind in Wash- 
ington and on nobody’s or almost 
nobody's — in Michigan. 

Mr Teeter, a Republican campaign 
consultant of long experience who 
managed President George Bush s un- 
suoceisful re-election campaign, has a 
theory about this seeming disconnection 
between Washington and the hinterland. 
He sees it as a manifestation of a larger 
phenomenon - die deoeasing impor- 
Uce of politics in the lives of [Amer- 
icans, and their waning interest in it 


“Every person has only so much at- 
tention to give.” he said, ‘-‘and politics 
and government takes up only a fraction 
of what it did 25 years ago. Look at the 
declining television coverage. Look at 
the declining voting rate. Economics 
and economic news is what moves the 
country now, not politics.’ ‘ 

U.S. agency monitored Chinese on 
political donations in '96. Page 3. 

Mr. Teeter was one of about a dozen 
Michiganders asked this week to reflect 
on the uproar in Washington over cam- 
paign fund-raising and its failure to find 
much of an echo in the rest of the 
country. President Bill Clinton, whose 

See FUNDS, Page 7 


By Michael Dobbs 

Washington Pan Service 


WASHINGTON — Forcing the pace 
on the expansion of the North Atlantic 
Treaty Organization, the Clinton ad- 
ministration is planning an all-out effort 
to convince Congress and tire American 
people of the wisdom of extending for- 
mal security guarantees to former So- 
viet bloc countries. 

While the issue has been hotly de- 
bated within the government and the 
foreign policy community, it has at- 
tracted little attention elsewhere in the 
country. But both supporters and op- 
ponents of enlargement believe that will 
change in the coming months, as West- 
ern governments reach agreement on a 
list of candidates to be included in the 
U.S.-led alliance by 1999. 


Under the faster paced timetable, the 
administration might ask the Senate to 
ratify security commitments to several 
East and Central European countries as 
early as the spring of 1998. Thar will raise 
the question of whether U.S. soldiers 
should be ready to sacrifice their lives for 
Warsaw and Budapest, as they already 


U.S. offers France a compromise on 
NATO's southern flank. Page 7. 

are required to defend London or Paris. 

"This is the most solemn security 
commitment that this country can give.' ’ 
said Jeremy Rosner, a former analyst at 
the Carnegie Foundation who started 
work last week as head of the admin- 

See NATO, Page 7 


The Dollar 


him Volk 

Thursday O 4 P.M. 

previous CiOOQ 

DM 

1.7047 

1.6928 

Pound 

1.5973 

1.5987 

Yen 

123.335 

122.27 

FF 

5.7485 

5.713 


ThiHtttay ckse 

previous doss 

-leoAfl 

687B.B9 

7039.37 

sap 500 I 

dungs 

Thursday 0 4 P.M. 

provtoUB dose 

-13.68 

789.76 

803.44 


Interest-Rate Fears 
Pummel Markets 

U.S. stocks and bonds plunged 
Thursday, with the Dow Jones in- 
dustrial average losing more than 
160 points, after a government re- 
port on retail sales convinced in- 
vestors that interest rates were 
headed higher. Page 14. 


E9 


r 

» 

4 








* 










INTERNATIONAL HERALD TRIBUNE, FRIDAY; MARCH 14, 1997 



PAGE TWO 



A Hello to Arms / General Mikhail Kalashnikov 


Russia’s Rifle: the AK-47 Turns 50 


By Michael R. Gordon 

New York Times Service 


M OSCOW — One of this city’s 
proudest exhibits is not a religious 
icon or a portrait. It is the Kalash- 
nikov assault rifle that a North 
Vietnamese soldier used to kill 78 Americans 
in die Vietnam War. 

“We tried to select automatic weapons that 
were used in actual hot spots,” said Nikolai 
Karpov, a senior official at die Museum of 
Armed Forces. 

The Russian military may be in a shambles. 
But recalling a prouder, if more violent, time, 
the military is celebrating the 50th anniversary 
of General Mikhail Kalashnikov’s assault 
rifle, the AK-47, which has armed more fight- 
ers than any other gun. 

A 77-year-old retired major general and a 
recipient of three Orders of Lemn during So- 
viet times. Genera] Kalashnikov has now been 
awarded one of the Yeltsin government’s 
highest decorations for “service to the Fath- 


At the recent gala opening of the Kalash- 
nikov exhibition, the inventor was received 
with almost religious reverence. Ii was a rare 
appearance for the soft-spoken General 
Kalashnikov, who lives in die Russian republic 
of Udmurtiya, where the Izhevsk Mechanical 
Engineering Plant still chums out his “chil- 
dren.*' as he fondly calls his guns. 

“Ever since I fust took apart a pistol as a 
small boy. I felt that my fate would be linked to 
guns,” General Kalashnikov told The Mos- 
cow Times. 

Certainly, few weapons have become so 


famous. During five decades of wars, uprisings 
and lesser forms of violence, AK-47s became 
the weapon of choice not only in the Soviet 
Union but also throughout Eastern Europe and 
in Soviet client states around the world. 

But it is even more famous as a symbol of 
revolution. Its silhouette is even emblazoned 
on die flag of Mozambique, one of dozens of 
countries where the current rulers gained 
power in large pan through the efficient use of 
their AK-47s. 

In all, some 70 million 
Kalashnikovs have been 
produced. They are used 
in the armies of 55 na- 
tions, and are hailed for 
their simplicity and rug- 
gedness as much as their 
firepower. In tests, AK- 
47s have performed 

flawlessly alter being Source: Jane's Infantry Weapons 
buried in muck or sand. 

The North Vietnamese soldier who set a 
grisly record with his Kalashnikov by mowing 
down American troops on April 7, 1968. was 
made a Hero of the Socialist Republic of 
Vietnam, the museum exhibit explains. 

But Kalashnikovs have not always been 


Deadly Statistics 

WEIGHT 6-9 pounds 

LENGTH 

34.5 inches 

BARREL 

16.25 inches 

EFFECTIVE RANGE 

325 yards 

RATE OF FIRE 

10 rounds/second 

CAPAcrry 

30-round magazine 


used to the advantage of the Russian military or 


its allies. Mujahidin fighters used Egyptian and 
irsions against Soviet soldiers aj 


Chinese versions against Soviet soldiers after 
the Soviet invasion of Afghanistan. Those 
guns are on display, as well. 

General Kalashnikov has had little to say 
about the ethics of being the father of the 
world’s most widely distributed firearm. “We 
created the weapon for the protection of our 
Fatherland, ’ ' he said in an interview last month 


in Kraznaya Zvezda. “If it is not used for the 
right cause, say, in ethnic conflicts in different 
places, the responsibility should be placed on 
the politicians, not the designers.” 

As recounted by his admirers. General 
Kalashnikov's story is one of true Soviet suc- 
cess. Bom in the Russian region of Altai, near 
Mongolia, he showed mechanical aptitude in 
his work with steam engines as a youth, then 
served as a tank commander in World War IL 
Wounded in 1941, 
but not so severely as to 
keep him from being 
sent out on a foraging 
mission, be returned to 
his detachment to find 
that it had been wiped 
out by Germans with 
Schmeisser machine 
pistols, automatic 
weapons that fired 
much faster than the 
bolt-action rifles issued to his comrades. While 
recuperating from his wounds, he sketched out 
a basic design for a weapon with the range of a 
rifle and rapid-fire capacity of the Schmeis- 
sers, the British Seen gun and the Americans’ 


NYT 


Thompson submachine gun. 


s 


UCCESS did not come easily. For 
years he tinkered with the design, 
building a few prototypes with the help 
of a friend but no official support. On a 


trip to Kazakstan, where he hoped to finish his 
edut 


lucation after the war, be was arrested and 
briefly detained by the local military com- 
mander for the illegal possession of firearms: 
his own inventions. 




General Kalashnikov holding a model of the assault weapon he designed* 
at a ceremony in Moscow. The gun is still used by the armies of 55 nations. 


His perseverance paid off in 1947, when be 
iMoscc 


won a Moscow competition to select a new gun 
for the Soviet Army. Soon after, Stalin ap- 
proved the plans to mass-produce the gun, 
which got its AK-47 designation as a short- 
hand for Automatic Kalashnikov- 1947. 


Over the years the guns have been mod- 
ernized and adapted to fire different calibers of 
ammunition. In addition to assault guns. wfcKft 
can fire at a rate of 100 shots a minute. General 
Kalas hnikov has developed anew sport variant 
for hunters. It can be bought for about $500. 



Colonel John Boyd Dies, Revolutionized Air Combat Tactics 


By Robert McG. Thomas Jr. 

New York Times Service 


TV Vv Vjri Trmr» 


Colonel John Boyd, in 1982, He 
never lost a bet in the air. 


Colonel John Boyd, 70. a legendary U.S. Air 
Force fighterpilot whose discovery that quicker 
is better titan faster became die basis of a far- 
reaching theory that helped revolutionize Amer- 
ican military strategy, (bed of cancer March 9 at 
a hospital in West Palm Beach, Florida. 

To combat pilots of the late 1950s. it was 
always high noon in the skies above the Nevada 
desert A pilot — a crack instructor at Nellis Air 
Force Base, perhaps, or a hotshot U.S. Navy 
flier passing through — would get on the radio 
to call him out and within minutes Colonel Boyd 
would have another notch in his belt 
They did not call him 40-Second Boyd for 
nothing. From 1954 to 1960 virtually every 
combat pilot in the country knew that the col- 
onel. a pilot in the Korean War who helped 
establish the Fighter Weapons School at Nellis, 
had a standing offer Take a position on his tail, 
and 40 twisting, turning seconds later be would 
have the challenger in his own gun-sights or pay 
$40. He never lost the bet 
At Nellis Colonel Boyd taught himself cal- 
culus so he could work out the complex for- 
mulas dial produced his awesome repertory of 


aerial maneuvers and led to his 1960 report. 
“Aerial Attack Study.” the bible of air-to-air 
combaL 

His own. combat experience had been limited 
to a few missions in Korea, but that had been 
enough to produce a breakthrough insight. 

Wondering why the comparatively slow and 
ponderous American F-86s achieved near total 
domination of the superior MiG- 1 5s, he realized 
that the F-86 had two crucial advantages: better 
visibility and a fester roll rate. 

This led him to develop what he called the 
OODA Loop, to denote the repeated cycle of 
observation, orientation, decision and action 
that characterized every encounter. 

The key to victory, he theorized, was not a 
plane that could climb faster or higher but one 
that could begin climbing or change course 
quicker — to get inside an adversary 's “time/ 
cycle loop.” as he put it 

The mack-cycle combat theory, expanded by 
Colonel Boyd into a lecture he later delivered 
hundreds of times, has since been widely ap- 
plied to everything from weapons procurement 
and battlefield strategy to business competi- 
tion. 

One implication of the theory was that the 
best fighter plane was not necessarily the one 


with the most speed, firepower or range. Col- 
onel Boyd, who enrolled at Georgia Tech after 
his Nellis tour, was helping a fellow student 
with his homework over hamburgers and beer 
one night when be had an insight that led to a 
way to quantify his ideas. 

The resulting Energy Maneuverability The- 
ory, which allows precise comparisons of man- 
euverability, has become a standard measure of 
aerial performance. 

Assigned to the Pentagon in 1964, Colonel 
Boyd became an important figure in a move- 
ment that started in response to 5400 hammers 
and other headline excesses of Defense De- 
partment spending and soon expanded to ques- 
tion the need for many hugely expensive 
weapons systems. 

Although he had allies in the Pentagon. Con- 
gress and business. Colonel Boyd's ideas often 
went against the grain of an entrenched military- 
industrial bureaucracy devoted to the procure- . 
meat of the most advanced, most expensive and 
inot coincidentally, he felt) most profitable 
planes. 

Although his design ideas helped give the F- 
15 a big, high-visibility canopy, his major tri- 
umph was the F-16, a plane lacking many of the 
F-15s high-tech, expensive features, but which 


is far more agile and costs less than half as much* 
allowing for the purchase of many more of them 
for a given expenditure. 

Top air force officers were so opposed to the 
concept of producing a plane that did not expand 
on the F- 1 5s cutting edge technology that Col- 
onel Boyd and some civilian allies developed it 
in secret. .. . 

The plane was hailed for its performance in 
the Gulf War, whose very strategy of quick, 
flexible response was based largely oil ideas 
Colonel Boyd had been promoting foryears. 

Colonel Boyd, who maintained that the lure 
of big-money defense contracts invariably per- ■■ 
verted weapons assessment, was so personally 
fastidious that during his years in the Pentagon . 
he became known as the ghetto colonel because -\ 
he lived in a basement apartment. 

Colonel Boyd carried his notion of propriety 
to such an extreme that when he retired in 1975 
and began some of his most productive work, as 
a Pentagon consultant he insisted his family 
live on his retirement pay. 

Initially offering to work frill time without 
pay, he was finally persuaded to accept one 
day’s pay every two-iycek pay period, because 
he had to be on the Pentagon payroll to have 
access to the building. 



‘jjjflil 

'hOolB* 1 


UNIVERSITY DEGREE 

BACHELOR'S • MASTER'S • DOCTORATE 
For Wort, Life aid Academic Experience 
TTwoogh CoovenrerTt Home Study 
(808) 597-1909 EXT. 23 
Fax:(310)471-6456 
httk / Ayww.pwu.com 
Fata send delated resume tor 
FREE gVfllnUflTIQH 




Pacific Western University 

1 1210 Aualv Street Dept 23 

Honolulu. H 968144922 


Possible Sting, With Thick Plot, Netted Japan Terrorists 


By John Lancaster 

Washington Post Service 


N PR* and PR1? 
now playing on 
a cable system 
near you. 


Hoar quality, independent 
programs from National Public 
Radio ■ and Public Radio Intema- 
donaT 24 hours a day on cable "m: 


Mimkh Deutsche Telekom cable, 
FM 105.95 


Zurich R&iiffusion cable, 2nd 
audio track "InfokmaT (TV signal) 


Zurich suburbs GCA Maw, 
FM 97.75 


Prague INNCT, Codes, Cartel 
cable cos. 


Lugano Cabtecom Ticino, FM 
103.35 


Locarno / BaBnzona Cabtecom 
Ttdno, FM 96, SO 


World Radio Network 
Rve-aod-a-half hours a day on 
cable and on the Astra SateiDte- 


Amarica One Channel 
And of course, 24 hows a day on 
Astra 18 Satellite, Transponder 
22. 1 1.533 GHrflfff-U WW„ 
Audio Subcarrier 7.74 MHz. 



AMERICA ONE" 


Now, fjwflyi y°" *■" ■***•" to °- 


Out ctf UW Sw’W * ® ^ ^ 

Blapp(W di.|»rlYl*Ww«U' «“<"■ 


S*** *iur 

Real Estate Marketplace 

Fri«la> 


TAANAYEL, Lebanon — To the couple 
upstairs, the acupuncture clinic in Apart- 
ment 15 was always a bit of a mystery. Its 
Lebanese owner seemed to have few pa- 
tients, they said, but she often had guests — 
Japanese guests, who brought groceries and 
sometimes stayed for weeks. 

“We used to wonder what they were 
doing, why they were coming here," said 
the wife. Now they think they know. 

Last month, Lebanese security forces 
arrested eight Japanese, including five 
members of the Japanese Red Army, a 
name synonymous with some of the most 
brazen terrorist acts of the last 25 years. 
The couple, who asked not to be identified, 
said three of the graying, middle-aged sus- 
pects whose mug shots appeared in Le- 
banese newspapers last week often stayed 
at the clinic, on the second floor of a small 
apartment building in this Bekaa farm 
town 40 kilometers east of Beirut. 


highlighting Lebanon's complex relation- 
ship with extremist groups that continue to 
use the country as a refuge, often in com- 
plicity with Syria, which dominates the 
country politically and militarily. 

The arrests were welcomed in Beirut’s 
Western embassies at first as a sign that 
Syria was acting to clean up its image as a 
sponsor of international terrorism. But the 
case has developed more {riot twists than a 


Brigadier All MakJti. deputy director of the 
State Security Agency, in collaboration 
with Japanese intelligence. The reports 


suggested that he secured Syrian approval 
by unking 


Hollywood thriller. Among them are sug- 

dible 


One — described by the couple as a 
sailed him- 


personable, rail-thin man who ca 
self “Suzuki” — was Kozo Okamoto. 49, 
who helped kill 25 civilians in an attack at 
the Tel Aviv airport in 1972. 

The arrests have caused a sensation, 


gestions in press reports, deemed credibl 
by Western diplomats, that the arrests 
capped an elaborate sting operation orches- 
trated by Japanese spies ana a senior official 
of the Lebanese secret police. 

The impression that Syria did not frilly 
endorse the arrests was heightened by the 
response of the Lebanese government, 
which first confirmed the arrests, then 
denied that any Japanese were in custody. 

After high-level diplomatic contacts 
among Damascus, Tokyo and Beirut, the 
state prosecutor, Adrian Addoum, an- 
nounced last week that Lebanon would not 
extradite the suspects, as Tokyo had asked, 
but would try them in Beirut on charges of 
forgery and entering the country illegally. 

Why were they arrested? A possible 
answer has emerged in news reports sug- 
gesting the arrests had been ordered by 


ig the suspects to several recent 
attacks on Syrians, including a bus bomb- 
ing in central Damascus in December. 

Ambassador Yasuji Ishigako denied 
that Japan was involved, in setting up the 
arrests. “Japan is an entirely transparent 
democracy that has no clandestine activ- 
ities anywhere in the world,” he said. 

It was clear by last week that Damascus 
was not entirely pleased. The most obvious 
sign was the sudden resignation of Bri- 
gadier Makki, who has since disappeared 
from view, according to Lebanese media 
reports and a Western diplomat in Beirut 
Some Lebanese condemned the arrests 
as a betrayal of the Arab cause. The Red 
Array is aligned with the Popular From for 
the Liberation of Palestine, headed by 
Georges Habash, whose rejection of Yasser 
Arafat’s peace accords wife Israel is viewed 
with sympathy by many Lebanese. 

The Japanese Red Army, founded in the 
early 1970s, has long been identified with 
Arab radicalism. In its most conspicuous 
attack, Mr. Okamoto and two accomplices 
entered a passenger lounge at the Israeli 
airport on May 30, 1972, plucked two 


suitcases from a conveyor belt and ex- 
tracted submachine guns and grenades. 
Their four-minute assault kilted 24 civil- 
ians — another died later — including 16 
Puerto Ricans on a religious pilgrimage. 

Mr. Okamoto. then 22 and the only 
terrorist survivor, was captured and sen- 
tenced to life imprisonment. He was re- 
leased in 1985 in a prisoner exchange 
between Israel and Palestinian radicals. 

Although the Red Army has all but 
disappeared, Japan has relentlessly pur- 
sued its members, apprehending three in 
recent years in Romania, Peru and Nepal. 

In mid-February, Lebanon’s State Se- 
curity Service arrested eight Japanese in 
predawn raids in West Beirut and the 
Bekaa. Also caught was Oraaya Abboud, 
35, fee acupuncturist, who had traveled 
several tunes to Japan for training in Asian 
medicine, family members said. 

Only after Japan sent photographs and 
fingerprints did Beirut grudgingly acknow- 
ledge that it had Red Army members in 
custody. They were identified as Masao 
Adachi, 57, called "die editor" for his 
work on pornographic films; Kazuo Tohira. 
44; Haruo Wako, 48, who the Japanese say 


was director of Red Army military op- 

Mr. 


erations; Marika Yamamoto, 56. and 
Okamoto. Police freed the other three. 


Bomb Explodes 
In Parisian Shop 


Reuters 

PARIS — A parcel bomb ex- 
ploded in a shop here Thursday, 
slightly injuring one person, the 
police said. 

There was no immediate claim of J 
responsibility for the blast, which 
bore none of the signs of recent 
bombings in France. 

An unidentified passer-by appar- 
ently threw the bomb into a home- J, 
decoration shop on Rue Monge, near n 
the Latin Quarter, where it bounced . 
down a flight of stairs into a storage • 
room in the cellar and exploded. An * 
employee of the shop who was alone - 
in the storage room was slightly hurt * 
by the blast, which caused minor 
damage to the building. The sus- 
pected bomber escaped. 

“The explosion was pretty 
strong — the building shook,” an 
employee of a travel agency in fee -] 
building said. 

In December, a bomb on a com- 
muter train in Paris killed four 
people. 


ip 


TRAVEL UPDATE 


WEATHER 


Clash on Hong Kong Fees New Croatia-U.S. Route 

HONG KONG (AFP) — Talks on landing 
fees for Hong Kong’s new Chek Lap Kok 
airport collapsed Thursday without an agree- 
ment. an airline spokesman said. 

At the end of the discussions between the 
International Air Transport Association and 
the Hong Kong Airport Authority, the spokes- 
man for Cathay Pacific Airways Ltd. said: 

“We are a long, long way from reaching an 
agreement." 

Negotiations are to resume in April. 

Airlines fear the landing charges will be 
more than twice those at the existing airport. 


ZAGREB, Croatia (AFP) — An agreement 
signed by Croatia Airlines and Virgin Atlantic 
Airways will allow passengers to fly from 
Zagreb to London and join a Virgin Atlantic 
flight to New York, Los Angeles or San Fran- 
cisco after a short stopover. 

Flights from Zagreb to New York will cost 
$499 and will leave five times a week. 


Because of unrest In Albania's capital, 
Austria's flagship carrier, Austrian Airlines, 
said Thursday it had canceled flights to Tirana 
until further notice. ( Reuters ) 


Don't miss Education Week, 
a series of Sponsored Sections 

starting Monday, March IZ 1997, 

Monday: Business Education in France. 

TUESDAY": Business Education in the United Stales. 
WEDNESDAY; International Education in Germany 
and Austria. 

Thursday: international Education in Switzerland. 
FRIDAY: International Education in Benelux. 


ilcral blv^fc- gribunc 


nn amtucs mitt 


Chernobyl Cuts 
Power Output 

The Associated Press 

KIEV — The Chernobyl 
nuclear plant, site in 1986 of 
the world's worst nuclear ac- 
cident, has cut its power out- 
put by half because of fuel 
shortages, the plant’s director 
said Thursday. The director, 
Sergei Paras hin. said the plant 
had not received fuel deliv- 
eries since July because it was 
out of money to buy friel. 


Europe 


Today 

Httfi LrarrW 

TcoMnwB 
Meh LewW 


OP 

OF 

OF 

OF 

Mpane 

21770 


20*8 

10*0 S 


11752 

7J44 r 

11/52 

5741 ah 

Asf-fcara 



13tt> 

■ae/pc 

Mm 

15/50 

a/46 s 

16*1 

«*8pc 

Bamfcnji 

17*2 

7/44 a 

T8B1 

9748 4 

iSSf* 

1355 

B.-46 

4739 pc 
MB* 

13S* 

U*e 

6/43 r 
4/39 Sh 

BfllGSMfi 

12/53 

7744 C 

12/53 

7(44 r 

ftjffe-qmm 



12753 

4/39 an 

Copwificgai 

7/44 

SMI nh 

B/43 

--V25 pe 

Grata D*d Sot 23173 

11/52 a 

ia» 

3)48* 

OuMn 

1355 


14*7 

7(44 c 

E*®i*nn 

12/53 

7M4 on 

1363 

6743 r 

FtoWiCH 

17/52 

7/44 fi 

16*4 

B740* 

Fisnrtsl 

11752 


1060 

1734 r 

Q**™ 

14*7 


IOSO 

SM6r 

HatsMd 

■3/27 


■48/29 

■9/70 an 

WB*Ol 

IWSO 

107 pc 

13153 

a/« «n 

UmPBSnsas 

21/70 

13*5 a 

20M 

13*6 t 

Lisbon 

18*4 


18*4 

1253 s 

London 



11/52 

3/37 a 

Mssflrt) 

20/W 

3/37S 

18*4 

409 a 

Mafcxca 

15*9 

BM8 a 

15*9 

1162 a 

Man 

I e/94 


iww 

8/48 pc 

Moscow 

5(4 1 

-7/20 ail 

■2/28 

700 pe 

MusVtfl 



11*2 

2/36 ' 

Mbs 

18*4 

11/52 ■ 

19/M 

1263 S 

CMq 

2/35 

-7/20 pc 

032 

-8/Iflpc 

Pans 

14*7 

£741 pc 

11*2 

3/37 PC 

Fragusi 

12*3 

6/43 c 

9/48 

1/34 f 

Rayigawi 

-1/31 

-307 pc 

307 

1/34 G 

noma 


409 9 

16*1 


SLPCMrebisg -2/23 

■808 PC 

-3/2T 

•018 c 



-W22s 

104 - 

1 613 pc 

SnaaMun 

15*1 

/We 

1 1/52 

7/4J l 

ToUnn 

-3/27 

- 8/18 pc 

-acfl 

■018 an 

Vsrsce 

18*1 

8M8 S 

17782 

7744 pc 

Vienna 

13*5 

SOS pc 

13*5 

6/43 pc 



-2C9C 

8/48 

1*4 pc 

Zurich 

13/55 

8743 do 

*48 

8/43 f 

Middle East 

adu Dhabi 

23/73 

14*7 pc 

27*0 

lOMpc 

Baku 

1S55 

1050 r 

>3*5 

9748 r 

Cr*a 

19/68 

046 PC 

I0G4 

8KS pe 

OvrarciK 

V4S 

307 pc 

a/ae 

2/36r 

Jorufi/rdfii 

11*2 

307 4 

8/48 


1 mnr 


67435 

28/76 

S/41 S 1 


earn 

14/57 pc 

3079 

13*5 pe : 


Forecast for Saturday through Monday, as provided try Accu Weather. Asia 


{:■- 



Jamin 

North America Europe 

An laiseasonabiy ootd shot Much of eastern Europe 
of air will move into tho will be on the dhKy side ol 
Greer Lakes. Northeast normal Into Monday with 
end mid- Atlantic mu week- unsettled weather in the 
end. foUowng a stoma exit- north. Western Europe wet 
ing into southeastern be mainly dry with near- to 
Canada Saturday. The above-normal tempera - 
Northwest should be lures. Cold wfl prevail over 
damp, while the Rookies Scandinavia Into north- 
wtil be rather mild through western Russia with 
Monday. episodes of snow and Hur- 

ries. 


Asia 

Tokyo and southern Japan 
*ntl have wet and cool 
weather over the weekend. 
Both Koreas, including 
Seoul, wilt be chilly but 
mainly dry. while Beijing 


wro enjoy a gradual moder' 
Worm in Hong 



altng trend. — 

Kong and Singapore wah a 
shower possible each day. 
but much ot The time will Africa 
stay dry. 


Today 

High Loww 
OF OF 
32/OB 2 2/71 S 
33/91 23/73 pc 
7/4* t/3* c. 

3289 20/BBb 
33/91 22/71 pc 
M/91 22 m pc 
2W&4 JlOTs 

aa«a 21/70 pc 

33/91 23/73 pc 
aarrs aeaoc 
24773 13/53 all 
MS4 23/73 oc 
2303 17/B2 c 
3&® 22/71 uc 
3088 24/75 pc 

3008 1388 pc 

3009 16/53 pc 
32 m 21770 k 
3031 23773 pc 

33191 22771 pc 
1®81 3737 1 

2780 16/01 I 
31/88 25/77 Pc 
27/BO IBM a 
IWM 7M4 c 
2780 22/71 PC 


car 


LowW 

OF 

3l« 21/JO b " 
32/89 23773 pi 
*43 0732S* 
31/88 21/70 »■ 
32/89 21/70 pc 
32769 22771 pc' 

‘ 22771 ■ 

13*6 pc 
22/7(0 . 
tflWtpe > 
lOfflOr y 


t 


2»71PF 

M/57C 


i ztrm pg. 


27/80 
32*9 
2*175 
22771 
28*4 
23773 

31/88 

31/B9 24/75 
28*4 lOHpC 
37*0 14*7 C 
33/89 22/71 pc 
38*9 23773 jp 
31*8 23/73 pe 
10*0 104*1 

17*2 7(44 e‘ 

3M9 24/73 pc 
17/62 PC 
-1/39 r - 
20*8 flf 


t 




•_ s 


«C;r . 
'-ft- .. 


26779 

12753 

28/79 


North America 




Mdmfi 

Atlanta 

Bockbi 

anemia 

Dates 

Denver 

Detroit 

Honolulu 

Mouttjn 

losArijBies 

Item 


OF 

2*6 

21*8 

2M 

iaw 

2/36 

048 

18/62 

22/71 

24/75 

25VB4 


OF 
-8/16 8 
10/50 sn 
3/37 so 
■10/1S3* 

•141 ec 

-9/16 e 
~W25 r 

7/44 pc 
M<Ki 
2«MWeti 


OF 

1/34 

13*5 

aua 

oisa 

tint 

14*7 

■1(31 


17*2 

sun 


LomW 

OF 

-10715 pc 
205 PC 
■S34 an 

• 8/18 pc 

7/44 pc 
1/34 pc 

■e/i a a 

20/88 pc 
8/48 pc 
12753 pc 

18*4 pe 


Wmwjcnus 

Montreal 

Nassau 

Nam fork 

Orlando 

IWu 

San Fmfi 


Tonne 

Vancouver 

W arn s n j l o n 


Today 

«gh LowW 

OF or 
■7/20 -14/7 U 
-1/31 -M9 sn 
2W82 20*8 pc 
8/46 8/43 St 

20*2 t»64c 
28*2 11752 k 
19/68 «48i 

10*0 yir pc 
-Ifli a/i«sn 
T > 44 3/36 e 

14/57 *48 r 


Htgt, 


•30? 

•I.Ut 

28*2 

%4& 

£5/77 

31W 

1W66 

13/55 

■7<2C 

CVSi 

12/63 


Low W 
OF 

■ 1/13 pc 
- 18 * 01 

law pc 
-1*31 ai 
12*3| 
18*1 r 

IKS3 pe 

7.-44 r 
■17? pc 
6. 43 r 
-1731 BO 


Alg/ais IMS 5/41 a 

Caps Town a am 17*2 s 

CasabtancB CT/70 W48 a 

Harare 31 /ae n/sea 
Lda« 32*8 24775 pc 

NaW« 28*4 13155 pc 

TiaPS 17*2 8M3 s 


16*4 

28*2 

20*8 

31*8 

31/88 


18*4 


8(43 pc 
1S/5BB ' 
OMSK 
11/62 S 
34/75 r*. 
13/55 stl 
7744 s 


Latin America 


Bwnos atote 23/73 ioso a 

Cwacm 28*2 22/71 pc 
28*2 21/7D pc 
MteFoCsy 24/75 BMapC 
flooeJanwp 2mz 21770 r 
Santiago 28*2 13S6pc 


22771 1«5pC 

28*4 22/M pe 

sate 22/71 c 
2477S 8M8 PC- 
26778 ia*8pc 

24/75 8M8 pc 


LofjWVt s-sumy. pc^anty obtsty. e-doudr. rf mh cwe re . i-nwndeiaprms. r-raVi. 1 
snenow. mop. W-Wonher A8 maps, f orecasts ayd data by (taart 


Oceania 



22771 14*7 s 
23773 18764 pc 


22/71 15/39 S 
24/re 18*4 PC 


Imprime par Offprint. 73 rue def Evangile, 750 fR Paris. 










■ £;? W * ll 

v ' “^ -&v V-f^j! 

- - S?|j 


‘1:' ! *H ] 

J - ; flWfcnl 


1 


T- -• 

i nor 


i iil'UCS 


; f : 
. r- * • 

t ( • 


y-aiiir 

i 

■..?’ ^/iii 



c 


■ _-■*-- — 


•v_. ; : ;H{ 
?§%■ %1 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


PAGE 3 


THE AMERICAS 


Reno’s Version on Lake 

Assumed FBI Would Brief Him, She Say* 


POLITICAL NOTfS 


ggj to ^lhony N uS aI that 

China might be trying to influence LI <5 

ffisgasawsr 

not 

• After she was briefed by the FBI last 
May about possible Chinese efforts to 
fiuiBel money to congressional candi- 
dates in the 1996 elections, Ms. Reno 
said, it was decided that she would call 
Mr. Lake. 

; “I was not able to reach Lake” and 
told the FBI “to make sure the briefing 
went forward and assumed that the 


briefing would take place — - everybody 
would be briefed.” she said at her 
weekly Justice Department news con- 
ference. 

She repealed her explanation that FBI 
agents placed no restrictions on dis- 
closing the information to other offi- 
cials. but did say it involved a sensitive 
matter. 

Both Mr. Lake and President Clinton 
say they were not briefed on the in- 
formation. The White House said the 
FBI gave it to two National Security 
Council staffers on condition that the 
staffers not tell their White House 
bosses. 

On Monday, the FBI flatly contra- 
dicted Mr. Clinton's statement. 

Ms. Reno said that she had ordered a 
review of Justice Department and FBI 
procedures to ensure that such infor- 
mation is passed along ”in a clear line of 
communications." (Reuters. API 


A No-Fund-Raising Zone 

WASHINGTON — Four receptions for wealthy 
Democratic financial benefactors to mingle with 
President Bill Clinton at the White House have been 
canceled in recent weeks out of concern that they 
would only deepen the political damage from the 
continuing furor over campaign fund-raising. 

Two top party fund-raisers said they were told by 
White House officials that Hillary Rodham Clinton 
had declared the mansion out-of-bounds for events 
intended to stroke deep-pocketed donors. 

Aides to the president confirmed that Mrs. Clin- 
ton's staff weighed in on the matter, but char- 
acterized the decision as a consensus throughout the 
White House that the liming was bad. 

“We didn’t want to do them,” Craig Smith, the 
new White House political director, said of the 
events. “Now’s not the time.” (WP) 

Social Security Panel Dies 

WASHINGTON — President Clinton has aban- 
doned the idea of establishing an independent panel 
to reduce the cost-of-living adjustments for Social 


Security and other federal benefits, after an un- 
successful effort to build bipartisan support for it 

Some Republican leaders warned that a Clinton 
retreat could doom chances for a deal this year to 
balance the budget by 2002. But White House of- 
ficials said Mr. Clinton was backing away from the 
idea because of overwhelming opposition from 
Democratic and Republican lawmakers who fear a 
public outcry if Washington scales back increases in 
popular federal benefit programs. (WP) 

Choice for No. 2 at Justice 

WASHINGTON — President Clinton plans to 
nominate Eric Holder Jr., the U.S. artomey for the 
District of Columbia, to become the No. 2 official at 
the Justice Department, a move that would make him 
the highest ranking black American law enforce- 
ment officer in U.S. history. 

Administration sources familiar with the delib- 
erations said White House officials have told Mr. 
Holder that Mr. Clinton wants him to replace Deputy 
Attorney General Jamie Gorelick, who announced 
her resignation in January. 

If he gets the job. the onetime D.C. Superior Court 
judge would leave as director of the nation’s largest 


federal prosecutor's office to step into a post that is at 
the center of the Justice Department ’s most complex 
and diffi cult deliberations, including whether to 
appoint an independent counsel to investigate al- 
leged campaign finance abuses and the approaching 
federal criminal trials in the Oklahoma City bomb- 
ing and the Unabomber murders. (WP) 


Quote /Unquote 


Amy Weiss Tobe. spokeswoman for the Demo- 
cratic National Committee, which now says it will 
take several months to return $ 1 .5 million in foreign 
or otherwise improper contributions identified by an 
audit that party leaders announced two weeks ago: 
“We’ve decided the right thing to do is to raise the 
money, and return it when we can.” (AP) 

Jim Nicholson, chairman of the Republican Na- 
tional Committee: "After they told the American 
people they were doing it and acted so self-righteous 
about it, and now we find out they haven't even done 
it, it is shocking. They should have done whatever 
was legally possible to give this money back when 
they said they were, whether that would have required 
going to the bank and borrowing it or not.” (AP) 


Eavesdrop 
Picked Up 
China Plan 
On Donors 


By David Johnston 

• New York Ti mes Service 

WASHINGTON — An in- 
vestigation into whether the 
Chinese government had a 
concerted plan to influence 
American officeholders 
began early Iasi year when the 
National Security Agency 
surreptitiously monitored a 
series of communications be- 
tween Beijing and Chinese 
officials in the United States, 
according to law-enforce- 
ment representatives. 

> Those conversations, the 
law-enforcement officials 
said, offered a fragmentary 
sketch of China's interest in 
matching the Washington 
lobbying success of its rival 
Taiwan, and also suggested 
that Beijing was p r epar ed to 
take a drastic step: funneling 
illegal campaign funds to 
American politicians. 

As a result, tire officials 
said, the FBI prepared a list of 
about 30 members of Con- 
gress who the bureau thought 
might be subjects of the 
Chinese effort. For reasons 
still unclear, the FBI advised 
only half a dozen of them, in 
private meetings last June. 

Although suspicions of a 
Chinese government effort to 
influence U.S. policy has be- 
come central to the campaign 
finance furor in Washington, 
government agents treated 
the security agency’s report at 
.the time as routine counter- 
« intelligence information. 
Thar helps explain .why the 
FBI. in giving that informa- 
tion to the White House, 
provided it only to two mem- 
bers of the National Security 
Council staff charged with 
overseeing such matters. 

The existence of an intel- 
ligence report on interest by 
China in influencing the 1996 
U.S. elections was reported 
by The Washington Post last 
month. But the involvement 
of die National Security 
Agency, how the information 
was gathered and how it was 
handled by the FBI have not 
been previously known. 

The law-enforcement offi- 
cials, who spoke Wednesday 
ion condition of anonymity, 
said the agency, which trains 
eavesdropping equipment on 
overseas comm uni cations, 
began die China effort early 
last year. But it was spring, 
the officials said, before ana- 
lysts fully understood it- 

The information was then 
passed, as is routine practice, 
to top counterintelligence of- 
ficials at FBI headquarters 
and. in June, to the two of- 
ficials at the National Secu- 
rity Council- 

But for the most part it was 
tightly held. Not even the 
FBI’s Washington field of- 
fice, which maintains a squad 
of agents to monitor the 
Chinese Embassy, was aware 

of it, the officials said. 

\ The agency report suggest- 

• ing that the Chinese govern- 
ment was prepared 
money to U.S. officeholders 
runs contrary to Be 1 J mg 
pealed denials that it has e 
tried to influence U.S. domes- 
tic politics. But it was unclear 
from the officials A®®®, 
what was to be the destina 
of any such money. 



Omd McradwThc AMooMsd Pm* 

BOLIVIAN FIRST — Remedios Loza, an Aymara Indian legislator, greeting 
supporters in La Paz after accepting the nomination of the Conciencia de Patria 
party to run for president She Is the first woman to seek Bolivia's highest posL 


New York Tunes Serv ice 

HOUSTON — A former Mexican police 
agertt has told a jury that he delivered suitcases 
of cash to Mexico’s top drug enforcement 
official, who was waiting in a car parked 
outside the Mexican attorney general’s office. 

1 ‘That’s him.’ ’ die former agent said, point- 
ing across a courtroom here at Mario Ruiz 
Massieu, the deputy attorney general to whom 
the officer said he delivered protection money 
in August 1994 and put it in the trunk. 

The account offered Wednesday by Raul 
Macias, who said he had been the bodyguard 
to a federal judicial police commander until 
last year, was the most important testimony to 
date in a civil trial unfolding here. 

In the trial, which began Monday, U.S. 
prosecutors have painted a picture of sys- 
tematic narcotics corruption in Mexico, with 


the entire law enforcement apparatus, from 
police to prosecutors, in the pay of traffickers. 
“No matter who the police commander was 
or who has occupied the post of attorney 
general, the protection payments have con- 
tinued,” said Jesse Rodriguez, an assistant 
U.S. attorney prosecuting the case. 

At issue in the trial is whether Mr. Ruiz 
Massieu. a relative by marriage of former 
President Carlos Salinas de Gortari, can keep 
$9 million that he deposited in a Houston 
branch of Texas Commerce Bank from late 
1993 through early 1995, roughly the period 
when he was a deputy attorney general. 

Mr. Ruiz Massieu says the money was ob- 
tained from government bonuses paid to him, 
as well as savings amassed by his family. U.S. 
prosecutors as sen that it was money paid by 
traffickers for protecting their illicit business. 


Suspect Held in Cosby Son’s Slaying 




Canfulolty Our Sktf From Dupatcha 

LOS ANGELES — One 
man is under arrest and two 
other people were being ques- 
tioned Thursday in the shoot- 
ing death of the son of the 
comedian Bill Cosby. 

The suspect, whose name 
was not released when the ar- 
rest was announced at a news 
conference late Wednesday 
night by Los Angeles’s police 
chief, Willie Williams, was 
said to bear a close resemb- 
lance to a composite sketch 
circulated after the slaying. 

“We have evidence link- 
ing die suspect to the case,” 
Mr. Williams said. 

He added that the suspect's 
name was being withheld be- 
cause the investigation had 
not been completed. 

' He said the two other sus- 
pects were a man and a wo- 
man. 

Ennis Cosby, a 27-year-old 
graduate student at Columbia 
University, was on a visit to 
Los Angeles at the time of his 
death on Jan. 16- His body was 
found at 1 AM. lying next to 
his Mercedes-Benz convert- 
ible, which he had pulled off 
Interstate 405 cm the city's 
west side to change a flat tire, 
according to the police. 

Investigators said be was 
on his way to a late-night visit 
with a friend in the San 
Fernando Valley. 

When the arrest was made 
in the San Fernando Valley on 
Wednesday night, investiga- 
tors seized evidence linking 
the man to the killing, Mr. 


Williams said. He would not 
elaborate. He did not give the 
man’s name, but said be was 
believed to be a Los Angeles 
resident 

The Los Angeles Times, 
quoting an anonymous 
source, said the police be- 
lieved the shooting involved a 


gang of about four “Russi- 
an” robbers. Another source 
said the police were tipped off 
about the shooter and pos- 
sible accomplices, who ap- 
parently dia not know Mr. 
Cosby, by someone who 
wanted to settle a score. 

(AP.NYT) 


Entire Fifth Avenue Building 
Delivered Vacant 

SEALED BID AUCTION 


DEAD LINK .\L\Y 1 . 1997 


838 fifth Avenue 

at East 65th Street 
Opposite Central Park 
New York, NY 

Perhaps The World’s Most 
Prestigious Location 


Sals of Fee Simple 

• Canady 50,000 Sq.FL 

• 11 Story Office BriWkig 

« Suitable UtafrLamry Rratenfal, 
Notforprofit, Coosote* 

• Windows on 4 sides 


For farther infomuuon, 
■ and a bid 
; contact 


MASSEY KNAXAL 
REALTY SERVICES. INC. 
FttlMasq; President 
«Q Pari Aw, NX NY 10082 
fa2)88M850 



a EASTERN CONSOLIDATED 
PROPERTIES, INC. 

Peirr Huspurg, C3iamnaa 
122 Esa 42nd &, NX NY 10017 
(212H&770O 



jT ^j^BFADERS in Luxembourg 

It’s never been easier to subscribe and save. 
Just call toll free at 0 800 2703. 

71 eralh .^^ Sritnm e 


Politicians’ Dream, TV’s Nightmare 


By James Benner 

New York Times Sen’icc 


Bags of Cash in the Trunk 

Top Mexico Drug Official Took Payoffs, Ex- Agent Says 


WASHINGTON — It’s a Thursday 
night in the year 2000, and you've 
flipped on the tube to catch your favorite 
new comedy program. 

Suddenly, the screen fills with the 
gray-suited figure of AJ Gore. Demo- 
cratic candidate for president, earnestly 
addressing the camera about his fears of 
chlorofluorocarbon* and his vision for 
the microchip. 

You reach for the remote. 

It is the dream of President Clinton 
and others who want broadcasters to 
give time to politicians that you will not 
flick away. Instead, you will lean back 
and hear Mr. Gore out, as you will other 
candidates for president and Congress. 

“Will it bore America to tears?” 
asked Paul Taylor, executive director of 
the Free TV for Straight Talk Coalition. 
“I think people are underestimating the 
voters. I think there is a real hunger for 
political information.” 

That may be. But Mr. Taylor. Mr. 
Clinton and their allies must overcome 
many obstacles before they can test that 
theory. 

On Tuesday, the president asked that 
broadcasters surrender time to candidates 
in exchange for new licenses to provide 
digital high-definition television, ex- 
traordinarily valuable licenses that they 
are to get free of charge. Mr. Clinton 
contended that free broadcast time would 
take the pressure off candidates to raise 


money, since most campaign dollars go 
to pay for commercials. 

But the broadcasters, one of the most 
powerful lobbies in Washington, have 
already begun to fight, saying such a 
plan would cost them a fortune and 

NEWS ANALYSIS 

violate their Fifth Amendment rights, 
which bars private property from being 
taken for public use without just com- 
pensation, as well as their First Amend- 
ment rights. 

Supporters of free time must grapple 
with a bundle of practical concerns. Who 
would decide when the commercials 
would be broadcast? What would stop 
candidates from buying commercials 
beyond their free time — and continuing 
to raise gobs of money to do so? 

Supporters of the plan are divided 
over some questions. Mr. Clinton, for 
example, said candidates should “talk 
directly to the voters without gimmicks 
or intermediaries.” 


But that idea alarms people like Bob 
Shrum, the Democratic media consult- 
ant who. unlike most members of his 
profession, supports free time. “As a 
general proposition, I think any kind of 
government regulation of speech is a 
bad idea.” he said. 

To the problem of allocating time, 
supporters of free political ads have 
proposed a “national political time 
bank,” into which every radio and tele- 
vision station would deposit one or two 
hours of prime advertising time for each 
two-year political cycle. The total mar- 
ket value of the time would be about 
$500 milli on. 

The time bank aims to limit fund- 
raising by congressional candidates and 
to end “sofi money.” the unlimited 
donations at the heart of the current 
uproar over campaign finances. 

Based on the $500 million in the time 
bank, the Federal Election Commission 
would give candidates and parties 
vouchers that would be redeemable at 
any station. 


Away From Politics 

• The army is rejecting a call by the 
NAACP and the Congressional Black 
Caucus for an outside inquiry into the 
service’s investigations of sexual har- 
assment within its ranks. The calls for an 
independent investigation came after 
five white female soldiers charged that 


army investigators had tried to get them 
to falsely charge their superiors, many 
of whom are black, with rape. (AP) 

• Nearly one in seven children in the 
United States lacked health insurance in 
1995. the Children’s Defense Fund re- 
ports, warning that the nation needs to 
make expanding health coverage for 
children a top priority. (WP ) 


Meeting Africa's Growing Oil 

and Gas needs 


A frica’s hydrocarbon potential Isi 
attracting increasing attention 
Exploration activity Is Increasing 
lacross the continent,especfally Ini 
Western Africa and production is being 
lestabiished in new areas. Africa’s ol 
industry is entering a period of expan 
sion. 

For anyone interested in shaping the 
future, the Oil and Gas Africa ‘97 confer- 
ence/exhibttion In Accra between 2nd 
and 4th April is a vital forum. 

The event will bring together key opin-j 
ion leaders and top management and 
other participants from multi-national 
and African corporations, financial insti- 
tutions and governments. 


OIL 


AFRICA 



GAS 


INTERNATIONAL CONFERENCE 
CENTRE 


ACCRA GHANA 


THE WORLD’S QUIY NEWSPAPER 



2ND - 4TH APRIL 97 


FOR FURTHER INFORMATION CONTACT: 

Mragv, Public Maks Dapvtmml 
GKPC PMrotaumHou* 

Private IM Bag 
Tama. Ghana 
Tat 423321232056 
Fax: +233 (0) 22-206068 

E-mail: gnpc@ncs.com.gh 
http://www.gnptcom.gh 


FSG Commutations Lid 
Vine HousM GraenRoach 
Cambridge CB5QJD 
UK 

Tab 444 1638743633 
Fac 444 1636 743896 
and: kdo@ftgxo.uk 


Qutncy SMtai 
PO BOX 60627 AMP 
HowtoaTX 772054627 
USA 

11*12814488660 
Fac 4-1 261 4468566 


£9 






-I a 5 










. " 




PAGE 4 


INTERNATIONAL HERALD TRIBUNE, FRIDAY. MARCH 14, 1997 

ASIA/PACIFIC 


Lee Kuan Yew Apologizes for Remarks That Angered Malaysia 


w 


By Michael Richardson 

Inienumonal Herald Tribune 

SINGAPORE — Seeking to prevent 
a serious rift in relations with Malaysia. 
Lee Kuan Yew, Singapore's senior in bl- 
ister. apologized “unreservedly'' 
Thursday for remarks that brought a 
storm of protest from Malaysians. 

The public apology was a rare act for 
Mr. Lee, a tough and often outspoken 
former prime minister from 1959 to 
1990 who remains a powerful figure in 
Singapore. 

“The senior minister had no intention 
to cause offense and apologizes unre- 


Beijing Assails 
Vote in U.S. 

On Hong Kong 


Catbird by Oar SugFrtm Dopaarha 

BEIJING — China criticized the 
United States on Thursday for meddling 
in its relationship with Hong Kong, say- 
ing a bill passed by the U.S. House of 
Representatives calling on Beijing to 
honor its treaty obligations amounted to 
unacceptable interference in Chinese af- 
fairs. 

A Foreign Ministry spokesman. Cui 
Tiankai. said no foreign government 
had the right to involve itself in matters 
concerning China and Hong Kong, 
which is slated to revert to Chinese rule 
on July 1 . 

In Washington, the House approved a 
bill Tuesday calling on Beijing to honor 
a treaty with Britain that promises Hong 
Kong extensive autonomy after its re- 
ium to China. 

“There are some people in the U-S. 
Congress who know nothing about real- 
ities in Hong Kong and have no idea 
about China's Hong Kong policy." Mr. 
Cui said at a news briefing. 

“This kind of gross interference in 
China's internal affairs is wrong. We are 
resolutely opposed to this and definitely 
cannot accept it." 

Mr. Cui said the U.S. Congress, with- 
out making an in-depth study, went 
ahead with a resolution that “incites 
suspicions about China's sincerity and 
determination." 

Chinese- American relations have 
long been strained by disputes over is- 
sues ranging from trade to human rights 
to U.S. relations with Taiwan, which 
China regards as a renegade province. 
But both Beijing and Washington have 
made efforts to'improve their relation- 
ship in recent months. 

The House of Representatives' bill, 
approved by a vote of 4 16 to 1 . said that 
a failure by China to prov ide an elected 
legislature for Hong Kong would vi- 
olate a 1984 agreement with Britain in 
which China vowed to leave Hong 
Kong’s political and economic systems 
intact for 50 years except in matters of 
defense and foreign relations. 

The House resolution would allow 
President Bill Clinton to halt textile and 
computer imports from Hong Kong and 
to impose other trade restrictions if 
China failed ro honor its prior com- 
mitments. 

China has vowed to scrap the British 
colony’s current elected legislature and 
replace it with one supported by the 
central government. (Reuters, AP) 


servcdJy for the offense he has caused to 
the government and people of Malaysia 
by his statement on Johor." a statement 
from Mr. Lee's press secretary said. 

Mr. Lee said in a recent affidavit for a 
libel case that the Malaysian stare of 
Johor, which is linked to Singapore by a 
causeway, was “notorious for shoot- 
ings. muggings and carjackings.” 

Analysts said that the strength of the 
protests in Malaysia threatened to dam- 
age relations unless an apology was 
forthcoming. 

Most of Singapore’s water and much 
of its food comes from Malaysia. Al- 
though die two countries have close ties 


and cooperate in some areas, there is 
increasing economic rivalry between 
them. 

Analysts said that Mr. Lee's derog- 
atory reference to Johor touched a sen- 
sitive nerve in Malaysia. 

“Some Singaporeans feel them- 
selves to be generally superior to 
Malaysians, and even if they don’t, most 
Malaysians think they do and that is 
enough/’ said Bruce Gale, Singapore 
regional manager of Political and Eco- 
nomic Risk Consultancy Pre. 

Prime Minister Mahathir bin Moha- 
mad of Malaysia said Thursday dial 
many Malaysians felt that Mr. Lee should 


“make amends'* for what be said about 
Johor. At a demonstration in Johor, mem- 
bers of the youth wing of the party Mr. 
Mahathir heads, the United Malays Na- 
tional Organization, brandished placards 
calling Mr. Lee “senile.” “stupid" and a 
“pig" — terms that are almost unheard 
of in the normally smooth diplomacy 
between leaders of countries in the As- 
sociation of South East Asian Nations. 
Mr. Mahathir said that Mr. Lee’s com- 
mons revealed the difficulties in rela- 
tions between the two countries. 

Singapore was expelled from die 
Malaysian federation in 1965, partly be- 
cause Malay leaders suspected that Mr. 


Lee wanted to win power in Malaysia and 

aid the special privileges given to 
Malay 5. 

Mr. Lee’s libel case was one of 13 
brought by m e mbers of Singapore’s gov- 
erning party against an opposition politi- 
cian, Tang Liang Hong, who fled to Johor 

after general elections in January in 
which he failed to win a seat in Par- 
liament. 

The comment in Mr. Lee’s affidavit 
about Johor was made as part of an 
argument disputing claims by Mi. Tang 
rti.it he feared for his life in Singapore. 

“Of all places, be went to Johor,’’ Mr 
Lra said. “That place is notorious for 


does not make sense Tor a person who 
claims to be fearful fen 1 blsTife to go to a 
place like Johor.*' : : W/ 

The statement bv Mr. Lee'spress sec- 
rctaiy said the affidavit was notinssnded 
to be made public. Bui Mr, Tang had 
asked for and gotten an opetr court tid- 
ing where it was discussal TtestsOemim^ 
added that Mr. Lee had iwt been in Johor 
since 1990 and dial the affidavit reflected 
* 'his perception based oft reports be had 
read in the press." ...1. . . 

“It was unfortunate that sub- 
sequently it became public by die way . 
the litigation developed/* itsaid, •/ 



Kim Names Party Chairman 

Ex-Prime Minister Returns to a High Post in Seoul 


□no Yota Kcog/A text fnssc-frette 

A South Korean student trying to pull a fellow demonstrator away from riot police during their 
protest Thursday against President Kim Young Sam’s recent labor and national-security laws. 


CtrpikJb* OwSugFran DapOOea 

SEOUL — President Kim Young Sam, in a 
surprise move Thursday, named a former 
prime minister he once fired for disobedience 
to become the new chairman of his party. 

Mr. Kim, who was forced to apologize last 
month for a bribery scandal, also called on his 
governing New Korea Party to repent. 

The naming of Lee Hoi Chang, 62, to the 
post raised tbg possibility that he would become 
the party's presidential candidate in an election 
in December. The chairmanship is fee second- 
highest post in fee party, after the president Mi. 
Lee's appointment was seen by many as an 
endorsement by Mr. Kim of Mr. Lee’s effort to 
win the party’s presidential nomination. 

Political analysts also said that by selecting 
Mr. Lee to try to improve the party’s image, 
Mr. Kim could lose some of his power in the 
final year of his presidency. 

Mr. Lee became prime minister in 1993 but 
was dismissed a year later after he clashed 
wife fee president over fee extent of his 
powers. By standing up to Mr. Kim then, be 
appeared to have strengthened his reputation 
as a principled politician. 

“Lee is the most difficult figure for Kim to 
handle.” said Cho Chang Hyun, political 
science professor at Seoul’s Hanyang Uni- 


versity. “To some extent, Kim will faaye.to 
share power wife Lee 1 . He is running out of 
options and he may be using his last card.”' 

Mr. Kim’s presidency has been buffeted by a 
bribery scandal involving die bankrupt Hanbo 
Steel Co. feat ensnared three ofhis dose aides 


Steel Co. feat ensnared three ofhis dose aides 
and his second son. The president apologized 
on television last month for fee scandaL ;. 

Mr. Lee urged fee government this week tp 
reopen an investigation into Hanbo, which <h 
collapsed with debts of $5.8 billion in Janu- ** 
ary .Opposition parties have called an inquiry 
by state prosecutors into the scandal a white- 
wash and are particularly incensed feat it 
exonerated Mr. Kim’s son Kim Hyun Cb'ul. 

An official who is close to the president 
said Mr. Lee now had a * ’clear advantage” in 
the maneuvering for the party's presidential 
nomination in the election scheduled for 
December. Mr. Kim’s five-year term ends in 
February, and he cannot be re-elected. 

Mr. Lee said at a party caucus, where his 
nomination was confirmed unanimously, that 
his most pressing task would be to ensure 
victory for his party in the election. 

Voters this month returned opposition can- 
didates to Parliament by large majorities in 
two by-elections, an apparent rebuke to fee 
New Korea Party. (AP. Reuters] 


Hindu Convert Is Chosen to Succeed Mother Teresa 


By Kenneth J. Cooper 

. Washingto n Po st Service 

CALCUTTA — After two months of 
cloistered deliberations, the Mission- 
aries of Charity selected a Hindu con- 
vert Thursday to succeed the ailing 
Mother Teresa as leader of the Catholic 
order she founded in Calcutta's slums 
nearly half a century ago. 

The resolution of the succession issue 
will ease the order’s transition to a fii- 
ture without Mother Teresa, the 1979 
Nobel Peace Prize winner known to 
admirers as “the Saint of the Gutters” 
for her dedication to aiding fee world’s 
poor. 

Mother Teresa, 86. received emer- 
gency care three rimes last year for heart 
and other serious health problems, lead- 
ing her doctors and associates to say at 
times in recent months that fee Albani- 
an -bom nun was dying. Friends said that 
her condition has improved enough 
lately to enable her to walk occasionally 
to prayer in the order’s chapel at tire 
international headquarters here. 

In their near unanimous choice of 
Sister Nirmala, who had directed the 


order's spiritual wing. 130 senior nuns 
seemed to have sought a combination of 
compassion and administrative skill to 
sustain a far-flung operation with 4.500 
nuns and brothers at nearly 600 homes 
in more than 100 countries. 

Mother Teresa had wanted to retire 
more than a decade ago. but the orderre- 
elected her anyway in 1984 and 1990. 
Her failing health prompted senior nuns 
to agree to choose a successor. For 
weeks, secret deliberations had been 
conducted on the top floor of the 
headquarters, where other nuns were 
not allowed to venture. 

.Archbishop Henry D’Souza of Cal- 
cutta announced their choice in a brief 
statemeat that said "Mother Teresa was 
present for the election and blessed Sis- 
ter Nirmala.” Nuns were heard re- 
joicing inside the order's headquarters, 
a concrete building wife brown shutters 
known as Mother House, and garlands 
of flowers were delivered ro the door 
down a narrow, swept lane. 

Sister Nirmala, 62 . had not been 
considered the most likely successor 
because she was not among Mother 
Teresa’s four top assistants. She had 


directed the order's spiritual wing since 
it was created in 1979, overseeing a 
dozen homes where the order’s mem- 
bers seek spiritual rejuvenation. 

Bom a Brahman, a member of 
Hinduism's highest caste. Sister 
Nirmala grew up in Bihar.one of India’s 
poorest states. Her family traces its an- 
cestry to Nepal: her father was a military 
officer. She completed college and 
joined the Missionaries of Charity in the 
late 1950s. Close associates frequently 
use the word “kind” to describe fee 
new superior general, whose Hindi 
name means ‘ 'clean/ ’ suggesting a pur- 
ity of mind and spirit 

“She's very suLrimai and very kind/ ’ 
said Edward Le Joly. a retired priest who 
has advised Mother Teresa for decades. 

Naresh Kumar, a Calcutta business- 
man who has supported the work of the 
order, said that like its founder. Sister 
Nirmala “looks very small and frail, but 
has tremendous strength.” 

Another associate of Mother Teresa 
predicted that fee change in leadership 
would inevitably lead to a decline in 
donations, but added that senior nuns 
were unconcerned about possibly hav- 


ing to reduce operations. The Mission- 
aries of Charity does not directly solicit 
contributions. 

“Money isn’t fundamental to this or- 
der/* said Navin Chawla, an Indian 
government official who is one of Moth- 
er Teresa’s biographers. “If the work is 
intended, the money will come in.” 

Instead of traditional habits, mem- 
bers of the Missionaries of Charity wear 
simple white cotton saris with blue bor- 
ders. They are permitted to own only 
three of the saris and their eating 
utensils, wife which they consume fee 
same simple food that fee order serves 
to fee needy. 

Mother Teresa founded the order in 
1948 to aid the poorest of the poor, 
including orphans and lepers in Calcutta. 
The work of Mother Teresa has drawn 
support from Calcutta's Hindus, such as 
Mr. Kumar, as well as the city’s Cafe-, 
olics, who number only about 100,000. 

"The reason people give donations is 
because 100 percent filters through to 
fee poor,” Mr. Kumar said. “She helps 
everybody. She doesn't care whether 



they're 

Hindus.” 


Muslims. Christians 


China Denounces Rights Monitors 


Ciftfsfa/ tie Ovr Suff FnmDvpA-hei 

BEIJING — China condemned interna- 
tional watchdog groups on Thursday, saying 
they spread baseless rumors about its human- 
rights record and hailed common criminals as 
fighters for democracy. 

“Some so-called human rights groups 
abroad do not understand fee real situation in 
China but frequently spread baseless ru- 
mors,” said a Chinese Foreign Ministry 
spokesman. Cui Tiankai. 

“They frequently treat some criminal ele- 
ments as democracy fighters and use these 
problems as a pretext to infringe on fee in- 
dependence of China's judiciary and interfere 
in China's internal affairs,” he continued. 

Asked to comment on athreat by the wife of 


allowed to seek medical treatment. Mr. Cui 
said: “This is very wrong.” 

Mr. Liu’s wife, Chu Hail an, wrote to fee 
bead of Parliament and Beijing’s mayor on 
March 8, demanding feat Chinese authorities 
allow her husband to see a doctor before the 
end of the month, said Human Rights in 
China, a group based in New York. 

Mrs. Chu said she also sent 15 petitions to 
government leaders earlier this week, asking 
them to intervene to help her husband. 

‘7 do not wish to see fee illness of my 
husband worsen because of delays in medical 
treatment,” she said in her letter. 

Mr. Liu is serving a three-year sentence in a 
labor camp in Heilongjiang, 1,000 kilometers 
(625 miles) northeast of Beijing. The police 


Bombing in Xinjiang Reported USSSHSS^ “ 160 

ALMATY, Kazakstan — A Uighur exile group in n. . 177 . ti 

Kazakstan said Thursday feat Uighur separatists in IJlSpilt€ Of l JlOSiMPS 

f!hinfl’« far nmvinrp rtf harl .-irn’or) o 


a jailed dissident Liu Nianchun, to carry out can send people to labor camps without going 
demonstrations if her ailing husband was not through raw courts. (Reuters. AP ) 


ALMATY, Kazakstan — A Uighur exile group in 
Kazaksta n said Thursday feat Uighur separatists in 
China’s far western province of Xinjiang had carried 
out a bomb attack against a Chinese military in- 
stallation. 

* ‘The bomb was planted on March 1 0 in one of fee 
buildings at an arms factory halfway between Urumqi 
and Kashgar,” Mukhiddin Mukhlisi, the spokesman 
for the United National Revolutionary Front of East 
Turkestan, said in Almaty. 

He said buildings were damaged but did not know 
whether there were any casualties. He said his own 
organization was not responsible for the attack. 

The Front is one of several Uighur organizations 
fighting for an independent “East Turkestan” in 
Xinjiang, home to a majority of Turkic-speaking 
Muslims like fee ethnic Uigburs. 

In February, rioting between Uighurs and the 
Chinese authorities broke out in Yining. near Xinji- 
ang’s border with the former Soviet republic of 
Kazakstan. (Reuters) 


CHONG DEY, Cambodia, — Hun Sen. one of 
Cambodia’s two prime ministers, said Thursday feat 
intelligence reports indicated that 12 of fee 15 gov- 
ernment staff members held by Khmer Rouge guer- 
rillas for the past month were dead. 

But fee first prime minister. Prince Norodom 
Ranariddh, disagreed, saying his military advisers had 
been in touch wife fee guerrillas Wednesday evening 
and determined feat “all those people are not only 
alive, but in good health.” 

Mr. Hun Sen, speaking in the eastern Cambodian 
province of Kornpong Cham, said, “There are only 
three people alive, includingone pilot. ’ ’ He added that 
the fate of a British mine clearance expert, Chris- 
topher Howes, who was abducted by rebels nearly a 
year ago, was uncertain. 

The 1 5 hostages, most of them from Prince Ranar- 
iddh ’s political party, Funcinpec. had flown by heli- 




The Merchant Court, Singapore 
A delightful resort in the heart of the city. 


copter into territory held by hard-line Khmer Rouge 

Japan Nuclear Plant Gets Flak 

TOKYO — Japan reacted wife shock and anger 1fn - _ . . 

Thursday to details emerging on fee country's worst VOICES rrom Asia 

atomic accident, in which there were long delays in 

of Crisis week and ouulated Cui Tiankai, a spokesman for China’s Foreign 
fire^ghfang e qu ipraent was used. Ministry, urging Taiwan to avoid banning reuni- 

fijri 7 w ^ radiatiOD during a and ethnic unity during a visit to the island 

fireand explosion Tuesday at fee Tokaimura nuclear later ^ momh by Lama, Tibet’s exiled 

reprocessing plant passed a health exam, but for the ]eaden -‘Evervone knows whai kind of Derson the 


Wn ih ,1 JMKir pjln- fniyed *1WI. njl'l m lit haul of 
1 UniiHfti DisMcl 8 j*fc m ifcrikrrry 
of .i inr’l-siy lt atmait'bt'i inlb lutA Undipped i/ordrni. 
I'rt-iom ■.o-immmj ,wl lvllr-ni‘"I‘prJ hmltb 'Pd anj |ilra, 
tn It. .ill IM..I j /rf/iic's threw from the /ittjrafci/ fa’b and ihr 
W'lJn.iHc Jirinj jnJ mlrrtiinmenl Jrc.li ill O.l'he IJftdV 
jn.l fio.fi ( Juay 

A, .( A Irrcbonl l "lab fu nl. yvuU tnioy rm jrtJter 
Primlftiri ■ typrtt j thrrlr -in .Vhrrt-Pnt. fjunjry jirWwrs. 
OHupiuutuUiy ior.iirfd.lt ,inJ emmO Joirfa AnJ you can 
jUenJ 1 j '« ihr lutty-cduipptd Rawness Cmln or in ihr 

tfmfjrf of your ob-h rtfon. y+rrf ■! notebook cmpvler and fax - 
printer mjcrinr uin bt arrauOrJ a t will j\s\_ 

The A1rrcl'an( Court Haiti. 

SiKjf.iporr iVoi' you can escape fro* 

|It cily hr Irajm.) .irdiyfet ' vV ' 

for 1 be ten ire oj town MERCHANT COUST HOTEL 


state-run plant's operators, there was no escape from 
fee publicity fallout. 

Politicians and nuclear safety officials joined fee 
news media in subjecting the Power Reactor and 
Nuclear Fuel Development Carp, to criticism for 


later this month by the Dalai Lama, Tibet’s exiled 
leader. “Everyone knows whai kind of person the 
Dalai Lama is. It is also obvious what his political 
motives are in going to Taiwan. Taiwan authorities 
should see the situation clearly and not do things feat 
will harm reunification of fee country and' ethnic 
unity.” (Reuters) 


Leon Carmen, literary hoaxer. 

Author Admits 
‘Aboriginal’ 
Work Whs Hoax 


Compiled by Our Sltf Fran Dispatches 

SYDNEY — An /Aboriginal 
woman” whose autobiography 
won a prestigious prize, created a 
I furor^ Thursday by revealing that 
“she” is really a white man. 

Leon Carmen, a 47-year-oJd 
Sydney man. who admitted he 
wrote ”My Own Sweet Time” 
under the name Wanda Kool- 
matrie. supposedly a part-Abori- 
gi n al woman who was kidnapped 
as a child from outback South Aus- 
tralia and raised by foster parents 
in Adelaide. 

He said he did it because be did 
not believe it would be published if 
he submitted it under his own 
name. The book won an Australian 
Doobie Award for the best first 
novel by a woman in 1 995 and was 
used as a text for senior high 
school examinations in 1996. 

The book was described as an 
autobiographical account of one of 
fee “stolen generation” of Ab- 
original children taken from their 
homes and raised in fee tough city 
culture of fee raid- 1 960s. 

Lydia Miller, arts director of the 
Aboriginal and Torres Slrajt Is- 
lander Commission, Australia’s 
most prominent Aboriginal body, 
described Mr. Carmen's work as 
“trickery and deceit,” She said 
she had accepted the 1995 award 
on the author’s behalf because she 
believed the explanation that the 
author was overseas. 

Last week. Elizabeth Durack. 

8 1 , a white artist, was accused of 1 
stealing indigenous culture when 
she revealed she had invented Ed- 
die Burrup. an Aboriginal farm 
worker who won acclaim for 
“his” paintings, photographs and 
writings. (AFP. Reuters) 


Schiphol 


NOT JUST FOR 

NATIONAL ADVERTISERS... 


nil 


— 

jj r USB 6 c 115*1 001 ifiltil'i' -ttv.ilB 1) MIJ . n, cam/" i at f-rU ' 1 'a mcnol«ie;'»BD«t tom 

ff itlWriMli WK* “• 1 J , osflzai 1*1 IGSJ HI “M Hi lS f ,! Ill f.606 Ujnillca B( I nl « r n,l 1 0 B3 1 


Departing and transfer passengers watch live news 
on the hour, sports, fashion, music and film. 

Near the duty free shops, in the waiting areas and at 
ail gates. For advertisers j unique opportunity to reach 
this captive audience. 

As experienced by Seagram International. 


For information contact: Mr. Arjan Siccama. ' 
Lena & Rens Toral Communication. 

Phone +3! 2^ 26 4130. Fax + 3l 29 ? 26 3458. 


A unique medium at a unique location. 







INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14. 1997 


PAGE 5 


EUROPE 


■ ‘t rr 


_• -C r~ • - 

'-‘I.” 
l- .■ 


> ~ *S]1s,- 

; • C%. 

"'••'•‘msVSx 

v. , XJ H 


- w' V- 

>«. .. . 



Airman 

r?/i />0 * f in S eo 


ul 


hj;,. 


,';v^ 


•: Hsi. 



tailor bisniti 
\ih<ri-j ir-n!‘ 

„t>. // f <iW 


y 


S 


For Zaire Rebels, a New Chance to Live Out an Old Dream 


SUDAN 


:;v 

-■ ‘ --'c> l ."- , l&. 
"* '*“*»■ 


Lynne Duke 


GOMA, Zaire — - More than 30 year? 

revolutionaries had ^their 

V 4 WMi? f P 01 ^^ 51 cnished at a city 
called Stanleyville, some of the sS 

■{£“““» chasing the 
*Km.and facing a cmcia] ttst [he 

r And irue to the echo of history now 

Zaire, Lhe same man 
who thwarted these rebels 30 years ago 
is trying to stop them once a gain 
y Stanleyville is called Kisangani now 
^ of rebel SffJw 
overthrow Mobutu Sese Seko. a formeT 
military commander who has been the 
president of Zaire for 31 years. The 
veteran, rebels inspired by Patrice 
Lumumba, the first prime miniv er of 
Zaire (then known as the Congo) — 
h^vc ret urne d from long years of exile 
or from remote hideouts to become the 
bram trust of an insurgency that has set 
off fears of deeper chaos in this country 
' t br of its breakup into fractious 
mimstates. 

, .These latter-day Lumumbists. mostlv 
middle-aged, even elderly, are vague 
^about the kind of government they en- 
."vKion if their push to depose Marshal 
•Mobutu succeeds. For now. in addition 
to gobbling up vast tracts of Zaire’s 
-eastern region, the rebel movement has 
j been holding ‘ ‘political ideology ’ ’ sem- 
inars for the populace. 

The rebel rhetoric, with its talk of 
class struggle, the state as an instrument 
-of oppression and the ignorance of the 
masses, in some ways harks back to the 
socialism, nationaliWn and Pan-Afric- 
arnsm that made Mr. Lumumba a hero to 
many anti-colonialist Africans and a 
'demon to Western governments fearful 


overthrow him and. they say. to undo 
the . { * a ? :na S e h«- s corrupt regime. 

' 'It's a pursuit of a fight that started in 
those years." said Raphael Ghenda. a 
Pans-educaied lawyer who speaks for a 
rebel leadership bristling with anticip- 
ation and confidence as their forces en- 
circle Kisangani, hoping to make it. 
once again, the "capital of the revolu- 
tion. ’ ' 

"I am one of those who started this, 
and I am one of those to finish it." said 
Paul Kabongo. the rebel movement’s 
security chief, who took part in the 
Stanleyville uprising. 

The Lumumbists’ cause, seemingly 
dormant for three decades as the Cold 
War died and superpower interest in 
Zaire waned, was catapulted back into 
the forefront of Zairian politics last year 
when the confluence of interests be- 
tween these old revolutionaries and an 
eastern ethnic group, the Banyamulenge 
Tutsi, fostered the current" rebellion. 
These Zairian Tutsi had been threatened 
with expulsion by Marshal Mobutu's 
government and. with the help of neigh- 
boring Rwanda’s Tutsi-dominated 
army, organized themselves to fight 
back. 

The two groups formed the Alliance 
of Democratic Forces for the Liberation 
of Lhe Congo (Zaire). 

In fighting that began last October, 
the rebels have seized a huge swath of 
eastern Zaire. Rebel forces have vir- 
tually surrounded Kisangani, the third- 
largest city in Zaire. They boast that 




:*r 







NYT 


“ " < 


V-U'T-v 


Chroi.ifhc SnnonAfcncc FraM-ftrw 

Hundreds of Rwandan refugees who abandoned Tingi-Tingi camp in eastern Zaire, arriving at Ubundu, south 
of Kisangani. The Red Cross said it would set up a site there to house 100,000 people fleeing tbe fighting. 


they could take it any day. The rebel 
alliance is led by Laurent Kabila. Ac- 
cording to some of his comrades here. 
Mr. Kabila fought in the Stanleyville 
uprising and hopes to return to that city 
in triumph. Between the 1 960s uprising 
and the war that broke out last October, 
Mr. Kabila led a rebel movement in a 
region of eastern Zaire near the Lake 
Tanganyika towns of Fizi and Baraka 


that also was home to the Banyam- 
ulenge. 

Mr. Kabila, now 56, was a youth 
leader in a Lumumbist political party 
during the last days of Belgian rule and 
the chaotic early years of the republic. 

Mr. Lumumba, who became prime 
minister at independence in 1960. was 
one of the continent's most prominent 
Pan -Africanists, advocating black 


struggle without dependence on Euro- 
pean colonial powers or the United 
Slates. 

His espousal of socialism and his 
anti-Western rhetoric made enemies in 
Washington, and although he sought 
U.S. cooperation he v\ aif rebuffed and 
ultimately turned to lhe Soviet Union. 

Mr. Lumumba's death in 1961 under 
mysterious circumstances — but with 


the suspected collusion of Marshal 
Mobutu and the United States — 
heightened the turmoil in Zaire. Parties 
fracrured, friends became enemies and 
vice versa, and various enclaves 
emerged where rebels tried either to 
secede or set up alternative adminis- 
trations. 

In the case of Stanleyville, a Lum- 
umbist bastion, mercenaries and Bel- 
gian paratroops flown in on U.S . aircraft 
enabled Marshal Mobutu's troops to put 
down the rebels’ independence bid. 
Thousands were killed on both sides of 
tire conflict. 

True to historical form. Marshal 
Mobutu, now 66 and ailing, has called 
on mercenaries to help him again, this 
rime to defend Kisangani rather than 

capture it. 

Serbian and other European mercen- 
aries reportedly have been deployed in 
and around the city to stave off the rebel 
threat. 


Insurgents March On, Pushing Refugees West 


"of being trumped by the Soviet Union 
; Cold War jockeying in the re- 


i 


during 
'gion. 

Hie rebel leaders of today grew up in 
•Zaire’s era of long-knife politics, when 
a volatile brew of parties, factions and 
et hn ic groups vied for power after 
'Zaire’s sudden independence from Bel- 
-gium in 1960. 

Perhaps the best known of the post- 
independence fissures was the Belgian- 
backed rebellion in the southern 
province of Katanga, now called Shaba. 
A United Nations military farce put 
down that rebellion in 1963, and the 

■ Congolese government’s eventual em- 
’ brace of the Katangan leaders and their 
■mercenary allies enabled the govern- 
ment to defeat insurgents in Stanleyville 

■ — the men now pushing Zaire’s current 
rebellion — the following year. 

i These survivors — mostly profes- 
sionals and intellectuals who were 
' second-string players at Stanleyville — 
still harbor deep animosity toward Mar- 
; shal Mobutu and a burning desire to 


The Associated Press 

GOMA, Zaire — Rebels trying to topple the 
government said Thursday that they had cap- 
tured another town in eastern Zaire, while 
thousands of refugees trying to escape the 
insurgents made desperate attempts to cross Lhe 
Zaire River. 

Rebel forces led by Laurent Kabila took 
Kongolo, about 660 kilometers (410 miles) 
southeast of the strategic river port of Kisan- 
gani. on Wednesday, according to a rebel 
spokesman, Raphael Ghenda. The rebels rook 
Moba, a port on Lake Tanganyika. 360 ki- 
lometers southeast of Kongolo. a day earlier. 

The rebels have captured much of eastern 

Zaire over the past five months. 

But there was no news of the situation in 
Kisangani. Rebels claim to control access on 
three sides to the Zaire River city, and have 
been saying for more than a week that Kisan- 
gani would fall ‘’soon." The Zairian gov- 
ernment disputes those claims. 

The United Nations World Food Program 
was to fly 60 tons of food into Kisangani on 
Thursday, said a spokeswoman. Michele 
Qufritaglie. She said the plane would land at a 
smaller airport in town because the main airport 


north of tbe city was “heavily militarized" and 
there could be problems at military check- 
points. Croatian and Bosnian Serb mercenaries, 
who appear to be in charge ar the airport where 
the Zairian Army has its regional headquarters, 
have said the perimeters are mined. 

Ms. Quintaglie said the food was intended 
for 70.000 Rwandan Hum refugees who have 
straggled into a makeshift camp at Ubundu. 100 
kilometers south of Kisangani. 

Convinced that the rebels, who are out to 
topple President Mobutu Sese Seko. are also 
after them, tens of thousands of refugees were 
trying to cross the Zaire River at Ubundu. There 
is no bridge. Some ventured across on pre- 
carious bamboo rafts. Others pleaded with re- 
lief workers to ferry them across. 

"We’ve got to cross that river, or it will be 
roo Jaie,” said Samuel Uwimana, a Rwandan 
Huru who fled his homeland in 1994. "It’s not 
safe here.” 


ity Tutsi. Many of the refugees are members of 
the former Rwandan Hutu army and militia 
implicated in the slaughter. They have been 
fleeing westward ahead of the rebels since 
January. 

■ Paris Presses EU for Intervention 


are 


No one knows how many Rwandan refugees 
: still in Zaire. An estimated two-thirds of the 


1 .2 million who originally fled in 1994 returned 


home late last year. The refugees left Rwanda 
to escape retribution for the Hutu government- 
orchestrated slaughter of a half-million minor- 


France began a new attempt Thursday to 
persuade its European Union partners to sup- 
port an international intervention in Zaire, but it 
appeared to have little prospect of success. 
Agence France-Presse reported from Brus- 
sels. 

Senior Foreign Ministry officials from the 15 
EU stales met in Brussels to discuss the hu- 
manitarian crisis in eastern Zaire and French 
plans to establish an air corridor to get aid to 
more than 200.000 refugees who have fled 
camps after the rebel offensive. 

Diplomats from other EU states said that 
they were ready to listen to the French pro- 
posals. but they added that anything that in- 
volved sending troops into the area would not 
win approval. 

"We cannot contemplate any kind of force 
being sent unless there is a cease-fire," a 
British official said. 



WEEKENDS 


Fkris from just FF 1450 per night 

Explore' Europe witk a “Heart of tlie City Weekend" from 
Inter-Continental. Cliooae trom 60 European hotels for that 
special weekend break. 

For information or reservations contact us from the 

UK on 0345 581444, from France on 05 90 65 55, or 
from Germany on 01 30 65 3955. 


lute* per tosn pot night. Limited availability. FP 1450 rale at the Hotel 
InL'r. Continental Him. Valid weekend* .Tidy 


M 


INTER-CONTINENTAL 


HOTELS AND RESORTS 

Eianpr • lie .\Udk Eafl • Aina ■ Asa tafic - Ik Aocra 


Isrtpi/iwww.intewrsMitLcoiB 






• VX'V ’ s aar u" ■ . — n — rt-. — r-T- — 




!■ 


-.-..Vr- .y.L 

- £ 
• •• . • • • ** 

fa* • 


w- V 

■ . V ' 


rK 




V: 





frvi. 


>' 




■ifc. 







1 ■ 


ATAE RICAN 



A £ CXMUi 


















our Travel Service Office in Valencia, Spain' itEroie ' 5 
fitting title might have beeh “Adjnini slrativ^ M^cal, 
Emotional and Moral Support- 51 

She earned it when she helped- a Cardmember , ; ■ 
return home to Spain from Russia for an operation 
(that was after arranging for medicine to be ..." 
to Moscow) and accompanied the Gardmember’s wife 
to the airport for moral support- V- 

Ask Rosa, and she, like a lot of American Express 
employees, would say, “I 
was just doing my job.” 

That’s something to keep 
in mind when you’re far 

have - a s ayra-» Q 00 KJSZ 0 Q 3 Q 
do. asapEsoa* 









E9 


i 




« — 


h it sasv*j( 




PAGE 6 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, MAY 14, 1997 

EUROPE 



Russian Business Wars: The Invisible Hand 9 With Guns 


By David Hoffman 

Muhington Pan Service 

MOSCOW — Vasili Naumov, head 
of a notorious Moscow gang, stopped his 
BMW 525 sedan with tinted windows 


near me Moscow police neadquartere in 
HB, ' ; the early evening of Jan. 23. Two body- 

• guards waited in a small Russian 23iiguli 
BHHn' car just behind him 
■■pir.-:--' Mr. Naumov answered his mobile 
pbone.^ Suddenly, another car pulled up 
aiongskle him, an automatic rifle pumped 
''"j®/, . 18 bullets through die side window and 

Mr. Naumov died behind the wheel, 
within meters of the police building. 

The brazen killing underscored the 
seeming helplessness of the poorly paid, 
DwM Ujffl iiiiimie w n iimaifii UM outnumbered Russian police. But Mr. 
Sergei Goncharov, an ex-KGB of- Naumov's slaying was followed by an 
ffcer in the guard business, calls even more startling disclosure, 
bandits the ‘fifth power’ in Russia. According to police investigators, the 

Rhetoric Spawns Terror, 
Dividing Italy Separatists 

ffenice Assault Comes as Party’s Appeal Wames 


By John Tagliabue 

Mfw rprtt Tones Service 

ROME — The eight men who 
stormed the bell tower in St. Mark's 
Square in Venice on Friday in support of 
secession for northern Italy appear 
simply to have put into action the pro- 
gram of the region’s small but boisterous 
separatist movement 

But the episode came as die separatist 
movement, with its improbable chal- 
lenge to Italian unity, is clearly losing 
groun d even among the few ordinary 
northerners who supported h. This has 
led some analysts to see a growing and 
dangerous split between the move- 
ment's leaders, with their verbal appeals 
for secession, and scattered groups keen 
on transforming these appeals into real- 
ity. 

“Is it possible that, as they took off on 
their assault of Sl Marie's bell tower, 
they had been misunderstanding for 
years the message they were getting?" a 
co mm entator for Conierc' della Sera, the 
Milan daily, said of the eight men. 

Umberto Bossi, the Leader of the 
Northern League, die main separatist 
party, denounced the men, declaring 
them agents of the government in Rome 
sent to discredit his followers. 

But at separatist rallies over the week- 
end across northeastern Italy, evidence 
emerged of a grass-roots split, as fol- 
lowers of Mr. Bossi debated whether to 


Muslim-Croat Army 
To Get 116 Big Guns; 
U.S. Seeks ‘Balance’ 


New Kft Times Service 

SARAJEVO, Bosnia-Herzegovina — 
The United States says it will send the 
Bosnian Federation 116 large artillery 
pieces in an effort to bolster one of main 
weaknesses of the Muslim-Croat Fed- 
eration and set the stage for the with- 
drawal of American peacekeeping 
forces from Bosnia by July 1998. 

The federation army, made up of 
Muslim and Croatian elements, cur- 
rently has six of the weapons. 155mm 
howitzers with a range of about 15 ki- 
lometers (9 miles) and tremendous de- 
structive power. 

Forging a unified Musi un-Croatian 
force strong enough to deter attack is a 
cornerstone of the United Stales' exit 
strategy. James Pardew. the American 
diplomat in charge of a $100 million 
program to train and equip the Bosnian 
Army, announced the shipment at the 
Bosnian Defense Ministry’ in Sarajevo. 

Washington says it is seeltins to create 
a balance of forces in Bosnia- Hezegov - 
ina, where the Muslims were over- 
whelmingly outgunned for most of the 
war. Europe, however, is very critical of 
the American program, and some Euro- 
pean diplomats said pouring more 
weapons into an already arras-rich re- 
gion would only help rekindle a war. 

Foreign diplomats and military mon- 
itors said the Bosnian Serb Army ex- 
pected to receive modem artillery ami 
tanks from Russia. 

The federation army's strength will 
increase markedly with the addition of 
the new weapons and training, but it is 
impossible to determine whether it 
would then be an equal match for the 
Bosnian Serb Array. 

The United States will also pay for 51 
other slightly smaller artillery pieces to 
be manufactured in Bosnia for the fed- 
eration. 

The new artillery is to arrive by Oc- 
tober, but it is not supposed to be under 
the control of Bosnian officers until 
American officials are satisfied that the 
federation army is sufficiently cohesive, 


follow his interpretation of the incident 
or to show solidarity with the arrested 
men. 

In the early horns of Friday, the men 
hijacked a ferry, used it to transport two 
vehicles to Sl Mark's Square and then 
scaled die renowned bell tower there, 
where they unfurled a flag of the old, 
independent Republic of Venice. 

Shortly after special police forces 
scaled the tower and, without firing a 
shot, arrested the men. messages began 
arriving at Italian news organizations 
from a group calling itself the Venetian 
Army of Liberation, demanding the re- 
lease of the eight “prisoners of war." 

Over the weekend, the police said 
they had detained two mare men be- 
lieved to be connected with the raid. 

In Rome, government security offi- 
cials said evidence had emerged in recent 
months of numerous cells of “radical 
secessionists" throughout northeastern 
Italy. And. indeed, the incident in Venice 
was only the latest in a recent string of 
assaults in the north on die authority of 
the central government in Rome. 

In recent weeks, pira te transmitters 
have broken into the national televi- 
sion’s news broadcasts, the Northern 
League established a shadow parliament 
and cabinet to govern the north, and in 
some areas there have been appeals not 
to pay taxes to Rome. 

This month the movement plans a 
referendum in which northerners will be 
asked whether they favor remaining part 
of Italy or going their own way as a 
separate republic. Details of how the 
league intends to organize die referen- 
dum have not yet been announced, but it 
is generally thought that the organization 
will set up polling places in its offices 
and ask people to come in and vote. 

After national elections last year, in 
which the Northern League won 10 per- 
cent of the popular vote — and as much 
as 40 percent in some of the region’s 
wealthiest districts — Mr. Bossi 
hardened the movement's goals, drop- 
ping his calls for greater regionalism m 
favor of outright appeals fra: secession. 

A cabinet to govern the mythical 
northern republic was formed, and para- 
military squads known as Green Guards 
began to appear at rallies. 

in speeches, Mr. Bossi threatened to 
use his ' ‘troops. " At a rally in March, he 
warned that they would parade this year 
in Venice, ‘‘perhaps with machine guns 
on their backs.” 

Despite the Northern League’s pres- 
ence in the national Parliament, Mr. 
Bossi refused to cooperate with the otter 
established parties, when a commission 
was established for constitutional re- 
form, including a decentralized structure 
for the stale, Mr. Bossi refused to join. 

But his defiance cost the movement 
support at the polls. Italians in such 
major northern cities as Milan, Turin and 
Trieste voted Sunday in the runoffs of 
mayoral contests in which all Northern 
1 candidates were eliminated in 
ihenrst round of balloting last month. 

Yet as the separatists' electoral base 
melts, strident centers of secessionist 
fervor emerge, as in the towns and vil- 
lages surrounding the cities of Verona 
and Padua in the northeast that are home 
to the assailants of Venice. 

A drive through the byways of the 
region reveals towns whose welcoming 
signs feature the words "Republic of the 
North." In bars and restaurants, con- 
versation is often sprinkled with insults 
against southern Italians; at rallies of the 
Venetian League, the local branch of the 
Northern League, youths chant. “Kill a 
southerner, earn a million!" 

But the episode in Venice seems to 
have shaken even Mr. Bossi, and over 
the weekend be was pledging to enter the 
constitutional discussions in Rome. But 
the regional empowerment he seeks may 
be slow in coming, and many warn that 
the events in the northeast could gain a 
momentum all their own. 


NATO Chief and Russian Discuss Accord 


Xemrs 

MOSCOW — Foreign Minister Yev- 
geni Primakov of Russia and NATO's 
secretary-general, Javier Solana 
Madariaga, met Tuesday to try to con- 
clude a pact on relations between Mos- 
cow and the Western alliance two weeks 
before its planned signing. 

Hours before the two officials started 
their talks in Moscow, President Boris 
Yeltsin, in a clear response to public 
concerns at home, told Mr. Primakov to 
take a tough line with Mr. Solana. 

Russia wants a say in NATO de- 
cisions and guarantees that the alliance 
will not station troops or nuclear 
weapons On the territory of new member 


states. Three former Soviet-dominated 
countries, the Czech Republic, Hungary 
and Poland, are seen as the most likely 
states to be asked to join when NATO 
meets in July. 

NATO has said it has no plans to do so 
but is reluctant to give written guar- 
antees, saying that would make the new 
participants second-class members. 

Despite the NATO rebuff, some 
Kremlin officials say Mr, Yeltsin has 
already decided to sign the deal in Paris 
on May 27. 

The officials suggest Moscow will 
keep up the uncertainty and anti-NATO 
rhetoric until the last minute merely to 
appease many opponents at home. 


bodyguards who were supposed to be 
protecting the gangster were themselves 
policemen, members of an elite para- 
military unit known as Saturn. They 
were guarding Mr. Naumov under a con- 
tract signed by their bosses for extra 
cash. 

The episode is just one glimpse of a 
deepening and corrosive threat to Rus- 
sia’s young democracy and free-market 
economy: the breakdown of law en- 
forcement and the proliferation of 
private armies and protection rackets 
prone to ruthless gangland tactics. 

“In Russia, everyone acknowledges 
there are four powers — the executive, 
legislative, judicial and the mass media. 
But they don 't speak of the fifth power, ’ * 
said Sergei Goncharov, head of a group 
of former elite KGB troops that now 
protects Russian businesses. 

"The fifth power is the power of 


Britain Heads 
Back to Unesco 

PARIS — Foreign Min- 
ister Robin Cook said Tues- 
day that Britain would rejoin 
Unesco, 12 years after it 
dropped out to protest finan- 
cial tnisfTMnajW-mffn t and & 
lack of commitment to press 
freedom at the UN agency. 

‘‘There is no very gtxxl 
reason to stay outside," Mr. 
Cook said at a meeting of the 
Western European Union. 

He said Britain would re- 
sume its membership in the 
UN Educational, Scientific 

and f’nHiiral Or ganiaaritYn in 

the “near future." 

Britain dropped out of 
Unesco in 1985, a year after 
the United States did. Wash- 
ington complained that the 
organization was wasting 
money on ideology and anti- 
Western rhetoric and 
threatened to infringe on 
press freedom. (AP) 


bandits. And I would never pul the 
power of tee bandits in fifth place. In 
Russia, it seems the power of bandits is 
somewhere close to first, second and 
third.” 

The collapse of tee Soviet Union in 
1991 put immense riches up for grabs — 
vast deposits of natural resources, 
sprawling factories and lucrative busi- 
nesses, including airlines and television 
networks, teat the state had owned for 
decades. 

But the massive transfer of property to 
private hands, a necessary step to create 
a free-market economy, has turned into a 
vicious struggle for wealth in which the 
rule of law has never been established. 
Former Soviet bureaucrats, factory di- 
rectors, aggressive business people and 
criminal organizations have all made a 
grab for the bounty through insider 
deals, bribery and brute force. 


The Russian economy has taken on an 
oligarchic structure, in which conglom- 
erates, often allied with powerful politi- 
cians, compete for grand femmes— and 
sometimes resort to violence. 

Many leading Russian business ty- 
coons say teey want to put behind teem 
this period of lawlessness. 

Yet, faced with tee current chaos, they 
are building private armies of security 
agents, bodyguards and commercial 
spies. 

“There's a frightening war taking 
place,” said Alexander Minkin, a muck- 
raking journalist for the weekly news- 
paper Novaya Gazeta. "The private 
power structures have privatized 
everything. 

“They’ve taken our industry, our 
land, ana they’ve taken our security for 
themselves. If tee security is protecting 
someone like Naumov, they have neither 


Turkish Papers 
To Sue Ciller 



EAST-WEST EXCHANGE — Princess Sayako.of Japan with President 

ANKARA — Turkey's Jacques Chirac of France and his wife, Bernadette, outside Elysee Palace on 
werful press group Aydin Tuesday. The princess later inangrated the Japanese Cultural Center in Paris, 
jgan said Tuesday that it 

raid file a defamation suit All difrnti he was threatened shortly after signing 

liming $73 million In damages from JiMmcJ a pact with the Spanish media con- 

iredgn Minister Tansu Ciller. Madrid Government fi Iome ^ Gru Po prisa - fAPJ 

MADRID — Allegations that an Catholic Father, of 5 „ , 

-- j JTtJ T A __ _ » 


Dogan said Tuesday that it 
would file a defamation suit 
claiming $73 million in damages from 
Foreign Minister Tansu Ciller. 

In a public meeting in Istanbul on 
Saturday, Mrs. Ciller alleged teat 
Aydin Dogan and another group, Sa- 
bah. were exercising monopolies and 
supporting business cartels. 

The newspapers owned by the 


MADRID — Allegations teal an UtttnOtlC JcOiner .€ 
aide of Prime Minister Jose Maria Azn- * qj • . wtm . . 

ar had used an authoritarian-style MS olOVn Ut Ulster 
threat ofimprisonraent against a media 

executive threatened Tuesday to trig- BELFAST — A Roman Catholic 


Scribe conservative government’s first — — 

to mukrmlne Evidence of the soaring tension nftte newly ri^igeom- 

ourgroup^prestige/Mhe Ay“ ^tne when Jordi PojSr of fte 

new^opns Huiriyet and Miltiyet said Candy coahnM d'M sbota op Mr. to- 

rn front-page commenaries. . . S/SWaS: mg car abandoned near the predom- 


*** J_J „V n .„nt ■- -. 1 , J,. n.rimn. “*6 1W11 LIU- UitUUUJ- 

The publications have lately been mantly Protestant town of Randals- 

highly critical of Prime Minister "“P 151 ®* Friday to discuss recent de- town. In line with paramilitary practice, 
Necmittin Erbakan’s governing coali- velopments. his killers appeared to have burned tee 

tion, in which Mis. Ciller’s conser- Mr. Pujol s Convergence and Union car to destroy forensic evidence, 
vative True Pate Party is the junior F oa “ t ? m said it was seeking tee meet- jhe police said the victim had been 
partner. mg after reports teat tee government abducted, after a struggle, from an ath- 

On Friday, Justice Minister Sevket ““ threatened a Catalan- tram media i^c duh ^ the Catholic village of Bel- 
Kazan of Erbakan’s Welfare party, magnate. Antonio Asensio, with jail [aghy, 13 kilometers northwest of Ran- 
ordered magistrates to investigate las* yes* for deserting a government- dalstown, and shot through the bead 


Kazan of Erbakan’s Welfare party, magnate. Antonio Asensio, with jail 
ordered magistrates to investigate last year for deserting a govemment- 
eight journalists and two labor leaders, backed digital-television consortium 
for allegedly “inciting" soldiers to and joining a rival group, 
stage a coup. The journalists all work Mr. Asensio, chairman of tee private 

for newspapers owned by Aydin television channel Antenna 3 and of tee 
Dogan and Sabah. (AFP) publishing concern Grupo Zeta, says 


laghy, 13 kilometers northwest of Ran- 
dalstown, and shot through the bead 
Bell aghy residents identified him as 
Sean Browne, a father of five in his 50s 
who was chairman of the local club for 
Gaelic sports, which have an exclus- 
ively Catholic following. (AP) 


the time nor money to protect me." 

Mr. Goncharov, a 1 5 -year- veteran of 
tee KGB's once secret Alpha unit, said 
business people had little choice but ro 
recruit their own private security 
forces. 

‘ ‘They do not trust the stale, 7 ' he said 
“If they relied on die state, then you 
wouldn't see them riding around Mos- 
cow in a convoy." 

* Russia’s capitalists have spent mil- 
lions of dollars for protection. They have 
bought armor-plated cars, bomb sensors, 
hidden cameras, bulletproof vests, anti- 
wiretapping gear and thousands of 
weapons. TTray have recruited veterans 
of tee Afghan and Chechen wars as their 
bodyguards. 

But money has not bought them 
peace. Street crime is not the issue; it is 
contract killings. 

In the last four years, said Vi tali 
Sidorov, executive director of tee As- 
sociation of Russian Banks. 116 at- 
tempts have been made on the lives of 
Russian bankers and their workers. Sev- 
enty-nine of them were killed He sakT> 
tee assassins and their clients had no#* 
been apprehended “in 80. to 90 percent 
of the cases." 

As legitimate Russian businesses and 
foreign companies are forced to con front 
the underside of Russian capitalism, 
they often turn to tee murky world of the 
Russian institution known as the krysha. 
which literally means "roof." As a 
slang word, it refers to a criminal pro- 
tection racket, such as a gang teat extorts 
money from a store owner. 

But in Russia’s wild post-Soviet cap- 
italism, tee concep t of taysha has taken 
on another, much broader meaning. Al- 
most every business in Russia — from 
curbside vendors to huge oil and gas 
companies, foreign firms, even mayors 
and regional bosses — pays for the pro- 
tection service of some land of layitea, 
according to security experts in Russia. 

Olga Kryshtanovskaya, head of tee 
department of elite studies at the In- 
stitute of Sociology, said that a krysha 
or, mote broadly, as she put it. a “private 
power structure" is now an essential 
feature of large Russian corporate ol- 
igarchies. 

Businessmen say they need the krysha 
because the laws and court system teat 
regulate economic activity in other coun- 
tries are not functioning in Russia.Post- 
Soviet civil and criminal codes have 
been approved but are often ignored. 

Many companies call their krysha a 
“security department" and use it 
primarily to protect themselves from 
criminal extortion rackets. But experts 
say some companies use their security 
forces to intimidate competitors, enforce 
contracts, collect debts or take over new 
markets. 

At tee same time, for many smaller 
businesses a krysha is an unwelcome and 
'daugeitWKrprotection racket nnr by or- 
ganized crime syndicates, who use ex- 
tortion and threats to extract payments. 

Gerry Williams, marketing manager 
for O’Gara Security International Inc., 
which advises large companies on se- 
curity, said die Russian style of pro- 
tection is to frighten. Guards are trained 
to look menacing rather than discreet. 

“Some are just gorillas with their 
knuckles scraping the floor," he said. 
“We call them bullet-catchers." 

Many of these guards are recruited 
from the former KGB and other military 
and police agencies. 

“The top officers of the KGB turned 
up on the market, and bankers were 
happy to take teem into their banks," 
Mr. Minkin, the journalist, said. "They 
are doing intelligence and counterin- , 
telligence. The big commercial struc-K 
tines thought, ‘Why should I pay gang- 
sters to protect me when I can create my 
own service so not a single bandit will 
approach me?’ " 


Russia Reasserts 
Ownership of Art 
Seised From, Nazis 


Roam 

MOSCOW — Russia's deputy 
culture minister confirmed Tuesday 
that Parliament had overruled Pres- 
ident Boris Yeltsin's veto of a bill 
that asserts Moscow’s ownership of 
ait works seized from Nazi Ger- 
many during World War K. 

The minister, Mikhail Shvydkoi, 
said be did not know the exact voting 
figure in the upper bouse but said that 
about 140 members — well over the 
required two thirds of the Federation 
Council — had voted to reject Mr. 
Yeltsin’s veto. The apposition-dom- 
inated lower house of Parliament 
overruled the veto in March. The 
official results of the vote will be 
announced Wednesday. 

Under the constitution, Mr. 
Yeltsin must sign tee law within 
seven days. But Mr. Shvydkoi said 
the president would exercise his 
rigjht to appeal to the Constitutional 


FRANCE: With Election Coming Early, fitters Stifle a Big Yawn 


When he vetoed tee bill, Mr. 
Yeltsin argued that it breached in- 
ternational law, would complicate 
Russia’s relations with many states 
and could prevent Moscow from 
recovering artworks taken from the 
Soviet Union during the war. 

But many Russians view the art 
as legitimate compensation for the 
wartime suffering of the Soviet 
people and for die many Russian 
treasures destroyed during the Ger- 
man invasion. 

“The deputies often vote with 
their heart and not according to what 
tee law says,” Mr, Shvydkoi said. 
“Civil servants do not have the right 
to act with their heart and I hope mat 
they will understand that this law 
does not comply with tee Russian 
Constitution." 


Continued from Page 1 

state involvement and high state control 
must be replaced. 

Following this reasoning, employ- 
ment and growth can be restored here 
only by a near-cultural revolution, dis- 
mantling not only tee rigid rules of the 
French labor market and state involve- 
ment in industry, bin also an education 
and administrative system teat has per- 
petuated both statism and a business 
mentality geared to state subsidies and 
short of initiative. 

Prime Minister Alain Juppe revealed 
a trace of this ap proach in saying in a 
television interview teat tee Ecole Na- 
tional d’ Administration, or ENA, the 
government finishing school for the 
French establishment, could disappear. 
But Less than a day later, he reversed 
field and said that ENA should stay. 

Mr. Juppe also cut short any notion of 
deep change in French life if Mr. Chir- 
ac’s majority was re-elected by saying 
there would be no basic shift in eco- 
nomic policy. 

This only came after Jean-Pierre 
Denis, tee president's deputy chief of 
staff, had signaled just before the elec- 
tion was announced that an ideological 
turnabout was at hand, and an ally, Alain 


Madelin, once Mr. Juppe's finance min- 
ister, was apparently given a green light 
to push the issue pubficly. 

*To enter the new world, we have to 
have the courage not only to call into 
question oar mixed economic system, 
but also the statist model of oigamzation 
and hierarchical decision-making teat 
constitutes ‘the French exception' but 
also French weakness," Mr. Madelin 
said, almost in tandem with Mr. Chirac's 
announcement of the election, a year 
before its constitutionally required 
date. 

But this kind of language disappeared 
immediately from the campaign out of 
fear teat tee Socialists ami tee Com- 
munists would seize on it to accuse tee 
majority of seeking to enlist France in 
the harder-edged capitalism of the 
United States, or Britain under tee Con- 
servatives. Short of any kind of new 
program or new goal, the circumstances 
left Mr. Chirac without any plausible 
explanation outside of political expedi- 
ency for why he called the vote. 

Beyond the electorate's disaffection, 
what remains has been described by 
Stephane Rozes, an analyst for tee CS A 
public-opinion survey group, as a “vir- 
tual campaign," one where tee basic 
choices are obscured and both sides 


avoid clearly exposing their positions. 
This has apparently softened early sup- 
port received by tee left and has given 
the majority, according to the polls, a 
palpable lead in the number of seats it is 
likely to win. 

The situation of the Socialist Party 
mirrors that of tee Gaullists' to the extern 
that there are basic matters it just does 
not want to talk about, notably what role 
tee Communist Party, with which it is 
loosely allied, would play in a Socialist- 
led government Without any kind of 
rapprochement to tee market-oriented 
attitudes of Britain’s Labour Party, Li- 
onel Jospin’s Socialists have pledged tee 
creation of 700,000 new jow, with the 
government creating half of them, and a 
reduction in the workweek to 35 hours, 
from 39, without a loss in pay. Talk of 
new taxes is totally avoided. 

With its left-wing unwilling to modJ 
cruize, and its right unwilling to tab? 
about the capitalist retooling it has con- 
templated bui seems to dread, France has 
come up short of a debate that would 
have real historical significance. It was 
as if tee country’s political parties 
thought they could best bring about 
change, or maintain aprogram of none at 
all. by discussing it with the electorate as 
tittle as possible. 


French Right Tries to Stamp Out a Heresy on Minimum Wage 


Realm 

PARIS — - Ranee’s center-right co- 
alition sought to avert a potentially dam- 
aging dispute over the minimum wage 
Tuesday after a senior . conservative 
politician broke a political taboo by say- 
ing it would disappear. 

Rene Monory, speaker of tee Senate 
and a former economics minister, told 
the magazine Passages that the min- 
imum wage, backed by a broad left-right 
consensus in France, was pointless and 
an obstacle to jobs. 

Asked whether he believed there 
would eventually be a mini mi|rn hourly 
wage throughout die European Union, 
Mr. Monory said: “Of course not On 
the contrary, there will be no minim um 


wage at all. In any case, I no longer 
believe .in a minimum wage in 
France.” 

A spokesman for Prime Minister 
Alain Juppe's Rally for tee Republic 
party distanced the coalition from Mr. 
Monmy’sremarks even before the leftist 
opposition -and trade unions could 
pounce on them in the campaign for die 
May 25 and June 1 parliamentary elec- 
tion. 

‘To say we are in favor of abolishing 
.tee minimum wage is a calumny," said 
the GauHist party’s spokesman, Jean- 
Fraocois Cope. 

Economists on the right often cite tile 
6, 400-franc ($1,120) monthly minim- 
um pay for a 39-hour workweek as a 


major hairier to employment in a coun- 
try with a record 12.8 percent jobless- 
ness. 

But conservative governments have 
never seriously dared to lower the min- 
imum wage. When Prime Minister Ed- 
ouard BaUadur tried to introduce a lower 
rate for job trainees in 1994, beprovoked 
huge street protests and withdrew the iw* 
Mr. Monory said in die interview: “I anF? 
going to shock same, but is it better to 
pay someone 4300 francs a month in- 
stead of 6.000 francs or to have a million 
yoking people unemployed.” 

"I far prefer limited-term contracts to 
no jobs at all," be added. “I would rather 
see a young person hired for two years 
than spending two years on welfare."* 









f) , 

' ■*- e 5 j 


a * £ 

f 


* ' f . ' 

- * * ;• !j 

4* y ; ; 

\ ,•< -, 
if ’■ *' 




INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 

MEM4HOM 


o 


Clinton Offers Paris 

Compromise on NATO 

U.S. to Endorse a New French-Led Force 


By Joseph Fitchett 

"Ucrnationai HengU Tribune 

PARIS — Jn an attempt to reach a 

compose w»bFB« eo 5r™S!l3 

’ southern flank. President 
i S "•“'“ustrotion has agreed 

% fOT 3 new rapid -rcSn 

5? to handJe crises on the southern rim 
of fee alliance’s territory - with France 

forSf us , ^ d | date to command the 
torce. U.S. officials said Thursday 

The plan to create the force is the 

oveTtares ’ fee officii 
said, designed to get France to withdraw 
its threat of halting further integraiion of 
forces into NATO unless the U S 
admml heading NATO’s southern com- 
mand m Naples is replaced by a Euro- 
pean officer. 

Pointing up France’s growing isola- 
tion on the issue. Volker Ruhe, Ger- 
many s defense minister, has publicly 
sided with the United States in the quar- 
rel over the command, saying that 

NATO: 

The Coming Debate 

Continued from Page 1 

istration's public relations campaign on 
NATO expansion. “We have a lot of 
work to do. There are lots of people both 
in Congress and in the public who have 
not given much thought to this issue.” 

Mr. Rosner’s appointment as a special 
adviser to President Bill Clinton and 
Secretary of State Madeleine Albright is 
one of the steps taken by the admin- 
istration to drum up support for ex- 
pansion. 

Mrs. Albright and other senior State 
Department officials will be addressing 
town meetings around the country in the 
months leading up to a NATO summit 
meeting in Madrid in early July, at which 
the list of candidates will be unveiled. 

On paper, the administration should 
& have little difficulty getting the required 
two- thirds majority in the Senate to rat- 
ify changes in the 1949 North Atlantic 
Treaty that established NATO as a front- 
line defense against the Soviet Union. 

The Senate voted, 81 to 16, in July for 
legislation designed to encourage the 
early admission into NATO of Poland, 
Hungary, the Czech Republic and pos- 
sibly Slovenia and Romania. The House 
passed a similar measure, 3S3 to 65. 

In practice, however, the issue is not 
so clear-cut. Supporters and opponents 
agree that the debate will probably be- 
Icome more evenly balanced as the polit- 
-ical, military and financial costs of ex- 
pansion become more apparent There is 
a big difference between largely de- 
claratory resolutions on expanding 
democracy in the former Soviet bloc and 
a vote on extending the U.S. security 
umbrella to a new part of the world. 

Senator Kay Bailey Hutchison, Re- 
publican of Texas and a leading skeptic, 
said: “11118 issue has not yet got onto the 
radar screen of the American people, and 
I think it would be a mistake to move on 
„ it until it has.” 

> Under Article 5 of the North Atlantic 
Treaty, all NATO members are obliged 
to consider an attack against one or more 
of them as “an attack against them all.” 
The article generally has been interpreted 
to mean that the United States would be 
willing to use its nuclear forces to deter 
and repel an attack on a NATO ally. 

The principal argument in favor of 
NATO expansion is that it will provide a 
political anchor for the emerging demo- 
cracies of Eastern and Cemral Europe. The 

a dmin istration points out that die region 
between Germany and Russia has been a 
flash point for this century’s two world 
wars, and numerous local conflicts. 

“It is our responsibility to make a 
convincing case that this is the best way 
to avoid a war in Europe in the 21st 
century,” said the State Department 
i spokesman. Nicholas Bums. “This is 
? the biggest question in American foreign 
policy right now. ’ ’ 

Bin opponents fear that expansion 
could create a new dividing luie aaoss 
Europe and a nationalist backlashm Rus- 
sia, 'Shere NATO Revved astteCold 
War enemy . George Kennan, the dean of 
American Sovi^olopls waroedm m 
op-ed article in The New Y°* rmes ta« 
-month that expansion could inflame me 
Janri -Western and rojlijarafoc 
in Russian opinion and constitute the 
.most fateful error of American policy in 
the post-Coid War era. 

fSblic opinion at large seems^e 
supportive of expansion, to the extent 
voters care about the issue 


French demands to have a non-Amer- 
ican take over the post should be re- 
considered in five or six years. 

Without specifically dissociating 
himself from the official German line, 
which supports French calls for more 
European commanders at Naples and 
other NATO headquarters, Mr. Ruhe 
was quoted as saying that “Germany no 
longer supports the French position” 
calling for an immediate change. 

Instead, Mr. Ruhe endorsed a recent 
U.S. proposal to put aside the Naples 
dispute for now, proceed with a planned 
reorganization of NATO commands and 
re-examine ibe Naples slot at some later 
date. In making the offer in Bonn re- 
cently, William Cohen, the U.S. defense 
secretary, said there could be no guar- 
antee that Washington would relinquish 
the post even in a future review. 

Although Paris has started playing it 
down, the issue still threatens to freeze 
the role of French forces in NATO unless 
President Jacques Chirac's demand for a 
change ax Naples is accepted at a NATO 
summit meeting in Madrid in July. 

While Italy and Spain have already 
broken ranks with France, a German 
official said Bonn remained “supportive 
of the French long-term goal” even 
though it had “accepted U.S. objections 
on modalities” while Paris had not. It is 
not the first time that Mr. Ruhe has used 
his authority on security issues to sep- 
arate himself from Chancellor Helmut 
Kohl’s almost unconditional support for 
French leadership on European defense. 

'Hie proposed rapid-reaction force, 
while a step down in the hierarchy from 
the regional headquarters in Naples, 
would offer considerable scope for 
France and neighboring allies to cement 
their military links in actual operations. 

A similar allied rapid-reaction force 
under British command has played a lead- 
ing role in recent NATO deployments, 
including one in Bosnia-Herzegovina. 

The new force, probably to be based in 
Florence and builr around components 
of Trance’s mobile fast-reaction force, 
would concentrate primarily on potential 
crises in the western Mediterranean. 

Bigger threats in die eastern Medi- 
terranean, involving the Balkans, the 
Middle East and perhaps even the Gulf, 
would remain the business of NATO’s 
southern command. 





... • ;;v>v 

*.>. • 



.• . a: -v,' .. ' fc 


Continued from Page 1 

administration and party stand at the 
center of the furor, has lost tittle of his 
popularity in recent weeks, according to 
public-opinion surveys. 

Everyone interviewed agreed that the 
reaction here has been a shrug. 

Michigan is one of those Middle West- 
ern states that has been pivotal in national 
elections for decades. It has strong in- 
dustrial and trade-union traditions, boun- 
tiful farms, sprawling suburbs, a troubled 
big city (Detroit) and healthier small 
ones. It has a Republican governor, a 
Republican senator and a Democratic 
senator, a House delegation dominated 
by Democrats and a legislature where 
each party controls one house. 

In short, it is a lot like the United 
Stales as a whole. Mr. Clinton took it by 
300,000 votes in 1992 and upped his 
margin to 500,000 in 1996. 

Douglas Fraser, the former president of 
the United Automobile Workers, said a 
few of his labor friends were concerned 
that the furor over campaign contribu- 
tions “will weaken the presidency and 
with it Clinton’s ability to do things that 


they want him to do.” But even that kind 
of self interest, he suggested, tends to be 
overwhelmed by cynicism about politi- 
cians — “why don’t they get down to 
work?” — and about journalists — "why 
don’t they stop carping at everyone?” 

As for himseLf. Mr. Fraser said, he 
views the problems in the Clinton ad- 
ministration as merely an extreme form 
of what has gone on for years: “Politi- 
cians get panicky when they're behind,' ' 
he said. “They cut corners, they promise 
you and put the squeeze on.” 

The one phrase used again and again 
by the old hands here is “people think 
that they all do it” 

“It's a reflection of the success of the 
Republicans, in a way,” said Professor 
David Robde. a political scientist at 
Michigan State University. "They’ve 
been trying to convince voters for years 
that government is the problem — Re- 
agan's phrase — and that you can’t trust 
politicians. Now people believe ft, by and 
large. How can you expect people to be 
incensed when they view all this as simply 
more of the same? 

“If we lived in a different world, 
where people considered politics a noble 


ISRAEL: 7 Girls Killed by Jordanian 


Continued from Page 1 

But Jordanian officials insisted that 
the attack was an isolated act They said 
150,000 Israeli tourists had visited the 
country in safety since the former foes 
opened their border crossings. 

Prime Minister Abdel-Karim Kabar- 
ati condemned the shooting as a “hein- 
ous crime” and pledged that the soldier, 
who was arrested, would be “prosecuted 
to the full extent of die law.' 

Since the signing of die peace treaty, 
King Hussein has been regarded as the 
Arab leader closest to Israel. Even be- 
fore the treaty the two countries co- 
operated closely in security along their 
border, diplomats say. 

But the king spoke out in his letter to 
Mr. Netanyahu, saying that Israeli plans 
to build homes for Jews around Jeru- 
salem and to limit its next West Bank 
withdrawal to 9 percent of the land held 
made peace in the Middle East “appear 
more and more like a distant elusive 
mirage.” 

Yasser Arafat, die Palestinian leader, 
called Mr. Netanyahu after the attack to 
express his condolences, said Palestin- 
ian sources, who spoke anonymously. It 
was the first contact between them after 
several days in which Mr. Arafat refused 
to receive rails from the prime min- 
ister. 

In Bethlehem, however, Mr. Arafat 
had harsh wends for the Israelis. 

Speaking to the Palestinian legislative 
council, he said there would be “no 


peace without Jerusalem," adding , “ Je- 
rusalem is part of the occupied land.” 

"We cannot accept this unfairness 
and this aggression,” he continued, con- 
demning Israel’s policy of settling in 
disputed areas as "a monster" that could 
“blow up the peace.” 

Mr. Arafat also appeared to suggest 
that the current crisis might lead to re- 
newed violence: “All the options are 
open,” he said. “We have to understand 
exactly the danger.” he added. 

Initial reports said the Jordanian sol- 
dier started firing from a watch tower, 
but Israeli television said he was in a 
Jeep. 

The Israeli report said the assailant 
grabbed a weapon from a fellow soldier, 
shot him and then opened fire on die 
students 50 meters away. 

He changed clips in his weapon and 
fired more shots before he was over- 
powered by other soldiers, who shouted 
“Madman! Madman!” at him. 

The soldier, identified as Lance Cor- 
poral Ahmed Youssef Mustafa, 22, 
opened fire while about 80 students 
stood on a grassy hill on the island of 
Naharayim. A sign at the entrance reads 
“The Island of Peace.” 

The island, 95 kilometers (60 miles) 
north of Jerusalem, is a tourist attraction 
because of the view it offers of Jordan, 
Syria and Israel. 

Israel has controlled the island since 
the 1948 Mideast War, but returned it to 
Jordan under the 1994 peace accord. 

Israel continues to lease land there for 


- *■- v 

;■ , I u . 

- r 




Jus wliwmlMBi 

A survivor of the Jordan River shooting being comforted while she wept. 


agriculture and Israelis have free access 
to the island. (AP, Reuters) 

■ Building; to Begin 

Israel will break ground for a neigh- 
borhood in East Jerusalem next week 
despite worldwide condemnation, a cab- 
inet minister said T7i ursday , according to 
The Associated Press. 

The United States reportedly asked 


Mr. Netanyahu to delay the start of con- 
struction in hopes of averting a collapse 
of the lsraeli-Palestinian peace process. 

Israel has decided to go ahead with the 
construction of 6.500 apartments in an 
area called Har Homa by Israelis and 
Jabal Abu Ghneim by Palestinians.’ 

The Palestinians, who want to establish 
a capital in East Jerusalem, have warned 
of an uprising if construction begins. 


BEG: Even India , Inured to Poverty's Woes, Shudders at the Tale of Berhampur’s Children 




compared 29^e JgjSt, of 

-■.SCs-sS—sfisK 

persuade a m^ 0 “ f £££ of *e 
voce against including 

feta - ob ™£ 'jjgdrii tend 

opinion than by n*S y. , ^ adminiS _ 
ments of opuj 10 ^ ^ pressure, in 

JMS*- >" isinfilvor 

Soman may relatively 

.Russia, such HiU. If an 

-little resonance ^ .J^can t* put w- 
.anti-ejqwnsioj 1 include liberal 

.«SrfSSStf5-»- 


Continued from Page 1 

For months, and in some cases for as 
long as five years, the children worked 
1 5 hours or more a day, soliciting money 
on the streets of Jidda, Riyadh and 
Mecca. Alongside children who were 
similarly recruited from Bangladesh, 
Pakistan and Sri Lanka, among other 
countries with large Muslim popula- 
tions, they were often able to amass as 
much as 75 Saudi riels — about $20 — a 
day, from which the touts would give 
them a few riels’ pocket money. 

Indian officials say they have no way 
of knowing how many more Indian chil- 
dren may have been caught up in the 
scheme, or even whether some may have 
been taken to Saudi Arabia and later 
disappeared. The officials say that ex- 
aminations by government doctors since 
the children returned have shown no 
evidence of sexual abuse, though some 
show signs of having been beaten. 

Although the officials say they be- 
lieve the scheme began al least 15 yean 
ago, they say they knew nothing about it 
until Saudi police began swooping down 
on some of the Indian children late last 
year, putting them in detention centers 
and then on flights home. 

Officials say they were not cold the 
children were coming until the planes, 
ferrying them landed in Bombay, and that 
it was then that interviews wife the chil- 
dren revealed that all of them came from 
Berhampur, 200 kilometers (125 miles) 
north of Calcutta in India’s northeast. 

Many of the children, including 
Kabirul, who spent 10 months in Mecca, 
speak of fee experience now with an 
element of wistfnjness. 


According to the children’s accounts. 

around in dormitories rented by the touts 
when they were not out begging in the 
streets, a routine Indian officials said may 
have been less harsh than the hardscrabble 
lives the children lived at borne. 

Kabirul, scampering into the welfare 
director’s office and hauling himself up 
onto a chair, said the children had been 
reluctant recruits. 

“We didn't want to go, but our par- 
ents handed us oyer to the touts, so we 
had to go,” he said. 

Traveling by rail to New Delhi, a 36- 


the poverty in the villages around Ber- 
hampur, but also to something else. 
“Partly, it’s a matter of necessity, but 
also of greed.” she said. 

According to police inquiries, the 
touts’ payments to the parents depended 
mainly on the children’s physical con- 
dition, wife higher amounts paid for the 
most severely disabled, on the assump- 
tion that they would collect greater sums 
on tire streets. 

Of the 48 boys who returned from 
Saudi Arabia in early March, 32 were 
disabled. In two earlier batches of 76 
girls who were flown home, 11 were 


In villages where a family’s cash income can be as little 
as $150 a year, the payments were a small fortune. 

hour journey, and then by air to Jidda, disabled, some of them mentally as well 
fee boys were homesick at first, Kabirul as physically, 
said, but soon settled down. “I thought In villages where a family s cash m- 
of my mother and my brothers all the come can be as little as $1 50 a year, the 
time,” he said. payments represented a small fortune. 

“But then we began to enjoy Although a faction of India’s Commu- 
ourselves. But when they arrested us, it uist Party has been in power in West 
wasn’t fun anymore.” Bengal for nearly 20 years, carrying out 

For many Indians, the feet that most of policies that include land redistribution 
the children find little to complain about aimed at easing poverty, the- state, with 
hardly lessons fee chagrin they fcel over 70 million people, remains one of In- 
the affair. dia’s poorest. 

“It’s shampfi ii. but inevitable, too,” As elsewhere in India, where 350 mil- 

said lpsita Gupta, head of the Juvenile lion people live in poverty, a major rea- 
Welfore Board in Berhampur, who has so° for slow progress itt reij®8** vin S 
overseen the care of fee children since standards is the country's high birth rate, 
they returned from Saudi Arabia and adding more than 20 million people to 
worked wife the police to identify the the population every year. . 
youths’ parents, not easy in a district with Almost every child involved m the 

a population of more than 5 mfllion. begging scheme came from a family wife 

Miss Gupta attributed the scheme to atieast six children, and some were raised 


by a single parent. In Kabirul ’s case, his 
father’s death six years ago left his moth- 
er struggling to support her family from 
the produce of a tiny village plot 

Many mothers said they or their hus- 
bands could earn only 20 rupees a day, 
about 60 cents, from menial jobs like 
casual labor and working in riverside 
laundries, with costs of at least 50 rupees 
a day to support their families. 

"I was having trouble supporting my 
family, and so J did this shameful 
thing,” said Habiba. a 40-year-old 
mother who wept as she passed through 
the welfare center's gale with Jamal 
Hussein, her 1 3-year-old son, who had 
been in Mecca with Kabirul. 

In Habiba’s case, the temptations 
from the touts were the greater because, 
she said, Jamal was one of two boys in 
her family who had been disabled by 
polio, an affliction dial in India shows 
the highest incidence of any nation. 

Compounding her misery, Habiba 
said the 12,000 rupees promised her for 
her son, about $340, was never paid. 
“They cheated me, took away my son 
and left me with no money,” she said. 

Officials in Berhampur have been in- 
structed to round up the ringleaders of 
fee begging scheme. Already, four of the 
suspected touts have been arrested and 
charged with offenses that include kid- 
napping, conspiracy, forgery and cheat- 
ing. 

But Miss Gupta, fee child-welfare of- 
ficial, said local politicians were deeply 
involved in the scheme, and would frus- 
trate ail efforts to stop it. 

“They say 'We must stop thisl’ But 
their promises win not be fulfilled,” she 
said. 


PAGE 7 


VWm‘1 Ln J»*l ; ‘KmliT% 

Police grouped in front of a roadblock at Tirana's airport, which was dosed Thursday by Albanian authorities. 

FUNDS: Uproar in the Capital; Indifference Out in the Country 


profession, and they thought most politi- 
cians were genuine public servants, then 
people would be outraged by scandals 
like the ones we’re seeing and call for the 
heads of the bad guys. But not now, not 
in this world.” 

Lee Bollinger, the president of the 
University of Michigan, said that even 
on college campuses, “social idealism is 
dead or dormant, and a vast majority see 
the United States as king of the hill, at 
least for a while.” This a comfortable 
time to live for most people, he said, and 
they view this “as a rime to make 
money, pad their 401 k’s, not worry 
about the poor.” 

In that way, said Charles Eiseudrath, a 
Michigan professor who used be a for- 
eign correspondent, the United Stales 
may be starting to resemble France. Long 
accustomed to the peccadilloes of their 
own politicians, the French could not 
understand what ail the fiiss was in the 
Watergate affair, and thought Americans 
a little nutty to bring down Richard Nix- 
on, a president they considered talented. 

“They thought Watergate was busi- 
ness as usual," he said. “Now we’re 
getting world-weary like them.” 


ALBANIA: 

Country in Anarchy 

Continued from Page 1 

selves to automatic weapons and 
wooden crates of ammunition. 

By early afternoon, an eerie quiet 
punctuated by frequent gunfire settled 
over the shabby city as some people 
barricaded their stores and others 
dragged 50-kilogram ( 1 10-pound) sacks 
of flour onto bicycles and pedaled home 
in terror. 

Popular armed uprisings, rooted in 
fury at failed financial schemes that the 
people believe the government 
sponsored, swept across southern Al- 
bania in the last two weeks and spread to 
the north, the home region of Mr. Ber- 
isha several days ago. 

TTie capital had seemed relatively in- 
sulated from the anarchy. It was believed 
that here, at least, Mr. Berisha had a 
vanguard of strong and loyal forces to 
protect iL 

But Thursday in Tirana, like else- 
where in the country, the ragtag army, 
where salaries are $2 a month, and the 
corrupt police force melted away when 
the weapon storehouses were flung 
open. 

Albanians themselves were unsure 
whether to call the violence a civil war, a 
revolution or a popular uprising. 

In Tirana, there was a strong sense 
that the arming of civilians Thursday 
was organized by Mr. Berisha, once a 
high-ranking Communist, and a handful 
of remaining loyalists from his home- 
town in the north. According to several 
opposition leaders, Mr. Berisha delib- 
erately created die upheaval as a way of 
ensuring that he stayed in power. 

But whatever the nature of the dis- 
order, very little good was expected to 
come of it. 

Unlike other former countries of the 
Soviet bloc — such as Poland or 
Czechoslovakia — Albania, a Balkan 
nation that borders Greece, Macedonia 
and the Serbian province of Kosovo, has 
no democratic tradition to fail back on. 
The armed anarchy here bears no re- 
semblance to the peaceful overthrow of 
communism in Eastern Europe and the 
evolution of democratic market econ- 
omy countries. 

‘ 'Albania is going to be in a prolonged 
crisis.” said a Western diplomat who 
knows the country well. For Italy and 
Greece, the disintegration of Albania, 
even wife its relatively few 3.2 million 
people, brings the threat of refugees. 
Late Thursday, an Albanian naval vessel 
berthed at fee Italian port of Bari, and the 
armed soldiers on board demanded 
asylum. 


BRIEFLY 


Oil Workers Seized 
In Nigeria Dispute 

PARIS — Nigerians have seized a 
barge carrying 90 people, including 
16 French citizens, three British sub- 
jects and an American, as part of a 
dispute over jobs, fe e B ench oil 
pipeline company ETPM said 
Thursday. 

A spokeswoman for ETPM in 
Paris said fee barge was ambushed 
on the Escravos River by a tribe that 
is a rival of the 500 Igbudus tribes- 
m en wo rking for fee company. 

ETPM employs all the foreigners 
on the barge, which was halted in 
the marshy Warn region along Ni- 
geria’s southern coast No identities 
or hometowns were released. 

Seventy Nigerian employees 
were also on board, according to 
ETPM. The company said it did not 
believe that the lives of fee barge 
passengers were in danger, citing a 
s imilar incident in December that 
ended peacefully. (AP) 

Burundi Sees Plot 
To Kill Tutsi Ruler 

BUJUMBURA, Burundi — Bu- 
rundi authorities said Thursday they 
were investigating a plot to loll fee 
country’s military ruler, Pierre 
Buyoya, and at least four people 
were killed when their cars hit anti- 
tank mines in the capital. 

It was not immediately clear if fee 
mine explosions Wednesday night 
in Bujumbura were linked ro the 
announcement of the plot to kill Mr. 
Buyoya, a Tutsi. Five people have 
been arrested in connection with fee 
alleged plot. 

An army spokesman said he sus- 
pected feat Hutu rebels or extremist 
Tutsis, opposed to fee possibility of 
talks wife fee rebels, were behind 
fee explosions. (AP) , 

Colombian Court 
fbids Emergency 

BOGOTA — President Ernesto 
Samper of Colombia suffered an- 
other major setback when a high 
court said he had no business ruling 
by decree over management of the 
country’s economy. 

The Constitutional Court, in a 6- 
to-3 vote Wednesday night, struck 
down all 16 decrees issued by the 
government under terms of an eco- 
nomic emergency declared in Janu- 
ary on the grounds that they were 
unconstitutional and that fee emer- 
gency could have been avoided. 

The ruling came just hours after 
the government heralded approval 
of fee economic emergency by both 
houses of Congress as a move feat 
would help it cut a fiscal deficit that 
ran at 4 percent of gross domestic 
product last year. 

Finance Minister Jose Antonio 
Ocampo said fee government would 
now seek to win congressional ap- 
proval of all fee measures it an- 
nounced in January. ( Reuters 1 


merits. 



Itcralb 


INTERNATIONAL 



n HLiSlIkU WITH THE SF.Vi YOMk TIMES \M» THE W ASHMCTOK POST 


Korean Turnaround 


Time for an India-Pakistan Rapprochement 


C ANBERRA — India and Pakistan 
reach half a century of indepen- 


The path from dictatorship to demo- 
cracy. now being attempted by so 
many nations, rums out to be long and 
tortuous even in the best of cases. A 
single election and a new constitution 
provide no guarantee; patterns of be- 
havior. institutions, methods of edu- 
cation and mind-sets all have to 
change. South Korea's democracy is 
better established than most, yet tbat 
Asian nation took a giant step back- 
ward 1 1 weeks ago — and caught hell 
for it. at home and abroad. Now it has 
taken two steps forward. The progress, 
showing that South Korean democrat- 
ization remains essentially on track, 
deserves just as much attention. 

The trouble started the day after 
Christmas, when President Kim 
Young Sara assembled his ruling-party 
legislators in a secret location to ram 
through new legislation on labor re- 
lations. In six minutes, while oppo- 
sition congressmen slept, the bill was 
approved. Mr. Kim. a dissident during 
his nation's era of military dictator- 
ship, also won approval for revival of a 
draconian internal security law that the 
dictators had used to persecute him and 
his allies. Opposition parties and labor 
unions bowled, but President Kim 
vowed to stand firm. 

Weeks of strikes, protests and con- 
demnation. however, proved too 
much. Mr. Kim agreed to allow the full 
Parliament, including opposition le- 
gislators, to reconsider both pieces of 
legislation. The internal security de- 


bate is still to come, but this week a 
new labor law was approved. 

The original bill gave employers the 
right to fire workers, a radical departure 
in a nation wedded to the lifetime-em- 
ployment system. President Kim ar- 
gued. persuasively, that South Korean 
firms need more flexibility to compete 
in the world market. But the bill at the 
same time reneged on South Korean 
promises to permit freedom of assembly 
and die workers' right to organize. 

The compromise legislation post- 
pones for two years employers' right to 
lay off workers. It is mixed, too, on 
freedom of association. It legalizes 
South Korea's umbrella organization 
of independent unions, ending an era 
when only one official union could 
operate. But it does not remove a ban 
on “third-party interference” in labor 
disputes, a measure that the govern- 
ment has used to severely restrict free- 
dom of expression in labor matters. It is 
not, that is, an ideal result; South Korea 
would have been better off if its em- 
ployers had won the flexibility they 
new and labor had won the right to 
organize freely in response. 

In this case, though, the restoration 
of democratic process is more impor- 
tant than the details of the compromise, 
which ideally will be followed by fur- 
ther reform. Mr. Kim tried to get things 
done the old way, the generals' way. 
South Koreans showed mat they won’t 
stand for that anymore. 

— THE WASHINGTON POST. 


Mideast Challenge 


The frustrations and risks of the 
Middle East peace effort are vividly 
reflected in the anguished letters ex- 
changed this week by King Hussein 
and Prime Minister Benjamin Netan- 
yahu. The progress of peace is neither 
as meager as King Hussein complains 
nor as impressive as Mr. Netanyahu 
suggests, but the peace effort has ar- 
rived at another crucial juncture. 

A good deal has been accomplished 
since last September's eruption of vi- 
olence and near breakdown in the 
peace effort. Israel and the Palestinians 
reached agreement on Israeli troop 
withdrawals from Hebron, a timetable 
for further pullbacks in the West Bank 
and the rescheduling of substantive 
peace talks. Unhappily, a new crisis 
has nowdeveioped over a Jewish hous- 
ing project in Jerusalem and the scope 
of the first West Bank pullback. Yasser 
Arafat and Mr. Netanyahu need to step 
back and recover a larger vision. 

Ideally, they should talk directly, and 
regularly. But given their apparent in* 
ability to do so. the United States must 
step in more actively to shepherd the 
peace. The Clinton administration is 
right to send a representative to an in- 
ternational diplomatic briefing that Mr. 
Arafat is convening in Gaza City this 
weekend to listen to his frustrations. 

The transfer of control in Hebron 
went surprisingly smoothly. Last 
week’s decision by Mr. Netanyahu to 
place another 9 percent of the West 
Bank under full or partial Palestinian 
control, although rejected by Mr. Ara- 
fat as insufficient, was a reasonable first 
installment on Israel’s obligations un- 


der the Oslo agreements. These provide 
for a series of three phased Israeli troop 
withdrawals to be completed by mid- 
1998. By then all West Bank territory 
except for settlements and military lo- 
cations specified tty Israel will be under 
Palestinian administration. 

The Palestinian rejection, and King 
Hussein's angry letter to Mr. Netan- 
yahu. were provoked less by the num- 
bers than by the manner in which the 
decision was handled. The withdrawal 
plan followed the decision to move 
ahead with a Jerusalem bousing project 
that would cut off Arab areas of the city 
from adjoining sections of the West 
Bank. Mr. Arafat worked hard to pre- 
vent Palestinian protests over the new 
housing plan from turning violent. In 
return, he reasonably expected some 
gesture of consultation, or even a hand 
of partnership, in the Israeli troop with- 
drawal announcement. Instead he got 
cramped explanations about how Oslo 
permits Israel to make all decisions 
about the scope of these withdrawals on 
its own. Still, Mr. Arafat has not helped 
matters by his refusal to accept control 
of the additional territory ana by sus- 
pending all contact with Mr. Netan- 
yahu's representatives. 

Domestic calculations sometimes 
influence the two men’s decisions. Mr. 
Netanyahu works constantly to ap- 
pease right-wing parties in nis coali- 
tion. Mr. Arafat feels obliged to in- 
dulge more radical lieutenants. But 
both men have demonstrated that they 
can overcome these obstacles to peace. 
They must do so again. 

— THE NEW YORK TIMES. 


An Unusual Winter 


The New England winters of 1995 
and 1996 had an old-fashioned rigor — 
plenty of snow and temperatures cold 
enough to make life before central 
heating look improbable. So far, and 
with only a few days remaining, this 
winter has lacked that elemental stern- 
ness. The bitter weather that stupefied 
the Plains states has largely bypassed 
New England. Once or twice snow has 
fallen, but to little purpose. What made 
this winter unusual was ice. 

In a truly hard winter, ice is 
something of a scarcity. It appears in 
all the predictable spots — on rivers, 
lakes and ponds — bur it is often 
abraded by wind or covered by drifts. 
The snowpack in a frigid winter feels 
almost arid, and moisture is locked up 
tight. Not so this winter. Days were 
warm, nights cold, rain almost as likely 
as snow. Every afternoon the world 
liquefied a little, and every morning the 
world was freshly plared in ice. 

The roads were not the problem. 
Dead leveL uncrowned roads are rare in 
New England. But during January and 
February, in the Berkshires and small 
towns along Route 101 in New Hamp- 
shire, every parking lot or driveway 
seemed to be a catch basin for the sur- 


rounding hillsides, which meant that 
every parking lot or driveway was a 
sheet of ice. when the surface melted in 
the afternoon, it engulfed the sand 
spread on it the night before, and spread- 
ing salt, like tempering steel, seemed 
merely to create a superior grade of ice. 
Ail across New England, drivers walked 
to their vehicles in a gingerly manner, 
only to find themselves stuck on slick, 
level pavement Some tried to ease off 
the ice. Some trial to burn rubber right 
through to the asphalt One thing is 
certain. In a frictionless universe, nearly 
everyone would be irascible. 

The ice was not without its beauty, 
although most people had had enough 
by mid- January. Out in the fields, 
where the hollows filled with water 
and froze over, strange vacancies in- 
terrupted the continuity of the land- 
scape. On Dublin Lake, in New Hamp- 
shire, it was possible one rare Arctic 
morning to watch a stiff west wind 
stalemate the dosing ice, the white- 
caps freezing even as they blew onto a 
stiffening sbelf of frost. But now the 
robins are in the yard, which is bare of 
snow, and the moles are tossing up 
fresh dirt. Traction has returned. 

— THE NEW YORK TIMES. 




ESTABLISHED !SS7 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 
Co-Chairmen 

KATHARINE P. D ARROW, nw Chairman 

RICHARD McCLEAN. Publisher A Chief Executive 
MICHAEL GETLER, Executive Editor 

• WALTER WELLS, Managing Editor • PAUL HORVTTZ. Deputy Managing Editor 
• KATHERINE KNORR and CHARLES MTTCHELMORE, Deputy E&iors • SAMLTEL ABT and 
CAW- GEWTRTZ. Associate Editors • ROBHtT J. DONAHUE. Editor of the Ediloriai Pages 
• JONATHAN GAGE, Business and Finance Editor 
• RENE BONDY, Deputy Publisher 

• JAMES McLEOD. Advertising Director • DIDIER BRUN. Circulation Director. 
Directeur dc la Publication : Richard McChum 


T^v,ri^»i HaalJ Tribune. 181 Avenue Chartes-de-Cauite. 92521 Neuilly-sur-Seine. France. ■ — 
haem ' TdMlHl 43.9100. to Cin:, 11)4143.92.10; AtW-.ilUl .43.91 12. V9B 

" iflimjc* address; bttp;//vw.ihmnii E-MaiL- flu@ihLcwn IH 

IS. (0323 FtadfirtM. Tel. *49 (097125041 Fat: +49 (fimi2S0JQ 
<**- fx YorLNY. 10022 M (2!2) 752-3S00. Fac(2l2> 755J785 W 

WC2.Tel.im}$36~M2.Fax:II7n240.22S4 4)=^ 
dfl JQOJWO F. RCS Naiitene B 731021126. Commission Paritmre No. 61337 BKS 
SAS. au Herald Tn{me . AH rights mer ved. ISSN.0294-MS2. 


dence this year. In that time they have 
fought three wars against each other, 
plus a proxy conflict over Kashmir that 
has killed around 20.000 people. 

International interest in the two 
country’s relations is engaged because 
India is the world's most populous 
democracy. Pakistan is a pivotal Is- 
lamic country, both are liberalizing 
their economies, and their collapse 
would produce a humanitarian tragedy 
of unimaginable magnitude. 

After his sweeping victory in elec- 
tions in Pakistan last month. Prime 
Minister Nawaz Sharif said he wanted 
to revive peace talks with India to “re- 
solve our problems and move towards 
prosperity/' ■ He said subsequently, 
after pressure from military hard- 
liners, that any final settlement with 
India was conditional on an end to New 
Delhi's ‘ ‘repression’ ’ in Kashmir, total 
withdrawal of Indian troops, and a free 
and fair plebiscite under UN auspices. 

India’s Prime Minister H.D. Deve 
Gowda responded by saying that he 
was ready for “wide-ranging compre- 
hensive talks on all issues.” But he 
added that Kashmir was an inseparable 


Bv Ramesh Thakur 


part of India, although he was willing to 
discuss “minor adjustments.” 

Tbe talks are dueto start on March 2&. 
They will not be easy. Yet the time may 
now be right. There is war weariness in 
both countries. Pakistanis wonder 
whether Kashmiris are really fighting to 
tbe death for independence; Indians sue 
starting to realize the depth of Kashmiri 
alienation from Indian nrle. 

Mr. Sharif's political constituency is 
tbe industrial and entrepreneurial class, 
which is interested in establishing eco- 
nomic ties with India. According to a 
survey conducted by a Karachi news- 
paper, an overwhelming majority of 
people in Pakistan's metropolitan areas 
support closer relations with India. 


the seven-year insurgency in Kashmir* 
while international support for Pakisran 
is declining. India has improved re- 
lations with Bangladesh ana Nepal by 
signin g major water-sharing pacts. It is 
exploring ways of drawing closer to Sri 
F sink a Meanwhile, Pakistan is con- 
cerned about an Iran-India axis to con- 
tain tbe Taleban surge in Afghanistan. 

After the disintegration of the Soviet 
Union, China no longer fears collusion 
between Moscow and New Delhi. Ap- 
prehensive about a rising tide of Is- 
lamic extremism, China found com- 
mon cause with India in combating it in 
areas along their common borders. In- 
dia has muted its territorial dispute with 
C hina. Instead it emphasizes a growing 
web of political and economic links. _ 

Reflecting such developments, Bei- 

— , j.2 I m OL 


the Cold War over, Pakistan lost stra- 
tegic value to the United Stales. 

India has begun to move toward a 
market-oriented economy which needs 
American capital, trader and techno- 
logy. The United States, too, has. ad- 
vised P akis tan to cease support for the 
insurgency in Kashmir and seek a rap- 
prochement with India. 

Mr. Sharif's options are ctfcum^ 
scribed by the army. Mr. Gowda's are 
narrowed* by democratic politics. Pre- 
occupied with keeping his 1 3-party rul- 
ing coalition intact, he fears being ac- 
cused by political opponents of selling 
out to the country's archenemy. 

Mr. Sharif s huge majority in Par- 
liament gives him a freer hand. Bui as 
the larger country, India shouldtake the 
initiative by continuing to liberalize’ 
bilateral trade and tourism. 

Both countries should seize the op- 


support closer relations with India. jins has advised Mr. Sham to emulate bilateral trade and tounsn. _ 
Exchanges involving poets, singers the Chinese-Indian model and shelve Both countries should seize the op- 
and film stars are commonplace and the Kashmir dispute while improving p on unity for rapprochement. Consider 
draw enthusiastic audiences. Business relations with India. _ the prospect if 50 years of antagonism 

delegations receive warm receptions. U.S. policy toward South Asia has were to be followed by 50 ye ars of 
Satellite television has brought home also evolved. The Soviet collapse re- partnership and shared prosperity, 

the common cultural traits and civil- moved a perennial irritant in Indian- — — — 

izational roots. Embryonic peace U.S. relations. Events in Afghanistan The writer, head of the Peace Re- 
movements in both countries are trying and Central Asia have stirred up shared search Center at t he Aus tralian Na- 
to reach out to each other. fears in Washington and New Delhi tional University, contributed this to 

New Delhi has seemingly ridden out about Islamic fundamentalism. With the International Herald Tribune. ; . 


partnership and shared prosperity. 


The writer, head of the Peace Re- 
search Center at the Australian Na- 
tional University, contributed this to 
the International Herald Tribune.. : 


The West Can’t Just Stand By While Albania Self-Destructs 


P ARIS — Warning: The up- 
rising in Albania is not what 
it appears to be on television. It 
is in no way comparable to re- 
cent mass popular protests in 
Serbia and Bulgaria. Instead it 
is the signal that the country is 
on tbe verge of civil war or total 
collapse, a frightening prospect 
for Europe. 

inhere iso 't much chance that 
the latest formula for compro- 
mise, achieved by Western 
pressure and mediated by Italy, 
win restore reasonable calm. 
President Sail Berisha has 
agreed to name a coalition gov- 
ernment and call internationally 
supervised elections in June. 
But the insurrectionists in the 
south demand that he go. al- 
though they have little defined 
leadership and there is no vis- 
ible alternative government that 
could bring order. ' 

Ismail Kadare, the widely re- 
spected, now expatriate Albani- 
an writer, calls for “interna- 
tional arbitrage,” a force "not 
of repression but interposition’’ 
until spirits cool. Attacking for- 
eign indifference, denigration 
and “savage” home-based 
self-denunciation, he com- 
plains nonetheless that the 


By Flora Lewis 


“miserable little country” has 
‘ ‘no protector, unlike most of its 
Balkan neighbors.” 

Albania is a little country with 
an awful history, officially of 3 
million people; but so many 
have left that the population may 
now be closer to 2 million. 

More ethnic Albanians live 
on its borders, in Serbia's bru- 
tally repressed province of 
Kosovo, in fragile Macedonia, 
in anxious Greece. Italy is 
deeply worried about a wild on- 
slaught of desperate refugees, 
and the whole tenuous Balkan 
peace is at risk. 

Once again, as after the col- 
lapse of communism in 1991. 
there seems to be an orgy of 
destruction as people unleash 
their fury si authority, looting 
and ravaging not only army and 
police installations but schools, 
town halls, libraries, factories. 
In the south, where the insur- 
rection began, the army has dis- 
appeared and the people are 
over-armed. 

There are both a traditional 
ethnic antagonism between the 
south and the north, home of 
Mr. Berisha’ s clan, and effec- 


tive residues of the fierce 45- 
year Stalinist period, with tbe 
ex-communists (now called 
Socialists) strong in the south, 
thoroughly engaged with a large 
mafia and bands of thugs. 

An exile who spent 30 years 
in the Stalinist prisons and labor 
camps says so many of the coun- 
try’s educated people who 
would be the natural leaders died 
or were driven abroad thai all 
conscience was extinguished. 

When that regime ended, Mr. 
Kadare also says, “a materialist 
rage and unprecedented corrup- 
tion exploded.” The Western 
embargo on Serbia helped fuel 
the money- madness, making 
smuggling of arms, goods, 
drugs so profitable dial people 
saw little point in working even 
if there had been jobs, or in 
tilling their fields. 

It was in this context that the 
mania for the pyramid schemes 
promising easy money de- 
veloped. “People don’t believe 
in anything anymore,” the exile 
said, “but they did insist on 
believing in die get-rich-quick 
frauds” whose sudden collapse 
sparked the insurrection. 


There have been similar 
schemes in Russia, Eastern 
Europe and Egypt, where they 
called themselves “Islamic 
banks” offering profits rather 
than forbidden interest. They 
didn’t produce the same effect, 
because the failures were caught 
before they went too far, and 
because of Albania's uniquely 
ravaged social cHmate. 

It was always a poor but 
proud and feisty country. But 
the Communist dictatorship, 
total isolation and paranoia 
about spies and foreign inva- 
sion left il centuries behind the 
rest of Europe. 

People still walk many miles 
along its rugged mountain roads 
bent double under loads of fag- 
ots they collect in the woods as 
their only fueL There are re- 
gions of spectacular natural 
beauty, largely untouched. One 
area in the north resembles the 
awesome Three Gorges on the 
upper Yangtze in China. But 
even the donkeys and cows look 
impoverished, stunted. 

There is little point in the 
knee-jerk suggestion of some in 
the West to halt foreign aid until 
the government accepts foun- 
dations for real democracy. But 


neither is it easy to deliver aid ixr 
any way that has a chance of 
being effective. 

The country is caught in a;' 
tragedy largely of its own mak- 
ing, with layer on layer of his- 
torical obstacles and ancestral 
hostility to neighboring Serbia 
and Greece blocking a rational' 
way out. 

Too many disorganized 
people are already too heavily 
armed to make dispatch of a 
Haiti-type temporary force suf- 
ficiently low-nsk to meet cur- 
rent Western requirements. 

But Albania can't be ignored 
any longer, nor only out of sym- 
pathy for its plight but also be- 
cause it is a danger for the 
neighborhood. . 

It is a base for drugs, crime, ‘ 
potentially terrorism, as well as 
regional instability. Too bad the 
worid hasn't yet developed 
some kind of peace and order 
tutelage mechanism to give Al- 
bania a , chance to catch its 
breath and make a fresh start 
■ - To begin, it is essential for 
the United States and Europe 
to form a concerted policy that 
would give hopeand encourage 
emergence of honest leaders. 

<8 Flora Lewis. 


Netanyahu’s Predicament: Swim On or Get Out of the Water 


N EW YORK — During the 
Hebron negotiations, a key 
demand of Benjamin Netan- 
yahu was that the Palestinians 
draw up a new charter that 
would explicitly define their re- 
lationship with Israel. But it is 
not only Yasser Arafat who 
needs a new charter. 

Prime Minister Netanyahu 
needs one, too, because coo 
many people don ’t know where 
he's heading. How can you get 
behind him, they ask, when you 
don't know where his from is? 

Tbe fact is. by embracing the 
Hebron deal and the Oslo for- 
mula of trading land for peace 
Mr. Netanyahu has ripped the 
guts out of his Likud Party, 
which has always stood for ne- 


By Thomas L. Friedman 


tabling all of the Land of Israel 
(including the West Bank). 

His move on Hebron was 
critically important and widely 
supported by a solid Israeli ma- 
jority, but it had a devastating 
impact on his party. Or, as 
former Prime Minister Yitzhak 
Shamir said the other day of Mr. 
Netanyahu: “The fact is he is 
working against the principles 
of the Likud He has no prin- 
ciples at all.” 

He has broken with much of 
Likud ideology, but for person- 
al and political reasons he 
doesn't want to acknowledge 
that So he has the worst of all 
worlds. First he moves forward 


on Hebron, and loses the trust of 
Likud ideologues, and then he 
tries to compensate by moving 
backward, and loses the trust of 
his Arab negotiating partners. 

It's as if he left one bank of 
the Rubicon but hasn't crossed 
to the other. He’s doe-paddling 
in the Rubicon. 

Because neither the Palestin- 
ians nor the Israeli right know 
where he is heading, they turn 
every little thing he does, or 
doesn't do, into a big strategic 
issue. When you don't know 
where someone is on the big 
things, every little thing counts. 

If Palestinians or King Hus- 
sein of Jordan were confident 


Streamline the State Department 


W ASHINGTON — On 
one side is Bill Clinton. 
He wants tbe U.S. Senate to 
ratify the Chemical Weapons 
Convention, a model agree- 
ment which bans the produc- 
tion and use of chemical 
weapons, is supported by a 
“Who's Who” of former of- 
ficials and military leaders and 
has been signed by roughly the 
entire civilized world. 

On the other side is Jesse 
Helms, chairman of the For- 
eign Relations Committee. He 
wants to reorganize the State 
Department and has vowed to 
keep the chemical convention 
bottled up in his committee un- 
til this is agreed upon. 

Mr. President, Mr. Helms, 
it is time to make a deal! 

Both sides — and the Amer- 
ican people — would come 
out winners if the Senate voted 
to ratify the convention and 
the State Department stream- 
lined its operations. Here are 
three ways to improve the 
business of diplomacy. 

First, cut back on assistant 
secretaries. The Stale Depart- 
ment bouses 19 assistant sec- 
retaries focusing on regions 
(East Asia) or functional areas 
(human rights). Compare this 
with tbe Defense Department, 
where nine assistant secretar- 
ies manage a budget more than 
10 times bi'gger than State's. 
The practical effect of 19 as- 
sistant secretaries is overlap 
and poor coordination. 

Second, improve coordin- 
ation and eliminate layers in 
foreign aid programs. A 


By Thomas Mclnerney 
and Stanley A. Weiss 

hodgepodge of well-inten- 
tioned programs operates with 
little oversight and coordin- 
ation. The details should be 
left to careful negotiation be- 
tween the State Department 
and Congress, but the goal 
should be to reduce bureau- 
cracies, establish clear prior- 
ities, and put these aid pro- 
grams more closely in the 
service of overall foreign 
policy goals. 

Finally, start running the 
department in a more busi- 
nesslike manner. 

Tbe required management 
reforms are no secret. The 
General Accounting Office,, 
the National Performance Re- 
view and others have reached 
similar conclusions. Closing 
unnecessary overseas posts, 
outsourcing administrative 
support functions and rethink- 
ing overseas staff structure 


Helms is right to demand ac- 
tion. 

In return, the Chemical 
Weapons Convention should 
come to a Senate vote. Amer- 
icans will be safer with the 
treaty than without it. 

The convention combines 
an arms control agreement 
that bans an entire class of 
weapons of mass destruction 
with a nonproliferation re- 
gime that forbids trade to any 
nation In noncompliance. It 
will help prevent terrorists and 
pariah states from getting their 
hands on materials to make 
chemical weapons, while en- 
suring that American manu- 
facturers can continue to com- 
pete in the global trade of 
legitimate chemical products. 

America is already unilat- 
erally destroying its chemical 
stockpile. The question now is 
whether it will become party 
to a convention that will go 
into effect on April 29 with or 
without the Ifni ted States. 

General Norman Sch mar- 


about Mr. Netanyahu's inten- 
tions, his decision to withdraw 
from 9percent of the West Bank 
in the first phase of redeploy- 
ments might be satisfactory. 
But when you think that this 9 
percent might be all you’re go- 
ing to get, it seems insulting. 

Also, because he refuses to 
acknowledge that Likud ideo- 
logy is defunct and needs re- 
definition. he tries to prove him- 
self to bis party faithful in other 
ways. His strategy is to turn 
Jerusalem into a substitute for 
the West Bank, saying, in effect, 
“Yes, I may be giving away 
some of tbe crown jewels in the 
West Bank, bui I will com- 
pensate by making some sym- 
bolic gestures in Jerusalem." 

So he approves a new Jewish 
neighborhood in Har Homa, or- 
ders the closing of some Pal- 
estinian offices and confiscates 
more Palestinian identity cards. 

In other words, no sooner 
does Mr. Netanyahu make his- 
tory in Hebron than he turns 
around and denies to his party 
faithful that he has done any- 
thing at all, and be undertakes 
actions in Jerusalem that give the 
most hostile Arabs a new excuse 
to rebuff him and the most 
friendly an embarrassment. 

Mr. Netanyahu is fond of 
telling Americans that he is the 
only Israeli politician today 
who can build a majority In 
Israel that can take Oslo to its 
logical conclusion. I think he is 


right, and if be is ready to do it, 
God bless him. 

But he can’t do it without 
building a new centrist coalition 
with a realistic peace map — one 
that offers the Palestinians a 
credible basis for a final set- 
tlement and that irrevocably f 
breaks Mr. Netanyahu's links 
with the far right of the Likud so 
dial he won' tneed to pacify them 
with symbolic gestures that only 
destabilize the peace process. 

We know from the Hebron 
deal that a solid 75 percent of 
Israelis want to see the peace 
process go all the way. But Mr. 
Netanyahu can lead them only 
if he breaks with the 25 percent 
who don't. Unfortunately, that 
means finally breaking with 
pazt of himself. 

“Netanyahu’s dilemma is 
that he is the only man who can 
deliver the 75 percent majority 
for Oslo, but to deliver it He has 
to deny his own political iden- 
tity,” said the Israeli political A 
theorist Yaren Ezrabi, whose / 
new book “Rubber Bullets” 
provides the best insight into 
the epic shifts now taking place 
in Israeli politics. 

Either Mr. Netanyahu breaks 
with his past and becomes a 
man of history, or he continues 
to choose not to choose and 
becomes a man of tragedy — 
who will best be remembered 
for having drowned halfway 
across the Rubicon. 

The New York Times. 


can save money and improve zkopf stated in Senate testi- 
performance. rnony: “We don't need chem- 


performance. 

Maintaining the status quo 
is impossible. The GAO es- 
timates that preserving current 
functions and personnel 
would require a 22 percent 
increase in State Department 
budgets by the year 2000. 

Despite tbe clear need for 
action. State Department 
management continues to 
postpone the inevitable. A 
well-conceived strategy for 
restructuring the department 
does not exist, and Senator 


mony: we aon t neea cnem- 
ical weapons to fight our 
future wars. And frankly, by 
not ratifying that treaty we 
align ourselves with nations 
like Libya and North Korea, 
and I'd just as soon not be 
associated with those thugs." 

Mr. Mclnemey is president 
and Mr. Weiss is chairman of 
Business Executives for Na- 
tional Security. They contrib- 
uted this comment to the In- 
ternational Herald Tribune. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 

1897: Betting Is Illegal however, that various similar 
i nNnmsi ^ outrages have been perpetrated 

w a Sainst American Legions in 

of ?* Rve Srope on account of Sv«diS 

judges of the Divisional Court, of guilty returned against the two 

S? n AraS^mhi{n? , f n ? nl iD I V dian Communists. Sacco and 

V ‘ Vanzetti. on a murder charge by 
Richaid Dunn which is of enor- a Massachusetts jury. S Y 

rnous importance to the racing 
public, as it maintains the il- inxm P , « 
legality of professional betting IlKJlial Sanctions 

in racecourse rings, whether on MOSCOW Th«* r n „^i 

credit or for ready money, and Cou 9 c, i 

foreshadows a revolution in the senera^aiiwnwi? reached a 
betting world. g f J 6 ™ agreemeiu on a propos- 

e al by Secretary of State George 

in40 D , . . « £■ Marshall to unify the de-. 

lyJJ: Bulgaria Attack Notification practices in all 

SOFIA—- ft is thought that the StaET 
here was really a grenade. No in 

sa’sasssjsi 

“ province. * is rccaiLt *«r 


I 






INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


PAGE 9 


OPINION /LETTERS 


■ -2 

■*. .£‘V 

K . "^1 -J 


■- C_ 

> 

■-ir,: : 
: ^ 
ill [>, 
i. ■" 1 


Unethical Behav 
And a Blase Public 




li-Des 


tr UCIs 


ti 


By William 
■WASHINGTON — We 

riim Were taUcin S ahoui the 
auuon campaign fund-raisin** 

scandal, and, frankly, I was I 
bt ^PPO‘nted that my srnaJ , 
c.ass ai Duke University was 
having trouble working up much 
moral outrage. 

th 1 decid ^- was 

that they didn’t know what was 

normal in the buying and selling 
of political access. Without sow 
baseline, how could they decide 
what was unacceptably awful? 
Better, I thought, to begin at a 
level they could easily compre- 
twnd and then gradually move 
uiem toward the more complex 
issues now dominating the news. 

So I told them about the Hyde 
School’s fund-raiser. Several' lo- 
cal Washington "celebs” have 
been asked to provide items for 
auction: signed hooks, personal 
items, autographed basketballs 

that sort of thing. 1 agreed to 
let myself be auctioned" off for 
lunch. 

Question: Wouldn’tthe people 
who bid on lunch with me believe 
they were buying access to The 
Washington Post? Obviously the 
chance to spend an hour or so 
talking with me is not the same 
thing as gening their story in the 
paper (any more than sleeping in 
the Lincoln Bedroom meant fa- 
vorable action on the legislative 
interests of die rich contributors 
to the Clinton campaign;. Still, 
access must be worth something. 
Was it wrong for me to ,, sell ? ' 
it to the highest bidder? 


Raspberry 

My intention in telling about 
the luncheon was to see what 
questions my students would 
rui:»e . — and ihen up the ante. 

What about leningsomeonewith 
a story to tell buy me a cup of 
coffee at die lunch counter? 
Lunch at Four Seasons? Dinner 
aboard his yacht — in Nassau? 

Bui I never got the chance to 
peel back the layers of my little 
onion. The only question any- 
body raised about my fund-rais- 
ing luncheon was whether I’d get 
to keep any of the money. 

1 wouldn't, of course. But 
what if I did? No, let's make it 
tempting. What if I were ap- 
proached by people who thought 
it worth $25,000 of their organ- 
ization's resources if I would 
advocate their side of some con- 
troversy? What if I halfway be- 
lieved their side anyway? 

And here’s where my young 
students — bright, privileged 
and thoroughly decent • — 
shocked me to my shoes. Fully 
three-quarters of them thought if 
no problem for me to take the 
money. And suppose I didn't 
agree 'with the side offering the 
25 K: Could I hold my nose, cross 
my fingers and write it anyway? 

"It’s your column.” a student 
said. "It’s not like you're selling 
the newspaper, just your column. 

I might think less of you if I 
found out, buL hey. that’s your 
problem.” 

Those of us who’ve been try- 
ing to figure out how President 
BUI Clinton could be in the midst 



of a fund-raising scandal and 
simultaneously enjoying high 
popularity ratings have chalked 
it up to cynicism. 

The people, we argue, have 
become so used to politicians 
walking the shady side of the 
street that they are no longer 
shocked by scandals that fall 
short of physical violence. 

My students — too tiny a 
sample to extrapolate usefully 
even to Duke University, let 
alone America — do, however, 
suggest that maybe cynicism 
isn ’t the whole answer. 

Maybe what they’re revealing 
is not indifference to unethical 
behavior but a new definition of 
ethics dial allows for the buying 


and selling of virtually anything. 

Maybe they have come to see 
the media’s hot-breath pursuit of 
political scandal die way they 
view professional boxing — as a 
game that is sometimes boring, 
sometimes entertaining but irrel- 
evant to their lives. What are the 
Lincoln Bedroom story, the 
Newt Gingrich affair or White- 
water about? One may as well 
ask what the fight between 
Evander Holyfield and Mike 
Tyson was about 

Maybe it's moral ignorance. 
Maybe my generation — which 
does cling to notions of virtue, 
even as it violates them — has 
neglected to pass these ideas 
along, imagining thai our chii- 


Eta |l\N7.Ii.LH. L.- \o-rbv Ton.- Nvliji, . 

dren will somehow derive the 
principles they need to guide 
their lives. 

I don’t know what it is. I only 
know that it scares me that so 
many people have become blase 
about behavior that once would 
have been considered scandalous 
— and that our children, so alert 
to the persona] affront, seem in- 
capable of moral indignation. 

It has been remarked of late that 
the media, driven by their own 
economic survival, are becoming 
more “tabloid" every day. 

Wouldn’t it be something if 
they also become the last sur- 
viving arbiter of public virtue? 
Now there’s a scary thought. 

The Washington Post. 


The New Orleans Sound: 
4 A Color, an Atmosphere’ 


By Barry James 


LETTERS TO THE EDITOR 


Invader and Invaded 

Regarding “Russia and 
^ NATO " (Letters. March 7); 

The letter writer states that Rus- 
sia has reason to be fearful of 
NATO expansion because it has 
been invaded nearly 300 times, 
the last occasion 'Veil within the 
living memory of many.” 

I would like to refresh the au- 
thor’s memory about the last in- 
vasion. It's true that Russia was 
invaded by Nazi Germany in June 
1941. but it is also true that Russia 
was first a co-culprit in World 


War O. In August 1939, Russia 
signed a nonaggression agree- 
ment with Germany, giving Hitler 
a free hand to invade Poland in 
return for his blessing on Russia s 
simultaneous assault on Poland 
from the east. 

The Molotov-Ribbentrop pact 
partitioned Poland between the in- 
vadercand incorporated the Baltic 
states into the Soviet empire. This 
unholy alliance flourished until 
Hitler declared war against its un- 
til-then loyal partner. 

Russia's behavior after the 
“liberation" of Central and East- 


ern Europe was marked by de- 
cades of human rights violations 
and oppressive rule. Both lessons 
from the not-so-distant past 
should not be forgotten. 

W ZACHARIASIEWICZ. 

Maibella. Spain. 

Specialist Surplus 

Regarding “ U.S. Will Pay N.Y. 
Hospitals Nor to Train Physi- 
cians" (Feb. 19): 

The article lumps together gen- 
eralists and specialists as though 
they were the same thing. They're 


not In America, most doctors are 
now specialists, but what's med- 
ically wrong with most of the pop- 
ulation does nor require a spe- 
cialise 

In sum, America does not have 
too many doctors, it has too many 
specialists — a very expensive and 
inefficient way to run the railroad. 

PHILIP HOLZBERGER. 

Logrian, France. 

Happy in Hong Kong 

Regarding "Hong Kong 
Freedoms? Beijing Isn't Inter- 


ested ” (Opinion. Feb. IS) by 
Robert Elegant: 

The Hong Kong I know has nev- 
er been more bullish about its fu- 
ture. Chief executive-designate 
Tung Chee-hwa has been enthu- 
siastically received. 

As to the loss of our freedoms, 
these were introduced only re- 
cently by the colonial government 
as an embarrassment to China. 
The fact is the Basic Law will give 
us more rights than we had for 
most of the colonial period. 

P.W. THOMPSON. 

Hong Kong. 


P ARIS — Jelly Roll Morton 
once claimed with typical im- 
modesty: “I myself, happened to 
be the creator in 1902.” 

The subject was jazz,’ and Mis- 
ter Jelly Roll — that boastful but 
usually truthful Benvenuto Cel- 
lini of the 20th century — may 
well have been righL 

But as far as recorded jazz is 
concerned, that began SO years 
ago this month, when the Victor 

meanwhile 

Talking Machine Company is- 
sued the first album by the five- 

g ’ece Original Dixieland Jass 
and, as it was then called. 

From Boston to Shanghai, 
people w ound up their gramo- 
phones and danced the night away 
to the "Livery Stable Blues" Mia 
the "Dixie Jass Band One Step.’’ 
Even by the time the record came 
out, jazz had already begun to 
spread beyond its origins in the 
Mississippi delta. The ODJB 
moved from New Orleans to 
Chicago in 1916. made the record- 
ing in New York in February 1917 
and later-had a successful touring 
career. When the band went to 
London. The Tunes sniffed that it 
was "one of the many American 
peculiarities that threaten to make 
life a nightmare." 

As the jazz scene shifted to 
Chicago, to New York and, after 
the war, to Paris, New (Means 
became a backwater. Record 
companies didn’t often bother to go 
down there to record little-known 
musicians when swing was all the 
rage. But for the pianist Bob 
Greene, die New Orleans sound 
hovers in the air like a platonic 
ideaL “It’s a sound you can put to 
any tune,” says Mr. Greene, who 
recreated die Jelly Roll Mortem 
band in the 1970s and took it on 
tour in America and abroad. “It’s a 
color, an atmosphere." New Or- 
leans. with its synthesis of black 
and tan. Creole and Spanish 
rhythms, is not so much a geo- 
graphic location, he said, as “a 
musical state of mind." 

Or. as the “hot clarinet," Louis 
Nelson, used to say. you need to 
keep a lively tempo but ‘ "shove in 
crying wherever you get the 
chance." 

Mr. Greene, who plays the pi- 
ano uncannily like Morton, has 
been around the jazz scene for 50 
years and has played with many of 


the New Orleans masters, such as 
the clarinetist George Lewis, who 
introduced traditional jazz to 
European and Japanese audiences 
in the 1950s and '60s. 

Lewis's sound, he re- 
membered, “had a little lemon in 
iL It had a little magnolia, and the 
smell of honeysuckle. ’ ’ 

Mr. Greene has little time for 
Dixieland jazz, the kind of stuff 
that assails your ears at Disney- 
land and in banjo bars. He calls it 
a vulgarization of the real thing — 
too fast, too loud, too shrill — and 
perhaps a reason why many 
blacks rejected traditional jazz as 
Uncle Tom music. Good New Or- 
leans music has a swing, which 
means you can walk to it, march to 
it, Mr. Greene said. The musicians 
play as an ensemble rather than 
showing off as solo stars. 

They were for the most part 
humble men, even Jelly Roll in his 
boastful way. Bunk Johnson quit 
playing the trumpet before the 
first recording and plowed the 
fields for 30 years before be was 
rediscovered, fitted with a set of 
false teeth and given a new in- 
strument George Lewis was a 
stevedore, despite his frail con- 
stitution. When Morton brought a 
real New Orleans band to Los 
Angeles in the 1920s, the mu- 
sicians arrived in outdared coats 
and tight trousers, with their in- 
struments wrapped in newspaper 
and stuffed in their pockets. 

“We were afraid somebody 
would see them and think they 
were clowns, so we rushed them 
to the tailors and put them in some 
decent-looking clothes,” Morton 
told his biographer, Alan Lo- 
max. “But man, those guys could 
really play." 

Mr. Greene, who considers him- 
self fortunate to have known many 
of these musicians, remembers the 
evening he taught George Lewis 
how to play “Winin’ Boy Blues,” 
<me of Morton's old numbers. That 
was after closing time in Preser- 
vation Hall in New Orleans, and 
they had to close the shutters be- 
cause white and black musicians 
were not allowed to play together 
at that time. It was, he says, "a holy 
experience." His regret is that 
when he was studying at Columbia 
University in New York, he never 
knew dial his musical hero, Jelly 
Roll, was living a few blocks 
away, alone, ill and forgotten. 

International Her aid Tribune. 


L of the ate 


BOOKS 



- - , \ " ' 


IMAGINING ROBERT: 

My Brother, Madness and 
Survival, A Memoir 

By Jay Neugehoren. 305 pages. $24. 
Morrow. 

Reviewed by Peter D. Kramer 

H ERE are two curty-haired brothers, 
as alike as peas in a pod. 

Their physical gestures are similar, as 
are their tastes in art; music and people. 
Both have gifts for prose, both delight 
in nonsense and wordplay. They have 
the same friends, attend the same sum- 
mer camp. In high school they share a 
room in the family apartment in Brook- 
lyn. 

' And then their lives diverge. Jay 
Neugeboren finds a career that will 
make him as knowable to others as 
a person ever is. through seven novels, 
numerous short stories, a memoir (“Par- 
entheses”) written in bis early 30s. and 
now an account of his relationship 
with his younger brother. Robert be- 
comes all but unknowable, shut off from 
the world since his teens when he em- 
barked on a career of chronic mental 
illness. . 

Jay endures the pain of Robert s de- 
terioration bv imagining a second 
Robert "the brother I grew up with, 
who has vanished. . . 

But the life of the first and living 
Robert is so hard to comprehend that 
he. too, must be imagined. Jay ran re- 
call every detail of their childhood, 
when he does, he woqders about 
“whatT can never know: what it is like 
for Robert, in his feelings and memor- 
ies?” ... . f 

“Imagining Robert is a senes of 

sallies at this writerfy goal- Jay recon- 
structs moments of family ife ^ews 
encounters with the medical system, end 
excerpts diaries and letters- ■nmtopes 
of conjuring a ch^ae^, his brodier 

■ Growing up in Brooklyn in the 194US 

and ’50s, Robert was the favontewidJay 
the scapegoat of a mercurial, sometimes 

Neugeboren has much m common with 


Bruce Jay Freedman mother, except that 
the genre here is more horror than com- 
edy. “Whataloveaffairl’mhavingwith 
this one!" she says of young Robert. Of 
Jay: “Who could ever love that one?” 

She would be the model of the schizo- 
phrenogenic mother if that theory were 
still current. And yet the childhood Jay 
remembers contains moments of 
warmth and wonder. 

Jay escapes to college and the writer’s 
life. Robert succumbs to his demons — 
he makes a move to strangle the boys’ 
devoted and ineffectual father — and 
leaves home for the horrific world of 
mental health care. 

Over three decades, die diagnoses 
change: schizophrenia, manic-depres- 
sion. So do the treatments: psychother- 
apy. anti-psychotic drugs, anti-convuls- 
ants. 

Jay is at his most disturbing when 
describing the evangelical atmosphere 
of the insulin-coma ward at Creedraoor 

Robert becomes all but 
unknowable, embarked 
on a career of chronic 
mental illness. 

State Hospital, a facility where Robert 
lived many years. The false optimism, 
impersonality and menace of the unit are 
emblematic of the care Robert receives 
throughout his life. 

Because what does not change is the 
inadequacy of caregivers. 

Physicians, social workers, psycho- 
logists — each promises to cure Robert, 
none delivers. (“Throw away your 
Sigmund Freud, Mrs. Neugeboren!" 
exclaims one peddler of megavita- 
mins.) 

Much smaller promises are broken: to 
continue to treat the patient, or to return 
phone calls. No (Hie remembers Robert’ s 
history; a doctor will tout a new drug for 
Robert unaware that he has been taking 
this same drug for months. 

"But we like Robert," everyone tells 
Jay, leading one to ask how those whose 


illness makes them less likable are 
rreaied. 

Wedded to die crafting of stories. Jay 
Neugeboren is skeptical of the prevail- 
ing theory that psychosis is merely a 
product of brain biology. 

Robert fits the other theories too well, 
the ones that attribute illness to a child’s 
willingness to sacrifice his sanity for the 
sake of the family. And Jay. who at his 
lowest was suicidal, has benefited from 
14 years of psychotherapy. 

But finally Jay is less concerned with 
theory than with common decency. 
Under any model of illness or cure, 
why can society not provide for Ro- 
bert’s basic needs: a pleasant home, hon- 
orable work, and competent profession- 
als who remain involved with their pa- 
tient? 

In Jay. Robert has an articulate ad- 
vocate; at times Robert is placed in ex- 
cellent facilities; his doctors include in- 
ternationally respected experts; and yet 
be cannot be protected from neglect and 
even outright abuse. 

Remarkably, this indictment of the 
mental health system is embedded in a 
narrative that is mostly pleasurable to 
read. The viewpoint is Jay Neugeboren ’s 
consciousness, and despite some styl- 
istic quirks — in an attempt to replicate 
the back-and-forth of daily thought be 
studs sentences with dashes, parentheses 
and semicolons — he is engaging com- 
pany and a trustworthy host. 

The result is not a proxy autobio- 
graphy of Robert; Jay cannot penetrate 
the experience of mental illness. Rather, 
as details of the brothers* interactions 
accumulate, what emerges is a med- 
itation on identity and epistemology. 
How autonomous are we, and how ir- 
reversibly connected? How is it that an 
unloved child matures while the favored 
sibling becomes his blighted double? 
How do we ever come to know a person 
we care about — beyond the constant 
production and revision of stories about 
an imagined other? 

Peter D. Kramer, the author of 
u Listening to Prozac ” wrote this for 
The Washington Post. 




A two-month 

* "Li - -m 






:A-.- 

JML I 


trial 


■ iiP'. ■ - * 


subscription. 


BRIDGE 






. * 


By Alan Tniscott 

a-ssr-w 

Alfred Shcnwold 

Ssto»s *5 

these: l.GrecoatidHani^ • 
260119 match potnB. J 
Forrester of England 
Helgemo of 


2538. H ; 3. David Benkowitz 
of Oid Tappan, New Jersey, 
and Larry Cohen of Boca 
Raton. Florida, 2454.12; 4. 
Dan Roman of Aventura, 
Florida, and Harry Tudor of 
Miami. 2409, 46. 

On the diagramed deal 
from the Open Pairs, Greco 
held the South cards and 
landed in two no-trump after 
Eas t competed as far as two 
hearts. A heart was led io the 
June and East returned a low 
heart, won with the jack. 
Greco could see that at other 
tables the contract was likely 
to be a diamond part-score, 

which would be worth HO or 

130, depending on whether 


the defense located its spade 
ruff. So he set about trying to 
make an overtrick in two no- 
trump for a score of 150. 

He ran five diamond win- 
ners, noting that his right- 
hand opponent discarded a 
club, two hearts and a spade. 
This simplified his task, for he 
was able to cash the club ace 
and lead the heart queen. East 
had to lead a club at the finish 
into.dummy's K-J. providing 
the required ovenrick. 

It would have been harder 
if East had discarded one 
more heart and saved both his 
spades. Then Greco would 
have led spades, achieving a 
similar endplay against East. 


NORTH (P) 
♦ Q J43 

4 AXIS 
*KJ43 


WEST 

<71086 

4432 

*052 


EAST 
♦ A2 

9AZ7542 

49 

*QU87 




VI 







Save up io 60 




iNHwspoper unrigs you unnvouea coverage or wona politics, oust ness ana 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. 


SOUTH 
♦ 1665 
<?QJ9 
OQJ1687 
*Afl 

Neither side ns vnlnarahte. The Wd- 


North 

East 

Snath 

Weft 

1« 

19 

1 N.T. 

Pan 

Pan 

2 + 

29 

Pass 

Pass 

Pass 

29 

Pass 

2N.T. 

Pm 


West Jed the beaitUx. 


COUNTZY/CLSRmCY 

2 MONTHS 
NEWSSTAND 
PRICE 

2 MONTHS 
OfTBt 

nscE 

DISCOUNT 

OfF 

COVER PRICE 

AUSTRIA 

ATS 

1,456 

650 

55% 

BELGIUM 

BB= 

3,380 

1,350 

60% 

DB-WARK 

nac 

780 

360 

54% 

FMAND 

RM 

62* 

310 

50% 

FRANCE 

FF 

520 

210 

60% 

GERMANY" 

DEM 

182 

72 

60% 

GREAT BRITAIN 

£ 

47 

22 

53% 

GREECE 

DS 

18,200 

9,100 

50% 

1 RELAM) 

IRE 

52 

26 

50% 

rtALY 

m 

145.600 

58,000 

60% 

LUXEMBOURG 

1ER 

3,3600 

1,350 

60% 

NETHERLANDS 

NIG 

195 

78 

60% 

NORWAY 

NOK 

832 

390 

53% 

PORTUGAL 

ESC 

I1,«0 

5,000 

58% 

SPAJN 

PTAS 

T 1,700 

5,000 

57% 

SWEDfN 

SSL 

B32 

350 

58% 

5WH2SHAND 

CHF 

166 

66 

60% 

ELSEWHERE 

S 

- 

SO 

— 

■ For ieWrtcn OMnjna 5 G * mQn adl te6 IHT 

Gnrair aC 0! 30-84 85 B5 a fax {0691 2 631 1 


14-3-97 

Vfe, I would to dart roevning iho ktema+ond Herald Jribvna- 

□ My cfitick b enclosed (payable to itcS-fT) 

□ Pieme chafes my: 

□ Ameoc □ Dinas Gufa □ VISA □ Access □ MasterCard □ Euroccrd 
Credit card dmgu wifl be made in Frerrfi Francs a! cured rates. 

Card No: p-p 

Signatere: 


for business orders, im&ate your VAT Na. 


(HTVAJ Number FR 7473202 1126 ) 


Mr/Mn/M s Fanfly Name. 
Meeting AckteSK 


Job lifer. 


Cfty/Cafe — 

Country 

Home lei No:. 
E-Mail Adtbesx. 


-Business Tel Na_ 


Igolfes copyef#»HT<#: D hoik □ hotel □ airfine □ odier 
□ I do net with Is receive infann rf on hem other anUy screened 
Mtd or (ex to; (ntemofoncJ HeraU Tribune 
IB1, avenue Claries cbGaufe. 92521 Nbu^Cbo1b(, Fma. 
foe *33 1414392 10 
OR CALL *33 1 41 43 93 61 

fai Atke +852 29 22 1188 . to tfo U Sftefl -fr ea^ 1-800-882-2884. 
offer vrid for new subscribers only 


HA2M 


E9 


. J 







INTERNATIONAL HERALD TRIBUNE 
FRIDAY, MARCH U, 1997 



Helping to Raise the Grandchildren: Take Them Away 


By Susan Keselenko Coll 


W ASHINGTON — Linda Can- 
wanted to find a meaningful way 
to bond with her children's chil- 
dren. "I'm a young grandparent 
both chronologically and mentally,” 
explained the 51 -year-old travel agent, 
and ‘‘it would be fun to really be a 
hands-on pan of raising grandchil- 
dren." Her intentions were complicat- 
ed. however, by the demands of her 
career and by the distance of hundreds 
of miles. Three years ago she hit on a 
solution: She packed up the car and took 
two of her five grandchildren on a road 
trip through Florida, thereby joining the ranks of 
an increasing procession of mtergenerational trav- 
elers. 

With demographics that include greater geo- 
graphic distances between families as well as 
more two- working-parent families, vacationing 
with grandparents makes good sense: It allows 
the two generations a chance to spend extended 



periods of time together without the pressures 
created by parents' often conflicting vacation 
schedules. Besides, longer life-spans, not to 
mention increased good health as well as af- 
fluence, have meant that time grandma spends 
with her grandchildren is likely to be more 
scintillating than shuffleboard, and these days 
may even translate into mountain- 
climbing or white- water rafting, not to 
mention exotic overseas vacations. 

Helena Koenig, founder of the 
Grandtravel agency in Chevy Chase, 
Maryland, was among die first to rec- 
ognize that many of her peers were 
looking for creative ways to spend 
time with their grandchildren. Sbe 
opened her agency when she first be- 
came a grandparent 1 1 years ago, and her busi- 
ness has since grown to include a catalogue of 17 
destinations, 10 of which axe abroad, designed 
exclusively for mtergenerational travelers. Her 
packages range from Alaskan wilderness ad- 
ventures to barging on the waterways of Holland 
and Belgium to a Kenyan adventure safari, the 
larter being the most popular trip on offer. 


Grandtravel designs its tours with the needs, 
as well as the attention spans, of children's 
particular age groups in mind. Most trips are 
divided into groups of 7-to-l I -year-olds or 12- 
to- 17 -year-olds, and generally include about 20 
people. All tours are fully escorted, and include a 
teacher among the staff. Children are given work 
books and curriculum guides to en- 
hance the learning experience. 

c HA lunges Marjorie Schlenker. a 
grandmother from New Jersey who 
has taken nine trips with Grandtravel 
including a tour of France with her 
then 12-year-old grandson, believes 
that the trips challenge the child to do 
new things. They challenge the grand- 
parent, as well, she addsfexplaining that on her 
Alaskan vacation she probably would not have 
chosen to go either white-water rafting or sal- 
mon fishing had she not been coaxed by her 
grandchild and her peers. Another benefit of 
traveling with a group, she adds, was that she 
was given the occasional moment of peace: 
“With the group, they had children their age,” 



she explains. “At the end of the day when 
grandparents got a little tired, they could take it 
easy." 

Carr, who owns the International Family 
Travel & Tours Inc. agency in Boca Raton. 
Florida, said that she has been getting more- 
requests by grandparents over the last few years 
who are looking for grandchild- 
friendly destinations. She ami but es 
the popularity of imergeflerational 
travel in pan to the high incidence of 
divorce, noting that allowing grand- 
children to vacation privately with 
grandparents alleviates some of the 
tensions when mingling broken fam- 
ilies. 

As with all travelers, she said, her 
clients vary from those wanting to take trips with 
groups to those who want her to design in- 
dividual travel programs. Cruises, she notes, are 
especially popular among in tergene rational 
travelers. 

Helane Hertz is one grandmother who prefers 
to travel independent of groups. In addition to 
wanting to set her own agenda, she feels that 


without a group she is able to bond more in- 
timately with the children. Two years ago- she 
took her 1 3-year-old granddaughter to Pans. 
While she notes that the child was at first a bn 
negative, complaining thai everything in France, 
fromthe hotel room to the museums, was "old," 
sbe now refers to the trip enthusiastically* arniis 
appalled by the fact that 
some of her American 
peers do not know who 
painted the Mona Lisa.' 

Joe Hyman, who oper- 
ates Country Cottages, an 
agency in Britain and Flor- 
ida that specializes in va- 
cation rentals in the British 
Isles, also became aware of 

the trend of traveling grandparents when he 
recently became one himself, and now offers 
promotions such as his “Grandparent's House- 
party for Six,” aimed at groups that include at 
least one grandparent and one grandchild 

Susan Keselenko Coll is a Washington-based 
writer. 






* Vs" 



Images of Suzhou and environs: From left, a houseboat gliding along a canal ; the Beita pagoda ; a bridge arches over a canal near Shanghai, and a pedicab waiting clients outside a temple in Suzhou. 

In Quest of the Elusive 6 Ping Tan 9 Opera: A Quick Visit to Suzhou 


By Richard Tomlinson 


S HANGHAI — One recent Saturday 
afternoon in a Shanghai teahouse. Lu 
Yongming. a self-styled “cultural 
broker.” was talking up his favorite 
stock. Ping tan opera. Lu explained, originated 
centuries ago in the nearby city of Suzhou. “It's 
part of Chinese civilization,” he enthused. “As 
the promoter, the first thing I think about isn’t 
the money. It’s whether I can serve the audi- 
ence.” 

On this occasion, Lu's potential investors 
were about 20 senior citizens, drinking tea, 
smoking cigarettes and chatting in low voices. 
The artists appeared from the rear of the Chen 
Jianhua teahouse: a young man in a flowing 
black Mandarin costume, and a woman wearing 
a black woolly sweater. 

"The zipper on the opera dress has broken,” 
Lu lamented. 

Sitting on two stools, the .pair began to per- 
form. While the man plucked at a mandolin-like 
instrument, he and the woman sung and recited 
their way through an ancient tale of love and 
betrayal, with much wringing of hands, shrill 
exchanges and appeals to the heavens. 

Such big drama. Lu explained, was a hall- 
mark of Suzhou opera. 

As the story unfolded, the audience con- 
tinued smoking and chatting, seemingly un- 
moved by the stirring events on the stage. A 


waitress confessed that she didn't like ping tan 
(literally, words and song) because she couldn't 
understand the Suzhou dialect. 

Seated at the back, Lu (more prosaically 
described as an official with the Shanghai Bu- 
reau of Culture) beamed on his creation. Did be 
worry that he was — opera tically speaking — 
operating in a bear market? 

“If we can attract more people to come to 
— tan, the stock will get hot,” Lu replied 


bulBshly. 

And indeed his optimism is not entirely mis- 
placed, for the spirit of Suzhou does still exist. It 
just happens to be rather elusive. 

'In-Coach' Entertainment 

Located about 100 kilometers upstream from 
Shanghai, Suzhou bills itself as the “Venice of 
the East.” &1 the right weather conditions, 
picturesque mist rises from the network of 
canals in the old town, and envelops the stone 
bridges and whitewashed buildings — or if you 
are unlucky, thickens into fog and closes the 
expressway from Shanghai. On a cold winter 
morning, the VIP bus company did its utmost to 
make up for a delayed departure with the very 
best “in-coach” entertainment not another 
ping tan concert, but “The Inspector Wears 
Skirts Only,” a bootlegged Hong Kong video 
about a class of nubile police cadets. 

At Suzhou, the fog having cleared, socialist 
morality reasserted itself. A banner outside the 


bus station urged citizens to learn from Lei 
Feng, the legendary People's Liberation Array 
soldier, who vowed to become a “rustless 
screw” in Chairman Mao's revolution before 
being killed by a falling telephone pole. Just 
how far the locals had taken the mindlessly 
altruistic Lei Feng to their hearts could be 
gauged by two women raxi drivers — the first 
charged about 250 percent over the going rate 
for a five-minute journey, the second rep w orted 
how she had gone into business to make quick 
money. ‘Til do it for three or four years and 
then sell up,” she said in a steely voice. 

By now, Suzhou seemed anything but a tran- 
quil retreat from modem China — and the city's 
histoiy is more turbulent than its Venetian 
packaging might suggest. In the early 1860s. 
Suzhou was a military command center for ihe 
followers of Hong Xvuquan, a messianic, half- 
mad peasant who believed he was the younger 
brother of Jesus Christ. 

At its zenith. Hong's movement, known as 
the Taiping. threatened to overthrow the Qing 
dynasty. It swept across southern China. Even- 
tually. the Taiping were overwhelmed at 
Nanjing, west of Suzhou, by troops loyal to the 
emperor. 

"Not one of the 100,000 rebels in Nanjing 
surrendered themselves when the city was 
taken, but in many cases gathered together and 
burned themselves and passed away without 
repentance,” the victorious Qing commander 
wrote afterwards. “Such a formidable band of 


rebels has been rarely known from ancient 
times to the present.” " 

At Suzhou, the city museum is itself one of 
the best-preserved monuments to Hong Xi- 
uquan's great uprising. The courtyard build- 
ings. laid out to resemble the Chinese character 
for work 'gong), were formerly the home of a 
leading Taiping general. Li Xiucbeng. Taiping 
memorabilia are displayed in the second court- 
yard. including a notice' warning foreigners not 
to interfere in Chinese affairs. It has proved an 
awkward task, not least because of Hong’s own 
decline from crusader to palace debauchee. A 
student, reading a book in the second courtyard, 
paused to consider this difficulty. 

“At first. Hong promoted equality of wo- 
men. * * he explained. " * But by the time he got to 
Nanjing, he had more than 100 wives. If he had 
come to power, he would have been just as bad 
as the emperors." 

I T seemed churlish to point out thai Mao, 
too. had hardly been a model of fidelity in 
his private life: or that Mao, like Hong, had 
sought to impose a utopian vision on China, 
with even more disastrous results. 

The excesses of Hong and Mao left one major 
victim in Suzhou — the city's famous gardens, 
first laid out in the Yuan and Ming dynasties. 
During the Taiping occupation, the gardens 
were neglected while rival armies fought for 
control of the city. A century later, in the late 
1960s, Suzhou experienced its own "horti- 


cultural revolution,” when flowers were 
deemed reactionary by Communist zealots, and 
the gardeners simply abandoned their trowels. 
Hie rockeries, ornamental lakes and pavilions 
survived the Maoist scourge, and visitors to 
such gracious surroundings as the Garden of 
Harmony or the Humble Administrator's 
Garden can be forgiven if they feeL at last, close 
to the spirit of Suzhou opera. 

missing ingredient That’s as near as you 
get, however, for according to our cultural 
broker, one missing ingredient in Suzhou these 
days is high quality ping tan performances. • 

“All the best Suzhou opera is found in 
Shanghai,” Lu asserted. So for lovers of ping 
tan, eager to end the day in Suzhou style, it's 
time to leave town and bead for the big city. 

No raunchy videos can be seen on the rail 
service back to Shanghai (quicker than the bus ), 
but Suzhou station does boast perhaps the best 
soft-seat waiting room in China. Antimacassars 
cover the armchairs; Suzhou silk embroidery 
decorates the wall; and, when the train arrives, 
travelers pass through an interior rockery to the 
platform, via a doorway draped with crushed 
velvet curtains. Just over an hour later, un-. 
troubled by images of frolicking Hong Kong 
policewomen, the day-tripper is back in Shang- 
hai, ready for a night at the opera. 

Richard Tomlinson is a journalist based in 
Beijing. 



— ■ — — — - - I 

MOVIE guide 

PARIS FASHION 


f 


Private Parts 

Directed by Betty Thomas. U.S. 

Move over. Mahatma, there's a new martyr in 
town: Sr. Howard of Megahertz, and, oy, has he 
suffered. As a kid. his dad called him a moron, 
then he couldn't get a date in college, and, the 
greatest indignity of all, he had to work in 
smaller markets before landing a gig at WNBC 
radio in New York. Judging from the self- 
serving, often funny biopic “Private Parts," 
Stem's mind is as limited as his radio repertoire. 
While most folks are stymied by their short- 
comings. maybe don't even know they have any. 
Stem (.as himself) has not only recognized his 
weaknesses, but parlayed them into national 
notoriety. And of course, piles of money. Now, 
Stem finds himself in Rodney Dangerfield's 
baggy pants. He wants respect, and be also wants 
us ro like him. Thus, much is made of his fidelity 
to his long-suffering wife, Alison (Maiy Mc- 
Cormack), and his loyalty to his real-life radio 
famil y (Robin Quivers, Jackie Mauling, Gary 
Dell' Abate and Fred Norris as themselves). Ana 
if that weren't enough already, he loves his three 
kids. Well, so did the Godfather. “Private 
Parts,” lifted from Stem's best-selling auto- 
biography, is a choppy amalgam of "Revenge of 
die Nerds," “Father Knows Best” and "Net- 
work.” Stemheads. in fact, will probably be 
disappointed in the shock jock's sensitive side, 
as portrayed here with surprising if suspect ten- 
derness by Stem and his comely co-star. Director 
Betty Thomas offsets these with amusing an- 
ecdotes from Stem’s youth and re-creations of 
his radio outrages. Though the material reflects 
his juvenile obsession with lesbians and mam- 
moth mammary glands, it doesn’t expose the 
true mean-spiritedness of which Stern is cap- 
able. (Joking about his wife's miscarriage sure 
comes close.) In searching for his “radio 
voice.” Stem realizes that he’s got to free his id, 
unzip those pillowy Ups andjet it all hang out. 
For many a dissatisfied white male Usteaer. 
Stem’s excesses proved theperfea anodote .o 
the political correctness of the 80s. Many in- 
ducting some who should know better, saw him 
as a caustic social satirist taking on die sacred 
cows of the period Though some, may wonder 
what a woman swallowing J 
hi to do with a healthy socialdialogue, die film 
images to prove its point The movie is ants 
m^Marioiswhen the protagonist takes on the 


radio establishment — pompous station man- 
agers. pantywaisred programmers and the cen- 
sors at the Federal Communications Commis- 
sion. And Stem, sweetly gawky as a civilian, is at 
his best opposite Paul Giamatti as a WNBC 
producer whose efforts to tame the deejay only 
egg on Stem and his radio family. Stem is 
celebrated here for liberating America's air- 
waves, and his quest suggests comparisons be- 
tween the self-proclaimed King of All Media 
and the First Amendment crusader presented in 
“The People vs. Larry Flynt." The difference is 
that Flynt is more self-effacing about his ac- 
cidental contributions to the social good and 
more honest about making money off naked 
women. (Rita Kempley. WP) 

La Colline Oubliee 

Directed by Abderrahmane Bouguermouh. 
France-Algeria. 

“La Colline Oubliee” is adapted from 
Mouloud Mammeri's novel about friends from 
Kabyle. Algeria, who look back on their loves 
and terrible losses. The film, in flashbacks, is a 
chronicle of life in Tasga, a village where 
shepherds live barefoot in homes carved in 
mountains, share space with the donkey, and 
have a fierce code of honor. The language is 
Berber, spiked with French and Arabic. As this 
most un warlike people prepare to go off to 
World War n. an epidemic picks them off, 
strapping men, beautiful brides; when the 
winter snow arrives, they bury their dead inside 
the house. “La Colline Oubliee” is a metaphor 
for a forgotten minority, remote from the battle- 
ground of post-colonial Algeria. The story, 
sometimes stated and hard to track, is per- 
formed like opera; even when the sounds are 
festive, the music spreads a mood of dread. 
Rachid Merabdine’s camera, in love with this 
forbidding countryside, works wonders. There 
is a telling scene towards the end, inside army 
headquarters, where the villagers are treated 
tike cattle, talked down to in French and ire 
Arabic. Bouguermouh took several decades to 
make the movie, as he was determined to make 
the film in Berber, a language the government 
suppresses; he spent two years shooting in per- 
ilous conditions and managed to salvage the 
negative — the rushes were destroyed — edit- 
ing the movie in France. ( Joan Dupont, IHT ) 


A Calmer McQueen Cuts It at Givenchy 


By Suzy Menkes 

International Herald Tribune 

P ARIS — No gilded breast- 
plates, animal hides, weird 
makeup or runway tricks. 
Alexander McQueen's 
first ready-to-wear show for 
Givenchy showed a designer in con- 
trol of himself. 

The loud-mouthed Londoner, 27. 
proved why the establishment cou- 
ture house had hired such an ap- 
parently unlikely candidate. The an- 
swer came in one word and many 
sharp suits: cut. 

Tailoring in glove-soft leather — 
stim coats, sleek suits and dresses 
pierced and punched with patterns 
— were the reverse of the “mad 
cow” collection that McQueen sent 
out in London two weeks ago. 

abstract accessories Ac- 
cessories were abstract: geometric 
sculpted wigs; just the leather fin- 
gers of gloves and flat crescent 
purses. Spike-heeled boots made for 
a sexy, powerful woman. 

At the heart of the collection w as 
the McQueen suit, built Savile-row 
style from the shoulders. More Saint 
Laurent than Givenchy? The former 
influenced the latter. And cut taut at 
the chest, nipped at the waist and 
with wide pants or a tiny snakeskin 
skirt, the look was modem. 

McQueen doesn't have a sure 
hand with fluid dressing on the soft 
side. But it was exciting to see a 
young designer taking a flying leap 
in the right direction. 

Seeing Alber Elbaz. the new Is- 
raeli -American designer at Guy 
Laroche, skipping down the runway, 
reinforced the Paris message that a 
new generation is taking over. 


With pin-striped tailor- 
ing in mismatched fabrics 
and by using light fabrics 
like mohair and alpaca. El- 
baz let fresh air into a tra- 
ditional house. 

From his mentor Geof- 
frey Beene, Elbaz took a fra- 
gile silhouette for high- 
waisted belts and a dainty 
lace cardigan. But mostly 
the homage was to Laroche, 
tike the sporty suits in pep- 
per-and-salt tweeds. After a 
pleasing debut, it would be 
good to see Elbaz let his 
youthful exuberance rip. 

The brass band struck 
up. models tumbled out of 
a bus to walk though a 
derelict warehouse — and 
Martin Margiela’s acolytes 
gasped. Real fur headgear 
from the high priest of the 
avant-garde? Relax! The 
bonnets were recycled flea 
market furs. 

Margiela’s take on de- 
construction this season 
was the tailored coat — as a 
work in progress. It came 
complete — but with 
sleeves inside out; sleeve- 
less; missing a front; or as a 
reinforced paper pattern. 

Margie la's ongoing fascin- 
ation with technique made 
an arresting collection. Real 
clothes? Sporty cabled 
sweaters layered over long 
skirts In saffron yellow or 
rainwashed-sky blue. 

A woman's take on a man's suit is 
Ann Demeuiemeester's thing, with 
her drop-waist mannish pants the 
most copied in current fashion. 

Her strong and serene collection 



«***/ Thoms 

Givenchy's tailored jacket and python skirt. 

was a winner, almost entirely in 
black, touched with white and cof- 
fee-bean brown. The story was in 
the soft jersey shirt dresses and, as 
ever, in the way the clothes are 
wont. A sweet disorder in the dress 


means that cuffs are de- 
liberately. undone, shirr 
collars turned under, belts 
looped through the coats. 
It makes a nice blend of 
the strong and fragile. 

Rifat Ozbek was in top 
form with meny mixes of 
patterns, colors and cul- 
tures. It was all spelled out 
in catch phrases on the 
runway: “Romanian Ro- 
mantics” had folkloric 
flowers on ruffled 
dresses; “Fortune Tell- 
ers” meant Tarot card 
prints; and “CocknejJ 
Rebels” were Ozbek's 
tautly tailored pantsuits 
with pearly-queen but- 
tons. 

OU want ethnic 
looks? Kenzo 

owns the lenrit- 
ory. The Japanese design- 
er went back to his roots 
with a decor of Japanese 
screens and low tables and 
layered knits blooming 
with flat flowers. Ki- 
monos? No, Parisian 
Kenzo was smart enough 
to turn them into sensuous 
bathrobe coats. 

With heavily painted 
eyebrows, satin elbow 
patches and low-slung, 
toe-sweeping pants. Soma 
Rykiel’s coquette showed 
her masculine side, giving 
a modem spin to the signature little 
sweaters (worn with graphic 

checks). She also showed heart. For 
the show opened with a Rykiel pro- 
ject for underprivileged French 

youth. 



3 






INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


PAGE 11 


LEISURE 


High Cost of Phone ‘Roaming 


By Roger CoUi<T 

J wernaiiomil Herald Tri h<,„. 




. ‘ i!'- 


* 


' lI Kr 





' fL 



t r .IT 
k. 


Suzhou ■* 


•9* *:' i.r 



t \ i Mir B 


Y 


phones have be- 

IUI comeawayofljfeforroad 

■ W ■ STS? of ,he mi *! enn >- 

mobiles, which work onSf GtebS 

5S«W2S«*Sas 

(except 4 UnitedsSS 
and Japan which have different tech- 
nology), are great for keeping in tS 
impressing fdlow travel^ or simplv’ 
annoying everybody around you. P ‘ 
Roaming means that you are re- 
gisraed with your local “*rvire pro- 
vider or telecom to use vour GSM 

a f0rc i^ ce,,u1 ^ nerwork^ 
You keep your home number — en- 

yo " SW[ Subscriber Identity 

SS!r^’? rs ? ,artcani - which *■<*> 

into any GSM handset — and the system 
• finds you to deliver calls to vour 
handset wherever you are. You' are 
'billed back home. It sounds easy and it 
usually is — once you’ve figuied out 
how to use the gizmos. 

1 Almost too easy. GSM phones should 
cany a government warning: “Indis- 
criminate roaming can seriously dam- 
,age your budget.’ ’ Y ou not only have to 
consider the cost of making calls but the 
cost of receiving them! 

Expect mobile phones to cost more 

an iwirp ac mn^K » r. i _i - 


phone from Paris on a trip to Hong 
Kong. You wanl to use it to make JocaJ 
calls within Hong Kong and to call the 
office back home from your hotel 
room. 

Local calls will cost you 25 to 35 
percent more than they would in Paris, 
but that’s not going to break the bank. 
But if someone in Hong Kong decides to 
phone you. he or she” has to make an 
international call to Paris, for which 
they will pay an international call, and 
then your mobile is charged an addi- 
tional international leg for you to re- 
ceive the call even though you might be 
just the across the water in Kowloon. 

There are several strategic options. 
You can elect to bur some or ail in- 
coming calls when you go roaming. Or 
you can divert all calls to a voice-mail 


The Frequent Traveler 


1 — — iMwi/nv pjiuu» LU 

than twice as much as fixed phones in 

lOti 


system back home (which you can re- 
trieve later from wherever you are) or 
arrange for short text messages (make 
sure your service has SMS — Short 
Message Service capability — up to 25 
characters delivered to your handset if it 
is switched on. Or else switch your 
phone off between calls. 

If you travel a lot to certain countries, 
it may be worthwhile taking out a local 
GSM subscription, which gives you a 
local number at local rates. 


uiuui lU I LA CO 

the same country and maybe 10 times as 
much when you're traveling abroad. 


The Network Slice 


Simon Roc km an, editor of What Mo- 
bile magazine in London, says: **If you 
want international roaming you pay a lot 
of money: you have to expect calls to 
cost you £1.50 [about $2.40] a minute, 
that kind of money, because another 
network is taking a slice; whereas, if 
you’re just calling within Britain, it’ll 
only cost you about 20 pence a minute. 
Getting a GSM phone to work across 
borders without paying a lot is very very 
difficult.” 

Let’s say you've taken your. GSM 


french connection In some coun- 
tries, such as Italy and France, you can 
buy prepaid SIM cards for your GSM 
phone which allow you to make and 
receive local calls. You pay slightly 
more than the local mobile rate. But 
there's no subscription and the phone 
□umber comes with the card. 

France Telecom, for example, will 
stan selling SIM format mohicarre cards 
March 19 through retail outlets such as 
caffes, tabacs and newsstands. The cards, 
costing 270 francs (about S47). are good 
for 30 minutes of domestic calls. Once the 
credit has been used up, you can “re- 
load" the card with an additional 30 
minutes of credit by buying a “scratch'' 
card, costing 144 francs. 


Getting started with a GSM mobile 
requires forethought — what you need 
and where you want to go. You’ll nor- 
mally sign up with a GSM “service 
provider” — in most cases your local 
telecom. Make sure you go to a reput- 
able dealer who knows what you want 
even if you’re not too sure yourself. 

Here are some points to consider: 

• GSM handsets these days are sleek 
and handsome and cost from $40 to 
$1,000 or more. Compare what they do 
with what you need along with size or 
weight. The new Ericsson GSM, for 
example, weighs in at 4.7 ounces; the 
Nokia 9000 communicator — which 
doubles as a palmtop PDA — is a hefty 
14 ounces — too bulky for our pocket 
the latest Philips Spark mobile incor- 
porates fancy features such as Voice- 
Dial. This is claimed to be the first 
mobile with “voice recognition." Or the 
last word in “hands-off" management. 

• Battery life. New “lithium ion" 
batteries (unlike nickel cadmium) can 
be recharged any time you like before 
they are completely drained. Lithium 
ion batteries on Lhe Philips Spark phone, 
for example, give you ?0 hours of talk 
time and 350 hours standby time. 

• Work out how many calls you are 
likely to make and where you are most 
likely to travel. Mobile phone contracts 
are usually based on a. sliding scale from 
light/occasional users who pay a low 
monthly charge and a relatively high 
cost per call to heavy business users who 
may pay a higher monthly charge and a 
lower cost per call. Check how easily 
you can switch from one type of contract 
to another. How much will roaming cost 
in Europe/the world? 

• Does the service provider have 
roaming agreements with network op- 
erators in the countries you plan to visit? 
Not all cellular networks have the same 
reciprocal agredments. You can check 
this out on http://wrww.gsmworld.cora. 

• When roaming, can you you bar 
some/all incoming calls? What abour 
voice messaging? PC comparability ? E- 
mnil and Internet access? Make sure the 
phone has a PCM CIA link with your 
PDA 


ARTS GUIDE 


AUSTRIA 


Vienna 

Osterklang Wien, Music Festiv- 
al, tel: (43) 1-536-01, fax: 536- 
0111 . March 22 to April 1: Features 
performances of Bach's “St John 
Passion" by the Vienna Philhar- 
monic Orchestra under Philippe 
Herreweghe and of Schuberts 
scenic oratorio “Lazarus” and 
“Easter Mass. - Keith Jarrett inter- 
prets Bach's “Goldberg Vari- 
ations,” and Siegfried Jerusalem 
sings the title role in a Vienna State 
Opera production of “Parsifal." 


BELGIUM 



icarius Adventure." The exhibition 
installed by Peter Greenaway ex- 
plores the myth of Icarus in a nar- 
rative of 30 different sequences. 


SWITZERLAND 


Geneva 

Musee d'Art et d’Histoire, tel: 
(22) 418-2600. closed Mondays. 
To Sept. 28: "L'Art d’lmiter. Falsi- 
fications. Manipulations, Pas- 
tiches.” A selection of 30 pastiches 
of paintings from the Italian Quat- 
trocento that were created at the 
turn of the century. 


UNITED STATES 


Brussels 

Palais des Beaux-Arts, tel: (2). 
507-84-66, dosed Mondays. To 
May 25: “L'Ait de Collection ner 
Les Musees Neerlandais et L‘Art 
du 20 b Siecfe.” This retrospective 
of 20 th-century art Includes works 
of Dutch artists such as Mondrian, 
Kees van Dongen and Jan Dtobets 
as well as foreign artists such as 
Malevich, Picasso, Braque, Lager, 
Dubuffet' Yves Klein. Fontana and 
David Smith. 


Harry Callahan photo , exhibited in Atlanta. 


BRITAIN 


tography There Are no Unex- 
plained Shadows'.” A selection of 
200 works by the German pho- 
tographer (1876-1964). Sander 
compiled a comprehensive survey 
of contemporary German society 
from farmers to intellectuals and 
aristocrats and from industrial sites 
to hospital scenes. 

Royal Academy of Arts, let (171) 
494-5615, open daily. Continu- 
ing/ To April 6: “Braque: The Late 
Works." 


TALT 


London 

National Gallery, tel: (171) 838- 
3321 , open daily. To May 5: "Lon- 
don’s Monets.” All the paintings 
held in London public collections, 
and major works from private col- 
lections. Features more than 20 
river views and snow scenes as 
well as paintings from the haystack 
series of the 1890s. 

National Portrait Gallery, tel: 
(171) 306-0055. open daily. To 
June 8: "August Sander ‘In Pho- 




PARtS 

Grand Palais, tet: 01-44-13-17- 
17, closed Mondays. Continuing/ 
To May 26: "Angkor et Dbc Siedes 
d’Art Khmer.” Art from Cambodia 
dating back to the 6th century. 
Institut du Monde Arabe, tel: 01- 
40-51-38-38, dosed Mondays. 
Continuing/ Tb Aug. 31: "Soudan: 
Royaumes sur le Nil." Documents 
archaeologica] finds from Sudan. 


Bologna 

Galleria d’Arfe Moderns, tel: (51) 
502-859, dosed Mondays. To May 
4: "Materiali dell'Ane: Ricerca e 
Spernnentaiione in Italia dagli 
ami Sessanta ad Oggi." Trends in 
Italian art. with emphasis on the 
use of nontradition al merfia, tech- 
niques and materials, between the 
1960s and today. Features works 
by Enrico Baj, who incorporates 
found objects Into assemblages; 
Alberto Burri, who uses tom sack- 
ing and rusty metal; Lucio Fontana, 
whose trademark is slashed can- 
vas, Jannis KounefUs and Mimmo 
Paladino. 


Atlanta 

High Museum of Art, tel: (404) 
892-4444, dosed Sundays. To 
April 6: “Harry Callahan." A ret- 
rospective of the American pho- 
tographer's work. Includes 116 
photographs spanning 1941 to 
1992 that illustrates his favorite 
themes: his wife Eleanor, land- 
scapes, such as studies of trees In 
the snow, and cityscapes, here 
crowded Detroit streets. 


New York 

Metropolitan Museum ot Art, tel: 
(212) 570-3791. closed Mondays. 
Continuing/ To April 27: “Giam- 
battista Tiepolo." Paintings and 
etchings by the Venetian painter 
also, “Venetian Prints and Books in 
the Age of Tiepolo." 


S PA 


liumn 

Fundacto Joan Mlro, tel: (93) 
412-40-16, dosed Mondays. To 
May 25: “Flying Over Water The 


Washington 

National Gallery of Art, tel: (202) 
737-4215, Open daily. To May 11: 
"The Victorians: British Painting in 
the Reign of Queen Victoria, 1837* 
1901." A selection of paintings by 
Turner, Whistler, Sargent, Burne- 
Jones and other Victorian painters. 




MAURIZIO GALANTE 


PARIS MARCH 1997 


PRESENTATION OF THE PRET-A-PORTER COLLECTION AUTUMN/WINTER 1997/1998 

PRESS OFFICE & SHOWROOM: MAURIZIO GALANTE S.A. 22 RUE DE PALESTRO 75002 PARIS TEL. OT 55 34 34 55 FAX 01 55 34 55 50 


HOLIDAYS AND TRAVEL 



■““'tSJUSL 

■ 

- - fix more 

92200 F ™ 16e 

HBffi 


HEWZEAU®, 




HtNHATTAN LODGINGS, EMM 
stay luxury apartments, superior BSB 
rgostry, are® locations, tasted and 
untosled. Manhattan Lodg 
T* 212475-2090 Fax: 212-477-C 


Hotels 


Lebanon 


HB1B. >L BUSTM. aa jl BtW. 
S ftftr datura. Bdajriianfll taifan. secu- 
rity carton. 

business serve*, saeStoTV. 1in*» 
innafaf from aipwl free. UTE LL_ft|C 
(JJa247813ff1 1 1*339 (0)1-47200007 


U.SJL 


SSESWBS 


to Cow* HaH.2to 
ffiJnan, 5« Lincoln 


“J^L^(imnlmrCT) ’or long term 

SSr212-26JMS01 USA 


Housing Exchange 


4 bed- 


PABS-TTWCADBW 300 

moms. 2 bate. RKT l_ _ _ 

apartment for a hose of sinfer bob n 
Forte (Miami area.™] seaside or pool, 
June 15 - September 15. Tet +33 (0)1 
45 53 73 34ft* (0)1 48 47 45 02. 


Caribbean 


ST. BAR7HELE1IY, F.WJ- OVER 200 
PRIVATE VACATION VILLAS - beach- 
front to Mate arith pods. Our agents 
have In s p ec te d aH vitas pasrofiy. For 
resavanns on St Barts, St Martin, An- 
guffe, Barbados, Musaque, toe Virgin Is- 

SSL cm mtiommi ■ u.s. 

MlMB-BOlZ/lst 847-830, from 
FRANCE 05 90 16 20 - BIGLAND 0 
-800-89-8316 


■ International 
Herald Tribune 
ads work 


U.SJL 


HYC SOHO LOFT 
LIVE YOUR DREAM 
Summer 1997 rental Top floor on Broad- 
way. Brtmordnarly gust, suny. Wortd 

Tiade Center kbr BeauriMf tumkhed 
1,500 sq.ft, master bedroom * i guest 
room. AB amenities. Private root, cable 
iv, KastaJttrve, cereal as. houseteep- 
ng sarra. References r 


Available June IS Aim GapL 15. 

tofHnurs 


Cat 212-2198343 or fax i 
212-219-1835. US SLOW per BtmSt 


DISCOUNT TRAVEL 




GOOD TRAVEL DEALS 


AIR ONE Italy 

- — : — r- "X . 

• vA (RUNE *■’ • "■■■■■ 

This Italian no-frills airline has joined Oualiflyer. the FFP ol Swissair and 

1 Austrian Airlines. Air One travelers can now earn Qualitlyer miles on Air 
One's Italian domestic routes, such as Rom e-Milan, and with Swissair. 
Austrian, Delta, Cathay Pacific and Singapore Airlines. Qualifier allows 
you to earn miles with Hertz, Europcar Interrent and Avis and to convert 
them into points of Hie American Express Membership Awards program 
and vice versa. 

AMERICAN Worldwide 

AIRLINES 

“Drive and Dream" program offers AAdvantage members 1,000 bonus 
miles for every five stays at a partner hotel or every five car rentals. 
AAdvantage has five participating car rental firms and 22 hotel groups, 
including Holiday Inn, Sheraton and Inter-Continental. Until Dec. 31. 

CZECH AIRLINES - London to Prague 

Three-day business-class tare saves more than £100 ($160) on round-trips. 

ICELANDAIR Britain 

■ to United Slates 

Two-for-one in business class or economy on all flights from Glasgow or 
London (via Reykjavik) to New York, Boston, or Washington. Example: 
economy round-trip London-New York for two costs £458 ($733) mid-week 
or £488 weekends. Until June 14. 

JAPAN AIRLINES Japan 

' to United States/ 
Asia 

Economy round-trip fares save 20 to 50 percent on normal tariffs with same 
restrictions. Examples: Tokyo-Los Angeles, 99,000 yen ($81 1 ): Tokyo-New 
York, 122,000 yen; Tokyo-Seoul, 52, (XX) yen; Tokyo-Singapore, 87,000 
yen; Tokyo-Sydney, 101 ,000 yen. Until April 20. 

SABENA London 

■ to Johannesburg 

Round-trip for £385 ($616) from London or some provincial cities in Britain. 
Travel must-be completed by May 31. Trailfinders: tel: (44-171) 938 3939. 

UNITED AIRLINES London 

to Los Angeles 

CLARENCE HOTEL ; Dublin 

\ 

Special one-way or round-trip fares in first or business class save 12 
percent (around £500 or $800) on a round-trip on normal fares. For travel 
before June 1. 

HOTELS H ,! ‘ ■ 

Four-night package at Clarence Hotel, Dublin, (two nights) and Mount Juliet 
Hotel, Kjlkeiny, (two nights) for 826 Irish pounds ($1 ,280) for two people 
includes full breakfast one efinner in Dublin plus guided pub tour, one dinner 
in Kilkenny with guided tour of the medieval city. Until March 31. Thereafter, 
958 Irish pounds until Oct 31 . Tel: (353-1) 670 9000. 

HOTEL \ Surabaya, 

BlAJAPiAHfT ; Indonesia 

"Deluxe'’ single/double rooms for $96 a night includes early check-in, late 
check-out and use of health dub. 

HOUDAY INN/ Asia-Padfic 

AMERICAN EXPRESS 

Up to 50 percent off room rates, with breakfast, late check-out discounts on 
laundry, dry cleaning and business services at 53 properties when you pay 
with an Amex card. Until March 31. 

LANDMARK Bangkok 

HOTEL 

i 

jf 

“President Package' 1 for 5,900 baht ($227) a night (for minimum two nights) 
and additional nights at 4,800 baht includes accommodation in one-bedroom 
suite with lounge and private dining room; fimo transfers to and from airport 
breakfast all-day tea/coffee; early evening cocktails and canapes in the 
Landmark Club. Until March 31 . 

MARCO POLO \ Singapore 

Special rate of 195 Singapore dollars ($1 36) for “deluxe'' single (21 5 dollars 
for double) includes buffet breakfast, airport transfers and 6 P.M. check-out 
Until March 31. 

NOVOTB. PARKVIEW * Beijing 

jl 

Opening rate of $65 for a “superior" room Includes buffet breakfast Until 
March 31. 

SHANGRLLA/THAI i Asia/Padfic 

AIRWAYS 

Although the IKT carefully diMks these oHers. ptaaea be forewarned Ih 

Royal Orchid Plus members earn double miles when staying at any one of 34 
Shangri-La or Traders Hotels. Until March 31 . 

at some travelog ants may be unaware ot them, or unable to booh them 



E9 


1 







PAGE 12 


EVTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14. 1997 





-■ ■-• •> t 


NYSE 


Thursday’s 4 P.M. Close 

Notionvflde prices not reflecting late trades elsewhere. 
The ABacatetf ftess. 


iiwatsi 

1*06 LM> Sort 


n w k MbHim 


IJAKott 

up Lai set* 


iKitfi lm uses Os» 


Is 



wyr ij*i «azmji 

k i » 


3I« 1/flfe 4AO 

ar- ui abh « 

£2 V, S&jf 

71* U| XMQl 

*■*» r. cease 
* aouc 
acuTd 
* k •attfj 

uu i: mlvsu 

S '* UK KHIK1 a 

■» '« 7*0 

H» ID ADT 


m> 


Ifc u . 

3 U . 

« >J . ICO V, 

ti u . le s\ 

ua u . an >£i 

» v: _ a? dk 

m m . i*l ii 

S»l Ota 


* 3b> 


-r*l 






\i 3 


% 


n 


44 Z»> A't 


DU l*V ASCO 
73 If! ACL «*-, 

» » fflfW 


<m w* 


34K H-4 A3IUI 
77W 741* «n 

s-i T? ssvs 8 
Si* 35 SSS? 

40* I* JTtfl 

an a. i v * t « 

14 SH WAil 
A 145* «mni 

IBk J£* MMHBRl 



_ 7 478 3JM 

i * S 

n a im 
a is is 1 J i7vt 

- _ 1171 AM 

IA 14 _ 5U Ml* 


U» 


- Z 0B8 !«* 4 Iff* 

171. ii . * 111* 7IM 

-«****» 4gJ 

m- 


- ig 


in 

•7V, 17V 

zn* i*m lam 
A itk «uini 
Ilk 4 imt 
2i w lift Kmrni 

Hfr r-- JOttfifl 

M iTv* Acran 

Til* 17** AflQfcl 

&a Hk 4«miB 

2M 17ft AFPPidb 

47k l(M AMD 
IS * ASM 
14** *+ AMK 

joe if? SSo? lji* i* d uiv7in m 

Ml SC* nr||*V| _ 1 SH in 4 

ar* mi* tmacM ua i» . <i ?rvi 27 

VIM S5M 44*a be JB J 11 a* g* »0 

sn* «K imK u* s* _ .32 ME* •£* 

a Ml AdUvSl - fi BOB W* 1«» 

wm wn mans _ 11 w in i/n 

am ran xgm? kh b _ min 1*1 

hi* mi in so u a am an* 

ISM II* aSwoij .11 J _ 2561 UK 13V. 

4SV an Anncn j| a < ra ilk m 

MM T—tkAiaaffC 2.10 U . 27 75K Eta 

S O 34V UOIDX UD S4 47 14 

a O' am*: m ii M ia tim in* 

77M SIM Af-nd I » 12 71 3711 »4V> 7U, 

- HU A*** JJ M » W “ 


2 ft 
K *■ 




£ 


5111 I7M AlfflOSI _ . 11 137 TIM 

K ill 5Bl 1 BOO 1(12 10 23 I7M 

SM Adlncn - n 1M37 so 

2C?2f? 

MEW 


W4 _ . 

aw am 

20V Wl __ 

zw mu AMfrtC 

mu 


I JO 74 _ 3 Ja 

120 44 _ 1 MM 

ABMM0T IA M - S M’» 

Ata“BW 150 73 _ 44 aw 

AbMTtM 124 72 - 51 24M 

ABPCnN 1.90 74 _ 713 3451 

AMUvSo M) 22 17 >13 14 

^ M 4447 Z71* 

wOf 1.9 14 433 Z7W 

28 U 19 R*0 30 

. - 17 2114 

* jr tj iro iv« 

JO 1 7B ISO 04* 

tM 12 ■■ 10W J4W 

it II >1 Ji M 

21* 13 - 

m u * 

_ 1 « 73 - 

sss u 

4M1W* 4* 


2IOWB 


HA 

a 

M 

un .. 

Kk |rv> Afitfi£0 
H I8H 4lQfn4% 
25ft Wrt AftCkAs 
QH J» ABtttva 
18k 2®1% *n*n 

27H 1«A AMI 
M V ItoBnt 

ad aB4 xmt 
■ 7ft JJft AUmTsr 
7W^ 11 

HH 
27ft 


- s Sl 

If ® 


a 


B 


2 IM IBM 


» a s 
SS | 
igil ft 

iL WIS 


l 


!i 


ta 

is y 


28 15 




IJT 23 H 

t 15 r 




<£ ii !? 

uo i3 " 


i 5 


OH IS 


!►» 

I4M II 2IIOE 
14 lit* AOVMM 
MV* iim Antes: 
stm cu Acrrai 
AM pH UoSgi 
44M S* Ammr 
31* MM Anernof 

UV UV MOTS 



r i 


IM IM _l 


■I 140 1*M I4M 

in 42 _ 414 UU IMt UM 

141b la/ - isi« iiK iri m-« 

_ II 10 44M 441* 441a 

» 11 IS 430 34*. 17V* ITU 

IJC* 42 17 M a? ° *» 

4*7 102 _ M PH 


20 3 14 


77V, 


j!S4 


V A £ 


" is 




1 ill 

2 


? s 


m r. 

ji fe | 

In s I 


4M 2M 
nv a nwri 
I DM *vt AOmST 
fi* 37M AOEO* 
T7V: AM90 
29* Mva AMo*A 
36M 2SM A4IM 


IH 1 4 


20 


A 30*7 7H* 


IIM 31 M 
I0M IBM 

. _ MM OH 

22 U . 7096 44 44 

i •• _ 347 an a 

t-lB u _ 


J4 IBM 41CWHW 

M IM AM4142 

9 7* U»0 

IT* M* A^MKro* 

40V* n Iim 

331* Attn 
Aaa 


% H r. 

#11: 

JD 11 77 am 14M TM A 

. 4 M* I* I «M 

.10 IJ _ IT'S 14V* IM U3H 


O J 


ii 

8f 


ll| 1 1 

£ 8 
nr g i 


~ »■ 

11 TV* 

B 34H DSTS 
T9M TJM PTE 
IT-, IBM DVI14 


BM W* Eh 


im 43 


: a 


Tfl'l 35 
DM 7. 
7*1 S 




4» Aaaofa 

74 443* ttlftoc 

741* 131* AeeaAOl 
SM MM A4Ha7 
U 47M Am"*» 
73* ail 44nac*r 
71 2DM CraOilA. 

^ -a M 


_ II 
_ _ 30 I oft 

- II W Mft 
.V0Q IJ 2S SBd till 

. v mim 

_ _ 3Hl /ft 

_ / 34ft 

M u> n Ttt JDft 

1^0 AS - Z0 2*U 

JA U » 22H 

AO l.i 31 deit v 

Z1J flJ _ l<? 25ft 


la ^ 

l&l IB4 


TIM IBM Dol-m*i 
2T3 17 Da04*l 
UK m DimeAir 
»** 77* DanoCo 

S UM Dcnann 
M UK 
U «M 
JO* 


5>4 73* 

St l«i* 

1* 11*1 74K 


in ir.3 
an ai 
iim ii* 


.12 10 II i si II i 


ism iik enw !n 

u «M oran job 


a is** 

IIK lilt 
DM X1I4 
44 44V 

ill IM 


It* 


_ 71 1747 29 


7*1 


7M 


44V* an Oouhms 


= =11 1 1 J 


TpV) 344» 

J?* 


I 


at* 


14V* CfcVrVV 
IT* DimfM 
341* (71*0003 
mm 


ill® L 


£ 


I6K IIM AAnaB* 107 J IT HBI2M IBM IBM - Tg* 7JV 

^ ^ JSSST “ *•: .7 .8 ■Sk ^8 ’S .5 1* ^ 

I =11 

” ’ll 


£JV UK ABmod 
an i* ABiimP 

A*®* 


_ - hi n ... ... 

200 20 IB 2033 3jn n S 

0 U II a 24H UK 241* 

_ - 34 4*1 JC* A* 

140 AO 11 1911 »l 4H OH 


_ 24V, AFoapfT 

44 K JTl (CMS 

50V JO ACCOM 

» k £& 

S'* Aft AvnGrt 
Aft Sft AQP 
IA 30ft AHtrPr 
27* 10 AMfiffy 
Wi «’» ArW» 

3ft lft AindPra 

,s a fs js£ 

IP6 II* C41UBWC 

IIM 18-4 ACTVJuTf 
live ia AarAiit: 

IDC4 *M ABMT.n 

BM fJ AOlP 


.90 tA II IA9V 44V 444, 44M 

IJC U I 7154 AM TTM J7V4 

l» B» . 71 A 2SM 2SM 

147 U 11 1121 OK «* 42M 

211 21 _ 41 2BV* A TMik 

203 7.9 _ 89 23V* 251 

101 32 19 I15BB3M 271 

2 U . a » 9 

Oil if . m 44 41 

HOT 92 14 234 a* 231 


IS, 


y .. 

1 r3 

4914111 

III Jf I J ' 


47K J4VV Dm 
17V 1441 DKU 

I7M I4M OEObOM 
27V IM, UWL 

35V 242 DtWlO 
J4-1 IBM OamAll 
491* 2 W arf^K 


to 72 - m (M 

M a 5 « ?a 

ia i a - \a ir* 

134 21 11 JOB Wl 

UB Ml _ » 2SM 

_ 14 I3B70TBV 


PH 12 
Pn 71 >9 

27V 27V 

in 2 s-.« 


17*4 oaaof* t 


.12 J M 1124 JBK 
JO 2 31 CVgoSTr. 


Si! ^ 

SS r 


14V, D4TTW1 

7*v Mem 
IM) DAM 
g*aun 


S _ _ 4*1 ST4 

42 M 493 DM 

lip l»v* 


*il 


ID 


6SM 

in TV 

B5Q 12AM 
2Z3 3M 
72 IT-* 
l« I0K 
tS 11 
a 104 



- £ 


m « 


$2 & 
1«Ta ljll 
>/ 1 201* 
ms an, 
a dm 


1 

IS I 


fi 


24V IBM 

iiS ia osih 

11V «M 0«IP3 
0>« IK OIHM 
24*i 17V AoCWirj 
27* ITV. ACM Bril 

js £ a as 

*M 1SSK 
35 Ss 


k 5 


as a . 


iisd si : 


IH 1V4 
*9 IIM 
53i n* 
*7 AM 
141 IIM 
» 174 
10 2*V 

_ Ml IIM 
» Wa gH 


39.1 21 K 
MM r.i 
DK 
ISM 

' 


sari 


_ 1 * 

SSI 94 A 


iim un 1H 
1114 11 11 

i 4 i 

S! Si 


l ! if 
@ fa 

!^ 


dig 

r, jil 


«s 

,«b 3 2 


IM l3 fi 


rrt 14 
5i»n Jf 

yssigs 

24 V. I* ■ one Si 

A Ala OBfcS 

74 V r (H*Eav 

27V 1SW Drnme 

sri a 1 1 dhwdy 

AM :» v OnOgl 

HR 73V OnOlH 
un 23V One*, 

tz a: 55? 

e r b: “ *? < 1 

AZ U 0 *ncn 2 U I » 

f IS BSA : it m 

& sa ssr -s ,i n ’as 

S'. ,% ssa. - ; » « 

a .55 - « 

*n *v corners IM _ _ *3 

S ;S» SB“ 3 « «■- 

»l 8*9* MU of* 327 




» 13 1 ' 5 Si 
. a *]»«< 

L uo 73 r a 

S‘ : a s u : ‘ 

r *1 1 41 

a R = SSi 

» Si .1 45 2^ 
5 ii * iJSSm 


JO 12 



3 : 


112 - 

iJ '« 144 « 

" r i>i 1 

iSiSl 


M 


B I ^ 

,a 9 J r* .js 

Tie 12 _ A 

V 3 * W . 

K> U 37 904 AM 

-47* 10 II 44 14 


f U 11 S 

M 21 Hi 


■»■ | v wan 

I: p 

11 
« I 


An 38*1 


Mai 

SSS* 1 


§ 


10*. ov. 
HJV, 4K 
IIS 4 371) 
BOM IIM 
74'B 46 
75V 109) 
9.1 1 


JOT 10 
5 13 
27 1.4 28 
- '4 

.« B ? 

42 U 


2*1 49* 

kk im 

SI? 


IS f ¥> 

» I l’ & 


M 03 


«! M w 


IB 


■ gU 130 

>BA <30 44 

ST .72. 75 * snl % 


as 

, ,1 ; n m k 

& ?3 ? iSt S5 m 

, 28 .9 D 3144 TT2 33M 

ID M 3 791 79*1 79 

AO *2 _ 033 *V *M 


11 


, p % 

J El 


, JWVPT 

sa pass s. 

Sk SiSSR 


a.i . sar 


. IS) 

762 77*4 
A 37*1 

u 'S 




d S 


14M iim dupuc 
77M I4M IXTVHCr 
AM AM WO 
36 k 7t-> cnracOA 
37V 3B1) aArjrs 
«•* IBM Wtfil 
wi Ml MeOpM 
26V 2») DWBnlt 
25U 704. DvaCoppt 

21 K A DBoSh 
3V*n 25*1 DUO DIG 
I7M I IV MtjF 


a f i s 4 p 


u* 

1.93 T.I 
224 4.9 
2JB U 


-ifc ,3? 

fir 

1314 13V 

k 


38 


2279 »2 
110 7.1 
110 71 
14 IJ 


KlUtf A 

3^ 


. E I 


E S 


u* 


an o aap pav 
2 *n AM Aoen 
B u* Ara*a 
it. s ime 

4»v 4SM 4IBK0U 

— llMOB 

Ainni 


3.10 *3 

430 90 


52 SS 

9n 4v in 
»M ]9M Ann 
All BM Anns 
bv UK mmih 

S as zzr* 

■ A* ASH PR 

IIM 9V AvsPM 
un dm 


a 13414 IBM 
_ 747 29ft 

- 112 23V, 

_ 717 Un 

- 0*7 4 

- 4 3SM 

14 271* 

47 J410 JV 

1 7T* 
_ a 47i> 

■e “00 


IIM ^2 
9M P 

nyj 


M 


34M IBM Im* 

EOChsr 


1 h S 1 


8S •? 


IB 


3ft 


B SM 5M SM _ 


1.10 17 1* 30*1 


.773 23*4 

M m 

952 UK 
17 34K 


01 _ 


J 9* in 


S* -IM 

»*- J'.V 


24V 14V 


AdoOO* 


02 


77 24 


3M 


£V UK AxKaon 

wn av un* n 

J*w » Atman 

lln 7v AUMc. 

SM IJ*. BmCn 
A 24V ABC90T 

lav ie aheihb 

AM 24Vi uuow 
I43K HUM ABHKO 
Wr 20V <1900197 
337K AB »J PC WC 


IK 


IIM 

. - 22V* 2SM 

_ . - - «9 IIM II 

.am 1 00 ih n 

IM 71 A 747 21K Bn 

2-n *J - M A 23V 

.40 O a LS75 31V 49M 

- - 010 47M 2M4 

IA IJ * 3 < »V ^ 

_ * 43 l*M I* 

*3 72 - 171 BK 25M 

IJ4 *J |4 450 I TV II 

204 42 _ 1 £H Oh ... 

330 44 17 OU3125M 174V I2SK 

IS 90 . 944 Bit OY) 72V 

uo 


IIM IIM 
•» AM 
?BM 21V) 


S£, 


a "i§ 
iii I 


i 


BOM AT1H03 
BM D«l A*MR 

an a Awnijjf 
»v iv Aunt 

AM WA AaMiFH 
45V 25K - 

?*• w 


« 


►** Una At 
« AUtoZM* 


'5 13 
235 BO 

U< BO 


224) 09) 

- 3300 Wl 

- un *v n 

17 IA 94 V* 24V 

37 30M 

- ''Wl 

- IBB 9K 

_ 394 14V 

20 4720 44M 
77 73SS 35V) 


. . TOM 
JBV JBV 
2 TV 37M 


iik av 
AM AM 

mM 


m «w of 


30 2SV 
40 BM 
- 231* IM 


43M 44 

I4V* 244* 
75*1 77 

Jsn ism 

SfM SSM 




in 


■&* IIM AV6J« 

43*1 »V AwnO 
121* 7M AMBB 
38V IB AuMBM 
*4M MM Ant 
«m a Awm 
in* Bt* Ateki 


•53 


«0ft 


25ft 


14ft 


1 4ft 


. IT SB 14V* 

IO 15 33*9 42M 

- 57 771 111) 

_ 13 ID an 

40 131 14 lltf) 40M 

IM D IJ BW Wl 57V* 57V 

_ _ *1 IIM 11 11 

_ _ is nil n* zn /ii 

IfV 13V BiMcJifl . _ I HOI IBM 

DM 13M seven . . . MBH 

D 34V BCE 0 IS - IIM 49M 

STM 47k aCPftkBf 400 73 135 HK 

- - JJ 90 - 1267 IK 

PI <4 - 477 W 

1631 it 17 u 27* 

_ U 4748 44V 
. _ _ 2S5 30V 

_ _ M 2 a 30 2*K 

jiv am hoc ads n 1 lln ia - m sh 

l*V UV «P P|» 223* 111 10 MB Ml 

27M I7M BRE V 1-0* 5J * 701 25*4 

m 4M bet _ a ■ 7 

BM 7V> BTDB _ _ . - » 9' IH 


47k BCpS*P 1 
BM IK BEAlncn 
911 BM BEA 5*01 


5Wl S5M 


IBk 0GPU 

S 27M BJi 
«K ftEwl 


20* 3BU 

31 If 


S? 


H 


S3 3 } -.I 

nil# 

-- 23 SaBiJ.™ 
8: 

b 3 : ii S* 


4 L 1 

S- 

a 7W* D 

1 1 4 is 

S £ gs 

p#l 


J»K IBM E44C 
WK »<■ Eon 
37V) 26*) ETevn 

IIK 14V UiW 
40M SM EolEfi 
23 I4K EoDUB 
7*K 90V EsJOD 
74V JDK EMsamt 
94V *7 bum 
UK S3 token 

49V X Eo*Vl»l 

11V* 17V, E09M0* 
37S1 2911 EctBB 
3JB 399) ECBMB 

tK ,3»«S. 

■OK 4H EDO 
41V 33*1 ClWMl 
- |9V ifiw 

IV EttO 


17 


204 61 


ITT* 103 
100 49 
106 91 
1*0 67 
IJ* 12 
IJ« 20 
140 23 


23 I22W 35M 34*. 
_ 232 50 19» 

is *r x* n;i 

S® 5 si. « 

A II I7K ITV 

11 »m n 

13 iim i«m iro 

14 *47 BM TBM 

iz turn 


JB IJ 


IB IB7 


ssk in ssa j* 

am am aw -3v 

72K 774 77V -K 


34K 


31V 11<3 -V 


t 

E Is 


B*M M M 
» V sol* 
39M IBW EHHW1A 

" ia m 


m a 

S! ot! 


27K 31 M _ 

BM 771* 

» u s*»w 

ISM SM EJKP4 


- - IBM V> 

100 47 11 B4B0 71V* 

•10 IA 14 77 IM 

J3I IS 13 a*B PH 0 B J* 

IJ4 7J _ OX Iff) M ,*) 

_ - !4 Off 3D SV ffi J* 

3. IB BJ _ Vi 77k ITV ITV >M 

\ah 24 a zx 54 * son sjm ov 

_ 79 JSB 34V* jr» 33k -n 

_ - - <1 Ml A IM .IM 

04J 1.1 71 ,14 74*. 74V 20* 

00 IJ 30 HID 04M 04M 44M -* 

IA* 14 B ISO OH «4 BH -V 

111 U - 3B3SV3BMAM 

IJ1 7.7 _ A 34V UK 14V 44 

- S79 1*K 


- IB 


l*v 


.71* U _ 


14 


17*9 UH EnfUFh 
IM* UH Elutes 

ISM I7M EMM07 

i? iSn isft" 


ft J 
ISM 94 
1091 90 
145 100 


D» . 0 


^S’M - 


_ 4*1 _ 

_ J9t fV 

- A ITV* 

i jg 15 

1 


Kfl LA fS3 


Di« 9E 


I *4101 LB* LCW 


IJMtcrt 

K9 Iff* 5t3£7 


Dm fa ft TOH0 Urn L0U Ok 


& l? 


■' -i. ^ 3? 


.10 A It 


P s 


- *1! 'P-4 'i* 


, « firaeS: 

f: <s. teei? 


1 1 

,S5 fc gffe is 7 r 
- si sas- 


3 a u ,s 4 . 

« a n e. jR 

S.J2 *9 u -Is 5? . 

J h 8 


fcgss #8!5 I s ^ i + 

^'SsS^ si g-@Si lb. P 5 

“3( T^t ISQ SWIH l5 tJ _ To Iff* JB >0 

.*! 1 If * ’:?• *H 3 is E* S’ v 


‘ii r:-i 


8 : 


•‘ij U ^ I - " Ti p 0 9$ gn 
: ji |n ff; 1 # J ’S il S 3 h 


-■( Sgiff ^ II ?a 

if >?m ^ 4 “ 


*■ 


! J3 




jV* 

EGBflr 

p ® & 
(fi3S a 


S 3 « gK 

. .. ii ; **8® 

TJD* 9J _ T 03 T»: 

w. 


ti» 5 i HI 




-**1 ii ’ 2- 4 ^ a 

3 «: 8* B£« ^ s3 ^ 

I 3p* l»» «c=s 




1 ? a 


a# !« 


E* 


S 29 

s 3 

a a i ® Si 

,2 li g u® « 

ISeIi 

*“5s 


S E 


s? ^b. m ii - 

I s ^ 114 “ ? i 
£? i®? 1 ss 8 r k 
sz & s 

% 


s 




1 l.iff it Z 

a z 



- « _ 
m i»m sn 


.**« .t-i 


"• IK 

Si w 


iS *s _ 

,a ^i s 


J*; 


:r* !* 

4.-* < 

esi 




JB A K Biff 6tk 

M A* q 

« -Si 5 s 


■2-4 rtv 

lt*v 5LK 


s 


IS n? bbp 1 


IM 


E ^ 




If* ffS 

I.K is** 

SF, XT. KVee 
4-! 114 M* 

JH _4M 


$ 

K 

£ 

i 

10*4 

14.1 

& 

| 

B 

fi-j 




k 

jil® 
2 


2fi " 


S3 


jS ol 4*J -fk 

is a * « 5 =? 

S r * I '! 




U* c4Tte^T 






& a s 

® ? U - 

A 1.1 ij ^ ^3 i’K fC 


... 4!>1 

35 V£* ty-j l »4 


«fP 


UflSM 


AM 


1*4 36 14 4311 


_ _ *34 411 TV 

i55.^m OTsKti’ * <] I u ??* lb 

AM Iffl ST€&n 146*124 - ia 104 -« 

*5! £2 g^ -,. . IH « IB 173*3 45K 45) 

77M TOM GTESEpf. JH U . O A II 

ft) A gTgaeag 231 17 _ ITT BM 

GTE 6 ^ ‘-JO &J _ 7133 IV- 


%IK «? 

& £ fir- « 
r i? 4 i ass* u d 
f w ^ ,s ” 
I* -Tte*. * i 


11 1 

PIS * 


33 


1 1 m 

* i?i sssc 
s*: *5 sr 



& 


*34f 3 ] 

r ‘is a jo is- 


X: 


E 


ia bm 
MO UH 
X BH 


32 


4 16 1644 

i Jg ® 
3? w 




9V GoCf 


19--. 


M 9t . 


TK 


Ok 6 73 


26K 


UK 

51M Drwc 
I7K GAIT* 


>0,1 IBM Basin': 

iu C as 3 


_ IS _ .... .. . 

UO U 3 X Sh 3 

- . 00 MM III 

Uj IJ 3 » E* r i 

JO J S IE-2 KA, 341* 
XI 23 70S 23V BM 

03 33 13 90 ‘.*M 15* 

- » 7ACUB-4 IS'. 

3JM 111 - 732 BM m, 

J 11 A- BV 32** 

_ _ lac* 2i i r 1 


IM- 70 


TV 21 .-**, BID 20* 80 > 
um an jftvrjff i3 « _ 
*4 »■> JairG Ban 70 — 

i ;®L ft J - 

12a 51 i-trOl J2» J 

it-i »■* iJisee _ - 

ft 3S J 8 

W W> MONO 52* 5.1 _ 


77 S3 
19 25M 
757) B* 


*n n «• 


}l! 


SB .BM IM .BM 


95 


-s- 


■AaDff 


IT) ^ 

logi rr* Gets *9 
Di a* 


164 


IW 


1.0 


2S II 1(16 56 t UV tlM 

20 a ;ca iam ;o> ibm 

JO 37 223 JI-) tv XI 

_ _ r.l 3K A JM 
17-71 1CM ISm 
. B HR3H SK 
_ — 14 n 7*11 an* 426 

a '^sa !==?§? s* 

ii SS5I§ a K : *3 ^ B5 

M B44M - ‘ 

M GrtiU 


H| 


38* CtmvEn 

7)4 EffVff- 

7 GovUI 
■ IM ORm 
ote 


ipcr u 3 24*t f-v p 

sa \a is vn*iA -it 

ica u -a si> 41 - 

_ 11 61 I, 


fa gi* s a* 

*M ro taw 

CM 7VK JMMI 
:o tali jean 

Itr., ; jtcscsci 
bk K-iit 

n* ao h.tibi 
B » 31a *2 ‘re 

449 IM IQ 
27W S*S 4LSB 
IB .-K <60- 

ari «4 Hnerfoi 

si p ap 

S3 Cv 

u 71 tMleS 

5* >• 


S 4 ^ 


841 


44 r. 


» 


*B0JM 
2) 6519 27V 
_ 194 BV 

- 475 17M 

T9 111 M 

g la Aii 


fi 


!S'1 


f 1 


=11 


-k[ id 

*t* .*•> 


m 


n 


5 H S 3k Sii 

CcPvefK 1 An SB - 3 2J-.) 2 


3-*, 1*“: 

n 7H S' 5 


a i?M SSL 
IS* * 9 * 

BM 7-i 
104 UK 

5:2= 




16 - ,- - - 

19* 13 - 154 25 

7J4 7J — J 2- 

1*2 ?J - 6 El 

125 Bo - ii 2 tk 
LA U . )!} iff 

4 j* i =§ £ 

13m T9 - JOT >Xh 

I AC 111 - I1J9 144 

733 6 14 W =- 

* 'i J «£ S 
;3§ 3J H t ?2 -j* 

JBI4I2 if _ 

137 u o 1 x 2:- n-t 
. c nr ph uh iff 

®«S § 1 = S £ 

'® •! j I iS Ii; 

- ! 1 1 r. I 

_ _ 45 U 11 *1) 

-a o :i :as n;> 

re fi ,E S 25 z=- M 5 ’ 

«» u 5*^ JO S3 I S3) 
— a 11 r, r, ri 
i .1 11 1B!5 St l !*-, 
0 ii 11 n >iv -n - 

SE 

is 

U i»M .. . 

i£ Jr,’ & 

»* ft 


rs- is* 

:a-« if- i5vh 

£? ? ^ 

VHOB0 

l?a ’it* 

,r; ,v. ^sr 

T» fg. COMB 
ir-T i4*« utpSM 

£ j 8 Sr 

?? % ^ 
r« ^ mm 

29 UV Ctk - 
112M 68M t.-nc» 
A — -1 UT304 
U l 2, too 

:<** 22 cut* 

hhSt 

42V) 24_*i «■»>) 


155* 42 — 205 HK 

U9 M 10 ZSM TO. 

— — IBB IIM 

97 U _ 738 1 IV 

24) U U a 3Kl 

240 86 _ 79 a 

- S US 4V, 

fS S .7 SIS 

3 ^ U ^S5 
x 19 u m i«v* 


4 


a 

Fir' 


->« 


JO 21 12 SI U 

Sun a? <n 
.13 ia » an 

l« -T r w 5T> 

40 JJ n 430764 

.10 91 _ 171 10 

f u . “ 

is z 




© 


25) 


BV 


IBB 


Eta 
l.s 

1 1 11 


r«% 


9 -W 

© 3 
l n! '15 
IK *2 


*■»' S 1 ! 

fe - 1£ s. 


171 


B = f C 

"IS 


AM 


!P2 


19 


1 


ir 


-030 


«! 


cmTet* 


AM _ 

SM 3V OTWfWT 

a Mgg: 

4T5 a WWB'Trf: 

IT-* 71* Gwesr 

64,'. AM OmfftVn 

IIK IKK CVB 61 

14* 7v cnien 

71V IT 5TCUBEB 
3SM It CoohKB s 

T ’S S^To 

2SM it GCAune* 

JOK HP) cev»> 

IIM ; GCOCUU 

BM Tl on«af 
I] 5M GDomog 
TDK 111) IMiOMU 
IIM 5V GWVBO 

TK lit SSSk* 

^ ssr 
sr ss ssw' 4 
ss s 13 & 

ITV 1DK 

7T* a 

” 31 


.» 14 

to 12 13 

.iSJn 104 10 

1 0 Q 13 na tn . a 

2X3 BD _ 1:1 251 1 

‘ ‘ 69 21-1 


204 52 — 
la J — Iff 18, 

iu U 11 in :*v 

x a it sis jrii 
24 18 7 IS 9M 
UO U n 283) !»•* 

73b 63 - IT9 I I'M 

-IS B9I I0M 

Z »4 a--. 

_ IXD I7M 


If: 


ss si; ss. 

r) ■» r |XII^ 

^ ? as 

«M J) ifflind 

% a. if* 

h |t 9« cry- 


W) 25*, 6H 

III 9* 4* 

4IK 47V OB 

111 

S? ft -M 

is IS 5 

| ( | 
jS as *5 
,ss ,f .« 


of! 


F0tt 


00* 39 Z IBM lS 

0u 1 _ iXb 1 : 

1.91 119 " m m2 

-iiS'SR 

DA 10 _ 60 114V. 

- - 493 IK 

_ 70 II 71 1 *7M dIBk Iff* 

■ IS U Ii I0S* B 2511 

09* 170 M 4(0 3 AM J 

a U . 32 ff) OV 4V4 

. X U» DM IBM AM 

(Tk ITM 17k 

S5 S! 

a V ft % 

1413 51ft 1U» UN 


ill 

i 8 S I 


V/ 


f-afl r, 


TIB 


639 oav 


100 * u 


Iff o 


= 4# 


T*» 


14'i Ft UOVI 
ID JjaiMB 

*4 J'V« I0MT 
IJ -1 *K unfis 
X-. 14, umdsE 
*3-t * Lsmt 

J*M 2o LCteo 7) 


■ IS SM 
ai a* 

II 14V 
101 UK 


2E 


I 


IS- 17V* _ „ 
i! ■ -3 uhejt 
H*B *- uOnACf 
IF. *K LffAOV 
IBM MV idAlm 




33K w 1 — *ms 


as .. , 

IT IIM 
72 Iff* 
Ml ISM 
Iff la 

Jt !S 

no in* 

«* IIM 


% 

^1 r IS 

*» SM 'S 


:K ’5 


- U IffO 37 




71 




Dl J QKMor 

24K 24V 

CuHCrn, A 
.^- C«r9M 

23M 


— , - -T- -4- " 

00 20 12 *4 X » i 

- _ OTA TV 7K 

IA - - 12 IV 3vt 

l.*l 7 J _ a TOM 8 34*, 

- A 2764 Ik BV 


IS* H&O 40 649* 160 — 0*3 ITK 1TK IT.. .1* 

in* KSOUr I6*B 113 - 99 14M IF- 14V. 

ijj* I4CCW* a 3 1 jpsi % m -k 


AM rM UwnPKBf 
•* K L»«t«59 
V DM )*«4< 
28 31 L6BB/I5 

DM TIM Lff* 

D ah loon 
W) 1SK LftCmi 
,SH TH Lr— J 
jJ IM LaCnff 

AM IJH I4WH 

BT4 ffi Ufff 


*73 AM 

^ uS 

1W Z5V4 


SM III 


23M 


12 -V 


. . H« 

2SV. HLW>DtA 

ID* HUE 

fH MkC _ .. 

31V ft SSSSft' "• ; ii 
09K ,00 ,5 A 

_ 7 


32 Jtw CT< 44M 

203 U - 40 25M 25V 

IA 73 13 13 ITV. ITU 

- n Ol DH ITV 

JaJBt 50v 


X is a 


IBB 7k 7M 7M 


1030 63 £ 


*8 8 S 
9a i 


E 


% S? is® 1 IS H S ^ IS I5S 5? -ii 

»S A* ^ x& a - *8 .» 4S ,SS 

»M 5JV EaOaff 155* 24 13 J35 B4K 6JM aJM 

IJH EMM .1 IB IH, UH IIK 

m. ^ .m 3 ff SB BV jff* 30^ 

T 03 SO 13 D14 4 7?H 

. — S3 I— 57V S5J) 

aw. v nh D* 

27*1 


T4 


10 


DM 


IIK ion HoaPKM 
15V* lit* 4M09C« 

73 71V IMT 

l*M L4K HOU5 
“ T*S*J1 


105 83 — 

1.14 BJ - 

JO 64 _ 


gn 

■Ol* BM LbnrASt 
«K JBK uehco 

45K 291) Lfcfln 

wv 19K UBDRe 
ff. 7k urfim 
45K 141) UMM 

95 an udtCs 
A 1JM LAMB 
22W I OK DM 
891) 10M LacMC 
♦IM «n* UacTfnD 
AM Iff* LWDptt 


'fi z 


J* IJ u 


.AO I A I) 


IIM 11*4 
10M 18V 
on* 02 v 


100 66 

44 SO - so 0 

SB IJ n am 

I Am \J T 1398S B7M 

X 13 19 143 J*v 


AM 24K -M 


Off 20 II 


I9M I* 


I9K 


IBM 


.ni 


124 . ... 

Lao. 6* _ 1034 UK 

7.9 _ 83 15V 

79 - JB 30M 


es ussr 

43V AM Ennrvnn 


-v\ 1*K IP* Hsd 


DM 


uss* 

ff* EiffBa 


« 10 


07 5J 


f? 

11 S II 


HflMarH a 
IkU t mP 
HffCtM 


DM D9| -v 


'*« IIS £ 

a* ^ » m ■ 


47k AM Eane 
771* 20K EimnfB 
DK 741* EariljCt 
AM 35M EmCFtO 

» ZN EwnncP 


8 z 


a 34M EBXD 
vov 10W emtoi 
aw 7i ErocnCE 


10a 7.1 II B0< SM 

1* 61 . Iff 2SV 

UO lO _ ff 33M _ 

.» U 17 10533 am 40 mv -** 

IJ* 06 _ 1100 21K 20V 30U V. 

IV U - BE* » S* .h 

2US 60 _ 44 28V JM - 

1® JO 15 IB 28K 28V, 

.a 4 7* zm 2JM 3B) 

_ . B 5W 47H tSe 

9 _ 1» 21K 31k 7VK -K 

— -OS 20V* MM o* 


? ft 


S! 


Ije 

. . ra M III 

21 IJ I 1 MM MU 

a 10 u ff> 2 IV) 22 a 

J* 16 19 SO H WV 

_ U 37*4 74 Z3M 

_ 17 TO II II 

— 7 J!* 

37 10 II 9» £k a 

jm ij - a* job ffn 

04 J 17 CXP1 37K 389, 

X A II 019 67*4 48V 

40 0 19 HB 4BV 4714 

_ II M Iff* IBM 

US 20 14 TWB 7BM 77 

* 23 t« UO >7 UH 


13*4 ITK 
29* 15k 
«*U «M vra> 
5|» 30V umdr 

4Sk D maSe 

5S Bm ESS 
.13k »? “ 


No SJ - TS IBM 
I-K8 13 12 DM 88V » 5PV 

Ifi JJ _ SS Ak l«a 28k 

.iff tl - *7 A 25k 25V 

1.129 U - is UK 11 

- 30 DM ZM a 22V) 

_ n i4k «k ««a on 

- M «» 30V 3iv 


;?! 


45 16 


M .J A 5M X7K 


OH 25V l apax 

zn, ion LoraoVK* 
7*k UK (jetrtr 
SV 27V LDffrind 

ft) Wh UbCn 
28 n ULpBB 
gv jik ULcna 
3T>) 1* Utiki 
iff) un Loan* 
iff* ill* lidn 
19V, rev LDtjHC 
*Tk DM toLoaB 


a 


IJ* 70 II 
IX 74 - 

1J6 T.I _ 


s* _ 


U« UJ - 

-k J7 » 


as si s 4 II 

5s* i-» 00 12 

IS* 34 10 


ST 


1740 


DM Iff* BnBHlFn 

ss ss i a = 

JS ^* ^ ie|s 

I2M 9V BHrtJfl 5CC 1* a 
UW UH NCKK Tan o* ID 
XH 34M BUMI I JIB - - 

S? JJ5 £SS3 d Jjf g - 

gc is ear "a s - 


Kk 12 k Bd*CT 06 a 

I 5M 06* 

CM 13k 


08T 19 ff 
61 - 


366 21 
73 2BV, 
m 37V* 
last 23k 

» 6IH 81 
IN (in 
J 14k 14k 

IH II 37V) 

'PIT »K ft* 
27J *32K 33k 

«1 74k 24V 

IV 17k I TV 

75 »V 49V 
D4 17 17 

144 SH ON 
190 71k 71M 


SS 3k 
SS 3% 

fln i JS 


»?IL _ 

s-k 


.!|fi 3 
M ? a a 

a aK 

Isil 

IJH S3 17 J§7 
.14 A £ 1K7§ 

v& fi »^ ,?f 


34K EBUitpU 213 14 - 

Wl Ebab*_ 100 70 14 

4M) enotlA 440 BJ - 

EBGBpfE 308 T0- 


«k 


23M UM HtnCo 

i» a iss 

34*4 29* 1*7-61 DB 


l.«8 79 _ 

ia u - 

UB SO 17 


47V5 714* LDma 

M 27V Lohcra) 
25V 1991 Urtm 


i! 


... ISM 

_ ZI 93 [5ft 
J 70 1*7 41 

73 IBM 31V 

6 22 5167 ITV 

U II ID M 
60 II 252 2066 


K 


i s 


5 


,4 

Z7M JSM ErDGDff 
AM 24H*. EmprS 
ak MM EaaEoO 
MM IT EBWB» 
ilk 31K ESoa 


21* 66 - 
203 60 _ 

JR U 0 
2*3 108 - 

24* 94 _ 


3BM HBHCP 


MO 10 _ I UV 

204 7.1 13 a M 

19* 13 _ IP SH 

2aX 7.1 ii lS 30V 


■ IM L— m> 
T. Un* 
30k Looses 
3N Lidff 
2SH Ltaff 


.3 d f SS 


ft 


S' 10 23 H9 .... 

_ _ M *3 BM 

.90 10 IS 1617 33*6 


3k 3k 7*1 _l 


f a 


■8 IJ 


UP* 


8 




|,I,I 

i Jl 


Sk S*. ijanp 

I4K II EBOtm 

AM 24V |$tn& 
- ' 23k E«ftp(6 


ft -3 s: js 


16V MMBatl 

a eep 

21V MOT) 

ces. 


JK 28* — 

S S! ^ 


_ tsv hah; mw 
MOM TDM MB1A 
SH 10V USUI 


J)U emrdK 


a ti a 

ZD 65 _ 

as; 

iff* iff* EaaSae. 0S* is io 

NH 23k EnpSmBf M3 64 - 

21 ITK BmaBT 1 74 it 78 

uv, a rc«c nr J4 9 jd 
NA Iff* EffSm - u 


.165 14 
1127 BAM 
57 TOM 
310 3SV 


II V IIK ,W| 


ff* 


EDM 00 

12*1 EnnFa loot 


iik dm manis 
sih m wmats 
•a 6v hnoK* 
•a UK VkCff 

an TV VBLa 


201 74 _ 44 SH OT UH 

JJ l.l fi 1187 BSV 4Sk 46K 

1001 23 IS MB 46k Off) 4JK 

„ B IBM 17k 12k UK 

Ad 4i — 147 31 sen sen, 

*« k « *s SB a- as 

■sr ?a ? 


Mas MESH 
37k Z7V *40) 

35k 2JK MCHM 
37 34V IHCNFm 

37V XSk UCKMBl 
9k M) MOC 
St) Sk MDU 
s iau meobc 

371* 24H4- MEPCpr 

- ~8S 

44* WIN 


UK 


7*v ak 


71* 


- A 3k 


111 


Ml Iff* 
5v) 44k 
51V 43M 


■> 


7k 


.37 1 * 


♦M 


t «s& 
'] Air 


If ; 


JTM 12k EkBED 
1*4* K EarMPd 
33V Iff* Emm 
JDV I7M EWrf n 
AH 2IK Ea 


issft 


$74 S 
X IA - 


¥ 


ni m 

93d lot d I5*s 

zn iw i/ft 


*23 


IS 9A «. 

34 a ftj _ _ . 

ij* ^ » ww.25 

' Ii 


s; 25 

Sk Sm g - 

Srss^ issE 
SP ft wS‘ K 5 - _ 

«n an bS^? B JW g '♦ 

» »? M15S- Hi 5? ,« 

323 60 — 

ABB 60 _ 

204 U- 


§§~\ 
k 

39* 75M 


_ A A 

Id 4B ia 

18 I® « 

I itO 42 V 


SH _ 

38k 38k 

ISK 15k 
07V 07K 

tlK 41k 
DM 17k 


II IBM Hflncoop 
sit jm *yyin 
*k pb ; D r aff 

S4H 16k IffBtn 


33 3J la 3360 14k 
06 a 160 - B8> on 

4A 99 - 4*7 tk 

330 161 - 10 m 

1.12 *0 - 11B 12 

37 93 - J* IS 

94 *0 - 308 ky 

_ - jb yu 

l.*3 32 21 “ 


fa ? 


5 ffi 


02 46 18 *3A If) 


E 


fft MPW 
tftv> m m 

?W k^* Prp 
BM JUt UOC 
4« 2 » MGMC 
lift At MIScM 
JJft m MMfCas 
25ft J3ft MfU.pl 

r: s: “ 

1A| Of 
2W 1* 

31 U 


ESS? 


4ft 


47W 




-Mf 


Sv, S5 SSffi 
in 1ST 

SS S^ T SS 

•an oh aeffTr 
24k 20V BBtTplB 
24 V 30M Bff J PJR 
UV* 14M W*I *S 

9* **• »e*r 

» 23 BdWSt 


247 Iff* 

_ Sm 

14 23k 
IB MSB I1BM 114 


136* Iff* 


iS fi 14 


IJ _ 


ua on* 
i* out 
lie »n 




43 - 


SS S3 Z 


Z 2 ? 


£ I 

iff 

i © 5 


nw fact 

§k a 

s m sjs; 


17 U57T Wlk 

_ ** UK 

15 Nt OH 

_ 1*1 6k 

7 W 2 »v 


J1V1 Rh.Cs 

MM BK fCC i 
At *K Pone a 

bm if nfinii 


SS) 


as 


5 iS 


Iff* 7BK £££*» 

Sm 12 iS* 






a I - 

S 4 I 1 


25V IM race* 
m 27M Panama. 
32K a. pMsDina 
52M 50k FiBonpfC 
ion SH Fan* 

2 * ibv rman ia 

SI 12 

- Sft MKMn 

«* MdoA 


13 27IB MM 

14 UliM 

» 114 17ft 

7 W mi 

39 K jn 
- BS« lift 

i« a jpft 

II JB 1 r«ft 

_ 1101 |4% 

17 . » lift 

23 24>% 


Sk .i 

as s& 
£ £ 


IK IS .2 


- 12 B 15372 )») _ 

in U -ffliu Ok BK 

IfiDff 1.1 73 SV K/ft SW 

4 U S 1373 10 ft KK 

9? IJ _ JM IM% lew 

^ ■» ’.«sw ^ V* 

1J3 t» S Jf? » 

— 1/ft 

... .. _ © 

IJ 17 134 O 46V 

_ 28 5193 17k 1JK 

163 » *45 UH IJM 

14 23 441 2MI A 


OH 14k __ 

iv » Mdonn 

aw* Iff* Mamma 


™* JL fc eww* 

S7V 

IBM 


- II S 2S. 
10 13 14IB **8h 

10 23 <71027 MV 

70 - 1*1 77 

30 - A 37 

97 63 17 Ilia TDK 

M U . 21 2BM 

2.16 63 — 51 28M 

UO 67 - 4 Wi 

.17 U • W tH 

1.11 4* 14 1*3 27K 

- 10 *D7 m 

62* 67 - IA 2flK 

JB B0 - Iff ff) 
02 B9 - ofo an 
ji u - am t 
08 jj - IB n 

04 70 - 343 *)) 

\S 8 .7 w ^ 

•la J M 275a a 

: 1 “ ffi 

s a * ,s s sr 

z Jf ®.® 

. II 01 K 

10 U » 451 DH 

06* 23 31 Jf JBK 
JBn 2J B JBj Wh 

ton* — n -no AM 

_ _ is v 

- 13 - - — 


••18 


JSV 

la 


: |1| 
i 13" SI 

* IF 

< is 

£ 3 PIS 

8 H 5 £ S 

i 2 te IT* 


S3 


s E 


1 


‘I 




>06 


” .a fa e 
y S « r u 
if B SS K5 I? 


STft ft w l 

lift /ft — - 

ITU 7*n 


M«- 

SJfi l : lifs 


f a*s 
■? j| 9» 

■K L. 

sal 


idBwnd 126 ba 


I PM 12 _ 

12k MU W BBBBm 

■IV 11 MgaB Ma g Jla 62 

44 2Dk IMai JO 19 


4a 10 17 T2N 03k 

>0* *0 _ 1111 lit) 

_ M «K 


a 


?s 


ilk 


3J2 61 - 


- - a 


10 


J* 62 - 


_ xj isas }*k gk 


37k TOM HpittC 
ISM ra B0D9DO8 
j« aj* aw 

® &tsx 


- IJ 
IA »* " 


mi ft 

30 II 


IS 


1 1 


= 4G 


4*1* 33k Beta * 

s; r k 

w SS S S55T 

sn GSft ftp®* 


1A _ _ ^ Ton 55 

117 14 IT Mf £n 


g = TS 

llli 


SM 2Sft WUlpf 
m reft w M 
Vi STfi m? 

a 

ISk DK FaDSwIC 

sa si sa« 

2*J* 22k FDCaiH 

» ft 25*" 
ft ?r g? 

19k 


SM RffpT 


’Sffi ft 

O S ff 

a J! ii <ra jf? m* 

■2 3 :*'S 5a a 32 
'iS S 5 .21 ST S“ 

- 3* 107U T7k 26M 

- _ 183 ISM IS 

in fi ■ E Is 

200 69 21 74 EH 22k 

41 18 II A 31V Hm 

0k 20 _ rn M IM? 

A 17 - m f BV 


24k £5£n 
ilk I l nC Ma f 

«u HmS* 

zS Iii U I II AV 34 M AW -I 

w § SS3! \n if '1 ’SJS. 55. ft) -fi 
« » SS& « fi :!S ft ft Si ml 


21— IBM MmO-l 
O 27k - 
79, 18k 

7)14 28V 

3BV ftw 


Z7k 48— 

18k IB— m e 

5)14 28V nlAPCOi 

“ “■ S5S 


& 


208 BD — 01 25fl »)* 


VI, 


Iff* J5h 

B* ft 


ESS. 

Oil* 2*4. H—41 


'll 


-V I UK I DM HbBV 


-Ml ». 


IBK ITU HuaUBf 

r A ’Ik SS 

IK 4k f lirt -, 

ff* 4*H HtDTW 
7*H *, HJBTB* 
n» aw Hieno 

8 


2 lv dih 

is 14V 10k 

7— CH UH 

m pa ir a — JBV 

I M tA 20 « 4JH «H 

m J 13 130 l»M IIM 

JUS TBJ Iff) Iff* 

X U 11 BM Ak Iff* 

_ 37 TIB DV 2JK 

e ?i b us is? ® 

-i: is 

_ dub rw 

_ *1133 *46 
_ «* fft 


24K I". IHCV 
56V) K» IMIn — n 
39k 44V — 
m BB MICUHC 

12V Ak — t 

JDK l*M VcnMV 
Uk IK Min* 
JTM 3BK SSa 
31V. iTK tuna 
IIK AMKC4 « 

" ass, 


JO At 
I At UJ 
.14* J 

»m 18 


_ « iik 

" SIX 

£ I1D7 JO 

27 *1 2DH 

e scu sik 
237 25V 
14 23 DV 

_ KO »V 
S IB 24k 
17 02 S5U 

XI 5233 51 w 


'""•'V.i,*. 


luMft 


— 3M 
Wl jft 
mi Mft 
m Tift 


-ft 41*1 1ft 






un i» •mi 


5 » 


S mn* 

■kw 

53V ak mm 


02 f# » 


223 4M Jht 


5. BH 

>6k lev. 
43 l«K 
2SK SH 


§» 


V 


4fi 


TVS 


ft 


ns n n 


- I* 1*4 M 

'S H B SS ft 

A IS A 10 A 

UB 7S w. I ff) 


27V ZTK 
Ik SDK 

TDK 29V) 


Continued on Page 16 


j,. 4 c-, 'a 

■ ':* --W r^,' 








Swissair^ 

* worid ' s refreshing aHne. 



BUSINESS/FINANCE 


FRIDAY, MARCH 14, 1997 


* 



swssair^ 

worlds most refreshing airline. 

PAGE 13 


Foreign Bond Buyers 
Swell U.S. Trade Gap 

Deficit Widened 11.4% in 1996 




Jori RoMnc/Agcnce Fnoce-Picw 

C i^ * ef °f Renault » testifying Thursday about controversial job cuts before the Senate's Social Affairs CommSTorTS 
g o Kenault workers, one Belgian and one French, speaking in Douai, France, as unions called for work stoppages. Page 15. 

What Ails Europe? A Surfeit of Rules, Study Says 


By Erik Ipsen 

International Herald Tribune 


LONDON — Europe has not so 
much priced itself out of world markets 
as regulated itself out of them, accord- 
ing to a new study examining the Con- 
tinent's crisis of relatively low growth 
and high unemployment. 

Sector-specific product-market 
regulations are the main barriers to 
growth,” concludes the yearlong study 
to be made public Friday by a leading 
international consultancy. 

Europe must sever the knot between 
• social and economic policy if it is to 
Si improve ei ther its economic or its social 
performance, according to the authors. 

The best of intentions, the consultants 
McKinsey & Co. argue in their report — 
which looks at what it terms “barriers to 
growth and employment” in France and 
Germany — have made for a better- 
distributed but far smaller economic pie. 

Looking at six industries, including 
computer software and housing con- 
struction. the study paints a grim picture 


of a large and growing gap between the 
performances of those industries in 
France and Germany and in the world's 
leaders in the sectors — die so-called 
best-practice countries. 

It says Germany produces 30 percent 
fewer goods and services per capita than 
die leaders, with 20 percent less in the 
way of labor productivity and 15 per- 
cent fewer people, on average, working 
in the six industries. 

By those measures France fared even 
worse. It lagged the benchmarks by 40 
percent in production per capita, by 20 
percent in productivity, and by 25 per- 
cent on the employment measure. 

French and German efforts to do such 
things as protect their carmakers have 
only succeeded in widening such gaps, 
undermining their competitiveness ac- 
cording to McKinsey, an international 
management consulting firm based in 
New York. Import restrictions on Jap- 
anese autos, it says, have held Toyota 
Motor Crap., for example, to a 5 percent 
share of die French market and to 16 
percent of Germany’s. 


McKinsey links these European prac- 
tices in part to a slowness in adopting 
new production techniques and techno- 
logies that has left French autoworkers' 
productivity 45 percent behind that of 
the world-leading Japanese, whom the 
Germans lag by 31 percent. Compared 
with the Americans, who are ranked 
second, the French fall behind by 29 
percent and the Germans by 12 percent 
Similarly, European efforts to protect 
what a McKinsey partner, Francois Gle- 
met calls city-center “mom and pop” 
stores have helped to stop new stores 
from opening and hiring. Over the two 
decades to 1994. American stores cre- 
ated eight new jobs for every 1,000 
people of working age. In Western Ger- 
many at the same time, the sector lost one 
job for each 1 .000 people, and in France, 
four jobs per 1,000 people were lost 
The study assigns much of the blame 
for those job losses to another socially 
minded European scheme: To secure 
better standards of living for those at the 
bottom of the job market, both France 
and Germany have repeatedly increased 


their minim um wages over the past 
quarter-century. In real, or inflation- 
adjusted, terms, it says, minimum wages 
have doubled In France and Germany. 

But the result, it says, has been a 
wilting of employers' appetites for un- 
skilled labor. The report cites the ex- 
ample of Toys 'R' Us. die retailer, 
which employs 30 percent more staff in 
its U.S. stores than in its French stores. 

High minimum wages were also faul- 
ted for “keeping low-skilled workers 
out of the workplace.” The authors sug- 
gest that governments redress die low- 
wage problem via die tax system or other 
means. It estimates that bringing the U.S. 
minimum wage to die Bench level — it 
is now 55 percent of that level — would 
throw 30 million people out of work. 

Fears that steps to open up European 
markets would throw millions out of 
work have long made such reforms un- 
popular. McKinsey says that not only 
are such fears unfounded but that strip- 
ping away the barriers to increasing pro- 
ductivity is "the primary means of fos- 
tering growth and economic renewal.” 


CV*ta-sM by Our Skf Firm DOp&rbrs 

WASHINGTON— The deficit in the 
broadest measure of U.S. foreign trade 
widened to $165.1 billion last year, the 
second worst performance in history, 
figures released Thursday showed. 

The 11.4 percent widening in the 
current account deficit, reported by the 
Commerce Department, reflected a 
surge to a record in net foreign holdings 
of Treasury securities, which rose as 
international investors hunted for high- 
er returns. 

In 1995, the current account had re- 
gistered a deficit of $148,154 billion, 
the Commerce Department said. 

Last year, the deficit in goods and 
services as well as that in investment 
income widened. 

The 1996 current account deficit was 
the widest since a calculation of $167.4 
billion in 1987, die largest ever, a gov- 
ernment official said. 

The current account deficit is con- 
sidered the broadest gauge of the coun- 
try's trade performance because it mea- 
sures not only trade in goods and 
services but also investment flows be- 
tween countries and foreign aid. 

Economists believe the deficit will 
deteriorate further this year. Economies 
abroad, especially in Japan and Europe, 
are sluggish, making export growth a 
challenge for the United States. 

“The deficir continues to be driven 
higher by poor U.S. trade performance 
and by a rising tide of interest and 
dividend payments to foreigners who 
hold an ever increasing share of the 
American pie,” said Michael Fenollosa, 
an economist at John Hancock Financial 
Services in Boston. 

"Longer term, if this deficit continues 
to grow, we run the risk of giving up 
some control of the economy,” he said 


“As foreign entities buy more U.S. 
Treasury bills, those entities have more 
influence over interest rates.” 

Before 1982, die United States ran 
perennial surpluses in its current ac- 
count as earnings on services, such as 
tourism and consulting fees, were large 
enough to wipe out the deficit in mer- 
chandise trade. 

But in the 1980s, the United States 
was transformed from the world's 
largest creditor nation to the largest 
debtor. 

That means that foreigners now own 
more U.S. assets than Americans own 
overseas. 

The pace of U.S. investment dollars 
flowing abroad nevertheless showed an 
increase last year. 

Net U.S. purchases of foreign se- 
curities totaled $104.5 billion in 1996, 
up from $99.0 billion in 1 995. 

Net purchases of U.S. Treasury se- 
curities by foreigners rose to a record 
$153.8 billion in 1996 from $99.3 bil- 
lion in 1995. 

“The surge was attributable to rising 
bond prices, particularly in die last half 
of the year, large interest-rate differ- 
entials in favor of U.S. Treasury braids, 
and dollar appreciation,” the Com- 
merce Department said. 

In addition, net foreign purchases of 
securities other than U.S. Treasuries 
rose to $131.7 billion in 1996 from 
$953 billion during 1995. 

The latest drop in exports prompted a 
new round of complaints by U.S. busi- 
nesses, which say the dollar’s appre- 
ciation against the yen and other foreign 
currencies over the past year has made 
U.S.-made products too expensive for 
overseas buyers. 

This, they say, hurts foreign sales of 
goods and services. (Bloomberg , AP ) 


Dutch Government Finds 
Allies for Fokker Rescue 


Buoyed by Exports , Japanese Economy Surges 


By Andrew Pollack 

New York Times Service 


TOKYO — With exports starting to 
surge again, Japan's economy expan- 
ded at an annual rate of 3.9 percent in 
the fourth quarter, capping a year in 
which die nation at least partly emerged 
from an extended economic slump, die 
government said Thursday. 

Soli, economists cautioned that 
growth was likely to slow again tins 
year as tax increases, to take effect in 
April, dampen consumption. 

Adjusted for inflation and seasonal 
factors, gross domestic product grew 1 
percent in the fourth quarter from the 
prior three months, or at a 3.9 percent 
annual pace. In the third quarter, gross 
domestic product, which measures the 
nation’s output of goods and services 
but does not include income from 


abroad, expanded at an annual rate of 
rally 13 percent. 

In all of 1996, gross domestic 
product climbed an inflation-adjusted 
3.6 percent, die strongest expansion 
since 3.8 percent in 1991 and the 
highest growth rate among the world's 
industrialized countries. The United 
States, by contrast, grew 2.4 percent 
last year, although at a 3.9 percent 
annua? pace in the fourth quarter. 
About 40 percent of the fourth 
iwthinJap 


quarter’s grov 


Japan came from an 


increase in net exports, raising the pros- 
pects that, as in the past, the nation is 
exporting its way oat of a recession. 
The remaining 60 percent came from 
growth in domestic consumption, cap- 
ital spending and housing investment 
Exports, particularly of automobiles, 
have been surging as the yen has 
weakened against the dollar by about 


50 percent over the last two years, 
making Japanese products less expens- 
ive in terms of other currencies. 

That has prompted recent warnings 
from U.S. officials, most prominently 
the deputy Treasury secretary, 
Lawrence Summers, that Japan should 
work for a recovery led by domestic 
demand and avoid a sharp rise in its 
trade surplus. On Wednesday, Shinji 
Sato, Japan’s minister of international 
trade and industry, gathered top ex- 
ecutives of the nation’s auto makers and 
warned them to avoid reigniting trade 
tensions with the United States. 

Jesper KoD, an economist with J-P. 
Morean Securities Asia in Tokyo, said 
the fourth quarter figures showed that 
Japan’s economy was undergoing a re- 
covery similar to those in the past. 
“The’ traditional growth engines are 
capital expenditures and net exports. 


and that's exactly whai’s driving the 
recovery,” he said. 

For much of the last few years, as the 
yen was rising, import growth ex- 
ceeded export growth and trade was a 
drag on the economic expansion. The 
economy — which grew only 1.4 per- 
cent in 1995, 0.6 percent in 1994 and 
0.3 percent in 1993 — was kept afloat 
by massive fiscal stimulus, such as 
spending on public works projects. 

But in the fourth quarter of 1996, 
much of the fiscal stimulus programs 
had run their course and public in- 
vestment shrank sharply. 

Still, many economists say that the 
relatively robust growth for the year 
was partly the result of a statistical 
aberration in the first quarter and of a 
rush by consumers to make purchases 
before the consumption tax is raised to 
5 percent from 3 percent on April 1. 


CiwupUrJ by Our Stef Fran DispaSran 

THE HAGUE — Stork NV, a Dutch 
machinery maker, and the Belgian busi- 
nessman Andre Deleye signed an agree- 
ment Thursday with the Dutch govern- 
ment to rescue Fokker NV, a year after 
the Dutch jet maker became insolvent 

The Netherlands is prepared to put up a 
“substantial” sum to put Fokker back on 
its feet by May 1, Economics Minister 
Hans Wijers wrote in a letter to Par- 
liament No financial details were dis- 
closed. 

An Economics Ministry spokesman 
said the signing of the pact was “only 
the start” of a process. He declined to 
say how much time would be spent on 
talks with clients, suppliers and finan- 
cial backers. 

Fokker’s administrators, who have 
run the company since it became in- 
solvent in March 1996. said fresh ne- 
otiations would begin with Khazanah 
'asionaL the Malaysian stale invest- 
ment agency, to win its involvement in 
the recovery plan. 

Under the agreement, the Dutch and 
Malaysian governments, Stork and the 
investment vehicle owned by Mr. De- 
leye, who is chairman of the Dutch 


n 


industrial group Begemann NV, would 
set up a company to buy Fokker’s air- 
craft-making assets. 

The administrators reiterated that 
bondholders and shareholders could ex- 
pect "no payment” even if assets were 
sold and that the bankrupt Fokker 
companies would not participate in the 
new aircraft factory. 

The parties have been negotiating for 
weeks to try to salvage something from 
the wreckage left after Fokker’ s ma- 
jority shareholder. Daimler Benz AG of 
Germany, pulled out ay ear ago, saying 
it would no longer finance Fokker’s 
huge losses. Since then, a number of 
potential suitors, including companies 
from Canada, South Korea and Russia, 
have tried unsuccessfully to come up 
with a viable rescue package. 

After Fokker was cut loose by 
Daimler, die jet maker's viable parts, 
such as its maintenance unit, were 
bandied under the name Fokker Aviation 
and sold to Stork in a deal committing it 
to a role in any recovery plan. 

Fokker shares were suspended in 
Amsterdam before the announcement; 
they had traded at 1 .89 guilders, up 0-55, 
or 41 percent. (Bloomberg, Reuters ) 


WALL STREET WATCH 


, Dow Jones Moves to Expel Market Laggards From Its Index 


By David Barboza 

New York Times Senior 


*EW YORK— Dow 

Jones & Co. is re- 
placing four of the 
, 30 stocks in the 
closely watched Dow Jones 
industrial average, in the first 
change in the index in nearly 
six years. The company said 


N! 


the change, which will take 
effect Monday, reflected the 
growing role of technology, 
health care and financial ser- 
vices in the U.S. economy. 
But the changes also clearly 
represent an effort to get rid of 
some losers in the index. 

Joining the Dow are Hew- 
lett-Packard Co. from the 
technology area, Johnson & 


Johnson from health care, 
Travelers Group Inc. from fi- 
nancial services — which 
used to be called Prim erica 
and was removed from the 
index under that name in 1991 
— and Wal-Mart Stores Inc., 
the giant retailer. 

Leaving are Bethlehem 
Steel Crap- Texaco Inc.. 
Westinghouse Electric Crap. 


and Woolwortfa Corp. 

“The U.S. economy is less 
smokestack and more tech- 
nology. health care and fi- 
nancial sen-ices,” said Paul 
Steiger, managing editor of 
The Wall Street Journal, 
which is published by Dow 
Jones. “We believe that the 
changes make the average a 
better reflection of the market 


CURRENCY & INTEREST RATES 


Cross Rates 


March 13 Libid-Llbor Rates 


March 13 


Bnsnts 


•4 ton— 
- Madrid 


Km York (U 
Parts 
T«**» 
Toronto 
Soricft 
1 ECU 

I SDR 


. F J> on XF. IF. in o PCS— 

* £ am* _ J4W 1J12 IB»- U«S U»* 

WHS ux U® “Bi ^ __ 2*02 B285I fiO «MS* 

3c* a* *** am tun' uta i*w- ms m»- 

\JM w* — its7 sun inn numb xns at s> 

urn — *22 aw- tsj» urn sww mm-ioms — 
icjoi aaffi Jf® mu wan am was iu* 

__ \S3o UM LOT* ^ Uflg. 4WO isas- 

S7J67 ,75 ^ M ■ — &S6 04512 

taw sn, nngor utu #sm* mm uw — o*<- 

u&5i tiro amt &bj lliu . _ um- urn urns- 

134 J 2JSS MSH 7 JW 7 jena WU WL1S l SO MU5 

Iwb an« ^ ajsw urn isun van mus 

ura 0HSB3 


Dollar D-Mark Fame Staffing Franc Y— ECU 

1 -month SVb-SS. 3**-Vr* 1**-2 Mi -Ok 3 tas-tf. 4¥»-4K 
3-month 3t*-3Vn 1 «Yb-1«W* SV»-6V» 3H-3H Vb-Vm 4*ta-4H 

6-roorth 3V„-3Vi* 1*»-19» 6’A-6V* T-i-jo* 7*-** 4-4M 

1-year 5Va-6 3V»-£-» 1=^-1^ (M-m 3V*-3?* V*-4b t-tVt 

Sources: Reuters. UaydsBaak. 

Rotes appBab/e to Interbank doposBs of 51 adlEari mWmum (or eQvtvtdean. 


Brltsls 


ECU 1 1508 fra «ZM7 IH65 DJU? 

TPblVaMtMa! -t urnttwHau****^*"*** 

KTabsyonepotmAb. 


Other Dollar Values 

Conwy F* 1 * 

Arson! po» tLPW* 
AnOnSmS 1^ 

A— M— sdL 1 1.93S 
Brat Brad T-C582 
CkkMMyon HJ253 
Ct a fcB BW tf 20.12 
Doddilmo tLibt 
Esn*. pound 3J938 
FI*. I Id »*n S.0S35 


Currency 

GreebUtK. 

H—gtt*** 

Ktwg-foriol 
Indian rope* 
Indn.niPkA 
irteAE 
israeficoek. 

Motor- it"*- 


tars 

266.44 
7.7432 
177,43 
35*15 
2399 JO 
064 
33397 
03038 
14752 


Cumocy 
MoK.pt— 
M-ZcotoodS 
Non* too— 
pm. poo 
PoMiitotT 

Port, escudo 

Roan** 

5ndffyri 

SM9.S 


PorS 

7JA5 

1.4327 

67883 

2632 

iOS 

17010 

568600 

175 

1.434 


QK TWT 

5. A tr. rood 

6. Kar.ro 
SM&kMfl 
IUiouS 
nrfboM 
Tort&Mn 
UAEdiiMm 
VMK.MV. 


PWS 

0915 

B77JS0 

7.6433 

27.53 

2SL94 

124690 

34705 

47650 


38-dsr M-day *M»r 
12203 121-52 12095 


Forward Rates amocy 

_ junf M-day (in 12203 121-52 12095 

ug 35 ~ 

S”fg***f 1.6909 t&n 1JS43 a 3QKB CBonxsade tto Scna 


Key Money Rates 


United States 

□an 

PlW 

Discount rate 

5jOO 

5.00 

Prtaa rate 

BU 

Btt 

Moral fllRda 



90-day CDs detdora 

644 

544 

760-dor cp dratora 

5l40 

5L37 

3 nmffl] Tracssiy MB 

534 

5.19 

l-yev Treasury US 

574 

5 46 

2-yacr Treasury bn 

6.17 

60S 

5-yecr Treasury note 

6-54 

641 

7-yera Ttnaory aota 

644 

651 

10 yam TnuiuifBote 

632 

60S 

XFjwss Trtesnry bond 

457 

606 

Mew® Lynch 30-dojr RA 

487 

407 

IBS* 



Discerns! rate 

050 

050 

Odnroy 

047 

044 

7-taOMktotetkcnk 

059 

059 

3-Bootti totarbnk 

059 

059 

6-aM8i totortaok 

059 

059 

10-y*C7 Gart bond 

L34 

2 X 

Ggnwgr 



tomhart rate 

450 

450 

CaS tanner 

MO 

3.15 

1 rnctilh totortok 

338 

158 

3-ntodffl tatortnalt 

125 

1 SS 

t-mutkfertcfbaafc 

335 

325 

10-yaar Bond 

5.73 

566 


Baft base rata 

600 

600 

Cofl Boaey 

6Ve 

M 

1-mmrtb latatteafc 

600 

600 

3-euntBi tatertonk 

6Vt 

61k 

6-raqntt toterta* 

SVm 


10-yew GW 

732 

7.29 

HtaB 

tatarwfdtM rata 

X10 

X10 

CoDaMoer 


3V* 

l-mata latsrbaak 

3** 

3’* 

3-raoatb tatetbauk 

3V1 

3Ve 

6-aoetli totetoaric 

3*» 

3% 

10-year OAT 

560 

S5S 

Sources: Routers. 


Lynch, Bant of Tokyo-Ultiub 

Is hi. 


Gold 




. CmOHj/dmais. 


AM. PM. Of ge 


NA. 35085 +025 
351,45 3SL90 +1.50 

New York 353-30 35650 +1-30 

US. dottors per ounce. London offickd 
folngx Zurich anti New Yat openiag 
and dosing prices New Yb/tamex 
CApdL) 

Source! Hanes. 


and the economy, and to that 
extent, we think these four 
serve the public better.” 

The changes in the Dow 
were announced after the 
market closed Wednesday. 

The four stocks being 
kicked out of the Dow 30 all 
have underperformed the mar- 
ket since the last Dow change, 
on May 6, 1991, a period in 
which die index has risen 139.3 
percent Three of them, in fact, 
are down from where they 
were in 1991. Three of die four 
stocks being added have out- 
performed the Dow, two of 
them by wide margins, over the 
same period. 

Whether the changes will 
improve the index’s perfor- 
mance depends, of course, on 
whether the new stocks con- 
tinue to perform well. But it is 
clear that had they been added 
in 1991 — or in one case, not 
removed then — the Dow 
would have done substan- 
tially better over the period. 

Of the stocks being re- 
moved, Bethlehem Steel was 
the worst performer over the 
period, down 39.7 percent 
Westinghouse fell 32.1 per- 
cent and Woolworth lost 26.7 
percent Texaco rose 53.9 per- 
cent less Than half as much as 
the overall index gained. 

During the same period, 
what is now Travelers was up 
6283 percent and Hewlett- 
Packard gained 372.4 per- 
cent Johnson & Johnson rose 

153.7 percent while Wal- 
Mart, once a hot stock but 
cooler in recent years, went 


up just 39.8 percent 

The continued inclusion of 
such decliners as Bethlehem 
Steel and Woolworth did not 
hurt the Dow’s performance 
as compared with broader 
market indexes. The Standard 
& Poor's index of 500 stocks, 
which is generally viewed as 
a more representative sample 
of large stocks, has risen just 
1 1 1.6 percent since the last 
change. 

The four departing stocks 
have a combined average 
gain this year of less than 1 
percent while die four new- 
comers have an average gain 
of 16.6 percent compared 
with die Dow’s gain of about 
9percenL 

The four newcomers also 
greatly add to die Dow 30 's 
total market capitalization. 
Roger May, a spokesman for 
Dow Jones, said the editors of 
The Wall Street Journal, who 
made the changes, decided 
die average had tilted too far 
in favor of oil companies and 
broadcasting and mat Wool- 
worth had become a specialty 
retailer. 

“We were looking fra sub- 
stantial companies with a his- 
tory of growth and wide- 
spread interest” he said. 

The decision to alter the 
makeup of the Dow was 
“triggered” by Westing- 
house's recent decision to 
spin off its industrial units, 
Mr. Steiger said. The decision 
to change one component led 

See DOW, Page 20 


SPIRIT 
OF THE SEA 



Admiral’s Cup "Marees". Its special and 
exclusive automatic movement gives 
the time of the high and low tide and 
the strength of the current in relation 
to the phases of the moon. It also has a 
calendar, centre seconds and 24 hour 
supplementary dial. Patented. 



CORUM 


Mattres Artisans d’Horiogerie 

SUISSE 

Bor information wriie ro Connn. 2301 La Chanx-de-Fbods, Swftzeria&d. 


E 9 





.•» 


. . . . . . : - . ... .. 



Investor’s America 


The Dow 


30- Year T-Bond Yield 


6900 

6300 — : 


STou 



R35 -v- 


Dollar in Deutsche marks ■ Dollar in Yen 



J F M 
1997 


O N D J F M 
1996 1997 


Exchange . fodert. 


Thursday Piew. • % 

©4 PM Close Change 


The Dow 


687KB9 7038.37.' *2.28 


■ 

s&p.sdo- 

TWL2H 80 3M ■ - -tJ 88 

lf¥^- 

SSP100 - ! ■■ 

7®l20 .775.70 ; -034. 

WISE . 

■ CoiTqxisa© 

417.13 42ZA3 ■ -1.25 

tr;s; 

ms d^&jmposte 1296.61 1301.60 -0.38, ‘ 

AMEX 

MadterVafue 

SS8JS1 ' 882,13. -AS O. 

Toronto ■- 

rsafnak 

08&7Q . 6881. 10 -U 6 

S&oPsuio 

,-Ben eesi& 

9324.14 [ JS&riJB- *025' 

SSEOrfcoCity 

■&& sa.- s - 

l . 374&4» . Stoj/P ■ 

euertosAkiesiyfervtil 

70532 T2A2.\ 

Santiago 

tPSA General 

5344L28 5378.% -065 

.CaracMt' 

Cai^al Ganoid 

6099.33 6188.71 -1.44 

Source; Btoomfierg, Reuters 

lnKromonol Herald Tribune 

Very briefly: 


GM Breaks Silence on Delphi 


By Keith Bradsber 

New York Times Service 


DETROIT — After decades of 
resistance. General Motors Carp, 
has provided separate financial In- 
formation on its sprawling auto- 
parts operations, a corporate em- 
pire bigger than Boeing Co. or 
Coca-Cola Co. 

The data bore out what analysts 
had long suspected: Profits from 
the auto-parts division, Delphi 
Automotive Systems, were prop- 
ping up otherwise weak results in 
the car-building business. 

Last year, Delphi earned S526 
million on sales of $26 billion, for 
a profit margin of 2 percent, GM 
said Wednesday. By contrast, 
GM’s North American Operations 
division earned S730 million on 
sales of $93 38 billion — a profit 


margin of just eight-tenths of 1 
percent. GM released annual sales 
and profit for the two divisions 
back to 1991. Delphi had a higher 
profit margin every year. 

The financial condition of GM 's 
auto-parts operations has been an 
enduring mystery of the automot- 
ive industry. Until now, GM re- 
ports had combined the auto-parts 
results with the financial accounts 
of its North American Operations 
division, which assembles cars 
and tight trucks. Even financial 
analysts on good terms with GM 
were unable to learn the details of 
Delphi's health. 

GM recently disclosed plans to 


sell up to 20 percent of Delphi. 

J. Michael Losh. GM's chief 


financial officer, said that GM 
would have to release audited fi- 
nancial results for Delphi before 


any such sale, but he insisted that 
the release of the figures was co- 
incidental. **li is something which 
we were going to do in any event. 
Mr. Losh said. 

The Delphi figures do not in- 
clude GM’s Delco Electronics 
auto- pans unit, which is now part 
of GM’s Hughes Electronics unit. 
GM plans to merge Delco into 
Delphi, part of a deal that also 
includes the sale of Hughes' mil- 
itaiy businesses to Raytheon Co. 
for the equivalent ot' S9-5 billion. 

Neither Ford Motor Co. nor 
Chrysler Corp. releases separate 
financial results for parts opera- 
tions. but both companies' auto- 
parts divisions are much smaller 
than GM’s. 

GM shares were up 37 J cents, 
at S38.I25, in late trading on the 
New York Stock Exchange. 


On Strong Sales Data 


Ex- Astra Chief Faces Fraud Charge 


Trans America Wants to Sell a Unit 


SAN FRANCISCO (Bloomberg) — Trans America Corp.. 
plagued by falling profit, said Thursday it bad put a major 
subsidiary and some of its real-estate holdings up for sale. 

The financial-services company said it wanted to sell its 
consumer-finance business, which has 420 offices in 44 states 
and $3.6 billion in loans and other receivables. Trans America 
also said it sought to sell or liquidate $550 million of real- 
estate loans and properties. 

The sales are part of a plan to shift to selling consumer loans 
through a centralized lending operation instead of relying on 
branches, which are expensive to operate, the company said. 

In late trading on the New York Stock Exchange. 
TransAmerica shares were quoted at $90,375, up $2.25. 


The Associated Press 

BOSTON — The former chief 
executive of Astra USA Inc., who 
was dismissed last year after being 
accused of sexual harassment, has 
been arrested on charges of stealing 
more than $1 million from the phar- 
maceutical company. 

.The executive. Lars Bildman, 
was also accused of changing his 
vacations as business expenses, in- 
cluding one in which he and others 
paid for prostitutes with company 
money. In addition, he was accused 
of filing false state and federal in- 
come tax returns for 1 993 to 1995 
and destroying Astra records to cov- 
er his tracks. 


For 15 years. Mr. Bildman had 
been chief executive of the U.S. 
subsidiary of Sweden's Astra AB, 
maker of the best-selling Prilosec 
ulcer drug, when he was dismissed 
during an investigation into sexual 
harassment complaints filed by a 
dozen women. The company has 
made settlements with the women. 

The indictment filed Wednesday 
by the U.S. Attorney's office alleges 
that Mr. Bildman conspired with 
others to defraud Astra out of SI 
million, which he used to pay for 
home improvements. The other in- 
dividuals were not named. 

The business trips, which he al- 
legedly took with other employees. 


included a sales meeting in Florida 
where the men “consorted with 
prostitutes paid for by Astra aboard 
boats chartered by Astra." prose- 
cutors said. 

Mr. Bildman was arrested at his 
vacation home in Kiltington, Ver- 
mont If convicted, he races up to 
five years in prison and a $250,000 
fine on each count of conspiracy, 
mail fraud, wire fraud, as well as 
three years in prison and a S 250,000 
on each tax fraud charge. 

A lawyer for Mr. Bildman. Ro- 
derick MacLeish. said Wednesday 
that he had not yet seen the in- 
dictment, but added that his client 
had denied any wrongdoing. 


Office-Supply Firms Reach Pact 


WASHINGTON (NYT) — The office supply discounters 
Staples Inc. and Office Depot Inc., facing a threatened antitrust 
lawsuit to block their proposed merger, have agreed to sell 63 
stores to their lone remaining competitor, OfficeMax Inc. 

The $109 million deal was intended to overcome objections 
by the Federal Trade Commission to the $4 billion Staples- 
Office Depot deal. 

The commission voted 4-1 Monday to seek a federal court 
injunction to stop the deal on grounds that it would violate 
antitrust laws and bring higher prices for office supplies. Todd 
J. Krasnow, executive vice president at Staples, said he was 
confident that the agency would now approve the merger. 

•John Welch Jr., chairman and chief executive of General 
Electric Co*, received S30 million in total compensation last year, 
according to Graef Crystal, an executive compensation expert. 

•Wal-Mart Stores Inc. will resume selling Cuban-made 
pajamas at its Canadian stores, two weeks after pulling them 
off its shelves because of a U.S. economic embargo on Cuba. 
Canadian law forbids observing the embargo. wp. nyt. ap 


Dollar Advances on U.S. Rate Prospects 


Ctmpikd hr Ore Huff From Dispatches 


NEW YORK The dollar rose 
against other major currencies 
Thursday after a batch of U.S. data 
persuaded investors that the econ- 
omy was growing strongly enough 
for the Federal Reserve Board to 
raise interest rates. 

Comments from a Bundesbank 
council member that played down 
the German central bank's concern 
about the dollar's rise also encour- 
aged buying, traders said. 

In trading at 4 P.M.. the dollar 
was up to 1.7048 Deutsche marks 
from 1.6928 DM on Wednesday, to 


5.7485 French francs from 5.7130 
francs, to 1 .4650 Swiss francs from 
1.4550 francs and to 123.335 yen 
from 1 22.270 yen. The pound fell to 
$1.5973 from S1.5987. 

“Today’s data dearly show 
we've moved from a phase of solid 
economic activity to an outright 


FOREIGN EXCHANGE 


boom,” said Michael Burke, an 
economist at Citibank. "This is 
likely to be the case for months to 
come, and U.S. cash will be king.” 

The impetus for the rally was a 


government report showing a 0.8 
percenr increase in retail sales in Feb- 
ruary. while January's figure was re- 
vised sharply higher to show- month- 
on -month growth of 1.5 percent. 

The dollar got another lift after 
Helmut Hesse, a member of the 
Bundesbank's policy-making coun- 
cil. said die German central bank 
would not take action against a 
stronger U.S. currency. Thai re- 
versed the dollar's slide Wednes- 
day, when Hans Tietmeyer, pres- 
ident of the Bundesbank,’ indicated 
that the dollar’s rally had run its 
course. < Bloomberg. .AFXi 


C.irrOnUn On> Sv?F»<m Pufrt. ten 

NEW YORK — Stocks and 
bonds plunged Thursday after a 
government report on retail sales 
apparently convinced many in- 
vestors that U.S. interest rates 
would be going op. 

The Dow Jones industrial average 
closed down 160.48 points, or 228 
percent, at 6.878.89. while the broad- 
er Standard & Poor's 5(X)-stock in- 
dex lost 14 JO points, rq 789.76. Los- 
ing issues swamped gaining ones by 
a 2- to-! ratio on the New York Stock 
Exchange. The price of the bench- 
mark 30-year Treasury bond lost 26/ 
32 of a point, to 95 30/32. sending the 
yield up to 6.95 percent from. 6.86 
percent Wednesday. 

The slide began after the Com- 
merce Department said retail sales 
rose 0.8 percent in February, after a 
revised 1 o percent jump in January. 

The robust data fed growing tea is 
dial the Federal Reserve Board will 
raise interest rates to slow the econ- 
omy as protection against inflation. 
A sharp rise in retail sales, which 
represent about one-third of U.S. 
economic activity, might aggravate 
inflationary pressures such as rising 
production costs. 

“Suddenly, the economy seems 
to have gone into overdrive,” said 
Robert Dedexick. an economic con- 
sultant at Northern Trust Co. in 
Chicago. “These are big gains." 

Also on Thursday, the Labor De- 
partment said the four-week average 
for first-time claims for unemploy- 
ment benefits had declined to its 
lowest level in almost eight years. 
That is a sign of the level of job 
growth that Alan Greenspan, the 
Fed's chairman, warned in recent 
testimony to Congress could speed 
inflation" — and that has the Fed 
prepared for battle. 

Alice Rivtin. vice chairman of 
the Fed, said the U.S. economy was 
"growing at a healthy clip" and 
that the central bank had to remain 
on guard against inflation. 

“The Fed likes the economy and 
low inflation but is worried it may 
be temporary," said Peter Kret- 
zmer, an economist at NationsBank 
Corp. “The Fed could back up its 
rhetoric with action.” 

A Commerce Department offi- 
cial said he did not dunk a “small” 
rise in short-term interest rates 
would dramatically curb UJS. eco- 
nomic growth. 

“Small increases in short-term 
rates would have some marginal 
impact but wouldn't change dra- 
matically the character of the econ- 
omy,” said Everett Ehrlich, the un- 
dersecretary for economic affairs. 


Open Market Committee Bexsrotets 
March 25. The Fed last dianged hs 
target rate for federal funds ui Janu- 
ary 1996. cutting it by aqiartef of a 
percentage point, to 5=25 percent - 
Prospects for arc increase in,in- 
terest rates then caused investors to 
bail out of the bond market, and the 
resulting climb toward? jjencemon 
yields worried ^tock-marfcer in- 
vestors. A 7 percent yield on the 
benchmark bond has been identi- : 
fled as a level that would concern 
the stock market 
“If the long bond holds above 7 
percent then the market will adjust 
accordingly.' ’.said RicharcLCrippSv 


jilted 




r.TtflV 1 *' 


US. STOCKS 


a market stralegisFat LeggrMason 
Walker Inc. "We could go 


Wood 

down a couple of hundh^pQuet'. 

’ Higher rales raMbbrriwingcosts- 
for corporations — cranptng profits 
— and make alternative investments 
such as bonds and bank certificates 
of deposit more attractive." ' 

Bank stocks were among die big 
losers, with Citibank dropping 5 '4 
to 11716, Chase Manhattan falling 
4!4 to 99-%.and NationsBank drop- 
ping VA to 5916. .... . 1 

But even if the Fed were to raise 
rates March 25. one of the stock 
market's most influential analysts 
said she expected stocks to continue . 
rising over the long term. 

A rare increase “ might keep us in 
a trading range, but it certain ly will 
not end the bull market," said Afafry 
Joseph Cohen, an . investment 
strategist at Goldman, Sachs & Co. - 
Retail and computer-related 
shares were among the few groups 
that rose Thursday. 2 " 

Retailer' stocks were buoyed by 
the strong sales report. Software 
firms rose in anticipation of Or- 
acle’s release of third-quarter earn- 
ings; the software company's 
shares rose 2V» to 36*4. 

“If Oracle has a blow-out 
quarter, which I doubt, that would 
get the tech, group' rolling.*' said . 
Chip Morris, manager of the T. * 
Rowe Price Science & Technology 

Fund. 

Tobacco stocks were weak, with 
RJR Nabisco. Holdings falling 3VS 
to 32% after a key anti-tobacco at- 
torney said company docinnents 
showed that the cigarette maker's 
researchers knew in the 1960s that 
smoking was a health hazard and 
the industry would have tittle 
chance of refuting such charges. 

Philip Morris plunged' KB 6 to 
12616. (Bloomberg, AP, Bridge) 


WRI.li -i< 


Mar? 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Thursday's 4 P.M. Close 

The top 300 most active shares, 
up to the dosing an Wiffl Street. 

The Associated Press. 


iS«a 


Sales Mtgk Lon Letts! Qrgt 


h 


l*ta 


ji 6 nwi re* 


« 7* 

fi- L 

22 h 2 S* 

l*» 14ft 
in* T7V* 


5afes 

HUJI 

Lm 

Luted 

129 

r; 

8 

I 

Z» 

13 

W. 

UFN 

m 

6'1 

PI 

»7« 

rei 

ie, 

13ta 

1* 


59» 

5h 

Ft 

731 

91) 

9V, 

9V, 

to 

7S~> 

a 

S* 

555 

317 

*6ta 

Uli 

ft 

ffl* 

ir* 

109 


4>» 

«+t 

teo 

6ta 

ft*+ 

ON 

313 

»■+ 

ta 

hm 

04 

Mta 

101+ 

It". 

V! 

*v. 

t 

ft> 

119 

nii 

201; 

71 

(U 

Tli 

r,* 

TV 

5*0 

II'* 

Uta 

13'* 

re*6 

n. 

IV. 

Jta 

7TJ 

jv« 

h 

7*. 

a 

13* 

15Vi 

Uta 

156 

W>» 

IE* 


ID 

6* 

sta 

61* 

17* 

30U 


J9V 

2386 

12ta 

Uta 

Uta 

58* 

» 

ir* 

18 

U8 

IN 

|5N 

Ita 

SI 

Sf* 

6’N 

6+n 

139 

18 

IR. 

171. 

2'D 

Bit 

zsta 

25ta 

O 

Jl 

Hi 

! 

7*1 

6*1 

4*1 

eta 

ID 

18N 

i«ta 

iota 

*86 

»'■ 

59* 

6 

<28 

llta 

W| 

9ta 

239 

9 

ffh 

8ta» 

30 

Ota 

3V* 

31N 

187 

:n 

» 

7ta 

*31 

bi 

TV* 

TV, 

TO 


44. 

A 

1318 


ta- 

*9 

l+J 

im 

in* 

Uta 

386 

916 

*ta 

9ta 

299 

46M 

*616 

*4N 

W6 

8*1 

8ta> 

Bta 

US 

1 TVS 

171* 

I7N 

397 

ft* 

9V* 

9ta 

« 

17 

I6h 

17 

703 

4 

3®* 

Jta 

249 

151* 

I4N 

l*ta 

7717 

.IS 

17ta 

7V, 

17N 

Ita 

% 

17*8 

*M 

**ta 

**u 

17*5 

1JN 

lJh 

1*6 

268 

m 

70 

an* 

IS 

*V| 

At 

*h 

137 

Bta 

BW 

Ota 

a 

ita 

ita 

79, 

>40 

49, 

* 

4 

*53 

2 

a 

32ta 

35* 

1956 

» 

I9ta 

& 

Ita 

lata 

1U 

Jta 

la 

Wi 

3777 

1089 

f 

SL 

9ft 

9ta 

f 

iS 

ft 

8N 

2JN 

5S 

s 

3ta 

3ta 

3ta 

J* 

M14 

UN 

i*ta 

uta 

I'D 

1711 

i«P» 

iota 

7S5 

9ta 

M 

ft* 

185 

8*. 

Bta 

8» 

s 

in. 

6*. 

1 

6 

1 

6 

160 

ita 

«* 

Tta 

276 

6 

6 

6 

W 

ista 

u 

I5ta 

163 

4% 

en 

4Vl 

E 

3*» 

3V. 

JV. 

310 

17ta 

17N 

17V* 

as 

IV* 

IV* 

IS* 

38* 

2za 

27N 

22M 

145 

3116 

38*6 

31V 

17*9 

an 

3h 

34* 

19*1 

21ta 

19 

If* 

98 

22H 

214* 

22 

Hi 

■Mt 

9*» 

99ft 

5*5 

26 

Wta 

!9ta 

30 

319 

ns 

3 

33* 

uvt 

ION 

iota 

!% 

2V. 

4 

3*N 

5ta 

2V» 

6 

95 

« 

tai 

ft 

a* 

4ta 

«% 

•U 

239** 

onto 

79V, 

iwu 


a* Indexes 


Most Actives 


March 13, 1997 


H.Jft LCT Case Chge Opirr 


High Low Dose Chge Optra 


W0I Low Oose 0*ae Octal 


Dow Jones 

«*P HVfh LM Uol Cft*. 
Indus 4982.41 703542 687X66 407047 -1«U8 
Trans 2452J2 244142 7«2315 20X91 -JIM 

ua 22103 rum auo 221.71 -no 

Comp 214544 217942 213724 213749 -4244 


NYSE 


High Low Close Cm» Own: 


Standard & Poors 


♦w 

♦«» 

-w 

+ta 


Industrials 

Tramp. 

UBfifies 

Finance 

SP50Q 

5P100 


Today 

Htjn LM OM 440 
94X74 93X08 93X25 921.80 
585.31 581.97 58X35 57X40 
19X89 19X40 194.17 19X08 
9X55 9X93 9X18 91.98 
811X4 801.07 804X4 789.76 
785.89 774.98 77X52 766.93 


Wat kjbu 
101111 29*1 
73217 42--'. 
43418 UFj 
41341 23Vi 
41224 7 'j 

UWW 40'.': 
47840 40*> 
47707 54‘| 
44305 41 
0510 703-i 
41405 60V; 
41372 34 
48782 42 
38443 19V, 
38581 34 




law Law an. 
28=4 28“i -ta 

«•-.» a 

125'3 124 

2 M Hta 

4*3 -1* 

£7*1 +1*7 

38*1 3841 -T"> 

54*. SPi 
57- ( 58*1 
99 99** 

59* SWt 
Z7*i IP. 

W*1 S97, 

18*1 IW* 

35*1 3Pl 


Grains 


2 

-119 

-21 

-1 


CORN ICBOT) 

£000 w minimum- cams per Md 
Mar 97 3312a 295*> MC+« -3 U046 

MfwW 299 292' . 298’. 4 

Ail 97 2984* 811 223 

Sen 97 229’-: 232*4 239'. 

Dec 97 287*4 274 7a 
Ed. sates NA Wed’s, sales 181,224 
Wed’s open inf 38XS1 off 3o3 


164&3 
1 39.97J 
-Pi 1 WH 
-*U 7U14 


ORANGE JUKE (NCn<) 

'ILXS'a.-antaerZ:. 

=i:5 rij 8138 -IJ5 imu 

iiir rjc sis aiw -va 

je=r £X9C UJS 87J9 + U5 3535 

Ncv97 91 30 StJO fBSQ -1.15 1.087 

ES. soles !IA /Tea’s, sales 1874 
.VeffSCBefl!* 21.940 off 354 


10-YEA R FRENCH 60V. BONDS (MATJP3 

FKoaaM-p&anaopd 
Ator 97 130J8 13060 13078—028 6X840 
Jun 97 129J54 7 29 JO 129,46 -QJ0 88,144 
Sep 97 127.90 127.90 \7JM — 0JQ XI 53 
Dec 97 N.T. N.T. 97JJ8— CL28 0 

Est volume: 278^89. Open InU 159,139 up 
&63Q. 


Marfe 9133 9X19 9X32 * 0M 22288 

Jw«8 9138 9X17 9UB *0203 1X752 

Est safes 6X 257 . Pnw.soKs; 62.962 
Pit*, open tat: 285*442 off Usfi 


NYSE 


«*# 

4, 

44 


uES?' 

n ranee 


Mk»o u* 

.1582 

530.77 522J1 

3793. 37181 171.95 


Nasdaq 


26657 J41J9 M1J7 -AM 
397.91 387.13 387.13 -1078 


*14 

+ 1 * 


Nasdaq 


Coraoodte 

imJosUWs 

Bant. 

jraumnee 

prance 

Tnrep 


H)f» Law LOTI 
130624 1294.95 129534 
309144 1084.70 1DH7D 
1441A5 1-aOJi 1430^6 
T49BJO 1482J3 1482J0 
7TO.79 175184 175184 
08384 07487 87487 



In Lost Cn*. 
341* 34*1 -! 

52 
i< 

140 HI* 



SOYBEAN MEAL CCBOT1 
IDO lorn- dour* per fen 

Mar 97 24X58 24150 24680 —1.10 JJ9& 
May 77 247 JD 24248 26480 48836 

All 77 24X70 26080 26100 -080 288-7 

Alta 97 25740 25440 25480 -050 8841 

Sep 97 74580 2tf.DC 14170 -020 5.U3 

Od 77 22640 22440 Z2440 -0.70 

Est. sales KA WM*s.5otes 3XU4 
wetfsonenirt 108J» oft 1W 


4.1E8 


Metals 

GOLD (NCMXJ 

'• X trov cl - dc,tars cer fro/ at. 

V4JT9J 354.10 -I JO S 

Aw 97 35x33 35X2C 3SA50 -1J0 45,175 
May 9? 35570 -180 1 

Dun97 35B.K 354 70 25710 *180 29828 
A^;97 36383 35840 35940 -140 1X534 

OcfFT 34143 341.90 361.90 *140 5,909 

OecTJ 36XM 36130 3M40 *140 21 JW 
Feb 93 347.10 -148 4,772 

Es.ssaes na Werfs. sates 34,587 

WKrsooenin 173 JW up 2*77 


ITAjJAN GOVERNMENT BOND QJFFE) 

ITL 200 IDS&WI - ptS erf 1S3 pcf 

13*3 +0-19 105886 

Sep97 12SJ0 125J0 125L92 *1119 2832 
Easetex: BSL227. »>IW. sates 7X529 
Pibv. open mtj 108J718 up 1J44 


EURODOLLARS (CMER) 

II mOnon-atlPMOOpCt. 

7. lor 97 9482 9481 9481 — OOI 333858 


Apr 97 MJ4 9430 WJl -083 17822 
May 97 MJ7 9L23 9433 —AM MM3 


SOYBEAN OR. (CBOT1 
VSjm tbs- cents 
Alar 97 2537 
MW 97 2584 
JUI97 26JJ7 
Alta 77 24.12 
Sep 97 2L3J 
0097 2485 


K1 GRADE COPPER (MCMX1 
SLOOO !».- tenh oer ej. 


AMEX 


2U0 

34.95 

-am 

XI® 

Aitar 97 

lliSO 

11IJ0 

U2J5 

+ais 

6M6 

25.16 

3333 

-a® 

55.410 


llljro 

1TH20 

11IJJ5 

-1UI 

X3M 

9553 

35M 

— 0.10 

29^21 

MOV 97 

110^0 

10X20 

109 J5 

+OJO 

M,W 

25.78 

7SMJ 

-am 

SJS7 

Jun 97 

HP 45 

10X70 

107 55 

+0AI 

MWI 

25JQ 

25.90 

— 0d7 

33SJ 


107.00 

10520 

100205 

-OJU 

7.7/1 



-0.10 

10*8 

Aub 97 



10X80 

+0J0 

653 


31^*5 


Sep 97 

10440 

HU® 

10155 

♦030 

3J01 

111^06 

Off 2742 





1IEJ5 

+ 030 

m 





Nov 97 



101 S5 

-OJU 

586 


HI* Law LOTT 

40L09 597.79 59X02 


AMEX 


SOYBEANS taWti 
&000 ou rrudmum- cann nr pusM 


tS Dow Jones Bond 


-V. 


20 Bonds 
10 IMllttes 
10 Industrials 


10119 

iao.ii 

106426 



ri. Hipa Law Lon 
996 BW 7>» m 
~ ina WiWR 

17V* 17^ 


iravs u 
3787 17V* 


7753 ft 
6446 2*» 

5731 r\ 

5444 U«i 
4954 7W 
4459 17 Vi 


4V* i'Vu .(V 


rtm 

Mar 97 

828 

813 

an 

-IV* 

1205 


Afcw97 SM 

Sl< 

8289* 


IW.B5 

■i«2 

Jul 97 

827 

819 

83055 

—tel 

m.m 

AU997 

827’a 

B13 

8Z2 

-ita 

0077 

-it 

Sep 97 

773 9i 

la* 

766<*t 

-Vi 

ATtt 


Wed's open inr 58.168 oft 44 


A 


7te 

12 V* 


9 


*4 

*** 

-*» 


ED. sales NA Weds, sales 107,252 
Wed'sopenm 193879 oft 2964 


* Trading Activity 


NYSE 


Nasdaq 


WHEAT ICBOT) 

S800 bu mWrnun. c erts per binhtl 

Mar 97 375 369 374 -2 254 

N*ry97 380 m 378 — 1 V3 19 

M 97 370b 363b 3 UNs *16 

Sen 97 372 365V. 370 -*• X295 

Est- sales NA Wetfs. setes, 3L9N 

wedSopenii* 7X148 up 4715 


51LVER (NCMX1 
6.000 trov cents per tw ot 
Mar 97 529.50 52000 52790 +BJ0 490 

Aw 97 528 JO *X50 1 

Mov 77 SUM 52X50 53 UO -X50 5X804 

JJI97 53X3 529ja 53630 *880 1X764 

Sep?7 542.58 51700 541 JO 3JS? 

0x97 55210 54100 54X40 *8J0 5,13 

Jon 98 55100 551.40 55180 <830 14 

Mar 98 55480 +BJ0 1711 

Est sales TLA. Wetfs sates 11,744 
Wed's open in) 8X816 aH 203 


-it 

-h 

-1 

-A 


Mnwl 

Dectewd 




Now HlglB 
New Lain 



1460 1613 

1*9 2440 

3993 149 

5742 5739 

53 141 

72 128 


Market Sales 


■*» AMEX 


Torar 


Adrancod 

Declined 


Tel-. 

New Highs 
New Lows 


172 

367 

722 

U 

9 


222 


» sa 

Nasdaq 
/nmffiens. 


% 


50938 59X20 
20J1 25.95 
509 JO S64J2 


Livestock 

CATTLE (CMER) 

40800 Djs.- cents per b. 

Apr 97 4X77 4X25 4X32 -XSO 3X616 

Jun 97 6482 6433 6483 — <L3S 25,006 

Aufl 97 6X55 4102 63J2 -035 3fl,«5 

Od 97 66.94 4487 4480 -0.10 H5 81 

OecW 4X91 6X67 4XS5 -HAS 4,956 

Fed 98 70-32 7X05 7X22 -007 2841 

Est. sates 1X587 Wed’s, sales 2X074 
Wed's open ini 10X835 up 286 


Dividends 

Company 


Per Amt Rk Pay Company 


Per Amt Roe Pay 


IRREGULAR 

Ml ADS A . -5469 3-21 



1 Lodging 
IPLC 
CrtstalOiOe 
DeBoers Consol 
JHancocKhw 
Kubota ADR 
Shandong Hum 


4-7 

5L15 


Hhjti IncaOpport 
Hudson Foods A 


- 85 3-31 _ 

b .7166 3-14 5-28 
b .1736 4-19 — 

b .7864 3-27 6-12 
-J975 3-21 3-31 
b .492 3-28 - 

b .241 3-19 5-27 


Humphrey Ho 
inwoJsCwrt 


iCenboi 
J Hancods 
Lhtc Nfl IN, 


5-5 

4-8 

3-31 


FEEDER CATTLE (CMEK) 
SStaOO la.- cents per fe 
war 97 485)0 £7.70 6787 

Apr 77 67.90 4730 6782 

May 9/ 49.15 4X50 4X40 

Awn 7185 Tl£7 7X05 
5ep97 7320 72JD 7287 
CW97 7425 7385 7172 

Ea sates Z-529 wed's, sates 
Wed's wen in) 22J84 oft U 


+ 0 JB 
— X25 
-032 
-025 
—085 
—085 
MS6 


1 YW 


stock spurr 

VMn Inc 2 tori spot 


INCREASED 

Auburn Noll Bcp _ .12 3-io 3-25 

Dorchester Hugo Q .18 x-13 4-18 


Magna InJI AAB g Q 30 3-31 4-15 
Plenum Publ O 31 MS H 


Managed I 
NACte 
Nil Health Irw 
N« HearmCare 
oakHn 
OwassoCorp 
PacGuHPrw 
Premier Fin Bncp 
Romeo Cersti 
Reofty Income 
Shored Medical 


TC8Y Enterprise 
a Inti As 


REGULAR 


Tb«Tw 

twimi 


TWAPt 

TWA 

Tmrte 


140 J* 
m 14 
30 

117 gh 
134 'I- 


V. 


7B 1IN till 

3K 3W TO 

117 Vh U 

B 7h » 

m .» ** 

344 UM MW 

1070 14* 140 

733 1«» IM 

« if » 

NO 14k IH 

m »• 

333 MM 

1104 9n 

71994 SM 

314 T4W 

3W l» 

& 

44» 17W 

zn ITte 17 
140 SW SM 

S15 4h h 

M Wi H 

. n i2w jl 
low m 


iota 

5ta 

IS 

jS 


f 2 ? 


AttanBc Eneipy 
BateoJ, 

Copfltd Tiansom 
Center Bancorp 
Rral Dote 
FfeKSteet Ind 
High IncaOpport 
HHjh IncaOpport 


•385 3-24 
■015 4-23 
4>7 3-14 
JO 4-18 
J» 4-1 
.12 3-25 
d*>3 4-22 
4193 5-27 


4-15 

5-2 

3- 28 
5-1 

4- 15 
4-7 

4- 25 

5- 30 


Tesmal . 
Triangle Bncp 
Titaen Energy 
Tyco Inll 
UnJooAmer 
Unloam Corp 
Washington Po*t 
WstoGas 

HwimibM 


M M3 6-24 6-27 
Q .02 3-26 4-9 

O .19 3-34 
Q 23 3-24 
, J025 3-71 . 

Q 89 4-10 5—1 
M .105 3-20 3-31 
0 M 3-25 4-fl 
J* 3-30 5-9 

M 3-31 5-15 
.06 3-28 4-21 
M 4-8 4-25 

81 4-1 4-11 

.125 3-24 3-31 

82 3-31 4-15 

M .1575 4-1 4-15 

O T, 3-31 4-15 

-05 3-27 4-10 
JOS 3-28 4-15 
•Id 3-14 3-31 
405 3-31 4-15 
-05 4-3 5-1 

207 8-1 8-15 

1£0 ^ 59 E8. sates 5810 Wed's, sates 2.939 

M 3-31 5^15 Wed's QDBninr 7312 off *23 


2836 

41® 

X152 

S 8 *a 

1844 

114* 


PLATWIUM (NMER) 

SO iiwot- doAenoer My a. 

Aor 97 38X60 38X40 38620 +110 1X1® 

MOV 97 388.50 

All 97 moo 38X00 3800 +2.10 X445 

Oct 57 3J8JD +110 1MB9 

Jan 98 392® +220 1.123 

Est. safes HA Wed's, sates XB4 
wed'somnire 24.752 aft 372 

□aw Previous 

LONDON METALS (LME) 
DadaisperoKtataton 
A bwi nun i (Htafa Gradel 
Spot 163VA 163615 163X00 1637.00 
Forward 166700 166714 1 667-4 166800 
r Canada CHfeh erode) 

2400'^ 2*03'.'. 238700 238900 

234600 234700 23AJ.00 2341.00 

Lead 

Spar 69600 69800 68700 68900 
Forward 69200 69400 68700 68900 
Nickel 

Spat 797000 798000 79«O0 7955.00 
Brand 808000 808500 805000 B06000 

Sara 605000 606000 598500 599500 
Forward 6050JM 40600S 999500 401500 


»r '" sa * r * 4 j hw ■ 

Jun 97 9419 9413 9414 -0O5 442OC 

5eo97 93.98 9389 93.90 -0318 33X7® 

Dec 97 9377 9X67 9167 -0.10 242.152 

Mar® 7346 9155 9156 -all 19X774 

JWl 98 9X55 9X41 9145 —0.11 1500® 

Sep® 9147 9333 9134 -all 11X629 

Dec® 9337 7325 9124 -012 94048 

Mar 99 9135 9101 9134 -all 7X557 

jun 99 9X30 9118 9X17 -112 71J2* 

Est.saes NA Wed's. sates 383,928 
Wed's open ini 746X571 up 11277 

BRfTBN POUND (QHSt) 

ST-500 pwnas, s per pound 
WOP 97 1.4050 1J956 1J976 25090 

Jun 97 1J036 10930 10940 29JM0 

5CP97 10930 1.258 

Dec 97 10904 8 

Est sales NA wed's, ides ixii8 
Wed's open irt 5X196 up 4248 

CANADIAN DOLLAR (CMBt) 

I«d00 dofters. s w can. <fc 
Mcr97 1 7357 .7325 7327 25045 

Jun 97 7403 7368 7371 4X831 

SeP *7 7446 7413 .7418 4jm 

Dec 77 7443 7455 7455 839 

EsJ.sotes NA Wed-s-sotes 20079 
Wed’s open int 77077 up 3457 

GERMAN MARK ICMSU 
12X000 merks. s per nwic 
Men 97 0731 0840 5847 5X941 

Jun 97 J952 0892 09® 5X5® 

Sefl 97 0948 0938 0938 X3» 

Dec 97 09® 0980 OHO 31 

Est sales NA Wed's, safes man 
Wed's open W 119.932 off 330 

JAPANESE YEN (CMER) 

liSmnson yon. Spot 100 «n 

Mar 97 0197 0103 0109 40655 

Jun n ms soar saw 4x343 

Sep 97 0378 03ZJ 0323 590 

EA sates NA Wed's, stfes 39,234 

Wed's open fed 87004 oft 1S9 


industrials 

COTTON 2 (NCTN) 

50000 Bjs.- aods oer id. 

May 97 7199 75.15 7500 

-tel 77 7700 7600 7X73 
Od97 7705 74.90 77.12 
Dec 97 7700 77.10 7700 
MreW 7X10 7700 7X10 

May 98 7800 7X30 7X40 

Esl.srtes NA Wed'S, sates 17.0« 
Wed's open »tt T7ja off 12« 

NEATWGOILn«MBU 
4LM) (ml amts per snl 
Apr 97 SSJJO 54JR 5L75 
MOV97 5505 5X35 5400 
Jun97 5535 5LS 5L25 
Aii 97 5175 55.15 55J0 

Aub 97 5405 SLID 56J0 
Sep 97 5700 5X75 5605 

0097 5705 SM 5705 
Nov 97 5BOO 5700 5X0 
Dec 97 5800 5X50 5X80 
Jan® 59-20 5900 9>20 

E^-wtec NA wed's, safes iiow 
Wed's open fnt 122040 up 1799 


-005 3WW 
-S3 16088 
—033 IJ73 
-020 20,997 
-OS 1084 
—0.32 


484 


It 


+ 007 HM 
-039 21,792 
-009 13026 
+009 12044 
+04? 7J45 
-034 5039 
-044 1024 

-D.74 4068 

-0J4 8,734 

039 5034 


UGHT5WST CRUDE (NMER) 
Itaao bbL- dal lore per bbL 
Aor 97 21.11 2062 2004 


May 97 21.04 
Jun 97 20-95 
Jill 97 20® 

MIB97 2X75 
Sep 97 2005 
Oct 97 2000 

No* 97 2005 
Dec 97 2007 
Jon 98 2000 
Fob 98 2007 
Mer98 2005 
Apr® SOOO 


3tLU 

20.45 

2001 

2009 

2049 

2009 

2X4S 

2037 

2003 

BUS 

2001 

2040 


7020 

2007 

2072 

20 OS 

2058 

305* 

203 

m.ai 

lose 

2004 

2X43 

2000 


Eg. sales NA Wetfi sales 144474 
Wed's open Int 420,181 i*a «D8 


+044 66405 
♦OW 7X8® 
+ 019 51036 
*0.11 2X458 
+X» 1X922 
+ 006 1X6(1 
+X10 140(2 
"J OB IXOtf 
+0JB 2X418 
+009 15083 
+ 0JM 8032 
-OJB 34)52 
♦OJM 340 


HOOS-Ceon (CMER1 
*M100 «».- cents per *>. 

Apr 97 4945 4X70 6942 +035 

Jun 97 76-B5 74® 7X77 +047 

Jut 97 7X55 7433 7547 +OSQ 

Alta 97 72JO 71 JO 7Z0S +017 

Od 97 4X20 4580 4X20 +025 

Doc 97 44.15 6340 6X05 +O10 

Ea.sreos X073 Wed's, sales 7430 
Wed's open int 31J48 up 404 


11451 

11.562 

2309 

2402 

14*8 

914 


Zlac (Special High Grade} _ _ 

Spat 1261 W 12474 124X00 12X430 

Forward 128333 128X00 126X00 126730 

High Low aose doe Optnf 


PORK BELLIES (CMBU 
aoHk-cMisarh 


Mar 97 

7X50 

7L® 

7X50 

tom 

Mov 97 

7X40 

71® 

7X12 

*02/0 

Jul 97 

752) 

73.90 

7X95 

+045 

Aup97 

7730 

71® 

72320 

+0.12 

Feb 98 

70.15 

70.10 

70.15 

-4140 

Mar 96 



TOSS 



4.967 

148? 

5*7 

24 

1 


Financial 
US T. BILLS (CMB0 

SlmiBon-pasiSOOwa. „ „ 

Mar 97 94® 9165 9x85 -005 2-577 

Jun 97 94J1 94J0 94J1 -OM 4.W9 

5ea97 «4J2 9448 9448 -005 2,175 

Dec 97 9448 847 

Est.sdas NA wed's. safe* >93 
Wed's opens* 9491 up 164 


SWISS FRANC (CMER) 

1 2X0W frmes. s nenr Iroix: 

Mar 97 4903 4818 4629 21439 

Jun 97 4975 4879 4893 35,187 

Sep 97 J : m 4952 4955 1.9SS 

E5L sate s , NA Wwrs.M*es 400® 
wed's oaen fed 5X932 off 763 
MMNTH STERLING ftJFFB 
esauno -an ot too res 

Mor97 WJ4 7i74 9X75 (inch. 8341) 
£5 2HS I3A.J03 

9X37 7333 4X35 — tMH 09490 

SS SB &' 8 -O-" 67457 

9X07 9X03 9X04 — DJ15 

92J5 92J1 9X92 -OM 37. 531 

wfj -5“ 21716 

92-7+ 92-72 9172 — 005 19,777 

SIS -X04 J1J93 

9240 92-57 9150 —Ota* BAta 

9241 9X50 9240 — DM 7,738 

9X45 9X45 9X45 — 004 £142 

EsL ides: 5X329. ?rev. sates 82406 
Piw. open inu 5374*0 1^*91 

^'rTHEOTOMARK CUFFE) 


NATURAL GAS (NMai) 
iWWnmMu't. inmmMf 
A** 97 3.024 1.930 1.950 

IMVTT 20® 2005 20® 

Jun 97 209Q 202S 204Q 

Jbf97 2085 2.035 2045 
Auow 20® 20*0 2.M5 
Sep 97 20® 2043 2<MS 
Od 97 2091) 2055 2055 

I*fe97 2212 »I8S 2105 
Dec 97 2330 23® 2285 

Jan® 7J65 2315 23® 

Feb® 2J9S UO 2240 

Bf.soles NA wtd-isates 31,364 
Wet's men int 174462 up 3483 


29446 

Z7269 

12418 

11,258 

9031 

8455 

9.700 

5,550 

9439 

9478 

1989 


JwiP7 

5en97 

DecS7 

Mar98 

JimSB 


MOI99 

JUB99 

Sepn 

DM99 


DMlteUSan-pfsotiflOpa 

*or97 J624 9423 W24 +001 162013 

SCSr 5 S5 lb»*- MTS 


UNLEADS) GASOLBEfNMER) 
oat, twits per am 

Are 97 65JS 600 6X70 + 007 294*3 

Ma/97 61® 6*50 6X50 -005 2X624 

■ten 97 6X35 63® 6X00 -020 Sw* 

40W 6130 622B 6300 +020 TH9 

Auo 97 61.® 6145 flJO -033 *« 

See 97 IOM UL30 6030 +038 2440 

&L»es HA Wad's. sates »436 
Watfs open inf si.760 up 9S4 

•A5QIL QPB 

u^. AiSars per mefric tan - lots of 100 tm 

£P*«L 16X00 16*25 +125 29,71» 

ItiJB 169.50 17075 +225 turn 
J W»9? 177-25 17140 170M *123 ,0+90 
17X50 17X0017X00 +1.75 
? 08 ?7 17425 17A25 17425 +1-S0 
^P«97 U6.U0 176X0 175-50 +1^ 

£^97 N.T. HT. 177.09 +1^ ,3» 
Now 97 N,T. N.T. 1782S *125 

SJfio ,8 S? 1awo TW - 7s xSe 

JonW N.T. N.T. 1B0J0 +125 12M 

Est. soJesAOOO . Open lnLtfA837 off 1617 


m ml per 


sfrera/AD® o-payaUa In Creoda fondte 
w-Ke ai ir . q-qunrta«lB s-wm l -gwwal 


SYR. TREASURY (CBOTJ 
1100400 Brin. PK&64BH of mo net 

Mre 97105-54 105-26 105-36 — B 26.971 

Jun 97 105-36 1 OS-OS 105-08 —31 184430 
Sn>77 .IK-.a 3 

Ed. sates NA Wotfs. sates SX£» 

Wed's open 'nt 2114M off 2860 




Food 


« 


HraeOr 

HoM«r 

HanalB 


4h 


A W. 



+y» 

■ta 


•3 

•Y* 


Stock Tables Explained 

Sales Unites are unafBdoL Yeorty Mghi and lows retied the previous 52 weeks plus the ament 
ucefc bid nofltelatestfttHling day. Whereaspa or stodkdMdendainounlkigU2S percent or more 
hoi been paid, the yeais MgMonr range retd Addend are shawl lor ttie new stacks onty. Unless 
ofherwfaern^d, rates of dMdends are remual tltbuiseiiienta based on Ihelateaded aiutlun . 
a ■ dividend also edra (sj. b - annual rate of dMdend plus stock dividend, c ■ Bquuatlng 
tflvktend.ee- PE exceeds 99jdd- called, d- new yea rtr tavw-dd- k»s In the last 12 months, 
e - dividend declared or paid In preceding 12 months. I - annual rata Increased on last 
declaration, g- dividend m Canadian funds, subfea fo 15% non- residence tax. I - dividend 

declared after spltt+jg or atodtdMdend-1- dividend paWlhb yew, amttted.defeiiwS,m no 

adfon taken at latest dividend meeting, k - dividend declared or poM this year, an 
accumulative issue wfth dMdends In arrean. a - annual rata reduced on last declaration. 
* - new tawe in Ihe past 52 weeks. The Mgtrtaw range begins wtttt the start ot trading, 
od - next day ckmvery. p - mWcl dMdend, onm/flt rate unknown. P/E - ortce-enmings rafe. 
q-ctesed-end mutual fund. r-dMdenddeclaredorpoldtaprecBtf Mg 12 months, plus stock 
fflvi6end.»- stock spilt. Dividend begins wtlti date of soflt.sls- sales. T- dividend paid In 
stadc to pmcedbra 12 manfhx esdmated cash value on ex-dhridend orex-dtstribuftan ddte. 
u-newyeartyWgh.v-tnxlInghalted-vt-lH bankruptcy or nxelwsilta or being reorganized 

underffm BankniptcvAct, arsecurtflesossumed by such companies- wtf-wtirei distributed. 

Wi - vrtron IswetV ww - wfth warrants. X ■ ex-tflvtdend or «-rtpWs. xdls - ex df^tribLrtkm. 
wr -without vmnanta. y- eft+NvMtanl and sales tn twR. ytd -yteld. x -sates In hilt. 


COCOA (NCSE) 

10 mterte »an»- 1 par fen 
Mar <71 
Mav97 1477 
Jul 97 1491 

5ap97 1508 

Dec 97 1530 ._. . 

Ed. safes NA WBfx sates 11456 
Wed's open Irt 9X167 up 154* 



1*81 


U 

1403 

1454 

♦® 

30X50 

1430 

1434 

+35 

19.713 

1453 

1499 

+34 

11.945 

1479 

1520 

+3* 

7X42 


10 YR. TREASURY (CBOTJ 
SI auxn artn- PB A 32nd] a* 100 per 
Mar 971 07 -» 107-06 107-07 — 25 5 IB 

Jun 97 107-12 106-18 106-M -24 26AOT 

Sep 97 106-25 106-OS 106-03 —25 6408 

Est.sWs HA Wed’S, sotes 9X307 
vna'sacenini H9465 aft 118 


JuiWP 

Dec99 

Manx) 

Jun® 


HT H3. j£|4 U«r ssa 

g ^ H sails 

KKK “ 8 S 1 I 5 S 

S5S + fra 1 19.155 

oca 212 SS * A® B7422 

gs ££ ^ :SS gs 

21/09 

B 3 S8 
3 3 3 iffl 

*290 vi 96 * OJn USD 


Stock Indexes 


SWCOMP.M3EX (CMER) 

SOB * index 

Wwj/ 8®iS 79140 79540 -8.70 12549 

®?A0 79LSB 80220 -920 76274 

**>97 mm aoxso am.w ^ 

Draw 825J0 BISlOB *1150 —9J5 fSJ 

NA Wed's solas iixwp 
Weifs open inf 208260 up 1683 


L ' ,na 9en 




COFFEE C (NCSE) 

KjHX».-cenrepera. _ .... 

Mar 97 211® 50200 20X00 -1345 HO 

MOV 97 194.60 1B140 182JS —1185 H,|41 

AX 97 17875 165.® 14670 — WJ0 7,9» 

5cp97 16550 1SSJ0 ISJD —1240 4758 

EsLsdes NA Wetfs, sales iwfl 
WecTs seen bit 39479 off ffl 


US TREASURY BONOS (03011 
tSoct-Straxiae-eda janataMWad) 

Mr 971 10-05 109-® 109-03 — 1 02 HUM 

Jwi 97 189-22 109-15 108-18 —103 38440* 

Sep97 HF-0* 10MB 108-01 —104 2LN6 
Dec 97 108-10 108-00 108-00 —26 SJH6 

gd. sates NA Wed's, sates 322,193 
WtafsapenM 527437 up 23M 
ifinram 


SUGAR-WORLD 11 (NCSE) 

mom fes.- c*r*5 w *>. 

May 97 1081 100 10» -MJ W.W 

£ 97 1057 1047 1053 -Offl 34.7M 

97 1053 1043 1M5 —005 3SJR9 

McrtB HUB 1047 IO* -Off! 1L223 

Est sates NA Wed'S. SOteS 18487 
WetfsopanW 545.735 oft 3W 


UONCWt-TfUfFO 

HP’iMnksnffii-MR »■ 
a "hj. n i*i? i!m» =s:m ,tLm 

— ■ 5a8oO Prev. trees: 99ju 

JtaL: 1« 


Pict.dp 0»M-- 197A63 Oft 1 MB 
6CRMAH OOVERNMENT BUNDOJFFO 

SSw* loi.tf — a»239^» 

Sep07 N.T. N.T. 10055 - 036 *40163 
fdLsataS 191419. Prer.«Ms: 140430 
prev. open Wit: 2AU63 eft 337 


Up X1S 

3-MONTH PI BOR CMATIF) 

FRJm*on.ptsofl00pa 

Mar 97 9044 9642 9643 +OAD *1 urn 

Jun 97 9055 9641 9644 tam 

Sep 97 96.45 9631 tonoSoso 

Dec 97 96J5 9630 96J4 -om S2S 

5u?M mS I7JJ0? 

£5” Um 95 ^ «5S~S^ 3SiS 

Mm 99 9X49 Sill - 2-S 10,713 

fijifiai 

? _ b 5T ' ¥ “ um * : w '«9.0pqn Int: 278464 up 


FT5E 1 ® OJ PFP 

4387A —190} 4474a 

Sm "SM - 52-° 

50P97 XT N.T 443X0 — JOjO X3U 

Est soMc 21,901 Pim.sota 

Prev. open Int: 7*433 up 1 


CAC® CMATIF] 

mo* g/aMBjTanpS 26320 — 2 +^ 039^72 

Apr 97 26+20) 2628J) fu*D-2*5D l 

Jun W 2615 J 2593 JJ a0OJ-2*M ]£& 

|«P 97 26200 26200 261*0— 2*50 fM J 
Dec 97 H.T. N.T. 263*0- D 
Mar M 26£L5 26635 265AO— 235a 7J(79 
Sep 98 H.T, N.T. 2631 JJ- 2*50 l|l" 
6SL valuitKr 2000* Open int: 65J52 up 9t 


* 


w«« 22 JE ,I 'wuwaiFF E , 

I TL JfnWwi pri of loo pet 

infill 


Commodity indexes 


Moody* 
Reuters 
DJ. Futures 
CRB 


Oosff Previous 

, N-A 1J61J0 

24)01.90 ±01050 

245 JQ 24554 


-i +■ 




‘ -rr '. tc 






INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


PAGE 15 


EUROPE 


Belgium 

Caters to 
Renault 

Tax Breaks Offered 

To Tempt Carmaker 

■ Prime Minister Jean- 

Luc Defaaene of Belgium said 
^ Thursday that the government was 
abort to approve measures that in- 
volved reducing payroll taxes for 
companies that were undergoing re- 
structuring and reducing the weekly 
hours worked. 

The measures are aimed at 
Renault, which plans to close its 
3,100-employee Vilvoorde factory 
pear Brussels. 

“For the present, I repeat that my 
government cannot accept either the 
closure of the Vilvoorde site or the 
procedure followed for announcing 
.this decision,” Mr. Defaaene said 

He said he has asked Louis 
Schweitzer, Renault’s chief execu- 
tive, to re-evaluate the decision to 
close the plant in light of the tax break 

he was proposing. He said that if 
Renault cut the workweek to 32 
hours, average hourly salary costs 
would be reduced by 4 percent, ac- 
cording to the government’s calcu- 
lations. 

Meanwhile, Renault’s plans to 
cut 2,764 jobs in France has been 
delayed at least until April 3 to allow 
the company to fulfill its legal ob- 
ligations on worker consultation, 
the company said Thursday. 

Labor union representatives, at- 
tending an extraordinary meeting of 
the carmaker's works council, 
pushed back approval of the plan to 
allow accounting firms to first study 
its contents. 

French companies must consult 
employee bodies on staffing mat- 
ters, although works councils have 
no decision-making powers. 

The job reduction plan is part of a 
cost-cutting drive aimed at returning 
■Renault to profit in the face of union 
opposition. Renault has said it would 
post a “substantial" loss for 1996. 
Union officials and analysts have 
hinted die loss could be as high as 6 
billion French francs ($1 billion). 

Unions called on workers to stage 
one-hour work stoppages at 
Renault’s plants on Thursday to 
protest the company’s cutbacks. 

, (Bloomberg. Reuters) 


NatWest Admits to Wider Options Loss 


Cabled by Our SLfFm Daptad*s 

LONDON — National West- 
minster Bank PLC said Thursday 
that its multimil lion- pound loss 
from derivatives trading was 
nearly twice as big as it initially 
believed, and it disclosed that the 
problem trades began as long ago 
as December 1994. 

NatWest also said it had sus- 
pended four senior staff members 
and cut bonuses by millions of 
pounds after receiving the initial 
findings of an internal investiga- 
tion into the loss. 

NatWest said the total loss from 
the bad trades was £90 million 
($143.4 million), but that £5 mil- 
lion had already been provided for 
and £8 million had been recovered 


by not paying the bonuses. 

The bank said the losses started 
in late 1994 and were confined to 
the interest-rate options area. Op- 
tions are contracts that give an in- 
vestor the right, but not the ob- 
ligation. to buy an underlying 
security at a certain price at a set 
date. They are often used by fi- 
nancial companies to hedge against 
losses in the cash markets. 

NatWest said die mispricing of 
options contracts and the transfer 
of values between options books 
made the losses difficult to mea- 
sure when they were discovered 
two weeks ago. 

“It is extremely regrettable that 
the losses and the mispricing have 
gone undetected for so long,” 


Derek Wanless, chief executive of 
the banking company, said. “Al- 
though confined to one area, this is a 
significant setback for NatWest 
Markets.” NatWest said the inquiry 
so far had found no flaws in the 
models used to calculate the value 
of the derivatives in question. De- 
rivatives are investment instruments 
whose value is based on the value of 
other securities or commodities. 

The company said Thursday it 
had suspended Ian Gaskell. head of 
swaps options trading for Britain 
and Europe; Chris tophe Lanson, 
global bead of rate-risk manage- 
ment; Jean-Francois Nguyen, man- 
aging director of debt derivatives, 
and Phil Wise, chief administrative 
officer and formerly senior man- 


aging director of capital markets. 

It previously suspended Neil 
Dodgson. global head of options. 
The options trader involved. Kyria- 
cos Papouis. left NatWest in 
December to join Bear, Stearns & 
Co. He left Bear Steams last week. 

News of the loss at NatWest 
follow several other instances of 
derivatives-related problems in the 
financial industry. Barings FLC 
collapsed two years ago amid £860 
million of futures and options 
losses caused by one trader, Nich- 
olas Leesoa, and Sumitomo Carp, 
said last year that one trader had 
caused $2.6 billion of losses on 
copper futures. NatWest shares 
closed at 739 pence, down 3. 

(Reuters, Bloomberg) 


Cooperation Pact Lifts Austrian Airline Shares 



“.flWkWtv 
! DA3C. - 

; A • ; : F1BE-I00fnctert' ' '-GftC-40 

.3600 

' 4650 

2850 

3400 

A 4500 

’ 2700 * 

3200 - 

p . 4350 

J 2550 r 


J 4 4200 

/ 2400 a/ 

2BOO— 


J • 2250 -Ar 

i ND 

1996 

»KI r 

J F M= -“"0 N D 
1997 ' 1996 

J F M • N D J F M 

1997 1996 1997 


tbeiefc; 

.Tlmrattey ' Pi«v: % . 

..-Oose- Close .Cftwige 

/Unstertlsrn 

AEX *v-' ’ ■ 

7^03 7S9.41 -U.18' 

SrtKsete . 


;%niJak‘[-Z2\6.9! -OS5 

Fast&fnr t . 

■ • . ■ ■ ■ 

3,415.40 -1.92- 

['Ck^eniwgqa ■/. 

548^8- ' 554^7 -097 

ttetefrfe . 


".%MEiS3. -^876.10 -0S9 

0$o 


■ s rWa#/-.«apo .-0.18 

towdon 

.'ftse-iob 

qsstrte *.42230 -oie 



, ■ ■■48253 . +0.45 


vnem 

;ip. . ; U899 • -O. ts 


■CAC^Si:^: 




■a^SBLSS 1 &04- +0.02 

immrnM. 


Jfti 1^56.37.' -t.15 


- spi'.-wv^-y:: 



Bloomberg News 

VIENNA — Shares in Austrian 
Airlines AG and Lauda Air AG both 
jumped Thursday after the airlines 
announced that Austrian Airlines 
was buying a 36 percent stake in 
l a n da. its rival. 

Lauda Air’s shares jumped 14.5 
percent, to 1 1 0 sc hillin gs ($9. 1 5), on 
the Vienna Stock Exchange, while 
Austrian Airlines, the state-con- 
trolled carrier, rose 3.4 percent, to 
1,865 schillings. 

The airlines, Austria's two larges! 
carriers, said Wednesday night that 
the acquisition of the Lauda shares 
by Austrian would help both airlines 
compete better in the European mar- 
ket. save costs and increase share- 


holder value. “We decided that jt is 
better that we work together," Niki 
Lauda, head of the airline, said. 
“It’s in everybody’s interest.” 

The agreement will require ap- 
proval by European Union antitrust 
regulators. The European Commis- 
sion, the EU’s executive body, is 
expected to approve the transaction 
by June 1, Austrian Airlines said. 

The accord effectively brings Aus- 
tria’s three airlines, all based in the 
same airport, closer together. The 
third airline, Tyrolean Airways, is 
42.85 percent owned by Austrian 
Airlines, which itself is 51.9 percent 
owned by the government. 

Industry analysts welcomed the 
agreement, saying it would help 


consolidate the domestic industry 
and was part of a broad rearrange- 
ment of Europe’s airline industry. 

They also said the agreement 
would help the balance sheets of both 
airlines, partly because the two 
companies would no longer need to 
invest in expensive ad campaigns or 
squeeze margins to try to undercut 
one another. 

“This is Dot the biggest market in 
Europe, and some consolidation is 
inevitable,” Charles Donald, an 
analyst with Union Bank of Switzer- 
land in London, said. “The market 
is not big enough to handle berth 
airlines.” 

Still, Mr. Lauda, a former cham- 
pion Formula 1 race-car driver who 


started the airline in 1979. main- 
tained that the cooperation agree- 
ment was likely to go no deeper. 

He also fended off speculation that 
Austrian Airlines would eventually 
take full control of his company. 

“There is a limit to the cooper- 
ation," he said, adding that be had 
an option to buy back the Lauda 
shares if Austrian Airlines later 
chose to sell them. 

But analysts said the agreement, 
though good for the airline industry, 
may have the opposite effect for 
customers, who have counted on 
price wars to book cheaper seats. 
Another potential loser stands to be 
the Vienna International Airport, 
which is the hub for both airlines. 


Source: Tetekurs 


Internal k*nl Herald Tribune 


Very briefly: 


e Chevron Corp. and Elf Aquitaine SA will go ahead with 
the proposed merger of their British refining and service- 
station businesses even after Murphy Oil Corp. pulled out. 

• VESA AG and R WE AG, diversified German utilities, said 
their O.teLo telecommunications joint venture will break even 
within five years, adding that sales would be between 7 billion 
Deutsche marks ($4.14 billion) and 9 billion DM by 2005. 

• French February consumer prices rose a lower-than-ex- 
pected 0.2 percent, reflecting the reluctance of French compa- 
nies to raise prices even as economic growth accelerates. The 
rise in February translates into a year-on-year inflation rate of 
1 .6 percent, its lowest since September and down from the 1 .8 
percent in January. 

• Ciba Specialty Chemicals shares closed their first day of 
trading at 116.50 francs ($80.07), up 6.5 Swiss francs or 6 
■percent, after rising as high as 7.3 percent Banks managing 


Spanish Inflation Data Spark Rate - Cut Hopes 


CmpBnt by Our SuffF ran AjpuaJrS 

MADRID — Spain's consumer 
prices grew at their slowest rate in 
29 years in February' . and econo- 
mists said they expected the Bank of 
Spain to cut a key interest rate for the 
second time this year on Friday. 

The National Statistics Institute 
said Thursday that consumer prices 
declined 0. 1 percent in February 
from January, and were up 2.5 per- 
cent from a year earlier, down from 
a 2.9 percent increase in the pre- 
vious month. 


“The data are very positive," 
said Juan Mielgo, economist at 
Bank of America. “It’s an excellent 
figure and better than even the most 
optimistic forecast for a 2.6 percent 
year-on-year rise . ’ ’ 

The inflation data fulfill the in- 
flation requirement for Europe’s 
monetary union and meet the gov- 
ernment’s larger for 1997. 

The Popular Party government 
has made Spain’s participation in the 
launch of the single currency in 1999 
the cornerstone of its European 


policy, and inflation was seen as one 
of its toughest challenges. 

The government had set 2.6 per- 
cent as a target inflation rate for the 
end of the year. 

“In just two months we have 
come down seven-tenths, which is a 
push for Spanish convergence in 
European monetary union and mar- 
ket credibility.’’ Economy Secre- 
tary Cristobal Montoro said. 

Economists, who had predicted a 
drop in inflation to just 2.7 or 2.8 
percent, said the data would per- 


suade Spain's central bank, the 
Bank of Spain, to trim its 6 percent 
repurchase rate by 25 basis points on 
Friday. 

“There’s a high probability that 
the Bank of Spain will cut rates by 
25 basis points at tomorrow’s repo 
or at the next one.” said Carmen 
Hemansanz, economist at Merrill 
Lynch Espana. “In any case, we 
think there’ll be a cut in March. 
Inflation data for the last two 
months gives sufficient room for 
it.” (Reuters. AFX) 


the initial offer of the Novartis AG spin-off had set a price of 
110 francs before trading began, pricing Ciba Specialty at 
about 8 billion francs. 

• Grand Metropolitan PLC has appointed Dennis Mala- 
m annas as chief executive officer of Burger King, effective 
immediately. 

• Bertelsmann AG said it would join with Axel Springer 
Verlag AG to set up a joint venture for the introduction of an 
on-line sports channel. 

• Groupe Bull, France’s biggest computer maker, will work 
with Motorola Inc. and NEC Corp. to develop technology 
for building computer networks. 

• Russia’s inflation rate will hit 15 percent this year, above the 
government's 12 percent target, said Mikhail Zadornov, head 
of the State Duma's budget committee. 

• Mannesmann AG intends to invest 750 million DM in its 

D2 mobile telephone network in 1997, matching the amount 
Spent in 1 996. Blotmhen>. AFP. Reuters. AFX 


E9 


WORLD STOCK MARKETS 


High ism Oose Pm. 


HJgb Low dose Pm 


High Low Close Pm 


High Low dose Pm. 


Thursdays March 13 . 

Prices in local currencies. 
Tetekurs 

High low a os* Pm. 


Amsterdam 


AEXMee7SU3 

PiewhosTSWl 


ABN AMRO 
Aegon 
AteHd 
AMD Monel 
Boon Co. 

Bob Wesson 
CSMcvo 
Dented* PM 
0SM 

OumIh- 

LLA.nU 

„ Forte Amw 

’a Getronta 
G-Braccrn 


Htraenxyer 

Hemeken 


HoMowncw 
Ham Douglas 
ING Group 
KLAt 
KNP3T 
KPN 

NedbydGp 
NuWda . 
OceGrfnKn 
PftBpsEkc 


i nag 

Robeoo 

Rodomcn 

RoSnca 

RORfdD 

RwrfjWdi 

UnSmrcR 

Vender tefl 

VNU 

i Klara 


135J0 

136.90 
139 St 
276X0 

87.40 

VM 

110.90 
361.60 
191 B0 

31-50 
77 JO 
62J0 
6120 
16180 
mso 

90 
161.50 
78X0 
5X30 
44X0 
69.70 
60 
309 
2A7J0 
88 
91J0 
147 JO 
16150 
63. 
167J0 

109.90 
33S 

36130 
89.90 
41 JO 
252-50 


13160 
131 JO 
13X60 
269 
85 
36.70 
109 JO 
357 
187 
30JO 

76 

61.10 

SIX 

160 

313J0 

86.90 

156 

77 
57 JO 

44 
6X30 
5860 
304 
24350 
86.90 
89 
144 
16X30 
6090 
166J0 
109 JO 
33X80 
3SSJ0 
88 
«L50 
249 


13450 13680 
13680 13X20 
13X40 137 

275.10 27670 
96J0 86J0 
3690 37 JO 
10X90 11080 
35X40 359 JO 
189 JO 191 
3180 31 JO 
76JD 77 
6170 6X50 
43 4X50 
16080 16X40 
329 JO 31 7 JO 
87.10 89-10 
161 16060 
77 JO 78 
5770 58 

4440 4480 
69-20 69 

5X70 60 

307J0 308 

24450 247 

B740 89 JD 
99 91X0 
145J0 148J0 
16X70 166 

61 JO 61 JO 
16A60 169 

109 JO 110J0 
335.90 33770 
35940 Ml JO 
88J0 90.40 
41X0 4X90 
251 JO 25X50 


Bangkok 



ThoIAkwns 

TnaJFcraj&F 


SET Mac 71648 
Preview: 720X7 

232 236 236 

252 258 264 

37-75 38 3X75 

322 322 332 

660 660 676 

150 150 159 

4025 4050 42 

«3J0 4175 45 

164 166 176 

158 158 160 


Bombay 

BoM Auto 
Hindus Lever 
Hindus PtOra 
tod Dev at 
ITC 

McftangarTei 
fteftnxxma 
State Bktnda 

SMARtntrr 

Toto Efifl Loco 


Senses 30 Mac 375451 
Previous: 376X37 

1041 10001 009-25 1Q35J5 

Sis 

39075 385 387 JS 30875 

5^50 93 9150 M 

Ob 422 42450 43TJD 
283 275-50 28X75 279 

MUD 771-75 274 276J0 

W *025 302X5 304J0 
a 2175 22 2175 

3W 385 39175 387 


Brussels 


BOKSta 

ast • 
CSR 

Dks|> _ 

Debate Lion 


'Efcenflna 
-rate ag 


G8L 

.GaffBaoque 

KreOeftank 


PwcAi 

Ron* Betae 

SocGenBMg 

aoncy 

Treaetet 

UCB 


Copenhagen 


previous: 221X61 

igs l ts w « 

SS 88 S3 J” 

“g l £2S »2 IS 

&Q 8090 B130 8170 

^ 580 3350 W* 

$400 6340 6400 MS) 

2525 2300 

5060 5100 5140 

ii i ii ii 

€ i 1 1 

jgsasas iss 


SJoet tatec 548J8 

Wrfw: S54I7 


s a 1 1 

950 j* 390 S? 

KohUriteMW ** ?£ 680 

sM 805 838 

|£ 351 3« 

£40 370 375 



MBSa g 

Frankfurt 

SS m So 

; B*r § 

V 

Uesdorf 90 

5ST" 470 

BMW 3 »» 

CKAGCabnta 
CawMntenx ,Sl b 
D oMerBers lag 


nJSSSS 
>|2 m ’i” 
S8 SS HI 

S3 H 

i Sw| 

wag 



High Law 

□esc 

Prev. 


91.90 

9!j02 

51-99 

MSS 

Deu1T«Wkaa 

37 

3X25 

34X5 

35JS 

Dresdner Bank 

56.10 

S5J4 

iUS 

i/.Vd 

Fresenhis 

361 

357 

353 

373 

FresentasMed 

163 159 JO 

162X0 165X0 

Fried. Kropp 

290 

283 

283 29450 

Get* 

117 115J0 116J0 

119X0 

HetefljgZmt 

150 

1« 

149 

150X0 

Hetaljrid 

9230 

9140 

91X0 

95X3 

HEW 

480 

400 

(LOO 

OOO 

HocWW 

74J0 

73-50 

74 

7u0 

HoectBj 

70 

■win 

6&80 

7143 

Karttudt 

599 

580 

399 

610 

Linde 

mo 

1115 

1139 

II3B 


2435 

2X7S 

2*X5 

24J0 

MAN 

46X50 

456 

465 477 JO 

Mannesman) 

6S2 647 JO 

652 661 JO 


Helsinki 

HEX Geaertttadwc 2946X3 
Prerlaux: 2976J 0 


44J0 

42JD 

44 


HuManaUl 

252 

24 7 

252 247 JO 


57 

55 

5570 

56 

Kesko 

75J0 

run 

7450 

75X0 


19 

18-70 

1850 

19 

MttroB 

304 

300 

300 

304 


40JD 

40 

40 

40JO 

Neste 

135 

133 

133 

134 

Nokia A 

32630 316-50 

319 323JD 


T86 

184 

(66 

186 


94J0 

9378 

94J0 

9490 

liPMJCymmttne 

Vtitraq 

111 

89 

108 lOBJO 
86 87.10 

89 


Hong Kong 


BkEtefAMo 
CttlTwy PPdfic 


CKI ... 

China Light 
CBlcPadRc 

Hiai roanc 
Hang Lang C*v 
Hang Seng Bk 
Henderson lm 

HendereanLd 

HK China Gca 
HK Electee 
HK Telecomm 
Hopewefl Hdgs 
HSBCHdgs 
HuWteonWh 

5&°3 Hdg 

Oriental Press 
Petal Orlerflal 

SHPwp 

StnoLandCiL 
Stn China Pott 
Swire PocA 
wtwrtHOgs 
vmeekxk 


9.15 
265D 
7X10 
71 JO 
20.75 
35 
3870 
3870 
1175 
1i60 
85 
8.70 
66 
14JS 
27.10 
1410 
43S 
IBS JO 
5775 
2485 
2055 
19 
4X90 
X50 
430 


030 

7J0 

6X75 

3270 

1X80 


Jakarta 

Astra tan 

Bkmnindon 

BkKegnre 

GudongGcmn 

Indocemert 

wdofood 

IndoSol 

SflfflOOBno HM 

semen Gretfli 

T etetamuritett 


SA Breweries 

:sc : 3£j£ 

:r 

137 

VendsrxLkua 

5X2 

5J7 

5J0 

Smuznczr 

5651 5S7S 

54J0 

SST5 

Vsssfcne 

2JS9 

2X1 

2X6 

5=531 

Sl.t: SIT . f 

ST 

sija 

V.T.’Siecd 

R10 

aoi 

»m 

sate 

■>— ■*." 

iseJf 

107 

WLSsssHCgs 

322 

3X6 

332 

Tiger OCs 

77 76 

76 

76.-3 

wttHiar 

5X7 

458 

5X3 




WPPGreop 

2X1 

2X2 

2.75 


?fn Pans 


Kuala Lumpur c g»P«ag j«9j6 

Previous: 1249 JX 


1049 1005 1017 1044 


MeUtgesetedaA 36 35JD 35J0 36J0 

Metre 160JB 157 JO 160 JO 16X40 

Monch RueckR 4220 4160 4195 4215 

Preussug 43S 427 43480 445 

RheteteUra 1257 US) 137 1745 

RWE 77 A0 7X60 7580 7975 

SAPptd 27X30 271 27170 27020 

Schering 16X50 161 16X45 16530 

SGL Carbon 225 221 2Q1 229 

Siemens 85.15 8460 BSJJS S6J5 

Springer (AJieO 1230 1230 OOO 070 

Suemucker bm M B75 

Tlmsen XS3 3S1 353 3S6J0 

Veba 97^0 9670 974JS 10025 

VEW 505 502 502 507 

Vfejg 756 747 733 753 

VoSswogen 931 926 928 951 JO 


AMM8 Hrigs 

GerfflJV 

MolBmiwis 
MrirnflS tapF 
Pen ones Gas 
Prploc 
Pub Dc Bk 
Renoog 
WesoftWdrtJ 
R^hraortsPV. 
Sbne Dorir 

Teietamhtal 

Tenoja 

UM&grneers 

YTL 


24.10 

23J3 

1* 

23J0 

17X5 

1623 

77.10 

16211 

25 JC 

29X3 

29X5 

29XS 

6X5 

523 

6X5 

630 

9.15 

9 £3 

9XS 

9X0 

16.13 

159C 

16 

1590 

SJS 

535 

5J0 

535 

443 

438 

443 

4J4 

IL43 

:L32 

11 JO 

I1J0 

2420 

34XS 

2440 

24X0 

9X0 

9X3 

5X0 

9X3 

19 JO 

19X0 

19X0 

19X0 

12X0 

12.10 

72X0 

12-20 

2170 

22X0 

72JO 

22X0 

1390 

134>0 

14 

1390 


London 


Abbey! 

AFtedC 


rNatt 
IDomeca 
Angfloo Wafer 
Ai^js 
Asria Group 
Assoc Br Foods 
BAA 
Barricys 
Bob 
BAT tad 
BaiASccSanri 
BteOrde 
BOC Group 
Bocte 
SPBlnd 
am Arrow 
arttAbwoiS 
BG 

Brit Land 

IP^ai 


Hng See® 12JT7-09 
Pretems: 13119.13 

085 OSO 9.15 
2620 2675 26.90 
n.» D25 )2 

70 70J0 7U5 
2030 2030 2075 
3440 3480 35.10 
3X30 3040 3820 
37 JO 37 JO 38JC 
1020 II 11.10 
15.10 15.70 15J0 
BX50 8X75 84 

8J0 8J5 865 

6425 6475 6625 
1465 1470 1475 
26J0 2620 26J0 
1190 1405 14 

42B 00 433 

186JD 137 JO 191 
5520 5SJS 57 JO 
2430 2460 2450 
20J5 20J0 2BJ0 
1X95 19 1985 

4180 4X20 43J0 
130 343 XG 

615 625 4.10 

8475 BS 
525 520 5.40 

110 BJ5 BJ0 
720 720 7 JO 

toss 6X75 6325 
3X20 3X30 33 

1X45 1820 1X85 


BlfTS 
BiflTeiecum 
BTR 

Bunnati CosSrol 
Burton Gp 
Cable Wireless 
Cod&ury Seta* 
Carton Comm 
Comal Union 
Compos Gp 
Courtnolds 
Dbasns 


EMiGraop 

ississ 

PomOrionid 
Gertl Acddent 
GEC 
GKN 

Gkss Wetoome 
OmnodaOp 
Grand Mel 
GRE 

GreencBsGp 

Gutaness 

GlIS 

inaXToboas 


“■"£££ S3? 

6000 5950 6000 6100 

1725 1625 1660 1775 

1450 1325 ,1350 USD 

10050 1 0025 10200 1 0375 
3450 3375 3*0 337S 

6100 5725 5775 5775 

6700 6650 6300 6700 

11800 11450 11575 12000 
6175 6050 6125 6075 

4000 3900 3925 8300 


S3( 


MS! 


Johannesburg 




San AX 


An8|AEG°j5 

AwtaAralnd 
AVMIN 
Brteow 
CGtSaHi 
De Beers 

DriefanWn 

Genta 

h^olKdgs 

tagweCnai 

LaertriWBS 

* “ f LffP 


WHS 
S 3 

179 177 179 177 

17JD 17j5B 77JB 77J0 
5025 <9 JO 50 5XJB 
2K£ 27.15 2725 27J0 
WX unx 1«L7S ’« 

47J5 MJO 47 
28 77 J5 
90 19J5 _ 

,» 1» 119 JO 

S 5X75 59J0 
26 28 28 — 
lii W U 

50 ;«« W75 5X75 
2W 32525 324 

M 1Z6126J0 126 

1520 15 15 

106JS 10625 106J5 1« 

19j60 19j 65 19J5 19J0 
AT S ncee W95 8625 

9“5 



Minorca 

Mmapok 

gsat- 83 ® »» 75 


721 

447 

6J5 

6J6 

Xll 

5JG 

525 
11.23 

860 

5J9 

XS3 

407 

10X8 

673 

3JS 

1X75 

6J0 

122 

550 
7.10 
623 
1J9 
4 S 
2J9 
1QJ8 

L57 

529 

5-66 

551 
725 
7J2 
164 
S16 
428 

iX3a 
523 
6J0 
1 J5 
844 
388 
10J2 
11^5 
9.76 
487 
3 
5J6 
477 
6J2 
£-53 
1578 
723 
4X9 
7 
X43 
7.90 
X47 
423 

526 
XQ7 
486 
484 

1X97 
X17 
498 
747 
6X9 
XI5 
662 
750 
1J7 
631 
5J0 
555 
475 
445 
7.93 
376 
1126 
420 
447 
337 
952 
253 
528 
986 
581 
X/5 
3.19 
17 
686 
365 
320 
7JO 
1890 
1833 
151 
9 JO 
817 
7.95 
766 
864 
443 
369 
XM 
SJS 
sat 
iso 
1668 
528 
764 
620 


FT-SE 100:439720 
Prettous: 442X50 

7J91 780 

443 443 

668 6J0 

£.46 667 

1.10 1.11 
498 XM 
SJS 532 

n.i 2 n.is 

843 855 

554 566 

3-50 3-51 

405 406 

1005 10.18 
673 673 

140 344 

1X59 13JD 
655 654 

169 1J9 

545 549 

705 702 

629 633 

120 1-58 

428 424 

226 226 

1X53 10J4 
1-S 1-54 

5 507 

556 554 

547 536 

6 86 705 

7.13 7.19 

329 362 

512 515 

425 428 

1X07 1X35 
516 521 

624 625 

122 U4 
XX 842 
384 384 

10-10 1818 
1127 109 
552 921 

3J0 4-87 

256 253 

552 549 

477 478 

654 649 

547 550 

2518 1541 
7J3 742 

438 424 

690 650 

243 228 

750 754 

240 224 

410 404 

518 519 

205 205 

479 460 

4J8 452 

1321 1355 

110 X17 

454 457 

739 742 

6.17 6X4 

XU X13 
420 659 

7J5 755 

159 145 

624 627 

516 515 

553 559 

464 470 

435 444 

758 750 

170 370 
TTJ0 1150 

404 415 

645 643 

326 335 

950 1IUK 
351 XS 
564 579 

952 926 

451 551 

3J9 353 

317 315 

1690 1658 
650 656 

161 362 

320 318 

745 753 
1076 1080 
i (lob lam 
151 150 

952 941 

812 812 
7.92 752 

758 7-54 

852 852 

439 441 

344 349 

6B £ PA 

512 524 
553 528 

254 258 

7599 1557 
531 535 

740 745 

661 675 


655 

360 

660 

633 

1.10 

498 

534 

11 

841 

553 

349 

403 

1005 
623 
139 
1359 

651 
1J6 
544 
694 
627 
IX 
433 

2 

1048 

U3 

4«8 

420 

SJS 

685 
7.13 
358 
503 
42S 
1390 
51S 
635 
1J2 
850 

352 

1006 
1128 

92) 

190 

254 

548 

432 
646 
547 

15M 

738 

433 

686 
336 
750 
235 
403 
515 
2-03 

475 

478 

13J0 

no 

457 

7.32 

616 

X10 

430 

725 

139 

622 

513 

587 

444 

443 

72B 

326 

1124 

4 

638 

123 

952 

245 

524 

927 

481 

3 

1650 

650 

160 

117 

745 

1075 

9.91 

1J9 

750 

720 

846 

439 

344 

652 
511 
574 

353 
1683 

S2B 

7.38 

655 


Madrid 


BetHbdes4tS.il 


niMa 482.93 


20290 

20100 

20150 


ACESA 

1725 

1695 

1725 

1690 

Asses BarMon 

5520 

5*00 

S4W 

5480 

AJWihufaj 

B^7 

&3X 

8950 

A790 

8690 

6JUU 

8880 

6360 

8740 


1160 

1125 

1160 

1125 

Bcn'drder- 

19600 

19470 

19500 

19490 


3870 

3815 

3865 

3850 


2765 

2765 

2/65 

2765 

Bca Popular 

26590 

26280 

26300 

26500 

Ben Santander 

9840 

9640 

9/40 

9640 

CEPSA 

<325 

<200 

4230 

4300 


2655 

2610 

2625 

2645 

grgMaptre 

7680 

9300 

7380 

9140 

7400 

9250 

lb 10 
9180 

FEC5A 

1275 

1255 

12/0 

1256 

GasNatarta 

33100 

32510 

375X1 

33000 


1655 

1620 

1620 

1640 


2785 

2720 

2770 

2750 


5930 

5770 

5900 

5810 

SevBonaESec 

1310 

1290 

1300 

1310 


7230 

7100 

7100 

7170 

Tdetato 

3540 

3460 

3525 

3485 


1215 

1190 

1300 

12QS 

Vnlenc Cement 

162S 

1610 

1625 

1615 


Manila 


PSEMeeSdLM 
Prettes 3278X4 


29 

29 

29 

2BJ0 

AwrioLond 

BkPfeapia 

3050 

30 

3DJ0 

30J0 

187 

184 

185 

184 

CAP Homes 

1X50 

13 

13 

13 

Mania ElecA 

121 

120 

120 

121 

MeMBank 

690 

680 

685 

6tb 

Perron 

11X5 

1075 

11X5 

II 

PO Bonk 

380 377 JD 

380 

380 

PbOLongDttt 

1605 

1595 

1600 

1605 


09 JO 

8X50 

uv 

90 

SM Prime Hdg 

7 JO 

7.10 

7X0 

750 


Mexico 

Alto A 
BanacdB 
CemwCPO 
GfreC 

EapModerna 

GpoCmsoAl 

GpoFBcnrner 

GpoFJntabwso 


4145 
17.70 
29 JO 
H.T. 
4050 
443S 
152 
TJX 
16320 


: 374141 
Piwteac 375809 
41)5 4120 4180 
1726 1724 1800 
2820 29 JO 2870 
N.T. N.T. 1122 
3930 3925 4050 
<160 <430 <195 
151 152 152 

27 JO 7770 2720 


fdevtaoCPO 

99X0 

97X0 

9A30 

99X0 

TriMexL 

15X0 

)5l70 

15J8 

15X8 

Milan 








Prertaos 11899X0 

AQeonza Assic 

122)0 

13030 

12115 

12300 

Bcd Conan tel 

3395 

3355 

3385 

3400 

BcoFhtooram 

4570 

4410 

4495 

4520 

Bead! Rama 

1225 

1210 

1322 

1229 


20750 

70100 

30/50 

20400 


2320 

2260 

2320 

2285 


9350 

9180 

9300 

9410 

ENI 

8540 

B375 

8435 

B490 

Flat 

5S35 

5430 

5535 

5615 

GenendAssiC 

29900 

39500 

29800 

29860 

(Ml 

14700 

14400 

14410 

14566 

INA 

2240 

7200 

3215 

3235 

tkrigas 

Mmsastt 

5795 

7135 

5660 

5710 

ABO 

5165 

7065 

Medlotancn 

11095 

10865 

10920 

11040 

Mortedten 

1240 

1218 

1240 

173/ 

OPrettt 

627 

615 

67/ 

630 

Pannatat 

3235 

3175 

7235 

3230 

PkttB 

3510 

3480 

3545 

3560 

RA5 

15120 

14910 

15120 

151.90 


14600 

14410 

14605 

14560 

SPcotaTcrtao 

11580 

11290 

11580 

114)5 

Stet 

7675 

7490 

7615 

/630 

Tttecnrn ttiria 

4300 

4130 

4765 

4)90 

TIM 

4260 

4195 

4230 

4275 

Montreal 

tariuttrliditodos 2982X9 



Francos: 2942J) 

Bee Mob Core 

4340 

4341 

43J0 

43 

Ota Tire A 

2XS 

25X5 

25X5 

7SJ5 

CdnimA 

32.10 

31X0 

31X0 

32U 

CTFWI&k 

32ft 

33 IK 

32ft 

3314 

Gaz Meric 

17X5 

16.90 

1690 

17.10 

Gt-Vtett LJeco 

22 

21« 

37 

22 

iBwnco 

38U05 

37X0 

37X0 

37X5 

UMStocsGrp 

2550 

25J0 

25.90 

35X0 

LufatowQn 

16X0 

IA90 

16.90 

1/ 

MrtBkQmtad 

1AM 

I5L9S 

TAOS 

16X0 

Power Core 
Power Fftri 

29)4 

2&90 

3935 

29.10 

26 W 

36ft 

2A70 

27.10 

QaebeenrB 

25.15 

25 

35.10 

25ft 

RoBWsCoramB 

9J0 

9JD 

9X0 

9ft 

RoydBkCdD 

m 

SB 

6X90 

5SM0 


Oslo 


AkarA 


OBXkdec 60723 
Pmtaus: 60950 


Dm nocste Bk 

Pftftn 

HofsttodA 

KvoernerAso 

SSSe^A 

PtttaGnStc 
" iPtttaA . 


Tra cs o ceu u Otf 
SlUttHBOdAB 


186 

l« 

2640 
3020 
123 
4720 
369 
351 
22050 
109 JD 
S2 
300 
11650 
137 
395 
4540 


183 

14650 

3490 

29JB 

11258 

47 

362 

347 

218 

107 

548 

296 

11520 

135 

395 


184 185 

14620 147 

25 2570 
2X90 3010 
121 119 

47 48 

364 365 

moi 348 
320J0 219 

108 109.50 
551 550 

296 302 

116 11650 
135 135 

395 395 

45 4670 


CAC-tk 263X10 
Pw te m. am JO 


Accor 

AGF 

AlrLlQidde 

AfcnMAlsm 

AsoAlAP 

Bonentre 

BIC 

BNP 

Const Plus 

Carretour 

Tfitinn 

CCF 

CeWem 

OhWIct Dior 

CLF-Oexic Fran 

Oe<8l Agriade 

Danone 

Elf-Aqototrs- 

EridcMaBS 

Bndbnev 

Eunriunnd 

GerLEour 

Hams 

hnetttt 

Lafarge 

Lmnuid 

LOreoJ 

LVMH 

Lyon. 6cux 

MldietoB 

F>Of«»sA 

Pernod (Heard 

Peugeaicii 

PtaeuB-Prirt 

Preatodes 

Renartl 

^sriencA 

Stnofi 


SEB 

SG5 Thomson 
SleGenernle 


StGobain 

Suez 

Swmefctao 
Thomson CSF 
TOM B 
lister 
Vote 


824 

21450 

919 

618 

37650 

784 

912 

2SB 

7»<3 

3510 

26670 

27470 

710 

827 

590 

1276 

905 

562 

944 

1X30 

7 

770 

<35 

865 

38820 

1044 

1988 

1358 

593 
34120 
400 
31320 
648 
2320 
1944 
13480 
1730 
19490 
542 
298 
990 
41690 
677 
2960 
890 
28320 
615 
19320 
mjo 
89 J0 


806 
20410 
897 
610 
37180 
756 
895 
219 
HOT 
3446 
261 JO 
267 
681 
BB3 
570 
1270 
897 
545 
921 
1025 
685 
754 
426X 
B51 
37X10 
1012 
1952 
1323 
577 
325JD 
39650 
30850 
617 
2264 
1055 
13220 
I486 
190.10 
526 
291 X 
985 
41020 
666 
2925 
863 
277 JO 
597 
191 JO 
471 JO 
8860 
371 JD 


824 824 

21450 21050 
912 927 

616 620 
37680 37520 
770 764 

909 904 

252 243 

1)14 1144 

3465 3465 
265 266 

269J0 270 

69B 718 

809 807 

590 597 

1270 1315 

902 903 

559 550 

925 947 

1030 1825 
6S0 7 

753 771 

428 43610 

865 B60 

38240 372 

1017 1037 
1972 1962 

1352 1330 

584 595 

333 JO 345J0 
398 39690 
311J0 315 

642 625 

2275 2290 

1925 1880 

13X40 13620 
1750 1740 

194J0 190JQ 
533 546 

271 JO XI 

985 990 

41690 421-90 
<74 674 

2940 2970 

866 893 
28180 28440 

£05 597 

193 19160 
472 M 48030 
89 99 

394 382*40 


EiearahaB 

Ericsson B 

HermesB 

Incendve A 

irpreSorB 

MoDoB 

Non&arAen 

PnarraUDlotai 

SandvfeB 

Scania B 

SCAB 

S^BorAenA 
StardfaFOB 
Stanska B 
SKFB 

SportoikenA 
sJodstepoteA 
Store A 
SvHandesA 
VttvoB 


499 48S 

270-50 761 JO 
1040 1031 


544 
356 
251 
274 
29BJ0 
171 JO 
188 
174 


541 

349 

242 

261 

294 

187 

185 

171 


495 492J0 
269 JO 26SJ0 
1033 1035 

541 545 

348 156 

247 JO 24150 
269 26S 


83 79 JO 
24450 240 

346JQ 340 

189 JO 187 

148 141 

191 190 

110 1O6J0 
23b 222 

190 185JD 


296 

1B8 

1B6J0 

17150 

81 

241 JO 
345 
189 


301 

1B9 

187 

173 

80-50 

2<2 

343 

189 


144 144JQ 
190 190 

109 JO 107 JQ 
234 225J0 
187 18? JO 


Sydney 

Amcor 

ANZBUng 

BHP 

Bond 

Brambles Ind. 
CBA 

CCAmjS 
Cates Myer 
Canatai 
CRA 
CSR 

Fosters Brew 
Goodman FW 
KDAusWfa 
Lend Lean 
MIMHdB 
NotAuSBank 
NttMutaal Hdg 
News Carp 
Pocfflc Dunlop 
Ptooeerlntl 
Pub Broadcast 
St George Bonk . 
WMC 


AlOnfluories 26X60 
PrertouB 2*5640 


(Pet 
Wattworths 


8X3 

8J7 

8J2 

152 

7X1 

7J1 

7.77 

776 

17.10 

1695 

17X4 

17.14 

1X1 

3X2 

180 

3X7 

22 

21X5 

21X5 

22 

12.91 

12X1 

12X5 

1294 

71.17 

17-05 

11.19 

17.19 

6X4 

5X7 

593 

591 

A92 

AB8 

A92 

692 

19X3 

19.11 

19.19 

19X6 

481 

475 

479 

4X1 

2J5 

263 

2J3 

2J4 

1J8 

1J5 

1J7 

1 J9 

12J0 

1240 

I2JS 

12J0 

23J4 

2230 

2155 

2340 

1X4 

1J9 

1X1 

1X1 

16X6 

15X0 

16X5 

15X5 

1.98 

195 

1.97 

199 

6X0 

673 

678 

679 

3X4 

3X7 

333 

3X3 

411 

405 

410 

407 

6J5 

6X1 

6X8 

641 

7J2 

7JS 

7J1 

7J9 

BJ5 

8X4 

8X6 

638 

7.17 

7.10 

7.15 

7.17 

9X2 

9.18 

9X0 

9X0 

3JD 

265 

167 

369 


Sao Paulo BovenoMee 9277.41 Taipei 

nevkuK 9317.19 


Stack Mstet tadoe 836X15 
Prwtem; I255J7 


Bredesco PW 
BratrmaPftl 
CendaPtd 
CESFPM 


- PM 
Light swvtdas 
Ugbtncr 
PekwnsPM 
PowBsta Laz 
SUNadomd 
Souza Cruz 
TetebmPM 
Telerolg 
Tetetj 
TetespPfd 
Unibana 
UslmtausPH 
CVRD PM 


9M 
725310 
4X00 
5X00 
1670 
47600 
56X00 
46100 
337-00 
214,00 
140JW 
37 JO 
9J3 
11X70 
164X0 
15650 
29600 
41 JO 
1-23 
2600 


US 690 
71600 71600 
47 JM 47J50 
57 JO 57 JO 
1650 16550 
463J0 47100 
56600 567.00 
<5X00 459 JO 
330X0 33690 
210X0 212X0 
138JO 13650 
37X0 37 JO 
9.35 9X5 

11050 11X10 
161X0 161X0 
154X0 156X0 
293X0 295X0 
4120 41X0 
1-20 1.22 
2670 2685 


090 

719.99 

47J0 

5610 

1670 


570X0 


moo 

21X00 
141X0 
37 JO 
9J9 
11190 
166X0 
159X0 
297X0 
41X0 
1J2 
2610 


/ Ute ins 
__ JHIWBX 
CMaoTungBk 
China Dewlpral 
Oite Steel 
FkttBnk 
Formosa Ptasdc 
Hoc Man Bk 
taflGBtnreBk 
ManYaPtastks 
Snin Kong Ufa 
Tatann Serai 
Tatung 

m Micro Etec 
UldWoridCWn 


1X7 

779 

780 


186 

183 

786 

184 

9QJS0 

89 

9050 

9090 

119 111J0 118J0 112-50 

27X0 

7660 

2660 

27 

IBS 

185 

788 

IW 

75J0 

14 

75 

7490 

146-50 

144 

145JB 74490 

84 

83 

B4 

B3J0 

68 

67 

67 JO 

67 

112 

no 

712 

71) 

65J0 

64 

6490 

6490 

59 JO 

SB 

58 

W 

49 JO 

48 

48X0 

<n 

7050 

69 JO 

70JD 

70 


Seoul 


Daewoo 

Korea BPwr 
Kona Bob Bk 
Korea Mob Tel 
UGSeratan 
Pahoag (too St 
Samsung Dittay 


K 657X0 

Piwteas: 66X90 

lasooo imooa 103000 101000 

4(J90 3960 3960 4030 

19000 1S400 13500 18600 
17000 15700 16100 16000 
26300 25300 2S600 26000 
5740 5660 5720 5610 

470000 464000 466500 467000 
26700 25600 26000 26500 
40900 40000 40300 40900 
40500 39500 35500 4 0300 
54000 52000 S2500 5 3700 
10400 10200 UMOO 10800 


Sinaapore sMsnasaMx 

^uiyapviw preilons: 21 77.39 


Attn Poc Brew 
Cerates Poc 
CBy Devtts 
Cytfc Carrtooe 
DofeyFarre W' 
DBSfereto 
DBS Lreia 
KeppdPeis 
Fraser & Nam 
HKLanf* 
jDdMattwsn* 
JnrtSWegtc* 

-^Btek 


oSct 


OSIMwifitF 
Partway Hdgs 
Sembawnng 
StagAktarttgo 
51ngLcmd 
Sing Press F 
Sing Tech tad 
sing Trteeomm 
KeteelLand 
To Lea Bank 
UMtadustiM 
indorsee 8k F 
WtagTttHdgx 

ttaUS. teflon. 


7 JO 

7X5 

7X5 

10J0 

10.10 

10.40 

13X0 

72X0 

13 

1470 

1410 

1410 

0X6 

0X5 

0.76 

T&5D 

18.70 

1630 

5J5 

5X0 

6® 

<94 

448 

482 

13 

72X0 

12X0 

2X1 

2X4 

2X4 

f. IW 

590 

5.90 

3X6 

3X2 

3X2 

1070 

9.70 

9X5 

AI0 

408 

A10 

18X0 

1BJ0 

1660 

1090 

1040 

10X0 

620 

6)5 

615 

7JS 

7X0 

7J0 

72X0 

12X0 

12X0 

790 

7X0 

7X5 

28.70 

27 JO 

27X0 

3X6 

3X4 

3X6 

3X4 

3.18 

0X2 

474 

468 

470 

3J4 

340 

3J2 

1X0 

1.19 

1X0 

74X0 

1590 

16 

452 

4X6 

4X6 


Tokyo 

ABnameto 

ANNtapanAir 

Amw* 
AsaHBoftk 
AsoNChem 
Asabi Gloss 
Bk Tokyo MRai 
BkVotew t*j 
Brtupestone 
Canon 
Chuba Bee 
rrmimtll Plw 
MWppPlW 
Da« 

Oof-fcMKang 
Dotwa Bank 
Dotwa House 
DehreSec 
DDI 
Denso 

East Japan Ry 
BsaT 
Fanuc 
i Bor* 


Stockholm 


AGAB 
ABBA 
Are) Daman 
Astro A 
Arias Copco A 
Aiimt 


SK 16 tadett 296X59 
Pmtaoc 2961X4 
11SJ0 11X50 11X50 116 


683 


B7S 877 883 

309 204 20X50 M7 

310 363 36456 W 

187 IBS 1B6 1B4J0 

J33 327 333 33050 


Fu(-_ 

Hochgun] Bk 

Htodil 

Honda Miter 

IBJ 

■HI 

Itadw 

Ito-YoKoda 

JAL 

japan Tobaccn 

Juscn 

Kapow 

KmalEiec 

Kao 

KawatelHvy 
ICawa Stool 
HnUKippRy 
Kirin Brewery 
Kobe Steel 
Komatsu 
Kubtto 
Kyocera 
KVystHj Elec 
LTCB 
Marubeni 
Mmol 

Matsu Gomat 
Matsu Elec tad 
Matsu eiecWk 

MBSUMSK 

MflsiffilsWOj 
MftsubteM El 

MltSubWHES 

MBsubWd Hry 
MBsuMsM Mat 
MOsabfcWTr 
Mflsul 



NMsI 225e I79ML48 


Prmtes 18183X7 

m 

953 

971 

965 

DOS 

193 

804 

000 

34 » 

3380 

3380 

3400 

829 

820 

K73 

834 

602 

494 

602 

60(1 

1090 

1070 

1080 

1090 

1960 

1910 

1910 

1940 

526 

519 

J24 

525 

2260 

2190 

7200 

9991) 

2570 

2440 

2460 

2600 

2160 

2130 

2140 

2160 

7150 

7130 

7140 

2140 

1960 

1930 

1930 

I960 

705 

686 

693 

746 

1380 

1360 

1360 

I3M 

468 

446 

468 

465 

1390 

1380 

13W 

1400 

940 

BSD 

900 

946 

7340b 

7150a 

7240a 

7270a 

7360 

me 

2370 

23/0 

5330B 


4300a 

4360a 

7770 

7150 

7170 

2(60 

3670 

3600 

3650 

3670 

1420 

1390 

1390 

1440 

4080 

4030 

4060 

4100 

izia 

1190 

1200 

1200 

1030 

1020 

1070 

1020 

1080 

1060 

1060 

1080 

3660 

36611 

3660 

3680 

1330 

1290 

1300 

1330 

416 

410 

416 

419 

561 

562 

461 

467 

5390 

rofrn 

5250 

4290 

479 

473 

4/4 

480 


/910a 

797DB 

8000a 

3240 

3180 

3180 

3290 

607 

481 

481 

61? 

2210 

7180 

2700 

2200 

1790 

17/0 

12HI 

1310 

479 

463 

469 

480 

338 

336 

3J7 

339 

726 

m 

726 

127 

979 

9/0 

970 

*87 

216 

214 

216 

217 

847 

840 

845 

850 

536 

624 

BA 

439 

£980 

6850 

6900 

TOW 

2170 

406 

21 SO 
397 

2170 

400 


442 


437 

440 


1670 

1670 

i/ie 

2900 

2B70 

2900 

2880 

1850 

1830 

1830 

I860 

1110 

1090 

IIOU 

1120 


IBM 

Kira 

1080 

3)5 

310 

310 

311 

677 

14)0 

665 

1350 

666 

14)0 


m 

76/ 

76/ 

803 

855 

840 

844 

850 

n» 

1280 

1300 

1300 

861 

B54 

860 

860 


The Trib Index 


Prices as ot 3-00 P.M. New Vorit time. 


Jan. 1. 1992= 100. 

Level 

Change 

*change 

year to date 
change 

World Index 
Regional indexes 

151.12 

-1.67 

-1.09 

+1460 

Asia/Pacific 

108.80 

■1-96 

-1.77 

-18.96 

Europe 

160.00 

-125 

-0.78 

+14.96 

N. America 

176.38 

•2.15 

-1.20 

+37.50 

S. America 

Industrial Indexes 

140.34 

-0.68 

-0.48 

+57.61 

Capital goods 

175.94 

-1.31 

-0.74 

+32.41 

Consumer goods 

171.29 

-2.47 

-1.42 

+24.06 

Energy 

175.80 

■1.18 

-0.67 

+29.63 

Finance 

112.39 

-1.81 

—1.58 

-11.66 

Miscellaneous 

159.75 

+0.62 

+0.39 

+17.63 

Flaw Materials 

184.02 

-1.79 

-0.96 

+29.77 

Service 

141.50 

-0.38 

-0.27 

+17.92 

UtMes 

134.48 

-1.61 

-1.18 

+5.78 


The International Herald TiAune World Stock Index O tracks the U S. dotiar values of 
280 k uanmtionaBymasuble stocks fmm 25 countries. For morn information, a tiBo 
booklet is avatiaue by writing to The Trib Index, 181 Avenue Charles do Gaidlo. 

92521 NeuBy Cede*. France. CamfOod by Bloomberg News. 


Mftsuf Fudosn 
Mitsui Trua 
Muiatu Mtg 
NEC 
NBon 
H Olka Sec 
Nintendo 

ssssr 

Wppon Steel 
MssanMttor 
NICK 

Nomura Sec 
NTT 

NTT Data 
08 Paper 
Osaka Gas 
Ricoh 
Rohm 
Sakata Bk 
Sankyo 
SanwaBanh 
Sanyo Elec 
Seann 

SeflwRwy 

SeUsiOwn 
5ektsul House 
Smea-Bewn 
Share 

Shikoku El Pwr 

SMmbu 

SNn-etsaCli 

ShbeWa 

Shbuoka Bk 

Softbank 

Sony 

Sumffonio 

SumBaaoBk 

SumOClwm 

Srnndomo Elec 

Surah Meiol 

SumttTRBt 

TabMPhann 

TakedaOiem 

TDK 

Tonoku ElPwr 
Total Bank 
Toklo Marine 
TokyaHPwr 
Tokyo Etotsnn 
TokyvGB 
TokyuCorp. 

Toner 

Tapper Print 
TorayOid 
TosraKi 
Tostem 
TsywTrutt 
Toyota Motor 
YomanoadW 
ILXltXttKX U)00 


High 

Law 

aose 

1280 

1230 

1260 

739 

no 

730 

4310 

4290 

4290 

i«n 

1390 

1400 

1710 

1660 

1680 

713 

695 

700 

8730 

8650 

B650 

766 

til 

758 

488 

4/3 

473 

327 

327 

325 

731 

m 

723 

261 

256 

756 

1410 

1380 

1380 

8240a 

32000 

9HS 

8160a 

3190b 

613 

600 

60S 

284 

281 

284 

1410 

1380 

1390 

BS00 

8450 

8400 

741 

725 

727 

3350 

3220 

3330 

1380 

1340 

1360 

466 

450 

451 

6650 

6500 

6650 

5260 

5100 

5260 

1190 

1170 

1180 

1130 

mo 

1120 

7130 

7000 

7130 

1530 

1510 

1520 

2100 

2090 

2090 

654 

635 

637 

2250 

2210 

2220 

1520 

1480 

1510 

998 

985 

985 

10700 

10200 

10200 

8840 

8760 

B800 

855 

820 

820 

1560 

1520 

1530 

483 

475 

475 

1670 

1660 

1670 

285 

780 

280 

10C 

1010 

1010 

2830 

7/50 

2790 

2490 

3470 

2490 

9000 

0040 

9050 

2120 

2080 

2080 

909 

89/ 

902 

1190 

1160 

1160 

2220 

2190 

2210 

4250 

4200 

424) 

29* 

790 

294 

564 

SS3 

557 

1240 

1210 

1210 

1390 

1360 

1360 

661 

656 

660 

<69 

661 

667 

2620 

7500 

2500 

833 

m 

533 

3110 

3090 

3110 

2400 

2380 

2380 


Toronto 

AbtlHil Price 
Alberts Energy 
AksnAtWn 
AndereenExpi 
BkMontJBo) 

Bk Now Senna 
Bonk* Gold 
BCE 

BCTetocomre 

Btodwm Pham 

Bombardier B 

flrasawA 

BiHUrmb 

Cameco 

CIBC 

Oda Nail Rnl 

DtaNfflRes 

CdnOcdd Pet 

CdnPodflc 

Condnai 

Dated) 

Domtor 

Dcnaltus a 

DuPontCdoA 

Edper Group 

EuraNevMng 

FateaxFM 

Fataanbifctoe 

FtotoherOteA 

Franco Neruda 

GutfCdaRw 

ImperkdOfl 

loco 

IPL Energy 
LokRowB 
LoourenGroop 
Moaatt Bk3 
Magna I an A 


S1U 

16H 


501* 

16 


5» 

68 

52 51U 

34J0 3X65 


55 55J0 55JS 
fink 67 JO 68X5 
“ 5116 

34 


52 

34X0 


23 2X65 2X95 2X90 
35.15 3440 3440 3545 
40 40 40 40 

24*5 2430 2440 2«6 

11.90 11.90 1X90 11.95 
25X0 2565 251* 25U 

34*4 3416 3416 34M 

2415 2165 2X95 2420 
4X30 42 42 016 


304 300 

3X70 3X30 


300 301 

321ft 3X70 


2X10 2X10 2X10 22)4 

64 6316 63)6 63X0 
TQJ0 10X5 1045 10J0 


6X40 


63 6X3S 63V 


5040 49J8 «?Jtt SBJ5 
40 3 <ni 39.9S 40 

20.10 19X5 19.90 2030 
. « 44A5 44* 45X5 
1095 1055 1850 1070 
71X5 7060 71.10 71 JO 


Memonex 

Moore 

Newbridge Net 

Norandalnc 

Noicen Energy 

Nthe/n Telecom 

Nova 

Oaa. 

PanataPeflm 

PelreCda 

Placer Dams 

PocpPetta 

Potash Sask 

Renaissance 

RtaAlgom 

RagereCanMB 

SeogmmCo 

SheflCdoA 

Slone Cansold 

Sunoar 

Tofcjtrm Eny 

TeckB 

Tetegktae 

Teto* 

Thomson 

TortXwi Bar* 

Trunsatta 

TransCdoPlpe 

Trimark Rnl 

TrtzecHahn 

TVXGoM 

WesknolEny 

Weston 


High 

13J5 
29X0 
4X55 
3X90 
3035 
9470 
1XX 
25 
56J0 
2015 
2814 
1X15 
105J5 
40X5 
3645 
27 JO 
5170 
581* 
2X10 
63 
44X0 
34 
401* 
21,45 
29 JO 
38J0 
17 
26^5 
4X5& 
32X5 
1IJ0 
25J0 
73J0 


Low Oose 
1X45 1X45 
29 JO 29 J0 
41)6 41.90 
3X45 3X70 
3010 3030 
9X10 9X40 
1X10 12J0 
24** 24*4 

56 56.10 
191* 19X5 
28 28.15 
1X80 1X90 
10J 104** 
40 4014 

36 36X5 
27X5 2740 
52X5 52X5 
58.10 5BM 
2X05 22X5 
62 6X70 
4X35 4X95 
3i« 3X60 
39X0 39.95 
21.15 27-35 
28X0 2X90 
38 38,30 
16X0 16X0 
2 SB Xt80 
4X10 0.1 u 
3216 3X65 
1095 11 

24X5 24.90 
7X30 73)6 


Pre*. 

1165 

29.70 

42)6 

33 

3020 

95.40 

1X35 

25 

5616 

2015 

28 

1X05 

10516 

40X5 

36 

27X0 

5190 

58J5 

2X15 

6X70 

44J0 

3190 

39.95 
2170 

29.95 
38J0 
1695 
26-55 
<190 
3X95 
11X5 
25-30 
73ft 


Vienna 

Boehler-Uddeh 

DmfflnnttPM 

EA^eoerall 

EVN 

Ftoqhnten Wien 

dmV 

OestElektitz 
VAShflW 
VATech 
Wtenwberg Bou 


ATX todec 12US7 
PmtoUB 1349.92 
860 844 BSD B65 

47430 462J0 47120 475 

3*09 3386 3409 3395 

1740 1719 1719174X10 
59X50 58530 592X0 596-50 
13921366.15 1390 1390 

855 846 851.40 856 

4B8J0 483X0 487 JO 48095 
1S551B40JD 1B43 1B70 

2286 2265 2278 2300 


Wellington nzse£Mbb»ijo 

^ PlWiluK 22&SJA 


TSE lodastrielc 6187.14 
Prevtas <257.21 
w.kn 22 2X05 22X0 
29X5 2BJ0 58** 29 


50)4 51JS5 
16 16X0 


AlrNZealdB 

4X0 

3.95 

4X0 

3X6 

Briefly Imrt 

1X5 

1X3 

1X4 

1X6 

Carer HUH art 

3X4 

3X0 

3X0 

3X5 

FtetehOiBMg 

4X5 

■4-16 

475 

4.16 

FtotchOi Eny 

3X1 

3X6 

391 

3X6 

Retch CD Foret 

1.98 

1.96 

1.96 

1.9B 

FWdi Qi Paper 

2.98 

2.94 

2.94 

3X0 

Lion Nathan 

39? 

3J9 

349 

156 

Telecom NZ 

650 

6X5 

6X8 

6J6 

WflsonHarion 

11X7 

IliW 

11X7 

11X5 


5X40 52X0 53 5314 

54V* 53X0 5X65 54S 
36.70 36X5 36 J55 36X8 
67X0 6630 66)6 68J0 

30X5 30ft 30X0 31 

75 70 70 7BX0 

26U 25X5 2595 2615 
3230 31X5 32 3270 

17 JO 16X0 17X5 17J5 


Zurich 

ABBB 

AdeccoB 

AIusubseR 

Ares-SereecB 

AM B 

Baer Hdg B 

Seriate Hdg R 

BK Vision 

QariuniR 

CrdSutaseGpR 

Befctrowatf B 

EmsOwnde 

E SEC Hdg 

HatowbankB 

LiechtenstLB B 

NesMR 

Novartis R 

OerBuiBoefaR 

PargesaHJdB 

PbarraVtonB 

RKhemadA 

PlrcflPC 

Rede Hdg PC 

SBCR 

ScUndtePC 

SGSB 

5MHB 

suteR 

SwteRetasR 
SwhsdrR 
UBSB 
WHerttaurR 
Zurich AssurR 


1759 

,458 

1223 

1740 

878 

1752 

2925 

075 

72S 

170 

532 

5960 

4650 

ms 

.485 

1641 

1770 

144 

1699 

732 

2000 

205 

12425 

307 

1731 

3510 

864 

972 

1529 

1293 

1347 

968 

45X50 


SPiloda: 292X78 
PmtODS: 295645 

1740 1751 1755 

448 457 454 

1208 1213 1224 

1655 1705 1675 

860 an 860 
1740 1750 1762 
2090 2895 2980 
53 B60 871 

702 715 7ii 

16835 168JQ 171 JO 
530 532 531 

300 5925 5905 

4290 <500 <550 

1IM 1113 111B 
483 483 486 

1626 1633 1655 
1MJ 1736 1780 

U1 U2 145J0 
>«0 100 1700 
722 730 73S 

Wg 1W 1W0 

12180 1S55 1M 
302-50 304 3in 

^ i» 

33M 3465 3S45 
gg Mf 867 
<58 ?65 968 

W5 1516 153? 

1SW 1294 

“5 ’S 2 la « 

958 965 9/1 

449 4S250 45670 






NYSE 


Thursday's 4 P.M. Close 

f Continued I 


Mr ym re rani 


Si i Ilium 

B* YW PE 1MB Wpi In LAS at* Weft la, iwt 


a* vw ps laajHc 


\ KVas\ 

staf 0“*j wp Lo» Sfatv 


l: V<*r. 

uw 


P' t Or»r 

■Vt f. i/^,ar 
«"• i.' SftivTi 
JJ .. - frill 
j2 3 -rr-rlt 

h S 


Do VS PE IHh *t» l am |«a Otijr [ 


* !- a* ^ * 

^ j it m k is p; *j: 

.80 Ii 3 IOC iFi ?T ST -IJ* 


1 -, 23- . c'ims*" 

?" £% 
i; • «: • 'I’.m 
i i >■ i v-pom » 
«;• jf-s Jwim 
( 1 . ■ ftw 

iii ja- p£z?& 

X'* lt^ fjrlfjf] 

W- le i uiwiie’ 

ii.« cJSi* 


r y 

ii 


S5 & 
SS S&. 
9% % 

S M5 



je is is hot sn. crt 
W 7 * \* on. jiw dim 
l-BI .11 14 BT1 Sfrrt 16 


i Jo t» « 'om*i m. a rv; m ai 

u u - sin ait » 

.sm m _ „ jo a jan i4K .t« 

ijom U is mo on an a 

■n. 16 w ft» 3*6 a « M 

_ If 74X- loti IS*. IJh -4. 

IS It . II M'* 16*. jm, -n 

x « u 46i a* an sn n 

14* 15 II IMT 43*. OH OH -114 

w» I 9 i* gwiij.4iin n\. ■** 

.’5! « SR !•*» ii » -*1 

<50r las * 143 I4>1 14 14V! 

UI ( . 66 25*. 15 S -M 

■J* 1-3 _ W »■! Bit SI 41 

1» 03 _ 2fe JWr. ?SW 2*6 -» 

„S H M » -* 

I 1 6a 80 _ 63 Hh 144. 14k 

i4i u ii ia wi w wi -S 

. _ II 1 IPI IM IA -46 

iM’t , a» m *4 

13 .* - 366 r» IM 11*4 _ 

136 JJ 16 101*7 m W44 W6 l*> 

I® 77 _ 47S >*4o 7446 Wl -46 

2.1] U . 317 » IM » 4. 

• • u ii ra in *» an ■** 

214 65 - » M •« 

r£ *£ - « » 341 m 

I *» 2* - I g}6 2546 254* 

206 II . IB &*l 1SH 2»l -It 

■6W !♦ * OTJ D«* ]JM 13 -146 

- ■ 336 S4> N SK .H 

M 14 10 1IW S> ZM zn >4 

.ei J a mj m sm wi -w 

_ - - jao ion im. ibk -w 

w u is i«o <r. fin a -6 

- I* IB II IM6 low -46 

. - . !«7 A 446 446 -46 

I JO IU 12 O T746 13M I7VI .4* 

. a m m in ii 
s ij u .is m ah m J* 

io j • wi zw wi an .4. 

_ _ DM « ill n .* 

JMt I* 14 1211 4566 4441 4441 -40 

ii; J! i taw «t ion >46 

W U I MW N 1646 -M 


IJ* 60 _ .311 »» 7946 1*46 -16 

310 41 34 1074 5 HI 904* M -44 

■34 A 61 25 *4246 43 42 -46 

- 3S JO in 19*4 1*44 *46 

- .3 M 2 17* J »n 

_ 16 74 a a* av, an -a 

J3b _ _ 5 71W MW 24*6 -*6 


41 11 ii Ml nh 1*6 W _ 

.40 30 II B m* l*4i 7*76 -G 

SH* il J* J* 4*46 444* 4016 -46 

. , Pll » 5 546 *46 

JO J ll 63774029 O* n 

U2 2J 3u*r*6 574 87V, 

H4 41 22 mi SOT* 4661 90 -I 

440 6 J _ taw zn R n _ 

4*0 O - 110*0 19)6 7*46 7*41 

1*0 I.* 37 38M ST* 53 52 -4* 

541 15 Ii 2H0 9116 3*16 846 -116 

IOW ll II 06 35 U 6 144* -46 

310 8 M 0 U* » » -46 

-3« - - SW 414 446 446 *46 

46 IJ B 3*317 33 3146 1146 -66 

.44 io si 15 a n i» Til* nw -w 

I J0 M 11 18 144 14 U -44 

OtIU » il «l <46 4W *«6 

. B KUSH Bl 354* 4 

. .20 _ 6 146. 1416 1416 -46 

i!4r M - I* an W 6 84 -46 

_ - a m io so -A 

l-MI 13 11 *313 *446 *446 *1 -M 

_ _ $25 )H C J M -*4 

iob jo * am m> m jb** . -* 

210 24 II rm 77 7546 1546 -til 

*1 41 11 27 1*4* 1*49 H4| -46 

„ - - 4S8 l«4 « IM 04 

4U 2* 1610419 129*4 125*4 1» -IBM 
Mr .4 15 536 60 9944 M -1*6 

in u . h m in m -« 

«• 2J 40 2M6 45*4 4444 444* -111 

mU.- 66 2644 36 1616 

I -78 U 11 **•> <1 AM AM -66 

106 U - 1 15 2546 351* 2546 

JS I I 19 W IN IM IM M 

J4 jo 16 IBM in 716 • -M 

ljto Ii _ *7 3344 27Vl 37*1 J 6 

_ 39 4» 1416 IJ46 7311 41 

48 U »1 8*6 946*46 _ 

108 If 19 81 216 DM 234. 

.u 3 io ran 1016 mi i/u -w 

2 ft Ii _ 2506 10 « 6 t n 4*6 

L4*F 1*4 _ 543 1746 1716 ]7t* -46 

06 4 43 11 IM 10 W -46 

U 1-4 17 133 1716 17 17 -16 

IM 10 18 73 284 UV, XM -M 

1.12 SO - IW 1*6 U J9V4 - 

_ I* 151 3716 1346 3746 J4 

I ID IS 14 458 3IH lit* 9146 -4» 

J3t O — 4 in IM IW -46 

*3 * 10 4*7 36 3ft 36.. -t* 

*3 l« 74 HH <7 66 4646 *9 

11BS - IP IM IM 1346 .14 

"5 IJ _ IM IU4 17*4 g 

<3b Jr, 30 3312 6346 6116 81 .14 

4 S iffi » 2546 1516 -I# 

%t 1 3 11 61 19*6 I*V 1 WO 

% *1 I) IJT 1446 14*6 1*W -11 

I J 14 tr SHI 5S*» 53*9 .16 

3 4 » W 144 144 W »** 


14 3 *116 4» M* -•« 

Z IO TJ 15*6 I4>6 1466 4* 

- 70 1M7 io*l 10 • w 5 

”* *i - « lb lr 2 

I ' * I TO f J 

3 i i,-, s ss s«t a. t 

-a ,5 ® T» SJ. 4J5 £5 3 

*2 on 4| 474 Mlk 47. -U 

«« ^ k £ p jli *j ■ 


lii - 3 

aS _ Z iwo 55 i£S - , JS 

ow U M 410 SOW JR 3M . -M 

si - a** US *2 

3 

3" S IS 3s i -3 

IjS 4.4 - Id m d* 1 

















































































INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


PAGE 17 


QTY. Monetary Union Isn’t Expected to Hurt London’s Market Role 

ntinued from Page 1 tain's financial induct™ <wwraies a£20 land or not. “I don't want to sound 



union. Stil]>lhereare 

pn by standing aloof from a uSd 
Europe with its cumbrous layers of fi 
nancial regulation ycr5 OI n 

What wonies Mr. Cassidy and some 

K lhe PO^MhyX 

Contmen^financaihubsndghtn^i,, 
on London s business anyway Thev 
rant proposals by German 

" en ^ b °5 c i als to it more e\- 
pensive for banks located outside foe 
* counties that join in the proposed com- 
mon currency, the euro, to do business in 

Of particular concern, they add, are 
efforts to deny outsiders access to 
gropes new Target system, which is 
deigned to allow speedy and secure 
settling of large transactions in euros. 
Ine Bank of England has voiced its 
objection to such efforts. But British 
officials and bankers remain worried foar 
they have not seen the last of these efforts 
® d P ^ £sal and regulatory balance in 
favor of financial institutions operating 
from within the single-currency zone. 

For London and its woidd-be Con- 
tinental rivals, the stakes are huge. Bri- 


tain's financial industry generates a £20 
billion ($32 billion) surplus on the na- 
tion's annual trade accounts and em- 
ploys more than 100,000 people, in- 
cluding those who work in the local 
offices of its nearly 560 foreign banks. 

Its dominance within Europe is un- 
disputed. London's $464 billion in an- 
nual foreign-currency trading rivals the 
combined totals of New York and 
Tokyo and casts Paris and Frankfort into 
obscurity. Whar is more, in the quieter 
and less volatile foreign-exchange mar- 
ket likely to be ushered in by a single 
currency, London's dominance within 
Europe is expected not simply to endure 
but to grow as lower trading volumes 
increase die need to centralize trading. 

In die bond markets, four times as 
many German government bonds 
change hands in London daily as in 
Frankfurt. In futures and options, foe 
dominance of the London International 
Financial Futures Exchange is so com- 
plete that executives there find it easier 
to talk about the small part of European 
trading that is not already theirs. 

“We have ail bat 24 percent of the 
trading in short-term interest-rate con- 
tracts, and all but 30 percent of foe 
medium-term bond contracts." said 
Daniel Hodson, the exchange's chief 
executive. 

Seen from foe Continent, London's 
lead looks even more unassailable — 
whether Britain ends up inside eirro- 


ROSMANS: Repatriation by Berlin 


Continued from Page 1 

go and their homes are in Serb-con- 
trolled areas.” 

Against such protests, German of- 
ficials argue that, with the peace agree- 
ment in Bosnia more than a year old, 
refugees should return home to par- 
ticipate in the rebuilding of their coun- 
tiy. 

The refugees are costing German au- 
thorities about $3 billion a year. 

Even more persuasive is the view of 
many Germans char therr country is no! a 
haven. 

"We are not an immigrant country," 
said Barbara John, the Christian Demo- 
crat city official in Berlin responsible 
for issues relating to foreigners. "So 
these people should not say. 'We are the 
new immigrants,' because if we allow 
this, how can we send other people 
£ back?” 

“There’s a growing impatience that 
they should go home," Mrs. John said. 
"Germans still remember how they re- 
built their country, and they know that it 
must be done or die country will not be 
rebuilt. They don't take into account 
that there's a different situation in Bos- 
nia." She was referring to the divisions. 


largely between Muslims and Serbs. 

In the years that Bosnian refugees 
have been here, said Mrs. Memisevic in 
Gottingen, some refugees have become 
partly assimilated — foe opposite of 
what Germany wants to happen. 

"The mood is terrible.” she said. 
‘ 'The young people have started school, 
they have learned German and their 
parents say: We want to go back, but 
only when we have a home to go to." 

"As for foe older people, many of 
them are sick. How can they help with 
reconstruction?” 

Under an agreement with the Bosnian 
authorities last year. German officials 
envisaged a staged repatriation. 

Single people, childless couples and 
Bosnians with a criminal record in Ger- 
many were to go home in a first wave, 
followed by those refugees with fam- 
ilies. 

The first phase was supposed to start 
last October and be completed by next 
May, Miss Kumin said at foe UN High 
Commissioner for Refugees. 

But that schedule has slipped, in- 
creasing pressure on state authorities to 
accelerate deportations before the 
second phase is supposed to start in the 
summer. 


land or not. "I don't want to sound 
pessimistic, and I know [hat it is not 
politically correct to say this,” said 
Philippe Ithurbide. chief economist for 
Sociere Generate in Paris, but there is 
“no reason for Paris to play a major 
role” in any financial market. 

Even in Frankfort, foe financial hub 
of Europe’s largest economy and future 
home of the European Central Bank, 
optimism is in short supply. 

“If London stayed out of the single 
currency, it would be easier for them to 
compete,” said Uwe Angenendt, an 
economist at BHS Bank. "As a non- 
member, it could offer significantly 
lower tax rates and a better regulatory 
environment as well.” 

The Bundesbank requirement that 
banks place a small percentage of their 
German deposits on reserve at the cen- 
tral bank are widely credited with driv- 
ing foe bulk of German debt trading into 
the eager arms of London. There, banks 
can forgo such costly reserve require- 
ments. Fears that the Bundesbank will 
insist foal foe European cemral bank 
follow its lead in establishing reserve 
requirements have only bolstered foe 
case of those foreseeing foe single cur- 
rency as a boon for London. 

In January, in a possible harbinger of 
life in euroland, the Deutsche Termin- 
borse, foe German futures and options 
exchange, swallowed its pride and 
launched a singularly odd medium-term 
bond contract, one based not on interest 
rates offered by Gentian banks on Ger- 
man bonds but on the slightly lower Ger- 
man rams quoted by b anks in London. 

Mr. Hoason, at LIFFE, called the 
bond an "explicit acknowledgment of 
London's dominance." A Deutsche 
Temuri borse spokesman termed it “an 
admission that London does not have 
reserve requirements.” 

Sanguine views of London’s future 
partly reflect a long-running trend by 
financial institutions toward concentrat- 
ing their operations in a single regional 
center to try to control risks and costs. 
Citibank, for example, used to trade 
currencies in 17 European locations. 
Now it has one: London. 

Similarly, the tikes of Deutsche Bank 
AG, Swiss Bank Coip. and Dresdner 
Batdc AG have in the past year con- 
solidated their European investment 
banking operations around new 
headquarters in London. 

By most accounts, foe introduction of 
a single currency would serve to speed 
up that centralization as it wiped away 
foe currency and risk barriers between 
countries. 

XEXT: Recent talk of a delay in mon- 
etary ur,ion is music to the ears of many 
European bankers and financiers who 
profit from currency transactions. They 
say the move to a single currency is like 
paying good money for the privilege of 
losing e\ en more. 


TODAY’S 

HOLIDAYS 
A TRAVEL 
SECTION 

Appears 

on Page 1 1 


Auto Rentals 


RENT AUTO DERGf FRANCE 
WEEKEND: FF500. 7 DAYS’ FF1500. 
TCL PARIS +33 [0)1 43 66 55 a 


Legal Services 


DW0RCE 1-DAY CEHTWED 
CD « Fax (7i4| 96&«95. Write: 16737 
Beach BML 1137. htanwgton Beach. CA 
92648 USA- e-mail - wstorniejunacon 


DIVORCE W 1 DAY. No travel. Wide: 
Bn 377. Sudbury. MA 01776 USA TeL 
508M43-8387, Fax: 5001443-018^ 


Announcements 


BARBIE AS 24 

AU 14 MARS 1997 
Pra Hors TVA er devise locate 
(tBducfcn dtepontfe sur demands) 
Rempta les baremes arteneurs 

FRANCE [zone C) en FFri - TVA 20,6% 
GO: 3J1 FOD*: 121 

SCOT. 5.44 SCSP: 5.27 

UK end -TVA 17,5% (fed 3%) 

GO: 05324 FOD*: 0,3476 

ALIEUAGNE (zone Q DUI - TVA 15% 

ZONE I- G : 


GO 1,09 
ZONE 0-1: 

GO. 1.07 

ZD&tt-F: 

GO 1 JD5 
ZONE N • F : 

SCSP: 1,40 
ZONE JV ■ G : 
GO W 


SCSP: 1A3 
SCSP: 1A0 


FOD 0.61 


BELGIQUE an FBI - TVA 21% 

GO 22U7 FOD 10,25 

SC97: 3339 SCSP 31.49 

H0LLAM3E {zone2l NLGri - TVA 175% 
GO 1,236 FOD 0.77B 

SCOT: 1.047 SCSP: 1.707 

LUXEMBOURG en LUFfl - TVA 15% 

GO 19.30 

ESPAGNE (zone A) en PTAS4-TVA 16% 
AU 13X0/97 
GO B3£7 

SCOT: 99,74 SCSP: 99A 
* Usage legtemene 


Attention visitors 

from the U.S! 


P 


If you enjoy reading foe IHT 
when you travel, why not 
also get it at home? 
Same-day deSvery available 
h key U.S. cities 

Call (1) 800 882 2884 

(in Nw YoHuafl 212752 3880) 

Jicrall3iCSribunc. 


nil iMunuiiD %»•> 


Business Opportunities 

OFFSHORE BANKS 
COMPANIES & TRUSTS 
ASSET PROTECTION 
IMIAGRAHOfUPASSPORTS 
TRADE-FINANCE 

ASTON CORPORATE 
TRUSTEES LTD 

19 Peel Road, Douglas, late d Mai 
Brffish Isles 

TeL 1 01624 626531 

Fax: 81624 625126 

E m No. MtonOintafprfMJNt 


OFFSHORE C0HNBK1AL BANK 
FOR SALE 

WHi Class A Icense and conesponderi 
bark ratetonsfy. tadudes holding 
company with Geneva office, and a ILS, 
sutodHty wflh New York Qty office. and 
a UJt subsidiary wifi London dice. 
bnmBdae amusim 100% control 
US S60.000. FINANCE MERCHANTS 
GROUP. Nassau let #2-394-7000. 
Fax: 242-3SM-70B2. London tefac 
44 181 539 B246 


MIGRATION OPPORTUNITIES 
Oden Permanent Residency, 2nd 
CAtetship & 2nd Passport via Economic 
Investment 100% legal Govemmert 
Programs, starting el S2&Q00, sued in 
90 to 180 days. Funds held ii Escrow 
inti you receive you - documents. 
NTERNATTONAL ATTORNEYS SA 
CARIBBEAN: Fax +(590) 290 587 
or Fax: 4(590) 290 684 
E-MAIL NTATT6A0LC0M 


FUNDING BANK makes self liquidating 
loans. Debt tree, no repayment cash 
out payment d bank establishment + 
funding + colateral armtnienl fees. 
ILOi requested). Fax +90 2122814435 


FAMOUS DISCOTHEQUES OFFERED. 
2 newflsuge successful franchise niwts 
n Smgapora and Bai Avaftatte in April. 
Owner namg. Fax (65) 835 0362 

OFFSHORE COMP AMES. For free bro- 
chure v aduce TeL Iordan 44 l&i 741 
1224 Fax. 44 181 748 6558/6338 
mm apptetonxo.uk 


Telecommunications 

Introducing 

KALLTHRU 

Seamless Dialing 
Solutions at famously 
low Kailback rates 

international 
Voice. Fax Data for 
PABXflfey Systems 

Rates as low 
as 10 cents/minute 

* No Deposit 

* No Aiwrams 

A Serves of 

(Bkaflback 

X\.l 1 1 , f jr 41 7 2 nd Am W. ■ 
SMUa,W* M11S 

Where Standard are Set, not Med 

Teh 1.20&599.1M1 
Fax: 1.206J99.1981 

Enalb into 8kaffiark.com 

WMjBflMdUOn 

Come see us ai CeBIT 77 
Hell 11, Stand ML Booth HS 
Harmor, Germany Uadi 13-19 

Business Services 


Lowest Inf I 
Telephone Rates! 

Cal The USA From: 

Germany SL33 

UK JD25 

France S032 

Switzerland S036 

Swerten 5025 

Saudi Arabia SLB9 

Cal For AI Rates 
25% Comnuaion 
Agents Wfekanel 

KallMart 

TeL 1-407-777-4222 Fax: 1-407-777-6411 
Imp-jAyprunotelman 


YOUR OFRCE N LONDON 

Bond Street - Mai. Phone, Fur, Telex 

Tet 44 171 499 9192 Fax 171 499 7517 


Business Travel _ 

istfBusiftBss Class Frequent Travellers 
Woridmda. Up to SO", dt. No coupons, 
no [sanctions imperal Canada Td 
1-514-341-7227 Fax: 1-514-341-7996 
e-mail address imperial 8 login net 
M^dVinwJagliuiellliRtiei ial 


Capital Available 


CAPITAL CORP. 

Hi A 

Corporate Financing 
Venture Captal 
(Wbrttvxtel 

Tel: 001 -407-248-0360 
Fax: 001 -407-248-0037 USA 


Financial Services 


PRIME BANK 
GUARANTEES 

Verdiae Capital France Avafede 
lor Government Protects and 
Government Gonpames 
mat are tor sate. 

Large Projects our Specialty 
Also. Long Term Finance lor 
Large end Small Companies 
No rarrimissran Untfi Funded 

REPRESENTATIVE 
Needed to ad as bason 
Please reply m Eng&sh 

VENTURE CAPITAL CONSULTANTS 
Investment tankers 
1B311 Ventura BM1. Suite 999 
Endno, Caffiomta 91436 U&A. 
Fax No: (819) 905-1696 
Teb (618) 789-0422 


FUNDING PROBLEMS? 

VENTURE CAPITAL 
EQUITY LOANS 
REAL ESTATE 

Long term collateral 
Supported Guarantees 
(Commsacn earned only upon Funding) 
Bankable qua rani ok to secure furring 
for watte projects arranged by 

BANCOR 

OF ASIA 

Fax (63-2) BID-9284 
Tet {63-2) 894-5358 

Brokers Commsacn Assured 


ANONYMOUS BANK ACCOUNT Avail- 
able. Prompt selrirery and reasonable 
fee. F» to -44 |D)1924 260561. 


REAL ESTATE MARKETPLACE 


Real Estate 
for Sale 


Ca nada 

QUEaffi - Gracafi home on 6 hectare 
przfr , 300 meters & boathouse on Lac 
des Sables. rear tKonc danrtoim StB- 
Agada. 40 min Montreal nfl aeport. Joe 
Graham, Doncaster Realties Inc.. Tat 
[81 Si 325-4963, Fax (819) 326882a 


Jamaica 

JAMAICA: FOR SALE t Joint Venture. 
210 Asa d land n Santa Cnc mown- 
tams a Eazabetti. Comad C. Poncho 
TeL (34) 665 34663 (Spam) 


Costa Rka 

BEAUTIFUL BEACH PROPERTY tor 
sale. TOCO sq.m. m mageal Catuya by 
Cube Sanee Part. USS12 per sjjjh CaS 
si fsc Aya or Richard a (506) 6420025. 


French Provinces 


NORTH CHARENTE 
Deep m icrai France, bul only 2 
tans from Pans on the TGV. SdKtama! 
Umnr House My renovated by an 
American u nghesi comfort st andards^ 
or a hi tap m 10 ha. no+rereo 
peslLSpeCorjlM views Gues t Kune 
afeo fuh ramaiefl. Tm^ 7 bedrooms. 
3 receptors FF3300.D00 AddrboraJ 
land avizOte mduJmg truffle orchard. 

TkL owner +33 (0)5 45 31 B4 74 


BUY WITHOUT C0M1BSSI0N 
FretfHecewe regiHsriy. at yarn fyne g 
«pfcriw iri eal adze nme^mwmg ro 
yoordsoand Le 

34297 liortpeffler eedex rnm- 


ETGALETES, 26 KM AVKMKJN, torse. 

3 bedrooms. 2 bathrooms, «mg 
- open Bra an flees* ItowMa sqm 
UL Gate, swnmng rad. 

5 nrimrtes walk J f0 ^ 

FFl^OOAJC Tel: 33 R)|1 45 48 B6 05. 

French Riviera 

CAP D'ANTSES. Ulunje 
ran, rasfrsd. 30 
NnotL sperb house «th a 
?170 STcon?tefdy wwaj. 
pfoing 5 bedrooms, s wimtn mB pool 

SKjisgffi 

9485 Far 44 (0)1 71 237 SfiT9 

BEAULEU , 

OWMBHG LRTIE VUdJ** 

(Rented, very sumy. 
biereslKg p«* fm a quo saxr- 


PARK T 


acence 


U park Patee 
nr qmm Houle Cano 
Tatp77, S*KB 


cum CKHSETTE. 
bl 191 sqm, + 

F3*. 


CANNES 

Prime kxafion on Ihe CraseHe. 
beauSM 166 sqm duplex appatenat 
Paring for 2 cars. Cater. 
AGENCE CENTRE CROtSETTE 
Tflt 33 |f»4 93 99 13 63 

Fax: 33 (OH 93 38 52 45. 


CANNES 

FACWG SEA. 3 room apartmert. 
Terrace. Gaitiea Confead Wcolc 
Tet +33 pH 93 94 40 53 
Fk +33 (PH 93 43 51 95 


COTE D'AZUR, E2e sur Mar, between 
Nice & Monaco. Chemung via. perfect 
conation. On tdlside nidi fabulous sea 
view. Sun afi day. Lags Erring roan. 2 
beds. 2 baths. Independent stutflo with 
fac&ies. Swimmrig pool, pine trees, 
quia. Plot of land: 500 sqm FF17H 
Owner Tel I Fax: +33 (0)4 93 01 53 50. 


CAP D 1 ANTIBES 

Owner sefe 310 sqm vDa, 

3JJO0 sqm land. BeartU aea view. 
Tel +33 (0)4 9293 0779. Fax 92S3 B3Z 


NEAR CANNES - ArdMecI sas superiJ 
rib, 600 sqm wSh 14fl00 sqm. park, 
swiwimg pool, tenns. Breaflflakmg view 
on sea & roountains. Raffll pcssMe. Tel 
+33 (0)1482245 0. Fax (0)141109359 

COIE D’AZUR - vnwranehe but Her. 
MagnScait 3 rooms, terrace, surw, sea 
view. RoadstaadSt Jean, rafted :»»»• 
6on. FP2.S5M- Tet +33(PH 93 80 60 10 


Germany 

FOR SALE H BERLIN, GERMANY. 
Centrally located, positioned between 
EM and DaMer Bern, Sol 80 sqm 
rootop apartment with terge steam 
balcony and garage larfans- 45WB0 
German Marts. bimMsfiat^ awtoto 
M. FLOHR IMMOBHIEN GMBH 
49-30325 63 65 R 488153-8555 

G reat Britain 

HOMESEARCH LONDON LTD Lei US 
search for you. Via find homes / fiats 
to buy and renL Fw Indhridiafs and 
compantes + Fufl Corpora Retoteon 
Services. 7 d a y s a w ee k. Tot +44 171 
838 1066 Fax +■ 44 171 B38 1077 


Morocco 

IKAjglAKECH - in Ihe head oi Die TAL- 
MERAIT. 1.9 ha (5 acres) k y Mb " 

m beautU Palm Gantea exseng bust- 

S nonnjf tar 2 vfflds in BJCkflWB 
dSbra 22 mb. Cotod TeL and Fax 
+41 1 482 63 01. 


Paris and Suburbs 

the A14. 20 mat St Laxae Staton, ray 
SSuSU 1958 MOOBU^T hcustOTD 


sq^ iving spatt w 2.0W syitelw 
in [mate 

sqm firng. toga ***■“■ 

hi** 9 showers. Office. Hoon iwi p- 
SjA sawia. Outdoor hate wm- 


219 9585 T* Pa* 01 39 7S ffl 62 
QQUISnE UJCATK* , 

SOSSiSk 

Ti(S^^ ,p,66D454lCT 


NEWU.Y 

Owne's a?e± 35 stn ^ 4^:-^ 
bgh iass h££r^. C*t2'.ei.:-'Smar: 
area. Keaty S neve r. fbc. 3*5 
south. 12m titer? srer psr. 

Ertry. fiwng, 2 barxrs sjr- 
ram. arawer zrz. 3 VYCs. 
btcbeTs parry r2s ft tstj 
otfxeci s. nefrsj SecsSsl rartrg 
for 2 csra. c^ar. Searty Fr S3oC&3C\ 
Td Paris +33 (0) 1 47 43 44 62. 


Sfflrro WEST PAfBS by freeways S51 

from Veraefltes. 2B sqm reuse V.y 
rexRate, 4 betters, sst 3jd tfestt 
1 ha part wSfc terra ssn Fts=sa»>- 
able. FF3M. Tet -33 (0)1 30 73 15 35 

7ft, faang bxilUn Dtte, 24G sqm. 
simb recepbsa. K bettcros. nigh 
ceaugs: rr9iKJ0.MiL 9. Genaan des 
Pres, pfeka-tene, S rem, epot new. 
FF1J900JXXL Damfci *33 (0)1 4E243333 

7ft, PRESTIGIOUS AREA - Unspo&Ete 
Invades S EM Tower view, 200 sqm 
apartment + 45 sqm sbeto is high ctass 
tariffing. Tet pwner +33 (On 45 5: 49 M 

BOULOGNE, 96 sqm, in bent d riw 
Seme & Sara Cbud part ties, sunny. 
3 baboons * parting. FF1.4flC.roa Tet 
♦33 (0)1 « 04 92 37. ate 7pm 

NSJLLY 5ABL0NS, 47 sqm, 2 reems. 
beaiMri teyml separate tola, calm, 
sunny, fit, fireplace, 5Si to, 2 fcautial 
ceSars. FBBEm Tet +23(0|l«7mS9 

AVE FOCH seffieg 209 sqm, 3 beiroan 
luxury furnished fet, 4ih flocr. beautrtJ 
view, garage. Tet +33 W)1 47 a 18 17 

NEAR BAfffilSM, fine hotfie cn park + 
3-rtBJn flat bra poaL FFSi. Tat +33 
ffitBBStm. Tatar +32 2-73271® 

NEULLY SUR SEINE 2 - 3 ROOMS. 
65 sqm. Garaie. Eaeptooai corafibn 
FFl 500,000 Tet +33 (0)1 47 57 94 48. 

ST. GE«UW DES PRB, lop floor 
a partment in 16ft century ho use, W 
roans, cekn, raw. Tel +33 10)14220757 


Seychelles 


RARE SEYCHELLES - 5 acre beach- 
front property, new hose, forest 
USS300JXB. Fat Sabaero 248- 234 344 


FORMENTERA. Brealfttag vfew d He 
IfetitenaneBL 8500 sqm property rift 
pine woods lEBCfnrg to the efik Baauri- 
bri house. 3 bedro om s. 2 bathro o ms, 
hugs hiog area, fiteaoe. 190 sqm + 
pato and terracea. Taaty sotated faca- 
fion. a paradse f or sflence lovers? Owner 
TeL or tax 39 2 58307728 

SOTOGRANDE-COSTA DEL SOL: 
Lovely 4 bedroom, 3 brahman vffla. 
dose to ocean. Set m large, beautfld 


FOR SALE Di MADRID- 72 sqm. top 
hooey 2-badraom fiaL Pts 32,000.000. 
Ctnact TelFax +3452-77 83 82 


Switzerland 


□ LAKE ©EVAS ALPS 

Sale id fasjpes euthonzed 
our speefaHy sfarec 197S 

PSbadn properties in MONTRBJX 
VEVEY, YILLARS, tSABIHKiS, 
C5UU64IOMrANA.de. tin 5 bed 
rooms, SR- 200500 to 35 ob 
NBUC 

52, Hteriim CH-12T1 Geneva 2 
Tel 412M34 15 40 Fax 734 12 20 


USA Residential 


IflAlIl - FLORIDA 

Pane MtenK prowny an Palm Island 
(7-500 sqJl on 153 x 300 til. 

- a bettsrs. 7 tsis. specasuter 
riatywaoi penftcuse v. rap Hoar wall 
pmrate teracs; 

- £ sepsaft guest fraaes, cod, 
xri stvEB dm 

• Cflered uttmshed ai ST.730J200 
TeL +33 !011 47 20 94 94 
Fac +33 (0)1 47 20 94 Id 


MIAMI BEACH IS MAJESTIC 

UflJJONAHFS ROW CONDO 
3 bettoirs. 3V2 baths, ocean & bay 
views. Owner relocated. Asking S32SC 

ART DECO HOIE 

3 bedroona, 3 baths, + separate 
maris'quarterc. 12,000 sq. IL lot, fnat 
trees. Great archfectura! dstais. S345K 

UAJESDC PROPERTIES 
Mefanny Krimdhr Tet 305861-4611 

KEY VEST LUXURY a renowned iso^ 
peai archtetfs wafled Key West master- 
wort, fitted with PhflSp Sta/cfte fixtures, 
Portugese Emestone floors, and a pool 
Stefs a wort of art. On over an acre o! 
open water land, complete wffii a toly for 
entertauung. electric gates for pritwy, 
boat slips tor tour. And more. Much 
mote. S3.900.000. Contact Lynn Kteet 
(305)294-5155. The Prudential KniglU 
Reeky, be 

DUTCHESS COUNTY, N.Y. Country 
Estate on 40 -w- acres with magnttrenl 
8 +1- acre taka. Property features large 
tastefully renovated colonial, guest 
house, tennis court, pool & pawfion. 
Offered at 51,295,000. Susan A. Budai, 
Uc. Real Estate Broker. Tel: 
914-387-5607 USA. 

HA, FL Lbb Rner ffidge Conda 
3 bedroom + Dsn Dtfiiex. 2 Terraces, 
Perfect NYC river ran. Own Laundry 
S419.900. RIVERFRONT REALTY 
201-8618777 FAX: 201861-0677 USA. 

UAH’S MOST SPECTACULAR water- 
Irort condos S24500Q, oceanfcty views. 
K. Shabathai (305) 6638164. Realtor. 
E+rat 100711 32758 compusevexom 

PALM BEACH FLORIDA USA 
Ifasky Ready Group. Barbara WUtford 
Residenlial-Commarcial-Irdustrlal 
Dried 561-9658239 Fax 5618648111 

NYOffiTS STlflXOAXHJP - NEAR UN 
Waal pisd-ii-tena chanting, ast-fr-kilcb- 
en, quiet Tel/Fax: 212-570-0016. 


USA Fanns & Ranches 

SOUTHWEST MISSOURI appraxiralely 
3258 acre operating cattle ranch witn 
3 hsmee. Broter protected. CaB or write 
tar u to n re am Spring Creek Farm, Uri. 
2001 S Hanley Road, SL Lords, MO 
63144 USA Tdfatc 3148448010 


Boats i Yachts 

ASTONDOA 58 GL, 1990, 2 x 735 GAL 
W options. Wsito ai Gofe Juan. Price: 
FF2J0Q.Q0Q. Tet +33 f0f4 92 93 07 79. 
Fat +33 (0)4 92 93 03 22. 

Real Estate 
for Rent 

Frencfi flrvfera 

CANNES exquisite chateau, part, near 
beadL Port Steps S. S30JDDQ JuMAug. 
CAP FERRAT, 6 bed waterfront jewel, 
beadi, jetty. SB^)00 Jiriy. Aimstong Tel 
Monaco +377 60733519a Fax 93507197 



FRENCH RIVERA 

SAINT-JEAN-CAPfERRAT 

Attreuve viSa facxig irotrsbucted 
news on tee sea 5 bedrooms, 

3 baterttotrs. terraces Swvnmmg pooL 
Choice of other riBas for rent 

19. Bid du General Lederc 
06310 BEAUUBFSUR HER 
Tet +33 (Dp 93 01 04 11 
Foe +33 (OH «3 01 11 96. 


Germany 


SHARE A 100 SOM. RAT In Munich 
wdh a vet end a TV-host +48-89-7479 
1 B 1 B 


Great Britain 

LONDON BAYSWATER, near Part, 
newly (unshed and decorated fret floor 
flat f bedroom, reception. Behan and 
bath. Lora W end good references re- 
quired. E2B0 per week. Teh 44 (0)171 
580 3129 / 0956 291 572 


Holland 


RENTHOUSE MTERNAHONAL 
No Jirrttod 

tor (serai) fumehed housesflllats. 
Tet 31-208448751 Fax 31-208465909 
Ntnai 1981. 1063 Am Amsterdam 


FLORENCE STUOtO, 25 span metres 
in fisuioE rasdence: near! Bstetera 
140000 US5- Tet 44 171 256 0346 

ROE LUXURY (BiTAL gted camtrai- 
nty, swfcnwg pool terns. 2 bertooms 
+ targe den, 3 112 baths, targe Wng, 
targe panoramic terrace, c as Rome: 
398 SOB 4632 Of USA: 954-422-5577. 


Paris Area Furnished 





Ideal a cc ommod atoft suto-5 bedrooms 
QuaBy and serves assured 
READY TO MOVE M 
Ttf +33(0)1 47538013. Fax (0)1 45517577 


CAPITALE ’ PARTNERS 
Handpicked quaky aparmeres, ai sites 
Pans and suburbs 

Tel +33(0)1-48148211. Fax{0)1-461 48215 
We hdp you best ! 

15ft, METRO FaJX FAURE. SpleriM 
sudto wall tatherreteJbtEBktast tar. Fii- 
V equ lff ed - phone, color TWVCR. bed 
hnen, et. Tet (1) 3 0529077. 

77H, 1 Mock from Bftei Ttwar, 
Large luxurious 4 bertooms. FoXy 
eqnyped. Tet 3108293S6 USA 

HEART OF MONTMARTRE. US. owner, 
chamvng. toly equpped 2-room apart- 
rneoL Cable TV. tdeeHor businessman 

or coutft F155D nMfwk. F6J00 nattna 
TeL (0)1 -41 e 93 84 office ate 10am 
or home (P) 1 - 42 54 70 62 


LUXURIOUS 60 sq m near Btfel Tower 
- Fully equipped & tarnished. FF7900 + 
maintenance & parting. Cal owner at 
1-+ 33 6 07 75 43 93 (FRANCE) 

HONCEAU perthoaoa, 72 sq.nL sqietb 
views al Para, terrac&L 23/3-20M and 
187-31/8. TeL 01 46 22 40 16. 


PARIS 16ft beadU 2 room KaL view 
on tee Setae, FFMOO. Charges tadud- 
ed. 1 year min. Tet 33(0)1 45 24 25 86. 


Paris Area Unfurnished 


MCE HOUSE V&1E V AVRAY, urtfl 
6/99. Near American school targe btag 
on garden. 4 bedrooms, all utffities. 
FFi3,000/mo- Possible furnished. Aval- 
able SOT. Tet fume +33(0) 1 47501680 

MARAIS PICASSO, M TOWNHOUSE, 
new 36 sqm sexto. FF5£00 net Tet 
+33(0)6 60 67 53 30. 


Switzerland 


GBEVA LUXURY Fumtiwd I bedroom 
ap art ment wite bafcmdes. 104 sqm Pool 
on rod, cable TV, video ete. SF500W 
mortal Ideal lor corpAfptomatic mission. 
New furnishings, appfiances & tarn 
View of Geneva A beyond Phase call 
+41 22 735 6320 Fax + 41 22 7362671 


NYC FURMSHED APARTMENTS. 

1 week to 1 year. Great Locations. Cd 
Pat/Chiqui: 212-448-9223, Fax: 
21 244fr«26 Eilat fflnmaMaaUm 


Real Estate Wanted/Exchange 


ROME AMERICAN FAMLY 5SKS tar- 
nished 20-bedroorc apartmem. lift Aptl 
- 8th Jim. Caflllr A Mrs Ksly 39 2 
809741. e-mail 72154.1121 Ocompu- 
6fitvacem. 


mim 




FRANCE 

* Audion sate a the Palais de Justice olVersfts, 3. R.Andre-ifiyio; 
9 T, WEDNESDAY, MARCH 26, 1997, at 9 am 

EXCEPTIONAL 
ESTATE 

with pond, located 

SAINT-LEGER- 
en-YVEUNES 

on 29,736 sq.m. 
(Yvelines) 

33, route de Houdan 

7-ROOM MAIN HOUSE, CARETAKER’S HOUSE 
OUTBUILDINGS, TENNIS 

Starting Price: 950,000 FF 

Contact the SCP JAvoats SLLARD & ASSOQES. 

73 (ft, nre ckr MarechaWbch in VERSAILLES: TeL+33 (0) I 39 20 IS 97. 


For sale by non-resident owner tastefully restored first floor 
comer apartment in early XXth century building close to Place 
des Vosges. 

• Approx. 1 20 sq.m. * 2 regular + I small size bedrooms * hail 
• living • study • bathroom • WC • cellar storage. 

Ready for immediate occupancy with option to acquire existing 
fumiture.Idea] for non-resident pied-a-terre or company apartment 
Net price of US$ *>75,000 indudes U.K. registered property holding 
company, i.e. apartment sale via transfer of U.K. company shares. 

P lease (ax serious inquiry direOty to owner. 

Fax: 62J2 1-780747 1 I 


TO PLACE 
MAD 
DJ THE 

9rralb*jsgfe£ribunc 

Contact the Paris office: 
TeLi (33-1)41 43 93 85 
Eui (33-1) 41 43 93 TO 

E-mail: dasilind@ihLcom 


U.SJV. 



Mountain Chalets 
& Ski Apartments 


GSTAAD a== 
CHATEAU D'OEX 
FOR SALE 

nnxsmai for foreigners arvaQabk) 
m best knankiRs 
18 bedroom xpartments 
Starting SFt 340000.-. 

AGENCY C* E-MATTI 
CH-3780 CtuuiL SuiUrrUnd 
Teb+41-aOT7U2«2S 
<=> Fbc +41-33/7*4 W fe* 


SWITZERLAND - VERBIER 


French Alps 


G0MBL0UX NEAR IEGEVE tadvfdual 
Chalet, hwioiate view on "Mont Bare 1 . 
100 sqm in 1 ,500 sqm. garden 2 floors 
+ basement, 2 balconies. No agents. 
Wort needM. FF1 ,200,000. Tet owner 
Paris +33 (0)1 46 35 19 21. 





Outstanding apartments 
of immense charm & character 

with unsurpassed sunny views, built with your every need 
in mind. 3 or 4 bedroom suites with living areas from 
135 sq.m. Generous terraces and parking Tor two cars. 
David de Lara & Partners - The Swiss Property Specialists - 
= Tel_- UK 0181 742 0708 - Fax.' UK 0181 742 0563 — 


'+ :r_ - - 




-6WMI<aJBB4 4 ff g BtSZVjf 











PACE 18 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


SPONSORED SECTION 


SPONSORED Si\< TIO\ 



BUSINESS LOCATIONS IN GERMANY 


III 


A New Model for Inward Investment 


In the step-by-step strategy, business development agencies focus on incremental investments . 



VOTE 


Sat « — 


ermany's business devek 


G ermany's business development agencies have 
learned that many successful inward investments 
start out small, then successively “work themselves 
up” into large-sized ones. 

The agencies are accordingly adjusting their strategies, 
reaching out to young high-tech firms that are making 
small-scale investments. Meanwhile, a wide range of ser- 
viced -office providers and property developers are specif- 
ically focusing on this market. 

The number of foreign companies setting up shop in 
Germany continued its sharp, ongoing rise in 1996, as did 
the total amount of investment by foreign companies in 
Germany. 

These two interrelated trends did not manifest them- 
selves in Germany's 1996 inward investment figure - 2.8 
billion Deutsche marks ($1.65 billion) - 
which once more placed the country near . 

the bottom of those recorded in Western 
Europe. 


‘Big ticket investment - 


Microsoft, Oracles and InJbrmixes,” he adds. 

The scenario for such incremental investment opens 
with a “home away from home.” a room in a serviced 
office or a technology center. This mini-office’s job is to 
sell the company's products. Powered by a rise in revenues 
accruing from its new home, the company then grows, step 
by step, adding on technical services, logistics, product 
customizing and manufacturing operations m the process, 
and creating jobs along the way. 

This scenario has already been acted out hundreds of 
times in Germany. Over the last 15 years, the greater 
Munich area alone has secured more than 200 ICT (infor- 
mation and communications technology) “small fry.” 
Their step-by-step expansions have created a total of 
40.000-50, OCiO high-quality jobs in the area without any 
large-scale expenditure or subsidies from 
the" public sector. 










■ ; ft.X. . ^ 

-V -- “ ‘v , ,* 






k • 






V: 


the one bringing 


relatively scarce, vary 


expensive createro' 


SmaO firms, big potential 

Because it is incomplete, this figure pre- thousands of new 
sents a highly skewed picture of the actual 
situation. mauufa ctm 

It does not include the billion-Deutsche- 
mark investments made by the German sub- relatively m 
sidiaries of such multinationals as GM, Elf 
or Unilever. What is counted in the figure axoonsive t 
are initial, individual investments made by 
non-German companies. Over the last few 
years, while large in number, these investments have been 
small, both individually and collectively. 

And no wonder. The companies making them are also 
quite small in size: young high-tech companies recently 
founded in North America and East Asia that are now 
expanding onto the world market. Their expansion out of 
their home markets into Europe has by no means been 
restricted to Germany. In fact, the bulk or it has gone to the 
British Isles because of linguistic affinities and the rela- 
tively low wages prevailing there. 


ua m urfactu ring/obs -is a 


Rethinking strategy 

This activity - corporate foundings, expansion and inter- 
national investments - has not escaped the attention of 
Germany's federal, state and local business-development 
agencies. In fact, it has caused them to partially reconfig- 
ure their investment-recruitment strategies, points out 
Kenneth Bremer, international investment expert and head 
of the Chicago-based Business Advisory Service of 
Germany’s federal Ministry of Economics. 

“1 think the realization has sunk in among these agencies 
that the ‘big ticket’ investment - the one bringing thou- 
sands of new manufacturing jobs to their particular region 
- is a relatively scarce, very expensive creature,” says Mr. 
Bremer. 


Home away from home 

“Rather than just trying to secure one investment from 
today's GMs and Toyotas, the agencies are also striving to 
get many small-sized investments from tomorrow’s 


Good timing is crucial 

While these states and communities strive to parlay their 
initial successes into further investment other areas are 
endeavoring to emulate them. It is not an easy process. 
Each year. North America and East Asia generate an ever- 
greater number of newcomers, each with its own highly 
arcane technologies. Not only is it difficult to track these 
companies, but they also have to be approached at the right 
time. 

“The goal is to recruit the young high-tech companies 
just after they’ve established themselves as proven per- 
formers and just before they start setting up their interna- 
tional networks. It’s a small window of opportunity,” says 
Klaus A. Schlick, who is responsible for securing’ invest- 
ment from North America for Baden- Wurttemberg’s 
Ministry of Economics. Terry Swartzberg 


Time to build Europe 











' ^ 








• z-m 

• ; t'-t-ri 

x :* mt. 


S’ 


Vet 


■ ir. .. 


im 


US 






^ ^ ^ . y-jyy: v, v ^ ^ 




a, mm 




European progression produces new opportunities. Take 
advantage of the diverse options the European real estate 


Whether your interest lies in commercial or residential real 
estate, whether in Germany or abroad, we can offer a full 


market offers, with one partner providing ail real estate range of services: financing, open- and closed ended real 


related services: 


Westdeutsche ImmobilienBank 


estate funds, leasing, project development and consulting, 
as well as construction, property, facility, centre and 
portfolio management. 






9 Westdeutsche 
H ImmobilienBank 


Posrfach 42 20 ■ E503Z Mainz ■ Tplclon 0 01 31/9 20-0 • Far 82 82 00 


N :4 




Value for money 

fa* The value-for-public-money of such small 

investments contrasts sharply with “big 
new ticket” investments made in the microelec- 

tronics and shipbuilding sectors in Saxoay 
g jobs -is a and Mecklenburg- Western Pomerania by 
non-German companies. Several thousand 
wo, very jobs have been created or secured by these 

^ J multibillion-Deutsche-mark investments - 

f . at a mean cost oF 300,000 DM per job to the 

* awre public sector. 

Other areas in Germany where the step- 
by-step scenario has been followed include, notably, the 
Rhein-Main-Neckar area, which has attracted scores of 
foreign logistics, professional-services, telecommunica- 
tions and pharmaceutical companies from North America, 
Britain, South Korea, the Benelux countries and Japan. 

Greater Hamburg has been spectacularly successful with 
the Chinese, recruiting companies from the People's 
Republic of China. Taiwan and overseas Chinese commu- 
nities in Southeast Asia. Most of Hamburg's new arrivals 
have started out as local outlets of trading houses, with a 
number then working their way up to canying out tight 
assembly and even full-fledged manufacturing in the 
region. 






% s' 




f : ry\tifccL3Si! 




r.-r -l?.- v 
i** ‘ .. . 1. 


The stepby-step scenario I^ms with a base m a serviced office or Industrial part, tike the one pictured here in S&rmerda. 


I ike the country^ busi- 
L-ness development agen- 
cies, Germany's private 
sector is now aggressively 
recruiting in the foreign 
start-up area. The outreach 
is led by such service-office 
providers as Berlin's Fedus 
group, which maintains 
facilities in many major 
German cities. 

Many of tiie most aggres- 
sive and successful 
providers of “starter proper- 
ties" to foreigners are in the 
country's eastern states. 
There's a reason for this, 
says Frfederike Komer, a 
j Berlin-based investment 
j development consultant 


who has been commis- 
sioned to market an indus- 
trial park in Sommerda. 
"One of the products of six 
years of modernization in 
Germany's eastern states 
has been the creation of a 
large stock of completely 
modernized facilities. 
Following the principle of 
redevelopment, the state 
has largely borne the cost 
meaning that the ‘old-new 1 
facilities are available at 
highly advantageous 
prices,' she says. 

Price is just one of the 
inducements attracting 
"step-by^steppers* to such 
complexes as Sbmrnerda’s 


industrial park. Once a main 
venue for East Germany’s 
production of office 
machines, the industrial 
park has attracted over 100 
companies over the last five 
years. 

These companies have 
been predominantly small 
and medium-sized, but 
have included such giants 
as Japan's Fujitsu, one of 
the world’s three largest 
conputer companies. The 
companies’ investments 
have created over 2,000 
jobs. 

Ts also the built-in flexi- 
bility that has attracted the 
companies to Sommerda,” 


explains Ms. Komer. The 
companies can get their 
offices or production areas 
configured to meet their ini- 
tial and subsequent require- 
ments. The result is a facility 
that grows, step-by-step, 
with the start-up investor." . 

But only to a certain 
point "Over the past five 
years, some of the start-ups 
have been so successful 
that they outgrew the exist- 
ing buildings in Sommerda," 
Ms. Kdmer . says. They 
were forced to buBd their 
own facilities. However, sev- 
eral of the plots acquired 
were on the industrial parks 
grounds.” TSL 


MIPIM Looks to the New Century 


T he theme “Property: 
Future Objectives" of 
the eighth edition of 
MIPIM (Marche Inter- 
national des Professionels 
de rimmobilier) will 
“attempt to define the chal- 
lenges and issues that prop- 
erty professionals will have 
to confront at the dawn of 
the 21st century,” says My- 
Lan Cao. MIPIM press and 
conference manager. 

The program" for the 


commercial property show 
will cover such topics as 
financing, the Internet, 
work environments in the 
year 2000 and the property 
markets of Asia. 

More than 7,000 partrct- 
pants are expected to visit 
Cannes’ Palais des Expos, 
where more than 300 stands 
representing more than 800 
exhibitors will be on dis- 
may- 

More than 50 countries 


Your Top-Class Office 


Berfm • D'escJsn • -Tisss'ccri • Frenif-tf • Hamburg 
Hanover • Cologne ■ f.L'-c- • Nure.mcerg • Stuttgart 
Budapest ■ Luxerrcurg ■ 3 '=gue • Los Angeles ■ New York 


will be attending, with del- 
egates drawn from all disci- 
plines of international real 
estate, including builders, 
developers, property advi- 
sors and government 
-authoritres at city, regional : 
and national levels. 

Ms. Cao ritesan Increas- 
ing number of end-users 
and large numbers of 
German participants as two 
trends marking this year’s 
show. 

Stands at MIPIM will be 
operated by public- and pri- 
vate-sector agencies from 
German cities and regions 


including Beilin, Bremen, 
Frankfurt. Hamburg, Han- 
nover, Heidelberg, Leipzig, 
Ludwigshafen, Mannheim. 
Munich,. Potsdam, Stutt- 
gart and the Rhfne-Ruhr 
-Kgjon. • 

MIPIM opened Thursday 
in Cannes and runs to 
March 16. 

v ' Oandia 


■ • ~ • ■ 


“Business Locations 
in Germany” 
was produced in its entirety 
by the Advertising 
Department of die j, 

International Herald * 

■ Tribune. 


rjmsried cfice ssscss avaiisife irn mediately 
Busmess address 'ladw :scrtnc:ccy 
A strong secret . team a- your disposal 


Padus Office P. Dussmaroi GmbH & Co. KG 

to Europe and Europj+Center 13. OG - D-10789 Berft* 
_ 1W.4483O«5403-O- Fa* 25493-299 



FULLY STAFFED & 
FURNISHED OFFICES 

Immediately atfsisbie In over 170 
kxsifiorts wwtdwhfa 
Tai: ++ 49 40 23 50 55 62 
_ Fax; +*48 40 23 50 56 66 
Frankfurt. Munich. Hamburg. London. 
Oeneva. Now York. Hong Kong 


Writers: 

Claudia Flisi in the South of 
France and Terry Swanzberg 
in Munich. 





Program. Director: 
Bill Mahder. 


tSH T 


Properties and buildings for general business 
and industrial uses in 

Sommerda Business Park, Thuringia, Germany 


If you are looking for a fully-developed plot or a building for general business or industrial use for purchase or 
rental in the heart of Germany, we have just the thing. With highly advantageous terms of rental or sale - in 
Sommerda'5 Business Fbrk. 


Plots available - 

- rn sizes of between 2,000 to J2.000 
square meters 

- which will be subdivided and config- 
ured to meet your needs 

- at attractive prices 
Properties to rent 

- of between 30 to 3,000 square meters 
in size and located in fully refurbished 
buildings. 

- at affordable prices, and, if required, 
with the security provided by long-term 
rental. 

- to be developed to meet your particular 
needs and specifications before you 
move in. without any additional costs. 

Buildings available 

- 10 buildings used for commercial pur- 
poses which have been completely 
refurbished. These buildings are either 
partially or completely rented out. 
Investors sought to provide capital 
stakes. 


A location with many advantages 

- the Business Rark is located right next to 
downtown Sommerda, which forms die 
center of its district. 

- directly on Germany’s 176 federal high- 
way, some 30 kilometers north of Erfurt, 
the capital of the state ofThuringia. 

- more than 90 companies have already 
set up in the Business Fbrk. These com- 
panies are active in: 


- ••ervfc 
u 


*■ mechanical engineering 

* metal processing and finishing 

‘ electrical and electronic engineering, 
electricians and related skilled trades 

* plastics processing 

* construction sector and related areas 

* environmental technologies 

* various services 


■ ■■‘■icy. • : 










r j' 

\ ir 




. i'./j 

;V. .. 

■ ■ w. I 

' -■ T*- r-.-. 

t,; X;: 


- v?* ^ 

cr-;-.- . .• . 


An experienced team of experts stands ready to answer any questions you might have about relocating to 
Sommerda's Business Rark. Are you interpted? We will be happy to send you our brochure, which has further 
information on the site's properties, buildings and surroundings. Please write, call or fax us at: 




Hotline: + 49-69-975-44-402 


Robotron Buromaschinenwerk AG i.L. 
Abwickler RA Dr. H. Hess 
Wei&enseer StT. 52 
D-9961Q Sommerda 
Fax: +49-3634-210 16 


or our legal representative: 

Dr. Ha raid Hess 
Attomey-at-Law 

Hess, Wienberg, Freund & Partner 

w? C ?k ,e S s ' at L L i'Tv Chartered Accountant, Tax Advisors 

W.-Th.-Romheld-Str. 14 

D-55T30 Mainz 

Tel. +49-6131-285017 


V' : ’ aier 


5'Tw., 

r ne s;; 







•^•soked SECTION 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


PAGE 19 


S PON SOR ED SECTION 


BUSINESS LOCATIONS IN AUSTRIA 


Vote 


of Confidence for the Economy 


, ss policies and high-performing corporations induce a record inflow of investment. 


I recOT^O^iHrf^A 5 b f lsmess community invested a 
; 1995 amount AusSa’s 190*251 ?* 50106 Umes 

; SSSS 3? - as 

sources Th^ dn™? gS - ~ "’grating from domestic 

b “" - * 

; Investing in its future 

■ J2S?SwSSSf“ amou “ of domes!ic «i — 

; business sector’s total investments 

“w—SJteSSSTuJS 

; "? the country’s central baSTin its 

s “*^*^. ey of _ the country’s economy. Powered by the 
■ influx of^pital, this figure is set to rise a further 

; 4.7 percent in 1997, also one of the best rates in Europe, 

’ according to Vienna's Institut fiir Hohere Studien (IHS), 

1 9 ne °* tne country s leading economic forecasting institu- 

‘ Reasons for success 


Austria’s top-to-bottom overhaul of its tax system, 
which took effect on Jan. 1, 1994, eliminated the taxes 
levied on businesses' total net assets and on the sum value 
of their capital and earnings. 

Germany takes note 

Germany is now moving to “follow Austria’s suit” and 
abolish these classic forms of disincentives, according to 
an early February report in HandelsblatL The German 
business daily went on to praise other features of Austria's 
tax reform, including its simplification of the thicket of tax 
deductions and charges. 

Senior Austrian executives agree char the country's 
assets are relatively cheap, but rather than viewing this as 
a dismissive description of the assets' affordability, they 
see it as the best proof of the viability of Austria’s econo- 
my. 

‘The price of an asset is never determined on a stand- 
alone basis,” points out Siegfried Sellitsch, chairman of 
the executive board of Wiener Stadtische-Versicherung 
AUgemeine Versicheiung AG, Austria’s largest insurer and 
one of the principal investors in the country. Tt is based on 
the level of return expected to be achieved from it, and the 
security of value associated with it. Because both are high 
- and even getting higher - in Austria, and have been so 
for quite some time, Austria is perceived as an ‘affordable’ 
country." 


; success has led to speculation in Germany's financial 
4 rwf 5 00 lbe causes °I Austria’s "investment miracle.” 
; Dne common explanation proffered for the inward invest- 
. meat is that Austria's capital assets - including its real 
; estate — are relatively cheap by the standards prevailing in 
the rest of Europe. 

“From our dealings with international companies, we 
. have gamed quite a different impression,” says Klaus 
; Fischbacher, chief executive officer of Wiener Wirt- 
; schaftsforderongsfonds (WWFF), the agency chaiged with 
* providing sites and services to companies interested in 
. investing in Vienna. “Their willingness to invest has been 
; induced by the wide range of pro-business, pro- growth 
policies instituted in Austria.” 

One thrust of these policies has been the removal of 
. counterproductive taxes, a subject dear to any business 
■ executive’s heart 


Rise in profits and productivity 
Mr. Sellitsch’s views are buttressed by a variety of official 
figures. At an attractive 2.8 percent of total net sales, the 
average rate of return for the country's manufacturers has 
risen by 43 percent over the past three years and is nearly 
half a percentage point higher than the "golden days” of 
1991 and 1992. 

This improvement in profitability has been caused by a 
sharp increase in productivity per capita, which has risen 
14 percent over the past three years. 

The figures also show that Austria’s companies have 
very healthy balance sheets. In 1995. Austrian manufac- 
turers’ average cash flow sufficed to fond all their invest- 
ments 1.4 times over. That is a foil 17 percent better than 
the figure three years previously. Their relative level of 
indebtedness is ai a five-year low, with their capital back- 
ing at a five-year high. • 



Thanks to a highly skilled work force and a gift for innovation, Austria’s high-tech Industries are flourishing. 


Industrial Community Thrives on Splits 


F or Vienna’s industrial community, 
the “bypass” was expected to 
come immediately - with drastic 
results. Non-Austrian companies 
would flock to take advantage of the 
sharply lower wages offered by 
Austria’s eastern neighbors, each 
with a proud industrial tradition of its 
own. On their trek eastward, these 
companies would be accompanied 
by a good part of Austria’s own 
industrial sector, also bent on reduc- 
ing operating oosts. 

This dire scenario has not materi- 


alized. “At Philips, we've found that 
Austria and its eastern neighbors, 
rather titan being arch-competitors, 
actually complement each other, 
forming together a very viable 
whole,” says Wim Wi elans, CEO of 
Philips Austria. With 1 0 factories {five 
of them in the Vienna area) employ- 
ing more than 6,200 persons. Philips 
is one of Austria’s leading high-tech 
manufacturers. 

“Austria’s workforce has a very 
high level of qualification and is very 
reliable.” says Mr. Wielens, a 23-year 


veteran of the world's high-tech 
scene. “Austria’s suppliers show this 
same reliability. The suppliers are 
also very gifted in adapting to manu- 
facturers’ changing needs and to 
incorporating innovations into their 
products. This adaptability and inno- 
vativeness are at the heart of high- 
tech production, as is the achieving 
of a final price making the product 
salable on world markets. That is 
attained by carrying out part of our 
production at our facilities in 
Hungary." 







. | ^ a- f f.-yw- rv— YTaT TTTmri. l.mlTflm 

Numerous multinationals have set up that regional headquarters In Vienna, the hub for Central and Easton Europe. 


Rush to Vienna Continues Unabated 

-For multinational corporations, Vienna remains the gateway to Central and Eastern Europe. 


T hroughout the early 1990s, 
multinational corporations 
rushed to set up business divi- 
! sions covering the Central and East 
1 European market. A large majority of 
I these corporations chose _ to locate 
. ; their division headquarters in Vienna. 

I It was a temporary phenomenon, 
; agreed all observers. The next genera- 
» lion of headquarters foundings would 
; bypass Vienna for Prague, Budapest 
■ or Warsaw, once these cities had 
; brought their telecommunication sys- 
< terns, professional services and office 
\ and residential space up to Western 

■ levels. „ , _ .. , 

; After seven years of building and 
■upgrading, Prague, Budapest and 
i Warsaw now have modem telephone 
• systems, clusters of sleekly gleaming 
\ office and residential complexes, and 
■ high-performance service sectors. 

• Vienna, however, continue to wit- 
• ness a wave of headquarter foundings, 
! according to an authoritative study 
1 released in late 1996 by Ojwwjjta* 
[ cfaes Institut fiir Wirtschaftsforschnng 
‘(WIFO), the Vienna-based economic 

■ dons have set up 

■Eastern Europe. Two-fifths ofthese 

; enced major upgrading’ 

■involved the headquarters receiving 


new areas of responsibility (such as 
additional countries) or new kinds of 
responsibility (such as supervising 
production). 

According to the report, fully 70 
percent of the companies plan to 
maintain their headquarters’ activities 
at the same level - or to increase 
them. 

The power of attraction 
The increasing use of Vienna as a 
regional hub has come as no surprise 
to local officials. 

T’ve always said that Vienna’s 
attraction is absolute, not relative, and 
that we weren’t in a win-lose situa- 
tion,” says Brigitte Ederer, the munic- 
ipal councilor responsible for manag- 
ing the city of Vienna’s finances. “It's 
not a question of Vienna losing when 
other, nearby cities grow in attractive- 
ness- Quite the opposite. Part of 
Vienna’s unique attractiveness stems 
from its proximity to so many other 
attractive cities.” 

Many experts see a two-tier hierar- 
chy of markets now emerging in 
Central and Eastern Europe: a number 
of thriving, rapidly growing national 
markets, each with the country’s cap- 
ital as its hub, and the intra-regional 
market, centered around Vienna. 

To Alexander Neuhuber, head of 
the Austrian office of the international 
realtors DTZ, Vienna’s international- 
ism has achieved a self-perpetuating 
impetus. 

‘This ongoing move by the interna- 
tional business community into the 
city has kept demand for real estate 
strong and stable,” he says. “The 
s teadiness of demand, in turn, has 


encouraged developments to come up 
with new kinds of properties, thus 
providing an even greater range of 
properties, and yet further impetus.” 

New urban hub 

Prominent among these develop- 
ments is the Donau City complex, 
billed as Vienna’s new urban hub. To 
be located on the Danube’s eastern 
riveibanks ( Donau is German for 
Danube), and immediately adjacent to 
the United Nation’s Vienna 
International Center, this vast 17.4- 
hectare (43-acre) project will com- 
prise two office towers, 1 ,500 apart- 
ments, a range of university-level 
institutions and a technology center, 
as well as a school, sports facilities 
and a cultural center. 

This complex will be built in three 
phases. The centerpiece of the first is 
the strikingly modem Andromeda 
tower, 110 meters (360 feet) high and 
set for completion by the beginning of 
1998. 

“We’ve tried to think of everything 
a modem company would require and 
provide it in Andromeda," says 
Wolfgang M. Markowitsch, who is 
managing the Donau City project for 
Wiener Entwicklungs-gesellschaft fur 
den Donauraum AG (WED), its 
developer. 

In addition to state-of-the-art com- 
munication links and an automatic 
facility management system. Andro- 
meda’s interesting features include its 
shape. “We picked an oval because it 
allows for the maximizing of usable 
space, ensuring that our tenants get 
the greatest use out of their offices." 
says Me Markowitsch. • 


) 


was 


“Business Locations in Austria’' 

J ■ anti rr tv by the Advertising Department of the International Herald Tribune, 

produc et ■ ^ sponsored by the city af Vienna. 

Writer: Terry Swartzberg in Munich. 

Program Director: Bin Mahder. 


Transportation Facilities Begin 
To Profit From Peace and Prosperity 

Vienna s port and international airport play an increasingly important role in the region. 


I n 1 990. the catchment area of Austria's major transport 
facilities doubled. It has taken the advent of peace and 
prosperity in Eastern and Southeastern Europe for the 
facilities to reap the benefits of this location. 

.Although more bulk goods flow through Duisburg in 
Germany. Vienna has Europe’s largest inland harbor, at 
least based on the number of containers making their way 
through the port. This is an impressive accomplishment for 
the port. Unlike Duisburg. Vienna is not located at the cen- 
ter of a large-scale industrial conurbation and at the junc- 
tion of two major rivers - in Duisbuig’s case, the Rhine 
and the Ruhr. Vienna is, however, on the Danube, itself a 
major artery, and the city is located in the heart of Central 
and Eastern Europe. These facts alone do not folly account 
for the success of Vienna's port - a dozen other cities are 
also located along the Danube in Central and Eastern 
Europe. 

So what is the reason for Vienna’s achievements? 

"Most of the world's great ports made themselves such 
with a great deal of bard work,” says Ronald Schrems, the 
managing director of Wiener Hafengesellschaften. the 
authority" operating the city’s port. “Examples include 
Hamburg, some 45 kilometers (28 miles) from the ocean, 
and Rotterdam, which had been a minor backwater for 
most of its existence. Vienna is no exception. It has always 
been a fairly large-sized port. In the early 1980s. the 
authority’s management systematically forged links to the 
shippers in Rotterdam and Antwerp, and invested heavily 
in facilities for the transloading, maintaining and supply- 
ing of containers.” 

The benefits of peace 

Most of this container-borne traffic arrives, rather incon- 
gruously, by truck. “We are basically a transloading facili- 
ty for trucked containers,” says Mr. Schrems, “although 
we expect the water-borne side of our business to pick up 
now that the situation farther down the Danube shows 
signs of normalizing. Water-based transport is. after all, a 
highly economical way of shipping freight, and that’s ideal 
for Southeast European economies.” 

How large will this peace bonus be? “Considering that 
90 percent of our through-freight comes from the West, 
there’s plenty of room for improvement,” says Mr. 
Schrems. 

Vienna International Airport’s problem was not a lack of 
peace, but of prosperity. The fall of the. Iron Curtain had 


given it a large catchment area - around 14 million people. 
This catchment area, however, came with a catch - the 
people living in the airport s new. eastern area were still 
impoverished. Not only were they unlikely to be able to 
afford to fly, but the relative lack of business activity 
would also forestall Western business travelers from visit- 
ing the Czech and Slovak Republics, Hungary and 
Southern Poland. 

Since 1991, these four countries have been developing 
dynamically, with Poland, the Slovak Republic and the 
Czech Republic leading Europe's growth sweepstakes in 
1996. This growth has had a direct^ impact on the airport. 
Since 1991. the number of passengers landing and laking 
off from Vienna airport has increased by 58 percent. Noi 



The advent of peace in the region has boosted Vienna’s role. 


coincidentally, the number of flights ro Central and Eastern 
Europe has also expanded dramatically. 

The increasing importance of Central and Eastern 
Europe is changing Vienna International's role. “We've 
always been the prime gateway to Austria for the interna- 
tional business community,” says Peter Bolech, the air- 
port’s executive vice president for aviation. "More than a 
quarter of all people arriving in Austria - and a preponder- 
ance of business travelers - do so via the airport. Transit 
passengers now account for one- 10th of all people passing 
through Vienna. That’s a new, all-time high - and one set 
to grow in the years to come.” • 


Useful Addresses in Austria 


Austrian Chamber of Commerce 

Wiedner Hauptstr. 63 

A-1045 Vienna 

Tel.: (43 1) 501 05 

Fax:(431)502 06 

Web site: httpyAvww.wk.or.at/ 

Austria Business Agency 
Opemring 3 
A-1010 Vienna 
Tel.: (43 1) 588 58 0 
Fax: (43 1) 586 86 59 
Website: 

http://www.telecom.at/Austrian 

Businesslnfo 

State Business and Technology 
Development Corporations 
Eco Plus 
(Lower Austria) 

Lugeck 1-2 
A-1011 Vienna 
Tel.: (43 1) 513 7850 
Fax:(431)513 7850 44 

O.6. Technologie-und Marketingges. 

m.b.H. 

(Upper Austria) 

Landstr.3 


A-4020 Linz 

Tel.: (43 732) 79 810 0 

Fax: (43 732) 79 810 8 

Steilische Wirtschaftsfdrdening 
(Styria) 

Grieskai 2 
A-8020 Graz 
Tel.: (43 316) 90 93 
Fax:(43 316)90 9393 
Web site: http://sfg.co.at/ 

Tech-Invest Salzburg 
Faberstr. 18 
A-5020 Salzburg 
Tel.: (43 662) 88 27 41 
Fax:(43 662)88 2741 20 

TechnoiogieJand Kamten Ges. m.b.H. 
(Carinthia) 

Heupfatz 2 
A-9020 Klagenfurt 
Tel.: (43 463) 55 800 62 
Fax: (43 463) 55800 63 

Tech-Tirol Technologlezentrum Ges. 

m.b.H. 

(Tyrol) 

Eduard-Bodem-Gasse 5 


A-6020 Innsbruck 
Tel.: (43 512) 36 40 00 
Fax: (43 512) 36 40 00 20 
Web site: http://www.tech- 
tirol.co.at/tech-tirol 

WWFF Wiener 

Wirtschaftsforderungsfunds 

(Vienna) 

Ebendorferstr. 2 

A-1082 Vienna 

Tel.: (43 1) 4000 86 794 

Fax: (43 1) 4000 70 73 

Web ate: http://www.wwff.gv.at/wwff/ 

WiBAG 

(Burgenland) 

Domplatz 4 
A-7000 Esenstadt 
Tel.: (43 2682) 67 2 2 0 
Fax: (43 2682) 67 22020 

Wirtschafts-Standort Vorarlberg 
Betriebsansiedlungs GmbH 
(Vorarlberg) 

Vorariberger Wirtschaftspark 
A-6840 Gotzis 
Tel.: (43 5523) 513 77 0 
Fax:(43 5523)511 68 







PAGE 20 


. . ;■ v . 


INTERNATIONAL HERALD TRIBUNE, FRIDAY MARCH 14, 1997 


ASIA/PACIFIC 


Shanghai 
Merges 
State Firms 


Thailand’s Mr. Fix-It in Pinstripes 



Analysts Question 
Benefits of the Move 


CavMlKOlr&fninafMrin 


SHANGHAI — Authorities here 
approved the merger of two publicly 


traded electronic equipment compa- 
nies Thursday, the first of what is 


nies Thursday, the first of what is 
expected to be a series of mergers 
aimed at stimulating poorly per- 
forming industries. 

But analysts dismissed the move 
as a cosmetic gesture and said it was 
not clear there would be any real 
benefits to the companies. 

Shan ghai Vacuum & Electron 
Devices Co. said all of its state 
shares had been transferred to 
Shanghai Video & Audio Electric 
(Group) Co. from Shanghai Electric 
Meiers (Group) Co., a subsidiary of 
the Shanghai city government. 

In a s imilar announcement, 
Shanghai Video & Audio Electric 
Co. said its state shares had been 
transferred to Shanghai Video & 
Audio Electric (Group). 

Shanghai Vacuum & Electron 
Devices supplies color-television 
tubes to Shanghai Audio & Video 
Equipment, which has performed 
poorly in recent years. 

The merger, and similar owner- 
ship changes being promoted by the 
government, are designed to help 
China's state-owned public compa- 
nies gain some liquidity. That, in 
turn, should facilitate acquisitions 
and takeovers by other state-con- 
trolled entities, analysts said. 

“These cases are the first results of 
the serious efforts being made by the 
city government to reconstruct the 
assets of listed firms.*' an executive 
with a public Chinese company said. 
The Shanghai city government said 
this year it would encourage healthy 
stale enterprises to acquire large 
amounts of shares in poorly perform- 


Bloemberg News 
BANGKOK— In an Ul- 
fated bid to become Thai- 
land's prime minister in 
the early 1990s, Amnuay 
Viravan donned tradition- 
al farmers’ overalls but 
could not find the common 
touch that is vita! in the 
horse-trading world of 
Thai politics. 

Now, back in his more 
familiar pinstriped suits, the 
64-year-old career banker 
is once again on the cam- 
paign trail, courting a more 
familiar constituency. 

From Davos, Switzer- 
land. to Hong Kong to 
New York, Thailand’s fi- 
nance minister must per- 
suade international in- 
vestors be will be able to 


help lead the country out of 

its worst financial crisis in more than a decade. 


Ft, V' ^ v V 

/a- , V.\ ■ .. 'N 

MAc RjJVn* Aiwad Press 

Mr. Amnuay, in casual attire. 


He has his work cut out for him. The economy, 
which grew at a rate of 8 percent a year between 
1985 and 1994, may grow less than 4 percent 
this year. 

“He’s the right man at the right time," said J. 
Mark Mobius. who manages $12 billion in 
emerging market investments for Templeton 
Emerging Markets Funds Inc. “But in many 


ways, his hand are tied. 
The real decisions are 
political.” 

Named finance minister 
in a fractious six-party co- 
alition after elections in 
November, Mr. Amnuay 
was initially lauded as a 
career manager who had 
the tools to help rebuild 
confidence in an economy 
growing at the slowest 
pace in a decade. 

But a stream of setbacks 
buffeted Thailand’s stock 
market, currency and debt 
ratings, forcing Mr. Am- 
^* 35 - •**. <*■ nuay onto center stage. 

\ Since he took over as fi- 
%% (c*. -K si ; nance minister Dec. 1 . the 
' . „ sN* benchmark stock index 

Mdce Fblt/Tbc Auooacd ftas has mnrp than 70 

a casual attire, percent, extending the 25 
percent decline it posted 
for all of 1996. The central bank has raised 
interest rates to their highest levels in more than 
two years to ward off an attack on the currency, 
which fell to a 1 0-year low. Last month, Som- 
prasong Land PLC. one of Thailand’s biggest 
developers, became the fust Thai company to 
default on its international debt 
The country’s credit rating also is under 
threat Moody’s Investors Service Inc. is con- 


sidering a downgrade, citing a mountain of bad 
debt that could rock the banking industry. Mr. 
Amnuay met with Moody's officials last week 
to make his case. 

This week, the finance minister made his 
strongest move to mm things around: He un- 
veiled a bailout plan for debt-laden property 
lenders and developers. The cabinet approved 
the plan, whereby the government will guar- 
antee as much as 100 billion baht (S3.85 billion) 
in bonds to buy nonperforming loans and un- 
finished property developments. 

Thai plan initially buoyed the stock market, 
driving it up more than 6 percent in three days, 
its best run in two months. 

[Mr. Amnuay will lead a delegation to the 
United States April 6-9 to promote a S500 
million bond issue. Renters reported Thursday, 
quoting a Finance Ministry source. 

[The finance minister, accompanied by Thai 
executives such as Viroj Nualkbair, chief ex- 
ecutive of the brokerage firm Phatra Thanakit 
PLC, will begin his trip in Washington, the 
source said.] 

Not all the banker-runred-potitician’s ploys 
have been as popular, however. He waspublicly 
scolded last month by his deputy. Chavarat 
Chamvirakui, for identifying 10 finance 
companies that he said lacked sufficient capitaL 
That triggered a run on those companies' de- 
posits ofmore chan 10 billion baht “To pub- 
licly single otu a few companies was dangerous 
and wrong.” Mr. Chavarat said. 


Hong Kong 
Hang Sang 

14550 

■«“ JMrtJ 

tame / \j 
12500 J* 

12000/ 

11500 nun. 


Singapore 
Straits Times 


Tci&m 

mm&s 



O N D JFM 
1996 1997 


N O J F M 
96 1997 


'. 0 *1 O J f M 
1996 .1997. 


Exchange 


Clbse ’. t^ose C^nge 


Kong Koag .! Hag Seng 
Singap ore jSttate Tanes ■ • 
.Sydney Al.Onj&aries 

Tokyo Nikkei225 

Kuala. Lump ur Composhe . 

Ban^cofe SET ~~ 

Seoul ’ . CotPP««»lndhx\ 


2,15433 ^17759 
2A5SLSO 2,45*40 -007 
17,90048 siftmar . - r %ee m 
1,24*78' . 1^^2^40.00 

"nose ~ 

■ 657.90 ■ 


TaSpel 

Manfia 

Maris 


Stock Market Index 8^68.15 - 8^55^7.- 

PSE ■ 3^1^r' --3>7&.€4 •; 4333 

CompQ^lwte* '.GGSJ&'y 682i6l' . -1,85 

NZSE-40 "T.. ; . 2^Slio . 


Bombay SensBw* tafex ' • •,•3,75451-3.762.37 -G.24 


Source: Tetekurs 


1«etni*wia! HerAJ Tatww 


Very briefly: 


LG Semicon Seeks to Play Down Memory Chips 


C.rrptkdfa Our Stag From Dcqvdin 

SEOUL — LG Semicon Co. said 
Thursday it would spend $1 billion 
to start making thin-film transistor 
liquid-crystal displays in early 1998 
to try to offset its heavy reliance on 
memory chips. 

“Our business depends about 90 
percent on semiconductor memory 
chips, and because that industry is 
currently in a slump, we felt that we 


the company, said. LG said it would 
build a factory in Kumi, South 
Korea, with a projected annual pro- 
duction volume of 2 million 133- 
inch and 15-inch thin flat transistor 


display units. 
These scree 


needed to diversify our operations.’ ' 
Mark Schroeder. a spokesman for 


These screens are thin enough to 
be used in high-performance note- 
book computers and offer clearer 
pictures than older screens. 

Because the business cycles of 
semiconductors and of liquid-crystal 
displays tend to be different, “this 


investment will allow us to hedge 
against future downturns in either 
industry,” Mon Jung Hwan. LG 
Semi con’s deputy chairman, said. 

Several otter South Korean elec- 
tronics makers also have announced 
moves recently to protect themselves 
against the oversupplied, slumping 
market for memory chips and to seek 
profits in such emerging sectors as 
top-end nonmemory chips and li- 
quid-crystal displays. The trend has 
led to some concern char the market 


for liquid-crystal displays now could 
face a glut. Tony Chung, an analyst 
at Jardine Reining Securities in 
Seoul, said that a “recent investment 
spree” by Japanese and South 
Korean companies meant that the 
global LCD market “may encounter 
oveisupply” starting next year. 

LG Semican's shares fell 1 .9 per- 
cent to close ax 26.000 won ($29.64). 
mirroring a 1.6 percent drop in the 
semiconductor sub index. 

(Bridge News. Bloomberg . AFP ) 


ing public companies. 
But some analysts s 


But some analysts said the merger 
would not have long-term benefits. 

In theory, the move should enable 
both companies to poo) their re- 
sources to improve competitive- 
ness, analysts said, but in reality it 
was an academic exercise because 
there was no injection of assets. 
“It's a case of changing the soup 
without changing the medicine,” 
one foreign analyst said. “It is not 
going to cure the companies.” 

(Reiners. AFP) 


Bloomberg News 

SEOUL — Shindongbang Co. re- 
treated from South Korea’s first 
hostile takeover bid Thursday, bow- 
ing to pressure from the country's 
business leaders. 

The chairmen of Shindongbang 
and of Dainong Group — the two 
corporations locked in the takeover 
battle — met to seek a truce under 


pressure from business leaders rep- 
resenting the country’s biggest in- 
dustrial groups, or chaebol. 

Analysts said the pressure made 
little business sense and ran counter 
to a government plan to ease rules 
on mergers and acquisitions April 1 
to enhance the competitiveness of 
South Korean companies. 

“Chaebol are applying pressure 


because they have a sense of crisis 
that they themselves may become 
the next target of hostile 
takeovers,” said Hwang Sie Wood. 
research head at Daishin Economic 
Research Institute. Shindongbang. a 
leading food maker that holds shares 
in the retailer Midopa Co., said last 
week that it was considering buying 
the nation's third -1 argest depart- 


ment store chain, which is owned by 
Dainong, a chaebol. 

South Korea's first hostile 
takeover battle involving chaebol 
has been watched by foreign in- 
vestors because its outcome may 
shape government policy on 
takeovers. The government's plan to 
make takeovers simpler is a key part 
of its financial reform program. 


A gene e Francf-Presse 

SINGAPORE — British Telecommunications PLC 
and Nippon Telegraph & Telephone Corp. have formed a 
consortium with two local companies to bid for Singa- 
pore’s second telecommunications license, the compa- 
nies said Thursday. 

The local companies in the consortium are ST Tele- 
media, an aim of state-run Singapore Technologies 


S , and Singapore Power Pte., the island’s energy 
er. 


DOW: Industrial Average to Trade In Laggards for New Members 


Continued from Page 13 


Southern Africa 


Trade 


Investment 


Summit 


to a larger re-evaluation of all of the 
stocks, he added. 

In 1991. Walt Disney Co. replaced 
USX Corp. in the Dow. Caterpillar Inc. 
replaced Navistar International Corp. and 
JP. Morgan & Co. replaced Primerica. 


■ Common-Cents Legislation 

Two members of Congress have in- 
troduced legislation to require that 
stocks be quoted in dollars and cents 
rather than in fractions of dollars as at 
present, Brett D. Fromson of The Wash- 
ington Post reported from Washington. 

The two, Michael Oxley, a Repub- 
lican from Ohio, and Edward Markey, a 
Democrat from Massachusetts, said the 


current method of quoting stock prices 
was “archaic” and enriched Wall Street 
I at the expense of customers. 

In an economy where prices are 
routinely given in pennies, dimes and 
dollars, the stock market’s practice of 
quoting stock prices in eighths of a dollar 
has seemed a puzzling oddity to many 
investors. 

Investors must constantly convert Vi. 
%, % and % into decimals to figure out 
how much change they paid or received 


per share when they traded. (The answers 
arc 1 23 cents. 373 cents. 623 cents and 
873 cents a share, respectively.) 

The intent of the bill is to narrow the 
differences between the various prices 
quoted by dealers by using the decimal 
system. Instead of being listed at a price 
of 32 Vs, or S32.125, for example, a stock 
would be quoted at S32.10, saving in- 
vestors 2 VS cents a share in trading costs. 

Academic studies have suggested that 
the potential annual savings to investors 
in U.S. stocks could range from $4 bil- 
lion to S9 billion. 

A spokeswoman for Mr. Oxley said 
he thought that quoting stocks in eighths 
“should go the way of the slide rule” 
and that a ‘ ‘modem decimal system is in 
the best interest of small investors and 
our national competitiveness.” 

Most other markets around the world 
use the decimal system. 

A statement issued by Mr. Markey 
called quoting stock prices in fractions 
of a dollar ‘ ‘a relic of the era of powdered 
wigs, knee breeches and pieces of 
eight." As markets prepare to move into 
the 21 st century, he said, “it’s time we 
moved to trading in dollars and cents.” 

When the New York Stock Exchange 
was founded in 1752, the Spanish dollar 


was the most popular currency, accord- 
ing to Robert Sobel, a historian of the 
stock exchange. 

Amounts smaller than a dollar at that 
time were expressed in eighths — as in 
“pieces of eight” The U.S. exchanges 
simply never changed that convention. 

The issue of snatching to flic decimal 
system has some support at the Secu- 
rities and Exchange Commission and in 
Congress, but it has never reached the 
legislative level before. Although the bill 
Mr. Oxley and Mr. Markey offered could 
stimulate debate on the issue, it is far 
from certain that it will become law. 


Wall Street lobbyists were expected 
i resist the effort, which .would force 


to resist the effort, which .would force 
them to spend hundreds of millions of 
dollars on new trading systems and 
would cut into their trading profits. 

Brokers typically marie up stock 
prices before selling the shares to cus- 
tomers. Under a decimal quote system, 
dealers could see their markup shrink. 

The SEC's chairman; Arthur Levitt 
Jr., has not pushed for decimalization. 
Government sources said be believed 
that such a move would be a good idea 
for investors and was inevitable in any 
case. But they said he was uncertain 
about its ultimate benefits and costs. 


• China released an executive of Royal Dulch/Sbeli Group 
after more than a year in prison. Xiu Yichun was detained tn 
January 1996 for allegedly receiving sensitive information 
about a proposed joint venture with the NanhaT refinery. 


•Japanese companies' capiral investment for the year ending in 
March 1998 is expected to fall 13 percent, to 28.7 trillion yen 
($233 billion), the Japan Development Bank said* citing a slow- 
down in investment in telecommunications and semiconductors. 


• An Indonesian tobacco executive. Putera Sampoerna, plans 
to buy a 15 percent stake in PT Indofood Sukses MakrouT, a 
noodle manufacturer. 


• Asia Commercial Bank in Ho Chi Minh City will begin 
issuing ACB-Visa cards this year, making h the second 
financial institution in Vietnam to issue credit cards. 


• Cedes Myer LtcL, Australia's biggest retailer, said net profit 
rose 41 percent, to 273.6 million Australian dollars ($217.2 
million) for die six months ended Jan. 26. for the company's 
first profit increase in two years. 

•New Zealand's Reserve Bank governor. Don Brash, said 
monetary conditions in the country were too tight. “We will 
be looking to see conditions ease toward those we are seek- 
ing,” he said. Bloomberg. Rcuiers.AFP 


0:h 


Seoul’s First Hostile Takeover Bid Hits a Wall bt andNTTPian Singapore Bid | ♦ 




■--♦.-I 


CURRENCY AND CAPITAL MARKET SERVICES 


Gaborone. November 18 G 19. 1997 



Following successful meetings in South Africa 
and Zimbabwe, the International Herald 
Tribune is convening the third Southern Africa 
Trade & Investment Summit in Botswana on 
November 18 & 19. The event will be lead by 
heads of state and ministers, with key 
industrialists and financiers among the speakers. 


As part of the International Herald Tribunes 
world-wide summit program, emphasis will be 
given to high level debate and networking. 
Discussion will focus on a range of issues 
including investment opportunities, the outlook 
for business in the region and the prospects for 
increasing intra-negional trade. 



OXTTST AFiOlUO Analysis for All Major Markets 
EXCEPTIONAL Execution Forex or Futures 
COMMISSION Spot FX 2-5 Pip Price Spreads 


SUPERIOR Selection of Managed Accounts 
FREE Trading Software A Data 

COMMISSION Futures S12-S36 Per RTT 


Australia 1800125944 /Wfc/*w.08D01 58B0 

Cyprus 08090605 Denmark 80016132 


Bermuda 18008784128 BtkB 00081 19215513 
Unland 08001 110064 f->*»<-r08D0902246 


Grrmart r 01 30829566 Htmft Kenp 8007209 Ireland A 800559294 Israel 1771000102 
Japan 0031126609 Karra 0038110243 Luxembourg 080045S2 Mexico 958008784178 


Colombia 980120837 
fc freer 00800119213D13 
/M/1‘167876928 
IVrthrrlaiub 060220657 
S-A/rica 080099633 7 


I Maintain 18009345757 .Y.ZM/M>40M04418BOfW»*ef050112632 Singapore 8001 202501 S Africa 080099633 7 

Spain 90093 1007 Sweden 020793158 Switzerland 0800897233 TbuUoml 0018001 19Z30666 rurtey 00800139219013 
Vnirrd ffnerfam 0B00966612 J-»»c4aM^1ggg9945757_j/g : Tj^£oicf^T1* I 3T6^020 US- Tell Fax V714-376-8Q25 


To ensure that you do not miss this very special event, 
please contact our conference office for further details. 


Finna Cum an 

Inlematinnal Hfrald Tribune Conference OITiee 
63 Long Acre. Uminn WC2E 9JH 

Telephone: (44 171 1 836 4802 Fax: (44 1 71 1 8-36 0717 email: fcowunlS’i ht.com 


BANK GUARANTEED 

Capital Market Project Finance 


International Foreign Exchange Corporation 



YOUR GOAL IS OUR GOAL 
Margin 3 - 5% - 24 hour trading desk 

MARKET UPDATES ON NBC TEXT PAGES 355 & 356 
and INTERNET: WWW.iFEXCO.CH 
Call for information package & free daily newsletter 


fl6 bis route de Frontenax - 1206 Geneva - Switzerland 
Tel (41) 22 849 741 1 - 24hr (41) 22 8497440 - Fax (41) 22 700 1913 


Fixed term 100% loan-equity 
Project finance fully underwritten by 

SAVIM BANK SJL 

Subject to acceptable business 
plan and project due diligence 
Applications by fax to: 

The JAQUILA GROUP - France 
(Fax) 33-493 87 01 64 


24 HOUR FOREIGN EXCHANGE 


— - ~ • Keen spreads; no commission 

4 tv MJKrJt • Minimum h-ensodion $100,000 



■afra.^7- _ T I • Competitive margin rates |lj|j 

1C fatdm pfc. t Warwick Row, London SWT 1 5HL Great Britan 


Tel: -44-171-896-0022 fox: -44-171-896-0010 


For further details 

bow to place your listing contact: 
Christopher SETH in London 
Tel: (44) 171 8364802 
Fax: (44) 171 240 2254 

Baalh^^gribuwr 








INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


RAGE 21b 


COMPUTER INDUSTRY / A SPECIAL REPORT 


4 U.S. Computer Services Giants Edge Out Europe’s Home-Grown Rivals 


By Erik Ipsen 

JL/ puter hidtar^nH Can ^° m ' 
firms, Europeans sottware 

better i n the SEIDEL h “ P ?S to do 

vice, run and upgrade ?r!J!t rket 10 wr " 
pater systems pgrade corporate com- 

JSnWL — hopes look' III- 

rte c -£-S e yoTf^ a 

analyst with the brokers BZW 

r\^L . com Panies currently 

claim to rank as the “piant" rt r ihl 

roughly $50 billion per annum Euro- 
pean computer services industry and 
neither one of them happens to hail from 
Europe. Instead from Athens to An- 

ED ? °J Plano ’ Texas, and 
IBM of Armonk. New York, wine for 

behind 6 m ^ et ,e ? lcr - Egging well 
behind are Europe s largest home- 
grown contenders. France's Cap Gem- 
Anglo-French Sema Group, 
until four or five years ago, such 
mnlangs actually counted for little. 
Fben the market was so fragmented that 
it mattered little who led it. Even when 
combined, the market share of the lead- 
ers remained small enough to leave the 
vast bulk of the market in the hands of 
hundreds of mostly national, not even 
pan-European, firms. A wave of con- 
solidation which began three years a°o 
and continues to this day is changing 
that, tipping the balance of power more 
m favor of the large and increasingly 
American firms. 


Last year, for instance. IBM snapped 
up. among others. Britain's Data Sci- 
ences with its 1.700 employees and an- 
nual revenues of $ 1 50 million. 

' ‘The consolidation continues, ' ' said 
Hans Ulrich MaerkL general manager 
of the European arm of IBM Global 
Services. "1 have got on my desk right 
now for sale offers to us from nearly 20 
smaller companies.” 

- Many insist that even such strong 
national companies as Britain's Logica 
and France's Axime face a difficult de- 
cision. They must “expand extremely 
fast overseas or become pan of another 
group,” said Alwyn Welch, sales head 
for Cap Gemini, which has itself made a 
string of acquisitions in recent years in 
Europe, and just last year established 
itself in Southeast Asia. At I4.S billion 
French francs ($2.6 billion), its total 
1 996 revenues now place it far ahead of 
its European rivals, but below what EDS 
earned in Europe alone, and a mere 
fraction of EDS's 1996 total of S14 
billion in revenues. 

Nowhere does such size count for 
more than in outsourcing. There the 
sheer dimensions of the larger trans- 
actions all but bar smaller bidders. Two 
years ago, for instance, when Britain's 
Inland Revenue turned over its data 
processing functions to EDS. that 10- 
year f I billion ($1.6 billion) contract 
involved the transfer of J.900 employ- 
ees from the government to EDS's em- 
ployee rosier l which as of today stands 
at 20,000 in Europe alone). 

“Not many companies could take on 
a contract like that involving thousands 
of employees and the running of an 
integral pan frax processing J of gov- 
ernment.” said Tim Ryan, president of 



the industrial development group at 
EDS. 

Even the awarding of smaller con- 
tracts now favors larger, more estab- 
lished firms as customers seek assur- 
ance that the company they are 
entrusting their commercial future to 
will be around for the entire 5-10 year 
duration of the contract. Add up all of 
those factors and even many Europeans 
conclude that it is becoming increas- 
ingly hard for anyone to compete with 
the large, mostly American computer 
services companies. 

Where the Europeans do better is in 
the far more fragmented marketplace 
for so-called systems integration work 
— the tying together of computer soft- 


ware and hardware for clients under 
fixed term, fixed price contracts. There 
size is less important than is a deep 
understanding of what remain, despite 
the European Union's five-year-old 
single market, a welter of national mar- 
kets. 

That is especially true in formerly 
sheltered industries like telecoms. The 
opening up of those industries to com- 
petition has been by most accounts one 
of the most important factors under- 
pinning the computer services in- 
dustry^ return to 15 percent growth 
after nearly stagnating early in the de- 
cade. 

Privatizations and the easing of reg- 
ulations that had effectively cosseted 


tXtxf 


Nmilar Awim/MT 

many financial institutions have all cre- 
ated huge demands for new computer 
systems that can provide the better, 
cheaper service now deemed so com- 
mercially vital. 

Those computerized solutions, 
however, remain highly specific to their 
maricets. 

“Credit Agricole is nor necessarily 
interested in what the Britannia Build- 
ing Society is doing,” said Pierre Bon- 
elti, chief executive of the Sema Group. 
“Customerexpectarions and bank prac- 
tices in dealing with their customers are 
different in different countries.” 

For hundreds of smaller European 
systems integration firms, those nation- 
al quirks are their best guarantors of 


profitability and longevity. As Mr. Bon- 
elli insists. "The day when the tech- 
nology becomes mundane is when 
strong concentration occurs [in the- com- 
puter services industry]. Most experts 
agree that the stubborn survival of 
quirky national and local markets will 
help stave off that day.” 

But for how long? Many experts pre- 
dict that the more competitive Europe’s 
phone companies, banks and others be- 
come. the more they will become alike, 
and better able to absorb lessons learned 
elsewhere. Already Vernon Ellis, man- 
aging partner for Europe of Andersen 
Consulting, says that his company has 
found success bringing lessons learned 
in a credit card processing contract for 
BancOne in Ohio to Barclaycard in Bri- 
tain and to Germany’s GZS. 

Europeans fearing the imminent rout 
of the home team by interlopers from 
America in yet another high technology 
industry take heart. Two of the most 
power-fill of those invaders — IBM with 
its special strength in outsourcing and 
Andersen Consulting with its stress on 
systems integration — both deny their 
American-ness. 

“I consider IBM to be a European 
company, with very few of our 42,000 
employees here being American.” said 
Mr. Maerki, who himself is Swiss. Not 
to be outdone Andersen's Mr. Ellis 
defined his company even more broadly. 
“We are owned by our partners around 
the world," he said, opting to describe 
the firm therefore as "neither American 
nor European ... but global.” 

ERIK IPSEN is the London correspon- 
dent for the International Herald 
Tribune. 


In Quest for Better Communications, Companies Upgrade Technology 


By Paul Floren 


P ARIS — This may be the year 
that computers are defined by 
how well they communicate. 
Software and hardware makers 
are busy creating new ways of linking 
computers and people over the Internet 
and Intranets. 

□ 

Netscape Corp., one of the leadeis in 
browsers, or software that helps sim- 
plify Web searches, is due to announce 
Constellation, a software package that 
will integrate with and enhance the 
communications capabilities of a com- 
puter's native operating system and ap- 
plication software. 

Designed to work closely with Net- 


scape's best-selling communications 
package. Netscape Communicator, the 
company says Constellation will 
provide seamless access to all the Com- 
municator components, including open 
e-mail, groupware and browsing, as 
well as information customization and 
net casting. 

It will work on the same operating 
systems that support Communicator, in- 
cluding Windows ?..l. Windows 95. 
Windows NT. Macintosh, and Unix. 
Constellation aiso will enable intbrma- 
tion-svstem managers to remotely 
maintain and update user workspaces 
from a central location 


IDT Corp. has developed a new way 
of using the internet tor voice traffic. 
IDT's Vet 2 Phone softw are enables the 


Internet user with a sound-equipped PC 
to initiate calls from a computer and 
transmit them over the Internet to IDT’s 
central telephone switch. The switch 
then automatically and instantaneously 
relays the call to its destination. The 
result is real-time, uninterrupted, simul- 
taneous voice communication — 
identical to a telephone call. 

The advantage to users is in the cost. 
Because the signal is carried over Lhe 
Internet until it reaches IDT's phone 
switches in the United States, rates are 
not dependent upon the location of ori- 
gin. Users therefore pay as little as 10 
cents a minute for calls to the United 
States from anywhere in the world. 

□ 

Microsoft Corp. has been hard at 
work on the next version of Windows 


95. Code-named Memphis, the project 
underscores Microsoft's commitment 
to the Internet and multimedia appli- 
cations. 

As Bill Gates, Microsoft chairman, 
recently wrote: “Over the next year, our 
approach will be to make Windows so 
Intemer- friendly that you will be able to 
browse Web pages the same way you 
look at files and folders on your hard 
drive.” 

The new features of the Memphis 
operating system will include: integrat- 
ed Intemet/intranei browsing, bufit-in 
communications and collaboration soft- 
ware, support for the latest hardware, 
the latest multimedia components with 
features to make PCs more self-main- 
taining, as well as all features currently 
available in Windows 95. A trial version 
of Memphis is due out this year. 


Microsoft is also working on a project 
to make personal computers more in- 
teractive by integrating them with tele- 
vision. Building on the Simply Inter- 
active PC initiatives announced in April 
1996. these technologies consist of 
broadcast components that allow PCs to 
receive television programming, data 
services and new forms of entertain- 
ment blending the two. The project also 
hopes to include elements appropriate 
for use on large-screen displays, such as 
a large VGA monitor or television seL 

□ 

Acorn RiscTechnologies. pan of the 
Acorn Computer Group PLC of Britain, 
has developed a personal digital as- 
sistant. called NewsPAD. over which a 
prototype interactive newspaper will be 
transmitted. 


The size of an A4 sheet of paper, the 
NewsPAD consists of a large, high- 
resolution color SVGA active matrix 
LCD panel. Promoted as fully inter- 
active. the display panel is touch sen- 
sitive. The NewsPAD is capable of dis- 
playing audio and full-motion video, 
still images in color, infographics and 
animated information sequences, as 
well as the more traditional newspaper 
text and graphics. The user can per- 
sonalize the concent received. 

The European Union is providing 
support for content creation, and Edi- 
ciones Primera Plana, a Spanish pub- 
lishing house, is testing the system as 
part of a move into multimedia news- 
gathering and distribution. 

PAUL FLORET is on the staff of the 
International Herald Tribune. 


E9 


Toshiba Multimedia: Computers Semiconductors Telecommunication Systems ‘Disk. StdjraEcje. LCD Consumer Electronics Medical Systems Industrial Equipment 


I 




* 


1 


0 




Toshiba is one of the leading 
players in developing this revo- 
lutionary new storage medium. 


- . _ 



. , ■ .. 

MMa 







%r 



: 






AJ 

j ste 


* 







■/ A 


. . , 







I 1-1 y' '■'I 


. . »• 





■ s' 


1: T v, ■ 


I+! 1 ' 


J 





' mi* 

MW 




In today's high-tech world it's 
Tot* easy to forget the virtues of com- 
municating by simply putting pen to 
paper. Ar Toshiba we've never forgotten, 
instead we have dedicated ourselves to 
making this simple task even easier and 
much more comprehensive through the 
use of electronic notebooks. 

For decades, we have created useful 
technology with a wide range of prac- 
tical applications - 

'ncreasingly more hannoves 
efficient, smaller; and 


13- — 19. 03. 1997 


HALL 1 STAMP 6b 2 


HALL 12 STAMP D4S 


is here - a 1 

and multi- 
abilities at your 


processor 
communication 
command. 


lighter - to become 
the world leader in portable personal 
computers. Toshiba semiconductors are 
at work in countless items of electronic 
equipment and their benefits include 
constantly improving TFT 
colour panels, developed to- 
gether with IBM; the vastly 
increased storage capacity of 
hard disks and DVD-ROMs; and the net- 
work capability of portable 
PCs that we pioneered. 

Our vast knowledge of these 
key technologies will ensure 
that one day the DynaSheet 
will be in your nearest store. 
It may be 2006, or it may be much 
earlier. At Toshiba, we firmly believe 
the sooner, the better. 

For information on current Toshiba 
notebooks, please consult the Internet - 
http://www.toshiba-teg.com 


In Touch with Tomorrow 

TOSHIBA 



h a aBfcwy 











PAGE 21 a 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 

COMPUTER INDUSTRY i A SPECIAL REPORT 


Goodbye to Silicon Chip? Biologists Hail Advent of DNA Computer 


By Barry James 


P ARIS — Computers 
may one day be made 
of DNA, the informa- 
tion carrier inside 
every living being, rather than 
of silicon and electrons. 

Rudimentary DNA com- 
puters already exist using test 
tubes rather than printed cir- 
cuits as processing units. 

Animesh Ray of the Uni- 
versity of Rochester, New 
York, said the main thing pre- 
venting their development is 
the relatively high cost of syn- 
thesizing and manipulating 
DNA and the fact that no one 
has come up with an appli- 
cation that would commer- 
cially justify the immense in- 
vestment it would take to 
develop a machine. Although 
it has been possible to per- 
form simple calculations, not 
enough work has been done in 
the laboratory to demonstrate 
the feasibility of DNA com- 
puters on the scale envisaged 
by mathematicians and com- 
puter programmers. 

It costs at least 10 cents to 
make each DNA base, equi- 
valent to a bit in a conven- 


tional computer, meaning that 
a working machine could cost 
$100 billion in today's prices. 
But if a demand develops for 
such awesome computing 
power, the price would likely 
come down. Only a few years 
ago the idea of immense pro- 
cessing capacity in home 
computers and modestly 
priced hard disks holding a 
gigabyte of information 
would have seemed far- 
fetched. 

Those old science-fiction 
movies showing columns of 
liquid bubbling in the back- 
ground m ay not have been so 
Far off the mark after all. A 
DNA computer would be 
built around a container of 
liquid — purified water, 
probably — holding a 
minute amount of molecular 
material. 

A single drop of water con- 
taining DNA could theoret- 
ically process more data than 
the world's largest parallel 
processing computer — an 
array of more than 7.000 Pen- 
tium Pro processors at a U.S. 
government laboratory in 
New Mexico. A pound of the 
material might contain more 
computing power than all the 



mi encrypted code. Informa- 
tion is encoded into the 
double-helix molecular 
strands in the same way that 
the genetic information is 
stored in living beings. 

Few thin g s are more com- 
plex than life itself, but the 
processes underlying life are 
simple: addition, subtraction. 


laboraiojy and have begun to 
devise methods to make mo- 
lecular- scale machinery. 

The DNA -computer is 
based on “absolutely stan- 
dard" lab techniques. Dr. 
Ray said. Even if it- is- -not. 
feasible now tabuild-acpm*- 
puter , he said, it is possible t p 
do some of the. groundwork 


processors ever made. But a 
DNA device could not be 
used to run word-processing 
programs, games or spread- 
sheets, the kind of applica- 
tions that keep modern com- 
puters busy. 

A DNA computer could 
take hours to solve the kind of 
serial or linear problem that a 
conventional computer can 


perform in a fraction of a 
second. But theorists say it 
would be ideally adapted to 
solve parallel processing 
problems that are beyond the 
reach of silicon-based ma- 
chines. 

These could be, for ex- 
ample. Hamiltonian Path 
problems, more popularly 
known as the traveling sales- 


man riddle. The salesman 
must complete a circuit vis- 
iting a number of rides only 
once, but some cities have no 
connections, and the sales- 
man is not allowed to back- 
track. With only a few dozen 
cities, the problem becomes 
insurmountable for modem 
computers, which must try 
the paths one at a time. 


NicaJac AjaaflHT 


A DNA computer would be 
able to try all the combin- 
ations at one go. It could be 
used, for example, to work out 
the optimum route map for an 
airline serving a couple of 
hundred cities. Dr. Ray said. 

It could also solve key-in- 
lock problems, for example 
by simultaneously Hying out 
all possible combinations in 



division and multiplication of by refuting methods of fsbf 
the information contained in ricating and manipulating 
the wispy strands of DNA- DNA chains and building 
In fact, the idea of using very small electronic circuits 
DNA to create computers to extract and display the in*- jr 
came to the mathematician formation. A DNA compute? 
Leonard M. Athenian of the would be able not only to pro* 
University of Southern Cali- cess data but to store it, dej 
fomia while reading James pending on the programming 
Watson's “Molecular Bio- algorithm, be said, 
logy of the Gene.” He was A DNA . computer peri 
struck by the similarities be- forms the logical command 
tween computer operations “and" by separating DN4 
and genetic processes — both strands and the command 
of which entail combinations * ‘or' ’ by mixing strands. The 
of on-off switches — and molecules containing a posr 
wrote a paper in 1994 de- sibiy correct solution are 
scribing how a DNA com- filtered out and the rest are : 
puter could solve a traveling discarded. In the salesman 
salesman problem linking problem, the computer would 
seven rides. look at billions of paths si* 

A strand of DNA consists multaneously, but retain oni£ 
of a chain of bases, which are those containing a single visit 
made of four molecules to the required number of dr- 
cab ed adenine, thymine, ies. Since a DNA computer 
guanine and cytosine, known mimics a biological process, 
simply as ATG and C. Since it might one day be used tij '* 
strands interlock wife match- investigate immensely com* - 


the space you would expecf. A complete 
range of laserprinters from small desktop 
units to network compatible full colour, all 
with advanced RISC processing for a printing 
speed factor unknown to the universe. That's 
why we call it imaging beyond imagination. 

Minolta PagePro Printers 



MINOLTA 


ing strands, it is possible to plex molecular or genetic 
use the molecules to form processes, or analyze the hn'r 


what are known as logic 
gates, which will accept m- 


man genome map. 

A DNA computer would 


formation as true or false. By have the advantage of run* 
using sequences of DNA 40 ning on no energy, other that} 


bases long, researchers be- 
lieve it may be possible to 
carry out a trillion simulta- 
neous calculations. 

Chemists and biologists 
have many years of experi- 


a trickle of power to prevent 
the DNA denaturing. ReliaN 
ility would be a problem be* 
cause DNA mutates at ran; 
dom. Living organisms have 
error correcting mechanisms 


ence of fashioning pieces of to take care of such changes^ 
DNA into unusual geotnet- 


ties, using enzymes to cut and 
splice the strands. They know 
how to create DNA in the 


B.4RRY JAMES is an th$ 
staff of the International Herr 
aid Tribune. 


Internet Arrives 
At a Crossroads 

Skeptics Cite Overload ! 
Of Useless Inf ormation : 


By Sharon Reier 


P ARIS ■— Those who 
shrink from the siren 
call of cyberspace but 
have heard fear the In- 
ternet will change the course 
of history can take heart. 
They are not alone. 

One of the most commer- 
cially successful sites on the 
vast. 40 million page and 
growing World Wide Web is 
Amazon.com. Amazon is a 
Seattle-based discounter of 
books — the old-fashioned 
printed variety — which are 
delivered in fee real, not vir- 
tual. world by United Parcel 
Service. 

There are also some high- 
powered computer industry 
executives who are skeptical 
about the revolutionary pos- 
sibilities of surfing fee Net. 

“I don’t know who these 
zone-heads are.” scoffs 
Charles Wang, fee founder 
and chief executive of Com- 
puter Associates, a U.S. soft- 
ware company. “There were 
only a few hundred million 
dollars done in transactions in 
the Internet last year. If it is 
taking over, that is a pretty 
small number. 

“Put newspapers and 
magazines out of business? It 
will never happen,” Mr. 
Wang continues. “I like to 
read The Sunday [New York] 
Times, because I don't know 
what I want to read. Tbe Web 
is there if you know exactly 
what you want. 

“People say die Internet 
will replace stores. It will 
never happen. If you know 
what you want to buy it is 
another vehicle. But shopping . 
is a social experience." 

Even Bill Gates, the 
founder and chairman of Mi- 
crosoft Carp, and widely re- i 
garded as the crown prince of i 
the World Wide Web, was i 
taken unawares by the Inter- < 
net’s grassroots acceptance. < 
In his book, “The Road i 
Ahead'’ (not available on- 
line), Mr. Gates admitted that s 
he believed the technology * 
for “killer applications” was s 
inadequate to lure consumers i 
to the Internet. e 

But as American on-line t 
accounts surged from 16.7 f 
million at the end of 1995 to 
25 million to 30 million by the n 
end of 1996, Mr. Gates revised s 
his book to include a chapter c 
on the Internet He also rolled o 
out a new Microsoft Network e 
that tries to be fee paradigm j; 
far Internet users: an inter- 
active entertainment channel, b 
communications channel for rr 
e-mail and chatrooms; a per- tf 
sonal shopping and informa- — 
cion channel and a gateway to S, 
the World Wide Web. fa 

MSN already claims two P, 



million subscribers. While 
MSN says ir is committing a 
billion dollars to develop 

0 MSN programming, tola] 
n worldwide Internet advert- 
t is ing last year amounted to 

- only $350 mfflioo. 

5 . If all this sounds contra- 

- dictory.perhapsthekeyrothe 
puzzle is feat 75 percent to 80 

■ percent of all on-line sub* 

: scribers use fee Internet 

1 primarily to send electronic 

! mail, a cheap alternative to j 
i voice telecommunications. * r 
f The challenge for busi- 
I nesses on the Net, then, is to 

■ convince e- mail users that the 

■ virtual marketplace is an at- 

tractive place to do business.' 
According to Mr. Gates, the 
deluge of information avail? 
able on fee Internet has the 
capability of creating a viri 
tually “nicti on-free market ’■ 
which can give consumers 
near-perfect pricing. ^ 

Meanwhile, many Internet 
users who surf the Web seem 
to be drowning in a sea of 
information. • ] 

“The good news is thai 
everything is widely avail? 
able. The bad news is that 
everything is widely avail? v, 
able,” joked Kate Delhagem " 
a research analyst at Forrester 
Research of Cambridge. Mas* 
sachusetts, which tracks the 
Internet for corporate diems’. 
“Chances are ‘if you search 
for an item even with a veiy 
good search engine, most of 
fee results you get will be 
irrelevant." 

What is more, they may nof 
be true. "You used to spend 
hours getting fee information 
you needed,” says Nick A1-! 
len, a senior research asso- 
ciate at Forrester. "Now you 
spend hours verifying fee in- 
formation you have gotten.”: 

Such experiences may lead 
to cases of Internet letdown; 

But, as wife any new tech- 
nology, there are true believ- 
ers who claim it will totally £ 
change the flavor of human 
interaction. 

Those who believe Mar- 
shall McLuhan’s dictum feat 
“fee medium is the message ’ - 
say fee Internet democratizes 
information. Without elitist 
editors to exclude material: 
they say, people can search 


for anything they want. 

In fact, in societies where 
media channels are highly re- 
stricted. the World Wide Web 
can be a subversive tool . Any-, 
one can have a home page or 
e-mail address, from guerril- 
las to local banks. 

Will fee e-mail subculture 
become fee dominant com-- 
mercial culture? At this point, 
fee jury is still out. ; 


SFL4RON REIER is a fr €e : 
iance journalist based in 
Paris. 




PAGE 21 



,n, put 




t Arrives 

ii* * •:*; 

/..< 


INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14, 1997 


WUBSFHL 



l 4 fe 3 

1*49 

DM. - HMS 

‘“-■l-a, 

“ H JSi34 

ax 



m asm 

« CMruaimmmH 
m Mteiorlntiud^ 
" *w»m IMubt) LM 



?sa^ e Fgsss ju, “"*«' 

s sssssraisssuso °i 


ssMBaaafflw 1 """ 

a LjSwsel! 


. un 

S 138*374 

* 12SASW 

* 99J6IB 

1 Mniwi 

s ‘s-ass 

§ 5«J001 

i 921 

* inw 

I IS-** 

* 271.7227 
_ S 109.7616 
Ecu 1*32- 

S 1XLI4M 
DM 139J9SJ 
Ecu 143*829 
131 SUJ 


ALFRED BERG5V 
0 (ROW 
0 Germany 
a Summand 
a Eorcpu 

a Main America 

a i-orEost 
a Japon 


2S2.I4 

10BJ9 

124-27 


DM 1257 
5F 2KJ 4 

DM Mtl 
t 187219 
S 18103 
Y 10133J10 

c/B Bonk o i Bermuda CKS-4)4A46&91 

• AnkmeousOfS^MA^*"* iui 

m AUenep US Gr Snot®: B c ttm 

m AWonca us a. strain i t JjtS 

w AJtoncvl/5Gr.5fJSSw S ££.% 

“W6EMENT, LTD 

a Mono Altos r a LK/Jon31 S 107.09 

m AWw ABOS Fd-HYC OiFabS 5 

n AWo Altos Fd-Tow-jSSl^ I 

.H aHb Ena wi KDetvSin j 

S ffiffiSiSi ^ 

a MAgGkM Fd Uan311 


Arena Hdfl rtf a A/janJl 
m A9taHdgRiaa/jon31 
m Alpha Hire Fd O C-JertH 

S 

o A tonaSA/ft 
nv Atoha short Fd Uofiin 

S MM 

m Bum-Ear EurHdg Jm3l 
nt dettamef ValueLlqnZl) 

■ MM) Japwi Fund 
re Ireflo Perkmxmce FtVFettt 
ai LqfttwesrVMrtUanstl 

re PeOI KIM Opp BVi Jan31 

re Stand Po= Cap OHshrjcmal 
re The Russia Fd IFeMSl 

?' gSCT T%, 


15X54 

122.42 

TOCM 

292*5 

144 CT 

1087.12 

589.28 

15109 

14902 

44648 

35701 

14459 

22*5 

11802 

20401 

isiji 

ata 

8951 

14744 

96.77 

11157 

24620 


. lfttuanoSox« Pill % 

a UJ Growth Companies Pin j 
a Ui «ca Ejmis Sic Flfl s 
H4 ARBHOLD h 1 BUKHROEDER 
C* CITCO Ten B1 1-5-9 99-322 -222 
w Ados Curperanan 
m Arariia kdemadonol Fund 
• DcF Anocfa».*3 N.V 
. pKfeSeteaFinuS 


2259 

1551 

1506 


S I06&U9F 
S 734.90E 
51698I51E 
8 1011J4E 
simniioE 
8 12660E 
015 AHA FAOF1C PERFORMANCE. 5ICAV 
• APP 5 1126 

816 ATLAS CAPITAL MANAGEMENT LTD 


4 HS Eoflle Fund 
w Tne svfial Beverage Fd 


re AROSGCCC Fd 

* AftBKnCAiMrogeFd 
■ Caracriltie Anlroge Fd 
« cnawbgerFd 

re Tne SecoM Aires Arettrau# 

(17 BA! 1 1*44-1 71 -124 3780 

• intemreiter fb Lens nav 
irOBaurtoflo Fund 

» CanketBeleFdIFftI 
f CPrarrSbb? Fd fu'SO 
i 'Pte mj iu rac l Bene .usn 
I Filed lUSSJ 


- 109)7. 

5 1231764 
S 106725- 
5 110604 

8 103039- 

S 64918 
FF 309140 

S 53173 
018 BANK BRUSSELS LAMBERT CO-2) 517 2817 


C 33L Tiesi Artmea Cap 
c BBl rensr Setprem Cap 
s 35Lim#sst JdpanQre 
■i eB w en«sruidnAiperCdp 

- 53LO«MHK A Chao Cap 

e 3GL Irrear ASUn Gfih Cap 
c 39L Jnnasl UK Cap 
j B3L ‘L> :r» GaWndim Cca 
a 9SLILMnn9BJKseCdD 

3 3SL.13 inrea AW«Ci» 
j BHL ILi ln> 3<K4 lAet Cop 
: SBLILI mTiteamAMcd 
: sEl Fl l-weB Fiance Cep 


S 70034 
6F 2205200 

; »ks 

s 38UB 

S 41408 
£ 3313a 

S 13117 
LF 7C4K2C0 
LF 472900 
8 650A2 

S 529.74 
FF 547.72 
LF 470600 
LF 77Z13JO 
BF l imnni 
DM 532753 


Bit BASQUE 9 ELSE ASSET MflMT POND 
ifae35;*uSjr&jems*Y4<14B1 726514 

re -necMT»?vnd 5 ll.M 

.■mSSndPig^ t 1AM 


re 3tf irt _ 

. AMeFdOPc Refton nt 

re nine » 

: i 

281 BANflOE EDOUARD CDNSTAKT 

re irereeniW » 

* 'niwec cm , sf 

re S- jCi nd C.t 5F 

KO 5AN0UE INDOSOEZ 

r 7i; 7rfMT7 F-"13 ' I 

VJrt1S-.J FaSrr.lD.4 8 

r vS-dF4 =ilStr.iaE * 

- .V*vnsFj\Fdi«r.2aC S 

c :rccsu<C C ipjl A Units » 

J GCtlUBB JOBOn WoiTOfll 5 

re macsiiR H>jn eid Bd Fd A 8 

re lrC3*j« Hljri Tie 3d Fd B 
r .'AdiEsjana 
; '.rxxsuci LCMl Amnia 
U MOaNMIMiMOIMBrd * 

a ' n Fir Sen Ca fd DM 

IK22SJC ASSET WGT ASIA LTD 

- lee«u*; -SCX PJ FMIP A 8 

j ' --inM- -; Asian Pi'i-F’Mre 3 J 

: -A F5ier. C-r7*m Hind 5 

r ISA Bton Ret Own Fd Y 

e Fadf: GauFu-ia . Jj 

a Asttr- iasaij Fwid J 

- Keren 9-jnd s 

: ssffifefffid 1 

re aurdoFura i 

m MoiSCSSrulKl i 

The Son Fund 


1TC4 

k 

!» 


94.18 

24359 


0 


t TS7 


r Indexes S-n - 
s xae s n e e PeciSc Tti 
j uianuciaocrFd 
re ' ^■~-ire T Momma Tsr 

s ineaun Aslan Rn-Jndon A 
s ueanaASidfl Pif-Jnadn 9 
an BAMMSCJ ALLIANCE 
(«nj M6-1M1. G«d« 

' sNonti Am Enullte* 


S 90.45 

8 111544 

S 101738 
S 120376 
* 131.7S5 

S OISs 

8 101 J 2 

8 14078 

n 14062000 
5 ISO 
1450 
1456 


3156 
3149 
«L75 
Y Ml 10 
I ITdS 
8 1158 

B 1JB 
S 13» 
S 1477 
S 31761 
S. 21A2z 
S 3757 

I gffi 

MK* 34715s 
8 115802 


39-OSJ 

2001 

20.13 




» P1eo*A>A PciTitEii 

re Pieade E n.kDnmein Eta 

■ 

a PiMdtECu Bonss 

- PteadeFFEk-nds 
re PIBOBe NFS LOnv 5lh» 
> took c-rirr Reserve 
• Weaci EC- Reserve 

: &SSK 33 & 


EcS 

$ 

S 

Ecu 

FF 

5 P 

Ecu 

SF 

FF 


160.12 
19922 
11X23 
10442 
111 It 
13408 
129.95 
10498 
11491 
1 1196 
1QBJ1 
115*6 


a HondtoroULWl 

3 Ir ^nrredr 1203' 

a JapeoOLTC 

a rt»* rtre®?^ 

0 MotiTU .’2C7’ 

3 g THWce sjlqS?' 

C ilZTO 

a KSffiiujpi 

d la Fund '-'T/mj 
d SddAEosi CISTEJ 


1131b 

592602 

lkliA 

45282 

54359: 


24437s 

206732 

9.1721 

375492 


\ apS 

2 VMBci* 


jlcm: 

d S^ Sn-rrCg,^ 


13542 
7392 

S gSM?| u,0B,PO FF 79 S 

sHinBUHnv^ 

d AoauFa _ | TOMZ 

t \ ’SS 

j hoetAacncc < * 3 * 7 - 

3 sgsev^ 1 ® 

d laxnelic i U Bona J zS4j* 

d EwopoFund , 15751* 

0 Na^Konp . I 338ft 

a T'bl u rx &'ror l J 12.41s 

s (MnuaEmcraW ••■*!« J 16 . 13 i 

0 Loan America | ib5Dz 

0 USDoCat&rfreiaJ^S i 5767Z 

d Qirwig Fur« Mares* 3 i 1581 

0 ‘MMOFecy £ 1.123* 

0 Euoa> seres’ reederFiere 4 

1 GLOBAL ADYISORS LTD ^ 

na%iMN Ud 
iLrmE. Lid 

!?£!SSiu 3 

ysMsgSsg 

d Bd8n«a Re°7?«™ ™ 

LSSSSS SSm&s is a 0 * 

• AnOs C=E .‘t tx 5 iS ® 

re AflBO High Tech un*m 
Off BOWEN CAPIJALMST , 

■ SN*3BA»cFure , 

• Zlpaevi Fatal 



97315 
S 372359 
S 817999 
J 64855* 

IW 


ll.? 6 *| 

751S0 


828 DO UNIVERSAL RJNDSKAV 335912 

"SSeIusoai? 1 '' I jtgrt 
a GWo! Ea USD B r 77 . 79 W 

5 ggsi 5 £Sg|Tgi J* sg 
3 gSSgSSBKiiB E s iftg 
3 ISSIESI^ 6 ” 

3 

a JeanJPYAkDJe' 


2175 

{ 27.9742 

I *2604 

v 4821476 

4 Saiga 


3 gssiwo.'ftg, 

t SfUsg 

*- 55 ! 5 Sgr-TTB 

AS 12W-5® 


?g lliS® 

. re^i S&s- ” - 
j’SHsasBr "" 1 1 ’as 

■a t^aiGfc-iinF^ 

*MCBC»ITt«ftTtO«AL pp 70070900 

ZSESSSum""* 0 * 

MESW*T«« 


3 oSSS SSEECu 

2 g^nre^ FGP E5P 

3 Ojto»7 KCOUiO 

* 2E2^"$*wu* 

^STe^V 

3 SSSsSSy 

S 

tf Qflpan Em bm 

5 SaKSk 

6 SSLs w* 

3 

J Ma^r Man ager i, 

2 SS 2 “M 6 ™ b,f * H 

d aourm pwi Enhanced Gnti 

W gjIBAW g^l F UjJ^jjL 1 lms/rer 


Piss loniM 
S 1*73.14 
_ S 1877*4 
PM 15725 
1 18872 

Y 1263480, 
5 37515 

ECU 271.1* 
£ >82 7< 

FF 184k 1 
DAI IK: 



0 OB Alla ___ 
d OB Gea Asian 

d sjssjr 

d pn Lai AnwCnpGW Fd 


KUO 
S 101080 
I 9899 
8 9BJ1 

re Wain ~ ' | 

PtBSSiSwtw&sw" “ 

s gfis^ssis i its 

B79CTTT7RUS7 

m Otpertonarmce PiO LA. s 21056 

re The Goad Earth Fund t i7.re7B 

M8 OHWEST te-n 44 7075 18 


CF.I 

re Camaasi Asia „ 

re Cb bwwsE uibpa 5 f 

•fl aHOETT ffOLMNOS LTD 
re ContmBStLMM SF 

re Canzetl Eiaapa invesl LM 5F 

•» Cornea Farm Fund Ltd sf 

: ls»?s^ WUd gi5 

re SunAower Ttadfeig Fund Ltd DM 
0« COWEM ASSET AUMAOCkUMT 
Cs^£me SS vF».dN.V. 

re aauBSte s 

M3 CREXJ« INVESTMENT FUNDS 


150834 

11.9550 

151401 

9442*5 


TeJ -41 
a cs 
d CS 
0 CS 

0 cs 

d CS 
0 CS 

0 CS 

1 i 

0 cs 
0 cs 
0 cs 
0 cs 
0 cs 


d CS 
0 CS 
d CS 


1 332 EDO Fa* *41 1 271 3425 


PortiFNinei 
Portr R* ik Idiai b 

Pont Fh UtclSFRlA 

PattFtelBCfiFRlB 
Pert Fix Inc IU541 A 
Pam Fi* Inc fusil B 
PdHfWDMA 
PominCDMB 
Pam me (Uel A 
Paslf Inc turel B 

POOlbiTSFB A 
Pqstl die SERB 
PomtociKSA 
PDrtlKUSSB 
PwlTBolDM 
Pom boi sf° 

Parti Bolus 
Pcrlir 
Parts < 


0 CS PonfGnMtl SFR 
o C5 Purtl Grewtn usi 
a CikM Money MM FdBEF 

S SSSKSSSS* 

% rassrssESK 11 

0 CredtS Mdti»y Mto Fd HH 
0 Credb Money Mid FdUf 
a Csedte Money MM F4PM 
d Cmh Money MU Fd SF 
0 OWsAtonevMJttFdt 
3 Oeds Money Mid Fd Yen 
0 Credb Money MM Fdt 
0 Qads Eq Fa Enure MMs 
0 Oxli Eq Fd Ear Bin Qi A dm 
O Quels EqFd Eur BkMCnB DM 

% ssiprsaiss 

d Credo Eq PtfGetaionyA 

s 

..JSES B 


10S9J9 
_ . 1094.75 

SF IC4J47 
5F 1Q7D43 
5 IMkO 
S 1077.7) 
DM 1I14CC 
DM 127X41 

untismoo 
LHl 222151X0 
SF 1 102.) j 

SF 121125 
S 105050 
S 117443 
DM 129X1* 
SF 1245 49 
i 170446 
SF 1091.11 
DM 126491 
SF 1211.44 
( 110857 

BF *31 81 AO 
CS 1502-35 

DM 1951.97 
Ear 1S90A* 
if 7036*3 
B 1326.70 
15151858400 
PiO* 15463150 
SF 523.10 
5 205923 

V 14764700 

£ 274415 

* 

401IS 

47444 

FF 132023 
FF 145827 
DM 567-42 
DM 404.76 
S 2*823 

8 2°4J1 

FH •0746JM 
Pn 4875800 
LB 28*84000 
LB 30018400 
SF 2ME5 

Y 1931900 
S H843»v 

83924 



»r» 

£SS 2 S§ 

easv 


Advertisement INTERNATIONAL FUNDS March 13, 1997 

available on Internet: http://www.iht.com/lHT/FUN/funds.html 


ft* kionreSon on howto fet your fund, fax Kaly Houi at ( 33 - 1 ) 41 43 92 12 or BmaSi : funds@iitcom 
Quotations for your finds via E-mafl : & 4 undsd 0 itxom, service sponsored by MOKJA 


rBansMeBrrai 

m EmF CAfJlo! !nfl LfB 6 249J2 

ressusEn ^ GM0 \ ^ 

. FoirtieiaiiiflLM . s JMO 

- ****jg&* I 


m Shrflort Fured_ 

0 ) SMflWfl ASM Filed „ 

s isgsssx^? 

068 FE BRIER LULUH GROUP 

I ^LTSsTsSSreitori 

!S B ao D ^ri 


18 RS 

! 

5* SU 


a FvEoNFuiM } 

0 FmnMrFuna S 

0 Orien) Find S 

0 Gifibai SetacSon Fund s 

B Sp4dd GmMB Fund S 

•64 HNANSA GROUP (Fas 66 9 26M4H1 
flnamei E-MatMnbaM 6 no<a<Ln»i> 
IB Tfee S£ Alla FrmdiefFund 1 
rel The Vietnam Frentor Fund 6 


2528 

152*9 

IS 

21 JS 

25*1 


THE OASIS FUND SICAU 
re intematianal EaUiy Find s 185105 
(67 FM GROWTH RIND (-*11) *16555764 _ , 
in NAV or jan 31 I 9917 

“*SS?Ji?SJ^S ta “ :47 - n, . n,,,, iAt 

f*f FOREIGN A COLONIAL EM ERG MISTS LTD 
Tel : Linden 171 636 1734 
a Argenmfai lm*a Co Stow 
d Branvon Irrees Co Skw 
re common ImesCaSJCflir 
0 Indian lows) Ca Scoe 
a Latin Ann EfflaYWd Fd 
a LaUnAdtenan Mies Co 
e Mmlcon limp Co Scov 
re Pemkrei bind C* Slaw 
0 Potan nm co acre* 
d Tohoon h*nCa 
a Gtd Em Mtb are Co Stare 
• Russkm ime5WiHHCA 
DO FORMULA GROUP 

j RrmdaFundNV 8 106*0 

1M FRIED BERG M1IL7V5 ECTOR HINOS 

937.95 

re Frieabeig eared income S 99824 

: KS3IE3S3? I itts 

071 FUND MARKETING GROUP (BID) 

PJD. Bos men. HomWcn. Benreuoo 

' UGOFob) 


24*2 

SL79 

1232 

425 

180110 

1220 

24*2 

1842 

15.15 

1435 

11X3* 

1157 


_ FMGGtotaiaaFeta' 
n FUG N. Amrr 
or FMGEusooel 
EMC M KT 




1931 
1490 
2145 
1645 

FMGRMCXtrOl S 1133 

0 duel Dial Gnrwm Fd i 61*4 

m The PirsJor. Federal (2fiF*e) S 16.14 
»n FURMAN SEU FINANCIAL 5ERVKE5 LTD 
Tet*3S3 1 *79 7924 Fee-353 1 679 7921 
a ACOOa USA Find i 11A87E 

0 Acacia USA Grown Fund S 12255E 

- CresMoad Can urn LM S172643CE 

0 Litre Intfdruiw A Lid 5 115X57E 

re SoDgatuCL I no Ltd S 18073DE 

172 GAIA CURRENCY FUNDS IF AX 62505 
let K3 1 *7* 716»F3IC 353 • *7*3570 

• Gate Hearn II S 710.72 

» Gas Hedee in 5 1737 

C GAIA Ft S 19001 

n Gate Guareryeed a i t 9782 

m Ortki Guarameed G. Ii S 95^3 

<74 CEPIMOB FUNDS 

Genera TH4I-22 TliiQO Farctl-22 7840105 

• SoMsh VTchd Fund S 5915506 

075 GENESEE FUND LM 

■ (A) Genesee Eagle S 229*0 

- 074 GLOBAL ASSET MANAGEMENT 

IF AX: UA. B2S98 UlCGera 82501 Abe 82502 
INTERNET SfTB Mte^w.iAWo gnreuaa 
OFFSHORE FUNDS 

11 Athol U.Dooste.1 ef Mor. 441624-636037 

- GAM £ SpedOl Brad £ 159.15 

re GAM Arturos t S 547 44 

re GAM ASIAN 5 4J453 

it GAM Aston De* AUn S UA7* 

re GAM Ausltekd 5 219*5 

GAM BPP Inc 

re GAM Bern C £ 19140 

■ GAM Boris DM DM 14471 

re GAM Bona SF SF 11“.7S 

b GAM Bone US! »0 S 142.72 

re GAM Bend uSSSoeciel 5 22840 

re GAM B-Tt'fc: 5 147.92 

re GAM. Croir-:.':r»4i 5 157 jj 

a OAMZmr-ilt, f 253— • 

re GAM. 3cd£i 3hd lifynaltenel S 1C1I3 

• SAM East Air: i *17*1 

re GAMEeiti^VrediMileFa S 13473 

re GAM Fisnc-vd SF J18’4 

re GA.V. Fane FF 2379.S8 

re GAM.GA.MC0 S 334-3 

• G4V. *AaB VMS 5 207*1 

. GAM “cna Kcng S 132)4 

» gam nmmii Tir* Fo uu s 15177 

• OA.'Ajaai S 9ii3a 

GAM. L*vtre je= irt 

re GA.V. Vm-EaMT* f.M 

> GA.V. AT. £un»e .'55 

re DAV. AV.M D A 

re GAM Alt*. Ji UH 

re GA-V. PccjE: 

a QiM Ffi E XT 39 

re yjA.MPr?6ui=Leca 
re reAV.Stierce_ 

2 G4V iFlhrLx Ecri 

re ML 1 Sxrxxe ’. 7ix,x2 
W-» T«7I 


0 Eurasoon Gmnn 
0 Euibpcibi EntErpiter 
0 GteterBOM 
0 Eurooeon Bona Fund 
0 GteOair 
o GtabdL .. _ 

0 GOMLemn 

a NeacfiEnremrie 
0 Nippon Grorem 
d Uffurorem 

0 sienine rmcsm 
0 Greafer Oho Dpos 

OH TTAKDRTU HE INTI. FUNDS 
re Ocu A (Aogr CWi tltdJ 
re CWLs B (GBoal EguPyl 
re Qsss C <G4teaf Band) 8 

> dm D iEqj BOO0I Ecu 

M3 JAMES RIVER CAPITAL CDRP. 
re QMcsealc i«6ar TEsO S 

re 111 Fima Lid. I64m71 5 

re ill GUM Ltd imam % 

OLTP Mar's S 


I 8J7M 

S 104700 

5 5*100 

V 5*608 
S 1.I1B 
S 73100 
8 7-5900 

S 4£7lB 
% X3A00 

C 4(00} 

£ S9700 

S 105100 

8 8723800 
S 1408 
II JF 
11-50 


5002 no 
1*96*0 
1*71*0 


Fima Ltd. 1 Aim 7 
GUMuar- 
re MeBng Fund 1 

re SWtund Fd Lie mnarn * ijreun 

m SnmenengerttarTEN} S VVM 

094 JAR01HE RJEMING , GPD fits 1VUJ 

I 852 

5 1481 

I 19.4* 
I 3Z79AXO 
Y 10141*0 


0 JF ASEAN Trufl 
0 JFF*Eow*VmiTr 
0 JFGUOoiConv.Tr 
d JF Hand Kanq TniM 
a JF JapBnSm CoTt. 
0 JFjaaaiTnm 
' JF .Meurjta Til. 

JF Potfifcmc.Tr. 


0 JF. Menrrjto Trajr 
.'PocnfcrnC.Tr. 

JF Thaland Trvs 

099JUUU8 BAER GROUP 
a Bamana 
0 Cm bar 

0 EaJoart America 

1 I isPBtfr"* 

0 510C5*3l 
0 5*6*5*® 

a Lteufcaei 
d Europe Bona Fund 
0 Mbr Bond Fund 
0 Lam bona Fund 
0 VnMi Bend Fund 
0 DW04MA4W 
0 Carmen Bond Fund 
0 cweoi Bona Fund 
0 Eure Slot* Fvbb 
a us srsex Fima 
tf PooScSwdi Fund 

2 Sartu Stock Fund 
a Speou 5wt5 siock 
0 Japan Sur* Fund 
0 Cmm Slock Fund 
0 SpcdaiCeonon Slock 

0 Karan Suck Fund 
0 Ml Franc Cash 
0 DM Cash Fund 
0 BCV Cmh Fund 


SF 9*4*4 
SF bum 
& 3809.72 

SF 271X71 

IF 1149.40 
XS7li2 
517491 
2581X5 
19198 
15421 
1570*9 
145-39 


5F 

EcJ 

8 


SF 

SF 

Y 

DM 

DM 

J 

DM 


45*2 

2X75 

1X74 

21*73 

21974 

UJt 

252.70 

*134 

090*00 

17S.99 

13471 

46*1 


FF 


l Fund 

_ Frenoi Franc Com 
4 OrtarWB irm auei 
0 GerTmcs lirfl BK 
0 Central Eureae Sloe* Fd 
ON JYSKIHYRCT Do JYSW BANK DENMARK 
Tei 145) 33 7E 73 01 Fax (45) 33 7B 78 11 


1 Atlas 

ECU 147478 
- 1D04B2 

1189.75 
127413 
10X07 
11401 


SF 

Ate 1907*9 


nr JJ.DCAorPM 
I J.! BurO-fOd 
« J B. Getmon Bond Fd 
re .LB. Brffteh Bond Fd 
re AB. SpontJi Bcoa Fd 
• JJL SreedBh Bond Fd 
a J£. Dohor lUSDi Bond Fd 
a J B. Eure Snon Term Fd 
0 J.B. rnn Eaubv Fa 
e J.B. Emera AlLrs Ea Fd 
a JJi Donl pi Sana Fd 
0 JB imetnoODnoi Bond Fd 
M7 KEY ASSET MANAGEMENT INC 
ca Furman Sell Dublin Tel 253 I 679 7934 
m toy Alia rtoteVins 5 115.04 

m Ker GtbOcb He^e f T5*l 


8 1*495 

D*Jt 14Lii 
DM 131JJ0 
E 114*5 
PIM 1327 400 
Set 134*5 
5 105.95 

DM 10412 
5 141.75 

5 1«L80 

DU 118AS 
Okk 16740 


m Key I 


1 Inc 


307 J9 


rei crifc vaue J 1 M 2 * 

•n key Lcngwood me i 125J8 

098 a PACIFIC ASSET MANAGEMENT INC 
m O Asia Podflc F0 Lte 5 12J2i 

Mf LEHMAN BROTHERS 12SS77 
a Lehman Cut Adv A/B 
0 Mu Cl Strategy Fd II NV B 
a /AjM-SOaftOrFdllNVA 
0 MuflFSrrSfl) Fd NV A 
e MiM Sfioteo* Fd NV B 
a Piemter Foteres Adt A/B 



H LIBERAL BULL FUNDS 

:SS21 71 2 <976 Fax: 55 2! 262 7259 
O 4J6-S.F. Fund 
a F.1L-A* I Fund 
0 F LUAL II Fund 
0 FJ l_M.UI Furet 
o F.li.T. i fund 
a FJ.S.T II Find 
0 SAFE Fa 
3 S.T.LB. Fund 
181 UPPO INVESTMENTS 
re/r*j(5Z!Cril S71-i*7I-7J 
FsiruiiZlQl) SI-2677 

re Jarc ruTd S 9 09 

re i DR Money McK to t Fd 8 1458 

a laanetica Gnmtn Fd S Si. JO 

IIS LLOYD GEORGE MHGMT (U2I 204S44O 
re LG Antenna Fund 1 20.41 

re LG Asian Snoda Cos Ft S TIM 29 

re LG Ha30 Fund LH 8 1020 

re- LG Jason rynd 8 6J»l 

re LG F*TN Fund Pit S »BU 


m : 

^ • : MW 

a GAjj iifc.vw. _sS 
re &A.M 7.:- 09 Zt 
re GC.letiS 
- GAV.f'v.er-T.i-i 
. GSi.-A ;•<= 
re oUv Crrr=V*r 

.. 3SiY.r: Cl-r-i-e 
■ 3MV5S 3 Crr;te.-s 
STS? 


7 Bi^r- 


«• EmoMMonmre 

0 Sara Acneasn USDS 
645 C REDIT LY ONNAK KXKE B*rwl« W 

a.R^E^T'aSniLOx regi 

S 4 

m DMeniflea FFrpn F= 

m DteenjAed »Ora „ „ «l 

01 DNmPOM US GrtB KsrW ! 

m D1wiTl6te! A? C-erc -«n7»C_ AS „. 

THE VOLATiUT, HHD_2 Wl’ T7 .LUX RcG- , 

m The vofctfFiy P5 USS Sews! i 9*2 i 

in CREDIT susse FUND MGKT OGUSN) 



1J9X3 I 183 LLOYDS BANK WTL (BAHAMAS! LM 
iajjt ' • lit,:: cneHcsi Pomuio s 
104 LOMBARD, ODIER AC1E- GROUP 

0 LSSrediSAJACTRiCHF SF 

.. . a Sre-wrnc 

p J s risrct 

r Ijn.ie: Tnjair A Iretene 

_6'a= i : -So-ran-. A Aupr j 
: Susen Bun;* 

? Srr-areil: 

CSl f-.ET _tc .CD 
: vuT^-imc, 
r Dne-'ViediirnTe-T 
; DAIf-PivTMir. 

• JC2cne5« -en 
Pr.aSisef,.-; 

1 Dt .SPic 7. - -, 
r D-s=:«Srr 
a p-SLKixrenr.es 

; LS^ji?S'l;rT -c-h 
j «-.crtC u-S...dPT. 

: SiM'7-iLirrf 
r gi . - raei. iC. -red Jt 
|a%«FsA-x 

7 isMV.jS.G.a;: 

• Sa-.ss— «:S'-- ' m 
j Car 22 ai 3e ■s 


1118 


"=C'aS : 3^T=3l3 =-^_ _ 

?-SviV •rfii'traressn 
: ! 
re |gJ^i:=:A 

re GAM iy- Arris 



:I 5 s 


iUTi 

• I 4. 

'AS2 




or he* Europe Debt - 
in Now Europe Deal - tec 


044CURSTTOR FUND 
or Curshor Etsl 


Allan Eo 

BdQT 

QnRosGM Gunn 
M7 DARIEN HENTSCH GROUP 
Tel 41 -22 708 68*8 
d Hertsch Tcrarrm Fd 
d DH Vidor Market! Fund 

0 DH MnntoTte Pwrteuo 
0 DH jw«j*[Ek.SVJ) 

0 DH ToRMi) Port 
d 

M 


«C36 

12437 

WHO 


SF 1141347 
SF 1(8*22 
SF SE312 
TRUST CO. LTD 

! *142 

S t4*0 
S 11937*9 



•soDtscovcsim 

re Ducdvt, oho 

re DKcmrarEwape 
« DOSHER DB GEST10N CDLLBCnve 
re OMxJ . y. ~- 

• AmeticD » S-S 

re Europe BF 1S7^ 

r*_»T GROUP 

43U 
7625- 
1 73*7- 

IML 


MANAGEMENT SERVICES LTD 


0 Conqutetedor Fund 
BDDUBlNfcSWlEEA 
TN : {B09! «45 >*(» 


. (807) 945 Uffl 
Cap. 5 II 

_ OiSiabS'pertramoKe 

VSESESOSi 

^ADED CURRENCY FUND LTD 


SF 37*4*0 
SF Z1SD5D 


! K (*5w 

International .ncoms fund' 

S tss?™-ww 

OSJ ED « F MAN INVESTMOIT PROOUCIS 

UnUted^OnflrW 

s ssm:gb 

S S8S^55w^o to 

«■ ;*3 — 

<a Mbd 
a, MON 


2D01 


SS%d%SSS 


m Ammo I 

* JKEttS 
S SSSSMUsssfic 

* SStSg&^teFd 

S 

s KhgBift- 

* SShgffS'TvM 

S AHLOwSWi", 




44X5 

13B4 

2423 

1927 

tin 

7<1 

7*1 

9S3 

21C 

.17*4 

147.13 

22A0 

17.42 

.14« 

144*1 

3*5 

'S24 

IDA 

JXW 

7*8 

357 

12*1 

0*3 

10*4 

129.77 

023 

1IJB 

P3.I* 

2324 

17*6 

1182 

1X42 


47X31 
8 481-43 

% 34723 

Fd 5 25023 

FINANOALGROUP EFS 

ECU TO4M 
2 » 
S=j! 

d S IS 1 0*2 

S 1409*9 
» MOM 

8 05078 

8 1077 

J IftS 

S 13638 



re V2f0T l.'eK'AS 
re 7~-~ * J JPAFrePS 
a ••alia r Cis^r.ni Fra 
* Ya,'.- Jriv: a 3 

» — J=n*i 5ii/r*r.i 

a VsJm Ten f.-os 
: v a a -iff * "inxG-jWT 
- .VgShplUS.IqtiJy 
re •. , ehd3raniB 

re ELRCotaiFua 
re DLPGmvm Fund 


171 GLOBAL FUTURES A OPTIONS QC&V 

m r»V |« 3: Pry-Di? a 5r el.93 .. ^ ^ ---_ - 

-=726 ! r 

re kiwrj3_ t-re -m.rea , ^ (fcjjgn ona, Set B 


C81 GRANITE CAPITAL INTLCNOOP 
re GranreCra=IE5.hW 8 '66 
882 CROUPE IH3CSDEZ FUNDS 12057 

Tel: 052/4654 24 478 


* 

Ecu 

rr 

8 


ex* 

' J6 
1434 
x*7 


ir nricso 
_S 2 335 
PSS 298*0 

S 8.13 

8 141 

Sea 2 Ai 

S 363 

5 2000 

F* l£S 

9M E09 

8 1M 

Ur ! 306200 

V 23500 

3000 
ixl 
370*5 
5*1 
223 

4923 
2464 
1*4 
1022 
2S89 


C 
3M 

4 

Y C 

MANAGEMENT 


aOKarCRTFCjcs 

4 DE.V. S*r2 JeW 

0 Dderacws -‘5x75 

0 DolterBtrS 2l 23 

1 ^RiEsffr 

0 Gtenal Baa — Ux 225 
0 wan L08 ana 
> PocS: rejme 

Es5c£S*5£F 

? CbdmaieiEuasF 
tf Dereek^-rg WQ 
re E usitr. Europe 
0 Franca 
a Getncry 

e Insrertxrxi 

e to) 
a J 230.1 

j Jgpi Smelly Cc r. 2 g* s 
0 Nxrth Amer*= 
o Sewn 
= Srefisedeta^ 

d UsTrn KliuWoi 
SESCRkE FUNDS 

a 5EIA .II83JE1 

0 saw Bin* 

c Fiench Here 

a aertagRraer.t 
d “n tern 
183 GRYFKOR FOND 

TO^BwaFunPL:-. 

m r.lercmc-e Fund m 

0 GSF Meagre Cunercy 
d G5CG4ctdBay 

fESASm 

jF Ctettel E CL try 
jF Atrertecr. a-ue Ct* 

SFJdCPnl PoSSc 
W= E-Tte*0i 

ir Hang kma 

_ -If GW PiHSHMSGa Fd 
0 gsf Aseer 

0 GSF AdenSmcOerCM 
a GSFGtoeol BdGraom 
0 LiF US TXdn-HWhYd Bd 
0 IAF ind Soroncea GroaOl 

re ^ 

sgra^iS^^siasu 
STSMaap!' ecu sa 

m Hnmtf harm Anarfcar i-d 8 43JJ7 

m Hrrxal AlatO F-.r* 
m Hone* M»n ftted 

el Homes strreqies P-wd 

nr Hettnes 'tecrrol Fo=d 
m Hittara Gkaoi Fund 
m Heaan sard Fund 
j- Harmed StertagFO 
m Hmasgfl m«0 

m HmnraUr.wtolFd 
•n HeraiesCHF Rod tecAsc 
a Hertoe5 OJF^art lnC Dra rer rurew 
■n Hemes USJ Fhed Lnc Ace S 1U4B4 

n HarmesGtoSikBsFraiteFd SF 5**£ 

,-n hop*s Gtebc) Eo> Fd Ear 53049 

195 HIW YIEL D WO RLD FUND 
Cl ILS. 3oasr ftjrtfalj f 

* S 1055J7 

8 KB 

grar&s^ffi 2 s. w " LTD 


3421 

3426 

20.90 

2X3* 

I0*S 

3172 

11927 

444R 

12*16 

17137 

7724 

3SJO 

3174 

5573 

27*9 

2297 

3038 

4457 


25X47 
S 15472 
8 93793 

J 148*4 
i 777*3 
Ear 15065(7 
t 136JD 
S 44492 

.3 


Trt^ 22«9 0186 Fee HSBJB89 6991 . 


-i.ia 

KLS40 

1X183 

]HS 

me 


a Asei CennW Band Fo 8 

re M<ai gynamte re:amK R*S 8 

re Man F&B9 mcoaieFd S 

re Awn /Abney MM Fd S 

gmKTERunnsraBMHDWUD 

Tee 1*4)7 29HFJ4 

m Heeca HC7 A Corned* Fund S 
re Bdqa Gfeira AdMt Fd LM s 
taa:jrwtt» Llrgirtr eit ea n 
—an INVESCOWTLimFgHa7L.WfT 


Tet 44 1S34 8)4SKTAXS14I0QAFAX 82M 

0 MDOnuai btran Fired £ OMR 

a uLann e PU road S 


0 SMrtlnpV.njaFM 

1 Porte Ho«i 
d Dasor.GttalSWtegT 
e aim S upe-Groreta 

a Nbacr, orwFiia 

0 AUor<9T Warcg _ _ 

* Acioicir: Oram? 
o AmerteooEntetrtrtM 
0 AdaTteerGru** 

0 MW ton* Send Aec 
0 AMrai Ccm Bond Osr 
d DeCtrRfSBW 




111 MEESPICRSOK 
Rpkln 55. Wi». — 


AmstertPiB OGSaiilBW 



AlLr CJCft/Moirlrwi 
re Aaten iaracscn Fd lev. 
re CP AmasOrW* Fd JL1/. 
re Eurase Grarem Fund NV. 
re LmraMCanHM 
re Tcreyc Pooflc Hckflnoi 
re Oom KVS7S 1* 

1UMBRSIU LYNCH BANK SUISSE) 8JL 

SWISS FUNDS 

J BLESB^oncedAUSD 
0 BLS5Bowne4KlBO^ 

0 FLBS Feted me A USD 
0 MLBSFUad IBCB ECU . 

LUXEMBOURG PC RTF QUO 
0 us DcmrRnre hK 
0 C3A1 Fheo In: 

0 ECU FbteC tat 
0 uSDpflwKaarced 

d ECU 

tf v.'crt 

9 . 

0 Eorase Ecidy _ — 

1 t^lSSSSl 

,12 g^UU LYNCH EMaGIW ****** ^ 

d oasiB s 11.44 

114 MERRILL LYNCH EOUITY / eONVERTIBLE 

MUHRLam , „ 

0 omA s !ou 

ff OdteB 6 

BASIC VALUE PORTFOLIO 
0 Ossa 5 

0 CkruB S 

CAPITAL PORTFOLIO 
0 CUES A S 

EorK^ftD9LESEniiaTl£S PTFL 
a dan A X 

GLOBAL ALLOCATION PTFL (USS1 
0 dsuA 8 

0 (3055 B S 

GLOBAL EOUITY PORTFOLIO 

0 COMA | 

GLCBAL SMALL CAP PORTFOLIO 
a omt s 

0 CBb6 8 

EURO EOUITY PORTFOLIO 
0 Class A | 

la™amewca portfouo 5 


PA@?laUITY 


PORTFQJO 


iB_ 


summcnK 


PTFL 


ASIA 


l Mr 


IA-1 


BOND PORTFOLIO 


■ ■ S?SSA-2 S 

d CtasB-1 S 

tUnWJUl DOLLAR PORTFOLIO 
a Clots A AS 

0 OCU B AS 

CA NADIA N DOLLAR PORTFOLIO 

coctHate wgh meoME ptfl* 
0 Gnkl < 

0 Oess A-2 I 

0 QttsB-1 t 

Se^cm^uarkpostfoijo * 



:xa MJJ. SA3SLE x-TERP«:SE IK IT- LTD 

imAAd ic. s ice a 

. *(S MAGNUM FJNOS . _ 

I e~ .—zsr Adh 08 fl.s:n "p ,42 x56-e*~a 

VPdr.r.AratuGfWr.Fd i ’Sx's 

.'.'c;ex _ . G'TaT- £ 1*9*4 


> Lanaet wsaoet Pmd s J3 

c RttaSuJ x ipra Grara Fi 8 li 

re Timja Peijmtrca Rwc 5 •( 

« MP SeiecJ Fund s II 

101 MAGNOS BROS Tel HOB 15 8234 
re SffcCiomiFw: DM . 

a BMiG^lti Find Sck 

117 MALABAR CAP MGMT fflerraado) LTD , 

0* MettStriKTiFtM 1 i 

108 MANUUFE GLOBAL WND 
T:B52) 2501-91 l»F:C8SD 2314-WH 
0 Araedcpr Giuuni Ftmd 
r Evrppeer. Gra*F. Funs 
0 Stebafi *«4>jrtes Funa 

* Into Harj Kor~ FvrH 

C imetnaraocl Om* Fund 

0 jeranesaGtojmFoira 
= Paces e*w Gfowm Fonq 
a Reswvtrund 
- Tleet Funs 
d UKGraJdhFBPd 

sKmnBPWK 

; ^75te.F(09W9B^ ? ^ 


dJ.N? 

129*7 

56.13 

ELSJ 

9995 

5X52 

13482 


15230 

1X780 

15*80 


1012 


TECHNOLOGY PORTFOLIO 

a B * 

VISIONARY PORTFOLIO 
J OCK-A | 

V/ORlB’ NATURAL RESOURCES PTFL 
a Qou A 8 

0 OsdB S 

DRAGON PORTFOLIO 
0 CMM A S 19*9 

0 OSMB 8 1X43 

lUMEjntLL LYNCH GLOBAL CURRENCY 


1149 


105 
11*2 
10 79 
1175 


M 


rmS n DM 

EU^Ian BOND PORTFOLIO 076U 
0 Dm 

DM 
DM 
DM 

BONO PORTTFOLM (USD 



15*4 

IV.99 

15*4 

1953 


E FLING PORTFOLIO 


CO RPOR ATE INVESTMENT GRADE PTFL 
0 ira) r 
0 OottL 
TEN PORTFOLIO 

■ QoMA Y 

0 Oasi 6 Y 

MULnCURNENCV BONO PTFL % 

d C eai 6 2 1 

US FEDERAL SECURITIES FTTFL 
d Class A 1 

a OomB S 

116 MERRILL LYNCH INC PORTFOLIO 

0 dais A s 

0 OossB I 

0 Oassc t 

117 MERRILL LYNCH MEXICAN INC PORT 
0 MMCQn |«CS pffldA 
d Mtedcan Incspiflaa 

' iPIflQA 


25.15 

1800 

24JJ4 


0 Meracqn lnc 5 Plfl a A 
d uedcaa mcipniaa 1 

0 MedCOT lnc Paso Plfl Q A I 

d MerraanlKPesoPiflaB 8 

11 1 MERRILL LYNCH NAV ra N UMVn 
0 Prime Rale PantaBp % 

DOLLAR ASSETS POSTFOLiO 
0 inwturexa 1 Siam 8 

d I nsthniorra M Shores S 

d Curretn stoics i 

MERRILL LYNCH SHORT-TERM 
WORLD IRCOTAE PORTFOLIO 
a Dais a S 

0 Oaus S 

1191 


1041 

1841 

X10 

110 


1*8 

1*0 

1*8 


I )?RS4 
Sr 113124 


01 USS Gfcdol Currency Fd 8 11B658 

130 MOMENTUM ASSET MANAGEMENT 


01 LCTeraaed Fund 
m Memen Premier Sports 
m Moreen US Ermepftsa 
m ucmen US Master 
m AURrarawn Ab AeaUter 
m Maraenhin Axsareisner 
m Momeolum Debhwaiet 
n Momentum Emerald 
or Momerauni Moonmoder 
re MemermiN VceeWerBarf 
m Mgoieniuia Price * Pamets 
m uranenwii RMnnorr Fd 
m MooieiawB Sandahsood 
m AMmemum SterAmtsw 
m vamenhim Teicom Psmrti 
m Momentum Unhrers Hedoe 
a Moarararan Vdhiefliaser 
m MULTIMMIASEB N.K 
m Evronoon Equltes 
m Japanese Eoufflra 
m Emeoing Manran 
m Arbiffost 


S 106.15 
S 175*72 
5 101122 

S 13X412 
I 127*3 
) 221*12 
5 1 io9ir 

I 106*12 

s vajit 

3 I09J2* 

S 136*72 

8 166*32 

S 134502 
S 239.942 
S 15741 1 
S 156.941 
S 157.922 

CU 17.17 
Y 817 
s 20*1 

S 1077 
S 14*7 

128 NAM FOREX MANAGEMENT 
re NAM Mudl Hcdpe SF 10*0 

121 NICHOLAS- APPLEGATE CAPITAL MST 
0 NASbctDosortunUlesQA S 124.70 

0 NAStm CWYiunjnesaB 5 9X05 

rr NA FKadM DforaBl rfl S 177.47 

re NA Hedge Fund $ 174*7 

125 NOMURA INTI- INONG KONG) LTD 

a Nomura jebono Rmo S 1127 

126 NORTH STAR FUND MANAGEMENT 
T4L >45-38331123 FB. «45*I326717 

re NS irreeanMH Fond Dkk <96.00- 

• NS Kun Padonoonce Fd Du iBlOO* 

b NS M&ed lntefflfflldr«l Fd DM 546*0- 

• NS Concunl Fund DU 279*0- 

re NS Imemoitonsl Cimency Fa 8 3860- 

re NS Bat McrTspjir fvnd Dfek L59X8* 

— 177 OLD MUT LULL I VTL (GUERNSEY) LTD 

re SwtagMana^ £ 4JH 

re Eurtaeon SteUmarLm t 5122 

• Sterling Special Market £ 4*00 

re littl Fixed unetea S 4154 

• DaBai Managed 8 1690 

• Etnfra Allon SlDcA/nmie> S 2. <92 

> Pnd*fc Stedraaitra l S X 257 

re D«eer Soecfci Market S mi 

m OLYUP 1A CAPITAL INTL INC 

wtnams ncura. HimilKm HMU. Barmurai 


re AlS kmiraoe Fwid 

aismmmW 


Find 


re Ftehurv Ctoop 
re (Xyiunte Emet&ag MKte 
■ rtmen. Ecsiem Dragon 
re wwcAFranner 

re CuyiTnla Ster Sehes 

re OtymoteStarFFHeagaSer 


119.13 

12X51 

297.98 

1041.14 

1620 

457.95 

21125 

2846*5 


■ Q^teSrarFF MhgadSet _FF S74M 


_i Global Heattiar* 
n VOnai Hldfl inrl Marftson 
re Winch, huso tifl Se< d 

• winch meginri Serf 
« Ohftnsin Gtedai Htdte 

a RrW. MuO.Sv Bd 

• Olymoa on Aiaiiraga 
Otymsin Natural RflMCH 


Ecu ) 38210 
Ecu 1691*9 
ECU 195851 
Ear 197421 
S 122X71 
5 2121 

5 11490 

S 63728 


VC OPPENHEIMCR A CO. INCFOKPreta novl 


Artttrace Imernoxnd 
E 01 erg Nilas uir II 
ir.l Heroin Fund ll 
Oaser CateW in® LM 


141*5 

185.9J 

132*9 

140*5 

136.97 
14864 

106.98 


* Owen Parogen 
r oppf/i voiue :nn ua 
I28OPT1GESH0N PARIS 
GROUPE MARTIN MAUREL 

> Dpiteca Gisl Fd-Fhed lnc DM 218150 
a Ccr seat GI31 FlFGen Sob F. DM 186184 
Ul OPTIMA FUND MANAGEMENT 
n F rcr.i sl HemiAtoBernudD 809 29S46SB 

• Graham Fm Futeres Ltd 
b Oasmo stwmw.e Strcr 
■> ra'i.-m S me r ate Pn LM 

a Ci3L’~z fund 
re Caura Futures Fund 
■ Ctettna goo s Fata 
n Dsitnc Ow - Tundv FJ La 
« O 9 t. 11 : Sited Fund 



X92MT 

5*069: 

X7DS17 

667481 

6*1312 

8-0042 

198651 

7E504: 


• Trre vatrre.- FeLM 

• T.-e Oteirutr Fa Lkt 

'22 ORBH INVESTMENT 
3Ct 

re Ora.! SC?* Ii 'MO 
re Dte ! CT»T=i >5 Orn 
» LX.erzjr: 'ikto 1 

ssRaKmaBbMi 

; ItYi Cae- 8 irtj Teen Fd 

; CC'eiD.rCTOFC 

2 sracra KEI Slattery Fd 
s Cr>tei StaramFg ' 

2 cranei *-ea«r< entrrd 
S Ctntl -233T. FO 

a sthei _ 2 .TS-S"» Fd - 

2 ak;ie» NCTretei R« c d CS 1799212 

lit PACTUA 1 - _ „ 

S-sfc-a: ICt4e£U521 S3216A1 

■rar.i.'BlI 8 573.072 

x tr r TV P-J5C Lid * 7-6*961 

r Ncteteizr =jra 8 1749-gf 

2 S’bt HV 1 Y.ela FB LM S 2254S9J 

: Ors.i Ftmd L*s ^ J leuac 

2 Tre nuar High Yield Fd 8 1091*40 

IB PARIBAS MULTI-MANAGER GLBL FD PLC 
r Penned AKemerw Imr Dec31 8 107*9 

136 PAR1BAS-GR0UP . 

re Ljkot 8 7*6* 

J PChc7A4e5- * !S1 3 

2 Faimiriiti Gtoran B * .Jii: 

0 taker sf '*77® 

U p3i*riflsaRB E«» ,JiJ9 

• FshesScraceMteCBd Ecu .18X43 

2 tavetf rkEU 3 FF 179477 

2 Pcr .-ts rGemapyl DM 497*3 

1 rctyeM liiJM) ' USD B s 10..17 

0 Pnr.ast Gtotxa 2 USD 5 11830 

e tavejt CJoha 3 BEF LF B9£XB 

0 PoiYeH Global 3 USO 5 mu 

a Panmsi GtoboiXCHF ^ *ifS 

3 Paiuect HoBand B R Ml . 93 

0 Pdhres W Bond B . * „ 3X3B 

a Pmtstiui<i_ L» JPSK3600 

0 Ponies Jacra ' B 
0 PatYesi OtS-Behra B 

0 Potwd Ot/hCoaata B 

0 ftnw op^SdE. - 

5 

9 

5 BBSS. 1 . 

0 Pomes oeiFUra B 

e P«i»esioou-s»tB 

0 Penren Obi Jen B _ 

C PameNS-TBalPkBB 

J PamaHS-TCHFB 

a Panted S-T PEM 3 
3 Pbrmst S-T Dofitr B 

O PmeSS-TEuroratB 

« Pane* S-T FRFB 

0 Potymjs-thbv 

0 Panes snonTemNtjG 

0 PqnmNSwttiBnrevl 

0 tawstULB 

a PaivesUSAB 

137 PARK PLACE MANAGEMENT 

re Park Pktee irm LJd 3W5MorS 8 1 4 9HBE 

• GtaraCaonoilMMuS DM 239849E 

1BPERMAL FAMILY OP FUNDS 
r Altai Hiddigs N.V. _ s 

1 A^OBrt0ld»i5SN.V.B = 

r Brant Ltd s 

1 Enirralna Mkrs Wdgs . $ 

; 4 

I FX, Rrarooob 6 FiAwas L» S 

I GtoraftiN.V. 3 

1 Inuemerd Htegi N.V. s 

1 iiMdmM Htd gi N.v. B S 

f MraflBAGjffwrunfcarian*.. * 

; Maonnhan Detn HUgt N.V. 


LF 10976*0 
Q 247.96 
SP. 21217 
DKK 1252 45 
DM 46417 
* 811-73 

Ea 14873 
PF 126275 
R 40812 
Ul 716836*0 
C 99*5 
Y 19771*0 
BF 5660*0 
SF 26726 
DM 70874 
S 137*4 

*1 viSS 

SF 3489* 
£ UL72 

8 4095 



. DfetaaiiriL 

0 Offshw* Japanese Gram 
e OHtnore UAGrera Fd 


a USS Bond QS8S 
8 E Banddais 
a Inn Bore) Oa u . 

0 USiMflnWWUrtMpBM 
0 E Money AUrkMOdK 
141 PICTETBCIE -GROUP 

re P*!p^tel Seal • CHF 
. P*J= Mn Strut -USD_„ 
re p.bf GWsmnkai-DiF 
re P.CF GeraKTod 0 j* 3 
» PX1F i nJgynl , 
re P CF vonrmd CLux) 
re P.CF UK Vbl (Lite) . 
re P.CF vrffmnce (Lui) 
re P.CF VtAbt (LUh) 
re Pj^F Mdeoia OJn) 
re P.CF.NeM 
re P.CF. Vateamted 
re P*J. G1 Radii* CHF 
re P.FLGI FhBOmcUSD 
re P*.L RdHe _ 
re P.F.LRemordlCJjF 
re P.FJ. RerrarteT USD 

“ US 1 Bd PIE (Ltt*) 

. Vcteond DEM (UR) 
It P.F1 VAst&ond Eqj fUa) 
re P^JL VeHtaid FW tun) 
re PJxVUbond MP fU»J 
• PJ J. VEIbond SFR (Lud 
re P^J. VoSwnd USD (UBU 
re P.LF. UKEMtaej 

re PjAXCFVSg5 d 
» P.M A CF Vabeeooraes 
re P.TP.JBWeCB 
m P.TJ.XOfcbnlVBteB 
re P.T F. AuBTTdo^a 
re P.T*. Easerti Etrrape 
re P.T F. Emera MtoTua) 
re P.T.F. EUT. Oopan [Ufl) 
re P.TJi. Eurerad (Lvu 

: t&MF** 9 ** 


3 0*3792 

i as 

1 ^ 

1 VL28&22 

:rjkd_ltp 





DM 

E<2 

ECU 


taw 

re PrasrafeuMb^SmoiOra 
0 PfcM VMwteSA (CH) 

141 PREMIER INVESTMENT FUNDS LTD 
gD P.0 bmHOOGT. GrandCajmoh 
Ftra (8091 949-0993 


14*5 

11455 

91 JO 
631*5 
mi9 
B757 
121217 
35403 
231*2 
1217*1 
171.11 
33125 
27425 

91*4 

10420 

217*8 
19401 
343 79 
4*925 
119*0 
119.14 
100240 
1139.95 
182X05 


- ,-jPuaFd 

a PremraeGloSei&dFij s 

or PremlwTaiBi Return Fd - 

IS PRIMED FUNDS 

m PrbnKrundA 5 

m PdmeoFunaa S 

Ifl PUTNAM 

a E ujw aln e KDh Si. Trud S 

• Putnca =ir Wo. Sc. Trust i 

0 Pima* NWr me. GNMA Fd S 

0 Putnam Ml Fond S 

144 QUANTUM GROUP 0FFDND5 

re Altai Devatepmetd I 


S 1774*5 

I lXT^o? 

i 


49.J0 

8515 

7.90 

etna 


, JI5S 

s =?ss 



368*0 


JU1 


n ama 
■ FUND UANAGeMEMT LTD 



Ptoi Ptas 

Ecu* Ecu 

— 141 REPUBLIC FUNDS IFAX 82509 


Fere Htf> Yhrte 

E tewtrfDeefFd 
r> ipc 

M mPl-.Po 

peutoic aua 
ResuaAi otebci 
Re&uB^o^^»r^ 



Reg Enera 
tap US 5mM Cod * 
tasubK Eomecun 1 


Fd S 

Fd s 

IK DM 

RasuMc CHF Money Vortet sf 
R rpubAc Japan Eajiy Fond 8 

m ReaubK Globa Hedge S 

m ReoMM-AdVteerAI&Fd S 

m Reo GKK Soedtf SYuorton S 

CRUSSfiSKT 1 ^ l 

lS: 1 T^ferA 1 9*11 Fas 31 20 678 68 p 
• naicourtAoiMicalnc 8 

re RkhcowlsSRatlK 
RicncDuitFunrainc 
w Rdacnuii Dppertimdy B Inc 
m RJcftcoulODpanunDyLinr 
RIOKSurt Opponurdiy S IK 


5 |SS 

*!&££! 
5 1056-63E 
S IB3415E 


d RGMnedai Fund R 

d RG Europe Fund FI 



0 RG Europe Fund 
a &G Praafe Find 
0 RG DMranie Fund 
0 RGSendtaa 
d RGEmrrgbig Merkels Fd 
d RG Money mibTFL . 

More Rebtco see AramMeni S 
ISO ROTHSCHILD (GROUP EDMOND DEI 

ruin , id Bliunc 

s 44 171 2403020 
1 Fd 5 e).» 

8 99.78 

. S 115472 

MANAGED FUND? 

T« : 3S2 479 1461 Fat . 352 472 986 
0 Forts Cash TroOOoml CHF SF 10958*7 
a Fores Cn5BTro9Jtame< DM DM 1044*0 
a Force Si TradmeniM USS 

re t /rl a u n 

re DbO-Vake 

re PrLOaanw 5<rt» Fund 
e PrteendFdltY Enwr Mtas 
2> Piteond Fund Ecu 
b Prteand Fund uss 
o PrteoUly Fimo Eurooe 

0 Piiedidty Funa Hctwtlo 
b PifegsUyFindldltiAm 
re Prt-Jq«MLM 

1 Setean Hartran 

re Watephu 

ADMINISTERED FUNDS _ 

TN : SS2 479 34»1 Fa : 382 472 986 
0 EspmEur.Pwm.Jnv. Tsi Ecu 2810 

re Eorapeon Sra, Imr. Fd Ear 0X760 

» (.G MFd Aslan Grrata) s 7)41218 
0 Podflc Ntes Fund 
a SetecRve mresi 5A 
re US Bondt>A» 
b Vtaane Arfcme 


TSw 
R 51*0 
R KffJX 
FI 12630 
R 126*7 


. 111X78 

S 27*9*9 
SF 111879 
SF 1311*1 
S 144*51 
Ecu 1 53.961 

S 131*34 

ECU 166*14 
SF 136.161 
t 10X755 
Y 82047*0 
FF 9576635 
Ear 1159.79 


7.70 
S 378707 
S 133X577 
S 6017.13 

mSAFDIEOROUFrtCEY ADVISORS LTD 

•) toy DhrenKted Ik Fd Ud S 14*2010 
b Tdreet Fund GteOal Bend S 10165X12 
b Tomer Fond Ctata Equity S 12145*7 
IS* SANTANDER NEW WORLD INV. 
pi COremrader Fund 5 3405T5.TS 

m ExpterarFimd S 196853*7 

155 SKAND INAVKKA ENy ILDA BANKER 

^?^AH4ENFUND /ta,< * f 
0 Eunjpo Ik S ( J447 

0 Ftatt* Ostern IK S I-A5H 

0 OcteoMK S 1*074 

a LMomedaUnc 8 1 *4» 

3 VorWenlK S 1x089 

a Japm IK Y 7X5677 

a note Ik s ns) 

0 StertS' lnc Sex 19*046 

a NordonrerlteilK S lJ^O 

0 TeiKknlUK S 1*573 

a SvedgeRwMond I k Sek 18009S 
0 Avkstfnlngsfcrd Uic Sek 11*7S4 

SKANDIFONOS 

d EquinlKIAcc S 21.4328 

0 EsidlylWI tec 8 16*138 

a EaubyGtebcl 5 20145 

0 EauBy wp ftesaurces S 1 *210 

a EauBrJcDWI Y 00* TBS 

a EouoyrSSc s IIP 

0 EguhyUX £ 23D% 

0 E outer Coratantnl Ereope 8 2*177 

a EqurtyMe®*rraneaB 8 1 15*3 

a Eoi^y Monn America 8 3*217 

0 Far Eon I 6*45) 

« Inh Enrerateg MontaJ S 1-3X70 

4 inn Eastern Eunme 6 12252 

a Bond Infl Act 8 1<7734 

0 Send litn Ik 8 7*795 

0 Bono Europe Ace s 2*6111 

0 Bend Eun»e ik 3 1. 0503 

a 30*0 Sweden Act Sek 2X3739 

0 Rond semen ik SeA HjKW 

0 Bond DEM ACC D« 1*660 

0 Bond DEM Ik DM 0.9Y26 

5 Bald DoO* U5 Ate 8 1 *694 

e Sand Donor US IK 8 1IT91 

s Sreaeri Ftedole Bd acc Sek 133231 
u Sraeden Redtu* Sd ik Sek 113lu6 
; inert Bonn USD 8 1 7405 

d 5ecr1 Band SrectSsli Crerat Sek 1X1136 
U5 SOOETE FIN AHCIERE PRW6E. OEM EVA 
ADMINISTRATION TEL *41 22810131 _ 

w Crescendo oouo Funa u iobjaod 

m !fdv T raeO CrtOOOl Fund LB 103163*0 

m Foam 8 Futures nmd 
pi ftnetgic Asur Meia m w ra re 

-rr Concorde IrryesTmenr Find 1 
m corccrte invesimemFimd 2 
m SdKSfwe Future Portteno 

156 SOOETE GENERALE GROUP ^ 

a -'Jc Ford V 51,41*3 

y Sift Cat A S 

j SHY COB I 

u SkiF ess SBstsy Fd 8 Fh 8 

re SGPAA4 smnen Fd FRF Dlv FF 67735 

SOCELUXRJNDUF) 

0 sofffftn FinWBorrdi worm s 21*1 
0 5ogdu> Fund-Boids USA 5 1848 

0 SegefcB FuWBonds Japan v 278n 
0 Scstto FurntBoute Eujok Ecu ,22*9 

0 Sogehn Ftma/Bondi BeWten BF icfi*0 
C Sccriur Funa'Baa te France FF 14»*7 
tf Sooelm RVBOT05 G CT n p ny DM --»* 

1 Soechre Punoflunch MY Ln 4124XW 

% SgSSS5S2« ^ *%S 

S ' 


109J< 
S 734.03 
8 III9J7 
8 1167*4 

8 119635 


IS 


_ . jEc ran Orth 

0 Sogdire Funi’Eq Nc<tn Ame 
tf MV&a FmaEa Jaoan 


21.4S 

3X7 

16.19 

1459 


0 s egeluK t 
0 tagNRFdhMiwy i 

27114 

• SAM Dtrenmad 8 1K2.2* 

SAM Eltapetec , . 1«UB 

re SANVMcGarr Hedge 8 17034 

re SAM Opportune 8 lg.lf 

re SAM 5traregy USS Qpm I JJM1 

re SAW Strategy SFR Cla5S 5F 1043t, 

re G5AM Corngista .. ^5 4f7*8 

re &SAM DM teSraO^e DM IXXg 

• G6AM CHF Compete SF J3JA3 

O G5AM GBPComDOCta C 1«*5 

0 GSAMMcnetMWBUS* 4 100.95 

0 GSAM Money Mtki Slfit E 01*6 

0 GSAM Money MBs SF SF 100.11 

a GSAMManey Mkte DM DM 1MU2 

GSAM Omega tec . ing-00 

re GSAMQrade 8 205*4 

«r AtateSAM * 14439 

181 WFA FUND LIMITED 

:ssg dIBS 


m TbeCyorm Fund 5 11*312 

159 5DFAM CAPITAL IteC «1*7/1*»4 

: I H 

re CAM Hedge Fund S 309*0 

IM S» GLOBAL FUND LTD 
m SR European 8 186.13 

m SR Altai S 15X16 

m SRUnentataMl 8 l6x« 

« SB Eerapri PM dm )7*ra 

m SREmetgteg * 17042 

Ul STAINES FD MANAGERS (GUERNSEY) 
LTD 

■ Curr concea) Tree Thousand 
re AWWiimratiCo 

irwsgwfc* 

0 SBC Short-T BP 



tMOtWyMMM 

. Money MU Fd 

0 SBC Money Mid Fd 
a SBC Money Mb Fd 
0 SBC Money AMI Fd 
0 SBC Money MW Fd 
0 SBC Money Mid Fd 
0 SBC Moray MKtFd 


■*« 

ii 

* ™ 
s 

uIdh 

0 SBC Money MU Fd-JW 
a SBC EE L* Am BDS 
0 SBCWBLHflSFGtm 
0 SBCGIM-Ptfir “ “ 

C 5BCGW-PML___ . 

0 sbc GRd-Pin sf yjo a 

5 :I||is£ 

0 SBCGU-Pie USDYId A 

0 SBCGUU-PIflUSDYHB 
a SBCGU-tetaSFlncA 
e SBC GIbLPin SF >i)C B 
0 sbc C-nil-Pifl Ecu me A 
0 SBC w3-ptf ECU IK B 
0 SBCGM-PmuSDIKA 
0 SSCCSJLPW USOblcB 
0 SBC Gkd PUI -DM Grawlh 


I PTO-DM i 

re SBC Gfel-PM DM Ba) A 
a SBC GflrMhfl DM Bel B 
d SBCGteXPHir 


0 SBC OM-PNl Ecu BW B 
0 SK GIM-Ptfl S3 Bd A 
a SBC GteLPIB 5FS &5 B 
D SBC C*»-PTfl&M Bt<B 

0 I&C XreS^&teC^Sw 

0 6 B^ Bye f£?SFf imv 
0 SBC Dyn new DEM ION 
d SBC Dya now USD 1008k 

s 

a As&taHada 

0 D-Mork Bond 8 

a Dollar Band: 

0 Ear Bond Sd 
0 FUteBCnaS 
0 FtakOrtfetar 
0 GeraarfoVakP 
d GeUPantabo 
d ibedaVUv 
0 mdUata 
0 Junta P 

a ktertaa 

0 Sre, FtrMga ■ 


1327.13 

110427 

w 

S41B2 

M 


5F 


- SrafacMfir 
0 Unlve«aoi Bona S ate dten SF 

0 unhreraal Fund SF 

a Vteldd SdwW Y 

U3 TAIL] «ND INC Tel: 1521 478 74C1 
m The Tad Kited Fund LM 8 

IM TEMPLETON GLOBAL STRATEGY I 



m Ocuanuntry I 

m Trodinn Shot Offer, LM [DeO 
re MM IINW* MMM BS) 

re led Rred inewne Ecu 1SB6*0 

re In Eqtjty Ecu 1«ML77 

re ttetan EqoBy 
re Lira Hned lacorm 


Lb 11371*0 
LK 10979*0 


_ Tern Lit 10/2200 

re C AC Bond S UDOJS 

19* THE WIMBLEDON FUNDS T: 819 193 8)77 
r The mabtedan Fund OassB * 1117*2 

» TDcWlaibledan Fund Close S 139SJ* 
167 THEMA INTERNATIONAL FUND PLC 
Prtcei 01 noon 

d Tnemo Hedged U4 Eaudes 8 111*4 

TnmaMffiYlGiaFhediK SF 10130 


33 Queen SILonden EC4D 1AX 44171 246) 
a Podf (imI Fd SA £ 

0 PodiinvtFdSADM 
0 Emlem Crusader Fima 
a Thor. Um Dragons Fa Ud 
0 Thafltai DrtMI UK Fd LM 
a Thornton Ttar Fd Ltd 
0 

■r fc , n 
0 AMWiGratrti 
J Japan Warrants Fund 
0 Aslan Wra# Invt Tsi 
KEY/ T1GEP Set- FUND 
0 Hong Kong 


11*0 

te.99 

9*0 

50.68 


Thaimte 

Malayski 

Ij^SSauv 


23.11 

1X» 

9*6 

1X64 

lie 

1083 

1LS2 

11*1 

4*3 

94*8 

1X81 

30*0 

X48 

9.99 

1539 

t* 47 

All 

1*2 


0 SrlLaiu 

THORNTON TAMAN FUND 
» EauM income a 1441 

re EouNyGmvHi S 20*5 

-**169 TITAN CAPITAL MGT 1 FAX 82 586 
FdcJJ 171 379 3a37/PT«ras44 171 379303] 
re TtttmMrtah 8 150.10 

re non EDttvFInoBClol 8 125*5 

re Than F» Deter 8 13939 

re Than Forex 8 IlM i 

re Than Currency Pom S 179.73 

re Than GUM Hedge 8 11X16 

171 TRAITS GLOBAL RINDS GROUP 
re Trim GlatMd urn Pt 8 34182 

re TrWHGhteai RxedlKPfc 8 115*9 

> Trans GkatfEovflfes pic 8 122*0 

191 TWEEDY BROWNE VAUJE FUNDS 
re USVWlte 8 BXBO 

re imt Value S 2112 

re mnvwue sf 11*0 

— 171 UEBEKSEEBARK zertdl IFAX HS07 
J B -Fund sf 

d K - Fund 5F 

0 j - Fond 5F 

0 M-Fano - p 

a UBTEura-iname Fond SF 

0 UB2 world 1 rrame Fund Ear 

0 C/BZ Goto Fund 
0 UBZ Nippon Convert 


0 Aim Growm CcnverTL. 

0 UBZ DM - Band Fund 
a ubj D - Fund 
0 UBZ Swiss EauUv Fuad 
d UBZ American Eq Fima 
0 UdZS- 3ond Find 
0 UBZ Scutheod Asia Id 
a us Veiae c-rowniFc 
m UBZ Oremsir«d srevi A 
t> UBZ D,.eo.ni;d SStllS a 


SF 

s 

DM 

DM 

SF 


1458*2 
1005 18 
271.15 
168553 
12.6a 
SS*I 
1 17*9 


1227*7 
1197*1 
12X73 
154.77 
1X98 
■ 3621 
106*4 
99*4 
Ul 2» 
1192*2 
1 (92*5 


171 UNION BANCAIRE ASSET MGT [UBAMl 
INTERNATIONAL NASSAU 
re AUngO 

m Araegiwest 
> A-ginves 
c nitre! 


Brucmreit 

CnBbnvey 


.. frimrrii 

re D4wMGC/26-‘-*Ctete 
re Dm/ajt rnbr 

re Man, mrer 
re JogereeJ 
1 * Kb«n*n' 
re UePmtsJ 
m Mouiteyer 
re to/MYn test ECU 
re Duen. 1 -r.ey 
re teC7tTve-1 

CAPTTiLL GUAPANTEEO 1C . 
re GusrennntesnuSDC l *Ft c 
re Guarawtcaeo IUSP DEM; A 
re CttacrJInresr .USD YEN! 3 
•• G :Srt •* Fr-.rife! - 
re GW 'luSIW; 

1 .- & SAPPirf A 
re 9. >S re P tai 3 

re G. IU5 Tasacn aoskefr A 

re G IHon-KencACnbsa)A 

174 UNION BANCAIRE ASSET MST (UBAM) 

INTERNATIONAL HAMILTON 

re Dunes: AsoS S 1026152 

• Late* High Yield Ua USS S 52338C 

175 UNION BANCAIRE ASSET MOT (UBAM) 
INTERNATIONA I- LUXEMBOURG 

re 'JPA-V-Srer-Toim J 5 

re l SUl-rica Turn '.ESIII Ea 

re uBAW /.■•Yd-Trh: 5 Bcrd 
» UF V.‘- CF/.' E-XC ' 
p U3-JH prf Sana 

re L'BAtf MP bond 
re UBA/.t tUcnd EcnCJ OlF 
re uBAA*. EnwiBbig Glaanh 
re U BAM Eurqpnn ECMhy 
re UBAA1 Mil GrcwlllJ Eq. 

: 


l/BAAV-US Eodbr 
re UBAM Strts equity 


CHF 


133.90 
l.THJi 
101*47 

lierc- 
rfej-P 

i 1198*7 

sf torus 
S 1308.197 
IM 1497*62 
8 1324.132 
Y 6787002 
8 186972 

S 1(66722 
SF 10SRX3 


D'fi 


TTtf UUICO PIMAMCUL SERVICES SJL 
PheocC-352>44S 6SVFta( +382)445 « 990. 

0 AMFComrauvaitonFund 
0 A/J.FCotnriunlcoitenFund 
0 PiabemSJL _ 

0 U.U.F. DEM Aldten _ 
a U.U.F. DEM Raven A/B 
0 U.Ujs Dt rA Reserve A/B 
0 U.'J.F. Sited Term A/B 
0 UnfcoEam 

0 iwcotn*. 1 

OT UNION BAHKOFSWITmrLANDflNTRAG 


S 

DAT 

DM 

DM 

8K 

DM 

DM 

DM 


9664 
160*2 
1660.75 
123*1 
134 09 
114.91 
117*6 
Be *9 
6X96 


T(rtKMl-l-23S-36i6_Faia)OJl-'-23SvG75 


Bd lire CHF Dnmesfc 

UBS Bd lay CHF Intenul 
UBS Bd Inv Comerl Ado 
UBS Bd Imr CqnvlR Aslo 
UBS BdhtvDEAl 
UBS Bd ln» GBP . 

UBS BO inu G»tal 
UBS BdlnvJPY 
UBS 30 Imr NLG 
U BS Bd Inv USD 
UBS Ea wyAmrertoLodno 
UBS £q Inw Amedp Lotted 
UBS Ea inv Arti New Hartz 
u bs Es mv Asia New Horn 
UBS Eq litv Corerdo 

i Eqlnv Energy 
Eq Imr Europe 
Eq imr France 

^ lav Grow Bittetn 
Eqlnr Bella 
eQ lira Italy 
Eq bwJoowi 
Eq imr NedKrtends 
EabraPdcUc 
ubs Eq bw Scamtacnla 
UBS |q uw SmaB C. Europe 


SF 112*30) 
5F 220470/ 
SF Ul*13y 

DM 22XODT 

sl 

796701 OOOy 
H n7A60y 
8 114440V 
SF l22.(OOy 
8 BOJJOy 
SF HUXjT 
S matey 
SF I20.430» 
SF 17B*9Qy 
5F S35*JOy 

SF 282* SOy 
SF J62_Wr 
SF tj7OTy 
SF 257.9«y 
SF 219350/ 
SF 249*9Dy 
SF 16«*20y 
SF ITXIJOy 
SF 639*10y 
SF 671 JH)y 

464*»y 
13L47Dy 






UBS £2 MhLT.V-CHF T SF 108.7S(V 
UBS Lvt) Med Term l-DM A DM 1 06190/ 
UBS Lin' Med Term l-OM T DM lll.Jitr, 
UBS rare, rx«a Trertn i-FRF FF M44li 
UBS Lire) ACM T«w WTL 1*104437 *0y 
UBS ubJ Med Trim I -NLG FJ tOl.Mtep 
UBS Lino MIC Teml-USD _ 8 10B3TOV 


UBS ^0) MM jl 


I A'JM Inw-OfF 
MM Im-FRF 
AJMnreGBP 
MMlnt-m. 

64AI lflw-JPY 
MM Inu-NLG 
MM ImreUSD 
MM Inv-xEU 


UBS 

UBS I 

UBS U-wd MM Sttav-UDRJ IDI 
""ilLtall 


) 4AM SICCk-nDR) 


UU|LlOJMMSkB* 

UBS Port bn IK ( 

UBS Port In* IK 1CH FI 
UBS PM Imr Cap G I 
UB5 P«1 bra Can GC 




DM 

FF 4»2D0y 
46»*M 
91.16” 
91.1 


DM 



(IBS Port Imr lnc OCEUJ _ 
LBS (Lin. Pt l?b in ICHF1 


s agiBSKiSUSwFr ^ 


UBS iUb) Pl'taln «.- 
UBS (Urn) Pi ! Fh In iJJ|' 


fPIlFhl 


“““ 


UBSiLwjPti ^ J« 


s KPSSiSBEAl* ds m 

178 (K CLQBAL IHVECTOjB UIC GUERNSEY 

- s law 

w^'m'iSSSw management 

m 

™ iSre c!l‘ ktgten Eirare 
w wwj Grrotet Odnt 
re vyitaJann . 
w VCteer Upmumer Vu 
wiaer Sown End Ada 


; SSStSSSStassus 

•* Wdrebadd EorCumncteE 

— “riW* 

Aaerfca 


9.97 

10*0 

701*0 

I4#l 

?s» 


Ecu 


17*1 
1X22 
-H 20. IB 

* 13348*0 

8 3001 


re mtmnwrv innn wain * 

188 WDR1DFOOO CAP PRESERVATION PUB 
0 USD 9«v Ora Presenmtta* 8 HJ® 


3M WP STEWART FUND PLC _ 

s rnsstsi sr Gn z s 
s gsisaagssgr. | 

0 Nob StudJ Slbraort Consteted 8 
181 WP STEWART GU1BAL GROWTH 

• WP Steend GteOal Graretti 1 

179 WP STEWART HOLDINGS N.V. 

0 WPSH (ADAM 5 El 8 

191 WPS INVESTBSEMENTS XJL 
0 GWxd Teerndogr Fund 8 

999 Other Funds 

: issur**” ff 

m AtW nlfff S 

re Atataidra COW Invrefl Fd I 8 
m ANo Futures Fd LU .8 

pi Aibb Hnmsboen SF 

re AiquxFune Bona SF 

re Argut FuKl Equtry SF 

m AiunoFdLtd 8 

d Asia OceoidB Fund 8 

» Asm Vision 8 

m Altai Seteaten Kdgs 5 

m AisocWBd hmui lnc. 8 
re 4VWIO Field Ud 5 

m Auriga ma Ltd 8 

m BAX-EX Cunency Fund PK Ul 

m 8 

re BEM IntemaitWHi Ltd t 

nr Block Dtanofld Ud 8 

> BteanarGUbai FundA 5 

w BroottaHite i>w Ltd (BVD S 
0 CCU- S 

m Com«t>uiy Grwith Fund LM s 
a cwumbSk-NteGtra wri SF 

• Col Untb retie Sfc 4sk> KY i 

re OB Umbnrife Sle Tbol HY 8 

nt CMarGiotal rmradmente 1 

> Cetml 6 Eastern Euro SF 

m Century Fuorres 8 

m cetvm Grarath Fund ‘ 

nr Chdlon Inti (BVIl LM 


1000*0 


113988 

789*4 


140*3 




pi Fahjoi Fund 
■v FbetW Dweracoi Lid 
i> Fact TiSdamcao Coro 

re Fatten 1 AVmtj 
■» FeniuiJ- inn Band 

re FonrauUKonlOunl 

0 Formosa Cream Fd 

re Foflflude Fw* tec 
a Fort Oik* Group me 

0 Fontwde won mti ik 

m GC M Hnn •rtiikj FO LM 8 

pi GCM imConwenlbk. Fd Ud s 

m GCM Ml Eauhy Fd ua S 

m GCM Hid FhrO Inc Fd US 8 

m GE.W GenerwiWi LM s 

re Gkacl93lnkUaS 8 

re Gteted 94 Inw LM SF SF 

■ Glatai ArbUmoe Ud SF 

m GWhaFle* USEqiilV Pd LM 8 

re Gomerd SF 

re Granon Gwrel Mvt Fd 8 

m ryo» atari Rd Vd F US-S 8 

m Ham bra Scmnri RenMsunce S 

™ Harbour Hites LMlFeUBj 8 

r Hoiwaann hkoi N.V 1 

re Hi c -U5 GrauflliFund 8 

re iam Graram Fd i 

• IBR HCI0AS8 Lid SF 

re mftniiy mveskn Ud 8 

j E£X?P FM 

a Im Nee/rark imn Fund 5 

0 imesv DWS DM 

•> jcnAGrecicsranProsp I 

■ Joocn PcKJt Fund Y 

ret Kmgaie Gtatqi Fd Ltd □ A S 

r- K0IC1W Gnu Fa Ud □ B 8 

« Plnjort-GtosaFdtuoDBi OM 

e k V lVl H.nh T*l2 5 

1 Ln Fierro ;:c!C*f\ry I 

U: Frxr.e Huianji ua > 

50 Fc/e-rv GTMh 

_2 .c-.: pi Gin «c Ud i 

tfCi'.'.Ir r - 

-cae-eYFFLiiCctai 
Le, Ftrtzrt^x.zn t-jnd LK 


81S3B.900E 



trot B en* ta-ics Pert 

Vxm GlCtal ir.r i 
VCCra GXTC. lift B 
f/acm&tts re D 
lit-nod LmtaOTM Htd 
nii.bgr.% -ecM-.-iTo s 

Nrede^i'rarv-.jmremsSA S 
Fd Ecu 


- ?■ • V..---CS 

1- >-*j: 7.er>eii “3rr^-. 

<- Ora . '.«! 

•re taiFtad'KFC! 

.1 PAN Ineraakrnol LM 
re PcrcamiiL 
re PanseF.jdta 

m P anga s Fund LM 
m Para ra Fvn; 
j- Pesaci Enetc, OfWi Fd Ik 
-1 Ftzj^m^-n 
»n =»n-c' T ecnc-3i3vCrtnncre 
re- ne-eni ';:t«r url 
re PkoncfyrMrr. 

-1 gitronii^Fctj in: 

-1 Per _-di Ji7g( J*. Ltd 
a- Poto-suf-e -rra Co 
PrtTd camel FuM un 
"1 Pram hwtteped Bd Fd 
• PrttmcseWj) Kerconise Cwp 
re Rejo. mil Fund LK 

q fSrafFtaiTi Ud Dec31 
0 some Km. Scste Fa, . 
e Swrb-ra* Hiding L <!. 

►1 SCFumtaiiVsiaviUtf 
a SD/Tecn.SALJ«enitotiiB 
to Serecleo Strareg® Jon3l 
a SGA LYCrtd Gretrti A 

0 SGA worm GronnB 

1 S*riflMrA4/«oFd 
to Samir Dor Fund 

re Wnec* Gtottd Fone Ltd 
re 5«3atr Mlldfond Ud 
re Shtro Fund LM 
» SMosUceaiFund 
re SJOGEiWIWlB . _ 

a Smim Barney Wndrad Sec E 
a Smite Bomey Wnawd Spec E 
m So«c Tecnnolcrjv Ofhnore 
ra Steko Hedge Hid 
rn SWfll Snaxgta HU 
re Stare St American 
w Shot Heotmcnra imr.Fd 
m sotueglc Ocoortunrltot. 
m Sbmgcf-Qotanced 
m smdnr Funs 
Hi Slrame Hedge e no Limited 
10 Shame OffcharrLrc 
re Sunset doM HI LM 
n SanwtGktMOne 
m susse* AAcGnrr 
to System Gtctr* Fund 
re Techno Grarem Fund 
p Terr pitten (Stand lnc 
m The Bew Fuad LM 
ret TM Bridge Fund N.V. 
rre The Fortune Fo Ltd 
is The J Fund BVJ.Lra 
re YD# Jcaun, Fund N V. . 
c The M"A“R“S Fd Siam A 
a The Mogul Ecu Fd Lin | 
0 The MBfllB US 8 Fd LM 
r The Mycmranr FdLW 
m The Smart Bend LM 
m now Seise Held NV .Bid 
0 TlfcraTCl Jap. Fd Slew _ 
m Traderemdi Emo DebKJiMSl 
a Transpacific Fund 


S2S5.7777 


to T 


Trendteoic ten Fund LM 

TiteJy FuMrae r 


1 Fd LU 

S IdKuri 

...-.JAMUmeDB 5 OTftW 

UnlGKl F5 Syarmariaue SF 130X00 
re unMRa sic fs M a« 3 ms SF ilia* 
re UrJ-GIBI SIC USS Mn* 3 OtS S 1145*9 
re Urw-GtetrcKJcw DEM DM 151167 

re Ur»-GI«JFl Ucrni Ecu ECU 1S76D3 

re UfB-Glabol Slcqv FRF FF 8110.76 

re UnFGWta Slarv FS 5F IJ79JB 

re UWOJcBa Slcir? USD S 13*6)7 

re Ursa ten Lta 8 2099*0 

to US Adtartage (Sir N.V. _ 5 1C 
rn VttWJd, Ecu '7172 

re Vobnve S/cov FF 4D53S 

n> View Futures Fund 8 21615 

re VNiPturisrBunPnreltoeiW FF 616JU 
re VNi Pturiaestlcn Plumraieur 9 FF .34*6 

0 vasari i mcvae m Pic s IjjfCd 

1 Vuttta LM 8 491X54 

in uiencri (YFteM inn Fd i 62 X 81 

e f/te &«*a Pi int Bd PHI A Ear 1 tc* 0 
0 l""i GiF'4F F0 “tt ol PHI T ECU 195*6 
3 ft'n aow r d lr.i Dn, PM A Ea- 2C7*-< 
i< 'J. n Gift ’I =d lot Du Prtl T Ecu 219 .1 

V.-r G4932I rdini Ca. PHI A Fa. Ir- 71 
r Sir. GK.-ta F J lAIEli pm 7 En- ti 1 - U 
e V.-crtc Encecca Funfl5* ! i-'4> 

rn VJcrHn.ee umhad 8 8fM 

re WPG Farber Jfebet Dieos 8 190*656 
m Young SF 259.99 

m Zaneft LantaaSer Ltd 8 E2AS 

m Zwetfl DIMetiK ten LW 8 15801*0 

A$ . Aoatnfiro Dolm AS - Auttrtn ScMhgi; 
BF-Ba^lenFiwieroCS-CkaeeBdBDoawEDM- 
DeutseM ItartK Dbt -Dontai Kronor; Do • US 
Dofan; ECU • Emopetn Cwroncy Unfc FF - 
French Fienss. Fa - Finish Mwk; FL - Ddtth 
sFloftn:B)R-btdawiiwiRi||)ilfcL8-WlenllfB; 
LF - LaMBbowg Francs; pitem HYR • 
Ita te y sten HtnqgE, Ph» - PtMba; BCS - 
Stosspara Mtars; SF - Mss Flrwuc SWi - 
5— tflrti Krono f; TVB-Thei Bta t Y - Yin; 

a ■ setad * • Ota Pricsfc HA. ■ Not AssMde; 
ILft - Nor CorrarmgfrWsrtr » Itac S - 
suspwiiMl;SiS-slDdiSpK;'-Ex4)liMMid: , *> 
Ex-ftts; - S Offer Pries bid 3%preflm. charts: * 
- Paris uetunpe; +* -AnsteRtsaaOngt; q • 
misquaird sniar. A<m w taternd reith 
raotirtory mi&ctay. P: IBddk ribld md a 
price. E: s s tbns& O prk* r- *He» ca 
dsys piinr b pobGatocEb&prita. 




NOKIA 



Connecting People know— 



S 9 











Sports 


PAGE 22 


FRIDAY, MARCH 14, 199 


r > 




if#'? 


World Roundup 



i«iri 

v«art J. TcmlL'AP 


Boh dan Ulihrach concentrating 
on a shot against Pete Sampras. 


Sampras Loses 

tennis Peie Sampras straggled 


in every area of the game as he 
af the y 


suffered his first loss of the year. 7- 
6 (7-5), 7-5, to Bohdan Ulihrach in 
the second round of the Champions 
Cup in Indian Wells. California. The 
43d ranted Czech ended Sampras’s 
20-match winning streak and his 34- 
match hardcoun streak, which 
stretched back to August 
In the quarterfinals of the Evert 
Cup fourth-seeded Lindsay Dav- 
enport beat the teenager Venus 
Williams. 6-4. 5-7. 7-6 (7-1). ( AP ) 


Instant Replay Overruled 


football The NFL owners 
voted not to reintroduce instant re- 
play. Some teams were hostile be- 
cause, to stop games from becoming 
longer, coaches would have bad to 
spend a timeout if they wanted a 
replay. To limit trash talking and 
celebrations the owners also voted to 
add a 15-yard penalty for players 
removing helmets on the field (AP) 
The" Miami Dolphins and Den- 


ver Broncos will play in American 
4 in Guadalajara. 


Bowl *97, Aug 
Mexico. 


(Bloomberg) 


Snow Broke Eye Socket 


baseball San Francisco Giants 
first baseman J.T. Snow’s lower 
left eye socket was fractured when 
he was struck in the face by a pitch 
from Seattle’s Randy Johnson. 
Snow was released from the hos- 
pital Wednesday, but his vision is 
blurred. (AP) 


cycling Tom Steels, of the 
Mapei team, sprinted to victory 
Thursday in the fifth stage of the 


Paris-Nice race. It was his third 
stage triumph of the race. Laurent 
Jaiaberu of ONCE, was third in the 
125 mile (197 kilometer) stage to 
Venisseux and is 24 seconds ahead 
of Pascal Charreur and 26 in front 
of Steels. (Reuters) 


Long Run Dangers 
Of the Cash Sprint 


By Ian Thomsen 

International Herald Tribune 


have the strength to prevent, for ea- 
rn or 


On the last weekend In May, track 
and field will take its first paddles into 
the deep end of sport’s financial pool, 
where the sharks are waiting. 

On that Saturday Noureddine Mor- 
celi and Haile Gebreelassie, the world’s 
top athletes at the middle distances, will 
run against each other for S I million at a 
meet in Hengelo. The Netherlands. The 




next day in Toronto, a 150-meter sprint 
between Michael Johnson and Donovan 
Bailey will supposedly decide which of 
them is the world’s fastest man. 

Johnson and Bailey have taken the 
boxers' approach to promoting their race, 
which guarantees each of them $500,000 
and an additional SI million to the win- 
ner. Bailey has been criticizing Johnson, 
and writers are writing that die two don't 
seem to like each other very much. 

The other race seems to be more of a 
gentlemanly duel over the rarely con- 
tested distance of 2 miles, with the un- 


derstanding that the $1 million jackpot 
will be paid only if a world record is 


broken in under eight minutes. If the race 
in Toronto will emphasize the head-to- 
head nature of sprinting, then the middle 
distance runners, will be encouraging 
each other to beat die clock in a Roger 
Bannister sort of way. Yet it is their 
meekness drat seems to be causing the 
most fear among the traditionalists of die 
world's oldest sport 

Morceii and Gebrselassie are partners 
in their race only because they are part- 
ners in business, clients of the same shoe 
company. Adidas, sponsor of the race. 

Suddenly there is cause to wony about 
the future of a great sport The structures 
of soccer, basketball and other team 
games, as well as the Olympics, have 
survived enormous commercial over- 
hauls. None of them was as vulnerable as 
athletics, which just last weekend re- 
nounced amateurism at its indoor world 
championships, providing up to $50,000 
for gold medals and world records. At 
the outdoor world championships in Au- 
gust the prize will go up to $100,000. But 
this is small money, loose change in 
Michael Jordan’s pocket The shoe com- 
pany that invented Jordan's celebrity 
would have no difficulty offering huge 
raises to track and field athletes. 

Primo Nebiolo, the powerful Italian 
whose presidency has provided the In- 
ternational Amateur Athletic Federation 
with a single, autocratic voice, is 
76.When he is gone, who will keep the 
IAAF together? Who but Nebiolo would 


ample, Nike, Microsoft or Rupert Mur- 
doch from buying up athletes and cre- 
ating their own sleeker tournament of 
meets? Which could be organized more 
attractively for television than the circuit 
of Grand Prix offered by the IAAF. 

Then the Olympics, which relies on 
television income, might have to choose 
between the IAAF and the athletes. 

Perhaps none of this will come to be, 
but a corporate takeover seems to be one 
of the potential destinations on toe map. 

Last weekend Nebiolo said he had no 
problems with toe Morceli-Gebr- 
se lassie race, which will be contested 
within an IAAF meet according to in- 
ternational regulations. “We will be 
vigilant.” he promised. 

But toe structure be has built might not 
survive after he is gone. It's a structure 
built on one person’s political influence 
and all of the notes are in Nebiolo's head. 
Perhaps cloning will come to the rescue. 
(What goes on in those IAAF ’‘drug- 
testing” laboratories, anyway?) 

In the short term, however, it is hard to 
argue against the boxing-style exhib- 
itions which will be hyped through May. 
They should enhance, not threaten, this 
athletics season. As Gebrselassie s man- 
ager Jos Hermens said, the Adidas 2- 
mile race should not be seen as com- 


petition against toe next-day's sprint in 
Toronto. The t 


two races will provide 
athletics with a grand weekend of pub- 
licity on the two richest continents. 

“The sport needs to create heroes.’’ 
Hermens said at the IAAF indoor cham- 
pionships in Paris. “If you were to ask 
someone here to name some stars in 
track and field, he will know three 
French athletes — Marie Jose Perec and 
a couple of others, maybe — and three 
who aren’t French. Then if you ask him 
to name some tennis players be will 
probably know 15. because the tennis 
players can play every day, they are 
always in the news. ” 

“Haile Gebrselassie can only com- 
pete 12 times a year,” Hermens said. 
“That's not enough. We have to go in 
other ways to get publicity around toe 
events. People think that if money is 
involved, the athletes are better athletes. 
This is the perception especially in 
America. If we want the sport to be 
interesting to Americans, we have to 
come up with these things. 

“I’m always hearing that compared 
to the athletes in other sports, our ath- 
letes are great guys, they’re nice people. 
We need to promote this.” 

When the athletes in track and field 
are making $10 million a year, no one 
will be saying how nice they are. They 
will be like a lot of the tennis players. 


Thoroughbred Clones? 


racing Cigar’s former owner is 
exploring the possibility of cloning 
the 1995-96 Horse of toe Year, so far 
a failure at stud. 

"We're certainly looking into 
cloning.” Allen Paulson told the 
New York Post. Paulson has the 
right to buy Cigar back should the 
horse prove sterile. 

Barry Simon, of Ashford Stud, 
Kentucky, said last week that 16 of 
36 mares bred to Cigar had been 
tested and none was in foal. 

“It’s been done once in sheep, 
and whether it’s transferable to other 
species, we don’t know yet." said 
Dr. Harry Griffin of toe Kostin In- 
stitute in Edinburgh, which success- 
fully cloned a sheep. “Other at- 
tempts will be in cattle and then 


probably in pigs.' 

s of ti: 


The rules of toe Jockey Club do 
not specifically address clon- 
ing. (AP) 


Seizinger Wins Super- G, 
But Gerg Snatches Title 


Ct*vilalbf Oar Suff Fnm Dupacha 


last 


Katja Seizinger of Germany woo toe 
it Super-G of toe season but her com- 


patriot Hilde Gerg snatched the wo- 
men's season title by finishing second. 
Martina Ertl, also of Germany, was 
third. 

Seizinger, 24, won her 27th World 
Cup race in one minute. 15.73 seconds 
on a tricky, 34-gate course that forced 
several stars ski out 

Seizinger beat Gerg by the large mar- 
gin of eight-tenths of a second. But 
Gerg’s second place gave her the Super- 
G title ahead of Seizinger. Pemtila 
Wiberg, who started toe day first in toe 
standings, did not finish . 

Andreas Schifierer of Austria won the 
final men’s Super-G in a time of 1 minute 
33.76 seconds, 0.04 seconds ahead of 
fellow Austrian Josef Strobl and 0.12 


ahead of Kristian Ghedina of Italy. 

Luc Alphand of France finished 
ninth, and won toe Super-G title but he 
missed another chance to increase his 
lead in toe combined men’s standings. 
Alphand led Kjetil Andre Aamodt of 
Norway by 1 06 points, a victory is worth 
100 points and Alphand won’t compete 
in the final giant slalom or slalom. 

On Wednesday. Alphand had finished 
a distant ninth in a men's downhill and 
gained only five points on Aamodt 
Strobl won the downhill in 1 minute. 
38219 seconds, Ghedina was second and 
Austrians occupied the next four places. 

• Hilary Lindh. toe reigning world 
downhill champion and a stiver medal- 
ist at toe 1992 Albertville Olympics, is 
retiring from siding. Lindh, 27, from 
Juneau, Alaska, has been on the U.S. Ski 
Team for 13 years. 


INTERNATIONAL CLASSIFIED 


Escorts & Guides 


BELGRAVIA 

ORCHIDS 


LONDON - PARIS 


THE FMEST I THE MOST 5B4CERE 
IB - 38+ HTEFNATUHAL 
BEAUTm 4 ELEGANT STUDENTS 
SECRETAfBES, AIR HOSTESSES 8 
MODELS* 

AYWLABLE AS YOUR COMMON 
24HRS SERVICE WORLDWIDE 
Escort Agency CrwH Carts Welcome 


TEL: LONDON +f 44 (0) 


0171 589 5237 


EUROPEAN MODELS ESCORT 

Saws wrtfcnde, ortjr ftiff top njodete 

UJNDQH+PAfiB4®NAC0tMAMD 

STDCXHOUt+HB^NO+VBlCE 

G£NEVA+ZUR)CH*MlAN0+R0ME 

BRU6SELS4X)PBM«EN*CYPRUS 

ST«BUL*AT>BIS+0ajCMJS80N 

WSAJ+GERMANY+VB1NA+U5 A 

Cafi tor Europe ++4M-?* 21 SB 

Call tar USA: 212 267 3893 cants 


HIGH SOCIETY 

EncuSm Escort Ssnfea 
Oennew. Parts. Now Tort. London 
Tab London OfTI 36 1033 


ROYAL PUT1NUH SffiWCE 

ATLANTIC 

LONDON PARIS NEW YORK 

WORLDWIDE ESCORT SERVICE 

++44 (0)7000 77 04 11/22/33 
Wss0ai-ster.com 

GLAMOUR WTEfftATTONAL 

L0t®0N ESCORT SERVICE 

0171 TM 0771 

HBDTS WGH S0OETY*YB«A*PARB 

COTE D'AZUR & ZURICH ■ GBJF 
tntamrtional Escort & Travel Service 

Vienna ++43-)-5£4104 el cih* cards 

~ EUROCOtfTACr WT1 

Top local & travel service wridwtte 
PARIS'STtXSCHOUrMftAN'RQME 
RIVERA'SRUSSELSl.ONDQN'VIENNA 
GfflEVA'ZJraCHYrfule G5TMANY 

Escort Semin Vienna +443-1-212 0431 

INTERNATIONAL ESCORTS 

WorirfB FW & Most EtfkBfw Sentca 
Wodete, Beauty Qwbis, Actreaus 
lUtCnguf Trawl Compardone 

Hdqbs. 212-785-7896 NY, USA 

ofScaOWIeicatoJoni 

Sonto wgihMdo. Cradfe cant, checks 
accepted. View vtew & photos In offlee. 


mH * (TALY * EUROPE 

JUto Escort SmfcB3Vfl34&2257787 

VENUS IN FURS 

W0RU7WDE ESCORT SSMCE 

LONDON 0171 362 7000 

Al cards. Mnnce bookings Mfcome 

CHELSEA ESCORT SERVES 

51 Beauttan Ptace, London SW1 
Tefc017FS84 6513 

COWECTIOttS WO BL WBTE ESCORT 
AGENCY London's Newest & Most 
Beauttri Escorts kom ratxrt the wrid 

Tet 0171 431 1531 DfsMftn Assured 

*SWiTZSTLAND + GERMANY* 

TbL t+31-2MZ7 2S 27 
ZUnCHGBEVA«ASa-«EIIIC 

NEW: LONDON - BRUSSELS - VENNA 
COSMOS Escon Agency Cndt Carts 

AMSTERDAM * DREAMS 1 ESCORTS 
and Diner Date Service tor H*n or Her. 

41 W 20*4 02 111/ 64 (B £88 

AWE HOTS ESCORT SSMCE 
and Dtoner Dare Sentoa Lcnton 

Tet 0171 385 1174 

LONDON HEATHROW 

IRE ULTIMATE ESCORT SEVEE 

TEL’ 0171 389 0837 

CHU9EBEMJTHL II0OEL 
ftivate Escort Senfce 

Tet 0171 835 0971 Ail Caste 


CHL0E S&U/HR/L HOTEL 
Private Bear Saves 
Tat am 836 cen as Cuds 


DUSSELnORF-fflAWCFURT-COLOGNE 
WIESBADB+MAJNZ-HEIO&BffiG 
Grift Escort Sente +49(01 1 71 -531 1005 


GENEVA PRETTY BOHAN 
BASH, LAUSANNE. M0NTREUX 
Cat 022346 00 89 Escort Agency 


GRACIOUS BLACK BEAUTY ESCORT 
SERVICE LondonffleaUirow/GeMc* 
Telephone: 0410 438 589. 24 hows. 


MXAN* PERSIAN* ORIENTAL Escort 
Sente. BeautW uMiBwr MewSf 
team. At carte London 0701-0709614 


JASMINS ESCORT SERVES 
LONDON 0171 935 0564 
CflEDfT CARDS ACCEPTED 


M0N0P0L FRANKFURT 
THE LEADING E5C0RT SERVICE 
OFFICE NUMBS 0® / 955 20 774 


MICHELLE VERY PRETTY Fnandy. 
Young Blond Girt. Private Escort Sente 
London Tet 0958 448 643. 


NATHALIE VERY ATTRACTIVE Charm- 
teg Lady. Proposed Pnvaie Escort Ser- 
ves. London fet 0956 659662 


TANYA BUCK Beauty Quart Educated 
London riteadrai Privas Escon Sente. 
0181 906 2261 Crete Cards Wetoro 


VALENTKS H1ERNAT10NAL 
VIP Escort Sente photos toriev central 
London oHce 0171 835 0005 aO carte 


HEWATOWSUE: KENNEDY’S Escort 
Sente. Friendhr, elegant, attractive, 
cards. Dey 4 rtgrt (+*43 1) 53350+4 


WARSAW IIODB. ESCORT 
AND TRAVEL SERVICE 
Cal (48) 22 671 OB 41 


ZURICH a IRAN Escort servte 
Model lor bustnassrtraveinmetptelrtr-fi 
languages. Tet +4? 7B 406 84 04 



H 


If, {»' 


1 -w Kan— rr»ir 1— «■ mi- .1 »*r-« 

Barcelona’s Ivan de la Pena shooting despite pressure from Carlos Aguilera and Juan Manuel Lopez, right. 


Pantic Scores 4, but Atletico Loses 


OrgvIeJ h (V SirtT Fnrr Dxpouhs 

Barcelona came back from 3-0 down 
to beat Atletico Madrid, 5-4. and win its 
Spanish Cup quarter final, 7-6. on ag- 
gregate. 

Milinko Pantic scored four goals for 
Atletico but ended up on the losing side 
in a game that finally tipped Barcelona's 
way when Juan Pizzi scored the ninth 
goal of the night after 82 minutes. 

Jesus GiL Atletico 's chairman, had 
said his team would not play in protest at 
the suspension of three players. He re- 
lented an hour and a half before kickoff. 
Atletico did not seem to have suffered 
from the uncertainty. It led. 3-0. after 31 
minutes. 

Pantic knocked in a rebound after 
eight minutes when Barcelona keeper 
Vnor Baia failed to hold a shot from 
Carlos Aguilera. Hie Serbian scored 
again just before the half-hour when he 
beat Baia at the near post with a long- 
range shot, and moments larer he con- 
vened a penalty after defender Laurent 
Blanc brought down Kiko in toe area. 

Bobby Robson. Barcelona's coach, 
removed Blanc and midfielder Gne- 
orghe Popescu and brought on forwards 


Hristo Stoichkov and Pizzi. Immedi- 
ately after the break, Ronaldo guided a 
volley into the top comer of the 


Iuiopian Soccbk 


Atletico goal. Three minutes later Ivan 
de la Pena gave toe home fans hope after 
finishing off a break down toe left. 

But Pantic struck again, in toe 53d 
minute, exploiting a weak clearance by 
Baia and clipping toe ball over the keep- 
er's despairing dive. 

Luis Figo smashed in a volley from 
outside the penalty area after 65 minutes 
and Ronaldo dived to head the equalizer 
shortly afterward. 

Pizzi knocked in a loose ball eight 
minutes from time to win the game and 
create pandemonium among Barcelona 
fans who had earlier whistled Baia and 
shouted insults ax Jose Luis Nunez, toe 
club president. 

Earlier a few miles away, the other 
Barcelona ream. E sparry ol, was knocked 
out of toe Cup by Las Palmas of the 
second div ision. The second leg finished 
1-] after a goalless first leg. and toe 
Canary Islanders won on away goals. 


GERMANY Boiussia Dortmund, toe 
Bundesliga champion, beat Hansa 
Rostock, 3-0. while second-placed Bav- 
em Munich lost again — 2-0 at Arminia 
Bielefeld — and fourth placed Bayer 
Leverkusen felL 3-0. at i860 Munich. 

In Dortmund, Karlheinz Riedle 
struck twice his Swiss striking partner 
Stephane Chapuisat scored toe other. 

Bayern, who lost. 5-2, at Leverkusen 
on Sunday, was beaten on Wednesday 
by a pair of first-half goals by German 
international striker Stefan Kuntz. - 

“We are not aggressive enough," -f „ 
said Franz Beckenbauer. 5 1 . the Bayern 
chairman. “We’re standing off our op- 
ponents. If I got that much space. I'd 
would still be able to play today.” 

England Premier League Middles- 
brough lost. 1 -0. at home to Stockport of 
division two but still qualified tor the 
. League Cup final for the first time on the 
strength of a 2-0 first leg victory. 

Middlesbrough, which has not won a 
major title in its 121-year history, will 


£ Hansa: 


face Leicester in toe final April 6. 

only g 


Sean Connolly hir the only goal after 
seven minutes, but Stockport could not 
score again. (AP. Reuters ) 


Scoreboard 


Exhibition Baseball 


Jtr.ei *5-'.’ — : ii. Reboerts— Gclfien State 
45 ISruRn 7L Los Angeles 62 (Blount 15). 
Assets— Odder srste 24 (Price 10), Los 
Angetes 30 Wen Bret 141. 


Montreal 24 32 13 61 210 243 

Ottawa 22 32 13 57 184 197 

Boston 23 36 9 55 200 244 


WBBN8SDST' S OAM1S 

Phtodetphto L Atlanta 1 
OnOmct; 1 5t. uuis 2 
Toronto ?, pr;istHr;R i : i Lvirss 
Mental i, eollrnc-e 1 13 ir.ntars 
Kama* Oiy Usl 2. N« « Ybrii »ets tssi 3 
Kansas City (ss) U Qiicoga Write 5c* t 
H ousior 4 New York. Mere (ss) 3 
Colorado 11, Son Francisco 10, 10 innings 
Chicago Cubs 6. Mltarauhee 5 
Anaheim 10, Seattle 7 
Detroit 7. OevetomM 
Florida 9, Los Angeles 1 
Minnesota*, Boston 0 
Tews 3. New Yort Yankees 1: 


Women NCAA 
TOURNAMENT 


BASKETBALL 


NBA Stan dings 


EASTERN COKFUDKZ 

ATLANTIC DIVISION 


FRSAT. LLARCH 1-^SUNDAY MARCH T6 
MIDWEST REGIONAL 
XT BOULDER. COLORADO 
Stephen =, Austii vs Toledo: Colorado vs. 
Vcrahrt. 

AT CHAMPAIGN. tUJNOtS 
Duke vs. OePouf. Illinois vs. Drake. 

AT STORKS. cowecncuT 
Norm Caroiino SL vs. Iowa; Gonnecttevt vs. 
Lehiph 

AT KNOXVILLE, TEJMESSEE 

Oregan vs. San Diego SU Tennessee vs. 
Grumbling 

■ASTBEOIOtUU. 

AT CHAPEL HILL. NORTH CAROLINA 
AUcMgan sr. vs. Panlcnd ; Norm Carolina vs. 
Harvard 

AT TUSCALOOSA. ALABAMA 
SI. Josephs vs. Kansas SI.- Atobcmo CM) 
vs. St. Fronds. Pa. C21-B) 



W 

L 

Pet 

GB 

AT AUSTIN, TEXAS 

NewTork 

47 

17 

Z34 


Noire Dome vs. Memphis; Texas vs. SW 

Miami 

46 

17 

-730 

u 

Texas St. 

Oriomto 

3* 

28 

-S48 

12 ' 

AT WA&HtHGTON, O.C. 

WdsDIngtan 

29 

33 

MB 

17 

Tutene vs. UC Sortto Borbcra: George Wash- 

New Jersey 

18 

44 

290 

38 

ington vs. Norttorrestero 

PhfladetpWa 

16 

44 

258 

30 

WUTUMONAL 

Boston 

1 

12 51 

CENTRAL QCrtSKM 

.190 

34 S 

AT STANPOm. CAUFOWdA 

Stanford vs. Haaoid : Texas Tech vs. Moo- 

x-Chlcaga 

55 

8 

273 

— 

tono 

Detroit 

45 

17 

.724 

9’i 

AT LAWRENCE. KANSAS 

Attonto 

43 

20 

483 

12 

Vondeitiin vs. Washington : Kansas vs. De- 

Charlotre 

41 

22 

451 

14 

trah 

Clevetand 

34 

27 

-557 

20 

AT ATHENS. GEORGIA 

Indiana 

30 

32 

484 

24'e 

Aril one vs. Western Kentucky; Georgia w. 

Milwaukee 

26 

34 

419 

28'i 

Eastern Kentucky 

Toronto 

22 

40 

055 

32-. 

AT CHARLOTTESVILLE. VROMA 

WI5TEBN CONFERINCI 

MDWESTDnmOH 


Utah vs. Iowa Store; VJrglmo vs. Troy Slate 

MID EAST RIOTOfUU 


W 

L 

Pet 

GB 

AT NORFOLK, VmCmUL 

x-Utoh 

■to 

17 

-730 

— 

Purdue vs. Ma/ylontb Old Dominion vs. Lib- 

Houston 

43 

21 

472 

3'-» 

erty 

Minnesota 

31 

30 

408 

14 

AT RUSTON, LOUISIANA 

Dallas 

20 

41 

028 

25 

Auburn vs Louisville; Louisiana Tech vs St. 

Denver 

18 

44 

090 

27V, 

Peters 

San Antonio 

15 

47 

042 

30': 

AT BATON ROUGE, LOUSIAKA 

Vancouver 

11 54 

PACIFIC DWtStOH 

.149 

36 

demson vs. Marquette; LSU (23-4) vs 
Maine 

Seattle 

43 

18 

.70S 

— 

AT GAINESVILLE. FLORIDA 

LA. Utters 

42 

20 

477 

lift 

Southern Cel vs Son Francisco; Florida vs 

Ptxlhmd 

34 

28 

363 

8'4 

Fla. International 

Sacramento 

28 

35 

444 

16 

BOiCmi«BWMUIMUWI 23-34 

LA. dippers 

24 

34 

433 

16S 

A» tewa Ctry, tewa- Columbia, South CaroBna; 

Phoenix 

24 

38 

087 

W; 

Missoula. Montana- W. Lafayette, Indiana 

Golden State 23 

x-ennehed playoff spot 

39 

071 

20V, 

mmuran 

KARCH ZB-ea AT CtHCBWUm 


WEDNESDAY'S RESULTS 

DM 28 23 29 37—117 

New Jersey 2S 2B 18 2»-lCB 

U: Stockton 10-149-1031, Malone 9-22 9-11 
27; NJ.- tomes 9-15 2-2 23, GfH 4-14 10-14 
22. Rebounds— Utah 58 (ostenog 19). New 
Jersey 52 rMassenbu/g 13). Assists— Utah 
24 (Stockton ID. New Jersey 22 [WtJtes 7). 
CMeoga 19 30 32 27-108 

PMMetpMa 25 22 29 28—104 

C nm>en 12-16 3-8 31. Jordan 9-24 4-523: 
P-. Iverson 15-23 2-2 37. Stockhouse S-12 8-9 
19. no bou nds Chicago 53 (Rodman 17), 
PWta-delphta 52 (Coleman 13). 
Asdsts— Ottcago 29 (Ptppen B>, 
PModefpftfa 15 Oversan 4). 

Vancouver 18 21 22 21— 82 

WnAMgtao 27 32 23 22— UM 

V: AbdunRantm 4-124-7 la Reeves S-t 1 4- 
4 lfr W: Webber 14-21 3-4 32. WunoY 4-9 4-4 
14. Reboonds— Vancouver 40 (Rogers B). 
Wosh-togten 51 (Webber 10). 
Assists— Vancouver 12 (Anthony 41, 
Washington 24 (Strickland 4). 

Atlanta 18 2$ 14 25—82 

Mom 21 22 18 31— 92 

A: Smith 7-17 4-4 21 . Laeftner 54110- 10 2ft 
U Milter 8-14 4-7 3 & Sndti S-9 4-4 14. 
Rebounds— Atlanta at (Mutombo KR. 
Indiana 49 ID-Davfe TO). Assists— Allan In 14 
IBtaytoch 51. Indiana 20 (Jodso n 71. 
OlfaMto 38 27 24 15- 94 

Houston 39 28 29 17— 95 

P: U nderway 11 -20 7-7 31. Vflltdns 7-14 M 
19? H: Oktfvwan 1 4-24 4-4 » WBte l0-» 1 -2 
21. Rdhrtrorts— Oitando 45 (Strong 13), 
Houston S3 (White 14). AHlsB-Oriondo 20 
rWHWftt, Hardaway. Shaw 4 1, Houston 27 

WWwwrltn. „ „ 

Goted State 25 24 30 20-101 

LAlrtn 30 25 32 22-189 

&5c SpteweH 13-21 7-7 37, NluWn WHS M 
» LA. LAKERS Caiflphei »■» M 2ft - 


East champion vs. Midwest champion 
MWeosJ champion vs. West champion: 


National Invitation 
Tournament 


vreDMESDAV. FAST ROUI0 
Connecticut 71. torn 64 
Ftortda Stale 82. Syracuse 47 
Michigan Slate 6 S. George Woshtegtwi 50 
1Ne9 Wglnta 98. Bowing Gnen 95 
Pittsburgh 8£ New Orleans 63 
Notre Dome 7 a Oral Roberts 58 
Bradley o& Drewl 53 
Arkansas 101, Nartnem Arizona 75 
Nebraska 67. Washington 43 
Texas Christian 8& Atabomo-Biimfnghom 42 
N. Caroline St. 77. SairtnwESt Missouri St. 44 
Nevada 97. Frew State 84 
UNLV66, Memphis 42 
Hawaii 71, Oregon 61 


NHL Standi nos 


CENTRAL DfVt 3 K>N 

W L T PS GF CA 
Dados 40 23 5 85 205 145 

Detrail 32 » 15 79 211 157 

Pfcoenii 31 33 5 47 197 210 

SI. Lewis 29 31 B 46 199 209 

Chicago 77 31 11 44 177 172 

Taranto 25 38 5 55 198 234 

PACIFIC DfVtStOM 

W L T PtS GF 6A 
x-Cotorndo 41 18 9 91 230 144 

Edmonton 31 31 7 49 213 208 

AnoheJm 29 X 9 67 197 195 

Calgary 29 34 7 65 184 198 

Vancouver 28 34 4 40 209 233 

Las Angeles 25 35 9 59 184 224 

S an Jose 23 37 7 S3 172 220 

x-cflndKd playoff berth 

WtetePArsauum 
Boston 1 I 1—3 

Harltad 12 3-4 

First Period: B-T^weeney 8 (Carter, 
Afltonl (pg). z H-IGan 9 (Dtoeen, Godynyuk) 
Seated Period: HAflandervDIe 3 (Chtasson, 
Pratt) A H-MandereBe 4 (Monk, Wesley} 5 B- 
, Moger 10 (O&Meeney, RohtoH) (pp). TIM 
Period: H-Kapanen 10 (penally shot) 7, H- 
Ranhetm 1ft Oh). & B-HmWns d (Stuatpel 

DSweeney) (pp). 9, H-MandervBe 5 

(Chtasson Burke) (en)- Shots on goat B- 8-6- 
4—18. H- 7-12-13-32. GaaBes B- Carey. H- 
Burtce. 

W as h in gton 1 1 B — 2 

N.Y. Rangers 1 1 1-3 

First Period: W-Hunter 12 (Konawaldiuh, 
Simon) Z New Yort, Gretzky 19 (Leetdv, 
Messier) second Period; W-Tocchet 18 
(Housiey. Oates) 4. New Yort, Graves 25 
(Leetch. Messier) Third period: New York. 
Messier 34 (Korpovttev) (pp). Shots ea go at 
W- 12-6-9-27. New Yort 11-15-15—41. 
Missed penalty shot— Klee. Wo& second. 
Goodes: W-Rnnferi Kotzlg. New York, 
Richter. 

Chicago 8 1 2-3 

Toronto 1 1 

Hrst Period: T-SuridJn 36 (Murphy) (pp). 
Sea»d Period: C-Moreou 11 (Daze. Crown) 
X T- Berezin 20 (Doml) Third period: C- 
Swrard 7 (Amorte. Weforicft) S. C-Savord 8 
(Wetnricto Mfflert (pp). Shots on goat C- 13- 
3W— 41. T- 10-4-5—21. Goofles: C-Hochtftt 
T-PoMn. 

Coteary 1 1 1—3 

Colorado 1 s 1—2 

Fht Period: Calgwy-Siem j, (sh). Z 

Colorado-, Forsbery 19. Second Perio d. 
Gateary-Fleury 24 (Titov, Reicheil TWrt 
period: Colorado- KMnm 7 (Forebeg) 5. 
Category-, Stem 6 (Want Suflhran) Shots on 
gtertC- 8-13-4—27. C- 9-13-7— ».«noBBK& 
KJdd. C-Roy. 

Pittsburgh 2 12 8-5 

Phoentt 1 l 3 o-5 

Rret Period: Phoenix, Drake 11 (Mansorv 
Running) (pp). Z Pittsburgh- VaR to 
(Wortiey) a Pmsburgh-Otausson 7 
(Lemleox Johnson) Second Period: 
Phoenix, Jonney ) 2 f Johnson, Gartner) S. 
Phtsburgh-Bomes 17 (WooOey, LemteurJ 
(pp). Third Period: Phoenix. Shannon 10 
CTverdavSky, Cortum); 7. Phoenix. Tkocturt 
39 (Jonney, Gartner) & Pittsburgh., Kicks 6 
9, Phoenix, Shannon 11 (Nummtaen, 
Tvsdawkyl 10, Pittsburgh- Barnes IB 
(Lemleux. Francis) Overtime: None. 
Penalties— None, shots on goal: p- 4-7-12- 
2-25. Phoenix 14-12-17-3— 44. Goothw. p. 
Wregget. Phoenix. KhaMbolln. 

Detroit a i o—l 

kteteto 8 2 8-2 

Rret Period: None. Second Period: a- 

Setanne 43 (Mironov, van Impel (pp). 1 D- 

Fedorov 25 (Rouse, FePsovl 1 A-, Kuril 11 
(Todd) Third Period: None. Shots on goat O- 
17-9-13—39. A- 6-6-A—20, GoaflOS: D- 
Veman. A-Hobert 


Sheffield Wednesdoy Z S Jndettona l 
WMtHanXOieiseo2 
m tine MandHsterUntted57poinfs. 
Liverpool 56. Aisenal 54 Newcastle 4L 
Sheffleid Wednesday Aston Villa 4& Wim- 
btodon 44 Cheised 43, Leeds 4a Leicester 37, 
Tottenham 35, Blackburn 33, Everton 33. Der- 
by 3Z Sundertand 32, Coventry 35. West Haro 
28. Nontegham Forest 28- Southampton 26. 
Mlddfesbrough 22. 

SOMAN BDNDOUOA 
Arminia Btetefeid 2, Bayern Munich 0 
Borossia Danmund i Hansa Rostock 0 
Fortwno DuesseWorfLSC Freiburg 1 
I860 Munich X Bayer Leveriaisen a 
mu d nih i g e i Barussta Dortmund 4L Bay- 
ern Munich 4^ VfB Stuttgart 41. Boyer Lev- 
erkusen 41. Schalke 04 3& Karlsruhe SC 33. 
FC Cologne 33. Werder Bremen 32. \ffi_ 
Bochum 32. I860 Munich 30, Arminia Biefe- 
teld 29. Hamburg SV27, Forluna Duessektarf 
25. MSV Duisburg 24 Monchenglodbadt 23. 
FC St. Pout 19, Hansa Rostock ia SC 
Freiburg 11 




QU AfTTERRMALS. RETURN LEG 
Barcetam S AUrtico Madrid 4 
(Barcelona win 7-4 on aggregate' 
Eopanyai 1 Los Palmas 1 
(1-1 on aggregate. Las Palmas win on 
away goals rale) 

DUTCH COP 
QUAfrTEHFtHALS 
AZ Alkmoora WDIem II TWwg 2 
Helmond Sport (ii) 0, Vitesse Arnhem 1 
Heerwnroen % FeyenoanM 
Zwade (ll) a Rodo JC Kerknxte 5 


World Cup 


PnjlodelpWa 
New Jersey 
HdUa 
N.Y, Rangers 
Tampa Bay 
WBShlngion 
N.Y. Isfcindere 


hsidw coMnna 

ATLANTIC OlVISOrt 

* inis 
38 2D 10 
34 19 17 
30 23 IS 
32 28 9 
27 32 7 
27 34 7 
23 34 10 


GF GA 
224 173 
188 155 
180 140 
222 193 
184 204 
172 191 
183 198 


NORTHEAST OIVSION 


Buffalo 

Ptltibuigh 

Hartford 


w 

L 

T 

Pis 

GP 

GA 

35 

21 

11 

81 

195 

147 

32 

28 

7 

71 

233 

221 

27 

30 

IP 

44 

189 

204 


BitmwnaiuL fhihduks 

WEtJNESOAV, M MLORADE 
Yugoslavia a Russia 0 

WEDNESDAY, IN TEL AVIV 

Israel a Sweden 1 

WaUMUMOlCID 
SCAB FINAL RETURN LEO 
Mlddtesb rough 0 Stockport 1 
UMadtesbrouDh win 2-1 an aggregate, meets 

Letcesta In ihe tlnpl on ApiH 6 at VlteniWey) 


Leeds 0, Southampton 0 


■UN'S DOWNHILL 

WEDNESDAY. W KAIL COLORADO 

1 . Fritz StrobL Austria 1 min. 38J9 sec 

2. Krfstten Ghedina Itoly, 13SM 

3. Horaies TiinUe. Austria 13Bi6 
4 Werner Franz. Austria 1 38.73 

5. Josef Si row, Austria 1:3847 

6. Andreas ScNfterer, Aushte, 1 J8.B8 

7. Luca Qrttonea tttdy. U39.16 

0. Bruno Kemen, Switoerianck l-j? 

9. Luc Alphand. France, 139.29 

10. Patrick Ortkea, Austria 139^3 

Rmi dcwutiin n wfcft 7. Alphand, 
779 points. Z Ghedina 70G 3. Frftr strobl 

57), 4 Ranz, 517, 5. Josef Straw. 470, 4. Mle 

Skoordol Norway, 452, 7. Pietro VTtnSnL Italy, 
380, 8. Franco Cavega Swltzwiond. 121 , 9 
William Besse. SwKzertand, 288. in. Werner 
Perattwner, Italy, 238. 

Owr rt taidren 1. Alpha no 1.101, 2. 
Aamodt 979, 1 Ghedtno 930. 4 Josef Slrobi 
901, S. Michael Von Gruenlgea Switrertand, 
722, 6. Knaus 701, 7. Thomas Jytora, Austrta. 
44a 8. Skoordol 444 9. Fritz Strobl 441 ia 
Franz 43a. 

MWSfUKi-b 

THURSOAV, m VAIL, COLORADO 

t. Andrecs Schlffarer, Austria. 1:33.74 
2. Josef strobl , Austria 131S0 
XKrtsttan Ghedina, Austria T33^a 

4. Luts Cotta nea ttaty 1 3439 

5. 13eltl Andre AamodL Norway I34J36 
6 Doran Rah Ives. USA 134.40 

7. Patrick OrtthA. Austria 13448 

8. ttarmes Trlnkt. Austria 134^1 

9. Luc AiphamL France 134 St 

10. Hans Kncnn , Austria 1 34 j63 

wawni's MtesR-c 

THURSDAY, IN VAIL. COLORADO 

1. Kafla Seizinger. Germ. 1 min. 13.73 ««■ 

Z Hilde Ge^L Germany. 1:16.53. 

1 Martina Ertl Germany, l-.t7.0i. 

4, ingebarg Heten Marten. N«way. |.i 7 n , 

5. Fterence Mosnooa. France, 1:17.2a ‘ 

4. Leatltla DaUoz. France, 1:17AS. 

7. Regina Haeusl Germany, 1:17.44. 

8. RegJne Covagnaud, France. 1:17 in 

9. Carole Msmttel. Franca 1 :1 7a? 

1ft Calnertne Bargtw Switeriana i-17 >, 
8-P-c teM vwtaa* r^ 6 - 
coma 2. seunger, 474. 3. PernliiTwh^P 
Swwtea 449, 4. Isolde Ka stow, ihny, S’ 
Ertl 248. 6. Masrteda 221, 7. WniyL^ 5 ' 

tetoMa Russia, 181, 8. Svetlana 

Rwste. 17ft 9. Kottiaitna GutenJJm^* 
nw»7- 17ft 1ft MontWet, Gw ‘ 

°— «— f wdl miw I.WIbeirUa,,^ 

2. Setztager, 1.284 3. Geni Uoo, 7 
cwnpognont Italy, 827, 5. Kost n ^r2? nh 
HPtolZurbrtggen. Swhzeflonfti^', 7 ^;,*- 
WWte. Austria. *94 ft 1^^ ■ 




- S -- 


p- IS4L 


Aushta. 647,9. Zekmstata, 404 10. 













INTERNATIONAL HERALD TRIBUNE, FRIDAY, MARCH 14. 1997 


PAGE 23 






SPORTS 


^S3I* Illinois Coach 


\K- 

K' -sWi 


SSgV scrr. &- . 


•T* $ 

rite 

. i*23 

v " 4 c 

"3£'& 
. ?• 

; ; > • $4 

: "ctfJ 




S In; 


Bounces Back 
From Hostile 
Welcomes 


By George Dohnnann 

Angeles runes 

Lon Kruger was sitting in front of a 

£ Ws team 311(1 whe " 
t NCAA tournament pairings were 

announced Sunday. His 12-Jear-old 
son, Kevin, was there, too. 

When Illinois's name showed on the 
5?®®? 35 *e sixth-seeded team in the 

mrl^L5 e810 J ,a t- matched against 
Pnday, the Fighting mini coach 
shook hands, gave a few hugs and then 
was tapped on the back by his son, who 
had a thought 

‘ ‘Where will you be playing?*' Kevin 
asked. 

Kruger gave an answer he believed 
Kevm already knew, “The Charlotte 
Coliseum.” 

Kevin leaned closer to his fattier and 
said. Dad, you know your record there 
isn t very good.” 

h g°es for Kruger. He practically 
wills Illinois to its first 20-victory sea- 

, son in six years — its record is 2 1-9 

; has the Ulini ranked 15th in the country 
and on whai should be a day of cel- 
ebration, gets hit with an uppercut. 

Kruger knows Charlotte, all too well 
That’s where, in 1994, his Florida team 
was defeated by Duke in the Final Four, 
cutting a dream season one game short 

Kruger has accomplished enough to 
be considered one of the top college 
coaches, yet when he was hired to re- 
place the retiring Lou Henson last 
March, the first reaction among fans 
was to reel off his flaws. 

Now. he quietly toils at Illinois's 
campus in Champaign, devoid of one- 
liners, playing second fiddle to anything 
in Chicago and even Notre Dame foot- 
ball until mid- January. 

Kruger has earned his seventh NCAA 
bid in bis last 1 1 seasons as a coach at 
Illinois, Florida and Kansas State. He 
had that one Final Four appearance, 
took Kansas State to the final eight and 
' 1 now enters the tournament with an un- 
dersized team few believed would earn 
a bid, let alone a No. 6 seeding. Even so. 
he is still, for the most part, a secret 



Oak AlkaVTfae AuacBisd ftee 

SCRAMBLED LEGS — Antonio Smith of Michigan State reaching between his legs for the ball tinder 
pressure from George Washington's Sbawanta Rogers, while Alexander Koul (45) Andrei Krivonos (21) 
and JJ. Bade closed in. Michigan State won the National Invitational Tournament first-round game 65-50. 


“I’m notone to promote myself.” he 
said. “This is a player's game and we 
promote them.” 

A headline in a Chicago newspaper 
after Kruger’s hiring read: “Mr. Nice 
Guy Lacks Pizazz Illinois Needs." It 
was one of many criticisms he heard 
after electing to leave Florida, where he 
spent six seasons and made two trips to 
the NCAA tournament. 

Sonny Cox, the coach at Chicago's 
King High, who has a huge influence 
over high local school players — told one 
newspaper that Kruger “got to the Final 
Four once, bui he didn't do much before 
then and he hasn't done much since." 

“You've got to look at his record." 

If all that' wasn't enough. Illinois's 
athletic director, Ron Guenther, went 
around saying that Kruger's new job 


was “one of the 10 best' ’in the country, 
and that he expected a Big Ten Con- 
ference title “once every three years.” 

“There were some articles and people 
made a lot out of it,” Kruger said of ail 
the talk. “But all you can do is get to work 
and determine what needs to be done.” 

Illini fans' main criticism of Kruger 
was over recruiting. They said Kruger 
didn't attract stars. True, Kroger said. 

Mitch Richmond of the Sacramento 
Kings, whom Kroger coached at Kansas 
Stare, was the only star ever to play for 
him. unless Andrew DeClercq counts. 
Kroger had the Golden State Warrior 
reserve at Florida. 

But the recruiting rap may turn out to 
be a bad one. Kroger signed five players 
in the fall, and two of them were rated 
among the top 50 in the United States. 


Magic Edge Rockets 
In Road-Trip Finale 


Kroger would never toss that back at 
the skeptics. Very much like the coach 
many have compared him to. Duke's 
Mike Krzyzewski. whose team is 
seeded second in the Southeast, Kruger 
seems to be gathering accolades Idee 
acorns and wants to be judged by the 
size of his pile, not each nuL 

”1 look back now and I don't think 
you could have written a better script,” 
Kruger said. “Never did I say we had a 
chance to make the tournament, and 
never did I say we didn't have a chance. 
You have to give the players, and es- 
pecially the seniors, all the credit for 
this.” 

Does Kruger believe he deserves at 
least a little credit? 

“We'll have to wait and see if I can 
win in Charlotte first.” 


The Associated Press 

The Orlando Magic finished their last 
long road trip of the season Wednesday 
night, capping a six-game, nine-day 
odyssey with a 96-95 victory at Houston 
to finish 4-2 on a voyage that started 
with a victory in Seattle on March 4. 

The Orlando-Houston game went 
down to the final seconds, and Anfemee 
Hardaway won it with a 10-foot jumper 
over Mario Elie with 1.1 seconds left. 

Eddie Johnson had a chance to win it 
for Houston, but his long jumper missed 
at the buzzer. 

Gerald Wilkins added 19 for Or- 
lando. Nick Anderson sal out with a 

NBA Roundup 

bruised right quadriceps tendon, and 
Rony Seikaly was out with a lower back 
strain. 

Of Orlando’s 20 remaining games. 12 
will be at home. The Magic hold the 
eighth and final Eastern Conference 
playoff spot with a four-game lead over 
Indiana. Orlando is just a half-game 
behind Cleveland for the seventh spot. 

Hakeem Olajuwon led the Rockets 
with 32 points and 12 rebounds, and 
Kevin Willis had 21 points and 14 re- 
bounds. Clyde DrexJer. out the last five 
weeks with a pulled left hamstring, ex- 
pects to return Sunday at Miami . 
Charles Barkley, who hurt his left hip on 
March 1 against Dallas, hopes to play on 
Tuesday at New Jersey. 

Jazz ii7 v Nats 102 Utah made the 
third stop of its seven-game. 1 1 -day trip 
in New Jersey. John Stockton had a 
season-high 31 points and 11 assists, 
and Karl Malone scored 20 of his 27 
points in the second half as Utah wore 
down the Nets. 

"John Stockton really carried us,” 
said Malone, who made only two of his 
first 10 shots. “I didn't play a great 
game. It was ugly. Guys kept looking at 
me, but you have games like that. But I 
wasn’t going to stop. I'm not a quitter. I 
just kept playing hard.” 

Greg Ostertag had 10 points and 19 
rebounds as the Jazz won for the 15th 
time in 18 games. Rookie Kerry Kittles 
had 23 points as the Nets lost for the 
sixth time in seven games. 

Bulls 108, 76srs 104 In Philadelphia, 
Scottie Pippen scored 31 points, in- 


cluding six in the final two minutes to 
help keep Chicago ahead in a game that 
was close mostly because of Allen Iver- 
son. Pippen finished 12-for-18 from the 
field and 4-of-5 from 3-point range. 
Michael Jordan added 23 points and Bill 
Wennington had 14 for the Bulls. 

Iverson was !5-for-23 from the field 
in one of his most impressive perfor- 
mances of die season. 

“I like him as a player.” Pippen said 
of Iverson, who was involved in a trash- 
talking battle with several Bulls the first 
time he played them and almost got inro 
a scuffle with Dennis Rodman the 
second time. ‘ ‘ Early on he got caught up 
in a lot of trash talk and stuff of that 
nature, but he's a good player and today 
he had much better focus on the game 
instead of all that other stuff.” 

Racers 92, Hawke 82 In Indianapolis. 

Reggie Miller scored 25 points, and 
Indiana snapped a three-game losing 
streak while ending Atlanta's five-game 
winning streak. 

Dikembe Mutombo, the Hawks cen- 
ter, was ejected for his second technical 
foul in the fourth quarter. Atlanta coach 
Lenny Wilkens also picked up a tech- 
nical, one of four called against the ■ 
Hawks. 

Miller fouled out in the final minute 
— the first time he has been disqualified 
since the 1993-94 season. He has scored 
20 or more points in eight straight 
games. 

Bullets 104, Grizzfias 82 Chris 
Webber returned from a three-game lay- 
off and scored 32 points, including 2 1 in 
the decisive first half, as Washington 
dealt visiting Vancouver its 11th 
straight loss. 

Webber shot 10-of-14 before half- 
time, and the Bullets shot 59 percent in 
taking a 59-39 lead. Webber, sidelined 
since March 4 with a strained lower 
back, finished 14-for-21 from the floor 
and had 10 rebounds despite sitting out 
the fourth quarter. 

Lakers 109, Warriors ioi Five Lakers 
played strong games as Elden Campbell 
scored 26 points, Eddie Jones had 24 
points, seven rebounds and seven as- 
sists. and Kobe Bryant added 1 8 points 
in 1 8 minutes. Corie Blount, making his 
third start of the season, equaled his 
career highs with 17 points and 15 re- 
bounds. Nick Van Exel had 14 assists. 


Kansas Wins NCAA Opener Blocked Penalty Shot Lifts Rangers Over Capitals 


The Associated Press 

No. 1 Kansas overpowered Jackson 
State. 78-64, Thursday in the first round of 
the NCAA tournament. 

The Jayhawks (33-1 ) had three players 
with 1 3 or more rebounds as it defeated the 
16th seed in Southeast Region. 

Scon Pollard had a career-high 19 re- 
bounds. six blocks and 12 points. Raef 


LaFrentz had 18 points and 14 rebounds, 
and Paul Pierce had 1 7 points. 1 3 rebounds 
and four blocks. 

AD that inside muscle overcame the 
absence of Jacque Vaughn, the Jayhawks’ 
point guard, who sat early in the second 
half because of foul trouble. 

Jackson State (14-16) made enough out- 
side shots to keep things interesting for 
much of the game. But the shots didn’t fall 
during a second-half stretch when Kansas 
took command with a 16-0 run. 


Cincinnati 88, Batter 69 Daniel Button 
scored 19 points, including five 3-pointen;. 
and Cincinnati, third seeds in Midwest re- 
gion. used a 22-5 first-half run to beat But- 
ler. 

Danny Fortson led the Bearcais : 26- * i 
with 24 points, but 1 6 of those came in the 
second half with the game already won. 

Kelsey Wilson and Jon Neuhouser led 
No. 14 Butler (23-10) with 15 points. 

Cincinnati will play the w inner of the 
Illinois State-Iowa State game m the 
second round Saturday. 

After leading. 39-1 /.at the intermission. 
Cincinnati built its margin as high as 25 in 
the second half. Butler cut the lead to 78-67 
in the waning seconds, but it w as far too 
late for a comeback by then. 

Butter stayed close to the Bearcais in the 
early minutes of the game, hustling for every 
loose ball and flustering Cincinnati with its 
pressure bui Burton put an end to any Bull- 
dog upset hopes with back-to-back 3 -point- 
ers with 12:19 left in die half. 


The Associated Press 

Mike Richter, the New York 
Rangers goalie, stopped a penalty shot 
by Washington’s Ken Klee with the 
score tied. 2-2. in the second period. 

A> Klee streaked toward him, 
Richter came out of the net then re- 
versed as Klee faked left to the 
goalie's backhand. The shot from 
close in bounced off Richter's block- 
er. and the Rangers went on to a 3-2 
victory. 

“I got good wood on it,” Klee said. 
“I sot it halfway up. but he made a 
great save.” 

It was the seventh penalty shot 
Richter has faced in his career. He has 
saved them all. 

Mark Messier tripped Klee to give 
away the penalty, but the Rangers' 
captain made amends, getting the 
573d goal of his career to decide the 
game ai 1 1:13 of the final period. 

The goal tied Messier with the re- 
tired Mike Bossy of the New York 


Islanders for I Oth place on the NHL 
career lisL 

Wayne Gretzky and Adam Graves 
also scored for the Rangers. Dale 
Hunter and Rick Tocchet had the Capr 
itals' goals. 

Whalers 6, Bruins 3 Kent 
Manderville had his first career hat 
trick and Sami Kapanen scored on a 


penalty shot as Hartford extended its 
home unbeaten streak to four games. 
The Whalers had not scored more 
than two goals in any of their previous 
seven games. 

With the score tied. 1-1, 
Manderville tipped Steve Chi as son's 
point shot beneath goalie Jim Carey. 
Manderville tirade it 3-1 midway 
through the second period on a wrap- 
around. His final goal was an empty- 
neoer with 12 seconds remaining. 

Bteckhawks 3, Maple Leafs 2 Denis 


Savard scored twice in the third peri- 
od to rally Chicago to victory in 
Toronto. 

Ethan Moreau added his 1 1th goal 
of the season for the Blackhawks and 
Eric Weinrich had two assists. 

Flames 3, Avalanche 2 Ron Stem 
scored his second goal of the game 
with less than three minutes left, and 
Calgary beat Colorado for its first 
victory over the Avalanche franchise 
in five years. 

Ed Ward dug the puck out of the 
boards and fed Stem in the slot and he 
beat Patrick Roy. 

Coyotes 5, Penguins 5 StU Bames’s 
second goal of the game — with 48 
seconds remaining — gave Pittsburgh 
the tie at Phoenix. 

Danin Shannon gave the Coyotes a 
5-4 lead with 9:34 remaining. Dallas 
Drake. Craig Janney and Keith 
Tkachuk also scored for Phoenix. 

Garcy Valk and Fredrik Olausson 
scored for the Penguins, who also got 


a goal, credited to Alex Hicks, when 
Jeremy Roenick attempted to clear 
the puck but tapped it into his own 
neL 

Barnes tied the game when he took 
a pass from Mario Lemieux and shot 
the puck past goalie Nikolai Kh- 
abibulin. The assist was one of three 
for Lemieux. the league’s leading 
scorer. 

Mighty Ducks 2, ftod Wings 1 Teemu 
Selanne and Jari Kurri scored and 
Guy Hebert made 38 saves as Ana- 
heim extended its club-record un- 
beaten streak to nine games while 
ending Detroit’s at 11 . 

Sergei Fedorov scored for the vis- 
iting Red Wings, who lost for the first 
time since Feb. 14 at Dallas. 

The goal was the 1, 369th NHL 

S lim for Kurri, who tied Johnny (the 
east) Bucyk for 11th place on the 
career list. He needs six more goals to 
become the first European-born play- 
er in league history to score 600. 


DENNIS THE MENACE PEANUTS 



l'M HOT 801H6 TO SCHOOL ANYMORE.. 
THE TEACHER HATES ME, THE PRlMPfAL 
HATE5 ME.THE CU5T00IAW HATES Mg, 
THE SCHOOL 0OARP HATES ME... 


SOU 0 BETTER 6ET 
DRE55£D..«fOUUMISS 0 
THE SCHOOL 305.. § ^ 


THE 6U5 DRIVER. 
< HATES ME. 1 y 


CALVIN AND HOBBES 

I'VE BEEN INTHEXWEsT ~1| THETRE ^ 
A8CMT 20M\WtEx LOCK, ML 
NN FWGEBS. WMOED' 


SDWL ' 
MTVE5! 


rl 




PRETT/ NEW. ’ BSG Pit* RAlSIN WSON®ED i 
w WAT W'WB-WSN«3^BJJTS I 

, . uhkncmn!* 


— “ /-■ ■ 




GARFIELD 


WIZARD of ID 


£ -y - — — ~ 

% Sms » iiwTgMfl I* Rtf'®* ^ 

arr rwowy s \sAHS old. 


WLM. -J=S=S 

own* »■**■**». a*" 1 * 

kMOKftHTTISiai ^ 

I mykos i vpsni. 7 


HOTUM 


YINTTE 



GoSete 

MUNCH 

SMACK 

W 








WHKT T»€ CBOOK 
GOT WftCN HS 

*>tol£ the chub. 

bniWiK W** 1 ! ^ 

gHUtyMAMom 


BEETLE BAILEY 


PEAR LORE* THANKS 
FOR THIS MISERABLE 

SLOP THEY 

SERVE US r 


AND GIVE US 


M|| I ENOUGH STRENGTH 

lira make rr to the 
| MOVIES TONIGHT^ 


DAVTS 


THEY CALL HIM THE 
ENLISTED MAN'S CHAPLAIN 



FtfUR 

im 

QM 

! 


T -me 'S 
FRIES AREN*!" 
RE APT > 
Yeti /. 


NONSEQUITUR 

IAYGUKCK 

ran 

mmo.- lie 


DOONESBURY 


HBKeSAlYflIJUi. MZ. 
7KUMF> znea/NGTD 

SET UP A PICKET 

AmuNP$Aa*mN/$~ 

APtCXBTiJNe 

opum o 


7H&/U- PFD r SST /H ATTHE I 

. UffTMr&FJaeHTTOMVBC. 
I . AlMMG/rru.7lPNFU&- \ 

1 ucsent»cn r/toZNw 
; A A NWd&SEYJWNtmstJ 


BOAMEA 


IUhbbom*) 

[ ■ -- BUESS BEGOT "WOTTUTOflJ 

■■■■ THE TEfWaETWOB 


Ewjcajioiv Directory 

Appeals every Tuesday. 

To advertise con lad 

KirabeHvGuefrand-Betranwurt 

TeL: + 33(0) 1 414391^ 
Fax: + 33 (0)14143 9370 

or vour nrans* EJT offitx 

' or representative. 


ifCSX 




ih 


blondde 

A0T - Micur QfcSW OCO &EQDED HOW BO IT L 
LEAFEV WORK OiST? 

SCHMS TO SEP TEN MtW/TES | 

MRUS? AND SETTJNO UP TEN 5 
MINUTES EARLIER / — I 


- 51 WELL* HE ^ 
ALMOST SOT 
T IT RfSHT... ] 


i3«— f HE WENT TO BEP TEN *- 
( MINUTES EARLER AND GOT 
TEN WNL/TES LKTERt 




rwuST 


jntSJ W8rr Iflkr/ «*>- H O iifc h iH* M Vitim In* 



l 


-antl-acjo-asa-a h it SJHStVjf 







PAGE 24 


INTERNATIONAL HERALD TRIBUNE. FRIDAY. MARCH 14, 199 


OBSERVER 



Less Than Aghast 


Killer Taste: Murder Among the Chintz Set 


By Russell Baker 


N EW' YORK — The public 
is less chan aghast at die 


IN ^ less chan aghast at the 
campaign-finance scandal that 
has media and Washington 
people in shock. Despite the 
uproar. President Clinton’s 
popularity rating stands at 
about 60 percent. Considering 
that he was re-elected by only 
49 percent of the vote, it’s 
tempting to wonder if the scan- 
dal hasn't actually been a 
blessing for him. 

This puzzles people whose 
days are spent pondering die 
news of Washington, but 
surely there is no mystery 
about iL It simply confirms 
that cynicism about govern- 
ment has settled into the 
American marrow. 

Public respect for the gov- 
erning classes seems so low 
that we have become numb to 
scandal. Does anyone here 
believe that, once this tale of 
dirty money is played out, 
these political panhandlers 
will change the method of fi- 
nancing campaigns? 

They like it this way. It’s 
the system that gets them 
elected and re-elected. Senate 
leaders, obedient to die 
private desires of their fol- 
lowership. are already trying 
to put the kibosh on an in- 
vestigation of the money 
scandal. Who cares? 

There will probably be 
congressional hearings im- 
puting illegal conduct to 
White House types. Will the 
public tune in? Maybe, but it 
didn't tune in for the Iran- 
contra scandal. “Don't they 
all do it?” 

The Whitewater show has 
been running longer than 
Seinfeld, and the public has 
tuned out. “They all do it.” 

“They all do it” This 
philosophy, which originated 
os a defense of Richard Nixon 
in Watergate, has become 


cynicism’s best friend. 

The power of money to 
have its way in Washington 
was amply illustrated in Clin- 
ton’s first term. There was the 
health-care disaster that killed 
the effort to provide for the 39 
million Americans with no 
health insurance. The insur- 
ance industry fought ft with 
seven tons of money and killed 
n. Now the insurance industry 
is in charge of national health 
policy . and there are 42 million 
Americans with no health in- 


By Patricia Leigh Brown 

New York Tunes Service 


N EW YORK — Perhaps no one 
knows better than Paise 


X > knows better than Paige 
Rense. the editor in chief of Ar- 


chitectural Digest, that decorating 
Is murder. But who knew she’d 


surance. 

It appears that money will 
also be handsomely served in 
the second Clinton term. Re- 
ductions in the capital-gains 
tax seem likely. Cuts in estate 
taxes are proposed. These, 
like other tax breaks for up- 
per-middle-class voters, are 
brought to you, in part, by the 
kids whose welfare support 
was ended by the welfare-re- 
form bill Clinton signed to aid 
his re-election campaign. 


Let us look on the bright 
side, however. The White 
House's frantic labors to 
round up enough dough to 
match the big Republican 
bankroll gives us some de- 
liciously low comedy. You 
can imagine the Marx Broth- 
ers running a Lincoln -bed- 
room rental racket. 

What the Democrats did 
was absurd, distasteful and 
possibly illegaL It was neces- 
sitated. they say. by the 
astounding costs of television 
commercials, without which 
you might as well not bother to 
run for office these days. Gov- 
ernment by TV commercial. 
How delightfully preposter- 
ous. How awful. 

And the money keeps 
pouring in. Ah well, maybe 
they don’t all do iL There 
must be two or three oddballs 
who abstain. 


take it literally? 

Who would suspect that while 
ensconced in her black limousine, 
Rense, 5 fee t 2 inches tall, eyes 
blue, glasses tinted, blonde with 
help, was taking notes on two de- 
cades' worth of decorators who 
told her they would kill to get into 
her magazine? 

Yes, Rense has gone undercover 
and written a murder mystery, to be 
published by Doubleday next 
month. The plot of “Manor 
House” revolves around a 
magazine suspiciously like Archi- 
tectural Digest, run by a brainy, 
unappreciated No, 2 editor (sus- 
piciously reminiscent of Rense), 
who is a leading suspect in the 
murder of the magazine's editor in 
chief, one Beau Paxton, a charming 
man about town. Paxton's char- 
acter suspiciously recalls Bradley 
Little, a real-life Architectural Di- 
gest editor who was murdered in 
1971 in a Los Angeles parking lot 
during a robbery attempt. Shortly 
thereafter, Rense. then No. 2, as- 
sumed editorship of the magazine. 
The murder was never solved. 

“I kept thinking, if only I had 
something real to write about,” 
said Rense, who had wanted to 
write a mystery since girlhood, sit- 
ting in her lily-infused office on 
Madison Avenue, her slightly 
scrunched posture at odds with her 
tough-cookie demeanor. 

“Dominick found his own 
murder, and made that murder his 


concealed affinity for 
murder may neverthe- 
less come as a shock. 

“Ai one point in my 
life. I wanted everything 
to come out all right, and 
mysteries do it,” she 
said, explaining why she 
has spent the last seven 
or so years working on 
and off on her novel. 

“There is beautiful 
symmetry in mysteries. 

It's like a John Wayne 
movie: justice is always 
done." 

Though not exactly 
“Murder on the Orient- 
al.” Rense spins a web 
of intrigue of Aubusson- 
like intricacy. “Manor ; . 
House” is set in the rar- ; 
efied milieus of Santa 
Barbara and Los An- ■ * 
geles — Rense territory 
— and is a not-quite- mm 
fictitious expose of the 
decorating world, what 
the district attorney in ..W'; <-i 
the book calls a “mur- 
der for hire in the land of *> 
chintz.” ; -SK 

It is, as interior dec- 
orator Mark Hampton, ^ 

who makes a cameo ap- 
pearance in the book, 
observes, “an eyewir- 
ness job.” Many of 
Rense’s characters are 
thinly veiled to the point 
of being sheer. “There 
are a couple of people, 
shall we say. who in- Paige R 
spired a couple of char- 
acters.” she said, ever the diplo- 
mat. “There was a mostly New 
York decorator who really did 
many someone in Santa Barbara. 



fly wfao lives in a 
George Washington 
S mith house: and China 
Carlyle, a flame-haired 
retired movie star — are 
old and new money 
Santa Barbara, worlds 
die poker-playing au- 
thor knows welL 

“Pica- considered the 


chore of interviewing 
an endless stream of 




- -v - * 




- * . ***££& 
V, tori Tintrt 

Paige Rense. in her office at Architectural Digest. 


she said, referring to her And there is a braggart New York 


friend Dominick Dunne and his 
1985 society -murder novel. "The 
Two Mrs. Grenvilles." “I felt all 
the good murders were taken. 
Then,” she smiled sweetly, “I 
realized I had my own.” 


businessman and a braggart wife 
with nor great taste.” 

Design and magazine watchers 
may detect resemblances to Donald 
and' Jvana Trump; John Saladino 
(AD July 19921; David Geften’s 


Though legendary for her killer home designer and antiques dealer. 


New York Tunes Service 


instincts, especially where compet- 
itors are concerned. Rense’s deftly 


Rose Tariow (AD June 1991), and 
Mimi London (AD April 1997). a 


Rense friend who has a showroom 
in the Pacific Design Center. There 
is Jack Baker (AD May 1989). or 
Jack Banner as he is called in the 
book, an artist who is The Source 
for all gossip and whose work 
* 'hangs on the walls of every 1 major 
house in Santa Barbara.” "a place 
the real Baker, reached by tele- 
phone. described as “a community 
of great eccentricity and magni- 
ficent homes.” 

Rense’s two sleuths — Pierpont 
Tree, scion of a Santa Barbara fam- 


: ; <v- an endless stream of 
£; v*. homicidal decorators, 
ft .■ He squirmed in bis 

jg^-* chair,' writes the nov- 
gl ; elist remembering the 
way his mother “used 
— to go on about cabriole 
legs and pie-crust 

|Pp5 I It is nearly im- 
S possible not to make 
■ connections between 
™ Rense and Meg Millar, 
: ^ the No. I suspect 
“Everyone thought 
editing ‘Manor House’ 
j&T ■ was so glamorous,” 
■- . Meg says in the book. 

fci i j%. , “So easy. Just travel 

around, go to black-tie 
dinners, point a well- 
manicured finger and 
say. *1 choose your 
house.’ If they only 
knew.” 

The 67-year-old ed- 
ftor stared at ter inter- 
m rogator through lashes 
perhaps not quite as 
WSSS&s thick as “smudged 
iSrtioriT makeup,” like Meg’s, 

[ Digest. “I don't think Meg is 
me,” she said, some- 
what disingenuously. “But what 
was I going to write about? I’m 
going to write about magazines. ” 

“People thought it would be a 
tell-ali," she added. “But what 
would I tell?” 

Plenty. 

Like Architectural Digest, Man- 
or House starts life as a trade 
magazine and is rescued from 
banality and obscurity by a wily 
heroine, wfao, in addition to ed- 
itorial savvy, has the smarts to gain, 
or attempt fo. a financial stake in it. 


bs in a (Rense had a minority ownership in 
ishington Architectural Digest before it was 
aid China sold by Knapp Commun»cations (o 
ne-haired Conde Nasi in 1993.), 

*ar— are The Manor House puMtsbere are 
r money Seth and Jonas Rupert good-and- 
u worlds evil twins. “I was thinking about 
vine au- various sides of character and 
■U. thought, there could be twins,”, 

deredthe Rense said. (She would not confirm 
rviewing that a forthcoming novel wouktbe 
ream of called “New House.”) 

■corators. Asked about the real Bradley 
in bis Little, she replied: “Oh dear, the 
the nov- poor man is dead. He was chamr-^ 
sing the mg, attractive and didn't have" a . 
er “used clue about magazines. He never ': 
cabriole made a deadline. And. oh yes, be. 
pie-crust said that designers didn’t waitt lo 6e\ 
interviewed” — contrary to the • 
rly im- novel’s observation that “publicity' 
to make is to a decorator what blood is to a. 
between vampire.” . . ; 

g Millar, As much soap opera as mystery*, 
suspect “Manor House" was in a sense ' 
thought cathartic, giving Rente a cbanceto.^ 
r House’ reveal the sleaze amidfoe chintz. 
iotous,” '‘Therearealotofthin^sthatgooa 
ie book, that .don’t have a place in the mag- __ 
st travel azine,” she explained. Though 
black-tie some situations are pure fiction -i 
a well- young decorators pay Beau Ptixion < 
ger and thousands of dollars to gain entry j 
se your into the magazine — others, like 
sy only antiques dealers churning out 
doctored invoices far favorafdec- 
-old ed- orators, are not. - . - 

er inter- “There are a lot of great itec T 
h lashes orators who are totally honest »id 
juite as some who are not, like any bust- ; 
anudged ness," Rense said. 

Meg’s. Rense began work on the novel 
Meg is while commuting between her home 
!, some- in Santa Barbara and her office in =-’ 
Lit what Las Angeles in the [ate 1980s.. She . 
lut? I’m started in earnest when her third 
ones.” husband, Arthur Rense, a public re- . 
ild be a lations executive whom she di- 
ut what voiced and remarried, was ill with 
cancer. “I’d write in airplanes, cars 
and when I couldn't sleep,” she 
st, Man- said. It was her therapy. “I stayed at 
a trade home in the evening and -he slept 
d from most of the time.” she added, 
a wily Rense kept the book pretty much 
i to ed- a secret, she said, because she 
togain, didn't know “when or if I was 
ike in it. going to finish it.” 




: Mi, 


PEOPLE 


Si i 

M • 


dr 


T HE Archbishop of Canterbury. George 
Carey, the spiritual head of the Church of 





A Carey, the spiritual head of the Church of 
England, has accused his predecessor, Robert 
Runcie, of breaking royal confidences and 
raising doubts about whether priests can be 
trusted. Carey’s criticisms were prompted by a 
biography of Lord Runcie, which quoted him 
as saying that the marriage of Prince Charles 
and Princess Diana was arranged, that 
Charles was depressed beforehand, and Diana 
was a "schemer." “Remarks that we might 
call rather indiscreet may suggest that people 
might now ask whether they can trust anybody, 
any priest, ever again.” Carey said. “My 
whole ministry is based on the fact that if you 
want to talk to me privately you can be ab- 
solutely sure that whatever you say is safe.” 


idents George Bush. Jimmy Carter and 
Ford, So he made other arrangements. “I’m 
going to enjoy it" Liddy said. “Maybe If they 
get on the radio from inside the place. I’ll get 
on one of my radios from outside the place, 
and we can have a conversation." The mu- 
seum is displaying tools carried by burglars 
during the 1972 break-in at Democratic 
headquarters at the Watergate Hotel. Liddy 
served more than four years in prison for his 
role in organizing the burglary- 


roscopic surgery on his left knee to repair 
cartilage damaged while jogging. He may be 
able to return to the office this week but won’t 
be running for at least a montit. The 50-year- 
old son of the former president will have to 
pass up the 10-kilometer race in Austin on 
April 6. He has run the race the past two years 
and boasts of holding the records forfastest — 
and slowest — times by a governor. 


R«e ftauMx/Rraim 

Cuba Gooding Jr. with his Blockbuster award. 


The Gerald R. Ford Museum doesn *t want 
G. Gordon Liddy. But foe man at the center 
of the Watergate break-in is coming ro town 
anyway. Liddy said he will broadcast his 
national radio show from the Sl Cecilia Mu- 
sic Society in Grand Rapids, Michigan, on 
April 17. Officials turned down a request to 
have Liddy broadcast his show from the mu- 
seum, which will be visited by former pres- 


The Blockbuster chain of video-rental shops 
has presented for foe third year its own movie 
awards. The winners are selected by votes cast 
by the chain's customers. Among those 
honored: John Travolta for his role m ' ‘Phe- 
nomenon,” Cuba Gooding Jr. in "Jerry 
Maguire.” Goldie Hawn for ‘ 'The First Wives 
Club," Kurt Russell for “Executive De- 
cision." and Sandra Bullock for “A Time to 
KilL" 


The Oscar- winning actor Nicolas Cage 
id almost half a million dollars at a Geneva 


Tapie, in jail serving eight months for rigging a 
soccer match. “Cheer up, Bernard. Jail is 
tough. I know,” Delon. 61. wrote in the open 
letter to the farmer chairman of foe Olym pique 
de Marseille soccer team and published by foe 
daily Le Figaro. “I stretch out my hand to you 
through die bars.” Delon, a longtime heart- 
throb who has played roles ranging from a 
tough-guy detective to an alcoholic mechanic, 
used the letter to deplore ills in society ranging 
from sleaze to child abuse. 


paid almost half a million dollars at a Geneva 
auction for a rare 1971 Lamborghini Miura 
SVJ owned by the late Shah of Iran. Cage, 
bidding by phone from, foe West Coast of the 
United States, paid S446.S20, almost double 
foe estimated value of foe car. It was the most 
expensive car sold in auction in Europe this 
year. The shah once owned about 3,0(X) cars, 
but Islamic revolutionaries seized them after 
overthrowing him in 197 9. Two- thirds of foe 
cars now provide government transport. 


Vincent van Gogh's admirers consider it art : 
history, but a hotel in Veenoord. the Neth- 
erlands, where the Dutch master once lived, i 
soon will be bulldozed to make way for apart- 
merits. "People call it a raanumenL but of- J 
ficjally it's not." a City Hall spokesman. Rikus i 

Wtfnholds said. A demolition permit has been ’ 
issued; construction is expected after April; . - 


Governor George W. Bush of Texas isn't 
running for anything right now. He's on 
crutches. Bush underwent V/x hours of arfo- 


The French film star Alain Delon has sent a 
letter of commiseration to foe bankrupt busi- 
nessman and former soccer boss Bernard 


The longtime anchor of NBC’s “Todav” 
show. Bryant G umbel, has signed with C&S 
News to anchor a prime-time newsmagazine 
and specials, CBS said. Industry sources said he 
would be paid as much as $5 million a year. 


j r ■ - 

aaiiine 





. .-v .4? 

" - ‘ V 'i ?*. •*. 


; . < i . i Y *■ i j *■ 


H 

it ,44 


Ewry country has its own .AT&T Access Number which . ’ ’ 


makes calling home and to other countries reallv easv. 


• 

! , '/ % ’* '•*' ,z - 




t \ ' 

I--. ' 


it-. a, 

feA - ' 

V* . 


rv- 


- r 

. ' ■ ■ 
- ‘ v - 4 .4 ^ 4 s ' ! 



do as the 172-1011's do. 



Just dial the AT&T Access Number for the country vou’re 


calling from and you’ll get the fastest, clearest connec- 


tions home. And be sure to charge your calls on your 


AT&T Calling Card, ft’ll help you avoid omrggeuus 


phone charges on your hotel bill and save you up tu 


60%* So when in Rome (or anywhere else for that 


- "j y . 


matter), do as many business travelers do. Use AT&T. 


, . . -iV : 1 =*;•«>• v-rr'v^ - - 


mmt 


’w- *- -' 7 > 

Please check foe list below for AT&T Access Numbers. ’ 







AT&T Access Numbers 


U«/H| 
h:- rv 


Steps to follow for easy calling worldwide: 

I .Just dial the AT&T Access Number for the country you 
are calling from. 

2. Dial the phone numberyou’re calling. 

3. Dial the calling card number listed abqre your name. 


O*™ SKg8£ I 
.-'J 

«O0 arod '{tv ' 3 




Sweden. . .. OS 

1 02Z-B03-011 Switzerland* 06G 

d-ara-ieo-M Untied MntdonA ... ■■ ■■ 050 

Czech Hepeblfc* 00-42400-101 OBO 

France O-BBO-99-0&11 hippie east 

Germany . . trt3D-«ne E«nrt»(Calro|* . . . 

Greece* . . OO-MB-1311 Israel 177 

Ireland 1-6B0-550-M0 Saedl Aralllao 

Italy* 172-iBtt ftfRicft 

Netterleads* U«»-fl22-mil Stara ' ! T - 

Russia* ^ (Moscow)* 755*5042 Kenya* . . .. 

. 900-99-00-11 South Ahica . . .. D-U 

Caul find die ITS! Access Number for rile counlry yourt ailJinR fnen? Jus ask any opemor lor 
AT&T Direct" Service, or visit our Web sire at: ht^a'AnrwjatUrooi/travrier 


020 - 795-011 

0600 - 89-0011 

0508 - 09-0011 

0808 - 89-0011 


... 510-0200 

177 - 100-2727 

1-800-10 


»i? - — 


0191 

0-600-10 

0-608*99-0123 


AT&T 




iii.Vvicf iW , „ , . 

amabMrlollEUS.g(W Onam-to<»io6ji*on,iBii(iMni;(f (QCBmc Li ttex^SUnJdix^lmlcQ ilram^ !umcdliri; taion Inon 4l Puitne. b*j aintt. *lS-i(|rf<Ea.-icalre4i»M.<a»n#j»*crtli*Jalk>rr »LirmLd j^UVBrr sriApn»wiB^^aMpaiw<aM^ihtpa.nii a ilC~Lia 


' hjjr