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INTERNATIONAL 



The World’s Daily Newspaper 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST If- 

- 1 v* 'A+lij S P l 


Paris, Wednesday, November 5, 1997 


Sou. 


No. 35.670 



‘ i 


— 4 



U.S. Dominance 
Breeds Irritation 

‘Arrogance 5 Rankles Allies 


By William Drozdiak 
Washington Post Senice 


BERLIN Through the eyes of much of the world, 
the resurgence of the United States and its ascendancy as 
the world s only superpower has been one of the most 
ctamatic developments since the passing of the Cold 
War. Historians who once warned about America's de- 
cline now gush about an age of unrivaled dominance. 

But over the past few months, irritation and anxiety 
have begun to overshadow sentiments of admiration 
among America’s closest allies. Across Europe, Asia, 
Latin America and Africa, convictions are growing that 
the accumulation of so much political, economic and 
cultural clout by the United States is breeding an ar- 
rogance that i$ unpleasant and possibly dangerous. 

“Never before in modem history has a country dom- 
inated the earth so totally as the United Stales does today,” 
the German newsmagazine Der Spiegel reported in a 
recent cover story. “American idols and icons are shaping 
the world from Katmandu to Kinshasa, from Cairo to 
Caracas. Globalization wears a ‘Made in USA' labeL 

“The Americans are acting, in the absence of limits put 
to them by anybody or anything, as if they own a hfanir 
check in their ‘McWorid.’ Strengthened by the <»nrf of 
communism and an economic boom, Washington seems to 
have abandoned its self-doubts from die Vietnam trauma. 
America is now the Schwarzenegger of international pol- 
itics: showing off muscles, obtrusive, intimidating.” 

The chorus of dismay with America’s overwhel ming 
power has grown louder lately as the United States finds 
itself increasingly accused of bullying the rest of the 
world. Indeed, the United States is discovering that its 
behavior has come under sharpest scrutiny from friendly 
nations that no longer feel prevented by Cold War loyalties 
from expressing their disagreements with Washington. 

At the United Nations, such intimate allies as Britain 
and Germany have excoriated America’s refusal to pay 
as much as $1 billion in past dues, its reluctance to 
increase spending on foreign aid to poor countries and its 
rejection of a worldwide ban on land mines. 

• Among some 150 delegations gathered last week in 
Bonn to craft a global warming treaty, there was almost 
unanimous disapproval of President Bill Clinton's pro- 
posals to curtail production of carbon dioxide and other 
greenhouse gases. 

‘ ‘How can the Americans, with around 5 percent of the 
world's population, go on accounting for a quarter of its 
greenhouse gases?" asked the German foreignminister, 
Klaus Kinkel. “This flagrant imbalance cannot be al- 
lowed to continue.'’ 

Within the North Atlantic Treaty Organization, Euro- 
pean governments still grumble about the peremptory 
manner in which the United States shut off debate by 
insisting that the alliance’s expansion, would be limited 
initially to the Czech Republic, Hungary and Poland. 
They also - complain about U.S. demands that Europe 
must pay the lion’s share of the. costa 

Washington's efforts to compel other nations to em- 
brace its policies of isolating Cuba, Iran, Iraq and Libya 
as ’ ‘pariah states’ ’ have also provoked annoyance among 
friends. When President Nelson Mandela of South Africa 
visited the Libyan leader, Moammar Gadha fu he re- 
buffed Washington’s attempts to impose its views. 

“How -can they have the arrogance to dictate to ns 
where we should go or which countries should be our 
friends?” Mr. Mandela asked. ‘ ‘Gadbafi is my friend. He 
supported us when we were alone and when those who 
tried to prevent my visit here today were our enemies. 
They have no morals. We cannot accept^ that a stale 
assumes the role of the world’s policeman." 

Clinton a dminis tration officials dismiss such com- 
plaints as an inevitable consequence of America’s new 

See LEADER, Page 10 



French Strike Hardening 


□Brie* Rn Ariv^n^rbc Amuml FW 

LET IT BE ME — Governor Christie Whitman of 
New Jersey, a Republican seeking her second term, 
with fmgers crossed after voting Tuesday in Oldwick. 


Senate Eases Trade 
Onto a ‘Fast Track 9 


By Brian Knowlton 

InitrTThiuun ql Herald Tribune 

WASHINGTON — Bolstered by a key senator's con- 
version, the Clinton administration on Tuesday gained pre- 
liminary Senate backing far the trade negotiating authority it 
has vigorously pursued. 

The Senate voted, 69 to 3 1 , in favor of limiting debate on 
legislation for so-called fast-track authority, which enhances 
presidential authority to make trade treaties. 

That vote appears to presage full Senate approval in coming 
days. A vote Friday in the House of Representatives, where 
opposition to fast track is far stronger, is expected to be close. 

Crucial backing came Monday when the Senate minority 
leader. Thomas Daschle, Democrat of South Dakota, said he 

wag wfw miPT hy new arfmrmg trarinn proposals that addre ssed 

the concerns of organized labor and environmentalists. Mr. 
Daschle’s support, vote-counters on both sides of the debate 
said, made Senate passage a near certainty. 

On Tuesday, Mr. Daschle called the expanded environ- 
mental and labor protections that President Bill Clinton 
promised to pursue “unprecedented” and said they merited 
“broad bipartisan support." 

If the legislation passes. Congress will have the right to 
approve or disapprove trade accords negotiated by the ad- 
ministration but not to change their terms. Every president 
since Gerald Ford has enjoyed this prerogative. But fast-track 
authority expired in Mr. Clinton s first term and was not 
renewed 

The administration has begun an all-out push for the 
authority. Cabinet officials have spent days lobbying for 
passage, and Mr. Clinton and Vice President AI Gore have 
met with or telephoned wavering legislators. The White 
House has said fast track is crucial to U.S. economic growth in 
a time of tough international competition. It has warned that a 

See TRADE, Page 10 


International Pressure 
Grows on Paris to Act 

By John Vinocur 

InUTttatwitu! Herald Tribune 

PARIS — The truckers’ strike blocking borders and high- 
ways across the country is becoming the first clear-cut collision 
between Europe and f exception francaise — the widespread 
conviction here that France can enter the new millennium with 
its idiosyncrasies and resistance to change intact. 

In telling France on Tuesday that it was failing to act with 
sufficient speed, firmness or solidarity in ending the virtual 
blockade of road traffic through a major pan of "commercial 
Europe, the governments of Spain, Britain and Germany, 

NEWS .ANALYSIS 

aligned with the European Commission, were saying that 
the French govemmenr had to begin making policy in a frame 
of reference going beyond the eternal push-and-pull of na- 
tional doctrine and politics. 

Never before had neighbors stated so clearly that French 
policy no longer had the luxury of a closed-circuit existence 
between the shaving mirror and the looking glass down the 
halL 

Prime Minister Tony Blair of Britain called his French 
counterpart, Lionel Jospin, to tell him that the situation was 
“not acceptable’’ and warned that unless it was quickly 
resolved it would dominate a French-British summit meeting 
later in the week. 

“1 think we all have to bring as much pressure as we can to 
bear on the French government." said Gavin Strang. Britain's 
minister of transport. 

Spain's minister of agriculture. Loyola de Palacio. insisted 
that “the Bench government must act with more decis- 
iveness.” Hie German transport minister. Matthias Wiss- 

See FRANCE, Page 10 


Jospin Vows to Impose 
A Solution if Talks Fail 


By Bany James 

Itnfrmtu'ta! Hi'al.i Triluiih 


PARIS — As international pressure mounted to end the 
blockade of French highways by striking truck drivers. Prime 
Minister Lionel Jospin said' Tuesday that he would impose a 
solution to end the strike if unions and employers tailed to 
agree. 

The truckers threw more than 150 blockades across main 
roads and outside fuel refineries and depots Tuesdaj 

In some cities, gas stations closed, and several industries 
began laying off workers, including Renault and the fruit and 
vegetable processing sector. 

A small group of strikers briefly stopped trucks from 
reaching the Channel Tunnel entrance near Calais, defying a 
government order to keep at least one frontier crossing open 
with each neighboring country. 

The Spanish government said it would demand a meeting 
of European transport ministers if the crisis continued. The 
blockade is affecting industries across much of Europe, but 
particularly in Spain, where an estimated 8.000 trucks car- 
rying fruit and vegetables to markets in northern Europe were 
blocked. 

The European Commission, ihe executive body of the 
European Union, was considering legal action against 
France. 

The main organization representing the French trucking 
industry, the UFT. agreed to resume talks Wednesday w uh 
labor unions as drivers extended their blockade. It was not 
known whether the employers' group would come back w uh 
terms better than those that the unions rejected last week. But 
the decision to return to the negotiating table was seen as a 
vindication of the government's policy "of active mediation. 

Mr. Jospin said that if the talks failed, he would impose a 


See STRIKE, Page 1« 



An EU Bank Showdown 

France Wants Its Own Man to Be Governor 


By Alan Friedman 

Inientatuaul Herald Tribune 


hpmer Fnax-IVruc 

France would like Jean-CIaude 
Trichet to be Europe's bank chief. 


PARIS — France surprised its 
European partners Tuesday — and 
angered some — by proposing that its 
own central bank chief become the 
governor of Europe’s new central bank 
when the single currency is launched. 

The nomination of Jean-CIaude 
Trichet appeared to set the stage for a 
battle over who will be named to run 
the institution that will one day set 
interest rates for most of Europe. 

The choice of a new European cen- 
tral bank chief is supposed to be made 
by unanimous consent next May. A 
consensus had been emerging in favor 
of Wim Duisenberg, the former Dutch 
central bank chief who is now head of 
the European Monetary Institute. 

The decision to put forward Mr. 
Trichet’s name, which was made by 
President Jacques Chirac and en- 
dorsed Tuesday by Prime Minister Li- 
onel Jospin, took the German gov- 
ernment by surprise and triggered an 
angry response from the Netherlands. 

“This came as an unpleasant sur- 
prise," said Hans van Mierlo, the 
Dutch foreign minister. "I don’t know 


what Mr. Chirac has in mind, because 
the fact remains that 14 countries are 
still supporting Wim Duisenberg. We 
will have to talk this out and it is going 
to be a tough talk." 

France for months has been mount- 
ing a behind-the-scenes effort to try to 
install a Frenchman as head of the 
central bank. Yet Mr. Duisenberg is 
said to be strongly backed by Chan- 
cellor Helmut Kohl, Finance Minister 
Theo Waigel and Hans Tietmeycr. 
president of the Bundesbank. 

“This is a very serious development 
for Franco-German relations." said 
David Marsh, an economist at Robert 
Fleming Securities in London. “It 
means the French are now publicly 
opposing Germany's favored man for 
the ECB. Mr. Duisenberg, and this 
means Germany and France are at 
loggerheads on a question which they 
should have settled months ago." 

Catherine Colonna, Mr. Chirac’s 
spokeswoman, said the president 
planned to raise the issue with Mr. 
Kohl during informal talks in Paris on 
Wednesday evening. 

While German officials declined to 

See BANK, Page 10 


Grim Financial Reality Depresses Hong Kong 


Post-Plunge Layoffs Start in New, Lean Era 

“the global debt market is putting its 


By Philip Segal 

Special ro the Herald Tribune 


HONG KONG — Empty stockbroker 

bars and polite real estate agents? 

This may still be Hong Kong, but it is 
the leaner, post-plunge version: Not 
only are year-end bonuses in doubt 
across the once high-flying financial 
industry, jobs are. too. 

While the stock market in this 
money-crazed city has rebounded 
somewhat from its descent into broker 
. hell last week, no one is under any 
illusion that Hong Kong is back to the 
go-go times that came to a sudden halt 
with the market’s tumble. 

Huge New Year’s bonuses that filled 
the dreams of derivatives traders and 
analysts in early October have vanished, 
replaced by more prosaic concerns. 

“I just don’t want to get fired, said 
an analyst of Chinese stocks at a Euro- 

. pean brokerage. __ . 

■. The first trickle of job losses surfaced 
Tuesday following the m a r ket nwlt- 
- down, and there is growing fear it will 
turn into a torrent NatWest Markets 
Ltd. said it would shut its Hong Kong 
global debt markets division, eliminate 
55 jobs and distribute the remaining 
staff between Singapore and Tokyo. 

Hong Kong's market turmoil aside. 


Newsstand Prices 


Andorra 10.00 FF Lebanon U-J°0C| 

Anwies.- -.12.50 FF Morocco -_-l6Dh 

Cameroon... 1.600 CFA Qatar «W»OR 

Egypt .£E 5.50 Reunion — 12 JJS 

France -10.00 FF Saudi 

Gabon 1.100 CFA Senegal — 1 - 100 CFA 

I Ivory Coast . 1250 CFA Turw^a. 1 “J 

I Jordan 1250 JD 

Kuwait 700 FBS UB. MU. (Eur.)--S120 


i 


4 



<0 


business elsewhere,” a company rep- 
- reseatative told Bloomberg News. 

At Indosuez Asset Management Asia 
Ltd, controlled by the French bank 
Credit Agricole, sources said Tuesday 
that 1 1 employees had been dismissed 
from the mutual fond business in Hong 
Kong. Indosuez officials could not be 
reached for comment. 

Meanwhile, the stock marker has taken 
to a daily ritual of volatility. On Tuesday 
the benchmark Hang Seng index tumbled 
47433 points, or 43 percent, to 
10,780.78, but only after opening up by 
405 points. Such a swing, hardly unusual 
these days, is enormous for such a large, 
developed market The market is down 
nearly 20 percent for the year. 

lie tension in the financial sector was 


Jones industrial average in New 
York was tumbling by more than 550 
points, preparing the way for Hong 
Kong’s historic 13.7 percent plunge the 
following day. The bars and restaurants 
of the Lan Kwai Fong neighborhood, the 
preserve of this city's thousands of fi- 
nancial professionals, were eerily quiet 
Restaurants in Lan Kwai Fong._wbere 
a floor in a new office building might be 

See HONG KONG, Page 10 



Hong Kongers heading Tuesday to their no-longer secure jobs in finance. 


AGENDA 


Clinton Warns Saddam on Spy Flights 


President Bill Clinton said Tues- 
day that Saddam Hussein would make 
“a big mistake" if he carried out his 
threat against U-2 spy planes flying 
over Iraq. Defense Secretary William 
Cohen also warned of “serious con- 
sequences." 

Mr. Clinton called on the Iraqi 
leader to comply with United Nations 


resolutions and allow weapons in- 
spections. 

“If he has nothing to hide," the 
president said, “if he’s not trying to 
develop weapons of mass destruction, 
then he shouldn’t care whether Amer- 
icans or anyone else are on the in- 
spection team." 

Earlier article. Page 5 


U.S. Imposes Economic Sanctions on Sudan 


WASHINGTON (AP) — Citing 
Sudanese support for terrorism, the 
Clinton administration Tuesday im- 
posed severe economic sanctions on 
the African country, including a ban 
on bank Joans and seizure of Su- 


The Dollar 


New Yortc Tuesday V 4 P M. ptnvWua dose 


danese assets in the United States. 

President Bill Clinton signed an ex- 
ecutive order that also bars American 
technology shipments to Sudan and the 
importation of Sudanese goods into the 
United States, the administration said. 


DM 


1.7235 


1.7365 


Pound 


1.6847 


1.6757 


Yen 


122.065 


121.45 



+14.73 


7689.13 


S&P 500 


7674.40 


change Tuesday 9 4 PM. prpvwuB dose 


+1.7G 


940.75 


938.99 


THE AMERICAS 

Pages. 

,-lu Pair's Lawyers Dispute terdirt 

Books 



Pan* 1 1 



Sports 

Pages 22-23. 

sponsored Section 

Pages 12-14. 

MINING IN AFRICA 


77w Intermarket 

Pages 4, 6. 

R The IHT on-line 

wvn7.iht.c0m 1 



Jordan’s Experiment in Democracy Is Showing Signs of Strain 


By John Lancaster 

Washington Fust Service, 


AMMAN, Jordan — At home and abroad. King 
Hussein has long commanded affection and. re- 
suecL He presides over an orderly, modem king- 
dom of sood roads, traditional Arab hospitably and 
unrestricted access to the World Wide Web. His 
oleasant, if somewhat colorless, capital city often 
seems closer in spirit to Middle America than to the 
Middle East 


The Jordanian political landscape, too. has 
evolved along lines reassuring to many in the WesL 
Unlike many of their Arab neighbors, Jordanians in 

A Clinton snub to Netanyahu. Page 10. 

recent years have enjoyed a relatively unfettered 
press and an elected Parliament, complete with 
noisy opposition parties. But Jordan’s experiment 
in democracy is showing signs of strain. 


As public fury mounts over Jordan’s 1 994 peace 
treaty with Israel, which has failed to deliver on 
promises of prosperity, the government has re- 
sponded with measures aimed ai muzzling political 
opponents, including a restrictive new press law. 
Jordan’s most powerful Islamic fundamentalist 
party, in turn, has announced a boycott of the 
parliamentary elections Tuesday, raising fears that 
some of its more radical supporters may eventually 
choose to imitate their counterparts in Egypt or 
Algeria by venting their anger through violence. 


Results of the vote to elect 80 representatives 
from524 candidates were expected Wednesday. 

is a movement toward radicalization.” 
said Radwon Abdullah, a prominent political sci- 
entist here. 4 ‘The policies of the regime are mostly 
taiienng. domestically and in foreign policy, and 
the king finds them increasingly difficult to defend, 
bo he s growing more insecure, more defensive 
and less tolerani of attacks by the opposition." 

See JORDAN, Page 10 



V. 











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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY NOVEMBER 5, 1997 


PAGETWO 


Russia Imperiled / AIDS Epidemic in Kaliningrad 

The Heart of the Plague 


By Michael Specter 

New York Tones Service 

K ALININGRAD, Russia — Ibe young 
man sitting before the psychiatrist 
stared darkly at the wall ana bit his lip 
to keep from crying. He had answered 
a dozen questions about his sexual habits and 
absorbed in silence a lecture about how AIDS 
would change his life. 

‘"Alexei, everything now is op to you," the 
psychiatrist, Oleg Petra shuk, told him gently. 
“If yon take care of yourself you can live a long 
time. I know how hard this is, but you have to 
believe me: nothing ends here.” 

As if in answer, Alexei stripped -to the waist 
He has three tattoos, but the one that draws the 
eye covers his left shoulder. It is a skull engulfed 
in huge batwings. Above the wings two English 
words have been burned into his skin: “No 
Future.” 

Few words could apply more felly to Alexei, 
who is 23, or to this odd and lonely city, which 
has suddenly become the center of what many 
experts describe as the fastest-moving epidemic 
of AIDS infection in the world. 

Kindled by a surge in the use of an easily 
contaminated liquid form of heroin, fee epi- 
demic has been fueled, as anywhere, by poverty 
and unemployment. 

But that is not why HIV, the virus feat causes 
AIDS, is now tearing “like a forest fire through 
Russia,” in the words of this country’s chief 
AIDS official, Mikhail Narkevich. 

While the Soviet Union stood, official 
prudisbness combined with totalitarianism to 
keep borders closed and sexual freedom to a 
mhvimnm The AIDS VtTUS, CHI the Other hand, 
thrives on drug abuse and the open road. And 
since the fall of communism, both have been 
particularly plentiful here, in the vague bor- 
derland between Europe and Russia. 

A special economic zone that was supposed to 
become Russia’s Hong Kong, Kaliningrad has 
floundered economically. But its status helped 

i g nrtp, tntwrin elnrng epi demics of ri mg nAfir finn 

and AIDS that are now rolling across Russia. 


An isolated outpost lost between Poland and 
Lithuania, Kaliningrad is one of Europe’s es- 
sential crossroads. The city — called Konigs- 
berg before Germany lost it to the Soviet Army 
in World Warn — doesn't quite look like Russia 
and it doesn’t quite feel like Europe. 

It is a giant warehouse. Everything here is 
cheaper than it is anywhere else in Russia. Beer 
and vodka are a third of what they cost in 
Moscow. It is the best place to get smuggled cars 
and discount narcotics. 

There toe 5,000 prostitutes on the streets in 
Kaliningrad and more work in clubs and casinos. 
The syphilis rate — a sign of sexual activity and 
a harbinger of AIDS — is three times fee average 
for Russia and almost 100 times the rate in 
Germany. 

After more than 15 years of an epidemic that 
has infected tens of minions of people across the 
world, there are few places on earth where the. 
HTV infection rate has risen more rapidly. 






A ll the conditions are there for a dis- 
aster,” said Aleksandr Gromyko, die 
World Health Organization's regional 
adviser on HTV and AIDS for Europe 
and Russia. “And nobody is remotely ready for 

it The virus has spread so fast in Kaliningrad that 
even fee few people who are trying to do 
something are lost. 

“I am afraid we can no longer pretend that 
Russia will somehow avoid the full force of the 
AIDS epidemic. What you see in Kaliningrad 
today is only the beginning for Russia.” 

Kaliningrad has now become the central path- 
way to Russia — not just for cars or beer, but for 
disease as well! A year ago just 28 people here 
were known to have been infected wife the AIDS 
virus. As of Oct IS there were at least 1,850, a 
far higher proportion in this city of 400,000 than 
any place else in Europe. 

From Kaliningrad, fee track routes — an A fee 
epidemic — head sooth through Belarus and 
Ukraine and north to St Petersburg. 

It usually takes years for a person infected 
with HTV to show clear signs of Alness. But it 
only takes minutes, and a quick contaminated 


Inmates in a special prison wing in 
Kaliningrad that houses drug users 
infected with the AIDS virus. 


dose of narcotics, to become infected at fee park 
near fee Baltika Stadium. 

“The thing that surprised me most about 
Kaliningrad,” said Leo Kenny, a senior con- 
sultant for Unicef, “is that among dozens of drug 
users and prostitutes we have interviewed, not 
one had ever even seen a person who was sick. It 
has all happened that fast” 

He ana officials here said that in a small 
sample of 200 prostitutes who agreed to be 
tested, 85 percent were infected with HTV. A 
year ago the figure was less than 5 percent 
Ignorance — orperfiaps more accurately, 
denial — is the affli ction that threatens Ka- 
liningrad today more than any other. Some 
people here would call it an ignorance that 
should never have come to pass. 

“Today is 1981 in New York or San Fran- 
cisco,” said Oleg Marmot, referring to the dark 
years when the AIDS epidemic first took hold in 


China, India and Eastern Europe at Risk, World Bank Fears 


By Lawrence K. Altman 

Nr* York Tunes Service 

WASHINGTON — The World Bank says the 
AIDS epidemic is about to explode in China, 
India and Eastern Europe and has thrown its 
political and financial weight behind needle 
exchanges, condom distribution and other pre- 
vention programs. 

In its first extensive report on acquired im- 
mune deficiency syndrome, the bank said Mon- 
day that it was prepared to spend hundreds of 


millions of dollars in countries that would con- 
duct sound programs to help control the world- 
wide epidemic. 

The spread of the incnrable disease is in- 
creasing poverty and decreasing educational op- 
portunities in the developing world, and without 
condom distribution, needle exchanges and oth- 
er such pro gra m s, the epidemic cannot be 
stopped, said Martha Ainsworth, a senior econ- 
omist at fee bank who wrote the report. 

The bank has spent $800 million since 1986 
on programs in developing countries tx> control 


fee hnman trnrnnnode ficiency virfls feat causes 
AIDS and will respond to demand from its 
member countries, raid Richard Feachem, who 
oversees the bank’s AIDS work. 

He said “we would certainly double” such 
funding, but he set no upper limit for the bank's 
■ outlay. 

“Political leaders and government officials 
must take tire necessary steps to confront the 
epidemic, even when these are politically con- 
troversial,” Joseph Stiglitz, the bank’s chief 
economist, said. 


Janm fflVTL* fcw W H** 

the United States. Dr. Marmot is director of 
Kaliningrad's only AIDS center, a small nest of 
offices tucked beuitid the aging edifice of the 
city’s ancient infections disease hospital. 

The hospital itself has six HIV patients ■ — all 
it can handle right now. But because methadone 
use is illegal in Russia, the doctors let them leave 
their beds and buy narcotics on tire street once a 
day. Each time drey leave fee hospital, they take 
the virus back out onto the street. 

“We are repeating the history in those cities as 
if they never happened anywhere before,” Dr. 
Marmot said. “As if Russia can leam nothing 
from the West You cannot convince a young 
drug addict or prostitute here that they are in 
danger, because most of them have never seen 
AIDS. They have no jobs, and a shot of heroin 
costs less than $5. That's the reality of it. Noth- 
ing else matters. ” . 

You cannot talk 1 about AIDS in Kaliningrad 
nm’ipLss you talk about drug addiction. Dirty 
needles have always been the most efficient way 
to spread the AIDS vims. The way drugs are 
prepared in Kaliningrad has increased the ef- 
ficiency to a grim science. . 

Hymka, a liquid opiate that addicts often mix 
with their blood to help it settle, is the drug of 
choice here. A glassful — usually three doses — 
goes for less than $20. 

In 1995 tire number of people who tested 
positive for HIV here would not have filled a 
classroom. Lera than 1 percent of them were drug 
abusers. Last year,20 percent of those infected got 
that way by using dirty needles. This year, as in. 
much of Russia, the shift has been fundamental. 

“The official figures are that 75 percent get 
infected with HIV through dirty needles,” said 
Aleksandr Dreizin, the chief physician at the 
regional Narcology Hospital. “The real number 
is more like 96 percent. The only people here 
who get AIDS any other way are prostitutes who 
have sex wife infected drug addicts and children 
who are bom to them.” 



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Vladimir Sokoloff, Piano Accompanist, Dies at 84 

New York Times Service In 1942, wife Jascha Brodsky, Max Aronoff “Many called him fee second The 

NEW YORK — Vladimir Sokoloff, 84, a and Orlando Cole, he helped found fee New on,” said Richard Snyder, preside 


New York Times Service 

NEW YORK — Vladimir Sokoloff, 84, a 
pianist on fee faculty of the Cnitis Institute of 
Music who accompanied many, of fee world's 
leading singers ana instmmentalists, died Oct 
27 in Philadelphia after a long illness. 

In a career spanning nearly seven decades, 
Mr. Sokoloff accompanied such artists as fee 
violinists Efrem Zimhalist, Jaime Laredo and 
Aaron Rosand; tire violist William Primrose; 
the cellists Gregor Piatigorsky and Emanuel 
Feuennann, ana fee soprano Marcella Sem- 
brich. 

He was alto the pianist for tire Philadelphia 
Orchestra from 1938 to 1950 and often played 
concerts wife tire Curtis String Quartet 


In 1942, wife Jascha Brodsky, Max Aronoff 
and Orlando Cole, he helped found fee New 
School in Philadelphia for musicians preparing 
for orchestral careers. The school became the 
Esther Boyer School of Music at Temple Uni- 
versity. 

Luther G. Simjian, 92, Inventor 
NEW Y ORK ( AP) — LufeerG. Simjian, 92, 
a Turkish immigrant and inventor who held 
more than 200 patents on items including fee 
automated teller machine and the self-focusing 
camera, died Oct 23 at his home in Fort Laud- 
erdale, Florida. 

After he came to the United States at 16, Mr. 
Simjian’s inventing career spanned 70 years 


= TH6== 
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WEATHER 




4,000 in Boats tU > 1 

Feared Lost ?P l 
Off Vietnam * v 


“Many called him fee second Thomas Edis- 
on,” said Richard Snyder, president off Re- 
flectone Inc., a Tampa, Florida, company foun- 
ded by Mr. Simjian in 1939. 

John Durniak, 68, a former picture editor of 
The New York Times and of Time magazine, 
died Monday of complications from diabetes at 
his home in Suffera, New York. 

Carson Smith, 66, a bass pteyerwho played 
alongside Chet Baker, Billie Holiday and 
Charlie Parker, died Sunday in Las Vegas, his 
relatives said Monday. Mr. Smith was hired by 
Gary Mulligan to play in his quartet in 1952. 
.When tire group broke np, Mr. Smith went on 
tonr wife Mr. Parker in late 1953. 


Reuter* •• ■ ^ 

HANOI — At least 132 goople were 
killed and up to 4,000, nt&st of them 
fishermen, were missing after a typhoon 
struck Vietnam’s southern coast, of* . 
ficials said Tuesday. 

, According to figures given by of- 
ficlals in six provinces, -thousands alio 
were left homeless by the storm de* 
ignated Linda, which destroyed build* 
ings, roads, bridges and (Sees on Sun- 
day before heading west tofee southern 
coast of Thailand. • • 

Thai government officials said, fee 
storm kilred two people and injured two 
on Monday night as it' moved toward 
Bangladesh, but it lost some of its power 
and was downgraded to a tropical j 
storm. . 

About 1330 boats foundered and a 
further 1300 disappeared off fee 
provinces of Ca Mau.lCien Gians, Tra 
Vinh, Ben Treand Ba Ria-Vung Tau as 
the storm whipped through therip of tire 
country, packing winds of up (o 100 
kilometers (63 miles) per hour. 

At least three fishermen would have 
been aboard each of the boats that have 
disappeared, officials said. - 

figures from various ' provinces 
showed that about 122.000 houses were 
destroyed by fee winds and more than 
100,000 hectares <245,000 acres) of rice 
fields were flooded or damaged by 
heavy rain. 

Residents of Thailand's southern 
coastal regions were warned an Monday . 
to move out of flood-prone areas in the 
storm's path, and damage to property 
and crops was relatively limited, Thai 
officials said. 


TRAVEL UPDATE 

Rome’s Ak Is Fresher 

ROME (AFP) — Air quality in Rome 
is improving, but noise levels are rislngl 
the city authorities announced Tuesday. 

. Over the past three years, the in- 
creased use of catalytic converters and 
restrictions on dty traffic have helped 
improve air quality, Mayra: Francesco J 
Rutelli said during the presentation of a 
report on fee environment in Rome. T 

But noise levels continue to rise, hi . 
1996, they were up 20 percent from the 
previous year. Road traffic, particularly . 
the hordesof scooters zipping round fee 
city center, is the major culprit for the 
noise. 

British Airways is to add a new 
direct flight between London and. Ca- 
racas to take advantage of demand fol- 
lowing the collapse of Venezuela’s kn 
tematkmal earner. The new flight '■ 
begins Nov. 19, ( taking BA’s weekly 
total to three nonstop flights between 
London and Caracas. " { Bloomberg j 

A strike by air traffic coutroUersia 
Ghana entered its third day Tuesday 
wife no sign of a deal in sight, man- 
agement and union officials said. 
Flights are operating normally wife the 
use of substitute staff. (Reuters) 

■ Two strong earthquakes shook 
Athens on Tuesday, but there were no • 
immediate reports of injuries or dam- ■*** 
age, tiie police said. (Reuters ) > 


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North America 
Cool In the Northwest 
Thursday u Saturday with 
some showers, but sunny 
ahd very warm from the 
South west to the central 
Rockies. Stormy In the 
Southeast with soaking 
rain likely as far north as 
West VrrgWa. Some iun- 
■hhe, dry end cool ki New 
Engkmd. 


Europe 

Mostly cloudy and milder 
across central Europe 
Thuradny to Saturday with 
periods of rain. Belarus 
and western Russia wfllbe 
dry arid mHdsr wfch soma 
sun. Rainy and cool boobs 
western Europe, but heav- 
ier rain to Scey from north- 
ern Spain to northern tak 
and the Batons. 


K. Lumpur 
K.Kkv£«u 


Sunny, dry and milder In 
Beipng and across the rest 


Baipng and across the rest ESS™ 
of northeastern China 
Thureday through Satur- a ZM *" 1 
day. Tokyo and Seoul wffl shwMwi 
be paitt/ to imMtN sunny, Otaon 
dry and seasonably coca. 

Shanghai and aB at east- J^r? 


BUdde East 


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Horn a/H Mt( 2BOZ 0 / 40 1 

taps* . 30*8 28173 pc .SOW 2*73* 
Nombi 24/76 16*9 r 27*0 14*7ah 

1M 26777 17*2 e 30*6 18*8c 


SS: l8r, SL5.“?^!l? nn °!5' will be sunny 

ahtaMfry end cool In New am Spain to northern Italy and nlca. but northern 
tnotond. and the BaPcsns. B^wnmar wfl have aoridng 

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BMW 32*9 21/70 ■ 

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Cbing IM 23/73 17*2 Mi 
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Jtafwl 2*73 18*1 pc 

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ShrngM - 18*4 BM84 

gWlWWS . 31*8 22/71 pc 

21/70 18*1 pc 
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23/79 15B1 <7 

North America 

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Bowon 13*E 40)9 

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W48 2/36 c 
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jkMflosABai 2303 1981 “ 
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Ufo _ 23/73 19*0 pc 

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INTERNATIONAL HERALD TRIBUNE. WEDNESDAY, NOVEMBER 3, 1997 


PAGE 3 


THE AMERICAS 


•iV'" 1 


S, 


An Pair’s Lawyers 
Dispute Verdict 

Defense Strategy Under Question 


POLITICAL 


> 


CAMBRIDGE. Massa- 
chusetts — Citing autopsy 
photos introduced late in the 
trial, attorneys for a British an 
pair convicted of murdering 
an infant in her care askeda 
judge Tuesday to change the 
verdict 

A defense attorney, Barry 
Scheck, said “unrefuted and 
overwhelming scientific ev- 
idence” proved ■ Louise 
Woodward, 19, not guilty in 
the death in February of 8- 
month-old Matthew Eappen. 
But the defense team ac- 
knowledged that in hindsight 
they perhaps should not have 
prevented the jury from con- 
sidering a verdict of man- 
'iter. 


iu” 


-es- 

;l-s 




!>. 


•L**’ 


prosecutors argued 
that the defense, which re- 
quested that manslaughter not 
be presented to the jury as an 
option, should not be allowed 
to have it both ways. 

“It was the defense rhat 
demanded that the jury be giv- 
en only two choices, murder 
or acquittal,” prosecutors ar- 
gued in advance of the hear- 
ing Tuesday. “The defense 
should not be permitted to 
proceed with an ‘all-or-noth- 
ing strategy,’ sample the 
jury 's verdict and then elect to 
move for a reduction to the 
very charge they opposed.” 

Judge Hiller Zobel of the 
Middlesex Superior Court did 
not say when a ruling would 
be made. He has 60 days to 
consider the 5 3-page defense 
motion calling for him to 
throw the case out, order a 
new trial or downgrade the 
conviction against Miss 
Woodward from murder to 
manslaughter, which would 
make her eligible for parole 
immediately. 

Miss Woodward’s parents 
sat in the front row of the 
courtroom wearing yellow 
ribbons symbolizing their de- 
mand that their daughter be 
allowed to go home. 

Elaborating on written ar- 
guments submitted Monday, 
Mr. Scheck began by focus- 
ing on autopsy photos Tues- 
day that he said were unfairly 
introduced near die end of the 
trial by the prosecution — too 
late, be said, for the defense to 
question experts about them. 

He said the pictures more 
clearly showed tissue growth 
around the perimeter of die 
injured area, which could in- 
dicate Matthew was injured 
before Feb. 4, the day Miss 
Woodward called an emer- 
gency number to say the baby 
was having trouble breathing. 
The child .died five days 
later. 

“If we had had. this photo 
from the very beginning,” 


Mr. Scheck said, “we would 
have been able to make a very 
important point.” 

But he was interrupted by 
Judge Zobel, who said it was 
the defense’s decision riming 
die trial about what pwnt^ to 
make or not to make. 

"I’m getting weary of yonr ; 
telling me how much this 
would have made a difference 
when you didn’t put it in,” 
J udge Zobel said “It’s in- 
appropriate that you should 
now say, ‘WeU, we decided 
not to put it in, bat if we had 
wtit in, this is what we would 
ive done.’ ” 

Prosecutors responded that 
the evidence supported a 
second-degree murder con- 
viction in the death. 

Another defense attorney, 
Harvey Sflverglate, conceded 
Tuesday that die decision on 
manslaughter * ‘can be seen as . 
a mistake.” 

“It was not made out of 
hubris,” he said. “It was 
made to ameliorate prejudice 
we thought we were facing” 
because of the seriousness of 
the first-degree murder 
charge against Miss Wood- 
ward. 

In hindsight, he said, “by 
any definition, the evidence 
in this case could fit into man- 
slaughter.” 

In their motions, prosecu- 
tors urged that, if the judge 
did change the verdict to man- 
slaughter, he require Miss 
Woodward to admit guilt — 
preventing her from appeal- 
ing the decision to a higher 
court. 

A manslaughter verdict 
would mean a sentence of up 
to 20 years; but there is no 
minimum sentence, and with 
time served. Miss Woodward 
could be released immedi- 
ately. The second-degree 
murder conviction carries a 
mandatory sentence of life 
with possibility of parole only 
after 15 years. 

Appearing Monday in a 
television interview, one of 
the jurors said none of them . 
had wanted to find a 19-year- 
old woman from another 
country “guilty of murder 
and pot her away for life.” 

However, said the juror, 
Steven Caldwell, a 44-year- 
old software executive who is 
the father of three boys, the 
jurors believed the prosecu- 
tion's medical expats over 
those of file defense. Con- 
vinced that the 8-month-old 
infant had been abused by 
Miss Woodward, they could 
not acquit her, he said. 

But, he added. “I think if 
other choices were available 
to os, then potentially man- 
slaughter may have been the 
verdict.” (AP, AFP, NYT) 



J<4fl GvWThc Amoacd Pnm 

CURBSIDE VOTING ON EUTHANASIA — Cullen Johnson collecting votes 
at a booth in central. Portland, Oregon, where voters are deciding by mail and 
hand-in ballots whether to repeal approval of physician-assisted suicide. 



ligation for perjury by Ms. 1 
Lau denial that they wen 


WASHINGTON — The inspector-gen- 
eral of the Treasury Department, Valerie 
Lau, has apologized to two Secret Service 
agents briefly caught up in a criminal in- 
vestigation growing out of the White House 
FBI files controversy. 

But the apology, node Monday at a Senate 
hearing, did not spare Ms. Lau from further 
criticism from Republican lawmakers over 
her handling of the investigation. 

Senator Charles Grassley of Iowa said 
Ms. Lan’s ability to run the inspector-gen- 
eral’s office “has been compromised,” and 
he called on her “to step aside.”. Senator. 
Susan Collins of Main e, head of the Gov- 
ernmental Affairs subcommittee holding 
the hearing, said she was disappointed with 
Ms. .Lao's performance. 

The controversy began last year when the 
administration acknowledged that it had 
obtained hundreds of FBI background re- 
ports on former White House pass-holders, 
including many prominent Republicans, to 
update security. The White House said it 
had retied on Secret Service lists in 1993 as 
the basis for its request to the FBI for the 
sensitive files. 

Two Secret Service agents, John Libo- 
nati and Jeffrey Undercoffer. . later con- 
tradicted that account, telling a House com- 
mittee that their agency could not have been 
ible for providing outdated lists, 
arts later heard conflicting ac- 
counts of whether they were under inves- 


. Lau ’s office. Ms. 
were targets, saying 
that her inquiry was directed toward how 
the agents' testimony had been prepared 
and the factual basis for it. Bur Republicans 
argued that her investigation was retaliation 
against the agents. (WP) 

Hujfington Steps Back 

LOS ANGELES — After a brief ex- 
ploratory effort, former Representative Mi- 
chael Huffington of California has ruled out 
a bid to reclaim his old congressional seat 
He said he might instead pursue a statewide 
office in 1998. 

The Republican said in an interview 
Monday that he had decided to step aside 
from the congressional contest because he 
felt Assemblyman Brooks Firestone would 
be the strongest candidate that Republicans 
could field. 

Mr. Firestone, now a declared candidate 
for lieutenant governor, is expected to 
switch to the congressional race this week. 

Mr. Huffington said he, in turn, would 
considers run for lieutenant governor. “It’s 
possible,” be said. “It could be some other 
race, too.” (LAT) 

Quote/Unquote 

Treasury Secretary Robert Rubin, back- 
ing President Bill Clinton’s request for fast- 
track trade legislation: ”We are now at a 
crossroads with respect to the strategy of 
opening markets around the globe.” (NYT) 


'New Battle on Health Care 

Business Lobby Seeks to Block Federal Control 


By P.oben Pear 

.Vtn- York TitrxS St n iit 

WASHINGTON — Busi- 
ness and insurance lobbyists 
who helped kill President Bill 
Clinton's health plan in 1994 
are mobilizing a new cam- 
paign to block more modest 
proposals that would set fed- 
eral standards for the quality 
of care. 

Republican leaders of Con- 
gress are urging the lobbyists 
to step up their activities 
against an array of health-care 
bills backed by consumer ad- 
vocates as a way to protect 
patients in a turbulent med- 
ical market. 

The lobbyists, from groups 
such as the Health Insurance 
Association of America and 
the National Federation of In- 
dependent Business, have 
swung into action, with brief- 
ings for congressional aides 
and plans for a grass-roots 
campaign to fight the legis- 
lation. They see the proposals 
as an effort to accomplish, in 
an incremental way, some of 
the goals that Clinton pursued 
with his plan for national 
health insurance. 

A presidential advisory 
commission is drafting a bill 
of rights for patients. Leg- 
islative proposals are prolif- 
erating on Capitol Hill, and 
lawmakers of both parties say 
they may prove irresistible in 
an election year. Some bills 
are narrowly focused and 
would, for example, require 
insurance companies to cover 
45-hour hospital stays for 
women undergoing mastec- 
tomies. Others are more com- 
prehensive and would pre- 
scribe detailed standards for 
the operation of health plans, 
which have constrained costs, 
in part by limiting patients' 
choices. 

Insurers, employers and 
Republican leaders contend 
that the proposed new reg- 
ulations will raise the cost of 
health benefits. As a result, 
they say, employers will cut 
back coverage, and the num- 
ber of uninsured people, 
which now exceeds 41 mil- 
lion, will rise further. 

The Senate Republican 
leader, Trent Lott of Missis- 
sippi, and his deputy. Don 
Nickles of Oklahoma, organ- 
ized a briefing for aides to 
Republican members of Con- 
gress on Friday. Mr. Lott and 
Mr. Nickles announced the 
session in letters that said om- 
inously, “Clinton Care Re- 
turns: die Trojan Horse 
Strategy,” 

The letters, to Republicans 
on Capitol HilL said: “A 
flurry of health-care legisla- 
tion has been introduced in 
both die House and the Senate 
this Congress, which propose 
sweeping new federal man- 
dates and control over the 
private health-care market 


While many have described 
these proposals as ‘quality* 
bills, it is clear that these ini- 
tiatives are a Trojan horse for 
implementing the once-de- 
feated Clinton health plan.” 

Melody Harried, federal af- 
fairs counsel at the Health In- 
surance Association of Amer- 
ica. summarized the situation 
in a confidential memor- 
andum to her supervisor. Mi- 
chael Fortier, a vice president 
of the association, on Oct. 22. 

“The message we are get- 
ting from House and Senate 
leadership is that we are in a 
war and need to start fighting 
like we're in a war," Ms. 
Harried wrote. “Republican 
leadership is now engaged on 
this issue and is issuing strong 
directives to all players in the 
insurance and employer com- 
munity to get activated.” 

Ms. Warned said that Mr. 
Lon and his aides had indi- 
cated that “Senate Republi- 
cans need a lot of help from 
their friends on the outside” 
if they are to withstand the 
pressure for federal regula- 
tion of health insurance and 
managed care. 

Ms. Homed said that aides 
to Republican leaders on both 
sides of the Capitol had urged 
the lobbyists to write a defin- 
itive paper “trashing all these 
bills. 

Her memo shows the in- 
tensity of organized resis- 
tance to consumer protections 


that involve new federal reg- 
ulation or mandates. 

The Health Insurance As- 
sociation of America helped 
defeat Mr. Clinton's health 
plan in 1994 with a series of 
television commercials in 
which “Harry and Louise" 
lampooned the bureaucratic 
complexity of the proposal. 

The National Federation of 
Independent Business, which 
represents 600.000 small busi- 
ness owners, galvanized op- 
position around the country, 
saying that the president's plan 
would destroy jobs by impos- 
ing new health insurance costs 
on many employers. 

Some Republicans see 
political risks in opposing 
"patient protection' ' bills. A 
Republican on the staff of the 
Senate Finance Committee 
asked: ‘ ‘If we oppose all these 
bills, isn’t there something we 
should be for? If our response 
is always no, no, no, that 
doesn't 'go over very well 
with constituents." 

In September, three non- 
profit health maintenance or- 
ganizations called for “legal- 
ly enforceable national 
standards” to protect patients 
in managed care. But the 
HMOs — Kaiser Pemtan- 
ente, HIP Health Insurance 
Plans, based in New York, 
and Group Health Cooperat- 
ive of Pugei Sound — did not 
say who should enforce the 
standards. 




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Victim Describes Oklahoma Bombing 

At Trial of Accused Conspirator, Survivor Recalls Being Buried Under Rubble 


The Associated Press 

DENVER — One minute, Richard 
Williams was in his first-flow office in 
the Oklahoma City federal building. The 
next thing he recalls is waking up under 
a pile of rubble after a bomb wrecked the 
building. 

“I could visualize my left arm out to 
ray side,” Mr. Wiliams, the manager of 


v the federal building, testmeo i 
vectoring the trial of Terry Nichols. 

“At that point, I could not feel any- 
thing,” he added. “I recognized the pink 
shin that I had on that morning with my 
watch.” „ . 

Mr. Williams said he was pulled to 
safety by a police officer. ‘ ‘I don’t know 
how he got me out from under where I 

was buried,” he said. _ 

. In a voice lacking emotion, M r.jwii- 
liams described the wounds he suffered 
in the bombing on April 19, 1995: 150 
stitches from shrapnel wounds, a 
crushed hand, broken cheek bone and 
bead wounds. 

At one point, Mr. Williams began 


describing the screams he heard after the 
blast, but U.S. District Judge Richard 
Matsch cut him off, sustaining a defense 
objection. 

“I think we're going on beyond what 
is relevant,” Judge Matsch said. 

On Monday, opening statements and 
the prosecution's first four witnesses 
provided a glimpse of what could be in 
store in a trial that is likely to last the rest 
of the year. 

Prosecutors acknowledged that Mr. 
Nichols was not in Oklahoma City the 
day the bomb ripped apart the Alfred P. 
Murrab Federal Building, but said he 
planned it that way and was just as guilty 
as Timothy McVeigh, who was con- 
victed of the bombing. 

The defense unveiled (me of its key 
arguments — the bombing was planned 
by Mr. McVeigh along with unnamed 
co-conspirators, and Mr. Nichols was 
simply sucked into his f earner army 
buddy’ s anti-government fervor. 

“Terry Nichols was building a life, 
not a bomb,” said his lead attorney. 


Michael 1 Tigar. "Terry Nichols is pre- 
sumed innocent.” 

“Nichols wasn’t there,” Mr. Tigar 
added. Mr. Nichols was at home in Her- 
ington, Kansas, with his pregnant wife 
when the bomb went off, killing 168 




r. Nichols. 42, could be sentenced to 
death if convicted of murder, conspiracy 
and weapons- re] ated counts. Mr. Mc- 
Veigh was convicted of those charges in 
Jane and given a death sentence. 

With Mr. Nichols’s mother, Joyce 
Nichols Wilt, watching from the front 
row, the government opened its case 
Monday by replaying evidence from Mr. 
McVeigh’s trial- The most dramatic was 
a tape of the blast’s deafening boom, 
followed by shouts and the sounds of the 
building falling. 

Recorded during a meeting of a local 
board being held across die street from the 
federal building, the tape also was played 
in Mr. McVeigh’s trial. The jurors at the 
Nichols trial did not react, but bombing 
survivors and victims' relatives wept 


: Away From 
Politics 

. oThe CIA and the White 
House have dropped their 
claim that a seismic disturb- 
ance near a Russian nuclear 
test site may have been 
: caused by a nuclear explo- 

sion, ending speculation that 
Russia had illicitly tested a 
nuclear weapon. ( w “) 

• The Los Angeles coron- 
er’s office announced that n 
will no longer routinely per- 
mit an eye bank to take 
corneas without the permis- 
sion or knowledge of surviv- 
ing family members. (LAi ) 

• Three young whites were 
convicted in Mobilei Alaba- 
ma, of torching a rural black 
church two days after a ku 
K lux Klan rally. . (*#7 

- • Women who gain a lot of 
'f weight as adults nearly 
double their risk of breast 
cancer later in life, a study 
said. (Reuters) 



VACHER0N CONSTANTIN 

Geneva, since 1.75S 

Vacheron Constantin, rue des Moulfns 1, CH-1204 Geneva 


Qualification ot Contractors 
Rolling Stock - Electrical Multiple Units 

The Kowloon-Canton Railway Corporation ("KCRC") proposes to appoint, through pre-qualification 
and tendering, a contractor for Contract SP-1900, Rolling Stock - Electrical Multiple Units. 

The Contract is for the design, supply, testing and putting into service of 250 EMU cars, for use on 
both the East Rail and West Rail systems. Delivery of the East Rail cars is expected to commence in 
June 2000 and the delivery of West Rail cars in May 2001. 

More detailed descriptions of the work activities will be included in the Pre-Qualification Questionnaire. 

East Rail is an existing passenger system operating between Kowloon and Lo Wu. It is a 
double-tracked, 25kV electrified railway system with a route length of 34 km. The system has 
13 stations and one maintenance depot 

West Rail Phase 1 Passenger System will be a 30.5 km, double-tracked, electrified railway system, 
with a maintenance depot and up to 9 stations. 

Requests for a Pre-qualification Questionnaire should be made on company letterhead by 
facsimile to the Kowloon-Canton Railway Corporation, Attention: Procurement Manager at 
(852) 2601-2671 in the English language. Requests for Questionnaires must be received by 
the Corporation by 6:00pm on 1 December 1997 Hong Kong Time. 

KCRC will, at its sole discretion, evaluate responses to the Pre-qualification Questionnaires. 
Those organisations which KCRC determines to be suitably qualified will be invited to tender. 
The tender documents will require the provision of a performance bond/bank guarantee. 

No communications in response to this advertisement will be accepted by KCRC except by facsimile at 
the above noted facsimile number. 

This Procurement activity is covered by the World Trade Organisation Government Procurement 
Agreement. 

Interested firms are advised that the ultimate placement of orders for East Rail system EMU cars is 
subject to the approval of the Managing Board of KCRC. 


Interested firms are advised that the construction of Phase I of West Rail will 
be subject to the approval of the Hong Kong Special Administrative Region 
Government around September 1998. 


Additional information is also available on the Internet at the following address: 
http://www.kcrc.com 




KCR 







PAGE 4 


INTERNATIONAL WKRAI.D TRIBUNE, WEDNESDAY, NOVEMBERS, 1997 


ASIA/PACIFIC 


Jiang Home From a 6 Very Good Trip 9 


By Steven Mufson 

Washington Post Service 

BE0ING — President Jiang Zemin 
returned Tuesday from his nine-day tour 
of the United States, and the state-run 
media declared the trip "highly suc- 
cessful.” 

Smiling but looking tired, the Chinese 
leader was greeted at a brief ceremony by 
Prime Minister Li Peng and cabinet mem- 
bers ar the Great Hall of the People. 

“Very good trip,” Mr. Jiang said iix 
English in response to a question 
shouted by a reporter. 

• The state-run media ignored the 
protests that followed Mr. Jiang around 
the United States and focused instead on 
his banquet at the White House, his tours 
of factories and the New York Stock 
Exchange, his meetings with Chinese- 
Americans and business leaders and die 


joint declaration issued by Mr. Jiang and 
President Bill Clinton. 

“This visit Is a significant event 
marking the end of the twists and turns in 
Chinese-U.S, relations over the past few 
years,” the Foreign Ministry spokes- 
man, Tang Guoqiang, said Tuesday. 

Over the last two years, those re- 
lations have been severely strained by 
disputes over Taiwan, trade and human 
rights. While Mr. Jiang’s official state 
visit to the United States will bolster his 
stature here, for the time being it has also 
pushed aside the voices of Chinese na- 
tionalists who favor a tougher line 
against the United States. 

Mr. Tang played down the signif- 
icance of Mr. Jiang’s comments at Har- 
vard University about “mistakes” that 
have been in China. The comment 
was part of a lengthy response to a 
question about China's decision to send 


tanks to quash anti-cotruption and pro- 
democracy demonstrations in Tianan- 
men Square in 1989. 

■ UJ3. Discounts His Words 

U.S. officials also played down Mr. 
Jiang’s osc of the words "mistakes” and 
"shortcomings,” Reuters reported from 
Washington. 

4 Tread toe accounts of the speech and 

I’ve subsequently read several accounts 
by tiie Chinnsa officials interpreting toe 
accounts of toe speech.” said toe State 
Department spokesman. Jams Rubin. 

“And from my reading of the Chinese 
officials’ interpreting the accounts of the 
speech, I don’t see evidence for a major 
rethinking on this subject,” he said. 

Another U.S. official, who spoke 
anonymously, said; *T did not think his 
answer was meant to refer to Tiananmen 
Square.” 


New Zealand Challenger Gets Backing 


Gxyiilai by Our Staff Fran 

WELLINGTON — A 45- 
year-old former schoolteach- 
er won the governing party's 
endorsement Tuesday to be- 
come the first wo man prime 
minister in New Zealand. 

The unanimous approval 
of Transport Minister Jenny 
Shipley by 44 caucus mem- 
bers of the conservative Na- 
tional Party came a day after 
Prime Minister Jim Bolger 
agreed to resign to favor an 
“orderly transiton," rather 
than face losing a potentially 
humiliating challenge to Ins 
leadership. 

The first political chal- 
lenge to Mrs. Shipley was ex- 


pected within hours, when the 
opposition Labour Party was 
to debate whether she is too 
far to toe right to gain toe 
confidence of Parliament. 

Previous confidence votes 
have generally been won, 70 
to 50, by toe governing co- 
alition, and supported by oth- 
er center-right parties. 

But the Labour leader, 
Helen Clark, said Mrs. Ship- 
ley — whose political pos- 
ition is farther to the right than 
that of Mr. Bolger — must 
have her mandate to govern 
tested. 

“It's the direction of toe 
government that’s toe prob- 
lem. People will look at Mrs. 


Shipley’s record and say 
that’s worse” than Mr. Bol- 
ger’s, Mbs. Clark said. 

Mrs. Shipley was expected 
to name a reshaped cabi n et 
shortly, after consultations 
with her New 7>aland First 
coalition partner. 

Mrs. Shipley said she had 
been given full authority to 
negotiate “any necessary co- 
alition arrangemen ts'-' with 

New. Zealand Firet between 
now and when she took 
over. 

Imposing in appearance, 
and with the broad shoulders 
of a swimm er, Mrs. Shipley’s 
rapid rise into the political 
front line started when she 
leaped to the National Party 
front bench just two years 
after she entered politics in 
1987. 

Appointed social welfare 
minister after the National 
Party swept to power in 1990, 
tiie former schoolteacher led 

toe HicmanHing of much Of 

what was left of New Zea- 
land’s welfare state. 

The policy was unpopular 
and, along unto her mentor, a 
rightist former finance min- 
ister, Ruth Richardson — one 
of toe country's most vilified 
figures — Mrs. Shipley saw 
protesters opposed to the wel- 
fare cuts burning her in effigy 
in tiie streets. 

But satirists caricatured hex 
as toe toughest in a flinty- 


If a climate change treaty is 
signed in Kyoto, how will it 
be implemented? 

Don’t miss the £HT Sponsored Section on "Environment: 
The Challenge of Climate Change " on Dec. 1, 1997. The 
IHT will be distributed at the UN Framework Convention 
on Climate Change (Kyoto, Dec. 1-10). . 

For advertising rates or a synopsis, fax Bill Mahder at 
33-1 41 43 92 13, send an e-mail to supplements@ibt.coni 
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THE WORLD'S OUU NEWSfKPER 


faced administration that held 
firm and kept applying doses 
of nnp«i«»»hie monetarist 
medicine. 

After toe 1993 election, 
when Mrs. Richardson was 
dimmed, Mrs. Shipley sur- 
vived and moved on to the 
more challeng in g health port- 
folio, where she had limited 
success selling reforms to toe 
public. 

Polls continue to show that 
most New Zealanders believe 
the reforms, which put hos- 
pitals onto a commercial foot- 
ing and split purchasers from 
providers, have undermined 
the health service. 

After the October election, 
Mr. Bolger moved her oat of 
the Health Minis tty in an ef- 
fort to smooth his new co- 
alition government’s relation- 
ship with its junior coalition 
partner, New Zealand Fiist, 
which wanted mare spent on 
health and welfare. 

As minister for state en- 
terprises, Mrs. Shipley at- 
tempted to push on with pri- 
vatization, against the spirit 
and even the text of Nation- 
al’s coalition agreement with 
New Zealand First 

A staunch conservative, - 
Mrs. Shipley is not afraid to 
tackle controversial, contem- 
porary issues such as sex edu- 
cation for teenagers and 
cheap accessible contracep- 
tion. (AP, Reuters ) 



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ON TRIAL — P.V. Narasimha Rao, a former prime minister of India until his party™* 

power last year, ali ghting from his car Tuesday in New Delhi on hxs way to coorL Credited vrith imtiating 

economic liberalization as leader of the Congress (1) Party government, he faces charges of corruption. 


Dalai Lama’s Aide 
Rebuffs Beijing 

NEW DELHI — China’s claim on 
Tibet is a “historical tie” that the Dalai 
lama can never accept, an aide to the 
exiled Tibetan leader said in India 
Tuesday. 

The spokesman, Tempa Tsering, 
who was reached at toe Dalai Lama's 
exQe adminis tration in toe northern In- 
dian city of Dharmsala, also said that 
his leader was prepared to talk with 
Beijing on his region’s future. Bot the 
two sides remain so far apart that it is 
unlikely negotiations will start soon, he 
added. 

Speaking last week daring his visit 
to toe United States, President Jiang 
Zemin of China laid out conditions that 
his government says toe Dalai Lama 
must meet before talks can be held. 
Among them, Mr. Jiang -said, “He 
must recognize publicly that Tibet is an 
inalienab le part of the People’s Re- 
public of China.' ’ 

The spokesman said Tuesday that 
the idea that Tibet was Chinese was a 
“fiction" toe Dalai Lama would never 
accept and that he “is on record saying 
that this would constitute an enormous 
historical lie, and he as a Buddhist 
monk would have no part in it” 

But he noted that toe Dalai Lama 
was no longer calling for outright in- 
dependence for his homeland. He has 
proposed leaving foreign affairs and 
defense in Beijing's hands while giv- 
ing Tibetans control over domestic af- 


fairs — including the right to control 
migration to Tibet (AP) 

North Korea Rejects 
U.S.- China Pressure 

SEOUL — Reports of joint U.S.- 
Chinese pressure on North Korea to 
enter peace talks are raining prospects 
for the proposed conference. North 
Korea said Tuesday. 

President Bill Clinton and President 
Han g Zemin of China issued a joint 
statement last week agreeing, among 
other things, to urge North Korea to 
join peace talks on the divided Korean 
Peninsula. 

“Such reports only get on our 
nerves,” an unidentified spokesman 
for North Korea's Foreign Ministry 
said. “Tboramors now spread by some 

mass madia will Only tfalOW a WCt 

blanket over the atmosphere that is 
getting favorable.” ‘ (AP) 

Taleban Is Accused 
Of Purging Officials 

KABUL — Hundreds of civil ser- 
vants in Afghanistan who distin- 
guished themselves under the coun- 
try’s former Communist government 
are being purged by toe Islamic Tale- 
ban rulers, members of the civil service 
say. 

They added that toe purges had per- 
sisted despite an amnesty offer by 


Taleban to former Communist officials 
when toe fundamentalists took power 
in Kabul last year. 

“They have fired 40 or 50 people 
from each ministry,” said a civil ser- 
vant, who did not want to be identified. 
‘They have been looking at the files, 
and anybody who received a letter of 
merit or any kind of recognition for 
their service under the Communists has 
been told to leave.” 

The Communists ruled Afghanistan 
from 1978 to 1992. (Reuters) 

Manila Water Supply 
To Face Cutbacks 

MANILA — Officials in charge of 
Manila 's water system said Tuesday 
that they planned to reduce the supply 
to metropolitan Manila, which is 
threatened with a serious shortage be- 
cause of low rainfall recently. 

Officials said levels at two reser- 
voirs supplying water to toe metropolis 
were approaching a critical low. One of 
two water utility companies said, 
meanwhile, that it would start reducing 
toe amount it supplies to the capital this 
month. 

The water scarcity may be one of .toe 
first local effects of El Nino, an ab- 
normal weather pattern over the Pacific 
that causes droughts in some areas and 
floods in others. 

The Philippines’ weather bureau has 
issued warnings of a possible drought 
and has urged people to conserve wa- 
ter. (AP) 


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i 

l 
































INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 5, 1997 


PACE r» 


INTERNATIONAL 


Iraq Suspends Deadline for Americans 

Baghdad Agrees Not to Expel Arms Inspectors While UN Negotiators Are Present 


By Barbara Cross erte 

A*cw fart Tuner Service 


UNITED NATIONS, New York — Respond- 
.mg to a request by the UN secretary-geneiaUCofi 
■Axinan. Iraq on Tuesday suspended its deadline 
for the expulsion of American weapons inspect- 
.ors working for the United Nations while a 
■delegation sent by Mr. Annan to resolve the 
dispute pursues a solution. 

:^TnSf n U “ peaed 10 bem Baghdad 

The secretary-general has been assured that no 
members of the weapons inspection team "will 
be expelled from Iraq while ms envoys are in toe 
■comitry,” a UN spokesman, Fred Eckhard. 
said. 

Iraq had told the American inspectors to 
leave the country by Wednesday at 2200 
GMT. 

In a telephone conversation Tuesday morn- 
.ing with the Iraqi deputy prime minister, Taxia 
Aziz, Mr . Annan repeated a plea for more *im« 
;to resolve the crisis that he bad apparently 
conveyed earlier to President Saddam Hus- 
sein. 

Baghdad is also demanding an end of Amer-' 
ican U-2 surveillance flights over its terri- 
tory. 

The three diplomats — Lakhdar Brabimi of 
Algeria, Emilio Cardenas of Argentina and Jan 
Eliasson of Sweden — arrived in Kuwait and are 
expected to fly to Iraq on Wednesday in a UN 
plane. Sanctions against Iraq bar commercial 
flights to Iraqi airports. 


The diplomats have been given no assurances 
that they will be able io meet President Saddam, 
who is usually elusive when high-level UN en- 
voys arrive is the country. Official Iraqi news- 
papers reported that Mr. Saddam believes he can 
negotiate with toe diplomats and secure a date for 

- the ending of sanctions against his government, 
but UN and U.S. officials say that there is nothing 
to negotiate. 

- On Tuesday, Iraq thwarted UN attempts to 

- resume the weapons inspections. Three teams of 
experts, in biological, chemical and missile sys- 
tems, left their Baghdad center for field inspec- 
tions in the morning but returned almost im- 
mediately when Iraqis advised them that no 
Americans would be admitted to toe inspection 
sites. 

Inspections of suspect Iraqi sites have not been 
' able to take place since Oct 29, when Baghdad 
informed the United Nations that it would not 
allow Americans, whom Iraqis have long called 
spies, to work with toe commission dismantling 
Iraqi weapons. 

Until toe commission, formed after toe 1991 
war in toe Golf, can certify that Iraq does not 
possess prohibited arms or toe capacity to make 
them, there is no hope of lifting a crippling trade 
embargo that has been in place since Iraq’s 1990 
invasion of Kuwait. 

When the United States and Britain, re- 
sisting pressures from Russia and France to 
ease toe sanctions, instead began proposing in 
recent months toe addition of new restrictions 
barring international travel by high Iraqi of- 
ficials, Mr. Saddam’s government responded 


with moves against the United States. 

Chi Monday, Iraq said that it would shoot down 
U-2 reconnaissance aircraft used to support toe 
United Nations arms inspectors. 

■ UJ5. Takes Precautions for U-2 


Steven Lee Myers of The New York Times 
reported from Washington: 

Iraq has toe ability in theory to carry out its 
threat to shoot down U.S, U-2 spy planes flying 
over its territory, but its chances of actually doing 
so are slim. Pentagon officials said. 

The U-2, probably the world’s most famous 
spy plane, can fly at altitudes above 70,000 feet 
(21,000 meters), well out of the range of Iraq’s 
artillery on the ground. Even with Soviet-era 
surface-to-air missiles — its most potent threat 
— Iraq would have little hope of shooting down 
a U-2 flying at its highest and safest altitude, the 
officials said. 

But while they saw the threat from Mr. 


' ■ ■■■ - .■ " 


Saddam as mostly bluster, toev said the United 
States took it seriously. The om< 


ficials, speaking 
on condition of anonymity, said they would 
take every precaution to insure toe safety of toe 
U-2s. 

"Should Saddam want to carry out one of 
these threats,'’ an administration official said, 
"you have to start with toe assumption that he 
can do it." 

Since the end of the Gulf war in 1991, toe 
United States has routinely used its unarmed U- 
2s to help toe UN inspection teams searching out 
Iraq’s advanced weapons. 

Although toe U-2 is still one of its most secret 



law-nA r«Ji-/IV V— , i*i if- 

An E-2C early warning and control aircraft taking off Tuesday in the Gulf from the 
USS Nimitz, whose planes are patrolling the “no flight" zone over southern Iraq. 


planes, toe United Stales has regularly notified 
Iraq whenever it has sent one snooping overhead. 
That, toe officials said, was in keeping with 
protocols for all activities of the inspection 
teams. 


In a lener on Sunday. Iraq's representative to 
ar Harodocn. called on 


the United Nations. Nizar 
toe inspection ream's leader. Richard Butler, to 


hall flights already .scheduled to take place o:i 
Wednesday and Friday. Mr. Haindoon accused 
the United Slates of using the flights to spy on 
Iraq and to prepare for a 'military' strike against 
it. 

He concluded by saying. "Our anti-aircraft 
artillery is open everywhere in anticipation of a 
possible aggression. ' ’ 


il H 




.. > 


Atomic Agency Cannot Assure 
That Iraq Has Scrapped Arms 


Reuters 




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* 


I-. 

i* 


PARIS — The International Atomic Ene rgy Agency cannot 
-say if Iraq has fully scrapped its nuclear weapons program 
because the members of toe UN Security Council disagree on 
how to define it, the agency’s chief said Tuesday. 

Hans Blix said the agency was sure Iraq had no remaining 
infrastructure for nuclear weapons production after six years 
of on-site inspections of its previously clandestine program. 

But toe Security Council was split over how to view this, 
with the United States and Britain seeking more proof that toe 
Iraqi nuclear program was finished than France, Russia and 
China have demanded. 

"I’m not going to tell you ‘mission accomplished.* ” be 
told diplomats and nuclear officials meeting at the French 
Institute of International Relations here. 

“It's fcv them to say. They have to take toe political de- 
cision,” he said, referring to members of the Security GounciL 
“It's not a decision that is suitable for a iwhniral agency.” 

Under the Security Council's 1991 Gulf War resolutions, 
the International Atomic Energy Agency is responsible for 
scrapping Iraq’s nuclear weapons capabilities and ensuring 
that it does not reacquire them. A New York-based UN special 
commission performs a similar task for Iraq's chemical, 
biological and ballistic missiles programs. 

“We are sure there is no infrastructure left,” Mr. Blix said. 
But he added: "The en gin eers are still there, the scientists are 
there, certainly toe computer programs are there.” 

He said his agency had far wider powers to make on-site 
inspections in Iraq than it ever had before but still "could not 


prove the absence of anything ” 


BRIEFLY 


MARKET 





♦ f?fl 

T ; 4 


Canada Destroys Land Mines 


TORONTO — With the push of a button, Jody Wfl- 
•laureate,! 


hams, toe Nobel Peace Prizelanreate, and Prime Minister 
Jean Chretien blew up toe-last of Canada’s land mines. 

The detonation Monday, at a -weapons testing range 
outside Ottawa, came one month before delegates from 
about 1 00 nations were to gather in the Canadi a n capital 
to sign a swee^ring ten on anti-personnel ^ mines. 4 We 


have~aU of NATO, except for toe U.S. and Turkey. We 
have ail of this hemisphere, except toe U.S. and Cuba,” 
said Ms. Williams, criticizing her native United States, 
which has balked at endorsing the ban. (AP ) 


Kenyans Revise Constitution 


NAIROBI — The Kenyan Parliament voted over- 
whelmingly Tuesday to revise toe constitution ahead of 
general elections, making it easier for opposition parties 
to take part in the nation’s political system. 

The reforms will allow opposition parties to hold 
rallies enlarge toe Electoral Commission to include op- 


position representatives, guarantee eqml^broadrasting 
time and afk 3 ~~~ 


u,..c aim aJow opposition candidates to be among ap- 
pointed members of Parliament. The reforms woe 
hammered out amid violence that has killed more than W 
people since July. (AFP) 


Iran Marks 79 Embassy Seizure 


TEHRAN — Demonstrators burned U.S. and Israeli 
flags Tuesday and anti-American chants echoed across 
toe country to marie the anniversary of the seizure of the 

U.S. Embassy here 18 years ago. . . , 

Thousands of schoolchildren and students participated 
in a rally outside toe former embassy in Tehran^ And m a 
speech at a school. President Mohammed Khatami raid. 
‘^Expansionist U.S. politicians use toe resources of to«r 
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PAGE 6 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 5, 1997 


EUROPE v 



Bosnia Peacekeepers Take to the Sky 

.NATO Capitalizes on Threat of Bombing to Preserve Status Quo 


p By Joseph Fitchett 

** Internationa l Herald Tribune 

K 

AVIANO AIR FORCE BASE, Italy 
'+*— It's night over Bosnia. "O.K., Bulf- 
rfighter, ” radios the Canadian F-18 
; fighter-bomber pilot to a Spanish spot- 
f ter on the ground 29,000 feet below in 
| the darkness. 

• Tuned to infrared night-vision 
\ sensors, one of the cockpit’s three small 
, video screens displays a black ribbon. It 

• is the rendezvous point, a 5,000-foot 
l (1 ,500-meter) landing strip that will 

• also serve as a measuring rod as the 
| controller guides the plane to its target 
t — not, this time, a real one. 

J “Thirty degrees, one unit and a halT ’ 

— 1 o’clock on the directional chart, 
; 7,500 feet from the landing strip — 
j “you see the small road going east to a 

• T-junction; just beyond, there’s a single 

• house, and behind it, the bunker." 

• As an infrared pod swivels under the 
^wing, the camouflaged bunker zooms 
•into focus on the screen, and its image is 

• transferred automatically to the weapon 
£ chosen by the pilot — a computer-con- 

• Trolled “smart bomb" or a laser-aimed 
‘Maverick missile. 

- The ground controller utters a code 
.word meaning the target is clear of 
; -“friendlies" (allied forces) and civil- 
ians, and the F-18 Hornet rolls into its 
.bomb run. 

Flipping upside down to avoid black- 
‘ ing out from gravitational pull in the 

■ accelerating dive, the pilot resembles a 
[Video-game player as he flies according 
‘ to an electronic display on his cockpit 

■ window. A tiny bubble climbs a ladder 
Uo the middle rung when the flight com- 
puter fires the weapon, then sets an exit 
J route. 

»; The pilot does not have to look back 
•!to assess damage: The result is almost 
[ always a bull's-eye, within inches of the 

• aim point. The F-18 wheels toward the 
' Adriatic and a date with Jonah, a British 

• refueling tanker that will top up the gas 
:iank for the 45-minute hop home to 
! Aviano. 

•; ; Welcome to the air-power compon- 
! ent of peace enforcement, NATO-style. 

■ ’in Bosnia in 1997. 

“It's Desert Storm-plus, and I mean 

■ plus a lot of things." said Lieutenant 
; .Colonel Jim Grecco, commander of the 
! Canadian F-18s flying out of Aviano. 
[’“A lot of new equipment, a lot of new 
'•tactics and a lot of experience in a new 


theater." The training mission, without 
launching a bomb, showed those 
strengths as a reminder to Bosnian 
forces that the North Atlantic Treaty 
Organization could — overnight if nec- 
essary — resume the bombing cam- 
paign that jolted them to the bargaining 
table in L995. 

As taped by in-flight recorders and 
shown in part shown to a journalist, the 
flight highlighted the way air power 
could be used in keeping the peace. The 
footage adds to NATO’s library of po- 
tential targets. 

“We’re involved in coercion, and 


‘It’s Desert Storm-plus , 9 
said the commander of 

the Canadian F-18s. S A 

lot of new equipment, a 
lot of new tactics 
and a lot of experience in 
a new theater . 9 

demonstrations of our overpowering ad- 
vantage can help prod reluctant parties 
down the political road." Colonel 
Grecco said 

Bombing — or the threat of it — 
offers invulnerable leverage on a scale 
that ground troops cannot match. Even 
now in Iraq, for example, “the threat of 
renewed bombing has been our best way 
of finding hidden weapons of mass de- 
struction," according to a military in- 
telligence officer from a NATO nation 
directly involved in United Nations' ef- 
forts to disarm Iraq. 

In Bosnia, the people on the ground 
haven’t forgotten what NATO air 
strikes did to the Serbs, Colonel Grecco 
said, and other officers agreed that high- 
tech weaponry had a special military 
and psychological impact on adversar- 
ies with no way of lashing back at their 
tormentor. 

A difficulty of using air power in 
peace enforcement, of course, is making 
the threat real enough to get results yet 
restrained enough to avoid spilling over 
into hostilities. 

So “yon need the full range of mil- 
itary options, including different kinds 
of airplanes and a good interface be- 
tween air power and ground troops, to 
meet any challenge," said Colonel 


■XJ.K. Says Crustaceans Caught 
i-Near Nuclear Plant Are Safe 


f* Reuters 

• - LONDON — Marine crustaceans 

• taught by scientists off the Scottish 

• coast near the Dounreay nuclear facility 
: showed no traces of radioactivity, the 
j plant's operators said Tuesday. 

j Last week, Britain banned commer- 
; cial fishing within two kilometers (.1 .25 
■ miles) of Dounreay after the discovery 

• of 34 radioactive particles this summer 

• dating back to the 1 960s and 1970s. The 
j authorities feared radioactivity might 
; enter the food chain. 

[ More than 200 crabs, seven lobsters 
| and two octopuses were fished from the 
! water by the scientists and were in- 
c dividuaily monitored for radioactivity, 

• the United Kingdom Atomic Energy 
c Authority said. 

Aboard the fishing vessel were of- 


ficials from die atomic energy authority 
and the Scottish Environment Protec- 
tion Agency. 

The atomic energy authority said a 
small piece of what appeared to be in- 
dustrial tape was found adhered to one 
creel, and the level of radiation was 
marginally higher than would be ex- 
pected. Pan of the catch has been taken 
by the Scottish environment agency for 
analysis. 

The order prohibiting fishing was 
made by the Scottish Office on the rec- 
ommendation of the environmental 
agency. 

Scottish safety authorities are already 
re-examining rules on radioactive waste 
storage at Dounreay, which could affect 
the plant's viability as a waste repro- 
cessing center. 


For investment information 

Read THE MONET REPORT every Saturday in the IHT. 


Geoffrey St. John, Canada's military 
attach^ in Rome. 

The growing credibility of air power 
in peace enforcement comes partly from 
die increasing use of lasers and pre- 
cision-guided munitions in NATO air 
forces. Their accuracy means that an 
attack can be devastating while min- 
imizing civilian casualties that would be 
liable to cause a political backlash in 
Western democracies. 

Since the Gulf War in 1991, when 
only the United States was so advanced, 
Canada and the European allies have 
gained night-fighting capability for 
their warplanes. 

“We're up there, day and night, 
armed, so they know that we're not 
going to let our ground forces be sucked 
into skirmishing," Colonel Grecco 
said. 

The F-I8s can respond to virtually 
any contingency. Each of the Hornets, 
built by McDonnell Douglas, carries 
6,000 pounds (2,700 kilograms) of 
smart bombs and missiles — the pay- 
load of a B-17 bomber — yet the plane 
has enough agility for air combat with 
any fighter. 

What is new for the F- 1 8s in Bosnia is 
the t raining in close teamwork between 
pilots and ground spotters of different 
nationalities. The goal is to ensure that 
NATO prepares itself for coalition op- 
erations, a political asset in a confron- 
tation. This heavy reliance on air power, 
however, has been criticized by some 
strategists as too expensive and too driv- 
en by political pressure to avoid ex- 
posing ground troops to risk. 

“I can't reveal details, but believe me 
that we've diverted so much satellite 
coverage to Bosnia that we’re not al- 
ways following potentially more lethal 
events elsewhere," a U.S. intelligence 
official said. 

There are no complete publicly avail- 
able figures on the cost of NATO’s air 
operations in Bosnia, which involve 
about 90 warplanes. At Aviano, a 
sprawling base at the foot of the Italian 
Alps, there are several sorties an hour, 
involving planes ranging from the F- 1 8s 
to British E-3 airborne early warning 
planes, U.S. F-16s, Hercules and other 
transports, and Predator electronic-war- 
fare planes. 

The mix of aircraft is part of the 
planners' biggest headache — the risk 
of killing the wrong people, especially 
in air strikes at targets near allied troops 
or civilians. 

Strong reliance on ground spotters to 
point weapons toward the right targets 
and away from wrong ones are a key to 
NATO tactics in Bosnia, officials said. 

Pilots also go to great lengths to avoid 
provoking trouble. On daytime patrol, 
NATO warplanes never point their 
noses directly at a military facility in 
Bosnia. “Eeople can think they 're com- 
ing under surprise attack and reach be- 
hind a door for a shoulder-held anti- 
aircraft missile," a Canadian pilot ex- 
plained. 

Similarly, the warplanes never turn 
on their laser-guidance systems in Bos- 
nia, because their wing-mounted lasers 
are not "eye-safe” — meaning they 
could blind a civilian who stared into 
then: beams. 

And NATO has elaborate secret pro- 
cedures for allied warplanes to recog- 
nize each other and avoid casualties, 
known as “friendly fire." of the sort 
that occurred during the Gulf War when 
a U.S. fighter downed a British troop 
helicopter by mistake. 

That problem of differentiating friend 
from foe could be especially compli- 
cated in Bosnia because peacekeepers 
and the local armies alike are equipped 
with a mixture of Western and Soviet- 
made armor. But only NATO nations 
are flying in Bosnia, simplifying die 
problem of visual recognition. 



*■ Mill 


AfMqe Ftidi/Jv^v 

Papon Says He Opposed Persecution 


Reiners 

BORDEAUX — Maurice Papon told 
a French court on Tuesday that he kept 
his job as an official of the wartime 
Vichy regime to “fight on the battle- 
field" against the persecution of Jews. 

Mr. Papon, 87. is accused of ordering 
the arrests of more than 1.500 Jews for 
deportation to Nazi death camps when 
he was secretary-general of the Bor- 
deaux prefecture and head of its Jewish 
affaire department in 1942-1944. 

He has denied the allegations, and be 
portrayed himself to the court on Tues- 
day as a fervent protector of the Jews of 
France. 

' “Don't you think the easiest thing to 


do would have been to withdraw, to 
mind one’s own business, to leave 
things as they were and to let the Jews be 
deported without fighting against these 
monstrous decisions?" Mr. Papon said 
firmly in response to a question by the 
state prosecutor. 

“People tell me my hands are dirty, 
but my hands would have been clean if I 
hadn’t taken care of others," he said. 

Mr. Papon was an eminent figure in 
postwar French politics as Paris’s 
longest serving police chief and later as 
budget minister until 1981, when a 
French newspaper published documents 
linking him to the deportation of Jews. 

Man; Robert, the prosecutor, focused 


BRIEFLY 


Munich Demonstration Banned 

MUNICH — Law enforcement officials on Tuesday 
banned a we ekend n eo-Nazi demonstration planned for the 
eve of the anniversary of “Kristallnacht,” when Nazis 
murdered Jews and destroyed Jewish property. 

Counter demonstrations were announced Tuesday, after 
which a regional judicial official, Hans-Peter Uhl. banned 
all protests. 

Members of the extreme right National Democratic Party 
of Germany said die demonstration Saturday was planned 
to protest what they called “leftist terror” against their 
organization. (AP) 

Hamburg to Form a Coalition 

HAMBURG — Six weeks after losing their ruling ma- 
jority. Hamburg’s Social Democrats agreed Tuesday to 
form a governing coalition with the Greens in a move that 
could be reflected at national level next year. 

Ortwin Runde, the Social Democrat mayor, said his party 
had “found a clear basis for cooperation in all important 
issues." He said the Social Democrats and Greens had 
wrapped up negotiations after 13 rounds of discussion. 
Under the agreement Hamburg's Senate will be made up of 
eight members Social Democrats and three Greens. 

The two parties plan to sign the coalition treaty Thursday 
and the new Senate will take office Nov. 12. 

In elections on Sept 21 the Social Democrats lost their 
majority by falling four points to 36.2 percent while Chan- 
cellor Helmut Kohl's Christian Democrats gained five 
points to 30.7 percent (Reuters) 

Balkans Urge an Era of Peace 

AGIA PELAGIA, Greece — Balkan nations called Tues- 
day for their blood-stained histoiy to be put behind them 
and be replaced by an era of peace and prosperity. 


Greece, Turkey, Romania, Yugoslavia, Albania, the 
former Yugoslav Republic of Macedonia, Bulgaria and 
Bosnia-Herzegovina ended a two-day summit meeting on 
the island of Crete by agreeing to create a framework for 
economic growth and political cooperation. 

“We shall work together to create in our region con- 
ditions for the prosperity of our nations in a framework of 
peace, security, good-ncighborliness and stability, "they 
said in a final declaration. 

A meeting between the two prime ministers. Costas 
Simitis of Greece and Mesut Yilmaz of Turkey, on Morality 
made scant progress, but the Balkan nations all said they 
were determined to build closer regional ties. (Reuters) 

French to Query Fiat Owners 

PARIS — The police in -France decided Tuesday to 
question the owners of 40,000 Fiat Unos, one of which 
could be a mystery car that may have brushed Diana's 
Mercedes before it crashed, police sources said. 

A police lab has determined that white paint chips found 
on the Mercedes came from a Fiat lino, and the vehicles 
under study correspond to the model the Italian carmaker 
produced from 1983 to 1987. the police sources said on 
condition of anonymity. 

It will take several weeks to question the owners of the 
cars — and even then the police are not sure that they will 
come up with the right car. 

For weeks, the police have been combing through the 
records of about 1 12,000 of the cars registered in the Paris 
area. However, police have again narrowed the number of 
vehicles they wish to investigate. 

The 40,000 Fiat Unos now under investigation are reg- 
istered throughout France. The police have begun sending 
letters to the owners in the Paris region, who will be 
questioned first. 

If the vehicle is not found among those registered in the 
Paris region, the police will widen their search in a con- 
centric circle out from die capital until they have talked to 
all the owners of Fiat Unos under investigation. (AP ) 






I’m/I* 


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on Mr. Papon’s position in Vichy's In- 
terior Ministry from 1941 to early 1942, 
before be took up his position as the 
second highest official in the region 

He set out to show the court that Mr. 
Papon's department at the ministry had 
two main offices responsible for ap- 
plying Vichy's anti- Jewish laws in 
mainland France and in Algeria, one of 
its North African territories. 

“Did you know this aspect of (the 
department's) role?" he asked. 

The former cabinet minister stood up 
and answered firmly: “No. It was a big 
administration which could not be un- 
derstood by a civil servant who merely 
carried out orders." 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY. NOVEMBER 5. 199: 


PAGE 7 


READERS ARE ADVISED 

t i^LJ b T-U ,nt<,rnatio ° al 

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AFRO. ASIA. BJROPE, UD-EAST 
CENTRAL S SOUTH AUSSCPl 
Tet71B-342-227B Fax.71M42*258 US 


WE EXPORT WORLDWIDE 
Branded sportswear, footwear, wattes 
accessories and any and a* consumer 
products. 

No mattar what your unde s* 
Please contact: 

USA EXPORT (XL* 
let 201-8964550, Foe 201-886-1961 
E-mat iCB7^2DS6©oompusa»Bixini 


vnrwJndedisnneLcun 
Trade Ctemel Onine Is toe Kernel Ob 
where irpoflers & other brae volume 
buyers can some products S fad sup- 
pfiera wrttaxfe. Trade Chang Orflr» is 
a service of Trade Channel die norfcTs 
tarerte rfl trade joura) in over 50 yis 


A GIVE-AWAY Export Surplus. Liles' 
cocktail shirts. STOCK-LOT 7000 pcs. 
HAND-BEADED & EMBROIDERED. 
U5S2.5QT FOB. GSP-FOflU-A avalabie. 
Enqjmes to lax +-K63-2) B17-8683. 


FRENCH WffiS: Qualty French fanes 
on oiler at oubtanctog pries (Bond 
red/whiie tram si.i5/bottfe. Bordeaux 
AOC S2JO). halt comaker. Fa 
quotas: PTM France +33 (0)1 4640 0093 


ROBUST A COFFEE BEANS, African 
origin, lowest prices. Teletax 
USA + B54 474-3866 


Business Opportunities 


OFFSHORE BANKS 
COMPANIES & TRUSTS 
WBGRATTOWPASSPORTS 


va 


Services 1 


Aston Corporate Tiustees 

Aston House, Douglas, He ot Mas 
Tat +44 @ 1624 626591 
Fax: 1824 825126 

London 

let +44 (A T71 233 1302 
FUC +44 (0) 171 233 1519 

E Mat): astonGenteprisejet 


OFFSHORE COUPAMES 

READY MADE (X75.. FULL ADWi 
TRADE DOCUkBfTS AM) l/C 
BANKING & ACCOUNTING 
CHNA BUSWESS SERVICE 

Cntad Staita Ho lor imiedUs 
services & contra? bochure 
MACS LID. Roan 1108. Alton Plaza 
2-6 Grafata Road, 1ST, Kowloon, 

. e+naft nacsMfcsifwr.ni 
I to 27224373 


NEW Photo DlspWVltal Dbcot Process. 
US Company oners UcmsefUastar 
License. Worldwide Paterts, 100+ 
Exduslve High Demand Products. 
Turnkey tram S15-150K USD. 
SZOO Mont products sold wicHda. 
Tab 71M9M75Q 
Fac 716681-1768 


THE INTERMARKET 


^ +44 171 420 0348 




HAJ06 USA* 

STKIttHBir UUUFACniBBI 
a fading far an expettancal T05r 
Salesman u sal » flu leartnq 
hypBmarws. deDadmrt stares ana 
SfeemiBilets fe Eunpe Compensation 
eB be on a amraksian basis, to be 
rwgctafed. 

TUs is a teadng USA nsnulaetnrBr 
saekmg ic expand ds posdon in fte 
mta. Sand datafis by FAX he (973) 
S334M7 aure fere. Sbmri Stfn. 

AGsrrs f DtsnmroRS 

Leatferg Ausbafiai aMbtunt of mol 
fcraas. qds, corafarter sets aod pfiom, 
exported to sefeaed Asian cootnes am 
fta USA moU Bra to etard Is wrtJ- 
i^aiwisifcs. fie are tookxrg tor 
aqeffiftfcBfefexs wffl syxexe sefts; 

pmdxfa n (he iratfng nduBtry. for MS 
phase ewarct Woohan Vrnsm Ply 

UL Td 613-ffiS 2800 Pax 513 35K 

7800 nrenBt moCBBflaaaiaBiAi . 

CHINA 

S&ufag basnets? BipmSrH? Need an 
agaO Haring pRttemS 9 Excess f*B? 
ProtteiG vdfe DBura cfesranoa, obfea- 
lion aftmawms 1 Any other probfem? - 
CM k wc can feji. Tet +41 22 

707402a foe +41 22 7Q740Z1 or 

Tel +S 2 25406213. Fax +852 25406272 

U0BLE EYE CUMC 

35 fent Marmtao toe mnOMf frtatflrt 
tort) BJW exams Wa&stwtesJ area, 
exam room, spasms ta am, snags. 
Stafeoftherei Gqupnral Exsdred con- 
Aon Taal padogs nckxbn mgrated 
cmp&Bt spam ONLY S200iC For more 
Woanahoa cal Uarvn 941-S24-0661 re . 

Fax 941-SZ36501 Saasrta, R, USL 

USED LEWS 

America's Leadtog SRpolcr d 
used Lew's s tooton for Heps. 
Wtcfesatas. Deem & Raafets. 
fox American Heqgfawr 
510233-1583 

BANK PfKXBrt’ GUARANTEES 

PROJECT HANMJaranTASSSTAHCE 
S9»Er BANK ACS WHUrtATUS 

CHETOT CAHDSttSSET PB07ECTBN 

FAX CHS 00 44 mss 851384 

2nd PASSPORTS / Driving Licences / 
Degrees/Canrafege Passports/Secret 

Bank Accoutts. GW, P.Q. Box 70302, 
Alberts 16610. Greece. Fax 8962152. 
hqxfomr4ftMaoney.con 

’BIG NAME* PERFUME LAUNCH 
SEEKS INVESTORS /DISTRIBUTORS. 

Ktp Mena / Kuob Pnfl fofanfiaL Fas 
+33(0)4 93 76 02 51. 

OFFSHORE SANK FOR SALE 

Cat (USA) 310-376-3400 

FBe (USA) 310-7988842 

MrtMfc Bosfaess Comdeeh fee. 

ESTABLISH ED SJL K BRUSSELS Is 
looking to lapresEri. todafe. or sd tp 
ini tWBlcp yore company In toe Euro- 
pean market Tet +3226485460, Fax: 
+32264812.14 

KTL SOCETY OF RNANCBtS 

Nelwrkhg tar fiMme professtanals w9i 
projects lw hnfing or knfag lor 
projects. FREE Alnnaled Report 
704-252-6907 Fac 7W-2S1-5061 USA 

PROJECT RIIANCE CONSULTANTS - 
We hare sauces «here «e can ottan 
project finance. For appfoaion toms 
phase tax DF Prajeet Hnenca Consul- . 
belt 00 61-7-65-711650 

PORTLAND C8EHT + ICLMOl 

Wa are No 1 in tob luinaB. Vfe can 
oforMr + ljmsd mdestatkn. fox 

972 3 9243104® 39 2 5455464 

IEB> USS 3 Brio far Joint vettoae h 
Greece, lor new tecfafcxY 6dd project 
wrth US$10 rrio. Corlact Eulnpex Fax 
+6016949978. 

WE ARE LOOKING FOR searaHvnd 
reftse CQBBdv veHctoa, espeefc* nth 

2 cornpartnHfc, tor a sdedw cowatan 
cfcot. Fare +33 (OH 78 52 40 88. 

OFFSHORE COWANES. For lee t»- 
chura re adrioe Tet London 44 181 741 

1224 Fte 44 181 748 6558/6338 
MWJHtton.co.uk 

onOHATIC PASSPORTS. Also Honop- 
ay ConsU & EU passports, ttnfowt. 
2nd-passportoxom. Tet +34-39042969 

F« +34+52882733 

FOR SALE: BANKS 1 BANKMG Com- 
panies. For Woman on cal Betatoi 

Tet +32-7595-1023 Foe +32-321 34B57 

IRISH OFFSHORE COWANES £145 
• Contact Irish tocrepuattons Ud. Fa* 
+35351-386621 E4fefa iristaeCtoLie 


SERVICED OFFICES 
DIRECTORY 



Your Top-Class Office 

■ k Berin • Dresden • DusseJdorf - Frankfurt • Hamburg 
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Business address ■ Modem technology 
A strong secretarial team at your disposal 


Pedus Office 
In Europe and 
USA -Jftt 


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HD 


MTT YOUR 

IESS TODAY! 

dresses, tunfetisd offlcsB. 

fefctaett.Mgi*. 

tad, Franca Germany, 


ittsr- 

t Sabs Cffl® hi Ztitfi 

1-1 214 62 62 
1-1 214 65 19 

t0Knitt#ltoeidndi 

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WORLD-WIDE 
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NETW0HC 


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YOUR OFFICE IN PARIS 

b reHy «tm yuo nMd B, 

even lor a couile d hours. 

• My ftretoaf M offices 

arid conferences moire to rani ly Ihs 
hnr, (toy, morth at- 

• Your bcficsl or penwal bass 

• Proft? mefe%( address. Al sen 

91, Fg St-Honore 75008 Parts 
Tfll+33 (0)144713636. Fsr(0)1 42661560 


YOUR OFFICE IN 
SWnZERLAND 1 

^sssaar^ 

jRSSflsBssn. 

BMSSSsrH'Tin CtufSdae 

tt^fll-BSBB Px +41-61-2523340 


UiT. SERVtCfiD OFWttS 

ORECTOftY EUROPE 

is ptABshBd fast 
Wednesday of each monn 

KEEP YOUR COPY FOR 
FUTURE t&EDSi 


Franchising 


LANGUAGE SCHOOL FRANCHISE: 
Franchisees are Med b join ore oqp- 
mzafon and set op language schools 
woddmde. Sma* cawa m&isi No «+ 
BaHranchtse fee. No rayaffies for Sot 
great. AtaarBer HematonaL 27 Aenre- 
ns a, 54$40 Tfessatonto, Greece. Td 
+3031327106. BZ174L Fax: 819424. 


Business Services 


GROW YOUR EUROPEAN BASE 
WBiod hsary sodai daijBS. 
Pans-based exacton wto sfcong 
b5uy of sales graweievstaUe 

tor fixed mortify or tjanedy 
ccnsutency lunudni Europe. 
Tefapfran* +33 ftp 44 57 81 6& 


'ACCOMODATION' DR ’BRIDGWG* 
D/P Letters of oetto issned by Pnrae 
Bank 30(1 B0 days - usable lor kads 
refiabta sento - reasonable fees. 
Foe +*4 pj 1SGS 513 102 


2ND PASSPORTS. Visa tree travel & 
banking back don to Spain & E.U. 
r are ntoare. TsL 9JZ 50883155, 

: 972 4 0643236 


RETIRED BUSINESS EXECUTIVE wlh 
exceRos comectm wl kxfc afler your 
bustess sisrssB. aMHng, anywhere, 
Hme 8 atpenses Fax ^33 ^466374074 


NYC LAW FIRM - BUSWESS 
Real P y Wr r - USQatjon - 
Tel: 212-797-54MT5jr 212 
E+na n*engtBs#aolmii 


MMLWG LISTS by Bmger & Caripsoy 
European business aid eonsuner date 
Tet 44 1312262996 Fax 44 1312267901 


Encndvg Axsatmt Prolessmnal wb> 
HI esxoB c vE A cento/ London office 
available for assignment oi7i 936 W5i 


CANADIAN ADDRESS, Ptow and FSx 
number. UASi.0. Comouiiicauxs. 
Tet 41&S27-W28 Fax: 416466-1408 


YOUR OFFICE IN LONDON 

Bond Street - Mai. Phone. Fax. Telex 

Tet 44 171 280 9000 Fax 171 499 7S17 


Business Travel 


let/Businnc dm Frauen! Trawfcas 
Wortfiwte. Up to 50% cfi No coupos, 
no ras b iclions. Iimerisl Canada Tet 
1-514-341-7227 Far 1-514-341-7998. 
e-mail address: imperials toglnjiei 
MtpdWwwJogiiLnbltasrW 


Banking 


EUROPEAM BANKS issue br you L/Cx. 
SBLCs Paymert/Fhanaal Giraartaas 
Proof of Finds A Btoctod Finds. Fx 
+49-1611832S8 71 +49-1728075517 


Capita/ Wanted 


BEAT THE MARKER 
Sm 1YEAR LOAN Requfiad 
100% secued (Captai + inerest) by 
ivtasn aa Sant Eaxpun% 
Ngh Hum + eryifey & jwffl share h 
work! name buitoRs. Prod d AbBy 
reqwsd prior to rdaase d detals 
Prindpab orty tax UK; 1273 306184 


SWSS / B STAHT-UP COMPANY 
MadHing and Odibuing 
Sotnre srx^i die Hamel 

loodng tor adflaul kweons. 

Far +41 22 S10 49 62. 


SB1ER SEEKS BUYER lor A 500 B - 
IDT Sctrtred UTN (Finds Ftt). ProB 
stem 5050 Fax ++48421-482217 


Capital Avertable 


mrMi « 

'M 


ANGLO American Group 
PLC ; — 1 

PROJECT FMANCE 
VENTURE CAPITAL 
GLOBAL COVERAGE 
NO MAXIMUM 
BROKERS WELCOME 
For Cmputoe Brodus and 


Tet +44 1924 201 365 
-Far +44 1924 201 377 
You are wefconu to vH us. 


CAPITAL CORPi 

H & A 

Corpnale Rnandng 
Venture CapU 
(Woridaito) 

Tel: 001-407-248-C360 
Fax: 001-407-2484037 USA 


PROJECT FINANCING 

Venus Captor - Joint Ventures - 
No Maximum - Brokers Protected 

RJ1 B4TERNATK3NAL 
Tel: 001 -242-363-1649 
Fax: 001-716-77M2W 


GLOBAL PROJECT FUNDING 

<2|3> 

. For Corporate Brodm 
Far +44 113 2727 5BO 
Tat +44 113 ZTZ7 550 


FUNDS AVALABIE 
Fbrkmstneni 

Prod d Finis , 

Through Accnrt Hddos St 
Sewn US. & Europaan Banks 
(213) 75W242Ftt (2^ 758-1221 
wwKjotitiBmayxore 
ASoritoy’s A Brokers infied 
are Perk Ave.. NY, NY 10152 USA 


FUNDING - RNAL DUAN7EN 1997 

Loan or Venture Capital avalaUe tv 


most project types. 
Ifweei Barkers. " 
to COG. Fund 
Bankers. aJ +1 


USD 2 mfcft 


and 1 
7056. 


COWERCUL FUNDING AVAILABLE 
Busnoss finance ' VMneC^rid 
WffltWde ■ Brotets wetenm 


ETHIC INVESTMENTS LTD 
FAX +44 (0)115 *2 7846 


-WtoHXATE S IMJHTB) ** 
CapUaraBtoH 
ALL busmeas pniece! 

101 US. SI mUs ran 
Ml Busiiess ConsuBng 
(717) 397-7490 (US. FAX) 
tfcphnwwinlxflcoaedn (Hemal] 


WTL PROJECT FWANCWG LOANS 
wBnd guannkm No up trad fee. 
draw HL Fax 212972-9637 (USA) 


VON RfCHTHOFEN PAULY TRUST 
Finis avaUto: S5M B S125M H bust- 
ness/prdeds backed by guarantees. 
Prindpab R* teiy +39 50 55M7& 


COHIIERCtALfBUSINESS FINANCE 
avalabfe ferrety viabia projects world- 
wide. Rax Old aynopse to Engfish to 
CopotMa Advances, (+J44-127342130Q 


Financial Services 


FUNDWG PROBLEMS? 

tar 

SOLI/RONS 

Cntad 

BANCOR 

OF ASIA 


to secure knTng 
vtato protects: 

VENTURE CAPfTAL 
EQUITY LOANS 
REAL ESTATE 

Long term cofederal 
Supported GiHrantoes 


Fta i 
Tit I 


IB1M2S4 

18946356 


(Comnusion earned ody upon RixKng) 
Brokers Cramtaton Assind 


WORLD WIDE FINANCING 

Bln 

'vooimam Rnon^Mgnt 
*Yantin CapU 
• 'Stock Loirs 
■P roject Fundfliq 
tettoreoICnaB 
'Accoads RecahnUe Financing 
Trivate Ptaoanml 
•fttoJc Sheds 


Tel: (212)758-4242 
Fax: (2 12) 758-1221 

Broker's Weboroe 

375 Park Ave, NY, NY 10152 USA 
wwwjdmhemByixm 
Rdundabla Rabtoer 
* Sometknes Required. 


FINANCIAL GUARANTEES 

Insuanca / Reinsurance backed 
gureretoes tor quaKad 
business projects. 

Tet 561-BBMZ22 
Far 501-906-3226 USA 
mthcaq> 0 wDridneuiLiia 


COLLATERAL DISCOUNT: We buy / 
Oacanl bank gutarieea. CDs, SBLts. 
PNs, & other badtaie sacuty i hsued 
or avaled by mujor bark. No brokasl 
Saourito hoktonV Prirripafc only. Fax »a- 
V+3B 50 55M7E 


PUBLIC SHBLS AVAILABLE. Lid On 
U.S. Stock Exchange. Tot (310) 
556-6820. FAX: 1310)55&4823. 
vwJjtfixxn E4fi* bnOaoUtom 


Diamonds 


DIAMOKS FOR SALE - Lower | 

• Vtatfwite defcwy. Cal now I 

Tat +32-75ffi-1C23 Froc +32-3212 

ROUGH DIAMONDS. Wei* pay tatart 
cash lor gam qtahr. Akian crip 
votne ody. tacK4 4743866 USA 


COMMERCIAL 

& INVESTMENT 

PROPERTIES 


Expo 


SUPPORTHG EXHIBITORS A visitors 

www.EXP02000SanitC8SCOm 

www HBmow-FdrSanrtaesJran 


FRANCE, CASTLE wltt cwwtnKttofe 
PARK 15km from Geneve 1D00 sqm. 
Mig spaoe, lOOflOO aim gromfs wkh 
27,000 sqm. conshurabfe. Cfesa got, 
SPA. akport, freeway. OpportuMy tor : 
teem part, hold, ms., seminar centre, 
cfnfc, retirement home, headquarters— 
Died owner +33 (0J 1 42 47 15 20 


ALBERTA CANADA. MOTEL far cafe 
22 unis plus managers apretmem. 
Beamd Me cfly. dependable Income, 
nice place to fee. USS S2SjOOO to start a 
new fife. Fax 40^434-1006 Canada far 


ISO, PARIS IEAR am For sale in 
prime tocadon, towy boutique Euhabie 
far K types d bmtaess. area being up 
scaled. GuarantsBd potadld. Sewn 
price ft&OI & mortlfcr rent RUm Tet 
+33 Ml 42 73 35 29. leave message 


HAmm ManfaMtrei Office Bufidlng. 
Fdh Rwaad. 10-15% net return per 
ir. For Sate by Liechtenstein Corp. 
' 1 58 Ubi Cal (212) 845-7090 


Businesses For Sale 


AUCTIONS: DIAMOND OPERATIONS, 

nwsusfir 


ll: -- - ^ H 

id 

I 

1 

1 

( the nDBurs nun newstxpeb 1 

PLANNING TO 

run a classified ad? 

EUROPE 

ASU/MORG 

FRAME Kfc to* 

U- 671)41 439385t 
bw. fOll 41 439370 
bmAOwAMiUom 

HONGKONG: 

U (852] 2Y22-I18S 
lake 61170 H1HX 

Fk B 52J 2P22-1 190 

GEUUNt. AU5WA & CRRRAL 
BJROP&fowUurt, 

U (06^9712300. 

Fojc (069197123020 

SNWCXt 

U: 223 6478 
for 3250842 

Idee 2B749. HTSN. 


BUSINESS OPPORTUNITIES 


CANADA IMMIGRATION 


IMSlUl. hKWSVHHl a 

Fdy seeded nmigrad uurstar hmds offered 
by a raar Cnadm financial mstibifai. 

For oniteBtai i prateacxuf rtcrmaSn.- 
UUKEMMSAn, 47wA«n. 
75017 MasLM: +31 D) 147046 20 
U: Creadi *1 514 


COMMERCIAL 

REAL ESTATE 


FOR SflLE 


HOTEL 

ON OCEAN DRIVE 

MIAMI BEACH 

65 ROOMS 

$6.2 million - Principals Only! 
Ml D. Gonzalez. 

P. 0 Box 191 SM 
Miami Beach, 

Florida 331 19-9998 
USA 


FOR SALE GENEVA 


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snJ Hrdlli Cat. 

- 10 In anl lUT&rc -xam, crank 

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BUSINESS 

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Australia ::::£]<SOT^RT 

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'PAGE 8 


WEDNESDAY, NOVEMBER 5, 1997 


EDITORIALS/OPINION 


Herald 


INTERNATIONAL 



tribune. 


n BUSH ED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Keep the Heat on Iraq 


‘ Just when UN Security Council 
members like France, Russia and 
China were losing their zeal for fex- 
■feting out Iraq’s secret biological and 
’chemical weapons programs, Saddam 
■Hussein has sparked new outrage by 
singling out American inspectors for 
special harassment He no doubt hoped 
'to widen divisions on the Security 
Council, but instead his brazen chal- 
lenge to UN authority has, at least 
Temporarily, reunified the council 
•iagainsrhim. 

' The Clinton administration should 
tnove quickly to exploit Baghdad’s 
miscalculation. The prime goal should 
- : be to reinvigorate the council's re- 
* Solve to enforce resolutions designed 
’to prevent Iraq from rebuilding its 
biological, chemical and nuclear 
weapons programs. 

«■. Achieving that objective will re- 
quire a careful balance between di- 
plomacy and credible threats of force. 
>' Iraqi authorities have begun refus- 
‘■ing to allow UN inspection teams to 
operate if Americans participate. They 
'have ordered American inspectors and 


Ely. Iraq also threatens to shoot 
down the American U-2 reconnais- 
sance planes the inspectors use for 
. aerial surveillance. 

There can be no wavering in the face 
of this defiance of UN resolutions that 
Iraq accepted after its defeat in the 
1991 Gulf War. Secretary-General 
Kofi Annan's diplomatic initiative, 
which consists of sending emissaries 
’-and offering Baghdad the opportunity 
to back down in exchange for a high- 


level hearing of its supposed griev- 
ances, is an appropriate move. The UN 
and Iraq will be better off if this latest 
crisis can be resolved peacefully. But 
the Clinton administration is right to 
signal that both the president and Con- 
gress are prepared tor stronger steps. 

Closing down Baghdad’s efforts to 
build weapons of mass destruction re- 
quires the continuing pressure of in- 
ternational sanctions until UN inves- 
tigators are completely satisfied that 
Baghdad is no longer hiding anything 
from thwn Iraq now demands that the 
Security Council set a timetable for 
lifting all sanctions in exchange for full 
Iraqi cooperation. The sanctions are 
indeed supposed to be lifted when Iraq 
has fully complied with UN require- 
ments. But Baghdad has no right to 
negotiate over the degree of its co- 
operation with UN investigators. 

Iraq has been flagrantly misleading 
UN experts and obstructing inspec- 
tors' efforts to examine suspected stor- 
age sites. 

Iraqi production of biological, chem- 
ical or nuclear weapons would threaten 
die interests of all members of toe Se- 
curity Council, including France, Rus- 
sia and China, who sometimes seem as 
eager as Iraq itself to be lid of sanctions 
and begin profitable oil dealings. 

The council’s recent mixed signals 
on pressuring Iraq have helped pre- 
cipitate the current crisis. Council 
members now need to send an un- 
ambiguous message that they will tol- 
erate no further interference of any kind 
with UN aims inspectors in Iraq. 

—THE NEW YORK TIMES. 


Democracy in Africa 


A secretary-general eager to show 
Washington and toe world the promise 
of toe United Nations is calling at- 
tention to the Security Council's unan- 
imous vote, with no abstentions, in 
Support of democracy in Africa. Kofi 
Annan, himself an African, is on target 
The council vote, on Sierra Leone, was 
supported by members —China is the 
leading case — which treat democracy 
on their own territory tike toe plague. 
But when one thinks of all toe votes 
past by which the United Nations 
.coddled dictators of varied stripes, it is 
positively refreshing to see the Se- 
curity Council not only condemning 
the Sierra Leone coup but also im- 
posing an oil and arms embargo, re- 
stricting the junta’s travel and author- 
izing toe Economic Community of 
Western African Stales to halt and in- 
spect inbound shipping. 

The vote, on Oct. 8, is all the more 
! welcome for coining at a time when a 
: good number of other military- 
i made regimes still sit in Africa — 

■ and not only in Africa. Among them 
• is giant Nigeria, whose leadership 
) argues, unconvincingly, that just hav- 
. ing a constitution and planning an elec- 

■ tion compensate adequately. In any 
I event, Nigerian troops are helping pat 

toe squeeze cm Sierra Leone, as are the 


forces of other West African countries. 

It was essential to the politics of the 
Security Council vote that toe council 
was acting in support of an aroused 
regional grouping. Earlier UN peace- 
keeping frustrations in Somalia and 
Rwanda have rendered the Security 
Council wary of jumping into African 
trouble spots without plenty of local 
company. In practical terms, a regional 
initiative has become toe necessary pre- 
requisite to an international interven- 
tion. And why not? It’s a sensible idea. 

It’s also a well -supported one. After 
toe May coup (by a rebel faction that 
had previously been part of a peace 
accord), African stales condemned Si- 
am Leone, the West cut off aid, the 
Commonwealth suspended the coun- 
try, West Africa began sanctions, and 
now die United Nations has acted, too. 
Look past the asterisks that must be put 
on toe credentials of some of those who 
rose to protest toe travails of democ- 
racy in this small and poor farmer 
British colony. Such is the status and 
momentum of toe global democratic' 
movement these days that even un- 
democratic regimes most pay court to 
it. Sierra Leone remains in tire grip of a 
military junta, bat the pressure on it is 
mounting and needs to be sustained. 

— THE WASHINGTON POST. 


Pepper Spray 


Representative Frank Riggs’s de- 
. fense of police officers called in to 
•remove anti-logging protesters from 
.his congressional district office in 
’Eureka, California, seems bizarre in 
‘ light of the abuse documented on po- 

■ lice videotape. On Oct. 16, four pro- 
; testers chained together appeared in 

■ Mr. Riggs's office and refused to com- 
; ply with police orders to leave. The 
i protesters had secured their arms in- 

■ side steel pipes to make it difficult to 
‘ separate them, and admittedly this 

• presented the officers with a problem. 
; But there was no immediate threat to 

• life or property, making all toe more 
; puzzling the officers’ use of chemical 
! brutality to deal with a sit-in. 

; On similar occasions in tire past, po- 
! lice simply dragged the protesters away, 
i This time, the videotape shows, officers 
] forced open tire eyes of the seated pro- 

■ testers to rub them with cotton swabs 
! soaked with pepper spray. When that 

did no good, tire officers sprayed tire 
cayerme-pepper-based spray directly 
into a protester’s face. The soundtrack 
i records screams of agony. What is not 
hand is the voice of a supervisor saying 
that such police behavior had clear ele- 
] meats of physical torture. 

The justification for using toe spray 
is to stop violent or aggressive be- 
havior. Guidelines issued by toe. Na- 
tional Law Enforcement Policy Center 
! suggest that the spray, which causes 
temporary excruciating pain, not be 


sprayed at toe face from distances of 
less than two feet. In this case the 
substance was applied directly into the 
eye. Tire guidelines also say that the 
spray should not be used when a sus- 
pect has been restrained. 

The anti-logging protesters were not 
-resisting aggressively nor did they 
pose a threat to toe officers’ safety. In 
Fact, they were unable to defend them- 
selves against the spray because they 
were chained and immobile. A beating 
of passive subjects would not have 
been acceptable in snch circumstances. 
Neither is the use of pepper spray. 

Police departments ail over the 
United States have had to deal with 
passive protesters who chain them- 
selves to abortion clinic doors, for ex- 
ample, or sit blocking toe driveways or 
entrances to those facilities. The stan- 
dard law enforcement approach is to 
cut the chains and cany toe protesters 
off to the police van. Protesters en- 
gaged in political sit-ins rarely resist 
arrest. Indeed, arrest and tire ensuing 
publicity are what they seek. 

In die Eureka case, attacking the 
protesters’ eyes did not make hauling 
them away any quicker. The protesters 
are now seeking a federal restraining 

such cecums tances. llhey^e^en- 
gaged in an act of civil disobedience. 
The treatment they received was un- 
necessary and uncivilized 

—THE NEW YORK TIMES. 



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i 1 1 * 


A Real Apology Would Be Much Ado 9 



H ONG KONG — Did China’s Pres- 
ident Jiang Zemin, during his visit 
to Harvard Umvereiry last week, really 
say he was sorry about the ruthless sup- 
pression of protesters on June 4, 19S9, 
around Beijing’s Tiananm en Square? 

Beijing newspapers do not help us 
here. Quite apart from toe “apology,” 
they failed even to quote him when he 
said about his experience at Harvard: 
* ‘Although I am 71 years old, my ears 
are very sharp, and while speaking I 
could bear the bullhorns outside.” 

To have included these words wonld 
have required explaining that the 
crowd outside Harvard’s Memorial 
Hail was shouting: “Down with Jiang 
Zemin ” and “Down with one-party 
dictatorship.” 

First a fact: When Mr. Jiang was 
asked specifically about Tiananmen, 
he replied in six “paragraphs.” The 
first five were about how responsive 
he and his government are to the needs 
of tire Chinese people. Id the last 
paragraph, Mr. Jiang said only: “It 
goes without saying that naturally 
we may have shortcomings and even 
make some mistakes in our work.” He 
made no mention of Tiananmen. His 
foreign minister, Qian Qichen, said 
toe next day tout Mr! Jiang had been 
speaking only generally, with no 
specific reference. 


By Jonathan MJrsky 

But suppose he was 

Tiananme n. That sentence at 

would hardly have sufficed as an apo- 
logy, There were dozens - of Tianan- 
mens in toe spring of 1989. Millions of 
people demonstrated all over China. 

However, the hundreds, if not thou- 
sands, of people killed around Tianan- 
men Square alone amount to many 
more titan the total number of dead 
fro m afl ot her urban demonstrations in 
China since students, including Mao 
Zedong, went into the streets during the 
May 4to movement of 1919. 

In 20rfc-centoiy China, only Deng 
Xiaoping ordered soldiers and tanks to 
freely kwl citizens in tire capital’s cen- 
tral square, with tire world’s mess 
watching. Afterwards he congratulated 
his forces for having performed like “a 
Great Wall of steeL* 

After Tiananmen cazne toe ferreting- 
out of “counterrevolutionaries” in or- 
ganizations across China, which lasted 
18 months and is said to have resulted 
in toe expulsion of 4 million Com- 
munist Party members, almost one- 
quarter of toe iotaL Hundreds of topu- 
sands of people were arrested and de- 
tained. and many were executed. For 
milli ons of Chinese and their relatives 


and friends, Tiananmen is not just 
“some mistake” in China’s “woric. 

Yet in official China it remains the 
“incident” that Mr. Jiang previously 
dismissed as “much ado about noth- 
ing,” and that last week in his press 
duel with President Bill Clin ton h e 
inftjgtfrf had been necessary. Prune 
Minister Li Peng has said that Tianan- 

If Tiananmen was 
seriously reassessed, 
many leaders might - 
certainly should - wind 
up in jaiL 


men was “no longer news.” In Hong 
Kong, Chief Executive Tung Chee- 
hwa advises: “Leave it to history.’ ’ 

- During the “incident,” near toe 
place in Tiananmen where I was stand- 
ing on the Golden Water Bridge just 
outside tire Forbidden City, right under 
toe portrait of Mao on the gate itself, 
the People’s Liberation Army, toe 
PLA, and the People's Armed Police 
shot unarmed people. I saw them do it. 
Their victims had been merely shout- 
ing ^nrt gesticula ting - The military and 
police repeatedly shot tire protesters 


where they fell. lalsosawa tank flatten 
a man, leaving him a bloody, glistening 
mess under toe street lamps. 

The next day, at 10:20 A.M. in front 
of toe Beijing Hotel, I saw toe PLA. 
commanded’ by an officer, fire suc- 
cessive volleys into a crowd of older 
people who were demanding to be al- 
lowed into Tiananmen Square to look 
for toeir relatives. Many people were 
sunned down, and when doctors and 
purses from toe nearby Beijing Union 
Medical College arrived in thoirwhite 
gowns and white hats to help the fallen, 
toe soldiers toot them, top. 

Why would reassessing Tiananmen 
cause instability? Mr. Deng’s toIc, of 

course, would he at too center of such a . 
reassessment Prime Minister U, Gen- 
eral Yang Shangkun and many, other 
leaders might — certainly should — go 
to jail, joining Chen Xitcng, the mayor 
of Beijing during Tiananmen, who is 
already in detention (for massive Cor- 
ruption, not for his role in encouraging 
the June 4 killing). 

A real apology would result in much 
ado about a great deal for Jeaderaaftbe 
Chinese Communist Party and the 
armed forces. 

The wrtier . Asia editor of The Times 
of London, contributed this comment to 
the International Herald Tribune. 


jt* 

'\!l‘ 


4, 


In Asia’s Financial Turmoil, the Seeds of a Wider Crisis 


W ASHINGTON — It’s 
easy to be a global capi- 
talist these days. You just put 
some savings into one of the 766 
mutual funds that invest every- 
where from Bangkok to Buenos 
Aires. Millions of Americans 
have done just that, pouring 
more than $350 billion into such 
funds (as of August). But toeir 
ftntfiHsiflsm for overseas invest- 
ing has h sd an nnintemtoH con- 
sequence: It helped trigger toe 
turmoil in world stock markets 
and now casts au immense cloud 
over toe global economy. 

“Capital flows” — interna- 
tional movements of investment 
funds — are the Achilles’ heel 
of the world economy. As in- 
vestors shift funds among coun- 
tries, drey foster booms and 
busts. Asia’s crisis represents 
the third global episode since 
1980. Major Latin economies 
stagnated in toe 1980s from their 
debt crisis: too many bank loans. 
In 1994 Mexico suffered an oat- 
flow of funds that caused a deep 
recession in 1995. The question 
now is how bad Asia’s bust will 
be and how much it will hurt the 
rest of the world. No one knows, 
but toe aftershock could be sur- 
nrisinglv large. 

In the 1990s the world’s 


By Robert J. Samuelson 


poorer countries have-received 
vast private foreign investment 
Between 1990 and 1996, in- 
flows totaled $938 billion, re- 
ports the World B ank. Of this, 
about half was direct invest- 
ment: multinational companies 
building factories or offices. An 
additional fifth went into local 
stock markets; most of the rest 
name through bank loans or 
bonds. Uhina was toe largest 
overall recipient ($217 billion), 
but Mexico ($112 billion), 
Brazil ($76 billion), Malaysia 
($60 billion), Indonesia ($50 
billion) and Thailand C$48 bil- 
lion) all got huge inflows. 

In theory, the capital is a 
boon. It enables poorer coun- 
tries to reduce poverty and raise 
living standard. But the theory 
doesn’t always woric smoothly. 
Countries mismanage toe in- 
flows. B anks can be rife with 
favoritism or incompetence; bad 
loans get made. Or multination- 
als build too man y factories. Or 
speculation propels stock prices 
to' un realis tic heights. And 
amp le foreign e xchange - — the 
dollars or yen provided by over- 
seas investors — finances a 
spending spree on imports. 


If capital inflows slow or re- 
verse, toe boom can collapse. 

Precisely this happened in 
Thailand, where the present 
crisis started. Construction halt- 
ed oa unneeded office build- 
ings. Bad loans mushroomed at 
'financ e companies and banks. 
The stock market dived. Similar 
problems afflict other Asian 
economies, and the losses ex- 
tend to their foreign trading 
partners aod investors. 

Japan is one loser, because 
other Asian economics absorb 
about half its exports and be- 
cause Japanese hanlrs have 
suffered more loan losses. Ja- 
pan’s economymay grow only 1 
percent to 2 percent in 1998. 
Some other Asian economies 
will fare much worse. Gregory 
Fager of the Institute of Inter- 
national Finance expects Thai- 
land’s GDP to shrink 1.5 per- 
cent in 1998, compared with 
growth of 6.4 percent in 1996; 
the Philippines’ GDP, he thinks, 
will grow a meager 0 J percent, 
down, from 5.7 percent in 1996. 

What’s worrying is the pros- 
pect that toe crisis might spread 
beyond Asia. Competitive de- 
valuations are one danger. By 


devaluing its currency — mak- 
ing it cheaper in terras of other 
currencies — a country gains an 
export advantage because its 
products become less expensive 
on world markets. Mexico’s 
sharp peso depreciation (about 
50 percent) in fate 1994 was one 
reason that its slump, though 
deep, was short. Surging ex- 
ports enabled Mexico to grow 
more than S percent annually in 
1996 and 1997. 

If only one or two countries 
devalue, it’s not especially 
threatening to other exporting 
countries. But toe more coun- 
tries devalue, the more other 
exporting nations may want — 
or be forced — to follow suit. 
Otherwise they risk losing ex- 
port markets. 

And lots of Asian countries 
have now devalued. Since July 
the Thai, Indonesian and Phil- 
ippine currencies are down 35 
percent to 40 percent. little 
wonder there’s pressure on 
Hong Kong. Latin America, 
Eastern Europe and even India 
and China aren’t immune. 

All that global capital com- 
pounds toe pressure. Suppose 
you’re a mutual fund manager 
invested in, say.BraziL You sold 
dollars to buy Brazil’s currency 


to buy Brazilian stocks. But if 
you fear a devaluation (meaning 
you’d get fewer dollars for 
Brazilian currency), you’d try to 
avoid the loss. You’d sell your 
Brazilian stock and convert the 
proceeds back into dollars before 
die devaluation occurred. This is 
how stock market collapses and 
currency damnations (and the 
fear of them) feed on each other 
and can become self-fulfilling. 

What’s clear — as with the 
Latin- debt crisis — is that the 
providers of global capital 
(banks, investment managers, 
m ultinationals ) follow the 
crowd. First they supply too 
much capital; then they with- 
draw it too abruptly. Developing ‘ 

countries (including China, the £ 
former Soviet Union and East- ' 
cm Europe) represent nearly half 
of the global economy. If capital 
flows to them slow sharply, their 
imports from richer countries 
might stagnate or drop. They 
would try to spur their econ- 
omies by exporting more. 

But how much can toe rest of 
toe world absorb? Ail countries 
cannot export their way to 
growth. Here lie the seeds of a 
broader crisis, ft is hardly certain. 

But it’s possible, and chilling. 

Newjnt'tek. 


Pay Attention to Workers Before Taking the Fast Track 


L OS ANGELES — Jh a des- 
perate attempt to salvage 
his request for “fast track” 
trade legislation. President Bill 
Clinton has proposed a “12- 
point program” to provide re- 
training and other adjustment 
assistance to workers who lose 
toeir jobs because of trade. 

Unfortunately, while the idea 
that the Losers in toe trade deal 
should be able to retool for new . 
jobs makes sense, it appears that 
Mr. Clinton, and toe Congress 
lack the political will to allocate 
toe funds needed for the re- 
training effort 
Overall, U.S. trade elimin- 
ated at least 2.4 million jobs 
between 1979 and 1994; the 
North Ame ri can Free Trade 
Agreement alone has elimin- 
ated almost 400,000 jobs since 
1993. That’s about 200,000 


By Robert JE. Scott 


jobs lost each year even without 
considering toe effect of recent 
imports from China and Japan. 
Another way to see this is to 
note that 200,000 U.S. workers 
have qualified each year for 
various forms of trade-adjust- 
ment assistance. 

A minimally adequate pro- 
gram would provide workers 
with an average of two years of 
training, for a total of 400,000 a 
year in such programs. Costs of 
retraining'’ these workers would 
include tuition and fees of 
$3,000 to $5,000 a year, plus 
income support and minimal 
health-insurance benefits, for a 
total of at least $10,000 a year. 
Trade-related retraining would 
thus require a minimum of $4 
billion a year. 


President Clinton has 1 
posed a program costing 
than $100 million a year, or 
about $250 per worker, ft’s no 
wonder that fewer than 10 per- 
cent of all eligible workers par- 
ticipate in trade-adjustment 
programs. Most move into 
lower-paying service jobs that 
require no retraining. 

This illustrates one of the 
fundamental obstacles to con- 
gressional approval of fast 
track. While most of us Amer- 
icans believe trade is good for 
toe economy, we no longer can 
avoid the evidence that trade 
has destroyed millions of jobs 
and put downward pressure on 
the wages of even larger num- 
bers of workers, whose jobs are 
threatened by plant closures and 


For Israel’s Sake, Support Arafat 


J ERUSALEM — Two years 
ago — on Nov. 4, 1995 — an 
enemy of peace murdered my 
father, Yitzhak Rabin. 

Now I grieve again, not only 
fora lost loved one but also for 
a nation that has lost its way. 

Just last week a fanatic burned 
down toe Jerusalem offices of 
Dor Shalom, a grassroots move- 
ment started by young Israelis 
on toe night my father died. 

Israelis opposed to blood- 
shed and war must keep the 
hope for peace alive not only in 
our own community, bat also 
among Palestinians. Yet today I 
fear for toe fete of my country, 
for toe future of toe peace pro- 
cess and for the man who once 
was my father’s most bitter en- 
emy, Yasser Arafat 
ft makes me uncomfortable 
to argue, today of all days, that 
toe leader of a forma- terror- 
ist organization should be 
strengthened, not weakened. 
Even when toe peace process 
was moving forward, my father 
did not entirely trust Mr. Arafat; 
nor did my father forget that 
Israeli blood stained Mr. Ara- 
fat’s hands. 

Bat ray father, like almost all 
supporters of the Oslo peace 
accords, understood that there 
is no credible alternative to 
Mr. Arafat. 

He alone has the stature to 
persuade his people tp reject 
toe Islamic militancy of Hamas, 
to root out terrorists and to 


l 




By Yuval Rabin 

accept the far-reaching com- 
promises needed, to achieve 
an enduring peace. 

Mr. Arafat, however, is being 
weakened by his partners in 
peace. The current Israeli gov- 
ernment has seriously under- 
mined his capacity to lead by 
subjecting him to needless hu- 
miliation. The government of 
Prime Minister Benjamin Net- 
anyahu announced new Jewish 
housing in Arab -East Jerusa- 
lem. It refused to allow Pal- 
estinian workers into Israel and 
withheld tax revenues from toe 
Palestinians. 

Fortunately, Mr. Netanyahu 
reversed some of these decisions 
last month — buionfy after the 
Palestinians’ faith in toe peace 
process had been fuitoer eroded. 
It did not help mattes when Ar- 
id Sharon, IsraeFs i nfr a st ructure 
minister, casually branded Mr. 
Arafat a “war criminal ” and no 
one in the cabinet objected. 

The U.S. Congress has also 
been drawn into toe anti-Arafat 
campaign. Legislators have re- 
peatedly threatened toe Pales- 
tinian Authority with sanctions,, 
including blocking renewed aid 
and reviving old laws that pro- 
hibited contact with toe Pales- 
tine Liberation Organization. 

These actions discourage 
other nations from providing 
economic assistance to the Pal- 


( 


estinians. They also could sour 
toe Palestinians even more on 
the peace process and feed the 
popularity of . the Islamic reac- 
tionists who are enemies of the 
Palestinian Authority, Israel 
and the United States.' 

Of course Mr. Arafat must 
meet his obligations. He must 
make good on his commitment 
to uproot terrorists in his midst 
and fulfill his obligations under 
toe Oslo accords. But nothing is 
pined if Israel jeopardizes his 
leadership and authority at a 
time when the chairman has to 
satisfy an array of impatient 
constituents. 

If he continues to Lose support 
at home and is forced to rely on 
a dwindling coterie of cronies, 
his power will soon fade, with 
catastrophic results for Israel. 

My father proved that it takes 
as much courage to talk with our 
enemies as it does to face them 
cm toe battlefield. We Israelis — 
and our American supporters— 
must demonstrate s imilar cour- 
age in doing everything w ithin 
our power to keep Mr. Arafat in 
control and on toe other side of 
the negotiating table. 

If toe enemies of peace suc- 
ceed in deposing him, a steep 
price will be paid in more lost 
li lives. 


ition with cheap foreign 
lets. Economists contend 
trade is good because the win- 
ners can compensate the losers. 
Bot toe question is: Will they? 

The problem isuot with trade 
per se, but with the rules that 
regulate . it Previous trade 
agreements have protected and 
expanded investor rights, while 
ignoring labor and the envir- 
onment 

Mr. Clinton's proposed fast- 
track bill would rou back his 
own authority to negotiate trade 
agreements in the future by spe- 
cifically prohibiting toe inclu- 
sion of enforceable labor rights 
or environmental standards. 

Current trade agreements 
have not been a resoundingsuc- 
cess for toe United States. They 
have failed to solve oar trade 
problems, which have grown 
tar worse in the past two de- 
cades. U.S. trade has gone from 
being balanced in 1975 to an 
expected deficit this year of 
more than $200 billion. Each 
year, deficits e liminate more 
high-paying U.S. jobs. 

As a first step, trade rules 
must be altered so that workers 
and toe environment are given 
equal -priority with corporate 
interests. 

Future trade agreements 
should include enforceable 


worker rights and environmen- 
tal standards at their core. 

While it may not be possible 
for poor countries to bring their 
labor and environmental stan- 
dards into conformance with / 
America's, we have every right, 9 
in trade negotiations, to ask 
them to enforce their own labor 
and environmental laws, and to 
adhere to internationally accep- 
ted minimal standards, such as 
prohibitions on child labor. In 
this way, workers everywhere 
can enjoy rising standards of 
living even as other countries 
become both better markets for 
U.S. products and more stable 
democracies. 

Band-Aids like Mr. Clinton’s 
meager proposals for adjust- 
ment assistance are unwork- 
able. The United States needs sf* 
new approaches to trade uego- * ■'} 
tiations that will improve trade 
rules and restore America's 
trade balance. New rules can 
generate jobs, not destroy 
them, ana can raise; rather 
than lower, wages. We need a 
fast track to greater opportu- 
nity, instead of glib promises 
that don’t add up. 

The writer, an economist at 
the Economic Policy Institute, 
contributed this comment to the 
Los Angeles Times. 


IN OUR PAG ES: 100, 75 AND 50 YEARS AGO 


The wrtier is chairman of 
Dor Shalom, an Israeli peace 
group. He contributed this com- 
ment to The New York lanes. 


1897: Defending N.Y. 

NEW YORK — About a hun- 
dred members of the Chamber 
of Commerce of New York 
made an urgent appeal to the 
Government to take immediate 
action for bettering the harbor 
defences of this City. They de- 
clare that New York is at the 
mercy of any naval power, and 
point out that infinitely more 
and heavier guns are needed 
and also more men. 

1922: Khalif’s Fate 

~ (T^e Herald says in 
an Editorial]: The decision 0 f 
toe Angora Assembly is a heavv 
blow to the prestige of the Khai- 
ifaie. AKhahf without temporal 
power most seem to the ma- 
jority of toe Moslems an an- 
omaly as well as a sacrile^ 

mmOQO.QQQoftSe?^ 

001 resI content 

( 


headship from the political. 
Should division arise from this 
cause, it wou id perhaps be to the 
advantage of toe Non-Moslem . i> 
Powers, as it would diminish 
the chance of a united Moslem 
uprising in India or elsewhere, 
so often predicted, against alien 
and Non-Moslem domination. 

1947: Austria Evictions 

VIENNA — Austrian Corpmci- 
tostshave instituted a program of 
forcible land reform in toe Rus- 
sian Occupation Zone. Ignoring 
°focrs from the federal and pro* 
Y'nrial governments, party of- 
ficials are evicting owners awl 
tenants on two days* notice. The 
Austrian Cabinet will hold an 
^nergency session to discuss the 
latest infringement of govern- 
ment sovereignty. Four weeks 
ago, ftc Cabinet was called to j j 
protest the Russian expulsion of ! ~- 

four high police officials, but the 

Soviet command ignored toe re- 
quest for their reinstatement 





K- 

•V 


tin* I'listTn 


-< 'i 


J t j'USp 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 5, 1997 


PAGE 9 


OPINION/LETTERS 


Do the Clinton-Haters 
Know What’s at Risk? 




By Richard Cohen 

YTT'ASHINGTON — Years 

Tf ago, I attended a series of 
events called the National Review 
Forum. It was sponsored by the 
National Review, and often fea- 
tured that magazine’s star writers, 
including the founding editor. Wil- 
liam F. Buckley Jr. It was on those 
evenings that I made a discovery 
Conservatives can be mean. 

The audiences seemed to shim- 
mer with hate. One guy in par- 
ticular used to stomp his cane on 
the floor and seethe whenever the 
name “Roosevelt" was men- 
tioned. As for the conservative 
debaters, they were a skillful lot, 
but they were also smug. It was 
clear they believed their oppo- 
nents lacked not only a cogent 
ideology, but legitimacy as well. 

Thai, precisely, seems to be the 
conservative attitude toward Bill 
Clinton. And while it may be un- 
derstandable (he has twice won the 
White House with less than 50 
percent of the vote), we are getting 
to the point where conservatives 
ought to ask tbemseWes what jjn the 
world they are doing. They are 
shooting ar Mr. Clinton but 
wounding the thing they profess to 
love most — their country. 

At the moment, for example. • 
conservatives are behind the odi- 
ous attempt to haul Mr. Clinton 
into court in a sexual harassment 
case. We are talking Paula Corbin 
Jones here, the Litigious T .ass 
from Little Rock who c laims 
well, yon know what she claims. 

But what she does not claim, as far 
as I know, is that after things 
happened or didn't happen at 
Little Rock’s Excelsior Hotel, she 
was transferred from the Arkansas 
Industrial Development Commis- 
sion to something like the state 
chicken farm. 

In fact, her case seems to be not 
so much an attempt to compensate 
her for a job lost, but for a repu- 
tation sullied — and not by the 
president That was neatly accom- 
plished by the right-wing Amer- 
ican Spectator magazine, which, 
in January 1994, said Mr. Clinton 
had sent an Arkansas slate trooper 
to fetch a “ Paula " to his hotel 
room. It was the publication of her 
name — not the May 8, 1991, 
alleged incident in the Excelsior 
Hotel — that triggered the suit 

But when Ms. Jones did sur- 
face, it was in the bosom of con- 
servatives. Her first press con- 
ference was held in conjunction 


with the 1994 Washington meet- 
ing of the Conservative Political 
Action Conference. Since then 
her came has been adopted by 
other conservatives and hex suit is 
now being financed .by the right- 
wing Rutherford Institute of Char- 
lottesville, Virginia. 

Two things need to be said 
about this suit First, we shall nev- 
er know what, if anything, . 
happened at the Excelsior HoteL 
Scoond, this suit is a slimy piece of 
work. Whatever Ms. Jones’s mo- 
tivation — and she does seem bent 
on clearing her name — her sup- 
porters have a different agenda. 
They want nothing l ess than to 
humiliate the president and, if 
possible, force him from office. 

What we are seeing now is the 
political version of total war. It is a 





tacnaByjum 


o * 


xv r* '-m 


Climbing Back Aboard 
The Opinion Treadmill 


Bv Frank Rich 


N EW YORK. — Four months 
without having to have an 
opiniou! This was die situation in 
which I found myself as 1 took the 
fust extended break in a 20-year- 
plus career of spewing out opin- 
ions for readers purportedly in 
desperate need of diem. 

I had taken this leave to work 
on some writing that would have 


MEANWHILE 


where the presidency is involved. 
Its only precedent is Watergate, 
where, of course, a president was 
ousted. But a reading of the re- 
cently released White House tapes 
ought to prove to anyone that 
Richard Nixon was a law-break- 
ing president. Thai is not the case 
with Mr. Clinton. If he has broken 
a law while in office, 1 do not 
know of it. Political opportunism 
is not an impeachable offense. 

Whatever damage will be done 
to Mr. Clinton will be nothing 
compared to what is being done to 
American political institutions. 
The use of a smarmy sex accu- 
sation to politically wound a pres- 
ident is a new low. So, too. is the 
constant call for an independent 
counsel to investigate political in- 
fractions. L for one, would rather 
have the campaign financing laws 
evaded than have independent 
counsels roaming the country 
looking to make a misdemeanor 
into a federal case. 

Conservatives, however, seem 
untroubled by how recklessly rad- 
ical they have become. They call 
for Mr. Clinton's impeachment, 
lacking only a bill of particulars. 


LETTERS TO THE EDITOR 


What the Prince Said 


Regarding “ Political Assassi- 
nations: Whin Do They Change? " 
( Opinion , Oct. 29) by Gideon 
Rafael: 

Mr. Rafael, a seasoned observer, 
is correct to acknowledge the mod- 
eration and foresight of His Royal 
Highness Crown Prince Hassan. 
Jordan, under its Hashemite lead- 
ership, has always been a force for 
moderation and peace in the trou- 
bled Middle East. 

But Prince Hassan is quoted in 


the article as telling The Wash- 
1 Israel's 


and glow in the dark at the pros- 
' confront 


pect that Ms. Jones will 
him next May cm whether he 
“dropped trou" in her presence. 

This is squalid stuff and yet 
conservatives either support Ms. 
Jones or say nothing in protest We 
may never learn Mr. Clinton's 
“ distinguishing characteristic," 
but we know his enemy’s. It is 
shameless political opportunism. 

The Washington Past. 


ingtqnPost that Israel's tradition of 
glorifying covert killing "is a part 
of Issue! ’s not wanting to become a 
country that is pan of the region." 
This statement does not accurately 
reflect title views of the crown 
prince. Prince Hassan was refer- 
ring to a certain segment of Israeli 
society. It is his firm belief that this 
segment and its counterpart in the 
Arab world should not be allowed 
to impose their extremist agendas 
on the peace-oriented majority of 
the peoples of the area. 

In fact, when he was asked in 
the Washington Post interview 
(IHT, Oct. 13) about the Israeli 
glorification of political assassi- 
nation, Prince Hassan said he 


was how the Israeli government 
could authorize an act as reckless 
as the attempted assassination of 
the Hamas activist Khaled Meshal 
in a country that not only con- 
demns acts of terror and violence 
but also actively fights them. 

Mr. Rafael is right to note that 
the assassination of Prime Min- 
ister Yitzhak Rabin has caused a 
change of political direction in 
Israel. Jordan believes this change 
has affected not only Israel but bias 
led to the current stalemate in the 
peace process. 

With all due respect, thouj 
Mr. Rafael is wrong to belittle < 
impact of the assassination of 
King Abdullah on the history of 
the region. King Abdullah was not 
killed because he was king of 
Jordan. He was assassinated be- 
cause he advocated peace and co- 
existence between Arabs and 
Jews at a time when very few in 
the region had sucji convictions, it 
took the Middle East more than 
five long decades of suffering and 
conflict to start acting in accord- 
ance with his vision and legacy. 

AYMAN SAFADL 

Amman, Jordan. 


The writer was right in pointing 
out that this new phenomenon is 
still imperfectly understood. His 
quixotic view of globalization is 
typical of those who stand to ben- 
efit from it. The fact is, many 
small states cannot partake in 
globalization because they cannot 
achieve the economies of scale in 
production necessary to success- 
fully compete in the global mar- 
ketplace. They are therefore 
forced to depend on special ar- 
rangements for market access. 

CHARLES PEYREFJTTE. 

• Brussels. 


The writer is charge d'affaires 
at the Mission of Belize to the 
European Communities. 


Wide Open, for a Price 


The writer is press secretary to 
Crown Prince Hassan. 


could see why the general public 

gallan t toe 


could regard as gallant the as- 
sassination of figures perceived as 
involved in violent acts against 
their coon try. What Prince Hassan 
could not understand, however. 


Globalization’s limits 


Regarding "Join In Singing the 
Praises of Globalization (Opin 
ion, Oct. IS) by Rahmi Koc: 


Regarding “ Dee Dee Bridge - 
water: Fame and Respect in Par- 
is" ( Features , Oct. 31): 

Dee Dee Bridgewater's sug- 
gestion that a committee of mil- 
lionaires controls who can or 
cannot live in Santa Barbara, 
California, maligns the citizens 
of that city. 

As is the case in most of the 
world’s most desirable cities. Santa 
Barbara's housing market is driven 
by capitalist forces. As in Man- 
hattan, Monaco and Hong Kong. 
Santa Barbara residence is open to 
anyone who can pay the rent 
LAURIE VON MELCHNER. 

Darmstadt, Germany. 


no connection whatsoever with 
current events, could never appear 
in a newspaper and hud no guar- 
anteed audience. Only my imme- 
diate family did not consider this 
strange. Everyone else thought I 
had taken leave of my senses. 

“Aren't you frustrated that you 
can’t break into print about 
Evander Holyficld’s ear?” asked 
one neighbor when 1 made the 
mistake of venturing into the 
street. It was amazing how easy 1 
found it to slop myself from doing 
a riff, even for my own private 
consumption, on sewereu cars 
through history from van Gogh to 
“Reservoir Dogs." 

There were certain hardships I 
suffered by exchanging the world 

of opinion seekers and makers for 
solitary confinement in my own 
p&vche. I had to miss out on what 
1 gather were riveting campaign 
finance hearings in which intrepid 
senators unmasked a Chinese spy 
plot to rig the ’% election. I could 
not join 'the rest of humanity in 
thrilling to the daring exploits of 
the space station Mir. The nail- 
biting suspense of the New York 
mayoral race passed me by. 

This is not to say that all news 
failed to penetrate my lair, or that 
I didn't have opinions about the 
headlines of the day. Self-protec- 
tion dictated that I keep a few 
strong views handy for the oc- 
casional unavoidable social en- 
counter. 

What did 1 think of the untimely 
demise of Gianni Versace? “Vul- 
gar clothes, tragic death." Prin- 
cess Di? “Better clothes, tragic 
death." Mother Teresa? “Fewer 
clothes, tragic death.” 

The paparazzi? "France’s 
fault" The stock market plunge? 
* ‘China’s fault." Bill Clinton’s al- 
leged “distinguishing character- 
istic’ ’? “ A likely story.’’ Don De- 
•Lillo's "Underworld”? “Just 
200 pages to go!" 

The Promise Keepers’ rally in 


Washington? “I got a now from 
home.” Marv Albert? "Look for 
his comeback as a sports announ- 
cer at the next Promise Keepers 
rally." Ted Turner’s $1 billion 
gift to the United Nations? "That 
should cover at least the next four 
or five hundred parking tickets." 

Now (bar I’m back on the opin- 
ion treadmill, 1 guess I'm going ip 
have to flesh out some of these 
opinions. Or will I? 

What 1 learned most of all from 
the perspective of a sabbatical is 
how quickly the media zips 
through a spin cycle, inflating al- 
most any event into equally epic 
proportions, wringing every’ lost 
drop out of it, then dropping it in 
the memory hole as soon as a 
better t that is, more salacious) one 
comes along. 

When nothing is happening, 
desperate prognosticators, print 
and broadcast alike, will do des- 
perate things: At one low point in 
the doldrums of summer, a bored 
press seemed poised to inflate the 
ideological debate between 
Democrats and Republicans over 
the prospect of national student 
exams into a civil war. 

Maybe this is a good sign. 
Maybe if we have the luxury to go 
to the mattresses in a national 
shootout over standardized math 
rests, we Americans are in better 
shape than we think. 

Or is the complacency of our 
historical mo menu in which we 
can idle awuy hours debating the 
efficacy of indecipherable televi- 
sion ratings, a form of denial and 
escapism that allows us to ignore 
the real schisms just beneath our 
nation's placid surface? 

Recently 1 tried to argue the 
optimistic" case to my kids. Re- 
member this moment. I told them: 
You live in a country that is not at 
war or living under the threat of 
one. not engulfed in racial con- 
flict, not on the brink of depres- 
sion. 1 never had it so good when I 
was your age. 

But they looked at me skep- 
tically. I wasn't writing a column, 
so they valued my two cents' 
worth at exactly two cents. 

To redeem my credibility in 
their eyes. I return to the opinion 
beat, determined to get to the 
bottom of those rumors that the 
newspaper I work for has, in my 
absence, taken to publishing in 
color. 

The New York Tunes. 


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X 






PAGE 10 



INTERNATIONAL 


Clinton Appears Unwilling to Meet Netanyahu Dur 



JORDAN: 

Democracy Strained 


\|u< 


* 


The Associated Press 

JERUSALEM — Prime Minister 
Benjamin Netanyahu, who is planning a 
three-day visit to the United States bis 
month, has not been able to arrange a 
meeting with President Bill Clinton, Is- 
raeli officials said Tuesday. 

An Israeli government spokesman, 
Moshe Fogel, ascribed the failure to 
schedule a White House session to tech- 
nicalproblems. 

‘The possibility of a meeting was 
considered but due to technical diffi- 
culties in scheduling, the meeting is not 
an the agenda at this time," Mr. Fogel 
said. 

a But other officials said privately that 


the government was concerned because 
it was .virtually unprecedented for an 
Israeli prime minister to visit the United 
States and not meet with the president 

One Israeli official, speaking on con- 
dition of anonymity, suggested the in- 
ability to arrange a meeting was pur- 
poseful, a “slap in the face." 

The official, who is close to Mr. Net- 
anyahu. linked the failure to schedule a 
meeting to Washington’s unhappiness 
over Israel's hard line in peace talks with 
the Palestinians. 


ised West Bank troop withdrawals. 

Mr. Netanyahu leaves Nov. 12 for a 
four-day visit to Britain and meetings 
with Prune Minister Tony Blair and For- 
eign Secretary Robin Cook. He is also 
scheduled to speak at Oxford University. 
He then flies to Indianapolis on Nov. 16 
to address an assembly of American 
Jewish' leaders. Later the same day, he 


Continued from Page 1 


never be told that he is not welcome in On be agenda for Tuesday's session 

the United States or at the White werePalestmiandemaiKlsforan aijpon, that the kina is losinc 

House,” Mr. McCuny said. He said no ■ a seaport, acorridor to connect the West .• 

meeting had been arranged ai dm point Bank with Gaza and an industrial zone. jv jonianiatvs.' w?© tend to 

because Mr. Netanyahu’s schednledhad But the State dKguS*tween him and his gov. 

not yet been set . James Rubin, complained that be iw- forthc Hashemite 

Talks between Israel and the Pales- egadon sent by Mr. Arafat tacked «- monar ^ y S z l^^ep evert, within the ■ 

tinians meanwhile, were off to a slow -pertise m those areas. ■ - Mn«Km Brotherhood, die . country's -i 

start, with Secretary of State Madeleine Israel sent .14 negoratoi^Aii Israeli Muslim Btomemooo, me commy s 


jcwian wuu«a. uic »amt u«jr, uc sum, w«*i w* ~ f, -n A t^ Bna ifv Truin fundamentalist group and a' pnUtr 

£££££&? 5S&2& ^f^" eaadY ““ ’ 


18. 


Mrs. Albright met separately in her here. ’ ^ ^ j_ ^TVmnrracy'is something, thht is in- 


l'U9. rMVI>5Ul mu* sui»u»u,‘J “ — — — — ” , . J 'jjATC _ 

In a statement late last month, the office with David Levy, the Israeli for- Mr. Arafat salt three senior aoviscre, . ■ ~ Hussein stud in an in 

ignof White House press secretaiy, Michael eign minister, and Mahmoud AW»s, a ' prompting Mr. Rubin.tor^^r last wedc at BasmafrPatacc. 

kvt„ a« E hP, triad That without snecialists * we wont be terview last wee*. , « ,1^ 


Mr. Netanyahu has shown no sign 


giving in to U.S. pressure for a “time 
out” in the expansion of Jewish 
settlements or of going ahead with prom- 


McCurry, denied that Mr. Clinton was 
refusing to meet Mr. Netanyahu. . 

“The prime minister of Israel would 


eta* adviser to Mr. Aroftt, as she tried feu fo£ Any bmhp s ato ne fltaroad.he.daed, are 


to set up a schedule for tackling her 
ambitious agenda. 


issues. 


Jospin Not Looking for a Fight 

Use of Troops to End Truck Strike, as in *92, Is Ruled Out 


By Barry James 

International Herald Tribune 


PARIS — Unlike 1 992, when another 
Socialist-led government sent in troops 
to break up a strike by truck drivers, the 
current French administration has ruled 
out the use of force to end the blockade 
of the country's highways, officials said 
Tuesday. 

The strikers are breaking the taw by 


STRIKE: 

Pressure Mounts 


Continued from Page 1 


partial agreement, such as that reached 
during the weekend between some un- 
ions and an organization representing 
small - and medium-sized trucking 
companies. 

‘ The government strongly hopes that 
negotiations succeed and commit as 
man y parties as possible to an agreement 
in the hours ahead,” Mr. Jospin told the 
National Assembly on Tuesday. 

“But in any case, whatever the n am- 
ber of parties, the government and I 
pledge to apply any agreement imme- 
diately to the entire profession.” 

He said he would introduce a bill on 
Monday tightening controls on the 
trucking industry and giving inspectors 
the power to imm obilize vehicles op- 
erating illegally. 

This was aimed at trucking companies 
that abuse die system by requiring 
drivers to work longer-than-legal hoars 
and by overloading trucks. Such a mea- 
sure could also have repercussions 
against shipping agents and supermarket 
groups that accept such practices. 

One reason for the strike is the length 
of time that many of the nation’s 
300,000 drivers have to be on duty, 
estimated at an average of 240 hours a 
month. 

The European Union imposes a max- 
imum workweek of 48 boors, although 
this does not apply to the transport in- 
dustry because an earlier directive lim- 
ited flte number of boors that trucks can 
be driven in any day. But this does not 
include the time that drivers spend load- 
ing or discharging, or waiting for con- 
signments. 

Already competition is certain to in- 
crease next July, when the' trucking in- 
dustry throughout the European Union 
will be deregulated. This will allow 
companies to operate freely in any EU 
country in competition with national 
carriers. 

In a recent report, the European Com- 
mission acknowledged that the present 
system had given rise to “considerable 
distortions,” and it proposed a truckers’ 
charter, including four weeks of paid 
vacation a year, minimum rest times and 
a ceiling to the number of hours worked 
each year. 

The commission also wants to tighten 
the rules for entering the trucking busi- 
ness to eliminate so-called cowboys, 
who have knocked the bottom out of 


abandoning their vehicles on the high- 
way, but are unlikely to face prose- 
cution. And they are violating France's 
commitment in the European Union to 
allow the free movement of people and 
goods. 

Prime Minister Lionel Jospin, who 
has sought to act as a mediator between 
the strikers and the truck companies, 
'‘will do everything possible to avoid 
provoking a confrontation,” said Phil- 
ippe Moreau Defarges, an analyst on 
French and European affairs at IFRL a 
foreign relations institute here. 

This is partly because Mr. Jospin re- 
lies -on support from the Communist 
Party, which would withdraw it if the 
government used force against the 
strikers. The minister of transport, Jean- 
Claude'Gayssot, a Communist, has spent 
most of the last week urging die unions 
to keep talking. 

The employers' group that represents 
most truck companies is widely per- 
ceived as being to blame for the situation 
and Mr. Jospin stands only to lose sup- 
port if he were seen te be allying with the 
employers, analysts said. 

At the same time, Mr. Moreau De- 
farges said, the prime minister does not 
have a free hand because he shares re- 
sponsibility for the government with 
President Jacques Chirac, a conserva- 
tive. 

The prefects responsible for applying 
government policy in each region, 
however, have the authority to send in 
thepolice on a case-by-case basis. 

The police have intervened in a few 
places to keep open border crossings, 
provide corridors for private cars and 
rescue stranded foreign truck drivers, 
and they have also requisitioned gas 
stations in some areas to supply emer- 
gency and priority vehicles. 



2 Years Later, a Divided Israel Mourns Rabin 


Israeli airmen placing flowers Tuesday at the tomb of Prime Minister Yitzhak 
Rabin, who was assassinated on Nov. 4, 1995, by an ulbanationalist Jew 
in Tel Aviv.. Supporters and opponents of Mr. Rabin’s peace efforts 
marked the day in a dark national mood of recri minatio n and mistrust 


HONGKONG: 

Post-Plunge Reality 

. . . Continued from Page 1 


done up to look like a Vietnamese co- 
lonial terrace or a Mexican hacienda, can 
easily set a diner back $1 00 or more for 
even the simplest meal of pasta, s a lad, a 
bit of wine and acr espresso. 

In a reflection of the drastic turn the 
finance industry has taken, businesses 
that deliver prepared meals to offices 
have been doing a roaring trade as they 


“part of growing up. •• 

But erosion of democrtdfc freedoms 
has caused concent in Jordan about the 
prospects for a smooth transfer of power 

to the king’s designated successor, 
Crown Prince Hassan. Jordan’s success 
or failure — in building stabile demo- 
cratic institutions also has i mpl ic a tions, 
for the West, which has long valued 
Hussein for his ' moderating, role in 
Middle East diplomacy. 

Hussein, 6 1, was treated for cancer of 
the ureter in 1992. His aides say the 
disease has not returned. 

“We need to strengthen our civil so- 
ciety,” said Taher Masri, a former prime 
minister and one of & number of prom- 
inent Jordanians who have backed the 
fundamentalist call for an election boy- 
cott. “The base for dedska-making is 




jiiinii 


cater to nervous financiers. . . . 

“We’ve been having a record week nanowing all the tune. . 
iuxifin* ma^viIa AM iimrUiirT iafA urAirSna The Ar&b world s longest-serving 

ruler, who took power in 1952 at the age 


because people are working late, waiting 
for the New York market to open,” said 
Richard Feldman, owner of the Food by 
Fone delivery service. “We had record 
sales the night of the crash.” 

As important as finance has become to 
the economy of Hong Kong, its wealth 
twianates from real estate: Qften-shoddy 
little boxes that sell for $500,000 are what 
have built local fortunes. Like be stock 
market, the -apartment scene is already in 
what agents call a “consolidation phase,” 
a polite term for when prices falL 

It is not uncommon on some of die 
main thoroughfares here to see seven real 
estate agencies lined up in a row. In the 
boom times, each would be packed with 
cocky young agents intently working a 
bank of phones and computers, oblivious 
to customers scanning me posted prices 
and rents on die front window. 

The other day, though; after apartment 
prices had fallen 10 percent in 10 days. 
Treasure Land Property's marketing ex- 
ecutive, Mikron Ng, demonstrated die 
new, tough-times approach to selling 
property. Quick to spot a potential client 
outside his Hong Kong Island branch, he 


of 17; Hussein has demonstrated un- - 
canny survival' skills in a country ' . • 

plagued by internal divisions — mere : ~‘ t - - 
than half its estimated population of - 
nearly 5 million is Palestinian - — and ’ 
surrounded by often hostile neighbors, i 
Jordan's democratization process — *. 
more liberties and participanon m gov- 
eminent, but under a hereditary monarch 
— began with parliamentary elections in 
1989 and continued with tbcadoptioo of a 
national charter expanding press 
freedoms and legalizing political parties. s 
The most powerful such party is the " 
I slami c Action Front, the political arm Of . . 

the pan-Arab Muslim 'Brotherhood, 
which won 16 of 80 seats in 1993 elec* . 
tions. The party’s participation in main- 1 
stream politics has been widely credited ; 
with muting Islamic radicalism of the 
sort that has plagued other pro-Western 
Arab countries, such as Egypt, where the. * A 

Muslim Brotherhood is i! Segal. . ‘\ 

But the popular mood has soured. 

Despite promises to the contrary, 

Jordan's peace treaty with Israel has 


FRANCE: Bumpy Road Ahead for the ‘Exception’ Paris Chums 


emerged on the front steps ofhis deserted failed to improve living conditions or. 
office, smiling as he offered his card. make a dent in its 25 percent unem- 

Another gauge of how far Hong playment rate. Public anger is building 
Kong’s financially mighty have tumbled over austerity measures and the king's 
is Peregrine Investment Holdings Ltd, policy of “normalization “with the Jew- 
fhe pan-Asian brokerage that used to take ish state, which many Jordanians regard 


in 




Continued from Page 1 


prices. 

Before walking out of negotiations, 
the employers' group offered to increase 
salaries to 120,000 francs ($20,000) a 
year by 2001. 

The drivers' anions are fighting for an 
immediate rise to 10,000 francs from 
about 7,700 francs a month and a 200- 
hour limit on the number of hours 
worked in any month. 

Yves Doutriaux, a spokesman for the 
Foreign Ministry, said the government 
was in permanent contact with the Euro- 
pean Commission and the governments 
of neighboring countries to mitigate the 
impact of the strike on foreign truckers 
as much as possible. 

But he said the government respected 
the right to strike and was detennined 
not to provoke a confrontation with the 
workers. When challenged by the police, 
the truckers have merely moved their 
tracks and set up a blockade elsewhere. 

In most of be barricades, trucks are 
parked to leave a wide enough passage 
for private motorists to filter through, an 
attempt to hang on to public sympathy 
for the strikers' cause. 


maim, warned that supply shortages 
could severely hit production lines and 
result in serious economic damage. 

The irritation went to the French gov- 
ernment's seeming tack of resolve in 
maintaining freedom of movement of 
people and goods across the country, a 
prime tenet of the European Union, and 
bewilderment about how the right to 
strike had moved without great hindrance 
from a specific labor action of employees 
against employers to a well-organized 
strategy for effectively halting a signif- 
icant segment of European trade. 

In the past, neighboring countries 
watched such strikes here in frustration 
and, for the most part, in silence. This 
time, the difference is that Europe has 
become actively engaged in urging bat 
France, beyond its internal debate about 
the survivability of French identity, must 
act rapidly to resolve a problem that is 
not entirely its own. 

It was the fourth time since 1984, and 
the second in 12 months, that a strike of 
French truckers challenged Western 
Europe’s economies. In each case, be 
conflicts were ended with promises and 
engagements bat often were not 
honored. However' be truckers’ wage 


tain, France and Germany. The Jospin 
government in July decided to mm its 
back on France’s previously announced 
plan to reintegrate NATO’s military or- 
ganization, affecting be confidence of 
be alliance's European leadership in 
France’s willingness to accept common 
security goals. Then, in September, be 
Jospin government raised questions 
about tiie effectiveness of France as an 
economic partner, announcing the com- 
ing of a 35-hour workweek, a less-effort, 
more-cost response to be task of re- 
ducing unemployment that had been re- 
jected in London, Bonn and Madrid. 

Now, resolution of be trudeers ' strike 
is in significant measure in be hands of 
two Jospin cabinet members with strong 
credentials as believers in be French 
exception and naysayers to various as- 
pects of European integration. The trans- 
port minister m charge of negotiations is 
Jean-Claude Gays sot, a Communist who 
was successful in pressing for the gov- 
ernment to stop the full privatization of 
Air France. The background of Jean- 
Pierre Chevenement, the interior min- 
ister in charge of be police fores that 
might be called on to clear roads, is one 

Of left-wing nati o nalism that led. him to 


quit the Socialist Party and form his own 
splinter group. 

Mr. Jospin and President Jacques 
Chirac, with meetings scheduled this 
week with Chancellor Helmut Kohl and 
Mr. Blair, so far have said very little 
about be conflict other than to call for a 
prompt resolution. Bat Valery Discard 
d’Estaing, a former president, in an in- 
terview with the Europe 1 radio station, 
found it had gone well beyond the nor- 
mal bounds of a strike and gave “a very 
bad image of France.” 

“Foreign companies no longer want 
to invest in France,” he said. “The 
world is not soft-hearted. France is seen 
as a place where people will woik less 
and costs will go up.” 

But settling the strike does not resolve 
be problem in its broadest sense. On 
July 1, be ElTs trucking borders open 
wider, wib tracks from any member 
country having authorization for the first 
time to cany goods between two or marc 
points nr another country. British truck- 
ers, far example, will be able to hanl 
camemberts from Normandy to market 
in Paris. At that point, the French ex- 
ception on tiie roads will be under per- 
manent challenge. 


the cream of public stock offerings , and 
that made piles of money wib an elite 
fixed-income team trading Asian bonds. 
It stunned analysts wib a 59 percent 
increase in first-half earnings tins year. 

Until be turmoil 

Amid persistent nunorsbal the com- 
pany was on the ropes and in bailout 
talks wib be Bank of China, it bought 
full-page ads in Sunday newspapers to 
assert that it was in good financial healto 
and that be rumors were false. 

Still, just a few days before the Japan 
Bond Research Institute pat it-on review 
for a possible downgrade. Peregrine said 
it had set aside an extra $35 million to 
pay for trading losses that came when 
stocks and bonds in Asia crashed in mid- 
October. In an exceptional announce- 
ment, Peregrine said pretax profit from 
equities had fallen 58 percent and profit 
from bonds had dropped 42 percent in 
the year to Oct. 24. 

Other financial houses have not been 
as forthcoming, but traders say there is .a 
sense in Hong Kong that now begins a 
testing time, when good managers dis- 
tinguish themselves through adversity. 

“Everyone sees be value in a number 
of companies,” said Tim Jacobsen, a 
salesman at SocGen-Crosby Securities. 
“Everyone’s focusing on managemen t 
management that can cope in a crisis.” 


as deeply hostile to Arab interests, 
v In Parliament, meanwhile, opposition 
lawmakers from Islamic fundamentalist 
and secular nationalist parties complain 
that the palace has rendered them au but 
irrelevant. Jordan’s electoral taw, they 
say, favors conservative tribal candi- 
dates who tend to follow the king. They 
also were incensed by a royal decree, 
issued in May wibout parliamentary 
debate, bat imposed harsh restrictions 
on the press and already has resulted in 


■ T . 

I 


bob the left and right never achieved LEADER: Perceived Ai rogance Breeds Resentment From Allies 

settlements or laws that reflected be ° 

realities of globalization. Rather, they 
ignored new European competition and 

maintained high social costs to employ- supremacy. They say the United States is 

bound to be condemned whatever it does 


Continued from Page 1 


ers, creating a vicious cycle of new de- 
mands and new rigidities. 

The particularly French aspect of be 
problem was be conceit or wishful polit- 
ical thinking that the country somehow 
had be means or be'genios to maintain 
a trucking industry wib 300,000 drivers 
and 30,000 mostly small employers in 
be context of the industry's European- 
wide rationalization and be arrival of 
more flexible job markets beyond 
French borders. French, exceptionalism, 
in this case, meant maintaining be status 
quo — with be government doing noth- 
ing either to restructure be industry or 
protect its European partners in be event 
of a new strike. 

Dissatisfaction wib T exception fran- 
caise has a very current context for Bri- 


— it will be criticized as too overbearing 
when it. asserts its will over other na- 
tions, and scorned as too passive and 
indecisive if it steps back to allow others 
to take the lead. 

U.S. power may have been greater a 
half century ago, when World War II 
ended, but be revolution in communi- 
cations and other technologies has given 
America a broader impact on the world. 

Besides having be world's biggest 
economy and highest living standards, 
the United States possesses be only 
military force capable of acting in all 
parts.of be world. It has spawned 10 
million new jobs in be past four years 
while other Weston countries struggle 
wib persistently high unemployment 
American mass entertainment has never 
been more popular. 


flinch from rebuffing American appeals 
about human rights. And Israel rejects 
U.S. pleas to halt settlement construc- 
tion on the West .Bank. 

Joseph Nye. dean of the Kennedy 
School of Government at Harvard Uni- 
versity, described the paradox of the 
world’s only superpower bong unable to 
get others to do its bidding as evidence of 
America’s “soft power.” But such ex- 
planations have not consoled nations that 
fear (heir interests can be trampled. 

Thierry de MouthriaL, director of 
France’s Institute for International Re- 
lations, said Paris was prepared to accept 
America’s leadership role but worried 
where it was taking merest of be world. 
“America bolds the keys today to be 
evolution of international relations," he 
said. “The essential question now is 


through what is known as American 

unilateralism ** • ... 


Another irritant is be role played by 
the UJS. dollar , as be worid's reserve 


currency. Europe’s drive to create a 
single currency is motivated in part by be 

desire to develop a counterweight to be 
dollar. — a European currency so trust- 
worthy bat it could be held as reserves 
instead of gold and so broadly reco gnized 
that it could be used as a standard of 
exchange in international trade. 

‘Americans do not yet understand the 


be closing of 13 weekly newspapers. 

The king was said to have auborized 
the restrictions in response to false re- 
ports that he had given $300,000 to be 
ramifies of seven Israeli schoolgirls 
killed by a Jordanian soldier in March. 

In be interview, Hussein defended 
be changes as necessary to protect “the 
unity of people, be morals of people.” 
He noted bat prior to the amendments, 
Islamic fundamentalist members of Par- 
liament were' among be loudest critics 
of a trend in the Jordanian press toward 
sex and sleaze. 

“Freedom of the press is something 
sacred ks far as I am concerned, but at be 
same time there has to be some degree of 
responsibility,” he said. 

Human rights groups have interpreted 
be press-taw changes in the context of a 
broader crackdown on dissidents such as 
Ali Sneid, 25. a writer arrested in Septem- 
ber aftia* circulating an article criticizing a 
local politician. “A marked deterioration 
in respect for basic freedoms has se- 
riously affected the ability of Jordanians 
to make informed choices on election 
aay, ' according to the New Yob-based 
Human Rights Watch. 

Press restrictions, normalization and 
be electoral law all figured prominently 
“ Islamic Action Front’s boycott 
decision. 

We believe that democracy in this 
country is deteriorating,” said Emad 
Abudayyah, 42, an American-educated 
computer scientist who heads the plan- 
|ung dms.on of the Muslim Brother- 
“Oob We came to be conclusion that 




:• Will 


but when they there is no real chan« fOT7chT« of 

— TYlU/PT AT nnu utA.! _fc> . 


do it could set np a monumental con 
flict,” said Helmut Schmidt, a former 
German chancellor. “The arrival of the 
euro will imply be overriding impor- 
tance of the dollar will be reduced in the 
world. And it will change the whole 


power or any real effect on legislation 


. «1« 


runs the Parliament.’ 

, l J sel< 7 is elections, com- 

sc ra-usur 


whether the United States may be temp- world situation so that beunited States Dorter whn^ri ^ Bro * e *ood sup* 
ted to abuse its dominant position can no longer call all the shots.” sens modcsr Islamic fashions. 


n ° real democracy in Jordan;” 


•r: 


at. 


BANK: French Push for Their Own Man as be world's dominant economic, mil- TRADE : Senate Vote Puts White House Closer to ‘Fast r, i > 

itary and cultural force, its power still has u (Ml frflCft 


Continued from Page 1 

comment on the French move, it is un- 


Kim Schoenholtz, an economist at Sa- 
lomon Brothers in London, said be move 


Continued from Page 1 


was Id force. Without.the legislation, the House. The Democratic 


derstood that Bonn was informed only 
hours before be announcement. 

Miss Colonna said bat France’s desire 


its power still has 
limits. As be world’s largest debtor, 

Hiiuu v>v U »>u>wvu H vu,« uu uuuiutv Washington owes be rest of be world agreements reacnea wun me adminis- leader thm “ uuac * ine uemocraoc ?? 

highlights the fact that there are a nun- more than $1 trillion — much of it to rejection of be legislation could setoff (ration could be seriously altered by souri l ^ Gephardt of Mis-.- a 

■r nf contentious issues for EMIJ. and Japan — and remains vulnerable to be another stock-market plunge because Qmgress, 'effectively reopening the Daschle cited ' same Proposals that Mr. 


w h i ms of its creditors. While the United foreign trade has been an important com- talks. 

_ States remains the world’s paramount ponent of economic growb. . A “no' ’ vote would also be a political 

to see a French national running be cen- exchange policy and how much political economic engine, its share of be global The administration has said Mr. Clin- slap in the face for Mr. Clinton, whose 

tral bank had been discussed with Ger- influence bere will be over the ECB.” economy is much smaller than in be ton needs fast-track aubority not only to aides have called bis one of his most 

many in the past. When asked if Paris had Mr. Trichet’s nomination — likely to . days after World War H, when America expand the North American Free Trade important second-term legislative goals. 

secured Bonn’s agreement on be can- be be hot topic at^ Wednesday’s meeting accounted for a quarter of world output. Agreement to include Chile and other Buthe faces opposition from tabor and 

didacy of Mr. Trichet, she said “no:” of European finance ministers — serves Moreover. U.S nffuMai* * — : k.i .i«a t« — ■ - — -* — J ' : 

Analysts said the French move could as a reminder of persistent^ rumors 


_j ■ r'vyvanw wi v 

£5* “1 su Pporting fast-track. 


oraed a close alI y of labor. : 

pi.. l;i. ..." Clinton on Monrtnv to . <ead 


be bill “K--** 1 - w,, ‘ on Monday to send.:. 


reignite the issue of how free from polit- 
ical interference the bank is likely to be, 
given bat bob Mr. Chirac and Mr. Jospin 
have in the past frightened beir German 
counterparts by suggesting that bere 
should be some form of political influence 
over the future European central bank- 


her of contentious issues for EMU, and 
bese include which countries are in the 
starting team, who determines foreign 

litical 

.... - 

kCS-S-T 

J 5 Moreover, U.S. officials argue that Latin American countries bat also to environmental groups, whitih say that warned of tkose votes 

tnal be resistance aroused by American complete global negotiations bn trade in other countries ■ sometimes produce nmviru would have? 

and nnhrnesshnurcrivit lie j r. 5_-i ® j i I , Hiuvuie 70 I 


ben President Francois Mitterand and 
Mr. Kohl had quietly agreed that the 
head of the central bank would be a 
Frenchman, after Paris lost out to Frank- 
fort as be location of be bank itself. 

Robert Kroon in Geneva contributed 
to this article. 


policies shows that U.S. power does not 
always translate into persuasive influ- 
ence, particularly wibout an outside 
strategic threat like be Soviet Union. 

As a result, European allies feel no 
restraints about criticizing American 
heavy-handedness. China does not 


financial services and agriculture. 

Failure to secure the negotiating au- 
bority would be an international em- 
barrassment for be adm in istration be- 
cause some U.S. trading partners have 
said bey would not enter trade talks wib 
Washington unless fast-track legislation 


cheaper goods by paying workers poorly, 
using child labor and not enforcing en- 
vironmental standards. Those groups 
want trade negotiations to be used to 
compel U.S. partners' to improve labor 
and environmental practices. 


P^ d e 70 others. 


rel yinginR^ nh “ ft *” Kl 


The administration is far from certain porSml!!? cnv ‘ r onmenta]crouMareil ; ii 
£ Dases of s «PPort for T)£afKt& rA 


uninnr~L fusowiits of his party. 


/ 


i 



1 | 


vo- : • . 





STAGE/ENTERTAINMENT 


III 


A Modern-Day Marco Polo, Going Backward at Full Tilt 

N 


By Lindsley Ca meron 

TJe busy Chineso-bora 
wnyoser Tan Dun, who will conduct 
American pemiere of his “Marco 

SstmAivSi 0 - M u York at y Opera on 
s ™ y eve 5^’ 15 about to move out of his 
apartment in Chmatown in Manhattan. 

Like his works, it is crammed with instru- 
menrs. ancient and modem, from all over the 
world. And it is dominated by aPing-Pong table 
which he uses not only for table tennis but also 
for dinner parties and as an orchestration desk. 

Tan s new place, in nearby SoHo, will offer 
nvwe space for his various projects, which he 



... , — , r ' oub rii> n. xan 

conduct the cellist Yo-Yo Me and the Or- 

• f "**“* of Sl Luke’s in the American premiere of 
Symphony 1997," first performed ax the 
Hong Kong transfer ceremonies last summer. 
■.V 10 M?y. he makes his Carnegie Hall debut, 
conducting the American Composers Orchestra 


in his multimedia symphony “Red Forecast,” 
and James Levine and die Met Orchestra will 
give die American premiere of his symphony 
“Death and fire: Dialogue with Paul fcee.” 

“Whai'sexritin|,y Tan said, "fa that after all 
these years of traveling in Europe and Asia, now 
everything is happening simultaneously in New 
York, my home. ’ Tan fairly bubbles with en- 
thusiasm for New York, where he has lived since 
1986, when he came to study musicology at 
Columbia University. 

“I’m a Marco Polo going backward, fr o m 
East to West,” he said. “But I have no imerest in 
mixing East and West mechanically. I have 
evolved a personal language, from my own 
experience, that includes both.” 

In China. Tan's studies, like those of most of 
his generation, were interrupted by the Cultural 
Revolution. Sent to the countryside to plant rice 
and watermelon, he became the leader of the 
local orchestra, an ensemble of cooking pots and 
agricultural implements. Later, in the west, he 
composed experimental works for unconven- 
tional instruments of his own making. 

Tan was bom in 1957, in a village in Hunan 


Province. In 1976, the party sent him to work with 
a Peking Opera troupe as composer, arranger and 
instrumentalist- Tan attended the Central Con- 
servatory in Beijing far nine years, achieving 
fame and notoriety while still a student 

"On one hand, I was a hero, because I was the 
first Chinese composer to get a major European 
compositional prize since 1949,” be said, re- 
ferring to the Weber Prize, which he won in 
Germany in 1983. 

“But on tiie other band, when they had a 
campaign later thyt year against what they called 
spiritual pollution, I was denounced as a running 
dog of capitalism. Because of my boundaiy-less 
thinking, my music made people nervous. They 
didn't know how to appreciate it, and they en- 
couraged young people to think of it as poison.” 

Before the year was oyer, his music was 
banned in China. It became illegal to perform or 
. - broadcast it, and be was forbidden to compose. 

It was the op port un ity to come to America that 
. saved him from being forcibly silenced. 

“1 was lucky.” be said. “I came from a little 
village with a ritualistic, shamanistic culture. 
That gave me the ability to enjoy all kinds of 


aboriginal cultures, and then 1 was reborn in New 
York City, my biggest classroom. After traveling 
with my music, physically and spiritually. I 
really found myself in New York.” 

He found a wife, too — Jane Huang, the 
Shanghai-born editor of a New York-based fash- 
ion magazine — after a whirlwind courtship. 

The imaginative and multifarious opera 
“Marco Polo,” which has already been seen in 
Munich, Amsterdam, and Hong kong, is mul- 
ticultural, with a multilingual libretto — mostly 
English, Mandarin Chinese, Italian sod Goman 
— by The New York Times critic Paul Griffiths, 
based m his novel "Myself and Marco Polo.” 

The plot — simply. Marco Polo goes to China, 
changing the world for everyone forever — does 
not unfold conventionally. "Besides Marco (the 
traveler) and Polo (the memory of the journey ). 
its characters include Dame, ’Shakespeare and 
Mahler, and its instruments include Chinese pipe 
and gongs, Tibetan horns and singing bowls, and 
Indian sitar and dntms- 

Another of Tan's current projects involves 
new ways of handling traditional forms. With the 
director Peter Sellars, he is preparing a new. 


multimedia. version of Tang Xian- 
zu's Chinese opera “Peony Pavilion” 
for simultaneous presentation next May- 
in Vienna and Pans. 

On the eve of its 400ih anniversary, “Peony 
Pavilion” has become one of the hottest prop- ■ . 
erties in world culture. Chen Shi-Zheog, a tenor - 
trained in both Chinese and Western operatic 

>”atlhe Cii 


styles who will sing in ‘ ‘Marco Polo 


Opera, has been singing Tan’s music since 198? ' 
when he took pari in a performance of "On 
Taoism” ai Avery Fisher Hall. 

”Tan Dun and I didn't get together until we , 
were both in the Stales, at a dinner party in . • 
Boston,' ’ Chen said. ' i began singing traditional ■ 
Chinese funeral music, and he asked if I would - * 
sing in his debut concert in New York. We were 
just poor students then, stay ing in a studio, living 
on frozen dumplings and renting Charlie Chaplin 
movies for entertainment. What’s happened, 
since is quite wonderful. ’ ' 

. % 

Lindsley Camenm. whose biography of' the 
Japanese < i mposcr Hikari Of will iv published in 
the spring, wrote this tor The AVh York Times. 


Waiting for 6 The Milk Train’ and a Play Doctor Who Never Arrives 


By Sheridan Morley 

International Herald Tribune 


» "W" ONDON — Even by his own 
| usually exotic standards of re- 

I hearsal, rewriting and prepro- 

; > ' ^ duction shambles. Tennessee 
.. Williams's “The Milk Train Doesn't 
: fc Stop Here Any More*' — now in a 
. suitably overwrought revival by 
> Philip Prowse few the Lyric 
v . Hammersmith — has had a 
- checkered history. Across al- 
i- most 40 years it has been vari- 
ously known as “Man Bring 
This Road Up,” “Go Forth” 
and “Boom.” The last incam- 
. au on was a Joseph Losey movie starring 
Richard Burton. Noel Coward and Eliza- 
beth Taylor, for all of whom it achieved 
. the worst reviews of their considerable 
careers. The 1968 film was also historic 


l O N D O U 



for being the first but not the last starring 
the Burtons to have lost its entire capital. 
But as usual, deep in old Tennessee, the 
fascination of the project has concerned 
the gap between the intention and the 
various realities. 


Briefly, the story is of Flora Gpforth, 
a once-legendaxy beauty and still fab- 
ulously wealthy socialite who, in the 
reclusion of her old age. is visited on her 
Italian island retreat by a wandering 
hippie, who may well be the angel of 
death, and a waspish neighbor known 
locally as the Witch of Capri. Over (be 
Broadway years the script has been 
seized upon by such suitably 
egoistical and manic eccentrics 
as Tallulah Bankhead and Her- 
mione Baddeley. 

The Prowse production at- 
tempts a curious updating, so 
that Flora is at the last appar- 
ently dying in a hospital AIDS 
ward rather than as the result of falling 
into the clutches of her hippie angeL 
The other great difference now is that 
we get Rupert Everett In drag as Flora, 
recalling not so mnch Liz Taylor as an 
earlier generation of Hollywood divas, 
so that the echoes are of Gloria Swanson 
or Joan Crawford as he camps about the 
terraces, not so much “La dame aux 
camelias” as Auntie Marne on speed. 
None of which really matters at alL The 


truth is that this has always been a 
perfectly terrible little play, interesting 
only as a ramshackle vehicle for bi zarre 
solo turns, ranging from the outrageous 
to the merely outlandish. 

If there was a real- life model for Flora, 
it was not one of Williams's male lovers 
but die Vivien Leigh who bad starred For 
him in a very much more coherent ac- 
count of beauty and death, ‘ ‘The Roman 
Spring of Mrs. Stone.” The drag act thus 
does not have much biographical jus- 
tification, and the reasons the play closed 
in three nights on its original Broadway 
outing are still all too clean Williams 
introduces some of his most memorable 
characters but has somehow for g otten 
what to do with diem, so that they are left 
huddling about in uneasy little groups as 
if awaiting not just a blood transfusion 
but also a play doctor. He never arrives, 
and the play gently fades into the hazy, 
muddled obscurity that was from then on 
to be die fate of Williams hims elf both 
onstage and off. 

Few directors have a better sense of 
rand guignol than Prowse, and few 
iritish film actors have more courage in 


A Wave of Femininity Sweeps In 


By Suzy Menkes 

International Herald TYibune 



“EW YORK -=- A pretty, graces 
ful collection from Marc Ja-, 
cobs sparked the spring fashion 

. season. Streamlined fashion 

-. with a womanly touch is tbe current New 
: York message. And with shapely knit- 
‘ wear, sweet colors and umbrella-pleated 
j skirts — their spines picked out with 
. seaming or sequins — Jacobs showed 
how to accentuate die feminine and add 
. embellishment in a modem way. 

: It shows a certain dash to gather a 

starry front-row lineup, including 

NEW YORK FASHION 

^Madonna and Donald Trump, under the 
‘ vast domed emptiness of the Lexington 
Armory and then bombard the audience 
with oh-so-quiet clothes. 

Yet the soft dawn-sky colors — pale 
blue, pearl gray and mauve — suggested 
a fresh new direction for Jacobs' del- 
icately-handled sportswear. He sent out 
cashmere sweaters, skirts and pants: the 
latter in men's suiting fabrics, cropped, 
capri-style; the skirts ladylike in their 
box- or crystal-pleats, but impeccably 
cut to save them from a prissy secretary 
look. . 

The sweaters were similarly artziti, 
with zippered cardigans or T-shirts in 
ki cashmere-tulle, shaped to accentuate a 
founded bosom and small waist. If the 
low-slung pants seemed cool but fa- 
miliar, the dresses were inventive. Like 
well-designed architecture, decoration 
was built into the structure with waist 
darts and raised seams, to enrich the 
designer's quirky, youthful vision of 
American simplicity. 

With femininity on fashion s agenda, 
women designers are in their ele ment- 
Carolina Herrera kept her signature 



Hon/noia 

Marc Jacobs’s crystal-pleat dress. 

ladylike gestures, but also got in touch 
with her masculine side. The result was- 
a mannish tailored jacket, usually 
shrugged over the shoulders, and a slim 
skirt, worn with a top that had a curving 
drape or a whorl of flowers. Using a 
sli m, straight silhouette, but breaking it 
up with diagonal stripes. Chinese cal- 
ligraphy car tiny crisscross bugle bead- 
ing like lines of kisses, Herrera made 
decoration appealing. 

Isabel Toledo’s collection was a cel- 
ebration of femininity without frills. Us- 
ing cutting and draping, she manip- 


ulates soft fabrics — jersey inched at tbe 
sides, tulle caught to the body with 
banding, cowl backs or pants draped at 
. the calf. Although some effects, like 
semi-detached sleeves, seemed tricksy, 
her gentle silky jersey dresses are al- 
ways intriguing- Shown with a chiffon 
underskirt falling into handkerchief 
points, they were lightly done. 

Lightness with zest was the story 
from Nonna Kamali. She took silky 
lampshade fringe, dangling it from slim 
jersey dresses or looping it on lacy knit- 
wear. Kamali's signature curvy tailor- 
ing came in tactile fabrics like washed 
silk and suede. Her bias-cut jereey 
dresses were decorated with niching. 
And the collection was played out in 
sweet, vivid colors like sugar pink, 
green and sunshine mange. 

This should be Diane von Fursten- 
bexg’s moment, for her 1970s jasey 
wrap-dresses are now flea-maricet chic 
and her daughter-in-law, Alexandra, 
had drawn her famous Miller sisters to 
die front row. Bnt as identical designs in 
diffe rent prints from batik and wood- 
grain to reptile prints wound down a 
spiral staircase, tbe show was short on 
variety except for a sane beaded shirts, 
halter jumpsuits and madras checks. 

Decoration for a new generation is the 
strength of Badgley Mischka. a male 
design duo whose skill with beading, in 
jet, pearl or crystal made fine evening 
wear. Following John Galliano's 
chinoiserie trail, but using just a faint 
fragrance of the East, slender dresses and 
dainty purses shimmered with delicate 
embellishment like rice-grain pearls on 
honey velvet or embroidery sparkling 
inside a cowL The sprinkling of mannish 
tuxedos could have been forgotten, for 
the designers score at feminine dresses. 
With both die silhouette and the dec- 
oration sliced close to the body, the 
effect was sleek, rich and modem. 


CROSSWORD 


ACROSS 

i 'Dragnet* force. 

forsnon 
SH SR Block 

workers 
■ King — — 
v» Bridge loH unit 

p Glen Gray's 
•Casa — 
Stomp’ 
is Upright 
17 Duma, with 
“the* 

20 Overhang 
» Early Peruvian 
22 Signal light 
29 Famed Helen 
2B Painfully 
sensitive 


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higher with age 
32 Take apart 
3> 50's-60's 
actress Debra 

ttCfuti 

35 Diana 
a* One ot Tom's 
rivals 

«i Oscar de la — 
42 Own 

45 Make enemies 

of 

47 Field 

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so South African 


Si Brain 
membrane 
saSoeony rival 


Solution to Puzzle of Nov- * 



.aancntn 
DDBEnDEB 



■4 Diana tribute . 
si Honda city 
a Superfine 
M Royal's school 
64 One of Tom's 
rivals 

u Like show 
horses 

66 Spanish lady 

DOWN 

1 Fun circle 
SPink-eftp 

3 U.N.- 

recognized grp. 
since W4 . 

4 Swear by 

5 Witty . 
6Brainteaser 
7 Sound 

enhancer 

• Ranee’s wrap 

• Symphonic 
composition 

i« Available 1 
ti Stinger 

ia Ones providing 
IVs, maybe 
13 Commercials 
16 Area behind a 
dam 

(•Mora blecfc 
S 2 A.C. unh 
S 3 sportscaster 
Berman 
34 Paragraph 
starts 


26 Citrus drink 

27 WSWS 
opposite 

2 » Communist 
30 Swiftness 
01 - Turkish title 

33 Engine knock 
3s Like table sugar 

37 "The Raven- 
maiden 
30 Tailed 
09 Last mo. 

40“.. .lovely — 
tree' 

4» Tennessee 
athlete 

44 Actress Aulin 
44 Sphinx's 
offering 

47 Potato choice 

4 * Word in 

Massachusetts' 

motto 

so Subway 
sa-Snooiyput-on 

54 Swipe 

55 One-spot - 
•6 Slave leader 

Tumor 

57 Slangy refusal 

■0 “Who am 

say?" 

a# Sine qua 

ea Genetic initials 

t 



ibfKJ. 


© New York TrmesfEdUed by WW Short*- 


sexual stereotype-smashing than Ever- 
ett, fait what brings them together oo this 
occasion is oddly anti-clunactic — a 
drag ball at which someone has forgotten 
to invite any guests of any real interest or 
purpose, let alone the caterers. 

What I have always most loved about 
Richard Harris's “Stepping Out,” now 
in its first-ever musical version at the 
Albery, is that it is the perfect British 
antidote to “A Chorus Line.” Where 
that long-running Broadway bit was 
about tbe desperation to succeed at all 
showbiz costs, “Stepping Out” is all 
about die quieter pleasures of abject 
failure and supreme inefficiency. Once 
a gain we are faced with a motley group 
of would-be tappers, but this time they 
belong to an amateur evening class and 
have mostly only ended up there be- 
cause die raffia and woodworking ses- 
sions were oversubscribed. 

Like Ayckbourn, Harris is at his best 
in taking an unlikely team of misfits and 
telling us their stories while explaining 
what mischance has now brought them 
together. The only time “Stepping 
Out” has ever really failed was as a Liza 
Minnelli film, precisely because she 
brought to the role of the teacher the 
kind of Broadway expertise this script 
sets out to mock and demolish. 

Now we get Liz Robertson in suitably 
suburban form as die reluctant instruct- 
or of a group of no-hopers, each of 
whom is cm the run from some ghastly 
private disaster, and all of whom even- 
tually leam bow to tap their troubles 
away, if nor expertly then at least en- 
thusiastically. More important, in a 



A scene from Prowse's “ The Milk Train Doesn't Stop Here Any More." 


charming new score by Dennis King 
and Mary Stewart-David. they uphold 
what have always been the virtues of the 
small-scale English musical: a funda- 
mental affability and gentle optimism, a 
refusal to believe in success at any price, 
and an understanding that the great am- 
ateur-dramatic heritage is not to be 
lightly abandoned at the First sign of an 
invasion of sets and costumes and cho- 
reographers from across the Atlantic. 
On Broadway, this is the kind of show 


that would close al the first perfor- 
mance. since it is essentially about fail- 
ure. Over here, where we have long 
since learned to appreciate the virtues of 
muddling through, if not to triumph then * . 
at least to a kind of vague adequacy, it 
will I hope be with us for many months. 
The directors. Julia McKenzie and Tu- . 
dor Davies, have recognized that this 
new-old show is heartland Vivian Ellis, 
Sandy Wilson and Julian Slade, and it is . 
wonderful to have them back. 


BOOKS 


APPETITE FOR LIFE: 
The Biography of Julia 
Child. 

By Noel Riley Fitch. 569 
pages. $25.95. New York: 
Doubleday. 

Reviewed by 
William Grimes 

I N American cuisine's 

darkest hour, a time of 
canned vegetables and frozen 
TV dinners, an unlikely savior 
appeared on the horizon, de- 
termined to put coq au vin in 
every pot Julia Child’s “Mas- 
tering the Art of French Cook- 
ing,” published in 1961, was a 
cultural milestone, die book 
that made French food and 
cooking techniques accessible 
to middle-class Americans. Its 
author, a self-described 
“hungry hayseed from Cali- 
fornia,” became a national fig- 
ure, known to millions for her 
exuberant performances on tbe 
PBS television series “The 
French Chef’ and her cheery 
sign-off. “Bon appetit!” 

Never was a chef formed 
from less promising material. 
Julia McWilliams grew up in 
Pasadena, California, the 
daughter of a paleo-Repub- 
lican businessman and a free- 


spirited graduate of Smith 
College (which Julia would 
later attend), and she re- 
mained a stranger to good 
food until well into adult- 
hood. “All my mother knew 
bow to cook was baking 
powder biscuits, codfish balls 
and Welsh rarebit,” she once 
said. 

Fate intervened. While ser- 
ving as a clerical supervisor 
with the Office of Strategic 
Services in Ceylon and China 
during World War H, the 
hungry hayseed set her eyes on 
an OSS officer named Paul 
Child, a self-educated bon 
vivant with a highly evolved 
taste for food, women and the 
arts. “Paul’s mother was a 
good cook and he had lived in 
Ranee,” Julia later recalled. 
“If 1 was going to catch him, I 
would have to leam to cook.” 

Early efforts were not al- 
ways successful, but from the 
outset Child showed energy, 
persistence, attention to detail 
and boundless curiosity — the 
qualities that would mark her 
entire career as a cook and 
teacher. When the United 
States Information Agency 
sent Paul to Paris in 1948, a 
new world of food opened up, 
and Child jumped into it feet 
first, enrolling ar the Cordon 


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Bleu school, where she became 
besotted with classical French 
cooking. “I can’t pry Julia 
loose from the kitchen day or 
night — not even with an 
oyster knife.” Paul wrote to a 
friend. A few months later, he 
wrote: * 'Julie’s cookeiy is ac- 
tually improving! I didn't quite 
believe it would, just between 
us girls, but it really is.” 

For the next decade, col- 
laborating mainly with Si- 
mone Beck, a French friend 
better known as Simca, Child 
set about translating the fun- 
damentals of French classical 
cuisine into detailed, under- 
standable and exhaustively 
tested recipes. A second vol- 
ume of “Mastering the Art of 
French Cooking” appeared in 
1 970. followed by many other 
books, notably “The Way lo 
Cook” in 1989. In the mean- 
time, television had trans- 
formed Julia Child into Amer- 
ica's most beloved chef, a 
breezy cheerleader for fine 
cooking who never seemed to 
mind when the souffle sagged 
or the Waring blender threw a 
wave of liqu id in her face. To 
a broad audience of hesitant 
beginners, she communicated 
an all-American message: 
Anyone can do it! 

Child is an important fig- 
ure, and she deserves a better 
biography. Noel Riley Fitch, 
the author of “Sylvia Beach 
and the Lost Generation: A 
History of Literary Paris in the 
Twenties and Thirties” and 
“Anals: The Erotic Life of 
Anars Nin,” has drawn on the 
diaries, letters and other pa- 
pers of Julia Child deposited 
ar the Schlesinger Library at 
Radcliffe College, as weU as 
other family papers. In ad- 
dition to conducting extensive 
interviews with Child, she 
spoke with dozens of Child's 
colleagues and friends, food 


writers and chefs, and clipped 
seemingly every newspaper 
and magazine article ever 
published on her subjecL 

Having amassed a moun- 
tain of raw material, she has 
turned i( over to the hapless 
reader, unrefined, unsifted 
and apparently undisturbed 
by an editor’s hand. The in- 
digestible result — ungainly, 
repetitive and unnecessarily 
gushing — reads like the 
world’s most heavily annot- 
ated resume. Fitful attempts to ' 
place die events of Child’s 
career in a larger context sug- 
gest quick trips to die World 
Book Encyclopedia. Hie writ- 
ing is resolutely subliteraie. 

Against the odds, Child's 
outsize personality and charm 
shine through, in large pan 
via the winy, incisive letters ‘ 
of her husband, a fascinating 
man with great literary flair. 
Loving and shrewd, they 
stand out against the chirpy 1 
chorus of approval from 
friends and colleagues that ■ 
Filch has chosen as the back- 
ground music for her book. It 
comes as a shock, nearly 500 
pages into this biography, to 
read the following observa- 
tions from an unnamed col- 
league: “Here she is in the 
cattiest. back-bitingest in- 
dustry and she has risen above 
it; nobody is mad at her. Her ' 
personal generosity is second 
only to the Pope's, yet she is a 
guarded, complex woman un- 
der the guise of a simple one. , 
She has all this wairoth. yet I 
do not know her after years of 
working with her.” 

Imagine that! Underneath 
the bouncy, insouciant exter- . 
ior lies a complicated, rather 
mysterious personality. It 
would be wonderful to peel 
away a few layers of that 
tempting mille-feuille. 

New York Times Sen it c 


Living in the U.S. 

Now printed in New York 
for same day 
delivery in key cities. 

To subscribe, caU 

Ir800“882 2884 


THE WORLD'S DUD’ .NEWS PIPER 






PAGE 12 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY NOVEMBER 5, 1997 


SPONSORED SECTION 


S P< )N SO U E : 1 > S i'A IT < . > x 


Mining in Africa 


& 


What Does It Take 
To Transform a 
Continent? 


Mining holds the greatest potential for Africa S’ 
development. 


A frican leaders and international exploration compa- 
nies have long known that the continent of Africa is 
supremely well endowed with minerals. In the past 
18 months, Africa has once again attracted considerable 
interest from the world's minerals industry. 

; According to Malcolm Rifrdn. Britain's former foreign 
secretary, M Africa could be a boom region of the 2 1 st century, 
provided political and economic reforms are implemented 
and Africa gains access to world markets." 

The material expectations of the world's rapidly growing 


population, particularly in the developing world, are creating 

for raw materials in the 


ever-increasing industrial d eman d 
form of eneigy, minerals and metals. 

African countries are becoming a dynamic part of these 
global processes. Their governments arc taking proactive 
rples to promote mining industries as a way to kick-start local 
economies, and measures are being taken to attract foreign 
investment through the activities of mineral exploration 
companies and capital-intensive mine development proj- 
ects. 



Area's mines produce both precious, soughtefter gems and tumble heating material Above, a potentU buyer exanmes a South AMcm diamond and a buck dumps coal at an open 


cod mb*. 


Throes of change 

For almost a decade, the global mining industry has been in 
the throes of structural change precipitated by the demise of 
communism in the former Soviet Union and the end of 
apartheid in South Africa. 

This has opened up countries as far afield as Kazakstan and 
Uzbekistan and removal the stranglehold of post-Cold War 
power blocs in Africa that fed brutal civil wars in Mozam- 
bique, Namibia, Eritrea and Ethiopia. 

In South Africa, the end of apartheid has opened the door 
to the vast challenges in die rest of Africa, particularly in 
trade, construction and mining; these opportunities have long 
been desired by South Africa's world-class companies — 
Anglo American Corporation, Genco, JCI, Randgold, GF- 
SA, Angolvaal and De Beers. 

These timely alterations to the world map mean that 
mining companies and international investment interests are 
moving from the developed markets of the world to emerging 
markets at a time when resources in the industrialized world 
are fast being depleted, as extraction and labor costs spiral 
upward and environmental regulations become more ex- 
acting. 

Because of its vast and mainly untapped mineral reserves, 
Africa is a prime destination for this interest World Bank 
figures show that Africa received 5 percent of the world 
exploration budget in 1986, well behind Latin America, 
Australia, Canada, the United States, Southeast Asia and the 
pacific. 

• Ten years later, a 1996 study by the Metals Economics 
Group (MEG) ranked Africa fourth after Latin America, 
Australia and Canada; it received 1 1.9 percent of the world 
exploration budget 


Companies wit h the highest exploration and development 
budgets include RTZ-CRA (Britain-United States), BHP 
Minerals (Australia), Placer Dome (Canada), Bamck Gold 
(Canada), Echo Bay Mines and Phelps Dodge (United 
States), Minorco, Anglo American and De Beers (South 
Africa). 

These companies have considerable African interests in a 
range of minerals and base metals, including diamonds, gold, 
copper, cobalt, zinc, uranium and many others. 

the opportunities offered by the resurgence of interest in 
African mining are being grasped by African governments, 
keenly aware that solid minerals hold the greatest potential 
for development 

African countries are striking while the iron is hot, col- 
laborating with donor orga ni zations and with the Multi 
Lateral Government Agency, 


assessing the ore body; risk associated with the methods of 
production; and risk linked to market fluctuations. Countries 
that pass the test with flying colors, according to analysts, are 
Botswana, Ghana, Namibia and Zimbabwe. 


Raising the capital 

Establishing new mines is a hugely costly undertaking. It is 
not unheard of for projects to raise $300 million, as in the case 
of the Sadiola gold mine in Mali; $250 million, m staged 
payments, for the Tenke Fungurume copper/cobalt mine in 
Zaire; and even $500 million, for a project in Ghana. But 
successes on this scale are not part of the usual run of events, 
and raising project funding remains fraught with difficulty 
and a stumbling block for mine development in Africa. 

Most equity capital for mineral development comes from 

the United States, while 


riadian stock exchanges and thus dominate exploration in 

Africa. 

“ Canadi an securities markets account for around half of 
worldwide equity funding for mining, and. almost 9 billion 
Canadian dollars £$6.6 billion] was raised in 19% to finance 
the industry," says Des Clifford, editor of Mining'Magazine 
in London. ’ 

It has yet to be seen how badly the Bre-X fraud saga, which 
broke in April, has damaged the reputations of Canadian 
exploration companies and the Toronto stock exchange. 
Bre-X, a small Canadian mining company, raised vast 

funds on the Toronto stock exchange for what was said to be 

a world-class deposit in Indonesia that, as it turned out, did 
not exist 


4 


an arm of the World Bank, 
for technical support to foster 
economic development by 
creating a conducive foreign- 
investment climate. 

Fiscal measures have been 
devised to mitigate risk, min- 
ing codes framed — sometimes from scratch, as in Burkina 
Faso and Eritrea — and nationalized mining companies 
unbundled in privatization schemes, as in Zambia and 
Zaire. 

Risk is a major issue for minmg companies because amine 
cannot be moved to another location if things go wrong. The 
institutions that banknote mining companies use- several 
factors to assess African mining projects. 

These include political risk, which breaks down into 


tmmetmmnthrtmremtemrmiaovh&fronidevetoped 
to emer ging mm rketa mm reeoorcmm 

mmmmauBmmHxmawonamwDefqgaepimma 


Europe is the main source of 
low-risk capital for new mine 
development Canada leads 
in the provision of equity for 
newer gold ventures, says 
Willo Stear, general manager 
of RMB Resources, Rand 
Merchant Barak, South Africa. He adds that new mine 
development is not accelerating nearly as fast as exploration, 
although joint ventures and new financing arrangements 
could change this. 

In this respect, the South African mining companies have 
a “home advantage in bringing strong technical, financial 
and managerial resources to bear, particularly in large proj- 
ects," says Mr. Stear 

Until the recent Bre-X fraud scandal, the smaller — in 


country instability and the imposition of high taxes and terms of market capitalization — Canadian mining houses 
expropriation; technical risk, which has to do with accurately had the ability to quickly raise high-risk capital from Ca- 


One continent, 54 codes 

On a regional level, establishing uniformity of regulations 
could greatly aid the mining industry in Africa. While 
Australia, Brazil, Canada and the United States have one 
mining code, one foreign inve s tme n t code, one set of custom 
rules and exchange laws, and one set of rnles for en- 
vironmental protection, labor, water and electric grid, Africa 
has 54 different sets. 

Unification of regulation would create an environment for 
more rapid resource development, especially in areas where 
large deposits straddle borders. .. 

The opportunities are there and underpinned by the rising 
demand for raw materials. Mining codes arid changes in the 
law to encourage commercial mining are taking shape in 
most of die main mining countries on the continent, and most 
of the big — and small — movers and shakers of the mining 
world have apresence in Africa. What is needed is the capital 
to turn major finds into mines. 

Jane Borges 


V 


A 

from 1 
Ange- 
Pres 
Central j 
to Inves 
of 


Now that you've 
read all about 


the rich 


investment 


opportunities in 
African mining, 
why don' t you 




of one of the 


biggest ones 


Tenke Fungurume Mining SARL, a joint venture 
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Gecamines, the state owned mining company of the 
Democratic Republic of the Congo, have secured 
the concession to develop the copper and cobalt 
deposits in the Tenke Fungurume area, one of the 
world’s largest and richest copper and cobalt reserves. 

For full information about this unrivalled 
investment opportunity, contact Ted Webb at Tenke 
Mining Corp, Buchanan House, 3 St. James’s Square, 
London SWIY 4JU„ 


TNK 


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Going for Gold 
In South Africa 




There has been a major restructuring of the 
country ’s gold and platinum industries . 


S outh African gold 
mines are still the 
world’s largest produ- 
cers of Ihe metal, accounting 
for 495 metric tons, or 21 
percent of foe total world 
supply of 2346 metric tons 
in 1996. Nevertheless, they 
are radically restructuring 
themselves to survive under 


strategies of successful in- 
ternational gold mining 
groups such as Bamck Gold 
and Freeport McMoran. The 
past 18 months have seen a 
wave of gold mine mergers 
as various maiginal mines 
have joined forces, looking 
for operational synergies, 
lower cost structures and 



k-- 


, . \ , . 
^ ,.r i 


— — ' ■ *■ ****« AW cut 

depressed gold market con- higher investor ratings. . _ . . 
ditoons. During this period, 14 gold 

At the same time, the mining companies have been 
country’s platinum mines — delisted from the Johannes- 
which last year produced 3.3 burg Stock Exchange as a 
million ounces, or 68 percent result of these mergers, and at 
of die total world supply of least another four mines are 


4.9 million ounces 
gearing up for 
better times. 
Platinum prices 
are recovering 
ahead of an an- 
ticipated market 
shortage due to a 
decline in Russi- 
an - platinum 
sales. 


— are 


Reasons for decline 
While the South African gold 
industry has been in decline 
since the mid-70s, it has 


likely to follow suit soon. 

Says Gengold. 
Managing Di- 
rectorTom Dale: 
“The interna- 
tional groups 
like Barrick have 
a structure where 
one listed com- 
pany controls .a 
number of unlis- 
ted mines. In South Africa, 
we tend to have a listed hold- 
ing comjjany with in t e re s ts in 
various listed mines. We in- 
tend to move toward the in- 


ip i ■ , 


Platinum mines 
produced 68 
percent of the ■ 
martens supply 
in 1996 




**■ t ;* 

u Li.; 


o ■ .. 


• ,? i- .. 


X • 

IK 1 ; 


i , T — - ' iwul iu move lowara me in- 

dropped sharply over the past teraational structure mod- 
decade, trom a production eL” 
tevel of 607 metric tons. Since 1994, the mines 
° f have 3180 been Evolved in 

TTk l? 87 *. ^ f 1 ? 6 * 1 “Stations with the 

de : ^ unions to reform the 
depth industry’s working and 
der S°, und hbor 1*lations practices. In- 
S rt ^ ^ pUSh ^ d i! p mining groups 

* e work opcratioia 365 

5 ^ys a year, but the South 
A *j? n min «* normally 

5 iMr«s 

aasmss saSsB 2 

Steasai 

bon rime makes no sense, 


-.-!•> 


1 


V. 


1990. 


•JSisssa- £E?HFs 

rssxsg” 

er supports betweeTS would reduce costs 

and^iS^dej^dente through wdlXo* 

extended femily links. S well as stop —and hopefully 




Survival strategies 
In the fight to survive. South 
African gold mines are now 
moving to emulate the 


reverse — -the declining trend 
m workforce numbers -be- 
cause of retrenchments. 

A* 1 agreement in principle 


vi 


Mr. 

c 8J 


( 


Continued on pagol4 






— a . _ . 










ADVERTlSEMFxrr 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 5. 1997 


PACE 13 

ADVERTISEMENT I 


Central African Republic (car) 

A Mining Eldorado Awaiting Discovery 



A Message 
from His Excellency 
Ange-Felix Patasse, 
President of the 
Central African Republic, 
to Investors and Friends 
of the CAR. 


Dear Friends, 

I would like to thank the 
International Herald 
Tribune for this opportunity 
to address the friends of 
the Central African 
Republic and all those 
who are interested in 
investing in it 
I can assure them of my 
determination to continue 
to work to establish 
enduring peace and 
security in the Central 
African Republic. 

Today , with the help of our 
African neighbors , France 
and the international 
community ; we are turning 
a page in our country. 

The Central African . 
Republic is in contact with 
the institutions of Bretton 
Woods , and I am 
determined to create the 
right conditions for 
economic development in 
my country ; which 
possesses enormous 
potential and immense 
natural resources, 
including gold, diamonds, 
iron, copper, wood, coffee, 
cotton and so on. 

I invite investors from the 
world over to participate in 
this development. 


Birao 


Tchad 


Soudan 


*F t 


Bria 


,Obo 


^Bfepberati 


Bangui 


'Bangassou 


Congo f 


Zaire 


They will be made 
welcome. 

The Central African 
Republic has attractive, 
preferential new 
investment, 
mining and forestry 
codes, and we await you 
with open arms and our 
tradition of warm 
hospitality. 

We have a saying in our 
country that goes like 
this: “In the Central 
African Republic, the 


Centre AFRIQUE 




sub-soil nourishes the 
soil and the soil 
nourishes 

man. “ In the realm of 
mining, recent 


0 120 km 


discoveries of major 
deposits will 
enable us to move from 
archaic manual mining 
techniques to semi- 
industrial 
and industrial 
exploitation. 

The door is now open to 
serious, credible 
investors. 

I thank you sincerely and 
hope to see you soon in 
the Central African 
Republic. 


h ? i - : 


s 


=!■; ( iOLD 

; \i r:ca 


A Breath 
Of Fresh Air 
For the 

Mining Industry 


. i 

//r " 


Diamonds, gold, uranium and many other 
mineral resources lie untouched under the 
ground of the Central African Republic, mak- 
ing it one of those African nations that could 
be termed a geological scandal 
The country’s mineral riches were discovered long 
ago. The first diamonds were found at the turn of the 
century, but systematic mining operations were not 
instituted until the 1950s. In 1968, diamond pro- 
duction reached a record high of 600,000 carats, and 
it is now around 500,000 carats per year. The ex- 
ploitation of other Central African mineral resources 
is also now better organized, especially since the 
k implementation of a mining plan financed by die 
T World Bank. This involves the creation of an in- 
ventory of mineral resources, the estab l ishment of a 
geological database, the training of geologists and 
consolidation of the mining code and taxation. 

All this means that the right conditions are in place 
to bring a breath of fresh air to the Central African 
Republic’s mining industry. This is one of die pri- 
orities of the government of President Ange-Felix 
Patasse. To ensure its success, he is counting on the 
establishment of a solid partnership with the private, 
national and international sectors. 

During the past few years, the country has ex- 
perienced Hue democracy, which was hardly dis- 
turbed by fleeting troubles that were resolvedtomks 
to national dialogue and Afiican solidarity. The 
k Central Afiican Republic is now well on die wayto 
■ economic liberalization. Its ultimate goal is better 
exploitation of the country’s immense nches. 


For further information, 
contact: 

Mr. Joseph Agbo 
Minister of Mines & Energy 
B.P.26- Bangui 
Central African Republic 
Tel.: (236) 612 054 
Fax: (236) 616 076 


An Interview With 
Joseph Agbo, 
Minister of Mines and Energy of 
The Central African Republic 


What are the guiding principles of 
the Central African Republic's min- 
ing policy? 

The goal of the policy devised by the 
government of the Central African Re- 
public is to promote and develop a 
healthy mining industry. This policy is 
based on two strategic directions. 

First, we intend to support and 
strengthen geological and mineral ex- 
ploration, with the goal of better identi- 
fying mineral wealth and exploiting it in a 
systematic fashion. 

Second, we will increase mineral pro- 
duction. This will be done in two ways. 
We will encourage private investment by 
improving institutional and legal condi- 
tions for private enterprises and granting 
tax advantages. In addition, we will cre- 
ate a climate that is more favorable to 
harmonious growth for workers in the 
mining industry. 

In terms of mining, w hat are the 
major advantages of your country 
when it comes to attracting foreign 
investors in comparison with those 
of other African nations? 

In comparison with other African coun- 
tries, we have some impressive advant- 
ages. 

• There is little competition in our min- 
ing sector, and the state plans to play a 
very minor role in it. 

• Taxes are attractively low, and our 
economic and social legislation is very 
flmnble. 

• Our minerals are of high quality: 80 • 
percent of our diamonds are of gem- 
quality, and our gold is assayed at 899.99 
percent 

• The central location of our country 
means that the capitals of seven neigh- 
boring countries — Chad, Cameroon, 


Sudan, Gabon, Equatorial Guinea and the 
two Congos — are only one hour away by 
air. 

• The virgin state of our mining po- 
tential. A study conducted by Crowe 
Schaffelitzk Associates Ltd. of Dublin re- 
vealed at least 370 mineral indications 
and five deposits that include uranium, 
lignite, iron, copper, limestone, gold and 
diamonds. 

After a suspension period related to the 
mutinies that rocked Bangui, the capital 
of our country, we have now renewed 
contact with the institutions of Bretton 
Woods, whose representatives visited 
the country between October 18 and 27, 
1997. 

What is the outlook for mining in the 
Central African Republic? 

Extensive exploration work is currently 
being undertaken by mining companies, 

including Howe-Centrafrique, Trans 
Afrique Mining Diamand, Central African 
Mining Company and Colombe-Mine. 
They expect to find, major deposits of 
gold and diamonds. 

In addition, the construction of the 
Chad pipeline will relaunch and activate 
the oil exploration activities that are 
already under way in the north of the 
Central African Republic in a zone that is 
close to the oil deposits in the south of 
Chad. 

What mineral wealth does your 
country currently possess? 

Our mining sector still uses manual 
labor and is not highly structured. It is 
growing iii an informal way, leaving the 
way open to fraud, which afreets 50 per- 
cent of our annual production of dia- 
monds. 

We are fighting this plague in a variety 



of ways. We are frying to better supervise 
the workers in the sector by organizing 
them into cooperatives or associations, 
and we are actively encouraging the cre- 
ation or implantation of private mining 
companies. In the past four years, their 
numbers have grown from three to 17, of 
which 1 1 are foreign companies. 

We are also improving infrastructure 
and the means and circuits of control. 

What facilities is your country of- 
fering to investors interested in the 
Central African Republic’s mining 
sector? 

The government is making a concerted 
effort to encourage and develop a pre- 
cious stone cutting and polishing in- 
dustry. It already seems to be working — 
in only two years we have seen, in spite of 
the social problems we have had in Ban- 
gui, the creation of three new diamond 
cutting enterprises and one involved in 
the polishing of precious stones. 

Does the political climate in your 
country offer the necessary guaran- 
tees to attract investors? 

My ministry, with the help of financing 
from the World Bank, has worked out a 
new mining code that offers highly at- 
tractive conditions for investors. The 
project has already been transmitted to 
the government for its preliminary ap- 
proval and will soon be presented for a 
vote to the National Assembly, whose 
current session will continue until Dec. 
31. 





fry* / .'* l-' 1 ; j-t '■ y.| 


PAGE 14 


EVTERNATIOIVAJL HERALD TRIBUNE, WEDNESDAY NOVEMBER 5, 1997 


SPONSORED SbXmON 


sponsor^) six nos 


Mining in Africa 



Minerals: Spectacular New Finds 


A rundown on several key mining developments across the continent. 


M uch of die activity 
in mining over the 
past few years has 
been gold-related, focused 
on exploration activities in 
West Africa and, to a lesser 
• extent. East Africa. At the 
same time, spectacular cop- 
per, cobalt and zinc projects 
on the Coppeibelt straddling 
the Democratic Republic of 
Congo (formerly Zaire) and 
Zambia are being developed 
through joint ventures. 

West Africa 

Gold is mined in die Ashanti 
goldbelt, spanning the region 
between die Atlantic coast 
and Axum in the northeast 
Gold is more than a precious 
metal to Ghanaians — it is 
the country- 's lifeblood and a 
symbol of national identity. 
Ghana’s Ashanti Goldfields 
Corporation, possibly one of 
the world’s most profitable 
mining companies, produces 
more that 80 percent of 
Ghana's gold. Production at 
the country's largest mine, 
Obuasi, tripled from 300,000 
ounces in 1985 to 932,323 
ounces in mid-1995, and then 
dropped to 860384 ounces in 
1996. 

Ashanti's rapid expansion 
program was fueled by the 
sale of most of the Ghanaian 
government’s shares in the 
company on the Accra, Lon- 
don and New York stock ex- 
changes — an action akin to 
selling part of Egypt’s Nile 
on the stock exchanges of 
Europe and America. The 
company has expanded 
through acquisition. From 
having one gold mine in 
Ghana — admittedly one of 
the world's largest — the 
company now has four more 
operating mines, two major 
mining projects and 35 prop- 
erties in 12 African coun- 
tries. 

The CiufF acquisition 
brought the Ayanfuri gold 
mine in Ghana. Freda-Re- 
becca in Zimbabwe and die 
Geita mine in Tanzania. 
Through the International 


Gold Resources (IGR) and 
Ghana Libya Arab Mining 
(GLAM) joint venture acqui- 
sition, Ashanti gained a 90 
percent interest in the Bibiani 
reserve in Ghana, The 
Iduapriem open-pit mine at 
Tarkwa in Ghana and the 
Siguiri open-pit project in 
Guinea were acquired in the 
Golden Shamrock Mines 
(GSM) merger. 

Ashanti has already begun 
to improve on the perfor- 
mance of its acquisitions. 
According to reports in the 
British press, the Bibiani and 
Siguiri projects, expected to 
come onstream in 1 999. will 
be developed with the S250 
mil lion raised from Ashanti’s 
listing on the New York stock 
exchange. Notwithstanding 
the fall in gold prices and 
poor production results from 
the Obuasi mine, Sam Jonah, 
chief executive officer of 
Ashanti Goldfields, plans to 
make “Ashanti the premier 
gold mining company in' 
Africa." 

Ghana is a magnet for 
large and small mining 
companies from around the 
world. Resolute of Australia 
has begun production at its 
first mine in Africa. The 
Obotan mine. 15 kilometers 
(93 miles! northwest of Ac- 
cra, poured its fust gold in 
May this year. It will initially 
produce 126,000 ounces of 
gold annually. 

Mali 

Gold mining in Mali has 
deep roots, as it does in all the 
Bhimian greenstone belt 
countries in West Africa, in- 
cluding Senegal. Guinea, 
Ivory Coast, Burkina Faso 
and Ghana. An early record- 
ing by Herodotus in the sixth 
century B.C. tells of the 
Carthaginians trading cold 
along the West African 
coast 

Commercial mining is a 
recent phenomenon, how- 
ever, and Mali is new to it 
The quantity of gold at the 
Sadiola mine in Mali — 420 


kilometers northwest of foe 
capital Bamako, close to the 
regional capital of Kayes — 
is said to rival that of Ashanti 
Goldfields’ Obuasi mine in 
Ghana. 

The joint venture partners 
in the Societe d’ Exploitation 
des Mines d'Or de Sadiola 
SA(Semos) are Anglo 
American Corporation of 
South Africa, 38 percent; Ca- 
nadian-based International 
African Mining Gold 
(IAMGOLD), 38 percent; 
the Malian government, 18 
percent; and the World Bank 
International Finance Corpo- 
ration (IFC), 6 percent 
Anglo American and an IFC- 
led consortium arranged foe 
project financing, estimated 
to be $300 million. 

The financing arrange- 
ments for Sadiola “set a pre- 
cedent” Toby Fildes said 
last year in “Project & Trade 
Finance.” Development 
banks were for the first time 
involved alongside commer- 
cial banks, he added. Since 
then, development banks 
have become more involved 
in mining project finance on 
this scale. 

Speaking of the com- 
pany's debut mine at Sadiola, 
David Fish. Anglo Americ- 
an's finance director for new 
business, says: “This truly 
international project was 
brought to production on 
time and under budget by 
Anglo-American’s Mali- 
based operation company, 
Anmercosa Services Mali 
SA (Anser).'* 

Anglo American had orig- 
inally turned down the proj- 
ect based on feasibility stud- 
ies that predicted high costs 
due to poor infrastructure, 
particularly transportation 
and access to ports and en- 
ergy. 

The early stages of setting 
up the project show that these 
warnings were not wide of 
their mark. Nevertheless, un- 
daunted by the remote lo- 
cation of foe project and high 
operating costs in Mali, foe 


Anser team arranged the 
transportation of 46,000 tons 
of equipment “by sea to 
Dakar in Senegal and from 
there by turn-of-the-century 
railway line to Kayes, and 
finally 75 kilometers by 
road,” says Mr. Fish. Water 
is piped 55 kilometeis from 
foe Senegal river, and power 
is supplied by a 12-set 15 
MW diesel power station. 

Gold was poured at this 
low-cost, open-pit mine in 
December last year, and pro- 
duction averaging 386,000 
ounces annually over six 
yeans is expected. 

Like Sadiola, foe Syama 
■ open pit gold mine in south- 
east Mali has an international 
South African company as 
both large stakeholder and 
manager. 

Syama began in 1990 as a 
joint venture between Aus- 
tralia’s Broken Hill Propri- 
etary Co. and foe Malian 
government It has had a tur- 
bulent history involving 
labor problems and govern- 
ment insensitivity to the con- 
straints of commercial min- 
ing. Corporate restructuring 
brought in the IFC as an 
equity and funding partner, 
but this failed to resolve the 
underlying problems. 

However, when BHP- 
Mali, the wholly owned sub- 
sidiary of BHP, quit some 
years later. South African gi- 
ant Rand gold acquired a 65 
percent stake and manage- 
ment control of the Syama 
deposit in foe mam site, 
which alone has around 3.9 
million ounces of gold. “The 
Syama ore body is truly a 
world-class deposit” says 
Mark Bristow, managing di- 
rector of Randgold Re- 
sources. Timing and foe sub- 
stantial management 

resources of Randgold are 
making a difference to 
Syama. 

Tanzania 

Gold in East Africa has an 
ancient lineage, reaching a 
high period around foe 14fo 



Africa has vast mineral reserves that have y& to be tapped 




One element 


V 11116 . rillffA 

around 


til eni all. 




century under the Kilwa sul- 
tans. who traded in metals as 
for afield as Zimbabwe and in 
copper with the Luba of 
Katanga (Shaba Province, 
Democratic Republic of 
Congo ), and who also minted 
their own silver coins. 

Modem Tanzania in East 
Africa has little experience 
with foe requirements of 
commercial mining, and it is 
reviewing its legal system to 
create an enabling environ- 
ment for mining investment 
'It is also preparing a minerals 
sector strategy. Anglo Amer- 
ican Corporation. De Beets, 
East African Mines, Pangea 
Minerals, Rio Trnto, Sam- 
max and Zira International 
Mining are heavily commit- 
ted to exploration activities. 
The only industrial-scale op- 
eration is foe Williamson 
Diamond Mines. 

With several world-class 
gold deposits. Tanzania has 
good reason to make up for 
lost time. The Ministry of 
Energy and Minerals of Tan- 
zania has “underscored their 
commitment to large-scale 
raining projects, and the cit- 
izens of Tanzania will be the 
biggest beneficiaries of this 
mining emphasis,” says Ro- 
man Shklanka. chairman of 
Sutton Resources, which 
holds an 85 percent stake in 
the Bulyanhuhi mine project 
in foe Tanzanian Lake Vic- 
toria Archean greenstone 
belt Bulyanhulu, with 3.5 
million ounces of gold, is 
possibly foe hugest gold de- 
posit in East Africa. Annual 
production of 225,000 
ounces should begin in 
1999. 

Another Tanzanian mine 
project is Golden Ridge in 
foe Sukumaland greenstone 
belt, which is a pre-feasibility 
joint venture between Cana- 
dian Pangea Goldfields and 
South African giant 
Randgold, which is also the 
project’s manager. The re- 
source is estimated to be 1.5 
million ounces of gold. 


Another Tanzanian project 
is Golden Pride, situated in 
the Archaean Nzega Green- 
stone belt Production in 
mid-1998 is expected to be 
about 1 80,000 ounces annu- 
ally. Owned by Resolute of 
Australia and Britain's 
Sam ax Resources, the re- 
source base is 2.4 million 
ounces. 

Central African Republic 
A decade ago, few commer- 
cial mining companies and 
their investors would have 
had the temerity to venture 
into West Africa — even 
Ghana — let alone into Cen- 
tral Africa. These parts of the 
world were unknown quan- 
tities to most, whose curi- 
osity was easily satiated by 
Western press reports of war, 
poverty and tyranny. 

“Just as West Africa’s 
growing reputation is foun- 
ded upon the region’s in- 
creasing political stability 
and the vast mineral wealth 
befog opened up to foreign 
mining companies, so Cen- 
tral Africa, with just cause, is 
beginning to acquire foe 
reputation necessary to at- 
tract foreign investment,” 
says African mineral expert 
Guy Francheschi of foe Bel- 
gium-based GF Consult 
Compared with West Africa, 
Central Africa has a “more 
diversified mineral poten- 
tial,” he adds. 

While the Central African 
Republic is a significant 
world producer of gem-qual- 
ity diamonds — foe main 
foreign exchange earner — 
recent studies point to many 
more mineral finds. There 
are “more than 370 mineral 
indications and five deposits, 
notably gold, uranium, lig- 
nite, iron, copper and lime- 
stone,” says Joseph Agbo, 
minister of mines and en- 
ergy. 

This fledgling democracy 
and former French colony 
has not had an easy ride as it 
introduces market reforms 


and develops strategies to 
promote the mining sector. 
With the support of the World 
Bank, the ministry “has elab- 
orated a project for a new 
mining code with more at- 
tractive conditions for in- 
vestors.” says Mr. Agbo. 
“The code will be presented 
to foe National Assembly by 
the end of the year.” 

Congo and Zambia 
Privatization is a cornerstone 
in the resurgence of the min- 
ing industry in Africa. In 
Zambia and Congo ( formerly 
Zaire), the privatization of 
state companies is bringing 
into sharper focus foe enor- 
mous potential of the Cop- 
perbelt region shared by 
these two countries. 

Zambia and Congo had 
each nationalized their cop- 
per industries into single 
monolithic companies: Zam- 
bia Consolidated Copper 
Mmes (ZCCM) in Zambia 
and .Corporation Generate 
des Carrferes ct des Mines 
(Gecamines) in Congo. 

Because it was run along 
autocratic lines. Congo iron- 
ically was able to approve the 
sale of companies lor pri- 
vatization, whereas Zambia, 
run along democratic lines, 
“did not have the legal mech- 
anism to sell companies, and 
that is why they are still go- 
ing through the process four 
to five years later,” says Bri- 
an Spnatley, vice president of 
Tenke Mining Corporation. 

TMC — formerly known 
as Consolidated Eurocan 
Ventures, owned by Swedish 
tycoon Adolf Lundin and 
family — has a 55 percent 
stake m foe joint venture 
company Tenke Fungurume 
Mining (TFM), with Ge- 
camines holding the remain- 
ing 45 percent 

The Zambian government 
has now approved the pri- 
vatization of ZCCM. in 
which Anglo American, 
through Zambia Consolid- 
ated Investment (ZC1), has a 


27.3 percent interest. 
However, “the mining 
companies are finding the 
terms .very difficult , to ac- 
cept” says Mr. Sptatfcy. 
Thcv “do not want to take on 
the $600-700 million debt to 
the World Bonk and Fans 
Club or shoulder foe . social 
responsibilities.” . 

The government intro- 
duced tax concessions, but 
when “the companies re- 
quested tax holidays while 
they pay off the debt, the 
government insisted on foe 
debt being paid without tax 
holidays.” says TMC Direc- 
tor Lucas Lundin. 

It is for “these reasons that 
the Lundin group targeted 
greenfield sites without in- 
frastructure. operating mines 
or large workforce that had to 
be sorted out.'* . adds Mr. 
Spraticy 

TMC is entering the final 
phase of the feasibility study 
of what is one of the world's 
largest, copper and cobalt de- . 
posits, located in the Congo's 
Shaba province Coppcrbelt 

Meanwhile, Phihp J. 
Wright was appointed pres- 
ident and chief executive of- 
ficer of the company bn Sept. 
11 . 

Mr. Wright will steer TMC 
to an initial annual produc- 
tion target of 100.000 tons of 
copper and 8,000 tons of co- 
balt by late 2000, with plans 
to increase this output to 
400.000 ions of copper co- 
balt within 1 0 years. This fig- 
ure could be revised upward 
once the inventory of re- 
serves on other sites is com- 
plete. 

Tenke Fungurume has 
known reserves of 222 mil- 
lion tons, of which 92 million 
tons is mineable by open pit 
at Tenke. 

Power and transport arc 
always stumbling blocks in 
project development in 
Africa, and Congo is nu ex- 
ception. TMC has plans to 
transport copper and cobalt 
to a port in South Africa. 

“we arc close to conclud- 
ing a contract with the South 
African company Spoomct 
and the Congo government 
for a Tenke block train to 
cany copper and cobalt from 
the site to a South African 
port and return with sulfor.*’ 
says Mr. Spratley. 

TMC has also “estab- 
lished very favorable com- 
mercial supply terms with the 
government" fbrpower from 
Inga Shaba hydroelectric sta- 
tion on the Congo river. 

In sum, more than 15 new 
world-class gold deposits 
have been discovered in West 
Africa alone in foe past few 
years. This could lead to the 
establishment of major gold- 
mining industries in" the 
countries concerned and in 
time transform local econ- 
omies. The resurgence of in- 
terest in and injection of 
fends into foe Copperbclt 
could turn the region into the 
powerful industrial heartland 
it should have been decades 
ago. J.B. 


Going for the Gold in South Africa 


Since the dawn of time, one element has outshone the rest. Gold. Eternally worth its 
weight in desire, intrigue and aliure. Anglogold knows gold. We know where to find it 
and we know now best to mine ; t. We have the finest resources in the world to meet 
the endless .global demand for this most precious and coveted of ail metals. 
Goic will never lose its luscre. It will always encircle us with its magic. 


ifsid 


Continued from page 12 

was reached between the Na- 
tional Union of Mineworkers 
(NUM) and foe Chamber of 
Mines in July but still has to 
be ratified at the individual 
mine level before it becomes 
generally accepted 

The scramble for Africa 
Many South African mining 
groups have also taken ad- 
vantage of South Africa’s re- 
turn to international respect- 
ability after foe 1994 
democratic elections to take 
part in the renewed 
“scramble 'for Africa” cur- 
rently under .way; they are 
looking for new gold pros- 
pects in West and East 
Africa. 

The great attraction of 
these gold prospects is that, 
while much smaller than 
South African operations, 
they are shallow deposits that 
are relatively cheap to de- 
velop and operate. Key target 
countries are Mali — where 
Anglo American Corpora- 
tion and Randgold already 
have operating gold mines — 
and Ghana, where Gold 
Fields of South Africa is de- 
veloping a major deposit. 

The fallout from foe Bre-X 
gold mine scam in Indonesia 
is actually helping foe m^'or 
South African companies, 
which are well-financed and 
have deep pockets, unlike 
many junior mining compa- 
nies. “It’s a buyers’ market at 
present,” says Avgold Fi- 
nancial Director David Ko- 
varsky. 

4 . 


Platinum prospects 
Meanwhile, South Africa’s 
largest platinum producer — 
Anglo American Platinum 
Corp. (Amplats) — is po- 
sitioning itself to take full 
advantage of improving 
prospects for platinum, 
which is used extensively by 
the automobile industry in 
the manufacture of autocata- 
lyst to reduce vehicle exhaust 
omissions. 

Amplats has merged its 
three separately listed mining 
companies with foe holding 
company and announced a 
13 billion rand (S320 mil- 
lion) expansion program to 
boost its platinum output to 
2.1 million ounces' a year, 
from die current 1.8 million 
ounces a year. 

This is designed to take 
advantage of a gap in foe 
market being created by con- 
tinued growth in platinum 
demand and falling' supplies = 
from Russia. g 

Russia is the world's | 
second largest producer of 
platinum — it supplied 12 
million ounces, equivalent to 
24 percent of foe world’s 
total, last year — but much of 
this is believed to have come 
from stockpiles. Amplats’ 
assessment is that production 
from Russia’s mines is de- 
clining, and tiie stockpiles 
have been depleted to foe 
point where sales cannot be 
maintained at previous 
levels. 

There are no alternative, 
large sources of supply to the 
South African platinum 
mines, which is why foe 



Moving the e&ih fa get# the mineral w p gftti 


European Commission has 
taken a keen interest in recent 
merger proposals between 
various South African pro- 
ducers. Last year, foe com- 
mission vetoed a merger be- 


hveen Impala Platinum and 
Lonrtio Platinum (Lenplat) 
~ respectively South 
Arnca s second and third 
largest producers . 

Brendan Rvan 


‘Mining in Africa** 

Writers Brendan Rya„ iH South Africa 
Jane Borges in Lnndan ' 

_ Procram Director; Bill A tahder 


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Wednesday; November 5, 1997 


PAGE 15 


.-. “t 
. •>..■ 


*;• 


;-h 

'V 


Women’s Sports Gain 
Fans in Ad Departments 

$1 Million Shoe Deals Aren’t Just for Guys 


■ ^u. 


By Paul Farhi 

Washington Post Service 


$ 


'K. 

■x 


’■‘‘A 

'* V; 


WASHINGTON - Almost 
everything about Rawlings’s new soft- 
baH helmet is unremariabfe— until von 

check the back. Built into the plastic is an 
X-shaped opening. It’s for a ponytail. 

As American girls and women in ever 
larger numbers discover sports, U.S. 
sports marketers such as Rawlings 
■Sporting Goods Co. are discovering 
girls and women. 

Virtually ignored as participants, fans 
and consumers just a few years ago. 


own group of marketable stars. Nike Inc. 
broughtont the first “signature” qyqln»T 
line for women two years ago when k 


signed up the basketball player Sheryl 
r, Nikki McCray, 


•IV. 

V 


MEDIA MARKETS 


* . 
•v% 




: -icj. 


American women now form a hot mar- 
ket for all things sports-related. 

Reebok International Ltd. now makes 
a product that didn’t exist a decade ago 

— $75 “elite” women's soccer shoes 

— endorsed by Julie Foudy, co-captain 
of the gold-medal U.S. Olympic soccer 
team. Louisville Hockey recently 
brought out a line of $99 women's 
hockey pants that feature a narrower 
waist, wider hips and more pelvic and 
hip protection. 

Thanks to the success of the new wom- 
en ’s pro leagues, women are gaining their 


- --c 


- 1 . 


% 



Swoopes. A rival player, 
last month signed a SI rniWfon s h o e deal 
with Fila Holding SpA. 

The women’s sports marker has picked 
up such critical mass in recent years that 
two deep-pocketed publishers have be- 
gun to court it with glossy magazines. 

Conde Nast Sports for Women — 
from the publisher of Vogue, Ma- 
demoiselle and Vanity Fair — inau- 
gurated its first issue last month. Tune 
Warner Inc. came out this fall with its 
second quarterly issue of Sports Illus- 
trated Women/Sports, a spin-off from 
its weekly sports magazine. Time 
Warner says the magazine is a test and it 
has not committed to a full publication 
schedule yet Conde Nast has commit- 
ted $40 million to publishing monthly. 

Female participation rales in sports 
have been soaring for the past 20 years, 
helped along by Tide DC of the Civil 
Rights Act the 1972 law that required 
schools to equalize women’s sports pro- 
grams with men’s. At the same time, the 
gold-medal performances of U.S. wom- 
en's teams in softball, soccer, gym- 
nastics and basketball at die 1996 
Olympics in Atlanta gave female athletes 
an unprecedented amount of exposure. 

While one in 27 girls belonged to a 
school athletic team in 1970, one in three 
girls now plays, according to (he National 
Federation of State High School As- 
sociations. The Women’s Sprats Foun- 

timates that more than S5a£ adult 

women now play some land of sport. 

The most high-profile changes in 
women’s sports may be those involving 
professional leagues. Outside of tennis 
and golf, female athletes had virtually no 
options to play after college a few years 
ago. Bm in the past year, two women's 
professional basketball leagues and a 
women’s professional softball league 
have sprung up. Professional women’s 
soccer and ice hockey may be next. 



Krupp and Thyssen 
Push for Full Merger 


C.eqilrJ c.'V. r .Lr?/Y.si;ft 1 4LX,a > 

ESSEN, Germany — Two of Ger- 
many's oldest industrial companies. 
Fried. Krupp AG Hoesch- Krupp and 
Thyssen AG, said Tuesday that the 
chairmen of both companies* boards 
had agreed to propose a full merger to 
their shareholders. 

A friendly merger of the two compa- 
nies has been expected ever since 
Krupp* s failed hostile bid for Thyssen. 
its larger rival, this year led to a merger 
of some of their steel activities. 

A full merger would creare Ger- 
many’s fifth- largest industrial group, 
with combined sales of about 60 billion 
Deutsche marks IS34.55 billion). Bui it 
could cost a large number of jobs, a 
prospect that has not sat well with politi- 
cians before elections next year. 


However, the companies said Tues- 
ofam 


Bill HI IV* 

Mary Balserak, 49, taking a shot in a basketball clinic in Fairfax, Virginia. 


day that the impact of a merger on their 
work force would be small and would be 
spread throughout the companies' 
worldwide operations. 

The final conversion rate for the share 
exchange as well as olher open matters 
will be decided by the end of November, 
the companies said. 

Studies by the 19 working groups set 
up to evaluate the potential of a full 
merger “reached the conclusion that 
both companies, with their emphasis on 


capital goods, industrial services and 
steel, have similar strategies.” the joint 
statement said. 

The synergies will be counteracted bv 
a one-time cost of an “acceptable" 
level in connection with the merger, 
they said. 

Shares in the two companies have 
rallied this week on news of the im- 
pending merger, with Krupp closing up 
23.80 DM on Tuesday in Frankfurt at 
374 and Thyssen rising 0.50 to 41 1. 

Union and works council leaders are 
demanding a pledge from the two 
companies that in the event of a merger 
there would be no forced layoffs. In- 
stead, they say, any job cuts should be 
carried mil through attrition and retire- 
ment. 

The IG Metal! trade union is unlikely 
to support a merger that would cost a 
large number of jobs. 

“The two companies are a good fit, 
and there are very few overlaps in their 
businesses,” said Harold Schnitzer, an 
analyst at DG Bank. 

“in the long nm.” said Christian 
Obst. an analyst at Bayerischc Vcreins- 
hank. “a merger of Thyssen and 
Hocsch-Knipp will have an impact of 
more than 450 million DM in synergies, 
maybe more than 1 billion marks.” 

(AFX, Reuters ) 


‘It’s just logic,” said Donna Lopi- 
re director! “ “ 


iwwhjogkx] rw 

Equipment makers target women. 


ano, executive director of the Women's 
Sports Foundation. “If you teach wom- 
en how to play and they understand 


See PITCH, Page 17 


Hyundai to Cut 5,000 Jobs, 11% of Total, by 2000 


' Comptk d trj Ow Stuff Fwm D inuA fei 

SEOUL — Hyundai Motor Co.. 
South Korea's biggest auto manufac- 
turer, said Tuesday it would cut 5,000 
jobs — about 1 1 percent of its work 
force — by 2000 amid rising costs and 
increasing competition. 

The move comes as Hyundai braces 
for fiercer competition from foreign 
automakers ' and from Kia Motors 
Crap., the near-bankrupt automaker 
that is expected to be taken over by 
Samsung Motor Inc. 

“I believe Samsung’s full-scale at- 
tack is there behind Hyundai's de- 
cision,” James Son, an auto analyst at 
SBC Warburg Dillon Read, said. 

A court in Seoul has appointed Jin 
Nyum, a former labor minister, as 


chairman of Kia Motors in an apparent 
attempt to improve relations with the 
troubled company’s union. Kia was 
placed under court control to help Kia 
Group dig out from under S 10 billion of 


South Korea's biggest discount 
retailer seeks debt relief. Page 19. 


debt Mr. Jin succeeds Kim Sun Hong, 
who resigned last week. 

Workers at Kia and its commercial- 

re- 


-orp.. 

turned to work Monday after a 13-dav 
strike to protest a possible takeover by 
an outside concern such as Samsung. 
Bui production was halted again Tues- 
day because of a shortage of tires. Two 


major tire companies refused to supply 
Kia and Asia Motors until the vehicle 
makers paid debts totaling $50 million. 

Once Kia restructures, however, it is 
expected to pose a competitive threat 
for Hyundai. South Korea also is 
scheduled to open its auto market 
wider to Japanese and other foreign 
competitors next year. 

The Hyundai Research Institute is- 
sued a warning this year that the 
Korean auto industry' needed to slim 
down to cope with waning profitab- 
ility. U said the ratio of net profit to 
revenue at Hyundai slid to 0.7 percent 
last year from 1.5 percent in 1995, 
while that of Kia dropped to 0.1 per- 
cent from 0.2 percent. At Daewoo Mo- 
tor Co., however, the ratio doubled to 


0.6 percent over that period. 

Hyundai said it would cut the jobs of 
5.00(1 workers and about one- fifth of 
its 152 executives over the next three 
years as well as merging its 14 business 
sectors into seven or eight. 

Hyundai’s first-half net profit 
plunged 45 percent from a year earlier, 
to $31.5 million, as it offered local 
customers interest-free financing to 
spur sales. 

South Korea’s seven automakers 
also saw their combined exports slump 
in September for the third consecutive 
month, to a total of 87.521 vehicles, 
down 4.7 percent from August and 6. 1 
percent from a year earlier, the Korea 
Automobile Manufacturers* Associ- 
ation said (Bloomberg. API 


On-Line Advertisers Police Themselves 

Behave Yourself or You Risk Legislation, Clinton's Internet Chief Warns 


By Stuart Elliott 

New York Times Service 


NEW YORK — The Clinton admin- 
istration’s point person on Internet is- 
sues is lobbying Madison Avenue to 
help ensure that a policy providing for 
the self-regulation of cyberspace — - in- 

r -’-tiling sales pitches aimed at children 
withstands strong, sustained chal- 
. .- tenges. 

“What you are doing is essential to 
the success of the admin istration’s 

: - strategy,” Ira Magaziner. senior adviser 

to President Bill Clinton for policy de- 
r .. velopment, said Monday at a confer- 
ence about youngsters and on-line ad- 
vertising. “The tremendous economic 
benefits of the Internet will not woric if 
we don’t get efficient industry self-reg- 
\ ulation on issues like privacy and com- 
tent, especially in the children’s area.” 
“If you fail, we will have to go the 

legislative route,” he added. “That gets 

caught up in the politicalprocess and 
v- will be less rational and efficient.' ’ 

" y) Mr. Magaziner was giving the key- 
note address here at a conference 
sponsored by the Children’s Advotis- 
" mg Review Unit, a part of the longtime, 
• voluntary, self-regulatory process of ad- 
judicating advertising disputes. 

In April, the children’s unit issued 
voluntary guidelines on Internet mar- 
keting to junior consumers. Thai has 
become a conteotious topic, with par- 


ents complaining about what they per- 
ceive as disingenuous appeals to then 


sons and daughters for data m exchange 
for trinkets or electronic mail signed by 
cartoon characters. The guidelines in- 


clude recommendations that advertisers 
disclose why they are requesting in- 
formation from children and what will 
be done with iL 

Three months after the guidelines 
were issued, Mr. Clinton disclosed his 
worldwide electronic commerce 
strategy, which was based on a position 
paper from a task force headed by Mr. 
Magaziner. 

The paper was surprising for its forth- 
right advocacy of self-regulation in- 
stead of governmental intervention, 
primarily because Mr: Magaziner was 
foe architect of the White House health- 

icized^for relying too heavily on reg- 
ulatory bureaucracy. 

One reason that cyberspace warrants 
alaissez-iaire approach, Mr. Magaziner 
said, is that “interactivity gives you foe 
unique ability to empower people, par- 
ents, schools and libraries to protect 
themselves.” 

Mr. Magaziner acknowledged that 
there had teen protests about the new 
policy, adding, “People say: ‘You’re 
just being a shill. You’re leaving the 
Internet open to let industry do all this 
terrible marketing to children. How can 
you do that, particularly as Demo- 
crats?’ 

“People get afraid of change,” he 
said, “afraid of something their kids 
understand better than them.” 

But Mr. Magaziner said he was re- 
sponding to a larger, more damaging 
fear, which has hampered the growth of 
“the new digital economy”: the fear 
thar “governments would step in and 
ovenegulale, overtax and over-censor 


the Internet and strangle develop- 
ment” _ . 

Electronic commerce will be “foe en- 
gine of growth fra the world economy 
and the U.S. economy in the next quaner- 
cennuy,” he added, saying, “If we get in 
and regelate h, we’ll just mess it up.” 

Those who want to police on-line 
content should “look to the private sec- 
tor for the means,” Mr. Magaziner said, 
perhaps in the form of “brand-name 
filters,” software developed by orga- 
nizations tike the Children’s Television 
Workshop or foe Christian Coalition. 

He added that it was “essential that 
children’s privacy be protected and chil- 
dren not be exploited, that information 
is not gained from children without pa- 
rental permission.’ ’ 

The Children’s Advertising Review 
Unit is administered by foe National 
Advertising Review Council, formed by 
tile Council of Better Business Bureaus 
and three organizations: foe American 
Advertising Federation, the American 
Association of Advertising Agencies 
and the Association of National Ad- 
vertisers. 

On-line ads fra children ‘ ‘offer some 
exciting opportunities for creativity and 
innovation/' said Walter O’Brien, pres- 
ident of the review council and vice 
president of the Better Business Bu- 
reaus, but the “consequences of even a 
small misstep can be significant” 

Mr. O’Bnen said he would pursue a 
request from Mr. Magaziner that foe 
children’s unit ask the European Union 
to follow foe U.S. approach to Internet 
regulation, rather than adopt govern- 
ment strictures. 


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It is a simple principle upon which we hose 
our brand of financial conservatism: private 
hanking huilt upon rigoi> discipline and prudence. This 
sophisticated conservatism, vigorously pursued, has created 
a global private hank of exceptional stability, capable 
of weathering the roughest storms. 

Indeed, Republics capitalization ratio, 
on a risk adjusted basis, is two times as great 
as that required hv the world's international 
hanking regulators. 

To our way of thinking, it is security as 
well as return that we must ensure each day. 

And in the process, to provide a unique quality 
of service, understanding and discretion. 



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Strength. Security. Service. 


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PAGE 16 


INTERNATIONAL HERALD TRIBUNE* WEDNESDAY, NOVEMBER 5, 1997 




THE AMERICAS 


Investor’s America 


The Ootv 


30-Year T-Bond Yield 


8100 

7500 




6.00 


Dollar m Deutsche marks* Dollar in Yen 




1.65 


J J A S O N 
1997 


130 

120 

110 


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1997 


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Source: Bloomberg, fletrfers 


Stocks Rise in an ‘Equilibrium 5 Session 


[lUenalional Kcnld Tribune 


Caqaled by Our Saf Froat D tl fkitf hes 

NEW YORK — Stocks crept higher Tuesday, 
but sane profit-taking alter Monday's big gains 
and a downturn in Hong Kong dampened op- 
timism for a speedy recovery of world markets. 

The Dow Jones industrial average finished 
up 14.73 points at 7,689.13. Advancing issues 
outpaced declining ones by a narrow margin on 
the New York Stock Exchange, and the Stan- 
dard & Poor’s 500-share index closed up 1.76 
points at 940.75. 

4 Today's really kind of an equilibrium 
day,” said Dan Ascani at Global Market 
Strategists. "Everyone’s really kind of pulling 
back here to let the whole dung digest” 

On Monday, the Dow bolted 232 points 
higher, its third-biggest point gain ever. Stock 
markets around the worm have been volatile 
since last week, when a sharp drop in Hong 
Kong sparked a global sell-off. 

Brad Weekes, managing; director of equity 
trading at Donaldson Lufkin & Jenrene, said it 
was too soon to conclude that Wall Street had 
shrugged off the anxiety that helped drive it 
down last week. 

"I still think we have an opportunity that we 
may trade lower,” be said. 

The Treasury bond market also was weak, 
with the price of the benchmark 30-year issue 
falling 17/32 point to 101 22/32. The yield rose 
to 6.25 percent from 6.21 percent Monday. 

Pressure on bond prices came from an in- 


crease in supply. As part of its quarterly re- 
funding auctions, die Treasury sold 514 billion 
in three-year notes Tuesday and will sell $1 1 
billion in 10-year notes Wednesday and 510 
billion in 30-year bonds Thursday. 

“Bonds will have a greater tendency to go 
down than up in the next few days” with all the 
new issues, said Jim Midanek at Solon Asset 
Management in Walnut Creek, California. 

There was little reaction to a report saying tfaar 
the U.S. economy was headed for continued 

US. STOCKS 

growth over the next six to nine months. The 
Conference Board research group reported that 
its index of leading economic indicators rose 0.2 
percent in September, matching analysts’ fore- 
casts, for its fifth straight monthly increase. 

News on the economy ’$ course moved stocks 
strongly before last week, with any signs of 
robust growth triggering fears of inflation and 
an economy-slowing increase in interest rates at 
the Federal Reserve. Bat since last week’s 
volatility, few analysts expect the Fed to risk 
unsettling die markets further by raising races 
when its policymakers meet next Wednesday. 

Intel was the most actively traded U.S. stock, 
closing down 2*6 at 76 a day after the company 
said it was starting to feel the impact of cur- 
rency turmoil in Asia. 

Newbridge Networks fell 10 1/16 to dose at 


48 3/16 after the maker of telecommunications 
equipment said its second-quarter profit would 
not meet estimates because it was taking longer 
than expected to break into new markets. 

Bat other technology issues were strong, with 
Compaq Computer nsing 1% to 68 V5 and Dell 
Computer adding 2'A to 853$. 

Citrix Systems rose 3 9/32 to a record 77tt 
after Hewlett-Packard reached a definitive li- 
censing agreement to use Citrix's technology in 
some of its future product tines. Hewlett-Pack- 
ard rose 1!A to 64%. 

Boeing fell 1 1/16 to 47 a day after its Euro- 
►titor, Airbus Industrie, announced a 
S Airways Group. 

aujjpvA* i,16 to 66 1 1/16 after reporting 
slightly lower sales in October compared with a 
year earlier. Ford also reported lower sales, but 
its shares rose V4 to 46 7/16 as investors focused 
ua strong sales of sport utility vehicles. 

Laser rose 1% to 654 after U.S. regulators 
approved two of the company’s medical laser 
systems for ophthalmic applications. 

Borders Group rose TA to 28% after the book 
retailer said it would post better-tiian-expected 
results fra: its third quarter, breaking even after 
reporting a loss of $2.7 million a year ago. 

Bayard Drilling Technologies rose 4 31/64 
from its initial public offering price of 23. The 
provider of contract land drilling services to oil 
«nd gas co mpanies sold 9.6 million shares. 

(AP. Reuters. Bloomberg l 


Very briefly: 


■ Dr Pepper/Seven-Up Inc. is to restructure its business by 
cutting 1 10 jobs, about 10 percent of its U.S. work force. The 
job-reduction program will primarily affect its Dallas 
headquarters. 

• Brazil's Sao Paulo state plans to sell a 57.6 percent stake in 
the regional power company Cia. Paulista de Forca & Luz in 
what is being called a test of investor confidence in Brazil. 

• Oxford Health Plans Inc. had a loss of $78. 1 million in the 
third quarter, larger than the forecast that prompted a sell-off 
of the company's stock last week. A year earlier, the company 
had net income of $26.6 million, or 33 cents a share. Its stock 
fell 50 cents to close at $25.50. 

• The UJS. Supreme Court, reversing its own 1968 decision, 
said wholesalers did not necessarily violate federal antitrust 
law by limiting prices retailers could charge consumers for a 
product- The decision was a victory for State Oil Co., which 
had been sued by an Illinois gasoline-station operator who 
wanted to charge more than the oil company would allow. The 
ruling sends die lawsuit back to a lower coon. 

• John Huey, managing editor of Fortune magazine, will also 

take charge, starting in January, of Money magazine under a 
management shakeup announced by the financial publica- 
tions ’ parent company. Time Inc. afx, ap. Bloomberg 


Newcourt Pursues AT&T Capital 

Bloomberg News 

\ TORONTO — Newcourt Credit Group Inc. is negotiating to 
buy AT&T Capital Corp. fra* as much as $1.9 billion in a deal 
that would form the second-largest non bank lender in North 
■America, a person close to the talks said Tuesday. 

AT&T Capital was sold to a management-led group by AT&T 
Coro, last year for $2.2 billion. AT&T Capital is the biggest 
lender to buyers of equipment from Lucent Technologies Inc. 
and NCR Crap., which have been spun off from AT&T. 


Persistent Laidlaw 
Bids for Safety-Kleen 

Cempitdty Our Sa& From Dbpmha 

COLUMBIA. South Carolina — Laid- 
law Environmental Services Inc. made a 
hostile bid Tuesday to buy Safety-Kleen 
Corp. for $1.8 billion in cash, stock and 
assumed debt after its friendly offers were 
rebuffed. 

Laidlaw provides management services 
on hazardous and industrial wastes to in- 
dustry and government, and Safety-Kleen 
provides recycling and other processing of 
industrial waste materials. 

Laidlaw said it had offered $14 in cash 
and 2.4 Laidlaw shares for each of Safety- 
Kleen's 583 million shares outstanding. It 
said it already owned 600,000 Safety- 
Kleen shares. 

Laidlaw said it marte the offer after 
Safety-Kleen failed to respond to a pre- 
liminary proposal six weeks ago. Safety- 
Kleen said Aug. 8 dial it would explore 
strategic alternatives, including a sale of 
the company. 

Laidlaw said it expected $100 million in 
annual cost savings and other benefits from 
tile combination of the companies. 

“Our board of directors today author- 
ized and directed senior management of 
Laidlaw Environmental Services Inc. to 
pursue the acquisition,” Chairman James 
Bullock wrote in a letter to Safety-Kleen 's 
chairman, Donald Brinckman. 

(Bloomberg, Reuters) 


AMF Rolls Out Public Offering 

Bowling Firm Finds Buyers Despite Turbulent Market 


By Mitchell Martin 

International Herald Tribune 


NEW YORK — Investors snapped Up shares 
in AMF Bowling Inc. on Tuesday as the com- 
pany went public in a stock market that seemed 
to have overcome the fears raised by the 554- 
point plunge in the Dow Jones industrial av- 
erage just over a week ago. 

AMF is one of only two major companies 
that make bowling equipment and operate large 
chains of centers for the sport, which is growing 
in popularity around the world, notably in such 

large markpls as China and In dia Its initial 

public offering, priced at $1930 a share, closed 
at $21.6875, up 14 percent, on volume of 5.6 
million shar es 

Goldman, Sachs & Co. bought AMF last 
year for about $1.37 billion. After the offering, 
it still owned just over half of the company. 
AMF raised about $260 milli on that will be 
used to retire some of its heavy debt load. Its 
debt will fall to about $1 billion, compared with 
its shareholder equity of about $600 million, 
according to Douglas Stanard, president and 
chief executive of the bowling company. 

Mr. Stanard said AMFs debt load reflected 
an expansion program that had raised its hold- 
ings ro about 440 bowling centers around the 
world from 284 at the end of June 1996. About 
90 of the centers are outside the United States. 
Besides running the centers, AMF makes bowl- 


ing machinery and sells equipment needed to 
outfit bowling lanes. An attraction for investors 
is that tiie bowling industry is an effective 
duopoly, with Brunswick Crap, the other major 
player. Brunswick, however, is more diver- 
sified, with activities in several leisure indus- 
tries. AMF, whose initials indicate its industrial 
roots as American Machinery & Foundry, has 
divested itself of its nonbowling operations. 

Other than the two leaders, the $9 biltion-a- 
year market is fragmented. There are about 

13.000 bowling centers in the world. Half of the 
business is in the United States, but the American 
market is mature, with about one bowling lane for 
every 2,000 people. By contrast, there are about 

4.000 people per lane in Japan, 6,000 in Aus- 
tralia, 10,000 ui Britain and 300,000 in China. 

Generally, the price of a game reflects the 
number of lanes per bowler, Mr. Stanard said, 
so while an American can bowl for about $2.25 
a game, it costs as much as 500 yen ($4. 12) in 
Tokyo, 30 francs ($5.16) in France, £2.20 
($3.69) in Britain and the equivalent of $6 in 

Phina 

One reason that bowling is growing is that 
both companies are modernizing the envir- 
onment of he game. Mr. Stanard said late-night 
sessions were increasingly being given dis- 
cotheque-style surroundings, with darkened 
lanes, glowing balls and pop music attracting a 
younger crowd than traditional league bowlers. 
Brunswick has made si milar innovations. 


Asia Turmoil 
Lifts Mark 
Over Dollar 


pliKunbcrgSm 

NEW YORK — The dollar fell 
against European currencies Tues- 
day on concern that economic tur- 
moil in Southeast Asia would take a 
bigger toll on the United Slates than 
onEurope. 

But it rose against the yen on new 
evidence that Japan’s financial in- 
dustry was siting and consumer 
spending was weak. 

The Thai baht surged on hopes 
that the resignation of Prime Min- 
ister Chaovalit Yongchaiytn would 
open the door to economic reform. 

The dollar's decline in Europe 
came as a slump in Hong Kong 
stocks revived concern that region- 
al woes may crimp demand for U.S. 

FOREIGN EXCHANGE 

exports and the doUars needed lo 
pay for them. Asia triggered a glob- 
al stock sell-off in recent weeks, and 
its currency problems have shown 
signs of reaching Latin America. 

"People are looking at Asia and 
the fallout from Latin American 
currency moves," said Lisa Fin- 
strom, a currency analyst at Smith 
Barney Inc. "The U.S. economy is 
probably more vulnerable to those 
events than the economies of Con- 
tinental Europe.” 

In 4P.M. trading, the dollar was at 
1.7235 Deutsche marks, off from 
1.7365 DM on Monday, at 1.-KM0 
Swiss francs, compared with 1 .41 30 
francs, and at 5.7713 French francs, 
down from 5.8160 francs. The 
pound rose to $1.6847 from 
$1.6757. But the dollar gained to 
122.065 yen from 121.450 yen. 

The dollar’s weakness against 
the mark was compounded when a 
Bundesbank council member, 
Helmut Hesse, encouraged talk of 
an increase in German interest 
rates, saying there was a risk in- 
flation would accelerate next year 
and that the bank needed to take 
timely action to combat it. 

Mr. Hesse also suggested that 
German rates would rise as 
Europe’s planned single currency 
drew nearer, saying the market was 
expecting an official short-term 
European lending rate of about 4.5 
percent. Gennany’s securities re- 
purchase rate is 3.3 percent. 

A Japanese report showing that 
domestic car sales fell fra a seventh 
straight month in October undercut 
the yen. 



;i K '1 5 




AMEX 


U. S. STOCK MABKET DIARY 


INTERNATIONAL FUTURES 


Tuesday's 4 P.M. Close 

The 300 most traded stocks ol the (toy, 
up to the dosing on WaU Street. 

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Now. 4, 1997 

Hl^i Unr UtBt Chgo OpM 

Grains 

CORN (CBOT1 

54)00 bo adntown- cwri* par bustW 
Dec 97 286 280 2KP* -51*0218 

Mar 98 295 290 290W -4 M 104424 

May 98 301 29544 2*6 -416 30466 

Join 305% 300 30W -444 424169 

Sep 98 399* 29744 293V* -1 3JM 

Dec 90 29445 291*4 292 -144 24120 

Jut 99 305 303 304 Vi .1 249 

Est sata 54000 Mans safes 74891 
Mans apm ltd 394347, all 596 

SOYBEAN HEALCCBOT) 

IOO tom- dalan ptr ton 
Dec 97 23450 231 JO 23280 -0J0 41,149 

J«1 90 231 JO 227 J0 22750 -0JS0 22J46 

Mm 96 223.00 2234)0 22X80 -OJO 20-418 

Mu* 90 22SJ0 221 JO 221 JO -1J0 1 72503 

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Aag98 22450 22300 22300 up*. 2697 

Est solos 20000 Mam sales 22J97 
Mans open toll 2X484 off 83 

SOYBEAN OILCCBOTI 
60000 to- cards per tb 

Dec 97 2482 2438 25-42 4X21 50563 

Jon 98 2499 2458 2464 -013 27J87 

Mar 99 2422 2582 2487 4X15 14252 

Mo*90 2425 2490 2498 4X16 9*389 

-M98 26J0 2605 2605 4X12 4580 

Aug 9* 2487 2485 2487 +4X02 820 

EsL sates 14500 Mans lotos 10637 
Moirs open to) 114429. iq> 322 

SOYBEANS (cam 
4000 toi ntabrnn- OMti per b«aM 
No* 97 72 » 711 Tim -5W 191574 

Jan 98 730 715 714 -5* 60751 

Mar 98 735 721 7211* -6 ZX7S3 

90 740 726** 72716 -5 1*409 

J«l9t 745 732 732M -Ot 14818 

Est sates 57000 AtatfS sates 7Z834 
Menrs apsn hd 149J26, off 4608 

WHEAT (CBOT7 

4000 Da mtofenen- ante per busM 
Doc 97 StM 359 399W -4 52,113 

Mar 96 380** 37» 374 -3* Z7J61 

Mo»98 33SV* 382 382 <m 4438 

JMW 388 3B4M 3B4U -3 15 

eat. stfcs 10500 Mars asks 10524 
Mans opm M1041B4. off 451 


High Law Voted Chge Opfnt 

0 RAN 6 E JUICE ateno 
14000 CM per lb. 

No* 97 71 JO 6050 71 JO + 2 JD 1 , 7 » 

Jan 98 7440 71 Q 5 7475 +255 20840 

Mar 98 7080 7450 78 J 0 +265 11,765 

May 98 8185 78.90 8185 +265 2875 

Est sates HA. Mens kMs 2449 
Manapsi bd 39 . 907 . off 37 * 

Metals 

COLD CNCMX) 

100 kw ULr dollars par to>* ol 

KwB 31400 *440 1 

Dec 97 31490 31210 31480 * 4 X 40 111889 

Jen 98 31800 31400 31400 +080 

Fed 98 318.40 31580 316 J 0 +050 30400 

Apr 9 ® 33 X 30 31420 31430 + 1 X 60 7^78 

Jon 98 322 JD 32430 32030 +070 1 IJ 28 

Aug 98 32240 +070 4510 

Ocf 9 B 32460 +080 1 J 76 

Dec 98 32680 + 0.90 10911 

Est soles 30000 Mom soles 32188 
Mom open hri 2145 H op 309 


HI GRADE COPPER CNCMX) 
24000 bs.- cants per lx 


NO* 97 

91 J» 

9000 

9050 

-0.10 

3l«4( 

Drc 97 

90.90 

89 30 

90JO 

-0.15 

30,795 

Jon 98 

90J0 

9000 

90JS 

•0.10 

1J67 

Fel>98 

9080 

90J0 

90J0 

-ai5 

USB 

Mir 98 

9070 

9000 

9040 

4X05 

1X71! 

Apr 98 

91X90 

9040 

9040 

-0J5 

U43 

May 98 

TUX) 

9050 

*060 

4L0S 

X403 

Jun 9fl 



9050 

•<L05 

UOS 

Jul 98 

91.10 

9050 

*050 

4X06 

L69S 


30797 


Dividends 

COOPQRf 


Livestock 
CATTLE CCMER7 
4000 ks^oMk parte. 

Dec 97 67 JO 6675 6497 -0.15 

Fsh98 6987 6062 68.90 +0LffiS 

Apr 98 7285 7210 7237 +005 

Jm98 6985 6*60 6985 +002 

» 9t 6980 6985 -6985 -007 

W 71 JO 71 JO 71 JO -030 

Esi «oes 1O0B6 Mom scats 7.9U 
Mom open tat Ml 74 off 491 


Est Idas 7800 Mom sates 4178 
Mam open M 61991. off 13 

SILVER CNCMX} 

4000 hoy cents pertoqr <K. 

NO* 97 48450 48250 40280 +CX30 1 

Dee 97 4nJU 461 JX 48480 +OJ0 59,188 
Jon 98 48880 48680 *680 +080 34 

Mct- 96 495.00 48980 49080 +050 20408 
May 98 49450 49400 *170 +050 2772 

8898 498X10 49450 49450 +050 2782 

Sep 98 499 JO +050 652 

Dec 98 50400 50400 50340 +050 2294 

Ed. s cflss 20000 Mom setss 20955 
Man open M 9SXM4 op 377 

PLATINUM CNMER} 

50 in* ol- dates par bay az. 

Jon 98 40750 40400 *0470 4X00 11.284 
Apr 98 40X00 40050 401 JO 4X80 2434 

Est sdst NA. Mom sates 946 
Mom opal M 12760 ofi 253 


Par Amt Roc Pay Company 


IRREGULAR 

Central Seal idles . 22711-12 12-19 

EnwrgtoaRtRt _ .8225 11-18 11-28 

UnftnarCo _ 22 11-14 12-1 

STOCK SPLIT 
Son Banco? Inc 3 tor 2 spdL 

STOCK 

Resource Brutes _ 5% 12-18 12-31 

REVERSE STOCK SPLIT 

Advartoga Li Prd 1 for 30 rmne split 


Par Amt Rec Pay 
REGULAR 


INCREASED 

Emerson Etec 
MaodCap 
Resource Bmi 
Sun Bancorp Inc 
Syria Bor Corp 


AT Plnlcs g 
Ambassador Apl 
BoffieorGIU toco 
Compass Brahrs 
Copper Indnst 
DSCamnun 
DetosrareGIb 
DtrflPhelp UtTxFr 
Foremost Cp Am 
GsrbsrSdenffSc 
GtuPitorelnco 
Hat: Cora 
Hershey Foods 
KR Regal 


3 29511-21 12-10 
3211-12 13-1 


0 U 13-18 12-31 
0 ^ 925 11-28 12-12 
Q . 1811-14 12-1 


YEAREND 


MlaowaveFSer 

Source CapU 


- .05 2-3 MB 

- 22311-21 IMS 


INITIAL 

AmtancFinGrpn _ .0911-10 12-3 
GfeesmCocpn - «2S 11-18 11-28 


. . i Pw 

MCStipptog 
Mtrdor Income 
Ntli AraSvBk 
PrataOnU 
St Pool Cos 
Scdoraor Bros 2006 
Source Cop Inc 
Tara Now 

S8JffflS£ u 


Q JUS 11-17 124 
Q 40 11-13 11-17 
M j07 11-14 11-28 
Q 2367 12-15 1-2 
Q 33 124 1-2 

Q -0967 11-28 12-15 
M .125 11-14 11-28 
M JOB 11-14 11-28 
U 11-17 12-15 
JB 11-14 11-28 
.118 11-18 11-2B 

J» 11-14 12-10 
32 1141 12-15 
.155 12-15 1241 
.10 11-10 11-26 
* M3 34 
JM 11-14 11-28 
JJ711-3? 11-28 
JO 11-10 1M 
JO 11-14 TM 
M 12-31 1-16 
£73 11-18 11-28 
1.00 11-21 12-15 
JH 12-5 12-29 
465 12-1 12-15 
427 11-13 11-26 


14457 

10707 

1607 

1,164 


&069 

*496 

2J72 

144! 

777 


LONDON METALS CLME) 

Datem per ntetoc ten 
' ■ Waksraae) 

15*00 159100 159SM 

162000 162100 162800 
dfesdsi DM Grads} 
197000 197100 199500 
198200 198300 200200 


SSmd 


■wriMy; ^ pra rlto ly. s-sa m l araismy. 


Stock Tables Explained 

Sdes Sgins ora umAdaL^ Yenrly highs and kms nRsd Ihe pntaus S2 weds pi os flu ament 
weeLtmnefg»MB S I9 oti n u doy.Wliereospgor8loaifl6di»idaTiminftiflto25percen>tr n pe 
hs boon paid Ira wnBhigNn* rang* ml iMdandoastmrn for Re new staia only. (Mess 
<«M iwi» noted i^s of dMdmdSararamarc ifafaunmris based an f* krtstf dedandton 
a - rfiwUnd afao extra {Sj. b - ramual rate bf dMdend plus stock dMdend. c - BqaMaHn 

Addend, cc - PE erceeds 99oM - aded. d - near yearty km. dd - lass in Bie lasM 2 nrant1& 

e - dMdend dedarcd or paid to pr eced i n g 12 rnoattis. i - annual rote, Inaamed oil Nnl 
dedaroGon. g - dMdend in Canadian Binds: subject to 15% mn-restdenc* fift. i - dMdond 
declared affwspRhip ra stock tfivwerai I- dividend paid this YMc omitted, deferred, or no 
adtgn Wren at West Addend meeting, k - dMdend dedarcd or paid this wat an 
accumulathic issue with dividends in OrtWOT. » - annual rate, reduced on last dectaratlon. 
a - new issue In Hie post 52 weeks. The Wgh-tow rravge begins vritti the start of trading, 
nd - next day defiwry. p - biOM dMdend around rate unknown. P/E - prica-eamings rolto. 

.q -dcsed-end motnalftmd. r - dMdend declared or paid in preceding 12 months, nils stock 

dMdend. s - sloe* sp8x DMdend bej^ns with data of spat sis - solas, t - dMdend paid In 
flock in preceding 12 month* esfimalad cosh value on a-Ovidend or w-tfsMbtdtaiidate. 

u- new yaarty High.*- Inning tatted. * 1 - to txmfcnipfcy or rec O vashrp or bdngfeoroanized 

3SSSXS5S22TZS3&az *=SSse 

*w - wiU»ut*«nanl5. y- a-dMdend and sales In full. yM - yMd. z * soles Inlua. 


FEEDER CATTLE ICMER) 
swoo Bnc- ants pra to. 

No»97 7745 77J5 7745 +4X17 

Jan 98 78.10 77J5 7705 +0.11 

Mar « 78.10 7705 77.90 +002 

Apr 98 7832 78.10 78J0 +0.05 

May 98 7850 7875 7805 +4L10 

EsL solas 1.981 Mom iota £06 

Man open W 17448 off 31 9 


H0C84j8ta (CMElD 

4A000 bt- cents per Rl 

Dec 97 6240 61 JS 62.12 +0.17 !&883 

F+4>98 6255 6190 6202 +CLE 9^50 

Apr 90 S935 5865 59J7 +4L4S 4,190 

Jun98 66J0 1650 6640 +4XD2 2,972 

jDlta 6450 6437 6455 4.15 948 

Est (ales A918 Mom Wtl &80B 
Mrara open tot 37Jiao(IV9 

PORX BELLIES (CMER) 

4X000 tes.- anh per to. 

FeC 98 6400 6350 6437 4X35 4043 

Mar 90 6425 6330 6397 -047 912 

May 98 6450 6340 6420 -0.12 295 

EsL sates 1673 Mare sates 1,246 . 

Mom open M 7441, off 39 

Food 

cocoa ocas 
HI metric ton- S per tea 
P*c97 1594 1563 1589 +11 24993 

1635 1604 1630 +12 34804 

Mn*88 1(58 1(30 1(55 +12 13883 

Jul 98 109 1651 1(76 +12 3MZ 

1700 16198 1698 +14 4828 

1716 1692 ms +16 4898 

Bl sates 2LS02 stars sates 17451 
Mom apmtoMQUai ap 1463 . 


Land 

Fawn 


59500 

«7J» 


59600 


59416 

torn 


^ord 

Ik 

raiuJ wwm. ,■■■ i .I, ... ,, w 

123900 

AsworI 125200 125300 1259V, 

H91 Lim Oase Cage 


609000 6101X00 613000 
617500 618000 620300 

559500 5(0500 555000 
S59500 5605.00 554500 


Pmteus 


159916 

1428V5 

199600 

200300 

9951* 

40700 

613000 

621000 

555500 

555000 

124000 

12(000 

Optat 


Mar 90 

V* 


COFFEE C04C3B 

y* s «8 , 4-«anbperto 

Dec 97 14460 1-050 14430 +0J0 njn 
Mnr9B 13825 13430 13705 +0.90 8400 
Mot 98 13550 13350 13535 +130 8921 
JK9B 13250 13075 13135 +075 1.W 
S*p 98 13035 129.00 130.15 +035 WJ19 
Est soles 8147 Mom solas 8625 
Mors open Ini 24633 up 515 

SUSAWNORLD 11 (NCSE1 
112000 fee.- cams per to 

Marti 1343 1236 1239 4X14 418540 

Moy« 1230 1217 1230 4X11 28479 

*49? 1103 1150 11.90 -0.14 28933 

Od 99 1)88 IL77 1IJB 4X1) 21497 

Ed. salei 2S31 7 Mom iota 24841 
Mom open M 197451 up 8594 


Financial 

US T BILLS (CMera 
floBan-atsflUOad. 

9540 undk *379 

*5 S S* 2fS «« 4x01 2 t 2 

J«"90 9802 9550 9500 4X02 496 

&Csnles ha Man sates IJH 
Mart open tot 10642, atf 200 

SYR TREASURY KB0T) 

D*97 ^tolfwMMOMB 1 ^ 13 yw.361 
Jo ° 9" -14 udol 

Est sates 31444 Mrare swat 34307 
(tars open W 2*1573 off 53382 

II YR TREASURY (CBOTl 
« 08000 win- pb 8 3Ms of 100 pd 
Doc 57 111-15 1)1410 1U4B -083694*1 

M»98 111412 110-25 110-25 -» VX* 

A»98 110-21 -08 110 

». acaes 78000 Mrars sflH 58604 
Mom open M 397,911 up 8)0 

K TREASURY BONDS CC80T) 
to pMMUMBpk 8 32nds oflOO pd) 

DecW 11801 1174)8 117- HI V|4 598413 
Mor 98 117-21 11631 1174H -1* 7M3S 

JWI98 11701 11621 11621 -14 12317 

S8P« II61T ,U 2021 

E(t Mte* 273400 Mom sdes 2BL85B 
Mbits open M (9 4455, oft &764 

LOHCdLTnJFPEJ 
raww - PR & 32nds of 100 pa 
Doe97 118-10 llB-lo 118-16 +003 161J10 
MorW KUO 11827 11902 +OW 3S4&0 
Jua98 N.T. M.T. 11628 +009 197570 
ETC ados 73692 Pnv.satob *8678 
Pl» VO tax.- 197570 Off 283S 

GERMAN GOV. BUND fUFFE) 

DM238000 -ptsol IDO pa 
DK97 10265 102-43 10262 *817 25958* 
Me* 98 10147 10140 101.91 +818 1L736 
ETC sates: 886*8 Pnrr.aafcec 14402 
Pie*, open W_- 271520 off 9513 


High Low Latest Chge OpU 

16YEAR FRENCH GOV. BONDS (MATIF) 

FFSOOQOO-jtfsallOOpd 

Dec 97 9U8 9878 9896 +038 102391 

MV 98 98*4 9824 9842 + 038 9381 

Jun98 9740 9740 9800 + 828 0 

EsL sides: 72,125. 

Open 118:111372 off 2941 

ITALIAN GOVERNMENT BOND OLIFFE) 
ITL 2W) nriffan - pis of 100 pd 
Dec 97 11152 111-65 11148 +832 110744 
Mor 98 1)203 111.90 11241 +OJS 1,976 
Jt»n98 N.T. N.T. 11201 +828 1127* 
EcLsotoK 38830. Pnv.sidsc 26366 
PimopsfltoL 112720 up 751 

UBOR 1-MONTH COMER} 

S3 nation- pis oi 100 pd. 

NwW 906 9434 9435 UKO 34438 
Dec 97 9*20 94.17 94.18 4L01 16781 

Jon 98 9433 9431 9431 -041 4677 

EsL rates NA. Mom. sates 4473 
Monk open H 99391. off 879 

EURODOLLARS CCJAEW1 
SI OlMtan-ptsolTOOpd. 

No* 97 9435 9423 9423 -041 21597 

Dec 97 9435 9421 9422 -801 536834 

Mor 98 9421 9417 9417 -042 421538! 

Aw 98 9416 9410 9411 -0.02 342323 

SepW W48 9403 9443 -803 257*56 

Dec 98 9198 93.92 9193 -003 218SW 

Mar 99- 9196 9X90 9191 4X03 15S027 

Jon99 9391 9146 9387 443 136553 

Sff 2 25 5? na -<UM 104290 

Draw 9180 9376 9377 -044 87352 

Mor 00 9142 9376 9377 -044 69574 

JunOO 9376 9373 9374 4X04 57515 

Est. iales NA. Mom sates 2781 to 
Mam open M 2780689, off 21481 

BRITISH POUND ICMER} 

<0500 pounds, S parpoond 
Dec 97 148S2 14728 14826+04094 48822 

1-6780 15690 15766+04092 482 

Jun98 15660 15660 15698+80018 74 

EsL rates NJL Mom rates X957 
Mom open tot 48378 up 3 

CANADIAN DOUAR CCMER) 

108000 donon. SpwGta.dk 

2 “2 7154+0403? 78260 

l £?£ - 7143 7185+04031 3666 

Jm98 7209 7188 7209+80031 680 

&L rates HA. Mens soles 5,7] 5 
Mam epen Int 73474. op 1579 

GERMAN MARK (CMER} 

12&0Q0 nxnta, s per mart 

2^2 ^2 -S" -5822+04050 62119 

•SS ?31J+<L00S0 jjgj 

A* 98 SSPQ 5875 5875+80050 2656 
EM. rates KA Mm i etas un 
Atom open 8067571, off 189 

JAPANESE YEN (CMER) 

AtaW 4385 4345 °S5 

Ed. rates KA. Mam sates 2855T 
Mom open tnr 106139, up 4147 

SH.H»Mc«w 
mow Irenes. S per franc 

-SS' ■2S i- 2 J044 43,J » 

7233 7210 7222+04046 2561 
^ 7387+04046 265 

EsL sates NA. Mam ratal 14506 

Mom apan tot 58338 off 2137 

ME3QCAN PESO {CMER} 

SXUno pens. S per pera 
DkW .13080 .11850 .11980+40582 22301 
Mor9B .11610 .11380 .11525+40780 H4» 
Jun98 .11145 .10995 .11145+40957 3JTt 

S ^ ftm "te* 

Mom open tot 48448 aH 587 

raSPJSJ" ? ERU " 5 (UFFB 

KWn-taonaopa 

2*2 nna 9251 —442134759 

92J9 9255 9256 042 117951 

fiUna S® 9259 —043 78113 

r£c£ SHS ^ KU —803 67473 

2*5 93.77 9278 —802 64604 

n*. mS SS -0j03 

9+.Q6 9343 9103 ~4L03 42800 

41415 

m-mental.: 661.143 up 2J8S 

jb*p MTH e uro mark iupfb 
2*5' m** ■ pi* anno pd 
M«97 7671 96J1 96J0 Undi liu 

9(26 9424 fcS ^3M9n 

a+n? *801 |*7g 

964J 9&98 9640 +841 326953 

52 SJ5 KM UndX 288343 

9559 9556 9S57 Unrf, mTC; 

W56 

?5JD 95J1 — l gjfn c 
«« 9544 9545 ^ ^ 

9494 9449 94.90 -802 74M4 

?SS: !«•«» 

Pte*. open Mj L814M off 2134 


High Low Latest Chge Opmi 

Am 98 9496 94.93 94.94 +007 108S77 

Sop 98 9549 95.06 9547 +802 6SJ19 

Dec 98 9549 9547 9548 +001 57597 

Mor 99 9543 9498 9500 -001 U206 

EsL sdes: 29,127. Pm. sates: 44680 
Pm. open Int: 498829 up 4.996 


Industrials 

COTTON 3 (MCnU 
50400 8>s.- cores per u>. 

Doc 97 7270 7210 7238 839 45911 

Mor 98 7175 7332 73JB 825 18419 

May 98 7450 7405 74*0 410 18290 

Jul 90 7495 7470 7486 4 14 18097 - 

Od« 7555 7550 73J0 410 833 

EsL sates NX Mam sdes 12181 J 

Marsepeninl 96.138 up 837 ■> 

HEATING OIL OWER} 


5811 867 54967 

5B.9T 870 24613 
59.11 870 11293 

5X31 870 9,186 
5646 865 &43S 

«JI 865 3486 
5471 865 2774 

3 28911 
>1-439 


Dec 97 
Jan 98 
Feb 98 
Mar 98 
r98 
/9t 
JOT 98 


59.10 

5970 5885 
59.90 5940 
5940 5831 
Apr 98 5735 5646 

Moy98 5640 5531 
SJO 5471 

EsL sales NA Mom sri 

Mom open tot 126*48 u 


LIGHT SWEET CRUDE INMER} 

1400HL- dalon par bbL 
DeeW 2143 2045 2870 826 92,948 

Jon 98 21.14 XX80 2085 824 55^362 

XJU 2045 4.19 35498 

Mar9B 20.96 2075 2875 818 21.522 

»» »47 28*7 816 1&344 

AtoyW 2074 2049 2049 815 17.098 

EsL sates N A Mom rates 6&19* 

Mom open tot 391,932 off 2430 

NATURAL OAS (NMER) 

laooonwi bters, S per rare Uu 

0ra97 xmo SSsa 3423 +0452 59495 V 

j°? 9B 2390 3368 +OJMO 72.512 J ‘ 

fjb98 3400 2906 2900+0450 22446 ' 

%“*£ 1590 1645 +0450 17427 

Apr 98 2335 2300 2330 +0425 18200 

May 98 2250 2220 2245+8022 U25 
EsL sdes NA Mam ram 44357 
Mars open Ini 234264 up 740 

UNLEADED GASOLINE {NMER} 

42400 got cents per gal 

97 5935 5840 58.96 884 


Dee.. 
Jot 98 
Feb 98 
Mor 98 


35,292 

1*117 

8440 

5-383 

5.786 

4442 

1597 

1411 


«40 5940 5946 872 
59.95 59.25 S9.44 864 

«W0 6042 6042 856 

^y98 6260 6225 -0.43 

as as ts 

EsL scrira NA Mars sales 11635 
Mom open tot BUM ire 813 

GASOIL OPEl 

U4. daNonpa matnc ten ■ tab 
Jto»97 18250 18040 181.00 
l81 -5° IB1.7S 
Jan98 183.75 18125 IB2.50 
FOT9B 18335 18275 1MJ5 
?»■» 18030 180.00 
I IWM 177.75 17750 
» 17530 1 7530 175JS 

M-sotes: 12200. Pm.ratot 

Pre*. open tot J «9460offl3a 
BRENT OIL (I PE) 

Sen I!- 40 ,9 - 41 --C-W 56,9(1 

Sis ,,A4 1*45 -829 5X202 * 

10OT )!K J!-? I 

]'* ‘*-53 1*26 811 6,1(1 f 

Apr98 1945 1945 19 fl —0.1* ^ > 

***:»«11 

trev. open tot: 165492 up 2730 


at IOO tans 
-875 25.308 
-140 21SJ9 
—0.75 14923 
-850 8703 

-825 6419 

Unav 1172 

♦075 1470 

=11906 


Dec 97 
Jan 98 
Mor 98 
JU198 
Sep 98 
Dec 98 
Mar 99 
Ain 99 
Sep 99 


Mar 96 
Jim 98 
5ep9B 
Dec «8 


i^ONTHPlBOR (MATIF) 

FFSnUBten-ptienoOpd 

Dec97 9636 9623 9625 + <LB *U78 

SS 

*SJ3 9SJ2 9SL74 + OfW Si 1 -u 
9SJ6 9154 9535 *0^ W ra 
9S.8I 9538 9540 * 0.02 
EsL safes: 79J26, 
open lot: 255.1 Map 2492 

2M0NTHEU ROLJRA CUFPE1 

m. 1 mUton -jit or 100 pd 

Dec 97 9173 9170 9277 Unde imh, 

MOT98 9448 9*45 9445 uUS I041M 


g> »«p..!gsys? , ‘ w 

i" 9 ® 96540 uadi 12« 

mL rales NA Mom sates 10,065 

™m open Int 40455a up 1,920 

FTSE IMlUFFS) 

OSpa-faMaDatin 

2*97 4971X0 49450 49143 —SOS to K6 
*-*» N.T UT 49555 

serin: 1965 . Pro*, rates; B.796 
Pres, open Wj 7*887 Ti 

CAC4BIMAHF) 

pF3npor|ndn pahu 

2040 3770-0 27770 ion « , 
0*97 27980 27765 2?£i " S 0 \jf& 
281*0 M074 28063 -19 5 \im 
EsL soles: 24SSL 
OpontoL: 94814o« 2J71. 


Comm °tiity Indexes 


Moody's 
Routers 
DJ. Futures 
CRB 


Preview 

Win 

J «8-20 l.mi.70 

143J2 143.15 

Mil 74lta 








£> Ijskt i 






Mil 


— - — 
!&?• S"* 

r /) (j || Inpleson 
lf Lower Costs 


fi ‘n a ^ 

tl! M .1 '... . 


Gwp fa/ft> ’J uratf Fram/XipMrfe, 

AMSTERDAM — KLM 
RoyalDutch Airlines said Toes-* 
. day mat its second-quarter net 


shares in Northwest Air lines. 

KLM earned 884 million 
guilders (S451.6 million) in the 
three months through Septem- 
ber. a gainst 2S8 million guilders 
in the like quarter in 1996. Sales 
rose 32 percent, to 3.72 billion 
guildeis. KLM posted a profit of 
421 million guilders on the sale 
of Northwest shares. It agreed 
this year to sell by 2000 its 19 
percent stake in the VS. carrier. 

A restructuring program in- 
troduced a year ago should in- 
crease full-year profit by 300 
million guilders. KLM said. 
The program aims to slash costs 
within three years by 1 billion 
guilders while increasing rev- 
enue by 500 million guilders. 

On the Amsterdam Stock Ex- 
change, KLM shares closed 
2.90 guilders higher at 71.80. 

“It’s a terrific result," said 
Gert Jochems of NIB Securi- 
ties. “The profits were better 
than expected, volumes and 
yield were good. Costs are un- 
der control, and the forecast for 
the full year is also better than 
foreseen.” 

Operating income jumped to 
506 million guilders from 187 
million guilders. KLM credited 
favorable exchange rates and 
higher yield and load factors. 

Passenger traffic increased 
faster than capacity in the first 
half , resulting in a load factor of 
79 percent, up 3.5 percentage 
points from a year earlier. 

(Reuters. AFX, AP) 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 5, 1997 

EUROPE 


Marks & Spencer Plans Global Expansion 


by Otr S^FwBt^^cia 

LONDON — Marks & Spencer PLC, Britain's 
leading clothing retailer, unveiled Tuesday a £2,1 

/M CLMi: \ I t V ■ • 1. 


reported a 5 percent increase in ftjsr-haif profit 

The company’s chairman. Sir Richard Green - 
bury, said hs plan called for adding 4.5 million' 
square feet (418,000 square meters) of store space’ 
by the end of fire century, but he warned tot to 
expansion in Britain, to rest of Europe and to 
Asia-Pacific region would bringinitial costs. 

Marks & Spencer leads the £23 billion British 
apparel market with a 15 percent share, compared 
with 5 percent for Burton Group PLC. Like many 
other British retailers, it faces mature markets at 
home and ‘di minishin g opportunities for expan- 
sion. making overseas ventures a new source for 
profit growth. 

“This is a company tot can sustain 3 or 4 
percent real growth a year for to next 25 years,” 
sard W illiam CtiUum, an analyst at Paribas Cap- 
ital Markets. “There is still room to grow in the 
UX — not as much as before, but there are plenty 
of places to go overseas.” 

The company sells its Sl Michael brand of 
clothing, food and home furnishings through 286 
stores in Britain and 172 scores and franchises 


worldwide. It has also owned the Brooks Broth- 
ers chain in the United States since 1988. 

But its investment costs, plus the impact of the 
strong pound on overseas earnings and budget 
changes affecting pension costs, dragged the 
company's profit below market expectations. 

Pretax profit in the six months that ended Sept. 
27 rose 5 percent, lo £452.3 million, compared 
with forecasts of around £460 million. Sales rose 
6 percent, to £3.7 billion, and the company raised 
its dividend 9 percent, to 3.6 pence a share. 

The company’s shares fell 26 pence to close at 
628 as analysts cut full-year profit forecasts. 

Tony Shiret, an analyst at Barclays de Zoete 
Wedd, said he would reduce his forecast of the 
company’s 1997-98 earnings to £1.17 billion 
from £1.19 billion. 

“Overall, the figures are fine,’ ' he said, adding 
tot market expectations had become too op- 
timistic with to company investing heavily. 

“It’s not very reasonable to expect more ton a 

5 percent increase when Maries is in an expansion 
phase.” he said. 

In Britain, to expansion will focus on to 19 
stores the company acquired from the retailer 
Uttlewoods in July, as well as on a clothing- 
catalog venture scheduled to start next spring. 

Marks & Spencer also plans stores in France, 


Germany and Spain as well as China and other 
countries in the Asia-Pacific region. 

The company said the strong pound and Asia's 
recent economic difficulties were affecting fran- 
chise sales and profit, bur Sir Richard said he 
remained confident about business in Hong Kong 
despite a steep drop in sales since Britain handed 
to territory over to China on July 1 . 

He predicted that recovery in economies such 
as Thailand would take longer than in Hong Kong. 
“We’ve just got to live with the problems." he 
said, “but we still have confidence in tot area.” 

Marks & Spencer has 10 stores in Hong Kong 
and franchises in other pans of the region including 
Indonesia, Thailand, Malaysia and Singapore, 

The company said it was still considering 
investments in Japan, where property prices have 
become more attractive. 

Maries & Spencer's British clothing sales rose 
nearly 9 percent, to £1 .9 billion, in the first half. 
But the slowdown in consumer activity asso- 
ciated with the death and funeral of Diana. Prin- 
cess of Wales, cut September sales by an es- 
timated £20 million. Overseas, profit fell 17 
percent, to £22 million, hit by the strong pound. 
The company said it expected the strength of 
sterling to continue to affect overseas profits in 
the second half. (Reuters. Bloomberg i 


PITCH: Growth in US. Women's Sports Pulls In Advertisers 


Continued from Page 15 

sports, they become passionately in- 
volved. They become participants and 
spectators.” 

Companies with an obvious sports 
tie-in — Nike and Reebok, for ex- 
ample — were the first to build ad 
campaigns around female athletes. 
But the list of women’s sports spon- 
sors now has grown well beyond those 
with something sports-related to sell. 

General Motors Crap, and Kellogg 
Co. are active sponsors of women's 
basketball. State Farm Insurance Cos. 
will spend $5 million this year to un- 
derwrite women’s professional clearing, 
tennis and golf and college voUeybalT 

David Jacobson, senior editor of IEG 
Sponsorship Report, a Chicago news- 
letter, said, “Through sports, marketers 
communicate to women that they care 


about their concerns, certainly more so 
than the sponsor’s competitor does.” 
The newsletter estimates tot compa- 
nies will pay organizers more than S 1 00 
million mis year to attach their names to 
women's sporting events of all kinds. 

As a group of consumers, Mr. Jac- 
obson adds, it doesn't hurt tot “the 
Title DC generation” — generally 
speaking, women and girls under 40 — 
is young, female and relatively affluent 
— three of the most highly desirable 
attributes sought by any advertiser. 

These facts are not lost on women's 
sprats promoters, who tout them to 
attract sponsor dollars. According to 
the Women’s Sports Foundation, 
women spent more on athletic shoes 
than men for to first time in 1995, in 
part because women are buying for 
their children as well as themselves. 

As the corporate influence has ex- 


panded, SO has the mann er in which 
female athletes are depicted. For 
years, corporate images of women’s 
sports were dominated by graceful fig- 
ure skaters and pixie-isb gymnasts. 
Only recently have companies begun 
to anach themselves to stars from team 
sports. Soccer’s Mia Hamm, for ex- ■ 
ample, endorses shampoo. Basketball 
player (and fashion model) Lisa Leslie 
hawks for Nike and Sears Roebuck & 
Co. and has her own action-figure doll 
made by Kenner. 

Such physically attractive athletes 
are more than just role models for 
female consumers; they have “cros- 
sover” appeal. “They offer a lot of sex 
appeal for men as well.” said Bob 
Dorfman, an advertising executive 
who writes to Advertisers Profession- 
al Scouting Report, which assesses the 
marketability of athlete endorsers. 


IMF Assails 
Paris Policies 

Bloomberg News 

WASHINGTON — 
Unemployment, fed by 
inefficient government 
policies, remains to 
“most deep-rooted" 
problem facing France 
and will probably worsen, 
to International Mone- 
tary Fund said Tuesday in 
its annual report on the 
French economy. 

While growth should 
improve to 3 percent in 
1998. it said, the benefits 
of the increase will not 
reach most unemployed 
workers in France unless 
there are significant 
policy changes. 


PAGE 17 




| Investc 

>r’s Europe 


Frankfurt 

DAX 


London 
FTSE 100 Index 


Paris 

CAC4G 


J j a s 

1897 

Exchange 

Amsterdam 

Brussels 

Frankfort 

Copenhagen 

Helsinki 

Oslo 

London 

Madrid 

Milan 

Paris 

Stockholm 

Vienna 

Zurich 

Source- Telekurs 


J JASON 

1997 


J J A SON 
1997 


AEX 

BEL-20 

DAX 

Slock Market 


Tuesday Prev. 

Oose Close Ctangt? 

86&9S _ 1^2.77 -1.57 

2JB0.59 2-384.90 -1.02 
~3£1Z45 3,854.07 -1.08 


Stock Market 622.14 624.46 -0.37 j 

HEX General 3^19^53 3>47.55 -0.79 j 

OBX ' 69SJ2 ~ 70396 ’ -L1G 1 


OBX 

FTSE 100 
Stock Exchange 

-_f_ 

CAC40 

SX16 

AT X 

SPf 


G9&22 70396 *UC ) 

4,897.40 4.906.40 -6.18 j 


586.95 

566.46 

+0.C9 

14995 

15089 

-0.62 

2,774.90 

2,787.96 

-0.47 

3^11J1 

3,234.86 

-0.73 

1,309^7 

1. 34197 

-2.51 

3,514.89 

3,535.34 

-OS 9, 

Ink-mu h'tul Ik-r-JJ 1 -i'i.— 


Very briefly: 

• British Petroleum PLC’s third-quarter net income ruse 6 
percent, to £691 million (SI . 16 billion), as us oil-iefining and 
fuel-sales businesses rebounded, offsetting a decline in the 
price of crude oil; the profit was computed on a repbcetneui- 
cosl basis, valuing oil inventories at current market prices. 

• British consumer borrowing rose £733 million in Septem- 
ber, down from August’s £959 million rise, the Bank <4 
England said. Economists said a week of mourning alter the 
death of Diana, Princess of Wales, depressed consumer spend- 
ing in September. 

• Adidas AG’s third-quarter profit surged 5 1 percent, to 2 1 1 
million Deutsche marks ($121.1 million) amid record sales of 
sports clothing and footwear. Revenue rose 46 percent . to 2 . 1 4 
billion DM. 

• Siemens AG expects to post a 6 percent increase in sales, to 
more than 100 billion DM, for the year that ended Sept. 30. 

• The European Union and South Africa have made “sig- 
nificant progress” toward a free-trade agreement, and ne- 
gotiators said they 1 expected a pact by the middle of next year. 

• Belgium’s unemployment rate fell to 1 3.4 percent ut Oc- 
tober from 1 3.9 percent in September. tv av«.i >.. 


WORLD STOCK MARKETS 


Tliesday, Nov. 4 

Prices In local currencies. 
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dtetetee 542.13 
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8X7 

8X0 

1X4 

4X2 

4X0 

4X4 

4X0 



Johannesburg ggg 

ABSAGroup 31X5 31 31X5 31X5. 

AMtoMnCMt 26660 26660 26660 26460 

m 212 220 218 

A^toASGSd 225 214 224 275 

iS 140 142 MS 

m 8030 76 78 » 

8 X 0 150 8 J 0 axo 

51X0 49-50 51 

22X5 2150 22JO 22X0 
118 112X0 114 11540 

3S30 34 3450 3£30 

40 38 . 38X0 9 

11X0 10X5 1095 11.70 
86 82 85X0 35-10 

Imnedid Hdtf 63 67 <2X0 6150 

Iwpenaupsi 19 JO 20 JO 2 tL 0 S 

155 244 257 12 

56 54J0 JJ 5610 
33D 320 327 330 

IS 119X0 124 122X0 

16X0 15 16 

99 93 97 97 JO 

1580 1450 15X3 15X0 
107 105 106 1 05X0 

40.75 39X0 60X0 fflXO 
5 g « 5? 57.1 0 

sT .S *V8 

n«teOa& 74S0 69X0 71S0 72S0 

Kuala Lumpur 


5radhs tod 
Stem Elac 
Staffecoacti 
Stood Charter 
Tate & Life 
Team 4X4 

Throes Water 9X0 

X Group 4.92 

TIGraup 5X0 

Terarins 109 

ifetev 4X2 

Uto Assurance £07 

UW News 758 

WIMhs 7J5 

VendomeUoh 167 

Vodafem 3X0 

411 

Warn Mgs 3X2 

Watetey SX 

WPP Group 2X5 

Zeners 19X8 


Genew 

SdHter 

topweCoal 

^ntetndl 
L^^Strri 


AMMBHdgs 

Goring.. 

MalBanlriW 

AtethriSMpF 

Peti"*® 8 

pSfcBk 

teSto*** 4 

tofentHWPM 

Wt?nfre*a 

YTL 


London 


AHMBrRvds 

BAA. 

Barclays 
Bass 
BAT ind 
BaafcSadond 
BtneQiUe 

S0C Group 
Beats 
Sraind 
Bril AeW 

BG 

BrU Land 

BrtPrite 


£90 &90 

9X5 «■« 
14 7420 
42S 630 

9.70 9X5 

8 410 

222 2X5 

104 100 

615 636 

27 27 

5.15 435 
9X5 IK 
8X0 

8.10 BXS 
402 416 


fT-SE t94«VXt? 

Pnftm 4906X8 

9X6 9X0 955 

493 499 *99 

7X0 7X0 U2 

655 6X0 454 

153 155 1XS 

4J2 487 4X7 

S5D 550 557 

1485 15X2 1429 
3X0 8X7 8X7 

531 OS Ul 
553 5.73 SM 

160 161 163 

958 IMP 102S 
8 J 8 484 8X7 

5S 3X5 3X5 

1418 1617 16X6 

576 5* 5X3 

HA HA la 
480 6X6 7M 

4X5 493 478 


Madrid 


ACE5A 

A guosB atEtoo 

Aigertorta 

B0V 

Banesh 

Barteate 

BcaCetdroWte 

Ben PnprAir 
Bco Sootoader 
CEPSA 
ConSnente 

FECSA 
G« Natural 

Mnta 

Prycn 

RepjoJ 

Sente™ Bee 

T*oc otee 

T Nric hm 

UBteiFenosa 

VotoscCetneot 

Manila 

a-daB 
Arab urad 
iPMBpW 
C&P Homes 
Mario Etoe A 
MBs Bait 
Pe&on 
PO Bank 
PM Long Ott 
SrroWgMB 
SMP metog 

Mexico 

Ate A 
Banaed 8 

CeroexCPO 

CMC 

EmpASadema 
(kuCDrsoAl 
GpoFBcaaer 
Goo Bn hitunal 

TeteSrao** 

TelMexL 


IMS 11X0 

L80 1X6 

£62 5X7 
477 864 
448 450 

7X3 754 

654 658 

643 442 

4X1 4X2 

857 955 

4X6 4X5 
421 431 

106 356 

452 455 

£03 492 

747 742 

7X0 735 

164 363 

3X7 134. 

7J4 407 

269 167 

5X2 £02 

2X4 2X2 

1465 19X9 


otatadteSUXS 
PlVfiME 56646 


’ .* - .?»r ■ -• ■ ~ 

• ' - • > •*, J ■- . • s . . 

’ VIAG. Creating enduring value. 


21950 22200 
1*90 1900 

5820 58W 

8360 8480 

39S 3980 
1330 1350 
6970 6980 
2450 Mas 
8620 B75D 
4070 4105 

4335 4400 
2740 2765 

6530 6768 
2685 2690 
1130 1146 

6650 6650 
1745 1775 

2225 222S 

6240 6300 
1305 1320 
10560 10730 
4030 4070 
1385 1390 
2665 Z750 


PSEMOC 1881.14 
Pmtow: 1*25X6 

14 14X5 1150 
13X3 U OJ5 
97 98 95 

255 255 240 
66 66 65 

23750 260 249 

185 190 3X0 

131 132 133 

900 970 880 

4250 4350 3950 
6X0 6X0 6X0 


8 *Bal*dac 4832X2 
feW 4849X8 

63X0 6190 43X0 
1750 1434 17X0 
3U0 33X0 3*40 
1480 1488 14X0 
4 IJO 42-50- ax 
5448 S5J0 5£50 
8 X 6 3X7 100 

31X0 31X0 31X0 
37X0 37X5 3410 
137X0 13950 1*1X0 
1474 1490 19X4 



210 

28.10 

MS 

27.10 

205 

27.10 

208 

27.90 


32 

3140 

31.50 

31X0 

ana 

ItTJO 

107 

108 

109 

HotstondA 

42 

. 42 

42 

42 


36U 

355 

355 

363 

Norsk Htero 

391 

383 

383 

389 

■ 1-^T.l 

224 

220 

222 

222 

HycomedA 

182 

in jo in jo 

182 

MHO Am a 


630 

630 

640 

Peril GeoSw: 

510 

490 

510 

SOI 

Sow Petto 6 
Srooted 

U4 141 JQ 

142 

142 

136 

135 

1 X 6 

135 


m. 

NJ. 

NJ. 

380 

SknferraKAm 

51 JO 

50J0 

51 

51 


Daewoo Heavy 
Hyundai Eng. 
no mates 
KubiOPw 

Korea ExriiBk 
LG Serakwi 
Pahang Ina SI 
SrensengDUy 

5KTdean 


6490 <020 
16408 IS5C0 
8000 BOX 
75405 1430 0 
4620 4500 

19800 19500 
51600 481 X 
37X0 15000 
47600 4*500 
BQS0 7600 
399000 359m 


6490 6010 
MW0 15700 
BOX 7800 
1548 14300 
4580 4410 

19800 12400 
51600 478X 
37000 34300 
47400 44100 
8040 7600 

3590X332500 


Singapore SMbtiroacinvi 

PrevtoOK 1783X5 


Milan Ml* TeTeewilrr 149)588 

mn<an PTWiwe. 1508989 

ABBTOiAscc 1*90 14450 14405 14860 


A can 
AGF 

AfeUouido 

AktedAtalh 

Aro-UAP 

Borwrie 

bk: 

BNP 

Canal Plus 

Cenefeur 

C^to 

CCF 

Cetefcre 

Christen Oor 

OF-OeriaFron 

Crete Aoricole 

Dmone 

Eurafisaey 

Euratuprel 

Franca Triecaa 

Gen. Eon 

Hons 

tetfol 

Lxtege 

LVMH 
MicftefinB 
PatrosA 
Pernod Skred 


906 an 

690 677 

403.90 39740 

741 732 

428 41350 

266X0 2S7J0 
1023 1000 
31*2 3858 
318 JU 

34170 337 

642 627 

654 642 

601 SM 
1200 1280 
716 BPS 
726 707 

851 
7X0 755 

5X0 £60 
220 21650 
716 *97 

36540 378.10 
636 GO 
347 357 JO 
10M 1066 

2114 2066 
10U 1002 

319.90 30748 

<26 419 

77150 26140 


CAC-40: 277*50 
PitetaK 27*7X6 

*1 1100 1109 

hk in 
190 902 90S 

*77 678 674 

40 401.90 40040 
“ 738 738 

422 420 

50 25950 263 

no 1012 1020 

153 3124 3055 

115 774.70 37950 
07 339X0 340 


636 640 

649 656 

600 603 

1200 1272 
909 902 

716 721 

859 858 

755 745 

£65 £60 

219 21880 
714 702 

38240 38} 

633 <35 

358.90 365 

1089 1085 
2072 2119 
1008 1515 
712 30870 
426 42470 
771.45 24740 


Aria Pk Brew 

GeretosPoc 

CByDwts 


FraserfcNeaw 
HKLand' 
JardMsrthesr 
Jard Strategic 
KeppdA 

land 


OSUotoa — . 
Parkway Hdgs 
SemOoMng 
Sing Air teriga 

srog riese r 
5togTetfelnd 
SlngTdecon.. 
Tania Bank 
Uldlndusfelri 
WdOScaBkF 
mngTriHdge 

~lnU£dolkn 


4.90 484 

570 448 

8 775 

8 JC 775 
076 054 

1440 1480 
374 199 

9X5 830 
242 243 

770 670 

343 374 

5X5 £15 

3X2 2X0 
4X0 440 
2X5 1« 
1050 950 

6.15 £55 

444 440 
£45 578 
13.10 1130 
£05 478 

3440 22X0 
244 276 

2X0 2J1 
240 2J0 

0X8 6X1 
1050 940 
134 2.10 


750 770 

7X0 740 

0X4 0X4 
1£10 ISuSO 
2.99 299 

890 845 

246 246 

678 7 

374 370 

575 570 

2X2 2X3 
440 4J8 

ISO 248 
9 JO 9.90 
£65 £60 
448 478 

£50 575 

1270 1240 
4X0 462 

22JD D 
U9 248 
24! 263 

2J4 249 

0X2 0X1 

9X5 9.70 

213 214 


Pirctfic Dunlop 
Ptoneerlnn 
Pub Broadcast 
Bo TUB 
St George Bank 
WMC 

fVQOCBKJB m 

W BU teOffl l S 


Taipei 

COliay Ute ms 
Ohm Here Bk 
CMooTungBk 
CWna Devriptia 
□tea Steel 
Rest Bank 
FarmMoPlasfee 
HuateaiBk 
tot) Comm Bk 
NcnYaPtosSa 
Site Kong me 
Tohtoo Send 
Tatuoa 

UMMkroEkc 
Utri World ate 


Tokyo 


3X5 3 

3X8 3X5 

8X0 flJC 
J7JS J77 7 
6X0 8J1 

5X0 497 

848 1S5 

1225 1278 
4X1 455 


Stack MaM Mat 77IL3I 
PtariMte 744675 


147 142 

103 99 

75J0 71 JO 
98 94 

2570 344) 
103 100 

55 52 

110 106 

60 57 
S£50 5230 

95 9130 
111 111 
33 31X0 
7030 66 

61 59 


143 1« 

HD 10130 
71 JO 73 

94 93 

3450 24X0 
IQ0 101 
53JO 5)30 
106 10830 

13 S 

9250 91 

111 104 

32 3140 
69 M 
«9 60 


NBtei 225: 16508.10 
Preetaas: 1645834 


Stockholm 

AGAB 97 94 9SJ0 M 


Arete Breri 
AitelCfaeia 
Asrte Gfcss 
Bk Tokyo Mibu 
BkYotehaare 
Bndoestane 
Cancel 
□tew Eke 
Cbogoka Eke 
Dal hop Print 
Grid 

DoMcNKong 
DntorePimt 
Datwa House 


1110 1080 
6 M 590 
3270 3250 
635 671 

532 SU 
815 793 

1670 1610 
500 490 

29H 7530 

3030 2980 
2050 2920 

1950 1920 

TOO 713) 
570 557 

1070 1030 

462 439 

1180 1140 


1090 UNO 
£97 400 

3250 3160 
622 624 

534 5e8 

80S BIO 
1630 1570 

491 499 

MS %% 

2030 300 
1930 1940 

2350 2400 

565 556 

1050 1030 

443 448 

1140 1140 


The Trib Index p,sx%s as cl J - v p u *** K "' : 

Jan 1. 193? = JOT Laval Change change year to OJto 

% change 

World Index 167 .B 1 + 0.48 + 0.29 +12 52 

Regional Indexes 

Asia/PaciBc 101 76 +014 +0 14 - 17.56 , 

Europe 187^3 - 0.03 -0 01 * 16.15 j 

N. America 204.88 + 0.88 + 0.43 +26 54 ; 

S. America 149.62 + 4 . 2 2 +2 90 + 30.75 j 

Industrial Indexes 

Capital goods 211.17 + 1.00 + 0.48 +23 55 

Consumer goods 196.44 + 1.09 + 0.56 + 21.69 

Energy 199.98 + 0.19 + 0.10 + 17.15 

Finance 119.39 + 0.18 + 0.15 + 2.52 

MisceBaneous 165.09 - 2.36 - 1.41 +2 05 

Raw Materials 170.39 - 0.12 - 0.07 - 2.85 

Service 163.76 + 0.29 + 0.18 + 19.25 

IMtves 163.13 + 2.02 +125 +1371 j 

77 » tmamalional Herald Trixmo World Stock Index C tasks the VS CoOJr i Jui ’5 Cl 
280 tW ma no na By toves tafite stocks horn CS countnas. Fa more rofarirAV-+. a +«* 
booklet s available by mnrrrgto 77 w Tii> Index. 18 r Aivnue Chato s je Gaulle 
925 21 Neuitty Codex. Franca Compiled by Slocmbrg W»- 


Mob Lew dose Prev. 


DahtoSec 728 

DDI +070a 

Dmso 2660 

EastJmanRy 5850a 
Ssai 1890 

Fanoc 4BV0 

Fuji Bank 1080 

F iS Photo 4510 

FvUSli IMO 

HocteuniBk 1300 


Honda Motor 

IBJ 

IHI 

Itochu 

tto-Yofcacto 

JAL 


728 700 722 728 

4020a 3470a 3810a 4020a 
2660 2600 2620 2600 
5850a 5720a 5730a 5850a 
1890 1830 I860 1890 

4B90 4M0 4890 4840 
1080 1040 1070 1040 

4510 4340 4400 4340 
1340 733 0 1340 1320 

1300 1140 1170 1190 

937 960 925 

4180 4100 4130 4050 

1250 1210 1240 1190 

271 177 373 

420 402 4)2 413 

6000 5930 5970 900 

449 436 436 434 

9970a 9880a 9970a 9B7a 


CdnOcctdPet 

CrfeiPodBc 

Cmtvnco 

Dafasco 

Domtor 

DonohueA 

On Pu re can A 

EdpnGnncan 

EtHQNmr Mng 

FOBtaFM 

Frianbrldge 

FMcneramA 

Franca Nevada 

GuHCdaR« 

Impend OH 

Inco 

I PL Energy 

LatotawB 


Writ Low dose Prev. 

3630 36.10 3630 3s 20 
4340 43 43.15 433V 


ir. m 

2 £35 2543 
1095 11 

2145 S80 

34'- W'4 

2470 24H 

21X5 22JJ 
346 34» 

20ft 3)ft 
21 21.15 
33* j 33' i 

11L. UB5 
89.10 8° 80 
2 BU 3 1 . 

S3 5130 
3L15 2030 


-tasto 

2770 

2680 

2700 

7690 

LoeeenGrMre 

35 

3405 

Vi 

31+5 

to) mo 

539 

520 

520 

539 

Macro# Bkfl 

1845 

17.95 

1830 

18 


2180 

2140 

2140 

21X0 


941, 

9340 

9140 

94'. 


1690 

1670 

1680 

1680 


17X5 

12 x 0 

12X5 

12'. 

towainklHvy 

MuM 

296 

288 

280 

Motor 

22.90 

21.80 

22.10 

<2fe 

torm Sleef 

Kp] 

204 

209 

211 

NewbrlddeNel 

73ft 

6745 

68.15 

82 

KlnU Nlpp Ry 

W..& 

67S 

678 

683 


25.10 

24.90 


25t* 

KhtnBenwy 

ij 

990 

1000 

1010 

Horan Energy 

31X5 

3165 

31ft 

31 » 

Kobe Steel 

EJ 

141 

141 

145 

Nthem T decant 

131 

128 ft 

ITV't 

I. 1 *-' 

tofnatsu 

■71 

642 

649 

643 

Howo 

12.90 

12ft 

12X5 

I2'i 

Kubota 

479 

451 

476 

468 

One* 

X7ft 

36 ft 

36<< 


Kyocero 

7080 

7010 

7030 

6890 

Pattern Pctim 

22ft 

21to 

22.10 

22 10 

Kyushu Elec 

1990 

1940 

1960 

2000 

petto cm 

29X0 

2195 

2920 

29rc 

LTCB 

no 

397 

401 

407 

Ptocer Dame 

22X0 

21X0 

21 W 

21ft 

Marubeni 

371 

355 

355 

376 

PocoPettoi 

14ft 

1405 

14.40 

I4X 


2090 

2U5U 

7070 

3030 


1181: 

116ft 

11830 

lira 

Matsu Conun 

3850 

3770 

3790 

47 SO 


3J 

37.35 

37X1) 

32ft 

Matsu Elec [nd 

3060 

2020 

2040 

7020 

Rk> Aigam 

76X0 

76 ft 

24ft 

2a. B 0 

Matsu Elec wk 

1130 

1100 

1120 

1090 


2105 

22.35 

2J5 

77X5 

AUsut+SJW 

1070 

999 

1010 

1030 

Scowum Co 

48'J 

47X0 

4810 

48ft 

Mitsubishi Ch 

279 

248 

2/3 

771 

ShefeCdo A 

79 

78.40 

3X95 

2905 

Mitsubishi El 

418 

405 

412 

401 

Sancnr 

5240 

51 80 

5330 

5130 

AWRtestoEst 

1550 

1530 

1540 

ISA) 

Tofcman Eny 

S06U 

50X0 

SC': 

SU': 

MButeshiHvy 

591 

570 

570 

W1 

Teas 

24ft 

2430 

2170 

71- 

Mitsubishi Mol 

535 

510 

517 

578 

Irtogtabr 

46JU 

45 ft 

45 95 

44. Jr 

Mitsubishi Tr 

1540 

1490 

1570 

1480 

Tetos 

79ft 

7890 

29’3 

28.W 


Mitsui 

MfesutFuttaBl 
Mitsui Tned 
AtwuJDMJy 
NEC 

NPhloSec 

NOon 

Nintondo 1 

Nlpp Express 
Nippon Od 
Nippon Sto+I 
Mssnn Motor 
NKK 

AtomeaSrc 
NTT 1 

NTT Data 5 

Oil Paper 
Osaka Gas 
Bari 

Rotor 1 

SokiaoBk 

Sanfcyo 

Sanwa Bank 

Sanyo Eric 

Sereen 

fetetar 

SekUulDieoi 

Sektsui House 

SemvEwai 

Strap _ 

stokafcuElPwr 

Shtodre 

Shin-ebuCh 

ShMdo 

SWruoka Bk 

Softto* 

5 aiy I 

Sum dam 

SunOMwBk 
SumttChem 
SunatamElec 
SurteMeM 
SwnSTrost 
TaUtoPIremi 
Tateda Cheat 
TOIC 1 

TahakuEiPwc 
TakaiBank 
Takto Marine 
Tokyo BPwf 
Tokyo Electron 
Tokyo Gas 
TckyuCoqx 
Tonen 

Tapprai Print 
TorayfeKt 
TcsMre 
Tastera 
ToyaTivri 
Toyota Motor 
Yomonoucri 
art ICXtb.x UXO 


Toronto 

AMU Cons. 
Alberta Enriyy 
AkrnAlure 
Anderson Em! 
BkMiretreri 
BkHev aScotto 
BrariCkGoto 
BCE 

BCTekconua 
Btodtem Ptrerm 
BanbardtorB 
Coroeco 
□BT 

Cdn N« Ra 8 
Cdn Mat Res 


934 917 920 913 

1370 1350 13»0 1360 

477 411 415 418 

49CC 4900 4900 48J0 

1360 1 330 1340 1320 

1430 1370 1420 13+0 

450 441 443 435 

11500 uooo moo ia«o 

653 642 643 648 

491 47B 485 493 

259 2SO 359 2+8 

668 651 660 641 

174 162 163 167 


ihemson 
TorOaai Bra* 

1 in nulla 
ImraCdoPipe 
Trewnt FI nl 
Three HetMi 
TVXGold 
Westerns! Env 
Weston 


52.85 SI 30 
I960 I9>, 


36.10 36 .’0 
6 6 
2910 29 85 
99>- 


1420 

1060b 

5920b 

1390 

103ft 

5800b 

1420 

1050b 

5870b 

1400 

1021 ft 

575» 

Vienna 


ATX mta: 1X09+7 
Pntkin: 1142.97 

610 

588 

600 

610 


870 90 852 10 



277 

264 

274 

766 


717 




1590 

153) 

ISM 

1550 


2950 



11600 

12300 

12500 

11500 

EVH 

1496 

1463 

1431 

14’r 

509 

499 

Mil 

491 

FlughofenYVIcn 

OMV 

610 

499 

M2 

510 

3720 

3530 

3700 

3970 



1270 

1210 

12 « 

1210 

OestEteunt 

970 

946 

946 

7~? 

7880 

7800 

387 


VA Start 

520 49230 

497 









4860 

4760 

4M1 

4910 

Wienefbcra Bov 

7485 

2405 

2412 




935 






1040 

10 » 

1020 

1030 






9200 

8V60 

KriBI 

9000 






954 

919 

935 

935 







516 S49 

3teo rua 
1480 1440 

1250 1330 

3830 3810 

10500 P990 
845 860 

1310 1280 

SM <09 
1400 1590 

247 741 

947 917 

30ffl 3090 
3360 3280 
10200 9980 
I960 1960 

719 702 

1190 1200 

2300 2300 
6300 4000 
278 776 

510 500 

918 895 

145D 1510 
648 670 

553 S45 

1550 1670 

883 899 

3360 3350 
2980 2960 


TSE Internals: 6932X6 
Prretow: 6M5J3 


20.10 20,30 
32 •* 33 

4040 40J5 
1£40 15X0 
62X0 63JS 
44ft 6105 
28X5 28ft 
40 40X0 
36X0 36.90 
3845 38X5 
26JS 27ft 
54 5430 
42X5 42X5 
77 78 

40ft 40.70 


Wellington 
AtrNZeatt B 

Bnerty tovt 1 

Carter Holt onl : 

FlekhCti BUg i 

Field! ChEny 
nWlOiFOtri 1 

FWdiCiiPaper : 

Lion Nathan i 

TeJeajmN2 l 

WOscn Harlan 


Zurich 

ABBB 

Adecco B 

AhtsursseR 

Aib-5«oihiB 

AMR 

BuetHdgB 

BokreeHdgR 

BKVhlon 

Cba Spec Chem 

OanantR 

CrdSufeic Cp R 

EtoUnmatiB 

EnfrOieroto 

ESECHdp 

HoMotrenkB 

UecntonaLBB 

NesneR 

MorertsR 

OoflotBuriiR 

PatnesoHIdB 

PtamVanB 

WcnranraifA 
PWtSlPC 
Roche Hdg PC 
SBC R 

SMss Reins R 
S Ab Group R 

WHrtamuiH 

ZundiAssraR 


HISE-4D todtre 2470X2 
Pieman: 2390X0 


352 

1X7 

149 

*45 

1X4 

1X0 

1X4 

1.19 

105 

2.94 

2.*5 

235 

£17 

•L9S 

SOB 

4K? 

7.75 

7J4 

754 

r.45 

1X6 

1X2 

1.6! 

1JS 

2.72 

2X5 

2X8 

2J8 

4.03 

390 

4X3 

3X3 

8 J 6 

8X5 

BJS 

83E 

11 

11 

n 

rr 


S PI ndne 3514.99 
Prmottv 1S35.W 


1B37 

1781 

178! 

1S4S 

450 

43a 

443 

■Cr 

1279 

1261 

1279 

JX*9 

7675 

220 

’610 

2675 

£50 

822 

E25 

850 

2090 

2070 

MED 

:o“s 

26» 

2560 

2578 

2ft! i 

1220 

1200 

1215 

lies 

144 14050 

144 

144 

1088 

1060 

1067 

I0S5 

3S 202.75 20550 20750 

540 

S37 

539 

533 

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2223 

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2770 

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PAGE 19 


ASLWACIFIC 

South Korean Retailer Seeks Debt Relief 


C," r Crdh. Our Dqwrta 

S l or .80 too receivership ^der S 

sla f™ korea Development Institute, said. 

About *.0 of the country's 50 largest business 
SSEj?* 1 * ^^-Ip-equitv ratios of more than 
5°0 percent, according io government figures. 

Instability in financial markets is dragging 
down the recovery of the overall economy /*taid 
Kwon Soon Woo. an economist at Samsung 
Economic Research Institute. “In the process! 
more companies will go busL * ’ 

. New Core s financial problems reflect mount- 
ing compel! non in South Korea's retail industry 
when slowing economic growth is sapping con- 
sumer demand. 

Korea First Bank — New Core’s prime cred- 


itor — and other creditors could reject the group’s 
request to reschedule its debts, analysts said. 

In its application to the court. New Core asked 
permission to pay debts that were backed by 
collateral over a period of five years at an annual 
interest rate of 9 percent, about three percentage 
points below market rates. 

For debts not backed by collateral, the group 
sought a five-year loan with an annual interest 
rate of just 6 percent 

“We are thinking. But New Core’s move 
looks somewhat disappointing because the group 
said it could manage to survive if it was given 
fresh loans," said Kang Won Kyong, spokesman 
for Korea First Bank. 

Last month, a group of commercial books 
including Korea First Bank provided 50 billion 
won (S51.6 million) in emergency loans to the 
group to try to prevent its bankruptcy. 

Han Kun Yong, a director at New Core, said its 
remaining eight companies would be sold or 
merged into six affiliates by the end of this 


year. 

Tony to turn itself around, New Core will sell 
outlets and real-estate assets to generate 735.4 
billion won and save 96 billion won a year in 
wages and management costs, Mr. Han said. 

The group’s survival strategy centers on the 
disposal .of its real-estate holdings — something 


few other companies have been able to achieve. 

LG Group is interested in buying New Core’s 
flagship department store in Seoul, which is 
estimated to be worth 220 million won. 

A spokesman for LG Group confirmed that it 
was in negotiations with New Core but said there 
were no details on the talks at this point. 

The sale, though, will not be easy because 
massive real-estate sales by at least 10 Korean 
chaebol, or conglomerates, are causing prices to 
tumble. 

Kim Eui ChuL who founded New Core in 
1978, recently tried to save his ailing group by 
selling property holdings, but the seven-year-old 
recession in the domestic property market dashed 
those hopes. 

- Buyers are also hesitant to participate in ne- 
gotiations to acquire large retailers because of 
slowing sales. 

Jinro Group, for example, has sought without 
success to sell three department stores June, and 
it has managed to sell only seven real-estate 
holdings for a total of 170 billion won, a small 
fraction of its planned 1.2 trillion-won sale, a 
spokesman for Jinro said. 

The company also was forced to cut in half its 
asking price for a prime 25 2,000-square- foot 
(23 ,400- square- me ter) piece of land in the south- 
ern pan of Seoul. f Bloomberg. Reuters i 


'Asia Fund' Details 
To Wait a Month 

The .iss.vijicJ Pres s 

MANILA — Asian finance 
officials are not expected to fi- 
nalize details of a proposed 
“Asia fund." envisioned to 
help countries with economic 
difficulties, when they meet in 
Manila this month, an official 
said Tuesday. 

The Philippine finance sec- 
retary, Roberto dc Ocampo, said 
the specifics of the fund would 
probably be completed at a 
meeting of finance officials in 
Kuala Lumpur on Dec. 1 and 2. 

Deputy finance ministers 
from Australia, Brunei, Hong 
Kong. Indonesia. Japan. South 
Korea, Malaysia, China. Singa- 
pore. Thailand and the United 
States will be invited to the meet- 
ing on Nov. IS and 19 for initial 
discussions on the fund. They 
will be joined by representatives 
from the Asian Development 
Bank the International Mone- 
tary Fund and the World Bank. 


i — — * ! 

II Investor’s Asia || 

Hong Kong 
Hang Seng 

Singapore Tokyo 

Straits Times ' Nikkei 225 


■rc-D- yr- 

2150- 

■ 2100 W 



a- 

- • mrv\ 


' T 

1KQ3 

-V 1850 - — 

19C0Q V 


11222 

- 1 1700 

X 1K0Q * 

K 

9323 

- • 1550 - — 

- | -17000 


JASON ‘J A ' 

1997 1997 

S O N ie0K5 J J A SON 
1997 

Exchange 

Index 

Tuesday Prav. 

Close Close Change 

Hong Kong 

Hang Seng 

10,780.78 11255.11 

•4.21 

Singapore 

Stotts Tanas 

1,713.78 1,70355 

+0.58 

Sydney 

AB Ordinaries 

2£51.W 2,50580 

+ 191 

Tokyo 

Nikkei 225 

18,500.10 16.45594 +0.25] 

Kuala Lumpur Composite 

725*4 Tiara 

+1.29 

Bangkok 

SET 

478.33 447.44 

‘^90 

Seoul 

C<xnposit» index 

542.13 511.66 

+5.96 

Taipei 

Stock Market index 7,785.32 7,646.35 

+1.82 

Manna 

PSE 

1,881.14 1,825-26 

+3.06 

Jakarta 

Composite index 

494.85 501.71 

-1.37 

Wellington 

NZSE-40 

2,470.02 2.390J20 

+3.34 

Bombay 

Sensitive index 

3,805.95 3,790 02 

+0.40 


Source Totokun Inirnuimul IL-riltl InNm- 


Banks Prepare for Write-Offs on Sanyo 


Citnfilnib, Pxr Sufffn-m PujiaAn 

TOKYO — Japanese banks were pre- 
paring Tuesday to write off sizable loans 


to the failed Sanyo Securities Co. as 
financial authorities mobilized fresh 
funds to protect investors. 

§ ■ Nippon Credit Bank Ltd. said it would 
"* be unable to collect outstanding loans 
totaling 41.9 billion yen ($344.9 mil- 
lion) to Sanyo, which applied Monday 
for court protection from creditors. 

Daiwa Bank Ltd. said it too may fail to 
collect its outstanding loans of 37.7 bil- 
lion yen. 

Sanyo Securities, one of Japan's top 
1 0 brokers, said Monday it had liabilities 
of 373.6 billion yen after nine life-in- 
surance companies refused to extend 
deadlines on 20 billion yen of loans 
provided to Sanyo as part of a restruc- 
turing package in 1994. 

Analysts warn that Sanyo is not likely 


to be the last Japanese brokerage to seek 
protection from creditors. 

The same problems that are plaguing 
it. they say — piles of bad loans, shrink- 
ing commissions and bloated payrolls — 
are dogging many of Japan's 300 other 
brokerages. 

What's more, as Japan’s “Big Bang" 
financial -market deregulation takes bold 
in the next few years, new competitors 
such as banks and insurers will crowd 
the field. 

“This is the beginning of more re- 
structuring in the securities industry, and 
investors' stance on brokerage shares 
will become more and more selective," 
said Harushige Kobayashi, deputy gen- 
eral manager at Yamaichi Securities Co. 

Of Japan’s 10 “second-tier'’ broker- 
ages — the largest after the Big Four 
houses of Nomura Securities Co., Nikko 
Securities Co., Yamaichi Securities Co. 


and Daiwa Securities Co. — only one. 
Kokusai Securities Co., reported a profit 
last year. 

At the 26 brokerages that have an- 
nounced earnings for the half-year 
ended Sept. 30, total operating profits 
plunged 85 percent from a year earlier, 
and revenue was down 15.7 percent. 

The main reason for the plummeting 
profits is the drop in commission income 
that has resulted from a continuing de- 
cline in trading on the Tokyo Stock 
Exchange through much of this decade. 

Trading averaged 370 million shares a 
day in the last year, down 5.5 percent 
from the previous year — and down 
almost 60 percent from the boom years 
of the late 1980s. 

At Sanyo, trading commissions were 
down 20 percent from a year earlier in 
the six months that endedSept. 30. 

(AFP. Reuters. Bloomberg l 




ft 


Rejecting Bank Closure, Relative 
Of Suharto Pays Off ’ Customers 

The Associated Press 

JAKARTA — After refusing to sign a government 
decree liquidating his bank, a relative of President Suharto’s 
said Tuesday that he was reimbursing customers with his 
own money. 

Dozens of people withdrew savings from Bank Jakarta, 
one of 16 insolvent banks that was shut under an economic 
bailout plan designed by the International Monetaiy Fund. 

The closure angered the bank's director, Probosntedjo, a 
half-brother of Mr. Suharto’s who threatened to go to court. ' 
The government announced other economic reforms Mon- 
day to comply with demands linked to $33 billion in foreign 
loans. 

Indonesia’s once-thriving economy has been battered by 
steep drops in currency and stock values across Southeast 
Asia. 

Thousands of nervous customers rushed Monday to 
closed bank branches but were told they could take out then- 
savings Nov. 13. On Tuesday, Bank Jakarta doled out up to 
5 mill ion rupiah ( $ 1 .390) to depositors. 

"We will pay the depositors in cash with our own 
money." Probosutedjo told about 200 customers outside the 
main Bank Jakarta office. 

Critics complain that the Indonesian economy is dom- 
inated by the family and close associates of Mr. Suharto, 76, 
who has been in power for 30 years. 



5 : 

&C *.»> 

r-- 


(■Y- 

UudtfarZakiirurtliP ,A>miiiil I Vw 

Probosutedjo, right, director oF Bank Jakarta. 

Mr. Suharto's youngest son, Hutomo Mandala Putra. was 
removed as head of the Timor national car program Mon- 
day, in a move Timor executives said was not tied to the IMF 
package. Timor is exempt from paying taxes and tariffs on 
cars it imports from Kia Motors Corp. of South Korea. 


China Tries 
To Brake 
Yuan’s Rise 

Reuters 

SHANGHAI — China 
moved Tuesday to stem the 
rise of its currency and keep 
Xpert s competitive to try to 
'deflect possible damage from 
Asia’s financial crisis, ana- 
lysts and dealers said. 

Beijing announced new 
rules that let domestic compa- 
nies retain foreign exchange 
they raise through the issue of 
hard-currency or “ B " shares 
aimed at foreign investors. 

It also permitted overseas 
investors to open accounts in 
China in which they can re- 
tain foreign exchange to trade 
B shares, the official China 
Securities newspaper said. 

In Hong Kong, Chinese B 
shares closed higher on mod- 
est buying triggered by the 
rule changes, brokers said. 

“The government is relax- 
ing exchange controls to keep 
foreign’ exchange outside the 
central bank because of the 
very high level of reserves, 
since the yuan is still very 
strong, 1 ’ said Ken Chan, econ- 
omist for Nikko Research 
Center (Hong Kong) Lid. 

On Monday, the yuan 
ended at a 29 -nwnth closing 
high against the dollar in 
Shanghai — supported by 
China's $134 billion in for- 
eign-exchange reserves, large 
trade surplus and inflows of 
foreign investment, dealers 
said. After the new rulcswere 
announced T uesday , the dollar 
slipped further, to 8.3129 yuan 

from 8.31 36 yuan Monday. 

China’s restrictions on cap- 
ital flows have insulated toe 
yuan from the speculative ai- 
iacks that have battered otter 
Asian currencies, analysts 
said, but now Chinese exports 
are looking expensive com- 
pared with those of countries 
with devalued currencies. 


The Living Legend 



,/ielRQ 


gerald genta 


19, ruede Saint-Jean - case postale 120, CH-1211 GEN&VE 18 
T£I.(41) 22 344 87 20 -Fax (41) 22 345 14 88 


Very briefly; 


• Merrill Lynch Inc. and Morgan Stanley & Co. accounted 
for the largest shares of stock trading on the Tokyo exchange 
in October, benefiting from a racketeer scandal that ensnared 
Japan's “Big Four’ ' brokerages, market sources said, the first 
time a foreign brokerage had ever reached the top spot. 

• Japan's household spending rose 2.6 percent in September 
from a year earlier, after adjusting for inflation, to an average 
of 314,540 yen ($2,590) a household. Officials said the 
increase in the consumption lax from 3 percent to 5 percent in 
April had been mostly absorbed but that spending on durable 
goods remained sluggish. 

• Nokia Oy, a Finnish maker of telecommunications equip- 
ment, will introduce a new mobile phone for the Japan market 
to try to combat declining market share, the phone will allow 
a user to call someone by speaking the other party's name into 
the handsel ratter than pushi ng buttons. Nokia said its mobile- 
phone sales grew 1 8 percent in the third quarter while those of 
Ericsson AB, a rival, more than doubled, and it said sluggish 
Japanese sales were one of the reasons for its slower growth. 

• Japan's top three consumer-loan companies — Takefuji 
Corp.. Acorn Co. and Promise Co. — said their parent- 
company profit for the six months ended Sept. 50 rose more 
than 10 percent from a year earlier, reflecting expanding 
networks and cost-cutting efforts. 

• Hong Kong's workers have won pay raises averaging just 

1 .4 percent after inflation this year, andprospects for increases 
next year look similarly limited, the Hong Kong Institute of 
Human Resource Management said. The institute said the 
average nominal increase that it found in its 1997 survey, at 

7.4 percent, was 1.1 percentage point less than 1996. 

• Israel's net exports of polished diamonds dropped 39 per- 
cent in October from a year earlier, to S25S million, as sales to 
Hong Kong and Southeast Asian countries fell sharply amid 
the turmoil in the region’s currency and stock markets. 

• Korea Heavy Industries Co. will build a S230 million 
thermoelectric power plant in India, with construction in 


.Andhra Pradesh slate expected to begin this month ;ind be 
completed in 2000. The company currently is building seven 
similar power plants in the country- 

■ Thailand will end monopoly phone concessions within two 
years to fry to improve service and comph with guidelines set 
by the World Trade Organization. /;/, i.Y/vn;. tr.-ai. r,. .»/• \tr 


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i J *.-. r 


PAGE 22 


^ licralb^^Eribunc 

Sports 



WEDNESDAY, NOVEMBHi& 


World Roundup 



Jim Cassidy with Might and 
Power after Australian victory. 

A Photo Finish 

HORSE racing Might and 
Power, ridden by Jim Cassidy, led 
from start, to finish to score a thrill- 
ing victory Tuesday in the $2.2 mil- 
lion Melbourne Cop at Flemington. 

The 7-2 favorite was given a 
winning margin of a short half- 
head, but the finish was so close 
that Greg Hall on Doriexnus (9-1) 
claimed victory, raising his whip in ' 
delight as he passed the post. 

Might and Power’s photo-finish 
verdict in the 3,200-meter (two- 
mile) race handed Jack Denham a 
first Melbourne Cup in his 40 years 
of training. (AP) 

Pakistan Wins Easily 

cricket Saeed Anwar stroked 
an elegant 108 not on! as Pakistan 
sent West Indies tumbling out of the 
Golden Jubilee tournament on 
Tuesday in Lahore. Anwar, the 
opener, spurred Pakistan to an eight- 
wicket victory with 9.2 of their 50 
overs to spare, making 219 for two 
after restricting West Indies to a 
modest 215 for seven. ( Reuters ) 

‘Just Forgot,’ Tyson Says 

boxing Mike Tyson says he 
feels “disgust, disdain and humi- 
liation’' for biting Evander Holy- 
field during their second heavy- 
weight championship fight 

“I shouldn’t have done that be- 
cause for that one moment, I just 
forgot he was a human being.” 
Tyson told ABC in an interview 
shown Monday night 
Tyson’s boxing license was sus- 
the Nevada Athletic 
non after he bit both of 
Hoiyfi eld’s ears during their bout 
last June 28 in Las Vegas. 

Tyson can apply for reinstate- 
ment in July, but be doesn't think 
the commission wifi lift the ban. 
“Truly, I think I’ll be banned for 
the rest of my life,” he said. 1 ‘I truly 
think everyone hates me. I truly 
believe that Because no one gets 
punished more than I am. But I 
understand. I’m a big boy.” (AP) 

Politically Correct 

basketball The Milwaukee 
Buck center Andrew Lang, asked 
about the National Basketball As- 
sociation's hiring women referees 
for the first time: “I married a fe- 
male. I think they’re good 
people." (LAT) 


The Buck Stops at Barcelona’s Coach 

Van Gaal’s Future Is Safe (as Long as Team Keeps Winning) 


By Rob Hughes 

(numatimal Herald Tribune 


L ONDON — How swift the gar- 
lands ofsport can be made to feel 
[ike a noose around the neck. Last 
Saturday, Louis van Gaal’s Barcelona 
team gave the Catalan people the result 
for which he had been hired — victory 
over Real Madrid in the capital. His 
chosen players, his hit-and-run tactics, 
made 106,000 Madridistas fail in their 
own Santiago Bemabeu stadium. 

They willhave loved that in Catalonia, 
where soccer is the expression of polit- 
ical separatism. They might even have 
granted van GaaL the new Dutch trainer 
at Barca, three days’ and nights' grace in 
a region where his achievement, his man- 
ner, his style are fiercely questioned 
But the garland and the noose are 
indeed entwined. It is all very well far 
Barcelona to win eight and draw the 
other of its nine Spanish league games. 
It’s great that the team destroyed Real 
Madrid’s unbeaten start in such a pulsat- 
ing 3-2 triumph- That, however, was 
Saturday, and it was domestic; Wed- 
nesday is coming, and on Wednesdays 
in the UEFA’s Champions League, FC 
Barcelona has been a timorous shadow 
of its expected status. 

Three matches played, three failures. 
Barcelona’s good name ridiculed 
abroad, its bank balance heading for a 
shortfall running to hundreds of mil- 
lions of pesetas. The players, it is said, 
are bemused by van Gaal’s tactical ri- 
gidity, and unless they reverse die result 
against Dynamo Kiev, which outwitted 
Barcelona 3-0 in Ukraine two weeks 
ago, they will effectively go out of the 
Champions League on Wednesday. 

The noose tightens. Van Gaol's terms 
of reference were: First, finish ahead of 
Real Madrid; second, win the league 


xea- 

ily welTin Europe.” Bui the Dutch- 
man works for a club president who 
removed 12 coaches in 19 seasoqs, a 
president whose last appointment, 
Bobby Robson, was replaced because he 
only captured the Spanish Cup and the 
European Cup Winners Cop and finished 
second to Real Madrid in me league. 

In Barca, you cannot do that. Josep 
Lluis Nunez is apresident of fickle faith, 
and when he sees the white handker- 
chiefs of disapproving fens, he gets rid 
of the trainer before they get rid of him. 
“It is nor a sane mentality at Nou 
Camp,” remarked Rinus Michels, the 
doyen of Dutch coaches, who coached 
there years ago. 

Michels, and Johan Cruyff, delivered 
what had been asked of them but fell 

Eseopian Seecii 

for their insistence on doing it their way. 
They. may have warned van Goal dud 
being knighted with Holland’s Order of 
Oranje Nassau for grooming Ajax Am- 
sterdam is no protection against Catalan 
expectations. 

Ajax, a kindergarten by comparison, 
gave the director of coaching time to 
select the best boys, to style them to- 
ward die uniform 3-4-3 pattern that 
made Amsterdam the hub of Europe for 
awhile. 

How ironic that van GaaL, who had 
shaping youths to his 
should now walk into a fi- 
nancially bigger club where he inherits 
another man’s team plus $60 million, of 
fresh talents bought for him during foe 
summer. How doubly ironic that van 
Gaal's strictures succeed in Spain de- 
spite Catalan grumbles yet are exposed 
by a team from Kiev that is everything 
that Catalan* dream of and more. 


Dynamo Kiev is a football force driv- 
en by nationalism- This is what Bar- 
celona oaves: a club built on a philo- 
sophy that those who wear the colors 
should be bom there; or at least to be 
.willing to transfer nationality. 

Nineteen of Kiev’s squad are full- 
blooded Ukrainians. Five are of mixed 
Ukrainian and Polish or Russian stock. 
Two are imported from Belarus. They 
could, like most otherfbrmer East Euro- 
pean soccer stars, sell themselves 
abroad, but for now Andriy Shevchen- 
ko, Serguei Rebrov and Yuri Mak- 
simov, coveted strikers in anybody’s 
Currency,, are on a mission striking for 
their homeland. 

It is rare staff. They play in front of 
100,000 at the Olimpiysky Stadium. 
They respond to Valery Lobanovsky, 58. 
a Dynamo player in 1958-64 and now 
coach. He built the Soviet Union's 1986 
World Cup team, bridling at journalists 
who referred to Ids team as Russian. 

That side was so Rassian it contained 
nine Kiev players. Yet Lobauovsky 
knows he is controOina a team for the 
moment, one that doubles as nucleus of 
club and country. 

Lobanovsky the 
kicks into goals. Lo 
or has charge of young 
have risen to every 
round of the Cbampu 

Kiev crushed Barry 
Brondby, scoring four got 
home in each qualifying round. In 
Group C of the Champions League, it 
wen 3-1 in Eindhoven, drew 2-2 against 
Newcastle United, erased Barcelona 3- 
0. And van Gaal, pretender to the title of 
master coach, was rat in his place by 
Kiev’s aging fox. Barcelona had its 
Dutch goalie Ruud Hesp sent off for a 
foul, rat Lobanovsky blamed another 
Dutchman, van Gaal, for picking the 


bent comer 
thement- 
who 
[enge, every 
ie. 

and 
away from 


Chiefs Beat 
The Steelers 

The Associated Press 

KANSAS CITY, Missouri — 
There were no rallies and no big plays 
by tiie Pittsburgh Steelers this time. 

The Steelers, yfoo had rallied at 
five games. this season and won five 
straight, tost to Kansas City, 13-10, Ofl 
Monday night ns the Chiefs' quar- 
terbacks made the big tunning plays 
and ifao tunning back Marcus Allen 
made a bigpassing play. 

The Steelers (6-3) were taken by 
surprise when Allen connected with 

NFL 

Dananr Hughes for a 14-yard touch- 
down with 1:40 left in the first half. 
That made the score 13-10 and turned 
out to be the end of the scoring. 

Pittsburgh took a 10-0 lead, but 
Pete Stoyanovich kicked field goals of 
35 and 44 yards in the second quarter 
before Allen’s touchdown pass. 

Kansas City (7-2) rushed for 183 
yards against a Steelers defense that 
had Knit ted opponents to an average 
of 65.9 yards a game, second in the 
NFL. Seven Chiefs players rushed 42 
times, with the quarterback Elvis 
Grbac gaining 35 yards on four car- 
ries before he was hurt and his 
backup. Rich Gannon, secured 10 
yards on four carries. 



H aqurcto AMWM Pnm 

The Chiefs' Allen, preparing tft 
hurl a touchdown pass to Hi 

Jerome Bettis rusted for. 103 yards' 
on 17 carries, but Kordcll Stewart had 
just 24 yards on three carries and was 
ll-of-21 passing for 101 vtuds... 

The Chiefs’ tight end, Ted Popson, 
was taken from the field wa stretcher 
in the third quarter. Hi* injury was 
listed as mild nead trauma and a sore 
neck, and he remained hospitalized 
Tuesday for further tests. 

Grbac’s injury was originally de- 
scribed as a left shoulder contusion; 
but The Kansas City Star reported 
Tuesday that Grbac had a broken col- 
larbone. 


<■ 


wrong team and wrong tactics; Van Gaal 
(toes not take criticism lightly, but he 
did, for the game in Madrid, convert to 
4-5-1, leaving only the B rasilian scout The 
Rivaldo up front That win brought the 
tentative garlands; Wednesday, if it goes 
wrong, will renew calls to reverse tire 


authority between van Gaal, head coach, 
and Robson, restlessly enduring dimin- 
ished responsibility as. a' million-dollar 
ie noose if t 


ever to ere was one. 


Rob Hushes is on the sttff of The 
Tunes of London. 


rs 


The Fear of Defections and No Money Batter Baseball in Cuba 


By Lany Rohter 

New York Tunes Service 


H AVANA — Through years of 
hardship and regimentation, Cu- 
bans have always had one con- 
sistent consolation: the invincibility of 
their national baseball team, which has 
won countless international competi- 
tions, including the Olympics, and is 
often said to be die best squad not play- 
ing in die major leagues. - 
But no longer. With the regular sea- 
son set to start Nov. 15, foe team’s 
failure to win recent tournaments in 
Japan and Spain, where it lost games by 
humiliating scares like 11-2 and 16-6, 
has plunged Cuban baseball into what 
Cuban fans and foe sports press describe 
as a crisis so profound that it has set off 
a purge of government officials who 
have run the sport for decades. 

In a society as tightly controlled as 
this one, any serious criticism of foe 
Communist Party and its leadens re- 
mains risky. But President Fidel Castro 
is himself a fan, a former pitcher and an 
occasional commentation basebalL So 
venting grievances about the national 
sport is an approved activity, almost a 
patriotic duty, and the official press and 
foe man in the street are taking ad- 
vantage of foe opportunity. 

“The situation is desperate and dis- 
couraging,’' Prensa Latina, the state 
news agency, lamented in a recent dis- 
patch. 

“I must confess that I do not know 


g 


how to write about defeats,” a i 
for Grarmoa, foe newspaper of foe Cuban 
Communist Party, moaned after one 
particularly galling loss. 

The defection of young prospects like 
itcher Li van Hernandez, now with the 
orida Marlins, and shortstop Rey Or- 
donez of the New York Mets, has been 
widely publicized and is acknowledged 
to be part of the problem. But foe main 
cause of the sudden nose dive, fens, 
reporters and others say, lies in foe 
Cuban government’s failure to ad- 

X tely reward loyal team members 
have chosen to stay home. 

“This is not merely a slump,” said 
Milton JamaiL a professor of Latin 
American politics at foe University of 
Texas who is writing a book about base- 
ball in Cuba “This is something struc- 
tural, entirely linked to things that are 
happening in every other aspect of Cu- 
ban society, especially foe dollarization 
of foe economy, and foe government 
cannot respond to it" 

Over the last year, more than 50 play- 
ers, most still in their prime, have retired 
from the Cuban league, which provides 
foe pool from which foe national team is 
selected. 

They have left to take advantage of a 
new, govemment-authraized plan that 
allows them to earn hard currency by 
playing abroad in “amateur” leagues. 
Many of them, fans complain, have 
been replaced by players more 
renowned for '‘revolutionary spirit” 
than baseball prowess. 


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Among those who have retired are 
Victor Meza, who was closing in on the 
Cuban career records for hits and runs 
scored, and Jorge Luis Valdes, foe 
pitcher with the most victories in the 
history of the Cuban league. 

“with so many of the best players 
gone, not only have our chances of 
winning abroad diminished, but there’s 
less of a reason for fans to go out to foe 
ball park,” said Pedro Perez Palma, a 
physical education instructor. 

All of foe “retired" players are now 
playing in semiprofessional leagues in 
Japan, Italy, Colombia, Ecuador and 
Nicaragua, where they are paid in dol- 
lars. The salaries are a pittance by foe 
standards of Major League Baseball, 
and the players most turn over as much 
as 80 percent of what they earn to foe 
government, but foe money is still better 
than foe $20 or so that a star player 
would earn monthly playing in foe Cu- 
ban league. 

“The bottom line is that the position 
of baseball players in Cuban society has 
gone from privileged to underpriv- 
ileged” since Cuba legalized posses- 
sion of dollars in 1993, Jamail said. 

Whether out of fear that other play- 
ers may also defect or for other rea- 
sons, management has also made 
some recent roster choices that baffle 
fans. As Jorge Luis Tapia, a 3 6-y ear- 
old teacher, piit it, ‘ ‘some players who 
ought to be on the national team 
aren’t, and other players who are on 
foe team shouldn’t be.’ ’ 

Outfielder Javier Mendez, for ex- 
ample, had a Cuban league record .462 


baiting average last season, but was left 
off die national squad, along with Luis 
Rodriguez, who hit 338, and Ariel 
Benavides, a 335 hitter. But infiektars 
Luis Ulacia, who hit .242, and Miguel 
Caldes, a .274 batter last year, somehow 
made foe te»m. 

“ft really leaves yon wondering what 
criteria they are using to pick foe play- 
ers,” said Rene Mena, manager of a 
sandlot softball team that wasplaying a 
game in foe suburb of Cojimar. ‘To be 
on foe national tetffft.it’s not eebugh to 


be a good guy and a good comrade. '^- 
You’ve got id perform, too.” ft- 

. ; Those management decisions, com- ^ ; 
bined with foe suspension of seve~ 
players who were thought to be liki 
candidates to defect, forced to 
Jorge Fuentes to make some strang 
moves. The roster at ode tournament. . 
Cuba lost included five third basemen, 
.which compelled Cuba to play Omar 
Linares, considered by many major 
league scouts to be toe.be&t third base- 1 
man in foe world, al shortsiop. 


Bosox Shortstop Is Unanimous Best Rookie 


The Associated Prat 

NEW YORK — The shortstop No- 
mar Garciapana of the Boston Red 
Sox was foe unanimous choice as foe 
American League’s rookie of the 
year. 

Garciapana hit 306 for Boston, 
with 30 homers, 98 runs batted in, 122 
runs scored and 22 stolen bases. He 
set major league records Ah' most 
RBIs by a leadoff hitter and most 
homers by a rookie shortstop. 

The 24-year-old Garciapana, foe 
sixth unanimous winner of the AL 
Rookie award, received all 28 first- 
place votes and 140 points in bal- 
loting by foe Baseball Writers’ As- 
sociation of America. 

Jose Cruz Jr., an outfielder who 
was traded in mid-season from the 
Seattle Manners to foe Toronto Blue 
Jays, was second with 61 points. 




Noraar Gardaparra hit 306. 


RfW» 


Scoreboard 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 5, 1997 


RAGE 23 


H*‘ai 




SPORTS 



v 


U ‘A V 



Money Shots Help Bulls Beat Spurs in OT 


TW ■ Tfj ... .... arOpqdMtaBta 

t 73 Michael Jordan offering his 
'A** --' | thoughts after bringing ball down. 




Slap Gets Shaq 
A One-Game Ban 

New York Times Service 

NEW YORK — ShaquHle 
O'Neal said he was sony, bnt the 
National Basketball Association 
would not accept his apology. 

O'Neal, the Lakers’ All-Star 
center, was forced to miss Ms 


suspended him for one game and 
fined him S 10,000 for delivering a 
slap to the bead of the Utah Jazz 
center Greg Ostertag last week. 

The incident happened between 
die morning shoot-arounds for the 
teams ar the Forum on Friday after " 
an exchange of words. The force of 
the slap sent Ostertag down. He was 
not htfrt and declined comment 
O'Neal apologized Monday before 
the suspension was handed down. 


The Associated Press 

CHICAGO — Michael Jordan was 
struggling with bis shot Monday ni ght, 
but when die Chicago Bulls were run- 
ning out of time and energy, there was 
no doubt who would get the ball. 

As he has done so often over his 
career, Jordan connected. Not once. Not 
twice, btn three times^ 

He sent the game into overtime with a 
3-pointer at the buzzer, tied the gamp. 

NBA Roundup 

with a jumper in die first overtime and 
scared three of die Bulls* firm! four 
points in a second overtime in a mara- 
thon 87-83 win over San Antonio. 

“It seemed like the only shots I could 
make were when someone was in my 
face, " Jordan said. *T kind ctf stunk it up 
in the first hall 1 didn't particularly play 
die game well.’’ 

Jordan, who made just 12 of 39 shots, 
finished with 29 points and 13rebounds. 
Just 2-of-9 at the half, Jordan scared 12 
to spark a 13-3 third-quarter run as the 
Bulls rallied from 10 down at the half. 

Dermis Rodman had 22 rebounds for 
the Bulls. 

San Antonio's David Robinson scored 
21 points with 12 rebounds, and the 
rookie Tim Duncan added 19 points and 
matched Rodman wife 22 rebounds. 

“I'm surprised we were in better 
shape than them at the end of the game. 
We really kept it going.” Jordan said. 

“He does it all the time.” Robinson 
said of Jor dan “You really feel stupid 
when you get beat by die guy who is 
supposed to beat yon.” 

During fee Bulls* third-quarter spurt, 
fee Spun lost the guard Vinny Del 
Negro, who limped off fee court after he 
jumped in fee air and came down awk- 
wardly on his right ankle. 

Wizards no. Jazz 88 Without John 


Stockton, fee Utah Jazz are not fee force 
they always seem to be at home. 

The Jazz lost to the Washington Wiz- 
ards, 90-86, snapranga 14-gsme winning 
streak at fee Debt Centex in Sail Lake 
City and a 10-year, 10-game, winning 
sneak at home against Washington. 

The Jazz had won 25 of their last 27 at 
fee Delta Center and only lost 25 times 
there in fee last four seasons. Flaying 
without Stockton because of injury, the 
Jazz committed 19 turnovers and feot 
just 61 percent from fee free- throw line. 

“Turnovers and free- throw shooting 
hurt us as much as anything,” said fee 
Utah coach, Jerry Sloan. “Washington 
is a very good basketball team, and we 
didn’t step it up for them.” 

Chris Webber had 26 points and 13 
rebounds for fee Wizards, and Juwan 
Howard added 19 points and 10 re- 
bounds. Rod Strickland had 17 points 
and nine assists for the Wizards, who 
were called the -Bullets last season. 
Strickland now has 4,999 assists in his 
career. 

Karl Malone led fee Jazz with 21 
points and 16 rebounds. 

The Jazz are now 1-2 for fee first time 
since fee 199T-92 season. The Wizards 
are also 1-2 after losses to the Detroit 
Pistons and fee Miami Heat 

Honwts 112 , Hut 99 Glen Rice fi- 
nally got his game going for the Char- 
lotte Hornets against Ms former team, 
fee Miami Heat 

Rice waited until the Hornets’ third 

^^scored^ points in Chafloue'f^vxc- 
tory in Miami. Rice played for fee Heat 
for six seasons and is their leading ca- 
reer scorer. 

' “Every time I get a chance to come 
back to Miami it’s a homecoming game 
far me,” Rice said. 

While some might have been pleased 
wife Rice's show, fee Heat coach Pat 



Player or Coach, the Ball 
Is Still in Bird’s Court 


By William Gildea 

WashiKiron Pass Sen ice 


3 1 




SoaUMHtsoi 

Then Air Jordan, tongue Rapping, 
took matters into his own hands. 

Riley was distressed by his team’s de- 
fensive effort 

Far the third straight game, fee Heat 
gave up more than 100 points. 

That’s a far cry from last season, 
when the Heat gave up 100 points just 
1 1 times in 82 regular-season games. 


Ilasrhullin Cn| 


Rangers Again Trail Early, hut Rally to Tie the Oilers 


The Associated Press 

NEW YORK — Mike Richter has a 
date at the Olympics in Nagano, Japan, 
in three months. He's more concerned 
about an immediate problem at home, 
‘ however. 

“I’m just worried about fee next 


win,” fee New York Ranger goalie said 
after a 2r-2 tie Monday night with fee 
Edmonton Oilers. 

Victories have been scarce far fee 
Rangers recently, particularly at home, 
where they have made .it tougher on 
themselves by allowing their opponents 






m Jit s 

: <■* ' * 


Kevin Stevens, left , and Drake Berebowsky fighting It ant for the puck. 


’ J 7*\ DENNIS THE MENACE PEANUTS 


to score first Thai has happened in eight 
of their nine games at Madison Square 
Garden. The result: a 2-3-4 record. 

In their latest adventure at home, the 
Rangers were bailed out by Pat La- 
Fontaine’s goal at 15:10 of fee second 

NHL Roundup 

period. That tied the game at 2, and 
Richter and New York's penalty-killers 
did the rest 

Todd Marchant gave the Oilers a 1-0 
lead at 16:17 of the first period wife fee 
help of a defensive lapse by Richter, 
who went behind the net to play fee 
puck. But it bounced off a player out to 
fee slot, and Marchant scored before 
Richter could get back. 

The Rangers tied it at 5:50 of fee 
second period on Kevin Stevens’s wrap- 
around shot Rem Murray gave the Oil- 
ers a 2-1 lead when he beat Richter from 
fee low slot at 13:21. LaFontaine then 
scored his team-leading eighth goal 
while skating across the slot 

H a u te— 5, Canucks 3 Vancouver, 
ranked last in fee league in goals al- 
lowed, surrendered two Carolina goals 
in a 46-second span of fee first period 
and two mare in a nine-second span in 
fee second. 

The five-goal output was a season 
high after 15 games for the Hurricanes. 
Meanwhile, fee Canucks have been 
outscored, 35-14, in losing seven 
straight games. 

In response, fee team fired Pat Quinn, 


its general manager and president, on 
Tuesday. 

The firing was a surprise since spec- 
ulation had focused on fee future of 
coach Tom Renney as the Canucks (3- 
10-2) stumbled through their losing 

Canac Bans 6, stare 4 At Montreal. 
Shayne Corson scored goals 2:12 apart 
ip the second period, and Andy Moog 
made 18 saves in his first start against 
his former team. 

Corson snapped a 2-2 tie wife 4:09 
left in the period and made it 4-2 wife his 
fifth goal of fee season wife 1:57 re- 
maining. That helped Montreal stop the 
Stars’ season-high unbeaten streak at 
five. 

Valeri Bure scored twice for 
Montreal, 4-1 in its last five games. 

Moog had four productive seasons in 
Dallas before signing a two-year, $4.3 
million contract as a free agent with 
Montreal in July. 

Flyare 5, Btuma i Erie Lindros scored 
twice before leaving wife a rib injury as 
Philadelphia snapped a four-game win- 
less streak and ended St 

Louis’ nine-game home unbeaten 
streak. 

Lindros left the game after two peri- 
ods as a precautionary measure because 
of bruised ribs. He has nine goals and 
leads the league in scoring with 25 
points. 

It was fee first loss at home for the 
Blues since fee home opener Ocl 1 
against Buffalo. 


L ARRY BIRD was hack, not in 
short pants but wearing a gray 
pin-striped suit and starched 
white shirt. He was at New Jersey’s 
Meadow lands Friday night, shouting 
to his Indiana Pacers on the court, 
coaching fee first game of his life, at 
least fee first one that counted in the 
National Basketball Association 
standings. 

A New Jersey Net fan heckled him: 
"Lar-iy, call rime out, Lar-ry. This 
isn’t French Lick, Larry, feis’is East 
Rutherford. We’re lovin' ya, Lar-ry, 
we're lovin’ ya. ” 

But the former Celtics star-turned 
coach didn’t seem to hear the taunts 
about his hometown any more than 
fee prolonged cheers feat had wel- 
comed him back after five years in 
retirement. Bird was preoccupied 
wife his hopes, then wife fee Pacers 
building a 13-point lead, finally wife 
his players blowing it. 

He rubbed his hand through his 
thick yellow hair as he watched them 
let victory slip away. “We should 
have won this game.” he told them 
after fee 97-95 loss, then repeated the 
words to the mass media attending his 
return. “We gave this game away.” 

You could feel his anguish. His 
words were earnest: “I'd like to have 
had this one because we played well in 
fee first half. Once you have a team 
down by 13 you got to have a tough- 
ness where you put ’em away. You just 
can’t let ’em gel back in fee game. 

“Once you let a team come back, 
especially a home team, the crowd 
gets goin"\ fee referees get goin’, and 
it makes it tougher. The third quarter 
is what killed us. I always felt as a 
player that the third quarter, you got to 
come out of fee locker room, you got 
to be fired up. I tried to tell these guys 
that, but we went out and made three 
turnovers right away.” 

Had this been a' new experience 
then, a reporter asked. 

“No, I’ve seen it all,” Bird said. 
“I’ve seen everyfeing that’s 
happened out there.” 

Near the close of his news con- 
ference after the game. Bird shot an 
aphorism as deftly as one of the pre- 
cision passes he used to throw for the 
Boston Celtics, wMch could have had 
him as coach but instead chose a 
proven Rick Pitino. Hoosiers live by 
aphorisms, and Bird’s sayings are pos- 
ted in gyms throughout the state. Now 
he said firmly in his native twang: “I 
bate to lose more than I like to win.” 

“It’s like traveling with a rock 
star,” the Pacers’ publicist, David 
Benner, said of his journeys wife Bird 
during fee pre-season. 

Now came fee first official stop on 
Bird’s coaching itinerary. He walked 
in the back door of New Jersey’s 
Continental Airlines Arena. A media 
horde awaited. It was 1 1 AM., time 
for fee game-day shoot-around. Ex- 
cept for a dark-blue Pacers sweat suit, 
the 6-foot-9 (2. 1 -meter) figure looked 
familiar blond hair, pole blue eyes, 
complexion fee color of flour. 

The difference between this day 
and his first game as a player? 

‘‘Had the ball in my hands at that 
time. Now I don’t. Somebody else has 
got to go out and perform well for me 
to look good.” 

Did feat worry him? 


“Notreally. I know what the team’s 
capable of doing. They’ve been work- 
ing hard. They’re in great condition. 
Now it’s up to them. They’ve got to 
play good solid defense. We’re not a 
t eam wife a kH of foot speed. But we’U 
workaround that.” 

Did he feel pressure? 

*‘I don’t ever feel pressure. I never 
have. I used to get a little nervous 
sometimes before 1 played. But I nev- 
er felt pressure in my life.” 

Great basketball players, as players 
in other sports, rarely make success- 
ful coaches. Perhaps fee best at both 
in the NBA has been fee Atlanta 
Hawks* Lenny Wilke ns. Still, he was 
no icon like Bird. 

What brought him back at age 40? 

“Boredom. Something to do. This 
opportunity opened up for me. and 
this is one' job I thought if 1 had an 
opportunity to get, I’d take. It's in 
Indiana, they had a veteran team. I was 
feelin’ good So 1 thought I’d try it.” 

Is he fee Pacers' best shooter? 

“No. Not even close. Five years 
got me a little rusty.” 

Is he finding coaching hard? 

‘It’s like traveling with 
a rock star, 9 a Pacers' 
publicist says. 

“Basketball's a simple game. 
Coaches make it difficult to play.” 

Finally the game was played.' 

Bird sat most of the time. When he 
sprang to his feet, it usually was to 
urge defensive stops. But New Jersey 
rallied with a 17-3 run. In the final 
minutes, a frustrated Reggie Miller 
made an obscene gesture to an official 
and continued yelling at him. Bird 
stepped up to diffuse fee situation, 
talking calmly wife the official. 

Bird sat for a long rime in fee 
coach’s room, looking disconsolate. 
He sal with his chair tilted back 
against the wall, saying nothing. 

Had he got the urge to step onto fee 
court in the fourth quarter and take 
over the game as he used to? 

“Well,” he said straightforwardly. 

■ “them days are over. But” — slight 
pause, as if he were picturing himself 
with fee ball in his hands — “I think 
things would have been a little dif- 
ferent," 

He laughed as if he were joking. 
Actually, he meant it 

Saturday night and people were 
scalping rickets on the streets in In- 
dianapolis. The arena was packed, 
16,729. Both teams were on fee floor 
shooting around when Bird walked 
oul The public address announcer 
cried: “And now the coach of YOUR 
Indiana Pacers. “ Everyone stood and 
waved wMte “Back Home Again!” 
towels and screamed. 

The game turned our fee way they- 
wanted it. bur none more so than Bird. 
Another team's scout described 
Golden State as “five guys running 
around.” In contrast, fee Pacers 
moved the ball wife crisp passes, re- 
miniscent of their rookie coach, and 
when they got 13 up this time they 
extended fee lead before settling for a 
96-83 vicioiy. “I guess they got fee 
message,” fee scout said. 

“You got to put the dagger in their 
hean when you got a chance," said 
Bird, pleased now. 


CALVIN AND HOBBES 



6*0 ATTENTION 

ENGLISH TEACHERS! 
SSBSSi Don’t Miss the 1997 

SripiuH/ TESOL Ranee Cottoquon 
“Taming Technology: 
Teaching English for fee Future , 
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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 5, 1997 






**AGE24 


OBSERVER 


Nixon Nostalgia 


£ 


By Russell Baker 

N EW YORK — The gods 
are angry with Senator 
Fred Thomfjson. How else 
can we explain die arrival of a 
rich new batch of Nixon Wa- 
tergate tapes at the very mo- 
ment Thompson ’s own inves- 
tigation of dirty political 
money is filling out? 

The Nixon tapes present 
incontrovertible evidence of a 
presidency corrupted by 
money. Thompson was never 
able to nail President Bill 
Clinton so conclusively. 

1 Once, before reality set in, 
some thought Thompson’s in- 
vestigation might make him a 
presidential candidate. It was 
a naive idea because it ignored 
the facts of Washington life. 
Neither Democrats nor Re- 
blicans are ready to aban- 
n the tradition of peddling 
themselves for the millions 
needed for TV campaign ads. 
Thompson ’ s inves tfgation 

threatened that tradition. 

! Nasty though it be, the sys- 
tem has worked for them. 
Change it, and who knows 
what nightmare might en- 
sue? 

The goals of the big mules 
in the White House and the 
GOP had nothing to do with 
cleaning out the stable. Re- 
publicans simply wanted the 
committee to do to President 
Clinton what another Senate 
committee had once done to 
President Nixon. 

Democrats simply wanted 
to save Clinton’s skin by 
“stonewalling,” which is 
Washingtoospeak for refus- 
ing to turn over evidence in- 
vestigators need to nail the 
quarry. You treat them with 
contempt and hope you can 
get away with it. 

“Stonewalling” is the tra- 
ditional White House way of 
dealing with a truculent Con- 
gress, and it almost always 


succeeds. It succeeded for the 
Reagan White House in foe 
Iran-contra affair. Now it has 
succeeded for Clinton. 

For Republicans foe 
Thompson exercise yielded a 
few gains. The tales of Demo- 
crats taking Asian money font 
at sinister Democratic procliv- 
ities to which Republicans can 
point with honor. Stories of 
A1 Gore reaping money 
among foe Buddhists can be 
recalled with shock and dis- 
may if Gore runs for pres- 
ident 

What didn’t happen was 
more interesting than what 
did: Republicans escaped 
nasty publicity explaining 
why. they collect so much 
more money than Democrats 
from American business. The 
president was not nailed. The 
good old rotten money sys- 
tem was not changed. 

□ 

As foe air was hissing out 
of foe tire, foe ever-depen en- 
able Nixon came onstage 
again as if to mock Thomp- 
son’s failed attempt to nail a 
president A new book ap- 
pears full of previously un- 
published Nixon tapes. It has 
foe gamy flavor we have 
come to expect of Nixon 
tapes. 

Here is Nixon selling am- 
bassadorships at $250,000 
per embassy. Now he talks 
about shaking down business 
and labor for millions. A 
Greek businessman will sup- 
ply $ 1 milli on forhush money 
to Watergate burglars if Nix- 
on ..will keep a certain am- 
bassador in Athens. “Great 

I'm just delighted” says 
Nixon. 

Studying foe old master of 
duplicity, Thompson must be 
nostalgic for foe good old Wa- 
tergate days when investiga- 
tors were blessed with pres- 
idents who nailed themselves. 

New York Times Service 


A Dark Reminder of Belgium’s Colonial Past 


By Barry James 

Imentariowl Herald Tribune 

T ERVUREN, Belgium — The 
No. 44 tram runs along leafy 
Tervureu Avenue,- past impressive 
villas and bourgeois apartment 
blocks, from foe bean of Brussels 
to foe heart of darkness. 

Joseph Conrad comes constantly 
to mind at an exhibition in foe 
Royal Museum of Central Africa 
here marking foe Colonial Expos- 
ition held on foe same site 100 
years ago. 

The exposition celebrated King 
Leopold ft's audacious land grab 
and undisguised commercial ex- 
ploitation of foe Congo and com- 
menced a colonial history that cul- 
minated in the regime of Mobutu 
Sese Seko in Zaire and foe geno- 
cidal divisions of Rwanda. 

Leopold constructed foe expos- 
ition on his own land as an annex to 
the International Exposition at foe 
Cmquanteoaire Park in Brussels 
and built foe tram line to link the 
two sites. 15 kilometers (10 miles) 
apart More than 1.1 milli on vis- 
itors traveled out to foe bosky park 
at Tervuren, attracted by the pros- 
pect of gazing on Congolese tribes- 
men living in reproductions of na- 
tive villages and a monorail that 
whizzed around a rive-kilometer 
circuit at unheard of speeds of up to 
150 kilometers an hour. 

The Congo Free State was Leo- 
pold's personal domain, and he was 
anxious to get the Belgian state to 
assume the responsibility and cost 
of it rather than his private Congo 
Company for Commerce and In- 
dustry. The exposition acted as pro- 
paganda for me king’s ambition. 
An official handbook said it would 
become “the colonial school of foe 
nation.” An information service 
would be set up to instruct those 
who “full of goodwill and good 
faith come to ask foe pioneers of the 
Congo to inform them, to open 
their eyes." 

But many politicians were hos- 
tile to foe idea of taking over this 
gigantic country. The costs were 
unfathomable, and Leopold failed 


to repay two large loans he 
received from foe state. 

Already criticism was 
mounting in the national 
and international press 
about foe cruelty and mis- 
rule of Belgian agents, 
who traded crates of beads ; 
and bolts of cloth for a J 
nation. 

One story foal went ;• 
around foe world was of 
an agent who chopped off 
foe right bands of 1,308 
Africans for failing to 
work fast enough on foe 
rubber plantations. Even 
at the time of the expos- ; 
ition, doubts had arisen 
about the survival of foe 
elephant because of foe 
Congo Company's ruth- 
less exploitation of the 
ivory trade. And critics 
found the freak-show 
nature of foe mock Congo 
villages “degrading.” 

This, of course, was not 
the message of the expos- 
ition. It emphasized foe 
“civilizing miss ion” of 
the Europeans and heroic 
battles against. Arab slave 
traders. Under Leopold's 
rule, though, the indige- 
nous population appears 
to have exchanged one 
form of slavery for anoth- 
er as foe Belgians con- 
structed their empire on 
the backs of native port- 
ers, burrowed mines and 
set up vast plantations 
where laborers were 
treated little better than 
domestic animals. Curi- 
ously, given foe king’s penchant 
for Victorian pomposity, the ex- 
position was remarkable for its om- 
nipresent use of foe new style 
called Art Nouveau. This was due 
to foe architect Edmond van Eet- 
velde, who had been impressed by 
the fashion after it made its ap- 
pearance at a' Brussels art salon in 
1 896, and who filled his own house 
at Uccle with Art Nouveau objects. 
Van Eetvelde commissioned 



young artists to fashion ivory and 
rare tropical woods into objects 
that were placed on display in the 
exposition s Salon d'Hooneur. 

During a visit to Athens in i860, 
while still crown prince. Leopold 
filched a block of marble and had it 
inscribed with foe words “Belgium 
needs a colony.” Like his rather 
before him, be cast covetous eyes 
around foe world, but foe British, 
foe French and foe Dutch had 


seized , the choicest terri- 
tories. A map at foe ex- 
hibitions shows the extent 
of the royal ambitions. 
Lines radiate from Belgi- 
um to possible areas of 
colonization around foe 
world, including chunks 
of North America and 
much of Brazil. This gran- 
diose land lust, however, 
had led to nothing more 
than a short-lived attempt 
to colonize Guatemala. 

But then Leopold, 
latched onto foe explorer 
Henry Morton Stanley, 
who '‘discovered” foe 
Congo River. The king per- 
suaded Stanley to mount 
expeditions on his behalf 
under the disguise of a 
study committee for foe 
Upper Congo. When that 
went bankrupt, the king 
financed die International 
Congo Association, which 
sant Stanley on another tnp 
between 1882 and 1884. 

Stanley created a net- 
work of rudimentary roads 
and relay posts that were 
quickly placed under the 
control of Belgian agents. 
Leopold's next aim was to 
have his nascent conquest 
recognized by the other 
equally greedy European 
powers. This lie succeed in 
doing at the Berlin Con- 
ference of 1884-1885, 
where 14 nations carved 
up a continent by guar- 
anteeing “foe freedom of 
commercial activities in 
central Africa.” Leopold 
succeeded in persuading the United 
States and other powers to rec- 
ognize foe International Congo As- 
sociation as a sovereign state ruled 
by him. But it was not until 1908 
rhnt Belgium formally assumed co- 
lonial responsibility for foe 
Congo. 

The 300 Congolese brought to 
the exposition, including a contin- 
gent of soldiers and musicians from 
foe Belgian-created Congo defense 


force, inhabited three lakeside vil- 
lages, but slept and took their meals 
in the royal stables. 

. A fourth village was established 
by an order of Catholic priest, who 


Congo to give them a Christian 
upbringing and who wanted “to 
show Belgium . that foe Congolese 
can be civilized and gratefuL - . The 
fathers were \xiy. critical of the 
“pagans” in the other yiHages and 
took care to prevent their charge*: 
from coming into contact wifo- 
foem. Wearing big floppy hats and 
academic robes, and plucking man- , 
dolin g foe youngsters greeted Leo- 
pold with a hearty rendition of the 
Brabanconne. The king for sonic 
reason never visited foe. other vil- 
lages, although press reports at the 
time speculated hehad gone there 
incognito — difficult to believe, 
given his familiar bearded fea- 
tures. ; 

The Congo visitors were not al- 
lowed to leave foe site- except on 
rare occasions and in organized 
groups. Seven died, mostly of in- 
fluenza and eight absconded. The 
one Arab in foe group deckled to 
remain in Belgium with one of his 
three wives and learn French. - 

When the Congolese left, some 
wore foe incongruous bowler hats 



, _ pipe - _ 

magnifying glass, a razor, socks, 
handkerchiefs, a box of cigars, a 
coffeepot and a necklace plus five 
francs and a group photograph. The 
women received an articulated 
doll. 

The king gave the Tervuren es- 
tate to the nation in 1900 and 
- poured Congo profits into foe mu- 
seum, the opening of which in 1910 
coincided with yet another univer- 
sal exposition. 

After seeing the centenary ex- 
hibition, visitors can stroll its 
musty halls, peer at dioramas pop- 
ulated by moth-eaten stuffed an- 
imals and buy an African souvenir 
in the museum shop. Zt is all that 
remains of Leopold's lust to rule 
much of the world. 


/' 


ill* 


fin 


a** 




. .‘i • V 

y£ !; 

Uv 


EMERALD CITY 


PEOPLE 


The Munchkins Return to ‘Oz’ 


By Todd S. Purdum 

New York Times Service 


C ULVER CITY, California 
— She steps off die bus in 
her dirndl dress, flower-pot hat 
and flame-red fingernail pol- 
ish, realty to greet her fans. She 
takes a seat at foe end of a long 
table, the better to pose for the 
pictures she knows will came. 

She has a pint-sized place in 
Hollywood history, and is 
proud to say so. 

Today, Margaret Pellegrini 
is a 74-year-old great-grand- 
mother from suburban Phoe- 
nix, Arizona. But 59 years 
ago this month, as a 3-foot-4- 
inch teenager known as Pop- 
corn, she arrived at foe Culver 
Hotel here to take a job at the 
big white MGM Studios just 
down the street, playing one 
of the 120 or so Munchkins in 
'*The Wizard of Oz.” “It was exciting to be 
around so many little people, ’ ’ said Pellegrini, 
who played one of foe Munchkin sleepyheads 
(“Rub your eyes/Get out of bed/Let them 
know the Wicked Witch is dead!”) who 
greeted Judy Garland’s Dorothy. “I was from 
a small town in Alabama, and I had never seen 
so many before.” 

Last weekend, Pellegrini and five of her 
fellow Munchkins converged once more on 
the lobby of the Culver Hotel, where many of 
them stayed during their six weeks of re- 
hearsals and filming in the fall of 1938, for a 
three-day “Munchkin Rendezvous” of fans 
and collectors sponsored by a St. Louis mail- 
order memorabilia business called Beyond 
the Rainbow. The hardiest of 14 surviving 
Munchkins from around the country, they are 
the last living links ton beloved movie whose 
big stars are all dead. 

No matter that the old MGM sound stages 
now belong to Sony, or that David O. 
Selznick’s onetime studios just across the way 
no longer ramble with the cannons of “Gone 
With foe Wind.” No matter that the Culver 
Hotel is no longer the kind of place where 
Joan Crawford once lived but is scrambling to 
reopen after a string of failed owners and 
attempts at renovation. No matter that most of 
these Munchkins are pushing SO. When foe 



Mraica AlBMKb/ThrPicw M Unua 

Pellegrini at reunion. 


old gang gathered again on 
Thursday night to sign $5 
autographs, there was a' 
poignant magic in the air. 

“The opportunities are not 
going to be here much 
longer,” said Stephen Cox, 
who wrote “The Munchkins 
of Oz," (Cumberland House, 
1996) aftersetting out in 1988 
to record the stories of as 
many of the Munchkins as be 
could find on foe eve of foe 
film’s 50th anniversary. 
“These people are getting 
older; it’s like Titanic surviv- 
ors." 

For Mickey Carroll, a 78- 
year-old former vaudevillian 
who played a Munchkin sol- 
dier and one of the fiddlers 
who sent Dorothy skipping 
down foe yellow brick road, 
“it’s a living fantasy.” Now 
retired from running his fam- 
ily’s tombstone-carving business in St. Louis, 
he is a regular at Mnnchkin reunions around 
foe country and would nof have missed this 
one for foe world. 

“This picture," Carroll said, "is loved by 
millions. 

The roughly 120 midgets collected for foe 
movie, many of them from the celebrated 
troupe of Leo Singer, the Austrian impresario 
billed in the credits, probably amounted to foe 
largest such gathering ever assembled, and 
one unlikely ever to be equaled, in part be- 
cause of advances in medical treatment that 
have made midgets extremely rare. 

Ruth Duccini, 79, had just graduated from 
high school in Minnesota when she was hired 
for the movie. 

“You can't imagine how exciting it was," 
she said. “I think what makes that scene so 
great is the fun we were all having." 

Pellegrini, who brought her 10-year-old 
great-granddaughter, Cheryl Pellegrini, to 
help her autograph sepia-toned photographs 
of ner younger self peeking ont from foe 
bushes at Judy Garland, was still going strong 
Thursday night, long after Cheryl had put her 
head down on foe table and gone to sleep. 

“It’s a fairy tale — it's fantastic/' she said, 
to no disagreement from the faithful. “There 
will never be another movie like it." 


F OR years, Helen Cathcart was considered 
an obsessive recluse, a hugely popular bi- 
ographer of the royal family whose only contact 
with her publishers and the outside world was 
through her assistant, Harold Albert On Tues- 
day, foe truth came out in the form of Albert's 
obituary In The Times of London: Helen Cath- 
cart didn’t exist. “She” was actually Harold 
Albert Despite suspicions that Albert who was 
88 when he died Oct 20, wrote the score of 
Cathcart books published between 1962 and 
1988 — beginning with “Her Majesty, the 
Queen Herself’ and ending with "Charles: Man 
of Destiny” — foe matter was settled publicly 
only by foe Times’ death notice. 

□ 

Prince Edward and CBS have been discuss- 
ing his producing and possibly hosting a series of 
U.S. television specials, an official for CBS 
Enterprises said. A network spokesman denied, 
however, that Edward, foe youngest son of 
Queen Elizabeth H, bad reached a $4 million 
deal with CBS for foe series, as was reported by 
a London newspaper. 

□ 

Screenwriter Sandy Vieth has been awarded 
$7 3 million in a judgment against MCA Inc. and 
Universal Studios Inc. upheld by foe 2d District 
Court of Appeal in Los Angeles. With foe in- 
terest, foe writer who claimed the TV series 


“Northern Exposure” was based on his idea will 
collect nearly $ 10 million. Veifo said his teleplay 
“Codetta” was strikingly similar to die 1990* 
1995 CBS series. 

□ 

James Cameron, foe director of “Titanic/* 
says he is relieved that the most expensive movie 
ever made was well-received at its world premiere 
Saturday in Tokyo. Cameron said high expec- 
tations and bad buck pushed up production costs 
and pushed back the release date fra: foe disaster 
epic, estimated to cost $200 million. The movie 
will have its London premiere on Nov. 18. 

□ 

Ten years after the Broadway premiere of 
Stephen Sondheim and James La pine’s “Into 
foe Woods,” members of the original cast will 
get together Sunday for two concert perfor-. 
mances of foe show at the Broadway Theatre. 
Taking part will be Bernadette Peters, Joanna 
Gleason, Chip Zien, Tom AJ dredge and Chuck 
Wagner. The performances are benefits for 
Friends in Deed and God’s Love We Deliver. 

□ 

Isaac Stern will be given Japan’s Order of foe 
Rising Sun for his contributions to music in that 
country. The 77-year-old Russian-born violinist 
will be awarded foe medal in a New York 
ceremony on Dec. 4. ■ 



57 ■* * I 4 

l!h i ‘ 


Ctewof S»chr/Thf Prr«! 

SHELL GAME — Marion Bartelt displaying 
nutcracker modeled after Chancellor Helmut 
Kohl at Hamburg exhibition of 300 nutcrackers. 


Proposal to Make London a One- Opera City Sparks Uproar 


The Associated Press 

L ONDON — One of London's two opera houses 
will close and foe Royal Opera House will be 
renamed Govern Garden under government plans 
announced Tuesday. 

Citing subsidies swallowed by two houses. Cul- 
ture Secretary Chris Smith proposed that the Eng- 
lish National Opera theater stmt down and foe 
company share the Royal Opera House with foe 
Royal Opera and the Royal Ballet 
The plan is foe most radical move on the am by 
Britain’s Labour Party government, which wants to 
make opera more accessible and also remove what 
some Labourites see as foe elitist' image of foe 138- 
year-old Royal Opera House. 

The proposal, which immediately evoked fierce 
criticism, would mean shutting the 23 50-seat London 
Coliseum, home of foe En g lish National Opera, and 
the largest theater in London’s West End. Both Lon- 
don opera houses are in management and financial 


millions of pounds of 
the National Lottery. 


crises, heavily in debt 
state subsides and grants 

“If we simply carry cm as ^ 

genuinely tear that we’ll find both companies, and 
perhaps the Royal Ballet, too, simply running into the 
ground,” Smith said in a BBC radio interview. S mith 
said the opera companies would tour Britain's re- 
gional cities more extensively on savings made from 
sharing London premises. 

The Royal Opera House shut in July for a £213- 
million ($35 5-million) redevelopment, due for 
completion in 2000. 

Smith envisages that die English National Opera 
would move then to foe refurbished building to be 
known as the Covent Garden Theatre. The Royal 

Ballet, now in temporary premises, will move back 

tofoeboilding it traditionally shares with the Royal 

Sir Jeremy Isaacs, former general director of the 
Royal Opera, said foe government plan was “a pig 


that will not fly,” and would save nothing because 
of tiie big costs of touring. “It is nonsense that 
London . . . can only afford one house.” he said. 

Between them, foe Royal Opera, foe Royal Bailer 
and the English National Opera get £26 million in 
annual subsidies. The National Lottery is funding ‘ 
one- third of foe refurbishment cost. 

The Royal Opera has debts of £4.7 million, rising 
to £6 million- by March. Critics blame bad planning 
and low attendances at performances away from 
Covent Garden. 

Gerald Kaufman , chairman of a parliamentary 
committee on culture, recently described the Royal 
Opera management as “a shambles.” 

The English National Opera is also dogged by 
fosputes and debts. The general director, Dennis 
Marks, quit m foe summer because foe governing 
board demanded cutbacks. The company received a 
£2.5 million emergency handout from the National 
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Every country has its own AT&T Access Number which 
makes calling home or to other countries really easy. 
Just dial the AT&T Access Number for the country you're 
calling from and you'll get the clearest connections 
home. And be sure to charge your calls on your AT&T 
Calling Card. It’ll help you avoid outrageous phone 
charges on your hotel bill and saw you beaueoup de francs 
(up to 60%*). Check the list for AT&T Access Numbers. 


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cuffing worldwide: 


1. Just dial die AT&T Access Number 
for die (sunny you are calling from. 

1 Dial tte pboit number you're calling. 

3. IHal the calling caul number Used 
abore your rant 


AT&T Access Numbers 

EUROPE , . . . 

Aistrliwo 022-903-011 

Malm* O-WMWMO 

Fra«* MW-9WB11 

GWWHV 0130-0810 » 

<*»«*• 80-MM311 

Inbmria .1-800-550-080 

: 172-1011 

NaOB ffeflfe* 0880-022-9111 

Russia •*{»«»)•. 755-5842 ' 

Spain .900-99-00-11 

820-795*11 . 

Swltariand* 0880-09-0011 

United Kingdom 0580-09-8011 

_ 0800-09-0011 

MlDDLEjAST 

Emrt*{Cafta]» 510*0208 

ferael 177-100-2727 

Saadi Arabi a o 1-800-10 

AFRICA 

EftMa - .."aw 

South Africa 0*800-994123 


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