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-7* IV INTERNATIONAL +4 ^ 


'he World's Daily Newspaper 



PUBLISHED WITH THE NEW YORK TIMjg«AM)MmK WASHINGTON POST 


R 


Paris, Saturday-Sunday, November 8-9, 1997 



No. 35,673 


UN Mission to Iraq 
Concludes in Failure 

Baghdad Says Anti- Aircraft Batteries 
Are Ready, Vowing Again to Dawn U-2s 



SkU(m LUniuVThr A-ctucJ Pm 

The UN secretary-general, Kofi 
Annan, in Santiago on Friday. 


Annan Playing 
For Big Stakes, 
His Reputation, 
With Saddam 


By Barbara Crossette 

New York Tuna Service 

UNITED NATIONS, New York 
— Less thana year after he took office 
as secretary-general of the United Na- 
tions. Kofi Annan may have put Ins 
reputation on the line in his first major 
crisis by choosing diplomacy over 
confrontation to deal with President 
Saddam Hussein of Iraq. 

‘ ‘Kofi feds this is a situation of war 
and peace.” a diplomat who has 
known the secretary-general for years 
said this week, suggesting why Mr. 
Annan had not left the matter in the 
hands of die Security Council. “He 
feels a moral obligation to get in- 
volved." 

A conciliator by nature, the sec- 
retary-general is an extremely pop- 
ular administrator inside the system. 
Some diplomats ask, however, 
whether this approach will work with 
the world’s most difficult characters. 

In this case, Mr. Annan is gambling 
against historical odds that diplomacy 
might persuade the Iraqi president to 
end his ban on American weapons 
inspectors rather than provoke an at- 
tack by the United Stages. 

In all its aspects, the current Iraq 
crisis is a cliffhanger for the United 

See ANNAN, Page 6 


By Barbara Crossette 

/Vrtr furi Times Servtrr 

UNITED NATIONS. New York 
— A defiant Iraq said Friday that it 
would not change its policy of barring 
American arms inspectors, and it re- 
newed a threat to attack American U- 
2 spy planes flying over its territory in 
support of the weapons monitors. 

The failure of a diplomatic mission 
sent to Iraq by the UN secretary- 
general, Kofi Annan, throws the Iraqi 
crisis back into the Security Council 
and the capitals of its most important 
members, the United States, Britain. 
China, France and Russia. The coun- 
cil was not expected to meet on the 
issue until Monday. 

All inspections of suspect Iraqi 
weapons sites are still suspended, and 
the Security Council was told Friday 
that arms monitors were prohibited 
from replacing air samplers necessary 
for the detection of illegal chemical 
production or use. But Iraq has re- 
moved obstructions from the lenses of 
remote cameras and turned lights 
back on in areas under surveillance, 
Richard Butler, chairman of the UN 
disarmament commission, told the 
Security Council. 

At the same time, Iraq warned Mr. 
Butler that he should call off U-2 
flights planned for next week after a 
temporary suspension or “bear the 
responsibility for the consequences." 

[Mr. Butler said Friday that he 
would keep to his schedule of re- 
suming U-2 flights on Monday de- 
spite the threats from Iraq, and that he 
had given orders for the inspection 
teams to go out again Saturday. Reu- 
ters reported from New York. 

[Mr. Butler suspended the flights 
last week because of the UN me- 
diation efforts. But he said he needed 
the American-piloted planes to sur- 
vey the ground, particularly when 
other missions were blocked.] 

“Our anti-aircraft defenses are be- 
ing activated everywhere and are be- 
ing made ready to meet the possibility 
of aggression." Saeed Hasan, the 
charge d’affaires at the Iraqi mission 
to the United Nations, wrote in a letter 
to Mr. Butler on Thursday. 

Mr. Hasan said that die U-2s were 
feeding Mr. Butler’s commission “de- 
liberately misleading information" in 
line with hostile U.S. policies. 

President Bill Clinton reiterated 
Friday recent administration state- 
ments that the United States was not 
ruling out any form of reaction to 
President Saddam Hussein's decision 
last week to bar Americans and to 
demand an end to U-2 surveillance 
flights. But both he and Secretary of 
Defense William Cohen said that any 
moves against Iraq should wait until 
Monday, after the secretary-general 
had met his three envoys and the 

See IRAQ, Page 6 


Worries Deepen in Japan, Korea 


An Asian Downer 


Principal stock indexes % change 
Friday 


% change 
year to date 



Source: Bloomberg 


IHT 


U.S. Jobs Growth 
Signals Slowdown 


By Mitchell Martin 

Interaarionol ttc'atd Tribune 

NEW YORK — America created far more jobs than 
expected in October, the government reported Friday, 
reducing the unemployment rate to a 24 - year low of 
4.7 percent but paradoxically signaling ro many econ- 
omists that the country’s expansion was about to 
slow. 

The Labor Department said 284,000 jobs had been 
created in October, above the consensus expectation of 
about 206.000. With so many people working, hourly 
wages rose 0.5 percent, indicating pressure pn cor- 
porate profit margins that was taken as bad news by the 
stock, market 

The Dow Jones industrial average closed down 
101.92 points, or 1.33 percent, at 7,581.32. 

The pressure to increase wages, caused by the 
diminishing number of available workers, will have a 
negative effect on the U.S. economy in the short term, 
said Gerard Mac Donnell, managing editor of BCA 
Interest Rate Forecast, a Montreal-based publication 
that analyzes U.S. financial-market trends. 

Mr. MacDonnell said that because of global com- 
petition, U.S. companies find it difficult to raise prices, 
so that if they have to pay high wages to their workers 
they will be forced to curtail investment. As this 
spending is reduced, he said, economic growth will 
slow from its currentrate of more than3 percent a year. 

See JOBS, Page 14 


In Sarajevo, Muslim Butchery 

Court Files Reveal Wartime Murders by Paramilitary Units 


By Chris Hedges 

New Yart Times Service 


SARAJEVO, Bosnia-Herzegovina — The Muslim 
paramilitary groups that organized the defense of 
Sarajevo at the start of the war in Bosnia in 1992 
murdered scares, if not hundreds, of Serb civilians, 
according to 56 pages of internal military court doc- 
uments. 

The documents, parts of which were published 
Friday in the independent news magazine Dani, are the 
first official confirmation of war crimes in Sarajevo by 
Muslim forces. 

The murders described in the documents often 
match in savagery, if not in numbers, reports of Serb 
killings of unarmed Muslims and Croats. 

While the Muslim paramilitary units appear to have 
killed 1,000 or 2,000 people, the Serbs are held re- 
sponsible by human rights officials for the slaughter- 
ing of tens of thousands of civilians. 

The district military court documents, largely con- 
fessions and testimony by Muslim soldiers who took 
part in the killings, were used in the sentencing of the 
soldiers three years ago. 

None of the condemned received more than six 
years in jail, and most were sentenced to only a few 
months. 

In addition, a large number of convicted soldiers 
were released from jail immediately after being sen- 
tenced because the time they bad spent waiting for trial 
was longer than their sentence. 

The testimony, which was not made public by the 
court, was provided by Muslim officials who are 
disturbed by the government’s failure to make the 
killings public or impose stiff jail sentences. 



paramilitary 

by force, was part of the Muslim government’s effort 
See BOSNIA, Page 6 


Closing the Last Gap 9 China Gives the Yangtze a New Course 


Ci Our Serf From fin /vt bn 

YICHANG, China — Chinese engineers on 
Saturday will close a 40-meter wide gap in an 
earthen *dam as they complete the diversion of 
the Yangtze River and press ahead with a 
hydropower project that is driving more than a 
million people from their homes. 

Though the Three Gorges project on the 
world’s third longest river is disrupting aquatic 
life and will submerge archeological treasures 
and reduce the magnificence of the stunning 
geological gorges, Chinese officials brush 
aside criticism. 

They say the country must have the 1 8,200 
megawatts of power — equivalent to the output 
of 18 nuclear plants — that will be produced 
when the project is completed in 2009. 

China starred in 1992 to relocate the first of 
1.2 million people who are expected to be 
affected by the Hooding of a 632- square-ki- 
lometer ('253-squarc-miIel area in the central 
pan of the country. 

Some resettled peasants are happy in new 
concrete homes not far from their ancestral 
land, where they can still hear the sound of the 
river when they go to sleep and where the land 
is fertile enough for them to raise cash crops. 
' Others, resettled in mountainous areas where 
i the soil is thin, will have problems breaking out 
of poverty. 

The flooding will render the Three Gorges, 
which soar to 1,000 meters <3300 feet) in 
places, less magnificent and disrupt the natural 
habitat of the China sturgeon and the en- 
dangered white-flag dolphin. 



IU<9fl BetUAfmv 

The Three Georges Dam in an artist's conception on display Friday in Yichang, 
China. The project, to be completed in 2009, will displace 1 2 million people. 


A natural stone beam with carvings record- 
ing 72 years of low-water data, the first in the 
year 764, will be covered forever by water, 
along with coffins left in the cliffs of Qutang 
Gorge by an ancient tribe. 

On Friday, huge construction cranes towered 
over the dam site as a steady stream of earth- 
moving trucks filed past. Barges chugged up 
the Yangtze while sightseeing boats circled 
lazily ro give their passengers a better view. 


On Saturday, engineers will close a gap 40 
meters (132 feet) wide and 20 meters deep in 
the middle of an upstream dam to block off the 
river to provide a dry site for the construction of 

the proper dam. 

Rock fill and concrete have been dumped 
into the river to build the coffer dam to a height 
of 66 .5 meters . The engineers hope to fill the 
gap in iwo to three hours, following which they 
would reinforce it, to a height of 88.5 meters 


and a width of 300 meters at its base, before the 
flood season next May. 

“It is a race against the floods,” Lin Junlin, 
a senior engineer at the China Yangtze Three 
Gorges Corp., told visiting foreign reporters 
last week. “We have to win. If not, all these 
years of hard work would be wasted.” 

Meanwhile, a gap in another coffer dam 
downstream will be filled in and water will be 
drawn out and the enclosed area excavated so 
that the 1 85-meter high dam can be constructed 
by the end of next year. 

By the end of this year. China will have 
invested 28.4 billion yuan in the massive proj- 
ect, which will surpass Brazil's Itaipu dam, the 
largest hypdroelectic project now in operation 
and capable of producing 12,600 megawatts of 
electricity. 

' The projected total cost of 240 billion yuan 
($28.9 billion) is expected to be recovered 
within three years after all 26 turbines go into 
operation in 2009. 

“Tomorrow we will see this important mile- 
stone,' ' Guo Xuyan, deputy chair man of die 
Three Gorges Construction Committee under 
the State Council, or cabinet, said Friday. 

“This project will prove that China has the 
technical ability to tackle the world’s largest 
hydropower project," he said. 

Critics say a series of smaller dams on 
Yangtze tributaries would be more efficient 
and that die current blueprint will trap a vast 
pool of industrial and human waste, creating an 
environmental nightmare. Chinese officials re- 
ject this criticism, as well. (AFP. Reuters) 


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AGENDA 


Sierra Leone Faces Mass Starvation 


Agetue Fnmre-Firur 

ABIDJAN, Ivory Coast — 
Food aid is urgently need in Sierra 
Leone, where more than 200,000 
“virtually destitute" people are at 
risk of starvation, the UN World 
Food Program warned Friday. 

Security concerns have preven- 
ted food distribution in the five 


months since a May 25 coup in 
which a military junta took power 
in Freetown, prompting war and 
an economic embargo by the 
country’s neighbors. 

The agency said food stocks 
were dwindling, with only 800 
tons left of 1 0,000 tons held before 
the coup, after massive looting. 


ASIA/PACIFIC 

Coalition Formed 

Pago 5. 

m Thailand 


P 


Page 22. 

Opinion 

PageS. 

Sports 

.... Pages 22-23. 

Sponsored Section 

Pages 10-11. 

AUCTIONS IN FRANCE 

| The IHT on-line 

w\v\v. iht.com 1 


| The Dollar j 

New York 

Frtday94P.tf. 

previous dew 

DM 

1.7086 

1.7227 

Pound 

1.6892 

1.6915 

Yen 

124.305 ’ 

123.22 

FF 

5.715 

5.76® 

\_jm_ The Dow 


FriAydoM 

previous doc* 

-101.92 

7561.32 

7683.24 

S&P 500 

change 

Friday O 4 P.M. 

pmuMi 

-10.52 

9Z7.51 

938.03 


“I was in Sarajevo when these killings took place 
and 1 believed at the time that I knew a lot about what 
was going on," said Senad Pecanin, the editor of Dani. 
“But I was terribly shocked when I read these doc- 
uments and saw what kinds of crimes were being 
committed, mostly against Serbs. 

“This information will come as quite a blow to 
people here." 

A government investigation of the mass grave in 
Kazani on Trebevic Mountain, which was used by the 
unit to dispose of the bodies, was halted last year after 
only a few remains were removed from the pit. 

The soldiers’ testimony states that Muslim police 
and political leaders knew about the war crimes — a 
charge that Muslim officials deny. 

The soldiers told the court that they dumped many 
Serb victims in the Kazani crevice overlooking the 
city. The rocky depression was close to front lines 
manned by Muslim soldiers trying to hold back the 
Serbs. 

Equipped with heavy artillery, the Serbs had sur- 
rounded Sarajevo and cut off most supplies while they 
were dropping more than 1,000 shells a day on the 
capital. 

More than 20,000 people in the city, including 2,000 
children, died in the siege, which was not lifted until 
the end of the war in 1995. 

The soldiers involved in the killings, all of whom 
belonged to the 10th Mountain Brigade, were com- 


Market Troubles 
Felt Far and Wide 


By Sandra Sugawara 

' Washin%\tm Pusi Service 

TOKYO — Market turmoil returned to Asia with a 
vengeance Friday, hitting the region’s three most 
developed economies amid warnings that the situation 
in Japan was deteriorating rapidly. 

Economists warned that the rapid slide in Japan 
could destabilize world bond and stock markets. 

In Toyko, the stock market plunged to a two-year 
low. South Korea's share prices took their biggest 
tumble ever, and the won hit a record low against the 
dollar, as the Korean government scrambled to dispel 
fears of a deepening financial crisis. (Page 13 ) 

The market turbulence shook markets across Asia 
and rippled west. 

It pushed down share prices in Europe, where most 
major markets fell at least 2 percent, and the Americas, 
where the Dow Jones industrial average was down 
more than 2 percent in late trading. 

Meanwhile Hong Kong's stock exchange was down 
nearly 6 percent at one point, due in part to renewed 
concerns about die impact of high.interest rates on the 
property sector and expectations of further attacks on 
the Hong Kong dollar. But die market rebounded 
somewhat, to close down 3 percent, helped by an 
international Monetary Fund report declaring “that 
the underlying fundamentals in Hong Kong are 
sound' ’ and endorsing Hong Kong’s policy of tying its 
currency to the U.S. dollar.- (Page 17) 

While the regional economic turmoil started in the 
emerging markets of Southeast Asia this summer, anxi- 
eties have shifted to the so-called economic power- 
houses. Economists say South Korea, Asia's second- 
largest economy, is on the verge of seeking help from 
the Internationa] Monetary Fund to bail out of its 
deepening financial problems. 

And Japan, die wood’s second-largest economy and a 
mhjor exporter of surplus capital to the United States and 
other parts of the world, saw its key stock average close 
down 4 percent at its lowest level since July 1995. 

In a report released Friday, Kenneth Courtis, a 
Tokyo-based economist with Deutsche Morgan Gren- 
fell, warned that the “quickening slide" of Japan's 
markets and economy “into zones of danger" could 
be far more disruptive to the world than the economic 
turmoil elsewhere in Asia. Mr. Courtis said a crisis in 
Japan “could have an impact on global markets that 
dwarfs the financial implosion m Southeast Asia, 
Latin America and Europw." 

The East Asian economic crisis was ‘ ‘the sideshow 
before the real event — the main event is being 
prepared for you in Tokyo today,” Mr. Courtis said. 

He said Japanese banks would no longer meet 
international capital requirements if the Nikkei were to 
slide below 16,000. “Should the marker drop any 
lower — and with no major change in policy that is 
likely — Japanese banks will have to liquidate in- 
ternational assets. Mach of these are in the U.S. 
Treasury market That could destabilize world bond 
markets," Mr. Courtis said. 

Adolf Rosenstock, chief economist in Germany for 
the Industrial Bank of Japan, agreed. Outside Japan, 
investors are now “ worried, very worried," he said. 
Tokyo's plunge triggers fears that Japanese banks now 
have ample incentive to liquidate securities held abroad 
and repatriate the funds, causing selling pressure in 
markets from Frankfurt to Wall Street, he added. . 

Both J.P. Morgan and Salomon Brothers issued 
reports cutting their growth forecasts for Japan, saying 
that the impact of the sales tax increase last spring ana 
the economic slowdown in Asia was hitting Japan far 
more severely than anticipated. Domestic demand is 
down. Sales to Asia, which account for almost 45 
percent of Japan's exports, are down. And bank- 
ruptcies are surging, creating more strains on an 
already unhealthy banking system. 

“Production cuts are forcing reductions in wage, 
overtime hours and employment, and capital spending 
plans are likely to be curtailed." JP. Morgan said. 

Western economists seem stunned that Tokyo has 
continued ro pursue a tight fiscal policy of coning 

See WORRIES, Page 6 


French Truck Strike 
Ending With a Pact 

Union Begins to Dismantle Blockades 

By Barry James 

Imenuriuikil Herald Tribane 

PARIS — The union representing the majority of 
striking French track drivers signed an agreement 
Friday with the trucking companies, effectively ending 
a dispute that has caused chaos in France and beyond. 

Smaller unions were resisting the agreement, but 
highway blockades across , the country were being 
lined and only 30, less than a third of the total at the 
heighr of strike, were still in place late Friday. 

As France started a long weekend leading up to 
Armistice Day on Tuesday, die apparent end of the 
strike brought relief to motorists. Up to 40 percent of 
service stations bad been shut because they lacked 
fuel. 

Nicole Notai, leader of the d ominant Democratic 
Labor Confederation, the CFDT, which signed the 
agreement, urged the workers to support it. She said it 
gave them most of what they had demanded and 
warned that they would “risk losing everything" if 
they held out for more. 

Newly two-thirds of CFDT members manning the 
blockades voted for acceptance, including 96 percent 
at Strasbourg, near die bonder with Germany. Workers 
removed a barricade at Calais on the English Channel 
soon after the deal- was announced. Cherbourg and Le 
Havre were also reported clear. ' 

But the Communist-led General Labor Confed- 
eration. the CGT, said 80percent of its members voted 
to reject the deal, and the Force Ouvriere union said the 
agreement did not come dose to meeting the demands 
of its members. 

"People would have liked a litrle more," Ms. Norar 
said, "but they should know that we went as far as we 
could." 

The agreement did not mean that all CFDT workers 
were immediately abandoning, the barricades. One of 

See FRANCE. Page 6 






Paris Pledges 
Its Support 
For Britain as 
A Euro Player 


By Tom Buerkle 

( International Herald Tribune 

LONDON — Prime Minister Tray 

• Blair’s positive yet noncommittal stance 
toward the single European currency 

-earned its first dividend Friday when 
' France pledged its support for giving 

■ Britain a seat on the board of the central 
1 bank that will run the euro whenever the 
country joins monetary onion. 

• The announcement by President 
' Jacques Chirac and Prime Minister Li- 

■ one! Jospin after a meeting with Mr. 

• Blair and his cabinet here went a long 

• way toward easing Mr. Blair's concerns 
7 that Britain could be excluded from key 
‘ economic decisions in Europe after the 
' euro is launched in 1999. 

' Although monetary union figured 

- high on the agenda during three hours of 
talks, the French leaders did not seek 

• British support for their campaign to 

• install a Frenchman as the first president 
of the European Central Bank. French 

- officials noted that Britain will not have 
a vote because it will not join monetary 

i union at the outset 

Sources on both sides said that Fi- 

- nance Minister Dominique Strau&s- 
Kahn raised die issue briefly in a sep- 
arate meeting with his British counter- 
part. Chancellor of the Exchequer Gor- 
don Brown, because Britain will hold the 

• European Union presidency and be in 
'position to help forge a compromise 

• when the post is decided upon in the 
; spring. 

. The two sides also clashed vividly on 

• employment policies, raising doubts that 
I EU leaders will be able to find common 

• ground when they hold a special jobs 

• summit in Luxembourg later this month. 

• While Mr. Blair saw government’s role 

• as helping people enhance their “em- 
. payability, ” Mr. Chirac said bluntly, 

• “We don't know what that means." 

■ Mr. Chirac warmly welcomed the 



Storms Taper Off in Spain 

New Flooding Is Reported in Central Portugal ; 
With Overall Tottat 31 9 More Bodies Are Sought 


Renters 

BADAJOZ,' Spain — Scuba divers 

• « i _ • rr‘_ * J - __ j L 



southern Spam and Portugal, lolling 31 
people. 

As floodwaters receded in Spain’s 
Extremadura region, three people, in- 
cluding a 6 -year-old girl, were unac- 
counted for. Officials said hopes of find- 
ingfoera alive were fading. 

The heavy rains tapered off Friday and 
a massive cleanup effort began in Spain. 
W orker s cleared away mountains of 
mod, twisted debris and wrecked cars. 

In central Portugal, more flooding 
was reported along die swollen Tagus 
River. Several villages were so isolated 
that they could be reached only by boat, 
but most residents were safely evac- 
uated overnight 

The search for the missing was con- 
centrated in die southwestern Spanish 
city of Badajoz, where 18 bodies were 
recovered Thursday. 

Many drowned in their homes late 
Wednesday when a nearby stream sud- 


denly grew into a torrent and swept 
through their working-class neighbor- 
hood. , . e 

Heavy flooding from three days, of 
rain sent rivers over their banks, in- 
undating towns, washing out roads and 
bridges, cutting off power and telephone 
service and destroying crops. 

In Badajoz alone, more , than 1.500 

homes were, damaged or destroyed 

The Spanish cabinet approved 3 bil- 
lion pesetas ($20 million) m emergency 
loans for storm victims. Prime Minister 
Jose Maria Aznar was considering a 
request from the regional government of 
Extremadura, which borders Portugal, 
to declare a” national disaster and free 
more relief funds. • 

Rail service was still suspended in 

parts of southern Portugal, but die pons 
of Setubai and Vila Real de San Ant- 
onio, closed rince Thursday beesmse of 
bad weather, were reopened .to ship- 

P1 rfear Spain's southern port of Ca di z, 
salvage crews were trying to refloat a 
U.S. military freighter that ran aground 
Thursday. 


Mr. Blair, left, and Mr. Chirac at a press conference Friday in London 
at the end of a two-day summit meeting of French and British leaders. 


stance adopted by Mr. Blair's govern- 
ment 10 days ago to support joining the 
single currency in principle but delay a 
decision on entry for four or five years to 
allow Britain's economy to get in synch 
with the Continent’s. 

“We hope Great Britain will join the 
group making up the single currency as 
quickly as possible," Mr. Chirac said. 

He also signaled a desire to keep 
Britain closely involved with the council 
of finan ce ministers of the EU countries 
that will join the euro at its inception. 
These ministers will oversee the running 
of the euro, but British officials worry 
that the group could be used to reshape a 
broader range of European policies on 
economic management, taxation and 
labor regulations. 

"You can’t leave die 'outs' without 
an influence or information" on the 
euro’s management, the French pres- 


BRIEFLY 


ident said. "There will be a close linkup 
between Britain and the euro council.’ ’ 

The French offer on the European 
Central Bank’s executive board stopped 
short of a proposal floated by German 
officials last week to leave ;■ board seat 
open for Britain, an idea that drew 
protests in Italy and Spam. 

Mr. Jospin said resenting a seat would 
not be necessary because the six mem- 
bers of the board will have varying 
terms, including eight years for the 
chairman and four years for the vice 
chairman. "Thai flexibility enables us to 
ensure dial at such time as Britain joins, 
a place can be made for it," he said. 

British officials claimed victory, but 
French officials dismissed suggestion of 
a concession, saying that Mr. Jospin was 
simply acknowledging Britain’s role as. 
one of Europe’s leading economies and* 
home of its biggest financial center. 


German ‘ Solidarity 9 Tax Is Cut 


The Associated Press 

BONN — Parliament’s upper house 
approved a cut Friday in the ‘^solidarity 
surcharge" that has been used to rebuild 
die former Communist East Germany, 
sealing a hard-won legislative triumph 
for Chancellor Helmut KohL 

The cut was pm in jeopardy in Septem- 
ber when the opposition Social Demo- 
crats used their majority in the upper 
house to stop a government plan for 
slashing corporate and personal taxes. 

Mr. Kohl says taxes need to be lowered 
to spur investment and create jobs to fight 
record postwar unemployment. 

The vote capped mare than a year of 
wran g lin g within Mr. Kohl’s three-party 
coalition government over the unpopular 
levy. The surcharge, which was added to 


■ inco m e- tax hills after German unifica- 
tion in 1990, will be lowered to 5.3 
percent from 7.5 percent Jan. 1, saving 
taxpayers 7.1 billion Deutsche marks 
($4.1 billion). Parliament’s lower house 
approved the measure last month. 

In the Bundesrat, the upper chamber, 
which represents die country’s 16 states, 
several East G erman politicians crit- 
icized the reduction before giving in. 

With elections due next September, 
the Free Democrats, who are part of the 
coalition, insisted on lowering the levy 
despite budget pressures to qualify for 
the planned single European currency. 
To avoid raising the deficit, die gov- 
ernment agreed to make up the lost 
revenue tty deferring some payments to 
a fund containing East German debt. 


m j . » n . J 1 S' xr J. their commanders’ truce-for-talks strategy. At a Sinn Fein 

I UTKlSh Jrarty ASnS C* ensure Vote meeting Thursday night in die border town of Dundalk in 
w the Irish Republic, Owen Hanratty, die local branch chair- 

man, led a walkout by a dozen members. 

Mr. Hanratty criticized Sinn Fein leaders for entering talks 
that he said were designed to undermine the IRA. (AP) 


ANKARA — The Islam-based Welfare Party on Friday 
opened a bid to topple Turkey’s conservative-led gov- 
ernment by officially asking Parliament to take up a censure 
motion against a cabinet minister. 

Salih Kapusuz. the Welfare Party spokesman, said that /m r ni . 1 / m i - 1 

Public Works Minister YasarTopcuhadabusedhisposition LrTeek JrUffl tO Merge 1 OWThS/U VS 
and behaved “illegally." ° 1 

He said his party had filed a motion with the speaker's 
office calling for a vote of censure following allegations that 
Mr. Topcu was involved in bribery in an Istanbul real estate 
deal ' { Reuters ) 


Sinn Fein Split by Talks Pledge 

BELFAST — A dozen Sinn Fein members have resigned 
from the IRA-allied party because their leaders took a 
pledge of nonviolence in the peace talks. 

The open dissent followed reports that senior members of 
the Irish Republican Army have resigned in protest over 


ATHENS — The Socialist government Friday used its 
parliamentary majority to push ahead a controversial plan to 
streamline local government. 

The plan would transform 5,797 municipalities and town- 
ships into 1.033 local administrative areas. According to 
Prime Minister Costas Simitis, the legislation is intended to 
cut down on bureaucracy and ease communication with the 
central government 

Thousands of protesters around Greece have blocked 
highways near some of the towns to be merged. Many fear 
smaller villages could lose their identity and eventually be 
forgotten by officials. 

A final vote on die plan is expected next week. (AP) 


Paul Ricard, Fastis King, Dies 


Reuters 

PARIS — Paal Ricard, 88 , France’s 
"King of Pastis" and one of the coun- 
try's richest and most influential men, 
died Thursday in his sleep, the company 
he founded announced Friday. . 

Mr. Ricard, the son of a wine whole- 
saler, invented foe recipe of Ricard pas- 
tis in 1932. His brand soon became foe 
market leader in France, where foe an- 
iseed drink, mixed with ioed water, is a 
regular afternoon tipple, especially in 
foe sooth. 

His “Pastis de Marseilles’* brand, 
sold in 150 countries, is Europe’s best 
selling spirit and foe world’s number 


three alcoholic drink, Pemod-Ricard 
said. . 

Paul Louis Marius Ricard studied at 
an art school in Marseilles before join- 
ing his father’s business. In 1932 he 
concocted a recipe that mixed licorice, 
aniseed and star aniseed and created the 
pastis Ricard. 

Despite his time-consuming business 
interest, Mr. Ricard kept his interest in 
foe arts. He produced more than a thou- 
sand paintings, and was producer of one 
of foe first French color films’’ ‘La Mais- 
on du Prin temps" In fog 1950s. 

He was mayor from 1972 to 1980 of 
Signes in the Var region. 


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had uncovered an internation- 
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between China and the West 
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At least 15 Chinese chil- 
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ration in foe last month, said a 
Milan prosecutor who coor- 
dinated foe investigation. 

The children were then il- 
legally sent to foe United 
States through European air- 
ports, including Milan. 

Chinese gangs were run- 
ning foe child sex trade, along 
with Japanese mobsters, said 
Pietro Fomo, a prosecutor. 

The investigation was start- 
ed after foe arrest of a Japanese 
man and a Chinese woman in 
April at the airport in Milan. 
They were trying to bring a 


Chinese girl to foe United 
States, Mr. Fomo said, and it 
was foe girl who disclosed 
useful details to policemen, 
i The authorities have issued 
warrants for three other 
people, reportedly Italians, on 
charges of criminal associ- 
ation. Three Japanese linked 
to foe operation have been 
arrested in Japan, Mr. Fomo 
said. 

The prosecutor’s office is 
preparing to seek indictments 
against foe two people de- 
tained in Milan. 


‘Bug 9 May Ground Jets 

AMSTERDAM (Reuters) — Hie 
Dutch airline KLM said Friday that it 
might ground some of its aircraft on Jan.' 
1 , 2000 , if certain routes turn out to be 
unsafe due to "millennium bugs," foe 
software problem computers will en- 


counter that yeajr. It also said it would 
sponsor a conference next year as part of 
a campaign to share information with 
competitors and inform the public. 

Continental Airlines of the United 
States and Poland’s LOT have agreed to 
cut fares on joint routes. (AFP) 


briefly 


Death Squads 
Rampant in Brasil 

BRASILIA —Death, squads are 
r unn ing Loose in at least nine 
Brazilian states, kiltirg pufitieianv* 
and businessmen's rivals to order 
and spreading fear in their wake, a 
congressional human rights panel 
said Friday. , .. 

"The committee has already 
identified nine states where cxltx- 
mination groups exist, with the in- 
volvement of foe police and re- 
sponsible for hundreds of summary 
executions." the Human Rights 
Committee of the Chamber of 
Deputies said. (Reuters) 

Moi Sighs Reforms 
Of Kenya Elections 

NAIROBI — President Daniel 
arap Moi on Friday signed into law 
political and constitutional reforms 
that officially make Kenya a mul- 
tiparty democracy and on paper 
give Kenyans greater freedom of 
speech and assembly. 

The legislation repeals laws re- 
stricting freedom of speech and as- 
sembly, gives opposition parties 
greater representation on the Elec- 
toral Commission and establishes a 
multi partisan commission to re- 
view the constitution after general 
elections due before year-end. 

Although led by non parliament- 
ary opposition and civic rights lead- 
era, foe reform effort was taken over 
by Parliament, where Mr. Moi’s 
Kenya African . National Union 
holds foe majority. (.•IP, Reuters) 

Cambodia Ex-Aide 
In Talks With US. 

JAKARTA — Cambodia’s de- 
posed first prime minister. Prince 
Norodom Ranariddh, raci a senior 
U.S. State Department official Fri- 
day in Jakarta for talks to secure 
free and fair elections in the king- 
dom next year. 

"My own meeting with Prince 
Ranariddh was fairly straight for- 
ward,” stud Stanley Roth, assistant 
secretary of state for East Asia and 
the Pacific. 

Mr. Roth said U.S. policy was to 
work with three members of the 
Association of South East Asian 
Nations — Indonesia, the Philip- 
pines and Thailand — and foe 
Friends of Cambodia, a U.S.- 
backed effort to bring peace to foe 
country. (Reuters} 

CubaTries UJS. Man 

MEXICO Cm’ — An Amer- 
ican charged with plotting against 
Fidel Castro's government has had 
a one-day trial, with Cuban pros- 
ecutors who had earlier sought foe 
death penalty asking for a 20 -year 
prison sentence. 

It is now up to a tribunal to weigh 
the evidence, issue a verdict and set 
a sentence — a process that usually 
takes about five working days. 

Walter Van der Veer of Miami 
was arrested in August 1996 for 
allegedly gathering materials to 
make gasoline bombs and plotting 
to attack police and tourists. (AP) 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 8-9, 1997 


PAGE 3 


Clinton Sets Delay 
’ On Trade Vote 

President Fears ‘Fast-Track’ Loss 

WAS^HDJnTntT"^ A vatives were withholding sup- 
f fh Anud port to gain concessions on 

feai? that crucial trade leg- separate legislation designed 
i slat ion was in danger, the to restrict overseas abortions. 


House agreed Friday to a 
White House request to post- 
pone a scheduled vote on a 


to restrict overseas abortions. 

Mr. Clinton is seeking au- 
thority to negotiate future in- 
ternational trade treaties and 


lilt 


m 

m£ 


measure to expand President present them to Congress for 
Bill Clinton s treaty- making straightforward yes-or-no 


power. The vote could come 
this weekend. 

“It’s veiy tough. We don't 
have the votes at this point,” 
Representative Jim Kolbe, 
Republican of Arizona, said 
Friday. “We may nor vote on 
it until tomorrow,” 

Christina Martin, a spokes- 
man for the speaker of the 
House. Newt Gingrich, Re- 
publican of Georgia, said, 
"At the request of the White 
House, the fast-track vote has 
been postponed until some- 
time over the weekend." 

Mr. Clinron has been lob- 


votes without amen dme nts. 

House leaders had said 
Thursday they could post- 
pone the vote if supporters 
lacked votes for passage. 

Mr. Clinton met Thursday 
evening with a group of con- 
servative House Democrats at 
the White House residence. 

The president made a last- 
minute pitch for votes and said 
be was close to victory. On 
Friday, Mr. Clinton said for- 
eign trade has been vital to 
America's economic strength, - 
noting that the nation's jobless 
rate fell to a 24-year low of 4.7 



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Au Pair Case Sways 
Death Penalty Vote 


The AsavitihrJ Press 

BOSTON — Troubled by 
the possibility that the au pair 
Louise Woodward was 
wrongly convicted of murder, 
a slate lawmaker has changed 
his vote and scuttled a pro- 
posal to reinstate the death 
penalty in Massachusetts 

A preliminary House vote 
on the bill last week came out 
81 to 79 in favor of the death 
penally. But the bill died in an 
SO-io-80 lie Thursday night 
after John Slattery. Democrat 
of Peabody, changed his 
mind. 

The bill cannot be con- 
sidered for the rest of the leg- 
islative session, which lasts 
through next year. The acting 
governor. Paul Cellucci. had 
vowed to sign it. 

Mr. Slanery said he hud 
been swayed by talking to 
people in his district and ju- 


when they took a gamble that 
failed — 'asking the judge to 
limit the jury's choices to 
first- and second-degree 
murder verdicts, or not guilty. 
She was sentenced to life in 
prison with the possibility of 
parole in 15 years. 

The case has been widely 
watched, and Miss Wood- 
ward's conviction on Oct. 30 
in Middlesex Superior Court 
sparked outrage in Britain 
and widespread criticism of 
the American legal system. 

A judge has been asked to 
void the*verdict, order a new 
trial or reduce the conviction 
to manslaughter. A decision is 
not expected before Monday. 

The push for the death pen- 
alty in Massachusetts gained 
momentum this year after a 
series of killings, including 
the murder of a Cambridge 
boy. Jeffrey Curley. Prosecu- 


bying furiously to line up percent 

votes for the so-called fast- "It would be a folly to turn 


track legislation, which is op- 
posed by most Democrats in 
the House and organized 
labor. 

There is stronger support 
among Republicans, but con- 
gressional sources who spoke 
on condition of anonymity 
said some Republican con set- 


back now,” Mr. Clinton said. 
“This is a no-brainer on the 
merits.’' 

The president said foreign 
trade has been vital to Amer- 
ica's economic strength. Oth- 
er countries look at U.S. suc- 
cess, he said, and wonder 
“what is America afraid of.” 


PUSH FOR THE SUMMIT — A sweeper readying a podium Friday at the Santiago airport before heads 
of state began arriving for a weekend meeting of 19 Latin American countries and Spain and Portugal. 

Setback in Fighting High Blood Pressure 


rists — and by the specter of tors say he was lured into a car 


the Woodward case. 

The conversations, Mr. 
Slaiterv said, "left me with a 


by men who promised him a 
bicycle, then smothered him 
and sexually abused his 


deeply unsettled conviction corpse. 


POLITICAL hiOTES 


Lie on ’60s Killing Trips Judge 

WASHINGTON — A federal judge bas withdrawn his 
name from consideration for a California-based appeals • 
court seat after he admitted lying about being the brother 
of a black youth shot to death after a 1963 church 
bombing in Birmingham. 

U.S. District Judge James Ware, who had been nom- 
inated by President Bill Clinton for a seat on the 9th U.S. 
Circuit Court of Appeals, said: “I regret my lack of 
honesty.” The Birmingham taie had become a signature 
of Judge Ware, 51, as he rose in the legal profession. In 
many public appearances, he claimed he was the older 
brother of Virgil Ware. 13, who was shot by two white 
teenagers in the aftermath of the bombing of a Baptist 
church, in which four black girls were killed. 

The White House counsel Charles Ruff, expressed 
sadness and said he did not know how the falsehood had 
remained undetected despite background checks. (WP) 

Civil Bights Showdown Put Off 

WASHINGTON — On the brink of defeat. Senate 
Democrats have started a surprise counterattack in the 
battle over President Clinton’s choice for the nation's ujp 
civil rights job, delaying a key committee vote. 

Republicans vowed to continue their challenge to the 
nomination of Bill Latin Lee, a lawyer for the National 
Association for the Advancement of Colored People, as 
assistant attorney general fw-civil rights. They said that, 
with his nomination, they would draw a line on the use of 
racial preferences and what they consider excessive ad- 
vocacy in the civil rights arena. 

The Judiciary Committee had been expected to reject the 
nomination Thursday. But Senator Patrick Leahy, Demo- 
crat of Vermont, exercised his parliamentary privilege to 
postpone the vote. It has been reset for next Thursday, but 
Democrats indicated they might use their legislative 
powers to obtain a delay until next year. (WP) 


By Lawrence K. Altman 

New York Times Service 

WASHINGTON — In a surprising 
reversal of longtime health gains, fewer 
adult Americans are aware they have 
high blood pressure, fewer are getting 
effective therapy and more are dying, 
federal health officials have announced. 

Over the last 25 years, therapies for 
high blood pressure, which now affects 
50 million Americans, have led to sig- 
nificant declines in deaths from stroke 
and coronary heart disease. 

But the latest health statistics show a 


icons with coronary heart disease. These 
conditions often occur as complications 
of long-standing high blood pressure. 

The reason for the reversal is noi 
known, federal health officials and ex- 
perts in high blood pressure said Thurs- 
day. But they said contributing factors 
could be an increase in obesity, growing 
complacency among doctors and patients 
about high blood pressure, a large number 
of patients who stop drug therapy because 
of unwanted effects, such as decreased 


stiiute. He said the institute was de- 
veloping new public announcements 
and a research program aimed at im- 
proving compliance with therapy, which 
generally has to be lifelong. 

The institute released data Thursday 
from a national survey conducted from 
1991 through 1994 by the Centers for 
Disease Cbutrol and Prevention show- 
ing that 68.4 percent of Americans w ith 
high blood pressure were aware they had 
the ailment, 53.6 percent were being 


and coronary heart disease. effective communication to the public. 

But the latest health statistics show a “We are very concerned to see this 
rise in severe kidney disease and heart decline in awareness and control,” said 


sexual interest and fatigue, and lack of ireared for it and 27.4 percent had it 


failure, a slight rise in the rate of stroke, 
and a leveling in the death rate for Amer- 


Dr. Claude Lenfant, the director of the 
National Heart. Lung, and Blood In- 


under adequate control. A similar surv ey 
conducted from 1 98S to 1 9V 1 showed 73 
percent were aware. 55 percent were 
being treated and 29 percent had their 
blood pressure adequately controlled. 


about the possibility of ex- 
ecuting the wrong person." 

“What happens to these 
people that we’re not sure? 
What happens to the Louise 
Woodwards of the world?” 
he asked fellow House mem- 
bers. 

Miss Woodward, 19. of 
Britain, was convicted last 
week of second-degree 
murder in the death of Mat- 
thew Eappen. an 8-month-old 
in her care who died of a head 
injury. 

The prosecution’s case re- 
lied on expert medical testi- 
mony. The defense presented 
conflicting testimony by 
medical experts. 

Miss Woodward's attor- 
neys eliminated any chance 
of a manslaughter verdict 


Massachusetts conducted 
its last execution in 1947. The 
state Supreme Judicial Court 
threw out the most recent cap- 
ital punishment law in 1984. 


Lavish Junkets Keep Congressmen on the Go 


By Ruth Marcus 

Washington Post Sennce 


and Senate shows the impres- Under House and Senate the employee is using public 
sive amount and wide range of rules, companies, trade asso- office for private gain. * ' The 
privately sponsored travel ciations and other special in- rules provide that only “rea- 
aheady taken by members of terests can pick up the tab for sonable” expenses may be re- 
Congress and their staffs, from travel by members of Con- imbursed. but the House and 
the 24 who attended a three- gress and their staffs as long Senate ethics committees 
day Tobacco Institute seminar as the member determines the have interpreted reasonable 
at the Phoenician hotel in trip is "in connection with” to include first-class air fare 
Scottsdale, Arizona, last Feb- official duties "and would and luxury hotel rooms, 
ruary — where rooms ran not create the appearance that The most significant crack- 


WASHINGTON — Ask already taken by members of 
members of Congress or their Congress and their staffs, from 
aides what they did on their the 24 who attended a three- 
vacation and their answer .day Tobacco Institute seminar 


sive amount and wide range of rules, companies, trade asso- 
privalely sponsored travel ciations and other special in- 


Quote/Unquote 


The House speaker. Newt Gingrich, calling far a vol- 
untary 14-question survey to be mailed to taxpayers early 
next year “For less than 50 cents a return, we think every 
American who pays taxes deserves the right to tell the 
government how well it collects their money.” ( NYT ) 

Away From Politics 

• The police Interrupted a bank robbery in Princeton, 
New Jersey, and fatally shot a ski-masked man who was 
holding a gun to an employee's bead. Two' other robbers 
escaped with another hostage who was later found un- 
harmed. Police scoured the normally quiet, prosperous 
neighborhood and a helicopter was searching for sus- 
pects. 

• A twice-convicted burglar who acknowledged beat- 

ing. rapine and suffocating an elderly woman during a 
robbery, laughed before he was executed by injection in 
Huntsville. Texas. Aaron Lee Fuller, 30, was nearly 
exuberant in his prayers while being strapped to the death 
chamber gurney. tnr) 


may well include travel to an 
exotic or, at the very least, 
pleasant locale — on 
someone eise’s dime. 

Interest groups and compa- 
nies with matters pending be- 
fore Congress spent millions 
of dollars this year ferrying 
members of Congress and 
their staffs on “fact-finding 
trips” or speaking engage- 
ments that often included 
first-class travel lavish ac- 
commodations, gourmet 
meals and choice climate, 
from Hawaii in January to 
Cape Cod in August 

“They don’t exactly go to 
Newark, New Jersey,” said 
Kenneth Gross, a lawyer who 
is an expert on House and 
Senate gift rules. 

In an era when congres- 
sional gift rules have all but 
eliminated the free lunch, the 
free round of golf and the free 
night on the town, congres- 
sional travel is the last great 
perk. Now. as Congress pre- 
pares to leave town for an 1 1- 
week winter recess, more , 
such trips are in the offing. 

A review of travel disclos- 
ure forms on file in the House i 


AMANDA COR1N 

DONOHOE REDGRAVE 

Snoo Wilr-on’i "outr.njoou',] y 
enjoyable’’ (Times) mv.v comedy ■ 
f.OiV AT THE ?LAYH3’J5s THEATRE HK 
NOW EOOKING UNTIL 31 JAN' 5S 
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at die Phoenician hotel in 
Scottsdale, Arizona, last Feb- 
ruary — where rooms ran 
$350 anight — to the scores of 
members and staff who 
traveled to Israel China and 
Taiwan courtesy of groups 
with regional interests. 

A group of congressional 
aides went rafting in the 
Grand Canyon — courtesy of 
electric utilities who get 
power from a federally owned 
dam nearby. Environmental 
organizations opposed to oil 
drilling in Alaska took House 
members and staff camping in 
the Arctic National Wildlife 
Refuge; Atlantic Richfield 
Co. and British Petroleum 
PLC sponsored a competing 
trip touting development 


THE 

WOED 


imbursed, but the House and 
Senate ethics committees 
have interpreted reasonable 
to include first-class air fare 
and luxury hotel rooms. 

The most significant crack- 


down on travel when the rules 
were tightened in 1996 was 
that sponsors can no longer 
pick up congressional greens 
fees or other recreational ex- 
penses. Trips are also limited 
to three days in the Senate and 
four in the House for domes- 
tic travel and a week for in- 
ternational excursions. 


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ENTEJRISATIONAl HERALD TRIBUNE, SATURDAY-SUNDAY. NOVEMBER S-9, 1997 


PAGE 3 


PARlST AN STRIKE — Young men torching tires Friday in Karachi during a strike by Muslim students 
that shut down the city. The students were protesting the killing last Sunday of three .Sunni Muslim clerics. 


New Prime Minister for Thailand 

Opposition Leader, Favored by Investors, Forms 7-Party Coalition 


By Seth Mydans 

Hew Yert Tim* Serene 


BANGKOK — A Thai opposition 
leader who is the favorite of investors 
and businessmen announced Friday that 
he had gathered enough support in Par- 
liamenfto form a new government. 

The leader, Chuan Leekpai. is a former 
prime minister with a reputation for hon- 
esty who brings with him a team of ex- 
perts who say they are prepared to address 
the country's economic problems. 

He would replace Chaovalit Yong- 
chaiyur. who resigned this week under 
public pressure after just 1 1 months in 
office. 

Investors and businessmen, who have 
been hungering for a stable and busi- 
nesslike government, reacted with op- 
timism Friday. The Thai stock market 
soared at one point by more than 5 
percent, and the baht’ rose in value 
against the dollar to 37.95. its highest 
level in two weeks. 


resulted in a potentially unstable seven- 
party coalition. 

It remains unclear how free a hand 
Mr. Chuan and his technocrats will have 
to institute austerity measures that have 
been demanded by the International 
Monetary Fund, which has extended a 
S17 billion bailout package. 

"I'm cautiously optimistic,” said 
Mark Greenwood.* an economist who 
heads the Asia Equity Group. “Frankly, 
it is very difficult to* be completely op- 
timistic. This is not a government of 
nonpoliticians. The new government is 
going to have a lot of politicians of 
different shades, some of whom are 
nicer people than others.” 

Mr. Chuan is now faced with the 
difficult steps that were mostly avoided 
in the Chaovalit administration, starting 
with closing or reorganizing 58 ailing 
financial institutions whose operations 
have been suspended, although they 
continue to lobby for a reprieve. 

“Thailand needs to accelerate the 
solving of problems among the financial 
institutions,” Finance Minister Kosit 


“I am now ready to form a new co- 

Korean President Quits a# Party Leader SiSSSS 

•'Mr. Chuan, 59. That is a comfortable condition” for the agency to release 


By Kevin Sullivan 

tt.»/nnjait»n Pou Sen-icr 

TOKYO — With the na- 
tion's economy in crisis, his 
son convicted of corruption 
and his political enemies 
leading in die polls before the 
December presidential elec- 
tion. President Kim Young 
Sam of South Korea resigned 
Friday as leader of his party. 

Mr". Kim stepped down to 
"concentrate on government 
issues” and to "ensure a fair 
and just" election in Decem- 
ber. a spokesman said. 

His resignation as leader of 
the New "Korea Party was 
seen as a last-ditch attempt to 
stave off the most humiliating 
electoral defeat in decades for 


a governing party in South 
Korea. It came as the financial 
crisis deepened Friday, amid 
a host of bankruptcies and the 
currency's dive to a record 
low against the U.S. dollar. 

Kim Dae Jung, a veteran 
opposition leader, holds a 
commanding lead in the polls 
and appears well-positioned 
to win the presidency on Dec. 
18. He received a huge boost 
last week when he and another 
opposition leader, Kim Jong 
Pil. merged their parties. 

The New Korea Party, 
meanwhile, is teetering on the 
brink of an acrimonious split 


two sons evaded military ser- 
vice. 

By stepping aside, Kim 
Young Sam will try to allow 
the party to distance itself 
from the scandals that have 
snared several of his closest 


friends and associates. Most 
damaging was the conviction 
last month of Mr. Kim's son 
and political adviser, Kim 
Hyun ChuL who was sen- 
tenced to prison for bribery 
and tax evasion. 


majority of the 393-member body. 

Mr. Chuan added, "We are aware of 
the immediate needs of the public, that 
they want us to shore up the economy.” 

But he faces difficult challenges. He 
reached his parliameniao’ majority only 
after a week of hard bargaining that 


more funds. 

Thailand must also meet a number of 
other IMF conditions, including the es- 
tablishment of a budget surplus, in- 
creased regulation of the financial sector 
and stricier controls on private debt. 

With foreign investment and exports 


dropping sharply. Thailand must deal 
with a heavy debt load, including $30 
billion in short-ieim loans that will come 
due at the end of the year. 

Economic analysts were generally 
hopeful that Mr. Chuan would have the 
political will and the ability to push 
through difficult austerity measures 
where Mr. Chaovalit failed- 

But whatever Mr. Chuan does, no 
immediate recovery is expected. 

The most optimistic projections are 
for a return to growth within two years 6r 
so As the economv continues to worsen. 
Mr. Chuan may also have to address 
growing discontent as jobs are lost arid 
purchasing power shrinks. 

"I can't see the economic situation 
being sorted out in the short term. said 
Ji Ungpukom. a lecturer in political sci- 
ence at Chulalongkom University. 
"And therefore there will be higher un- 
employment and failing living stan- 
dards. Whether that translates into social 
unrest or grim acceptance, it’s difficult to 
see." 

Mr. Chuan. the son of a teacher and .a 
food vendor, has spent 28 years in Par- 
liament. serving as prime minister from 
1992 until 1995. when his coalition col- 
lapsed. 

He knows government well: He has 
served as minister of justice, education, 
agriculture, health and commerce. 

~ As prime minister, he earned a repu- 
tation for a deliberate style that verged 
on indecisiveness. 


BOOKS 


RITA WILL: 

Memoirs of a Literary 
Rabble-Rouser 

By Rita Mae Brown. 479 


brink of an acrimonious split, pages. $23.95. Bantam. 

Its presidential candidate. Lee L”* . ~ , " , . 

Hoi Chang, is trailing badly in Reviewed by Louis Ba- 
the polls after a scandal in- yard 
volving allegations that his 


UN Defends Afghan Record 

The Assii'iaied Press 

GENEVA — The United Nations rejected suggestions 
Friday thai it was "taking too long" to deal with dis- 
crimination against women in Afghanistan. 

A UN human rights spokesman, John Mills, said there was 
an effort by the organization “at the highest level” to address 
ihe concerns. 

The LIN. which has condemned restrictions against women in 
Afghanistan, such as withholding education, has been under 
pressure from aid groups to adopt a firm policy. A LIN delegation 
will beein a fact-finding visit to the country Monday. 

The U.S.-based aid group CARE International suspended a 
feeding program for 10,000 widows in Kabul, the Afghan 
capital" last May after Taleban religious police beat five of the 
group's female employees, calling them prostitutes. 


A LMOST 25 years before 
the comedian Ellen de 
Generes came gingerly step- 
ping out of the closet, a writer 
named Rita Mae Brown was 
kicking open her closet door 
with a funny, rude, liberating 
fust novel, “Rubyfruit Jun- 
gle.” The picaresque tale of 
Molly Bolt, dirt-poor South- 
erner and lover of women, 
“Rubyffuit Jungle” has be- 
come a rite of passage for 
generations of gay and fem- 
inist readers — and anyone 
else riveted by a heroine who 
offers no apologies. . 

A quarter-century later, Rita 
Mae Brown is still not apo- 
logizing. She may be m i nglin g 
with the Virginia horsey set 


and “co-authoring” mystery 
novels with her cat. Sneaky 
Pie, but her new autobio- 
graphy, “Rita Will: Memoirs 
of a Literary Rabble-Rouser,” 
shows she has lost none of her 
spiky humor. 

Her book is full, meander- 
ing, always lively, occasion- 
ally exasperating. But what 
gives it its chief interest is the 
author's persona, which hov- 
ers over the prose like a not- 
so-genial spirit. 

£ Brown we find a new' 
breed of Southern heroine: a 
belle who packs heat. 

Maybe that comes from be- 
ing born in extremis. She 
writes that her mother. J u I iann 


Young, “was mucking stalls 
at Hanover Shoe Farm outside 
of Hanover. Pennsylvania, 
within a shout of the Mason- 
Dixon line, when her water 
broke. Had the hospital not 
been nearby, I would have 
been bom in a manger." 

An illegitimate baby, she 
was consigned to death by the 
nuns at her orphanage before 
being rescued by Julia and 
Ralph Brown — carried home 
in a blizzard. She was taken 
into one of those quirky ex- 
tended clans that seem lb give 
Southern writers a head start 
over the rest of us: Julia or 
“Juts.” her witty, acid- 
tongued adoptive mother; pi- 


ous Aunt Mimi; and the whole 
passel of obscurely connected 
relations already memorial- 
ized in such novels as “SL\ of 
One" and "Bingo.” It all 
made for wonderful material 
— and a difficult upbringing. 

And little Rita never did for- 
get her origins, which helped 
shape her resilient comic vi- 
sion. That upheld her through 
what can be read, reductively, 
as a series of abandonments: 
given up by her birth parents. 


At nearly 500 pages. "Rita 
Will” feels long for a midlife 
retrospective. But Brown is 
alive to her own flaws: "I am 
capable of evil just as 1 am 
capable of great good. I like to 
think of myself as an angel 
with lice on her wings.” 


Louis Bayard is a writer 
whose reviews have appeared 
in the Washington Blade and 
whose fiction has been fea- 

r tared in Genre. He wrote this 

expelled by the University of for The Washington Post. 
Florida, booted from NOW. 
and dumped by some rather 
well-known lovers, chief 
among them the tennis star 
Martina Navratilova. 





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PAGE 6 


INTERNATIONAL HERALD TRIBUNE, SATl RDAY-SUNDAY, NOVEMBER 8-9, 1997 


R 


U.S. Feels the Pressure 


To Break Deadlock in 
Mideast Peace Talks 


By Steven Erlanger 

New York Times Service 


WASHINGTON — With only mod- 
est progress after four days of Israeli- 
; Palestinian talks here. Secretary of State 
Madeleine Albright is making plans to 
meet in Europe next week with leaders 
1' from both sides, according to U.S. and 
Israeli officials. 

Mrs. Albright wants to show accom- 
plishments and ‘'real momentum" in 
Middle East peace efforts before she 
arrives at a Middle East economic con- 
ference in Doha, Qatar, on Nov. 16, the 


officials said. 

Arab countries, including the Amer- 
ican allies Saudi Arabia and Egypt, have 
threatened to boycott the economic con- 
ference, or to send low-level delega- 
tions, because of the long Palestinian^ 
Israeli deadlock that Mrs. Albright is 
* trying to crack. 

But James Rubin, the State Depart- 
ment spokesman, said, “We don't feel a 
greater sense of urgency about the 
Middle East peace process because of 
the Doha conference. " 

Officials on all three sides said there 
was good wUJ and seriousness at the 
talks this week, but no breakthroughs, 
especially on the larger issues. Those 
include Israeli-Palestinian security co- 
operation, a freeze on Israeli settlement 
activity, the further withdrawal of Israeli 
troops from the West Bank and how to 
move quickly to talks on a final set- 
tlement between the two sides, including 
the status of Jerusalem. 

On the pressing issues that matter 
most to the Palestinians — the troop 
withdrawal and final-status talks — 
there was no progress at all, the of- 
ficials said. They said the Israeli for- 
eign minister, David Levy, could not 
negotiate serious alterations in the Is- 
raeli package, and the Palestinians re- 
jected the idea of dealing with the 
issues as a package. 

That is why Mrs. Albright wants to 
see the Israeli prime minister, Benjamin 
Netanyahu, and the Palestinian leader, 
Yasser Arafat, next week, in separate 
meetings, probably in London and 
Geneva. 

The two sides also discussed smaller 
questions, known as “interim issues," 
that were supposed to have been settled 
10 months ago. 

Those include a new airport for Pal- 
estinians in Gaza, a seaport, an industrial 
park and safe passage for Palestinians 
between the West Bank and Gaza 
Strip. 

The officials said no agreements were 
concluded because the details remain 


complicated and all the required experts 
were not here. 

For instance, they said, while the air- 
port is largely resolved, there are still 
details to be settled over how to schedu le 
takeoffs and landings and air rights. On 
the seaport, the difficult issue of how to 
inspect shipments to insure Isr aeli se- 
curity has not been woiked out, they 
said. 

But Israeli and Palestinian officials 
were eager not to criticize one another, 
and Mr. Levy and the Palestinian ne- 
gotiator, Mahmoud Abbas, known as 
Abu Mazen, were complimentary. 

“It's true that we did not reach any 
agreement in the different areas," Mr. 
Abbas said, “but I can say that we did 
reach a great deal of understanding and 
common ground on each other's 
needs.” 

Mr. Levy said: “I believe that our 
work in this week has restored trust and 
has provided a good basis for our con- 
tinned work, and I am re turning home 
very satisfied." 

The Israeli ambassador to tire United 
Nations, Dore Gold, however, said 
Thursday that the Pales tinians there 
were not heeding Mrs. Albright's ad- 
monitions for a “time out" on ‘pro- 
vocative actions. “It's outrageous that 
just as Israel is taking risks to conclude 
negotiations on a Palestinian airport in 
Gaza, the Palestinians are launching a 
four-pronged attack on Israel at the 
United Nations." 

Mr. Gold said he was just informed 
that the Palestinians had requested yet 
another emergency session of the Gen- 
eral Assembly, on Nov. 13. to discuss 
Israeli housing plans in Jerusalem. 

He also listed Palestinian challenges 
to Israel’s credentials over the West 
Bank and other areas, an effort to rec- 
ognize Palestine as a nonvoting member 
of the General Assembly and an effort to 
reconvene the 188 parties that signed a 
1949 convention on occupied land. 

Mr. Levy brought those matters up to 
Mr. Abbas, who promised to consider 
them, officials said, 

■ Netanyahu Defends Building 

Dismissing U.S. calls for a time-out in 
Jewish settlement construction, Mr. Net- 
anyahu said Friday that the growth of the 
communities on disputed land was a 
“nonissue," The Associated Press re- 
ported from Tel Aviv. 

Addressing American Jewish leaders, 
Mr. Netanyahu also said he would not 
suspend construction while the Pales- 
tinians, according to him, are building 
without restrictions in their communi- 
ties. 


FRANCE: One Union Signs Agreement 


Continued from Page 1 

the union's leaders, Joel Le Coq, said, 
* ‘We will only call for the blockades to 
be lifted once we have seen what specific 
situations are.'’ 

A CGT leader, Alain Comba. warned, 
“We will continue the strike as long as 
we can because the proposed text does 
not correspond to tire truckers’ de- 
mands." 

Marc Blondel, secretary-general of 
Force Ouvriere, nonetheless implied that 
his union would accept the agreement if 
it was applied to the industry as a 
whole. 

Prime Minister Lionel Jospin and 
Transport Minister Jean -Claude Gay ssot 
have both said the government would 
impose an agreement on the entire in- 
dustry even if it was not acceptable to all 
the parties. They did not say how that 
would be achieved, but Mr. Jospin said 
he would introduce a bill in die National 

■WORRIES: 

Japan Leads Slide 

Continued from Page 1 

■ spending and has resisted calls for a 
' major corporate tax cut or other fiscal 

- stimulus. With dire predictions increas- 
mg, disputes within me government over 

: the economy are becoming public. Mit- 
suo Horiuchi. minister of international 
j trade and industry, said Friday that his 
: ministry disagreed with the Finance 
‘ Ministry’s handling of the economy and 
wanted drastic corporate tax cuts. 

The stock market plunge Friday was 
triggered by a report that the Bank of 
' Yokohama planned to sell off its stock 
I holdings in two to three years. Such a 

- rapid sell-off could cause prices to plum- 
. . met across the board. The bank strongly 
: denied the report. But analysis said the 
1- incident focused attention on die feet that 

• banks and companies are selling off their 
cross-shareholdings — once die funda- 

f . mental tie that bound the keiretsu system 

■ of industrial groups — as they prepare for 

■ deregulation and greater competition. 

“Stocks woe sold on the back of con- 
I ' cents of further dissolution of stock hold- 
ings," said Mitsuhiro Nakano, strategist 
fen - Daiwa Institute of Research. He pre- 

* dieted that, with selling by foreigners 

- steadily increasing, and with economic 
conditions in Japan and other parts of Asia 

' worsening, the Nikkei “is heading toward 
; 15,000 by the end of the month." 

■ Repercussions in Europe 

The plunge in Asian markets carried 

■ through to Europe, Bloomberg News re- 
: ported. Stocks and bonds were also hit by 
; an unexpectedly strong U.S. jobs report 
; that investors interpreted as indicating 

that U.S. interest rates could soon rise. 

Frankfurt recorded the biggest fell in 
Europe; the DAX index fell 3.24 percent. 

: Analysts said European markets may con- 

. tinue to fall on concern that Asia s eco- 
nomic problems will mean reduced de- 
i ‘ rrumd for European goods and services. 


Assembly on Monday to tighten up 
safety and working-time regulations in 
the industry. 

The Union of Transport Federations, 
representing 80 percent of the trucking 
companies, said its final offer included a 
6 percent increase for truck drivers ret- 
roactive to OcL 1, and a 4 percent in- 
crease for other workers in the sector. It 
conceded the unions* demands for a 
10,000 franc ($1,730) minimum payment 
for 200 hours work a month, although not 
until Jan. 1, 2000. And it would make the 
payment structure more transparent so 
that truckers could c laim compensation 
for excessively long hours. 

The resolution of the dispute was be- 
ing closely watched in neighboring 
countries. Spanish farmers could not get 
their produce to markets in nonhem 
Europe. A few factories ran out of parts. 
Trucks were delayed for more than 12 
hours as they waited to catch cross- 
channel ferries in Belgian ports. In Lon- 
don. Mr. Jospin told Prime Minister 
Tony Blair that his government would 
expedite compensation payments to 
British trucking companies for losses 
caused by a similar strike 12 months ago 
and in the present dispute. 

However, France has insisted that it 
would be responsible only for losses 
incurred within its borders and not for 
the ripple effects of the strike in other 
countries. 

With the truckers blocking access to 
refineries and feel depots, the major im- 
pact on ordinary people has been a short- 
age of gasoline, especially in the south of 
the country and on the Atlantic Coast 
But people had seen the strike coining 
for some time, and many factories had 
stockpiled feel and parts. Supermarkets 
were operating virtually as normal, with 
some shortages of fresh produce. Wine 
shippers said they had taken the pre- 
caution of moving stocks to airport ware- 
houses for the traditional delivery of 
beaujolais nouveau this month. 

The government said the strike was 
having a minimal economic effect But it 
was proving a boon to the railroads, 
which were heavily booked over the 
holiday weekend. The Paris-Brassels 
Thalys high-speed service was sold out, 
even though French and Belgian rail- 
roads put every available car into ser- 
vice. Gross-channel Eurostar trains be- 
tween Paris and Brussels, and London 
also were frilly booked. 

bi the past 25 years, the transportation 
of goods by road has increased to 74 
percent of the total, from 47 percent. But 
the 1980s deregulation of the industry 
has led to strong competition in an in- 
dustry grouping- more than 37,000 
companies, from family operations to 
firms with thousands of trucks. That 
competition is certain to intensify next 
year when the European Union drops its 
final regulatory barriers. 

■ Italian Truckers Call Off Strike 

Italian truckers’ unions Friday called 
off a threatened seven-day strike follow- 
ing an agreement with die government 
that they claimed will make their business 
more competitive in Europe, The As- 
sociated Press reported from Rome. 




, ' ' m UWlrl (wtuIaI |Vna 

A striking French trucker, top, fighting with a Belgian trucker Friday after a blockade started to be removed 
in Lesquin, northern France. The fight erupted after the Belgian complained the clearing was taking too long. 


Assault by Motorist 
Gives Italian AIDS 

A$cnce France-Presse 

LONDON — A man was infected 
with the AIDS virus after being 
head-butted by an enraged driver 
following a car crash, die British 
medical journal The Lancet report- 
ed Friday. 

The man, an Italian who was not 
named, became infected with HIV 
and hepatitis B, the journal report- 
ed. 

The force of the blow left im- 
prints on both men's foreheads and 
caused them to bleed extensively, it 
said. 

It was learned later that the at- 
tacker was an intravenous drug user 
who had tested positive for HIV, 
hepatitis B and hepatitis C in 199 1. 

An Italian scientist, Andrea 
Brambtiia, was quoted as saying: 
"Blood tests strongly suggested 
that the similarity between the HIV 
DNA in the men had not happened 
by chance, and therefore the head- 
butter had indeed infected the vic- 
tim with the two viruses." 

The hepatitis C virus did not de- 
velop m the victim because the at- 
tacker had very low levels of the 
virus in his blood, the report con- 
cluded. 


Court Won’t Order 
Diana Book Cuts 

Reuters 

PARIS — A court in Paris on 
Friday rejected an attempt by seven 
French photographers and a mo- 
torcyclist to have passages concern- 
ing them cut from a book written 
about the death of Diana, Princess 
of Wales. 

The eight men. all of whom are 
under investigation for their alleged 
roles in Diana's death in a high- 
speed crash, had asked the court to 
take action against the new book, 
“They Killed Her," because they 
feared it would prejudice their own 
case. 

The court ruled that the book by 
Madeleine Chapsal did not directly 
implicate die eight ita the death of 
Diana on Aug. 31. The men were 
formally placed under investigation 
on suspicion of manslaughter and 
the failure to help accident vic- 
tims. 

They deny the charges and have 
rejected persistent allegations (hat 
they were the paparazzi who may 
have caused the fatal crash of her 
Mercedes by tailing the automobile 
too closely. 

The inquiry into Diana's death, 
which has been proceeding quietly 
since the initial burst of worldwide 
interest in the case, has focused 
lately on traces of paint from a Fiat 
Uno that was found on the Mer- 
cedes. 


BOSNIA: Court Files Reveal Wartime Butchery by Muslim Units 


Continued from Page 1 

to organize the city’s defeases under a 
formal army command structure. 

Court records say that on Dec. 20. 
1994, Zijo Kubat, Esad Tucakovic, 
Omer Tendzo, As if AJibasic and Samir 
Seferovic were found guilty of crimes 
committed in October 1993. 

They were charged with several 
killings, including an incident in which 
they kidnapped a Serb couple, Vasilij 
and Aha Lavriv, from their home and 
transported them to the headquarters of 
their paramilitary unit, where they were 
badly beaten. 

The Lavrivs were then driven to 
Kazani where, with a woman named 
Milena Draskovic, they were beaten 
with wooden clubs by the defendants. 

“I hit Vasilij Lavriv on the back and 
he fell to the ground," Mr. Kubat said in 
the court document, “I then ran my knife 
across his throat. I noticed the blood." 

Mr. Tucakovic who, like Mr. Kubat. 
was sentenced to six years in prison, 
pulled Mrs. Lavriv a few feet away from 
the group. 

“I took my knife, it was 40 cen- 
timeters long, and severed her head from 
her body," Mr. Tucakovic testified. 

“I pushed her corpse into fee pit and 
left her head on the ground. After that I 
ran to fee trench. I had blood ail over my 
hands and clothes. I washed, so I did not 


see the trilling of fee other two 
people." 

Another incident occurred after six 
children were killed by a Serb shell in tile 
city late in June 1993. The pa rami litary 
unit decided to retaliate fry murdering 
local Serbs. The group seized a couple, 
Radoslav and Marina Komljenac, both 
invalids, in their apartment and took 
them to Kazani, where Mevludin Selak, 
who received a six-year prison term for 
murder, cupped his hand over Mr. Kom- 
Ijenac’s mouth, pushed him to the 
ground and slit his throat, according to 
court testimony. 

Refik Solak, who was sentenced to six 
years as well, killed Mrs. Komljenac, 
also by slitting her throat. 

In several instances the soldiers took 
captive Serbs, of whom about 20,000 
remained in Sarajevo, to the front lines 
around the city and murdered them, ac- 
cording to the court testimony. In most 
instances the Muslims killed the Serbs 
by slitting their throats with large hunt- 
ing knifes. 

The defendants were especially harsh 
on males whom they apprehended trying 
to cross fee front lines to join Sett 
forces. 

In one incident related in the court 
records, fee soldiers seized Two Serb 
men, Dusko Jovanovic and Ergin 
Nikolic, who were trying to escape in 
September 1993. 


“Caco began to question the men 
loudly," said Mr. Tucakovic. in the 
court record, referring to Mr. Topa- 
lovic. _ 

“At one moment Caco seized a knife 
and rammed it into the neck of Dusko 
Jovanovic six or seven times. Samir Bei- 
t |C took a sword and thrust it two or three 
times through the neck of Ergin Nikolic 
and then jammed the sword repeatedly 
into his body." 

The group of men, in a frenzy, 
plunged the sword and the knife into Mr. 
Jovanovic 's bloody corpse. 

"Caco gave the knife to Armin Hnd- 
ztc and told him to stab this stinking 
man, Mr. Bejtic told the court. 

“Annin Hodzic stabbed Dusko 
Jovanovic twice. Caco then handed the 
knife to Sabahudin Ziga*. who also 
stabbed Jovanovic, 

. then ordercd me » stab him. 1 
stabbed him once or twice in his stom- 
ach. He was already dead." 

The two bodies were taken to the 
Kazani pit by Mr. Topalovic, the men 
testified, where they were dis- 
membered. 

1 saw Sanur Bejtic split open Dusko 
JovanoVic's head," Mr. Seferovic told 
fee court. 

“I saw Caco begin to kick the head 
around while fee body was tossed into 
the pit. Ergin Nikolic 's body was also 
thrown into the pit." 


80 Years of Bolshevism for Mother Russia 

A woman, one of the Communist faithful, attending a rally with her children 
Friday in Moscow to celebrate fee 80th anniversary of fee Bolshevik Rev- 
olution. President Boris Yeltsin said Russians should remember all who perished 
in the civil war and forgive those who put a utopian idea above human lives. 


ANNANlHe’s Gambling With Saddam 


Continued from Page I 

Nations, which has enjoyed one of its 
greatest successes in Iraq. 

No on-site inspections of places 
where Iraqis may be producing or stor- 
ing prohibited weapons have taken place 
since Ocl 27. when Mr. Saddam ordered 
Americans working »far fee UN com- 
mission charged with disarming Iraq to 
leave the country and demanded an end 
to flights over its territory by American 
U-2 spy planes. The flights were tem- 
porarily suspended this week. 

In Baghdad. Mr. Annan’s three emis- 
saries— an Algerian, an Argentine and a 
Swede — left Friday after fruitless talks 
to resolve fee dispute. 

Mr. Annan said late Thursday night 
feat, wifeout an agreement, he would 
end his personal intervention in the dis- 
pute ana return the matter to the Security 
Council. He made fee statement during a 
visit to Santiago. 

In sending, the delegation to Baghdad, 

fee secretary-general broke wife the 

practice of making fee Iraqis deal with 
only fee Security Council and its unique 
creation, the UN Special Commission, 
which was set up wife fee sole purpose 
' of disarming Iraq. 

Until all prohibited weapons are de- 
stroyed, Iraq cannot hope for the lifting 
of crippling sanctions imposed after its 
1990 invasion of Kuwait. 

Mr. Saddam, knowing he has some 
support in the Security Council from 
France, Russia and Egypt for the lifting 
of sanctions, has seized on the secretaiy- 
general’s gesture as an opening to ne- 
gotiate wife fee United Nations by cir- 
cumventing both the Security Council 
and fee disarmament commission. 

Atstake is the Security Council’s bold 
peacetime experiment in dealing with a 
renegade nation by effectively-destroy- 
ing its ability to make war. 

If this approach crumbles in fee case 
of Iraq, it will not be easy for fee council 
to take rbig course again. 

Many diplomats say the council’s 
ability to impose this kind of control over 
a belligerent nation should not be com- 


IRAQ: UN Mission Ends in Failure, and U-2s Are Threatened Again 


Continued from Page 1 

Security Council had convened 
On Monday, the coundJ could reopen 
a discussion on whether to add to the 
comprehensive sanctions on Iraq a ban 
on international travel by Iraqi officials, a 
measure that France and Russia blocked 
two weeks ago. The council may also be 
asked to declare Iraq in “material 
breach" of die 1991 cease-fire resolu- 
tion, a legalism that serves as a green light 
for military action against Baghdad 
After three days of talks in Baghdad 
the UN emissaries left Iraq empty-, 
handed Tfeey are bearing a reply to Mr. 
Annan's letter to Mr. Saddam, who did 
not meet wife them, but at a news con- 
ference they made clear that fee letter did 


not contain concessions. 

The Iraqis are instead asking for talks 
wife the Security Council. The Iraqi 
president’s chief lieutenant in dealing 
wife the United Nations, Deputy Prime 
Minister Tariq Aziz, told the envoys in 
Baghdad fear he wanted to join in fee 
debate Monday, when the council — 
showing some signs Friday of moving 
toward renewed unity in the face of Iraqi 
belligerence — is due to begin its most 
critical meetings to date in this crisis. 

The United States and Britain say that 
there is nothing to negotiate with fee 
Iraqis, who have violated the terms of a 
1991 cease-fire agreement that estab- 
lished fee commission to disarm Iraq. The 
commission has always stationed Amer- 
ican experts in Iraq in its international 


team of about 40 inspectors, backed by an 
additional 60 people in helicopter crews 
and other support services. 

Iraq's only diplomatic concession Fri- 
day was to say feat it would not expel the 
Americans until at least next week. Oth- 
erwise, fee envoys seem to have heard 
mostly complaints about American 
policy and about what seven years of 
sanctions have done to Iraq. 

“We have listened wife great interest 
about fee effects of sanctions." Jan Eli- 
asson, cme of the three envoys sent by Mr. 
Annan, said at fee news conference in 
Baghdad, broadcast live here. But he said 
fee team had been trying to convey to Iraq 
■ that it would earn a better hearing if it 
returned to the situation before the initial 
threat to expel fee Americans was made. 


promised in any way. Sir Brian Urouhart. 
aformer undersecretary-general who has 
written books about the organization, 
said feat any weakening of the Security 
Council — frv dw secretary-general or 
the member nations — would bea grave 
setback, especially in the era after the 
Cold War when fee council was foreseen 
as taking on a greater global rote. 

*it was all supposed to have changed 
in 1990," he said, referring to the col- 
lapse of fee Soviet Union. "The council 
would be able to function as Franklin 
Roosevelt and everyone else thought it 
would function, as a fearless arbiter 
against aggression." 

Mr. Urquhart said he believes feat it 
there is'an erosion of council authority, it 
is the countries feat dominate it that are 
to blame, not Mr. Annan. "The real 
rouble wife governments” he said, ' is 
that for most of them the short term is 
more important than the long term. An 
oil contract is more important than wor- 
rying about in some distant future 
whether Saddam Hussein wiU resume 
his world domination program. ' ’ 

Richard Butter, the Australian arms 
control expert who is executive chair- 
man of the inspection commission, told 
the Security Council this week feat Iraq 
was wiring advantage of the break in 
surveillance by hiding or tampering with 
equipment. 

Iraqis acknowledged that they had 
moved some equipment oui of fee way of 

cameras in recent days but said this W3S to 

get fee machinery out of range of U.S. 
missiles. Were cameras disabled’/ The 
Iraqis told fee Security Council in a tetter 
feat one was wrecked when an Iraqi mis- 
sile blew up during tests Wednesday. 

UN officials are not impressed by the 
explanations. 

Mr. Annan, in his 10 months in office, 
has had mixed results in his efforts to 
break deadlocks. He has had a good 
working relationship with the Security 
Council, diplomats say. But he is also 
establishing a reputation for taking on 
intractable problems alone, even at con- 
siderable political risk to himself. 1 

In June, he lookout of fee hands of the 

UN Human Rights Commission a stalled 
investigation into allegations of mas- 
sacres in Congo, formerly Zaire. He 
named a new team of investigators after 
consulting wife President Laurent Kab- 
ila. but Mr. Kabila blocked that team 
also and the secretary-general hud to turn 
to Bill Richardson, the U.S. represen- 
tative, for help. Mr. Kabila says he has 
changed his mind, but the investigating 
team Iras yet to be sent. 

A week ago, he wrote to Prince Noro- 
dom Ranariddh, the exiled. first prime 
minister of Cambodia, assuring him that ■ 
fee man who overthrew him, Second * 
Prime Minister Hun Sen. would guar- 
antee fee mince’s safety if he returned to 
take part m elections scheduled for May. 

Within days, advisers to Mr. Hun Sen 
were saying that there had never been 
any such assurances and feat the prince 
would be arrested and have to stand trial 
on his return. 





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PAGE 8 


SATURDAY-SUNDAY, NOVEMBER B-9, 1997 

EDITORIALS/OPINION 


Hrnlb 


INTERNATIONAL 



PUBUSHKO WITH THE NEW YORK T1MKS AND tBS WASHINGTON POST 


Quit Waffling 


Anthrax , Botulism, Plague: What Iraq Might Have 


While Secretary-General Kofi An- 
nan's emissaries are petitioning Sad- 
dam Hussein to lift his ban on Amer- 
icans participating in UN arms 
inspection teams. Iraq has been dis- 
abling surveillance' cameras and mov- 
ing suspicious materials and equip- 
ment out of die inspectors' view. 

■ This new interference could mask an 
effort to produce biological weapons 
on the sly and will undermine the long- 
term credibility of die aims monitoring 
effort Even if they return, the inspec- 
tors will have to restart many of their 
monitoring efforts from scratch, greatly 
delaying completion of their work. 

Further UN enforcement action is 
unlikely before Mr. Annan’s envoys 
feport to the Security Council on Mon- 
day. But the United Stales must begin 
lining up support for firmer steps un- 
less UN inspectors are guaranteed un- 
fettered access to all Iraqi weapons- 
related sites and labors tones. 

- In large measure this whole crisis is 
the result of the ambiguous positions 


A Cold War Holdoyer 


Last year’s tightening of U.S. im- 
migration law produced a threat of 
massive, prompt deportation of the 
hundreds of thousands of Central 
Americans who were uprooted in the 
wars of the '80s and offered temporary 
sanctuary, and many of whom now 
prefer a permanent U.S. home. The 
president and Congress responded 
with legislation giving these groups a 
h umanitarian break and relief from 
new stricter deportation rules. But 
Congress also did something else, 
writing in invidious distinctions 
among these different immigrants. 

To the head of the line went Nicara- 
guans, who were given immediate am- 
nesty in the pending “Victims of Com- 
munism. Relief Act” for fleeing an 
American-opposed leftist regime. Be- 
hind (hem — without amnesty though 
wife an improved way to beat depor- 
tation — came Salvadorans and 
Guatemalans; they fled like persecu- 
tion and civil war, exqept that is 
deemed politically less salient for com- 
ing from governments of the right Put 
into a category all their own ano denied 
an opportunity to gain permanent 
States were ’90s arrivals from Haiti — 
people no less miserable but not for a 
reason connected to the Cold War. 

It seemed reasonable to suppose that 
with the rad of the Cold .War, a longtime 


national immigration policy favo ring 
victims of Communist persecution 
would no longer have the same political 
weight But to suppose so would be to 
underestimate the fin gering ideological 
resonance of the anti-Sandinista — and 
anti-Castro — cause on the Republican 
right, this is how the Nicaraguan im- 
migrants get (he special privilege of a 
fast track to a green card. Defenders of 
the provision attribute (he criticism of it 
to envy, pointing out that the Guate- 
malans and Salvadorans are receiving 
all that was asked for them. But a bask 
notion of fairness is involved. A decade 
after Central America’s wars, no good 
purpose is served by distinguishing this 
way among their innocent and equally 
mistreated civilian victims. 

The flap over this provision does not 
seem sufficient to k HI the bilL Even 
Democrats representing immigrant 
communities - understand its value in 
easing the looming crisis of depor- 
tation. Moreover, there may be some 
possibility of softening administra- 
tively the bill 's denial of amnesty to the 
groups due second-class treatment. 
But such treatment is no way to wel- 
come immigrants who by their ex- 
perience, work and dedication have 
already shown that they would be first- 
-lass citizens of the United Stales. 

— THE WASHINGTON POST. 


Reality Is Cheaper 


When its current contract with NBC 
expires, Warner Brothers reportedly 
.plans to ask $10 million for toe license 
*to air a single episode of its hit show 
:> # EJL” That is a record. At 22 to 25 
-episodes per season, licensing “RR.” 
could cost NBC or one of its com- 
petitors nearly $500 million for a two- 
year contract, or the equivalent of 
NBC’s annual profit 
'. The cost of 32 episodes of “E.R.” is 
[also roughly equal to the total annual 
-operating budget of New York’s Bel- 
levue Hospital — for all its depart- 
ments, not just the emergency room. 
There are 1,700 doctors — attending 
physicians, residents and interns — on 
staff at Bellevue. On “EJL” there 
are three trained physicians, all pro- 
ducers who work behind the camera. 
The on-screen physicians at ' “County 
General Hospital" — the fictitious 
setting of "EJL” — are actors. The 
show would be cheaper to produce if 
Warner Brothers fired all the actors 
and replaced diem with real doctors. 
Not that money matters. 

There is another way to look at this. 
Stock in Oxford Health Plans — a 
managed-care company — recently 
plummeted 62.4 percent. The answer 
to this dimension of America’s health 
care crisis is obvious — stop investing 
in real health care providers and invest 
in fictional ones instead. The return is 
much higher. It costs about $2 million 
to produce an episode of “EJL” 
Warner Brothers hopes to sell “ER.” 
for $10 million an episode. In time, 
“EJL” will then enter syndication 
for $1.2 million per episode, also a 
record. 

But it might tom out to be a risky 
investment, after alL 

Hollywood is as fickle as Wall 
Street. In television, virtually any 
concept can become, as the saying 
goes, a drug on the market, no matter 
how successful it may seem at the 
moment. “EJL’ 'is actually the second 
show to have that name. The first one. 


called “E/R” and starring Elliott 
Gould, aired on CBS bade in the 
days when NBC’s big winner was 
•‘Miami Vice." 

Wbat goes around once comes 
around twice at a higher cost, espe- 
cially on TV. All the classic TV genres 
have been reworked, except one. 
Where is the successor to “Combat”? 
Could George Clooney become Amer- 
ica’s new Vic Morrow when “EH” 
finally prices itself out of reach? 

—THE NEW YORK TIMES. 


Other Comment 

Skills Shortage 

Last week’s stock market gyrations 
grabbed the headlines, but America's 
most important long-term economic 
problem does not involve bears and 
bulls, but people. Like die persistent 
energy crisis that burdened the U.S. 
economy in the 1970s. deepening labor 
and skills shortages are creating bot- 
tlenecks that could short-circuit not 
only current prosperity but also future ’ 
business expansion. 

These labor deficits, as Federal Re- 
serve Chair Alan Greenspan has poin- 
ted out, could ignite “unsustainable" 
inflationary wage pressures and eat in- 
to corporate profits. Boeing has already 
experienced a taste of the problem. It 
recently announced an unexpectedly 
large $1.6 billion charge against future 
earnings because of production delays 
associated with the training of new. 


Another bottleneck has emerged in 
the cation’s transportation system. 
Partly due to the decline of such blue- 
collar professions as dockworker and 
truck driver, as well as poorly executed 
corporate mergers, deliveries of goods 
are taking for longer than nor mal 
— Joel Kotkin. commenting in the 
Los Angeles Times. 


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taken by France and Russia, whose oil 
companies are seeking deals with Iraq 
to take effect as soon as UN sanctions 
are lifted. 

The two countries nominally con- 
tinue to support sanctions bat prove 
unwilling to act whenever Mr. Saddam 
deceives the arms inspectors or blocks 
them from doing their jobs. 

The Latest episode began two weeks 
ago when a Security Council divided 
by the, abstentions of Fiance, Russia, 
China, Egypt and Kenya sent a signal 
of irresolution in the face of Iraq's 
refusal to cooperate with arms inspec- 
tors. That makes it crucial that the 
council now show unity. 

France, Russia and the other ab- 
stainers should line up with foe United 
States and the rest of the Security 
Council to impose immediate travel 
restrictions on uncooperative Iraqi of- 
ficials this coming week. There is no 
more room for waffling in response to 
Iraq’s duplicity. 

—THE NEW YORK TIMES. 


W ASHINGTON— At the center of 
the trouble between Iraq and foe 
United Nations is the issue of genetically 
e ngin eered biological weapons, or what 
some expats cull “black biology.” 

Today, genetic engineering has be- 
come a normal part of the process of 
bio weapons development. It has become 
a straightforw ar d matter to move genes 
from one organism to another, and the 
technique has obvious military value. 

High school science students are 
taught how to put genes for antibiotic 
resistance into bacteria. 

If teenagers can do it, die world 
should assume that Iraqi military bio- 
logists are doing it better with anthrax 
and other lethal bioweapons. 

Richard Buder, the head of the UN 
weapons inspection commission for 
Iraq, has said that Iraq has an ongoing 
bioweapons program. But what strains 
does Iraq have? What can Iraq do with 
its bioweapons? 

The answers are alarming, based on 
reports I’ve heard from members of 
CJN inspection teams, top government 
officials and scientists, as well as on 
photographs and UN documents. Ex- 
perts believe tfrar.an international black 
market in “hot s t rain s” — deadly or- 
ganisms — has developed, and they 


By Richard Preston 

suspect that Iraq, among other coun- 
tries, has bought military strains from 
Russian scientists who stole them from 
the Russian bioweapons program. 

Iraq may possess engineered, an- 
tibiotic-resistant strains of anthrax and 
Black Death, as well as botulinum tox- 
in and possibly foe Ebola virus, which 
apparently can be freeze-dried for dis- 
persal in the air. 

- American weapons inspectors on foe 
UN teams have been using a simple tool 
to try to ferret out bioweaponry in Iraq: 
a medical swab. It is used to collect dirt 
from foe comers of buildings, liquids 
dripping out of bioreactors, crud from 
unwashed test tubes, soil Using such 
samples, machines can find the mol- 
ecular fingerprint of a bio weapon. 

By demanding that the UN reams 
include no Americans, Saddam Hus- 
sein seems to be buying time. Bio- 
production equipment is portable and 
can be moved by truck quickly. The 
Iraqis are disabling the UN videocam- 
eras and other monitoring equip m ent, 
presumably to hide such movement. 

Bioweapons development in Iraq is a 
potential health threat to the entire 


world. It is a danger to foe Iraqi people 
themselves, because accidents happen. 
And Iraq is by no means foe only 
offender. The American government 
estimates that about 16 countries now 
have bioweapons programs. Major sus- 
pects include China. Russia, Syria, 


And what if a bioweapon were used 
in a terrorist art? The American gov- 
ernment is not ready for such an event 
How can it be? No one knows what a 
biological weapon mighrdo in a city. It 
could be tenor in slow motion, an 

unroUing horror wifo a death toll equiv-^ 

alent to dozens of Oklahoma City 
bombings occurring day after day. 

Intelligence experts seem particu- 
larly fearful of foe smallpox virus, 
which foe y believe has moved into die 
international market Most people haw 
no nnrnnmty to smallpox, even if 
they've been vaccinated, because foe 
shot wears off after 10 to 20 years. 
Smallpox is fantastically contagious in 
the air. One smallpox victim can easily 


Because natural smallpox has been 
eradicated, foe global supply of small- 
pox vaccine is almost nonexistent Far 
an engineered smallpox, there might be 

no vaccine at all. 


The U.S. government's plans for 
dealing with a bioterior event are in- 
adequate or nonexistent The govern- 
ment would need to rush huge quan- 
tities of medicines to the affected 
population, medicines that might not 
work if foe weapon were genetically 
altered. ^ There would bcanecd for quick 
forensic work to tty to find out what the 
weapon was and who released it. 

The world community, through foe 
United Nations, should keep foe pres- 
sure on Iraq to end its bio weapons 
program, since it is a threat to people 
everywhere., _. .. 

The scientific establishment, wwen 
for years paid no attention to 
bioweapons, should , live up to its re- 
sponsibilities and speak out now. Sci- 
entists cam put direct personal pressure 
on their colleagues in foreign countries 
to stop the work. 

Finally, American leaders should tell 
the public what they know about bio- 
logical weapons in other countries, 
Sudr weapons are nota nice thing to talk 
about, but they are real and the world 
win have to come to grips with them. 

‘ The writer, author of "The Hat Zone" 
and “ The Cobra Event." nmtributed 
this comment to The New Yt>rk Times. 


1 1 1 ni 


, 


U.S. Arrogance? What About European Freeloading? 


W ASHINGTON — An ex- 
pert temperature reading 


By Stephen S. Rosenfeld 


taken 6y my colleague Bill Droz- 
riwir (IHT. Nov. 5) reveals that 
Europe again has a fever, one 
that might be called foe Euro- 
pean fever, one that appears from 
time to time and comes down to 
scarcely concealed resentment 
of foe way foe United Stales con- 
ducts itself in foe world. 

This time around, foe aston- 
ishing American post-Cold War 
ascendancy is noted and then 
blamed lor inrineing insensitiv- 
ity, arrogance and a rebirth of 
“American imperialism Says 
a French observer “The es- 
sential question now is whether 
foe United States may be temp- 
ted to abuse its dominant po- 
sition through what is known as 
American unilateralism." 

Oh. really? An American 
might be forgiven for replying 
that the essential question (or 
one of the essential questions) 
in matters lying between the 
United States and its European 
allies is whether Europe may be 
tempted to abase its dependent 
position through what is known 
as European freeloading, or 


whatever. Of coarse it would be 
uncollegial, not to speak of un- 
mannerly, to respond in that 
way. But one does wish foal foe 
Europeans who would be most 
offended by such an approach 
would listen more closely to foe 
words they themselves direct at 
the United States. 

At any given moment in re- 
lations across the Atlantic, there 
have been and are differences in 
tone and emphasis if not in sub- 
stance. There is always a 
temptation to aggregate these 
differences and to arrange them 
in a pattern, as some Europeans 
appear to be doing now. The 
results are almost invariably 
troublesome. What is otherwise 
best treated as foe normal fric- 
tion in a busy and ragged but 
essentially deeply friendly con- 
nection comes to be perceived 
as evidence of growing and ir- 
reversible alienation or worse. 

Of the differences between 
Washington and its allies, some 
are structural — built in — and 
require con tinual special han- 
dling. The first structural differ- 


ence lies in foe unique American 
nuclear capability. Fortunately, 
the United States does not go 

am nnd brandishin g jfc ntlkes. 

A second such difference 
arises from America’s immense 
economic power. It is enhanced 
at the mo moit by foe evident 
contrast between foe U.S. surge 
and foe European lag in job cre- 
ation and by foe uncertainpace 
of European integration. These 
considerati ons do create diffi- 
culties for Europe. But Amer- 
icans can hardly be blamed for 
economic policy choioes that are 
Europe’s to make and to mend. 

In the political/military 
sphere, foe European complaint 
about American assertiveness is 
almost laughable. Cannot the 
Europeans see that the value to 
them of NATO enlargement 
overwhelms any piqne they may 
feel at American enlargement 
procedures? The real problem 
here lies in signs of Europe’s 
retreat from its alliance and con- 
tinental interests. Bosnia is Ex- 
hibit A: Its disintegration was 
Europe’s to. address, but the 


(partial) solution finally reached 
can** out of American power 
and diplomacy. Why Europeans 
would want to maintain any- 
thing but a discreet silence on 
the matter is a mystery. 

In die politicaifeconomic 
sphere, the current focus is on 
the trans-Atlantic dispute over 
foe terms of Western trade with 

pariah states. Europe has chosen 

to reject die assorted conditions 
that the United States ties to this 
trade. Bnt why must Europe 
then inflate what is an argument 
about means into an indictment 
of foe whole American global 
posture— -at a moment, no less, 
when U.S. global power is crit- 
ical to the containment of Sad- 
dam Hussein? To do so is to 
invite Americans to take 
Europe’s commerce-first policy 
as an indictment not just of its 
political judgment bit of its 
moral character. The better way 
on both sides is to keep talking 
.foe issue out. 

American policy is not flaw- 
less. It can be unilateral in the 
wrong places (UN financing) as 
well as in foe right ones where 
allies shrink from military and 


political necessity. It can always 
profit from consultation. But 
European policy keeps pushing 
the limits of American patience . 
Alliance tics have particularly 
frayed in the Gulf, the secretary 
of state’s spokesman said ac- 
curately. “because people know 
at the end of the tray they can 
count on the U.S. to defend the 
world's interests versus Iraq." 

But let us not get too grim 
about the prospect. Relations 
across foe Atlantic have the 
habit of falling into — famous 
word — “disarray” and then 
falling out again, ail with a fre- 
quency that defies straight-line 
policy projections, 

Was it not just yesterday that 
Europeans were anxiously ask- 
ing their American mends 
whether foe United Slates would 
stay foe international course? 
Now foe terms of engagement 
may he in sane contention, due 
especially to a Republican Con- 
gress, but, due especially to a 
Democratic president, the broad 
fact of engagement is not. There 
are reasons why the European 
fever could yet break. 

The Washington Post 


80 Years After the October Coup, Bad Ideas Still Abound 


P ARIS — This weekend 
marks the 80th anniversary 
of the October Revolution in 
Russia, which did not happen. 

It did not happen because it 
was not a revolution. A coup 
d’6tat took place in Petrograd — 
now Saint Petersburg, ephem- 
erally Leningrad — at the end of 
October. 1917- Russia still fol- 
lowed the Julian calendar, by our 
calendar the decisive events took 
place from Nov. 6 to 9. 

The leaders of foe small 
Bolshevik party broke with the 
provisional government on 
Nov. 6. The next day their Red 
Guards and some soldiers and 
sailors took control of the city. 
The Bolshevik-dominated rev- 
olutionary militar y committee 
assumed power in the name of 
foe soldiers and workers. A rev- 
olutionary . government was 
formed on foe 8th and 9th. 

Six weeks later, on Dec. 20, 
foe Cheka was ensued — “the 
extraordinary commission for 


By William Pfaff 


the struggle against counter- 
revolution," a secret police 
which thereafter defended So- 
viet power by murdering its op- 
ponents or sending them to 
Siberian prison camps. 

A 91 -year-old literary scholar 
who witnessed the events of Oc- 
tober 1917, Dmitri I ikhatchcv, 
was recently asked by foe Rome 
daily La Repubblica what 
memories be had of them. He 
said: “None, because nothing 
particular happened worth re- 
membering. . . . Those involved 
were so few that nobody no- 
ticed. On the other hand I re- 
member very well the February 
revolution.” 

That was when the Duma, the 
Parliament, refused to be dis- 
solved by Nicholas H, and a 
provisional government of 
moderates was formed. ■ The 
czar then abdicated. 

The only fighting during the 


October coup took place when 
the military academy’s cadets 
resisted the Bolsheviks. Yet 
few who have seen Sergei Ei- 
senstein’s great propaganda 
films will forget what he made 
of the Winter Palace seizure, 
presented as an epochal event in 
the history of mankind. 

The mobilization of revolu- 
tionary masses, the great up- 
rising by workers and soldiers, 
all inspired by the radiant lead- 
ership of Lenm, was largely in- 
vention. Many of those who did 
take part in these- events, in- 
cluding Leon Trotsky, were 
subsequently edited out of foe 
films, photos, memoirs and of- 
ficial histories, and “edited” 
out of existence itself by a 
Cheka pistoldischarged into the 
back of their necks. (Trotsky 
was murdered with an ice-ax.) 

The October Revolution was 
one of foe astounding events in 


m but I think- tba 

The Right Shows Its True Colors power oaPidea 

C7 tinning opeoi 


B OSTON — The conserva- 
tive attempt to block the 
nomination of Bill I .ann Lee as 
assistant attorney general for 
civil rights is as revealing a 
poUticalevent as we have had in 
America for a long time. 

It tells ns, first, how for the 
political right isprepared logo in 
using race as an electoral 
weapon. Aggravating social di- 
vision is a price worth paying if, 
as conservatives believe, playing 
the race card wins while votes. 

And, second, it tells os how 
far foe right will go in denying 
President Bill Clinton the paver 
to govern. Senate conservatives 
are effectively saying that a 
midlevel executive appointee 
must repudiate the policy of a 
twice-elected president. It is a 
move toward government from 
Capitol Hill: a coup d’dtat 
The American system of 
separation of powers, which 
often remits in political divi- 
sion between foe Capitol and 
foe Write House, requires a de- 
gree of self-restraint and ac- 
commodation to work. 

A spirit of accommodation, 
and respect for foe office, or- 
dinarily mean that a Senate of 
a different party will let a 
president choose people for 
his own administration onlays 
they are (1) visibly unqualified 
or (2) outrageously ideological 
It is impossible to fit the Lee 
nomination into either of those 
categories. 

• Bill La nn Lee is in his person 


By Anthony Lewis 

the American story: foe son .of a 
Chinese immigrant who ran 
laundries in Harlem, a graduate 
of Yale and Columbia Law 
School who has devoted his 
working life to fighting racial 
discrimination. No one, not even 
the Republicans on foe Senate 
Judiciary Committee, has ques- 
tioned his legal qualifications. 

As for ideology, Mr. Lee has 
won applause from among oth- 
ers foe Republican mayor of 
Los Angeles, Richard J. Ri- 
ordan, for not being a zealot In 
California he focused on set- 
tling conflicts rather than lit- 
igating them to foe end. 

But Senator Orrin Hatch, 
chairman of the Judiciary Com- 
mittee, and some other Repub- 
lican members say they are 
against Mr. Lee because he sup- 
ports affirmative action. Spe- 
cifically, he opposed Calizor- 
nia’s Proposition 209, which 
prohibits state institutions from 
giving any special consideration 
to blacks and other minorities. 

Affirmative action is an issue: 
that divides reasonable people. 
The Supreme Court has decided 
foe constitutionality of particular 
programs fay narrow majorities. 
The latest poll I have seen, inThe 
Wall Street Journal found that 
48 percent of Americans periled 
favored affirmative action pro- 
grams far women and minorities 
and 43 percent were opposed. 


Divisions of that kind make it 
outlandish for Mr. Hatch and 
his colleagues to insist that a 
nominee fa foe civil rights post 
disavow affirmative actioo. 
And they make clear that what 
is really involved is politics: 
foe desire of the far right to 
delegitmrize President Clinton 
and appeal to latent white 
antagonism. - - 

The truth is that foe issne is 
complicated ; — and dangerous. 
That is why even some Cali- 
fornians who supported Propos- 
ition 209 are unhappy at its first 
result: the exclusion of almost 
all blacks and Mexican- Amer- 
icans from foe state university’s 
graduate schools. 

The reality is that black 
Americans, in greater numbers 
than other groups, start life at a 
disadvantage. And one of the 
important ways to bring them 
into the middle-class stream is 
through, for example, uni" 
vexsity admissions. 

Professor Glenn C. Loury of 
Boston University, a conserva- 
tive who has expressed doubts 
about affirmative action, wrote 
in. The New Republic last 
month that we should not “ig- 
nore altogether what we know 
about foe social structures of 
opportunity that operate all- 
around os.” But the real prob- 
lems — the dangerous prob- 
lems — - of division is our so- 
ciety do not matter to the 
opportunists of foe right. 

TheNewYorkTimes. 


history exactly because it never 
happened, yet millions believed 
that it did, and in what it 
claimed ' to be, even more re- 
markably because its own mo- 
tivation was another lie. 

That was a lie about history 
'which was believed not only by 
the Bolsheviks but, during foe 
half-century to follow, by a sig- 
nificant part of foe world’s in- 
tellectual and political classes. 

The Chinese and Vietnamese 
believed in Lenin's interpreta- 
tion of Marx, .and in Stalin’s 
reinterpretation of Marxism- 
Leninism. They mobilized 
great revolutions in A sia. 

Western elites proved amaz- 
ingly willing to believe and act 
upon Leninist and S talinist pro- 
grams, and alro to believe, some- 
times in foe teeth of eyewitness 
evidence, that the ties promul- 
gated by Soviet propaganda 
about Soviet society, intentions 
and methods, and about the 
U.S.S.R. ’s enemies, were true. 

This is news to no one today, 
but I think that we still do not 
take adequate account of the 
{rower or ideas, and tire con- 
tinuing openness of people, 
even intelligent and informed 
people, to manipulative lies. 

In the Soviet Union, and in 

g rstwar Central and Easton 
mope as in China, obedience 
to foe prevailing lies was, a is, 
enforced by the Cheka’s suc- 
cessors or counterparts. But 
nobody forced Western Euro- 
pean a American intellectuals 


and scholars, not to speak of 
ordinary voters in many coun- 
tries, to accept a form of his- 
torical utopianism that contra- 
dicted foe common experience 
and common sense. 

In the Soviet Union tins all 
ended when Mikhail Gorbachev- 
called off the police. A member 
of today’s Russian Duma, 
Grigori Yavlinsky, said recently s 
that he * once ■ asked Mr. V 
Gorbachev if he would not con- 
cede that his crucial decision had 
been to stop the murder of people 
for their ideas. All followed from 
that Why had Mr. Gorbachev 
done it? The former president 
said, “You must remember that- • 
my wife is a philosopher."; ' -5 - 

An old-fashioned but enfifcv . 
nently defensible definition flf - 
philosophy is that it is the pari 
suit of truth. That pursuit is fob 
only real defense- against -brifr . 
ideas. This needs reiteraajR ■ 
■today because while Comnural 
ism is finished, bad ideas' iSf.** 
not They are all around nyiit& k- 
critically promulgated. 

One among them is a' ne» 
economic utopianism. Another/ 
particularly influential in U.S.- 
universities but derived from 
recent French thought, is the 
claim that truth does not exist, 
only power relationships. That 
is an idea that takes us straight 
back to the ideas that went into > 
the revolution that didn’t hap- 
pen, and into all that followed 
International Herald Tribune 

© Los Angeles Times Syndicate. 



IN OUR PAGES: 100. 75 AND 50 YEARS AGO 

1897; War Scare Over will deprive workers of the con- 


PAR1S - — The Times’ New 
Yak correspondent says that 
alarums about Cuba, which 
served foe purpose of Wall 
Street speculators on Friday 
[Nov. 5], have died away.- The 
market was in a state in which 
nothing 'but a war rumor was 
neededto send stocks tumbling. 
There are definite and author- 
itative assurances from Wash- 
ington that foe relations with 
Spain are entirely peaceful 

1922: Women’s Wages 

WASHINGTON — The District 
of Columbia Court of Appeals 
has declared the District Min- 
imum Wage Law for Women 
unconstitutional. The case was 
brought by the Children's Hos- 
pital to restrain the Minimum 
Wage Board from forcing the 
pay of women employes to not 
less than $ 16.50 per week. The 
Opinion held that fixing wages 


will deprive workers of the con- 
stitutional right freely to contract { 
and sell their labor. The Court *. j 
also argued four it is not right for £ j f 
die law to fix the wages of a* J i i j 
woman when the law prevents ! | | 

foe fixing of wages for a man. { ' j 

1947: Ruling Slovakia 1 

PRAGUE — Czech Premier 
•dement Gottwald prepared to 
begin the reorganizing called 
tor in a Communist program for 
foe semi-autonomous statu of 
Slovakia. He has been oin* 
powered to reshuffle the State 
Council of Ministers. The Com- 
munists would get the interior, 
justice and agriculture posts. \ 
now held by Slovak Democrats, 
and would control foe ministry „ 
council by seven posts to five. 

Ueputy Premier Zdenek Fier- 
nnger called fa drafting a y 
clause m the new constitutions [ft 
which would divest Slovakia of * v 

foe autonomous privileges that 
it has enjoyed since liberation. 







CM \&f> 


»f lt„ 


n 1 /; 

! * ■! 1 - > 


‘ns 


ART 


INTERN AT JON AL HERALD TRIBUNE 
SATURD.4Y-SUNDA1. NOVEMBER 8-9, 1997 

PAGE 9 


11*1*1** .i! 


,ifi l»i 


ill \1.. 


The Mini Guggenheim 

Getting a Piece of Berlin’s Action 


By Alan Cowell 

New York Times Service 


ERL IN — After the fanfare of 


By Alan Cowell least SI .3 million a year to what Krens 

New York Times Service Called the “project costs” of Setting np 

IT — — exhibits and commissioning work. 

"IT A " er of The new Guggenheim may well repre- 

oiibao, the elegance of Venice, sent a curious symbiosis: a modem art mu- 
tne sweep of New Y ork, the Gug- seum bankrolled by a corporation that was a 
genneim Foundation opened its crucial financial institution of the Third 
newest bnmch on Friday — Deutsche Gug- Reich. * ‘We look to the future,” Krens said, 
genneim Berlin — boasting a different however, "not so much to the past.” 
theme; modesty. The works exhibited here will move be- 

Berlin, modest . tween the various branches of the Guggen- 

i ne Guggenheim. modest? heim network: the Delaunav show closes on 

Apparently, the answer — dictated by Jan. 4 and will be seen in’tbe Solomon R. 
limned space and the pres- Guggenheim Museum in 

ence of existing major gal- ? - ' New Yoik from Jan. 16 

lenes in Germany’s we- f&g&r-, .‘ijWSSss I throagh April 20. 
cropolis-m-the-making — Similarly, work com- 

is a qualified yes: modest, • Igi missioned by the Guggen- 

bm acove. ./ ' heim Foundation from 

At a news conference for H&'/ilaite’d James Rosenquist for the 

tbe inaugural exhibition, - * ' Bilbao branch will be di- 
visions of Paris: Robert jj§ . played in Berlin next year 

Delaunay s Senes,” the wt along with other work com- 

Guggenh eim’s director, w. ; missioned from the artist. 

Thomas Krens, said : “We s ' Three or four exhibitions 

will play a very modest role ^ are planned here annually, 

in the cultural life of this T. j The two notions — small 

community. But it will be j shows and commissioning 

an active role, and it will be - v . : : • j||? ■ ' y lilPf ffj work by living artists — 

-i ; vV j were central to the appeal of 

The opening of the new IPvV& HsnlS opening the Guggenheim in 

Guggenheim on the ground Berlin. Krens said. “The 

floor of the refurbished Guggenheim sometimes 

Deutsche Bank building on tends to be associated with 

the Unter den Linden re- , fc TlfeilPi ; ' large projects.” be said. . 

inforces a trend in which “And we were very inter- 

modem art, once banished ested in the notion of a small 

as degenerate by Hitler, is , fj. exhibit that focuses on very 

making a comeback in the specific ideas.” 

city *s artistic life. r *(*»•« Very little that happens in 

The Guggenheim here is Viewing a tall Delaunay. Berlin can be separated from 

far less ambitious in archi- the city's broader ambition 

rectural scope, budget and physical extent to rival Europe’s great capitals after the Ger- 


Hong Kong Sales: The First Test 

Financial Timnoil Was Greater Factor Than Political Change „ 

Inter national Herald Tribune 

H ONG KONG — It was the 
test every art buyer was 
waiting for. How would the 
first auctions conducted by 


Aicncc ftmor^Teae 

Viewing a tall Delaunay. 


Guggenheim Museum in 
^jdgg&|J' ' New York from Jan. 16 
throagh April 20. 

Similarly, work com- 
^ .ra missioned by the Gu gg en- 

^5.’,' heim Foundation from 

• /ilsjhpt . James Rosenquist for the 
D Bilbao branch will be dis- 

r . l played in Berlin next year 

: along with other work com- 

missioned from the artist 
$ Three or four exhibitions 
l|||igp j are planned here annually. 

* lire two notions — small 

( shows and commissioning 

work by living artists — 
yx were central to the appeal of 

opening the Guggenheim in 
* Berlin, Krens said. “The 

Guggenheim sometimes 
tends to be associated with 
i ' large projects,” he said. 

‘ “And we were very inter- 
ested in the notion of a small 
exhibit that focuses on vety 
BB1 specific ideas.” 

Aftm iwnw Very little that happens in 
f Delaunay. Berlin can be separated from 
the city's broader ambition 
to rival Europe’s great capitals after the Ger- 


certainly than the titanium-clad design of man Parliament moves here in 1999. For both 


the SI 00 million Bilbao Guggenheim, 
which opened last month in Spain. The 
soaring Bilbao has some 112.000 square 
feel of exhibition space and is displaying 
247 works, while the Berlin Guggenheim 
measures just 3,800 square feet and is 23 
feet high. The Delaunay show is a de- 
liberately limited selection of works from 
three series painted between 1908 and 1914: 
the Saint-Severin series, focusing on the 


tbe Deutsche Bank and the Guggenheim, 
opening a gallery on Berlin's most feted 
boulevard means having a slice of tbe action. 
“We want the new capital to become a 
metropolis, and the difference between a 
capital and a metropolis is culture: we want to 
contribute to that,” Brener said 
The Delaunay show has particular res- 
onance here, according to Mark Rosenthal, 
the curator of 20th-century art at the Giig- 


ambulatory of tbe Parisian church, the Eiffel genheim in New Y oik. Although the artist is 


Tower series, and the windows series. 

But it is the very modesty of the physical 
surroundings and the tight focus of the 
exhibitions that the Guggenheim Founda- 
tion and Deutsche Bank cite as virtues of tbe 


often associated with France and the Cubist 
era of Picasso and Braque, he said, “the 
reality is that Delaunay was most appreciated 
in Germany.” where he influenced Kand- 
insky and the German Expressionists August 


new gallery. “Smaller exhibits have a par- Macke and Franz Mare. De lanoay’s work 


liruiar quality, and we want to use that," 
said Rolf Breuer. the chairman of the board 
of Deutsche Bank, which plans to devote at 


figured in that group’s first exhibition in 
Munich in 191 i, and his first solo exhibition 
was at Der Sturm, a Berlin gallery, in 1913. 


International Herald Tribune 

H ONG KONG — It was the 
test every art buyer was 
waiting for. How would the 
first auctions conducted by 
Sotheby's and Christie's in Hong 
Kong, now part of tbe Chinese 
People's Republic, fare under the new 
regime? 

Would there be any interference 
from the authorities in the form of 
increased red tape? Could awareness of 
the changed circumstances dampen the 
enthusiasm of Hong Kong collectors 
who had long been one of the driving 
forces behind the rise of Chinese art? 

The answer has come, full of irony. 
There is no remote indication of red 

SOUREN MELIKXAJV 

tape or other hindrance in the new 
Hong Kong dedicated to the notion of 
“business as usual.*' Except that 
business is no longer as “usual” in 
the current turmoil. It keeps surpris- 
ingprofessionals at every mm. 

Inis week's events required mental 
agility as well as steady nerves from 
those playing the game. On Sunday, 
disaster was in the air. At Sotheby's 
where jewels were being sold, only 42 
percent of the lots found takers. The 
proceeds added up to a modest S2.89 
million. 

Two days later, the tables were 
turned. As he ascended the auction- 
eer's podium at the JW Marriott Hotel 
where Christie's holds its sales, Fran- 
cois Curiel. the auction house's in- 
ternational jewelry director, had rea- 
son to feel concerned. The week 
before in New York, where Asians 
usually acquire 23 or 24 percent of the 
jewelry lots, bids sent m from Asia 
prior to tbe sale, Curiel said, simply 
“melted down.” In the event, only 7 
percent of the lots sold went to 
Asians. 

Curiel hoped that the star piece in 
the sale be was about to conduct Tues- 
day would attract Western bidders. 
While displayed earlier in New York 
with a $60,000 per carat estimate, the 
“flawless D-cofor' * (i.e. the top qual- 
ity) 22.13-carat diamond had aroused 
interest among international dealers. 
In Hong Kong, however, they could 
not keep up with Asians. 

The diamond ended up at 14.32 
million Hong Kong dollars ($1.86 
million!, raising the price per carat to 
a breathtaking $84,000 and making it 
the most expensive diamond ever sold 
in Asia. The winner? A Hong Kong 
private buyer outbidding another 



A J4tli - century bluc-and-white dish, which failed to sell al Christie’s. 


Hong Kong contender. The sale Tues- 
day in which 70 percent of the lots 
found a niche added up to $8.54 mil- 
lion. tbe highest total hitherto 
achieved in an Asian jewelry auction. 
Among the top lots, the first three 
went to Hong Kong, the fourth to 
Taiwan, the next rwo to Malaysia. 

On Thursday, at Christie's again, 
things looked even brighter. The sale 
of jadeite jewelry put together by Ed- 
mond Chin, Christie's Hong Kong 
expert in gems, became the largest 
ever, with its $17.57 million record 
total. Chinese bidding almost entirely 
accounted for it, with Hong Kong 
leading the way. 

When asked ro comment on the 
reasons for the world record for any 
jade jewel set by the $9 39 million 
necklace of 27 beads, which more 
than doubled the highest expectations 
pinned on it. Chin's answer: “When 
so extraordinary a piece comes up. 
people will pay anything." 

With dealers keeping a lower pro- 
file than usuaL this week's lesson 
indeed seemed to be that intense de- 
sire, the fundamental motivation of all 
true collectors, is once again playing a 
primary role in the market. In the 
Chinese objets d’art sales, the failure 


of "marketing.” for which read 
"hvpe.“ and of overestimation dic- 
tated by the greed of profit-minded 
vendors, was blatant. The pieces that 
sold, and sold very well, were those 
that inspired connoisseurs with a 
sense of urgency' by virtue of their 
combined beauty and rarity. 


A T Sotheby's, on Wednes- 
day, an exceedingly rare 
blue and white brush washer 
shaped like a scalloped dish 
and painted with dragons in the early 
1 5th cenruiy climbed to $2. 1 3 million. 
According to a well-placed source, 
this is less than its Japanese owner had 
paid for it. which merely emphasizes 
the insane level to which art prices 
have been pushed until now. 

Immediately afterward, several 
failures in a row affecting other im- 
portant pieces of blue and white por- 
celain with exaggerated estimates il- 
lustrated the paring down process 
now underway. The first victim was a 
mid- 14th century jar admirably pot- 
ted. and decorated with a dragon be- 
loved by the Chinese. Alas, it is 
cracked on the side, and. to the 
Chinese connoisseur who attaches 
great importance to the ring of p or- 


ARTS 


PARIS 


PHOTO 


□ 


RAUSCHENBERG 

Prints, Drawings & Objects 


Jim 
Kempner 
Fine 
Art 


501 Wert 23rd St 
New York, NY 1001 1 
Tel: 212-206-6872 
Fax: 212-206-6873 
Email; jkfa @ interport.net 


Europe’s International Photography Fair 
19th Century, Modern & Contemporary 

2istl24th of November 1997 From Ham to 3pm 
Le Carrousel du Louvre . 99 rue a'c Rivo/i , Paris 


Information: iPM 46 rue de Scvigne. 75003 Paris. 


EMMANUEL MOATTI 

New address: 



www.artnet.com/jkfa.html 


Pfalzgalerie Kaiserslautern . 

AMERICAN ABSTRACT EXPRESSIONISM 

Pollock • Motherwell • Gottlieb • Pousette-Dart 

2.11.1997 - 4.1.1998 

Kaiserslautem/Germany 

For further information call {49x0)631/3647201 
Catalogue German/English 220 pages. DM 49,- 


krugier-ditesheim art contemporain 

IRVING PETLIN 

“Le monde d’Edmond Jabes ' 

Pastels 

1 November - 31 January 1993 

29-31. Grand-Rue. CH - 1204 Geneva 
Tel. (+41 22) 310 57 19 Fax: (*41 22) 310 57 12 
From Monday to Friday: 14h - 18h. Saturday: 11 h-17 h 


ARTEMIS 

FINE A RTS 

19th Century Paintings 
& Works on Paper . 

DEGAS ’ SEURAT - REDON 
COROT ’ PISSARRO • ROUSSEAU 
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Also featuring important works by 
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of the Romantic movement 

THROUGH NOVEMBER 26 
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celain. this is a serious shortcoming; 
even when the crack is almost in- 
visible. The jar should have earned a. 
much lower estimate. •« 

The next casualty, a Yongle period 
(1403-1424) dish painted with pe- 
onies was perfectly all right but even 
more grossly overestimated. As with, 
the previous lot, not a single bid camo 
from the room. When this rejection, 
process starts, it can be contagious^ 
TheXuande period 1 1426- 1435>bowJt 
that followed should have sold, buti 
did nor. 

The sale then shifted to a major 
Song vase of the 10th or early 1 lti> 
century with carved peony motifs. If , 
has a restored chip on the rim but it is 
literally a museum piece. Giuseppe; 
Eskenazi of London bought ir in 1 978' 
from the Boston Museum of Fine: 
Arts, then desperate to acquire an- 
other object for which it lacked fire 
funds. The British Rail Pension Fund 
bought it from Eskenazi that same 
year for about S 1 80.000. 

On Dec. 12. 198^. ihe Song vase 
included in Sotheby’s British Rail 
Pension Fund <ale was bought fop 
more than $1.1 million by the Jup:, 
anese consignor who wished to parti 
with it this week, sources said. But it 
remained unsold at $776,040 as the 
hammer went down. 

Christie’s sale ot Chinese ceramics, 
on Wednesday afternoon su tie red- 
similar failures. The objects were 
consigned by the renowned collector, 
T. T. Tsui under the denomination 
"The Jingguantang Collection" and; 
some were admirable. But admirable- 
and overestimated will not fly these, 
days. A marvelous scalloped dish of 
the 14th century with low relief pe- 
onies on ihe sides and u painted fish in 
the blue and white field was left stran- 
ded. So was a beautiful blue and white 
jar of the same period. 

Yei, buyers were not struck by pn, 
ralysis. When came a highly impor- 
tant vase decorated in copper red. 
enamels, probably towards the end of} 
the 14th century, it soared to an im- 
pressive S2.84 million. 

This long-awaited readjustment 
process is healthy. Professionals are, 
not panicky. James tally, the leading 
New York dealer, bought several out-, 
standing pieces, including a stunning/ 
apparently unique celadon dish of the 
Yongzheng period (1723-1735) foo 
just under 5200.000. 

The general price level is still in- 
ordinately high. If ir decreases slowly 
in the months to come, it can only help 
ihe market in ihe long lerm. 









ss’vdLC - .. t . ; ! : j,-*. »,i. 


TEFAF Maastricht 
7-1 5 March 1998 


1U~T Nicolas de Stael: 

o tvt Paintings, 1950-1955 

(vll November 4- December 15, 1997 

Mitchell-Innes & Nash 

1018 Madison Avenue, New York 
tel: 212/744 7400 fax: 212/744 7401 
email: mi-n@interport.net 



90 RUE DE L.’El.YS£E 75008 PARIS 

2.5,67 57 F», * » «® > [« » « « 

E-MAIL: EMWTri9SlLLACE.COM 


- GALERIE ... 
MARCO POLO 

flrt from China 
fi Japan 


BASTILLE 


6-16 NOV. 


A ntlque-ExpO- 


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Art & Antiquity 
International Exhibition 

;'T:: : :;:.;-.onTiateraet. 


GALERIE PILTZER 

jean Helion 

"A Perte de vue" 

from Number 5 to December (>. 1^“ 

NWam*’ ‘X, 08 

Tel: + *-K0>! 43.59.90 0- ^X. + 3* u>l 


-Job ; . 
CoraS 

• -'Rut ftSfU-V."-"' 

Estimate 

Sato 

Purchase 

67, avenue Mozart 
Paris 16th 

Tefc 33 01 42 88 46 48 


IANTIQUITES 

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Porting Optra Bmito 


JWICWO* 

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PRE-COLUMBIAN ART ' 

6, rue du Cirque - 75008 PARIS : 
Tel.: (+33) 01 42 25 84 80 ■ 

Fax: (+33) 01 40 75 03 90 ' 

TEFAF - BASEL 

Stand 337 

From November 8 to 16 1997 


ADRIANO RIBOL2I 

ANTIQUAIRE 

French Furniture XVIIth and XVUIth Centuries 
Works of Art 
Old Master Paintings 

exhibiting at TEFAF Stand 1 25 

6, Ai'enue dts Beaux-Arts 
MC-98000 MONACO 
TeU 377-97970377 Fax: 377-97970376 


Xe/ t.lifl' W.drid Market ntn Antique- e'xftp.'.. 

^133) $62 79 80 60 • Fax : (33) 562 79 6061 


American Artist in Paris 

Exhibition 31 Oct- 14 Nov. 

Cherin Joy Perelman 

GtUeritA Kart. 103 rue ride dm Temple, 3rd. 

Tel/Fax, 33 fO)l 42 T2 OS 34. \f FiHa du Cabxthr. 

- Tue-Sat, Opening party Ttte 4 Aim 5-10 pm, __ 




TLFAF -Sta«j W 


JetoiJe d’Ishtar 


Ancient Edt/rium Nmt ami 
Od$$n.irf Arciitvliuii 

11, rue des Beaux-Arts. 

7500b PARIS 
Tel: ( 33 ) I 4 fr 33 83 55 
Fax: ( 33 ) I 43 29 86 25 










PAGE 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX; NOVEMBER 8-9, 1997 



SPONSORED SECTION 


po.nsored six i!0\ 


AUCTIONS IN FRANCE 


Impressionist 
Collection Comes 
Out of the Arne 

The Rouart collection sale should be a major event 


F rance, h is often said, is 
a huge attic that from 
time to time empties 
itself of some of its con- 
tents. 

The latest case in point is 
the sale of the Rouart col- 
lection — or, to be precise, 
that part of the family col- 
lection left by psychoanalyst 
Julien Rouart at his death in 
1994. The 27 Impressionist 
and modem paintings, includ- 
ing a couple of masterpieces 
'and some other, very worthy 
"works, will go on the block on 
'Nov. 27 with auctioneers 
"Beaussant and Lefevre. 

T* It is not just Ihe artistic qual- 
ity of the Rouart lots that wDl 
make the sale a major event, 
'but also the feet that the paint- 
ings have never been seen on 
the market and have an out- 
1 standing provenance: just the 
sort of combination to attract 
.buyers from abroad, espe- 
cially from the United States. 

'A family affair 
The Rouart collection is a 
dynastic affair involving sev- 
eral generations of intellec- 
tuals and artists from die 
same family. 

Henri Rouart, an inventor 
and industrialist, began the 
collection in the last century. 
He was a friend of artist 
Edgar Degas from their 
schooldays at the Lycee 
Louis-le-Grand in Paris. 
Henri’s son Ernest, who be- 
came the only pupil' Degas 
-ever consented to take under 
his wing, married Julie 
Manet, the only daughter of 
the painter Berthe Morisot 
and Eugene Manet, brother 
of the artist Edouard Manet 


Julie Rouart continued to 
build up the collection, 
which she left to her sons: 
Denis, who bequeathed his 
share to die Mus6e Marmot- 
tan in Paris; Clement, who is 
still alive; and Julien, who 
died childless. 

Twenty canvases, water- 
colors and drawings by 
Berthe Morisot; one of the 
most accomplished of the fe- 
male Impressionists, make 
up by far the largest part of 
die Julien Rouart collection, 
which will be sold .for die 
benefit of a children’s char- 
ity- 

The most important Mor- 
isot lot in terms of artistic and 
of monetary value (the es- 
timate is around 800,000 
francs, or $138,000) is the 
oil -on -canvas “View of 
Cowes, Isle of Wight,” a 
lively seaside view painted in 
1 875 and featuring boats and 
passers-by on a quai. 

Masterworks 

The masterworks in this sale, 
however, are a magnificent 
pastel, circa 1882-1885. by 
Degas, entitled “Dans les 
Coulisses,” and an oil-on- 
canvas, “Paysage aux Che- 
vaux,” painted by Paul 
Gauguin in 1901, two years 
before his death. 

The Degas shows two 
theatergoers in profile; it 
could fetch more than lOmil- 
lion francs. The Gauguin 
landscape is estimated at 20 
million francs. 

A Degas drawing, “Por- 
trait of Edouard Manet,” a 
wedding present from the 
artist to Ernest Rouart and 
Julie Manet, has been refused 



‘Vans les Cbufeses," a paste/ by Edgar Degas, cotrid fetch maelhan 10 mBBonfomcs. 


permission to leave the coun- 
try. Estimated at around 1.5 
million francs, it will prob- 
ably be sold to a French or 
French-resident buyer. 


The Rouart sale will be 
completed with 19 other 
modern and Impressionist 
works, including a 1890 
Renoir portrait of his five- 


A Step Forward, a Step Back 

French elections this year have meant a delay in mai'kei-oivning mows. 

T he long-awaited end to the ancient open marftet i nto 

national monopoly of France’s auc- it was announced that a new text or law 
tioneers, ^^mimssaires-priseurs, would be submitted to the ^cnimen dur- 
und the opening up of the auction market in mg the firet six months of 1998. 

F&m* was ini- Relieved to have sort oTtmAne 

tiSvscheduled for January^ 1998. But the to work in. French an dea!o*and 

demanded by E^pean authorities in teveres^ 

Brussels who ruled that French art^naiket the modification of certain. 

protectionism is contrary to the Treaty of uteuons, 

w 1 A* i~. authentic* and addressing let- 


Rome, has been delayed be- 
cause of the snap general dec- 
tions held last spring. - 
When 7 President Jacques 
Chirac dissolved the National 
Assembly in the hope of re- - 
turning a comfortable right- 
wing majority — instead of the 
uncomfortable Socialist major- 
ity he aided up with — a text of 
law had been approved by the 
outgoing conservative govern- 
ment But not by the National 
Assembly. 

In ' September, it became 


Utoopmoi n gof 

to Roach mtcttoa 

iwMsboaMto 

wrtniW rftott* 

tint six i 
or toss 


authorities and addressing let- 
ters to ctfch of France's depu- 
ties in the National Assembly. 

The professionals point out 
that what they consider puni- 
tive taxation will prevent Pais 
from realizing its full potential 
as an international art center 
once the market is finally 
Opened up. 

The auctioneers arc dis- 
mayed by the current 5.5 per- 
cent rate of value-added lax on 
imported works of art and the 3 
percent droit dc suite, payable 


In September, it became p cram 

evident that the new Socialist government on works by artists whose death occurred less 
would not have time to reconsider the text than 50 years ago — measures they siy arc 
and submit it afresh to the National Assembly forci ng the an market abroad, to New York m 
in time to meet the European deadline. particular. 

For form’s sake. Justice Minister Elisabeth • Brussels is currently preparing a new droit 
Guigou requested a further, unspecified de suite package, which would increase the 
delay, leaving both French auctioneers and period of time to 70 years while making tnc 
international companies • Sotheby's and tax degressive. Art-market professionals are 
Christie's baffled as to when they would be also demanding a ceiling on prices that arc 
able to put their long-standing plans for an subject to the tax. • 


Fascinated by Bonaparte? 
Bid on his Belongings 


year-old son Pierre (estimat- 
ed at between 1 million and 
1.5 million francs) and a 
Renoir still life: of flowers in a 
vase from 1878. • 


Napoleon Bonaparte still fascinates the 
Ranch, and on Nov. 19 the collection of one 
Napoleonic enthusiast with go under the 
hammer of Francis Eldest. 

The collection includes a wide array of 
paintings, porcelain, fine furniture and doc- 
uments. . 

Everything In the collection, estimated to 
be worth between 5 million and 6 million 
francs ($860,000 and $1.03 million), is 
more or less closely associated with the 
Corsican-bom emperor and the Revolutton- 
ary period. 


TTie oddest single ftetn in foe sale has to 
be a thin and wispy mesh of Napoleon's 
hair, two or three Inches long — a relic 
estimated at between 50.000 and 70,000 
francs. 

Less offbeat are three letters (estimated 
at 180,000 to 200,000 francs) in which the 
just-married Napoleon tells his young wife 
Josephine how he longs to take her in Ns 
arms. 

An array of bronze statuettes of the em- 
peror Is also included in the Paris-based 
auctioneer's sale. 


s\U> 




W-* 



I"-;... 


: * *.t> » 


MlLLON * ASSOGdES 


!' nmn ...ncaciucilc 
Tel . .4 5 I l 4i» 40 20 


de CamnunairM-FriKuri 
Fee *4 I -12 46 05 79 


Sale organized by Millon - Robert - Tel. : 33 1 49 00 99 44 



Paris 

Drouot 

Montaigne 

Thursday 4* 
December, 
at 8.30 p.m 

AST 

NOUVEAU 
ART DECO 


Brgami bm u *4ligb 
rUmmfLgdffffr 
mea nt (a tuya wood. 
Facade opaa into 
6 large demurs wOboml 
nttsmdbmdtHbmd 
K&b geometric atgla 
fixed wUidwvmn Mel 
metal Commode rests am 
orrrioppi** cable base 
1*9,5 x 91 x 52 cm 


On view 


3 Ikcmbg. | 


Expert : CABINET □'EXPERTISES CAMARD 
18, rue dc la Grange- Bate lift re - 75009 pari* 
Tel : 33 M2 -<f. 3* 74 - Fax ; 3J l 40 22 05 70 


Jtntiquorum 

» .UK-noNEERS 

wm sent ran 


November 

Auctions 


“ Anti quorum in Love ” 

Watches and Jewels on die theme of Love 

Auction: Sunday 16 November 

Hofei ties Beigues, 35 quai des Bergues, Geneva 

Important Jewelry & 

Rare and Exotic Gemstones 

Lunch & Auction: Tuesday 18 November 
Hotel Bristol. 10, rue du Mom-Blanc, Geneva 
PREVIEWS: New York Tokyo Geneva 


CALL NOW 

Information, 
Catalogues 
& Expertise 



^NTIQUORUM PARIS 
418 , rue St-Honore, Paris Sfcme TeL 33-1 42 60 38 66 
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^NTIQUORUM FIFTH AVENUE TeL (212) 750-1 10S 


L mkr i hr j<W* K* 1 * - p * n,rl 


hup: .Vwwvunoquofuuuroin 


French Auctions on the Web 

Internet searches for information on auctions in France are 
beginning to show results as more Web sites are created. 

The weekly magazine La Gazette, published by the 
Drouot salesrooms, has a Web site (http://wwwgazette- 
drouot.com) that provides details of forthcoming sales and 
the results of recent sales in France. The site has /Inks to 
web sites set up by the auctioneers themselves, such 
Auction Quest Paris (http://www.aoparis.com) estab- 
lished by Jean Loiseau, Alain Schmitz and Marielle Digard 
of Saint-GermatrvervLaye, a Western suburb of the French 
capital. 

France Auction Web (http://www.auctionfr.com) 
provides auction previews and on-screen reproductions. 
Search facilities enable access to a directory of French 
auction houses or look for a given category of artworks. 

A Web version of “Art Price Annual," a reference book 
detailing past auction sales throughout the world, is found 
at http://www.artmarkeLcom. A subscription is required 
to access to the entire sales database, but visitors have 
partial access. A search engine for upcoming sales is in 
development. 


Jt 


www.auction-fr.com 

* France Auction Web • 

Ool LniiiKvrctl with brcik li in.ijnr 
iiutumn ritK iion 


Marc FERRI BEAUSSANT LEEfcVRE 


r- ,i imii ii. n 

53, rue VMeanc - 75002 Peril 
I Tdj 33X4133.11 - Fn >33J^2L33^0 lOO 


46, rue dc U VIcuin - 75009 Peril 
TeL 33.]^U3JKLI2 - Fb i33.1^2JUa73 


Paris - Dnmot-Montaigne - Thursday November 27*, at 9 p-m. 

IMPORTANT DRAWINGS and 
IMPRESSIONIST PAINTINGS 

tLDAOffiS- E. DEGAS - P. GAUGUIN - C MONET - B. KORISOT- P. A. SH40UL 


new; 

Tuesday 25* 
November 
11 un.-6 pm 
Wednesday 26* 
November 11 
ajn.-9p.in. 
and Thursday 
27* November 
11 a.m-6 pjn. 

Catalogue on 
request at the 
auctioneers's 
Offices :HF 250. 


Paul GAUGUIN 
(Paris 1848 -On 
Marquises 1903) 
-Paysage aux 
eberauxi 
Oil on canvas. 
Executed in 1901, 
Hivaoj 

Ules Marquises), 
signed and dated 
4)1 • ban uni nghL 

95 x 61 an 

Internet : hnp;//WM i yv.nan.fr/ferriBeaussantLefevrp hrmi 




- ■ J 

' *4 

* i ‘« 
V- 


_ L 


This 6C 2500 Super Sport from 1948 is estimated to seK for 350fi00 fiancsin a Nov. 17 auction of AlteRomeos by PoulainLe Fur. ' 

Che Belle Macchine: An Alfa Auction I 




F ernand Masoero was a racing-car 
pilot from Provence who in the 
1950s and ’60s drove Alfa 
Romeos in rallies in France and Italy. 

At the end of his racing career; he 
opened a garage in Orange in the South 
of France and started collecting Alfa 
Romeo cars. 

The Masoero collection is coming up 
for sale on Nov. 17 at the Palais des 
CongrSs in Paris with Poulain Le Fur. 
This is the first time that the firm, 
France's leading specialist in collectors’ 


cars, is organizing a one-brand auction 
of this type. 

One of the world's oldest car compa- 
nies, Alla Romeo was founded as the 
less -poetic-sounding Anonima Lom- 
bards Fabbrica Automobili in 1910. 
Ever since, its models have been a 
favorite with collectors of high-quality 
automobiles. 

Henry Ford himself said of the ma- 
chines: “Every time I see an Alfa Romeo 
driving past, 1 take my hat.off.” 

PoulainLe Fur will be selling 50 cars 


built between 1930 and 1992, ra n g in g 
from' a 6C 1750 Turisrao, 3 id seriesdtoa 
1992 RZ Tipo 162 DI. 

Prices are expected to reach around 
250,000 to 450,000 francs ($43,000 to > 
$77,600), depending on the model. 

Particularly fine are the 1940s and 
early 1950s town cars, such as the 1900 
Sprint The most reasonably priced 
models will be the GT range of the 
1960s — coupes and cabriolets esti- 
mated at between 50,000 and 100,000 
francs. • 


"7* 




. POULAIN. LEFUR ^ 

, COMMISSAIRES PRJSEURS ASSOCDSS J ) 

20 rue de Provence - 75009 PARIS 
Tel: 33 (0) 1 42 46 81 81 
Fa*: 33 (0) 1 42 46 00 09 

ANTIQUE PAINTINGS, 
FURNITURE, ART OBJECT 

Monday December 1st, 1997 at 14h 
DROUOT-RICHELIEU, ROOMS 5&6 



Important breakfront commode in molded grey and pink 
veneered wood, interlaced wuh guilded bronze ornaments. 
On new: Satudey November 29 from lines tog pm 
Monday December. 1st from U am to 12 pm 

Catalogue an request u office. 130 FF (postage included) 
Internet: iKm^www.pooMnlefnccom 
E-mail: Cpwearagpoola in le far nom- - 


“Auctions in Filuvce” 

was produced in its entirety by the Adwrlising Department 
of the International Herald Tribune. 

Writer: Nicholas Powell in Paris. 

Program Director: Bill Malulcr. 


CLERMONT-FERRAND -F RANCE 
VASSV - JALE NQUES - LA P ERRAUQIERE 

AUCTIONEERS 

19 me dm SaHu - 63000 CLERMONT-FKRRAND 

Tfl: (33) (UH73 ‘J3U4R6. F«aW (n.d 73 .(> M M 

Saturday November 29, 1997 - at 2:30 PM _ + 
IMPORTANT OLD MASTER AND MODERN JM/iV773VGS^ 

MONET Claude - I84U- 
Barques dspRhei PaarrUk. 18S2 
Oil un camas sipneJ lower left • ' 
57.5 by 71 cm Z2 l - by 




K r^rr-r. "'V 


PISSARRO CamiDe- 1830-1903 
Bo&rtoppityiebmarbn 
Oil on caavas aped lower left 

ud dated “iw.r 

46 by 38 cm 18 » by 15 in. 


. On uni M pans h unr 

"TS MADcnu “ W '*** I 
HKHAMX : ■ LAIIREN 11 N 
















SECTION 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 8-9, 1997 


AUCTIONS IN FRANCE 


PAGE 11 


SPONSORF.D SLC I ION 


.=7 •' 


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Busy Sales Season at Hotel Drouot 


N rk emb vL. a,,d Anrong the glassware, a resented by two large double- lection of writings by locai 

‘Jeccmper are among rare Turkish water jar in gfl- sided panels in red lacquer authors, 
tne busiest months in ded cut crystal is estimated at with mother-of-pearl en- • Admi 


the art specialties that money 
can buy go under the ham- 
mer. 


mother-of-pearl 


francs. 


fashionable dc- 


jl. ^ uw pusiest months in ded cut crystal is estimated at with mother-of-pearl en- 
JJ*. 1 ™“ at ! ^ e between 60,000 and 80,000 crustations, estimated at be- 
salesrooms francs, while bubble pipes in tween 200,000 and 250,000 
used ny Pans s 1 10 commis- Bohemian cat glass are ex- francs. 
saires-priseurs . or auction- peered to sell for as little as a An important dining-room 
66 p - . few thousand francs. table by Gilbert Poillerat, an 

■ ^J? n ? “ Jrnrture . to . Parcel- The metalware section of increasingly fashionable de- 
am. UId Master paintings and the sale will include a very signer of the period, who 
modem illustrated books, all fine 19th-century Syrian worked predominantiy in 
the art specialties drat money Koran coffer in chiseled wrought iron, is expected to 
can buy go under the ham- brass, encrusted with gold fetch between 80,000 and 
mer - and silver, estimated at be- 1 00,000 francs. 

... tween 100,000 and 130,000 The sale will also include a 

Expanding base francs. fine group of lamps and fur- 

Jacques Tajan. France’s One of the most unusual niture by Jean-Michel 
largest CGmrmssaire-priseur items among the ceramics is Franck, the most sought-after 
firm, had a turnover of more a green hexagonal 15th-cen- Deco designer of the mo 
than 400 million francs in tiny Ottoman tile, estimated ment. Originally commis- 
1996. Last year. Tajan entered at between 40,000 and sioned in the 1930s. tbe 


Admirers of Hetge's 


crustations, estimated at be- Tintin will be treated to a sale 
tween 200,000 and 250,000 of first-edition albums and 


original drawings featuring 


An important dining-room the youthful detective on 
table by Gilbert Poillerat an Nov. 29. 


• The biggest and most 
unusual sale organized by the 
Tajan firm over the coming 
wrought iron, is expected to weeks will be that of the fur- 
fetch between 80,000 and niture, paintings and equip- 
1 00,000 francs. ment of Paris's luxury Hotel 

TTie sale will also include a George V. Recently pur- 
fine group of lamps and fur- chased by Prince Walid ibn 
niture by Jean-Michel Tala! of Saudi Arabia, who 
Franck, the most sought-after also has a sizable stake in 


Expanding base 

Jacques Tajan, France’s 
largest comn ussaire -priseur 
firm, had a turnover of more 
than 400 million francs in 
1 996. Last year. Tajan entered 
the International Auction As- 


Deco designer of the mo- 
ment. Originally commis- 
sioned in lhe 1930s. tbe 


50,000 francs. There are also pieces come from a Paris 

apartment and include 
v'— rji two bookcases and a 

"L console table in oak, the 

An J • designer’s favorite 

siiSK wood: 


Disneyland, the hotel is be- 
ing closed for a year to permit 
extensive renovation and re- 
furbishment. From Nov. 17 
to Nov. 25, Tajan is organ- 
izing no fewer than seven 
days of almost non-stop sales 
in the hotel itself, where he 
traditionally holds his own. 


• A wide range of .prestige auctions. 





i 


lisi 


photographs feature in • Forced out by building 
Tajan ’s sale of Nov. 24. work, Tajan will on Dec. 15 
Included in tbe sale are hold one of his major end-of- 
an album of views of Par- year sales at his own 
is in 1852 and 1853 by premises, on Rue des Ma- 
pioneer photographers thurins in Paris. It will in- 
Renard and Piaut estimat- chide the furniture and hir- 
ed at between 200,000 and nishings of the Hotel de La 
250,000 francs; prints by Vaupaliere, an 18th-century 
Man Ray;, albums of Paris townhouse situated 
prints taken by French near the presidential Elysfic 
travelers on journeys palace and the U.S. Embassy, 
through Asia between Chinese vases. Compagnic 
1850 and 1870; early des Indes plates, Oriental 
Daguerreotypes; and carpets, crystal chandeliers, 
, 34 photos of the Flemish village scenes and 

[ sculptor Auguste still lifes, and Louis XIV and 
Rodin. Regency commodes and 

• On Nov. 14, Ta- tables will all go on the 
jan will put two large block. 


This 15th-century representation 

of the Vrgpn Is fort of Mav-ArthurKohn's 

sale of medieval statuary. 


sociation, alongside Bon- several 13tb- and 14th-cen- 
ham's ofLondon. Dorotheum tury Persian vases and cups, 
of Austria and Butterfield & and panels of brightly 
Butterfield of the United colored, figurative Qajar tiles 
States, in a bid to give his from 19th-century Persia, 
practice a wider base. Textiles range from a rare 

• Art objects and Orient- Ottoman commander’s pen- 
alist paintings are the sub- nant from 1800 to Ottoman 


| travelers on journeys 

I through Asia between 

& 1850 and 1870; early 

mL Daguerreotypes; and 
34 photos of the 
i§|| sculptor Auguste 
|||r Rodin. 

® • On Nov. 14, Ta- 

pir jan will put two large 
f collections of books 
I devoted to architecture, 

* § botany, medicine and 
* travel on the block. 

• On Nov. 28. book- 
lovers will have the op- 
portunity to browse 
through and acquire 
3,000 15th- to 20th-cen- 
tury lealher-bound volumes, 
books and manuscripts from 
die library of the Chkteau de 
Mantry in lhe Jura, in eastern 
France. 

They include tomes on the 


several 13th- and 14th-cen- Mantry in lhe Jura, in eastern 
tury Persian vases and cups. France, 
and panels of brightly They include tomes on the 

colored, figurative Qajartiles history of religion, books of 
from 1 9tb-century Persia. hours and missals, studies of 

Textiles range from a rare . regional history, theoretical 
Ottoman commander’s pen- works on agriculture and 


Modern art, jewelry and 
watches 

Calmels Chambre Cohen, a 
house specializing in modem 
art, jewelry and watches, is 
organizing the following 
sales over the weeks to 
come. 

• The first, on Nov. 23, is 
devoted to modern and con- 
temporary art and will in- 
clude works by Sonia and 
Robert Delaunay,- such as 
“Rythme sans Fin " (1933). 


jects, on Nov. 17 and 18, of embroidered fabrics of the 
Jacques Tajan 's two-day Is- 18th and 19th centuries. 


history of religion, books of estimated at between 
hours and missals, studies of 400,000 and 500,000 francs; 
regional history, theoretical. “Circus” (1952). estimated 
works on agriculture and at 1 80.000 to 220.000 francs; 
wine-producing, and a col- and an Yves Klein blue-pig- 


lamic sale, an event that ha- 
bitually draws buyers from 


• Art Nouveau and Ait 
Deco design is the theme of 


North Africa, Turkey and the Tajan ’s Nov. 24 sale at 


Middle East 

- Included will be 
* manuscripts ranging from a 

late 13th-century Koran. 
: " probably of Egyptian origin, 
estimated at between 80.000 
i . and 1 20,000 francs ($1 3,800 

.r^r ^ and $20,700), to more mqd- 
'■JJ&Sr estly estimated single folios 
jfc. from 9th- and 10th-century 

* Korans in broad Kufic cal- 

ligraphy. 


Drouot Montaigne, whose 
premises on the Avenue 
Montaigne are used by Paris 
auctioneers for prestige 
sales. 

Glasswork will include 
three vases by Emile Galle, 
estimated at between 60,000 
and 100,000 francs. The 
greatest artist working in lac- 
quer in the 1920s and 1930s, 1 
Jean Dunand, will be rep- 


CADJMDULS OHAIftflBUI ^DMUlfcQ 

12 RUE ROSSINI - 75009 PARIS 
TEL: 33 CO) 1 47 70 38 89- FAX: 33 C0> 1 45 23 01 46 

MODERN AND CONTEMPORARY ART AUCTION 

November 23, 1997 
Drouot room 1 at 2.30 p.m. 


Sunday, December 14, 1997 

‘•FLORfLEGES” 

Auction Impressionist, Modern and Contemporary art 

Camille Claudel 

0864-1943) 

The abandonment, 1905 

Bronze group with j toown-ereco 
patina signed and numbered 13 
on lire plifflb of the srracr. 

''if ' fS Fboadtr's mark of Engine Blot 

A ft 62*57x27 an 



Sonia DELAUNAY. 

1952. 

"Cm. us" Gouache on paper 
laid down on canvas. 

) Signed lower right. 

30 1/4 x Xi I 12 in. 


JEWELS AND WRISTWATCHES AUCTION 
November 29. 1997 

Hotel Plaza Ath6rtoe, Parte at 2.00 and 6.00 p.m. 




Progbi ia Paris, enrea 1935, jmsbaWy 
it the (Meric Engine BkM. 

Mri Thmuar CctUecttan - Pniar Calkxonn 

I JMJUn MJOCOfB FF (Jt KOUttMr SZSOUD 

mSaJcIi Oupdle. N* 63. w SB 
-A. Oanlrtwfl JD Ghaowa, ^23.9.73 

CetiHknta by Rein* Mari* Pari* 
h, Dunkflr CkoMH 



X-'. . 


BOIWN 

Gold brooch 'oclopussy , 
Vellow diamonds, emeralds 
and sapphire 

Dlamc-nds weighi 53 carais 
Emeralds weight 0.37 carats 




Catalogue on raquaeL MaB Order 130 F. 
Internet http^/wvm^iuetion-tr.oom/bcc 


painting 

DRAWING 

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SCULPTURE 

PHOTOGRAPHY 


1W 

| FDITION ■ 


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covering ttw penod 


January 1987 
to Januay 1997 


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IRRIBRn AD EC Ihreugh the 
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Mjff publishes on international 
calender of sales and auction 
results of catotogued wanes of Art 
artmttrtier.com on ime and in tealttme. 


ment-on-sponge sculpture, 
“SE 78." which could fetch 
around 1 50,000 francs. 

9 On Nov. 29. the same 
house is holding an auction 
of watches and jewels at the 
Hotel Plaza Athenee. “Oc- 
topussy," a gold brooch by 
Botvin with 53 carats of dia- 
monds and 9.37 carats of em- 
eralds, is estimated at be- 
tween 180,000 and 220,000 
francs. A pink gold “Tour- 
billon” wristwatch by 
Breguet, one of the world’s 
finest watchmakers, is ex- 
pected to fetch at least 
170,000 francs. 

Successful collaboration 
Formed last year from the 
association of two separate 
Paris auction houses, which 
have since set up a working 
partnership with the British 
firm Phillips, PLA.SA has or- 
ganized a series of top quality 
and highly successful sales, 
especially in the field of an- 
tique furniture and furnish- 
ings. 

• On Nov. 25. the PIASA 
auction firm will put a major 
drawing by Pierre-Paul 
Prud'hon. currently the sub- 
ject of a major retrospective 
at the Grand Palais in Paris, 
on the block. Estimated at 1 .5 
million francs, “Etude de 
Femme Assise,” a study of a 
young female nude, is a ma- 
ture work in which the artist, 
famed for his nude studies, 
uses the transparency of blue 
paper and black and white 
chalk to create a sculptural 
effect. 

Also featured in the sale 
will be 16th- and 17th-cen- 
tury drawings from the 
Northern schools; a collec- 
tion of drawings by 
Josephine Sarazin de Bel- 
mont; and works by Watteau, 
Hubert Robert Giambattista 
Tiepolo, Auguste Rodin and 
Jean- Louis Forain. 

• On Dec. 18. PIASA is 
selling part of the collection 
of modem illustrated books 
from the library of Diane 
Benvenuti, great-grand- 
daughter of James, the 
founder of the French branch 
of the Rothschild dynasty. 
The books are by leading 
modem binders in the field, 
including Pierre Legrain, 



77ms 19 th-century Syrian Koran coffer is estimated in sell for between 100,000 and 130,000 fiancs in an 
blame sale by Jacques Tajan. 


Kieffer and Marot-Roddc. 

Among the artists whose 
engravings illustrate the 
volumes are Dufy. Derain. 
Dunoyer de Segonzac. 
Maurice Denis and Marie 
Laurencin. 

• For numismatic enthu- 
siasts. more than 1.000 
medals, insignia and decor- 
ations from tile period of the 
French Revolution and the 
First Empire are being put up 
for sale on Nov. 1 9 and 27 by 
PIASA. working in collab- 
oration with auctioneers 
Couturier and Nicolav. A 
collection of SO coins from 
Savoy, an independent state 
before it was attached to 
France in 1 860, will also fea- 
ture in the sale, along with 
Greek. Byzantine and Gallic 
coins. 

Other sales 

• Marc-Aithur Kohn will 
sell more than 150 lots of 
classical 1 7th- and 1 Stit-cen- 
tury French furniture, medi- 
eval statuary and Old Master 
paintings on Nov. 18. 

• On Nov. 21, Millon and 
Associates will sell a collec- 
tion of timepieces that in- 
cludes a 1920s gold and 
white-gold Cartier pendu- 
late estimated at 500,000 to 
600,000 francs. 

A sale of Art Nouveau and 
Art Deco furniture on Dec. 3 
includes pieces by Jacques- 


Emilc Ruhlmunn, Alberto 
and Diego Giacometti and 
Paul Duprc-Lafon. 

• Pierre Comette do Saint- 
Cyr is organizing sales of 
modem paintings and prints 
on Nov. 24. 

• On Nov. 29 at CJemrom- 
Fcrrand, in tire center of 
France. Bernard Vassy and 
Philippe Jalenques will hold 
a sale of modem paintings. 


including a Claude Monet. 
“Barques de Pec he a Pour- 
ville” (estimated at 2 million 
francs I and “ Bergen.* Appuy- 
ec a un Arbre" by Camille 
Pissarro (estimated at 1.5 
million francs). 

Tire sale w ill also include 
works by Albert Lebourg. 
Eugene Lami. Jcan-Jacqucs 
Henner. Motor Dargaud and 
Georges Appert • 


P I A S A 


._///. -As. ....... 

PARIS - DROt trr-KItllEI.IEl' - I & 7 

Fridav. Dt-t-i'mtx-r 12 ill 2 : .10 |>.nu 

IMPORTANT ISHh AND 2IMh CTiVTl'RY 
PAINTINGS AN D SCI LPTJURK 

• 

• . -v"*- ■••• *. : : 


Eagrae BOUDIN 

“ Brest Debarquement des marins dans la rade" 
Canvas, signed and dattrd 70. R5 v 120 t-m. Salon «1«* 1870. 
R. SchmTt no SIS. Experts: Ph. Branu- S f. Lirencwiu 

PICARD AUDAP SOLAN ET & ASSOCDES 

X wr Drouui ftiri. - Trt: 33 (J) 53 .« I« |l> - lax: .11 (II 53 3 Ml* II 

Inlrmrt: hilp^n-ww jurJiiwrfr.innt/'|ict=i - K-nuil:|iba-{»ri<i*i m^i* Jr 


JVF MARC-ARTHUR KOHN 

Auctioneer - Graduate of rhe Ecolt du Louvre 



PARIS - FRANCE 

DROUOT MONTAIGNE 


AUCTION - TUESDAY, 9 th DECEMBER 1997 

7.30 p .m. JEWELLERY (First part)- MORE THAN 100 LOTS OF JEWELLERY INCLUDING ART DECO 

AND LATER. DIAMOND BRACELETS, SOLITAIRES. FANCY COLOURED DIAMONDS. IMPORTANT 
< SAPPHIRES. RUBIS, EMERALDS... A DIAMOND RJVlERE NECKLACE (20 CARATS). AN EXCEPTIONAL 

SOUTH SEA WHITE PEARL NECKLACE. BOUCHERON, CARTIER. VAN CLEEF K ARPELS... 

8.30 p.m. IMPORTANT MODERN PAINTINGS - RENOIR. SOUTINE, PASGN, 

PICABJA. DUFY, KANDINSKY. BUFFET. AMERICAN IMPRESSIONIST SCHOOL: EIGHT WORK 5 OF BUTLER 

9 p.m. JEWELLERY (Second part) 


EXPERTS: 

lewduy 

Florence LAROCRAS 
21. me DfDuot - 75009 Paris 
Tel.: 33 14770 20 18 
Fax: 33 1 47 70 32 50 


Modem and 
contemporary paintings 
Marc OTTAVI 

65. iue du Chemln Vox - Paris 
Td.: 33 146029492 
Fax: 33 1 46 02 95 34 


EXHIBITION: 

Drouot Montaijie- 15. auaiue Montaigne -7500S Paris 
TeJ^ 33 1 48 00 20 80 - Fa» 33 J 48 00 20 86 

(telephone and lax doing toe exhlbWon and toe sale) 

• Saturday t f . Sunday 7*. Monday S*. Decern be - 1997. 
1 1 ajn. ro 9 p.m. 

• Tuesday 9”. December 1997, 1 1 ajn. to6p.m. 


•• - v * 
mm 

i- 


TIARA 

in platinium with approximately 20 carats of diamonds. 

Could also he worn as a miere necklace. 
In its original hes by Cl\RR\RD. London. 


mmm- 

sSr&r - 







▲ CARTIER 

Rare clip in the form 
of an oriental head 
made of coral and set 
with diamonds, rubis 
and cabochcm turquoise 
on yellow gold. 

< 

THEODORE EARL BUTLER 

Columbus 1861 • Civemy 1936 

U jour de I’Armistice de 1918 
Oil on canvas 
Signed lower right 
174 x ISO cm 






>nm 

tm 


CHAIM SOUTINE 

ISH- 1943 

12 petite fiDe a la barriere, 1939 
Oil on canvas 
743x49 an 


mmiM 




THEODORE EARL BUTI£R 

Columhus IS61 ■ Giverny 1936 
Suzanne aucoucher 
Oil on canvas 
Signed lower left 
31x61cm 



■ii : 













PAGE 12 


INTERNATIONAL HERALD TRIBUNE. SATURDAY-SUNDAT, NOVEMBER ft-9, 1997 


Friday’s 4 P.M. Close 

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Continued on Page 16 



























R 


71 I V J’VTEBVWrt «. mt » 4 

iteralo^s^.enbunc 

BUSINESS/FINANCE 

SATXJRDAY-SUNDAy, NOVEMBER 8-9, 1997 


PACE 13 


Strong Suit for Calvin 

GabrieUa Forte Is the Power Behind Klein 


By Jennifer Steinhauer 

fr'm - Yurk Times Sen-ire 


~ ' When 11 come S 
to body language, GabrieUa 
Forte can be deafening. In 
conversation, she tends to 
srana about a nose-length from the face 
of the person she is talking to, !ockin° 
eyes. When Ms. Forte, the president and 
chief operating officer of Calvin Klein 
Inc., is displeased, her face tenses, and 
she may pace, as if sheer motion would 
• hold in her vexation. 

Such passion, combined, with a fierce 
intellect, has vaulted Ms. Forte to the 
center of power at Calvin Klein. Her 
potent management style, honed during 
a 15-year stint with Giorgio Armani, has 

manifested itself in areas from inter- 
national deals to better merchandise to a 
corporate culture in which midnight 
meetings are the norm, dirty flower 
vases are not tolerated and the smallest 
detail is subject to her scrutiny. 

Ms. Forte, a 49-year-old Italian who 
joined the company in 1994, is perhaps 
the key force behind the final trans- 
formation of Calvin Klein from a re- 
spectable house of pretty dresses and 

INTERNATIONAL MANAGER 

sexy jeans to a $4.4 biUion global con- 
sumer-products empire, one that derives 
almost aU of its earnings and growth 
from carefully man aged licenses. 

The company insists it has no in- 
tention of joining other fashion houses 
on Wall Street with an initial public 
offering. Ms. Forte nonetheless has 
been assigned the task of building an 
investment-grade management team 
and making sure that Mr. Klein's sweat- 
ers, underpants and perfume end up in 
every comer of the Earth. 

Further, she is the administrative 
voice of the company — speaking 
loudly and clearly about her vision for 
its future and, at times, rolling over 
those who do not meet her standards. 


“I spend all of my time now on the 
creative aspects of the business," Mr. 
Klein said Bany Schwartz, with whom 
he started the company in 1968, added: 
“She runs the company day to day.” 

In 1992. the company was on the 
brink of insolvency with 562 million in 
junk-bond debt and severe operational 
problems. David Geffen, the media-in- 
dustry billionaire and a longtime friend 
of Mr. Klein, bought the debt to bail out 
the company. After the company paid 
back Mr. Geffen and fanned out some 
operations to licensees, it was time to 
think about growth again. 

“We realized we had the products,” 
Mr. Schwartz said, “but we were not 
really global. We didn’t want to go 
through trial and error like we did in the 
past, so we did a search for an operating 
officer and found Gabriella. ' ' 

Ms. Forte came with an impressive 
international resume. Although bom in 
Italy, she has spent most of her life in the 
United Stales, including her university 
years, and pan of her responsibilities at ' 
Armani was running its U.S. operations. 

The first order of business at Calvin 
Klein, Ms. Forte said, was to install 
management practices and a systems 
approach, both badly needed and sorely 
lacking. 

“When you have two entrepre- 
neurs,” Ms. Forte said, ‘ ‘they tend to do 
things on a very personal level. For me, 
what is important is the system, not 
personalities. It is about having a meth- 
odology, a process, a formula for 
everything you do. You don’t say, 
‘That’s Calvin’s way’ or ‘That’s 
Barry’s way’ but, ‘It is die Calvin Klein 
Inc. way.’ r ’ 

Ms. Forte opened offices in Hong 
Kong and Milan. She reordered the ex- 
ecutive structure. A new Japanese al- 
liance. was formed, and distribution 
there was rejiggered. 

“Some of the functions for glob- 
alization were not in place," Ms. Forte 
said. “You can’t just say to a partner, 
‘Here is our name, here are our patterns. 



Korea Hovers on Brink 
As Stocks Plummet 7% 

IMF Bailout May Be Needed This Month? 
Economists Say 9 as Won Hits a Record Loic 


Fird R Cirol/Thc Sn Y.«V Tnm- 

Ms. Forte, president of Calvin Klein Inc., runs the fashion designer's 
global operations with a fierce attention to detail and a loud, clear voice. 


now go to iL’ You need manage- 
ment” 

Next came the company’s brands. 
Calvin Klein is composed of three busi- 
nesses: Collection, or the high-end run- 
way designs; CK, which is sportswear, 
and CK Jeans. Besides apparel, each 
segment offers perfume, accessories 
and items such as housewares. 

Although Mr. Klein controls the cre- 
ative aspects, Ms. Forte weighs in on 
distribution and quality control. She 
raised the quality of the fabrics on die 
higher-end goods, sliced 70 retail stores 
from the distribution list and tweaked 
the CK line to make sure its delivery 
schedules were followed. 

“She is the master of consistency,” 


said Terry Lundgren, president of Fed- 
erated Department Stores. “A company 
is about more than design. It is sourcing 
and delivery, and she brings these two 
aspects together. ' ' 

Although Mr. Klein’s collection is 
for affluent women and his jeans are 
basically for teen-agers, the cool ethos 
of his brand image threads through all 
the lines. 

Ms. Forte wanted to milk that image. 
The obvious way was to extend product 
Lines, with licensees taking on much of 
the risk and cost for the privilege of 
using the Calvin Klein name. 

"we signed an eyewear deal before 

See KLEIN, Page 17 


Indonesia Signals It Is Firm on Closing 16 Banks 


By Michael Richardson 

hucmuiional Herald Tribune 

SINGAPORE — The Indonesian gov- 
ernment stood by its decision to dose 16 
privately owned banks, a senior official 
said Friday, an assurance that was wel- 
comed by investors as a sign that Pres- 
ident Suharto would not allow opposition 
from some of his relatives to derail re- 
form of the country’s financial sector. 

State Secretary Murdiono said in 
Jakarta after meeting Mr. Suharto that 
the liquidation of the 16 banks — an- 
nounced last Saturday as a key part of a 
loans-for- reforms package agreed the 
day before with the International Mon- 


had the courage to take the bull by the 
horns and take very decisive mea- 
sures,” Mr. Camdessus said in Paris on 
Thursday before leaving on his South- 
east Asian tour. “I have full confidence 


Suharto’s stance means lie , 
is ‘hacking the IMF view 3 
on reform measures, an 
economist said. 

dial the government, which has res- 
olutely taken this direction, will con- 
tinue and will get the Indonesian econ- 


orders of Finance Minister Mar’ie 
M uhammad and Sudradjat Jiwandooo, 
governor of Bank Indonesia, the central 
bank, were part-owned by immediate 
family members of Mr. Suharto. 

That was taken by some analysts and 
investors as a sign that the government 
was serious about reform and would 
carry irout impartially, even if compa- 
nies with high-level political connec- 
tions were involved. 

But then two of Mr. Suharto’s rela- 
tives, who have shares in the liquidated 
banks, protested and followed up with 
court challenges to the orders. 

On Thursday, Bank Jakarta — which 


is chaired and part-owned by Pro- 

etary Fund — was “still legally ef- ■ omy on the rails for durable jpowth-” bosutedjo, Mr. Suharto’s half-brother 
fective” despite opposition and court But analysts said Mr. Camdessus — filed suit against the finance minister 

would be seeking assurances from In- over die closure, Reuters reported from 


despite opposition 
challenges from a son of Mr. Suharto and 
his half-brother, both of whom are prom- 
inent business figures in Indonesia. 1 

Mr. Suharto’s eldest daughter, Siti 
r Hardiyanti Rukmana, earlier said that 
re she too backed the closure of the 16 
banks, widening an apparent split in die 
family over whether their extensive 
business interests should get special 
government protection. 

“The position taken by Mr. Suharto 
and his daughter is encouraging news,' ' 
said Angus Armstrong, chief economist 
for Asia in the Singapore office of 
Deutsche Morgan Grenfell, a unit of 
Deutsche Bank. “It means they are 
backing the IMF view that if reforms in 
Indonesia are to be successful, they 
must be even-handed.” 

Mr. Suharto had decided to “pat the 
nation as his first priority, rather than his 
a children and relatives,” said Rudint, a 
^former Indonesian minister of home af- 
fairs who is now chairman of the Institute 
for Strategic Studies of Indonesia. 

The IMF’s managing director, 
Michel Camdessus, will visit Indonesia 
in the next few days for talks with the 
government on the reform package, 
which is being carried out in exchange 
for international Joans of as much as 
billion to strengthen the country s 
battered currency. 

The Indonesian government nas 


In. announcing the liquidation. Mr. 
Mar’ie and Mr. Sudradjat said the banks 
involved were ' ‘insolvent to the point of 
endangering business continuity, dis- 
turbing the overall banking system and 
harming the interests of society.” 

■ Doubts on Reforms Hit Stocks 

Indonesia’s main stock index slumped 
2.7 percent on concern that banking re- 
forms may be weakened by political 
interests, Bloomberg News reported. 

“It has to be seen whether they have 
the political will to cany out the min- 
imal reforms they need right now,” 
Thomas Meidinger, a salesman at 
Nikko Securities, said. 

Jakarta's benchmark composite in- 
dex fell 12.79 points to 466.12. 


By Velisarios Kanoulas 

Inremuihtiusl H rigid Tribune 

TOKYO — South Korea’s share 
prices took their biggest tumble ever 
Friday and its currency slumped to a 
record low against the dollar, even as the 
government scrambled to dispel fears of 
a deepening financial crisis. 

Amid worries that South Korea has 
run its foreign-currency reserves dan- 
gerously low after three months of prop- 
ping up the won. analysts said Seoul 
might be forced to ask the IMF io bail it 
out of its financial problems as early as 
this month. Korean officials denied a 
bailout was needed. 

The nation’s financial crisis began 
this year with the bankruptcy of a series 
of chaebol , or conglomerates. Since 
then, a weakening currency has inflated 
the cost of repaying foreign debt, and left 
some banks pressed to raise money. 

The fresh sense of crisis in South 
Korean financial markets this week il- 
lustrated that the contagion ripping 
through East Asian markets since the 
summer had yet to run its course. 

More broadly, the deepening prob- 
lems here and in Japan are casting doubt 
on assumptions that the tw in pillars of 
North Asia will be a major force in 
powering the world economy into the 
next century. 

“The problem with these countries is 
that there isn't enough transparency.” 
said a senior Asian economist at a top 
U.S. brokerage in Hong Kong who 
asked not to be identified, referring to 
East Asia. “You can’t anticipate with 
any degree of accuracy when a crisis 
might occur,” he said. 

In Seoul on Friday, share prices 
plunged a record 6.9 percent as the 
dollar rose to a record high of 979.90 
won from Thursday’s close of 975.00 
won. 

Despire two bouts of central bank 
intervention, investors decided the gov- 
ernment was poised to drop its defense 
of the won or run out of currency re- 
serves. As a result, they sold heavily, 
leaving the won down 16 percent 
against the dollar since the start of the 
year. 

Since the dolJarrose to 900 won three 
months ago. South Korea has repeatedly 
intervened in foreign exchange markets, 
but to no avail. 

“Unless South Korea abandons its 
support for the won, it is going to run out 
of foreign-currency reserves and might 
have to mm to the IMF for help in as 
little as two weeks,” said Frank Gong, 
senior economist at Bank of America in 
Hong Kong. 

Many economists and traders famil- 
iar with South Korea declined to com- 
ment on the situation, fearing that South 
Korean authorities might accuse them 
of making inflammatory statements. 


■ ‘There ’s probably a 60 percent prob- 
ability South Korea will have io turn io 
ihe IMF.” said the senior Asian econ- 
omist. “It‘s quite probable South 
Korea 's effective reserves have fallen to 
less than S 10 billion, so that it might 
have to seek help from the IMF cannot 
be ruled out.” But he said the country 
was more likely to lum to ihe IMF for 
help after its presidential election Dec. 
18. 

“Going to the IMF before the elec- 
tion would be political suicide” for the 
ruling party, he said. 

The looming election is likely to in- 
crease uncertainty about South Korea's 
economy further, adding downward 
pressure on (he won and making an IMF 
bailout more likely. Mr. Gong said. 

Analysts fear ihe central bank has 
committed the bulk of its reserves to 
buying won three and six months from 
now. With imports averaging 512 bil- 
lion a month recently, $" 10 'billion in 
reserves would be well below the levels 
recommended by the IMF to cover three 
months of imports. 

Moreover, the weakness of the won 
inflates the cost of repaving foreign- 
currency debt. South Korea owes some 
S110 billion to foreign creditors, with 
about $67 billion of that maturing with- 
in a year, a senior central bank official 
told ’Bloomberg News. South Korean 
companies could conceivably default 
on foreign debt, analysts said. 

At the same time*, the central bank 
stood by its policy of defending the won 
and said it had ample foreign-exchange 
reserves. 

“We have no plan to float the won," 
a central bank official said. "Our only 
aim is to stabilize the currency mar- 
ket." 

According to the central bank, the 
Bank of Korea, official foreign ex- , 
change reserves stood at S30.5 billion in 
October, little changed from three 
months ago when Seoul staged its de- 
fense of the won. The central bank said 
it would issue a statement with details 
about how much remained in its cam- 
paign chest for defending the won. 

South Korea has the world’s 11th- 
largesT economy — the second-largest 
in Asia — and is fundamentally much 
stronger than Thailand and Indonesia. 

But the government has little leeway 
to spur the economy and halt the col- 
lapse of the won against the dollar. Rais- 
ing interest rales to defend the currency 
could send scores of troubled major 
South Korean companies into bank- 
ruptcy, but increasing government 
spending or cutting taxes would be slow 
to buoy the economy and won. 

Seoul's market, benchmark the 
Korea composite stock price index, 
plunged 3S.24 points to close at 515.63. 
Its previous daily record loss was 6.63 
percent, set Oct. 28. 


donesian authorities that there would be 
no backsliding on promised reforms, 
including the politically sensitive area 
of government spending cuts. 

Renters reported that, six weeks after 
issuing a decree that postponed or with- 
held approval for more than 150 in- 
frastructure projects with a combined 
value of $3/ billion, Mr. Suharto had 
quietly signed a decree dated last Sat- 
urday that allowed 15 of the projects to 
proceed. 

Some of die projects .reportedly al- 
lowed to proceed, including four power 
plants ana three toll roads, count rela- 
tives and friends of Mr. Suharto among 
their investors. 

Mrs. Rukmana — who many Indone- 
sian analysts say is being groomed for 
high office by her father — is a po- 
litically powerful figure. She is one of 
seven vice chairmen of the ruling 
Gdlkar political alliance and is a leading 
businesswoman, with interests in toll 
roads and television. 

“I support die step taken by the gov- 
ernment to withdraw the business li- 
censes of the banks which are indeed 
unhealthy,” she said. “The finance 
minister's action is die government’s 
action, and of course it is based upon the 
regulations.” 

Three of the banks shut down on the 


Jakarta. 

Anoth er closed bank. Bank An- 
dromeda, which is 25 percent owned by 
Mr. Suharto's second son, Bambang 
Trihatmodjo, lodged a similar suit the 
day before against both Mr! Mar’ie and 
the central bank governor. 

The court set Wednesday far a pre- 
liminary bearing of the Bank An- 
dromeda case. 

Some analysts said they were con- 
cerned that the court might find in favor 
of die plaintiffs and against the two lead- 
ing reformist officials of the govern- 
ment, casting doubt on the legality of die 
blanket order to Liquidate the 16 banks. 

But other analysts said that Mr. 
Soharto’s position, expressed Thursday 
by Mr. Murdiono, would send a mes- 
sage of presidential commitment that 
the court could not ignore. 

“It will be a major influence on the 
judiciary,” an Indonesian executive of a 
securities firm in Jakarta said. 

Both Mr. Murdiono and Mrs. Ruk- 
mana said that anyone who felt ag- 
grieved by the government bank closures 
had the right to take their case to court 
But Mr. Murdiono said that before liq- 
uidating ihe 16 banks, Jakarta had “con- 
sidered every possible aspect" Mrs. 
Rukmana said she was sure the closures 
had been supported by “good data.” 


CURRENCY & INTEREST RATES 


Arolfi limn 

Brmib 

FmtkfMi 

Latfootti 




usi un* tua? 


Nov. 7 

Cross Rates 

S t DA 

1MJ J25&S HOT 

I.XM8 MKS — 

WMS4 WWU “41 
I van *>* 

— \m* ow 

SW2 ISOS 13® 

UJM MU 7U5 
t on im ua 
I3W 235* QHS 
nus asss iws 
uw tain 235 « 

cosings m Amsterdam London 


UbicMJbor Rates 


Nov. 7 


York®) 
Pm 
Tokyo 
Toronto 

Xartds 
I ECU 
I SDR 


re [h nn g/. IF. t«o <3 

«au UMP — 54U5* 1JK7 V5S»* 13® 

41*5 nut* wans — JS. 

nm I fOT AJ871 ISC9 1.2232 l.» 

ss wKT SM« 

«£ uu* 7*» 4fl» ttm-mm 

wn ___ 8JQJJQ 47.513 UM 

** - ~ jb 

aim 4.1U6 A0W' **7 3HI 

ym ton — SUS3 USE 

«*»■ tats inn* — 

ura* — US’ u*6 l«7‘ 

r«i miss ia 40C57 tins i cap i an hub 

m !K V» <u» ™ ™ 

Pots and Zorich, fixings to otter* autos New York and 


STIS MSB 17238 

03IW MW 

21x7 

034(4 MW 0/34 
uoi ann* a 723 


Other Dollar Values 


Conwt pw* 
Aiymt.peH 0.9984 
fluirotton* 1.4386 
OosMoautL 11.979 
Brazil red 1.1065 
atfectryuM 
CMklwvoa 3286 
Barash krew &.4S 

EnpLpasnd 2AB2i 

Fla. matta 5.1197 

Forward Rates 


CHKflcy 
Creak drac. 
Henj Kong 5 
Hang- tar* 11 
InWnreP* 

lidftHipWi 

Instit 
Israeli shell- 
Kuw dinar 
» may. ring- 


ParS 

54X52 

7.73 

194.76 

36535 

3M0.0 

0559 

35254 

03015 

12977 


Otmaty 

Mot- 

H. restarts 
Norw. krone 
PHLpeM 
Pofisti Italy 
PH escudo 
Russ raw 
Mrt rival 
Stag.* 


fir* 
U 6S 
140B1 
6.9208 
34.70 
148 
77168 
5892.0 
3J5 
15« 


Ml 


S.JUt.rart 
S.Ker.«n 
sored, tap* 
Taman 5 
tWhoM 
Turkish Ira 
UAE *rtna 
VrteLbo&r. 


97950 

7.4474 

3056 

39.35 

153600- 

3671 

499J0 




Conwy 

PwMSSiwtmg 
Canadian Mtar 
O r umfle mark 


SMay 

16 VC 
1 3945 
1.7009 


40-day »* 


1.6883 

13927 

16982 


1.6861 

13927 

1.6953 


Cunwy 
Japdau eyw 
into Irene 


122.79 

13838 


imot *day 


12236 

13833 


121.72 

13828 




D-Mark Franc Stafleg Franc Yea ECU 
1 -month SV5-S* 3V4-3H Ift-I 1 * TVt-Vh 3V5-3H tb-Vi 
3- month 5*»-SM 39t-3** TV» 2V* IV,. 7WI 3<v«-3«v* 4U-4M 

6-mOtOl SiVW-WfcJtlfr-Mfc 2-31* 7tt-7 T V»J'Vfc-3% 

1-ynar 5*h-5*io 4Yo-4*» 2V1» • 2V» 7»Vo - 7*V» 4-41* ’4- v» 4W-«V> 

Stmxs: fteMn LMyits Bank . . „ 

Rules apiOcable to/ftfcrtcwfc deport* affl nation mWrmm tor equtmlent). 


Key Money Rates 

unmasiutas 
Dtarenfrafe 
Pita* rate 
ramfirti 
90-day CD* dedets 
180-day CP deetan 
Mmam Treasury MB 

1- ywTrwswy WD 

2- ycar Treasrey ba 

*yW7)»Rrr<*e» 

7-year Treasury ns* 

I B^ear Treasury not* 
30-year Treasury bead 
Merrill Urncn 30-dor RA 
Japan 

Dbcooal rata 
GaB manor 
lramatB Wertnnk 

3- omtii tatetwfc 
frHUMltl MnM 
l^year Oort hart 

Owrewy 

Uataudrata 
Cal money 
I -month WwMmk 
ImrfbitfHaanfe 

fr-montt mtoftan*' 

10-ytar Burt 


Ore* 

Prey 

Britain 



530 

100 

Biaik base rate 

714 

714 

8* 

814 

Canamay 

7ft 

716 

5ft 

» 

1-netti tatartnaft 

7ft 

IVi 

537 

537 

3-oMntt irtrtwk 

7ft 

7ft 

535 

535 

6-ttatti Martank 

7h 

7*ft 

5.15 

5.16 

10-y«rG# 

646 

445 

5.13 

5.13 




539 

538 

Fnwca 



130 

5.83 

IntermaUoa rate 

130 

2J0 

S37 

5.79 

CbD meaty 

3ft 

3ft 

530 

5.93 

l-fluolti rtutak 

3ft 

3ft 

6.15 

6JC 

MHk Moraonh 

3ft 

3ft 

5.09 

BJ» 

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7U 

3* 



10-ytorOAT 

543 

547 

nq> 

042 

030 

045 

5oun»: Reuters, Sfeontaera Merriti 
Lrncti, 8pn* of Te*ya-MllsuoiiHL 
OBOMCMC. CntaO Ovnofc. 

032 

033 
035 

046 

ax/ 

0.49 

<*>*1 (LM. 

PAL 

arg* 

130 

>31 

Zoikfe 31345 

308.75 

-340 



Ltadoa 313-35 

308JD 

-'335 

030 

430 

HeWYolU 31350 

311.20 

-ZOO 


345 

335 

3.75 

387 

361 


145 

335 

3.73 

387 

534 


_U£.dolbrt per ounce. London offjtitri' 
fidniSr Zvrfcfi «d New Tort npenfnp 
annaesktgprfcPB New Trek Cone* 
(Oecj 

hnteAMK 


THE WORLD OF ZILLI 


%% 

\\ 



Let’s Enjoy 
Life 


By Alain Schime! 
Chairman of ZILLI Clothing 

Throughout the 
world, men who 
demand the best 
recognize each other. 
I owe my worldwide 
reputation in the field 
of luxury to the fact 
that my customers find much more in 
my boutiques than a fashionable label 
for men. 

ZILL I is a world of pleasure in 
itself, reflecting the values of those 
who have deliberately chosen to 
indulge in life’s privileges. 

Happiness is made up of authentic 
sensations. And that has become my 
raison d'etre. 


Graceful Living 
a la Frangaise 

I chose France to create my 
company and produce my entire line 
of apparel for ZILLI because the 
know-how found there is unique the 
world over. Expert craftsmen work 


with the choicest natural materials : 
the finest leathers, cashmeres and 
exceptional silks. Each garment is 
hand-finished with minute care. 

But what I am the most proud of is 
the particular attention devoted to 
details, to the perfection of what 
doesn’t show. That is how one 
recognizes true luxury and therein 
lies the secret of comfort and well- 
being. 

Ifl am a fervent advocate of French 
traditions, it is because France has 
incorporated the quality sensations 
offered by every moment of the day 
into its graceful lifestyle. 

A Rendezvous 
Not to Be Missed 

When people share the same values, 
they like to exchange viewpoints or 
their favorite addresses. This is why 
I am pleased that you will be able lo 
discover THE WORLD OF ZILLI in 
the first Saturday of every month in 
The International Herald Tribune. 

Elegance will be one of the topics, 
of course, as well as everything 
which can lend intensity lo the life of 
those »r you who. like me. cannot 
imagine living without passion. 

Welcome. Join us in THE WORLD 
OF ZILLI. 


ZILLI 


o^eBaeT 
CaMMX 
Gorarax 
jnoaefi 
b Mupe 


The finest garments for men in the world. 

ZILLI : 48, rue Francois l* r Paris, Tel.; 33-(Q) 1-5323-9090 

AMSTERDAM - BERLIN - BEVERLY HILLS - BRUXELLES - BUENOS AIRES - CAIRO 
CANNES - CHICAGO - OALLAS - DJEDDAH - DUSSELDORF - GENEVA 
HONG KONG - IS7AMBUL - LONDON - MEXICO CITY ■ MONACO - MUNICH - NEW YORK 
OSAKA - PALM BEACH - RIYADH - TOKYO - VIENNA - ZURICH 


N 



PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURD^'-SUNDAX NOVEMBER S-9, 1997 


THE AMERICAS 


Investor’s America 


30-Ye3r T-Band Yield 




8100 
7500 

M * 6jOO 


Dollar in Deutsche marks H Dollar in Yen 


US 
1J5 
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1997 

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1997 

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Source- Bloomberg. Reuters 


biicmaiwaal Hcrakl Tribune 


Very briefly: 


•Bristol-Myers Squibb Co. said Samuel Hamad had stepped 
down as head of its European pharmaceutical business, nine 
months after taking the job. Kenneth Weg, president of world- 
wide operations, was named acting chief of the division. 

•Stephen King, a best-selling author of honor stories, has 
signed a three-book deal with Simon & Schuster Inc Details 
were not disclosed, but a source at the publishing house said 
Mr. King would receive only “token" advances and royalties 
and would split evenly with the publishing house all profit 
from the books under contract. 

•Starwood Lodging Trust raised its bid for ITT Corp. to 
$10.6 billion, or $85 a share, from $10.25 billion, or $82 a 
share, to try to fend off a challenge from Hilton Hotels Corp. 
and seal an agreement that would create the world’s hugest 
hotel business. 

•America Online Inc reported a first-quarter profit of $19.2 
million amid a surge in subscribers. The largest U.S. on-line 
service posted a $353.7 million loss in the year-earlier quarter. 
Revenue rose nearly 50 percent to a record $521.6 million. 

• Visa International Inc said two cosmonauts aboard the 
Russian space station Mir had ordered gifts for their families 
using Visa credit cards, in what it said were the first on-line 
credit-card orders from space. Bloomberg, ap 


Fred Meyer to Buy 2 Market Chains 

Ccn^Urd by Our Sag Fnm Dbptucba 

LOS ANGELES — Fred. Meyer Inc. said it would buy 
Quality Food Centers Inc. and Ralphs Grocery Co. for a 
combined $4.8 billion in stock and assumed debt 
The acquisitions would create a $15 billion supermarket 
chain with 88,000 employees and more than 800 food stores in 
14 states, Fred Meyer officials said. The acquisition will help 
Fred Meyer compete with Albertson’s Inc. and Safeway Inc. 
as supermarkets combine to cut costs and attract customers, 
analysts said. (AP, Bloomberg) 

AMEX 


Jobs Data 
And Stocks 
Drag Down 
The Dollar 

Bloomberg News 

■ NEW YORK — The dollar fell 
against the Deutsche mark Friday, 
dragged down by global stock-mar- 
ket declines and a UJS. jobs report 
suggesting a risk of higher inflation. 

Investors sold U.S. assets on con- 
cern that economic turmoil in 
Southeast Asia would slow growth 
worldwide and crimp demand for 
U.S. exports. They nocked to the 

FOREIGN EXCHANGE 

mark on speculation that Germany’s 
economy would not be hurt as badly 
by Asia’s woes. 

About 7 percent of U.S. exports 
go to countries in the Association of 
Southeast Asian Nations, while no 
more than 3.2 percent of Germany’s 
exports go to them, according to 
>n Brothers Inc. 

“Declines in Japanese, Korean 
and Hong Kong stocks have got 
money going to Europe, in partic- 
ular the mark,’ 1 said John Rothfield, 
international economist at Nations- 
Banc in Chicago. 

The dollar got a backhanded lift 
from the Asian mess, rising to a six- 
month high against the yen. 

The dollar fell to 1.7066 DM in 4 
P.M. trading from 1.7227 DM on 
Thursday but rose to 124305 yen 
from 123.220 yen. 

In addition to the currency trou- 
bles hurting the rest of Asia, the yen 
is struggling with nagging concerns 
about the country’s beleaguered 
banking and finance industries. 

Meanwhile, the possibility of 
higher inflation sent die U.S. stock 
market down, taking die dollar 
along. 

A gains t other currencies, die dol- 
lar fell to 5.71S0 French francs from 
5.7685 francs and to 13912 Swiss 
francs from 1.4115. The pound fell 
to $1.6892 from $1.6915. 

The employment report rekindled 
speculation that the Federal Reserve 
Board may soon need to raise interest 
rales to slow growth. Talk of higher 
rates ordinarily lifts die dollar, but in 
light of the global stock declines, it 
might be harmful, analysts said. 

“TYpically this kind of number is 
good for the dollar,” Mr. Rothfield 
said. “But if die Fed got in a tight- 
ening mode, that would have all 
kinds of negative consequences and 
could result in a possible decline in 
U.S. asset prices, dragging the dollar 
down with them.” 




Greenspan Holds Forth 


C.niyiMfe tv to* 7<W* n-Y** * ’ 

• FRANKFURT — Alan Greenspan, chaimun u! (he 
Federal Reserve Board, said Friday that die U.S. central 
finda way to be mote open in die 

tnniparent sphere „l 
activity,- Mr. Sfeenspan said during, a pmel dnenssuHt 
after sneaking to the Center for Financial Studies in Frank- 
fun He^aid U.S. central bankers had yet to decide how they . 
would approach the goal of a more open 

Mr. Greenspan also said (hat die importance of ••table 
prices for economic growth was becoming more and more 
Sear. H e said that theFed's feng-temWwas "maximum 
sustainable economic growth.' but added that it was be- 
coming “increasingly evident that there is a fairly tm> 
.nounced correlation between inflation and the rate of m- 

C *m£ SSn^SSFed officials were trying to figure out 
how much importance they should place on movements in 
asset prices as they conducted monetary policy. 

The topic of asset prices “has been a fo cm. of debate for 
— *’ he said. 


US *Tht next meeting of the Fed's policymaking Own Mar- 
Mr. Greenspan, left, with Karl Otto PoehL a former Bundesbank president, ker Committee is on Wednesday. (Bloumbcr S . Kcusmi 


! 


JOBS: Stocks Slip as Rise in Employment Is Read as Sign That Growth Will Slow 


Continued from Page 1 

For the longer term, Mr. Mac- 
Dounell said, the outlook was good 
for the American economy but not 
for the U.S. stock market. With a 
slowdown in corporate profits, fixe 
market’s trend advance of the past 
three years would slow, he said, 
encouraging workers to increase 
savings ana reduce spending as they 
worry about their finances and re- 
tirement prospects. 

These increased savings will cre- 
ate pressure to reduce interest rates 
as capital available for investment 
grows, Mr. MacDonnell said. That 
is good for bondholders, who profit 
as interest rates fall, but for the fore- 
seeable future it will be insufficient 
to lift the stock market, which BCA 
estimates is at least 30 percent over- 
valued. 


Lower interest rates are needed 
all over the world, Mr. MacDonnell 
continued, because ill-timed invest- 
ments in many countries, notably in. 
Southeast Asia, have created a sur- 
plus of factories. The stimulative 
effects of lower interest rates will 
increase demand for goods, staving 
off the threat of deflation, he said. 

IIS. STOCKS 

The latest round of Asian jitters 
had a positive effect on the U.S. 
bond market before the unemploy- 
ment data were announced. As they 
did during turmoil last month, in- 
vestors sought toe perceived haven 
of Treasury bonds while Asian and 
European stock markets fell. 

When toe jobs data were released, 
bond prices quickly turned lower, 
but after the market digested toe 


numbers, prices recovered. The 
benchmark 30-year Treasury bond 
finished steady at 99 19/32, with toe 
yield at 6.15 percent. 

Bruce Steinberg, chief economist 
at Merrill Lynch, told investors that 
the Federal Reserve Board was un- 
likely to raise short-term interest 
rates this month, although in normal 
times that would have been the ex- 
pected reaction in the face of the job 
and wage gains . But with financial 
markets unsealed, the central bank 
is expected to stay its hand, he said. 

He added that some of toe data 
looked stronger than they were. De- 
spite 'toe strong gain in jobs, the 

average gam for the last three months 

was just 202,000, an 1 1-monto low. 

In addition, the percentage of the 
population working was unchanged 
from September at 63.7 percent and 
down from 63.8 percent in July and 


Protests Greet a Pact to Tax Catalogue Sales 


By David Cay Johnston 

New York Times Service 

NEW YORK — Angry con- 
sumers have taken to the phones and 
told mail-order companies in no un- 
certain terms that they will not sup- 
port an agreement that would re- 
quire them to pay sales taxes on 
goods they buy from catalogues. 

As a result, representatives of the 
companies are backing off from a 
tentative agreement that then- trade 
group, the Direct Marketing Asso- 
ciation, reached with toe tax au- 
thorities of various states. L.L. 
Bean, whose lawyers were at toe 


nego tiating table, said it received 
telephone calls at its offices in Free- 
port. Maine, from consumers about 
thependingdeaL 
The company, whose outdoorsy 
f lann el shim and duck boots are 
popular across the United States, 

E * idy issned a statement asserting 
“it has no plans to change its 
dees now or in toe foreseeable 
and begin collecting sales 
taxes from out-of-state customers. 

Catalogue companies’ unwilling- 
ness to collect toe sales tax from 
cons umer s — fortified by two Su- 
preme Court rulings — left the 
stares with no practical way of coax- 


ing taxes out of individuals who 



municipalities had left toe compa- 
nies looking for a deal they could at 
least live with. 

‘ The pact — ' which the associ- 
ation’s lead negotiator said was to 
be announced as early as Friday — 
would have cost consumers about 
$13 billion a year in sales taxes. 

The public response “makes it a 
lot less likely that there will ever be 
an agreement,” H. Robert Wien- 
tzen, president of toe association, 
said Thursday. 


August. This statistic does riot take 
into account whether people are ac- 
tively looking for work and has been 
attracting attention in recent months 
as an alternative- gauge to the un- 
employment raw. with so many jobs 
created in recent years, some people 
for whom work is optional arc com- 
ing into the labor force, drawn by 
attractive pay or work conditions. 

The broader stock market fell 
along with the blue-chips Friday, 
with . losing issues outnumbering 
gaining ones by a 5-to- 1 ratio on the 
New York. Stock Exchange. 

The Standard & Poor’s 500-sharc 
index dosed down 10.52 points at 
92731 points. 

Western Digital was the most ac- 
tively traded stock on toe big board, 
dosing down 6% at 23% after warn- 
ing that price-cutting would eat into 
second-quarter profit- The computer 
hard-disk maker said it planned to 
phase out some of its lines, 

• Western Digital’s weakness 
pulled down other high-tech equip- 
ment makers, with KLA-Tcncor 
losing 316 to 45% and Applied Ma- 
terials falling 1 3/16 to 35 3/16. 

Intel was the Nasdaq volume lead- 
er, rising 3 15/16 to 7/7/16 after the 
chipmaker said it had not changed its 
optimistic long-term outlook for 
Southeast Asia despite the region's 
currency crisis. Intel shares have 
slumped over the past two weeks on 
womes about sales in the region. 

American depositary receipts in 
Telebras. Brazil’s national phone 
company, fell 4% to 97% on worries 
that Asia's troubles would take a toll 
in other emerging markets. Brazil's 
benchmark Bovespa index dropped 
6.38 percent, to 8332.62 points. 


..Pi 




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/ 


U. S. STOCK MARKET DIARY 


LNTEKJNATIONAL FUTURES 


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The 300 most traded skx*s of the day, 
up to the dosing on Wan Sheet. 
The Associated Press. 


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62723 62909 


Dividends 

Conpaiy Par AM Rec Pay 

IRREPILAR 

CatparatoHjYIdA _ -12711-17 11-28 


SOYBEAN MEAL OCSOT) 

100 tons- doOurs par kai 
Dec 77 24630 24000 34500 +3J0 42035 
Jan 98 73950 23330 237.60 +3JD 24230 
Mar 98 233J0 22800 23350 +-41D 21064 
M099B 23000 22420 228JO +170 1Z021 
JU98 229 JO 22450 229.50 *-450 13043 
Aug 98 22370 32450 22820 +420 2091 
Elt KdM 33500 TTvft seta 32531 
TOUTS Open W 136923 pp 1994 

SOYBEAN OIL (CBOT] 

60000 bs- carts per b 

CMC 97 2554 2533 2578 +035 48594 

An 91 36.15 2555 2507 +035 28473 

Marfa 2655 2503 3830 +0-32 16037 

Mo»98 26J0 25.95 2835 +0J0 9581 

Ju6 98 2845 3103 24.43 +035 8527 

Aug 98 2635 2590 2635 +040 821 

Eat. sofa 16500 im sales 1S939 
TbrsopenW 114478 op 1483 

SOYBEANS (CBOT) 

5000 bu mfriWum- cents per bostml 
Main 740ft 724 7 39ft +1314 12337 

Jan 98 741 734 7®Vi +13 70714 

Mar98 744 727ft 743ft +131* 28338 

MD998 747 732 74M +11B 1R021 

JU19B 751 736 748N +11 18421 

Eat srtes 78000 Thv* sales 63507 
Ttors open fed 14*392, off 1132 

WHEAT (CBOT) 

8000 bu ratnbramk- cants par bosbel 
Dec97 359ft 3551* 3SB and). 48911 

Mar 98 374 370V* 373** +11* 28019 

May 98 382 378 382 +21* 8393 

Jal98 385 381ft 384ft +ft 18105 

Ert. srtas 18500 Thin sales 19556 
Thus open U101711, op 134 


Livestock 
CATTLE (CMEJ0 
4OO0Q arts per b. 

D«c?7 4770 6830 6887 -030' 

Fab 98 6930 *840 6935 +0.12 

Are 98 7270 7270 7257 UndL 

Am 98 7030 7005 7045 -0.02 

» 98 7032 7070 7045 +007 

98 7230 7135 7210 OodL 

W. turn 1 L373 Tbw srtas 17300 
Thus epan Irt 97JD9, up 1533 


100 Irar at. dobss per hay aL 
Ho* 97 31040 J.00 ) 

Dec 97 31430 30860 31170 -200 109568 

Feb 98 31550 31030 31240 -2JOO 31740 

Apr 98 317-00 31130 31450 -230 7373 

Jon W 31750 31800 31840 100 11481 

Aug 98 31 870 31730 31870 *230 8512 

0898 32030 -230 1526 

Dec 98 32680 32270 32X00 -200 11,193 

Est sales 5X000 Thin sates SUMS 
Hurt open H 218698 Up 1534 


HI GRADE COPPER (MCMX) 

25300 Ou^ certs per b. 

No* 97 8835 8870 8880 -0.15 

Dec 97 8930 8850 8970 +0.10 

Jan 98 8950 B9.0Q 8955 +0.15 

Feb 98 9020 8950 8950 +070 

Mar 98 9070 8930 8955 +075 

Are 98 8930 8950 8950 +070 

way 98 9020 8975 8975 +075 

Join 9030 8935 8935 +075 

-W9B '9030 8930 8935 +075 

Est tries 8300 TWs sales 11393 
TlltfS open tot 6531 b up 842 


SILVER CNCMX) 


37581 

28325 

mat 

11320 

3314 

1.185 


1320 

30398 

7033 

1J79 

9300 

1771 

3533 

1731 

2339 


No*97 48350 477.00 4050 330 I 

Dec 97 49600 4814)0 48X00 >470 54364 

Jod98 49450 48600 48680 -470 28 

MrefS 50030 48730 49070 -4.90 2X376 

MOT98 49430 49030 49X60 3.90 2786 

J*4 98 49640 49330 49640 -4.90 X796 

SfP « «9 JQ -690 645 

Dec 98 58X10 50130 58X10 -190 3335 

&». arta* 19300 Tlunaolat 17348 
mrs open ht 95386 off 700 

PLATINUM CM MEH) . 

30 agree.- dolors per twee. 

Jan 98 39930 38600 38030 -600 11326 

Apr 98 39230 38130 38450 -550 1791 

JiK«B 38830 38150 38150 -550 SS 

EsL saJes N A Tires sales 1775 
Thu* open tot 12771, off 122 

LONDON METALS OJAQ Pnwlw* 

iXftnparmaMetan 

Atakno) CHtob Gtortt) 

Spal 1593ft 1594ft 1593ft 1594ft 

Fannrt 162130 162230 162130 162230 


itrtpttrad.) 

195X00 T9S 


f 95+30 194730 1948.00 

197030 1971.00 196630 196730 


CaroarateHiYldll 
Defi Strategy 
EnenisSA 
Taurus MeaCA 
Taunts Mon NY 
Wbrtdvd DbVtsr 


_ .11511-17 11-28 
_ 39211.17 11.28 
b 7863 11*21 — 

_ .065 11-17 11-26 
- 369 11-17 11-26 
_ .1011-17 11-28 


42 


w 


% % 


TraC 

usual 

uneagi 

3S5 . 


STOCK SPLIT 
Heflel BroadaBt 2 tori spot 
1 FR System 3 tar 2 spOL 

TdCcwntf Bnai 2 for 1 spHt 
Vinca Inff 2 Skm spR. 
vnam Giwra 3 fcr2 spSL 

REVERSE STOCK SPLIT 
BfarauneSystl fortOrewse s iTt 

INCREASED 

Warihcnstnc Q .» 11-26 tt-10 

aepcoCo 0 .1375 11-29 12-15 

Sysco Ovp Q .17 t-2 1-23 

INITIAL 

MutdHMCAInsur . 39611-17 11-26 

MvriHtdNYInsor .39811-17 11-26 


REGULAR 

Q .10 11-7 11-21 
Q .105 12-5 1-2 


C0R?air 

Apex Nani Fd 
AsWond Inc 
BC Gas a 
Bassett Firm 
OiartweflRfi 
RraPrDoto 
Gen Hoeseviwes 
GeonCo 
GrocvWR, 
H'rghwooda Prop 
IPLEnrtOTB 
Inca Oppon 1999 
IncoCa port 2000 
Keratek Info 
Manat Home Com 
Mcrfr M«Mto 

MindAssets Fd 
Naval Ca 
Omnicarelnc 
PanOfeiPafertg 
PenrnoflCo 
PJtt Dos Motes 

ReojtOyp 

SCPlEHotdg 
SofecoCora 
Sailor HI IncoPt 
Urban Strap 
WestmlmrRE 


Par AM Rec Pay 

M 354 11-17 11-26 
0 77511-34 12-15 
75 IMP 11-30 
-2D11.17 13-1 
34 11-19 12-3 
38 12-15 1-15 
38 12-17 1271 
.125 12-1 13-15 
.14511-36 12-9 

31 17-M 11-21 
545 11-21 12-1 

3511-17 11-28 
JH2 1M7 11-28 

32 11.18 11-28 
-33 12*16 12-30 
.12 IM 12-31 

371 11-17 11-26 
.16 IM9 12-3 
Q 3175 U-3< 13-11 
a .10 17-8 13-31 
0 7511-30 12*15 
Q 775 12-12 12*26 
Q 32 11-17 12-2 

Q 35 12-16 1241 

O 72 1-9 1-36 

M 37811-17 11-28 
Q 5075 11-19 . 12-5 
Q 78 11-28 12-15 


1*77 

7381 

X853 

UH2 

831- 

347 


FEEDER CATTLE CCMER) 
SUWOtos^eartiperlb. 

N0« 97 78-40 7775 7775 -037 

Jptl 98 7935 7670 7940 +035 

MrefS 79-45 7845 7940 +055 

AreW 79^ 7090 79^0 +030 

MoyfB 8033 7970 79.95 +025 

Aug98 IU80 SIS 8177 +032 

&1. «6es 1765 Thos bcbs 4345 
Tbvs opan mi 1 6406 air 372 

HOCS-Laaa (CMER) 

40300 8)6- cert* par b. 

DeeW 51 70 “-90 6097 -137 10087 

P«*»W S^5 6165 61.90 -065 16908 

M r » SPT2 SB55 5832 4X57 6602 

Jw98 6600 6537 65-C 4L70 1298 

JIA9I 6645 6600 64AS -057 1.1M 

&*-*0ta8 6833 Ttnraartas 8356 
TbiB open tot 3V8& m 973 

PORK BELLIES (CMER) 

40000 Its.- onto pah. 

FabM 61-55 6030 61.15 +002 6969 

Mar 98 6135 5975 6035 -0.12 933 

Moy98 aSI 60J0 4087 UndL . 390 

Ed. srtas 1630 Th/t tatoa X7D3 
Thin epae Ini 7706«ff 106 




618530 
617030 
Tla 

Spot 568530 
ftrworl 


Forwonl 119600 


57230 57730 
5BXOO 58930 

619530 604530 
628030 613030 

569530 556630 
566030 256530 


117X00 119130 
119730 121230 


57830 

59030 


605530 

613530 


557530 

557030 


11*230 

121X30 


High Low . CtoM Qtgo OpM 


... Financial 

US T BILLS (CMER) . 

si moon-ptoanoopa 

D»c97 9531 U9S 9697 UndL 6501 

Mnr98 95.05 9533 9535 -002 J»9 

J«*» WOO 9438 9498 4UM «0 

Septa 8435 UndL 23 

Eat artM Nj*. TTura aolaa UU9 
Thm open W 9,991 off 470 


Mgh Low Lotas! Chga Optal 

10-YEAR FRENCH GOV. BONDS (MAT1F) 
FFSoaooo-jrts or ioopa 
DOC97 99.14 9878 989* +072 10X381 
Mar 98 9832 9Ut 9644 +8X2 10267 

Jante 97.92 9732 9830 +832 0 

EsL tales: 116928. 

Open tat: 11X548 up 1,192 

ITALIAN GOVERNMENT BOND (UFFE) 
ITL 200 mfllaa - pis of 100 pd 
Dec 97 11179 111J5 111.60 +026 114619 

Mar 98 11138 lll-SS 11175 +826 Z604 

Jw>98 N.T. N.T. 11175 +826 0 

EsL soles: 46727. Pim.sileE 46569 
Pnre. apea tot: 117.20 up 845 

LIBOR 1-MONTH (CMER) 

S3 aEDan- pts of 100 pd. 

No* 77 9475 9432 9434 UndL 3LA76 

Dec 97 9628 94.15 9617 -0.01 17331 

Jan 98 9633 9629 9630 031 6710 

EsL solas NJL Thus teas 4246 
TlHis apsn M57J8X ap59 

EURODOLLARS (CMER) 

SI nrfSon-fjhar 100 pdL 
Atm 97 9625 9621 9421 4X01 2X417 

Dec 97 9635 9618 9620 -802 532323 

Marf8 9623 9614 9417 332 471.953 

JW9B 9618 9439 9611 -802 34X509 

Septa 9612 *602 9605 4X02 263799 

Dec 98 9402 9192 93.95 -80 1 216597 

Marta 9600 9X91 9334 4X01 157716 

Ain 99 9X95 9X86 VXW -031 136521 

Septa 9X91 9X83 9X86 4)31 109729 
&*» 9X86 9X78 9330 4X01 6534S 

Mar 00 9X87 9X29 9331 -801 69534 

Jim 00 9X8S 9X77 9378 4X01 58352 
EsL satas KA. Thus sain 306359 
liars open Ini X796T3X op 16335 

BRITISH POUND (ONER) 

DoanlL S mr Dounct 

DKtnrijmo iSosusw+oixao smss 

Marta 13860 13790 13834+03030 *12 

Jm 98 13756+80026 74 

Ert. safes NA. Thus 5atesl67B5 
Thus open tor 58936 up 566 

CANADIAN DOLLAR (CMER) 

108000 daOnf per Can. dtr 

5«-«J»S2 70481 
Marta 7171 7118 7136 -08052 6928 

Junta .7172 .7150 -7159 410052 754 

EsL sales NA. Thu* sales 48W 
Thn open tot 75420 up 316 

BERMAN MARK (CMER) 

T 24000 narfcbS per marii 

J®J+03060 71.946 
Marta 0923 JBS6 J902+8D060 2.999 

Junta 3927+03060 2357 

srtes 6LA. Thus ertes 2X301 
Thus open ini 77716 Op 6022 

JAPANESE YEN (CMER) 

J23 s per loo »«n 

Dec 97 3170 3084 3092 4X0069 128433 

Marta 3268 3195 8201 ioSw Usi 

Junta 3312-08069 29* 

Erf. SrtaiPLA. Thun 17813 

Thus opan tai 12X086 Up X2I9 

WEMWANCKMEW 

12M00 hones. S per franc 

IS -22? +-S1J1 4*669 

Mm-ta 7325 7243 J28S +8111 2347 

Junta 7349+3111 265 

Erf. safe* NX Tho-s sates 9819 
Thus open tat aan. off 1,900 


High Lav Latest Chga Opml 

Junta 9687 9431 9435 UndL 109709 

Septa 9532 94.94 9699 +802 AS921 

DKta 9533 9695 9580 +803 3&B30 

Marta 969* 9689 9I9J +004 3R77S 

Est. sates: 47.591 Am. sates Se,24l 
Prey open mi.; 501,774 up M®1 


Industrials 

COTTON 2 (NCTN) 

StLQOO &&• QnH KfBi 

DK97 72.15 71.85 7237 302 42534 

Marta 73X5 7X10 71% 4L09 165V 

May 98 7622 7195 7611 409 I8S4I 

JUIW 7685 76*5 7681 +031 S04M 

Oct 98 75 JO 75X0 75XS 4X15 111 

EsL sales NA TINTS sates 183*1 
Thus open M 94081, off 551 

HEATDtS OIL (NMER) 

42300 gab eerts par gal 
Dec 97 58.90 57J5 57» +055 5621 . 

S9J5 58 JO ta.91 +085 26683 

5930 5875 59.14 +863 11493 

58.90 58.49 5839 +0JO 9.5*4 

X W 5730 56-TO 56.94 +040 6532 

W 55.95 55J9 5579 *0X5 1735 

55.30 5500 5539 +0X0 209 

EsL totes NJL Thus sates 16740 
Thus open tor 125J6& up 334 


Ur K-s 


1 -T 

- m 

■ ■** + 


•»' ■ i r 
- =+- =••-* 


Jan W 
Febta 
Marta 
rta 
rta 
Junta 


f- 


isj* 


msis 


AdvmtaaeBnra 

ArawiyUftlA, 


IS 433* 

SVb _ 


b-cpm g pd a s to bbobrI pa- 
sherrtADto wtelt in CnniUnn fnirtt.- 
■haeatti)? g-qureterty; 5 icmiamiwPy. 


COCOA (NCSS 


Food 


% 


ntb lift 
215* 3Btb 
TH JH 
1H IM 
415 M 

in IP* 


WWET 


n 


Stock Tables Explained 

Srta^ns am waffidoL YoariirNgtN and kw rafleolhe pmtousa vaets pbH ton cumir 
!W6totortrrtteJo(8dtradtofl(toftW»raaraU«stodt(&*}eii2anraon^toZpw^wrTOT 

Ite been pool fhe yam* W+bw rang* md tfiftdand are shown lor be new stoda ante. IMes 
odiawh e noted RtoofiBddtRitogta— oldbbuaeNNtaa bowl on teMert ded M Bttn 
a - dMdend ofao axJra (1). b - amaat rala of dMdeitd plus stack dividend, c - Bauktaftixi 
dMdend. cc- PE euads »3U- coBad. d - new year* tear, dd - (ora In the lost UrnotSS 
• - rttvtend Adored or paid in precetBn 12 months. 1 - annual rate, Inanasad on hat 

tfodoRffniLg-ifivfdaiidifl Canadian fuBd6sub(eel to 15% nan-resideticpfcuLi-drid^ 

declared after sp®-«P restock dividend, [-dhftdenfl paid ttib year, omittecL dstsTrud, or no 
adion toteft or latest dtatend meeSag. k - dividend declared or paid w on 
aocunretotore Issue srffli dividends In arreare. ■- annual rata, reduced on last dadaratkm. 
n - new baoe to the post s? v rerts. The htoh^ow tenge beote vrtb te^ 
ill - next day deffwns. p - InBlal fflrtdend. annool rule unknown. p/E - price-eanitowSfa! 

q-dased-endnwfn&lltmd-r-iMdend declared or paWin preceding 12mr^!Diw^rti 

dteMend.s-stock splB. DMdend basins sffli date of spfit. sis -stes. 

stockin preceding 13 mea*6 estimated cosh voheon eswIMdendreeK^SSSteSlt 

■ff - vrtten ssuedT vv - win mnninito X - etsOvldetid or ac-rWito. idk - «-dkMhutten 

ur - srffhoul wamNTb. y amfliddond retd sides h fufl. ]H - yield. 2 - srtas 10^^™*™^* 


lOioeMclom-Sperton 
Dec ta 1*13 ISM 

1601 

-3 

IM® 

Marta 

1*57 

1640 

1650 

+3 

4uia 

Moyta 

Jufta 

1*97 

16*9 

1*77 

*2 

14436 

1697 

1690 

1*97 

+2 

4X122 

Septa 

1717 

1714 

1717 

•2 

4277 

□acta 

1738 

17X4 

173B • 

+2 

as« 


Est. safes 1X426 Thus solas 11X27 
Thus opan tot 1068IX up 78S 

COFFEE CWCSE) 

27+5QQ evtti &#r fc. 

Dec 97 15X00 14600 14930 +1» 10401 
Marta 14230 1X650 14885 +130 8728 

Marta 13600 mao ixmb +ijo a an 
Jelta 13650 moo 12X29 UndL 1,979 
Septa 13130 13050 13050 UndL 1374 
Est srtes 6M2 Thus site 7JSS 
Thus open tot 26227, up 119 

SUSARWORLD 11 0KSE) 

112300 lbs.* cnb per Bl 

Marta 1133 1232 1Z35 UndL 12X289 

Marta 1X23 1X15 1X19 +802 26509 

Mta 1157 1150 11.93 +801 22794 

Oct 98 1150 1175 1177 Unta. 2X3*1 

EsL sales 1 6763 Thers sates 1X485 

Thai open U 20179ft up 2316 


5 YR TREASURY (CBOT) 

WBwaRar"*., 

^sole»*M24 Thus sola 2X4Z 
Thnapen tot 341^21 up 178 

18 YR TREASURY (CBOT1 
810Q300 adn- pb 6 32nd5 aJlOO pd 
teff 111-28 111416 111-12 -02 37807 

«reta 111-14 IIOXl 111-OX -03 36271 

Jwta 110-31 .02 m 

Mas 146994 Thus sales 56815 
Unre ap«n tot 406807, up 7333 

US TREASURY BONDS (CBOT1 
Bpd-S100300-plii33lKtsrtlOOpen 
OK ta 118-20 117-19 117*31 .Ql 416133 

]*11 117-10 117-22 -01 78783 

Junta 117-11 117-08 117-18 -01 124117 

“HE 11748) -01 6006 

M. sates /sxaoo Thus sales 394510 
Thus open tot 71 1.756 19 7,910 

LONG SILT (UFH3 
06000 - pto 6 37n0s of 100 pd 
Dec 97 118-22 11B4H 118-11 +0-17 156325 
M«ta t IB-28 11621 11&-S +0-15 36624 
Junta N.T. ff.T. 118-22 +0-15 j) 
66896 Prat, sales 118873 
Pieu.raentoL: 191,849 off 647V 

CERMWI GOV. BUND (UFFB 

DAusaooo-pfionoopu 

2*2 JS* ,0WB ’taW +839 253,710 
MreM 10259 10159 10151 +4130 1X344 
M_srtes V77MB. Prev. salat; 146*16 
Prat open Mj 267554 up x*3« 


MEMCAN PESO (CMER) 

Rnwo pooLi par pan 

Drcta .11790 .11450 .11740-50582 1 773s 

Marta .11320 .11050 .11260-^759 iaTj 

JW98 .10900 .10850 .10870 ^0*51 SI? 

Brf sates HA. Thus sates 7^60 

Tlbis span Irt 363*8 off X21S 

SfifSHHS*™** (UFFE) 

oeojopo-pbatiaopcr 

9X44 92X7 92X9 Unch. 

WJ1 5S )26^ 
♦S® W86 

9X50 92A3 9X46 +052 75581 

9168 9243 9244 +802 *5354 

nx 92J1 9252 +8m ^ 

9100 9X96 9X96 ,053 *7,909 

Erf, s alts: 148916 Pres, sales: Myi 7 + 
fta*. aptei IbL- 71X231 up 47,706 

it??? 1 *™ EUROMARK (UFFB 
PMIpMmi. ptsof lOQpct 

7WB 9628 9627 -4X01 5355 

9623 9619 9619 -4X02 TO ipng 

9617 9611 96.14 USSmS 
S'” 9f-94 «.94 UndL 31X579 
&S ^ W7.99S 

22 ft* 9550 +801 206344 

9538 9631 9SXl +001 1B61S5 

95X3 951* 9614 +0.01 mjn 

9X07 9500 9501 +005 nSa 

^-- 9693 9486 MB* tSg ^ 

Erf- sates: 21639X Pm. sates: 9 P.M 
ftw.opentoL: 1,808584 Mil®* 

XMONniPIBORWATIF) 

P?J5»en ■ ptootioo act 

9623 +OJll SX4E 

25 “" «« «s:ss SSI 

EsL satea: 46398 
Open InL: 265495 op 3L740 ' 

MAOrmi EUROURA (UFFB 

ITL 1 install - pis ef 100 pet 

Drcta 9X63 9142 91*$ Und, mo-,* 

Marta 94X8 9631 9435 -801 lK 


UGHT SWEET CRUDE (NMER) 

1400 bbL-daOan per hbL 
Dec 97 2156 2040 2877 +638 81.923 

J<»W 21.14 2060 2894 +834 640K 

FahW 21.10 2070 20.94 +829- 36237 

Marta 21.00 2875 2057 +8 U 7X449 

Are 98 2058 2869 2078 +6W 16074 

May 98 20.75 2858 2869 +822 16201 

Erf. sates NA Thus sates 81571 
Thus open tot 399^18 up XI8S 

NATURAL GAS (NMER) 

laaoOrtraMvftSparnmMu v 

P*C97 1409 X230 329) 4M« 57429 

Jmta 13m 3X10 33« 8112 31544 ^ 

Rrf)M 2.992 2590 X9JO -0J042 2M63 

Marta 2 645 2580 2530 8020 17.2S9 

*J»ta 2J« 229S 2330 8 007 10577J 
Marta 2X60 2X20 2X60 +80H) “ ‘ 

W. sales NA Thus sates 36545 
Thus open tot 235019. up 1.4)8 

UNUEADED GASOLINE (NMER) 
jBXOOgM cants per got 
Dee 97 6050 5890 3».ta +66» 34577 

Jtolta 60 JO 59.09 60X2 +899 W554 

FftbM 6040 59 JS 6042 *059 -«SS 

Marta 61X0 6845 6890 +052 63 W 

AWW 63J0 63X5 *3X0 +872 6577 

Moyta 6X00 62 JO 6X00 +867 6335 

JW'ta 6250 +062 4.145 

Ju»» 61 JS 6145 *)45 +852 X464 

Erf. satasNA Thus sates 26027 
Thus opan tot 9X207, up ZMS 

GASOIL OPE) 

UA-detosperinaaiciDo. Ids oMBO Ians 

1JJ50 177.75 18075 + 2X5 .19.932 

as 12 75 * , M *”2 

SS H?- 25 ’8000 18X25 ♦ 1J0 14247 
E£2 SS J 80 ^ ,a > 75 ♦ 1-25 8778 

5S2® 7850 '”■» + 1.00 *421 

Agta 176X5 176X5 17*75 +075 1*0 
Moyta 17400 17X50 174X0 ♦ 675 L77> 

B4 soles: 188U. Pro* sates 15517 

Pnw. open tou 96*45 alt XT72 
BRENT ML (IK) 

SS 1952 19.79 +OX7 0229 

SS 1953 ,62fl »W 

2-S 19-SB 19.77 ♦ 617. 264W 

19.75 1945 I9.M 






S. 


Dec 97 
Marta 
Junta 
Sapta 
Dec 98 
MW 99 
Junta 


Dee 9/ 
Jan 98 
Marta 
Junta 
SepW 
DKM 
Marta 
Junta 
Septa 


Jan 98 

FftbW _ 

*"5 i! 7 ! 1, ' 4S I9« *072 6*20 

fgta I®-*? 1955 19 JO 1 610 A » 

Moyta 7942 19X9 19X6 , 8IS A375 

Erf sales! 29,721. Pnra sates :3*JM 

taw. apea tot: 1*6701 off 5,1 12 


2°* vsun |4UU 
Jtolta W7.10 9364Q 936.40 .’i,n 1995 

Erf srtesN A Thus sote, 92.177 

7hus open w 402,186 0IM41S 

PTSEH»(UFFK 

SS^jtodmpaW 

5S2 12?*® ■‘ 22a **2 

Marta JOTi 47824 48)1 j -iji j u» 

£58 37540 -•» 1 wno 

septa OOD 800 27145 - 9*0 RTS 
Erf ■ting' 7630S. 

°l»en tot: 40,458 ad 5X8*7. 

Commodity Indexes 

. Owa Prettaul 

. J.S16B0 1A2U0 

5 C V 1 ?« un k ui? « 


f. 


\ 








I 




P6GE 15 


EUROPE 


* 


U.K. 9 s Ailing Beer Industry Adapts to Change Vote Leaves 

*' ' Gucci Open to 

Takeover Bid 


* “ sle lager 
and a irend for drinking ai home is 
changing die shape of .he British 
brewing industry. forcing lhe , 
sure of older ale breweriel, mdustrv 
executives say. J 

TTie industry' is also facing up to 
the fact that beer drinking in Britain 
is on a steady decline. 

"The trend for lager has accel- 
■ crated again, and ale is in decline and 
lhai trend looks likely to continue " 
said Miles Templeman. managing 
director of Whitbread Beer Co. 

Over the past five years the bie 

four national brewers have closed 10 

breweries and plan to shut a further 
four over the next three years. 

Carl sberg -Tetley announced the 
closure of Alloa in Scotland and 
Wrexham in Wales in September 
On Monday. Bass PLC said it would 
shut ite breweries in Sheffield and 
Cardiff, unless a buyer can be found, 
and would acquire the Burton brew- 
ery in middle England from Carls- 
berg -Tetley. 

“We are out of capacity on the 


Lager Takes Over Where Ale Reigned 


canning side, and the business is also 
moving to the off trade — super- 
markets and shops — so we need that 
facility at Burton,’ * said Ian Napier, 
chief executive of Bass Brewers. 

Bass-owned breweries are oper- 
ating at full capacity to keep pace 
with demand for its lager brands, 
which includes the country’s top- 
selling lager, Carling Black Label. 

"For Carling, we are physically 
finding it difficult to meet demand 
from our customers,” Mr. Napier 
said. 

At its peak in 1979, beer con- 
sumption in Britain reached 42.4 mil- 
lion barrels but has gradually fallen 
to about 36 million barrels, according 
to data compiled by an investment 
bank, SBC Warburg Dillon Reed. 

Despite the declining trend in 
beer consumption, lager consump- 
tion has grown steadily from 7 per- 
cent of the total market in 1970 to 56 
percent in 1996, and the upward 
trend is widely forecast to continue, 


nearing 60 percent by 2000, die in- 
vestment bank said. 

Standard ales have continued to 
lose market share, with. 1 i million 
barrels sold last year, compared with 
13.4 million in 1992. 

‘ Tt appears a lot of real aie drink- 
ers are switching to premium lager 
brands,” Mr. Templeman said. 
“From the brewing point of view, it 
puts greater pressure on real ale 
breweries in terms of how we can 
keep them full.” 

The change in consumer behavior 
is bound to kill off more smaller ale 
brands, Mr. Templeman said, and 
the big brands are buying ap many 
of the smaller ones. Whitbread dis- 
posed of nine regional brands from 
its cask ale portfolio in September. 

Lager is also cheaper, quicker and 
easier to brew in quantity than ale. 
Lager can be drunk from the moment 
it leaves the brewery and brewed 


using cheaper ingredients. Rice, for 
instance, has been used instead of 


malted barley to make Budweiser. 

Lager does not undergo such a 
long maturation period — it takes 
about three days to produce a can of 
Carling Black Label, compared with 
about seven days for a cask of ale. 

Once it arrives at the pub a barrel 
of real ale needs to sit and undergo 
secondary fermentation in the bar- 
rel. Aie also travels less easily be- 
cause the yeast can get infected and 
markedly alter the taste. 

But lager because it is pasteur- 
ized, tastes the same in the pub as at 
the brewery. 

The drift away from pubs to 
drinking at home has continued un- 
abated since the early 1980s and is 
forcing brewers to latch on to more 
complex packaging and bottling 
machinery to fit the demands of 
supermarket shoppers. 

About 3 1 .4 million barrels of beer 
were sold in pubs, restaurants and 
clubs in 1985, compared with 26.6 
million last year, while sales from 
supermarkets and comer shops has 
risen to 10. 1 million from 6.4 mil- 
lion barrels over the same period. 


German Prices 
Rose at 2.4% Pace 
In Last 6 Months 


A . ? - 


■ "■ i. . 


fa' 






CjmtwtnJ h\ Our Skiff F mm Doputchn 

FRANKFURT — Consumer 
prices rose at an annual rate of 2.4 
percent in the six months through 
October, faster than the 2.2 percent 
rise in the six months to September, 
the Bundesbank said Friday. 

In Western Germany, consumer 
prices climbed an annualized 2.4 
percent in the six months to October, 
up from 2.1 percent in the six 
months to September. 

The Bundesbank’s inflation fig- 
ures, which are adjusted for seasonal 
factors, were based on unadjusted 
data reported Friday by the Federal 
Statistics Office in Wiesbaden. 

The Federal Statistics Office said 
the German consumer price index 
slipped 0.1 percent in October from 
September but was up 1 .8 percent 
from a year earlier. 

Consumer prices in West Ger- 
many fell 0.2 percent in October 
from September and were up 1.7 
percent from last year, easing from a 
rate of 1 .8 percent a month earlier. 

The Bundesbank said its inflation 
index, on which 1991 equals 100, 
was unchanged at 1 16.6 in October 
from September. (Bloomberg, AFX) 


3 Held in $800 Million U.S. Bond Scam 


Ceofilrd by Our Stag From DapJtrkn 

LONDON — Three men were 
in custody Friday after police from 
both sides of the Atlantic said they 
had uncovered a “staggering” 
scam involving $800 million in 
fake U.S. Treasury bonds. 

The three — from the United 
States, Britain and Taiwan — were 
arrested Thursday after a I O-day 
operation conducted by the British 
police and a U.S. Secret Service 
agent on loan to the City of London 
financial district. 

The police struck after the team 
allegedly deposited the fake Treas- 
ury bonds in a London bank. Ser- 


geant Tim Parsons of the City of 
London police would not name the 
institution involved, saying only 
that it was a clearing bank. 

The bonds purported to date 
from the 1940s but were probably 
produced on a 1990s computer, the 
police said. They are being ex- 
amined by U.S. agents. 

“There is nothing genuine 
about them. It’s a fraudulent doc- 
ument completely, probably made 
by a sophisticated desktop pub- 
lishing program,” said Jim Galla- 
gher, Secret Service attache at the 
U.S. Embassy. 

The bonds probably would have 


been used to obtain smaller sums 
“from investors unaware of the 
authenticity of the documents.” 
Detective Inspector Ken Stewart 
of the London police said. 

While frauds involving U.S. 
currency are common — agents 
seized $6 million in counterfeit 
$50 bills in northern England this 
year — Mr. Gallagher said the 
“high dollar amount” of the 
bonds involved in this scam was 
uncommon. 

A spokesman for the British po- 
lice said the amount of money at 
stake was “quite staggering.” 

{Reuters. AP) 


Bloomberg Yrojt 

MILAN — Gucci Group NV 
shareholders rejected a board pro- 
posal Friday that would have limited 
the voting rights of any one 
shareowner, a move that analysts 
said left the Italian fashion company 
open to a takeover bid. 

Under the proposal, designed to 
ward off a hostile takeover, no 
shareholder would have had more 
than 20 percent of the total voting 
rights, no matter how many shares 
the holder owned. The board of 
Gucci would have been able to 
waive the limit in cases of a tender 
offer to all shareholders and in other 
exceptional circumstances. 

By striking it down, investors 
have laid bare the company's vul- 
nerability to an unwelcome overture 
from a rival, now that its share price 
has fallen to record lows. 

“The implication of this is that 
the stock is in play,” said Flavio 
Cereda, an equity analyst at ABN- 
AMRO Hoare Govett in London. 

Gucci proposed the plan in 
September, when it forecast a de- 
cline in sales growth in Asia in the 
second half. It also reported first- 
half profit below expectations. 

Since then. Gucci shares have lost 
almost half their value, touching 
$32.8125 last week in the United 
States. They were trading Friday 
afternoon at $33,375. 

Besides leaving the company 
open to a takeover, the decline in 
Gucci shares has prompted analysis 
to question management's ability to 
weather the crisis brought on by the 
Asian market turmoil, analysts said. 
Asian sales represent almost a third 
of total revenues, and the company 
plans to open six stores in Japan and 
two stores in Hong Kong’s new air- 
port in the coming year. 


Investor’s Europe 


Frankfurt 

DAX 


London 
FTSE 100 Index 


Paris 

CAC40 


45S0 


5500 


rso 





1957 


1997 


1997 


Exchange 

Index 

Friday 

Close 

Prav. 

Close 

% 

Charge 

Amsterdam 

AEX 

849J2S 

870.08 

-2.39 

Brussels 

BEL-20 

2,267.13 

2,332.47 

-2.80 

Frankfurt 

DAX 

3^99^9 

3,823.91 

-324 

Copenhagen Stock Market 

607 J93 

622.45 

-2.33 

Helsinki 

HEX General 

3,425.02 

3,515.72 

-2.58 

Oslo 

OBX 

693.04 

700.84 

-1.11 

London 

FTSE 100 

4,764.30 

4.863.80 

-2.05 

Madrid 

Stock Exchange 

554,94 

569.22 

-2.51 

' Milan 

MIBTEL 

14791 

15102 

-2.06 

Parts 

CAC40 

24*99.71 

2.781^2 

-2.95 

Stockholm 

SX 16 

3.116.76 

3,219.43 

-3.19 

Vienna 

ATX 

2 .307.76 

1,308.86 

-0.08 

Zurich 

SP1 

3,455.12 

3.523.56 

-1.94 

Source: Tetokurs 

‘ 

Ink'iDUi.cul VtoraLl Trihwtk 

Very briefly: 


Cost- Cutting Lifts Unilever Profit Despite Slow Europe Sales 


CoapSrd bvOw Staff Fmn Duftackn 

ROTTERDAM — Unilever, the 
Bridsh-Dutch consumer-prod acts 
conglomerate, said Friday its third- 
quarter profit rose 15 percent as 
cost-cutting offset sluggish Euro- 
pean sales. 

Pretax profit rose to £934 million 
($1.58 billion) despite a 4 percent 
fall in sales to £8.25 billion. 

The increase reflects favorable 
currency rates and indicates that the 


world's No. 2 maker of packaged 
consumer goods, after Procter & 
Gamble Co., is making headway 
after spending 1.6 billion guilders 
($825 million) on the reorganization 
of its food business and becoming 
more competitive. 

Because of sales or closings of 
some businesses, including specialty 
chemicals, die company showed 
only modest sales gains in Europe, 
but it said its reorganization efforts 


were improving its profit margin. 

“We are accelerating the pace of 
restructuring because we are en- 
couraged by the results of earlier 
efforts,” a spokesman said. 

European operating margins rose 
to 14.6 percent from 11.7 percent 
over the period, although overall 
sales were up just 1 percent. 

Unilever plans to spend an ad- 
ditional 550 million guilders in the 
fourth quarter to root out surplus and 


obsolete plants. Thar charge, though, 
was more than offset by the 9.7 
billion guilders in profit Unilever 
recorded in the second quarter when 
it sold its specialty-chemicals unit to 
Imperial Chemical Industries PLC. 

“The only unpredictable thing is 
the currency impact,” which has 
often depressed the company's re- 
sults in the past. Fokko T uin, a fund 
manager at Kempen & Co., said. 

( Bloomberg . AFX. Reuters ) 


• Airbus Industrie said Eva Airways of Taiwan had signed a 
letter of intent to buy as many as 12 long-range aircraft in a 
transaction valued at $1.86 billion that would moke it the first 
customer for the latest version of the four-engine A340. 

• Vickers PLC. the maker of Challenger 2 tanks and Rolls- 
Royce luxury cars, said it may buy back some of its shares in 
the latest in a series of steps intended to refocus the company 
and fend off a hostile bid by May flower Carp. 

• Diageo PLC. the company that is to result from the merger 
of Guinness PLC and Grand Metropolitan PLC. will buy 
ihe cognac brand of LVMH Moet Hcnnessj Louis Vuitton 
SA at what it considers the right price and time. It also said it 
could sell a major liquor brand in the tinned States to gain 
regulatory approval for the merger without excessive cost. 

■ The BBC plans to start a 24-hour television news channel in 
Britain aimed at competing with Sky News and CNN. 

• Germany's automobile association AD AC pronounced the 
Mercedes-Benz A-Class a safe vehicle after a series of modi- 
fications. including a change in tires and the addition of an 
electronic balancing system. 

• Germany's Finance Ministry, which in the past has >hied 
away from using financial derivatives to manage its debt, 
plans to start using interest-rate swaps next year to cut the cost 
of debt servicing and help it stick to borrowing targets for 
starting Europe's single currency. 

• SAP AG, targeting Russia as a growth market and source of 
programming talenC opened a development center in Moscow 
and offices in St. Petersburg and Kazakhstan. 

• The World Bank suspended payments to the Republic of 
Congo after it fell behind on debt-service payments. 

• Portugal's tax authorities have singled out Ferrari owners in 

a drive to crack down on tax evasion, a Lisbon newspaper 
reported. Blotenberg. Reuters 



WORLD STOCK MARKETS 


ffipfi Low cine Pm. 


Hfgfa Low one Pm. 


Hiflft Low One Pm. 


High Low One Pm. 


T - "? ■ ..V 

p&iii w - 

■ 



Friday; Nov. 7 

Prices hi local amende*. 
Telekurs 

High Low Close Pm. 


Amsterdam 


AEX tadftC B49.26 
Piw h uuPMa 



ABN-AMRO 
Aegon 
Ahold 
Atao MobcH 
Boon Co. 

Bote Wtesno 
CSMcn 
DonfltthePd 
DSM 
Elsevier 
FurtMAmw 
Getroria 


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•• Hefteten 

'!»> Hcogownscw 
Hum Douglas 
ING Group 
MM 
KNPBT 
KPN 

NedbydGp 
NuMaa 
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Phfflps Elec 


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Robeco 
Rodamco 
Boknco 
Rorento 
ftejd Dutch 
UnUevercw 
Vends* Ml 
VNU 

Writes Kl evo 


3ft 40 

3780 

37 JO 

38,90 

154J0 

151.70 

15188k 

156 

50.70 

48.10 

4880 

5<U> 

333JO 

371.10 

moo 

337 

14U 

13580 

i:« 

141.50 

3Qj40 

29 JO 

2980 

3040 

8840 

8740 

88 

88 

10240 

100 

100.70 

10330 

176J0 

174 

1/5 

1/530 

3180 

30-50 

:«s« 

3130 

77 JO 

74 

75 

« 10 

69 

67 JO 

6ft. /0 

6930 


50 

50 

50.90 

83.90 

80JD 

ill 

8480 

323 

315J0 

vo 

32480 


R640 

8/80 

9 LOT 


7V 

HI 40 

H.1 


7980 

BOOT 

03 

73J0 

7140 

7280 

75 

44.90 

4380 

4450 

4580 

7190 

71 JO 

7230 

73.70 

56.10 

51OT 

54.AI 

55. AJ 

56.90 

54.70 

56 

5/J0 

77040 

715 

718 

ZKL80 

15140 

144.10 

150 

I54JU 


104.90 

1U* 

109 

8380 

75 

77.70 

B6J0 


177.70 

177.70 

till 


56 JO 

5600 

57 

173 JO 

I73J0 

imo 

I7J 


11730 

11730 

1I/.3U 

10170 

98.60 

WJO 

10730 



10600 

1U6J0 

104 

100 

100 JO 

105 


4430 

45 

45*0 

244 JO 

73730 

74030 

24630 


High 

Deutsche Bank 10R.9S 
DeutTeMnm 3050 
DmdnerBank 70 JM 
Freserius 283 

Presents Med 12290 
Fried Krupp 38550 
Gehs 

HrideftgZml 
Hwkelpfd 
HEW 
Hochtief 

Hoedist 
KnstaA 
Loluneyer 
Linde 

LufttvmsnR 
MAN 

Mannesmana 7765) 

MeWgesdtachofl3465 
Mato 7A50 

Munch RuecA R 500 
Preassog 4S24B 

RWE 74J» 

SAPjjfd 505 

SGLCriLi 239-20 

SunOUCfcer 900 

vEET 9$ 

VEW 564 

847 
1022 


Low dose 


75.20 
141 
91 JO 
463 
73 
68.70 
575 
78 
1042 
36J90 
516 


10630 10B3S 
31.05 3230 
78 TO 

m 280 

119.50 119 JO 
378 379 JO 

92J0 94JD 
136 13* 

90.10 9020 
463460459 
71 JO 7130 
6745 6775 
57X50 572J0 
76JS0 77 

1010 1020 
3030 38-50 
51150 515 

761 761 

3430 3130 
7445 7SJ0 
495 500 

4 a 449 J0 
74 74 

490 49150 
17020 1713® 

238.50 239 
10080 10120 

1360 1360 

BB3 098 
415 41530 
95 95.15 
560 564 

841 B45 

990 990 


Pm. 

112 

3275 

7140 

29030 

12520 

39070 

9470 

141 

9150 


*SA Breweries 

126.40 

119 11930 

179 

UMUlMties 

736 

6.95 

7.10 


3485 


3385 

3485 

VendomeLkuts 

363 

357 

358 

Stool 

MM 

5780 

58 

61-40 

Vo&rlone 

336 

136 

330 

sate 

213 

710 

21040 

210 

Whitbread 

811 

735 

7M 

Tiger Oris 

69 

65 

6580 

6930 

waiams Hdgs 

170 

3J0 

35/ 





Vibhcty 

5.10 

487 

305 






WPP Group 

2J2 

187 

190 


342 

336 


Paris 


CAC-40: 2*9971 
PmrtomsZ7ll.82 


371 

5 


Kuala Lumpur c™**™ 


71 JO 
7030 
58050 
7940 
1068 
31JQ5 
52JJ0 
797 JO 
3575 
7880 
50850 
465 
7185 
513 
1B0J0 
240 
107 JO 
1364 
900 
42510 
9040 
560 
an.99 
1048 


AMMB HtJgs 
Goring 
Md Banking 
Mol Inti Ship F 
PeborasGas 
Proton 
Pubic Bk 
Rcmna 
Resorts World 
RottuwnsPM 


Stine Darby 
torn Mol 


Telekom I 
Tango 
Iftd Engineers 
YTL 


405 

530 

5.95 

6 

905 

9-50 

94» 

905 

1*10 

1380 

1180 

1*10 

645 

630 

640 

435 

9JD 

9.15 

945 

9.90 

B 

780 

705 

805 

125 

Z19 

284 

285 

3jOB 

302 

336 

100 

630 

580 

5l90 

6Ji( 

27 85 

27 

27 

2785 

585 

S 

5 

585 

9.95 

945 

960 

980 

300 

8.15 

8.15 

880’ 

B8S 

310 

880 

8.10 

480 

*10 

*20 

432 


London 


FT-5Eim 476130 
Pltvbos: 486318 


Abbey Natl 
ABadDaiKcq 
Angflon Wider 

As8?G«w 
Assoc Br Foods 
BAA 
Bodays 


Helsinki 


HEX General Mae 3425J2 
Previous: 351 533 


Bangkok 


SET fades; 49304 
Previous: 07832 


Advhdo&K 
Bangkok BA F 
Munh Thai Bk 
PT7 fcjpttr 
Slam Cement F 
tom Cam Bk F 
TefeaxMuia 
Thai Atman 
That Farat Bk F 

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ISO 

186 

1840 

417 

406 

103 

2125 

5150 

145 

6840 


216 230 234 

171 in 174 

18 25 1840 17 

«M 4(U 390 

390 400 380 

95 96 89 

22 22 2275 

5040 52 47.75 

130 132 134 

6240 6340 63 


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48-50 

47 JO 

48J0 

49 

216 

215 

216 

219 

5360 

5350 

5160 

54 

73 

71 

7230 

73.70 

2430 

2500 

86J0 

2430 

137 

132 

137 

138 

4* 

4460 

45-50 

4680 

124 

119 

124 

125 

4S0 

438 

44* 

463 

202 

199 

202 

203 

79 

■76 

77 

79 JO 

120 

115.10 117J0 12IJ0 

81 

78 

80 

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BOC Group 
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9.73 

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160 

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1579 

871 
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162 
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872 
178 

I&80 

633 

245 

644 

860 

171 

143 

167 

2.12 


BurdoIi Castrri 1835 


Hong Kong 


Hng Sag: 1010150 
Previous: 104124* 


Bombay 


Sensei 

Previous: 37*196 


Bk East Asia 

Cathay Podflc 


Baal Auto 
Hkniusl Lever 
Hindus* Pettan 
Ind Dev Bk 

ITC 

Mnhonogar Tel 
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574 563 56940 569 

1340131275133540131875 
582 TO 9640 9»J5 9825 

179.75 177.75 178-75 18825 

25975 256.25 25V 25940 

1475 1175 14 14 

34540 33640 3*4 338 


Henderson Ld 
HK China Gas 
HK Electric 
HKTrieawm 


Brussels 


BEL-28 hides: 22*7.1 £ 
prevtan: 233247 


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HSBCHdB 


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1775 

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5.95 

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64 

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610 

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2460 

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11/i 

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179 

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17360 

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50.75 

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15-50 

7160 

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Cadbury sanH 
Cretan Comm 

Corral Union 
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Coretaukts 
DbrotB 
Bediuamconente 445 
EMI Group 4.96 

EnwgirGniin <79 

Entaprbeoff 669 

Fom Colonial 1.67 

Gerrl Accident 10.10 

GEC 194 

GKN 1379 

GJonWdconw 1899 

GraiadaGp 876 

Grand AW 
GRE 

GreenottsGp 
Gufamess 
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1912 8 776000 

FLStadB 171 

KobLuffiWiw 800 

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930 930 
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337000 388000 395000 
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775 725 750 750 

10000 MOO 9*50 tmD 
1825 1775 1825 185® 
3058 2775 2850 3050 
8150 8800 8100 8200 

5825 5*25 565® 5875 

3825 3700 3700 3850 
3075 2525 M25 3050 


Johannesburg 


399 JM 


415 


445 448 J69 


Frankfurt 


AMBB 

Adidas 

AltanuHdg 

Altana 

Bk Borin 

BASF 

j, Dover HvooBk 

i Bar VWeinsbonV 
Savor 
B«maarl 
Brivaa 
BMW 

CkAC.C.Jwwi 
Camenrrrbonk 
Donnlcr ftm.‘ 
Dwjikw 


157 

349 
383 
12530 
4240 
57.75 
090 
10030 
H98 
75 
3*20 
1765 
14-.' OT 

63 70 
113 


DA7L3699J* 
Prevswv 382191 
|S5 15* 156 80 

247 J48J0 251 

377 377 JO 3W 
ijijg I53J0 129 

41 40 41 60 42.70 
5610 5* 70 5SJ5 
72J5 *130 7.5-*) 
W.20 99 90 >00 

58.10 »» 

72 <0 75 73.70 

39 39J0 39 75 
1110 1220 1798 
141 141 » 146 

to *0 62-25 

lit 20 11IJ0 II* 

77.10 •* 7» 


ABSAGiMW 
AngWVnCoal 
AngtoAm-pM 
AngtaAm Gold 
AngtaAfljMJ 

AnglaAMPtat 

AVtUlN 

Barlow 

CG Smith 

De Beers 

Dneiwdcta 

FriNaflBk 

Gcncor 

GFSA 

UnpeririHtJgs 

mgweCcri 

facor 

johnnlsstadl 
Liter* HW5 

tffiKS 

Minaren 

Ncenpak 

Nedcor 

Rem broom W 
Rtdwraonl 


30 
263 
212 
221 
141 
7890 
8.45 
49 JO 
22 
I1O60 
32.95 
4JU0 
10 
B 
60OT 
20.75 
2A6 
54 JO 

330 
125-40 
15J0 
91-50 
1525 
106 
41 JO 
5500 


AM » 
260 2« 
207 20220 
212 214 

136 136 

77 -SO .78-20 
8 8 
47JO 4790 
21 21-W 
107 JO 1W 
31-BO B40 

39 39 JO 
9.X 9M 

78 78 

SB SUO 
19 20JO 
2M 2-40 
S3 a 
375 327 

171 124 

1SJ5 ISM 

86 B8 
14.10 151S 
104 105 

40 40 85 

5190 54 


31 
265 
214 
225 
142 
79 JO 
8J0 

51 

22J0 

111.40 

3170 

41 

1005 

85 
61J0 
19J5 
US 
SSM 
335 
126JD 
1630 
9150 
1SOT 
107 JO 
41J5 
57.10 


5M 
3.16 
158 
5J0 

7.12 

7.13 
14 

BJ5 
3J3 

Knalishre B26 

Lddfcrate 170 

1002 
2-71 
4J6 
7.72 
2-13 
SM 
5J2 
1026 
187 
5.23 
840 
7S0 
163 
2J8 
7 SI 
7J7 
1J8 

6.93 

Premier Famed 446 
Piwimltal 
RnWmiGp 
Rout Grout) 
RecWICrim 
Rerisnd 
Reed Ml 
RadaUMU 
Rentes Hdgs 
Raare 
RrtrM 
RMCGraup 
RribRura 
Ragrtri Bk Scot 
“ l&SwAU 


Land Sec 
Laema 
Legal Gail Gip 
LlordsTSSGp 

Loots Vardy 

MajLsSiKtKer 

MEPC 

MacuryAssd 

NatiandGrtd 

NaflPmv 

NatWest 

Had 

Norwich Union 

W 

Pearean 


942 

472 

740 

647 

1J5 

427 

628 

1446 

003 

5-30 

485 

147 

948 

025 

314 

1543 

586 

247 

626 

025 

610 

1J0 

445 

1.99 

9.95 

128 

440 

683 

645 

012 

647 

221 

7.03 

449 

673 

620 

630 

l-OT 

926 

380 

1220 

tZ!# 

789 

533 

384 

3.53 

525 

664 

785 

12.98 

8.50 

348 

001 

245 

925 

243 

673 

781 

2 

540 

521 

12.98 

178 

496 

033 

7J0 

051 

225 

6J0 

748 

1J4 

470 


9J2 920 
4J3 493 
720 728 

654 4-SB 
1J7 1J8 

492 484 

632 641 

1484 1527 
887 026 

540 542 

688 696 

345 340 

9.79 1017 
043 849 

326 326 

1*45 1678 
697 685 

240 245 

636 6-70 

03* 052 

616 628 
1-SI 142 
454 449 

201 289 

3® 10-42 
129 129 

423 428 

592 695 

490 426 

038 058 

658 6J1 

226 225 

7.12 720 

AM 655 

482 490 

627 623 

641 647 

141 147 

988 10.17 

388 3.92 

13 1138 

’i IS 
i i 

638 547 

67* 785 

786 788 

in 

020 024 

246 248 

989 9.9* 

248 2-70 

483 4B8 

7^85 742 

28* 2.13 

668 526 
023 5J1 

1304 1330 
282 287 


602 51 5 

8-53 849 


74* 745 

157 157 


ZJO 2J1 
683 697 


773 778 
US US 


Sahisbwy 
5dw»dere 
SeriNncasae 
Seri Power 
Securtar 
Severn Trettl 
She® Tramp R 
State 

Smith Nephew 
Smith K6ne 
Smiths tad 

smemElec 
5tageanch 
Staid Owner 
Tate* Lj* 
Tesaa 

Thames Water 

3IG*«ra 

TlGlTRW 

Tomkins 

Unlever 

DM As&unmce 

UM News 


659 

9.75 

349 

062 

135 

687 

2*8 

650 
115 
788 
987 
UO 

651 
689 
387 
581 

17JS 

674 

442 
2.74 
065 
412 

1146 

1.78 

063 

073 

658 

748 

683 

443 
478 
849 
680 
082 
108 
4J8 
497 
745 


633 

9.10 

140 

028 

128 

5J9 

2J7 

05 

m 

747 

080 

289 

640 

548 

3JD 

48* 

1615 

646 

425 

272 

7J0 

188 

1185 

1J6 

5-25 

016 

438 

7J5 

413 

458 

440 

052 

440 

610 

2.75 

442 

493 

6.98 


*7* 692 

450 455 


Madrid 


Boteatadac 55484 


PlMtau: 5*982 

Acenw 

20B60 

20370 

TOGO 

21100 

ACESA 

1870 

mo 

1040 

IH85 

Aguas Barceton 

5760 

5610 

5690 

5/611 

Anyentuta 

BBV 

8760 

3890 

8510 

3775 

8760 

3890 

8/30 

3935 


1335 

I3UI 

1310 

1340 


7040 

Si 

6970 

7090 

Bai Cerdro Hlsp 

2*60 

26111 

2720 

Ben Populo-f 

0860 

UOT0 

860(1 

8970 

BaiSontander 

3980 

3815 

3VU5 

4070 

CEPSA 

43W 

4260 

4300 

4430 

Conttoenie 

2735 

2400 

2700 

2750 

Cng^aplre 

6930 

2670 

2S0 

6670 

2625 

ma 

2695 

FECSA 

1120 

1100 

1110 

1115 

Gas Natural 

6670 

6260 

642(1 

anti 


1770 

I/J0 

1740 

1/85 

Pryai 

'2270 

2150 

2205 

2300 

RKpsol 

6230 

6170 

6160 

6310 

SevffiisnaBec 

1330 

i£S 

1305 

1330 


10650 

10640 

IIHW 

TrtofcrtaJ 

4025 

3910 

4015 

4095 


1390 

13/0 

1390 

1400 

Valeric Canent 

2865 

2805 

28OT 

2815 

Manila 


PSE radn: 189361 


Proriaes: 189306 


13.75 

1150 

USD 

14 

Ayala Land 
BtPhffipteJ 

14 

UOT 

13 JO 

14 

98L50 

V/JO 

9/ JO 

y/ju 

CAP Horn**. 

U5 

246 

7.48 

7 AS 


AAJD 

65 JO 

66 

65J0 

Metro Barit 

Z67JD 

260 

265 267 JO 

Petron 

300 

3J5 

360 

155 

POBffiife 

135 

132 

133 

135 

PMLmgDtri 


#4S 

050 

005 

San Miguel B 

S3 

4H 

52 

50 

SMPtweHdg 

440 

680 

630 

6JD 

Mexico 


Baba tadex: 457384 


PnvfalUK 478081 

Aha A 

*160 

6000 

6050 

67.70 

BanacdB 

17J4 

1472 

1476 

1B0D 

CernevCPO 

3380 

JU0 

3100 

3385 

□hoc 

1*50 

14-in 

1412 

1472 

EmpModamo 

4260 

*.W1 

4*90 

42iO 

GpoCanoAl 

5300 

52-ffl 

52.70 

5440 

Gv»F8a»roar 

304 

206 

2.95 

109 

Goo Fin Pitburw 
KbnbOaritMex 

3180 

3000 

3040 

31 J5 

35J0 

33.95 

"U 1*1 

3445 

Ti’vtaj CPO 

14400 144J0 

14450 

ISO JO 

TriMexL 

1002 

17 J6 

17.72 

IftJU 

Milan 

MIBTefaBHritea: 1479100 


Pmtowz: UI820D 

lllHIMlKt- 

14650 

140571 

14*50 

14710 

BCD Comm Ital 

4820 

4600 

4730 

4910 

Ben Rtouan 

6970 


6010 

7070 

Bead Roma 

1549 

1509 

1559 


24900 

24200 

24500 

25100 

Qw^i Driam> 

4425 

4310 

4360 

4475 

EdiHMi 

8&70 

06111 

8495 

8900 

£1(1 

9ft50 

s;i 

9585 

9950 

Fist 

5260 

.5150 

5330 

General Asric 

3BVU0 

3/400 

37700 

38H00 

SMI 

16190 

15900 

15915 

16320 


■ : r ■■ 

as 

?«0 

2B30 

2835 

Itrirns 

MeSnsei 

6600 

8100 

6600 

002(1 

66*0 

USD 

fitaSsbancn 

77680 

*« 

17450 

71730 

RteniE^an 

1348 

1340 

1360 

Qlhetfl 

997 

m 

990 

1013 


2350 

2315 

2385 

Phe* 

4510 

4350 

4100 

457® 


14765 

14500 

14S5S 

14825 


22300 

219X1 

31607 

22050 


12690 

12230 

12515 

12995 

Telecom ttofio 

10650 

10500 

10*30 

I04U 

TIM 

6475 

6310 

63/5 



hem 

AGP 

Akliquide 

AkntelAteBl 

Aia-UAP 

BisicoirB 

BIC 

BNP 

QwainiB 
Carrefour 
Cnstno 
CCF 
Ceteiem 
ChristianDior 
CLF-Oexia Finn 
Qwtt Agrictie 
Dumw 
EU-AquitobK 
ErfdantaBS 


EurorfisDev 

Eurotumd 


France Trieam 

Gan. Eon 

Haros 

hnetri 

Lufarge 

LeqrowJ 

LOreal 


Li 

LVMH 
Midiefln B 
Paribas A 

Pernod Rkanl 
Peugeridt 
Ptaarit-PiM 
Pmmodes 

Renault 

Read 

Rh-PmlHKA 

Sonofl 

Schnritter 

5EB 

SGSThomcon 
StoGonarato 
Sodexho 
St Gabala 
5uG2(Oa) 

Suez Dm Earn 


Total B 
Ustaor 
Valeo 


CSF 


1080 1032 
302 29650 
090 860 

698 676 

401 JO 395J0 

739 707 
400.50 38540 

2S5 249.10 
1015 905 

3106 3004 
31B 312^8 
330 315.10 
634 611 

612 589 

575 5*2 

1290 1274 
093 867 

705 681 

SM 825 

7 40 7.40 
5.95 545 

216 21070 
719 693 

375 36430 
638 618 

35450 342 

1071 1044 

2100 2018 
967 928 

307.10 295 

41690 40420 
27SJ0 25530 
673 650 

2735 2653 
1870 1832 

155 149 JO 
1558 1512 

250 239.10 
549 527 

326-50 31610 
<W0 663 

441 426 

776 762 

2920 2870 

801 785 

1405 1405 
600 582 

714 690 

156-50 14BL10 
622 603 

92» 89.05 
37580 358.10 


1038 1077 
299 302.50 
860 895 

687 700 

398JD 405-50 
739 727 

390 4T0 

250l50 262 

994 1030 

3025 3151 
313 319 

318 329 JO 
626 637 

606 620 
562 580 

1290 1237 

885 902 

592 721 

B50 854 

750 740 

690 540 

21240 21870 
710 726 

373 378 

620 640 

345 35670 
1050 1091 
2018 2127 

938 980 

29740 312.10 

409.10 422-50 

27OJ0 262-50 

663 £86 

2710 2787 

1841 1093 

155 156/41 
15*0 1SS8 
250 253410 
540 551 

324 331.30 
*68 *84 

426 436 

762 779 

■B» 2835 

786 807 

1405 1475 
585 609 

Hffl 727 
152 157 JO 
612 639 

90.90 94.50 

358.10 376 


ABasCopcoA 

AntoUv 

EterfrahaB 

EricxsonB 

Hermes B 
tncerrlwc A 
Investor B 
MoDoB 
Nonkxmken 


PtwririU^folin 


SoadvAl 
Scania B 
SCAB 

S-E BmtolA 
SknmSo Fars 
Shanskn B 
SKFB 

SaarbankenA 
SlBfO A 
Sv Handels A 
Volvo B 


228 

223 

223 

229 JO 

300 

290 298J0 

302 

632 

mi 

615 

640 

344 

332 

338 

349 

321 JO 

314 

316 

323 

663 

650 

652 

668 

356 

345 

350 

359 

212 

206 

211 

21150 

261 JO 

257 

257 

263 

239 

233 

235JD 

243 

231 

229 229-50 

234 

181 JO 

173 

176 

182 

160 156-50 

163 

161JD 

81 

79.59 

81 

81 JO 

355 

345 

340 

360 

285 

28D 28158 

284 

183 

179 

180 

IBS 

177 

175 175.50 

178 

10O 

97 

98J0 

10050 

246 

241 

243 

244 

194 

187 JO 

19050 

195J0 


Sao Paulo >»«CSS2 


BradescaPtd 
Brahma Ptd 
CerolaPW 


GemtaPTd 

CESPPM 

Capri 

Etetrobras 

Ihw banco Pfd 
UaMSwvidn 

MSs, 


: Pfd 

PaufistaLia 

5td Nadanol 

SoumCnU 

TetehrasPfd 

Triemig 

Tetel 

TelesaPkl 

UnBwncD 

UsJadnas PM 

CVRD PM 


8J1 

690JU 

4600 

7687 

12J9 

46&0P 

KKUHJ 

360.00 

295.00 

217.00 
137.99 

36.00 

9.40 

10700 

12500 

101.00 
782.00 

SOLDO 

785 

2280 


741 7 JO 

67980 680.00 
4081 4280 

6980 70.00 
1180 11 JO 
aaean iftfl |ffl 

46580 470.00 
35080 36080 
2898V 29080 
20680 21400 
17780 128.99 
3450 3680 
889 889 

9980-106J9 
10280 11189 
9688 9780 
26080 270810 
2880 2980 
7M 770 
2080 20.90 


845 

70689 

4780 

7980 

1275 

49980 

505.00 

39081 

33080 

231.99 

14080 

37.00 

9JD 

11239 

12580 

1(680 

30980 

3280 

BAO 

2381 


Sydney 


All Mtaariw: 251148 
PrevtoH: 257108 


705 

487 

496 

704 

ANZ Slang 

1045 

9.B5 

908 

7039 

BHP 

15-22 

1*25 

142/ 

14.98 

floral 

303 

3.// 

300 

IHI 

Brambles Ind. 

28.10 

2730 

27 JO 

2700 

CBA 

1742 

1708 

17.10 

1709 

CCAwntW 

12.15 

1145 

11-ffi 

12.11 

CoksMyer 

7J0 

7.10 

725 

741 


405 

5.95 

405 

5.90 

CSR 

497 

470 

47* 

4.W 

Fasten Brew 

203 

2.73 

224 

2JV 


2J4 

2.1/ 

220 

720 

H3 AusJmSa 

11-39 

10JD 

1000 

IIJV 

Lend Lease 

29 J5 

28-50 


29J2 

MIM HtJgs 

Nat Amt Bank 

1-32 

1J4 

125 

1.2* 

2147 

20V 

20J0 

2145 

Muter : !-Sdg 

237 

2J1 

235 

2.34 


740 

/.IS 

/.I/ 

/JV 

PadflcDuriag 

3-21 

3.10 

110 

119 

Pioneer tan 

300 

1/1 

3J6 

1/J 

Pub Braadatst 

860 

842 

840 

830 

RJaTkrio 

1745 

1498 

17 

l/JV 

9 George Bank 

8-74 

8-62 

0J1 

8.6/ 

WMC 


523 

525 

5J4 

Westpac EUJng 

804 

12.14 

837 

1105 

80® 

1145 

802 

12.18 

Wtaoharihs 

*75 

*50 

400 

4/5 

Taipei 

Stock Atabetkatac 78*009 
Pierian: 807477 

CtrftVJV Life Ins 

143 JO 

134 

13ft W 

143.50 

Chong Hwa ETk 
CMae Tu.ig Bk 

100.50 

95 

9530 

10030 

73-50 

69 

71 

riso 


1Q3.50 

9450 

9630 10130 

CiSno Sted 

2470 

23.90 

2420 

2430 

FfaaBank 

10030 

95 

9/ 

101 

Fcmroasa Plastic 

5430 

5130 

52 

5430 

HualianBft 

106 

too 

10230 

106 


58 

54 

55 

58 


5450 

53 

53 

56 

Shin Kong Life 

9450 

ay 

H9J0 

9530 

Taiwan Semi 

132 

12030 

126 

12630 

Tatung 

Utd Micro Elec 

32 

7530 

31 
69 JO 

3140 

6930 

3130 

7430 

Utd World Din 

6030 

58 

59 

6030 


Tlie Trib Index 


Pnoes as 013.00 PM Blew York time 


Jan. 1. 1992* IOO. 

Laval 

Chongs 

%clmnge 

year to date 
% change 
+925 

World Index 

162.94 

■3.40 

-2.04 

Regional Indexes 

Asia/Pacific 

95.09 

-4.69 

-4.70 

-22.96 

Europe 

183.75 

-2.63 

-1.41 

+13.99 

N. America 

201.47 

-2.40 

-1.18 

+24.43 

S. America 

133.79 

-9.16 

-6.41 

+16-92 

Industrial Msxsb 

Capital goods 

207-23 

-2.18 

-1.04 

+21.24 

Consumer goods 

192.17 

-3.35 

-1.71 

+19.04 

Energy 

192.11 

-3.74 

-1.91 

+12.54 

Finance 

114.65 

■3.60 

-3.04 

-1.55 

Miscellaneous 

158.37 

-3.71 

-229 

-2.11 

Flaw Materials 

166.18 

•4.06 

-2.38 

-5.25 

Sendee 

159.71 

■3.03 

-1.86 

+1630 

UMfes 

155.15 

-5.58 

-3.47 

+8.15 


77» International Herald Tntvne World Stock Index & backs me U.S. dollar values d 
280 memebonaBy mestaUe stocks from 25 countries For more mtormatmn. a tree 
booklet's available by writing to The Too maex.181 Avenue Charles He Gaulle. 

B2S21 Nemby Cedex. France. Complied by Bbamtxirg News 


Mitsui Fu don 

High 

1380 

Law 

1340 

Close 

1350 

Prav. 

1420 

Newbridge Net 

High 

63J5 

Low 

ftOJS 

Qou 

6235 

Prav. 

6305 

Mtsui Trust 

358 

33b 

342 

383 

Nam da Inc 

2410 

2305 

2190 

2445 

MurataMfg 

5280 

53DO 

5780 

5350 

Ntvcen Energy 

31 

3105 

31*. 

31'v 

NEC 

1370 

1320 

1330 

1370 

Nthem Telecom 

131 

178 

129 

131 '.T 

NttitoSec 

1520 

1450 

1450 

1540 

Nava 

1360 

13J0 

13': 

1160 


429 

310 

474 

434 


35 1 ! 

:u'.t 

34'; 

36 


11700 

icsao 

10900 

11700 

Panrdn Pcflm 

23‘j 

22.90 



asssr 

645 

*3® 

6JV 

644 

Petra Cdn 

2VJ0 

28*. 

2905 

29.10 

474 

465 

470 

479 

Pkxxr Dome 

20** 

19.10 

1930 

70.70 


2OT 

744 

749 

254 

PotsPcIlm 

1190 

I3't 

1.1,711 

1190 

Nissan Motor 

667 

6.14 

634 

663 

Potash Sask 

119.90 

119 

U9'T 

119.90 

NKK 

157 

152 

154 

156 

Htimbsance 

32*i 

31.95 

3235 

32.95 

Nomura Sec 

13*0 

1110 

1330 

1410 

RnAtaom 

7600 

26 

7605 

76.60 

Nn 

1060b 

1020b 

IBS* 

1070a 

P-ogm Conte B 

20 

19'- 

19*4 

71J5 

NTT Data 

S900II 

5800b 

SHMUb 

5840a 

Seat) ram Co 
ShScda A 

4700 

46,95 

47.10 

4700 

Oft Paper 

592 

565 

•Wj 

598 

27*. 

2/ 

77*5 

78*. 

Osaka Gas 

272 

267 

2X1 

275 

Suncor 

52 JO 

5105 

51.45 

5155 

Ricoh 

1590 

1520 

1540 

1*00 

TgHsmanElw 

49 

47*, 




12500 

17S0U 

12500 

13000 

TeckB 

73 

Vlr 

2200 

2140 

SakwaBk 

469 

452 

457 

472 

TekgUrt* 

4S'e 

44': 




3970 

3870 

3930 

4000 

Telus 

30.95 

»: 

3000 

31 

SanwaBcmk 

1130 

1040 

1050 

1170 

Thomson 

3500 

34 >., 

35 

35 1 : 


379 

370 

370 

394 

ToiDoni Bank 

5430 

53 

5360 

54.10 


7470 

7420 

7450 

7580 

TransaHa 

1990 

IMS 

19.40 

20 05 

SeftuRwy 

SridsulChem 

4930 

4050 

4890 

5020 

TransCda Pine 

27.90 

27*: 

37 60 

2700 

953 

938 

<J48 

943 

Trimark Rnl 

76'b 

74JO 

76.10 

77 JO 

SeUstrf House 

10« 

1020 

1020 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 8-9, 1997 


PAGE 17 


ASIA/PACIFIC 


A Strange New Role for Hong Kong 


By Paul Blustein 

Washington Post Service 


HONG KONG — For insight into 
the Hong Kong Stock Exchange, 
from which Wall Street and other 
world financial markets have taken 
their cues in recent weeks, consider 
the scene one morning this week at 
the Kau Kee grocery store, tucked 
behind a temple on the southeastern 
tip of Hong Kong Island. 

In the front of die tiny shop, half a 

dozen locals in T-shirts and sandals 
were gathered around a computer 
that sat atop a glass case filled with 
Chinese pastries. They took turns 
typing in ticker symbols for the 
latest information on stocks such as 
Pearl Oriental Holdings, SAS 
Dragon Holdings Ltd. and Chung 
Hwa Development Holdings Ltd. 

As one man spotted a buying op- 
portunity and called bis broker on a 
mobile phone, a woman explained 
her investment strategy. 

“I watch professionals on TV 
analyze the market, but I really buy 
or sell depending on my mood,” she 
said. “Some days, I just wake up and 
decide — I’m going to buy!” 

That's Hong Kong for you. This 
is a place where more than one in 
five adults plays the market, often 
with pluck more common at a casino 
table. It is a place where the market 
tends to rise and fall in sharp swings, 
as the world has learned in the past 
few weeks, when Hong Kong’s ups 
and downs were often called the 
cause of major moves in markets 
elsewhere, including the record 
554-point drop in die Dow Jones 
industrial average on Oct. 27. 

On Friday. Hong Kong's bench- 
mark Hang Seng Index fell 2.96 
percent, to 10,104.50, bringing its 
loss for the week to 4.9 percent. 

Hong Kong has a healtny supply of 
financial professionals, some of them 
funneling money from, mainland 
China, who conduct their trading in 
skyscrapers, not grocery stores. 

But the market here is still rel- 
atively small — at least compared 
with New York, Tokyo and London 
— and is dominated by shares of 
property developers. The total value 
of companies traded on the ex- 
change is about $360 billion, com- 
jared with about.$9 trillion for the 
'Jew York Stock Exchange. 

So market experts here profess 
bemusement that the Hang Seng In- 
dex has suddenly become a leading 
barometer of global sentiment. 

4 -It's ridiculous for Hong Kong to 
be having such an influence, and it 
speaks to the volatility of the U.S. 
market, not Hong Kong,” said Paul 
Schulte, regional head of research at 
ING Baring Securities Ltd. in Hong 


Small Market Gets 
Trend-Setter Job 

Kong. “The fact that Hong Kong has 
become so influential most mean that 
people in the U.S. don't really know 
where stock prices should be.” 

Hong Kong’s Jate-October plunge 
was psychologically significant be- 
cause until that point Hong Kong 
appeared to be an island of calm, 
newly under the control of China, as 
market turmoil swept through other 
Asian countries such as Thailand, 
Malaysia and Indonesia. 

The market here has matured tre- 
mendously since its wild and woolly 
days in the 1960s and '70s, when it 
was almost totally unregulated. ■ 

In those days, recalled Robin Bar- 
rie, a consultant to the exchange, 
“you could register yourself as a 
stock exchange the same as you 
could register yourself as. say, a 
trading company.” By 1972, four 
exchanges were competing with one 
another, offering different hours and 
listing requirements. 

The British colonial government 
decided a thorough overhaul was in 
order, especially after frenzied spec- 
ulation in 1972-73 was followed by a 
plunge in the Hang Seng Index from 
1,775 to 150. By die mid-1980s, the 
four exchanges were combined into 
one, a securities commission was 
established, and rules against insider 
trading were established. 


Possible punishment for insider 
trading does not include imprison- 
ment, as it does in the United States, 
but a person found guilty of the . 
offense may suffer heavy financial 
penalties and be banned from 
serving as a corporate director. 

Thanks to disclosure rules, Hong 
Kongers can now enjoy following the 
rising and falling stock-market for- 
tunes of tycoons such as Li Kn-shin g, 
whose losses in die market’s recent 
fall were repotted in Hong Kong 
papers as exceeding $8 billion, and 
Walter Kwok, whose paper losses 
reportedly exceeded $4 billion. 

These billionaires are sometimes 
accused of engaging in sweetheart 
deals with ate another at the ex- 
pense of small investors in the 
companies they controL But on the 
whole, said Anne Gardini, head of 
research at ABN-AMRO Hoare 
Govett Asia Securities, 4 'Hong 
Kong is a grown-up marker.” 

The exchange floor itself is a 
staid-looking operation, where 1 .200 
traders sit in front of computers and 
type in orders rather than jumping up 
and down flashing hand signals as 
they do on many other exchanges. 

But it is hardly a haven for the 
faint-hearted — as can be seen from 
a casual look at its course over the 
past four years. The Hang Seng 
surged above 12,200 points in Janu- 
ary 1994 before diving below 7,000 
in January 1995. It roared back to a 
record high of 16,673.27 on Aug. 7 



.% _■ _ • ■ 

K ■ 

4 4 4 **; jf', 

■aKabaSaufc. - * as * t 

ftctm Ng/Rmrcn 

A Hong Kong resident using a mobile phone to make a stock trade. 


this year — and has dropped 39 
percent since then. The biggest 
factor in the market's roller-coaster 
character is real estate. Developers 
and banks account for about 60 per- 
cent of the value of stocks listed on 
the exchange — and the banks are 
deep into the property market More 
than 40 percent of their loans are in 
real-estate lending. 

4 'That changes the whole dynam- 
ic of the market, giving ns tius tre- 
mendous leverage up and down.” 
said Andrew B allin gal, strategist at 
Schraders Securities Asia Ltd. 


Weak Ringgit Sends Tenaga to Full- Year Loss 

close of trading. 

Currency losses aside, the com- 
pany's business outlook is improv- 
ing, some analysts say. With a stable 
rin ggi t, Tenaga’s profit from op- 
erations would have risen 52 percent 
to 1 .37 billion ringgit. 

Tenaga is the largest producer 
and distributor of power in Malay- 
sia, although it buys about 30 per- 
cent of die electricity it sells from 
independent power producers. 

The company has been granted a 
rate increase, and the state is en- 
couraging independent producers to 
contribute to the cost of developing 
power networks in rural areas. 

( Reuters , Bloomberg) 


Cimfnledbi Out SutfFtrm Diq&chn 

KUALA LUMPUR — A sharp 
drop in the value of the ringgit drove 
Malaysia’s power utility, Tenaga 
Nasional Bhd., to a loss for the year, 
the company said Friday. 

Tenaga posed a net loss of 140.6 
million ringgit ($42.8 million) for 
the year ended Aug. 31, reversing a 
net profit of 797.8 million ringgit in 
the previous year. The impact of the 
lower ringgit apparently was worse 
than analysts’ expectations. Many 
analysts had expected Tenaga to 
show a small net profit for the year. 

The utility said it had 1.3 billion 
ringgit in losses on its foreign-cur- 
rency debt, including U.S. dollar 


debt. In its previous year, the com- 
pany had a foreign-exchange gain of 
130.4 million ringgit 

The dollar has risen 23 percent 
against the ringgit this year, raising 
the cost of borrowing abroad for 
Malaysian companies. Tenaga said 
its performance was likely to de- 
teriorate further in its current year if 
the ringgit continued to slide. In a 
move to reduce its currency risk, 
Tenaga said SepL 25 that it would 
tap local markets for its future fund- 
ing needs. 

Shares of Tenaga, which is 78 
percent owned by the government, 
closed at 8.15 ringgit, down 0.55. 
The earnings were released after the 


Not only do property companies 
fluctuate madly on news that interest 
rates are heading up or down, but 
their big presence in foe stock mar- 
ket means that optimism in property 
feeds optimism in stocks in general, 
and vice versa. Individual investors 
add fuel to this volatile mixture — 
their trading profits are free of tax on 
capital gains, and Hong Kongers’ 
passion for wheeling and dealing 
often astonishes Westerners. 

“My 26-year-old secretaxy car- 
ries this pager at her desk, which she 
can program to get information 
about particular stocks, and lately it 
seems like every 10 minutes she’s 
on foe phone with her broker,” said 
Daniel Simon, an executive at foe 
Hong Kong office of the Saatchi & 
Saatchi advertising agency. 

“She and my assistant are always 
yelling across foe hall at each other 
about foe market, and when they 
can’t get through to their brokers, 
they .start screaming.” 

Another dimension to Hong 
Kong’s market is China’s influence. 
The reversion of Hong Kong to China 
in July increased enthusiasm for 
Hong Kong stocks among individual 
investors, who analysts say believed 
— apparently with a considerable 
degree of validity — that Chinese 
■ enterprises would be investing more 
idle cash in Hong Kong stocks. But 
whatever money did come in was not 
enough to stop the fail. 



Source: T^ekurs 


Invmatimul Hetald Tribune 


Very briefly; 


•Japan’s Federation of Economic Organizations, which 
groups 630 of foe nation’s biggest companies, told members 
they must shun racketeers or face expulsion. Forty-six ex- 
ecutives have been arrested or convicted this year for paying 
off racketeers, or sokmya. 

• Japan’s sales of imported automobiles fell 25.4 percent in 
October, the seventh straight monthly decline, as an increase 
in tiie national sales tax April 1 has depressed spending. 

• China will Dot use the financial crisis in Southeast Asia as an 
excuse to let its currency’s value slide, Chen Yuan, deputy 
governor of foe central bank, told the China Economic Herald. 
His remarks came amid calls by some economists to lower the 
value of foe yuan to, keep China's exports competitive. . 

• India has given permission for Indian and foreign compa- 
nies to build ana operate airports to meet the country’s 
growing passenger aim cargo needs, a government spokesman 
said. The government estimates that passenger traffic will rise 
fourfold and cargo traffic sixfold by 2017. 

• Mitsubishi Motors Corp.’s pretax profit for foe six months 
ended Sept. 30 fell 6 percent from a year earlier, to 1 7 J billion 
yen ($142 million), as a surge in exports and foe weak yen 
faded to offset a slump in the Japanese market. The company 
warned Thursday that a foreign-exchange loss in Thailand 
would cause it to post a 40 billion yen loss for foe year. 

• News Corp-, beginning Monday, will spend about 1.3 
billion Australian dollars ($9083 million) to buy back 12 
percent of its preferred shares, or 209.7 million shales, on the 
open market tD SOak np excess Cash. AP. Bloomberg. Reuters 


India Names Technocrat to Head Its Central Bank 

Reuters 

NEW DELHI — The government ap- 
pointed a respected economist and plan- 
ning official Friday as governor of foe 
Reserve Bank of India, the country's cen- 
tral bank. BimaJ Jalan, foe senior tech- 


nocrat in the Planning Commission, which 
crafts India's five-year plans, will take 
over as the top central banker. 

Finance Minis ter Palaniappan Chidam- 
baram said the appointment signaled con- 
tinuity in India's monetary policy. 


KLEIN: Power Management 


Continued from Page 13 

Gabriella got here,” Mr. 
Schwartz said. "I told her 
how proud I was ihat we had 
an $18 million business. She 
just shook her head and said, 
‘That’s not nearly enough.' 
Now. wc do $100 million in 
wholesale in that business.” 

Among other alliances, 
Ms. Forte was responsible for 
f deals with Nine West to make 
J shoes, Stefanel to make CK 
apparel and SMH for 
watches. Licensed products 
now account for more than 90 
percent of Calvin Klein’s rev- 
enue. 

Last year, the company 
generated S200 million, or 5 
percent of its sales, from busi- 
nesses other than apparel and 
fragrances. This 4 ‘other’ ’ cat- 
egory. in which much of the 
company's future growth is 
expected to come, should 
grow to 10 percent by foe end 
of next year, Mr. Schwartz 
said. Calvin Klein hopes to 
*>add furniture, lighting and 
rugs by 1999. 

North and South America 
currently account for 68 per- 
cent of sales, with Europe 
providing 21 percent and 
Asia a mere 1 1 percent. De- 
spite its recent currency and 
economic turmoil, Asia is ex- 
pected to become increas- 
ingly important. To a lesser 
degree, so should Europe and 
South America, company ex- 
ecutives said. “We have 
barely scratched the surface 
in Thailand, Malaysia, India 
and China,” Mr. Klein said. 

That sales growth is cru- 
cial. Although company ex- 


ecutives will not disclose key 
financial information, clearly 
all foe operational changes 
have not come cheaply. And 
the company would prefer to 
finance its growth with its 
own money rather than be 
held up to Wall Street's 
quarterly scrutiny. “We are 
very happy being private," 
Mr. Schwartz said. “We an- 
swer to each other.” 

The company did say that 
its pretax earnings for 1996 
were $47 million, a decline 
from 1995. when it earned 
$52 million. 

As for Ms. Forte, she has 
not met her goals by whis- 
pering. Soon after her arrival, 
several key people left, and 
there has been fairly high 
turnover since then. More 
than a dozen former employ- 
ees interviewed for this ar- 
ticle praised Ms. Forte for her 
drive and intellect, but they 
also said she was prone to 
livid outbursts and expected 
every person in the company 
to match her long hours. 

Ms. Forte bristles at the no- 
tion that she is unfair, but she 
does not deny that she can be 
a tough taskmaster. 

“Yes, I have a temper,” 
she said. “But this is not 
about my character. Change 
is a traumatic experience for 
everyone.” Her voice rising, 
she added. ‘‘If I expect you 
here at 9, groomed to sit in an 
office and conduct yourself 
like you are in an office, that 
might be traumatic.” 

She added, “I have high 
expectations of myself. I can 
see the horizon, and I want 
others to see it." 


ft; 


ft 


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RELIGIOUS SERVICES 


AMSTCRDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
a.m. & 1130 a ji\J Kkte Welcome. De 
Cuserstraat 3, S. Amsterdam into. 
020-641 6812 or 020-6451 65a 
FRANKFURT 

English SpeaJdng International 
■ Catholic PM-fsh, St Leonhard, ATto 
Malnzer Qaaae 8, 6031 1 Frankfurt, 
Germany, TetfFax 069-283177. Mass 
schecUe: Saturday 5 pm, Sunday: 10 
am. Oonfasdonc 1/2 hour tsfore Mass. 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(Evangeflcal). 4, bd de Plbrec, Coto- 
mtar. Sunday service 6.*30 pan. Tel.: 
0562741155. 

FRENCH RMERA/CdTE D'AZUR 

NICE: Holy Trinity (AngRcan). 11 rue 
tab, Sun. 11; VENCE: St Hugh's, 22,8V. 
Mrakno* 9 am. Tet 33W 8387 1981 
PARIS and SUBURBS 
EMMANUEL BAPTIST CHURCH - 
56, rue des Bons-Ralslns, 82500 
Ruell-Malmaison. Worship: 9:45 : 
11:00 a.m.Sunday School. For info 
Tet. 01 47 51 29 8301 4749 15 29 or 
fqriWpvftgaocaBMonVP^ 

HOPE INTERNATIONAL CHURCH 
Hotel Orion at RarisfeOtifense. 6 bd. de 
Natity. WorsNp Sundays. WO ajn. Rev. 
Douses Mter, Pastor. 01 43 33 0* 06 
Mfeu 1 to ta Defense Esptanada 
SAINT JOSEPH'S CHURCH {Hemwi 
CsMk)- MASS N EN3USH: Set BSOpm; 
Sun.: 9:45 bjh.. It am, 12:15 p.m., 

£30 pin. so, awue Hxha, para 8h TeL 

O1«Z72B66,MBbo:QigrJ08deQaAs-Qofe. 
RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprogrammed (stem) 
meeting far worship. Sundays 11 am. 
Cense Quaker IntemteonaL 114 bis, as 
da Vagfcard, 75006 Parts. Al Welcome. 
+33 01 45 48 74 2& 

TOKYO 

TOKYO UN0N CHURCH, near Omocesareto 
Subway 9a T* 31000047. WoS* Srioas: 
Sunday -830 5 11:00 am, SS d 9*6 am 

SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 

EngUsh-Spsaldng non-denomfnBlfonaL 

TeC +41 61 302 1674, Suidays 1030 

Motere Stans 13. CH-4Q55 Basel. 


. ZURKH-SWITZERIAND 
ENGLISH-SPEAKING CATHOLIC 
MISSION; SI. Anion Church, 
Minerva stra Be 63 Sunday Mass: 
830 am & 1130 am. Services held 
In the crypt olSL Anion Church. 

UNITARIAN UNTVERSAUST] 
Mi^Sl^gjraS^ 

U NEVER SA LIST FELLOWSHIP OF 

PARIS, wHI Speak on -Diversity end 
Tolerance* at tie October 12 aervica 12 
noon. Fcyar de TAms, 7 bis, rue du Pas&ff 
Warner, Parts 11*. Metre Bastfla. Afl 
welcome. Non -dogmatic reNgtaus 
education for effidren and teens.Xhfld 
care. Meditation and spiritual growth 
□roups. Social activities. INFO: 
8 13032. 75.33. 

WASSENAAR/THE HAGUE 
THE NETHERLANDS UNITARIAN 
FELLOWSW* ywtesyou ID Its services 
vtttv are held an tie n Suxtay cf each 
month beginning at 13. -00 at 8w NPB 
Chuth, Lange Kartatam 46, Wessawar 
AI ae welcome] NorwJoan8tic reUous 
education for the ch Horen. Nursery 
gjg^^torThar^Dtoner. 


ROME 


ST. PAULS WITHN-IHE-WALLS. Sun. 
aao am. Hofc Eucharist RfeLioaO am 
Choral Eucharist Rite II: 10:30 am. 
Ctxvch School far chMren&htora v^c ^ 

RSjpfsL d&164 feS 1 TeL: 306 488 
3339 or396 4743560. 

BRUSSELS/WATERLOO 
ALL SAMIS’ CHURCH, 1st Sun. B & 

11:16 am. HoM Eucharist ntft CNttaft 

ChepeLMll ns. Alotoer Sundays: 11:15 

am. Holy Euchattand Simday School- 

563 Ctmussde de Louvain, Ohaln, 

Befgua TeL 32C 3843556. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Fairtfy Eucharist. FiwMwterStrasw 3. 
Wfesbaden, Germany. TeL 49611303574. 


EUROPEAN 

BAPnsr CONVMION 


THE EFECOPAL CHURCHES 
OF EUROPE (Anglican) 


PARIS and SUBURBS 
TfEAIET9CAN CATHS3RAL OF THE 
HOLYTRRETY.Sui. 9 A 11 am, 1046 
am. Sunday School for cftl&en and 
Nursery care. Third Sunday 5 p.m. 
Even song. 23. avenue Georoe V. 
Paris 75008, Tel.: 3301 53 2384 00. 
Metn George VorAima nraresau. 
FLORENCE . 

ST. JAMES' CHURCH, Slii 9 am. Rte I 
& 11 am Rte B. Vta Bernardo RuceU 9, 
50123, Harare* Baly.TeL395C2944 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Eplsoopal/Angllcan) Sun. Holy 
Commurfcn 9 aril am Sintoy School 
and Nursery 1045 am. Sebastian Rhz 
St 22. 03523 Frankfurt Geraany, U1. 2, 
3MqueMte&Tefc4aB96501 & 
GENEVA 

EMMANUEL CHURCH, 1st & 3rd Sui. 

10am. Eucharist 3fa&4ti Sun. Morning 

Prayer. 3 rue dBMorijKMc 1201 GenevC 

8i£e£ndTBL-41fl27$ 8078. 

MUNICH 

THE CHURCH OF THE ASGH4SJON, 
Sun. 11:46 a.m. Holy Eucharist ana 
Sunday Srfioal. Mmy Care provUsd. 
Seybohstraase 4,81545 Munch " — 
bchng), Germany, m: 490964 B1 


BERLIN 

I.B.C., RERUN. Rothenfaura Str. 13, 
(Stegfltz). Sunday, BUe study 1045, 
* ) Service 12 jOO noon. Charles 
. pester. TeL 030-77+4670 
BRATISLAVA - SLOVAKIA 
I.B.C n The luverrta. Karioveska 64, 
Audtorium 1046. Worship Sim. 1030. 
TeL (07)715367 

BREMEN 

Hoheriohesfr. Hwmann-eos&Str. 
i sun. 175)0, Pastor telephone: 
0421-78 643. 

BUCHAREST 

LECL, Stracfc Pops Rlsu 22. 35)0 jam. 
Gcrfect Pato WraKmpar,Tal 3T23HL 

BUDAPEST . 

I.B.C., meets at Morica Zatamond 
Girrmazium. Torokveaz ut 48-54, Sun. 
lOtCOi Tet 25CKB32. 

BULGARIA 

IBjC, Wbrid Ttade Center. 38. Cretan 
Tzantov BtwL Worship 115)0. James 
Dita. Pastor. 7ttr 971 -2192. 

DARMSTADT - GERMANY 
IJI-tL. WUhelm-Leuschner Sir. 104, 
DanreWBOriashakn, aile Study Sul 
• 1ftOOLTfc (0611)94*048. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FEL- 

LOW8HF, e*AeUKHchB GemeM* 

Sodanerar. il-ia 83150 Bed 

Sunday Worship, Nursery & 

1120 AM. Mid-week ministries 
MLewey. CeUEarc 061736272a 
BETHEL l-B.C. Am Dachsbaig 92 
— tai). Worship Sun. 11:00 am. and 
Tom. TeL ( 


HOLLAND 

TRNTTY BtTERNATIONAL invtes you to 
a Christ centered fellowship. Services 
9D0 and1020am.Bfcemcamptaan54 l 
Wteeenear 070-51 7-6CG4 rusoyprov. 

NKE~ FRANCE 

LBjC. 13 rue Vernier, English service, 
Sunday evening 1830 pastor Roy Mer - 
TeL .(04 S3) 32 05 08. 

ST. PAULDE VENCE - FRANCE 
SL Paul da Vm-ftanoe tac, Espeoe 5L 
Ctaire, Level TT, Bible Study Sun. 930. 
Warship Sun 10:45. Tet (0493)320596. 
PRAGUE 

IS. FELLOWSHIP, Vinohradsta # 68, 
Prague &8in 11 IK. TeL - (02)311 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWSMP 
Sun. 1930 at Sweetish Church, across 

Irom MadDongfcfe, Tel: (02) 353 1585. 

ZURICH - SWITZERLAND 

Lao of Zurich, Qheistrasse 31. 8808 
RtedOton, Worship Services Sunday 
mortige Iftaa TeL 1-4810016 


assoc, of wra 

CHURCHES 


BERUN 

AIBUCAN CHURCH I* BEFUN, «r. 
of City Alas & FMafemer Sr, SS. 930 
am. Wcrtftipn am TeL 03081 32061, 

. GENEVA 

EV. LUTHERAN CHURCH 20 rue 
Verdana SunJey wrohb 930. hOernwi 

nfflhBtfsh. Tet (022) 3105089. 

JERUSALEM 

LUTHERAN CHURCH of tile Redeemer. 
QW Cty/Miritfsn FfcJ. Engfch wot^p Sul. 

9 am. Man welcome. TeL (02)8281-049. 

PARIS 

AMERICAN CHURCH IN PARIS. 
Worship 11:00 am. 65. Qua tfOraay" 
Paris 7. Bus 63 at door. Metro Afrna- 
MsrcsBiorlimaMott. 

ZURICH 

BfTERNATlONAL PROTESTANT 
CHURCH EngBsh speaking, worship 
aervtee. Sunday School & Nursery. 

_113Q a m. S d am en g BBB 2s. 

TeL (01)2625526 ‘ ^ 




[jZ 2 

m 

ss 


Jmm 


HHV 











PAGE 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAi-SUNDAk, NOVEMBER 8-9, 1997 


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ranked by Upper Analytical Services. 

• the world's top -perfo r ming offshore global equity 
fund for the 12 months through Apr! 4, 1997, as ranked 
in the Aprfl 9, 1997 edition of The WaB Street Journal 
Europe and Asia. 

• Four funds among the top-six performing funds 
of funds for the 12 months ending August 1997, as 
fisted in the Oct 1997 issue of MAR/Hedge, a Journal 
which tracks the hedge-fund industry. Two funds were 
among the top five gainers for the previous 36 
months ending July 1997. 

For more information, ikx Dton Friediand at 
Magnum (Bahamas) at 1-242-356-6640 or visit our 

web site at www.magnumfund.eom 


Perpetual the fund range 


% Change 


Standards 
Poor’s Fund 
HBsearch 

Rating* 



GENERAL INFORMATION ON PERPETUAL FUND MAN- 
AGEMENT (JERSEY) LIMITED 

t Oflers 9 ofthore equity 

(Minimum Investment USS2000) 
i Sfoce launch, 7 funds have achieved top quaiffle performance 
I Over the last five yeas, 3 out of 7 funds have acNevadtop, 
quartfla performance 

i Offshore Portfafio Manatjanera Service, based on fund range, 
also avalaUe (Minimu(n Investment; US$1 50,000) 

AMstamea an tearf«wsmber IS9T. m imo*jMMi#3C USOtfariw* 
mtSuOra iemmteHmcame.net d mSWOieieoies pemca: uksopa). ■ . 

= Steided S Poors Rjnd ffasamsh k a laming qualb /asaasb 

company. 77»«*S tantmiaPaa^r^RBsoanttieivbi^^ 

+44 (QjISMgffKO. or send us a fax on +44 (0)1604 3SM8. 


re 

V 


/. 

I. 

r > 

T 

z 

z 


BOND FUND RANGE 

Bonds. 

A wise man 
spreads his risk. 


The recent turmdi in Asia adds further momentum to the 
current global disinflationary era - an attractive 
environment for bond investment we believe. It also 
highlights the benefits of diversification across efifferent 
asset classes. 

With a range of 26 offshore bond and currency funds, 
Guinness Flight is recognised as one of the leaders in 
this area. 

For further Information, please contact our 
Investor Services Department in Guernsey on: 


+ 44 (O) 1 48 1 712176 


Internet www^juirviess-flighLcom 

napaferataam iac— kfBvwMMlwwiFLdB— m— wmW’vmawyB 


E i — n ma »Wwmii«i ■W nM gjaniuatijaoo.fnrTwraowrton w i w im n iaWwwPt 
■wwm. in«>M0vmnn«MNaM«aMHtMMaaHw«iMa4 n«v«wiltvMraaM 
■anranakMinnlWMV 



Wherever you are. 

Wherever you want 
to invest. 


* We're (here 



GLOBA I OFF 'MORE FI \ Di FROM l\\ f *.( O 


MkfSCOspcculaafn meament 
Tiunjgpfrml. b k our only business 
vn&CnMto most of out competitor;. 
,<pW*nergiafBiie facased solely on 
mhaad(tt& value of our dienK' 


Wri> mol tedhtndiMMefnMr 

in EKtascf L!SMW«BW;'1NVWU 

a i company of«6fianc»^j fefcT " 

broatLonwnRappeaL 

Evere day. xrott the continents, 

otti one rnsL-on clients kMk to 


1NVESCO for Ibe hmaAr, sfcb-4^ 
percep ti on vre being to inwanjWl' 
nunagrmert. 

From the cautious, first tlm^veuc 
through to those with sulfite® 
inve s t me nt ponfoTiq^ 

There is a sWri O Mhie of purpose 
- and »imu> lltfrTTrr it reflects 


that has found great 
success and whose aspirations 
extend way beyond. 


For more infonnatioo on oar range of Global 
Offshore Funds phase contact os now ah 

r-tVESCO Home. 

PO Bo.. J7I. Cfra»«r Sow*. Si. Hdfcr. \enty IE4 AID. 

E-rui! address. ■ta.nuiWier.'nyesraxoni 

Tekpbeme: -44 W115J4 8HOT8 facwnjlp- +4* W)tSJ4 «141n7 

OraMil wmiuvI) iRMtrnWMMtaw Oruharfikani^alaarta 
arjnlW-nM>«a.««viUNIS*ABtiiMyi!iiMM M«l£i>*eDaScM 
•ttthMOlUMIlIXaf On H W i ll m i ■I QW1 W IX I— a 

MMNiwwfiuwi-aiSiiwMMlfaMO 

mn- 


J.W h SC ( j 



Momentum 

AllWeather 


Absolute returns 

NnKonsMBd 


Lowntaiair 

DivereM 


One of the most exceptional, low risk investment funds. 
Launched 2nd May, 1995. 

■ G^owtti sines hiceplkn 40.43% 

■ Aonoattsed retain 15.08% 

■ Annnafised vofcrtirrty 2-43% 

■ Maximum drawdown (1 mooHi) 0.00% 

■ Sharpe ratio 4-16 

Momentum 


0(T> r A\m \(..i f i Roi'f-w Ft)i rn CI-uv 


[%l o global iawswr caa affittd to me opportnnitks oCfercd in 

Europe - and who better to fawoK Whh dun OK Mutual 
hnenudonaL Over foe pasfivc yens Otar wamterioencAM&tkbSog 
approach has been ootttfaKndy mnW -im&hgvfflBaiber (tecta 
the sector according to indepeukm Money fiftoagemcat statistics. 

. \ “ 

The European Stodunarfeet Fund is part df our extensive xange of. 
ofthore equity. boocL tnuw gc d and dqposb foods, fiitfllti ngthc needs 
of a broad spectrum of towesans - 6ui» the eatber adrentnroas » foe 

more risk arose. 

'ABtb& with the added sccnriiy af investing with Old MnOKil. one uf die 
srorttfs fop Bfeassaras.Esribftshodfo 1895, (Allfoualwoifttwfde aiow 
manges aasetit teenoen of 09N$ bffioo)' 


fanrewotMn «wf 
wyvt.ru ekrit 

ifcm m f, mm 


'iownNWbwaMK 

.j W acdni ir fctnuri 



H oaten swptt. nte b tete m .... r'i < • ~ ■ . ■■■■ 

CTJ n wr e ^jIftxvfa T crohipe tx-UK tetter ' %*' ■ -s*' f 

C3- MlcTopitf bff»hot« fcw op—l i Eff»i^r9t»«d l \ ."i; 

suMwISWo fcC: • - 


^ rim Wl.'TL'AL 
- ‘ ’ [ nt(‘ r n ,1 1 i o n ,i I 


“For real growth, we recommend 
balanced long-term investment 
and immediate action” 

Equities offer a real opportunity for lodg-fierm growth, and the 
economic indicators suggest a favourable outlook. 

Invest through Robccu Bank and you'll benefit from: 

• E\p<Sn advice to build a well structured, diversified portfolio. 

* Balance between superior long-term performance and security. 

* The barium; of E nr opes leading investment house. 

• A company • Robeco N.V - which regularly sets industry 
Standards. 


AsumofUSS 100£00 
invested with ftobeco N.V, at end June 1972 
Was worth USS 1,949,829, with dividends 
reinvested, at the end of June 1997 - 
an average growth in US dollars of 12.6%, 
(15.1% return over the last Bve years). 


In addition, to celebrate 25 yean in Geneva, we'll give one free- 
share in Kobcco N.V. (Robeco Group's flagship equity company) 
far every CHF 25A0Q you invest in on 

scomber before the end at 1997. 

For derails, please contact >rS VPsrr\ 

Robeco Bank by enrirding the the J 

appropriate Reader Reply Card number. m 


'7id! 



*" V V n m re" •' V V * 


Woodrow PUOMW, ud. ’Started 
rradlng August tst. 1990 and tt 
founded on the long and success- 
ful experience of the investment 
mangger, Mr Manu Dsftary Fw 
nearly fifteen years. Mr. Daftary 
has been responsible for stat- 
able US equity portfolios orien- 
ted toward growth and capital 
appreciation 

The Rrnd seeks consistent and 
superior capital appreciation 
through a portfolio of long and 
short positions In the pubfiriy 
traded US equity markets In- 
dividual investments are made on 


the bash N tundamenul arudysfc. 
with ck*e attention to earning^ 
Carefully selected short pflsiNWtt 
are initiated to constrain rhe 
rat! rtskol the portfolio 

Since its inception the Fond 

appreciated over 67%. 

The Fund ly quoted In U5tMUre 
and- opens ter subscnjKion and 
redemption at the end of 
month 

IMkkMMNbtedlH 


CTTC0 RWD S8SHCB fCUttCMI l*-V. 
T«t pihi 7is an no. ihm» rat xo» 


J.I. Japanese Equity Fund 


Invest m &q*anc*e equities 
through a new mutual fund 
offered by Jwk* Invert 
International and coaiMne 
vttnebv* pomblhbra of return 
with investment in blue-chip 
companies. 

Japanese equities *rr expected 
to perform well over the M 
coiniqg yvors. Ttw A 

foBawtaigebeinMUneM 
point towards an upward 1 ft 

“ II 

■ Low J^taatae merest II j 

rates; thtou usually II 

tertfle ground for swl 
tiring equity prices 


■J^MBose equity prices ra V 
have never bent lower n— 

toeiaurfd bjr key iruUcaUKSb and 
ths Japanese shore trtdcti * tit* 
NBdml Index - is carraxtyal the 
]?B7WrI 

■ Japaaose company raxntngi are 
tiring Tbe recent eronomK ertsis 
tod to sigmbeantiy improved 
effidency. 


In addition. Bie yen blew 
compared with US-dvOan 
andffwGuittyean 
ennanriss. 


Jyske Invest 

ft " j | - ua mured fwid grotty 
ft J wjnth » tally owned by 
inbweriom 

^7 \ • was caldiltshtil m |tya 

— — at tbe mttutivr of fy»L* 

■ ... j Bonk, with whom Ivske 

ii Invest cooperates ducty 

\®e> f/xSSa^ 

. /II Men-ddrom 

3SS r£S!^ 

II ffvouwiAtoknnwiMre 
J f about tkrjl Japanese Eipury 
Fund and other tnmtaeni 
sotntiau offered by Jyske invest, 
ptotse write or pbm duvet to. 

Iffirti Ihfikfus (IntmiiTtrmfl 
Itiriiduiiaiifavk 47» Copubagsa V 
-M:+«»7t»7a,te4«n7>nn. 
bdnaeti MpdlWwia lyskedUMluOu' • 
Jyshfbmri. 


Investment ROR 

°o Pfasirive 
Months/ 

Category to 9/30/97 

Std. Dev. 

US High Yield 16.33% 

83.' 

r»eht (fnrm IZ\ WM 

0.30 

USCtmvmiblc lAltA. 

4l.Wu 

Wbt ffaim Q7NIMI 

4.34 

US Equity/ H.94°b 

lon.oo^i 

Merger (tip m OliOI /% J 
Arbitrage 


S&P50H Index 43.18*6 

77.73% 

Tracking (from 12/31/961 

IMS 

BUS Convertible 30.13% 

h:.6s% 

Debt Ofcuw 12/3! mi 

6.A7 


Shcnkman Capital MgmL 


Forest Mgmr. 

The Merger Fund Ltd.*" 
Green & Smith 
Capital MgmL 

P1MC0 Stocks^' Series- 
Forest MgmL 


Oaktrw Capital MgmL Debr (from 1 2/3 1 mi 6.A7 

Statisxics based on estimated NAV as of 09/30/97. 

- The managers of th«x tends have U.5. entities emplo>‘ing 
substantially the same investment policies since 1990 (Green St 
Smith) aud 1987 (PIMCOI. cespeciivety. 

For further information contact Anne-Marie da Silva at 
Olympia Capital International's Bermuda office, 
arOI (441)298-5007 or via fax at 01 (441)295-2305. 


- active Investment ihe way wav 

h.f Urtil at — 0 »nWi NvMWBvMHaayiWWWIMaklSiaM MMMWMWOSa 
■MMte BM M Si *il wl i‘ A>ilwH aiidrii w i4— w lw s in iiite— a m i isi ln ,—as w ww . 
awswlw OaBira m I. i w a w ili iB wi a w U Sty wa.^.fc.wa u .ii fc wwaii w aama 


TOP PERFORMING FUNDS 
ADMINISTERED BY OLYMPIA CAPITAL 
INTERNATIONAL LIMITED 

Olympia Capital International, art independent third- 
party offshore administrator, values more than UHl off- 
shore entities, across a broad array of investment disci- 
plines. A selection of funds is outlined below. 


Fund/Managcr 





9QGELUX FUND indudes: 

- 18 equity caniparUnenB specialized in North America, Eurobfc I Code 

Japan, International Growfa, Cold Mines, France. Germany, ItalvL 1 

Suntzcrland, Parifi c, UK, C hgu, Enwqging Asia, Latm I ,Counffy 
Amenm, World, IrehanSubcontiri^Eas^ ■ i 

-lflbOTdcompartinenlsspecialiriKl in countries or geographic areas I Tel __ 
(USA, Japan, Europe, <Wmy, France, UK 5vSLS si«m. I 


- 10 bcmdcompartineitisspecialked in countries or geographic anas I 

SK' RwKe ' ^ ““I, 9pain, I 
Italy, Vforld) denominated in the comsporxi.- ig cutrendus. * ■ 

- 5 money market compartments; USA, Europe, Goinany, France, | 
Italy j 

• 15 I 


Tel 

Fax 

E-mail addr 


IHTS/UA) 


































































INTERNATIONAL 




- ^ • . 

■ * Jv- 


**N W. 


7 









SATURDAY-SUIVDAY, ^ 
NOVEMBER 8-9, 1997 
PAGE 19 


& 


Quarterly Scoreboard: A Track Record of Investment Advice 


A review or investment tips that appeared in The Money Report in the third quarts/; and subsequent performance of tfte investments fecormmnd&d.' 


Bournes 

SE - * who 

nonr 


.. . . Bourns souras 

PWfcfloo leeue Pitc* Me* Conwy todutty Who neddtoa bn* Price Price Company Mutay Who 

thn OcLSI Tfctar *» OetSi Tfrter 


SK** 1 ■**« 375KS 23 CobohrW Bnk RaMaAtoa Boy 

DnkH ^ ag^asaMpg i^r UBant osartfrart* 


Mr* 4 * 




|W|g*4|Mi rUft. 

nlP»«I PM hw rWI 

then On. 31 


SflptIB 82.73 79-57 JLM Courts toe, Bridal gorirEdriodafentan Buy, tirin g t ri m Aug2 sin B 

JHPC mate 

U& 


MadmAss *' 


auk *** OSwrtoigan fay. good play AugIB 583 IBS Cotter Aifiu UocPtae . Buy 

22 ff» : 

AtartaAlrBrajp AJrfre M*;!*ta> &* Aug30 ' 777 h 6 333* CondneaM - AHm Gcktowv Buy" 

“■ s aasss. asr . 

AfNpponArtnmAlrfrw MagsnStafay Haunl teg.30 7DB 800 


Aug 30 287® 383M JflPIl 


. N - 


21,125 2245 COflPG fcO 

^"•rie totter MraraoAAactoa 

Menwa ' • CHHPLC 

PrtCo* Buy S^ttt dM tl h!L 

***■ Nam na ° ar 


SnMCanMiQi 
Horn York 


CRMPLC BdkW JosBunal Buy for 

CRH jhitwOKineHr grows 


Aog.18 737 8 


jMtatPtaep 

JflPM 

tab Fatter 

Vito* state* 

Buy Sns.20 

a 75 

38 

taros HoMs 

MR 

SeeteAMea 

LkL Hotel 

ttarsfcpar 

Keny Ctalts 

Soon Atiae raw 
RoMfantaQlra 

BuytarpiMtoin Ji4yl9 
moStoantotasn 

120 

140 

KLM Rojlta Drtti AHo» 
AHnse 

SflJjl 

Mhtftadi 

Guy KafcMfcfr 

Unger Stanley 

Start BafrBtrtAtg 30 

Outpatfosn Aug 30 

70 

658 

Maori Cotp. 

KM 

u& 

Rente 

Byion Weto 

RMtHooneytov 

1011TI6 BSIB 


KoorktatertlM Hot** 
KOOft p*to 


EtaHcratat Paste* Sspt.20 35641 36481 




SSteT” 

CRYSF 

US. 

Soton 

tericee 

center 

Mder 

JnMiKtatoran . 
motet 

Pot wHtttarte 
fari VM( 

Bty. teens soon toSepi 20 29 21 

be ted nils. 

LctergsSA 

LB 

Rartco 


1 ■ 1 1 rai ri PlriL-ta 

JofOmo rOra 
terimenagv 
OsJrdu Non/ inS 
Eteta Gaston 

Cydcetasef 
to rise 

1 

SeptB 

428-1 

seat 

Daewoo Corp. 
7800 

Sou* None 

Urn- 

baring, 

tradng 

Roger Bring 

Buy br ratal Sept13 6780 8300 

Lufthansa 

LHA 

Germany 

Aktoe 

Motgen Stanley 

MucPtmto 

Oupertam 

Buy 

Aug 90 

Aug 30 

3584 

318 


AmocoCofR. 09 Dow Theory Buy 
*" oomparflf RmhU' 

A^bMnaflonU Hotels Vafaisatayatt Buy 


QayrthHodaoo Rettaer. Roger Hsnog Undwvaluad Sept 1365 1/8 

Corpt . • 

Sept 20 88 823® OH 

as 


lltahtaiihini CfcemfcBb StaHoronte Buy 

dwMWbrti 

MKTS 


Sept 20 2140 2183 


Sept 20 M 4 PLC 
OEBA 


M m &jy Ketone* Good tong a rm A ug30 625 448 Unmerhc. Enptoywam Byron Wain Rash-money Jdy19 475/18 38318 

teeetmeet potato MAN buy 


■ OMdSHftMtiCli D fOT im JuflhKMvmn Buy 

Arfeton HokSngs Fnit grower Rotatfiemtag BuyWatnw JJylfl 225 T75 ' BROW pnxUar 

“to" BCo. wring s go«ti burnt . 

Zknbebm London 

... „ — — — r QaedSnWorte Ctaacsfe JwBh Ktahnan Buy 


Atlantic 

RfcMeUCa 

ARC 

US. 

OB 

DowTheoiy 

Forecasts 

'Buy 

Sept 20 

863® 825/18 

AT&T Corp. 

ILS. 

IMy 

RobartTonay 
tax/ manager 
fiorrsy Fund 

^atwgata 

Aug. 18 

30 1M 4878 


S4pL20 2419 2B48 MAS 


SefH.20 1016 1008 


Airport Mynas Stem start Ain 30 5545 550 

authority I ta i tp o rtl tt i rebound 

tnafaf lo 814 pence 

SBCHMsrf 

London 


DBJA taut namter 

ytrtmlmm fed WtOT .flllft 

MmrSarttiMn 


bat/managar 

AtmatLtL 

London 


Mrieyefe AMnee 
MAS 

Mrieysia 

Afcfew MaganStartey 

Outontonn 

Aug 30 

556 

44 

UteHamaflonel Bn* RatfaApn 

Beta 

IMB 

Saw* 

Buy 

S«pl20 

525 

44 

MUT5 

MM, due 2002 
tartan Stota 
Exchange 

Oeritoag fatal Wens 
Mb tag* tatpeataa 

Win LtartanBrofm 

saunas 

issued by 

Metri Lynch 

Buy taren soatoMlAug 30 
ettieiMBartM 
egtant babul no 
mtaaton 
or gain 

«aoro 

56877 

MaUeUnllnc. 

MM 

ILS. 

Cutanea Red CHp Rater 

Btytarpowti 

Ml* 19 

49/16 

6 


tencoS Mndr Bank OtgaTascon Buylorrtu* Aug. IB 2L5 235 Data fir Lines AHne Gcttnen. Sadis Buy 

Chi* ton/ manager DAL A Co. 

SANT AND Stater US. • Buy 

Chle Latin Amenca 


Aug. 30 560 620 Gw^ 
Aug 30 875 714 OS. 


Monaco Coach Ram- BedCNpFtatew Buyforgowti .JutylB .241/4 2370 
Cerp. tanaf 

HCCO retort 


BencoBHF Bonk OgaTsecon Buy.skongnichB Aug 16 850 720 MQng 


Diamond Ofbhom OlrtMrg BymnMan - RertHKMybuy Jt%f19 4&1V18621M ktaMnuSA Housetakl CradtSUsse Buy. rasCuctang JMyS 159-1 130 


MX app lia nce FtotBoston coogMe 

Franc* rater (Eirope) 


BaWAMBteCng Baric Byron Wain fresh moray buy JUy IS 681/4 717® QedrohotAB Appteme RogarHatfrfl Buy.coporata Sept® 575 620 Mate CMeowdsl O art t OrinrlteMn Buy. Beads M0% Aug 16 385 45 

BAG ELUXB nasmrttira Berk aatel ' nse in earnings 

ILS. • • • . • • a— dai MCBK JanteeRaming : IDs yew. 

Bwik 1 1 gin tee LB. Bank JBMiNetenan Buy! - Sapt20 .783 838 Bf AquftMoe SA M _• PetarSrtmn. Buy.ddar-baaad Ju^-5 886 714 : 

POLM Meel tetteatea AQ GokkianSaeta «^tybtahass NancoUl ViJao Barter Buy. room AugIB 4070 4030 

■anal LBS . . — 


GoUran Sachs 


0 MM V#£ST 




Sept 20 


.* ' i- v 'A.' 


BankoIrtM Bark ‘ 

BNR 

(retain 

Otar Matvei 

fay, good p*y°n Aig.16 
bite economic *•• 
groriti 

^8.02 

A C. ' 

842 

• l 

BataUuri Bata 

LeteaMLhL 

Judti Krtaraon 

BUy 

SepLai 

669 

542 

UM 

kite 

Victor Hebert 

Buy 

Smteo 




rnrin iteterhiia Drinks- Maul Lynch A Ca Buy 
AadaiAoe tadar 


FNn a ■' Ed— d Cl a t e fr Buy 
ftrtsftsr 
Mcretap Stock 

. AringtBn, VA 


NerecoLhL Vktoo Barter Buy, room AugIB 4070 4030 

9752 gana Dobbekiam iwa te 

Japan malar conpuMr a n d ka a r ri sk 

Aug 18 219/16 201® aoft—e Ian 

end games analyst competitors 
sacwataTB 

tteenl 

Aug. 2 183*4 221/14 - Maine. PooMw Salomon Stengbuy Septa 543® 471® 

MCE and - Smtfm 

US. appnl . 

— MB Bai* Raymond BiyfarNgh Aug. 30 3500 2910 


hr— Euuky Ma r ke t in g £nKr- SastMcGo— l Big. Maras tense Aug 18 243(4 286/16 MBZ GokMO eanags 

; ■ • ■ QMK • Ttenart MMMsnoraa^ai as sates soar this Zkjtek— 

BwifckGoid Cttg GrtmrtgAtkien Day Buy. gold Is Aug» 81M8W US. leartg fi— JOsw—M yew. Z~ _ . ? ~ 

ABX oritar owmald ■ • ■ AfcwVbr* - OMriCorp. Chy PmaonAlay Abtsgrt Aug 30 T73M 171® 

US. taresansmAtear — : OOC praoUcl 

— Easts* SA ■ Hectric • QarldHisd Buy for grow* /Mgis 305 273 US. rater 

BAT PIC JsrawBtekna Atektebehtaby JMyS ' _S 5215 0686 u%. iteMsanlte : * 

BATS taterfresaa* etangpoust l*i CMe . UeoSLyncb • PMotrian UM» Vafcsahnl ^radseb Aug» 293 35B5 

Britaki NMVM tat b«— . _ S— «go Tejra« nanaoBS- Ffayy 

Union EuroNswdi Gddurtg Chart AAnon Buy AugB 2125 21 A PMdaan 

— — NUigUd. (tear 

BMetaMB Baht Food JuMiNeiman BuykrgroWh Sapt20 2780 3240 B I OnteSfeek Paoobscet Shoe Ed—d Lrttepnced Aug 2 57® Bi/18 

trMst—nts nrtftr CtoedB Outa* SniCa. meter Bfer**> 

3 Prqwte . PSO 

BLffP ’ Exxon Carp. 08 DtarTlaay Buy Sepl20 85W18 ®7/W US 


Bonded Motes Met fad Chip Review faytargowrii JriylO ■ 107® 85® 

BMTR Foooro/slnc. Lone ChitaSne Decade Buytorgortih SepL6 38 3885 PC6 

mV PON teste Norti American US 

— ■ • — — — Canada rtafriune marial ; 

Sown* 6 Co. FrtmcW BobOkWi arytecrahtow. . si 3k as* pn*rm "jS- S w 42? 5S2* 7 ZXlZ ^ 19 5lM 53f4 

BNG orinar u i in aar WQteS37orS38 ■ — itetnetwr* meo >— gt— i 

us aaattftaiwM rrat— -Mevedi Goto CtarieaAlmon Buy.riafrg Augs 8185 3285 POLO 

AtatFvnl ■ • MMngCarp. artrg . atelow US 

Bra— V RHT CariTesh ■ Buy ior long tern Jtiy28183® 195® Canada. . MwwnKV Maio. a* Lamming Bty.sMas Aug. 30 MSI 1104 

MMwta. CMAmodRarttM ' PIC enter- ojeaear rtet pom i 

n-ra ijaArart retail III Mninri Carmaker BobCteefr Buy.— tl»J7S JJyi2 55 643*16 — hsrlwx ls Tertne ra GctenanSad* e—c sa l 

UA ^ • toe. toSao ■ London 

British Airways AMna GuyKtewfck 8® 582 . S [ ^ MM* Bugr fagond ftyferhigh Aug30 2700 2400 

5£ Sachs C—ncora Sujr Uanigoe Uadavakad Aug 18 33 112 ; — 

- tmka i SMC producer antysr aidgood QusrSurn Cotp. Compiaare RogerHatag Undenekad Sept® 389/16 315® 

Bri ™ n betond ' •GeaMeck' gwrthprapects qktm 

•SSSSSSo ** **" m “ s*" 

. ' — ; : : Ryanair HoMngl Aidm GuyKata** - Gocdtong Aug 30 38 335 


Bonn Com. 08 DowTl—y Buy 

X0N . Fomcesb 

US 


PG8E- Energy RogarHanog UndaqufHd &apL13 23506 259/18 

Carp . —vices 

US 


BownetCO- FlnancW BobOMato ajytcrcaehloir. MflS . si 3k asi« 

E ■*“ szsr*™* 

Atari R*«? . . 


LoeApgetas 


British Airways AHne <****** 

BAY Goldman. Sachs 

Britain UM&n 

Morgan Stanley Buy 

fiacs aanalta 


CatawypadBc Akira Morgen Sank* Ctolpsrfetm Aig16 14 815 OK 

283 ... • 

HongKaag ^ 

as™ sr ss 1 ** “ 

ulr Gkrtlk—teg spentegonWe- “ “ 


CantsMe LaBMie OMry O um rt eO Mwr. fay Sk*20 3300 3415 

CLT pro*— cwranagar 

Morocco ftanteigton 

Magtaeb 

find • 

CHPraSaratow RedCh*)fariew ftytorgowei JMy®' 1000 640 

PR04 

US : ; 

Christen Oter SA Farton. PtaarSrtran Buy 3iy5 « WO 

cm toarygootk 


fate(Nr teens) Uaasy 
guc goods 

US. rater 

ARferBndey 

dntaro/Mt 

££* 

Bta 

JJy» 638/18 3636 


NoaYvk 



HangSsngBta* Bata 

Staphen Barnes 

Avoid 

SapL27 S2J 6725 

NragRong 





Saint GobtenSA Gbax JercmePoM Cydcateaet SeptB S81 828 

SGO to rise 


S—polniieenca Insurance RogerHeitog Buy 


Sept® 1328 154 


HanaonPLC Ccngto- SarahKeder Amid 

HNS uwrt frtt— dyportfcte 

Brteto . manager 

HotefeSMej'. 
pad a! Marti 
. LyrctiOpaa 


— — SchnaltarSA UachtoaryT Jerome Pert) Cydcetssat SeptB .332 SOB 

SspL27 2885 3065 SU etoddc to rise 


Cteco Byl Sria Scrtwr* BymnVMIn Fresh money IB 7 B ' 3azBSI ® HoadwtADR Chenteata Piter ate Buy.eartpste Sept 27 


CSCO iwdw 

US 


CH—p M a^vveto f—n money buy M/tO B41C1251M 


UDE andfa SafanooBmoare double by 2000 

US . (dance kit 

London 


Technology he. 
SEG 

US. 

Conrotssr 

to 

*we ote« 

BobOMn 

r 

Shtass short 
be $56 

wseo 

' July 12 

38 VIS 271® 

ShtsiTta 

HtatoteUri- 

M2 

Hong Kong 

Castoos, 

reel 

kta' 

Ffchart Forte 

SeLs-bad 

sutr 

SepL 27 

485 

2825 

Sbnrttoc. 

SMU 

ILS. 


Rad CTip 

Dtasgu 

•WIJn 

fayfcrgoeta 

JMyi9 

207716 

16 U4 


CCt' HSaCHoMogS Bank SaphenBemM fay tor Sapt2T 245 its Soten • feelartw DrtdEcfcwty fay 3ept20 138 1425 

us : 5 . ccrratera SOLD* l W0". , _ 

iwiuwi te-Sf"**" "" m ' a °’ r , asa** 

tadaebtoa vteges 5— T .' HwflKw ® U*y RW^Fanal Ubad.good Sept 27 245 ITS . . OpfXrtaOlBsRgti 

S? Telecom A&SZaes bu^wrteto SonyCorp. Becwncs, ffart ■ BuytarntuM Aug 23 11000 9990 

, Buvtarobwlh Aug® 2100 196D Hong Kong Oan/manght acouCng S7» rate K urimeya go— 

CO-Canmeriat Bttatnf OpTacd .. Huynrgw ” . Hartxv rfttrti eoaontsea^st 

UnUasSA boMer Gaten* 

CERVEZ Stephen Barnes Bus Sept 27 245 175 - SxtxJipan 

CMe — — — — 

— - ~ amt fink Seoajwksnevta Sept 13 aoBIW 3410 tktoPowCo. Graaerr VMiakte Sate, dote Aug 18 ■ NA 1» Sony Cotp.ADfa Advtotey fay *MyW 943M W3* 

OtekeSdaratr fate ***** SSSrtSS® HPCO n-aBera danooMed 9K 

SCH BO— US ptayan US 


lowMbort 


— Sony tksic btote, facte Bo Buy. Aug 23 5000 4230* 

BeptJO S3 6082 fate Hn— M . atm- sotarae inknrtad 
7330 Mint anajfst 

Jtert Gemn 

■ SacteJapan 


W OtedFrari "W— • ** 17806 


Champion BuMsr 

gp*** guytadr aatosy 

. wSSrirtoM 

CteMCerp. »»» ftoBto^* 11 ® 

CB 

US 

ChataBlcHfc Om Si5S SHflft 

Power Co H"" 4 " 


Roger Hertog Uhttarvrted So** ■ “ w 


takatesOkto— Chantoai Fte/Mitfon Buy SeptJO S3 6082 

doHuor Megtab . 

NA ■ Fund 

HateM ' _ • ■ 

MeiCo^L TschnotogrRtaiCoofc fay tor growth in SaptJS 941/4 77 


SfahenBairt Avoid S^AZT . (a— 

ftwtefptoprar 

flaanfc Alton ; 

— . '7 nxnMBMte Btw.benefciay Se|*.3D 742 

OMriO Cjrnte Dcn*-»er ^/^ 

ttoPO deOMI "ten spendog 

goa - 

MW . WI1 ^ — ”, RwfertfbWto 193® 23 1« 

CoMKOtae. Cwwe te ** . ■ ,rj 

gf> SSS* ■ S’ 

u,& a^cap ILS. 

VM 


tew iChemtort Chn*— JutahKlarmen Buy.smng Sept20 410 443 

LkL fates 


vttarttatort Buy 


BrtHemwtz Buy.wete SejxM * - a^ 0 *- . Pto** Ro— . 


RfawdEtod Strong bur. AugES 5000 4230 

—ciaanater revenue 

Morgen Sartey puwth 

• • • Da an 

markiNaarYuk 

ItosrtaWy Cwmir- RedCNp Bvytorgrowti JJyl9 155® 197® 

TsMcontanjctora nfradone Rwter 

sen 

US . 

ST AAR MBdcd fadChto Biybrgswti Ju^19 121® 1634 


UttnanB— - • ^s. 

J.a Penny Co.' ReW fagw—tog UnderWrtd Sept13 6177W DBIlrtS fanAawfceMt n—dd famntfato . Freahmonfly 8018 250 2® 

in SA1 aenAcee buy 

«s 


•Prices 


immediately preceding the publication date listed and in tooal currency. Analysts’ affiliations are provided the first lima they am mentioned. 


Looking Back 
To See Ahead 

How a Quarter’s Worth 
Of Picks and Pans Fared 

By Aline Sullivan 

P AST PERFORMANCE, as fund managers warn pro- 
spective investors, is no guarantee of future returns. It 
is, however, a hint. That is the thinkin g behind the first 
Money Report quarterly scoreboard, wc are ta k i n g a 
look at the picks and pans that appeared in the sections in July, 
August and September to discover how they had fared by the 
end of October. 

This is a first look at how the portfolio managers and 
analysts we interviewed have done, and we hasten to point out 
that the oldest of these recommendations was made only four 
months ago, often not long enough for an idea to prove 
itself. 

But it is necessary to draw the line somewhere, and in 
normal market conditions this should be time enough to take a 
first look at the wisdom of the investment professionals. 

Of course, these three months were hardly normal. What 
appeared to be individual currency problems in Southeast 
Asian countries deepened into a. regional economic 'crisis. 
Stock markets around the globe then plunged, although they 
subsequently recovered most of their losses in many countries. 
Investors everywhere were nonetheless left licking their 
wounds and viewing the world in a more gloomy light. 


Looking back, nobody appears to have predicted that the 
storm brewing in Asia would spill over into other markets. But 
some people made shrewd calls. 

Richard Farrell, manager of Asian equities at Guinness 
Flight Hambro, was certainly right in the Sept. 27 issue to label 
Shun Tak Holdings Ltd. a “bad slock;” snares in the Hong 
Kong casino, ferry and real estate company halved over the 
next rive weeks. 

I N THE SAME ISSUE. Stephen Barnes, a financial planner 
in Phoenix, Arizona, warned against buying snares in 
Hong Kong's Hang Seng Bank. They subsequently lost 
one third of their value. 

Good advice was by no means confined to bad equities in 
Asia. Kit Juckes, a currency and bond specialist at NatWesL 
Markets in London, was almost perfect in the July 5 issue, 
when he recommended buying pounds in the short term and, 
then selling ahead of a fall to below $1.60 from $1 .6873 at the 
time. Five days later, the pound reached its high feu: that period 
and then started to fail, reaching a low of $1.58 m one 
month. 

By and large, some of the biggest names 
in investing showed their stuff. Byron 
Wien. U.S. chief equity strategist at Mor- ~T T1 1 1 ITTTT 
gan Stanley. Dean Witter, Discover & Co. - J 1 1 U flBfcF 
in New Yoik, was reported in the July 19 Z^ZMj4-gg^ . 
issue as recommending shares in 10 I • 

companies as “fresh money buys." Only "rfyH~m-H~ 
two. Advanced Micro Devices Inc. and 
Manpower Inc., were flops: their prices slumped to just $23 
per share from $37.3125 and to $38375 per share from 
$473125, respectively. A third. Sun America Inc., edged 
lower to $35.93 from $37 per share. 

The others — Bank America Corp-, Cisco Systems Inc., 
Citicorp, Diamond Offshore Drilling Inc_ HFS Inc., Kmart 
Corp. and Warner Lambert Co. — were undeniable successes 
over the subsequent 16 weeks. Kmart rose by 18 percent, HFS 
by 25 percent and Diamond Offshore by an astonishing 34 
percent 

If seven out of 10 does not sound impressive, consider that 

U.S. stocks feU to 7.442.08 from 7.890.46. All told, Mr. Wein 
was nearly right in his prediction, reported in The Money 
Report on Jan. 11, that the Dow would plunge at least 10 
percent in tire second half of this year after climbing as high as 
7300 points. 

P ETER SULLIVAN, European equity strategist at Gold- 
man Sachs International, and James Uster-Cheese, 
economist at Independent Strategy, both in London, 
called it right on July 5 when they advised steering clear of the 
French stock market as a whole: The C AC 40 index of leading 
French stocks subsequently slumped 195.28 points, or almost 
7 percent. 

Investors in British stocks fared better as the Financial 
Times-Stock Exchange 100 index edged 1 percent higher to 
48423, suggesting that the Lehman Brothers economist Mike 
Kicks was correct in predicting that the market would change 
little this year. Time will teli, however, if his counterpart at 
Deutsche Morgan Grenfell, Ciaran Barr, was closer to the 
mark: He predicted a drop to 4350 by the end of the year. 

Other suggestions, such as that to buy Cathay Pacific 
Airways Ltd. or the Gucci’s New York shares, can only be 
described as unfortunate. Shares in die Hong Kong-based 
airline plunged to 8.15 Hong Kong dollars ($X) by Ocl 31 
from 14 dollars on Aug. 16, while snares in the Italian retailer 
sank ro $36 from $64 on July 19. 

Most ADR recommendations also fared badly. Those is- 
sued by the Mexican cement company Cemex Intemaclonal 
SA lost 21 percent of their value in the 15 weeks after they 
were picked in the July 26 issue. The German chemical 
company Hoechst AG lost 1 1 percent in the five weeks after 
Sept. 27 and Sony Corp. lost 10 percent in the 14 weeks from 
July 26. The only winner was Tomra Systems ASA, whose 
ADRs rose 25 percent from July 26 to Ocl 31 


N OT SURPRISINGLY, open-end funds were a safer, if 
Jess exciting, bet than indivkhial stocks. Half of the 16 
buy recommendations proved right, including the star 
performer, the Hermitage Russian fund, which jumped 21 
percent since July 19. Most of the remaining recommen- 
dations turned out to be simply disappointing, rather than 
disastrous, thanks to their diversified portfolios. 

The Neubeiger & Berman Partners fund .was the stark 
exception: it plummeted almost 50 percent after it was lauded 
on SepL 20. 

Investors should keep in mind, however, that three months 
is hardly the appropriate time frame to allocate to most of these 
funds, particularly those that invest in the emerging markets. 
Indeed, two of them, the Baron Growth and the Janus Over- 
seas funds, were cited by The Critical Investor newsletter as 
good buys to keep for 10 years. 

The bond bets proved a mixed bunch- Three of the four 
sovereign- debt recommendations were successful and the 
other, which was to buy Spanish three- to four-year bonds, was 
only slightly off the mark. Two of the four corporate issues 
performed as expected. 

Japanese convertible bonds (fid poorly but were never- 
theless among the- best investments in Tokyo during a quarter 
in which the Nikkei 225 stock average lost about 20 percent of 
its value. 

The unusual volatility of the third quarter, and the sub- 
sequ ent re assessment erf some market valuations, provides 
long-term investors with an opportunity: If you think an idea 
made sense and die investment s (nice declined because of the 
global turmoil and not an inherent fault in the strategy, then it 
. might make even more sense now. 


address: moneyrep'=' iht.com 




































































































































Quart erly Scoreboard continued tram page m 


EQUITIES 









^ ■ 











INDEXES 

Coutty or Topic 






pjwtu 

falffcaraVta 

Who 





Ban OraM® 
Bndtoam 





S22» 

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iranne 



674'. 

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tea* 

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Price 

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mraacr 

Buy ty 

ID yens 

J*I9 

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goo 

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tfsmUS i twstrea 

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tesue 

Pike Pnce 

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Don 

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Howlattf 




AM Income hre 









den Oct 31 







LL& 







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fbme 

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~ 

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•Copr ] j 

fi«s:a 5696' J 

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h&T 

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n 

sfcSetean 

■ran 

•Ur 19 

250 

270 

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us. 

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Aug ? 

568-99 

568.95 

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Buy 


SOI i 

Ljnaew 

SJore 

bndiWflMer 
Bogwi Faafc’s 
MogteFund 



1^ 

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1ST 

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6ejl 20 

loss 

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Aug 3D 


9345 

BONDS, CORPORATE 







lyatBmhkn 

treteeue 

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Sep 13 


fr”” - 

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M2 

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tour 

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issue 

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raid 



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m&a 


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529^3 





ZZmt lH 

9.31 



DterBn 




u& 



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hod 

tffitifTGE 

mU 

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Buy 

Sepi27 


615". 

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49123 48421 

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Imp 


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long lam 

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OtUwro 






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21>00~ ivaaritBietthae 

bwwwna 





Kcrurrcl 

DouHttaUonian 

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4.81288 


TC0 

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mats 
tea estate 


Id iw 

12 TG 

Dwescn 

5E 

Agassnra 

grwffi 

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tovaavNew 

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July 16 

r.4.70 

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T RowePtiw 







WWand 



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industries 

pftnma- 

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1903 

16480 


toter 





Ck^ngdong 

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82*. 

92*t 



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lor rate dOE war 

JUNS 


wauoit 


brand none 4 i«9 

Jems 


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JdyW 

S1B£0 

51794 

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T1VI 

Israel 


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Eh.. 




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JAOSX 

US. 

twettrNecs- 

totter 

tano 




financaca 

CMna 

dote Curencr&Deti 

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France 

CACAO 

Peter SuBran 
EuopoenBEptt 

Sd 

July 5 

023443 

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TMSB 

u& 

maker 

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-52 

Buy 

Sen 2D 

M2 

11BQ2S 

123® 

16489 

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BenaanPrini 

NPHTX 

IIS. 

GflMft 

SeUanJme 

after 

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ft* 

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S33C2 

$1665 

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matra Dartt Hamnuti 

easonn7J 

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London 

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sr“‘ G 

Germany 

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frooi 

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406 

382 

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Aug 30 

S1520 

316 K 


deter 

danenunaad 







weraaiW 

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fridusft 

cwoBacn 




KSGKX 

us. 




CHECK 



PMn Mania 

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Buy 

Seat 27 

7cr. 

b83“. 







Toon Systems 
ADR 

TURAV 

US. 

ItoOdna 

odor 

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Buy 

.My 26 

2010 2535 

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■HaWFissJ 

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lepan 

ftepert&we Buy 

RwrtBntt 

Find Ans*pa 

A* 19 

HCS45C 76 44534 

2HH7- 

eufonrj*, 

' reoeo puchasu T. Ro»e Batonced Find 





IIS Raal Eaoaa Bbwnbem Jorarian La 

BEIT Men aretfysl 

PanalMtt) 

CURRFNTIPS 

Buy REUS br 20* • 
gnnrinaufeer 

July 5 

131 97 14’ 49 

TooenCorp 

5005 

^ 

WreftMf 

Sf** 1 

Sd 

Sept 27 

1060 

895 

M^SdttB’Ittje Getth 
US. 

The Citfcal ttaaor Buy br tong tam 

July 19 

$51 75 

$64 23 

~ Repriaertrtve «ua 

BONDS, CONVERTIBLE 





Courery 

Currency 

wiw 

niuKuon 

teeue 

Pbob Pnee 
than Oct 3i 

TnfnZacnbiffi 

taduetrtes 

Ztatalrae 

industry 

Andrew Qaer 

Buy 

July 19 

KX£ 

775 

tattttQnnrtt CapM 

rtsta grorti 

TECTX 

US. 

Canadan Mutual 
Fund 

Advea 

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SepiH 

sag 

$1945 

Corn (any 

HitacNLbt 

Band Who 

Stfieaie TettuoUyaulo 

PtadlOlan teatte 

Price Plica 
man 00.31 

UA MA 

Britain 

Staring 

CteBlgoo 
dhel Bcwwria 
BZWSecwtts 

Bw HOT term nn 
srt Storing void 
fad ID debar 1 60 
spins ttv Deteo 

Ji4y5 

16672 1 rT 
dnius ws 
Ti9<nl69»:n 
ktW :i"5- 

ast** 

us. 

Aarfine 

UarF’tmu 

Buy 

M30 

76306 875® 

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VrtteFax 1 

Gntth 

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Buy 

Aug Si) 

$3236 

S31 94 

SMdprQs 






n Junes 
emneyertibona 

Bur SOT tea <d 
n»lD$i.;j)&ek» 

JUyS 


8S£fi2 p ‘ n9 

REIT 

CariTasn 

Buy tor tong Mm 

.My 26 

31ST16 

323® 

TAIffX ' 

US. 







NEC Corp. 

ifth B£W TetsuoMyaskj 

Avaepue coupon raraJidy 12 

U73 

1065 



spaetta 

NalUealtettG 

OonvgDeD* 

cmMiewb 



UHB 

US. 




T. Row Price Bin 

US 

Lay cap 

Gead afflenef 

Buy 

Aug 30 

2251 

23 as 









lean 




VaBouracSA 

France 

3i«hum 

nniw 

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Buy 

Sec*. 13 

3644 

37® 







Usshohtt 

mOms 930 vaittus anaiyas 
comoittB a* 

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O record 

July 12 

iQ24nona 

Oryrtd 

912 



La Fastest) 
samcuilKyBidysl 

Buy soar ram. in) 
pukdSiflitwsri 

Joys 


ii kings 






WeguerdlMatty 

Bttancad 

rttoait Cartson 

Buy 

Aug 5 

216 

3ZSS 


551 yon 

earra^ 


sn snare 




SndiBsmeykc 

Nee Yak 

Deuccfie Moroni 

OebreaedneBSl 60 



Win 

Gerraoiy 

Efeanc 

jtlty 

Linder 

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Buy 

Sept 27 

1028 

8728 

vmm 

US 





KaMtt4Hea«y 

jnrtrtries 

Heavy raettnvy 
raakar 

Mrins 64 vanoui analyse 

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earnings 

Jtevi2 

9S yen 

EC 10 

France 

Fiance 

Franc 

SAttfliseio 

«B5 

c rwir 

e ’one 


•WIIIW 

Startles 





wwww 

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vatu Lm 

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Aug 9 

11J7 

1134 






Franc 

unxHH 

NraYcrt 

if iTVCW 

mmiban58lrancs 

j iWlt 

VMarmray Centers Pa care 
ai America 

VCAI 

US. 

RedCnpRn** 

Buy 

.My 19 

123® 

1412 

Bttsed 

WSIAX 

US. 

i-i mno ai r 

if*rn pi 

m 

torcorurvakve 

n«tt 



BraoXsgeku 

Cop 

Copy mane raker 

mourns*) MdoriSimta 

11 yean. depOyaenaol 

manage) Vansehi 

Buy. reconi 

P»Di4i 

July » 

96? 

158 

BMHH >11 



and mark lydnseai 
morptfian JJT 
mark 


33C95 JtW 

imJi mi 


Byron Wen 

Freshmcney 

buy 

Jtey9 



runuo, (,uuocu-cnu 






Searm&Co 





PRIVATIZAi 

Country or Topic 

Comm. Bank ol 

lUNS 

Piei&ction 

Bank 


rnKnc&on 

Ahugc success 


P>«e Price 

Own Oct 31 

120 140 

Ml C ay I 

fmnwumuni 

Col 

WLA 

us. 

M PQiCiti 

135 VB 143 3® 

Find 

Type 

Who 

fWaifir ttnn 

rresncion 

Buy 

Issue 

Price 

then 

Price 

00.31 

Sony Corp 

toutb Ibeuo rtyazBki 

MU* 

Buy joidUKs 

WC0* 

vsdMilend 

Jii> 12 

125 

1 4 awn 
« O'l 

132 

Issue 

S*Mn«Bd 

ktedra# 

teaue 

Aug 16 

West Japan 

Railway 

ftogaHenog 

Buytofttomesc 

Sept 13 

413000 421 OCO 

FleamgRttste 

Sscutoee 

SS? 19 

VBnxsemarolnn 

maricel 

Jttjr 19 

2813 

MA 




GnrtiiM 


ZUhGDWQ 


UUW 

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HaKOT 






grarti 



FLBWSS 

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ana** 





Suttttorao Hadrtc safli T«suo MtyazaJo 

anraawe 

ja i: 

122 

ICS 

flwbpbw 





Japai 

FUNDS, OPEN ENDED 

Prediction 

6by 


Price 

then 

d.1tS 

Price 

00-31 

37JXJ 

BONDS, SOVEREIGN 

Coates Bond Wbo 

nvoKonJU 

issue 

VMd Yield 

Own Oo.ll 

7 OT, 654% 

Wuariee 

ronvennta 

5C n*ionia 
(tt denfc 

J 



Codon Catri Coon 
Zimbabwe producer 

anbabwe 

5naiFted 

Ahuges<cce» 

Aug it 

105 100 

on 0d 24 

rwu 

Ttcfcar 

Lxchenge 

Baron Aisef 


WTO 

GemSB/tmet 

tern 

Mam 

IIHoar gAs Mate Vemoce 
manger 

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Jtty 12 

THKCo. 

mateesn uariout anataete 
tyro 

Buy.S0*«nro 

nprote 

e^reoedSByear 

July 12 

94 yen 

86! 

Fiance Tatecoen 
FTE 

Fiance 

Utty 

Jteteny Pcslgw 

Hud manager 
GctensFiyyi 

Assa 

ManegemenUd 

London 

Wert) buying bul S*pl 27 
nHBgMa«ayid 
more man ITukancs 

ProDcn 2193 

102097 

«as20&5 

BARAX 

US. 

heal 

EsorapAtMl 

Management 

New VoA 



AEri nfm 

Euopfl Bond Fird 





Toppan 

Phrtlng 

hifpi HOtprWing 
eranpany 

venous 

buy. stares 

J* 12 

101 3 yen 

100 P 



a OTMUtf 








My* 

3K>4year 

tefcVemooa 

Buy 

July 12 

512 

485 

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t 


Try Investing by the Book 


W HAT TO DO when the stock 
market gets this wild? Don’t 
sell: read. A grounding in the 
history, psychology, strategy 
and plain old bow-to techniques of invest- 
ing can help you prosper in these volatile 
times. And a nice bonus of our national 
obsession with the market is that invest- 
ment classics, unavailable for many years, 
have lately been reprinted and updated. ■ 
Since this is the holiday giving season, 
the five favorite books I list below (roughly 
in order of how valuable I’ve found them) 
are timely as gifts, too: . 

1. "The Intelligent Investor” by Ben- 
jamin Graham. This may be the best book 
ever written about investing. The author, a 


tuai-fund manager of all time, Mr. Lynch 
wrote this book with die ghost writer John 
Rothchild. It’s wonderfully breezy and in- 
formative, full of real-life anecdotes. The 
theme is that anyone can invest as well as 
the pros — in fact, amateurs have some 
advantages over money managers. Mr. 
Lynch teaches that you run across good 
stock-buying ideas all the time — if only 
you’re aware of them. He tells the story of 
his spectacular bet on Hanes hosiery (now 
part of Sara Lee Gorp.) after his wife be- 
came enamored of die new egg-shaped con- 
tainers of pantyhose. This was Mr. Lynch’s 
first book, first published in 1989. His 
second. “Beating the Street” (1 993) is sim- 
ilar and can serve as a substitute. His latest. 


former Wall Street mooey manager and - “Earn to Leam,” is a guide to the basics of 
professor of finance at Columbia Uni- investing and business for beginners, 
versity. was mentor to Warren E. Buffett, 4. “Common Stocks and Uncommon 
among other Profits,” by 

.stars. Mr. Gra- Philip A. Fisher. 

ham shows us JAMES GLASSMAN ON INVESTING Yet another clas- 
sic, this one was 


us 
think 


how to 

about investing, not how to analyze stocks. 
Among Graham’s important insights: in- 
vestors are their own worst enemies; a 
metaphorical manic-depressive he named 
Mr. Market sets the prices daily (and you 
should take advantage of his emotional 
extremes): every stock should be bought ai 
a bargain price, and the best mind-set for an 
investor is to imagine that buying a stock 
constitutes becoming a partner in a busi- 
ness. This book was first published in 1949, 
but a new edition was published this year. 

2. "A Random Walk Down Wall 
Street.” by Burton G. Malkiel. Mr. Malkiel 
is a rarity: an economist (now at Princeton) 
who can write with lucidity and wit about 
the market. The theme of this book is the 
unpredictability of short-term price move- 
ments in stocks — a notion that all investors 
should have drummed into their heads. 

“Taken to its logical extreme, he 
writes, this theory “means tbai a blind- 
folded monkey throwing darts at a news- 
paper's financial pages could select a port- 
folio that would do just as well as one 
carefullv selected by the experts. ’ And that 
has been shown many times: Consider that 
far fewer than half of all mutual funds beat 
the market averages. 

Mr. Malkiel focuses on investor psy- 
chology. history, the pricing of stocks, the 
futility of timing and the importance ot the 
Ion" term. There's also a practral invest- 
ment guide tacked on in later editions- IMS 
book was first published in 1973. but 
there's a new paperback edition. 

3. “One Up on Wall Street frF jgr 

Lvnch. The former manager of the Fidelity 

MMdfcm Fund and probably the best mu- 


first published in 1958 and reissued in pa- 
perback last year. Mr. Fisher, a California 
version of Mr. Graham, is a brilliant and 
reclusive money manager who began his 
career in 1928. on the brink of the crash. In 
his most famous chapter, * ‘When to Sell,' ' 
he writes. “I believe there are three reasons, 
and three reasons only, for the sale of any 
common stock.” You’ll have to read the 
book to find out what they are, but here’s a 
hint One of the reasons is not a decline in a 
stock's price. Or an increase. “Perhaps,” 
Mr. Fisher writes, “the thoughts behind this 
chapter might be put into a single sentence: 
If the job has been correctly done when a 
common stock is purchased, the time to sell 
it is — almost never.” Like Mr. Graham, 
Mr. Fisher has an antique writing style that 
can be rough going for many readers. But it 
has its rewards, both didactic and literary. 

5. “The Only Investment Guide You’ll 
Ever Need,” by Andrew Tobias. Mr. To- 
bias, the breeziest and funniest personal 
finance writer around, first published this 
book in 1978. It has now beenpublished in a 
new paperback edition. The fust half of the 
book establishes general principles, includ- 
ing “trasi no one” and “the case for cow- 
ardice." The second half examines specific 
stock market strategies, including what to do 
if you inherit a million dollars. Among his 
suggestions: put a year's worth of cash in a 

money-market fund, “put roughly equal 

stuns into U.S. Treasury securities maturing 
in one, two, three and four years,” put the 
bulk of the remaining money into stock- 
index funds split between domestic and for- 
eign investments and “do not buy a boat.” 

Washington Post Service 


No ‘Fair Value 1 Is 
A Deal at Vanguard 

Vanguard Group presented 
investors with one of the few 
chances to make easy money 
during the recent volatile trad- 
ing in world stock markets. 

Unlike many rivals, Van- 
guard declined to use so- 
callcd fair-value pricing, in 
which valuations of securities 
in fund portfolios are based 
on perceived market prices at 
tiie moment, rather than- on 
their last dosing prices. 

Investors who bought Van- 
guard’s Asia-Pacific index 
fund during U.S. trading 
hours on Oct. 28 paid a price 
that reflected the depressed 
levels at which Asian markets 
had closed that day, tor- 
pedoed by the previous day’s 
554-point plunge in ihe Dow 
Jones industrial average. 

By the afternoon of Oct 
28, wall Street was rallying; 
buyers knew thatAsian mar- 
kets likely would soar the next 
day to catch up. Sure enough, 
the Vanguard fund's net-asset 
value rose the next day from 
$8.44 per share to S8.81. 

Other U.S. mutual-fund 
companies, including the 
biggest, fidelity Investments, 
angered investors by abandon- 
ing valuation based' on closing 
prices on some international 
funds, so buyers enjoyed only 
meager gains the next day. 

Vanguard said it bad no 
plans to change its policy, 
giving investor a chance io 
take advantage of the next 
orgy of market turbulence. 

But Bob Snowden, man- 
ager of fund financial services 
at Vanguard, warned that the 
company limited telephone 
trading of its index funds, so it 
wouldnot be possible to trade 
in and out. Buyers would 
have to wire money to Van- 
guard during the day. Also, he 
said, translation of share 
prices into dollars occurs late 
in the day, so currency moves 
could affect strategy. (IHT) 

Clients Lacking, 
Fidelity Cuts Funds 

Little more than a year ago, 
Fidelitv Investments boasted 


23 currency funds and 
claimed it had the largest se- 
lection of any fund manager. 
But investors were mostly 
looking for dollars and 
Deutsche marks, and now 10 
funds have been closed be- 
cause of lack of interest. 

The most recent closures 
affected five funds, which in- 
vested in Austrian schillings. 
Norwegian kronor. Singa- 
pore dollars, Spanish pesetas 
and Swedish kronor. 

A Fidelity spokeswoman, 
Jo Roddan, said that although 
die relatively low interest rates 
of some countries had focused 
investment on major curren- 
cies offering higher yields, it 
was difficult to say why in- 
vestors had stayed away. 

fidelity aimed the funds at 
investors looking for offshore 
tax breaks rather than specu- 
lators. These investors were 
likely to be more attracted to 
high deposit returns than to the 
relative shifts in each cur- 
rency’s value, Ms. Roddan said. 
77ic funds aim to provide re- 
turns to retail investors at 
money-market rates, something 
usually available only to large, 
institutional investors. 

To achieve the economy of 
scale needed to affect such 
deals. Fidelity needed lo attract 
more cash than it had in each of 
the defunct funds. As with pre- 
vious closures, investors were 
able to cash in their holdings or 
switch free of charge into any 
of Fidelity’s remaining cur- 
rency funds. (IHT) 

Garza relli Ends 
Mutual Fund Foray 

Elaine Garzarelli is closing, 
down her tiny mutual fund, 
ending a brief foray into 
money management for small 
investors. The well-known 
institutional money manager 
asked her board of directors 
this week to close the Gar- 
zarelli Balanced Fund and 
liquidate its $2 million in as- 
sets, and the board unani- 
mously agreed. The liquid- 
ation is effective Dec. 10. 

The fund generated a 22.3 
percent return between March 
31 — its date of inception — 
and Monday, according to a 


letter Ms. Garzarelli sent to 
fund shareholders. But the 
fund did not attract many in- 
vestors apart from Ms. Gar- 
zarelli 's friends. 

Ms. Garzarelli once was die 
stock market strategist for 
Lehman Brothers Inc., where 
she gained fame by forecast- 
ing the October 1987 market 
collapse. t Bloomberg) 

An Annuities Trend 

Because of global shifts in 
the retirement industry, in- 
vestors planning for the long 
term are finding annuities an 
increasingly attractive op- 
tion. according to a report 
funded by the Committee of 
Annuity Insurers. 

An annuity is a contract, 
purchased from an insurance 
company, that pays its holder 
fixed sums for a specified 
period of time or until the 
investor's death. Capital in 
typically grows tax-free, in- 
creasing by a set amount or at 
a variable rare linked to a mu- 
tual-fund investment. 

James Poterba. an econom- 
ics professor at the Massachu- 
setts Institute of Technology 
and author of the study, noted 
that there had been a trend 
away from guaranteed life 
time’ benefits for retirees. In 
recent years, many workers 
have been participating in the 
creation of a retirement port- 
folio. as with the 401(k) plan 
in the United Stales and the 
personal pension plan in Bri- 
tain. These plans offer hold- 
ers increased involvement in 
the accumulation of assets, 
but do not address maintain- 
ing income after retirement. 

"People retire with a big 
lump sum, and have to figure 
out what to do with it,” Mr. 
Poterba said. He added: 
“You want to avoid the 
chance that you live until 
you’re 95 and run out of 
money. Annuities offer insur- 
ance against that risk.” 


Contrarian in Singapore 


W ITH .AN eye on 

Asian market 
turmoil a fund 
manager m 
Singapore is adopting a con- 
trarian strategy. OUB Asset 
Management Ltd., a unit ot 
Overseas Union Bank Ltd., 
will start The Global Contrari- 
an Fund on Nov. 10. 

Tlie fund takes its cue from 
the recent sharp drops in East 
Asian markets. Believing that 
manv of these markets nave 
been oversold, the fund will 
Jflvcst in companies judged t0 
Rave strong fundamentals but 
Mhat have been brought down 
bv "extreme pessimism in 
ilie market, such as United 
Engineers in Malaysia, tn 
Electricity Generating Co. m 


Thailand. Hutchison Wham- 
poa in Hong Kong and Singa- 
pore Press Holdings. 

OUB tracked performance 
of the world’s major stock 
markets during the past 20 
years and came up with a 
strategy to generate average 
returns of about 20 percent 
with this “contrarian stance. 

The fund, denominated in 
Singapore dollars, is also 
open to those not residing in 
Singapore. The fund requires 
a minimum investment of 
5 000 Singapore . dollars 
($3,185) and the jredalofto 
period ends Dec. 10. (IHT) 

For further information: 

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Variable annuities are a 
smart choice for young in- 
vestors looking to build assets 
for retirement, according to 
Todd Porter, an analyst at 
Momingstar Group Inc. 
Fixed annuities, on the other 
band, look good “if you’re in 


your 60s and you want the. 
security of the fixed payout,” 
Mr. Porter said, because they 
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(JHTl 



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PAGE 22 


World Roundup 


A Taylor Century • 

cricket Mark Taylor, the Aus- 
tralian captain, silenced his critics 
and deflated New Zealand with a 
century on the opening day of the 
first test Friday in Brisbane. 

The left-handed opener, whose 
test future has been repeatedly 
questioned over the last 12 months 
because of his slump in form, 
scored a detamined 112 to haul his 
team out of trouble at the Gabba. 

Australia, which faced an early - 
crisis at 52 for four and was later 
108 for five, recovered to reach 269 
for six at the close. It was Taylor’s 
16th century in test cricket, but his 
first on' home soil in almost two 
years. • (Reuters) 

• Madan Lai, India’s former test 
paceman, was dismissed Friday as 
the national cricket coach and re- 
placed by a former test batsman, 
Anshnman GaekwacL (AFP) 

Setting Sail Again 

yachting The nine remaining 
boats in the Whitbread Round the 
World Race leave Cape Town on 
Saturday for what is generally rec- 
ognized as the toughest of the nine 
legs in the race. From the start off 
Cape Town, the fleet will head do wd 
the coast and then dive deep into the 
Southern Ocean. For the next three 
weeks and 4,600 miles (7,400 ki- 
lometers), they will be in one of the 
most inhospitable stretches of ocean 
in the world as they head for Fre- 
mantle. Australia. (Reuters) 

Limousine Driver Jailed 

hockey The drives: of a lim- 
ousine that crashed and injured two 
Russians who play for the Detroit 
Red Wings was sentenced Friday to 
nine months in jail and the next 15 
months on probation. Richard 
Gnida also was ordered to do 200 
boms of community service for die 
misdemeanor charge of driving 
with a suspended license. The June 
23 crash left one player, Vladimir : 
Konstantinov, a defenseman, in a 
coma for several weeks. (AP) I 

Breeders 9 Cup Injuries 

horse racing Injuries and de- 
fections have marred many of the 
scheduled Breeders' Cup races at 
Hollywood Park in Inglewood, 
California, on Saturday. SingspieL, 
expected to he the star of the turf 
races, broke down during an early- 
morning practice run Thursday and 
fractured a bone in his right leg. 
Members of Singspiel’s racing 
team said there was hope the horse 
would make a full recovery. (WP ) 

Waring the Flag 

FOOTBALL Most Ole Miss stu- 
dents seemed content to wave some 
of the 10,000. red pom-poms dis- 
tributed by the university. Others 
resorted to holding a poster of the 
Confederate flag. A ban on bring- 
ing slicks into the University of 
Mississippi stadium went into ef- 
fect Thursday night for a game 
agains t Arkansas, in an attempt to 
discourage the waving of the ra- 
cially charged flag. Mississippi 
won, 19-9. (AP) 


^ Hera U> 3 £Sribime 

Sports 

Chelsea Comes Out of the Cold to Win 

7-1 Rout of Norway Is Sweet Revenge for Defeat in the Arctic 


r 


SATOHDAY-SIINDAY, NOVEMBER 8 - 9 , 


,,997 I'* 


By Peter Berlin 

(Mtmmioml Herald Tribune 

L ONDON — In northern Norway, 
the long dark winter is closing in. 
Id a couple of weeks the sun will 
set and not rise again for two months. 

This' week, Tor Grenersen, a com- 
puter operator from Tromso, 340 ki- 
lometers (210 miles) north of the Arctic 
Circle, flew south to relatively balmy 
London. He went down the fashioaable 
Kings Road and there, before thousands 
of witnesses, he was mugged by a gang 
of vindictive millionaires, led by a mus- 
cular Italian skinhead. 

Grenersen moonlights as the goal- 
keeper for Tromso IL, the Norwegian 
entry in the European Cup Winners' 
Cup. On Thursday night his team lost, 7- 
1, to Chelsea, the English Cup bolder. 
Dan Petrescu, a Romanian, scored 
. two of the goals. Gianfranco Zola, an 
Italian, and Frank Leboeuf. a French- 
man, scored one each. And Gianluca 
Vialli, a shaven-headed Italian, beat 
Grenersen three times. 

Vialli had also scored twice in the last 
1 5 minutes of the first leg in Tromso two 
weeks earlier. Thanks to Vialli, Chelsea 
lost that match by only 3-2, but it had 
developed quite a grudge over the result 
Deep in the Arctic, late in October it had 
snowed. The Chelsea team had taken the 
view that Grenersen and his colleagues 
were somehow to blame. 

On Thursday, Chelsea’s multiracial 
squad of international stars took re- 
venge. While Chelsea dressed players 
from nine countries, the Tromso team. 


drawn more or less entirely from nonh- 
en] Norway, looked as if ii had just 
disembarked from an overcrowded Vik- 
ing longboat Its only two internationals 
are Grenersen and Steinar Nilsen. who 
have played for Norway once each. 

But Trornso’s physical homogeneity 
concealed wide differences in ability. 
Nilsen was making his last appearance 
for Tromso before joining the shopahol- 
ic soccer club, AC Milan. Milan has no 
place for him in its team, but hasn't 
bought any foreign players for a couple 

Cup Wimniis' Cup 

of months. Milan reportedly plans to 
donate Nilsen to a lesser team for 
seasoning. 

Bjorn Johansen, an eye-carchirtg 
midfield player, planned to drop in bn 
Southampton, a Premier League club, lo 
talk about a transfer while he was in 
England. He wouldn't be the only 
former Tromso player in the Premier 
League. Tore Andre Flo, who also stars 
for Norway’s national team, trotted on 
for die last five minutes to replace Vialli 
in the Chelsea attack. 

Some of the other Tromso players 
seemed to have been selected on the 
basis that a bad big ‘on is better than a 
bad little ‘tm. Hakan Sandberg, the 
Tromso coach, said he thought some of 
his players had played poorly because 
they were nervous and overawed by the 
large crowd. Even men from the Arctic 
can freeze. 

It didn't take Zola, a very good little 
‘un, long to discover that several of the 


Tromso defenders would obligingly 
stand still, like so many Norwegian 
pines, while he ran round them. 

The pace and movement of the 
Chelsea attack soon created gaps in the 
Tromso defense. Petrescu and Vialli 
quickly scored to put Chelsea ahead on 
aggregate. Bat Tromso leveled the over- 
all score with a sweetly struck long- 
range shot by Johansen. 

Zola answered with a curling free 
kick just before halftime, but Chelsea 
did not take complete control of the 
march until the 55th minute. A shot by 
Wise struck Jonny Hansen on the arm 
and Vasili Melnichok, the Ukrainian 
referee, gave Chelsea a penalty and sent 
Hansen off. That destroyed Tramso's 
one slim hope: that it could beat Chelsea 
by sheer hard work. , 

After that, Chelsea scored more or less 
when they felt like it, and nursing a sense 
of grievance, they felt like it quite often. 

Norway, once regarded as one of the. 
pygmies of European soccer, is on the 
rise. Its national team, a surprise qual- 
ifier for the 1994 World Cup, has 
reached the 1998 finals with ease and 
some style. Rosenberg of Trondheim, 
the national champion, is again doing 
well in the Champions League. Even 
Thursday’s crushing defeat provided 
evidence of the strength of the Nor- 
wegian game. 

Professional soccer in Norway is in- 
creasingly becoming a full-time job 
rather than a part-time hobby. Few play- 
ers need a second job, such as computer 
operator, to see them through the winter 
months. 



VA«I Hit IwrUMNSv* 

Gianluca Vialli jumping for joy after one of his three goals for Chelsea. 


Senna Prosecutor Seeks 
To Absolve Williams 


Return. 

IMOLA, Italy — The Italian state 
prosecutor leading the investigation 
into the death of foe Brazilian Grand 
Prix driver Ayrton Senna called Fri- 


1 n “f 1 • A Prix driver Ayrton Senna called Fn- 

Countdown to the Lup Is 1 lcking Away 

t A— - » Winittnc (A /hnrmwl 


By Rob Hughes 

international Herald Tribune 

L ONDON — C hina, with a pop- 
ulation of ^about 1.2 billion 
people, cannot find 11 soccer 
players good enough to send its team to 
foe 1998 World Cup finals. 

The United States team will deter- 
mine within a week whether it has 
learned foe world’s game well enough 
to qualify. And Japan, which is throw- 
ing more and more resources at soccer, 
will also soon know its fate. 

So as foe World Cup countdown ticks 
away, the hopes of some pretty big fish 
are on die line. To C hina, the quest is 
lost; it drew 1-1 against Saudi Arabia in 
Riyadh on Thursday, but was elimin- 
ated Friday when Qatar beat the Asian 
Group A leader, Iran. 

Qatar, indeed, proves just how un- 
stable the Asian qualifying zone has 
become. Just over two weeks ago. Qatar 
was winless, apparently hopeless. Since 
then it has beaten Kuwait, then China, 
now Iran, turning the standings upside 
down. Its hero Friday was Mohammed 
Salem Enazi, who scored in each half as 
Iran lost control and lost its temper. 

What a difference time and location 
makes. The Iranians beat Qatar, 3-0, 
before 120.000 fanatics in Teheran on 
Oct 3, then surrendered fitfully before 
22,000 Qataris last weekend. Yet Iran, 
its matches finished, sits tenuously atop 
Group A, in fear of either Saudi Arabia 
or Qatar leapfrogging it on Wednes- 
day. 

The group winner goes straight into 
the 32-nation World Cup, while the 
runner-up has a back-door opportunity, 
first meeting, home and away, foe run- 


ner-up in Asian Group B, then traveling 
to Australia for a final playoff. 

China hasn't even that faint hope. Its 
team could have won in Saudi Arabia 
but its skipper, Fan Zhiyi, lost his nerve 
with a billion people w itling him to net a 
penalty. His shot was tame, and China’; 
hopes withered. 

China ’.* rulers could have done no 
more: they committed foe nation to this 
event, sent gifted, children years ago to 

Woiib Cup Qualifiers 

learn from Brazilians and hired an Eng- 
lish coaching adviser. 

China ’s coming is probably merely 
delayed. "We were not fast enough in 
the first half, and in foe second we lost 
oar composure,” admitted Qi 
Wusheng, China's national-team 
coach. 

By Sunday, Japan will know its fete. 
Humiliatingly behind South Korea — 
with which Japan shares foe 2002 World 
Cup hosting rights — Japan is desperate 
to qualify for foe first time. 

m suspicious circumstances, Japan 
received a potentially face-saving lift in 
Seoul when it beat Korea, 2-0. last 
weekend, with another goal from Wag- 
ner Lopes, a Brazilian recently granted 
Japan citizenship. He may need to re- 
peat that feat in Tokyo against Kazakh- 
stan. But even if Japan wins this last 
group game, it must wait 24 hours, 
hoping Korea offers up another gift by 
preventing foe. United Arab Emirates 
from claiming second root In Abu Dh- 
abi on Sunday. Doubtless, such col- 
laboration 1 will be remembered when 
Japan and South Korea negotiate who 
gets foe 2002 World Cup final match. 


The United States, which had that 
honor as host in 1994, has two games in 
which to secure a place among foe 1998 
starters. America lies third in theCon- 
cacaf group, and three teams go to 
France. The group leader, Mexico, has 
already comfortably made it, and Ja- 
maica is second, one point ahead of foe 
United States. El Salvador is two points 
further back, then Costa Rica and 
Canada, foe region’s underachiever. 

A victory for Eric Wynalda and com- 
pany in Canada on Sunday would suf- 
fice for America, and Canada has a 
wretched record of scoring only four 
goals in eight games. That same evenr 
m g, Jamaica has a tougher assignment 
in San Salvador. 

By foe power of Store Sampson; foe 
U.S. coach, foe Yanks ought to reach 
their goal, especially as they have home 
comforts in foe last game, against El 
Salvador on Nov. 16, to make sore. 

Jamaica’s next home game is against 
Mexico. The Mexicans may already be 
in holiday mood, but they trounced Ja- 
maica, 6-<), in Mexico City last April. 


Scoreboard 


foe Formula One team chief Frank 
W illiams to be dropped. 

Almost nine months after foe 
Senna trial first started, foe prose- 
cutor, Maurizio Passarini, also asked 
for manslaughter charges against 
three track officials to be shelved. 

In a dramatic about-face. Passarini 
told the court during his summing up 
that charges against Williams should 
be dropped ‘"for not having com- 
mitted the offense.” - 

But foe prosecuting magistrate re- 
fused to drop manslaughter charges 
against foe two remaining defendants 
— Patrick Head, foe Williams’ tech- 
nical director, and Adrian Newey, the 
former team designer. 

Passarini said their error had been 
"microscopic” and asked the judge 
tohand them one-year suspended sen- 
tences — one of foe tightest sentences 
available for manslaughter. 

A verdict is not due until mid- 
December, but' legal sources said it 
was highly unlikely that a judge would 
find a person guilty if the prosecutor 
had said there was no case to answer. 


Senna, a three-time world cham- 
pion, died during the 1994 San Marino 
Grand Prix when his Williams’ car 
hurtled off the track and into a con- 
crete wall at the Imola race track. 

The prosecution asserted that a 
poor weld on Senna's Steering column 
snapped just as foe Brazilian ace was 
entenng the Tamburdto curve, caus- 
ing him to lose control of his car. 

Lawyers for Head and Newey re- 
peated on Friday that their clients were 
not to blame. “The request for a guilty 
verdict for the Williams’ technicians 
seems based on conjecture, arbitrary 
data and numerous hypotheses.’ ‘ said 
one lawyer, Oreste Dominion!. “It 
seems to me that the prosecuting mag- 
istrate has abandoned his initial po- 
sition and that his accusations have 
been greatly weakened.” 

Williams told foe courtroom in this 
northern Italian town last week that he 
was not in charge of technical op- 
erations at his team. 

Passarini said Friday that be hod 
evidence Williams knew that alter- 
ations were going to be made but ad- 
ded that foe British team chief had not 
been in a position to halt ihc changes. 

On foe other hand, he said, Newey 
and Head had planned foe modific- 
ations and had not checked to see how 
the work had been carried out. 


*■*;*>- ■i'Si 


BASKETBALL 


NBA Standings 


xruumc txvmoN 


New Jenny 

Miami 

NewYMc 

Washington 

Boston 

Orlando 

PNfwMpNa 


CENTRAL COT WO* 


RR CROSSINGS By Rich Norris 


ACROSS 
I Bygone 
geographical 
mils. 

. 4 Area south of 
the Atlas 
Mountains 
** 10 'Copier 
14 Spots 

17 Western Athletic 
Conf. team 
19 Five-time Sugar 
_- Bowl champs 
■ 21 Opera based on 
two Wedekind 
■’ plays 
. 22 Popular 20 's 
. auto 
23 Conservative 
group 

25 Newspaper 
employee 

27 Arouse 

28 Parting words 

30 Wolfgang 

Kohlers 

movement 

31 Where the 
current enters 

32 Ran 

33 His real name 
wasEmeoro 

35 Sheofandenl 
Samos 

36 Kindofeng. 

37 Boys 

39 Tour de France 
activiiy' 

40 Trenton-to- 
Newark dir. 

Parts of hoops 
Hair-dyemgjob 


68 George's brother 

69 Woosnaraofthe 
P.GA. 

70 Demonstrated, 
in a dramatic 
way 

72 Ogees, e-g. 

74 Meteorological 
concern 

70 Grave 

77 Heat meas. 


78 Mogadishu 
resident 

79 Jamie Lee In 
‘Halloween’ 

80 Home runs, in 
baseball slang 

83 Resentment 

84 A one 
chance 

85 Character 
builder? 

96 Nav. rank 

88 Placcforaiarget 
group? 

92 Rocky Lane 
spoke for him 

93 Slangy 
turndown 

94 Some museum 

rooms 

95 With 89-Down, 
a casino cry 

96 Nuremberg 
negative 

97 Andy Kaufman 
rofeon Taxi" 

99 Family reunion 
attendee 

101 In installments 


HJL. so to speak 1M More comely 


107 Area for "ST** 

S ”™ y IM ?“■ 49 Ket reals 

terminus 109 Payroll service 30 

Sultanate on the ginnl. initially 

South China Soa 1 10 Bigspons cwm * * f . r 

Apt. divisions sponsor 53 Manenbad.ter 

Canary relatives HI Excel 
— hawk 112 Nobciist wiesel “ 


4 Controversial 
TO's-80's sitcom 

5 “That’s — 1“ 

6 Ushers in 

7 LSD and others 

8 Set 

9 NewYork 
stadium name 

10 High mountain 

11 Rid 

12 Gen. RobL ■ — 

13 The Deer 
Hunter' event 

14 Kashi on label 
since 1975 

15 Handle, as goods 

16 The Volcano 
f-Over'" novelist 

18 Motley 
20 R-V connect ion 
24 English source 

28 Prepare foran 
emergency, in a 
way 

29 Lawn -care 
products brand 

32 RectJgnnion 
34 Talk (over) 

37 Some 
contractions 

38 Certain 
tournament 

39 RNA sugar 

41 Special ed 
course 

42 Pan of an 
address 

43 'Romeo la 
Bleeding’ 
actress 

48 "Maid of 
Athens. - 

we part"; Byron 
47 Supermarket 
section 

49 Retreats 

50 Jagged 

51 British 



MBmnikee 

Qmtotte 

Detroit 

Indiana . 

Cleveland 

Toronto 


Data 
Houston 
San Antonio 
Mnncsofti 


ICE HOCKEY 


NHL Standings 


ATLANTIC DOTSON 

W L T Pb cr « 
PtlBaddphkl 9 5 3 21 54 42 

NawJaaay 9 S 0 IB 45 28 

W ashington 8 6 2 18 AS 39 

N.Y. tetandn 4 5 3 IS 44 37 

N.Y. Rangers 4 6 6 14 40 43 

Florida 4 8 3 11 34 48 

Tampa Bay 2 11 2 6 27 53 

NOfmCMT DIVISION 

W L T Pt* OF CA 
Boston TO 5 1 21 43 35 

Ottawa 9 4 3 21 51 37 

Montreal 9 4 2 20 48 32 

Pittsburgh 8 7 2 18 49 49 

Carottna S 8 3 13 41 48 

Buffalo 5 8 2 U 37 49 


| CRICKET 

ton 517,500, DT RusseO Maryland and DE 
Danel Russea s&ooa CB CaMn Branch and 

AMIEAllAVS.NIWZXAUlltB 
FIRKT TBST, FIRST DAY 
FRDMrMBRBSANE 
Austrela:269larsto 

Sl.QOa and CaroanasC Frank GaretoS7J0aT 
Btake Biuckamem Q8 Keny Coffins, GNor- 
Oerto DavUds-GanMa HB Fred Lane ontfG 
Greg Skrepenak SZsoa and WR RagtA to- 
maB Sl.OOQ torfighitng in Nov. 2 scene. 

mmmam 

BThe Week AheadI 


**• . «■ tot 


CEMIML DIVISION 

W L T Pts GF GA 


11 3 2 
11 4 2 
10 5 2 
6 7 2 
6 10 0 


Vancouver 

Denver 

1 3 

0 3 

■250 

JW 

2 . 
2VS 

Taranto 

4 7 3 11 

MCnCDMSON 

W L T Pts 

29 

GF 

42 

GA 


2 

0 

1400 

' 

Colorado 

7 

3 

6 

20 

SI 

42 

Seattle 

3 


J50 

• 

Los Angeles 

7 

< 

4 

18 

S6 

46 

nknnaU 

2 

1 



Anaheim 

6 

5 

4 

16 

37 

37 


2 

1 



Edmonton 

5 

B 

3 

U 

33 

S3 

LA. dippers 

0 

3. 

-000 

VA 

San Jose 

4 

10 

1 

9 

34 

46 


0 

3 

-000 


Caterer 

3 

10 

3 

9 

42 

54 

Gofetef] Sftrte 0 

luuMOArn 

4 j000 

iinim 

3 

Vancouver 3 it 

nuiMTSI 

2 

B* 

8 

DUI 

37 

57 

Seattle 

31 

33 

U 36-109 

U6 W U M 4 M 








(American bird! 113 Thou 


Host 

High ground 

The Fighting 
Tigers, fur dion 
Fa follower 
- — di-dah 
Wreck 

San —(Mann 
County seotl 
b7 literary 

monogram 


114 Kind or student 

115 Drove 


54 Covered 

55 19X1 Literature 
Nubdist Canetti 

56 Videogame 
adventurer 


1 16 Scholarly proTo 57 Kind of school 


DOWN 

1 Superficial 

2 Add line Mime 
cuforto 

3 Kids' game 


58 Beverage 
servers . 

63 Morecumpliani 

65 Tn 

66“ -shcr 4 ' 

71 Nagy uf Hungary 
73 Ask (fori 


75 Proxy vt«« 

76 Serenaded 

77 King 

79 Come-on 

80 “Happy Days" 
type 

81 Building 
manager's 
schedule 

82 Hooey 

85 Caused dutresr 

B7 Was overrun 


92 Nixon's “In the 
Arena." eg. 

96 Suitable spot 

97 Ballad 

98 Suffix wifh 
concession. 

100 Rabin's 
predecessor 

102 Marksmanship 
ore. founded In 
IK7I 


88 Nor uniform 'JJ® 

„„ , ltw Mister Rogers. 

89 bee 95- Across for one 

90 Parkirinsat 106 CtarinctlN Lewis 

91 Panhandle site 108 Farty evictee 


— < 1 — El WU TVooto n n a n— n 

liM** ■* " 5: Bokor 14-20 7-11 3& Payton 8-151-2 19; 

T: Stoodamiir 9-15 3-4 22,W.WBfamG 6-T34- 

S'U n "I 5 19. Rsbounds-Swifle 55 (Sctmmpf 11), 

!■_ I Toronto 44 (Camby 91. Assists— SoaWe 38 

In BHHfl CPoytan 13), Toronto 20 CSJoodarolne 7). 

P NMUp Ms S 15 27 23- 99 

■■n pi 21 22 H 31— !0t ■ 

H I H P: Iverson 14-23 4-831 StaefchouM 9-143. 

IBo 87 521; At Brandon 8-14 4-722. Rotffnson 7-16 

kEl H 7-9 21. Rftwirts-PWL 44 (WMttmnm 

am — ICO, AUWHkee 55 (HU 10). Assist*— 

Phaaddphta 14 CSfocklmisc fmson, 

— Wattots 3L MSwaDko»2S (Brandon 8). 

M W p NevYM 27 34 23 21—105 

S ■r? — : m 11 » 20-75 

Storks 8-10 (Ml 1% Ewing B-18 3-4 19? P; 

W McDiess 7-W 58 19. Manning 7.J2 24 16. 

H Riiiotwdi— NewYoik62<E»iingl2J r Pffoentx 

■ii; 1 tauT 46 (MCDVta 8 Monrtnfl 8 ). Msbfe-Ne» 

W H Yo*M Onto 7LPt»onal* (Hart n. 

PM 1 * EuboLeacue 

I «W7 GROUP A 

Limooes7tLMoccnhiT«tAvlv77 

e.v™, York IMM by mu Short* 

STANDINGS: Ofrng ri ofcofllg points CS- 
KA Moscow lfe Eta Pttsen, Turkey,* Mac- 
atf&Umwsft Red Madrid a. 

CROUP B 

' PA0K Salonika 84 Porto 50 

Solution to Poole of Nov. 1-2 

sTAMMitasr Bantlton T/wfeo) J potato; 
Estucflante* Madrid IDE PAQKSfflaivkn Nfc 
TuffcTefeGonfeCrartkrSpBtfc Ptotaa 
GROUP C 

BoRxtona 8 & Pan Orfhafi 
tniKfSPN’Ba Porfhon BNgmdeSl 
Ktader Bofagna 73 Kapod Jen»alem51 
m uNHi ft rinderBotogna .il potato; 
Paritmn Bdgradelfk BaKOtofld 1« Pw Or- 
tttez &r Utaspac Torts*. & Haparf 
Jen*ttteta7. 

GROUP D; 

Alba Berfin 9& Tumsjstam Batogna 79 
OEmpqa LiobSnw 59,Cawmi Zagreb 74 
PSCrRodng 74 AEK Athens 52 
snuuNOSE Tsomsystam Bologna 10 
potato; AB» BN* JftAEKAflwsftOtoip** 
|a IjuWiaiwft Pads St Gcmoifl B) Obana 
Zogreba 


is 44 37 - Cap Winners* Cup 

14 40 43 — - 

11 34 48 SECOND ROUND, RETURN LEQ 

6 27 53 KoawSspoc Turk. 0, LokmotN AAascaw 0 

m Lokumotfv Moraw wan 2-1 on aggregate. 

Ns GF GA PC Copenhagen 1, Real Battc Spain, l 
21 43 35 8«af Bvfls«on3-I onaggmgata. 

21 51 37 Cbtorea England. 7 Tiaroa Norway, 1 

20 48 -32 Chetaeawon 9-4 on aggregate. 

18 49 49 Stuttyoa Ger- Z Georilntfl Ekeren. B«lg« 4 
13 41 48 VtB Stuttgart won 44 an aggregate. 

U 37 49 Roda. Ntah.4 Primorte. SlovenkL 0 
ya RadawonManaggngate. 

, Slovlo Piague l#NkttFnvKe,l 

Ns GF GA Aaoipgidp 3A Slavta won on away gooh 

3 2 24 57 r ™ 

4 2 24 52 36 '^ cem a' Itoly, 2, SbaUdar Donetsk, Ukr, I 

5 2 22 55 42 Vlcwim woo 5-2 on aggregate. 

7 2 u 44 44 ®* umi G*w Austria 1, AEK Athena 0 

0 0 12 29 42 AEK Athens won 2-1 on aggregate. 

11 29 42 UEFA Cup 


TWRD round mww 
LflZto Holy, VI Rapid Vienna Austria 
Schafice 04. Germany^ vs Braga Portugal 
Twente Enschede, Nettv, vs Auxerre, Fr. 
Oaatto Zagreb vs AHtatai Madrid. Spain 
SfrosboHiB, Franca vs Inter M8aa tMy 
Stoaua Bedwrest vs Aston Villa England 
A|w AmsJenJom vs VfL Bachum, Germany 
Kartonihe SC Germany, va Spvtak Moscow 
^McftTi es to be pfayed on November 2S and 
December? 


oSjrs£. i rs» s, ss?ast sup^cu, 

KMsfich 5 (ERelt Bourque) top). Studs sa seuawL, first lbs 

Boot W- 11-7-3—21. B- 9-9-12 — 3tL GooHes: Sag Paula Brazfl 3, Cato Cota CNe. 1 
W-RmfonL B- Dafoe. 

Fterida 1 2 1-4 _ CONNEBOLCUP 

Banda 11 q — i “ . 1 — ■ 

First Period: F-Lbutooy 5 (Svebto) (shj. Z 

B-Ward 3 (HaUnged Secenf Period: F- u " ws ' A W nh «-L AOettooMhiBtav I 
Ntodwmayer2 IGtqnet. Svehtol (ppl.4 . B-- World Cup 

Hototager 3 CSatm GroseU &, F> — 

Nttninnrty 2 Whaney, MVoHed TIM • . UUUtztnu 


ConmebolCup 

RNAL.RRSTLEQ ~ 

Lanus, Aigentina 1, AOettoo Mlnetav Brat. 4 

- World Cup 

UUIIOW 


Period: F-Wett*2 (Ltadsay, RbgeraW) (enl. ,ran0 

Shoto en pgat: F- 1 2-5-8— 25, B- 6-12-12-^0. “TAwmsotL I ran 12 points; Sand I Am No 

GatEes: F-PltzpatridL B-Hasek. • 11; Ootorlft Kuwuh&Chlno 8. 


Pfteento ' 1 0 8-t 

Oltawa 2 0 1-4 

First Perio* Phoeaix, Roenir* 7 (Staney, 

Janney) Cpp). Z O-Oaigto 3 (Redden. ** M *HHH mr 

Amttoon) X O- Crewe 2 - (Laukkanen, in Moscow 

Lambert) SkoM Period: None. Third ' OUARTEBMULa 

Period: CFWcEnc lk dB9 (Krevdiiik. Yashin). Pdr'Knla Q, Cadi bnMV J-i .. 

& O-Van Aflen 2 (Gardinet Lambert) Shots ^ ^ 

an aul- Dhnanb 1U.H—W fL. lllll. . 7-5, 4-3. 


"BB88 n D 8BB 

°aasa“ollF 


ggaa 23gaa_S9S n Sn 


Bn seat Phoanbt lW-ll-29. 0- 10-12- 
14—36 Codes: Phoenta, KhaUbaDn. O- 
Rhodes. 

Edmonton l 8 1—2 

PMtoWpNa 2 2 2-* 

first Period: P-Svoboda . 1 (LaOafc 
Destonfto) (pp). 2. P^rintfAmour 7 
(fiUtoaa Coffey) (pi). X E -do Vries 3 
(Buchberyw) Stand Period: RZubres a 
pcwi, CrattoflJ 5. P-Lectoft' U tGrettoa 
Zubrwj) Third Period: P-GnAm 2 (LoOata 


TENNIS 


_ Yevgeny Kofetafcov (l), Russia deLSanh 
SargstoaAimeniad-l 6-2 

•tooohhmomn 
rWD4VIN8T0CKH0UI 
„ WARTEAfwuu 


Zubrvs! Third Period: P4Jmtton 2 (LoOata Patridk Rafter (i), AustroikL def » n™ 
Nflmflwa) (pp)- 7, P-LeCloJr 15 (Zabnnl HenmcwfflLBifloJnAAw. ' 8 



(PP). 1 E-MHtora IMcAramonaGrieri tab 
■n Boot E- 2-104—20. P- 11-134-32. 
Otaes! E-Emma. P-Snow. 

SLUwto I 0 1— t 

CNeage 1 0 i— 2 

first Period: C-Dtur 6 (Carney- 5honW 
»coed Ported: None. Tbinf period: SJ_- 
puehesned (Conroy. Peltorinl 3, C-Btack 1 
ttWtotSiittori SHot5i(i > «*si..«4-l6. 
C- 6-54 -16. Goata:SL^urtr.C-Twerf. 
ItoapaB^r 19 1-2 


Grog Rosedstd (2), Britain, def. Utoanw 
Low* ^w«tav after Lo«on 

Jaataimtata Nettieriands, def. Cedric n. 

aHne. Fiance, 64. 6-2. 


A«encANi4Aauc 

RHP Ton, 


ill mm il hII 

J3QQQ nnann 


UBMgitas .111-4 Gonton qn 7-»vor comrod ^ademkm ZJ.ZZ 

HntP«letaLA-Lapenkne2(013oaiK(9 2M).AcaviredCJI«LsyTltioruJOF^!2!! 
Wil. 2, T-Renbag 4 CYMboert) Second Btrford from Texas for rhp atom, s«eOHo 

Period; LA-Mway 6 (Eikuce. Rabttafltd M«k Brandenburg, and CBBHasStoT^ 

(PPL 4, LA-Monay 7 CTsyptokov) & LA, rwnONw. league 

Moger3 CBtake, Stamped TOrt Ported: T- aucmH*Ti-Nom^B«bBo<>ftoa«nln,~< 
Brodfcy2 (Seflwnaa Hamrilk) (pp), 7, LA-- vtoorfbrptorerpHsonneL «wad. 


PemeoB 9 (Teyplakov) Shorten godfcT- 10- 
1611-34. LA.- 8-12.10-30. Cotatas: T- 
LA.-Rsot. 


rootiAu 

N*nOIML RWTB4U LOKBIE 
un— Fined Oaktand dt Winter 


Saturday, Nov, s ^ 

CRiOKKT, Lahore. Pakistan — Jlmoh 
Cupt that. AustraSa w. New ZeataMl, M- 
test.toNov.il. 

«ou>mere BnaeBoa Gewgto— Sanwn 
WmitiOpoi CJximoiofKnip.- Lctarina Hawai 

- Kapafua httemattamb Myrtle Beads 
Souft CoroBna — Energizer Senior Tow 
Champlanehlp. Women: Otoa Japan — Tatar 
Japan Queens Cur afl to Nov. 9. 

HOB** RAcma. ingtewooA CaWenda 

- Breeden' Cup. * 

ruobyuhjom, BoetHnAlreaAigenitaB 

— Argentina vs. Australia let lesfcBotoana v) 
Itoty— Itoty vs. SoWb Africa, aMf 

RUGBY LEAOUE. MnnchesJec EngtaoBj 
-Britain vs. Australia 2d tart. Y-T- 

WU4BW, Bemuda — men. women. Tor- '■ -~. kM 
nadoWoridChampiarttWps.teNov.lA - ffl 
soccer Tokyo — world Cup qvaWur . ■ 
Japan vs. Kazakstan. ^1 

SWKED sxcmia The Hague, NedRF 1 

tonih — men women, short-tadl Olympfc' ^1 
tjuoSfjring. to Nov. V. .... Ml 

awn Moscow— KnrnBnCua to f 

Nav. 9 j Stockholm, Sweden - StodMn _ 
Open, to Nov. ■ft Saratoga ChMe — Heff- ■ 
marerti Cap, to Not. Y. SYomerc Chtanja -- E 
Ameritech Cua to Non. 9. 

Sunday, Nov. 9 r . lj| 
•uccm. various sites- World CsMNF- .^7 

mers United Arab Endrates vs. Sooth Korea 
Conodfl w. Unffed States: El SoteWterv*. 

Jamatac Metooi vs. Costa Rica. ' 'x. 

•IMO, Fukuoka Joprm- Kyushu Ge®d H 

Sumo Toumoment to Not. 23. • i 

Monday, Nov, to - - 

TURW, Honovcs Gemany — ATPT bW .. 
Qmptonshlp. women: PMocto^*- ' \ 
“Adwwta Chomptanjhka: off to Nov. I6. V . 

Tuesday, Mow. 11 u ‘ “ 

_ Biarritz, France 

vs souft Africa; Corttt- 
WateAvs.NewZegtafld. , *■ 

ckkmckt. Rawalpindi — POTMoft Inf v ^ 
viWi«tXivWMaiiHU Wl toi4. " 
WEDNESDAY, MOIE 13 - : 

^Wflhtikmd. SoutiCor^l V\ 

- World Cop of CoH to Nov 1 J • . — > 

- Thursday, Nov. 13 

0o,fmt Ki Japan - SurettHRS 

VlMTiiiftoivoMaj| eWlto N W .id. - 

_ Friday. Hoy, 14 . 

^ s 

Chosel Japan - noerilOdtokk:- 

_ Saturday, Moy. 15 ~ . 

w^Bhfs-Worid.Cwfit ' ■ 
lQr ^ Mum UkroMOVA t 
21^ ******* >MflOSlOTl8«h 

*w«a. Friemfiy wm» ! 

oarnca Perth. Aw 

n ™-WtottatomptaMhtps.iaNwld. . • 

- Sunday, Mov. 1 6 t 

wriwastas-WoridCopOWl' d 
vs. Eowtaft Per* «• 

***** Arewriino w- 

Shrt ” **■ Cl SaNCKW- 













INTERNATIONAL HERALD TRIBUNE, SATURDAY- S UNDAY, NOVEMBER 8-9, 199 



SPORTS 


if Si 


syBrau m w 

v>. t - * 1 '»i,k 'v 





r vHHH I 

-t* >u*> | 

~-.e 

. * C"* *i* M 

V ■ i- : ; 


M 1 1 ,,s(r Ut(ii 

^'•■William, 


as? 



High Noon for Cowboys 

A Loss Could Scrap Season and Switzer 


By Mike Freeman 

Nn ' fart Times Service ' 

1 * ri *° na , f, 2 * 7 ! ■» OaUa* (4-5) — It has 
been a wild week for the aging cham- 
pions, and this is their make-or-break 
game. Barry Switzer, the coach, will 
be fired at the end of the season. He 
knows n; the team knows it. It is just a 
matter of how long the owner, Jerry 
wa ^t* If the Cowboys lose to 
the Cardinals, it could happen d urine 
the season. But don't count the Cow- 
boys out of the playoffs just yet. Pre- 
diction: Cowbovs 23. Cardinals 10 

M.Y. Jets (6-3) at Miami (5-4) This is 
the second battle this season between 
the coaches BUI Parcells and Jimmy 
Johnson. It s hard to bet against 
either. The edge, though . probably 
goes to the Dolphins. They need to 
win more than the Jets do, since if the 

WFl Matchups 

Dolphins lose, it would give the Jets a 
commanding lead in the American 
Conference East. An ankle injury 
won't keep Dan Marino out, and be 
seems to save his best performances 
for the Jets. Dolphins 12. Jets 6. 

Kansas Crtjr (7-2) at Jacksonville (6- 
3) It must have made the Chiefs wince 
when the father of the quarterback 
Elvis Grbac announced to the news 
media that his son had a broken col- 
larbone. The Chiefs probably wanted 
to wait a couple of days before they 
released the news, to keep the Jaguars 
guessing. But Dad blew it. Anyway, 
Grbac is out, and that means theChiefs 
will lose. Jaguars 30. Chiefs 1 7. 

Detroit (4-5) at Washington (5-4) 
The Redskins have won 15 consec- 
utive games against the Lions. Is this 
the year it will end? This is a close one 
to call, but now that the running back 
Terry Allen — who has at least one 
touchdown in each of his last three 
games against Detroit — is back and 
running strong, the Redskins are hard 
to beat. Redskins 17. Lions 7. 

St Louis (2-7) at Green Bay (7-2) 
The last visiting team to win at Lam- 
beau Field, in September 1995? The 
Rams. Don't look for another miracle, 
though. The Packers are looking to 
win their 2 1 si straight at home, and 
there is no way they will lose this 
game, especially the way the quar- 
terback Bren Favre is playiqg. Pack- 
ers 42 , Rams 7. 

Tampa Bay (6-3) at Atlanta (2-7) The 

Buccaneer quarterback Trent Dilfer 
has. for the most part, done what the 
coaches have asked of him: Don't 
hurt the team with mistakes. Dilfer 
has a 99.7 fourth-quarter pass rating, 
including five touchdowns and do in- 
terceptions. The Falcons won't give 
the Bucs much of a headache. Buc- 
caneers 3 1 , Falcons 20. 

Chicago (1-8) at Mmnosota (7-2) 

The Vikings’ coach. Dennis Green, 
has never lacked for belief in himself. 
Vikings players say his confidence is 
contagious. For the Bears, you knew 
it was bad when the defensive line- 
man Alonzo Spellman was suspended 
by the team indefinitely, for not hav- 
ing shoulder surgery. That's just the 
tip of the deepniish pizza for Chica- 
go’s woes. Vikings 21, Bears 0. 

Cincinnati (2-7) at IndianapoBs (04) 

The Colts are the sad sacks of the 
league. How much worse can it get? 
Their quarterback, Jim Harbaugh, has 
a good right hook, but punching Jim 
Kelly was not a good idea. The quar- 


terback Kelly Holcomb will make his 
first career start for Paul Justin, who 
has a dislocated finger. Holcomb 
played in the World League, and this 
start will either lead to a solid NFL 
career or have him wishing he was in 
Amsterdam. Colts 12. Bengals 10. 

NLY. Grants (6-3) at Tenness e e (4-5) 

The Giants are tied for third in the 
NFC with 29 sacks through nine 
games. But what they need against 
Tennessee is a run defense. Steve 
McNair leads afl quarterbacks with 
383 yards rushing, and the Oilers are 
7-2 when the running back Eddie 
George rushes for at least 1 00 yards. 
Tennessee is .one of the best 4-5 teams 
you will see. But the Giants will keep 
their remarkable season rolling. Gi- 
ants 19, Oilers 10. 

Haw England (5-4) mt Buffalo (5-4) 

This will be the week, the Patriots see 
just where their season is headed. 
They have lost four straight, and a loss 
to an average Bills team would mean 
a week of therapy. The Patriots went 
to the Super Bowl last year because 
they have talent and bean — that will 
be their edge over the Bills. Patriots 
23, Bills 21. 

Saattte (5-4) at San Diogo(4-5) War- 
ren Moon and Stan Humphries are 
quarterbacks going in opposite di- 
rections. Seattle's Moon, at 40. is 
playing like a teenager. Humphries, a 
decade younger, is fighting to save his 
career and body. You never know 
what you’re going to get from the 
Chargers, except from the .kick re- 
turner Eric Metcalf. He is the team’s 
savior. Chargers 21, Seahawks 14. 

Carolina (5-4) at Dmvar (8-1) Last 

week against the hapless Oakland 
Raiders, the Panthers’ rookie running 
back, Fred Lane, set club records with 
147 yards rushing and three touch- 
downs. The Broncos may be cruising 
along at 8-1, but their run defense is 
about as solid as Jell-O. Lane and a 
suddenly surging Panthers team will 
dance all over Denver. Panthers 35. 
Broncos 30. 

New Orleans (2-7) at Oakland (3-6) 

It has been a disaster of a season for 
the Raiders’ new coach, Joe Bugel, a 
good guy in a tough spot. There is 
something about this team in recent 
years that sinks it into chaos and tur- 
moil. But the Saints have one of the . 
worst offenses in football, averaging 
just 248 yards a game. Heath Shuler 
has a weak arm and has a hard rim e 
figuring out defenses, so even die 
Raiders’ soft defense should be up to 
the task. Raiders 31 . Saints 14. 

Baltimore (4-5) at Pittsburgh (6-3) 

The Ravens are building a good team. 
Two years down the road, they could 
be a Super Bowl-caliber club. Don’t 
laugh. They have a smart coach and . 
dedicated" ownership, and Vinny 
Testa verde has a number of good 
years left in him. He has three touch- 
down passes in each of his last two 
games against the Steelers. You will 
get a glimpse of the future when Bal- 
timore squeaks by die Steelers in an 
upset. Ravens 28. Steelers 21. 

San Ffcandsco (8-1) at Philadelphia 
(4-s) Steve Young leads the league 
with a 66.8 completion percentage. 
The 49ers have not allowed a rushing 
touchdown this season, and only four 
in their last 27 games. Also, rather 
quietly, San Francisco has found a 
ground game with Garrison Hearet 
The running game allows die 49eis to 
open up their passing attack. They’ll 
run by the Eagles. 49ers 17. Eagles 7. 


DENNIS THE MENACE PEANUTS 




I MIGHT AS WELL 
TELL YOU NOW... 




GARFIELD 




tmt senuoia) won omc 


IftcanttliwtOUr-hiWtt ■ lw«*ag 

On* IMS' on a wry * 

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MOBIL 



BEETLE BAILEY 


My favorite foods are pizza 
<munch> taco chips <cruncft> 
and cheeseburgers <chomp> :) 


YEASUN 


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Education 

Ajvjvai-i every Monday 
in Thr limrmarkci. 

To aihertiiir oraWrt Surah W.*wlwf 
in nur l>nuh> n nflhts 
Ti-L: +44 1 71 420 0326 
Fax: + 44 1 71421)0338 

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..nv).n*rtiwtivr. 


blondee 


Will God Be in Holyfield’s Comer? 




Mali J. TcmU/Thc AmvuIaI Pita 


Holyfield belting out a gospel song 
at his “Holy Warrior Invasion." 


By Timothy W. Smith 

New York Times Sen-ice 

LAS VEGAS — It is a brutal reminder 
of the last time he stepped into a boxing 
ring, but Evander Holyfield calls the 
crescent shaped piece missing from his 
right ear a little rup and figures his ear is 
now a$ popular as Vincent van Gogh’s. 

“It kind of adds character,’’ said 
Holyfield, the World Boxing Associ- 
ation heavyweight champion. 

Now that Mike Tyson, the man who 
bit Holyfield’s ear twice in their cham- 
pionship fight back in June, has dropped 
from the boxing radar screen because of 
his suspension by the Nevada Athletic 
Commission, Holyfield has the stage all 
to himself. Once a curiosity among 
heavyweights, he has emerged as an 
immensely popular champion. 

4 ‘The guy lost his cool and because he 
lost his cool and you handled yourself 
property now you're a bigger hero," 
Holyfield said of his growing popularity 
after the second Tyson figbL 


Holyfidd is considerably more en- 
gaging than the stoic Michael Moorer. 
the International Boxing Federation 
heavyweighi champion, whom Holy- 
field (34-3) will fignr Saturday nigh! at 
the Thomas and Mack Center. 

Now. Holyfield is using his charisma 
and the high profile afforded a world 
heavyweight champion to advance his 

Boxing 

religious faith and market his own line 
of clothing. Warrior Wear. 

On Thursday evening, he participated 
in a religious rally called Holyfield's 
Holy Warriors Crusade at Cashman 
Field, a minor league baseball stadium 
in Las Vegas. 

No one doubts Holyfield's sincerity. 
But his public displays of godly af- 
fection have rubbed Moorer the wrong 
way. “Just because Evander makes his 
statement to God so public where every- 
one can embrace him, he thinks that no 
one else prays to God or believes in 


God,” be said. “Of course 1 believe in 
God- God loves everybody. He just 
doesn't love Evander. “ 

After his loss to Moorer in their first 
fight, Holyfield, who recently turned 
35. looked like a spent fighter. Riddick 
Bowe knocked him out in the eighth 
round, and he had trouble stopping 
Bobby Czyz. Then, along came Tyson, 
and the fighter seemed lo be reborn. . 

There is concern that without the 
menace of Tyson, Holyfield will slip 
back into his ’malaise, and Moorer will 
clean his clock. Holyfield was asked if 
he was worried about staving in the 
sport too long and winding up like 
Muhammad Ah', whose tremors are re- 
lated to Parkinson’s syndrome and may 
have been brought on by excessive 
blows to the head. 

"You have to understand that Ali is 
not me." he said. "Ali doesn't believe 
in the same God 1 believe in. I will 
always do well in whatever I do. because 
f'ni that kind of person and because God 
has that kind of love for me.’’ 


Champs or Not, Money-Losing Marlins Still for Sale 


By MuiTay Chass 

New York Times Ser\-ice 

NEW YORK — Not even the eu- 
phoria of winning the World Series 
could alter the state of H. Wayne Huiz- 
enga's business mind. 

Huizenga, who built successful busi- 
nesses such as Blockbuster Entertain- 
ment Group before he built a monopoly 
in South Florida sports, reaffirmed his 
decision to sell the Florida Marlins, 
who became baseball's champions in 
only the fifth year of their existence. ■ 

Recalling that he announced last 
June that the Marlins were for sale, 
Huizenga said in Miami on Thursday: 
“We re-evaluated this decision after 
the World Series like we said we would, 
and despite winning the world cham- 
pionship, it has not altered the reality of 
the situation. Therefore, the decision to 
sell the Florida Marlins sriU stands." 


Don Smiley, the Marlins’ president, 
is putting together a group to buy the 
team, ana Huizenga said that group had 
30 days to complete negotiations. 

No sale price was mentioned, but an 
executive of another team said it was 
expected to exceed $150 million. The 
Los Angeles Dodgers, whose sale to 
Fox Sports awaits major-league approv- 
al, went for $3 1 1 million, but Fox is also 
buying a ball park, real estate around the 
park and other facilities, including a 
development complex in the Dominican 
Republic. Smiley said he had about two- 
thirds of tiie money needed to buy the 
team and was seeking more investors 
for a group that he said could reach 40. 

Huizenga said that by the time he sold 
the Martins, he would have lost ap- 
proximately $75 mil lion over five years, 
including mote than $30 million this 
year. He provided no financial doc- 
uments to support his claims. 






HL Wayne Huizenga is standing firm. 

The Marlins built their champion- 
ship team with the help of free agents 
who were signed last winter for a total 
of $89 million and the addition of Jim 
Leyland as manager at SI. 2 million a 
year. The 1997 payroll was about 
$53.5 million. 


■ Baker Is Top NL Manager 

Dusty Baker, whose San Francisco 
Giants became only the fourth team 
this century to go from last place one 
year to first place the next, has been 
named the National League's manager ■ 
of the year for the second time in his 
five seasons as a manager. The As- 
sociated Press reported 

■ Canseco Arrested for Batten' 

Five years alter a violent confron- 
tation with his first wife. Jose Canseco 
has been arrested and charged with 
beating his second wife. The Asso- 
ciated Press reported from Miami. The 
police charged the 33-year-old Oak- 
land Athletics outfielder with battery 
lor hilling his wife, Jessica, during an 
argument in a friend's car. Canseco 
was released from the Dade County 
Jail after posting a $2,000 bond. 


Knicks Blow Away Suns, 105-75 


The Associated Press 

PHOENIX, Arizona — With 
guards Charlie Ward, Allan 
Houston and John Starks 
ratrolling the perimeter, the 
Phoenix Suns found it difficult to 
get inside against the New York 
Knicks. 

When they did, they found 
Patrick Ewing waiting. 

Ewing played just enoogh to 
get the runaway started Thurs- 
day night, finishing with 19 

NBA Roundup 

points and 12 rebounds in 26 
minutes as the Knicks beat the 
Suns, 105-75. 

Starks had 19 points, 7 assists 
and 3 steals. He scored 10 points 
in die fourth quarter, but his ma- 
jor contribution was defense in 
the second quarter, when Jason 
Kidd of Phoenix went scoreless, 
and New York opened a 61-35 
halftime lead. 

‘ ‘They're the type of team that 
can blow teams out,” said 
Staiks, who hit three of four 3- 
pointers. “But when we're kick- 


ing on all cylinders, it's tough for 
teams to beat us.** 

Antonio McDyess had 19 
points for the Suns, who lost for 
the first time in three games, and 
Danny Manning had 16. 

The Knicks snapped a seven- 
game losing streak in Phoenix 
and won for the first time in six 
tries in the America West Arena. 
“We didn’t get complacent, 
even when we had a big lead,” 
Ewing said. “We came out ag- 
gressive and stayed aggres- 
sive.” 

This one was decided when 
New York went ahead 76-44 on a 
16-foor jumper by Charles 
Oakley, with 4:56 left in the third 
qnarter. 

The Knicks beat the Suns in 
every phase, with 28 assists to 1 6 
for Phoenix, and 52 rebounds to 
37 for the Suits. 

Bucks 100, 76ers 93 Phil- 
adelphia blew a 9-point lead 
midway through the fourth 
Cjuarter at Milwaukee and fell to 

Terrell Brandon scored 22 
points and Glenn Robinson had 


21 for the Bucks. Trailing 85-76 
with 6:22 left, Milwaukee rallied 
to defeat the 76ers for the second 
time in six days. 

Allen Iverson scored 33 points 
and Jerry Stackhouse had 21 for 
Philadelphia. 

SuperSoaics 109, Raptors 92 

Via Baker scored 35 points on 
14-for-20 shooting as Seattle 
won at Toronto. 

Baker hit 10 of 1 1 shots in the 
first half as the SuperSonics took 
a 59-44 lead. Detlef Schrempf 
had 12 points, 11 rebounds and 
nine assists for Seattle. 

Damon Stoudamire led 
Toronto with 22 points and Mar- 
cus Camby added 18 points and 
nine rebounds. 

Baker feasted on a trio of 
Toronto forwards with the same 
ease that 6-foot-ll, 250-pound 
star has fit into Seattle's lineup. 

“I like it here. Tins team suits 
my style.’’ Baker said. “I really 
feel that if my teammates can get 
me the ball under the basket, 
there isn’t much the opposition 
can do to stop me." Baker was 
acquired from Milwaukee. 



Vr4) TnAJDiw/Ill* IS 

Clifford Robinson stealing the ball from Patrick Ewing. 


THE SCARIEST WORDS 
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PAGE 24 






INTERNATIONAL HERALD TRIBUNE, SATURDAi'-SUNDAS', NOMEMBER 8-9,1997 


DAVE BARRY 


Keep Your Lattespressacino! 

M IAMI — I have exciting news for I got my coffee from a vending machine * 
anybody who would like to pay a that also sold hot chocolate and chicken- 
lot of money for coffee that has passed noodle soup; all three liquids squirted 



all die way through an animal's di- 
gestive tract 

And you just know there are plenty of 
people who would. Specialty coffees 
are very popular these days, attracting 
millions of consumers, every single one 
of whom is standing in line ahead of me 
whenever I go to the coffee place at the 
airport co grab a quick cup on my way to 
catch a plane. 

These consumers are always ordering 
mutant beverages with names like 
“mocha-alnwnd-honey- vinaigrette lat- 
tespressacino,” beverages that must be 
made one at a time via a lengthy and 
complex process involving approxi- 
mately one coffee bean, three quarts of 
daily products and what appears to be a 
small nuclear reactor. 

Meanwhile, back in the line, there is 
growing impatience among those of us 
who just want a plain old cup of coffee 
so that our brains will start working and 
we can remember what our full names 
are and why we are catching an airplane. 
We want to strike the lattespressacino 
people with our 


There is growing 
impatience among those 
of ns who jnst want a 
plain old cap of coffee. 


cany-on baggage 

and scream, “GET There IS gro 

OUT OF OUR - Mti ® ‘ 

way, YOU impatience 2 

TREND GEEKS, of US who IB 

AND LET US . . ’ 3 

have OUR COF- . plam old ctq 

FEE!” But of 

course we couldn't 

do anything that active until we’ve had 
our coffee. 

It is inhuman e, in my opinion, to force 
people who have a genuine medical need 
tor coffee to wait in tine behind people 
who apparently view it as some kind of 
recreational activity. 1 bet this kind of 
tiling does not happen to heroin addicts. 
I bet that when serious heroin addicts go 
to purchase their heroin, they do not 
tolerate waiting in line while some di- 
lettante in front of them orders a hazelnut 
smack-a-cino with cinnamon sprinkles. 


The reason some of us need coffee is 
that it contains caffeine, which makes us 
alerL Of course it is very important to 
remember that caffeine is a drug, and, 
like any drug, it is a lot of fim. 

No! Wait! What I meant to say is: 
Like any drug, caffeine can have serious 
side effects if we ingest too much. This ‘ 
fact was first noticed in ancient Egypt 
when a group of workers, who were 
supposed to be making a birdbath, 
began drinking Egyptian coffee, which 
is very strong, and wound up cons erect- 
ing the pyramids. 

I myself developed the coffee habit in 
my early 20s, when, as a * ‘cub” reporter 
for die Daily Local News In West 
Chester, Pennsylvania, I had to stay 
awake while writing phenomenally bor- 
ing stories about municipal government. 


noodle soup; all three liquids squirted 
out of a single tube, and they tasted pretty 
much the same. But I came to need that 
coffee, and even today I can do nothing 
useful before I’ve had several cups. (I 
can't do anything useful afterward, 
either that's why I'm a columnist) 


But here’s my point: This specialty- 
coffee craze has gone too far. I say this in 
light of a letter I got recently from an alert 
reader. Bo Bishop. He seat me an in- 
vitation he received from a local com- 
pany to a “private tasting of the highly 
prized Luwak coffee,” which “at $300 a 
pound ... is one of the most expensive 
drinks in the world.” The invitation 
stares that this coffee is named fir the 
luwak, a “member of the weasel family” 
that lives on the Island of Java and eats 
coffee berries; as the berries pass through 
the luwak, a “natural fermentation” 
takes place, and die berry seeds — the 
coffee beans — come out of the luwak 
intact The beans are then gathered, 
washed, roasted and sold to coffee con- 
noisseurs. 

. - The invitation 

ting states: “We wish 

nong those “KSM 

t want a opportunity to 

« taste such a rarity. 

OI conee. Or, as Bo Bish- 

opputic “They're 

selling processed 
weasel doodoo for $300 a pound.” 

I first thought this was a clever hoax 
designed to ridicule the coffee craze. 
Tragically, it is noL There really is a 
Luwak coffee. I know because I bought 
some from a specialty-coffee company 
in Atlanta. I paid $37.50 for two ounces 
of beans. I was expecting the beans to 
look exotic, considering where they’d 
been, but they looked like regular coffee 
beans. In fact, for a moment I was afraid 
that they were just regular beans, and 
that I was being ripped off. 

Then I thought: what kind of world is 
this when you worry that people might 
be ripping you off by selling yon coffee 
that was NOT pooped out by a weasel? 

So anyway, I ground the beans up and 
brewed the coffee and drank spme. You 
know how sometimes, when you’re 
really skeptical about something, but 
then you finally try it, you discover that 
it’s really good, way better than you 
would have thought possible? This is 
not the case with Luwak coffee. Luwak 
coffee, in my opinion, tastes like some- 
body washed a dead cat in it 
But I predict it’s going to be popular 
anyway, because it's expensive. One of 
these days, the people in front of me at 
the airport coffee place are going to be 
ordering decaf poopacino. I'm thinking 
of switching to heroin. 

@ 1997 The Miami Herald 
Distributed by Tribune Media Services. Inc. 


International Herald Tribune 

L ONDON — Although he has spent much of bis 
career covering combat, Martin Bell, the new 
Member fitim Tatton, in Cheshire, believes that 
politicians should be more cooperative than con- 
frontational even if the layout of the House of Com- 
mons is against it “The furniture there is straight out 
of the Middle Ages. The two front benches are 
exactly two swords' length from each other.” 

Bell sits nonconfrontationally on the cross bench 
which, in the days when sessions opened with pray- 
ers, was occupied by choristers. He is its sole oc- 
cupant, the first Independent MP since 1951 he says, 
and proof that even the Mother of Parliaments needs 
a new broom every now and then. Last May’s elec- 
tion brought Labour a massive majority, humiliated 
the tarnis hed Conservatives, and resulted in Bell’s 
becoming what he calls an accidental MP. 

As one of BBC's television’s top foreign cor- 
respondents for more than 30 years, most recently 
ana eventfnlly in Bosnia, Bell was known throughout 
Britain but his politics were not, in part because he 
had none (pressed, he defines himself as “a kind erf 
liberal-radical-conservative'') and he hadn’t even 
been around to vote since 1966. It was as if Walter 
Cronkite had run for office, which in fact many 
Americans wanted him to do. Bell's apparent assets 
being his furrowed brow ami political virginity. **I 
am a complete novice,” he saidin his office in Dean's 
Yard, next to Westminster Abbey. 

As accusations of Tory sleaze became a campaign 
issue, a frequent target was Neil Hamilton who 

MARYBLUME 

was running for a fourth term in Tatton and was 
under investigation by a committee whose com- 
missioner, Sir Gordon Downey, found “compelling 
evidence” that Hamilton had received cash for pos- 
ing questions in the House. Labour and the liberal 
Democrats agreed not to field a candidate in Tattoo 
for fear that Tory loyalists might abstain and 
Hamilton would get in by default The search was on 
for someone well-known and free of political as- 
sociations. 

“There were certainly formal overtures made to 
Terry Waite, who comes from there,” Bell says, 4 ‘but 
he has explained to me that he bad already done one 
five-year term as a hostage and he didn't want to do 
another, which is a good answer.” Bell had often 
spoken out for a principled journalism and a prin- 
cipled diplomacy, so why not a principled politics, he 
asked himself. Against what he called all instincts of 
self-preservation, he entered what the journalist John 
Sweeney, who wrote a book about it, called “the 
strangest, most peculiar, most absurd political contest 
fought in a generation." 

Facing Hamilton and his formidable wife, 
Christine (“If Martin Bell thinks shrapnel is bad, 
wait till he’s dealt with me”). Bell began late and 
disastrously, ambushed in a debate by Christine. 
“I treated it as I would a Serbian roadbloch, back off 
and conciliate.” His photogenic blonde daughter 
acted as his apprentice spin doctor, his BBC cam- 
eraman was his minder. John Sweeney, he says, 
laughing, “described my election machine as not so 
much an election machine as a pub craw) with 
attitude.” 

The press sought sleaze and was rewarded only by 
the fact that once in Delhi, Bell had been unable to 
supply a taxi receipt, the driver being illiterate. Both 
his ex-wives endorsed him. So did Sir Alec Guinness, 
John le CamS and Hutch of “Starsky and Hutch.” 


The press was not especially welcoming: Bell was 
called a self-righteous carpetbagger, im professional 
for stepping over (he unstated line between making 
the news and reporting it, and possibly dangerous 
(‘Tatton electors must weigh carefully the Balkans 
factor”). - , 

SupetstitioustyJBell had always worn a white suit 
on camera in Bosnia (he also "wore green socks, - 
carried a mass of lucky charms and insisted on 
playing “The Love Sougs of Willie Nelson," both 
sides, every day) and so headlines referred to The 
White Knight, Mr. Clean and The Man in the White 
Suit There’s something iffy about blokes who wear 
white suits," the Sunday Minor warned). 

There were 10 candidates,- including a transvestite 



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VI 

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4- 


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t 1 


mrtkaa l. Mzmm.rml 

[Vkh J Pit- 

Martin Bell, MP: “I am a complete novice.*' 

with a degree in chemical engineering and a birdcage 
on her head. The campaign was the top media di- 
version of the election. Bell won with 29,354 votes. 
Hamilton, the 5-to-l favorite, got 18,277, and the 
transvestite 128. 

And now? “It’s a brilliant Parliament to be a 
member of, brilliant” Bell 'says. “It’s a fascinating 
moment in history.” The Conservatives know what 
someone like Hamilton cost them; Labour cannot be 
complacent since, with their large majority, it is 
statistically possible that the next scandal may be 
from their side, and Bell is that rare thing, a free 
politician, a free man. 


•Tm a free man in a double sense. I do not owe 
allegiance to any pany and I am never going to ask my 
people to vote for me a^in, so I can neverfee accused 
ofeurrying favor. I did not conspire, plot and scheme 

fw rhTd^ * 

two enemies — Neil ^ Christine Hamilton — and 
he saw he has never had cncnue bcfore, only rivals. - 
But this week Neil Hamilton humbly 10 

Bell’s office to seek aid concerning jbe corruption 
charges he is lacing and Bdl promnedto kfe afri* 
would any constituent. “I am morally bound, if Ned 
Hamilton has concerns, to try to do everything I can to 

hC ^ ftSiament. Bell made his maiden speech early 
on "You begin with a compliment to your 
constituency, v& te easy, then you have to pay 
a compliment to your predecessor. Think about 
n I thanked him for the work he had done tor 
his constituency, deliberately not qualified, andfor 
the effect he had had on reviving the spin* of de> 
rnocracy in Tatton Then I talked about land 

""“Seli. 59, joined the BBC Si 1962, made his first 
network broadcast on the subject of livestock, prices, 
served in more than 70 countries, and was so b ored 
during a Royal tour of Canada that he reported it in 
rhymed couplets that no one noticed. He went to : 
Bosnia so early that the BBC was unwilling to send a 
camera crew and recoded his time there in a strong 
book, “In Harm's Way.” In August, 1992, he was ha 
while on camera by shrapnel, which left himwith a 
limp and which cynical colleagues described as a 
wise career move. 

“It was not deliberate. I don't recommend it to 
aspiring politicians.” Bosnia, he has written, 
mattered more than anything else he had lived 
through, not least because it sharpened his views on 
repansible journal ism, what he calls the journalism of 
attachment and which has been criticized as in- 
terfering and naive. - ■ 

“It is the journalism that cares as well as knows, 
but it has to have its facts right and it is not to be 
confused with campaigning or crusading journalism. 
It is essentially journalism which is humanized, 
aware of the consequences of what it docs. Every- 
body who has attacked me on that has misunderstood 
me. Journalists, he says, can change nothing, but 
they can help. _ _ _ . 

Still, he is referred to as a Capra figure, a Mr. Smith 
goes to Parliament, a virtuous man — not always a 
compliment — too good to be true, or useful. “Who 
knows. I may turn out to be a completely useless MP . 

I think it’s a bit early to write me off. And the 
constituents are happy, I can tell you that” 

Having no political debts or wish for a second 
term, he votes as he pleases. He was against Labour's 
promise not to raise income taxes, says he is mildly 
Euroskeptic but willing to be convinced, and will 
vote against the foxhunting ban and the proposal to 
raise the age of homosexual consent. Admittedly 
weak on domestic policy, he is learning about edu- 
cation and health problems. He swears he has not and 
will not be bitten by the power bug. 

“It's like being ina tropical war zone, you examine ' 
yourself to see it you’ve picked up any bugs. After 
Five months, there’s no sign of infection yet." When 
will the next checkup be? “I have them every day. 

As an accidental MP, he has one aim, and perhaps 
it is one that is too sincere for political and journalist 
hocks to bear. ”1 would like to leave the world a less 
worse place than I found it. I don't think that’s on 
outrageous ambition,” he said. 








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PEOPLE 


DO YOU LIVE IN 


FRANCE? 



A FRENCH court's de- 
cision to exhume the 
body of entertainer Yves 
Montand go conduct a be- 
lated paternity test drew 
heated reaction Friday from 
the actor’s loved ones and 
bounced a truckers' strike off 
some newspapers’ front 
pages. A Paris .court ruled 
Thursday that Montand's 
body would be dug up from 
its grave in Pere Lachaise 
cemetery so thai a DNA test 
he refused to submit to while 
alive could be made. “It’s 
horrible,” Montand’s adopt- 
ed daughter, Catherine Al- 
legret, said on French radio. 
“This poor old man . . . 
they’re going to take him out 
of his box and slice him up.” 
The French daily Liberation 


tiniu R iiwhm f 

U2, named best live act at the MTV Europe Awards. 


Geographic also announced 
that three other scientists will 
share a new $50,000 Chair- 
man’s Award: They are: Ann 
Marie Cyphers, an archae- 
ologist at the National Au- 
tonomous University of Mex- 
ico; Cheryl Knott, an 
anthropologist at Harvard 
University and Tim La man, 
a Harvard biologist. 


The duchess sported un ad- ^ 
venturous side for her first tiy 
American TV special, from 
feeding sharks off a reef in the 
Bahamas to climbing a moun- : 
tain — with a blind rock 
climber — in Colorado. In 
Pittsburgh* Sarah Ferguson 
even grabbed a baseball glove 
and tried to learn the Amer- 
ican pastime. "Adventures 


spl as hed a photo of Montand jean pastime. “Adventures 

on its front page Friday. “Leave Mont- Williamstown, Massachusetts. The pi- With the Duchess” will air Nov. 22 in 
and in Peace,” said the afternoon daily ano was commissioned in 1884 by the U.S. on ABC. 

Franf*-Sftir whirh fillftrf it« frrinl naOA llnnm Marminn/I fnnnrfar niv) 


— — - -“--T huv wiimi i*u wuw ui x uirr uy 

France-Soir, which filled its front page Henry MarquandL founder and director 
with a color photo of the singer. Moat- of the Metropolitan Museum of Art in 
and died of a massive heart attack in New York. It was created under the 


,nn, ■ " — The CIA director, George Tenet vis- 

1991, after refusing repeatedly to un- direction of Sir Lawrence Alma-Ta- ited his hometown to receive an Ellis , 
dergo the testing Jo settle a paternity suit dema who brought together the best Island Medal of Honor, an award hel- 
med by a young French woman, Aurore painters, woodworkers and decorative couldn’t collect in May because of his 
Dr^sard, who claimed to be his il- artists of the day. . . . A deed for confirmation hearing in Washington. \\ 
legitimate daughter. Aurore is now 22. If Shakespeare’s purchase of 107 acres of “It’s a very emotioSil event for L". 1 


Drossard, who claimed to be his il- 
legitimate daughter. Aurore is now 22. If 
die tests are positive, Aurore could in- 
herit a portion of Montand’s estate. 

□ 

Live! It’s U2, the winner of the award 
for best live performance at the MTV 


couldn t collect m May because of his fr. 
confirmation hearing in Washington. lj 
"It’s a very emotional event for me," ■ 1 


land in Stratford- upon- A von nearly 400 Tenet said. “My dad came here without 
years ago will be offered for sale next a penny in his pocket. I wonder what he 


AOI 


month by Sotheby’s in London. was thinking ‘when he stood here?' 

r-i “Nowhere else in the world could the 

... . , son of Greek immigrants stand before 

me man dominating voting for Time you as the director of Central Intel- 
agazine’s “Person of the Qenmry” is ligence," Tenet said at a Manhattan 
■ Mustara Kemal Ataturk. On just one luncheon where he accepted the medal. 
y tins week. Time received about Later, Tenet toured Ellis Island with his 
<7,000 letters, postcards and e-mails family, including his mother. Evan- 

DDOTtin? thfi nomillflfinn nf fhi» fnnnriAe aaI«a T Pamai'a i ■ .i • 


" i — - — - ” “ - a HW IIU4U uuiiiuiUUllg TUUUg IU1 1 LLUC 

Europe Music Awards ceremony in Rot- Magazine’s “Person of the Qenmry’’ is 
terdam. Jon Bon Jovi, voted the best — Mustafa Kemal Ataturk. On just one 
male singer but seemingly less than day this week. Time received about 


SrSJ inger S“ t u 8 C ^W ly leS f day tilis week. Time received about Later, Tenet toured Ell^Isl^d whhhis 

thrilled, casualty handed bis tiophy to a 200,000 lettere, postcards and e-mails family, including his mmhS EvaS- 

5??? ber th , t L a l5!f nCe - supposing the nomination of the founder getia. Tenet’s father who is deceased. 

J he The mail-in campaign arrived through Ellis Island in theTsSte 

w ° n t ^ iree a ^rds for video, by his fens has forced Time’s letters de- before opening a diner in Little Neck 
dance and the curiously named best al- partment to request two extra staffers New Yod Neck * 

temanve performance. Janet Jackson Ataturic died in 1938. 

was voted best female singer, and the D 

award for best song went to Hanson for □ _ 

^ “ ver “ 117.000-year-old footprints on torates Friday. They are: PVesident 

Q a fossilized sandbar in South Africa will Emil Constantinescu of Rom^h’ 


France’s Ecole Normale Superieure - 
recognized five men with honorary doc- 
torates Friday. They are: President 
brail Constantinescu of Romania; ^ 

Vnohi/1 A Ka nf tka T . : * • 


isaarwattrs 

^ . * ; 

Art Dealer to the Stars Pleads Guilty 


By Benjamin Weiser imately $1.8 million on behalf of more than a 

New York Tunes Service - dozen victims. 

r . v , - Aiuom those Volpe owes restitution to are 

EW YORK — Todd Michael Volpe, a two Hollywood movie producers, Christie's 
well-known Manhattan art dealer who auction house, various art dealers and in- 
built a raiuration advising HoUywood ce- vestors, and Nicholson, who was VoL's 
lebnti« like Jack , Nfeholson on building their partner in a.fund to buy and sell art, accordinn 
collections, pleaded guilty to five counts of to the plea agreement b 


wire fraud, admitting in some cases that he 
sold artwork belonging to clients and kept the 
money himself. 

Prosecutors, who said they would drop 33 
other counts of wire fraud as part of the deal, 
said they would seek' restitution of approx- 


“I was in great financial difficulty, and I 
misltti people and misrepresented information 
in order to keep my business going,” Volpe. 
49. told Judge Michael Mukasey in federal 
district court Thursday in New York, Volpe 
feces a sentence of 24 to 30 months in prison] 



Jack Nicholson, a client.