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INTERNATIONAL 




PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Saturday-Sunday, May 17-18, 1997 




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O # No. 35.523 


With Rebels at Gate , Mobutu Flees Kinshasa 


The Skilled Survivor Finally Bows to Fate 



JadcDih^hiiaflkiaa, 

Marshal Mobutu Sese Seko: For 32 years Zaire's' 
ruler had been the very model of an African autocrat 


By Howard W. French 

New York Times Service 

KINSHASA, Zaire — When Zaire’s president, Mobutu 
Sese Seko flew off to his northern hometown Friday 
morning, his departure from a capital under siege was 
described by officials not as a resignation but a simple 
retreat from the affairs of state. 

In reality, however, with rebels about to capture Kin- 
shasa, his army deserting him and his body ravaged by 
cancer. Marshal Mobutu’s flight to Gbadolite represented 
the first surrender in a remarkable life of power. 

Over nearly four decades at the center of his country’s 
political stage. Marshal Mobutu was nothing if not an 
extraordinary survivor. His discreet departure from the 
capita], slipping to the airport by an alternate route, spoke 
volumes of Marshal Mobutu's inability to publicly ac- 
knowledge his fate. But when his top generals confronted 
him with the word late Thursday that they could no longer 
fight his war, or even protect him any longer, the bottom 
line was that Marshal Mobutu for die first time in his 
political life cut and ran. 

Marshal Mobutu has been called one of the world’s 
wealthiest heads of state, a brutal dictator, an inveterate 
meddler in the affairs of neighbors and a colossal ego- 
maniac. His style, at once bold and vainglorious, was for an 
entire generation the very model of an African autocrat 

Resplendent in his trademark leopard-skin cap. Marshal 
Mobutu presided over a reign marked by canny courtship of 
Western support, destabilization of his neighbors, sys- 
tematized conniption and grandiose economic schemes that 
have left Zaire teetering on the brink of economic collapse. 

Continued on Page 7 



Rcmy dc t» MaoviiuctoThc Aranctard Pirn 

Laurent Kabila: He has promised ‘“popular elec- 
tions’- sometime after he has ruled for two years. 


By Howard W. French 

New York Times Scnire 

KINSHASA, Zaire — Bringing an end to nearly 32 years of 
rule. President Mobutu Sese Seko quietly slipped out of this 
besieged city Friday morning aboard a flight to his northern 
hometown, Gbadolite, which diplomats described as a brief 
stopover en route to permanent exile. 

By early evening, there were unconfirmed reports here that . 
Marshal Mobutu had already left Gbadoliie, presumably for 
Morocco, where the president maintains one of many lux- 
urious palaces. Moroccan officials acknowledged Friday that 
Marsha] Mobutu had been given landing rights in that coun- 
try, but would not confirm whether Marshal Mobutu was on 
his way there. 

Marshal Mobutu's departure came as rebels who have 
fought a stunningly successful seven-month war against the 
government drew within eight kilometers of Kinshasa's inter- 
national airport, and readied themselves to take control of the 
capital. 

Marshal Mobutu delivered no message to a nation he has 
thoroughly dominated since independence from Belgium in 
1960. And here in Kinshas a, which has lived on edge for days 
now, the first word that this city beard of the news came in a 
midaftemoon declaration from the government Marshal 
Mobutu left behind. It was carried by foreign radio stations 
here. 

Reading the government statement to a hastily gathered 
assembly of journalists, the information minister. Kin Kiey 
Mulumba, said that Marshal Mobutu acknowledged that 
negotiations with die rebels had failed and said that as a 
consequence the president had definitively ’“ceased to in- 
tervene in the conduct of the affairs of state. " 

Mr. Mulumba said that Marshal Mobutu had not formally 
resigned from office, however, and could not directly hand 
over power to the rebel leader, Laurent Kabila, because the 
country's laws forbade such a transition. 

And given the advanced prostate cancer that has visibly 

See ZAIRE, Page 7 


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> Asians Question 
Building Boom 

Fallout From Glut Threatens 
To Hurt Prospects for Growth 

By Michael Richardson 

’ . lniernational Herald Tribune - - - 

SINGAPORE— For more than a decade in die major cities 
of Southeast Asia, crater-sized building sites, giant cranes and 
the emerging steel and concrete frameworks of multistory 
buildings have been seen as signs of robust economic health. 

Today, as regional currencies and stock markets reel from 
speculative trading attacks and falling investor confidence, there 
are gnawing fears among officials and bankers that the con- 
struction boom may him into a bust that wilL undermine growth. 

Thailand's slowing economy and the pressure for higher 
interest rates as it battles to control a mountain of unsold 
properties and bad loans are the most obvious example of 
what could happen elsewhere in Southeast Asia if recently 
introduced official constraints on real-estate speculation fail 
to work, analysts say. 

A recent study by the merchant bank Deutsche Morgan 
Grenfell found that there had been overbuilding in the Phil- 
ippines, Malaysia, Indonesia and Singapore as well as in 
Thailand. 

While property-loan growth has receded sharply in Thai- 
land to under 10 percent in 1996, the bank said that it was 
Jr . inning at about 22 percent in Singapore, nearly 30 percent in 
Malaysia and 36 percent in Indonesia. 

Although banks in the Philippines reported that only 9 
percent oftheir loans last year were for property, analysts said 
the figure had been underreported and was likely to be much 
hi gher . 

Such concerns contributed to recent sharp falls in share 
prices in the Philippines, where property and bank stocks 
comprise a substantial segment of the market, as they do in 
other Southeast Asian countries. 

“When too many resources go into the property sector 
relative to the other productive sectors of the economy and 
fuel a bubble, the danger of a collapse increases, and the 
repercussions are severe," Deutsche Morgan Grenfell said. 
“The recent tightening by central banks across Southeast 
Asia is fully justified but probably too late. ’ _ 

In Malaysia, the Philippines and Indonesia, regulators 
issu ed guidelines designed to reduce the amount that banks 
lend for property development 

Following up measures to discourage property speculation 
introduced a year ago, including a capital-gains tax, Singapore 
last month further tightened controls m the area of public 
housing, where more than 80 percent of the population lives. 

See ASIA, Page 7 



Blair Drops British Ban 
On Talking to Sinn Fein 

Initiative Aims to Restart Peace Process, 
But He Foresees No Change for Ulster 


W01 BarfpsVRraco 

President Jiang Zemin explaining a Tang Dynasty poem to President Jacques Chirac 
in Beijing on Friday as the French leader continued a visit to bolster ties with China. 

No French Apology on China 

Chirac Trumpets Conciliation in Approach to Beijing 


By Patrick E. Tyler 

New York Tunes Service 

■ BEIJING — President Jacques Chirac of 
France said here Friday that during the years of 
racial repression in South Africa, he was “one of 
a very few politicians" who would not accept an 
invitation to visit that country as long as Nelson 
Mandela remained in jail. 

But he asserted that he was willing to came to 
China, even though leading dissidents such as 
Wei Jingsheng and Wang Dan remain im- 


prisoned, because any "confrontational" strat- 
egy to pressure China to improve its hu m a n 
rights record “simply doesn't work.” 

Speaking one day after Airbus Industrie won 
$1.5 billion in contracts to provide 30 new 
jetliners to China's fleet, Mr. Chirac was un- 
apologetic in explaining why France, which is 
seeking to increase exports to China, led the way 
among European nations in abandoning the an- 
nual effort to condemn China's human rights 

See CHIRAC, Page 7 


By Fred Barbash 

Washington Post Service 

LONDON — Prime Minister Tony 
Blair began a new initiative Friday to 
halt escalating violence in Northern Ire- 
land, lifting die British government's 
ban on official contacts with the polit- 
ical arm of the Irish Republican Army in 
hopes of reviving the dying peace pro- 
cess in the province. 

Prime Minister John Major, whose 
Conservative Party was defeated in die 
May l general election, had refused any 
official discussion with Sinn Fein, the 
IRA-allied political party, until the 
paramilitaiy group declared an end to 
violence. 

Mr. Blair said his change of policy, 
offering a meeting Sinn Feta has de- 
manded for months, would give his gov- 
ernment the opportunity to “explain our 
position and to assess" whether the or- 
ganization was ‘ ‘ready to give up violence 
and commit itself to politics alone.” He 
said: ‘ ‘If they are, I will not be slow in my 
response. If they are not, they can expect 
no sympathy or understanding.'’ 

Mr. Blair balanced his gesture to 
those favoring an end to British rule in 
Northern Ireland with a strong statement 
that he could foresee no such outcome 
because the majority of people in North- 
ern Ireland would not consent to it. 

“None of ns in this hall today , even the 
youngest, is likely to see Northern Ire- 
land as anything but a ppt of the United 
Kingdom," he said during his first visit 
to the province since the election. 

The initial response from Sinn Fein 
criticized Mr. Blair for that emphasis. 
But Martin McGuinness, who with Geny 
Adams leads tire party, did not respond 
directly to the offer of a meeting. 

Mr. Blair’s statements came as the 
British province’s police chief warned 
of the dangerously “stark" situation 
created fay several retaliatory sectarian 


Polluted Valley Thirsts to Refill a Lake Diverted to Los Angeles 


ATS 1 


By William Booth 

Washington Post Service . — 

KEELER, rati famia — When the wind begins 
to blow here, everything changes. Tfae preuy val- 
ley, with skies so blue, turns to ash. It looks like 
dense, swirling fog. But it is not 
On the shore of the Owens Dry 
are bustled indoors. Residents -7 
bloody from the flying grit — beW 
windows sealed with tape, while 
ing on the lake bed don respirators and run for the 

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trucks, fearful of losing the shoreline in the 
whiteout. as a giant toxic cloud of fine salt and 
wind, mixed with arsenic and ca dmium , rises from 
the playa, the floor of the dry lake. 

What is happening at Owens Dry Lake is not 
natural. . . „ 

‘ ‘There’s this doomsday feeling about it, said 
Mike Patterson, who lives in Cerro Gordo, a ghost 
town above the lake. "Like something sinister.” 

The rhird-largest lake in California was 
drained by the city of Los Angeles, whose agents 
in the most notorious water grab in the West — 


purchased the entire Owens Valley and its water 
rights at the beginning of this century, built a 223- 
rriii ft (350-kilometer) aqueduct to bring the water 
to Los Angeles and sucked the lake dry by the 
1920s. 

But nOw a reckoning may be at hand. 

There is nothing mare precious in the West than 
water. Cities like Fboexux. Las Vegas and. most 
perilously, Los Angeles, exist only because they 
can. divert water from distant sources. 

Yet now. not only are the thirsty cities of the 
West being pitted against each other for “over- 


subscribed water,’ ’ but they increasingly are being 
asked to give up water to repair old environmental 
wrongs : to refill parched estuaries and riverbeds, to 
re-create natural systems altered in the past by 
dams and diversions. 

One of the longest-running and most bitter 
baffles will take place here in the Owens Valley, 
where the Los Angeles Department of Water and 
Power owns almost all the land and water rights. 
Many residents here compare the city water man- 


The Dollar 


AGENDA 


Now Yotk Frtlmr0 4Pii pnwpwctaa 
PM 1,8881 1-6875 

Pound 1.6368 1-6427 

Yen 115-625 115.975 

FF 5.6995 5-7185 

previous dose 


The Dow 




7197,14 


Friday 0 * P-M. 


Asian Central Banks Holding Their Own 

Central banks appeared to have stricting funds* but the bank later 
gained the upper hand in Southeast denied it had done so. 

Asia’s currency war Friday as spec- Asian currency markets were 
ulators who had sold regional cunen- thrown into turmoil this week, with 
cies aggressively found themselves de- Singapore and Thailand joining forces 
prived of shaft-term funds. to buy the Thai baht to rescue it from an 


See WATER, Page 7 


THE AMERICAS Paged. 

Chretien’s Slipping on His Own Tmf 

EUROPE P»g«5. 

Refugee CroaUTerrorhing Serbs 


previous doso 

841-88 


Books.. — — 

Crossword— 

Opinion 
Sports 


Page! 

Page 13. 

Paged. 

Pages 18-19. 


The IHT on-line http://vjww.iht .com 


killings over the past few weeks by both 
Protestant terrorists and Roman Cath- 
olic terrorists. 

The province, roughly 60 percent 
Protestant, is that part of Ireland re- 
tained by Britain in the 1 920s. when the 
rest of die predominantly Catholic 
country won its independence from the 
United Kingdom. Since then, a “na- 
tionalist’ * movement has struggled for a 
reunification of the island under the rule 
of the Republic of Ireland in Dublin. 

With equal fervor. Northern Ireland’s 
"unionists" and "loyalists” have 
fought for continued union with Britain. 

Both sides have violent and nonvi- 
olent factions, and both have experi- 
enced nearly 30 years of terrorism and 

See BLAIR, Page 7 


Across the EU, 
Amazement 
At Bonn Plan 
To Bend Books 


By John Schmid 

Inientarionai Herald Tribune 

FRANKFURT — Finance Minis ter 
Theo WaigeL, undaunted by critics who 
accuse him of engaging in the sort of 
budgetary sleight-of-hand that he has 
long scorned, said Friday that a revalu- 
ation of German gold and foreign -cur- 
rency reserves would help the nation 
meet both of the most critical budget 
criteria for a European monetary union. 

The minister’s confident pronounce- 
ment startled many economists because it 
contradicted tbc conventional inteipret- 
ation of the European Union’s criteria for 
countries wishing to join the sin gle- cur- 
rency at its mlro&ictian in 1999. 

If Mr. Wai gel’s unconventional in- 
terpretation is correct, however, it would 
breathe new life into the stumbling pro- 
cess of European integration. 

His statement also surprised Euro- 
pean financiers and politicians, as it 
seemed to mean that Germany had in 
effect surrendered its moral authority to 
chide other EU nations for bending their 
accounts to meet the criteria. Iff par- 
ticular, they said, the plan weakened 

Germany’s case for excluding Italy from 
the first round of currency participants. 

Mr. Waigel-’s harshly criticized ni«n 
to revalue Germany’s vast gold and 
foreign-currency reserves would shrink 
German deficits, at least for EU stat- 
istical purposes. The proposed revalu- 
ation would increase die relatively low 
book value of the reserves and bring 
mem into line with prices they would 
fetch in world markets. 

Arithmetically, that could generate a 
one-time book profit large enough to 
shrink Germany’s deficit tins year well 
below the maximum of 3 percent of 
gross domestic product. Bona sources 
said. They added that if the plan cleared 

See GERMANY, Page 10 




1.1 • 


PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX, MAY 17-18, 1997 


NATO Expansion: Symbol and Substance for Central Europe 


By Craig R. Whitney 

Ne »■ York Times Service 


West Europeans who support NATO's 
expansion to take in doe new democracies 
of Central Europe do not see the move, 
primarily, as insurance against the pos- 
sibility that Russia might one day emerge 


again as a threat to their security. 

From President Jacques Chirac of 


From President Jacques Chirac of 
France to President Vaclav Havel of the 
Czech Republic, most of them instead 
see NATO expansion primarily as a way 
of guaranteeing the stability of an eth- 
nically riven and historically volatile 
region that spawned two world wars. 
For this purpose, they have also viewed 
Russian assent as essential. 

Though expanding the alliance 
would certainly move back the day 
when Russia might ever threaten Cen- 
tral Europe again, to Europeans that 
argument seems to be — as detractors of 
expansion often portray it — outdated 
thinking from the Cold War. 


Convincing the Russians that expan- 
sion would be no threat to them was the 
aim of the "Founding Act” that Pres- 
ident Boris Yeltsin of Russia and the 
North Atlantic Treaty Organization an- 
nounced this week and will sign in Paris 
on May 27. 

Most European leaders. East or West, 
would have no trouble agreeing with 
Mr. Yeltsin and Chancellor Helmut 
Kohl of Germany, who agreed Ttaurs- 


NEWS ANALYSIS 


day that the deal was a '‘fundamental, 
far-reaching step toward ensuring last- 
ing stability and security in Europe.” 

NATO, which never fired a shot in 
anger during the Cold War, is now seea 
as the best way of deterring another 
tragedy tike the war in Bosma-Herze- 
govina, which neither the European Un- 
ion nor the United Nations could stop. 
NATO, once it was led reluctantly and 
belatedly by the United States, could, and 


did halt the kilting, with Russian troops 
as part of the peacekeeping force. 

Gradually, West European and U.S. 
leaders have come to understand that 
fear of this kind of disorder, more than 
anxiety about their eastern neighbor, is 
the most important reason wby Central 
European countries like the Czech Re- 
public, Hungary, Poland and others, like 
Romania and Bulgaria farther east, want 
so badly to join the alliance. 

There is an important symbolic value, 
as well. 

“The new democracies want to join 
NATO for the same reason they want to 
get into the European Union,” a high- 
ranking NATO diplomat said. “Be- 
cause they see admission to both these 
institutions as proof that they have been 
fully accepted as Western democra- 
cies.” 

People in these countries watched a 
security vacuum develop around Bosnia 
in the early 1990s and drew a lesson 
from that disaster. 


Yeltsin Orders Officials to Reveal Income 


The Associated Press 

MOSCOW — Moving to weed out 
blatant government corruption. Presi- 
dent Boris Yeltsin ordered top officials 
and their families Friday to declare all 
income and property. 

"My task is to end the practice of the 
civil service becoming a source of en- 
richment,” he said in a nationwide radio 
address. 

Mr. Yeltsin said he had signed a 
decree requiring the disclosures by cab- 
inet ministers, regional governors and 
other senior officials. They have two 
months to file the declarations for them- 
selves and their families. 

He pledged to start with hims elf and 
to have his declaration published soon. 

“Russia deserves an honest govern- 


ment, and I believe we will achieve 
that,” Mr. Yeltsin said. 

Widespread graft has exacerbated a 
budgetary crisis arising from unpaid 
taxes. Wages have beat delayed for 
milli ons of military personnel and 
workers, and the government is having 
difficulty providing basic services. 

“Honesty today isn’t merely a moral 
category,” Mr. Yeltsin said. “It has 
become political. People have grown 
tired of slogans and promises, and they 
link their hopes for a better life first of 
all with officials’ honesty.” 

The requirement of disclosure was 
proposed by Boris Nemtsov, the deputy 
prune minister who was appointed in 
March to lead efforts to revamp die 
government and improve the economy. 


fflamyx &an. @ I L* en Likens EU Plan to ‘Dream’ of Hitler 


EsL 1911 PARIS 
'the original' 

5, rue Daunou, Paris |Op6ra| 
TeL: 01 42.61.71.14. 


BERLIN 

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BUSINESS SERVICES 

Offshore incorporations 
available from US $250. 


Agence France-Presse 

PARIS — Jean-Marie Le Pen has likened 
European integration to “the dream of Ad- 
olf Hitler.” 

Mr. Le Pen on Thursday accused Pres- 
ident Jacques Chirac, who was on a trip to 
China, of building a Europe be compared to 
Hitler's “dream” come true. 

He also backed the more muted approach 
to Europe favored by the Socialist Party, 
and urged his National Front supporters to 
switch votes to the Socialists in the final 


round June 1 of the vote for the 577-seat 
National Assembly. 

Mr. Le Pen said, “With that Europe, 
dominated by Germany, organized in 
Laender and scorning nations, we are about 
to achieve the dream of Adolf Hitler.” 
Federal Germany is divided into Laender, 
or states. 

”It would be better to have a cohab- 
itation”, of the Socialist leader, Lionel 
Jospin, and Mr. Chirac “than five years of 
Chirac with full powers,” Mr. Le Pen said. 


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Turkish Opposition Launches Censure Motion 


Tel: (604)8781418 
Fax: + 34-1-5592825 
E-mail: bogart@mpaKtXHBjnx 


Reuters 

ANKARA — Opposition parties submitted 
a censure motion Friday against die gov- 
ernment in a bid to topple die Islamist-led 
alliance, a senior opposition legislator said. 

“The motion has been submitted to the 
Parliament speaker," said Cumhur Ersumer, 
a deputy from the Motherland Party, dze main 
opposition party. 

The motion, accusing Prime Minister Nec- 
mettin Erbakan and his cabinet of dividing the 
officially secular country along Muslim-sec- 


ularist lines, carried signatures from four of 
the five apposition parties in Parliament. 

“The present government, as well as in- 
creasing the problems of the country to an 
unprecedented degree, has dragged our 
people into fratricidal fighting,” it says. 

Opposition and dissident government le- 
gislators have been negotiating to try to bring 
down the government, which has been as- 
sailed by Turkey’s traditional elite, partic- 
ularly its powerful military, for putting the 
country’s secularist basis in danger. 


RELIGIOUS SERVICES 


AMSTERDAM 


SWITZERLAND 


BRUSSELS/WATERLOO 


CROSSROADS INTERNATIONAL 
CHURCH Imerdenomirtatlonal A 
Evangoical Sinday Service lOtflQ am & 
11:30 a.my Kids Welcome. De 
Cuseretraat 3. S. Amsterdam Info. 020- 
641 88121X0206451 653. 


BASEL CHRISTIAN FELLOWSHIP 
EngfetvSpoaJong non-deno m lngttanaL 
Tel. +41 61 302 1674, Suidays 1030 
MOereSbasae 13. CH4056 Basel. 


ZUtUCH-SWTTZERLAND 


FRANCE/TOULOUSE 


HOPE INTERNATIONAL CHURCH 
(BrangeScal). 4, bd da Pfcrac, Colomier. 
Sunday service. 6:30 p.m.Tef.: 
056274 11 55. 


ENGLISH-SPEAKING CATHOLIC 
MISSION; St. Anton Church. 
MknrvastraSe 63 Sunday Mass: 8:30 
am. a 11:30 am Services held in the 
ayp« of St Arton Church. 


ALL SAINTS’ CHURCH. 1st Slmi. 9& 
11:15 am Holy Eucharist wtt? CNdrarfe 
Chapel at 11:15. Al other Suvfys 11:15 
am Holy Euttoariat end Swday School 
563 Chaussde de Louvain. Ohain. 
Betgkin TaL 32/2 384-3556. 


NICE - FRANCE 

LB.C. 13 rue Vernier, Engfati service. 


PRAGUE 


W1ES&ADB4 


LB. FELLOWSHIP, Vkiohradska r 08, 
Plagues. Sux IIsOOl Tel.: (02) 311 7974. 


FRENCH RiVIERA/COTE D'AZUR 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 ajn. 
FamSy Eucharist Frankfurter Strassa 3, 
Wiesbaden, Germany. Tel.: 
46W1 13066.74. 


WATERLOO 


WATERLOO BAPTIST FELLOWSHIP 
Sun. 19:00 at Swedbh Church, across 
trvnMacOarWds, TeL (Q2)353 1585. 


ZURICH - SWITZERLAND 


NICE: Holy Trinity (Angrican), 1 1 rue 
BuSa, Sun. H; VENCE: St Huai’s, 22,8V. 
Resistance. 9 am Tek 33 04 93 87 19 83. 


PARIS and SUBURBS 


EUROPEAN 

BAPTIST CONVENTION 


LB.C of ZOrich. Gheistresse 31. 8603 
Rjjschlikon, Worship Services Sunday 
m ornings 1030 TeL 1481001 a 


MONTE CARLO 


MONACO CHRISTIAN FELLOWSHIP 
Worship Service. Sundays: 11 a.m. 
9. rue Louis Notary, Monte Carlo. 
TeL: 37792 165647. 


THE AMERKAN CATHEDRAL OF THE 
HOLY TFHMTY, Sun. 9 & 11 am. 10:45 
a.m. Sunday School for chBdren and 
Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Paris 75008. Tel.: 33-01 53 23 84 00. 
Motor George V or Akrta Marceou. 


I.B.C., BERUN. Rothenburg Str. 13, 
(SregUtz). Sunday, Bible study 10.45, 
worship Service 12.00 noon. Charles 
Warfcrd. pastor. Tel: 030-774-1670. 


ASSOC OF ROT. 
CHURCHES 


BBUJN 


FLORENCE 


BREMEN 


PARIS and SUBURBS 


BHMANUEL BAPTIST CHURCH - An 
evengelcal church to Ihe western sububs, 
all are welcome. 9:45 First Service 
concurrent with Sunday School. 11:00 
Second Service with ChSdren's Church. 
French Service 630 pm 58, me des 
Bons-Aaisins, 92500 RuaS-Malmalson. 
For Ho. 01 4751 2963. 


ST. JAMES* CHURCH, SLn.9am.Rtel 
& 11 am Rte IL Via Bernardo Ffejceiai 9, 

50123, Florence, Italy. TeL 3955 29 44 17. 


LB.C* Hoherrtahestr. Hermam-Bose-Str. 
Worship Sun. 170). Pastor telephone: 
0421-78 64a 


AMERICAN CHURCH M BERLIN, cor. 
of Clay Alee & Pttsdamar Sr, &S. 930 
am, Wccstto 1 1 am Tel: 0308132021. 


FRANKFURT 


BUCHAREST 


CHURCH OF CHRIST THE KING 
(Episcopal/Anglican) Sun. Holy 
Communion 9 & 11 am Sunday School 
and Nursery 1045 am Sebastian Rlnz 
SL 22, 60323 FterMvL Germany, U1. 2. 
3 MqueWUee. 1*486955 01 84. 


LB.C* Strada Popa Rusu 22. 330 pm 
Contact Pastor Mte Kemper, TeL 3123860. 


FRANKFURT 

TRIN IT Y LUTHERAN C HURCH. 


GENEVA 


BUDAPEST 


HOPE INTERNATIONAL CHURCH 
Hotel CVIon te PariatoDtifensa 8 bd. de 
Neuiy. Wbrshp Sundays 930 am Rev. 
Douglas Miller, Pastor. Tel.: 
01 43 33 04 06. Mdtro 1 to la Defense 


GENEVA 


I.B.C., meets at Modes Zsigmond 
Gimnazhen. Torokvesz at 48-54. Sim 
1000. TeL 2503832. 


EV. LUTHERAN CHURCH 20 rue 
Verdaine. Sunday; worst*) &3CL in German 
11 to in Engish. Tat (022) 3105089. 


JERUSALEM 


EMMANUEL CHURCH 1st & 3 id Sut 
10 am Eucharist 2nd &4toSuiMomtog 
Prayer. 3 rue da Morfixwx, 1 201 Geneva, 
SMBSrtand. TeL- 41/22 732 80 7B. 


BULGARIA 


LB XL, World Trade Center, 36. Drahan 
Tzantav Bhrd. Worship 11 to. Jamas 
EXJcb, Pastor. TeL 669 666. 


LUTHERAN CHURCH of toe Redeemer. 
Qd Cty, Muistan Rd. Engfeh wasfsp Sui. 
9am. Mats wafcome. TeL- 102) 6281 -0« 


SAINT JOSEPH'S CHURCH (Roman 
COhokL MASS IN B4GDSH: SaL 630 pm; 
Sun. 9.45, 11:00 am, 12:15, 630 p.m. 
50. avenue Hoehe. Paris 8th. Tel.: 
01 42 27 SB 56. Metnx Charles dB Gaia • Qote. 


MUNICH 


FRANKFURT 


THE CHURCH OF THE ASCENSION, 
Sun. 1 1:45 a.m. Holy Eucharist and 
Sunday School. Nursery Care provided. 
Seybothstrasse 4. 81545 Mwvch (Har- 
laching}. Germany. TeL- 4S89 64 81 85. 


INTERNATIONAL CHRISTIAN FEL- 
LOWStflP, Ev.-FreMrehlche Gemefnde. 


PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am 65. Quai cTOrsay. 
Paris 7. Bus 63 al door, Metro Alma- 
Marcaauorlnvaldes. 


Sodensstr. 11-18. 83150 Bad Hamburg. 
Sunday Worship. Nursery & SS: 


TOKYO 


ST. PAUL INTERNATIONAL LU7HBJAN 
CHURCH, near IktetasH Sto. TeL 3261- 
374a Worship Sente 930 am Sundays. 

TOKYO UMQN CHURCH, near Onctesando 
Slimy Ste TeL 34000047, Wort* Sandces 
Sunday - &30 & 11X10 am, SS at 8:45 am 


ST. PAULS wnHN-THE-WALLS, Sm. 
830 am Hc*y Eucharist file I; 1030 am 
Choral Eucharist Rite II: 10:30 am 
Chuch School for clidmn & Nusery care 
provided: 1 pm Spanish Eucharist Via 
Napaf 58. 00184 Rama TeL- 3WB 488 
3339 or3ae 474 3569. 


Sunday Worship. Nursery & SS: 
1120 A.M. Mdweek m inistrie s. Pastor 
Mlevey. CMIFtec 061736Br2fl. 
BETHEL I.B.C. Am Dachsberg 92 
(Entfteh). Wonrtp Sun. Ilto am and 
6to pm TbL 069649559. 

HOLLAND 


VTB4NA 


VIENNA COMMUNITY CHURCH. 
Swday worship in English 11:30 AJL. 
Sunday school, nursery, Immational, afl 
d enot fi ations wefcoma Domtoeergasse 
16. Vienna 1. 


TRffflY WTBWATWNAL hrrifes you to 
a Christ centered fellowship. Services: 
900 and 1030 am Btoemcamptan 54. 
WSsseraar 070617-8024 nuseiyprov. 


ZURICH 

INTERNATIONAL PROTESTANT 
CHURCH English speaking, worship 


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Thar lesson was that joining a col- 
lective alliance whose members 
pledged mutually to resolve ethnic, his- 
torical or territorial disputes peacefully 
was die best way to avoid another Bos- 
nia-type war elsewhere. 

Motivated by the desire to join the 
alliance, first Hungary and Slovakia and 
last year Hungary and Romania re-, 
solved historic impediments to cooper- 
ation between them that were long 
masked during the Communist period. 

The Hungarian-Romanian accord re- 
moved tensions between the two coun- 
tries over the treatment of the Large 
ethnic Hungarian minority in Romania 
as a potential source of friction nearly as 
serious as the one in Bosnia. 

More recently, Romania and 
Ukraine, which wants to associate itself 
with NATO but not to join it, have 
resolved border disputes by treaty, 
NATO diplomats point out 
Skeptics may say that Greece and 
Turkey, both longtime NATO mem- 


bers. have not resolved their disputes 
over territory in the Aegean Sea or over 
ethnically divided Cyprus, and both 
have nearly gone to war over those 
differences in the past. 

But. as Mr. Havel said this week. * I 
believe if it weren’t for NATO, three 
wars might have been fought between 
Greece said Turkey in the last de- 
cade.” _ 


There are many in Western Europe 
•kn urmiifi a«iee with him — even the 


who would agree with him — even the 
French, who under Mr. Chirac are con- 


sidering whether to put their military 
forces back into NATO structures that 
de Gaulle withdrew from in 1 966. 

Adding Central European countries 
to the NATO mix will help give the 

alliance the more European cast that Mr. 

Chirac is insisting upon as a condition of 
reintegrating. . _ _ _ 

NATO, which will celebrate its 5Uth 
anni versary in 1999, is the most tangible 


political and strategic link between the 
United States and Europe. 



iuimuidii* - s 


Mr. Nemtsov has acknowledged that 
it might be difficult to obtain financial 
disclosures from the relatives of of- 
ficials. since that requirement is not 
backed by law. But Mr. Yeltsin said he 
would obtain compliance. 

* ‘If you can’t give a clear accounting 
of your property, if you can’t complete 
tbe declaration, you better voluntarily 
resign.” he said. “Don’t defame the 
government. Don’t lie. Give a place to 
the honest” 

The decree “recommends'' that 
members of the State Duma, the Com- 
munist-dominated lower house of Par- 
liament also declare their finances, Mr. 
Yeltsin said 

“1 hope there will be no complaints 
on their part,” he said 


rfiiiisirl 

HUli 

I . . « k t A 4 & ug mmf l 

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-v •. 


Tori Saga Ascot fti we -ftrue 

Travelers waiting on Friday at the Gare du Nord in Paris for the few 
trains that were running on the third day of a strike by conductors. 


TRAVEL UPDATE 


French Strike Persists 


PARIS (AFP) — Railroad conduct- 
ors voted Friday to continue a strike, 
disrupting French rail services, the 
state-run rail authority SNCF said 
SNCF said the conductors had voted 
to continue the strike until Friday even- 
ing or Saturday morning in tbe capital, 
and in most major French cities, in- 
cluding Lyon, Toulouse, Bordeaux. 
Marseille and Lille. 

On long-distance routes, only about 
one in three trains have been running. 


eignty over the British colony, eases 
concerns that Beijing would apply its 
own time-consuming visa process to 
foreigners wanting to visit postcolonial 
Hong Kong. 


A ax-day strike by municipal work- 
ers has left about 7.500 tons of uncol- 
lected garbage in the streets of Athens, 
festering in the beat and threatening pub- 
lic health, officials said. {Reuters} 


China Eases Visa Rules 


British Airways* cabin crew will 
vote on strike action after a long-run- 
ning pay dispute, a union representative 
said l Reuters) 


BEIJING IAP) — In a move to keep 
Hong Kong a hub for global business 
and tourism. China said Friday that for- 
eigners who now travel to the territory 
without visas may continue to do so 
after July 1. 

The Foreign Ministry announcement, 
46 days before China resumes sover- 


Ethiopian and Japanese authorit- 
ies have agreed to set up direct air links 
between the two countries, the official 
daily Ethiopian Herald reported {AFP) 


A new mall was inaugurated in cen- 
tral Paris, on the site of the former Sl 
H on ore Market in the first arrondisse- 
ment, near the Place Vendome. (AFP) 


WEATHER 


Alliance Members 


Approve Accord 


The Associated Press 

BRUSSELS — The 16 member 
countries of NATO on Friday ap- 
proved the alliance’s new agreement 
with Russia, clearing tbe way for a 
formal signing in Paris on May 27. 

The 1 6-page document is aimed 
at drawing Moscow into tbe overall 
European security picture and as- 
suaging its fears that NATO en- 


largement represents a threat. 

Under the agreement, known as 
xbe Founding Act on Mutual Re- 
lations. Cooperation and Security 
Between NATO and the Russian 
Federation. Moscow will be con- 
sulted — but not given a veto — on 
NATO plans. 

While reiterating earlier state- 
ments that it has no plans and no 
need to station nuclear weapons on 
the territory of new members, the 
alliance retained the right to change 
its position if tbe situation cbangra. 


BRIEFLY 


Hint of Shake- Up 
In Czech Republic 


PRAGUE — A senior official 
Friday raised the prospect of a 
shake-up to ease tensions in the 
troubled center-right coalition of 
Prime Minster Vaclav Klaus. 

The Czech industry and trade 
minister, Vladimir Dlouhy, sugges- 
ted that Mr. Klaus's cabinet was 
ru nning out of steam after seven 
years of dramatic economic reform 
and should have made personnel 
changes long ago. 

Mr. Klaus has rejected the idea. 
“To leave by way of voluntary 
resignation and then watch some- 
body else struggle with the prob- 
lems is not our ambition, certainly 
not mine," he said Thursday. (AP) 


Another Setback 
For Albanian Vote 


TIRANA. Albania — President 
Sali Berisha's efforts to hold elec- 
tions in late June ran into more 
problems Friday when the oppo- 
sition rejected the second new elec- 
toral law to be passed in three days 
and vowed to bpycott the polls. 

“We will boycott the elections if 
Mr. Berisha signs a decree pro- 
mulgating the law,” said the chair- 
man of the Socialist Party, Faros 
Nano. “We will make no conces- 
sions on this point.” 

Parliament, which is dominated 
by Mr. Berisha’s Democratic Party, 
passed the new law Thursday after 


legislation approved Tuesday was 
rejected by die opposition. (AFP ) 


Kohl Loses Support 


BONN — Support for the gov- 
nment of Chancellor’ Helmut 


emment of Chancellor' Helmut 
Kohl has eroded further, according 
to a survey carried out for die Ger- 
man public television station ZDF. 

The poll, conducted by the Elec- 
toral Research group and published 
Friday, reported that 62 percent of 
Germans interviewed in May 
thought Mr. Kohl 's government was 
doing a bad job. the highest level of 
dissatisfaction for four years. 

Mr. Kohl's popularity also slid, 
with 42 percent of those polled sup- 
porting him, compared with 45 per- 
cent in April. Oskar Lafontaine, 
leader of the opposition Social 
Democrats, saw his support grow to 
41 percent, from 39. { Reuters ) 


Europe 


Forecast tor Sunday through Tuesday, as provided by AccuWealher. 


euaew zb** 

CcpcrtiaMn i«*8 

CDctsMScJ Z1/7D 

Du»bn 17*2 

EdMMOh 16*1 

FKran 28/82 

Fwttut 2679 

S»M 2*75 

HaVrtd 11/52 

Istanbul 2373 

Ktov 2170 

LM PafenM 2373 

Lisbon 10*8 

Lonatn 2677 

MaOd 

Masons 1®B* 

Mian 27/BO 

Moscow 11*2 

Mwscfi 247S 

wca 2271 

Oslo 17*2 

Pans 2979 

Piagua 2W7B 

BaMas* H/S2 

Oga i**7 

Ftona 2S77 

Sl Ptstaeurg BUS 
StOCWotm 16*1‘ 

SMlOOWD 2878 

Taurai 12/63 

TUMI 2T*0 

Vansa 2878 

Vienna 28/82 

Wanaw 8373 

ZtVOi 2*7 B 


High Loa/W 

a r of 
2170 1*67 c 
2*75 '3/55 Oi 
2 *75 0U3pc 
ara 17*2 • 
2371 IBfiBpe 
2ft** 16 /Wpc 
28*2 17*2 pc 
Z373 12/63 C 
28*2 M/57 PC 
18** 13/56*1 
2373 1*57 pe 
18*4 11/52 C 
18*4 11/52 Ml 
28*2 18*1 pe 
27*0 16*1 PC 
2373 11*2 C 
11/82 1*4 pc 
24/73 1355 • 
18*6 7M| 
2373 18S* pc 
20*8 13156 Mi 
2379 12*3 pc 
2170 BUSc 
2 ft*B 18*1 pc 
27*0 18*1 C 

aua .1*1 pc 

3*75 1355 c 
19*8 16*1 t 

last flUSan 
2271 13158 pc 
27*0 13*5 pc 
BUS 4/39*1 
14*7 S/*3 PC 
2B79 15*8 pe 
BUS 3/JS B 

11*2 4*9 pc 
2B7B 13*5 c 
12*3 2*5 pc 
2178 13*5 r 
27*0 18*1 pc 
28*2 18*1 PC 
2373 12*3 pe 
2*75 12*3 C 



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SV53 Snow 


North America 


Warm, springlike weather 
will finally return to the 


will finally return to the 
eastern third of the nation, 
including Philadelphia and 


Europe 

Cool and unsettled weath- 
er will alfact Spain and 


New York. Showers end 
thunderstorms will effect 
the Plains Sunday, the 
Orest Lakes and Midwest 
Monday, then ihe East 
Tuesday. Dry In the West 
with summerake heal m the 
South wo sl 


Portugal, especially north 
frtlo early next week. Mild, 
but wet weather will be 
found In London. Parle. 
Amsterdam and Berlin. 
Nice in Warsaw Sunday 
then showers arrive Mon- 
day. Stctshme end warm in 
Rome and Athens. 


Asia 

Showery, cool weather will 
prevail across both Koreas 
end much <* Japan, Includ- 
ing Seoul and Tokyo, 
through Tuesday. Bei|tng 
wfl also be cool, but mainly 
dry with some sunshine 
Hoi and humid in Hong 
Kong end Singapore with e 
■ate-day thunderstorms 
each day. 


Chong Mai 

Catanwo 

Hanot 

HoCHU* 

Hong Kong 

Wamatad 

jwura 

KwacN 

K Lisnpur 

k. KmaMb 

Manta 

Haw Da ta 

Ptnom PbiIi 

PtWKBT 

Rangoon 

Seou 

Shanghai 

SmgwxMB 

Tana 

Yotryo 

v«nBana 


Today 

High LoaW 
Cff OP 
20*8 61*3 pc 
32/BS 21/70 pc 
9 2*75 r 
31*8 1*/E7 s 
3**3 afiTSa 
36*7 2373* 
43/91 2379 f 
28*2 2*75 r 
36*7 29*4 0 
33*1 2475 pe 
a\n 20*2 C 
37*8 19*8 pc 
31*8 2373 pc 
37*6 2577 a 
32*8 2373c 
32/P9 2*75 C 
32*9 2373 pc 
*2/107 2*75* • 
33*1 2373 pc 
32*9 2*75 i 
32*9 2*75 r 
2373 11*2 a 
2079 16*1 a 
32*9 2577c 
27*0 2*75 r 
3V75 17*2 pc 
M.83 29*4 c 


North America 


«oL°^w 
or of 


Middle East 


Bains 

Cam 

DamaKia 


3*193 2170 a 
2271 13*5 a 


3SI9T 2271 a 
2373 16*1 I 


377BB ra« a 3VTO0 2170 s 
ZW8* Mi 31/88 12/53 ■ 


A/iehrypga 11/52 **9 an 

Mama 27*0 1S56 a 

Beaton 17*2 W*8 ah 

Cncago 2170 1060 a 

Daaaa 30*8 is«ei 
Dsmer 20*4 11*2 PC 

Dost* '9*6 7<4* ah 

Honauu 27*0 twee PC 

Houston 30*6 2170 pe 

UwAr*slS1 30*5 18*4 4 

Mana 30*6 2373 pc 


Hl*t Lewi* 
of or 

12 63 7 *4 pc 

27/80 17/62 pc I 
17*2 W*6pc 
2271 1(350 wi 
286* >8/64 de 
24.75 8/40 pc , 
20*6 11*2 an 
28*2 1 W 66 oc 
29*4 19*6 pc 
27.80 I4/E7 pc 
31*8 2476 pc I 


Mnnsapcfs 

Montreal 

Nassau 

NOW York 

Orlando 

Pnoanir 

EanFon. 

Saaife 

Toronto 

VOTCDUU or 
Wasiangmn 


Today 

High LearW 
OF cm 
20*6 *48pe 
235 *h 
2W8* 2373 pc 
16*6 1152 Sh 
30*6 18*4 pc 
36.100 2475 s 
2»8« 16*1 3 
2170 a/46 a 

6/46 -1.51 e 
20*6 B.45 9 
20*6 11*2 an 


2679 9/40 ■ 

*2/107 IB/64 ■ 


27*0 12/53 6 
42/107 2271 ■ 


High Low W 
OF OF 
2170 7'4* dc 
11/52 5/41 DC 

31*8 24/75 pc 
2271 1253 pc 
32.® 20*58 K 
36*7 217iJ dc 
23/73 12/53 PC 
2271 1050 pc 

is.® auecc 

20*8 13155 pc 
2373 13/SSpc 


Aigwra 
Caoa Town 
CuaBtarere 

Harare 

Lsgtn 

NanotJ. 

Tina 


2373 16*1 r 


30*6 2373 pc 38*4 2271 pa 
24/75 12S3pe 2679 13S5* 


2879 15/59 DC 2B/B2 17/82 PC 


Latin America 


Buenos Awes 2373 14/57 pc 
Caracas 30*6 2373 pc 
UN 2373 17/62 pc 

MeranOty 28/79 11/52 C 
H<0 asJjnaq 2170 1 7/82 pe 
Swntaoo 12*3 1*4 , 


19*e 12/53 eh 

30*6 2577 pe 
2373 17*2 pc 
2879 12*3 a 
2271 16*4 ah 
12/53 '1/31 c 


38700 2577 a 38700 2679 a 


Legend: a*»s*iy. pc^remydcaiOy. c-ctaudy. ah-etwmera. l-Fiunaorsharms. r-rain. M-ttnw Iksnas 
wranow. Mca. vy wmmar All maps, toreoaata and data pmaMod by AccuWaathar, Inc. 01897 


Oceania 


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15*9 9/48 1 
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INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAY. MAY 17-18. 1997 


pages 


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Candidate Chretien Finds Himself Slipping on His Quebec Turf 


By Anthony DePalma 

■V«ir>nrt rimes Srn « e 


OveiierYA^heC^b9 Ue ^ ec — Minister Jean 
) 'the June ~> naril ^ n - v ^olds a commanding lead as 
: Chrerien himil?. ?naI e,ecUons “PP««h. but Mr. 
ilong political cir^r" °* the tOU&hest fi S hts of bis 

'Parifamem 5f® lien . cam Pj 1 igns for his own seat in 
town norrhfa ^ re lt!f ,in * ^ IS French-speaking mill 
S JSS2? °. f Montreal - he a tough opponent 

that he'hac not e vi ecIOI ^ e lhal is Iar S el y disappointed 
™ tadK3. been aWe t0 solve probJin his 

pr i me lister. Shawinigan. 
■Jzl, “ vicars heaped with wood pulp and workere 

Mraon-fl ^ u {l ch pails- is as much a part of his 
'65Z?s ^ ^ H0PC ' Arkansas - ls of Prudent Bill 

f " irst elected to represent this area 
IhiPjK ,n Ji 63 ' 3X1(1 Shawinigan has returned him to 
2“* of Commons eight times, the last as a hard- 
working prune minister who looked and sounded like 
“oranaor guy. He always campaigns with his 
■crooked smile and fractured diction, in both English 
andftiench.as the Jmle guy from Shawinigan.” 
“*iT ul -»« e con } m .°n-man guise may be wearing thin. 
For 30 years he s been saying Tm the linle guy from 

vU- ff an ?-, ,n my mind u ' s pejorative/’ said 
Yves Duhaime. 57, a local lawyer and Bloc Quebecois 
politician who poUs say is running neck and neck with 

< yifjrom^awrin‘igan^’ at ^ C ° 1>le ° ee ° n0W 1S 3 g ent ^ emal1 


The main issues here can be seen us a microcosm of 
the most important issues facing Canada in this elec- 
tion: the need to create jobs, protect the social network 
and keep die country together. 

But while Mr. Chretien remains popular in English- 
speaking Canada, he has not made friends here with 
the way he has handled those issues since taking office 
as Canada 's 20th prime minister a little over three and 
a half years ago. 

‘ “He’s a real liability in Quebec.” said Lany Le- 
Duc. a professor of political science at the University 
of Toronto. Many people here still see him'as a traitor 
to the Quebec cause. Mr. LeDuc .said, and his inability 
or unwillingness to shower Shawinigan with gov- 
ernmental goodies has added to local disappointment 
over his leadership. 

Iri some ways it is the achievements that Mr. 
Chretien most proudly boasts of elsewhere in Canada 
that get him into the most trouble here. He tells voters 
that his government has created 793.000 jobs, and 
reduced the national unemployment rate to 9.6 per- 
cent, from just over 11 percent when he took office. 
But in Shawinigan and surrounding areas, unem- 
ployment is about 16 percent; more than 10.000 of the 
district's 75.000 residents are on welfare. 

To reduce the ballooning national deficit that he 
inherited in 1993. Mr. Chretien has had to cut deeply 
into Canada's most cherished social program — uni- 
versal health care — and generally tighten the broad 
range of assistance programs. Here some 450 poor 
families rely on a food bank run by Roman Carbolic 
priests. 

And wherever he campaigns. Mr. Chretien is re- 


minded that although the "No'' side won the October 
1995 referendum in Quebec on splitting Canada, he 
underestimated the separatist sentiment of his fellow 
Quebeckers. In a rebuke for the prime minister, who 
led the campaign for unitv, 54.6 percent of the people 
here voted for Quebec to pull out of Canada. 

Few analysis expect Mr. Chretien to lose, although 
they say that if the Liberals do poorly, there will be 
pressure on him to resign. If the unexpected happened 
and he were to lose while his party retained control of 
the government, space would be found for him in 
another district so he could remain prime minister. 

Mr. Chretien is taking no chances of suffering any 
such blow to his leadership. While he campaigns for 
his party across Canada, a number of his cabinet 
ministers go on the stump for him in Shawinigan, 
repeating the rather modest message he gave in a 
nationally televised debate among party leaders 
Monday. “In some areas. 1 am sorry to say, we were 
not able to do all we wanted to do,” Mr. Chretien said. 
“You do not expect your government to .perform 
miracles.'* 

.There has never been love lost between Mr. 
Chretien and Mr. Duhaime. Both are lawyers born in 
Shawinigan. but they have taken different paths. 

Mr. Chretien staunchly supports keeping Quebec in 
Canada. He has always belonged to the Liberal Party, 
and he held nearly every major cabinet position before 
becoming prime minister. Mr. Duhaime has held of- 
fice in the provincial government, but in the mid- 
1980s he retired from politics. He came back to the 
political scene last fall, running unsuccessfully for the 
leadership of the Bloc Quebecois. 



Chr&fe&t 

Ssnt-Maunce 




y ves , . 

W Duhaime 

^ estfapourvous 

Aog| «-bloc 




I Lnsi..|ilKr Unm- lfe- '«• Vufc Tar. 

Prime Minister Chretien faces a tough challenger in Shawinigan, Quebec. 


j Clinton Is Focusing 
On Racial Issues 

WASHINGTON — Two years 
ago, the issue of race in America had 
President Clinton on the defensive. 
Speaking in California, he urged a 
group of Democrats to be sensitive to 
the problems of the “angry, white 
male," and warned that if they were 
not flexible on the issue of affirmative 
action. Republicans would score “a 
cheap political victory.” 

These days, Mr. Clinton sees fewer 
perils and more possibilities in con- 
fronting racial divisions. The change 
reflects what White House advisers 
say is his belief that promoting racial 
reconciliation can be a principal leg- 
acy of his second term. 

A ceremony Friday at the White 
House, in which Mr. Clinton formally 
apologized on behalf of the U.S. gov- 
ernment for experiments conducted 
on black victims of syphilis starting in 
the 1930s,. was part of a series of high- 
profile events over the next month that 
Mr. Clinton will use to highlight race, 
presidential aides say. 

White House aides have been de- 
bating whether Mr. Clinton should 
appoint a task force to study the race 
issue, and who should be on it But the 
suggestions of d vjj rights leaders con- 
sulted by the White House — spend- 
ing more money on civil rights en- 
forcement and urban poverty — are 
things Mr. Clinton shows little in- 
clination to do. . (WP) 

New Tougher Terms 
On Gingrich Loan • 

WASHINGTON — The House eth- 
ics committee rejected Newt Gin- 
grich's $300,000 loan agreement with 
the 1996 Republican presidential nom- 


Away From 
Politics 

• The journalist who questioned 
whether Admiral Jeremy Boorda had 
earned all his medals reportedly also 
had decorations he apparently did not 
earn. Retired Colonel David Hack- 
worth of the army was scheduled to 
interview Admiral Boorda, the navy’s 
top admiral, on the day the admiral 
committed suicide. CNN reported that 
Colonel Hackworth's wearing of the 


inee. Bob Dole, and imposed a far more 
stringent arrangement that required the 
House speaker to pay $50,000 from 
personal funds immediately and sliced 
the Dole loan in half. 

Responding to criticism that the Gin- 
grich -Dole arrangement was a “sweet- 
heart deal ” between two veteran politi- 
cians, the committee struck a deal with 
Mr. Gingrich that would settle his 
$300,000 penally for ethics violations 
while conforming more closely to com- 
mercial banking standards. In the new 
arrangement — agreed on by Mr. Gin- 
grich and the ethics panel Thursday — 
the speaker must put up his home as 
partial collateral and make more fre- 
quent payments than he had proposed. 

Mr. Gingrich delivered to the com- 
mittee a check for $50,000 on 
Thursday afternoon. I CAT) 

Budget a Done Deal, 
According to Lott 

WASHINGTON — After two 
weeks of haggling and a day of high- 
level negotiating. Senator Trent Lott 
of Mississippi, die majority leader, 
announced that congressional Repub- 
licans and die White House had 
agreed in writing to the details of their 
balanced-budget deal. He said be ex- 
pected Congress to approve a budget 
resolution within a week. Mr. Lott 
gave no details, but said Thursday that 
die deal's framework was the same as 
that unveiled two weeks ago. (NYTl 

Quote/Unquote 

President Clinton, challenging 
Congress to pass his proposals to fight 
accidents with handguns by requiring 
that firearms have child-safety Jocks: 
“We protect aspirin bottles in this 
country better than we protect guns 
from accidents by children.” ( WP) 

awards may have been an honest mis- 
take. Admiral Boorda made the same 
argument before he died. (AP) 

• Attorney General Janet Reno au- 
thorized prosecutors to seek the death 
penalty for the suspect in the Una- 
bomber case despite arguments that ex- 
ecuting him would be an injustice to the 
relatives who had tinned him in. (NYT) 

•A desktop-size chunk of alumin- 
um from a TWA jet fell onto a busy 
street in Sl Lows, denting the road- 
way but missing startled pedestrians 
and motorists. (API 


Senate Rejects Compromise on Abortion Bill 


By Helen Dewar 

Washington Post Sen-ice 

WASHINGTON — The Senate has 
overwhelmingly .rejected a White 
House-backed initiative to cun ail laie- 
term abortions that had been offered as a 
way of derailing a Republican- 
sponsored bill banning so-called par- 
tial-birth abortions. 

The proposal from Thomas Daschle 
of South Dakota, leader of the minority 
Democrats, was defeated, 64 to 36. un- 
derscoring the difficulties of trying to 
devise a middle ground on the abortion 
issue. All bur two Republicans voted 
against Mr. Daschle's proposal, and he 
lost 1 1 Democrats, including some of 


Defense Makes 
A Point in 
McVeigh Trial 


Washington Post Service 

DENVER — An FBI fingerprint ex- 
pert: has conceded that no fingerprints of 
the Oklahoma bombing defendant. 
Timothy McVeigh, were found on a 
rental receipt for the Ryder truck used in 
the blast, inside the Ryder dealership, 
inside lockers the government believes 
were used to store explosives used in the 
bomb, or on the Ryder truck key found 
in Oklahoma City after the bombing. 

The FBI specialist, Louis Hupp, re- 
peated earlier testimony that Mr. Mc- 
Veigh's fingerprints had been found, 
however, on a receipt for ammonium 
nitrate, which prosecutors allege was 
used to make the bomb that exploded 
April 19, 1995, killing 168 people. 

Mr. Hupp said it was fairly common 
for items such as those examined to 
show no prints because people often 
remove oils and other residues by wash- 
ing or wiping their hands. * ‘It’ s a chance 
impression and there must be something 
on the fingers to transfer,” he said. 

The expen’s testimony was the first 
bright note in days for the defense, 
which has watched a parade of pros- 
ecution witnesses identify Mr. Mc- 
Veigh as the man who rented the Ryder 
truck, cased out the Alfred P. Murrah 
Federal Building and openly expressed 
his hatred for the federal govemmenL 


the most ardent abortion-rights support- 
ers as well as many of the party's 
strongest ami-abortion lawmakers. 

Mr. Daschle’s proposal, endorsed by 
President Bill Clinton, would have 
banned abortions in the final months of 
pregnancy unless a woman were 
threatened with death or “grievous in- 
jury” to her health. 

Defeat of the Daschle proposal puts 
the late-term-abortion legislation on 
track for approval when the Senate re- 
sumes consideration of it Tuesday. Mr. 
Clinton vetoed a similar bill last year 
and has vowed to veto this one because 
it does not include an exception to pro- 
tect women's health. 

The House passed an identical mea- 


sure two months ago by more than the 
two-thirds majority required to override a 
presidential veto, but sponsors of the bill 
have said they are four or five votes short 
of a veto-proof majority in the Senate. 

While abortion-rights forces de- 
scribed the Daschle proposal as a retreat 
from the rights of women as guaranteed 
by the Supreme Court in 1973 in ruling 
on the case ofRoe v. Wade, it came under 
even stronger attack from anti-abortion 
groups, which described it as a “sham” 
designed to preserve the status quo. 

“We're not going to satisfy die hard- 
core pro-choice or pro-life people,” Mr. 
Daschle acknowledged before the debate. 

The controversy is a political mine- 
field for many lawmakers as well as for 


Mr. Clinton. Polls show most Americans 
favor abortion rights but have serious 
reservations about late-term procedures. 

Congressional Republicans also 
moved closer to a showdown with Mr. 
CUnton on another issue, as the House 
approved an $8.4 billion supplemental 
spending measure that included a pro- 
vision to prevent government shut- 
downs such as those that occurred dur- 
ing the partisan battle over the federal 
budget two years ago. 

Mr. Clinton has vowed to veto the 
measure, which passed on a 244-ro-178 
vote, over the no-shutdown provision. 

The bill also includes $2 billion for 
peacekeeping operations in Bosnia and 
the Middle East. 


‘Clock 9 Gene Holds Hope on Body Rhythms 


By Curt Suplee 

Washington Post Service 

WASHINGTON — Scientists are 
much closer to understanding the 
causes of a host of maladies, from jet 
lag and shift-work problems to sleep 
disorders related to aging, thanks to 
striking new research on the brain's 
“biological clock” — the tiny but 
mysterious aggregation of cells that 
dictates the body's daily rhythms. 

In the Friday issue of the journal 
Cell. Joseph Takahashi and colleagues 
from Northwestern University describe 
“definitive proof’ that a previously 
unknown substance has a key role in 
controlling the biological clock in 
mice. They identify the gene that de- 
termines the presence of the chemical. 

It is the first time that any such gene 
has been isolated in a mammal. ‘"There 
is 'every reason to expect that it will 
inform us about how foe human clock 
works.” said Charles Weitz, a molecu- 
lar neurobiologist at Harvard Medical 


School, adding that practical medical 
applications “are still a long way off.” 

The finding is “a major scientific 
step.” said Steven Hyman, director of 
the National Institute of Mental Health, 
which partly supported foe research. 
“Understanding biological clocks,” 
he said, “has important implications 
for human health, inducting the gen- 
esis of “devastating disorders Such as 
manic-depressive illness.” 

Every plant and animal has a system 
that regulates changes in its internal 
functions on roughly a 24-hour basis. 
In humans, these fluctuations — called 
circadian rhythms from the Latin 
words for “around the day” — affect 
not only cycles of sleep’ and wake- 
fulness, but also hormone levels, meta- 
bolic rate, body temperature and sun- 
dry other variables. 

Normally, each individual's dock is 
reset daily by the perception of lighL 
But even in complete darkness, foe body 
continues to maintain a 24-hour sched- 
ule. following the master pacemaker in 


the brain. That clock resides in a deep 
central structure called foe hypothal- 
amus, just above the point at which the 
optic nerves cross in mid-brain. Em- 
bedded there are about 10,000 special 
cells that send out electrochemical sig- 
nals in a 24-hour timing pattern. 

Researchers have been scrambling 
to identify foe clock’s components. A 
few critical dock genes are now known 
only in relatively simple creatures such 
as fruit flies or fungus. 

For years. Mr. Takahashi’s group at 
Northwestern has been using breeding 
techniques to search for a clock gene in 
mice. Mice are remarkably regular in 
their exercise habits and will run on a 
wheel only for a relatively precise peri- 
od of time that seemingly is governed 
by their sense of day length. 

The gene found by Mr. Takahashi’s 
lab orders the production of a crucial 
protein that apparently serves as a ma- 
jor regulator of the 10 or so other, still 
unidentified genes thought to affect 
circadian rhythm. 


Where’s Heisman Trophy? Don’t Ask Simpson 


Los Angeles Times Sen-ice 
'SANTA MONICA. California — 
Where’s the Heisman Trophy? 

O J. Simpson, under oath for foe first 
time since a civil jury found him liable 
for the June 12, 1 994, slayings of his 
former wife Nicole Brown Simpson and 


her friend Ronald Goldman, said he did 
not know the whereabouts of the trophy 
he received in 1968 as the country's top 
collegiate football player. 

Nor did he know foe whereabouts of 
more than 100 other valuable items, 
which a Santa Monica court ordered 


seized to satisfy part of the $33 J million 
civil judgment against him. 

Lawyers for Fred Goldman. Ronald 
Goldman's father, spent all day grilling 
Mr. Simpson behind closed doors in a 
jury room of Santa Monica Superior 
Court. 


twilight at the 
EQUATOR 

By Jaime Manrique. 198 
pages. $23.95. Faber and 
Faber. 

MY NIGHT WITH 
FEDERICO GARCIA 
LORCA 

By Jaime Manrique. 121 
pages. Paperback. $12. 
Painted Leaf. 

Reviewed by Dan Stavans 

^fAlME Manrique is known 
as the creator of an exuber- 
ant and hilarious human com- 
edy filled with disenfranchised 
characters that, in 8™ 6 * 31, 
don’t want too much from me 
other than to experience foe 
present at its fullest ■ — hookers, 
would-be poets, drug lords, 
and naive mothers living : in la 
.hedonistic universe ruled by 
sex and political corruption. 
They are enormously appeal- 
W perhaps because foey all 
seem quite conscious of their 
theatricality, well aware of 
their proclivity :to. exaggera- 
tion, as if Manrique, by crafting 
them, begged us to place him 
alongside Pedro Almodovar. 
Manuel Puig and other masters 
of what in Spanish is known as 
,jp curst: burlesque sentiment- 

vRothing would be easier. 

of course, but there is more to 

him than simple mutation. 

The bonfire of amoral van- 
ities. to play with Tom 
■Wolfe’s famous title, is Man- 
rique’s main motif. Bom in 


Colombia in 1949, he immig- 
rated to foe United States — 
and thus, to English — in his 
early childhood. Read con- 
secutively, his entire oeuvre 
is dearly shaped as an auto- 
biography - in-progress , a 
coming-to- terms not only 
with ms tyrannical and neg- 
ligent father but with the 
strict, homophobic code of 
behavior of foe Hispanic 
world, even wben that world 
is extracted from its own hab- 
itat and transplanted north of 
foe Rio Grande — to Queens 
and Manhattan. 

This displacement is at the 
heart of his world view: Man- 
rique 's most memorable cre- 
ation, Santiago Martinez Ar- 
dila, sometimes known as 
Sammy, is a mongrel, a hy- 
brid, neither fully Colombian 
nor totally American but an 
in-between. He is, obviously, 
foe writer’s alter ego, a mirror 
through which Manrique, in 
English, exorcises his own 
ghosts and subverts Hispanic 
machismo. - . 

Although Santiago is the 
center of gravity in Man- 
rique’s 1993 novel-as-cami- 
vaJ. "Latin Moon in Man- 
hattan,” about lowlife in 
Junes Square and Queens' 
Little Colombia, one can ac- 
tually trace his birth much 
earlier — to the writer’s debut 
story collection, “El cadaver 
de papa” (“P 3 ?®’ 5 Cwpse"), 
origmally written in Spanish 
and published in 1978. The 
picture of Santiago that 
emerges is that of an emigre 
artist hungry for pleasure and 


BOOKS 


literary achievement. 

Manrique is adept at ri- 
diculing the style known in 
foe United States as magical 
realism. Indeed, his fiction 
often reads like a response to 
foe Latin -American masters 
of foe ’60s; his characters, for 
one thing, are globetrotters 
and sinners, but they are 
neither mystical nor magical; 
foey thrive in urban centers 
and seem allergic to Western 
values. But what truly char- 
acterizes his style is his ob- 
session with homosexuality. 

That Manrique 's oeuvre has 
become more radical, more 
explicit with the years is evid- 
ent in his latest novel, ‘Twi- 
light ai the Equator,” at once 
prequel and sequel to “Larin 
Moon in Manhattan. ” In it we 
witness Santiago's many sexu- 
al encounters as be wanders 
from Spain to Colombia and 
finally settles in New York. 

The book begins in 1976, 
with Santiago arriving in 
Madrid while dreaming of be- 
coming “the Colombian 
Sylvia Plafo.” and it ends in a 
present-day Manhattan, with 
him being kissed by his all- 
time idol. Carmen Maura, one 
of Almodovar's leading act- 
resses. In foe interim, we wit- 
ness his adventures with 
boys, hi? struggle to free him- 
self from his father’s shadow. 
Graphic descriptions of sex 
abound. 

Manrique. it strikes me, 
has ceased to write against 
magical realism; instead, he 
has" relocated himself in an 
altogether different Hispanic 



literary tradition: foe one es- 
tablished by foe incendiary 
prose of Reinaldo Arenas. 
This change does not come as 
a surprise. 

The enormously successful 
publication of Arenas 's 
posthumous autobiography, 
“When Night Falls,” was for 
many a liberating experience; 
in its crude and cruel honesty 
and explicitness, foe book 
pushed gay writing, particu- 
larly in Spanish, to altogether 
new- heights. Manrique, 
clearly, is capitalizing on its 
contribution. 

The north/soufo dichotomy 
is made clear in foe new edi- 
tion of Manrique’s 1995 bi- 
lingual poetry collection, 
“My Night with Federico 
Garcia Lorca," translated by 
Edith Grossman and Eugene 
Richie. The poems, also about 
his dogmatic father, about 
sexual identity, about high- 
brow idols and pop icons (.not 
only Garda Lorca but writer 
Edouard Roditi. painter Fed- 
eric Edwin Churcn. and Marco , 
Polo parade through its pages), 
are not only romantic but ut- 
terly gentle and conventional, 
as if Manrique’s raw English 
voice needed to be domest- 
icated to become a Spanish 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors wortd-wJde invited 
Write or send your manuserpt to 
• MINERVA PRESS 
2 DWBimm IB. LOBXNSVf 7X0 


melody — as if a part of him 
were still in the ’5us while the 
other is ferociously alive in the 
’90s. As a writer, obviously, 
be stands divided, but divi- 
sions such as these are inev- 
itable in transcultural dwell- 
ers. In fact, they are essential 
to their artistic contribution. 

flan Stavans teaches at Am- 
herst College. His books in- 
clude “ The Hispanic Condi- 
tion " and, due our in August. 
“The Oxford Book of Latin 
American Essays He wrote 
this for The Washington Post. 




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Pwb 750 ft. 72 WlI DC FACWU&>Sr-HaNORg 
TfeL: 33- 1 - -*0 07 S6 S7 • Fax: + 33-1- JO 07 8040 

ILSA. Office: New York, m m ■ Fa? ol-4p«. 

New. Ycrk. NY 10019. 730 Fifth Aveos. 9m fux* 

TlEI; (1 1 212 - 333 - S7&5 - Fax: (11212-333-8720 
Personal Awoinimenis Abe Also Possible Is: 
ROME - VIENNA - LONDON 
LOS ANGELES - SINGAPORE - HONfrKOiVG 


Sacra) 

Lmxyuk'al 
Confidential 

TS - very sccmsR'LPjraR 
BIT HER PRIVATE LIFE IS MORE AND MORE 
ENCHANTING LADY (WELL EDL'CATEDi WITH GREAT STYLEAM* ENQIIISJTE 
TASTE - GRACEFUL AND RADIANTLY FEMININE A LOT OFCSTERESre - 

SPORTS ACTIVITIES, CLUVRAL EVENTS - AND IS OPEN FOR ANYTHING NEW A 
WELL-BALANCED AND VERY CHARMING WOMAN. FULL OF LIFE AND A LOVELY. 
TENDER PERSON AliTY. SHE CAN FEB- AT HOME ANYWHERE AND THE PARTNER 
IN HER UFE WILL BE HER BEST FRIEND AND NUMBER O WE AB OVE ALL. 

O MONTE CARLO - PARIS - NEW YORK, ETC . - ■ _ 

A MAN OF THE WORLD. -W| 8*. AN INTL SILCESSFUL 
HE IS vtAN AGING HIS LARGE ENTERPRISE WITH GfttAT PASSION AND 
NATURAL POWER. AN ELEGANT APPEREANCE. HA«ED.A 

MEDITERRANEAN' TYPE WITH THE TYPICAL CHARM A-^Dg^NDENT 
CHARACTER. NATURE LOVING. WARM HEARTED AND ROMANTIC HE LIVES IN 
HIGH STANDARDS. A MAN OF GREAT TEMPERAMENT. TEND® 

WITH A GREAT SENSE FOR TRADITION. HE LOVES SPORTS. ACT] 'TTIES: 
WATERSPORTS i LARGE YACHT WITH OWN CREW*. TENNIS. GOLP AND FLVTNG 
.OWN PLANE) HIS GREAT INTEREST IS FOR FINE AR TS A ND HE IS V EK1 , 
ENGAGED IN HUMANITARIAN PROIECTS HE WISHES TO OFFER THE BEST OF 
EVERYTHING TO THE RIGHT WOMAN AT HIS SIDE 


o 


A YOUNG, SMART AND CLASSY SPANISH BEAUTY . . - 

LN HER YOUNG M'S. BEAUTIFUL AND FASCINATING. WTTH AN EASY. 


n ntA IUCAU W 3 . DMV liri-A- rrwr.L.n > 

GRACEFUL ELEGANCE AND ENCHANTING NATURE. A BRIGHT 
PERSONALITY. FR0V1 AN UPPER-CLASS TRADITIONAL FAMILY. WITH AN 
EXCELLENT EDUCATIONAL BACKGROUND I MBA. DEGREES IN INTTL LAW. 
SEVERAL LANGUAGES. PIANO* AND A LOT OF INTERESTS: DEEP SEA DIVING. 
HORSEBACK RIDING. MUSIC. ETC A VERY COSMOPOLITAN AND SOPHISTICATED 
WOMAN. SMART. VIVACIOUS AND WITH A GREAT SENSE OF HUMOR. 
A CHARISMATIC BEAUTY WHO WANTS TO SHARE GREAT ASPECTS OF UFE 
WITH THE RIGHT PARTNER 

PLEASE CALL I 


Friendships 


RETIRED DA BUSINESSMAN nett 
nan-smotung Canada or Dulcti lady 
(resrfjgrt'dtizen] tor poss Me marri age, 
[jgsnfq Canada or Diflrfi resxteney and 
axptore other mutual busine3S interests. 
Wrne: J Allen, 517 BuocomOe SL, 
Greenville. SC 29601 USA. 


FRENCH SINGLE LAMS seeks annus 
fnendstqi with US and UK peopto^ ABAC 
Tflf rf3 1W t «72 0634 or 4570 6094 


DON’T MISS 
OUR 

SPONSORED 
SECTION 

MitMnml* 

mm 
wmm 

which will appear 
on May 19. 1997 
from page 18 through 21 



GENERAL 




Monroe Nannies 

KNOWN MTOTATONALIY FOR lit VERY B8T 

NANNIES/MATERNITY NURSES 
GOVERNESSESWOTHEira NEW 
M staff are fifty experienced hi the care 
of Entente A young children A we provide 
a very professional A raring service 
Pteasa contact Nathalie Sauvaln 
TEL: (44 17!] 409 IBtO FAX: (44 T711 629 41 65 
S4 BROOK ST., MAYFAIR, LONDON. W1 , 


STAFFS DISTINCTION 


Quality wtttd ttoff Imme diate ly 
available. Our experienced Consultant! 
are here lo solve jimir staHtafl needs - 
call now lo dtaenss your requirement!. 
COUPLES ■ HOUSEKEEPERS 
HLKjNANNIES * CHEFS/COOKS 
, BUTLERSVALETS- ESWXE MANAGERS 

lltoReg&rabonFec. OpenMornfay-Safuniny 

1 ~ Tel: +44 171 581 4*44 
, Fui +44 171 581 3078 . 

■nmrio« strrgt, LQftDOW SW7 2LHj 


Nannies & Nurses 

McnuifORd tn.vnon 
WE SPECIALISE IN THE PLACEMENT 
OF EXPERIENCED Sc iX UJFlED 
* XANNIES ♦GO VERNESSES 
* BABY MATERNITY NURSES 
exCELLEST CARE ASSURED 
PLEASE TEL: +♦ 1+1 *89 Yte9 
OR FAX: 4+ 171 898 TOO 
Ml B£AL CHAMP PLAGE. LONDON. SWj 


'tvnsM«nor*u Names 

cst ioF.I 

Butish - Australian - Nr* Zealand 


Nannies, Mother's Hefps, 
Baby Nurses, Au Pair’ 


All personally Interviewed 
and references verified 

Tel-44 171 355 5006 Fa>. 44 171 355 5007} 


{Imperial Nannies' 


/fomsH nawwes governessesI 

BABY NURSES 


Pofonatii- mud. highly enwientwl and 
pntosbHLi vrith cscdkni rtfcraicts. 

AVAILABLE NOW 

Open Monday - Saturday. 
(Please telephone Sirqfsiw TummR on 
Tel: +44 171 581 1331 
Fax: +44 171 581 3078 
anm- st^LOrmori 3W7jLM^l 


Arts & Aiyhques 

.Appears every Saturday 
To advertise contact 
Kimberly Cuerrand-Betran court 

TeL: + 33 (p) 1 41 43 94 76 
Fax: + 33 (0) 1 41 43 93 70 
or your nearest IHT office 
or representative. 


Domestic Positions Available 


RIEHCHAIIEACAN FAMILY n 
Nea York C8y seeks nanny to help care 
tor 5 year <*1 t»r and infant girt. Must 
have spenence wortong/fmng in a major 
c*y Must be native French speaker (no 
accent please). Vertiabie. recent refer- 
ences necessaiy. Two year comnh m a nL 
Must be Sexioia playful, athletic and 
able lo travel Conversational English 
necessary. Salary c om mensur a te nth ex- 
perience. Cal 212-7694755 10 apply. 


Domestic Positions Wanted 


WESTMINSTER NANNIES 
INTERNATIONAL 

Bn&sh timed names. Gownassas & 
baby ruses avafcde lor Wodd vide 
placemens. Top puaBy serves & 
aftercare. No wgis tiation fee. 

Tel: UK 1Z75 076082 Fax 1275 340152 


D0MKTTC SOLUTIONS AGENCY 
The specafcte for BuBers. Chauffeurs. 
Conpaiions, Cook/Housekaepers. 
Couples S Security stall. 

Tel 44-171 589 3366 Fax 171 589 4966 


UK ft OVERSEAS AU PAIR AGENCY 
NANNIES. MOTHERS HELPS, d toil 
staff 87 Regent St London W1R 7HF. 
Tat 171 494 2329 Fax 171 494 2922 


Meeting Point 


VERY ATTRACTIVE natural blonds, 
non-smoker m her 30s. 5.8. adm. mtanu- 
Oonafly erfucafed, htgh cuftuaf fever, 6 
European languages, sports-mbna, clas- 
sed music, sensuous, elegant mil man- 
nered: wishes b meet, red gentleman, 
nice, swsfflwe. nhc has a liking tor the 
best Dings, (nrtts, tad, no bdd headed, 
Ho mustmsi Cl No 4005453748 Fwrno 
Posts Canlm Milano, testy 


ARE YOU THE RARE successful very 
good looking, international koressman, 
n your late 40s or earty 50s, stun, 
sporty, classy, tad. bnmvgrayish hax. 
French speaking Then I am sure you 
would appreciate b meet the attractive, 
well groomed, bland French lady, mid 
40s lor i>|7 Far London 00 44 (0)171 
433 2062 


SUCCESSFUL, TALL, DARK, hand- 
some. 32 yrs/181 errs. MBA Ivy LeaguB, 
(op executive, operating m emerging 
markets, seeks beautiful career girt tor 
marriage. Write Box 285. IHT. Fned- 
richstr. 15, D60323 FrantjuL Germany. 


INTERNATIONAL BUSINESSMAN, 
based in London, tasa 40s. would tea to 
meet for fix' an attractive blend hng in 
Geneva or London, who tees traveteng. 
Fax Geneva: 00 41 22 776 47 56 


TEXAS FEMALE M SAN FRANCISCO 
BoplMSbcated S very attractive available 
tor travel. Domestic ft international 
Tel: 415-641-7994 USA 


ASIAN LADIES seek manage Dera is 
ICE BREAKERS. 545 Orchard R1 ID-03 
Fa East Shoppng Ctr. Srgapare 0323 
Tflti 65-732 6745. Fax. 65-235 3760, 
mmjTwjr.gs.cnm.sgtobreahers. 


YOU: EuggerMedly nch graMy my 
whim. I: n&rotefy beauMii, ni satisfy all 
your desres. Wnie b MB 226. va iella 
Moecova 13. 20121 tflano 


PARIS, beautiful Jewish woman well 
educated, rvgh society, warns la share 
tenderness, low entti humarust liberal 
gentleman Fax -33/D/l 42011681 ■ 


ATTRACTIVE LADY seeks gentleman 
over 52 tor ^nrus igefonsro 
Tel: 44 (0J171 402 0842 


DAMSH LADY, 44. wants O meet Ame^ 
xan. Tel UK 171 730 7686 cr Box 258. 
IHT. 63 Long Acre, Lonfcn VJC2E 9JH 


GUIDE M PARIS? Pretty gM 
nA show you the best places. 

TbC +31 J 0)6-54292524 


SVB.TE BLACK lady ol rtfetemem, M. 
lor pampered orenestic & international 
bfflBL London Tel 0171 316 8172 


WOMAN, 40, based Pans. 1.70M. blond, 
refined, wishes to meet man who Ives m 
Pare tor retationshp. Tel: 06 0770 4956 


GENERAL 


Personals 


MAY THE SACRED HEART ol Jesus be 
adored, glorified, loved and preserved 
imcw ghoui die world, row 6 forever Sa- 
cred Heart ol Jesus, pray for us. Semi 
Jude, worker of miracles, pray tor us. 
Sen Jude> ndp at the hopeless, my tor 
us. ■ Say itB prayer nine times a dev tar 
mne days, and your prayer mlUw an- 
swered. It has never Peer known to tel. 
Putifcation must be promised. R.F 


SUCCESSFUL businessman. Pahs. 48. 
etegarS and sportive appearance, sense 
ef Humor, Met wy good Be. and ot 
restaurants, friends, arts. sun. wtshes to 
meet tsautful young lady 30 to 40 who 
Is refined, (eramme. sincere, tor long 
term reiatioiTStop and more. Photo rat 
appreciated Wme Box 267 l.RT.. 92521 
Naufly Code*. France. 


THANK T0U SACRED HEART OF 
Jesus & 5 l Jude lor prayers answered 
S-D 


Beauty Services 


“TASCINATE YOURSELF- N PARIS 
Mr, Mi, Isran the "OK Parisen Way". 
Be a your best, i pare tima InyxovB or 
change your look, accompamsd by an 
ex-in?l top model oi the most (amors 
names, bstontosmetics. AS aspects of 
your appearance wffl be taken cere d: 
PeraoriaUzed advice. Shopping, al the 
best addresses. Tft +33 pi 4315 0588 
from M0 AM to 230 PM (Pais time). 


Announcements 


BRlONI. The finest hand-made suit. 
Largest Miection in Switcerfand at 
YIElNBERG the leading men’s store 
Bahntiotstr 13. Zunch 01-211 29 50 


FEELING low? ■ nawna prodems? SOS 
HELP cnsB-lma m English. 3 p.m • 
llpjn Tel Pans |0H 47 23 SO 80 


DINING OUT 


£ 


AM5TBBXAM 


DE VL1EGENDE SCHOTCL 


Vsgaerai kjfchen 
Open dWy 16.30 -23 30 
feta open 1730-2215 
MEUWE IHJESTRAAT 1&2 

Bowioiom 020-C 252041. 


BKUSSaS 


THOUMIEUX 

RSTAUBANT 
SfMddKai of the Canwiw. 

Mftauou CadiKfacnad Icredewau 
Oomd SeVwdoy nddovand tadv 
!24. n» Amincoira W . P23 53S W 09 


PARES - ASNBSS 


LEVAN GOGH 

10 mm Eta4!. on nuer tab, facing Bi a-nci 
GakonanK cuisna orel sennea inw» mol 
French hxtan awn. tahnesi. 
ca+entoly end tahneu cf Via 

L 

! n£^W5?iror,r’ 1 

foe OJ 47 03 00 93. Geomfed porting 


PAMS 4th 


BREAD, WINE, CHEESE 

Choate Am, rudta. bdg 
Tal 01 0752Twv^y. tfinnw orfy) 


PA/US 6th 


lebilboquet 

A iccsr Wnffc wit* l®47 
-ltata»i»ireo*B»|ax3nw 
fa foori d SartGemwi<l»Fto» 
Ibii£nnvrww8eft. 
onoKot nww ol 8 nonn* pnee. 
rue SoWtaol T 01 4j 4661 W 


PARES 6*h 


yugamj 


Hailed as the best Indian restaurant 
in France by the leading guides 

(air condition ned). 

14. rue DaupNna T: 01 43 26 44 91 


CHEZ GANDHI 




PARTS 7th 


THOUMIEUX 

r d 4ie'Souih'W«j Confv da emod 

cccnafaau conk da canard Avcandtibened 

Open e«ar>rdav "’0 rvfl 

S+Pommique Tei Ol 47 05 4? 75 Near 

Invabdes Tenrind 


PARIS 9th 


Dm Amurieon Bistro 

Great Food and Goddcak 
Fun People— 

6. Hd Momroim TfL 01 47702720 


VWNA 


kervansaray 

4 hi -iJiodbm. bbw bar. 
bar leefcod latiuora. Inttw 1 . MdJsnti.9 
Td.5l2aS43. Aicomfloiwd SOn Optra 
Noov3pjn &6 pai*!o m . e«eplinaay. 
Qpentahfcp 


Attention visitors 
from the U.S! 

T. 



If you enjoy readng the IHT 
when you (ravel why not 
also get it at home? 
Same-day delivery avafiabfe 
ii key U.S. cities 

Call (1) 800 882 2884 

(in New York call 212 7S2 3690) 

Hcralb^Sribune 

the wimrvmiH 'ewshfew 


Automobiles 


GERMAN CARS - neo art sec crtfsrt. 
plus soars pans. We act as agsm ert 
sefler Please tax 449-172-3062212% or 
hx. *49-30-7416060 


MERCEDES 300 TE STATION WAGON 
4>«. Janua? 1991. B4.000 km. b ask 
metal bc/t lack leather, sell equijpea. 
Phone 0041-1-202 76 10 


Auto Rentals 


RENT AUTO DERGI FRANCE 
WEEKEND- FT 500. 7 DAYS FF150G 
TEL PARIS *33 {Oil 43 £8 55 55. 


Auto Shipping 


SAVE ON CAR SHIPPING. AME5C0, 
Kritbestr 2.- Artwero faelgiurr TcFran 
US. Africa. Regular fto-flo sailing. Free 
hate. Tei- 32,3.231-4223 Fax 222^33 


Autos Tax Free 


new TAX-FREE used 
ALL LEADMG MAKES 
Same day regsHta cas s tee 
rsnewa&te up to £ years 
We akc regsw cars w4h 
I exp red) toreqn (tox-treto ptees 

iczKovrrs 

AftBd Escher Street »0. CHEC27 Zjkt. 
T« 01 '202 76 10 Far 014202 75 33 


25 YRS OCEANWIDE MOTORS 

■floAtonte suotfy ana snepvig ? AUDr 
LtefceOes. BMW. Potsdfe. Can Germany 
♦49-211-434646 or fax 211-^4 21® 


ATK WORLDWIDE TAX FREE CARS. 

Export * shroong t registratsn ifi nw 5 
used cars AIK NV, TenwicWO 4C S2 
BrassrtiaaL Betowm. Rixe *32 3 
64550C2. Fax 42 3 64571C3. ATK. 
since 1959 



Legal Services 

AMERICAN LAWYER ZURICH 
ComptelB professional service for all 
commercai. business, real estate art 

USA investments. AJI your interests in 
America undo: legal management Direr 

25 years experience. 10 from Zunch. 
Pixvmes ft Associates. kuemaoonaJ Busi- 
ness and Legal Consultants, Loren L 
Purwnes. Juris Dr. Fa* +41-1-825 (234 

Tet +41-1-825 6232 

l-S. MIGRATION: Fax your questions 
to expert Washington DO Attorney bus 

F. Safgadc.lMT & Georgetown Law) with 

15 yrs+ expenence l2flg59M566. 

DIVORCE 1-DAY CERTIFIED 

Cad or Fax f714] 9®«95 Write 16787 

Beach Bhrd. si 37, Huntngo Beach. CA 

92648 U.SA- eroad ■ aseim^iuno com 

DIVORCE Hi 1 DAY. Ma travel Write 

Bex 377. Sudbury. MA 01776 USA. Tet 
£08/443^387. Fax: 50ft«3+}1Bi 

For Sale & Wanted 

CARBOU RUGS. BtxieWw on + In 
£ ft S3M- shipping' Handling. TeL 
303-755-4750 fax. 303-755J495 USA 

Arts 

THE ANTIQUE EXPRESS LTD Woricf- 
MX nhofesate of Chme$e amrjue tom*- 
tore ft decorative objects Hong Kong 
based company under European rrmt- 
agemenL For more iniarmaiion please 
contact Nina van Touicn Tei i852i 
25444407 Fax. |S521 2541-7458. ttfeS- 
^te Hffp "awtt tticpress com 3d >'e»- 
prass-fiCJnehlm 

Antiques 

PRIVATE coBectcr wshes to sen Onental 
‘objets Cars' ft Peisar carpets Box 

275. IHT 9521 NeuJy Cepex. France 

Colleges & Universities 

SS.MA.MfiA.PfiD 

Earn A Degree Free Caacg Century 
Umvererty. 6400 Upun BM . NE 

Sure 398W. DspL 50. Aannueroue. NF4 

87110. USA Tel: 505-639-2T1: 

AattomtoaHy VaBd Religion College 

Degrees All levels inquires: UGRS. 

PC Bex 43421. IA CA 96049 USA 

EARN UNIVERSITY degrees utti-zng 
work. Dfe & academic experience. Fir 
e-.-atuatsfi S ntcrmancn te’.rari resume 
m Pec*: Soem Umetov 3SB: w 

Pico BW_ DepL 121 Los Angeles. CA 

90035 USA 

CET A COLLEGE DEGREE In 27 Days. 
KWSUBAm etc. frittamg 
graduata nrg, tiartcnpL ±ticma 

Yh ii real fegal. guteanfeed aid 
created i-8fflM8tofl647 24 rture. 


REGISTERED ACCREDITED COLLEGE 
DEGREES as sutysns Home Sidy 
FAX: 31J-354-633S Tei 313.355^0. 
Box 2604. toaa Crty. IA 52244 USA 
E-tfeif amerwweseb+edccm 


Business Opportunities 


AUTHOR OF A UNIQUE STORY for a 
fabulous Western, seeks confident Film 
Producer or Director Reply Box 0289. 
ULT. 92521 Neatly Cede*. France 


FAMOUS DISCOTHEQUES OFFERED. 
2 newAarge successful hancfiw outtets 
n Singapore and Bali. Avalable m Uav 
Owner retiring. Fax |6?I 834 0395 


INNOVATIVE PARTNERSHIPS offers 
60% share. Brokers protected Details 
from Phonefax ~1-21-7012970 


OFFSHORE COMPARES. For ft» br> 
dw or sMce Tel Lorrton <4 f8l 74t 
1224 Fat 44 1B1 748 &55&£I}0 
wuwappfefflrcaLuti 


IRISH OFF5HORE COMPANIES £145 
Comm Insh Incorporations Ltd. Fax 
*353-5 l-SSKEI E-Alat mshmcgd* 


Telecommunications 


New Lower 
Internationa! 
Rates 

Germany 31 cents 
Japan 2£ cents 
Fraice 33 cents 
UK 20 cents 


' No Set Uo Fees 
’ ffe asnmcms 
* a Sesra BTn; 

’ Site- Uub-'moi Cuxyrr Serxe 

’ A7 47 QuSiy 


WOMAN, 25, FrendhE ngfch-Me n, in 
Brussels, sxxiatofid in corrcneicte pro- 
jeds w3h bate +32.7SJ1 SUB 


Real Estate 
for Sale 


Hajy 


FLORENCE. Cnarmmg and sunny vula 
«. on soiithem MS with amazing vims 
over France. Approximately 350 sq.m. 
r .0 2 asm d gahets. terraces art pri- 
vas cyore&fired lane rating d proper- 
5?. 10 "ices from center Please con- 
id Ccfectisns Imm. Teh 055 237 4497 
=» 255 237 455 


Paris and Suburbs 



Swnta.UA 08119 


Where Standards are Set not Bed 
f9 Tel: 1206599.1991 
Fax: 120&5BB.1981 
Emafi: tido@kaflbeck.com 
wme jraBiack.com 


Business Travel 


istfBualness Class Freoxsil Travefiera 
Worldwide. Uo to on. No coinora, 
no restrictions imperial Canada Tel- 
1-514-341-7227 Fax. 1-5? 4-341 -7938 
e-mail address: impenal@logm.nel 
http-ihnmJogki.net/bninffal 


Business Services 


YOUR OFFICE M LONDON 

Bond Street ■ Mail. Phone. Fax. Telex 

Teh 44 17T 499 9192 Fax 171 499 7517 


Tax Services 


EXPAT INCOME TAX U.STS. Inc 
Returns art refated setvees Pans Rep. 
+33 10) 1 4413 6944 Fax 4563 2496. 
London +44 (0) 171 722 3908 


Employment 


General Positions Wanted 


AMERICAN YACHTHASTER, 45. US S 
Brush tonced. sad & power. Extensive 
experience, prater; seeks posnsm 7et 
-33 (OH 93976719 Fa« |0H 93513411 


ONLY 3D0M 

tram Sceaux-floWnson R E R station 
.near Pans!, ci a pnvISged d stria. Tte 
eany 20th century nouse resides in an 
EDO sqjn. endesad garden. New heat- 
ing, 9tectnc4y, gas, floor bias and ptonto- 
mg Sitting room, dining room, study. 4 
bedrooms, separate studio apartment 2 
bathoums, 2 shower rooms end tauidiy. 
Cellar. 3-car parking. 

TbL +33 (0) 1 44 16 88 00 W 
+33 (0)1 46 60 64 04 ( evenings) or 
+33 (0) 1 46 60 84 34 (everwigs) 


Real Estate 
for Rent 


Switzerland 


GENEVA LUXURY FURNISHED apart- 
nsnts From studos to 4 bedrooms Tet 
-41 2 735 6320 Fa* +41 22 7362671 


London 


RtVERSDE. Modem Furnished Town 
House, 4 beds, 2 baths, Mth garage and 
off street parking, in exesfiat condBon. 
close to good amenities. £595.00 oer 
week. Al Irate 1 year lei preferred. Day 
0181 993 6046, Mobfie 0468 555 540 


Paris Area Furnished 


CHARUMG 2-room flat In calm, pnven 
house. Character, 50 sq.m, renovated, 
fifty furnished, garden, near aft. 15 nun. 
earn Paris FF 4200 / mo. Own®. Tet 
+33(0)1 45280113 Far 10)1 48942385 


Holiday Rentals 


French Provinces 


SOUTHWEST FRANCE. Furnished 
house 2 bedrooms, safe steeper, j tram. 
5km from lake, 8km from ocean. Avail- 
able May-OcL Tel S10-756-6536 USA. 


X- 


ffS. ■- 


- • rY 

r'wipl 

- r r ^f i 

- r L 

■ >7)/ 

• -v a 
... --SiLl 

'V:ryrt. 

•r-.jft, 

. Serb*. 
. / thr 


rm 


hah vs. 

■> 

Japan'- Eti!{MT«r 

the, 


mm 


Ml 


Paris & Suburbs 


BETTBI THAN A H0TEL1 Enjoy excep- 
tional 55 sq.m. flat wew Seme. 575 (Vmt, 
indudbig teienidraning Tet[0)1424ssn 


International 
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tiir v»iHurs nun nctswm 

PLANNING TO RUN A CLASSIFIED AD? 

Ploce your Ad quickly and easily, contact your nearest IHT office 
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ASA/RAOHC 


EUROPE 

FRANCE (HOj: Pens. 

TU [01) 41 43 93 65 
Fo«. (01 1 4143 93 70 
E-mo4 QaafadOito com 

GERMANY, AUSTRIA ft CEN1KAL 
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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 17-18, 1997 


PAGE 5 


Refugee Mobs Terrorize 
Serb Villages in Croatia 

Dozens Flee Beatings; Homes Are Wrecked 


®y Chris Hedges 

Y"rt Timet Se n i,v 

Croat,a Mobs of 
Bosman Croai refugees have rampaeed 

S f a I? k K thr0U ! h al leasi four sS™ 

vniages here break mg imo homes. 

ri^H S hou 5 hold c °nicms and for- 
ang dozens of terrified Serbs to flee in 
wnr> r to the safery of the surrounding 
woods, according to intemaiional relief 
officials and residents. 

'^ ie . atta cks are part of a mounting 
CMnpaign by groups of ethnic Croats, 
who have been resettled in Croatia and 
many of whom now live in homes that 

?™?EL t0 Serbs - 10 drive ^ some 
iw.000 remaining Serbs from the 
country or block any returning Serbs 
from resettling in their communities. 

The incidents follow Zagreb's 
sweeping confiscation of Serbs' homes 
and attempts to distribute the property to 
k. ethnic Croats living in Bosnia, Serbia or 
Mn exile in such countries- as Germany. 

Human rights and relief officials said 
that if the police did not take action to 
return the Serbs, most of whom are 
elderly, to their homes, then this would 
.give a green light to all Croats who want 
to purge Serbs from Croatia. 

Before the war, there were 600.000 
ethnic Serbs in the country'. The Davton 
peace agreement gives the half million 
Serbs from Croatia the right to go back 
to their homes in Croatia. Only 2,000, 
however, have been able to return. 

“This probably started as a spon- 
taneous reaction by angry Croats, but by 
Wednesday it was well organized," 
said Zarko Puhovski, an official of Hel- 
sinki Watch. “All local schools are now 
closed in this area so children can gather 
with their parents for daily protests call- 
ing for the expulsion of the Serbs. This 
has become a huge test of the gov- 
ernment's authority. If these assaults 


work, if the Serbs do not go back to their 
homes, then you can expect to see these 
assaults repeated throughout Croatia." 

Helsinki Watch officials also said 
they had reports that some Serbs were 
beaten by Croatian men in military uni- 
forms. They criticized the local police 
for being “passive" in the face of the 
attacks. The police in Kostajnica, 130 
kilometers (80 miles) southwest of 
Zagreb, said there had been no arrests. 

It was unclear Friday evening how 
many homes bad been ransacked and 
how many people were in hiding. But 
the number had probably climbed into 
the dozens, with four villages now emp- 
tied of Serbian inhabitants. 

‘ ‘On Tuesday night a crowd of about 
70 Croats surrounded my house shout- 
ing. ‘Get out. Cbetnik.' " said Pero 
Birac, 49, referring to the term used in 
World War II to describe Serbian ir- 
regular soldiers. “They beat down the 
door, overturned and smashed 
everything in my house. I jumped from 
the window and tried to run but they 
caught me and the men beat me. When 7 
was lying on the ground being kicked 
the children pelted me with eggs." 

Mr. Birac. who was bom in the house 
in Umetici just outside of Kostajnica. 
hid in a neighbor's house for a day 
before fleeing to Zagreb. 

About two-thirds of those who lived 
in this area before the war were ethnic 
Serbs. The Serbs formed a rebel enclave 
in 1991, when Croatia won its inde- 
pendence. The area was seized by the 
Croatian militaiy in 1995. and nearly all 
the 200,000 Seths in this region fled to 
Serbia or the last enclave held by Serbs 
in Eastern Slavonia. Eastern Slavonia is 
to be handed back to Zagreb in July. At 
least half of the 1 20,000 Serbs there are 
expected to flee, although under the UN 
accord they were supposed to return to 
their homes in Croatia. 




*?'***; /f.. 




China Sentences 4 
For Gun Smuggling 

DALIAN, China — A court Friday 
sentenced four people 10 prison terms 
of" up to 14 years for smuggling 2.000 
automatic weapons into the United 
Slates, the Xinhua press agency re- 
ported. 

The guns, the biggest haul of 
smuggled automatic weapons ever 
seized by U.S. customs, were pan of a 
deal made by a group of employees at 
China's biggest munitions merchant. 
China North Industries Coip. 

The Dalian City Intermediate 
People's Court sentenced Qi Feng, 
former manager of the Duoweidi Sci- 
ence and Technology Co. in Beijing, to 
14 years in prison for illegally export- 
ing the firearms to the United States. 
Xinhua said. 

The court sentenced three others. Lu 
Yilu/i, Qin Qixiu and Guo Chengkun, 
all employees of China North Indus- 
tries or its subsidiaries, to sentences of 
three to four years for “dereliction of 
duty." the agency said. (Reiners) 

Anti- Castro Protesters 
Get a VS. Warning 

WASHINGTON — Cuban-Americ- 
ans planning to demonstrate Saturday 
in international waters off Cuba were 
warned by the U.S. State Department 
that they could be in serious danger if 
they crossed into Cuban waters. 

While voicing support for the right to 
protest peacefully against the Cuban 
government, the department’s spokes- 
man, Nicholas Bums, reminded the 
protest's organizers that Havana was 
prepared to defend its waters. 

If Cuba detained any of the protesters, 
Washington would have a limited abil- 
ity to assist them. Mr. Bums said, urging 
“the greatest possible restraint " 

Cuban- American organizers of the 
demonstration against President Fidel 
Castro plan to head out from Florida in 



















CbDo Y Oon Koog/Agcnce Fnocc^Pneuc 

ANGER IN SEOUL — Two residents of the South Korean capital fleeing the smoke of gas bombs thrown 
Friday by students rioting against the government's alleged role in the collapse of the Hanbo conglomerate. 




TJ 


boats and planes. They are aiming at 
sites in international waters and air- 
space off Havana, Cabarien and San- 
tiago de Cuba. (AP) 

Afghan Commander 
Slain With 10 Guards 

ISLAMABAD, Pakistan — A senior 
Afghan commander in the northern 
Uzbek army led by General Abdul 
Rashid Dustam has been assassinated 
in the northern city of Mazar-i-Sharif, 
an official of the faction said Friday. 

Mullah Abdur Rahman Haqqani. an 
ethnic Uzbek, was killed with 10 body- 
guards Thursday, said JandaJ Fateh 
Mohammed, a spokesman here for 
General Dustam ’s army faction. 


Mr. Haqqani commanded 500 reg- 
ular troops for the general, but could 
raise about 2,000 irregulars in time of 
need, the Afghan Islamic Press agency 
in Pakistan reported. 

The news agency said Mr. Haqqani ‘s 
assassination coincided with new ten- 
sions between General Dustam's fac- 
tion and another group led by a former 
government commander who is also 
fighting the Taleban, Ahmed Shah Ma- 
soud. (Reuters) 

For the Record 

Prime Minister Lien Chan of Tai- 
wan survived another effort to topple 
him Friday over the government’s re- 
sponse to the nation's spiraling crime 
rate. The governing Nationalists de- 


feated three motions brought in Par- 
liament by an alliance of the New Party 
and the Democratic Progressive Party. 
The votes came one day after President 
Lee Teng-hui apologized to the public 
for the crime wave and promised an ail- 
new cabinet in July. (AP) 

Seoul on Friday pledged to provide 
North Korea with $10 million in food 
aid. and the South Korean Red Cross 
proposed another round of talks with its 
northern counterpart on speeding relief 
deliveries. The promised 50,000 tons of 
com and 300 tons of powdered milk 
would be added to $6 million worth of 
aid that has already been delivered to 
the World Food Program, which has 
appealed for 200.000 tons of aid worth 
S9S-5 million. (Reuters) 


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Royals vs. the Press 

Japan’s Emperor and Empress 
Deny Avoiding the Public Eye 


Aftence France-Presse 

TOKYO — Appearing Fri- 
day at their first joint news 
conference in two and a half 
years. Emperor Akihito and 
Empress Michiko rejected 
suggestions they have not been 
appearing in public often 
enough. • 

“If we are shown specific 
examples of how we should 
appear in public and how to 
mingle with people in a nat- 
ural way, we will have them 
considered by the Imperial 
Household Agency," the em- 
peror said. 

The emperor also spoke of 
the pain he felt during the 
recent hostage crisis ar the 
Japanese ambassador's resi- 
dence in Peru. 

“I felt pain in my heart 
thinking that the many people 
who gathered for a reception 
to celebrate my birthday were 
taken hostage and that 72 of 
them had to tolerate more 
;than four months of diffi- 
culties," he said. 

Speaking to about 30 re- 
porters at the imperial palace 
ahead of the couple’s two- 
week trip to Brazil and Ar- 
gentina next month, Akihito 
acknowledged he and his 
wife had recently had “not so 
many" engagements outside 
■their palace. 

"But we have had a con- 
siderable number of appoint- 
ments at the palace.” he said. 
.“We have especially had a 
number of engagements, here 
related to foreign countries. 

“I believe having foreign 


quests here is meaningful, as 
it makes us aware of what is 
happening in the world. ' ' 

He was responding to a 
question from me foreign me- 
dia asking why the imperial 
couple did not seem to be 
making many public appear- 
ances and did nor appsar to 
have “natural exchanges” 
with their Japanese subjects. 

Empress Michiko spoke at 
length on die imperial 
couple’s engagements, occa- 
sionally appearing to be on 
the defensive. 

“I had my schedule over 
the past month reviewed,” 
she said. “I had 12 appear- 
ances in public." including 
visits to welfare facilities, a 
Red Cross meeting and a 
charity concert to raise funds 
for removing land mines. 

After the news conference, 
officials of the Imperial 
Household Agency took for- 
eign reporters aside to say 
that, although the emperor 
and empress had been “very 
busy," they were not avoid- 
ing the public. 

* ‘They do not just have em- 
inent people as guests,” an 
official said. "The guests in- 
clude ordinary people. There 
are nurses and fishermen, for 
example.” 

Another official added that 
security was a factor. “What 
do you want him to do, walk 
around in Kabukicho?” he 
asked, referring to Tokyo’s 
biggest red-light district. “I 
don't think the police would 
let him do that." 



Harry Rlackstone Dies; 
A Master of Illusions 


By Barry Bearak 

A/rw- York Times Sen-ice 

Hairy Blackstone Jr.. 62. a 
.magician who made handker- 
chiefs dance across a Broad- 
' way stage and globes of light 
float above his audience, who 
made elephants vanish and 
turned beautiful women into 
Bengal tigers, who sawed his 
wife in half 17 times a week 
during their 23 years of mar- 
riage, died Wednesday m 
Loma Linda, California. 

The cause of death was 
pancreatic cancer, said Tom 
Dewhirst of the San Bern- 
ardino County coroners of- 
fice. The son of the "Great 
'Blackstone.” one of the cen- 
rnrv’s master illusionists. 

Hairy Jr. was bom m Cofen, 

Michigan, on June 30, 1934. 

He first appeared in amagic 
act when he was 6 months old. 
His nanny had to leave early 
that day, and his mother was 
USefr with no choice but to take 
'Harry Jr. onstage, where she 
usually posed as the Statue of 
Liberty and was made to dis- 
appear. She substituted a baby 
bottle for her torch. . 

The Blackstone household 
was a sorcerer's creative lair, 
ihy laboratory where refine- 


ments were contrived for such 
foolery as the Hindu rope trick. 
The elder Blackstone once es- 
timated that his hat and sleeves 
had yielded 80.000 rabbits. 

However successful the 
family business, Hany Jr. 
was advised by his father to 


going into newspaper report- 
ing, radio broadcasting and 
television production. 

But after his father died in 
1965, he decided to pick up 
the wand. Onstage, he cut a 
different figure, with dark 
hair and a goatee instead of a 
long white mane, spangled 
tuxedos instead of black tie 
and tails. But like his father, 
he was always finely in con- 
trol, selling mystery with a 
commanding glance and a 
single raised eyebrow. 

He brought his "magnifi- 
cent, musical, magical show" 
to the Majestic Theater in New 
York in 1980. The extravag- 
anza called for hundreds of 
rabbits, a camel, a donkey, a 
tiger, an elephant and 56 hu- 
mans, including the patient 
wife who shared the spotlight 
with a noisy 36-inch buzz saw. 
The Broadway ran lasted five 
months. 


Paul Aaronson 
Executive Director, 
Morgan Stanley a Co. Int'l Ltd. 

Jean Frijns 
Chief Executive 
ABP 

Michael Gardner 
Director 

F.T.S.E. International 

Johan Groothaert 
Client Strategies Group 
Merrill Lynch International 


Peter Jay 

Journalist, 
writer Ft broadcaster 

Gordon Bagot 

Director, Head of Research 
& Consultancy 

WM Company ■ 

Angelien Kemna 
Director of Equity Investment 
Robeco Group 

Lars Nielsen 
Professor of Finance 
INSEAD 


Peter Stanyer Richard Pagan 

Performance Ft Risk Management Bonds Ft Equities Portfolio 
Mercury Asset. Management Analysis 

Group PLC . Salomon Brothers International 


Jan Mi chi el Hessels 
Chief Executive Officer 
Vendex International N.V. 

Andrew Skirton 
Chief Investment Officer 
Barclays Global Investors 

Piet Veldhuisen 
Head of Mutual Funds 
Generale Bank N.V. 

Onno Vriesman 
Client Strategies Group 
Merrill Lynch International 

Bill Stack 


Bonds ft Equities Portfolio Chief Investment Officer, 

Analysis Global Equities 

Salomon Brothers International Ltd. Dresdner RCM Global Investors 






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THIS WORLD’S DAILY NEWSPAPER 


The A Netherlander 







EDITORIALS/OPINION 




erf ffttW 


Herald 


INTERNATIONAL 



Sribuite 


PUBLISHED WITH THE NEW YORK TIMES AMD THE WASHINGTON POST 


Truth in South Africa 


On the last day that South Africans 
could apply for amnesty from 
apartheid-era crimes, leaders of the 
governing African National Congress 
disclosed their involvement in hun- 
dreds of misdeeds. One of those seek- 
’ is Deputy President Thabo 
iki. who is likely to become South 
Africa's next president. He and his 


party colleagues have done the right 
o cTearh 


thing in so dearly demonstrating their 
respect for the rule of law. 

South Africa's Truth and Reconcili- 
ation Commission has mostly dealt 
with crimes committed by the 
apartheid-era regime. Because of this, 
some whites have attacked the com- 
mission as a witch-hunt But the com- 
mission's emphasis is frilly justified. 
The white government's atrocities were 
far more widespread and severe than 
those of the anti-apartheid forces, who 
turned to armed struggle only after the 
ANC was banned Some apartheid-era 
hit men and police in their confessions 
have exposed decades of official lies. 
Several policemen, for instance, ac- 
knowledged that they killed the Black 
Consciousness leader. Steven Biko. in 
1977. Their accounts refuted the white 
government's long-standing claim that 
Mr. Biko had died accidentally. 

The commission, under the leader- 
ship of Archbishop Emeritus Desmond 
Turn, has been evenhanded. Its mem- 
bers come from across the political 
spectrum. When President Nelson 
Mandela attended commission hear- 
ings in Johannesburg, Archbishop Tutu 
made a point of c allin g a witness who 
testified about ill treatment in an ANC 
training camp. Archbishop Tutu had 
threatened to resign from die commis- 
sion if the ANC leadership failed to 
report its misconduct. 

A full account of ANC crimes will 


not emerge until public hearings on the 
amnesty applications later this year. 
Mr. Mbeki s application apparently 
covers decisions made by the ANC’s 
national executive commission while 
he was a member. Earlier this past 
week, he and other ANC leaders went 
to the Truth Commission to detail some 
of the party ’s crimes. They included the 
execution of suspected spies and the 
bombing of the white government's 
military headquarters, as well as the use 
of torture in an ANC training camp. 

The Truth Co mmiss ion has had 
mixed success in persuading apar- 
theid-era officials to apply for am- 
nesty. The vast majority of serious 


applications come from low-level of- 
ficials, including people who commit- 


ted some of the most notorious murders 
and bombings. These are important, 
and South Africans are likely to learn 
far more about the crimes of the dic- 
tatorship than do the citizens of other 
nations that confront past repressions. 

But only two apartheid-era cabinet 
members have applied. F. W. de Klerk, 
the last president under apartheid, has 
called apartheid-era officials “ * good and 
honorable men" and said his govern- 
ment did not approve or condone the 
crimes that took place. This seems 
oddly myopic for a man who had the 
good sense to recognize the inevitability 
of black rule in South Africa and helped 
manage a peaceful transition to it. 

The ANC admissions stand in brave 
contrast The party was justifiably proud 
that even before it took power, ir carried 
out two investigations of abuses in its 
training camp, and published the results. 
The parly has now made clear that 
neither the political purpose of a crime 
nor the high office held by its per- 
petrator can lift an act above die law. 

— THE NEW YORK TIMES. 


Suharto’s Crackdown 


The world's fourth most populous 
country, Indonesia, is holding a gen- 
eral election May 29. The ruling party 
has announced that it intends to win 
with 70.02 percent of the vote (up from 
68 percent last time around). Its con- 
fidence may in part be explained by ihe 
fact that, as one Indonesian general 
recently said, "opposition parties do 
not exist in Indonesian democracy." 

President Suharto, who has been in 
power for more than 30 years, has 
governed his nation autocratically, but 
his reign has not been entirely despotic. 
At least until recently, one couldn’t 
imagine the Indonesian regime send- 
ing someone to jail for possessing a fix 
machine, as die Burmese junta does. 
The press and nongovernmental or- 
ganizations. inside very definite limits, 
were allowed some room to maneuver. 
And the economy has performed im- 
pressively, growing at an annual rate of 
6 percent during the 1980s and nearly 8 
percent this decade. Today, only one in 
seven Indonesians lives in poverty, as 
officially defined — a remarkable 
achievement 

In other Asian nations, such as South 
Korea and Taiwan, this kind of eco- 
nomic growth led to political liber- 
alization. In the early 1990s, it seemed 
as though Indonesia was cautiously tak- 
ing the same path. But in the past three 
years, Mr. Suharto has reversed course, 
putting his nation's future in peril. At 
die age of 76, he refuses to make any 
provisions for an orderly succession. 
His relatives and cronies are enriching 
themselves in an increasingly corrupt 


atmosphere, sparking resentment even 
as the overall economy grows. 

Recently, and particularly as elec- 
tions approach, the regime has cracked 
down hard, arresting labor organizers 
and political opponents alike. Megawati 
Sukarnoputri, daughter of a previous 
president and a potential opposition fig- 
ure with popular appeal, has been- es- 
sentially banned from public life. Stu- 
dents have received jail terms of more 
than 10 years for urging democratic 
reform. In March the government ar- 
rested a former member of Parliament, 
Sri Bintang Pamungkas, and charged 
him with subversion. His crime: send- 
ing out greeting cards urging people not 
to vote in the May 29 election. 

Unique features of geography, eth- 
nic mix and religious diversity give 
Indonesia reason to move cautiously in 
any reforms; these are matters that 
Indonesians themselves will have to 
sort out. But outsiders can play a role, 
offering to send election observers 
May 29 and speaking out for Indone- 
sia’s prisoners of conscience. In July, 
the United States will send its rep- 
resentatives to Tokyo for the World 
Bank's annual gathering of donors to 
Indonesia, where they should make 
their concern clear. This would not be a 
matter of interfering in Indonesia’s in- 
ternal affairs but rather of wanting to 
invest wisely. For if Mr. Suharto does 
not give his nation’s civil society a 
chance to breathe and develop, the 
nation's economic prospects also must 
be considered cloudy at best. 

— THE WASHINGTON POST. 


Other Comment 


Honduran Indians 


In an act of unnecessary violence, 
armed soldiers and police forces of 
Honduras broke up a camp of peaceful 
Indian protesters this pasr week in front 
of the presidential mansion in Teguci- 
galpa, the capital. The issue was land, 
and the Honduran regime has been 
sadly consistent in this affair. The gov- 
ernments of Honduras and every’ other 
country in the Western Hemisphere 
have abused, failed and taken the land 
of almost all of the inhabitants whose 
ancestors saw the first Europeans come 
ashore 500 years ago. 

The Honduran Indians are calling 
for a fair restitution of ancestral lands 
and an investigation into the murders 
of some of their tribal leaders. Chances 
that they’ll get either are slim. 

Natives of the towns pf Lenca, 
Chord. Tolu pan. Xicaque, Pech and 
Garftina, along with the Misquito 
tribes, are demanding their rights, cor- 


rectly pointing out that they were first 
deprived of their land by Spain's con- 
quistadors. That’s anciem history but 
clearly the beginning of a problem that 
has become more intractable with 
time. The Honduran tribes' march to 
the capital demonstrates that they are 
running out of patience, but so far they 
have refrained from violence. 

In a futile attempt to solve land 
disputes in the 1980s and '90s. dif- 
ferent Honduran administrations im- 
plemented a series of partial and in- 
efficient agrarian reforms. As the 
reforms were being executed, so too 
were peasant leaders. Private armies 
and the military were accused in the 
killings, but no one stood trial. 

A responsible government would 
investigate the killings. The Honduran 
Indians have sought land, justice, even 
mere compensation for 500 years. 
They should not be made to wait 
longer. 

— Los Angeles Times. 


Ifcralos^eribunc. 


ESTABLISHED I&87 


KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


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France Clung to Mobutu Too Long: A Whming 

C7 Fn-nnh sought their s 






- * -rrall 


W ASHINGTON — The phone 
rang in my Beirut apartment on a 
humid summer day in 1975 with what I 
was sure would be the first of many 
-indignant calls praising or challenging 
a senes The Washington Post had start- 
ed publishing that morning. My articles 
detailed extensive, corrupt connections 
between U.S. corporations and Arab 
moneymen who sought to buy political 
and national security influence in 
America. 

“That was a heck of a piece,” my 
American caller said down the long- 
distance tine. "Could you tell me the 
phone number of that Adnan 
Khashoggi guy? I’ve got a deal he 
could be helpful in." 

I hung up in disbelief. But by the end 
of the series, calls and letters dedicated 
to doing deals far outnumbered those 
expressing indignation at international 
corruption. I had gained a new per- 
spective on an age-old phenomenon 
that stands at the heart of world politics 
and of globalization today. 

The final, chaotic days of Mobutu 
Sese Seko in Zaire point up how much 
has changed and how much remains the 
same in the scramble for commercial 
and personal advantage when govern- 
ments and political systems are under 
stress. 

"We always said it was Mobutu or 
chaos, but in the end it was Mobutu and 


By Jim Hoagland 


chaos," a French official observed 
gl uml y as the rebel forces commanded 
byLaur 


jy Laurent Kabila began their big push 
on Kinshasa this past week. The of- 
ficial was acknowledging that Paris, 
operating under a generation-old vi- 
sion of its centrality to postcolonial 
Africa, clung to its own crook too long 
and would now pay a price. 

American, British and South African 
businessmen have been eagerly hunt- 
ing down the cellular telephone num- 
ber of Mr. Kabila and closing deals in 
the jungle as die civil war raged. French 
firms stuck with Marshal Mobutu, to 
the point of paying the bills for Serb 
mercenaries, who failed to shore up the 
dictator’s crumbling defenses. 

Or so the story goes. Few in France 
would believe that their government 
did not have a hand in recruiting those 
mercenaries. That would be standard 
practice in the secret networks that 
French governments have nurtured 
with Africa to replace the colonial links 
dissolved three decades ago. 

Aid grams and business contracts 
flow along the networks from Paris to 
African governments, which then kick 
back large s ums to the political parties 
in France, according to Jean-Franfois 
Bay art, director of the Paris intema- 


■ tional-affairs think tank known as 
CERL and many others. 

As Mr. Bavart pointed out this past 
week in the Paris daily Le Monde, the 
system was created by the Gaullisr lead- 
er Jacques FoccarL But it also flourished 
during 14 years of rule by the Socialist 
Francois Mitterrand, who put his son in 
charge of Africa. Even after Zaire. Mr. 
Bayart predicted. ‘'France will not re- 
nounce Foccartism. AD the political 
parties continue to benefit from it..” 

I wonder. There is something nos- 
talgic, even anachronistic, about the 
French standing with Marshal Mobutu 
to the last cobalt contract. This rep- 
resents old thinking thar probably can- 
not be sustained in the modem game of 
influence buying and peddling. 


Today’s more entrepreneurial global 
t tolerate sennmen- 


economy does not 
tality or slowness. Anglo-Saxon politi- 
cians and businessmen grasped quickly 
that Mr. Kabila’s war, backed by 
Zaire's English-speaking neighbors 
and Angola, offered a wonderful di- 
versification opportunity. 

The Anglo-Saxon style in these mat- 
ters avoids permanent networks and 
overly intimate entanglements with 
Third World despots. Washington 
simply turned a blind eye to Marshal 
Mobutu’s theft of billions and got on 
with its political and diplomatic deal- 
ings with him. 


While the French sought their slice 
of Marshal Mobutu’s rotten pie, the 
Americans pretended not to know how 
it had been baked. 

Such moral blindness rames its own 
risks in societies that are not as for- 
giving or as dependent on outside help 
as those of sub-Saharan Africa. 

Corruption is the biggest single- 
political issue on the horizon in Russia 
and China as assets once owned by 
Communist governments are strip- 
mined by the poli rically powerful. Cor- 
ruption powers the grievances of dis- 
sidents in oil-rich Saudi Arabia and 
Indonesia. Corruption undermines 
President Bill Clinton's hopes for a 
stronger partnership with Mexico. 

But the response from Washington is 
to see, hear and speak tittle or no evfl-r- 


not to make corruption a bigissue in 
' s.The 


dealing with these countries. The com- 
mercial diplomacy pushed by this ad- 
ministration has instead helped encour- 
age Americans and others to pursue 
narrow economic advantage even 
harder and to discount the problems that 
corrupt practices inevitably create. 

Paris is about to harvest its pun- 
ishment for tolerating too much from 
Marshal Mobutu too long. It is a lesson 
that should not go unnoticed by Wash- 
ington in its eager reaching out to grasp 
the next set of sticky fingers. 

The Washington Post. 


U.S. Armed Services Need Enough Money to Get the Job Done 


W ASHINGTON — It’s al- 
most enough to make one 
nostalgic for Caspar Weinber- 
ger and the contentious 1980s. 
In all the current arguing about 
balancing the U.S. budget and 
cutting taxes, no one is fighting 
over defense.. 

This nondebate isn't due to 
the military's being a nonissue. 
On die contrary, almost every- 
one agrees there's a major mis- 
match between the Pentagon’s 
strategic goals and the money 
it's slated to receive during the 
coining years. But it’s peace- 
time, and no one wants to spend 
more. So you can look forward 
to all manner ofhypocrisy in the 
coming months. 

The administration is finish- 
ing a congressional^ mandated 
quadrennial review of threats, 
capabilities and long-term needs. 
This review, it will say, has been 
“strategy based," not "budget 
based" — which is perfectly 
true, as long as you understand 
that no strategy was allowed into 
consideration if it cost more than 
about $270 billion per year. 

Conservatives m Congress 
will demand the Pentagon spend 
more on weapons procurement, 
and especially on the hallowed 
cause of missile defense — as 
long as total spending doesn't 
rise and no dollars are diverted 
from bases, depots or contrac- 
tors in their districts. Liberals 
want the military to do more, too 
— bringing democracy to Haiti, 
keeping the peace in Bosnia and 
so on — but they will argue the 
Pentagon can do it for less. After 
all, the Cold War is over; 
where's the peace dividend? 

In fact, since the end of the 
Cold War die military has shrunk 
from an active strength of more 
than 2.1 million men and women 
to just over 1.4 million. Annual 
spending has decreased since the 
height of the Reagan buildup 
from about $400 billion to about 
$250 billion, in equivalent, in- 
flation-adjusted dollars. 


By Fred Hiatt 


Yet deployments haven't 
slowed down, and congression- 
al studies suggest the military is 
growing a bit ragged at the 
edges as a result Budgets for 
weapons modernization keep 
getting diverted to current op- 
erations and readiness, with 
procurement pushed further in- 
to the future each year. 

This clearly isn’t good. Why 
should it be acceptable to hawks 
and doves alike? Here are some 
of the arguments you will hear 

• The nature of war is chan- 
ging, so the Pentagon doesn't 
need so many planes, ships and 
tanks. Instead, it will control the 
battlefield of the 2lst century 
with — and here you may fill in 
the blank as you choose. Com- 
puters. satellites, laser beams; 
whatever it is, the experts assure 
us it will cost less. 

It's true that the military has 
to keep up with revolutionary 
change in weapons technology. 
Historical precedent does not 


suggest, however, that this will 
save money. In the meantime, 
the Pentagon must be prepared 
to deter wars today — with 


planes, ships and tanks. 

The United States should 


The 

spend more on diplomacy and 
war prevention . instead of 
throwing dollars at the military. 

Well, the first part is true. 
Shortsighted is too kind a word 
for a policy that spent billions 
fighting communism in Central 
America and now begrudges 
tens of millions to shore up de- 
mocracies there. But diplomacy 
isn't a substitute for miliiaiy 
strength; it depends on in 

• The United States can’t af- 
ford to spend so much on its 

military. 

This was a common argu- 
ment in the 1980s, when the 
United States was devoting 
more than 6 percent of its total 
economy to defense; that's why 
we were losing out to Japan, it 
was often said. Since then, Ja- 


pan's economy has gone into 
the tank, and t be U.S. economy 
is the envy of the world. De- 
fense spending, meanwhile, has 
declined to about 3 percent of 
the total U.S. economy. 

• The United States should 
pull troops and ships back from 
Japan and Europe, which are 
plenty rich enough to defend 
themselves. 

They are, and the United 
States could defend its own ter- 
ritory for a lot less than $270 
billion per year. But by staying 
engaged in the world, the 
United Stales isn't just doing 
favors for its allies; it's enfor- 
cing rules and defending in- 
terests that pay off many tunes 
over, commercially and other- 
wise. Pulling back is line if you 
don’t mind asking Japan’s per- 
mission. say, when it comes 
time to defend Taiwan. But if 
you want to control your own 
destiny, you have to pay a price; 
and if you want to maintain the 
peace, you have to work at it. 

• The Pentagon could find all 


the money it needs by elim- 
inating waste, fraud and abuse. 

Defense Secretary William 
Cohen will soon appoint a task 
force to push the Pentagon to- 
ward more businesslike oper- 
ations. 

But every defense secretary 
from Robert McNamara 
through William Perry hoped to 
save billions of dollars through 
reforms, billions that always 
prove elusive. And most of the 
reforms that would really save 
money will be challenged by 
those champions of national se- 
curity on Capitol Hill. 

For example, Trent Lott, the 
Senate majority leader, is de- 
manding that die navy abandon 
what's cost-effective and throw 
more business to his bome-staie 
shipyard — never mind the 
cost The air force planned to 
move four unneeded 


transport 


planes out of Kentucky, and so 
dha 


aspu 

hold on the promotions of fi 
air force generals. 

The Washington Post. 


ive 


In Internal Wars, Air Power Should Have the Edge 


P LAYA DEL REY, Califor- 
nia — 


With the May 19 re- 


By Benjamin S. Lambeth 


porting date for the Pentagon's 
Quadn 


luadrennial Defense Review 
almost upon us, there should be 
no mistaking the core challenge 
facingAmerican defense plan- 
ners. The issue of greatest note 
concerns needlessly duplicative 
service roles and weapons pro- 
grams at a time when procure- 
ment funds are at a near all- 
time low. 

The most important choice 
lies between new air and space 
technologies offering a proven 
edge in combat effectiveness 
ana an increasingly anachron- 
istic approach in which Amer- 
ica's air and space assets are 
viewed solely as supporting ad- 


juncts to surface forces. Ever 
since the successful conclusion 
of Operation Desert Storm six 
years ago, an impasse has ex- 
isted between soldiers and air- 
men over this issue. 

Although there has been re- 
current sparring between the air 
force and navy over the extent 
to which carrier-based aviation 
has contributed its fair share for 
the disproportionate cost it rep- 
resents, the main confrontation 
has been between the air force 
and army over the more basic 
question of whether air power 
— in all services — has dis- 
placed land power in contrib- 
uting the most toward ach ieving 


Time to Deep-Six the Dictators 


N EW YORK — And now 
NATO will expand its 
membership, to help protect 
democracy and Western civ- 
ilization in Europe. But outside 
Europe, in Asia and the Middle 
East, its members and partners 
will continue doiDg everything 
they can get away with to 
strengthen dictatorships that 
are the enemies of democracy 
and Western civilization. 

Studiously and persistently. 
NATO members continue to 
ignore or pervert ihe most im- 
portant international choice 
they face — how to deal with 
those dictatorships. 

For a decade, western lead- 
ers have said the choice was 
between "isolating” the dic- 
tators, which they think dan- 
gerous, or “engaging” them 
in the hope that they can be 
talked into not being bloody- 
handed tyrannies, or maybe 


By A.M. Rosenthal 


not quite so bloody. 


real choice is far dif- 
ferent — collaboration with 
dictatorships, or democratic 
seif-protection. 

Shall we continue to make 
dictators stronger politically, 
economically and militarily?- 
Or shall we refuse to transfer 
to them the technological, 
militaiy and money power 
created under Western de- 
mocracy, and which they can 
one day use against us? 

The talks on NATO expan- 
sion did not even deal with 
that Now’ only the U.S. Senate 
can save us from NATO's de- 
liberate failure. 

The choice has faced the 
West for generations. Three 


times it chose collaboration — 
with Hitler, Japan, Iraq — un- 
til they made mistakes that 
brought the West into war 
against them. 

But in those days at least we 
knew what was going on — 
appeasement of the dictators, 
and betrayal of their victims. 
Churchill, Roosevelt, de 
Gaulle let the world know. 

Now Western political and 
business leaders, without pub- 
lic discussion or personal 
shame, choose their favorite 
dictatorships — meaning with 
the most contracts. 

China is their fust pick. In 
their insipid self-delusion. 
Western nations believe that 
there the cash register rings 
loudest. Chinese leaders are 
the smartest in the world. They 
have made America believe it 
is in its interests to suffer a 
more than $30 billion annual 
deficit in its China trade, dam- 
age its own manufactures and 
kiss hand for the privilege. 

The United States frowns on . 
deals with Iran. Iraq and Cuba. 
Western Europe says who are 
you to lecture us when you too 
are deep m the China trough? 

Russia, our newly pro- 
claimed partner, busily ar- 
ranges military and nuclear 
deals with Iran. And from all 
over Europe, businessmen 
traipse to Baghdad. They line 
up contracts against the day 
their governments succeed in 
lifting ^e UN embargo. 

Western leaders know what 


to do. About China, end the 
huge Western financial con- 
tribution to its military poten- 
tial by refusing trade with the 
hundreds of companies owned 
by China's army. Stop West- 
ern aviation and technology 
companies from helping 
Beijing duplicate their plants. 

Does anybody believe that if 
the United States, Britain. 
France and Germany took such 
steps the rest of NATO, or Rus- 
sia or Japan, could hold out? 

The goal would not be to 
"isolate" all dictators bur to 
force them to real "engage- 
ment" that might reduce their 
threat to Western society and 
loosen their oppression at 
home. 

The Clinton administration 
has consulted every foreign 
country involved on expanding 
NATO — but not the Amer- 


ican people, who will have to 
itiierisJ 


presii 

Euro 


take the risk of getting involved 
in still more of what the Czech 
tsidenL Vaclav Havel, calls 
i's “tribal passions." 
Bill Gin ton will not end col- 
laboration for the United 
States, let alone for NATO. Re- 
sponsibility passes to the Sen- 
ate. The Senate has a chance 
that will not come again: to 
demand, before it agrees to ex- 
pand the alliance, that NATO 
members not expand ihe power 
of hostile dictatorships. 

May American senators 
have the strength and wisdom 
to choose protection of de- 
mocracy over collaboration 
with dictatorships that would 
destroy iL 

The New- York Times. 


joint-force objectives in war. 

Without question, this issue 
has high budgetary stakes. Yet it 
ultimately involves a more prin- 
cipled clash between what have 
become, in effect, two opposed 
American ideologies of warfare. 
The army continues to insist that 
the proper role of air power is to 
support land operations. It re- 
mains wedded to the mantra that 
"boots on the ground" consti- 
tute not just the definitive mea- 
sure of victory in war but an 
indispensable precondition for 
achieving such victory. 

In contrast, air power pro- 
fessionals maintain that the syn- 
ergy of stealth, precision attack 
capability and what has come to 
be called "informative domi- 
nance” now enables the na- 
tion's air and space assets to 
produce decisive results on the 
ground at only a fraction of the 
previous cost in human life. 

No responsible air power 
professional has claimed that 
air power can invariably sub- 
stitute for land power or that the 
new capabilities of air and 
space power obviate the need 
for robust land forces. Yet air- 
men insist, and rightly so, that 
air and space assets now have 
the potential to carry the lion’s 
share of ihe burden for deter- 
mining war outcomes, thus en- 
abling surface forces to achieve 
their goals with a minimum of 
effort and bloodshed. 


It was not by luck or hap- 
penstance that of more than 
500,000 troops deployed in 
Desert Stonn. the coalition 
suffered only 148 fatalities in 
the five weeks of actual fight- 
ing. This suggests the main role 
of land power may now be 
merely to secure a victory rather 
than to achieve it. Naturally, 
such a conclusion is hard for 
surface warfare professionals 
to swallow. 

Nevertheless, although it took 
all force elements to produce the 
allied victory in Desert Storm, 
the army’s 100-hour ground of- 
fensive was preceded by more 
than a month of nonstop aerial 
preparation, which singularly 
accounted for the army’s low 
incidence of fatalities. 

Current American air and 
space options offer the promise 
of dealing decisively with en- 
emy ground forces from stand- 
off ranges, thus eliminating a 
threat to U.S. troops who might 
otherwise have to engage their 
enemy counterparts directly 
and run the risk of sustaining 
high casualties. This not only 
permits but indeed dictates ma- 
jor trades among service roles, 
in the interest of eliminating 
needless duplication and get- 
ting the most out of the nation's 
declining defense dollars. 


The writer, a defense analyst 
writing a book on American air 
power, contributed this com- 
ment to the Herald Tribune. 


IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Greek Defeat 


PARIS — Greece's last 
struggle with the invader whom 
she so boldly defied has ter- 
minated in final defeat. The 
Turkish forces are said to be in 
possession of Domoko, which 
would mean that the Hellenic 
army has been hopelessly 
routed and nothing can now 
prevent a victorious march on 
Athens, unless hostilities be 
forthwith suspended. The Great 
Powers are unanimously deter- 
mined not to allow Turkey to 
secure the fruits of her victory. 
The question is how are they 
going to impose their wishes on 
the conquerors? 


ary anti -feminist movement, nor 
does it appear to be merely one 
aspect of post-war repentance 
for hastily awarded liberties. 
Supported by eminent educators 
and physicians, the movement 
rests on biological verities. The 
pursuit by women of football, 
hockey and other vigorous sports 
is not lamented as unwomanly, 
but is opposed because of con- 
siderations of the racial good. 


1947: A Saner Method 

NORTHFIELD. NJ. — It is 


1922: Unhealthy Sport 


PARIS — A vigorous campaign 
is being pursued in England 
against the increasing popularity 
of masculine sports among 
women. Seemingly, it cannot be 
dismissed lightly as a reaction- 


now possible for the first time 
in twenty-four years to obtain 
a marriage license here with- . 
out going to the insane asylum.* J , 
Dr. Edward Guion, city regis-* 
trar of vital statistics and med- 
ical director of the insane 
asylum, has been issuing li- 
censes from his office at the 
asylum since 1923. Now he has 
retired, and Mrs. Rice has been 
appointed registrar and will is- 
sue licenses at the city hall. • 


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RAGE 7 


Mobutu: The Model of an African Autocrat 

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ItfarehaJ Mobutu may have dreamed of 

EJTi 1 5r h,s . nation - be leaves 
S 13 ™ 1 m mm. where revenue from 
lucrative mines has been squandered or 

, if e !? a vast countryside 

SSh^S f r °?y ,ealth care - el e«riciiy, 
tel^iones and often education has re- 

to a brutishness not known since 
the colonial period. 

Still, even many of Marshal Mobutu ’s 
harshest cntics acknowledge one 
achievement, and it is a major one in an 
Amca of artificially drawn stares riven 
by ethnic animosities. 

Inheriting a land of more than 450 
edmic groups that had French as an 
t °®ci“ language, bur no commonly 
spoken tongue. Marshal Mobutu man- 
aged to forge a sense of nationhood in 
Africa s third-Iargest country as strong 
as exists anywhere on this continent. 

At the same time. Zaire experienced a 
period of extraordinary cultural creativ- 
ity. in song, in dress and in art This came 
about partly as a result of efforts to favor 
local influences over foreign ones, and 
partly because of the need of Zairians to 
survive by their own means in the ab- 
sence of a functioning government. 
Throughout a career that began at 


enemies when be did not kill them out- 
right, and currying favor with Wash- 
ington by allowing his country to be used 
as a base in wars against Soviet influence 
in central and southern Africa. 

But Laurent Kabila's seven-month 
fight revealed Marshal Mobutu's army 
to be toothless and his government an 
empty shell. In the end, the undoing of a 
man known as a master calculator re- 
sulted from a long series of costly mis- 


judgmentsofasici! 
and aeing politi- 


and aging politi- whom Marshal 

cian well past his Challengers often paid Mobutu had pub- 

^Marshal wi* lives, like four JSl? sojSxT 1 spS- 

Mobutu’s ascent former cabinet ministers tarors. 

began in Septem- ... As an unnustak- 

ber I960, at the who Were publicly hanged. able Mobutu style 

dawn of Zaire's in- began to emerge in 

dependence, when the late 1960s and 

he seized power during quarrels between early 1970s, it became clear that the 
President Joseph Kasavubu and Patrice Zairian leader's ambition was to fashion 
Lumumba, the country’s first prime a great African state. 


sputtering rebellion led by one Laurent 
Kabila refused to die. 

Marshal Mobutu ordered the creation 
of a sole, powerful political party, the 
Popular Revolutionary Movement, 
making membership obligatory for ail 
Zairians. 

With time, the president's style of rule 
became both insular and absolute. Chal- 
lengers, both imagined and real, often 
paid with their lives, like the four former 
cabinet ministers 
” whom Marshal 

ten paid Mobutu had pub- 

... n licly hanged be- 

s, like four {o 4 50 , 00 ) spec- 

t ministers taiors. _ 

. As an unnustak- 

licly hanged. able Mobutu style 

began to emerge in 

the late 1960s and 
early 1970s, it became clear that the 


minister. Joseph Mobutu, a journalist 
and army sergeant, was picked by Mr. 
Lumumba as chief of staff and prodded 
toward the center of the political stage by 
the U.S. Central Intelligence Agency. 

During the early independence years, 
the CL4 called most of die shots in Zaire. 
Although he has always denied it, many 
scholars believe that Marshal Mobutu 


Marsha] Mobutu began to study other 
dictatorships, drawing freely from 
them. 

Mobutism became the new national 
ideology, and since a constitution writ- 
ten to please him provided the president 
unlimited powers. Marshal Mobutu's 
words took on the force of law. 

By 1970, with the mineral-based 


helped organize the 1961 execution of economy growing fast. Marshal Mobutu 


Mr. Lumumba at the urging of the CIA. felt secure enough in his rule to make 
When Marshal Mobutu finally seized known his grandiose vision for Zaire. At 
power outright, on Nov. 24, 1965. after an extraoidinary party congress that 
American help enabled him to extin- year, he announced a bid for national 
guish a series of regional uprisings by greatness called Goal 80. 


followers of Mr. Lumumba, he wasted 
little time putting his stamp on Zaire. 

By Zairian standards. Marshal 
Mobutu's early years in office were a 


Mirroring Mao’s disastrous Great Leap 
Forward, die plan consisted of a 10-year 
program ro doable copper production, 
industrialize the country with steel mills 


and deep-water ports, and undertake a 
program of huge investments in Kin- 
shasa, Kisangani and around the southern 
mining capital. Lubumbashi. 

The largest project of all was the Inga 
dam. at the time one of the world's 
largest hydroelectric dams, followed by 
the 1 .800 -kilo merer- long Inga- Shaba 
power grid, a direct current line span- 
ning dense forest and empty savanna on 
its route to the copper-rich, indepen- 
dence-minded Shaba Province, which 
Marshal Mobutu's project aimed to 
make dependent upon electricity sup- 
plied from far away. 

When the World Bank refused to fi- 
nance the project, the U.S. Export-Im- 
port Bank stepped in, in a gesture of 
political support for a man considered to 
be a vital Gold War ally. 

In 1973, Marshal Mobutu announced 
a policy of expropriating farms and busi- 
nesses owned by non-Zairians. As might 
have been expected, the nationalizations 
and handing out of businesses to po- 
litically selected Zairians were initially 
deeply popular. It was not long, 
however, before things began to go 
badly wrong. With almost no prior ex- 
perience in the businesses they inherited, 
many Zairians quickly sought to lure 
foreigners back to run them in their 
place. Others simply sold off their goods 
and failed to re-stock. 

Soon Zaire's economy was near col- 
lapse. One group of people, however, 
benefited far more than others, and in 
lasting ways from the Africanization 
program: Mr. Mobutu and a small circle 
of relatives and friends. 

It was nor until the collapse of copper 
prices, in the mid-1970s, that Marshal 
Mobutu reluctantly began to change 
economic course. 

But by then, no one would lend to 
Zaire any longer, foreign aid programs 





11* Associated Pl*o 

Better days: Lieutenant General Joseph Mobutu of the Republic of the 
Congo (as he was then) visiting President Richard Nixon at the White 
House in 1970, at a time the cult of Mobutism was just beginning. 


were cut back sharply, inflation ■ was 
galloping and the grand state that he had 
set out to build began to decay. 

Marshal Mobutu survived a series of 
crises, the most serious of which were 
invasions of Shaba Province in March 
1977 and May 1978 by remnants of the 
Katangese rebel force that had sought 
independence for that region shortly 
after independence. 

The two Shaba invasions, both moun- 
ted from Angolan territory, quickly re- 
vealed the battlefield ineptitude of the 
Zairian Army, and in both instances, 
foreign troops had to be summoned to 
put down the rebellions. 

In addition to the mineral wealth of 
Shaba, with 80 percent of the world’s 
cobalt reserves and 20 percent of its cop- 
per supplies, Marsha] Mobutu won back- 
ing from Washington, which had been 
using Zaire as a weapons supply and 


ZAIRE: Mobutu, Beaten, Flees Kinshasa 


Continued from Page 1 

weakened him in recent weeks, just as 
the war has reached its peak, many for- 
eign diplomats say that they expect Mar- 
shal Mobutu's health will soon fail 
him. 

Mr. Mulumba added that the govern- 
ment; would continue discussions with 
the rebels over new political arrange- 
ments for the country, and said ibnr the 
constitution empowered the newly elect- 
ed head of the National Assembly to lead 
future negotiations. 

The true import of the day’s events, 
however, came in statements from the 
country's high command, which made 
clear that die defeated national army had 
no intention of fighting the rebellion any 
longer. 

“It is not military means that we 
lack.” said a Defense Ministry official. 
“But Genera] Mahele does not want to 
sacrifice a whole people because of a 
battle for the power of a single man.' 
Thar’s over.” 

General Mahele Lioko is the chief of 

Swiss Order Freeze on Villa 

Reufers 

GENEVA — Switzerland 
ordered a freeze Friday on a multi- 
millioo-dollar villa of Mobuto Sese 
Seko. It stopped short, however, of 
ordering a freeze on other Mobutu 
assets estimated to total $4 billion. 

The government said a request to 
do so by a Zairian prosecutor did not 
contain enough detail on other al- 
leged Mobutu assets and “feu- five 
moment, does not allow the possible 
adoption of other measures.” 


staff, deputy prime minister and defense 
minister of Marshal Mobutu’s army, and 
was one of three top generals, including 
the prime minister. Likulia Bolongo, 
who visited with Marshal Mobutu late 
Thursday to inform him that they could 
no longer defend the city or protect him. 
Western diplomats said the generals, in- 
cluding the commander of Marshal 
Mobutu's Presidential Guard, then 
urged the president to leave doe coun- 
try. 

Western diplomats said that Zaire's 
top generals had already begun to make 
contact with the rebellion, and were pre- 
paring “to open the city” to Mr. Kab- 
ila's forces. 

News of Marshal Mobutu’s departure 
spread slowly about Kinshasa on Friday 
morning, and life in the capital was 
virtually normal through most of the 
day. 

Diplomats and Zairian officials ex- 
pressed optimism that the day’s events 
had gone a considerable ways toward 
lessening the risk of an explosion of 
violence in the city. 

“All of the measures we have been 
taking are intended to make the pop- 
ulation feel secure, and not at all to fight 
a war," a Defense Ministry official said. 
“We are doing the best we can to give a 
chance to tire negotiations.” 

The form that fiiturenegotiations with 
the rebellion will take remained uncer- 
tain, however. Mr. Kabila has repeatedly 
said that he would not accord any role to 
Archbishop Laurent Monsengwo, the 
bead of Parliament, and would refuse to 
work with any politicians who had been 
allies of Marshal Mobutu. 

Before the South African-led talks 
between Marshal Mobutu and Mr. Kab- 
ila broke down, diplomats had hoped to 



Sillllup- 4««o/Thr Vworiilni Plrw 

An Egyptian Embassy limousine from Kinshasa aboard a ferry taking Zairians to Brazzaville, Congo. 


get both sides to accept a Sooth African 
proposal for the formation of a new 
government, led by Mr. Kabila but al- 
lowing for broad representation of other 
political parties. 

For his part, Mr. Kabila has said that 
he will form a “responsible govern- 


ment,' ’ dial will rule a minimum of two 
years before holding what he recently 
called “popular elections.". 

■ Clinton Calls for Democracy 

President Bill Clinton said Friday that 
he looked forward to a transition to 


$ CALIFORNIA: Polluted Valley Thirsts to Refill the Lake That Los Angeles Diverted 


Continued from Page I 

agers with feudal overlords, quite cap- 
able of retribution against detractors 
who are their tenants. 

Regardless, as required by the En- 
vironmental Protection Agency and the 
Clean Air Act, the air-pollution-cootrol 
managers of the Owens Valley and Inyo 
County are pushing ahead with a plan to 
force the water department to pay for a 
huge mitigation project. 

During the days when great dust 
storms blow, off O.wens Dry Lake, the 
surrounding towns are subjected to the 
highest pollution counts for * ‘particulate 
miner” in the United States. The fu- 
gitive dust, as fine as talcum powder, can 
lodge deep in the lungs, where it is 

Envoy’s Effort 
Fails in Mideast 

New York Times Service 

JERUSALEM — An American 
envoy’s attempt to revive dead- 
| ]ocked calks between Israel and the 
* Palestinians endfed with no signs of 
progress Friday, and both rides de- 
clared that they were no closer to 
resuming negotiations. • . 

Dennis Ross, the Clinton admin- 

istradon-s special 
Middle East was scheduled to head 
home Friday night winding up a 
nine-day visit that officials said had 
done little more than enable Israelis 
and Palestinians to air their widely 

divergent views. 

“Ross’s mission has faded com- 
pletely,” said Marwan Kanafam, a 
spokesman for Yasser Arafat the 

Palestinian leader. 

Mr. Arafat was to bold a final 
meeting Friday night with Mr. Ross 
before his departure. 

An Israeli cabinet statement sato. 
“The Prime Minister delivered a 
. report to the ministers that nem» 

| no real progress in the contacts be- 
1 [ween us afid the Palestinian Au- 

* Prime Minister Benjamin Netan- 
yahu also held a last meeting with 
Mr. Ross on Friday. 


capable of causing numerous respiratory 
illnesses. • 

"The hacking, coughing, sneezing,” 


— to refill a portion of the lake. The 
estimated construction costs for the proj- 
ect are approaching $100 million, plus 


Mr. Patterson said. "You can Feel ir $28 million a year — forever — topur 
pettine into vour limes.” chase new water. The deadline is 2001. 


getting into your lungs.” 

When die storms begin, Mr. Patterson 


sources for the department, said the de- 
partment would ask for an independent 
scientific panel to be set up and request 
more testing, which would fake about 
five years. If the department was not 


said, people stay indoors and sometimes a retired water department manager now 


“They broke it,” said Richard Knox, happy with the results and plans after 


wear dust masks or bandannas over (heir 
mouths when they must venture outside. 
To settle the dust, the Owens Valley is 
demanding that the water department 
spread thousands of tons of gravel on the 


lake bed, enough to fill 175,000 trucks without a fight 


living in the Owens Valley, “so they 
ought to fix it. That's the American 
way." 

But the department is not going to 
give up a drop of the precious liquid 


that time, it would go to court. 

Theodore Schade, the projects man- 
ager for tiie Great Basin Unified Air 
Pollution Control District, the agency in 
the Owens Valley pushing for the mit- 
igation efforts, said Los Angeles was 


jgatian efforts, saic 
‘ r in denial." 


ana cover 5,000 acres (2,000 hectares). 

The water department also would be 
required to plant 9,000 acres of salt grass. 
Finally, h would be forced to give up 


Los Angeles water managers have 
said they do not think the dust storms are 
that harmful to health. In any case, the 
water department says it does not believe 


millions of gallons of precious water — the mitigation efforts will work, 
about 10 percent of Los Angeles's supply Jerry -Gewe, engineer of water re- 


ASIA: OverbuiMingPuts GrowthatRisk Beyond the money, Mr. Gewe said he 

^ was unhappiest about giving up so much 

Continued from Page 1 150,000 square meters, are running at water. 

more than 12 percent and rising. The water department provides water 

Vincent Low, an economist in the Singa- • Only half of the projected 12,000 for 3.6 mil lion people, who use about 
core office of JP. Morgan, said thai with private residential units that are expec- 200 billion gallons (750 billion liters') a 


Vincent Low, an economist in the Singa- 
pore office of JP. Morgan, said thai with 


Mr. Schade added: “It's not optional 
to obey the Clean Air Act. It's not polit- 
ical. It's the law.” 

Mr. Schade admitted that the solution 
his agency was proposing was not per- 
fect Ideally, he said, the'agency would 
like to refill the lake. But he said it was 
impossible to wring that much water 
from Los Angeles. 

Beyond the money, Mr. Gewe said he 
was unhappiest about giving up so much 
water. 

The water department provides water 


squeezed by the diminishing value of 
property held as collateral for loans, reg- 
ulators in other Southeast Asian countries 
“have legitimate concerns about their 
banks’- exposure to real -estate lending." 

Worries about Asian overbuilding are 
not confined to Southeast Asia. Among 
other Asian cities, Shanghai, Beijing and 


private residential units that are expec- 
ted to come onto the market in Singapore 
in 1997 are likely to be sold, leaving a 


year. The city takes more than half of 
that water from the Owens Valley. If it 


backlog of more than 16,000 unsold must replace water used to refill Owens 


units by-die end of the year. 

' Analysts said that until demand 
caught up with supply, prices and rents 
for office, retail and up-market con- 
dominium units were likely to continue 
to fall hi Southeast Asian capitals and 


Lake from the open market, it will have 
to buy" it from the Colorado River or 
Northern California, which would raise 
water rates for Los Angeles users about 
10 percent, Mr. Gewe said. 

Mr. Gewe added. “Without imported- 
water, eight of every 10 people living in 
Los Angeles would have to leave. 1 ’ 


democracy in Zaire, The Associated 
Press reported from Washington. 

“It does appear he has left Kinshasa,” 
Mr. Clinton said of Marshal Mobutu. 
“The U.S. position is clean We want to 
see a transition to a genuine democ- 
racy." 


BBC Says Inquiry- 
On Chunnel Blaze 
Has Found Arson 


The Associated Press 

LONDON — A BBC report says 
French investigators have con- 
cluded that a fire that closed the 
Channel Tunnel last year was start- 
ed deliberately. 

British Broadcasting Corp/s 
Newsroom Southeast program 
quoted sources that it said it could 
not identify. 

The fire broke out Nov. 18 in a 
shuttle train carrying freight trucks 
from France to England. A report by 
safety experts in Britain this week 
criticized the emergency proce- 
dures of Eurotunnel, but made no 
finding on the cause of the fire. 

In France, the state prosecutor in 
Boulogne-sur-Mer, where the inves- 
tigation is based, said the report h3d 
not been leaked by judicial sources. 

"I don’t know where this infor- 
mation is coming from, but it’s not 
from judicial sources,” the pros- 
ecutor, Gerald Lesigne, told the 
daily Voix du Nord. 

A Eurotunnel spokeswoman, 
Anne Leyva, said she had not seen 
the results of the French investi- 
gation and could not confirm or 
deny the BBC report. The prelim- 
inary findings of the investigation 
are due to be released next week. 


Bombay also are considered to have far some construction projects would be water, eight of every 10 people living in inary findings of the invesugafii 
too much office and luxury-apartment canceled or deferred. Los Angeles would have to leave 1 ’ are due to be released next week. 

space either on the market, under con- ■ 

struction or planned. . 

wm^staSTy 3 ^ feu BLAIR: London Drops Ban on Meeting With Sinn Fein Leaders 

sharolv providing a welcome cut in 

costs for many foreign businessmen. Continued from Page 1 until the IRA restored its cease-fire. Res- and fraught.’ Mr. Blair said. T 


costs for many foreign businessmen. Continued from Page 1 until the IRA restored its cease-fire. Res- and fraught.” Mr. Blair raid. “ There 

Siens that building construction will toration was Mr. Blair’s aim Friday. may be only one chance given to a new 

outstrip demand in Southeast Asia if periodic rioting. An 18-month “cease- Mr. Blair, with a large Labour majority government to offer a way toward. Our 
Dlanned protects go ahead include these: fire,” the brightest days ' in modem in Parliament, has considerably greater very newness gives possibilities. But 
v » Office soace in Kuala Lumpur is set Northern Ireland history, ended when political flexibility on Northern Ireland governments are not new forever. 

Ul1 * _ 1 . tfAA AAA m A l_t __ .CC. _ Zw Ikcmac than rtirl Mi* Mnirv itif vuro minAMha “TTiam OfP TlTTl^C U/nPfl fft PJlIrinflfP 


to rise from less than 500,000 square 
meters (5.4 million square feet) m mid- 
1996 to about 2 million square melers by 
mid-1 997, and retail shopping space is to 
more than double by [998; 

• Office space in Manila will more 
than double by 1998, to more than 

730,000 square meters- 

• Vacancy rales in Mima, where of- 


the IRA blew up an office complex in issues than did Mr. Major, whose minority “There are rimes when to calculate 
London in February 1996. government was dependent on unionist rite risks too greatly is to do nothing: 

Afterward, Sinn Fein was banned members of Parliament to win important there are times, too, when a political 

from multiparty talks is Belfast chaired votes. On the oiher hand, British public leader must follow his instinct about 

by a former U.S. senator, George opinion generally remains hostile to Shm what is right and fair. 

Mitchell. Those negotiations began last rein and to the ERA. a hostility inlensified “Our destination is clear, to see in 
June but have never gotten past pro- because of continued IRA bombings and place a fair political settlement in North- 


ii Viii ijiuiuufluv UuM in ugiuui vimiiw - — — j c ■ 

by a former U.S. senator, George opinion generally remains hostile to Shm what is right and fair. 

Mitchell. Those negotiations began last Fein and to the ERA. a hostility inlensified “Our destination is clear, to see in 
June but have never gotten past pro- because of continued IRA bombings and place a fair political settlement in North- 
cedural discussions. The governments of disruptions on the British mainland during em Ireland — one that lasts, because it is 


Britain and Ireland have remained firm the general election campaign. 

• _ i* , . it n* v 1 l \l/a Irnoiti tba eihiof inn 


fice space will nearly double by 1 999 to in refusing to allow Sinn Fein to take part " We know the situation here is fragile 


based on the will and consent of the 
people here.” 


staging area for support of the anti -Com- 
munist UNIT A rebel movement fighting 
the Marxist government in Angola. 

With the end of the cold war, Marshal 
Mobutu's relevance to Washington and 
most of the West declined sharply. 

Marshal Mobutu experienced a brief 
return to international relevance with the 
1994 civil war and mass killing in 
Rwanda. More than a million Hutu, many . 
of them participants in the killing of mem- 
bers of the Tutsi minority, fled into Zaire 
after Tutsi insurgents seized power. 

The end for Marshal Mobutu came 
with surprising speed, after Rwanda's 
Tutsi-led government supported an up- 
rising by Zairian Tutsi who had come 
tinder attack in eastern Zaire. 

In three weeks in October 1996, what 
had been a Tutsi uprising turned into a 
full-blown political rebellion against 
Marshal Mobutu led by Mr. Kabila. 


CHIRAC: 

Conciliation in China 

Continued from Page 1 

record at the United Nations Human 
Rights Commission in Geneva. 

France’s decision in April was joined 
by Germany, Italy and Japan, leaving 
Denmark among the smaller European 
nations to co-sponsor with the United 
States a resolution criticizing China for' 
its persecution of religious and political 
dissidents. The resolution was defeated, 
as it has been each year it has been 
brought before the body. 

Mr. Chirac’s comments were signif- 
icant in that they reflect the fatigue in the - 
resolve that was galvanized eight years 
ago in the aftermath of the Tiananmen> 
massacre to use sanctions and other pres- 
sure to win the release of thousands of. 
political prisoners here. 

Many political prisoners have been' 
released since 1989. but many more are 
incarcerated each year, including bish- 
ops, priests and other religious leaders. 

The president’s remarks also reflect' 
domestic political pressures in France, 
where a sluggish economy and persistent: 
unemployment have forced political lead- 
era to pursue a more aggressive marketing 
strategy in international trade, while mot- , 
ing concerns about human rights. ’ 

But the French reversal, and Beijing’s . 
economic inducements, also demon- - 
sfrate the success of a larger diplomatic 
effort by China to divide and conquer its-, 
international critics. 

By pursuing a closer “strategic part-! 
nership” with Russia, and by opening far 
markets to German, French and Jap-, 
anese technology firms, China has 
gradually undermined the coordinated 
international effort, led by the United- 
States, to pressure Beijing to end -some ; 
of the harsh measures that have char- ■ 
acterized hard-line rule since 1989. ' 

Internal Communist Party documents i 
circulating among Western intelligence • 
agencies indicate that Beijing’s strategy 
has less to do with forging genuine “stra- 
tegic” alliances against Washington, and 
more to do with creating maneuvering 
room for a weak government in Beijing 1 
that is seeking to consolidate its power" 
after die death of Deng Xiaoping. 

Mr. Chirac, speaking at a news con- 
ference, saluted “die spirit of Bench ■ 
conquest” and "combanveness” in the ’ 
international marketplace. He asserted ■ 
that Paris's more conciliatory approach ' 
already was paying dividends with the ■ 
pledge by President Jiang Zemin that • 
China would sign one of two UN cov- 
enants on human rights before the end of • 
the year. 

It appears that Mr. Chirac, in his meet- - 
ing with the Chinese president, did not 
mention the cases of prominent dissi- 
dents, such as Mr. Wei and Mr. Wang. 
But he saicl that their cases were raised ‘ 
during a meeting of foreign ministers. 

He said he was convinced that in- 
ternational pressure on China was “not • 
advancing the cause of human rights” 
and should be replaced by a policy of 
“exchanges and consultation.” 

His hosts seemed ecstatic ar the roue of 
these comments, and in a joint statement 
they declared a ‘ "global partnership” and 
welcomed a new world order of “mul- 
tipolarity that is replacing die bipolar 
structure inherited from the past” This 
language was similar to that issued by 
Chinese and Russian leaders last month, 
when Mr. Jiang went to Moscow. 

Mr. Chirac refused to say whether 
France was preparing to break one of die 
last remaining international Sanctions on 
China — the ban on weapons sales to 
Beijing. “This is not a topical ques- 
tion,” he stated, adding that France 
would, however, abide by its commit- 
ment not to sell weapons to Taiwan. 

The sale of 60 advanced Mirage fight- 
er-bombers to Taiwan in 1992 triggered 
a major rupture between Beijing and 
Pans and put Paris at a disadvantage in 
trie competition for lucrative contracts 
on the mainland. 

With this four day stare visit, on which 
accompanied. by some of ! 
France s leading industrialists, Mr 
Chirac seems determined to make'uo for ; 
those losses. K 1 

“Banfce doesn'r felly ha v e the place it 

deserves here,” he said on his anivaL i 


■ . {„ «> !• • m 1 111 ,1] • 

•■*>-" .j- 1 ; r 





international herald tribune 

SATURDAY-SUNDAY, MAY 17-18, 1997 
PAGE 8 


Money Chasing Status : A Historic Week 


International Herald Tribune 

N EW YORK — A historic 
week came to an end 
Thursday as Christie's 
“minor" sale of Impres- 
sionist and Modem An added an- 
other S21 .87 million to the $1 19.86 
million spent Wednesday night — 
bringing Christie's total sales in just 
four days to $234.52 million. Add 
$ 1 00.5 million chalked up by Sothe- - 
by's. and the conclusion that money 
was flowing into the art market from 
every side seems obvious. 

But there was a lot more to the 
historic week than money. The 
whole market has been transformed 
from the way it operates to die aes- 
thetic criteria that increasingly 
guide our society and, therefore, 
determine prices. 

A new aesthetic relativism was 
made startlingly obvious in 
Christie’s auction of 29 works col- 
lected by the late John and Frances 
Lehman Loeb. Greeted with the 


SOUREN MEUKIAN 


usual piece of hagiography when 
auction houses are eager to enhance 
an assemblage with a private 
provenance, the Loeb collection 
was a mixed bag. Never before in 
auction house annals had kitsch 
genre scenes by cafe society paint- 
ers. such as Giovanni Boldini and 
James Jacques Joseph Tissot. hung 
side by side with Manet, Cezanne 
and Seurat at their boldest. 

Not too long ago, the contrast 
would have killed Boldini and Co. 
This week ir most certainly did not. 
Boldini 's 1873 watercolor. "La 
Lettre." showing a woman decked 
out in the height of fashion and strik- 
ing an affected posture as she reads a 
letter tripled its highest estimate and. 
at S255.500, set a new record for a 
work on paper by Boldini. Seconds 
later. Tissot’s quasi-photographic 
portrait of another woman that 
seemed to step out of a fashion 
magazine with little else to recom- 
mend it whizzed to $1.87 million. 

Then, without transition, die auc- 
tion sailed into the ultra avant-garde 
ait of that time with one of Georges 
Seurat's small sketches done in oil 
around 1884-1885 for“Undirnanche 
a la Grande Jane. ’ ' Painted in quickly 
juxtaposed color dots that transcribe 
the shimmer of light on grass and 
water, it borders on abstraction. 

The sketch shot up to $1.54 mil- 
lion. There is no common artistic 
ground between the Tissot and the 
Seurat, but they do have one com- 
mon denominator. Both project 



Hebuteme in markedly contrasting 
colors made $9.5 million, and Gust- 
av Klimt's "Litzlbergerkellex on 
Lake Atter," a symphony in greens 
with the ixm ensconced in the midst 
as a magic focus, brought it all to a 
climax with a record $14.7 million. 

Yet this was no blind outpouring 
of money. The criteria, however 
curious, prevailed. Mediocre paint- 
ings if highly legible made it 


Braque's ectoplasmic rendition of a 
“Reclining Nut 


Cezanne portrait of his wife, which sold for $19.7 million ; Manet self-portrait, $18.7 million. 


strongly defined images of their 
own aesthetics and that, in the age of 
sound bites, is the new passport to 
commercial triumph, as was shown 
throughout the Loeb sale. 

This applied even to the greatest 
works. Manet's self-portrait is the 
artist's starkly archetypal likeness. 
There is no concession to costume 
picturesque or background ornament 
Everything is in die haunting intens- 
ity of the dear scrutinizing eyes. At 
$18.7 million, it became Manet's 
most expensive portrait ever. 

Toulouse-Lautrec's portrait of a 
seated ballet dancer vwth her face 
robbed of its freshness by heavy 
makeup may have lacked the bite of 
his more acidic essays in human 
observation. But the typical nervous 
strokes and the strident colors gave 
it the required badge of identific- 
ation. It went for a phenomenal 
$14.5 million. 

Perhaps the most interesting test 
was Cezanne's dour portrait of his 
wife posing in an armchair, hands 
crossed in frozen boredom. 

It is not quite Cezanne at his 
greatest but few such portraits are 
left. Ernst Beyeler, one of the greatest 


dealers in 20th-century art, wanted to 
hang one in his museum, die Beyeler 
“fondazion," which is scheduled to 
open in Basel on Oct. 16. The price: 
$29.7 million. 

That the instantly identifiable im- 
age mattered more titan artistic 
achievement was'repeaiediy demon- 
strated Renoir’s standing nude wom- 
an, which qualifies as a sleek essay in 
ornamental eroticism, cost a breath- 
taking $422 million — more than 
Gauguin's vastly superior still life 
($3.4 million) — to say nothing of the 
one giveaway in that sale, a beautiful 
vase with flowers by Odilon Redon 
that could be had for $288,500. Not 


diocrity was fatal only when com- 
pounded by an uncertain image. Sis- 
ley's view- of the Sevres Bridge, 


painted in a nondescript style, could 


have been the work of any Impres- 
sionist It remained unsold. Not one 
bid was elicited by Gauguin's 1888 
landscape with ducks in a pond al- 
though works from the artist's Pont 
A ven period are now rare. Hie un- 
focused view was too confused 
Similar mishaps befell Cezanne's 
sketch of three women in the nude 
and a brownish Degas pastel of a 
woman combing her hair. 


the art market could identify an Odi- 
lon Redon still life, let alone one in 
oils rather than in pasteL 

On Tuesday night. Sotheby’s 
conducted a very different sale. The 
expert, Alex Apsis, had made a vis- 
ible effort to concentrate on major 
masters and it paid off with a hand- 
some $8 1 .3 million. Inevitably, me- 
diocre works had crept in here and 
there. 

Interestingly, however, me- 


B Y contrast, all the big 
scores could be read from 
10 yards away. A striking 
close-up view of three bal- 
let dancers by Degas — remarkable 
for its sculptural quality, the strong 
shading of its figures lightened by 
the pink and mustard yellow of the 
costumes — set a record for a pastel 
by die artist at $11 million. A highly 
structured composition of gladiolas 
by Renoir with strong colors and a 
fiery movement more than doubled 
the highest expectations at $3.6 mil- 
lion. Modigliani’s portrait of Jeanne 


rude" sold for S1.87 
million, and Picasso's “Woman in 
an Armc hair ," in a comparable 
schoolboyish cartoon vein, went for 
the same price. On the other hand, 
true masterpieces, rare, long out of 
the market, but alas painted in del- 
icate nuances, wont unsold. The 
most extraordinary failure affected 
one of the most beautiful pastels 
seen at auction in years: a Degas 
showing three dancers. This was a 
centerpiece in the 1984 Degas show 
at the Art Institute of Chicago. 

Although it was sold by the in- 
stitute in May 1990 for $4.9 million, 
it found no taker this time at 54.7 
million. Its subtle light, acontrejour, 
probably meant little to viewers at- 
tuned to the glaring colors of the 
contemporary world Monet’s won- 
derful “Pont Japonais,” reworked 
in 1924 by the artist to get the de- 
sired shades of dark and tight green 
enhanced by a few red dots, was also 
left stranded Despite the $8 1 .3 mil- 
lion spent that night, professionals 
understandably felt edgy as the spot- 
light switched back to Christie's on 
Wednesday nighL 

They need not have worried The 
clearly-defined image factor work- 
ing better than ever, the sale chalked 
up $131 million in two hours. 

Renoir's nude woman standing in 
shallow wafer could have run into 
trouble. A printed sign indicated that 
Christie's had an interest in the sale. 
No one seemed to mind the rumor 
that it had recently returned from 
Japan, changing hands at S6 million. 
At $12.4 million, it exceeded the 
wildest hopes. 

Later. Brancusi's “Mademois- 
elle Pogany IL” a polished bronze 
head teetering on abstraction, of 
which four other casts are preserved 
in various institutions, became the 
third most expensive Brancusi at S7 
million. The sale was not short on 
mediocrities either. 

Yet, few seemed to be perceived 
as such. Rarely did the pressure of 
overabundant money in search of a 
cultural status badge make itself felt 
so unambiguously in a world barely 
concerned by the art as such. 




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Two panels from Kaiser’s 50-meter portrait of Japan 


The Landscapes 
Of Raffi Kaiser 


By Michael Gibson 

International Herald Tribune 


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P ARIS — In February 
1987, Raffi Kaiser 
landed in China car- 
rying a rucksack and a 
hefty supply of drawing pa- 
per. For six months he 
traveled through mountain- 
ous parts -of the country, in- 
cluding two months working 
his way down the Li River, 
drawing constantly. On his 
return to the West, he pro- 
duced one more drawing. It 
was an extraordinary one, 50 
meters (165 feet) long, which 
.captured the essence of what 
he had seen in China, and was 
exhibited in the Musee 
Guimet in Paris in 1990. 

' In* 1991. Kaiser did much 
the same thing in Japan, 
where he spent a year, making 
his way down the mountain- 
ous spine of the land, seeing 
few people, but communing 
with some breathtaking land- 
scapes. This time too. he chew 


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both on the spot and on his 
return home. The result, in 
addition, to the drawings 
made during the journey, was 
another 50rmeter landscape 
chawing, which is currently 
on view at Les Filles du Cal- , 
vaire gallery (17 Rue des?* 
Filles du Calvaire). through 
May 30. 

Kaiser, bom in Jerusalem 
in 1931, studied art in Tel 
Aviv, Paris and Florence. 
After numerous exhibitions' 
both in Israel and abroad, be 
determined to escape from 
the consumer society, fore- 
swore the use of color and 
withdrew into the Negev 
desert in 1978, spending three 
years drawing its landscapes. 

Wrapped around the wall of 
the upper floor of the gallery, 
the great landscape (hawing 
resulting from fus Japanese 
journey is an impressive ac- 
complishment. It does not so 
much suggest a panorama as it 
does a long journey through a 
constantly changing land- 
scape whose shifting perspect- 
ives unfold as one moves on. 

When Kaiser presents it in 
his studio, he displays the 
sheets on which it is drawn 
(1.5 meters high by 1 meter 
wide), three at a time, gradu- 
ally rotating them so that the 
viewer can sense the continu- 
ity. 

The pen runs across die 
page like a seismograph, its 
motion alternately evoking 
large, ominous crags and thinT 1 - 
immaterial crests which run, 
uphill and down, across an 
otherwise white page like 
notes on some monumental 
orchestra] score. 


CO. Argentina 

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PAGE 9 




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Messy Latin Divorce 
Splits Ford and VW 

U.S. Company Bet on the Wrong Cars 



By Keith Bradsher 

Afar York Times Sen-ice 


t «Tk CHECO * ^entina — Suppor- 
ted by concrete posts and topped with 
five lines of barbed wire, the chain-link 
fence agzags through the heart of what 
us ®~ to f blossoming automating 
partnership here. 6 

On one side of the fence are the 
operations of Ford Motor Co., on the 
other side those of Volkswagen AG 
now divided by a nasty corporate di- 
vorce—a case study of the difficulties 
in breaking up a big-company joint 
venture. 

Ford’s basic mistake, its officials 
now acknowledge, lay in assuming 
that a marriage made in the late 1980s 
would last indefinitely. 

The union looked good on paper 
The two companies would manufac- 
ture cars together for Brazil and Ar- 
gentina, sharing all the profits and pro- 
ducing no competing models. 

The trouble was that Ford let VW 
make the subcompacts, a model thar 
has since come to account for half the 
region's auto sales, with Ford still 
struggling to catch up. Ford also was 
caught off guard by rapid economic 
changes that turned the once-stagnant 
countries into attractive markets. 

As a result. Ford has endured heavy 
losses in-a region that has become the 
most profitable in die world for rivals 
such as General Motors Corp. and Fiat 
SpA 

“We’ve essentially started over,” 
said Alex Trotman, Ford’s chairman 
and chief executive. “We 're building a 
new company from the ground up in 
Argentina and Brazil," 

Ford and Volkswagen combined 
their subsidiaries in Brazil and .Ar- 
gentina in 1987, when hyperinflation, 
weak growth and a ban on car imports 
had badly hurt sales in both countries. 
Their joint venture, known as Auroiat- 
ina, became highly profitable even in 
this hostile environment by closing 
surplus Ford and Volkswagen as- 
sembly plants and offering aging mod- 
els that were cheap to build. 

The plant here, on the northern out- 
skirts of Buenos Aires, was originally a 
Ford factory, with Volkswagen mov- 
ing in; it is now divided roughly in half 
by a fence even more sturdy than the 
rme that runs around the ontside of the 
complex. 

With Brazil and Argentina banning 
car imports for most of the 1980s. 
Autolatina sold some of the world’s 
stalest models. Midsized Ford Falcons, 
nearly identical to the 1960 U.S. mod- 
el, were made here from 1961 until 
1991. So many of these automotive 


fossils are still on the road that a visitor 
almost expects to see Elvis Presley step 
out of one at any moment. 

But after the debt crisis of the 1980s 
faded away, the Brazilian and Argen- 
tine economies sprang back to life in 
the early 1990s. 

Autolatina, and Ford in particular, 
was caught unprepared. Inflation 
dropped, economic growth increased, 
and car sales soared. 

The import ban was replaced with 
steep tariffs, prompting nearly a dozen 
automakers to start exporting their 
latest models here and begin planning 
new factories. 

Suddenly faced with true compe- 
tition, and reluctant to share the tech- 
nology needed to build their own latest 
models. Ford and VW decided in early 
1 995 to break Autolatina apart. 

That decision was a boon to Volks- 
wagen. which has since produced 
steady earnings while holding onto a 
third of the regional auto market. But 
Fprd's operations emerged from the 
venture in disarray, with much lower 
market shares, mainly because of its 
lack of small cars. Because of the' 
Autolatina breakup. Ford lost a stag- 
gering $645 million in its South Amer- 
ican division last year. 

The moral, as Ford officials see it 
now. is that companies combining op- 
erations should look hard at what 
might happen if the venture later 
comes undone. “Emotionally, you 
know, the last thing you want to do is 
contemplate coming apart,’ ’ said 
Jacques Nasser, president of Ford’s 
worldwide automotive operations. 

Still, he said. “At some stage up 
from, you kind of need to brainstorm 
the conditions' under which the part- 
nership stops providing die added 
value and synergies." 

Roger Stark, a specialist in auto- 
industry joint ventures at Coudert 
Brothers, an international law firm, 
boils down Autolatina’s lesson for oth- 
er multinationals more succinctly: 
“Be careful who you marry, and have a 
good prenuptial agreement." 

The biggest problem for Ford has 
been that almost all the growth in both 
auto markets has come in subcom- 
pacts. particularly the smallest sub- 
compacts, called “popular cars." But 
Ford specialized in midsized cars be- 
fore Autolatina. while Volkswagen 
built mainly smaller cars. 

During die joint venture, the two 
companies made all Autolatina' s cars 
together and shared all die profits. The 
larger cars mostly bore Ford name- 
plates and went to family-owned Ford 
dealers, though, while the smaller cars 
tended to have Volkswagen nameplates 


Market Share 


Before 
40 !° int 

venture During ■ Alter 


V ARGENTINA 


Market Share 



S3 65 ay 89 St S3 55 9 f 
‘First quarter 


ByafiostinoVWtemakftsUbcompacte * 
for the companies' Autotaftia joint • 
venture whte a aiacte teugee cans, Fort- 

ftanbied away marks* share In South 
America's biggest countries. •' 

THEN Feet) took this i960 Falcon de- 
sign, below, from the U-S. and buS it 
In Argentina with very few changes for 
three decades. Ford continued to bu9d 
lha Fateon after becoming partners with 
VW. but consumers wanted smaHer. 
mote modem cars- Fefcon production 
ended hi® t. 

PRODUCED 1*61-91 -49 4JB0B '* ' 

3 99 1 SALES 2.33S • ’ v-. - ’ 


Selc.-e - 
joint 

0 venture Curing After 


83 35 '37 39 91 93 '35 £7* 
'First quarter 


&S; 

The breakup erf the automakers’ partner- 
ship has been a tnbn to Vatewagen, 
wtifcft has prac&jcedsteady samings 
while holding artto&bg share of th$ 
auto market' BrazS and Argentina. 

THEM The Go! {which means 
^otf’inPeRrtegueeeBWi&MxjshjwBa . 
a t* In Breza after ft was redesigned at 
the b^v^flolA«kswag«i*s joint 
venture wBb ForrUn 19E7. safes began 

Salas taxes on tiny ^popdtafcai* with 
1-Ser angjrje^Sta the.1»92 Ori, bafaw. ' 

; ■ vm sales ■. 





vT 



.-’■**>**■: "{in <v*.- 


*»:- v**b., .:.™' 

The New Yorii Time* 


and to go to Volkswagen dealers. 

Ford dealers begged for a small car 
as the Brazilian market in particular 
shifted strongly in the early 1990s. But 
Ford executives were reluctant to 
erode. Autolatina’s profit by develop- 
ing a subcompact from scratch and 
then placing it in competition with 
Volkswagen’s Gol, from which Ford 
was already taking half the profit. 

At the same time, VW officials were 
reluctant to share their subcompact 
designs with Ford for fear that Ford 
would use them in other world mar- 
kets. The result of Ford's decision to 


focus on Autolatina’s profit rather than 
on Ford brand cars was that Ford 
emerged from die alliance with a repu- 
tation for making cars bigger than most 
consumers wanted. 

“Obviously, we should have nur- 
tured our brand better in those years,' ’ 
Ivan Silva, the new president of Ford of 
Brazil, said. “It would be much less 
painful now." 

For then- part, Volkswagen officials 
are delighted with the breakup, having 
retained their dominant market pos- 
ition in Brazil and gained a larger share 
in Argentina. 


ECONOMIC SCENE 


Excess Property Lending Plagues Asia’s Stars 


By Philip Bowring 

Special to the HemM Tribune 




r. JUNE 10. 

Rfn*r -V7 -* 4 ;:V: 

’ '■ In af ti. 


H ong kong — oh, the 

fickleness of markets. Thai- 
land has been plumbing new 
depths. In the Philippines, 
there have been jitters, and in Malaysia, 
concerns that they may someday face 
some of the same combination of credit 
excess, property glut and quasi-pegged 
exchange rates that are at the root of 
Thailand's problem. 

Meanwhile, Hong Kong has been 
soaring to new heights, helped along by 
those blue-ribbon purveyors of received 
wisdom, the rating agencies. 

' Yet Hong Kong is. in fact, showing 
earlier signs of the same illness that is 
affecting Thailand and from which Ja- 
pan is just recovering. This should not 
come as a surprise to followers of Hong 
Kong property and banking cycles. In 
the mid-1980s, the two coincided. But 
the market seems to have forgotten that 
Hong Kong property prices havealways 
been highly cyclical. 


At the recent annual meeting of the 
Asian Development Bank in Fukuoka, 
Japan, the bead of the Hong Kong Mon- 
etary Authority, Joseph Yam, lectured 
his fellow bankers on the dangers of 
excess property lending. Yet many 
would argue that the greatest excess lies 
in Hong Kong itself. 

At present, 46 percent of all bank 
lending in Hong Kong is to property. Of 
its property-related lending, 55 percent 
goes for home mortgages and die rest to 
developers. The property exposure as a 
percentage of the total has been rising 
steadily for a decade, but its rise has 
gathered momentum recently. 

At the same time, total credit in Hong 
Kong is growing much faster than nom- 
inal gross domestic product as a result of 
rapid monetary growth. Money supply 
has been rising at an annual average of 
19 percent over the past four years, 
against 11 percent for nominal GDP, 
and it, too, is accelerating. Over the past 
1 2 months, money supply has grown by 
23 percent, and credit, again led by the 
property sector, by 26 percent 


A big gap between credit and GDP 
growth may be reasonable in a devel- 
oping economy, but not in a mature one 
such as Hong Kong's. 

The reason for the money growth is 
the same one that created Thailand's 
credit excess — capital inflow. In the 
Thai case, this came mainly through the 
offshore banking system, which was 
encouraged by interest-rate differentials 
and the assumed stability of the baht- 
doUarlink. In the Hong Kong case, it has 
been due mainly to the flow into equity 
markets. Thanks to Hong Kong’s cur- 
rency and interest-rate link to the U.S. 
dollar, the market has been following 
Wall Street’s boom very closely. 

Some hot money from China also has 
swelled the money supply. 

The surge in money has been chasing 
the lowest level of new residential prop- 
erty supply since the early 1970s. 
Clearly, this is not a situation akin to 
Thailand, where problems have been 
caused by a supply gluL But as Japan 
and Britain discovered not so long ago, 
property price booms can collapse of 





their own weight without being pushed 
by a supply suige. 

As in Japan, Hong Kong's bubble has 
been created by a combination of excess 
credit and an artificially created land 
shortage. 

But how can it be sustained? Hong 
See HONG KONG, Page 13 


Asian Banks Ease 
Currency Turmoil 

Stock Markets 
Suffer a Loss 
Of Confidence 


Speculators 
Are Deprived 
Of Key Funds 


Bloomberg Neves 

SINGAPORE — Although South- 
east Asian central banks managed to 
fend off speculators attacking their 
countries' currencies this week, die 
damage to stock markets could last for 
months. 

“In the next three months, we’re not 
too excited about the markets," said lan 
Lui of Dresdner (SEA) Thornton Asset 
Management. “Confidence is lost by 
foreign investors." 

After raising interest rates twice 
Thursday, the Philippine central bank 
shoved a key interest rate up to 20 
percent Friday from 13 percent. Thai- 
land drove short-term interest rates as 
high as 25 percent Thursday and cut off 
the supply of baht abroad to keep the 
currency out of the hands of speculators. 
Malaysia also raised a key interest rate 
to its highest in 1 1 months. 

High interest rales help a country's 
currency as investors buy it so they can 
park their money’ in dial country’s 

Hewlett-Packard's results send 
UJ5. blue chips tumbling. Page 10 

banks. But higher interest rates also 
make it more expensive for companies 
to borrow, which slows the economy 
and hurts their stocks. 

Most stock markets in the region Fri- 
day continued a slide begun this week 
with the sudden collapse of the Thai 
bahL The benchmark stock index in the 
Philippines fell 2. 1 percent to its lowest 
point in 17 months, and the index in 
Thailand fell 0.6 percent, approaching 
an eight-year low. 

Investors fear that the worst is not yet 
over in Thailand, where the slowest 
growth in a decade, weak exports, a 
bloated real-estate market and a moun- 
tain of bad bank loans make the baht 
only the latest problem. 

‘‘Short term, sentiment is obviously 
poor," Michael Urn of Prudential Port- 
folio Managers (Asia) Ltd. said. “The 
currency situation still dominates." 

The dollar surged to a high of 25.93 
baht Wednesday, but the baht recovered 
strongly Thursday, sending the dollar 
down to 25.40 bahL The dollar reboun- 
ded to 25.85 baht Friday 

The show of solidarity this week to 
bolster the baht — the first test of an 
agreements signed in 1995 between 
Asian central banks — brought together 
central banks in Singapore and Hong 
Kong to buy baht with the Thai central 
bank. But there is a question how long 
they can keep it up. 

“If you look at past interventions, it 
can’t last for more than two or three 
days," said Tay Chuan Wei. a senior 
trader at Bank of Boston in Singapore. 

. Yet if Thailand gives in and devalues 
the bahL it will hurt Thai companies that 
have borrowed jn foreign currencies. 


CcmfUrdhy OurSv&Frvm DepUthes 

SINGAPORE — Central banks ap- 
peared to have gained the upper hand in 
Southeast Asia's currency war Friday as 
speculators who had aggressively sold 
the region's currencies found them- 
selves deprived of short-term funds. 

Sim Moh Siong. a regional economist 
at Citibank in Singapore, said the supply 
of funds had essentially dried up In 
regional currency markets because of 
fears that others would follow the Thai 
central bank's restrictions on lending to 
foreign borrowers. 

“What was done was to isolate the 
offshore money market from the on- 
shore market, such that those who bad 
sold the currency before would now 
suffer losses because of lack of fund- 
ing,” Mr. Sim said. 

Dealers said there were rumors that 
Bank Negara, Malaysia's central bank, 
had followed Thailand’s lead in restrict- 
ing funds, bur thar the bank later denied 
it had done so. 

The currency markets were thrown 
into turmoil this week when Singapore 
and Thailand joined forces to buy the 
bahu rescuing it from an 1 1-year low 
against the dollar. 

On Friday, Singapore hailed the ef- 
fort as a success. 

‘ ‘The important thing is that the joint 
intervention was effective," said Kob 
Beng Seng, deputy managing director of 
the Monetary Authority of Singapore, 
the city-state's de facto central bank. 

But the attack on the Thai bahL fueled 
by concern about the slowing Thai 
economy and rumors of political tur- 
moil, has driven down other Southeast 
Asian currencies, and some analysts 
doubted the intervention by central 
banks would have lasting effect. 

The Thai central bank said Friday it 
also would take measures to help sup- 
port the battered stock market 

The central bank’s assistant gov- 
ernor, Siri Ganjaremdee, said the mea- 
sures would include an issue of 5 billion 
baht ($294 million) in bonds by the 
Securities Finance Corp. 

The agency will use the funds from 
the bond sale to buy margin loans from 
securities companies. 

“The funds from the bond issue 
might not be sufficient" he said. 
“There will be otiier measures which 
will be announced on Monday." 

Mr. Siri also acts as adviser to Se- 
curities Finance Carp., which was es- 
tablished last year as a lending center for 
Thai securities companies. 

Thailand's bourse has plunged to 
eight-year lows this week. - hit by a com- 
bination of worries about slowing 
growth, a fragile currency, high interest 
rates, cash-strapped financial and prop- 
erty sectors, and concerns that govern- 
ment efforts to improve the situation 
may not be enough. (Reuters. AFP ) 


Alitalia Posted Big Loss in ’96 
But Sees 1997 as a Good Year 


Bloomberg News . 

ROME — Alitalia SpA, Italy's na- 
tional airline, said Friday that it suffered 
its largest-ever loss in 1996. 12 trillion 
lire, beawseofone-time charges, but that 
it expects to return to profit in 1 997. 

The airline, whose future depends on 
the European Union’s approval of a 
government bailout said it had one- 
time charges of 901 billion lire ($540 
million) in 1996 from reducing its staff 
and reorganizing its fleet. 

Operating profit rose to 69 billion 
lire, from 61 billion, and consolidated 
revenue rose lo 8.059 trillion lire, from 
7.837 trillion. In 1995, the airline lost a 


consolidated 86 billion lire, though it 
had one-time gains of 443 billion lire 
that year, mostly from selling its stake in 
Rome's airport! 

The airline said it expects ro break 
even this year before one-time items, 
which should show a large gain because 
of the planned sale of some assets. 

Net debt fell to 234 trillion lire from 
3.42 trillion. 

The European Commission and the 
government are arguing over a proposed 
3 trillion lira bailout of the airline. The 
EU has asked for changes to Alitalia’s 
cost cutting plan to ensure the airline 
remains profitable after the bailout. 



CURRENCY & INTEREST RATES 


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United and Its Advertisers Change Course 

After 3 Decades of ^ ‘Friendly Skies,’ Airline Decides It’s Time to Feel Passengers’ Pain 


By Stuart Elliott 

New York Times Service 


Key Money Rates 


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Uunej 

Sev/ce: Renters, 


NEW YORK — After more than 
three decades of peddling the “friendly 
skies." United Airlines is changing 
course for a bold but risky alternative: 
acknowledging how problematic the 
skies, the gates, the planes and even its 
employees can be for travelers, par- 
ticularly frequent fliers. 

That high-stakes shift in marketing 
strategy, which tries in an empathetic 
way to feel passengers’ pain, was in- 
spired by a study of frequent travelers 
on all airlines. The change is unusual for 
an industry that uses the most positive 
imagery to portray its services. 

Carriers long have confidently asser- 
ted that their skies are the bluest, their 
flight attendants the most courteous, their 
meals the tastiesL With rare exceptions, 
advertising campaigns have shied away 
from suggesting, much, less showing, 
that flights can land late, luggage can get 
lost and workers can turn surly. 


But United, still remaking itself al- 
most three years after employees took 
control of the company, is gambling on 
the unconventional approach — to be 
introduced in television commercials 
and print advertisements due to begin 
appearing Thursday — as a way to 
appeal to skeptical consumers and break 
through the increasing clutter of airline 
campaigns. 

Only by addressing the myriad dif- 
ficulties that frustrate fliers, executives 
of United and its two new advertising 
agencies say. can their message be be- 
lieved about the airline spending $400 
million over the next five to 10 years on 
improvements aimed at customer sat- 
isfaction-' 

In a survey released Wednesday by 
Frequent Flyer magazine and the re- 
search fifm J-D. Power & Associates. 
United’s service finished below average 
among airlines for flights of less than 
500 miles (800 kilometers), trailing 
America West. Continental. US Air- 
ways. Delta and SouthwesL On flights 


longer than 500 miles. United finished 
third, she said, behind Continental and 
Trans World Airlines. 

According to the most recent De- 
partment of Transportation data for on- 
time performance. United finished 
fourth among 10 carriers. 

The new ad campaign makes its case 
for United in brash, slyly forthright 
ways. One print ad proclaims ihat 
United is “a better way for cynics to 
travel” and another asks cheekily. 
“Wouldn't it be great if we could all flv 
commercials?" 

One of three United television spots 
wen rewrites history, canceling the 
bright Brothers' first flight by inter- 
polating modern-day difficulties such 
as unexplained delays and indifferent 
airline personnel. 

"If Orville and Wilbur had to go 
through What you do jusr to fly." says 
tne announcer, "they would've stayed 
in the bicycle business." The successor 
slogan to "friendly skies" Is: "United 
Airlines. Rising." 





THE AMERICAS 


Investor’s America 


The Dow 


30-Year T -Bond Yield 





MYSE 


'^'^yxspo w^r;r v. -sarassfc 


ft 




1^qt»a 











Source: Bloomberg, Reuters 


Seagram Wins Contract Ruling 

Viacom Violated Accord on Joint Ownership of USA Network 


By Mark Laodler 

New York Tunes Service 


NEW YORK — Seagram Co. 
won a victory in its rancorous feud 
with Viacom Inc. when a 
Delaware judge ruled that Viacom 
had breached its contract with 
Seagram on the joint ownership of 
USA Network 

But die major effect of the nil- 
banded down late Thursday, 
be to send both companies 
back to the bargaining table, where 
they have been wrangling for three 
years over how to unravel their 
troubled cable partnership. 

Vice Chancellor Myron Steele 
of the Delaware Chancery Court 
ruled that Viacomhad violated the 
terms of its partnership agreement 
with Seagram because it owned 
basic cable networks like MTV 
that compete with USA Network, 


which has 72 million cable and 
satellite subscribers. 

The ffnding was a setback for 
Viacom, which inherited its 50 
percent stake in USA Network 
when it acquired Paramount Com- 
munications in 1994. Viacom had 
argued that because it owned cable 
networks long before it bought 
Paramount, it ought to be exempt 
from that provision of the deal. 

The judge also rejected Viac- 
om's contention that its chairman, 
Sumner Redstone, and the chief 
executive of Seagram, Edgar 
Bronfman Jr., had come to an oral 
agreement that Viacom would be 
exempted from the clause as part 
of a separate deal between the two 
companies. The judge ordered the 
companies to bash out, an accept- 
able compromise within 30 days 
— or submit their own plans in 45 
days, after which he would decide 


how to dispose of the network. 

The riding underscores the 
swiftly changing fortunes of 
Seagram and Viacom. Viacom, 
once regarded as the aggressive 
buyer of USA Network, is now 
expected to sell its stake, while 
Seagram, which once seemed 
anxious to sell, is seen as a buyer. 

Executives familiar with 
Seagram said the company might 
bring in a partner to defray the cost 
of baying out Viacom, They said 
Seagram had been contacted by an 
array of media companies, includ- 
ing Walt Disney is ABC Inc., 
Westmgho use's CBS Inc., Gen- 
eral Electric's NBC Inc., and 
Comcast Carp., a cable operator. 

“USA Network is not critical to 
Viacom, so selling it and paying 
down some debt would be a great 
idea for Viacom," said John 
Tinker of Montgomery Securities. 


Hewlett-Packard Sends 
Blue Chips Tumbling 


Caspi 


ImeraaiaoiJ Herald Tribune 


Very briefly: 


Rate Outlook Pushes Dollar Down 


Inte rnatio nal Family C onfirms Talks 


VIRGINIA BEACH, Virginia (Bloomberg) — Interna- 
tional Family Entertainment Inc. confirmed Friday that it was 
in merger talks and said the family of its controlling share- 
holder, Pat Robertson, would be treated the same as other 
investors if the merger occurred. 

International Family did not disclose who it was negotiating 
with, but sources close to the company said Wednesday that 
Rubert Murdoch's News Coip. was negotiating to buy In- 
ternational Family, which operates Family C hann el on cable 
television, for more than SI billion. 

Mr. Robertson, an evangelist and former presidential can- 
didate, and his son. Tun Robertson, control 1 00 percent of the 
company’s Class A shares. Those shares retain most of the 
voting control of the company. 

International Family B shares were quoted at $24,125, up 
$1.50, in late trading Friday. 


CerryiLri by Staff ttomiDiipaKha 

NEW YORK — The dollar 
slipped against other major curren- 
cies Friday on a growing belief that 
the Federal Reserve Board will not 
raise interest rates next week. 

Comments from Robert Rubin, the 
U.S. Treasury secretary, on Thursday 
that were interpreted as approving of 
the dollar’s decline continued to hold 
back the currency Friday. 

Signs of Japanese economic vig- 
or, which triggered talk that interest 
rates in Japan may soon rise, also 
held back the dollar. Japan's Nikkei 


225-share stock index closed Friday 
at a five-month high. 

“The Nikkei's acting as if Ja- 
pan’s back to being the perennial 


FOREIGN EXCHANGE 


powerhouse of old — that it's no 
longer a bastion of downtrodden 
financial markets," Glenn Stevens, 
head of currency trading at Merrill 
Lynch & Co., said. 

But some analysts said they ex- 
pected the dollar to recover. 

“The dollar certainly belongs 


higher than it is, based on economic 
fundamentals — if the market ever 
decides to take a look at than,” said 
Hilld Waxman, manager of currency 
trading at Bank Leumi Trust Co. 

At 4 PJVL, the dollar was quoted 
at 1 15.625 yen, down from 1 15.975 
yen Thursday, and at 1.6931 
Deutsche marks, down from 1 .6975 
DM. The dollar also fell to'5.6995 
French francs from 5.7185 francs 
and to 1.4203 Swiss francs from 
1.4305 francs. The pound fell to 
$1.6368 from $1.6427. 

(AFX, Bloomberg ) 


Our SvgFramDnpZr*n 

NEW YORK — Disappointing 
earnings from Hewlett-Packard 
sparked a sell-off in technology is- 
sues and pulled blue-chip stocks 
down sharply Friday. 

Hewlett-Packard closed down 
6% at 52V* in response to its report 
of an 8 percent increase in second- 
quarter profit, to $784 million, after 
the market closed Thursday. The 
results, which were held back by 
slow sales in Hewlett-Packard’s 
printer business, did not meet ana- 
lysts’ expectations, and many cut 
their profit forecasts for the com- 
pany for the full year. 

Weakness in Hewlett-Packard, 
which is part of the Dow Janes in- 
dustrial average, helped pull _ the 
blue-chip index down 138.88 points, 
to dose at 7,194.67. The index 
closed at a record high Thursday. 

The broader Standard & Poor’s 
500-share index closed down 12.13 
points at 829.75, while losing issues 
outpaced gaining ones by a 7-to-5 
ratio on the New York Stock Ex- 
change. 

Some investors said Hewlett- 
Packard's troubles could signal 
tough times for other large compa- 
nies striving to top the strong earn- 
ings growth of recent years. The 
computer-maker's earnings have 
expanded at an average annual rale 
of 26 percent for four yeans. 

“It’s going to be very hard for 
corporate America to maintain the 
pace of growth it’s shown," said 
Richard Eakle, an independent mar- 
ket strategist based in Fair Haven, 
New Jersey. 

The results worried investors 
holding other high-tech issues, with 
the Nasdaq composite index clos- 
ing down 12.84 points at 1,340.74. 


PairGain Technologies, a maker 
of high-speed dara-transmission 
equipment, was the most actively 
traded U.S. issue, falling 3%-to. 17 V4 
after an analyst at SoundView R- 
□social Group warned that price cuts 
would weaken revenue growth. 

Informix fell IV* to 10V4 after the 
company said it would have to re- 


STOCKS 


finance leases and raise cash to con- 
tinue operations. Informix rose 
Thursday on optimism liut Mi- 
crosoft or Netscape Commun icati ons 
would make a bid for the software 
maker. Microsoft fell 1% to 1 15%. * 
Netscape, which makes Intecoet 
access software, tumbled 5 5/16 to 
2916 after warning it did not expect 
to sustain past revenue and earnings 
growth because of rising costs. 

But LHS Group rose to 1914 on its 
first day of trading after the billing 
and customer-service software comr 
pany sold 4.8 million shares in an 
initial offering priced at 12 to 14. ! 

Lower Treasury bond prices, and * 
die resulting higher yields, ata} 
weighed on stocks. Tbe price of the 
benchmark 30-year issue fell 15/32 
point, to 96 15/32, taking the yield 
up to 6.90 percent from 6.87 percent 
Thursday. 

Reports showing strength in 
housing and improving consumer 
confidence kept alive concern that 
the Federal Reserve Board might 
raise interest rates Tuesday, and fois 
pushed down bond prices. -* 
Investors have “mixed feelings’! 
on the chances far a rate rise, said 
Matt Alexy at Credit Suisse First 
Boston. “There are good enough 
arguments on both sides." 

(Bloomberg, AP) 


1 

feS' 
‘fe.SS’- 

To finance die 


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9£&ikr O jgShk 


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been cnu.J . .. 


• Galoob Toys Inc. said it had retained the rights through 

Wars” trilogy 


GERMANY: Bonn ’« Plan to Bend Books for Monetary- Union Criteria Causes Surprise Across EU 


1 998 to make and sell toys based on the “Star 
of science-fiction movies from Lucas Film Ltd. 


Continued from Page 1 


• US West Media Group said it had signed an agreement 
with Airtouch Communications for the merger of its do- 
mestic cellular business and its interest in PrimeCo Personal 
Communications into AiiTouch. 


• Mazda Motor Corp^aid it would fire up to 400 employees 
in North America by the end of the year, a move prompted by 
a decline in sales. 


• ADT Ltd. said it was holding discussions with Western 
Resources Inc. aimed at ending Western's hostile bid for 
ADT, the largest provider of electronic-security systems in the 
United Stales ana Britain. 


• U.S. stock-fund buying slowed to $1.3 billion in the week 
ended Wednesday, down from $3.4 billion in the prior week, 
according to AMG Data Services. Bloomberg, afx 


legislative and regulatory hurdles, 
Germany's fiscal position would 
look rosy — on paper, at least 

Moreover, this would happen 
without resort to such unpopular 
measures as tax increases or cuts in 
welfare spending and social pro- 
grams. Those politically unwelcome 
possibilities had been regarded as 
live options as recently as a few days 
ago, particularly after private econ- 
omists and government advisers for 
mo nths had forecast that Germany 
would overshoot the deficit targets 
and threaten the entire project. 

But as attractive as the plan might 


seem, it comes with a high political 
cost to the credibility of Mr. Waigel 
and of Bonn. Germany has long 
opposed any quick-fix accounting 
solutions to reduce deficits, aiming 
most of its attacks at Italy and 
France. The Bundesbank in October 
harshly criticized a decision by 
France to use pension funds from 
state-owned France Telecom to re- 
duce its budget deficit 
Now that Gerniany has departed 
from die moral high road, it no longer 
will command the same authority 
within the EU to act as a self-ap- 
pointed referee of fiscal fudging, said 
Thomas Mayer, a Frankfort-based 
economist at Goldman, Sachs & Co. 


For the euro- wary German pop- 
ulation, Italy's inclusion could cre- 
ate a domestic political headache for 
Chancellor Helmut Kohl. Polls 
show that most Germans would re- 
ject the amalgamation of the sturdy 
Deutsche mark with die Italian lira, 
which Ge rmans associate with a 
track record of high inflation. 

Meanwhile, financial markets 
already were viewing Mr. Wai gel's 
statement as a sign that ' Italy’s 
chances of joining monetary union 
had improved, traders said. 

The prospect that the German cur- 
rency could merge with die lira and 
others complicates Bonn's task of 
marketing the euro — the proposed 


European c omm on currency — to 
Germans reluctant to abandon die 
mark, their symbol of postwar 
prosperity and stability. Thus, al- 
though the deficit-cutting plan was 
intended to hi Kid confidence that the 
euro was on its way, Bonn's public- 
relations mis sion has become more 
difficult, commentators said. 

Wilhelm Hankel, a former Ger- 
man Economics and Finance Min- 
istry adviser, said Mr. Waigel was 
“cooking the books." If a listed 
company were to behave in the same 
way as Mr. Waigel. the company 
would lose all credibility with the 
hanlcs and its shareholders, Mr. 
Hankel said. The Finance Ministry, 


however, confirmed the feasibility 
of Mr. Waigel ’s plan, citing a tech- 
nical accounting arrangement 

The funds would be channeled 
directly to Germany's so-called . 
Debt Heritage Fund, where they 
would pay down debts inherited 
from die former East Germany. The 
newly transferred money would be 
booked as a “surplus" to the fond! 
effectively injecting an extraordi- 
nary charge into the budget by re- 
lieving it of payments it would oth- 
erwise need to make to that fund,. 

Mr. Waigel's plan still needs to be 
examined by the Brussels-based 
Eurostat statistics agency and ap- 
proved by the Bundesbank. 


AMEX 


U. S. STOCK MAREET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.M. Close 

The lop 300 most odtw shores, 
up to Ihe dosing on Wall Street 
The Associated Press. 


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17k 1ft 
17 K» 
lft Ilk 
1»* MH 
22ft Silk 
HI* 2SW 
2ft 2H 
Aft rift* 


fSZfchfl 


7*> 7ft 

M Jto 

H MV 

17ft Uft 

i m 

4ft 4k 

ft* ftk 
4ft 4ft 

15ft 157k 

27ft 2M 

20 1«W 

4ft 5ft 

7 6ft 

12ft 12ft 

*k 4ft 

ink itft 

22ft 23ft 

ft ft 

12ft 12ft 

35 Jlft 

lift 21 
J*k 7ft 

£ SS 

4ft 4V, 

27ft 2 

M 6*k 


£ 


*-5 


113 


121 




110 27ft 

114 » 

27} 15ft 
4K *J 
Of lift 

n lift 

Z77 Wk 

eat * 


231 


25ft 


Jlft. A I 4ft 

27U »’l 


Sries i 

mm 

Ism 

LsM 

arm 



4 


3ft 

-ft 



lft 

S f 

19k 

«4k 

lQfi 


IV 

lft 


331 


new 

179k 

17V 

■9k 

i/i 



17ft 

U 


17*5 



59k 

44k 

us 


u»k 

B 

Wft 

4k 

« 


to 

244 

+V 






3 


5Vri 

4tt 

49k 


1 

5ft 

59k 

49k 

+9k 

nva 

1 

Mk 

51k 

ilk 

+115 




ft 

to 

*Vm 

1 

IM 

IWk 

12 

+V 

255 

Bft 

l» 

uu 

-to 

280 

va 

Oft 

995 

•fti 

5431 

lft 

lft 

19k 

278 

Zft 






1 


-A 

71 

4ft 


49k 

+9k 








5*1 

52ft 

m 

■>l« 

IM 

lift 

14ft 

1515 

+h 


17ft 

169k 

lP9k 


m 

2ft 

2Vk 

29k 

+9k 






117 

lift 

U 

15ft 

4ft 







156 

2M 

15ft 

w 

2Sft 

15ft 

♦to 

291 

M 

4ft 

n 






ft 

to 

4 

Jft 

J 






20 

30ft 

&W 

m 

4k 











145 

13ft 

13 

13ft 


J127 

II 

low 

lift 

t9» 


3V. 

M 



% 

lift 

IBft 

lift 

+ft 





32S 

5ft 

4ft 

5to 

+W 

to 

lift 

16ft 

m 

-Vk 

54 

| 





ID 

7 

1/ft 

l/tt 

VT9k 

+V» 






3BQ6 

21 

2Bft 

n 

+U 

US 

lift 

119k 

'IS* 

3k 

5779 

46 

44ft 

*4k 

ft 





*4 

271 

209k 

20ft 

38V 

ft 





_ 



7ft 

111 


ID 

12ft 

i: 

n 

ft 

9 






351 

lft 

I 

i 

ftl 

90 

17<ft 

i r 

A 

ft 

147 

19k 

Ilk 

i*t 

-Ik 











3S 

9 

S9k 

5ft 

5ft 












122 

ift 

ir* 

5W 

ft 

14 

7H 

% 

19k 

7H 

M 

79k 


40 

10ft 

99k 

nft 






OT 

2ft 

I 

2 

ft 



U 

13ft 







3U 

19k 

to 

IM 

ft 



toft 

lift 

ft 

372 

Wk 

7ft 

3ft 

4k 




to 







112 

7ft 

7ft 

79k 

ftl 







415 

lft 

Ji 

mi 

♦Ik 

394 

■ft 

9k 

k 

m 


1 






41ft 

41ft 

_ 



IM 

Oft 

• to 






4k 

X 


29k 






671 

14ft 

14k 

Uft 

ft 













2» 






m 




4H 


ft 

IN 

IV 

to 

to 



9ft 










ft 

9k 

9k 














9h 

SJft 



9ft 

9 

9ft 








1ft 








+» 




_ 





l+k 



n 

lift 

lift 











Ik* 









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♦V 


a. 

P 

IV 

♦•Hi 




165k 

-9k 

307 


& 


♦to 

Iff 






s 








.15. 

♦ ta 

1197 

17ft 

lift 


riS 


% 

lft 

Iff 






4k 












m ! 

WO 

13“ 

lft 

15ft 

lift 

ft 












17ft 

17V 

_ 

467 32V 

u 

"5k 

•-h 



4ft 

4ft 

_ 



4U 



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39k 

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1 IBS 

in 

Hft 



25ft 







Ih 

_ 


lift 


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■ 









lft 












_ 








10ft 

Wr« 

•*« 




llv* 










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V* 

lift 





•i 



— 

771 


)>• 

ift 




Indexes 


Most Actives 


May 16, 1997 


Wgli Low UObsT xx ge optat 


High Low Lute* Oige OpH 


Wi Low Latest Oig« OpH 


Dow Jones 

opm mm 


vas HSHflORiani™ 

UK 772X1 JXUl 221.17 221 .W 

2M1» : 


vte, mm 

177736 54ft 


Omp 226605 227240 


a Standard & Poois 



60X8 62ft 

S3& 

asm 37ft 

4MO ISM 

3S 85 

<7201 48ft 

jssaa 

«1® 37ft 
41700 2ft 
38682 9£ft 


60ft 60ft 

*3 SI 

36ft 36ft 

1 KW 

36ft 36ft 
46ft 66ft 
W» 29ft 
2U4 21V 
36ft 36ft 
1ft 2ft 
73ft 74 


Oft 

15 

a 

3 

At 

4 


High Lae Latest Dipt OpH 


Grains 


COHIiCHOm 

MOO Bn mWnum. cant* par burnt 
May 97 JBTft 284ft 2Hft +Jft 
■MT7 285ft 280ft 384ft +2ft 
Sep 77 270 20 267 +lft 

Dec 97 267ft 266ft 266ft +1 

Mayra 276ft 275 276 +1 

Jain 280 279 280 +Tft 

McrOB 273 278ft 273 tlft 

Bt sales NA Thu's, sales 4U24 
Thu's open ht 286477 off SO 


2.782 

725753 

»J75 

1101301 

1,10 

1814 

11.783 


ORANGE JUKE (NCTNI 
lUHiiircnimh 
MV 1525 SZA 1450 +3JH IfcSD 

Ann 91J0 17 J5 91 JO +275 1,512 

Mn-iS 9200 71 JO 91® +2J0 1,006 

Jan 07 10100 +US 1 

Ext. sales NA Thu'S, sates 1317 
Thu's Open H 27.373 Off 25 


GERMAN GOVERNMENT BUlfO (LI FEE 
DM2SUH0 - HS aMOO pa 
JUH77 10LS7 101.76 181.87 -050 262316 
Sep77 101.53 10076 1CXL86 -151 27,443 
ESL sales; 171711. Pre*. sates T7M27 
Pie*, open InL: 27175? Off &2T5 


OCt 77 *U5 7425 74JB -&S7 160 

Dec 77 7548 7485 7523 +0JI7 2*263 

Mar 08 7450 7425 7645 +MB 1517 

Mar 09 7iW -Mi 142 

EsL sales NA Thu's.scles 1772 
Tin's open Bit 71567 up 152 


Metals 


NYSE 


437-65 43108 43244 


sar 

FteOBOt 

Nasdaq 


-ui 

-707 

m 

376.16 370-13 37047 -J49 


Tramp. 


II 

145544 

150244 

177144 

70441 


m 



vu. mm 

177977 i 

1 04636 


17ft 1716 

9 lWk 


& 


m Ks Ta** 




■ 


si 

■14k 

S S5 

2S4k » 

37Vk 37ft 
67V 69ft 
17V 17V 


SOYBEAN MEAL (CBOT) 

100 ton*, doom per tan 
May 77 30100 29840 30L90 +240 1403 

Jul77 2040 28160 28840 +2.H 5UOS 

Aug 97 274J0 2040 274.10 +220 1540 

SOP 77 25740 25150 25640 +140 1711 

Jmra ZZ7J0 22440 22740 +720 1467 

MwM 222JD 22040 222.00 +I4D 1475 

EsL sates NA 'nw's.sies 27J83 
Thu'S Open W 111,150 off 2337 


GOLD (NCMX) 

May 97 34150 — 150 

Jun77 3000 34430 34450 -i5D 

JU177 34t3S — 3J0 

Auo77 351 JO 347.10 347 JO -150 

Od97 35110 35040 3S0JD —150 

Dec 97 35650 35340 35320 -050 

Jun78 3S2J0 361 JO 361-50 -150 

Feb 0B 3S6S0 —030 

APT 08 35831 SSO 

EsL sates NA UN's, sales 30433 
Thu’sopeninf 154430 off 3370 


ITALIAN GOVERNMENT BOND QJFFE1 
ITL20O mlHon - pts of 100 pd 
JW97 130.74 13042 130.15 -006111252 

Sep97 12124 130J9 130J4 +044 9491 
EsL sales: 64490 Pim.sctes: 0,707 
PRy-OpenM: 12500 off 290 


I 

58.757 


20,920 

6753 

22466 

6J72 

4471 

3J44 


10-YEAR FRENCH GOV. BONDS (MAT1F1 
FF5D0LO0C -BtSOl 100 pO 
Jun 77 13076 12946 12948 -DJ8 164431 

Sep 77 12740 12668 128J0 -(U0 11777 
Dec 77 9(142 7842 97J2 -040 0 

ESL voteme: 1 52450 . Open InL 170J30 off 501. 


EURODOLLARS (CMER) 

II tnKavpii Dl 100 Pd. 

May 97 74.18 74.17 90.17 
Jun 77 90.12 9447 94. K) 


SOYBEAN OLtCBOT) 


AMEX 


Him lew Lma a» 

56672 58147 5*672 +X2S 

Dow Jones Bond 


AMEX 









| * 1 ■ 

■ ■ « ■ 

■ 

■ 1 ■ i • r J 






B'i/1 

B! ] 

r 'V'l 



If 1 1 











■ ^,1 


V.' ii 1 . 1 


|’F| 

B r ’1 







e 

iR I'J 



Ef- 


Tkdqr 


17047 

18321 

11720 

HOW 


20 Bonds 
lounofles 
10 Industrials 


102J1 
99.18 
10S44 105.14 


103.13 

79.12 J ft® 


»m 

Lop 

Lot 

to- 

B4*k 

g 

B3Vk 

-IV. 

u 

to 


64k 

i?k 

4ft 

+195 

44k 

30ft 

2^e 

4k 

10 

♦ft 

*1 

Sto 

4ft 

Sto 

♦to 

3 « 

m 


fti 

4 

Sto 

3ft 

.»> 


a*. Thu'S omen W 100412 up 20 


SOYBEANS (CBOT) 

6008 hu mkilrmim- oefn per bushel 
May 97 872 855ft K6ft +4ft 

All 77 868ft 851 8&4ft +&V 

AI077 136 831ft 833 + 6ft 

Jan 08 714ft 797 714 +4ft 

Mn-00 7W 711ft 719 +3ft 

EsL sales NA Thu's, saris S8.759 

THU'S open W 16UXD off 1700 


W GRADE <2>n>BI (NOHOQ 
26000 fev- cents parte. 

May 77 11740 11550 11740 

Jun 77 11670 11545 11670 -030 

JUl 77 11680 11540 11620 -020 

Aug 77 11345 -0.15 

Sep 77 11145 11060 11145 -045 

JOT 08 10SJ0 19545 10545 +045 

Feb 08 10440 M3L80 HOOD +005 

McrM 10075 10245 102.55 +045 

Apr 00 10145 +045 

ESI.MU NA Thu's.stfes 13457 
Thu's open inf 0,10 up 3607 


2478 

3JM 

32J70 

1J11 

6034 

5U 

476 

1474 

297 


1461 

»277 

204» 

440 

871 


Trading Activity 

NYSE 



771 

« 

3366 

71 

6 


^ Nasdaq 

lira 
1M 


Market Sales 


1625 2072 

1575 1991 

s ss 


WHEAT (CBOrr) 

5400 hi mlnimun- certs par bushel 
May 97 393 383ft 387 +4 96 

■tel 97 394 3B7Vi 388ft +ft 51461 

Sep97 400ft 05 396 +1 12451 

Mar 08 411ft «7ft 408 — 1 1476 

EsLsdes NA Thu's. Mies 17,100 
Thu's open W SU72 off HI 


5B.VERWCMX) 

A0H trorot- emt* par riny m. 

May 97 47140 46540 4M40 —1630 10 

Jun 97 46740 —1690 7 

JU 97 48650 46658 46740 —1650 55457 

SOP 97 49050 47140 474J0 -1640 5496 

Dec 97 49640 47740 48140 -1660 6774 

May 98 49740 4M.10 47610 —1680 UDt 

Janas 483J9 -1640 17 

Mcroa 47140 489. M 407.10 —1670 7416 

Ed. sales NA Thu's.sOtes 7400 

Thu's open ini 86030 off 702 


Livestock 


PLATVIUM (NMER) 
Mwefc-Mteira rra rat 
MV 39340 3040 37)40 -2J0 16641 
Od 97 39600 39140 392.10 -270 3466 
Jon 00 39630 —270 1.162 

Etf.sdes NA Thu's, gates 

Thu's open ini 17470 up 347 


38418 
40,135 

Jul 97 7601 7602 7447 -041 74 99 

Sap 97 9344 7348 930 -042 442.742 

DOC 97 9373 9167 9349 -0JC 

Junra 9152 7146 7148 -042230407 

5*p78 9143 7337 9339 -042 17140 

Dec 98 9137 7127 9128 -042 126327 

Jun 99 9375 9122 7123 -042 KUHi 

S»97 9121 9118 9119 -442 6S493 

Dec 99 7114 9111 9111 -043 60477 

MarH 9114 9111 Rill —443 54*296 

EAtoes 355477 Thu's. sales 519,225 
Thu's open hr 2498,252 up 16326 

BRfTBH POUND (CMERJ 

CLSOO pounds. Soar num 

Junra 14479 14310 14360 38405 

Sepra 14380 14316 14336 1408 

«. sates 10737 Thu's, sties 10.915 
Thu’s Open rt 40423 up B17 

CANADIAN DOLLAR (CMBt) 

100400 dnritn. 1 par Cdn. dr 

Aril 97 7350 7287 7293 

Sep 97 7395 7330 7337 

Mur 08 7409 

Ear sales 19465 Thu's, sties 25401 
Thu's open ht 71185 off 4371 

OSMAN MARX (CMER) 

I SAM marks, g par martc 
Junra 036 JB83 JHl 

S6PW 071 4927 4761 

Mar 06 40(5 

Si.?*** Thu's, sales 21,102 

TlWsopenrt 83404 up HQ5 


HEATMBOIL(MMBO 

CLOOO aoLcwoaparaai 
JunW 5870 5675 5630 +142 

AM 97 5B45 56* 5840 +147 

Auora S3 5640 58J0 +147 

Sepw 940 5740 920 +147 

0077 6060 58>S 6040 +232 

Am* sun 025 61. M +122 

fob 00 6140 045 6060 +U2 

McrOB 040 5625 045 +141 

APTOB 5685 5645 5685 +017 

EsT-sries NA Thu's, sdes 33475 
Thu's Open W 137208 Up 28 

LIGHT SWST CRUDE (NMER) 
1400001.- doonrs per Ms. 


36330 

33,79 

17473 

7,70. 

0256 

8,133 

3417 

6437 

1474 


21.16 

21.18 

2070 

2067 

2042 

207S 


2240 +030 4140 

22.M +00 90780 

2124 +042 15449 

2144 +047 7J93 

2045 +024 6365 


2075 +020 4,1M^£ 


Jun97 22A0 

AS 97 ZLA3 
Jan 08 2U4 

Fete 08 2L24 

MarM 2090 

Apr DO 1075 _ 

•Jen© 2042 &JSJ 

Feb0 2027 2042 WX +007 2411 
Mar 09 2022 988 

Apr 09 2U7 2027 2627 +005 

g. sates NA Thu's, soles 111400 
TNrsopenW 401462 up IN 

NATUULGMQMBO 
104M ran Mix S par mm Mu 
Jun97 U0 2445 24*5 


Nations Set 
Coffee 


*>.2*1 ’’ 
LONDON— Coffee -jaw^ 


vmmm 


ho?: drmkk l-J! 




deie: 


t},> ij-ra^cn Assoc utimtM-r 
r 0 f te Court nt*i 

likeiv to defer f:as»la> 


esoetil 


likeb 
-wtr. 

t? tsoor m 

-rru'd dcrnoBMtm 

it m 'a e rt v: a v and 

taaaswr.: *-• inicreil efcoto-j 

Paian •• 

solaji c: the No.^3' 

sdliT ncr and CdotiK 

hi ..." . 

Ccfsee for Ma> delivery 
do>?j i- s>n Fridbyjt 
SI.°S5 : :rr. cr SIIl Tlie 
price h— < rt^rr ^ penxfli Ml 
jtar. - : 

L21 s<! ;-.-v ro« • ^ or. retail efltf-. 
fe it. Fr-.v r-.cin thm Mp- 
(ptllr, j?.-.* rs up fey- 
teMK? .,nj 45 percent ’ 
sck; Shop pneet 

asi’- : - 7 i>c> nere :n Europe 

aid ir. r-v 1 - =; 


I0RLD STOCK 




friday, May 16 

■? ;•« . • 

One Pm. 


fotsfenfem laron 
t 

*fr ■' : .-*2 

*x T.- : '“■■■ *- - 

[AhS5: 1-v 

S 501 ' 1 ' -- c 

=r.: r 7- r* 

& .S4 


T-T: :y . : 

^ *v 


Ot 

ifersfe; 


~r. a ■ I*: 

.jt 11 : -~ 


¥ 

feOi»x 


11 ;-; 


63.143 

7455 

846 


Jul 97 2280 

Jon 08 2410 

FehOB 200 

MarOO 2270 

AarOB 2.110 

Jwi 09 2460 

Feb 09 JJio 
MarM 2220 
AsrW 1180 


79,146 

3J51 

122 


2E1 

S WYSE 

26 Amo* 

11 Nasdaq 

famUom. 


Toriay 


490.75 54545 

21J1 3574 

52741 595L40 


Dividends 

Carapany 


CATTLG(CMBO 
BJBM. carts oar b. 

Junra 6667 6527 6545 -005 31.90 
Aug77 6547 6510 6522 -417 35306 
Octra 0.15 6870 68J5 -022 16.727 

DecT7 71.15 7072 7025 -402 920 

F*6M 7145 7095 7LOO -422 5,130 

A W68 TIBS 7ZB T2JO — C.J 3 7410 

ES iatet 11,106 Thu's, sates 1040 
Thu'soPVH 100231 up 442 


Ptmtaus 


Close 

LONDON METALS OJHE) 

DoHon per metric ton 
MBto BMaGNM 
Spot 165DJW 1651.00 1628ft 1629ft 
Famaid 166720 167400 165600 1655JM 


CanodK(HM Grade) 

■ 2552J0 20600 255340 


JAPANESE YBN (CMBU 
* nor lOOyen 
Jun 97 J745 J5BS 4680 

g» W fW ma 2797 

.9035 .9035 .9017 

gl-wtes 36351 Thu's. series 42431 
Thu^ open Ini 85.113 up 80 


80436 

3421 

10 


2.195 220 
2430 2495 
220 2295 

1220 iwj 
2065 2.105 

220 230 

2295 2310 

2220 2220 
Si -'-I--” HOD 2100 

sates NA Thu's, sdos 41446 
Thu's open int 206335 off 2278 

UNLEAOBJGASOUNE (NNBD 
■OJNO oaf, cants p* pal 
Junra 6630 61S9 6575 +17) 

JU97 <540 ran +{£ 

Augra 6440 6145 6345 +143 

5jp97 6270 6048 62J8 +148 

O^W 60JtS 945 6QJ0 +178 

ftevra 940 5845 9.15 +0JB 

P?” 075 5875 +043 

NA Thu's. Sates 204*3 
THi'sapenlnr 91,907 off 468 


3UR6 

29,293 

1140 

un 

640 

3401 

20H 

140 

2179 

1493 



T^: -=r : «;* 

"T. 1* 

-- : *•-” wq* 

MW 1 * 


37,10 

27734 


34M 

14® 


2558.00 

346740 247040 245840 245940 


Par Ant Rbc Pay 


IRREGULAR 

Asia PadflcPd - 44 5-27 64 

NAICGrnwFd - .105 6-30 8-1 

Royal OuWiSGKdr A 135 5-19 6-3 


INCREASED 

MSB Find Q .14 540 5-13 

NY Times Q .16 6-3 6-20 

OMRepuMdnd O .13 (rt 6-16 

Superior Indus a 47 7-3 7-18 


SPECIAL 

Aerospace Credit 340 540 6-3 

Speetal payment of UqaklailnB TrusL 


C om pany 
Commd Bncstv 
CoaummByBk 
DT Indus* 

Danko Business 
DtMlop DbemH 
Edbenmtl 
Engle Homes 
Family Dorior 
list Bk Vincennes 
Fst Hawaiian 
Gaytonl Entertain 
GflmctwRBy 


Par Atot Rec Pay 


F BO ER CATTLE (CABO 


- 40 5-30 6-13 

O .18 6-16 7-10 

O J» 5-30 6-13 

b .1057 6-27 7-28 
O 43 6-16 6-30 

Q 25 7-3 7-31 

44 6-6 6-26 

.12 6-16 7-15 

.10 530 6-16 

41 5-30 6-13 

.10 5-27 6-7 


Mavra 7770 76JS IMS -ABO 2MB 

Aub97 7740 7660 768Z -057 10215 

5*097 77J0 7440 7647 -060 1.014 

Join 7745 7945 79.15 -447 383 

Mw 08 TUB 7140 7145 -040 87 

AprOB 7845 78.55 7155 -045 41 

Esl. sates 2475 Thu^sMes 2463 
Thu's ooen W 204« off 17 


mckrt 

SSLan 

Tta 


61940 

63040 


63040 

67140 


614ft 

f.lf. nn 


615ft 

62740 


770540 771540 765540 766540 
781540 782040 777040 777540 


SWISS FRANC fCMBD 

ISS-OjO Bunca, s par Iranc 
Junra 4092 M 13 TfU] 

sww 7163 7081 71^ 

Mar 08 jjj7 

sales 25482 Thu's, sates 34.752 
TINTS own int 47408 up 0 W 


44,173 

2455 


SASWUIPE) 

^ 1 meWe ^ 10,1 ■ of w taw 

■*“"5? '£7-25 171 JO 17340 +140 2&218 
17125 17175 + 17 10733 
Ai>0 97 17645 17545 176J5 y Ol 50 7J62 
17B40 +OJ0 1410 
2“^ 179^ 5 *7945 179.75 + OJO 4493 
77 10CL5O isoJO 18140 + DJD 1.664 
Oec77 1B1J0 1B140 18175 + 050 7.7T3 
EsL sales 4490. Open int-- 64,764 up 620 


MEXICAN PESO (CMER) 


PSOard 


573540 574540 571540 572540 
578040 579040 576040 577040 
cM High Grata) 

132640 132740 132740 132840 
1346ft 1347ft 134640 134740 


11597 

9.657 

1XO 


INITIAL 

Barnes Group n _ .167 


5-30 6-10 




AcordtaJnc 
‘ Cocas 
Gas Pipe 
. _.jland Inc 
BabncaCorp 
BbMfeyWsm 
□GNA HI li 
CNBRnCpNY, 
CT Water 
Champion Inti 
aayton Homes 


REGULAR 
O 40 
Q .125 
0 4125 
O 275 
O 45 
Q 42 
M 4675 
Q .12 
Q A3 
O 45 
O 42 


5-27 6-10 
5-31 6-16 
S-aa 6-13 

5- 29 6-15 

6-2 7-1 

6- 13 6-27 
5-28 6-10 

5-30 6-10 

5- 30 6-13 

6- 13 7-18 
6-25 7-16 


Malon I . 
Maytag Corp 
Mbs im Bey Bestir 
OGE Energy 
OMaOasuSay 
PrsdskmOast 
PntiBc Storage 
Raymond James 
Ra ranter Inc 

Rouse Co 
Scotsman Ind 
Templeton GlbGv 
TrtoaBncslus 
VUknn Materials 
ZentHi Nn Insur 


Q^soe 6-30 7-15 
Q 49 6-2 6-13 

Q .425 6-30 7-18 
Q .16 5-30 6-16 

Q .14 6-15 7-1 

O J65 7-10 7-30 
Q A2 5-30 6-10 

Q 46 66 7-7 

O 22 6-16 6-30 

48 6-13 7-3 

40 6-10 6-30 

25 6-16 6-30 


HOGfr-Umi (CMER) 

4M00BX.- cams par h 

Junra xus sun bias — in isj*i 

JMW 810 KLX 8241 -1.12 9,907 

AugW SOU 8B.52 M -0J5 7^*3 

Feb OB mi! 040 0.82 -030 1.441 

AprOB «6J5 <450 4455 —053 738 

Ert- sates u,m Thu's, scries Uin 
Thu's seen W 44420 up 13 


High Low Oase Chge OpM 


Q 425 6-30 7-15 

M 45 5-30 6-13 

Q .16 6-10 6-30 

Q A 7 S-2B 6-10 

O 45 7-31 8-15 


RMXBajLJES (CMS9U 

40000 Rb^ arts Parra. 

Mayra 1030 87 JO 8730 -348 30 

Feb 00 7470 7105 7117 -145 30 

MarM 7435 7175 7175 —1.55 10 

Esl. series 2372 Urn's, scries 1977 
Thu's conn ht 8413 off 425 


Financial 

US T. BUS (CMER) 

11 mHmh phot mo per. 

Jun 97 7476 9473 7473 -44) 

Sep W 9450 9449 9450 —033 

pecra - 'so 

soles 20 Thu'i. sows 50 
Thu's open hr 1 off loan 


5347 


srirarWAD to toS UT awte.- 

n+mamMy; q-mnwtartyi s-cemri-anaal 


Food 


coatAQricse) 


Stock Tatdes Explained . 

Sides flgoRS an unMMaL Ybarty Mgbs and ten leBeet Ihe pamtaus 52 weeks plus the ameM 

veetebutnofmetolesmodngitor. W H eie a sp0orstodcifliiMendMPouranflto25 |te ina i lw i ncr e 

has been paM tte yeas MMftow singe and dtetdend cae shown tortoe now stoacs only. U niess 

rteiwte noted rates of dMtends ora annual dhbunemenis based an toe latesi dedamflon. 

a - dividend also extra (SLB - annual rate of dhridend plus snack dividend, c- Bquldatlng 

iMritend. cc - PE eiceeds 99 jcU - caled. d -new yearly low. dd - loss to the last 12 months. 

■ - dividend declared or paid to preceding 12 months, f - annual rate. Increased an last 

tkdaraHon. g - dMdend to Canadian funds, subject to 15% non-residence fax. I - dJvtdend 

declared alter spflt-vp or stock dMdand. I - dividend paid this yaot omtoect deferred, or no 

action taken at latest dividend mealing, k - dividend declared or paid (Ms year, an 

ac£umulo<M> Issue wBh dMdettds to onean. «- armusl ral& reduced an last dedaraitoa 

n - new Issue to llw post 52 weeks. The Mgthlow range begins wim toe stort or trading, 
nd - next day dtiteefy. ■- InHW dMdend. annuel rate unknown. WE - prtce-eomtags ratio, 
a -desed-end mutual twuLr- dividend declared or paid to praced tog 12 montos. plus stock 

dividend, i - slock spRL DMdend begins with date of spHL Ms - Soles, t- dividend paid to 

stock to preceding 12 months, esttnafcdoosh value an ex-dividend ora-dfentiuflon date, 
a- new warty high, v-tradtog baKed. vl- to bankruptoyor recelvefShtoor botog reorganized 
under toe Bankruptcy Act wsecwltlestB«raieda»suchcompgrtire. wd ■ whendtstrOwtetL 
wl - when bsueiV wit - with warrants, s - ex-dMdend or ex-rights, nss • ex-dStribution. 
xw -»»0tioul wamjnt4.Y-w«£te««rdond sates to hilyld-yl«to.z- sates In ful 


IB metric ram- tp«f ten 




Juira 

100 

1446 

1467 

—14 

31.971 

sepra 

1515 

1473 

1493 

—14 

13JSS 

Decra 

U42 

1507 

151V 

—11 

17,9TB 

May 98 



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8817 

Join 

was 

150 

140 

—14 

49 

Mm- 0B 

1467 

1540 

1547 

—14 

30857 


gLsaes nj40 Thu's, scries HIM 
Thu's open Int 74580 up 1177 


CMVEECINCSEI 
37400 b4- arris Per B, 

Mavra 28040 M9JB 27450 -OSS IM 

Jul 97 23600 24SJB 253.15 —205 153» 

Seora 23400 71850 22435 —OJO 7-571 

Dec 97 20550 19820 201.00 — UO *XB 

Man 19140 18150 1840 —130 1.910 

Est.sotes 11.122 ThuXsotes 18422 

Thu'i ooen int bus off iff 


SUGAR-WORLD H (NCSS) 
iiUBoib4-cMhpw-k>. 

Jul 97 l US 1895 10.97 -OS* 73J67 

□a 97 huh 1031 iojo -am 4i,iH 

May 98 IBL0 1(U5 W5B +0JD SJm 

Mar0 1077 1030 1031 -Ml BUM 

Est.sotes UH Thu's scrim 7348 

Thu's open W M8J0A off 119 


5 YIL TREASURY (CBOT7 

1104000 prtt- nn 4 Mlta of 1t» pci 

Aril W 105-36 105-23 105-27 _0ri 223.70 

SgpWHB-23 195-03 10S-I4 -07 am 

Decra . 104-43 — u in 

EsL scries 3VD00 Thu's, series 41.127 * 
Thu's open inr z&Ol up 003 

M YW. TREASURY (C8OT) 

SIOOiOMprm- pdft MTXtaor IHPCt 

Junra 107-17 107-06 107-09 —OS wii w 

Sepra 107 -07 106.24 106-26 —04 n lS 

MWOB 106-00 -05 '] 

&Ls<*s SI 999 Thu's. scries 92,5)7 
Thu'scpeninl 3S5J65 up )M9 

US TREASURY BONDS (CBOT) 

IS pO-SMOLeiMMK 6 3»!diaf IMpcn 

SflttSSXS 
SJS™-” ,M -“ n -!{ ^ 

». SIiB «■ Thu'i Mies J08J50 
Thu's open mi SR. 107 off 10333 

LIBOR 1 -MONTH (CMER) 
pmmo-rari WOpo 
J un 08 9XS4 93J0 «3J1 
E*“ . 9174 tWn 

MarM 93/0 _gm 

^.series NA Thu's. sate sJm 
rawsanenmi ojij off 1 

LONG GILT OlFfC] 

aam - m a 3?nds on n pa 

J*3I 11^23 IlMS- 0-21 


£% -SB'S S 

^s^varwu** 

2% SS %£ =SSJ!£U? 

D«97 93.12 93.05 OH -Ota 94OT 

WJ1 9233 9194 -MS <SbI 

WN 92.94 9284 9286 — 086 Ollg 

SOM 9289 92.79 9280 — MB 3Z2S2 

Dee90 928S 92.75 92.76 —088 2104 
EA sates: 3IJ49. Pie*. iotas: 6SJ27 
Pre*. open rm j 530061 Un 

3440NTH EUROMARK (UPPE) 

□MlmMn m of 100 pd 

MoyW 96 lB 9483^ 9682 UlKlL 1820 

S Bg 

gg SifzgS^S 

SS SazgS’M 

95.71 9580 9584 — 085 6030 

6 * *9tex Mtes: 154034 

KPPff. OPPTI Wj Ip 4/7,176 lip 11,530 


BRENJ OIL II PE) 

V * 2?“!L p * r h®* 1 ■■ tea ot 1800 barrels 
JUftr77 2080 L9A3 TO 35 +• 084 07^37 
JJ-JJ 20-18 +088 24259 
2S-S i?- 5 ? 2089 + 0J9 10738 


Aug 97 
Sep 97 
Oct 97 
Nav77 

De<97 | T T . 11P 

j**?l 1930 19-42 1785 + 044 fjob'-' 
^“8 1980 1937 1937 + 082 3LOT 
era- sales 33861 Open Inf: 161^45 off 9343 


??4? }9M 20.03 + OLS 7J11 


19.W 1988 19.98 + OJO 5,9428*': 
?2-M 17-46 19.93 + 0-46 10,71 9^: 


Slock Indoxea 

™«S2 ,JMDextc « B0 

“S- 15 83080 83235 —1280 184382 

2E m gg *'Jg 

_ N A. Thu'S. sales 6&13S 
Thu's aoeiinj 198897 up 2021 

FTSEieoi 


PFE) 




FF£ BriHoe - pis of too pa 

Z 9652 *083 44230 


Jim 


O 

9 

IX 


Sep ra 9460 9654 9455 .602 u SI 
DOC +7 9456 9*50 9451 .nS 

MOT VO 9450 9443 9644 J40? JUP 
Juh 2 VAJl 90 — Qm gj 

DVC 98 9tfll 95.95 95.96 0 Q2 k im 

M«W 9550 9SJ7 -SS I4l“ 

EsL wriume. 60494. Ooen Int ; 262.455 up 2864 

j+MOHTHEUROURA lUffFE) 

ITL 1 Pdlan - Ms at 100 Kl 

iSS Ss &2S S5 twg'ga 

MAM mot SS * 0j01 4, - 7M 

KM Sff Undl JAWS 

Pita. Oitan «. XI, 720 off 915 


So J^5"467U 47028 ♦ 78 TUB* 

S4p97 47578 47525 47348 . 78 4364 

D«97 47708 47708 47798 » 75 BJ 

14893 

P»e». open hit 75,71 g up 357 
CAC40UMAT1F) 

E5®P«todei paint 

32? W nS-S 2^-° Jraao +1180 2A4H 

iSTeSr H 73 - 0 274X0 27543 rt-nm 77^6 

s*o , w 25“ 27345 ’■hj* ' S' 

DPT 97 V &-° 25 98 +1180 11802 

WT SI- omo >1180 451 

N.T. ILT. 28125 *1T80 7.934 


jit: 28125 *1180 7.9 

es. oaumt 19.979. open kft: 73395 up 1.774 


Commodity Indexes 


jjtoqrtys 
Rauiers 
DJ. Futures 
CRB 



NA NA 

281780 1,97780 

16481 16483 

25237 
Lotxioe 


81097 114-21 113-23 l|j.* _n. 

S«|i97 114-30 11483 I|Im -S.2 2 3Jf 7 * 

htw DfiMiiif. 731506 off ltfj 


industrials 

COTTON 2 CNCTTO 
SUM in.- cents par is 

Juira 7145 710 7384 —0.13 37.964 


Setc our 

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Caspian to Black Sea: 
$2 Billion Pipeline Set 

M(^^vu° , ' Sk f^ am ^T arhn heavy investment in the region. 

disDutes. *i rrtni;^ fter i 5v ? yearsof Chevron, which is developing the 


INTERNATIONAL HERALD TRIBUNE, SATURDAX-SUNDAY, MAY 17-18, 1997 

EUROPE 

Soothing Words for U.K. Markets 

Kuwait to Reinvest Much of $2 Billion BP Proceeds in Britain 


PAGE 11 


■ coalition of S^SSZ 
m “ governments agreed Frif^v 
pipe,ine cany 
SV/S”? ^ ^tan Sea to Russia's 
■Black Sea coast. 

Kazakstan and Oman 
signed an agreement with eight oil 
compares to finance the pipeline 
opening the way for constniction to 
start early next year. 

Chevron Corp. and Adamic Rich- 
^S d T C ?' .?» tl ^. U,li,ed States and 


giant Tengiz field, will be the 
primary customer when the pipeline 
starts exporting in 1999. 

Reaching an agreement also was 
seen as a key test of the Russian 
government’s ability to push a deal 
through. The consortium was set up 
in 1992 but was bogged down for 
years by financial disputes. 

4 ‘ Of course, five years is probably 
too much to sign the agreement and 
start its implementation,” Russia's 


*fti „v«!| “ uu sia| i *U> lmpieraenuuiun, n.u*&in s 

omnn^^Jl? 0 °^ uss > a were first deputy prime minister, Boris 
finsuwv. agreed 10 Nemtsov, said. “Russia has never 

Sj^t>!^n??A. mile ^ 1 * 500 ' kil0 " participated in such a large-scale 
Kazakstan to international project; and maybe 


Mzaxsian to international project; and maybe 
the Russian port of Novorossusk. lack of experience and red tape were 

.The long-awaitttl pipeline has to blame for the delay.” 
been crucial to Chevron Corp.’s Analysts said the pipeline would 

^ ^nextstep in exploiting the vast 
oil reserves in the landlocked na- 
■jmj m tions around the Caspian. 

IXfitlSyrte* V/if “The Caspian region is going to 

J. ittU/i/flo Of/t be a tremendous source ofoii for the 

rm " 2 1 st century,” said Stephen O’Sul- 

/ /iff/)/) 71» JLn ,ivan - director of research at MC 
v^(/l I CtJ iUliid Securities. “This is the first step in 
vv Kazakstan getting a degree of in- 

dependence from Russia.’ ’ 

T nxm^xr ^ «- The pipeline initially will trans- 

. LONDON — Coffee-produ- port 560,000 barrels a day, with an 
cingnanons on Friday prepared expansion planned to 1-5 million 
for talks m London next week barrels a day. Chevron said, 
amid fears that soaring prices “Today’s signing of this historic 
may cause coffee drinkers to agreement is a significant step to- 
defect to tea or soft drinks. ward realizing the potential offered 

r> 14-nation Association of by the vast Kazakstan petroleum 

Coffee Producing Countries is reserves and de-bottlenecking Rus- 

likfily to defer plans to extend sia’s crude -oil exports to the in- 
expert quotas that were de- temational markets,” said Vladimir 

signed to keep a floor under Stanev, director-general of the con- 

world prices when they sagged sortium building the pip pin* 

last year. The Russian government is the 

“We should demonstrate biggest shareholder in die c onsor- 
that we are not a cartel by taking tium, with 24 percent Kazakstan 

into account the interest of con- holds 19 percent and Oman holds 7 

somers,” said Paian Naing- percent of the shares in the con- 
golan of Indonesia, the No. 3 sortium. 

seller after Brazil and Colom- Eight oil companies and joint 
bia. ventures hold the remaining 50 per- 

Cofifee for May delivery cent Chevron holds 15 percent, fol- 
dosed in London on Friday at lowed by Lukarco, a joint venture 
$1,985 a ton. up $112. Hie between Atlantic Richfield Co. and 

price has risen 65 percent this Lukoil, Russia's biggest oil produ- 

year. cer and exporter, at 12 5 percent. 

Latest increases on retail cof- Rosneft- Shell owns 75 percent, 

fee in France mean that top- Mobil Cozp. owns 7.5 percent. Agip 
quality beans there are up by SpA of Italy owns 2 percent, and BG 
between a third and 45 percent PLC owns 2 percent A joint venture 
since 2997 began. Shop prices between Amoco Corp. and Kazakoil 
are also up elsewhere in Europe owns 1.75 percent and Oryx Energy 
and in the United States. Corp. owns 1 .75 percent 

■ • ( Bloomberg , AP) 


Reuters 

_ LONDON — Coffee-produ- 
cing nations on Friday prepared 
for talks in London next week 
amid fears that soaring prices 
may cause coffee drinkers to 
defect to tea or soft drinks. 

The 14-nation Association of 
Coffee Producing Countries is 
likely to defer plans to extend 
export quotas that were de- 
signed to keep a floor under 
world prices when they sagged 
last year. 

“We should demonstrate 
that we are not a cartel by taking 
into account the interest of con- 
sumers," said P aian Naing- 
golan of Indonesia, the No. 3 
seller after Brazil and Colom- 
bia. 

Coffee for May delivery 
closed in London on Friday at 
$1,985 a ton. up $112. Hie 
price has risen 65 percent this 
year. 

Latest increases on retail cof- 
fee in France mean that top- 
qnality beans there are up by 
between a third and 45 percent 
since 2997 began. Shop prices 
are also up elsewhere in Europe 
and in the United Stales. 


B loomberg News 

LONDON — The Kuwait In- 
vestment Office, saying it found 
investment conditions m Britain 
favorable, indicated Friday it 
would leave most of tbe $2 billion 
proceeds from its sale of British 
Petroleum PLC shares in British 
stock and bond markets. 

“We plan to be very diversified, 
mainly in tbe UJK., but we will 
also buy into other major markets, 
both fixed-income and equity,” 
said Yousef Ala wadi, president of 
the investment office. 

The fund decided to emphasize 
Britain because the BP shares were 
already part of its UJC. weighting, 
and because “we like what we see 
in this market,' ' he said. 

On Thursday, tbe investment of- 
fice sold 170 million shares of BP 
stock, 3 percent of Britain’s largest 
oil company, for £1.22 billion ($2 


billion). The London-based invest- 
ment office is part of the Kuwait 
Investment Authority, a Kuwaiti 
government agency that invests the- 
country's oil revenue to provide 
for the time when Kuwait's oil 
reserves will be depleted It is one 
of the world's largest and most 
conservative financial institutions. 

Tbe investment office said it 
had reduced its stake in BP be- 
cause the stake had “come to rep- 
resent a disproportionate part” of 
its holdings. It said it would remain 
a significant investor in BP and 
continued to .hold about 63 per- 
cent of BP’s share capital. 

“We are not going to buy into 
any specific companies with core 
holdings;,” Mr. Alawadi said 
“This will be very diversified; that 
is tire whole rationale behind the 
sale of BP shares.” 

This month, the British Labour 


Party won a majority in Parlia- 
ment, ending ' 18 years of Con- 
servative Party rule. But Prime 
Minister Tony Blair has promised 
to maintain Conservative econom- 
ic policies such as selling stale 
assets, holding down income taxes 
and keeping down inflation. 

The tuning of the BP sale had 
nothing to do with the change of 
government, Mr. Alawadi said. 

“We are positive on the com- 
pany’s management and the eco- 
nomic management of this coun- 
try,” he said “It was purely a 
market transaction.” 

Mr. Alawadi declined to dis- 
close the total amount of die in- 
vestment office’s assets under 
management or details of other 
stock holdings. He did say. 
however, that tbe office planned to 
reinvest die money quickly, “tact- 
fully and quietly.” 


Start-Ups Stagnate YIAG Profit 


C mpM tyOfSt&Fmm OinmiAu 

MUNICH — VIAG AG said Fri- 
day that start-up costs in telecom- 
munications dampened gains in oth- 
er businesses, holding its pretax 
profit nearly flat in the first quarter. 

Germany’s third-largest utility 
earned 674 million Deutsche marks 
($3993 million) before taxes in tbe 
quarter ended March 31, just up 
from 668 million DM a year ago, 
despite an increase in sales to 12.3 
billion DM from 10.86 billion DM. 


VIAG. British Telecommunica- 
tions PLC and Telenor A/S of Nor- 
way have a joint venture called 
VIAG Interkom, which plans to 
compete with Deutsche Telekom 
AG when the German telecommu- 
nications market opens next year. 

Hie group plans to invest 83 bil- 
lion DM over die next 10 years in 
VIAG Interkom. VIAG alone will 
pay about 350 milli on DM this year 
in start-up costs, said its chief ex- 
ecutive. Georg Obermeicr. 


Petra Meyer, an analyst with Op- 
penbeim Rnanzanalyse in Cologne, 
said: “Tbe numbers were very dis- 
appointing. VIAG had said the first 
quarter would provide a good foun- 
dation for tbe rest of the year's earn- 
ings, but now I see very little im- 
pulse for much growth this year.” 

But VIAG said sales f or the year 
would top 45 billion DM, up from 
42.45 billion DM in 1996. 

VIAG shares dosed at 770 DM, 
down 1. (Bloomberg, AFX)’ 


Giinard Drags Down Kvaerner Earnings 


Kosnerr-oneu owns u percent, 
vlobil Corp. owns 73 percent. Agip 
SpA of Italy owns 2 percent, and BG 
3 LC owns 2 percent A joint venture 


Cot^OtdbfOwStffFtBmDupmta 

OSLO — Europe’s largest ship- 
builder, Kvaerner ASA, reported a 
58 percent decline in pretax profit 
Friday for the first three months of 
1997 but predicted a strong recovery 
by year’s end. 

Pretax profit at the British-Nor- 
wegian construction and shipbuild- 
ing company fell to 224 million kron- 
er ($32 million) from S3 7 million 
kroner a year earlier. Sales rose to 
15.2 billion kroner from 7.41 billion 
kroner. Kvaemer Mamed the drop on 


losses by its Kvaerner Energy unit 
and the cruise company Cunard, 
which it acquired last year as part of 
its purchase of Trafalgar House PLC 
for £904 million $1.4 bQtion). 

Kvaerner’s chief executive, Erik 
Toenseth, said die company expected 
“for better operating profit for 1997 
as a whole than we saw in 1996.” 

Tire drop m profit was less than 
analysts and investors had expected, 
and the company's stock surged 
2530 kroner to dose at 38330, a 
record. Kvaerner’ s shipbuilding di- 


vision showed a pretax profit of 256 
million kroner, down from 283 mil- 
lion kroner a year earlier. 

Its backlog of orders was 19 bil- 
lion kroner at the end of the quarter, 
up from 15 billion kroner three 
months earlier. 

Kvaerner, which saw its debt soar 
to 13.1 billion kroner from 5.4 bil- 
lion after it bought Trafalgar House, 
has sold 1 0 billion kroner of assets in 
tire past year, allowing it to reduce 
its debt to about 93 billion kroner. 

(AP, Bloomberg) 


WORLD STOCK MARKETS 


Friday^ May 16 

Prices hi locoi currencies. 


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33L40 3140 3X50 

76.10 76.40 7540 
61 JO 6140 
6540 65-70 

86.10 W 

32X50 330 33i 

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166 167 16X80 

7X50 79 JO 7940 
5X80 » W40 

4050 4050 40J0 

69.10 6940 6950 
4X10 4X10 4750 

29170 29SJ0 29740 
■ 243 24350 Z44J0 
10940 110JD 109.10 
SUJO 9640 95J0 
182 186 179 

17040 17040 16940 

60.10 6050 M20 
17450 17450 173J0 
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36050 36150 361-70 
38450 38540 38750 
10150 102.10 101^ 
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23950 240 23740 

SET tedec 561.19 
ProtaWK 55747 

160 175 161 

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3650 37 37 

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DrestaerBaik '«)45 5950 (040 
Rental! 367 3S750 359 

fiBBsticsMed 152 149 JO 151 JD 

Frita. KfDpp 320 320 320 

GeOe T1750 116 11650 

HtaWbgZml 163 159 16050 

Henkfdptd 96 9450 9550 

HEW 487 487 ODD 

HodOtef 7750 76 77 

HofKtat 67-70 67 J? 6750 

Kotamfl 50X50 STS 5B3 

Ltaneyer 7650 7550 7550 

unde 1288 1355 1266 

LuWwnsn 2945 29 2945 

MAM 515 510 51X50 

Mmanm 7X1 711 717 

M Mu 8 mie*lflwn 36JO 3655 3645 
Mem 16755 166 167 

MUncll RueCk R 4435 4400 4430 

Prwssog . 46050 459 460 

RWE 7445 7435 7455 

SAPpfd 32050 319 319 

Sctolng 17X40 17640 1775D 

SGLCortion 23750 237 237 

Stanems 9945 9X70 99 

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Saerizocter 930 930 9» 

Thyssen 38450 38X50 384 

Vfebn 99J5 99 9V M 

VEW 510 518 5M 

Wjn 777 76250 770 

Vofawooen 115850115450 1156 


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High Lm Otse p rev. 

131 12X50 130J5 12175 
G25 47 47 47 

5175 5125 5X7S 5150 
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76 75JS 7575 7575 


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BBL 

CBN 

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J^fwlteAC 

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m an 87X75 88575 

1070105055 IDffllMig 
42650 42050 421 42650 

n ft 5n B5 88 8X25 
^J5 423 442 42175 

284.75 281 281J5 781 

»i50 293 29425 29X» 

»375 304 3g 

2X75 » _» 2l iS 

39450 381 39X25 380 

8E L38tadeg g4CJ8 
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15275 15US 1 52^ 15150 
MM 6350 6370 65ta 

8990 8910 8930 522 
3500 
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^ S» 6440 6460 

38 £S Jg , 1 

,«oi 14050 IffiO 14300 
nte 13625 13600 


Enso A 
HutdwncWI 
Kerabn 
Keska 
Media A 
Metro B _ 

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OottaamptfA 

UPMKymmene 

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Hong Kong 

§?§£?& 2B§ 

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HsSc.HdlP^ 220 


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31 

Whedoefc' iaa5 


4X90 4570 
240 240 

50 49 JO 
7170 73 

M 1770 
1« 140J0 
41JD 41 

138 139 

339 337 

201.50 201 

105.10 101 JO 

12X40 122^0 

aa 8620 


Hobo Sens: 1406237 
PlWtaM 14041 J9 

L30 840 840 

28 2X15 2X70 
1175 12 11^ 

7625 77 7650 

n K J2J0 2250 
3670 37 3690 

42J0 42J0 42.90 
3X20 38J0 3870 
9X0 9 JO 9J5 

1660 1470 14S 
91 JO . 92 94 

8J5 X» X65 
71 72 7175 

72.45 12J5 1150 
2775 2770 
15^5 1X50 li» 
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215 220 218 

MTS 61 JO 62 
2X40 2X60 2X« 
2195 24 2470 

1X40 1XS 1X55 
4X50 4X70 OJD 
2M 265 2J0 

XOB X13 113 

9275 94 9X75 

4B0 4J5 4B3 

XT0 X15 
7.05 7.10 7.05 

6175 6250 61 JO 
-W9Q 3060 31 

1X10 1X35 1X30 


Kuala Lumpur 

AMMBHdgs 1590 

GentaO 1X30 

NbdBanUne 25 

MdtnflSMpP 
PetronosGas XBS 

Proten UJ0 

PabOcBk 4 3 

RMieog 116 

Resorts Wwid X85 

ROTOTOOSPM 2440 

SJn* Oarty 7JtS 

TetetanMol 17 

Tenaja 1170 

UMEoaheera 17 JO 

YTL 9 JO 

London 

AbfanrNall 972 

ASM Doraecq 463 

Anglm Water 7J3 

Argos 615 

AsdaGawp 171 

Assoc Br Foods SJ2 

BAA 5X2 

Brodor* i2je 

Bass X37 

BAT bid ‘ 5J7 

Bar* Sarttad 421 

BJueCkde 473 

BOC Group 1075 

Boots 7J7 

BPBbid X35 

art Arrow 1270 

BrttAbways 7A4 

BG 179 

ErDLand 6SX5 

BjttPvtal 7 JO 

BSTortS £87 

BrOSWl - 1X9 

BtflTeUcoro 477 

BTR 278 

Bomb Castro! 10X5 

BwtanGp 1X5 

CtateWMets £07 

CodbwvSdM £52 

Cortttn Comm 5J2 

Corami Unkic 7J6 

Compass 660 

CoortouJefc 120 


1570 1570 
1270 1X18 
2470 2490 
550 £60 

435 X7D 
1X30 11J0 
410 420 
104 1D8 

8X0 875 

2X30 2470 
7 JO 775 
1670 17 

1090 11.10 
1660 17 

9X5 970 


FT-SE 100:469X90 


EMlGKiop 

ForoCateaW 
Gwri Acddent 
GEC 
GXN 

QomlMcon 
Gravida Gp 
Grand Met 
GRE 

G«e«dteGp 

Gutaness 

GUS 

Han 

HSBCHldo* 

\a 

Imp! Tobacco 


SSS SS Jakarta 


Cpwprojtatadec 


Land Sac 
Lana 

Legal Gerd Grp 
UofdsTSBGp 
'LuCQjVarttr 
Mots Spencer 
MEPC 

Mermiy Asset 

NtaondGrid 

NtaPmw 

NtaWest 

(text 

Oraage 

P&0 


Copenhagen 


Codon 
Donteoo 
taiDonskeBfc 

CVS SveodhTJ B 
p yS 1912 B 
LSIMB 
KobLuflMvw 
NnNottkB 


Frankfurt 

AMBB 
Addas 
ABOM Hdg 
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BL Berta 


Boyar 

Btiendarf 

Bewps 

BMW 

CKAGCaBRta 

Camnentxink 

Dataller Banr 
DeguMfl 


fsS W m 

WMO 95550 95S50 W2W 

3«n n ft5S£S?3S 
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H s* ag sa 

9X50 » *“ -nQ 

m25 1^28 *430 

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77 J0 7670 77 JO 


AstaJlnB 

Bkinfl Indon 

BkNegam 

GadonflGann 

tndoeeawd 

tadolood 

tadaiat 

SampaaniaHM 

Sawen Gieste 

Tcte Lu i uwta n s l 


6150 59» 61» 
i B00 1750 1775 

\SK 1450 1580 

9800 VJ£ 9« 
3050 7775 3025 
5M0 5000 5K0 

6M0 6800 6800 

M00 9600 9700 

5900 5W5 5575 

3700 3625 3475 


Johannesburg "*££££5 

t2Ss^*4Z$Z% 1 


4^ HI « 

&* si III s 4 

C&" »j| ’kS 15M5 lH 

Oe Beers, 4140 

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M s 8 S s 

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RW^™*® 60 2 62.75 S3 6X75 

nS n.n n.n n 


Bartow . 
CG.Sai0ti 
De Beers, 


SLwp 

MOW* Con* 

(scar 

jotantejnfl 
Liberty (too* 

MIn«co 

Nom»* 

NedOtf 


Pnotef Farneil 

PrudertW 

RnSbackPP 

Rank Group 

ReddBCobn 

RerSaod 

Read tan 

RndaMMtaU 

ReatooHdos 

ttnu in 

RMC Group 

RofcRnycn 

RnpIBkScat 

RoycffsiaiAa 

Safeway 

S ulwtan y 

Sdndn 

ScOMwcnsflc 

Sal Power 

Seairtcor 
Severn Tianr 
SUelTranspR 
SW» 

Satan Nephew 
SroBHOtae 
ScoXtatad 
StaemElec 
Stagecaoch 
Stand Oiarter 
To* 4 Lite 
Tescp 

Themes Water 

31 Group 

Tl Group 

Tomkins 

LMMer 

UMAssamna 

UldNtws 

UJdUfflties 


972 976 
463 456 

7iO 672 
615 603 

171 1J8 

162 556 

5X2 133 

1298 1266 

X37 X13 

S^ 5 A 

421 4.14 

423 4)2 

1075 1X83 
7J7 777 
X35 X31 

1270 1268 
764 7J6 

199 197 

6M 595 
7 JO 670 

£87 £69 

1^ 1X7 

477 452 

278 219 

10X5 1X32 
1X5 JJ8 
597 495 

£52 5X2 

132 £22 

7J6 7J1 

660 &J0 

370 115 

SMI 494 
If 401 298 

1290 1245 
5X5 £31 

675 653 

163 162 

961 9X9 

161 152 

9J9 937 

1299 1171 

9J7 971 

£76 $65 

X04 296 

£06 493 

£75 5X0 

668 653 

£83 £73 

1791 17.17 
795 787 

414 405 

776 7.18 

250 247 

894 £80 

2X3 236 

450 444 

672 691 

292 199 

5-11 593 

594 496 

14 13J2 

277 224 

£82 £11 
X09 794 

7J2 696 

271 117 

652 630 

779 7.16 

U7 1.13 

7 682 

475 <64 

682 667 

434 478 

452 464 

9.18 998 

X38 376 

622 610 
460 49) 

682 671 

285 275 

9X0 975 
252 2X7 

652 630 

1069 1077 
£12 498 

X65 £58 

180 170 

1795 17X0 
798 7 

395 165 
296 293 

797 7X9 

1191 1162 
993 m 
177 175 

1X73 1X48 
770 758 

432 420 

690 £15 

iaoe 9.93 
468 460 

395 398 

688 680 
596 498 

£52 533 

278 273 
1793 1695 

599 £93 

. 791 772 

690 675 


9J7 977 
457 4J7 

791 696 

606 605 
171 170 

562 SSS 
577 S3S 
1293 1265 

614 619 

£63 £51 

417 415 
415 416 

K.1S 10 

770 774 

233 132 

1268 1295 

755 7X4 

194 197 

6 593 

773 770 

571 £66 
1X8 

456 4JD 

271 217 

1X38 1X38 
JX5 1X4 
£03 495 

£52 £51 

57S 576 

7J4 7J5 

660 657 

3JI 125 
497 497 

399 402 

12X5 1291 
£33 £38 

692 669 

- 162 162 
9J1 9X7 

X53 364 

9-55 934 

1279 1271 
- 977 9J1 

572 539 

299 299 

495 £05 

£70 S64 

655 665 

575 £77 

1773 1771 
791 790 

407 403 

778 770 

■'260 267 

897 879 

139 237 

4X9 4X2 

615 593 

201 2 
597 £07 

5 495 

1X70 1374 
275 274 

566 563 

£07 XOB 
7.18 695 

119 118 

648 6X4 

771 7.12 

1.17 1.14 

687 693 

475 463 

667 666 

431 47B 

4X8 4X9 

9.16 9.15 

£28 333 

671 615 

457 439 

675 674 

275 296 

9J4 979 

2X7 267 

6J5 136 

10X5 1070 
499 £09 

150 362 

170 173 

1791 17X4 
793 795 

188 398 
295 294 

791 794 

1169 1162 
US 998 
177 177 

1064 1063 
770 768 
431 428 

632 £17 

998 10 

465 460 

393 188 

£82 £86 

£02 499 

£34 £58 

273 274 

1£90 I £90 
SM 
769 778 

£82 .£94 


WPP Group 
Zeneca 


Madrid 

AGetaax 

ACESA 

Acrkh Barcefcn 

Baaeste 

BanttriB- 

Ba> Centro Kbp 

BcoPopukr 

Bco Sarttmtef 

CEPSA 

Coctasate 

isr* 

fecsa 

Gas Natural 

(henlrota 

Prycn 

tara* _ 


Union Fenesn 
Uotenc Camem 


Manila 

AytatB 
A vote Land 
BkPHtaiP 
CAP Hemes 
MtaflaEtecA 
Metro Bank 
pawn 
PCiBank 
PhD Long DM 
SanAUgwIB 
SM Pita* Hdg 


Mexico 

AffaA 
Burned B 

airaC 

EropModemo 

Gpa Carso AT 

GpoFBcaraer 

GaoFta inhursa 

MbhClarttMB 

TeterisaCPO 

TUMexL 


BcaConnltal 

BaRdeurom 

Bco eS Roow 

BoteMan 

OadtaltBNBH 

Etfeon 

ENI 

Bel 

General Assic 

IMJ 

INA 


£39 

5J3 

£32 

£J7 


280 

X05 

174 

785 

Z77 

X- 

2 36 
786 

Paris 

XI6 

a 12 

114 

XU 


4.79 

*69 

*71 

4J9 

Acrm 

253 

2JQ 

251 

250 

AGF 


OOWHI 

Proraotat 

Pltafl 

HAS 

Mo Banco 
S Pasta Ttataa 

s»t 

TeteawItaSa 

TIM 


Montreal 

Bee Mob Com 
Ota Tire A 
CdnUC A 
CT FW Svc 
G« Metro 
Gt-Ma] Lrteeo 
tn cs oB 
ImestoaGip 
LflbtateCos 
Nad Bk Canada 


Quebec* B 
Rages GsmmB 
RoysiBkCda 


Alter A 

BaraesenDvA 
ChrinataiBk 
DennanOeBk 
Elton 
HatetaadA 
KMHMrAla 
Norsk Hydro 
NanfeaSkogA 
NienmedA 
OrideAsaA 
PtataGoaSsc 
1 — PetasA 

Ned 

TronjoeeailOft 
Storebrand Asa 


1999 1064 1970 1975 


Sfta darlWJ l 
Pnwtaag 54676 

» 24200 24200 
» 1755 1735 

W 5770 5800 
« 7130 7290 

» WHO 10490 
F0 1675 1740 

20 23250 23300 
35 5000 5000 

90 33110 33250 
SO 11760 11780 
30 5050 5150 

» 2649 2600 

10 7730 7850 
!P 11050 11160 
95 1215 1240 

» 27450 29000 
* 1705 1715 
15 2695 2730 
30 6000 4000 

e 132 BS 
50 7150 7130 

15 4040 4075 

3 1265 1270 

3S 2005 1990 


PSEtadK 257613 
PRVtaUK 263199 

16 16 1675 

1X50 1X50 19 

141 141 142 

990 10 107 5 

8650 8650 89 

5S 555 540 

770 7J0 7X0 

275 275 2X5 

700 735 . 730 

6X50 69 69 

670 670 600 


47 JO 4760 
1X08 17J0 
nrw j am 
12J0 12X0 

29.15 39.15 
4650 44X0 
192 192 

2X00 2770 
2975 2970 
9660 9660 
17.10 17.14 


11950 11*50 12400 
3BS5 3890 3B3S 

4580 4“ 

1220 1-. 

22800 23550 22650 
2565 2610 2690 

7800 798G 7750 

8970 

£440 

30550 30750 30650 

15825 16200 

2320 2345 

5660 5740 5710 

7SXS 7670 7595 

10120 10465 10170 
■ 1042 1 064 — 

470 472J0 
2635 27X5 2640 
3820 3850 3895 

13895 13950 13995 
18520 I860) 18230 
10970 11170 11000 
827S 8370 3240 
4670 4725 4635 
5095 5125 JITS 


4610 4190 
25X5 2SU 
3495 3445 
33ft 33M 
17XS 17M 
2BV5 274* 
3614 384* 

27V4 27te 
1X95 1890 
1615 16X0 
30X5 30.10 
2890 27X0 
2£ta 25X0 
7te 739 
59X0 9995 


OSX lades: 61X67 
PTrriOUB 68774 

IX 131 129-50 
157 157 JO 159 JO 
2290 2290 23 

2650 27 JO 2X90 
131 131 132 

4650 46 4i» 

360 38150 33 

347 JO 349 347 

241 241 243 

97 97 JO W 
600 600 603 

285 288 282 

i 13Q50 133 W 

13650 13650 140 

650 450 450 

45.10 4SJ0 45X0 


Ah Liquids 

AJartoAlsBl 

AnHlAP 

Bmiadra 

BtC 

BNP 

Canal Plus 

Coreifoer 

CasSrjo 

CCF 

Ctactem 

Owtolon War 

CLWtedaFian 

Credo Agrtcate 

Danorte 

Bf-Aqti*>inc 

ErtdanlaBS . 

EuroisneT 

Emotunnel 

GetEous 

Hows 

knew 

Lafarge 
LfiCTand 
Kirt 
LVMH 
Lyon. Earn 
MUwBnB 
ParibosA 
Penad fflard 
Peoj«o(C8 
PtaoaOPrtrrf 
■Promodes 
ReaauB 
Raw 

RH-PoulencA 

Sawjfl 

Sdvteider 

SEB 

SGSTbaossn 
Ste Generate 
5edtedK 
SJGtaota 
Suez 

T?WOTC5F 
Total B 
Ustaor 
Vtatao 


Lm* date Ptw. 


CMCX8E270U8 
— • • W ta teW UI 


19£5D 193 193X0 19110 

927 910 927 917 

693 688 687 6B5 

375J0 37U0 37470 36970 
7 59 745 757 747 

890 871 879 879 

26190 254X0 2S4X0 258.10 
1115 1875 1083 1098 

3919 3800 3885 3808 

28X10 270 Z75.10 27370 

28S70 270 276 2BOJO 

6S7 643 6S 643 

ns m na n3 

S5B 539 540 539 

12661267901267 JO 1268 


EtacmksB 

ErtcssanB 

Hennei B. .. - 

iDonftteA 

ImesksB 

MoDaB 

Nartaaeken 

PtoWUjdtan 

Scania B 
SCAB 

S-E Banted A 

aroxflaFaa 

SkonskoB 

SKFB 

SpartratamA 


935 

917 

922 

911 

b- a 

599 

911 

607 

928 

608 

921 

9J0 

9J5 

9-35 

9J0 

£B 

£45 

£50 

£55 

BlTJ 

807 

815 

806 

444.10 43110 437 JO 436.13 


StoroA 

SvHandlesA 

VcteoB 


Kgb Lear Out Prex 

466 443 446 460 

2 74 26X50 269 JO 2U8 

„ 285 266 271- 274 

. 655 642 650 643 

377 37150 375 373 

250 246 249 248 

241 239 240 239 JO 

261 257 260 25&50 

206 210 204 204JO 

226 223 22SJ0 226 

170-50 169 169 JO 16X50 

B5JD 84 B4 86J0 

250J0 246J0 247 2*J0 

330 327 32X50 32SJ0 

180 17BJ0 US 179 
155 151 JO 15250 - 155 
191 190 1 90 190 

117J0 116 117 TI7J0 

224 Z19 21950 22250 

21250 208 20850 20750 


Sydney AiorgwieK 2 gjt.il 


820 804 820 

40150 39X20 40X60 
984 964 968 

2197 2160 2187 

1494 1457 1488 

581 582 584 

36090 34950 3S150 
412 402J0 404 

305 310 

570 647 456 

2S20 2471 2489 

2199 2100 2115 

19 152J0 157 

1579 1521 1455 

19X90 194 19670 

571 560 566 

32370 315 320 

1030 1014 1023 

4SXB0 440.10 446 

709 695 699 

2B30 2801 2830 

870 847 am 

311 307 JO 30950 
717 70S ns 

19X90 19X50 19570 
561 SO 558 
2.70 90 91 JO 

373 364 36950 


Amcor 
AMZBktag 
BMP 
Bo ml 

. Brambles Ind. 
CBA 

cr Amalfi 

QdesMya- 

Comalco 

CRA 

CSR 

fi teters Brew 
Goodman Hd 
ia Austrada 
Lteid Lease 
MIMHdgs 
MatAutaBotae 
Not Mutual Hdg 

News Com 
PodBc Duntop 
Pioneer Tnfl 
PubBroodcata 
ST Geary* Bank 

WMC 


WoousWePet 

VHoolunrttB 


Sao Paulo Bcieyctetoci>ciJ4 Taipei 


BrodescoPM 
Brahma PM 


Parana 


Sauza Cruz ■ 
TtaabrasPH 




Ttatel 
TetespPM 
Unkwnco 
UstatansPtd 
CVRD PM 


9 JO £00 
77X00768X90 
47 JO 4X00 
£50 SSJK 
£85 1X85 
-2J0 47BJ0 
57X00 56X00 
ennn 4BSJ00 
32X00325560 
237 JO vwsn 
162J0 160JO 
3£80 3180 
9J9 9J5 

13X00 13070 
15050 146J0 
155J0 149 JO 
340J8 327 J1 
3SJ0 3X30 
151 1.10 

24J0 2350 


Seoul 

fV*p*o*w 

Daewoo Heavy 
“^ndtaEng. 

. Motors 
Korea B Pwr 
Korea Beta Bk 
Korea Mob To) 
LGSenticon 
PetaonglrunSt 
Sarasong Dlsloy 
S oeno u n g Bee 
StMRtaBaik 


6790 6400 

18000 1 7200 
16400 15600 
265DO 25700 
5350 5200 
393500 357500 
32500 30000 
55700 54200 
43500 42600 
64000 62800 
10400 9950 


dtetodtee 699-53 
PnvtoteB 49955 

» moo 93900 

9 6690 6290 

9 17200 17600 
9 1 6100 15600 
D 25700 25800 
I 5250 5200 


32000 30700 
54300 55000 
42300 43400 
43000 63600 
9990 10100 


Singapore 


Asia Poe Brew 6X0 
Cerates Poc 875 
CBy Detab 1X10 
Cycle Cantona 1450 
DtaryRmM* .076 
DBS foreton 1X18 
DBS Lorn 452 

Fraser A Name 1170 
HKLand* 2J0 

JoMMtam* 4X5 
JardSnatetac* 372 
Keppta XB< 

KspgeiBmta 
KwtaFtas 
KupelLand 
oScteratan 
DSumonBkl 
PartaMiy Hdgs £25 
StenM tec nn £55 
StagAirtartaga IX* 
Stag Land US 

SfeigPiessF 2880 
Sing Teta tad 354 
StaTtaeeann 159 
TaLeeBaak 
UM indusatal 
UHOSteBkF 15 
WtagTtaHdgs 4.16 

^kiUXtfttaDS. 


Wtetan—W 

J5 £55 £60 

J5 875 875 

JO 1270 1X30 
JO 1440 14LS0 
75 675 077 

JO 1X10 1750 

54 458 450 

X0 TUB 1158 
X7 2X9 X49 

55 £30 6X0 

JO 342 3J0 

50 £55-455 

74 - 376 378 

74 474 472 

52 X94 351 

50 1770 1750 
J5 10 950 

.99 £25 £35 

X5 £50 £60 

13 1X30 1X20 

55 455 450 

X0 2X20 2X50 
LB2 150 254 

-54 2J4 140 

JZ 336 X34 

.11 1J2 1.12 

XO 1470 1440 

56 408 412 


Ctahor Ufe Ins 
OKJwHwa Bk 
OteTangBk 
adoaOmtaW 

CMra Steel 
FMBank __ 
Formosa Piesfc 
Hoa Man Bk 
tad Coon Bk 
Nan Yo Plastics 

UWwLoElec 

UM World Qtal 


Tokyo 

ABnomoto 

ABMpponAIr 

Amway 

AsaMBank 

Asauawro 

AstadGtass 

Bk Tokyo MSsu 

BkYakotanW 

Bridgestone 

Canon _ 

Otou Sec 

Owooku Elec 

Dai Ffipp Prfcrt 

Dalta 

DoHtal Kmg 

DakwBaik 

Dated Hoose 

DidwaSec 

DDI 

Denso 

Bui Japan Ry 
Ebal 
Fdbuc 
F oS Bank 
Fh Photo 


Stockholm 

rTfllWS<7fWf 


AGAB 
ABBA 
AssPsraon 
Astra A 
Alas Copco A 
Autoir 


10150 10X50 10X50 10150 
10450 10150 IM 103 
216 210 215 215 

3B 317 320 32150 

215 208 211.58 212 

305 295J8 297 JO 30450 


Honda Motor 

IBJ 

1HI 

itotau 

Ito-Yokado 

JAL 

Japan Tobacco 

Jtrsco 

Kapsn 

KansdEtec 

Kao 

KanesaMHvv 

Knoro Stool 

BnMNWiRv 

KMn Branray 

Kobe Steel 

Komatsu 

Kubota 

Kyocera 

KyutanrElac 

LTCB 

Marubeni 

MdRIi 

Matsu Comm 
Matsu Bee Ind 
Mam Eke Wk 
MteutJbrtl 
MBtufaisMOi 
MKWbisMEl 
MftsubbMEst 
MitsuWsW Hw 
MBsaMsM Mta 
HUtoubtsbl Tr 
MTSlri 


BJ0 8X5 
X33 £43 

784P 1X13 
152 384 

2144 2X53 
1412 1445 
1450 1475 
£16 £20 
752 653 

2CU7 2003 
440 456 

2J3 243 

172 172 

1150 11.90 
24X5 2450 
152 176 

1755 1X11 
158 1.94 
576 570 

XSi 150 
434 434 

£50 £50 

752 006 

£06 757 

774 7J2 

1170 11-02 
405 401 


■hettadteBMU* 
Protons; 799X10 

155 158 154 

1» 126 118 
71 72J8 71 

iSt 117J0 116 

XD 29.90 2970 
119 124J0 117 

jn « 65 

118 122 11 £50 

69 71 JO 68 

81 68 6X50 

96 9650 95 

97 97JD 10X50 

JO 56 5450 
63 44 64J0 

70 7X50 69 JO 


NUtel 22X 2813431 
PratasnsiSWSUl 

1190 1200 1190 
7S4 779 744 

4300 4350 4390 

795 795 809 

697 702 695 

1160 1170 1160 

2110 2070 

_ 534 529 

2640 2670 2493 

2880 2920 2930 

2060 2060 2070 

2020 2020 2050 

2420 2470 2420 

715 724 718 

1500 1528 1510 

. 4J4 437 £4 

1380 1390 1380 

8(1 865 066 

8400a 8570a BSSOa 
2860 2900 2660 

5450c 5520a 5300n 
2260 2280 2250 

4110 4170 4150 
1510 1530 1520 

4580 4600 4680 

1360 1360 1360 
1110 1140 1110 
1220 1230 1220 
3440 3(50 3no 

1400 1420 1430 

490 500 

627 635 

6480 6710 «7» 
525 528 S3 

8570a 8730a 0570a 

4200 4430 

695 7W or, 

2160 2170 2180 

V « 

% % £ 

' 1170 12S0 1150 

226 230 225 

882 885 W0 

579 5B2 578 

7310 7390 7W 
502 508 500 

2170 J, 2 HIS 

3230 3240 32(0 

Z)5D 2190 2170 
1310 13W MO 

1370 1390 1360 

ODD 403 410 

698 701 (94 

1(40 1(50 1660 
BS2 857 8S5 

900 90S 905 

1£(0 1520 1550 
9B( 990 990 


Frankfurt . London ; .• ./ ■*.. W»< 

dax ■ ftse 100 -Wdw • / c«C4o,:-.: 

3600 ^ mi m 

'm ALiT^WO y* 2600 

2 r "2 


D J F M A M ■ 

1996 1997 


^Oj F M A M f> 3800 D J FMA M . ®0'j'F M 

1996 1997 1996 1997' 1996 

Exchange if \:Wday Ppai»,~'./'£ 
AaMBsr<fen9 te< ^ 8 gW.r’-i^3S5& 

b^- : . 


ihmsfc : : rW*§ 


WSM-\ 




■ 9mi\ ■■■ ^ j :: ^ I ^6 C 

Source: Telelcurs bncroauoosl HeraUTVamnc 


Very briefly; 

• Germany’s upper house of Parliament, the BundesraL 
adopted a bill on privatizing the 36 percent of Lufthansa AG 
still in state hands; the transport minister said tire action 
cleared the way for full privatization this year. 

• Russia will sell 49 percent of RAO Svyazinvest, a tele- 
communications holding company, this month, but foe exact 
dare has not yet been set. Svyazinvest has controlling stakes in 
85 regional telecommunications companies. 

• Tbe European Union’s seasonally adjusted unemployment 
rate was 10.9 percent in March, unchanged from February, 
and down from 1 1.0 percent a year earlier. 

• The Brussels Labor Court of Appeals confirmed a ruling 
that tire procedure followed by the French automaker Renault 
in its decision to close its plant at Vilvoorde, near Brussels, was 
irregular. Hie ruling, issued April 3, said Renault had violated 
several Belgian orders and coUective-baigaining agreements. 

• Tabacalera SA, tire Spanish stale-controlled tobacco com- 
pany, reported a 7 percent increase in net profit for tire first 
quarter on growing cigarette sales, to 4.06 billion pesetas 
($283 million) from 3.79 billion pesetas a year earlier. 

• Russia will license Iran to build 60 passenger-aircraft 
engines in a $145 milli on deal. Tbe engines will be installed on 
Ukrainian An- 140 passenger jets. Iran has signed an agree- 
ment with Ukraine to assemble the planes in Iran. 

• Canal Pins SA of France signed a three-year exclusive 
broadcasting contract with tire U3. production company 
Miramax Him Corp.’. a unit of Walt Disney Co^ according 


Miramax Film Corp.’. a unit of Walt Disney Co^ according 
to a published report. 

• Daimler-Benz AG is re-examining foe feasibility of its $1 
billion venture to build its V -class miniv an in China. The 
company said foe project would not be profitable because a tax 
exemption on imported equipment was abolished in April and 
an expected rise in passenger-car demand had not mate- 
rialized. AFP. Reuters. AFX. Bloomberg. AP 


The Trib Index 

Jaa 1. 1902=100. Lon 


World Index 


Prices aaot 3M> PM. Now York Am. 


Asta/Padbc 124.19 +1.02 +0.83 +0.62 

Europe 174.S5 -tO.53 +030 +A5 3 

N. America 18K45 -1.44 -0.78 +16.39 

S. America 149.13 +0.03 +0.02 +30-32 

MteUMm 

Capital goods 20025 -1-36 -0.67 +17.16 

Consumer goods 187.96 -0.12 -0.06 +16.45 

Energy 192.16 -022 -Oil +1257 

Finance 12336 +059 +0.48 +5.92 

MsceBanaous 165.31 -031 -0.19 +218 

Raw Materials 184.66 +001 +0.01 +539 

SBnrtos 15407 +033 +054 +1220 

UtMea 14037 -035 -0.18 -215 

77» International Herald Tribute Worm Stock Max O trades the U.& doear values of 
2B0 kHemaBonaty krtasuble stocks tmm Z5 countries. For mom Information, a trvo 
boat** feMfeM0tyNy*ty»7to7» Max 701 Auonuo Charles da GauMe, 

92521 NodKyCedaz, France. ConpBad by Bloomberg Nam. 


HbO 

MttutFwtaa 1500 

MMTn»* 8SS 

MmntoMlg 4890 

NEC 1(10 

NBm 1880 

NtkfeoSec ■ 7 m 
NUcodo 9120 

NiupEXpress 9S3 

Nippon 08 630 

Nippon Steel 371 

Ntasrat Motor 749 

NKK 266 

NomuraSec 1430 

NTT 1070b 

NTT Data 4380b 

o» Paper 7U 

Owto&M 305 

Rtoto 1490 

Rorin 10100 

5akuraBk 719 

Sraikyo 3580 

SranraBaft 1510 

Sanyo Bee 514 

Secnai 8210 

Sfllbe Rwy 6350 

Sekfcul Chen 1190 

SetotriHopse 7220 

Sevan-Eleven 8700 

Mxrp 1640 

SbBntaiBPwr 1990 

Sldodzu 715 

Shta-eteaOi 2660 

Slristado 1730 

SfttatofcaBk 1150 

State* 8380 

9020 

SmnStomoBk 1570 

Santa Qwen 490 

Sumitomo Elac 1840 

Santa AteW 310 

SuroOTiud 1090 

TatotePhorro 3160 

TOkedaCbem 2900 

TDK 9090 

TotekuBPwr 2mo. 
Total Bank 960 

Totfci Marine 1430 

TokyoBPwr 2220 

Tokyo Etedran 5000 

Tokyo Get -** 

TokyuCeip. 

Town 1430 

ToppraPrirt 1760 

Toravtatf 802 

TWuba 734 

Tested 2930 

ToyoTn® 890 

TayatoMator 3620 

YamanoucM 2860 

axWbcxlMO 


1470 1500 
845 850 

4090 4810 

1600 1590 

1850 I860 

734 736 

8850 8900 

949 930 

513 515 

369 371 

746 743 

263 265 

1420 1390 

1070b 1030b 
4280b 4390b 


1460 

1490 

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101M 

10100 

10200 

707 

715 

107 

3500 

3550 

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1480 

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6318 

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1150 

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7790 

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8700 

8400 

1620 

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1980 

1900 

708 

712 

705 

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1780 

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1150 

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8200 

8250 

8400 

9730 

940 

9820 

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477 

1540 

480 

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405 

1820 

18* 

1810 

387 

305 

309 

1070 

1090 

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2880 

2900 

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8860 

9050 

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2000 

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694 

697 

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1470 

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Norai* Inc 
Nonea Enagr 
Whom Telecom 
Novo 
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PuiiuSi Petan 

PtaraCda 

PtocerDome 

Poco Penns 

PotataiSatac 

Rtnateance 

RtoAlgom 

Rogon Cornel B 

SeapranGo 

ShefiCdoA 

Stone CoraoM 

Sancar 

ToQman EflV 

Tedt 0 

Tatateabm 

Tdus 

Thomson 

TorDonBank 

Transtata 

Tmcda Pipe 

T/bMukFM 

Trtzec Hotel 

TVXGtad 

WestaxitfEnir 


Lam Oom 
4£B0 47.15 
31 J5 31 J5 
3X70 3X85 
107.15 10BU 
11J5 UJO 
25 25 

305k 3054 

23H 2X30 
25JJ5 25 JO 
15 15 

113 1141k 
«L65 4054 

36J0 3U0 

52J0 52JQ 
57W 5756 

2X15 2X2D 
3465 35 

4£55 45J0 
3BJX 3X55 
43.15 44 

23 23JJ5 
30 30.10 

4065 TUS 
T£80 1450 
2560 2W 
50 SUB 
3X95 3X95 
B-45 BM 

24 24.10 
7X10 7M 


Vienna 

BueMerUddeh 938 
QtdBmtPM 513J0 

E VW TUB 

sr wwta ,43^ 

OetaQeldrtE 66X95 
VASttail 52X20 

VATedi 200995 
WtenertseigBoo 2403 


ATX ktaec 1251 J8 
PrataOteelMU* 

90X50 923 9U55 

5M60 512 508 

3000 3050 3030 

T5B0 1596151X50 
510 515 510 

1420143480 1421 

86X10 861 JO 062.10 
52X50 52X20 52X50 
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234123&&H5 2330 


2890 2900 

883 837 

3570 3540 

2850 2870 


Toronto 

AbtaM Price 
Atoena Energy 
Atom Akin 
Andersun Expl 


Com toco 
Doteco 
Doeriar 
DanabueA 
DaPOrtCdaA 
Eitaer Group 
EmNevMng 
FtartaFH 


From Nevada 
CvttCJoRes 
Imperial 08 
Irco 

IPL Enemy 
LoMtawB 
Laewen Group 
MaataiBMl 
fno a 


PiMtauK (27(65 

2X45 2X05 2X15 2345 
32U 3X20 3X40 3240 
49 48J0 ABO 49.10 
1X35 1X15 1820 1X15 
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57 JS S7J0 5720 5765 
3365 3316 3345 34 

35JB 3425 3480 35 

S 29.85 2985 2940 
30 30 SOU 

28ft 2820 2840 2X55 
3SJ0 3£10 35.15 3560 
581k 49ft 4» 49J5 
3420 3340 3140 3405 
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36 35U 3» 36 

29 28J5 2X90 29 

j£3S 35 3SJ5 3£2S 
39-30 3X10 39 3X35 

25 24V 24* 25 

lift TIU lift 1140 
3X15 29 JO 2980 29U 

3SJ0 35U 3545 3540 
2XB5 2160 2X70 2170 
4X30 4X90 41 4X30 

325 315 320 J17 

31 U 30 31ft 3X95 
2380 2325 Z3J5 2X55 
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4620 4580 4U0 SS 
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76ft 75 75 7720 

12j 60 1110 12.10 12ft 
29.15 2825 2925 £ 


Wellington Nzs&wtadnexnxM 

Pwtaaas: 231072 

AtoNZedd B 422 4J0 432 422 

126 124 125 1J6 

Carter Hob on! 321 327 xao 327 

Ftetoti Ol Bldg 484 4JU 484 4J0 

FtetoJiQi Eny £70 465 £70 465 

RtataCbFatst 1J5 1J3 1J3 ZJ» 

FWOlOl Pap® 125 123 325 326 

Uun Nattm 3J7 X55 3J6 IK 

TMbcanNZ 668 £64 665 662 

WHson Horton 11 JO 1120 1120 1120 


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4 «J0 - 4M 498 
1»0 1195 1295 

1931 1950 1990 

870 87D 868 

23 JO* 7078 
3240 3300 wan 
1030 1036 1025 
13325 13X25 13325 


(335 (240 £240 6245 

<25 4525 J655 4615 

1233 1219 1225 1220 
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10(8 1845 1857 1849 

2044 2004 2011 208) 

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2030 2004 2024 2055 

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PAGE 12 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 17-18, 1997 







































































INTERNATIONAL HERALD TRIBUNE, SATCRDAY-SUNDAY, MAX 17-18, 1997 


PAGE 13 


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China Puts 
Brakes on 

• Exchanges 

State’s Intervention 
Helps Depress Stocks 

Cn^MbyOm SktfFnm Dupa h.1 

SHANGHAI — Beijing finally 
brought China s recalcitrant stock 
markets to heel Friday, pushing 
prices down with the announcement 
of a huge new listing quota and the 
suspension of trading in the shares 
of several companies. 

Shenzhen's domestic A share in- 
dex plunged 9.33 percent to end at 
467.37 points, and Shanghai’s A 
share index was down 4.62 percent, 
at J *375.93 . 

B shares, which are reserved for 
foreign investors, were dragged 
faU '“B 7.8 percent to 
159.07 in Shenzhen and 3.51 per- 
• cent to 84.438 in Shanghai. 
a, The actions are part of China's 
$ biggest crackdown on the securities 
industry in more than two years. 

“It’s clear the government will 
take an aggressive stand toward what 
they consider to be speculative activ- 
ity/' Bruce Richardson, chief of 
ABN- AMRO Hoare Govett, said. 

Chinese authorities said they had 
approved a 30 billion yuan ($3.61 
billion) quota of new share issues 
for 1997. double the 1996 quota. 
Authorities also suspended trading 
in the A shares of two companies on 
the Shanghai exchange and two in 
Shenzhen for investigations into 
sharp fluctuations in their share 
prices in recent days. 

“This was the last straw for the 
markets today/’ an A share trader 
said. “Rumors immediately began to 
swirl around saying more measures to 
cool down the markets will follow." 

The Shanghai Stock Exchange, 
China’s biggest, halted trade in 
Shenyang Neu-Alpine Software 
Co., a computer-software maker 
that is partly owned by Alpine Elec- 
tronics Inc. of Japan, and in Hebei 
% Weiyuan Industry Co., according to 

* an exchange statement 

The Shenzhen Stock Exchange 
suspended trading in Luzhou Old- 
Cellar Co., a liquor producer, and 
Shenzhen Energy Investment Co., a 
power company, according to a 
Shanghai Stock Exchange official. 

.Regulators also fined four of 
Shenzhen’s biggest brokerages for 
stock manipulation and threatened 
to suspend tbeir trading licenses for a 
year, the South China Morning Post 
reported, quoting unnamed sources. 

Beijing has become increasingly 
impatient with the stock markets in 
recent weeks, after months of strong . 
rises that came despite frequent warn- 
ings from die authorities about over- 
heating and the risks of stock in- 
vestments. But analysts said 
sentiment on _ the markets remained 
fundamentally positive, with the eco- 
nomic outlook good. 

( Reuters , Bloomberg) 



... bndUUiMn 

ON-LINE — A visitor trying a “smart" card at a Telekom Malaysia booth. The firm leads a project 
to promote multimedia in Malaysia. Prime Minister Mahathir bin Mohamad will open a model 
“cybercity” Saturday in which all homes have the Internet and use smart cards for transactions. 


Singapore Growth Rate Slows to 3.8% 


Gwi by Om Sm 7 Fnm DBfuHrhn 

SINGAPORE — Singapore’s 
economy grew 3.8 percent in the 
first quarter from a year earlier, 
slowing from 5.8 percent growth in 
the fourth quarter, as the manufac- 
turing sector posted its biggest de- 
cline in 12 years, statistics released 
Friday showed. 

The manufacturing sector shrank 
6.7 percent in the first three months 
from a year earlier. The decline was 
steeper than the 0.7 percent fall in 
the fourth quarter. 

A slowdown in die electronics 
division led the drop in manufac- 
turing, as electronics output sank 
10.3 percent in the first quarter, the 
Economic Development Board said. 
In the fourth quarter, electronics 
rose 6.8 percent. 

The electronics industry accounts 
for the largest portion of Singa- 
pore's total manufacturing, at al- 
most half. 

“Looking ahead,” said Peter 


Ong, deputy secretary at the Min- 
istry of Trade and Industry, “we see 
some positive indications of the 
electronics turnaround, but the tim- 
ing and pace soil remains uncer- 
tain.” 

“Apart from disk drives and tele- 
communications equipment, other 
electronic segments, such as per- 
sonal computers, consumer elec- 
tronics and semiconductors re- 


Airline Earnings Flat 

Reuters 

SINGAPORE — High fuel costs, 
a strong Singapore dollar and slug- 
gish economies in some of its major 
markets held back earnings at 
Singapore Airlines Ltd. last year, 
the carrier said Friday. In the year 
that ended March 31, the airline 
earned a net 1.03 billion Singapore 
dollars ($721 million), up 0.1 per- 
cent from the previous year. 


mained weak,” the ministry said. 

Some analysts said they expected 
moves by the government to revive 
the manufacturing sector. Eddie 
Lee. regional economist with Vick- 
ers Balias in Singapore, said the 
possibilities included cutting the 
corporate tax rate by 2 percent, to 24 
percent, in the national budget to be 
unveiled soon. 

The Trade and Industry Ministry 
maintain ed its 1997 GDP growth 
forecast at 5 percent to 7 percent 
The island stale’s economy ad- 
vanced 7 percent last year. 

“The U.S economy, is growing 
strongly,” Mr. Ong said. * ‘This will 
fuel demand for electronics 
products.” 

He added that manufacturing in- 
vestments coming into Singapore re- 
mained “healthy.” “We expect busi- 
nesses to continue to restructure,” he 
said, “as to gear up for competition 
“when the electronics upturn comes 
about” (Bloomberg, AFP) 


Now, Seoul 
Says Yes to 
Reforms 


Reuters 

SEOUL — Party and government 
officials promised Friday to pursue 
laws implementing financial re- 
forms, reversing positions they rook 
a day earlier. 

The Federation of Korean Indus- 
tries threw its weight behind the push 
for change, saying financial-reform 
efforts would ease pressures on 
companies that have had trouble se- 
curing financing because of a wave 
of debt defaults by large companies. 

On Thursday, foe governing New 
Korea Party, supported by a con- 
tingent of Finance Ministry offi- 
cials. said the government should 
delay reforms. The party said more 
time was needed to review reform 
proposals on issues such as central- 
bank independence, conglomerates' 
participation in bank management 
and mergers and acquisitions of fi- 
nancial companies. 

But everything had changed by 
Friday, when the party said it had 
agreed with the Finance Ministry to 
push forward with financial reforms 
now being drafted by a presidential 
commission. 

* ‘We decided not to ask the gov- 
ernment to delay the legislation,” a 
party official said. 

The change of heart followed a 
pledge by Finance Minister Kang 
Kyong Shlk late Thursday to fry to 
enact financial reform by submitting 
new legislation to a special parlia- 
mentary session in June. The pres- 
idential commission was to meet 
Saturday to. draft proposals to be 
sent to President Kim Young Sam 
by the end of May. But a com- 
mission official said the panel would 
refine some proposals next week. 

Analysts were skeptical that re- 
forms would come this year, with a 
presidential election due in December. 
“The financial-reform issue seems to 
have gone back to the starting point,” 
Lee Keunmo, head of research at ING 
Barings, said. “I doubt Parliament’s 
intention to pass the laws.” 


Investor’s Asia 



Exchange 

Index 

.Friday ■ Prev. ’ 

Hong Kong 

Hwtggwig '• 

Close ■ ■ Close Change 
.■.14*0623?: 14^)4^90 4^15 

Singapore 

Straits Times 

; 2*06050 2.069.74 4^5 

• Syttowy .. . 

A&'Ontinatia*' 

2,538.10 .2,525.00 • -4&S2 

Tokyo ' ■ 

Wkk«225' 

• 20,324.73 20.06631 41^4 

; Kuata UtfBpifl-C^rrposfo 

,,,1,041.91 1,041.27 

Bangkok 

'■SET- 

561,19 ■ 557^7 /..'$&«& 

. Social .. 

ComposSe Index 

" : £S&53 ■ ..688S5 . ‘.^Qjpfb 

•Trtpef..' . 

Stock Market index 8,€$1,73 7£9&1Q; ^1'.Q7] 

IMa'.-.:. 

.pse ■ . 

2*576.18 ■■2£31.08 .,*2.G& 

Jakarta * - 

Composite inde x 

■ 657.07 .;.. 656.99 ' ' 

WeSngtcm 

N2SE-40/.,' 

'331AB4 2.310.72 ; +0.18 

Bombay ■ 

Sensflive Index' 

3JS9^4 - 2741 22 . 

Source: Tefekurs 


ImenanauJ Herald Tntvne 

Very briefly: 


• Mitsui Fudosan Co., Japan's largest real-estate developer, 
had a pretax loss of 66 j billion yen ($573 million) in the year 
that ended in March, after heavy losses on property sales. It 
had a pretax profit of 8.4 billion yen a year earlier. 

•Japan's cabinet adopted a plan to help the economy by 
reforming the structure of high -cost industry by 2001. The 
measures call for reducing costs of basic services, such as 
distribution, energy and telecommunications, to levels pre- 
vailing in the United States and Europe. 

• News Corp. shares took a beating this week amid fears that 
Rupert Murdoch’s interest in the Los Angeles Dodgers base- 
ball team signals another expensive purchase. Shares closed at 
5.76 Australian dollars ($4.48), down 26 cents for the week. 

• Honda Motor Co., citing strong sales, said net profit for the 
year that ended in March could climb to 219 billion yen, the 
highest in its 49-year history and triple last year’s figure. - 

• Nissan Motor Co. developed a car, for sale at the end of 
1 998, that has both an electric motor and a gasoline engine that 
powers a generator to run a traction motor. The car can be used 
without charging the batteries from an external source. 

• Y amaha Corp.’s pretax profit rose 10.4 percent from a year 
earlier, to 15.1 billion yen, in the year that ended in March. 
Yamaha, die world’s largest mak er of musical instruments 
said sales rose 5.2 peicent,.to 402.9‘billion yen. 

• Dow Corning Corp. of the United States opened a factory in 

Shanghai, its first in China, to produce silicon emulsion and 
sealant. AFP. Bloomberg News. Renters 


Biggest Indian Beer Maker Plans to Acquire a String of U.S. Microbreweries 


By Glenn Collins 

New York runes Service 


NEW YORK — India’s largest beer maker and 
distributor plans to buy up small U.S. brewers and 
create a more efficient national network of local beer 
makers, in a new consolidation of the troubled 
American microbrewery industry. 

In entering the U.S. market through an affiliate, 
foe company. United Breweries Group of Ban- 
galore, India, hopes to challenge such giant brewers 
as Anheuser-Busch Cos. and Miller Brewing Co., 
which also have sought to acquire microbreweries to 
enter the so-called craft brewing market 
United Breweries Group is the world’s eighfo- 
largest maker and distributor of spirits, with $1 2 


billion in revenue, according to analysts. With its 
Kingfisher lager brand, it is India’s largest brewer, 
controlling 40 percent of the Indian beer market 
Initially, the plan to create the network under the 
umbrella of a public company, which must be ap- 
proved by the U.S. Securities and Exchange Com- 
mission, will be modest, comprising seven existing 
micro brewers that produced 50,000 barrels of beer 
and had revenue totaling just $8 J million last year. 

“It’s the first time that any company from outside 
the United States has come here to buy micro- 
breweries and the first time any company has tried to 
create this kind of network,” said Jerry Steinman, 
publisher of Beer Marketer's Insights, a trade news- 
letter published in Nanuet, New York. 

“The question is whether it will work,” he said. 


“Other potential major investors have not tried it.” 

Controlling the American affiliate will be the 
chairman of the Indian company, Vijay Mallya, who 
has moved from Bangalore to Sausalito. California. 
His company is actively seeking to acquire new craft 
brewers through stock swaps that will leave the 
current owners with a minority interest. 

The local microbreweries in the network “will be 
managed by their present owners, and the breweries’ 
names will stay the same,” said James Bemau. who 
will be president of foe Indian company’s U.S. 
affiliate. United Craft Brewers. 

Among the seven companies to be included in die 
network is Nor "Wester Brewing Co. in Portland, 
Oregon, founded by Mr. Bemau. If the plan survives 
federal scrutiny, the network of breweries will be 


publicly traded on foe Nasdaq market under the name 
United Craft Brewers and the stock symbol ALES, 
currently the symbol for Nor’Wester. Sales of craft 
beers, which are made from all-malt recipes without 
artificial colors or flavors, amount to 2.6 percent of 
foe $50 billion U.S. beer market. Mr. Steinman said. 

■ Danone Plans Brewery Venture in China 

Groupe Danone, a French food company, has 
agreed to set up a joint venture in Wuhan, China, 
with Wuhan Dongxihu Brewery Corp., AFX News 
in Hong Kong quoted the official Chinese news 
agency Xinhua as reporting. Xinhua said foe group 
would invest 320 million yuan ($60 million} and 
would hold a 60 percent stake in foe venture, to be 
called Wuhan Euro-Dongxihu Brewery Co. 


IN HONOR OF 80-ACROSS, By Frances Hansen 


ACROSS 
1 Like some 
appliances 

5 Cremona name ' 

10 Spite 

16 Halloween 
ger-up 

19 Inveigh 
(against] 

20 Actor Alain 

21 SO's-TO's 
Dodgers 
manage! Walt 

22 Slip 

23 1936 Him 

26 Where 

Mar&c&Aa 
Stadium is 

27 “La Navarraise" 
heroine 

28 Wheezy chest 
sounds 

29 Nurseiy rhyme 
character who 
-fell fast asleep" 

31 Daiquiri flavor 

33 dock 

(self-winding 

timepiece) 

34 Fiasco 

35 Emergency 
supply 


36 Of the upper 
hipbone 

37 Started eating 

38 Cityonthe 
North Platte 

40 "It Happened 
One Night" Star 

42 Printenips 
month 

45 Prayer word 

46 Waiting area for 
ihe Robert E. 

Lee 

48 One of a Latin 
trio 

49 Ursula 
Andress's 
birthplace 

50 Get better, soto 
speak 

52 -Meet John Doe" 
star 

56 P.C Wren's 
Beau 

57 Rank below 
abbess 

59 Kind of space 

60 Name in Keats's 
‘On First 
Looking Into 
Chapman's 
Homer" 


TSoWfi 

Est. 191 1, Pans 

‘Sank Roo Doe Noo’ 


A Space lor Thought- 


61 3-2. eg. 

62 Some poker 
payments 

63 Faineance 

64 Home for 
Heidi 

66 Plow part 

67 Abel. For one 
79 Put an edge on 

71 "You Cant Take 
It Wah You" star 

73 1958 Pulitzer 
author 

74 British royal, 
informally 

75 Fanner Eur. 
airline 

76 Alternative to 
Corinthian 

78 Inexperienced 

79 Refs decision 

80 Bom May 18. 
1897.be 
directed all the 
films named in 
this puzzle 

84 Wheedle 
86 60's series set in 
post -Civil War 

88 Appropriate 

89 Spread out 

90 St. .first 

American links 
locale 

92 Pakistan's chief 
river 

93 Odalisques 
serve them 

96 Contradict* 

96 Respected one 

97 Barbecue 
offering 

98 One or Princess 
Yasmin's names 

99 1945 mm 

105 Private eye 

106 Tennis doubles 
player 

107 Utters 

108 Like some votes 

109 Si. Agnes* 

(January 20) 

MO Salad start 

111 Ballet 

112 I .ike a 
103-Down, 
maybe 

DOWN 

1 Usher’s offering 

2 -Wheels’ 

3 Sened ihe 
purpose 

4 Make a killing 

5 Contribute 
dunng 

preparation 

6 j-amnus party 

givrr 

7 Marine — 



©Net* York Times/Edited by WiFi Shores. 


8 Moreover 

9 Physics topic 

10 Griffith TV role 

11 Fugard's "A 
Lesson From 

12 W.W.lt 
transports: 

Abbr. 

13 Four-time 
Japanese P.M. 

14 Sounds from the 
(ea 

15 Make heroic 

16 1951 film 

17 posthumous 

ptalh book 

18 Fumble 

24 Nail polish 

25 Island next it> 
I^yte 

30 You can stand 
ibis 1 

31 Oregonian 

32 I W Him 

33 Pariofaienne. 
court 

34 Kxcept 

35 Rascal 

36 Their work B«s 
down the lubes 

37 Hall-ul 

39 Shopping’-* 1 
m Dindnn'b 
West Knd 


41 Shows surprise 

43 Puccini's “Vissi 

d’ * 

44 Don Juan's 

mother 

47 LikeAsia's 
readies 

49 Woman's wide 
lace collar 

51 Pianist-actor 

’ Wilson 

53 “Over There" 
composer 

54 l-oui&edela 
Ramie’s pen 
name 

55 The Water Hal's 
friend 

56 Sticky stuff 

58 Reconsidered 

68 Father 

62 Typewriter 
sound 

63 Snub, in a way 

64 Uiin 

65 It means “Out of 
my way!* 

66 Came of chance 

67 Young hog 

SB Dominions 

69 Hero of IKSK 

71 Steinbeck family 

72 Party weather 
.s3tdluc 

75 Wyiwiulh 
C olony leader 


77 Character aaor 
1. Naish 

80 Emancipation 

81 Western 
backdrops 

82 Caller on Miss 
Mullens, in 
Longfellow 

83 Sack 

85 Guy in ihe area 

87 TV actress 
Meyers 

90 Moderate 

91 Beersheba’s 
locale 

92 Gram Wood, 
notably 


93 Knife handles 

94 Wrong 

96 Tale for Ifiri Te 
Kanawa 

97 Rap duo- — 
Kross 

100 Bernadette, eg.: 
Abbr. 

181 Six-fooi runner? 

102 George's 
brother 

103 Certain letter 

104 Nevada county 
seal 


Solution to Puzzle of May i'0-I I 



HONG KONG: landing Woes AXA Gets China Access 


Continued from Page 9 

Kong is set to get a supply 
surge of roughly 50 percent 
over the next two years in 
both residential and commer- 
cial property. 

Given the new supply, the 
additional credit necessary to 
sustain foe current world-re- 
cord-breaking prices should be 
cause for alarm. Meanwhile, 
the government is promising 
to increase the lend supply. 
Land sales revenue last year 
was equal lo 5 percent of GDP. 
Increase the supply, and either 
prices will fall or developers 
will have to borrow even more 
to sustain them. 

Can Hong Kong assume 
that foreign capital will con- 
tinue to flow in at recent rates 
to keep the balloon inflated? 
Even if the answer is yes, can 
the banking system assume 
that if is prudent to continue to 
increase its exposure to prop- 
erty to levels unheard of in 
Japan or Thailand? 

Have banks stopped to 
think what would happen if, 
for whatever reason, VS. in- 
terest rates rose two or three 


percentage points? Or if some 
problems in China caused 
capital outflow or even a mod- 
est fell in money supply ? 

Hong Kong has had a fi- 
nancial crisis in each of foe 
past three decades, ail caused 
by property credit excesses. 

Last time, in the mid- 
1980s, several banks col- 
lapsed. Each time the banks 
vow “never again,” but even- 
tually history is forgotten and 
banks again take to financing 
large quantities of home mort- 
gages and other projects. 

The Hong Kong Monetary 
Authority has made some ef- 
forts to persuade banks to re- 
strain property lending. But it 
has had scant success. Mean- 
while, given Hong Kong's 
fixed exchange rate and free- 
dom of capital movement, the 
agency has almost no influ- 
ence on monetary growth. 

The bottom line is that 
Hong Kong may well get 
through this credit blister with- 
out repeating history. But if 
good central banking is about 
reducing risk. Hong Kong has 
lessons to leant from Japan, 
Thailand and its own past. 


Reuters 

PARIS — The French in- 
surer Axa-UAP said Friday it 
had won approval from 
Beijing to sell insurance in 
China. 

Chinese officials told Pres- 
ident Jacques Chirac of 
France during a four-day 
trade mission to China foat 
they would license Axa-UAP 
to sell life insurance in Shang- 
hai. making it one of a handfhl 
of foreign insurers authorized 
to enter foe domestic market, 
the company said. 

The deal was one of a series 
of agreements clinched by 
Mr. Chirac ort his visit, which 
coincided with France's par- 
liamentary election cam- 
paign. 

Axa-UAP. whose chair- 
man, Claude Bebear, accom- 
panied Mr. Chirac on the trip, 
said procedural hurdles 


meant it would take at least a 
year before the company 
could selling policies in 
China. Foreign insurers are 
permitted to sell only in 
Shanghai and Guangzhou. 


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WORLD 


Ml WiUixikiiutl illrllikli halmkgliquiMi 


GT DEUTSCHLAND FUND 

Soaete d'lnvestissement a Capital variable 
2r boulevard Royal, Luxembourg 

R.(L laixonihourg R-25023 

NOTICE OF EXTRAORDINARY GENERAL MEETING 

NOTjC’K IS HKRKB1 HIVKIN that un KMnuirdinun- Ceiienil 
Miilinp nf Shareholders of the a bow- Fund (lilt- "Kuuii") 
will be held sit I hr nffirr# of Manque Internal innate a 
Luxembourg. Sueiele \iiun\nie. (>*). route cTK*rh- I .-I VTll 
Luxembourg. on 2 June. l'K>7 al -KKVp.m. lo n insider. and 
iT thought (it. pm* tin- following resolutions: 

RESOLUTIONS 

I. Thai (he Found be pal into litpidadoa with 
efTert from the date of Ihp nwiiBc of thh 
re*«oliitton; 

2- Hut Basque Internationale A Luxembonrv 
S.A. be appointed an Liquidator of the 
Fond. 

'Ill** meeting original l\ rwroeued for .It) \pril. I‘W7 
not litlidK deliberate oil l hr agenda dm- to bn 4, of quorum. 
No quorum L* required for tin- meeting on 2 June. |*W7 and 
the jimwng «>f mailuliim number mu* mjuinv (he eonsenl of 
of tin- shares represented at (hr meeting. 

Sim-e M ) lh Vnril IW. il is no longer | H wsHilr to stiltserihc 
for shnn-s in ilte I'nnd. 

I tolders of Inan r slum* who «W, alien,! (he meeting 
.liniild rien.Mii Ilirir »harr eerlifir-ue with IfanqiE 
I menial i, male 4l Iwmhouig S.L.W. mule .rKseli, 1,-1 ITlj 
l.inenilmiifv (fur (he uffenfiuti of \lrs. (We Ih.mmt or 
Mrs. -Viine-Mnrie Muller) bj no later tlum S:S(I n.m 
(I jiM-iiilHiurj; lime) on !!■! Max. I‘W7. ' 

For mid mi lieiuilf of 

THE BOAKI1 OF IHKMTORS 




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SATURDAY- SUNDAY, 

MAY 17-18, 1997 
PAGE 



Hong Kong Investing After the Handovers First Define the Market 


By Phi] ip Segal 


W HAT WILL happen to the 
Hong Kong market after 
Cnma takes over on July 1 ? 
The answer comes in the 
torm of another question: Which Hong 
Kong marker? Now that some China- 
based stocks are hot and Hong Kong's 
Hang Seng Index — which excludes 
most mainland Chinese issues — is driv- 
en by institutional buyers with an eye 
fixed on Wall Street, the Hong Kong 
market is fragmented like never before. 
We ve got a four-tier market in 
ong Kong these days." said John 
ocofield, an analyst at Nava SC Se- 
curities. 

In addition to the wildly popular 
China stocks known as red chips, he 
said, there are a handful of liquid 
companies that drive the 
Hang Seng Index and take 
their cues from the direction 
of U.S. stocks. Among these 
are the biggest company on 
the market, the HSBC Hold- 
ings PLC banking empire, 
which constitutes 22.5 per- 
cent of the index, and 
Hutchison Whampoa Lid., 
which has interests in ports, re tailin g, 
real estate and oil. 

A bad day on Wall Street can clobber 
these stocks, no matter what may be 
happening in Asia's economy. But 
when things are going well, they cany 
die index. Even though the Hang Seng 
has soared this year. 24 of the index’s 33 
stocks have fallen since January. 

The non-China market then branches 
into the third tier of large real estate 
developers and finally to smaller de- 
velopers, real estate investment compa- 
nies, utilities and everything else. 

The market as a whole has been lag- 
ging the big property stocks and HSBC 
the last two years, and everything has 
been scorched by the red chips, which 
since the end of 1995 have outperformed 
die Hang Seng by 78 percent. Con- 
sidering the Hang Seng rose 33.5 per- 
cent last year, that is not too shabby. 

Hong Kong is dominated by real es- 
tate-related stocks. The overwhelming 
reliance on local properly earnings dis- 
tinguishes Hong Kong from other 
emerging markets, as does its rigidly 
fixed exchange rate, which makes local 
interest rates inarch in lock step with 
those in the United States. 

Anyone trying to figure out the future 
of the market needs to take a view on die 
currency and real estate, plus die ob- 
vious political risks associated with the 
handover to China: 

• The currency peg. So far, there is no 
indication of any run on the Hoag Kong 
dollar, not least because of the $60 billion 
in foreign-currency reserves held by die 
Hong Kong Monetary Authority, plus 
China's promise to help support die cur- 
rency with its $100 billion of reserves. 
Yet, if the Hong Kong dollar should 
come unglued from its rate of within 1 
percent of 7.8 to $1, the market could be 
expected to plunge on the assumption 



that some of the foreign investment in 
Hong Kong comes because of the at- 
tractiveness of die scant currency risk. 

Writing recently in the South China 
Morning Post, the regional vice pres- 
ident for Credit Suisse First Bostoa. 
Alan Smith, said that technically it 
would be difficult for speculators to 
break die peg. since there are only a 
handful of banks with enough Hong 
Kong dollars to lend to short sellers. It is 
not in the business interest of these 
banks, which hold Hong Kong dollar 
mortgages, to help pummel the local 
currency, he wrote. 

More likely, any break in the peg 
would come if local people, who keep a 
little more than half their deposits in 
local currency, decide to convert their 
holdings as a hedge or because they 
chose to emigrate. With the absence of 
capital controls in Hong Kong, they 
could do this in the space of a 
morning. 

At least 20 percent of Hong 
Kong residents have foreign 
documents allowing them to 
live elsewhere. Emigration 
from Hong Kong is down, 
after rising sharply following 
the 1989 crackdown on pro- 
testers in Beijing, but it usu- 
ally takes at least two years for visa and 
passport applications to be processed. 

• The real estate marker. About 70 
percent of companies on the Hong Kong 
exchange derive at least some of their 
earnings from real estate, and that pro- 
portion is rising. A reliance on real 
estate makes the market sensitive to 
movements in interest rates. 

Property bulls like to think about all 
of the mainland Chinese who could be 
getting ready to move to Hong Kong 
after July. Thousands of state company 
employees will want a presence in Hong 
Kong and will need places to live ana 
work, goes the argument that was put 
forward by Morgan Stanley & Co. It has 
predicted a doubling, of the Hang Seng 
Index within three years. 

While the Chinese will be coming, 
the question is: Will they pay top dollar 
for prime office and apartment space? 

"You have to stand back and pinch 
yourself and ask would you pay a mil- 
lion bucks or more for a little place in 
Hong Kong?" said Hugh Young, a fiind 
manager at Abtrust Unit Trust Man- 
agers in Singapore. 

The Chinese will come to Hong 
Kong, he said, but would “internation- 
alize very quickly.’ ’ and see that there is 
better value in real estate elsewhere in 
Asia and beyond. 

Retail real estate in Hong Kong is 
likely to double in the next five yews, to 
30 million square feet (2.78 million 
square meters). New office space com- 
ing on the market will total 12.7 million 
square feet by file end of next year. 

• The political risks. Indications for 
now are that the transition will be a 
peaceful one, but if it is not, watch out 

“Stock prices have discounted a 
smooth political transition and any bad 
news is likely to be treated badly by 
international investors, more so given 


Q&A/ Mark Mobius 



Beijing Won’t Pounce 
Unless It Feels Prodded 


Mark Mobius has spent much of the 
last 30 years roaming around emerg- 
ing markets, ferreting out investment 
bargains. For the last decade . he has 
been with the Templeton fund family, 
now known as Franklin/Templeton 
Group, where he heads the emerging- 
markets division . He spoke with Con- 
rad de Aenlle about prospects ahead 
of the Chinese takeover of Hong Kong 

on July I. . ' „ • 

Q. Why have some of *e mam 
Asian markets been so ^eakT Hong 
Kong and Singapore fell sharply m 
the first quarter, although HongKong 
has recovered. Thailand and Korea 
have been weak for a couple of 

Everybody was sold on this 
feroWth stcny for Asia and they over- 
bid it. Just like everything else, they 
went too far. No one counny goes 

forever: there are .always 

The growth story is intact, but it is not 
spectacular double-digit°r § 
single-digit growth . It is soil double 

really let Hong Kong remain a free- 

•ftSSSSSL-ts 

£oo™Iy of f-OMj o«^ 
because there are ^ 

nomicreasonswhyihey^ottidnotd 

it, but also because the trend of eve 

in China itself is away from i a 
tralized and controlled jLjist 

more liberal, fiWJjaAf. worf 
economy. They will 
as long as there are no political P 1U 

No matter what ha Pj5lS 
liticaUy, will it still be a good place to 

“rVou cannot —ftgg 

increases, if freedom to mo . j s 

S^^berof»s 


Mark Mobius: A passive China. 

in the economic sphere are denied, 
then there will be a definite impact on 
investment. 

Q. Beijing has displayedpragmai- 
ism where economics is concerned. 
Will the need for investment help the 
Chinese authorities keep their word, 
at least up to a point about their 

neatment of Hong Kong? 

A. I don’t think the people in China 
who make decisions will allow an 
economic argument to overwhelm a 
political argument When it comes to 
control and stability they will not 
compromise. A lot ofpeople make 
that mistake, thinking China will sub- 
mit to economic pressures. They will 

not do that. _ . 

I was recently in Africa on safari. 
We had an open truck and people aid, 
“The lions are right there, is tius 
«afe 9 ’* But lions are basically very 
fczy animata they will oriy^up 

teStive. In the case of Hong Kong.1 
^fthink they will disturb it until 

Continued on Page 17 


the global attention on Hong Kong 
throughout 1997.” wrote Andrew Look 
of Prudential Portfolio Managers in the 
Singapore Business Tunes. 

Polls show residents of Hong Kong 
have been unsettled by fears that China 
would limit individual rights. A major 
crackdown on civil liberties could cast 
doubt on China's most-favored-naiion 
trading status with the United States. A 
loss of the status would mean Hong 
Kong's economic growth rate could be 


cut in half, according to Hong Kong 
government predictions. 

So how can you invest defensively in 
Hong Kong real estate? Some analysis 
figure the top developers, such as Sun 
Hung Kai Properties Ltd. and Henderson 
Land Development Co., are expensive, 
but companies that invest in finished real 
estate and rent it out have lagged the 
market. The BZW brokerage has buy 
recommendations on Great Eagle Hold- 
ings Ltd. and Hysan Development Co., 


two office landlords that are among the 
Hang Seng Index's smaller constituents. 

For investors with more than $ 1 0,000 
to spend, there is another way to invest 
in Hong Kong and China that ignores 
the Hang Seng Index as well as red 
chips, but still offers solid returns. 

The Value Partners A fund has out- 
formed the Hang Seng Index in the 
years since its inception in April 
1993. up 130.2 percent after performance 
fees, compared with the Hang Seng’s rise 


of 97.2 percent. It shuns big capital- 
ization stocks and instead buys smaller 
companies not followed by the rest of the 
market. Its three largest holdings at the 
moment are Fountain Set Holdings, a 
textile company, the construction com- 
pany Kumagai Gumi (Hong Kong) Ltd., 
and the electronic toy and computer 
company VTech Holdings Ltd, 

For further h formation, call: 

• VALUE PARTNERS S52 2880 4263. The fund is not ctiercd 
10 l'.S. nrjJmiv 


"ui r r<z- 


•'fe-J 


Hong Kong Equities 


v ; • j Performance of equity indexes since Jan. 1, 1996, ■’ ' . ' 

f 9 : w 


& 
E- 



Hongkong and Shanghai Banking Corpus headquarters in Hong Kong. Currency, real estate and politics are factors in assessing Hong Kong’s future. 

A Logic-Defying Frenzy to Buy Pricey Red Chips 


By Philip Segal 


T HERE MAY still be some bar- 
gains among Hong Kong's red- 
chip stocks, but do not expect 
fundamental analysis to indi- 
cate where they are. On a fundamental 
basis, red chips look extremely expens- 
ive, but people keep buying them, 
whether the rest of the Hong Kong mar- 
ket is up or down. 

When it comes to red chips, Hong 
Kong resembles the casino-like stock 
market in China. On die mainland, the 
large stocks trade at big premiums to 
lower-risk, better-quality companies in 
Hong Kong, moving less with regard to 
fundamentals than to the whims of the 
regulators. If there is any suspicion that 
stocks have risen too high for the liking of 
the authorities in Beijing, they plunge. 

The same hazard now threatens the 
red-chip rally in Hong Kong. 

“What would endanger the whole 
thing would be an effort by the Chinese 
to get the A and B share levels down," 
said Gary CoulL chairman and chief 
executive of Credit Lyonnais Securities 
(Asia), referring to China’s domestic 
markets. 

Since most of the red-chip frenzy is 
driven by Chinese — not foreign — 
money, the impact of a domestic crack- 
down could stop the flow of funds into 
red-chip stocks, he said. 

The so-called red chips are Chinese 
state-controlled companies listed and 


incorporated in Hong Kong. Some or- 
dinary businesses have been hundreds 
of times oversubscribed at their initial 
public offerings. Red chips are sup- 
posed to be much better bargains than 
either B shares, which are Chinese 
companies available to foreigners and 
traded in China, or H shares, which are 
Chinese-incorporated companies traded 
in Hong Kong. 

Investors get excited because as sub- 
sidiaries of state companies, red chips 
go public with promises that they will be 
allowed to buy assets from their parent 
outfits in China at big discounts. This 
process is known as asset injection, but 
the companies do not just receive an 
injection; they pay for it. Usually, they 
raise money before saying which assets 
they will buy, but investors care little. 

The fact that many of die red chips 
have mediocre business prospects, given 
their price tags, is of minor concern to 
short-term investors, as most of the 
companies are in die midst of doubling or 
tripling in size. In such conditions, profits 
on a gross basis will almost always rise. 

Still, the red-chip optimism “is almost 
self-fulfilling,” one analyst said. Red 
chips buy cheap assets from their par- 
ents, but often this is done with shares. 
The higher investors bid for the shares of 
the listed company, die cheaper the asset 
will be. Yet at some point all of die 
acquiring will be done, and company 
managers will have to perform. 

Can they? While red chips are better 
chan other Chinese companies at dis- 


closure, management skill on the 
ground is another issue. 

In fact, only a handful of red chips 
managed to boost their operating mar- 
gins in 1994 and 1995, and the picture for 
last year was not much better, according 
to company results released in April- 

Typical was one of the most popular 
of the stocks, China Resources Enter- 
prises Ltd. It reported that while 1996 
profits rose 109 percent, operating 
profit fell 13 percent. The company 
made its money by spinning off a sub- 
sidiary that was heavily oversubscribed. 
China Resources gets to bank the in- 
come from all that money after it bands 
out refunds to applicants who failed to 
get new shares. 

“At the end of die day, it’s mainland 
management like in the H shares and B 
shares, and the assets are the same as the 
H shares and the B shares," said Gra- 
ham Ormerod, head of research at 
Jardine Reining in Hong Kong. 

That means one of two things, he 
concluded: “Either the H and B shares 
are worth more than they're being paid 
for, or the reds are too high." 

Since half the H shares in Hong Kong 
reported reduced earnings last year, the 
chances that these will soon trade at 38 
times expected per-share income, tike 
the red chips, are fairly slim. 

Red chips may seem tempting given 
that economic growth in China is ap- 
proaching 10 percent, but a dispropor- 
tionate amount of exports and growth 
comes not from the state sector, but 


from foreign-invested joint ventures 
and unlisted township and village en- 
terprises. Many state enterprises suffer 
from overcapacity and churn out goods 
no one wants to buy. 

Shanghai Industrial Holdings Ltd is 
the favorite red chip of many analysts, 
even those who acknowledge that die 
appetite for these stocks has turned man- 
ic. One of the company’s advantages is 
that its parent is rich and has guaranteed 
its subsidiary- income from toll roads or 
other infrastructure projects. 

Many analysts and fund managers 
agree thai a guarantee, a common red- 
chip selling point, is the last reason to 
buy one of these stocks. 

“If it comes to exercising guarantees, 
we’re in trouble," said Nerissa Lee, 
Investment Director at Guinness Flight 
Asia Ltd. She has 44 percent of her 
China fund in red chips, including 
Shanghai Industrial. As pan of her H- 
share holdings, she says toll-road of- 
ferings In the coming months in Zheji- 
ang and Jiangsu provinces, near Shang- 
hai, look promising. 

Aside from real estate, infrastructure 
is the next-biggest attraction among the 
red chips, although not all toll roads in 
China are sure-fire hits. Investors in toll 
roads need to make sure the company 
can actually collect its money; the su- 
perhighway running from the Hong 
Kong border to the southern city erf 
Guangzhou, built by Hopewell Hold- 
ings Ltd. of Hong Kong, has experi- 
enced problems because of free riders. 


A Large Group of Funds 
For a Variety of Pockets 


By Barbara Wall 


M ANY INVESTORS readily 
acknowledge the invest- 
ment opportunities that are 
likely to flow from Hong 
Kong's economic integration with the 
mainland, but some may be dissuaded 
from investing in the region because of 
the high costs involved. 

Buying and selling the shares that 
make up the Hang Seng Index can be up 
to four times more expensive than deal- 
ing on the London and New York ex- 
changes. Moreover, go-it-alone in- 
vestors will generally not be advised to 
invest in Hong Kong securities unless 
they can diversify nsk. This will de- 
mand an outlay of at least $1 million. 

But the range of funds investing in 
Hong Kong and China has expanded in 
recent years to suit a variety of pockets 
and risk profiles. The main difficulty is 
choosing among them. The majority of 
funds have not been going long enough 
isistent track records, and 


to establish consistent trac 
a cursory glance gives the impression 

that their investment aims ana objec- 

rives are so similar as to be almost tremely sensitive 
indistinguishable. 

The s tated aim of most growth funds 


investing in the region is to take ad- 
vantage of investment opportunities 
flowing from China’s economic rev- 
olution. Paul Guamieri. director of in- 
vestment operations for Asian equities 
at Salomon Brothers Inc. in Hong Kong, 
suggested that investors look at how 
fund managers aim to achieve their ob- 
jectives, because this will affect man- 
agement charges and affect the trade-off 
between risk and reward. 

“Some fund managers do little more 
than follow the Hang Seng Index, while 
others — primely Hong Kong-based 
boutique-style investment houses, such 
as Value Partners — concentrate on 
pure stock selection," Mr. Guamieri 
said. “A few fund managers ay and 
steer a middle course between the two 
investment 
from the 

occasion warrants it/ 

“Although some of the index funds 
have done reasonably well." he added, 
“I wouldn’t recommend investing in 
them to gain exposure to Hong Kong 
and China. The Hang Seng is heavily 
tilted towards financial stocks including 
property and. consequently, is ex- 
to U.S. interest-rate 


ct/buov wtn'ccu UiC Lwu 

it approaches, only deviating 
index weightings when the 


Continued on Page 17 


1 Hong-Kong Registered Funds 1 

Total return in U.S. dollars over one year to April 1,-1997. 


| C1BC-CEF HK Warrant 

33.16% 

Tel.: (852) 2985 6877 


1 III — 

48.51 



HSBC GIF Hong Kong Equity 

45.15 

Tel.: (852) 2801 0265 


Thornton New Tiger HK 

38.34 

Tel.: (852) 2826 8888 

— 



Tel: (852) 2848 1700 

— 

ImPac AP Hong Kong 

29.54 

TeL (852) 2810 1608 


SHK Middle Kingdom 

28.81 



GT Hong Kong B Share 

27.78 

Tel.: (852) 2842 7858 


GT Hong Kong A Stare 

27.10 

Tel.: (852) 2842 7858 


Schroder Asia HK Sm Co 

25.61 

Tel.: (852)2843 7746 



25.03 

TeL (852) 2841 1411 



23.09 


■1 

JupiterT yndafl GF Hong Kong 

22.12 

Tel.: (852)28454333 

ill 

Dao Heng Hong Kong 

21.08 

Tel.: (852) 2831 7850 

* 

Hansard EU Hong Kong 

20.62 • 



RdeCty Fds Hong Kong & China 

20.48 

Tel.: (852) 2848 141 8 


Flnistere Honq Kong Life 

20.01 

N/A 

_ 

Nikko GIUF Hong Kong Fund 

19.93 

Tel.; (852) 2869 1009 


Guinness Flioht Hong Kong 

19.40 


' 

Value Partners A 

18.87 

TeL: (852) 2880 9263 

- 

OMl Galfleo HK Stockmartot 

18.65 

Tel.: (852) 2531 6688 

- 


17,77 



Gartmora CSF HK & China 

17.63 

Tel.: (852)28273821 

— ■ - 

Old Mutual Gnsy HK Stkmkt 

Souca: Mfcmpo/ 

17.32 

Tel.: (852) 2531 6688 












PAGE 16 


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INTERNATIONAL HERALD TRIBUNE, SATL RDAV-SUNDAY, MAI’ 17-18, 1997 


RAGE 17 



For the Nostalgic Investor, Imperial Memories in 2 Venerable Hongs 


HONG 


By Ann Brockl ehurst 

W J®^ Kong is re- 

fumed to China on July I 
investors will still be 4le 
to indulge a nostalgia for 
cmpne Dy buying shares in two^f 5?e 
■ Sony's most famous tradfee 

£5?- m J 0ngS - *** 0| d houSs of 
Jardine Marheson and Swire Pacific are 
now _ less fashionable than 
competing conglomerates in 
Asian hands, and their profits 
have sagged in recent years 
but for those who expect Hong 
Kong and China to thrive, their 
current stock prices represent 
good value, according to a 
; number of analysis. 

Of the two companies. Swire Pacific 
Ltd. is by far the favorite. Until May 7 
when fop executives of Jardine Math-' 
eson Holdings Ltd. mer Deputy Prime 
Minister Zhu Rongji of China. — the 
group’s future was clouded bv its cool 
relationship with the mainland. 

.After rhe meeting, its shares shot up 7 
yjpercent as op&misric investors bet that 
fine company had been forgiven not only 
for redent sins, such as delisting its 
shares from the Hong Kong exchanee in 
1992 and moving its headquarters to 
Bermuda in 1984, but also for peddling 
opium in the 19th century-. 

Analysts were ouick to point our.' 
however, that Jardine’s shares, which 
now trade in Singapore, have been 
weighed down by more than the con- 
• glomerate’s relationship with China. Its 
attempts at diversification, under way for 
decades, have not always been successful 



and the worst losses have occurred when 
the company strayed beyond Asia, 

One of its most spectacular failures 
was. a $218 million loss on an invest- 
ment in Trafalgar House PLC. the Brit- 
ish construction, hotels and shipping 
conglomerate,- which was sold to 
Kvaemer ASA, the Norwegian ship- 
builder, in 1996. 

Jardine also has felt negative impacts 
of slowing economic growth in many of 
the Asian countries where it is 
kp active. Last year, it took a $26 
million charge related to a 
scandal at Jardine Fleming, the 
group's banking arm. 

“People tend ro focus on the 
problem businesses.'* said 
Neil MacKay, director of Hong 
Kong Research at Schroder Se- 
curities Ltd., which rates Jardine out- 
perform. “But they have a group of 
retail businesses in Asia which no one 
else can replicate.” 

Mr. MacKay described the troubled 
Dairy Farm International Holdings Ltd. 
supermarket subsidiary's chances of re- 
covery as “very positive." He also said 
be expected earnings ar the group as a 
whole to pick up. although he said “it 
may be a very slow affair.” 

Mr. MacKay added: “They need 
more favorable markets throughout the 
region. They can't just wave" a magic 
wand and make things better.” 

• Zn a report on Jardine Matheson Hold- 
ings issued in March. Merrill Lynch & 
Co.'s Christine Leung forecast a 5 per- 
cent rebound in trading profit in I 997 and 
13 percent in 1998. With Jardine trading 
at a 45 percent discount to the Hong 
Kong conglomerate sector and a 17 per- 



cent discount to its book value of S7.09 
per share, she maintained her accumulate 
recommendation despite lower-ihan-ex- 
peeted first-quarter profits. 

According to Frank Chiang, the San 
Francisco-based portfolio manager for 
Montgomery Asset Management’s 
Emerging Asia Fund. Jardine, a com- 
plicated organization , also appears to be 
Coking steps ro address some of rhe 
concerns about shareholder value. 
Company executives recently visited 
the United States to talk to investors, but 
Mr. Chiang has'not yet been convinced 
to buy Jardine shares, which are trading 
about 30 percent below their high since 
moving to Singapore of S9.05. (The 
stock trades in U.S. dollars.) 

Mr. Chiang said he had lingering 
concerns about the quality of manage- 
ment. Although he sees the recent China 
meeting as a good sign, he said that 
Jardine was no longer just a “Hong 


BRIEFCASE 


BT Retirement Product 
Weds GICs and Funds 

It seems like an idea somebody 
should have thought of a long time ago. 
Bankers Trust Co. in New York is of- 
fering an investment vehicle for retire- 
ment accounts that combines elements 
of a mutual fund with a guaranteed 
^investment contract. 

W The BT PreservationPlus Fund invests 
in a range of products that includes fixed- 
income securities such as corporate 
bonds, U.S. government securities and 
asset-backed securities, as-weil as wrap- 
per contracts , derivative instruments that 
will ensure the fund can maintain a $10 
per share net-asset value. The fund is 
open to individual investors around the 
world but only through employer-offered 
paiticipanc-diiected retirement plans. 

Outside of such plans, individuals 
could achieve similar goals by purchas- 
ing floating-rate bonds. . 

Conventional guaranteed investment 
contracts offer stated interest rates for 
agreed terms, like certificates of deposit, 
bur they are hard to administer to groiros 
of investors, such as th e members of a 
U.S. company’s 40 l(k) retirement plan. 
Many American plans instead offer 
money-market funds for members who 
seek safety, but their yields tend to be 
lower than those on GICs. Standard 
bond funds would provide higher yields, 
but the net-asset value of their shares — 
and thus the principal of investors — 
would be at risk if interest rates rose. 

The fund will seek to offer an annual 
return of 2 to 3 percentage points above 
money-market-fund rates, which cur- 
rently are about 5 percent. <IHT) 

FOR MORE mfonnuum. call Michdk Bnnvootr i! Bankm 
Tran- l 212 250 9ll3 or sec Uie Bankers Tran ®eo rile at 
www.tanlerstniaxan]. 

Britain Opens Door 
To Mutual Funds 

- The British Securities and Investments 
Board has authorized the country's first 
open-ended mutual fund, a development 
that could leaf to cross-border offerings. 

Global Asset Management Ltd.’s 
GAM Japan Growth Fund is to open 
May 27 and will operate much like 
mutual funds in the United States and on 
the Continent, with a corporate structure 
and single pricing system. GAM also 
plans to convert six existing Bnnsh unit 
trusts into open-ended funds. 

Sheila Nicoll, director of legal and 
fiscal affairs at the Association of Unit 
Trust and Investment Funds, said me 
mutual-fund structure was 
modem vehicle.” She added. We re 


unlikely to have a lot of new unit trusts 
being formed.” The association's direc- 
tor-general, Philip War land, said the new 
structure was ‘ ‘better adapted to meet the 
needs of an international audience, al- 
lowing easy access to this resource.” He 
added that the open-ended vehicles 
would compete with offshore rivals. 

With British unit trusts, money is 
invested on a person's behalf, rather 
than by a company in which they own 
shares, as in the mutual -fund structure. 
British unit trusts also use a dual pricing 
system, with an offer price at which 
shares are sold and a bid price at which 
they are repurchased from the investor. 
Hie spread in between is used to pay 
commission, dealing and marketing ex- 
penses. With an open-ended investment 
company, a single share price reflects 
the net-asset value of the underlying 
securities. A separate commission is 
levied on purchases. 

The open-ended structure has yet to 
be approved for the British personal- 
equity plans, butGAM was able to jump 
the gun because its Japan fund did not 
qualify as a PEP anyway. Qualifying 
funds must have ai least half of their 
investments in European securities. 

GAM Japan Growth Fund will have 
two share classes: A shores, with an. 
initial charge of 5 percent and an annual 
management fee of 1-5 percent, and B 
shares, only available through financial 
intermediaries, with an upfront 4 per- 
cent fee and 1.75 percent annually. The 
minimum investment in either is 
£10,000 ($16,400). (Bloomberg. IHT) 

B3R MORE infanMCion. call GAM a 44 1624 632 777 or. in 
Britain, 0800 919 927. or visit (be CAM «eb 9tte v wu .ok* 
mlaganuotii. 

Commodities Vehicle 
For Small Investors 

Taking refuge in commodities has 
long been a defense against inflation, 
but not something readily available to 
small investors. Now. with signs of in- 
flation looming in the United States, a 
new open-end fund launched by Op- 
penheimer Funds Inc. hopes to remedy 
lhat. Its Real Asset fund will have a third 
of its assets in securities linked to the 22 
commodities of the Goldman Sachs 
Commodity Index, including livestock, 
grains, oil and metals. The remainder of 
the portfolio will be invested in short- 
term U.S. government securities. 

The fund differs from existing com- 
modity funds in several ways, according 
to Oppenheimer. The minimum invest- 
ment is Si, 000. and fees will total 1.5 
percent a year,' in contrast to commod- 
ities futures pools, which typically re- 


Funds Are the Play, but Which One? 


i Continued from Page 15 

movements. This sensitivity 
heightened by the fact that ^ Hong 
Wong dollar is pegged to the U.S- dol- 

^Mr Guarnieri recommended that in- 
vestors opt for open-ended regional 
hinds. 

- . ‘-'Closed-end funds tend to operate at 
a hefty discount to net-asset value when 
the^Se out of favor and at a 

.'when they are fashionable hc said. 

“This makes them highly volanle. ^ 
Simon Davies, an investment mart 
ager with Berry Asset Management m 
London, said that whencho^^g 

Uo^onTiniT e- 

85 ‘1? 35? 2E5 r ha« rcopKSe 



on me ground, an . 

Hong Kong and Cbinafimds are^ 

age^utoflond Hong 
experience, or knowledge . 

tw.ciness OfUCaces. 


'ft} 

Koni 


png-based business practices- 
MF. Davies likes the HSBC nou& 


large banking network ^ Asi 

resuluhas developed 

with many of the smalLup' a fl he said. 

companies in Hong Kong. 


“Access to detailed, reliable informa- 
tion on small companies with limited 
irading histories is invaluable if you are 
to manage a fund successfully. It is 
difficult to see how some of the funds 
that are managed outside of Hong Kong 
can gain access to such information.” 

But a survey earned out by die Hong 
K one- based Benchmark Funds Anal- 
ysis magazine and Micropal Inc. found 
til at many of the top-performing funds 
investing in the Far &st were, m feet, 
managed from London and Luxem- 
bourg. 

A ccording to the Bench- 
roark survey, which measured 
the performance and volatility of 
Asian funds excluding Japan against the 
return on U.S. Treasury bills overa 
tW-e-vear period. HSBC shares a top- 
Sm^kiug^ith Guinness Flight Glob- 
al Asset Management Ltd. Guinness 

five Asia funds, which are all 

m ^ , ^tere^s , ev«- n a debate as to wheth- 
er Far Eastern funds are more success- 
felly managed locally or mternanon-. 
3i v y “™d Geny Ball, Benchmark s 
publisher, “this is strong evrienoto 
suggest managing Asian funds from 
London is no disadvantage. 

Richard Farrell, a spokesman for 
Guinness Flight, said that he believed 


distance could lend objectivity. 

• T spent several weeks in Hong Kong 
during the early 1 990s and was aware of 
the wall of money about to flow into 
Hong Kong from the U.SA. and 
Europe,” he said. “However, the local 
fund managers were very bearish about 
the market at this time and chose to 
maintain high cash levels in their port- 
folios. They were clearly too caugbt-up 
with events in their own backyard to 
appreciate the impact of changing in- 
vestor-sentiment in the rest of the 
world.” 

As with fends everywhere, investors 
wens encouraged to study the profiles of 
managers when assessing a vehicle's 
attractiveness. 

Mr. Davies said that investors should 
look for recent management changes 
and consider die extent to which port- 
folio managers are held in check by 
management controls. 

“Jardine Fleming is one of the 
biggest and most successful fund-man- 
agement coups in Asia, but in recent 
years the JF Asian funds have gone off 
the boil," Mr. Davies said. 

“It is thought that the root cause of 
this is lack of management controls," he 
added. “One fund manager was in- 
volved in fraudulent activity and this has 
acted as a damper qn the performance of 
other funds in the group." 


Kong/China play.” but rather a “re- 
gional play,” with a significant portion 
of its earnings coming from elsewhere 
in the Pacific. 

Mr. Chiang also points out that while 
much of the current talk is about wheth- 
er the playing field will be level for 
Jardine and Swire after the Hong Kong 
handover, the two companies have long 
enjoyed a competitive edge over others 
thanks to their British roots. He cited the 


attractive stake in a comainer terminal 
project that the British colonial gov- 
ernment awarded Jardine as an ex- 
ample. He noted that this deal so en- 
raged the Chinese, who had been miffed 
by Jardine’s lack of commitment to 
Hong Kong, that they delayed construc- 
tion on the project for years. 

“Jardine and Swire won’t have the 
advantage they once had.” Mr. Chiang 
said. "But the meeting means they will 
not be discriminated against — 
overtly.” 

He added that even a company like 
Swire, which took the opposite' tack 
from Jardine and has for years been 
moving to establish close ties to the 
Chinese, may find life harder under the 
new regime. 

Despite being bullish about Swire, 
which he described as “extremely 
cheap at current levels,” Mr. Chiang 
expressed concern about its Cathay Pa- 
cific Airways subsidiary, which has en- 
joyed almost exclusive rights to many 
destinations for years. He believes 
Swire may have been acting prudently 
when it allowed the mainland China 
International Trading & Investment 
Corp. to take over a healthy chunk of 


Cathay Pacific ihis spring. 

Although that move provoked debate 
about just how close to China Swire 
should be, the company's prospects have 
been publicly praised by the tikes of the 
Hong Kong contrarian Marc Faber, who 
is outspoken and generally gloomy 
about the colony's future. On the other 
hand, Swire is also well regarded by 
Hong Kong optimists, even though they 
see better growth prospects for com- 
peting conglomerates such as Hutchison 
Whampoa Ltd. and the red chip CIT1C 
Pacific Ltd., which is 26 percent-owned 
by CITIC, a government agency. 

Mike Warren, regional conglomerates 
analyst at Morgan Stanley & Co_ has just 
upgraded Swire to an outperfom based 
on his perception that it offers value. 

But he added: “Jardine and Swire 
don’t offer growth. At current levels, 
downside risk is limited, but on the 
upside, there are better opportunities.” 

Among those opportunities, Mr. 
Warren included some of Jardine 's and 
Swire’s listed subsidiaries, such as 
Swire's Cathay Pacific and Jardine's 
Hongkong Land Holdings Ltd., as well 
as its Mandarin Oriental International 
Ltd. hotel subsidiary. 


quire at least a five-figure investment, 
and assess average fees of 2 percent a 
year, plus 20 percent of the profits. * ‘ It’s 
really the first commodities fond which 
is broadly available for the average in- 
vestor.” said Rob Densen. an Oppen- 
heimer spokesman. (IHT) 

FOR MORE nfonrakn, vaD Ju3-7t»S-2424 or. in Ar Ltwrd 
So ics. 8WM70-0861. Oppcobeuner's wrb sac. wtrojoppen- 
hciovifuDdsJLCoi has iduanskvi m (he lund and ns prospectus. 

Citi Screens Accounts 

Citibank has introduced an electronic 
banking system. Screen Phone, for ac- 
count holders in Britain that has features 
of telephone and Internet banking. 

Clients can access their accounts us- 
ing a device made by Philips Electronics 
N. V. that includes a telephone, keyboard 
and five-inch (13-centimeter) screen. 

It permits balances and recent trans- 
actions to be checked and. funds to be 
transferred between accounts. Screen 
Phone can be set up to give prompts on 
the screen or orally, and there is a panic 
button that can connect the caller to 
another human being if there is 
something electronically or financially 
confusing or urgent. 

Alyson West, Citibank's marketing 
manager for global consumer banking in 
London, said the gizmo was designed to 
accommodate customers who may be 
technophobic or who use a computer at 
work all day. It costs £ 1 95 ($320 ) to buy 
or £10 a month to rent It is free for 
clients with £75.000 or more in a Cit- 
ibank account. ( IHT) 

FOR MORE brfaraaikxi. call 0800 QO* 300 within Braun. 

Schwab Raises Ante 

Charles Schwab Corp. will raise the 
minimum investment to buy other 
companies’ mutual funds through its so- 
called supermarket to $2,500 from 
$1,000. The biggest U.S. discount 
broker’s own money-market and index 
funds in its mutual fund marketplace, 
including the popular QneSource super- 
market, which does not charge com- 
mission or exit fees, will continue to have 
a 5 1 ,000 minimum. ( Bloomberg ) 

Correction 

An illustration in the Money Report 
issue of May 10-11 provided, only a 
partial credit for the source of the in- 
formation. The data on corporate growth 
rates before and after spin-offs was 
taken from a study by Lehman Brothers 
and Pennsylvania State University. 


E-maiS address: moneyrepfe iht.com 


Market’s Down? Must Be Monday 


C ONGRESS IS scheduled to 
leave Washington on 
Thursday for what has come 
to be known euphemistically 
as a “District Work Period,” other- 
wise called a recess or Memorial Day 
vacation. Investors should pay heed. 
According to new research, this could 
be one of the best times to put your 
money into the U.S. stock market. 

“Almost the entire advance in the 
marker since 1897," the researchers 
said, “corresponds to periods when 
Congress is in recess. This is an im- 
pressive result, given that Congress is 
in recess about half as long as in ses- 
sion.” 

For decades, analysts have been 
studying the effects of the calendar on 
stocks. But until now, no 


So, why does the market love it 
when Congress is our of Town? The 
authors could only guess. “Perhaps,” 
they write, the poor results for stocks 
while the House is in session “is due to 
the uncertainty generated while Con- 
gress is debating policy, regulatoxy 
and procedural issues." 

On the other hand, "when Congress 
is in recess, no bills and regulatory 
matters are being formally debated or 
formulated. Perhaps the marker enjoys 
the temporary certainty exhibited by 
the absence of congressional de- 
cisions. and responds wife positive 
movements." 

In other words, the market frets 
while Congress dithers, but. when 
Congress exits, its potential mischief 


JAMIS CLASSMAN ON INVESTING 

nection between the con-. 


gressiondl calendar and the market. 

Over the 96-year period that was 
studied, 89 percent or the gains in the 
Dow Jones industrial average occurred 
when the House of Representatives 
was out of session and only 1 1 percent 
when it was in session. 

Or, to put it another way, on the 
average day that the House was out, 
the Dow rose 0.054 percent, or roughly 
4 points at its current level. On the 
average day chat the House was in, the 
Dow rose only 0.004 percent, or about 
one-quarter of a current point. . 

The researchers found that from 
1984 to 1993, the Dow rose 326 points 
on days when the House was open and 
2,347 points when the legislators were 
out. The Dow rose more than seven 
times as much during the closed peri- 
ods, even though the House was open 
nearly twice as long as it was closed. 

The research by Reinhold P. Lamb 
and William F. -Kennedy of the Uni- 
versity of North Carolina at Chariotre; 
K.C. Ma of the KCM Asset Man- 
agement Group in Wilmette, Illinois, 
and R. Daniel Pace of the University of 
West Florida was published in the 
latest edition of the Financial Services 
Review, The Journal of Individual Fi- 
nancial Management. 


is out of sight and out of mind. Per- 
haps. Then again, some of the effects 
of seasonality simply cannot be ex- 
plained at all. You just have to take 
them — or leave them — at face value. 
Here are some of my favorites: 

• Monday is by far the worst day of 
the week for the market Since 1952, 
the average Monday has produced a 
negative return (although lately, 
Mondays are gening better). On all 
other days, the market Is up more than 
it is down. Friday is best, up.57 percent 
of the time (versus 46 percent for 
Monday). 

• The last four days of the current 
month plus foe first day of the next 
month are the market’s best period. 
“While the market has risen on av- 
erage 52.4 percent of foe time, the 
prime five days have risen 56.4 per- 
cent," writes Yale Hirsch in foe Stock 
Trader’s Almanac a compendium of 
seasonality phenomena. 

December and January are foe best 
two months for the market: September 
is the only month that shows a loss. 

• Since Andrew Jackson was re- 
elected as president in 1832, foe elec- 
tion year and foe year before it have 
produced stock-market returns that are 
more than seven times as great as 


during foe next two years of foe elec- 
tion cycle. 

The worst year in foe cycle comes 
just after an election (a year like 1997). 
Since 1832. such years have produced 
22 losses and 19 gains, for an ag- 
gregate loss of 3 percent. In the year 
before an election, the market has had 
28 gains and just 13 losses, for an 
aggregate return of 295 percent. 

• The worst year of the decade is foe 
seventh. Since 18S5. according to Mr. 
Hirsch. the market has declined eight 
out of 1 1 times in years ending in 7. By 
contrast, foe market has never lost 
ground in a year ending in 5. 

The current year, therefore, gets a 
double-whammy. The Standard & 
Poor’s 500 Stock Index has produced 
double-digit losses in each 
of foe last five post-election 
years ending in a 7. Av- 
erage loss: 20 percent. So 
far in 1997, foe S&P is up 13 percent. 
Could a loss of 30 percent or more 
during the last six and a half months of 
this year be inevitable? 

The two most important facts that 
any investor needs to understand is 
that, over foe past 70 years, stocks 
have returned an annual average of 
10.5 percent and that, when held for 10 
years or more, stocks are not much 
more risky than bonds or even Treas- 
ury bills. 

Recognizing that foe market makes 
nearly all of that 10.5 percent gain 
when Congress is out of session is nice 
to know, but it is irrelevant to foe 
earning of an overall I0_5 percent 

If you want to take a chance by 
continually switching, with congres- 
sional peregrinations, in order to earn 
more, then be ray guest. But you 
should recognize that you will incur 
capital gains, brokerage commissions 
and heartburn. Call me stodgy, but 
while the “Congress Effect" is amus- 
ing and even instructive, it is not going 
to guide my investing. 

Washing/on Post Service 

For further information: 

■WRITE TO The Journal of individual FaunciaJ Man- 
uvment CW JAJ Pres*. Inc.. Boi 1676. Greenwich. Con- 
necticut 06836. US.A. 

•CALLSwk Trader Almanac. I 2/H 7674100. 


Wagering on Restraint by Beijing 


Continued from Page 15 

something galvanizes them 
into action. 

Q. Hong Kong shares have 
done better than those in al- 
most every other Asian mar- 
ket during foe last year or two, 
despite foe 1 political uncer- 
tainty and despite foe recent 
sharp decline, something that 
hit several markets in foe re- 
gion. Are all foe potential 
negatives really factored into 
prices? 

A. We believe that most of 
the negatives are already 
factored into prices, and if the 
political fears were not so sa- 
lient. the market would be 
much higher. There is polit- 
ical risk in eveiy country, 
even foe most seemingly 
stable countries, and that is 
true of Hong Kong and China. 
I think that most possible 
shocks have been considered, 
but shocks can come from 
any quarter — regional, in- 


ternational or domestic. 

Q. Looking on the bright 
side, if June 30 comes and 
goes without difficulty, will 
there be a leap in foreign in- 
vestment? 

A. I don’t think there will 
be an appreciable increase in 
foreign investment, since 
there already is considerable 
investment in Hong Kong, 
but there will be more in- 
vestment from China itself. 

• 

Q. You’re a value investor, 
looking for cheap companies, 
not cheap countries, but are 
your Asian and global port- 
folios underweight or over- 
weight in Hong Kong? 

A. We are generally over- 
weight in Hong Kong, al- 
though we have reduced the 
weighting in the last six 
months. We have not .pur- 
chased any stocks in Hong 
Kong recently. 

Q. What was it about the 
companies you sold that put 


you off them?! 

A. Their rise in price made 
them more expensive than 
other stocks we could pur- 
chase. It was simply a matter 
of price. 

Q. What sectors offer foe 
best bargains? 

A. Jusr as we do nor pick 
markets, we also do not pick 
sectors. It just so happens, 
however, that in Hong Kong 
we are overweight in foe 
property conglomerates and 
the financial sector. 

Q. What are some of your 
biggest positions? 

A. Cheung Kong, Hon, 
Kong Bank, New World 
Swire Pacific. 

Q. How important will foe 
next few months or years in 
Hong Kong be for the de- 
velopment of China? Can a 
new possession with 6 mil- 
lion people really affect a 
country of J .2 billion? 

A. In the context of foe 
entire nation. Hong Kong is 


long 

and 


certainly significant but is not 
critical to foe continued 
health of China. Perhaps 
more important is foe psy- 
chological impact it has on 
China and foe amounts of in- 
vestment money which flow 
from Hong Kong. 

• 

Q. What about foe rest of 
Asia? How important is it for 
' the region, especially 
Taiwan, for everything to 
progress well in Hong 
Kong? 

A. Progress in Hong Kong 
impacts all of Asia and fosters 
general economic develop- 
ment. For Taiwan, Hong Kong 
is particularly significant since 
it offers a window to China for 
trade and investment- 



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PAGE 18 


lieralbl^^gribmtc 

Sports 


SATURDAi-SlJ]NT)AV, VAX 17-18, 1997 


World Roundup 


Indianapolis 500 
Amends Its Rules 

auto racing The Indy Racing 
League, in a move that could lead to 
a return of some of the biggest stars 
to the Indianapolis 500, announced 
Friday that it would scrap its con- 
troversial qualifying rule. 

The IRL executive director. Leo 
Mehl, also clarified engine and 
chassis rules that will allow ad- 
ditional manufacturers to supply 
the series starting next year, but he 
said he did not know whether that or 
the qualifying change would bring 
the rival Championship Auto Ra- 
cing Teams back to the Speedway. 

The IRL, a second-year circuit 
formed by the Indianapolis Motor 
Speedway president. Tony George, 
has been guaranteed up to 25 of the 
33 starting spots at the Indianapolis 
500. That led to the pullout last year 
of CART and such drivers as A1 
Unser Jr., Michael Andretti, Paul 
Tracy and Bobby Rahal. 

Fresh Start for the Giro 

cycling Nexr year's Giro 
d'ltalia will start in France for the 
first time in its 80-year history. The 
Giro director. Carmine Castellano, 
said Friday that it would open with 
a time trial ai Nice over a 7-ki- 
lometer course on the Promenade 
des Anglais on May 16. The first 
road stage will leave Nice the next 
day to return to Italy. (Reuters) 

2-Shot Lead for Webster 

golf Steve Webster of England 
finished eagle-birdie to capture a 
two-stroke lead midway through 
the second round of the English 
Open on Friday in Ware. Webster’s 
six-under-par 66 put him at 10- 
under-par 134, two shots ahead of 
Northern Ireland's Darren Clarke. 

(Reuters) 

Where’s Wayne? 

HORSE RACING The Black-Eyed 
Susans were ready and the field set 
for Saturday's running of die 122d 
Preakness Stakes at Pimlico in Bal- 
timore. But one fixture was absent: 
the trainer D. Wayne Lukas. It's the 
first time since the 1993 Belmont 
that Lukas did not have had a horse 
in a Triple Crown race. ( AP 1 

Pitch for a Team in L.A. 

FOOTBALL The owners of the 
Los Angeles Kings hockey team 
say they will tell National Football 
League owners at formal meetings 
Monday in San Diego that they are 
committed to making a $500 mil- 
lion investment to get pro football- 
back in 2000 in a new Los Angeles 
Memorial Coliseum. (LAT) 

The Wonderful Wizards 

BASKETBALL The NBA team 
formerly known as the Bullets is 
now the Washington Wizards. The 
team announced the switch at a 
sporting goods store, unveiling a 
new logo and colors — not to men- 
tion a full line of T-shirts. (AP) 


Cubs Pull Themselves Up, 
And Reds Settle Into Last 


Chicago Is 12-12; Cincinnati Loses 5th in Row 


The Associated Press 

Things are looking up for the Chicago 
Cubs because they are finally looking 
down at the Cincinnati Reds. 

Despite a National League-record 14- 
game losing streak to open the season, 
the Cubs lifted themselves out of last 
place for the first time Thursday night 
with an 8-2 victory over the San Diego 
Padres. The Reds, meanwhile, tumbled 
to the bottom of the NL Central with 
their fifth straight loss, 2-1, to the Los 
Angeles Dodgers. 

“I don't even look at the papers and 
the standings anymore,"- said the Reds' 




manager, Ray Knight After the game, 
the standings showed the Cubs in fourth 
place at 1 2-26, a game ahead of the Reds 
(11-27). 

Play ing in Wrigley Field, the Cubs hit 
four triples — three in a four-run sev- 
enth inning — and Frank Castillo (2-5) 
pitched seven strong innings for his first 
victory in three weeks. 

Since breaking the losing streak, the 
Cubs are 12-12, while the Reds are now 
off to their worst start since 1950. 

Dodgers 2 , Reds i At Cincinnati, Is- 
mael Valdes allowed three hits over sev- 
en innings for his first victory since April 
2. Todd Zeile and Billy Ashley singled 
home runs to help Valdes (2-4) snap a 
streak of six starts without winning. 

Pirates 4, Rockies 3 At Pittsburgh, 
Kevin Elster and Al Martin hit sixth- 
inning homers as Pittsburgh (21-18) 
slipped into first place in the NL Cen- 
tral. a half-game ahead of Houston. 

Expos 8, Giants 7 At Montreal. Rondell 
White's two-run single against Julian 


Tavarez (0- 1 ) broke an eighth-inning tie, 
and the Expos survived a shaky ninth for 
their fourth straight victory. 

White Sox 4, Mariners 3 The Mariners 
pitched around Albert Belle to face 
Chris Snopek, but Snopefc responded 
with a two-out two-run double in the 
ninth inning to beat host Seattle. 

Ken Griffey Jr. hit his major league- 
leading 1 8th home run, and the Mariners 
took a 3-2 lead into the topof the ninth at 
the Kingdome. Norm Chariton (2-2) 
relieved Jeff Fassero to start the inning, 
and the White Sox rallied. 

Angola 3, Orfoiss 2 Jason Dickson, 
helped by outstanding defense, helped 
Anaheim stop Baltimore for a two-game 
sweep. The Orioles lost their first series 
of the season; they had won eight and 
split six. The Angels won their fourth 
game in a row, and fifth straight at 
home. 

Yankees 8, Rangers 2 Cecil Fielder 
returned from a two-game absence and 
hit a three-run homer as New York beat 
host Texas for its season-high fifth 
straight victory. 

Royals id, Tigers 9 Trailing 9-7 in the 
bottom of the ninth inning at home. 
Kansas City came back to win when 
pinch hitter Johnny Damon led off with a 
home run and Mike Sweeney hit a two- 
run homer. The Royals needed only three 
batters to rally for their third straight 
victory. Damon connected off Doug 
Brocail ( 04), Scott Cooper pinch singled 
and. Sweeney hit his second home run. 

Athletics g, Bn war* s George Wil- 
liams singled home the go-ahead run in 
the eighth inning, and Oakland defeated 
visiting Milwaukee. The A’s won their 
second in a row following seven con- 
secutive losses. 



Yinraii LiFnirt/Ap-iu* Frwur-ftiair 


Cub's Sammy Sosa came up empty, so Padres' Craig Shipley doubled. 


Colorado Slides By Detroit, 2-1 


The Associated Press 

DENVER — Game 1 of the National 
Hockey League's Western Conference 
finals had no fighting and no blood. 
But Colorado fans did gel to celebrate 


NHL Plat oris 


a 2-1 victory over the Detroit Red 
Wings in the opening game Thursday. 
There wqre only 34 minutes in penalties 
— a far cry from the 148 minutes the 
teams compiled in their most recent 


meeting, a bloocfletnne in Detroit on 
March 26. 

Joe Sakic, last year's playoff MVP, 
had a goal and an assist in the third 
period, helping the Avalanche rally 
from a 1-0 deficit. 

Patrick Roy stopped 34 shots as the 
Avalanche posted their 11th straight 
playoff victory at home. Roy now has 
allowed only seven goals in Colorado's 
seven home playoff gomes this year. Col- 
orado was outshot 35-19. and the NHL's 
most effective power play went 0-for-5. 


Klinsmann 
Plans to Play 
For Sampdoria 

Reuters 

BONN — Juergen Klinsmann isonce 
again packing his bag% — to join Samp- 
doria of Genoa next season after two 
turbulent seasons at Bayern Munich, it 
was announced Friday. 

Sampdoria’s director-general. Enulr- 
ano SaJvarezza, said Friday that the club 


■ U RO PI AN SOCCER 


would make no further official com- 
ment on the deal until Klinsmann. 32, 
had completed the current season with 
the German League leaders. 

After making his name on Stuttgart 
teams, Klinsmann went abroad to play 
for Imeraazionale Milan in 1989. HLu 
travels took him to Monaco and Tcny 
tenham, England, before he returned to 
Munich for the 1 995- 1996 season. 

At first, Bayern’s chairman. Franz 
Beckenbauer, was regarded as having 
pulled off a major coup with Klins- 
mann's signature. But as time went on 
Germany's most prominent player was 
often the target of criticism. 

The decision to move to Italy, 
however, seems to have a great deal to do 
with his personal life. Klinsmann and his 

American wife, Debbie, are said to enjoy 
staying at their house near Lake Como. 

■ Juventus Near Title 

Juventus will pick up its 24th Italian 
league title Sunday if it beats second- 
place Parma in Turin, Reuters reported 

The Turin team takes a 6-poim lead 
into its game with Parma, with only two 
'games remaining after that. Juventus 
added two points to its lead Thursday by 
he ating Piacenza, 4-1 , on a night when 
Parma tied, 1-1. with AC Milan. 


He 9 s a Phenomenon Worth Witching * 

VANTA GE POINT/ Dave Anderson 


Woods Gets 6 Birdies 
As Leader Is Ignored 

Washington Post Sen-ice 

IRVING, Texas — Tiger Woods had 
been away from the PGA Tour for five 
weeks and did not have great expec- 
tations for his first tournament round 
since he won the Masters last month by 
a record 12 shots. 

"To be honest I was just Iookmgfor 
a round under par," he said "That 
seemed realistic and reasonable." 

And yet after a three-and-a-half-hour 
rain delay that allowed him to sleep in. 
Woods birdied the first hole he played 
Thursday in the Byron Nelson Classic, 
one of five on the front rune. Then he 
finished with a flourish, birdieing the 
18th on the TPC course at the Four 
Seasons Resort and Club at Las Co Lin as, 
for a 6- under-par 64 chat left him a shot 
off the first-round lead. Woods was tied • 
with Paul Stankowski and Dudley Haft 

Jim Furyk, who took a two-week 
break from the PGA Tour after playing 
in 14 of the year's first 16 events, also 
came back in fabulous form, to lead the 
tournament with a 63. 

While Woods attracted thousands of 
spectators, Furyk played across the 
street in relative anonymity at the Cot- 
tonwood Valley course, which is being 
used for the first two rounds until the 
field is cut down. 



ViVr Ma]vx>/Re™er, 

Tiger Woods swinging in the first 
round of the Byron Nelson Classic. 


New York Times Sendee 

IRVING. Texas — Officially, the 
golf tournament is known as die GTE 
Byron Nelson Classic, the only PGA 
Tour event named for a golfer. Here in 
the Dallas area it is known as "The 
Byron" for the now 85-year-old legend 
who grew up in the same caddie yard 
with another legend. Ben Hogan, over in 
nearby Fort Worth. 

But the tournament this weekend 
might as well be known as “The Ti- 
ger." 

For the first time since Eldrick (Ti- 
ger) Woods, 21, won the Masters, he 
teed off Thursday in a PGA Tour event 
after a rain-and-Iighming delay kept the 
world wailing nearly four hours to see 
what he would do next. 

And while the world waited. Lord 
Byron himself, with the perspective of 
having played with Bobby Jones in the 
early years of the Masters, discussed the 
phenom whose presence created the 
first sellout in the 44 years of this tour- 
nament. 

"You have to look at it in propor- 
tion." Nelson said, leaning on the cane 
he has used since surgery for an ar- 
tificial hip. "In 1930, Bobby Jones had 
a tremendous following, but percent- 
age-wise it was almost as great as what 
nger has." 


Jones was a phenom. too. He won his 
first of four U.S. Open titles at age 21, 
and he retired at 28 after having swept in 
1930 what was then die grand slam of 
golf: the U.S. Open. U.S. Amateur, Brit- 
ish Open and British Amateur. 

"Not long ago,” Nelson said, "I saw 
a picture of Jones in which you could see 
the people, but you couldn’t see the golf 
course." 

If Tiger Woods is in the hunt here 
Sunday, you will not be able to see much 
of the 6.899-yard (6.280-meter) TPC 
course at Las Colrnas. 

"We haven’t had someone like Tiger 
here since Tom Watson,” Nelson said, 
referring to a four-time winner from 
1975 to 1980. "Greg Norman comes 
and goes. Mark O’Meara and Tom Leh- 
man have had good years, but Tiger has 
something special. His biggest problem 
will be keeping his prestige with the 
demands on his time. That will be more 
difficult than his golf." 

Nelson, whose 61 PGA Tour vic- 
tories rank fifth behind Sam Snead (8 1 ). 
Jack Nicklaus (7Q). Ben Hogan (63 ) and 
Arnold Palmer (60), has been credited 
with being the first to develop what is 
considered the modern golf swing. 


"I used more feet and legs," Nelson 
said. "I went three-quarters in my back- 
swing, three-quarters in my follow- 
through. Now there's more foil exten- 
sion. 

"But you couldn't teach Tiger's 
swing, and there’s nothing wrong with 
it His balance is great; he never moves 
off the ball. His timing, his movement, 
his coordination are excellent His 
swing is just one continuous motion. 

But as with every golfer, there is more 
to Tiger Woods than his swing. 

' ‘He’s got a great feel for how hard he 
wants to mt die ball,’ ’ Nelson said. "His 
swing is a motion .here on his back- 
swing, a motion there on his follow- 
through, fast and hard. That is why he 
pitches so well from 100 yards. 120 
yards, 150 yards." 

All those elements are why Tiger 
Woods is touted as having a realistic 
chance to be die first golfer to win the 
modem grand slam — the Masters, the 
U.S. Open, the British Open and the 
PGA Championship. Maybe this year. 

“If Tiger Woods did it," Nelson said, 
"it would be the most sensational thing 
in golf. More sensational than what 
Bobby Jones did.” A 


Scoreboard 


BASEBALL 


Major League Standings 

AMERICAN UAOOK 

EAST DFVtSIOM 



w 

L 

Pet 

GB 

Baltimore 

25 

13 

■658 

— 

New York 

24 

16 

.600 

2 

Toronto 

20 

17 

541 

4’.V 

Detroit 

16 

23 

A10 

9to 

Barton 

15 

22 

AOS 

V.-. 


CENTRAL DHRSION 



Kansas City 

20 

17 

sn 

— 

Milwaukee 

19 

17 

-538 

Ik 

Cleveland 

18 

19 

A86 

2 

CWojgo 

15 

22 

-4W 

5 

Minnesota 

IS 

25 

J75 

6 1 * 


west aniretoN 



Seattle 

23 

16 

S90 

— 

Texas 

21 

16 

-568 

1 

Anaheim 

IB 

19 

M6 

4 

Oakland 

77 

24 

.415 

7 

MAnONAL LCAGVB 



EAST DIVISION 




w 

L 

pa. 

GB 

Atkrnto 

26 

13 

Ml 

— 

Florida 

23 

16 

sm 

3 

Montreal 

21 

16 

-568 

4 

New York 

2D 

19 

.511 

6 

Pfifladefphto 

14 

24 

-366 

11V, 

CENTRAL DtVIStON 



Pittsburgh 

21 

18 

-538 

— 

Houston 

21 

19 

-525 

'a 

SL Louis 

17 

21 

.44? 

3’t 

Chicago 

72 

26 

J76 

8'a 

anannotl 

11 

27 

289 

9'f 


WEST DIVISION 



San Francisco 23 

14 

.622 

— 

Los An petes 

22 

15 

J95 

1 

Colorado 

22 

16 

.579 

1ft 

Son Diego 

14 

23 

J7S 

9 


THURSDAY'S UME SCOMS 


AMERICAN LEAGUE 

Chicago ON 110 W2—4 10 1 

Seattle 290 901 000-3 7 2 

Drabefc, Levine (71. L. Thomas (8J, States 
IBJ. R. Hernandez (91 and Kreuten Fossenv 
Charlton (91 and Da. Wilson. IN— Simas. 1-0. 
l^— Charlton, 2-2. Sv— R. Hernandez (7). 
HR— Seattle, Griffey Jr. 081. 

Near York 300 904 010—8 11 9 

Texas 209 890 000-2 9 1 

Kn. Rogers. Nelson (71. Boetiringer m and 
Glrardt Alberto, Whiteside (1). Gunderson 
Ml, Vosherg 19) and L Rodrigues. 
W— KnXogen, 3-1. L— AJberrcv 0-1. 

HR-New York. Fielder (3). 

Detroit 030 210 309-0 7 1 

Kansas a ty 030 102 013-10 IS 1 

OBwres. J. Cummings (61, Micefl (61, 
Ta Jones (8). Broca* Ol and Cnsnnow; 
Appier MeDfll (61, J. Montswwry (7). 
Converse (6), J.woiker (8) ana Spew. 
MLSweeney (81. W-J. WBtter. 2-1. 
L-erocan, (W. HRS — Detroit, TaCkn* CM), 
Nieves (4). Kansas CH», IB# 

Damon (21. 

Battbnare ' ON 101 000-2 3 0 
AnaOaim 11« 000 «K~3 9 0 

KamlenlocM, Orosco (71 and Hones; 
Dickson. Me Elroy (81, DeLuda IB), Holtz (9), 
James i9j and Leytfa. w— Dfcteon. 6-1. 
L— Komhmfecu. 2-2. Sv- James (51. 
HR— Baltimore, R. Palmeiro 16). 

Milwaukee 040 010 000-8 13 0 

Oakland 230 ON oi*-6 w • 

Kart, Wfcfjnan (61. Vfltond (W ona UsriS! 


Tetgheder, C Reyes (3). Groom (6), Wangert 
(71. Taylor (9) and GaWWtams, w— Wengert. 
2-2. L— WJcknwft 2-2. Sv-Toytar IB). 
NATIONAL LEAOUE 

San Diego OH 110 000—2 3 2 

Chicago 010 200 41 x— 8 11 0 

Hitchcock, Scott |7> and Roherfyr 
F.Cnsttlia. Patterson (8t, Bottenfldd 19) and 
Servo Is. W— F. Ccsfflla 2-5. L — Hitchcock. 3- 
4. HR— San Diego. Joyner (21. 

Cetarada 210 OH 900—3 9 0 

PfttBtKirgh OH 013 OQx— 4 6 l 

R. Bailey, ■ DeJoan (7) and Je.Rw* 
F. Cordova LolseHe (91. Rincon (9) and 
Kendall W— F. Cordwa 3-3. L— R. Bailey. 4- 
3. Sv-filncon (3). HRs— Pittsburgh, Eisfer 
(7). A. Martin (5). 

Los Angeles Oio IN 900-2 6 o 

Ondnatl OH 010 000-1 5 0 

I .Valdes, Guthrie (B>, HaS (B). To. Worrell 
(9) and Plamn SmUey, BranOey (8), Belinda 
(9), Remllnger (9) and J. OUwr. W— I. VO Ides, 
2-4 L— Smiley. 3-6. Sv-To. Worrell (12). 

San Fnmcfeco 002 000 481—7 72 T 

Montreal 100 014 92k— 8 13 2 

VnXvnflngtim. Poole (61, Ron (6). Tavarez 
(7) and BenyHtl; Hermansan. Doal <71, D. 
Veres (7), retort (7), L. Smith (9J, Urtirw (9? 
and Ftewier. W— Tstlart, 1 -0.L— Tavarez, 0-1. 
Sv— Urbina (41.HR— Montreal, Fletcher (5). 

Japanese Leaques 


CUfTVUL UUUHH 



W 

L 

T 

Pci 

GB 

Yatartt 

21 

13 

— 

.618 

_ 

Kfrasftfma 


14 

— 

533 

io 

Chun lent 

16 

IB 

— 

.471 

5-0 

HansIKn 

15 

17 

— 

A 69 

5LD 

Yokohama 

14 

16 

— 

Ml 

5.0 

YOmJuri 

14 

18 

— 

MB 

60 


FRIDAY'S RBOLIS 

Yakultl. Hansitln 0 
OmkUcM 5 Yonttori 1 


MCtTKilAOUl 



w 

L 

T 

Pel. 

GB 

Setau 

19 

13 

— 

594 

— 

Orix 

15 

13 

— 

536 

2.0 

DaM 

17 

16 


SIS 

ZS 

Nippon Ham 

15 

77 

— 

M9 

4J> 

Lotte 

U 

16 

1 

Ml 

4.0 

Kbitenu 

13 

18 

1 

J19 

5J> 


PM DAY'S MOULTS 

Setbu 7. Lane 3 


BASKETBALL 


NBA Playoffs 


SECOND BOUND 

(BNt4MDEM| 
THURSDAY'S RESULT 

Hoestna M 24 24 35— 96 

Seattle 30 21 27 21- 99 

H: Olaluwnn 12-21 6-7 30.Boitoey 7-17 5-7 
20; 5: Kemp 6-14 10-1422. Payton 7-144.5 19. 
HebcwMbr - H ouston 57 (Bartdgy 13), Seattle 
43 (Remo 11). Asstib— Houston 21 (Grader 
61, Seattle 23 (Payton 13). 

(series tied 3-3) 

NHL Playoffs 


WUnaHMNKREHCSnKAU 

(BEST-OF-MVEM) 


Fbfl Period: None. Second Period; None. 
TNrt Period: D-Shanahan 5 (Lapointe. 
Yzsrman) Z C-Satic 5 (LaenbO 1 C-Rfcd 2 
(Ljemtoux, Soldo Shots on gaafc D- 10-13-12- 
— 35. C- 8-2-9—19. Gordies: D- Vernon. C-Roy. 
(Cotarndo leads series 1-0) 


RUGBY UNION 


$UPER12 


riAST ROUND 

WalkotD 1& Draga 34 

STAMMMCUk Y-Auddond 45 points,- x- 
ACT 36.- *- Wen In gran 33;x~NataJ 30: Gauteng 
23; Northern Transvaal 22 Canterbury 21; 
Queensland 20; New South Wales 20; Free 
state 20! memo 7ft Otoga 17. 
x-enndied semlflnoi berth. 



ITALIAN FIRST DIVISION 

AMtonw 0, Rcmc 4 
Cagfkrrt 4 Ftarenftaa 7 
inter! Reggkma 1 
Lazta 3, Napofl 2 
Parma 1. Milam 
Perugia & Bologna 1 
Juventus 4, Piacenza 1 
Udlnase 3. Verona 0 
Vicenza 1, Sampdoria 1 
CTANDiHiMf Juventus £2 points: Parma 
S6i Inter 5* Unto 50; Udtawe-M; Bologna 47; 
Sampdoria 46; Vicenza Oj Milan 42; Ro- 
ma*k Rarerrttaa 40.- Atakmto 3ft Napoli 37; 
Cagliari 3i Piacenza 32 Perugia 31; Verona 
2d - Reggkma I?. 

SMUOSHTIRST DIVISION 
Tenerife Z Altai ieo Madrid 3 
itunmati Real Madrid 83 points: 
Barcelona 7a Deparilvo Coruna 71- Real 
Belts 72 AOellco Madrid 66; VOUadodd 5& 
Real Sadedod 52 Athletic Bilbao 52; Tenerife 
51; Vdenda 4ft Racing Santander 4ft Celia 
Vlga 43; Zarosaza 43; Compostela 41 Es- 
panyof 42; (Medo « Extremadura Raya 
vaBecana 3ft SporifngGifon 3ft Hercules 3£ 
SevSa 33; Logrones 31. 


TENNIS 


9 HUHMOHM 

TODAY. IN BEHLW 
auAFtmtaMALS 

Jana Novotna (2J. Czech Republic, def. 
Sabine Appelinans. Belgium. 1-6. 6-1 64J. 
Amanda Coetzer (D, South Africa def- Steffl 

Gref 01. Germany. M - 

Mary Joe Fernandez HO), U.S* «f. Anna 

KournAova Russia. 6-1. 6-4. 

Mary Pierce 112). Franc* def. Ira MofoB (6), 
Croatia, 6-1, 6-4. 

ttUUNOHN 
TODAY. IN HOVE 
QUARTERFINALS 

Goran Ivanisevic (61, Croatia, def. Sotrt Dreu- 
er, Austre8a.6-4.6J. 

Alar Carols (103, Spol* d bL Karim Atami, 
Morocco. 4-d, 7-5, 6-1 

Marce to Was (71. Chfe, def. Jlrt Courier. U A- 

6-1 3-6, 7-6 (7-4}. 


TRANSITIONS 


HASSDAUL 

AMERICAN LEAGUE 

Minnesota— Put RHP Bab Tewksbury an 
15-doy damned Psb retroact i ve la May S. 

TMtotfro— dolmen RHP Mike Gordon on 
waivers from Cleveland Indians and assigned 
him to Knoxvfll* SL 

JAPANESE LEAGUE 

KAn s n 1 H— Announced the retirement of OF 
Mike Greenwefl. 

Mwnuu 

NATIONAL BASKETBALL ASSOCIATION 
NBA— Suspended M tent's pj, Brown tor 2 
games and New Yotks's Chortle Ward, Patrick 
Ewing. Alan Houston Lorry Johnson. Don- 
toe' Janes and John Starks 1 gatm each tor 
metrpart In bench-cteartag bnivrtln Game 5of 
Eastern Conference semHtnats an May 14. 
Fined Brown Si 0000; Want s&OOft and Ew- 
ing. Houston and Storks SL500 each. Fined 
KnWis 520000 — SSM0 for eoai player who 
left bench, and Starts addWond S&000 for 
obscene gesturatavrard crowd. Banned Jones 
ftam silling an bench ter nest of postseason. 

FOOTBALL 

NATIONAL FOOTBALL LEAGUE 
abizo ha— Signed TE Johnny McWlUknns 
10 2-year contract. 
hew Orleans— Cur QB Jim Evereft. 
Oakland— Signed QB Donald Hollos. 
Oakland— Re-signed OT Robert Jenkins. 
san ta»AMasa>— Signed WP. Mike Rich- 
mond. 

seattlb— signed TE Deems May. OT Pe- 
te DUHorla and P Paul Burton. Agreed lb 
terms with LB Jae Cidn. Released TE Cole- 
man Bell and CB Setwyn Jones. 

CANADIAN FOOTBALL LEAGUE 
Hamilton— S igned SB Luc Norma nd. OB 
Jason McCuttogh. ana DE WHe wtritehead. 

mohtbeal— R e-signed Fs Spencer 
McLennan. Signed LB Carlos Brawn and CB 
Tony Brawn. 

Toronto— Signed OB Andre Ware. Ac- 
aulred WR Willie HinchdW tram 
Saskatchewan tor DB Joe Mere. 

WORLD LEAGUE 

AMSTERDAM— Signed K Cqrtos Huerta. 
Placed S Kelly Sims an Inlured reserve. 
Barcelona— Signed CB Dan Robinson, 
frankfurt— Signed OB Brad Bretz. Wai- 
ved OB Steve TbneytWH. ana RB Bum/e Leg- 
rite. Put DE Jeff Rodgers an Infered reserve. 

London— A cquired RB Ran Dickefsanfram 
Scottish Oaymores for 1998 draft pkx. Signed 
T Mfte Moody, Activated P Brian Creenfletd 
and WR Alan ABwi (ram Injured reserve. 
Waived P Greg Ivy and T Derrick Turner. 

AM GIN TOG— waived LB YAtl Bronn. 
SCOTTISH claymores— Signed DE Corned 
Thomas and TE Cedric Saunders, Put T 
Randy (Merman <ma DT Ktftn Powe an hv 
lurad reserve. Waived CS Israel Byrd and RB 
Markus Thomas. 

Hoaar 

NATIONAL HOCKEY LEAOUE 

phovux— S igned G Sylvaln Daigle lo mul- 
ttyaarcontraCL 

COtlMI 

ALBANY. N.Yr-Named Scoff Hk*a mens 
bastelbatl coach. 

Hawaii— S uspended OB Tint carer inaej. 
kriteiy otter he was arrested for gambong. 

old DOMiNKW-MSIgited Wendy Larry, 
vromeiw boskettioll coach, to 3-year contnjei. 

SOUTHEAST MISSOURI STATE— Fired Ran 
Sbomaie. mens baskaooBawch. Suspended 


Randy Curt, mens ossfctam basketball coach, 
and is not extending his contract. Announced 
resignation of tQrt Cochran and Scoff Mc- 
Cowan, metre assistant basketball coaches. 

SOUTHWEST MISSOURI STATE — Re-signed 
women's basketball coach Cheryl Burnell ta 
S-year contract. 


The Week Ahead 


Saturday, May 1 7 


SOCCER. Wemwey, England— English FA. 
fa Cup final, Chelsea m Mlddlesbraugh. 

athletics. Copenhagea Denmmk — 
Copenhagen Marathon. 

cyhjhc. Rome — UCl Giro d'Haila Tow 
ot Italy, to June B. 

golf. Men Hertfordshire, England - PGA 
European Tow. English Open, to May IB; 
Irving, Texas— UJL PGA Tour, Byron Nelson 
dosstc to May 18; Natnegaia, Japan — Japan 
PGA, Japan PGA Championship, to May Ift 
Clifton, New Jetsey — U4. Senior PGA Tour. 
CatSHac NFL Classic, ta May 18. women, 
WBrntogion. Deianare — U.S. LPGA. LPGA 
Championshte to May 1ft MunaUam, Japan 
- Japan LPGA. Yakult Ladles, to May 18. 

handball. Kumamota, japan — men, 
ikf. world ChamptonshbL to June 1. 

HORSE racing. BaBlmare — Preakness 
Stakes. 

rugby union, Various sites — Pacific Rim 
Championship. Japan vs. Canada; Hong 
Kang vs. U nlfed Slates. Various sites — Super 
12. New South Vftdes vs. AucUana; Gauteng 
vs. Natab Conterbmy vs. Queensland. 

SOCCER. Wembley, England — English FA. 
FA Cup final Chelsea vs. MMdfesbrough. 

sumo. Tokyo — Summer Grand Sumo 
Tournament to May 25. 

tennis, man; Rome— ItaBan Open, to May 
18. Women: Berlin — German Open, to May 
TB: Cordlft Wales — Cardiff Championships. 
toMaylB. 

WEIGH TUFTING, Rlfeka Croatia — mm 
IWF, European WelghfOftlng Champ!- 
anships. loMay 19. 

Sunday, May 1 B 


ATHLETICS. Charlotte, North Carolina — 
men. women. JAAF. Grand Prtx, USA Track 
and Reid Grand Prin, ctoss I. 

BASKETBALL, Seacaucus. New Jersey — 
NBA droit tottery. 

MOTORCYCLE RACING. MtlfleflO. ttOtY — 
Holton Grand Prix. 

soccer. Various sites — World Cup qual- 
ifier's: Estonia vs. Lanka Jamaica v& El Sal- 
vador. 

rugby union, Woffington, New Zealand — 
Super 12 WaWngtarr vs. ACT; Tokyo — Pa- 
effle Rim Championship, japan vs. Canada. 

Monday, April May 1 9 

GOLF. Denham, England —men, Andersen 
Consulting World Championship of Gait, Eu- 
ropean Championship, 10 May 20. 

tennis, men, Dusseldorf. Germany — 
wand Team Cup. » May 25: 5t. Pollen. Aus- 
tria— Raiffeisen Grand Pri% to May 25. Wam- 
ea Strasbourg. France — Strasbourg Mter- 
nattonal, to May 25; ErSnougn. ScoUoixi — 
world Doubles Cup, to Moy 25: Madrid, Spain 
— YMow Pages opea to May SS. 

TuespaY) May 20 


auto BAOHtL Buenos Aires Argentina — 


FIA. Roby Argentina, to Mar 24. 

Wednesday, May 21 


soccer. Milan. Italy — UEFA Cup FtnaL 
return- leg, Infemaztanale AW ton, Italy, vs. 
Scholke 04, Germany,, various sites — Copa 
UbertOdores; Omterflnab. firaf Leg: tfnfv. 
Catokco, Chile, vs. Cora Coto, Chile; Cruzeiro, 
BrazIL vs. Gremto. Brazil; Bofivar, Bolivia vs. 
5 porting CrtstaL Peru; Penarai, Uruguay, vs. 
RocSng, Argentina. Tokyo — Intemnffonni 
friendly, Japan vs. South Korea. 

Thuhspay, May 22 


cricket, Headlngtey, England — t-day 
Infemaftonak England vs. Australia. 

gymnastics. Patras, Greece — 1 4th Eu- 
ropean Rhythmic Championships, ta May 
25. 

golf, men: Fort worth, Texas — Mas- 
terCard CoionlaLreMay25;Yo5bikl,Japan— 
Pepsi Ube, to May 25. Women. Coming, New 
rori. — Coming Ckissfc ro May 25. 

soccer. Sd no, Sweden — international 
friendly, Sweden vs. Poland. 

wRESTUna Kouvoia. Rntand — men. Eu- 
ropean Greco-Roman Championships to 
May 25. 

Friday, May 23 


golf, men. Vfigtata Wafer, England— Vbf- 
va PGA Championship, fa May 26; Matvem, 
Penttsylvanki — U J. Sen tor Tour. BeR Aflanfic 
Classic, to May 25. Watnea KasugaL Japan — 
Japan. Oiukw TV Brf dgestone. to May 25. 
tennis, Paris — French Open draw. 
soccer. Quetta. Pakistan — Wand Cup 
qualifier, Pakistan vs. Iraq. 

RUGBY union, various sites — Super 12, 
semifinal^ to May 25. 

Satuhpav, May 24 


AUTO RACING. Madison. JfflltoiS — CART. 
Indy-car. Motorola 300. 

cricket, London, England — 1-day in- 
lematltmaL England vs. Australia. 

colt, women, Frisco, Texas — sidns 
Game, to May 25. 

horse racing, Cwrogh, Ireland — Irish 
1.000 Guineas. 

rugby union. Hong Kang — Radik Rtai 
Championship. Hong Kang v*. Canada. 

soccer, Singapore — World Cup qualifier, 
Singapore vs. Leomtoiv Manchester, Eng- 
land — International friendly, England vs 
South Africa 

Sunday, May 25 


athletics. Eugene. Oregon— men, worn- 
ea Grand Prix, Prefontolne Classic; Prague, 
Czech RepubBc — Prague Marathon. 

AUTO racing Boiwkmo. Spain - Formula 
1, Spanish Grand Priw Indianapolis — indy- 
car, IndlanapoiisSOftChaTMto. North Cantons 
— NASCAR Winston Cup, Coca-Cola 600. 

badminton, Glasgow. Scotfend — men. 
women. VVBrid Championships, to June 1. 

cricket, London, England — i -day ln- 
temaltanaL ICC. England vs. Austrelta. 

HOWE racing. Currogh. Ireland — Irish 
1000 Guineas. 

»Ccer. various sites — wand Cup qum- 
mars: Uzbekistan vs, camoodto; Vhrtnam vs. 

China; TurkmBnlslan vs. Ta|iu$ten. 

RUGBY UNION. Tokyo- Paeffle Rfm Cham- 
ptanshlp. Japan vs. United Stgfes. 


For the Dodgers, 

A Whole New Deal 


By Richard Sandomir 

Nc u- tVirt Times Sena ce 

NEW YORK — If Rupei 
Murdoch's Fox Group is abl 
to acquits the Los Angele 
Dodgers, the team wool 
move from the hands of th 
O’Malley family, whose orj; 
business has been basebali 
into the embrace of an ag 
gressive conglomerate cha 
wants to use the team to en 
hance its domestic and glote 
media interests. 

Fox is now in exclusive ne 
gotiations with Peter O'Mai 
ley, the Dodgers' owner. an< 
Murdoch said in Tokyo thi 
week that he hoped to com 
piete a deal in a month for ; 
5350 million purchase. 

"I think of this as network 
building and empire-build 
ing." said Andrew Zimbaiisi 
a sports finance expert and ; 
professor of economics a 
Smith College, "because a 
the price being quoted, it's no 
understandable as an Invest 
merit in a baseball franchise." 

Financial World has placec 
a value of $178 million on tht 
team and stadium, but did noi 
calculate the value of the lane 
beneath and around the sta> 
dium. some of the most valu- 
able in Los Angeles, or the 
team's training facilities ir 
Florida and the Dominican 
Republic, 

rox is the -antithesis of the 
O'Malley-run Dodgers. Mur- 
doch loves to ski and sail, and 
accumulate media properties 
like 'Hie New York Post 
sometimes for profit, some- 
times for political power. 
Murdoch's bid for die 
Dodgers shows more his iusi 
for acquiring content for his 


empire than his love for 
American sports. And it is 
cheaper than the S395 million 
yearly fee Fox is paying for 
National Football League 
television rights. 

The Dodgers, and nothing 
else, make up the entire busi- 
ness realm of the low-key 
O'Malley, last of the baseball 
scions. 

It is a very different world 
now. where only the richest 
people or corporations can af- 
ford the indulgence of a sports 
franchise, and where multina- 
tional companies like Mur- 
doch's or Time Warner see a 
baseball team as software, not 
a public trust. 

Dodger Stadium, now in it^.- 
36th season, would 
likely be Fox's first outpost of 
change, with the first-time 
construction of luxury suites 
and club seats. 

Ticket prices, which aver- 
age S 11.16 this year, below 
the S 1 1 .98 major league av- 
erage. are usually among the 
lowest in baseball. They 
could increase under Fox. 

More than anything else. 
Fox’s bid for the Dodgers is a 
television play, one that 
would create the kind of ver- 
tical integration enjoyed by 
Time Warner and the Tribune 
Company. Time Warner owns 
the Atlanta Braves and TBS, 
the cable superstation that car- 
ries 125 Braves games. 

Traditionally, the Dodgers 
have avoided selling the T)Lf 
rights to the majority of the” 
games, reasoning that they ' 
should not sacrifice atten- 
dance. usually among base* . 
ball's highest, for viewership- 
That would certainly chang* 
with Fox as the owner. 










PAGE 19 








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SPORTS 


Another Fight Night, 
i As Sonics Even Series 


By Tom Friend 

New York Times Service 



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SEATTLE — A second night at the 
fights wasn t much different than the 
first night at the fights, except that 
everyone stayed chained to their 
benches. 

At it turns out, P. J. Brown vs. Charlie 
Ward, the featured bout in the Heat’s 
victory over the Knicks on Wednesday 

MBA Playo ffs 

right, begat Shawn Kemp vs. Kevin 
wmis m Thursday night’s Game 6 of 
the W estern Conf pence semifinals. 

Houston’s Willis threw an elbow dur- 
ing Seattle’s 99-96 victory that evened 
the series at 3-3, and Kemp retaliated 
with an open-handed slap. 

That was a stiff-arm punch Shawn 
threw," said the Rockets r Eddie John- 
son. ‘‘If yon go by the rules, he’s gone 
^Saturday. I mean, that was a punch. A 
^rule is a rule. I mean, you know the 
Knicks were looking at this game, and 
they’re going to be saying, ‘How do you 
not suspend him and you suspend us for 
being peacemakers?’ *' 

Speaking of missing persons, has ■ 
Anyone seen Houston’s guard. Matt 
Maloney? Gary Payton's fingerprints 
were all over him on Thursday night as 


Maloney seemed to regress to his Con- 
tinental Basketball Association days. 
Houston might want to re think its of- 
fense. 

The Rockets trailed by 17 points after 
one quarter, then by 20 late m the third. 
But they manage to cut Seattle's lead to 
two with 3 1 seconds left, albeit because 
Hakeem Olajuwon (30 points) started 
playing one on five. 

But Payton turned a narrow 95-93 
lead into a game-over 97-93 lead by 
shoulder-faking past Sedale Threat!. 
Maloney's understudy, and scooping in 
a soft, left-handed lay-up over Char les 
Barkley. 

"like to go to my left," said Payton, 
who finished with 19 points and a ca- 
reer-playoff-high 13 assists. "It’s 
something that's God-given." 

The Rocketshad led this four-of-sev- 
en-game series, 3-1 — in part because 
Maloney hit every open 3-pointer in 
sight (eight in Game 4 alone), and be- 
cause Payton was wasting his time 
guarding Mario Elie. 

But Payton, a former defensive play- 
er of the year, switched over to Malo- 
ney, a 27-year-old rookie, and held him 
to 2 points in Game 5 and to 4 points 
Thursday night 

And now it all conies down to Game 
7. Said Barkley: "We are going to win 
Saturday. That's it.” 



End of Line for Courier 

Rios Wins Trip to Italian Open Semifinal 


By Ian Thomsen 

International Herald Tribune 


Dan Lrtiar/AgnUT ttaorr-Preaw 

Gary Payton, right, being congratulated after scoring a basket for Seattle. 


Players’ Union Sues NBA Over Playoff Suspensions of 4 Knicks 



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CoafJnl by Our Staff Fnm Dupatdits 

NEW YORK — The NBA Players 
Association sued Friday to overturn die 
suspensions of four New York Knicks 
over a bench-clearing brawl, arguing 
that the players were acting as "peace- 
makers." 

In the most severe penalty ever im- 
posed during die playoffs, the National 
Basketball Association on Thursday 
suspended five Knicks, including 
Patrick Ewing, and one Miami Heat 
player for their roles in a fight at the end 
of their game Wednesday night. 

Ewing. Allan Houston, John Starks 
and Larry Johnson were p enalized un- 
der a league role that prohibits players 
from leaving the bench area after an 
allocation begins. Charlie Ward, the 
fifth Knick suspended, was part of die 


original skirmish, as was the only Heat 
player banished, P J. Brown. 

The suit sought a temporary restrain- 
ing order that would delay any sus- 
pensions until the union appeals the 
penalties to the league's arbitrators. 

The suit claimed the union never 
agreed to (be NBA rule requiring a tf 
automatic one-game suspension for 
‘ lyers who leave the bench during a 
1L 

A lawyer for the union. Jeffrey L. 
Kessler, said the case should be tinned 
over to an arbitrator to determine if the 
ions should stand, 
hearing was expected Friday af- 
ternoon, hours before the teams’ playoff 
game. 

The penalties were announced by 
Rod Thorn, the league's senior vice 


suspensic 
A hex 


president of basketball operations. It 
was the harshest playoff ruling in terms 
of games lost to suspension, seven, and 
players suspended, six. In a 1994 series 
between Miami and Atlanta, three play- 
ers were suspended for a total of six 
games, also because of a brawl. 

Ewing, Houston and Ward, a Knick 
backup, were suspended for Friday 
night’s game. The Knicks lead the Heat, 
3-2, in the Eastern Conference semi- 
final. 

Brown of the Heat was suspended for 
two games, while Ward. Ewing, Hous- 
ton, Johnson and Starks were suspended 
for one game each. 

Because the Knicks are required to 
have nine players in uniform, Ewing, 
Houston and Ward were to sit out Game 
6 on Friday night. Starks and Johnson 


were to sit out Sunday’s game — whether 
that is Game 7 at Miami or Game 1 of the 
Ea stern Conference finals at Chicago. 

The suspension rule for fighting was 
enacted in October 1994, five months 
after a playoff fight between New 
York’s Derek Harper and Chicago's Jo 
Jo English. Players from both benches 
joined in. 

The brawl began daring Wednes- 
day’s Game 5 at Miami, when Ward 
ducked and moved sideways into 
Brown’s legs as Miami's Tim 
Hardaway made a free throw. Brown 
wrapped his arm around Ward's waist, 
lifted him, flipped him over and threw 
him to the floor behind the baseline. 

New York’s John Wallace grabbed 
Brown, and players from both teams 
joined the pile. (AP, NYT) 


ROME — Jim Courier’s continuing 
comeback fell just short Friday, though 
his defeat was more entertaining than 
many of his famous victories on clay 
earlier this decade. But that will be of no 
consolation to him. 

He was beaten in his Italian Open 
quarterfinal, 6-3 , 3-6, 7-6 (7-4), by No. 7 
Marcelo Rios of Chile. Courier seemed 
frustrated even while breaking Rios 
twice to even the match in the second 
set. He seemed to be working as hard as 
he could, and yet the balls were coming 
back, casually, with practically as much 
pace and spin, and more accuracy. 

The younger, smaller, ponytailed Ri- 
os seemed utterly relaxed and shame- 
lessly arrogant, from the fifth game of 
the opening set when he first broke 
Courier, to the first game of the final set, 
when he broke Courier again. 

Then, in the sixth game, Rios made a 
surprising offer. He smashed an over- 
head into tbe net on break point, per- 
mitting Courier to pull even. They then 
broke each other, back and forth, in the 
7th. 8th, 11th and 12tb games. Each time 
Rios took the lead, the two-time Italian 
Open champion (in 1992 and 1993) was 
yanking ft back to even. Into the 
tiebreaker they went, staggering. 

By that stage Courier, who had seen 
No. 1 Pete Sampras out of the first 
round, had spent all of his comebacks. 
He lost the first point of the decisive 
tiebreaker on serve, and he didn't react 
well, netting a defensive overhead to fail 
behind, 5-1, and throwing his racket 
violently from midcourt at his chair. 
Courier pulled himself back into con- 
tention at 4-5 before his errant forehand 
entitled Rios to match point, which was 
quickly seized. 

Rios won at Monte Carlo and now 
seems to be positioning himself for con- 
tention at the French Open. His next 
opponent was pending the result of a 
quarterfinal later Friday between Marc- 
Kevin Goellner of Germany and Al- 


Let’s Face It, Plain and Simple, Those Knicks Have to Go 




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Washington Post Service 

O N the face of it, suspendingfive 
New York Knicks seems excess- 
ive because, four of them — 
Patrick Ewing, John Statics, Larry John- 
son and' Allan Houston — started 
pulling potential combatants away from 
each other as soon as they came off the 
bench in the game Wednesday night 
against the HeaL 

Every single piece of video evidence 
suggests each one of them was acting 
more in the interest of peacemaki n g than 
brawling, as the NBA Players Asso- 
ciation maintains. Not one of them as 
much as raised a hand to throw a punch 
or do anything to instigate more violence 
than had- already taken place when 
Miami ’s PJ. Brown body slammed New 
York's Ghadie Ward. 

But the NBA has a role that is clear: 
You come off the bench during a brawl, 
you’re suspended. Plain and simple. 
','jtAnd while common sense should have 


Vantage Point /Michabi Wuboh 


been the overriding factor, the Knicks 
are responsible for the creation of the 
role. Greg Anthony, when he was with 
the Knicks, came off the bench in street 
clothes to coldcock Kevin Johnson dur- 
ing agame in Phoenix in 1993, and then 
the Knicks and Bulls brawled in 1994 
during the Eastern Conference play- 
offs. 

So if there’s any team that doesn’t 
.deserve die benefit of the doubt, if 
there's any team that should know bet- 
ter. if there's any team that deserves to 
be held to the letter of the law, it’s the 
Knicks. 

As things stand, tbe NBA had no 
choice but to suspend tbe players who 
came off the bench, even though the 
ruling may affect the outcome of tbe 
championship. The rule may need 
And the league may need to 


leave some room for interpretation so 
that actions and intent can be assessed. 

But die rale had to be enforced. If it 
wasn't, what would be the incentive for 
Miami's players to remain on the bench 
in case of another brawl. You ignore this 
role — not a traveling violation or a 
double dribble but a major rule that was 
implemented to ensure the health of the 
players — and the integrity of your 
game suffers. You become Major 
League Baseball, too gutless to take a 
Robbie Alomar out of the playoffs after 
he spat in an umpire’s face, when that's 
exactly what should have happened. 

You know what else? We start bear- 
ing that conspiracy talk again. 

See. see, see, tbe NBA wants the 
Knicks to win and play Chicago, so the 
NBA is manipulating the outcome of the 
series by not suspending them. 


On See, see. see, not suspending the 
Knicks players proves that the league 
has been out to get Pat Riley ever since 
this summer, when Jaw an Howard’s 
contract with the Heat was nullified. 

Or this: Riley ordered Brown's move 
in front of the Knicks bench no less, to 
entice die Knicks to come flying into a 
suspension- inducing melee. 

But why is Ward being suspended? Is 
there a rule that yon get kicked out if an 
opponent uses you as a ragdoli? On die 
other hand, what about John Starks? Let 
me tell you about the highlights you 
can’t see on tbe news. Starks stood atop 
the scorer's table after the brawl ana 
gave fans in the Miami Arena a middle- 
finger salute. This is what you want a 
player doing to fans who' ve paid $90 far 
seats? Starks, easily, could have been 
suspended for at least two games. 

It was refreshing to tear AJonzo 
Mourning talk candidly about how sorry 
he was that the entire affair happened. 


Goran Ivanisevic of Croatia, at No. 6 
the top seed surviving, will meet No. 10 
Alex Corretja of Spain in a semifinal 
Saturday. Corretja, probably the most 
effective player on day this spring, re- 
covered to beat the athletic Karim 
Alami of Morocco, 4-6, 7-5, 6-3. 

Ivanisevic continued to look fresh and 
unfettered in his first tournament after an 
injury to his finger kept him out for five 
weeks. He beat Scott Draperof Australia, 
6-4, 6-4, the same Soott Draper who had 
knocked out die two-time defending 
champion Thomas Muster in the second 
round. Of all die famous casualties of the 
early week — including Sampras and 
No. 2 Michael Chang — die most talk 
has been generated around Muster. He 
hasyet to win on clay this year. 

We all are surprised, considering how 
dominant he’s been in the last few 
years," Courier said. “I don't know bow 
to explain ft. He looked really fatigued. 
We’re not used to seeing him like that" 

Boris Becker believed that Muster, 
hoping to prove he was a multidimen- 
sional champion, wore himself out 
while winning tbe Super-9 event at Key 
Biscayne, Florida, on die hard courts 
two months ago. 

"They have longer seasons, they can- 
not nest," Becker said. “It's just a dif- 
ferent thing to play an 11 -month season. 
After a couple of months they are tired 
and not up to the level of their other 
seasons, when Muster was dominant he 
didn’t play for a month before tbe clay- 
court season — he lost on the hard 


courts and came to the clay courts fresh 
and eager. This year he played in Key 
Biscayne and Australia, and I think he 
left some of his energy there." 

In this post-Muster vacuum, there has 
been no dominant player with the 
French Open approaching in less than 
two weeks. The 10 events on clay this 
season have been won by 10 different 
players, with Chang die only major 
champion among them. The 25-year- 
old Ivanisevic, feeling fresh thanks to 
bis injury, might be positioned to finally 
win the French Open or Wimbledon 
after a half-decade in contention. 

"After five weeks off I’m hungry. I’m 
fighting for every point," said Ivan- 
isevic. "I made a mistake last year. I 
played a lot of tournaments and when 
Wimbledon arrived I was flat and 
couldn’t play my best tennis. Now 1 am 
lucky I broke my finger and got some 
rest.” 

■ Coetzter Stops Graf in Berlin 

Steffi Graf, coming back to tennis 
after a three-month absence, suffered 
one of the worst defeats of her career 
Friday at the German Open, The As- 
sociated Press reported from Berlin. 

Amanda Coetzer of South Africa 
trounced tbe top-seeded Graf, 6-0, 6-1, 
in their quarterfinal match. Graf, who 
had been out because of a knee injury, 
did not win a game until she trailed 4-0 
in the second seL 

“I was incredibly nervous out there,” 
Graf said. ' ‘My confidence slipped from 
game to game, from shot to shot." 

Coetzer will play Mary Fierce in the 
semifinal. Pierce beat Iva Majoli of 
Croatia, 6-1, 6-4. 

The second-seeded Jana Novotna 
won to reach the semifinals, ousting the 
unseeded Sabine Appelmans of Bel- 
gium, 1-6, 6-2, 6-0. Mary Joe Fernandez 
stopped the advance of a 15-year-old 
Russian, Anna Kouraikova, winning by 
6-1. 6-4 to move into the semifinals. 

Graf, who lost her No. 1 ranking to 
Martina Hingis during her layoff, made 
16 forehand errors and had four double 
faults in the first set, which lasted only 
28 minutes. Her forehand, perhaps ten- 
nis’ most lethal stroke the past decade, 
often missed landing in the court by 
several feet against Coetzer. 

"I’m not worried about the result," 
Graf said. "I’ll be worried if it happens 
again next week." Grafs previous 
worst loss came at the 1991 French Open 
when Arantxa Sanchez Vicario of Spain 
beat her 6-0, 6-2 in die semifinals. 



JmBho/AF 

Steffi Graf during tbe match she 
lost Friday to Amanda Coetzer. 


DENNIS THE MENACE PEANUTS 


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PAGE 20 


INTERNATIONAL HERALD TRIBUNE, SATUBDAY-SUNDAY, MAY 17-18, 1997 


DAVE BARRY 


Toilets , the American Way 


M IAMI — I have received a 
number of letters from readers 
complaining that I focus too much on 
“baihroom humor,” instead of using 
this forum to educate my readers 
about important issues dial are of 
deep concern to our' nation. O.K„ 
fine. I can take Criticism, and I admit 
that maybe I have become somewhat 
fixated. So today my topic will be: 
China. 

China is a large nation located 
over in Asia. You readers should be 
more concerned about it. 

Now. with what little space 1 have 
remaining. I'd like to talk about a 
fascinating newspaper-insert adver- 
tisement for Vanish 
brand roiiet cleaner. 

You may have seen 
this ad: it features a 
portrait-style color 
photograph of a 
middle-aged woman 
standing next to a toi- 
let. She's smiling 

and holding a pack- 
age of Vanish, and next to her head is 
this quotation, which I am not mak- 
ing up: 

‘‘‘I have the cleanest and the 
nicest smelling bathroom in the 
neighborhood. If anybody doesn'r 
believe me. ring my doorbell and you 
can smell my toilet.' Pal Mayo, 
Hometown. Illinois." 

This ad was sent to me by alert 
reader Lee Burtman. who states: “As 
a very busy teacher and mother of 
four (including two young boys just 
learning to aim) I cannot ima gin e 
encouraging people to ring my door- 
bell and ask to smell the toilet." 

Thai was my reaction also. I mean. 
I don't want to get explicit here, but 
them are times when I don ’t want my 
own loved ones going near my toilet. 
If total strangers were to start coming 
to my door and asking for a whiff of 
it. I would purchase a Sears Crafts- 
man brand home flame-thrower. 

So I decided to contact Pat Mayo of 
Hometown. Illinois, which turns out 
to be a real place, right next to Chica- 
go (a large city). Pat said that she did. 
indeed, Invite people to smell her 
toilet: in fact, she makes the same 
invitation in a TV commercial. Here, 
as she explained it to me. is what 
happened: 

A while back, Pat, who is a real 
stickler for housework, purchased 
some Vanish at the supermarket. She 
tried it and was very impressed with 
its toilet-cleansing properties. 

“1 threw away my toilet brush,” 
she said. 

She was so impressed that she 
called the Vanish people, and they 
decided to put her in one of those 
commercials wherein they use reg- 
ular humans. As you know, with a lot 
of TV commercials, when you see 


What happened 
when Pat Mayo 
invited people to 
visit her bathroom. 


"typical 

worked up into an advanced state of 
rapture over the cleanliness of their 
toilets, you are actually watching 
paid professional actresses who. in 
real life, would no more clean a toilet 
than they would French-kiss a 
leech. . 

Also, remember the Ty-D-Bol 
man? the guy who used to float 
around the toilet tank in a little boat? 
I hate to burst your bubble, but he 
wasn't real, either. He was just a 
professional actor who happened to 
be six inches tall. Tbe REAL Ty-D- 
Bol man is only four inches tall and is 
always watching you via a little peri- 
scope. Try not to 
think about it. (Also, 
for the record, the 
so-called “Ener- 
gizer Bunny' ’ is ac- 
tually Sylvester 
Stallone in a cos- 
tume.) But getting 
back to Pat Mayo: 

She told me that she 
was filming the Vanish commercial, 
and she was wearing a long-sleeved 
outfit under these hot lights, and they 
kept putting powder on her, and the 
director kept badgering her to say. in 
her own words, WHY she was so 
fond of Vanish, and finally she just 
blurted out a blanket invitation to the 
world to come and smell her toilet, 
and that's what they put on TV. 

I asked Pat if anybody has actually 
taken her up on this offer, and she said 
that about a week after the com- 
mercial started running, she was 
cleaning her house, and the doorbell 
rang; it was two neighborhood boys 
on bicycles, and they said "Hey. Mrs. 
Vanish, can we smell your toilet?" 
So Pat let them in, and they flushed it 
a couple of times, and she' gave them 
soda pops and sent them on their 
way. 

“They were bragging around the 
neighborhood." Pat said. “*We 
smelled the Vanish Lady's toilet!' ” 

Yes, Pat has become a celebrity, 
and not just in her own neighbor- 
hood: She has been interviewed on 
several radio programs, and she even 
got mentioned by Jay Leno. You 
have to love a country where one day 
a person can be just a regular private 
citizen in Hometown. Illinois, and 
the next day her toilet is being dis- 
cussed on nationwide television. 
That is the beauty of the American 
way of life, in stork contrast to the 
way of life in China, where — even 
now, in the late 20th century — there 
IS no Jay Leno. 

NEXT WEEK'S TOPIC: “The 
Federal Reserve Board: What does it 
do? Who belongs ro it? What kind of 
toilets do they have?" 

<3/997 The Miami Herald 
Distributed by Tribune Media Sen-ices Inc. 


The Heroine of the Louvre 


International Herald Tribune 

P ARIS — This spring France's as- 
sociation of national museums. La 
Reunion des Musees Nationaux, has held 
a series of exhibitions to refute criticism 
that it failed to trace the original owners 
of works held in its collections since the 
Nazi occupation. Nearly 1.000 unclaimed 

MAJRYBLUME 



put on display 
Louvre, the Pompidou Center, the Orsay 
museum and the Chateau of Versailles. 

In addition a Web site was opened and 
as a further exculpatory gesture La Re- 
union des Musees Nationaux republished 
a 1 960 book called “Le Front de I' Art" 
to demonstrate French efforts to protea 
public and private collections from the 
invader. The book, long out of print, is by 
Rose Valland, an employee of the Jeu de 
Paume museum, which during the Oc- 
cupation was used as a clearinghouse for 
stolen art works. 

Valland, secretly and at great risk, 
noted tire provenance and destination of 
each object and after the war spent 10 
years in Germany overseeing their re- 
patriation. A sturdy, modest woman, in 
1965 she attracted a small degree of at- 
tention with the John Frankenheimer film 
“The Train." an overblown account of 
ber quiet ootetoking on the contents and 
destination of a train bearing artworks to 
Germany at the war's end. which enabled 
Resistance workers along the way to 
cause sufficient delays so that the war 
was over before the train arrived. She 
died in 1980, decorated not only with the 
Legion d’Honneur and the Resistance 
medal, but also the Medal of Freedom 
and the German Republic’s Order of 
Merit. 

“Le Front de I ’Art" begins in I93S, 
when the French government was still 
disgracefully blind to the forthcoming 
war (and deaf as well: one general later 
set up headquarters in a chateau outside 
Paris chosen simply because it had no 
telephone to disturb him). The museum 
people were more alert and on Sepr. 27 
the first convoy of publicly owned an 
works left for the safety of the chateau of 
Chambord. The 29th such convoy, in 
October, 1939, was the most famous, 
bearing the Venus de Milo, the Winged 
Victory, the Parthenon sculptures and 
Michelangelo’s “Slaves." 

The dispersal of major artworks to 
safety, mostly in chateaus, had been bet- 
ter planned than France’s'brief military 
campaign. ‘ ‘To send to safety its works of 
an, its archives, its libraries was one of 
the Erst defense reflexes of our country 
Valland wrote. 

At first, the German conquerors lim- 
ited their demands to works that had been 
previously seized by France under, say, 
Napoleon, or that were ‘'Germanic" in 
origin or style, a vague description thar 



^ La Rraatoo <ki Mu**s Nabmcn 

Spiriting away the Winged Victory 
before the Nazi forces arrived. 

later enabled them to take Van Eyck's 
Ghent alterpiece, which had been sent 
from Belgium to France for safety. 

Later, supposedly for their own pro- 
tection, all public and private owners of 
artworks worth more than 1 00,000 francs 
of the day were told to declare them to the 
German authorities. Works in the public 
collections were to be left in place for the 
time being but carefully inventoried by 
both the Germans and the French. 

Even if their owners were still in 
France, artworks belonging to Jews were 
deemed abandoned property by the Ger- 
mans since Jews, they said, had no legal 
claim to them. The first to be seized 
belonged to Jewish art dealers; next came 
the great private collections (parts of 
which shortly re-emerged on the Paris art 
market). - 

The Jeu de Paume museum had been 
chosen as the center for all transactions 
and records, none of which escaped Val- 
land 's secret notetaking. It was' also the 
scene of private displays of Jewish- 
owned paintings set up for Hermann Go- 
ering so that he could make choices for 
his private collection. The first * ‘exhibit’ ’ 
featured works from the collection of 
Baron Edouard de Rothschild, to which 
Goering later added works from the Se- 
ligmann and Wildenstein collections. 
Their value was deliberately underes- 


timated by a French expert (one Cranach 
was listed at 5.000 rrancs). a wasted 
nicety since Goering never paid. By 1942 
Goering had also helped himself to 30 
crates of art works belonging to die David 
Weill family. 

If Goering’ s visits were the most flag- 
rant, much Tooting was conducted on a 
smaller scale. Possibly some of the art- 
works now unclaimed were stolen by 
individuals, but almost everything passed 
through tbe Jeu de Paume. its movements 
tracked by Valland and her associates. 
“Almost everything I saw and heard 
ended in my notes and my memory, an 
important reserve from which I was able 
to understand their operations and proj- 
ects," die wrote. 

The Germans did not want everything: 
examples of so-called degenerate an. 
mostly modem Expressionists, were 
coveted solely for their monetary value 
on the international art market and were, 
for example, exchanged in Portugal 
against uncut diamonds that were in turn 
sold for currency to buy arms. Others 
were exchanged for more acceptable art- 
works through dealers in Germany, Hol- 
land, Hungary, Switzerland and France. 
Again, such exchanges were secretly 
noted by Valland and her colleagues se- 
cure in the belief that after the Liberation 
they would. like all pre-empted works, be 
restored to their rightful owners. 

As the war continued, greed grew fed 
by Hiller's decision to build tbe world’s 
finest museum in his hometown, Linz, 
and even indisputably French works in 
public museums were no longer safe. At 
die same time, the Germans derided to 
bum between 500 and 600 “useless" 
modem paintings (including works by 
Picasso, Mira, Max Ernst and Klee) in the 
courtyard of the Jeu de Paume, a scene 
Valland watched with honor. In August. 
1944, with the Liberation at hand, the 
famous train loaded with art left for Ger- 
many. its wagon numbers and route 
secretly noted by Valland, and its voyage 
sufficiently interrupted by the Resistance 
so that Allied troops were able to in- 
tervene. 

By a happy coincidence, among tbe 
liberating officers was the son of Paul 
Rosenberg;, one of the looted Paris gallery 
owners. 

The re-publication of “Le Front de 
l'Axt" by the Reunion des Musees Na- 
tionaux provides an uplifting example of 
what a few people did to protect the 
possessions of nance's museums and 
private citizens: a well-timed PR gesture 
at a time when the museums are under 
criticism for not having done enough to 
trace the owners of the works shown in 
this spring’s exhibitions and on the 
Web. 

But the book also raises a question. Did 
anyone really study in detail the lists 
compiled at such risk by Valland and her 
colleagues and do a proper ownership 
search? And if they had, would this 
spring’s displays have been necessary? 


PEOPLE 


Tabloid Will Fight Lawsuit 
Filed by Eddie Murphy 

^National Enquirer pnnted the amcle 
after Murphy was stopped by under- 
cover police with a transsexual pros- 
trate m his vehicle. “Mr ; Murphy is 
attempting to rehabilitate himself at our 
expense." the tabloid said in a state- 
ment. “We intend to prove our case in • 
open court" Murphy has also filed suit 
against the Globe ■ tabloid paper for 
slander, libel and invasion of Privacy. A 
thir d lawsuit by Murphy seeks at least S 1 
million for the same reasons from loane 
Seiuli. a relative of the prostitute who 
was in Murphy’s car on May 2- The 
Enquirer's statement said the television 
personality Geraldo Rivera has taped a 
Sow to be aired later in which be in- 
terviewed a number of transsexuals who 

claimed to have had sex with Murphy .In 
addition, the Enquirer said, the radio 
personality Howard Stern recently had 
a transsexual on his show who described 
a sexual encounter with Murphy. 

□ 

Oprah Winfrey is wondering how 
long her show — the highest-rated day- » 
time talk show in television history — W 
can continue. “It gets harder eveiy 
day." Winfrey said in an interview. 
“When you’ve done it for 12 years, 
you've covered every topic." Winfrey 
said she would tape 200 more shows by 
next spring but beyond that, she wasn’t 
sure. 

□ 

The CNN celebrity interviewer Larry 
King will get married for the sixth time 
in December, to actress Shawn South- 
wick. according to The Washington 
Post. King. 64, and Southwick. 37, will 
have 10 marriages between them. 

□ 

Television's "Columbo.” actor 
Peter Falk, will celebrate his 25th year 
on the air with an anniversary movie on 
the ABC network. “Writing Columbos 
is simple if you’re going to have cheap, 
easy, transparent dues." Falk said. 
“Bur if you attempt to be genuinely 
clever, that’s hard’ 

D 

One of the prosecutors in OJ. \ 
Simpson's double-murder trial says that 
Los Angeles prosecutors Marcia Clark 
and Christopher Darden passed steamy 
notes to each other during the trial that 
ended in Simpson's acquittal. Rockne 
Harmon made the comments to Simp- 
son’s lead defense attorney, Johnnie Co- 
chran Jr., for his Court TV show “Co- 
chran & Company.” “The point is not 
that they were having a relationship.'’ 
Harmon said, but that “this is what they 
were doing in court while the trial was 
going on." 



50TH CANNES FESTIVAL 


Remaking Hong Kong - in Buenos Aires 


By Joan Dupont 

International Herald Tribune 


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C ANNES — “Happy Together,” to 
be shown in competition Saturday 
night at the Palais des Festivals, starts 
out with a scene of two men making 
love. The place is a seedy hotel room in 
B uenos Aires; the men are played by the 
Hong Kong stars Leslie Cheung and 
Tony Leung. Wong Kar-Wai, Hong 
Kong's provocative pop auteur, has hit 
on a touchy subject on the eve of Hong 
Kong's return to Chinese rule. 

“But to me. it is not a gay film,” the 
director says. "It’s a love story about 
being lonely with somebody else: being 
happy together could also mean being 
happy with yourself, with your past.” 

“Happy Together," has a subtitle: 
"A Story Abour Reunion." 

“For the past two years, eveiybody 
has been asking me about the fate of 
Hong Kong, and if my next film would 
be about 1997. 1 didn't have an answer 
so I thought we should just walk away 
and cry something else. We started with 
a subject we've never touched before, 
and we went to a place that we'd never 
been before — Buenos Aires, on the 
other side of the world. And the further 
I went, the more T looked back at Hong 
Kong, so maybe this film has something 
to do with 1997 after all." 

Kar-Wai was aware dial the festival 
had accepted two Chinese entries, and 
that Zhang Yuan’s "East Palace, West 
Palace." a film depicting the gay un- 
derworld in Beijing, raised the ire of 
Chinese authorities. Zhang's passport 
was confiscated, and pressure was 
brought to bear on Zhang Yimou to 
withdraw his comedy, “Stay Cool.” 
from competition. 

"So many gay films have been made 
in Hong Kong the last two years because 
nobody knows what's going to hap- 
pen.” Kar-Wai says. “But that's life; if 
you want to stay in Hong Kong to make 
films, you have to face it. No matter if 
the film is banned, the most important 
thing is believing in it. Look at Zhang 
Yuan — he did it, he made his film." 

Kar-Wai, who has been living in Long 
Island. New Yotk. says he feels that his 
life there is "like a holiday.” But he is 
going back to Hong Kong — “I have a 
movie to shoot over the next six months; 
it's called "Summer in Beijing." 

Bom in Shanghai in 1958, Kar-Wai 
left with his family when he was 5, and 
dreams of going back to his father's 
house. He still speaks Mandarin. 

“Happy Together." made in 
Cantonese. Mandarin and Spanish, is 3 
change in pace from the director’s last 
films. "ChungKing Express" and 
"Fallen Angels' ' — no Hong Kong fast- 
food kitchens, crazed motorcycles, mys- 
terious assignations, beautiful blondes 
with lethal weapons, or multiple plots. 

“It's my simplest film." he agrees. 

‘ ‘maybe because there are just two char- 
acters and I didn't think of doing any 
tricks or turns.” 



m rjwHilaljiMiii 

Wong Kar-Wai, whose “Happy Together," is a story about reunion. 


The story of alienated lovers in a 
remote land, shot in a desolate land- 
scape, looks more like Antonioni's 
“Eclipse" at times than groovy Kar - 
Wai. The colors of the film veer from 
black and white to saturated color. 

“To me, color tells the temperaiure: 
the film starts in summer and 1 want that 
summer to be very cold, the way ids in 
Argentina, and black and white is very 
cold. Summer in Argentina is. winter in 
Hong Kong, and night in Argentina is 
day in Hong Kong; they are directly 
opposite. 

“Of course. Buenos Aires has noth- 
ing to do with this film. We were re- 
making Hong Kong in Buenos Aires." 
he adds. 

The lovers have come to Argentina to 
start oven they dream of seeing the 
waterfalls together. But things go bad — 
dark moods, suspicions, clashes — one 
goes off to be a doorman in a tango bar. 
the other cracks him down. 

“They are like all couples, they could 
be a man and a woman, but using Leslie 
and Tony makes it different. Leslie is 
the plane, he takes off and lands when he 
likes; Tony is the airport and decides to 
close down the runway. Tony wants to 
reunite with his past. The melancholy 
moment is when ne thinks about home, 
upside-down, on the other side of the 
world.” Their happiest rimes together 
are during an exhausted truce, after 
Leslie gets beaten up and Tony cares for 
him. "I didn’t want him ro feel better 
too fast," he says. 

The actors make a striking march. 
Leung who plays the nostalgic lover, is 


known for his performance in Tai- 
wanese director Hou Hsiao Hsien’s 
"City of Sadness” and Vietnamese di- 
rector Tran Anh Hung’s "Cyclo," he 
has acted in three Kar-Wai films and in 
John Woo's "Hard Boiled." Cheung 
has also acted with Woo. and twice with 
Kar-Wai, as well as starring in Chen 
Kaige’s "Farewell My Concubine" and 
"Temptress Moon." i 

Tony and Leslie have been in so 
many films — they’re so sure of them- 
selves: I wanted to catch them off bal- 
ance. Tony was thrown when he real- 
ized that there would be gay scenes and 
whal , was expected of hun. He still 
hasn't recovered!" . 

After Cannes, Kar-Wai returns to 
Hong Kong, ro face the future and shoot 
‘Summer m Beijing." 

, "Now that 1997 is here. I'm not 
afraid. If Chen Kaige and Zhang Yimou 
can still make iilms, why should we 
worry? In “Summer in Beijing." be 
hopes to capture the moment of the 
handover and has already shot some 
scenes in Beijing, but is not sure he can 
go back there. 

“Last year, the government made, 
new rules: if you want to make a film in 
China, you have to submit a script which 
should be identical to the completed^ 
mm. I don t know how this may affects 
other filmmakers, but I never have a ' 
script. 

So maybe "Summer in Beijing’’ 

take place in a restaurant called 
Beijing, i n Macao: In 1999, Macao is 
going back to Chinese rule. This could 
make it strange, and fun.” he said.