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'Tf#- | I INTERNATIONAL m* . | ^ 

limlb^afe«enbunc 


? The World’s D^TNewspaper 

French Vote 
Shapes Up 
As a Choice 
Of Futures 

By Joseph Fitchett 

International Herald Tri bune 

...^5 — President Jacques Chirac, 
like his fellow leaders in Britain. Ger- 
many and the United States, is fond of 
saying that he is fighting to prepare his 
Spuntrymen for the 21st cenrury 
-T In his view, that means persuading 
the French to strip down social pnf 
tection and loosen private initiative, 
thereby moving the economy toward its 
successful rivals in the United States 
and Britain. As part of this program, the 
Chirac government will need to ram 
JrtHigh a draconian budget next year if 
France is to qualify on time with Ger- 
"Kjny for a single European currency. 

That program — accelerating domes- 

Ever so slowly, French political life 
is opening to women. Page 2. 

dc economic modernization and main- 
taining close international cooperation 
with Bonn — faces what amounts to a 
national referendum in France in par- 
liamentary elections starting Sunday. In 
a two-stage process, an initial ballot 
Sunday will winnow candidates for a 
runoff vote the following Sunday to 
produce a new National Assembly. 

Whatever the outcome of the voting, 
Mr. Chirac can stay in office until 2002, 
but a poor result far his party would 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON. POST 

R Paris, Saturday-Sunday, May 24-25, 1997 


No. 35,529 



^undermine his stature, cripple the cen- 
ter-right government ana drain mo- 
mentum from European integration, ac- 
cording to political and economic 
analysts in Puis and Bonn. • 

A key outcome to look for this 
Sunday, they say, is the fate of Prime 
Minis ter Alain Juppe. If his coalition 
makes a strong enough showing, the 
government can be c onfiden t of return- 
ing to office, even if its parliamentary 
majority is reduced. 

But if the conservatives seem to be in 
trouble, Mr. Chirac will probably be 
forced to signal before the second round 
that he is ready to drew Mr. Juppe and 
turn to a politician with wider appeal. 

The most frequently cited possible 
successors axe Raymond Bans and Ed- 
ouard BaDadur, both former prime min- 
isters. A third is Philippe Seguin, a 
formidable parliamentary power and 
grass-roots politician, who has recently 
diluted his leftist inclinations and 
moved more closely into line on French- 
German cooperation. If Mr. Chirac were 

See FRANCE, Page 7 


Pilot Accepts 
IA Discharge 
To Avoid Court 


By Elaine Sciolino 

New York Times Senna 

MINOT. North Dakota — In a mil- 
itary morality play that captured the 
nation’s attention, the country’s first 
female B-52 pilot has agreed to accept 
the air force s offer of a general dis- 
charge rather than face a cour t-mart ial 
for adultery, lying and other charges. 

The decision by the pilot. First Lieu- 
tenant Kelly Flirm. 26, represents a 
striking retreat from her stance of only 
days ago. Lieutenant Flinn had decl ared 
that if the air force refused to grant her 
an honorable discharge, she would face 
the military jury in a courtroom spec- 
tacle that neither side wanted. 

If convicted on all charges, she could 
have been sentenced to years. 

- But cm Wednesday night, the air force 

informed Frank SpinMr. Ura^mr 
Flinn’ s civilian lawyer, that the airforce 
secretary, Sheila Widnall, would not 
grant an honorable discharge. Mr. Spm- 
jher calculated that the best he could get 


By Tom Buerkle 

International Herald Tribune 


NOORDWHK, Netherlands — Hop- 
ing to open a new era of cooperation 
with the European Union, Prime Min- 
ister Tony Blair of Britain promised the 
bloc's leaders Friday that he would pur- 
sue a “constructive agenda” in Europe, 
but he drew clear limits on London's 
willingness to deepen economic and 
political integration with its partners. 

After years of battles with Mr. Blair's 
Conservative predecessor, John Major, 
that often stalemated European de- 
cision-making, the positive change in 
tone was as welcome to Continental 
leaders as the brilliant spring sunshine 


that warmed this North Sea resort 
EU officials said Mr. Blair's attitude 
appeared to guarantee that the leaders 
would be able to conclude revisions to 
the Union’s governing treaties next 
month that are to prepare the bloc to take 
in new members from Eastern Europe. 

“The ice may be about to melt,” said 
Prime Minister Goran Persson of 
Sweden. “We have already seen now 
that it is easier to negotiate.” . 

But behind the softer rhetoric and 
friendly smile, Mr. Blair offered little 
substantive change on the key economic 
and political issues that have divided 
Britain and its partners. 

Sounding more like Margaret 
Thatcher than a European socialist, he 




% <. 
y -w— 





Among the EU officials who gathered in the Netherlands on Friday were, from left, Helmut Kohl; Jacques 
Chirac; the Dutch prime minister, Wim Kok; Tony Blair, and the Dutch foreign minister, Hans van Mierlo. 

AGENDA 


The Dollar 


Friday 0 4P.M. 
1.6938 
1.6345 
115J55 
5.7085 


Slovaks Face NATO Referendum Fiasco 


^AI anews conference al the Pentagon, 
Ms Widnall said Thursday she hadde- 

dided to grant a general discharge rather 

See PILOT, Page 7 


Friday C 4 P.M. 
847.03 


prwriouactaW 

1.6945 

1.6249 

116.15 

5.7072 

prwriwacio— 

7258.13 

piwtousctoM 

635.66 


BRATISLAVA, Slovakia (Reuters) 
— President Michal Kovac of Slovakia 
refused Friday to vote in referendums 
that he ordered and that Western dip- 
lomats said would test whether Slov- 
akia was ready to join the West. 

Slovaks began voting on whether 
they want to join NATO, and whether 
the president should be directly elected . 
by citizens, instead of by Parliament. 

Chaos ensued when ballots were 
either unavailable or failed to show the 
election question, and the president 
and prime minister were feuding. 


THE AMNUUGAS !*•«• 3. 

Oklahoma Bombing Defense Begins 

ASIA Paa«5. 

Hlegul Immigrants Storm Hong Kong 


Books — — — — 

Crossword 

Opinion 

Sports .... - 

The Intormarkat 


Page5. 

Page 5. 

Page 6. 

Pages 18-19. 

. Pago 4. 


The IH i on-line http :/:\vAW.'.i ht.com 


Military Muscle 

Government Quashes Rallies 
At End of Violent Campaign 


A policeman chasing onlookers from the scene of a riot in Jakarta mi Friday, the last day of the election cam paign. 

Blair Takes His Place at the EU Table 

U.K. Leader Vows to Pursue ‘Constructive Agenda but Sets Limits 


lectured EU leaders on the need for 
labor-market deregulation and said the 
principle should be written into the EU 
treaties during negotiations. 

He alsn vowed to defend British sov- 
ereignty mi foreign and defense policy, 
border controls and immigration, issues 
that he called “sacrosanct.” 

Mr. Blair’s firm line, combined with 
continuing differences among the other 
14 EU countries over policies and 
power-sharing, appeared to ensure that 
whatever treaty revisions emerge when 
EU leaders gather for the regular sum- 
mit meeting in Amsterdam on June 16 
and 17 theyjvill be more modest in 

See EU, Page 7 


By Seih Mydans 

New York Tunes Senice 

JAKARTA — The Indonesian gov- 
ernment displayed its power Friday, us- 
ing tear gas, rubber bullets and an over- 
whelming armed presence on the streets 
of this capital to quash attempts by its 
opponents to hold rallies on the last day 
of campaigning for next week's par- 
liamentary election. 

As black-uniformed marines, riot po- 
lice padded like hockey goalies and 
20,000 soldiers in battle gear guarded 
key neighborhoods, hit-and-run con- 
voys of young men on motorcycles 
buzzed through the city waving banners 
and gunning their engines. 

Rioting erupted in south Jakarta — as 
it has in several cities daring this violent, 
monthlong campaign — when a mob of 
young men from the government party, 
Golkar, threw rocks and attacked dem- 
onstrators from the biggest opposition 
group, the People’s Democratic Parly. 

As the crowds ran wild, s mashing 
windows and storefronts, security 
forces fired tear gas and rubber bullets 
as they did Tuesday during more wide- 
spread rioting in which one person was 
reported killed. 

Starting Saturday, campaigning will 
be banned during a five-day “cooling- 
off period” in advance of the election 
Thursday, in which 125 million people 
are eligible to vote. 

Though the outcome of the election is 
certain, with the government con- 
trolling the electoral process, the cam- 
paign has stirred what appears to be a 
deep vein of anger and discontent here 
in the world's fourth-largest nation. 

In his 31 years in power, President 
Suharto has raised Indonesia from hun- 
ger and poverty, producing one of the 
region's economic success stories but 
one of its most stunted exercises in 
democracy. 

Golkar has held a monopoly on 
power at all levels, and the five-yearly 
elections have been orchestrated more 
as pageants than as contests for office. 

But widespread corruption, govern- 
ment abuses, rising unemployment and 
underemployment and growing de- 
mands for a popular voice in national 
affairs have created an atmosphere of 
tension that has made this the most 
violent election campaign in recent 
times, with 123 people reported killed. 

As much as any such national issues. 


the violence seemed to be a result of Mr. 
Suharto's New Order philosophy, in 
which political activity is discouraged 
outside the carefully orchestrated elec- 
tion periods. 

With an increasingly aware but po- 
litically starved population, this cam- 
paign appeared to nave as much to do 
with letting off steam as with choosing 
leaders, and often took on the appear- 
ance more of a soccer brawl than of the 

See JAKARTA, Page 7 


Suharto Clan 
Seems Poised 
To Cement 
Its Power 


By Michael Richardson 

International Herald Tribune 

JAKARTA — President Suharto's 
eldest daughter, Siti Hardianti Ruk- 
mana, has drawn large crowds and ex- 
tensive media coverage in her campaig n 
for a seat in Parliament and now appears 
well placed to join her father’s cabinet 
next year. 

Her evidently successful courting of 
many Muslims and young voters in east- 
ern and central Java, the main island of 
Indonesia, and her association with 
large-scale government financing of 
such Islamic welfare projects as 
mosques and schools have brought 
praise, even from unexpected quarters. 

Although she denies that she has dyn- 
astic ambitions, Mrs. Rukmana’s rise is 
seen by analysts as an effort by Mr. 
Suharto, who is 75, to position some of 
his six children, other relatives and trus- 
ted associates in key positions to protect 
the family and its business empire after 
he is gone. 

Mrs. Rukmana, 48, is a prominent 
businesswoman and one of seven 
deputy leaders of the governing Golkar 
party. Bam bang Trihalmodjo, 44, a 

See INDONESIA, Page 7 


Kinshasa Tense as Kabila 
Snubs Popular Politician 


Compiled by Our ItoffFnm Oifwhj 

KINSHASA, Congo — Laurent Kab- 
ila's troops fired into the air Friday to 
break up a protest against the new gov- 
ernment in Kinshasa as tension rose 
between his former rebels and the polit- 
ical opposition in the capital. 

Etienne Tshisekedi, the veteran op- 
position leader, said he did not recognize 
the gove rnm e n t of the Democratic Re- 
public of Congo that was formed 
Thursday, and- which excluded him. Mr. 
Tshisekedi’s refusal to recognize Mr. 
Kabila's self-declared presidency robbed 
the former rebel leader of some of the 
legitimacy he needs to establish himself 
in his first weeks in power. 

“For me, he is not the president,” 
Mr. Tshisekedi said, as his supporters 
marched through the streets in protest. 
“He is the candidate for president.” 

“I ask all the people to resist with 
their last energy all attempts to impose a 
government without popular legitim- 
acy,” he said. 

Mr. Tshisekedi called for the with- 
drawal of foreign troops who helped Mr. 
Kabila’s guerrilla alliance drive tbe dic- 
tator Mobutu Sese Seko from power. 

Hundreds of Tshisekedi followers 
chanted anti-Kabila slogans and called 
far the pullout of Rwandan troops from 
his Alliance of Democratic Forces for 
tbe Liberation of Congo. The crowd 
attacked at least three bystanders during 
the march, ripping the pro-Kabila shirt 
off one man and beating another with a 
chair. 

They marched from Mr. Tshisekedi 
’s house in Limete into the city center, 


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The Worst Over 9 Japan Inc. Is Surging Again 



~ By Velisarios Kattoulas 

International Herald Tribune 

rates are rang- 

ftofriS Manufacturers are addmg 

50 -s 

slideagaiust dollar in less than two yeara. has 


clawed back a quarter of its losses in less than a 
month. 

After its longest downturn since World Warn, the 
world’s second-largest economy is back and ready to 
nimble. That is the messa ge Japanese economic 
policy-makers will deliver in Denver when they a tt en d 
a meeting of the Group of Seven industrialized nations 
next mouth. 

The cate sign of revitalization that Japanese policy- 
makers may not want to raise is the abrupt rebound m 
the nation's trade surplus, which grew by 164 percent 
last month, its second-largest rise on reixjrd. 

Senior government officials and some private econ- 
omists also contend that much-criticized tax Increases 


. of 9 trillion yen ($77.6 billion) in April are having only 
limited impact on the economy, although they concede 
it may be too early to tell. 

.“I have said for tbe last six months that people have 
been excessively pessimistic;” Eisuke Sakakibara, 
director-general of the Finance Ministry’s Interna- 
tional Finance Bureau, said in an interview. ‘ ‘And I 
think thar people are finally recognizing that” 

Of late, Yasuo Matsushita, the govemorof (he Bank 
of Japan, has also been sounding uncharacteristically 
upbeat about the strength of Japan’s economy. 

“The strength of the recovery is still gaining firm- 

See JAPAN, Page 7 


past the U.S., French and Belgian em- 
bassies, but troops firing in the air 
blocked them before they reached the 
People’s Palace, the seat of Parlia- 
ment 

The protests were bound to make Mr. 
Kabila's first weeks as leader of the vast 
land more difficult, and underscored the 
disappointment of some who hoped foe 
inclusive government from the man 
who toppled Marshal Mobutu. 

See CONGO, Page 7 


Iranians Jam 
Polls for Rare 
Test of Policy 


By John Lancaster 

Washington Post Service 

AKBAJRABAD, Iran — In the 
closest presidential election since the 
1979 Islamic revolution, Iranians turned 
out in high numbers Friday to cast their 
ballots in a contest that many regard as a 
referendum on the future of their hard- 
line religious government. 

The polls were scheduled to close at 6 

PJvL, but the Interior Ministry twice 
extended the time for voting, by a total 
of four hours, to 10 PM., because of a 
high voter turnout. The ministry said 
that anyone still waiting in line at that 
hour had to be allowed to vote. 

Voters streamed to polling stations at 
mosques, schools ana government of- 
fices to decide whit* of two Shut* 
Muslim clerics — one a hard-liner, the 
other a relative moderate — would lead 
this country of 60 million for the next 
four years. 

All Akbar Naieq-Nouri, the Parlia- 
ment speaker, enjoys the support of the 

rigorously conservative religious estab- 
lishment and u nt il a few weeks ago was 
thought to be a shoo-in to succeed 
Hasfaemi Rafsanjani, the popular pres- 
ident whose second four-year term will 
end in August 

See IRAN, Page 7 






PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAT-SUNDAT, MAT 24-25, 1997 


Ever So Slowly, French Political Life Opens to Women 


By Marlise Simons 

.Vw York Times Service 


PARIS — Lyne Cohen-Solal was 
moving through the scented air of the 
Rue Mouffetard, one of the liveliest 
street markets in Paris, halting shoppers 
loading op on cheeses and strawberries 
and asking for votes. 

Just a few meters away was the man 
she was hoping to oust. 

Jean Tiberi, the mayor of Paris, who 
is seeking re-election for his seat in 
Parliament, is a formidable adversary 
and Mrs. Cohen-Solal is still a hesitant 
first-time candidate. But the challenger, 
a professor of communications at the 
Sorbonne, has some things going for 
her: Mr. Tiberi is under investigation for 
several financial scandals. Mrs. Cohen- 
Solal is seen as squeaky clean. 

She is part of a groundswell of wom- 
en running in tin national elections 
Sunday, a phenomenon that is one of the 
few real novelties in an otherwise dull 
political campaign. 

More women than ever before are 
running in a conservative nation that 
wavers about modernizing on many 
fronts, including having more women 


hold public office. By the standards of 
its European neighbors. France has an 
unusually meager political represent- 
ation of women; less than 6 percent of 
the National Assembly's members are 
women. 

This number gives French women the 
smallest share of any Parliament in 
Western Europe. 

In Sweden and Norway, close to 40 
percent of die members of Parliament 
are women. Five of France's fellow 
European Union members have close to 
30 percent. In the United States, nearly 
12 percent of the members of the House 
of Representatives and 9 percent of the 
senators are women. 

Now more women here, and some 
men, axe saying that for France, which 
likes to hold itself up as a role model, it is 
a blemish to have a male political caste 
that is largely unwilling to recognize 
women as fully qualified citizens. 

“It’s an embarrassment for our whole 
political system,” said MarietteSine an, a 
political historian. “Hus is die country 
that takes pride in its revolutions and its 
historic Declaration of die Rights of Man. 
How about the rights of woman?” 

Over the last year, there have been 


bursts of books, roundtable discussions 
and political proposals on the subject. 
Women have woriced their way into all 
walks of life; many are judges, doctors 
and lawyers. It is politics that seems most 
out of step with die rest of society. 

Last June, 10 women — all former 
elected officials — wrote a manifesto 


of democratic principles, but without it 
we wouldn’t advance. I hope my daugh- 


proposing changes to obtain equality. 
The magazine L’Express, which pub- 
lished the text, received more than 8,000 
letters of support Women in various 
cities have since formed action groups. 

The government organized a debate 
in Parliament and the opposition So- 
cialist Party announced that 30 percent 
of its candidates in die coining elections 
would be women. 

This is, why So many women are 
campaigning this week. They make up 
23 percent of all candidates, although 
only 8 percent of the candidates from 
the two main rightist parties that form 
the coalition government are women. In 
the 1993 election, close to 19 percent of 
the candidates were women, but less 
than 6 percent won seats. 

“I am here because of the quota sys- 
tem,” said Mrs. Cohen-Solal. a So- 
cialist ‘ ‘Of course a quota is a violation 


we wouldn’t advance. I hope my daugh- 
ter can run without it” 

Some of the attitudes toward women 
in politics were on display on the Rue 
Mouffetard this week in Mr. Tiberi ’s 
cam paign. Every time a reporter asked a 
woman in his entourage a question, a 
male worker or handler would inter- 
vene, insisting on providing the answer. 
Finally the campaign director himself 
appeared, shouting that interviewing 
just women was “a provocation.” 

At the heart of the question of why 
women here find it so hard to enter 
public life, there are very different per- 
ceptions. A number of men said women 
were not interested, not available or 
lacked experience. Women, in a new 
wave of books and in political discus- 
sions, cited die male network and a lack 
of solidarity among women. 

All agreed on one point: They hated 
the unrelenting ridicule and sexist slurs. 
Elisabeth Guigou, a former cabinet min- 
ister. said among her “most objection- 
able experiences” were the constant 
“below-the-waist jokes.” even in Par- 
liament 

When Prime Minister Alain Juppe 


named a record 12 women as ministers 
in 1995. they were called “the Ju- 
pettes” — a wordplay referring to 
Juppe and the word jupette, mea n ing 
“tittle skirt” News organizations used 
the word openly; ir faded after Mr. 
Juppe dismissed 8 of the 12. saying they 
lacked experience. 

In the current 32-member catenet 
only two members are women, com- 
pared with close to 40 percent of all 
ministers in Scandinavia, more than 30 
percent in the Netherlands and close to 
25 percent in Austria and Germany. 

Yet a shift may be on the way. Since a 
spate of televised debates on quotas and 
parity for women, more than »0 percent 
of the French said in an opinion poll that 
they supported a plan that would require 
political parties to nominate an equal 
number of male and female candidates. 

Women say they expect to make per- 
haps a gniall rfont, rather titan a great 
change, in these elections. Because they 
have been brought forward by a year, 
first-time candidates have been caught 
unprepared. 

Women also said the Socialist Party 
had assigned many women to run for 
seats rhar were unwinnable. 


Russia and Belarus Sign Pact 


Reuters 

MOSCOW — President Boris Yeltsin 
signed a pact with Belarus on Friday that 
added details to their marriage contract but 
left their union somewhat less than the all- 
embracing merger envisaged by some. 

In an effervescent bout of activity thar also 
will see him sign a post-Cold War treaty Tues- 
day with the Norm Atlan tic Treaty Organi- 
zation, Mr. Yeltsin also confirmed a permanent 
replacement for Igor Ridionov. die defense 
minister he dramatically dismissed Thursday 
in an extraordinary outburst on national tele- 
vision for failing to reform the army. 

Mr. Yeltsin has named General* Igor 
Sergeyev, head of the Strategic Missile Com- 
mand, to succeed Mr. Ridionov. General 
Sergeyev, 59, is a respected career officer and 
intellectual whom the Kremlin's civilian de- 
fense planners are counting on to reform the 
army — without asking for more money. 


Mr. Yeltsin was upbeat at a ceremony Friday 
to sign die charter intended to fill out details of 
the Russia-Belarus union treaty signed on 
April 2. Applauding and embrac i ng each other 
in the Kremlin. Mr. Yeltsin and the president of 
Belarus, Alexander Lukashenko, signed a un- 
ion charter aimed at bringing their fellow Slav 
republics a step closer to their former Soviet 
glory. 

But the union was a far cry from die 
milestone event once envisioned for the two 
states. Kremlin liberals, aiming to stop the 
authoritarian Mr. Lukashenko and his Soviet- 
era economics from gaining a foothold in 
Russia, had watered down the original 
treaty. 

Hie resulting compromise, Mr. Lukashen- 
ko said before the Kremlin ceremony, meant 
that the union — which is still to be ratified by 
both parliaments — contained essentially 
nothing new. 



Asia Airbus to Get 
Change in Engine 

Emergency Landings Are Cited . 


By Barry James 

Intartarioanl Herald Tribune 


Vb&ntir MatfaasVTbe Aoooned Pren 

Alexander Lukashenko and Boris Yeltsin celebrating 
the onion treaty the two leaders signed Friday. 


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TRAVEL UPDATE 


Strikers Gose Louvre 


PARIS (AFP) — A strike by museum 


guards closed the Louvre for the second day also be assured. 


flights and 71 percent of European flights, 
despite a strike by its pilots. The airline said 
that 5 1 percent of flights within France would 


Friday. 

The museum, which has more than 6 mil- 
lion visitors a year, closed its doors to the 
public Thursday after guards protested man- 
agement’s cancellation of some holidays. 

The daytime staff was joined Friday by 
night-shift workers, who blocked access to 
visitors; management then refused to continue 
negotiations. 


The strike beganTuesday to protest plans to 
introduce new pay scales that would affect 
primarily younger and less experienced flight 
crews. The walkout was scheduled to end 
Friday except at Air France Europe, formerly 
known as Air Inter, which has been on strike 
since April 25. 


See our 

Arte and Antiques 

everv Saturday 


Guarantees by Air France 


Transport Qiaos in Italy 


PARIS (AFP) — Air France said Friday 
thar it would guarantee all long-distance 


RELIGIOUS SERVICES 


SWITZERLAND 


ZURICH - SWITZERLAND 


ROME (Reuters) — Public transport work- 
ers walked off the job in many Italian cities 
Friday in a continuing contract dispute with 
the govemmenL 
The 24-bour national strike 
. halted most bus, tram and 
commuter rail services in 
Rome, forcing people who 
ITZERLAND normally travel to work by 
MW 11 .M public transport to use taxis or 


AMSTERDAM SWITZERLAND WIESBADEN ZURICH - SWITZERLAND normally ttttvei to worK oy 

CROSSROADS INTERNATIONAL BASEL CHRISTIAN FELLOWSHIP THE CHURCH OF ST. AUGUSTINE LB . C ot ZOrich, Ghelstrasso 31. 0BO3 Public transport ID USB taxisOT 

• Endteh-Speatang norHlenommattonal. OF CANTERBURY. Sun. 10 a.m. H (isdtf*or Worstrio Services Sunday private cars. Milan and Other 

CHURCH Interdenominational & Taf**1/SJ3Q2 1£74. Sundays 10:30 FamiV Eucharist Frantfi**- Strasse 3. * cities, were also affected bv 

Evangafcal Suiday Service 1000 am. & Mtttae Strasse 13. CH4056 BaseL Wiesbaden. Germany. Tel.: »™fnlng9l03aTeLl-Wi0OT8. Clttes were also anectea Oy 

ii:30 e.m J Klde welcome. De zupich-switzebland 4®6i 1.30.86.74. r I stoppages. 


Evangafcal Sunday Service 1000 ajn. & 
11:30 a.m J Klde Welcome. De 


ZURICH-SWITZERIAND 


Cuseretraal 3. S. Amsterdam Info. 020- ENGLISH-SPEAKING CATHOLIC 
B41 8612 or 0206451 653. MISSION; St. Anton Church. 

_ MlnervastraBe 63 Sunday Mass: 8:30 

FRANCE/TOULOUSE a.m." & 11:30 ajn. Services held in the 

ayptoiSL Anton ChurdL 


EUROPEAN 

BAPTIST CONVENTION 


ASSOC OF INPL 
CHURCHES 


stoppages. 


HOPE INTERNATIONAL CHURCH 
| Evangafcal). 4, bd. de Ptorac. Cotamter. 
Sunday service. 6:30 p.m.Tel.: 
0562741155. 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


I.B.C.. BERLIN. Rothenburg Str. 13, 

SeCAS amlworatfci 1 am. TeL (SieiS[El 


AMERICAN CHURCH IN BERLIN, cor. 
of Clay Alee & Potadamer St, S.S. 930 


FRENCH RIVIERA/COTE D’AZUR 


PARIS and SUBURBS 


DE AMERICAN CATHEDRAL OF THE 


worship Service 12.00 noon, cr 
WoM. pastor. TaL: 03D7744670. 

BREMEN 


Nearly all Belgian hospit- 
als and clinics were para- 
lyzed Friday by a doctors’ 
strike scheduled to last 
through the weekend, with 
only emergency cases receiv- 


FRANKFURT 


mg treatment. 


(AFP I 


Rolls-Royce PLC said Friday that it would re- 
place potentially faulty gearbox bearings on all of 
its Trent 700 engines that are used to power Airbus 
A330 aircraft owned by three Asian carriers. 

In the latest of several similar incidents, a Hong 
Kong Dragon Airways plane made an emergency 
landin g earlier Friday at Subic Bay in the Phil- 
ippines after rhepilot had to close down one of the 
two engines in fnght- 

A spokeswoman for Rolls-Royce’s aerospace 
division in Derby, England, said engineers had 
identified the problem — a failure of die oil feed to 
the bearings — and were resting a solution based 
on a similar engine. While testing was taking place, 
Rolls-Royce was replacing all the bearings as a 
precautionary measure, she said. 

She added that this was “not an ideal situation,” 
but did not rail for taking the aircraft out of service. 
Nor was it a compromise on safety, she said. 

The huge Trent 700 engines are part of a family 
of engines thar power both Boeing and Airbus 
planes. They were specifically designed for the 
Airbus A330. a 335-seat wide-bodied twinjeL 

The spokeswoman said the Trent 700 had more 
than 100.000 flight hours with no major problems 
other than the bearing failure. 

Like its rival Boeing 777, the Airbus A330 can 
fly and land safely on one engine. But Cathay 
Pacific announced earlier that as a safety measure 
it was rerouting its 1 1 A330s to keep them within 
an hour’s flying time of an airport instead of the 
previous 138 mmutes. 

A Cathay Pacific plane with Trent 700 engines 
made a single-engine landing at Bangkok last 
week. Two weeks ago a flight to the Philippines 
had to return to Hong Kong, a Cathay Pacific 
spokesman said. 

A Vietnam-bound Caihay airliner had to make a 
single-engine landing last November, he added. 

In April, a Dragon Airways flight reportedly 
suffered a similar gearbox problem while flying 
from Hong Kong to Shanghai. 

Airbus said it had delivered 53 of the aircraft, of 
which 20 — all powered by Rolls-Royce engines 
— have gone to Dragon Airways, Garuda of In- 
donesia and Cathay Pacific. A330s delivered in 
other regions are powered by Pratt & Whitney or 
General Electric engines. 

After the forced landing of the Dragon Airways 
plane at Subic bay, an air traffic controller said. 
"We were told by the pilot that the plane’s left 
engine had conked out" 

None of the 127 passengers and crew were hurt, 
airport officials said. 


TRINITY LUTHERAN CHURCH, 


NICE; Holy Trinity lAngDcan). 1 1 nia HOLY TRMTY, Sun. 9 a 11 am, 1045 IB. C, Hohentohes*. Hemam-Bose-Str Nbetunganeiee 54. Sun. WoraWp 11 am 


BuRa, Sun. 1 1; VENCE: St Hugh’s, 22, av. a.m. Sunday School lor children and Worship Sun. 1 7JX). Pastor telephone: jel 069S5631066 W512552. 
F&lstancs.9amTet3304 93871983. Nursery care. Third Sunday 5 p.m. 0421-78646. 


R6slstanca 9 am. Tet 33 CM 93 87 IS 83. 

MONTE CARLO 


MONACO CHRISTIAN FELLOWSHIP 
Worship Service, Sundays: 11 a.m. 
9, rue Louis Notary, Monte Carlo. 
TeL: 377 92 165647. 


Nursery care. Third Sunday 5 p.m. 
Evensong. 23, avenue George V, 
Parts 75016. Tel.: 33-01 53 23 84 00. 
Metro: George V or Aft® Marceau. 

FLORENCE 


WEATHER 


BUCHAREST 


GENEVA 


BRIEFLY 


Bosnian Serbs 
Keep Roadblocks 




--- 


SARAJEVO, Bosnia-Herzego- 
na — A UN snokcsman said Fri- 


vina — A UN spokesman said Fri- 
day thar relations between the Bos- 
nian Serb authorities and 
international police monitors have \ 
deteriorated because the Serbs have 
ignored requests to remove unau- # 
thorized checkpoints along ethnic 
boundaries. 

Dragan Kijac, interior minister 
for the Bosnian Serb republic, told 
the monitors thai his officers would * 
not dismantle checkpoints, which 
are being used to prevent free move- • 
men t across ethnic boundaries. 

The International Police Task ■ 
Force has ordered the disma ntling , 
of ail checkpoints in Serbian and ^ 
Muslim -Croat territories that are 
not approved by its monitors. 

The order was intended to allow -t 
free movement across former front 
lines and force the local police to k 
h al t the enforcement of ethnic di- , 
visions created during the war. 

In another development, two 
German soldiers with the multina- 
tional peacekeeping force were 
killed Friday when one of their ar- p 
mored personnel carriers accident- [ 
ally opened fire on another, NATO j 
officials said. (Reuters. AP) 


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In the L 
Bits Teens 


2 Turk Lawmakers 
Defect From Ciller 


ANKARA — Deputy Prime 
Minister Tansu Ciller saw her par- 
liamentary support dwindle further 
wife the resignation of two mem- 
bers Friday and called for elections 
to solve the country’s deepening 
government crisis. 

The two lawmakers quit her True 



-- •TYW 


.ycrcf 
the ■ 
'rr-i Ml , 


Path Party to serve on fee oppo- 
sition benches, leaving fee Islam- 


- : -it few 
- 

— v-raokatf 

: •- z*: - If* 


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jv: 


sition benches, leaving fee Isl 
ist-led government with 278 mem- 
bers in Parliament against 269 in 
opposition. A senior True Rath 
member said more resignations 
could follow. (Reuters) 


MU 




M Ml 


‘.•iV'Jtm 


Spanish Farmers 
Halt French Truck 


NOAIN, Spun — A group of 
Spanish termers stopped a -French 
truck and dumped its cargo of 25 
tons of wheat in reprisal for attacks 
against Spanish produce trucks in 
France, fee police said Friday. 

The driver was able to retrieve 
most of the cargo and continue his 
journey to a nearby flour factory. 

The incident occurred a day after 
France responded to a European 
Commission complaint and apolo- 
gized to Spain for firebomb attacks 
on Spanish trucks carrying farm 
goods in France. • • (AP) 


?:•?: - - - 


TU ff* 

. Mft. 


- ■- 

* .. 

■rr:. JOflK 



Poland Will Vote 


WARSAW — A deeply split Pol- 
ish nation will decide in a refer- 
endum Sunday whether to approve a 
new constitution drafted by Parlia- 
ment to entrench fee democracy won 
when communism fell in 1989. 

The final version of fee consti- 
tution, resulting from almost eight 
years of debate, is a hard-won com- 
promise between fee governing sec- 
ular minded former Communists 
and their allies, and two center or left 
opposition parties in Parliament 
For fee Solidarity trade union 
and the Roman Catholic Church, 
fee document undermines the Cath- 
olic faith. They wanted a consti- 
tution founded on religious ideas. 

( Reuters ) 


- Mi 

« 

•- iVI 




LB.C.. Strada Popa Rusu 22. 3:00 p.m. 
Contad Pastor Mta Kerroer, TaL 312 3860. 


ST. JAMES' CHURCH, Sun. 9 am Rte I 
6 1 J a/n. R*? JL Vfc Eemarcb RuwfiaJ 9, 
50123, Florence, Italy. TeL 3655 29 44 17. 


PARIS and 5URURB5 


FRANKFURT 


EMMANUEL BAPTIST CHURCH - An 
evangafcal cfturch H the western sixite. 
all are welcome. 9:45 First Service 
concurrent wttrt Sunday School, 11O0 
Second Service witfi Chfldren's Church. 
French Service 6:30 pin. 58. me des 


Contact Pastor A*o Kemper. Tel 312 3860 

BUDAPEST 

LB.C., meets at Monies Zsigmontf 
Gtmnazium, Torokvesz ut 48-54, Sun. 
1000. Tel. 2503932. 

BULGARIA 


EV. LUTHERAN CHURCH 20 me 
Vfeidahs. Smday worship 930. in German 
11U0 In Engfch. Tet (022) 3105089. 


Europe 


Forecast for Sunday through Tuesday, as provided by AocuWeaiher. 


SI* -2- / ' 

'ri-Wr.,.. ‘ ' ' 

3iilcn rr V .. . 
n. 


“ sec- 

. Wyt.m 




JERUSALEM 


CHURCH OF CHRIST THE KING BULGARIA 


LUTHBIAN CHURCH of the Redeemer, 
CW Cty. Mubtan Fid. Engtah wonMp Sm. 
9 am Afl se welcome. TeL: (02) 6281 -049. 


22/71 043* 22/71 7M4C 

2V7S 1 &B 1 • 2 sm iaw i 


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svn ia«5pc I486 5K3tfl 


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17*62 9M8* 


SL 22. 60323 FrankM. Germany. U1. Z 
3MkueLAlee.Tet4a695601 84. 


Tzankov Bln I. Worsl 
DiAa. Pastor. TeL 669 


1T.-00. James 


Second Service wHh CNdren's Church. 3 Wq«Wlee.Td: 4969 5601 84. FRANKFURT 

French Service 6:30 pjn. 56, rue des GENEVA INTERNATIONAI. CHRISTIAN FEL- 

Bons-Raisins. 92500 RuelVMalmalson. EMMANUEL CMJRCH. 1st & 3nJ Sun. fl 


Duffl, Pastor. TeL 6ES wo. AMERICAN CHURCH IN PARIS. 

n amkfubt Worship 1 1 :00 a.m. 65, Ouai rfOrsay. 

1 Paris 7. Bus 63 at door. Metro AJma- 

INTERNATipNAL CHRISTIAN F% wlmeau or Invites. 


For Info, cal 01 47 51 29 63. 


Prater. 3 rue de Monthoux, 1201 Geneva. 
HOPE INTERNATIONAL CHURCH Switzerland. TeL: 41/22 732 80 78. 


lOarn. Eurfiarta ardS 4<ti Morning Sunda y w ora hip. Nursery & S 
Payor-3 « * 1 120 A.M. Mk^wsek ministries. Pas 

MLevey. CatfFtoc 06l7G6Z72a 


Hotel Orton at Partste-DGfenee, 8 bd da 


VIENNA COMMUNITY CHURCH. 
Sunday worship in English 1130 A.M„ 


Neuay. WbrdlO Surxte^ 930 am Rw. CHURCH OF THE ASCENSION, 
Douglas Miller. Pastor. Tel.: Sun,. 11 ;4S a,m. Holy Eucharist and 


SE £m- sSn. D ilSfam Su1day rvjc ^ r l- 


*sh). Wo 
p.m. TeL 


01 43 33 04 06. Metro 1 to la Defense 
Esplanade. 

SAINT JOSEPH'S CHURCH (Roman 
Cettxfc). MASS N ENGLISH SaL 630pm; 


Care provided 


HOLLAND 


deno mi natlcns welcome. Doroheergasse 
16. Vienna 1. 


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Seytoothstrawe 4. 81546 Munich (Har- TTflNRY INTERNATIONAL tovites you to 
tect^gl Germany. TeL: 4S^ 64 81 85. a Christ centered fellowship. Services: 


ZURICH 


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a Christ centered fenowst^j. Services: INTERNATIONAL PROTESTANT 
900 and 1030 am Btoemcamptaan 54, CHURCH English speaking, worship 


1345 4/36 pc 13/96 4/38 C 
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Sun. MS. 1 1:00 am., 12:15, 6:30 p.m, t030om 

50. avenue Hoehe, Paris 8th. TeJ.: choral Eucharist Rife II: 10:30 a.m. LB.C. 13 MVajler, Engli£ aenrice. 


ST. PAUL'S WTTHIN-THEWALLS, Sux 


Wassanaar 070517-0024 nursery prw. 

NICE - FRANCE 


service. Sunday School & Nursery, 
Simdays 1130 a.m_ Schanzengasse 25. 
Tel.: 101} 2625525. 


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01«272856.MetwChatesdsGBiJe-Bcl6. Church School for chl*8n & Nurseiy care 

providect 1 pm Spanish Eucharia Via T0L 
TOKYO ^001 W'gne. TeL: 39® 485 

3338 or 396474 3609. 

ST. PAUL INTERNATIONAL LUTHERAN BRU55EL5/WA7ERLOO LB. 


10aa pastor Roy MBer- 
596. 


TeL: (04 93) 3205 96. 

PRAGUE 

LB. FELLOWSHIP. Vlnohradska # 68. 


UNITARIAN UNIVERSAL! ST 


CHURCH, near BdabeehiSei. "fijUjHfil- PrB g »aSu.11«,.TeL: { 02 ) 31l 7974. 


3740, Wor^iip SenfcK 930 am Smdays. lissom Hdy Sichanst wito ChtterTs 


WATERLOO 


Daft miss Ihe i nspHng Dr. Jutflh Waftcer- 
Rlggs (London; at the UNITARIAN 
UMVERSAUST FELLOWSWP May 25. 
12 noon-servlca. Foyer de fAme. 7ixs. ne 
du Pasteur Wagner, 11*. M- Bastille. 


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North America Europe Asia EiffISf,, 

Warm in the Midwest Sun- Mild end dry with rots ot A slow-moving storm will Uania 
day, but turning cooler in sunshine for London, bring cloudy, cool weather Efr* 0 * * 11 
the Plains as a front and Paris, Berim and Amster- with soaking rains to much SHTSIII! ^ 
thunderstorms move In dam Sunday through Tues- ol Japan Sunday through SmSm 
from the west. Showers day, but eastern Europe Tuesday. Seoul will be sHni 
and thunderstorms with wlH be cool wtth scattered damp ana cool Sunday. simM 
heavy downpours are Ilkaly showers. Heavy rams are but warmer wfth some sui Smppin 
from eastern Kansas to tfcaty In northern Italy and by Tuesday. Dry end warm Tana 
lows and Illinois Monday northern Spam, bui Rome wHh sunshine at Bailing 
and Tuesday. Mostly and Madrid wIR have some through Tuesday, but Hong Vlan,l * n * 
sunny, dry and warm In the sun with the chance at a Kang will be humid with a — 


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TOKYO IKON CHIRCH, near Omoteeando Eucharist and SunSySchooL WATERLOO BAPTIST FELLOWSHIP Reigaswtorato toyaaha. OMcare. 

Sii>*(av^T6L3«llK»47,Wa^SenicsK: 553 Chausa^e de Louvain. Ohaln. Sun. t9D0 at Swedish Church, across Meditation and spiritual growth. Social 


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Stnday - &30 & TIXIO am. SS at 9:45 ajr£ Belgfcm TeL 32^ 384-3556. 


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McVeigh Defense: Another Suspect 

^Suggests Leg Found in Blast Rubble Was Mystery Bomber’s 


b • T ° m Kenworthy 

Mc^E^^JnM n tf meys for Timothy 

Eft « a5p,$^«J“ 1 <" ^ - 

. jS^ ritish forensic pathologist, who 
^ M Cd u government pathology ofTice 
mNorthem L^iand £ s[u °^ ^ 

^ronst explosions there, told the jui^ 
Thursday that he believes an unknown 
169th person died in the explosion be- 

mi5fh U1 )' eS ? gat ^ have ^ unable to 
march a leg found in the rubble with any 

known victim. And after an extensive 
S f™** 1 otizens. homeless shel- 
ters and the like, authorities believe that 

^oShr. b ° n,bins have taen 

; Officially. \6& people died in the ex- 
plosion that destroyed the Alfred P. Mur- 

Cigar Craze 
*In the U.S. 
Hits Teens 

Net*- York Times Service 
. WASHINGTON — A new trend 
in American smoking has reached 
teenagers, who are experimenting 
with cigars with unexpected fre- 
quency. according to the federal 
Center for Disease Control and Pre- 
vention. 

An estimated 6 million Amer-" 
ican teenagers — more than 25 
percent of boys and girls between 
the ages of 14 and 19 — smoked at 
least one cigar last year, the agency 
said. 

A nationwide survey of 16,117 
young people also found that 3.9 
percent of the boys and 1.2 percent 
of the girls were frequent cigar 
smokers, having consumed more 
than 50 in the past year. 

The findings surprised health ad- 
vocates, who called for federal 
warning labels on cigars and forthe 
Food and Drug Administration, 
which is trying to lower teenagers* 
tobacco use by regulating cigarettes 
and smokeless tobacco, to consider 
expanding its rules to cigars. 

*' ‘Everyone’s been caught nap- 
ping,” said Dr. John Pierce, an 
expert on teen tobacco use and the 
director of cancer prevention at the 
University of California at San 
Diego. “This tells you that thedgar 
industry has really penetrated ad- 
olescents.” 

Donald Shppland, an official at 
the National Cancer Institute, said 
studies showed that a person who 
smoked one or two rigars a day had 
more than twice as high a risk of 
cancer in the oral cavity and 
pharynx as nonsmokers and three to 
four tunes as much risk of cancer of 
the larynx. 


rah Federal Building in Oklahoma City 
and wounded 500. Mr. McVeigh, who 
has pleaded not guilty to die crime, could 
face the death penalty if convicted. 

“All I can say is this must represent 
another victim,” said Thomas Marshall, 
the pathologist. “lam forming my opin- 
ion on the ract thar no other pan of that 
body is available, just a leg. One must 
assume, having read the medical ex- 
aminer's reports and finding out how 
much effort went into sifting the rubble 
and getting the parts back, that the rest of 
that body must have been disintegrated 
and in order to be so, the person must 
have been in the immediate vicinity of 
the van that exploded.” 

Defense attorneys ore hoping that the 
testimony by Mr. Marshall, past pres- 
ident of the jmernatiomil Association of 
Forensic Sciences, will bolster one of 
their main theories in this case: that the 
bombing was carried out or assisted by 


an unknown person who died in the blast 
and whose body was nearly obliterated 
in the explosion. 

To pursue the theory of a mystery 
bomber who perished, the lead defense 
attorney, Stephen Jones, recalled to the 
stand the Oklahoma City medical ex- 
aminer and questioned him at length 
about the still -unidentified leg. 

“We have one left leg we do not 
know where it belongs." said Frederick 
Jordan, adding that investigators believe 
it belonged to an unknown female vic- 
tim of the bombing but have been unable 
to identify it. Mr. Jordan said the leg 
appeared to be a female's because it was 
shaved. 

Under cross-examination by prose- 
cutors, Mr. Jordan said that one female 
victim of the bombing was buried with- 
out a leg and that rescue workers and 
investigators found no head, arms or 
torsos they could not identify. 


Labs for Prenatal Testing 
Are Staggered by a Patent 


By Kurt Eichenwald 

New York Times Service 

NEW YORK — Time was, when 
medical researchers discovered a link 
between a substance produced by the 
body and a disease, they rushed to pub- 
lish their findings in medical journals 
and alert the scientific world. 

But in 1986, when Mark Bogart 
found a relationship in tests of pregnant 
women between levels of a frequently 
checked hormone and the incidence of a 
congenital birth defect, be rushed first to 
the U.S. Patent and Trademark Office. 
In exchange, he hoped to gain millions 
of dollars. 

In 1989, Dr. Bogart was granted a 
patent for his observation. Now. eight 
years later, a company he heads is de- 
manding that labs across the country 
pay royalties when they conduct a sim- 
ilar test performed on millions of preg- 
nant women each year. If they refuse, 
Dr. Bogart's company has threatened to 
sue for patent infringement. 

The demand, issued in recent weeks in 
letters to scores of laboratories, has 
angered and confused many in the field 
of prenatal testing. Numerous experts 
expressed concerns about sharply in- 
creased costs for the labs, because the 
royalty demand — as modi as $9 a test 
— makes up a large part of, and in some 
cases exceeds, reimbursement levels. As 
a result, some labs said they might have 
to stop performing the test, which is used 
to determine the risk of die chromosomal 
defect known as Down syndrome. 

While some legal experts said that a 


ent, geneticists said that they feared the 
risks of ignoring the de m ands of Dr. 
Bogart's company. Biomedical Patent 
Management Corp. The cost of fighting 


a patent infringement suit would far 
outstrip their ability to pay, they said, 
with no assurance of success. 

Making it all the more controversial 
is that Dr. Bogart did not, in fact, invent 
anything in the traditional sense. Rather, 
he was granted his patent as a result of 
his noticing a natural function in the 
body that likely has existed since the 
dawn of man. 

“This is a dangerous, precedent-set- 
ting issue,” said Robert Elser, director 
of clinical chemistry and immunochem- 
istry at York Hospital in York, 
Pennsylvania. “The consequences to 
public health could be enormous.” 

The fight over the Bogart patent 
comes as controversy grows about the 
use of patent laws in medicine. 

In recent years, patent laws have been 
used to offer legal protections for dis- 
coveries of other naturally occurring 
phenomena, such as genes that have par- 
ticular medical applications. But legal 
experts said those instances differed from 
Dr. Bogart’s patent in i m p o rt an t ways. 

“When you find a gene, you haven't 
simply found a relationship such as in 
this case, you have found an actual thing 
that can do work for you,” Robert 
Merges, a law professor and patent ex- 
pert at the University of California at 
Berkeley, said after reading Dr. Bog- 
art’spatent. “This does seem alittle like 
patenting Newton’s law of gravity.” 

Indeed, last fall. Congress enacted a 
law that prevents holders of certain 
types of patents for medical procedures 
from collecting royalties from health 
care providers. But it applies only to 
newly issued patents. 

For his part. Dr. Bogan said that the 
labs were simply attempting to profit 
from his patent without paying the 
money legally owed him. 


Keller Is Named Managing Editor of Times 


New York Times Service 

NEW YORK — Appoint- 
ments of a managing editor 
and two deputy managing ed- 
itors at The New York Times 
have been announced by 
^Joseph Lelyveld, the exec- 
' f’utive editor.- 

Bill Keller. 48, the paper’s 
foreign editor and winner of a 
Pulitzer Prize for foreign cor- 
respondence, will become 
managing editor at die end of 
September. He will succeed 
Gene Roberts, 65, who is 


completing a three-year tour 
as managing editor while on 
leave as a journalism pro- 
fessor at the University of 
Maryland. 

The deputy managing ed- 
itor for news will be Gerald 
Boyd. 46; the deputy for op- 
erations will be John Geddes. 
45. Both positions are new. 
Mr. Boyd is an assistant man- 
aging editor of The Times, 
and Mr. Geddes is business 
and financial editor. Mr. 
Keller, who becomes the No. 


2 editor of the 1 ,000-member 
news staff, joined the paper 
in 1984 as a Washington cor- 
respondent In 1980 he was 
sent to Moscow, and was pro- 
moted to bureau chief in 
1989. He woo his Pulitzer 
Prize for coverage of the So- 
viet Union that year. He be- 
came Johannesburg bureau 
chief in 1992 and foreign ed- 
itor in 1995. 

Mr. Boyd was The 
Times’s metropolitan editor 
from 1990 until his promo- 


tion to his present post in 

1993. Mr. Geddes joined^ The 
Times as business editor in 

1994. 


A way From Politics 

• A man who strangled and stabbed a 72- 
year- old woman was put to death in Hunts- 
ville, Texas, in what was the state's fourth 
execution in as many days. Larry Wayne 
White, 47, was sentenced to die for mur- 
dering Elizabeth Sl John in Houston. (AP) 

• Mobsters found the federal prison in 
Brooklyn, New York, to be just another 
place where a bribe could lead to secret 
meetings or government files —.even gour- 
met food, liquor and other luxuries. Federal 
authorities announced charges against 11 
guards and 9 civilians after conviction of- 
ficers were caught on tape taking bribes 


ranging from $100 to $1,000 to smuggle 
alcohol, clothing and electronic equipment 
into the prison. (AP) 

• The police in Arlington, Virginia, 

charged that a man who said he found a $6.8 
milli on lottery ticket on the floor of his 
restaurant stole the ticket from a patron. 
Jaspaul Narang duped the man who boughi 
the ticket by telling him that his winning 
combination had only entitled him to a free 
ticket, according to the police. (AP) 

• A fire of suspicious origin heavily dam- 

aged a medical clinic in Portland, Oregon, 
where abortions are performed. The Love- 
joy Surgi center has been a focal point for 
anti-abortion protesters for years. (AP) 


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House Goes Home ; 
Disaster Aid on Hold 

WASHINGTON — Members of the 
House of Representatives have left the 
capital on a 10-day vacation without 
voting on billions of dollars in disaster 
aid for flood-ravaged areas from Cali- 
fornia to Minnesota. 

Last-ditch efforts by the House 
speaker. Newt Gingrich, and the Sen- 
ate majority leader. Trent Lon, Re- 
publican of Mississippi, to patch to- 
gether a slimmed-down aid bill failed 
to win approval. 


Republicans and Democrats from 
the afflicted states denounced Repub- 
lican leaders for planning to have Con- 
gress go home without approving some 
or all of the $5 J billion m emergency 
assistance. 

What started as a disaster-relief bill 
to help 35 states became weighed down 
in recent days with dozens of unrelated 
provisions. 

Senior House Republicans, includ- 
ing Representative Dick Armey of 
Texas, the majority leader, apologized 
to his colleagues for the debacle and 
insisted that other federal emergency 
disaster aid was in the pipeline. (NYT) 

Tax Plan Approved 

WASHINGTON — The Senate be- 
stowed its bipartisan blessing Friday 


on the balanced-budget deal between 
President Bill Clinton and leaders of 
Congress, easily approving a blueprint 
for cutting taxes and erasing federal 
deficits by 2002. 

As Republican and Democratic 
leaders shook hands and embraced, 
lawmakers adopted an outline of the 
plan by 78-22. 

The measure envisions S85 billion in 
tax cuts over the next five years in 
addition to savings from Medicare, de- 
fense and other programs totaling S321 
billion. 

In an unusual show of cooperation 
between the parties on an issue that 
normally polarizes them, 41 Repub- 
licans and 37 Democrats supported the 
budget Just 14 Republicans and 8 
Democrats opposed it 

The House approved an almost 
identical plan on Wednesday, 333 to 
99, but has now recessed, ending hopes 
of finishing the budget until June 3. 

“I don*t think it’s of any signif- 
icance,*' the Senate Budget Committee 
chairman Peie Domenici, said of the 
delay. "For everybody who wanted a 
balanced budget we got it. It's fin- 
ished." (AP) 

The Senate Struggle 

WASHINGTON — Behind the 
Senate's acrimonious fight this past 
week over a children's health initiative 
lies a test of wills between the majority 
leader, Trent Lott. Republican of Mis- 


sissippi, and Senator Edward Ken- 
nedy. Democrat of Massachusetts, that 
dominated the final months of the 
104th Congress and promises to help 
shape the outcome of the 105th. 

“It's a struggle for control of the 
agenda." said Senator Dan Coats. Re- 
publican of Indiana. "It’s got to be a 
Republican agenda, not aTed Kennedy 
agenda." 

Mr. Lott won the first skirmish Wed- 
nesday when the Senate rejected a pro- 
posal by Mr. Kennedy and Senator 
Orrin G. Hatch, Republican of Utah, to 
raise cigarette taxes to expand health 
care coverage for children of low-in- 
come families. The vote was 55 to 45; 
Mr. Lott lost eight Republicans and 
picked up eight Democrats, mostly be- 
cause of concerns that the budget deal 
would fall apart. 

But the struggle between the two 
senators is far num over, observers 
say. And Mr. Lott remains determined 
to demonstrate that Mr. Kennedy is not 
running the Senate show, according to 
Republican colleagues. (WP) 

Quote /Unquote 

Senator Strom Thurmond, the 94- 
year-old Republican from South Car- 
olina who on Sunday will have com- 
pleted 41 years and 10 months in the 
Senate, making him the longest serving 
senator in the chamber’s history: 
“Overall, it might be just as well for 
people to have a change.’ 1 (NYT) 



Senator Strom Thurmond, a congressional record-setter, waving to Capitol Hill media at a news conference. 


m 


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PAGE 4 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 24-25, 1997 


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& AFFECTIONATE marriage ana a carefree, inspiring ad adventurous 
future! - This HUMOROUS, INTERNATIONALLY RENOWNED PERSON 
knows the most faxindng pats on this planet aid attends to choose the 



Exclusively for you ... 

Persondly since 1975 

Tel.: 449 -89 -649-2205 
Pax: +49 - $9 - 649*2224 

DoOy 10-19 hrs. • Germany • 82031 Munkh-Grunwakl • Otto-Heibnann - Sir. 5 • By appointment 

Represented in Paris — . Berlin - ■■—the USA ——Singapore — Melbourne 


"lucest* for hb new future settlement - he wil always remain at the 
puke d tune, but peaceful and jo^w^wath southern skies, fxAn 


trees, beach & 


ONLY FOR 



CfaudSa PQschefrKnies 

contacts among the most cfi 

Simply Captivating: Strikingly I 
Daughter of fncfustriaEst (kite 20S/170}, 

Exeamve manager and heiress to international corporation 
(European marker leader}; a slender, elegant and wondorfiJy 

natural feminine creahre, longhaired wsn radant bbe eyes, 
successful in business, tender and romantic in her private Be. 
safe, plays tennis and is a golf berimer... She seeks HM 1 : 
tell, sportive, ratable, slfl unnamed as wet. who would be h 
a position (o support her bv word and deed in business 

matters ■ anemafivety she mrgHt be prepared to 'dose ouf if 

■HF needed her al ns sfoe - to te there for HM* • having 
chWren oadd also be a source tf happiness to herl 


_ as the partnershp agency with a worldwide 
of the top of society, the business elite and 


for establishing 
“ confide r us. 


i. Educated, cut 

Beautiful TtiE* fate 30s/186. successful in t ern ational enti-epreneur from one of the world's 


ns lunww i wwi w w 

outstanding (notable) famines. 

The husband of your dreams • fer a l 


Setimg AYnuSnafeonaT man; grown up r an ntematjcnal atmosphere fete urwassty 
granuaiei, wm nrai etneai ana raaoanal vdues. a peraonaily wth inborn sovwaigrty and a dtetrict sense of respcnsWfy tor 
ottersTat ta same frne a very ramanfc Tdg bm 1 with a teidw^ laugh and a 'saree ot nonsense , loves He and s capable ol 
entatn L. due to hie muttpie business convnitmerts and social oagabons he very much appreciates hie ornate sphere, 
playro ootf and terms, stang, loves sun and ssa - watasxxts (own ya«). 8m~ * home In al the matropoles of the world 
from Non Yorfco Hong Kong, from Paris toGenma/Zstk wifi theartefc rctafens typed ol a good iptapig. a IwrW- 
class' man for a aha natural spontaneous young lady. seB-assertve and w#i character, who taws what she wares and 
trass Be Wo her own hands, she need not come from a ■firatdass' femiy but should be accustomed to a certan degree of 
(feiandaD fedeperetence, she staid take pleasure in an 'rtemabond way of Ife and speak several languages. He staUti 
reaty Be to to lay Ns heart, at ta possessors andfrewhcteworidaife future wife's feet. 


Active for you 
an a worldwide scale 


Do you fed Impressed? Please ealt us: You can reach us daily from 3 to 7 pitu, also SatfSun on Fax (0049) 6241 /97S1 13 

Principal branch office Europe Germany- Ms. Hoffmann and Ms Zimmermann. T (0049) (8/242 77 154 or T (0049) 21 1/329357 


00 

Frankfurt 
Paris 
New York 


Edith Brigitta 

FAHRENKROG 

The Lmumhuvu P%ki>ubhip Agency In Elrote 

Matckng Ths Rar P*n>&s Is Mv Bcroeis. 

Person u. iNcr.”: t. Asssrvce Is M' Save. 
C»jn=c£ncs k \h Hx^-sr PsicsTv 

Head Office: Frankfurt, d® j-tml 

tO?IoF5.vNKr.TTT- , M«'- E-SENaac-isrR-51. Gehm.o.y 
Tel: 1979 . FaM + -19 -69 -4? 3) 66 

Paris Office: >*•■> - fk 9 - 6 ?.m 

Paws ~3jCS. ^2 kl = cc F ushtio-St-Hoso«= 

T£l: + 3.I-I-400'S6ST. Fav +33-1-4007 SO-W 

Ui.4 Office: Sev Ycwk. -Fa-9 o: .4 ?.v 

Seu. Y'ftK. VY 10019. 75«J Firm As-ESiE.9raRj<» 
Tte_rU2l2-?.v-!^ . FaviJ»2I2-333-8720 

Personal ArruiMNiMS Affi Also Pikoie Ln 

ROME - VIENNA- LONDON 

LOS ANGEIES -SINGAPORE- HO.VG-KONG 


S.R^T> 
iMavmAL 
CnsnooTiAL 

O ATOGNG ITALIAN BEAUTY YfTTH GREAT CLASS. 

AN ADMIRABLE PERSON AUD - ALSO BASED IN ROMEPARIS.'NErx YORK - 
FULL OF VITALITY AND CHEERFUL. SHE HAS LONG HAIR. A WONMRFLT. 
FEMININE APPEARANCE AND A ORaCEFLU MODEL-LIKE HGLTIE. INHER YOVNG 
MI'S WITH .A GREAT TEMPERAMENT AND A LOT OF CHARM SHE IS VERY 
SUCCESSFUL IN HER PROFESSION - MBA-. TO? EXECIT1VE IN PLBUSfflML A 
STUNNING BEAirn' WITH GREAT CRARtSMA WHO LO'US CILTURE AND 
SPORTS ACmiTIES TESSIS. » ATERSP02T5. SKIING ETC THIS ENCHANTING 
WOMAN IS LOOKING FDR THE RIC3TT PARTNER nSD SHE CAN LIVE ANYWHERE-. 

✓V FASCINATING ITALIAN MAN (ROME). . . __ 

< > . WITH GREAT CLASS AND THE WONDER FLU TYPICAL MEDITERRANEAN 

'v' CHARM -A WELL BALANCED PERSON ALJTY iLATE 40 S ! SOi 
CONSIDERATE AND VERY GENEROUS. WITH GREAT RESPONSIBILITY AND | 
SUCCESS HE RUNS HIS OWN WORLDWIDE INDL STRI AL ENTERPRISE HE HAS AN 
EXCELLENT BACKGROUND -INT\ GP-ADU ATE • A MASCULINE. AT HLETIC 
APPEARANCE. WHO HAS A GREAT PASSION FOR SPORTS ACTIV ITIES: I 
HORSEBACK- RIDING. YACHTING. SKENG. GOLF. ETC. A WORUNdTlZEN. WHO 
LIKES CULTURAL EVENTS. TRAVELLING. MEETING HIS FRIENDS I ALL OVER THE 
WORLD). A REAL MAN. WITH PERFECT MANNERS WHO WISHES TO TAKE CARE 
OF AND TO OFFER THE BEST OF EVERYTHING TO THE WOMAN AT HB SIDE. 

O A YOUNG ENCHANTING EUROPEAN LADY (PARIS) . . . 

.. AND FANTASTIC CHARMING CHARACTER. SHE • MID $ T • IS BASED 
IN THE SOUTH CF EUROPE. A FASCINATING BE.UTY. RADIANTLY 
FEMLNLNE LADY WITH V ERY LONG BLONDE HAIR. GREEN EYES AND AN 
ELEGANT. GRACEFUL APPEARANCE A VERY WELL- BALANCED WOMAN. FULL 
OF LIFE AND A LOVELY TENDER PERSONALITY - SHE HAS A SUCCESSFUL 
CAREER IN FINANCE AND INVESTMENTS. WITH LNIV DEGREE SHE LIKES 
SPORTS ACTIVITIES SKI - TENNIS GOLF • WATERSPOUT • ETC. CULTURAL 
EVENTS. TO BE A PERFECT HOSTESS i HAUTE CUISINE FRANC AtSE> AND TO 
ORGANISE .AV ENCH ANTING L AD V. GEVBJOLS. W.ARVI. R7TH A G&EAT SENSE 
OF HUMOR. WHO WANTS TO SHARE GREAT ASPECTS OF UFE WITH TFE RK3fT 
PARTNER. 

PLEASE CALL I 


Friendships 

V5IY BEFMED FUPfftt, 3S 
yeas dd. csttvfc. beaudU, text and 
ramg is loatang ior &smg retetionsfap - 
vttti omihee man. Caucasian. SO 
years old and over, win is OnanciaBy • 
stable. Please mile, endosing mating 
adfess. to MARIA. P.0. Bn 7712. 

DAPO, Domestic A»pi»L Pasay Cif: * 
PMffines ■ . 

RETIRED ILS. BUSBESSWIt seeks* 
nonsmoking Canada or waeft fady, 
(resatert-otaen) for possfite marriage, 
desimg Canada or Diaoi retttesy an 
espfaxe oflter rmeuai iwstness Werests. , . ■ 
Wnte: J. Allen. 517 Buncombe St... 
Greewae, SC 29601 USA. 

AUSTRIAN LADY. breatWaktog, ergu- 1 
ste. moan oeauB 136), wxrd fte n 
meet an aaractwe generous gtatenen . 
for long term retettonship and more. • 
Vftte to PO Box 32, A-6B1S Graz or tax 
Germaiy 12 £0 20 - ■ 

YOUNG LADIES WORLDWIDE seek' 
tnoxlslteistes. Detafe «f 400 photos 
free 1 HBttCS. Box 11066VE. D-10836 
BERUN. FAX -49^02513316 

BEAUTIFUL FRENCH TOP MODEL^ 
seeks rpfeflonsttp nib successful, 
luinessmaa TeL +33 (0)1 42671962 


EVTERNATIOX4L 
ART EXHIBITIONS 
AUCTION SALES' 
COLLECTORS'S 
GUIDE 
TODAY PAGE 8 


" v. 1 ;: 


a 

r - I 


-ci>- 


South 
jucreases 
Xo North to 
4vert Famii 


MEETING POINT 


Meeting Point 


GWH, StO'. 180 Ba. tin 40s. 

US p3«scril, sng tore Asa resdenr. 
happv Ire^i. enjcrjie dasstal music, 
toevj a- 'anJernr.g art irand. Value 
fTCTsarcv funcur ana sixm/ Seeks 
nastulme. ae8-9hicaied 
GAM 2~-i5 vi ft srrefa r rtereds to 
rate up n If* ms rnn ; *cr toe rest of 
my life Please repi/. ic e-mail: 
me-jr-sSraC vi.ia or lax G2 21 1 719 
5076 


ARE YOU THE RARE, suras** -.-eqi 
a 7A tcL-ng .r^naronal bustoesanan, 
m vew tele 40f rr earl/ 50s s!tm 
Sant/, dasy te* tr: ^grayish Hair 
Frer^h speaking Then l am sure veu 
tscii* ^yreaaie is "-59 Use anractrre. 
sen yc-smed Word Frer.ch lady mW 
-US to* f" ? Fa* Lsrrdor. -u « «J|t7t 
493 K€2 


DANISH LADY, 44 racs to mea Amer- 
esn Tet LM I7i 77C cr Esx nst 
SiT. 63 Long Acre London ’.VC£E 5 jH 


GENTLEMAN, 35 YEARS OLD. blond, 
ca s rr o ga an , rarSsiss dertfsl 6wnq in 
a small ski resort ei Snuzeriantt. hand- 
sems sensfcve nee. veO mameted. 
speekmg 5 languages 177 cm. 67 ko. - 
Menested in classical mete, art travo- 
fereg fccfcig ter slm educat e d. beaOM 
tai/ 27-25. rafflnw chidren marrane 
am arcs r-ome Tet -si 26 924 4152 
Heave messacei 


SUCCESSFUL TALL, DARK, hand- 
sons. 32 vrsiEt cms. UBA wy League, 
top executive operaung m emerging 
markets seeks beamdui career gin for 
mamage iVme Eox 285 fHT. Fned- 
lEftsc I*. D-60323 FerNuL Germany 


INTERNATIONAL BUSINESSMAN 

tosed in Loto as «s aooid be to 
meet tor ton an aaacMe tend svmo m 
Ger-na r Lcrtca sto ties tan 
Far Gen?-£ CD 4: 22 77E 47 56 


ASIAN LADIES seek mamage Delate 
ICE BREAKERS. 545 Orchard Ri 10-03 
Far East Shccpmg Ctr Singapore 0923 
Tel: 65-732 B745. Fax 65-235 3750 
hto-.'J-'t'.v^sxorisgtatreakHS 


NANNIES/DOMESTICS m 


Monroe Nannies 

DOW KTBWTDiALLY FOR Tffi YHY BEST 
NANNIES/MATERNITY NURSES 
GOVERNESSESflWTHBTS HELPS 
Al staff m experienced in the cat 
of intents S waigcfdttw Amprorife 
a very p role ss tonal A caring service 
PteBs cartact Nathalie SauvaJn 
TH; (44 171) 409 0910 FAX; (44 171) 62 <165 
. 14 BROOK ST, MAYFAIR, LONDON. W1, 


STAfFo/ DISTINCTION 


Quality veiled staff Immediately 
available. Our expel oaKcd OmsuNants 
an here to solve yoor tafflng needs - 
call mwo to dtocm your requutraoru. 

COUPLES ■ HOUSEKEEPERS 
H-KvNANNIES • CHEFSCOOKS 
BUTLERS WETS' ESTATE MANAGERS 
No BrsktroOtm Fee. Open Monday^ -Soondwe 

® T«1: +44 171 581 4844 
Fnc +44 171 5B1 3078 
l Z3 ftHirtoe Street- t-OMDQH SW7 2LH 


Nannies & Nurses 

InmnlMnl Inrni.'i 
WE SPECIALISE IN THE PLACEMENT 
OF EXPERIENCED & QUALIFIED 

* NANNIES • GOVERNESSES 

* BABY MATERNITY NURSES 
EXCELLENT CAJIE .4 SSLRED 
PLEASE TEL: +4 171 5«9 S789 

Off FAX: 44 171 838 0740 
20 BEAUCHAMP PLACE, LONDON. SWJ 


Domestic Positions Wanted 


BUTLER, VALET CHAUFFEUR. Engfah. 
44 years old seeks postal 10 wars ex- 
penance. Cal Eaton Bureau 44 <0|181 
997 3029 Fax 44 I0U81 991 2565 


FRENCH WOMAN 52. seeks job as 
nanny housekeeper, privais learner In 
New York C*y Tel *33(0)549517920 


' VUCFnarONM. i 
7:? law Lt- 1*8? 

British - Australian • Nr* Zulamd 


Nannies, Mother^ Helps, 
Baby Nurses, Au PaiV 


All personally interviewed 
and references verified 
Tel: 44 171 3E5 5006 Fair 44 171 355 5007 


Imperial Nannies 


(WnSH NANNIES GOVERNESSES' 

BABY WORSES 

retied, toghkr espaxersoed and 
with escaknt itRsoxts. 
AVAILABLE NOW 

Open Monday - Saturday. 

Please telephone S anyone rumfiuB on 
Tel: +44 171 581 1331 

Fcnv +44 171 581 3078 

^ airtri.'-ONDOW SW72LH JJ 


NEED A BABYSITTER! Weekends or 
occasunal svenngs wMsi n Pans Ex- 
perienced nanny awtetfe. Excetai ref- 
ernes. T«t +33 (0)1 44 73 ® 68 


YOUNG MAN SEEKS MHxne |ob as. 
cook. chW care in household or 
boa/yachL Tet +33 |0)i 45 72 51 97 


OCCASIONAL AND PERMANENT 
NANNY AGENCY has experienced 
Britsh Nanrees and Baby kkxses tor n- 
tematianal jobs 2 Cromwet Place. Lon- 
don. SW7 2JE. Tel: UK -171 225 1555 
Fax UK 171 569 4966 


UK A OVERSEAS AU PAIR AGENCY 
NANNIES. MOTHERS HELPS, al fre-n 
staff 87 Regent Si London WlR 7HF. 
Tef 171 494 2929 Fax 171 494 2922 


DINING OUT 




■wican 

PAMS 7th 

THOUMIHUX 

BESTAURANT 

SjMddfadkConca. 

AMhoDOU. Corfil 6a corod. Tate 6e wcu 

m'ssasratsssio. 

THOUMtEUX 

SpadcMw of the SeuteWM. 

Confrt da eorard 6 Cojiovlat <n confll do 
axiani Ar<&nehaan*L Ckxr s»r>dc>- 79 nm 
SrOanuniqM- TeL 01^170547.75 

NBJUY 



PAMS W> 

i FQCJ-YU J[|\ 

2XTJSZ 1 

N»» & nmii ferWi Pr«» w«, 
79 ov Oi -deGoda. N«*.. T 01 46J4 43.30 
&71.c> sSSftnTpT 01^7 8327.12 

new 

BALAL 

Man 6 PdmXBt Refiouan. 

Tanar da. Mam* Ja’ 
reccomondad bf fnOtgan Guides 
NaorOpfee Am coreBtomd 

2% 7MW. M: 07 43 46 53 67. 

PAMS 4ifi 

BREAD, WINE, CHEESE 

Cfema dno*r. ndM. fardup 
3.ru*G«ft»jylAngwinifl 

Td 01.42 74 07.52 (wydoy. <*mw ody). 

PAMS ITdi 

mgoldenberg 

Mdh hanngs • Ppmn> -Doan chaaie bogd 
aid lax baimada - Chaaie aria 6 (A he M 
iawidinec. 69A» deWogron 

TeLOl 42273479 &**y doyipbmrirxg)* 

PAKtS 6di 

LE BILBOQUET 

A ac Mnpfean.fi 1947 

pjz=»«rc 

AJ ri» heat of fa.nK»mo«K»»«M 
fadwurgeAnA. _ 
Gauonanfcd maw d a rewwpj.P**- 

I3.n»Sax*fii*AT 01454581.84. 

VIENNA 

® Otyawj 

Hailed as the best Indian restaurant 
in France by the leading guides 
(air tonditlonned). . . _ 

14, rue DauphinG. T: 01 43 26 44 8T 

KERVANSARAY 

jggfao6 TvsnmS, jri Bpj . ^hfenfr 9 
7*5128^43 APooixfionad B0m Opera 
i£m3 p re & 9 P m "l a ia ®* a P* 
OpenhaUojs. 


GENERAL 


Personals 


PEP et MEM, on vans aims 

HEUREUX 50 

La Tribti Barnet A Co. 


HAL 5 YEARS AGO. MY LOVE, 
v.? began Me together • partners, hweis. 
best friends Here's n 50 years. Togah- 
er • Aa nr; love, sally 


HAPPY BIRTHDAY to MINI on May 25. 
We tore veu ico tn-m and wart ycu Oy 
oir sde fcrerer Levs. Ktoded and 
Dartouk 


TO David. Fffl. Please send die badge 
and the JCI card Emon Hisato Tel 
81-3-3^5203 


Announcements 


Attention visitors 
from ttie U.S! 



If you enjoy reading the IHT 
wtiai yffli travel, why not 
also get t at home? 
Samwlay delivefy available 
in key U.S. cities 

Call (1) 800 882 2884 

(h New York cal 212 72 3890) 

HMttiSgfcllnme 

incWMuisiHin untvn 


BR10NL The finest hand-made suit. 

S selection m Swtfzertond at 
ERG toe leading men's store 
Btatfnfctr 13. arch 01-211 29 50 


FEELING tow? - having problems’ SOS 
HaP crisis-fine in English. 3 p.m - 
ilpm Tet Pare (01) 47 23 60 00 


SAXOPHONE LESSONS for begmnerV 
experienced by French- Engisfi speaking 
lady. Tef PARIS 01 40 44 96 2a 


Automobiles 


FERRARI 456 GT 

94. 13,000 km. black'meiaUic. berqe 
lealher. mim contfta. Best alter over 
USS 115.000 or E-Sfg. 7DOOO 
Tel- Swcettond ^4141.4453113 office 
Fax Switzertanfl +41 41 4453134 (RZom; 


MERCH3ES 300 TE STATION WAGON 
4*4. Jaiuary 1991. 84.000 km. black 
metaWMaa leather, veil eqwpped 
Phone 0041-1-202 76 10. 


Auto Rentals 


RENT AUTO DERGI FRANCE 
WEEKEND: FF500 7 DAYS FF1500 
TEL PARIS +33 (0)1 43 68 55 5 


Auto Shipping 


SAVE ON CAR SHIPPHG. AMESCO, 
Kribbestr 2. Antwerp Belgium. Tor From 
US. Atoca. Regiter Ro-Ro saOng Free 
hcaeL Tet 320231-4239 Fax 222-6353 


Autos Tax Free 


new TAX-FREE used 
ALL LEADWG I1AKB 
Same day ra^sfraten posaMe 
renewable up to 5 years 
We also regrssr cats wito 
(expired) loragn m-beei pbres 

ICZKOViTS 

Alfred Esther area 10. OW02T Zurich 
Tet 01/202 76 H Fax: 01/202 76 30 


25 YRS OCEANWIDE MOTORS 

■orijmde supply and sapping ri Aid 
Mercedes. BMW. Poreche. CaS Gerawy 
+49-2H-434648 or fex 211-451 2120 


ATK WORLDWIDE TAX FREE CARS. 
Export + shnvn + reunhabon of nev A 
used care ATK Sw, TerMdilri 40. 2930 
Brasschaat. Betoun. Phone: *32 3 
6455002. Fax i-E 3 6457109. ATK. 
Efts 1959 


EUROPE AUTO BROKERSJNC 

TettWand 31(0J3M064494 fif5063934 



Beauty Services 

—•FASCINATE Y0URS£1F_ IN PARIS 

M. Ms . Lean tie 'D* Pansan Way* v 
Be al your besU saves tone* Improve or 
change your look, accompantert by an 
ex-mil Tcp Model ol rite most tenons 
names, fashovcosmencs. AH aspeas of 
your appearance *3 be lata care al 
Personalized advee. shopping, all the 
best attasses Tet -33 (Oil 4315 9568 
horn MO AM to MO PM (Fob line) 

Legal Sendees 

AMERICAN LAWYER ZURICH 
Complete professional service lor Ol 
commercial fcusness. real estate and 

USA invessmeras AS your interests in 
America under legal managemert. Over 

25 years experience. 10 tram Zunch. 
Puvmes & Assomles. IntemaUonN Busi- 
ness and Legal Consultants. Loren L 
Puvmes. Jins Dr. Fax +41-1-825 6234. 

Tel +41-1-825 6232 

DIVORCE f-QAY CSI71FCD 

Cal or Fax |7K) 9E8«S5. IVrue. 16787 
Beach Bfea 4137. Htrtngton Beach, CA 

92646 USA- e-mai • asnnni2|inocom 

DIVORCE IN 1 DAY. No travel.. Write 

Bra 377. Suftuy. MA 0l77E USA. Tel: 
50S’443-8387. F<K 508/44^0163. 

For Sale & Wanted 

CARB0U RUGS, lanedihair on 4 h x 

B #. S300+ shtwg/haraftng. Tel: 
303-7^4750 fax: 303-^54495 USA 

Arts 

PRIVATE COLLECTOR SELLS: 
lira S*rie Gaufi rv 26. i?7S. W50 

Mno: Fenne et Lune 1351. 294/300 
Srtzeriard toe +41 22 736 30 74 

Auctions 

The World's Largest Deafer 
of Autographs 6 Manuscripts 

Prwaite an Original hfetooral Documerd 
Auaxn Wew our h% ftetrated % page 
catalog ot 560 irari dgnd Nstoriral 
docunwts or tha Wernet 

hOpj/mregaOeryoSilstDryxorn. 

Collectibles 

WE POSSESS THE HIGH FIDELITY 
copies ot brorce stamoes of sroheoiog- 
caf nuragR erfure to Santea (Italy) 
pot more rformata ter: 39-70 300 164 

Books 

FRENCH BOOKSHOP near Parts offers 
a catalogue ol artnjiB bocAs atom Paris 
& other subfects (various books nth thee 
prices) Free sendng 01 request i re- 
search by speciaSsL Write to: le Lwre 

Owen. 1 rue du Mache. 95680 EnaNen 

Les Bans TeVFax +33 10)1 39 34 0“ 70 

Colleges & Universities 

BSmiflBA'PhD 

Earn A Own. Free Celffiog: Century 
University. 6400 Upwwi BW.. I€ 

Sure 3S6W. Dept. 50. Afcixiuerque. NM 

871 Itt USA Tel 505-889-2711. 

EARN UNIVERSITY degrees UAizing 
aort. trie S academic expenenca Fra 
evatoa&cn & riarmaton knrard resune 
to Pacft SoUhero Uiwossy. 9581 W. 

Pco Bird. Deal. 121 Los Anodes. CA 

S0035 USA 

GET A COLLEGE DEGREE to 27 Days. 
BSiMS«ayPhD , SC inducing 
oaduatfcn mg, Bnsoip. rtgxbxna 
res ft real, tegar. guarantied and 
acCTSBed 1-504-455-1409 24 hours 

REGISTERED ACCREDITED COLLEGE 
DEGREES All stojects Home Study 

FAX 319-354-6335 T«:3l 9-356^920. 

Box M4. Ion City. IA 52244 USA 

E-Mai a/nererWgiwWwfcom 

Business Opportunities 

WORLD WIDE PROJECTS reqwes 
cash fuvsm bran S3M-S5QM USS 

Pnncpal (i06%i and hmd providers 
remmerata |30%) guaraneed by • 
lop 25 Eacpsan bank. 

Euratal Lnxwnboum Hotdtog 

Fac +32.1123 A9A1 

OFFSHORE COMPAWES. For bee bro- 
mre or advice Tet London x iei 7«i 

1224 Fax. 44 181 74B 6558/6338 

n» jppfetw C0.1A 

FAMOUS DJSCOTVEQUES OFFERED 

2 newlanje successful frantafse outfes 
to Stogapore and Baft AvaBabte in htoy 

Owner retting. Fac (65) 834 0335 

IRISH OFFSHORE COMPANIES £145 
Co&et Irish incotpoiaioRs Ltd. Fax 
+35S51-3ESS21 E-LWt toshreOioLte 


Telecommunications 


New Lower 
International 
Rates 

Gcrniany 31 CEfits 
^pan 3d cents 
Francs 33 csrts 
UK 20 cants 


■ No Sa Up Fees 
' No t&Bnurc 
' So Second Bang 
24-hour MuMngual Customer Serves 
• AT S T Oiait/ 


YOUR OFFICE » LONDON 
Bond Srect ■ ?Jad. Frc:». Fax. T^ex 
T et 44 :n 2S0 3SK Far *T* 4=9 “17 


Tax Services 



41X1 

Soaflfc,m Mill 


Where Standards an Sa, not MeU 
f9 Tab 1J2065B9.1991 
Far. 1-2DSJ599.1881 
Email: InheiiaBBcivcom 
MnrjelbaciLcoa 


Capital Available 


UNLUFTED CAPITAL 

FOR PROJECTS 
IN APPROVED COUNTRK 
Fureing at Bank Guarantees and 
Other Financial InstrumerSs 
Unes of Credit ns UarfceCtofe Securdes 
Un. S10 IE Son USD. No Max. 

ALSO, ASK ABOUT THE 
SIGNIFICANT CONTRACTED 
RETURNS AVAILABLE 
FOR PAR DOTATION IN SLC POOL 
Mm. S6 mon USD, No Max. 

international Funding Services. Inc. 
1-904-280-4646 Fax 1-904-2KM647 
Web mewis.org 
E-Mail lundngOfe org 


EXPAT INCOME TAX LISTS. Inc. 
Refirms and reBsd ssr.i;®? F2rs a ^r. 
+33 I0‘- 1 4413 5344 Fax 4“= 2495: 
Lender *44 r, 171 72 2S3 


Real Estate 
for Rent 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAV, MAY' 24-25, 1997 


PAGE 5 


Illegal Chinese Immigrants Race to Outwit Hong Kong’s Guardians 


By Edward A. 

<W }rl 1; ,,.. . . ' r j 

hong kong r r 

* night air. onlv the C oiU IS* Sl,n mid ' 
. glinting in the harvh J« l? ZOT Wlre 
ninted at the divide ki!° W nood *'Shi* 
poverty of ChinL and Sf 1 ***" ,he va =*» 

• glitter of Hong Konl* CC ° mpac,neon 

farigu^and SSK* cam °uflahe 

SjteaKSsSss 

The van crawled 
fence. He peered into China 

q p‘ t i n,gh V he sa ‘d- “Very quiet ” 
th J^ fron ? *e border, in the?h3dow of 
[he gleaming towers of Hon« Kone’s 

oS d S- Hau-ngoh tries 
K° u i how 10 outw 't Inspector 
Eng and his forces. Mr*. Chine stock v 
and browned by ,be sun. is a moiSof 


South Korea 
Increases Aid 
To North to 
Avert Famine 


The .\ssiKiaieJ Press 

BEUING — The South Korean Red 
JJross offered Friday to send North Korea 
40,000 metric tons of grain — twice the 
amount it had sent during the past two 
years of severe food shortages. 

North Korea accepted the aid after two 
'-hours of talks, said Lee Byung Woong. 
secretary-general of the South Korean 
Red Cross. He said talks would resume 

- Saturday to resolve disputes over how the 
food would be shipped and distributed. 

- The agreement concludes the first suc- 
cessful negotiations in five years between 
the Red Cross groups, which are both 
closely aligned with their governments. 

The grain, worth $8 million, could 
$ feed for a half-year 500,000 people — 
about three-and-a-half times the number 
. die International Red Cross now cares 
for. The amount is twice as much as the 
-South Korean Red Cross had sent in the 
last two years of near-famine in North 
" Korea, according to Red Cross figures. 

_ UN aid organizations estimate that 4.7 
million North Koreans — about a fifth of 
the population — are in desperate need 
of food. Massive deliveries are needed in 
the months before the autumn harvest to 
prevent widespread famine. 

Talks in Beijing three weeks ago 
broke down when South Korea could 
not specify how much aid ft would de- 
liver and when. 

Following Friday’s talks, Mr. Lee 
said die food aid could be delivered by 
the end of July and that more could be 
sent later if private donors agreed. 

Although Mr. Lee played down dis- 
agreements as “procedural matters,” 
South Korea was still seeking terms 
Pyongyang had previously rejected. 
South Korea wants some of the aid 
shipped through Panmunjom — the 
only land route through the demilit- 
arized zone thar divides die North and 
the South — and in packages bearing 
the names of the donors. 

Marked packages sent across the de- 
militarized zone would be hard to con- 
ceal and could be used to show North 
Koreans that their secretive. Stalinist 
vj government, which preaches self-reli- 
- ance, can no longer provide for them. 

■ Japan Rejects Pyongyang Offer 

Japan has spurned North Korea's de- 
mand for one million tons of rice in 
exchange for approval of home visits by 
Japanese women residing in the Sta- 
linist state, Agence France-Presse re- 
ported from Tokyo on Friday. 

Japan declined the North Korean pro- 
posal during talks in Beijing focusing on 
the fare of these women, who married 
ethnic Koreans in Japan and went to 
jforth Korea mostly in the 1950s and 
1 960s, AFP said, quoting Jiji Press. 

“We have not yet reached a stage 
'where we take up figures,” the Japanese 

side was quoted by Jiji Press as saying at 

the unofficial talks between Foreign Min- 
istry officials from the two countries. 

Japan has been reluctant to join South 
Korea and the United States in provid- 
ing food aid to the North because of the . 
alleged abductions of Japanese citizens 
“ and drag-smuggling incidents linked to 
Pyongyang. 


six who struggles each day to reunite her 
family, or at least keep together those 
who have made it to this side of (he 
border. 

Her chances of success are dimin- 
ishing. Arrayed against her are Hong 
Kong's armed police and. in China, more 
armed police recently added to the bor- 
der force. At ihe land border are the 
fences lopped with razor wire and in the 
harbor, high-speed patrol boats. The out- 
going British colonial government is just 
as determined to keep her from her goal 
as is die incoming Chinese government. 

Like many thousands of people here 
— no one knows precisely how many — 
Mrs. Ching. whose molasses-thick 
Chaozhou dialect betrays her mainland 
roots, hopes to remain in Hong Kong 
and live here with all her children. But, 
like many Chinese in Hong Kong, some 
of her children have been here illegally, 
some legally and some never at all. 

“We just have to wait,” sighed Mrs. 
Ching. who is now in Hong Kong on a 
short-teim visa for which renewal is 


possible bur not certain. Of her six chil- 
dren. only the one bom here is a legal 
resident, but his residency entitles Mrs. 
Ching and the rest of her family to Hong 
Kung residency as well — if, that is, 
they are willing to return to China and 
wait their turn. 

The problem is that with Hong Kong’s 
return to Chinese sovereignty a little 
more than a month away, illegal Chinese 
immigrants are storming the ramparts. 
They hope to live here because of the 
special sums Hong Kong has been 
promised once it becomes pan of China, 
and they are coming here now in the hope 
that when the changeover takes place, an 
amnesty’ will be declared allowing any 
illegal immigrants to remain. 

In the meantime. Mrs. Ching said, 
“Our only hope is that the Hong Kong 
government will be sympathetic to our 
situation and handle this leniently.” 

That does not seem likely, though. 
The government has said repeatedly mat 
it will send all illegal immigrants back 
across the border. Still, the hopes of 


people like Mrs. Ching endure. 

In general, mainland Chinese. 1 3 bil- 
lion people, are not allowed to move to 
Hong Kong, either by the government 
here or by Beijing, and they will not be 
allowed to in the future. The exception 
is a daily quota of 150 mainlanders — 
54,750 annually — who are permitted to 
settle here. 

Today, the vast majority of people 
seeking to take advantage of that quota 
are those trying to reunite families. 

Over the years, thousands of Hong 
Kong men have visited China for work 
or pleasure, married Chinese women 
and had children. By law now. and by 
the constitution China will impose on 
Hong Kong after July 1 . these wives and 
children will be allowed to settle here 
eventually. 

But the catch is that all the gov- 
ernments involved want to avoid a 
flood; those seeking admission will have 
to wait for their place in the daily quota. 
The wait now is at least seven years. 

In the end, the tide of mainlanders 


may in fact prove unstoppable. 

The most recent projections by die 
census department predict that Hong 
Kong’s population will balloon from 
6.3 million now to just over 83 million 
in the next decade; nearly 60 percent of 
that increase, it is believed by the gov- 
ernment. will come from China. 

So critical has the situation become 
that Beijing’s appointee to rale Hong 
Kong after July 1, the shipping tycoon 
Tung Chee-hwa, visited leaders of 
neighboring Guangdong Province re- 
cently to discuss the problem. From that 
province alone. Mr. Tung said, at least 
90.000 children are eligible to emigrate 
because one of their parents is from 
Hong Kong. 

“1 appeal to these children not to take 
the risk of sneaking into the territory 
illegally,” Mr. Tung said in a local 
television interview. 

“It isn’t worth it.” 

Hong Kong’s senior civil servants 
have also expressed alarm over the 
crash of illegal immigrants. 


But it is the individual tales of moth- 
ers like Mrs. Ching that shed lighi on the 
hopes and anxieties of mainlanders who 
long to live here. 

To enter Hong Kong legally . Chinese 
need permits both from the Chinese and 
the Hong Kong authorities; Mis. Ching 
is here on a valid visa, but one that does 
not allow her to settle permanently. 

Many times, Mrs. Ching said she 
tried to smuggle her daughter. Ching 
Heung-lan. into Hong Kong. Once, she 
paid someone 3,000 yuan, about S375, 
to bribe the Chinese police for a visa to 
Hong Kong. “I paid him but he never 
came through with the visa.” she said. 
Another time, a police official said he 
would provide a visa for her daughter 
for 200.000 yuan, about S25.000. 

“First of alL” said Mrs. Ching, who 
relies on the salary of her husband's 
pan-time jobs, “there’s no way we can 
find so much money to pay turn. And 
even if we did give him the money, there 
is absolutely no guarantee that he'll 
deliver. They are ail so corrupt.” 


r •** ■ • 



ZlheenadAa AWuJUhiThc Alvcmed ftest 

NOWHERE TO GO — Thousands of nomads trying to cross the Hindu Kush from the south of 
Afghanistan have been turned back by fighting between tbe Tale ban Islamic army and an 
alliance of opposition militias in the north. North of KabuL, a family looked for a place to camp. 


China Lashes Out at U.S. Trade Ban 

It Calls Suspicions That Toxic Arms Went to Iran 6 Groundless 9 


The Associated Press 

BEIJING — China said Friday it was “res- 
olutely opposed” to Washington's decision 
to impose sanctions on two Chinese compa- 
nies suspected of selling chemical weapons 
technology, and it said die sanctions should 
be canceled immediately. 

A government spokesman said the compa- 
nies. as well as five Chinese nationals, all 
accused by Washington of providing chem- 
ical technology to Iran, were engaged in nor- 
mal trade activities that “in no way violated 
the purposes and objectives of the Chemical 
Weapons Convention.” 

‘ ’ China opposes the development of chem- 
ical weapons by any country.” the Foreign 
Ministry spokesman, Shen Guofang, said in a 
statement carried by Xinhua news agency. 
“China is resolutely opposed to the United 
States imposing sanctions on Chinese compa- 
nies and persons,” he said, adding that 
Beijing “demands that the U.S. side cancel 
the sanctions immediately.” 


“Such sanctions are totally groundless,” 
Mr. Shen said. 

The U.S. secretary of state, Madeleine Al- 
bright, informed a subcommittee of the Sen- 
ate Appropriations Committee of the sanc- 
tions Thursday in Washington. They were 
imposed on two Chinese companies, a Hong 
Kong company and five Chinese citizens on 
suspicion of providing Iran with precursors 
for producing chemical weapons, she said. 
The Chinese companies were ideotifiedas 


angsu Yongli Chemical Engineering & Tech- 
nology Import/Expon Coro., and the Hong 
Kong company as Cheong Yee Ltd. 

Trade with diem will be banned for at least 
a year. 

Mr. Shen said China exercised export con- 
trols oversensitive chemical products, equip- 
ment and technology in strict accordance with 
the Chemical Weapons Convention. China 
announced its ratification of die pact last 
month, just before it went into effect. 


BRIEFLY 


Beijing Eases Off" 
On Hong Kong Vote 


bee's separation from Canada, tbe 
second most seats in the last House of 
Commons. (Reuters) 


BEUING — Hong Kong won a Junta Denies Report 

boost Friday in its efforts to secure the n A 1 > 

autonomy promised to it by Beijing Lit OU ijUima AlTeSlS 
when a Chinese-run committee gave ' 
the territory leeway in organizing its 
own elections. 

Tung Chee-hwa. Hong Kong’s 
leader-in-waiting who had publicly 
called for more say over future elec- 
toral arrangements, said the Prepa- 
ratory Committee “gave Hong Kong 
a lot of flexibility, a lot of space.' ’ 

Tbe Preparatory Committee, set up 
by China to prepare for Hong Kong's 
change of sovereignty, drew up meth- 
ods for organizing the 1998 elections, 
but left final decisions on which meth- 
. ods to use to Mr. Tung's government- 
in-waiting, which will also pass elec- 
toral laws. 

Mr. Tung can employ either pro- 
portional representation or multiseat, 
single-voting in 20 constituencies. 

Another 30 seats will be chosen by 


BANGKOK — Burma’s military 
government denied Friday that it had 
arrested dozens of members of Daw 
Aung San Suu Kyi's National League 
for Democracy party, but a senior 
opposition source said at least 60 
people had been detained. 

“We have been informed that none 
of the members of the NLD has been 
arrested so far, but requested by the 
local authorities to refrain from taking 
the course of action which is geared to 
create chaos in the country,” a senior 
government official said in a state- 
mem in English faxed to Reiners. 

Party officials in Rangoon said on 
Friday thar at least 60 senior party 
members from the provinces were ar- 
rested by military authorities as they 
headed to the Burmese capital to at- 
tend a party meeting planned for May 
27-28. ( Reuters } 


professional groups, nine of which 
Mr. Tong will select from a list of 15 
prepared by the Preparatory Commit- Jt _ 

tee. Tbe rem a inin g 1 0 seats in the 60- India OCtS CttmDS 
member legislature will be chosen by _ ^ „ f 

an election committee. (AP) tor Quake Victims 

Quebec Separatists 
Falter in Latest Poll 


MONTREAL — Tbe secessionist 
Bloc Quebecois is in danger of winning 
less than a majority of Quebec seats in 
tbe June 2 federal election, according 
to a poll published on Friday in the 
Montreal daily newspaper La Presse. 

Tbe May 16 to 21 survey of 1,002 
Quebec voters by SOM Inc. showed 
Prime Minister Jean Chretien’s Lib- 
erals leading the Bloc by 34 percent to 
31 percent after distribution of the 25 
percent of undecideds. 

In the 1993 federal election, the 
Bloc won 54 of Quebec’s 75 seats 
with just under 50 percent of the vote 
in the French-speaking province. That 
gave the party, which advocates Que- 


JABALPUR, India — Rescue 
teams rushed food and medicine Fri- 
day to 4.000 people whose homes 
were razed in a powerful earthquake 
that killed dozens in central India and 
injured more than 1,000. 

The authorities said that 38 people 
were killed in the quake, which struck 
India's heartland in Madhya Pradesh 
state early on Thursday and measured 

6.0 on the open-ended Richter scale. 

Rescue teams set up camps for the 

3.000 to 4,000 homeless in Jabalpur, a 

city of L2 million people 720 ld- 
lometers (450 miles! southeast of 
New Delhi and about 20 kilometers 
(12 miles) from the epicenter. Vol- 
unteers from the Indian Red Cross 
Society distributed food, grains, 
medicine and bed sheets to the home- 
less. ( Reuters ) 


China Is Said to Be Developing 
Missile That Could Hit Rockies 

The Associated Press 

WASHINGTON — China is developing a mobile, 5000- 
mile range, multiple-warhead missile that could be deployed 
early next century able to reach the West Coast and the Rocky 
Mountains in the United States and threaten American forces 
in the Pacific, according to a report published Friday. 

The Washington Times newspaper, citing a classified U.S. 
Air Force report, said the new generation of Chinese strategic 
missiles “will narrow the gap between current Chinese, U.S. 
and Russian ballistic missile designs.” 

The missile, known as Dong Feng-31 “will give China a 
strike capability that will be difficult to counter at any stage of 
its operation,’ ’ either on the huge tractor trailer vehicles that 
haul them on the roads or once they have been launched and 
are in the air. 

The missile was observed on a launching pad at the Wuzhai 
Missile and Space Test Center in mid-October, and a flight 
test is expected soon, the report said. 


BOOKS 


* PASS THE 
-BUTTERWORMSs 
Remote Journeys Oddly 
Rendered 


star hotels or houseboats in 
Kashmir. These are stories 
about another kind of travel 
and leisure. They can drive you 
mad with lust and desire and 

yearning to live in some 

By Tun Cahill. 2S3 pages. 524. faraway Montanan outpost 
ViUard. with a few buddies and one 

Reviewed by Carolyn See *ai none 

H E doesn’t swagger m his 0 f ^ has dine for, and — let’s 
trench coat up to die bar ^ frank — very few of us 


at the Rftz. He doesn t drive 
- for miles on Indian roads so 
that he can stare slack-jawed 
at the Taj Mahal. High style 
leaves him cold, and 
“sights.” in * e accepted 
sense, leave him even colder. 
- When Grover Lewis dis- 
covered Tim Cahill' in the 
neat old days of Rolling 
Stone magazine, it was his 


would really want to go on. 
(It’s quite enough to read about 
being on a walking tour in 
Congo and getting pestered 
day and night by persistent 
swarms of bees. We don't have 
to do it.) t 

Cahill sets up his cast or 
characters, those friends who 


dies and sometimes alone, to 
Mongolia and Honduras, and 
to the Queen Charlotte Islands 
and, most notably. Irian Jaya. 

Cahill is careful about how 
he presents himself. His trav- 
eling persona is shambling 
and good-natured and prone 
to swear. He’s not renibly 
“adventurous" in the old- 
timey sense; his main talent 
and social grace seems to be 
for hanging out. 

He’s mad for kayaking, 
mainly because it gives him a 
chan ce to travel to places that 
aren’t the Ritz or the Taj Ma- 
hal, those slices of coastline 
where roads don't go ‘ and 
tourists can’t go. places that 
have been seen by very few 


what happened to his friend’s 
son, who had been killed by 
natives. But perhaps these na- 
tives haven’t been as savage 
as might be supposed, con- 
sidering that some of them 
believe white men “kill in the 
night and then plunder the 
corpses for their life-force, 
which is focused in the 
■grease.’ or ‘body fat.’ This 
grease is used to lubricate tbe 
white man 's machines. ” Mis- 
understandings like these 
lead to the demonization of 
other cultures, the very op- 
posite of what Cahill is after. 


astaW SSfcssS 

the Korean War — when 
you're in a foreign country, 
you’re the foreigner. One of 
his most Touching pieces here 
is about journeying down the 
with a kayaking 


Carolyn See reviews books 
regularly for The Washington 
Post. 


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ACROSS 

1 Where heads are 
put together 
6 Skater Harding 
and others 

12 ■ behold!* 

17 TUBe’s schools 

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21 Founding editor 
oftbeO-iLD. 

22 How jewelers 
get absolution? 

24 Per 

25 ■'LeCotnfeOry" 
composer 

26 Cut forage 

27 Super Bowl 
XXIX winners, 
informally 

28 Midwestern 
Jewelry article? 

33 Cur forests 

36 Ends 

37 Mechanical 
method 

33 Character 
actress Tessie 


41 Oscar-winning 
“Love Story* 
composer 

42 More than big 

44 Tamperer 

hamperer 

48 Patronof 
jewelers? 

52 Exudation 

54 Ffllsthe cracks 

55 “Snow White* 
dwarf 

57 Notorious Bugs 

58 Subjectsof 
planning 

61 Actress of 
•Fame" fame 

62 Pippi 
Longstoddng 
creator Lindgren 

63 Green 

65 Where crazy . 
jewels end up? 

68 Powers that be 
Section of a pas 
dedeux 

72 Diamond great 


colloquial and riding ~ people whose 

1 made him memor- greatest wealth would seem to 

- style that , found- be in die intangibles of cun- 

outside, omu 

they have ^ Amazon wiU. a aayaamg 


NEW AUTHORS 

PUBUSH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors vvorW-wfde invited 
wmBw send your itamsscript to 
MINERVA PRESS 
2 OLD BflOUPTONRa LONDON SW 7300 


J&WUf’d 

Est. 1911, Paris 

' Sank Roo Doe Noo’ 


A Space for Thought. 


73 “Hansel and 
Grad" role 

78 Stale 

77 Mustachioed 
detective 

78 Run 

82 Bend 

84 Jewelry 

disaster? 

87 Surprise cries 

88 ‘Picnic* 
playwright ‘s kin 

90 Canals 

91 Second-oldest 
country in the 
Western 
Hemisphere 

92 Adenauer, aka 

Der 

S3 Position 

96 Family roan 

97 Part of a 
jeweler's 
education, with 
■the*? 

103 Sal and others 

104 Kind of diagram 

105 Comeback 

110 BanderiHeru’s 
target ■ 

111 Jeweler's 
ultimatum? 

115 Late-night name 

116 "The Mighty 
Ducks" star 

117 Bring to a boil? 

1 18 Angora, merino, 
etc. 

119 'Springtime- 
fresh" smokes 

120 Wind-up toys? 

DOWN 

1 Fouifront? 

2 Dos cubed 

3 Wing rips’ tips 
rocker 



■ 

or 

« 




■m 






no 






ns 






in 





■ 


4 Country r 
Joeetal. 


23 Long 

29 Math class, for 
short 

30 Writer Dinesen 

31 Diamond and 
others 

32 Jersey girt? 

33 "Chicago Hope" 
setting: Abb r. 

34 Biblical barterer 


5 Triage team 
member 

6 Literary inits. 

7 Mine 

8 Sparks on the 
s cr ee n 

9 Aches 

10 Breathing 
problem 

11 Assail 

12 Predatory 

13 Rocket gasket 

14 Spinning 

15 Button material 

16 Photography 
supplies 

18 depth 

finder 

20 Shoot for. with 

"to" 

21 Possible source 
□f mermaid 

_ legends 


35 Platinum item of 71 Ugandan with 
jewelry? 

39 Tolkien tree 


saS®7 


© New York Times/Edited by Ifill Shorts. 
62 Song words 95 Roman title 103 Word in Morris 

97 "The Hobbit" 
hero Baggies 

98 Opening 
90 Do maintenance 

work on 

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roofs 

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bemfe gal or 
shadow 

63 Mariner's need 

64 Fictional Italian 
town 

66 Others: Sp. 

67 Acad. 

70 Hair 

applications 


code? 

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106 Shoe-touting 

bulldog 

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112 Figurative brink 

113 Pro 

114 Bar measures: 
Abbr. 


creatures 
40 Plugging away 

42 Wide expanse 

43 Acting family of 
TV and film 

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Jeweler's? 

46 Over 

47 Imparts 

48 Peachy-keen 

50 O.T. book 

51 Driving hazard - 
53 German river 
56 Perry Como's 

Loves 

Mam bo" 

59 Gateway 
Arch-itecL to 
friends 
66 Floodgate 


abandon 

74 A lot 

75 Turkish title 

77 Prefix with 
dactyl 

78 Preference 

80 Grammy- 
wimringFord 

81 Tennyson 
heroine 

83 Swedish 
soprano Birgit 

85 Land subjugated 
by 106-Down 

86 "The Last Days 
of Pompeii" 
heroine 

89 Washer setting 

92 Honors 

93 100 agorot 

94 Writer famous 
for locked-room 
mysteries 


Solution to Puzzle of May 17-18 


□arm naooa □nnnnn i 
□ritira nnnnn annnnn i 

□naannnnnnaannnan 

nnnnn nnnnn rmai 
"nnnn annni 
nnnnn nnnnn Qnijnoi 
nnnann nnnnnnnrinb 
nan rsnann nDna n 
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nnnna nnnnn nnnn 
nnmna nnnnn nnnnn 
nnnnn onnonnnnnn n 
anno nnan nnann 
arm nnnnnnnnnn nan 
M rnnnnn nnnna nn 

rannra n n"nEn n nnnnff 
n™ nnnnnn n nnnS™E! 

nnn nnnnnn Li 




PAGE 6 


SATUKPAY-SUNPAY, MAY 24-25, 1997 

EDITORIALS/OPINION 


l ines oi Pt*U» 


Herald 


INTERNATIONAL 



(tribune 


PUBLISHED WITH THE NEW YORK TIMES AM> THE WASHINGTON POST 


Russia Needs Revenues 


Not long after Boris Yeltsin resumed 
his duties as president early this year, 
he promised to overhaul Russia's dys- 
functional tax system. That effort has 
so far accomplished nothing, and Rus- 
sia must now pay the price of trying to 
operate a government reeling from' a 
free fall in revenues. 

The government’s new austerity 
plan is a painful but appropriate re- 
sponse. It will buy the Kremlin some 
time to address its tax problems, but 
budget cuts are no substitute for fixing 
a tax system that is numbingly com- 

? lex, inequitable and ineffectual. Mr. 
'eltsin must redouble efforts to sim- 
plify the tax code, spread the tax bur- 
den more evenly and establish col- 
lection mechanisms that command 
corporate and citizen respect 
For now, at least the Kremlin has 
not turned to the illusoiy solution of 
printing more rubles. That would be 
disastrous, leading to a spike in in- 
flation rates that only recently fell to 
reasonable levels. 

Instead the government proposes to 
cut the 1997 budget by 20 percent, 
leaving spending at the equivalent of 
S73 billion. Most reductions will come 
in subsidies to state enterprises, ag- 
riculture and construction, and in mil- 
itary spending. Politically, these are 
sensitive targets for Mr. Yeltsin, who 
faces a Communist-dominated Parlia- 
ment that still believes in Socialist eco- 
nomic models and military power. But 
they are the right places to cut. 

Moscow has been pouring money 
into uncompetitive state companies 
that should either close or learn how to 
survive on their own in a free market 
system. The most effective incentive 
for change is the elimination of gov- 
ernment support Inefficient agricul- 


tural enterprises carried over from the 
Soviet era are another large drain on the 
state treasury. 

The army and other military services 
have already absorbed withering 


budget reductions since the collapse o; 
heSovi 


the Soviet Union and have suffered an 
even steeper decline in prestige. The 


result is a demoralized, poorly trained 
force tl 


and badly commanded force that was 
humiliated in the Chechen war. For- 
tunately, the Russian military has tra- 
ditionally stayed out of politics, and 
mutiny seems unlikely. 

To avoid exacerbating the problems, 
the new budget reductions should be 
tied to a coherent program aimed at 
developing a smaller, better led and 
better fed military force. Russia cannot 
and need not sustain a large army, but it 
has to manage the downsizing more 
effectively. The dismissal on Thursday 
of Defense Minister Igor Rodionov re- 
moves a figure who failed to re-en- 
gineer the military to make the best use 
of dimini shing resources. 

The government was careful to 
shield spending on social welfare pro- 
grams and wages and pensions for state 
workers. The tax crisis has left millions 
of Russians unpaid for months, and 


deprived others of essential support. 

arobleins 


Mr. Yeltsin knows that these probl 
can only strengthen, the Communist 
and nationalist opposition. 

The coming test of the troika that 
now runs die government for Mr. 
Yeltsin — Prime Minister Viktor 
Chernomyrdin and his two chief depu- 
ties. Anatoli Chubais and Boris Nemt- 
sov — is tax reform. A few more years 
of plunging revenues and the govern- 
ment will be in danger of going out of 
business, financially and politically. 

— THE NEW YORK TIMES. 


A Weak Budget Deal 


The weak budget deal that Congress 


is about to endorse, pretending that it is 
itratirction. It 


strong, is based on a cant 
seeks to propitiate the great mass of the 
public and balance the budget at the 
same time. The result is a misshapen 
document that likely will not endure 
because, to protect some programs, it 
puts more pressure on others than they 
either can or ought to be made to en- 
dure. There were examples in the past 
few days in both houses. 

The Senate debated a child health 
amendment to the plan that should 
have passed in the snip of a finger, 100 
to 0. The proposal by Senatots Orrin 
Hatch and Edward Kennedy was to 
raise the tax on tobacco and use the 
proceeds partly to reduce the deficit, 
partly to help buy health insurance for 
the mostly low-income seventh of all 
children who currently lack it- The 
higher price would discourage 
smoking, and to accommodate the Re- 
publicans the design of the insurance 
programs was mainly left to the states. 
Republicans nonetheless objected. 
They did not like the tax increase, did 
not like the extra spending even for 
needier kids, and perhaps did not want 
to offend the tobacco industry, a major 
source of campaign contributions. Ma- 
jority Leader Trent Lott called the 
amendment a deal-breaker. 

The president, who has been a cham- 
pion of increased health care for chil- 
dren, not only gave in on the issue but 
also worked to switch enough Demo- 
cratic votes to defeat the measure. It is 
not clear to us that he had to do it, but he 
decided he did. That is what he has 
bought into. The White House said die 
next day that Mr. Lott will not always 
be the arbiter of what the deal does and 
does not permit. That’s nice to know. 

In die House, the likely future was 
also on display. The leaders of the 
mighty Transportation and Infrastruc- 
ture Committee were trying to bend the 
budget resolution to provide another 
$12 billion over die next five years for 
highways. The White House and Re- 
publican leadership both fought them, 
warning that the entire deal could come 
apart if they prevailed and other groups 
were then emboldened to seek similar 
increases. Even so, the amendment was 
barely defeated, 214 to 216, and of 
course the budget deal has yet to bind. 
Wait till next year, or the year after. 

The highway funds are m the part of 
the budget (operating and grant-making 
funds for. domestic agencies) where the 
negotiators ended up having to make 
their deepest cuts. You cannot cut in- 
terest on the debt. If you also decide, as 
both parties have, that it is not prudent 
to take much more from defense; if you 
don't warn to cot the great entitlements 


— the aid to the elderly that goes out in 
the form of Social Security, Medicare 
and Medicaid; and if you want to cut 
rather than increase taxes — there is no 
place else to go but this catch-all do- 
mestic category that funds everything 
from Head Start to die paries. Besides, 
the rules allow them to cap or cut future 
spending in this category as a whole 
without having to spell out which pro- 
grams will be affected. 

They get credit for having made a cut 
that no one yet feels. That is good work 
if you can get it, and this category 
would be cur by about 10 percent in real 
terms by the year 2002. That is what the 
transportation folks were bucking, and 
there are other powerful constituencies 
in the same boat. 

They may even be right. You could 
argue, as die president himself has in 
die past, that greater public investment 
in such things as transportation would 
be a good thing (although it is not clear 
that die present leaders of the trans- 
portation committee would spend the 
money in the most useful way). 

But the budget as drawn — in order 
not to give offense to taxpayers. Social 
Security recipients or other such swaths 
of the population — makes such in- 
creased investment all but impossible. 
The spending limits it does impose will 
turnout to be either damaging or fake or 
some of both. It's a bad framework, and 
it is already producing bad results. 

—THE WASHINGTON POST. 


Other Comment 


Deregulate East; Asia 


[East Asian countries] are paying 
the price of over-rapid growth in the 
early 1990s. Thailand provides a warn- 
ing dial they should not delay reform, 
even if some of the measures may 
cramp growth in the short term. 

The fact that growth rates of 5 per- 
cent are viewed as 4 ‘poor’ ’ only shows 


how high_ regional standards have be- 


come. in future, growth will be harder. 
But if countries correct their structural 
weaknesses and maintain die policies 
which allowed their economic mir- 
acles to happen — namely, high sav- 
ing, open economies, flexible labor 
markets and good education — they 
should still manage growth of 5 to 7 
percent over the next decade. 

The big worry is that East Asian 
governments, anxious to “do 
something,” will be tempted to re- 
spond to the slowdown with more in- 
dustrial policies and export promotion. 
They need to do the exact opposite and 
speed up deregulation. 

— The Economist (London). 


Ji cral unc 


ESTABLISHED 18S7 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 
C&Chuirmen 


KATHARINE P. D ARROW. Vice Chairman 
RICHARD McCLEAN. Publisher & Chief Executive 


MICHAEL GETLER, Executive Editor 


• WALTER WELLS. Managing Edita- • PAUL HORVTIZ, Deptay Managing Editor 
i KATHERINE CHARLES MTTOtELMORE. Deputy Editors • SAMUEL ABT and 

CARL GEWIRTZi Associate Editors • ROBERT J. DONAHUE. Editor of die Editorial Pages 
• JONATHAN GAC&BawKff and Finance Editor 
• REN£B0NDY, Deputy Publisher 

• JAMES McLEOD, Advertising Director • DIDIER BRUN. Circulation Director. 
Dtreaeurde la Publication: Richard McClean 


■for Asa; Ukhaet Rkiutriisoit.5CaBerlary RL 

mbsskssss: 



Caring for the World s Refugees Isn’t Optional 




W ASHINGTON — The image of 
refugees that is perhaps most 
firmly embedded in the public con- 
sciousness is of an endless stream of 
people bearing their children and 
worldly goods along a dusty road or 
over a mountain pass. But a more up-to- 
date image might be a frowning cleric 
peering out from an office cage. 

The dismal news reported by the 
private U.S. Committee for Refugees is 
the shrinking of asylum (Temporary 
protection) for many of the millions of 
refugees around die world who are up- 
rooted and have nowhere to turn. 

Contemplate the jerry-built, largely 
self-run and until now surprisingly ef- 
fective international asylum “system” 
that seeks to spare innocents die full 
brunt of national upheavals and wars. It 
entails an effort to temporarily transfer 
custodial responsibility for millions of 
vulnerable citizens to other states, which 
are aided by the international agencies 
but cany most of the load themselves. 

The sustaining hope is that even- 
tually these people will be repatriated. 
Meanwhile, they need to park some- 
where. Without asylum, me interna- 
tional machinery for surrogate care 
freezes up. The effect on nations, as on 
individuals, can be devastating. Thar is 
why it is in the universal interest to 


By Stephen S. Rosenfeld 


ensure Thar the asylum system works. 

It requires not simply generosity, 
although that is a part or re. It also takes 
fairness, which is essential in order to 
satisfy participating governments and 
publics that everyone is bearing bis 
share of the refugee burden. 

Further, making the system work 
requires respect for fundamental tenets. 
These include the right to have a safe 
haven, the right not to be forced back or 
out to an unsafe place, and the right to 
have one’s claim to asylum adjudicated 
on an individualized basis. 

The erosion of asylum, quantitat- 
ively and qualitatively, is an ominous 
global portent. 

The aid of the Cold War, compassion 
fatigue, social and economic tension, 
other political priorities: in this web 
must be sought die explanation for why 
Germany is now squeezing its 300,000 
Bosnians to return, Lebanon is resisting 
Palestinian entrenchment, Turkey has 
closed its borders to Kurds, and so on. 

Over time, the United States bas 
shown generosity to refugees and 
asylum seekers. But regrettably we 
Americans have sOme responsibility 
for the current uncertainty, if only be- 


cause of the great echo effect of even 
our small - gauge policy flaws. 

The refugee committee’s Bill Frelick 
points out, for instance, that our in- 
terdiction of Haitian and later of Cuban 
boat people in the Caribbean set an 
unhappy example of arbitrary treat- 
ment of possible refugees, although 
later both situations were corrected. 

Just recently, Washington pin in . 
plant* some immi gration-law “re- 
forms” that gravely penalize legitimate 
asylum seekers who happen to show- 
up, as such people will, without all the 
proper documents in hand. 

The United States is lucky enough 
not to five anymore in the sort of violent 
or (Cuba aside) repressive neighbor- 
hood t hat generates large numbers of 
political refugees. Europe does not 
have it so easy. The current challenge to 
asylum began, Mr. Frelick notes, when 
the Berlin Wall of cement came down 
and Europe put up a Beilin Wall of 
paper io keep om unwanted people 
arriving through Poland. Turkey, 
Ukraine, Croatia and Jordan. These 
transit SWA*, once they cannot offload 
refugees in Europe, return them to 
countries of origin or fence them out 
Bosnia’s million refugees at least 


live mostly in a well-developed region. 
^ -the: 


Europe, that could care better for them 


if only it would. But it is the ejection of 
large groups of people from their 
homes and often their homelands in 
Africa that has put the heaviest strain on 
intern ational refugee principles. 

The refusal of one after another West 
African country to allow the Bulk Chal- 
lenger to discharge its load of Liberian J 
refugees last year is only die most con- 
spicuous instance of the lapses of asylum 
policy on the African continent. 

Far the worst was the flight of the 
survivors of Rwanda’s genocide to 
eastern Zaire. There they became not 
the protected wards of a responsible 
government but captives and hostages. J 
of their erstwhile murderers in circum- 
stances in some respects worse than 
those they had fled. 

Bitter debate is still ringing in the 
refugee and relief communities over 
whether die agencies should have con- 
tinued supplying aid to die Rwandans 
after learning how it was being abused. 

A strong case can be made that a wise t 
asylum policy is in the U.S. national . 
interest: It contributes to stabi li z i ng 
whole countries and regions under great ; 
duress. The deeper question remains of . / 
what kind of world Americans want to 
live in. Surely it is one that will extend a 1 
hand to people with no place to go. 

The Washington Post. 


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While the Politicians Waste Time, Greenspan Does His Job 


Kfi. 


W ASHINGTON — If there 
was any doubt about who 
is the most influential official in 
Washington, this past week 
settled it It is not Bill Clinton or 
Newt Gingrich or Trent Lott. It is 

the dmtrman pf th e Federal Rg- 

serve Board, Alan Greenspan. 


By David S. Broder 


President Clinton, Speaker 
Majority 


Gingrich and Senate 
Leader Lott were barely able to 
squeeze a minimal budget res- 
olution through Congress. Mr. 
Greenspan decided to let the 
economy go on growing, rather 
than apply die brakes with an- 
other boost in the interest rates. 

Main Street and Wall Street 
cheered Mr. Greenspan'smove. 
The country mostly yawned at 
the “great achievement” for 
which Messrs. Clinton, Gin- 
grich and Lott were congrat- 
ulating themselves. 

At the start of this year, Mr. 
Lott looked like the new force. 


Just last week, when he tried 
to deliver for the conservatives 
by getting a veto-proof majority 
for the ban on partial-birth abor- 
tions, he came up three votes 
short, this time with four Re- 
publicans breaking ranks. 

Still, Mr. Lott is in better 
shape than Mr. Gingrich, whose 
authority has been weakened 
since the House voted a formal 
reprimand and a $300,000 pen- 
alty for his violation of hs rules. 
A wise Republican elder told 
me that there would be no coup; 
in fact, he said. “Newt's 
strongest support anywhere is 
right here m the Republican 
cloakroom, because we realize 


how vital be was to our finally 
winning control of this place, 
and we also know we have no 
one to replace him right now.” 

“But/' he continued, “die 
closer we get' to the 1998 elec- 
tion. the mare vital it will be for 
Gingrich ro improve his stand- 
ing with the public.” Current 
polls show his approval ratings 
stuck in the 30s. 

The same polls show Mr. 


at or near the 60 parent leveL 
But he faces a sea of troubles. 

The Supreme Court will rale 
within the next few weeks 
whether the civil suit of Paula 


Corbin Jones alleging sexual 
harassment may proceed or 
must wait for Mr. Clinton’s de- 
parture from the presidency. 

Later, the justices will hear 
Mr. Clinton's appeal of a lower 
court rulin g that White House 
lawyers who interviewed Hil- 
lary Rodham Clinton before 
and after her appearance before 
the Whitewater grand jury most 
mm over their notes to the 
Whitewater independent coun- 
sel, Kenneth Starr. 

Meantime, four investiga- 
tions are under way on the fi- 
nancing of Mr. Clinton’s re- 
election campaign — one in the 
Senate, one in the House, one 
by die Federal Election Com- 
mission and the last by the 


Justice Department and a team 
of FBI agents. 

Potentially most serious, 
grand juries in Washington and 
Arkansas are considering ev- 
idence amassed by Mr. Starr 
and his investigators. 

By comparison. Mr. Green- 
span sails serenely on, praised' 
for the economic wisdom that 
has sustained this long, infla- 
tion-free economic boom by 
making what appear to be all the 
right calls cm die timing and di- 
rection of adjustments to interest 
rates and the money supply. I 

Last week die National Jour- 
nal proclaimed that Mr. Greeny A 
span was “the best pol in” 
town.” Who’s gonna argue? ‘ 
The Washington Post. 


FRAACE: 


(V. 


Ir.u i-d firm* ftp I 


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In France, a Campaign of Wasted Opportunity 


He showed his legislative skills 
in the final months of the 1996 
session, after Majority Leader 
Bob Dole turned over die office 
to him and left for the pres- 
idential campaign trail. Mr. 
Lott’s hand, was strengthened 
by the voters in November, 
when Republicans added two 
seats to their Senate majority. 

But this year bas been a de- 
flating experience. The Missis- 
sippi set out to get die bal- 
anced budget amendment to the 
Constitution through the Senate. 
Instead, like Mr. Dole before 
him, he came up one vote short 
He lined up every Republican 
bur was unable to put enough 
political pressure on wavering 
Democrats to get that 67th vote. 
Instead of a notch on his belt he 
wound up with egg on his face. 

Then he triggered a rebellion 
among his troops by deciding ai 
die last moment to join Mr. 
Clinton in supporting ratifica- 
tion of the chemical weapons 
treaty. Almost half the Senate 
Republicans rebelled 


JJARIS — France votes this 


Sunday for a new National 
Assembly. The leading candi- 
dates who fail to win a majority 
this weekend will go into a run- 
off vote die following Sunday. 

President Jacques Chirac 
says he called this election a 
year earlier than necessary be- 
cause his conservative govern- 
ment needed "a new dlan” in 
order to take Fiance into the 
single European currency next 
year. Critics have asked how a 
new 61 an would come from his 
governing coalition’s loss of 
seats, die foreordained outcome 
in view of the present unpop- 
ularity of Mr. Chirac ana his 
prime minister, Alan Juppd. 

European union has scarcely 
been mentioned again since the 
campaign began. Nor have the 
conservative parties clarified 
what they propose to do that 
would in any serious way differ 
from the policies on Europe, the 
single currency or the national 
economy that die outgoing go v- 


By William Pfaff 


of employment turns into self 


eminent was following before 
this election was called 
On neither right nor main- 
stream left has the campaign 
producsd a serious challenge to 
the intellectual structures within 
which the problems of France 
have been analyzed since Mr. 
Chirac became president two 
years ago. This is of consider- 
able significance because impor- 
tant issues confront the country, 
which nearly everyone under- 
stands ought to be debated 
The failure to establish acon- 
crete debate has provoked in- 
difference and even anger 
among the electorate that voters 
should be asked to make what 
now can be no more than a 
generalized expression of pref- 
erence between right and left 
The choice between the right 
and a Socialist Party morally 
ravaged by the legacy of Mir- 
terrandism was made two years 
ago, with Mr. Chirac's election. 


Much Tolerance of Heroin Chic 


si 


N EW YORK — “The 
fashion industry should 
not be the easy target to blame 
for society 's woes, ’ ’ said Fern 
Mallis, executive director of 
die Council of Fashion De- 
af America. 

. Mallis said this the day 
after an article appeared on the 
front page of The New York 
Times about the delayed im- 
pact on the fashion industry of 
the drug-overdose death of a 
fashion photographer, one of a 
school specializing in a par- 
ticular land of drug-pushing. 

Paid by some magazines 
and designers, these photo- 
graphers take pictures of fash- 
ion models they think sexy, 
who are carefully made up and 
d to look like strung-out 
addicts. 

article, by Amy M. 


By A. M. Rosenthal 


Ms. Mallis also said that 
drugs were not fashionable, 
and that a “serious look” 
should now be taken. She is 
right up to step there. 

Magazines that used drug- 
fashion pictures are looking 
for something rather more up- 
beat following the example of 
magazines that once gave us 
child pom and anorexia until 
the heat came. 


• The president himself, for 
damaging his own anti-drug 
work by choosing diplomacy 
over reality; refusing to cite 
Mexico for not living up to its 
anti-drug promises. 

• America's leading intel- 
lectuals. I hope they get behind 
the drug war. Yes. it is a war, 
although the current drug czar 
does not like to call it than It is 
a war in the same sense as the 


wars against poverty and the 
diseases that mugs spn 


Drop glorification has' been 


part of fashion photography 
for much of the ’90s. Exactly 



Spindler, an outstanding piece 
of journalism w - "" 


(IHT, May 21), 


gave a healthy shock to people 
ting Bill 


who read it, including 
Clinton. Ms. Spindler said that 
almost four months after the 
photographer's death, his 
fashion industry customers 
were admitting that his land of 
photos reflected use of drugs 
among the industry's young 
people, glamorized heroin ad- 
dichan and had a seductive 
power that caused damage. 

But obviously it wftl take 
Ms. Mallis more time to getthe 
point. The whole fashion in- 
dustry certainly is not to blame 
for society's woes, nobody 
said it was, but part of it cer- 
tainly is. That is me slice of the 
industry that produces, orders 
and buys this fora of photo- 
graphy — and the fashion jour- 
nalists and critics who have 
been hyping or promoting it 


bow diny, disheveled models, 
staring barely conscious at 
nothing, arouse in consumers 
either sexual lust or the desire 
to buy clothes and magazines 
I cannot imag ine. 

Matter of taste. But why did 
it take so long for editors and 
publishers of these magazines 
to decide that drug-pushing 
photography should be out? 

All right, now that we feel 
all aglow pointing om the fash- 
ion industry's sins, let's look 
at others in society who are 
part of the problem. Such as: 

• Foundations, journalists 
and academics who push re- 
laxation of anti-drag laws. 
Usually they maintain that 
they are really against com- 


plete legalization. But they 

:funds 


sneer at and try to reduce 1 
for one essential in lowering 
drug use — law enforcement 
• Politicians who haggle 
over the budget of the dreg 
war. They push funds back 
and forth among the three es- 
sentials, shortchanging either 
law enforcement, interdiction 
or availability of therapy. 


igs spread. It is 
a war not against drug addicts, 
except the criminal, but in part 
to help them recover. Mostly it 
is a war for the positive goal of 
preventing more young people 
from ruining their lives, and 
the national peace. 

Few prominent writers, fic- 
tion or nonfiction, who oppose 
the spread of narcotics use 
their talents against poisoning 
society by drugs, as they did 
against poisoning it by hunger 
or racial hatred. 

Except among children, 
drug use is decreasing — the 
result of the drug war. But the 
noise, influence and funding 
of those against the drug war 
are increasing. A miasma of 
opposition arises from many 
who consider themselves in- 
tellectual. From those who 
achieved national fame from 
their books,, movies and plays 
comes mostly silence. The 
drug war could use some help 
from writers read and admired 
across the country. 

So who of virtue is left? Just 
me and thee. But me and thee 
are not doing at all well 
enough — or we would have 
been in there howling down 
heroin chic years ago. 

77if New York Times. 


and with the election in 1 993 of 
the outgoing Parliament. There 
has been only die slightest 
chance that this verdict would 
be reversed in this election. 

The campaign has been para- 
lyzed by an unwillingness to 
critically engage an economic 
orthodoxy responsible for the 
fiscal constraint which, largely 
on German initiative, have been 
imposed upon membership in 
the single European currency 
and have crucially contributed 
to France's very high level of 
unemployment. 

Yet this orthodoxy, largely 
Anglo-American in origin, is 
ripe for challenge, not only in 
intellectual terms but because 
of the devastating social con- 
sequences it has produced in 
much of the European Union. 

Virtually everyone in France 
would agree that unemploy- 
ment is the most important so- 
cial problem the country faces. 
Its solution is crucial to success 
in dealing with France’s im- 
migrant problem, the other big 
concern of voters. 

Immigrants and the children 
of immigrants are the segment 
of society worst touched by un- 
employment Yet young immi- 
grants in France are by inter- 
national standards extremely 
well educated, and are ambi- 
tious and anxious to work. If 
they had jobs they could be ex- 
pected to successfully pursue 
the course of integration into 
mainstream society followed by 
earlier immigrant generations. 

If integration and assimila- 
tion of these young people does 
riot succeed, France risks their 
lasting alienation. The risk is of 
an eventual refusal of integra- 
tion, and the development of a 
culture of resentment and de- 
pendence in which present lack 


perpetuating unemployability. 


bas already happened m 
the American inner city and in 
the old industrial North of Eng-, 
land, but not yet in France. 

The European Union’s mem- 
bers have committed them- 
selves to profoundly deflation- 
ary fiscal policies, producing 
unemployment, in order to meet 
criteria that they have diem- 
selves arbitrarily set for mem- 
bership in the single currency. 
Those criteria exclude consid- 
erations of employment, social 
justice or social solidarity. 

It has been a grave error, yet 
in principle a correctable one; 
But that has not been said in the 
mainstream campaign. ~ 
Other well-known causes of 
unemployment are fiscal and 
administrative obstacles to job 
creation, much greater in 
France than in many other ,, 
countries, and far worse than in yr 
the countries that are success?, 
folly creating jobs, Britain and 
the United States. 

This has been discussed in 
the campaign, but without ur- 
gency or indication of a real 
determination to override cor- 
poratist obstacles and make 
deep reforms in employment 
and company legislation. 

If the election yields margin- 
al and apathetic confirmation of 
the conservatives in power, a 
large rate of abstention and a 
voter judgment that the election 
has been a wasted exercise, the 
next five years win probably be 
a period of much unrest, and it is 
possible that a crisis in the polit- 
ical system, and in France’s at- 
tachment to the European Un- 
ion, could result 
Whatever the election was 
thought to be for, it has proved a 
failed opportunity. 

International Herald Tribune. 

© Los Angeles Times Syndicate. 




RDONESIAj 


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IN OUR PAGES: 100, 75 AND 50 YEARS AGO 


1897: Spanish Liberals 

PARIS — The intentions of the 
Libera] party in Spain is to sub- 
stitute the policy of resistance in 
Cuba. According to Senor 
Sagasta’s plans. General Wey- 
ler will be recalled from the 
island and replaced by General 
Campos, with a programme of 
conciliation and reforms. There 
is fear that the change of policy, 
coming ar the time the Amer- 
ican Senate has recognised the 
Cuban chiefs as belligerents, 
will be interpreted as weakness 
on the part of Spain. 




. t''.,*? 0 in Fovernroci 

c,vU * 


from a woman’s mouth. Today,’ 
the exhibition suggests that the- 
gentle sex is preparing to make 


- Jr, n ’ A , s h 7 V uvs nunenj 
u,e find any 
. w-'no spoke ■ 


Ana 



m P‘oymem 
_ ‘fo.s u j 10 s autocratic 


vulgar masculine article; but it is 
a pipe ail the same. How the 
Victorian great-grand-mothers 
would have swooned in horn# 
at the idea! 




'"Thssi 


,Snot apresii 


1947: Indian Partition - 

LONDON — The British Cab- 


inet approved the plan of Vis- 


•Itjng 

marine 

Qr PaCe llS^^ eQl -‘ M 


1922: Tobacco Fads 


PARIS — An Exhibition of the 
Tobacco Trade in London is the 
occasion to discuss the present 
status in public opinion of the 
tobacco-using habit. The ciga- 
rette has come largely into 
vogue. Two generations ago 
Dickens expressed his wonder 
at seeing tobacco smoke issuing 


count Mountbatten of Burma! 
Viceroy of India, ro partition 
India into Hindu and Moslem 
areas as a means of organizing 
the country for its independence; 
by June. 1948. Mr. Attlee's 
move appears, however, to have 
railed in its original purpose! 
Hindu and Moslem leaders 
have refused to abandon their 
rival claims and the nation is 
tom . by communal disorders 
verging on civil war. 




7s elector . vo 




^^u a,re adv?h Ueinc 
l, ^ard7, } th e rums 


** an un 





INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAi, MAY 24-25, 1997 


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IRAN: 

Long Lines at Polls 

Continued fr om p age , 

• In recent weeks 
faced an unexpected! •“* 

from Sayed Mohamm c * la H en ge 

^ head of the naiion^Uib? Kh “ lemi * *e 
• culture minisTer Jh^' *?* * former 

laxed views on s^ al ^L re, ^ veI y rc ‘ 

ters have won him wiH^ d culluraJ *na- 
students and imellectiSs UPP ° n 

pe5S ,o tel?' wrr no, ex- 

*««££*«» 
fo^x^Fri^ ,en,aUvels, ^^uled' 
r , reckonings, the outcome of 

havior such as women's dress? 

wSf 1 ? 11 ? to P° Utical analysts and 
foreign diplomats, a Khatemi victory 

Si? 11 1 f y a more relaxS 
social atmosphere and possibly greater 
political pluralism, but would probably 

effect on Iran's 
hostile attitude toward the West. The 

^eludes two other candidates who 
not considered serious contenders* 
Mohammed Reyshari, a hard-line 
former intelligence minister, and Reza 
Zavarei. the deputy head of the judi- 
ciary- J 



JAPAN: Economy Starts to Come Back 


Continued from Page 1 


ness,*’ Mr. Matsushita said earlier this 
month. “Looking at the recent strength 
in the cyclical mechanism, there is a high 
possibility that the trend of economic 
recovery will continue.” Furthermore, 
top business executives are showing 
confidence in the economy for the first 
time is five years. 

When the yen hit a record high of 80 
against the dollar in April 1995. Shoi- 
chiro Toyoda, chairman of the Keidan- 
ren business lobby, lost no opportunity 
to warn of the dents the strong yen was 
making in Japan's economy. 

These days, Mr. Toyoda. also chair- 
man of ^ Toyota Motor Corp., is trying to 
push die yen higher. He has repeatedly 
said Japanese manufacturers could live 
with a stronger yen, despite the loss in 
competitiveness that it represents for 


exporters such as T^ota. Earlier this 


Ml (baiJw/Hlr .WviH'd IVn* 


Iranian women waiting to vote Friday in Tehran. The polling hoars were extended hwm i ff of the High turnout. 


In Akbarabad, a grimy working-class 
suburb southwest of Tehran, voters lined 
up outside a telecommunications office 

— men m one line, women in another 

to write their choices on paper ballots, 
then drop them into a cloth-covered box 
sealed with wax. A bearded cleric in a 
white turban, seated next to the box, filled 
put ballots for those unable to write. 

"People are more excited about this 
election than before," said Fatah Asadi, 


28. the chief of the polling place and 
head of the telecommunications office. 
“They want to participate in the future 
of their country.” 

Mr. Nateq-Nouri, 54, enjoys the sup- 
port of key government ministers and 
state-run broadcast media and is widely 
believed to have the backing of Iran's 
religious leader. Ayatollah Sayed Ali 
Khamenei, who recently urged voters to 
reject any candidate “who shows the 
slightest sign of leniency to the U.S." 

For that reason, many Iranians be- 
lieved the vote would be rigged against 
Mr. Khatemi, whose campaign 
headquarters was temporarily shut down 
Monday on grounds that it was improp- 
erly situated in a government building. 
Hie headquarters was allowed to reopen 
the next day after campaign officials 
proved that they were renting the office 
from the municipality of Tehran, ac- 


cording to a Khatemi adviser who spoke 
on condition of anonymity. 

Similarly, the interior minist er this 
week imposed a last-minute ban on out- 
door political rallies, forcing Mr. 
Khatemi to cancel a speech at a stadium 
in Tehran on Wednesday afternoon. 

“They understand that they’re los- 
ing,” the Khatemi adviser said. “People 
are really looking for changes.” 

Despite such obstacles. Mr. Khatemi 
has continued to gain support, partic- 
ularly in Tehran, where his campaign 
posters are taped to car windows or 
plastered on walls throughout die city of 
12 million. Many of Mr. Nateq-Nouri’s 
posters have been defaced with black 
spray-painL 

“The reason people are excited about 
Khatemi is he's religious and he’s also 
intellectual,” said Mehdi Musavi, 32. 
who manages a trading company in 


Tehran, as he waited outside a polling 

tood of 


place in an affluent neighborhood 
north Tehran. “We have seen Nouri for 
eight years on television, so maybe 
people are tired of him.” 

Since Ayatollah Khamenei will re- 
main as religious leader, Mr. Musavi 
said, “we are not going to have any big 
changes.” But some things would be 
different, he said, if Mr. Khatemi won. 

"Certainly it will be more relaxed.” 
Mr. Musavi said. • 

Mr. Khatemi also seemed to have 
many supporters in Akbarabad, where 
an increase in bus fare sparked major 
rioting in April 1995. 

“He’s educated, open-minded and he 
knows everything,” said Bchnam Rafie, 
24, a recent university graduate who just 
began his two-year compulsory military 
senate. “We want to have an open 
policy toward all countries.” 


FRANCE: Its 2-Stage Elections 9 Starting Sunday , Shape Up as a Choice Between Futures 

Continued from Page 1 


forced to work with Mr. Seguin or with a 
Socialist prime minister, Bench policy 
would almost certainly become a series 
of compromises. Such a government, 
heeding social peace, would be tempted 
^ to shun any significant overhaul in 
France’s public sector, still the largest by 
far in Western Europe. 

So the election involves high stakes 
for France, Europe and international in- 
vestors — so high, in fact that gov- 
ernment and opposition candidat es alikpi 
have been inclined to fuzz the issues in 
the campaign rather than dramatize the 
choices. 

French voters say in polls that they 
have lost confidence in their leaders' 
ability to manage the basic adjustments 
that seem necessary for Ranee to meet 
the pressures ■ of global economic 
changes, apparently because none of the 
parties has delivered on promises over 
the years to ease unemployment, the 
main preoccupation of French voters. 

~ Trying to articulate the stakes in this 


election, Mr. Chirac said late in the 
campaign that France needed a power- 
fully united government in the months 
ahead: “a single voice, and a strong 
one.” That would enable France to de- 
fend its interests and wield maximum 
leverage in bargaining with other gov- 
ernments about tbe terms of a single 
currency, the future shape of European 
political cooperation and a bigger voice 
for Europe in NATO. 

France would be handicapped, Mr. 
Chirac warned, by another period of 
“cohabitation” in which be had to work 
with a Socialist-led government and Par- 
liament. Appealing to many French 
voters as a reassuring political balance, 
the arrangement can also be a recipe for 
stagnation. 

A conservative defeat in Ranee is 
considered unlikely, judging from the 
attitudes of analysts, politicians and in- 
vestors who have access to poll data that 
are banned from publication ahead of the 
vote. 

A question mark is the size of the 
protest vote, probably channeled through 


die extremist National Front of Jean- 
Marie Le Pen. If its candidates get enough 
votes Sunday, they can gore mainstream 
conservatives in three-way runoffs and 
open the door for die Socialists. 

Mr. Chirac, sometimes taxed with act- 
ing impulsively, seems to have got the 
timing right in calling a snap election. 
Caught flatfooted, the Socialists ran a 
campaign that seemed devoid of any 
lessons learned from their defeat at die 
end of die 1980s and conspicuously 
lacked the realistic tone that helped La- 
bour win in Britain. 

In France, divisions appear starkly 
defined. Mr. Chirac wants to accelerate 
action to restructure tbe economy — in- 
cluding privatization, welfare cuts, great- 


wants to renegotiate the European cur- 


rency pact to include Italy. He opposes 

muitary 


er labor flexibility — and pursue tighter 
Em 


integration with Ranee’s European part- 
ners and with the United States. 

In contrast, die Socialists, backed by 
die small Communist Party, want to 
slow and cushion change by halting pri- 
vatizations and subsidizing several hun- 
dred thousand new public-sector jobs. 
The Sod ali st leader, Lionel Jospin, 


Mr. Chirac's moves to resume 
cooperation with NATO. 

Perhaps blurred in the lackluster cam- 
paign, these choices apparently seem 
fundamental to Chancellor Helmut Kohl 
of Germany, who last week pointedly 
conferred with Mr. Chirac. Hie meeting 
was read in Fiance as a deft signal of 
support. 

A Socialist surge in France would 
have ominous implications for Mr. 
Kohl. After Labour's victory in Britain, 
it would contribute to a bandwagon ef- 
fect favoring Germany's Soda] Demo- 
crats. If Mr. Jospin won a voice in 
French policy, it would practically end 
die chances of creating a single Euro- 
pean currency next year. 

In contrast, Mr. Chirac will be em- 
boldened to press die pace with Ger- 
many' if tbe governing coalition sur- 
vives. Paradoxically, a reduced majority 
could broaden the government’s pop- 
ularity in the nation if Mr. Juppe has to 
take m powerful conservative leaders. 


week, he said he could live with the yen 
at up to 1 10 against the dollar, an an- 
nouncement welcomed by U.S. and 
European carmakers, who are feeling the 
heat of resurgent Japanese competition. 

Moreover, Japan's major exporters 
have become so competitive again that 
Trade Minister Shinji Sato invited their 
top executives for tea last month. Afraid 
they could start another trans-Facific trade 
dispute, he urged them to rein in their 
exports, especially to the United States. 
Japanese news media reported Thursday 
that Toyota had decided to do precisely 
that, but company officials denied it. 

Mr. Sakakibara said he detected a 
“correction of excess pessimism * ’ about 
Japan's economy in the yen's recent 
rally against the dollar and in rises in 
long-term interest rates and share 
prices. 

On Friday, Mr. Sakakibara told the 
French newspaper Le Monde that the 
Bank of Japan was likely to increase its 
key interest rate by half a point in the 
coming year. 

Tbe yen has rallied from a near five- 
year low against the dollar of 127 yen on 
May 1 to 116 yen on Friday, a rise of 9 
percent in three weeks. The benchmark 
bond yield has risen from an average 
232 percent in March to 238 percent on 
Friday. That rise reflected fears the Bank 
of Japan could soon raise interest rates as 
the economy appeared to gather speed, 
economists said. Meanwhile, the bench- 
mark Nikkei average of 225 stocks has 
risen from 17,486 cm April 10 to close at 
20,009 on Friday, a gain of 14 percent 

When the Finance Ministry went 
ahead with unpopular tax increases last 
month, private economists were gloomy 
aboat prospects. But dial fear is be- 
ginning to wane. 

“The returns coming through across 
the board suggest the hit from the tax 
hike will be a one-quarter affair,” 
Cameron Umetsu, senior economist at 
UBS Securities, told Bloomberg News. 
“Tbe negative impacts will be short- 
lived and not too deep.” 

Strong exports, fueled in part by the 
yen’s two-year slide against the dollar, 
are allowing manufacturers to keep fac- 
tories humming even as sales within 
Jroan decline. 

ui tbe year that ended March 31, Ja- 
pan’s growth rate reached 23 percent, 
the strongest expansion among the 
world's industrialized nations. But econ- 


omists feared that the increases in taxes 
on consumption, income and health care 
could derail Japan's recovery. Some 
private economists worried that growth 
could slump to less than 1 percent in the 
year ending next March. Indeed, the tax 
increases sent car sales in April sliding 
12.7 percem and department store sales 
tumbling 14.4 percent compared to a 
year earlier. 

But Mr. Sakakibara insisted that those 
declines were temporary and that Japan 
was on course to meet die government's 
forecast for economic growth of 1 .9 per- 
cent in the year that ends next March. 
Moreover, Mr. Sakakibara said the gov- 
ernment might be forced io raise its 
growth forecast this summer, depending 
on the strength of the economy over the 
next six weeks. 

“There may be some slowdown in tbe 
first quarter of fiscal 1997. But ir’s prob- 
ably going to be smaller than many people 
expected, said Mr. Sakakibara. who is 
known as “Mr. Yen” for the impact his 
comments have on currency markets. “I 
am an optimist on the Japanese economy 
and Japanese corporations. Japanese 
companies have been competitive and 
will remain competitive.” 

The biggest winners in Japan's eco- 
nomic turnaround so far are the nation's 
carmakers. After five tough years, they 
have, one after another, announced 
sharp rises in profits and as a group have 
grabbed 2 percent more of the U.S. car 
market. One in every four cars sold in the 
United States is now Japanese. 

Partly as a result, carmakers unveiled 
sparkling results earlier this week. 
Honda Motor Co. said Tuesday that its 
profits more than tripled as cost-cutting, 
a new product line-up and the weaker 
yen bolstered sales at home and abroad. 
Honda said consolidated net profit for 
the year that ended March 31 rose 212 
percem to a record 221.17 billion yen. 
That dwarfed its previous record of 
1 463 billion yen in tbe year that ended in 
February 1986, the company said. 

All this success comes despite Japan's 
failure to fully deregulate Its service 
sector, although it is slowly moving in 
that direction and insists it will continue. 
It also comes despite the continued fra- 
gility of its financial sector, on view 
once again Friday when a major bank, 
said executives would resign over a 
racketeering scandal and a major broker- 
age said an affiliate would become die 
fnst Japanese brokerage to collapse in 17 
years. (Page 9) 

Analysts expect it will take at least 
three more years for banks to write off 
the bad debts they suffered after lofty 
real estate, prices collapsed in 1992. 

Still, the biggest challenge now for 
Japan is to use its thriving manufacturing 
sector as die rocket for its economy with- 
out sending its trade surplus into orbit 
Economists fear dial would trigger a new 
trade dispute with the United States, un- 
dermining business confidence and hurt- 
ing Japan s economy. 

Last month, Japan’s trade surplus 
soared as the weak yen and booming car 
exports coincided with a slowdown in 


imports following the tax increases in 


April Ministry of Finance data released 
Monday showed Japan’s overall cus- 
toms-cleared trade surplus rose 164 per- 
cent from a year earlier to 8313 billion 
yen. 


INDONESIA: Bequeathing the Power? 


Continued from Page 1 


businessman and tbe second son of Mr. 
Suharto, is party treasurer. Both are first- 
time candidates for election to Parlia- 
ment in the voting Thursday. 

■ Golkar is certain to win more than 
fwo-thirds of the vote. 

- Abdurrahman Wahid, a critic of the 
government who is head of the 34-mil- 
lion-member Nahadlatul Ulama, the na- 
'7'tion’s largest Muslim org anizati on, has 
appeared on numerous occasions with 
Mrs. Rukraana during the campaign. 

He praised her as one of the country’s 
“rising stars" who had a genuine in- 
terest in national development The 
praise is significant' in part because the 
MusKm-oriented United Development 


Party has been gaining appeal on the 
strength of popular resentment of die 
Suharto regime. Golkar is seeking to 
counter that appeal by financing the 
kinds of Islamic welfare projects that 
Mrs. Rukmana has associated herself 
with. 

“Her performance in the campaign 
positions her for a place in her father’s 
next cabinet,” a Western diplomat said 


Friday, referring to the widely expected 
"Mr. Suharto in March for a 


JAKARTA: 

Riots End Campaign 


Continued front Page 1 



its.-n*! 



“festival of democracy” advertised by 
tbe government. 

- a number of incidents have been 
touched off when rival groups clashed 
Gke American street gangs after flashing 

their parties' hand signals— a* ‘V sign 

for Golkar, a thumbs-up for the United 
Development Party- 

- Golkar is assured of an overwhelming 
*a in part because millions of people in 

military and in government service 

from teachers to civil servants — 

must vote for tbe government party. 

But it was hard to find anyone on the 
streets of the city who spoke in favor of 
►the government They talked of cor- 
niprion and unemployment and in- 
justice, but the passionate issue appeared 
to be Mr- Suharto’s autocratic rule. 


vote in 
tbe 








kJSS 




f*A 


“This is not democracy; this is 
-- "V oower ” said a man who declined to^ye 

V* .-yjr: ?*?**!&*& “This is not a president; tins is 

^ Even a 28 -year-old marine lieutenant 
who said his orders were to bar op- 

SSition demonstrators, said it was time 

not oust MrVSubarto. Voters are to 
choose 425 elected legislators, who will 

rr^ Mr Suharto has not an- 


re -election of 
seventh five-year term as president al- 
though he has not formally confirmed 
that be would run again. 

If he is re-elected, the vice presidency 
will be a critical appointment. Under the 
constitution, the vice president would 
succeed tbe president should he die in 
office or be incapacitated. 

The president and vice president are 
chosen by an electoral college, known as 
the People’s Consultative Assembly. It 
is made up of the 425 elected members 
of Parliament 75 appointed members 
who represent the armed forces, and 500 
other delegates nominated or approved 
by the president 

* ‘The Suharto family does not need to 
be chosen as president or vice pres- 
ident” Mrs. Rukmana said during the 
campaign. 

The issue of succession is particularly 
sensitive because Mr. Suharto's prede- 
cessor, the country's founding president 
Sukarno, was obliged to hand power to 
Mr. Suharto, a former array general, 
following a bloody coup attempt in 1965 
that the military blamed on Commu- 
nists. . , ... 

The succession is also sensitive be- 
cause there is widespread jealousy and 
resentment among Indonesians at the 
Suharto family’s rapidly growing busi- 
ness fortunes. . „ t , 

Critics contend Mr. Suharto s rela- 
tives and friends are often favored with 
large gove rnm ent contracts, concessions 
and permits, and frequently chosen as 
joint venture partners by foreign in- 
vestors in major projects because they 
are dose to the center of political 


In German Court, 
Serb Gets 5 Years 
For War Crimes 


Reuters 

MUNICH — A 34-year-old Bos- 
nian Serb was found guilty Friday 
and sentenced by a German court to 
five years in jail for taking part in a 
massacre of Muslims during the war 
in Bosnia. 

Novislav Djjajic was found guilty 
by a Bavarian state court of 14 
counts of acting as accomplice to 
murder and attempted murder. 

Mr. Djajic’s lawyer said be 
would appeal the verdict 

Judge Ermin Briessmann re- 
called how Mr. Djajic, along with 
other Bosnian Serb troops, had lined 
up 15 Muslim men cm a bridge near 

and shot 14 of them in revenge for 
the killing of Serbian soldiers by a 
land mine. 

Judge Briessmann said there was 
no doubt that Mr. Djajic had been 
present but that it could not be 
proved that he had pulled the trig- 
ger. 

German federal prosecutors took 
cm tbe case because of an overload 
at the United Nations war crimes 
tribunal in The Hague. 

Mr. Djajic’s lawyer, Wolfgang 
Dingfelder, said the German court 
had no right to try his client because 
the three-and-a-half year Bosnian 
conflict was “an internal civil war*' 
and not an international conflict. 


CONGO: Kabila Snubs Popular Politician 


Continued from Page I 


At his news conference, Mr. TsJri- 
sekedi did not directly ask his fanatical 
supporters in the city of 5 million people 
to take to the streets. He appeared to 
leave die door open for talks with Mr. 
Kabila, acknowledging that the guerrilla 
leader deserved to be president but in- 
sisting cm “popular legitimacy.” 

Marsha] Mobutu, who went into exile 
on Sunday, arrived in Morocco from 
Togo, cm the official plane of the To- 
golese president, Gnassingbe Eyadema. 

The Moroccan gov e rnment issued a 
stat em ent Friday saying King Hassan II 
had granted Marshal Mobutu's request to 
spend “several days” in Morocco before 
moving on to a permanent destination. 

Insecurity, the presence of foreign Af- 
rican troops and the absence of Mr. 
Tshisekedi from Mr. Kabila’s first, and 
still incomplete, government are all ele- 
ments in a mood of uncertainty in Kin- 
shasa. 

After tbe euphoria of last weekend, 
the capital of Congo is a jumpy and 
worriedcity. 

Across tbe city, ordinary people re- 
port criminal and high-handed brihavior 
by men claiming to be in the alliance. 

More ominously, there is growing re- 
sentment about the presence of Rwandan 
and probably other foreign troops in the 
city. The alliance has worked hard for 
months to deny and conceal the involve- 
ment of such troops but in Kinshasa, now 
that the goal has been reached, the ev- 
idence is overwhelming. 

Many speak only English or Swahili, 
an impossible combination for Zairian 
nationals. Kinshasa's newspapers say 


the forces include Rwandans, Ugandans. 
Burundians and Angolans, recruited to 
the cause of toppling Marshal Mobutu. 

Mr. Tshisekedi voiced the opinion of 
many when he thanked neighboring 
countries for their help. 

“But I am asking them to recall their 
forces,” he said, “so that Zairians can 
resolve their problems between Zairi- 

___ J» 

ans. 

Mr. Tshisekedi defended his demand 
for the prime ministership — which Mr. 
Kabila rejected, doing away with the 
post altogether — saying that tbe mostly 
nonviolent resistance he led bad paved 
the way for Mr. Kabila’s 7-month re- 
bellion against Marshal Mobutu. 

Giving the new government a more 
sympathetic reception, tbe South African 
deputy president, Thabo Mbeki, said he 
would not tiy to persuade Mr. Kabila to 
include Mr. Tshisekedi and warned 
against pressure for quick elections, say- 
ing there were obstacles to achieving a 
fair vote so soon after taking power. 

“It would be unfair to say to some- 
body who walked into Kinshasa the day 
before yesterday: ‘Set a date for elec- 
tions.’ They can't, and if they did it 
would be entirely a thumbsuck,” Mr. 
Mbeki said, speaking in the Zimbabwe 
capital, Harare. (Reuters, AP ) 

■ Borders Still Closed 


PILOT: 

A General Discharge 

Continued from Page 1 


Mr. Kabila’s security forces kept the 
borders of Congo closed Friday, despite 
pressure from foreign diplomats and 
dozens of journalists trying to leave, 
Reuters reported. 

No explanation has been given for 
stopping people from leaving Kin- 


EU: Blair Pledges to Pursue 6 Constructive Agenda 9 With Europe 

Continued from Page 1 


^Mrs Rukmana controls a toll-road 
company, PT Qtra Marga, and Mr. 
Bam bang owns a majority share in PT 
Bimantara Citra, a telecommunications 


10*7: 



^Together they and other members of 
Ac family own a vast business empire 
that reaches into virtually evety sig- 
nificant sector of fee economy, includ- 
inc banking, telecommumcations, 
power generation, petrochemical, slop- 
{ring, automotive assembly, ho- 


r" Thou eh Mr. Suharto has not an- 

nouncAmtentions/tefeb^CTedto 


tels and television. „ ,, Trt 

•They have a Jotjo 




H* W 

ink* **»;!?* 


- lJjP - * 

v .j 

r 


nounced his uhhmw» the 

benlanning to continue m office. But he 
75 m£ already fee nation looking 
ahead, toward an uncertain future. 


donesian executive said Friday 
Suharto will do weij^jng 
I . mnr o succession fear protects ms 
jSJtftion arS^neresis, and theirs as 
well.” ■ 


scope than man j 
integration had hoped for when nego- 
tiations began 14 months ago. 

That prospect, in turn, produced tbe 
clearest sign to date that the Union’s 
expansion mto Eastern Europe will start 
later and proceed more slowly than most 
politicians have acknowledged. 

Chancellor Helmut Kohl of Germany 
said the revised treaty would probably 
cap fee number of seats in fee European 
Commission, the EU executive agency, 
at the current level of 20 , guaranteeing 
that such small countries as Ireland will 
not lose their seat for now. 

But he said the number would have to 
be renegotiated around 2004, when fee 
term of fee next commission expires. 

Officials said that was a clear ac- 
knowledgment feat Germany, one of fee 
strongest backers of Eastern expansion, 
does not expect any significant numbers 
of East European countries to enter fee 


Union and force institutional reform be- 
fore the middle of the next decade. 

The meeting provided further evi- 
dence that treaty reform and enlarge- 
ment have been relegated to secondary 
status as European countries focus all 
their energies on cutting budgets to qual- 
ity for tbe single currency they have 
promised to launch in 1999. 

Indeed, Mr. Kohl had to defend 
Bonn’s recent decision to revalue its 
Id reserves to reduce its debt and 
tit, a step that Finance Minister Ger- 
ritZalm of fee Netherlands called “dan- 
gerous for monetary union.” 

Mr. Kohl said Bonn valued its gold 
reserves at a fraction of their market 
value and was merely bringing itself into 
line wife most other EU countries. 

EU leaders also remained sharply di- 
vided over the core policy areas under 
review, including proposals to strength- 
en cooperation on foreign policy and 
defense matters and to adopt common 
policies on border controls, immig ration 


and asylum, according to the Dutch for- 
eign minister, Hans van Mierlo. 

The Dutch, who are chairing the ne- 
gotiations, view the latter area as aprime 
achievement that would create a Europe 
of free movement and security. 

Mr. Blair made it clear feat be would 
be content to let Continental countries 
create their own common policies on 
borders and immigration as long as Bri- 
tain was exempted 

The sharpest contrast between Mr. 
Blair's tone and substance was on bread 
and butter economics. He said feat his 
government was willing to end Britain’s 
e xemp tion from the Social Protocol, 
which lays cut EU employment regu- 
lations, but that it would have “serious 
political difficulties” if its partners tried 
to pass any new rules under tbe protocol. 

Undeterred by that language, Pres- 
ident Jacques Chirac of France said Bri- 
tain’s adherence to tbe protocol showed 
that “the European social model is no 
longer contested by anyone.” 


than fee honorable discharge to protect 
the values of tbe air force. 

“Although it is tbe adultery charge 
that has received die greatest public fo- 
cus, it is fee allegation of lack of integrity 
and disobedience to order that has been 
of principle concern to the air force," 
Ms. Widnall said. “It is primarily those 
allegations that have made an honorable 
discharge unacceptable.” 

Mr. Spinner, at a news conference at 
the air force base here in northern North 
Dakota, harshly accused (he air force of 
bungling his client’s case and branding 
her a criminal. But he also conceded feat 
Thursday’s decision allowed Lieutenant 
Flinn to move on. 

“Lieutenant Flinn recognized that 
nobody was going to win ultimately in a 
trial, sort of tike engaging in acivil war,” 
Mr. Spinner said “There was going to be 
a lot of blood spilled amongst people 
who really care about each otter.” 

With a general discharge, air fence 
officials said. Lieutenant Flinn would 
almost certainly not be allowed to fly in 
the Air Force Reserves or National Guard 
and would be required to pay back about 
S 18,000 of the cost of ter education at the 
Air -Force Academy, an amount equi- 
valent to a year’s tuition there. 

Typically, ageneral discharge makes it 
more difficult for a former member of the 
military to find employment and elim- 
inates veteran's benefits. But it is prefer- 
able to a dishonorable discharge, which 
could have been an outcome of the case. 

[Mr. Spinner said Lieutenant Flinn ’s 
celebrity status was already attracting talk 
of book deals and movies, and that she 
had received offers to fly fix commercial 
airlines, The Associated Press reported.] 

Lieutenant Flinn had been charge d 
not only with the highly publicized 
charge of adultery but also wife frat- 
ernization — the result of a liaison with 
an airman — lying in a sworn statement 
and disobeying a direct order to cease 
her relations hip with a married civilian. 

Although Thursday’s result was less 
than lieutenant Flinn had hoped for, it 
ends a lengthy and embarrassing ordeal 
for a woman who represented a million- 
doLlar-plus investment to the air force 
and who had once been a proud emblem 
for the service. It also concludes a period 
of severe criticism of the air force, which 
had been judged by some members of 
Congress and many people in die general 
public as acting more harshly again^ 
women who disobeyed its rules than 
against men under similar conditions. 

[The White House said Friday that 
President Bill Clinton felt the airforce had 
dealt appropriately wife fee matter, and 
the presidential spokesman, Michacl Mc- 
Cuny, denied that Mr. Ointofl orhis aides 
influenced tbe decision, fee AP said.] 


ART 


INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAY, MAY 24-25, 1997 
PAGE 8 


Fading Charms 1 
Of 1700s Decor 

New York Auctions Suggest 
End of Louis XV-XVI Magic 


The North- South Connection 


International Herald Tribune 

N EW YORK — May 1997 is 
likely to be seen in the future 
as' the month when the magic 
of the Louis XV -Louis XVI 
decor, so long perceived by the Western 
establishment as the epitome of sophis- 
ticated elegance, was finally broken. 

Many of those attending the sale of the 
John and Frances Loeb Impressionist 
pictures on May 12 were struck by a 

SOUREN MELIK1AN 

color photograph printed in the cata- 
logue. It shows the suite of rooms fur- 
nished with Louis XVI seats where the 
works of Cezanne, Manet and others 
hung on the walls in heavy 18th century 
style frames. Flimsy moldings ran along 
the walls in a vague attempt at sug- 
gesting Louis XVI paneling. It was all 
rather incongruous and devoid of any 
redeeming grace, as were the metallic 
wall lamps individually lighting each 
picture. TTius did the very rich endeavor 
to look chic in the 1960s and '70s. 

One week after the Loeb sale, die 
personal possessions of the late Pamela 
Harriman, who was U.S. ambassador to 
France at her death in February, came up 
at Sotheby’s and with these yet another 
variant of the Louis XV-Louis XVI taste 
of the 1970s was thrust under the un- 
forgiving glare of auction house spot- 
lights. 

Very little in the ambassador's life 
seemed to predispose her toward a taste 
for French styles. The daughter of Lord 
Digby was brought up in an English 
country house. 

After studying French and the fine arts 
in Paris, she was married to Winston 
Churchill's son, Randolph, for roughly 
as long as World WarD. She had another 
stint m Paris and left for New York 
where she became the wife of a theatrical 
producer, Leland Hayward. 

After Hayward’s death, she embarked 
on her third and last marriage, to Averell 
Harriman. They lived in Georgetown 
and there, curiously, their drawing room 
shared some faint air de famille with the 
Loeb New York, reception rooms. 

Over the Louis XVI mantelpiece, 
there hung the still life of white roses by 
van Gogh that Pamela Harriman later 
donated to the National Gallery in Wash- 
ington in memory of her third husband. 

Between deep upholstered sofas in the 
English taste, Louis XVI bergeres and 
armchairs gave the required 18th cen- 
tury touch in a restrained vein. A couple 
of Louis XV beechwood chaises a la 
reine and a provincial fruitwood writing 
table added the merest suggestion of 
rococo. 

Y EARS later, in her Paris am- 
bassadorial residence, Harri- 
man veered more clearly to- 
ward the Louis XV-Louis XVI 
manner, with the emphasis on Louis 
XVI, as before. In the drawing room, 
two Louis XVI mahogany rafraichis- 
soirs, small tables with incorporated 
wine coolers in the manner of the cab- 
inetmaker Canabas, flanked the man- 
telpiece while two small beechwood 
bergeres of the 1870s were in evidence 
in the center. 

Thousands among die high and 


mighty from both the 
United States and France, 
to say nothing of other 
countries, sat on these arm- 
chairs and gazed at the 
tables. One might have 
hoped for a furious com- 
petition between souvenir 
hunters. Yet, concerning 
the Louis XV-Louis XVI 
pieces, bidders hardly went 
berserk on May 20. when 
the furniture was sold. 

The beechwood chaises 
a la reine of the Louis XV 
period from die Geor- 
getown drawing room went 
for $13,800, the provincial 
fruitwood table for $5,175. 

The pieces from Paris did 
not fare any differently — 

S3 1,625 for the rafraichis- 
soixs, 512,650 for the small 
provincial Louis XVI 
bergeres. The strongest 
price for 18th century fur- 
niture, S 101 ,500, paid for a 
suite of six Lx>uis XV 
beechwood armchairs and 
a settee by the furniture 
maker LB. Meunier, ex- 
ceeded Sotheby's high es- 
timate by only a fraction. 

That the moderate en- 
thusiasm displayed toward 
the props of the Louis XV- 
Louis XVI taste was not 
caused by a shortage of cash in this S8.7 
million sale was shown, among other 
prices, by the S1.432J500 paid for John 
Singer Sargent's “Staircase in Capri" 
or the similarly inflated $43 1 ,500 that it 
took to get Paul-Cesar Helleu's portrait 
of his wife seen seated at her secretaire. 
Not even the Impressionist brush work 
used by the French cafd society painter 
succeeded in transforming the tritely 
realistic work into a gem. 

B UT the most telling symbol of 
the end of an era in the evo- 
lution of taste was the auction 
of the furniture and tapestries 
consigned to Christie's by the Paris deal- 
er Yves Mikaeloff. Held on Wednesday, 
it was in effect the dosing-out sale of the 
Galerie Yves Mikaeloff at 10 Rue Roy- 
ale. 

Mikaeloff is, or rather was, an un- 
conventional kind of a dealer in I 8 th- 
century furniture. His early interest was 
in contemporary creations. At heart, he 
is a painter, even if one rather shy of 
showing his work, which leans toward 
abstraction. 

From painting, he switched his at- 
tention to rug and tapestry dealing and 
then expanded it to encompass furniture 
and objets d’art For 16 years, he kept a 
highly visible profile in the trade. Until 
his resignation on March 31, Mikaeloff 
was secretary-general to the Syndicat 
National des Antiquaires, the national 
antique dealers association. He was the 
man who sold to the Met in 1995 two 
tapestries woven in Brussels around 
1550 after cartoons by Raphael and his 
pupil Tomaso Vincidor. 

Asked about his reasons for throwing 
in the towel, Mikaeloff said that he 
wanted more time for painting (his own), 
“and creation." He is due to open a 



amae'i 


IVes Mikaeloff, the Paris dealer whose 
furniture was sold in New York this week. 

“workshop” in September. He will also 
be involved in design and consultancy. 

But, he then added, he also had be- 
come increasingly aware erf the irrel- 
evance of the “ton dix-huitieme siecle” 
(the 1 8th century touch) to our society. 
This is compounded by the growing gap 
between the top-quality level targeted 
by a small number of high-powered 
collectors and what is actually available 
in the market. In the last two years, 
Mikaeloff says, the gap had widened 
markedly. 

And indeed as one went through the 
French 18th-century furniture at 
Christie’ s, one was struck by the modest 
to average quality of most of it, from the 
Regence Boulle marquetry bookcase 
sold for $17,250 to the pair of Louis XV 
armchairs canying the marie of Cour- 
tois, which went for the same price. 
Some pieces, such as the bookcase de- 
scribed as “a Regence ormolu-mounted 
amaranth and bois satine bookcase.'’ 
which had a funny looking base and 
cornice, sold well below the estimate. 


By Roderick Conway Mortis 

International Herald Tribune 

V ENICE — Italy and the Low 
Countries gave rise to the two 
great schools of Renaissance 
p ainting . Donatello in the 
south, for example, was active at the same 
time as Jan van Eyck across the Alps, and 
Giovanni Bellini was contemporary with 
Hieronymous Bosch. 

Van Eyck, along with his brother, 
Hubert, were for a long time credited 
with the invention of oil painting, and 
Italian artists avidly studied the work of 
their Flemish and Netherlandish coun- 
terparts. At one point Venice even en- 
acted laws to restrict the import of north- 
ern works for fear they would damage 
the sales of locally painted products. 
Some of the northern artists traveled to 
Italy and the cross-fertilization of the 
two traditions lasted into the era of Peter 
Paul Rubens and beyond. 

A permanent legacy of this extended 
and fruitful exchange is the presence of 
some superlative Dutch and Flemish 
Old Master paintings in churches and 
collections in Genoa, Venice, Rome. 
Naples and elsewhere. 

Since the 18th century the link has 
been all but broken — with rare ex- 
ceptions, such as the case of Giorgio de 
Chirico 's direct influence on Rene 
ritte and Paul Delvaux — and few mod- 
em works from the Low Countries have 
teen shown in Italy. 

The exhibition of 220 works by 89 
artists, at Palazzo Grassi on the Grand 
Canal in “Flemish and Dutch Painting: 
From Van Gogh, Ensor, Magritte. Mon- 
drian to Contemporary Artists" (until 
July 13) is therefore something of an 
event. The joint curators, Rudi Fuchs of 
the Stedelijk Museum in Amsterdam 
and Jan Hoet of the Museum van 
Hedendaagse Kunst in Ghent, set out to 
demonstrate that Dutch and Flemish 
painting are markedly different and that 
even the most modem works often refer 
back to earlier artists within these dis- - 
tractive traditions in ways that are not 
always immediately obvious. 

Emblematic of this proposed diver- 
gence is the pairing at die start of the 
show of two small 16th-century pieces: 
“Portrait of a Young Scholar" by the 
Dutch artist Jan van Scorel and “Sodom 
and Gomorrah Burning'' by his near- 
contemporary Joachim Patmir. These 
p ainting s broadly illustrate what Fuchs 
identifies in an essay in the exhibition 
catalogue as the more febrile, fantastic 
tendencies of Flemish an as against 
‘ ‘the tranquil sobriety and clear vision’ ’ 
that “pervade van Scorel’s portrait" 
and characterize Dutch ait in general. 

Thereafter, the show is arranged 
more or less chronologically from the 
la re J 9th century to the present day. 



r*..» 




.w '.ft's- .'7 *. 



G 

;- Jean Brusselmans' “ Spring . View ofDilbeck," painted in 1 935 . 


mixing the works of Dutch and Flemish 
artists, and punctuated here and there by 
works from earlier epochs. 

.It is interesting to be reminded in 
Hoet’s catalogue essay thai “you will 
not find a single van Gogh in a Belgian 
museum. " The artist is represented here 
by nearly a dozen well-chosen canvases 
emphasizing the variety of his oeuvre, 
and he emerges effortlessly as the su- 
preme genius of the entire period 
covered. 

James Ensor (1860-1949). a Belgian 
whose father was English, is represent- 
ed here by nearly two dozen works. 
Though a considerable painter, he suf- 
fers from being so closely juxtaposed 
with van Gogh, making Ensor’s style 
- dated in comparison, 
lowever, several other artists, lesser 
known or virtually unknown outside 
their own countries, present themselves 
as deserving of attention, including the 
Impressionist painter Jacob Smits, the 
Expressionists Constant Permeke and 
Gustave de Smet, the Symbolist Jan 
Toorop and. later in the show, his 
daughter. Charley Toorop, a Realist and 
portraitist. 

Belgium's dense population and un- 
controlled dormitory-town sprawl has 
made it, in the uncharitable description 
of one architect, “beyond dispute the 
ugliest country in the world.” This did 
not prevent Jean Brusselmans (1885- 


1955) from conveying a hidden beauty 
in everyday landscapes and interiors 
that to the casual observer might seenj 
devoid of artistic potentiaL With a de- 
liberately restricted range of colors; 
Brusselmans paints unmistakably Bell 
gian scenes that are both startling in 


and objects can take on in certain light uj 
the flatlands of the north. • 

T HE artist achieved no success 
until-he was about 60, by which 
time his already abrasive and 
cantankerous character had 
been exacerbated by disappointment and 
the struggle to survive, which left him 
with few friends and has even militated 
against the spread of his posthumous j 
reputation. But his large ous “Spring; W 
View of Dilbeck” and his “Woman in a ' 
Kitchen" reveal him to have been an 
accomplished and original talent. \ ' 
One of the final components of the 
show is a series of the intriguing, recent 
“Windows" by the Dutch artist Jan 
Dibbets. Presented side by side with a 
panel by Pieter Saenredara (1597j 
1665), the Haarlem specialist in painty 
ing views of church interiors, the painti 
mgs show that Dibbets — who has 
described Saenredam as “a 17th-ceu; 
tury Mondrian" — has consciously 
drawn direct inspiration. * 







lift's b 




Lego Blocks Build a Polish Art Dispute 


C 


URIOUSLY, some of the bet- 
ter quality pieces were Ger- 
man. A langwood and par- 
quetry lady's writing table 
'j Spit 


wn 

attributed to Johann Jacob Spindler 
climbed to a substantial $1 12,500. Giv- 
en that it had been sold at Christie's 
London as recently as Jane 1995, this is 
quite a feat 

That also applies to the Louis XV 
bureau plat sold Wednesday for 
$90,500 after having teen acquired at 
the same London sale. 

As the $3.3 million sale ended. Mi- 
kaeloff came out of it very creditably. 
One feels tempted to add: just in time. 
How much of this will find takers in a 
decade from now is anyone’s guess. 


By Dean E. Murphy 

Los Angeles Times Service 

C OPENHAGEN — 
Zbigniew Libera is 
passing up the op- 
portunity to show 
his work at the Venice Bi- 
ennale next month for the 
sake of some Lego toys 
packed away in the store- 
room of an art gallery here. 

‘ T couldn ’t sleep the entire 
night after making up my 
mind,' ’ the Polish artist said. 
“But I had to refuse. Forme, 
the whole thing is very 
clear." 


When Libera was invited 
to participate in die biennale, 
he was asked not to show the 
Legos. Libera's newest, most 
contentious artwork depicts 
with childlike innocence the 
horrors of a concentration 
camp — all with plastic 
building blocks donated by 
the Denmark-based Lego 
Group, which was unaware 
of Libera’s subject. 

The curator of the Polish 
pavilion in Venice, the 
sculptor Jan Stanislaw Wo- 
jciechowski, said the works 
are “explosive material” 
that treat too frivolously one 


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Tel ziz 570 >7 39 F ax *tz 570 6848 
By appoint mem 


of the darkest moments in 
European civilization. He 
said taking on the Holocaust 
with one of the world’s most 
beloved playthings is out of 
tine and perhaps even anti- 
Semitic. 

Libera, who spent a year in 
prison under the Communist 
regime for unauthorized 
political cartoons, insists that 
the Lego creations are essen- 
tial to his current collection. 
His recent artworks employ 
ordinary objects to mock 
mass culture's obsession 
with everything from large 
sex organs to trendy narcotic 
highs. ' ‘This is censorship all 
over again," said the lanky, 
fair-haired artist. “I created 
this work to inspire- discus- 
sion, not to suppress it" 

“The situation with Libera 
does not allow one to remain 
indifferent or unengaged,” 
said Wojciech Krukowski. 
director of the Center for 
Contemporary Alt in 
Warsaw. “His decision is 
one of personal moral respon- 
sibility, but it also influences 
the broader public." 

Libera created his piece by 
assembling Lego blocks into 
replicas of death camp fa- 
cilities, photographing them 
and then using the photos to 
adorn authentic-looking 
Lego cardboard packages, 
complete with the disas- 
sembled pieces, the company 
logo and multilingual safety 
warnings. The images in- 
clude crematories, gallows 
and doctors administering 
electric shocks. 

The Lego Group, which 
sponsors Lego art contests 
and donates thousands of 
plastic pieces to artists, tried 
to persuade Libera to with- 
draw it from public view. 
Only when lawyers became 
involved did the company 
give up. 

“It is a theme that is so 
sensitive to so many people 
In so many countries,” said 
Peter Ambeck-Madsen, di- 
rector of public relations at 
Lego's headquarters in Bil- 
lund. 

Libera, 38, backed by his 
newfound patrons at the fash- 
ionable Galleri Faurschou in 
Copenhagen, has stood his 
ground. The Lego collection, 
he said, is neither anti-Semit- 
ic nor irreverent, but a pro- 
vocation about child rearing, 
social norms and the cultural 
cacophony that the free mar- 
ket has brought to formerly 
Communist Eastern Europe. 
He acknowledges that 


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Lego officials were left in die 
dark about his intentions, bui 
he said company represen j- t r 
tatives in Poland rebuffed hi$ I 1 j - - -- Ti 

early efforts to let them re* : I ^ ' * ■ : ■ • damt 
view sketches of his ideas. Iq 
a bid to avoid legal entan- 
glements, Libera said, he has 
sold the seven-piece concern 
nation camp set — plus two 
copies of the works — to the 
Galleri Faurschou and an 
agent in Chicago for abou) 

$7,500 each. . . • *v 

New York’s Jewish Muf Jgf' — . Jri-zhf \S3t$ 
seum apparently was aitracT T : -.'Picv.-. 
ted by Libera’s unorthodox J 

approach to the Holocaust! 

Later this month, its acqui 1 
sidons commit tee will con? 
sider buying one of the Lego 
sets for its permanent col- 
lection. “It merges aspects of 
popular culture with a pivotal 
event in Jewish history," 
said Susan Chevlowe. the 
museum’s assistant curator. 

As a Pole, Libera said, the 
theme of a concentration 
camp came naturally. 

“I remember when I was 9 
years old and my class went 
on the obligatory trip to Aus- 
chwitz and we had to look at 
all those photographs," he 
said. “Somehow, because of 
our history, Poles are expec- 
ted to speak about the Holoi- 
caust and what happened 
here. So I am speaking about 
it, but maybe not in the way 
some people would expect” 


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T HE Lego creation 
has been shown in 
Poland, Germany, 
Brazil and the 
United States . But it was the 
Danish debut in February 
that thrust Libera into 
public eye and Jed to 
showdown over Venice. 

Lego is a revered instituv 
tion here, as much a symbol 
of the gentle Danish tempera- 
ment as Hans Christian An- 
dersen and cherished Little 
Mermaid statue in the harbor. 
The Lego name comes from 
the Danish words “play 
well." Last year, ] .2 milli on 
visitors jammed its theme 
park in Biliund ‘ 

"It is understandable why 
ft got an instant reaction 
here,' ’ said Luise Faurschou, 
the gallery co-owner. 

“If you 


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HeralbS-Eribunc 

BUSINESS/FINANCE 

SATlUDAi-SUNDAY, MAY 24-25, 1997 



I NTERNATIONAL FliNDS LISTING 
Track the performance of over 1,800 
international funds, every day. on the 1HT 
site on the World Wide Web. 

’■■ http:/^Www.ihtcom 

RAGE 9 


At Bottom, It’s Looking Up 

U-S. Salaries Rise Fastest in Lowest-Paying Jobs 


By Louis Uchiielle 

— e w ' t< ir * Twin .Vm, r 


-• -~i r.o lUi^, 

••• • -* bi winj 

-Wdcar y 
“ ’*■ ' - - ‘ ^ 
*•*; -/-'■■■- ,Ar “ :h lenha 
: ‘ ‘ ~ - •• -3 miliar 

XsdttnKft 

; ii,‘ "Spnncr 

v' Woman m j 

”” ' i "i-i betoa 
r- ; r yr^ JeuL ; 

*'■ .■'-:?; 2 tnaoite 

. h.t: : • .r-.£Mt. reca 

-j::.-. jnw Js 
■■ >!de«Q« 

kir-iOiT! I ‘.w. 

- ’ 1-1 — l: -.r m ps- 

■ * i'- - — ’lie rat 

■v. ■■ 1> -•*„•:• — ttjpb 

•; r _r "a '."fraij 


Il jf afternoon, ns 
home from a 
tSfc ™ ™ “pper ftoor M PNC 

AnL *! Slan,n e 10 buzz With activity. 

f Good, 34 S Ne wtorh °vo^°T en * n cub 'clL*s is Curen 
l ^hiii^m^h JOb * sh . e ,f slips checks 

E “2“* Wllh left htKi while 

L Herewnii. • rec ° rds amounts on a keyboard 

tai" 1 " show u p laier ^ dSSSS 

wenm« °n bank statements wrapped around 

STioiteS? For us-« « 

Ms he l hlgh ^t wa e e In years. 

unrH L j ^bosc formal education ended 

whnS^ 031 !.® 11 from hi S h scho °l «n 1981 

been spent 

Sriv S a i5°f ,l - ,ons or occasional jobsas 
T^ 6 -’ ls amon& lhe million* of 
seldom r^, g ^J nen £ ans whose earnings have 

s^TfhoJr above minimum w ^- 

i Up “ forc , es have made incomes 

“"S ,y “"equal, people at the bottom of the 

HSLfSf. ^ Ch “ Ms - Good ^ve slipped 
njrfierbehuidmariy every year for more than 
nvo decades. Over the past 1 8 months, however, 
roe wages at this low end have picked up. Today, 
mey are rising significantly faster than the in- 
flation rate — faster, in percentage terms, .than 
thejpay of middle-income Americans. 

For all their lack of skill, low-wage workers 
are in great demand. The strong economic 
growth of recent years is beginning to pay off for 
them more than at any time since the 1970s. 

In a tight labor market — the unemployment 
rate is 4.9 percent — those who employ fast- 
food workers, retail-store counter people, office 
clerks, factory assemblers, telephone order- 
takers, gardeners, maintenance workers and oth- 
ers like them are being forced to lift the bottom of 


the pay scale. An increase in the minimum wage, 
the first since 1991, also has raised the wages of 
low-paid workers. 

The higher wages, in turn, are helping to draw 
into the labor force more black women, older 
men, immigrants, teenagers and Hispanic Amer- 
icans. In the past year, the U.S. labor force — 
people working or seeking work — has grown 
by 2.7 million, the largest annual gain in over a 
decade and more than twice the increase in the 
working-age population. 

The surge of new workers, particularly at the 
low end, rends to keep wages from rising faster 
than they already have and helps to explain why 
inflation has remained at a mild 3 percent a year 
or less. 

The big unknown now is whether the wage 
gains at the low end will continue long enough to 
make a meaningful difference for millions of 
Americans struggling to make ends meet, or 
whether the raises will be washed away in the 
next wave of economic distress. 

"The primary issue here is that you are six 
years into a recovery, with 23-year lows in the 
unemployment rate, and it is not surprising that 
you finally see some wage improvement at the 
low end, 1 ' said Rebecca Blank, a labor econ- 
omist at Northwestern University. “I want to see 
how much of the gain is permanent and how 
much disappears in the next recession." 

The improvement means that the gap in earn- 
ings between high school graduates and college 
graduates has stopped widening. If the upturn 
bolds, the gap might even begin to shrink, taking 
some of the sting out of income inequality as a 
political and social issue and providing oppor- 
tunities for people like Ms. Good. ‘ 'I have my foot 
in the door at PNC," she said. “When you have 
your foot in the door, you can transfer to another 
department I would like to do that" 

See WAGE, Page 10 


Climbing the 
Wage Ladder 

The economy, now in its sixth year of recovery, 
is finally rewaning fast-food workers, office 
derka and factory assemblers with higher 
wages. With unskilled (workers in high demand, 
the increase in ffieir pay means that the large 
gap m earnings between the high school and 
college educated has stopped growing. 


For years, inflation has eroded low-paid 
workers' earnings ... 




0 0 


Changes in real weekly wages 
— ■ — tor fufl-Eme aduil workers In - 
■ the bottom 10% of earners 
-6 * 


-80 


*84 


*88 


■92 


•96 


... but in recent months, they have enjoyed 
gains ... 


42% 


takers, gardeners, maintenance workers and otl 
ers like them are being forced to lift the bottom i 

U.S.’s Budget Deficit Dwindles 


4-1 


Changes in real weekly 
wages, at an annual rate 


By John M. Berry 

Washinsion Past Service 


W ASHINGTON — 
A flood of cash 
will probably give 
the United States 
its lowest budget deficit in 18 
years this year and has created a 
temporary budget surplus, the 
effects of which are rippling 
through financial markets and 
the U.S. economy. 

The government has report- 
ed a record monthly budget 
surplus of $93.9 billion as a 
result of a huge inflow of April 
tax payments. Government of- 
ficials speculated that this was 
related in part to the rise in the 
stock market and the increase 
in business profits. 

With that cash, the Treasury 
is temporarily paying down a 
small portion of the national 
debt, an action that has caused 
some short-term interest rates 
to fall to unusually low levels. 
For instance, three-mouth 
Treasury bills were yielding 
5.02 percent Friday afternoon, 
well below the roughly 5 5 per- 
cent that banks are charging 
each other for overnight loans. 
Typically, the two rales are al- 
most identical. 

At die same time, the record 
surplus for last month means 
that the government’s budget 


deficit for the fiscal year end- 
ing Sept. 30 is likely to be in the 
$60 billion to $65 billion range, 
down from $107 billion for fis- 
cal 1996. That would be the 
smallest deficit since 1979. 

More important, such a def- 
icit would be equal to less than 
1 percent of gross domestic 
product, the lowest proportion 
since 1974. That matters eco- 
nomically because the less 
money the Treasury has to bor- 
row to finance the government, 
the more there is available at 

ECONOMIC SCENE 

lower rates for private borrow- 
ers to use for their own pur- 
poses, whether to buy a home, 
finance a new manufacturing 
plant or to run up their unpaid 
credit card balances. 

By comparison with the 
level of 1 percent of GDP, the 
European Union is requiring 
deficits to be down to 3 percent 
of GDP or less as one .of the 
criteria for joining the group of 
countries Thai plan to establish 
a single currency in 1999. Five 
years ago, die U.S. deficit was 
$290.4 billion, ar4.9 percent of 
GDP. 

So far, most of the impact on 
short-term interest rates has 
been limited to the market for 
Treasury bills, analysts said. 


Nevertheless, that impact has 
been striking. 

Almost every week, the 
Treasury is selling fewer new 
Treasury bills and notes than it 
is paying off when they mature. 
The Treasury actions thus are 
creating a son of temporary 
shortage of bills, which leads 
investors to accept lower 
yields, analysts said. 

F. Ward McCarthy of Stone 
& McCarthy, a financial-mar- 
kets research firm, said the re- 
duced issuance of bills had 
"played a major role in keep- 
ingshorter-term rates lower. 

The Treasury report on the 
budget said that in the first sev- 
en months of fiscal 1997, a 
period thai ended April 30. the 
U.S. budget deficit was only 
$16.9 billion, down sharply 
from $55 J billion in the com- 
parable part of fiscal 1996. 

If the deficit for the remain- 
ing five months of this year is 
no lower than that for the same 
months in 1 996. this year’s def- 
icit would be $69 billion. The 
Congressional Budget Office, 
however, has projected the def- 
icit at $67 billion and some 
analysts said die final figure 
was likely to be lower still 

"The overall budget situ- 
ation is quite startling," Mr. 
McCarthy said. “ ‘There's a lot 
of good news in there.’ ’ 


0 



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& 

-3 


tv ti 1 

it m iv i 


1995 

1096 1097 


... witfi their weekly earnings rising faster than 
those Of higher-pakf workers ... 

Percent change to wages 


4 


HI 

4lh quarisr. 1096 

Ftan quarter. 1997 


' NOTE: Categories tepresent tenth parcontfle, mecAan. 
and 90tn parwnaa. 


...thereby helping to drew more people into 
the work force. 


gate ■" • 


^--Cft^anpartlc^ton. 
!§=§-'■ -rate In work tot*'. 

DP.D * L. 

66.4 : 







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Station: ftww oF Liter Smwfcs; 

Aten Kn/egec Pmcoton untewtHf 

Mw mu wcn Wt HnwXiefttics 




Hong Kong Investors Empty Out Accounts for Beijing Issue 


Bloomberg News 

• HONG KONG — Investors with- 
drew so much cash to buy stocks in 

... j T f/i rhaf 



Ul&T — TO ~ " 

hi interest rates in more man two years 
Friday. 

* The territory’s biggest banks bad to 
pay one another as much as 26 percent 
more to borrow overnight money than 
they did the day before. Beijing En- 
terprises agreed to refrain from cashing 
■tbe checksit bad received from investors 
to alleviate pressure on interest rates. 


Beijing Enterprises, which owns 
China’s biggest brewery, ticket con- 
cessions for the Great Wall and the 
McDonald's restaurant chain in Beijing, 

China is struggling to coo) the 
domestic stock market’ Page 13. 

offered the Hong Kong public 15 million 
shares valued at a total of 187.2 million 
Hong Kong dollars ($243 million)'. The 
company was looking to raise 1.87 bil- 
lion dollars in all, mostly from 135 mil- 


lion shares it sold to fund managers. 

"Everyone I’ve spoken to has put 
applications in and drained their ac- 
counts." said David Russell, head of 
equity capital markets at Daiwa Se- 
curities (ILK.) Ltd. "It's a gamble with 
no downside." 

The investment arm of Beijing’s city 
government is the eighth Chinese- 
backed company to sell shares in Hong 
Kong since. ‘ 


lion is running amok in 
Hong'Kong," said Steve Xu, regional 
treasury economist at Standard 


Double Trouble Rocks 
Japan’s Finance Sector 

Bankers Resign, and a Brokerage Fails 


By Velisarios Kattoulas 

International Herald Tnbune 

TOKYO — The reputation of Japan's 
financial sector suffered a double blow 
Friday when a leading bank said its 
president, chairman and several other 
top executives would resign over a rack- 
eteering scandal and, separately, a ma- 
jor brokerage said an affiliate would 
become the first Japanese brokerage to 
collapse in 17 years. 

Dai-Ichi Kangyo Bank Ltd. said five 
senior advisera were joining its two top 
executives in resigning to take respon- 
sibility for the scandal. Two presidents 
and 15 other executives at Nomura Se- 
curities Co., Japan's biggest brokerage, 
have already stepped down over the 
widening scandal involving alleged 
loans and payments to gangsters. 

A senior Ministry of Finance official 
said the scandal at Dai-Ichi threatened 
the stability of Japan’s banking system. 

Meanwhile. Yamaichi Securities Co. 
said it had decided against bailing out 
Ogawa Securities 
Co. an ailing affil- 
iate, because its 
weak finances and 
poor management 

meant Ogawa stood 

little chance of re- 
covering from its troubles. Ogawa Mill 
suspend operations as early as Monday. 

"We couldn't respond to Ogawa's 
request for a bailout," Yamaichi s vice 
president, Ryuji Shirai, said. “For us, 
the risk was too great,” 

At the same time, Yamaichi said it 
would bail out Daichu Securities Co„ 
another debt-ridden affiliate. 

. In 1989, Dai-Ichi and an affiliate, al- 
legedly lent more than 30 billion yen 
($260.8 million) to a racketeer and his 
brother. The two men used the funds to 
finance a scheme to extort money from 
Nomura. The company admitted in 
March to paying the men to refrain from 
raising embarrassing questions ar share- 
holder meetings. 

More than 100 prosecutors from the 
Tokyo prosecutors office raided 
branches of the bank and homes of some 
of its present and past executives Wed- 
nesday and Thursday searching for in- 
formation about the loans. 

Dai-Ichi refused to comment on the 
raids except to express remorse. But it 
said Friday that its president, Katsuhiko 
Kondo. would be replaced by Ichiro 
Fujita, a vice president Another vice 
president, Yoshiharu Mani, will replace 
its chairman, Tadashi Okuda. 

Die bank said five advisers who had 
served as its chairman or president also 
would step down. They included Kuniji 
Miyazaki, who was president when Dai- 
Ichi made loans to Ryuichi Koike, the 
racketeer at the center of the inves- 
tigation. 

The resignations will take effect after a 
shareholders’ meeting scheduled for 
June 27. Both Mr. Kondo and Mr. Okuda 
win become advisers to die bank, and Mr. 
Kondo will keep a seat on the board. 


Bad loans and a scandal 
threaten the system. 


In Japan, executives who resign to 
take responsibility for scandals often 
stay on as advisers to smooth the pas- 
sage of power and to help repair their 
institutions ' battered reputations. 

Finance Minister Hiroshi Mitsuzuka 
said Friday that the removal of the top 
executives would not suffice to settle 
the scandal, echoing remarks Thursday 
by Prime Minister Rvu taro Hashimoto. 

"Such resignations would not mean 
the bank has carried out its respon- 
sibilities," Mr. Mitsuzuka said. 

Uncharacteristically, he also criti- 
cized the Finance Ministry for failing to 
detect the loans to the racketeer. 

"Our investigation of DKB in 1994 
and 1990 failed to detect- activities 
which are against the Commercial Law, 
the Securities Law and the Banking 
Law," Mr. Mitsuzuka said. “We 
should accept criticism.’’ 

Nevertheless, analysts said the 
bank's executives had bad little choice 
but to resign and had acted in the bank's 
best interests. "Clearly, resigning now 
is not going to 
erase or undo mis- 
conduct in the 
past," said Walter 
Allherr of Jardine 
Fleming Securities 
(Asia) Ltd. "But 
when something happens — whether 
it's your fault or not or whether it will be 
solved by your resignation or not — if it 
limits your ability to lead your com- 
pany, then you have to consider step- 
ping aside in favor of someone who 
might have a cleaner image." 

The two Yamaichi affiliates have as 
much as 2 billion yen in debts from 
unpaid stock-purchase contracts. 

Mr. Shirai said both the management 
and financial situations at Daichu were 
better than at Ogawa, justifying Ya- 
maichi ’s decision to bail out the one but 
not the other. 

Analysts welcomed Yamaichi’s .de- 
cision to let Ogawa collapse. 

"There has been tremendous over- 
capacity in the industry that simply 
hasn’t been taken out," Mr. Altherr 
said. “What we are seeing finally is 
some steps at least at the margin to 
remove some of that capacity. We have 
the first brokerage closure in a long 
time, and hopefully this will be the 
harbinger of further rationalization in 
the securities sector." 

The heavily protected sector is facing 
a shake-out after Japan implements a 
package of sweeping reforms aimed at 
making Tokyo's financial markets as 
competitive as those of New York and 
London try 2000. 

Yamaichi, considered by analysts the 
weakest of the top four Japanese broker- 
3, had said it was considering closing 
struggling with losses from 
soured loans to clients and falling trading 
commissions. Yamaichi has reported op- 
erating losses in four of the last six years. 
For the year that ended in March, h 
reported an operating loss of 5.4 billion 
yea at the group or consolidated level 


Thai Acquirer Backs Out 


Chartered Bank. "Right now, China is 
the only game in town." 

Hong Kong investors blocked side- 
walks lining up to buy shares in 
Beijing Enterprises this week. At least 
300,000 valid applications have been 
received, a banker familiar with the 
process said. 

The. demand for Beijing Enterprises 
poses challenges, analysts said * 

1 ‘That’s a lot of checks we’re going to 
have to clear," said Gareth Hewett, a 
spokesman for HSBC Holdings PLC. 
"It’s going to be a busy week." 


Cc^jBed by Oar SnfFran Dopachts 

BANGKOK — The government’s 
effort to strengthen Thailand's strug- 
gling finance industry through forced 
consolidations suffered a setback Friday 
when Thai Danu Bank FIX backed out 
of a planned takeover of Finance One 
PLC, the country’s largest nonbank 
lender. 

Thai Danu, Thailand’s llth-Iargest 
commercial bank, said it did not have the 
money or the will to revive Finance One, 
which is saddled with bad loans. Finance 
One has valued its uncollectable loans at 
5.46 billion baht ($216.7 million), but 
Thai Danu executives have said the fig- 
ure is more than 30 billion baht 

The takeover, which regulators called 
a "friendly merger” when they an- 
nounced it in March, was to be a model 
rescue of other Thai finance companies. 
"The plan is scrapped, and we intend to 
go oo with our busmess as a commercial 


bank,” Pakom Thavisin, Thai Danu’s 
chairraan. said. 

Pin Chakkaphak, chairman of Fi- 
nance One, said separately that the com- 
pany was hoping to turn itself around 
He said Finance One planned to raise 
6.2 billion baht with a rights issue. 

"After the failure to merge with Thai 
Danu, Finance One has no plan to merge 
with any other company," Mr. Pin said 
"We will continue to operate our own 
business after raising our capital.” 

Many Thai finance companies have 
been crippled by the country's slowest 
economic growth in a decade and severe 
slumps in die property and share mar- 
kets. 

Mr. Pin also announced that Finance 
One had a net loss of 3.75 billion baht in 
the first quarter, reversing aprofit of 632 
million baht a year earlier. He said al- 
most all of the loss was due to loan-loss 
provisions. ( Bloomberg , Reuters) 


CURRENCY & INTEREST RATES 


Cross Rates 

t s 

L90Q5 

xm 

■mnU ort I*’ 9 

ionOna ta) ^ 

itadrtd uua 

mm UBSl 

3L ss 

1SDR UM7 


May 23 UWd-Libor Rates 


I DJti 
308 1.U44 
547475 20405 
IK — 

37559 

ZJUfl 800 

wauo was 
UttSa 1-038 
U18 1X0 
i03i an 
12*7 #8121 
126 #J33S 
DOTS 1950 
(USA 23SJS 


fj. un on 
0236 11141* — 

4,1245 UHTM3U5 
0290 IMIS’ UB5 
QM 2J1428 U9M 
25799 8X5* 8817 

mm — 87720 

4705 1,4000 1J0( 

— tlffl* WX 
034 007 097 

0211 IOCS* #7225 
02444 UU5* WAS 
491 W2495 UO 
7,9577 132445 USA 


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121400 11-484 

L37S* 142725 
41543 19845* 

8*22 0104 
— &9S2* 

1047 (U8M* 
1344 155803 
1909 199212 

Sew York and 


May 23 


D-Mafc Fmc Staling Franc tern ECU 

l-monffi 5ta-Sta 29»-3tti 6VU-MW 3V*-3»5t M-Vit 4 

3-nwnffi 5M-5U 3Vn-3U lte-1* 6*-6H 3Vit-3n> U-fft 4-4ft 

(Smooth 5^-5% 3V» - 3Vi* H*-l% 3TW-3M Vh - Vw 4V4. - 4V» 

l-ycar 6Vfe-6Vk 3V*-3** IV*- 1*VW 6VW- fiWn 3K-3H >¥4-88 4W-414 

Soarces: Reuters. Uortts Bonk. 

Rates appacabie la Marton* dtposits ta SI mdBan mtotnnim for eqvMcnO. 


TaaNonttesat^PM 


HO: not quote* ttA--notavaBot>le. 


Mvc-pao 

N.Za0andS 


PhO. peso 

PoIbkMtr 

Part unto 
Rues row* 
S tM UtrtyX 
5bg.s 


Jtar* 

ISO 
1.4493 
73566 
2 AST 

Z22 

17068 

57540 

175 

1.4315 



■Other Dollar Va lues 

'3s§ SSri 

§Si i-| 

25EE 44481 IsmBsh* WW 

d 13952 kwhsw 

Kw ***** 25006 

forward Rates 

36*y 6JMteT CoitaWr 

P I,T,,,W ^ 1(aM Tj6297 1-4288 ■*»”“** 

si IB a — . ( 


S.Afr.nn4 

S.KH-.WM 

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MMl 

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4M7 

890-00 

7.6061 

27.82 

2163 

138090- 

3*71 

483-00 


30-dsr 

115.17 11465 11JW 

3,4042 1399! 1J94X 


Key Money Rates 

United States 
DbcMNtivte 
Prime rate 
Fatten* fund* 
n-dor CDs Heaters 
in-dar CP (footers 

3 montn Traassrr w* 

1 -yaw Treasury b« 

2^*ar Treasury bte 

5- yew Treasury not* 

7-year Treasury note 
3 oyeer Treason: note 
36year Treasury hood 

HAeirin lynch 30-day RA 

las. 

Dbcoaatnjte 

CMJ money 

lynantt tntertXBtr 
3-noaa tetertnak 
MM* tatertank 

IfryewGrwtband 

64HM 

Lombard mte 

CdOMMr 

i-MMtfitatertnmk 

taonttttate'lxtt* 

6- <»*ite MMM* 
lHia-BM* 


dose. Pnre 
500 5.00 

8tt 916 
5VW 5V, 
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£62 560 

502 502 

553 546 

621 522 

&5B 666 

664 666 

6.74 6j4 

656 6M 
500 500 


060 060 
063 065 
063 062 

063 064 
061 061 
260 278 


460 460 

305 3,10 

3.15 3.15 
120 120 
325 325 
569 569 


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660 

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tewta* CndOLyeiactt. 

Gold 

turn., pm. ofpt 


Zorich 


►LA. 34260 +0-10 
34165 34265 —020 
NOTYsfft 34JJ0 3*3.10 -0.10 
_ UA d tilars pee ounce. London ofMat 
Zurt ctiand Mtw Yodt i 
gggsfttgp*i»«npw* 

StmnxRoms. 


REPUBLIC OF LEBANON 

THE MINISTRY OF HYDRAULIC AND ELECTRIC RESOURCES 
COUNCIL FOR DEVELOPMENT AND RECONSTRUCTION 
NATIONAL EMERGENCY RECOVERY PROGRAMME 
WATER SUPPLY AND WASTEWATER SECTORS 
Invitation far Tenders N° 1865 

ITi liulilfMoHnai snil fTfrnrimi of Mrtn FI mil Bnmnk FI Water Sopjdy and Metn and Chart Waste Water Sjstenu 

Tke Cooocfl for Deveh^ment and Reconstruction (CDR) has rece i ved a loan from the International Ranh for Recoantrncttoa and 
IVvelopmetrt (IBRD1 towards the coat of the National Emergency Re c*a i at nicthi«» P rogr a m Bs e. 2nd and 3rd year (n wririH#. 

Intended that part of the pr o ce e ds of ttdn loan wffl he appHrd to eBffflhle payment s ander the corrimg* far tfc» 

Meta El and Baroak El Water Sapply and Metn and Choaf Waste Water Systems. 

TLe Cmd tor Development and Reconstruction invites tenders from eUgfUe tenderers as defined in the (IBRD) GnUtDan for 
Proenreaient to execute the foDowing : 

• hiatafl and c manritwkm chlorfaiation erpdpm en t at Bve sites. 

• Conitrnct , equip and connnfasion three new booster pomp stations. 

• Procure , lay mtd test 615 km of tran sudatio n phrefitees, of varkms sizes from 50san to 600 mm diameter. 

• Construct or rehabflttate 20 No. concrete reservoirs of variona sizes ny to 200 «h 3 capacity & 12 No. np to 4000 m3 capacity. • 

■ Procure , lay or rehaMU tart e and teat t3Q6 Ion of dlstribation pptMaa of steal from SOrmn to SOOmnt d h taae te r . 

■ RchahStsfkn 14.2 lot nf tridlui fnuu.,1. nf wrinm «b« finny 2QQmm to 300»mi hi 

■ CoBstrnction and rdtalOUntfon /‘rejdacenMnt of 12J bn of sewers and ritin* mains ranging In tize from ISOam to 400mm usd 
coostructloii of a snkmexslUe pnmping sfadfon. 

Tenderers may oidals ftirthcr iatormstioa from , and examine and acquire the tender documents at, the office of the Employer starting 
Mondag 25 of May 1997 from the hearfcjnarters of : The Coandl for Development mJ R e c onstructi on -Taflet El StnB -Bcind Central 
District, Lebanon - FacsUMKl-l ) 86 44 94 - (951-1) 64 79 47-Tiph. .-<961-1) 643980/17M - Beirut - Lebanon 
Tender docrnnMTfa mt^ be iwardnuMd by fotercited tenderers on appBcatioo to the above oflke, Md gpon payment of a nan-re fbwdai^ fc- 

ofUSSlOOa 

All tenders must be accomp a n ied by a aecartlyofUSS 660,000, andnnsst he defiveredtolhe address ghren above m or before 12:00 noon 
on Monday 28 of Jo(y 1997. Tenders w81 be opened at 12:00 noon of tbe same date ki the presence of tenderer's representatives wfea 
choose to attend. 

A pr*-4*aader meeting vra be held in tite offices of CDR at lWIO hours on Tuesday lOtii Jdne 1997 daring wUcha site Tftittaflbe 




THE AMERICAS 


Investor’s America 


The Dow 



Dollar in Deutsche marks H Dollar in Yen 


1.70 


130 




120 J 


M D J 

F M A M 


Y 

F M ' A M 

1998 

1997 

1996 

1997 . 

Exchange 

iTKJtaC ■' 

% 

Prev. ' . % 
■Cfcse- -'. Cfengb 

NYSE 

The Dow . 

7345JS1 

72S&.13 +T&1 

NYSE 

S&P SOD • 

. WTJBS 

835.86 ■ ■ 

NYSE 

S&P 100 

S3T&5 

BBbfSB ' >1j36 

NYSE 

Cooposice' 

44028 

4343B . - 4-1,29 

UJSL 

NasctaqCa^xsde 1383.72 

t37iS3 J +f^5. 

AMEX 

Market Vafere - 

S9TM 

S&JS-. 140.TI, 

Toronto 

TSE Index 

<642130 

033680- ■ -Kt^S 

SfioPauto 

Sovespa 

10764.03 

: 1074&23 t8.it. 

MsxteoCtty 

8o5sa 

3889J5 

sae^ea -o is 

| Buenos AtoesMovat 

7G7J9B 

'm.AH. '*03$: 

Santtago 

IPSA General 

5490.86 

5441.78 +G.90 

CVBCBS 

Capital Qen8t^ 

HA. 

6685,72 ■ 

Source: Bloomberg, Reuters 


IntomatKKtal Herald Tribune 

Very briefly: 


GM Sets Terms for Strike Settlement 

WILMINGTON, Delaware, (Bloomberg) — General Mo- 
tors Corp.’s chairman and chief executive, John Smith, said 
Friday the carmaker would not accept any strike settlements 
that damaged the company's financial health. 

"We must make General Motors competitive and avoid 
settlements that damage us for the long term," Mr. Smith said 
at the company’s annual shareholders meeting. 

The United Auto Workers union went on strike last month at 
GM 's Oklahoma City and Pontiac, Michigan, assembly plants. 
Little progress has been reported in talks to settle the strikes. 

Radio Chief Replaces CBS President 

NEW YORK (Bloomberg) — CBS said Friday that its 
president, Peter Lund, had resigned and that the network’s 
radio division chief, Mel Karmazin, would take control of its 
television stations. 

The Westinghouse Electric Corp. unit said Mr. Karmazin 
had been put in charge of the stations to try to improve their 
financial performance. Westinghouse ’s stock jumped after 
Mr. Karmazin's appointment was announced The shares 
closed at SI 8.875, up SI. 875. 

• Bre-X Minerals Ltd's former exploration chief, John Feld- 
erhof, will surrender die “Prospector of the Year" award the 
Prospectors and Developers Association of Canada gave him for 
his work on the Busang gold deposit that later proved a fraud 

• Intel Corp. and Samsung Electronics Corp. will col- 
laborate on future products, joining Intel's computer tech- 
nology with Samsung's expertise in consumer electronics. 
The agreement does not cover any specific products. 

• Ralston Purina Co.'s chief executive and president, Wil- 

liam Stiritz, will step down and be replaced by two co-chief 
executives, Patrick McGinnis and Patrick Mulcahy, as the 
company prepares to separate its battery and pet-food busi- 
nesses. Bloomberg. Reuters 

AMEX 


Apple Spin-Off 

Company to Drop Newtons 

New York Times Service 

Ending months of speculation about its Newton 
hand-held computer division, Apple Computer 
Inc. has announced that it will spin off the division 
into a wholly owned subsidiary, pcesumably to 
belter attract a buyer for it 

“They're dressing it up for sale," said Kimball 
Brown, a computer industry analyst with 
Dataquiest of San Jose. California. 

The move allows Apple to concentrate on its 
core computer business, company executives said 
Thursday, at a time when it is bleeding money and 
its Macintosh line continues to lose market share to 
computers running Microsoft Windows. 

Newton is the software that runs on Apple's 
MessagePad 2000. a handheld device, and eMate 
300, a notebook-sized computer, which use a com- 
bination of handwriting recognition and a pen 
device for input. Both products, which were up- 
graded in March, are selling better than expected. 

The overall market for hand-held computers is 
also growing, with shipments reaching 1.6 million 
units last year, according to DataquesL The New- 
ton, initially lauded by Apple as heralding a new 
era of portable computing, was one of the in- 
dustry's most high-profile flops when it was in- 
troduced in 1993. 



Bkl^lhr-^TbrAeOToelrdlY™ 


A New York merchant with a MessagePad 2000. 


Earnings Optimism 
Lifts Stocks to Record 


W 


Rattner Gets No. 2 Job at Lazard 


By Peter Truell 

New York Times Service 


NEW YORK — Steven Rattner 
has been named deputy chief ex- 
ecutive of Lazard Frcres & Co., in- 
heriting Felix Rohatyn’s mantle as 
the firm’s lead banker after several 
months of fierce internal squab- 
bling . 

The appointment of Mr. Rattner 
comes three weeks after Mr. Ro- 
hatyn was appointed the U.S. am- 
bassador to Fiance. And it appears 
to anoint Mr. Rattner as the ex- 


ecutive most likely to succeed 
Michel David- Weill. 64, the firm’s 
chief executive and chairman. 

A flurry of other appointments at 
the bank seemed meant to show that 
the internal turmoil, which had been 
the object of much Wall Street spec- 
ulation for the last year, had ended. 

“We wanted to both strengthen 
and broaden the base of manage- 
ment of the firm in New York,” Mr. 
David-Weill said at a news con- 
ference. adding that “this has been 
in the pl anning stage for quite a few 

months ” 


Mr. Rattner, 44, a former re- 
porter for The New Yoik Times 
who had been rumored recently to 
be under consideration as head of 
the Export-Import Bank, will re- 
port directly to Mr. David-Weill 
and oversee the daily running of 
the firm, working with four new 
vice chairmen. 

They are Kendrick Wilson 3d, 
Damon Mezzacappa. Norman Eig 
and Herbert GuDquist, all managing 
directors. 

Lazard also named Steven Golub, 
5J, chief financial officer. 


CfzrSrd /u Oar Sa tfFnmi Dapaafm 

NEW YORK — Srocks rose Fri- 
day. with the Dow Jones industrial 
average setting a record, as in- 
vestors shook off two days of con- 
cern about rising interest rates in the 
band market and concentrated in- 
stead on optimistic forecasts for 
corporate earnings. 

The Dow finished at 7345.91 
points, up 87.78, with advancing 
is sue? leading decliners by a 7-to-3 
ratio on die New York Stock Ex- 
change. 

The industrials’ previous record 
close of 733335 was set May 15. 

The Standard & Poor's 500-scock 
index gained 1 1 37 poinis to 847.03, 
and the Nasdaq composite index 
rose 17.12 points, to 1389-72. 

“The earnings picture for large- 
cap co m p ymes has never been bet- 
ter," said Howard Ireland of Ever- 
green Aggressive Growth Fund. 
“That's why the stock market has 
been recently making new highs.” 

Procter & Gamble led the rise in 
the Do w, gaining lVsto 138,afteran 
upbeat assessment of it and other 
consumer-product makers by a 
Merrill Lynch analyst. 

Philip Morris paced a gain 
among tobacco issues after ciga- 
rette makers and industry foes 
agreed to limit lawsuits by people 
who start smoking in the future. 

In the absence of any fresh eco- 


nomic news to aggravate persistent j| 
concerns in die bond market over 
inflation, prices held steady. The 
benchmark 30-year.Treasury bond 
rose 1/32 to 95 16/32, leaving its 
yield unchanged from Thursday at 
6.98 percent. 

Trading slowed ahead of the Me- 
morial Day extended weekend. U.S. 
markets will be closed Monday. ’ 

'‘The market has gone up the four 
days after Memorial Day for the laSi 
12 out of 13 years.” said Anthony 

U.S. STOCKS 

O'Bryan of A.G. Edwards & Soqs 
in SL Louis. “There are many in- 
vestors thinking they ought to be oh 
board before next Tuesday.” 

Cardinal Health rose 4V5, to 58, 
after the wholesaler of pharmaceut- 
icals and medical supplies was 
named to replace Conrail in the 
S&P 500 after trading Biday. 

Among technology issues. Cien£ 
shares rose TA to 46, returning to 
the price level of their February 
initial offering after the maker of 
products for fiber-optic telecommu- 
nications networks reported profit 
for its second quarter, against a 
year-earlier loss. 

Palmer Wireless rose sharply 
after Price Communications agreed 
to acquire tire cellular-phone com- 
pany. (Bloomberg, AP) 




gufirtt ‘ss Uribe*: 
\trpndo ot - 

0) f orum i 


WAGE: Rising Fastest at the Bottom [ 


Japan Rate Uncertainty Hits the Dollar 


Bloomberg News 

NEW YORK — The dollar fell 
against the yen for the first time is 
three days after a Finance Ministry 
official kept alive die i A»a that Japan 
might raise interest rates. 

F.isuke Sakakibara, the ministry’s 
director of international affairs, told 
a French newspaper that stronger 
economic growth would probably 
lead the Bank of Japan to double its 
discount rate to 1.0 percent “in the 
coming year." 


In 4 P.M. trading, the dollar was 
quoted at 11535 yen, down from 
116.15 yen Thursday. 

Signs of German inflation 
buoyed the Deutsche mark, as 

FOREIGN EXCHANGE , 

traders said an increase in producer 
prices in April lessened the like- 
lihood of rate cuts by the Bundes- 
bank. The dollar fell to 1.6938 DM 
from 1.6945 DM. Against other cur- 


rencies, foe dollar fell to 1.4045 
Swiss francs from 1 .4120 francs but 
rose to 5.7085 French francs from 
5.7072 francs. The pound rose to 
S1.6345 from $1.6249. 

Separately, the European mon- 
etary affairs co mmis sioner. Yves- 
Thibault de Silguy, said the Swiss 
franc should be pegged to the single 
European currency after its planned 
introduction in 1999 to bolster trade 
between Switzerland and foe 15- 
nation European Union. 


Continued from Page 9 

Still, foe rise of America’s low- 
wage workers is ar an eariy stage and 
must go a long way to make up for 
all the ground lost in recent years. 
Since foe mid-1970s, weekly earn- 
ings of the lowest-paid 10 percent 
among full-time adult workers have 
fallen nearly 20 percent when ad- 
justed for inflation. 

The improvement over the past 18 
months has restored only about 13 
percent^ points of that loss. In the 
fate 1980s, a similarly long econom- 
ic expansion began to raise low-end 
wages, but by much less than now, 
and that modest gain was wiped oat 
by foe 1990-91 recession. 

What is striking now is that foe 
wages of those at the bottom are 
advancing at a faster pace than those 
of most other workers. 

In the first quarter of foe year, 
weekly wages of full-time adult 
workers in foe bottom 10 percent of 
foe range rose at a 4.4 percent annual 


rate, bringing foe top of that group to 
$259 a week, or $6.48 an hour, j 
By comparison, foe median 
weekly wage — foe one that is at foe 
midpoint in the wage scale, with as 
many above it as below it — rose 3.5 
percent during the same period, to 
$536 a week, or $13.40 an hour. ■ 

A simil ar pattern had already 
emerged in the fourth quarter and is 
also evident in hourly wage data 
covering part-timers. ■ 

“The way it works in arecovery, 
said Alan Krueger, a labor economist 
at Princeton University, “is that the ft 
lower end overheats and sometimes 
bids up wages in foe middle. 

“This time, the lower end is boun- 
cing bade, but foe middle is still lag- 
ging.” 

Better-paid workers who are in 
short supply — computer program- 
mers, technicians and the like —7 
also have seen significant pay raises 
recently, bui most white-collar 
workers and others whose skills are 
not so rare have not been helped. 








U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


lED 'TOC: 

| tay Ha, 23 


Friday's 4 P.IL Close 

The top 300 most active stares, 
up to the dosing on Wol Street 

The Assoctjted Press. 

Safes tttfi Urn LM Orj» 

S ift T* 

23 zn» 

1IM * T* 

125 56H 

IV VU 
107 Oft 


Seta Mpi Lor Lute Urge IlHteXBS 


Dow Jones 


GmtML 

HoNrWs 

HongOr 

M9«0r 


HMBl 

H OT to 
HWlo 

HSiriln 

HOAtVrt 


•01 

lean 

butme 

wnwfl 



Hlf* Us 


Most Actives 

NYSE 


May 23, 1997 


High Low Loses} Cfage Optra 


High Low Latest Otge Oplnt 


Hl*i Low Chge Optot 


- 


infta 728SJ4 nam ns&u non tazn 

Trans 2(6162 260114 265947 30137 +8268 
— 71971 221-05 219.20 22056 +1-20 

190 2261-26 3 2BU6 +2560 


IM 

cum 


2248.15 22909 


Standard & Poors 


IndudrMs 

Tnmsp. 

UWtte 

Finance 

SPOT 

SPIOO 


NYSE 


; T ar 


Hlgh law dm 4 PM. 
994.11 mftS 98004 999.55 
41531 611.44 61X84 621.74 
191.58 190.11 19045 191482 
9174 9108 93J0 9468 

84151 83186 83544 847.03 
82084 81973 82066 831.95 


44087 43446 44020 
56065 SXLM 59947 
SE26 40055 40451 +190 

2SM2 34674 20X1 +349 

39744 392.15 39680 +53 



Nasdaq ^ 


BOMS 


Tmsp. 


_ AMEX 


imx 

siwf 



3*975 127002 130974 +17.14 
1X16.93 110276 lllfJo +17.14 
144651 ]4F^~ 

1^7484 178671 +»_ 
93047 93073 +496 


AMEX 


59773 59172 59773 +420 


_ Daw Jones Bond 


20 Bonds 10231 +033 

lovames 99. jj —a m 

10 Industrials 10531 +4L07 



Trading Activity 

NYSE 


sag, 

ssas 

New Highs 
Hew loot 

AMEX 

Mimed 


- asts? 


344 

186 

10B 

*8 

3 


wot. -Nasdaq 

€ «8SS 
^ USES? 

Market Sales 

s 

7?S TOE 
X Amax 
1 Nnsdoq 

la m oo ns . 


IS 
3S SI 


High Low Lutes] On* OpW 

Grains 

CORN (CBOT1 

U00 bu irWWnuTTv- carts ear busM 
JUI97 27314 27014 Z7Dft -» 174,173 

Sep 97 262 2Sft 25M -3* 3036 

Dec 77 am 2 sm 2 m —m 71244 ? 

Mar 90 266 VON, 23 Vi —(ft 12.162 

Mar9B 268 266ft 266ft -4 U31 

JM98 273 ZTOft 270ft -4 2,977 

DBC 98 M 257ft 2S8ft —4ft 3786 

Est soles NA Thu's.safcs 5(447 
Thu's open tot 287.102 up 901 

SOYBEAN MEAL (CB0T) 

MAtom* duHun oar tan 
Ju<«7 28270 279.10 28020 -068 51,971 

Aug 97 26110 26350 2040 -540 15737 

Sep 97 34750 31470 24420 -4J0 9450 

0097 23280 227.00 22960 -480 10414 

Dec 97 22370 22050 22070 —370 20448 

Jan 98 22080 21750 217.80 -270 2.111 

Est sates NA. Thu's.siries 25411 
Thu's open irtl 112749 up 2007 

SOYBEAN 0«-(tatcm 
40600 Bs- cent? par B 

Jut 97 2350 2331 2132 -031 50148 

Aug 97 2377 2350 2151 -031 14463 

Sac 97 ZLOT 235B 2358 -031 1741 

CW97 ZU5 2370 Z17T1 -031 8,957 

Dac97 24.15 2349 2349 -031 18,190 

Jon 90 200 3404 3406 -030 1,171 

Est writs HA Thu's, sates 12391 
TTVsopenM 102460 up 179 

SOYBEANS (CBOTJ 
WOOburnMmun- carts per busM 
JUl 97 80 835 836 —10ft 94.954 

Aug 97 81» 799 SCO -14 24469 

Sep97 732ft 711ft 717ft -14 9,146 

Hot 97 «7ft 675ft 677ft -lift 48532 

Jen 91 00 479ft 480ft -12ft 5.100 

EsJ.sotes NA TMiSries 47566 
Thu'scwenW 184790 off 302 

WWATtCBOT) 

• 5400 OufnMmum- cents per buWOT 

Jut 97 370 
S*p97 386 380 385ft +1 13565 

Dec 91 397 — 

_ Mcr98 397 393 394 -4ft 1 

ftp*. Etf.MK 

Tim's os 


OUNGEJUKEOICnO 

I&8Q0 Bs^ carts Par B. 

JUl 97 8250 1155 8150 -UO U4S4 JwS l 

Sec 97 84JD 8370 8175 —050 7773 Sep97 

NW 97 8775 8000 8105 -1.15 3462 166*16; ^v.rtaK M743I 

Jar 98 050 1075 8875 -U» 1473 Ptav. open Bt: 27200 Off 4417 

Estscies NA Thu's, sdes 3472 
Thu's open in! 30079 up 315 


BERMAN GOVERN MEKT BOND OIFPE) 
DM2SOOCO - prs of IQOpd 

_ I0L04 lOOift 10140 + 027 230588 

Stp97 9950 9975 99.96 +029 32471 


Moi98 

Juo90 

Sep98 

DecSO 


Metals 


ITALIAN GOVERNMENT BOND (UPFE3 

m. 200 mBkai-ptsrt 100 pc] „ 

JUTI97 13020 12950 12950 +045 92465 
5*p97 13054 13000 73047 fOM 774S7 
Dec97 HT. N.T. 10380 +079 
EstsideK 61460 Pnw. soles 81,736 
Piev.opCBhA: 109494 off 2300 


9387 9381 
9386 9381 
9184 9327 
9328 93.73 
9358 9355 
Estates 34297. Prev.s 
Pnv. open bo: 323,771 


9384 +042 34639 
9185 +003 26.075 
9383 +043 0637 
9179 + 004 2454 

9359 +044 14S5 
Ses 45446 
ap 2.744 


«Sf. 


Industrials 


377 

375 

—Oft 

380 

385ft 

♦1 

391ft 

393ft 

-3ft 

393 

394 

—4ft 

. Thu's, sales 

16467 

81,915 

UP 406 


COLD 04CMX1 

MOrf?' 36250 1 10-YEA R FRENCH GOV- BONDS QAAT1F1 

JunW 3(430 34150 30.10 -0M 45,181 

Jul97 34460 —Oh) Jun 97 129.12 12082 12940 +016150792 

Aw 97 36670 36410 36550 -0.10 31145 Sep 97 127^ 12722 1Z7X2 +0.16 15220 

OtT97 36950 36090 348 JO -0J0 6.08 ^ 97 96M 9080 9644 +0.16 0 

DSC 97 32.10 3(970 351.W -020 227» Est. volume 185458. Open hL: 174412 up 
Fflb 98 25310 -020 6560 28. 

Apr 90 356J0 -083 3*S3 

Jin 98 359.10 -030 7410 H7R0D0LLARS (CMER) 

EsLsrtes HA Thu's, soles 41J45 si 

Thu's open ht 12779 off ZI45 

HI GRADE COPPBI CNONX) 

2SJM Bs. -carts Per B. 


Od97 11225 +070 

Nov 97 11055 +050 

Dec 97 H9J0 W815 109.15 +05D 

Jen 98 10755 +0-50 

Est. sates NA Thu's sate 1150 
Thu's own Irt (0540 off 386 

SILVER (NOAX1 
S40S rroraz.- cents p+r tmrm. 

May 97 47240 671.10 471.10 +AM 

JUn 97 474J3 471 JO <7150 +640 . 

Jut 97 47840 6(440 47350 +640 39,952 Eststfes 105&5 Tls/’s. sates 17456 

Sep 77 48250 67040 47B70 +640 MM Thu'S open W 474B off 2014 

Dec 97 48940 47840 48543 +640 7JB 

Jon 98 4B8J0 +640 17 

MOT98 «15D +640 7570 »i ™ 

May 91 «U0 49140 49050 +650 2509 Sot iS 

Est. sales NA Thu's, sate 4556 
Thu's open W 90570 off 5 



Junto 

94.18 

04.17 

0418 

+CL01 441463 


Jirito 

9L09 

0408 

0480 

12.971 


tato 

0UB 

0104 

9197 

+001 4(8.103 


Decto 

93J4 

93J0 

9172 

+0JR 354452 

. ljra 

Mrtto 

9163 

9U5 

0360 

+0JT1 264,922 

3409 

Junto 

9341 

9147 

9148 

7W,jiqi 

3L430 

Sep 98 

9147 

9138 

9139 

171^6 

U69 

Decto 

9341 

9245 

9128 - 

172464 

(405 

Mir 99 

9129 

9126 

9136 

95615 

UJ» 

Jl to 99 

9323 

9121 

9321 

79222 

l.l/l 

Sep 99 

9118 

9116 

9116 

66479 

&.M6 

Decto 

9LI0 

9108 

0108 

6UM0 

507 

Est. scries 175,143 Thu's, seta 



Thu'sflPffi W 





BRnSH POUND (CMCR) 



S2JBB pound*, s POT oaund 



Junto 

14364 

16226 

16148 

402(5 

41 

tato 

16360 

16704 

16370 

6441 

2 

Decto 



16292 

lit 


7241 

-030 

3M30 . 

7343 

-047 

3,923 

7464 

-021 

2SJ77 

nx 

—020 

1616 

7660 

-025 

938 jV- 

-sofas 

4,176 


off 110 

1 


5747 

-020 

19479 

SM 

-037 

37637 

5768 

—047 

T74M 

5868 

—067 

9695 

»JH 

-067 

BJ116 ; 

5923 

-00 

745t • , 

(U8 

-047 

12670 UL— ! • t 


PLATVAM (NM80 
9trmoz.-daaorsperi 


CANADIAN DOLLAR (OMBD 
(Mars, t Per CcKcW 

.. J7X( J365 J365 58.10 

Sep 77 J348 7320 J329 7,757 

Dec 97 7388 7367 730 15S2 

tat soles 5433 Thu's, sales 7482 
Thu'S ooen W 61409 up 8(2 


All 97 3050 3B35C 3850 -840 14495 

’50 -810 4517 L“SP m SS ,1, S5 K * k ™ 


Livestock 
CATTLE CCMSO 

4S500BV- cents per B. 


Od97 38750 38450 387. 

Jan 90 303.50 3KM 3B -110 1.195 
E9. sties NA Thu's sate 3M 
Thu's CBWiirt 19493 off 371 




Junto 

4562 

65.17 

6560 

+0JD 

Iter 

PIM. 

Aug 97 

6562 

65J0 

4547 

+0.12 

640 

C8OT. 

Odto 

(0.15 

(065 

(967 

+0.10 

41943 

526.93 

Decto 

7162 

7145 

7160 

+ 037 

1649 

2443 

Feb to 

7140 

7125 

71^5 

♦ 060 

49663 

55146 

ArtM 

7363 

7110 

7147 

+045 


Dividends 

Coapaar Per Ant Roc Par 

IRRECULAR 

Mesa RayattV -4219 5-30 7-31 

Rhone Poulenc fa 5-30 7-9 

Tetefonlcu Espana 01.1259 6-2 6-10 

Weslpac Banking b 7315 6-11 7-14 

STOCK SPLIT 
Fretilfar tnsurZ *ur 1 ap«. 

Pec Artrooted 3far 2 split 

INCREASED 

ML Boncotp Q .10 6-10 6-27 

McDonalds Carp 0 4825 6-2 6-13 

Th total Corp 0 20 5-30 6-13 

UnffagCa S 473 M 6-24 

INITIAL 

Chester VaVey n _ .11 6-5 6-19 

Fronfaer insurn - 47 6-» 7-21 

Fresflgsftin _ 473 6-20 6-3C 

Redtson Assoc n -4125 7-8 7-33 

REGULAR 

AdwrtoCorpA Q -11 5-30 6-17 

Advanta Oxp B, 

Aflmerica Rn 
AmerFstPnpFd 
BEA Incarte Fd 


Q .132 500 6-17 
O 45 8-1 0-15 

M .1103 SOI M0 
M 46 6-6 6-16 


Company 

BEASfaotGfa 
BenefldalCotp 
Brown Formon 
Castle Conv 
Deposit Gua tarty 
Edwards AG, 
Ensetcfa Cam 
FL East Coast 
Ctant tndast 
GteyAdmtbing 
Hudsons Bey Cag 
bid Alum 
Johnson Controls 
La Q wdntu Inns 
LakevlewHn 
Mesa Offshore 
Nordstmei Inc 
PfanedeFIn 
Pub Svc Enter 
TCW CvSecur 
Talbots Inc 
Tmas-LntCp 

Trane — La* B, 
Tredegar Ind 
Trt-CourtyBncp 
Wbyne Bncp OH. 


Per Amt Rec Pay 

M 4675 6-6 
Q 52 6-2 
Q 77 6-6 

Q 47 600 
Q 70 6-16 

8 .18 6-6 
45 5-30 
Q .10 6-6 
O 45 7-24 
Q 140 5-30 
Q .18 7-8 

Q 45 6-20 
O 715 6-6 

0 4175 6-1 

Q 462S 6-3 

M 408 S-30 
Q .125 6-2 

Q 735 6-20 
Q 54 64 
Q 71 6-30 
Q 49 6-2 

0 435 7-7 

a 4315 7-7 

O 48 6-13 

8 .15 6-3 

.10 5-31 


6-16 

6- 30 
7-1 

7- 14 
7-1 
7-1 

6-11 

6-20 

9-6 

6- 17 

7- 31 
7-10 
640 
6-16 

6- 17 

7- 31 
6-16 

7-1 

6- 30 

7- 11 
6-16 
7-18 
7-18 

7-1 

6-30 

6-30 


1722 

H.922 

2559 

3455 

14M 


27507 
38,997 
18517 
9,719 
5451 

_ . 1710 

Est. sales NA Tlu's.sdes 12486 
Thu's cpenW I015M up 717 

1 CATTLE (CMBU 

MOV 97 7647 

Aug 97 7947 7845 7940 +087 

Sep 97 7845 7840 7031 +173 

Od97 7880 7840 7175 +065 

Nov 97 7955 7940 7955 +020 

4H9B B050 7955 B040 +OI3 

Est. %rtes na Thu's, sate 3.977 
Thu's open W 120431 UP 99808 

(CMBU 
t- cents par m. 

8145 8057 8065 -072 11586 

8245 81 .W 8142 -072 10533 

HLB3 TIBS 7192 -04S 7470 

7255 7145 7157 —148 5434 

7040 6940 6950 —140 3515 

S NA Thu's, soles 7591 
ante 40430 Off 253 

BBXIE5 (CMBU 
s.- carts per b. 

93JD 9075 9140 —275 182 

9190 9150 9240 -145 UK 

TUB 9QJ0 96.90 -245 1,712 

1 NA Thu's, series 3437 
nM 64(0 off 111 


LONDON METALS (LME) 

DoOa rs par metric ten 

AAaafaara (HJgft Grade) 

UWnn UTiSn ifinnn 5®^ ■I®* Milk 


JIPI97 
JJ97 
Aug 97 
0097 
Dec 97 
Est. BON 
Thu's a 

PORK 
«L000l 
May 97 
Jill 97 
Aub 77 
Est. sat 
Thu's a 


-SS 4915 75592 

Sep 97 4971 4951 4953 AJX3 

Dec 97 5001 4993 4991 Sit 

Bf.sries 124S8 Thu's, sofas 14485 
Previous Thu's open W 80413 gff 1095 
JAPANBEYBKCMBQ 
1U mSSan yen, s per in vott 
J un 97 J57T2 401 MU V j K I 

iStHteLT " iism Sm So S *£ 

>*31 vs Tito's. scries 313(7 

251100 251540 25Z& 

026ft 627ft 635ft 636ft IMVnatOTftnc 

. . 835J» 63100 64100 644ft Jim 77 7152 7W3 71* 6L293 

Ykfcrt Sep 97 7230 7160 7234 tl!7 

Sjx* . 745540 746100 7525JJ0 753SJW ok97 7304 7286 OT( « 

ftnwrt 736540 757040 763540 764000 Estsries 17463 Thu's. Kriet 11130 

g. 569040 570040 571340 572540 - »« 

FormvTS 574040 575040 576540 577040 MEXICAN PESO (CMER) 

Zfac Special High Grade) seOASB pan, spot new 

Spot 1339ft 1340ft 1347ft 1348ft NnfJ .126 ID .ISO .12S85 

Forward 136040 136140 136840 1368ft SwCT .21E .12127 

Dec 97 .11700 .11612 .11690 

High Low Close Chge aptat W37_Tl»rs.sate 640 

Thu'sopenint 3A933 w at 


COTTON 2 (NCTN) 
50400 Bs.- cents par 0 l 


»EATWGOB.(NMBU 
42400 eat rants per pal 


Thu'sopenint 134410 oR 1551 

LIGHT SWEET CRUBc(NMBU 

1400 OH- do tes per bbL 
■M97 VST 21J3 21 Jf -0J0 IH3M 

Aw 97 71.98 71 JO 21 JD -037 48.953 

SraW 2142 21J5 2154 -Oil 30410 

0097 2156 21J5 21J5 —005 10788 

Nov 97 21J2 21 Ji 21 A —006 165(0 

Dec 97 21 A) 2L24 2144 -009 37574 

Est.sate NA Thu'S, series 7Z4(3 
Tito's open Int 409,396 up 324800 

NATURAL GAS (NMER) 

10400 mm Mu's, spot mm blu 
Jul97 2X0 7 y» 1280 38.147 

AUP97 2300 2535 22(0 3W08 

Sep 97 2 3TS 2220 1270 16540 

DcJ97 2280 2.225 2570 19JW 

NwW 2380 2335 2370 75D 

D«T97 2X0 2535 2590 12587 

ESLsote NA Thu's. sate 52307 
Thu's open im 210552 up 1815 

UNLEADED GASOLINE (NMBU 
42400 art, cards pot art 

6758 64.SJ 6650 —0.13 2AT« 

*497 6550 64.60 (450 —030 36.185 

AubW 6A» 6350 6150 -034 1W52 

Sas«7 6270 62.10 62.10 —04? 4557 

tW»7 6050 60S 6050 +0.11 1197 

Jtov97 9950 S950 »JD -0.14 1389 

5?” ®-’0 -0.K 190 

p aries NA Tito’s series 31018 
Thu'sopenint 92566 up 460 

GASOIL OPE) 

iLS.doitors per metric fan- lots of 100 tons 

-Jun 97 17125 17L75 177.75 —135 21469 
Jul 97 17940 178.00 17650 — UM 11711 

Aug 97 18050 17735 16035 — UM 

Sept 97 78135 78150 78100 -0.75 
Oa 97 78350 78340 183.75 -0.75 
Jjov 97 18540 18450 1BL75 —UM 
Dec 97 18550 18125 18550 -075 


r %»:■ 

< 53* 


-• ‘Hill 





■ I'JareW.U 
9 ~7reai ST Jf 


3AJA 


^ v '.“ --^r J70637 
:rjL7t 





-Yd*' 


16.90 

10357 

6718 


FhumdaJ 


Mto NTH STERUNG OIFFE) 

Esocuno- pts otioooa 

KMfO 90-e 1043 «344 +041 116,728 

g21 93.16 9220 + 043 104+19 

9342 92.96 V340 ♦ 043 9A950 

WAJ SS S5 *043 60270 

52 92Jt * Mi 444+7 

9270 9254 9258 + 045 31885 

9255 9250 9254 +046 2U26 

9253 9258 9251 +OD5 19469 

9250 9U4 9259 + 045 12.193 


sfartc/AOR; »payaMa In Caoarihrt tads 
mi i | ip wa lmlu r awl mani l 


Stock Tables Explained 

Sate dBMesowoiariBdteYtaiyiifateita fa te tefadtepw iAw 32 w^ptata anard 
weelu fart nrt ta fafa sl t«»^ dor- WNeraosp» grafad i* *fandfaiw* ^ fagpera tder more 
has been pda too yao« Irigh-fart war d htaod we tatefai iteiwwsfa dgondi.Urri eaB 
otai wh o nufcAnriCs of t W d e nds ora annwri iBsfateetnauls famed onjha tart iteefa ra floiL 
a - dividend otso exho (s). R - onmidrate o* dhrfdondpfas tackdfvWend.c- Jteddattrtg 
<Mdend.cc- PE ened* 99jdd - eaaadLtf - new yearty law. dd> loss In me tail 12 months, 
a - iSvidend doctored or paid in preceding 12 mortts. (- annwri rate, lnarasM on last 
dadoralton. o-dMdend In Caiwfltm funds. sttoteaWlOToon-te Mancetal -ifleMend 
de^Sadrtw , raS^SteslodidM«len«L|-iRvhtad|iojdllterawir«irtlta,dataed,orno 
odton toXan ot totest dMrioid meeting. 8 - cBvldmd detiaivd or paid this mat an 

cwaiimitailw Issue wim cBvWends In onoiifs. ■ -aimwol rate rettorad « M dectarallon. 

lhfl» paslfi weeks. Tim range fiecte w«h Ite stori of trading, 

mt _ itj y ijpaw er y. p - pilttal dltffctend.onngal rate unkn own- P/E - prtce^cmln^ idia. 

g- closed-end mufwri ran d, r- dMW end pracwd^l 

dMdond. S - stock spdl. Ohridand begins w» do* M ' 

Act orsecuitltes assumed by such companies, art- when astrifauled. 

wmrarts. - «bh8*Wb« * ■ a-dUrfbuBon. 


14S 

1461 

—2 

32679 

1482 

1401 

-2 

1X908 

ISIS 

ISM 

—2 

1X40 

1541 

1545 

—6 

21951 

15(7 

15(7 

—4 

8431 

1500 

1587 

-6 

SB 


Food 

COCOA (NC5E) 

lOtnaMc tm- S POT ton 

Jul 97 1471 

See 97 1498 

Dec 77 1SZ7 
MtrM 1554 
Morn 1S*9 
Juin 1SB7 
EsL ste 440 Thu's, scries 6395 
Thu's open rrt 97479 up 790 

COFFEE ClWCSE) 

37 jdobs.- cams pot b. 

Jul 97 2 OX 2SS30 2S485 -345 
Sep 97 231 JS 225 50 22646 -ON 
Dec 97 199 JO I9SJS 19620 —355 
(ten 18350 18240 I027S -060 
MoyH I TUB 17330 17100 -055 
ESLsdte 6450 Thu'S. s<6es 11417 

TTv'scmnn non on iso 

SUGAR-WORLD II (NCSE) 

I IZABBs.- certs pot b. 


UST.BALS(OMER) 

*7 mOSon. ptsoMOe pet StVTT 

Jun 97 mi «U0 9442 -Ul 4493 Sc97 

Sop 97 0447 9L56 9456 +041 4.961 Marts 

Dec 97 9458 BO Jun90 

K.sate 260 Thu's. 3rtM 746 SgW 

Thu'S opwiint 9454 aft 77 P »g 

Maiyy 

5YR.TREA5URY (CBOT) Jun99 

UBMHprfa-iOTAeattortlHpct ^srtes: 3fc« fta. solas: 91333 

Jun 97 105-26 105-16 MS-21 +M 183430 Piev.apenfaL- S3M49 up 1992 

tan 105-11 105-46 lB-« +04 39JM 35AOMTH EUROMARK (UFFE1 

Doc 77 104-64 + 04 277 DMTieOta-ptBcnOQDa 

g. sofas 11SB0 Thu-isies 92531 S5f7 9^1 9taT 

Thu's oaai nf 223, KIS ntt 4390 jeW 

MYR. TREASURY [CBOD S Sw 

SIOUpDprin-pteASMtoDtlOOprt Dec97 

Jun 77 10-07 W7-0O 107-04 f (D 2S0.915 Mrt98 

Sep 97 106-23 106-17 106-21 + 04 75437 Junto 

Dec 97 106-10 ♦ 04 |,920 jtoto 

fd-Wfas Thu'S. series 81 JOB OK ^ e 

Thu*sapenH 3S8564 oB 3015 


7,956 
1967 
4562 
1.887 
7467 

Jj3? Est Soles: 7.268. Open Wj 66437 off 

BRENT OIL (IPE) 

U A dollars per barrel -tots of 14M0 barrels. 

July 97 2022 19.93 20J» — ala 71584 

1X-S 22^ — a,? xm 

20.1? 20-02 204TI — 0,14 1M27 jo 
SJ f W.W 204*1 =ail 7,955 f-. 
M.I1 2DL00 19.9 b —0.10 6M7 

20-04 19.92 19.93 ^08 11317 
19.93 19.84 19^5 Ioj6 1116 
1941 19.77 19.75 -O.0S 1597 


Aug 97 
Sep 97 
Od97 
Nov97 
D0C97 
Jan98 
Peb9B 


N.T. N.T. tlES; 2 ^ 

to7« 9672 OfcM + toll 2IL4I3 
SHS S'* + 082 23S4M9 

9656 9651 9654 + OB) 210609 

9627 9622 9626 - CLM 1514H1 

«« +8L!niMM« 
9SJ6 9SJ9 * Q m BAjma 
95lSS 9fL51 7SS3 * Sol 77M 
9SJ1 9527 9529 + SS 4}Zo 

EM Write 137^*0. nev-ute: 242297 
pier, open Wj 1554294 ap Oel 


JUTT99 


14452 

7503 

45S1 

van 

437 


Julto 

11.12 

1UD 

11.11 

+065 

0097 

10.01 

10JS 

1091 

+QJM 

Ma-n 

urns 

1060 

1QJBS 

+043 

Morn 

1035 

1032 

1045 



USTREASURY BONDS (CBOT) 

Mrite Wg j P «** S3Md laa net) 

taWlSt” iSSS MW* IS *5^ IMONTHPiBORjMATlR 
Dec 97 100-17 108-12 188-12 +04 S«2 FFSOriBta-ptSOflOOod 

Est. sofas 100400 ewiy S— n, 1 ® Jun 07 96J0 9645 9657 +0JN 5O300 

£2 as :SS 

U80R 1-MONTH (CMER) Nte 98 9647 9644 9646 +£o2 Sase 

On«fan-rtioti«pct Jun 98 9625 9621 9624 +042 24484 

Jwl97 9440 9429 9429 1C672 Sep 98 9608 9606 9608 +042 22,117 

J 4 ? H22 9422 +JUJ? MJru Dec 98 9547 9544 9547 +003 1*673 

Awn 04.16 04.15 94.16 35 BS Mar 99 9543 9541 9543 +0JD3 1X712 

X3M_Thu'i.aies X17S Jun 99 9141 9540 9540 +040 7460 

ESL vutoOK: 6X85X Open bit; 265J15 up 
4246 

34I0NTH EUROURA (LIFFE) 


Est. sofas: 26778 Open lnM6Z516 off 6831 

~ Stock Indexes ”T 

SSPCOMP.INDEX (CMER) 

SOOxIndtoi 

JunTJ «O40 83920 84920 +94S 172487 
BSaM> * 1aJS 

.Tito's. sofas (2.178 
nvsgpairt 189451 off jjm 

FTSElMniFFE] 

CS per kxiot pdM 
JunW *Mbj> 46534 46714 

SS m“ 'TS SOS 

ucatfunn 

Sratertotapohn 

1* SmSA 27374 27624 +2840 2X567 

jSrw 77-toS +2BJ0 

CN? w 27 ^ 7 !- 0 ”2^ 27514 +2840 11.999 
JL N.T . 27714 +2840 451 

Mur 98 37874 27784 27944 +2840 7.W4 

37 , _ M - WDkKne: 21*376 Open Irrt^ 7X574 off 


64 419548 
66 5333 
64 SZ2 


... ,. 

>/ % S M ^ 

+. *BD 0 

-J*.-, -t: ar 

•**.: iuoB 

'-+7% =?■-; --T: 7775 

KB -tfc M 00 

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S: i>: n? B 

*5 ,?'•>■ r-’r ;2?i 

v. -.M liTic 

S’: \:k st* 

i'TXI 


*: -T' ff? j:s 








Commodity Indexes 


+i' 


.-Jaaiis 

-4 *»-, 


Thu's span irt 294(0 up 660 

UMCSU.T OIFFE, 


ES. vies 7489 Thu's.sME 21,973 
Thu's open M 154.133 UP 21(8 


Jun Otaw - rc.6 32mh ot IM pd 

6106 £2+7 jitiS Ill'S iW-'J *0-19 17+652 FtL litteon -pboflOOpd 

IM *9-21 2X113 Jwl97 Oi* 9345 UndL 10X611 


KS? 


Est, salav 81414. Pm. nrWiT ijun 
Piai-raenta 197435 off 1*72 


S25 

Oot77 


9346 9162 9145 +041 91m 
9182 0176 9179 » 042 S+Cl 


Odm 

141040 141140 

2.01540 241340 

1«43 16X47 

251.18 2S1.94 

Pro Wfidbn 



... 

assms 

ShC': 


teC W aW . 

rtuTiihuta 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 24-25, 1997 


PAGE 11 


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Business Bribes 
On Agenda at 
OECD Forum 


By Barry James 

international Herald Tribune 


^ inance Firms Swap 
Assets in Belgium 

fi/i V|*it 

BRUMHLS — Th'J, nr . WMd assets of about 270 billion 
s biggest holding comn™; Bd ^; Be| e' ,an ^cs ($7.7 billion) 
frojay they would swan r ? ai . d Holding companies are powerful 

holdings in a move thaf7T^ flhe,r “* Belgium because of laws granting 
the way for further crnS ? them tax-free dividends, among oth- 

*e financial-sendees inS^f °° ,n t r 1 ^ nefits - Belgium's two biggest 

• Almamj NV Gewn Kn; . holdmg companies. Societe Gen- 
Cobepa SA, Belgiu^'s^rri f ^ eraie de Belgique SA and Groupe 
-and fifth-biggea holding ' four ^‘ Bruxelies Lambert SA. control some 
respectivelyf^d^^^P^'w of the country's biggest businesses. 

make thei£ more rompeiSve ^ asseI "**? to 

Provide shareholders with k7 con centrate the companies holdings, 
vi deads and new shares Donuii ®‘ giving them more control over the 
- The three companies ha«« companies they invest in and making 

pames have com ~ » easier for thon to buy and sell their 
holdings or forge alliances. 

Separately, Bacob Bank SC said it 
had bought 47 percent of Paribas 
Belgium, a unit of Compagnie Fin- 
anciere de Paribas of France, which 
itself owns 65 percent of Cobepa. 

Almanij, whose prinajpal asset is 
a 41 percent stake in Kredietbank 
NV. Belgium's third-biggest bank, 
said it would buy a majority stake in 
a company created by a split-up of 
Gevaen. Cobepa will buy the second 
pan of Gevaert Gevaert sharehold- 
ers will receive a combination of 
cash and stock for the assets. They 
also will receive one new Gevaen 
share, one Cobepa share and 150 
francs for each Gevaert share. 

The division of Gevaert. which 
has assets of about 77 billion francs, 
could have an impact on the share- 
holding structure of some of 
Europe's largest companies, be- 
cause Gevaert has stakes in compa- 
nies such as Bayer AG and the 
Dutch insurer Aegon NV. 

While Almanij said it hoped to 
maintain its half of Gevaert as a 
separate listed company, Cobepa 
would absorb its half of Gevaert and 
directly control its assets. 

“Investors have been telling us 
we have a much too complex struc- 
ture," said Christophe Evers. 
Cobepa’s chief financial officer. 
"This will give us a much bigger 
flexibility in our portfolio." 

Trading in the shares of the 
companies has been suspended on 
the Brussels stock exchange. 

Paribas would not say how much 
Bacob had paid for die stake in Pari- 
bas Belgium, a c ommer cial bank 
with 50 outlets. In 1996, Paribas 
Belgium had a profit of 4 billion 
francs and equity of 28 billion 
francs. In terms of assets, Bacob is 
the seventh-largest bank in Belgium, 
and Bank Paribas Belgique is the 
elghth-laigesL 


EUROPE 


PARIS — Industrialized na- 
tions are close to an agreement 
on outlawing bribery as an in- 
ternational sales tool, officials 
at the Organization for Eco- 
nomic Cooperation and Devel- 
opment said Friday. 

The subject is on the agenda 

for a meeting next week of fi- 
nance ministers from the 
world's richest industrial na- 
tions. The conference will also 
discuss Russia’s eventual ac- 
cession to the organization. 

All member nations agreed 
on the need to put an end to 
bribes for foreign officials, the 
sources said, which they called 
a waste of resources and harm- 
ful to corporate culture in the 
home countries. 

But France and Germany sup- 
port adoption of a convention 
binding on all members to keep 
some countries from imposing 
Iaxer standards than others. 

The officials said the United 
States, which has already 
adopted anti-corruption legis- 
lation, would go along with the 
French and German position, 
provided it was not seen as an 
excuse to delay action. Wash- 
ington wants an agreement 
"within months," they said. 


Eastern Europe’s NATO Bid 

Prague and Warsaw Hope for Help for Arms Industries 


By Peter S. Green 

Jntenuiiiitnal Herald Tribune 


WARSAW — If the Defense 
Ministry gets its way, five years 
from now Polish pilots will trade 
ip their Soviet-designed MiG -29s 
for sophisticated Western jet fight- 
ers as the guardians of NATO's 
eastern flank. 

But these will be Western jet 
fighters with a difference — a sig- 
nificant portion of each plane will 
be made in Poland. 

In an attempt to show they can 
carry the burdens of the North At- 
lantic Treaty Organization mem- 
bership that they expect to be gran- 
ted at a NATO summit meeting in 
Madrid on July 8, the Polish, 
Czech and Hungarian air 
forces plan to acquire 
NATO-standard planes. 

To offset the multibillion- 
dollar cost of the planes, 
the three countries want 
help for local defense in- 
dustries that once churned 
out Soviet-designed 
weapons for the Warsaw 
Pact, and which are now 
still struggling to adapt to 
thepost-Cold War world. 

Tne race for jet sales 
and for so-called indus- 
trial offsets has lured to 
Poland three of the 
world’s top fighter plane 
producers — McDonnell- 
Douglas Corp., whose F/ 

A- 18 is the workhorse of 
the U.S. Navy; Lockheed 
Martin Corp., whose F-16 
is NATO's most popular 
fighter; and a consortium 
of British Aerospace PLC 


and Sweden’s Saab Scania AB. 
who sell the Gri pen fighter. 

While no bias have yet been 
solicited, the stakes are high. To- 
gether, Poland, Hungary and the 
Czech Republic could purchase 
between 110 and 200 aircraft — at 
a cost of as much as S5 billion — 
plus a quarter-century 's worth of 
spare parts and upgrades. 

“We will not consider any Min- 
istry of Defense contracts without 
100 percent offset." said 
Krzysztof Wegrzyn, Poland's vice 
minister of defense. 

Poland wants to rebuild parts of 
its defense industry and convert 
the rest to civilian production. But 
it cannot do it alone. 

"We’d like to use the weapons 

S&P Is Positive on Czechs 


sales to build support for our de- 
fense industry.* Mr. Wegrzyn 
said. "We don't have the money to 
develop the necessary technology 
by ourselves." 

Last week, the Czech govern- 
ment said it would sell a stake in 
the money-losing aircraft maker. 
Aero Vodochody a^., to a Boeing 
Me Donnell -Douglas consortium 
that includes the Czechs' state- 
owned airline Ceske Aerolinie a-s. 
(CSA). Aero builds die L-159, a 
ground-support aircraft that the 
Czechs and possibly Poland could 
buy over the next decade. 

Sources close to the deal say 
Boeing hopes this will give it 
leverage to sell the F/A-18 to the 
Czech Air Force and for replacing 
CSA’s aging European- 
made Airbuses ana So- 
viet-made Tupolevs with 


Bloumbern News 

PRAGUE — Standard & Poor's Corp. views the 
Czech economy as strong and has no plans to change 
the nation’s investment-grade credit rating even as 
the koruna falls amid concerns about the economy, a 
director af the rating concern said Friday. 

“For us to do something about the rating would 
mean we see a complete change in the economic 
policy or economic management of the country." the 
director, Konrad Reuss, said. “We’re still a long way 
from that." The Czech Rqjublic’s “A” rating is 
matched in Eastern Europe only by Slovenia. 

A major concern among investors is the nation's 
trade deficit, which rose 48 percent in the first quarter 
to 40J2 billion koruny ($13 billion), and a slowdown 
in economic growth. 

“Certainly, the Czech koruna is under pressure," 
Mr. Reuss said. “The market thinks it's overvalued 
because of the slowdown in economic development 
and because of the high current-account deficit. We 
try to avoid these land of swings in die rating as a 
country goes through a certain b usin ess cycle." 


Boeing civilian planes. It 
will also provide a low- 
cost, highly skilled plant 
to build parts for some of 
the civilian planes that 
have been ordered from 
Boeing recently. 

A Lockheed execu- 
tive. Don Bohlen, says 
his company could offer 
offsets in any Lockheed 
business, from compu- 
terizing welfare records 
to electronics to power 
generation. 

Alicja de Castres-So- 
bolewska, a BAe exec- 
utive, said the company 
would "bring Poland in- 
to all tne British 
Aerospace projects: the 
Tornado, the Jaguar, the 
Eurofighter." 


ll Investor’s Europe 1 

ftankfUrt 

London - 

Paris 


DAX 

FTSE 10Q index CAC 40 


3800 

4800 

3000 


3600 

Uty 4600 

/ 2800 

(6 

3«0 A 

r 4400 ^ 

Ay 2600 /V 

r 

3200 ft 

1 4200 J* 


J 


3000 f* 

4000V 

m/ 


^DJFMAM JF 

MAM ^SJF 

MAM 

1996 

1997 1996 

1997 

1996 

1997 

Exchange 

index 

Friday 

Prev. 

% 


Close 

Close 

Change 

Amsterdam 

AEX 

803.96 

80084 

+039 

Brussels 

BS.-20 

2^67.78 

2JMSJ5* 

+OS9 

Franfcfut 

DAX 

3^02.19 

3,579.42 

+0.64 

CopenhSfl«i 

Stock Maike* 

57B.3& 

S772Z 

+020 

w *-l — w — jt-j 

nootfuo 

HEK General 

3,18066 

3.032.12 

+020 

Otto 

OBX 

632J0 

627.05 

+0.87 

London. 

FTSE 100 

4^861 «80 

4,651.80 

+021 

.HttrW 

Slock Exchange 

-5S&90 

556L10 

+020 

Ufen 

MIBTEL - 

12^131 12,410X0 +0.17 1 

Paris 

'CAC 40 

2,76230 

2,741.65 

+0.78 

Stodchofasi- 

sxto 

3.08S.35 

3,035.36 

+1.68 

Vienna .. 

Xtx . 

1^9079 

1^87.19 

+027 

Zorich 

so 

3^7265 

3^66.80 

+0.19 


Source: Tstefeurs 


loKfitMMiuJ Herald Tribune 


Very briefly: 


Bonn ‘Could’ Sell All of Deutsche Telekom 


Qmrdttd by 0kr SkffFnm Dapmdia 

BONN — Germany could sell its 
entire bolding in Deutsche Telekom 
to the public soon to enable the 
nation to qualify for die launching of 
the single currency. Foreign Min- 
ister Klaus Kinkel said in an in- 
terview published Friday. 

“We could go further regarding 
Deutsche Telekom," Mr. Kinkel 
told the business newspaper Han- 


delsblatt. "I have nothing against 
total privatization.' * 

Finance Minister Theo Waigel 
said last week that because of an 
expected tax shortfall of 18 billion 
Deutsche marks ($10.6 billion) this 
year, the state might bring forward 
the sale of part of its Deutsche 
Telekom holdings to help ensure 
that the public deficit was contained 
to 3 percent of gross domestic 


ret, as required by the 
richt treaty. (AFP, Reuters) 

■ Creative- Accounting Ban 

The European monetary affairs 
commissioner, Yves-Thibaukde Sfl- 
guy, said countries could not use 
creative accounting to qualify for the 
single currency but declined to com- 
ment on Germany's gold revaluation 
plan, Reuters reported from Geneva 


• British Airways PLC wifi sell part of the 14.65 percern 
stake it holds in Galileo International, a provider of elec- 
tronic information for the travel industry, through its Dis- 
tribution Systems Inc. subsidiary. 

• Dresdner Bank AG, reporting detailed first-quarter earnings 
for the first time, posted a 10 percent advance in operating 

Deutsche marks (§587 million)/n>e^>ank also* denied reports 
that it was interested in taking over Postbank, the German 
postal bank that is due to be denationalized this year. 

• Elf Aquitaine SA agreed to buy back 2 million of its shares 
from one of its original core shareholders, UAP SA. It bought 
the shares, valued at 13 billion French francs ($214 million), 
from UAP Life, a unit of the insurer AXA-UAP. On Thursday. 
Elf bought back 23 million shares from Renault 

• Nomura Securities Co. said Takashi Tsutsui has been 

appointed chairman and senior executive officer of its Euro- 
pean subsidiary, Nomura International PLC, after the de- 
parture of Hfroshi Tonomura. AFX. Reuters, Bloomberg 

Shares of Laura Ashley Slide 

Bloomberg News 

LONDON — Laura Ashley Holdings FLC’s shares fell 6.9 
percent, or 7 pence, Friday after the company said two senior 
executives had resigned. The stock closed at 95 pence ($134). 

The merchandise director, Julie Ramshaw, and Dominic 
Lavelle, the U JL and Europe finance director, left the company 
this week, Laura Ashley said, amonth after the clothing retailer 
warned that 1998 profit would be lower than expected. 

“This just reiterates concerns I have had for a long time 
over the management." said Paul Whyman, a fund manager at 
Matheson Investment Management Ltd. 


WORLD STOCK MARKETS 


Friday; May 23 

Prices In toaH currencies. 
TeUam 

• Mgh Law One* Prw. 

‘Amsterdam 


High Low 

Deutsche Bonk- 9853- -97.35 
DeuTTettwn ' 39-50 39.15 
DresdnrBoik 63-90 61.90 
fivianiUc ■ 357 355 

FmndutMad M&so 

Fried. Krapp 320 31950 
Get* 122J0 121 

HekMbgZfflt 16850 164 

HenkSpU 9900 9850 


ABN -AMRO 
Aegon 
AhoM 
AkzoNobei 
Boon Co. 

Bots Wesson 

CSMcw 

DortbeftePet 

.PSM 

EteHtar 

ForifcAmev 

-Getaonks 

G-Brxom 

ffisr 

Hoogwenscvo 
Hurd Douglas 
IMG Group 
KLM 
KNPBT 
KPN 

as? 1 * 

OceGrtnfcft 

-PtuipsElee 


IHtig 

Robeco 

Rodomeo 

RaftKD 

Rorerrto 

RomI Dutch 

-Uiulewcvn 

Vendee Mill 
VNU 

Woden K) ora 


3650 

14360 

148 

263JD 

11720 

3720 

10110 

381 

19740 

32.90 
79 JO 

64.10 
6650 
9180 

329 

100.40 

170 

86.10 

58 

40-30 

6940 

4840 

30® 

24070 

11870 

97.90 
19250 

172 

6040 

17450 

11020 

36850 

38250 

10950 

4820 

23830 


3550 3830 
142 14240 
147 147J0 
26150 M W 
USX 11540 
3640 3750 
10850 10250 
37750 381 

19350 19870 
3240 3240 
78 7940 
63 6350 
6450 6650 
9140 9350 
326 32850 
77 99 

168 TO 

8450 86.10 

55.90 5650 

39.90 40 
®153 69 
4750 47.90 

296 301 

23950 24820 
109J0 10940 
N 96 

188 192 

17150 17140 
60 6H30 
17450 1749) 
110 11O20 
365 368 

379.70 38890 
107 10860 
43130 4350 
233.10 23440 


3550 

14160 

14740 

262 

114.10 
36J® 

103.10 
380 

19450 

3250 

7850 

6X10 

6450 

8950 

32640 

9750 

169 

8450. 

58 

4050 

6940 

4750 

296 

248® 

10950 

9650 

1W 

17150 

6870 

17550 

11040 

36740 

380 

106J0 

4350 

235 


HEW 
HocMef 
Hoedest 
Koatadi 
Uduneyer 
unde 
Lufthansa 
MAN 

Mnnesnianfl 


487 487 

7750 77.10 
6650 66 

MO. 997 
77 76JB 
1255 1242 
2840 28 

510 506 

729 713 


MetaflgasaUK*Hfl3750 3690 
Metro 17950 173 

MnndiftuedtR 4360 4340 

Piwrssog 472 467 

RWE 75 7450 

SAPpW 31750 31650 

Sdiertng T74J0 17250 

SGLCmfeon 244 24140 

Siemens 9815 97 JS 

SpjIngerlAreO 1^90 1490 

Sucdzuctaf 983 895 

SS- ^ 9250 

VEW 505 505 

. Vlap » 7?350 

Vbfewogen 1154 1140 


Close Prev. 
9840- 9645 
3940 3958 
6242 61 JH 
357 351 

147 148 

31940 320 

12150 12050 
166 165 

99 99 

487 487 

77.10 7750 
6640 6640 
60550 589 

7650 irm 
1251 1232 
2832 2750 
509-90 50550 
724 716 

37.15 37J0 
178 171 JS 
4345 4350 , 
46950 466 

7450 7550 
31650 31650 
174 17518 
24140 240 

9815 9845 
1499 1490 

900 890 

39150 38&S8 
9745 9950 
505 505 

776 77350 
1140 1127 



mgb 

Uw 

Qssr 

Pltafc 


mgb 

Law 

Oase 

5A Breweries 

128 12X25 

12775 12775 

VendomeLxuts 

S.U 

5X8 

X13 

Somancor 

47 

4XZ5 

47 

47 

Vadaibne 

7J4 

2X7 

2X8 

Sosol 

56 

5575 

55X0 

55X0 

Whitbread 

X33 

SLQ7 

8.15 

58JC 

Z14 

213 

214 

214 

WBumsHdgs 

MB 

1B2 

un 

Tiger Oats 

75 

75 

75 


lltylMlan 

lUAKreT 

X75 

4J® 

X71 





WPP Group 

2X5 

279 

139 


High low dose Pm, 


High Low Oase Pm. 


Kuala Lumpur engewuo 

Prmfcos: 187143 

AMMBHdgs 
Getdhtg 
Mol Banting 
Mound S14>F 
PetremasGas 
Proton 
PuMfcBk 
Renting 
Resorts Worid 
Rothmans PM 
Stme Dotty 
" lam Mai 


Zrneat 


X10 
471 
243 

1896 1855 1882 1872 


Tetoknn I 
Image 
UMEngtoeeis 

m 


1570 

15X0 

1570 

1570 

1370 

1X9# 

1X10 

1X90 

7495 

3X9# 

25 

2575 

5X5 

5X5 

5X0 

5X0 

870 

850 

8X5 

870 

1370 

12 

12X0 

12 

470 

4X0 

4X6 

4X4 

XC 

378 

X46 

3X0 

83S 

BXO 

8X0 

8X5 

25 

2X90 

25 

25 

8X0 

830 

875 

840 

17.10 

1X90 

17 

1770 

1170 

1070 

11.10 

1170 

20 

18X0 

19X0 

18X0 

9X0 

970 

970 

9X0 


Helsinki hex 


312808 
Piwriow: 3892.12 


Bangkok 

AdvInfbSvc 

«on0k&HLP 

Knna Thai Bk 
PTTBtpta 
Skim Cement F 
StamCotnBkF 
Teteeoraosla 
ThafAInMrt 
Thai F«m Bk F 
UMCamra 


SET Mac 581.13 
Previous: 5TL39 


176 

222 


174 175 

212 Z18 

31 29.25 3025 
328 320 322 

566 532 55B 

138 133 133 

WM 30J5 30-75 31J5 
3955 3855 39.25 3850 
124 121 122 123 

in 113 117 116 


174 

212 

30 

328 

566 

135 


EnsoA 

HuMaraekli 

Kendra 

KcsSb 

Metim A 

MdroB 

Mstso-SeitaB 

Neste 

NnUnA 

Orion-YWyinoe 

Outokumpu A 

UPMKymmene 

Uabnet 


4650 

235 

51-20 

74 

1810 

14240 

4258 

138 

357 

208 

103 

124 

9140 


4650 4450 
230 235 

5020 5050 
7X60 74 

17J0 18 

141 142.10 
42 4250 
137 138 

3*50 355 

205 205 

10290 103 

12150 123S0 
9830 91 JO 


47 

231 

SO 

74 

1790 

142 

4250 

137 

348 

200 

103 

124 

9040 


London 

Abbev Natl 
AlBedDcmeaj 
AnglanWtater 
Argos 
ASdn Group 
Assoc Br Foods 
BAA 
Bodays 

Hm< 

BAT tod 

Bank Scotland 

BfaeChde 

BOC Group 

Boots 

BPBtnd 

BrttAernsp 

BntAtovayi 

BG 

Brit Land 
BitTPeflra 
BSkvB 
BrttSM 
BrttTdecmn 
BTR 


FT-BE 110: 466150 . 
Prevteas: 4651 JO 


955 

458 

698 

815 

1J0 

547 

537 

1242. 

807 

592 

496 

423 

996 

7.17 

345 

1282 

743 

292 

694 

740 

590 

153 

457 

2.19 


BumuliCBsfnil 1818 


Bombay 

feSffivm 

lflndud PeNm 
indDcvBk 

ITC 

MatronoowTei 
Reflancelnd 
Stole Bk Indio 
Steel Authority 
Tala Eng Loco 


Scssex 30 iddero 378657 
Pmiaeei 373878 
858 843 84595 84875 

105750 10451 04635 105&25 

423 419 421 421 

91 90 9075 90-75 

43B 422 427 424M 

MOlSO 273 Z73 sai 

»4 286 28795 2B9J5 

305 300 smss 3W 

2150 20J5 2195 28M 
39550 38850 3915S 


Hong Kong 


sSS 

“SS* 


__ . _ 1421158 
PievieeK 14212JI 


1.37 
498 
555 
125 
7 jm 
659 
135 




Brussels 

Ahnonfl . 

Bun tod 

BBL 

CBR 

CoUuyt 
DetoaHe LJon 
•€lecwbel 
. -Eledraitoo 
FothsAG 
Gevaert 
GBL 

Gendmm 

1Ciw*etoat* 

Pewni to a 

Prrwertto 

}££& 

TlaSw 

II CB 


15500 

64» 

9100 

3450 

14500 

1785 

8290 

3550 

6740 

2990 

5630 

14200 

14500 

12925 

5110 

10250 

3330 

21700 

15475 

9Z300 


SS sot S22?£55En 

8980 9050 9000 


BEL-20 todBC2M7J8 
PievtotK 224554 

15025 15^ 15S5 

9050 

iSs 14« 144W 

™ SS So 

3540 3520 
6720 6590 

2975 2975 

5590 5550 

1*75 1 *75 1 40 75 
13975 1 4208 13750 
12825 12900 12850 
5070 S1D0 510? 

223 S? 

3265 3330 3265 

21300 21700 21350 
15375 15375 
96200 97050 96800 


HI 

HKSecMc 


8260 

ma 

6610 

2960 


HewWaM Dw 
Oriental Press 

Pearl OrienW 
SHK Props 
SluinTaktjUtgs 
SJnaLandCa 
5th dikia Post 
SwhePacA 
Wharf Hdgs 

Wheetach 


895 

2830 

11.90 

7775 

2420 

3850 

4460 

40.10 

955 

1810 

9075 

885 

7150 

1250 

27.15 

1815 

408 

223 

6450 

2540 

1*15 

13 

iue 

6550 

33 


875 890 

2745 2825 
1155 1175 
76 77 

2355 2415 
3790 3820 
4370 4460 
3950 40 

95S 955 

1480 15 

8950 9075 
865 865 

7375 7850 
1250 1255 
2695 27.10 
1555 16 

4 403 

218 223 

t,i 74 am 
25 2820 
2195 22 

19 19.15 
4800 4990 
253 255 

258 290 

98 9475 
485 5 

835 855 

695 755 

64 65 

3250 3350 
1975 1950 


870 

2750 

1155 

77 

•3770 

4420 

3950 

970 

1450 

8950 

855 

7450 

1250 

27.15 

16 

405 

220 

«W 

2805 

2250 

19 

4970 

255 

3 

9375 

485 

B5S 

7 

64 

3370 

1970 


Jakarta 

Astral «1 
Bktnrtlndan 

GudangGarm 


Copenhagen 


BCBonk 

CartsbMB 

CadroiFan 

fyS Svendbrg B 
as 1912 B 
FLStndB 

nSnS® 
'“"Sa 


315 

399 

910 

404 

621 

345000 

240000 

1060 

721 

706 

893 

330 

363 

354 


StertM*gl76 
PrevtodK 57772 
310 372 312 

393 398 393 

900 900 900 

39650 403 396 

612 ™ 
343800 345000 343000 
238000 24MM 236000 

10* 1049 1050 
no 713 71X84 
699 7g 704 
887 891 _W1 

324 330 ^ 

3S4 354 35972 

S9 350 3S2 


ik: 


P luse s : 6 5 4 8 9 

6000 6000 6000 6000 
1850 1750 1850 1 7R 
1S25 1475 1500 1500 

9950 9800 9850 9875 

3000 2900 3000 2925 

awn 50633 5050 5000 

«S0 <S& 6M0 

9500 9400 9475 WSO 

3S-3S' %% 35 


Burton Gp 
Cable Wireless 
CadberySctm 
CartmCann 
Coamd lirdan 
Compass Gp 
Courtaulds 

Mans ' 480 

Ekcncompanante 403 
EMI Group 1277 

BiiigY Group 577 

Enterprise 08 655 

FomCoktoU . 153 

Gerfl Accident 952 

GEC 351 

GKN 1816 

Gtata Wefcoaw 1273 

GrpnadaGp 9.1! 

Grand Met 894 

GRE 3 

GreenafcGp 485 

Gutanees 893 

GUS 655 

Han 862 

HSSCHktgs 1777 

ICJ 755 

Impl Tobacco 405 

Kinaltter 770 

Ltmote 249 

Land Sec 8» 

lam l# 

Legal Goal Grp 468 

LVtytBTSBGp 675 

LuOMVartty 2153 

%&**** JS 

IS 

HatlPower 846 

fr | 

S- 9 

Mr- 1 j* 


9.13 
450 
677 
657 
1.18 
864 
575 
1247 
758 

857 

401 
412 
888 
7.10 

377 
1273 

772 

157 

889 

772 

883 

151 

449 

2.13 
950 
175 
490 
848 
816 
771 
643 

378 
474 

375 
1255 
860 
675 
1-62 
978 
345 
950 
1178 
056 
870 
. 251 
480 
873 
648 

858 
1743 

785 

402 
670 
245 
882 
247 


970 9.18 

453 455 

658 659 

809 810 

1.18 119 

865 544 

578 831 

1277 1209 
885 882 

870 867 

481 483 

471 415 

958 951 

7.13 7.14 

341 378 

1253 1273 
777 740 

281 1.99 

897 895 

776 772 

553 555 

153 152 

450 *50 

X17 116 

1085 lal2 
176 174 

490 494 

551 852 

821 572 

775 745 

646 645 

372 373 

478 477 

358 357 
1275 1110 

866 555 

67 6 653 

142 142 

946 950 

359 353 

1087 955 

1158 1270 

9.19 9.12 

553 570 

353 381 

452 483 

883 570 

652 654 

558 861 

1746 1744 
754 756 

402 482 

789 7.17 

245 247 

889 . 854 
• 350 
445 441 

6.19 6.14 

2 283 

812 499 

813 589 

1354 1370 
326 278 . 

540 540 

751 750 

732 7.16 

289 2.13 

678 677 

7.18 7.15 

179 ITS 

653 652 

486 486 


Johannesburg ****** 52-?! 


... Bks 
Coal 


30 

*» 


AngroHinx 

AngtaArol 

avmin 





Frankfurt 

AMBB 

AfBaos 

AB^Hitg 

Attono 

as* K 

isa 

,a3Kdorf 

Sewg ’ 

*MW • 
CXAGCotonta 
tommertbonk 

DolmierBetQ 

Degusai 


1360 

19080 

361 

1573 

»8S 

6455 

5742 

7370 

6550 

9050 

<2 

1431 

173 

«J5 

13405 

B3J0 


D AX 360X1 9 
P i m e or 3S7942 

1300 1325 1295 
187 18750 
35550 35950 
lKfl 1582 1560 
39*25 3978 39w« 
6355 6436 g-g 
5742 5770 
n 73 71M 

«-S 

0950 » » 

/I m 42 

i» w Jg 

' 17# 17# 17350 

49 JO 4955 49.95 
]B45 13150 131.95 
81 8170 M-10 


29 30 30 

aHSK&Si 26759 S 29 ^”^. 

V&XlZP “lM 1B950 IMS 

H 14 i 1 

25 24,75 25 25 

“"SdlS 1 B 

« “5 a SS 

'S 113 f 

JDB 384 XCfi 385 

ssjs 58 # 

ja ^ 

K ,7 » §1 

IS Sm ^ S| 

7q3o 70 71 n 


iM 

AVMIN 
BOkM 
CG.srotm 
De Beas 
Drtefontato 
Fit Natl Bk 
Gencsr 
GFSA j 
imperial Hdgs 
togvro Coat 

boor 

jatmnlesWI 

UOtrtyHdgs 

UbeftyLft 

LBLBeSnt 

Mbnco 

Noropok 

Nedcor 

(tombromitGp 

Rlcnemani 
RoSi Ptortnum 



Madrid 


BettatadacSSSJO 


Previous S6.ll 


25100 

24400 

24500 

24850 

ACESA 

1850 

IK3!i 

1835 

1B35 


SMI 

5720 

5760 

5760 

Argnrenria 

BBV 

7320 

7260 

7290 

7300 

10I»W 

99/0 

loom 

10090 

Banesta 

1610 

1580 

1580 

1585 

Banklnler 

249VU 

24350 

MHO 

24760 

BcoCerriRiHtsfi 

4990 

4885 

4920 

5010 

Bca Papular 

33»0 

12240 

urn 

32800 

33270 


12130 

12130 

12260 

CEPSA 

son 

5000 

5020 

4990 


2840 


2B25 

2675 

grr* 

rfUO 

11420 

urn 

11200 

7780 

11300 

7790 

11210 

FECSA 


1325 

1245 

1230 

GreHahirat 

28470 

27900 

28000 

27890 


1855 

1815 

1850 

1820 


2915 

2/55 

2875 

2765 

Repaol 

6180 

6100 

6180 

6140 


1405 

1385 

1405 

1405 


7480 

/400 

7420 

7410 

Tdtric-.ca 

4340 

4250 

4330 

427# 


1310 

1300 

1305 

1305 

Vatenc CCment 

2045 

2000 

2045 

2010 

Manila 


PSEfadae 299878 


PierilMC 2586X9 

AyotaB 

17X8 

17 

17 

1775 

AvotaLreid 

BkPtiBptsl 

1875 

IS 

1BX0 

1875 

156 

142 

155 

.141 

CSP Homes 

97 0 

8X0 

9 

8X0 

Mffi-aaElecA 

91 

89 

90 

18 

MebaBank 

560 

550 

555 

560 


7.1U 

6X0 

X90 

7 

Pa Baik 

250 

240 

248 

240 

PMHjMgDW 

755 

745 

74S 

750 

SanAS^MB 

77X0 

71X0 

77 

71X0 

SM Print Hdg 

740 

/TO 

770 

6X0 

Mexico 


Bella 

fadOE 3981X1 


Previous 3999X2 

AlaA 

47.10 

46X0 

46X0 

46X0 

Burned B 

17X0 

17.74 

17.74 

17X0 


2975 

28X0 

28XS 

2970 

CBtaC 

1X14 

1X06 

1X14 

1X14 


39X0 

39 JO 

39 J# 

39 JO 


4870 

47X5 

47X1 

4/X5 


1X5 

1X2 

1X2 

1X4 

GpoHnhibiina 

KmOnkMoc 

29X0 

28.90 

28.90 

29X0 

2350 

2870 

28X0 

22L20 

TeMsaCPO 

115X0 11X00 114X0 11370 

TetMexL 

17X2 

1740 

1740 

17X4 

Milan 

MlBTlHreolfce: 12431X0 


Pierian: 1241810 


11480 

11320 

11380 

11435 


3540 

3430 

3450 

3525 


4585 

4500 

4500 

4510 


13*5 

1276 

1310 

1325 


23700 

23250 

23250 

23500 


2545 

2500 

2535 

2535 

Edboi 

8380 

8295 

8320 

8305 

ESI . 

ffiiW 

8920 

8990 

8960 

FM 

.4520 

5450 

5465 

5510 

GewnriAasle 

39500 

29200 

29200 

29400 

(Ml 

15535 

15365 

15455 

15530 

INA 

2410 

ran 

095 

2405 

Itotaoi 

Memos 

5450 

7730 

5350 

7600 

5350 

7660 

5385 

7700 


1(060 

10020 

10070 

10130 


1080 

1065 

1065 

1078 

OMR 

.517 

496 

507 

507 


2625 

2540 

2550 

247* 

Pbell 

3680 

3590 

3620 

3675 

HAS 

13660 

13455 

13455 

13600 

Rate Banco 

18000 

17600 

17705 

17700 

S Paato Torino 

10850 

10510 

1(035 

1(1690 

Krf 

8710 

8510 

8710 

0525 

Teteawi Itala 

4720 

4620 

4700 

4625 

TIM 

52W 

5200 

5255 

5225 

Montreal 

Mtss&tofc 

fades 32S249 


PteriMK 319073 

Bee Mob Con 

4160 

4340 


43X0 

CAiTbeA 

26 

25W 

2585 

25X0 

Gita USA 

3SW 

3570 

3575 

3570 

CT Hoi Sue 

w 

3470 

3420 

34W 

Go* Mein 

1770 

17W 

1770 

Gt-MMLJfeca 

27X5 

27W 

27X0 

27X5 

tmcscD 

39X0 

39X0 

37ft 

39X0 

UHereoDGrp 

28 

28 

28 

2770 

LabtowCoe 

1X90 

1880 

1890 

18X0 

Matt Bk Canada 

1X55 

1675 

1645 

1675 

Power Cap 
Power Ftal 
OuebecorB 

31.90 

31« 

31X0 

31X0 

reS 

29.90 

KM 

30 

2SJD 

29X5 

2545 

RogenCOnimB 

7X5 

770 

770 

770 

Royal BkOta 

6045 

59X0 

6075 

59X0 


Paris 

Accor 

AGF 

AkUvride 

AtcoMAHh 

Axn-UAP 

BroKotra 

BIC 

BNP 

ComdPhH 

Corrafcur 

Cdsiio 

CCF 

Cfletam 

CMsflonDtar 

CLF-Dada Fran 

Credit Agricole 

Dane 

EJMqaBalne 

EridadaBS 

Earodlassy 

Emetunnd 

Gen. Eoux 


CAC-M: 276X90 
PitrieoE 274145 


Lafarge 
Legrond 

Lttofflt 
LVMH 
.Eauc 
IB 

Paribas A 
Pernod Rknrd 
Peugeot at 
PtoadH>rinf 


LjwlEou 

Mkdieflnl 


RenauB 

Row! 

RtinPoulencA 

Sanaa 

Sdnakto- 

SEB 

5GS Thomson 
Ste Generate 
Sodrotho 
StGobdn 
Suez 

tontoetabe 
Thomson CSF 
TOMB 
Uriner 

•Mm 

vwco 


899 880 

19830 19X10 
911 899 

696 678 

37670 371.10 
718 700 

907 873 

263 257 

1075 1045 

3850 3800 

27950 27370 
369 26370 
635 612 

905 B93 

550 542 

1301 WHS 
921 909 

629 614 

■ on an 

a_«S oi 
645 675 

812 790 

43170 42670 
794 778 

3875:; 301 

965 951 

2173 2T30 

1454 1417 

995 578 

35030 33870 
40490 396 

30640 30010 
631 630 

2548 2484 
2158 2075 
154 14670 
1610 1560 
19X90 19470 
559 548 

31840 30870 
1005 996 

4667# 45# 

701 681 

2800 2720 
827 813 

31350 30670 
710 685 

192 187.10 
564 553 

9345 9X55 
36770 358 


896 884 

19440 194 

m m 
ttO 689 
37140 3785* 
713 719 

B76 910 

263 26050 
1050 1052 
3850 3805 

27950 27B 

26410 26250 
619 630 

897 893 

545 543 

1301 1302 
914 911 

623 613 

891 881 

875 875 

640 640 

794 810 

429 428 

789 783 

38650 382 

951 952 

2162 2132 

1450 1420 

587 581 

34850 33340 
399.10 397 

30170 30X80 
6® 629 

2540 2490 
2138 ms 
1SU0 14770 
1600 1600 
19X70 19470 
556 54B 

315 71070 
997 998 

459 JO 445 

696 681 

2749 2744 
822 816 
3IM 30740 
710 700 

189 JO 187 

560 550 

9240 9370 
358 36250 


Electrolux B 

Ericsson B 

Hennas B 

InceirthoA 

ImestarB 

MOOoB 

NoRtbanken 

PbcenVlMotin 

SondvftB 

Soroio B 

SCAB 

S-EBankenA 

3aroflaFan 

SkanskaB 

5XFB 

SparbanfcenA 
5tadstypatokA 
SfaraA 
Sv Handles A 
VOtMB 


485 469 

282 278 

25B5D 248 

715 670 

39150 382 

251 24B5D 
249 742 

263 250 

208 205 

224 21X50 
172 16850 
8350 8250 
285 2S350 
334 329 

185 17950 
14730 14S 

190 190 

1TB50 T17 

218 21450 
21030 20750 


48350 470 

279 27750 

254 256 

706 <70 

390 38150 
250 248 

24650 243 

362 257 

20750 20450 
22X50 218 

172 17050 
8X50 83 

255 251 

329 331 

18350 17950 
147 14750 
190 190 

117 11850 
21650 216 

20950 20750 


Sio Paulo 

BtndescoPfd 


1177170 



Sydney 






PvwlOKIK2547Ja 


8X5 

841 

8X4 

879 

ANZBkfctg 

842 

872 

872 

818 

BHP 

1976 

19. IU 

1972 

1978 


3X0 

381 

383 

181 


23X0 

WUI 

2378 

2374 

CBA 

1440 

14.11 

14.13 

U09 

CCAmotB 

1511 

14.96 

15.11 

14X1 

CotosMyer 

6.03 

593 

199 

595 


770 

1.15 

7.15 

7.19 

CRA 

Z1.70 

2170 

21X5 

21.10 

(3R 

460 

4X1 

4X6 

449 


2X5 

2X4 

2X8 

2X5 


174 

IJD 

1JI 

172 

\a Australia 

12X8 

11X5 

11X0 

1199 


2470 

24X0 

24X4 

2445 

MIMHdgs 

Nat Aust Bank 

1X4 

IXI 

1X4 

1X1 

1800 

1854 

IBJV 

1845 

m Mutual Hdg 

us 

1.90 

1X2 

1X9 

News Carp 

5X3 

572 

574 

576 


3X5 

345 

3X0 

349 


478 

479 

470 

479 

Pith Rnwkmt 

i42 

6X2 

6X0 

6X4 

5( Gm#0 Bank 

812 

7X7 

7X3 

7X0 

WMC 

840 

873 

BM 

B73 

westpac BUna 
WoeSUePet 

740 

11X5 

7.14 

1170 

7.19 

1146 

774 

1178 

Wbaterortts 

3X8 

3X9 

35/ 

3X6 

Taipei 

Stock Motet fadBC <14478 
Preriew: 8158X6 


153 

151 

151 

152 

Chang HwaBk' 
ChtaoTunsB* 

121X0 

72 

119 119X0 
70 70 

120 

72 

OdaaDewfantf 

117 115X0 

116 116X0 

OriaiSSeri 

3070 

3810 

3070 


Har Bank 

170 

11/ 

118 


69 

67X0 

67X0 

.33 

HeraKanBlc 

118X0 

116 

116 

q — i.m 

71 

69 

69X0 

70X0 


72 

/t 

7! 

71X0 


•w 

91 

106 

91 

110 

93 

106 

UM/SLiEfaC 

ftt 

55X0 

re 

.56 

71X0 

re£ 

UtdWoridaVn 

69 

68 

6850 

» 


The Trib Index 

Prioas as ol3M PM. Nam Yotkbma. 

Jan 1, 1892 m 100. 

Level 

Change 

% change 

year to Bate 
% change 

+12.09 

Work! Indax 

167.17 

e-138 

+0.95 

neglonal butane 

Asia/Padbc 

123.84 

+1.40 

+1.14 

+033 

Europe 

176.24 

+1-39 

+O.70 

+933 

N. America 

193.49 

+2.48 

+130 

+19.50 

S. America 

biduetriel bvtane 

152.88 

-0.44 

-029 

+33.60 

Capital goods 

204.92 

+136 

+0.77 

+19.89 

Consumergoods 

189.14 

-»231 

+124 

+17.17 

Energy 

196.63 

+1 22 

+O.B2 

+15.18 

Finance 

124.15 

+1.49 

+121 

+630 

Miscellaneous 

17034 

+1.92 

+1.14 

+5.41 

Raw Materials 

185.62 

+1.28 

+038 

+534 

Service 

156.70 

+1.21 

+0.78 

+14.11 

UttVas 

14236 

-0.16 

“0.11 

-0.63 

Tl» International Hsrakl Tribuns WoM Stock Max Gtmclw 1helJ.S. dollar values at 
200 intemadontefy bwaatabls stocks Own as countries. For mm information, a traa 
booklet teaveOatte by writing to Tha Trib Index. 181 Avenue Chartas do GotfOfa, 

82521 NouSyCadax, Franca. Ccmpdod by Btoomboq} News. 

me 

Low Oh 

Prev. 

High Lm 

Ctasa Pm, 


Mitsui Fudoen 
Mitsui Trust 
MunrfpMfg 
NEC 


Seoul 


Docom 

Daewoo Heavy 
HnmddEng. 
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Rate-Cut Surprise in Sydney 

> af,er a heaic day on the Sydney 

$ i B ° • d P™** SOared ** ^ AusLiM 

w !™ a * Sain51 *** U S dollar after the central 
r^JT? d <? e market b >' cun ”8 its benchmark 
*° 5 * ^ rcenl 6 percenL The move was 
not expected until after next week’s economic reports. 

Beijing Fails to Quell 
Investors’ Appetites 

Crwnpdfdtn Our S^FrcmDupatcftn 

SHANGHAI — China is pumping huge amounts of new A 
snares — those available to local investors — into the stock 
markets to help cool them down, but investors’ appetites show 
no signs so far of being sated, analysts said Friday. 

The pace of share issues hit a peak this week, with a dozen 
companies issuing additional A shares and nine others listing 
their stock on the Shanghai or Shenzhen exc hang e for the first 
tone. The moves came as regulators announced details of new 
rules aimed at curbing prices and speculation. 

Shenzhen, one of die country’s two stock exchanges, 
ordered its 329 listed companies to submit details of their own 
^ stock holdings by next Friday, disclosing which shares they 
R hold and how many of them. 

So far this yea-, A shares with a total face value of 42 billion 
yuan ($506 million) have been issued by 95 companies on the 
Shenzhen and Shanghai exchanges, two- thirds of diem in 
Shenzhen. 

Analysts said that, given the high levels of bank deposits 
and of institutional funds in the Chinese financial system, it 
should not be difficult for the large amount of new issues to be 
absorbed in the short term. (Reuters, Bloomberg) 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 24-25, 1997 


ASIA/PACIFIC 


Japan Inc . Tries Out U.S. Ideas 


RAGE 13 


By Andrew Pollack 

New York Times Sm ite 

TOKYO — Japanese executives, who 
once sharply criticized U.S. executives 
for being overpaid and for focusing too 
much on short-term results, seem to be 
adopting some U.S. management ideas. 

In a sharp departure for a Japanese 
company. Sony Corp. said Thursday it 
would move toward a more Western- 
style board, with far fewer directors and 
more of them coming from outside the 
company. 

Toyota Motor Corp. and several other 
companies announced recently that they 
would introduce stock options for top 
managers, even though such options have 
resulted in some U.S. executives earning 
what the Japanese consider obscene an- 
nual incomes of millions of dollars 

The changes represent an acknowl- 
edgment by some companies that Jap- 
anese management, for all its worth- 
while focus on long-term investment, 
sometimes moves too slowly. After sev- 
eral years of slow economic growth in 
Japan, companies here are looking to 
emulate some of the more dynamic 
American and European companies. 

Sony said it would slash the size of its 
board to 10 directors from 38. Of the 10. 


three will be from outside Sony, the 
company said, and that number might 
grow in the future. 

Japanese companies typically have 
large boards, with virtually- all the mem- 
bers being managers of the company. 
Such boards provide little outside per- 
spective. Because the members are all 
subordinates of the president, they are 
often reluctant to challenge their leader. 

Sony said its smaller board would 
speed decision-making and allow for 
better discussion. With 38 directors. 
Deputy Chairman Tsunao Hashimoto 
said, “sometimes it’s very difficult to 
have a thoroughgoing discussion.” 

The new structure also would separate 
out the board's function, which w ould be 
to make basic corporate policy rather 
than run day-to-day operations. The 
board would oversee the managers, 
rather than be the managers. Most man- 
agers who would leave the board would 
be given new titles as “corporate ex- 
ecutive officers.” 

Sony has long been one of Japan’s 
most Westernized companies. Early on, 
it adopted such practices as paying sal- 
aries based on performance rather than 
seniority. Still, there are limits to in- 
ternationalization. The new, smaller 
board means the number of non-Jap- 


anese directors has dropped from two to 
one — Peter Peterson, chairman of 
Blackstone Group, an American invest- 
ment bank. 

The introduction of stock options fol- 
lows a new law that will take effect June 
I lifting what had been an effective ban 
on these rights to purchase slock in one’s 
company at a predetermined price. 

But until now Japanese managers 
have prided themselves on their em- 
phasis on the long-term growth of their 
business, paying little attention to stock 
prices. They also have said that the huge 
paychecks of American executives, 
which are increased by options, have 
made American products more costly 
and hurt corporate morale by creating a 
gap between the salary of the president 
ana of the average worker. 

Still, many companies are not vastly 
changing their management, and even 
those that are insist they are doing things 
in moderation. 

“What’s under way in the United 
States and Europe represents the ex- 
tremes, and we don't intend to emulate 
the extremes.” Ryuji Araki, director of 
finance at Toyota, said of the company's 
stock option’ plan. “If improved per- 
formance is sought at the expense of 
firing employees, that’s going too far.” 


Utility Shares 
In Malaysia 
Debut Poorly 


Bloomberg News 

KUALA LUMPUR -— 
YTL Power International 
Bhd. shares fell below their 
issue price to institutions in 
their market debut on the Ku- 
ala Lumpur stock exchange. 

YTL Power, a power gen- 
erator. was Malaysia’s largest 
initial public offering this 
year, and its poor performance 
could convince investors to 
avoid coming initial share 
sales, including those of the 
phone company Time Tele- 
communications Sdn., and 
Bakun Hydro-Electric Corp., 
operator of the planned $5.3 
billion Bakun Dam project. 

YTL Power, the most ac- 
tive stock on the exchange, 
closed at 3.70 ringgit ($1.48), 
against its 4 ringgit per share 
issue price to institutions. 


New Lines Lift NTT’s Pretax Profit 


Complied h\ Ovr Sujj Frvm iMspurha 

TOKYO — Nippon Tele- 
graph & Telephone Corp. 
said Friday its full-year 
pretax profit rose to a six-year 
high, powered by a boom in 
sales of high-speed lines to 
hook homes ana businesses to 
the Internet. 

But while group consolid- 
ated pretax profit for the year 
that ended in March rose 15 
percent, to 444.5 billion yen 
($3.86 billion), net profit fell 
30 percent, to 149.8 billion 
yen. The net-profit compar- 
ison was affected by capital 
gains related to the sale a year 
earlier of NTT Data Corp. 

NTT, die world’s largest 
telecommunications com- 
pany, said revenue last year 
grew 12 percent, to 8.82 tril- 
lion yen. 

Orders to wire personal 
and office computers with 
high-technology integrated 
service digital network cables 
doubled, helping N i l offset 


a decline in revenue from rate 
cuts in its core business of 
local phone service. 

“Demand for ISDN cables 
exceeded our expectations.” 
Toshiyuki Mines him a. die 
company’s executive vice 
president, said. 

Revenue from digital com- 
munications equipment, in- 
cluding digital lines, rose al- 
most 40 percent, to 163 
billion yen. 


NTT forecast that pretax 
profit in the current year 
would rise 17 percent, to 5 19 
billion yen, on sales of 9.44 
trillion yen, resulting in a net 
profit of 220 billion yen. 

NTT shares fell 20,000 
yen, to 1 .04 million, in trad- 
ing that closed before the 
company's results were re- 
leased. The stock has risen 20 
percent this year. 

(Bloomberg, AFP, Reuters) 


Hanoi May Curb Currency Sales 

Bloomberg News 

HO CHI MINH CITY — Vietnam's central bank has 
proposed banning the sale of hard currency to some foreign 
investors, an official said Friday. 

Foreign bankers and investors said the restrictions would 
most hurt companies selling consumer goods in Vietnam. 

Le Due Thuy. deputy governor of the State Bank of 
Vietnam, said the proposal would restrict the sale of foreign 
currency to foreign companies involved in infrastructure 
construction and to foreign companies on a list of 33 essential 
import-substitute products. 


Investor’ 


Hong Kong 
Hang Song 

74=00 

WHO J 

12503 \r - 

®dTf"ma'm 


Singapore 
Straits Times 


Tokyo 
Nikkei 225 




1896 

Exchange 


1997 

Index 


,9H D J F M A Hi 17D5,) D J F M A M 


Hong Kong Hang Seng 
Singapore Straits; Times 
Sydney AHOnfinanes 
Tokyo Ntkkei225 

Kuala Lumpur Composite 


1997 

1996 

1997 

Friday 

Prev. 

% 

Gloss 

Close < 

Change 

14331-68 

14-212.00 +0.84 

2,055-38 

2,061.71 

-0.31 


2363.60 2,54730 +0.62 

20309.00 19.577-39 +036 
137830 t .071 .03 +0.67 
5B1.13 581.39 4V04 

73053 72438 +0.85 


Bangkok SET 581.13 581.39 -0.04 

Seoul Composite index - 73053 72438 +0.85 

Taipei Stock Market index 8,14438 8,150.66 -0.08 

Manila PSE 2,59&20 2,588.69 +0.44 

•Jakarta Composite index 65652 65409 +0.68 

Wellington NZSE-40 2^03.69 2,305.74 -0.09 

Bombay Sensitive index 3,70637 3,730.78 -0.65 

Source: T&lekurs lramuni'iul HnaJd Tribune 


Very briefly; 

• India's national stock exchange said it would begin trading 
stock-index derivatives this year and eventually would begin 
trading futures and options on stocks and bonds. 

• Tata Iron & Steel Co., India's second-largest steelmaker, 
said its net profit for the year ended March 31 fell 17 percent, 
to 4.69 billion rupees ($13 1 . 1 million); sales rose 9 percent, to 
63.51 billion rupees. 

• The European Commission asked the World Trade Or- 
ganization to examine a dispute over Indonesia’s car policy, 
which grams import-dury and luxury-tax exemptions to its 
national car company, PT Timor Putra Nasional, owned by 
President Suharto's youngest son, Huiomo Mandala Putra. 

• Mazda Motor Corp.'s parent-company current profit for 
the year ended March 31 surged to 13.90 billion yen ($120.8 
million) from 1 .23 billion yen a year earlier, aided by the 
weaker yen. 

• The Philippines said it might lower its 1997 inflation target 
to a range of 5.5 percent to 6.5 percent from a range of 6 
percent to 7 percent, reflecting slower-th an -expected inflation 
In the first four months. 

• Uzbekistan said it had renewed offers to foreign companies 
to explore and develop five big oil. natural-gas and gas- 
condensate projects; the country has struggled to raise foreign 
investment in exploration and development of its energy 
reserves since gaining independence from Moscow in 19917 

• Kazakstan's recently formed state pipeline company, 
Kazakhnefteprovod, said it would try to raise investment 
capital of at least $500 million over the next three years. 


• Renault said Daewoo Corp. had agreed to buy 200,000 of 
its French-made diesel engines between next year and 2002; 
prices were not disclosed. Bloomberg. Reuters. AFP 


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MAY 24-25, 1997 ^ 
PAGE 15 


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Tanker Traffic 

Seaborne trade in crude oil, annual percentage change 



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Growth Fails to Tug Along Shipping 

Despite a Rise in Exports, Maritime Stocks Lag Other Equities 


By Digby Lamer 

O N THE FACE of ii. picking 
shipping stocks should be 
easy. When economies grow 
and exports increase, so 
does demand for transportation. With 
■ more than 90 percent of exported 
goods traveling by sea, shipowners are 
among the major beneficiaries. 

But investing on the high seas is 

much more complicated than it would 

seem and not so easy to predict. De- 
spite the improved economic perfor- 
mance of some key countries last year, 
marine-related shares failed to keep 
pace with other equities. Companies 
such as Interpool Ltd., OMI Corp. and 
Teekay Shipping Corp. were among 
the few to buck the trend in a sector 
comprising several hundred stocks. 

In recent months, these also have 
fallen. OMI peaked at just over SI 1 in 
January and has averaged about $9.50 
since then. Teekay broke $34, also in 
January, before falling sharply to just 
under $26 in mid-March. It has re- 
covered somewhat, to $33,125 early 
Friday. 

What makes this poor performance 
especially surprising is that although die 
growth rate of exported goods is es- 
timated to have fallen in 1996, it re- 
mains positive, figures from the United 
Nations Conference on Trade and De- 
velopment showed that exports were up 
8 percent in 1995 and are estimated to 
be only slightly lower for 1996. 

According to James Dowling, a 
shipping analyst with Furman Selz in 
New York, two related factors have 
held back the value of most stocks: 
overcapacity and falling transporta- 
tion rates. He said growth opportu- 
nities still existed for investors who 
could sidestep the stocks most affected 
by these problems. 

“Our investment strategy for mari- 
time stocks remains similar to last 
yean own the sectors where capacity 
growth is modest in relation to market 
demand and avoid those where too 
many ships are chasing too little 


cargo," Mr. Dowling said. 

He added that container shipping, 
especially, had labored under consid- 
erable overcapacity for at least the last 
18 months. Although traffic has in- 
creased by more than 5 percent in the 
last two y e ars .container-*: ompan y 
share prices have failed ro perform. 

Ironically, this overcapacity arose 
from efforts by shipping companies to 
reduce operating costs, Mr. Dowling 
said. As a rule, the bigger the ship the 
lower the per-unit fuel and labor costs. 

* ‘Over the past several years, many 
of the world's container-ship compa- 
nies have seen the wisdom in being 
low-cost operators and, accordingly, 
have ordered big container ships in 
record numbers," he said. “That's the 
good news. The bad news is they all 
decided to do it at virtually the same 
time, resulting in an order book that 
dwarfs anything in the recent past" 

The problem is almost as pro- 
nounced in emerging markets, where 
economic growth is generally higher 
than in more developed economies. 

The share price of Evergreen Mar- 
ine Corp. ofTaiwan, one of the world's 
top container shippers, has remained 
shy of die 59.5 Taiwan-dollar-level 
($2.15) it reached in December. From 
mid-March through May, it fell stead- 
ily, to 44 dollars. It has only recovered 
a bit since Evergreen recently an- 
nounced plans to invest in Taiwan’s 
Kao-hsiung port. 

In the Pacific region,- overcapacity 
has caused contain er-transporraxion 
rates to fall. These, in turn, have ag- 
gravated the overall problem. 

Charlie Park, an analyst with Hill 
Samuel Ltd. in London, said he did not 
expect an improvement before 1998. 

“We currently have no exposure to 
the shipping sector, and dial's largely 
because capacity is strong and rates 
are too competitive,’' he said. "Only 
oil tankers look set to fare better titan 
the sector average.’’ 

Andreas Vergonis, a shipping ana- 
lyst with SBC Warburg in London, 
said that although the prospects for 
deep-sea carriers in Asia were gen- 


erally in line with those of shipping 
companies worldwide, some local 
shares could fare better. 

Mr. Veigottis's favored Asian stock 
is Wan Hai Lines Ltd. in Taiwan. Al- 
though its share value has slipped 
steadily from 92.5 dollars in mid- 
march to 78 dollars. Mr. Vergonis said 
this was in line with Taiwan stocks 
generally and had nothing to do spe- 
cifically with Wan Hai. 

“It's a very strong company with 
about a 40 percent market share," he 
said. “It has consolidated considerably 
and become a player with many of die 
solutions clients are looking for, plus 
the flexibility to adapt very quickly to 
rapidly changing market conditions." 

Tanker rates were unsteady in 1996 
but were mostly higher than in 1995. 
Figures from the International Energy 
Agency suggest that overall oil (re- 
mand could double by the end of the 
century. The amount of oil transported 
by sea rose more than 2 percent and the 
number of tankers worldwide has 


dropped since 1993. 
These combined t 


These combined trends could boost 
share prices for die next few yean, 
according to some analysts. But while 
the sector is generally healthy, careful 
stock-picking is still important. 

Historically, tanker shares are cyc- 
lical. When capacity is falling and 
rates improve, as is the current situ- 
ation. tanker owners usually order new 
ships to cope with expected demand. 
When this last happened, in the early 
1 990s, the number of tanker deliveries 
pushed supply ahead of demand and 
the market fell. 

In the current cycle, this has not 
happened. The exception may be 
Smith Korea, the world’s second- 
largest tanker builder. Even there, 
however, there is not likely to be a 
capacity problem before 1998. 

Mr. Dowling said that there was a 
shortage of dedicated tanker stocks 
traded in the United States, making 
OMI and Teekay Shipping the best 
choices. He also suggested Overseas 
Shipholding Group Inc. because it had 
a major stake in the sector. 


Eastern Giants, European Ghosts 

Asia Yards Ahead of the Competition in Shipbuilding 


ana Mild Tanikawa 

H ARLAND & WOLFF SJU. 
Lid., the Belfast-based com- 
pany that built the Titanic, is 
still operating, 85 years after 
what was then the world’s largest ship 
sank on her maiden voyage. With its 
long and troubled history, the shipbuild- 
er is one of the few Western survivors in 
an industry increasingly dominated by 
Asian giants. 

Many of the ports of Europe and 
North America are haunted by ghost- 
like shipyards, destroyed by high labor 
costs and competition. Imminent clo- 
sures include yards in Gdansk, Poland; 
Bremen. Germany, and Seattle. * 

But for all the sector's problems in- 
vestors have good reason to consider the 
shipbuilding industry. Demand for 
ennse ships is soaring, at about 12 per- 
cent a year, while that for oil tankers and 
dry-cargo carriers is progressing at a 
solid 4 percent, analysts said. Better 
still, aging fleets should mean plenty of 
orders in the near future. Meanwhile, 
the industry is consolidating, and with 
weak players disappearing, fee surviv- 
ors will have more work. 

Stock picking in this business can be 
tough, but Asia offers the most pos- 
sibilities. Shares in Japan's Hitachi 
Zosen, Mitsubishi Heavy -Industries, 
Kawasaki Heavy Industries and Mitsui 
Engineering & Shipbuilding Co. and in 
South Korea’s Samsung Heavy Indus- 
tries Co. and Daewoo Heavy Industries 
Co. have made significant gains in re- 
cent weeks on expectations of increased 
demand for replacement ships. 

Rapid turnover is a major bonus for 
these companies. On average, Japanese 
oil companies use chartered tankers 
only half the age of those operating for 
U.S. and European oil companies, ac- 
cording to Ole Slorer, a NatWest Se- 
curities analyst in London. 

Between Japan and South 
Korea, Japan seems to have the 
edge, thanks in pan to the recent 
weakening of lhe yen. After 
■years of streamlining, the Jap- 
anese manufacturers areabout as 
mean and lean as can be. 

One pick among the Japa- 
nese builders is Hitachi Zosen Corp., 
according to Yutaka Asai, senior ana- 
lyst at Daiwa Institute of Research. 

Unlike the integrated manufacturers, 
such as Mitsubishi Heavy and Kawasaki 
Heavy, Mr. Asai said, Hitachi’s con- 
centration on big oil tankers, known as 
large crude earners, will serve it welL A 
generation of so-called baby-boomer 
ships that joined the world's fleet of 
tankers after the first oil shock, face 
retirement, having come to the end of 
their useful lives of 20 to 25 years. 
Environmental concerns are prompting 
shipowners to buy new tankers with 
double hulls, leading to bigger orders 


Bulk Buying 


Contalnership orders 

By size of ship: 20-foot equivalent con- 
tainer units (TEU), for delivery 1997-99 1 
Stza 1997 1998 1999 Total • 

3,00 0 & over 265 247 45 SS7' 

2,000- 2,999 132 1 0 6 17 25 5 ; 

LOOP -1,999 123 31 266 .- 

less than 1,000 SO 02- 2 .84 -' ■' 


Contalnership fleet In 1996 

Total capacity: 3£1 1,000 TEU 
417,000 less than 1,000 TEU 


»18r74e^oo • 
^^^..2,000+TEU 


4 



for the shipyards. 

Hitachi's hands are fall for the next two 
years, with eight orders for the big on 
tankers, but it is the orders expected to 
come in this year (for completion in 1998- 
1999) that share prices would respond to, 
Mr. Asai said, berause the marke t lends ro 
react to prospects in orders rather than to 
actual business results. 

Meanwhile, sales are already rising at 
Ishikawajuna-Harima Heavy Industries 
Co., which recently restructured 
its shipbuilding operations. The 
company has projected a 10 per- 
cent increase m sales to 140 bil- 
lion yen ($1.2 billion) for fiscal 
1997. But plant construction and 
its other businesses remain slug- 
gish, analysts said. All told, the 
company expects an unconsol- 
idated pretax profit of 26 billion yen for the 
year, up 4peroenr from the previous year. 

The Korean shipmakers are raising 
their productivity and could challenge 
their Japanese competitors as invest- 
ments. Akira Sato, shipbuilding analyst 
at Nomura Securities Co. in Tokyo and 
Won Ho Hwang in Nomura's Seoul 
branch like Daewoo Heavy Industries for 
a short-term value and Samsung Heavy 
for the medium-term. Both outdo their 
Korean peers in productivity gains, ac- 
cording to the analysts. 

Outside of Asia, many of the 
shipyards that have surivived are state- 
owned, such as Fincantieri SpA of Italy 


and Frontiers de I' Atlantic of France. 
Others, including Harland & Wolff, 
which is largely owned by Olsen Group 
of Norway, are privately held or part of 
much larger conglomerates. 

Kvaerner ASA of Norway is the prom- 
inent exception in Europe. Shipbuilding 
accounts for a modest 17 percent of the 
company's sales but 60 percent of its 
profits. Mr. Slorer rates Kvaerner a buy, 
thanks partly to 12 billion kronor ($1.7 
billion) wonh of new orders secured in 
the past six months, mostly for cruise 
ships built in its Finnish yards. 

In contrast, many European ship- 
builders are cunently unprofitable, sup- 
ported by governments eager to main- 
tain employment Shipbuilding is the 
only European manufacturing industry 
dial still receives substantial stare aid. 

Yet while the heyday of Harland & 
Wolff and die other giants of the last 
century is over, shipbuilding may be re- 
viving in some parts of Europe. In Croatia, 
for example, the government-run agency 
responsible for the country’s five top 


billion for the next three years, thanks 
mostly to orders from the Russian Navy. 

Investors looking for a more imme- 
diate entry into the shipbuilding in- 
dustry could consider some U.S. 
companies. Most of the leading U.S. 
shipbuilders are small, compared with 
their European and Asian rivals. Their 
Lack of direct commercial government 
subsidies means that they operate in an 
entirely separate arena, the so-called 
Jones Act tanker market, which restricts 
U.S. coastal trade to ships built and 
owned in the country. 

But the largest of the U.S. builders, 
Newport News Shipbuilding & Dry 
Dock Co. in Newport News, Virginia, is 
also the darling of many industry ana- 
lysts. Sales totaled $1 .87 billion in 1996, 
making it comparable to Kvaerner and 
some of the Japanese leaders. 

“We are recommending purchase of 
Newport News stock/* said Jim 
Winchester, shipbuilding analyst at 
Lazard Freres & Co. in New York. “It is 
the only shipyard in the U.S. able to 
build and maintain nuclear aircraft car- 
riers and it is also building tankers for 
the commercial market.” 

The other U.S. shipbuilder frequently 
tracked by industry analyst is Avondale 
Industries Inc. in New Orleans. About 
90 percent of its sales come from mil- 
itary contracts, a risky source of business 
as the U.S. Navy continues to cut costs. 
But the company hopes its low labor rate 
relative to its domestic rivals will help it 
win more commercial business. 

“We expect that the company can earn . 
approximately $1.70 per share in 1997, 
up about 13 percent from 1996,” saidJim 
Dowling, shipbuilding analyst at Fur- 
man Selz in New York, in a recent note to 
clients. “For 1998, we believe that earn- 
ings growth will be mare moderate, as 
older contracts are completed and newer 
programs are in die early stages.” 




In the Age of Excess, the Age-Old Fishing Industry Is Rife With Modern Woes 


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By Judith Rehak 

T HESE DAYS, you have to be a 
contrarian to go fishing. This 
ancient industry is struggling 
under modem constraints 
brought on by overfishing, which extends 
from the North Sea to the coast of New- 
foundland and throughout the Pacific. 

Environmentalists have become in- 
creasingly successful at convincing 
governments io impose restrictions to 
preserve existing fish stocks. With 
catches shrinking, the governments 
have needed little prodding to levy 
quotas and limits on fishing. Last 
month, for example, European Union 
fisheries ministers agreed to a plan that 

will require EU countries to cut the size 

of fishing fleets and the time they spend 
at sea by 30 percent for the most en- 
dangered species and by 20 percent for 

other overfished stocks. 

“There are still too many boats chas- 
ing too few fish," said Steven Hughes, 
an industry consultant m Seattle, it s 
open access here, so anyone can buy a 
boat and go fish. What we’ve done is to 


set a quota on what can be taken." 

Many fishing businesses are family- 
owned, he said, but far more have gone 
out of business, or merged with other 
companies to pool their quotas and gain 
economies of scale. 

S imilar trends are evident elsewhere 
in the Pacific, where quotas 
also are imposed and many 
small companies are privately 
owned or have been bought by 
huge food conglomerates. V • 

“There is only one listed 
company of reasonable size 
here, arid it's suffering inter- 
nati onally from the strong New 
Zealand dollar and lower fish prices." 
said Warren Doak, who follows the 
industry for Merrill Lynch & Co. in 
Auckland, New Zealand. 

A few fishing companies in Thailand 
are publicly held, but an international 
brokerage with offices in Bangkok said 
that it-no longer followed them because 
they were stnalL 

“We have enough trouble finding 
liquidity in the larger companies right 
now," an analysi said, referring to the 
slide in Thailand’s stock market. 




Still, for fans of contrarian plays, 
there are a few fishing-related compa- 
nies that look appealing to analysts. 

Christine Farkas, who follows special 
situations for Midland Walwyn Capital, 
aToronto brokerage, has a buy ratingout 
on FPI Ltd., a company in Newfound- 
land that is also known as Flsh- 
ery Products International and 
is a case study in survival. 

In the late 1980s, FPl's fleet 
^ of more than 50 deep-sea 
▲ trawlers brought in catches as 
big as 66,000 tons of cod a 
year. Today, since the Cana- 
dian government’s 1992 
moratorium on cod fishing on New- 
foundland’s Grand Banks, only 11 
trawlers remain. Last year's catch was 
just 8,600 tons. The company has 
switched to the value-added processing 
of fish and shellfish, much of it pur- 
chased from as far away as Russia and 
China and ranging from shrimp and crab 
for luxury restaurants to fish for sand- 
wiches at McDonald’s. 

“What drives their profits now is the 
margin between what they pay for raw 
fish and what they can get for selling it 


as a ‘value-added' product,” Ms. Far- 
kas said. 

That spelled trouble for FPI in 1995, 
when high inventories and declining 
value-added fish prices resulted in a loss 
for the year. The company's shares, 
which had traded as high as 9.00 Ca- 
nadian dollars ($6.60) slumped to a low 
of 4.60 dollars last summer. 

Things began to look brighter, 
however, as inventories decreased and 
the company pursued its value-added 
business. It returned to profitability last 
year, beating expectations with earnings 
of 37 cents a share. Ms. Farkas is pro- 
jecting 50 cents a share for this year. 

Although she is estimating sales of 
671 million dollars for 1997, compared 
with 665 million last year, “the key is 
the improved margins,” she said FPl’s 
stock, which is listed on the Toronto 
Stock Exchange, has recovered to 6.20 
dollars, and Ms. Farkas has an 8 -dollar 
target price over the next 12 months. 

A newly listed company shows where 
many say the fishing industry is heading. 
Last week, Norway Seafoods ASA de- 
buted on the Oslo Stock Exchange. De- 
spite its name, it operates from Russia to 


Argentina and off the West Coast of the 
United States, where it owns the Seattle- 
based American Seafoods Co. The com- 
pany has been on an acquisition spree, 
buying smaller fishing concerns as well 
as Frionor, a brand of fish products in 
Europe that it plans to promote in the 
United States, said Andreas Teleman, an 
analyst with EnskDda Securities in Oslo. 

The company, which was founded in 
the 1980s, has giant trawlers that catch 
and then process fish. It also has built 
the world’s largest trawler, although as 
one Oslo-based analyst commented 
“big isn’t always an advantage.” 

Although the company, which is aim- 
ing for $1 billion in annual sales, will 
clearly have a group of analysts fol- 
lowing its stock, none of them are likely 
to recommend the shares before it ab- 
sorbs its acquisitions. 

If the idea of investing in a company 
that catches and processes fish is un- 
appealing, consider Genlri Sushi Co., a 
Japanese chain of 120 sushi bars and 
restaurants. Genki is me of Japan’s most 
popular and well-run fast-food concerns, 
but its sales plunged last summer after an 
outbreak of food poisoning in Japan, 


even though the source of the illness was 
not pinpointed Sales continued to fall 
throughout the fall and winter months, 
and Genlti’s stock followed suit, bot- 
toming at 1,162 yen ($10.20) in Feb- 
ruary, down from a peak of 2,381 yen. 

Matters were not helped by a rise in 
tuna prices, one of the most popular 
items on Genlti’s menu, and the gen- 
erally poor performance of Tokyo’s 
over-the-counter exchange, where the 
company is listed said Marie Buffet, 
.who follows the stock for BZW Se- 
curities. But his buy recommendation in 
November — reiterated last week — 
proved prescient when customers began 
to return in February. Since then, sales 
have rebounded up a heal thy 10 percent 
for the month of April. 

“It’s still a very well managed com- 
pany, and if there are no more problems 
like last summer, its earnings for this 
year should be up 20 percent over last 
year,*’ Mr. Buffet said. 

Genki will add 20 sushi bars this year, 
he said The stock has recovered to 
1 ,700 yen, but Mr. Buffet thinks it is s till 
undervalued He is projecting a price of 
3,000 yen over the next eight months. 


Fear and Withholding: Risk- Averse Investors and the Ravages of Equityphobia 




T HE EMOTION that roles the 
lives of most investors is fear, 
not greed In the financial mar- 
kets, fear is worse. It causes 
you ro sell too soon, buy too late — or 

which I call -equ^ 

doubling of *e Dow J°n“ 
dustrial average oyer 
years knows. Even ma normalinarKeti 
jfSn invest $10,000 »*»*>. Jgo 
should have (without dtowing for 
£5) about $80.000 in 20 pp. J fo- 

money-market funds yielding o per 
^ndyotTwill have less than half 

* What is surprising anddkhcarto^ 

virulence 
IwiD gel to those details id 


a second, but first a little quiz on your 
own tolerance for risk: 

Suppose you've just come into a nice 
sumTcSL say, $100,000 — an in- 
heritance, a bonus, a buyout. Suppose, 
also, that you will not need to use the 

money fra- alleast 10 years. Considering 

the high prices of stocks today, which of 
these options should you choose . 

1. Put the entire amount into tne 
stock market immediately. 

2. Slowly feed the money mto stocks 

option should give you tire 

turns. The reason is simple. The quick 

SVou invest in stocks, the sooneryou 


market? Will stocks turn down soon? 
No one can tell, and yon should not 
bother guessing. The seers may be say- 
ing that the market is overvalued today 
(they probably are right), but they were 
saying the same thing a year ago. In the 
six months since Alin Greenspan, the 


This is the great eternal verity about 
the market: Stocks go up. A diversified 
portfolio of good companies will 
roughly double (with dividends rein- 
vested and taxes not considered) every 
seven years. In the shortterm, stocks do 
crazy, unpredictable tilings. But over 


JAMES 9LASSMAM ON INVESTING 


can’t — or won’t. Who are they? 

A recent article by Jaimie Sung and 
Sherman Hanna, economists at Ohio 
State University, in an academic jour- 
nal called Financial Counseling and 
P lanning , gives the answers. The re- 
searchers used data from the 1992 Sur- 
vey of Consumer Finances, which is 
sponsored by tire Federal Reserve 


Federal Reserve Board chairman, 
warned of “irrational exuberance” in 
tiie market, the Dow has risen roughly 
1,000 points, or 16 percent. * 
l am not saying that the second op- 
tion does not make sense for many 
long-term investors. If you are afraid of 
stocks, then a good way. to get into the 
water is gradually. The beauty of slow 
entry is feat, if stock prices are falling, 
you end up owning more shares than an 
investor who dives in. 


the long run they increase in value 
because the companies that underlie 
them increase their profits. 

Investing gradually, a system known 
as dollar-cost averaging, is fine if you 
are risk-averse. (Also, it is an excellent 
discipline to start a program of invest- 
ing, say, $200 a month in mutual funds.) 
Still, if you have tire money in a lump 
aim, the time to invest it is imme- 
diately. 

But some people, equiiyphobes. 


Board and the U-S. Treasury. The sur- 
vey found that, overall, 60.4 percent of 
respondents were “risk-tolerant" — 
that is, they answered “no” to this 
question: “When you save or make 
investment (sic), would you take no 
financial risks?” 

It’s no surprise that risk tolerance 
increased with the amount of assets 
owned. But the range is surprising: 

• Among single men, 70 percent 
were risk tolerant, compared with just 
46 percent of single -women (and 63 
•percent of couples). 


• While 65 percent of whites were 
risk-tolerant, the proportion fra- blacks 
was just 38 percent and for Hispanics, 
46 percent. 

• The age group most tolerant of risk 
was 25 to 34 years; there was tie for 
least tolerant between those under 25 
and over 55. 

• Nearly' three quarters of college 
graduates were risk-rolerant, compared 
with just one third of those who did not 
get a high-school diploma. 

What is disturbing about these num- 
bers is that the people who would ben- 
efit the most from bong tolerant of risk 
are members of precisely those groups 
that are least tolerant 
Remember (hat risk-tolerance, ac- 
cording to the survey's definition, in- 
dicates a simple understanding that 
“you take average financial risks ex- 
pecting to earn average returns.” 

Washington Post Service 



























































































































4 









INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAV, MAY 24-25, 1997 


THE MONEY REPORT 


PAGE 17 



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ITie Inf irmed Sailor: Test the Witters Before Taking the Boat- Owner Plunge 


By Andrew Blum 


W HEN YOU buy real estate, 
ine key is location. Buying 
a car often comes down to 
price. If only buying a boat 
were mat simple. ' 6 

• ■j^ 1ere ^ a m ynad of factors to con- 
sider when purchasing recreational 
boats, commonly slotted into the cat- 
egories of powerboats, cabin cruisers 
and yachts. Foremost, a boat is a Jimmy 
item. You do not need it to live, so you 
had better be able to handle all costs 
including purchase price, financing, in- 
surance and maintenance. 

Used boats are a cheaper option, but as 
.with cars, such purchases carry risks. Boat 
brokers abound, but you never quite know 
what you are getting. Like car prices, 
prices for new powerboats generally go 
up yearly and they- depreciate quickly. 

- Despite all this, many people make 
.the purchase. In 1996 in the United 
States alone, more than 300.000 recre- 
anonal powerboats of ail rvpes and sizes 
.were bought. 

JL /Hre best advice in boat buying is to 
Educate yourself, starting with termin- 
ology. Is it really powerboats, cabin 
cruisers and yachts you are talking about? 
Or outboard, stem-drive or inboard mo- 
tors? It depends on who you talk to. 

- Since they are all powerboats, it is per- 
haps simpler to refer to them by their size or 
what they are used for — fishing, overnight 
trips, waterskiing, cruises, yaditing. Such 
boats can range in size from 18 to 80 feet (5 
to 25 meters) and in price from 510,000 to 
well into the millions. 

. The best way to get educated is to read 
boating magazines, browse boating sites 
bn the Internet, go to boat shows and shop 
around. This is necessary because there 
are hundreds of different boats and price 
options in markets around the world. 

* ‘We're talking about the ultimate dis- 
cretionary purchase here.*’ said Richard 
Stepler, the editor of Ro arin g Magazine, 
one of a number of boating publications. 

It used lo be that such recreational 
boats cost Si, 000 per foot, but that is no 
longer the case, said Tom Knisken. an 
owner of the KMC Marine boat deal- 
ership in Lighthouse Point. Florida. 
Boats now vary in price based on their 
functions and on what options a buyer 
^ chooses. 

Mr. Knisken’s dealership is in the 
middle of southern Florida's fishing 
country, so be sells a lot of fishing boats 
and exports vessels worldwide. He re- 
cently sold a 27-foot powerboat to a 
German buyer for $42,000 and shipped 
it to Germany for an additional $4,200. 

While most specialists agree that buy- 
ers need to know something about boats 
before purchasing one, there is a dif- 
ference in opinion about whether prices 
significantly differ from place to place. 








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Greg Von Zielinski, who has been 
involved in powerboat design, import- 
ing. marketing and resale, said there was 
"a huge variance in types, markets and 
pricing in the U.S. powerboat market.'* 
“Powerboats/cabin cruisers sell from 
small family sizes at $10,000 and up to 
large corporate yachts at well into the 
millions,” he said. 

But Trevor Posilethwaite of 
Gloucestershire. England, a former 
computer executive, said that based on 
his 30 years of boat ownership and re- 
search of the market, prices seem much 
the same worldwide. 

Robert Lucey.a Houston-area med- 
ical-school public-relations executive 
who is in the process of buying a boat, 
said markets varied around the United 
States. Boats are less expensive in some 


areas than in others, but often the cost of 
transporting a boat from one place to 
another eliminates the savings. And 
there is the added uncertainty of what 
you will get when the vessel 
arrives, he said 

Mr. Lucey advised would-be 
buyers to use a broker or con- 
sultant. He gave these basic tips: 
shop around, consult people 
who have boats and identify 
your needs so that you will not 
be back shopping for a new boat 
the next year. Also, when buying a large 
used boat, always have it surveyed — 
the equivalent or a house inspection. 

•‘Surveyors’ quality varies greatly." 
he said. * ‘Ask around to get the name of 
a good one.” 

With or without help. Mr. Stepler 



said it is difficult to set worldwide stan- 
dards for pricing. 

"It is very complicated to put boat 
prices in broad terms,” he said "There 
are average boat prices in vari- 
ous categories, but average 

g rices are pretty meaningless. 

asically, there are so many 
different categories of boars in 
various sizes, prices, and in- 
tended uses, that it's difficult to 
make sweeping generalizations 
about boat buying.” 

For example, an 1 8- to 24-foot boat for 
waterskiing could go for $20,000. while 
custom-built yachts go for S 10 million to 
5 1 5 million. An Italian-built 70-foot mo- 
tor yacht might sell for $2.5 million, 
while a 50-foot, U.S. -built fishing boat 
might go for $500,000 to SI million. 


“A person can spend $200,000 for a 
40-foot boat or $600,000. and either 
choice could be the right decision, de- 
pending on what the person wants to do 
with the boat.” Mr. Stepler said 
In many ways, he ana others said, it is 
much like a buying a car. How much can 
you spend? How do you want to use the 
boat — on lakes and rivers? Or fishing 
on the continental shelf? 

Two boar shows earlier this year gave 
a flavor of the market. 

In January, at the New York National 
Boat Show, more than 1,000 boats were 
on display. According to The New York 
Times, the show brought out a cross- 
section of buyers, from one who wanted 
an IS- to 20-foot fishing boat to others 
who bought 50-foot cruisers for 
S700.000. 


There’s a Price to Pay for That Craft of Your Dreams 

T HE TWO best days in a 

boat owner’s life, the * 
saying goes, are the day 
he buys the boat and the _ ... . 


T HE TWO best days in a 

boat owner’s life, the * 
saying goes, are the day 
he buys the boat and the 
day he sells it. For many erstwhile \ 
landlubbers, the hassle and ex- “ 
pense of owning a boat can more 
than outweigh the joys. 

Apart from the price of the boat, 
costs to consider include insur- 
ance, dockage or moorage, fuel, 
maintenance and winter storage. 
These can range from just a few 
hundred dollars a year to tens of 
thousands, depending on the size 
of the boat ana where you live. 

Certainly, boat owners who 
live in hurricane paths need fairly 
deep pockets. 

“Insurance companies either 
don’t want you in the Caribbean 
between June and October or 
want 25 percent or more in premi- 
ums as well as higher deduct- 
ibles.” said David Allen, senior 
vice president of Alliance Marine 
Risk Managers Inc., which is 
based in New York. 

Even in the United States, 
where insurance is relatively M 
cheap, premiums can escalate in M< 
vulnerable areas. 

“Insurance can differ by 50 percent or 
more, depending where you are,” said 
Ann Hutchins, vice president of marine 
insurance at Boat/U.S. in Alexandria, 
Virginia. “It costs $375 a year on average 
to insure a $12,000 powerboat in coastal 
waters and just $200 on inland water- 




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G. Mania RtgM/Sc* and See 

More than 300,000 leisure powerboats were bought in the United States In 1996. 

cause premiums to soar and make in- necticut, north of New YorkCity, costs ... 


surance difficult to find. Insurers are 
reluctant to underwrite in Iran and parts 
of Indonesia, while boat owners in Is- 
rael may have a tough tune finding 
coverage. Mr. Allen said. 

Even die greatest boating enthusiasts 
have to come ashore sometime. Dock- 


ryn, _ .. _ iiarv lu wuiuv oouviv jwtuwmuv. i/wo," vjiv « ilw.i < u iuuvuviw, a 

ways. The Florida and Gulf coasts are ■„ mooring costs are highest in or cost about $1,000 and last for years. 

ma fn#u 4 avnorunifA lAAAfvfMr nikila tho w ° _ _ - _ 


S85 per foot for the six-month sailing a 

season. In the winter, wet storagecoste “ cosls 5150 10 I 100 ; A 

about $25 a foot and diy storage$38 per ^ 

square foot. That is about twice Aerate mended for sailboat owners: m any o p 

in less congested areas of the countiy. for a 11 • 00 ° 01 m ?? ^ rrva i 
For small boars, trailing can be a mjllivai 

cheaper, if laborious, option. Trailers For further information: 


jgjjjtf other costs associated with boat 
ownership are relatively small. 

“Maintenance is not usually a 
big concern said Greg Proteau. 
a spokesman at the National Mar- 
ine Manufacturers Association in 
Chicago. “Nor is fuel for small 
boats, although big ones can cost 
a lot to run. Registrations and 
licenses are another expense but 
they don't add up to much.” 

Generally, a 17- to 18-foot (5- 
to 5.5-meter) stem-drive boat 
. - ■ with 30 hours of actual engine 
running time will require about 
$500 in fuel, the association es- 
timated in a recent report. 

“Family makeup and usage 
and water conditions will deter- 
mine how much fuel is actually 
used,” the report said. “Families 
with teenage water-skiers will 
use more fuel while devoted 
anglers will use less.” 

The sky is the limit for accessor- 
ies and gear. Dealers may give 
discounts on many items if they 
are purchased with the vessel. 
Spending any of this money 
Jjjj" would be pointless without know- 
ing how to operate the boat. Many 
U.S. states require powerboat and 
sailboat owners to attend a one-day ba- 
sic course that costs $50 to $100. At 
least two further courses are recom- 
mended for sailboat owners; many opt 


the most expensive locations, while the 
Great Lakes are among the cheapest.” 
Political risk or reports of piracy can 


near major cities. For example, docking 
a powerboat or sailboat at Harbor 
Square Marina in Greenwich, Con- 


Xndeed, many dealers pre-package 
boats with motor and trailer as a unit. 
Compared with insurance and docking. 


—ALINE SULLIVAN 

For further information: 

THE INTERNATIONAL COUNCIL of Mam* Industry As- 
sociations hot 26 member* to 24 countries. The bead^mrtas 
in loaned an Mcadlahe Race. Thorpe Lea Road. Eg ham 
Surrey TW20 SHE. England Telephone: 44 I7B4 47? 377. 
Rue 44 1784 439 67*. 


In February, ax the Tokyo Interna- 
tional Boat Show, attendance was up 33 
percent, according to BoatBiz. an in- 
dustry magazine. It reported that the 
average price of Japanese pleasure boats 
was $23,000, the same as that for new 
cars. It also said that most powerboats 
shipped in 1996 were under 26 feet. 

BoatBiz said this suggested that boat- 
ing in Japan was becoming a “more 
affordable, middle-class activity.” 

‘'This bodes well for the future of the 
boating industry in a country where cur- 
rently only one person in 380 owns a 
pleasure boat, compared with one in 22 in 
die United States.’ the magazine added. 

But even if you see a boat at a sbow 
that you know is for you , that is only the 
start. Next comes financing and insur- 
ance. .Since a boat is a luxury, loans 
come under great scrutiny. According to 
First Commercial Coip. of America in 
Wall, New Jersey, down payments on 
boats are a 10 percent minimum and 20 
percent down gets a better interest rate, 
said Conrad Sherman, a company rep- 
resentative. Interest Tates range from 
8.25 percent to 13.99 percent. 

As far as insurance, the Independent 
Insurance Agents Association said boat 
insurance could cost from $500 to 
$15,000 per year. Policies include hav- 
ing boats in foreign waters and liability 
and comprehensive coverage. 

There are many things to look for 
when buying a boat, some of them ob- 
vious and others more technical. 

According to organizers of the Miami 
International Boat Show & Sailboat 
Show and Motor Boating & Sailing 
Magazine, to minimize maintenance, 
look for boats with hardware of stainless 
steel to avoid rusting and pitting. They 
also advised would-be buyers to seek out 
boats with self-bailing cockpits. This 
will help in the event of rainwater, let- 
ting it drain overboard. 

In checking out a craft. Boating 
Magazine's on-line tech team said buy- 
ers should sit down at the helm to inspect 
the layout of the instrument panel and to 
be sure that the seat is adjustable. 

Also to be inspected is the engine 
compartment, which should have suf- 
ficient space for routine maintenance, 
like changing oil and filters. 

For further information, call: 

■ BOATING MAGAZINE, 1 212767 5571. The pubUcttioBalio 
It acctsabio at America On Linr via key won) B« the sbe bos 
a Us of tips on whancloc* formates. 

•NATIONAL MARINE MANUFACTURERS ASSOCI- 
ATION. 1 312 946 6262. tafonnultm on the tndumy and bon 
stow*. 

■ SEA MaQAZINE. BUYER'S GUIDE, 1 SOI 584 0203. pub- 
tubed m January, infa oa over 4,000 baati and prakioa. 

Web Sites: 

•BOATBIZ MAGAZINE. vwwJmaibEEXOm. coven dealer 
neods end bom ■hows. 

•WWWJwudijieiLcom. Feature* ihouaandi of new and med 
tea* each month. 

• WWW.vinualpetcoraftbL A Uak » US. and Imranianallwai 
industry contact*, end frequently Kked questhm. 
•wwwiteijorg. f.ummwj information. A brief nmfown of 
what mmrnoce you need for boats. 


> AD? 




jr-H wsca 


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115323 





BRIEFCASE = 

As U.S. Stocks Go, 
So Goes the Worlcf? 

You do not have to own 
U.S. stocks to worry about a 
correction in the maiket in the 
United States. A report from 
Roben Fleming Securities in 
London has plotted the cor- 
relation between the perfor- 
mance of the Standard & 
Poor's 500 index and a range 
of emerging markets. 

If you believe that the S&P 
500 will keep growing, then 
you can keep faith in Argen- 
tina, Hong Kong, Mexico, 

. ^ Poland and Venezuela, the re- 
i .* )poit said. But for those who 
1 reckon share prices are about 
f to peak, it may be better to 
1 seek out the few emerging 
economies that historically 
remain unaffected by foiling 
U.S. markets. 

Fleming recommended 
five countries that it said 
could form the core of a de- 
fensive emerging-market 
portfolio: Botswana, Ghana, 
India. Mauritius and Slov- 
akia. 

The report ranked 36 coun- 
tries according to their under- 
performance relative to the 

* S&P 500 in 1994 — the ;only 
year this decade in which it 
produced negative returns — 

• and their out-performance for 
the year to January 1997. 

A second method simply 
plotted the dollar returns from 
emerging markets over the 
last three years under a vaned 
set of economic factors. 

Fleming predicted tha ui 
the coming year, the u.a. 
economy would continue to 
grow at a moderate pace, 
t,£reading a fine line between 
'inflation or mission. Tins 
should generate further stock- 
market growth even though 
falling corporate profits could 
bring lower' returns, com- 
pare! with the last two years, 

K The report warned that 
either interest rate increases 
or falling corporate profits 
could cause a sizable correc- 
tion in U.S. equities. (IHT) 


Zurich Kemper 
Aids Fund’s Yield 

Few money-market funds 
are absorbing expenses to 
bolster yields these days, but 
to get off to a good start, 
Zurich Yield Wise Money is 
doing just that. 

The new fund, from Zurich 
Kemper Investments, aims to 
keep expenses lower and 
yields higher than most 
money-market funds. Like 
other funds in the category, it 
invests in a mix of high-qual- 
ity, short-term money-market 
instruments, in United States 
government securities and in 
bank certificates of deposit. 

In format, however, it re- 
sembles a smaller group of 
funds that strive to be leaders 
of the pack. Like the Fidelity 
Spartan and the Dreyfus Ba- 
sic money-market funds, the 
Zurich fund will require a 
high minimum investment 
and will charge for most ser- 
vices. 

The minimum initial in- 
vestment is $25,000, and sub- 
sequent investments must be 
at least $1,000. Moreover, 
shareholders will pay for ser- 
vices like check writing and 
wire transfers. 

To give the fund an ad- 
vantage, the company is waiv- 
ing aU operating expenses and 
mana gement fees at least 
through mid-October —y a tac- 
tic thar is sure to bring in 
money and bolster the yield. 

(NYT) 

Fraud Attempted 
With Fake T-Bonds 

It was a scam nobody 
seems to have fallen for. the 
U.S. Treasury said, but so- 
called Limited Edition Treas- 
ury bonds were offered for 


sale recently to brokerage 
houses outside the United 
States. 

The Treasury was reluctant 
to talk much about the scam, 
which tiie National Associ- 
ation of Securities Dealers re- 
cently brought to the attention 
of its members. The Treasury 
did say the attempted fraud 
was undertaken outside of the 
United States. 

The fraudsters apparently 
hoped that prospective buy- 
ers' knowledge of American 
Treasury bonds was suffi- 
ciently limited to keep them 
from asking too many ques- 
tions about the instruments, 
which had a supposed 10- 
year term, 6 percent annual 
interest rate, $100 million 
minimum purchase amount- 
find an initial price of 57 per- 
cent of the face value. 

Additionally, the securities 
were said to be issued in phys- 
ical form, which the Treasury 
has not done since 1986. 

(IHT) 

New Web Sites 

Peregrine Asset Manage- 
ment, based in Hong Kong, 
has a new web site with con- 
necting points, or hyperlinks. 


IS Month CD 


to the companies in which its 
funds invest and access to 
corporate, stock and other in- 
formation from The Asia 
Times and other resources 
(www.peregrine-asia.com). 

Strong Funds has added 
market reports, summaries of 
marker conditions and finan- 
cial news to its Web site 
(www.strong-funds.com). 

Investors can also track 
fund and stock investments 
by creating up to five port- 
folios of 20 holdings each. 
They can compare their per- 
formance with that of major 
U.S. market indexes. 

State Street Global Ad- 
visors has a site (www.ss- 
gafimds.com) that provides 
monthly performance updates. 
Investors can obtain prospect- 
uses and application informa- 
tion and can request fund and 
investment literature. (NYT) 1 

Correction 

An article in the May 10-11 
edition of The Money Report 
incorrectly reported a merger 
in Thailand. Thai Danu B ank 
had planned to take over Fi- 
nance One, but their merger 
talks fell apart on Friday. (See 
article. Page 9.) 


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PAGE 18 


^ ItcralbSSnbunc 

Sports 


SATURDAY-SL.NDAY, MAY 24-25, 1997 


World Roundup 


Wust 'Wins as Gpollini Slows 

cycling Mario Cipollini. the sprinter who had already 
won three stages in this Giro d'ltaiia. stopped peddling in 
the final 300 meters Friday m the 21 0-kilometer stage into 
Mondragone. 

Cipollini was perfectly positioned for the final sprint 
but surrendered, sat up and watched as Marcel wust 
edged out Mirko Rossato and Endrio Leoni. 

“1 do not wish to compete when I know that 1 am 
beaten." said Cipollini. who rides for the Safeco team. A 
teammate. Gian Matteo Fagnint. was disqualified Tues- 
day. and another. Mario Scirea. crashed Thursday. 

' ‘He usually succeeds because he has such a good team 
to help pace him into a winning position." Wust said of 
Cipollini. (Reuters) 

Murdoch Linked to L. A. Lakers and Kings 

The owners of the Los Angeles Kings ice hockey team 
have talked to Rupert Murdoch and his Fox Sports Group 
about becoming an entertainment partner in their planned 
downtown sports arena and entertainment complex, 
which could ultimately include ownership interest in the 
Kings and Lakers. 

Sources said that Fox, which is negotiating to buy the 
Los Angeles Dodgers baseball team, is seeking a firmer 
grip on the Los Angeles TV market and that its objective 
is to wrest control of the Lakers from Jerry Buss. (LAT) 

It Takes Time, but Graf Gains Revenge 

tennis Steffi Graf took three hours Friday to beat 
Amanda Coetzer in the Strasbourg women's tournament 
and avenge a crushing defeat in Berlin eight days earlier. 
Graf, who lost 6-0, 6-1 to Coetzer last week, won 4-6 7-5 
7-6 to move into the final. (AP) 

■ Mark Philippoussis won the battle of the big serves 
Friday, beating Goran Ivanisevic to give Australia a 3-0 
victory over Croatia and a place in the final of the World 
Team Cup in Duesseldorf. 

Irish Grab Lead in the British Open 

OOUF Irishmen Eamonn Darcy and Darren Clarke both 
fired six -under-par opening rounds of 66 Friday in the 
first round of the British PGA Championship at 
Wentworth. Bernhard Langer, winner of the Italian Open 
and Benson and Hedges International this month, was just 
behind after he shot a 67. 

• Tiger Woods shot a 3-under-par 67 Thursday and was 
four strokes off the pace set by Brad Faxon in the Erst 
round of the Colonial in Fori Worth. Texas. Faxon made 
a 7-under 63. (AP) 

Young Catcher Is Dressed to Come Home 

BASEBALL Melissa Raglin ended her weeklong exile to 
the outfield. Her baseball youth league had banned 
Melissa, 12, from catching after she refused to put on 
protective gear the boys have to wear. A mamal-ans 
equipment maker sent Melissa a female cup, essentially 
girl’s underwear with a padded crotch, in time for 
Thursday’s game. (AP) 


Sport Remains Addicted to Tobacco — and its Cash 


By Barry James 

Inienuitinnal Herald Trihuar 

As a doctor specializing in 
tobacco-related diseases in 
Houston. Alan Blum sees the 
dark side of demon nicotine 
eveiy day. 

On weekends, he enjoys 
going to stock-car races, and 
these are sponsored by a cig- 
arette brand. 

Dr. Blum's double life 
makes him skeptical about ef- 
forts around die world to ban 
sponsorship of sports and arts 
events by tobacco companies. 
The latest country seeking to 
ban tobacco advertising and 
sponsorship is Britain, and 
the European Commission 
said this month it would re- 
new its attempts to have to- 
bacco publicity forbidden. 

This weekend. Formula 
One cars covered with ciga- 
rette ads will compete in the 
Spanish Grand Prix. The 
drivers and pit crews are walk- 
ing billboards for tobacco 
products. At practice runs for 
Sunday's Indy 500 in Indiana- 
polis. the pole-sitter, ArieLuy- 
endyk was strolling around m 
a coveralls advertising beer. 

Dr. Blum said the tobacco 
companies know a lot more 
about human psychology than 
what he called the 9-to-5 anti- 
smoking lobby. They know, 
he said, that the electric thrill 
of a race is a lot more attractive 
than sober warning about the 
danger of smoking die stink- 
ing weed. "Morality cannot 
compete with ftm," he said. 

France and other nations 
that have outlawed tobacco 
ads “do very nicely without 
sponsorship." said Neil Col- 
lishaw, a scientist at the 
World Health Organization. 

However, major sporting 
events are usually major tele- 
vision events, and they reach 
the world via satellite, hi 
Canada, for example, foe gov- 
ernment has introduced legis- 
lation banning tobacco spon- 
sorship of sports and arts. 
Organizers of the popular Indy 
sports-car races in Toronto and 
Vancouver threatened to move 
foe events south of the border, 
where there are no advertising 
restrictions. They pointed out 



Jcnt-Loop C«ne*n/A*cafle ftwer-Proae 

Heinz-Harald Fren teen’s Williams Renault hawking cigarettes at practice Friday for the Spanish Grand Prix. 


that there would be nothing to 
stop Canadian viewers watch- 
ing these races on television. 

As a result, David Ding- 
wall, Canada’s health minis- 
ter, said he would present 
amendments “necessary to 
respect the international stan- 
dard concerning the use of 
logos on cars, drivers, pit crew 


Other countries have come 
under pressure from the to- 
bacco and sports lobbies. Ger- 
many, which bans tobacco 
ads on TV, had to bend its 
own rules to keep its Formula 
One race. France suspended 
its strict rules on alcohol ad- 
vertising to allow Budweiser, 
a sponsor of the 1998 soccer 
World Cup, to place publicity 
panels in foe stadiums during 
the competition. French alco- 
hol companies, which cannot 


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I'rnfessur of Hntinre 
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Hands ti Equities I’ortfidio 
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Jan Michiel Hessels • 
Chief Executive Officer 
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Andrew Skirton 
Chief Investment Officer 
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Piel Veldhuisen 
Head of Mutual l-'unds 
Generali- Bank N.V. 

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Client Strategies Group 
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Bill Stack 

Chief Investment Ojffieer. 
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advertise on TV, and the anti- 
alcohol movement protested 
the concession. 

Anti-tobacco campaigners 
say sports sponsorship is the 
tobacco companies* most ef- 
fective way of hooking a new 
generation of smokos and 
chewers. The companies are 
the biggest sponsors of auto- 
mobile. motorcycle and mon- 
ster-truck races, all of which 
are particularly popular 
among adolescents.Even toy 
racing cars come complete 
with tobacco logotypes. 

Although they are banned 
from direct TV advertising in 
foe United States and many 
other countries, foe tobacco 
companies reap millions of 
dollars worth of TV publicity 
by placing their logos prom- 
inently at sporting events. Dr. 
Blum analyzed a telecast of 
one Grand nix race and found 
sponsor's 
peared 5,933 times. 

The debate is likely to be 


that the sponsor's logo ap- 


overcome by tech- 
nology that will al- 
low sponsors to sell 
a range of adver- 
tisements for foe 
same event. The 
technology, similar 
to that used by tele- 
vision weather 
forecasters to give 
the impression that 
they are standing in 
front of a map. 
could make substi- 
tutes for cigarette 
ads in broadcasts to 
countries where to- 
bacco ads are 
banned. 

Dr. Blum said 
that by banning ads 
and sponsorship, 
governments risk driving the 
tobacco companies into ever 
more subliminal advertising. 

In foe United States, ads 
showing the Marlboro cow- 
boy include word fragments 
such as “boro," but not the 



AP 

Arie Luyendyk promoting beer 
while preparing for the Indy 500. 

complete name of foe brand. 
Eventually, foe script will dis- 
appear altogether and then. Dr. 
Blum said, “What are we go- 
ing to do, ban foe color red?' ’ 
.In Britain, he noted, foe 
mere sight of purple suggests 


a certain brand ofeigarettes to - 
many people. 

Dr. Blum said he used to ' 
support ad bans and managed 
to get arrested in anti-smoking _ 
protests. Now he believes that 
the only effective way tol 
counter the tobacco compa- 
nies is to ridicule them, use * 
counteradvertising that Ls as 
good as theirs and discredit' 
them in foe eyes of young 
people. His contribution to the 
genre is a spoof campaign | 
called “Barfboro." 

Lord Howell, Britain's first ’ 
minister of sport in the 1970s, 
expressed a similar view. He ; 
warned that the government 
proposal to ban sports spon- 
sorship could backfire, be- 
cause young people will tend 
to side with anything that Ls ' 
outlawed. “This is one of theft 
lessons we Teamed from the ' 
drug scene," he said. 

The anti-tobacco organiza- ; 
tion Action on Smoking on 
Health, on the other hand, in- 
sists that advertising and. 
sponsorship bans have proved 
effective. It argues that sports 1 
and cultural organizations - 
foot depend on the weed for 
income do not have to fear-- 
losing sponsorship. 

For example, the state of 
Victoria in Australia replaced 
lost sponsorship income with a ‘ 
levy on tobacco sales. Aman- 
da Sandford, a spokeswoman ' 
for Action on Smoking on. 
Health, said that given foe im- ■ 
mense popularity of sporting.’ 
events, there should be little 
difficulty in replacing tobacco ' 
sponsorship with support from 
less controversial products. ' 

In sport as in the tobacco- 
industry, image counts for a 
lot The Women’ s Tennis As- 
sociation, having for many / 
years been sponsored by a * 
cigarette company, turned 
down a sponsorship offer a 
couple of years ago from foe 
makers of Tampax tampons. 

The Olympic movement 
has barred tobacco advertising ; 
and sponsorship since foe.’ 
1988 Winter . Games in Cal- 
gary, which has tended to drive . 
foe business to those sports - 
that still allow themselves to* 
be used as hucksters for the 
tobacco manufacturers. That is 
why, according to foe World 
Health Organization; car ra- 
cing has become a “non-stop, 
commercial'' for cigarettes. - 


Scoreboard 


BASEBALL 


Major League Standings 

UUUCWUI «M 

EAST DIVISION 


BASKETBALL 


NBA Playoffs 



W 

L 

PD. 

Gfl 

Batomore 

30 

13 

498 

— 

Toronto 

23 

19 

.548 

oW 

New York 

2S 

21 

-S43 

6W 

Detroit 

19 

25 

.432 

1VA 

Boston 

17 2& 

CENTRAL DIV1SWN 

■395 

13 

Ctovetond 

23 

X 

535 

— 

MBwnukee 

20 

21 

.488 

2 

Chkxtgo 

X 

22 

.470 

2'A 

Kansas City 

X 

23 

-46S 

3 

Minnesota 

18 Z7 
WEBTOtVBXM 

400 

6 

Tams 

25 

18 

J81 

— 

Anahehn 

23 

X 

■S3S 

3 

Seattle 

24 

21 

-533 

2 


(BEST-OMEVEN] 


Miami 12 17 16 23— 08 

Chicago 22 17 12 24- 75 

M: Hardaway 5-1 6 5-6 IS, Mounting 5-13 4- 
6 14 C: P&pen 9-21 2-3 23. Jordan 4-15 15-16 
23. Rebound*— Miami 47 (Mourning ED, 
Chicago 54 (Rodman 10). Asslsts-Miontl 10 
(Hontawoy 3), Chicago Id (Harper a. 
(Chicago leads series 2-ffl 


CE HOCKEY 


NHL Playoffs 


OUARTEHRNALS 

Magnus Norman, Sweden def. 5Jeng Serial- 
ken. Netherlands 1-6 6-1 6-3 
SEMIFINALS 

Patrick Rutter <71. Australia, def. Norman 6-1, 
4-6. 6-1 

Maroeto RBppInL Uruguay, dot. Oamlnlk 
Hrtwty, SkNukia, 7-6 (7-5). 6-1. 


TRANSITIONS 


0oWnM 

EAST DIVISION 


Atlanta 
Florida 
Montreal 
New York 
PtiHnMphla 

Houston 
Pittsburgh 
SL Louis 
Chicago 
□nctamaif 


W 

32 

27 

24 

25 
17 


L 

13 

17 

SO 

21 

28 


CENTRAL DM3IOH 
24 22 

23 22 

18 26 
16 28 
14 X 


pa 

.711 

.6T4 

.545 

SO 

■378 

■522 

Jll 

.409 

J64 

JIB 


GB 

4 W 
Th 
TA 
15 



WEST DIVISION 



San Francisco 

26 

18 

^91 

— 

Cotorada 

24 

21 

JS33 

Vh 

Las Angeles 

23 

21 

£23 

3 


79 

25 

MS 

7 

TtnSDAT'B USU KORSS 


AMERICAN LEAGUE 



Kansas City 

000 

ioa boo -1 

6 1 

demand 

000 

100 OQx—9 

12 0 


Rosada MkWnnoms (51. McDW 181 and 
MLSweeney; A. Lopez. Asserenacher (8), 
Mesa (9) and Barden. W— A. Lopez. 2-2. 
L— Rosado. 3-1 HR— Oev_ Justice [131. 
Boston 010 130 120-8 IV 0 

New Yurt 000 TOO 010-3 9 1 

Gordon. Lacy (8). Corel CPI and Haselmin; 
D.WeJh, Medr (6). Ltayd (7). Stanton (V) and 
Posada, w— Gordon. 3-5. L— D. Wens. 4-3. 
HRs— Boston. M. Vaughn (10), Sloniey (3). 
Oahtamd 002 400 100-7 13 0 

Tens 402 101 204—10 14 0 

W Adams, OquU (2). Groom (6), e Reyes 
(8) ana Moyne. WMnms (7); Burked. 
Whiteside (61. Gu n derson (7), X Hernandez 
(7). Wettekmd (VI and I. Rodriguez. 
W— Burkett, 3-1 L-OqidsL 0-1. 
Su-Wenekmd (11). HRs— Oakland. GtomM 
(5). Berroa (V). Texas. J.Gonzalez 2 (7). 
Buford (4). i. Rodriguez (31. 

runoriAL LEAOUE 

Cfllornno 010 TOO 000-2 7 0 

San PnjBdsco 100 012 30*— 7 It 0 

Thomson, DeJean (6), M. Munoz (8] and J. 
Reed; Gardner. R. Rodriguez (7j. D. Henry (91 
and R. Wilkins. W —Gardner. 6-1. L— Thom 
son. 0-1 HRs— CoL. J. Reed (41. Burts <io>. 
LBS Ang e les 010 000 000—1 7 t 

5an CHego 100 012 N>-4 to I 

Noma CandMtt (01 and Piazza; 
J -Hamblen, Cunnane (8). BoeMter (V) and C. 
Hernandez. W— J. Hamilton. 3-1. L— Noma 
5-3. HRs— los Angeles. Ze6e (7). San Diego. 
J. H unman m. 

New York 108 010 006-10 IS 2 

PbBaiMpUo . ■ 016 102 006-3 9 6 

B Jones. Knshfwoda (81. Ttflcefc (9) ana 
Hundley, Castillo (8)i Schilling, BMZler (31, R. 
Hards 16). Ptantenberg IB), SpratfiM (9) and 
Parent. W— B. Janes. B-2. L— SciUWng, «-<. 
HRs— New York. Olerud 19! PhUaaetpnJa, 
Bngna (71. 

Pttttwtfi 001 060 323-9 10 0 

MMtmal 110 0Ot 006—3 8 2 

uotoer. Peters (7). M. Wilkins (7), Rincon 

(0) ana KendaHt CPerez, Telford (7). M. 
Valdes (8|, □. Veras (81, L. SmMi (9) and 
Fletaier. W-Ucber, 2-5. L-C. Perez, 4-4. 
Sv-IBncon (4). HRA-PtnshurgiL A. Brawn 

(1) . Rondo (3). Montreal Lansing Hi, 

Fletcher [71. 

Japanese Leagues 


(SEST-OP-SCVEN) 
TOMCAT'S RESULT 
Colorado 0 0 6-0 

Detroit 2 3 1-6 

Rrsf Period; D- Larionov 3 CKazJov, 
Lapointe) (pp). 2, D- Larionov 4 (Lapointe. 
Shanahan) Second Period: D-Kozkw B (Fe- 
dorov) 4. D-. Fedorov 4 (Lktstrom) (ppl.5.D- 
MaUby Z Third Period: D-Maltby 3 (Kocur. 
Draper) Shot* m geak C- 2-13-4-19. D- 14- 
11-13-38. Goafies: C-Roy. D-VCrnon 11-3. 
(Detroit leads series 3-11 


CYCLING 


Giro p*1talia 

Ptadnge In 7th stage ol the Giro cTRalle over 
210 Ian* from Landa o oto Mondragone: 

1. MnreetWusL Ger. Fesflno5h.l5m.40 
sj 2. Mlrto Rossato. It. Salgrn; 3. Endrio 
Leoni l L AKfc 4. Glenn Magnussoa Sweden. 
A more 8. Vito; 5. Mario Traversonl n. Mer- 
artone Uno; 6. Marto Maraort. n« Rostorta 7. 
DanMfl CantrtnL it. Brascfalat; B. Gabrtnte 
Batduccl It. Cemmldte Refhv 9. Jurgen 
Werner. Ger. Ceram kite Refhv 10. Fobto 
BoVJoto, It. MaglHJdo MG. all some time. 

ovnum 1. Pavel Tankov, Rus. Mapel 
28 h.58m.42s.- 2. Luc Leblanc Fr. Pottlatdl 
sj 1 Ivan Gain It. Saeco 1-07; 4. Roberto 
Pettra it. Saeco 1:13; 5. Marco Pardo nL It. 
Mercantile Unol^l; g. Andrea Noe. It. Asics 
1 ^3,- 7. Michele CoppoHKo, 11. Maglfflcto MG 
1^9: 8. Pooia SavotdeHl It. RasktRo 2 M 9. 
Leonardo Piepofl, It. Ceramlcne Refln Z*); 
10. Aiesmdre Shefer. Km. Asks 3*5. 


iwRucaeaajuinu 

ASIA ZONE. CROUP t 
PaUslan 2, Iraq 6 

stamdumSh Iraq 3 poWs, Kazakstan i 
Pakisianl}. 

COMUUIL 

Ftamengo 2. Gremla 2 
Aggregate score 2-2. Giemto won on away 
goafs. 


AMERICAN UUUMie 

boston— D esignated RHP Toby Boriand 
tor assignment. 

CLEVELAND— Put OF Chad Curtis on 15- 
aay disabled Bst. Recalled INF Damian Jock- 
son from Butfakv AA. 

TEXAS— Put RHP Danny Patterean on 15- 
day disabled Bst. retroactive ro Atay 17. 

NATIONAL LEAOUE 

PHILADELPHIA- Activated OF Rob Buffer 
from 15-day disabled list. Called up C Bobby 
Eswtelln from Scranton/WHkes-Barni, li_ 

PITTSBURGH— PuT OF Al Martin on 15-day 
disabled flsf. Purchased comrocT of OF Mart 
Smith from Calgary, PCL Transferred RHP 
John Ericks from 15- to 60-day disabled nst. 

SAN MEBO-Opttoned RHP Maic Kroon tu 
Los Vega 9, PCL. Recalled LHP Heotn Mur- 
ray from Las Vegas. 

san FRANasoo-Acqufred RHP Travis 
Thurmond from Anaheim to complete an ear- 
lier trade ond assigned Mm to San Jose, CL 


NATIONAL BASKETBALL ASSOCIATION 
hba— Fined Chicago ssaoao for falling to 
make players available to media offer prac- 
tice on May 21. 

LOS ange les— signed head coach BUI 
Rich to 2-year contract extension. 


NATIONAL FOOTBALL LEAGUE 
atlakta— Signed LB Mike CroeL 
Seattle— Signed DE Mamn Harrison. 


Washington D.C. X Son Jose 1 
Kansas Olya Columbus 1 
tTAMDiinui Eastern Carrie ra ti o: D.C 
1 7 paints; Commons U Tampo Boy U New 
England 1 1; NV-NJ 10. Wcsieni Conference: 
Kansas dry 13; DaNas 12; CNoraao la- San 
Jose 0; Los Angeles 4. 

■«™u«(no»*ju. munanv 

Sweden 2. Poland 2 


Valletta 2. HlbendansO 


T E NN I S 


onibuiimui 
ibmt'i nHtn 

Yakufl& Yomhitl 4 
Hanshtn 4, HiroaMim2 


MWBJBf 11— M B 

Nippon Ham&Seltiuff 
DoW 9. KJnletiu 8 
(13 Innings] Lone S, Orix 0 


PTODAV. IN BTNASBOUna PRANCE 
GEMF1NALS 

SteHl Oral ill. Germany, del. Amanflo Co- 
eocr (3). South Africa 4-6 7-S 7 6 17-dl. 

VBX443W MaifMAOMPOnM 

WnOAT. m MADWO. SPAM 
SElNHNAU 

Jana Nomina 12). Czech Republic aef. Aran 
no Sandier Vicuna «3i. spam (.4 y 6-4 
Morten Seles (II. unUM Stoles, def. Ro- 
rencta LnbaL Argenlhio, 6 7(3-71,0-1 y6-7. 

UiNMwiwuNonu 

rnDAY.iNsr poclter. aubiria 


NATIONAL HOCXEY LEAOUE 

Detroit— S igned D Maxim Kuznetsov to 3- 

year contract. 

pnoenix— 5igned F Jocelyn Lemleux to 2- 
year contract. 


The Week Ahead 


Satuhpay, May 24 

auto aao A ft Martscn, Winds — CART, 
indy-car. Motorola 300. 

Badminton. Glasgow, Scotland — men 
women. World ChamrtansWps. W June 1. 

CRICKET. London, England — t-day In- 
ternational. England vs. Australia. 

cycling. Rome — UCL Giro d'UaBa. Tour 
of itahvio Junes. 

golf, women. Frisco. Texas — Skins 
Game, la May 25; Coming New Yort— Com- 
ing Classic, to May 25; Kasugal. Japan — 
Japan LPGA. Otufcya TV Bridgestone, to 
May 25. Men; Fart Warm. Texas — Mas- 
terCard CrtonW. to May 25; YosMkL Japan - 
Pepsi Ube. la May 25; Virginia Water. Eng- 
land - Vaivo PGA Championship, to May 26; 
Mohrem, PenrenivorUo — U5. Senior PGA 
Tour, Beil AltanHc aosskL to May 25. 

gymnastics. Patras. Greece — European 
Rhythmic ChampktnsHps, tq May 25. 

handball. Kumamoto, japan - men. 
IHF. world Championship, la June 1 . 

horse racing. Curragh. Ireland — Irish 
1.000 Gutneas. 

rogoy union. Hong Kang — pacific Him 
Cnompionslita Hong Kang vs. Canada; Var- 
tous riles - Super li semlRtials. Auckland 
vs. Natal- ACT vs. WeUIngtan. 

SOCCER 5 Inga para - World Cup. Singa- 
pore vs. Lebanon; Mandtewer. England - 
friendly. England vs. South Africa. 

sumo. Tokyo - Summer Grand Sumo 
TaumamonL 10 May 25. 

ten rus. men. Dusseldoit Germany - 
Worid Team Cup, to May 25; St. Poden, Aus- 
tria Raiffeisen Grand Prtx, . womeii Stnzs- 
bourg. ft, - Strasbourg intemtffanaL- Ed- 
htburgh Scot. - World Doubles Cup. to May 
2& Madrid Spain - Yelktw Pages Open . 
wnfcSTUNC. Kauvola. Hnland mun. Eu 

■opean Greco-Roman cnomptonutlpL H May 

Sunday, May 25 

athlctks. Eugene, Oregon -- men. wom- 


en. Grand Prtx, Prefbntalne Oasslc Pnigud- 
CzecJt Republic— Prague Marathon. I* 
auto racing, Barcelona, Spain — For- 
mula One, Spanish Grand Prlx; Indknrapafe* 
— lndy-cor. IRL Indtanopolis 500; Otarioffd 
North Coroffna — NASCAR Winston Cup. Co- ' 
at- Cato 600 

cricket, London. England — 1-day In- 
tonwflonat, ICC England vs. Australia. 

horse racing, Curragh, Ireland — Irish. 
2.000 Guineas. 

soccer, various sites -World Cup quat- 
Iflen: Uzbekfston vs. Cambodia; Vietnam vs. - 
China- TurKmenWan vs. TaflkJston. 

ruobyunioh, Tokyo— Podflc Rim Chorn- 
pfensMpt Japan vs. united States. 

Mdwpay, May 26 

tennis Ports —men, women. French 
Open, to Junes. 

soccer, Calm, Egypt - FIFA, Draw tor 
under-17 World Chomp ton sWp. 

Tuessday, May 27 

soccer, Kilmarnock, Ireland — interna- 
tional friendly, Scotland vs. Woiew Beta Hor- 
teanle. Brazil — Corn LUtetiodares, quarter- 
finals' 1st leg. Cruzeiro (Brazil) vs. Gremlo 
(Brazil). 

water polo. Athens. Greece — men, 
WwMCup,to Junel. 

Wednesday, May 28 

soccer, Munich. Germany — Champions 
Cup Final Juventus vs. Dortmund; Taejon. 
South Korea — World Cup quoflfier. South 
Korea vs. Hong Kang; various sites — Cope 
Ubertodores, Quarterfinals, second Leg; Go- 
to Otto lOrfle) vs. UiXv. de CtrioUca (ChQe); 
Sporting Cristol (Pentl vs. BoHvar (BoiMal; 
Rodng (Argentina) vs. Penaral (Uruguay),- 
IntemalUjnol fnendlies: Chile vs. Bolivia; Iron 
vs. Indonesia. 

Thursday, May 29 

golf, men Hamburg, Germany — Eu- 
ropeon PGA, Deutsche Bank Open, la June); 
Dubda Ohio — Memorial Tournament, to 
June 1; Mina Japan — Mitsubishi Gakmt to 
June 1. Women 51. Louis. Missouri — Heart- 
land Ckusic, to June 1. 

Friday, May 30 

athletics. ScvtUo, Spain — men. women. 
IAAF. Grand PrU. Diputodon Grand Prix 
(doss ID. 

GOLF, men Long Grove. Illinois — 
Amertteeti Senior Open, to June 1 .Women. 
Honno. Japan — Tolo Motors Ladles, to June 

Satuhpay, May 24 

ATHLETICS. Cardiff, wales - welsh 
Gomes; Hengeto. Netherlands — men wom- 
en, Grand Prix. Adrtaan Patrien Memorial 
Indudes 2 -mile race participating Hade Ge- 
hreelassle and Noureddlne MorceH,- San 
Jose. California — athletics, men women 
Gnmo Prix. Brace J Winer Oosstc [doss (It. 

RUOOY UNION. Buenos Aires. Argentina - 
wst Argentina vs. England; Canberra, Aus- 
iroito OR Auckland. New Zealand — Super 
11 Grand Final. 

soccer, Cnoreow, Patona — World Cup 
quaRftor. Poland ys. England, tniematianrt 
friendlies; Tunisia vs. Namibia; Naiwev vs. 
Brazil. Women New Britain Connecticut - 
U -S. Wo men's Cup *97, united Stales vs. 
Canada. Salem. New Hampshire — Italy vs. 
Austrada. 

squash. Cardiff. Wales - British Open, to 
Junes. 

Suhpay, May 28 

athletics. Toronto - Donovan Bailey vs. 
Michael Johnson iso-mew maten race. 

AUTO RACING, West AW*. WiSCShlln 
-CART. Indy-car. Miller 200. 

FIELD HOCKEY. Benin - women Sbdn 
Chomptons Trophy, to June 0, 
soeCER. various sites - World Cup qual- 
rtefs: Indonesia vs. UzbeMsIan- South Korea 
vs. ThaHaret- Vietnam vs. TaUktstoru CWno 
vs. Turtmenlston; Canada vs. COHa Rica, 
Rabcn Morocco - Afftatn cup of ttoffonS, 
Ethtupto, VaHeltn Mafla - to- 
lemaflaiial friendty. Malta vs. Scotland. 

MOTORcraji racing. Zeffweg, Austria - 
Austrian Grand pm. 


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INTERNATION AL HERALD TRIBUNE, SATURDAY-SUNDAY, MAY 24-25, 1W 

SPORTS 


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Whew, This Was the Playoffs? 

, Bulls Beat Heat in Lowest-Scoring Game in 43 Years 


Wu **WMw Post Semce , 

CHICAGO — it w _ ley. Miami’s coach. Jordan did make 1 5 

from Michael Jordan’s mnvi» ?-| Cene 16 free throws to salvage the night. 
Jam, ’ where Ihe d&TSL S J aCe ^ ■* ““ of Ws Performance: “I 
from Moron Mountain and n V" P ,a yed like doo-doo.’ 
energy from the NBA Dlaver? P 811 “** Scoitie Pippen was the only Bull who 
Indeed, with two minutes left 1^ had anything resembling a good of- 
went up for a shot from th«* Jondan fensive night He scored 23 points. He 
and lo and behold if nw u^ 13 ma ^ e six of his first 1 1 shots, bur only 

shoot it bacteard )md toe fe? d,dn * *ree of his last 10. “I got off to on early 
his worshipers. ” rsl row of start - ’ he said. * ‘If you take that away. I 

An alien invasion provide ac P 1 ®^ “ PO«ly as anyone.” ' 

excuse as anythin p el^ g0od ^ Hardaway scored 15; Mourning, who 
Thursday night. becau<u* ™pP e P ed speculated he might have broken a rib 
scored in theBulk’ 7s ! 10131 P° mts when Dennis Rodman caught him with 
the Miami Heat estahiktSJTl 10 ^ °X er a shoulder in Game 1, scored 14. and 
bwuefpCS ‘Sl lh “ 35 Mashbum scored 10. The reserve for- 
shot clock w J introduced*^ 19!? ^ ward ^ kept the Heat in the 
You have 10 on game with 1 2 points, 

to find the prevfous low wh 1 * 1 * ’ l 955, Miami could not win Game 1 despite 
cuse Nationals and 5? ° Syra ‘ takin £ a 1 6-point first-quaner lead over 
scored a totS on 45 PlStor,S ^ TUSty ^“S 0 - II not win Game 

Jordan, the game 2 on a m # hl Jordan 00111(1 keep 
could muster gI ? ate ? 1 scorer, control of the ball and the Bulls flirted 

three quarters and first with the lowest-scoring playoff game in 

!ede l* lIe w of, « c - franchise history. 

0 f 23 S 10 103011 a Misleading “I’m going to sum it up for you,” 
The Hear Mourning said. “They’re giving us so 

missed onrmm^ih^ °^ ,t another many opportunities to win it’s ridicu- 
GameO^SJlfc 111 ,^’ « osll y* however, ious. We just haven't taken advantage of 
was ahour Conference finals it at all. We've put ourselves in silu- 

The ations to win ball games and down the 

a&an - , 1 0( S ed vulnerable but stretch we’re not executing, we’re not 

^ have me 10 makin g t* 10 *” 

Hv JSEJrS 1 fir ^. two games except Jordan said, “You never want to look 

^2-0 lead theywiH take t° Miami for ugly in the face.” 

Raines 3 and 4. Chicago shot 36 percent The game was ugly at every stage: 

and Miami shot 34 percent. Each team Halftime score — Bulls 39. Heat 29. 
nacia 12-pomt quarter. Each team en- The 68 points tied an NBA playoff 
ourea a scoreless stretch of six minutes, record for fewest points in a first half. 

1 ne Heat made only 3 of 26 three- Score at the end of three quarters — 
point attempts. Miami’s top three of- Bulls 51, Heat 45. 

™ lsive threats — Tim Hardaway, The Bulls led. 55-47, two minutes 
Alonzo Mourning and Jamal Mashbum into die fourth quarter, then staggered 
7 "_j 01 a com hined 15 for 44. Even into another of their offensive comas 
Jordan managed to come up with this and the Heal pulled within one. 
one-of-a-kind night: 23 points on 4-of- But Jordan showed how die great 
15 shooting. He missed lOofhis first 13 players can win even on their off nights. 
sll °p- t He rebounded a miss by Pippen and 

“You re probably not going to see scored inside. Jordan made a jumper. He 
anything like that again.” said Pat Ri- rebounded a missed three-pointer by 


Willie Anderson, was fouled by Austin 
and made both free throws. Dan Majerte 
missed a three-pointer and Jordan 
stripped the ball from Voshon Lenardas 
he tried 10 go up with the rebound. At die 
other end, Jordan made a cross-court 
pass to Ron Harper for a three-pointer. 
After Hardaway made a free throw. 
Jordan made two more free throws to 
put the Bulls ahead. 68-59, with 2 
minutes 52 seconds remaining. 

“There's not much to say about this 
ball game, other than if you want to talk 
about defense, we'll talk a long time.*' 
said Phil Jackson, the Bulls ’s coach. 

■ NBA Again Fines Mmn Bulls 

The NBA has slapped a second fine 
on the Bulls, seeking to loosen the lips 
of players who won’t talk to reporters 
after practices. The Associated Press 
reported. 

Thursday's $50,000 fine was double 
the penalty imposed May 8 for failing to 
make players available to the media 
after practice. 

Following Wednesday's practice, 
players walked past newspaper, tele- 
vision and radio reporters and either 
refused to stop and talk or said they had 
no comment. Jackson did talk at 
length. 

Jordan, who almost always talks to 
the media after games but rarely does so 
after practices, thought the fine was 
unjustified. 

“Whatever happened to freedom of 
speech?” he said Thursday. “We don’t 



speech?” be said 
nave to talk.” 


Tim llit^yo/Rir \**wulnl IV» >■ 

Igor Larionov celebrating his second goal of the first period. Detroit took a 3-1 lead in the best-of-seven series. 

Red Wings Stop Avalanche 9 6-0 


■ Clippers Extend Fitch's Deal 

Bill Fitch signed a two-year contract 
extension with the Los Angeles Clip- 
pers, which will keep him around 
through die 1999-2000 season. The As- 
sociated Press reported. 

Fitch, 65, guided the Clippers to the 
playoffs this season for the first time in 
four years and just the third time since 
1976. 


New York Times Service 
DETROIT — Game 4 of its Western 
Conference final series with Detroit 
would be. the Colorado Avalanche in- 
sisted. a true indicator of the team's 
strength and savvy. It would rank as a 
return to the brand of playoff hockey 
that brought the Stanley Cup to Col- 
orado a year ago. 

The Avalanche players were left to 
re-examine not only themselves and 


their proclamations, but also a stunning 
Detroit club after the Red Wings de- 
molished Colorado, 6-0, Thursday night 
at Joe Louis Arena. 

The victory, featuring more of the 
mashing defense and sterling goaltend- 
ing that have been Detroit’s hallmarks 
against the Avalanche, gave Detroit a 3- 
1 lead in the best-of-seven series head- 
ing into Game 5 Saturday at Denver. 

The game also marked a return to the 


Jones’s Arm and Bat Lead Streaking Mets Past Phillies, 10-3 


Mcmsm.MhM. 


The Associated Press 

The New York Mets are playing like 
champions. In fact, they have the same 
record as die world champion New 
York Yankees. 

After a 10-3 victory over die Phil- 
adelphia Phillies on Thursday night, the 
Mets are 25-21. 

Bobby Jones was a big reason for the 
victory, becoming the NL’s first eight- 

game winner and getting three hits. 
Jones (8-2) allowed three runs in seven 
innings for his fifth straight triumph. 

Curt Schilling, the ace of the Phillies’ 
staff, was tagged for nine runs on nine 
hits in 2% innings — his shortest outing 
since July 1 . 1 993, against SL Loras. But 
he had an excuse: his wife, Shonda, 
gave birth to a girl, Gabriela, at 6:30 
AM. Thursday, and Schilling had had 
little sleep. 

“My pregame routine was a little 
skewed, but I felt good coming out of 
the bullpen,” said Schilling (6-4). 

“There’s no excuse,” he said. “I did 
get some sleep during die day. I didn’t 
make the proper adjustments, and every 
mistake I made, they hit” 

Ifc . Giants 7, Roddas 2 San Francisco, s 
Y Mark Gardner (6-1) pitched six strong 



■ Baton* Man/laMn 

Curt Schilling, who became a father that morning, looking sfaefl-sfaocked. 

innings for his fifth straight victory. i»a dra a 4 , PbJb w 1 In San Diego, 

The Giants broke a 2-2 tie in the sixth Tony Gwynn got three hits off Hideo 
on run-scoring singles by Marvin Nomo (5-3), who last week filed suit 
Benard and Stan Javier. J.T. Snow ad- against Gwynn’ s wife, and Joey 
ded a two-run double in a three-nm Hamilton (3-1) added a homer as the 
seventh. Colorado finished its road trip Padres won their seventh straight over 
at 3-10 — the worst road trip in its five- the Dodgers, 
year history. Gwynn, craning off his seventh NL 


batting title, raised his average to 387. 
The Dodgers have lost five in a row. 

Nomo sued Alicia Gwynn and her 
San Diego-based A.G. Sport Inc. last 
week, claiming she illegally sold sev- 
eral products bearing Nomo’s name and 
picture. The suit is asking $465,000 in 
general damages and $1 million in pu- 
nitive damages. 

P i riti 6, Expos 3 In Montreal, Ad- 
rian Brown hit his first career homer — 
a three-run shot in. the seventh offCarios 
Perez — to put Pittsburgh ahead. 
Brown, recalled from Class AA Car- 
olina last Friday, erased a 3-1 deficit 

The Pirates added two runs in the 
eighth on Kevin Young’s triple and 
Kevin Polcovicb’s run-scoring single. 

In ttie American League: 

initt— 1« a. Royals i Cleveland com- 
pleted a three-game sweep of Kansas 
City to extend its winning streak to five 
games. 

The visiting Royals came into the 
series tiedfor first in the AL Central with 
Cleveland but saw their losing streak 
extended to six. Cleveland, seeking a 
third straight division tide, rose above 
300 fra the first time this season. 

Albie Lopez won his second straight 
start, David Justice hit his 13th homer 
and the Indians had their biggest inning 
of the year, an eight-run fifth. 


Rod Sox 8, Vxnkoos 2 In New York, 
Mike Stanley hit a three-run homer 
against his former team, and Boston won 
for just the second time in 12 games. 

Wfl Cordero set a career high with 
five hits. Tim Naehring tied ms best 
with four, and Mo Vaughn hit his 10th 
homer of the season, an upper-deck 
drive in the eighth. 

Ranoers lo. Athletics 7 In Arlington, 
Texas. Juan Gonzalez bomered in his 
first two al-bats and drove in five runs. 

Gonzalez hit a three-run homer in the 
first inning off Willie Adams and added 
a solo shot in the third, his seventh of the 
year. Jason Giambi hit a grand slam, and 
Geronimo Berroa bomered fra the A’s. 

■ Yankees Accused of Tampering 

The Japanese baseball commissioner 
has accusing to his U.S. counterpart 
accusing toe New York Yankees of tam- 
pering with toe pitcher Hidelq Irabu. 

The Japanese commissioner asked 
for an investigation to find out if the 
Yankees had talked to Irabu when his 

T^e Yankees^raded with the Padres for 
those rights and are reportedly close to a 
contract agreement with Irabu. Even if 
the Yankees were found guilty of tam- 
pering, it is unlikely that they would lose 
Irabu. (. AP.NYT ) 


ugly fisticuffs that dominated the two 
teams' meeting in Detroit on March 26, 
when the Red Wing goalie, Mike Ver- 
non and the Avalanche goalie. Patrick 
Roy, squared off. 

The third period dissolved into a 
parade of fights and major penalties, in- 
fractions totaling 201 minutes. Even the 
coaches squabbled. Scotty Bowman of 
Detroit and Marc Crawford of Colorado 
could be seen jawing angrily as sparring 
players were separated, and infractions 
sorted, by Paul Devorsld, the referee. 

“He was pretty emotional,” Bowman 
said, referring to Crawford. “His eyes 
were coming out of his head, so I guess 
be was pretty excited.” 

Crawford said: “Obviously, emo- 
tions got a little out of whack. You say 
some stupid things. He stud some stupid 
things.” ^ 

The Red Wings were merciless 
against Colorado at both ends of toe ice. 
Detroit stormed to a 2-0 first period lead 
on a pair of goals by Igor Larionov. Led 
by Vladimir Konstantinov, who doled 
out bone-crushing checks, the Red 
Wings played a furious second period, 
building their lead to 5-0 on goals by 
Slava Kozlov, Sergei Fedorov and Kirk 
Maltby. Maltby's second goal of the 
night came early in the third period, 
completing toe scoring. 

For Roy, Game 4 proved a far dif- 
ferent stoiy. The Avalanche goalie said 
before toe game that Detroit had not. 
shown that it could “pay toe price” 
necessary to win toe cup, or to beat toe 
Avalanche. Roy, however, was not on 
toe ice in the third period as Detroit 
poured it on. He had been removed fol- 
lowing toe secondperiod because, Craw- 
ford said, of an injury to his left leg. 

Detroit outshot Colorado by 38-19 in 
toe game and by 14-2 in the first period! 
as toe Avalanche took five consecutive 
minor penalties against none for the Red 
Wings. That imbalance, and perhaps the 
frustration of finding his team in the 
hole so quickly, caused Roy to verbally 
strafe Devorsld, earning the goalie a 10- 
minute misconduct penalty. 




dennis the menace peanuts 


CALVIN AND HOBBES 
















f AGE 20 


DAVE BARRY 


Sizing Up Women 


IAMI — I believe that, in gen- 
lVieral, women are saner than 
aien. 

^ For example: If you see people 
who have paid good money to stand 
in an outdoor stadium on a freezing 
[December day wearing nothing on 
the upper halves of their bodies ex- 
cept paint, those people will be 
male. 

Without males, there would be no 
such sport as professional lawn 
mower racing. Also, there would be 
a 100 percent decline 
in the annual number 
of deaths related to 
efforts to shoot beer 
bans off beads. 

. There would be no 
such words as 
“wedgie" and 
“noogie.’' 

; Also, if women 

were in charge of all 
the world's nations there would be 
— I sincerely believe this — vir- 
tually no military conflicts, and 
.when there WAS a military conflict, 
everybody involved would feel just 
awful and there would soon be a 
high-level exchange of thoughtful 
notes written on greeting cards with 
flowers on the front, followed by a 
Peace Luncheon (which would be 
salads, with the dressing on the 
side). 

□ 

So I sincerely believe that wom- 
en are wiser than men, with the 
exception of one key area, and that 
area is: clothing sizes. In this par- 
ticular area, women are insane. 

When a man shops for clothes, his 
primary objective — follow me 
closely here — is to purchase 
clothes that fit on his particular 
body. A man will try on a pair of 
pants, and if those pants are too 
small, he’ll try on a larger pair, and 
when he finds a pair that fits, he buys 
diem. Most men do not spend a lot of 
time fretting about the size of their 
pants. Many men wear jeans with 
the size printed right on the back 
label, so that if you're standing be- 
hind a man in a supermarket line, 
you can read his waist and inseam 
size. A man could have, say, a 52- 
inch waist and a 30-inch inseam, and 
his label will proudly display this 
information, which is basically the 
same thing as having a sign that 
says: “Howdy! My butt is the size of 
a Federal Express track! ’ ’ 

The situation is very different 
with women. When a woman shops 
for clothes, her primary objective is 
NOT to find clothes that fit her 
particular body. She would LIKE 
for dial to be die case, but her 
primary objective is to purchase 
clothes that are the size she wore 


Let’s start a 
women’s clothing 
store called ‘SIZE 
2,’ for all sizes. 


when she was 19 years old. This will 
be some arbitrary number such as 
“S"or*‘l0.” Don ’task me “8“ or 
“10" of WHAT; that question has 
baffled scientists for centuries. All I 
know is that if a woman was a size 8 
at age 19, she wants to be a size 8 
now, and if a size 8 outfit does not fit 
her, she will not move on to a larger 
size: She can’t! Her size is 8. dam- 
mit! So she will keep trying on size 8 
items, and unless they start fining 
her, she will become extremely un- 

^ISe may take this 

unhappiness out on 
her husband, who is 
waiting pademly in 
the mil, perhaps 
browsing in die 
Sharper Image 
store, trying to think 
of how he couldjus- 
tify purchasing a 
pair of night- vision binoculars. 

"Hi!" he’ll say, when his wife 
finds him. “You know how some- 
times the electricity goes out at night 
and ...” 

“Am I fat?” she'D ask. cutting 
him off. 

This is a very bad situation for the 
man, because if he answers “yes," 
she'll be angry because he's saying 
that she's fat, and if he answers 
“no,” she’ll be angry because HE'S 
OBVIOUSLY LYING BECAUSE 
NONE OF THE SIZE 8s FIT HER. 
There is no escape for the husband. I 
think a lot of unexplained disap- 
pearances occur because guys m 
malls see their wives unsuccessfully 
trying on outfits, and they realize 
their lives will be easier if. before 
their wives come out and demand to 
know whether they're fat. the guys 
just run off and join a UFO cult. 

□ 

The other day my wife, Michelle, 
was in a terrific mood, and you 
know why? Because she had suc- 
cessfully put on a size 6 outfit. She 
said this made her feel wonderfuL 
She said, and this is a direct quote: 

* T wouldn't care if these pants were 
this big [here she held her arms far 
apart] as long as they have a ‘6’ on 
them.” 

Here's how you could get rich: 
Start a women’s clothing store 
called “SIZE 2,” in which all gar- 
ments, including those chat were 
originally intended to be restaurant 
awnings, had labels with the words 
“SIZE 2.” I bet you’d sell clothes 
like crazy. You’d probably get rich, 
and you could retire, maybe take up 
some philanthropic activity to ben- 
efit humanity. I’m thinking here of 
professional lawn mower racing. 

0/997 The Miami Herald 
Distributed by Tribune Media Services Inc. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY - SUNDAY, MAY 24-25. 1997 

East Meets West in a Father-Son Dialogue 


By Anjy Hollowell 

fnunuirioihil Herald Tribune 


P ARIS — It's as clear as the late- 
morning air in this sun-filled salon 
overlooking one of the finest avenues in 
Paris that there has been an irreversible 
meeting of East and West here. 

Incontestable evidence is found in a 
small porcelain bowl on the marble man- 
telpiece, where an unlit stick of incense is 
planted firmly in a golden madeleine. 

The symbolism is not lost on Manhieu 
Ricard, who once attended an exclusive 
lycee a few blocks away and now sits 
laughing in his saffron Buddhist monk's 
robe when asked about the makeshift 
incense-holder. 

“That's what you could call the ad- 
aptation of Buddhism to French culture,' ’ 
he says. 

And perhaps no one is better placed to 
know that than Ricard, a French inter- 
preter for the Dalai Lama who has lived in 
India and Nepal for 25 years and is the co- 
author of a new book. “Le Moine et le 
philosophe” (The Monk and the Phi- 
losopher). in which he brings his Eastern 
experience to a vibrant discussion with a 
Western philosopher and journalist 
Jean -Francois Revel. 

Ricard, 51, is a former molecular bio- 
logist who now lives in a monastery in 
Nepal. 

Revel, 73, is a pillar of Parisian in- 
tellectual life and former editor of the 
weekly newsmagazine Le Point. Togeth- 
er, they explore the most fundamental 
questions of human existence and the 
ways in which they are embraced in East- 
ern and Western thought. And a seem- 
ingly unlikely connection enhances the 
richness and vitality of their dialogue: 

The philosopher is the monk's father. 

It is easy to imagine that without that 
bond, the book could not have happened, 
or at least not so harmoniously, given the 
polarity of the two men and their re- 
spective paths. Ricard. after establishing 
himself as a young scientist at the Pasteur 
Institute in Paris, moved to India to study Buddhism 
with exiled Tibetan masters, leaving behind the Western 
intellectual tradition that he had shared with his father, a 
confirmed atheist. 

“We have always had a friendly and affectionate 
relationship," Ricard said. “But we bad never talked 
about these things before. I just never thought he would 
be interested.” 

But when a French editor suggested the idea, his father 
was in fact quite interested, and the meeting of minds was 
set Revel traveled to Nepal last May, and, at an inn in the 
mountains above Katmandu, father and son talked, 
morning and afternoon, for days. Touching upon philo- 
sophy and spirituality, science' and politics, psychology 
and ethics, they raised the eternal questions of the 
inquiring mind: Does life have meaning? What is mind? 
What is consciousness? Is man free? What is the value of 
scientific and material progress? What is happiness? 
Why is there suffering, war, hatred? 

It is mostly Revel who questions Ricard. essentially 
seeking to understand, he says, the current popular 
interest in Buddhism in the West He wonders whether it 
fills a void left by Western religions, philosophies and 



Matthieu Ricard, a scientist who became a Buddhist monk. 

political systems whose “recent evolutions" have been 
“disappointing.” “The West has triumphed in science, 
but no longer has a plausible wisdom or morality.” he 
says. The ever-more elaborate material world has left the 
interior landscape neglected and barren. 

While Ricard seeks primarily to answer his father and 
to "share and explain,” he, too. expressed curiosity 
about the West's growing attraction to this 2,500-year- 
old Eastern spiritual tradition. 

Beyond a rash of Buddhist-related movies and 
celebrity association with the cause of autonomy for 
Tibet, he thinks the attention is no longer a question of 
fashion or fascination, but reflects a genuine interest in 
Buddhism's fundamental tenets. 

“The essential ideas that have always been the foun- 
dation of Buddhist thought respond to a need in our 
time,” he says. “Like nonviolence, not as a weakness 
but as a respect for other beings, including humans, 
animals arid the environment It is not passive non- 
violence, but constructive nonviolence." 

However weighty the topics, die discussion remains 
lively. Revel is a relentless interrogator and in reply 
Ricard is infinitely patient The philosopher demands 


objective proof; the monk offers his ex- 
perience and ihat of millions of others 
through the ages. The result is an elo- 
quent weaving of classic strands from 
F-icr and West into an original new 
tapestrv of thought t 

Father and son both found the project 
enrichine. Revel gained new appreci- 
ation for Buddhism and its place m the 
Western canon. Ricard said he had ben- 
efited from having to present for a West- 
ern audience his experience in an East- 
ern tradition. 

The book was released last month to 
critical and popular acclaim, and trans- 
lations in Fn glish and a number of other 
languages are planned. It follows the 
publication last year of another book by 
Ricard. “Journey to Enlightenment’ ' (is- 
sued in die United States by Aperture), a 
collection of his photos of his Tibetan 
teacher. 

In 1966, images of such teachers m a 
documentary film had been Ricard ’s ini- 
tial encounter with the East. He was. 
impressed by these exiled Tibetans, 
whose “way* of life seemed to be the 
reflection of what they were teaching." 

He set out to meet them in 1967, 
taking a six-month break from his stud- 
ies at the Pasteur Institute for what was 
to be the first of many visits to India. 
Between trips, he continued his work in 
molecular biology, completing his doc- 
toral thesis in 1972 under the direction 
of Francois Jacob, winner of the 1965 
Nobel prize for medicine. 

Then, at the age of 26, Ricard made a 
decision that he says he has never re- 
gretted: He ended a promising scientific 
career and moved to Darjeeling, India, 
devoting himself to the contemplative 
life. Five years later, in 1979. he became 
a monk. 

His father questions this “radical rup- 
ture" with science, particularly molecu- 
lar biology, which he qualifies as being 
“among the most important fields of 
discovery in the history of science.” 

"You (fid not participate in it," Revel 
tells his son. “You could have participated in it" 

• “Biology is doing fine without me,” Ricard re- 
sponds. * 'The real question was to establish priorities in 
my existence. I had the growing impression that I was 
not fully u tilizin g life's potential. For me, the mass of 
scientific knowledge had become a major contribution 
to minor needs." 

Applying his scientific rigor to the study of Tibetan 
language and culture, Ricard has translated a number of 
sacred texts. He serves as French interpreter for several 
Buddhist teachers, including the Dalai Lama, whom he 
accompanies on his visits to France. 

Otherwise, he said, he rarely travels. He possesses 
two sets of robes and one pair of shoes and puts the 
money from his books into a foundation to help support 
Tibetan monks. In Paris recently for the book release, 
Ricard said he was eager to return to his monastery in 
Nepal. 

He was preparing his midday meal, following the 
Buddhist monastic tradition of eating just once a day. but 
he acknowledged that there was a difference when he 
was in France. 

“Here." he conceded, “I eat Camembert” 


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PEOPLE 


T HE violinist Yehudi 
Menuhin and the cellist 
Mstislav Rostropovich were 
named joint winners of 
Spain’s Prince of Asturias 
Concord Prize on Friday for 
the “universality" of their 
music and for their contri- 
bution to freedom. The jury 
lauded the New York-bom 
Menahin, 81, sad the Soviet- 
bom Rostropovich, 70, for 
“contributing with their mu- 
sic to the harmony and con- 
cord of the world," accord- 
ing to a statement. The award 
is one of eight Prince of As- 
turias prizes presented annu- 
ally. considered the Spanish- 
speaking world's equivalent 
of the Nobel prize. 

□ 

Courtney Kennedy Hill 
has givembirth to a daughter, 

Ethel Kennedy's 21st grand- 
child. The baby, as yet un- 
named. weighed 7 pounds. 4 
ounces; at birth at Geor- 
getown University Hospital, 
said a spokeswoman for Sen- 
ator Edward Kennedy, the 
mother’s uncle. The Hills 
were married in June 1993, 
while Paul Hill was free on 
bail as he appealed convictions in the 
bombings of two English pubs, for 
which he served 15 years in prison. He 
and three co-defendants, called the 
Guildford Four, were released in 1989 
after the government admitted police 
had altered evidence. The final charges 
against Hill, now 42, were overturned in 
April 1994. 

□ 

It was both messy and sweet Jay 
Leno got five kisses from Cindy Craw- 
ford and cake thrown in his free by Mel 
Gibson as he marked his fifth an- 
niversary as host of “The Tonight 
Show." Bob Dole and Magic Johnson 
were surmise walk-ons during the taping 
of the NBC show, with Jerry Seinfeld 
and Garth Brooks the scheduled guests. 
Leno took over from Johnny Carson on 


presented Forman with the 
trophy. The director, who 
grew up in Communist 
Czechoslovakia said. “I 
learned that, in the hands of 
those in power, individual 
civil liberties are very fragile 
and can easily be crippled.” 

□ 

Veterans of the James 
Bond .series, Desmond 
Llewellyn, alias "Q.” and 
Lois Maxwell, known as 
Miss Moneypenny, have 
opened a James Bond 007 ex- 
hibition in Leeds, England. 
“The World of 007: The Of- 
ficial James Bond Exhibi- 
- don” features guns, gadgets 
and girls from the Bond books 
and films. Visitors will be able 
to see clips from the films and 
such items as the Asron Mar- 
tin DB5 from “Goldeneye,” 
Rosa Klebb's deadly shoe 
used in “From Russia with 
Love," Jaws’ steel teeth from 
“The Spy Who Loved Me" 
and the jet plane from “Oc- 
wuAT>crrannri I op ussy.” After the Leeds run 

WHAT S UP DOC? — With a little help from friends, ends Aug. 31, the show moves 
the Bugs Bunny stamp, the first U.S. stamp featuring a to Berlin, 
cartoon character, is unveiled in Burbank, California. ^ 

Sir Run Run Shaw, 89-year-old 
boss of Hong Kong’s biggest movie 


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May 25, 1992 and ran into mixed re- 
views, an executive producer debacle 
and a ratings war with CBS's David 
Letterman. but Leno has been No. 1 
since July 1995, after he snagged Hugh 
Grant’s first major appearance after the 
actor was arrested with a prostitute. 

O' 

Milos Forman didn't win the Oscar 
for directing “The People vs. Larry 
Flynt," but the American Civil Liber- 
ties Union has awarded him the Torch of 
Liberty, which honors freedom of ex- 
pression. The 1996 film, which chron- 
icles the free speech battles of tbe pub- 
lisher of Hustler magazine, was 
criticized for glorifying a pomographer. 
“Not since 'Citizen Kane’ has a film 
suffered from the politics of the day,” 
said co-star Courtney Love, who 


studio, has married his long-time female 
companion in Las Vegas, his studio 
said. The bride is the singer Lee Mong- 
lan, 62, whose stage name is Mona 
Fong. The couple made no announce- 
ment because “they are old and they 
didn't want to tell theirheart's desire to 
the world," a spokesman said. 

□ 

A decade after Blondie split up, 
Debbie Harry is getting ready for a 
reunion of the band that scored such hits 
as “Heart of Glass” and “Sunday 
Harry, who now calls herself 
Deborah, said she was returning to the 
studro with original band member Chris 
Stem. Whether a full scale comeback 
follows remains to be seen. 


Chest in Germany Linked to Czar’s Amber Room 


emptied Oif SuffFnmt DupJkhes 

M OSCOW — A chest of drawers 
believed to be part of Russia’s le- 
gendary Amber Room has been found in 
Germany, a Russian news agency re- 
ported Friday. 

The Amber Room from the imperial 
palace in the village of Tsarskoe Selo, 
near St. Petersburg, was looted by Nazi 
troops during World War H. The cham- 
ber disappeared without a trace after the 
war. 

The director of the Tsarskoe Selo mu- 
seum, Ivan Sautov, said the chest found 
in Germany was one of two made for the 
Amber Room in the 1760s, the ITAR- 
Tass news agency here reported. 

The discovery was assisted by a recent 
ann ouncement by a German cabinet- 


maker that a chest of drawers he restored 
two decades ago appeared to have come 
from the Amber Room, the report said. 

The ornate, 120-square-meter (1,300- 
square-foor) Amber Room was covered 
with 55 square meters of amber and 
encrusted with precious mosaics and 
gold. It was a gift from King Friedrich 
Wilhelm I of Prussia to Peter the Great in 
1717, and was installed at the czar's 
summer palace at Tsarskoye Selo. 

Early this month, a gold-framed mo- 
saic of marble and semi-precious stones, 
believed to have been a panel of the 
Amber Room, was found in Germany. 

Der Spiegel, in its edition due to a| 
pear Monday, says East Germany so 
^ ram to Amber Room in the 

1970s. 


sold 


Der Spiegel says the sales were ar- 
ranged by Alexander Schalk-Godowski, 
an an and antiques dealer who was an 
expert in securing hard currency for the 
communist East German government. 

Among the items sold was the chest of 
drawers, sold in 1978 to a customer in 
west Berlin through a Bavarian dealer. 

Last week a cabinet-maker in Leipzig. 
Johannes Elste, said he had restored just 
such a commode for the East German 
authorities. 

The item in question has been seized 
by German prosecutors. Der Spiegel 
said that the Berlin prosecutor, Peter 
Danckert, allowed the magazine to in- 
spect the commode on Wednesday. Rus- 
Cyrillic writing was found on 
the back, it reported. (AP, AFP)