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INTERNATIONAL 



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PUBLISHED WITH THE NEW YORK TIMES AND THE WAS1 


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The World’s Daily Newspaper 


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Paris, Saturday-Sunday, March 22-23, 1997 ^ 




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A rescuer lifting a baby into an ambulance after the suicide-bombing at a cafig in Tel Aviv on Friday. 


Israel Blames Arafat for Bombing 


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By Serge Schmemann 

New York Tunes Service 


TEL AVTV — A blast touched off by a suicide bomber 
ripped through a crowded Tel Aviv cafd on Friday, killing 
two people and the bomber, wounding scores and striking a 
new blow at the tottering Israeli-Paiesdnian peace. 

Prime Minister Benjamin Netanyahu blamed Yasser 
Arafat. 

The bomber was not immediately identified, but there 
were unconfirmed reports that be was a Palestinian from a 
village outside Hebroa. An anonymous caller told the 
police that the militant Islamic movement Hamas was 
behind the attack, but there was no immediate corrob- 
oration either from Palestinian or Israeli sources. 

Witnesses said the bomber, a nondescript young man 
who did not to them resemble an Arab, had walked into the 
Apropos cafe on the trendy, tree-lined Ben Gurion Street 
carrying a large yellow bag. The caf£ was full at 1 :40 PM. 
on a hot, sunny Friday, the start of the Israeli weekend. 

Just as a waiter showed the man to an outdoor table, an 
explosion ripped through the cafe, shattering windows, 
ripping umbrellas and leaving scores of people bleeding on 
the ground. 

The police said the bomb was small compared with 
previous ones, about four to five pounds of explosive, and 
the damage was relatively light. 

Nonetheless, the bombing broke a yearlong lull in sui- 
cide attacks, and revived the terribly familiar sequence — 
the screaming sirens, the bearded religious men scouring 
the ate for bits of flesh, the frenzied demonstrators yelling 
“Death to Arabs!" the shocked questions, the chorus of 


A woman who was wounded being led from the cafe 


See BOMB, Page 7 


Yangtze Port 
Sets Standard 
For Behavior 


By Seth Faison 

New York Times Service 


Y ZHANGJIAGANG, China — In Mao 
Zedong's day, people all over China 
were taught to * ‘leant from Dazhai, ” the 
rural commune where selfless peasants 
reaped ever-larger grain harvests that, it 
turned out later, were largely imaginary. 

When Deng Xiaoping was in charge, 
he urged everyone to follow Shenzhen, 
the boom town bordering Hong Kong, 
though he doubtless meant its freewheel- 
ing economic growth, not its corruption, 
prostitution and software piracy. 

Today’s national model is 
Zhangj iagang , a thriving port on the 
Yangtze River dial combines money- 
making with clean living. Criminals and 
litter bugs are equally rare here, city 
leaders say, because commercial suc- 
cess is tempered by a government-or- 
ganized push for “spiritual civiliza- 
tion,” which essentially means learning 
to behave well. 

With Mr. Deng’s death last month, 
and an ideology that rings more hollow 
each day, China’s leaders are trying to 
meet the nation’s need for a new set of 
values to anchor their fast economic 



China Defends 
U.S. Trade Gap 


growth and the social change coming 
with it Spiritual civilization is their 
answer, Zhangj iagang their archetype. 

This city represents the future of 
China as Beijing’s leaders would like 


Taiwan plays down Dalai Lama’s 
visit as purely religious. Page 5. 


v 


to see it: prosperous and law-a bidin g, 
clean and orderly, modem and yet firmly 
in the control of the Communist Party 
authorities. Here spiritual civilization 
looks very much like a Singapore-style 
campaign of strict housekeeping. 


See CHINA, Page 4 


See TRADE, Page 4 





No. 35.476 


Yeltsin Seems Reconciled 


To an Expanded NATO 


By John Vinocur 

International Herald Tribune 


HELSINKI — President Boris 
Yeltsin of Russia, while describing 
NATO's expansion eastward as a “ se- 
rious mistake." nonetheless gave the 
plan his tacit acceptance Friday at a 
summit meeting with President Bill 
Clinton of the United States. 

The two leaders said they would con- 
tinue to disagree on widening the al- 
liance to include Poland, Hungary and 
the Czech Republic, all former Warsaw 
Pact members, but announced they 
would join in signing a charter between 
NATO and Russia providing for con- 
sultation. coordination and joint de- 
cision-making where possible. 

Mr. Clinton said the agreement 
would give the Russians, whom he de- 
scribed as “partners” as opposed to 
allies, “a voice but not a veto” in the 
North Atlantic Treaty Organization. Mr. 
Yeltsin’s description of the arrangement 
at a joint news conference after a day of 
meetings was as one “minimizing the 
negative consequences for Russia” of 
the expansion, and allowing partic- 
ipants to “solve issues by consensus.” 

Regardless of Russia's displeasure 


with the enlargement, Mr. Clinton made 
it clear that it was going ahead and 
nowhere did Mr. Yeltsin suggest Russia 
would attempt to slow or block the 
plan. 

“I reaffirmed that NATO enlarge- 
ment at the Madrid summit will pro- 
ceed,” he said, “and President Yeltsin 
made it clear he thinks it's a mistake.” 

At the same time, the presidents said 
they agreed to move forward on the 
control of nuclear armaments, with Mr. 
Yeltsin accepting to press for the quick 
ratification of the START-2 agreement 
by the State Duma, or Russian Par- 
liament 

Linking this to the opening of talks on 
a START-3 treaty with Russia, Mr. 
Clinton said the two countries could 
achieve cuts by 2,007 that would rep- 
resent an SO percent reduction from 
their peak totals of about five years 
ago. 

Although the Russian president vehe- 
mently denied any quid pro quo ar- 
rangement — “I categorically dispute 
this was a bargain” — Mr. Clinton said 
the Russians would play a more sub- 
stantive role within the G-7 group of 
industrial nations, now to be known as 
the Goup of Eight The United States, he 


said, would also attempt to more vig- 
orously promote American investment 
in Russia. 

The formulations found by the par- 
ticipants essentially allowed Mr. Yetsin 
to continue to state his opposition to 
NATO's enlargement, which is re- 
garded by a dominant segment of the 
Russian establishment as completing 
the downfall of Russia's strategic po- 
sition arising from the end of die Cold 
War. 

At the same time, however. Mr. 
Yeltsin agreed to work in negotiations 
between NATO and Russia fora charter 
described in a joint communique as “an 
enduring commitment at the highest 
political level.” 


The communique said: The two pres- 
" nied to disagree on the issue 


idents “contint 
of NATO enlargement In order to min- 
imize the potential consequences of this 
disagreement, the presidents agreed that 
they should work, both together and with 
others, on a document that will establish 
cooperation between NATO and Russia 
as an important element of a new com- 
prehensive European security system.” 

What was not clear was how much 


See SUMMIT, Page 7 



lta*i»Jnr iZhuniirfwVlfari^r- 


Mr. Clinton being helped to his seat by aides before starting talks Friday with Mr. Yeltsin, right, in Helsinki. 


Albania Revolt Devolves Into Tantrum 


By Christine S polar 

Washington Post Service 


GJIROKASTER, Albania — Far 
from the capital, towns in southern Al- 
bania still rattle with gunfire after mid- 
night and are paralyzed in their efforts to 


quell upheaval and criminal chaos, 
mis to 


Ci*xp3ed by Our SaffFwm Dapos&a 

BEUING — The Trade Ministry is- 
sued a lengthy defense Friday of 
China’s growing trade surplus with the 
United States in an effort to stop the 
unbalance from derailing economic re- 
lations with Washington. 

“We want to prevent a situation 
arising where this single trade issue will 
be used as an excuse to allow a larger 
scale of debate and affect the normal 
development of bilateral trade between 
the United Stales and China,” Sun 
Zhenyu, the deputy trade minister, said 

Mr. Sun accused the United States of 
exaggerating the deficit and rebutted 
arguments that Chinese workers were 
stealing American jobs. 

His comments came the day after 
Washington reported a record monthly 
trade deficit that included a 37 percent 
jump in die shortfall with China. 

“This issue has become such a gen- 
eral concern to the American people that 
failure to handle the issue properly 
could hold up economic and trade re- 
lations," he said. 

The statement came as Congress 
geared up for its annual battle over the 
granting of most-favored-nation trading 
status to China, and as the fresh U.S. 
figures revealed the trade deficit with 


In this town about 270 kilometers 
(170 miles) south of the capital, Tirana, 
and in nearby Tepelena, residents are 
living amid rumors and fear. Neither 
citizens' groups nor local governments 
appear to be able to restore order. 

Some of those who claim to lead the 
aimed townspeople here say they aim to 


topple President Sail Berisha. But it be- 
came clear during interviews fins week 
that they have no plans to leave their 
towns to take their case to the capital. 

Indeed, what began as a grass-roots 
civilian revolt, sparked by anger over 
failed investment schemes that were ig- 
nored by Mr. Berisha’s government, has 
settled into a vague, lawless tantrum 
with no clear agenda. 

Rampages through military weapons 
warehouses three weeks ago have 
spawned no clear momentum for a re- 
volution or coup. What perhaps can best 
be described as a resistance movement 
has but one clear goal — Mr. Berisha’s 


AGENDA 


Mobutu Returns in Ghostly Way 


Marshal Mobutu Sese Seko of re- 
bellion-plagued Zaire returned to Kin- 
shasa on Friday, but his presidential 
welcome was abruptly canceled. 

When Marsha] Mobutu's plane 
landed from France, where he had had 


fresh cancer treatment, the president 
did not emerge. After a half hour, 
soldiers forced reporters away, the 
welcoming party dispersed and a 
black limousine was summoned to the 
boarding steps. Page 7. 


The Doliar 


New York 


Frtaey Q 4 P.M. pwkxa ctow 


THE AMERICAS Pag* 3. 

Senate Forges Deal on Mexico 


DU 


1 . 6863 


1.6825 


Pound 


1.6035 


1.5935 


Yen 


122 65 


123.755 


ASIA Pag* 5. 

UN Cites Rights Abuses in Burma 


5.6875 


5.7145 



-15.49 


6804.79 


6820.28 


S&P 500 • 


Books - Page 8. 

Crossword Page 3. 

Opinion Page 6. 

Sports Pages 18-19. 


change 


Friday * 4 P.M. previous does 


International Classified 


+6.45 


788.10 


782.85 


The IHT on-line hltp:// 1 .*.". vvv.iht.com 


resignation — but no obvious means or 
organization to make dial happen. 

Telephones work erratically in some 
places m this impoverished country and 
fax machines are nonexistent in many 
others. Communication, therefore, ap- 
pears to be slim among towns in the 
south, where the revolt flared on March 
2. Some protest leaders here spout bel- 
licose warnings that they will arrest Mr. 
Berisha, even hang him, but at day's end 
their words stand as empty threats. 

“About 50 people are leaving this 
town to put him under arrest — to force 
him to resign,' ’ said Gjolek Malaj, a rebel 
leader from die mining town of Memalija. 
Short of specifics when pressed, Mr. 
Malaj offered up another plan if Mr. 
Berisha refused to heed his threat: “If 
President Berisha will not resign, we are 
prepared to bombard him.” 

Mr. Malaj was one of a handful of 
protest leaders who met in Gjirokaster on 
Thursday with political leaders from Tir- 
ana representing Albania's opposition 
parties. Three hours into their discussion, 
m an old military officers' club guarded 
by about a dozen men holding assault 
rifles as sheep grazed in the front yard, the 
politicians ana the protesters had reached 
no derision about their next move. 

A threat to march on Tirana if Mr. 
Berisha did not resign by Thursday was 
nothing more than a threat, the par- 
ticipants agreed. 

The leader of the Social Democratic 
Party. Paskal Milo, said from Tirana that 
many people in the protest movement 
would like to confront the government 
somehow, but that “we are trying to 
convince them that the best solution is 
dialogue and to go step by step.” 

But it is unclear what must be done to 
regain control of the south and who is in 
charge of any single town. Agim 


See ALBANIA, Page 4 



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Lebanon LL 3,000 U-S. ML (Eur.). — $120 


The Nomadic Life Dries Up in Arabia 


By Richard Covington 

Special to the Herald Tribune 



QTAN, Saudi Arabia — Reclining in the shade of his 
billowing tent, Ziab Galib lamented the depressed prices his 
nomadic flocks of sheep and goats fetch at the nearest market 
in the dusty crossroads of Radwan 30 kilometers away. 

To make ends meet, Mr. Galib said, be took a job as a part- 
time ranger at the nearby Mahazaf Azet wildlife refuge, 
guarding privileged oryx, ostriches and gazelles that feast on 
protected forage that his own flocks are denied. 

Globalization has arrived at the tents of Saudi Ariabia’s 


nomads, pulling diem into the market economy and downsizing 
their once-independent lifestyle. As rangelands evaporate and 


cash becomes necessary, camels are out and sheep are in. 

Once self-sufficient herders largely roaming free of the 
20th century’s economic forces, the nomads are being drawn 
inexorably into the market by the need to pay for the water 
trucks and barley they need to nourish their flocks. 

At the same time, they are faced with a decline in prices for 
their camels, sheep and goats, requiring them ro herd larger 
numbers of smaller animals to make the same amount of 
money. This practice has gravely taxed the overgrazed range- 
lands and forces an increasing number of nomads into the 
cities to seek paying jobs. 

The Bedouin tribes of Saudi Arabia have ranged the northern 



See NOMADS, Page 7 


radian) llrmld TnhunF 

Mr. Galib, with two of his sons, whose tent life is besieged by globalization. 


PAGE 3 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, march 22-23, 1997 


Spanish Flu of 1 918: Team Finds Pieces of Deadly Puzzle 


By Gina Koiata 

New York Tuna Service 


NEW YORK — A group of Defense 
Department researchers has found ge- 
netic material from the notorious Spanish 
flu virus that killed at least 20 million 
people in die influenza pandemic of 
1918. 

Fragments of the virus were found 
linking in a formaldehyde-soaked scrap 
of lung tissue from a 21 -year-old soldier 
at Fon Jackson, South Carolina, who 
died of the flu nearly 80 years ago. And 
now, medical experts say, investigators 
at last hope to answer a question that has 
troubled them for decades: What made 
this virus so deadly? 

One part of die answer is that the 
Spanish flu virus passed from birds to 
pigs and then to humans, a mode of 
transmission that is thought to produce 
the most dangerous strains of influenza 
viruses. 

The search for the 1918 virus is of 


more than historical interest, said Dr. 
Jeffrey K. Taubenberger at the Armed 
Forces Institute of Pathology in Wash- 
ington, the leader of the team whose 
report was published Friday in the journal 
Science. He and other researchers hope 
that understanding the genetic code of the 
Spanish flu virus might help scientists 
prepare fra: die next influenza pandem- 
ic. 

The Spanish flu epidemic seems to 
have begun in the United States in late 
spring and early summer of 1918, when 

doctors reported scattered outbreaks in 
militar y installati ons where recruits were 
reporting for training before going to 
France to fight in World War L By 
September, when schools opened, it was 
roaring through the entire population and 
spreading rapidly to every comer of (he 
world, attacking the young and healthy 
and killing them, often within days. 

The flu virus itself is gone, vanished 
with the epidemic. But scientists have 
repeatedly tried to find traces of it. 


studying autopsy specimens and even 
exhuming bodies buried in Alaska 
where, they hoped, the vims would have 
remained preserved. Currently, an ex- 
pedition is being proposed to Spitsber- 
gen, a Norwegian archipelago in the 
Arctic Ocean, to exhume the bodies of 
miners who died of the flu. 

Dr. Robert Webster, chairman of viral 
and molecular biology at St Jude's Chil- 
dren’s Research Hospital in Memphis, 
Tennessee, said an epidemic like that of 
1918 “can come again, and it will.’’ 

Dr. Joshua Lederberg, a geneticist 
and Nobel laureate who is president 
emeritus of Rockefeller University in 
New York, called influenza “the most 
urgent patently visible, acute threat in 
the world of emerging infections.'’ 

“The sooner we can learn what to 
anticipate, the more likely we will be 
able to blunt the next appearance," he 
said. 

Dr. Taubenberger and his team studied 
Specimens from Spanish flu victims that 


are among the millions of autopsy spe- 
cimens die pathology institute has been 
storing since the Civil War. He requested 
autopsy slides of tiie lungs of 1 98 soldiers 
who died of the Spanish flu. 

Since the flu virus s 
within a couple of days alter a person is 
infected. Dr. Taubenberger wanted lung 
tissue from someone who died within a 
week after becoming ill, so that there 
might still be vims particles present 
That was possible, be said, because foe 
1918 influenza strain was so deadly. 

‘ ‘The lungs of some who died in a few 
days were completely filled with fluids, 
as if they had arowned,” he said. “No 
one has ever seen that before or since. It 
was a unique pathology. ” 

Of the 198 cases, y met the criteria, 
but only one had other features that led 
the researchers to believe flu virus was 
replicating when the soldier died 

“He was a healthy 21-year-old male 
with no medical history until he got 
this," Dr. Taubenberger said 


Scientists Find 
Signal to Cells 


The soldier died within five days of 
infection,. mi Sept.. 25, 1918, and in 
October his lung tissue was shipped to 
Washington, where it was stored, un- 
disturbed, for nearly SO years. ^ 

w* .he iuni^ Cancer Growth 



foie viral genetic material. The vims car- 
ries its genes in eight pieces of RNA that 

are packaged together in a protein coat. 
But over the years, the 15,000 nucle- 
otides that make up foe viral RNA bad 
brok e n apart into shards about 200 nuc- 
leotides )nng- The researchers spent 
nearly two years amplifying the tiny seg- 
ments of viral RNA so foat they would 
have enough to analyze and assemble 


The group has analyzed about 7 per- 
cent of tire virus. Dr. Taubenber ger said, 
although he expects foat he will even- 
tually be able to complete the job. Oth- 
ers, like Dr. Webster, agree, bur say it is 
stfll uncertain whether that will reveal 
foe secret of the virus’s lethality. 


Albright Rattled Saber 
Over Albanian Airlift 


By Steven Lee Myers 

New York Tuna Service 

WASHINGTON — In foe harried 
hours after gunmen fired at Marine 
Corps helicopters evacuating Americ- 
ans from Albania last week. Secretary of 
State Madeleine Albright suggested 
sending a larger, stronger force from 
NATO to occupy Albania's main air- 
port and foe port at Dunes, admin- 
istration officials said. 

After brief consideration, the idea was 
rejected when military officials, led by 
Defense Secretary William Cohen, ar- 
gued that such a force was not necessary 
for the evacuation and far too risky a 
way to stabilize foe capital, Tirana, 
which was lurching toward anarchy. 

Within days the discussion became 
largely academic because Albania 
calmed down; the evacuation resumed 
after only a brief suspension. 

But Mrs. Albright's idea — the most 
assertive action discussed by President 
Bill Clinton's foreign policy advisers a 
week ago — offered an early example of 
her thinking as the United States faced 
foe first mini-crisis of her tenure. 


[“We reviewed very carefully the 
security needs we bad as we dealt with 
the orderly evacuation," Michael Mc- 
Curry, the White House spokesman, 
said Friday in Helsinki as Mr. Clinton 
met with President Boris Yeltsin of Rus- 
sia, The Associated Press reported. 

[“There were substantive discus- 
sions about how to protect U.S. cit- 
izens," he said, with the aim of “mak- 
ing sure we could accomplish the 
evacuation that was ordered."] 

In her four years as foe U.S. rep- 
resentative to the United Nations. Mrs. 
Albright became an advocate for a more 
muscular approach to foreign policy, 
particularly in B o snia-He nzegovma. 

A senior administration official said 
that Mrs. Albright had raised foe idea of 
a larger force as one for consideration, 
that she had not insisted on h and that she 
ultimately agreed with military com- 
manders that the evacuations by heli- 
copter were foe best and safest action. 

Nonetheless, foe discussion showed 
Mrs. Albright’s desire “not to be in- 
stinctively unwilling to discuss the pos- 
sibility of using force," the official said. 
At foe same time, it indicated that any 


BRIEFLY 



Apace Fnocc-PfBM 

DEADLY GAMES — Avnl Tahiri, from Skuke, Albania, lying in a hospital in Tirana after be was wounded 
by an explosive. Many children have been injured playing with hand grenades they have found on the streets. 


more aggressive use of the military is 
likely to encounter resistance from the 
more cautious quarters of the Pentagon. 

Mrs. Albright did not suggest that the 
administration embrace appeals by 


some in Europe for an international 
force to stabilize Albania. The Untied 
States and the North Atlantic Treaty 
Organization have rejected those calls. 
Although it has not ruled out such a force 


in foe future, the administration has 
made it clear that it would do nothing to 
shore up the teetering government of 
President Sali Berisha, whose autocratic 
rule has disillusioned Washington. 


TRAVEL UPDATE 


Russia to Keep Rest of Ministers 

MOSCOW — Prime Minister Viktor Cheroomyrdin said 
Friday that foe interior and defense ministers and foe head 
of foe Federal Security Service would not be affected by a 
cabinet reshuffle under way. 

“There will be no personnel changes in any power struc- 
tures now,” he told the State Duma, or lower house of 
Parliament President Boris Yeltsin began the cabinet re- 
shuffle Monday; it is expected to be completed next week. 

Mr. Chernomyrdin told the Duma that further nom- 
inations would be made early next week to fill new posts but 
added that there would be no more dismissals. (Reuters) 

Priebke Is Moved to House Arrest 

FRASCATI, Italy — Erich Priebke, the Nazi war crimes 
suspect, was moved Friday under tight security to house 
arrest at a Roman Catholic monastery jast outside Rome 
after nearly 16 months in jail. A military court had ruled in 
favor of a defense request for Mr. Priebke, 83, to be granted 
house arrest on grounds of worsening mental health. 

The former SS captain, accused of involvement in Italy's 
worst World War II atrocity, was driven through die gates 
of the San Bonaventura monastery in the winemaking town 
of Frascati in a Carabinieri paramilitary police patrol car. 

Mr. Priebke had been in jail since his extradition from 
Argentina to Italy in November 1995 to face trial for alleged 
complicity in the murder of 335 men and boys, 75 of them 
Jews, in an SS massacre at the Ardeatine Caves south of 
Rome. Last year, a military court found him guilty of the 


March 1944 killings, but the verdict was quashed on appeal 
last October. A retrial is due to start April 14. (Reuters) 

Bildt Assails Yugoslav Accord 

SARAJEVO, Bosnia-Herzegovina — Carl, Bildt, the 
international high representative in Bosnia, said Friday that 
the Yugoslav Parliament had violated the Dayton peace 
accord by endorsing special ties with foe Bosnian Serbs. 

Mr. Bildt said Yugoslavia, which comprises Serbia and 
Montenegro, had been notified that an agreement on closer 
military and economic ties signed Feb. 28 was not con- 
sistent with Bosnia's peace accord and constitution. 

“By totally disregarding this, the regime in Belgrade has 
demonstrated that it is not fully committed to the peace 
agreement for Bosnia," Mr. Bildi said. (Reuters) 

Gdansk Shipyard Plan Praised 

GDANSK, Poland — The official handling the re- 
ceivership of the failed Gdansk shipyard welcomed a 
government plan Friday to keep part of foe company alive, 
saying it could result in the saving of up to 2,000 jobs. 

The Solidarity trade union, meanwhile, continued a 
nationwide protest against foe government by marching in 
Warsaw and provincial cities in foe shipyard’s defense. 

The Gdansk shipyard receiver. Andrzej Wierrinsld. said 
be would study Prime Minis ter Wlodzunierz 
Cimoszewicz's proposal for the yard, unveiled Thursday, 
which provides for using foe firm's assets to build five ships 
for PZM, a Polish merchant shipping company. (Reuters) 


Worldwide Air Travel 
Jumped 6% in 1996 

GENEVA (Reuters) — World air- 
ports reported Friday foat passenger 
traffic rose more than 6 percent in 1996, 
with foe economies of foe Asia-Pacific 
region leading the surge. 

In addition, a global survey of 487 
members by the Airports Council In- 
ternationa] found that while Chicago’s 
O’Hare airport remained the world’s 
busiest passenger hub, Los Angeles had 
replaced DaJIas-Fortb Worth in third 
place, behind Atlanta. 

Los Angeles also pushed Tokyo's 
Narita airport out of second place in the 
cargo listing, while Memphis in Ten- 
nessee. where Federal Express Inc. has 
its headquarters, remained No. 1. 

Seoul moved to 9th place from 11th 
place in both foe passenger and cargo 
listings, with growth of 12 percent 

A total of 2.5 billion people passed 
through all reporting airports in 1996. 

The largest growth came in the Asia- 
Pacific region, where 377 million 
people passed through airports, an in- 
crease of just under 7 percent from 
1 995. North American airports reported 
an increase of 6.3 percent and a pas- 
senger total of 1.2 billion. Europe pos- 


ted growth of 62 percent, with pas- 
sengers totaling 733 million. 

Air France Strike Off 

PARIS (Reuters) — Air Ranee pilots 
unions decided Friday to delays four- 
day strike foat was to have started 
Sunday. 

“Seventy percent of the pilots at the 
general assembly voted for a delay in 
the strike," an Air France spokesman 
said. 

The airline’s chairman, Christian 
Blanc, had threatened to resign if the 
work stoppage went ahead. 

Amtrak will dose two U.S. routes 
May 10, discontinuing Pioneer service 
from Denver to Seattle and Desert Wind 
service from Salt Lake City to Los 
Angeles, the U.S. passenger rail service 
said. (AP) 

The Japanese Ministry of Trans- 
portation said it had asked foe U.S. 
Federal Aviation Administration to in- 
struct Northwest Airlines to improve its 
maintenance operations in Japan, based 
on a finding that 40 percent of all in- 
cidents of mechanical trouble on flights 
using Narita airport involved North- 
west ( Reuters ) 


By Curt Suplee 

Washington Post Service ' > 

WASHINGTON Scientists tiave 
identified a biological process that plays 
a key role in turning healthy cells can- 
cerous. Hie long-sought seqnerice of 
chemical events may be an importaBt 
factor in as many as 90 percenter colon 
cancers ~ — one of the most common 
tum ors among Americans — as tall as 
numerous instances of the severe skin 
malignanc y melanoma. -=■ • ." 

“these are landmark findings," said 
Dr. Curtis Hants of the National Cancer 
Tnsrrmtr.lri the short term, foe chief ofdfe 
h uman carcinogenesis laboratory said, 
foe find ^ouM make- it easier to detect 
potential colon cancers early. Later it 
may lead to drugs that can halt or present 
tumor formation by targeting die newly 
identified chemical culprits. 

The same process might also be . in- 
volved in other forms of cancer. That 
possibility is sufficiently proraisaig. Dr. 
Harris said, foat “it’s worth surveying 
other tumor types" to see if they share 
common characteristics.wifo coioacaa-: 
cer and melanoma cells. 

Two differentiesearth teams .report- 
ing in three papers in the Friday issue of c 
the journal Science, found that unusuaT 
activity of an otherwise obscure protein 
called beta-catenin is a prime reason 
foat normal cells transform themselves 
into seeds of tumors. 

This is thought to be the “m^jcy ini- 
tiating event" in the development of 
colon cancer, said Kenneth Kinzler of 
Johns Hopkins Oncology Center, a co- 
author of two of tire papers. “Wbat’s 
exciting,'’ he .added, is that “not only do 
we understand what is happemng,but we 
may actually be able to do something 
about it." A cell becomes cancerous 
when it accumulates so many errors in its 
genes that it ceases to behave normally. 
These errors, or mutations, can -result 
from inheritance and can be caused by 
destructive outside agents such as ra- 
diation, toxic chemicals or viruses. 

Whatever the cause, once sufficient 
mutations arise, a cell begins to disobey ^ 
the ndes that govern cohabitation amoug ? 
cells. It may proliferate wildly, refuse to 
die on foe ordinary- schedule for its cell 
type, migrate to abnormal locations, fell 
to migrate to proper locations, or engage 
in otter renegade behaviors. • 

hi foe case of colon cancer, foat hap- 
pens when cells that line the bowel 
acquire five to 10 gene mutations. Often 
it takes only one substantially mutated 
cell to become the parent of a large, fefe- 
threatening tumor, so scientists have 
been seeking the precise biochemical 
stages in the mutation process. 

ftesumaWy foe transformation occurs 
because some genes in foe cells that 
would ordinarily be permanently inact- 
ive are somehow activated. The new 
studies indicate foat foe onset of that 
process is. caused by changes in. foe 
customary relationship amongforeepro- 
teins foat occur normally in colon cells: 
beta-catenin, APC (short for adenomat- 
ous polyposis coli) and TCF/LEF(T-cell 
factor/lymphoid enhancer factor). 

When everything is functioning prop- 
erly, APC grabs hold of beta-catenin and - 
targets it for chemical disintegration. As S 
a result, beta-catenin levels tn the cell • 
remain low. But if something 
wrong with that protection system, 
catemn starts to build up. As it does, it 
binds to the TCF/LEF protein, and -foe 
pair works its way into the corkscrew 
spiral of DNA in foe cell's nucleus. 

Once there, foe combined proteins ac- 
tivate one or more still unidentified 
genes foat prompt the cell to run amok, 
apparently by sending signals to multiply 
unnaturally or by disabling the standard 
biochemical instructions that prompt 
routine cell death, called apoptosis. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangefical Smday Service 1OXI0am& 
11:30 o-mj Kids Welcome. De 
Cusersiraat 3, S. Amsterdam Into. 020- 
6A1 8812 a 020-6451 SSL 

FRANCE/TOULOUSE 

HOPE INTERNATIONAL CHURCH 
(Bangefcal). 4, bd. de Ptorac, Cotarrt er. 
Sunday -service. 6:30 p.m.Tel.: 
066274 ft 55. 

FRENCH RIVIERA/CdTI D’AZUR 


SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
EngSsh-SpeaMng non-denomi na tio n^ . 
TeL +41 61 302 1674. Sundays 1030 
Mtttere Shares 13, CH-4Q56 Basel. 

ZURICH-SWITZERLAND 

ENGLISH-SPEAKING CATHOLIC 
HUSSION; St. Anton Church. 
MtnervastraBe 63 Sunday Mass: 8:30 
am. & 1130 am. Services held in the 
taypt of Sl Anion Chuth. 


BRUSSELS/WATERLOO 

ALL SAINTS' CHURCH, 1st Sul 9 & 
11:15 am. Holy Eucharist win CWdrerfs 
Chepel at 11:15. Al otwScndays: 11:15 
am Holy Eucharist and Sunday School 
563 Chausftoe de Louvain, Ohain, 
Belgium. TeL 322 384-3556. 


7W EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Famflv Eucharist. Frankfurter Strasse 3. 
Wiesbaden, Germany. Tel.: 
49B11J3066.74. 


MONTE CARLO 

MONACO CHRISTIAN FELLOWSHIP 
Worship Service, Sundays: 11 a.m. 
9, rue Louis Notary, Monte Carlo. 
TaL 377 92 105647. 

MUNICH 

INTERNATIONAL COMMUNITY 
CHURCH EvangeScal Stye BeHevtng 
services b Engfeh 4:30 pm Suiddys at 
Enhuberstr. 10 (U2 TheroMenstr.) (089) 
8508617. 

PARIS and SUBURBS 

EMMANUB. BAPTIST CHURCH - An 
evangBBcsl ctuch h fo western stouts, 
all are welcome. 9:45 First Service 
concurrent wrth Sunday School, 11300 
Second Service w#i Children's Church. 
French Service 6.30 p.m. 56, rue des 
Bons-flaisens, 92500 RueS-Malmaieon. 
RxinlacalOl 4751 298a 

HOPE INTERNATIONAL CHURCH 
Hcd Oton at Paris-fei-oetense, 8 bd de 
Neuty. wore!* Sundays 930 am. Rev. 
Douglas Miller, Pastor. Tel.: 
01 43 33 04 06. M6tro 1 to la Defense 
Esplanade. 

SAINT JOSEPH'S CHURCH (Roman 
Gtfiofe). MUSS IN BJGUStt Sat 630 pm; 
Sun. 9:45, 11:00 a.m., 12:15, &30p.m. 
50. avenue Hocha. Paris Blh.' TaL 
O142272856.Me&aCtiatescteQ0lfc-EOfe 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near lidabashi Sin. Tel: 3261- 
374ft Worship Service 930 am. Suxtiys. 

TOKYO (MON CHURCH, near Omatasando 
S^«tiySta.TeL 34006047. VttnhbSenioas: 
Sunday - 830 A 1130 am. SS at 8:45 am 


PARIS and SUBURBS 

THE AMERICAN CATHEDRAL OF THE 
HOLY TRMTY, Sm. 9 411 am, 1QMS 
a.m. Sunday School tar children and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Paris 75008. Tel- 33-01 53 23 B4 00. 
Metro Geage V or Atm Manas;. 

FLORENCE 

ST. JAMES' CHURCH, Sui S am RBs 1 
4 11 am. rate L Via Banurfc Rcda a 
50123. Florence, tefy. TaL 3965 2944 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Episcopal/Angllcan) Sun. Holy 
Comnrion 9 4 11 am Smday School 
and Nursery 10:45 am Sebastian Rjnz 
St 22, 60323 Ffaittit Germany. U1. 2. 
3 Mqu*Ale& Tet 4969 55 01 84. 

GENEVA 

EMMANUEL CHURCH. 1st 4 3rd Sm. 
10am Eucharist; 2hd 4 4to Sm. Mantog 
Prayer. 3 rue (teManfauc, 1201 Geneva, 
SMOerfand TaU 41 /22 732 ® 7a 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. 11:45 a.m. Holy Eucharist and 
School, Nursery Care provided. 
Jtfrasse 4, 81545 Munch (Har- 
)}. Germany. TeL 48AS 64 61 85. 

ROME 

ST. PAUL'S WITHN-THE-WALLS, Sim 
830 am Hcfy Eucharist Fite I; 1030am 
Choral Eucharist Rite II; 1030 a.m. 
Church School far chtoan S Nursay care 
provided; 1 pm &w»sh Eucharist. Via 
* 58, 00184 Rome. TeL'39S488 
i or 3964743566. 


EUROPEAN 

BAPTIST CONVENTION 


NICE - FRANCE 

LB.C. 13 me Vernier, Engfeh service. 
Sunday evening 1830, pastor Roy Mter- 
TeL (04 93) 32 05 96. 

PRAGUE 

IA FELLOWSHIP, Vtoohradsta If 68. 
Prague 3. Sm. 1130. TbL (02) 311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSHIP 
Sun. 19fl0 at Swedish Church, across 
from MadDcnatos. TeL (02) 353 1 585. 

ZURICH - SWITZERLAND 

I-B-C of Zflrich, Ghelstrasse 31, 8803 
RQscfiHkon, Worship Services Sunday 
mornings 1030. TeL- 1-1810018. 


DEATH NOTICE 


Mrs Ingrid Cokkjrris 
has the great sorrow to announce 
the regretted death of 
her husband 

Mr Nicolas COKE3NIS 
Deceased in Monaco 
the 10 March 1997- 
The funeral took place in Monaco 
attended by the dose family. 


Panel Proposes Adding 9 Seats to UN Council 


New York Times Service 

UNITED NATIONS, New York — A pro- 
posal to enlarge foe UN Security Council 
from IS members to 24 has been presented by 
the chairman of a panel that has bran studying 
ways to reform foe council. 

Five of foe nine new seats would be as- 
signed permanently, and four would rotate for 
two-year terms. 


The new permanent members would not 
have the veto power that foe five current 
permanent members — the United States, 
Britain. France, Russia and China — have. 

Two of foe new permanent Security Council 
posts would go to industrialized countries, 
presumably Germany and Japan. The other 
three new permanent members would be front 
Africa, Asia and Latin America. 


WEATHER 


BERLIN 

LB-C-, BERLIN. Rottisnburn Str. 13. 
" — Sunday. Stole study 10.45, 
Service 12.00 noon. Charles 
, pastor. TeL 1 030-7744670 

BREMEN 

LBXL, Hohentahestr. Hemnsm-Bosa-Str. 
Worshi p Sun . 17:00, Pastor telephone: 
D4791-12B77. 

BUCHAREST 

LB£* Strada Pops Rusu 22. 330 p.m. 
Correct Pastor Mke Kaiper, TeL 3123860. 

BUDAPEST 

LB.C., meets at Morics Zsigmond 
GimnazJum, Torokvesz ut 48-54, Sun. 
1030. TeL 2503932. 

BULGARIA 

LBXL, World Trade Center, 36, Drahan 
Izankov avd. Worship ii.uo. James 
Duka Pastor. TeL 889 666. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 
IXWSHB*, Ev.-Fratadtfche Gemelnda 
SodenerSlr. 11-ia 83150 BaJ - 


ASSOC OF INTL 
CHURCHES 


Sunday Worship. Nursery 4 S& 
1120 AM. M&weok mtojstngs. Pastor 
MLwey. CafPae 061736272a 
BETHEL I.B.C. Am Dachsberg 92 

80,1 11=00 Am- a* - * 1 
eoopm TeL: 069«855a 

HOLLAND 

TRJNTTY NTT^WIATIONAL Irtvtes you to 
aChrisi certered fellowship. Services: 
suQ end 1000 am Btoemcampiaan 54, 
Wassertaar 070517-8034 nursery pw. 


BERLIN 

AMEHCAN CHURCH IN BEFHJN, cor. 
of Cby Alee 4 Potsdamer Str, SS. 930 
am. Worship 11 am. TeL 030-8132021. 

FRANKFURT 

TRINITY LUTHERAN CHURCH. 
NbetungenateB54, Sun. Wtorchfc 11 am. 
TeL 06995631066 or 512552. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 
vetdaina Suxfey worship 930. in German 
1130 In Engfah. Tet (022) 3103)39. 

JERUSALEM 

LUTHERAN CHURCH of i he Redeemer, 
Old Oty. Munstan Rd Engfeh worehip Sun. 
9 am. M are waloams. TbL (02| 6281 -049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 a.m. 65. Quai tfOrsay, 
Paris 7. Bus 63 at door. Metro AJma- 
Marceeuarlrvakfes. 

VIENNA 

VIENNA COMMUNITY CHURCH, 
Sunday worship In English 11:30 A.M., 
Sunday school, misery, international, all 
denomtoaiiona w ofco mg Dorotheergasse 

lAtaml. 

ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 
service, Sunday School 4 Nursery, 
Sundays 11S30 am., Sc ha - ga igaase 25. 
TflL- (W) 2625525. 


Europe 


Forecast for Sunday through Tuesday, as provided by AccuWeather. 


Alqarre 

AnvHnfcan 

Ankara 

Aniens 


Barb, 
a w a sh 
Budapest 
Cotwtagen 
Costa Del Sol 
Dunfcri 
Ednbwgh 
Florence 
Frankfurt 
Gowa 
■ ■ — ■ — — ■ 

I BVM 

IstartkJ 

UaPekiwi 


Land* 

MadnJ 

MMOIEfl 

MHar 


Munich 

Nks 

Odd 

Pans 

Prague 

Royktavfc 

Ho w 

Sl PotstobuB 

Stocknalm 

Strasbourg 

TaHm 

Varies 

Mama 

Wi»» 

ZurtOi 


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M/52 400 tfl 

IMS 1/34 a 
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BM6 0/32 c 
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Asia 


Jatsmom 

North America Europe 

A series of chlty shots will A pair of storms win track 
move across the northern from north-central Into 
tier of the naiion through southeast Europe through 
early next week. A large Tuesday, bringing Bmes of 
storm Win exit the Rockies unsettled weather to much 
Sunday, then move across of centre) and eastern 
the Midwest Monday and Europe. Western Europe 
rate the East Tuesday. The wtt stay mainly dry. swept 
Southwest wiH be unsettled for showera In London 
and cool, while the West earfy next week. Unsea- 
Goast stays pleasant sonably chilly in eastern 
Europe. 


Asia 

A ^fsturtaanoa could on 
etawer to Seoul and Tosyo 
Sunday. Meanwhile, a 
?Mly shot of air win move 
totoSeou! Sunday, men 

move Into Japan Monday. 
The core of the cold will 

Manchuria 
and norttiam Japan. Warm 
Hong Kong with a stray 
shower around each day. ’ 


Bai 

BangkrA 

Bepng 

Bontay 

Cacuta 

OwnglM 

Ctfonin 

Ham 

HoCWMMi 

Hong Kong 

Warncpsd 

Jafraito 

Karachi 

K- Lumpur 

IttnaMu 

Mania 

Me- OWh. 

Phnom Penh 

Phuket 

Rangoon 

Smi 

Sw*** 

“OflOOra 

I 

Tokyo 

Vwndana 


Today 

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PACE 3 




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Senate Forges 
Deal to Certify 
Mexico as Ally 
In Drug Fight 


By Helen Dewar 

Washington Paxt Ser vice 

WASHINGTON — The Senate has 
overwhelmingly approved a delicately 

- balanced compromise to continue Pres- 
ident Bill Clinton's certification of 

• Mexico as an ally in fighting illegal 

- drugs, while criticizing its performance 
. and setting goals for progress. 

- The proposal, approved 94 to 5 on 
Thursday, stops far short of a bill passed 
by a narrower margin in the House last 

*■ week to give Mexico 90 days to meet 
. specific goals or face automatic decer- 

- tmcation, 

[Mexico, furious after the House vote 

• last week, welcomed the Senate mea- 
sure, which it said would aid cooper- 

• arion between the countries, Reuters 
. reported, “Reason, sensitivity and a de- 
sire to cooperate prevailed over sheer 
recrimination,' 1 Foreign Minister Jose 

.. Angel Gunia said,] 

The House will seek a conference on 

• the legislation, according to a spokesman 
■> for Richard Armey, Republican of Texas 

and the House majority leader. But the 
deadline for Congress to overturn Mr. 
Clinton's certification will pass while 
. both chambers are on a two-week Easter 
" recess, meaning his action will stand. 
The idea behind the Senate action 

- was “not to hit the Mexicans in the face 
■ but bring them to the table,” said Sen- 
ator Kay Bailey Hutchison. The Texas 

; Republican joined Senators Paul Cover- 

- dell ,-RepubUcan of Georgia, and Dianne 
Feinstein, Democrat of California, to 
work with the administration to produce 

• the compromise late Wednesday. 

Senators attributed their more con- 

- ciliatory approach to several factors, 

: including the chamber's tradition of 

- compromise on sensitive foreign policy 

• issues and concerns that provocative 
action could threaten economic and se- 

- curity relations with Mexico and im- 
pede future anti-drug cooperation. 

* ‘Anyone who knows Mexico knows 
that there would be an anti-American 
backlash,” said Senator John McCain, 

• Republican of Arizona. 

While expressing disappointment 
that the bill was not tougher, the Senate 
majority leader. Trent Lott of Missis- 
sippi, said, “We need closer, not less, 
cooperation.” 



POLITICAL N 




bnan A'-a.ntrd IV-® 

Lawmakers meeting reporters after the House voted, 295 to 136, in favor of a ban on partial-birth abortions. 

House Finances Fund-Raising Inquiry 


The Associated Press 

WASHINGTON ■ — After Republi- 
can leaders negotiated with party rebels 
over a spending bill for Congress, the 
House passed legislation Friday to fi- 
nance its investigation of illegal cam- 
paign fund-raising practices. 

The House, voted 213 to 179, to ap- 
prove a resolution that would provide 
$3.8 million for the campaign finance 
investigation and $7.9 million in dis- 
cretionary money that could be used for 
that inquiry or others. 

The vote came a day after 11 con- 
servative Republicans voted with 
Democrats to block a bill that would 
have raised spending for 19 House com- 
mittees by $22 million. Hearings could 
begin in four to six weeks. 

At a Thursday night caucus that las- 
ted nearly two hours. House Repub- 
licans agreed to freeze spending of 19 
House committees at current levels for 
30 days, but approve the extra money 
for the investigation. The deal puL off a 
fight over the leadership's plan to in- 
crease spending for House operations 
by $22 milli on. 

Tbe House minority leader. Richard 
Gephardt, Democrat of Missouri, said 
the proposal showed “the No. i priority 


of the Republican leadership is to cany 
on an investigation of the Democratic 
administration above everything else.” 

The procedural snarl came as the di- 
rector of tiie FBI. Louis Freeh, con- 
firmed in Senate testimony that a grand 
jury investigating campaign abuses was 
looking at whether a foreign govern- 
ment sought to influence U.S. policy 
with illegal political donations. 

“That is really the heart of. part of. 
our grand jury hearings." Mr. Freeh 
told the Senate Appropriations subcom- 
mittee on foreign operations. 

The House vote marked the second 
time in two weeks that congressional 
Republicans faced a rebellion in their 
ranks over the campaign finance in- 
vestigation. 

Last week, Senate Republicans ab- 
ruptly changed course and voted to ex- 
pand their investigation to include im- 
proprieties in congressional campaigns 
as well as the presidential race. 

■ Late-Term Abortion Is Banned 

John E. Yang of The Washington Post 
reported: 

Tbe House voted overwhelmingly 
Thursday to outlaw a controversial 
abortion procedure, renewing a fight 


TWA-Missile Theory Assailed Away From politics 

n 1 no W7 »T t mr Tkwt •• w . r? • Man - V Americans believe the new 

Kndar Bap Was Navy Jet, Wot Missile, Investigator bays media are inaccurate, intrusive and ur 

A w * foir ir.-f\rdin*r tA -a rim/Atr hi! tha Dai 


The Associated Press 

NEW YORK — A blip on a radar tape 
• of the night sky just before TWAFlight 
800 exploded off New York in July 
belonged to an unarmed navy plane that 
was passing 7,000 feet above the jet- 
liner, the FBI’s chief investigator says. 

Pierre Salinger, a former reporter for 
ABC News, and others assert that they 
have obtained authentic radar tapes 
showing a missile racing toward tbe 
TWA plane moments before it blew up. 

But James Kallstrom, in his first public 
explanation of the blip, said the Federal 
Aviation Administration tape showed an 
unarmed Navy P-3 Orion flying at 


20,000 feet with the knowledge of air 
traffic controllers but without a working 
- timsponder, which-aDows controllers to 
monitor and identify an aircraft 

“When your transponder is not on, it 
shows on the radar screen as a solid 
line.” Mr. Kallstrom said. “And if you 
look at that, 1 guess if you're a school 
kid, you could say that looks like a 
missile or a cigar or a pencil.” 

Mr. Kallstrom said tbe line made it 
appear as though the planes nearly in- 
tersected, although the Boeing 747. was 
flying at only 1 3 ,600 feet (4, 1 00 meters ) 
when the P-3 crossed overhead mo- 
ments before the explosion. 


• Many Americans believe the news 

media are inaccurate, intrusive and un- 
fair, according to a survey by the Pew 
Research Center for the People and the 
Press. Fifty-six percent said news sto- 
ries are filled with wrong information, 
and 67 percent said news organizations 
are often biased when reporting on pol- 
itics and social issues (AP) 

• The highest-ranking defendant in an 

investigation of sexual misconduct at tin: 
Aberdeen Proving Ground in Maryland 1 
was sentenced to four months in prison 
and dismissed from the army after he 
pleaded guilty to adultery and sodomy. 
Military prosecutors dropped charges of 
rape and indecent assault against Cap- 
tain Derrick Robertson. (NYT) 


POP CULTURE, By Bryant White 




ACROSS 
1 Haughty refusal 
6 Sternward 
II Surveyor's chan 
15 Where scissors 
are made? 

18 St. Theresa's 
birthplace 

19 Edit, possibly 
21 ‘An American in 

Paris" actress 

23 Orchestra 

(popular 30's 
band) 

24 The Beatles' 

“I'm " 

25 Case 

25 Slangy refusal 
27 Pop selling for a 
Mussorgsky 
work? 

29 Spiral 

32 Products of 
gamma rays 

33 Thatching palm 

34 Homs’s father 

35 Kind of fence 
38 Comes down 

pretty hard 


40 Pop Anthony 
Burgess novel? 

43 Prefix with 
drama 

44 Louis I, to 
Charlemagne 

45 College building 

45 * beam up’ 

(^S tar Trek' 
order) 

48 Big dogs, for 
short 

52 Glides 

57 Pop title role in a 
1993 mm? 

62 Epithet of 
Athena 

63 Pitchers, in a 
way 

64 Trifling 

65 Disagreeable 
sorts, in slang 

68 Actress Russo 

67 Pen dance team, 
informally? 

71 Hero sandwich 

73 Joule fragments 

74 Containing the 
58th element 


75 Alaska’s first rj- 
govemor 

77 Dig « 

78 30's crooner 

Col umbo z 

82 Pop western of 
1960? ■ 

91 Garden section: | 

Var. 

92 Catacomb 5 

recess 

93 Weed with " 

purplish 2 

flowers: Var. 

94 Old alms box ■ 

95 depont I 

(bridgehead) ® 

96 Phoenician, eg. _ 

97 Pop 50's-60*s TV 

star? a 

105 A season: Abbr. 

106 Medieval n 

ki ngdom in 
western Europe ■ 

107 Morgan le Fay's ■ 
brother 

108 Sheep herders of if 
the Southwest _ 

110 Commences, as « 
an adventure . _ 

111 Gaines rival 87 

112 Rogers SL 5 

Johns _ 

113 Scale notes *« 

114 Aid for Santa _ 

115 “Oh boy!" 

116 iresses ■— 

(orchid) 

DOWN 

1 Collar 

2 Dissolve 29 

3 Where charges 
may show up 38 

4 Pop Peace 

Nobelist? 31 

5 ‘Norma " 35 


7 B 9 K> 


lit It* la (w (W |it 


In Its In TiT 


luc \W3 lm 


ONeut York Times/Edited by Will Shorts. 


29 Linguist 
Chomsky 
SO Tavern need: 

Abbr. 

31 Solicit 
35 Obsession, 


6 Kind of summit 36 Soph, and others 



***** 

HOTEL METROPOLE 
GENEVE 

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34, quoi GArwaUjUson 1211 Gonew 3 
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7 Hungarian 
revolutionary 
Kun 

8 M-P.'s prize 

9 Fearless one 

10 Vibrating effect 

11 1957 Nabokov 
novel 

12 Scourge of 
serge 

13 Amphora 
handle 

14 -JourdeF«e" 
star 

15 Kmof“Sacr6 

bleu!" - 

18 Swallows 
17 Shallow bay on 

England's «« 

coast 

20 Swedish 
money 

22 “Cleopatra* 

extra 

28 Jimmy Carter 
nlm a mater 

Abbr. 


37 Cricket wicket 

38 Mldeastinn 

39 Math amts. 

41 1984-88 Olympic 
figure-skating 
gold medalist 

42 "Nokiddingr 

47 cyst 

48 Truman's 
birthplace 

49 Burtesque 
activity 

50 Part of morning 
calisthenics 

51 Holdup 

53 Pop product at a 
barbershop? 

54 ‘it was 

jokeT 

55 Protest in no 
uncertain terms 

58 Ed's request 

57 1978 Irving 
character 

58 Graphic 
beginning 


59 Alphabet quartet 

60 Tormented 

61 Draws 
65 Language 

authority Mario 

67 Unclear 

68 Fasrballer 
known as "The 


69 Bills 

70 Waves at, 
perhaps 

72 One of a storied 
threesome 

76 Goose egg 

77 Lion's prey 

79 Open,inawey 

80 How a siren 
walks 

81 Hesank with the 
Schamhorct 

82 Park item 

83 lD5olin,e.g. 

84 Ones providing 
arms 

85 Thin, overseas 

86 Picture, 
conunerdalfy 

87 COM pack? 


88 Dance 

89 Hero robot of 
the comics 

90 Certain 
intersection 

98 Rank below 
marquis 

99 —prius (trial 
court) 

10O Grandson of 
Adam 


101 Tiny payment 

102 Mississippi 
feeder 

103 Bergman in 
•Casablanca' 

104 Without of 

hope 

108 Old-time 
Yankee great 
Chase 

109 Eur. airline 


Solution to Puzzle of March 15-16 


□□□osd H 0 HOO nann boo 
□ nnnno oonnn □□□□ nnn 
naaaaaaonaaa nnnnimon 
□aa PHnonnnnoRoin anno 
nan oqej ana nno Gnnnci 
□aaaao non nnrsono 
□an □□□□□□rars nnono 
□anranrann dobb annran 
nnnnna nnnjnnnnn onnn 
□03 □□□ oran odbo onn 
aaci annjoaarannaoQn nan 
□□□ anas nno □□□ ann 
□nan nannasnn nannnn 
Einaan asnn namnnoa 
nnana rauamnflnni boo 
Einanna □□□ □□□□□□ 
annna ana non ann nnn 
firann nanpinaaciDDBn dob 
□□□□□□□□ BonBannoraaBiri 

raan annn opaan aoannra 
rmn nana nannn annnnn 


with President Clinton that produced a 
veto of an identical measure last year. 

Lawmakers approved a ban on what 
anti-abortion groups call “partial birth** 
abortions by a vote of 295 to 136, a 
bigger margin than in the vote last year 
and enough to override a likely veto. 
The vote gave tbe Republican leader- 
ship a much-needed victory as Congress 
heads home for the two-week Easter 
recess. The action also gave the btil 
momentum in the Senate, where it will 
be considered after the recess. 

The question now is whether Re- 
publican gains in the Senate in Novem- 
ber will produce a veto-proof majority. 

“Right now we probably don't have 
the votes to override a veto, but it's 
getting closer.*' said Trent Lott, the 
Senate majority leader. 

Last year, the House voted to over- 
turn Mr. Clinton's veto, but Senate lead- 
ers could not muster the necessary two- 
thirds majority. 

The measure would outlaw abortions 
that involve pulling a fetus out of the 
birth canal feet first, puncturing the back 
of the fetus's head and removing die 
brain; that permits the skull fo be partly 
collapsed and brought through the cer- 
vix, the narrowest' part of the birth 
canal. 

The bill would subject doctors who 
perform the procedure to fines and up to 
two years in prison. Such abortions 
could be carried out only if no other 
procedure could save the woman’s 
life. 


Tax Cut Skirmish 

WASHINGTON — An offer by 
Newt Gingrich, speaker of the House, 
to put off action on a tax cut tem- 
porarily continued to draw fire from 
conservatives as 17 Senate Repub- 
licans vowed to oppose any balanced 
budget agreement that does not in- 
clude a significant tax break. 

Senator Rod Grams. Republican of 
Minnesota and until now a staunch 
Gingrich ally, declared Thursday that 
the speaker “ought to be ashamed'' 
for retreating on tbe lax issue. 

“If we, as the majority, cannot 
deliver on this one fundamental 
promise we made to the voters, we 
will have abandoned the taxpayers,” 
said Mr. Grams, a former House 
member. “In doing so. we, the Re- 
publican majority and the Congress as 
a whole, will have raised significant 
questions about our desire, and abil- 
ity, to lead this nation.” 

Mr. Gingrich and other House 
leaders insist that they will press for 
passage of a major tax cut later this 
year, once that a deal to balance tbe 
budget by 2002 is locked in. John 
Kasich, Republican of Ohio and the 
House Budget Committee chairman, 
said Congress would simply stagger 
its work on the budget this year, 
passing “bite-size pieces,” including 
a tax bill as its final act. (WP) 

Or, Mother Nature 

LITTLE ROCK. Arkansas — The 
Arkansas legislature was scrambling 
to rewrite a bill intended to protea 
storm victims after Governor Mike 
Huckabee. a Baptist minister, objec- 
ted to language describing such nat- 
ural phenomena as tornadoes and 
floods as “acts of God.” 

Mr. Huckabee said that signing the 
legislation “would be violating my 
own conscience” because it de- 
scribed “a destructive and deadly 
force as being ‘an act of God.' ” The 
governor said the legislation was an 
otherwise worthy bill. 

He did not .veto the bill but instead 
asked that it be recalled by tbe Gen- 
eral Assembly. He suggested that the 


phrase “acts of God” be changed to 
“natural disasters.” The House of 
Representatives refused Thursday to 
remove the offending phrase, but ad- 
ded the words, “or natural disasters” 
after the words “acts of God.” 

Mr. Huckabee was away from the 
capital, but his press secretary, Rex 
Nelson, said the governor would not 
decide whether to accept the amended 
version until the Senate had con- 
sidered the language. (AftTJ 

A Taiwan Stopover 

WASHINGTON — Newt Gin- 
grich is arranging a stopover in 
Taiwan after conservatives ques- 
tioned the itinerary of an Asian trip 
that included China but not its rival. 

Mr. Gingrich’s office said be in- 
tended to visit Taipei, but the details 
remained to be worked out. “The 
speaker has expressed interest in vis- 
iting Taiwan,” a spokeswoman said. 
"We are now working with the lo- 
gistical de tails to decide if this stop 
would be possible.” 

At the urging of conservatives, the 
Georgia Republican changed course 
Wednesday and said he would try to 
add a stop in Taiwan to an Asian trip 
that includes visits 10 China, Japan 
and South Korea. (AP) 

Quote /Unquote 

Nicholas Burns, the State Depart- 
ment spokesman, after a reporter 
wondered if a visit by Secretary of 
State Madeleine Albright to the Jesse 
Helms Center in Wingate, North Car- 
olina, was kowtowing to the Senate 
Foreign Relations Committee chair- 
man, Jesse Helms: “Sometimes you 
can’t just go to Cambridge, Mas- 
sachusetts, New York and Los 
Angeles. You’ve got to go to 
Wingate. North Carolina. You’ve got 
to go to Alabama, where the secretary 
hopes to travel in a couple of months. 
You've got to go to the Midwest and 
the Rocky Mountain Stares because 
that where the American people are. 
They're not just living up in the 
Athens of America up mere in Bos- 
ton, Massachusetts.” (iHT) 


Magazine Cover Called Racist 


Agence France-Presse 

WASHINGTON — A caricature of a 
slamy-eyed, bucktoothed President Bill 
Clinton for a U.S. magazine's cover 
story about the Asian campaign finance 
scandal has sparked charges of racism. 

“The cover is offensive,' ' Frank Wu, 
a law professor, said of the drawing in 
die National Review, which shows the 
first lady, Hillary Rodham Clinton, in a 
Mao uniform and Vice President A1 
Gore in Buddhist robes. 


“This isn’t just about Asian-Amer- 
icans. this is also about anyone else who 
might be implicated in another scandal 
through racial association,” he added. 

The magazine has been flooded with 
demands from Asian-American activ- 
ists for an apology, which the editor 
vehemently rejects. 

“They have made vile and slander- 
ous attacks on the magazine, and we are 
demanding an apology ourselves." said 
the editor, John O’Sullivan. 


On Wednesday \ May 28, 1997, 
as the 50th annit>ersary of Vie Marshall Plan approaches , 
the International Herald Tribune will publish a Special Report on 

The Marshall Plan 
and its Legacy 

Among the distinguished contributors uiU be: 

■ Stephen E Ambrose, presidential historian and besh-selling author, will provide a look 
back at the plan - its birth and the motives, vision and politics that drove one of the 
century's boldest moves. 

■ Joseph Joffe, the widely respected foreign editor and columnist of the Suddeutsche 
Zeitung, will look back at the Plan's impact on a defeated Germany, haw it may have 
helped shape the poshwar personality of its people and the nation itself, what endures 
today, and whether the same concepts that made such movements necessary 50 years 
ago can work today in the east ana elsewhere. 

■ Michel Crozier, French sociologist and author, who studied at Harvard as a young 
man under Marshall Plan funding, will bring alive both the reality of the immediate 
post-war years in France and central Europe as the continent struggled for momentum 
and the perspective of Europe 50 years later. 

■ U.S. Secretary of State Madeleine Albright will write about whcrt she sees as the 
Marshall Plan's relevance today, as governments seek a new departure for post-cold 
war Europe. 

■ Art Buchwald, humorist and columnist, who chronided the high-jinks and low-jinks of 
post-war Paris for foe International Herald Tribune for so many years, will remind us of 
what it was like there in foe late 1 940s and early 1 950s when Americans resumed 
their love affair with France and poured dollars, movies and lots of other things into 
foe continent. 

■ Flora Lewis, foe distinguished columnist of The New York Times, will reflect upon the 
truly revolutionary aspect of foe Plan, which was not really foe ability to finance it but 
ratner foe imposition of cooperation, foe forcing of a new way of working together 
upon countries and markets. 

■ Joe FHchett, foe IHT's veteran political correspondent, will take us forouqh foe colorful 
yet less grand aspects of these amazing 50 years. The by-products of me Plan were 
extraordinary, everything from apple orchards in France to foe expansion of U.S. 
covert action to penetrate French Communist trade unions. 

■ Barry James, another venerable IHT correspondent, will remind us of foe different 
ways that European countries - especially France, Italy and foe UK - responded to foe 
plan and to each other, how that era provided a glimpse of attitudes that still prevail 
today, and haw one European in particular, Jean Monnet, sought to turn these 
disparate efforts and attitudes into lasting political achievements and European 
institutions. 

For more information about advertising in this Special Report, please contact Bill Mahder in 

Paris at (33-1) 41 43 93 78 or fax (33-1) 41 43 92 13 or e-mail: supplements@iht.com. 





ii&ribune 



THE WORLD’S DAILY NEWSPAPER 






PAGE 4 


EVTERIVATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 22-23. 1997 


CHINA: Model City Reflects Clean Values 

Continued from Page 1 local party chief, Qin Zhaihua, is wide 


President Jiang Zemin has seized on 
spiritual civilization, with its Confucian- 
style order and civility, as a political 
rallying cry. Mr. Jiang dearly would like 
to cut a middle path between his two 
predecessors, recalling the collective 
spirit inspired by Mao but preserving the 
economic realism brought by Mr. Deng. 

Politically, it makes sense for Mr. 
Jiang to latch on to a campaign for 
something vague and airy enough that it 
is hard for rivals to object. His sup- 
porters argue that the campaign for 
cleanliness and order has had a no- 
ticeable effect in many cities, including 
Beijing and Shanghai. 

Mr. Jiang singled out Zhangjiagang as 
a model after visiting in 1 995- Since then 
this city of 820.000 has been besieged 
with visitors, more than 1.5 million of 
them, mostly provincial officials who 
come on government-paid inspections. 

It is a pleasant showcase. Clean and 
orderly, Zhangjiagang has freckled red- 
dle sidewalks and a main shopping 
street that is permanently closed to 
traffic. Long rows of tricycles are parked 
neatly within white paint lines, service 
at most stores is pleasant and smoking is 
banned in virtually all public places. 

In place of Mao’s “Little Red 
Book," residents are required to study a 
green booklet that sets out contempor- 
ary rules of conduct, like being nice to 
one's parents and wrapping garbage in a 
plastic bag before discarding iL 
Litre re rs are considered public en- 
emies, and if their offense does not 
sound quite as grave as capitalism, the 
main enemy in Mao’s time, the au- 
thorities take it seriously: A Jitterbug 
caught in the act is fined $65, nearly a 
month's salary for the average worker. 

“We have two paths, and they are 
intertwined,'* said Zhou Baoxing, a se- 
nior city official, “economic develop- 
ment on one side, and spiritual civ- 
ilization on the other.*' 

Zhangjiagang’ s almost fanatical pur- 
suit of cleanliness points more to die 
unusual efforts of its own leaders than to 
anything that could realistically set an 
example to be followed. An ambitious 


local party chief, Qin Zhenhua, is widely 
credited with winning his city national 
praise by relentlessly pursuing spiritual 
civilization, and making sure it dovetails 
with the priorities articulated in Beijing. 

“Most Chinese politicians get ahead 
by keeping their heads down,” said 
Jiang xkoying, a city official. “Qin is 
just the opposite.” 

Since 1992, Mr. Qin has transformed 
Zhangjiagang by tearing down old 
homes and putting up modern and taste- 
ful concrete blocks that are carefully 
surrounded by lawns and greenery, 
which is rare in most of China. 

“Our students have to fold their 
sheets perfectly, like a sharply cut 
square of tofu.” said Wu Guacgying. a 
teacher at the local boarding school- 
“Like in the army." 

"With discipline you can be free,” 
she added. 

For anyone who looks closely, there 
are, as might be expected, a few telltale 
signs of the planning that feeds the 
enthusiasm widely expressed here. 

At the home of Ge Jincai, where as 
many as 1.000 visitors a day are brought 
to see how the lives of farmers have 
improved, Mrs. Ge admits that she is 
obliged to smile no matter how many 
u nann ounced visitors show up, because 
city authorities paid to renovate her house 
for the purpose. 

“We get so many visitors, 1 can't 


Leading Colombian Editor Is Murdered; 
Killing of Journalist Is the 2d in 2 Days 


TRADE: China Defends Surplus With US, 


Continued from Page I 


Reuters 

BOGOTA — A leading newspa- 
perman was fatally shot in the south- 
western city of Cali, the second slay- 
ing of a Colombian journalist in two 
days, the authorities said Friday. 

The police said Gerardo Bedoya 
Borrero, 55. director of the editorial 
section of El Pais newspaper in Cali, 
was shot six times by a gunman as he 
left an apartment building Thursday 
evening. He died instantly. His killer 
sped off on a motorcycle. 

A former congressman and Colom- 
bian representative to the European 
Union, Mr. Bedoya took up his post at 
El Pais five years ago. He had also been 
managing editor of the Bogota-based 
opposition daily El Nuevo Siglo. 

Mr. Bedoya had campaigned from 


El Pais’s editorial pages against the 
government of President Ernesto 
Sanroer and the corrosive influence of 
the drug trade on virtually all walks of 
life in Colombia. 

‘ T prefer gringo intervention in our 
internal affairs to that of the drug 
cartels," he wrote in a recent column, 
referring to perceived UJ3. meddling 
in Colombian affairs. . 

The killing came a day after Freddy 
Elies, a photographer for Bogota's El 
Espectador newspaper and El Her- 
aldo de Bauanquula, was found 
handcuffed and stabbed to rt&nrb in 
the port city of Cartagena. 

More than 100 journalists have 
been killed in Colombia since 1975, 
according to the Interamerican Press 
Association. 


believe what some of them do to the 
bathroom,” Mrs. Ge said in a frank 
aside. “We’re not allowed to complain, 
but it gets a bit tiresome." 

Though local officials like to point to 
all the awards Zhangjiagang has won — 
“National Sanitation City’ v of 1994 is a 
favorite — they hesitate before assert- 
ing that what they have achieved can be 


transferred all over China in much of 
the city, however, life seems normal, if 
extra tidy. 

“I never really thought about this 
town being a model until I went to work 
for the government,” Miss Jiang said. 
“Officials always talk about it, but for 
ordinary people Zhangjiagang is just a 
nice place to five." 


ALBANIA: Revolt Deteriorates Into a Vague, Lawless Tantrum 

Continued from Page 1 portive” of Prime Minister Bashkim but drew back from an earlier threa 


Gozhita, a retired general who has taken 
charge of the uprising in Gjirokaster, 
said that the municipal government was 
operating under orders from his new 
military command. 

Mr. Gozhita allowed that “there are 
problems with criminals and thieves, 
but we are putting things in order.” He 
said the police department would be 
reorganized under his direction and. he 
hoped, that would soon bring calm. 

But he emphasized that Gjirokaster. 
like other towns, was “absolutely sup- 


portive" of Prime Minister Bashkim 
Frno and the rest of the new, broad-based 
government that Mr. Berisha grudgingly 
appointed in Tirana — as long as it 
proves independent of Mr. Berisha. 

Mr. Fino “will normalize the situ- 
ation," Mr. Gozhita said. “But if Ber- 
isha doesn't resign, there will be prob- 
lems. People have weapons and they 
will give back their weapons only when 
Berisha is out.” 


I Rebels Demand a Voice 


Rebel leaders in the south again 
called on President Berisha to resign. 


but drew back from an earlier threat to 
set up a aval government, Reuters re- 
ported Friday from Tirana. 

Representatives of 14 rebel-held 
southern towns who have formed a Na- 
tional Committee of Public Salvation 
said they were ready to cooperate with 
the new national unity government un- 
der Prime Minister Fino. 

But they called for a voice in the 
political discussions and demanded that 
the government “neutralize" institu- 
tions helping Mr. Berisha re main in 
power, such as the state-run media and 
the secret police. 


Oiina hit $3.72 billion in January. 

Beijing is concerned that members of 
Congress could tty to prevent the re- 
newal of the status, which lowers or 
eliminates import duties on many 
goods, on the grounds that the trade 

deficit was too large and showed strong 
Chinese protectionism. 

Mr. Sun srV* he hoped that the visit 
next week by Vice President AI Gore 
would help develop mutual trust, and he 
hinted the trip might coincide with the 
signing of major contracts. 

“I would not exclude the possibility 
of the signing of some contracts,’ he 
.said. He sain a deal for the sale of 
Boeing ai mra ft to China" was among the 
possibilities, though he noted thar the 
companies involved still needed to 
agree on terms. 

The U.S. trade deficit with China in 
1996 was $39.52 billion, according to 
Washington, while Beijing’s figures put 
the shortfall ax $10.53 billion. 

“Statistics prove it is true that 
Chinese-U.S. trade has been in favor of 
China in recent years,” Mr. Sun said, 
“but it is obvious the size of the 
U.S. deficit has been largely exagger- 
ated by the U.S. side.” 

He added that Beijing was making its 
utmost efforts to open its markets to 
foreign competition and cut tariff raxes 
and mat the United States also needed to 
make efforts to cut the imbalance. 

“This issue requires efforts from 
both sides,” Mr. Sun said. “We hope 
the United States will relax sanctions on 
technology exports to China, as that is 
where the U.S. has advantages.” 

(AFP, Reuters) 

■ Deficit Complicates Gore Visit 

David E. Sanger of The New York 
Times reported earlier from Washing- 
ton: 

The rising trade deficit with China 
will further complicate the politics of 
Mr. Gore's trip to Beijing. 

Aides had made clear that they 
wanted to steer from economic issues 
during Mr. Gore’s visit, in large part 
because questions of trade policy have 


l inke d just beneath the surface of the 
investigations into Asian dapatra.-to. 
the Democratic presidential campaign 
But fee figures released TJoraday 
j tnirU ttafirit with: China 


[A 

4> fi;r,p 


OUU1TW MW " — _ _ . .... 

in January increased by $1 bifoan over 
the $2.7 billion in January 1996. The 
widening disparity continues atrendsng- 
gesting that me trade gap with unna tins 
year will rival the one with Japan. That 
adds pressure on the a dm i n istration to 
force Beijing into lowering an anayof 
trade barriers in negotiations, under way 
in Geneva, concerning China’s entry into 
the World Trade Organization. ' 

Mr. Gore had hoped to make only 
glancing references. to the subject' w&h . 
Chinese leaders next week. But as qne 
senior administration official, -arid 
Thursday, “This is not the time .to ap- a 
pear soft on Chinese trade issues.”',.- 
C. Fred Bcrgsten, die director of. the. 
Institute for International Economics; 
who has been deeply involved in Asian-, 
trade issues, said: “There’s no question 
now that Gore wfll have to go harder on ■- 
market-access issues.’’ _ . 

The pressure on the . administration 
also increased because three top Denson 
crats, including Richard Gepbardf of 
Missouri, theHouse minority leader,' 
have introduced legislation requiring a 
congressional vote before; Wa shingto n 
could agree to let China join the WTO, 
White House officials have saidin tbe 
past that they would “consult” with 
Congress on the issue, but they wait to 
avoid a lengthy debate that could link 
Beijing’s human rights record or . aims 
proliferation to its membership in the 
club of trading nations. * 

“This is not a garden-variety entry r 
into the.WTO,” saidMr. Gephardt, who 
is widely considered a potential rival to 
Mr. Gore for the Democratic presiden- 
tial nomination in three years. “There 
are enormous imp licaturas ofhow this is 
done, for every worker in America and 
every major company in America.** 

Mr. Gore's aides changed course on 
one element of the trip, saying that the 
vice president would definitely attend 


: L>r' 

A* I 




I?. ' 


deal is sealed in time for his visit. 


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TODAY PAGE 8 


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PACE 3 




UN Sees Burma 


INTERNATIONAL HERALD TRIBUNE, SATURDAl-SinVDAY, MARCH 22-23, 1997 


PAGE 5 


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In Grip of Fear 

Report Cites Rights Abuses 

The Associated Press 

GENEVA — Torture, executions, forced labor and 
rape remain widespread in Burma as the military junta 
tightens its reign of terror over the population, ac- 
cording to a United Nations report. 

■ The report accused authorities of further clamping 
down on opposition activists led by Daw Aung San 
Suu Kyi and on the student movement. 

“There is essentially no freedom of thought, opin- 
ion, expression or association,” said the report by 
Rajsmoor Lai 1 ah, a UN investigator from Mauritius. 

"Because of both visible and invisible pressures, 
the people live in a climate of fear in which whatever 
they or their family members may say or do involves 
the risk of arrest and interrogation. " 

Laws that reduced civil liberties still further were 
imposed in 1996, he said. 

More titan 100,000 people were forcibly moved from 
their homes last year in counterinsurgency operations 
against regions populated by ethnic minority groups. 
Mr. Lallah said. 

“Relocation sites consist mainly of a large and 
empty piece of land surrounded by fences or barbed 
wire and near a military camp," he said. 

People suspected of sympathizing with rebels from 
the Karen minority group have been subjected to 
torture, rape and execution, Mr. Lallah said. 

The report will be considered by the UN Human 
Rights Commission, which is currently holding its 
annual session. 

Burma is the subject of special scrutiny under a 
procedure reserved for nations with the worst re- 
cords. 

The Burmese diplomatic mission to the United 
Nations had no immediate comment on the report. 

k EU to Strip Burma of IVading Privileges 

The European Union has agreed to strip Burma of 
special trading privileges in response to concerns over 
Rangoon's human-rights record, Reuters reported 
from Brussels. 

Diplomats said the decision had already been 
cleared and would be confirmed by EU foreign min- 
isters at a meeting in Brussels on Monday. 

The move followed recommendations by the Euro- 
pean Commission to withdraw Burma's eligibility' for 
so-called Generalized System of Preferences trade 
benefits on agricultural and industrial products. 





BRIEFLY 


Rwi Svmih.'ni' Wmatad rv-*. 

General Singjrok, left, with some of his supporters Friday at the Murray Barracks in the capital. 

Mercenaries Leave Papua New Guinea 


Reuters 

PORT MORESBY, Papua New Guinea — Dozens 
of foreign mercenaries hired by the government to put 
down a rebellion on the island of Bougainville went 
home Friday, leaving behind a standoff between the 
army and the government. 

About 50 mercenaries flew out of Port Moresby, 
expelled by the soldiers they were intended to have 
fought alongside. 

“They wanted to go home,” said Major Walter 
Enuma. the soldier in charge of expelling the mer- 
cenaries. “As far as they are concerned the adventure 
is over for them.” 

The crisis began Monday when the head of the 
arm y. Brigadier General Jerry Singirok, demanded 
that Prime Minister Julius Chan resign for hiring the 
mercenaries to put down the Bougainville uprising. 

Mr. Chan promptly dismissed the general, who still 


commands the loyalty of the army rank and file and 
most officers. He has kept up the pressure on Mr. Chan 
to step aside while urging his supporters not to join in 
the unrest or to clash with the police. 

Mr. Cban and the government retain the loyalty of 
die police, whose rivalry with the army dates from the 
days before independence from Australia in 1975. 

Protests against the prime minister spread to the 
country's main university and to the provinces, al- 
though the police managed to prevent any street vi- 
olence in the capital after dozens of people were hurt in 
looting raids on previous days. 

Radio reported that rioting had spread outside the 
capital Friday, with the police firing tear gas to dis- 
perse thousands of demonstrators in Lae. to the 
north. 

The dismissed general demanded Friday that Mr. 
Chan and two senior ministers resign by Tuesday. 


American Official 
Sees Hope in Timor 

DENPAS AR, Indonesia — A U.S. 
human rights official described the 
situation in East Timor on Friday as 
one of “considerable tension” but 
said a new United Nations initiative to 
reach a solution had sparked some 
hope. 

John Shattuck, the U.S. assistant 
secretary of state for democracy, hu- 
man rights and labor, said he con- 
cluded his visit to the territory ruled 
by Indonesia with hope “that the dis- 
cussion of human rights and the future 
of East Timor can proceed to a new 
level.” 

Mr. Shattuck left Dili, the capital of 
East Timor, earlier Friday after a 24- 
hour visit to tbe former Portuguese 
colony, which was invaded by In- 
donesia in 1975 and annexed a year 
later. 

He met there with local govern- 
ment and military officials; the Nobel 
Peace Prize laureate. Bishop Carlos 
Ximenes FIlipe Belo. human rights 
activists, and heads of nongovern- 
mental organizations. (Reuters) 

US. Military Seeks 
Links With Vietnam 

HANOI — The U.S. commander in 
chief for Asia-Pacific forces called 
Friday for stronger military links with 
Vietnam, a one-time enemy, to help 
promote greater Pacific Rim secu- 
rity. 

Admiral Joseph Prueher met with 
his Vietnamese military counterparts 
and Defense Ministry officials to dis- 
cuss areas of cooperation with the 
United States. He suggested joint 
training, equipment and personnel ex- 
changes and tactical discussions. 

Although military cooperation 
with Hanoi should not outpace the 
development of diplomatic and eco- 
nomic relations, Vietnamese Army 


officers could be training alongside 
U.S. forces within a year. Admiral 
Prueher said. 

Admiral Prueher added, “Viet- 
nam’s place is an important one” in 
the Asia-Pacific region. (AP) 

Violence Disrupts 
Sri Lankan Election 

COLOMBO — A bomb rocked a 
village, and fighting was reported in 
many parts of Sri Lanka on Friday as 
islanders voted in council elections 
seen as the first political test for the 
government of President Chandrika 
Bandaranaike Kumaratunga. 

Sri Lankan authorities, acting to 
prevent postelection violence, 
tightened security soon after polling 
closed, officials said. 

Election officials said counting of 
votes had begun in 1300 centers in 17 
districts of the island, but results will 
only be available Saturday. (Reuters) 

North Korea to Get 
2 Food Shipments 

WASHINGTON — Two U.S. 
shipments of food aid to North Korea 
totaling 27.000 metric tons will arrive 
in the North Korean port of Nampo in 
the first half of May. the State De- 
partment said Thursday. 

The State Department spokesman, 
Nicholas Bums, said that the first 
ship, a vessel with a U.S. flag, would 
arrive about May 4 and that the 
second, bearing an unidentified for- 
eign flag, would dock about May 12. 

The food — corn, rice and com-soy 
blend — is a SI 0 million contribution 
to an appeal by the World Food FYo- 
gram to alleviate famine in North 
Korea caused partly by severe flood- 
ing. 

Tbe food will be distributed by 
World Food Program staff to the 
needy — primarily malnourished 
children under 5. (Reuters) 


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Dalai Lama to Taiwan: 
‘Purely Religious’ Visit 

Reuters 

TAIPEI — Taiwan and Tibetan organizers cm Friday 
played down the political nature of the Dalai Lama’s visit here 
starting Saturday, saying the Tibetan spiritual leader was 
coming for a religious visit 

“The Dalai Lama was jointly invited by 10 Taiwan re- 
ligious groups, and his trip is purely religious." said Ching 
Hsin, a Buddhist leader and one of the Dalai Lama's Taiwan 
hosts. “We regret that his scheduled visit has been politi- 
cized." 

The Dalai Lama's visit has angered the Communist gov- 
ernment in Beijing, which claims that both Taiwan and Tibet 
are inalienable parts of China. 

Mr. Ching said politicization of the Tibetan exiled leader's 
virit has hurt the Tibetan god-king'' ~ : 

Local media have repeatedly reported that Mr. Ching would 
accompany the Dalai Lama to meet President Lee Teng-hui 
either next Wednesday or Thursday. 

No such meeting has been announced by Mr. Lee’s office. ] 

Beijing has lashed out at the Dalai Lama’s journey and j 
specifically at any meeting with Mr. Lee, branding both men < 
as “splittists” bent on independence from China. ! 

Mr. Ching said the Taiwan organizers would leave 1 
Thursday open for the Dalai Lama's own arrangements, and , 
the Tibetan exiled leader is expected to leave Taiwan at noon 
^ cm that day. 

I Karma Gelek Yuthok. representative of the Dalai Lama’s 1 
liaison office in Japan, who arranged his Taiwan visit, said he 
would not visit Taiwan’s Parliament because of the visit's , 
“religious and cultural" nature. 

Taiwan’s Parliament has invited the Dalai Lama to speak, 
■and pro-independence deputies have demanded that the gov- 
ernment welcome tbe Tibetan spiritual leader as a state guest 
instead of a religious Leader. 


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JoeFitchett 

Political 

Correspondent 


POLITICS 

Impeccable sources, 
intelligent, behind the scenes 
1 and at the heart of issues. 

If you missed his reporting in the 

IHT r look for it on our site on the 

World Wide Web: 



Istanbul. September 30 & October 1. 1997 

The International Herald Tribune is convening a major new conference, 
“World Water: Financing for the Future” on September 30 and October 1, 1997. 

Held in Istanbul, the meeting will be opened by President Suleyman Demirel 
and will bring together an outstanding group of speakers, including heads of 
state and government, senior bankers, heads of water companies and senior 
representation from the key international organizations. 

The hallmark of the event will be the format of discussion sessions, which 
will ensure that there is ample opportunity for high level debate between 
government, industrialists and investors on financing developments in the 

water sector world-wide. 


:ty V: rp ft 

' • ; .TikteraafioBal HexaM.Ttibtme f 

Tdl; TTt)- 171) 836 0737- v^r Jhail p. 







THE WORLD'S DAILY NEWSPAPER 







PAGE 6 


literals 


INTERNATIONAL 



Sribune 


published wmi the new york timks and the Washington post 


China’s Small Step 


Advocates for freedom in China will 
find little immediate comfort in the 
country's new legal reforms. The crim- 
inal code passed on March 14, for 
example, abolishes the crime of coun- 
terrevolution. But the acts it encom- 
passed can now be prosecuted as 
crimes against state security, and in 
some cases carry even longer sen- 
tences. 

The new code joins new criminal 
procedure laws that took effect in Janu- 
ary. The two packages do nothing to 
limit the control wielded by the Com- 
munist Party, and little to protect the 
rights of China’s people. But they are 
important as pan of a long-term move 
toward a predictable legal system that 
may someday build the rule of law. 
They also offer the United States a 
useful way to talk to China about hu- 
man rights. 

In both imperial and communist 
China, law was simply an instrument 
of ruling power. When Deng Xiaoping 
took over in 1 978, he wanted to prevent 
another Cultural Revolution and at- 
tract international investment. He 


wrote new legal codes and reopened 
[aw schools that had been closed for 
nearly 30 years. The move toward 
more rights for the Chinese people 
happened inadvertently. The new law- 
yers learned about international stan- 
dards, in part through exchange pro- 
grams with foreign legal scholars. 
They began to press China to meet 
those standards in criminal law. 

Under the new laws, suspects must 
be charged within a month. They have 
more access to lawyers, who can now 
better defend their clients in court. 


Belarus and Democracy 


The financier George Soros and his 
Open Society Institute have become 
something like leading indicators of 
reform in formerly Communist soci- 
eties. 

Throughout the former Soviet Uni- 
on and Eastern Europe, Mr. Soros has 
sponsored an astonishing array of pro- 
grams aimed at cultivating that third 
sector of civil society, between gov- 
ernment and business, which one-party 
states always squash: unfettered re- 
search in academia, schools that en- 
courage independent thought, news 
media beholden to no one. In societies 
moving smartly toward democracy, 
the Open Society Institute has been 
welcomed. Nations that are less open 
have nonetheless for the most part tol- 
erated Mr. Soros's efforts, which in 
turn have become a force for open- 
ness. 

But those that have stuck with or 
reverted to authoritarianism fear his 
peaceful activities and uy to keep them 
out. Such was the case in Slobodan 
Milosevic's Serbia, and such is the 
case now in Belarus, a state wedged 
between Russia and Poland. 

On Monday, the American head of 
the Belarus branch of the Open Society 
Institute, Peter Byrne, was expelled 
from the country after being detained at 
the Minsk airport for 12 hours without 
food or. an opportunity to contact the 
U.S. Embassy. Now the Belarus KGB. 
a faithful replica of its Soviet ante- 
cedent, is conducting an ’’inspection” 
of the institute's activities. Its agents 
have been combing through files and 
intimidating local employees. 

All this is the work of President 


Alexander Lukashenko, a former col- 
lective-farm chairman who won the 
presidency in a fair election but has 
since demolished his nation's incipient 
democratic institutions. He has in- 
stalled a puppet legislature and su- 
preme court, arrested opposition lead- 
ers and peaceful demonstrators and 
seized control of most newspapers and 
broadcast outlets. This month, as the 
Stale Department spokesman, Nich- 
olas Bums, recently said, his govern- 
ment imposed "severe restrictions" 
on freedom of speech and sent the 
police into various political party 
headquarters. Going after the Open So- 
ciety Institute is a logical next step and, 
if unchallenged, one of the last on the 
way to consolidating one-man rule. 

Mr. Bums has spoken out strongly 
against the expulsion, and rightly so. 
Now Western governments should do 
more. Like Mr. Soros, they should 
avoid aid to the regime but Endways to 
assist the independent institutions that 
continue to cling to life in Belarus; that 
would take some of the pressure off the 
Open Society Institute. 

In addition, Mr. Lukashenko could 
not Jong survive without the help he 
receives from Russia, in the form of 
cheap natural gas and other subsidies. 
President Bill Clinton should make 
clear that die Russian-supported 
erosion of freedom in Belarus is a real 
concern to the West Propping up a 
dictator at the heart of Europe is not 
conducive to the respectful NATO- 
Russia relationship that both Mr. Clin- 
ton and Resident Boris Yeltsin say 
they want 

— THE WASHINGTON POST. 


Leading the CIA 


George Tenet, President Bill Clin- 
ton’s new nominee to be director of 
U.S. central intelligence, knows the 
espionage terrain as well as anyone in 
Washington. He has been immersed in 
intelligence matters for better than 10 
years as a senior Senate aide, a White 
House official and most recently the 
deputy chief of the intelligence empire. 
The question is whether he has the 
leadership strengths to reshape some of 
the most important, and most trouble- 
some, agencies in the government. 

The Senate Intelligence Committee, 
grateful to be finished with the ordeal 
over the former nominee, Anthony 
Lake, will be tempted to treat Mr. Tenet 
as the old friend that be is as the panel’s 
former staff director. Thai would be a 
mistake. The senators must be no less 
exacting in their evaluation of Mr. Tenet 
than they would be of any other cabinet 
nominee. Mr. Tenet may well be a good 
match for a difficult job. but the Senate 
cannot take dial on faith. This is no time 
for caretaker leadership at the Central 
Intelligence Agency. 


After years of scandal and miscon- 
duct that overshadowed much of the 
agency’s productive work, the CIA 
was taken into reform therapy by John 
Deutch, its last director. Some parts of 
the agency resisted, particularly the 
directorate that runs espionage over- 
seas. But Mr. Deutch was unrelenting 
in his demand for integrity and ac- 
countability. and made progress before 
be abruptly departed last December. 

As Mr. Deutch ’s deputy, Mr. Tenet 
helped engineer the reforms and would 
appear to be committed to completing 
the work. He should make that com- 
mitment explicit when he appears be- 
fore the committee. 

No less important, Mr. Tenet needs 
to assure the Senate that he recognizes 
the difference between a supporting 
and a starring role. He will be making 
the decisions, not carrying out 
someone else’s. With Mr. Clinton dis- 
tracted by other matters, reforming the 
CIA will depend on Mr. Tenet’s de- 
termination to see the job through. 

— THE NEW YORK TIMES. 




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SATURDAY-5UNDAY, MARCH 22-23, 1997 


EDITORIALS/OPINION 


piriai 


There are other changes, but the im- 
provement is limited. Suspects can see 
lawyers only after questioning. They 
are still not completely presumed in- 
nocent Those accused of minor crimes 
can be sent to labor camps for four 
years without a trial. 

Since judges take orders from the 
party, the laws will take effect only 
when the party chooses. They come at 
a time when all dissent has been si- 
lenced and party dominance is being 
reaffirmed. 

Yet tiie legal reforms are still a sign 
that China is increasingly sensitive to 
international standards and die need to 
move toward rule of law. They also 
offer a new avenue for the frustrating 
human rights dialogue between the 
United States and China. Clinton ad- 
ministration officials, businessmen 
and human rights groups should add 
the rule of law to their traditional em- 
phasis on high-profile dissidents. 
Chinese officials who want legal pre- 
dictability are more likely to be re- 
ceptive. Such an approach would also 
unite tiie American human rights and 
business communities, who have been 
at war over how strongly to push China 
to free dissidents. 

While support for dissidents is sig- 
nificant, it has limited reach. The re- 
lease of Wang Dan would help only 
Wang Dan, and the government can 
always rearrest him or arrest someone 
else. Lasting freedom depends on the 
rule of law. China’s new reforms offer 
a toehold for those both in and out of 
China who would push Beijing in that 
direction. 

— THE NEW YORK TIMES. 


End the Uncertainty: Push NATO Expansion 

j the Russian cart before the NATO 

W ASHINGTON — Enlarging By Trent Lott summit meeting. NATO must remain. putsme*.u» 

NATO is in America’s moral, first and foremost, a collective defense no • ^ United Statesaad 

strategic and political interests. The alliance, but its door shouldnot be w . Tn p .t_fe operate from a position 

journey toward a larger NATO, President Clinton has so far refused to dosed to those who meet NATO mem- w y Russia is willing toac- 

however, will not be easy, and its out- announce which countries the Unified bership criteria and the national m- ois r^v^ve relationship with 
/•niYin ie « Stflfes will suteArt as RHirHHatM fnr tenests of NATO members. NATO s cepi_^ fine if Russia is not, «Vasb- 

cotmmtmenl to add members can be NATO— one. _____ its h ope that 




come is not certain. 

As the majority leader of the U.S. 
Senate, I want to work with President 
Bill Clinton to advance America's 
long-term interest in security, freedom 
and stability throughout the Euro-At- 
lantic community. In the corning 
months. President Clinton should keep 
four basic principles in mind as his 
administration’s policy on NATO en- 
largement continues to evolve: 

First, the time for ambiguity is over. 
For more than three years, the Clinton 
administration has struggled to make 
decisions on NATO enlargement — 
first, on whether to enlarge, then on 
when to enlarge and now on which 
nations to include in enlargement. The 
administration’s delays have bad se- 
rious effects. They have encouraged 
Russian nationalists to increase their 
campaign against NATO and have dis- 
couraged Central and East European 
democrats in their legitimate quest to 
join NATO. 

After sustained, bipartisan pressure 
from Congress, led by former Senator 
Bob Dole, President Clinton finally — 
just before the 1996 election — an- 
nounced a timetable for inviting new 
members to join NATO. NATO will 
hold a summit meeting later this year in 
Madrid to issue invitations, with for- 
mal accession talks to be completed by 
the end of the year. Unfortunately, 


States will support as candidates for 
NATO membership. 

The NATO allies have not been so 
timid: France pushes Romania, Italy 
pushes Slovenia, and Germany pushes 
Poland, while the United States stays 
on the sidelines. I do not want Euro- 
peans to look decisive and Americans 
to look uncertain. It is time for Pres- 
ident Clinton to end the uncertainty and 
nam e names. 

Second, the United States and 
NATO must provide for the initial 
‘ ’have-nots’ ’ and commit to future ex- 
pansion. Some Europeans are legit- 
imately and understandably concerned 
that the coming decision on NATO 
enlargement will be a last gasp, not the 
first step in a continuing process of 
expansion. 

The Clinton administration’s re- 
peated delays and deliberate ambiguity 
on NATO enlargement, its preoccupa- 
tion with Russian objections and its un- 
willingness to stand up and be counted 
on who should be invited to join NATO 
have furthered these concerns. Accord- 
ingly, those countries not included in the 
fist wave fear that they will be per- 
manently left out of NATO and the new 
European security architecture. 

President Clinton should clearly 
state that the United States believes 


snlidifipri nnly with American leader- 
ship; those countries not invited to join 
NATO this summer should be assured 


ington should express its hope that 

Moscow Will be ready soon. . ■ 

A.yNATOtod^rsh^klbc 




NATO this summer should be assures • foe example, the 

that NATO enlargement will not be a military deriov- 

one-time event Otherwise, the secunty same 

of Europe could be undmnined as. for , 


. >’ -• X 

!:VVv 


example, the Baltic states of Estonia, 
Latvia and Lithuania succumb to the 


Clinton’s ambiguity 
worries US. friends. 


fear that they will be abandoned again 
to the whims of a powerful neighbor. 

Third, do not go too far with Russia. 
All Americans hope that Russia’ s pain- 
ful tr ansi tion from Soviet totalitarian- 
ism to a democratic, free-maricet sys- 
tem is successful. NATO is a defensive 
alliance that threatens only those who 
covet the territory of their neighbors. 
Whether Russia is ready to accept an 
enlarged NATO will be an important 
sign of Russia’s departure from its im- 
perial past. President Clinton's NATO 
policy has put great stock in dealing 
with Russian complaints. I am con- 
cerned that the Clinton administra- 
tion’s decision to soothe Russia's ob- 


those made in Brussels. - -j- - 

Finally, the U.S. Senate needs to be 
involved in the NATO enlargement 
process now. Enlarging NATO is^a 
momentous decision for the United 
States. There will be costs. The future 
of Europe — and America — will be 
forever affected. Next year, the Senate 
will be asked to provide its advice and 
consent to a treaty enlarging NATO. 
Under the U.S. Constitution, treaties ? 
are made jointly between tiie executive 
and legislative branches — the exec- 
utive proposes and Congress disposes. 
Tire administration and the NATO al- 
lies need to invite tiie participation of 
the Senate —I plan to form a “NATO 
observer group” for this purpose — 
and understand its concerns before a 
treaty is submitted for ratification. If. 
President Clinton waits until 1998, h 
could be too late. 


pfefe 


I 

1 




3UHC UlOL U1W UlillOl iJMUM UUU O UWVUIUU aw owuiv a%m^mua ~ 

NATO's next enlargement should not jections to NATO enlargement before 
be its last — before and at die Madrid extending invitations to new members 


The writer, a Mississippi Republican 
who is the Senate majority leader, con- 
tributed this comment to The Wash- 
ington Post. 


Europe’s Lifeguards Should Be Ready to Save Albania 


D ENMARK — The chaos in Albania 
presents the leadership of Europe 


J—J presents the leadership of Euro; 
with yet another kind of crisis to i 


By Javier Ruperez 


added to tiie growing list of upheavals in 
countries that have emerged from the 


countries that have emerged from the 
rubble of the Communist empire. 

The worst of these, of course, con- 
tinues to take place in Bosnia-Herze- 
govina, where hundreds of thousands of 
Eves have been lost and regional leaders 
trying to reconstruct a nation face bit- 
terness and enmity. Violence has sim- 
ilarly occurred in Abkhazia. Chechnya. 
Moldova and Nagorno-Karabakh. 

Peaceful transitions — peaceful in the 
sense that lethal violence has been sub- 
stantially avoided — have taken and are 
taking place in the Baltics, Belarus, 
Ukraine, Eastern Europe and Central 
Asia. In each of these places, however, 
the road to democracy and a free market 
has been bumpy. (Russia is another, still 
unfolding, story of a different mag- 
nitude.) 

The present upheaval in Albania, 
however, has presented the world with a 
completely new set of circumstances. 
What has occurred in Albania is not a 
struggle for independence or for ethnic 
domination; It is nothing less than an- 
archy of a new and dangerous strain. The 
predictable elements common with oth- 
er crises — floods of refugees, star- 
vation, looting — certainly are present. 
The difference is that there are no clearly 
identifiable sides in this cooflicL None- 
theless. a country and its people clearly 
and urgently need help from, some- 
where. 

While the reluctance of the European 
Union and NATO to intervene, partic- 
ularly with military force, is both un- 
derstandable and predictable, it is not 
acceptable. The leaders of the most im- 


portant institutions of the new European 
security architecture simply cannot 
stand by and watch while Albania goes 
through a grotesque transformation 
from a nation-state to a land of despair, 
death and starvation run by a motley 
collection of criminal gangs whose dirty 
deeds will surely have consequences for 
neighboring countries as well as the 
whole of Europe. 

The Organization for Security and 
Cooperation in Europe, the only one of 
these institutions to which Albania be- 
longs, has stepped into the breach to try 
to seek restoration of stability and demo- 
cracy. The problem, however, is that 
there is no solid foundation in Albania 
upon which a broad, inclusive political 
coalition can build. The former Austrian 
chancellor. Franz Vranitzky. who 
headed the recent OSCE mission to Al- 
bania. has done as well as possible in the 
circumstances — his delegation had to 
hold its second series of meetings on a 
ship offshore because travel inside the 
country was too dangerous. 

The OSCE, despite the weaknesses 
posed by its decision-making proce- 
dures. which require unanimity’ among 
more than 50 countries, still possesses 
the tools — at least on paper — to deal 
with the crisis in Albania. One of those 
tools was provided by the OSCE summit 
meeting in Helsinki in 1992 in which 
participating states agreed that the or- 
ganization could ask for the backing of 
NATO to “support OSCE peace-keep- 
ing activities, including by making 
available their resources.” 

If anything has been made dear by 
what has happened in postcommunist 


=*?• » p 


<c 




^ l~ B A \ 


BjKOST^3ir«1MVr«t\UM»J 1 


Europe, it is that NATO is the only 
organization with the capacity to cany 
out effective peace-keeping or peace- 
making activities that require die use of* 
the militaiy. At some point, if the Al- 
banians cannot do it themselves, 
someone will have to intervene to dis- 
arm the Albanian population to prevent 
casualties and the creation of a criminal 
society in place of a nation. 

If the leadership of the OSCE can 


organize the accessary support to invoke 
that provision of the Helsinki document, 
at least a plan could begin to take shape 
in NATO headquarters to intervene if 
tiie situation Albania continues to de- ; 
teriorare. A modest NATO force could 
provide security and disarm the pop- 
ulation while the EU provides economic 
assistance, primarily food and medicine. 


and the OSCE can prepare for inter- 
nationally supervised elections. 

These three institutions — the OSCE, - 
NATO and the European Utiiou — must , 
work together' in a selfless and deter- - 
mined manner to show all of tiie peoples ‘ 
of Europe that the political leadership of 
our continent is capable of dealing with ; 
the crises that confront Europe. In doing 
so they may also prepare the ground for- 
constructive action in future crises of yet . 
another kind. ■ 


The writer, president of the parlia- 
mentary assembly of the OSCE, chair- ] 
man of the foreign affairs committee of 
the Spanish legislature and former' 
Spanish ambassador to NATO, contrib - , 
uled this comment to the International 
Herald Tribune. 




An American City Battles Deadly Urban Sprawl, and Wins 


P ORTLAND, Oregon — 
Drive down West Union 


A Drive down West Union 
Road in suburban Hillsboro, a 
few miles from central Port- 
land, and you witness a remark- 
able achievement. 

From one side of the pave- 
ment stretch pleasant houses 
and apartment complexes that 
you might see in a hundred oth- 
er suburbs. On the other side; 
acres and acres of rolling, un- 
developed farmland and forest 

One side of West Union 
Road is not like the other be- 
cause the street runs along the 
Portland area’s Urban Growth 
Boundary, a line that sets limits 
on development Within the 
boundary is an urban “re- 
serve," where ah sorts of build- 
ing can happen, and with a ro- 
bust local economy, a lot is. The 
land outside the boundary stays 
rural. 

In an era when the words 
“government planning” are 
written off as either an oxy- 
moron or a terrible danger, the 
Portland experience comes as a 
shock. Even more shocking: the 
planning system — in place 
since 1973 — is popular. It wins 
support from environmentalists 
and from businesses. Protecting 
land from urban sprawl has be- 
come something of a civic re- 
ligion here and one of the city’s 
selling points. 

The boundary has come 10 
embody more than its ori ginal 


By E. J. Dionne Jr. 


objective. When Republican 
Governor Tom McCall pushed 
the statewide system in 1973, 
his major concern was for Ore- 
gon’ s natural environment. 
Farmers worried that a way of 
life would be plowed under for 
tract housing. 

But Ethan Seltzer, director of 
the Institute of Portland Met- 
ropolitan Studies, says the plan- 
ning system has not only pro- 
tected farms. It has also 
changed the way cities devel- 
op. 

Concentrating growth cre- 
ates incentives for a different 
urban environment. For ex- 
ample, it has spumed new in- 
terest in more tightly packed 
row houses, the venerable urb- 
an form now hot with architects 
and designers. 

Portland has also invested 
heavily in a light rail system (in 
the center city, a train ride is 
free) that is expanding to grow- 
ing areas within the urban 
boundary. Housing has sprung 
up near the line even before it is 
completed. “The market is re- 
sponding to the public invest- 
ment in light rail.” says Mr. 
Seltzer. 

Mr. Seltzer's comment is re- 
vealing. Planning is often seen 
as the enemy of free markets. 
But planning is not an effort to 
stifle investment It cries to 


channel the way investment 
happens so that the sum total of 
thousands of individual de- 
cisions still leaves a metropol- 
itan area that those individuals 
want to live in. 

Robert Liberty is the exec- 
utive director of 1,000 Friends 
of Oregon, a group that supports 
planning. He says that those 
who criticize Portland’s system 
as “social engineering” do not 
realized that traditional zoning, 
which segregates people by 
class, and the construction of 
highways are “social engineer- 
ing with a vengeance.” 

Planning hasn’t stopped 
Portland’s economic boom. 
Many companies know die en- 
vironment Portland bas created 
is attractive to the employees 
they need to lure. 

The boundary has expanded 
slightly to accommodate 
growth. But it will survive be- 
cause of the depth of public 
support for it. Robert Landauer. 
former editorial page editor of 
The Oregonian, says citizens 
see the planning as growing out 
of a participatory process and 
not from ukases issued by pro- 
fessional planners. “It's built, 
created, fashioned and textured 
by tbe people who have to Live 
with the results.” be said. 

Mf. Seltzer says Oregon’s 
political culture is less sour on 


tbe possibilities of public action 
and political engagement than 
are other parts of tiie country. 
“There’s still an expectation 
that problems can be solved and 
we can change things," he 
said. 

For Mr. Liberty, one of tiie 
most important achievements 
of Portland's approach is an 
elected metropolitan govern- 
ment with authority to make 
decisions on matters affecting 
tbe whole region. 

“Our governmental struc- 
tures are leftovers from the 1 9th 
century as we're about to enter 
the 21st,” he said. “They are 
irrelevant to our lives ana our 
landscapes.” 

That, in part, explains public 
disaffection from government. 
“Even Rube Goldberg 
wouldn't have cut metropolitan 


areas into so many dysfunction- 
al parts,” he saicL 

No. Oregon is not utopia.-' 
People worry both aboiitkeeping 
growth going and also about 
growth’s effects. There’s a’tax' 
revolt on. fueled by rising prop- 
erty values, and also a big fight* 
over bow to finance public edu- 
cation. 

But most discussions of) 
America’s discontents pay little 
attention to tbe impact of sprawl ' 
on the way people live, on the 
time and money spent commut- 1 
ing, on the cost of building wa- 
ter systems, roads and schools to 
accommodate new develop-' 
menL Portland is worrying- 
about these questions for the rest 
of us. All of its solutions can’t be 
exported, but the city might con-, 
sider bottling its vision. ■ 
The Washington Past. 




■"■*. :!-S- 




IN OUR PAGES; 100. 75 AND 50 YEARS AGO 


1897: Anti-Semites 




Singling Out Asian- Americans 


N EW accusations about improper or illegal 
donations to the Democratic National Com- 
mittee from Asians and Asian- Americans seem 
to surface every week. 

In response to these problems, the committee 
recently reviewed its donor lists, looking for any 
improper contributions. But the way this audit 
was conducted -- disproportionately investigat- 


ing Asian- Americans — confirmed what many 
of us have feared as this issin> h»c unfWIHp /1 over 


of us have feared as this issue has unfolded over 
the past six months: That our community has 
been unfairly singled out for scrutiny. It is hard 
not to suspect that we have become the scape- 


goats for a flawed campaign finance system. 

Because of suspect contributions, we believe 
the Clinton administration will hesitate to ap- 
point any Asian -Americans — even for posts 
where man y of them are highly qualified. But the 
bigger issue is whether politicians, the parties and 
the press will be able to distinguish between 
Asians who are citizens of other countries and 
Americans of Asian descent 

— Daphne Kwok of the Organization for Chinese 
Americans and Robert Satinawa of the Japanese 
American Citizens League, commenting in The New 

York Tunes. 


ST. PETERSBURG — There 
bas been an outbreak of anti- 
Semitic feeling among the peas- 
ants in the Government of Kieff 
at Shpola. The attackers pillaged 
the shops and entered die houses. 
It was only when the Governor 
with Cossacks arrived that the 
plundering ceased. A sad picture 
of devastation is seen in the rich 
houses of Mssrs. Brodski, Raf- 
falovich and others. The win- 
dows and doors, valuable mir- 
rors and pianofortes are 
smashed, and most of them 
thrown out on to the streeL The 
Jews, taken with panic, fled the 
town. 


bankers have been engaged in 
financing liquor smugg ling 1 
schemes from the West Indies.! 
Large quantities of liquor buried ■ 
in tiie sand along the seashore' 
were found by tbe agents. 


1947: Preventing War 


1922: Liquor Raids 


MIAMI — Fifty resorts of vari- 
ous classes here and at Palm 


n tuiu m raun 

Beach were raided yesterday by 
Prohibition agents. The raids 


u -- — p auiua 

were fte result of information 
dial business men here and 


PARIS — - [The Herald says lo- 
an Editorial:] It has long been; 
recognized that population 
density and pressure are among' 
the most important causes of! 
war because they lend them- 
selves most easily to exploits-, 
tion by militaiy demagogy. The « 
Cty for “living space” with' 
which the Hitlers, Mussolinis. 
and Japanese war lords led their* 
peoples into tbe second World! 
War is an example of this.* 
Emigration is one way of re-! 
beving population pressure, and- 
prance now proposes nothing' 
than an “organized emig; • 
from Germany to re-; 
tiuce German population and] 
Manpower. « 






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, Zairian Rebels Play a Populist Tune as They Woo Kisangani Residents 


By James C. McKinley Jr. 

New York Times Service 


KISANGANI. Zaire — The meeting hall was 
packed with civil servants and small -time politi- 
co. the leftovers from Marshal MobutuSese 
Seko s government On a dais above sat three 
civilian officials from the rebel alliance that 
captured this city last weekend. The heat was 
unbearable as a local lawyer got up and gave 
voice to what was on many minds. 

“I’m afraid of what happened in 1960, after 

we got independence,” he said. “We were prom- 
ised democracy, but we got dictatorship. Is it 
going to be the same thing now?” 

The rebels* political affairs minister, Deo- 
j gratias Bugera, listened intently. 

“> “President Mobutu didn’t ask the people to 
vote for their leaders,” he said. “We are. A few 
days ago there was a curfew in this town. Now 
you can go wherever you like without problems. 
Government soldiers used to rob everyone. Our 


soldiers go shopping and pay their own way. 
Now we are giving you the power to elect your 
representatives.” 

A murmur of approval coursed through the 
crowd. 

Having won the battle last weekend for this 
strategic city on the Congo River, the rebels set 
about this week to win the hearts and minds of the 
people here, holding meetings with political of- 
ficials and promising elections at once to choose 
a local government. 

With the Zairian Army recreating and looting 
on every front, it is looking more and more as 
though the success of the rebellion depends less 
on military strength than on the ability of its 
civilian ministers to capitalize on their political 
gains, reform the civil service, weed out cor- 
ruption and jump-start the nation's moribund 
economy. 

That effort started here Thursday in a meeting 
hall with the kind of grass-roots, town-hall-style 
politicking any mayor or governor in the United 


States would recognize. Three ministers from the 
inchoate rebel government, which has headquar- 
ters in the city of Goma, spent two hours fielding 
sharp questions from the civil servants, many of 
whom have not seen a paycheck in years. 

When would the rebels start paying civil ser- 
vants? What would be done about higher edu- 
cation with the country split in half? How would 
the local elections for the provisional govern- 
ment be held? Would former supporters of Mar- 
shal Mobutu be allowed to stand as candidates? 
How could they hold elections with so many 
illiterate voters? When would a legislature be 
formed? 

While alliance officials insist that the elections 
will be free, it is not clear precisely how delegates 
will be chosen. In at least one other town where 
the rebels have taken control, members of Mar- 
sha] Mobutu's party were excluded from elec- 
tions. 

At the meeting, one professional bureaucrat 
said he was afraid open elections would bring 


uneducated and unqualified people to power. 

‘‘The people who are elected should be the 
people who understand administration." he said. 
* ‘I’m afraid to see someone who hasn 't studied to 
be an administrator being elected." 

The rebels' finance minister, Mwana Nang a 
Mawampanga, pounced on the question. 

"To have a university degree does not guar- 
antee you are qualified to be elected as a rep- 
resentative.” he said. "The former governor of 
this province was a professor of the university, 
but you know what he did.' ' The crowd burst into 
long applause. 

Besides holding meetings with bureaucrats, 
the civilian arm of the rebels, who are known as 
the Alliance of Democratic Forces for the Lib- 
eration of the Congo, flew in 1 17 young converts 
to their cause to begin spreading their message 
among the citizens in the city's six boroughs. 

These civilian supporters of the rebel gov- 
ernment have all art ended a series of seminars 
indoctrinating them in the new philosophy of 


Mobutu Shuns Welcome 
As Plane Lands in Zaire 


s’ 


OmtpOed by Our StffFnm Dapaxha 

KINSHASA, Zaire — The red carpet 
was rolled out, and the honor guard 
stood at attention. But Mobutu Sese 
Seko, Zaire’s ailing president, was un- 

* willing or unable to enjoy a presidential 
1 welcome upon his return Friday from 

France. 

Marshal Mobutu, who has just had 
fresh cancer treatment, left Prance earli- 
er on Friday on board a private jet to try 
to salvage what remains of his authority 
in Zaire in the face of relentless rebel 
advances. 

The president, 66, had hoped his re- 
turn would help end fighting and restore 
confidence in his divided government 
Instead, his mysterious arrival only 
added to questions about his health and 
his ability to run die government. 

His plane, its door open, stood for a 
half hour after landing just after a brief 
thunderstorm. An aide boarded the 
>lane, then emerged to confer with of- 
icials. 

Soldiers then forced reporters to 
leave. Tbe honor guard drifted away, as 
did relatives . and officials who had 
formed a welcoming party. A black lim- 

• ousine was summoned to the boarding 
stems. 

Later, a convoy of limousines arrived 
at the presidential mansion in a military 
compound that is known as Camp Tshat- 

fihi. 

Marshal Mobntn “is a little bit tired 
— you know, traveling from Ranee to 
Zaire.” saidhis private secretary, Lando 
Kota-Mbongo. “That's why he wanted 
to take a rest and consult his entour- 
age.” 

Mr. Lando said Marshal Mobutu 
would speak to reporters Saturday or 
Sunday. 

"Until Friday morning, when’ he 
boarded the plane in France, he had not 
been seen in public anywhere since be 
entered a Monaco hospital nearly a week 
ago, reportedly with internal bleeding 
linked to complications from surgery for 
prostate cancer in August 
Before boarding the plane in France, 
Marshal Mobutu turned and waved to 
journalists. 

Photographers were kept some dis- 
tance away, but could make out Marshal 
■*< Mobutu's trademark leopard-skin hat 
through telephoto lenses. (AP, Reuters) 

■ Rebel Leader Thronged 

James C. McKinley Jr. of The New 
York Times reported from Kisangani, 
Zaire: 

Laurent Desire Kabila, an obscure 
rebel leader almost unknown six months 
ago, arrived triumphantly in this sprawl- 
ing riverport Friday and was met by tens 
of thousands of cbeerir 


Simba rebellion, the first leftist rebellion 
Mir. Kabila took part in. 

This time, Mr. Kabila winged into 
town as a conquering hero. As news of 
his coming spread through Kisangani 
over radios, tens of thousands of people 
thronged the municipal airport, pouring 
in from every direction to see their new 
leader. 

Pressing up against the airport fence, 
the crowd bristled with bright umbrellas, 
palm fronds and hand-lettered signs. 
Many people wore white bandanas, 
which have become a symbol of the 
rebellion. 

“Long live the liberator Kabila," one 
sign read. 

When a plane arrived carrying an ad- 
vance team, the crowd thought it was 
Mr. Kabila, jumped the fence, over- 
whelmed the rebel soldiers guarding the 
airport and flooded the tarmac. 

As they ran. many people burst into 
songs and clapped and danced in cel- 
ebration. 

“Father Kabila, you are chosen by 
God and be sent you to us," most of the 
youths in the crowd sang. 

“Mobutu can kill people, but he 
won’t succeed. We are waiting for Kab- 
fla.’’ 



Wn-Voir Uouju/Ttv W-ruicd Prwn 

Laurent Kabila, the Zairian rebel leader, arriving Friday in Kisangani, where thousands greeted him. 


A line of local political leaders and 
civil servants waited nervously near a 
hangar to greet the new boss. Several 
said they had never seen such an en- 
thusiastic reception for a politician. 


Marsha] Mobutu drew large crowds, 
too. they said, but they were coerced. 
Under the Mobutu government, people 
were fined if they did not attend the 
president's rallies. 


No one at the airport Friday had been 
coerced. In interview after interview, 
people spoke movingly of history bein 
made, of the end of the Mobutu era. o 
the beginning of democracy. 


NOMADS: Overgrazing and Global Markets Tie Down Ancient Lifestyle in Saudi Arabia 


people. 
They 


cheering and dancing 


ay chanted that he was their lib- 
erator from what they see as the tyranny 
of President Mobutu. 

As he landed here, the rebel struck a 
defiant stance, rejecting an offer of an 
immediate cease-fire from the Mobutu 
government, which is teetering on the 
■ brink of collapse after losing this stra- 
tegic city last weekend. Mr. Kabila has 
steadfastly refused to halt his advance 
unless Marshal Mobutu agrees to face- 
to-face talks. 

“We nftgnriate first,” he said. 

In a sense, Mr. Kabila was returning to 
Kisangani, the city he left in disgrace 
along with other insurgents m the cany 

1 960s after Marshal Mobutu crushed the 


Continued from Page 1 

half of the country since Biblical times, 
when they paid camels as tribute to As- 
syrian overlords. Renowned as warriors 
and poets, they rallied behind TIL 
Lawrence to expel the Turks during 
World Warl In a country about the size of 
India, die present population of 100,000 
nomads is concentrated around the scrub 
desert region northwest of Medina. 

But being a Bedouin is not what it 
used to be. 

The cost of maintaining camels, the 
once -economical schooners of the 
desert, has shot through the roof of the 
nomads’ camel-hair tents. 

The shift from camels To 'sheep has 
meant that nomads have bad to abandon 
their self-contained subsistence econ- 
omy and compete with importers who 
flood the market with 12 million sheep a 
year, shipped from as far away as Ur- 
uguay and New Zealand. 

Instead of roaming hundreds of ki- 
lometers in trackless desert, most nomads 
are now content to range within 30 ki- 
lometer (20mfles) of a home base so they 
can send their children to school and take 
advantage of government health clinics. 

But the unkmdest cut has been the 
expense of living the tented life. In the 
Tasiyah region of central Saudi Arabia, 
Bedouins now require $100,000 in ini- 
tial capital outlays to enter the nomadic 
sheep-herding business, according to 
Timothy Finan, an anthropologist with 
the University of Arizona’s Office of 
Arid Tjmrk Studies. Much of this money 
goes toward the purchase of a 5 -ton truck 
to haul water and a pickup truck to haul 
bailey and grain, Mr. Finan said, with 
about $35,000 going to buy sheep at 
around 500 Saudi riyals C$1 33) a head. 

“The true nomad is fast disappearing 
and is now being forced into becoming 
more of a randier," he said. “The 
Bedouins are having to behave like eco- 
nomic firms even though they still retain 
a privileged, even mythic status in Saudi 
society.’ 


Mr. Finan. who is conducting a year- 
long survey of Bedouin culture under the 
auspices of the Saudi Arabian Ministry 
of Environment, was among a hundred 
Western and Saudi scientists in Jidda for 
an international workshop, co- 
sponsored by the Saudi government, on 
the sustainable use of rangelands and 
desertification control. 

As nomads become more and more 
like ranchers, they graze far too many 
sheep across a greatly reduced area, 
turning seasonal range- 
land into barren desert. 

“The flocks now roam 
over a perimeter of less 
than two kilometers and 
have multiplied to 1,500 
head — seven to eight times 
what they used to be,” said 
Mohammed Habib, assist- 

at Icing Abdnlflriz^Uni- 
versity in Jidda. 

Along with trucks, re- 
frigerators and. mare rare- 
ly, televisions, nomads are 
acquiring a taste for the 
settled life. Their only mo- 
bility today is upward. 

“Children now attend 
schools 30 kilometers 
away from their homes," 

Mr. Habib said, “and sons 
prefer to become security guards in Ri- 
yadh rather than to stay herding with 
their families.” 

An increasing proportion of Saudi 
nomads are not nomads at all, but herd 
owners who hire Indian, Sudanese and 
Somali herders to graze their sheep and 
goats, according to Abdnlbar Gain, the 
minister for meteorology and environ- 
mental protection. 

In contrast to sub-Saharan Africa, 
where governments have been pressur- 
ing nomads into fixed settlements, the 
Saudis have come to a belated appre- 
ciation of Bedouins as symbols of the 
tribal kingdom’s resourceful spirit and 
frequently liken this vanishing breed to 


the cowboys of the American West. 

"For a long time, nomads were stig- 
matized." Mr. Gain said, "but now we 
realize their way of life is not primitive 
and anachronistic.” 

To protea the nomads' traditional 
way of life as well as the rangelands, the 
government has turned to satellite tech- 
nology to help nomads like Mr. Galib 
find greener pastures. 

In this proposed marriage of tech- 
nology with an ancient occupation, the 



Ridurd CmiDKioa/lMcfiiMniul llrnld TVibuoe 

Herds of camels are largely a thing of the past 


Saudis will use a U.S. National Ocean- 
ographic and Atmospheric Administra- 
tion high-altitude satellite, a Landsat 
medium-altitude satellite and low-alti- 
tude aerial surveys to help the remaining 
nomadic herders find spots where the 
grass is truly greener. 

Precipitation over the 170 million 
hectares (420 million acres) of range- 
lands. roughly three-quarters of the 
kingdom, is less than 150 millimeters (6 
inches) a year. 

Data on rainfall, wind and plant 
growth will be fed into computers for 
mapping areas for the best grazing and 
areas to avoid. Reports will be made 
available to the nomads at the distri- 


bution points for government-subsidized 
barley and eventually broadcast over lo- 
cal radio and television channels. 

The government has spent half of the 
$10 million projected cost for the pro- 
ject, which is scheduled to begin op- 
erations next year. 

The environment minister is spear- 
heading the satellite project as a means 
of “acting like advance scouts" for the 
nomads, to encourage them — in carrot- 
and-stick fashion — to stay on the ran- 
gelands but not to overgraze, and to keep 
away from urban centers. 

“The carrot is the barley subsidies,” 
said Paul Bailey, an American consult- 
ant with the Ministry of Environment 
"The stick is the threat of fencing off 
degraded land.” 

Already, nomads have made isolated 
protests over fencing off of wildlife pre- 
serves. 

Some Saudi observers are skeptical 
that the nomads — who have managed to 
track rainfall for millennia — need satel- 
lite surveys to help them find water. 

“Nomads can identify plants in the 
pitch dark and tell you what clan a camel 
comes from by its footprint,” said Eisa 
Haramni, a Saudi anthropologist “How 
could satellites help them find forage?” 

Mr. Habib doubts that the satellite 
data will prove useful to the nomads. “I 
have a doctorate in geography and I can't 
even interpret the data,” he said. “How 
will illiterate nomads understand it?" 

There is also the fear that the very 
efficiency of such high-tech solutions 
may worsen overgrazim*- 

"When the nomads first started using 
trucks, we thought it would benefit them, ’ ’ 
Mr. Haratani said. “Now we see that the 
trucks allow the nomads to spot-graze, 
bringing water to the animals instead of 
animals to the water and placing much 
more strain on the rangeland than before. 

“Giving them satellite pictures may 
mean the nomads will now be able to 
rush their flocks even faster to the best 
grazing spots and destroy them that 
much more quickly,” be said. 


Laurent Kabila, the longtime foe of Marshal 
Mobutu who is leading the rebellion. 

Mr. Kabila has changed since the Lumumbist 
rebellion of the 1960s. when he styled himself on 
die Maoist or Che Guevara model. Tie alliance's 
ideology now reads more like an American civics 
course: free and fair elections, basic civil rights, 
freedom of speech, a free press, lower taxes, clean 
government and a military under civilian control. 

To prove they are serious about democracy, 
rebel officials planned elections of a sort here this 
weekend to choose a governor and a mayor. 
Political and community leaders are to choose 
delegates from their neighborhoods, as well as 
candidates for borough leader, mayor and gov- 
ernor. who will serve In a government that would 
hold office until after the war is finished. A 
randomly chosen group of delegates will then 
vote on the candidates. 

"It’s not perfect," Mr. Mawampanga said. 
“Bur it's the best we can do with the time and 
money we have." 


BOMB: 

Arafat Is Blamed 

Continued from Page 1 

condemnations from abroad. Like the 
last suicide bombing, on March 4, 1996. 
the one on Friday came on the Jewish 
holiday of Purim, when children walk 
the streets in fanciful costumes. 

But the political backdrop was far 
different. The series of bombings last 
year threatened a political process that 
up to then had been going in high gear. 
The attack Friday came at a low point in 
the stormy relations between Mr. Net- 
anyahu and the Palestinians, and on a 
day that also saw sharp clashes between 
Palestinians and Israeli soldiers in 
Hebron and Bethlehem. 

With negotiations already virtually 
frozen over the construction of a new 
Jewish neighborhood in East Jerusalem 
and the size of a scheduled Israeli with- 
drawal from the West Bank, the question 
was what further damage the attack 
could deal to the peace. 

Mr. Netanyahu pm the blame for the 
bombing squarely on Mr. Arafat and his 
Palestinian Authority. 

‘ ‘Of course we consider them respon- 
sible.” Mr. Netanyahu declared, recall- 
ing that earlier in the week he had ac- 
cused the Palestinian leadership of 
giving a “green light" to terrorist or- 
ganizations to resume attacks on Israel. 

The Israelis further charge that Mr. 
Arafat laid the ground for terror attacks by 
setting free Hamas and Islamic Jihad lead- 
ers who were rounded up after the suicide 
bombings a year ago, and held without 
trial since. According to the Israelis, those 
released included Ibrahim Maqadmeh, 
whom the Israelis regard as the head of a 
secret Hamas terror apparatus. 

Mr. Arafat’s spokesman, Marwan 
Kanafani, angrily rejected the prime 
minister’s charge. 

“It’s a shame that the Israeli prime 
minister lies in front of his people and 
holds President Arafat responsible." he 
said Friday. "The person ultimately re- 
sponsible for this painfil] deed is Net- 
anyahu himself, who did not listen to the 
advice of the international community 
and led us all to this position and to this 
hopeless atmosphere that resulted in the 
loss of innocent lives.’’ 

Mr. Arafat telephoned President Ezer 
Weizman — but not Mr. Netanyahu — 
to offer his condolences. 

In Hebron on Friday, a crowd of Pal- 
estinians hurled stones at armed Jewish 
settlers while soldiers tried to keep them 
apart, using tear gas and rubber bullets 
on the Palestinians. One Jewish youth 
and four soldiers were injured. Lesser 
skirmishes were reported at the site of 
the new construction project, Jamal Abu 
Ghneim to the Palestinians and Har 
Homa to the Israelis, and in Bethlehem. 

As after past terror attacks, the Israeli 
Army immediately clamped restrictions 
on the movement of Palestinians in and 
out of Israel. Aides to Mr. Netanyahu 
said that the government would have to 
‘ 'carefully reassess the course of action ’ ’ 
it should take, but gave no indication 
what the prime minister might do. 

The onset of the Jewish Sabbath at 
sundown halted the public discussion, 
leaving until Saturday evening any fur- 
ther announcements. The enforced cool- 
ing-off period raised some hope that after 
weeks of confrontations and tension, the 
new week would offer a new start. 

* ‘When we sober up on Sunday, and I 
hope there will be no further attacks over 
the weekend, the peace process will con- 
tinue. and the first withdrawal will go 
through,” said Interior Minister Avig- 
dor Kahalani. 


SUMMIT: Yeltsin Seems Reconciled to NATO’s Expansion East 


Continued from Page 1 


opposition Mr. Yeltsin would encounter 
at home to the charter. 

Mr. Clinton appeared willing to allow 
the Russian president to dose the level of 
recalcitrance he wants to express about 
NATO’s expansion to fit the needs of his 
constituency. n 

The essential element was Russia s 
willingness to push forward with the 

document . __ 

As characterized by Secretary of stare 
Madeleine Albright, the ctartBrw»»“ 
flect the NATO standpoint that undCT 

present and foreseeable onmmstances 
no nuclear weapons or substantial coo 

tingents of foreign troops wol “J 

tiooedin the new member countries, one 


expected, however, that infrastructure 
improvements would go ahead in these 
nations once the group gains member 
status. Tie charter is expected to be 
signed some time before July when the 
three countries are to petition the al- 
liance for entry. 

Mr. Yeltsin used the word * 'binding' ' 
to refer to the status of the charter when 
he first described it at the news con- 
ference. Lata*, although he reported he 
would submit the document to the State 
Duma for ratification, he said it would be 
quite enough for the other nations to 
amply give their chief of state’s sig- 
nature. This corresponded with the view 
of the United States, which did want a 


that once 


The presidents 


Bomb Kills Lawmaker’s Aide in Moscow 

77. p „„ western Moscow, the Itar-Tass news 

The Assooaud Press agency said, quoting the Federal Se- 

MOSCOW T An aide ^alaw ^ f Sep/k& H An unidentified man in 
makerassodated^ ^e*^??^ the car was wounded, Itar-Tass said, 
tboalistr party of Vladimir Zhmri ^ Rantskevicb was the fifth per- 


START-2 entered in force, negotiations 
would begin immediately on START-3. 
But the problem is that no more than Mr. 
Clinton controls the U.S. Congress does 
Mr. Yeltsin command the State Duma, 
where the arms control agreement's rat- 
ification has been linked to die issue of 
NATO’s expansion. 

START-2 encompasses deep cuts in 
both countries’ strategic weapons and a 
provision that eliminates Russia’s mul- 
tiple-warhead missiles by 2003. To fa- 
cilitate START-2 . Mr. Clinton said, the 
United States would extend the time 
allowed for the destruction of the mis- 
siles until 2007. Implementation of 
START-3, which would reduce strategic 
warhead stockpiles for both comitries to 
2,000 to 2J500, would be completed by 
the end of 2007. 

Mb-. Yeltsin seined particulary con- 
cerned that he would be attacked at home 
for having been bought off on NATO 
expansion with economic inducements 
that include American backing of Rus- 
sia’s application to join the World Trade 
Organization and memberehip in the 
Pans Club, a group of nations (haling 
with debt and international credit 
Mr. Clinton was flying back to the 
United States on Friday night after the 
two days of talks, the 11th summit meet- 
ing between the men, Mr. Yeltsin re- 
mained in Helsinki 



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INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAY, MARCH 22-23, 1997 
PAGE 8 


The Trophies of a Collector 

Diversity Is the Word for Chinese ‘Museum’ Pieces 


International Herald Tribune 

N EW YORK — It was an un- 
usual collection that riveted 
the attention of the interna- 
tional community of Chinese 
art buyers this week at Christie’s. ‘ ‘The 
Jingguanmng Collection Part XL” 
which brought a total $6-28 million, was 
of a diversity in range and aesthetic 
approach rarely encountered in private 
art hoards, extending, as it 
did, from archaic bronzes 
of the late second millen- 
nium B.C. to glass vases 
of the 1 8th century. 

Numerous references 
in the Christie’s sale cata- 
logue to the publication of 
various pieces in die series 
of catalogues produced as 


in a circular beaded frame. In June 1992, 
one was bought at Sotheby's London for 
£297,000 by Giuseppe Eskenazi who 
sold it six months latex to the Royal 
Ontario Museum. In December 1995, 
the second vase turned up at Christie's in 
London. Unsold at £140,000, it was ac- 
quired by a dealer after the auction and 
sold to the Metropolitan Museum of Art. 
This week there were, again, several 


SOUREN MELEKXAN 


superb ait books by the T. 

T. Tsui Museum in Hong 
Kong promptly gave away 
the identity of the con- 
signor, Tsing Tong Tsui, 
the well-known Hong 
Kong businessman. It <fia 
not resolve Che enigma of 
such an eclectic collection, 
nor of the sale of many 
pieces that seemed last- 
ingly embedded in the 
makeup of the private mu- 
seum that was set up sev- 
eral years ago and has pro- 
duced a stream of books 
about its own collection as 
well as major issues of 
Chinese art. 

Indeed, Tsui's fascina- 
tion with the world of mu- 
seums, scholarly studies 
included, and Ins gener- 
osity to its activities ex- 
tends very far beyond his 
own institution. 

His first donation was to the Victoria 
& Albert Museum in London — a huge 
£1.25 milli on ($2 million) allocated for 
the refurbishing of die Chinese gallery. 
Grace Wu Bruce of Hong Kong, the 
leading Asian specialist in classical 
Chinese furniture, who suggested the 
idea to Tsui, says that he readily agreed. 
His one request was that labels should 
be bilingual, in English and Chinese. 

There have been many more dona- 
tions since, to Western and Eastern in- 
stitutions alike. The Chicago Institute of 
Art and the Royal Ontario Museum 
were the beneficiaries of large grants. So 
was the Shanghai Museum, which re- 
opened its doors last October to reveal, 
among other things, its new T.T. Tsui 
Ceramics Gallery. His latest largesse, 
which went to the Regional Council of 
Hong Kong. Is valued, according to one 
source, at about $60 million. It includes 
funding the construction of a National 
Heritage Museum at Shatin and the gift 
of the works of art due to fill it when it 
opens in 2000. 

Such widespread involvement in mu- 
seum life is in itself a unique case in the 
Far East It points to a taste for constant 
activity hi the art world that matches the 
collector's large-scale buying and now, 
it would appear, selling. The first public 
indication of tins inclination toward 
shifts of interests 



Tripod bronze basin decorated with stylized animal masks . 


objects qualifying beyond doubt as 
“museum pieces.” 

As one looked more closely at the 
catalogue, one began to wonder whether 
the purpose of the auction was not to 
make a kind of public statement about 
the strength of the T.T. Tsui Museum's 
possessions, as much as the desire to get 
rid of overly familiar objects or make 
some cash available, which ordinarily 
accounts for a collector's decision to 
selL Much more diverse in its makeup 
than the Part I session in Hong Kong, 
Thursday's sale gave the impression of 
a sampling made by a man eager to show 
die world what remarkable art from all 
periods and in every category boning 
painting he had been able to acquire. 


T! 


massive shirts or interests came in 
November, when Part I of the “Jing- 
guantang Collection” was sold at 
Christie's in Hong Kong for the equi- 
valent Of $103 milli on. 

This was not by any means the first 
time that the intriguing collector had 
parted with important pieces. Over the 
years, some of his objects quietly left his 
hands merely to find their way into other 
institutions. 

There was the striking case of a unique 
pair of sixth-century vases, decorated on 
the body with the mask of a grinning man 


| HE sale opened with Chinese 
furniture and scholar’s objects. 
A small table screen in 
huanghuali wood framing a 
marble slab chosen for its evocation of 
gray mountains seen through wisps of 
mist cost Wu Bruce $17350. She fol- 
lowed this up with a $63,000 huanghuali 
table with a green serpentine top sug- 
gestive of clouds or whirlpools. Both are 
typical of the objects treasured by 
Chinese literati. The high point was a 
superb so-called horseshoe-back arm- 
chair made for some 17th-century 
palace, which ended up at $ 244 , 500 . 

Then there came a small group of 
glass vessels. Two 18th-century vases, 
one a deep ruby color, inscribed with the 
reign mark of Yungzbeng, and the other, 
a deep blue, carrying the mark of Qi- 
anlong, were fought over tooth and nail 
by a Chinese collector visibly nervous at 
the idea he might miss them. They cost 
him more than twice the high estimate, at 
$55300 and $43,700. But the collector 
had to concede defeat over a pair of red 
bowls carved with scenes, which quad- 
rupled their estimate at $68,500. 


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Without transition, the sale then 
switched to archaic bronzes. A basin on 
three legs probably dating from the late 
Shang period was impressive on ac- 
count of its size, the largest known in 
this type. This makes the 57.2 cen- 
timeter vessel an unquestionable mu- 
seum piece, swiftly bought by Eskenazi 
for $1,652,500, matrhing only the low 
estimate. But brutal force rather than 
beauty exudes from its 
mass, sparsely decorated 
with stylized animal 
mas ks. 

Rarity again, not beauty, 
made the attraction of an 
early first millennium B .C. 
ewer with an unusual pat- 
tern on the body and a 
unique accumulation of 
zoomorphic motifs on the 
cover, the handle and the 
spou L The only known par- 
allel is provided by an 
equally fussy piece excav- 
ated at Fufeng now on view 
in the Shaanxi Provincial 
Museum. The curious, all 
but unobtainable bronze 
was bought by the London 
dealer Roger Keverae for 
$387,500. 

The eclectic Tsui also 
settled for bronzes that 
stand ax the opposite etui of 
the aesthetic spectrum. A 
flask with flat sides dec- 
orated with staggered rows 
of rectangular panels dat- 
ing from the fifth century 
B.C. is as restrained as the 
ewer is wildly overdecor- 
ated. Overshadowed by the 
Baroque excesses of the 
ewer and the enormous 
mass of the tripod vessel, it 
sold for a comparatively 
modest $52^250. The dis- 
parate character of the 
bronzes hardly suggests a traditional 
collector's choice. They were more tike 
trophies gathered by a hunter tracking 
the unusual or the impressive. Together 
they left an impression of artistic neut- 
rality, almost disengagement, regarding 
the aesthetics of art. 

The choice of Han and Tang pottery 
increased that impression. The abrupt 
variations in quality would be' hard to 
understand in a traditional collection 
primarily fanned for the sake of aes- 
thetic enjoyment. The polychrome Tang 
horse sold for $189,500, which ap- 
peared years ago in one of Eskenazi's 
London selling shows, ranks among the 
great pieces of its type. But the “figure 
of a kneeling camel” of the Northern 
Wei dynasty (A.D. sixth century) is so 
poorly proportioned that it gives the 
impression of being made up from two 
different pieces. 

The contrast with a green-glazed Han 
horse, which looks elongated without 
being clumsy, is striking. Eskenazi 
bought it for $ 123.500, gleefully noting 
that when the type started coming out of 
the Hong Kong market six or seven 
years ago, it cost four or five times as 
much. 

As the sale drew to an end, it became 
increasingly likely that it would not 
result in a very profitable venture for the 
consignor. A famille noire baluster vase 
of the Kangxi period, painted with a 
primus tree, bamboo and rocks in green, 
white and purplish brown on a black 
und, brought $63,000, less than the 
13,500 paid in June 1988 at Christie's 
New York. The fact that it was re- 
produced in the interval in the Tsui 
Museum of Art, Chinese Ceramics IV, 
made no difference. Perhaps the public 
was not entirely convinced that the word 
“museum,” which suggests perman- 
ence of a kind, should be taken at face 
value. 



Detail of James Ensor's “La Mangeuse efhuitresf painted in 1882 and now on exhibit in Paris. - 


The Brassels-Paris 



By Katherine Knorr 

International Herald Tribune 


P! 


ARIS — Relations between 
'France and Belgium have al- 
ways been a curious mixture not 
so much of love and hate as of 
benign neglect and disdain. 

If Brussels now is to many in France 
the symbol of all that is wrong about 
Europe, it was in tire mid-19th century 
the symbol of all that was crass and 
bourgeois about wealth and c omm erce 
and colonialism. And yet in the second 
half of the century a kind of golden age 
brought together Belgian and French 
artists whose tragedies and whose geni- 
us traveled back and forth between the 
artistic capital of Europe and its pro- 
vincial cousin. 

The Paris-Brussels connection is die 
subject of an intriguing exhibition at the 
Grand Palais (to July 14), with small 
related shows at tire Musee Rodin, look- 
ing at the years the sculptor spent in 
Belgium, and at the Musee d'Orsay, 
centered on the Belgian poet, art critic 
and collector Emile Verhaeren, Flemish 
but Francophone, a key figure in the rich 
exchanges between the two countries. 

The Grand Palais show is an am- 
bitious and sometimes puzzling attempt 
to pull together painting, sculpture, ar- 
chitecture, literature, music and the dec- 
orative arts to show how Belgian and 
French artists influenced one another, 
from Delacroix to Courbet to Ensor, 
Rodin to Mbme, Rqps to Redon on the 
art side; Hugo to Maeterlinck, by way of 
Verlaine, Rimbaud, Baudelaire and 
Mallaime for literature, or Eugene 
Ysaye, Vincent d’Indy, Cesar Franck 
and Debussy for music. 


B 


ELGIAN artists and art pro- 
moters, through the big salon 
exhibitions and through such 
intellectual groups as the Cer- 
cle d'Ait des Vingt, founded by Octave 
Mans, were hospitable to French paint- 
ing. Belgian intellectuals invited the 
dangerously erratic and always broke 
Verlaine to lecture, printers rook risks 
with books that couldn't be published 
in France. And on several dire occasions 
during this revolution- and war-tom 


period, Belgium was the political re- 
fuge 


ge of a great many agitators and other 
literati, including no less than Victor 
Hugo. 

Nevertheless, Belgium was not al- 
ways a haven, and quite a few of these 
burdensome refugees wore out their 
welcome. Belgian ultra-Catholicism 
was ever-presem, with its suspicion of 
free-thinking and its strong whiffs of 
anti-Semitism. And Belgium didn't al- 
ways bring luck: It was there that Ver- 
laine shot Rimbaud and ended up in jail 
for two years and that Baudelaire failed 


to make money from speeches and, ever 
adroit at complaining about his lot and 
blaming other people, turned against 
Belgium with a venomous but enter- 
taining rage. 

The exhibition thus is an interesting 
focus on mostly familiar art, a quirky 
view of a time when King Leopold II 
imported French know-how to build a 
royal Belgium, Belgian intellectuals 
shared with the French the idea that one 
must be resolutely modem, and pho- 
tography became a threat to painters. 

Who " did what when was and is a 
subject of contention, of course. Well 
beyond the usual passions and feuds of 
artists, Belgians were both attracted to 
French talent and angry at Paris's prom- 
inence. Was Impressionist light exported 
from France to Belgium, or did James 
Ensor see it an his own? Interestingly, the 
signature image for the show is Manet’s 
“The Balcony.” It was shown at a Bel- 
gian salon in 1869. 

There is much here for the eye, odd 
contrasts, uncanny resemblances, a 
curious mirror effect at times. Belgium 
was a new and a made-up country, 
where Flemish- Walloon tensions sur- 
faced ar intervals in art as in everything 
else, but what emerges here more than 
the national rivalries are the similarities: 
Here is the great flat expanse of the 
European north, the countryside Ver- 
laine loved to roam, with its blunted 
colors and its fast-moving clouds, its 
solid bourgeois houses and the maritime 
Harness, all bathed in that curious north- 
ern light. 

The late 19th century, in die swath of 
place and time presented' by the ex- 
hibition, was about darkness and light, 
on the canvas and in the souL and indeed 
the works shown here alternate light and 
shadow, from the Impressionists and the 
Pointillists to dark drawings of Bruges, 
where artists illustrated Georges Roden- 
bach's lament in 1 ‘ Bruges-Ia-Morte. ’ ’ 

Hare is Ensor's stunning “La 
Mangeuse d’huitres” (1882). where a 
stout lady eating oysters is bathed in 
white-wine light. There, George Mor- 
ren’s “Sunday Afternoon” (1892), 
where an old woman in profile stares out 
a window, the scene suffused in yellow 
and orange brightness, the dresser, the 
window, the woman’s shawl, or Henry 
van de Velde’s 4 ‘The Beach at Blanken- 
berghe” (1888), in blues and greens. 
One painting is missing, and its absence 
casts a long shadow: Seurat's “La 
Grande Jane,” which Verhaeren saw at 
the 1886 salon. He was stunned. So, 
clearly, were a lot of Belgian painters. 

With turn-of-the-century angst, shad- 
ows overcame the light, as in Fernand 
Khnopffs “An Abandoned Gty" 
(1904), where a few Bruges houses . 
stand on a deserted place, everything 
weirdly drifting off to sea. In Henri Le 


Sidaner’s “View of the Long Quay in 
Bruges” (1898). those Flemrsfa bouses 
arise in bluny red and yellow from the 
great darkness of the water. Leon Spilli- 
aert's “November Second” (around 
1907), is a haunting play of tight and 
shadow on furniture and walls; a brown? 
ish night is streaming in. 

Darkness came also in the form of 
mysticism and Satanism, some of it with 
the sharp erotic wit of Felicien Rops or 
the everyman torment of Odilon Re- 
don’s owl-faced Christ, some of it sink- 
ing into the terrible symbolist kitsch that 
happily found its place on rock album 
covers in the 1960s and .'70s. 

Somewhere in between come the poV 
litically enraged scenes of the humwe 
life, naturalism and realism the visible 
counterparts to Zola's miserable streets. 
Emile Claus’s “The Old Gardener” 


eifobaeco 

C 

h Mifldi 


(1885) shows iis a prematurely old man 
a camera, flo 


staring as if into a camera, flower pot 
under one arm. clogs to the side aid 
gruesome naked feet Leon Frederic's^ 
“The Chalk Sellers” (1882-3) presents, 
a family's morning, noon and twilight 
both adults and children burdened and 
furrow-browed. Constantin Meunier’s 
“Femme du Peuple” in bronze (1893) 
is a worn-faced woman, looking down 
with aristocratic dignity. 


Ti 


HERE is a documentary side tp 
all exhibitions that look at both 
painters and writers. Verhaeren 
was painted by many of the 
artists he knew, notably by Theo van 
Rysselberghe (his Pointillist portrait is 
at the Orsay show). The same painter's 
“La Lecture" (1903) could be seen as 
the key to the whole show, as Verhaeren 
reads to a small group that includes the 
Frenchmen Andre Gide and Felix 
Feneon as well as the Belgian Maurice 
Maeterlinck, whose "PeUeas etMel- 
isande" was the basis for Debussy’s 
opera. 

The show rather limply includes Art 
Nouveau, with some magnificent fur- 
niture and objects by Emile Galle, Vic- 
tor Horta, Paul Hankar and Hector 
Guimard, but also a great deal of 
kitsch. 

Rodin lived in Belgium from 1871 to 
1877, notably working with Albeit Car- 
rier-Belleuse on the decoration for the 
Brussels exchange. The lovely sm al l 
show in the chapel of the Rodin Mu- 
seum centers on the masterpiece of this 
period, “L’Age d'Airain” (1877), 
which Rodin was accused of having not 
sculpted but cast directly on a modeL . 

The period these shows celebrate 
ended, as did so much else, with the 
Great War. In 1916, Emile Verhaeren 
published “Les Ailes Rouges de la 
Guerre’ ’ (The Red Wings of War). Later 
that same year he died, crushed by a 
train at the station in Rouen. 


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ECONOMIC s 

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BOOKS 


KASPAROV VERSUS 
DEEP BLUE: 

Computer Chess Comes 
of Age 

By Monty Newborn, 322 pages. 
$2935. Springer. 

Reviewed by 
Joseph McLellan 

s; 


happened in Philadelphia 
on Feb. 10, 1996. For the first 
time ever, a computer playing 
under standard match condi- 
tions (two hours to make its 
first 40 moves) defeated a 
world chess champion. 

The news that an IBM pro- 
gram called Deep Blue had 
beaten Garry Kasparov was 
prominently featured in fee 
media and electrified people 
around the world — not 
merely those who regularly 
follow chess news, but liter- 


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ally millions who were inter- 
ested in technology, in com- 
petitive activities or simply in 
humanity's position as the 
lord of creation. Tbe game 
was carried on the Internet and 
attracted some 1,200 “hits” a 
minute. The general reaction 
was shock. The human race 
had been symbolically and 
collectively humiliated by an 
inanimate object, found 
second-best in tbe faculty that 
we prize most dearly — our 
ability to solve problems 
through applied reasoning. 

This was a shocking depar- 
ture from fee exhibition in 
1985 when Kasparov had 
played simultaneously against 
32 computers and won all 32 
games. True, he had lost one 
game to a computer in 1994, 
but that was in speed chess, 
when he had only 30 minutes 
to make all his moves. Com- 
puters have a significant ad- 
vantage at that speed, and 
nobody took feat game seri- 
ously. 

But playing under standard 
world championship rules? 
That gets to the ego. Kasparov 
had summed up the problem 
in 1989 before beginning a. 
match (which he won easily) 


Blue called Deep Thought ‘ ‘I 
don’t know how we can exist 
knowing feat there 


exists 

something mentally stronger 
rTian us." 


Monty Newborn, a major 
figure in fee history of com- 
puter chess and an ideal 
choice to write this definitive 
study, thinks we had better get 
used to the idea: “For the tost 
quarter-century of progress in 
computer chess, computers 
were clearly inferior [to good 
human players]. For fee last 
fi ve years, they have been bat- 
tling on a relatively even foot- 
ing wife fee top players, and 
the two combatants will prob- 
ably remain fairly equal for 
the next several years. But the 

day is not too far off when fee 

best players will no longer be 
serious competition. Com- 
puters will simply consider 
too many possibilities and set 
up positions that are too com- 
plex for mere mortals to cone 
wife.” K 

So what? Is anyone 
bothered by the fact that a 
hand-held calculator can find 


point of. view, some of us 
would be seriously disturbed. 

But not yet. Fortunately 
this game was only the first in 
a six-game match. Kasparov 
won the second game, partly 
because Deep Blue had tech- 
nical problems, and for the 
remainder of fee match ob- 
servers enjoyed the remark- 
able spectacle of Kasparov 
gradually learning how to 
cope with this unique ad- 
versary. The final score was 4 
to 2 in Kasparov's favor, but 
this does not reflect the .re- 
lative playing strength of fee 
adversaries; Kasparov was 
better than Deep Blue but 
nowhere near twice as good. 

The six games brtween 
Kasparov and Deep Blue, with 
an extensive commentary flat 
fills some 43 pages, are the 
heart of this book, but it offers: 
much more than its title sug- 
gests. It will not quite tell you 
Qow to design your own chess- 
Playing computer pro gram , 
but it discusses fh#» Mrfintcal 


a square jpot faster than any 


human? The answer is feat if 
finding square roots were a 
competitive activity, as chess 


discusses tbe technical 
and philosophical aspects of 
this activity in- considerable 
depth, as well as . its history. 


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against a predecessor of Deep certainly is from 


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BUSINESS/FINANCE 



SATURDAY-SUNDAY, MARCH 22-23, 1997 


PAGE 9 


-.V. . -iV- 


Gera ian Hints at New Austerity Measures to Meet Euro Strictures 


By John Schmid 
* ana Alan Friedman 

. haemtaioaal Herald Tr ibune 

BONN — Germany may have to in- 
troduce new austerity measures to slash 
its deficit enough to meet Europe’s 
single-currency requirements this year. 
Ja top adviser to Chancellor Helmut Kohl 
said Friday. 

1 “I think we could well need more 
restrictive policies this year, ’ ’ said Wolf- 
gang Schaeuble, parliamentary leader of 
■the governing Christian Democratic 
Union and the man frequently mentioned 
as a likely successor to Mr. Kohl. 

- Mr. Schaeuble raised the prospect of 
new spending cuts during an interview 
here, in which be also acknowledged 
"that the majority of Germans did not 
■believe that Europe’s proposed cur- 
rency, the euro, could be as strong or 
stable as the Deutsche mark. 

While he insisted that Bonn would 
achieve the critical single-currency con- 


dition of a deficit equal to 3 percent of its 
gross domestic product in 1997. even in 
the face of record unemployment, Mr. 
Schaeuble conceded that Germany 
faced a difficult challenge. 

A year ago, Mr. Schaeuble predicted 
that Germany and the rest of Europe 
would go through a “political crisis*’ in 
preparation for the introduction of a 
single currency. 

In the interview, he said that this had 
begun to occur, and that Germany was 
now in the throes of a “ difficult ad- 
justment in political and social condi- 
tions.” It could take ‘‘three to five years” 
before most Germans would be willing to 
accept the euro after its introduction, 
which is planned for January 1999. 

Despite Germans’ reluctance to aban- 
don the currency that symbolizes the 
nation's postwar economic miracle. Mr. 
Schaeuble denied the growing specu- 
lation from politicians and markets that 
Bonn might be forced to seek a delay. 

Such reports “are an expression of 


the nervousness that we now have” as 
Europe makes the sacrifices needed to 
meet single currency targets. Austerity 
already has triggered protests, such as 
the demonstrations by coal miners two 
weeks ago that shut down the govern- 
ment district of Bonn after Mr. Kohl 
announced he would cut coal subsidies. 

Mr. Schaeuble contended that spec- 
ulators and others were seeking to fuel 
fears of a postponement in the single 
currency project. * ‘There are people all 
over Europe who are interested in mak- 
ing the markets nervous because they do 
not want the European monetary union 
to start in 1999.” he said, declining to 


identify them. 
Turbulence 


Turbulence in financial markets 
would continue until at least June, when 
the heads of European Union govern- 
ments meet in Amsterdam and ‘ ‘make it 
clearer that European monetary union 
will begin on time,” he said. 

Asked to comment on forecasts by 
private sector economists that Germany 


would overshoot the deficit-to-GDP ratio 
of 3 percent mandated by the Maastricht 
treaty, Mr. Schaeuble said: * * We must not 
change the criteria. That means 3 percent. 
Three -point-zero. We are determined un- 
der every conceivable scenario to do 
everything to reach the 3 percent.” 

On Friday, Finance Minister Theo 
Waigel said in Parliament that “sig- 
nificant consolidation efforts” In the 
budget were still necessary to meet the 
single currency goals. He denied that his 
recent assertion — that reaching the 
Maastricht criteria take priority over the 
single-currency timetable — represent- 
ed a new seance by the government. The 
statement helped fuel speculation of a 
euro postponemenL 

Despite the government's denials. 
Joschka Fischer, parliamentary leader 
of the Green Party, complained Friday 
that the government had not made clear 
whether it planned to seek a delay of the 
launch of the euro or noL 
Mr. Schaeuble, meanwhile, denied 


rumors that Mr. Kohl would prefer to go 
into Germany’s October 1998 general 
eleciion without Italy as a stoning mem- 
ber of monetary union. 

“It is a question of the numbers and 
not the politics.” he said, explaining 
that Germany would welcome Italy into 
rhe first round if ii meets the criteria. 

“Italy is making serious efforts to 
improve its finances and 1 hope it suc- 
ceeds in achieving the Maastricht cri- 
teria.” Mr. Schaeuble said. *‘We have a 
great interest in Italy being a founding 
member of a single currency, also be- 
cause Italy is an important trading part- 
ner for Germany. ’ ' 

■ New Taxes and Cuts in Italy 

The Italian government will present a 
package of new taxes and spending cuts 
by Easter to trim this year’s budget defici t 
by as much as 16 trillion lire ($93 bil- 
lion). government officials said Friday. 
Bloomberg News reported from Rome. 

Prime Minister Romano Prodi's cab- 


inet met Friday to discuss the midyear 
corrective budget put forward by the 
treasury minister. Carlo Azeglio 
Ciampi, which aims to trim the deficit to 
meet requirements for joining the single 
European currency in 1 999. 

After the meeting. Enrico Micheli, Mr. 
Prodi's chief of staff, said the corrective 
measures would be put forward by the 
government next week, before Easter. 

The size of the budget is based on 
preliminary estimates of government tax 
revenues and spending, which point to a 
1997 deficit of 76 trillion lire compared 
with a targeted shortfall of 60 nil lion 
lire, said Treasury Undersecretary Gior- 
gio Macciotta as he left the meeting 
Friday. While details of the corrective 
budget have not been formally presented 
by the government, they are expected to 
include 7.3 trillion lire from accelerated 
taxes on companies' severance pay- 
ments and 2.7 trillion Lire in a “solid- 
arity” tax that will vary depending on 
workers’ labor status. 




cti< 


Tobacco Deal 
Leaves Chief 
In Middle 

LeBow Either Traitor 
Or WUy Entrepreneur 

By Glenn Collins 

New York Times Service 

NEW YORK — In settling tobacco 
lawsuits brought by 22 stales, the ci- 
garette baron Bennett LeBow looks 
like both a traitor to the close-knit to- 
bacco fraternity and an improbable 
hero to the anti-tobacco movement 

Mostly, though, Mr. LeBow is a wily 
entrepreneur, making a high-stakes 
gamble to save his failing tobacco com- 
pany. the tiny Liggett Group Inc. 

“A traitor to the tobacco industry — 
I don’t know what that means.” said 
the 59-year-old investor and sometime 
corporate raider. ‘‘We have protected 
the shareholders and our interest Lig- 

S ett could not afford to lose any one of 
tese trials.” 

Liggett on Thursday agreed to label its 
cigarettes as addictive, to release internal 
industry documents and allow its ex- 
ecutives to testify in lawsuits. Some ana- 
lysts and competitors described the deal 
as an act of desperation. 










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RISsW® ii 

•' ■ * ‘ ■ \*.-V 


TV Wuuinl IWv 


The state of California is about to launch an anti-smoking campaign, of which this billboard ad is an example. 


The deal “is a final fling by a des- 
perate man who has lowered what was a 
fine tobacco company to its knees,” 
said Martin Feldman, an analyst for 
Smith Barney. “LeBow’s business is 
in dire financial straits.” 

While focusing on private label, or nor part of our present game plan." of cigarettes — one term of tl 
generic, cigarettes. Liggett has watched Nevertheless, he acknowledged that By all accounts Mr. LeBow 
its market share become minuscule and a company acquiring Liggett would, tobacco business, but those v 
profits have plunged into the red. like Liggett, win the right 10 limit its him say he loves more tht 
But there is method to Mr. LeBow’s legal liability, protecting that firm’s making money on Liggett, 
cigarette madness. ‘ 'The motivation of nontobacco operations, and possibly its made a lot of money, he has 
LeBow is, first, to get immunity' for domestic tobacco operations as well. vilified by angry stockholders 
Liggett,” said Roy -Buny, a securities Philip Morris Cos., the world's of plundering companies' a 
analyst with Oppenheimer & Co. “Bui largest tobacco maker, which could sued when one of his busines 
second, his strategy is to get acquired” provide the biggest payday for into bankruptcy proceedings, 
by another tobacco company that might plaintiffs' lawyers and the state artor- 

benefit from the settlement neys general, is exempt from liability See SMOKE, Page ] 


But in an interview, Mr. LeBow, protection in Thursday's deal. The 
who is chairman of Liggett’s holding risks are that nocompetitor will take the 
company, Brooke Group Ltd. of bait and that Liggett cigarettes, which 
Miami, said that the main reason for the include brands like Chesterfield. L&M, 
settlement “was to give Liggett im- and Lark, might lose sales if they carry 


muni tv,” adding that an acquisition “is a warning label about the addictiveness 


: of our present game plan.’ 


of cigarettes — one term of the deal. 

By all accounts Mr. LeBow loves the 
tobacco business, but those who know 
him say he loves more the idea of 
making money on Liggett. If he has 
made a lot of money, he has also been 
vilified by angry stockholders, accused 
of plundering companies' assets and 
sued when one of his businesses went 


See SMOKE, Page 10 


Is Chile’s Lesson on Pensions Portable? 


By Peter Passell 

New York Times Service 

N EW YORK — “It's such a 
difference,” said Isabel Mar- 
garita Perey, 45. a secretary in 
Santiago, Chile. “I love my 
pension plan.” So, apparently, do most 
Chileans, who have enjoyed spectacular 
returns on their nest eggs since the coun- 
try dumped the national pension system 
in 1981 for a savings plan that makes 
individuals responsible for financing 
their own retirement. 

And so, it seems, do the governments 
of Argentina, Mexico and Peru, which 
are all following Chile’s lead and 
switching to private — though heavily 
regulated — pension accounts. 

An idea that began as 2 model for 
born-again free marketers in stagnant 
Latin American economies, privatiza- 
tion of pension plans now is inspiring 
policy-makers in some of the high 

churches of capitalism. 

This month. Prime Minister John Ma- 


curity will provide even a modest pen- 
sion when they retire unless it is over- 
hauled, a variety of similar proposals 
have been floated as the answer to low 
savings rates and high Social Security 
payroll taxes. 

Over the years, “the gains from pri- 
vatization would be worth $10 trillion to 
$20 trillion,” said Martin Feldstein, an 
economist at Harvard University who 
was die chairman of President Ronald 
Reagan’s Council of Economic Ad- 
visers. For all its apparent success in 
Chile, though, the question remains 
whether what works in a poor but rap- 
idly developing economy would work 
in the United States and Europe — 
which cannot hope to pay for the re- 
tirement of aging populations with the 
dividends from growth. 

Advocates of privatization in rich 
countries do not see it as a miracle cure. 
Like Mr. Feldstein, they say it is a way to 
spur growth and a means of distancing 
the national pension system from the 
battlefield of entitlement politics. 

For their part, skeptics focus on the 


ior announced plans to turn Britain’s For their part sxepncs tocus on the 
oens ion system private, and France re- disadvantages of privatization — its re- 
cently pa&sedlegislation allowing about laiively high cost of operation and ,k 
14 ntilSonprivate-sector wotkera to set potential for unraveling support for a 


up private pension accounts. 

In the United States, where many 
younger people doubt dial Social Se- 


social safety net. 

They also caution that if returns start 
to tumble in a privatized system, the 


government could be obliged to bail it 
out — a Liability chat could shake an 
economy unprepared for it. 

Given such concerns, the skeptics see 
no compelling case for leaping into the 
unknown. “Chile couldn’t fix the sys- 
tem they had.” said Peter Diamond, an 
economist at the Massachusetts Institute 
of Technology. “Ours ain’t broke.” 

Chile's pension reform was driven by 
a mix of ideology and necessity. In 1973. 
after be brought down the elected So- 
cialist government in a bloody coup. 
General Augusto Pinochet was left to 
cope with a moribund economy. He 
turned to a group of economists later 
known as the “Chicago boys,” U.S.- 
trained Chileans who shared a commit- 
ment to the libertarian ideas of Milton 
Friedman of the University of Chicago. 

One of them, Jose Puiera, pushed 
tirelessly to change Chile’s pay-as-you- 
go national pension to a system of 
privately funded individual retirement 
accounts. But Mr. Pin era, then minister 
of labor and social security, was pushing 
on an open door. The existing hodge- 
podge of industry-based social insur- 
ance plans was unpopular, in no small 
part because it exacted payroll taxes in 
excess of 25 percent. Today, workers 

See PENSION, Page 13 


CURRENCY & INTEREST RATES 


Cross Rates 


March 21 UbftMJbor Rates 


, „ u ct Lk« oA if. sj. yb a nm 

A-*"*" » ™ jg « 'Z- ™ "’’E ’S’ s ss 

Bnmcfe 3** MS J!J** JSSJ. njgfl WO' 1.1591 LD3T U» W 

If m UNI 1H7I SUB9 13287 1*302 nra JSJ56 

LootlonlcO U« 31 — ^ tfffl 9US4 IUOT1M07 ~ 

Modrid >4101 U MB _ £ 5 . -0 i.istt 071 IJJUB U7» 

New York (b) — IBOa IOB SNJ5 ftKJJ yajj *457 ■ 4.MJ9 1® S' 

Ports UWS Wt 073 , .tm 95.18 — IM9 OHO* 

Tokyo III* WW nng]B- qjm UK*- AM3 1.W — WO‘ 

Toronto 1J» ITUS MU _ UK- UBS lMP 

ZBridl L6» 2330 MW USg UW WW utt HUM MM l&ffl 

,ECU !S Kg J5 *5 S3 uS am IMK IM ™ 


Dollar D-Mark 

1-monBl Sbu-Stm 3W-3W 
3- month 5*t-5* 3Vt-3*t 
6-month 5?»-5<y» 3tt-3t» 


Star** PMK Yen ECU 
6 - 6 M 3Va.34t to-t* 4I4-4U 

64t-6«* 3ta-3f>i V*- iy» 4M-4U 
69H-6* 3W-3*6 4V»-4V* 


JJW5 9.141* UD» 

HUB W-B 9118 
MRS U115 0818 


1-year 6-6*t 3W-3W I>V*.1W»6W*-6 «Vb 3 *k- 3M 4*-4Mi 

Sources: Revten UofOs Bank. _ . . . . 

Rates oppSaibfe to tatertank tfepos/ts of Si mHRon mtotonim torequ/mJeaV- 


1JM 121T5 ^ ? __ UK- 1JD6S3 10185' 

1-6S9 2OT UW 0^ «ylB2 USB 1418W MM l&ffl 

“S HJ S2 w *m 1*0 MUM 10049 man 

JUn. ports Va * Bnrf 


Other Dollar Values 

Cwtrocy Per* 

S3S>»S 


QwrcocY PC'S 
AigmLptsa 0.0988 
AustrafiDiS 1-2739 
ADStHmsdL 11.909 
BnsUncd 1J»15 
CMnenyBOB *3259 
Czech lunuo 29.17 
DamKhkroae 6-4495 
Egypt pMntl 3J938 
Fin. mitkii 5j0435 


Nim«.tarM 17i« 
iHBnnpee 3SB9 
t«to.n»p iob HUM 
IrfhE 

htwOsliek- 13725 
Mriay:rMfl- 2^8® 


Forward Rates 
Caimtcy " 1 M«r 

pound Sltfflofl MW* 

omaAndoHar 1-3W 

Deutsche moA l- 6893 

Sources: INO Bank (Ams 


1J986 1-»» 

1J715 

1.6362 1-4826 


Orntmaj War* 
MAPM 7-917 

!SE« 

PMtP»> *** 

PotohUuti 

ParteMWto 

usntt 5721 M 

Br .a 


Contact 

Jopoonayw 

SmtsstnM 


S- Air. rand 4*26 
5.Kor.woo B84JWJ 
SoecLkniw 7-436 
ItdamnS 2733 
Thai baht 25.97 
TurtishBa 124981 

UAE iflftwa 34705 

Venoz- boU*. 477U0 


6Mmr 9»T 
12233 I2IJ6 
1^511 1.4405 


Key Money Rates 

Unffed Stoles a 

DHuorat rate 
Prime nde 
Federal hjmtt 
90-day CDs dratar* 
UDderCF drain i 

3 OMOth Treasury ba 

1- year Treasury u 

2- year Treasury faB I 

5-year Truasory now < 

7-year Treasarr safe t 

10-year Treasary oo»« l 

30-year Treasury bond I 

Mena Lynch 30-day RA t 


Deutsche mark l- 6893 1 - 6a * Banco OoitHnentate ttaHona ^ 

Sources: ING Bat* Ohnsfcffff 


HKOaltdc 
CoS t&OMY 
varndh uethaak 
3-maaifa tatnlHadi 
6-auoni tBftrtam 

10-year Cart baud 
Germmy 
Lombard rate 
Caflanoey 
1-moatk tulBbu o k 
3-molh tatertoak 
6-moHth taterbeak 
IMroor Bund 


Brilobt 

Breriz base rate 
OUl m oauy 
1 m a nth li dwh aak 
3-axKtth Fata bonk 
6-moBth btiertaok 

IQ-yuarGiTt 


loimeiaaa rate 3.10 3.10 

Qd money }V> 3W 

1-amalh interbaok 3U 3U 

3-OHOlh lalnbaaft 3¥a 3Vh 

frremrth totertm* m 3* 

lOfearMT iso 

Sources: Reuters, Bhombm Merrill 
Lyoch. Bonk of Totyo-Mlfsublstii. 
Ce mnentmt. CkOIi Lyoenah. 


Zorich 351 JO 351^5 —030 

Lead an 351.70 352-38 +030 

New York 352-25 35050 4430 

U&doBan per ounce. London official 
flxiovs: Zurich and New York opening 
and ck&-m prices New York Comet 
1 * 0*1 

Sounx: Reuters. 




fk/.h 




Hrlee HmeWThr New Yak Tone* 

Like many Chileans, Isabel Mar- 
garita Perey likes her pension fund. 


VW Clears Stock Plan 
For All Its Employees 

92,000 Can Take Up New Options 


By John Schmid 

Imernjricnal Herald Trilnaie 

FRANKFURT — Volkswagen AG 
on Friday became the first German com- 
pany to approve a stock-option plan 
intended to endow every one of its 
92,000 employees — from the assembly 
lines to the boardroom — with the same 
vested interest in a rising stock price. 

Only a handful of German compa- 
nies. such as Daimler-Benz AG or 
Deutsche Bank AG. have created stock- 
option plans, and they generally limit the 
stock options to senior managers. Stock- 
option plans have come under heavy 
criticism from German unions, who note 
with worry that stock prices often rally 
on announcements of layoffs. 

Volkswagen, however, has a policy 
against laying off workers, because the 
state of Lower Saxony holds one-fifth of 
its stock, and the state’s prime minister 
sits on its advisory board. 

With the decision by Volkswagen's 
supervisory board to issue 2.7 million 
share options, a company considered 
one of the least likely to join the nation's 
fledging “shareholder value” move- 
ment now has become one of the move- 
ment’s innovators. 

“Volkswagen is the first German 
company that allows all its employees to 
acquire such stock options and open the 
possibility to share in the economic suc- 
cess of the company,” it said. 

The plan only applies to the Volks- 
wagen parent company and not to staff 
members at other subsidiaries in the 
consolidated VW group such as Skoda. 
SEAT and Audi. 

"This is a step to transform the em- 
ployees. at least mentally, into share- 
holders," a Volkswagen spokesman. 
Klaus Kocks. said. 

Volkswagen shares closed at 881.70 
Deutsche marks ($521 ). up 9.70. 

The company bad other reasons to 
include the entire work force. Mr. 
Kocks said. Because Volkswagen has 
more workers than it needs, it tailored its 
stock-option program to carry an in- 
centive for early retirement as well. 

Employees are only entitled to the 
stock options after they have opened a so- 
called time account allowing an employ- 
ee to accumulate “time credits” toward 
early retirement by transferring overtime 
hours into the account or by converting a 
portion of his or her salary into time 


credits. Time credits cany “interest,” 
giving employees an incentive to save 
them for retirement rather than merely 
prolonging regular vacations, die com- 
pany said. In 1993, the company became 
the first in Germany to create a four-day 
work week to try to avoid layoffs and 
spread shifts among more workers. 

The company says it has always re- 
jected the term “shareholder value,” 
the label used by other companies that 
use performance-linked pay and stock 
bonuses as incentives. 

“This company has always had a 
stakeholder concept that includes the 
customer, the employee as well as the 
shareholder, all three of them,” Mb’. 
Kocks said. 

Separately on Friday. Volkswagen 
renewed the contract of Ferdinand 
Piech. chairman of the management 
board, for five years, beginning Jan. 1. 
But Martin Posth. a management board 
member, will leave April 5 after nine 
years on the board. 

The company gave no reason for Mr. 
Posth’s departure. 

“I think it is very good that Piech is 
staying on, because he is the driving 
force.” Lothar Lubinetz ki, an auto ana- 
lyst at Enskilda Securities in London, 
told Bloomberg News. 

Volkswagen’s board also confirmed 
preliminary figures that showed the car- 
maker’s profit more than doubled last 
year, to 678 million DM from 336 mil- 
lion DM in 1995. 

Sales rose to 100.1 billion DM from 
8S.1 billion DM. 

■ Russia Carmaker Nears Deal 

AO Avtovaz, Russia's biggest car- 
maker, said it was close to an agreement 
with Adam Opel AG and Valmet Oy on 
a pioneering automotive joint venture, 
Bloomberg News reported from Togli- 
atti. Russia. 

Avtovaz is in talks with Opel, the 
German subsidiary of General Motors 
Corp. of the United Stales, and Valmet, a 
Finnish manufacturing concern, to build 
an assembly plant in Vyborg, between 
Sl Petersburg and Russia's border with 
Finland, an Avtovaz spokesman said. 

An agreement to form a venture to 
assemble as many as 50,000 Opel cars 
could be signed by May, marking the first 
time an automotive joint venture in Rus- 
sia had begun work without depending 
on existing production lines and plant 


i BA Begins to Fill 
1 5,000 Vacancies 

ns 

Move Part of Cost-Cutting Plan 

■a Bloomberg News 

LONDON — British Airways PLC said Friday it had begun 
_ recruiting workers to fill 5,000 vacancies over three years. 

replacing the 5,000 jobs it had said it would cut in September 
21 in a sweeping plan to bring down costs. 

Europe's largest airline said it planned to hire 2,000 cabin 
w crew staff, the largest single category of job opening, as well 
u as new employees in customer service, telephone sales, food 
£ service and cargo operations. 

The move is intended to leave BA with lower staff costs in 
an industry that faces consistently declining fares and new 
competition from a crop of low-cost airlines. It is shedding 
jobs in Bri tain in such areas as accounting and reservations in 
favor of creating jobs in lower-cost locations such as India. 
loo The recruiting includes the 700 workers that BA sard last 
sa week it would hire at London’s Gatwick Airport, which 
recently took over the airline’s Latin American route network 
from the more congested Heathrow Airport. 

■ 63 BA has said all of the 5,000 job cuts will be made through | 

voluntary severance packages, or by spinning off businesses 
mo such as ground handling. It said its work force would remain 
^ steady at about 49,000 by 2000. 

British Airways shares closed at 635 pence ($10. 16), down 
m 2 pence. 

a!! ■ Pan American to Acquire Carnival’s Shares 

Pan American World Airways said Friday it would acquire 
>ga all the shares of Carnival Air Lines, and that Carnival Air 
Lines’ principal shareholder. Mickey Arison, would acquire 
£> 42 percent of Pan Am’s outstanding stock, Bloomberg News 
■3 d reported from Miami. Mr. Arison also will make a $30 million 
“ capital investment in Pan Am. 

in afternoon trading in New York, Pan Am shares were down 

50 cents at $10.50. Carnival shares were unchanged at $36.75. 


NOTICE TO THE UNITHOLDERS OF 


Registered Offices 
16, Boulevard Royal 
L-&J49 LUXEMBOURG 

SKANDIFOND S-E-BANKEN FUND 

MANAGEMENT REGULATIONS 
(modifications taking effect on April 1, 1997) 

Referring to the version dated September 1, 1994, the 
following modifications have been brought about 

New Version: 

ARTICLE 9 - ISSUE PRICE 
First paragraph 

Tie iwiir price or units in a Sub-Fund includes the net asset 
value of a unit in tliai SuleFund calculated in anrordance with 
Article 7 nf llicse Regulations, increased by a commission 
which will not exrrcri 5% of ihe net asset value; this 
commission includes all commissions payable to banks and 
financial establishments taking part in the placement of the 
units. 

ARTICLE 12 - REDEMPTION 
First paragraph 

Owners of units may apply at any time for redemption of their 


unit*, whirh will be atlerlitl at Ihe net asset value ruling at that 
time, decreased by a txim mission which will not exceed 0.5 0% 
of the net asset value: this commission includes all commissions 
payable in banks and financial establishments taking part in the 
redemption of the units. 

Piflli paragraph 

Confirmation of execution «r redemption will he made by 
dispatching an advice to the unitholder, indicating the name of 
the Snh-Kiind, number and class of units redeemed and (he 
relevant net asset value per unit. Payment will be marie in US 
Dollars. Swedish Kmnore, Norwegian Kroncrs or in the base 
currcnry of the Sub-Fund within ten bank business days 
following the rorrcfi|KHiding Valuation Day. 

Luxembourg, March 12, 1997. 

THE DEPOSITARY BANK S-E-BANKEN FUND 
S-E-B ANKEN MANAGEMENT 

LUXEMBOURG SA. COMPANY SA. 


r 




I 



PAGE 10 


ESTERNATIONAL HERALD TRIBUNE, SATURDAY^SUNDAX, MARCH 22-23, 1997 


THE AMERICAS 




Investor’s America 


The Dow 


30-Year T-Bond Yield 




ass 






6.65 




5700 

■i 


[ Dollar in Deutsche marks 


Dollar in Yen j 





J F M 
1987 - 


w ;?wwe mvjiK» 

fcf u ..... ft .. fwTw .. s ' Twfr-riia- i ; m 79-rt 7r . ^ . - i ; ■> . : . .h> . .... ■ « ■ ...... 



Another Failed Merger for Ivax 

Bergen Brunswig Ends $1.65 Billion Deal and Brings Suit 


Ccm/Stdbj Or SatfFromDepaKhes 

MIAMI — Ivax Coro., the 
biggest maker of generic dings in 
file United States, apparently can- 
not hold on to its partners. 

After calling off its planned 
$1.65 billion merger with Ivax on 
Thursday. Bergen Brunswig Corp. 
brought a federal lawsuit Friday 
accusing the troubled company of 
breaking terms of the agreement 

The Bergen Brunswig deal was 
the second planned merger for Ivax 
that fell through. Investors had dis- 
approved of the merger from the 
beginning, selling off’ the stocks of 
both companies after the deal was 
announced in November. 

Ivax said Bergen Brunswig un- 
justly halted the deal. 

“Although we saw great oj 
portunity in a merger of eqi 


with Bergen, we are prepared to 
proceed on an independent basis,*' 
said Phillip Frost, Ivax’s chairman 
and chief executive. 

Analysts had questioned the 
deal, saying that Ivax might have 
trouble selling its drugs to other 
wholesalers after it was taken over 


by Bergen. Although Bergen 
rered 


shares have recovered since the 
deal was announced. Ivax has con- 
tinued to drop as it has reported 
additional financial losses. 

Bergen shares rose 12.5 cents to 
close at $31,625 on the New Yoric 
Stock Exchange. Ivax fell $1,625 id 
$ 10.75 on the American Stock Ex- 
change. 

Mike Krensavage, analyst at 
Oppenheiiner & Co., said Ber- 
gen ’s stock would probably rise on 
the termination because the trans- 


action would have diluted the 
value of its shares. 

The end of the transaction bodes 
ill for Ivax, which has debt and high 
inventories and is poorly managed, 
Mr. Krensavage said. 

“Ivax’s stock goes lower.” he 
said. 

Hemant Shah, analyst at HKS & 
Co., said he expected Ivax shares 
to rise. “I believe Ivax. as a stand- 
alone company, would be worth a 
lot mate if they can divest some of 
their assets," Mr. Shah said, 
adding that he was “a little sur- 
prised*' by Bergen’s decision. 

In 1995, Ivax tried to merge 
with Hafelund Ny corned AS of 
Norway. That deal fell through 
when Hafslund could not get the 
required two-thirds approval from 
its shareholders. (AP, Bloomberg) 


Report of Fed Warning 
Sends the 


f- 





,ilfl Ci 


Ca^MbfOur Stf/vaff Oparte 

NEW YORK — The dollar feU 
against other major currencies Fri- 
day on a report that a Federal Re- 
serve Board official had cautioned 
agairva too strong a dollar, but it 
recovered after the Fed denied die 
report. 

Comments by a U.S. trade of- 
ficial warning Japan against in- 


denied the report in a statement isi' 


“Secretary Rubin is the US. 
spokesman on die dollar, and v ice 
chair Rivlin fully supports Secretary 
Rubin's policy,” the statemenisaid. 

The dollar also slid after tbe des-* 
ignated U.S. trade representative. 
Chariene Barahefsky. warned that 


Cl* 

fliefra i 

liter 



Source: Bbamberg, Reuters 


ImcnattonaJ Herald Tribune 


Very briefly: 


Slow Growth Depresses Kodak Stock 


U.S. Deficit Swells to $44 Billion 


WASHINGTON (AP) — The federal budget deficit 
swelled to $44 billion in February, putting die red ink for the 
first five mouths of the fiscal year 12 percent ahead of the same 
period in 1996. 

February's imbalance followed two monthly surpluses and 
brought die deficit since die start of fiscal 1997 on Oct. 1. 
1996, to $90 billion, die Treasury Department said Friday. 

Federal spending in February totaled $134.3 billion, and 
receipts came to $90.3 billion. The biggest spending cat- 
egories were interest on the national debt; Social Security; die 
Health and Human Services Department including Medicare, 
Medicaid and welfare, and the military. 


Bloomberg News 

ROCHESTER, New York — 
F,astraan Kodak Co. shares 
plummeted Friday after the com- 
pany, in a vaguely worded state- 
ment. said lower prices and unfa- 
vorable foreign-exchange rates had 
eroded whatever modest growth it 
had been able to make in sales so far 
tins year. 

Kodak shares fell $9.75 to close 


at $78 JO on the New York Stock 
Exchange. Earlier, the shares 
touched $78, erasing more than $33 
billion in market capitalization. 

The photography company also 
said growth rates in emerging mar- 
kets “moderated considerably.” But 
Kodak declined to comment on the 
potential impact on earnings. That, 
analysts said, caused the stock plunge 


as investors assumed the worst 


In the first finan cial quarter of 
1996, Kodak earned S274 million, a 
4.6 percent increase from the Hke 
period in 1995. Sales rose 8 percent 
to $3.39 billion. 

Also oq Friday. Kodak won its 
bid to extend to June 30 a restraining 
order against two former company 
executives accused of stealing trade 
secrets. The previous order expired 
Tuesday. 


the U.S. currency, traders said. 

The dollar closed at 122.850 yen, 
down from 123.755 yen Thursday, 
and at 1.6863 Deutsche marks, 
down from 1.6925 DM. Hie dollar 
fell to 5.6875 French francs from 
5.7145 francs, but it rose to 1.4575 
Swiss francs from 1.4535 francs. 
The pound was at $1.6035, up from 
$13935. 

The dollar’s decline followed a 
report Friday morning that the 
Fad's deputy chief, Alice Rivlin, 
warned Thursday that a dollar that 
was too strong would not serveU.S. 
interests and that Treasury Secre- 
tary Robert Rubin had placed limits 
on America's strong-dollar policy. 

The article, which was said to 
have been based cffl luncheon re- 
marks at the University of Nebraska, 
quoted Ms. Rivlin as saying, “The 
Treasury secretaries always have to 
say they’re for it, but there are limits, 
and Rubin says basically we have a 
strong dollar now.” The article said 
she was referring to Me. Rubin's 
comment Feb. 7 that although a 
strong dollar was in tbe U3. national 
interest, “We have had a strong dol- 
lar far some time now.” The Fed 


FOREIGN EXCHANGE 


an increase in Japan's exports to., 
Amer ica would be met with strong .: 
resistance from the U.S. ^ovent.i 
m gn t. "Japan should not think it’s ■ 
gning to export its way out o f th is ^ 
recession.” she said. - 

The U.S. currency’s 57 percent 
rebound from the postwar low it set , 
against the yen in April 1995 has^: 
eroded U.S. exporters’ compem-^, 
iveness and the value of their fixr-- 
eign-currency earnings. 


... -r -t 


The consequent widening in the 
U.S. trade deficit 1 


with Japan means-.' 
rs have more dol- . 
lars to sell for yen. A repeat" 
Thursday showed that the deficit; 
grew 0.7 percent to $4.29 billips in 
January and was up 13 percent from ,, 
a year earlier. 

Traders said they wouldlook.io_ L _ 
comments from Vice President AI- 
Gore when he visited Japan on-; 
Sunday for more evidence of brew- _ 
ing trade tensions. Concern about - 
trade relations overshadowed ex- 
pectations that the Federal Reserve . 
Board’s Open Market Committee : 
would raise U.S. interest rales utoen - 
it met Tuesday. (AFP, Bloomberg) - 




SMOKE: Liggett Boss - Traitor to Industry or Wily Entrepreneur? Tobacco Stocks Take Losses 


• Merck & Co. said researchers had stopped a clinical trial 
using its AIDS drug Crixivan because of the drug's “positive 
impact." The study, Merck said, found that patients using 
Crixivan both alone and in combination with AZT were 
almost two-thirds less likely to develop AIDS-related con- 
ditions than those on AZT alone. AZT is made by Glaxo 
Wellcome PLC. 

Philip Morris Cos- will raise cigarettes prices by about 5 


Continued from Page 9 


cents a pack, topping an increase by its biggest competitor, 
» Holdings Corp. Philip Morris makes Marl- 


RJR Nabisco 

boros and is the largest U.S. tobacco company. 

• Exxon Corp. said its affiliate Esso Production Malaysia 
Inc. had signed two production-sharing agreements with the 
state oil and natural gas company Petronas for two offshore 
blocks near Malaysia. 

• Parmalat Finanziaria SpA will acquire Beatrice Foods 
Inc. of Canada in a purchase valued at about 290 milli on 
Canadian dollars (S2I2 million). 

• Student Loan Marketing Association said its board would 

hold elections in 1 998 to try to resolve a struggle for control of 
the company. Bloomberg. AFX 


Mr. LeBow, the Philadelphia- 
born eldest son of a life-insurance 
salesman and a schoolteacher, at- 
tended Drexel University and stud- 
ied computing in graduate school at 
Princeton University. 

In print, LeBow has been called 
everything from a “master fina- 
gler” to “a weasely raider” and a 
vulture who targets distressed 
companies. He has always de- 
scribed himself as "a contrarian in- 
vestor.” Those who know him well 
portray Mr. LeBow as a complex 
man interested in highly complex 
deals who has a fondness for the 


who has worked with Him and spoke 
on the condition of anonymity. 
“He's not trying to be some white- 
shoe guy to get into tbe Harmonie 
Club or Maidstone. And that gives 
him freedom and flexibility.” 

Some stockbrokers swear by Le- 


Bow. Although Brooke Group is 
rithS3^ 


saddled with $375 million in long- 
term debt amassed from various cor- 
porate deals, investors have actually 
profited handsomely over the years. 

In the mid 1980s, Mr. LeBow 
began amassing shares of American 
Brands, another tobacco company, 
after it opposed a merger with his 


rough and tumble. 
Mot 


Liggett unit The stock price shot up 
id Mr. LeBow sold out. making a 


and 


lore important for his current 
relationship with the tobacco in- 
dustry, Mr. LeBow * ‘has no need for 
social acceptance,” said a banker 


profit estimated at $30 million. 

Wall Street took note then that in 
1995 Mr. LeBow became an apostle 
of shareholder value, joining with 
Carl Icahn to become the barbarians 


at the gate in a battle against RJR 
Nabisco Holdings Corp. The goal 
was to win a handsome dividend for 
the company’s 450,000 stockhold- 
ers by forcing an immediate spin-off 
of RJR Nabisco’s food business 
from its tobacco unit 

But Mr. LeBow ’s S10 milli on as- 
sault against RJR Nabisco fizzled 
last April after a separate settlement 
made in March 1996 by Liggett with 
a consortium of lawyers represent- 
ing smokers and five state attorneys 
general suing tobacco companies. 

■ Tobacco Stocks Phimmet 

Shares of major U.S. tobacco 
companies fell Friday, with a sharp 
decline in Philip Morris weighing 
on the Dow Jones industrial aver- 
age, but broader market indexes 
were higher, news agencies reported 
from New York. 


The 30-stock Dow index closed at 
6,804.79, down 15.49. But exclud- 
ing Philip Morris and Eastman 
Kodak, which together were down 
the equivalent of about 42 Dow 
points, tbe blue-chip barometer 
would have gained on the day. 

Id late trading Philip Morris was 
down 514 to 110%, bringing its two- 
day drop to 11%. Other dec liners 
among tobacco stocks included RJR 
Nabisco Holdings, which fell Vi to 
3 1 in late trading; UST, down % to 
26%. and Loews, off 4% at 93 %. 

Broader stock measures were 
mostly positive. The Standard & 
Poor’s 500-stock index closed at 


784.10, up 1.45, but the technology- 
" ~ x fell 


heavy Nasdaq composite index fell 
5.19 to 1 ,254.07. giving back earlier 
gains. Advancing issues out- 
numbered dec liners by a 7-to-6 ratio 
on the New York Stock Exchange. 


Health, beverage and other 
companies whose profits would be 
affected least by rising interest rates - 
gained. 

Procter & Gamble, Merck. Amer- 
ican Home Products and Coca-Cola - 
rose as investors speculated that, 
sales of shampoo and soft drinks 
would not suffer if die Federal Re- 
serve Board raised interest rates at a - 
meeting Tuesday to cl amp down on : 
spending and keep inflation at bay. . 

“Investors are buying Coke, 
Merck and P&G because those 
companies are perceived as a safe 
harbor," said James Melcher, pres-J 
idem of Balestra. Capital, which 

manage s $100 millio n 

Bond pices were little changed, 
with the yield on the benchmark 30- 
year Treasury band up one basis ■ 
point, at 6.96 percent. 

(AP, Bloomberg) ’ 


* 


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at 

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AMEX 


U. S. STOCK MARKET DIARY 


>(.K M 


INTERNATIONAL FUTURES 


Friday's 4 P.M. Close 

The top 300 most active sharei 
up to the dosing on Wall Street. 
The Associated Press. 


iST 9 " 


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see% KW um bffitt or* 


Indexes 
Dow Jones 


**S»i 


Indus 685L89 6851.63 09006 6804.79 

Tins 24ZBJ9 3*3**5 2417.19 242409 

UW 22141 221.56 22009 22741 

nil? 711903 212262 


Camp 313120 2131.15 711903 


•S Standard & Poors 


IndiaftU* 
Transp. 
UlWtes 
Finance 
SP 500 
SP 100 


High Lot Ora. 

919.01 909.37 914X3 91532 
57007 55X42 555-65 567 J9 
192*9 191.24 19139 19275 
91 .10 W74 9050 9171 
78629 77854 78255 789.10 
785-69 75878 78277 76X19 



March 21, 1997 

HlBfi Low Latest Gipe OpuiJ 


Nasdaq 


»* 


mis 41178 41280 *1.02 

52007 $17,83 51042 *04* 

33376 SdjO 38 289 +279 


fVn 

BS3K 


WL HHrfi Lot laf Chp. 



156221 53ft 

iSSir - 


83165 10ft 


- Nasdaq 




Transp. 


..100 52 >4 
61308 19* 

g jg 

123 S*. 

45441 14ft 


48ft 491* 

isfe 18 S 

10 ft 10 V# 

& 4 

17 19ft 

SB & 

39ft 39ft 

S? SB 

l 3ft 13ft 


• 1 ft 

''I 

4! 


+ftw 

n 


AMEX 


lot AMEX 


Grains 

CORN (CBOT) 

SOT BumMrnivn- carts per Putntf 
Mov9 7 302ft 299 300ft -4ft 154.5*5 

Jul *7 303V. 299ft 301 —3ft 110441 

S» 97 2954* 291ft 296ft -3ft 17.903 

Dec 97 293ft 289ft 292ft -7 0688 

Mar 91 297 29 4 298ft -2 1,127 

Etf. rates HA. Thu's.sotes 101.190 
Tlv'IOtenklt 380.120 up 4829 

SOYBEAN MEAL (CBOT) 
l IB »n»- deters oar ten 

MOV 97 278.00 27100 277.40 -190 0475 

■0197 Z71M 289 JO 27110 -110 27468 

Aue*7 266.00 24140 265J0 -2JI0 8.711 

SepW UUX M-10 2&00 —120 5.957 

00 97 227 JO 22150 227 JO tOJO 4J95 

Dec 97 22120 219JJ0 72320 * 060 9453 

Est.sdes NA Thu's, solas 33477 
Thu's open int 105.120 off SI 

SOYBEAN OIL (CBOT) 
u joo te- omt, nor t> 

Mit97 3426 — 3CUB 

Mnv97 2445 2443 264) -4J7 

Jul 97 25.05 2475 2476 -040 

AUBJ7 2125 2493 24,93 -139 

Sw97 2540 25.13 25.13 —038 

0097 2545 2525 2541 -447 

Esf.sdes HA. Thu's.sotes 19440 
Thu's open bit 95725 off 1323 


Kfth Lea. used eng* Optrt 

O RANGE JWCE (NCTN) 

I S400 com ner o. 

MSV97 8543 5150 8170 —1.10 M.7S2 

U17 B6X0 8650 -075 54(1 

5W97 Sir 67 JD 5740 -070 1716 
_ 8940 -0170 1406 

Esr.sates NA Thu-s-sotes 145S 
Thu's Opel ca 26j» off 322 


tUgh Law Lofts) cage OpM 

10-YEA R FRENCH GOV. BONDS (MAT1F) 
FF500000 ■ rtfs Of 1 00 po 
Jun 97 12B.ll> 12740 12744 +0521037} 
Sep 97 12840 12640 12844 +0J2 1171 
Dk 97 9S40 9540 9544 +AS2 0 
] EAwjtume: 128499. Open bit: 157442 up 


High Lh u *m Chge OpM 


Hidu»tiiala 


Metals 


GOLD CNCMX) 

too nor as.- EtancnetrimraL 


MB- 97 


35100 


Apr 97 35420 351 JD 3S3JD 


MOV 97 


35460 


*140 

►UO 


IS 
4548? 
2841 B 
5407 
3466 
1583 


-130 

Jun 97 35740 35400 355.90 -IJD 

Aus97 35940 35670 3SB4D -1J0 

0397 36140 36040 36080 -140 

OC 97 36450 36100 363.60 -?.W 

Fet>98 365.90 -140 

Ed.sdes NA Thu's.sotes 38486 
TTn/scoeninr 164294 off 3606 

M GRADE COPPBt (NCMX) 

2LOOO tea.- cwirs nor te. 

MB 97 DM0 11540 11845 -27S 

Apr 77 11L00 11240 11170 -2.M 

MOV 97 11260 71040 112.10 -1J0 

Jun 77 11040 10940 110.10 -025 

48 97 106JO 10745 10835 -0J5 

Aus97 106J5 -0J5 

SepJJ 10540 10440 10545 -045 

Od97 10440 — 020 

tov97 1Q34Q -030 

^.scses NA. Thu's.sotes 9449 
Thu's open W 56,293 up 152 


2 

64409 

2 

40,185 

10452 

5452 

21.117 

5.129 


ROND OIFFO 
m. 200 BdOoo - pa onoopd 

Jun97 12544 12545 VSxe -003 IQ&0SA 
Sep97 12540 12540 125.13 - 003 3409 
Ea sates 41400 Prav. sates 60420 
Piev-OPMIB-- 108465 up 2439 


COTTON2 INCTO 
AJXSbL-cniBarRi. 

Muv»7 KB 73.10 7U5 -090 40456 

Ji8»7 7555 7461 7486 -479 15JO 

Od»7 TWO 7108 7640 -OJB 1435 

Open TLB 7640 7640 -045 21481 

McrW 7740 7740 77.18 -047 14H 

MorW 7747 T7J0 VJJ -4.13 589 

g.solei na Thu's, softs 6906 . 

Thu'S open W 71419 up 277 


•sn- 


: v 


4018 


21963 

I486 

8421 

822 

1763 

778 

761 


EURODOLLARS (CMBt) 
Sln«ln«onHM. 

Mar 00 9342 9249 9100 
Jun 0? 9195 92.97 *-041 

SflPOO 92 .» 92.91 9192 

Decn 9186 9246 9186 *042 

MorOl 9187 9246 9246 *04] 

4*101 9183 9180 9182 *042 

Sep 01 9179 9176 9178 *042 

poem 9171 9169 9171 *042 

MarIB 9171 9169 9171 +042 

4m02 9167 9167 9167 * 042 

SeplH 9163 9163 9163 +042 

DecQ2 92J6 9156 9246 +042 

Est softs NA Thu's, softs 606406 
Thu'sopsnint 1343411 up 48226 


46479 
36» 146 
35414 
27.96# 
26477 
21,122 
16402 
10.116 
7465 
5420 
6.956 
5482 


HEAT1N00IL (NMER) 
flumaa. cants pv oca 
Apr 97 5640 
May 97 5645 
jun 97 5640 
Jul 97 5640 
Al*97 5740 
Sep 97 

Od97 5845 
Nw97 5946 
Due 97 nxn 
Jan 98 6045 


Thu's opan bit 123452 off 37 


55JH 

55L7D 

— 0J6 

25479 - 



bua 

5446 

-048 

25J17 - 



5545 

SilK 

—0.13 

13422 . 



5L3S 

SL35 

—0.13 

12487 . 


1 - 

5640 

yjw 

—/Iff? 

74M 



57 M 
040 5840 

+027 

5475 

0713 


- » • **M2 

59-00 

59 JD 

+007 

LSB 


•' ?S 

5940 

5VJU 

+022 

0822 


«U0 

60.10 

+032 

4438 


Thu's, sda 

25456 


-- 


59146 59036 87142 -OJJ 


^ Daw Jones Band 


W Nip 
J16T7 11JJ 


17 




20 Bands 
10 umtles 
10 Industnob 


■ l a 


611 .5 

13 16 

IBM 19ft 


n i r « 


■fti 

■Tft 

*-ft 


u 


SOYBEANS (CBOT} 

3400 ou nvnknwn- tarts aar busnai 
MOV 97 869 823ft 862ft -Oft 

Jul 97 AXYi 83fft BCft -lift 

Aug 97 SX BIB 826ft —15 

Sep 97 743 755ft 761 -8ft 

Nov 97 71796 738 71194 -5ft 

69. Site NA Thu's. Stees 85439 
Thu's open inf 119450 iv 1681 


79471 

59.707 

L260 

5413 

33,757 


”SL 


MV 7U 

Wi .3ft 


RssEev 


13W lift 

5» 5ft 

16ft lWi 

w» n 

sn su 

7 6h 

27ft 21ft 

6 Sft 

M 3 
ft ft 

IV* 1 
13ft 12ft 

21ft 22ft 



Nasdaq 




WHEAT (CBOT) 

LOT Bu mWnrnnv eam vw buual 
May 97 391 337 390 -715 

Ju797 380ft 382 ft -7 

Sep 97 SBft 383 385 —696 

Dec 97 96ft 391 39296 -6ft 

EM. soles NA Thu's.sotes 37477 
Thu'SOPHlblt 80,749 op ZZ22 


27.530 

61J97 

Z3S 

SJ95 


SILVER mow 

S40D trw ofc- Cants oar iro, ot 
Mor97 519.00 57340 51140 — L3D 

Apr 97 51443 — 5J0 

Moy97 5Z340 51640 57640 -540 

Jul 77 5^40 52040 521 70 -540 

Sep 97 5H40 52L00 52670 -540 

Dec97 33940 53100 53470 —540 

J0n98 537.10 —540 

Mar 98 56270 —440 

Bf.stfes NA TUI's, soles 19449 
Thu’sapenkd naa up 7163 


3 

57429 

17405 

1371 

5,175 

13 

&3S 


BRfTBH POIMD (OMBl) 

«OT pun, s oar pound 
JW197 lira 14870 1 4022 
S*p 97 14000 L6000 14000 
Dec 97 IJBS3 

g-soWs NA Thu's.sotes 5468 
Thu'sooenW 38.121 up 176 

CANADIAN DOLLAR (CMER) 

W" » 

- 7315 - 7330 

0^97 7370 7355 


37462 

668 

91 


tun 

4452 

1463 

696 


LIGHT SWraTCRUDC (NMER} 

9 .008 Mil Wai»w 
Mov97 572 2743 2147 -031 93405 

TLQk T145 2140 — 077 577© 

2172 2775 -073 26.971 

*».1« -0.15 18468 
rSS Hi! njB 2142 —a U 134I6 

:2sm —0-15 15411 
fS'S Si’S 2190 20190 —006 7i3W 

OT90 2040 2070 2070 -Oil 0.934 

Febw sn 77 -1.051 

Wcrf! 2073 LOT8 

Air 98 fig 

Mo yfB nus 

T7»rt<Wnbit 380,137 Off 31996 


U 


’-■y 


- ns 


Livestock 


•5 AMEX 


Market Sales 


A ft 




% 


YMby 


ft 

2 


NYSE 

Ames 

Nasdaq 

/nmRffora. 


53841 58948 
21.92 3641 
52873 63246 


CATTLE (CMBU 
«OT faft- cams pa- S>. 

ABT97 6*45 6745 68.15 +047 33465 

Jun 97 6640 6345 4177 +QJ0 2775 ft 

Auq97 6172 6112 6140 +077 21^9 

OU97 6745 6640 4645 +102 15.145 

Dec 97 «4B was 0.15 +005 7438 

Feb 98 7050 7072 7063 +0.15 24Z> 

BLsdes 14473 Thu's.sotes 25.919 
Thu's open bn 701.745 off 1879 


PLATINUM (NMER) 

SO trev o&- deOvs ser irov az. 

Apt 27 38740 37940 3BL30 +040 12,996 

MOV97 38633 

AW 97 38050 38240 38440 +080 L33* 

M?7 386J0 3BA0 3BL80 +0.90 1449 

jf?”. 389JS +090 7,137 

Ed soles HA TVs. sales 3468 
TVsesmbri 20491 0 ft 336 


Piwtows 


Qpgf 

LONDON METALS (LME) 

DoOara per metric ton 
Atewlqgpt (HJiti Grade] 

Spat 162000 162LOO 163000 1631 DO 
FOJWOrt 1455D0 1656J3Q 166340 1463% 


OBUMANMARK (CMeR) 

W* iprwrt 
>*197 4086 J986 4966 
SV97 4077 J»B0 4001 
09C97 Ann 

BOsoies tIA Thu's.sotes 60460 
7VsopenW 65415 up b* 5^^ 

JAPAWSYENtCMER} 

Ar-97 4273 4780 xr n 
»P ?7 4376 4320 ^ 

g?97 4570 4*30 4510 

EC sjfei \A Thu's, sdea 27703 
TVs wen bit sum off 336 


2424 

135 


62431 

763 

2SI 


Dividends 

Conparqr Par Ant Rac Pay 

IRREGULAR 

Banc Gam B b 4293 3-26 — 

BaneGanodero b 3202 3-26 — 

Mitsui & Co ADR b £404 3-28 — 

Morgan Stun HI - .105 3-31 6-15 


Comp a ny 

Central MobiePwr 
CountmrideCiedO 

Crazy Womon 

Edison (nil 


Per Amt Rec Pay 


STOCK SPLIT 


Ejiuftahte Resour 


Bunk af CommeRxCA 5Eor 7 srtt. 
lspft 


inc 


Iftt iv« 
Wft 10 ft 


Btodwm Pltamw Inc2far I Up— 
EasIGroup Prop 3 6or 2 spllL 
WLJl Foods JJM25 shans (or euzJi stare 
held. 


STOCK 


4 V* 4 H 
111 111 


13ft 
Uft lift 
2 «ft 2 m 


1J* 13ft 
lWr 13 


3W 2 M 

» .1 


E-Z-EM Inc B 

3% 

3-31 

4-21 

INCREASED 



CBL&AsoC O 

-445 

3-31 

4-18 

FstSvpsBkWA O 

JOT 

3-31 

4-10 

INITIAL 




Home dry FndCp 

M 

3-28 

4-18 

REGULAR 



ABC Bancsxp Q 

AOegJont BMP O 

BK SoCnraOrw Q 

.10 

Ml 

4-11 

JJ3 

.10 

3-31 

*31 

4- 15 

5- 15 

CVBFndCp 0 

.10 

4-2 

4-14 


-. JB_ 

Gflmcher. 

Hafwood EngyPt 
Hofwogd EnqyPt 
Horrodsbutg Fsl 
MenflICera 
PlMCOCoroirtMl 
Ralston Purlnu 
SQRntmceLLC 
SuirtCenteH 
Senffnd Bat Fd A 
Sentinel Bal Fd 6, 
Sentinel Band A 
Senflnel QmwnnSt 
SumltoiTio Bk CA 
TektronLtlnc 
Texas Instrom 
Todd AO Co A 
Tnmsamencd Cp 
Wfistco Bncp 


O 725 
O -08 
- .10 
Q 75 
O 795 
0 .10 
Q 4608 
O .13 
- 75 

. TO 
Q 43 
MD9375 
0 40 
M 7606 

a 39 

M .133 
m on 
m sm 

M .133 
a to 
O .15 
0 .17 

Q .015 
Q SO 
0 .IS 


6-10 4-30 

4- 14 4-30 
4-2 4-16 
4-4 470 

5- 15 6-1 

3-31 4-18 
Ml 4-15 
3-31 5-15 
3-31 5-15 
3-31 4-15 
3-31 4-15 
1-31 4-10 

S-T9 6-6 

3- 27 3-31 

4- 16 430 
3-26 3-31 
3-24 3-31 
3-24 3-31 
3-24 Ml 

3- 31 4-25 

4- 11 4-28 
3-31 4-Z1 

4-9 4-30 
4-4 4-30 
3-31 4-14 


raSIER CATTLE (CMER) 
SOOT Orv- cent* per b. 

Mar 97 69.15 68^0 6972 

Aw 77 6670 6775 <877 

MOV97 R« 6175 6977 

Auo97 7275 7241} 72J2 

Sep 97 7160 7270 7100 

DO 97 ^95 73J0 7370 

Est. sales 27S3 Thu’s, soles 
Thu '5 open bit 21,911 oft 32S 


+072 2781 
*050 1746 

+042 5772 
+065 5.789 

+045 1,549 

+075 2.174 
4433 


69100 

69370 


HOGS-Leso (CMER) 


Spot 69270 
Forwent 69270 

Nickel 

Spat 783570 784S70 
nrvron) 794570 795570 
TBl 

Soot 588070 589070 
Foment 592S70 593070 

SZTisssrite 

Forward 130170 130270 


69314 

69270 


694ft 

69370 


789570 

801070 


790570 

80)570 


SWISS FRANC (CMER) 
twrt wc 
# 4R3 
f*>n J009 4976 7995 
Dec 77 _7j)g9 

!** .TWrt-ate 26J69 
TtvsQPenatf 60,780 UP 1349 


2782 

258 


NATURAL GA5 (NMER) 

1870Bn ari|te»**. ; po- mm Mu 
Aw 97 1J50 17H I755 
tpnn 1.900 1900 

J-2S ^ 1-950 

■MW 1790 1.970 1J70 

»•» « 1-M0 1.985 

mo ].m ues 

Oct 97 2760 2700 

Nov 97 Z175 1150 ZM 

OecW 7JK 13& 

£"22 2^ 2770 1225 

F®98 2T55 1230 1265 

Thu'iopwiht 177,959 up 16717 

U*UADeDOASOUNE (NMER) 

®-<mo pal, cents par pal 

ftlO 6675 6770 -JL58 21770 

MW97 £5 6670 6670 -C.M 37735 

i? w £2 $5-5 

i* n 65J0 6470 6473 +071 161* 

fmn OJB 6370 63.15 _4oi £39 

Thu's.sotes 32766 
Tito's Cpen bit 97768 up Jin" 


19725 

i£S 

ww 

7W» 

9772 

6.146 


r ^ iV 


'FT. 

-. -sih 
— '■€*) 
’ M 








WjWWJMSTEMJIIC CUFFE] 


599570 

601570 


600570 

602070 


ESOMOO-Pt* onoopd 

913S 50J1 9U2 , 071 11130 


127970 

130170 


128070 

130270 


Apr 97 7127 71 JG 7127 +270 

Jun 97 6015 7940 80.15 +277 

Jul 97 7U0 77 JO 7840 +200 

AUB97 74J0 73J0 74J0 +100 

Oct 97 £935 6772 69J2 +177 

Dec 97 6740 6600 67.17 +177 

Ed. sates 9427 Thu's, sides 9.1 «9 
Thu's open Int 3U95 up 36 


10JS9 

11770 

vat 

2187 

Ufl 

1787 


High Low dose Chge OpM 


lift lift 

1 .Jb 


■hbpmG teapprattaaSe aamml per 
sfa ae/ADR; g-pgytirte |q Ccaofeni tends; 
■MBoalMwtGwrtwli n semi Mi d 


PORX BELLES (CMER) 

4BOT Its.- mts par b. 

MOTV7 7940 7770 7&3D +1.90 

May 97 79 JO 7875 79 JO +370 

Jul 97 79J5 77J5 7855 +247 

Aug 97 7875 74JQ 7545 +142 

Feb 98 71 JS 7125 7125 +14) 

Mo-98 7100 

Ea. sates 2426 Thu's.sotes 1.361 
Thu's OpOl bit 4.936 off 85 


56 

6477 

1 «S 

559 

62 

1 


Financial 
UST.OLLS (CMBt) 
si mtiten- prior lOOcd 
MorW 94.76 «471 9672 -4105 1.963 

AinW 9443 9459 9161 -003 5J55 

Sep 97 MJB S6JS 94J5 —003 Z4J3 

Dec97 9448 847 

Ed-sdes NA Thu's, sate an 

Thu's open hv Um up 


JW»7 

Sep97 

Decs? 

Marts 

JWI98 

Sep98 

DCC98 

680(99 

JU199 

Sep99 


910* 9305 + 002 MOT 

TIM 9240 9lS +0M Sot 

92 m + am 4^826 

J7-53 9248 9248 + 0 01 35.719 

fZO 92 39 9139 + fljjl 21982 

S5. 1-1101 lS3S 

92E 92X7 9224 + Can H2U 

97M Si? *■ 003 *072 

SS. 2d. 7 — 91,4 +ao * 7Jfn 

KSsia?sflMra Mi 


IYR.TREASJRY (CTOTI 

SIMMS prli. pet 8. Min of 100 ptf 

An97 105-02 104-56 106-60 - 04 220477 

Sep 97 1 06-M 

OK 97 104-35 5 

&t.scfles NA Thu's, vaes 60789 

Thu's oeen W 22L227 up 3152 ■ 


17h 17ft 

17ft m 


T*% Tft 
ft ft 


- 4ft 
7ft » 


17ft 12ft 

sft n 


lift nil 

36ft Xft 


37 34ft 
Tft Tft 


17ft 17ft 

.ft ft 


Hft 12 ft 
lift IM 


I Tft TZft 
6ft 6ft 
4ft 31* 


129ft 17ft 

14ft lift 


Stock Tables Explained 

Saks Bga esore unafficltf. Yearly Hfra and long refed the pterions 52 weeta plus Pie curb* 
Heef^nrtlTielat^bnBng dW-WhBBospSarsioadvIdaidfliriauriflng Id 25 percent ortnore 
hebmpdOlneym MgMosr mige aid dvidend as d»am far the new stods only. Unless 
othew^snaea totes of (WdenasotBotstooldbfaonBnEntg based on fltobrteflde Uai flOft 
■ - dvfdsttd ito adtg (5 ). b -jam uni rate of dMdsnd plus stock dMdend. c - Bourdofrng 

^enrl CC -PEe«e ed599^d-ca»ed. | l-nBwygocTylow.ild-los6inlheki5ll2irorilh5. 

t - BtWHin deaned or paid In pracxdlng 12 months, f - annual tote. Increased on Iasi 
dedarafloas- dMdend ^Canadian funds, sufafsef to 15% non-nsMsnce fox. J - dMdend 
dectoted otter spfll-up or start dMdend. J- dMdend paid this year, omitted, detened. or no 
Sf" ? * - dividend dec fared or paid ms yeor. an 

accumulative Issue wtiTi dividends in orrems. Bi-annual rate, reduced on last decJarnflon. 
n - new teue hi lhe past 52 weeks. The high-low range begins with tee start of trading. 

a ? nugt nrt * u, * nOTm - - ptta-eomlngs ratio. 
TfadgwyitoM «n precwBflfl 12 tnontes, plus Stock 
dMdend. s- stock gUL CTyWsnd begins with dote oi spilt sis- soles, t- dividend paid m 
-1" P re ^ c ?! n ° 12 “3h value on e*-dMdend orw-dhtifburiort date. 

und erme Bqftwhpfcy Act arse cuiflies assumed by such eonipdniBs.wd-when distributed. 
M - whm tasue* ot - wite raranti x - e»-dMdend or e*-rfgttfs. icfls - ex-distiimilton. 
xw - wHhout warrants, y- a-dMdend and sales m fulL jld - yteM. z - sales In fulL 


Food 

COCOA (NCSE) 
la metric tans- » per eon 


May 97 

1479 

1466 

lfiD 

-33 

Jul 97 

1501 

1475 

1481 

-41 

Sep 97 

1523 

1500 

1502 

-30 

Dec 97 

1548 

1530 

1530 

-20 

Mir 98 

1570 

1552 

1553 

-24 


ESI. totes 8,164 Thu's, sales IM 
Thu's open int WJ93 up 7J4 


31.967 

21,150 

11-377 

8483 

1 WJ 2 


1BYR. TREASURY (CBOT) 

SIOOOT a>n- pfi & Ends at too net 
Jtel97 106-70 106-11 106-14 -02 301,841 

S«P 97 105-31 105-31 105-31 -01 9JTI4 

Dec 97 105-20 so 

ES. ides NA Tiar’s.srtes 88^3* 

Thu'S Open Inr 328J47 up 2M 


*j*wrmeuKQMAiu{gjiTO 

DMI mBHon-ptiaf toOpci 

a 9*I_ Wl? 4 9673 %J3 Uw*. &3S9 

££ zm 

«49 9647 96l 67 — 0JJI 71L53fl 

ill ffii® 

SS 5 S 95j6 + am 134+33 

25^3 9SJ4 , am Burn 

jszi tin + om uiw 

S® JCJt 94.98 + CL02 27,900 

■ 9 y* 74J6 +0JU 24234 

1W09 


GASOIL OPE) 

& meWctoo tots of in tons 
*PjW 170J5 17075 — 2J0 264T9 
Moy W 17525 17150 17275 —175 Uff 
■{“JlW 17650 17430 17475 —050 10^ 
J77-50 176 j00 17400 —050 L5J7 

17V JO 177 X 177.50 -OJO ^ 

K-J- N - T - 10£L » "0-5C 

Nov 97 N.T. N.T. 181-2S — 075 
uSfoo 18175 1 B 100 
Jan 98 N.T. N.T. 1825D -&75 

Est sates: 124148. Open tot: 65,903 up 988 


s 

818 

1218 




Sep97 

OPC97 

Marts 

JUP9B 

Sep98 

OeC9B 

MOI99 

Jun99 

s«pw 

EsL 


Stock Indexes 

gf COMP.BIC6 X iqeb 

SteiilnrfBii 

SS SSS 55* +450174.158 

80240 799JD 801.10 +450 4.72 

_ . 81*7-' 0 +5JB 1778 

™.sifcs NA ThuYsates 125J13 
TteTsapenM 732451 ue um 


'-+-- i 




TOioe 


iCJNC5E) 
374Mbt.-eanrsaerB>. 

MCV97 17170 16L9 US75 -140 

Jul 97 1SL75 1075 1S&55 -1^ 

Sep 97 145B MAS 14635 -0J0 

Dec 97 137JX) 13675 135-00 +UH 

Es). sales 8424 Thu^soies 10719 
Till's open W 3L7B alt 469 


11663 

7,922 

5JP 

342* 


US TREASURY BONDS (CBOT) 

(6 pa-SIODOT-sn S 3to8s at M0 pdl 
Art 97 101-30 100-16 108-36 + 03 4MJRS 

S«P 97 106-16 108-03 108-10 +03 2U90 

Dec 97 107-26 5JB0 

157-16 1419 

EsLsdes NA Thu's. seftes 43D4B* 

Thu's open int *88595 off 4627 


LONG GILT (UFFQ 


ill P is sail 

DecW VM 9403 9466 +006 MOS 

vqfcmo: 44146. Open lot; 254^97 up 


Hwjaj SlJS — U5 1M70 

5 22 Oita -11J1 51050 , 

N-T N.T 428BJ1 —335 1514 

•^•v.openba; 80534 up dm . 




CACttUMATlF) 

VSSfSBSyS* 25884) +31J» 304» * 




EWB0-Pt9 6 32nas Ofioo pd 
6te97 110-00 109-26 109-21 


nra 


Ttu*s open be 

SUGAR-WORLD II 06(30 
iIZOTtob- 03*5 pur ft. _ 

May 97 1052 1181 1RB 

Jul 97 1055 HL57 HUB -ana 

Od97 1057 1051 »51 -a« 

MO-98 1051 1051 1051 -0* 

Est. soles NA ThA-stoeS 1M99 
Thu's epen int l.lfl^O w 99*155 


ow 

315«< 

2559 

13-332 


.0-08 2 L584 

JuN97 100-17 109-01 10M* + 0-08 I7G0C 

Sep97 N.T. AT 108-34 +008 O 

EsL sale* 43,964 tow. sales: eeJBl 
Prev.cpaaHj 20UM ftp 347 

GERMAN GOVERNMENT BUND (UFFQ 

DMSUOO-PtoeMOOpd 

Jm97 HXU5 99-K 9944 + 02723U34 

Sep97 993* 990 4 99 OB +027 9D5 

EsL sates: 120279. Pm. setts 219583 

Pm. open hfc 237.139 OB &68B 


MW WTNB UROmiA OUFFB 

§srs& , w B *Mi 


Sot en vw oaao +3150 ftsev 

n£ % 257QJ) 25700+31 JO S641 

Nte« NT ^-T. 255^0431^)0 0 . 

nt H-T.2612D4-31J00 7,899 
N.T. 2S87D+31JB l^W 
^^veiuiic 21581 Open brt:6(l6S7 VP ‘ 


nx ns n8 +aoi 

93.16 9116 +dS 
9320 93,15 9117 + S 

9110 9115 ItaS 

wi? S ' 10 51,2 + OlB 

RKsur-Mr 


JeaTB 

Septo 

DeeSB 

Mart? 


114400 

5046 

33409 

23M4 

14315 

L320 

175 

178 


Vlj 




CtNiw wii teytoJ u M, 




SBt 

gAFutr™ 


Oose 

1J47JOO 

1.777J30 

155.17 

244-79 


PrwriOSS v 
IfiCJ/D - 
1.972A0 ^ 
7J5J0 - 
24640 


■ :• 

• --rl - 










d 

•"art? 


: ; --fS4 








”.■•;• ‘V-riQ.. 


-1' V * ■"!o 'y 
■ ■= ' ;.:^ 


“ ^ e tUt' I.iii^pi 


Switzerland 
Could Curb 
The Franc 
After EMU 


CaipWh'OB'Srffiiimni y ^ i 

LUCERNE, Switzerland — A 
central bank official said Friday that 
£ Switzerland could ser a temporary 
upper limit on its currency’s value 
and defend that limit with “unlim- 
ited" currency interventions to pre- 
vent any sharp rise in the Swiss franc 

as much of Europe moved toward a 
single currency. 

Speaking to a Swiss economic 
society, Bruno Gehrig, a member of 
the Swiss National Bank's direct- 
orate, said the central bank would 
take such action only if flows of 
money from the European Union’s 
planned common currency, the euro, 
into the Swiss franc caused sharp and 
prolonged upward pressure on the 
franc and made the central bank's 
loose monetary stance ineffective. 

‘ ‘In such a scenario we could not 
avoid showing the market the way 
by setting a temporary upper cur- 
jji rency limit and to defend this limit 
with unlimited currency buying," 
he said. Such a limit would have to 
be removed after a short time, he 
added. He did not indicate how high 
or low such a limit might be. 

"No doubt operating with a cur- 
rency upper limit is a dangerous 
monetary maneuver," he said. But 
he added that such a move would be 
used only as a last resort. 

If volatility linked to the intro- 
duction of a angle EU currency, 
now scheduled for 1999, was not 
strong enough to justify such amove 
but was still considerable, he said, 
the centra] bank would "have to 
have the courage to let money sup- 
ply grow strongly." 

* Another option, he said, would be 
to peg the franc to the euro. "In a 
world of quick, often surprising 
change, one should never say nev- 
J - er," be said. "But as long as the 
" euro has not passed its performance 
test and has not gained the market's 
confidence, this variant does not 
come into question," he said. 

Mr. Gehrig also said the central 
bank was trying to maintain a low 
inflation rate of about 1 percent to 2 
percent, rather than seeking abso- 
lute price stability. Swiss inflation 
came to 0.8 percent in 1996,andthis 
year's rate is expected to be 1 per- 
cent • (AFX, Bridge News) 


I NTERNATIONAL HER ALD TRIBUNE, SATURDAY-SUNDAY, MARCH 22-23, 1997 

EUROPE 


PAGE 11 


Credit Lyonnais Lowers Its Sights on Aid 

Sale Will More Than Offset Cost of Recapitalization, Chairman Says 


C&nfklrJ in Qir Staff Frum OartArftn 

PARIS — The chairman of 
Credir Lyonnais SA said Friday the 
state-controlled bank's improved 
financial health meant it would 
need a smaller injection of capital to 
prepare it for privatization and that 
the government would get all of the 
money back — and more — once 
its stake was sold to the public. 

“The revenue from the privat- 
ization will be much higher than 
the recapitalization." the chair- 
man, Jean Peyrelevade, said in an 
interview published by Le Monde, 
"and the impact on public finances 
will be positive." 

His comments came a day after 
Credit Lyonnais announced a 1 996 
net profit of 202 million French 


francs ($35.7 million!, up from 13 
million francs in 1 995. and forecast 
profit for 1997 “in the billions of 
francs." 

Credit Lyonnais's nonvoting 
shares — or investment certific- 
ates, as they are known — closed at 
204 francs, up 15. 

The shares have climbed 43 per- 
cent in value since the start of the 
year on expectations that a suc- 
cession of state-led bailouts and 
restructuring efforts will bring a 
surge in earnings. About 20 percent 
of the company's shares are pub- 
licly traded; the rest are govern- 
ment-owned. 

The higher profit levels leave 
“no urgency" about any further 
capita] injection from the govern- 


ment. Mr. Peyrelevade said. He 
said more government money 
would be needed only “on die 
eve" of the bank's planned sale, to 
make it more attractive to prospect- 
ive investors. 

Late last year, Mr. Peyrelevade 
had said further government money 
would be needed immediately to 
increase the bank’s capital. 

The bank, which ran up losses 
totaling 20.8 billion francs from 
1992 to 1994, was bailed out by the 
government in 1995 at a cost to 
taxpayers of about 100 billion 
francs. 

Thai year, 180 billion francs in 
mostly nonperforming assets were 
taken off its books and transferred 
to a shell company for sale at a 


fraction of their cost. The total cost 
of the bailout is expected to be 
about 100 billion francs. 

Last year, the bank estimated it 
would take 7 billion to 8 billion 
francs to raise its capital reserves to 
die point where it could attract a 
buyer in 1998 or 1999. Bui Mr. 
Peyrelevade said Friday he be- 
lieved the amount wouid be lower. 

He said the bank would continue 
to make asset disposals “at a 
rhythm that favors realizing the 
value of those assets considered 
nonstrategic.” But he said that cer- 
tain of those assets had been ac- 
quired near the peak of the market, 
so their sale would result in large 
capital losses. 

(Reuters, AFP, Bloomberg ) 


Renault Chief Says Productivity Is the Coal 


Canpdrd by Our Stiff Finn DifpasrhtJ 

PARIS — The chairman of 
Renault SA has called the con- 
troversial closing of an assembly 
plant in Belgium part of a restruc- 
turing aimed at improving the 
French automaker’s productivity, 
which he said fell 25 percent short 
of that of its Japanese and Amer- 
ican competitors. 

“At the turn of the century. 


Renault must have a rate of pro- 
ductivity matching that of the best 
Japanese factories in the United 
States," the executive, Louis 
Schweitzer, said in an interview to 
be published Saturday in Le Monde. 
“If we do not achieve such a rate, 
we will be heading for a dead 
end." 

He added, "I am setting a target 
for 2000 of achieving the most 


competitive cost base in Europe." 

This, he said, meant that jobs in 
Europe would be cut at a rate of 
about 3,000 a year. 

Mr. Schweitzer has faced wide- 
spread protests against a plan to 
close a factory in Vilvoorde. near 
Brussels, with a loss of 3,100 jobs 
and to trim about 2,700 jobs in 
France. 

On Thursday, the automaker an- 


Krupp’s Banks Come Under Fire 


Compiled tj Our SnffFrtrnDapatdia 

DUISBURG, Germany — The 
country’s two leading banks came 
under attack from trade union lead- 
ers and dissident shareholders Fri- 
day for backing a bid by Krupp 
Hoesch AG to take over the rival 
steelmaker Thyssen AG. 

“Deutsche Bank and Dresdner 
Bank are using insider information in 
order to destroy the company, to strip 
it and wreck jobs," Walter Riester. 
the vice president of IG Metall, Ger- 
many’s largest union, said at a meet- 
ing of worker representatives. 

Mr. Riester, who is also deputy 
chairman of the Thyssen supervis- 
ory board, called on representatives 
of the two banks to resign from the 
board. The worker representatives 
resolved unanimously to call on die 
Thyssen management to break off 


business relations with the two 
banks. 

Meanwhile, an umbrella body of 
so-called critical shareholders also 
attacked the takeover bid as “aso- 
cial" and said it could not accept 
that "Thyssen should be destroyed 
at the cost of its personnel to fill the 
coffers of the big banks." 

A takeover of Thyssen by Krupp 
would be "a further step towards the 
transformation of German industry 
according to the designs of the big 
banks." it said. 

Talks between the two companies 
on a possible merger of their steel 
interests continued Friday at a secret 
location. The talks began Thursday 
after a hostile takeover bid launched 
by Krupp for its bigger rival provoked 
widespread fears of jobs losses. 

Speculation also surfaced, mean- 


while, that Krupp might not have 
given up efforts to take control of 
Thyssen. Banking sources said it was 
likely that institutional investors had 
seemed a big chunk of Thyssen 
shares cm behalf of Krupp, and the 
business daily HandelsWan said 
Krupp had secured 30 percent of 
Thyssen 's capital. Krupp denied the 
report 

The economics minis ter, Gue liter 
Rexrodt, said he supported a merger 
of the two companies' steel oper- 
ations, which he said was inevitable 
and would be good for the industry. 
He said the talks between the two 
companies were going well. 

"The goal of all efforts must be to 
strengthen the competitiveness of 
the German steel industry and to 
secure jobs." be said. 

(AFP, Reuters ) 


nounced a 1996 net loss of 52 bil- 
lion French francs ($920 million). 

Referring to protests against the 
job cuts, notably in Belgium, be 
said in the interview, “If I do nor 
develop an efficient industrial op- 
eration because I fear social unrest, 
I am endangering Renault.” 

Renault shares closed at 141.70 
francs, up 3.70. 

(AFP, AFX, Reuters) 


Gazprom Assails 
Czech Gas Deal 


Frankfurt 

DAX 

3600 

' 3400 


•Vi.’lvi^dWKlaR-: 

•FTSg'ipG lricfe»-. .■■&AG 4 & $Ti v ' 
• 4650 ■: 2850 — # i 


-^ 4500 
-ft- ■ 4350 
ft - — 4200 
4050 


UN^ D 
1996 


- 2700 

\ 2550— - 
2400 — 
2250 — > 


, Amsterdam 


Ff' m* “VV dTf' mV; 21k,, o ' n' d‘ j' fT? 

1997 1996 1997 1996 1997 ■ 

index . 'Friday' •• , . ?■' > 0 " 


.ASft.;v5: 

.BMQi':: 


•Frankfort. 


Helsinki 


3tectd>tittp3 

v yiera»''-i ;:> V 
Ztiricfry-iff!'-:, 

Source : Telekurs 


. ; 

••FTSEWy# 




sx is. 

" i 

SPf ft AM 




IniemaUonal Herald Tribune 


Reuters 

MOSCOW — Russia’s natural 
gas monopoly RAO Gazprom 
lashed out Friday at the Czech Re- 
public's landmark deal to buy Nor- 
wegian gas. 

Gazprom said it considered 
Prague's decision incorrect and eco- 
nomically unjustified. 

“Similar decisions would un- 
doubtedly affect Gazprom’s inher- 
ent interests in European gas mar- 
kets." it said. 

Under the 20-year agreement 
signed Wednesday, Norwegian 
companies will provide about 3 bil- 
lion cubic meters of gas annually. 
Czech annual domestic gas use now 
is about 9 billion cubic meters, all 
supplied by Russia. 


Very brieflys 

• Tesco PLC will buy Associated British Foods PLC's food 
re tailin g operations and related businesses in Northern Ireland 
and the Irish Republic for £630 million ($1 billion), placing 
Britain's largest supermarket chain in the top spot in the Irish 
food-retailing market. 

• Fokus Bank A/S, a Norwegian regional bank, raised its 
stock and cash bid for its regional competitor Bolig- og 
Naeringsbanken A/S to 2.06 billion kroner ($305 million), 
exceeding a cash offer by Den norske Bank A/S of 1.90 
billion kroner. 

• Generate de Banque SA of Belgium will close 80 branches 
as part of a reorganization of its network into a mixture of full- 
service branches and so-called retail branches that provide 
only basic products and services. 

• Romania plans to revise its laws by early May to promote 
foreign investment, allowing foreigners to own property, 
making it easier to take profits out of the country and provid- 
ing tax breaks and other incentives to investors. 

• Aegon NV, one of the world's top 10 insurers, reported an 18 
percent increase in net profit for 1 996, to 1.57 billion guilders 
($825 million), on a good fourth quarter and favorable ex- 
change rates and market conditions. 

• The Czech Republic's economy grew faster than expected 
in the fourth quarter, with a 4.7 percent increase in gross 
domestic product, reducing expectations that the central bank 
would cut interest rates. 

■ Croatia Airlines expressed hope that a major European 
airline might be interested in buying into it to spur its 
development. The government has included a 27.1 percent 
stake in the airline in a large-scale privatization expected to be 
launched soon. 

• France’s constitutional court upheld laws governing the 
creation of private pension-funding plans. The court was 
asked last month to rule on the legality of a draft bill to set up 
a so-called third retirement level based on applicants' assets. 

Bloomberg, AFX. Reuters 


WORLD STOCK MARKETS 


High Low dose Pity. 


High Low oom Prw. 


High Low Close Prw. 


High Law Owe Prw. 


Friday, March 21 

Prices In local currencies. 
Tetekurs 

High Law Owe Pity. 

Amsterdam a exmr 727xo 

Prevtam 718X1 

A9N-AMRO 129 121.90 12470 122X0 

Aegon 133.50 12410 131.50 12490 

Aliokt 13130 124 133J0 12450 

244 257 263 258X0 

8250 78 81J0 15 

3450 34X0 34.90 35 

109 101 10430 103 

355 34250 35450 34350 
DSM ' ' 18250 17950 1B2J0 100.10 

29.40 2H5D 38.90 ISM 
7250 6490 7150 6950 
5480 S5J0 57.70 5650 
60 6150 m 

. . 40 161 15850 

314 373.20 31639 
88 9020 8430 
160 158 15950 159 

71.90 6490 71.10 69.10 
5730 5350 5650 5430 
4050 39 39 JO 39 

71.10 6750 7050 49.10 

. 4850 44.19 46.90 4550 

Nutrtdb 286-50 369 27B50 269 

235 225 233 228 


High Low Qua Prw. 


A3N-AMRO 
Aegon 
Ando 
A fcffl PM®! 
Soon Co. 

, a ols Wesson 

f. CSMora 
DorfhowPei 
D5M 
Elsevier 
Fonts Anwv 
GeironJo 
G-Brocevo 
Hogemeyer 
Heilman 
HMgovfmaa 
Hunt Douglas 
I NO Group 
KLM 
KNPBT 
KPN 


Nutrtdb 

OeeGrinfw 

PhW*6hc 


RKwJtndHdg 

Robot® 

Rndtenco 

RoSnco 

Rorerto 

Row* Dutch 

Unfcmrew 

vendee Inti 

VNU 

WOMfSKICW 


Bangkok 

A* info 9 k 
•, Bangkok BkF 
• KnmgThaiBk 
PTTBigior 
Horn Cement F 
Siam Com BkF 
Tetoconusla 
Thai Airways 
Thai FOrm BkF 
UWComm 

Bombay 

BoWAuto 1 
Hindu* Lew 
Hindu* Pottra 
indDwBk 
ITC 

NtaMnogor™ 
ReOancelnd : 
Stole Bk India ; 
Steal Authority 
Tata Eng Loco ; 

Brussels 

Aimorft 
Baca lad 
BBL 
CBR 
Colruyt 
Deflate Lion 
Etectmbet 
Eiedrafino 

Forth AG 
Ovual 
c GBL 
f Got Banque 
KiedKtfaank 
PetroOna 
Pwerfln 
RoyafcBdge 
Sac Gen Baig 
Satiny 
TradebW 
UCB 


9470 9130 
13850 13550 
157 15470 
5450 5440 
16140 161.10 
108 10750 
332.10 327 

355*0 350*0 
04 82 

3950 38 

227 T W A" 


SET Mac 782.10 
Previous: 711X9 

234 226 230 22B 

252 246 246 248 

3650 35X5 3425 35J5 
330 322 324 326 

472 660 668 660 

148 143 146 152 

45 43L2S 43J5 4-L2S 
44 4150 <2-50 43 

168 165 167 167 

167 164 167 166 

SOTmSOMBejrau* 

PrMtoOK I732A5 

017J0 998100055T007.25 

1020 995 lOglWHJO 

395 391 39250 392 

91 8950 B9JJ 9425 

435 414 •02325 414J5 

278 269 270 27S 

2B955 285 287.25 2B5-75 

31450 3HJ5 31350 311 

2150 2075 21 21 

38750 38150 383 381 JS 

Prentwc 207753 
1337S 13000 l»g 1WM 

5580 5530 55 30 5g0 

J?m 7570 7730 7500 

TWO 3180 3210 3150 

14125 13800 13850 13900 

1948 1905 1910 1905 

3938 7BM 7K» 77TO 
305$ M70 

m>i 5810 SS 

2550 2430 2550 2460 

ma 4805 4805 4795 

13450 13275 13300 13175 
12225 120S0 13050 12075 
11900 11700 11800 11750 
4910 4875 4890 *»5 

8590 8320 BOO 

5810 2765 2785 2750 

21200 20600 20700 21000 
14925 14725 14750 W77S 
93500 91500 91700 91950 


Copenhagen 

BGBonk 306 

CrabberaB 407.61 

COdonF&S 90490 

Donteco 394 

278W0 

CVS 1912 B 196000 

FLSIndB 826 

rrr: ® 

33^ 

T — *“ 348 

346 

Frankfurt 

ambb nao 

Atfldas in 

AlScM Hdg 3365 

Altana 1345 

BkBfffln 33 

BASF 61.80 


■s m s 
8 8"S 

I I | 

322 32833 326 

339 344 345 

337 346 340 

DAX- 329424 
previous 326467 
]160 1180 10W 
17X20 17V25 176J0 
3253 3265 3283 
1300 131* WOO 
■W M 3^45 3U0 
6155 4168 61.10 
StJS W M 5485 
4120 62^5 61J0 
OM 66.12 

86 86 .« 
444 464 473 

1186 1188 


CKAGCataria 158 
CffliuenbaA 45J5 
DofintarBonz 126J0 
DagwM 705 

DaubdiaBaiik 8495 
DeutTefetasn 3425 
DresttaarBank 55J0 
Mil 37150 
FtamtaiMad 167 JO 
Friod Knipp 32C 
GOTO 1225B 

HNdtibgZiid 14750 
Henkel pfd 88 

HEW 500 

Hochtief 73 

Hoed* 66.15 
Kontadt 587 

Undo 1146 

LufUiaraa 2359 
MAN 457 

MowNfmann 640 
NMaagnallsdwfr3420 
Metro 16250 

MundiRoedcR 4220 
Pratnoa 45250 
RMneUtai 1285 
RWE 7450 

SAP pfd 263 

Sdnrtog 16650 
SGL Carbon 228 
StaMK 8S» 

SpringartAroQ 1249 
SMdzuAer 825 
Tlmsen 391JB0 
Veto 9430 

VEW 504 

Vtag 756 

VOnmagn 893 


156 15750 15150 
4520 4565 4510 
12540 12625 13425 
698 690 702 

04 75 Q4M 0820 
3720 3410 3625 
5425 55.15 54.10 
369 370 SB 

166 16150 
313 317 313 

117 121 

144 144 144 

B625 0625 8620 
490 497 

7020 7020 7020 
65J7 652B 6120 
J80 5ES 

me U42 iioo 

23JD 23J9 2350 
449 450 455 

633 636 63150 

3550 3550 35-95 
160 16120 159 

tflSO 4215 417® 

44650 45050 44950 
12® 1230 1260 
73JD 7180 7455 
257 263 26420 

16450 16640 162 

225 227 225 

8195 85JH 8165 
1240 1240 1227 

825 825 017 

387 391 37521 

9720 9720 9720 
499 500 

753 74630 

885 092 067 


Mai Boating 
Mai lntl Ship F 
PattonosGas 
Proton 
Public Bk 
Reii«ie 
Resorts World 
R u OencnsPM 
Shut Darby 
TotekofliMal 
Tanqga 
UM Englnem 


2850 28 

6J5 605 

9.10 9JB 
1620 1550 
510 5 

120 4.12 

1120 11 
2420 2420 
9.10 895 

1920 19.10 
1240 12 

2220 2120 
1340 13 


7825 2850 
605 625 

925 925 

1550 1620 
525 525 

118 118 
11.10 1120 
2140 2190 
925 925 
19.10 1920 
12 1240 
21 JO 2220 
1110 1340 


Helsinki 

EnsoA 

HoMaiacftll 

Kendra 

Koto 

Media A 

Metro B 

ffisHa-Sorta B 

Neste 

Notts A 

Oiton-YWymoa 

OutakumwA 

UPMKymmaw 

VUntf 


HEX OffMRdladwc 283824 
Previous Z79858 

4270 43 4220 <2 

K5 2® 245 m 

5280 53 5220 51.10 

7150 7050 71 70.10 

1750 1620 1720 1690 

290 289 290 284 

3740 37 37 37 

129 126 10 10 

308 303 305.50 301 

177 175 177 1 76 

92 90 90 9050 

10950 105 10840 10150 

8850 B6 87 JO 06 


Hong Kong "BSSgg* 

Amoy Props 
Bk East Alta 

Coftay Pacific 11.90 11^ 11^ 11 JO 
Owing Kona 
CKInfraskua 


aacFocnc 
DOOH 
FfcetP 
Hang Lang Dw 
HongSangBk 
Henoenantiw 
Henderson Ld 
HK China Gas 
HKEJadric 
HXTatacan» 
HapNWVHdgs 
HSBCHdgs 
Hufctrtson Wh 

JaiwsmBHdg 
Kerry Props 
New Warn Dm 
Oriental Press 
Peart Oriental 

iSUMdgs 

SI no Lord Ca 
Sft China Post 
Swire PacA 
Wharf Hdgs 
Whealactf 


850 825 
2640 2575 
11.90 1150 
69 6550 
2125 20 

3180 332® 
30 3720 
36 ww 
1615 9Jt 
1135 14 

8250 8150 
ISO 740 
64J5 63 

1165 USD 
2745 27 

14S5 1438 
115 4 

177 174 

5525 54 

2285 2250 
1955 19 JO 
1720 1695 
4120 4040 
118 290 

620 60S 

8275 8850 
520 505 

825 725 

690 685 

59 56 

2940 28J0 
1740 1660 


840 825 

2610 26 
I1J3 1120 
6050 6725 
2090 2015 
3180 3120 
37.90 3740 
3520 3630 
9 JO 1055 
1115 14 

81 25 8225 
755 605 

&4 (05® 
1165 1170 
2740 2745 
U48 1445 
.110 110 
176 17750 
5525 5475 
2270 2270 
1920 me 
1695 1720 
4120 4090 
3L15 295 

610 625 

82 B1J5 
SIS . 525 
825 US 
685 690 

5075 5675 
29.15 3855 


Jakarta 

Astro tab 

BBS" 

GudongGonn 


SaropoanoHM 
Semen ass* 
Tttekwniaansl 


CantMsllatndec 61611 
Pwrlow 66323 

5900 5000 S8S0 ®00 

1775 1750 1750 1750 

1400 1325 1350 1375 

10225 10000 10075 10350 
3425 3375 3425 3400 

5400 5X75 5300 5400 

6575 449* 6525 6575 
11250 10950 11050 11350 
6125 6000 6100 6000 
3750 3625 3625 3725 


Markets Gosed 

£ 

Stock markets in Johannes- 
burg and Mexico were dosed 
Friday for a holiday. 


Kuala Lumpur 


AMMBHdgs 

Gating 


2110 22 2150 2320 

1720 17.10 17.10 It 


London 

Ahbev Nall 727 

ABeaDoineai 450 

Angflan Water 643 

AnHG 638 

AMd Group l.io 

AKOCBrrtodl 520 

BAA 613 

todays 10^ 

Bas* 613 

BATInd 5.01 

Bank Scotland 326 

BlueOrde 619 

BOC Group 9J0 

BOOK 690 

BPBInd 342 

BrflAmsp 1150 

BrttAhVHiys 640 

BG 147 

Biff Land 527 

Ben Prtlm 7.10 

SSkvB , 622 

BA9eel 143 

BrffTetecwn 463 

BTR 249 

Buitnah CastroJ Iojk 

Burton Gp 156 

Ckibie IMretaei 4S4 

CadbuiySdiw 5J3 

QaNonCOatm 613 

Comm) Union 667 

Compass Gp 687 

Cowtaa Ids 344 

Dbom 61 B 

Etartocwnpanenls 420 
EMI Group 1120 

Energy Group 677 

EntarorteeOB 655 

Font Colonial 159 

GomArddent 7.93 

GEC 180 

GKN 957 

GhretWatanta 10.95 

Granada Gp 929 

Grand wet 698 

GHE 253 

GreenogsGg 617 

Guinness 5.10 

GUS 658 

gScHldgs 14^ 

Land Sec 756 

LegWGenlGro X91 

Marta spencer 4J1 

MEPC 473 

Mercury Asset 1252 

NatktadGrtd 2.14 

NaBPmei 481 

NatWesI 6.95 

Nod 605 

Orange 205 

P60 637 

Peaison 750 

Pfltangton 128 

PmwtGm _ 556 

Premier FameB 695 

ProdwiM 542 

RaBbOCkPP 456 

Rank Group 644 

JtoddnCDtai 849 

Redkind 345 

Return ll.U 

Rentokfl InltU 611 

Reuters Hdgs 623 

Rboto 328 

RMC Group 950 

RaksRoyca 225 

RmalBkScat 527 

RT2M 946 

Royal & Sun Al 658 

Setoray 344 

Satasbury 331 

SchrodeB 1625 

Scot NewcasUe 678 

ScntPDW 346 

Secuitav 257 

Severn TrenT 723 

Sites TranspR 1053 

Slabe 1047 

5raHi Nephew 1J6 

SmUiKBw 9.11 

SmOalnd 021 

StbamBK 755 

Stageanch 681 

Stand Owner 842 

Tide J. Lyle 424 

Tesco _ 346 

TlwmwWcdw 66Q 

31 Group 887 

T I Grew 576 

Tomkins 279 

Uifleear 1750 

Utd Assurance 502 

UUKH6 755 

utdutmtes 629 

VeatameUuta 5.17 

Vodafwe 2JB 

Whitbread 731 

wtBnrasHdgs 137 

Watsriey 5 

WPPGfOBp 258 

Zeneca 17J5 


FT-SE 100:425680 
PrerfOWB 4258.10 

7.13 7.15 7.17 

429 446 645 

633 641 646 

615 622 636 

127 1.89 128 

5.10 525 112 

S 523 506 

1021 1029 1025 
833 607 BOO 

660 693 688 

3.13 323 115 

611 616 611 
9.56 945 945 

673 674 685 

137 340 340 

1120 1326 1325 

625 633 

141 142 145 

527 536 521 

6-94 596 7JB 

512 52D 618 

140 143 1-59 

655 659 658 

223 229 244 

9J6 9J9 925 

1-53 123 125 

680 487 699 

520 523 522 

SJO 5.05 in 8 
623 625 640 

673 675 679 
139 342 342 

528 5.15 440 

615 620 616 

1JU 1121 1122 

663 440 668 

647 624 620 

127 128 128 

7.70 7.82 728 

173 175 379 

923 9.91 927 

0JI 1080 1020 

9.10 923 9.18 

687 690 693 

174 2J8 181 

60S 5.13 5.16 

696 605 103 

626 623 645 

522 525 547 

604 1605 1423 

7 721 7.11 

1H7 619 620 

688 696 691 

222 223 225 

720 744 72B 

242 145 247 

181 190 185 

440 4J1 678 

1-95 1.96 129 

661 666 448 

666 666 670 

220 1189 1191 
no zi2 no 

433 4J& CTt 

&?B 674 646 

593 SL95 547 
101 223 2 

615 637 626 

723 726 742 

120 122 125 

544 593 545 

475 687 445 

547 525 523 

447 421 647 

632 639 425 

821 844 

15B 340 343 

0L8S 1124 1092 
198 611 4 

603 614 617 

320 326 322 

947 9J9 971 

124 223 225 

5.15 529 527 

923 946 947 

*43 645 443 

152 363 151 

125 326 328 

610 1618 1625 
SJO 676 675 

139 341 340 

189 193 193 

688 694 7 

668 1080 1021 
632 1026 1042 
173 ITS 174 
691 877 9 

608 613 613 

HO 7.92 7.92 

LSD 620 670 

L13 642 821 

L29 421 633 

128 328 341 
LS3 626 

US 525 523 

167 575 575 

L67 174 247 

L95 1610 15.96 
LS8 693 5.10 

f28 755 724 
615 623 622 

U1 5.12 &16 

LAS 247 273 

r44 770 7J3 

:M 325 323 

L87 690 6B8 
LSD 255 249 

144 1749 1747 


Madrid 

Acerinox 

ACESA 

Aguos BarozkM 

Araentorio 

BBV 

Barest) 

Bankirter 

Ba Centra Hhp 

Ben Exterior 

BcoPaoulor 

Bco Santander 

CEPSA 

Cantfnente 

Coip Mapfre 

Endesa 

FEC5A 

Gas Natural 

Ibertrota 

Pryca 

Repsal 

SevtUano Elec 
Tntsacntora 
TriefbnlCD 
Union Fenosa 

Vblenc Cement 


Balsa tadec 46749 
Previous: 447254 

9500 19500 19750 
1570 15S® 1580 
5100 5190 5200 
6030 6050 6070 
5400 8460 8460 

1100 1SBS 1135 
1040 19060 19120 
3735 3760 3760 
7765 2770 2800 
4900 24940 24910 
M80 9720 9700 

4150 4155 4200 

SOS 2520 2505 
5860 6370 6990 

FIDO 9110 9110 
1165 1185 1160 
1900 31110 30700 
1500 1505 1 510 
i6f?S 2635 2615 
5740 5000 5790 
1285 1310 1280 

5600 6650 6m 

WO 3375 3365 
1145 1150 1160 
1695 1715 1700 


Manila 


PSE MR 3201X5 
Pravtoas: 320647 


M.ta 

78 

28 

38X0 

Ayala Land 

Br PtilOp (si 

30X0 

30 

305U 

30 

184 

l/V 

184 

183 

C&PHccnes 

12 

UJb 

11 

12 

MonflaEtocA 

121 

120 

121 

120 


675 

670 

675 

675 


1075 

10X0 

10X5 

1X75 

Ptt Bank 

395 

380 

395 

39/X0 

PhKLongDtar 

15* 

1545 

1550 

1565 

San Miguel B 

92 

91 

91 

91X0 

SM Prime Hdg 

7X0 

7J0 

7X0 

7X0 


Danone 

EH-Aquttohw 

ErtdanlaBS 

Einodbney 

Eurotunnel 

Gen. Etna 

Haw* 

l mead 

Lafarge 

Lepra nd 

LSrtal 

LVMH 

Lyan-Eaux 

MWteflnB 

PartbosA 

Pernod Rfcmd 

Peugeot at 

PtoauMrlnr 

Promodes 

Rmwita 

Rexsi 

Rn-poutaficA 

Suipjfl 

SCnnekter 

SEB 

SGS Thomson 
Ste Generate 
Sodexho 
StGOTata 
Suez 

Synttietoba 

■ntmMonCSF 


558 543 

900 877 

1020 940 

690 670 

757 742 

422 41340 
093 _870 
383 375.10 
1029 997 

1955 1920 


872 860 

553 545 

884 876 

1O10 9.90 

690 680 

747 743 

417 40740 
893 870 

378.10 
1008 990 

1932 1902 


Stara A 
Sv Handles A 
Volvo & 


Sydney 


141X0 

134 

141 

135 

190 

190 

190 

190 

102 

99 

100 

103 

22S 

219 

228 

221 

192 

188 

190 

187 


1349 

1310 

1315 

1304 

Amcor 

8X7 

B.11 

577 

560 

561 

562 

ANZBUng 

8.19 

IM 

339X0 331X0 

333 

330 

BHP 

17J2 

17X5 


389 

Borat 

168 

3X3 

319 

302 306X0 31190 

Brambles IntL 

21.14 

20X0 


639 

6* 

638 

CBA 

12X0 

12-38 

2237 

2170 

2175 

2121 

CC Amain 

11X2 

11 JO 

1895 

1853 

1866 

I860 

COtas Myer 

5X6 

5X6 

143 139.10 141 JO 

138 

Comalco 


6X2 

1710 

1646 

1700 

1639 

CRA 

IB* 

IIL25 

180 1B0X0 184X0 

179 

CSR 

4X1 

4.72 

5* 

521 

292 

529 

516 

Fdslere Brew 

257 

2X4 

297X0 

294X0 206X0 

Goodman Fid 

1X4 

1X1 

1039 

1012 

1018 

945 

iCI Australia 

11JD 

11X5 

401X0 397X0 

390 

649 

392 

Lend Lean 

22X5 

21.90 

660 

636 

632 

MlMHdgs 

1X0 

1X5 

2850 

2801 

2801 

2796 

Not AuH Bank 

15X0 

15X7 

845 

825 

031 

821 

Nat Mutual Hdg 

1X9 

1X6 

281X0 266.10 280X0 267 JO 

Nows Carp 

6.11 

5.99 

589 

577 

506 

575 

PodfiC Dunlop 

127 

125 

19150 18190 187X0 183X0 

Pioneer 1 ml 

4.18 

4.12 


47D 


Pub Broadcast 

6X2 

6X0 

90X0 

89X0 

89X0 

90 

St George Bank 

7X0 

7J6 

370 360X0 36120 359X0 

WMC 

8X3 

8.12 





WeripacBMng 

WbodsUeFef 

7X0 

9.06 

7X6 

8.99 









Sao Paulo -XSSSaS 


AfleaimABfc 
BcsCamrotlal 
BcaFtdeumn 
Bead! Roma 

Credbo Itaflano 

Eason 

ENI 

Hoi 

GeneraflAsslc 

IMI 

IMA 


Medtobcna 

MontedHofi 

OOvetll 

Parmalat 

Plroll 

RAS 

Rato Banco 
SPaoto Torino 
Ste) 

Telecom Rafla 
TIM 


Montreal 

Bee Mob Com 
COT Tire A 
Cdnuto A 
CTFWISUC 
Gaz Metro 
Gt-West LHeco 
troasco _ 
Investors Gip 
LnbtawCffl 
Natl Bk Canada 
Power Carp 
Power Rm 
OuebeoorB 
Rogers Comre B 

RayWBkCda 


MIB TWhbbHcr 1 1 795J9 
PravtaOB 1173140 

745 11350 UHO 11700 
CU0 3170 3240 3240 

[ISO 4040 4120 4215 

160 1130 1160 1159 

1900 20200 20050 20650 
G65 2315 2345 2349 

1245 fflJIS 0015 9050 

1600 8350 8600 £MS8 

1250 SIX 5215 5185 

HDO 28500 29100 29200 
040 13800 14265 14000 
200 2115 2195 2150 

1470 5305 5405 5385 

6930 6010 
1430 10155 10390 10445 
179 1150 1155 1167 
613 

195 2110 2185 2165 

1680 3S30 3650 3575 

800 14505 14725 14740 
345 13860 14300 14250 
545 11155 11480 11305 
475 7200 7320 7305 

245 4100 4203 4160 

720 4540 4675 4630 


nefaaMataladex i S 8S3 . f r 
Pi Idler 2873.17 


BradacoPM 
Brahma PM 

sw 

Copti 
EMrobras 
Itaaboncn Ptt 
UgWServtcfca 

PauBStaUa 
ShfNadoiHU 
Souza Craz 
Tetebras Pfd 


UflkntaaePM 
CVRD PM 


Seoul 

Docom 

Daewoo Heavy 
Hyundai Eng. 
Ufa Manns 
Korea BPwr 
Korea to* «i 
Korea Mob TW 
tesendoan 
PatanglnnSt 
Sansung DWay 
SarnttmoElec 
SUnhanBank 


9JH 870 695 

71600 mm 702X0 
46J0 45J1 45J0 
5470 5649 5470 
15.91 15750 15-90 
467-01 46600 461.00 
5S5.00 wm 565.00 
438.99 435JH 437 JK 
33600 3343)1 3XL00 

N.T. ItT. N.T. 
147.W 139JM 14200 
3350 37.99 3fiJ» 
9 JO 970 970 

11480 113-00114^50 
16X00 15640 15440 
153450 132300 153X0 
28600 279X0 281X0 
40.10 30X0 39X0 
126 122 123 

25.96 2525 2525 


the tadBB 627>63 
Prevtaec: 642J6 


99000 94000 
378® 3510 
17200 16500 
15800 15300 
25100 24700 
4460 4110 

475!fS) 458000 
26200 25100 
45400 43400 
39000 39200 
56500 55100 
9000 9200 


94000 99000 
3520 3700 

16500 17560 
15800 15500 
24980 25200 
4110 44HJ 
475000 478000 
25500 26X0 
44300 44000 
38200 39000 
55800 56«8 
9300 9800 


4190 43X5 
24X0 24V> 

3116 31.15 
32 32 

1690 1680 
22X5 22 

3695 34M 

2516 2S\t 
1690 16W 

1570 1520 
2670 2816 

26 VS 2614 

24H 24V4 

825 &» 

5725 55X0 


4185 4185 
206 24H 

31«i 31.15 

16§5 16OT 
22X5 2220 
35X5 3695 
25W 25-20 
1690 1645 
15X8 1539 
28X0 28X5 
2616 26U 

2455 24X5 
035 B* 
57.10 55L90 


Singapore stH3H-nmxa<*M 


OBX todec 581X9 
PrevtoOB 57U4 


CHyDnSs 


Fraser 8. Heave 
HKLOTd* 


MX 

0’S UntonSt F 


A ter A 

Kffi 

Den norske Bk 
Eflurni 
Hafsfimd A 
KvaeraerAsa 
Nank Hydro 
NnsfeeSkag 
NycoendA 
OrttaAsaA 
Pefloi G*oS*c 
Saga PedmA 


TiansoceanOff 

SmebrandAn 


179 174 

14450 142 

2610 23X0 
28 2720 
123 117 

47 4650 
352 346 

33650 332 

216 201 
10650 97 

547 525 

285 278 

114 11050 
131 130 

395 395 

44 43 


17850 174 

143 141 50 
2390 2130 
28 27.10 
12150 116 

47 47 

347 345 

335 333 

21150 215 

99 104 

525 524 

278 283 

112 11150 
130 130 

395 390 

43X0 4290 



fsas 

Ufd Industrial I 
UldOSea BkF U 
WlngTalHdgi 4 
-SiOSitotaws. 

Stockholm 


AlrLkwMa 871 

AtaOWAtah 676 

Axo-UAP 37120 

Banadro 735 

BIC 909 

BNP 246 

Canal Plus 1151 

Conetoar 3420 

Calm 264 

OF KUO 

CeHam 692 

CtHtSttan Dior 825 

CLP- Dado Ftm 573 
CredBAgrfale 1250.10 


CAD40; 2587.13 
Previous: 25S3J2 

797 800 814 

200 202 200 

857 864 861 

658 669 657 

363X0 36670 363 

722 727 713 

B7S 898 899 

239 24220 23920 
1123 .1125 1UB 
3375 3409 3347 

255 260 251X0 

256X0 259X0 253.10 
673 600 671 

797 005 791 

537 564 565 

1246125110 1246 


Astra A 
Allas Copes A 
AuMV 

EJedrofaxB 
EricsunB 
Hemes B 


BHHT 

irs, A 


Prevlaus: 2095X3 

70 690 7.15 

50 950 975 

50 1170 12X0 
40 1670 1670 ■ 
76 078 076 

17 1720 1720 
92 498 496 

SO 1150 11.70 
36 2X3 2X5 

33 5X0 5X0 

» 326 3.1B 

05 9X5 9X5 

96 396 408 

16 620 654 

42 4X2 654 

J7 1? 17-5B 
« 975 10 

JS 6.10 6.10 

25 725 725 

HO 11X0 11X0 
» 725 7X0 

ro 26 26X0 
SB 3X2 354 

3 3X2 110 

10 3X2 3X2 

14 1.16 1.18 

10 1550 15.70 

4 604 618 


SX 16 tndec 2850X9 
Previous: 280854 
105 106 IB 

838 838 830 

196 199 198 

34550 34750 M5 
178 18050 181 

31 650 31B 315 

4S5 457 JO 460 
250 254 24750 

900 1001 989 

498 505 497 

335 SfflJl 33650 
22150 224 21950 

249 255 257 

281 28450 279 

18950 191 18850 

181 183 182-50 

157 15850 158 

83 85 83 

218 227 215 

328 33150 327 

186 19050 13550 


Taipei 

CoUwy Ufe Ins 
Chong HwoBk 
OrtooTungBk 
CWna Devetpmt 
Ottao Steel 
First Bank 
Formosa PlosJlc 
Hun Nan Bk 
IOT Comm Bk 
NanYUPtadla 
5t0n Kong Life 
Tahnn 

UM Micro Etec 
Utd WoridCMn 


Tokyo 

AfTnomolD 
aL Nippon 4 


ABOnOnartesi 2386X0 
PnWOBK 2391 JS 

’ 8.11 B.19 8.14 

1 7X6 B.10 7X8 

1 17XS 17,16 17.13 
I 163 3X3 3X6 

l 20.88 20X8 21.15 
12J8 12X6 12X8 
1150 11.52 1150 
576 5X0 5X1 

652 6X0 6X2 

1875 1851 18X2 

672 675 4X4 

254 255 257 

1X1 1X3 1X2 

1155 1156 1IXS 
21.90 22X5 22X7 
1X5 1X9 1X5 

15X7 1551 15X0 
1X6 1X8 1X8 

5.99 6X3 6,18 

2.25 126 3.38 

612 61B 616 

6X0 672 6X1 

756 7X3 756 

&12 8.15 8.16 

7X6 758 7.07 

8.99 5JM 9.02 


Stock Martel Mes 82S8X7 
Pravfon; 8492X7 

185 177 178 177 

193 185 186 190 

S3 79 79 82 

123 116 117 121 

28X0 27 27 2732 

193 187 189 190 

75-50 74 74 75 

147 14150 14350 14650 
8450 82 6250 8250 

69 67 £750 6850 

1350 100 108 109 

6550 64 64 6550 

58 56 56 58 

5150 49 4V 52 

75 71 73 7050 


AnHBank 
Antal Own 
Altai Glass 
Bk Tokyo Mltsu 
Bk Yokohama 
Bridgestone 
Canon 
ChubuElee 
enugoku Elec 
Btaknim Print 
Dalai 

DaHcMKang 

DaUmBonk 

DahnHaum 

DatwaSec 

DDi 

Danes 

East Japan Ry 
Elsta 
Fame 
Fuji Bra* 

Furl Photo 


HodiQunlBk 

Hitachi 

Hondo Motor 

IBJ 

IHI 

Itochu 

ito-Yokndo 

JAL 

Japan Tobacco 

Jusca 

Kalfena 

KanstaElec 

Kao 

KavMsaUHvy 
Kcwa Steal 

KMlNIppRy 

Kbki Brewery 

Kobe Steel 

Komatsu 

Kubota 

Kyocera 

KwdiuElec 

LTCB 

Marubeni 

Moral 

Matsu Comm 
Matsu Etoclnd 
Matsu See Wk 
MSsubteN 
Mitsubishi Ch 
Mitsubishi El 
Mltsubtahl Est 
MltauMshlHvy 
MBsublsMMta 
MBsubfcKTr 
Mosul 

MBsal Fudosn 
MitSUi Trusf 
MurataMlg 
NEC 
Nikon 
Mkk05ec 
Nintendo 
Ifflpp Egress 

N^on Steel 

Nissan Molar 


HIM 225: 11633.16 
Previous: 1049371 

993 1000 993 

800 @19 882 

3240 3280 3290 

819 826 819 

609 634 608 

1080 1090 1100 

2060 21HO OTTO 
541 553 566 

2180 2200 2180 
2540 2570 2580 

2160 MSS 2180 
21® 2200 21SB 

1970 2810 1990 

690 697 686 

1410 1460 1400 

476 .*5 471 

1380 1400 136S 

910 909 

1690a 77*0 7SM 
231 Q 2320 2420 

S330O 5480a 5330a 
2030 20* 2060 

3610 3680 3660 

1520 1560 1B0 

4100 4150 4110 

12* 1250 12* 

1060 1078 1060 
laso 1050 1060 

3SB0 3620 3620 

13* 1360 1360 

432 413 

™ 425 606 

5270 5270 5350 

479 491 479 

I160e 8160a 8260a 
3190 32* 3110 


343 
745 749 

1020 1010 

£8 

5* 5* 

6710 6720 

2210 2260 
468 408 

487 477 

17* 1760 
2870 2850 

1870 1870 
1070 1070 
1130 1100 
364 345 

652 662 

14* 1410 

845 627 

— 890 

1370 1380 

873 870 

1370 1310 
802 775 

4270 4*0 
1370 1380 
1570 1650 
744 711 

SM CTO 
850 834 

500 492 

337 336 

707 707 


The Trib Indox Pricosaaorj.-OOP.M. New Yatk time. 

Jan. l. 1932=100. Laval Change %changa ywartodeta 

% ehang* 

World Index 149. BO +1.22 +0.82 +13.67 

Regional Mun 

ASffl/P&cffic 110.73 +1.81 +1.48 -17^3 

Europe 157.40 +1.70 +1.13 +1109 

N, America 173.85 +0.42 +Q2A +35-52 

s. America 140.07 +0.05 +0.04 +57.31 

Imiuattliii Mona 

Capital goods 172.44 -0.25 -0.14 +29.77 

Consumer goods 168X2 +1.08 +0^5 +21 JOB 

Energy 178.31 +1.94 +1.10 +31.48 

Finance 112.34 +1.84 +1.67 -11.70 

MbceUaneous 154.37 +1.53 +1.00 +13.67 

Rnw Materials 180.06 +1.49 +0.B3 +26.98 

S»fVtee 141.41 +0.99 +0.71 +1784 

umties 133.42 +0.40 +030 +4.94 

The International Hemki Tribune World Stock Max OHscto the U.S.dotar values of 
2B0 InteivationaBy bneeratta stocks from 25 countries. Far more Information, a fme 
booklet Ib avaBane by writing to The Trib lndwt,1B1 Amnuo Charles de QbuBb, 

92521 Neutty Coda*. France. CompBed by Bbombetg New. 


Laval 

Cltanga 

%changa 

yaartodata 
% changa 

148.90 

+1.22 

+0.82 

+13.67 

110.73 

♦1.81 

+1.48 

-17.53 

157.40 

♦1.78 

+1.13 

+iao9 

173.85 

+0.42 

+0.24 

+35-52 

140.07 

+0.05 

+0.04 

+57.31 

172.44 

-0.25 

-0.14 

+29.77 

16B.42 

+1.08 

+0.65 

+21 J8 

178.31 

+1.94 

+1.10 

+31.48 

112.34 

+1.84 

+1.67 

-11.70 

154.37 

+1.53 

+1.00 

+13.67 

180.06 

+1.48 

+0.B3 

+26.BB 

141.41 

+0.99 

+0.71 

+17^4 

133-42 

+0.40 

-tOJO 

+4.94 


Hfgh Low doss Prav. 

NKK 268 263 265 265 

Nomina Sec 1480 1420 1470 1410 

NTT 8700a SOTa B6SM 8560a 

NTT Data 3» 315ES 31®® 

OO Paper 600 590 590 615 

Osaka Gas 297 294 297 295 

Rknh 1400 1380 13W 1410 

Rohm 8750 0690 8750 6650 

Sakura Bk 7W 755 785 765 

Sraikya 341D 3330 sm 3330 

SamnBank 1410 1340 1400 1360 

Sanyo Elec J74 465 470 470 

Secom 6600 6550 6600 6560 

SefbaRwy 5620 S510 5560 5560 

SekbutChem 1130 1110 11® 1110 

Sekbuf House 1210 1170 1210 1150 

Seven-Eleven 7520 73M 7480 7280 

Sharp 1500 1450 1«4J 1490 

Shikoku El Pwr 21* 2100 2110 2100 

Sttkntai 708 681 700 678 

Stito-ftauCh 2300 2270 2290 2300 

ShiseW) 1580 15* 1560 1570 

SMtuaknBk 1050 1030 1050 10* 

Srftbonk 9906 MOO 9630 9900 

Sony 8650 3600 B&90 8718 

Sumitomo 916 B99 900 891 

Sumitomo Bk 1650 1590 16* 1600 

SumflChem 489 479 489 488 

Sumitomo Elec 1670 1660 1670 1670 

Sum It Metal 290 282 282 2BB 

SumltTruK 1110 1070 11 OS 1070 

TalshO Pharai 2800 2780 2800 2790 

Toktataanm 2600 2560 2570 25* 

TDK 8130 8030 8060 8100 

Ttaioku El Pwr 2130 20m 2090 2100 

Total Bank 950 910 99) 913 

Ttado Marine 1269 1230 1260 1220 

Tokyo El Pwr 2300 2270 2260 2270 

Tokyo Etotann 4090 *50 4086 *70 

Tokyo Gas 39 » JS 309 

Tokyo Corp. 583 573 582 572 

Tonen 12* 1200 12* 1220 

Tappcn Print 1460 1430 1450 14* 

Taraylnd 719 705 717 701 

Toshiba 694 681 691 690 

TQSWa 2530 2510 2518 2«» 

Toyo Trust 894 860 894 865 

Toyota Motor 3130 3110 3130 3120 

YbmadMKH 2530 2500 2530 2510 

KflttktKXlMO 


High Low Close Ptev. 


NthemTWecom 

torn 

Ora* 

PoncrinPedm 
PetroCdo 
PtacorDonw 
Pooo Pelhn 
Potash Sol: 
Ranatasance 
Rto Algocn 
Ragere Camel B 
Seagram Co 
Shu COT A 
Slone Consotd 
SuitcOr 
Tafluiian Eny 
TeckB 

Thomson 
T crttam [B ank 
Tiuirxilta 
TraiwCdaPlpe 
Trimark Ftat 
TrtwcHahn 
TVX Odd 
weslcoastEny 


9216 92X0 
11X0 11X5 
2416 24X5 

55.10 5514 

20.10 SOW 
2670 26J5 

13.15 13X5 
10314 104.15 
401k *70 

3430 3435 
26X5 26.95 
53(6 53.00 
56 56X5 
20.95 21 

7*10 61 

42X5 42.15 

a 31 

40-TO 41 

21.10 21.15 
2716 27X0 
3735 37X5 
1630 16X5 

25.15 2S3D 

39 41 

30X0 30X0 
1055 10X5 
2430 IMVt 
7016 7016 


Vienna 

BaeHerJJddeii 

CiedHansiPfd 

EA-Generall 

EVN 

Ftauhataiwien 

QMV 

Ocst ElBktriz 
VA State 
VATech 
Wlenerbeig Bau 


ATX hutac 1214X0 
PNMaaai 1289X0 
821 810 81050 81050 

463 45090 460-93 461 

3379 3330 3375 33t® 

1705 1695 17041491.70 

572X0 562 563 565X0 

1382X0134010 1381 1368 

043.90 838 842 839.90 

475X0 471X0 475.75 47430 
1774 17* 1774 1733 

2250 22» 2235 2224 


Wellington wBExoiure 222979 

PrevlMe;2212X8 

AlrNZeflidB 3X7 3X8 197 3X8 
Brfcrtylnvt 137 134 137 135 


Toronto 

AbtlU Pits 
Alberta Energy 
Alcan Alum 
Anderson E*j8 
Bk Mammal 
Bk Non Scoria 
BantckGotd 

BC^etecnuOT 
Btoctwm Ptwrm 
BombaRflerB 
BrasconA 
B^Mtaerata 

CdnNalRaB 
COT Nor Res 
CdnOctad Pet 
CdnPndfle 


Donahue A 
DuPortCdaA 
Edpar Group 
EuraNevMng 
Fairfax Flnl 
FatcamaUge 
RetdierChoSA 
Franco Nevada 
GrtfWRw 

liaperioion 

IPL Enemy 
LOOMS 
loner Group 
Macros Bun 
Magna Inti A 
Manana 
MOW 

Newbridge Net 

Norandaloc 

Noicen Energy 


TSE IndntMata 6072J8 
Prevtaac 405538 
Ilk 20l90 21 2130 

90 3BXS 2090 2870 
60 *30 49W 49X5 

70 1616 16X5 1670 

M 50JS 5170 50.95 
40 ww ciiin 52W 
10 35.70 35.90 35X5 
15 61* 64.10 6170 
Kk 30X5 30.10 3030 
64 45X0 6» 

40 JA R 5 25 25.40 

90 31X0 31X5 31X0 
M 1414 15.10 17X5 
M 5316 54.10 S41k 
70 6614 66X0 6635 

4 4935 49X5 50 

H 34X5 34X5 3440 
ID 26 2W* 25.95 

10 3165 34 3140 

M 37.90 39.95 * 

15 2430 24* 24to 
70 1116 11X0 11X5 

» 2316 23X0 2185 

» 3316 3316 — 

24 21X0 23X5 
15 4030 40* 4070 
79 291 277.95 291 

U 31.10 31.10 3135 
U 2116 2135 2U6 

Vt 61-55 62.10 62 

15 11 11.10 1130 

10 6115 6155 61* 
15 48.10 48J0 4835 
U 39X0 39.95 39.90 
55 1930 1935 1930 
3k 4530 45X5 4fik 
19 19115 1BX5 
71 71.10 71.15 

15 13M 13U 1314 

10 2BX5 29 29X5 
10 30.70 *10 39X5 
ID 31(6 31X5 31 JO 

16 29.95 29* 29X5 


LianNcdhan 

TetacaniNZ 


Zurich 

ABB B 
Adecco B 
AtosutsseR 
Aras-SerenoB 

AMR 
Boer*., 

Batateo ... 
BKVtetoa 
Oartanf R 
Crd Suisse GpR 
EMdrawatiB 
Ems-Chemie 
ESEC 

Hotter 

UedneratLBB 
Nestle P. 
McrarSs R 
Oertacn Bueh R 

PargesaHUB 

PhamvisnB 

RtchemantA 
MreKPC 
Roche Hdg PC 
SBC R 

Schindler PC 
5GSB 
SMHB 
SutzerR 
Swiss RetnsR 
SwtasairR 
UBS B 
Winterthur R 
Zurich AssurR 


197 

3X0 

197 

3X8 

1X7 

1X4 

1X7 

1J5 

105 

198 

3J5 

198 

4J5 

4X0 

4J2 

4X6 

193 

181 

3X8 

3X0 

1X8 

1X5 

1X7 

1X5 

192 

2X7 

2X0 

2X6 

135 

130 

uo 

3X8 

6X5 

6X5 

650 

6X3 

11X0 

11X0 

11X5 

11X9 


SPf todOB28S4X« 
Pravtoas; 2*28X6 

1680 1655 1673 1670 

433 425 426 438 

1218 1200 1213 1202 

1770 1715 1725 1715 

N.T. N.T. N.T. 880 
17* 1727 1737 1723 

2895 2845 2885 2845 


704 — 

16635 163X0 
534 531 

5930 5820 
4180 4060 
1084 1053 

477 477 

1574 1520 

1722 1700 

138X5 135 

1655 1615 
720 706 

1975 1950 
203 199 

123* 12020 
395 288X0 
1720 1690 
3190 3095 
007 793 

960 947 

1469 1456 
1265 1234 
1267 1247 
990 979 

441 436X0 


165X0 161X5 
534 533 

5925 5900 
4130 4T50 
1075 1075 
477 477 

1567 1554 

1703 1708 

138 135 

1655 1620 
m 701 
1950 1940 
202 200 
1233S 11900 
294 290 

1704 17Q0 

3100 3150 

BOO 785 

,952 954 

1464 1449 
1264 1254 

1253 1254 
990 976 

4* 43850 














































































niTCVMl'nAWAT DrDJTTMimmm, 


PAGE 3 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 22-23, 1997 


PAGE 13 


ASIA/PACIFIC 








Search of Seoul Office 
Targets Kim’s Son 








/i 


n pfti 


- 


OB 


C.*npdtd H Otr Staff Frm Pupcadn 

SEOUL — Prosecutors searched 
the offices of an agent of the bankrupt 
Hanbo Steel Co. on Friday as part of 
an invest! gaiion into rumors of a 
massive payment to a son of Pres- 
ident Kim Young Sam. a prosecution 
official said. 

State radio reported that the pres- 
ident's second son had taken the 
money from the agent of the steel 
company, which collapsed in Janu- 
' ary amid a scandal over bad loans. 

Prosecutors investigating bribery 
linked to the steel company’s failure 
this year said they believed Kim 
Hyun Chul, 38, had received the 
money as a kickback, Yonhap Tele- 
vision News reported. 

Park Tai Joon, who managed the 
younger Mr. Kim’s finances, told 
prosecutors Friday he had signed a 
contract to import steelmaking 
equipment for Hanbo from a German 
company at twice its market price. 
Yonhap said. Mr. Park said he gave 
the difference to Kim Hyun Chul. 

South Korean television reports 
showed prosecutors removing 26 
boxes of documents from Shim 
Woo Co., a company owned by Mr. 
Park. Reports said prosecutors also 
\ took 40 computer disks. 10 video- 
tapes and a New Year’s card sent by 
Kim Hyun Chul. 

A prosecution official said the 
purpose of the search was to try to 
confirm “rumors” that Kim Hyun 
Chul had accepted a payment of 200 
billion won ($226 million). 

“The rumors that the son received 
the $226 million in commission 
were mentioned in the warrant,” the 
official said. “But that does not ne- 
cessarily mean that Kim Hyun Chul 
received the money. The allegation 
is not something that has come out in 
the course of investigation.” 

The younger Mr. Kim holds no 
govemmem job. Mr. Park was a 
schoolmate of his and has been one 
of his closest associates since Mr. 
Kim helped orchestrate his father's 


election campaign in 1992. Hanbo, 
the 1 4th largest of South Korea’s 
family-owned conglomerates, 
failed under the weight of $5.7 bil- 
lion of debts in January, triggering 
an expos£ of high-level corruption. 

Four politicians, a former min- 
ister and three former hanking ex- 
ecutives were jailed and are on trial 
on charges of pressuring banks to 
extend large loans to Hanbo on in- 
sufficient collateral. 


Hanbo's patriarch, Chung Tae 
Hanbo ex 


Soo, and a Hanbo executive also 
have been imprisoned on fraud and 
bribery charges. 

The Justice Ministry changed the 
leader of the prosecution team to try 
to remove doubt about the inves- 
tigation's impartiality. 

Last month. President Kim apo- 
logized for suspicions surrounding 
his son. 

Separately on Friday, Hanbo's 
construction arm, Hanbo Engineer- 
ing & Construction Co., was de- 
clared bankrupt after defaulting on a 
second loan payment, Korea First 
Bank, a major creditor, said. 

( Reuters . AFP. Bloomberg) 

■ SsangYong Turning to U.S. 

Ssangyong Motor Co., a South 
Korean car manufacturer reeling un- 
der $4.3 billion of debt, is turning to 
U.S. carmakers for help, Bloomberg 
News reported from Seoul. 

“We are currently in talks with 
American carmakers such as General 
Motors and Chiysler,” Jang Chang 
Joon, a company spokesman, said. 
Officials of Genera] Motors Corp. 
and Chrysler Corp- were not im- 
mediately available for comment. 

Ssangyong Group, the auto- 
maker’s parent, is trying to sell a 50 
percent sake in the company to for- 
eign investors to help pull the auto- 
maker out of debt. 

Ssangyong Motor’s stock 
tumbled 400 won to close at 4,620. 
leading a fourth consecutive day of 
declines by South Korean stocks. 


Taiwan Pork Crisis Deepens 


Ctmpdrd by Otr Sl$ Firm Dupacha 


TAIPEI — Taiwan’s pork industry was plunged 
into a deepening crisis Friday after the government 
banned it from exporting its goods and Japan and 


South Korea said they would keep out imports of pork 
from Taiwan indefinitely. 

Taiwan's export ban. announced Thursday in re- 
sponse to the discovery of an outbreak of foot-and- 
mouth disease at 20 farms this week, sent Taiwan 
stocks tumbling and drove up pork prices worldwide. 

Taiwan’s cabinet called an emergency meeting to 
discuss ways to help the S3 billion pork industry, 
which raises more than 12 million pigs a year and 
exports about 60 percent of them. 

“About 60 percent of the industry is dead, and the 
other 40 percent is not that healthy.” Nate Emerson, 
vice president of HG Asia Securities Ltd., said 
Japan, Taiwan’s largest pork export market, im- 

? 3sed an indefinite ban on pork shipments from 
aiwan as a result of the disease outbreak. South 
Korea, which imported 1,497 tons of pork from 
Taiwan in 1996, also announced a ban on cloven- 
hoofed animal s and related products from Taiwan. 

(t could take three to five years before Taiwan 
could resume exporting pork, K.C. Lee. vice chair- 
man of the Council for Economic Planning and 
Development, was quoted as saying by the Chinese- 
language Commercial Times. 

Mr. Lee reportedly said that, with the pig industry 
accounting for one-quarter of Taiwan's agricultural 
output, its outlook for this year was grim. 

Economists said the export ban would cost jobs in 
Taiwan and cut into the country's overall export 
figure. 


Japan’s Ministry of Agriculture, Forestry and Fish- 
eries said its import ban applied to pigs, sheep, cattle 
and goats slaughtered after Friday. 

Taiwan was the source of for 41 percent of Japan’s 
pork imports of 652,827 metric tons last year, ac- 
cording to Japanese customs data. The United States 
had a 22 percent share of the Japanese market. 

Japan had been importing about 16,000 tons a 
month of fresh and frozen pork from Taiwan despite 
Tokyo's imposition of an “emergency* * tariff to limit 
imports and protect local breeders, Taiwan traders 
said. Japan imported 183.494 tons of pork from 
Taiwan in 1995. 

Japanese meat-packers said the ban was not likely 
to cause shortages in die next few months because 
inventories of frozen pork were high. They said 
Japan’s meat-processors bought most of their frozen 
pork for hams and sausages from Denmark. 

But at least one major Japanese chain store said it 
had begun focusing on other meat, such as beef and 
chicken, as substitutes for the banned chilled and 
frozen pork. 

Tokyo traders said Canada and other European 
countries were their other principal suppliers. 

The Taipei stock exchange's weighted index 
plunged 262.60 points, or 3.09 percent, to close at 
8,230.07. It was the index 's largest one -day loss in 1 1 
months. 

The outbreak of the disease, the first in Taiwan 
since the early 1940s. also comes with unemploy- 


ment in Taiwan is already near a five-year high at 2.7 

700,000 people 


percent. Pig-farming employs about 
in Taiwan, mainly in the southern part of the island. 

( Reuters . Bloomberg. Bridge News) 


Investor’s Asia 


Hong Kong 
Hang Seng 
14000 



13500 
13000- 
12500 

' 12000 J 2050 

1150Q v. re !? 2000 


' O ' N r D'"j r F ' Sf 
1996 1997 


'Exchange 





5:4^725^*0.14 


Singapore 

"strata 


sjrdne* ■ ; 



Tokyo 


*8- Wit ’•W5 


1,225,99 *-fJ06 

Bangkok':/ 


'• imat ' : 

Seoul . • • 

Ooa^>ostolodax 

;-«2r$5: : :; 4 'wajssi';;.- -ds?- 



;*3'.Q§ 

iteiSa'V 

pse-i--..-.-. 


Jakarta ■ ■>.- 

■Composite Index 

•.y.KfLV* -i;M 


82 SeUf>-: H t 


Bombay ’ ' 

.6ensttifc3l«dte*'' > 

l 

Source: Telekurs 


ImemaDoiul Herald Tribune 

Very briefly: 


‘Junk 5 Rating on Japan Bank Oil Division Lifts 

Broken Hill Profit 


Bloomberg News 

TOKYO — Moody’s Investors 
Service Inc. downgraded Nippon 
Credit Bank Ltd.’s senior debt to 
junk-bond status Friday, the first 
time it had rated a Japanese bank's 
debt so low. 

In lowering the rating to Bal. be- 
low investment grade, from Baa3. 
Moody's cited the long-term credit 
bank's “substantial” unrealized loan 
losses and weak earnings outlook and 
questioned its long-term ability to 
weather the planned deregulation of 


Japan's finance sector. The down- 
grade means that Nippon Credit, one 
of three long-term credit banks that 
helped finance the postwar resur- 
gence of Japanese industry. is likely 
to have to pay more to raise funds. 

Some analysts said it also was 
likely to rekindle investin’ concern 
about tbe health of Japanese banks. 
Nippon Credit, which said in 
September that it had 1 trillion yen 
($8.08 billion) of bad loans, blamed 
the downgrade on a “total misun- 
derstanding” of its financial health. 


Reuiers 

MELBOURNE — Broken Hill 
Pty. posted a 69.5 percent increase in 
thua-quarter net profit Friday, as 
profit doubled at its petroleum unit. 

It was tbe resource company's 
first profit increase in two years. 
BHP’s net profit rose to 378 million 
Australian dollars ($297.9 million) 
from 223 million dollars a year 
earlier. The petroleum division's 
profit grew to 246 million dollars. 


• Singapore stocks fell to their lowest levels in more than four 
months, a day after a drop in the country's non-oil exports in 
February led to increased concern about earnings and growth. 
The Straits Times Industrials Index fell 26.95 points, or 1.3 
percent, to 2,068.48, its lowest since Nov. 1. 

• Japan's transport minister. Makoto Koga, hinted at re- 
taliation if Washington went ahead with sanctions against 
Japanese shipping companies over port practices, but he 
pledged to make every effort to head off sanctions. 

• Overseas Union Bank Ltd. of Singapore, targeting the 
growing cash surpluses generated by Asia's "tiger” econ- 
omies, plans to raise the value of tbe mutual funds it manages 
to at least 200 million Singapore dollars ($138 million) by 
2000. compared with around 40 milli on dollars now. 

• The Recording Industry Association of America's chair- 
man and chief executive. Jay Berman, said piracy of U.S. 
computer software, recordings and movies was growing in 
China as entrepreneurs sought to meet growing demand in 
Russia, Eastern Europe and Latin America. 

• Placer Dome Inc. is selling its 39.9 percent stake in 
Marcopper Mining Corp. of the Philippines to die mine's 
majority owner, privately held F Holdings. 

Bloomberg. AFP. Reuters 


A 


Hopewell Gains, but Wharf Slips 


CompUal tn Our Suff Frm Dup^cba 

HONG KONG — Two of the colony's biggest diversified 
companies presented sharply different profit pictures Friday, 
reflecting the effects of differing strategies on asset sales. 

Wharf Holdings Ltd. said net profit fell a bigger- than - 
expected 24 percent last year, to 2.74 billion Hong Kong 
dollars ($353.7 million), as it delayed property sales and lost 
money on its new-media and telephone businesses. 

But Hopewell Holdings Ltd., a construction company, said 
net profit in its first half rose 7.7 percent and said its full-year 
profit would be lifted by a one-time gain of 3.96 billion dollars on 
the sale of its powerdivision. Hopewell said net profit rose to 502 
million dollars in the last six months of 1996, largely because of 
tbe start-up of power stations in the Philippines and China. 

Wharfs 1996 sales fell 24 percent, to 8.4 billion dollars. 
Revenue was constrained by its decision to delay sales of 
some office and retail projects last year, tbe company said. 

Wharfs shares rose 10 cents, to 28.15 dollars, while 
Hopewell's shares fell 225 cents, to 4.10 dollars before its 
results were announced. Both companies shares have fallen in 
the past 12 months, even as Hong Kong's benchmark index 
has risen 17 percent, amid investor concerns about the compa- 
nies’ future projects and asset sales. (Bloomberg, Reuters) 


Acer Switches to Pentium Chips 


Bloomberg News 

TAIPEI — Acer Inc. said Friday it would revamp its line of 
low-cost personal computers to use Pentium chips to try to 
compete with Compaq Comparer Corp. 

Acer said it would use Intel Corp.'s Pentium chips in its line 
of personal computers th at would be priced at $799 including a 
monitor. Acer executives said die move reversed a decision 
made in May 1996 to use Iomega Corp.’s 23p storage disk- 
drives, which are nearly as fast as hard drives, in die computers. 
Acer said the change would help it compete with Compaq, 
which uses Intel chips in its low-cost computers. 

Compaq also recently introduced a personal computer using a 


Compaq also recently introduced a personal computer usmga 
chip by Cyrix Corp. that ii said it planned to sell for less than $1 ,000, 
but without a monitor. About 75 percent of all personal computers 
use chips made by Intel , the world’s largest chipmaker. 


* PENSION: Is Chile a Model? 

' liquid financial mar- 


Continued from Page 9 


deposit 13 percent of their 
wages in the retirement ac- 
counts. The accounts, which 
move from job to job with 
their owners, are managed by 
about 20 private mutual-fund 
groups, known as Adminis- 
tradora de Fond os Pensiones, 
or AFPs. 

To achieve what Mr. Pinera 
calls ‘‘radical reform with a 
conservative execution, ’’ the 
L government strictly limited 
these administrators' discre- 
tion to take investment risks. 
At tbe end of last month, the 
! funds held 40 percent of their 

. assets in government-backed 

. debt, 24 percent in interest- 
bearing hank deposits and 35 
percent in Chilean stocks. 
f But, buoyed by high in- 
terest rales and gains on 
Chilean stocks, the funds have 
delivered a strong 13 percent 
average annual return after in- 
flation over the last 15 years. 

Equally important, Mr. 
Pinera argues, the switch to 
“defined contribution” ac- 
counts has ended the govern- 
ment's authority to raise pen- 
sions at the expense of future 
generations of taxpayers. But 
what intrigues observers most 
is the way the pension reform 
has meshed with Chile’s goal 
of moving its economy to fee 
fast growth track. 

Economists' prescriptions 
for growth these days invari- 
ably in dud e prudent fiscal 
policies, high savings rates, 
tax reform and the develop- 


ment of 
kets. Chile’s pension 
makeover, Mr. Pinera said, 
helped to accomplish each. 

For starters, be said, pri- 
vatization made it impossible 
to paper over government de- 
ficits with cash flow from the 


ion system. The resulting 
— ibined 


ium, austerity, com 

with increased confidence 
tha t personal savings would 
not be taxed or inflated away, 
has raised the savings rate 
from 16 percent in 1980 to an 


astonishing 28 percent, 
r. Pinera also arj 


Mr. 


argues that 


tbe substitution of mandaro_g 




pension savings for — — 
percent social security tax on 
wages sharply increased in- 
centives to work. 

Last but hardly least, the 
reform guaranteed a flow of 
savings to spark fee small do- 
mestic capital market. The 
pension funds’ assets now ex- 
ceed $30 billion. 

Mr. Diamond, however, 
said Mr. Pinera 's argument 
had confused cause and ef- 
fect The political will to con- 
tain government spending, 
control inflation, reduce tax 

distortions and put out a wel- 
come mat for P nV ' ate “ te T" 
prise made pension privati- 
sation work, be suggested — 

not the other way round. 

In response, Mr- Pmera ap- 
peared prepared to meet bnn 
halfway: Pension privatiza- 
tion. he said, was pari of a 
“virtuous circle of economic 
reforms” in which successes 
built on successes. 


LVMH 


moEthennessy. LOUIS vuitton 


1996 NET INCOME FROM CURRENT OPERATIONS UP 6% 


The LVMH Group s net income 
from current operations 
(before goodwill amortization 
and unusual items) totaled 
FRF 4,457 million in 1996, a 
6 % increase over ibe prior year. 


Consolidated net sales totaled 
FRF 31 ,1 42 million in 1996, 
a 5 % increase over the 1 995 
level. On a constant currency 
basis, sales would have risen 
by 6 %. 


Key 1996 developments were : 

- The economic environment remained contrasted, with sluggish growth in western Europe, sustained growth in the 
US and LHC and a moderate pickup combined with deflationary trends in Japan. 

- LVMH recorded a sharp pickup in sales in the second half of the year, with particularly impressive 13% growth in die month 
of December alone. 

- All of the Group’s segments conducted highly successful new product launches, despite intensifying competition. 

- Financial expenses were down sharply, chiefly reflecting the lower cost of servicing debt. 

- LVMH pursued its strategic development in luxury goods activities with the acquisitions of a 61.25% stake in DFS. 
the world's leading distributor of luxury products, and of Celine and Loewe S.A. 

- Consolidated net income after unusual items totaled FRF 3.683 million in 1996, as against FRF 4.047 million in the prior year. 
Negative unusual items of FRF 615 million primarily reflect the impact on consolidation of the sale of pan of LVMH's stake 
in Guinness PLC. 


Major 1 996 highlights by segment of activity : 

■ Champagne and Wines: Dora Perignon, Moet & Chandon, Veuve Clicquot Ponsardin, Poramery, Ruinart, Merrier, 
Canard -Du chene. The 5% growth in volumes sold, stable costs and higher selling prices fueled the rise in income from operations. 

■ Cognac and Spirits: Hennessy, Hine, F.O.V. TTie sharp increase in sales volume, notably in the LIS, partly offsets the negative 
impact of the deterioration of the product mix, chiefly due to lower sales in Asia, leading to stable operating margins. 

■ Luggage and Leather Goods: Louis Vuitton, Celine, Loewe, Berluti. The uptrend in sales which began in August gained 
momentum in the. fourth quarter. Celine and Loewe arc included in the scope of consolidation for the first time in 1996. 

■ Perfumes and Beauty Products: Christian Dior, Guerlain, Givenchy. Kenzo. Increased selectivity in distribution 
at Parfums Christian Dior - where sales to non -selective, or parallel, networks had reached excessive levels by the end 
of 1995 - had a sharply negative impact on operating margins of Parfums Christian Dior and of tbe segment as a whole. 
All of the year s launches - including Champs-Elysees by Guerlain, Organza by Givenchy, Jungle by Kenzo - were very well 
received in the marketplace, with sales exceeding initial targets. 


Excluding sales to the parallel distribution networks mentioned above, which were deliberately pared back, the LVMH Group 
gained market share in its four segments of activity. 


nOfr&CHANDON 


■ Venre CEcquol PoasanSa 


PQHMERY 


In 1997, further growth should be recorded in all activity segments, thanks to the Group’s strategy emphasizing innovation, 
creativity and new product introductions, exceptional product quality, and expansion of the distribution networks around the. world. 
Growth should also benefit from the favorable economic environment in North America and from improved US dollar and 
British pound exchange rates against the French franc, partly offset, however, by the low exchange rate of the Japanese yen 
against the US dollar. 

In addition, with the acquisition of a controlling interest in DFS, the LVMH Croup should benefit even more from the growth 
potential of the Asia-Pacific, region. DFS will contribute positively to Group net income from current operations {before 
amortization of goodwill) and cash flow in 1997. 

On the basis of this outlook, the LVMH Group has set a goal of achieving another increase in sales and net income for 1997. 
The Board of Directors will ask the Annual Gcueral Meeting of Shareholders, to be held on May 29, 1997, to approve a net 
dividend of FRF 20.40 per share, an increase of 6% over the prior year level, payable on June 13, 1997. 


■ Hennessy 

Consolidated financial highlights are as follows: 

In FRF million 

1996 

1995 

■ Louis \%rittozi 

Consolidated net sales 

31,142 

29,775 

■ CELINE 

Income from operations 

7,022 

7,285 

Net income from current operations 

4,457 

4,196 


■ Rrf -.a Christian Dior 

By segment of activity, sales 

and income from operations are as follows: 

In FRF million 

Sales 

1996 1995 

Income from operations 
1996 1995 

■ Gubuain 

IMS 

Champagne and Wines 

6,409 

5,836 

1.246 

1,064 

■ KENZO 

Cognac and Spirits 

4,885 

5,277 

1,560 

1,678 

Luggage and Leather Goods 

9,026 

7,415 

3,903 

3,477 

- CHRISTIAN 

Perfumes and Beauty Products 

8,962 

9,277 

592 

1,256 

LACROIX 

Other Activities, including holding company expenses 

1,860 

1,970 

(279) 

(190) 

■ GIVENCHY 

TOTAL 

31,142 

29,775 

7,022 

7,285 

THE WORLD’S LEADING 

LUXURY 

PRODUCTS 

GROUP 







PAGE 14 



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SATURDAY-SUNDAY, 
MARCH 22-23, 1997 
PAGE 15 


VA 


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Amid the Rush of Upstart Funds, a Few Lessons in Longevity 


By Judith Rehak 


!Nk Jf UTUAL funds have been 
1% /M proliferating at a spectacular 
I Y I rate in recent years, but amid 
-A- ▼ -A. the slew of recent entrants are 
a few investment vehicles that have been 
around for a surprisingly long time. 
long-term hands-down winner 
investing for longevity is Britain’s 
Foreign & Colonial Invest - 
]v '"yj mem Trust Started in 1868. 
INkS^I the £2.1 billion ($3.3 billion) 
I I closed-end fund is the oldest 

l/ig||jv! in the world. It could lay 
(tgggjj claim to having beemhefiret 
emaging-raarkets fund: Its 
original portfolio included such exotica as 
Egyptian Railway loans and government 
bonds from Chile, Peru and Turkey. 

“Contrarianism has always been a 
theme of the fund, both in markets and 
stocks,” said Michael Hart, the chairman 
ytnd portfolio manager since 1969. 

Among his oat-of-favor bets today 
are companies in the United States, 
which is the fund's second-largest coun- 
try-holding, forming a 26 percent slice 
at the end of February. 

Other contrarian plays include Japan, 
which Mr. Hart qualified as “incredibly 
depressed” but where the fund has picked 
up some export-oriented companies, and a 
first foray into Russia’s risky market 




In U.S. dollars 




Foreign & Colonial Inv. Trust 




ir* 


local currency 


Foreign & Colonial Inv. Trust 


[11986 11987 11968 I 



Mr. Han is not averse to borrowing 
money 10 take positions when he spots 
opportunities. Such plays are balanced by 
a 40 percent anchor in stalwart British 
industrial and financial shares. These in- 
clude Shell Transport & Trading Co. and 
British Telecommunications PLC. 

With these holdings, Mr. Hart sticks to 
fundamentals. “We’re great believers in 
meeting the management, strong balance 
sheets, and good cash flows,” he said. 

While the trust has typically beat the 
Financial Times All-Share Index since 


the lare 1 980s. its predilection for foreign 
markets occasionally brings on a case of 
currency woes. Last year, for example, it 
returned only 5 percent, despite currency 
hedging, as a strong pound eroded 
profits from its overseas holdings. 

The oldest American mutual fund is a 
mere stripling by comparison. The $3.5 
billion Massachusetts Investors Trust, 
an open-end fund run by Boston’s MFS 
Investment Management, was first 
offered to investors in 1924. 

John Laupbeimer. one of three money 


managers who share duties at the fund, 
described its strategy as “conservative 
growth” and “low volatility." 

“We’re interested in quality names 
— straight blue chips with above-av- 
erage growth rates — and we pay the 
right price for them. ’ ’ he said. 

The fund’s blue-chip mandate was 
evident in its inaugural year, when its 
hand-written roster of holdings included 
companies like Eastman Kodak and 
Standard Oil of Indiana. More recently, 
some astute stock-picking and a boom- 


ing U.S. stock marker favoring big-name 
companies has paid off handsomely. 
The fund surged 39.34 percent in 1995 
and tacked on 25.90 percent last year. 

The fund's top holdings include 
household names like Gillette Co. and 
Colgate-Palmolive Co., but financial- 
services stocks have been the biggest 
winners. Despite daily warnings of 
rising U.S. interest rates, anathema to 
financial stocks, Mr. Laupheimer is res- 
olutely sticking with a 21 percent stake 
in groups like State Street Bank & Trust 


of Boston, First Bank Systems and the 
insurance company CIGNA. 

What Mr. Laupbeimer shies away 
from are investments far from home. 
The fund currently has just 4 percent of 
its assets outside the United States. 

That has not deterred (he fund from 
courting foreign shareholders. It registered 
in Luxembourg in 1992, with a minor 
name change to the MFS U.S. Equity 
Fund, to clarify its objectives. So far, it has 
attracted about $150 million from Dutch, 
German and Spanish investors. By con- 
trast, Foreign & Colonial Trust’s share- 
holders are mostly British. 

Japan is home to the longest-running 
fund in Asia, where the fund industry is 
an infant compared with its U.S. and 
British elders. Japan's Daiwa Invest- 
ment Trust Series 1 was started in 1952. 
Known domestically as the Dai-Ichi 
Open and run by Daiwa Investment 
Trust Management, it was the first open- 
end vehicle to be formed after the coun- 
try’s investment trust industry was set 
up in 1951. 

The 2.6 billion yen ($21 million) fund 
invests mostly in familiar, large-com- 
pany Japanese stocks. Its current top 
holdings include Tokyo-Mitsubishi 
Bank, Sharp Corp., the computer-chrp- 
raaker Rohm Co. and Honda Motor Co. 

Few Japanese equity funds have es- 

Continued on Page 17 




Through Market Slumps and Takeover Wars , How the Oldest Firms Survive 


Will; 


By Barbara Wail 

F EW BUSINESSES are built to 
last The average life span of the 
world's large industrial enter- 
prises is estimated to be less than 
40 years, while two-thirds of small firms 
can expect to fail within seven. 

Yet there are some companies that 
manage to survive slumps, hostile 
takeovers and changing markets. Dun & 
Brad street, the business-information 
provider, has compiled a list of more 
than 200 British companies that have 
been in business for longer than 200 
years. The oldest is the Aberdeen Har- 
bour Board, founded in 1 136, followed 
by Cambridge University Press (1536) 
and Oxford University Press (1586). 

The Swedish forest-products com- 
pany Surra AB is considered by some 
people to be the oldest company in the 
world. It traces its roots to 1288, al- 
though it did not become a corporation 
until 1888. and the Coppermine at which 
it began may have been the site of 
activity as early as 850. 

Hudson's Bay Co. of Canada is 
known as the world’s oldest retailer, 
created with the launch of a trans-At- 
lantic expedition in 1668. The founding 
family of Mitsui & Co., which has been 
• described as the world’s oldest trading 
company, opemed a dry-goods store in 
1673 in whale is now Tokyo. 

Some of the most successful and en- 
during companies worldwide are con- 
trolled by family dynasties. The pres- 
tigious 1,281 -year-old Japanese Hoshi 
Hotel has passed through the hands of 
46 generations. One of France's most 
select and successful wine producers, 
Huge] & Fils, has remained in the same 
family for 12 generations. 

Bom companies are members of Les 
Henojtiens, a select business club based 
in Paris. To be a member, companies 
must be at least 200 years old and still be 
controlled by descendants of the found- 
ing family. More than half the members 
are involved in the wine and spirits trade. 
They include Cordomiu Barcelona, a 
Spanish wine merchant founded in 1551, 

T ' and G ckkeikan Sake Kyoto, a 360-year- 
old sake brewer in Japan. 

Many of tire world’s oldest compa- 
nies have changed so much over the 



years that their founders would prob- 
ably not recognize them today. But 
some family-run businesses have been 
on the same premises, manufacturing 
the same basic products for centuries. 

Family-run companies with a 300- 
year-old pedigree can apply for mem- 
bership in tire Tercentenarians’ club, 
which is based in Britain. Members 
include Britain's oldest bank, C. Hoare 
& Co., founded in 1 672, and R. Durtneli 
& Sons Ltd., Britain's oldest builder, 
which was established in 1591. 

A common feature of these hoary 
family-run concerns is that they have 
been largely self-financing and have 
stuck close to their basic product range. 

Constantine Folkes, chief executive 
of Folkes Gamp PLC, a British con- 
struction concern founded in 1 699, said: 
“Anyone can make money when mar- 
kets are buoyant, but when markets 
sour, the survivors will be those who 
have resisted the urge to over-borrow 
and over-diversify.” 

Folkes started off as a general forge. 


making swords and farm implements. 
During the 1960s, it diversified into 
industrial property development, but it 
spent most of the 1 980s returning to its 
core business. Mr. Folkes said that the 
company's balance sheets were much 
healthier as a result 

Since Folkes Group went public in 
1953, its share price has quadrupled, 
from three shillings and sixpence (17.5 
modem pence) to 70 pence ($1.11). 
There also have been bonus issues over 
tire years. An investor who bought 10 
shares in 1953 would hold 50 today. 

Companies must keep pace with 
changing technology if they are to re- 
main competitive. Alldays Peacock, a 
247-year-old British company, original- 
ly made blacksmiths' bellows. Although 
the company now makes industrial fans, 
it is still in the same basic business. j 
But while adapting to change is im- 
portant so is a long-term perspective. 

‘‘Successful wine producers are not 
interested in profit alone; they want to 
produce the best wines to be enjoyed in 
the best restaurants around the world," 
said Etienne Huge l, marketing director 
of Hugel & Fils. 

"In the wine and spirits trade, it usu- 
ally helps if the same family retains 
control over the company," he said. 
"At Huge] & Fils, all the family mem- 
bers are in some way involved in the 
business. We all get paid the same 
amount, so there are no petty jealousies, 
and everyone has a vested interest in 
assuring that the quality of the product 

is maintain ed." 

B UT FAMILY businesses are just 
as vulnerable as large enterprises. 
Alden Lank, professor of family 
business enterprises at the Institute for 
Management Development in 
Lausanne. Switzerland, said that fewer 
than 40 percent of family-owned compa- 
nies reach the second generation. 

“Tbs single most important reason 
why family businesses fail is an in- 
ability to manage the succession pro- 
cess,” he said. “Feuds between the 
older and younger generations can 
cripple an otherwise prosperous busi- 
ness. while the law of primogeniture in 
some countries often means that an un- 
suitable family member gains control of 
the company.” 


Long-Haul Stocks: No Wait, No Gain 




. .fr 

u -:i^ 


By Digby Lamer 

D ESPITE FEARS that today’s 
soaring stock markets are ripe 
fora correction, conventional 
wisdom has it that over the 
long term, equities outperform other 
investments. For investors planning to 
bold on for more than a few years, it is 
.considered better to risk buying at high 
"prices than to be out of the market. 

But there are also stocks and sectors 
that anal ysts regard as exceptionally 
long-term plays, needing 30 or 40 years 
before they are likely to bring results. 
Often these are stocks that have suffered 
badly, even through the current bull mar- 
ket, and are attractive mainly because 


are cneap. ineir Dargsuii y* ““*“ 7 *: 
it worth talcing the risk that they could 
fcash while betting that if they survive 
they will deliver healthy returns. 

For some investors, Eurotunnel is a 
§ood example of this type of stock. Dur- 
ing the stock’s eight-year trading his- 
tory, its British shares have soared from 
an issue price of £4 ($6.36) to a peak of 
about £12. Since then, after operational 
and financial problems with the tunnel 
between France and Britain, it has 
pluoged to a current price of 75 pence. 

, “fi’sa huge long-term bet/ ’ said I Mi- 
chael Beggs, an analyst with the tuna 
manager Guinness Flight Asset Man- 
agement in London. “There are plentyor 
possible pitfalls that would make it wonn 


nothing. It may have to be restructured, 
for example, with the equity being di- 
luted as a result. It could take another 15 
or 20 years for it to clear its debts. 

Kenneth King, European equities 
analyst with Klein wort Benson Secu- 
rities, said the Thai banking sector was 
rich with good, long-term prospects. 

“I manage my own pension, and 
there are a few stocks in Thailand that I 
plan throwing into my portfolio and 
forgetting about," he said. 

Although he believes Thai banks are 
good value, there are too many pres- 
sures in the market to expect a quick 
recovery. Future performance also de- 
pends on financial reform, he said. 

“There are plenty who believe the 
Thai could be devalued and that the 
market has not reached bottom yet,” he 
said. While he said that major commer- 
cial players such as the Bangkok Bank 

and Thai Farmers Bank are worth buying, 
some finance houses have suffered badly 
in rite last year and now look cheap. 

Foe Paul O'Connor, an equity 
strategist with Barclays de Zoete Wedd 
in London, anyone looking for long-term 
returns needs to seek out sectors ben- 
efiting from developing trends, such as 
health care and high technology- But hi 


"You have to look for businesses that 
have a barrier against competition,'’ 
Mr. 0 ‘Cormor said "Banking and teje- 
conomimications are growing fast, for 


example, but their position could be 
threatened by other media.” 

Standard Chartered Bank fits the bill 
in Asia, he said. Following a difficult 
period five years ago. Standard 
Chartered has emerged under new man- 
agement to become a key player in the 
region, gaining momentum in trade and 
consumer finance. 

* ’Its sustainable advantage is that sev- 
eral of the countries it operates in no 
longer give out trading licenses, so Stan- 
dard Chartered is well protected,” be 
said In the next 30 years, it will be well- 
placed to take advantage of the region’s 
growing consumer market, be said. 

Established economic and demo- 
graphic trends may also have a bearing 
on long-term performance. Aging pop- 
ulations in many developed countries, 
the need for pollution control, the pro- 
tection of natural resources and the 
erosion of state intervention in the econ- 
omy could turn some of today's cheap, 
infant businesses into high-flyers in 40 , 
years, according to some analysts. ; 

Brian Tore, of the British brokerage 
Greig Mi ddle tonFin arreial Sendees | 
Ltd, believes that a steady shift from 
personal to mass transportation is a 
likely future trend. 

“We’ve seen little movement in that 
direction so far," he said, “but because 
of the need to use resources better, it’s 
bound to happen — even though we 
□tight have to wait until the first quarter 
of the next century." 


“Another common problem," he ad- 
ded “is that some families are un- 
willing to dilute the share capital or 
bring in outside help when the business 
needs to grow." 

Marie Brizard & Roger International 
Bordeaux, a French distiller and spirit 
merchant, was established in 1755 as a 
family business. The family still controls 
55 percent of its equity, but outsiders 
have been brought in over the years to 
help it evolve and expand The concern 
now has more than 1,000 employees, 
only six of whom are family members. 

Since the company went public in 
1984, the share price has tripled It also 
has a record of unbroken dividend pay- 
ments averaging 3 percent a year. 


Although some companies have 
stood the test of time and maintained 
their profitability, it is generally not 
considered good investment practice to 
invest in an enterprise solely on the 
basis of longevity. Even the oldest and 
most venerable of companies may be 
here one day and gone the next. The 
Bank of New England which was foun- 
ded in 1831, went into receivership on 
its 160th anniversary. 

“One can certainly get a feel for a 
company by looking at its history, ' ’ said 
Tudor Richards, a director of the ex- 
ecutive MBA program at Manchester 
Business School in England “Older 
family-run enterprises will generally 
have fewer debts, while recruitment 


from within the company should lead to 
greater stability.” 

“However.” he added “the problem 
with many of these businesses is that 
they chug along quite merrily without 
actually growing. 

Mr. Lank fears that many more fam- 
ily-run businesses could fail before the 
end of the millennium. 

“A company needs to be a minimum 
critical size to compete effectively in 
international markets," he said ‘ ‘Many 
family-run firms are losing the edge 
because they are unwilling or unable to 
create strategic alliances." 

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c zy^’JAcvtS'&b 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 22-23, 1997 


PAGE 17 


THE MONEY REPORT 


Q& A/ Robert Prechter 


Theorist’s Future Wave: Dow at 400 


Robert Prechter left his job as an 

analyst at Merrill Lynch & Co. nearly 
20 years ago to start an advisory 
newsletter. The Elliott Wave Theorist 
Based on the work of the mathem- 
atician RM. Elliott, the theory holds 
that financial markets and the econ- 
omy move in predictable patterns 
driven by fluctuations in pUblic mood 
The price of an asset travels in a clear 
frequence of five times in the dom- 
inant direction, usually up, then three 
waves against the trend, Mr. Elliott 
found, with each completed pattern 
forming part of a bigger one. 

■ Shortly before the 1980s bull mar- 
ket, Mr. Prechter used Elliott wave 
analysis to predict that stock prices, 
which had languished for years, 
would rise several rimes over. A few 
years later, he advised subscribers to 
dump everything just before the 1987 
market collapse. 

Since then, he has been mostly 
bearish, missing the fabulous stock- 
market returns of the 1990s. But he 
maintains that a top is near in stock 
markets and a world economy that 
display optimism not seen since 1929. 
Mr. Prechter, who lives in Gainesville. 


irrational or otherwise, is being sus- 
tained by a belief that traditional no- 
tions about company valuations and 
economic cycles no longer apply. 
“.This time it’s different,’” the bulls 
cry. 

Q. How are they wrong? 

A. In the mere general acceptance 
of the idea that economic cycles are 
dead is the answer to why we have 
economic cycles. People's beliefs 
about trends are not scientific, but 
emotional. When markets have gyr- 
ated, they believe in cycles. When 
they go down for a long time, they 
believe in Armageddon. When they 
go up for a long time, they believe that 
cycles are dead and the only possible 
direction is up. If people were dif- 
ferent, always expecting trend- 
change. then financial markets would 
be far more stable. And boring. 

Q. What is your investment out- 
look? 

A. I think the U.S. stock market has 
topped out and faces an initial col- 
lapse from mid-March into May. 
Most stock markets worldwide are 
likely to follow suit. After a rebound 
lasting a couple of months, stocks 


Georgia, spoke recently with Conrad should resume their declines. 


^deAenlle. 

■ Q. You have said we live in in- 
teresting times. Can you explain? 

A. These times are interesting be- 
cause the big g est trend-change in so- 
cial mood in over 200 years is upon 
os. In the Chinese sense of the term, 
though, the interesting times lie 
ahead, when crisis and opportunity 
will coexist 

- The exuberance for buying stocks. 


Major stock declines have always 
led to recessions or depressions, and 
this time should be no different The 
bond market is not a haven, as it 
topped out in 1993 and has far further 


flation. Economists are cheering the 
low inflation rate, bur the long-term 
trend is exactly where it was in 1929. 
so it is not good news. 

Q. Where will the Dow be when the 
decline is over? 

A. Ultimately, the Dow should fall 
to below 400. 1 do not know when it 
will bottom because we are dealing 
with a major corrective process that 
could last a century, balancing the 
bear market that ran from 1720 to 
1784. Bear markets can meander or be 
nearly straight down. 

Q. You've long been predicting 
these events. Why were you off? 

A. It has been frustrating. In 1982 
and 1983, 1 described the coining 
mania, which would be “like 1929, 
1968 and 1973 combined.” Unfor- 
tunately. I thought we would reach 
that point in five to eight years, and it 
has taken 1 4. so I got out way early. 
The duration of it threw me off, as 
well as the fact that I could not bring 
myself to join such a naive crowd. 

Q. Is it possible that your analysis 
has been wrong? 

A. There is always a mix of good 
and bad in the social picture. The 
question is. What is the balance? 

Today, on average worldwide, 
there is less pollution — due to the 
collapse of European communism — 
greater assurance of peace, more 
good-paying jobs and fewer tin-pot 



Equities Can Seem Scary, 
But Time Is on Their Side 

R OBERT KRULWICH, a witty reached in 1929. But an investor who stayi 
economics reporter on U.S. tele- with the S&P and reinvested dividen 
vision, must have scared the pants would have recovered the losses by 193 
off many American investors with The market then took another drop b 


to go on the downside. The quality of dictatorships than ever before (.and 


investment debt overall is the lowest 
in human history, and bond investors 
will have to pay for that error. 

I am bullish on gold and silver for 
the near term, but over the next 10 
years, the biggest risk we face is de- 


even those are about to collapse). 
People don’t realize they are living in 
a golden age until it’s over. 

Whatever one might view as neg- 
atives now will appear as nothing at 
the bottom of the next depression. 


The theorist Robert Prechter. 

Q. What would have to happen for 
you to concede you were wrong? 

A. If the majority, which assures us 
today that the market always goes up 
long term, does not adopt the opposite 
posture within the decade, I will con- 
cede I was wrong. If you think this is 
unlikely, go ask the majority of Jap- 
anese if they want to invest in their 
slock market. Compare their answers 
to what you were reading in 1989 
about the invincible long-term sta- 
bility of the Japanese market and the 
unwavering commitment of the Jap- 
anese investor. 

Q. Is there any way to prevent the 
sort of caraclysm’tbai you expect? 

A. The world's weak debt will be 
retired, inflated investment values 
will fall to bargain levels and the 
world economy will enter depression. 
Social unrest will follow in many 
areas of the world This is not dooms- 
day. It is the right half of a cycle that 
has occurred many times before, and 
we always survive it. 

These are social trends. You as an 
individual can avoid the difficulties. 
For those with income or large sav- 
ings. the 1930s were a fantastic time. 
Everything was cheap. 


R obert krulwich, a witty 

economics reporter on U.S. tele- 
vision, must have scared the pants 
off many American investors with 
a recent report, “When You Retire, How 
Much Are You Willing to Gamble?” 

His thrust was that millions of investors 
are going to be in big trouble because they 
will make bad decisions about where to put 
their pension money. 

The problem, in Mr. Krolwich's mind is 
not (hat they invest too conservatively (which 
truly is a problem) but that they will lose lots 
of money in the risky stock market. The clear 
slant of the program is that the movement 


reached in 1929. But an investor who stayed 
with the S&P and reinvested dividends 
would have recovered the losses by 1936. 
The market then took another drop bui 
bounced back again by 1 943. 

Look at it this way: An investor who put 
$1,000 into the S&P stocks at the start of 
1929 would have had $6,400 at the end of 
Mr. Krulwich 's 26 years, according to data 
compiled by Ibbotson Associates Inc., the 
Chicago-based research firm. By contrast, 
an investor who put $1 ,000 into U.S. Treas- 
ury bills (again, reinvesting the dividends) 
would have $1,200. 

Whar about the most recent stock market 


toward giving employees control over their baih? In 1973, the S&P lost IS percent, and in 
own retirement funds is dan serous. 1974, it lost 26 percent (both figures include 


own retirement funds is dangerous. 

A union leader is quoted, approvingly: “I 
don’t think a lot of working men and wo- 
men can beat the market. I know alot of rich 
people that can't beat it So that's a gamble. 
We wanted a guarantee.” The union 
wanted Fron- 


1974, it lost 26 percent (both figures include 
dividend income). But in 1975, the index rose 
37 percent and then 24 percent in 1976. The 10 
years starting in 1973 were generally rotten for 
the stock market (and (he economy); never- 
theless. an investor who put $1,000 into the 
S&P stocks at 


tier Corp.. a JAMES CLASSMAN ON INVESTING 

telephone 

company based in Rochester. New York, to 
keep its conventional defined-benefir plan, 
which awards pensions based on service 
and salary. In the United States and several 
other countries, investors are being given 
freedom to do their own retirement in- 
vesting using tax-advantaged accounts that 
allow them to play the financial markets 
with some or all of their pension money. 


ON INVESTING theendofl972 

would have 

had $1,900 at the aid of 1982. An investor who 
split funds, 50-50, between large and small 
stocks would have quadrupled the investment. 

Mr. Krulwich 's second mistake is that he 
adds up all the years in these bad periods 
and pronounces 72 percent of stock market 
history “yucky." 

That is nonsense. Let’s use his own stan- 
dard and ignore dividends. Even if it took the 


One can argue the philosophical merits of S&P 26 years to get back to its pie- 1929 high, 
company-provided plans versus self-directed many investors during that period made a ton 
investing, but Mr. Krulwich makes the case of money. Indeed, if you had gone into the 


investing, but Mr. Krulwich makes the case 
for the old system by frightening viewers: 
“What if they don't handle die investments 
well or they just are unlucky? Millions and 
millions of people with no guarantee, no 
insurance, what will happen to diem?" 


market at the start of 1933, you would have 
doubled your investment in three years. 

Between 1926 and 1996, die S&P pro- 
duced a positive return in 51 years and a 
negative return in 20. In other words, it 


With Century Bonds, 100 Years of Low Yield 


Mr. Krulwich preseated only one set of turned a profit in 73 percent of those years. 


By Conrad de Aenlle 


T he world 100 

years ago was emerg- 
ing from a depression 
that in many ways 
was worse than that of the 
1930s. An already deflation- 
ary century hit bottom when 
prices in Britain, the world's 
leading economy, fell by 40 
percent from 1873 to 1896. 

Had there been the current 
fashion for issuing bonds with 
100-year maturities — there 
have been 3 1 issues in the last 
four years, raising $6.8 trillion 
— bondholders would have 
been lucky to receive interest 
payments half as great as the 
roughly 7.5 percent on invest- 
ment-grade 100-year bonds 
Sold today. Worse, those pay- 
ments would have fallen in 
real terms almost every year, 
and at redemption, die bond- 
holders’ descendants would 
be getting back a small frac- 
tion of the value of their an- 
cestors' capital. 

• This is certainly something 
?K> consider before buying a 
so-called century bond. 

• "Basically, corporate 
America has been healthy and 
companies axe taking a 


just for high-grade corporate 
bonds, but Treasury bonds, 
which are considered safer. 

The IBM issue due 2096 
has slipped in price and now 
yields 7.22 percent, while 
Disney’s 2093 maturity re- 
turns 7.55 percent and Coke's 
bond due the same year offers 
7.46 percent. 


basis points, one-quarter of a 
percentage point, over die rate 
that the same issuer would 
have to pay for 30-year money. 
Lately, spreads on many have 
come in to just 10 basis points. 
Are (bey worth what the mar- 
ket is paying fen- them? 

‘Td be a little bit cau- 
tious.” Mr. Spread bury ad- 


The 2096 bonds of China, a vised. ‘ ‘I personally wouldn't 
lower-rated borrower, return want to take a 100-year view 
9.125 percent, while Tenaga on a company. Td rather buy 
Nasional Bbd., the Malaysian Treasuries. But for profes- 


What fund managers — the 
buyers who have pushed the 
spreads down — like about 
very long-maturity bonds is that 
they are positively convened. 
That means that as interest rates 
rise, prices fall less than on 
shorter-date issues, but as tales 
fall their prices rise no less. 

“They have been mis- 
priced. misunderstood by the 
market,” said Susan Huang, 
head of U.S. fixed income for 


characteristics and convexity 
characteristics.” 

The few bonds that have 
existed for very long periods 
have been poor investments. 
The most notorious example 
is the 3 J percent British War 
Bond, issued in 1916 with no 
redemption date. 

Thar might have seemed a 
decent interest rate, especially 
for an investment also pur- 
chased for patriotic reasons, 


power company, has an issue 
of the same year yielding 7.64 
percent. All of the bonds are 
denominated in dollars. 

“The attraction of 100 
years, instead of 10. 20 or 30. 
is that this is extremely long- 
term capital,” said Melissa 
Janies, a bond principal at 
Morgan Stanley & Co. “It's 
like equity because they won't 
have to repay the capital in 
anyone's lifetime.” 

There is another motiva- 
tion for picking such a long 
maturity: machismo. 

“The other reason people 
have done them is it’s a very 
strong endorsement of compa- 
nies' credit in the market,” 
Ms. James said. 

“It makes a strong state- 
ment that you can borrow 


sionals, it's a different ball 
game; it's all about relative 
value." 


Chase Asset Management, but market rates are much 
She added dial they should be higher now and the bonds typ- 
considered “not just for their ically trade at 40 to 50 pence 
yield, but for their toial-retum (63 to 79 cents) on the pound. 


historical stock market figures, and they were 
distorted. He gave a tour of bear markets in 
U.S. stocks and concluded. “So if you add up 
all these years, of 1 07 years, 77 of them were 
kind of yucky periods for investors.'' 

Yucky? Let me quote his entire historical 
assessment: “In 1890. there was a 64 per- 
cent drop on the New York Stock Ex- 
change. and it took 15 years to recover. In 
1 906. a 48 percent drop, 10 years to wait till 
recovery. In 1916, a 56 percent drop and a 
nine-year wait. Here’s the Great Depres- 
sion, 26 years, and on and on until 1973, 
which was a 10-year plateau.” 

Mr. Krulwich marie two huge mistakes. 
The first is that he did dm take dividends into 
account, and they are a big factor, com- 
pounding smartly over time. It did, indeed, 
take about 26 years far the Standard & 


But one year is too short a period to be in 
the stock market Let's look at five-year 
spans. There have been 67 of them since 
1926 (that is. 1926-35. 1927-36, etc..). Ac- 
cording to Ibbotson, 60 of those, or 91 
percent produced profits. 

In his book “Stocks for the Long Run,” 
Jeremy J. Siegel, professor of finance at the 
Wharton School, examined every 20-year 
holding period since 1 802. He found that the 
worst one produced an average annual real 
return of 1 .0 percent after inflation. Indeed, 
the Ibbotson research, which goes back only 
to 1926, finds that only two 10-year periods 
(out of 62) have registered a loss and not a 
single 15-year period (out of 57). How much 
money would you have made investing in 
the S&P? An annual average of 10.5 percent 
a year. Even with 5 percent annual inflation. 


Poor’s 500-Stock Index, a broad measure of your purchasing power would double. 


larger stocks, to get back to the same level it 


Washington Post Service 


chance to lock in what are money for a very long time,” 
historically quite low rates of she added. "It’s good for 


interest,” said Ian Spread- 
bury, senior fixed-income 
portfolio manager ar Fidelity 
Investments. 

' Many of the issuers are 
known as paragons of West- 
ern capitalism: Walt Disney 
Co., Coca-Cola Co., Interna- 
tional Business Machines 
Cozp. Some are jtisr the op- 
posite: the government of the 
People's Republic of China. 

The favorable interest-rate 
—environment meant that IBM. 
Ffor instance, could get off its 
century issue at 7.125 per- 
cent, near 20-year lows not 


companies 

brands.” 


consumer 


F OR CHINA, this use of 
the world financial sys- 
tem gives not just cred- 
it. but also credibility. 

“It's a strong endorsement 
for them to say, * We can bor- 
row in the capital markets for 
that long a term’ ,' ' Ms. James 
said. 

The benefits of bolding on 
to investors’ money for all 
those years costs very little. 
Century bonds have typically 
been issued at a spread of 25 


Longevity Lessons 
Amid the Fund Rush 


'Continued from Page 15 

caped the ravages of the coun- 
try's painful bear market, 
which is now in its eighth 
year. The Dai-Ichi Open has 
fallen 14.8 percent over die 
last five years, compared with 
14.2 percent for Topix. said 
kgeizo Mizude, a Daiwa 
~ spokesman. 

But he pointed out that the 
fluid had delivered an annu- 
alized return of 7.2 percent 
over its life. He also noted that 
last year it had slipped only 2.7 
percent, compared with a 6.7 
percent loss for Topix, a cap- 
italization-weighted index of 
die Tokyo exchange’s first- 
board companies. 

' As of last month, the fund s 
portfolio manag er. Shinichi 
y ai n a ffi Qtp, was78 percent in- 
vested in stocks and stodc fu- 
tures, wife 22 oercent in cam. 




of the current defensive pos- 
ture of. Japanese equity 
funds,” said Kimri Fujisawa, a 
principal of IFIS Ltd., a Jap- 
anese fund-research finn- 

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PAGE 18 


Sports 


SATURDAY- SIHVD AY, MARCH 22-23, 1997 l 


World Roundup 


Michigan Advances 

NIT basketball Michigan ad- 
vanced to the National Invitation 
Tournament semifinals with a 67- 
66 victory over Notre Dame in 
South Bend, Indiana. 

The Wolverines will play Arkan- 
sas on Tuesday at Madison Square 
Garden in New York. Nebraska and 
Connecticut were to play Friday 
night to determine die opponent for 
Florida State in the other semifinal 
matchup. 

As the buzzer sounded on 
Thursday night and Michigan play- 
ers rushed the floor. Robert Traylor 
pumped his fist and started scream- 
ing. The Wolverines have Traylor 
to thank for keeping them in the 
NTT. After Michigan blew a 15- 
point first-half lead, the sophomore 
■was everywhere — scoring, re- 
bounding. even setting up the 
game-winning shot. 

“Nothing wifi make up for not 
making die NCAA.” Traylor said. 
“But we'ce still going to do our 
best to win this tournament.” 

Traylor scored a career-high 26 
points and grabbed 13 rebounds, 
one shy of Ins career best He also 
set the screen that freed Brandun 
Hughes for the game-winning 
jumper with seven r.econds left. 
Notre Dame had one last chance, 
but Traylor blocked Admore 
White's reverse layup. (AP) 

Cup Semifinals Drawn 

soccer Ajax and Borussia 
Dortmund wifi have borne advan- 
tage for the first leg of the Cham- 
pions Cup semifinals next month. 

Four-time dtlist Ajax wifi host 
defending champion Juvenms. 
while Dortmund, which has never 
won the title, will be at home 
against the 1968 winner, 
Manchester United, on April 9. The 
return-leg matches are scheduled 
for April 23. 

Friday's draw pleased 
Manchester United's manager. 
Alex Ferguson, who had hoped his 
club would be at Old Trafford for 
the second leg. 

“I am quite happy with that,” he 
said. ‘ ‘If we do our job properly and 
play as well as we have done in 
away games, then we are going to 
give ourselves a great chance when 
we come back to Old Trafford.” 

United, the first English club 
since 1985 to reach the semifinals, 
is hoping for a revenge matchup 
against Juventus in the May 28 final 
in Munich. The Italian champions 
beat United twice this season in the 
group stage. 

British bookmakers listed Ju- 
ventus as 6-5 favorites for the title, 
followed by Manchester United at 
5-2, Dortmund at 4- 1 and Ajax at 9- 
2. The Dortmund-Manchester 
United matchup will pose security 
worries for German police, who 
face the prospect of about 10,000 
English fans traveling to Dortmund 
for the first-leg game. (AP) 

Giants Sign Free Agents 

football The New York Giants 
announced the signings of four free 
agents: tackle Alan Kline: safeties 
Picasso Nelson and Brandon 
Sanders, and tight end Brandon 
Jessie, who played basketball at the 
University of Utah from 1994 to 
1996. They’re still trying to sign 
running back Keith Elias. 

Meanwhile, the Giants continue 
to focus on next month’s college 
draft. They're taking a long look at 
linebacker James Farrior of Vir- 
ginia. (NYT) 


Lipinski Jumps to an Early Lead 

Stojko Dazzles Crowd in Winning Men’s Gold Medal 


.*■ -r ; 


imjlAi .r * : 2 ivfyt'X 


By Ian Thomsen 

Inienumonal Herald Tribune 

LAUSANNE, Switzerland — 
Michelle Kwan, 16 years old, admitted 
this week, “I am trying to regain what I 
had.” Her youthful bliss, she implied. 

As sbe skated off the ice after a frus- 
trating short program Friday in die 
World Figure Skating Championships, 
having stepped out of a triple lutz and 
almost keeling over without completing 
her opening combination, she threw a 
sort of disappointed punch into the air. 

Last year, at 15, she was the world 
champion, and now, die day before die 
decisive free program on Saturday, she 
was in fourth place. The early leader 
was ber 14-year-old American team- 
mate, Tara Lipinski, who seems un- 
likely to make a mess of die final stage. 
Lipinski was splendid on Friday. 

Lipinski skated before thousands of 
people and millions of TV viewers as if 
no one was watching. At 75 pounds (34 
kilograms), gravity did not seem ter- 
ribly concerned with her. She spun like a 
weather vane and came back to earth as 
if her arms were wings. Her older com- 
petitors, by comparison, seemed to have 
lead in their bones. 

Afterward. Lipinski sat behind a table 
and disappeared in a semicircle of adults 
three-deep with microphones and pen- 
cils and said: “I think if I thought I could 
win this, it would put too much pressure 
on me." 

The results below her were surpris- 
ing. In second place was Vanessa Gus- 
meroli, IS, the No. 2 French skater 
behind Surya Bonaly, who was not se- 
lected for these championships by her 
federation. Maria Butyrskaya of Russia 
was third: her teammate, the European 
champion Irina Slutskaya, was sixth 
after falling on her first jump. 

Nicole Bobek. the American whose 
legendary coach. Carlo Fassi. died of a 
heart attack at these championships on 
Thursday afternoon, teetered at the be- 


ginning of her 2 minute 40 second pro- 
gram and spun to her knees at the end. 
As she skated away to receive her scores 
— Bobek was eighth overall — her 
coach's widow, Christa Fassi, met her 
with an embrace. 

* ‘My warm-up felt great and I was very 
strong,” said Bobek, 19. “But right be- 
fore I did my program I looked at Christa 
and began crying. It meant so much to 
have Christa with me. I know bow hard it 
was on ber, but it meant so much.” 

Chen Ln of China, the 20 year old 
who was the world champion two years 
ago, was limited by a long-term foot 
injury to 25th place. Not only did she not 
advance to Saturday’s final round, but 
sbe also failed to assure China of a place 
in the women’s figure skating at next 
year’s Olympics. Her last chance to 
qualify will come in October in Vi- 
enna. 

While Lipinski was tugging her sport 
in one direction — toward a gymnastics- 
like trend of tiny, exqnisite feet — the 
men’s champion foe night before was 
once again enforcing his own muscular 
view of skating upon the sport A good 
thing, too: Elvis Stojko was fantastic. 

He wore black, first of all, his thick 
arms exposed in between foe high short 
sleeves and the studded wrist bands 
halfway up his forearms. Tins was his 
way of getting your attention. His dark 
curly hair was cut thick like a helmet 
over the back of bis neck. 

When he began to move, after stand- 
ing in a pose for almost a half - minute of 
music, he looked like an auto mechanic 
who had been practicing nights in 
secret 

If be was insecure before the nine 
judges hunched skeptically over their 
long blue table in front of him. then h 
only brought out his personality all the 
more — the movement of his arms like 
karate chops and the explosive quad- 
ruple toe-loop/triple toe-loop in com- 
bination that only he has done. Each 
time he came out of foe blur of his spins. 









Iowa State’s Kevin Cato, left, being fouled by Toby Bailey of UCLA. 


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a chain was glimmering from around his 
open collar. 

When be skated into a comer, foe 
people in foe front row leaned forward 
and banged then: fists on top of foe 
boards, when he came to a stop be 
realized that practically everyone in the 
arena was standing up for him, applaud- 
ing foe common man 

Then foe marks came up: a perfect 6.0 
for technical merit from the Italian 
judge, who at the same time rated Stojko 
a 5.6 artistically. What that meant, after 
two days in which he hadn't missed a 
jump, was that he still could be bearen to 
the gold medal by Todd El dredge of the 
United States, whose coach, Richard 
Callaghan, was telling Eldredge exactly 
ihaL Callaghan also coaches Lipinski. 

Eldredge looked nothing like an auto 
mechanic. He looked like foe perfect, 
conservative, clean-cut date come to 
pick up the millio naire 's daughter. For 
better than three minutes he behaved as 
if he was going to defend his world 
championship as if by birthright 

He wasn’t nearly as dynamic as Elvis. 
Indeed, according to Callaghan, Lip- 
insid might implement a quadruple 
jump in foe next year before Eldredge is 
able to do it. But Eldredge was more 
polished, in a Fred Astaire way. Until, 
foal is, he converted only one spin of a 
triple axeL In foe final minute of his 
program, he had to try it again with foe 
gold medal still possibly within reach. It 
was as if he had been punched in foe 
stomach while airborne. He landed in a 
sprawl and finished second. 

Al that stage, Elvis was among the last 
people in foe building to realize that he 
was the champion. He didn't know that 
Alexei Utmanov, the Olympic champion 
and the first-round leader, had withdrawn 
because of a groin muscle polled Wed- 
nesday dining the short program. As a 
result, Russia, like the United States, will 
be permitted only two men figure skaters 
in the Olympics next year, even though a 
Russian, Alexei Yagudin, was the sur- 





• JSu&k aite 


mm- 




.-v.v-y: 

* * J V * . .... , • L 

- •••• ^^1 

Ruben Spra&rttnwn 

Tara Lipinski performing ber short program on Friday in L ausanne. 




prise bronze medalist behind Stojko and 
Eldredge. Stojko. who turned 25 last 
Saturday, became world champion for 
the third time, completing a comeback of 
sorts after his disastrous short p rogram 
on home sen! last year in these cham- 
pionships. He has now put the rest of his 
competitor s on foe clodc They have until 


foe Olympics to by to install a quadjn 
keep up with hrm and the few others who 
perform it regularly . Two other tnen were 
able to do quads at these championships: 
Konstantin Kostin of Latvia, who fin- 
ished 17th, and foe 1 9th-placed Zhengxip 
Guo of China, who became foe first to hit 
two quads in one program. . . 


UCLA Wins, as Dollar Banks It In 


Canned br Our Slg fun: DupGstti 

SAN ANTONIO, Texas — Finding 
life in foe most desperate moments, foe 
bunting UCLA Bruins dickered but did 
not get' put out. 

In overtime on Thursday night, in a 
frantic, fabulous exchange of critical plays, 
Cameron Dollar and the Brains were left 
standing, 74-73. over Iowa State in their 
NCAA Midwest Regional semifinal' 

Practically nobody else was. includ- 
ing foe 29.23 1 at the Alamodome. out of 
breath and glazed by the tension after 
Dollar’s full -court dance through foe 
Cyclone defense with the Bruins behind 
and the clock set to expire. 

Dollar got into the lane, head-faked 
shot-blocker Kelvin Cato, then lifted a 
force-footer softly over Cato, off foe glass, 
into the net and into UCLA history. 

How much longer can it go, how- 
much harder can it get, how many twist- 
ing. tumbling moments are left in this 
endless, elastic UCLA season? 

“Just trying to get it done, man,” 
Dollar said when asked if this was his 
greatest game. 

Dollar got foe ball with about 10 
seconds left in overtime, after Scott 
Bankhead lifted Iowa State to a 73-72 
lead. Dollar’s sweet shot gave him a 
career-high 20 points, and moved 
UCLA (24-7 and foe winner of 12 con- 
secutive games) into foe Midwest Re- 
gional final against No. 1 -seeded Min- 
nesota. 

M motato so, Ctomaon 84 Minnesota 
and Clemson tangled in one of those up- 
all-night tournament games that make 
college basketball special. 


Forty minutes of regulation and five 
minutes of overtime were not enough. 
Let’s do two. And they did. 

But Minnesota's guard, Bobby Jack- 
son, had seen, heard and experienced 
enough after 49 minutes. Jackson made 
sure foe second overtime was the last 

Thi NCAA Todrnamint 

— — — — — , : ■ ■■ 

one. because it was his 3-point shot and 
then two free throws in the final minute 
that gave Minnesota a 6-point cushion at 
87-8 1 with 42 seconds left. When guard 
Charles Thomas made two free throws 
with 3.1 seconds left, it was over. 

‘T’ve been involved in a lot of games, 
maybe 2.000 that I've coached and played 
in. bat this was one of foe best,” said 
Minnesota’s coach, Clem Haskins. The 
victory was his 200fo at Minnesota. 

Utah 8% Stanford 77 A lot of people 
stood up to be heard: an assistant coach, 
a homesick freshman from Helsink, and 
a point guard playing with the first 
shaved head of his life. 

Stanford's Brevin Knight — who 
took a razor blade to his scalp to cel- 
ebrate his school's appearance — 
forced overtime with a 3-point shot 
heaved from his hip. but second-seeded 
Utah went to its go-to guy in overtime to 
escape with an 82-77 victory in 
Thursday night's West Regional semi- 
final in San Jose. California. 

Utah's flustered coach. Rick Majer- 
us, will not show this game film at a 
how-to clinic, but foe Utes are in foe 
regional final after withstanding foe 
clumsiest of second halves and intro- 


duced the world to Hanrip Mottofa.* 
The aH-Xmericari Yah-Horn ©5 
points. 14 rebounds, three blocks) hod 
fouled out with fourminutes 26 seconds 
left in overtime, on a light push off 
Knight, and it was the Furnish Motto! a 
who swished a baseline jumper to break 
a 73-73 tie. It was also M ottola who 
made one of two free throws to extend 
foe lead to three points: - ; ' : . ' - - 

The freshman missed Europe so mipi 
this winter th at he asked his mother to fly 
in from Helsinki, and Majenis would 
- commonly stop by at 11 P.M. on school 
nights to lend him an ear. “Tonight he’s 
not homesick.” Majerus said. * 
Utah will meet Kentucky in foe West 
Regional final ... 

Kentucky 83, St Josephs 68 Ken- 
tucky’s All-American forward, Ron 
Mercer, and a reserve guard, Cameron 
Mills, each scored 19 points as the de j\ 
fending national champions jumped 
ahead of Sl Joseph’s early and rode 
their first-half lead to foe finish. Ken- 
tucky was never really challenged or 
pushed in winning its ninth consecutive 
tournament game. 

“We played spectacular in foe first 
half,” said Kentucky's coach, Rick 
Pitino. “Our goal was to shoot over 50 
percent and try to limit them to 40 
percent ” For the most part, mission 
accomplished. 

St. Joseph’s shot 37.5 percent in the 
first half and 43.9 percent overall. Ken- 
tucky was the model of consistency 
again, shooting 55.6 percent in the first 
half, 56 percent in the second and 55.8 
percent overall. tLAT, NYT) 


Tony Zale, Middleweight Great , Dies 


By Michael Cooper 

New York Tima Service 

Tony Zale, who brawled his way to 
foe middleweight championship twice 
during a Hall of Fame boxing career 
punctuated by three legenday title 
bouts with Rocky Graziano. died 
Thursday at a nursing home in Portage, 
Indiana. He was S3. 

Zale had been suffering from Par- 
kinson's disease and Alzheimer’s dis- 
ease for several months. He died after 
his family suspended the antibiotics that 
j had been prolonging his life. The As- 
I sociated Press reported. 

Though he began his pro career at 21 
in 1934, it was over a two-year span in 
foe late 1940s that Zale helped make 
Graziano- Zale as famous a combo in 
boxing lore as Ali-Frazier or Dempsey- 
Tunney or Louis-SchmeUng. 

“We gave those people their 
money’s worth, didn’t we?” Zale told 
an interviewer years lata - . 

Zale was called the “Man of Steel’’ 
for both his ability to seem unfazed by 
foe most bmtal pummelings and be- 
cause his first job was in the steel mills 
of Gary, Indiana. 

Bom on May 29. 1913. as Anthony 
Fieri an Zaleski, he changed his last name 
to Zale and quit his job at the mills when 
his boxing career took off in foe 1930s. 

He packed a wallop. One opponent. 
Billy Soose. once described Zale’s 
punches by saying that when he “hits 
you in foe belly, it’s like someone stuck 
a hot poker in you and left it there.” 

In 1940. Zale defeated Al Hostak to 
win the National Boxing Association 
middleweight title and in 1941. he beat 
Georgie Abrams to become undisputed 



Tny Zale landing a right to Rocky Graziano', ribs in their thwiSTb^ 

world champion. In 90 career bouts, he round, nr*™,, .... 
had 70 victories, 46 by knockouts, 18 their nexr^fif?. 0 rev enge in 

losses and 2 draws. wAJSLfift. wu “"g *e m&fle- 

Bui it was his three fights with Grazi- when he* L™!r!] Cago i ,n Ju ty 1 6, 1947, 
ano that solidified his standing in box- Rut 7 JE 0 ® , . oul foe sixth, 
ing history. “Ask any fight buff of foe third mlJrh If c, I aunwl foe title in their 
1940s to name foe most memorable pert SrSinL?” 10 ’ to Rup- 
series fought in his time and without when he !?V^ Ne ) varic ’ New Jersey, 
hesitation he will say the Zale-Graziano count in ri!f 2 dow n for foe 

battles of 1946, 1947, 1948,” Red S with a punishing left 

Smith wrote m The New York Times. ano Zale figuring Grazi- 

Their first battle was Sept- 27, 1946. of FiScL \Lh tbc J llte 10 Mar « 1 Ceirian 
before a crowd of 39,827 at Yankee f or foe^nf 6 " ** ®°»U not come out 
Stadium. Zale knocked out Graziano Zale 35 After the defeat, 

with a left book to the jaw in foe sixth to foe BoSI^ ^ 195s - he was elected 

°°«ng Hall of Fame. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 22-23, 1997 

SPORTS 


<*rGr, 


' Arnie’s Comeback Swing 

"For Palmer, There’s Life and Golf After Cancer 


■ ■ i>v 


By Leonard Shapiro 

Washington Post Service 


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ORLANDO. Florida — As 67-year- 
■ bid Arnold Palmer sauntered into the 
interview tent at the Bay Hill Invita- 
tional, he smiled broadly as he surveyed 
the crowded room. 

“Greg Norman or Tiger Woods must 
be coming in here," he said. Palmer was 
about to begin his traditional pre-tour- 
nament interview at the PGA Tour event 

« uhe started here, at his home course, in 
1979. 

But this is anything but a traditional 
week for Palmer. After undergoing sur- 
gery for prostate cancer Jan. 15, the man 
-known as “The King’ ' is back slashing 
"at golf balls in his distinctive style. This 
Tis his first event since the surgery, and 
" Palmer spent 45 minutes talking about 
"golf — and life — after cancer. 

“Physically, I feel fine,” he said. 
‘Tm not as strong as I was three months 
' ago, and I suppose I tire a little earlier 
(ban I'd like to. But I've noticed my 
stamina has increased almost daily. Two 

J mS . 1 Qa 1 i 



But on Monday, he said, he was 
“able to swing it pretty good at the 
18th.” 

It can only get better. He will def- 
initely play in the Masters next month, 
and may even go back-to-back with an 
appearance at the PGA Seniors' Cham- 
pionship the following week in Palm 
Beach Gardens, Florida. He also wifi 


follow a typical schedule of selected 
senior events, and he insists he will 
approach every tournament the only 
way he knows bow. 

“My goals are the same," he said. 
“If I play in a golf tournament. I’m still 
foolish enough to think I can win. When 
the realization comes to me that 1 can't. 
I will really curtail my thinking about 
that.’* 

Altho ugh he started with six pars in 
the first round Thursday, Palmer went 
bogey, double bogey, triple bogey on 
his next three holes and finished at nine- 
over 81, the high score of the day on his 
home course. 

“It was great to be out there even 
though I didn't play the kind of golf 1 
wanted to,” Palmer said. “I hit it as 
solid as I have in the last couple of years, 
even before the surgery.” 

“I felt wonderful our there,” he ad- 
ded. “I feel very lucky to be playing.” 

Palmer was 14 strokes behind the 
first-round leader. Paul Stankowski, 40 
years younger and one of the game's 
rising stars. Stankowski shot a 5 -under- 
par 67. 

After the surgery. Palmer was told not 
to swing a dub for at least six weeks, 
and he listened, waiting until the 43d 
day. He said he was buoyed by thou- 
sands of letters and cards from around 
the world; the presidential calls from 
Bill Clinton, George Bush and Gerald 
Ford; and calls from his friends Jack 
Nicklaus, Greg Norman, Gary Player 
and so many more. 

Palmer said he had not yet dedded on 



Cork. AJkfn/AfcHX France- ftpur 

Arnold Pabner putting at the Bay 
HiD Invitational in Orlando, Florida. 

becoming a spokesman for any partic- 
ular group or organization in the battle 
against cancer, that he wanted to ‘ ’think 
it out before I do get involved.” 

On his own, he said, he would 4 ‘t ly to 
make people aware of the possibilities 
of having cancer and the great pos- 
sibility of cures for cancer.” 

“I'm not interested in being a hero 
over this sort of thing. ' 1 he added. ‘ ‘I just 
want to play some golf. If I can help 
someone recognize they should do 
check-ups, whether it's women, men, 
children, then I'll urge them to do that” 


The Sharks Sail Past Free-Falling Canucks 


1 


The Associated Press 

Viktor Kozlov's power-play goal 
early in the third period lifted the San 
* Jose Sharks to a 2-1 victory over the 

NHI, Roundup 

•Vancouver Canucks. The triumph 
'Thursday stopped the Sharks' five- 
game losing streak, in which they were 
outscored. 21-11. The Canucks lost for 
the seventh time in their last 10 games, 
with just one victory in that stretch. 


ftenguarwtf»MaptoLrafs3 Joe Mullen 
scored two goals as host Pittsburgh beat 
Toronto to win consecutive games for 
the first time in more than a month. 

Mullen, the NHL’s oldest player at 
40, raised his career total to 502 goals 
and is the all-time leading scorer among 
United Staies-bom players. 

Panthers 2, Senators 2 Jody Hull 

scared at 1 :40 of the third period, and 
Florida salvaged a tie with host Ottawa 
Ottawa began the night four points 
behind Washington and Hartford for the 


eighth and final playoff berth in the 
Eastern Conference. 

Coyotes 4, Blaefchawks 2 Keith 
Tkachuk scored all four Phoenix goals, 
and Nikolai Khabibulin stopped 40 
shots as the Coyotes beat the Black- 
hawks in Chicago. 

Blues 4 Whalers 1 Grant Fuhr stopped 
28 shots, and Pierre Turgeon bad two 
goals and an assist as Sl Louis beat 
visiting Hanford- The Blues are one of 
six teams fighting for five spots in the 
Western Conference playoffs. 


Fiorentina Gives Italy a Hat Trick 


By Peter Berlin 

International Herald Tribune 


FLORENCE — Fiorentina com- 
pleted a hat nick of low-key Italian 
success when it qualified for the semi- 
finals of the European Cup Winners 
Cup, despite losing, 1-0, to Benfica of 
Lisbon. 

Fiorentina had won. 2-0, in Portugal 
two weeks earlier, and so advanced, 2-1 . 
on aggregate after Thursday night's loss 
to give Italy a team in die final four of all 
three European club competitions. 

Germany, England. France and Spain 
all have two finalists, but Italy alone is 
in a position to repeat its unique clean 
sweep of 1990 — the only season all 
three European trophies have ended up 
in the same country. 

Yet none of the Italian teams played 
like champions this week, which was 
striking proof that even though clubs 
now hire players without regard to na- 
tional borders, the reams of some coun- 
tries (and, indeed some cities) continue 
to show the same characteristics again 

and ag ain 

All three Italian teams had done well 
in the first leg on the road, but all three 
refused to press their advantage at 
home, opting to play it cool instead. 

On Tuesday in Milan. Inter, which 


had tied 3 - 1 in Brussels, beat Acderlech t 
by only 2-1 , playing most of the second 
half precariously — only one goal from 
elimination. 

On Wednesday in Turin. Juvcntus 
scored its second goal in the last minute. 

Cur Win nibs Cup 

It. too. played most of the game with just 
a one-goal margin, one mistake away 
from being taken to extra time by 
Rosenborg. 

Italian soccer clubs still place meat 
faith In the ability' to defend a lead. Per- 
haps this week's results prove that faith 
justified, but it is difficult to forget the 
fate of AC Milan in November. It needed 
only to tie at home with Rosenborg to 
reach the Champions Cup quarterfinals, 
yet still contrived to lose, 2-1. 

Trying to get by with a minimum 
effort also cost Italy's national team 
dearly in last summer’s European Na- 
tions championship, when the team 
failed to qualify to the second round. 

Even though Fiorentina has Gabriel 
Batistuta, an exceptional goal scorer, it 
lies only 10th in Serie A. It is. for most 
part a solid, efficient team, and clearly 
stronger than Benfica, now a shadow of 
its great team of the 1960s. 

Yet if Benfica's execution had 


matched its energy and enthusiasm, it 
could have won comfortably. Time and 
again, the Fioreatina defense fell back 
around it goal mouth, allowing Benfica 
time and space to cross from the wings. 
Generally these crosses were poor, but 
the Portuguese still managed to take the 
lead in the 24th minute when Paulao 
broke free on the right and rolled the ball 
into the middle to Edgar Pacheco, who 
popped it into the goal. 

The diminutive Edgar was also un- 
marked early in the second half, but 
could not control his header when a 
taller man might well have scored. 
Twice, crosses squirmed untouched 
through die Fiorentina goal mouth and 
the effervescent Joao Pinto shot nar- 
rowly wide. 

Batistuta threatened the Benfica goal 
with three thunderous free kicks, and 
Francesco Baiano hit a post after a 
bungled Benfica clearance. But 
Fiorentina only developed a grip on the 
game in the last 15 minutes, when Ben- 
fica inevitably tired. 

Fiorentina’ s rather jaded perfor- 
mance somehow matched the mood of 
its notorious fans. In spite of a transport 
strike, about 35,000 had come to watch. 
Their team was two goals ahead and 
seemingly assured of victory, yet they 
seemed unwilling to celebrate. 


Olajuwon Leads Rockets Past Bullets 


The Associated Press 

Hakeem Olajuwon scored 26 points 
and led Houston's late fourth-quarter 
charge to give the Rockets a 96-90 
victory over Washington, snapping 
the Bullets' five-game road winning 
streak. 

After the visiting Bullets took then- 
first lead of the Thursday night game, 
82-81, with 7:29 to play. Olajuwon 
scored eight points over the final 6:42. 
The Bullets scored just two baskets in 
the final three minutes, missing then- 
final three shots. 

SmmrSonies 1 23, MuggetsS? Shawn 
Kemp had 24 points and 10 rebounds 
and Seattle forced visiting Denver into 
a season-high 33 turnovers in the Su- 
perSonics* rout of the Nuggets. 


Hersey Hawkins had 23 points on 9- 
of- 1 1 shooting as five Sorties scored in 
double figures. LaPhonso Ellis paced 
the Nuggets with 20 points. 

Suns 113, Spurs 106 Danny Man- 
ning scored 10 of his 26 points in the 

NBA Roundup 

fourth quarter to lead host Phoenix to 
its sixth victory in eight games. 

Kevin Johnson added 24 points and 
1 5 assists, and John Williams chipped 
in 13 points and 14 rebounds as the 
Suns moved into a tie whh the Sac- 
ramento Kings for the final playoff 
spot in the Western Conference. 

Ttaii Bban 97, Bucks 7B In Mil- 
waukee. Clifford Robinson and 


Rasheed Wallace each scored 20 
points as Portland won its league-best 
1 1th straight game. The Blazers shot 
61 percent from the floor and took 
control by outscoring the Bucks 32-15 
in the third quarter. 

Magic 100 , Warriors 95 Dennis 
Scott’s sixth 3 -pointer gave Orlando 
the lead for good, and the host Magic 
held on to beat Golden State. Scott, 
who finished with 21 points, broke a 
95-95 tie with 25.6 seconds left. 

Lakors 89, Cavaliors 76 Eddie Jones 
scored 25 points, and his backcourt 
partner. Nick Van Ex el, had 22 to lead 
the Los Angeles Lakers over the Cava- 
liers. It was the Lakers' first triumph in 
eight games in Cleveland since Dec. 
13, 1988. 


RAGE 3 


PAGE 19 


Scoreboard 


BASEBALL 


Exhibition Baseball 
hbup immu 

Los Angeles & Houston 3 
. Atlanta a, BoJttnorel 
• FtortdoB. Detroit 3 
St. LOUP B, Nan Ytofc Yankees 3 
- Karens City 5. Pittsburgh 4 
San Frandsco 9, CotorotJo 3 

Seattle 4 Chicago Cum 4 

Son Dtego 7, Oa*kmd3 
" MltHffAoe la Anofata 7 
Taranto 4, Minnesota 1 , 7 timings, rain 
' CMnoanvs.aewetanaoc4t.reln 
, Montreal vs. NevrYork MB* 0Q&, rain: 


BASKETBALL 


NBAStanmnos 


ATLANTIC DfVWUM 


buBona 

31 

35 

470 

26 

MilwaukBa 

27 

39 

.409 

30 

Taranto 

25 

42 

573 

32VI 

■Mime CORF— MCE 

MDWEGT DMSJON 



W 

L 

Pet 

GB 

x-Utah 

50 

17 

J46 



s-Houstoa 

45 

22 

572 

5 

AUraiesata 

33 

33 

500 

t6Vi 

Dcritos 

22 

43 

538 

27 

Denver 

19 

47 

288 

SOW 

San Antonio 

16 

50 

-242 

33W 

Vancouver 

11 

58 

.159 

40 

- ■ i 

PACIFIC DlVMtOM 


x-3oame 

46 

20 

597 

— 

ft-LA. Lotas 

45 

21 

582 

1 

Portland 

40 

28 

588 

7 

LAOppera 

29 

36 

546 

16W 

Phoenix 

28 

39 

418 

18W 

Sacramento 

28 

39 

518 

law 

Gaidensato 25 

LKflnchad playoff zpah 

42 

573 

2 TW 


National Invitation 
Tournament 

TMR0 HOUND 

Michigan 67, None Dante 66 


HOCKEY 


NHL Stan pinos 
lamucuwwiimi 

ATLANTIC MVRBOK 



w 

L 

Pet 

GB 

x-MMM 

49 

17 

J42 

— 

x-NeWYortT 

49 

18 

.731 

W 

Jh Ortondo 

37 

29 

561 

12 

T- Washington 

32 

35 

578 

17W 

New Jersey 

20 

45 

JOB 

28W 

- PtHktoemaia 

17 

49 

258 

32 

. BaMon 

13 

55 

.191 

37 

- CENTRAL DmStON 



■ (-Chicago 

57 

9 

564 

— 

- DaWI 

47 

19 

.712 

10 

Anama 

45 

22 

572 

12W 

Chartolte 

43 

24 

542 

14W 

•■Cleveland 

35 

31 

530 

22 


THUWMKri HMUS 

Ortondo >00, Golden State IS 
LA. Lotas 89, Ctewtand 76 
Portland 97, MllwaukEe 70 
Houston 96 Utahtaigton 90 
Phoenix 11% SOD Antonio 106 
Seattle 123, Denver 97 

NCAA Tournament 

BEOtOMAL BEMFMALG 


THURSDAYS M SAN AJ1TDMO, TEXAS 
Minnesota 9G Cfernsaa 84 20T 
UCLA 74. town State 73, OT 


THURSDAY. MEAN JOSE. CnUFOIMA 
UMi 82. Stanford 77, 0T 

Kentucky 81 St Joseph's 6fl 



w 

L T 

Ms 

GF 

GA 

R,PWtodetohla 

40 

21 10 

90 

242 

187 

New Jersey 

38 

20 13 

89 

200 

163 

Florida 

32 

24 17 

81 

198 

177 

N.Y. Rangers 

.33 

30 9 

75 

233 

205 

Washington 

28 

35 8 

64 

181 

199 

Tampa Boy 

27 

36 7 

61 

188 

220 

N-Y.Mandeis 

25 

36 10 

60 

199 

212 

NORTHEAST tRVtSlOH 




W 

L T 

Pts 

GF 

GA 

Buffalo 

37 

22 11 

B5 

Z10 

178 

Pittsburgh 

34 

30 7 

75 

249 

239 

Montreal 

26 

32 14 

66 

220 

249 

Hartford 

27 

34 10 

64 

194 

223 

Ottawa 

23 

33 15 

61 

195 

208 

Boston 

24 

39 9 

57 207 

258 

■Mime 

omnia 


CENTRAL reVTSKM 




W 

L T 

Pts 

GF 

GA 

s-Daflas 

42 23 A 

90 

222 

173 

DemB 

34 

21 15 

83 

225 

166 

Phoenh 

34 

34 5 

73 

210 

222 

SL Louis 

31 

32 9 

71 

213 

Z19 

CNeaga 

28 

32 12 

68 

188 

184 

Toronto 

26 

40 6 

58 

210 

250 

pAcvwnvtsim 




W 

L T 

Pts 

GF 

GA 

x-Cotorado 

44 

18 9 

97 

244 

173 


Edmon t on 
Anaheim 
Calgary 
Vancouver 
Los Angeles 
San Jose 


33 32 7 

30 30 I! 

31 34 8 
29 39 4 
25 38 9 
24 40 7 


73 224 216 
71 209 203 
70 195 204 
62 221 246 
59 190 239 
55 181 236 


x-dtnehed playoff spot: 

THomursMsou* 

Florida 2. Ottawa 2. tte 
Pittsburgh 6, Toronto 3 
Phoenix 4, Chicago 2 
St. Louts 4. Hartford 1 
San Jose 2 Vancouver 1 


CRICKET 


AUSTRALIA TOUR 

3RD TEST, 1BT-OAY 
SOUTH AFRICA VS. AUSTRALIA 
FROM, W PRETORIA 
Australia: 227- aB out 


ICE SKATING 


Would Championship 

UUJSMME. BWTTZEHUUB 


1. EMsStoJka Canada, 35 

2. Todd EkMdge U-5^35 

3. Atad Yogurfti, Russia 53 

4. VtadreslovZog o nx W i J k. Ukraine. 7JJ 

5. Hya Kuflk. Russia 75 

A. Andrei vtaxenka Germany, 1M 

7. Michael Weiss, UJL 125 

8. Igor PasWMvtdv AzertMtiton, 110 

9. Jeff Langdoa Canada 145 

10. Takeshi Honda Japan. 155 


IT. Steven Cousins. Brttakv 195 
12 Erie Mittal France, 195 
12 Laurent TobeL France, 205 

14. Comef Gheorghe, Romania 220 
1£ Michael ShmeriJn, Israel 240 

WOMEN 

S f m fl wu ■f »« r mtwX yroumamnm 

I. Tom Uptaskl 115,05 

2 Vanessa Gusman* Franca lit 
2 Marta Butyrskaya, Russia 15 

4. MkJieOe Kuan, U5. 20 

5. Krtszttna Cznfca Hungary, 25 

6. Irina Slutskaya Hungary, 20 

7. LoettM Hubert- Franca 35 
B. Nicole Bobek.U5- 45 

9. Yu 8a Lavrandnuk, Ukraine. 45 
la Joanne Carter, AustraOa 55 

II. Julia Lautawa Austria 55 
12 Zuzanna Szwed, Poland, 60 
12 Moika Kopaa Slovenia 65 

14 Lenka Kutorana, Czech Republic 7J0 

15. Olga Markova Russia 75 


MIARIERnNALS, RETURN LEO 

Ftorenflna Italy a Benfica Portugal, 1 
Ftareaflna wan 2-1 an aggregate 
Liverpool England. 3, Bergen, Norway. 0 
Liverpool won 4-] on aggregate 
AIK Stackhuka Srn, 1, Barcelona. Spain t 
Boirefo no wan 42 on ag gr eg a te 
AEK, Greeca a Paris St Gemxda France 3 
PSG won 34) on aggregate 

seutfiwu. draw 


DDACW 

Tenerife, Spain, vs. Sdxdker Germany, 

Inter Milan, Italy, vs. Manoca Franca 
First legs Aprfl & return legs Apr! 22 
Winner of the Tenerife vs. SchaBw motefi 
w(D host first leg of the final 


Bor. Dortmund. Get. vs. Manchestv U , Eng. 
AJaxAmsrenfom, Netn. « Juverrfua Itafy. 
First legs April 9, return legs April 23 


Barcelona w. Horonttna 
Parts St Germain vs. Liverpool 
First legs Aprfl 1ft return legs April 24 


TENNIS 


WIWUM PPM - 

ftaMV, M ST. PETERSBURG. RUSSIA 
CNMRTERHNALS 

Jan Krasta, Slovakia del. Magnus Nar- 
maa Seadea 64 M. 7-s Rerun Fwrtan (7), 
ttahi, del. Arnaud Clement Fla, 5-7, 44 6-2 
Thomas Johansson C5L Sum. def. OBvter 
Detattre. Fra. fr-264: NttdraetSflchCD.Ger^ 
del Kenneth Cartsen 00, Denmark. 6-26-4 


The Week Ahead 


Saturday, —arch 22 

cmjrtft, San Rapa Italy — lia World 
Cupv MDanAc-San Rtmo. 

5» jumping. PtankB, Slovenia— Fis, 
Natdc WtorU Cup, 1 8SK Ml, to March 22 
sumo, Osaka, Japan — Spring Grand 
Sumo Tournament to March 22 
BASKETBALL, fmflanapofis — NCAA, 
men, US. csdege deraplmhip toumo- 
ment, to March 31. 

ncmtE SKATma Lausarm Switzerland 
—World Figure Skating atamptarahtaG- 
neon hockey, Karachi Pakistan — mefb 
F1H, St* Nations; to March 22 


TENM4 St. Petersburg, Russia— men St. 
Petersburg Open-Key Btscnyne, Florida men. 
women, Upton mtL Player* Championships, 
to March 30. 

rugby umok Hang Kong — men women 
Kang Kong Sevens tournament to March 22 
cricket. Centurion Park, South Africa — 
Soum AhVCD vs. Australia, third test. Id 
March 2$ Auckland, New Zealand — 1-day 
ImematfonoL New Zealand vs. Sri Lanka. 

golf. Gnm Canaria, Spain— men Euro- 
pean PGA Tour, Turaspana Masters, to 
March 22 Oga-sn Japan —men Japan 
PGAi.Dydo Drtncn. to March 22 La Quinta. 
GaMemin' -men U5. senior PGA Tour, 
Legends of Gait, to March 22 
soccer. SanjaamCoMamta — MLS, 
Opening Game U5. fksKflirfsion season. 

Sunday, March 23 

athletics. Turin Italy Worid Cross 
Country QiamrionsNps. 

rugby union, Grenoble, France— IRQ. 
France vs. Italy, test. 

Aura racing, Ptwanlx. Artuna — Indy- 
con IRL. PhoeoftMO. 

SOCCER. San Jose, Costa RKo — World 
Cup auoWytng, FIFA. CONCACAF, Casio 
Rica vs. U5j Basher, Oman — FIFA, AFC 
Asia, first round, Group 4 fhsHwtf schedule, 
Japan Macon Nepal Oman to March 27. 

horse uam, Nodal Slwba Dubai — 
Dubai WOrfd Cup. 

Mompay, March 24 

tehwv Casablanca Morocco— men 
ATP, Grand Prtx Hasson II to March 30. 

Tuesday, March 25 

onciCET. Christchurch. New Zealand — -1- 
doylntomatloml New Zealand vs. Sri Lanka. 


Wednesday, March 26 

cycung, Belgium — IKX Fteho Wolone. 

Thursday, March 27 

SOCCER. Jeddah. Saudi Arabia— worid 
CupquaffyfeigtounmeflfcBanipadesniMii- 
toysln Sdudl Arabia. Tdhum to March 31. 

oolf, Madeira. Portugal — European 
PGA Madeira Wand Open to March 
Porde Verba Beach, Florida — men U5. 
PGA Taw, The Players ChamptansHpi 
Saliva. Japan — men Japan PGA, KSB 
Open to March 3IL 

cfaacET. Barbados— 3d lest matdi West 
Indies vs. Indta, to Apr* 1; WbSngton New 
Zealand— Sri Lanka vs. New Zealand, third 
Brn Bed -oven International 

Friday, March 2B 

golf. Tokyo — women Japan LPGA, 
Yeumv Hat Tokyo Ladles open to March 30. 

Saturday, March 29 

SOCCER, voftoussfles— Worid Cup ouuB- 
fyng: Croatia vs. Dmiorfc Italy vs. Mddo-vo; 
Cyprus «. Russia; Wales vs. BdgtareNeBwr^ 
lands vs. San Marina Romario vs. Liechten- 
stein,' Albania vs. Ukraine; Northern Ireland 
vs. Portogat London — bDemaUo nd (riendty. 
England vs. Maka. 

cricket. East London 5outfi Africa — 7- 
day international. South Africa vs. AustnAa. 
rawms. London— CBdonFCambrtdge. 

Sunday, March 30 

soccer Luxembourg — world Cup quo- 
ffytog. Luxembourg «. israeL 
auto racing, Intertagos, Brazil — FI A 
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PAGE 20 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-S UNDAY. MARCH 22-23, 1997 


DAVE BARRY 


The Birth of the Wail 


M IAMI — When I brand that 
Richard Beny, the man who wrote 
“Louie Louie," had died, I said . . . 

Well. I can’t tell you, in a family 
newspaper, what I said. But it was not a 
happy remark. It was die remark of a 
person who realizes he'll never get to 
thank somebody for something. 

I remember the day I first heard 
“Louie Louie." I was outside my 
house, playing basketball with my 
friends on a "court" that featured a 
backboard nailed to a tree next to a 
geologically challenging surface of dirt 
and random rocks, which meant that 
whenever anybody 

dribbled the ball, it ■ ■■■ — — ■ 
would ricochet off 
into the woods and 
down the hiU, which 
meant that our 
games mostly con- 
sisted of arguing 
about who would go 
get it. 

So we spent a lot 
of our basketball 
time listening to a 
perched on a tree 


I could play it. Just 
about anybody could 
play ‘Louie Louie, 9 
including a reasonably 
trainable chicken. 


transistor radio 
stump, tuned to 
WABC in New York City. (I mean the 
radio was tuned to WABC: the stump 
was tuned to WOR.) And one mira- 
culous day in 1963. out of the little 
transistor speaker came . . . 

Well, you know what it sounds like: 
This guy just wailing away, totally un- 
intelligibly. with this band just whomping 
away behind him in the now-legendary 
"Louie" rhythm, wbomp-whomp- 
whomp, whomp-whomp, wfaomp- 
whomp-whomp ... 

And it was just SO cool. It was 500 
million times cooler than, for example, 
Bobby Rydeil. It was so cool that I 
wanted to dance to it right there on the 
rocky din court, although of course as a 
l? -year-old boy of that era I would have 
sawed off both my feet with a nail file 
before I would have danced in front of 
my friends. 


We’d whomp away cm our cheap, 
un tuneable guitars plugged into our Dis- 
tort -O-Malic amplifiers, and our dogs 
would hide and our moms would leave 
the house on unnecessary errands, and 
we’d wail unintelligibly into our fast- 
food-drive-ihrough-miercom -quality 
public-address system, and when we 
were finally done playing and die last 
out-of-tune notes had leaked out of the 
room, we’d look, at each other and say 
“Hey] We sound like the Kingsmen!” 
And the beauty of that song is. we kind 
of did. 

I continued playing in bands in col- 
lege, and many oth- 
er songs went into 
and out of our rep- 
ertoire, but we al- 
ways played 
"Louie Louie.” 

Over the years, 
musical and cultural 
critics have offered 
countless explana- 

dons for the song’s 

enduring appeal, 
but I would say, based on playing it 
hundreds of times in Croat of a wide 
range of audiences, that the key musical 
factor is this: Drunk people really liked 


iL 


My band found that, if large beer- 
guzzling college-fraternity members 
became boisterous and decided they 
wanted to play our instruments, or hit 
os, or hit us with our instruments, all we 
had to do was play * ‘Louie Louie," and 
they would be inspired to go back to 
dancing and throwing up on their 
dates. 


□ 


Sometimes people got a little TOO 
inspired. One night we were playing in a 
firat house ax the University of Penn- 


sylvania, and during ‘ 'Louie Louie,’ ’ an 
entire sofa — a la m 


□ 


I loved "Louie Louie" even before I 
found out that it had dirty words. Ac- 
tually, it turned out that it didn’t have 
dirty words, but for years we — and 
when I say “we,” I am referring to the 
teen-agers of that era. and I. Edgar 
Hoover — were all convinced that it did , 
which of course just made it cooler. We 
loved that song with no idea whatsoever 
what it was about 

But for me the coolest thing about 
“Louie Louie" was this: I could play it 
on the guitar. 

In fact just about anybody could play 
it including a reasonably trainable 
chicken. Three chords, nothing tricky. 
This is why. when I — like so many 
teenage boys of that era — became part 
of a band in a futile attempt to appeal to 
girls. "Louie Louie” was the first song 
we learned. 


large sofa — came 
through the front window, which was 
not open at the time. The crowd did not 
stop dancing, and we did not stop play- 
ing]; we kept right on wailing and 
whomping. 

That's die kind of indestructible song 
“Louie Louie" is. 

I’m confident that it’s one of the very 
few songs that would be able to survive 
a global thermonuclear war. (Another 
one is “Wild Thing.”! 

I’m not defending it as ait. I’m not 
saying that, as a cultural achievement, it 
is on a par with the “Mona Lisa," or 
“HamJer.” 

On the other band, when the "Mona 
Lisa" or “Hamlet" comes on my car 


radio. I do not crank the volume way u^> 


and wail unintelligibly at my wine 
shield. I still do this for “Louie 
Louie." 

And for that, Richard Berry, 
wherever you are: Thanks. 

€>1997 The Miami Herald 
Distributed by Tribune Media Services Inc. 


Painters Who Sit at the Captain’s Table 


Inierniitii'rhjl Herald Tribune 

P ARIS — The french Navy, still 
known as La Royale. includes two 
aircraft carriers, 36 submarines, two 
destroyers and 40 official painters. 
They wear the three gold stripes of a 
lieutenant de vaisseau on their sleeves 

and, after a time, the four stripes of a 

capitaine de corvette. 

“Our shoulder boards now say 
‘ Peintre Officiel.' Before that we were 


MARY BLUME 


mistaken for chaplains.” says Marc 
P.G. Berthier. one of the 40. “We al- 
ways like to say it’s like the Academie 
Franchise but much better because 
there’s no scheming to get in." 

Like the Academie, the post of of- 
ficial painter was created by Richelieu 
and is now awarded by the Defense 
Ministry. Originally, the painters 
served as war correspondents, portrait- 
ists of admirals or, like Joseph Vemet, 
were commissioned to paint port 
scenes. ’’There were lots who were 
more or less famous and became more 
or less obscure later,” Berthier says. 

The youngest is 47. the oldest 93. To 
qualify they must have had paintings 
accepted at six Salons de la Marine, 
which are held every two years at the 
Musee de la Marine in Paris. They re- 
ceive neither pay nor pensions and have 
no official duties except to exhibit at the 
Salon de la Marine. They are entitled to 
put an anchor after their signature. 

Their chief perk is that they can 
travel free on any naval vessel, where they are seated 
at the captain’s table and the napkin ring is inscribed 
“Monsieur le Peintre.” 

Berthier has never painted a warship and doesn't 
much like them. “They are like closed boxes, you see 
nothing, you might as well be on a submarine. And 
the cabins are like being in a formica trailer, uglier 



Despite his rank as an official painter in the French Navy, Marc P.G. Bethier prefers sloops to battleships. 


than you can imagine.” What he likes to sail, and 


Royal Yacht Squadron, has only 12 members and is 
cal led the Royal Minquiere Yacht Squadron, after the 
useless and dangerous rocks off Saint-Maio which 
the British and French have fought over for centuries 
and which at high tide are completely submerged. 

The " Min ki es’’ (the members’ preferred pro- 
nunciation, to approximate the British) have dinners. 


Jacques Chirac, sharing his predecessors’ pharaonic' 
im pulses but larking funds to build a museum U> 
commemorate his reign, announced that a new 1 prim- 
itive arts museum would displace the Musee dela 
Marine. The storms swiftly reached gale force with 


protests led by France ’smost famous yachtsman. 
siicTak 


paint, is his 9-meter sloop. Valama. built by Charles 
Nicbt 


olson in 1904. 

A native of Saint-Malo with a droopy brown 
mustache and a mariner's very clear eyes, he prefers 
the speed and adroitness required by warercolors 
(“It's like a regatta, if you are first and the wind 
suddenly shifts, you’ve had it”; and is a well-known 
book illustrator and portraitist of yachts. He has 
competed in the Fastnet and has sailed the Atlantic 
twice but doesn't love long races. “By the end 
because of living so close people become animals. A 
who on shore talks about Proust starts to snort 


and race each other for a hideous trophy found in a 

!y Nig 


a pig and eat like one." 

Because he is both a very convivial man and a 
prankster. Berthier is one of' the founding members 
(all of whom hold the rank of commodore) of 
fiance's answer to Britain's Royal Yacht Squadron, 
of which be is also a member and whose dinners at 
Cowes he greatly enjoys. "They are so funny, im- 
looty but oi 


possibly snooty but once they have welcomed you 
they are delightful. Their dinners are so grand you 
could die laughing. They wear mess kit. always a bit 
shabby because their trouser bottoms are covered in 
brine with snuff handkerchiefs in their sleeves that 
trail in the sauce." 

Berthier’s club, even more exclusive than the 


flea market and called the Cloudy Night after the 
wife of a Minkie whose name. Claude, was misheard 
by an English yachtsman as "Cloud." 

During Cowes week, in August, the Minkies invite 
members of the Royal Yacht Squadron to their 
headquarters in a Vauban fort on a tiny island about 
300 meters off Saim-Malo. “We make dithyrambic 
speeches in very approximate English." Berthier 
says. Everyone wears evening dress and, since the 
island is accessible only on foot at low tide, the ladies 
are often carried home at tire evening's end. 

Berthier was of course among the exhibitors at this 
winter’s Salon de la Marine at the wonderful mari- 
time museum in the Palais de Cbaillot at the Place du 
Trocadero. an event that this year caused serious mal 
de mer because of the government's threat to move 
the museum to another site. 

The Musee de I 2 Marine, which is under the 
Defense Ministry and administers regional maritime 
museums on the Atlantic and Mediterranean coasts, 
is a treasure house of objects ranging from exuberant 
gilded figureheads to scrimshaw to an unrivaled 
collection of 18th-century ship models to Napo- 
leon's 1 7-meter-Iong state barge, for which a wall in 
the Palais de Chaiiiot had to be pierced. 

The problem arose last autumn when President 


ic Tabariy, and some 60,000 angry letters from all 
over die world. 

Trimming slightly, Chirac named Jean-Francois 
Deniau, a distinguished member of parliament and 
enthusiastic yachtsman, to make a report on possible 
new sites for the Musee de la Marine. Deniau’s 
impeccable research revealed that the three most 
suitable sites would be the much-coveted Quai 
Branly near the Eiffel Tower, the prestigious Grand 
Palais, and the Quai d’Ansterlhz, which real . estate 
promoters hope to make their own. 

Deniau further recommended that the Musee de la 
Marine in the future be administered by the Ministry, 
of Culture, which is having its own money problems, 
and his cost evaluations revealed that moving the 
museum would be incredibly expensive in addition 
to requiring that its wall again be punctured to get 
Napoleon’s barge out ■ ■ 

A clever sea dog, Deniau denies that he ap- 
proached die report with the intention of scuppering 
Chirac’s plan. ‘ ‘I’m a good sport. If they were to offer 
us something twice as good and big as we have now 
there would be no point in being stubborn." 

But the idea of moving the museum seems to have 
died with his report. “In administrative life one never 
knows," Deniau says calmly. “But what was a storm 
wanting seems to have passed to smooth seas 
ahead.” 



PEOPLE 


T HE eldest daughter of 
Vice President Al Gore 
will take a trip down the aisle. 
Karenna Gore. 2?. will 
many Dr. Andrew SchifF. 
32. a primary care physician at 
New York Hospital/Karenna 
Gore, a 1995 graduate of Har- 
vard. is an editorial assistant at 
the on-line magazine Slate, a 
Microsoft Corp. publication. 
A Washington wedding is 
planned for November. 


□ 


Madame Chiang Kai- 
shek, once the most powerful 
woman in China as the wife of 
the Nationalist leader Chiang 
Kai-shek, quietly celebrated 
her 100th birthday ar a party 
in her Manhattan apartment. 
A spokesman said that 20 to 
30 relatives, including nieces, 
nephews, grandchildren and 
great-grandchildren, attended 
the party. Madame Chiang 
has lived in New York on and 
off since her husband died in 
1975 in Taiwan, where he and 
his followers fled when Mao 
Zedong took power on the 
Chinese mainland in 1949. 



□ 


Dame Vera Lynn, the wo- 
man who kept Britain smiling 
through World War H when 
she sang “We’ll Meet 
Again," did just that when she 
celebrated tier 80th birthday 
with a party. Former Prime 
Minister Margaret Tbafcher 
and Princess Margaret 
joined more than 1 00 friends 
and family to sing “Happy 
Birthday’ ’ for the singer al the 
Imperial War Museum. Dame 
Vera, the daughter of a Lon- 
don plumber, captured the 
public mood during the dark 
days of World War II with 
songs such as “The White 
Cliffs of Dover," 


□ 


□ 


By maintaining a for-flung rveiwork of news-gathering resources, the World's Daily 
Newspaper brings you unrivalled coverage of world politics, business and economics, 
as well as science, technology, travel, fashion, the arte and sport — all from an 
international perspective. 

Take advantage of this limited opportunity fotryihe International Herald Tribune 
with a low cost, 2-month trial subscription and enjoy delivery to your home or office 
every morning. 


COUNTS /CURRENCY 

2 MONTHS 
NEWSSTAND 
PBCE 

2 MONTHS 
QffER 
POCE 

DISCOUNT 

OF 

COVER PRfCE 

AUSTRIA 

ATS 

1^56 

650 

554 

BELGIUM 

BEF 

3,380 

1,350 

60% 

DENMARK 

DKK 

700 

360 

54% 

FINLAND 

RM 

624 

310 

50% 

FRANCE 

rt 

520 

210 

60% 

GERMANY" 

OEM 

132 

72 

60 % 

GREAT BRITAIN 

£ 

a 

22 

53% 

GREECE 

DR 

18,200 

9,100 

50% 

IRELAND 

OK 

52 

26 

50% 

ITALY 

III 

145,600 

JUNO 

60% 


mt 

3.3800 

1,350 

60% 

1 NBVBtt/sNDS 

MG 

195 

78 

60% 


NOK 

832 

390 

53% 

PORTUGAL 

ESC 

11.960 

5,000 

58% 


HAS 

11700 

£000 

57% 


SBC 

832 

350 

58% 

SWITZERLAND 

ar 

(66 

66 

60% 

&SEWHB& 

s 

- 

50 

— 



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Card Nrv 


The actor John Heard was 
connoted of telephone mis- 
use and trespassing in a case brought by 
the actress Melissa Leo, his former girl- 
friend and mother of their 9-year-old 
son. Heard, best known as the father in 
the "Home Alone” movies, was ac- 
quitted of more serious charges of as- 
sault and harassment of Leo and her 
current boyfriend. “This is a father's 
rights issue." Heard said as he left the 
courtroom. Heard, set for May 13 sen- 
tencing. faces a maximum of six years 
and two months in prison. He also faces 
$1,100 in fines. A charge of stalking 
Leo. who plays a no-nonsense detective 
on the television show "Homicide,” 
was dropped last December. 


Kuna Dotaflyriteueo* 

20 YEARS ON — The actor Mark Ha mill arriving at 
the London premiere of the re-release of “Star Wars.” 


1 958. Spector had argued that a 28-year 
copyright assignment to Warman Music 
in 1 95S, which then granted a license to 
the British-based Bourne Music Ltd., 
had expired in 1986. 


D 


Arthur C. Clarke formally released 
his latest novel, "3001: The Final Odys- 
sey” in 3 brief ceremony in the Sri 
Lankan capital of Colombo. The novel 
concludes the space epic he began in 
1968 with "2001: A Space Odyssey,” 
and his most famous creation, the 
psychotic computer HAL. a terrifying 


The Turtle Bay Associ- 
ation, a neighborhood group 
in Manhattan in which Kath- 
arine Hepburn was active 
for 40 years, and the city Parks and 
Recreation Department will rename a 
garden in Dag Hamrujjskjold Plaza in 
her honor. It will be dedicated on May 
12, Hepburn’s 90th birthday. 

□ 

The French post office has unveiled a 
new version of Marianne, the national 
symbol that adorns French stamps, and 
for the first time ever she is the work of 
a woman artist: the designer and painter 
Eve LuqueL The new stamp, to 


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introduced on July 14, replaces the ex 
isting version, introduced i 


: in 1989. 



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vision of artificial intelligence 
run amok in deep space. 
Claike, 79, who has lived in 
Sri Lanka since 1956 and 
rarely leaves home, is a lead- 
ing dozen of cyberspace. On 
March 14. he commemorated 
the fictional HAL’s birthday 
utith a live Internet "cyber- 
cast” from Sri Lanka. 


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□ 

Two East European authors were 
awarded Leipzig literary prizes Friday for 
their work generating deeper understand- 
ing between European people. Imre 
Kertesz. 68. of Hungary .received the top 
prize of 20.000 Deutsche marks 
($12,000) for "Diary of a Slave,” which 
deals with the fate of deported Jews dur- 
ing the Holocaust The second Leipzig 
prize, worth 10.000 DM. was awarded to 
the Prague publicist and author Antonin 
Liehm. 72. for his European culture 
magazine "Lertre Internationale.” 


□ 


The U.S. record producer Phil Spect- 
or on Friday won a British court battle 
over the rights to his first hit and the 
prospect of thousands of pounds in back 
royalties. The High Court ruled that 
Spector owned the rights In Britain to 
the music and lyrics of "To Know Him 
Is to Love Him,” which the Teddy 
Bears took to the top of the U.S. charts in 





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John Heard, left, and his attorney leaving the courtho^nBaUimor^ 



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