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INTERNATIONAL 


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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World’s Daily Newspaper 


Paris, Saturday-Sunday, November 15-16, 1997 



No. 35.679 


Putting the Baggage 
Before Flight Safety 

Airline Crews Want Limits on Carry-Ons 


By Don Phillips 

Vrashingttm Post Service 


. WASHINGTON — When the land- 
mg gear or US Airways Flight 479 
collapsed Iasi week at Charlotte, North 
Carolina, and the crew ordered an 
evacuation down the emergency slides, 
almost half the passengers reacted by 
grabbing for their carry-on luggage. 

According to safety investigators 
and some of those aboard the aircraft, 
flight atrendants were hard pressed to 
usher everyone off without injury. 
One man grabbed two bags. Another 
struggled with a large bag. A young 
mother was deterred from talrino a 
diaper bag down the slide by flight 
attendants who told her she needed 
. two hands to hold her baby. 

The Flight 479 evacuation dram- 
atized one of aviation’s most sensitive 
safety issues: whether tougher limits 
should be placed on the luggage that 
passengers carry to their seats. Flight 
attendants complain that passengers 
are bringing too much baggage 
aboard, and more than one gate em- 
ployee has become involved in phys- 
ical struggles with passengers who 
were told they could not bring certain 
items into the cabin. Injuries from 
bags tumbling from overhead bins are 
occurring more frequently. 

The issue also is an economic one 
that airlines are struggling to resolve 
without alienating customers. Next 


month, for example, United Airlines 
will begin limiting discount-fare pas- 
sengers at the Des Moines. Iowa, air- 
port to one cany-on bag, while al- 
lowing full-fare travelers two. 

The Federal Aviation Administra- 
tion is under increasing pressure to 
help solve the problem. The Asso- 
ciation of Flight Attendants has de- 
manded new regulations, and Amer- 
ican Airlines joined its flight 
attendant and pilot unions Wednes- 
day. in asking for uniform rules 
throughout the industry. 

Patricia Friend, international pres- 
ident of the Association of Flight At- 
tendants, opened a conference on the 
issue Wednesday by saying that her 
.members were subjected to “disrup- 
tion in the cabin” and “physical and 
verbal abuse” because of "the lack of 
uniformity in carriers' programs.” 

"The public is ignorant, and we've 
made them that way.” said Linda 
Romano, a 28-year veteran. “Are we 
safety professionals or Coke-and- 
peanut toiers?” 

In 1988 the Federal Aviation Ad- 
ministration issued a rule requiring 
airlines to adopt a cany-on policy and 
to have it approved by the agency. 
Airlines must require that ail bags go 
through scanners and be stowed be- 
fore takeoff, but no limits were set on 
the number or size of bags. 

See BAGGAGE, Page 6 


U.S. Sends a 2d Carrier to the Gulf 

Ship Will Be Ready for ‘Any Contingency , 5 Clinton Says 


Amid Apartheid Apologies , 
Not Everyone Says ‘ Sorry 9 

Rights Panel Hears Business Leaders Talk of Past 




By Donald G. McNeil Jr. 

New York Times Service 

JOHANNESBURG — South Africa 
was treated to a remarkable sight this 
past week: the chief executives of die 
nation's biggest corporations and banks 
lining up to apologize for their actions 
over the last century. 

The venue is the Truth and Recon- 
ciliation Commission’s hearings into 
the ways business supported apartheid 
or violated human rights during the era 
of white rule. Since the commission's 
attention is usually focused on grieving 
families and police torturers, the parade 


AGENDA 

Jury Seeks Death 
In CIA Killings 

FAIRFAX, Virginia (Reuters) 
— A jury recommended Friday that 
Mir Aimal Kasi be sentenced to 
death for murder in the 1 993 shoot- 
ing incident outside CIA headquar- 
ters that killed two employees. 

The jury deliberated less than 
seven hours. The judge, who is al- 
lowed to reduce the penalty, set 
formal sentencing for Jan. 23. 


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of men in sober but beautifully cut suits 
was unusual. Also atypically. their sub- 
missions were meticulously prepared, 
and not one witness wept. 

Mining executives admitted that ex- 
ploiting racial and tribal divisions 
helped cut labor costs. Afrikaner ex- 
ecutives admitted that close association 
with government officials won them 
contracts. However, all concluded that 
the economy would have been far 
stronger if apartheid had never existed 
because it brought the world's wrath 
down on than. 

Not everyone said “sorry.” Some 
sounded more sincere, some less, and 
there was some cattiness in the halls as 
captains of industry quietly graded each 
others* performances. In general, one 
mining executive observed, the new 
bosses of government-controlled insti- 
tutions like the Land and Agricultural 
Bank and the Eskom Ltd. electric utility 
offered the most heartfelt apologies for 
acts earned out by long-gone prede- 
cessors. 

The commission, set np to look into 
atrocities of the past, has die power to 
grant amnesty to those who confess all if 
it rules that criminal acts had a political 
motive. 

No unsolved minders were elucid- 
ated, but the executives were specific in 
detailing some things they regretted. 
South African National Life Assurance 
Co., known as San lam, expressed sor- 
row that the killing 20 years ago of the 
anti-apartheid hero Steven Biko took 
place in a building it had rented to the 
police. Anglo-American Corp., the 
huge conglomerate founded on gold 
mining, expressed regret that it never 
built family housing for more than 1 
percent of its black miners. However, its 
executives were careful to place that in 
context: Anglo-American, they said. 

See TRUTH, Page 6 


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WASHINGTON — President Bill Clinton said 
Friday that he had ordered the aircraft carrier George 
Washington to the Gulf to be prepared "for any 
contingency” in the dispute with Iraq over United 
Nations weapons inspections. 

Mr. Clinton said that the arms monitoring, which 
has been suspended because of the expulsion of U.S. 
inspectors and the UN decision to withdraw the rest of 
ihe team in protest, was important to world safety and 
"must be allowed to continue.'' 

In the major buildup of U.S. military forces in the 
Gulf, the George Washington is expected to join the 
carrier Nimitz there in a week. 

Ihe Pentagon also is considering sending F-1 17 
stealth fighters, used for precision-guided air strikes, 
and other warplanes, U.S. officials said. 

"It's too dangerous an issue, it would set too 
powerful a precedent about the impotence of the 
United Nations if we didn't proceed on this.” the 
sident said, raising the stakes in the showdown with 
sident Saddam Hussein over the inspection of Iraqi 
sites for manufacturing weapons. 

Mr. Clinton said the world community had to act * ‘in 
the face of what I consider to be one of three or four 
most significant security threats that ail of our people 
wiD face in the next whole generation, this weapons-of- 
mass-destruction proliferation.” 

“We've got to stop it,” he said. 

The second carrier doubles the number of warplanes 
available, putting some 100 combat aircraft and 50 
support ainraft in Gulf waters. 

The president refused to speculate about options but 
said, "We have to steel ourselves and be determined 
that the will of the international community, expressed 
in the United Nations Security Council resolutions, 
will have to prevail." 

Iraq called on the Security Council on Friday to stop 
reiterating "American rhetoric" and start serious dia- 
logue with it 

“We see sincerely that it is time for the members of 
the Security Council to stop reiteration of American 
rhetoric." Foreign Minister Mohammed Said Sahbaf 
said in Baghdad. "We think it will be useful, proper 
and logical to discuss how to start real, serious dia- 
logue with Iraq.” 

Britain, meanwhile, ordered the aircraft carrier In- 
vincible to Gibraltar from the Caribbean. The British 
also put "a number of fighter-bomber aircraft” on 
alert, said the British ambassador to the United States. 
Christopher Meyer. 

Discussing the mission of the carriers. Secretary of 
State Madeleine Albright said Friday in London: "Our 
strategy is to combine intensive diplomacy with a 
robust military presence in the Gull, which we are 
convinced is the best way to convince Saddam Hussein 
to reverse course." 

U.S. officials traveling with Mrs. Albright said the 
new deployments of ships and planes did not augur 
immediate military action. 

Speaking earlier in Edinburgh after a meeting with 
the British foreign secretary, Robin Cook, Mrs. Al- 
bright said that both countries agreed that they would 
work to speed up the delivery of food and medicine to 
Iraq, in exchange for limited oil sales under UN 
Resolution 986, if Mr. Saddam displayed a willingness 
to comply with other UN resolutions. 

See IRAQ, Page 7 








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Secretary of State Madeleine Albright and Foreign Secretary Robin Cook buttoning up on a 
brisk afternoon in Edinburgh shortly after the two met indoors for talks on Friday. 

U.S. Options Trickier, This Time 

Political Goals and Type of Target Limit Military Action 


By Bradley Graham 

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WASHINGTON — While U.S.-led military action 
has succeeded before in thwarting President Saddam 
Hussein of Iraq when diplomacy has failed, the chal- 
lenges raised by Mr. Saddam’s defiance this time 
make the use of "force more problematic, according to 
administration officials and outside specialists. 

Amid signs of growing public and congressional 
support for military force to resolve the latest standoff, 
defense experts cautioned that the extent of armed action 
required this lime could differ significantly from the 
relatively quick actions taken to compel Iraq’s com- 
pliance with the terms that ended the 1991 Gulf War. 

For one thing, the dilemma now is not as straight- 
forward as Iraq's massing of conventional forces along 
a foreign border in 1 994 and 1 995. The United Nations 
in this case is attempting to uncover and dismantle 


Iraq’s clandestine biological and chemical weapons 
programs. As a military matter, the storage and pro- 
duction sites for these agents are more difficult to locate 
and destroy than such past U.S. targets as Iraqi troop 
formations, missile launchers and air defense systems. 

For another, the Clinton administration's stated 
objective is not simply to punish Iraq for something it 
has done, as was the case after the 1993 alleged 
assassination plot on former President George Bush or 
last year s assault on Kurdish enclaves in northern 
Iraq, both of which drew U.S. air attacks. Instead, the 
aim is to push Mr. Saddam into reversing course and 
dropping his interference with Untied Nations 
weapons inspections. 

"The purpose would not be punitive but coercive." 
said Richard Haas, a senior National Security' Council 
official under Mr. Bush. "You would be using force to 

See OPTIONS, Page 7 


Crisis Tests ‘Asian Values’ 

Market Turmoil Fuels Debate Over Democracy 


By Michael Richardson 

Inienutwnaf Herald Tribune 

SINGAPORE — Southeast Asia’s fi- 
nancial turmoil is providing an acid test 
for a question hotly debated between 
East and West: Are liberal democracies, 
or more authoritarian systems of gov- 
ernment, better for sustaining economic 
growth in developing countries? 

"Until Thailand emerged this week 
with what seems like a somewhat better 

NEWS ANALYSIS 

government, I would have judged that 
die authoritarian camp had a slightly 
stronger case so far,” a Western am- 
bassador said Friday. "But now 1 would 
say that the argument is finely balanced 
and the jury is still out,” 

The four Southeast Asian economies 
worst affected by the plunge in the value 


of their currencies and stock markets — 
Thailand, Indonesia, the Philippines 
and Malaysia — fall evenly between the 
liberal and strong government camps. 

Before the economic ensis, a some- 
times bitter debate raged in Asia, and 
between Asian authoritarian leaders and 
tbeir Western liberal critics, about 
whether Asia had certain unique cul- 
tural values to help power its rapid eco- 
nomic growth, and which political sys- 
tems could best sustain that growth. 

Yet in Southeast Asia, the financial 
turmoil has struck economies managed 
by liberal and strong-arm governments 
alike, leading officials, diplomats and 
economists wondering which system will 
prove best able to engineer recovery. 

"Asian values basically meant demo- 
cratic deficits and economic sur- 
pluses,” said David Roche, managing 

See TEST, Page 6 



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Tokyo Stocks Plunge 

A stock trader slumping Friday as 
prices on the Tokyo exchange fell to 
a two-and-a-half-year low. Page 13. 





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Malaysia’s Wired 6 Super corridor 9 

New Silicon Valley Proceeds Despite the Region’s Problems 


By Thomas Fuller 

tntemjtivrul Heruhl Tribune 


Mohammed Arif Nun, head of the development 


CYBERJAY A, Malaysia — When a baby cobra 
slithered into the offices of Multimedia Development 
Corp. a few weeks ago, the office workers jumped -up 
and down and screamed, "Kill it! Kill it!” 

With the reptile darting around the room, it was time 
for executive action. Mohammed Arif Nun, the com- 
pany’s chief operating officer, carried the animal 
outside with a stick and piece of string, hardly the 
typical tools of a company chatted with a 510 billion 
plan to push Malaysia into the information age. 

Then again, Cybeijaya is not your typical high-tech 
workplace. 

Outside Mr. Arifs window, neat rows of oil palms 
cover the sunrounding hills, and manicured flower 
beds decorate the courtyard. Mr. Arif s office sits in 
the heart of what Malaysia calls the Multimedia Su- 
percomdor, an ambitious plan to transform rubber and 
palm-oil plantations into Southeast Asia’s Silicon 
Valley. 

The idea: a bucolic alternative to the high-icch- 
nology offices in developing Asia that are often sur- 
rounded by traffic jams and choking car fumes, in a 
corporate "park three limes the size of the United 
States' capita! city. 

It will mix, its promoters say, a state-of-the-art 
communications network with untouched wetlands 
and trees. Wired magazine says the project has the 


potential to become the "planet's most seductive 
technopark." 

Malaysia has promised a network of high-band- 
width fiber-optic lines that will link houses, schools 
and shopping malls within the zone. 

In Cyberjaya. a so-called intelligent city at the 
center of the supercorridor, planners are building a 
multimedia university, tropical promenades and sports 
centers. Also notable is what planners are not con- 
structing: Two-thirds of the zone will be left un- 
developed. 

Promising 10-year lax exemptions and other fi- 
nancial incentives. Malaysia is luring the world's 
biggest software companies, computer makers and 
daia-processing firms to the Supercorridor. 

The corridor already has support from big names in 
the computer industry'- Microsoft Corp. has moved its 
regional headquarters to Kuala Lumpur from Singa- 
pore. and Sun Microsystems Inc.. Oracle Corp. and 
Nippon Telegraph Si Telephone Corp. have an- 
nounced that they will invest in the project, although it 
is too early to know exactly how much. # 

In planning the corridor. Malaysia has sought the 
input of the Silicon Valley elite by creating an advisory 
panel made up people such as the Microsoft chief. Bill 
Gates, and Sun’s chairman. Scott McNealy. 

A question mark for the project, as with nearly every 
business venture in Malaysia today, is what effect the 

See CORRIDOR. Page 6 


UN Chief Assails 
U.S. Congress 
For Killing Plan 
To Pay Dues 

By Barbara Crossene 

New Vi-rt 7inii^ Si~n i, , 

UNITED NATIONS. New York — 
Secretary-General Kofi Annan assailed 
Congress and the anti-abortion lobby in 
the United Stales on Friday for killing a 
plan to pay the United Nations more 
than SI billion in back dues, calling the 
vote "unreasonable and regrettable." 

Mr. Annan, in unusually sharp crit- 
icism. also noted (hat the action, which 
officials say will push the organization 
in coming months into its most serious 
financial crisis, came in the same week 
that Washington was using the Security 
Council to gamer support for .American 
policy on Iraq. 

At a news conference. Mr. Annan 
said that, while he did not feel per- 
sonally betrayed by Washington. "If 
there is a betrayal it is a betrayal of the 
international community’ and the United 
Nations system. 

"It is both unreasonable and regret- 
table that the legislation was held hos- 
tage to the entirely unrelated domestic 
policies of abonion,” he continued. ”1 
am disappointed and concerned." 

On Thursday, both houses of Con- 
gress voted against a plan negotiated 
with ihe Clinton administration that 
would have authorized overdue nav- 
ntents to the United Nations and ad- 
ditional money to the International 
Monetary Fund for dealing with inter- 
national financial crises. 

“We re supposed to be the leader of 
the world, ana we shouldn't be doing 
things like this.” said David Biren- 
baum. a former American diplomat who 
is chairman of the Emergency Coalition 
for U.S. Financial Support of the United 
Nations, a lobbying group that includes 
all of the nation's former secretaries of 
stale on its board. 

Mr. Birenbaum. who was the Amer- 
ican representative on budgetary mat- 
ters at the UN mission of the United 
States until last year, said (hat the vote in 
Congress revealed more about tnira- 
Republican rivalries and legislative 
self-indulgence than it did about the 

See DUES. Page 6 








PAGE 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 15-16, 1997 


Taking On Global Trade Inequalities 

Aprmdpal aspect of globalization, 

full rtf tha ■■■<< j > rv n > > m m — 


o/ giooazizanon, 
Harmonization of the international reg- 
utotoiv climate has been a goal fir 
during bis six years as 
cmtf U J. delegate to the Organization 
°j Economic Cooperation and Devel- 
opment in Paris. Now the new under- 
secretary of commerce for international 
trade, Mr. Aaron spoke with Joseph 
rttchett of die Herald Tribune about the 
administration's trade agenda. 

Q. Does die congressional revolt over 
‘fast-trade” reflect disaffection with 
free trade? 

A. It’s more an expression of frus- 
tration about how bam it is to pry open 
other countries’ economies. We have 
the world's most open economy, so we 
don’t have that much to give away. 
Considering how few cards and what 
little leverage we had, we’ve done well, 
signing over 200 trade agreements in 
four years. One erf the things I look 
forward to doing in my new position is 
emphasizing compliance with those ac- 
cords. We’ve got to make sure ourpart- 
ners are living up to their commitments, 
particularly as tney affect our ability to 
export It's going to be my top priority. 
There's a lot of room there to make np 
on the trade deficit 

Q. Meanwhile, what other initiatives 
rank at the top of your priorities? 

A. We have a critical multilateral 


Q &A/ David Aaron 


negotiation coming up next week on a 
binding convention mat would crim- 
inalize bribery of public officials in in- 
ternational transaction. The principle 
has already been approved by govern- 
ments. but we've run into difficulties 
because Europeans have taken the po- 
sition that politicians should be exemp- 
ted — in effect, that it would be O.K. to 
pass bribes by parliamentarians or polit- 
ical parties whereas It would be a crime 
to bribe an official. We find this pe- 
culiar, to put it mildly. This loophole 
would make corruption safe for future 
Marcoses and Mobotus — and tax de- 
ductible for donors. 

• 

Q. What other trend have you spent 
the most time on? 

A. Electronic commerce is a truly 
revolutionary change. It should be 
called electronic business because cora- 

S iter transmissions, c ulminatin g in the 
temet, affect every aspect of business 
from design to selling. There is almost 
no issue in our lives that is not affected 
by this way of doing business. Clearly 
governments have to deal with certain 
aspects of it. But our feeling is that this 
ought to be a market-driven process led 


BRIEFLY 


by die private sector. Every time gov- 
ernments have tried to dream up the 
right rules, they almost. always sot off 
on the wrong foot. We’re afraid that 
some governments, with their desire to 
regulate electronic business, will stunt 
growth. The industry is exploding so 
fast that almost any government frame- 
work is liable to be harmful. 

People in the market can find the right 
solutions: for child [tomography on the 
Internet, for instance, the industry is 
coming up with technical solutions and 
self-regulatory answers. What we don’t 
want is some one-size-fits-all solution 
designed by governments that actually 
does more barm than good. Take the 
European Union’s directive on data pri- 
vacy supposed to go into effect next 
October. If it does, it may have cata- 
strophic consequences on trans- Atlantic 
business: for example, personnel re- 
cords couldn’t be shifted across borders 
or databases sent somewhere for con- 
solidation. 

Q. You have been the point man in 
the U.S. drive to promote co mm ercial 
codes for computer communications 
that could be accessible to governments. 
Where does that stand? 






S up I S^Mi/tpwrFnmr-IW 

FORWARD SPLITS — Ukrainian honor guards warming up for the daily training regimen Friday in Kiev. 


German Bomb Suspects on Trial 

DUSSELDORF — Two German physics students went 
on trial here Friday on charges of attempted murder, accused 
of being responsible for a series of botched bomb attacks. 

Prosecutors charged Bernhard Falk and Michael Steinau 
with five counts of endangering life with the use of ex- 
plosives. They are suspected of canying out a series of 
bomb attacks in 1994 and 1995 — on die homes of 
conservative German politicians and on the Peruvian Con- 
sulate in Dusseldorf. 

Responsibility for the attacks had been claimed by the 
Anti-Imperialist Cell, which die anti-extremist Office for 
the Protection of the Constitution once said probably 
numbered 30 to 50 members. 

But the abrupt end to the attacks after the arrests of Mr. 
Falk and Mr. Steinau in February 1996 led to speculation it 
was nothing more than a two-man band. ( Reuters) 

Austrian Leader Wants 2d Term 

VIENNA — President Thomas Klestil of Austria an- 
nounced Friday that he would run for a second term next 
year, but said he would not actively campaign for re- 
election. 

Mr. Klestil was elected in 1992 with 56.89 percent of the 
vote. Though he was nominated by the conservative 
People's Party then, he sees himself as an independent. In a 
speech announcing his decision, he said he did "not want to 


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be a candidate of any party." Other parties, in any case, 
have nominated their own candidates or are considering 
doing so. 

Heide Schmidt, leader of the Liberal Forum, announced 
her candidacy this week. The Social-Democratic Party, in 
coalition with the Austrian People’s Party, plans to an- 
nounce next week whether or not it will field a candidate, 
while the populist Freedom Party plans a decision in 
September. (AP) 

EU Targets Israeli Orange Juice 

BRUSSELS — The European Union wants to talk with 
Israel about allegations that Brazilian orange juice has been 
fraudulently imported into the Union under labels that 
declare “Made in Israel," an EU spokesman said Friday. 

“At the moment we are trying to find a date,” said the 
spokesman for Manuel Marin, the EU commissioner re- 
sponsible for relations with Asia, the Mediterranean and 
Latin America. 

The spokesman denied Israeli accusations that the call 
for talks had a political motive. “I reject any political 
interpretation of this," he said. “We have a duty to protect 
the financial interests of the EU." Union officials say the 
duties escaped on the suspect imports could amount to 40 
million ECUs ($46 million). 

The European Commission said its suspicions about the 
orange juice imports dated to 1993. and a trade mission this 
year confirmed “serious doubts" as to the origin of the 
products. (Reuters) 


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The international interview 
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Yeltsin Fires Staff Aide 
Involved in Book Affair * 

He and Leading Reformer Got High Advance 


% 


David Aaron: Setting trade agenda. 

A. We’ve come to see that you need a 
balanced policy. The authorities need 
access to coded computer records just as 
they currently have access to all other 
communications. The people who put 
poison gas in die Tokyo subway would 
probably still be walking free if the au- 
thorities hadn’t stumbled on die key to 
break the code of their computerized 
records. In the case of the World Trade 
Center bombing, same of the informa- 
tion. including the terrorists’ finandeis. 
contacts, other targets, are on computer 
disks that have bon seized but are too 
deeply encrypted for the police to crack. 


.By David Hoffman ■ 

Washington Post Service - , ■ 

MOSCOW — President Boris 
Yeltsin fired his deputy chief of staff on 
-Friday in what appeared to be a worsen- 
ing dispute over advances for a book 
accepted by Russia’s leading economic 
reformer. Deputy Prime Minister 
Anatoli Chubais, and some of his closest 
aides. 

Alexander Kazakov, 49, a former 
chief of Russia’s privatization program 
and an ally of Mr. Chubais, was dis- 
missed in a one-sentence Kremlin an- 
nouncement. 

The announcement did not give any 
reason for the dismissal, but others said 
it was because of tite book contro- 
versy. 

Mr. Kazakov had been first deputy 
chief of staff for relations between the 
Kremlin and local governments. He also 
served as chairman of the board of 
Gazprom, the natural gas monopoly Oat 
is Russia’s biggest corporation. Interfax 
quoted a Gazprom executive as saying 
that Mr. Kazakov would not lose the 
post, which he has held since 1996. 


Morocco Picks Lawmakers 

Direct Election of Allis a First for the Country 


Agence Frartce-Presse 

RABAT, Morocco — Polls opened 
Friday in parliamentary elections that, 
for the first time since Morocco gained its 
independence in 1956, will see all of the 
country’s legislators directly elected. 

Some 60,000 polling stations were 
set up around the country as voters 
chose from among 3319 candidates 
from 16 parties for 325 seats in die 
Chamber of Representatives. Turn oat 
among the 13 millio n registered voters 
was expected to be high. 

Final results are due Saturday, and 
King Hassan n is to use the outcome to 
help him select a prime minister to form 
a new government 

Under the constitutional monarchy, 
the role of Parliament has habitually 
been a low-key one, although consti- 
tutional reforms have opened the way 
for an assembly with two houses. 

Security surrounding the elections, 
which includes moderate Islamist can- 
didates for the first time, has been tight 


Throughout the country, ballot boxes 
— mainly put out in schools and public 
bondings — were protected by a plastic 
shield, keeping them permanently in 
view of electoral officials. 

The voting Friday will be followed 
Dec. 5 by the indirect election of a 275- 
member Chamber of Councilors, or sen- 
ate, through an electoral college com- 
prising town councils, regional assem- 
blies, chambers of commerce and 
representatives of industry, agriculture 
and trade unions. 

The new system was established in a 
constitutional reform adopted in 
September 1996 that changed the coun- 
try’s 333-member legislature into a two- 
boose body. 

In Morocco's last general election, in 
June 1993, the turnout was almost 63 
percent 

That figure was expected to be sur- 
passed this time, given the calls for 
change by the king and the majority of 
politicians. 


TRAVEL UPDATE 


Cathay Cuts Fares . 

HONG KONG (Reuters) — Cathay 
Pacific Airways announced, an ambi- 
tious program Friday to revive Hong 
Kong s sickly tourism sector. 

The airline will offer two-for-one- 
price tour deals in a bid to lure back 
travelers who have come in dwindling 
□umbers since the former British colony 
reverted to China on July I. 

Cathay also has linked np with 59 
Hong Kong hotels to offer discount 
packages to tourists in 22 countries from 
Jan. 1 and Feb. 15. 

A Face-Lift in Moscow 

. MOSCOW (AFP) — With a $200 


Europe 


million investment plan by. an Irish 
travel firm, Moscow’s vast_bdrdown-at- 
the-heeb Ukraine H6 tel vftil'get a face- 
lift — Along with a heliport, an un- 
derground shopping center, restaurants, 
bars, tennis courts; a gym and a pool. 

The 34-stray Stalinist-era hotel is to 
be partially privatized, with a take sold 
to the Irish-owned Hotel Service Man- 
agement, the Kommersant Daily news- 
paper said. Room rates will more than 
double from a current $70 dollars a night 
to between $170 and $180. 

Waterstoue’s, which has 108 book 
stores in Britain, Ireland and North 
America, has opened the largest book- 
store in Britain in 50 years in Glasgow 
with 150,000 titles. (NYT) 


WEATHER 


Forecast toe Sunday through Tuesday, as provided by AccuWeather. 


Mr. Kazaktiv was rare of at least five, 
and possibly seven, co-authors of the 
book, including Mr. Chubais, who each, 
received a $90,000 payment for the his- 
tory of Russian privatization. Hie pay-, 
ment was revealed this week by Al- 
exander Minkin, an investigative; 
journalist, who described it as a dis- 
guised bribe. 

Mr. Chubais, charging that the al- 
legations are pan of an effort by several 
Russian tycoons to discredit him, has 
denied that the payment was intended to 
influence his decisions as Russia's top' 
economic policy official. 

Mr. Chubais defiantly declared that 
“as long as we are alive,” none of the' 
previous government sell-offs would be 
canceled. “There will be no return, to 
old, unfair rales of the-game,” he said.. 
“There will never be a situation when / 
the government is forced under pres- ?- 
sure” to -make decisions in favor of 
“this or tbnr businessman.'* 

The latest disclosures are part of a 
dispute between several of die biggest 
Russian tycoons and Mr. Chubais. The 
battle has been earned on in a series of 

damaging lualrs and cm par campaig ns in 

news media owned by the tycoons. . 

The attacks appear to be eroding Mr. 
Chubais’s position, and the new charges 
left many questions unans wered, such 
as why a publishing house would pay. 
such a large sum, $450,000, for the 
book. Same press accounts have put the' 
total even higher. Mr. Chubais acknowl- 
edged Friday that the payment was c 
large. “The fee is high," he said, ? 
adding, “We must admit this." 

Mr. Chubais claimed most of the 
money was to be donated to a private 
foundation that be said had been formed 
recently for the purpose of defending 
free-market economic policies, includ- 
ing the rights of private property, and 
that he said was under the guidance 
former Prime Minister Yegor Gaidar, a 
leading reformer. 

However, Mr. Gaidar, in a televised 
interview Friday, had trouble recalling 
when Mr. Chubais said he would for- 
ward the money. “I don't want to re- 
collect now,’’’ tie said. “I don’t remem- 
ber.” 

Mr. Gaidar, who is a close informal 
adviser to Mr. Chubais, said in response 
4o a question: “1 think Chubais’s dis- 
missal would be extremely harmful for / 
Russia's economy and its financ ial ays- ' 
tern, especially now. But 1 do not ex- 
clude it." Russian capital markets have 
been hard-hit by the recent global mar- 
ket turmoil. 

Mr. Chubais said the book was. 
already written. Mr. Gaidar said the 
manuscript, was sent to him in recent' 
days. 

The title is “The Results of Privat- 
ization: A Breakthrough Intq! Another 
Edonotfaifc Dimension.” : y ' *' ; ", | 

Tit is not' clear Where ihe advances; 
came from. Press reports said they were 
from a publishing company, Sevpdnya- 
Press. partly owned by Vladimir Potan- 
in, the head of Uneximbank, a Russian 
banking giant. 

T;Ina sell-off that sparked a bitter feud, 

Mr. Potanin in July won a 1 25 percent' 
Stake in Svyazinvest, a huge telephone 
holding company, defeating another 


group of bankers headed by Vladimir 
Gus insky, a media magnan*. 

One of Mr. Gusinsky’s allies in that! 
fight, Boris Berezovsky, an oil and aiito 
tycoon, was also recently dismissed'/, . 
from Mr. Yeltsin's security council. ' 


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bring cooler weedier to the 
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Europe . 

Dry and very mild over 
England. France and Gar* 
many Sunday end Mon- 
day, but s hower s and cool- 
er weathbr will move In 
bom the Mantle Tuesday. 
A storm in the Mediter- 
ranean wfll cause soaking 
rain across southern Italy 
and Qraaee. Onto cold in 
eastern Europe and Rus- 
sia. 


Co« and dry with flurries W 
Posin g end across most of 
northern and eastern 
China Sunday and Mon- 
day. than a little milder 
Tuesday. Korea end south- 
ern Japan wOl have soak- 

3 rain, while Manchuria 
be windy and cold with 
snow. Mostly (fry and mBd 
In Tokyo, but It may show- 
er Monday. 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY. NOVEMBER 15-16, 1997 


PAGE 3 


FBI Finds New Funding Evidence 

Intelligence Data on China’s Role in Campaign Were Overlooked 


<!\ 


By Bob Woodward 

Washington Post Service 

WASHINGTON — Th*- rax u., 
acknowledged overlooking key inte£ 
'“Ration Fredas far 
tack as 1991 that investigators believe 
shows further Chinese government ef- 

pohtlcai “^uence in the 
United States, according to senior VS 
government sources. 

iJr!2i me ? u General Janet Reno 
the new evidence on the 
night of Nov. 5. A senior Justice De- 
partment official said Ms. Reno was 

livid at the FBI oversight and apo- 
logized two days later to Senator Fred 
Thompson, Republican of Tennessee, 
for failing to disclose information that 
was germane to Senate hearings into 
campaign fund-raising abuses. Mr. 
Thompson suspended his committee’s 
hearings Oct 31. 

The FBI director, Louis Freeh, who 
also apologized to Mr. Thompson, has 
replaced the senior FBI official over- 
seeing the bureau’s investigation into 
suspected Chi n ese influence-bovine 
officials said. 

The newly discovered intelligence, 
much of it culled from electronic sur- 


veillance conducted by the FBI and 
other U.S. agencies over the last six 
years, includes evidence of the mag- 
nitude and means by which Beijing 
hoped to influence U.S. elections. 

The evidence also shows links be- 
tween die Chinese government and 
several U.S. citizens, including a 
Democratic fund-raiser in Los Angeles 
whom several officials characterize as 
an “agent” for the Chinese. Officials 
would not provide details. 

These developments come two 
months after Ms. Reno, vowing “to 
make sure that no stone is left un- 
turned,” ordered a major Justice De- 
partment shake-up and replaced the 
head of a department task force looking 
into campaign finance violations. 

Some officials played down the sig- 
nificance of the new evidence ami 
noted that it was gathered by the FBI as 
part of a counterintelligence function 
designed to keep tabs on foreign gov- 
ernments and protect U.S. national se- 
curity. 

Since news reports early this year 
first disclosed a Justice Department 
investigation into suspected Chinese 
influence-buying, officials in Beijing 
have repeatedly denied — both pub- 


licly and in private talks with U.S. 
officials — any effort to funnel cam- 
paign contributions into American 
political races. Federal law prohibits 
donations from foreign sources. 

The new evidence came to light only . 
after Mr. Freeh canvassed all FBI field 
offices in September and ordered a 
“meticulous review of all file holdings 
in the FBI’s possession that bear on 
attempts” by China to influence U.S. 
political elections. Thursday night, the 
FBI issued a statement saying that its 
counterintelligence files are “volu- 
minous,” consisting of “raw, uncor- 
roborated intelligence that requires 

significant analysis before the infor- 
mation is a p propriate for dissemina- 
tion.” 

Mr. Freeh's directive also produced 
intelligence that the Chinese govern- 
ment planned to use joint business ven- 
tures with American companies and 
others to raise money that could be 
funneled into U.S. political campaigns. 
They were quick to point out that the 
new discoveries will not necessarily 
lead to criminal charges. Nor have in- 
vestigators established whether 
Chinese money was actually funneled 
to specific political campaigns. 





Mr. Daschle, minority leader, left, and Mr. Lott, majority leader, calling the president 


(inn. k. rtf. In. >11 -.l/V— - 

as the Senate adjourned. 


£/? .■ 


POLITICAL NOTES 


Gay’s Appointment Is Blocked 

WASHINGTON — The Senate has quietly blocked the 
appointment of an openly gay business man to be the U.S. 
ambassador to Luxembourg after Republicans complained 
that he would use the position to advance gay rights. 

James Horrnel, a philanthropist in San Francisco and 
heir to the Horrael meatpacking fortune, ran into last- 
minute opposition from two Republican senators, James 
Irihofe or Oklahoma and Tim Hutchinson of Arkansas, 
who put a hold on his confirmation. As a result, an aide to 
the Senate majority leader, Trent Lott of Mississippi, said 
Thursday that the nomination would be shelved for the 
rest of the year. 

“The fact that he's been a longtime activist for gay 
causes creates some concern that he would use die 
position to promote those causes.” a spokesman for Mr. 
Inhofe said. 

The action drew criticism from the White House and 
the nation's largest gay rights organizations, both of 
which called it blatant discrimination. Mr. Horrnel, who 
would have been the first gay activist to become a U.S. 
ambassador, declined to comment Thursday. 

' ‘This is boiling down to job discrimination, pure and 
simple,” said David Smith of the Human Rights Cam- 
paign. the nation's largest gay rights group. ( WP ) 


The Backslapping Over \ Congress Unsheaths the Knives 


Reno Steps Up Babbitt Inquiry 

WASHINGTON — Attorney General Janet Reno has 
stepped up the investigation of Interior Secretary. Bruce 
Babbitt’s role in the rejection of an Indian casino that was 
opposed by tribes dial contributed heavily to the Demo- 
cratic Party for the 1996 campaign. 

Ms. Reno notified the special federal court panel in 
charge of appointing independent counsels that she was 
opening a preliminary inquiry to determine whether one 
should be named in Mr. Babbitt’s case. 

Under the law, the attorney general must ask the court 
to appoint an independent counsel unless she can certify 
within the next 90 days that there are no “reasonable 
grounds to believe further investigation is warranted-” 

Justice Department sources said the truthfulness of Mr. 
Babbitt's testimony about the casino controversy was a 
central focus of the inquiry. 

Mr. Babbitt has denied that political pressure was a 
factor in the 1995 scuttling of the off-reservation casino 
project that three impoverished Wisconsin Chippewa 
tribes wanted to build. I WP) 


Quote /Unquote 


Tom Daschle, the Senate minority leader, as Congress 
headed home Thursday after its final session: “I would 
give this Congress a B for achievement, a D for behavior 
and the overall assessment of incomplete. ’ ’ (AP) 

Away F rom Politics 

• More than a million women are stalked every year in 
the United States, and one out of every 12 women will be 
stalked at some point in their lives, according to a survey 
released by the Justice Department, The study also re- 
ported that more than 370,000 men are stalked each year. 
The vast majority of stalking victims of both sexes — 74 
percent — were between the ages of 18 and 39. (WP) 

• A man who escaped a prison work gang and killed a 

storekeeper in a 1988 robbery that netted $4 has been 
executed by injection .at the Virginia state prison. Dawud 
Mu’Min, 44, made no final statement. (AP) 

• An inmate who shattered bis eighth-floor cell win- 
dow with a chair fell to his death when .the bedsheer rope 
he was using to lower himself broke. Rayton Bullock, 18, 
was awaiting trial in Pittsburgh on murder charges. (AP) 


By Alison Mitchell 

New York Times Service 

WASHINGTON — As the 
105th Congress ended its first 
session tins week it could 
boast of one paramount, bi- 
partisan achievement: the 
midsummer legislation to 
balance the budget and cut 
taxes. But the ill-will, stale- 
mate and destruction of the 
session's closing weeks point 
to a return to sharp partis- 
anship next year. 

It is almost as if the session 
had been cut in two. After 
weeks of working together, 
sometimes uncomfortably, 
the outer wings of each party 
got fed up with cooperation. 

Oyer the past three months. 
Republican leaders in the 
Senate blocked a direct vote 
on overhauling die campaign 
finance system, despite 
weeks of hearings that show- 
cased die abuses of the 1996 
campaign. 

In theHouse.President Bill 
Clinton's own Democrats 
dealt him a devastating blow 
by keeping him from winning 
the free trade measure he 
called necessary for the 
United States to be a global 
leader in trade. 

The president’s nominee to 
run the civil rights division of 
the Justice Department is 


stalled because of his support 
for racial and gender prefer- 
ence programs. Mr. Clinton’s 
choice for surgeon general 
has been held up over abor- 
tion. And William Weld, the 
former Republican governor 
of Massachusetts who was 
supposed to be the very sym- 


bol of bipartisanship, saw his 
nomination as ambassador to 
Mexico torpedoed by conser- 
vatives in his own party. 

The Republicans have 
floundered as well. Despite 
their efforts to carve out an 
education agenda based on 
school tuition vouchers, one 
of die party's signature bills 
was unable even to pass the 
House. Another measure, for 
tax-free savings accounts that 
could be used for education 
expenses, including tuition, 
was blocked by Democrats in 
the Senate. 

All of this stands in stark 
contrast to (he accomplish- 
ments of the spring- that cli- 
maxed when Mr. Clinton and 
the speaker of the House, 
Newt Gingrich, stood side by 
side on the White House lawn 
in August to celebrate a true 
bipartisan political milestone: 
a plan to balance the federal 
budget and provide a major 
tax cut for the first time since 
the presidency of Ronald Re- 
agan. 


AIDS Lurks in Cells 
Long After Treatment 


By Denise Grady 

Ntyp York Times Service 

NEW YORK — Powerful 
drug combinations being 
taken by many people infec- 
ted with the AIDS virus do 
not eliminate it from the 
body, scientists have found. 
But neither does the virus de- 
velop resistance to die drugs 
in people who follow the 
strict schedule of medicine. 

Three teams, working in- 
dependently, identified the 
same set of immune system 
cells as an important hiding 
place for the virus, HTV, 
which becomes dormant but 
retains the potential to tom 
active again and infect new 
cells. 

The findings announced 
Thursday mean that people 
who benefit from the com- 
bination therapy cannot 
safely discontinue their strict 
schedule of medications in 
the foreseeable future, as had 
been hoped, and, indeed. 


BOOKS 




THE WIND-UP BIRD 
CHR ONICLE 

j Bx Honda Murakami. 61 1 
^ pages. S2J.95. Alfred A. Knopf. 

Reviewed by 
Michiko Kakutani 
> TTARUKI MURAKAMI’S 
X~1 latest novel, “The Wind- 
Up Bird Chronicle ” is a 
wildly ambitious book that not 
only recapitulates the tho^s* 
motifs and preoccupations of 
his earlier work, but 
pires to invest .that maler taJ 
with weighty mythic and his- 
torical signifi cance. But whde 
Murakami seems to have 
to write a book with the aes- 
thetic heft and vjsim °t>say. 

DonDeLillo's“Underw^d 

or Salman Rushdies the 
Moor’s Last Sigh,” he is only 
intermittently saBDessW- 
“Wind-Up Bird has some 
oowerfS scenes of antic com- 
. £y and some shattering 

^■enes of historical 

such moments do not add up 


to a satisfying, fuDy fashioned 
novel. In trying to depict a 
fragmented, chaotic and ul- 
timately unknowable world, 
Murakami has written a frag- 
mentary and chaotic book. 

The central story concerns 
one Tom Okada, a gofer at a 
Tokyo law firm who has re- 
cently quit his job. Torn leaves 
his house raie day to look for his 
missing cat and suddenly finds 
himself thrown into a series of 
bizarre adventures. Not long 
after the cat disappears, Toru's 
wife yiimiko vanishes as welL 
In the meantime. Torn 
meets a series of curious 
people: May Kasahara, a trou- 
bled teenager who feels re- 

S ible for her boyfriend’s 
in a motorcycle acci- 
dent; Malta Kano, a psychic 
who makes prophecies about 
Toni's missing cat; Malta’s 
sister, Creta, who claims that 
she was raped by Kumiko’s 
brother, Nobora - Wataya; 
Lieutenant Mamiya, a soldier 
who says he witnessed a man 


being skinned alive; Nutmeg 
Akasaka, a mysterious healer 
whose husband was violently 
murdered; and Nutmeg's son. 
Cinnamon, a handsome 
young man who stopped talk- 
ing when he was a boy. 

Strange coincidences con- 
nect these people. We learn 
char 'Nutmeg’s rather, a veter- 
inarian in Manchuria, has the 
same strange mark on his 
cheek as Torn. We team that 
Toni and Creta have had a 
similar experience wife pros- 
titution. And we learn that 
various people who have heard 
the mysterious wind-up bird 
have come to unhappy ends. 

Murakami uses these odd 
correspondences to build nar- 
rative tension, while at the 
same time manipulating his 
various subplots to raise a 
slew of other questions. What 
role does Kumiko’s sinister 
brother. Nobora, have in her 
disappearance? Is Noboru’s 
political career somehow con- 
nected to bloody events that 


might need to stick with the 
cosily regimen indefinitely, 
perhaps as long as they live. 

But that could be a long 
time, the researchers said. 
Their studies showed that al- 
though the virus still lurked in 
the immune system, it' occu- 
pied very few cells, and even 
after two years of therapy had 
not developed resistance to 
the drugs. 

“This shows that the drugs 
are really quite good, and are 
doing what they're supposed 
to,” said David Ho, an author 
of one of the studies and a 
researcher at the Aaron Dia- 
mond AIDS Research Center 
in Manhattan. “It should be a 
motivation for patients to 
carry on and adhere closely to 
their regimen.” 

Two of the studies are be- 
ing published Friday in the 
journal Science. 

The third will be published 
on Nov. 2 5 in The Proceed- 
ings of the National Academy 
of Sciences. 


occurred in Manchuria so 
many decades ago? 

While Murakami teases the 
reader with the suggestion 
that the answers to these ques- 
tions will complete his jig- 
saw-puzzle story, it turns out 
that he is equally intent on 
pelting the reader with 
portentous red herrings. No 
doubt he means to subvert the 
conventional detective story 
and, in doing so, suggest that 
the world is a mysterious 
place, that the lines between 
reality and fantasy are porous, 
that reason and logic are use- 
less tools in an incompre- 
hensible world. 

New York Times Service 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors wwW-wMa Invited 
VWter or sand your manuscript to 
MINERVA PRESS 
2 OLD BRQMPTQN ML LQMMN SW 7 30Q 


Predictably, the rwo parties 
blame each other for the 
mood change. 

"I think the hard right 
forced them to become more 
ideological and less pragmat- 
ic,” the Senate minority lead- 
er, Tom Daschle of South 
Dakota, said of the Repub- 
licans. 

Representative Jennifer 
Dunn of Washington state, a 
member of the House Repub- 
lican leadership, said of the 
trade defeat, ‘ ‘The Democrats 
became die labor party, and 
that’s going to be a big prob- 
lem.*' 

In their way both are right. 
Factions in each party are 
growing dissatisfied with the 
look-alike politics that have 
emerged from Mr. Clinton's 
embrace of so many Repub- 
lican issues. And as the mid- . 
term elections of 1998 loom. 
Democrats and Republicans 
are once again seeking to 
highlight their differences 
and energize their core 
voters. 

That contrasts with the be- 
ginning of the congressional 
session. 

Unable to cany a Demo- 
cratic Congress into office 
along with him, Mr. Clinton 
began his second term by 
pledging to build a “vital cen- 
ter” in American politics. Re- 


publicans. equally chastened 
by their failure to capture the 
White House, vowed to co- 
operate and find common 
ground. 

Across the next few 
months. Congress and the 
president did cooperate. 

They passed the budget - 
balancing bill. 

The Senate approved a 
chemical weapons treaty, 
with the majority leader, 
Trent Lott of Mississippi, 
helping the president over- 
come conservative opposi- 
tion. The House, over the op- 
position of an odd-couple 
coalition of liberals and con- 
servatives. fought tack an at- 
tempt to punish China by end- 
ing its normal trading status 
with the United States. 

The Democrats could boast 
of establishing a new health 
care program for up to 5 mil- 
lion uninsured children — the 
largest expansion in federal i 
health care since the Medi- 1 
care and Medicaid programs 
were established in 1965. 
They won large increases in 
education spending and ere- , 
ated a tax credit to allay the 
costs of higher education. 
And Mr. Clinton was able to 
make good on his pledge to 
soften some aspects of the 
welfare overhaul he signed in 
1996. 


For their pan. the Repub- 
licans had delivered on the 
crown jewel of their 1994 
Contract With America — 
the $500-a-child tax credit. 
They could also point to re- 
ductions in capital gains taxes 
and the estate tax. And they 
pushed through a pilot project 
to allow the elderly to make 
tax-free contributions into 
their own medical savings ac- 
counts to supplement Medi- 
care. 

On Thursday, under a huge 
banner proclaiming, “What a 
Difference a Republican 
Congress Makes.” Mr. Gin- 
grich and his lieutenants were 
still celebrating the budget 
agreement as the fulfillment 
of their promises of 1994. 
“Anybody who wants to be- 


long to a reform party can find 
one called the Republican 
Party," the Georgia Repub- 
lican said. “Because we kept 
our word.” 

The pact bolstered both 
Mr. Clinton and the Con- 
gress. But it further muddied 
party definition. Democrats 
who are seeking lo w in back 
the House next year are wary 
of accomplishments that Re- 
publican incumbents can 
claim, loo. And Republicans 
discovered over the summer 
that voters from their conser- 
vative base opposed close co- 
operation with the president. 

“There is a danger it will 
be a very partisan and un- 
productive session." Senator 
Joseph Liebeiman. Democrat 
of Connecticut, said of I98S. 


■ How can business turn raw data into 
useful information? 

■ How can a better use of data serve 
the customer? 

Dcki\ mist die thin! in a serif* of spnnxorvd page- in the HIT on 
efertronk* Imm'iks*. Lram the ii* and nits nf mi-tine transmions. 

jVnmW21 

Business to e-BusiNESS: 
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hr ajtee tTfrinL I II l.l'IJ 1.1 ■' F.-tU: i«p| 4 rmri«^jihLn*u 

jSJ'jr: : * , • . . .— .j 

Brral^^pSribHnr 


THE WORLD’S Q\l LV iSEBSPVFEU 


The 1998 

Straraak Philosophy Prize 

TJiE COLLISION 

OF CULTURES? 

Opportunities and Limits of (ntenrultural Dialogue 
between Globalisation and Cultural /denary 

TehiPrias: SF30.000,— 

Hbo Caa Participate: Anyone 
LaWC English or German 


Beadfee ham mdmg to partiopate simhl apply far a capy rf the Ues 
•f ftrfxjKtinifatKfe is aaBi^d part af tin caaqMfifininMBCtreeai)ifl Gcreoi 
er EugSsh, unlabfe fora the Conpefflna Secretory a the address beta* by » Mb 1 
that Noth 3 P 1998 . 


Submissions mint be sent by 
March 3 I st 1999 at rise latest to the 

1998 StrattHabsipfay Prize 
c/a Br. Hong Lkbscher 
&O.B 01 13, MQZ7 Sizin' 
H 0043/662/87 23 50, Fax 0943/662/87 12 M 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL 
CHURCH Interdenominational & 
Evangelical Sunday Service 10:00 
am & 11:30 am/ POds Welcome. De 
Cuserstraat 3, 5. Amsterdam Info. 
020-641 SS 12 or 020-6451 653. 
FRANKFURT 

English Speaking International 
Catholic Parish, St Leonhard, A He 
MaJnzer Gasse 8. 60311 Frankfurt, 
Germany. Tel/Fax 06S^2S3177. Mass 
schedule: Saturday 5 pm, Sunday: 10 
am Confessions: ia hour before Mass. 

FRANCE/TOULOUSE 
HOPE INTERNATIONAL CHURCH 
(Evangelical). 4. bd de Pibr&c, Colo- 
mier. Sunday service 6:30 pm. TeL: 
0502741165. 

FRENCH RIVIERA/ COTE D’AZUR 

NICE: Holy Trinity (Anglican), ii me 

Sufia.Sun.il; VENCE: St HuglfA22.au. 
Rftdsfince. 9 am Tat 33 0493 87 19 8a 
'PARIS and 5UBURB5 
EMMANUEL BAPTIST CHURCH - 
56, iue ties Bons-Hafslns, 9250D 
Ruail-Maimaison. Worship: 9:45 : 
11:00 a.m.Sunday School. For into 
Tel: 01 47 51 29 63/01 47 49 1529 or 
352. 

HOPE INTERNATIONAL CHURCH 
Hotel Orion at Paris-fa-Wfense, 0txJ.de 
NeuMy. Vtasrtp Sundays- &3Q am Rev. 
Douglas MBef, Pastor. Tj 01 43 33 M 06 
Metro 1 tola DMsnse Esplanade. 

SAINT JOSEPH'S CHURCH (Roman 
CatxW- MASS W ENGLISH: Sat 630 pm: 
Sim.: 9:45 a.m., 11 am, 12:15 p.m.. 
630 pm 50, avenue Hadis, Parte Wi Tri: 
01 42 27 2858. Maw ChstedaGafie-Etfa 
RELIGIOUS SOCIETY OF FRIENDS 
(QUAKERS). Unprogrammed (stent) 
meeting lor worship. Sundays ii am 
Centre Quaker Iraematicnal 114 bis, rue 
de Vauginird, 75006 Paris. AB Welcome. 
433 01 45 48 74 23. 

TOKYO . 

TOKYO LMQN CHURCH, near Qmoffisanda 
S^wayStaTeL 34000047, WasripSencec 
Sunday - 830 & 1130 am, Ss a M5 am. 

SWITZERLAND 

BASEL CHRISTIAN FELLOWSHIP 
English-Speaking norvd e noml natt onaL 
TeL «41 61 302 1674. Suidays 10:30 
Mtoare Stasse 13. CH-4058 Basel 


ZURICH-5WTTZERLAND 
ENGLISH-SPEAKING CATHOLIC 
MISSION; SL Anton Church, 
MlnervastraBe 63 Sunday Mass: 
6:30 am. & 11:30 a.m. Services held 
in the eypl of SL Anton Church. 

UNITARIAN msBVEESAUST 

WASSENAAR/THE HAGUE 
THE NETHERLANDS UNITARIAN 
FELLOWSHIP tovfles yraj to is services 
which are hefci on ne Brat Sunday ci eacn 
month beginning at 13:00 at the NPB 
Ctuch, Langa Kerkdom 46. Wassenaar. 

Afl are welcome! Norvdogmatic realms 
education for the children. Nursery 
provided Jofri us lor Thantagwhg Dimer. 
Cal 020645-9513. 

THE EP 1 SCOPM CHIACHE 5 
OF EUROPE (Angfican) 

PARIS and SUBURBS 
THE AMERICAN CATfEDRAL OF THE 
HOLYTRMTY, Sun. 9 & 11 am, 1CM5 
a.m. Sunday School for children and 
Nursery care. Third Sunday 6 p.m. 
Evensong. 23, avenue George V, 
Paris 75008. Td.l 33-Q1 53 23 84 00. 
Metro: George V or Alma Marcrau. 
FLORENCE 

ST. JAMES' CHURCH, Sun. 9 am Riel 
& 1 1 am Bse B. Via Bernardo Rucelol 9. 
5012a Florence, Irty. TeL 3935 29 44 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
(Episcopal/ Anglican) Sun. Holy 
Communfcn 9 & 11 am Sunday School 
end Nursery 10:45 am Sebastian Raw 
5 l 22. 60323 RanMUt Germany, L/1, 2. 
3Mqt»WfcG.Tet4W6B550ia4. 
GENEVA 

EMMANUEL CHURCH, 1st $ 3rd Sun 
10 am Eucharist 2nd & 4lh Sun. Morning 
Prayer. 3 rue de Morehoux. 1201 Geneva, 
Swkzertand. Tet:41/2S 73280 7B. 

MUNICH 

THE CHURCH OF THE ASCENSION, 
Sun. li:45 a.m. Holy Eucharist and 
Sunday School, Nursery Care provided. 
Seybothstrasse 4, 81545 Munich (Har- 
kxJmgj). Germany. TeL^ 4&B9 64 81 85. 


ST. PAUL'S WmW-THGWALLS. Sun 
830 am Hciy Euenanet Rte k 1030 am 
Choral Eucnartsl Rite II: 10:30 a.m. 
Chun* School for ChUen & Misery care 
□rovided: 1 wn Soanbh Eucharist, vis 
TeL: 39/6 468 


BRUSSELS/WATERLOO 
ALL SANTS' CHURCH, let Sun. 9 & 
11:15 am Holy Eucharist nflh ChSrton's 
Chapel at 11:15. Al other Sunfeys: 11:15 
am Ho^ Eucharist and Sunday School 
563 Chaussge de Louvain. Ohain. 
Belgium. TeL 38/2 384-3556.. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE 
OF CANTERBURY, Sun. 10 a.m. 
Family Eucharist. FianMUrier Stress# 3. 
Wiesbaden. Germany. TeL 4961 130.6674 

EUROPEAN 

BAPTIST CONVENTION 

BERLIN 

I.B.C.. BERLIN. Rothenburg Sir. 13. 
(Stogltz). Sunday. BMe study 10.45. 
worship Service 12.00 noon. Charles 
Wnrfoni pastor. TeL 030-774-4670. 

BRATISLAVA - SLOVAKIA 
I.B.C., The luvema, Kartoveska 64. 
Aud&orium 104B. Worship Sim. 1030. 
TeL- 07} 71 5367 

BREMEN 

LBXL Hohentohesff. HemanrvBose-Str. 
Wonshto Sun. 17:00, Pastor ( otoph on e : 
0421-78 84a 

BUCHAREST 

LB-C* Strada Popa Rush 22. 3£0 pm 


BUDAPEST 

LB.C-, meats at M Orica Zaigmond 
GlmnazkBn, Torokvesz ut 48-54, Sun. 
IftOQ. Tel 2S0-3832. 

BULGARIA 

IB£* World Trade Center. 36. Drahan 
Tzankov BJwl Worship 11. - 00 , James 
Dute. Pastor. TeL 871 -2192. 

DARMSTADT - GERMANY 

LB.C., Wllheim-Leuschner Sir. 104, 
Dofmatad^Griestieirn Btoto study Sim. 
1630. TeL (0611)941-0506. 

FRANKFURT 

INTERNATIO NAL CHRI STIAN FEL- 
LOWSKP, Br.-FreWrchiche GoneMo. 
Sodenrasa;. 11-18, 63150 Bad Hofltouw 
Sunday Worship, Nursery & ss! 
1120 AM. Md-week mintorte, Pastor 
Mtewy.CBlFteeOSIWfiSSr 
BETHEL LB.C. Am Dachsbere 92 
(Encash), Wbrahto Sim. 11:00am Wd 
aOOpmToL 0694485®. 


HOLLAND 

TRMTYBfTERNATIONALrMitesyouto 
a Christ centered fellowship. Services 

M 0 and 1030 am BtoemcarTplaan 54. 

Wassenaar 070-517-6024 ruseiyprov. 

NICE - FRANCE 

LB.C. 13 rue Vernier, English service, 
Sunday evening 1630. pastor Roy Mfier - 
TeL (04 93) 32 05 96. 

ST. PAUL DE VENCE - FRANCE 
SL Pad da Vance . Ranee IRC, Espace a 
Claire. Level TT, Bible Sludy Sun. 9:30. 
WcnNpSm 10-45. Tet (0493) 320-596. 
PRAGUE 

LB. FELLOWSHIP, Vtoohradska # 66. 
PragueS. Sim. 1 1XX>. TeL (02) 31 1 7974. 

WATERLOO 

WATERLOO BAPTIST FELLOWS fW 
Sun. 19£0 at Swecfish Church, across 

from MatfXXBWs, TeL (OB) 353 1585. 

ZURICH - SWITZERLAND 

I-B.C of Zurich, Ghetetrasse 31 , 8803 
FHjschftkon. Worship Services Simday 
mornings 1030. TeL 1-481001 a 

assoc, of nun 

CHURCHES 


AMERICAN CHURCH M BERLIN, cor. 
of Ctay Alee & Potedamer Sir, &£. 930 
am. Worship n am TeL 0308132021. 

GENEVA 

EV. LUTHERAN CHURCH 20 rue 

Vantaha Sunday uoishb 930. to Gefltwi 

1 130 to EngBto. Tet (022) 31O505S. 

JERUSALEM 

Um«UM CHURCH of to Redeemer 
Old Cty. Iteristen Rd. Engtsh wwshto Sun.* 
9amMarew*Dme.TeL(Q£5eE8l-049L 

PARIS - 

AMERICAN CHURCH IN PARIS 
Wrirshto 11. -oo am 65. Qua i <faW 
Parte 7. Bus 63 at door, Metro Aima- 
Marcsauorlnvafidsa. 

ZURICH 

INTERNATIONAL PROTESTANT 

CHU i RCt t, En0 * sh ®P eaWn 9. worship 
service, Sunday School & Nursery 

SERJ3a*-“— 









PAGE 4 


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Though Bropean, he Eflfeetai AirmifaDSsoiBipKiHyrefaigast^aiBadBaarf.HelssDongtHtyBtf oftosmtiandsl mol temlft dream mmnd\rmami ^dng-«odBr^mM 

horns al over 9» A gertbnan par ecelflacs, te Saods a! far his artfenwlal d»a» i? .; pason^y - ha»*ig famhnnfl Meganea. with tong MomlyW and twitter g row e w . 

aditovBdafenDs]evBqAilng£nKBe:piestigB l aniniiHEBtmiB l aiiBsnvfe{iiei^sb^caot , D^f.aniBgDicatdraBn pg s oni M European caBia syteand arnWr ay 

llBclt priA a item and olteom on Ita Bad Coatiu&sacaodiBsOBncesft pbaB gtfcounaifaiSftL and and espriL. wfth tam toof h fee USA_an d a wrf i WdB <acfe « «« &« 

Hissing ttgiaatlimpateripait a red {no OBlafiitictiTHto na a^mlolKr^^KtCifandBr, probably t*nle.sport«, mnan uBi tie canah )e rw sab gaoT^ (spea ks 4 Hf yegB^ 

nakiaand ladyfle, atyia and bsM am a <nst_wu may bakfanonl la a oliiaus, en^Bifnaiy tanxa Bs bqoad yourwifast presenfcr is fte nwfa. 8 wid atf and .( oang. Wins, L g M) an d an 

dreams f^sas^awn a#Br Ns death) - Uw ra^aram, laughBrsvl happiness is wW ha tosp bl Otai ha kts l»8n of acatenllwttBS, aaagtfMd B represai -watl pate, 

honour al an BxdiBiwaaflwInaiiAnali^ upper am a aona tiwadiie s] . You can nieellim tire Jkra for POM- a tv^3p]r Ha togfflher b whai she wtshas faCr_a Bpcrtve. Mrtdhr 

tot i prefer to get ac,»tisd in a more (ware 71 b ■ng'fcal )<xr depose a6 wrt as a benlfei, susiy tea* wsa, oMretadmaniieiwaBA and hUBORirtOBaiialliBeilohsaos. 

HdBstt^^fennbvaieinhaia-andabdtaNBnkiBiaftigtDpenfiflryn. StrevKoUbBabtotoseataveerewhEkHlnnai 

Do you Mol knoresserf? Pfoass call uk You can rsacti us daSy from 3 to 7 pjtl, alia SiB/Sun _ 

Head offices - Europe, Germany, Rwnkfuit- Ma. Hoffmann. T (0049) 69/242 77 154 orltunich Tf0049) 89^23163077, Fox (0049) 8909168079 j 


/ International Partner Institute Ursula Girod, V 

Switzerland 

you ran find with its a very disting uished clientele. Since we are dealing only on a high- 
class level, we can successfully assure our clients that they will find partners with a 
sophisticated background, in top positions, well-educated or of well to do families. The 
world is a global village and we can offer all the assistance you need to find the partner of 
your dreams . 

INTERNATIONAL FINANCIER, 37/1 76, • SHE IS AN INDIVIDUAL, A WELL- 


Nar mies & _Nnrses ||| Domestic Positions Avaffabfe 


WE SPBQAUSE IN THE PLACEMENT 
OF EXPERIENCED ft QUALIFIED 

• NANNIES ♦GOVER NESSES 

• BABY MAXEKNCITNUBSES 
EXCELLENT CARE ASSURED 
PLEASE TEIa 44 171 989 9789 

OR KUfc 44 171 8380740 
» BEAUCHAMP RACE, LONDON, SW3 


DINING OUT 


D0HESTK STAHMIghea caftre nqie- 
rienced Caffes. BdecHoae Manuas, 
Nannies, Cbefs, Hooseteapas, snvs- 
ai soumlously vfltted. HUTCHNSOIfs 
Bnpbpnrt Agency 44 ^)17f 581 0010 


FRENCH FAMLY SEEKS GfflL, Englsh 
mother longue, b take en of 2 dm 
(10 & 12), driving Icence preferred, on 
Wednesday afternoon, until 7PM in Vd 
(TOIsaJDSj Ezanvfle, 20 eta Gera du 
Ncrt. Tat +33 (0)1 39$ 7257 Mfcr 7PM 


Domestic Positions Wanted 

FRENCH RQJABlf bOaguaf Uf seeks 
job knMng aflor efaftta. secretarial or 
French bseons ip New York. Bra 445, 
LKT, B2S21 Nauly Cedax, Ranee. 

FRBICH woman, Biglsh nuded, seeks 
au peirloblFtench arena h USA. FWjr 
Box 460. IJH.T, FB2S21 No*? Cedax 


YOUNG MAN SEEKS UHftne Job as 
ooofchounheepkig. Free to banL tats 
let +33 (0)1 45 72 51 97 





MEETING 

POINT 


Meeting Point 


ENQUSH BUND ROSE (44}.SophUI- 
cated. my Mbacftre lady, wl educried 
Mlh teigWer In her eyes & beeisy h her 
sat hat a gmal panton tor bve & Be. 
Wei traveled ft non at a crossroad; 
seeking a mrtMdo new (Snodon ft a 
ti* 5UCC8SU ifemdind busnesanai 
« «a sincere ft gemtae adven 
Tat +44 1386 833 788 or Bat 44B, 1HT, 
63 Lang Acre, London WCSE 9JH 


GENTLEMAN, 75 ytere old, goral 
heaft, attmer, descended noble ctoo- 
peon tan%, d&Otan, dan, speaks 4 
tenguages, U. Eoaraifte, raid mart 
aSecdonale lady vdUuul charges, to 
ahere He ii tenoemesa. Wbg to irio- 
cae. Photo on wpiesl Wrte REHRM, 
BP 279 PF. Ankara k Vela. PifendpoBy 
of Andorra. 


Monroe Nannies 

DOMKI9UHOMU.YRSTS1BrrBr 
WUNeaUTBWTY lUMB 
WWUMMMMH Haw 
AaeMnUyapatandhtbeem 
of Mrii ft nan dddm ft m prmMi 
i very prehswrat ft mtag amice 
TQ: (W 171) 409 0910 RUtjM 171} 629 4165 
. M BROOK SnSLnurFMLUMniLWI 


HB10 1 AM OGUSH AND 48 YEARS 
old and hare bad a chronic Bmiu set 
beck bur not down and off comletehr 
bid need a raekfenn to look alter m 
peoce md to gel back on tie hack. 

I am sodaily acoepbbto. taB and mt ifr 
fleuk to kxK aL I mdd be prepared b 
took iter your prnartjr «Ht you bl rest- 
dBnceorvacat i «odd cue lor B to- 
aide and out I ara vwy bouse trained 
and honed aba straig ht UK or Europe 
pr*red. Tet 4385721586278 


UK ft OVBISEAS AU PAD AGENCY 
NANNESi MCflHBtS HEPS, el ire-la 
sttf. 67 Regeid St Londei W1R 7HF. 
Tet 171 494 2829 Fax T71 494 2322 


GENERAL 


Aivnimcements 


PROPHETICAL EVENTS to the bUe 
and to events of today. MtfBogua! 


very charismatic with % winning 
personality, who has buft his own company In 
Asia and v/no enjoys tr a vel li ng the world. He has 
a very broad ana cosmopolitan mind, is able to 
relax and enjoy Ware. Kb seme of humour and 
easy^gorig manner wS strprise you. But his 
wi power and derermtaarion intrigue you. He 
wood eke to Hve a sheltered fee&ig to a woman 
younger than him, a woman who wants to share 
everything with him and Bees to have children. 


SHE IS AN INDIVIDUAL, A WELL- 
KNOWN WOMAN IN INDUSTRY 
WORLD-WIDE, IN HER 4041 72. She is a 
very dynamic Binovaiivepregdent/antrmreneur. 
Bvfrw In South of France, Switzerland ana New 
York. Her charm Is captivating, she speaks fve 
languages fluently, is culturally educated and 
througn her passion for classical music is a visitor 
to all the famous opera houses in the world She 
is accustomed to me finest ambience. 


Co n tact ev e ry di y. GwmrcTri. 0041-61-601 3730 
bt/fUtTA 0041-61-601 37 35 or 0041-79-2186749 Fuc 0041 -61 -601 3738 

Institute Ursula Girod, Hoehenc ras se 22. 4125 Swtaertand 






FSJIG low? - Iwring pnJbtems7 SOS 
HELP criste-ftifl to fintsh. 3 pm - 
11pm. Tet Rads (01) 47 23 80 00 


Autos Tax Free 


DMTAXFnSuMd 
ALL LEADHffi MAKES 
Same dqr regbtaaon posrtto 
renews* up to 5 yeas 
We also register cats wti 
(opted) foreign (kntora] ptotoB 


s fadenearhet 


for RecrailniCTt, Education, 
Secntaxiai, Intend Service*. 

To adoertae cooTacf Sarah WenhaT 
on +44 171 420 0326 
or Erx +44 171420 0338 
A CHEAT DEAL HAPPENS 
AT THE 1ZVTERHAKKET 




Euuuk ftjBUMIJ ItuA IHralflAMft 

Lsc n ft ngtocj uncut if#nzs mmn 

TEL LONDON h 44(0) 

0171 589 5237 


Workfs Rsl ft Mast Exclusive Sevico 
Vodsh, Bisuty Owmis, Actresses 
EnbAdMie, Hoatoasn, Sacretwta 
lUfitomal Trard Compaaons 
•Rated: ’Baa to New York* by New 
Yh* fttoa FtatraJ h Memdtara Naws 
MecSariV.Vlitoo tapes ft nntosaiii*- 
djtolws(lectnaC20Sca*aoc8(^ 

Hdqfts: 1-212-765-7896 
oflMUfoanweoa 
USA ft WORLDWIDE 


APOLLO ESCORTS 

servfceGapoftMWBUtentsxam 

«31454-228-124 


Ta: LONDON 0044(0) 
467497 873 


HIGH SOCIETY 

WarkMde EmcoBw Escort Sendee 
London Ms Zutch Bnmb 
GeraeqrUSA 



•GUYS ft DOLLS ESCORT SEFTHCP 
IfiAfmO^ALYTjONDONTARfS 


CORE ETAZUR’SCANDtlAYlA'roKYO 
Tet 439 (IB 335 619 0438 Credl Canto 


ULAN* ROHE ‘TOP ESCORT 
ForaUMeUBtmaBAICaxb 


27 yeara a iho Bp tor at Mmfs of erear* 
tatanaoL Photo modafe tonfesnr dalaa 
ft shows. Sadhoudeisfcade 64. Amsfer- 
dara +31 20 6701333- 


TQP CLASS Escort Servfce. Eogfafi 
Tet 34-1-38635^8 or S06S1JSL64 
BARCELONA - Tit 43432868688 


DUE5SELDQRF • COLOGNE 
Shann, private, exthsto Escort Samtoe 
Phone 0177/ 311 87 87 


Do YOU UVE IN 

Denmark? 


A7K WORLDWIDE TAX FHEE CARS. 
&pod + shtahg 4 registration of nm ft 
used care. ATKNV, Tenftiddei 40. 2830 
Brassdiaat, Belgium. Phon: 432 3 
6455002, Fax 432 3 6457109. ATX, 
stace 1959 


GENEVA PRETTY WOMAN 
Cal 022 / 346 00 89 Escort Agency 
LAUSANNEMONTREUX- BASEL 
ZURICH - CREDIT CAROS 


* ' DUSSELDORF’ ELEGANCE * * 
P*toa Escort 4 Travel Sendee 
Tat 0211 - 435 06 67 


••EXECUTIVE CLUB** 
LONDON ESCORT SSMCE 
TEL 0171 722 5008 Cnedl Canto 


HOIANUHifS ESCORT SERVICE 
** RBK5H SPEAKNG “ 

LOMXM 0% 0171 262 2886 Al Canto 


FRANKFURT ft AREA 
Marts Escort Agency 

Phase cal 069 - 507 66 B6 


FRANKFURT ft lESBADBi 

ATTRACTIVE TALL, ffilVATE ESCORT 
SERVICE. TeL 0171 - 62 44 552 


HIGH LfE * WENNA * H In. - 
MOST EXCLUSIVE ESCORT SERVICE 
VENNA 4443-1-3675690 al oat canto 


Amatanton JAN « ESCORTS. 

Fbr He and She. Escorts since 1967. 
Tet 431(0)20 639 2451/420 3827 


Escort Service ft Dinner Dates 
Tet 031 63 36 or 631 0641 


JULIA BEAUTIFUL YOUNG BlUNtte 
Strap*. Private Escort 
Santa knton Tet 0410 772 816 


-NADRD GLAMOUR “ 

TOP CLASS Eaaart Sendee. BnSsh 
Beta mkWgti Tet 34-1-373 «1 b 


■ALOfflEHTSawsEs 
TEL 212-688-1741 
New York Escort Sevte 


“"■MB SBaotiful Blond 
HghCtew Prtvae Escort Senice 
Kentagion Tab 0171 835 1885 


GENERAL 


25 YRS OCEANWIDE MOTORS 

mtMde auto of tattoo era AUDI 
M M.udu a, BMW, RomdNL Cal Sana* 
449-211-4493830, Ml 49-21M4 939322 


Auto Rentals 


RH(T AUTO DBta FRANCE: WWand 
FF50G 7 days FFI500. Tat Pa* 433 
(0)1 4388 55K. Fax 01 4353 9529. 


Auto Shipping 


SAVE ON CAR SHPffNG. AMESCO, 
Kribbestr 2. Anhreip Bafghm To/Fram 
US, Africa. Rouiar R»Ao saBng. Free 
hotoL Tat 320raV4239 Fax 2324353 


Hmdth/Medical Services 


HEALTH THERAPY RSWTH) 

Athens SMantoer 20. 1897 - At Bn XX 
Bmparei Federation Congress of 8re 
btonrional Colega cf Surgeons a 
haapy was reported tint revoses 
cholesterol transport and age-ratoted 
eftaeges. The treatment restores enzyme, 
chanraL and receptor properties to a 
younger sate, dtaftitehes alharogeidc 
i tfc regains caUac an d resptatay 
perfomsnee, enhances toe immune 
response, mid recovers male sexual 
competence. 

t has been admi ni stered saMy and 
afedrwly to mate and tamato prteots at 
a msCkel toOtodon of raid excetetxe 
stntanL 

to fcwuiit l j n about 
■YB-18 Lff® RBPLACQB4T 
THERAPY AM) TIE REVERSAL OF 
AGEflELATB) CHANffiS* may be 
obttod ton tafatreta, Ztaridc 
Ttfaton 41 1 m 81 91; Telefax 41 1 
201 10 90; ondt MmbdlrfuUitaxoni; 
webste hflp J lwiwJrd u kiiaiam. 


PKYTOTHERAPY-StiiadsuTkAgotogy: 
By appototroert in your home ta Cannes 
- Can travaL at cojrrtries tor check up 
md batmen Tet +33 (OK S3 06 51 16 


Business Opportunities 

OFFSHORE C0MPAMES. For free bro- 
ctm or adrioe Tet tBndDn 44 181 741 
1224 FK 44 181 748 655816338 
MreupplBtoruauk 

BSSH OFFSHORE COMPANIES £145 
Contact Irish tauporafloos Ud. Fax: 
435361-388821 E-Uat HsHncOtoUe 


TELECOMMUNICATIONS 


New Lower 
International 
Rates! 


ftfiiinijwi i 


Belgium 31^ 

France 27# 

Netherlands^ 230 
Switzerland^. 270 
UK 17ft 


Rates affective 11/KV97 

■ NO Set Up Fms 

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Tel: 1 -206.599.1991 
Fax: 1.206.599.1981 
Email: InfoCkallbacfccom 
wwwJcaiSjackjconi 
‘ 417 Second Awnue West 
Se«ttto,«M sells USA 


Real Estate 
for Sale 

French Provinces 

LUBER0N • 18lh cenury sue counhy 
InisB, vtaH of Menabes and vneyanto. 
Privaia ground. 7 bahooms, 3 bato- 
nona, tanaras, toga pool central heat- 
ing. USSI.100,000. Sefeg by owners 
Fax 433 m 9092 48WTet Mtt 433 
(C}4 9092 6382. Hone ffi4 3072 3717. 


New concept In high . 1 
amlfty encounters 1 

3ft, ore dr BauisTNtilFatt VT I 

= Tel 0 14431 2013 J 
MAZALTOV 

lasnuhrual cwnu g 
art pgtncntrip apcncy 

Xsaarv 

Jkt +i77.«K»» An: U7%W»*« 
Wfab Mac, (M «nJ wccwvt 1 hw 
teon «KO«v»*flT «ndvtJ hr net 
» m !**■ 

nmbip voxv. 1 *Nc t*> Wp aaftr 
took fanrend m ns&mc v** uB or 

b. - 


FHendshlps 

dark HAKL Mub eyes. 42 yens M. 
manager of coevany. e imorcreWf 
bmsSA U of pap. W»i open to toe 
Mdd. tons pwrtng. aB to* *fc. «fi 
mure Stage. moU toe to mef mn 
38 - 48. reeled, dynemc Mb sense <* 
turns aid etn ei to* how » mow 
aid seduce her Itadeae DESACHY. <3 
B t Hauansto. 75009 Pars W . 33 
(0)1 43 12 33 12 

LOVELY. 8RBSHT, EXOTIC, CUSSY 
young lady satis her pne* Are fa 
mm? Very smart, suxestlm. swat 
dwnog. A ms gem mts «u vafc 
Rmfy Bcnt 333. WT. BS0 Thud A», 
Wto R«». !4B* Yofll. NT TOOK USA- 

DEBONAIR AMERICAN MAN, toWrtT 
booat tftomey. 32. 190 era. bfcit ey« 
rtsme to be isuducud to a iwrim 
rtflded tody of ctou and mot. age to 
60. F»ASMB.Br l9i.Gertuds3ft 
nga, LV-1Q11 lava 

ASIAN LAMES seek menage Mtfr 
ICE BREAKERS. 545 CrtttdW IMS 
Far East Shopping Ctr. S-ngwne 
Td <9-732 8T45 Fir B-235 
3780. tsp.'Vw*.g« com s 5 wbwtare ' 

MONACO-TALL. TOWER, SLEtoST 
etegacL ft BkiHyed Esapew «dy, 
ax-model PhD. cdlurei utodad. nft 
tonuM. seeks acconyjiahed gsnraw. 
STtaew Fax OQi-ZOMfiUrtt 

YOUNG LAMES WORLDWIDE seek 
feimkAtaMM DSab and 400 phohx 
kid HERMES. Bax 6101886. 0 >M2S 
BSUN. FAX «4330-3299775 

BRITISH AIR HOSTESS n StagNnT 
seetom netfby busmesatwn tor ton 
mt AnSea: race Mad 9S3? 24M 

BEAUTIFUL FRENCH TOP MODEL 
leeks retattanihto wto succossfal tfi 
USA towrewnan Td*33tWl 4T671962 

DANISH LADY 44, wants to nwf Butf- 
imtm Td UK w TWTSffla Bw 
088.IHT.63 Long Acre.Londoe W££MH 

FRBICH SMGLE LADIES sark seflas 
frtanchhps wtti angtopfnne men ABAC 
TS 433(0) 1 4272 0634 a 4570 9094 

MUNICH. BLONDE VENUS, 33, "" 

a tonanu hr Mb succastiS gnttoasi 
0T7Z 2GM2Q2 


GENERAL 


French Riviera 


ST. JEAN CAP FERRAT. (MnereSM 
sea vm vfla. 6 bedrooms DepsiUGA 
agent Fax 433(0)1 « 70 10 U... 




-. a T 

* I 


-.- * i- 
... 

_ •ii.'f... " 

;*v - wm 


.*i mnMUi 

■vimk 
• x-adt * 


MI SI I 




***** 


auction sales 


IN FRANCE 


PARIS 


ffl DROUOT MONTAIGNE 

15, avemiB Montaigne. 75008 Paris -TeL 01 48 00 20 80, 

-•if. 

Monday, November 24, 1997 

At 8 p.m. ART NOUVEAU - ART DECO, mainly from 
J-S- coflection. Emde T/JAN, 57, rue des Ntirhurins. 75008 
Paris, tel.: 33 (0) 1 53 30 30 3u - .fait 
33 (0) 1 53 30 30 31. Internet: hitpy'/www. tajan.com 
HmalL- mjan®woridnet_fr 




■ 1 

1 i \ 


X 

i : 




YOUR 0FRCE M LONDON 
B«d SOW! - MaB. Phone, Ffc, Telex 
T6L 44 171 280 8000 Fax 17! 499 7517 



Legal Sendees 


DIVORCE MAY CBTIWBI 
Cat or Far (714) BfjB-8695. Wite 167B7 
Beach BM #137, Hundogkn Baedi CA 
92B48 USA- e-mel - ustonnO juiojcora 


DJYOflCE H 1 DAY. No liareL Write: 
Bn 377, Suduy, UA 01776 USA Tet 
87W44M387, Far 878K4M183. 


Colleges & Universities 


GET A COLLEGE DSfflS to 27 DAYS 
B3/USAOA/RhD, dc. kckifim exatoe- 
toi ring, tan s a y t , djpbea. Yes Vs 
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1-504-^-1409 24 Mm 


EARN UNlVERStTY degrees nfSttog 
writ, file ft academic experience Rir 
evaludon ft i ta i w don kmsd reuuu 
tor Padflc Soutoam Unirec^, 9581 W. 
Pico BML, DepL 121 los tagetes, CA 
90(05 USA 


REI3STBB] ACCflBXTB) COLLEGE 
DEGREES. Al subjects. Home Study. 
FAX- 3194SM3& Tet3IM5H6aL 
Bn 28(MU1 um Gty, U 52244 USA 
EMat oiwwkIS«!b4wLconi 


BAOffLOffS, MASTSTS, PRXL Rrf- 
«ws Shxfes. Authorized. AozidwL 
Tet 816-42M850 Foe B1H424M9. 


1 irtBoMnni Om Rmant Tranfeis 
Wbridato. Up to 50% on. No emoons, 
no restrictions. Imperial Canada Tet 
1-514-341-7227 Fte 1-514-341-7938. 



P&ts Area Furnished 


25*®® BEAUTRJLftO SQJL, ora 
bed, toga sttig, apartment XVtoh can- 
tray, b ans, fti ytooe, rato psnelng. ■ 
■smiSMcb, er. Parts Cto. Ftee te 
tong (6 (KMhs min. ■ FFl2,00tymomti 
plus tinges) or short laaw (FFl3aw 
***S*8- Tflt +aa W 
47 05 00 2t FifflC (l))l 45 56 19 58. 


SPE CTACUL AR [view from a batocnles. 
Jufiy bmtAsd 24etfaooro penthouse to 
L» H*«- Rl 1 OO0.Tti4»S)l4O13B973 


Switzerland 


ffiKVA, UflttWY Furawaffl) KBri- 
nrt*. fm sudos to 4 bedrans. T* 
441 22 735 6320 Fax 441 22 738 2671 


^ DROlIOr RICHELIEU 

9, nie Drouat 75009 Paris -TeL: 01 48 00 20 20 

Monday, November 24, 1997- _ 

Hoom 4 at 2:30 p.m. PHOTOGRAPHIES from 19th arid 
|2nno Ce » tU . ry - Et ? lde ta JAN, 37. rue Ue.s MathuiiOti, 
l JOJJ Pans, tel.: 33 (0) 1 53 30 30 30 - Fa*r 
33(0) 1 53 30 30 31. Internet: http://www.taian.coih-' 
Email: tajan®woridneUr 

Tuesday, November 25, 1997 r* 

^ °, LD , ANn ,k10DER * N JEtPELtBRY, 
STONES. Elude TAJAN, 37, me des MaihuSft' 
^5008 Paris, tel.: 33 (0) 1 S3 3U « 30 

lwemet; '^V«ww.u»a« 0 »~ 

Wodhesday, November 26, 1997 

7 at 2:15 P- m - 1Hth and 19th century 
FIWNITURE AND WORKS OF ART. Etude TAJAN, 

IS?? P3ris ' “*■= # (0) i 53 30 30 30 - Su 

1- J? Iolemet hnp- www.taian.com * 

Email: tajan@woridnet.fr ‘ . 

Thursday, November 27, 1997 — - 

Jo«n 9 at £15 pm OLD AND MODERN PRINTS. Etude 
S me r dcK ““ huifa ^ *^0)8 Kiris. wL; 33 W i 1 53 
h2n/? ? 0 /. fax: 10 } 1 53 30 30 31 Internet' 

hnpv7 www.tajan.awi - Email u)an«WT\rldnetfr 

Fndoy, Navwmbor 28, 1997 — , 

1 ?. l u 2:1S p m - nruno Alonnier's uhreiv. fram-’ 

15rtl 20th' century 

Saturday, November 29, 1997- — 

S ?mN 5 r C ^™ 0P ?- * «w«* «te Tintin'. 

33CW 1 r H^« 7 Mi M A dt \^ hurito * 7SU08 iH,nS ‘ Ef*: 

■ 30 50 ‘ 1 5? 30 30 31 IntemeL- 

http^/'www.tajaacom -Email Ufan@workin*Jr 

§?2) 75^5 w N Y Phone: 

LSZkZ) *3/ 35 97 / 737 38 13 - Fax: (2U1 Hf»] U 3-1. 






























































PAGE 5 




% . 




v-;->^: ! ■ if 

-« * -'K 

' ■ «. „ ! v 

; ■% ! VS 

* "• ^ “■*■-- j ViN 

' '- e ; 



Many Americans 
Fleeing Pakistan 

Investors Seek Better Protection 


Tin- Associated Press 
ISLAMABAD, Pakistan 
— Foreign investors deman- 
ded better protection Friday 
after the killing of four U S 
bustnessmen in Karachi. 

Many American business 
people in that city stayed in 
their hotel rooms or flew out 
of the country early after 
Washington recommended 
that its citizens avoid non- 
essential travel in Pakistan. 
Militants have threatened 
more attacks on U.S. cit- 
izens. 

“We are very concerned 
about security," said Syed 
Hashmi, president of the 
American Business Council, 
which represents 60 U.S.- 
based firms that operate in 
Pakistan. “Precautions are 
taken, but we need greater 
security guarantees froth the 
government." 

On Wednesday, gunmen 
shot and killed four employ- 
ees of the largest oil company 
in Pakistan, Onion Texas Pet- 
roleum, apparently in retal- 
iation for the murder convic- 
tion of a Pakistani man in the 
United States. 

The Pakistani government 
quickly offered its condo- 
lences, stepped up security 
and tried to calm foreign in- 
vestors in the country. 

That was not easy. The 
signing of two oil exploration 
deals between Pakistan and a 
major U.S. company was 
postponed. 

Luxury hotels in Karachi, 
Pakistan's financial center, 
said that their U.S. guests 
were leaving early. An Eng- 
lish-language daily newspa- 
per. The Dawn, said 100 U.S. 
citizens flew out of the coun- 
try Thursday — far more than 
usual, immigration officials 
said. 

The killings came at a par- 
ticularly bad time for 
Pakistan, which is struggling 
to inject life into a flagging 


economy and preparing for 
Secretary of State Madeleine 
Albright’s visit Sunday. 

The- government had hoped 
to use Mrs. Albright’s visit to 
showcase the benefits of 
greater U.S. ' investment in 
Pakistan. 

"This is not an act against 
the U.S. only, but against 
Pakistan," said the minister 
of state for foreign affairs, 
Mohammed Saddiq Kanju. 
"The new government has 
been working to open up 
Pakistan, to come op with lib- 
eral policies to provide op- 
portunities for all. 

‘‘It is very unfortunate that 
this happened, but we should 
not become a hostage to a 
bunch of criminals," Mr. 
Kanju said. 

The United States, Britain 
and Japan are the three lead- 
ing investors in Pakistan. 
Western diplomatic sources 
here say that potential in- 
vestors are warned of the se- 
curity problems, and it is up to 
them to decide whether to 
brave the risks. 

■ Denial by Family 

The family of the Pakistani 
found guilty in Virginia of 
murdering two CIA employ- 
ees denied Friday that it was 
behind the killings in Karachi, 
Agence JFrance-Presse said 

"On behalf of my family 
and clan I strongly condemn 
the killings of four innocent 
U.S. citizens," said Hamidul- 
lah Kasi, brother of the killer, 
in Quetta. 

The "barbarous act" was 
carried out by "hidden in- 
human faces who deserve 
condemnation by the entire 
humanity." Mr. Kasi added 
in a statement. 

He denounced reports by 
"irresponsible people" link- 
ing the murders to the clan of 
Mu Aimal Kasi, who was 
convicted Monday of mur- 
dering the CIA employees. 


F6r iiwestmenx information 

Read THE MONEY REPORT every Saturday in die EHT. 


BRIEFLY 


Troops Disperse 
Timor Students 

DILL East Timor — In- 
- donesian troops fired shots 
into the air Friday to disperse 
hundreds of students in East 
Timor. At least two people 
were injured in scuffles with 
authorities, school officials 
said 

Student activists said two 
students wore killed in die 
violence outside the Uni- 
versity of East Timor in Dili 

But a military spokesman. 
Captain Triyoga Budi, said 
troops fired only warning 
shots and that do one was 
killed. The violence came 
two daysafter students held a 
candlelight. service on cam- 
pus to commemorate the 
killing of pro-independence 
protesters by Indonesian 
troops in 1991. • (AP) 

Francophones 
Open Summit 

HANOI — The club of 
francophone nations began 
its seventh summit meeting 
in Hanoi on Friday, with 
leaders calling on the group 
to become a vibrant political 
forde and play a more sig- 
nificant international role. 


"Oiirjoirifcpmbat will al- 
low us to avert the risk of a 
world where speech, thought 
and creativity come from the 
same mold," President 
Jacques Chime of Fiance 
said at the opening ceremo- 
ny. "From -now on, Fran- 
cophonie will have one voice 
ana one face." 

La Fnmcophooie is a 
loose association of 49 mem- 
bers. It was the first time the 
group has held its biennial 
meeting in Asia. (Reuters) 

Japan Reports 
Talks Progress 

TOKYO — ■ Japan report- 
ed "significant progress" 
Friday in its efforts to trace 
citizens allegedly kidnapped 
by Noth Korean agents as 
the two sides edged toward 
resuming talks on establish- 
ing diplomatic ties. 

.North Korea denied in- 
volvement in the kidnapping 
of Japanese citizens but for 
the first time agreed to in- 
vestigate the matter as a 
“general missing persons 
case," a Japanese official 
told reporters Friday. 

At a news conference in 
Pyongyang, Yoshihiro Mori, 
bead of the Japanese dele- 
gation, called North Korea's 
pledge to cooperate on the 




Gerard FiaWAjCvnkr RauLC-Ttcs^ 

President Jacques Chirac of France, left, with Boutros Boutros-Ghali of Egypt on 
Friday at the francophone talks. Mr. Boutros-Ghali is expected to lead the group. 


case “a significant pro- 
gress." (AFP) 

Asians Reject 
Emissions Cut 

MANILA — The devel- 
oping countries in Asia' are 


unwilling to accept proposals 
to cut emissions of green- 
house gases further, officials 
attending an Asian Develop- 
ment Bank workshop said 
Friday. 

“We belong to the Group 
of 77 and China and the 
group has a strong position 
that no additional commit- 


ment should be introduced at 
the Kyoto conference," said 
Chartree Chueyprasil, deputy’ 
secretary-general of Thail- 
and’s Office of Environmen- 
tal Policy and Planning. 

Emission targets are set to 
be cut at a conference to be 
held in Kyoto, Japan, next 
month. f Renters ) 


Jan ies Laughlin, Publisher and Poet, Dies at 83 


New York Times Service 

NEW YORK — James Laughlin, 
83, the fiercely independent publish- 
er, editor and poet, who. as the 
founder and longtime head of New 
Directions, published many of the 
most consequential and revolutionary 
writers of Ins time, died Wednesday 
of complications following a stroke 
on die way to a hospital from his home 
in Norfolk, Connecticut. 

A man who combined bold, taste 
with a gentle demeanor, Mr. Laughlin 
made a major contribution to liter- 
ature as well as to the field of pub- 
lishing. The list of his writers is staj*- 

S in its length and artisuc 
exity. He was Vladimir 
Nabokov’s first American publisher 
and also printed die work of Ten- 
nessee Williams, William Carlos Wil- 
liams,' Ezra Pound. Henry Miller, 
Djuna Barnes, Dylan Thomas, Del- 
more Schwartz and John Hawkes, 
among many others. 

"He was the greatest publisher 


America ever had,'' the author and 
critic Brendan Gil 1 said. "Look at his 
backlist: There’s nothing compara- 
ble." 

Mr. Laughlin was indefatigable in 
his search for the new and adven- 
turous. With a characteristic bold- 
ness, he would take chances on any- 
one he considered an original. Often 
one author led him to another. At the 
recommendation of Pound, he took on 
William Carlos Williams and Henry 
Miller. Williams brought him to 
Nathanael West 

The support for these experimental 
authors derived from a family fortune 
in iron and steel. Mr. Laughlin was 
bom in Pittsburgh. His great-grand- 
father, James Laughlin, founded the 
family business, Jones & Laughlin 
Steel Coip. 

At Choate School in Wallingford, 
Connecticut, he became editor of the 
school literary magazine. In 1933, 
before he entered Harvard University, 
he published a story in the Atlantic 


Monthly. He majored in Latin and 
Italian at Harvard. Because he was 
unhappy over the conservatism of 
teachers such as the poet Robert 
Hiliyer, who would leave the room 
when Pound or Eliot was mentioned, 
he took a leave of. absence in the 
middle of his sophomore year. 

He went to France, where he met 
Gertrude Stein and Alice B. Toklas. 

He wrote to Pound in Rapallo, 
Italy, then visited him. He stayed for 
six. months, studying in Pound's per- 
sonal "Ezuversity.” 

In 1935, after reading Laughlin' s 
poetry. Pound said: "You're never 
going to be any good as a poeL Why 
aon’tyou take up something useful?” 
He suggested that be become a pub- 
lisher. 

Back at Harvard, and still an un- 
dergraduate, he started New Direc- 
tions with money from his father. He 
published books out of a cottage at his 
aunt’s home in Norfolk, and stored 
copies in his college room. New Di- 


rections eventually moved to New 
York: he continued to live in Nor- 
folk. 

His first book, published in 1936. 
was "New Directions in Prose &. Po- 
etry.” It cost him $3% to print 700 
copies, which he sold for sold for $2 
each. 

William Matthews. 55, 
Award-Winning Poet 

New York Times Service 

NEW YORK — William Mat- 
thews, 55. a poet who was praised for 
his personal voice and who won the 
National Book Critics Circle Award 
in 1996. died Wednesday, apparently 
from a heart attack, in New York. Mr. 
Matthews, a professor of English at 
City College in New York, also won 
the Modem Poetry Association's 
1997 Ruth Lilly Award. He was a 
former chairman of the literature pan- 
el of the National Endowment for the 
Arts and a former president of the 
Poetry Society of America. 


Blasts Test 
Security in 
Sri Lanka 


Agem. e Frumr-Presse 

COLOMBO — Suspected 
Tamil Tiger rebels infiltrated 
a high-security thermal 
power station here Friday, 
setting off two explosions but 
failing to disrupi power sup- 
plies or cause serious dam- 
age, the police and officials 
said. 

Colombo was sealed off 
after the explosion, the De- 
fense Ministry said, as troops 
began a search for me 
bombers and investigators 
tried to determine how the 
security around the power 
plant had been breached. 

The predawn explosions at 
the Kelanitissa power plant 
were carried out despite the 
routine overnight closure of 
roads around the installation 
and tight security within it, 
the police said. 

An oil storage tank was 
damaged, officials said. They 
said there was no damage to 
generators at the 220-mega- 
wau power plant Investigators 
recovered four unexploded 
devices identical to the two 
that went off, officials said. 



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INTERNATIONAL 







PAGE 6 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 15-16, 1997 


White House Deplores 
Defeat of UN Funding 


By Eric Pianin 
and Helen Dewar 

Waskmfiton PoaServue 

WASHINGTON — The White 
House has called “utterly boneheaded” 
a last-minute maneuver by Congress that 
took away United Nations funds just as 
the administration is trying to hold to- 
gether a fragile international coalition 
against Iraq. 

White House officials and Democrats 
accused Republican leaders of under- 
mining the president's leverage with die 
international community. 

Before adjourning Thursday night. 
Congress denied the administration’s re- 
quest for payment of $926 million of UN 
arrears and a $3.5 billion credit line for 
the International Monetary Fund be- 
cause of a long-festering dispute over 
abortion policy. 

The $13.1 billion Foreign Operations 
spending bill became the backdrop for 


UN Names Toepfer 
To Head Program 
On Environment 

Reuter* 

BONN — Klaus Toepfer, the 
politician currently marshaling the 
German government's planned 
move to Berlin, said Friday that he 
had accepted an offer to ran the 
United Nations Environmental 
Program. 

Always the favored candidate of 
Secretary-General Kofi Annan. 
Mr. Toepfer said at a news briefing 
in Bonn that with the backing of the 
UN General Assembly be would 
take up die three-year posting based 
in Nairobi next year. 

An environmentalist who is be- 
lieved to have accepted his present 
job as construction minister only 
out of loyalty to Chancellor Helmut 
Kohl, Mr. Toepfer gave a frank 
assessment of die stale of the UN’s 
environment operation. 

“It is in extraordinarily bad 
shape.” he said. “It is facing a fi- 
nancial crisis and difficulties in 
many specific areas of activity. But 
the voice of the UN in environmental 
matters is absolutely crucial.” 

Mr. 1 Toepfer’s predecessor. 
Elizabeth Dowdeswell of Canada, 
said in February that she was quit- 
ting amid criticism, led by the 
United States, of bad management 


DUES: 

UN Chief Assails U.S. 

Continued from Page 1 

American public’s attitude toward the 
United Nations. 

“Americans don't want us to be dead- 
beats," he said Friday . 

The United States is the United Na- 
tions’ largest debtor, responsible for 
about 60 percent of all unpaid debts. 
Congress has demanded that American 
payments be reduced before the debts 
are settled, an issue that is now being 
discussed by othermember nations. 

• Mr. Annan said the action Thursday 
was not going to help those negotiations, 
or separate talks on other demands by 
members of Congress who want to re- 
duce the size ana the activities of the 
United Nations. 

He said he would call an emergency 
session of a General Assembly panel on 
finance to look for ways out of die loom- 
ing crisis. Hie United Nations had in- 
tended to apply die money — the ad- 
ministration had assured the UN it was 
coming — to repay money’ borrowed 
from the organization's peacekeeping 
fund and owed to countries that con- 
tribute troops to peacekeeping missions. 

The United Nations depends entirely 
on contributions or assessments from its 
185 member nations. The assessments 
are calculated on a country’s proportion 
of the world economy. 

UN officials, angered by congression- 
al accusations that the agency is bloated 
and unwilling to cut back its staff or 
programs, say its budget has been kepr at 
a no-growth level since 1994 — during 
which time the U.S. budget has in- 
creased by 16 percent While the U.S. 
government has cut back sraffing by 12 
percent, they said, the United Nations 
has cut its staff 24 percent 

“The United Nations must move on,” 
Mr. .Annan said. “I have said since I was 
elected secretary-general on Dec. 17, 
. 1996, that we must reform for our own 
sake. We must revitalize this organization 
to make it effective and relevant and not 
to please any particular constituency.” 


the fight over conservatives’ efforts to 
prevent U.S.-backed international fam- 
ily planning agencies from using their 
own funds to perform abortions or pro- 
mote liberalized abortion laws over- 
seas. 

The White Hoase threatened to veto 
the bill if it included any of the anti- 
abortion language. Frustrated by the ad- 
ministration's unwillingness to compro- 
mise, House leaders removed the UN 
and IMF funding and another provision 
aimed at reorganizing foreign policy 
agencies from die bill 
That move was made with the bless- 
ing of the leader of the majority Re- 

K ' "ans in the Senate, Trent Lott of 
ssippi, and with time running out, 
the Senate had little choice but to accept 
the scaled-back spending bill. 

The White House appeared resigned 
before the adjournment to have to again 
take up the matter when Congress re- 
turns next year. 

“This is a particularly ill- rime d move 
by Congress at a moment when we are 
attempting to work with the United Na- 
tions to build international support for an 
appropriate response to provocations by 
Saddam Hussein,” said Michael Mc- 
Curry, the White House press secretary. 

“It is utterly boneheaded for Con- 
gress to fall to meet the commitments 
that the United States has at the UN in 
terms of our arrears.” be said. 

Senators on both sides of the family 
planning dispute took to die floor to 
denounce the House. 

It is “reckless” for the House to do 
anything to undermine the UN ambas- 
sador, Bill Richardson, or Secretary of 
State Madeleine Albright in their ne- 
gotiations at the United Nations, said 
Senaror Rod Grams, Republican of Min- 
nesota and a supporter of the anti-abor- 
tion restriction. He said die House action 
also had jeopardized UN management 
reforms. 

Senator Patrick Leahy. Democrat of 
Vermont, a supporter of unrestricted fam- 
ilyplanning assistance, called the House 
action “outrageous,” “shortsighted,” 
“vindictive" and “inexplicable.” 

But House Republican leaders said 
they had retaliated only after President 
Bill Clinton and his advisers refused to 
give any ground to settle the dispute over 
the family planning programs, which 
receive $384 milli on annually. 

By limiting their final demands to re- 
stricting groups such as the International 
Planned Parenthood Federation from 
lobbying foreign countries to liberalize 
their abortion laws. Republican leaders 
sought to portray the president as a cap- 
tive of abortion rights “extremists.” 

“They rejected any compromise,” 
said tire House speaker, Newt Gingrich, 
Republican of Georgia. “They were ri- 
gid in their position, and I think it was 
entirely driven by domestic politics.” 

The chairman of the House Appro- 
priations Committee, Robert Living- 
ston, Republican of Louisiana, said, 
“There’s plenty of money to take care of 
those crises, so we’re not leaving the 
president in the lurch.” 

Appearing before the House Banking 
Committee, Deputy Treasury Secretary 
Lawrence Summers said the congres- 
sional action on funding of the Inter- 
national Monetary Fund would not af- 
fect rescue plans announced for 
Indonesia and Thailand. 

But he warned that it could “diminish 
our capacity to. respond to what un- 
predictable future may bring." That was 
a veiled reference to a possible IMF 
rescue for South Korea. 

■ Clinton Reassures Zedillo 

President Clinton urged Latin Amer- 
icans on Friday not to be discouraged 
because legislation giving him broader 
power to negotiate international trade 
agreements had failed to get congres- 
sional approval. The Associated Press 
reported. 

“This is not the last chapter of the 
story,” he said as he welcomed Pres- 
ident Ernesto Zedillo of Mexico to the 
Whire House. “I think we’ll see some 
movement early next year. We'll work 
hard on this over the holidays.”' 

During an Oval Office photo session, 
Mr. Clinton said drugs presented a threat 
to both countries. 

“The problem is not the transit of 
drugs but the production of drugs,” he 
said. “We have to work together to 
reduce'demand" 

He also praised the stability of the 
Mexican economy in the face of in- 
ternational financial market turmoil. 

Mr. Zedillo is following the right 
course, Mr. Clinton said, adding that the 
focus should not be on markets, but on 
economic fundamentals, “because if the 
fundamentals were correct the markets 
would come along.” 

Mexico’s transition to multiparty de- 
mocracy is “amazing,” Mr. Clinton 
said, “because it happened so quickly 
and so well.” 







'v'T V f-- ■ ••• ki 



Bin l nfcW lh A imimJ »ai 

LAST OF THE PUMPKINS — A snowplow making its way Friday along a snow-covered street in North 
Andover, Massachusetts, after the first storm of the season buried any lingering thoughts of Halloween and fafl- 

Remark on Marines Trips Army Official 


The Associated Press 

WASHINGTON — The army’s top 
personnel official resigned Friday, one 
week earlier than planned, because of 
protests over her remark that the Marine 
Corps is an “extremist" organization. 

The secretary of the army, Togo West, 
was preparing a public statement to an- 
nounce that Sara Lister had decided to 
quit her post after absorbing waves of 
criticism from Republicans in Congress. 

The House approved a resolution 
Thursday evening seeking Mrs. Lister's 
removal even though she said several 
months ago that she planned to leave her 
job next Friday. The resolution was 
adopted in a voice vote. 

Mrs. Lister, the assistant secretary of 
the army for manpower and reserve af- 
fairs, had apologized for her remark and 
said it had been misconstrued. 

In a letter Thursday to President Bill 
Clinton, the House speaker. Newt Gin- 
grich, called Mrs. Lister's comment 
“completely out of order” and an insult 
to the military. 

“Nothing less than her dismissal and 
a full apology on your part to America’s 
sons and daughters in uniform will 
suffice to repair this breach,” Mr. Gin- 


grich, Republican of Georgia, wrote. 

Defease Secretary William Cohen 
said he was satisfied with Mrs. Lister’s 
apology and considered the matter 
closed. “ We live in a world where people 
make mistakes, and they apologize for 
the mistakes and move on/' said Ken- 
neth Bacon, a spokesman for Mr. Cohen. 
“And that's what's happening here.” 

Mrs. Lister’s public criticism, made 
on Oct 26, was reported by The Wash- 
ington Times on Thursday . 

“I think the army is much more con- 
nected to society than the Marines are,” 
she said at a conference sponsored by 
Harvard University's John M. Olin In- 
stitute for Strategic Studies, the news- 
paper reported. Her remarks were re- 
corded on tape, the paper said. 

“The Marines are extremists,” she 
added, according to the newspaper. 

“Wherever you have extremists, 
you've got some risks of total discon- 
nection with society,” Mrs. Lister went 
on, “and that's a little dangerous.” 

In a debate in the House on Thursday 
evening. Republicans denounced her 
while Democrats urged restraint. Rep- 
resentative John Murtha, Democrat of 
Pennsylvania, said he had spoken by 


phone with Mrs. Lister and found her 
“devastated” by the controversy. 

Id her written apology Thursday, ad- 
dressed to the commandant of the Mar- 
ine Corps, Mrs. Lister contended her 
remarks had been taken out of context 

“My use of the world ‘extremism' was 
inappropriate and wrong,” she wrote. 

Mrs. lister was appointed to tile post 
by Mr. Clinton in 1994. She is a lawyer 
and previously served in the Pentagon 
under President Jimmy Carter, first as 
deputy general counsel of the navy and 
later as general counsel of the army. 

General Charles Krulak, the com- 
mandant of the Marines, issued a state- 
ment Thursday saying that to charac- 
terize the Marine Corps as extremist was 
an insult to all Marines. 

“Such a depiction would summarily 
dismiss 222 years of sacrifice and ded- 
ication to the nation,” he wrote. 

In her letter to the general Mrs. Lister 
wrote, ‘ T apologize to the Marine Corps 
and all current and former Marines for 
my remarks. My point — ineptly put — 
was that all the services bad different 
relationships with civilian society, based 
in part on their culture, the size of their 
force and their mission.” 



BBumm £d 
IMKribwiIrr 


Infrastructure work is under way to prepare what a magazine calls the “planet’s most seductive technopark.” 


TEST: 

Asian Democracy 

Continued from Page 1 f 

director of Independent Strategy Ltd., an 
investment consultancy. “Now both 
will move into deficit, and that’s tricky - 
You have political institutions which are 

petty immature and party structures that 

are singularly incapable of debate in 
many cases.” Democracy, Mr. Roche- 
added, is “a great tool for achieving 
consensus and support for tough 
policies.” 

Yet Thailand — which started the 
* region-wide turmoil when rapidly 
shrinking foreign reserves forced it to 
leave the baht at the mercy of die market 
on July. 2 — is a parliamentary de- 
mocracy that many critics say will re- 
main fatally flawed by having too many 
competing, and often venal political 
parties, at least until the new anti-cor- 
ruption constitution takes effect 

The recently appointed Thai prime 
minister, Chuan Leekpai, is well re- 
garded for his integrity. But his gov- 
ernment approved Friday by Thailand ’s 
constitutional monarch. King Bhumibol 
Adulyadej, is made up of eight parties. - 

Clbirista Marti, an economist for UBS 
Securities (Singapore) Pte., said that 
while Thailand's political conditions 
had improved with the new government 
expectations were high — and so were 
potential problems. 

The Philippines has an American -style 
presidential system of government with 
well-developed checks on executive 
power. President Fidel Ramos recently 
described bis country as “one of the few 
bona fide democracies in the region.” 

Indonesia and Malaysia are ruled by 
political groups that have been in power 
for over three decades. 

President Suharto of Indonesia and . 
Malaysia's prime minister, Mahathir bin Jp! 
Mohamad, are advocates of strong gov- F 
eminent. They say Western liberal de- 
mocracy is unsuited to their countries 
because it does not produce the political 
stability needed fra sustained growth. . 

Yet in die view of many analysts, all 
four countries- face sharply slower 
growth over Ihe next few years — and in 
Thailand's case, a recession — chiefly 
because of policy mistakes. 

T hailand and Indonesia sought huge 
standby loans arranged by the Interna- 
tional Monetary Fund in exchange for 
their agreements on reform programs. 

The Philippines, too, turned to die IMF 
for assistance, while Malaysia introduced 
simil ar austerity measures and .credit 
curbs to cool its overheated economy. 

The question now is which of these 
four economies will be able to recover uk 
with die least pain. 

Douglas Paal president of the Asia 
Pacific Policy Center in Washington, 
said that the litmus rest of reform in 
Indonesia was whether the business in- 
terests of Mr. Suharto's family and 
friends shared die pain of die IMF-ap- 
proved adjustment program. 

“By this test, die reform package war- 
rants good marks,” he said, referring, 
among other things, to the inclusion of 
three banks partly owned by the pres- 
ident’s relatives among the 16 closed 
recently by the government to help sta- 
bilize the financial sector. 

“Politically, Suharto’s dominant po- 
sition has, if anything, been 
strengthened,” Mr. Paal said. “The fi- 
nancial' crisis has increased the estab- 
lishment’s conviction that strong gov- 
ernment is needed to deal with the 
nation’s economic problems.” 

Many analysts said the Malaysian 
budget introduced last month was not 
tough enough. But Michel Camdessus, 
head of the IMF, said Thursday that if all 
the measures announced in the budget A 
were carried out, Malaysia should be able ' w 
to “weather the current turmoil” 

Jusuf Waoandl chairman of the su- 
pervisory board of the Center for Stra- 
tegic and International Studies, in In- 
donesia, said that the key to recovery 
was not whether a country had a liberal 
or authoritarian political system. 

“Even more basic is whether the gov- 
ernment is good,” he said. “Whatever 
its complexion, if the government is bad, 
there will be abuses, and a lack of trans- 
parency and accountability. That kind of 
regime will never get the economic fun- 
damentals right.” 


CORRIDOR: Malaysia Builds State-of-the-Art Technopark With Bucolic Vistas Intact 4 


TRUTH: A Business View of Apartheid 


Continued from Page 1 

had warned to build family housing for 
' 10 percent, but w as forbidden to do so by 
the government. 

Tli at plea for understanding was char- 
acteristic of the tone of the hearings. For 
sears, many executives in the liberal 
English-dominated business community 
took the line that apartheid was evil but 
they were powerless to stop it. 

Very few executives openly opposed 
apartheid - until the mid-1980s, when 
sanctions began crippling the economy. 
Meanwhile, many companies helped the 
government evade trade sanctions and 
thwart the oil embargo and the United 
Nations arms embargo so effectively 
that the country built a powerful arms 
industry and even nuclear weapons. 

The hearings, intended to snow that 
apartheid wa> us much business as pol- 
ities. begun with Archbishop Desmond 
Tutu, the commission's chairman, say- 
ing he was disappointed at some “glar- 


ing absences." White labor unions, 
white farmers, and wine-makingcooper- 
atives and oil companies had offered no 
submissions. 

In the first rwo days, testimony fo- 
cused largely on how helpless or blame- 
less business was and how staunchly, 
albeit quietly, some executives resisted 
apartheid. Anton Rupperl. the 80-year- 
old founder of the Rembrandt tobacco 
fortune, even released a letter he sent to 
President P. W. Botha in 1986, asking 
him to reject a doctrine “that is de- 
grading a once -heroic nation to be the 
lepers of the world” and warning that 
Afrikaners would “one day surely end 
up with a Nuremberg.’* 

Armaments Corp. of South Africa 
Ltd., or Armscor, the government- 
owned armaments concern that supplied 
weapons to the police.and army, said it 
never committed human rights viola- 
linns and never imagined that its 
weapons would be turned on other South 
Africans. 


Continued from Page 1 

regional currency crisis will have on 
companies planning to participate. 

“I don't think anyone knows whether 
this is cyclical or whether it is a fun- 
damental adjustment of all Asian cur- 
rencies — who knows bow long it's 
going to go on?” said Karen Fawcett of 
Booz, Allen & Hamilton, a consulting 
firm. 

‘ ‘The dips in the currencies have been 
so huge it would be hard to imagine that 
some of these plans haven’t been slowed 
down.” 

But Prime Minister Mahathir bin Mo- 
hamad, the main architect and promoter 
of the project, sees it as an essential step 
in moving Malaysia’s economy away 
from manufacturing and into higher 
value-added industries. 

“We have no choice,” he said re- 
cently. 

While Kuala Lumpur recently an- 
nounced that $20 billion of major proj- 
ects would be frozen, work on the su- 
percorridor has actually been speeded 
up. A handful of companies will be able 
to move into the 2 one in December 1998; 
one year ahead of schedule. 

In Mr. Arifs office, the sense of ur- 
gency is palpable. Construction of the 
company’s temporary headquarters, 
which houses about 100 employees, 
took just 28 days. 

“It’s very much a No. 1 government 
priority,’’ said Robert Coombe, exec- 
utive director of Commerce Asset Fund 
Managers in Kuala Lumpur. “It may not 
happen as quick as anticipated, but 
they’ll be plugging away at it.” 

The Supercorridor gets its name from 
the shape of the strip of land chosen fix 
development. Starting from Kuala Lum- 
pur, the zone is 15 kilometers 19 miles) 
wide and 50 kilometers long. 

Malaysia unveiled plans for the Su- 


percorridor in August 1996, but until 
several weeks ago, potential investors 
could judge the project only through 
brochures and a site on the World Wide 
Web (http://www.mdc.comjny). 
Today, with the help of a four-wheel- 
drive truck, officials are offering a 
glimpse of what working in the zone will 
be like, although construction on most 
buildings is still in earthwork stages. 

Bulldozers have cleared away some 
of the rows of oil palms, but the hills in 
which the trees were rooted will remain: 
Mr. Mahathir has ordered that they not 
be bulldozed away during construction. 

For Malaysia, the setting is apt. Six- 
teen years ago, when Mr. Mahathir came 


to power, the country’s economy was 
centered on palm oil and rubber plant- 
ations. 

The prime minister presided over the 
shift to manufacturing, which now 
makes up about 35 percent of Malaysia's 
total output With the supercomdor, Mr. 
Mahathir hopes to continue this gov- 
ernment-led, top-down approach to di- 
versify the economy further. 

“To get an industry motivated and 
ready to go into this, it really does need 
someone like the government to say, 
‘Hey, I’m going in this direction, come 
along with me,* ” said Mark Cullimore, 
a regional director at Visa International 
Asia-Pacific, which is involved in sev- 


eral projects related to the supercor- 
ridor. 

“It doesn’t mean the government has 
to pay for everything, but just the fact 
that it’s endorsed by them gives con- 
fidence to the manufacturing industry, 
gives confidence to the! telecom in- 
dustry.” 

In addition to tax exemptions, compa- 
nies applying for a role in the project are 
being offered unlimited duty-free im- 
portation of multimedia, equipment. In 
addition, the companies are unrestricted 
in ‘the number of foreign “knowledge 
workers” they can bring into the coun- 
try, and Malaysia has promised not to 
censor the Internet. 


BAGGAGE: Carry-On Luggage Poses Safety Threat, Crews Say 


Continued from Page I 

Barry Valentine, acting deputy fed- 
eral aviation administrator, said Thurs- 
day that the agency would not issue a 
rule requiring a uniform policy because 
“we don’t want to get involved in retail- 
level regulating." But he said the agency 
would soon issue an ’'advisory circu- 
lar” that would give better guidance to 
airlines, including suggested limits on 
the number and size orbags- 

The industry says the problem has 
worsened because, more people are fly- 
ing, and passengers are taking more 
items on aircraft. Acconiing to industry 
estimates, the weight of baggage per pas- 
senger doubled in the decade after 1985, 
and recent spot checks indicate that av- 
erage cany-ons now are even heavier. 

“We’re carrying more stuff and we’re 
carrying different stuff,” said Peggy Gil- 
ligan. Federal Aviation Administration 
deputy associate administrator for reg- 
ulation and certification, who spoke to the 


flight attendants conference. Laptop com- 
puters. which arc carried aboard flights by 
many passengers, were not common a 
decade ago, she said, and passengers can 
shop at airport malls before flights, cre- 
ating more carry-on items. 

Purses are not counted as carry-on 
luggage under administration guidelines, 
but Ms. Giliigan said she sees some that 
are “big enough to hold the Encyclopedia 
Britanmca.” She said the guidelines 
might have to (teal with purses. 

The Air Line Pilots Association said 
pilots had become concerned that ex- 
cessive luggage in the cabin is causing 
inaccurate fayload calculations! that can 
affect takeoffs and decisions about when 
to abort. But the most troubling safety 
issue is the insistence by many pas- 
sengers on dragging luggage off planes, 
in emergencies. There have been oc- 
casions when duty-free liquor has broken 
at the bottom of the slide, leaving glass 
shards in the path of other passengers.. 

“H is constantly a problem,” said 


..J. 


Nora Marshall, a crash survival spe- 
cialist at foe National Transportation 
Safety Board. “Numerous evacuations 
have been delayed by people trying to 
get bags.” The safety brand has video- 
tape of passengers jumping from wings 
with bags in each hand. Ms. Marshall 
said foe safety board had begun an in- 
ctepth study of 25 evacuations, including 
a passenger survey, in an effort to deter- 
mine wby people react this way. 

Of 60 survey forms returned so far 
from passengers who evacuated a Delta 
Air Lines L-101 1 wide-body jet in Hon- 
olulu in August, 41 have acknowledged 
trying to take luggage with them. After 
the US Airways incident at Charlotte, 
foe last flight attendant to leave the plane 
was confronted by a passenger who had 
been forced to surrender a bag during the 
evacuation. The crew had done an ex- 
emplary job of evacuating the plane, 
according to all official sources. But the 
passenger had only one question; “Why 
didn't you bring my bag with you?” 


* 











t ' 




INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 15-16, 1997 


PAGE 7 


Albright Takes Netanyahu to Task 

i ^ ie Pluns to Admonish Arafat Also Ho Move on the Peace Process 5 


By Steven Erlanger 

A’tn- Yurt, Times Service 




LONDON — Secretary of State 
Madeleine Albnght expressed some ir- 
ntanon Friday with Prime Minister 
Benjamin Netanyahu of Israel saying 
after long talks with him that both Israeli 
and American interests required faster 
movement toward peace in the Middle 
East. 

“I made clear that for the sake of the 
Middle East peace process and for our 
broader mutual interests in the region, it 
is time for us to move on the peace 
process.” Mrs. Albright said at a news 
conference with Mr. Netanyahu. 

With America's moderate Arab allies 
distancing themselves from Washing- 
ton at a time of crisis in Iraq, she called 
for ‘ ‘a greater sense of urgency” on the 
part of Israelis and Palestinians. 

"I believe it is essential for both sides 
to Jive up to agreements and not to make 
any steps that make it more complicated 
to move the process forward,’ ’ she said; 
then repeated firmly: “It is time to move 
the process forward” 

Mrs. Albright meets the Palestinian 


leader, Yasser Arafat, on Saturday in 
Bern, to try to make some visible pro- 
gress before she makes a brief stop 
Sunday at an American-sponsored 
Middle Eastern economic conference in 
Doha, Qatar, that major Arab countries 
are boycotting. 

American officials say the lack of 
progress between Mr. Netanyahu and 
Mr. Arafat has caused that boycott, 
which is embarrassing to Washington, 
and is doing damage to both the Amer- 
ican and Israeli position in the region — 
especially as Washington finds itself in 
a worsening confrontation with Iraq. 

Israel's foreign mini ster, David Levy, 
now says he will not go to Doha, which 
Mr. Netanyahu denied was an insult to 
Mrs. Albnght, because the Israeli min- 
ister for trade, Natan Sharansky, is go- 
ing. 

Mrs. Albright, for her part, said she 
would attend the Doha conference “be- 
cause America keeps its word. ” 

While saying her conversations here 
with Mr. Netanyahu were “useful,” 
Mrs. Albright, said she would not over- 
state progress, but would “reserve judg- 
ment” until she discovered how Mr. 



Jura) IWjflifcttpw* Kawr-IW- 

Iraqis at a Baghdad mosque Friday after the expulsion of the inspectors. 


12 EU Envoys Return to Iran 


The Associated Press 

TEHRAN — The return .of most 
European Union ambassadors to Tehran 
after a seven-month diplomatic dispute 
shows that Iran cannot be ignored de- 
spite U.S. efforts to isolate it, a senior 
government cleric said Friday. 

The United States tried hard to stop 
the EU from cooperating with Iran but it 
failed in its attempt. Ayatollah Mo- 
hammed Emami-Kashani, spokesman 
of the Parliament's Guardian Council, 
said in a sermon. - 

Twelve envoys returned earlier Fri- 
day. paving the way for Iran to end its 
worst diplomatic crisis in years, which 
began in April when a German court 
implicated Iran’s rop leaders in the 1992 
assassination of Kurdish-Iranian dissi- 
dents in Berlin. 

Soon after the ruling, all 15 EU mem- 
bers withdrew their diplomatic repre- 
sentatives. 

No Iranian official was on hand to 
receive the ambassadors when they re- 
lumed together aboard a Swissair flight 
■ at Mehrabad Airport in Tehran. The am- 
I bassadors of France, Germany and Por- 
tugal are yet to return. 

' ‘The rerum of the EU ambassadors in 
Tehran, which rook place after they 
themselves requested it, indicates that 
the EU cannot ignore its cooperation 
with Iran,” Ayatollah Emami-1 


said in a Tehran University sermon 
broadcast by the state-run radio. 

The ambassadors would have come 
earlier, but their governments decided to 
pat their return on hold after Iran insisted 
that the German envoy be the last one to 
resume his post 

In a face-saving deal, Iran agreed to 
allow the German ambassador to arrive 
at an unspecified date along with his 
French counterpart. 

Diplomatic sources said the Por- 
tuguese ambassador could not come 
with the others because of an unrelated 
prior engagement and that he would 
arrive shortly. 

Britain does not have an ambassador 
in Tehran, and its chaigg d'affaires was 
among those who returned. 

Before the quarrel Germany was 
Iran's largest Western trade partner. 
Several EU nations have been involved 
in large projects in Iran and were eager to 
mend fences with the Iranians. 

Iran has been gratified by a recent EU 
rejection of U.S. sanctions against 
Tehran, aimed at punishing companies 
that have large investments in Iran. The 
United States considers Iran a rogue state 
promoting terrorism. 

In September, the EU said it would 
‘stand behind a $2 billion deal signed by 
a French-led consortium to develop gas 
fields in Iran. 


Arafat reacted to Mr. Netanyahu’s po- 
sitions. 

She said she would repeat similar 
admonitions to Mr. Arafat. 

But it is difficult, Arab diplomats say, 
to try to restore Arab ana Palestinian 
trust in the peace process as Mr. Net- 
anyahu has exercised it. 

His hesitation to complete the de- 
tailed implementation of measures 
already agreed upon, like an airport and 
seaport in Gaza, is made worse, they 
say, by his clear reluctance — given 
domestic political pressures and his own 
mistrust of Palestinian promises to fight 
terrorism — to withdraw more Israeli 
troops from the West Bank, as be was 
scheduled to do in September. 

Mrs. Albright is meeting Mr. Net- 
anyahu and Mr. Arafat to try to con- 
solidate and build on the limited pro- 
gress made in Washington talks last 
week between Israeli and Palestinian 
negotiators “to tty to avoid the usual 
dissipation and slippage” that follows 
such talks, a senior American official 
said. 

But be admitted there were “wide 
gaps” in the more important political 
agenda, which includes better Pales- 
tinian cooperation with Israel on se- 
curity; the date, extent and manner of 
the next redeployment of Israeli troops 
from the West Bank, and the need for a 
“time-out” on provocative or unilateral 
actions on both sides, all of which will 
lead to an agreement on holding ac- 
celerated “final status” talks to .try to 
reach an lsraeh-Pa] estinian settlement 

“Real progress is measured in agree- 
ments,” foe senior American official 
said, “and we have to reach some real 
agreements soon. The secretary said in 
June that we’re in a crisis of confidence. 
And we won't get out of it until foe 
Palestinians and Israelis get together 
and solve problems.” 

On her first official trip to the Middle 
East this summer, Mrs. Albright said 
she would not return there * ‘just to tread 
water.” 

Asked if she is treading w.ater in 
London instead, she said: “After I see 
Chairman Arafat and I see some results, 
I'll be able to tell you whether I'm able 
to take my first stroke.” 

Asked if Mrs. Albright were not 
really engaged in “damage control," 
another senior official said damage con- 
trol was crucial now. 

But he said it could also begin to 
produce the confidence on both sides to 
move to the harder issues of a final 
negotiation, in which serious tradeoffs 
could be made. 

Mr. Netanyahu was painfully polite, 
saying that Israel was “committed to 
keep oar side of the agreements, and 
we’d like to see similar commitments 
from the other side." 

He said Israel was committed to 
peace, stressed Israel’s security con- 
cerns, and said, “We support the efforts 
of foe United States to move the process 
forward.” 


Papon Is Hit by Fatigue 

The Associated Press 

BORDEAUX,- France — Fatigue 
overwhelmed Maurice Papon on Friday, 
forcing the presiding judge to cut short 
questioning just as the court was to bear 
testimony about Mr. Papon’s role in 
dealing with Jewish affairs under foe 
Vichy regime. 

During a break after three hours of 
intense questioning by lawyers and foe 
presiding judge, doctors administered 
oxygen ana medicine to Mr. Papon 

Moments later, foe judge, Jean-Louis 
Castagnede, suspended the remainder of 
foe session. He said conn would resume 
Monday. Mr. -Papon, 87, is accused in 
the detention ana. deportation of 1,690 
Jews during World War EL 


C PLUS By Frank Longo 


78 




ACROSS 
Hater of fireen 
eggs and turn 
Puzzle solver's 
exclamation 
Foil giant 
lago'swife 
"Amadeus' 
antagonist 
Clips 

Keep in touch 
with ihe kids I 
raised? 

Family life, 
figuratively 
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Big name in 
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catches Rome? 
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91 
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95 

96 

101 

104 

105 

106 

107 


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soup 27 Pres, initials 

Hilton 28 Crack in the 

alternative coid. maybe 

Ad , 29 "Frank & Jesse* 

Atlantia docked co-star 

with it 30 First name in 

Pressure, in a shipping 

way 31 Glee dubs 

Garth Brooks's 32 Kind of artery 

birthplace 33 TheUAJE. 

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Cup coach 38 p.L's 

Tasty 39 South, to the 

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creation? 42 Man 

Overfill airplane Answers* (1962 

areas? 

Loser 
•Gotcha* 

Vacuum tube 
filler 

“I Will Survive" 
singer 


comedy) 

43 "The Taming of 
ibe Shrew* 
servant 

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rote 

45 King of the 

— f nines 

108 Psychowith ^ To astronomers, 
intense desires. 1 hey 1 re ha and 
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Pledge 


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cantankerous 


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Prepare in shoot gj jjqupe/ed (out) 
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contraction l ucked away 

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A train passing Friday where four American fighter planes waited for takeoff at the Incirlik air base near Adana 
in southern Turkey. Western aircraft monitoring the exclusion zone in Iraq use the joint Turkish-U.S. base. 

OPTIONS: U.S. Response Seen as More Problematic , This Time 


Continued from Page 1 

achieve foe resumption of unconditional 
inspections.” 

To this end. a number of specialises 
said, military action may have to extend 
well beyond the one- or two-day missile 
volleys and bombing runs that have 
characterized foe U.S. attacks launched 
against Iraq since the end of the war. 

“If foe objective is lo get Saddam to 
comply with inspections,” said Zalmay 
Khalilzad, a senior defense official un- 
der Mr. Bush, “then it’s possible limited 
strikes won’t work. That means the mil- 
itary action wifi have to be Jarge and 
sustained enough until he does com- 
ply.” 

Such a prolonged military campaign 
could tax public patience in the United 
States, experts said. It also would com- 
pound foe evident difficulties that U.S. 
officials are having in gamering support 
for military action among those European 
and Arab allies that joined in the 1991 
war to oust Iraqi troops from Kuwait. 

“In some ways, this is a more serious 
military challenge than we’ve faced be- 
fore in that it is not foe imminent use of 
force against Kuwait or northern Iraq,” 
said a senior Pentagon officer involved 
in the military planning. “It involves the 
potential use of much more damaging 
military weaponry, namely weapons of 
mass destruction. That’s what this is all 
about” 

Defense officials have reported no 
plans In recent days to move additional 
U.S. forces to foe Gulf region. The 
roughly 200 land- and sea-based aircraft 
in the area, along with dozens of Toma- 
hawk cruise missiles aboard several 
ships and a submarine, are sufficient to 
respond to any attack on U.S. forces in 
foe region, officials said. 

The risk that air strikes on suspected 


storage or production sites could end up 
releasing germ agents and killing thou- 
sands suggests that any U.S. military 
campaign would target other locations, 
even if the ultimate objective is to root 
out Mr. Saddam's stockpiles and prevent 
the manufacture of more. Further com- 
plicating foe targeting of such sites is 
that the agents and related equipment 
may be easily movable. Moreover, foe 
sites sometimes can have a benign, dual 
civilian use. 

‘ ‘The ability to target and destroy, you 
don't do that in these cases from the air,' ’ 
said retired General J.H. B inford Peay, 
who stepped down earlier this year as 
head of foe military’s Central Com- 
mand, which oversees U.S. military op- 
erations in foe Gulf region. ‘ ‘You have to 
go in there and physically capture them. 
Otherwise, you can never satisfy your- 
self that you've taken them all out.” 

Since the prospect of sending U.S. 
ground troops into Iraq seems especially 


remote, the discussion among specialists 
of viable military options' tends to center 
around possible air strikes. 

Any use of force, senior Defense De- 
partment officials said, would be gov- 
erned by a sense of “proportionality,” 
which they said does nor necessarily 
mean small or limited action but rather 
action that is relevant to the stated ob- 
jective of ensuring Iraq’s compliance 
with UN sanctions. Some advocates of 
force, though, also see a sustained bomb- 
ing campaign as a means of ousting Mr. 
Saddam, but this scenario has many 
skeptics given the Iraqi leader’s ability 
to retain power. 

“Hard-liners who advocate a robust 
military response to attack Saddam’s 
military and support groups feel it would 
weaken him and might trigger action to 
remove him,” said Phoebe Marr of foe 
National Defense University. 

* ‘This would weaken him but it's ques- 
tionable whether it would remove him.” 


IRAQ: U.S. Sends Another Carrier to Gulf 


' Continued from Page 1 

Alluding . to complaints from the 
France, Russia and Italy that foe Iraqi 
people, and not Mr. Saddam or his army, 
are suffering most from foe UN boycott 
of Iraq. Mr. Cook said that Britain and 
the United States wanted to stress that 
“our quarrel is with Saddam Hussein 
and not the people of Iraq. ” 

U.S. officials said the UN had been 
slow to act on Iraqi applications under 
the resolution and had not been efficient 
at getting food and medicine to foe 
people who need them. 

But the ‘promised gesture of more- 
efficient aid, should Mr. Saddam accede, 
seemed more designed to keep the Se- 


curity Council unified for the display of 
military force that may be required to get 
the Iraqis to let UN inspectors return. 

The return is the real aim of American 
policy, the officials said. France used 
unusually harsh diplomatic language Fri- 
day to press Mr. Saddam to back down. 

“The crisis is serious,” said foe For- 
eign Ministry spokesman, Anne 
Gazeau-SecreL “France wants a way 
out of foe crisis, but it's all in the hands 
of foe Iraqis. There is only one way out. 
There is only one: that Iraq comply with 
foe Security CounciL 

“If they persist in their attitude, well, 
there will be serious consequences, and 
they are grave consequences,” she 
said. ( AP. NYT, Reuters, AFP ) 


© JV«c York Times/ Edited by fFill SfedMsi 


Solution to Puzzle of Nov. 8-9 


Southern Africa 
Trade ft 
Investment 
Summit 


Botswana, November 18-19, 1997 

The International Herald Tribune would 
like to thank the sponsors for their 
generous support 


Summit Sponsors 


BLACK & VEATCH 




SINGE 1955 



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BO'nMMMA IBAXHMUHKWVIISCOIVOlWnON 



Official Courier 


Summit Convenor 


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lieralo^s&Ubnbune 

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nn-: won i.t rs mu.\ nfmsiuper 






s. page 8 


SATURDAY-SUNDAY, NOVEMBER 15-16) 1997 

EDITORIALS/OPINION 


Time to Take Both Sides’ Nuclear Forces Off Alert < 


Judging Terrorists 


The arithmetic of terrorism doesn't 
add up very well. A’tally of incidents 
and deaths, trials and convictions, 
leads to an imperfect accounting. Cer- 
tainly it provides scant justice Tor die 
victims and cold comfort for their sur- 
vivors. Yet Ameri cans are driven to 
search for some form ulati on that in- 
dicates at the leas t whether or how their 
society is bearing up under its testing. 
This past week there was a flurry of 
activity across the whole spectrum 
from terrorism to counterterrorism. It 
demonstrates at the least that although 
Americans are exposed to this disease 
both at home and abroad, they are not 
defenseless against it Not a cause for 
citizen complacency but not a ticket for 
a free ride for terrorists either. 

In Virginia on Tuesday, a terrorist 
with links to Pakistan was found guilty 
in the 1993 shootings of five people 
(two died) outside the CIA. In Karachi, 
Pakistan, on Wednesday, four Amer- 
ican oil company employees were 
murdered, conceivably m revenge for 
the U.S. conviction. In New York on 
Wednesday, two more terrorists, in ad- 
dition to an earlier four, were found 
guilty of conspiring to blow up the 
World Trade Center nearly five years 
ago; six people died and 1,000 were 
wounded. In Denver, the trial con- 
tinues of the second . suspect in the 
Oklahoma City bombing case (168 
dead). In Sacramento, California, the 
trial of the “Unabombei” opened 


(three dead, two dozen maimed). 

What is striking in this listing is the 
formidable diligence — and sometimes 
the raw lack — of law enforcement 
officials in catching and convicting sus- 
pects. A s imilar sense of profession- 
alism is conveyed by the coincidental 
FBI finding, after long investigation, of 
“absolutely no evidence” of crimin- 
ality in the 1996 crash of TWA Flight 
800. Police pursuits and court trials ne- 
cessarily come after the event and go 
slowly, but they are essential to keeping 
up public morale and to warning, if not 
deterring, future terrorists. Vigilance is 
easier to maintain if its fruits can be 
demonstrated from time to time. - 

Unfortunately, foe week's cases also 
stir concern for their evidence that 
large crimes and conspiracies can be 
launched by small numbers of people, 
some of them perhaps even operating 
on their own without the logistical or 
political backup of an organized group 
or government. It is bad enough if a 
stale sponsors terrorism, but at least the 
number of criminal states is finite and 
there are ways to bold states account- 
able. Lone or small-cell operators or 
free-lancers, however, may lack or- 
ganizational resources but possess a 
capacity for self-starting and self-sus- 
taining and for concealment That 
some of these operators have been con- 
victed or are being tried is cause for 
sober satisfaction. 

— THE WASHINGTON POST 


Empty Chairs in Qatar 


Arab countries that favor long-term 
stability in foe Middle East are making a 
sad mistake by boycotting this week- 
end 's economic conference in Qatar and 
by resisting more forceful jteps to keep 
Saddam- Hussein of Iraq from devel- 
oping weapons of mass destruction. 

Staying away from foe fourth annual 
Middle East and North Africa economic 
conference at Doha can only hurt the 
Lsraeli-Palestinian peace process. The 
meeting is designed to build the kind of 
economic links that brought reconcili- 
ation between foes like France and Ger- 
many after World War IL But when 
countries long committed to peace, like 
Egypt and Morocco, and U.S. allies like 
Saudi Arabia stay away, they reinforce 
the efforts of extremists on both sides of 
the Arab- Israeli divide. 

The reluctance of many Arab coon- 
tries to apply meaningful international 
pressure on Saddam Hussein over his 
escalating challenge to United Nations 
aims inspectors is similarly self-de- 
feating. But as Iraq's 1990 invasion of 
Knwait demonstrated, it is the Arab 
Middle East that would face foe first 
and gravest dangers should the Iraqi 
dictator build any deliverable biolo- 
gical, chemical or nuclear weapons. 

The countries shunning the Doha 


conference say they are expressing an- 
ger at Prime Minister Benjamin Net- 
anyahu of Israel and at America’s re- 
fusal to condemn Mr. Netanyahu's 
policies toward the Palestinians. They 
also want to show Israel that there will 
be no end to its economic isolation in the 
region if it refuses to follow up on the 
Oslo peace agreements. But foe Net- 
anyahu government cares little about 
economic bridges with the Middle East, 
preferring to cultivate trade and invest- 
ment ties with Europe and East Asia. 

It was foe United States that pushed 
hardest fra Arab countries to participate 
and is now most discouraged by tbeir 
absence- Jordan, Kuwait, Oman. 
Tunisia, Yemen and the host, Qatar, are 
foe only Arab countries planning to send 
official delegations.- Secretary of State 
Madeleine Albright will attend, but the 
absence of so many of her Arab coun- 
terparts shows how readily setbacks in 
one area of Middle East peacemaking 
lead to further reversals elsewhere. 

The rare gesture of hope was made by 
King Hussein of Jordan. Despite his 
rage at an Israeli assassination attempt in 
Amman this fall, he is sending a rep- 
resentative to Doha. Others should leam 
from his vision and courage. 

— THE NEW YORK TIMES. 


Senatorial Tantrum 


Republicans on the Senate Judidray 
Committee acted with contempt for civil 
rights and the rights of Senate col- 
leagues Thursday when they refused to 
clear Bill Clinton’s nominee for the top 
civil rights job in the Justice Depart- 
ment The nominee, Bill Lann Lee, is an 
outstanding lawyer who had become a 
target for conservatives opposed to af- 
firmative action. Senate Democrats be- 
lieved he could have won confirmation. 
But with foe eloquent exception of Ar- 
len Specter of Pennsylvania, Repub- 
licans on the Judiciary Committee op- 
posed his nomination. 

Mr. Lee offended conservatives 
simply because be favors upholding 
foe law, which includes using affirm- 
ative action as a remedy for some civil 
rights violations. Senator Orrin Hatch 
of Utah, the committee chairman, is 
convinced that the public opposes af- 
firmative action, but his fear of a de- 
bate belies that contention. President 
Clinton now has foe option of making a 
recess appointment of Mr. Lee and 
bringing his nomination up again later. 
The White House should stand by af- 


firmative action and back Mr. Lee’s 
nomination to this post 

The assault on Mr. Lee was part of a 
larger undertaking by Trent Lott, the 
Senate majority leader, to do the bid- 
ding of extreme conservative groups in 
blocking nominees for judgeships, 
subcabinet posts and ambassadors. In 
the last week, the Senate appears to 
have been stung enough by criticism of 
its obstractionism to push through 
some important appointments, includ- 
ing four more judgeships sent to the 
floor by Mr. Hatch’s committee Thurs- 
day. But much more needs to be done. 
No less an authority than Chief Justice 
William Rehnquist has warned that the 
number of vacancies on the .federal 
bench is strangling the system. 

In his defense of the Lee nomination, 
Mr. Specter warned that spuming the 
cause of civil rights bad cast the Re- 
publican Party out of the mainstream. 
The Senate likes to think of itself as the 
world's greatest deliberative body. Its 
behavior brae is not deliberation, 
however. It is a temper tantrum. 

— THE NEW YORK TIMES. 


Other Comment 


Mexicans Can Join the Fight 

Ordinary Mexicans could help [fight 
drug trafficking]. Ranch-hands should 
stop singing the praises of mob bosses, 
clergy stop taking their money, bankers 
stop laundering it Mexicans have 
shown they are ready for a break with the 
past. But could they bear the backlash? 
Colombia’s case suggests they might. In 


Cali, citizens boycotted shops and res- 
taurants owned by traffickers. It is pos- 
sible to beat down the influence of the 
traffickers. A former Colombian pres- 
ident said: “As long as foe Americans 
are prohibitionist, we need to be even 
more hard-line, or risk having every 
institution of our democracy over- 
whelmed by narco-comiption. * * 

The Economist (London). 


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W ASHINGTON — Faced with the 
erosion of Russia’s ability to 
control its nuclear weapons. President 
Bill Clinton should initiate a process of 
reciprocal unilateral actions with Pres- 
ident Boris Yeltsin. The process would 
be similar to the actions initiated by 

allow MikhailGorbachev tcfwkhdraw 
to Russia tactical nuclear weapons 
from foe other republics when die So- 
viet Union began to disintegrate. 

This time tire need is to allow Russia 
to take its nuclear missiles off their 
accident prone launch-on-warmng pos- 
ture. Both foe United States and Russia 
retain this Cold War stance despite the 
pledges of Mr. Clinton and Mr. Yeltsin 
to step aiming strategic missiles at each 
others countries. 

Their missiles’ hair triggers remain 
operational inasmuch as U.S. and Rus- 
sian commanders need only a few 
seconds to reload foe target coordinates 
into the missile-guidance computers. 

The United States will have to take foe 
first step, because foe survival of most of 
Russia's missile warheads depends on 
Russia launching them at the first sign of 


By Brace Blair, Harold Femson 
and Frank von Ffippdl 

enemy attack. The number of invul- 
nerable Russian warheads deployed at 
sea or on land-mobile missiles deployed 
away from their bases has fallen to about 
200. The United States keeps missiles 
carrying more than 2,000 warheads on 
submarines at sea at all times. 

Specifically, Mr. Clinton should or- 
der foe U.S. Strategic Command to take 
foe following actions: 

• Remove to storage the 500 war- 
heads carried by U.S. MX missiles. 
These highly accurate missiles, spe- 
cifically designed to attack their Rus- 
sian counterparts, are to be deactivated 
by 2003 in any case under foe START- 
2 agreement 

• Open foe safety switches inside foe 
silos of foe 500 Mxnuteman-3 missiles 
so that they cannot be launched before 
maintenance crews revisit each silo. 
President Bush immobilized 450 
Minuteman-2 missiles in this fashion in 
the fall of 1991. Mr. Gorbachev re- 
ciprocated. If Mr. Yeltsin reciprocates 


this rim e, both countries should take 
further steps to immobilize their mis- 
siles in a manner that would take longer 
to reverse and be easier to monitor. 

• Deactivate the eight U.S. balUs tic- 
missile submarines that would other- 
wise be slowly retired over the next 10 
years under START-2 and START-3 
agreements and put in storage half of 
the warheads carried by each of foe 10 
remaining submarines. The stored war- 
beads should inclade all foe 400high- 
yiejjd W88s, which pose a first-strike 
threat to Russia’s missile silos. To lend 
further stability, the sea-based missiles 
should be kept at least one day from 
launch readiness. 

After adopting these measures, foe 
United States would still have a potent 
and invulnerable deterrent force of 
about 600 warheads at sea, each with 
several times the destructive power of 
the bomb that destroyed Hiroshima. 
This dampens any pressure to re-alert 
more forces during a crisis. 

In response to these U.S. initiatives. 
America would expect Mr. Yeltsin to 
order immediate deactivation of foe 
silo-based missiles slated for elimin- 


ation under the START-2 treaty. These 
missiles carry almost 3.000 warheads. 
The United States would also expect 
him to order foe removal of foe war- 
heads from Russia’s rail-based mis- 
siles and deactivation of foe 15 or so 
Russian ballistic-missile submarines 
that will be retired over foe next 10 
years under START-2 and START-3. 

- Most of these de-alerting initiatives 
could be readily verified through routine 
satellite observation and the rat-site in- 
spections already being conducted to 
verify existing agreements. Verification 
that submarine missiles at sea have been 
de-alerted 'Grill require the patties to de- 
vise new mr> flftpTTng arrangements. 

Without in any way weakening de- 
terrence, these initiatives would sub- 
stantiaUy reduce. the risk of an acci- 
dental nuclear catastrophe. 

Afr. Blair is a senior fellow at the 
Brookings Institution; Mr. Feiveson is 
a senior research scholar at Princeton, 
and Mr. von Hippel is a professor of 
public and international affairs there. 
They contributed this comment to The 
Washington Post. 


It’s Up to the Iraqi People to Decide the Tyrant’s Fate 


P ARIS — Of foe serious 
problems associated with 
“doing something" about Sad- 
dam Hussein, the first is that 
those measures currently feas- 
ible won’t work. President Sad- 
dam has more than sufficiently 
demonstrated that neither sanc- 
tions nor bombings and missile 
attacks will make him yield. 

He has survived two devast- 
ating wars. That with Iran was 
one of the most terrible of the 
20th century, and the Gulf War 
did his power no lasting harm. 
He has since crushed American- 


By William Pfaff 


non groups, and decapitated mil- 
itary conspiracies. 

Whatever the U.S. govern- 
ment may say about Iraq, Con- 
gress has no stomach tor an- 
other real war with that country. 
New bombing, or missile at- 
tacks from a distance, meant to 
kill him and destroy his military 
installations, offer no serious 
prospect of changing Iraqi 
policy for the better. 

Mr. Saddam is driven by am- 
bition, survival or megalo- 
mania, but his policies have 
roots in Iraqi history and na- 
tionalism, as well as in paranoia 
and ignorance. The ignorance 
should not be underestimated. 

French diplomatic sources are 


quoted as saying recently that 
Mr. Saddam “understands noth- 
ing. He knows nothing of foe 
outside world. Even in the Arab 
world he only knows Baghdad 
and his native city, TOcriL ” 

Some in the Washington and 
New York policy communities 
still think the United States able 
to arrange a “revolution*’ in 
Iraq, despite its demonstrated 
inability to do so anywhere else. 
Such is foe recommendation of 
David Wurmser, who heads foe 
Middle East program at foe 
American Enterprise Institute. 

Two former Defense Depart- 
ment officials, Paul Wolfowitz 
and Zalmay Khali ba d, have 
proposed an international cam- 
paign to “de-legitimize” Pres- 
ident Saddam by obtaining in- 
ternational recognition for an 
Iraqi government in exile, seiz- 
ing Iraq's foreign assets and 
handing them over to this gov- 
ernment, enlisting other Arab 
states, European allies and Tur- 
key in this program (while 
avoiding creation of a Kurdish 
state), all the while supporting 
this government with “sus- 
tained but discriminating mil- 
itary action" — and, as Lewis 
Canroll’s Alice might have said. 


doing six other impossible 
things before breakfast 
People do not automatically 
get the governments they de- 
serve, but the governments they 
do get are foe product of their 
societies, political condition, 
geopolitical position and their 
history. In the end people are 
responsible for foe govern- 
ments which they get — or 
which they tolerate. 

Certainly Iraq is a police 
state, but no foreign nation has 
imposed that police regime, 
upon the Iraqi people, and they 
have thus far failed to show a 
willingness to pay a serious cost 
to get rid of iL Washington can- 
not change that 
If an aid is to be put to Mr. 
Saddam's reign, foe Iraqis will 
have to do it In the postwar 
period, Cubans, Vietnamese, 
Egyptians, Algerians, Hungari- 
ans, Czechs and Poles have all 
managed to forcibly divest the m- 
selves of oppressive govern- 
ments (even if the Hungarian and 
Czech outcomes wens reversed 
by Soviet invasion). If foe harps 
don’t like their government they 
can rise against it They can have 
a real revolution, not Mr. 
Wunnser’s fancied one. 


In fact, more or less the 
present state of affairs has been 
tolerated by Iraqis ever since 
Iraq became fully independent. 
The monarchy foal existed tm? 
der British suzerainty from 
1921 to 1958 was not a bad 
government by contemporary 
standards, but it was not a tol- 
erant one, and it failed to sur- 
vive foe rise of Arab nation- 
alism in foe 1950s., 

It was overthrown by a mil- 
itary coup in 1958, the mon- 
arch. crown prince and prime 
minister all murdered, and foe 
British expelled from foe coun- 
try. The deposed government 
had shortly before been a 
founding member of the Amer- 
ican-sponsored anti-Soviet 
Baghdad Pact alliance. 

The military government that 
took foe monarchy's place was 
overturned in 1963 by another 
coup d’dtat, its leader in turn 
murdered. Other coups suc- 
ceeded in 1966 and 1968, the 
latter bringing to power the 
Ba'afo party. In foe Ba'afo gov- 
ernment Saddam Hussein was 
first the vice president, and 
then, in 1979, by a peaceful 
transition, foe president 
Through these years foe cru- 
cial factors at work were anti- 
colonialism, the rivalry with, or 


threat from, Iran, foe straggle 
with Iraqi Kurds seeking an in- 
dependent state, and the quarrel 
over Kuwait's sovereignty — 
which the 1958 government had 
disputed, foe 1963 government 
conceded, ■ and Mr. Saddam's 
government attempted to crush 
by invading Kuwait in 1990. 

No solution to the problem of 
Iraq is possible without taking 
all of thus -into account 

Mr. Saddam is a problem to 
the international community, 
but not a very big one. The 
strategic importance of his 
country is only moderate. 

He wants his weapons of mass 
destruction to deter attack. His 
Arab and Iranian neighbors fear 
him. The international commu- 
nity detests him. His country is 
rkh with oil, but he still has to 
tell it There is no utility in with- 
holding it from the markeL His 
Ufe expectancy is problematical, 
to judge from foe experience of 
his predecessors. 

But all of- that is the affair of 
his countrymen, and so is what 
happens to Iraq when he is 
gone. The United States is an 
irrelevance; and Iraq, funda- 
mentally, is irrelevant to the 
United States. 

International Herald Tribune. 

© Las Angeles Tunes Syndicate. 


Netanyahu’s Problem Has a Solution, and It’s Within 


T EL AVIV — Benjamin 
Netanyahu has a problem. 
If he allows it to go on, it can 
overshadow his own substantial 
accomplishments as prime min- 


By A.M. Rosenthal 


the last conservative Israeli 
prime minister before Mr. Net- 
anyahu, gave the solution in one 
sentence: “Bibi will have to 
teach himself about himself. ’ ’ 
In office 18 months, Mr. Net- 
anyahu has been bringing about 
foe two changes that Israelis who 
elected him wanted most 
Fuse He stiffened Israel's 


snuggle against Palestinian ter- 
rorism. He did it while slxwmg a 

flexibility about Palestinians as a 
people that ran counter to the 
tenets of his own party. Without 
a great fuss, he dropped Likud's 
articles of faith agamst all Pal- 
estinian ambitions for separate 
territory and political authority. 

Nothing for nothing — or 
reciprocity, as he calls iL Next 
week he will make public pro- 
posals for a final deaL They will 
ask foe Palestinians to face 
some realities themselves. 


Second: Mr. Netanyahu 
moved toward his goal of cre- 
ating "Israel's first capitalist 
govemmenL’’ He pushed pri- 
vatization, lowered subsidies 
and the deficiL He has a way to 
go but intends to travel iL 
Israel's economy went up dur- 
ing bis prime ministezstup. Israel 
became a hot market for foreign 
investments — against die pre- 
dictions of Israeli busines sm en 
hostile to his govemmenL 
The problem with Bibi Net- 
anyahu is that so many of his 


Two Leaders, Oddly in Step 



L ONDON — Richard 
Gephardt, meet William 
Hague. The Democratic leader 
in foe U.S. House and the Con- 
servative leader in Britain are 
pointing their countries and 
their parties in the same di- 
rection: backward toward eco- 
nomic and political disaster. 

The two men are trying to 
undo foe policies that have 
given their countries unpar- 
alleled prosperity. In Amer- 
ica, it is the 60-year-old policy 
of free international trade. In 
Britain, it is membership in 
the European Union. 

Mr. Gephardt has just had 
his greatest success: leading 
an overwhelming majority of 
Democrats in the House to kill 
President Bill Clinton’s “fast- 
track” trade legislation. A 
few days later, Mr. Hague led 
foe Tories in foe House of 
Commons in futile opposition 
to on EU treaty — opposition 
that, if it bad succeeded, 
would very likely have led in 
time to British withdrawal 
from the Union. 

At the bean of Mr. Geph- 
ardt's opposition to foe trade 
legislation was foe argument 
that free trade costs American 
jobs. But that can be true only 
if jobs are a zero-sum game, so 
that using Malaysians instead 
of Americans to make sneak- 
ers adds that much to U.S. 
unemployment And that is 
not what happens. 

Over foe last four years, 
with foe lowest trade barriers 
in its history, the United States 
has added more than 11 mil- 
lion jobs to its total employed. 
The U.S. unemployment fig- 
ure is now the lowest in 24 
years: 4.7 percenL 


By Anthony Lewis 


Unemployment in Britain 
stands at about 6 percent, 
again the lowest figure in 
years. Britain has benefited 
greatly from its membership 
in foe European Union, not 
just economically but in the 
greater variety and sophisti- 
cation of life here. But Mr. 
Hague and his cohorts are un- 
apologetic Little Englanders, 
longing to be once more an 
island apart from Europe. 

The Congressional Demo- 
crats and the British Conser- 
vatives are alike in another re- 
spect Both have changed their 
historic positions on foe issue. 

It was the Democrats, start- 
ing with President Franklin 
Roosevelt, who led the United 
States away from foe policy of 
high tariffs — a policy that had 
helped to bring on the Great 
Depression. American busi- 
ness was largely protectionist 
then but has come to favor free 
trade strongly, as British in- 
dustry supports full participa- 
tion in the European Union. 

And it was foe Conserva- 
tives, under Prime Minister 
Edward Heath, who in 1972 
took Britain into what was 
then tire European Common 
Market What an irony that the 
same party is dominated in the 
House of Commons today by 
members who seem -to be- 
lieve, in the old saying, that 
the wogs begin at Calais. 

It was tire Labour Party that 
used to have the largest share 
of Little Englanders. As re- 
cently as 15 years ago, La- 
bour, then dominated by its 
left wing, wanted to withdraw 


from Europe. Today, New La- 
bour, as Prime Minister Tony 
Blair christened foe party, has 
only a minor, lingering anti- 
European wing. 

The Blair government is 
still fudging its position on 
when or how it will join the 
EU's great current project, a 
single European currency, but 
it has said it will join if and 
when the economic factors fa- 
vor British participation. 

Strikingly, the labor onion 
movement here is strongly for 
Europe — and for the common 
currency. The Trades Union 
Congress used to be so back- 
ward in its political-economic 
outlook that it was furiously 
caricatured by foe cartoonist 
David Low as a cart horse. 

All this points to a great dif- 
ference between foe two coun- 
tries: a difference in political 
leadership. Mr. Blair, accom- 
panied by modem union lead- 
ers, has turned foe moderate 
political left in this country to- 
ward forward-looking policies. 
Mr. Gephardt’s Democrats and 
their union allies want to stop 
the .world and get off. 

Much of the failure has to 
be laid to Mr. Clinton. Of 
coarse an American president 
has far less ability to influence 
legislators than a prime min- 
ister does. But Mr. Clinton has 
hardly tried over the years. He 
has ran for himself , not for the 
Democratic Party. 

Mr. Clinton did not even try 
on the trade legislation until too 
late He, and ail of us, will pay- 
foe price if the world reads Mr. 

Gephardt’s victory as foe end 
of American leadership for ex- 
panding world trade. 

The New YarkTimes. 


friends and colleagues begin 
eve*y conversation about him by 
saying that the problem -with 
Bibi Netanyahu is ... 

They say he makes policy de- 
cisions without consulting 
people he should consult They 
say they, cannot count on him to 
keep his word to them, dr his 
promises. They say he is im- 
perious in manner and governing 
style. At political rallies Israelis 
often shout to a leader that he is 
“the king of Israel” — but don’t 
want him to act as if he really 
believes it They say be is man- 
aging clumsily, behaving pom- 
pously, and makes valuable sup- 
porters feel like outsiders. 

How much of this criticism is 
his fault, how much conies from 
the jealousy ofpolitiriaiis he 
pushed aside? The kindest es- 
timate I got from any of his 
friends in Israel was 50-50. 

At home, Mr. Netanyahu is 
vilified by the Labor ftrty he 
defeated and a press almost 
comically biased against him 
and Likud. The widow of 
Yitzhak Rabin publicly bolds 
him morally responsible — at 
least — for the murder of her 
husband. I am more grateful 
than ever for the nation-binding 
calm and dignity of Jackie 
Kennedy after Dallas. 

And all around the world are 
governments that do not- forgive 
him for defeating Shimon Peres 
and his mirage of an Israeli-Arab 
rose garden. Looking at Iranian 


and Iraqi threats to Israel, and 
Palestinian support for Baghdad 
and Tehran, Labor's new lead- 
ership sees no roses, but talks 
about Mr. Netanyahu as if he 
were a homemade Saddam. 

All this enmity may not do 
him much harm with voters. But 
the fact foot so many in the Likud 
leadership resent him will be a u 
weakness if his proposals get to L 
the negotiating table. 

To win Israeli recognition of 
their existence as an “entity” 

— as unworthy a word now as 
when Arabs used it about Israel 

— Palestinians will have to 

drop their fantasies of control of 
Jerusalem and of the entire 
West Bank. For Israeli security, 
Mr. Netanyahu will demand 
control of the Jordan River Val- 
ley, the border between Jordan 
and the West Bank. He also 
wants control of the air space 
that the “entity” will share 
withlsrael, and of some villages J 
around Jerusalem. \ 

Palestinians and anti-Israeli 
foreign offices will say he is not 
trusted even by his own cabinet 
so why should they? Labor will 
see a chance to demanda “unity 
government" that will return 
some of the power it lost in the 
election. Mh Netanyahu was 
strong enough to get elected and 
struggle for Israeli safety and 
prosperity. His friends hope he 
will be strong enough to teach 
hims elf about himself. 

The New York Times. 


IN OUR PACES: 100, 75 AND 50 YEARS AGO 


1897: N.Y. Shooting expected 

° and may 
NEW YORK — Mr. I. Waldere lfceasu. 
Kirk, known as “the king of forPrem 
Western dudes," fired five snots foe fog e 
at Mr. Richard R. Mandelbaum, Labor pa 
. agent of a whisky house, in foe fog or » 
Grnrd Hotel, in West Forty- fortable 
fourth-street, yesterday [Nov. gentieme 
13]. His victim may not live. Mr. may not 
Mandelbaum says that foe firesides, 
shooting was intentionaL Mr. enwrapp< 
Kirk denies iL The stray goes England 
that Mr. Kirk owed Mr. Man- last three 
delbaom money. The latter went 
to Mr. Kirk’s room to get iL m \QA' 7 , 
Whereupon a fracas occurred. It 
is rumored that at first foe men ROME 
quarreled over a woman. Mr. anti-Con 
Kiri: was held without baiL and new 

tied toda 

1922: Election Fog *0® w 

° foe ever 

LONDON — To-morrow [Nov. ago whit 
15] is the big day of general Disorder 
elections, and foe last guns have cities we 
been fired in the campaign. The total of i 
beaw fog which makes dark the which th 
whole country is the rate un- uprisings 


expected factor in the equation, 
and may overturn what looks 
like a sore, but small, majority 
for Premier Bonar Law. where 
foe fog enters is in foe fact that 
Labor party supporters will vote, 
fog or no fog, while foe com- 
fortable Tories — ladies and 
gentlemen too tired to vote — 
may not leave their attractive 
firesides. The fog. which has 
enwrapped most of Southern 
England in deep gloom for tire 
last three days, continues. 

1947: Riots in Italy 

ROME — The - wrecking of 
anti-Cranmunisr political clubs 
and newspaper offices contin- 
ued today fNov.14] in Italy’s 
worst wave of violence since 
foe events twenty-five years 
ago which produced Fascism. 
Disorders in twenty-four more 
cities were reported, making a 
total of at least thirty-nine in 
which there have been riotous 
uprisings in the past four days. 









1 


fj&D 





' ' ' "ff'lL 


ART 


INTERNATIONAL HERALD TRIBUNE 
SATURDAY-SUNDAY. NOVEMBER 15-16. 1997 

PAGE 9 


Magnificent! 
The Glory 
Of the Medici 


Hit 


Hants L 


By Roderick Conway Morris 

tmcmaUonal Herald Tribune 

F LORENCE — Lorenzo de* Medici 
has conventionally been 
dubbed “the Magnificent,” bnti 
though he was effective at estcoor- 
aging others to give commissions to fellow 
citizens, as a patron in his own right' his 
activities were fairly modest 
Far more grandiose in their designs, lavish 
, in their spending and influential on the ap- 
w pearance of the city as it is today were the 
' descendants of Lorenzo’s great-grandfather’s 
brother; Cosimo I, who became Dnke of 
Florence in 1537 and Grand Duke of Tuscany 
in 1 569, and his sons Francesco I and Ferdin- 
“ and I (who died in 1609). 

Yet the era of the Medici grand dntes has 

never attracted the consistent attention given to 

that of the Florentine Republic daring the 14th 
and 1 5th centuries. The flamboyantly presen- 
ted show “Magnificence at the Court of the 
Medici: Art in Florence at the End of the 16th 
Century” now sets out to remedy this neglect. 
The exhibition, at the Pith Palace — which 
was bought in 1 549 and completed by Cosimo 
I and his wife. Eleonora of Toledo, who ai the 
same time began laying oat the still charming . 
Bobo li Gardens on the hillside behind — 
marks the centennial of the founding of the 
Kunsthistorisches Ins ti tut (Ait History Insti- 
tute ) in Florence (and continues until Jan. 6). 

The admirable Institut, used by readers 
from all over the world, with its vast, ever- 
expanding library and picture archive of more 
than half a million images, is a living example 
of the vision that made 1 9th -century G erman y 
the powerhouse of systematic research in 
many academic fields. And die Pitti show, in 
the Museo degli Argenti, hi ghli ghts the in- 
valuable work of some of the most recent of a 
long line of German scholars, notably Ulrich 
Middeldorf. for 15 years director of the In- 



long line of German scholars, notably Ulrich 
Middeldorf, for 15 years director of the In- 
stitui. until 1968. and Detlef Heikamp, a cur- 
ator of the exhibition. 


N OT. despite the bedrock of years of 
research, that the exhibition is a 
heavyweight academic occasion. 
The theme is “Magnificence” and 
the theatrical designer Pier Luigi Pizzi has 
built and lighted elaborate settings in the 
already riotously frescoed grand ducal apart- 
ments to create a positively operatic effect, 
everything glittering even when not — al- 
though it frequently is — gold. 

Cosimo was made duke at die age of only 
1 8. but his combination of shrewdness, ability 
to react swiftly to events and readiness to be 


\h>n, .tin! it ^ 


ARTS 


When Promise Turns to Threat 


Shield with Medusa by Caravaggio. 

ruthless and deceitful if required — political 
“virtues” adumbrated by Machiavelli m ‘ “The 
Prince” — soon facilitated his transition from 
figurehead to absolute ruler. With outside as- 
sistance be conquered Florence’s age-old rival 
Siena. The Media grand dukes’ possession of 
so many celebrated works of ait, both ancient 
and modem, added immeasurably to their in- 
ternational prestige, bat they did not rest on 
their laurels. While they proceeded to adorn 
the city with major new works, such as Bar- 
tolomeo Ammannatf s Fountain of Neptune on 
the Piazza della Signoria and new Thnita 
bridge, and numerous monumental statues by 
Giambologna, they acquired a wealth of new 
decorative items: carpets and arms from the 
Ot toman Empire, Persia and Japan, porcelain 
from China, and masks from Central America, 

. scientific instruments, samples of minerals and 
other natural wonders. 

Florence’s own workshops, meanwhile, 
worked overtime producing new objects, con- 
suming a staggering variety and quantity of 
precious materials from lapis lazuli, rock 
crystal, agate and onyx to gold, diamonds, 
rubies and emeralds. The export of these 
Medici-sponsored luxury goods, sometimes 
as diplomatic gifts, fostered an image of op- 
ulence and power that far exceeded the reality 
of the grand duchy’s place in the world, but 
succeeded in making Florentine styles and 
taste popular in courts all over Europe. 

The epoch of the firsi grand dukes co- 
incided with the apogee of Mannerism, or the 
final slide into the hopeless decadence of the 
High Renaissance — depending on one’s 
point of view. Many of the objets d’art of the 
period are as striking for their ostentatious 
uselessness as the exquisite skill, cost and 
labor expended on producing them. 

Many of the drawings in the last section are 
charming — a particularly delightful informal 
one being by Federico Z ocean of himself 
sketching a woodland scene, while his com- 
panion enjoys a picnic. But above al£ the 
selection of sculpture by a number of artists — 
some not widely known — challenges the often 
unspoken assumption that little of enduring 
artistic excellence was produced in Florence in 
the last decades of the 16th century. 


International Herald Tribune 

N EW YORK — Soaring to 
high heaven one day, down 
in the dumps the day after, 
the ait market is getting 
dangerously capricious and unpre- 
dictable. 

Never were contrasts as extreme as 
those that could be observed this week 
between the sensational Ganz sale of 
20th-century an on Monday, when 
Christie’s sold all of its 58 lots but one 
for $206.5 million, and the dreary sale 
of Impressionist and Modem an held 
at Christie’s on Tuesday night By the 
time Sotheby's tom came on Wed- 

SOUKEN MEUE3AN ~ 

nesday, the situation had become as 
threatening as it seemed promising 
after the Ganz sale. . 

What makes the contrast remark- 
able is that it bears no obvious re- 
lationship to the intrinsic merit of the 
an that was on offer. The collection 
sold Monday was built by Victor and 
Sally Ganz over nearly five decades 
with total dedication, which does not 
mean that it was great — far from it 
The Games focused an cite art that 
was produced at the time they bought it 
or shortly before, making a few ex- 
ceptions for early Cubism, of which 
Picasso’s later styles, best represented 
in their collection, send a weakened 
echo. 

“Femme assise dans un fanteuil 
(Eva),” dated 1913, a portrait of Pi- 
casso’s new companion, Eva Gouel, is 
an exercise in Cubism with a Surrealist 
whiff. “Le Reve,” painted on the af- 
ternoon of Jan. 24, 1932, supposedly 
portrays a later companion, Marie- 
Tberese Walter. It belongs to Picasso's 
phase of distorted figuration, with 
oversimplified outlines and contrasted 
colors carried over from early Fauv- 
ism. A striking image, it is hardly the 
immortal masterpiece it had been built 
into, which makes the $48.4 milli on 
price positively phenomenal- Bought 
by the Ganzes for $7,000 in 1941, the 
portrait is, to date, the most stunning if 
posthumous co m m e rcial coup on re- 
cord in art-market annals. 












mm 


Pissarro’s "L Eglise Saint Jacques a Dieppe " dated 1901. 


T HE Ganzes’ next-best bet was 
the “Femmes d" Alger” (“Al- 
giers Women”) series, of 
which the 15 pictures bought 
in 1956 from the Galerie Louis Leiris 
cost them $212^00. On Monday one 
of those, “Les Femmes d’ Alger (Ver- 
sion ‘O’),” handled in spoofy fashion 
like some Cubist-derived poster, went 
for a breathtaking $31.9 minion. 

Did some buyers feel that evening 


that they were re-enacting the Ganz 
experience, .as they turned to New 
York school pictures that the col- 
lectors began to acquire when Pi- 
casso’s work struck them as too ex- 
pensive?. The huge prices paid 
(Rauschenberg’s “Red Interior.” 
1954-55, $6.38 million; Jasper 
Johns’s “White Numbers,” 1959. 
$7.92 million, and “Corpse and Mir- 
ror,” 1974. $836 million) show that 
anything sufficiently ensconced in the 
not-so-ancient history of New York 
was being chased as an icon in the 
making, now that the best from die 
ultimate icon. Picasso, was escaping 
the reach of most art buyers. 

As the last Picasso, a simple color 
print (a liaocui) numbered 7 in a series 
of 50 impressions, fetched a mind- 
boggling $79,500. more than doubling 
an already huge estimate, the future 
looked rosy, or so an outsider might 
have thought with some excuse. 

It took 24 hours for the market to 
reveal its fundamental volatility gen- 
erated by the extravagantly inflation- 
ary prices whipped up over the last few 
years by auction bouses. Belying the 
slogans “quality sells” and “the mar- 
ket is becoming selective,” remark- 
able pictures elicited no response and 
mediocrities found takers in a patchy 
session. 

A deligh’tfiil early Pissarro, “Bois 
de chataigniers a Louveciennes” of 
1872. scrambled above the reserve. 


selling for $23 million, but a stunning 
urban view by the same Pissarro. 
“L’Eglise Saint Jacques a Dieppe,” 
dated 1901. which must rate as one of 
the artist's great masterpieces, re- 
mained stranded at $2.6 million. 

Renoir’s loosely painted portrait of 
a young girl with a kitsch, doll-like 
face was bought for an exorbitant $5 
million. Bui when it came to Odilon 
Redon’s truly exquisite pastel portrait 
of a -little girl. “Genevieve de Gon- 
et,’ ’ done in 1907, the room remained 
dead and the pastel was bought in at a 
laughable $280,000. Some “selective 
market.” 

And yet, cash is not in short supply. 
In contrast to the failed late Pissarro of 
1 901, a late Monet of 1 903, ‘ ‘Waterloo 
Bridge, soleil voile,” brought a co- 
lossal $835 million. Later a stylized 
bronze head by Brancusi, cast in die 
1920s after an alabaster of 1917. 
soared to a staggering $6.6 million. 

In the event, of the 70 works 
offered by Christie’s, 5 1 sold, adding 
up to $69.97 million, which is sub- 
stantial. The “various owners” sale 
thus managed to ride some of the way 
on the previous evening’s triumph in a 
markedly colder atmosphere. 

Sotheby’s had no such luck on 
Wednesday evening with the Evelyn 
Sharp collection. If die Ganz as- 
semblage was second division but co- 
hesive, this was third rate and haphaz- 
ard. It took all the talent of Henry 


Wyndham, chairman of Sotheby’s 
Britain, who is a skillful auctioneer, to 
steer 34 of its 39 lots through difficult 
straits and extract $41.2 million from 
a stone-faced attendance. But he did it 
at a price — literally so. 

Tne auctioneer allowed most of the 
works to go below the low estimate, 
often by 20 perceni or more. Iron- 
ically. this merely brought prices back 
to a more plausible level. Picasso’s 
“Femme nue.” which looks like a 
reject, was brilliantly sold at 
$3.082300. The S3 million to S4 mil- 
lion estimate (plus the sale charge) 
was too optimistic. 

Aware that it hud made a strategic 
mistake in overestimating the collec- 
tion to wrench it away from Christie's, 
Sotheby’s management clearly gave 
the auctioneer leeway to sell whenev- 
er possible to avoid the greater dis- 
aster of massive failures to sell. 

The reason for this was that Sothe- 
by's had given the consignor a ‘ ‘guar- 
antee,” i.e. had committed itself to 
paying a minimum undisclosed 
amount. Diana Brooks, chief exec- 
utive officer of the company, said at a 
press conference after the sale that the 
guarantee had not been matched by 
the total sold. Sotheby’s promptly 
proceeded to negotiate privately the 
five unsold works, thus reducing its 
financial loss. 


T HIS is a textbook ease of the 
practices that threaten to de- 
stroy the art market. Desper- 
ate to shoo that they have a 
bigger share of the market, the two 
competing world auction giants prom- 
ise the earth to those who want to sell. 
They hike estimates, hoping that their 
propaganda effort will su slain them, 
thanks to new buyers who know no 
better. Then the mechanism stalls be- 
cause some financial glitch diverts the 
attention of the new buyers or dampens 
their enthusiasm, ft happened in the 
fall of 1990. and it is happening now. 

But nothing is ever the same. Arr has 
become even less abundant than in 
1990, and interest in it is greater than at 
any time. On Thursday' evening, the 
pendulum swung back to a middle 
course, at a generally lower price level, 
allowing Sotheby's to bag another 
$92.7 million worth of Impressionist 
and Modem Art. Renoir's 1888 
“Baigneuses” portraying a lush seated 
woman in the nude, sold for $20.9 
million, shows that where pictures are 
intensely desired, the sky is the limit. If 
the auction houses play it cool, there 
will be a slow, downward slide in- 
dispensable to restore sanity to the price 
structure. If not, big trouble lies ahead. 


□ 


' Fisenapiii 

IMPORTANT £ 

AUCTION SALES £ 

24 November 1997 at 1630 T 

Very important stringed instruments 
from national and international owners *y. 

• ' V’l 

The Crcmonese Lots are in Lucerne only the 
S/9 November and 23/24 November for \iewing r/ 

In Geneva the lots can be visited from 
10 until 21 November after appoimmem Z <: 


20 -22 November 1997 

Important Paintings by Old and Modem Masters 
Works on Paper; Furniture and Works of Art 


Exhibition: 8-18 November 1997 
Opening hours; week 10-19, week-end 10-18 

For further information regarding our 
upcoming auction sales or our catalogues, 
please do not hesitate to contact us. 

GAL£RIB 

HALDENSTRASSE 19 '■ CB-6pQ6UJ.GfiRjtE • 
Phone +41 41 418 


AHT 



PARIS 


PHOTO 


CLERMONT-FERRAND - FRANCE 

VASSY - JALENQUES - LA PERRAUD1ERE 

AUCTIONEERS 

19 rue des Satins - M000 CLERMONT-FERRAND 
Ttt (33 1 (0*4 73 93 44 W. - Favl33> MM 73 if M 34 

Saturday November 29, 1997 - at 2:30 PM 
IMPORTANT OLD MISTER AND MODERN PAINTINGS 




yk:. 


; MONET Claude - 1840 - 1926 
] Barques de peche d PomSb. IBK 

Oil on auras Hyned lower left 
573 by 7 1 cm 22 'c by 28 in. 


— Tcl/Fac — 


ARCHIPENKO 


19Bovembre 1997 - 10 janvier 1998 

GALERIE MAEGHT 

42. rue du Bac - 75007 Paris 
Ta : +33(0)1 01-45.48.45.15 - Fax : +33(0)1 0LC3L183 


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

2lst/24th of November 1997 From flam ta 8pm 
Le Carrousel du Louire, 99 rue de Rjvo/i, Paris 

Information: IPM 46 rue de Sevigne, 75003 Paris. 


ADRIANO RIBOLZI 

ANTIQUAIRE 

French Furniture XVJJth and XVJJJth Centuries 
Worfcs of Art 
Old Master Paintings 

exhibiting at TEFAF Stand. 1 25 

6. Avenue dcs Braes -Am 
MC-9S000 MONACO 
Teh 377-97970377 Fan 377-97970378 


PISSARRO Camille - 1830-1903 

Ber&re oppuyfe 4 w atim 
Oil on cantas signed kwer left 

and dated “I W?" 

46 by 1# cm 18 24 by 15 in. 


On near in Paris hr appr 

On iiw morning n) the sale 10 &n in 12 pm in CUnnuni-FerrimJ 
Expen: MARECHAUX - LAURENTIN 
147 Bii St-Cermain - 751.106 Paris 
1». <33l (Oil 43 2992 32-Fav (33nOtl 43 2-I2I 52 



HARRY FANE 
wishes to purchase old 

CARTIER 

objects: 

dock*, dgtvaza case*, pow do taxes, 
desk accessories, photo frames, etc. 

Please contact: 

OBSIDIAN, London 
Teh 0171-930 8606 Fa: 0171-839 5834 


HENRY MOORE 

SCULPTURES** 4 ! 

• 

Drawings, Graphic works 
{PnvateGoiKfkxi) 

Finin IMh Oil 10 >rh Niu 1>»7 
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PAGE 10 


SPONSORED SECTION 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SU3SD.4& NOVEMBER 15-16, 199? 


SI’OXSORI U si ( !lo\ 


BOTSWANA 



Snapshots of a couaby 
oaths move, clockwise 
from top left A market 
osar the railway station hi 
Qaberotw; car parts arrive 
from Sooth Korea; 
a (Mamond factory— 
with more than 500 
employees— said to be 
the world's largest 
Diamonds account for 70 
percent of Botswana's 
export earnings, 
hut the government 
baa a new package 
to attract investment 
In other Industrie*. 

tnadriBen,the 
governm en t m&t 
revive a plan to estabMsh 
export processbig zones, 
and legislation Is wider 
way to make Botswana 
an hdematkjnal 
finance cente r. 



Giant Car Plant Fuels Industry, Now in Second Place 


A new plant in Gaber- 
one that will as- 
semble up to 60,000 
Hyundai passenger cars and 
light commercial vehicles a 
year signals the 
single success to 
lessening the dependence of 
Botswana’s economy on dia- 
monds. In less than four 
years, motor industry exports 
Have become the country’s 
biggest after diamonds, and 
motor exports are equal to 
about 25 percent of the value 
of the diamond exports. 

The Korean group Hy- 
undai established a presence 
in Botswana in 1993 with a 


plant to assemble “semi- 
knocked vehicles.” It pro- 
duced 40 vehicles that year. 
Total output has since risen to 
about 2,000 units a month, of 
biggest . which about 80 percent goes 
date in to South Africa — where 
Hyundai vehicles have be- 
come an instant hit Con- 
struction of a new 35,000 
square meter (376,737 
square feet) plant is nearing 
completion, and full produc- 
tion of smaller models is to 
begin next ApriL The new 
plant will assemble vehicles 
from components that re- 
quire welding, metal finis h- 
ing, painting and more. 


ICG. Kgoroba, Bot- 
swana’s minister of com- 
merce and industry, says mo- 
tor vehicle exports to South 
Africa in 1995 came to 984.1 
milli on pula ($24836 mil- 
lion), or 75 percent of Bot- 
swana’s exports to that coun- 
try. Last year, the figure rose 
to 1.17 billion, or 76 percent 
of exports to South Africa. 

An obvious choice 
The new plant is the first of 
its kind in Southern Africa to 
be built from scratch in the 
last 20 years and is the first in 
Southern Africa outside 
South Africa. 


Billy Rautenbach, man- 
aging director of the Bot- 
swana-based Hyundai Motor 
Distributors, says that the 
company set up the plant in 
Botswana rather than in its 
main market in South Africa 
because company tax for 
manufacturers in Botswana 
is only 15 percent, compared 
with 35 percent in South 
Africa. In addition. Bot- 
swana’s currency, the pula, is 
the strongest in Southern 
Africa, reducing currency 
risks on the purchase of im- 
ported components. Bot- 
swana’s foreign exchange re- 
serves are the strongest in 


Africa, which means there is 
no danger of sudden gov- 
ernment restrictions on im- 
ports. Mr. Rautenbach also 
cites the supportive attitude 
of the Botswanan govern- 
ment toward investors. 

For his part, Mr. Kgoroba 
speaks of foe “smooth work- 
ing relationship” between 
the government and the mo- 
tor industry, which enhances 
sustainable industrial devel- 
opment. Help from the gov- 
ernment-owned Botswana 
Development Corporation in 
financing the new plant has 
cemented this relationship. 

The plant will employ 


Toward an Export- 
Driven Economy 

The government is diversifying owcQ'fiom diamonds i 

W hen Botswana achieved its i n d epend ence from the 
United Kingdom in 1966, few imagined that it was 
destined to become foe jewel in the crown of 
Southern African states as measured bynumerous social and 
economic indicators. - . , 

The country was 70 percent desert, with no industry to 
CTwflk of and was geographically cut off from the occun by 
ttoeovopowerii* presence of white-ruled South Africa and 
its colony South-West Africa (now independent Namibia). 
Despite Botswana’s nominal political independence, its 
rh of attracting investment seemed slim, and it faced a 
future as an economic satellite of South Africa, increasingly 
subject to that country’s political domination. 

Today, Botswana*® political independence and economic 
pre-eminence are indlaautable. Some yens ago. it de-linkcd 
its currency, foe pula, from foe South African rand, and the 

pula has since appreciated against foe rand. Botswana scores 

0.741 on the United Nations Development Program's Hu- 
man Development Index (HDI), which is based on national 
jn«w>w> L life expectancy and educational attainment ( 1 is the 
optimal score). This is the highest score in the region. 

Botswana’s foreign reserves are sufficient to cover about 
four years’ worth of imports. By 1995, Botswana had 
overtaken South Africa in terms of per capita GDP, with 
$3,538. 

Botswana owes its wealth to diamonds, which account for 
70 percent of its export earnings, about 65 percent of 
government revenues and 33 percent of the gross domestic 
product 

Investing in people 

Botswana has spent wisely on schools, roads and other 
infrastructure. Its population consuls almost entirely of the 
Batswana people, which rules out ethnic strife. 

The country does not have political or labor unrest 
Regular democratic elections since independence have al- 
ways returned the Botswana Democratic Party to power, 
although the popularity of opposition parties is increasing. 

The government recognizes that new industries arc needed 
to reduce the economy’s dependence on diamonds — the 






’ f 

if 


y 

e - 




— 


' -v: 

y.+.-v 

\.5eV 
. . * 




a 


\RI*‘ 


n* 


agement and supervisory 
trainees are attending courses 
at Hyundai facilities in Korea 
and Indonesia. The know- 
ledge gained will provide a 
valuable transfer of entirely 
new skills to this comer of 
Africa. 

Me Kgoroba says the 
plant will also create oppor- 
tunities for automotive com- 
ponent manufacturers, trans- 
port operators and 
advertising services. • 


about 1,100 people, mostly 
locals, and the company will . 

train workers to maintain most important export product — and to provide jobs for a 
Hyundai’s worldwide quality growing population. Accordingly, the government has de- 
standards. Groups of man- veloped a raft of incentives to attract investment The pro- 
gram is known as foe Financial Assistance Package [sec 
related article). 

“The government realizes that the private sector is needed 
to spearhead growth,” says Nco Moroka, head of the Bot- 
swana Confederation of Commerce. Industry and Manpower 
(Boccim) and manag in g director of foe oir company BP 
Botswana. “Boccim likes to believe that it has helped the 


I 




Precious 

Resource 




The wealth of Botswana is much more than the 
diamonds and minerals which its rich soils yield. 
Its true wealth is in its people and culture, its peace 
and democracy and its abundant wildlife. 

It is all of these resources which Debswana Diamond 
Company is committed to developing 
and conserving. 

Through its employees and the use of leading edge 
technology, Debswana Diamond Company 
is a proud contributor to Botswana’s development 
and is a responsible and active corporate citizen 
participating in the daily life and well-being of its 
people and the environment: 




DEBSWANA 
Committed to Botswana. 


Debswana Diamond Company (Pry) Limited, 
Debswana House, Gaborone, Botswana. 
Tel: (267) 351131 . Fax: (267) 356110 


Invest in Botswana 
and make it grow 
for you 


The most 
resource to any 
economy 

Let's merge our business ideas 
and bring them to fruition. 
Our central location, low 
corporate tax, good 
infrastructure, modern 
telecommunications network 
and a strong currency, makes 
us an ideal partner for 
potential investors. 
Opportunities exist in 
industry, finance, property, 
tourism and agriculture. 

For close to three decades 
of managing over one hundred 
businesses, we are naturally 
eager to add you to the list. 




Botswana Development Corporation 
Marketing Department, 
Moedi. Plot 50380 

Gaborone International Showgrounds 
Private Bag 160 • 
Gaborone, Botswana 
Tel: (267) 351 811 
Fax: (267) 303 105, 

(267) 359 354 



BOTSWANA - 
A WISE INVESTMENT 


There are many good reasons to 
consider an investment in Botswana 
including the following: 

POLITICAL 
STABILITY 

Botswana, 
formerly a British 
Protectorate, 

i independence 
O on September 
H 30, 1966, it 

& 

Wssk established 
itself as 
k one of the 
** few 
successful 
mid-party 
democracies m Sub- 
Saharan Africa. Free, fair and 
w "' peaceful general elections are held at 
five year intervals with foe Government committed 
to the continual development of a sound 
infrastructure to support its residents and citizens - 
and to the maintenance of a democratic, open and 
non-radal society. 

ECONOMIC STABILITY 

At the time of independence in 1966, Botswana was 
one of foe poorest countries in the world. Through 
rapid economic growth, based on its mineral 
resources, it is now the third most prosperous 
country in Africa. Its exports of diamonds, minerals 
and beef have helped to establish a sound economy, 
to raise living standards and to improve the social 
and economic infrastructure - and to create a basis 
for future development and prosperity. 

LOCATION 

Botswana is ideally located in the heart of foe 
Southern African region. It is only a matter of hours 
away by road from foe major markets of Zimbabwe, 
South Africa, Namibia and Zambia and is well 
served with an excellent network of well 
maintained road and air links. 

LABOUR 

Botswana has an educated English speaking, stable 
and enthusiastic workforce unfettered by militant 
trade unionism. Labour cost levels (in terns of ■ 
productivity) compare favourably with the 
surrounding countries. 

DEVELOPED INFRASTRUCTURE 
A sound financial, banking, educational healthcare, 
legal accounting and communications 
infrastructure is in place providing a structured 
environment for investors and entrepreneurs. 

For further information cm Botswana please contact: 
Department of Trade and 
Investment Promotion (TIPA) 

Private Bag 00367, 

Gaborone, Botswana, 

Phone (267) 351790 
Fax (267)305375 
E-mail*. tipa@infabw 
Website www.tipa.bw 



government see foe wisdom of creating a more business- 
friendly economic environm ent We had discussions with foe 
gov ernme n t that led to foe virtual abolition of exchange 
controls and the reduction of corporate and personal tsixcsC 

State-of-the-art facilities 

The most exciting non-diamond investment to date is the 
Hyundai auto assembly plant In three years, automotive 
exports — mostly Hyundai’s — have grown from virtually 
nothing into the country’s biggest export item after dia- 
monds. They now account for 25 percent of exports. A bigger 
Hyundai plant now under construction could double motor 
exports. 

State-of-the-art facilities have also been built by the U.S. 
company Owens Coming, in partnership with the Botswana 
Development Corporation and local investors, to manu- 
facture high-pressure glass-reinforced polyester (GRP) pip- 
ing systems - This new material is lighter than tire steel and 
concrete traditionally used in piping and is more resistant to 
corrosion. The plant is currently producing 250 kilometers 
(155 miles) of piping for a major water transfer scheme in 
Botswana. 

^ “I expect that it will open new opportunities for the use of 
GRP for other water transfer systems around the world.” says 
Brian Lemar, general manager. 

Me Moroka says that wifo a population of only 1.5 million, 
Botswana will have to become an exporting country’ if 
industry is to grow. Boccim and the government arc dis- 
cussing foe possibility of reviving an earlier attempt to 
establish export processing zones. 

Legislation is being drafted to turn Botswana into ah 
international finance center, where regional trade can be 
fiircnc cd an< l international portfolios for offshore investors 
managed. 

Michael Moiefane, managing director of foe government- 
owned Botswana Development Corporation, says foe BDC 
has been given a budget to research the issue and ttafc 
exploratory visits have already been made to Luxembourg? 
and the Cayman Islands. • 


Digital Telecoms 
I s Going Cellular 

Ml 


\i 


4 X 



E 1 1 IS 


y 





alcolm Welsh, 
deputy chief exec- 
utive of foe Bot- 
swana Telecom miin i cations 
Corporation (BTC), believes 
he has a clear mandate. 

The government wants 
Botswana to become a fi- 
nancial services center,” he 
says. “To achieve that, you 
need excellent telecommuni- 


provider wifo operators in foe 
private sector. 

Mr. Welsh points out that *. . 
although BTC is wholly, 
owned by the government, it 
is not cosseted and may be 
privatized in due course. 

“Our industry is con- 
trolled by an independent 
regulator and not the [com- 

must appeal to the courts if 

wed o^agree with the reg- | 
uIators * niliqgs,” he savs. * 
“ We « obliged lo oped 
Hi percent on commerced prinKL 

fu} 1 . fiber optic and we have proved weean 

BSttSf is- ' 

more than 10 percent a 
year.” 

The British firm Cable & 
Wireless hud a management 
contract with BTC for about 
10 yearn, hut ties have been 


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a 


„ ™*V wc 

„ videoconferencing, 

VSAT [very small aperture 
terminal) service and resili- 
ent Internet access. Our in- 
frastructure also provides a 
platform for offering a van- 

loosened BTC hiw^come 

cellular telcphon^Sct m ° K “ nfi,lent aho "' 


ix 

- 

f-.. 

-.^.'EWJPT 


and the government will 
soon announce the names of 
two cellular phone network 
operators. BTC is a member 
of one of foe bidding con- 
sortia, but it does not com- 
pete as an Internet services 


confident about stand- 
mg on ite own feet. Rela- 
tionships between the two or- 
ganizations arc still very 
corfial, says Mr. Welsh. 

Botswana has 80.000 tele- 
phone lines — about one for 
«wy 20 inhabitants — a 
high density for Africa. • 









• f ' 


I 



SI-OVSQUI |,su I, <t y 


BOTSWANA 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAX; NOVEMBER 15-16, 1997 


PAGE 11 


SPONSORED SECTION 


I 


Game Parks Stay Pristine 

Tourism authorities see the protection of the environment as a top priority. 

T 


he Okavango Delta is 
one of the world’s 
most fascinating tour- 
ist destinations. Here die 
mighty Okavango River is 
swallowed, not by an ocean, 
but by the parched sands of 
the Kalahari Desert Set in an 
arid region, the delta consists 
of a network of waterways, 
islands, swamps and flood 
plains. The lush vegetation is 
home to a rich profusion of 
bird and antelope species, as 
well as to the predators that 
prey on them. 

The Okavango Delta is 


_. ‘The .world should learn 
its geography," says Modisa 
Motfaoagae, director of die 
Hotel & Tourism Associ- 
ation of Botswana (Hatab). 
“We have wonderful tourist 
attractions and plenty of 
scope to grow our industry 
without damaging OUT eCO- 
systems, but when some for- 
eigners think of Africa they 
think of conflict zones such 
as Rwanda and Nigeria." 


Recent legislation 
Mr. Motfaoagae says recent 

__ _ legislation emphasizes what 

4, just one of Botswana’s spec- he calls high-cost, low- 
Y tacular game parks. It is volume tourism that minim- 
ranked as among the best izes the impact on fee en- 
game parks in the world. viionment He points out, 
Many game parks in Bot- however, that certain game 
swana are so remote and so sanctuaries in more access- 
poorly served by roads -ible parts of the country are 
through the deserts around suitable tourist destinations 
them that they can be reached 
only by light aircraft. This is 
perhaps a blessing, since it 
has kept the parks unspoiled 
by restricting the numbers of 
visitors. Tour operators help 
keep the land clean by flying 
out visitors' garbage for dis- 
posal at more conventional 
urban facilities. 


for those on tighter budgets. 
The new legislation sets 


ously available to manufac- 
turers only. 

“Tourism has been grow- 
ing at about 1 1 percent a year 
without a policy and incent- 
ives,” says Mr. Motfaoagae. 
“It delivers a high yield from 
a relatively low investment. I 
therefore challenge investors 
to take advantage of these 
benefits," he says. 

Peter Sandenbeigfa, man- 
aging director of Okavango 
Tours and Safaris, is also 
bullish on the growth of the 
industry. 

“It has vast untapped po- 
tential, but it roust be man- 
aged carefully,” he says. “It is 
not only a question of fee 
impact of tourists on the eco- 
logy but also of the impact of 
tourists on one another. “Eco- 
tourism is about an illusion. 
The tourist must have the 
feeling feat he or she is fee 
first to have been there. So we 


out conditions and incentives . try to arrange feat several 
for investors to build and op- groups of tourists move along 


crate facilities in state-owned 
game parks on long leases. 
Such ventures also qualify 
for the generous benefits of 
fee Financial Assistance 
Policy, which were previ- 


a given itinerary simulta- 
neously without ever seeing 
each other, as they are 
arated by a few hours. It’s i 
key to maximizing the util- 
ization of fee resource.” • 



A Package for Investors 

The government has provided tax breaks and other incentives for business 

A stable and 
A multiparty 
X V cy, sound : 


and peaceful 
democra- 
macroeco- 
noixric policies, commitment 
to fee rule of law, an in- 
creasingly well-educated 
workforce, new and well- 
maintained infrastructure, 
access to European and U.S. 
markets wife special trade 
preferences, liberal exchange 
controls, low taxes, generous 
investment incentives and 
beautiful tourist attractions. 
These are sonse of fee fea- 
tures feat make Botswana an 
attractive investment destin- 
ation, says Baledzi Gaola&e, 
governor of fee Bank of Bot- 
swana (the country’s central 
bank). 

Mr. Qp plflfhe adds that fee 
country has saved a large 
portion of its past income 
from minerals in fee form of 
foreign exchange reserves to 
fe finance fixture developments 


and to cover contingencies. 

Dihelang Tsheko, director 
of fee government’s Depart- 
ment of Tr ade & Investment 
Promotion (TTPA), says Bot- 
swana’s corporate tax and top 
marginal lax rate for indi- 
viduals is only 25 percent 
For mannfte tiirer s and fee 
tourism industry, it is only 1 5 
percent 

He adds feat the govem- 


additional incent- 


receive 
ives. 

TIPA helps investors ob- 
tain suitable sites and aids 
them with bureaucratic form- 
alities. The government- 
owned Botswana Develop- 
ment Corporation has helped 
fee private sector finance nu- 
merous investments over fee 
years. It recently began a 
phase of disinvestment by 


ment’s Financial Assistance selling its equity in success- 

lished businesses. 


Package provides a grant feat 
initially amounts to SO per- 
cent of the total cost of wages 
for unskilled labor in fee first 
two years of activity, drop- 
ping to 20 percent in fee fifth 
year. There is a cash grant 
amounting to 50 percent of 
training expenses and an one- 
off grant for each new em- 
ployee (not including re- 
placements). 

Investors establishing 
themselves in remote areas 


fully establish 

Michael Molefene, man- 
aging director of the corpo- 
ration, says his organization 
welcomes applications for fi- 
nancing but that investors 
must make a good case that 
their projects will be viable. 

“No matter how noble fee 
motives for an investment, 
we will not provide assist- 
ance unless we are certain 
feat it is economically self- 
sustaining,” he says. • 


The Horn and fauna of Botswana never fad to enchant vis&ors. 


Add ‘CARP’ to Make the Diamonds’ Five Cs 

New state-of-the-art facilities will hrn’e a CARP (completely automated recovery plant) and a FISH (fully integrated sorthouse). 


T he discovery of dia- 
monds in Botswana m 
the late 1960s was one 
of the most important events 
in its history. 

Debswana, a diamond 
mining company 50 percent 
owned by Dc Beers Centen- 
ary AG and 50 percent by fee 
Botswanan . government, 
contributes more than 70 per- 
cent of fee country's export 
earnings, about 65 percent of 
government revenues and 33 
percent of the GDP. • 
Production began in 1 97 1 
and began to make a major 
impact on fee economy in 


the early 1980s after three 
mines — Orapa, Letlhakane 
and Jwaneng — came on 
stream. Output rose to a 
peak of nearly 18 million 
carats in 1991 but fell to a 
little over 14 million carats 
m 1994 in response to the 
softening of world markets. 
With apick-up in demand, it 
rose to 1 7.7 million carats in 
1996. 

Debswana is now invest- 
ing 1.6 billion pula ($403.8 
million) in fee largest project 
it has ever undertoken in or- 


licm carats a year to 12 mil- 
lion a year by 2000. The tim- 
ing may not seem auspicious 
as demand in Southeast Asia 
is not strong at present, and 
fee economy of Japan, tra- 
ditionally a big market, is 
stagnant Demand in Western 
countries, however, is still 
quite firm. 

“We opened fee Jwaneng 
mine in 1979, at the worst 
possible time.” says Louis 
Nchindo, managing director 
of Debswana. “Markets 
were slack then, but they ira- 


•‘•i 


Beef Market 
Looks Bullish 


The mad tw scare is abating— which is good 
news for this industry. . . 


dcr to double fee capacity of proved later. We have to take 
its Orapa mine from 6 mil- a long view ; and by die time 

the extensions to Orapa come 
into production, hopefully 


must make allowances for 
the fact that some of them 
will be doing certain work for 
the first time. I believe that it 
is part of any father's duty to 
help his own family before 
he helps others. We should 
therefore favor our own 
people before foreigners.” 

The new facilities at Orapa 
will be the most modem in 
the world. ■ incorporating a 
CARP (completely auto- 
mated recovery plant) and a 
FISH (folly integrated sort- 
house), which will dramat- 
ically reduce the risk of 
theft. 

Botswana also produces 
copper, nickel, soda ash, salt 


country's coal reserves could 
one day prove to be a boon. 
Botswana currently imports 
much of its electricity from 
South Africa at relatively fa- 
vorable prices since South 
Africa has a surplus of gen- 
erating capacity. 

“Botswana is landlocked, 
and it is too expensive to 
transport our coal to a seaport 
for export,” he says. “But 
when South Africa’s gener- 
ating surplus is absorbed, we 
will have the cheap coal to 
generate electricity ourselves 
and also perhaps to export 
electricity to South Africa 
and our other neighbors.” • 


Small Stock Exchange Is on a Roll 


Botswana's stock market is the fastest- 
growing emerging market after that of Rus- 
sia, says Rupert McCammon, chief exec- 
utive officer of Stockbrokers Botswana. 

“So far, year to date, we have grown 110 
percent," he said in mid-October. “It's 
hardly surprising. We have one of the 
world's fastest-growing economies. Two 
years ago, growth was flatfish, but last year 
it was about 7 percent, and this year it 
should also be about 7 percent, with an 
average of about 5 percent a year for the 
next five yeas or so. it’s almost unavoid- 
able as diamond production is being in- 
creased by about 30 percent over this peri- 
od, and that will boost the entire 
economy.” 

Mr. McCammon concedes that the stock 
exchange is very small. It has only 18 listed 
companies, and total turnover amounted to - 
only 127 million pula ($32 million) during 
the first nine months of this year. Still, it is 
well above last year's total turnover of 108 
million pula. 

The company with the biggest market 
capitalization is De Beers ($11 billion), 
which is of course also listed elsewhere. 
The locally based company with the biggest 


market capitalization is Sechaba Breweries 
($165 million). 

Mr. McCammon is the country's only 
stockbroker. He also runs the stock ex- 
change and manages its trading functions. 
Legal and compliance functions are done by 
the international firm Ernst & Young. 

Mr. McCammon says some of the 
world's biggest brokerage and investment 
houses are holding talks with him on es- 
tablishing a presence In Botswana. Regent 
Fund Managers has set up shop, and its 
Undervalued Assets Africa Fund has bought 
into Botswana equities. 

“They like Botswana for its liberal ex- 
change controls and tax rates of only 15 
percent for manufacturers," says Mr. Mo- 
Cammon, “and they are steering away from 
South African equities as they tend to regard 
these as more folly valued." 

Mr. McCammon has recently explained 
the mysteries of equities and stock ex- 
changes on radio and television programs. 
He is delighted that the government wants 
to introduce legislation to enable Botswana 
to become an international financial center. 
It can only help the stock market and the 
economy as a whole, he believes. 


■ & the East will have got its eco- and coal at facilities that are 


B eef was once Bot- 
swana's main export, 
but wife export earn- 
ings in 1996 of 172 million 
pula ($43.4 million), it now 
lakes a poor fourth place be- 
hind diamonds (4.626 billion 
pula), motor vehicles and 



High-quality beef is one at the 
country's top exports to Brope. 

parts 1 1 . 1 29 billion pula) and 
copper and nickel (347 mil- 
lion pula). 

In recent years, the in- 
dustry lias suffered drought 
cattle lung disease, which ted 
to the destruction of 300.000 
cattle: and mad cow disease 
in Europe, which frightened 
consumers across the world. 
But Martin Mannathoko. ex- 
ecutive chairman of the Bot- 
swana Meat Commission, 
believes that the future looks 
bright. 

"Consumers are getting 
over the mad cow scare, and 

world consumption is 

rising." he says. 

our teef has appeal because it 

is lean, is tasty and has a low 

bacterial count.” 

He attributes the cattle s 
healthiness to fee feet feat the 
henfctn Botswana eat gras* 
unlike cattle m many other 


•■Botswana’* 

[induct'd in hs entirety 

hti:c A.hvrnsins: 

Ovparwcrti 
oflhc Inxrminonu! 

Herald Tribune. 
WRITER: Curt von 

KcyscriittjSk. hoed in 

Munnesharg 

uiutn-fhjriteSJ nm 

Oaht'nmc. 

Program Dratcrofu 

Bid Mulder. 


countries that are raised on 
fecdlots. 

Botswana has abattoirs 
feat comply with European 
Union standards and an ex- 
port quote of about 19,000 
tons a year to the EU. The 
country also has a canning 
plant to add value to fee basic 
beef product 

Beef production is espe- 
cially important to Bot- 
swana’s countryside, since 
by for the greatest proportion 
of cattle is owned by rural 
communities that ranch on 
communal land. The in- 
g dustry provides jobs and in- 
i come feat would be hard to 
“replace in these remote re- 
| gions. 

g Mr. Mannathoko thinks 
that world markets justify an 
increase in production. He 
says the country's abattoirs 
are currently running at only 
50 percent capacity but feat 
production will not grow sig- 
nificantly until ranchers learn 
to plan better and to fence off 
their land. • 


riomic house in order, 
j Tenders for construction at 
Orapa provide for participa- 
tion of Botswana companies, 
but Mr. Nchindo thinks that 
local participation could 
have been greater. 

“Next time we will do 
more to involve locals as sub- 
contractors,” he says. “We 


nut by joint ventures between 
the gover nm e n t and private 
investors. 

Blackie Marole, perma- 
nent secretory at the Depart 
ment of Mines and a director 
of Debswana. says these in- 
dustries are not booming 
since world prices are low. 
But he points out that the 



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TEL: (267) 33-0321 
FAX: (267) 33-0530 



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in Lobatse have been designed and constructed as a complete and integrated complex ofabut- 
toir earthing, tanning ana by-products plant to handle a throughput of 800 cattle and 500 
email stock vet day. The branch abattoir is operated in the north-east of die country m 
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JL comprissionaammaiketmgsubsiduaiesmtheUnttedKmgdonGamatyHotlandand 
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966 



1997 


3 1 YEARS OF EXCELLENCE 


WORLD MARKETS 1966 - 1997 

i CONGO • FflANCE • GABON • GERMANY • GREECE • HONG KONG- 

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UNITED KINGDOM • ZAIRE 
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BOTSWANA 

Based on a strong export 
performance, Botswana has a 
flourishing economy. Macroeconomic 
balance has been maintained, 
resulting in moderate inflation and 
a stable currency. Botswana’s 
accumulated foreign exchange 
reserves at the end of 1996 provide 
about 26 ‘months cover of imports 
of goods and services. 

Consequently, Botswana has one of 
the most attractive environments in 
Africa.This includes:- 


Low company 
income taxes; 


and personal 


No restrictions 
account foreign 
transactions; 


on 


current 

exchange 


• Free remittance of dividends 
and interest provided the 
requirements of the Income Tax 
Act have been met; 

• Generous limits for local 
borrowing in pula by non- 
resident controlled companies. 

Non-resident portfolio Investors are 
welcome to participate In the 
Botswana Stock Market. 

Bank of Botswana 
P/Bag 1 54 Gaborone, 
Telephone: (267) 360 6000 
Fax: 371231 


BTC 

NUMBER 1 IN 
TELECOMMUNICATIONS 

BOTSWANA TELECOMMUNICATIONS 
CORPORATION is one of Africa's leading 
telecommunications providers. Thanks to 
a 100% digital system and high quality 
service via microwave towers and fibre 
optic cables, we are ready to face the 
challenges tomorrow brings. 

Our successful Internet services are just 
the start, and a new joint venture with 
Vodacom to include public participation, 
plans to cover 90% of the national territory 
in just three years. 

We've decentralised on a regional basis, 
and have introduced a Total Quality 
Management (TQM) programme to get 
ready for the newly liberalised market 

Our commitment to service and 
customer care isn't just talk either... our 
continuous rise in profits means we're 
getting the numbers right too. 

But competition doesn't just mean 
profits' BTC will continue to care for 
communities nationwide, thanks to state 
of the art telecommunications facilities, 
that way, at BTC we'll be sure that 
everybody gets the benefits of our success. 



IMtfswm 


Botswana 

Telecommunications Corporation 
P O Box 700, 
Gaborone, Botswana 
Tel: (267) 358 000 
Fax: (267) 3X3 355 
Telex: 2252 TEL HQ BD 
e-mail: megaleng@btc.bw 
web site: www.btc.bw 































































t ' 


t 






BUSINESS/FINANCE 

SATURDAY-SUNDAY, NOVEMBER 15.16, 1997 


PAGE 13 



Production of 747s, which had been temporarily halted, has resumed at Boeing’s plant in Everett, Washington. 

A ‘Stubbed Toe’ Grounds Boeing 

f Production Delays Bring Suits and New Approach to Building Jets 


By Laurence Zuckerman 

New York Times Service 

EVERETT, Washington — Boeing 
Co. is especially proud of its gigantic 
assembly plant here, 30 miles north of 
Seattle. Cranes glide across the ceiling 
in a high-technology ballet, piecing to- 
gether a true emblem of the modem age: 
the jumbo jet 

Last year, 135,000 tourists visited the 
factory, which covers 983 acres (39.3 
hectares) and could comfortably house 
ail of Disneyland 

But in September, observant visitors 
glimpsed a surprising spectacle: the ar- 
rival of several taxis dispatched by Boe- 



I airplanes out die door. 

Such not-in-time manufacturing was 
just one sign that Boeing's ambitious 
plan to more than double its monthly 
output, to 43 planes from IS, had spun 
out of control. In early October, over- 
whelmed by thousands of production 
foul-ups, Boeing temporarily halted 
production of the 747 as well as die 
smaller 737. 

Then, a few weeks later, it reported a 
$1.6 billion third-quarter charge and its 
first operating loss in 28 years. The 
problems will cost another $1 billion 
next year, the company said. 

Those huge sums stunned investors, 
who had been assured by Boeing for 
months that its production problems 
were under control. 

Analysts who thought Boeing would 
earn $2.09 a share for the year sharply 
lowered their forecasts, to just 52 cents a 
share. Boeing shares tumbled nearly 8 
percent the day the loss was announced, 
and have since slipped even more. Boe- 
ing’s shares climbed 50 cents Friday to 
* close at $47.8125. 

The company has been deluged with 
shareholder suits asserting that top ex- 
ecutives deliberately soft-pedaled the 
problems to prop up Boeing s share price 
before its $16.3 billion acquisition of 
McDonnell Douglas Corp. in August 

How did Boeing — regularly listed as 
one of the world’s most admired compa- 
nies and essentially a government-sanc- 
tioned monopoly to make commercial 
jets — mess up so badly? 

The answer appears to be a com- 
bination of hubris, bad luck and poor 

management 

In addition to absorbing McDonnell 
. Douglas, Boeing bought Rockwell In- 
f lemational Corp.’s aerospace and mil- 
jury business for $3.2 billion last year, 
acquisitions that require a lot of man- 
agement attention. At the same nme, 
Boeing rang up record orders by of- 
fering airlines sharp discounts just as it 
was overhauling its 
and supplying parts. For despJteitesfaU 
at turning out one of the mosr complex 
machines ever invented, 
changed its basic approach to budthng 
airplanes since it was 
thousands of B- 17 and B-29 bombers 
during World War II. 


Falling Behind Boeing s commercial jet business 


700 aircraft 


600 


ORDERS 

DELIVERIES 


500 


100 


1 1 1 1 1 1 
1 1 1 1 M 



1985 1987 1989 1991 

Sources: Boeing; Bloomberg Financial Markets 


1993 


1995 1997 


NTT 


“This was sort of the four-and-a-half 
somersault off a 50-foot board into a 
pail of water,” said James Womack, an 
author and champion of “lean man- 
ufacturing,” who has walked as a con- 
sultant to Boeing. 

. Boeing executives say they had little 
choice but to increase-production when 
orders started rolling in last year and 
insisted that the company would ul- 
timately emerge stronger dun ever. 

“Our entire enterprise is perforating 
at levels that they have never performed 
at before,” said Ronald Woodard, bead 
of Boeing’s co mmer cial airplane busi- 
ness. “I don't consider it a failure, I 
consider it a toe-stubbing." 

But some' Boeing customers, who 
have been told they may get their planes 
as much as two months late, disagree. 

“Maybe they think they stubbed their 
toe; maybe others think they broke their 
leg,” said John Plueger, executive vice 
president and co-chief operating officer 
of International Lease Finance Coqx, 
which leases planes to airlines. “When 
you commit the company to do major 
things, you should know whether you can 
do ton.” Mr. Plueger said executives at 
his company had expressed concern 
about the situation to Boeing last year. 

The most striking thing about Boe- 
ing's current troubles is that things were 
supposed to be different this time. The 
company has been buffeted by the mer- 
curial cycles of the airline business for 
30 years. When times were good, air- 
lines ordered hundreds of planes and 
Boeing hired thousands of workers; 
when times were bad, orders collapsed 
and Boeing cut back. 

In the late 1980s, Frank Shrontz, then 
Boeing's chairman, realized that the 
company's planes cost too much and 
took too long to build. He dispatched 
executives to Japan to learn about mod- 
ern manufacturing techniques, and Boe- 
ing began to adopt a just-in-time in- 
ventory system and to shrink its supplier 
base. It allocated hundreds ofmiUions of 
dollars to replace outdated computers. 

The overhaul took an a new urgency 


in die early 1990s, when die world’s 
airlines collectively lost $15 billion — 
more than they had earned since die 
beginning of commercial flight. Boe- 
ing’s orders dried up, and it laid off 
more than 30,000 workers. 

But changes at Boeing took longer 
than it had hoped, while the industry 
recovered faster than it expected. By 
early 1996, orders picked up, soon be- 
coming a torrent as Boeing slashed 
prices to secure 20-year supply agree- 
ments with big airlines like AMR 
Cotp.’s American, Delta Air Lines Inc. 
and Continental Airlines Inc. 

Boeing executives were confident 
that they could make such deals without 
risk because they expected to be able to 
cut costs by 40 percent by die time the 
new planes had lo be delivered, at the 
end of the decade. Moreover, at Boeing 
— where the culture is a cross between 
military regimentation and “Right 
Stuff* ’-style test-pilot swagger — mam- 
laining a 60 percent madeersnare against 
its lone rival, the European consortium 
Airbus Industrie, is paramount. 

“When the market wants to buy, you 
better figure out bow to get your product 
in their hands,” Mr. Woodard said, be- 
cause once a client chooses a company, 
it tends to stick with it. Studies showed, 
he said, that during the late 1980s, 40 
percent of Airbus sales came because 
Boeing could not deliver on time. 

One reason Boeing is not faster is that 
its engineers spend anywhere from 
50,000 to 380,000 hours — at a cost of 
$7.5 million to $57 million — spe- 
cifying which of as many as 6 million 
parts will go into each plane. Clients can 
order virtually any feature they want, 
from prayer rugs to custom lavatories. 

A master parts list is then compiled. 
The system, called tabbing, dates to 
World War Q, when Boeing turned out 
hundreds of identical planes a month. 

The system works fine when all 
planes are the same; when each is dif- 
ferent, it is a nightmare. Boeing, for 

See BOEING, Page 18 


CURRENCY & INTEREST RATES 


Nov. 14 Ubid-Ubor Rates 


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Tokyo Stocks Fall to Lowest Point 
In 2 Years as Yen Drops Further 

Analysts Scoff at Tokyo’s Modest Stimulus Effort to End the Slide 


By Eriklpsen 

International Herald Tribune 


NEW YORK — Concern that the 
financial turmoil in Asia is heaping 
fresh strains on an already shaky Jap- 
anese economy helped to drive the 
Tokyo stock market to a two-year low 
Friday, further eroding the reserves of 
several Japanese financial institutions 
and pushing the yen down for the sixth 
consecutive day. 

“You don’t need a PIlD. in economics 
to see the links between Japan and the 
Asian turmoil,” said Neal MacKinnon, 
chief economist fca Citibank in London. 
“Fully 45 percent of Jroanese exports go 
to Ask, and its banks have considerable 
loan e x pos ur es there.” 

Efforts by Tokyo to arrest the slide — 
plans for a modest fiscal stimulus dis- 
closed Friday — only fueled the crisis. 
Analysts said the new proposals added 
to the impression of a government 
powerless to turn the situation around. 

“This is another nonpolicy,” said 
Carl Weinberg, chief economist at High 
Frequency Economics in New York. 
“They are just putting more sawdust in 
the crankcase. 

On Friday, the Nikkei stock index 


slipped below 15.000 before bouncing 
back a bit to dose at 1 5 ,082 for a loss of 
2,23 percent for the day. In a country 
where stock is commonly used as col- 
lateral on loans and where drops in the 
stock price can force banks to call in 
those loans, the Nikkei's fall poses the 
threat of rising corporate bankruptcies. 

Falling share prices also strike at the 
bean of die financial system by turning 
what for years had been sizable cush- 
ions of unrealized stock gains into li- 
abilities for some banks and insurance 
companies, turning their market value 
down to less than their book value of 
years ago. 

Against that background, the London- 
based credit-rating concern IBCA an- 
nounced it had cut the ratings of three big 
Japanese banks — Fuji Bank, Industrial 
Bank of Japan and Sakura Bank. 

The agency noted that in the past 
eight years, Japanese banks have lost 
$700 million as a result of soured loans 
and steep declines in the values of their 
stock holdings. It said it would only be 
prudent for the Japanese authorities “to 
start planning for the worst.” 

Specifically, the agency said that in 
the event of a cataclysmic drop in Jap- 
anese stock prices, the government 


should stand prepared to nationalize the 
banks, as the governments of Norway 
and Sweden did earlier in the decade. 

"With the recent fall in the Nikkei, it 
is time for the authorities to Stan plan- 
ning for the worst,’ ’ IBCA analysts said 
in a report. 

At its present level, the Nikkei stands 
61 percent below where it peaked on 
Dec. 30, 1989. It also is now fewer than 
570 points above the low point of 14,5 17 
that it touched June 30, 1995. 

Concerns of major fissures opening 
in the Japanese financial system were 
highlighted by a' one-day fall of more 
chan 18 percent in the shares of Ya- 
maichi Securities Co., Japan’s fourth- 
largest brokerage house. 

Since the beginning of the month, 
rumors of severe problems at Yamaichi 
have cut its market value by more than 
half. Adding insultto injury. Standard & 
Poor's Corp. said it was downgrading 
the firm's credit rating to just one notch 
above “junk” status. 

SAP also said it was reviewing its 
ratings on other Japanese brokerages. 

The decision followed last week's 
bankruptcy filing by Sanyo Securities, a 
second-tier brokerage. 


ECONOMIC SCENE 


At Big Japanese Banks , Big Troubles 


By Peter Pas sell 

New York Tunes Service 


anks, securities brokers and 


insurance companies, once 
sail 


TD 

too eager to cash in on boom- 
ing real-estate and stock mar- 
kets, are awash in had debts. While the 
economy remains in many ways sound 
— file savings rate is high, unemploy- 
ment is low, the work ethic is strong — 
creditworthy businesses cannot bor- 
row, and a recession is imminent But 
political leaders, buffeted by contra- 
dictory advice and compromised by 
financial ties to special interests, lack 
the will to act decisively. 

Yes, the description fits Thailand, 
Indonesia or Malaysia. But the country 
in question is Japan, the ailing lion 
among a pack of faltering tiger cubs, 
and the consequences of Japan’s loom- 
ing financial crisis are far more likely 
to have an enduring impact on world 
markets than the travails of smaller 
Asian economies. 

“Comparisons with 1930 are not out 
of line,” said John Makin, a -senior 
fellow at the American Enterprise In- 
stitute’s Asian Studies Program. 

While the world no longer views 
Japan as unstoppable, its current dif- 
ficulties have generally been inter- 
preted as no more than a rite of passage 
on the route to economic maturity. 

But the Japanese financial industry 
is in deep trouble. Banks and insurers 
took a huge hit when the 1980s bubble 
in property burst and with the sub- 
sequent fall of stocks, which had 
served as collateral for many loans. 


Hardly anyone outside the government 
disputes that most banks, including 
some of the giants, are insolvent 

Much the same tiling happened in 
Texas after oil prices fell in the early 
1980s, and in New England in the late 
1980s after real estate soured. In be- 
tween those times, many savings- and- 
loan associations went under. But 
through it all, the American economy 
hardly faltered. 

Why, then, have financial problems 


Japan, as the ailing lion 
among a pack of faltering 
tiger cubs, has a larger 
international impact. 

choked off growth in Japan for much of 
the decade? For one thing, the Japanese 
banks' net liabilities are probably a 
larger portion of the economy. 

“This thing has been building for 
years,” said Steven Radelet, an econ- 
omist at Harvard's Institute for Inter- 
national Development. 

The United States is also concerned 
about the matter. Treasury Secretary 
Robert Rubin recently sent a letter to 
the Japanese finance minister asking 
tha’t Japan’s financial system be sta- 
bilized as quickly as possible. 

The Japanese government has been 
in deep denial. In America, regulators 
closed or merged lending institutions 
fairly quickly once they recognized the 
magnitude of the problem. And when 
the deposit insurance system ran out of 


money, Washington howled and 
hunted for scapegoats — and then 
quickly coughed up the cash. 

In Japan, by contrast, the govem- 
’ ment has not been willing to bail out 
large depositors or lenders. 

“It’s very difficult to get direct sub- 
sidies for anyone but fanners,” said 
Gary Saxonhouse, an economist at the 
University of Michigan. 

But oddly, the government has been 
forthcoming with the indirect subsidies 
that have allowed the problem to fester. 
Regulators require pension funds to 
bold half of their assets in bank de- 
posits or government bonds, and 
households have few alternatives to 
keeping their savings in banks. Mr. 
Saxonhouse points out that roughly 60 
percent of liquid household assets are 
m banks in Japan, compared with about 
25 percent in America. 

This permits the banks to pay token 
interest — and thus to stay open. But 
every spare yen is stashed in short-term 
government paper, making it almost 
impossible for any but blue-chip cor- 
porations to borrow. “The banks are 
zombies,” Mr. Makin argues — 
lenders in name only. 

For better or worse, this impasse is 
likely to be broken next spring with 
Tokyo’s version of the Big Bang — a 
sweeping deregulation of the financial 
sector that opens the door to domestic 
and foreign competition. The interest 
rate that banks will need to pay to keep 
deposits is bound to rise sharply, prob- 
ably forcing the government to ac- 
knowledge that the banking sector is 
flat broke. 


Korean Central Bank Workers Strike 


Caxptird by Onr Sotf Fnm Dapurtn 

. SEOUL — Employees of the Bank of 
Korea and two supervisory bodies took 
to die streets Friday to protest the im- 
pending passage of financial reform 
bills that would cripple the central 
bank’s operations. 

Scores of employees of the central 
bank were detained by police as they 
tried to storm Parliament in a last-ditch 
effort to prevent the passage of bills 
ostensibly aimed at fixing the country’s 
troubled financial system, witnesses 
said. 

They were whisked away in police 
buses and taken into custody ar nearby 
police stations. 

“We are determined to fight to death 
to destroy the evil bills.” a bank official 
said. He said the bills would take away 
the bank's independence and result in 


the Economy and Finance Ministry ac- 
quiring more power. 

About 2.000 employees of the central 
bank and the two financial supervisory 
bodies, one for security houses and one 
for insurance, later staged a boisterous 
sit-in at the bank’s ground-floor lobby, 
chanting slogans and waving banners. 
They threatened to resign en masse if 
the bills were passed. _ 

The powerful Economy and Finance 
Ministry has urged Parliament to en- 
dorse the long-delayed package to allay 
rising concerns here and abroad over the 
country's current financial turmoil. 

The ministry said it would announce 
a separate package of measures to re- 
dress South Korea's troubled financial 
system, especially its ailing investment 
banks, in the middle of next week. The 
new package is expected to include the 


injection of emergency funds into the 
financial system and the provision of 
incentives to encourage mergers and 
acquisitions between money-losing in- 
vestment banks. 

“I suspect that the ministry is ex- 
' ploiting the foreign exchange crunch to 
shift its responsibility for mismanaging 
the economy and strengthen its grip on 
the financial sector,” said Lee Phil 
Sang, a prominent economist at Korea 
University. 

Meanwhile, South Korean officials 
denied a report that the U.S. deputy 
Treasury secretary, Larry Summers, and 
Korean officials planned to meet in 
Tokyo this weekend to discuss South 
Korea's financial crisis. A South 
Korean Finance Ministry spokesman 
said there was “no plan” for a meeting 
of this kind. (AFP. Reuters) 


Top Women Executives: Harvard Gets on Case 


By Constance L. Hays 

New York Tima Service 

CAMBRIDGE, Massachusetts — 
Harvard Business School will produce 
more case studies that feature women 
in senior management, tacitly ac- 
knowledging that its vaunted case 
studies do not reflect the reality of the 
late- 1990s workplace. 

The change marls the first time that 
case studies, the backbone of Har- 
vard’s program for a master’s degree 
in business administration and of other 
programs around the world, have un- 
dergone a refocusing with regard to 
women. 

The change was prompted and fin- 
anced by some of America's leading 
businesswomen, who say their goal is 
to influence business curriculum at its 
core, not just at the margins by sup- 
plying guest lecturers or visiting pro- 
fessors. 

The goal will be to show women in 
top management jobs, rather than as 
employees trying to balance work and 


family obligations, and with manage- 
ment styles not readily identifiable 
along sexual lines. 

There are wider implications as 
well, as Harvard sells about 6 million 
copies of its case studies to business 
schools around the world, said F. War- 
ren McFarlan, a professor of business 
administration and spokesman for the 
business school. 

‘ ’We can leverage ir right out across 
global education,” he -said. 

Myra Hart, an assistant professor of 
entrepreneurial management who was 
a founding officer of the Staples of- 
fice-supply chain, said she did nor 
know now many of the thousands of 
Harvard case studies now featured 
women as central management Fig- 
ures. 

But of the 29 included in the courses 
that she teaches, she said, five had 
women in those critical roles. 

The overhaul comes as women’s 
enrollment in MBA programs is flat or 
declining and is intended lo help make 
the school where fewer than 30 per- 


cent of the students are female, more 
woman-friendly, as one female ex- 
ecutive pur it. 

A group of women executives 
known as the Committee of 200, trying 
for an active educational role beyond 
the networking it has fostered for 15 
years, has offered to help identify po- 
tential cases from its contacts in the 
business world. 

The program is to be known as the 
Maijone Alfus/Committee of 200 
Fund at Harvard Business School. Its 
namesake, a former Kmart executive 
who also ran her own knitwear im- 
porting company, came up with the 
idea a mi donated the money to set it in 
motion. 

The first of these case studies will be 
included in courses in the next six 
months. 

“It helps men in the room get used 
to the notion of seeing women pro- 
tagonists,” Mr. McFarlan said, "and it 
basically helps change the context in 
terms of how people think about who 
leads." 



PAGE 14 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAT, NOVEMBER 15-16, 1997 


THE AMERICAS 


Yen Rises 
i jjXTry, I Asset Saks 

» AfWi ta lia O IrWlrillPilir i I I III HllBi llBBBBMBMI Bloomberg News 

1 rn J\k i IX NEW YORK —The dollar 

JT ^Vv. | /i was little changed against the 

1.75 w'T V 'SJV * 120 . m/wvi/ i yen Friday after retreating 

^ $ from a six-month high on 


Weak Economic Data Help Out Wall Street 


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tatemadunol Herald Tribune 


Very brief ys . 

• McClatchv Newspapers Inc agreed to buy Cowles Media 
Co. for $1.4 billion, including assuming $90 million of debt, 
creating the eighth-largest US. newspaper company, with 
annual sales of more than $1 billion, the companies said. 

• Del Monte Foods Co. agreed to buy the Con tadina brand of 
canned tomato products and some related operations from 
Nestle SA’s US. unit for an undisclosed amount 

• Berkshire Hathaway Inc/s third-quarter net earnings rose 
39 percent, to $366.6 miliioa, because of strong earnings at its 
Geico Corp. insurance unit, a dividend payment from US 
Airways Group Inc. and die inclusion of earnings from 
FlightSafety International Inc. 

• Petroleo Brasileiro SA's net income in the first nine months 
of the year rose 128 percent, to 1.11 billion reals ($1.01 
billion), mainly from a securities exchange of 1.10 billion 
reals by its petrochemical and fer tilizer units. 

• International Business Machines Corp. said it planned to 
lay off several hundred employees at its North America 
division, the company said. 

• Tele-Communications Inc.'s third-quarter loss narrowed 

to $22 million, compared with $ 1 38 milli on in the year-earlier 
period, amid a wave of cost reductions and renewed focus on 
Its U.S. Cable business. Reuters. Bloomberg 


U.S. Prices Flat as Retail Sales Fall 

Bloomberg News 

WASHINGTON — U.S. retail sales unexpectedly stumbled 
for the second consecutive month in October — just ahead of the 
critical Christmas season — and inflati on again remained flat 
Retail sales declined 0.2 percent to a seasonally adjusted 
$213.69 billion last month after a revised 0.1 percent decline 
in September, while prices paid to U.S. factories, fanners and 
other producers rose 0.1 percent in October, less than the 0 3 
percent increase in September. 


Bloomberg News 

NEW YORK— The dollar 
was little changed against the 
yen Friday after retreating 
from a six-month high on 
speculation that Japan's gov- 
ernment would soon unveil 
an extensive reform package 
to shore up the country's au- 
ing financial institutions. 

Traders sold dollars on 
concern that the Japanese 
government might sell large, 
holdings of U.S. bonds to 
raise funds needed for such a 
plan. That would be bad for 
the dollar, as bond-sellers 
would convert their dollar 
proceeds into yen. 

4 ‘Talk that Japan would try 
to -help big banks that have 

FOREIGN EXCHANGE 

been in trouble set off repat- 
riation jitters," said Keith 
Woodfin, analyst at Foreign 
Exchange Analytics. “That 
led to rumors the Japanese 
were selling Treasuries." In 4 
P.M. trading, the dollar was at 
123335 yen, down from 
125.675 yen Thursday, but it 
rose to 1 .7284 Deutsche marks 
from 1.7258 DM as traders 
scaled back expectations of a 
rise in German interest rates. 

The Bundesbank's presi- 
dent, Hans Tietmeyer, said on 
German television that Euro- 
pean interest rates would be 
“oriented to the lowest 
rates" in preparation for 
Europe’s planned economic 
and monetary union. 

“The suggestion that Ger- 
man rates are not going to go 
up as much as anticipated is 
bullish for the dollar,” said 
Bob Lynch, a currency 
strategist at Paribas Corp. “If 
the Bundesbank raises rates 
too much, it risks derailing 
the recovery trying to take 
hold in Europe." 

In recent weeks, the mark 
strengthened on expectations 
that German rates would rise 
to bring diem more in line 
with rates in other prospect- 
ive euro members. 

Against other currencies, 
the dollar rose to 5.7860 
French francs from 5.7785 
francs but fell to 1.4025 Swiss 
francs from 1.4087 francs. 
The pound fell to $1.6927 
from $1.6980. 


GMf*M tp Our SufFmot Dbpamin 

NEW YORK — U.S. stocks rose 
along with bonds after a government 
retail sales report provided new ev- 
idence that the economy was not grow- 
ing enough to drive up interest rates. 

The Dow Jones industrial average 
rose 84.72 points to close at 7372.48, 
led by International Business Ma- 
chines, after erasing a 50-point gain, 
falling 20 points and then bouncing 
back. 

“The slightly weaker number is 
what’s got the bond market feeling 
better, and that should help stocks get 
a lift," said George Jamison, head of 
Nasdaq trading at Wheat First 
Butcher Singer, referring to the retail 

sales dura. 

The swings in the markets left some 
investors leery about holding large 
stock positions over the weekend, es- 


n uncial Advisors in Minneapolis. “It 
is a Friday, right before a weekend. 
More can go wrong on a weekend 
than can go wrong overnight” 

The Standard & Poor’s 500 Index 
rose 11.69 points to 928.35. and the 
Nasdaq composite index rose 25.95 
points to 1,583.69. 

Advancing stocks led declining is- 
sues by about 2 to 1 on the New York 
Stock Exchange. 

EliLilly rose 354 to 66% as investors 
bought shares before a Food and Drug 
Adminis tration meeting next week at 

~ U^. STOCKS 


which the company expects approval 
of a new osteoporosis drug. Pfizer 
climbed 1 14 to 7016, while Merck rose 
1% to 89 3/16. 

IBM gained 2 to 101 M after analysts 
said the company was on track to meet 
fourth-quarter earnings estimates. 

General Motors fell 1 1/16 to 61 3/ 
16 amid growing concern that ooce- 
fast growing markets such as Brazil 
and Asia would not provide the boost 
to profits once expected. GM and 
Ford both said this week that they 


pedally given the recent volatility in 
Asian markets and the prospect for a 
confrontation with Iraq, traders said. 

“We have uncertainty not only 
with reference to the emerging mar- 
kets, but also with the politics in 
Iraq," said Don Fredell. senior man- 
aging trader at American Express Fi- 


would cut production in Brazil in ex- 
pectation of lower sales. 

The reports on retail sales and pro- 
ducer prices sent the yield on the 
benchmark ' 30-year Treasury bond 
down a basis point to 6.09 percent, as 
theprice rose 3/32 to 100 14/32. 

Tne benign news on inflation come 
a day after stocks turned higher in 
heavy trading, which market observ- 
ers took as a sign that the general trend 
of stock prices is higher. The Dow 
industrials on Thursday had erased a 
51-point loss to rise 86.44 points. 

“It's just going to underscore a 
really bullish se nnanen t in this mar- 
ket,” said Paul Rich, a trader at BT 
Brokerage in New York. 

Other analysts were not so sure. The 
stock market's inability to rally farther 
from the 7.2 percent slide Oct. 27 
indicates that conviction may be lack- 
ing among some investors, said 
George Jennison, head of Nasdaq trad- 
ingat Wheat First Butcher Singer. 

The Dow industrials is still trading 
far below 7,715.41, the' closing price 
on OcL 24, the day before stocks took 
their tumble. 

“This market is sick,” be said. “I 


don’t feel good about the market as a 
whole,” . 

Amid tensions over the political 
situation in Iraq, oil stocks rose along 
with crude oil futures prices. t 

Chevron's and British Petroleum s 
American depositary receipts 
gained. 

Computer-related shares rose after 
being beaten down in recent days on 
concern that their Asian sales would 
suffer. 

Tele-Communications rose 15/16 
to 24 after the world's largest operator 
of cable-television systems said its 
third-quarter loss narrowed amid a 
wave of cost reductions and renewed 
focus on its U.S. cable business. Op- 
erating cash flow, die primary gauge 
of profitability for cable companies 
by securities analysts, rose 21 per- 
cent 

Green Tree Financial slumped 7% 
to 32% after the financial-services 
company revised its fourth-quarter 
earnings expectations after the market 
closed Thursday, saying it would in- 
cur a pretax charge of $125 million to 
$50 millio n to cover higher loan-re- 
lated costs. {Bloomberg, AP) 


Westinghouse Agrees to Sell Unit to Siemens 


Bloomberg News 

PITTSBURGH — Westinghouse 
Electric Corp. agreed Friday to sell its 
nonnuclear power unit to Siemens AG 
for $1.5 billion and posted better- than- 
expected results in die media business 
that has become its focus. 

The company said it wanted to sell die 
re maining industrial businesses such as 
nuclear power services by the middle of 
next year. It had planned to spin them off 
but changed its min d because of strong 
interest from potential buyers. 

Westinghouse Chairman Michael 
Jordan wants to focus on radio broad- 
casting, the CBS television network and 
cable channels because of their potential 


growth. Cash flow at the media busi- 
nesses rose 19 percent on strong radio 
advertising sales and a turnaround at the 
TV stations. 

“It was a blow-out -quarter,” said 
Niraj Gupta, an analyst at Schroder & 
Co. in New York. “In terms of the 
growth story, there really are no holes.” 

Westinghouse, based in Pittsburgh, 
plans to change its name to CBS Corp. 
and move to New York to cement die 
change. 

Founded in 1886 -as a maker of lo- 
comotive air brakes, Westinghouse 
began changing into a media company 
with the $5.4 billion purchase of CBS 
two years ago.- It later bought radio op- 


erator Infinity Broadcasting for $4.9 'bil- 
lion and expanded into cable. 

The loss from media operations nar- 
rowed to $19 million, or 3 cents a share, 
.from $26 million, or 6 cents, a year 
earlier. Revenue rose 41 percent to $138 
billion from $9 10 tnillinn. 

Cash flow, meanwhile, surged 19 per- 
cent to $2 1 0 million. Cash flow, or earn- 
ings before interest, taxes, depreciation 
and amortization, is a key measure of a 
media company's performance. 

. The improved cash flow follows 
Jordan's decision to give control of the 
TV stations to radio chief Mel 
Kar mazin, who cut costs and boosted 
sales. 


Gold Pl umm ets Amid Sagging Demand in Asia 


Bloomberg News 

LONDON — Gold prices slumped to a 
12%-year low Friday as concern mounted 
about central bank sales of the precious 
metal when Asian demand is sa gg in g . 

Central banks have been moving away 
from seeing gold reserves as a pillar of the 
world monetary system and nave begun 
treating it like any other commodity. 

Confirmation this week from the 
Bundesbank that it has been lending some 
of Germany’s 3,700 metric tons of gold 
reserves followed recent announcements 
by Switzerland that it may sell almost a 


third of its reserves. 

In July, the Reserve Bankof Australia 
said it lad sold more dan two- thuds of 
its gold reserves. 

Lending by the Bundesbank and other 
central h anks may be a prelude to further 
sales, said Urs Fret, a gold trader at 
Credit Agricole Indosuez in Geneva. 

In New York, gold finished down 
$4.50 at $304.30 an ounce after having 
fallen as low as $300, its lowest price 
since March 1985. 

In much of Asia, declining currencies 
have made doUar-priced gold more ex- 


pensive for customers at a time of year 
when consumption is traditionally high. 

At current prices, gold is becoming 
increasingly uneconomic to mine. South 
African gold, among the most expensive 
in die world to produce, cost an average 
of $3 1 8 an ounce in the second quarter to 
mine, according to Gold Fields Mineral 
Services Ltd. Dennis Woolley, a gold- 
mining analyst at the South African se- 
curities house Huysamer StaLs Inc., said 
that if prices were to stay at these levels, 
half or South Africa's gold producers 
might fold. 


Investors Lift 
Mutual Funds 

New York Times Service 

NEW YORK — In a 
demonstration of resili- 
ence following October's 
stock market turmoil, 
mutual fund investors 
have frmneled new 
money this month into 
mutual funds that invest 
in the largest American 
stocks, analysts say. 

Since OcL 24, in- 
vestors have made with- 
drawals from funds that 
invest in foreign markets 
and from some types of 
small-stock funds. But 
trackers of cash-flow data 
say that by the end of Oc- 
tober. investors had added 
to their investments in 
broad U.S. equity funds, 
including index funds. 

Tbe Investment Com- 
pany Institute reported 
that investors added ah 
estimated $21 billion to 
funds last month, up 
from $133 billion in Oc- 
tober 1996. That brings 
the total this year to $198 
billion, exceeding the 
$192 billion that stock 
funds received in the first 
10 months of 1996. 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Friday's 4 P.RL Close — 

The 300 most traded stocks of the (toy, Mn 

up to the dosing on Wall Street. gjjffi 

The Associated PrBSS. rah** 


HU HU Ui Ml On 


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12k ■> 


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m -n 

£'• - 
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dm n» ir> rt 

13’-. If. Bto -to 

DM 21*1 D*. -IM 

a-* jim zm -if. 

1| . 4 

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mu i#:I «■» 1 

II*. Irt IJ>. -H 

I ' /'I IM rt 

1 6* (• 

Hi t> -a 

IB. IB*. IB* -M 

14 to If. li-v. 

ID* . IF. Iff-. .U 

1I-. I/to l/to . 

lo'i hi io •. • « 


Dow Jones 

Cpaa MU Lit* LM e»t. 

hriM 7331.16 7590.16 746731 TST2JM +B4J2 
Turn 307453 3118.17 3D6&4V 3IM49 +304 

S* 

Standard & Poors 

PmVw Tot** 

Mg6 lam Out 4 PM- 
IlMustlMs I0H.13 1051411072.171087.15 
Tramp. (SIM (Mm ASSJ1 66043 

unties 20050 20086 207.65 2000 

Rnonce- 107J5 1«.70 I07J7 1005 

SP 500 917.79 90061 91666 928J5 

SP100 878.17 86013 876j60 8B&4I 


COBipaffH 487.17 «L21 48606 +337 

Mumab 611.15 60IJ5 60MD +4J9 

Tmpft. 447JK 447.18 444.43 .178 

1"CB» 30429 381.41 30336 +3J1 

Rnonce 45421 44969 45184 +4.15 


Most Actives 
NYSE 


91 BSD 64 M 
77980 Wto 
76753 3461 
42237 TCto 
61471 70V. 
54518 98M 
54868 MKH* 
47581 107 Ito 
47223 36Vk 

S& K 

43668 23*4 
42385 im 


848to am 

i» m 

62V> 67to 
97ft 
30k 37M 
19 19to 
66M «9*to 
95 

VOW IBrt 
99M10m 
3S*k 36*1 
23%k 23 

IWSl.lWk 
21V# 23*1 
31ft 39ft 


Nasdaq 


Nasdaq 


IW lam IM Pif. 

158435 1542.75 15*077 +MQ 
125644 1241.34 125644 +1930 
1*9612 1«73B I8HJ5 +140 
17514? 1734JT 174030 -748 

223147 271940 *27744 +«37 

1062.11 18043 U6949 +1667 


181374J2M 
K0272 3Pto 
158493 4 1 to 
153*08 Vll 
133277 9k 

1081 3M 

6177 4 18*1. 
»MS 133ft 
57638 70k 
55B95 44ft 


41ft 41Vk 
Ito Va 
<k to 
76ft 78k 

29ft. »n 

® "ij 

Si J7W 

41ft 42 


67241 66638 <7242 +U6 


Dow Jones Bond 


20 Bonds 
10 mules 

10 Industrials 


10444 +03M 

102.09 +0JJ9 

106J9 -001 


VM. Mg. Law 

5*871 93Mi 91 to 

SIS fc* ^ 

aiS li* ITVto 

21497 1ft Ito 

TJUl 3311 31ft 

14510 *. k ... 

11274 20ft l?k 20ft -ft 

1M49 41M 39ft 4l*to +ltk 

8645 Ik ■ 


Traffing Activity 


Mftnced 
Dsanod 
Uncftmaea 
Tom >5^0* 

JJff* 

NnrLSft 


Nasdaq 


Market Sales 


1883 1959 
1711 2538 
1879 1546 
5473 5743 

107 iS 


<0477 767*68 

3626 MM 

634.15 772*65 


Dividends 

comtiaiiir 


IRREGULAR 

PWs&WVdRR - .14 12-5 12-29 

STOCK SPLIT 

Baldoi- E led 4 lor Ism. 

Horace Mam Edvc 2 for 1 spit. 

Nartneoil Bncp3 tar2ipni. 

OroonooenB*b 5 fw4 spflt 

STOCK 

CdmmntffRnHdg . 5% in 12-15 

Pioneer aw A . 7% 12-1 12-18 

REVERSE STOCK SPLIT 
NpdGraup.l07246atiansarCai(rlelndw- 
trtH Inc tor aadi share held. 

Saratooo Brands 1 far 3 rcrerae ipfit. 

INCREASED 

Atmos Enenjy 0 ^65 11-25 12-10 

atyHMaCa Q .19 lfl IMS 

Horen Mam Edu q ,16 11-28 12-15 

Realty Incmm M .16 12-1 12-13 

IKITIAL 

BoktorEledn _ .1012-29 1*12 

Pinna Gran _ .1411-18 1-2 

SevmsMEnvtNfl . -035 11-21 12-1 


Par Amt Rec Pay Coaipmry Par Amt Rec Pay 

ULAR WtDamefle Indian - .1611-24 12-12 


SPECIAL 

Hori*ys*1Boftat1 . J>3 12-19 12-31 


llisi 


PflcAmerlncoSha 
P«nnP«d PadSws 
PIHlWVflRR 
PowarCaCdag 
SalpptEW. 
SwncorEnrwo 
TemptahmGfcGvt 
TriaBnahn 
virgmio Bead! Fa 
XtraCnp 

B-oonadi bmftMdi 
BhmrApRry-Hyit 
■HnuntyiiHjiiam 


Stock Tables Explained 

Saim flBim are unoBdaL Yleariy MqIb md laws reflKtlM prevtou 53 wreks ptw the ament 
weeM»rindlli«lol«snro(8ii9iloy,vyiiewa5pBor5lodnl9fitBndcmi «inlh n|{o25peK»Ttoriiip re 
tai ben pakL ttw yeon Wo Wow range and (MdereJ Be shown far newstodsanly. Unta 

aOimiise nofed, lawor dMdmdi aieomual dteunemontt band an the Ued dedoraflan. 
a - cHvMvid cHo extra <*). b - annual /at* of UMdond plus slack ahOtand. e- liquidating 
HMdHKt. a • PS txcMds 994k -eaM. d - dm yeariy law. dd - tatsln Itw last 12 months. 
■ - dtvtaand dsdand or paid bi preceding 12 monttu. f - annual rote. Increased an lost 
ttadoratlon. g - dMdmd In Cnadlai funds. wb|ad ta 15% non-mldenre fas. I - dtvttfand 
dedaredoftorsfiM-up restock dMdend-1- dividend paid fliis ¥007. amlttedi deferred, or no 
aefien taken at lotasf dMdend meeting, k - dMdmd declared or paid this year, an 
eccwmrlaflw ttsw wm dividends in aman. n - annuaf mtta reduced an tost dedaratfat 
n- nan issue in the peat 52 weeks. The Neti-km ranga begins with ttie start of bating. 
M- nest day dalwry.p- In Rial dh fkkmLanmiol rata unknown. P/E- price -80 rnlngs ratio, 
q -dOMdHMd mutual fund, r - **Jend deefared or paid bi preceding 12 months, plus stock 
tfridend. $ - stock spB. DMderid begins wflh date af srtl*. sta - sates, t - dMdcnd pabl In 
stack In precndlng 12 months, estimated cash value on ex-c&ridend ar«-dsMiutton date, 
u^ - newyoarty Mgh. v-tradlnB hatted, vt-ln bcmkniptcyorrecefversWp or being iraganized 
undertiwBanluvptcrAcLresacurflfesassumedWowdicamMnlBs.wd-iMtwndbtributad 

wi- when isMitfww- with Mffmmts. x - es-dliridend ar es-rights. ids - es-dlBtributton. 

xw - urittKWt warrants, y- ex -dividend and sales in fulL yU - yieldi x - sales in hil. 


Now. 14, 1997 

Htah lorn unari Chge Opint 

Grains 

CORNtCBOT) 

UnOburnMnum- cento per busbal 
□« 97 274ft 271k 272 -Ik 147/127 
Mar 98 2B4ft 281 281ft -Ift 120629 

Mayff) 290k 287 im. -1ft 31717 

M«B 294ft 790*4 29TM -1ft 4S05Z 

Sapn 285 2*3 383k -Ik 42» 

Doc 98 2115k 38314 281 -lk 29.510 
Jut 99 2941* -2k 257 

Eot note 70000 Thin sales 61 J02 
Tlwi open bit 3B& 777, up 96.196 


IDO lorn- Dolan par ton 
Dec 97 237.00 130M 23150 -170 373188 

Jon96 23030 22400 226-20 -3.40 Z7.275 

MarW 22750 23100 222L50 -170 24720 

May 98 22450 21950 22050 -130 17,127 

JU9B 275.00 22000 22070 080 12.123 

Aug 98 23180 22000 22010 -190 2454 

EsL ntos NLA. Thn sale* 25,949 
7l#n open w 127437 . off uoo 

SOYBEAN 01 LfCflOT) 

MUKKIlba- cento per ta 

Dec 97 26B7 2644 2657 -0.13 46701 

Jan 98 36.98 2640 2676 -0.06 36560 

Mar 98 27.10 2640 3682 -0.05 23.142 


Uto 93 +l*to 
2to Jto -W 
to V# -Vk 

uto u +ft 

Ito I -to -to 
31ft 33ft +l*to 


May 98 
Joire 

27X0 

2655 

26X4 

-4L08 

11X31 

km 

2655 

26J7 

undL 

9,984 

Aug 98 

2650 

2620 

2640 

undL 

1X94 

EsL softs 2£000 Ttan softs 301754 


rare open M 177534 op 4677 



SOYBEANS (CBOT) 




5X00 bu nMaoea- cards 

perbu4wl 


Noe 97 

73* 

735V, 

727ft 

■7 

£992 

Join 

737 

722ft 

72* 

-BU 

69X74 

MorW 

7*0 

725 

726k 

■9ft 

26189 

May TO 

Ad re 

742k 

729 

730k 

-8k 

21147 

744 

730ft 

731k 

-9k 

303M 


8 .15 11-30 12-15 
JDS 12-1 1-2 

O 435 13-1 12-15 
(3 .245 2-1 2-2B 

a at n-21 IMA 
Q 33 12-19 12-31 
0 M 12-5 12-19 
Q .17 12-1 12-10 
0 J2B75 12-11 1-1 

0 j665 11-14 12-1Q 

8 395 12-11 12-15 
Jini-14 11-28 
Q .U 12-5 12-29 
Q 5012-10 12-31 
Q .13 11-26 12-10 
Q .17 12-15 12-24 
M M 11-H 12-12 
0 .16 12-10 12-31 
0 MS 11-14 11-28 
Q 30 11-28 IMS 

la amort par 
lnCM«rta nj t« rt r 
p i-xeadaoBiJaty- 


Ed. aria 4&0W Ttan sales 44.941 
TimopanM 181,19ft up no 

WHEAT (CBOTl 

5000 traasiifenim- orals per binM 

Dec 97 343ft 339ft 340 -1ft 37.848 

Mar 98 3S0ft 355 355b -U6 34950 

MarW 367 363 36416 -I 6*97 

Jain 379 367k 369 -1*6 16717 

Eit sales 30.000 ran sales 29 

ran open fed 9M7S off 1,381 


Uvestock 

CATTLE (CMEIO 
40000 tos^CMM per IL 
Dec 97 67.23 6640 *720 +0J7 

FrtVB 6095 40.70 6087 WKH. 

Apr 98 7147 72.10 7135 +0.10 

Jon « 70J7 7027 7052 +017 

Airere 70-57 7030 nU7 +017 

Oa 98 73.40 73.10 77-22 +023 

Est.satoi 10177 Tien total 14458 
Tliin open bl 1 UUK lip 835 

FEEDER CATTLE (CMEID 
5O0W tas.- canto per lb. 

MO* 97 7735 7695 77.12 -037 

Jan 98 0040 7945 KJ.W +050 

Mar 98 BOSS 7945 8020 +030 

AiJrW 8035 79J5 8027 +053 

Map 98 BOBO 8030 8080 +0.57 

Aug 98 8240 B3JD0 8232 +022 

Est sales 106 * Ttnn sdes 2,156 
Tlan open b# 16467, up 4« 


6245 62J0 6241 AM. TUB 

BOSS 62.10 6217 -062 1X541 

5940 5840 S&62 -067 5215 

66.15 6575 6500 -020 1532 

6690 44J0 6453 -012 L295 


t soles 9J*4 
, off 144 


E BELLIES (CM ER) 

I in- cents par lb. 

I 6110 3945 3063 -152 All 

) 61.16 5845 5077 -ELS7 IJM 

8 61.15 99.10 59 JS .142 46 

des 1267 Thus soles 1,156 
open lot 7,965 off 10 


Food 

eOCOAtNCSB 

10 icaMc lens- s per Me 

Doe 97 1609 159S 1599 -11 1113 

Mortt 1667 1625 1633 -19 4&7H 

*60998 1674 1656 1660 -18 17.W2 

JUIOB 1695 1675 1683 -18 4.122 

S#p 98 1710 1702 1702 -18 5469 

Dac9t 1728 1731 1721 -IS 9flO 

Est. IMS 7402 Thin sates 4873 

TtWb open W 97,178, up W 

coFpncaicuo 

37JOO ta-- cento per ta 

D*C 97 16740 161-00 16340 -140 SJ77 

Mor« 15SJS 149.50 15145 A35 9,9ffl 

May 90 15075 14340 14640 -A2S 3,176 

M98 14550 14000 141^3 -0.75 1117 

Sep 9* 14000 137.00 137,35 -LOO LI 04 

EtL Sotos 1U52 Thu# satu 9,234 

Tbin tatan U 22809. off 70 

5UCARW0RU) 11 WCSB 

112000 Os., cants par ft 

Mar 98 1239 1232 1233 -001 1214MB 

Mav» 1231 1238 1139 + 0.01 31478 

J8l +0 1206 1201 1X01 4L02 21448 

octre 11.90 nos 114s 4.04 22739 

6 *L softs 14,287 ran softs 1 X 642 
Thin opeoW 203475 up 1J95 


Hftb Law Latest atge OpM 

ORANGE JUICE 04CTHJ 
15000 Bsr cents per ft. 

Jon «8 8U0 8200 8X15 -040 2X872 

Mar 98 8530 85.00 85JJ0 -OJO 11^32 

May98 8840 88.10 88.10 -030 XWI 

JolM 92JW 91.10 91.10 -030 1482 

Ed.catas NA.Thm jalai 7^57 
Thin open M4247ftlip471 


450 2 

450 101485 
440 6 

-440 39.353 
4*0 7471 

-4,70 1L502 
■480 4458 

480 1497 

490 11735 


100 bay ae.- Oaten per boy a. 
Now 97 30170 

Dec 97 30940 30000 304J0 
Jm98 30A80 

Feb 98 31080 30130 305-90 

Apr 98 30940 30X50 307-50 

Jan 98 311.00 30640 30940 

AllflVB 31240 3I0JD 31130 

Oct 98 31X90 

Dec 98 31740 31X00 314.10 
EK. solas N A. Tlnn sales 31,170 
ThW epan W 71ft31ft off 508 

HI GRADE COPPER (NCMX) 
2 X 000 Aft- canto per ta 

Nov 97 88.90 8830 8X90 . 

Dec 97 8940 8X00 89.00 • 

Jon 98 89 JS 8830 8945 ■ 

Fab98 89 JO BUO 69 JO 

MorW 8930 8835 8945 ■ 

Apr 98 8945 8930 8940 • 

Mayra 90.10 89.00 89.75 

Join 8930 99 JO 89.70 ■ 

Juire 8930 89 JO 89.70 ■ 

Esi site HA Thin sain &251 
Then open M 65,771, up 5J0 


SILVER (NCMX) 

5400 tray at- cento per Ore ol 
N ov 97 50730 SUMO 5073a -540 3 

Dec 97 32100 499 XHJ 50800 5J0 49393 

Jan 98 511.00 510.10 518.10 -540 27 

Mar 9fl 576 00 50540 51X90 -540 30,119 

K M 516.00 5D0J0 51600 -540 3J91 

i 52600 51100 51830 -540 17W 

Sep » 52040 ,540 626 

Ok W 52700 51700 52X30 -540 1870 

Est sales N A Thus iotas 3L530 
Thin Open M 96.767. up X109 

PLATINUM OiMER) 

50 boy ol- daSare per bay «■ 

Jdn« 3*5.00 379 JO 38*00 -230 10515 

Apr 98 38200 37800 381.00 -170 1J9S 

Jut 98 38200 37X00 37800 -230 86 

EsL total NA Ttars softs 993 
Hun open bit 12,19ft op 227 

Close Pievtaus 

LONDON METALS (LME) 

Delian par raeftlc Ion 

Ptantbmm (Hlgk Grade) 

spat 16«UW 16413)0 161600 1*17.00 

Forward 166600 166700 164100 16*400 

Copper Cathodes M Grad*) 

Soaf TOMB (93700 193900 194000 

rtnwanl 195800 195900 196100 1963ft 

Ltad 

Spat 571 ft 572ft 57200 57400 

Rowan! 58600 586ft 58600 58800 

NkU 

Spat 620000 620500 613000 613500 

Forward 628500 629000 621500 622000 

Til 

Spat 562000 363000 5555 JB 556500 

Sirwart 560000 5605.00 554000 555000 

Ztac (Spared Htab Grade) 

Spot 115M 1156ft 1166ft 1167ft 

Reword 1181.00 118200 1191ft 119200 

HfBh Low Ook thpe open 


Financial 

US T BILLS (CMEIO 
SI manoikMsaMKKt. 

Dec 97 ft97 H« 94W -Ml 4,922 

Morn 9508 9505 9505 imcSl 5262 

Jun« 94.99 94.99 ¥4.99 001 552 

Sep 98 96.99 +006 22 

Est softs 780 ThM Idtal M87 
ran span bit 10769. up 74 

SYR TREASURY (CBOT) 

S 10 OOM prin- m ft 66 BH of TOO pet 

Dec 97 IM-M10M7 108-10 +01 225142 

EsL 101 0* 5X 3 82 ThlW softs 51 2 36 

ThUb OPH H 24142a Off 625 

H) YR TREASURY KtOD 
S18O000 arin- Bli A 32ndl 011 00 pd 
DK97 11101111-16 IIt-19 +OJ32a«7. 
Mar 9B 111-71 11109 111-10 +02 39397 

Jun» 111-13 111-07 11107 +02 109 

Efl. sales 84683 Thin taka 86,168 
rare upon W 41 0044, off 296 

US TREASURY BONDS (CBOD 
«pd-tlO(UiO(Msi31«boMOOpcO 
Dee 97 TIMS 118-18 118-16 +04 592,74* 

Mar98 111-24 1184* 1 18-08 +06 121390 

Jon* 11B-13 117-29 117-29 + 06 1X694 

Sip « 117-19 +06 ZV7 

Est soles 510000 Ttlire rales 489,9c 
rare open tai 73U71 off L019 

LONCaLTOJPPB) 

E60000 ■ pit l ITiHli ui 100 RCt 
Dec 97 118-06 117-06 117-26 +0-57 155426 

Mar 9* US-15 117-28 118-13 +M7 34757 

Jon 98 N.T. N.T 118-07 +M7 0 

Est- softs: *002*. Pr+r. «#*»-- 12K3S* 
Pnv.apMtaL! 19X183 up 3481 


High Low Latest Chge CUM 

18-YEAR FRENCH SOV. BONDS (MATIF) 
FF504000 -ptsot lOOpct 
Doc 97 V9J0 98.96 99J0 + 0J0 100357 
Mar 98 9844 9848 9848 + 0J0 1443 
EsI. sate 95.208. 

Open ki; 1(0002 OR 9J94 

GERMAN GOV. BUND (UPFE) 

DM250000 - Dll Ol 100 pd 
Doc 9/ 102.95 102-60 1B2JU +038 25X345 
Mar ¥8 10X03 10X00 WX20 +008 16329 
Est. sales: 14UB9. Prav.saks: 177JD1 
Pnv- open Hj 269474 up 292 

ITALIAN GOVERNMENT BOND (LIITE) 

(TL 200 mrtaa - pli aMOO pd 
DOC 9? 11X30 111.75 112J77 +04*11X668 
Morn 11 7 JO 11X13 11X51 +043 A116 

EsL sate: 6X006. Praksaftc 6X021. 
Piw.apsnkiL- 1)9,784 up 14 

UBOR 1-MONTH (CMER) 

S3 mBlan- pfs a< 100 pd. 

Nov 97 M32 9*J1 9431 -0JD1 26,966 

Dec 97 9408 9405 9406 -001 1X461 

Jan 98 9429 9427 9427 unch. 4507 

EsL softs X400 ran sain 1X102 
Ttan open H 5X801, off 431 8 

EURODOLLARS (CMER) - 
Si adlen-ata of 100 peL 
Nov 97 9414 9413 9413 -<L01 22413 

Dec 97 9416 9413 94T4 -0.01 52X145- 

Mar98 9419 9416 9417 +0J31 4*2315 

Am 98 9416 9411 9412 +02)1 33X073 

Sap 98 9410 94216 9406 +02)1 264974 

□acre 9401 9X96 9X96 +02)1 21X5*5 

Mar 99 9401 919* 9396 +02)1 I6J.978 

Jon 99 919* 9192 9192 +001 13X160 

Sep 97 9X92 9188 9188 +0X1 110380 

Dec 99 9X8* 9183 9X82 +0JJ1 87.35) 

Mar 00 9187 9181 9X83 +0X1 69,362 

JwiOO 9185 9381 9381 +0X1 5X778 

ESL sftas *61490 Tiara sales 55X960 
rare opra tnl 2X4X994 off 5486 

BRITISH POUND (CMER) 

6X300 powaK S per pound 

Dec 97 1.6972 1J87B 14900-02)052 3X259 

Mar 98 14890 14800 1482&-02U54 658 

Jim 98 14748-0X054 74 

EsL sales X861 Thin ides X309 

ran open kit 58.991. off 437 

CANADIAN DOLLAR (CMER) 

100000 dDdacc. S per Cdn. dr 
Dec 97 .7115 2084 -70B7 00024 64624 

Morn .7138 J119 .7119 -02X04 4755 

Jun93 7162 .71*5 71*5-0X024 815 

Est. softs A32S ran softs 432* 

Tim open bd 7X71 7, off 897 

GERMAN MARK (CMER) 

12X000 maria. S per mark 

Dec 97 JB14 JTJD J7V7 4X008 714SB 

Marre JB3Q J80B 4836-00008 32183 

Junffi -5851 JB3S J8S1 -0800* 2662 

Est softs lt*S3 Thin softs 19887 

ThW open M77J1 4 off 1,2*2 

JAPANESE YEN (CMER) 

1 2J mOon yex S par 100 yen 

Doc 97 JlblS 7897 28)01+02)036131936 

Mar9« 8127 8018 8118+0X039 2472 

Jim 91 8232+0X040 325. 

EsL eatas 26401 Tien softs 2X260 

rare opra bit 13X734 Off 2432 

sum FRANC (CMER) 

125X00 tames. S par bone 

Dec 97 7178 .7127 .7153-02X108 5X473 

Mar 98 .7232 7200 .TZIS-ejHW Z4Z1 

Jon 98 7284-4MH06 268 

EsL softs 11474 Thu# softs 11*91 

rare opra tat 5X468. off 752 

MEXICAN PESO (CMER) 

500X00 poiax 8 par pna 

Doc 97 .11870 -11700 .UM3+XD426 17.934 

Marre .11370 .11300 .11357+JKM75 1X085 

JunM .10960 .10920 .10950+80*96 1751 

Est softs 43B6 Thu's softs 4314 

rare Op* 18134337. off 682 

J-MONTH STERLING (UPFE) 
-tsoaom-ptoarioDpd 
D*C 97 9135 9131 9254 +0X2 1*«71 

Mar 98 9127 9122 9125 +0.03 12X085 

JunM 9126 9122 9236 +02)4 10X303 

SftpK 9135 9130 9124 +0X5 79.935 

Itae TO 9149 014* 9147 +005 7U4I 

Mv99 9245 9241 9244 +0X5 56766 

Jun 99 9282 9177 9280 +08* 5X403 

E&. softs: 59J8L PlM.NlftK 109830 
Pie*, open bd* 7*7^81 up 1X38 

J-MONTH EUROMARKQJFK) 

DM1 adBton - pis of lOOpd 
No. 97 96A 9X24 9X25 +0X2 4031 

Dec 97. 9X20 9X16 9X18 +0X3 305460 

Jan 98 96.1B 9X16 9X11 +8X6 X528 

Mar TO 962)6 95.96 9X0J +0.10 30X545 - 

Jun.98 9583 . 95.72 9583 +X13 27X608 
Sep 98 9545 PS-57 9545 +X13 209X66 • 

DKW 9547 9540 9846 +0.13 189490 

Mar 99 9581 9585 9581 +X13 19X033 

JlHl 99 9116 95.10 95.15 +0.12 98409 

Sep 99 9102 9X95 95X0 +0.11 8X45* 

Est softs: 36X571 Pm softs.- 30X939 
Pnv.apenbd: 182X512 up 11990 

1-MONTH PIBOR (MAT1F) 

PF5mBBon- pilot 100 pet - 
Dec 97 9685 9X2) 9X23 <-0X2 51747 
MorW 96X1 «« 9X01 + X10 55X50 

JunPS 9X79 9X74 9539 +0.11 2IJ7* 

Sap re 9563 9157 9542 + Oil 1«X68 

Dec 98 9546 9542 9546 + 0.10 21347 

Est- iotas 71X79, 

Ops# 1BU247.269 UR 4X30 


High Low Lotasl Chge OpM 

3-MONTH EUROURA (UPFE) 

ITLl mlBcwi-ptouf lOOpet 
D«c 97 9382 9169 9181 +016 10X586 

Mor98 9459 94*5 9451 +020111,909 

Jun9B 952)7 9494 95X6 +X18 115JD6 

Sep 98 95.18 9511 9578 +XI5 6X102 

Doc 98 9517 9511 95.16 +XI2 5X660 

Mar 99 95X9 952R 95X8 +CUI 3I40B 

EsL softs: 111.170 Pie*, softs: 71484 
Prw. opra M.: 51X166 up 6XW . 


Industrials 

COTTON 2 (NCTH) 

yVBTff bs*- CEfiltparBt, 

Dec 97 7185 7070 7089 +0.16 32,040 

Marre 7240 7200 7101 -012 24962 

MOV TO 7335 7110 7110 -0X3 11X33 

J<* TO 7425 7190 7193 -0.03 1L940 

OdW 73.18 7515 7518 +XI0 9M 

Est. sate NJL ran softs 11060 
Dun rara M 91X17. 0H1465 

HEATING OIL (NMER) 

*2000 aoL cents nr#* 

0K9T 60X5 SB4i] 59 J* +0.92 47,941 

Jon re 6060 59.15 60.11 +0215 31899 

Fob 98 6030 593S 60.01 +0JS 15.201 

Morn 3925 SBJ5 59X1 +®.fiO 9.E31 

ter 9« 57.70 57 2» 5731 +0JS 5967 

NftyH 5640 5540 55X1 +045 4X31 

JunM 5560 5505 5521 +040 1226 

EsL softs NA. Ttan sate 29 Jl 3 
rare Open M1K52X up US9 

UGHT SWEET CRUDE (NMER) 

1X00 Ota- donors per bbL 
Dec 97 21.15 20 JO 21X0 +030 57488 

Jan 98 7130 20X6 21.1* +030 89.715 

Feb 98 21X3 20X7 21.12 +027 *0058 

MorW 21.11 20X0 71X1 +024 72.331 

Apr 99 2X93 20J4 20X7 +022 17.079 

Mayra 20-75 20J5 2X73 +X19 19.700 

EsL softs NA Ttan sate HXL538 
rare open H 407.124 up 2.239 

NATURAL GAS (NMER) 

10X00 nan Min. Spcrna Mu 
Dae 97 1290 1990 3030 -0.221 459*0 

Jrare 1300 1020 2X50 -0319 41245 

FebW 2.995 2X10 2X20 -0.140 24860 

Mar 98 2470 1510 2520 -0.110 1X234 

Apr TO 1365 2.780 2290 -0X30 11X48 

May 90 IMS 1190 2210 -0X20 X780 

EsL solas NA Thn rate 71.7*6 
Ttnn open hi 2*0421 up 2451 

UNLEADED GASOLINE (NMER) 


DnJ97 61X5 5940 60.99 +14* 27.106 

Jan 98 61X0 5945 6046 +IXZ 21909 

FebW 61X0 &.90 60.74 *X.90 11-663 

MorW 61X0 «L55 61X7 +X78 44 99 

terra 6150 6190 6143 +0.68 4*68 

(Xoffa 6110 +0-65 5573 

Junra 62-70 6240 *140 +a*o 4810 

Julre 6140 +055 1418 

Est. sate N A Tiers sate 28468 
Ttan open M 92451 up low 

GASOIL OPE) 

U A dodan per metric tan - kds of 100 tora 
Dee 97 18475 112X0 18US + 150 32090 

Jon 98 18425 182X0 18175 + 7-50 14161 

FebW 183X0 181X0 182.50 +2X0 10668 

MorW 1*0-25 179X0 179-25 + 1JD 4*76 

Aanre 177X5 177X0 176J0 + 1-50 X+42 

Moy« 17450 17450 174X0 + 1J0 1.833 

Jimra 174X0 173X0 17100 +150 7596 

Est softs: 14000. Prn. softs : 14489 
PlW. open H- 865*7 off 9 

BRENT OIL UPE) 

UX. ootos per uaml - lob ol lxoo bomb 
Jon TO 20.15 19X5 20X2 +124 73496 

FUN W.97 19X4 1950 +0.10 3&H7 

MorW 19X0 1956 19.74 *0X7 22c4 

ter9S 1941 1945 10-58 *0X5 £*34 

May 98 1945 193) 1943 + 004 £406 

JWIW 19X2 1917 19X9 ,0.0* 9472 

EsL rafts: 3& 100. Pra*. tain : S£059 
Pm. open Mj 14588 off UX96 

~ stock Indexes 

SP COMP INDEX (CMER) 

25) x Index 

Ok 97 935X0 915.10 934X0 +1480 381031 
ttoW 9*450 92950 944X0 +1110 19.727 
JUIIN '9S250 942JD 95U0 +13X0 4*3* 
Ett. rafts N A Tlnft softs 15L703 
Ttan open H40£47& up £928 

gw ire ojprej 

QSpcrMfrtpotol m 

OQZ97 47A10 4-30J) A*m 

MorW *8465 *808X 48040 +375 7586 

Est softs: 12X81 Fm.fotos: 9457 
Pmr.oponhL 72518 off 168 

CAC 60 (MATIF) 

S*w P< 27MX arax 27WX-7XO mu,- 
■ Dee 97 2767X 2704-5 27065 —7X0 sntli 

MorW 2779J 276SX 2730X*-7X0 lft£s 

Sep 98 Z7645 27505 2717.0 - 750 SSE 
EsL softs; Z1 205. 

Optnbiti 94399 off 336 


Commodity Indexes 

JfteCVb 152440 151910 a 

HtaltoS 15193) SKS A 

us ®s * 

rurtwwnuuwnpfi 







t * 




EUROPE 


, 6 Wise Men’ See Euro on Ti 

But Panel Criticizes Nations 9 Steps to Meet Criteria 


Reuters 

BONN — Germany's Council of 
Economic Advisers said Friday it 
had reservations about European na- 
tions' readiness to meet the require- 
ments for monetary union, but that 


delay would be tantamount to fail- 
ure, resulting in enormous disrup- 
tions to financial markets, it said. 

Controlled delay, as proposed by 
some political leaders, would be 

fh „ ci no!,* mrrwnAi “**“ P os *‘bfe only with such a high de- 

on was ^ to of economic policy coordina- 

^N^riv SiibSSI? tion that it would effectively be the 

. Nea f.V, .L... ll f 0 P ean Union coun- same as monetary union, it said. 


4 


\ 


tries will fulfill the monetary criteria 
of price stability, similar interest 
rate levels and stable currencies but 
several will have difficulty meeting 
the fiscal targets on debt and def- 
icits. said the panel, also known as 
the Five Wise Men, in an annua] 
report that was presented to Chan- 
cellor Helmut Kohl. 

The third phase of monetary un- 
ion — introduction of the single 
currency — is likely to start in Janu- 
ary* 1999, the panel said, mg inly 
because political leaders have not 
prepared any alternatives. Any 


Italian Farmers 
Meet Milk Quotas 
- Without Cows 

Bhwmherg News 

BRUSSELS — Two and a 
half thousand Italian farmers 
claimed to have produced milk 
last year, even though they had 
no cows, so that other farmers 
would not be fined for exceed- 
ing production quotas set by the 
European Union, according to a 
government committee. 

The committee's report, 
commissioned to investigate 
the causes of widespread abuse 
of the milk-quota system, found 
that between April 1996 and 
March 1997. 2,518 fanners 
without cows said they bad pro- 
duced 205,000 tons of milk. 

“These false producers with 
no cows represent 3 percent of 
the total,” said a European 
Commission paper on the in- 
vestigation. “This phenome- 
non is designed to cover up for 
those farmers who exceed their 
quotas." 

Italy has repeatedly faced 
fines over the past few years for 
exceeding its HU milk quota, 
leading to angry protests from 
farmers facing steep fines. 


Of the 15 members of the Euro- 
pean Union, Greece will not come 
close enough to meeting the targets, 
while Britain, Denmark and Sweden 
have made it understood that they 
will not participate in the single cur- 
rency at the start, it said. 

Still, the means that other coun- 
tries are using to meet or approach 
the targets have negative implica- 
tions for the functioning, sustain- 
ability and credibility of union, it 
said. 

“It is not fitting that individual, 
countries will use bookkeeping 


measures to meet the ref- 
erence values, or even one- 
off measures that relieve 
burdens in 1997 only to 
add burdens in the future, “ 
tire report said. 

Belgium's debt remains 
at the relatively high level 
of 1992, but has been fall- 
ing slightly since 1994. 
Germany’s deficit will be 
about 3.1 percent of gross 
domestic product, slightly 
above the 3 percent target, 
and it will overstep the debt goal 
slightly in 1997 because of the debts 
it incurred at unification. 

Decisions by Belgium and Ger- 
many to postpone certain govern- 
ment payments are sustainable, it 
said Spain has brought forward tax 
payments by state enterprises. 

The 37.5 billion francs ($6.49 bil- 
lion) in revenues taken by the 


PUP 
W&.. 

fPil 



frtU Rrtn/rtc Ajmnctued Pit* 

Chancellor Helmut Kohl, holding the 
economic advisers 1 report on Friday. 


French government for assuming 
the pension obligations of France 
Telecom are also suspect In Italy 
the debt ratio is moving in the wrong 
direction, and its euro- tax is another 
one-time measure that will not con- 
tribute to the stability of the euro. 

“The credibility of the giant proj- 
ect of a new ana stable European 
currency is thus damaged" it said. 


Trouble in Rome Under the Golden Arches 

Longtime McDonald’s Franchisee Accuses the Company of Under cutting His Business 


Bloomberg News 

MILAN — The man who intro- 
duced McDonald's Corp. to Rome is 
suing die hamburger chain. 

Jacques Bah bout, a franchisee for 
1 1 years, contends that McDonald's 
has inflicted billions erf lire in dam- 
ages on his business by opening 
restaurants within steps of his own 
five locations and undercutting his 
prices. 

McDonald's has been the focus of 
similar suits in the United States, 
and a franchise in Fans was revoked 
under different circumstances in 
1982, but this appears to be the first 
case of this kind in Europe. 

The company plans to spend $1 
billion a year for three years to open 
2,000 more restaurants in Europe, 
50 percent more than it has now. 

“McDonald's feels the need to 
foster the perception that it is a 
growth company," said Damon 
Brundage, an analyst at NatWest 
Securities Corp. “Clearly this over- 
crowding has been an issue in the 
U.S. And though it hasn’t yet been 
much of an issue internationally, I 
expect that to change." 

In a 200-page lawsuit filed in a 
Rome federal court Mr. Bah bout 
said the world's biggest burger 
drain's actions were pan of a de- 
liberate attempt to undercut the 


value of his Rome restaurants. 

“Frankly, it has become much 
more of an issue than money right 
now,” said Mr. Bahbout, who is 
president of Foodltalia, the McDon- 
ald’s franchise. “They've acted 
with sinister intent to hurt the value 
of my restaurants so they could buy 
them from me cheaper." 

McDonald's Development Italy 
Inc., the chain's representative here, 
responded in a written statement 
that Mr. Bahbout had not fulfilled 
his Contractual obligation to open 
five restaurants in five years. 

The company did not address Mr. 


Bahbout's charge that McDonald's 
had cost him 7 billion lire ($4 mil- 
lion) in lost sales so far in 1997 and 
that the market value of his busi- 
nesses had dropped by about 30 
billion lire. The suit is scheduled to 
be heard Dec. 18. 

Mr. Bahbout said his troubles 
began in March 1996, when Mc- 
Donald’s acquired 80 Burgby fast- 
food outlets from Foodservice Sys- 
tem Italia and began to convert them 
into McDonald's ontlets. One new 
restaurant was 50 meters (55 yards) 
from a Bah bout-owned eatery. An- 
other is 90 meters away. 


Britain Settles Suit Over De Lorean 


Bloomberg News 

LONDON — The government 
said Friday it had reached an out-of- 
court settlement in a 12-year legal 
battle with the accounting firm Ar- 
thur Andersen over the failure of die 
carmaker De Lorean. 

Northern Ireland’s economics 
minister, Adam Ingram, said in a 
written answer in Parliament that all 
claims between the company and 
the government had been settled. 

Mr. Ingram said details of the 
settlement would not be disclosed 


because of continuing legal action in 
the United States, action in which the 
British government is not involved. 

Artbar Andersen was the auditor 
to the De Lorean company in 1977, 
when the British government 
backed it to set np a car plant in 
Belfast. The company collapsed 
four years later after the government 
had spent£77 milli on ($130 million) 
on the project. In the suit, the gov- 
ernment said the auditor should have 
alerted it earlier to problems at the 
company. 


Volkswagen 
Enters Race 
To Buy Rolls 

C-iofaMJn Our StLffFmmDbpeK+n 

FRANKFURT — Volkswagen 
AG officially joined the hunt Friday 
for the luxury carmaker Rolls- 
Royce Motor Cars Ltd., confirming 
that it was interested in buying one 
of fee great icons of British style. 

Rolls-Royce's parent company, 
Vickers PLC, which has put the car- 
maker up for sale in an auction pro- 
cess, dismissed a report in fee Ger- 
man newspaper Handelsblatt on 
Friday that said VW had already 
beaten its Germany rival Bayeriscbe 
Motoren Wezke AG in the race. 

The entry of VW into fee auction is 
likely to increase Rolls-Royce’s price 
tag, which analysts had estimated at 
£300 million to £400 million ($509 
million to $679 million). 

VW, which also makes SEAT, 
Skoda and Audi brand cars, wants to 
upgrade its image by entering the 
high-end luxury car market. It has 
already made inroads in fee luxury 
segment: Its Audis compete wife 
lower-end BMW and Mercedes- 
Benz cars. 

BMW, which two years ago 
reached a deal to supply engines for 
future Rolls-Royce and Bentley 
models, had previously been the 
only carmaker to publicly express 
interest in buying Rolls-Royce and 
was said to have been close to lock- 
ing up fee deal. 

Industry sources said BMW was 
likely to counter VWs bid by vow- 
ing to cancel fee deal to build en- 
gines for Rolls-Royce if VW won 
fee auction. 

“We stated this week quite clearly 
that BMW would not deliver engines 
if another carmaker bought Rolls, and 
it would not male a sense to deliver 
engines to Volkswagen,” said a 
BMW spokesman, Uwe Mahla. 

Officials at VW said Volks- 
wagen’s new V-12 engine would be 
viable for the Rolls models. 

Analysts said feat an auction of 
Rolls would last about four months 
and that more suitors could emerge- 
in coming weeks despite a series of 
denials of interest 

Besides VW, which is estimated 
to have 16 billion Deutsche mar ks 
($9.29 billion) of cash reserves, po- 
tential bidders mentioned include 
Ford Motor Co. of fee United States, 
Daimler-Benz AG of Germany, Fiat 
SpA of Italy and Toyota Motor 
Coip. of Japan. 

(Reuters. Bloomberg ) 


Investor’s Europe 



J JA SON 
1997 


; facteot ; w ' 

Friday 

Close 

85U& 

Piw. % 

dose Change 

646,34 +0.6 0 

:s ■■ ' :?r “ 

Mtt: 

2,304.42 - +0^2 

:Frarttfurk, v ;: pA 

3^3094 

3,704729 

+0.72 

P6pe«h*gen 

613.1$- . 

6ia4S 

+044 

Jdfefiqsj ^..ifecGiefWai . 

3^33JJ8 

3,330.80 

+0.07 


. 66&3S 

876.21 

-1-16 

'JBsqn*to|r • • ,;Fl3£iO O'. / 

V41JI0 

4,711.00 

+0.65 


S54.15 

548.93 

+0,95 


.1 4B5Z 

14785 


;■ ,C?AC;40 ; ; ; 

2JB9SM 

2,700.66 

•0.17 


3#3iA? 

3^067^7 

-1 .IB 


1,251.43 

1^32^2 

+158 

miPFirr 

3,439^4 

3,431'io 

+0.24 

Source: Tefekurs 

laic nun. <ul HcnUTribunr 

Very briefly; 


• ASLK-CGER and Generate Bank, both Belgian banks, 
declined to say they were in negotiations about a merger, but 
they made clear and public overtures, wife Generale r s chief 
executive, Fred Ch affair, speaking of encouraging fee Dutch 
owners of ASLK-CGER to talk to Generate Bank about 
cooperation. 

• Axel Springer Verlag AG’s management board chairman. 
Juergen Richter, will resign because of “personal dispar- 
agements” against him when his contract runs out at fee end of 
the year. 

• The European Commission, worried about business re- 
locations within fee 15-nation European Union, will announce 
a full review of special tax regimes next week. The move is a 
blow for Ireland, which applies a reduced 10 percent cor- 
poration tax oh manufacturing industries, but will also hurt fee 
Netherlands and Belgium, which have special tax regimes 
for multinational companies. 

• Luxembourg’s prime minis ter, Jean -Claude Juncker, said 
he agreed with France’s call for concrete action at an EU 
summit meeting on employment next week but said this would 
not take the form of EU-wide targets in fighting unem- 
ployment. 

• Credit Lyonnais SA’s revised bailout is to be discussed 
Monday by the French finance minister, Dominique Strauss- 
Kahn, and the EU competition commissioner, fee European 
Commission said. 

• Usinor SA, Fiance’s largest steelmaker, said third-quarter 
sales fell 3 percent because of fee sale of its 27.5 percent stake 
in fee steel tube maker Vallourec SA. Sales fell to 15 .5 billion 
francs ($2.7 billion). 

• France’s employment rose by 0.2 percentage point in the 
third quarter from fee second, but unemployment remained at 
a near-record average of 12 .5 percent for the quarter. 

Reuters. Bloomberg 


WORLD STOCK MARKETS 


Friday, Now. 14 

Prices In toed currencies 
Tefekurs 

Hi#) Lw Ctose Pre*. 


ABN-AMRD 
Aegon 
AhoM 
Atan Nobel 
Boon Co. 

Boh Wen CTO 
CSMmo 
DonSsdwPrt 
D&M 
Ehnicr 
ForttsAntv 
Gctranta 
C- Brae no 
HaqaiKYB 
HctnrtCT 
„ HoMowmcva 
i Hunt Douglas 
“ INC- Group 
KLM 
KNPBT 

KPN 

Nodflayd Cp 
Nuktcta 
OccGftnfa) 
PhtopsEfa: 


3BJ0 37-40 
164 150 JO 
49® 48.70 
33130 339 JO 
131-50 is 
30® 29.80 
8880 8570 
101 JO 99.10 

175.70 174 

30.90 30® 
7&40 7£70 
ALSO M 

51 49.90 
8040 78.70 

324.70 31 9 JO 

17.90 85 
8020 
01.30 
7080 

45 
7080 
54J0 
56 

20020 


8030 

68.40 

44.40 
77 

S!.» 

54 

193 


RnmfctadHdg 

Robeto 

RodWiKD 

fiotmeo 

Rorcnto 

Rural Dutch 

Unilever eva 

VcmJmlnfl 

VNU 

wohmKicM 


13590 119 JO 
107 10520 
75 72 

177.70 1 74.60 
57.10 5440 
167.10 ! 66.10 
11550 117.30 
102J0 13050 
110 10090 
102 99 JO 
48 4450 
740 237 


Bangkok 

iOvltfoSVC 
Bonnot Bk F 
Kama Thai Bk 
PIT fcjflfa „ 

, Sam Ccmml F 
5am Com Bk F 
Tctcwiowo 
Torn Amnp 
Thai Form BkF 
mo Comm 


206 

146 

18 

380 

424 

82® 


Bombay 

BOW AutO 
hbmjum Lem 
ttindust Petal 
urn Dev Bk 
IK 

MohcHWB'Tei 

5MrRkUUM 
Steel AlrtDOCltV 
Into End Lora 


Brussels 


4imai*i 

Hmcotna 

GUI 

•.bn 

»ntniyt 

Doflm.f Iron 

EbtfraM 
f Irchnhnp 
t-win AC- 
r»«owt 
'.-61 

On Bourne 

• li-riwtMnk 

i'< norma 
i-'eacrlm 
PofaW Briar 
s*s Gro Brig 

'i.ilvov 

irarfebri 
III fi 


1610 

AHO 

9350 

1150 

18500 

17H0 

U33D 

3JS0 

6900 

14)0 

5340 

(4850 

UI75 

15730 

WOO 

3210 

mo 

3085 

1 1 WOO 


Copenhagen 


Batik 

ail-.itiiqB 

odjn hots 

Janivm 

-Vii t'anvli- Bk 
,1 S MnVlM-l 0 
3'. I VI. 1 B 
US IrOB 

i l uirtfrjvnr 
•Mi Naldnk H 
Kithn-. Bit II 
Iffl- Dn*i«k B 

irrtBWta 

iiboanmon a 

Frankfurt 

a»a 9 n 

A»M4» 

■Vhan: 109 

£.7.31= 

|U 

r.4M 

)!»*. i illf.'H) 

VrimsbOPk 

1*0*1 ’ 

F.-JL44 

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101 

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574 

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Sam oncer 32J0 31 JO 31 JO 32J0 

Sa»al 5580 54 55 S80 

5BIC 215 206 20720 714 

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412 

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Bank Scetfland 
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BOCGreup 

BPS tad 
Brit Amp 
BritAtareys 
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9150 92* roro 
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645 
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5.95 

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283 

170 

4790 

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185 

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Bk Ml Intan 

Bhftegoro 

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IndoCKMflt 

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700 650 675 WO 

725 700 700 7OT 

5500 8175 8475 8150 

1725 1675 1700 1700 
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56* S300 5350 5650 

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St* Generate 

745 

735 

736 

733 


7885 

2810 

2860 

Z799 

StGcbah 

810 

783 

783 

793 

SwnlOe) 

1420 

1420 

1420 

mu 

Suez Lyon Eoiot 
^ntaSabo 

612 

684 

155 

591 

572 

14X90 

991 

679 

U£90 

60S 

671 

15110 

Total B 

*41 

611 

*17 

623 

minor 

92® 

87.10 

8870 

90 

Valeo 

375 

3S410 359® 36470 


Erodes® PW 
BrehewPfd 
CemioPfd 
CESPPM 
CoprH 


mmxraco Ptt 
□gWSenioiK 


iPW 

Paulton Lur 

SU Hadonat 

SoaznCraz 

TbWwbsPW 

Ttorarig 

Tefal 

TetespPM 

Undwnco 

UttniwaPM 

CVRD PM 


7.10 

59900 

39J9 

65J0 

10J0 

50901 

49000 

74inn 
25740 
70900 
113J0 
35JJ0 
740 
107,00 
109430 
92J0 
25400 
31 JO 
671 
2960 


6450 
55979 
36.99 
6000 
9J0 
4654)0 
440 JO 
3074)0 
2404)0 

itaoo 

1024)0 

yon 

7J0 

1(304)0 

103.94 

3900 

23240 

3040 


Seoul 


Dik U fl 

Dom» Heavy 

Korea El Pur 
Korea ExdiBk 
LGSendcan 
PcrianglranSt 
Samsung Dbta 
SamsungEtac 
ShWnntorir 
SKTetacnn 


52841 

Prerteas: 51947 

57000 54000 56000 56300 
5700 5500 5500 5660 

14500 14300 14300 14500 
7350 7M) 7340 7350 

14200 13800 13900 14200 
4SDQ 4S0 4450 44M 
21600 20500 21000 20800 
44900 43100 44600 4000 
35200 34100 35100 35700 
447D0 42500 <MOO 44700 
7230 7070 7750 7700 
33900Q 327000 335000 336000 


Singapore 


4U5 
2915 
39 JS 
4640 
199S 
33W 
46.10 
44.70 

row 

m. 

44> 

JSU 

910 

7930 


119 121 

710J0 211 

26 2610 
rou 3910 
103 103 

41 JO 41 JO 


Ada Pne Brew 

CertaasPac 

OyDeyfe 


DB5 forefa) 

DBSLorw 
FnserANeone 
HKLand* 
JardMahesn* 
jard Strategic* 

KeppeJ A 
KeppelBoak 
KeepeiFets 

s seuss. 

OsureattaF 
P gfc wayHdgs 
Sembmnra 
Stag Air torefai 11 JO 
Sing Laid 

SingP«**P 

Stag Tech I nd 
Sng Tetecosim 
TatleeBank 
LJM ftJuiMd 
WdOSenBkF 
Wtag T« Hdgs 

•OaUSMiS. 


474 

470 

470 

472 

4« 

440 

4U 

466 

7 JO 

70S 

735 

7J5 

130 

*85 

£95 

7 

0® 

0L85 

0® 

£85 

14® 

1440 

14® 

14® 

284 

174 

275 

281 

£20 

8 

£05 

8J35 

XW 

XIZ 

217 

288 

£8$ 

&® 

545 

5 45 

290 

282 

2 JU 

28S- 

5® 

£25 

£25 

£35 

XBS 

177 

177 

177 

474 

444 

474 

442 

23B 

2J0 

273 

223 

925 

9 

925 

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£90 

£65 

£90 

545 

<14 

AM 

414 

<10 

£15 

S 

5 

£10 

11® 

UJO 

11® 

11® 

4 M 

4® 

4 a 

4® 

20® 

19® 

20® 

19® 

201 

1.9* 

1.96 

1.97 

227 

257 

2J8 

270 

261 

X57 

258 

2*1 

OJ5 

0J3 

£73 

072 

930 

90S 

9® 

9.10 

2.14 

105 

111 

28* 


3D 

341 

347 





3*7 367® 
223 226® 
186 IB* 

377 

223 

-1B6 


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PvwiovK 3M757 

606 

606 

625 

AGAB 

96® 

95 


5C0 

91 

918® 

ABBA 

84® 

83® 

84® 84® 

133® 

134 

“ft 

Assfflomcn 

204 

199 

199 199® 

124 

175 

Astro A 

125® 

121 

122 123 

375 

305 

415 

AJtesCopee A 

321 

216® 

217 220® 

® 

9 

9 

Aotafa 

301 

300 

300 300® 


EtoctatorB 
Ericsson B 
HerwreB * 

IrmestarB 

M 0 D 0 B 

Nartibireton 

SS3ff*” 

ScmtaB 

SCAB 

S-EB<rtaiA 
Sandla Fore 
SknmkaB 
SKFB 

SpartmteiA 

SfaroA 

SyHaadetiA 

VataoB 


593 

314 

325 

648 

349 

715 

253 

237 

225 

17B 

168J0 

8150 

36950 

294J0 

17S 

178 

102 

256 

204 


580 

29950 

314 

640 

34450 

209 

250 

9° 

214 
173 
16SJD 
81 JO 
356 
291 
171J0 
176 

249 

197 JO 


582 584 

301 307 

31 £50 322 

641 643 

34650 345 

210 213J0 
250 251 

234 233 

21SJ0 Z22JD 
174 17S 

166 166 
81 JO 83J0 
359 JO 355 

292 292 

171 JO 172J0 
17650 177 JO 
98 100 

249 WUD 
19950 199 JO 


Sao Paulo Bomgptedacwg 


7 JX) 620 
59SJ0 56900 
39980 37 SX 
6900 42.99 
9J5 93)0 

507X0 466D0 
49000 43000 
34000 30100 
25000 24SJO 
3)600 20X00 
11200 99 JO 
2100 36J0 
7 JO 7.15 

1063D 100J30 
107 JO 10*00 
9200 8600 
24900 23000 
3000 29.98 
670 635 

2050 2000 


Sydney 


UOntatoR 2479.18 
Piretoat: 25*400 

Amcor 

6JO 

£39 

£36 

£61 

ANZBUng 

10J5 

10O1 

104)9 

10 

BMP 

1441 

1401 

14.10 

1430 


3B3 

172 

X/* 

379 


.2755 

2£73 

7679 

27 J5 

CBA 

17® 

i£96 

17J05 

1/® 

CCAmalB 

I1J0 

3UTO 

1070 

31 

Cries Myw 

7J9 

7.15 

7.18 

7.17 


£91 

£83 

£82 

££S 

SR 

480 

446 

457 

4/D 


175 

263 

3 JS 

in 

Goodman FM 

220 

217 

213 

217 

ClAustroSa 

1£96 

1079 

in® 

10® 


2845 

27 JS 

37 38 

2/95 

nsu 

1 30 
21® 

1® 

2045 

1 30 
2046 

IJ / 
row 

NalMuturiHdg 

233 

227 

229 

230 


7® 

/JO 

7J2 

135 


111 

3 

201 

109 


X87 

174 

in 

3® 


£51 

£20 

873 

£® 

RtoTWo 

17.15 

1670 

1671 

1*96 

St George Bank 

£75 

£54 

£54 

SAO 

WMC 

5JSZ 

£35 

£40 

£41 

Mfestpac Bkteg 
Vteor&dePri 

£83 

11® 

£45 

1170 

£71 
11 J1 

£68 

11® 

•WOniWno 

441 

445 

*49 

456 

Taipei 

Stock 

MraMtodre: 748292 
Prertaas: 759*94 

Cathey L3e Ins 
Orerg Hw Bk 
Q^oTungBk 

135 

95 

68 

132 

93 

66 

132 

93® 

66® 

132® 

91® 

M <01 


92 

89 

89 

B9® 

Qdna5te«l 

2X20 

22® 

2290 

77® 

RretBraik 

96 

94 

94 

94 


ST 

49® 

49® 

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Him Nan Bk 

102® 

too 

1® 

00® 

InSCoroaibk 

51 

5250 

9® 

57® 

HraiYoPteSa 

51® 

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50® 

51 

Sirin Kang Life 

88® 

85 

85® 

86® 


125 

118 

119 

171 


3240 

*7 

3170 

67 

3210 

61 

31® 

44 

Utd Vterid Chta 

56® 

55 

55 

. 56 


Tokyo 


mu 225: 1588202 
PiMtoK 15427 J7 



Japan Ry 


IBank 
] Photo 
Fupttu 
HsddittiiBk 
HtaeM 
Honda Meter 

IBJ 

1HI 

Bochu 

no-VUade 

JAL 

lfyiti Tobacco 

Jusa 

Kltarta 

KataElec 

Kao 

KowoiaU Huy 
Kmre Steel 
WnklMppRY 
Ktna Brewery 
KobeJtesH 
Krenateu 
Kutote 
Kyocera 
kMnbuElee , 

EL 

Mand 

Matsu Comm 
Mate Elected 

Mate Efa: Wk 

AHtudrisM 

MtoatetriCh 

MtteMME! 

MdsuMsiriEsI 

Mitsubishi Hw 

TMstaUNIM 

MIsitetriTr 

MBsai 


1090 

10® 

1090 

1080 

570 

S46 

5*1 

555 

2500 

2390 

2450 

2S2D 

52? 

S0i 

513 

525 

539 

570 

524 

521 

776 

751 

7® 

751 

1610 

1540 

1540 

ISM 

381 

361 

368 

391 

25 60 

2500 

2510 

2530 

28® 

2750 

27® 

2900 

2060 

2030 

2060 

2050 

1900 

1870 

1900 

1900 

22® 

2200 

2230 

22® 

530 

515 

515 

520 

909 

86* 

867 

908 

340 

SI 

325 

331 

10® 

991 

1000 

1080 

605 

570 

575 

595 

3980a 

3810a 

3870a 

37*Oa 

31® 

30® 

21 ID 

2220 

5750k 

5680a 

5700D 

SBOOa 

1690 

KM 

1670 

1*90 

4570 

4400 

44® 

4620 

869 

773 

774 

8*8 

4300 

4228 

<220 

4410 

1320 

1280 

1290 

1300 

1090 

1070 

1090 

1080 

905 

888 

888 

899 

4710 

41® 

41*0 

4110 

1030 

tao 

no 

1D2D 


256 

2® 

765 

ri 

390 

394 

400 

5*7* 

5470 

56SQ 

55® 

399 

388 

390 

396 

WOa 

9520a 

9530a 

9700a 

2230 

2170 

2710 

2230 

479 

470 

470 

481 

2100 

2070 

2100 

2110 

1710 

16® 

1680 

1«M 

7*1 

385 

289 

293 

218 

210 

215 

212 

695 

683 

683 

*87 

947 

930 

Ml 

955 

132 

125 

125 

131 

£73 

647 

671 

<70 

408 

391 

400 

414 

*188 

*180 

*110 

*1® 

19® 

1*30 

19® 

194 

11 

m 

271 

328 

303 

341 

19® 

1900 

1940 

19® 

34® 

1940 

n 

34® 

1910 

32® 

1920 

109 

ISO 

1030 

104 

935 

910 

*11 

977 

267 

2® 

2® 

261 

354 

341 

341 

367 

1370 

1240 

12® 

124 

497 

485 

«9 

506 

415 

406 

49 

410 

1230 

11® 

1180 

11(0 

894 

871 

87S 

8*4 


The Trib Index 


Pncss as at 3-00 P.U. Now York time. 


Jan. 7. 1992 100 

Lewi 

Change 

% change 

year to dote 
% change 

World Index ’ 
Regional Indus* 

162.34 

+1.51 

+0.94 

+8.65 

Asa/Pacl/lc 

91.69 

-0.80 

-0.86 

-25.71 

Europe 

181.85 

+0.32 

+0.18 

+12.81 

N. America 

204.94 

+4.17 

+2.06 

+26.58 

S. America 
Industrial Indexes 

132.32 

+639 

+5.49 

+15.63 

Capital goods 

20727 

+3.61 

+1.77 

*2127 

Consumer goods 

192.18 

+1.93 

+1.01 

+19.05 

Energy 

192.23 

+1.05 

+0.55 

+12.61 

Finance 

11222 

+8.08 

+0.07 

-3.64 

MIsceBaneous 

153.45 

+1.15 

+0.76 

-5.15 

Flaw Materials 

166.13 

+0.90 

+0.54 

-5.27 

Service 

161.00 

+2.24 

+1.41 

+17.24 

Utmes 

156.44 

+325 

+2.12 

+9.05 


Vte tmamutlonalHeraUTrUunuVVortti Stock kuta* C trucks the U.& UoBer values of 
2B0 imamationeHy imeetable stocks from 25 countries Fa mom information, a tree 
booklet b available by wrtteg to The Tito Index. 181 Avenue Charles tie Gauhe. 

92521 NeuXyCedex France. CompAad by Bloomberg News. 


MtaulFudooi 
Mosul Trust 
MurataMfg 
NEC 
(Hwm 
NktoSec 


NS. . 

iSted 
NfaoiAtoter 
NKK 

Nomura Sec 
NTT 

NTT Date 

Of Paper 

OnkaGas 

Ricoh 

atari 

Sakum Bk 

Sanfcyo 

SamwSank 

Sanyo Elec 

Seam 

5eibu Rnry 

SektolCSem 

SaUsul Horn 

Seven- Eleven 

5hoip 

StAakuBPao- 

SMmtra 

SMn-eteCh 

ShheWo 

Shizuoka Bk 

Softbank 

Sony 

Stnteoo 
SunOamoBk 
SunritChen 
SontamoEfa: 
StmBMefal 
Sun IT Trust 
Tatfto Phono 
Take* Chem 
TDK 

TohokuEJ Pwr 
Toko) Bor* 

Tok» Marine 
Tokyo B Pwr 
Tokyo Electron 
Tokyo Ga* 
TokyuCotp. 

Tonen 

TappanPiM 

SStt" 

Tastein 
ToyoTrat 
Tty* Motor 
YtananoDCW 

arslUtkxUlOO 


High 

lorn 

□OM 

Prey. 

1190 

1110 

11® 

1130 

310 

290 

305 

320 

4S» 

4330 

4330 

45® 

1270 

1740 

12® 

12® 

1470 

1430 

1470 

14® 

394 

380 

380 

390 

11000 

I0U3U 

non 

11400 

6*5 

643 

6*5 

655 

458 

442 

4 (8 

4® 

249 

743 

24S 

2 m 

*43 

61* 

*18 

*51 

1® 

151 

154 

153 

1320 

17® 

1280 

1370 

9370a 

9200B 

9200a 

9i00a 

5880b 

5720b 

581 0b 

5630b 

5® 

530 

5® 

5*2 

273 

262 

273 

7/0 

1600 

IS® 

1580 

1580 

11800 

11800 

11S00 

11800 

473 

44A 

4® 

4® 

3770 

3700 

3730 

3830 

ra® 

W 

1000 

10® 

346 

335 

3® 

347 

73X 

rax 

72® 

7220 

5420 

5370 

5400 

S3® 

900 

8/6 

B75 

907 

999 

985 

985 

1000 

8130 

7990 

HO® 

B34D 

823 

792 

795 

831 

1900 

I860 

1900 

1890 

470 

4® 

4® 

469 

7*70 

2541) 

2600 

7/® 

16® 

1*30 

16® 

16® 

1100 

1080 

11® 

11® 

29® 

28® 

2920 

28® 

9590 

9320 

94® 

9*70 

805 

749 

7® 

90S 

1230 

It® 

11® 

1700 

447 

429 

434 

44R 

16® 

1610 

1620 

1610 

259 

2(3 

754 

25* 

705 

680 

683 

701 

30® 

7W3 

3010 

3OT0 

3390 

3310 


3®0 

9610 

9790 


92® 

1900 

1870 

1870 

1890 

£03 

®( 

586 

599 

1080 

1020 

10® 

1090 

2320 

2290 

2290 

7310 

5700 

5420 

5690 

5620 

290 

283 

286 

789 

533 

512 

572 

521 

842 

906 

806 

RH5 

1U0 

14/0 

1470 

1W0 

567 

SIS 

520 

5*7 

532 

515 

525 

517 

1470 

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1430 

1430 

752 

720 

738 

725 

3330. 

3290 

3290 

3340 

ms 

78® 

2878 

2900 


High Low Qom Pray. 


Toronto 

AMU Cons. 
Alberto Energy 
AttODAUira 
AndenonExp* 
Bk Montreal 
BfcNovoScota 
BarriO Gold 
BCE 

BCTaloamm 

BrochuPtam 

BoffbonfierB 

Come* 

CISC 

CdnHotlRnl 

CdnNoiRes 

CdnOcddPd 

CdnPBcWe 

Comte* 

Dotes* 

Daorior 

□anatkwA 

DuPartCdoA 

EdpaBrescan 

EuaNevAlflg 

Fatem Ftoi 

Fsteon bridge 

FleteitoOltaA 

Fran* Nevada 

GuriCdata* 

I upend 06 

1 

Laewen Gmip 
MaantlBH 

sacs 1 * 


TSE ladestnois: 6687JS 
PrevreresITOUS 

1965 1905 1905 1955 
31V. 3105 -31.65 31.45 
40.10 3900 39.70 39,90 
1495 1435 1445 14Vk 
64J5 696$ 6435 6340 
6135 6100 6135 61.95 
2514 7440 2530 26 

41 J5 40.95 4100 41 L i 

3695 3685 3695 3695 
£ 3* 36 3405 

27 264) 27 26ta 


53 5214 

<L60 42JD 
73 71 JO 
38 3645 

344* 34L, 

41 <4 41.10 41 JO 
2935 26® 7r 


53*9 524 

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34'j 3460 
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in£ ^ 72X 23 

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24'i 2425 7«« 

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226 234 341 

J7.90 1810 114 

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29V, 27,70 jji, w 

«■» »53 n 

89 JD 89'i 89 JO 89'- 
2^ Bfe 25J0 2A1D 
56<j U 1.1 u 

19 1960 1985 1990 
3670 36 36 JS 3*41 

17W 17.10 17.15 17ta 
.88 87 B8 87J5 

1110 13 13.10 13.15 


Moore 

Newbridge Net 
NOmndalnc 
Notoh Energy 
Nthem Telecom 
More 
Onex 

Pane* Pehm 
PetaCda 
Placer Dome 
PocaPtetm 
Pafcn&Sarii 
Rena team 
Hlo Algcni 
Rogers ContelB 
Seagram Co 
SheBCda A 
Suncar 
TaBnm Em 
TeciB 
Tdeglobe 

Thomson 

TarDomBcrifc 

TrEtautn 

TraasCda Pipe 
Trimark FIN 
TrtrecHahn 
TVXGotd 
W eslmn st Eny 
Weston 


IT. 21.70 

65.90 6T« 
2170 2115 
32.15 31ta 
12716 1251b 

13te 13Vr 
331* 3200 
23'. 1 j 2X40 
2905 2814 
MV, 1745 

12.90 1270 
117 11170 

32 31.15 
26 1< 351* 
19 18 

4700 4665 
28'. 27 JO 
4970 4955 
47 4655 
22V. 21.90 
451* 4920 
31 »l» 

35^ 3416 

51'« 50V. 

2005 1955 

27.90 2765 
70V> 

32(b 32JD 
495 4V« 

30.10 29.90 
10716 100 


2155 

65 

7X20 

31ta 

12665 

1X60 

32.95 
2X45 

29- 
1935 
124 
11970 
31 JO 
2610 
19 
46.90 

7B7(1 

49.10 
46** 

27 
45J0 
3035 
3560 
51 JO 

19.95 
2780 

40.10 
3255 

490 

X.1D 

107 


21.90 
6260 

23 li 
3160 
124 
1X70 
3195 
2X20 

28.70 
1990 
13.10 
117 1 - 

33.90 
2635 
1B60 

47 

2920 

4945 

47 

23>i 

45V: 

3060 

35 

5080 

19.70 
2785 

70 

32li 

5JO 

30 

105 


Vienna 


BoeMer-Uddeh 

CredtanslPtd 

EA-Generah 

EVN 

Ftogfmfeo Wfar 
OMV 

Oest EtekJii? 
VA Stoll 
VATech 
WtanartwgBau 


Ap( Mac 125163 
Previous: 123X22 


852® 

818 

846.90 

814 

*39 

627 

638 

*34 

3000 

2754 

3000 

27® 

157915D£05 

15481499.® 

505 497® 

500 497® 

1730 

1691 

1699 

1680 

970 960® 964® 

960® 

471 

44* 

453 

456 

19*5 

1902 

19® 

1909 

2375 

23® 

2375 

23® 


Wellington KzsE-tetndec 239451 

PrerinB: 2367J2 


AirNZeaMB 
Brtertylnvl 
Carter Hod rad 
Ftam Cti 8ldg 
natch Ch Ehy 
FWOiCh Foist 


X35 X30 X35 130 

lJt 1.19 3 JO 1.17 

2JS in 2J1 170 

500 485 485 580 


7J5 730 7J3 7.14 
1J8 187 187 188 
fffifrQrfoper 280 265 XM 264 

LtonNafton 3.96 190 195 389 

Telecom NZ 935 635 8J8 910 

Wtaon Horton 1180 1180 1180 1180 


Zurich 

ASBB 
Adecco B 
AhHwsseR 
Am-SaanaB 
AMR 
Boer Hdg B 

BKvSon R 

ass 0 ” 

Fors-Chemle 
ESECHdg 
HcfdertiankB 
Liedrtmst LB B 
NMtoR 
Novartis R 
Oerfkn Buch S 
PBrgesoHMB 
PharmViHiB 
RictwnontA 
PtreffiPC 
Roche Hdg PC 
SBC R 

Schindler PC 
SG5B 
5MHB 
Softer R 
Swiss Reins R 
SAir Group R 
UBS B 
WtoerttanR 
Zurich AssraR 


SP! Index: 343984 
Previous.- 347180 


1721 

1695 

1*99 

1*93 

406® 

396 

400 

403 

1263 

1248 

1249 

1251 

2325 

2200 

2235 

2275 

BX 

813 

830 

817 

2090 

2060 

2000 

2070 

2505 

24® 

2480 

2« 

1224 

1210 

1218 

1220 

143® 

141 

142 

139® 

1049 

1035 

1038 

10® 

207® 

203® 

20475 

204.75 

541 

539 

541 

541 

7015 

6990 

7000 

6970 

4100 

4100 

4100 

4000 

1137 

1102 

1110 

1104 

S41 

541 

541 

5® 

1985 

19*5 

m* 

19*4 

2122 

2100 

2106 

7096 

190 

183 

18515 

18275 

1830 

1790 

1810 

1800 

830 

. 818 

826 

871 

IS® 

14® 

1480 

1545 

300 

297 

300 

300 

12580 

12410 

174® 

12380 

383 

377® 

779 

377 

15® 

1500 

1530 

1486 

2820 

2756 

2803 

2701 

776 

7® 

771 

757 

939 

915 

915 

925 

71® 

2139 

2142 

7134 

184* 

1800 

1800 

1871 

1695 

1657 

1679 

1677 

1510 

1490 

1490 

1495 

573 

561 

562 

5*3 


PAGE 16 



































































E&GE17 


SI-()\v.OKl.[) PAGE 


BNTERNAHOIVAL HERALD TRIBUNE, SATURDAY-SUNDAY; NOVEMBER 15-16, 1997 


SPONSORED PAGE 


» 


MARSEILLES : The Euromediterranean Outlook 


As MarseMes becomes a 
hub for the entire 
Medftemnean basin — 
which includes 22 
countries— Hie 
Euromettitenanee 
development protect is 
poised to meet the city's 

goals* These focus on 
urban renewal, real estate 
and transportation. One of 
the major areas being 
renovated, the Sami- Jean 
quarter (right) Is located In 
the historic old port of 
MarseEBes. Ihfsareo wJZf 
focus on tourism and 
maritime activities. 




‘Via Marseilles’ 
Refers to 
Many Routes 

Transportation rivals New York's, Singapore's. 


4 Oldest City Becomes the Newest 

Marseilles, along with Barcelona . is slated to become a " capital city " of Southern Europe. 


> 


I n the year 2000, Marseilles will celebrate-2,600 years of 
history. making it France's oldest city. For much of that 
period, the city has played a historic role in the de- 
velopment of the southern tier of Europe and the Medi- 
terranean basin. Its geostrategic position, natural resources 
and culturally rich population have turned it into France's 
second-largest city and largest port, as well as the number- 
one Mediterranean port. 

In the past three decades, during which France lost its 
colonies and the European Union turned the country's at- 
tention to Northern Europe, Marseilles' influence declined. 
Today, new patterns of regional cooperation and trade auger 
well for the city’s future. 

“We arc well-positioned to take advantage of patterns in 
world trade,” says Thierry Martin, director of marketing and 
economic development for Euromediterranee, an ambitious 
project to develop 3 1 0 hectares ( 766 acres) in die heart of the 
city. 

Mr. Martin calls attention to the Mediterranean free-trade 
zone that will embrace the 15 countries of the European 
Union and the entire Mediterranean basin by the year 2010. 
The region encompasses 22 countries with a current pop- 
ulation of 360 million, which is expected to grow to 490 
million by 2010. The European Commission has allocated 
S12 billion, to be provided before the end of the century, to 
the development of the Euromed region 
Within the EU, Marseilles is equidistant from Milan and 
Barcelona, the capital cities of their respective countries’ 


leading economic regions. An affluent popu- 
lation of 24 million lies within this “Medi- 
terranean arch," which includes the Rhone- 
Alpes and Provence-Alpes-Cote d'Azur, the 
second and third economic regions in France. 

Complementary pair 

Shifting patterns of trade and prosperity both 
within Europe and between Europe and its 
neighbors create “both uncertainty and excep- 
tional hope,” says Renaud Muselier, president of 
Euromediterran6e and deputy mayor of Mar- 
seilles. 

Several major urban initiatives are under way 
to ensure that die city's future will be as im- 
pressive as its past Between 1 996 and 2001 , the 
city landscape is being enriched by six projects 
representing 8 billion francs ($1.4 billion) worth 
of investment These include 

• Euromdditerranee( 1.7 billion francs), a center city urban 
development for the service sector [see related article]. 

• The Grand Projet Urbain (800 million francs), the largest 
urban development project in France, designed to upgrade 
and reinvigorate the northwestern part of the city. 

• Expansion of the Mareeilles-Provence Airport (2 billion 
Trarics)'. 

• The construction of aTGV (high-speed train) terminal in 
the city center (900 million francs). 



The wban renewal project is taking place in Eve major areas at Marseilles. 


• The Grand Littoral, Europe’s largest shopping center 
(1.5 billion francs). 

• Improvements at tire Marseilles-Fos port (1.2 billion 
francs). 

Mr. Martin says the commitment represented by these 
undertakings ensures Marseilles’ future as a capital of the 
southern region of Europe, along with Barcelona: “One city 
will not prevail over another. There will be cooperation 
between them. Marseilles is one of the cities best-positioned 
for the region's development in the years ahead. ” • 


k 


k 


4 




Real Estate Boom 

As the outline of the Eurom€diterrande development proj- 
ect in Marseilles is mapped out with drawing boards and 
demolition crews, the first signs of a real estate turnaround 
are already evident. Michel Kester, director-general of SARI, 
a private firm investing in the area, points to two trends. A 
decade ago, all new office development was taking place to 
the southwest of the city, he says. “Eghty percent of new 
office space was being built there. Now the trend is com- 
pletely reversed: 80 percent of new office space is being 
developed in Porte d’Aix and Les Docks [areas being 
renovated in the Eurom6diterran6e perimeter].*' 

He also cites the number of new residential apartments 
being sold in the center of Marseilles, a figure that has 
doubled in the last two years. a . 

Within the boundaries of the Euromed rterranee project. 
6,000 homes are being renovated and another 6, OCX) new 
housing units are being constructed. Local services and 
amenities — from tree-planting to schools to hospitals — 
are being added or upgraded. 

“Euromgditerranee's strong and determined action on 
urban development, housing and amenities will make the 
city a more appealing, welcoming and charming place to 
be," says Renaud Muselier. president of Eurom6diterran6e 
and deputy mayor of Marseilles. 

Action is focused on five areas. The first is a project in La 
Joliette. a business and technology center of 15 hectares 
(37 acres) along the port. Within La Joliette, Les Docks Is a 
private venture involving 100,000 square meters (1.08 
million square feet) of office space. Les Docks offers 
modem office amenities in a beautifully restored 19th- 
century building across two hectares of waterfront. 

"It's like a skyscraper taking a nap," smiles Michel 
Kester of SARI, developer of Les Docks. 

The building's available office space is being sought after 
by shipping, finance and communications companies, as 
well as by restaurants and shops. 

The second development area is Saint-Jean. Located in 
the historic old port of Marseilles (Fort Saint-Jean was built 
under Louis XIV), the area will focus on tourism and mari- 
time activities. It is situated at the entrance to Le Vteux Port, 
lying opposite the islands of Fnoul and Chateau d'lf. The 
space at toe foot of Fort SL Jean and the Cathedral de la 
Major will be the site of attractions that will draw tourists. 

Third, Saint-Charies-Porte d'Aix will link business, hous- 
ing and hotels in the heat of the city's transportation hub, 
where the train station and university are located. Place 
Jules Guesde will host a mixed development of residential 
property and services such as shops, hotels and res- 
taurants. The university will add faculties devoted to in- 
ternational trade, business and law. 

BelledfrMai, the fourth development area, holds dozens 
of theatrical and other artistic performances annually. The 
French Ministry of Culture and the city are locating the Inter- 
regional Center fix the Restoration and Conversation of 
Treasures of Art (with museum workshops from the Louvre 
and Versailles) in this area. Future developments in Belle- 
de-Mai will include film and music, the media, design and 
fashion, advertising and electronic publishing. 

finally, Arenc wiO focus on office space and will also 
Include housing and public recreation areas. Its position 
between the port and the airport will attract activities to the 
northern pal of the city. 

In addition, the Marseilles Provence Technopole, to- 
gether with the technology park at Chateau-Gombert and 
the science end technology park on the Luminy campus of 
the university, provide ample facilities for research. 


The Euromediterranee Development 


It is the largest project of its kind in Europe. 


W hy do Anglo-Sax- 
ons spell the city of 
Marseille with an 
‘s’ at the end?” asks Philippe 
Stefenini, the locally boro 
business development man- 
ager for Euromediterrande, 
the city’s multibillion-franc 
urban redevelopment proj- 
ect “Maybe because there 
are so many aspects to Mar- 
seilles,” he speculates. 
“There is Marseilles the port 
city, the Marseilles of history 
and culture, Marseilles the 
industrial power and, today, 
we are an urban service cen- 
ter, tapping our multicultural 
strengths to reinforce die 
Mediterranean arch.” 

The many feces of Mar- 
seilles are die focus of the 
largest urban redevelopment 
project in Europe, an am- 
bitious program as multifa- 
ceted as the city itself. The 
role of Euromediterranee is 
to spearhead and coordinate 
these various initiatives to re- 
store the city’s influence and 
enhance its appeal to in- 
vestors, businesses, tourists, 
residents and prospective 
residents. 

Some of the programs will 
improve the transportation 
infrastructure of die city's 
airport, port and train termin- 
al. Another project will ren- 
ovate two largely-abandoned 
districts in the north of the 
city. A 535 million franc 
($93.5 million) investment 
will more than double the 
city’s Grand Stacie for foot- 
ball (soccer), in preparation 
for the World Cup, to be held 
in France next year. 

The Grand Littoral, 
Europe's largest in-town 
shopping center and hyper- 
market opened a year ago in 
Marseilles. An estimated 10 
million visitors have shopped 
in the 1 40,000 square meters 
(1.5 million square feet) of 
stores and boutiques in its 
first year of operation. 

Euromediterranee itself 
has a 1.7 billion franc five- 
year budget 50 percent fun- 
ded by die state, 25 percent 
by the city of Marseilles, 10 
percent by the region, 10 per- 
cent by the department and 5 


percent by local communi- 
ties. Within the confines of 
Euromediterranee 's 310 hec- 
tares (766 acres) are 450 
businesses, including 141 in 
the service sector, 14,300 
dwellings; 28,500 inhabit- 
ants; and 26,000 employees, 
about 80 percent of whom 
work in service occupations. 

More than one-third of the 
Euromediterranee project 
lies along the waterfront, a 
determining factor in its de- 
velopment 

“We want to leverage on 
the city's relationship with 
both the sea and the hinter- 
land,” says Christian Mari- 
on, an MIT-educated urban 
planner who is working on 
the overall scheme. 

He and others are working 
with the city on zoning laws 
to accelerate changes in 
privately owned buildings 
lying within the project's 
perimeter. Urban planning is 
made more challenging by 
the city.'s seaside location, its 
economic diversity and the 
complex urban structures 
within its boundaries. 

At the same time, these 
conditions make the potential 
solutions more innovative 
and satisfying, says Mr. 
Marion. The concrete piers of 
the old port are being torn 
down, and a portside high- 
way is to be rerouted un- 
derground to reclaim sea 
views for office workers and 
strollers along the waterfront 
Traffic flows are being 
rerouted to give arriving vis- 
itors an uninterrupted view of 
Notre- Dame de la Garde, the 
19th-century basilica 
perchedona 154-meter (505- 
foot) hill south of the port. 

The most innovative cle- 
ment of Euromediterranee is 
the enthusiasm it engenders 
and the consensus it has cre- 
ated since the project was 
launched in December 1995. 
Michel Kester, director-gen- 
eral of SARI, a private firm 
investing in the area, notes 
that public support is solid 
and unanimous. 

“And consensus does not 
come easily to us here in 
France,” he observes. 


Air Hub Win Uiote Two Terminals 

To accommodate the growth of M arsed lesProvence Inter- 
national Airport, 2 billion francs ($349.4 mBfton) are being 
invested over the next 10 yeas. A mqjor component is a new 
structure to unite the two existing terminals. When completed 
in 1999, the unified terminal wHI shorten correspondence time 
to less than 45 minutes between ffights. Also, 95 percent of 
departures win have access directly from the terminal gate to 
■the airplane. 

Traffic flows have been planned so that planes changing 
from national to international destinations need not change 
gates — an advantage for airlines and passengers. 

Passenger comfort and security are top priorities: shop- 
ping and waiting areas have been designed with the human 
element in mind. Clear signs will mate it easier for pas- 
sengers changing planes, and natural lighting aid com- 
fortable seats are an Integral part of the new facility. 


1 


Private companies like SARI 
have confidence in their in- 
vestments because of the 
widespread public support 

Another attraction is the 
long-standing tradition of 
business and trade. The Mar- 
seilles Chamber of Com- 
merce will be 400 years old 
in 1999, making it the oldest 
in Europe, i.e„ the oldest in 
the world. 

The business culture is 
matched by a well-educated, 
multilingual workforce, with 
the country’s third-laigest 
concentration of European 
Union citizens whose first 
language is not French. Sixty 
consulates give it the largest 
diplomatic presence in 
France outside of Paris. 

The number of work days 
lost to strikes is about ono- 
fourth the French average, 
and the productivity of 
French workers in general is 
second only to that of the 
United States, according to 
Eurostat Yet workers in 
Marseilles cost 30 percent 
less than in Paris, and they 
stay longer. 

“Our workforce is more 
educated because people who 
come here for work don’t 
■want to leave ifthey are trans- 
ferred,” says Mr. Stefenini of 
EuromSditenande. 

The Provence- Alpes-Cflte 
d’Azur region is second in 
France for public research • 
and third for private research. 
Marseilles is the second city- 
in France in terms of em- 


ployable . researchers. Three 
universities, 16 grandes 
Scales, and 90,000 students 
add to the quality of the labor 
force. 

There are also a number of 
local, state and European fi- 
nancial incentives. Perhaps 
the most enticing is exemp- 
tion from professional taxes 
for five yeans if a medium- 
sized or large company 
(more than 250 employees) 
sets up in headquarters in 
Marseilles and employs 30 
people locally. 

Contrary to public percep- 
tion, Marseilles ranks below 
Paris, Nice, Montpellier; 
Strasbourg — and five other 
French cities — in crime 
rates, i.e., felonies per capita. 

Every franc of the public 
money being -spent on this 
redevelopment is expected to 
generate three francs of 
private investment 

And we haven’t even 
mentioned foe city’s other at- 
tractions: the sunshine, foe 
sea, foe bouillabaisse, 17gotf 
courses and an equal number 
of scuba clubs, two philhar- 
monic orchestras, 23 theat- 
ers, opera and ballet compa- 
nies, the evocative Ca- 
margue, breathtaking Ca- 
lanques, and foe Alps within 
two hours of foe city. 

Perhaps even foe French 
should spell' “Marseille” 
with an “s”at the end. The 
many feces of Marseilles are 
as surprising as they are re- 
warding. • 


T ransportation is a key 
component of eco- 
nomic development, 
and Marseilles is unusually 
fortunate in this regard. Long 
known for its port facilities, 
foe city is located at a con- 
vergence of road, rail, air and 
sea access equivalent to foal 
of only a few urban centers in 
foe world, such as New York 
and Singapore. 

The Marseilles- Provence 
International Airport is foe 
first airport in France with a 
multi-modal complex that in- 
tegrates air, sea, train and 
ground shipping needs. It is 
20 minutes from the 
headquarters of foe Euro- 
m£diterran6e development 
project in downtown Mar- 
seilles, and has direct service 
to 91 cities and towns in 30 
countries by 26 airlines. 
Every day, there are 40 direct 
flights to Paris. Barcelona, 
Madrid, Milan and Rome are 
all reachable by air within 90 

mimites. 

The airport is the country’s 
second-largest for freight 
shipments and foe third for 
number of -passengers. Five 
million passengers pass 
through foe terminal each 
year; this figure is expected 
to reach 11 million by 2015 
and 17 million by 2030. 

On foe ground, Marseilles 
is equidistant from Milan and 
Barcelona, or from Paris and 
Zurich, or from Madrid and 
Brussels. The Bouches-du- 
Rhdne department, . where 
Marseilles is located, has 250 
kilometers (155 miles) of 
motorway. The roads lead to 
destinations in three direc- 
tions: north to Lyons, Paris 
and beyond; east to Nice, 
Genoa, Milan; and west to 
Montpellier, Barcelona and 
foe Iberian peninsula. Four- 
teen million tons of merchan- 
dise are shipped by land 
through foe Bouches-du- 
Rhfine every year. 

Fast tram coming soon 
Marseilles-Fos (Fos is foe in- 
dustrial port installation 
north of foe city proper) is foe 
first port in France, foe first in 
foe Mediterranean and the 
foird-largest in Europe. Al- 
though foe Mediterranean is 
the principal area of activity, 
ships from Marseilles make 
390 Asian ports of call per 
year and 600 to foe United 
States, and of course serve as 
a principal link with foe Af- 
rican continent 

The port’s 30-kilameters- 


plus of docks have some of 
the most up-to-date equip- 
ment in foe world and handle 
87 million tons of traffic an- 
nually, generated by 200 reg- 
ular maritime lines. 

hi the heart of the city, the 
Saint-Charies train station is 
earmarked for renovation. It 
is already a hub for the city's 
urban and regional public 
transportation networks. 

By the year 2000, it will be 


Port Focuses on 
Cruise Ships 

The 


i Port 
Authority has 


francs ($174.7 ndBon) 
to develop the 
toamnSMmrunfioaaa^ 
Bio Boat Docks and too 
Port of Fos. This 
program wdi enable the 
PmtofMarseMosto 
opEmiMzm mm muffu 
mat passenger traffic. 
Passenger traffic, m 
peelicular, lagrowing 
rapkky. la 1992, f emur 
titan MLOOO codes aUp 
pass e n gers 
tkaembmkedla 
Manama*, but fast 
year the city receive d 
80000c rube 
possoagms from eight 
endaa Am* By 2000, 
time number la 
expecte d to grow to 
200,000 pnaaongem. 
To w elco m e the endaa 
d a pa, a new port is 
bektg b09L It wH 
reflect iho charm of Bm 
dty, rather than 


the site of foe TGV (high- 
speed train) terminal in foe 
south of France, with travel 
times from Marseilles to Ly- 
ons of one hour and 15 
minutes, to Paris of three 
hours and to Brussels of four 
hours. 

In conjunction with the de- 
velopment of foe TGV ter- 
minal, foe French National 
Railroad will make a one- 
billion-franc ($174.7 mil- 
lion) investment in cooper- 
ation with government au- 
thorities at ab levels. These 
funds will be used to remodel 
foe 15-hectare (37-acre) dis- 
trict around the train station 
into an efficient and pleasant 
urban environment linking 
road, rail and public trans- 
port. • 


Useful Addresses 


For more inform a tion 

Euromediterranee 
Les DockfrAtrium 10.2 
10, place de la Joliette 
13304 Marseille Cedex 02 
France 

Mr. Thierry Martin 

Director of Marketing and Economic 
Development 

thmartin@epa-euromed.fro 
Tel.: (3304)91144531 
Fax: (3304)911445 01 


“Marseilles: The Euromedtterranean Outlook” 
was produced In its entirety by the Advertising Departmau 
of the International Herald Tribune. 

It was sponsored by Eurom&iitemmee. 

Writer: Claudia Flisi, based in Monaco and reporting 
from Marseilles. 

Program Director; BiUMahder. 

















PAGE 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 15-16, 1997 


ASIA/PACIFIC 


China’s Economic Dynamo Begins to Run Out of Steam 


By Peter Hannam 

Bloomberg News 


BEIJING — More than 10,000 
oew Charade cars built by China’s 
second -largest automaker, Tianjin 
Automotive Industrial Co., sit un- 
sold. 

The company has been trying all 
year to unload its rising inventory, 
which now equals about 10 percent 
of its projected sales for the year. It 
cut prices, and it cut production, all 
to no avail. 

“On our books, our inventories 
total 5,000 cars," Shen Zhu, an ex- 
ecutive at Tianjin, said. "In fact, we 
have well over 10,000 cars unsold.” 


So it .goes these days across 
China, where the economy is slow- 
ing so much that prices are failing 
for the first time since the country 
charted a course toward a free mar- 
ket two decades ago. 

Far from being immune to the 
financial shocks sweeping the rest 
of Asia, this country of 1 24 billion 
people may be in worse shape than 
many people think, and a slowdown 
in China — with consumers spend- 
ing less and factories producing less 
— will not help the rest of Asia 
shake off its economic blues. 

China's growth is likely to slow 
in 1998 for a sixth consecutive year. 
Deflation is setting in. at least tem- 


porarily, and the country's factories, 
many of them money-losers, are 
already operating at less than 70 
percent of their capacity. 

Government figures tell only part 
of the story. What is happening at 
companies such as Tianjin points to 
deeper problems, economists and 
executives said. 

Growth Were is still the ezn 
other Asian nations such as 
land, where the government has 
forecast growth of less than 1 per- 
cent for this year. China’s economy 
grew at an annual rate of 8 percent in 
the third quarter. 

For China, though, that was the 
slowest growth in five years. This 


ivy of 
Thai- 


week, the government said con- 
sumer prices fell 0.4- percent in Oc- 
tober, suggesting that rising factory 
inventories and weakening con- 
sumer spending would keep a lid not 
only on inflation but also on eco- 
nomic growth and corporate profits. 

"Very few people expected the 
economy to be so weak," said Joe 
Zhang, economist with' Credit Ly- 
onnais Securities (Asia). 

Ma Guonan, an economist at Sa- 
lomon Brothers, is cutting his fore- 
cast for growth next year in China to 
8 percent. "The consensus for 1998 
was 9.8 percent last month, but that 
will come down,” Mr. Ma said. 

As the economy slows, Beijing 


Mazda’s President Resigns 
As Carmaker’s Net Jumps 


C>mqvinlbv Oie Stiff Final Oojwjrfcrj 

TOKYO — Mazda Motor Corn, 's 
president, Henry Wallace, the first 
non-Japanese person to head a major 
Japanese company, stepped down 
Friday after helping steer the world's 
1 2th- largest automaker out of a four- 
year slump, the company said. 

Mazda's vice president, James 
Miller, 51, an American who is part 
of a management team installed by 
Ford Motor Co., was named to the 
top post at Mazda. Mr. Miller re- 
cently headed Ford's East European 
and South African operations. 

Ford, which has a 33.4 percent 
stake in Mazda, announced Friday 
that Mr. Wallace would become the 
chief financial officer for its strug- 
gling European operations and that 
Jim Donaldson, vice president of 
vehicle development for trucks, 
would be president, effective Jan. 1. 

The move restores autonomy with- 
in Ford to the region's executives that 
had been lost in a corporate reor- 
ganization plan three years ago. 

Mr. Wallace, 52. cited as the rea- 
son for his departure from Mazda 
the company's improved financial 
performance and its strengthened 
lies with Ford, Hiro Akutagawa, a 
company spokesman, said. 

Mr. Wallace, a native of Scotland, 
assumed the top job at Mazda, Ja- 
pan’s fifth-largest carmaker, in June 
1996. shortly after Ford increased its 
stake in die company to 33.4 percent 
from 25 percent Mr. Wallace, who 
previously was head of Ford's 
Venezuela division, will get a new 
post at Ford in Britain, Mazda said. 

“Wallace’s departure is not un- 
expected,” said Saul Rubin, an auto 


analyst at SBCWarburg Japan Ltd., 
noting that Mazda could now expect 
stronger profit growth after racking 
up losses for much of the decade. 

The appointment of Mr. Wallace 
last year stirred concern that Mazda, 
once a family-run business, would 
face massive job cuts and a future as 
little more than a small -car division 
of Ford. Mr. Wallace sought to pur 
those fears to rest by pledging to trim 
jobs by attrition rather than layoffs. 

The boardroom changes came as 
Mazda said parent-company net 
profit tripled in the April-September 
period to 555 million yen ($4.4 mil- 
lion) while sales rose 1 1 percent to 
746.22 billion yen. 

The company has posted losses at 
the group level, which includes the 
parent company and its subsidiaries. 



Tiro Franue-Prcnr 

Mazda's new chief, Mr. Miller, right, at a news briefing Friday. 


since the year that ended in March 
1993. But Mr. Rubin said Mazda 
probably would return to profitab- 
ility after the current financial year. 

Mazda's shares fell 12 yen. or 32 
percent, to close at 36 1 on the Tokyo 
Stock Exchange. Mr. Wallace's de- 


cision to resign from Mazda came 
several months after he originally 
planned to leave Japan. He initially 
told family members his tenure in 
Japan would be limited to three 
years from the date of his transfer to 
Mazda in 1993. lAP, Reuters } 


will have a tougher time keeping its 
promises to streamline unprofitable 
stale companies, strengthen the 
country's banks and continue to 
open C hina ’s doors to foreign trade. 

Next week, die country’s eco- 
nomic leader, Zhu Rongji, is ex- 
pected to tell the country's bankers 
that four years of austerity measures 
designed to kill inflation have come 
to an end. 

C hina ’s troubles are already ap- 
parent in its labor market. The 47 
percent of state-owned companies 
that are losing money will have to 
cut milli ons of jobs — cuts that 
Beijing knows will threaten to stir 
social unrest. 

“By our estimates, 600,000 jobs 
will have to be diverted from die 
textile industry by 2000,' ' said Shao 
Lihua, an official of the research 
department of the China Textile 
Council, the industry's semiofficial 
regulator. 

■ Trade Surplus on the Rise . 

China's trade surplus continued to 
grow in October as exports outpaced 
imports by about $5 billion, the state 
media reported, citing customs data. 

The mounting trade surplus sug- 
gests that China’s exports have yet 
to suffer from the weakening cur- 
rencies and slowing growth across 
much of Asia. 

Li Yushi, a director of the Foreign 
Trade Institute, predicted that China - 
would post a record $40 billion trade 
surplus this year, more than double 
the previous record of $16.6 billion 
in 1995. 

The China Daily newspaper said 
China’s exports in the first 10 
months of 1997 totaled 5146.8 bil- 
lion, up 23 percent from a year earli- 
er. Imports rose only 3.7 percent, to 
$1 1 1.2 billion, giving China a $35.6 
billion trade surplus for the period. 





Source: Tetekurs 


j>.w 


ImcnuHanul Herald Tribune 


Very briefly: 


IMF Chief Is Upbeat as New Thai Cabinet Takes Office 


CfMyvJa/ br Oar SugFrvth Oupuk hn 

BANGKOK — The new prime 
minister, Chuan Leekpai, unveiled 
his cabinet Friday, five days after 
gluing together an eight-party co- 
alition government. 

Separately, the managing director 
of the International Monetary Fund, 
Michel Camdessus, said after a 
meeting with Mr. Chuan that Thai- 
land would see renewed growth in 
the second half of next year if it 
stuck to the tenets of an IMF-backed 
rescue package for the country. 

Tamn Nimmanahaeminda, just 
appointed finance minister, will be 


assuming the job for a second time. 
Analysts said he had the support 
from business that would be needed 
to tackle the country's economic 
crisis. Mr. Tanin, a banker turned 
politician, served as finance min- 
ister under Mr. Chuan in the last 
Democrat- Jed administration from 
1992 to 1995. 

“Tarrin's excellent record as 
hanker and finance minister can help 
regain foreign confidence, which is 
most crucial at this time," Khanchit 
Assavasamram of the securities 
firm Vickers Balias & Co. said. 

Analysts added that Thailand 


needed a strong economic team to 
oversee the austerity drive linked to 
the IMF-led bailout Mr. Tamn said 
this week that Thailand remained 
fully committed to the program and 
that any adjustments needed to fa- 
cilitate or reinforce the austerity 
measures would be made. 

Over the past few months, the 
new finance minister criticized the 
government of former Prime Min- 
ister Chaovalit Yongchaiyotfor fail- 
ing to acknowledge the gravity of 
the country’s economic crisis and 
for its reluctance to cut deeper into 
state budgets. 


Mr. Camdessus, during his visit 
to T hailan d this week, said growth 
in the country's gross domestic 
product, which has fallen nearly to 
zero from more than 8 percent a year 
between 1985 and 1995, should 
eventually recover to between 6 per- 
cent and 7 percent annually. 

Thai stocks rose after the IMF 
said it was satisfied with Thailand's 
efforts at economic reform. The 
benchmark SET stock index rose 
3.06 points, or 0.7 percent, to 
456.87, but it was still off 7.3 per- 
cent for the week. 

( Bloomberg , AFP, Reuters ) 


• Yantai chi Securities Co.’s shares plunged 23 yen (18 cents.), 
or 18.7 percent, to close at 100; analysts said biginstitutions had 
sold on persistent speculation that the brokerage’s finances 
were in worse shape than it had admitted. Its share price has 
tumbled 81 percent this year. 

• Long-Term Credit Bank of Japan Ltd. will offer mutual 
funds managed by the U.S. concern Fidelity Investments in one 
of its Tokyo branches next month; last month it began offering 
funds of Lavesco Asset Management Ltd. of Britain. 

• Fuji Photo Film Ca's group net profit for the six months 
that ended Sept. 30 rose 1 1 percent, to 50.22 billion yen, aided 
by a strong dollar and an increase in U.S. market share at the 

of Eastman Kodak Co. Sales rose 12 percent, to 
billion yen. 

• Virgin Group Ltd. plans to open 10 cinema complexes in 
the Tokyo area by 1999. Its announcement followed a series of 
s imilar moves by Time Warner Inc^ Cinemark USA Inc 
and AMC Entertainment Inc 

• Pakistan plans to open its real-estate, agriculture, health and 
education-services sectors to foreign investors in a plan to attract 
$1 billion of foreign direct investment in the next fiscal year. 

• WPP Group PLC, the world’s largest advertising com- 
pany, expects to generate one-third of its business from the 
Asia-Pacific region and Latin America in three to five years, 
up from about 20 percent currently. 

• India has agreed to lift a ban chi imports of 2,700 agricultural, 
textile and industrial goods from the European Union. The 
agreement ends a trade dispute brought before the World Trade 
Organization this year. 

• Australia’s growth rate may be cut by as much as three- 
quarters of a percentage point because of the economic turmoil 
in Asia, Barry Hughes, chief economist at Credit Suisse First 
Boston Australia, said. 

• Taiwan’s economy grew at an annnal rate of 6.9 percent on 
the third quarter, compared with 6.3 percent in the second 
quarter, according to government data. Bloomberg, Reuers. aFp 


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BOEING: Aircraft Builder Seeks to Recover From Lawsuits arid Production Delays 


Continued from Page 13 

example, offers airlines a choice of 37 cockpit 
clipboards- And any change has to be transferred to 
hundreds of documents, a laborious process prone to 
error. The system is so complex that those who now 
manage it require more than two years of training. 

“lt is absolutely amazing that we could stay thus 
long with the inefficiencies that we have." said 
Robert Hammer. Boeing's vice president in charge 
of modernizing the system. “We should have got- 
ten rid of the system in the "50s.” 

The new system, inspired by the auto industry, 
will nor be friUy instituted until 1 999. Boeing plans 
to organize parts into three groups: those standard 
on every plane; those fitting a defined set of op- 
tions, like a particular type of jet engine, and those 
that are custom requests. ’ 

The extent of the changes, which cut across 
every aspect of Boeing’s operations, is enormous. 
Mr. Hammer is junking 400 mainframe computers 
and compiling a single data base so that any change 
in specifications will be reflected immediately on 
every computer screen rather than taking days to 
circulate on paper. 

“We are m a transition period that is very 
difficult, so we are causing some of the chaos,” 
admitted Mr. Hammer, a 36-year Boeing employ- 
ee. All the complaints, he said, made him feel “like 
the Boy Scout who is trying to help the lady across 
the street and she doesn't want to go.” 

One advantage of the new computers is that they 
recognize the year 2000. But workers must type in 
all four digits of the year. Mr. Hammer could not 
figure out why the system was malfunctioning until 
he discovered that people were typing in “97” and. 


when asked for two more digits, typing in “97” 
again. So the computer was calculating parts re- 
quirements for the year 9797. 

Such glitches added to the confusion at suppliers, 
which were already stretched to the limit Shortages 
of key parts began to develop. 

In addition, after laying off so many workers in 
the early 1990s, Boeing had to scramble to find 
people to build its airplanes, hiring 32,000 workers 
in the last 18 months. Despite what they describe as 

The company hoped to ‘muscle 
its way 9 through the production 
problems by adding more stafL 

an aggressive training program, with five weeks of 
instruction before starting work, Boeing executives 
acknowledged that many new workers were still 
not fully prepared. 

Boeing has “incurred the penalty” of these 
people learning on the job, said Gary Scott, the vice 
president in charge of producing the 737 and 757. 

Boeing’s critics contend that top managers knew 
about ail these problems long before October’s 
revelations. Indeed, the shareholder suits assert that 
Boeing violated general accounting standards by 
not reporting the costs of the production delays 
when rt released second-quarter results on July 21. 
Had the company done so, the first complaint 
argued, its stock price would have plunged just as 
Boeing was awaiting approval of its offer to buy 
McDonnell Douglas with Boeing shares. A drop in 
price would have made that purchase more ex- 


pensive, perhaps even scuttling the deal. 

The complaint, which was filed Oct. 31 and is 
seeking unspecified damages, also noted that in 
August — just three weeks before Boeing started to 
acknowledge its problems — Philip Condi t, Boe- 
ing's chairman and chief executive, sold $ 1 .2 mil- 
lion worth of Boeing stock and Boyd Gi van, chief 
financial officer, sold $825,000 worth. 

Both men declined to comment, and a company 
spokeswoman said Boeing would vigorously con- 
test the lawsuits. 

Mr. Woodard said that until late September he 
was convinced that Boeing could “muscle its way" 
through the problems by adding more people and iD 
having everyone work overtime. 

Producing a chart showing the number of dif- 
ferent Casks on 747s that were behind schedule each 

about 7,CW0 in July, then showed a sudden spike to . 
more than 14,000 by eady September. A man- : 
ageable number is considered to be anything less' 
than 3,000. “I wish we would have figured out ' 
what was happening a little sooner, ■ ’ Mr. Woodard 
said. “But things just went ballistic on us in August . 
and September.” 

Analysts now say it will be 1999 before Boeing is . 
making airplanes at a significant profit again. And - 
some worry that it still does nothave a handle on its 
production problems. 

But Mr. Woodard said he was confident that the. j. 
worst was over and that Boeing would be able to .£> 
make 43 planes a month next year. 

So far no heads have rolled, but Mr. Woodard ' 
knows he is under the spotlight. “I certainly feel - 
anxious,” he said. “If ft happens again, I would . 
guess that careers could be limited-” 



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Indonesian Bank to Sell Stakes 
In Sign of Likely Consolidation 


BloonAerg News 

JAKARTA — FT Bank 
Danamon’s majority share- 
holders said Friday they 
would sell large stakes in the 
company to Salim Group of 
Indonesia and to Credit Suisse 
First Boston in what could be 
the first of many mergers and 
acquisitions in Indonesia’s 
troubled banking industry. 

. “It’s just the beginning,” 
said Lin Che Wei, research 
director at SocGen-Crosby 
Securities in Jakarta: “Look at 
all those small banks out there 
— who's going to put their 
money with them now that 16 
banks have been closed?" 

The government recently 
closed 16 insolvent banks to 
try, to reform its finance in- 
dustry as part of a $23 billion 
International Monetary Fund- 
led rescue plan. 

The Salma family will buy 
19 percent of Bank Danamon, 
while CS First Boston is ex- 
pected to buy 10 percent, an 
investor-relations officer at 
Bank Danamon said The 19 
percent stake in Bank Dana- 
mon is-estimated to cost 224 
billion rupiah ($65.8 million). 

Concern about die tottering 
banking system has palled the 


Jakarta Finance Index of 56 
banks, finance and insurance 
companies down 57 percent 
since Aug. 1.. 

Restructuring the banks is 

the centerpiece of the IMF's 
plan to restore confidence in 
the economy. 

Even the Salim family, 
which controls Indonesia's 
wealthiest business group and 
has close ties to President 
Suharto and his family, has 
not been immune to the coun- 
try’s economic troubles. 

Its flagship business, PT 
Bank Central Asia, Indone- 
sia’s largest bank, with $1-5 
billion in assets, reported a 
run on deposits Friday at 
branches in Medan, Jakarta 
and Sulawesi that it attributed 
to speculation that its major- 
ity shareholder, Liem Sioe Li- 
ong, had died. An employee 
of Mr. Liem in Singapore said 
Mr. Liem was alive and well. 
. Shares in Danamon — 
which has more than $6 bil- 
lion in assets and is the thiid- 
biggest banking stock on the 
Jakarta Stock Exchange — 
jumped 37 percent Thursday 
on takeover speculation. On 
Friday, they fell 25 rupiah to 
close at 650. 


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NOVEMBER 15-16, 1997 
PAGE 19 




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The Wynns vineyard, which produced a 1986 Cabernet Sauvignon that is among the wines whose value has greatly increased in recent years. 

Tasting Hearty Profits in Australia’s Fine Reds 


By Michael Richardson 


B UYERS OF the best vintages 
of a select group of premium 
Australian wines, mainly 
reds, can end up with a most 
profitable investment. 

“In the last two years, the market for 
fine Australian wine has suddenly ac- 
celerated.” said Andrew Caillard. a 
director of Langion’s Fine Wine Auc- 
tions, which has offices in Sydney and 
Melbourne and accounts for about 75 
percent of the wine sold at auction in 
Australia. 

According to MLE Wine Valuer and 
Investments Pte in Adelaide, premium 
Australian wines from good vintages 
are increasing in value by an average of 
12 percent a year, with leading wines 
providing much higher returns. 

Greg Cornish, MLE’s managing di- 
rector. said that prices bad increased in 
the 1990s mainly because of increased 
international interest in Australian 


wines and because 1990 was an out- 
standing vintage. 

“With tiiis demand came a huge 
increase in wine prices at the premium 
end of the market which is not showing 
any signs of slowing down,” he said. 

Reflecting the surge in demand. 
Langton’s revenue nearly doubled in 
1996 to 4.3 million Australian dollars 
($2.9 million). 

■ The buying is coming not just from 
Australian investors and connoisseurs. 
A small but financially powerful group 
of foreign buyers — mainly from Asia. 
Europe, the United States and New 
Zealand — is also snapping up top 
Australian reds. 

‘ ‘Foreign wine investors are discov- 
ering superfine Australian wine,” Mr. 
Caitianf said. “Overseas buyers ac- 
count for about 30 percent of our sales 
by value. The' Asians, chiefly from 
Hong Kong and Singapore, are in- 
terested in the best vintages of the top 
reds.“ 

A prime target is Penfolds Grange 


Bin 95 Shiraz from the Barossa Valley, 
in the state of South Australia, which is 
probably Australia’s best-known wine. 
Shortly after its release, the 1990 vin- 
tage was ranked first by the Wine 
Spectator, an infl u ential U.S. 
magazine, in its annual list of the 
world’s top 100 wines in 1995. 

The price of the 1990 Penfolds 
Grange nas since soared. Released at a 
price of 120 dollars a bottle, it sold for 
160 dollars a bottle at Langton's 
Sydney auction in September 1995, for 
300 dollars a bottle in February 1997 
and for 430 dollars at Langton’s latest 
sale in October. 

A complete vertical set of Penfolds 
Grange, from the first released in 195 1 
to one of the last in 1991, was sold by 
Langton’s on April 1 1 for 43,500 dol- 
lars. A bottle of the 1951 vintage alone 
is currently worth about 16,000 dol- 
lars, up from 1,750 dollars in 1993. 

Other Australian wines that have 
greatly increased in value in the past 
few years include Henschke Hill of 


Grace Keyneton Shiraz 1990 from 
South Australia and Henschke Mount 
EdeLstone 1990: Mount Mary Quintet 
Yarra Valley Cabernets 1988 from the 
state of Victoria; Penfolds Bin 707 
Cabernet Sauvignon 1986 and Pen- 
folds St Henri Shiraz from die same 
year, Wynns Coonawana Estate John 
Riddoch Cabernet Sauvignon 1986, 
and l .intiftmang St George Vineyard 
Coonawarra Cabernet Sauvignon 
1986. The last four wines are from 
South Australia. 

While many buyers intend to drink 
their wine after it improves with age 
under proper cellar conditions, others 
plan to seQ for profit 

Fine vintage wine is usually easy to 
seU if it is in good condition. Home 
storage is relatively inexpensive and 
there is no capital-gains tax levied in 
Australia if the wine is classed as an 
asset for personal use and is sold for 
less than 500 dollars a bottle. 

Continued on Page 21 


A Haze of Uncertainty 
Over Tobacco Stocks 

But Analysts See Good Short-Term Outlook 


By Barbara Wall 

A S THE NUMBER of class- 
action lawsuits against to- 
bacco companies throughout 
the world continues to grow, 
many shareholders may be questioning 
the wisdom of investing in these in- 
creasingly volatile stocks. 

Japan Tobacco Inc. is the latest cas- 
ualty of the litigation war. A spokesman 
for foe cigarette maker confirmed Mon- 
day that a group of anti-smoking law- 
yers was to file a class-action suit in the 
spring on behalf of Japanese lung cancer 
patients. Unlike other targets in such 
suits, Japan Tobacco is a state-con- 
trolled tobacco manufacturer. Even 
though it was floated on the Tokyo 
Stock Exchange in 1985. the 
government has retained a ma- 
jority holding. 

An analyst specializing in 
Japanese equities said that if the 
class action was to go to trial — 
two previous individual law- 
suits against Japan Tobacco were 
thrown out due to insufficient evidence 
— it could open foe floodgates to class- 
action claims throughout the Asia-Pa- 
cific region. 

Am eri can-style class-action suits also 
have been filed in Britain and France, 
although the damages claimed by foe 
plaintiffs are a fraction of comparable 
individual claims in foe United States. 
Martyn Day, a lawyer representing 44 
cancer patients in Britain, is seeking an 
estimated £50.000 ($85,000) per client, 
while French lawyers have claimed 4.3 
million francs ($754,000) on behalf of 
two smokers. The states of Mississippi 
and Florida settled their lawsuits against 
U.S. tobacco companies for $3.6 billion 
and $1 1.3 billion, respectively. 

Whereas foe U.S. legal system allows 
for punitive damages, foe law in most 
European countries allows only for 
compensatory damages. This has kept 
liability awards against European to- 
bacco companies relatively low. 
Nevertheless, Mr. Day said share- 


holders in British tobacco companies 
were in for a rough ride. 

“In Europe, the tobacco litigation 
story has just started to unfold,” he said. 
‘ ‘The documentary evidence against foe 
tobacco industry is growing by the hour 
and the time is now right to tackle the 
industry head-on." 

The prospect of further lawsuits 
against British tobacco companies has 
not stopped investment advisers from 
recommending these stocks to clients. 
Simon Davies, an investment strategist 
with the investment managers Berry As- 
set Management in London, said he had 
been buying and holding tobacco stocks 
on behalf of clients throughout 1997. 

“Balance sheets have been hit be- 
cause tobacco companies have taken 
money out in preparation for fit cure 
claims," he said, “but generally 
speaking, the short-term outlook 
for foe British tobacco industry 
looks positive.” 

Cigarette sales in Britain have 
been contracting at about 2 per- 
cent a year, he said, but sales 
opportunities have been opening up 
elsewhere, especially in Asia, Eastern 
Europe and Latin America. 

“British tobacco stocks appear in- 
credibly cheap at present and are cer- 
tainly worth foe investment risk," Mr. 
Davies said. Britain's largest cigarette 
producers. Imperial Tobacco Co., 
maker of Embassy brand cigarettes, and 
Gallaher Group PLC, maker of Benson 
and Hedges and Silk Cut. are currently 
trading at discounts of more than 50 
percent to foe market, based on their 
price/eamings ratios. The only other 
tobacco stock listed on the Financial 
Times 100 All-Share Index is BAT In- 
dustries PLC. which is trading at a dis- 
count of 35 percent. 

But Mr. Davies warned that tobacco 
stocks, because of the risk inherent to 
their main business, probably were not a 
long-term buy-and-nold investment. 

“For those investors who are looking 
for a 15-year play, tobacco stocks are 

Continued on Page 21 


« r » . • • t . 

All You Can Eat: Restaurant Offerings From the World Market Menu 


Fast-Food Kings 
From U.S. Find 
Growth Abroad 


International outlets 

8,928 


I By Judith Rehak 

A mericans are foe world 

champions of fast-food con- 
sumption. In 1996, they spent 
a whopping $91.9 million on 
an array of hamburgers, French fries, 
pizzas and tacos, accounting for 40 per- 
cent of all restaurant sales in the United 
Stales, according to Restaurant Busi- 
ness, a trade publication. 

But even more amazing is that fast- 
food consumption in the country that 
cave the world McDonald’s. Pizza Hut 
and Kentucky Fried Chicken is slipping. 
Those mind-boggling numbers are ac- 
tually down from 1995, when fast food 
rung up $94 million, accounting for 41 
percent of U.S. restaurant sales. 

For those who would rather invest in 
last food than eat it, foe figures reveal a 
•significant trend: Like fat in some ham- 
burgers. the market is saturated. 

"The big growth is overseas,” said 
Marjorie Coeymans. a senior editor at 
Restaurant Business. “To make big 
money here, vou need the “A" lo- 
cations. and thej' ‘re all gone, » you 
have to settle for a “B" or “C lo- 
cation. where it's much more of an 

uphill battle.” _ . 

Nowhere is this more clearly reflected 
than at McDonald's Corp. Still the un- 
disputed king of the fast-food world, it 


McDonald's 

Kentucky Fried Chicken 

Pizza Hut 

Burger King 

Baskin-Robbins 

Subway Sandwiches 

Tim Hortons 

Dunkin' Donuts 

Domino's Pizza 

Dairy Queen. 

Source: Technomle. Inc. 


has seen its stock battered by some Wall 
Street analysts unhappy with its un- 
impressive returns in the United States. 

But don't count McDonald’s out in- 
vestment-wise, said foe restaurant analyst 
Peter Oakes of Merrill Lynch & Co. 

He acknowledged that foe company 
had been struggling at home, but noted 
that 63 percent of its $755 million in 
operating income for the third quarter 
came from outside foe United Stales. Of 
its 21,022 outlets at the card of 1996, 
8,928 were outside foe United States, 
according to market researchers Tech- 
nomic Inc. McDonald’s has added out- 
lets in 10 new countries this year, help- 
ing the figures swell by the end of the 
third quarter to 22,246 restaurants 
worldwide, of which 10,000 are not in 
foe United States. 

“The international component is 
growing at a much faster clip,” Mr. 
Oakes said. “The view of McDonald’s 
as a U.S. company is more an ti quated by 
the day.” 


Total outlets 
21.022 
9,863 
12,334 
8,874 
4,311 
12,516 
1,384 
4,452 
5,500 
5,716 


1996 growth abroad 

27.3% 

5.7 

12.0 

13.8 

1.2 

25.8 

15.4 

16.5 

17.6 

8.1 

ImenmijOQal Honk! Tribune 


Moreover, there is relatively little do- 
mestic competition for American giants 
overseas, where the fast-food industry is 
more fragmented. Quick Restaurants 
SA, a Belgian hamburger chain, has 
f&llen victim to consumer fears over 
“mad cow" disease, which has just 
been discovered in Belgium. Quick re- 
cently bought some former Burger King 
outlets in France, where ii does about 70 
percent of its business. 

In Japan, McDonald’s and Kentucky 
Fried Chicken Japan lead the pack, but 
there are far too many fast-food stores 
for the market size, said Kazue 
Yanagisawa, an analyst at Dresdner 
Klemwort Benson. McDonald’s price- 
cutting has hit foe third-largest group, 
Mos Food Services, which makes a Jap- 
anese version of a hamburger. In Ms. 
Yanagisawa’s view, prospects look bet- 
ter for Yoshinoya D&C Co., a less- 
expensive chain that specializes in Jap- 

Continued on Page 21 


Smells Good, but Is It Digestible? 
Check the Books, Not the Kitchen 


By Ann Brockleburst 

F OR INVESTORS with an ap- 
petite for something more re- 
fined than fast food, there is a 
gourmet selection of restaurants 
available on world stock markets. 
Would-be buyers must ensure, 
however, that foe companies that tempt 
them are as tasty as foe products they 
sell, since making food and earning 
money are not necessarily compatible. 

When assessing restaurant stocks, foe 
biggest mistake an investor can make is 
‘ ‘using his own palate and assuming it is 
the same as the average person’s," said 
Bryan Elliott, a restaurant analyst at 
Robinson Humphrey in Atlanta. “They 
need to look at sales per square foot and 
profitability levels.” 

Those who neglect spreadsheets in 
favor of menus will end up like many 
failed restaurateurs, watching their in- 
vestments turn sour. The restaurant 
business is notoriously competitive, and 
eateries listed on foe stock market come 
and go just like restaurants do. 

“Restaurants are an area for stock- 
pickers,” Mr. Elliott said. “They don’t 
trade as a group." 

Right now, he tikes Landry’s Seafood 
Restaurants Inc., which he describes as 
a smaller, growth-oriented investment 
In 1983, foe Houston-based chain was 
among the first of many U.S. restaurant 
companies to go public. Meals in its 100 


Landry 5s u.ss 


Accor Fr. haras 


restaurants average $15 per person. 

Mr. Elliott expects the stock, which 
be says has done well since its public 
offering, to return to its highs in foe mid- 
$30 range compared to foe current level 
of about $28. 

Following his own advice, he de- 
clined to comment on the quality of foe 
chain’s kitchen — which prides itself on 
using fresh, not frozen, seafood — and 
noted instead that each new Landry’s 
restaurant costs just under $2 million to 
open and generates cash flow of 
$600,000 to $700,000 annually. So- 
called casb-to-cash ratios, which com- 
pare cash invested to annual cash flow, 
are frequently used by analysts to es- 
timate a restaurant’s profitability. As- 
suming full ownership, 30 percent is 
considered a good ratio. 

One of foe more publicized food 
trends in recent years has been the return 
of the steak — and, for those who can 
afford it, the $50 steak dinner with all foe 
trimmings. One beneficiary is the Mor- 
ton’s of Chicago steak-house chain, 
which now has 40 restaurants in the 
United States and has been expanding at 
the rate of about eight restaurants a year. 
Its first overseas restaurant will open in 
foe Oriental Hotel in Singapore in 1998. 

Morton’s, which generates 80 per- 
cent of foe revenues of its parent, Mor- 
ton’s Restaurant Group foe. of New 
Jersey, faces competition from two oth- 
er high-end chains: the privately held 
Ruth’s Chris Steak Honse Inc. and foe 



Morton's U.S. 5 




Moevenpick SwJrancs 
500 


Source: Bloomberg 

Capital Grille, which is owned by Rare 
Hospitality Inc. of Atlanta. 

Andrew Barish, a restaurant analyst 
with Banc America Robertson Stephens, 
said he believed there was room for all 
of them in foe market and is currently 
recommending Morton's. 

"The company is very well run, with 
strong same store sales gains,'* he said, 
adding that it proved it could weather a 
recession in foe early 1990s. 

For the third year in a now, beef 
consumption is up in the United States, a 
reversal of the trend away from red meat 
which began- in the 1960s. Even if the 
steak falls from the pinnacle of food 
fashion, Mr. Barish said there would 
always be a market for beef eaters with 
expensive tastes. And, from a business 
point of view, steak is one of foe few 
upscale foods that can be successfully 
sold in a restaurant chain: The steak 
houses keep quality high with their lim- 
ited menus and, unlike other higher- 

Continued on Page 21 


In a Market Rout, Fund Managers Decide Which Price Is Right for Investors 


i - — * 

By C onrad de Aenllc 

O F ALL THE homages to foe wis do m 
and steadfastness of small ‘jvestore 
who bun** tough last month while 
Wall Street professionals were pan- 

i 

motets meant foal fund man- 

! SStli k i »™ id -s? s,ocks 

fLnh,&ponMosm fj n r .mon,.nS ne 


i nitude occur and fund for ^ onc s 

X SSSSSSSp^— 
-iesSSB s-Bfsai; 

S dclity Investments Int. v c \i e nt losses 

| e&SSdH&Sw 

\ 


glitches, there is never any guarantee that man- 
agement companies will keep their promise to 
buy back shares any day during market hours at 
their value at die close of trading. 

Breaking that promise could harm investors 
in two ways: If they are forced to wah another 
day for their sell orders to.be processed in a free- 
falling market, they could receive for less for 
their shar es. Perhaps worse, confidence in foe 
$3.7 trillion fund industry, one of foe main 
drivers of foe 1990s bull market, could be 
seriously undermined, exacerbating a decline. 

On Oct. 27, the day foe Dow fell 554 points, 
the tripping of foe circuit breaker half an hour 
before foe normal closing time had a mixed 
ct on funds. More investors might have 


mm. 


obliged by regulators to stop processing trans- 
actions for the day. Yet foe anticipation of 
redemption orders may have compelled man- 
agers to dump shares before foe circuit breaker 
triggered and shut them out. 

Managers faced extra pressure because they 
knew that with the market in free fall, sales of 


stocks made the next morning to cover re- 
demptions would likely be at much lower 
prices, with foe additional losses borne by 
shareholders who remained in their foods, not 
the ones who cashed out. 

Funds typically use foe closing prices of the 
securities in their portfolios to determine foe 
daily net-asset value — the price of a fund’s 
shares although they have some leeway to 
improvise in unusual market conditions. Many 
availed themselves of that loophole last month. 

“A fund company has to have a policy in 
place that protects shareholders,” said Eric 
Kohrcn, president of Insight Management, a 
financial consultancy and investment advisory 
service. That is what happened on Oct 27, he 




value pricing, where valuations are estimated 
away from the last trade.’ ’ 

Executives at several large management 
companies confirmed that alternative pricing 
methods were used, especially on funds in- 
vesting in foreign markets, where prices did not 
yet reflect foe drop on Wall Street. But they 


played down foe significance of the decline and 
foe early closing and said they thought it un- 
likely that they would need to modify their 
redemption policy. 

“We do not feel we would have had to 
suspend redemption activity and do not foresee 
having to do that in the future," said Steve 
Norwitz, a spokesman forT. Rowe Price funds. 
“Even in 1987, redemptions did not amount to 
foe level of cash reserves held by the hinds. It 
could be affected by pricing of relatively il- 
liquid securities, or delays in international set- 
tlement procedures, but generally we don’t see 
it as a problem.” 

Circuit breakers exist in several other mar- 
kets and were activated during foe last week of 




less difficulty for fund providers outside the 
United States because fond ownership is not as 
pervasive, daily reporting of fund prices is not 
universal and pricing procedures are more flex- 
ible. 

“We value a stock not always at its closing 
price but at a price we think is realistic based on 


circumstances,” said Dean Buckley, chief in- 
vestment officer in Europe for HSBC Asset 
Management. 

' “We talk to foe marketplace and get a best 
guess on what a stock is worth,” he added. ‘ ‘If 
circuit breakers come in and trading is sus- 
pended, it is only suspended on foe order book. 
You can always get an indication price.” 

There are few qualms at funds outside the 
United States about postponing the processing 
of redemption orders in unsteady markets. 

‘."If you have reason to believe you can’t give 
a valid price, by that stage you ’re moving on to 
forward pricing," said Daniel Godfrey, a 
spokesman for foe British fond manager Robert 
Fleming. "You get foe next price calculated. 


for a day until we get accurate information, but 
we’ve never had to do it.” 

Flemings went to forward pricing on all its 
funds during foe two days after the Dow's 
spectacular drop. Investors who called to buy or 
sell on one day got a fund’s price at foe close of 
business foe next day. 





PAGE 20 





















































































































TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 15-16, 1997 


PAGE 21 


Q&A: /Yves Cochea, BBL Invest Food & Beverages Fund 

Something That’s Solid Even in Bearish Times 

B ^fs“an£ nfTi & Beverages ference in the consumer's eyes is not the 
tametinl ihn 1^®! f ltnds content but the process: marketing and 
SC? tSSLS* selling. Success ismt about size, but 


B BL INVEST F ood dr Beverages 
t “™. of lhe f**’ retail funds 
targeting the food and drink 
industry Worldwide. Yves 
t-ocnez, who manages thefiwd, a Lux- 
embourg-based Sicav run by Banque 
.Bruxelles Lambert of Belgium.!™ 

x7^tZt ,ry ' ! pmspec,s 

- . 9* ? ome marlcet strategists have said 
•it is nme to switch out of consumer- 
. growth stocks and into cyclicals. Are 
r food and dnnk stocks yesterday’s in- 
. ' A. Certainly not. First of all, food and 

•beverage companies have underper- 
I tr, formed their local markets for the past 
l : five years. With the Asian currency 
.crisis and questions surrounding the im- 
•plementation of the single European 
•currency, and the tight fiscal and mon- 
• etary policies tied lo ihis. it is unclear 
; whether growth is going to pick up 
. significantly (which would be relatively 
; beneficial ro cyclical industries.) 

TTie sector has plenty of other thing s 
■to oner investors: nigh growth potential 
;in emerging markets, restructuring, re- 
focusing, predictable earnings cash- 
;flow generation, share buybacks, a bet- 
ter pricing environment. 

Furthermore, an industry like soft 
.drinks can be perceived as partly cyc- 
, - lical, as it has been shown that con- 
I sumption is really dependent cm per- 
■ capita gross domestic product growth. 

I Q. How can you spot companies that 
•will outperform others in their sectors? 

A. These industries are highly cap- 
.jtal-infensive, so volume growth is vety 
‘important. Consumer-goods industries 
!are also about marketing mix: pricing, 
■promotion, placement, product The dif- 


ference in the consumer's eyes is not the 
content but the process: marketing and 
selling. Success is not about size, but 
about spending money efficiently. 

Q. Companies in these industries are 
supposed to make good defensive 
stocks. If world markets are entering a 
bear phase, taking economies with 
them, mil these stocks hold up better 
■ than most? 

A. Yes, for several reasons: relatively 
predictable and stable earnings growth; 
solid, free cash flow; favorable com- 
modity trends; strong share repur- 
chases, at least in the U.S.; restructuring 
savings. 

Q.What are some of yoqr favorite 
stocks now and why do you like them? 

A. Nestle SA has superior funda- 
mentals but lower valuation, compared 
to its international peers. Restructuring 
costs have been taken and have helped 
margins; only the beginning of these 
measures is reflected in the stock 
price. 

Unilever is further down the road to 
restructuring its portfolio according to 
the principles of value management. 
[After divesting] its specialty-chemical 
business, Unilever has £2.8 billion net 
cash ($4.76 billion), allowing large ac- 
quisitions together ’kith sustained in- 
vestment in emerging markets. Unilever 
is one of the European businesses which 
has built a sustainable competitive ad- 
vantage and looks capable of higher 
returns. 

Campbell Soup intends to spin off 
several businesses with -revenues of 
$1.4 billion. The remaining parts should 
have a higher growth rate in the future. 
Impressive financial ratios should bol- 
ster multiples. Campbell also has set a 
goal of 25 percent or sales coming from 






& - & 


Mr. Cochez: "Success is not size, 
but spending money efficiently." 

products introduced in the last three 
years. 

Sara Lee is changing its business 
model by disposing of manufacturing 
assets and focusing on developing and 
marketing brands. It announced that as- 
set sales would generate $4 billion in 
three years- Return on capital is ex- 
pected to increase from 16 percent to 
over 20 percent due to restructuring. 

Q. How do yon know when it's time 
to sell? 

A. If earnings momentum is positive, 
we tend to stick with a stock. Certainly, 
specific elements can dampen a stock 
performance, like Asia ana the Grand 
Metropolitan PLC-Guinness JPLC 
merger in the case of LVMH Moet 
Hennessey Louis Viritton, which we 
sold recently. 

Q. There have been notorious ex- 


In the Distance, a Haze Hangs Over Tobacco Stocks 


Continued from Page 19 

■ probably not a sensible option," he said. 
"A lot can happen in this time frame and 
•the outlook for tobacco stocks over the 
; longer term is not particularly favorable. 
Even sales opportunities in the emerging 
'markets will dry up sooner or later. ” 

- He added. “If investors were to take a 
; five-year view, however, they would be 
'buying fairly reasonable businesses." 

The future of U.S. to- 
bacco stocks is largely 
dependent on whether 
members of Congress 
decide to adopt a 
$368.5 billion national 
tobacco agreement that 
would end most of the litigation against 
the industry in exchange for new cig- 
arette regulations. If the settlement is 
accepted, lawsuits pending in 38 states 


Phce/eamings ratio tor tobacco stocks 
us. market P/E DIE UnA-t DIE 


Market P/E 

63.48 



m ' 


Japan Tobacco 
Imperial Tobacco 
Gallaher Group 
BAT Industries 
Philip Mom's 
R. J. Reynolds* 

Source: Bloomberg 


will be dismissed and the states will 
share the settlement fund. 

Roy Burry, a tobacco analyst at Op- 
penheimer & Co. in New York, said he 
thought the settlement would be adopted, 
bin that a rejection would not necessarily 
spell disaster for UJS. tobacco stocks. 

"If the settlement is passed into law. 


U.S. tobacco-company earnings will 
fall because the industry will have to 
fund the settlement by putting up prices 
and this will invariably impact on con- 
sumer demand," he said “However, 
the new law will eliminate a major neg- 
ative and stock valuations will almost 
certainly go up." 

“If the settlement is not adopted,' ’ he 
added, “each lawsuit will be tried in the 
time-honored fashion and tobacco 
stocks will continue to perform errat- 
ically. The matter will eventually be 
resolved in the tobacco industry’s favor 
and stock valuations will gradnally start 
to improve over time.” 

Many analysts have been recom- 
mending U.S. tobacco stocks on the 
assumption that the settlement will be 
adopted. David Adleman, a tobacco ana- 
lyst with Morgan Stanley in New York, 
said he liked Philip Morris Cos., maker 


of Marlboro cigarettes, because it was 
the biggest and fastest-growing U.S. to- 
bacco company. He said R. J. Reynolds 
Tobacco Co. also represented good 
value and was being sold on the strength 
of a future spin-off from its parent com- 
pany, Nabisco Holdings Corp. 

But Mr. Day said he doubted that 
adoption of the tobacco settlement 
would eliminate the risk of future claims 
against U.S. tobacco companies. 

“Lawyers are incredibly inventive." 
he said. “Many are already exploring 
imaginative ways of getting around the 
terms of the settlement." 


Till W:VT 


amples of stocks, especially of restaur- 
ant operators, trading at extreme valu- 
ations, then plunging. Why are these 
businesses so hard to gauge? 

A For such high-growth stories, 
earnings are difficult to predict. The 
problem is that restaurants seem to ma- 
ture faster and hit a wall more quickly. 
Problems are also more difficult to fix, 
as the concept might be in question. 

Q. The best minds at Grand Met and 
Guinness, which are about to merge, 
could concoct no better name for the 
new entity than Diageo PLC. Will bet- 
ter things come out of merging these 
two food and drink powerhouses? 

' A There are several rationales for the 
merger and we believe this move makes 
a lot of sense: a complementary and 
braid product and brand range, greater 
geographic breadth, enhanced market- 
ing capability, greater cost efficiency 
and financial capacity to develop the 
businesses. 

Q. Do you own either of the stocks 
and will you own Diageo? 

A. I own both of them and I intend to 
be invested in the new company. 

Q. Does the merger herald other com- 
binations in the industry and is there an 
expectation of them priced into shares? 

A Further consolidation seems very 
likely on a one- to two-year- view, even 
if it is clearly difficult to predict In our 
view. Allied Doraecq PLC’s current 
share price does not factor in any sig- 
nificant benefit from its possible par- 
ticipation in spirits -industry consolid- 
ation. In Allied Domecq's case, the best 
fit is probably with Seagram Co., but 
closer ties to Remy Cointreau should 
have some attractions in terms of 
brands, scale, cost savings and geo- 
graphic complementarity. 


American Express Offers 
Array of Funds, in Canada 

American Express Co. has joined 
.with Affinity Group Inc. of Canada to 
begin offering its Canadian cardholders 
the opportunity to buy more than 400 
leading mutual funds. 

American Express, through its 
wholly owned American Express Fi- 
nancial Services unit, will oner card- 
holders in Ontario the opportunity to 
buy mutual funds such as AGF Man- 
agement Ltd., Alramira Investment Ser- 
vices Inc.. Fidelity Investments, Spec- 
trum United Mutual Funds Inc., AIC 
Ltd. and Trimark Investment Manage- 
ment Inc. If the Ontario program suc- 
ceeds, it will be extended to Canada's 
other provinces. 

American Express is the latest non- 
Canadian financial-services firm to ex- 
pand in Canada as the sector opens up to 
competition from abroad. This month, 
ING Group's Canadian unit acquired 
Associated Financial Planners Ltd., a 
fund management company in Water- 
loo, Ontario. ING entered the North 
American banking market in April by 
launching ING Direct in Canada. 

“American Express is a limired of- 
fering right now and it's designed to see 
if there's consumer interest, which our 
market research shows exists,” said 
David Barnes, an American Express 
spokesman. 

The new program is the New York- 
based financial and travel services gi- 
ant 's first major expansion in Canada. In 
the United States, American Express 
Financial Advisors, which sells mutual 
funds and life insurance, manages assets 
of S 1 72 billion, making it one of the top 
10 U.S. money managers. ( Bloomberg ) 

In U.S., Equity Funds 
Are the Main Attraction 

U.S. mutual fund investors added an 
estimated net SI. 32 billion to equities 
funds in the one-week period ended 
Monday, according to an industry re- 
port. 

That is less than half what went into 
equity funds the previous week, when 
an estimated $3.57 billion was invested 
in stock funds, according to Trim Tabs 
Financial Services Inc. of Santa Rosa, 
California, which tracks mutual fluid 
money flows. 

Investors withdrew cash from inter- 
national stock funds for a fifth straight 
week. A net 51.56 billion was pulled 
from international stock funds in the 
Week ended Monday. Trim Tabs said. 

By contrast, an estimated $1.89 bil- 
lion was invested in conservatively 
managed “growth and income” equity 
funds and about $125 million was 


pulled from ‘ ‘aggressive growth” stock 
funds. Trim Tabs reported. 

Junk-bond funds attracted a net $$60 
million in the latest week. Trim Tabs 
reported. Government-bond funds had 
outflows totaling almost $45 million in 
the latest week, and about $420 million 
was removed from municipal-bond 
funds in the latest week, according to 
Trim Tabs. (Bloomberg) 

You’ve Read the Article, 
Now Read the Books 

In his Nov. 8-9 column, entitled “In- 
vesting by the Book," James Glass man 
warmly recommended seven of his fa- 
vorite books on the stock market and 
investment theory. This prompted an 
alert reader in Rome to write and ask, in 
effect. “If these books are so great, how 
about providing publication informa- 
tion so that those of us based outside the 
Anglophone world can get them?” 
Good question. Here is the answer 

• “The Intelligent Investor. A Book of 
Practical Counsel,” by Benjamin Gra- 
ham. Hardcover, 340 pages. Harper- 
Col tins, 1997. 

• "A Random Walk Down Wall 
Street,” by Burton G. Malkiel. Paper- 
back. W. W. Norton, 1996. 

• “One Up on Wall Street,” by Peter 
Lynch and John Rothchild. Paperback, 
318 pages. Penguin USA 1990. 

• “Beating the Street,” by Peter Lynch 
and John Rothchild. Paperback, 332 
pages. Fireside, 1994. 

• “Learn to Earn: A Beginner’s Guide 
to' the Basics of Investing,” by Peter 
Lynch and John Rothchild. Hardcover. 
272 pages. John Wiley & Sons, 1997. 
Also published in paperback by 
Fireside. 1996. 

• “Common Stocks and Uncommon 
Profits." by Philip A. Fisher. Paper- 
back, John Wiley & Sons, 1996. 

• “The Only Investment Guide You’ll 

Ever Need.” by Andrew Tobias. Re- 
vised and updated edition. Paperback. 
Harcourt Brace, 1996. (IHT) 


Correction ■ 

The Nov. 8-9 edition of the 
Money Report inaccurately report- 
ed the performance of the Neuber- 
ger & Berman Partners Fund, which 
declined 3.88 percent between SepL 
19 and OcL 2 1 . The fund traded Ocl 
3 1 at an average price of $3 1 .74. We 
apologize far any inconvenience. 


E-mail address: moneyrep® iht.com 



Hearty Deals in Australian Red Wine 


• Continued from Page 19 

^ Langton's holds 16 auctions a year, 
'about once every three weeks. TTiey 
1 generally alternate between Sydney and 
'Melbourne, but are also held else- 
' where. 

I On Nov. 22 at tbe Cape Mentelle 
'winery, in Margaret River in Western 
.Australia, Langton’s, in association 
•with Christie's, will hold an auction of 
[wine from the southwestern parts of the 
•state to mark the 30th anniversary of 
’fine- wine-making there. More than 
i 4,000 bottles, as well as 15 imperials 
‘and 97 magnums, exclusively from 
[private stocks, will be offered for sale. 

• * ‘This auction illustrates the extraor- 
dinary inroads that 10 relatively small 
▼■wineries have made in the past 30 years 

'on the national and international wine 
[market," Mr. Caillard said. 

• Buyers pay a premium of 10 percent 
[ of the" sale price and sellers pay a premi- 
um based on the wine's value but av- 
ieraging from 15 percent to 22 percent 


The wine must be in immaculate con- 
dition to achieve its full price potential 
at auction. A tom, partially eroded or 
missing label, for example, can rob the 
wine of up to 40 percent of its value. 

A reputation for consistent quality 
seems to be the key to choosing a wine 
that will appreciate in value. 

“If you're investing, you have to buy 
wine with a track record,” said Stephen 
Lumb, an auctioneer in Adelaide. “You 
have to go with wines that have' a strong 
brand name and a consistent record at 
auction. People should buy ou name, 
vintage and grape variety.” 

Langton’s recently published the 
second edition of its Classification of 
Distinguished Australian Wine. The list 
ranks the best-performing Australian 
wines on the auction market and is not, 
as some experts caution, a definitive 
guide to quality wine in Australia. 

For further information: 

REFERENCE BOOKS: The folkming beaks lift leading wine- 
maker* and me then nki and vintages 
■ AuriraJu* New Zetland Wine Campanian. 1998 Edition, by 
Jarna HiHtday, 


• 1998 AMndian Wine Annual, by Jeremy Oliver. 

> Lenglen's Grade to Anuraicm Wine Investment. 10 be pob- 

b*bcd Nw. 22. 

THE AUSTRALIAN WINE CENTRE LTD. 21a Southka 
Read, Drabbet. Beriuhsn, SL3 9B Y, Bnuia. offer* mail order in 
Britain of a wide range of Australian wine. TeL44 1 753 544546. 
E»jc 44 1753 591369. E-mail' salci ffa nawincAiaonxauk. 

Web Me. arwwjaHTalian-ame.eo.uk. 

RECENT RELEASES OF PENFOLDS. WYNNS. 
UNDEMANS AND COLDSTEAM HILLS can be bough: 
through the Anaiabu company lhal owns them. Soudmnp 
Wines Prv. The comma 's Nonh American office is at W 
Garden Carat. Suite 220. Monterey. CdtTomk 93946. U.S.A. 
Tefal 408 655 4848. Fax- 14086550904 The European office 
is at 12 Kiqg St_ Richmond. Surrey TW9 IXD.Briam. Tel: 44 
181.334 2000 Fax: 44 181 332 0*37. Tbe Auan office B at 1 
GofcflullPtaza«E-3I.GoJdbiJJ Plaza Paduan Block. Singapore 
308899. Tit fiS 256 1 132. Fw 65 2563968 
RECENT RELEASES OF HENSCHKE can be bought through 
the rotkwmg dealer*' 

• Britain: Lav and MteehrL&L 1 17 Gosfaccfas RtoA Gosbects 
Park. Qdchester, Essex C029JT.Tet44 1206764446 Fax: 44 
1206 560002. 

a Haded States NLgnrrnffii USA, 1862 El Centro Avcare. 
Naso. CaHomie 94558. Tel: 1 707 259 0993. Fax: 1 707 259 
1510. 

■ Horn Kw: Otivjca Hong Kmc Lid, Food & Wine Division. 
Ihat 1007 A. BlodLB. Sea View Estate. 2-8 Watson Road. North 
Mat. Tel: 852 2578 3221. Fax: 852 2566 2QW. 

RECENT RELEASES FROM SMALLER VINEYARDS con 
bepmdaxed: 

• dimly from tbe addresses and contact numbers listed or tbe 
Ualbday and Oliver books. 

■ dnoosb tfet Asaodanoit e# Aastmban Bourque Wine -makers 
fac.24 Buckmeham Street Surrey HUIa. NSW 2010. Attsnlu. 


fat. 24 Bnckmeham Street. Surrey Hills. NSW 201 0. Australia. 
Tet 61 2 9319 7866 Fav 6] 2 9319 7877. E-raaiL 
bouni|tiegmagiaeomjm Web rite: bnp^wa-a,Jxnmquew- 


Growth Abroad for Fast-Food Kings 


* Continued from Page 19 

■unese-sivie fast food and is faring better 
1 in the country’s weak economy. . 

| Still, the fast-food world abounds with 
talcs or entrepreneurs who come seem- 
ingly out of nowhere to i build an empire. 
•The honest stock on the Madrid Stock 
: 1 Exchange this year was TelePizza S A, a 
tt -venture of two young Spaniard; that has 
V-Trc than tripled from its imtial mibhc 
.'XrinTprice of M® pesetas (fl6) a 
year a so io 10.550 pesetas on 
;* The" spectacular run-up has not dis^ 
•coumgedMaria Castrpviejo of Panbas 
laptol Markets in London, who is 


sticking with her “buy” rating. 

“They have delivered better than 
promised earnings and sustained 
growth, 1 ’ she said, noting that operating 
profits soared 48.8 percent in the first 
nine months of this year. TelePizza had 
the “right idea at the right time,” she 
said, just as fast food is catching on in 
Spain, but focusing on home delivery. 
“That sits well with social and cultural 
tradition, where families have a meal 
together ax home,” she said. 

Even in the overcrowded U.S. mar- 
ket, pizza can still be a hot concept. 
Topping several analysts’ buy lists, is 
Papa John’s International, which has 


found a niche among pizza fanatics with 
gourmet tastes by using premium qual- 
ity mozzarella cheese and tomato sauce. 
Its third-quarter earnings were up 39 
percent over a year ago. 

A newly public U.S. fast-food com- 
pany, Tricon Global Restaurants Inc., a 
spin-off from PepsiCo that owns Pizza 
Hut, Taco Bell and KFC, as Kentucky 
Fried Chicken is known, is going global. 
KFC will add 150 restaurants to its 191 
in China by the year 2000. David Tross- 
man, an analyst with BT Alex. Brown & 
Co., expects its U.S. restaurants to grow 
by only 1 percent annually, compared 
with 8 to 10 percent overseas. 


Proof of the Pudding? It’s in the Books 

Pape 19 Robin Seydoux, a Credit Suisse First enues than at Mocvenpick, tbe compa 

Continued from r g Boston analyst, predicts a major re- 


Boston analyst, predicts a major re- 
structuring for Moeveopick soon. He 


— uwoiuu j - — 

• need not rely on structuring for Moeveopick soon. He 

'priced restaurants, incy does not believe its major shareholder 

|a temperamental chet* restaurant will continue to let it languish and even 

* Finding a non-ms-w® n w if he decided to sell, Mr. Seydoux said 

| block is more difficult in ^ tfiat ^ w0U Jd likely “first try to max- 

, Swiss company Mra ven P"J’: ts revenue imize the return on nis investment.” 

i ’rives more than 50 p^rcem on ^ hote ^ Another European company in- 
T Ifrom restaurants and the rest u vo i ve d m restaurants, holds and gour- 

' -and gourmet ice crcam ^; n ni V sts are met food is Accor SAof Pranoe, which 
lone possibility. But mnB> owns the Lenotre rastry brandy among 

•beamhabout the stock.^J ^ ets other things.^ While food ari Irestamants 
trolled by one shareholder ana s account for a far smaller share of rev- 

from a lack of liquidity. 


enues than at Moevenpick, the company 
is also a much stronger performer. 

Nick Be van, an analyst with 
Deutsche Morgan Grenfell in London, 
says Accor’s strong stock market per- 
formance of the last six months nad 
been helped by the drop in value of the 
French franc. 

For further information, consult the 
following Web sites: 

• brtp^a-wwjnoriraacoai • 

■bttpdiftwwv jau wc up ic L oBiB 

-faop^invaijBMirnflr 




twmtisl 





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is our core 
business. 


At Bank Julius Baer private bank- 
ing has been our core business 
since 1 890, serving generations 
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You benefit therefore from the 
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Wealth management is our 
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Sports 


PAGE 22 



SATURDAl’-SlINDAV, NOVEMBER 15-16. W97 . } f flW 

' » Iff* ►** _ 


World Roundup 


Back to Wednesday 


soccer Six years after be 
angered fans by walking out on the 
club to move to Aston Villa, Ron 
Atkinson returned Friday as man- 
ager of Sheffield Wednesday. 

Atkinson replaces David Pleat 
who was dismissed by the struggling 
English Premier League dub last 
week, Atkinson, 58, had a successful 
first spell at Hillsborough, guiding 
Wednesday to promotion to the 
Premier League and a League Cup 
final victory over United in 1991. 

But be riled the Wednesday fans 
when he quit the dub to join Villa 
later that year only days after say- 
ing be was staying with the Shef- 
field clnb. Atkinson was fired by 
Villa after three years and moved to 


Coventry, where he was in charge 
ling the 


for a season before becoming 
dub's director of football- He left 
that role during the summer. (AP) 


No New Home for Twins 


Minnesota Twins of- 
ficials are wondering if anything 
can be salvaged from a s tunning 
defeat of proposed ballpark financ- 
ing in the Minnesota House. 

Meetings with Govenor Arne 
Carlson and key lawmakers were 
next on the team's agenda. Bat the 
Twins’ president, Jerry Bell, was 
not optimistic after the 84-to-47 
rejection. “It certainly appears to 
be over,” be said. 

The plan the House rejected 
would have financed the stadium 
through what supporters railed user 
fees — a 4 percent surcharge on 
player salaries over $150,000, im- 
posed parking fees, an admissions 
tax and a sales tax at die stadium. 

Representative Loren Jennings 
suggested a domino effect for ma- 
jor league sports in die state, say- 
ing: “Yon saw professional base- 
ball die in Minnesota. You will see 
professional hockey fell, you’ll see 
professional football fail. ’ ’ (AP) 


A Big Day for Rugby 


rugby It is almost as if the 
World Cup has come two years 
early. Rugby union’s southern 
powerhouses — New Zealand, 
South Africa and Australia — are in 
Five Nations territory Saturday to 
meet Ireland, France and England 
in test matches. On Sunday, Wales 
is host to Tonga. 

But one of the biggest names in 
die game will be watching instead 
of playing. After 91 tests in 11 
years, the All Black hooker Sean 
Fitzpatrick has been ruled out by 
injury. 

Such is the strength of the All 
Blacks that there’s also no spot for 
Jonah Lomu, the sensation of the 
1995 World Cup. But Coach John 
Hart hinted that Lomu’s return to 
the first team as he continues his 
recovery from a kidney ailment 
could be sooner than predicted. “It 
might well happen on this tour,’ ’ he 
said. (AP) 





All Blacks’ Tana Unu 
and Jonah Lomu in 


a, left, 
lublin. 


‘Nice Guy 5 Sampras Clobbers Rafter 

Henman Breezes In to Beat Kafelnikov and Then Breezes Out 


By Ian Thomsen 

International Herald Tribune 


H ANNOVER, Germany — Pete 
Sampras seems like a nice 
enough guy, as does Michael 
Jordan. But at times their hearts are 
hollow and boiling like Lucifer’s caves. 
That’s a fact, and you wouldn't hear 
quite so much about them otherwise. . 

Sampras affirmed that quality in the 
ATP Tour World Championship, the 
season-ending S3J million event lim- 
ited to the world's top eight players. 
Sampras is the defending champion 
seeking to win it for the fourth time. 


“He just loves to play me, I think. He 
just loves my style of game,” Rafter 
said after his ticket to the semifinals had 
been yanked out of his hand. He had 
begun 10 months ago ranked No. 62 in 
the world, so he was Dying to take pride ■ 
in the year. 

Sometimes, however, the ladder 
rising from No. 62 to No. 3 must seem 


Teh ms 


He is assured of finishing No. 1 for 
nd the i 


routines 


the fifth year in a row, and 
must bore him at times. 

' After starting badly this week, he had 
to win his final round-robin match 
against No. 3 Patrick Rafter to advance 
to the semifinals. 

Sampras also knew that Rafter, un- 
able to beat him in their last seven 
meetings, needed to finagle only a set to 
go with him into the next round. 

Well, Sampras beat the poor Aussie, 
6-4, 6-1, in exactly an hour. Sampras 
won all 22 of the points decided on his 
first serve. 

Afterward it was all he could do to not 
break out laughing, he was so happy. 

Jordan and the other great competitors 
are the same way. Here was Sampras, 
cornered by the U.S. Open champion 
who didn't necessarily even want to beat 
Sampras — just wound him slightly — 
and Sampras clobbered him. 

These are the victories that make a 
predator's life worth living. 


shorter than the final two rungs waiting 
above him. 

Sampras, with his 10 Grand Slam 
titles, seems so much the senior player, 
but at 26 he is just 16 months older than 
Rafter. 

Does Rafter possibly show him -too 
much respect? 

“Too much? Maybe. How could you 
not have a lot of respect for a guy like 
that, though,” Rafter said. 

After the match, Sampras said: 
“When the pressure is on sometimes, 
you're a little bit more eager, a little bit 
more motivated. This' is where I'm at. I 
had to win these last two matches and I 
did, so I’m still around.” 

In the semifinals. No. 7 Carlos Moya 
of Spain — who upset Sampras on the 
opening day of round-robin play — will 
face No. 6 Yevgeni Kafelnikov, the 
Russian who said he was playing his 
best tennis of the year Thursday in ob- 
literating Michael Chang in just 15 
games. 

The other semifinal will involve Jo- 
nas Bjorkman of Sweden, who is turn- 
ing this week into a scouting mission. 
On Saturday, Bjorkman will meet 


Sampras. He earned that righr with his 
6-4, 7-5 victory over Chang. 

In a couple of weeks the three of them 
will do it all over again in Gothenburg 
when the Swedes pby host to the United 
Slates in the Davis Cup final. _ 

On Friday evening, Kafelnikov fin- 
ished his round-robin schedule with a 
slightly eccentric 6-4, 6-4 lossto No. 17 

Tim Henman, a last-minute replace- 
ment for Sergi Bnzguera of Spain . 
Bmguera withdrew from the champi- 
onships earlier in the day because of a 
lower-back injury. 

Henman just so happened to be in the 
middle of his own national champi- 
onships. in Telford, England. 


He' won that match early Frid ay af- 
front 


temoon, caught a private plane 
Birmingham to meet the Russian and 
kept the plane waiting to bring him brack 
home for the British semifinals Sat- 
urday. 

The lure for Henman was $100,000 if 
he beat Kafelnikov plus 80 points to- 
ward his world ranking. But it meant 
that wi thin a few hours he was playing a 

world and a national championship cm 
different surfaces in different coun- 
tries. * _ 

In the meantime Felix Mantilla of 
Spain, ranked one place higher than 
Henman, was complaining that he 
should have been the one flying in a 
private plane to Hannover. 

Officials of the Tour claimed they 
offered the match to Mantilla but never 
heard back. 

The world spins faster and fester. And 
— all together now — it’s aQ because of 
television. 



Sampras taking control Friday to set up a semifinal with Jonas Bjorkman, 



A Wholly Weekend for Cup Hopefuls 





By Peter Berlin 

International Herald Tribune 


Unmn/Thr Woojlnl Pi™ 

Italy’s Fabrizio RavaneMi kidring the bah around with teammates on Friday. 


P ARIS — Nerves that have been 
stretched to the breaking point 
over 20 months and across four 
continents will be given (me last, cruel 
tug this weekend- 

During two days of agonizing tension 
for soccer players, coaches and fans, 
seven national teams that keep their 
nerve win book themselves places in the 
World Cup finals in fiance next sum- 
mer. 

“L am taking tranquilizers,” said 
Miroslav Blazevic, Croatia’s veteran 
manager. “Fm eating very little. What 
keeps me going is chocolate.” 

And Blazevic’s team is one of the 
best placed this weekend. It starts the 
second leg of its playoff against Ukraine 
in Kiev on Saturday, leading, 2-0. In the 
three other playoffs for teams thar fin- 
ished second in European qualifying 
groups, Hungary goes to Yugoslavia 


trailing, 7-1; Italy entertains Russia in 
Naples, and Belgium is host to Ireland in 
Brussels. Both of those playoffs are 
‘locked at 1-1 . 

Japan and Iran, the runners up in 
Asia's two qualifying {props, meet in a 
one-match playoff in Johor Bahru, 
Malaysia. In the final-round of matches 
in South America's qualifying group, 
Chile, Ecuador and Peru are vying to 


Argentina, Paraguay and Colombia 
iiualifie 


World Cup Soccer 


Hurricanes Finally Stirring Up Some Wind 


The Associated Press 

The Carolina Hurricanes are finally 
starting to live up to their nickname. 

After a 1-7-2 start, tibeir 4-2 victory 
Thursday night at Calgary gave the Hur- 
ricanes their third straight triumph and a 
7-2-1 record in their last 10 games.' 

“The primary reason is chemistry — 
we’ve got some good line combinations 
going now," said Keith Primeau, who 
scored two goals. 

Primeau ’s second goal, at 8:33 of the 
third period, was the game winner. It 


ennan opened the scoring, assisted on 
his club's second goal and scored into 
an empty net for the defending Stanley 
Cup champions. 

Avalanche 2 , Flyers 1 Patrick Roy 
made 30 saves and Uwe Krupp scored 
the winning goal in the second period as 
Colorado won at Philadelphia in a battle 


NHL Roundup 


ttnrfl penod, was the game winner, it 
was Carolina’s second power-play goal 
of the night, and it came with Sandy 
McCarthy sitting in the -penalty box — 
for slashing Primeau. 

Carolina got spectacular goaltending 
from Sean Burke, who turned in his 
second consecutive start — and victory 
— since returning from a layoff after 


between two division leaders. Krupp ’s 
shot through a screen was set up by 
Mike Ricci midway through the second 
period. Roy blanked the Flyers on four 
power plays and made a glove save on a 
shot by Eric Lindros late in the second 


period. It was the third straight victory 


being charged with assaulting his wife, 
finis 


He finished with 30 saves. 

R®d Wngi 4, Sen a t o r* 2 Steve Yz- 
erman had two goals and an assist to 
lead Detroit to victory in Ottawa. Yz- 


the Avalanche. 

Capital* a, H ahn s 2 Goal tender Olaf 
Kolzig continued his stellar season, 
stopping 23 shots as Washington won at 
Buffalo. Peter Bondra’s goal with 15:32 
to play was the game- winner. 

Mapls Leaf* 2, Plwc hfi a wrl ti 1 Igor 
Korolev and Mats Sundin scored first- 


leff Shantz scored for the Blackhawks, 
who dropped their second decision in 
three nights to the Maple Leafs. After a 
five-game winning streak, the Black- 
hawks are 0-2-1 in their last three. 

Bhws 4, Brains 2 Brett Hull scored his 
10th goal and added two assists to lead 
SL Louis over Boston. Hall has two 
goals and five assists in his last two 
games after failing to record a goal or an 
assist in the previous six. 

CmumBum s, coyotes 2 Brian Savage 
had two goals and an assist while 
Jocelyn Thibault made 35 saves as 
Montreal beat Phoenix for its seventh 
consecutive victory. It via s also the fifth 
straight road triumph for the Canadiens 
— the first time they have accomplished 
that since 1989 — as they improved 
their league-best road record to 8-1. 

Kings s, Sharks 3 Yanic Perreault 
scored twice, and a defenseman, Garry 
Galley, spapped a 17-game drought 
with his 100th career goal as 
Angeles beat visiting San Jose. 


Los 


secure the fourth and last qualifying 
place. In the northern half or the con- 
tinent, Jamaica needs to draw at home 
against Mexico to edge out El Salvador, 
which plays the united States in 
Foxboro, Massachusetts. 

Japan and Iran have both fired 
coaches already this fell. Iran seemed to 
have first place in its group locked up, 
but then went winless in its last three 
games to allow Saudi Arabia to take fint 
place. During that collapse. Coach Mo- 
hammed Mayeti Kotaan was fired. 
Valdir Vieri, a Brazilian, took over, 
becoming the first foreign head coach of 
the Iranian team since 1979. 

After Japan staggered through its 
early group matches. Coach Shu Kamo 
was replaced by his assistant, Takeshi 
Okada. Japan then gained an unlikely 
victoiy over the group's winner, South 
Korea, in Seoul, ana thrashed Kaza- 
hkstan, 5-1, to finish second in die 
group. 

Bur both coaches know that defeat on 
Sunday will not mean elimination from 
the World Cup. The loser will have one 
last chance in a two-match playoff 
against Australia, (he winner of the 
Oceania zone. 

El Salvador needs to win in the 
United States on Sunday and hope that 
Jamaica loses to Mexico. Rene Simoes, 
Jamaica’s Brazilian coach, knows the 
stakes: “I’ve already packed my bags. If 
we don’t qualify I’ll have to get out." 

South America's qualifying process 
has demonstrated once again that fa- 
miliarity breeds contempt, not to men- 
tion feuds and fights. All ten entrants 
were lumped together in one group to 
fight for four places. That meant 18 
matches for each country, interrupted 
by a fiery edition of the Copa America, 
die regional international tournament. 


have already qualified. Chile lies fourth 
in the group, ahead of Peru on goal 
difference and of Ecuador by a point 
Chile entertains Bolivia, Ecuador visits 
Uruguay, while - Peru is host to 
Paraguay. Chile was banned from the. 
1994 World Cup after an incident in a 
qualifying match in Rio for the 1990 
finals. Chile was losing when a flare 
landed near its goalkeeper, Roberto Ro- 
jas, who promptly faked a head injury 
and forced the match to be abandoned. 
Chileans felt cheated, and 72,000 of 
them will be crammed into the stadium 
in Santiago on Sunday. Expect more 
fireworks if things go wrong. 

Italy has sought to give itself every 
advantage against Russia by playing in 
Naples, in front of its most passionate 
fans. The two teams drew. 1-1, in the 
snow in Moscow lOdaysago. Italy may 
feel the atmosphere beside the Medi- 
terranean turn suddenly chilly if things 
go wrong on Sunday. 

The result in Russia presents Italy's 
coach, Cesare Maidini. with a dilemma. 

If the aggregate scores are level, the 
team that has scored the most away 
goals will win, A draw will put Italy 1 
through, but only a 0-0 draw. If the / 
teams finish 1-1 again, they will play r 
sudden-death overtime and, if neither- 
scores, move to a penalty shoot-out. 

Maidini replaced Arrigo Sacchi in the 
summer of 1996 because the players and 
fens had grown sick of Sacchi's non- •. 
Italian pressing style of play, his tactical 
adjustments and player switches. Pima 
Maidini handed ms players the security 
blanket of the cautious, defensive ap- . - 
proach they had learned as children. - 

Italy was unbeaten in its qualifying - ' 
group, but played three 0-0 marches, 
which allowed England to pinch first 
place. If Maidini selects a team designed - 
to gain another 0-0 draw, he might haw 
no answer if the talented but unpre- J 
dictable Russians score. The Italians f ‘ 
would then need to score once to force a 
penalty shoot-out and twice to win out- 
right . 

Georges Leekens, Belgium's coach, * 
refuses to contemplate a 0-0 draw 
against Ireland in Brussels. “Any cal- ’ 
culations about a goalless draw arc out 
of place." he said. “We’re gpine^for 
two goals.” 


** - 1 


». * *• 


•HM’ 



Sir. t 


V.-, 


K ! 



Scoreboard 



NBA Standings 



ATLANTiC DIVlStON 
W L 

Pet 

GB 

Miami 

.5 

2 

.714 

— 

New Jersey 

l 

2 

Ml 

Vt 

New York 

5 

3 

625 

ft 

Washington 

4 

4 

JrOO 

1ft 

Orlando 

3 ■ 

4 

429 

2 

Boston 

2 

5 

m 

3 

PtinadripNc 

i 2 

5 

286 

3 

Atlanta 

CENTRAL DtnaON 
8 0 

LOW' 

_ 

Miwaukee 

5 

2 

.714 

2ft 

Charlotte 

4 

2 

.667 

3 

Oevotond 

4 

3 

571 

3K 

CWcoga 

• 4 

4 

JOD 

4 

Detratt 

3 

6 

-333 

5W 

Indtona 

3 

5 

286 

5ft 

Toronto 

l 

6 

.143 

6ft 


W: Webber 9-21 4-4 XL Strickland 9-23 2-5 
21j M: Mnrbuty 10-205-826. Garnett 9-191-1 
20. Wboumb Washington 73 (Webber 17). 
Minnesota 57 (Garnett 301. Assfeb-W- 19 
(SMddand 81. M- 19 (Matury 10). 
MdtaiMplita 27 17 25 38-99 

Dates M 24 23 27- 98 

P: Iverson 12-18 5-10 31. Cotanan 9-14 5-6 
25, D: Bradley 9-16 2-2 2a Finley 7-1 fl 2-4 1& 
Rebounds— Ptdodcfphla 56 (Cnlemn 14). 


lander Bologna 13 points 
Barcelona li Pnrtbon Belgrade 11; Uttwr- 
spor 1ft Run Orthez a Hoped Jerusalem 8. 
CROUP D 

Tearasystem Bologna 77, CTbona Zagrab 75 
PSG Racing 55, Alba Berfln 53 
snumMosi Teomsystem 12 points: 
AEK Alban 11; Alba Berita' ll; Ofimpga 
Ljubfiana Kt PSG Racing lot Qbana 9. 


werram cownuNti 


San Antonia 

Minnesota 

Houston 

Dates 

Utah 

Vancouver 

Denver 


U (OWE ST DIVISION 


JS0 

sn 

J00 


lft 

2 


429 2ft 
.429 2to 


375 

.000 


Mane division 


Dates 43 Bfflfiey 13). Aatato-Phita- 
detoWa2l (Iverson 6), Dates 2S (Reeves 8). 
ULUnjNN 28 23 20 » 13—109 

Srn Antonio 24 26 » II 4-100 

LA. : O’Neal 13-26 8-1534. Jones 8-166-9 
24f SJL Robinson 7-17 13-1S 27. Dunwn 9- 
17 1-2 19. Rebounds— Las Angeles 49 
(Often 153. San Antonio 48 (RoMnsan 14). 
Assists— Us Angeles 23 (Janes 7), San 
Antonio 26 (Robinson & Johnson 6). 
MfWHfcH 26 32 22 22-lB 

LA. COppert 22 18 31 43- 94 

M: G.HodkTson 14-273-4 32, Alton 7-139-9 
23; LA. CUPPERS: 10-13 34 25. Rogers 3 
i! 8>i2 18. Rebounds— MBwoukee 48 (HE 
11), Olpperc47 (WngM9). Assists— MBwaa- 
keeis (Brandon 5)# Oilmen 16 (Martin 6). 
Detroit 13 29 20 27-89 

Seattle 25 If 23 28— VS 

& Hit 6-17 8-9 2A Hunter 6-12 1-2 1* S; 
Payton 7-1? 9-12 25, Baker 8-15 8-12 24. 
Rabamds— Detroit 48 (HM 12). Seattle 52 


CE HOCKEY 


NHL Standings 


ATLANTIC MVHION 


0 

1 

1 

t2 

5 

6 
7 


1.000 

Jt33 

800 

.750 

286 


.143 5/j 

toO 6ft 


LA Lakers 
Portland 
Ptraena 
Seattle 
Sacramento 
LA Clippers 
•Golden State 

thotsdavs rkults 
Ckvstofld 21 22 19 23-85 

M^jmey 25 1 4 12 23- 74 

Ci Penan8-l3 M 20. UgauSkOS 7-126-7 2ft 
u J- Cassell 10-22 11-11 U WHBoms 3-11 7- 
i0 !1 Retawta-Ctovetond 42 (Ugonstas 
Bl, New Jersey 65 (WWWw 26} Am«s- 
•^awetand t9 (Knight 91, New Jersey 9 
(Cassefl- Doootm31. „ _ 

wasatagten 23 23 *1 !“ H 

MiraWMta 28 18 18 18 6- “ 


(Baker 12). taista-Detrtit 21 (Hill, McKta 
5). Seattle 17 (Payton 9). 

Euroleacue 


CROUP A 

Efes Pllsen. Turkey, 65, Limoges 64 
Real Modrid 6tt Mocnobi Tel A»hr 76 
STANDMOR Olympiads 13poWs,- CS- > 
KA Moscow 11* Efes Pitsm )l; Maecabl Tel 
Aviv l a Real Madrid fc Limoges 9. 

anouPB 

Porto 84, Benetton Treviso 91 
standings? Benetton 13 paints; PAOK 
Sotedut 11 Turk Telecom n. E stud ion In 
Madrid 1 1; Craate Spkt ft Porto 7. 

GROUP C 

unwrspor. Tinker, 74, Hapoel Jerusalem 56 
Pau.Orihei 65. Kinder Botoqna 67 



W 

L 

T 

Pfs 

GF 

CA 

Philadelphia 

11 

6 

3 

25 

60 

47 

New Jersey 

12 

5 

0 

24 

53 

31 

Washington 

11 

7 

2 

24 

57 

46 

N.Y. Islanders 

7 

7 

A 

18 

52 

48 

N.Y. Rangers 

4 

7 

7 

15 

44 

48 

Florida 

5 

8 

4 

14 

39 

52 

T ran pci Boy 2 13 2 6 

NORTHEAST DtVBKM 

30 

61 


W 

L 

T 

PH 

GF 

GA 

Manfred 

13 

4 

2 

28 

65 

41 

Barton 

10 

i 

2 

22 

48 

44 

Ottawa 

9 


3 

21 

57 

50 

Pittsburgh 

8 

8 

4 

20 

S3 

56 

Carobno 

8 

9 

3 

19 

57 

58 

Buffalo 

5 

9 

4 

14 

^ 45 

SB 

wutntHcowBBn 

CENTRAL DIVIStOtl 




W 

L 

T 

Pts 

CF 

GA 

Detroit 

13 

4 

3 

29 

68 

44 

St. Louis 

13 

5 

2 

28 

64 

43 

Daios 

ia 

6 

4 

24 

61 

51 

Phoetar 

8 

B 

2 

18 

54 

51 

Chicago 

7 

12 

1 

IS 

37 

52 

Toronto 6 8 3 15 

MCfHCDmSKM 

36 

48 


Cateoda 

Los Angeles 

Anaheim 

Edmonton 

San Jo*®. 

Calgary 

Vancouver 


W 

L 

T 

PIS 

CF 

CA 

10 

3 

6 

26 

59 

44 

9 

7 

4 

22 

71 

S5 

8 

7 

4 

20 

51 

52 

5 

10 

4 

14 

44 

65 

6 

13 

1 

13 

51 

66 

3 

13 

4 

10 

51 

69 

4 

13 

2 

10 

46 

70 


THURSDAY'S HSUUS 
Ceiarado 0 

Ptlindfltottla 0 


2 0-2 
1 0-1 


1st Plertad: None. 2d Period: C-Sakic 11 
(Lemtan, OdgersJ 2. C-Knipp 2 (Kind. RJcd) 
3, P-Podefn 3 (Brind’Amovr. Svoboda) 3d 
Period: Nana. Stats ugacfcC- 4-12-7—23. 
P- 12-10-9—31. Coolies: C-Roy. P-Heda*. 
Taranto 2 0 0—2 

Cbfcego 1 Q | j 

1 st Porioifc T-Koretevd (Ybshkeridi Dark) 
Z T-Sunrfin 6. Z C-Stantz 2 (Dubimty 
antes) 1636. 2d Period: None. 3d Period: 
None. Shots oa pah T- 14-5-4-23. G- 9-8- 
12-29. Coates: T-PoMn. C-Hadett. 

Boston 1 l o-i 

S- Lords 0 2 2-4 

1 st Period: B-Gfl 1 (Khristkh, 0IMate)2d 
Period: e-Donato ID (Alteon) 1 St. Loots. 
Mchevnom 3 (Pdlerin) 4. S-L-Turnrite 2 
(Denton. HnHJ (pp). 3d Period: $.L-Hul 10 
(Bern too. CowtoaH). 4 Sl^Cauitnal 8 
(Demiba Hu#) Stats an goat B- 6-5-2—13. 
S.L- 10-4-16— 32. Goatee B- Dafoe. S.L- 
Fuhr. 

Montreal 
Phoenix 

1 st Period: M-Popovlc 
BonMeau] 1 M-Savoge 
Bordetaroj 3, Phoenix, 

(Nummtam, DldudJ A „ 

(Malakhov, Quintal) M Period: M-Branet 3 
(Thornton) 6 . Pboonbc Tocchet 7 flsbtata 

Numminon) 3d Period: M-Buraau 2 , Sluts en 

SMftM- 7-10-7—24, Ptnenb 7-21-9-37.' 
e«^s! M-Thibautt Phoenix, KtiabSuiBn. 
ttwM T l u 

Ceigarir g j g_g 

1 st Period: Cmtea CMasson 2 (Bmm 
Ernerwn) (jJpJ MPorio* Carolina Primeau 

(Oaraeli McCarthy) 4. Calgary Dowd 1 
(Hu teMo ntslM Period: Corotea Primeau 
,V IPIneCT : auusam) (pp), 4 CnraBnc, 
Sturts on goat Coroftia 5- 
CMtaKCantea 

Borte. C-Rotasen. 

JteJese . in 2—3 

LosAngeJes 3 I j ^ 

rS" ' \ LA POrrooutt 13 (Courtnofl, 
C-totoi“nl X LA. -Galley 3 dtobtefc 
5tam-pen (ppj. 4 , Son Josa Moulder 4 
™toa Fnesm) (pp) M Porto* LA.- 
w*»o«e ID (Mogor. Stumpoli m Period; 
SJ-Grll 6 (Skalde) 7. SJ.-, $|<aldc 2 


(MattEou. Donovan) 4 LA.-MdGema 1 
(Boochor) 9. LA.-Ponwmlt 14 IHaabum) 
Stats oa gw* SJ.- 8-4-ID— 2Z LA- 12-7- 
9-28. Coattos: SJ.-Hrodey. LAJfisdL 




CRICKET 



ABDUL MOOR KHAH » V9l WSST MHES 

4- DAT HATCH. 4TH DAY 
FTtlOAY M RAWALPtMW, PAKISTAN 

West Im&E 464 and 30L4 dedared 
Abdul Qodecr Khan XI; 267 and 1OT-3 
West Indies and Pakistan's Abdul Qadets 
Khan XI draw their match. 

8MUNKAT0VE 
DAMN BOARDS W. SRI LANKA - 

5- OAV HATCH, tST DAY 

RdDAV n arrmac. moia 
iKten Criekot Board President XI: 180-1 


AHBBCAN LEAQUe 

aiiCAao— Naned Tom Spencer manager, 
Von Jostmp tiffing Modi amt KwK Champion 
pitching coadi ter Colgofw PCL Chris Cron 
manager of Winston-Sotan. a and Mark 
Hatey manager of Hickory, SAL 
MfOtUU 

NATIONAL BASKETBALL ASSOCIATION 
Detroit— A ctivated F Charles DBonnan 
tram inja red 1 W. 

x nw Jersey— P ut G Ludous Hants on ta- 
Krad teLAcfivated F Jack Haley ham Injured 

KSL 


■OCCBB, various sites — Worid CupE u- 
rapeyi eye piny-offs. Mum leg: Ukraine n. 
Creates Befgtum v*. Iretamtr Yugoslavia n. 
Hungon c Italy vs. Russia. Friendly Intenw 
nonrtK ErtglamJ vs. Crnwramc Germany » 
50UU1 ApiCfl. 

sumo, Fukuoka Japan — Kyushu Grand 
Sumo TaurnamenLta Nov. 21 
r Honww ' Cer»wy-ATP 

Wom ' 

•n-rnnqowpnia — Advonta Champtoiahipt 

ID NOlf. 16- 

"*»■ 

huEa— Worid Championships, to Nov !6. 

Sunday, Nov. ie 


to«o, Spain —friendly mftmaikrnaL Spate vs, 
Romania. 


Thursday, Noil 20 



Graafschap Doefincbem L Maastricht 
sBNueuHPnsrMwi 
AtMtata B6bool BaiatoM 0 


TENNIS 


nahomal hockey leauic 
ttM-Assigned RWErtkABdetBSonto 
Start John, AHL 

CAWuHA-fieeoliea D Nolan Pratt from 
New Haven, AHL 

BETROtT-Assigned RW Alexandre 
■tocijses to Toleda CCHL 
roi«»TO|i-Rocalled F Mite Waft F Joe 
f D Soon Brawn 

™ “if* 1 ® B«r*k from Hamilton, 
AHL Assignor! F Dermis Boavte, F Sew Kel- 

ty amt F Jason Bowen to HanAon. 

WTmWRSH-AssIgncd D Sven Boten- 
«t»n M Syracuse AHL 
^lJ0OB-Assigr«d G Wdi Parent to Man- 

Tom Rennt V- 

Namu Mike Keenan coach. 


"‘‘““sto-WWWCuptltet- 

Uruguay vs. Ecuador; Peru vs. 

SSbte j 2SL^ ^wmttna «. 

cotombta, Jtopana vs. Mratav Costa Rtosvs. 

CftntaKUnrtta States vs. El Sstwutof, Japan 

.STS'- -»**-»■ 


Monday, Non 17 


ttHAMOVEA.UCnUMT 
RED CROUP 

Catos Maya (7), SpaBv del Thomas 
Muster (9), Austria, 6-2, 6-3- 
Pete Sampras (I), US.def. Patrick Roftir 
DLAnstafa, 646-1. 

WHITE GROUP 

Janos Biortanai ML Sweden, deL MkJwW 
□nrifl QL U.S. 6-4, 7-5. 

Tim H enman (17). Britain, deL Yevgeny 
Kafelnikov (6L Russia 6-^ 6-4. 

Tim ' Henman. Britain raplocMI Sargi 
Brag own. Sputa who was injured. 

SATURDAY'S SEUMNALS 
Sampras vs, BieriawM 
MoyaviKafrinifcov 


The Week Ahead 


Saturday, Nov. 1 5 


oo^mcra Klawm island, South Carolina 
- WoiM Cup tf GoUto N«. 15 . 

C* ,OB ta, Japan— Samltoma 
VtoaTtateya Masters, to Not. 16 

4MHJP. men. Thousands Ocri&CatHomla— 
Fiw*8 n Tompleton Shark Shootout to Nov. 
}*■' "toMtChosew^ Jopan-iiocn Lades, to 
. NOV. 16. 

miawy uwm, test matches: various 

sites — Iretond vs. Now /eatornu E ngtand vs. 
Australia: Franco v 5ouin Africa. 


wnwt New YWk - WA 
TOURCtempionships, to Nev, 21 Pmtoya 
Ctty. Ttotend - Volvo Women's (tocTto 

Tour WOrtd Doubles Championship, to Not. 

CftioMfT, Peshawar, Pakistan — PnL 
Won vs. West Indies, first test, to Nov. Ji 

Tuesday, Nov. 18 

En » taM 

Toaton France - France A «. South Ataa. 

■WwWKSStarg, South Africa - Matey rta 
racial Impraprtety In Soutti Afrtcanreghy.'™ 

Wednesday, Noy. is 


•rawnrmAU, vanoai altos - Bd- 
ttaeague OtaWpiomMp: Moccobi Tel AVfe 
W^CSKA Manaw Uawvra vs OtyaMotak 
Ews Plhen vs, Peal Madrid Hapoel 
Jwwatom vs. Partem Mgrato KOTtor 

Boto(w« v*. Bweehflte Pw Orttw* ». Uk 

«»oc C Rrana Zagreb «i Alba Mw 

Oitapta UtataM w- Porta St CwvMft, 

FtWJtel WUY1WA. SI Priertbora, ter»- 
ita— Cspbl fttetkk toNavJJ. 

wwww. Jtoraatyi «oh - Brad womb, 
AWno world Cup, giant Motor* stolon, to 
Nw.23. 

oojA women; Lae vty» — ITT LPCA 
TtatCtawotonstoft h Not 73 Mm Uavrah 
rUAndbagttiCoraluia— WorwCupotljaBito 

Atoyowid Jopon - gott ram Dun- 

top Phoette. to Nov. 23; 

Cvkoxst, Pratto Auihnta — Arndrpka n 
New 2eotond *Asmd tost, to NOT. 74. 

FW1PAY.N0V.21 




V 



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AUTONA4NO, Chester. EnptojM— Met- 
wo^QRAC Rutty. h N ot ji 
, AschaftentKng,limwnv - 

ATP TauratCtampton Viwm). to No*. 24. 

wbla tew Matenmna lapan - 
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gATUHQAY, MOV. » 




crueiutT. Mohafl. Indio - imSa - Z, 
Lank* first test to Nov. 73. ”• 50 

■AsicirrwALL, various sites - eu- 

ralJWBUC dnmpnnship; CraoUa &aM 

w^Pwto; Turk Telecom k. Benetton Timwa- 

Etamtamte Madrid 

AEk Athens vs. Teumsyvtem Boiagna. 

*OCC«A. NcwVork-vemmsowSLw*. 
tot 1999 Women's World Cup: PMotJotS 


^tetaMmowofd -Worid 
cupi|t wWi«.Asto (kHMgptoraff. Jspaxor 
Iran vs. AnvMta 

AWtaY OlVltoW, various Mn — test 
, tw y ia . F ? fl{T « 5o«ta AiMttv i naiand 
vs. Nvw Zrotorat Santond ». Auvbplto 
_. , !? l ^ ?? !lt w > ^ N«yray— mm wow-' 
CT “* «w«nr. «*"■» 
; pN«dato ^4flKcta»iicaireM^vmmfn'i»K 
ttoraad 20K ctasucsi rotpy- to Not. 31 

Suwpat^ Nov. 23 


to, 


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N 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, NOVEMBER 15-16, 1997 


PAGE 23 


SPORTS 






"P I l"Mi 


Bledsoe Will Bash Bucs 

Redskins and Cowboys Gird for Battle 


By Mike Freeman 

fort 7mm Servi r* 

NMT Ettgfuid (6-4) at Ttanpa Bay ( 7 . 

• ' «r the Patriots, this is a chance to 
show people that they aren't as soft 
some think. The Buccaneers have a 
tough young team with a lot of heart, 

andquarterbackTrentDilferishaving 

NFL Match ups 

a career season with 17 touchdown 
passes. AU those Drew Bledsoe bash- 
ers heed tins: he is still one of the too 
young quarterbacks in the game Pre- 
diction: Patriots 17, Buccaneers 14 
*>«««* (9-1 J at Kansas Crt* { 7 - 3 } No 
way the Chiefs will win with Rich 
Gannon at quarterback. He is a 
backup. Period. And you need more 
than a backup to beat the Broncos at 
home. Meanwhile, Denver is on a roll 
Broncos 28, Chiefs 14. 

Minmsota (S-2| at CNrtmit ( 4 - 6 ) John 
Randle, the Vikings’ defensive 
tackle, is the biggest trash talker in the 
league — and right now its best de- 
fensive player. He leads the confer- 
ence with 10.5 sacks and is the first 
tackle in league history with six 
straight 10-sack seasons. Lions, be 
still your beating hearts, because here 
he comes. Vikings. 31, Lions 21. 

T«mne**»e (5-5) at Jacksonville (7- 

3) An intriguing matchup, with Steve 
McNair, one of the most dangerous 
weapons in the league, facing a Jag- 
uars defense that continues to im- 

E e. What hurts the Oilers is that the 
ars are 7-0 when running back 
Natrone Means scores a touchdown. 
Means will run hard this week. Jag- 
uars, 24, OUers'9. 

Cincinnati (3-7) at Pittsburgh (7-3) 

Boomer Esiason laying down a block 
last week, looking like Charles Way? 
Yes. it’s true. But it is back to the 
bench for Boomer, and back onto the 
field for Jeff Blake. And the Bungles, 
as they are being called, come back to 
reality after beating hapless Indiana- 
polis. Steelers 20, Bengals 0. 

Arizona (2-8) at Giants (6-4) Quar- 
terback Jake Plummer has been 
named the Cards' starter for the rest of 
the season, something that not every- 
one on the team agrees with. Most 
support his backup, Kent Graham, 
who lost his starting job to injury. If 
Graham were starting, die game 
would be tight. But since he’s not, the 
Giants will win pretty easily. Giants 
17. Cardinals 7. 

Philadelphia (4-6) at Baltimara (4-6) 

The Ravens are ar times a top team, at 
times more mysterious than the Ber- 
muda Triangle. They beat great teams 
one week, then get blown out like they 
did by Pittsburgh last week. But they 
will rebound against the Eagles, a 
team looking for an identity and a 
quarterback. The Eagles are a strug- 
gling team right now. The Ravens 
have the NFL’s second best passing 
attack and they’ll outscoce the Eagles 
in a slugfest. Ravens 17, Eagles 10. 

Green Bay (B- 2) at Indianapolis (O- 

10 ) No contest here. Of course. Green 
Bay still has to bear out the Minnesota 
Vikings to win its division, not a 
cakewalk by any means. But the 
Packers know that if they get die 
home field advantage throughout the 
playoffs, they will be difficult, if not 
impossible to beat at Lambeau Field. 

If Brett Favre continues to play the 


way he is, it won’t matter where the 
Packers play in the playoffs. The 
Packers are also getting great pro- 
duction from running bade Dorsey 
Levens, who is on pace for 1300 
yards. Packers 40, Colts 20. 

Seattle (6-4) at New Orleans (3-7) 

Mike Ditka, die .Saints* coach, has 
been an amusing sideshow but bis 
antics have drawn attention away 
from real problems, like no talent at 
quarterback and a minus-18 turnover 
ratio. Now here comes Seattle’s War- 
ren Moon, who will be 41 years old 
this week. Moo a, a future Hall of 
Famer, needs just 4 touchdown passes 
to pass Joe Montana (273) for fourth 
on the all-time list He may get them 
this week. Seahawks 34, Saints 17. 
Atlanta (26) at St. Louis (26) At 

quarterback, die Falcons have Chris 
Chandler, a solid player who gets hurt 
a lot. Hie Rams have Tony Banks, a 
solid player who messes up a lot. Will 
Chandler get hurt beforeBanks throws 
two interceptions? The bright spot for 
the Falcons is that running back Jamal 
Anderson has 534 yards rushing this 
season. He’ll get a few mere tins 
week. Falcons 21 , Rams 10. 

Carolina (5-5) at Son Francisco (9-1) 

Don’t expect the Panthers to be in- 
timidated by playing at die home of 
the 49ers, where they are 2-0. The last 
time Carolina went there, last Decem- 
ber, the Panthers won, 30-24. But tins 
is a different Panthers team and no 
team in the 1990s has won three 
straight at San Francisco. 49ers 22. 
Panthers 10. 

Washington (66) at Dallas (5-5) If 

the Cowboys lose this game, their ■ 
chance of winning their sixth straight 
division title will crumble. The Red- 

the Giants. Wbea^miing^k^renry 
Allen is healthy, the Redskins are a 
different team. He has rushed for 340 
yards on 93 carries and 6 touchdowns 
against Dallas in his last foar games. 
He is die edge in a close game. Red- 
skins 20. Cowboys 19. 

Jets (6-4) at Chicago ( 16 ) For last 
week’s game ag ains t Miami, the Jets 
coaching staff inserted a new play for 
Adrian Murrell, and it worked. The 
running back scampered for a 43-yard 
touchdown. Is it a sign that the Jets 
will now get their running game going 
again? Maybe. They won’t get much 
resistance from the Bears, who are 
lost at sea with no lifeboat? anywhere 
to be found. Jets 21 . Bears 0. . 

Oakland (3-7) at San Diago (4-6) The 
Raiders are like a neutron bomb — in 
the right hands they can be deadly. 
They have three players who have 
scored at least five touchdowns. Only 
two other teams, the Broncos and 
49efs, can say that: If JoeBugel can 
tap that resource, the Raiders will be 
in die Super Bowl next year. They 
have their problems, but they should 
be able to get by the Chargers. Read- 
ers 28, Chargers 21. 

Buffalo (66) at Ifianii (6-4) Look for 
the Dolphins to get a lot of mo- 
mentum from foedr- victory over the 
Jets last week, especially with this 
being a home game. There will be a 
lot of emotion to begin with as the 
Dolphins will honor their 1972, 17-0 
Super Bowl VII championship team. 
Besides, Miami has won five of its 
last six at home and six straight home 
division games. The Bills’ Brace 
Smith, despite injuries, is still one of 
the best defensive players in the 
league. Dolphins 14. Bills 0. 


Sliaq Leads 
Lakers Past 
San Antonio 


The Associated Press 

Round One between Shaquille 
O’Neal and David Robinson went the 
Los Angeles Lakers. 

The Lakers extended their season- 
opening victory streak to six-games with 
a 109-100 over time triumph over the 
Spurs in San Aptonio on Thursday. 

The Spurs, whose 6-2 record is the 
best in the Midwest Division, watched a 
10-point fourth-quarter lead slip away 
behind a tough defensive effort by the 




Lakers. The Lakers outscored San Ant- 
onio 9-2 in the last three and a half 
minutes of regulation and 13-4 in over- 
time in the first of four meetings be- 
tween the teams. 

O'Neal came out on top in his per- 
sonal battle with Robinson for only die 
third time in eight career meetings be- 
tween the AM-Star centers. 

CavaBws 65, Nata 74 The Nets only 
bad eight players available Thursday 
night by the end of the game against 
Cleveland, and des pi te 32 points from 
Sam Cassell and a career-high 26 re- 
bounds from Jayson Williams, they lost. 

The Nets battled the Cavaliers on 
virtually even terms until Wesley Per- 
son took over at die end of the third 



10-0 spurt that closed the third period, 
breaking open a close game. 

Wizards 81, Tbnbarwolvas 88 Rod 

Strickland scored 6 of his 21 points in 
overtime, redeeming himself for two 
shots at die end of regulation, as 
Washington won its fourth road game. 

tHiaHimir i 95, Pistons 69 Gary 
Payton just missed a triple-double with 


25 points, 9 assists and 9 rebounds and 
spent much of the night hounding Grant 
Hill into 6-for-17 shooting and eight 
turnovers. 

Bucks 102, dipper* 94 Glenn Robin- 
son scored 32 points — his third straight 


game with 30 or more — and Ray Allen 
had 23 for Milwaukee at Los Angeles. 

76srs 99, Maverick* 98 Alien Iverson 
scored 31 points, including a key 3-point- 
er with 1 left, and Philadelphia tended 
Dallas its fourth consecutive defeat 




Bill RnMm»/Thr \>MKUIrd FYna 

Sam Cassell of New Jersey breaking through the Cleveland defense. 


As Jordan 
Ails , So Ail 
The Bulls 


The Associated Press 

DEERFIELD, Illinois — First quarter 
Michael Jordan throws a pass away, then 
shakes his head in disgust. Second 
quarter Forced to shoot as the 24-second 
clock ticks down, Jordan launches an air 
ball- His shoulders droop. i 

Third quarter Trying to escape de- 
fender Calben Cheaney , Jordan dribbles 
the ball out of bounds. Fourth quarter, 
game on the line: Jordan's baseline 
jumper hits the side of the backboard.- 
An anguished look crosses his face. ’ 
Jordan (38 percent from the floor) and 
the Bulls (41.5 percent) are misfiring 
their way right out of (he NBA elite. 

"Our offense has always been able to 
provide Michael space to score, and the 
other players an opportunity to hit open 
shots when he’s double- teamed.” coach 
Phil Jackson said Thursday, a day after 
the BuUs fell to 4-4 by losing to Wash- 
ington. “Right now, what's really frus- 
trating is that he’s finding guys off the 
double-team and we’re not making those 
shots. That is kind of an irritant” 
Jordan, off to the worst start of his 
glorious career, can’t help but show his 
irritation — both at his teammates and 
himself. He even has said that the two- 
time defending NBA champions 'Took 
like an expansion team.” 

After dribbling the ball out of bounds 
in the third quarter Wednesday, a dis- 
gusted Jordan pounded the scorer's 
table with his fist. He also has com- 
mitted two silly end-of-quarter fouls in 
the last week, resulting in six points for 
the opposition. He's averaging nearly 
three turnovers a game.' 

As usual, he’s trying to carry the 
team, Jackson said, 4 ’and right now he's 
not shooting well enough to do that." 


Rockies’ Walker Wins MVP, Giving Canada 3 Awards 


By Claire Smith 

New Yort Tunes Service 

NEW YORK — Canada’s flag con- 
tinued to fly high over baseball's post- 
season awards when Lany Walker of 
the Colorado Rockies was named the 
National League’s most valuable player 
by vote of the Baseball Writers As- 
sociation of America. 

On Thursday, Walker became the 
first Canadian to win an MVP A ward in 
either league. 

Earlier this week, the Montreal Ex- 
pos’ Pedro Martinez and the Toronto 
Blue Jays’ Roger Clemens won the 
1997 Cy Young Awards, producing a 
first sweep for Canadian t eams in the 
voting for best pitcher. 

Walker, the Rockies’ right fielder, 
was bom in British Columbia and is a 
former Expo. He easily won a contest 
long expected to be a tight race among 
himself. Dodgers catcher Mike Piazza 
and two Houston Astros’ stars, first 
baseman Jeff Bagwell and second base- 
man Craig Biggio. 

“I’ve done something good for me 

Sm^rountry,” WalkCT^S^^Nkybe 
kids will look op to me and it will push 
them to reach for their goals.” 

Walker, Piazza, Bagwell and Biggio 
were foe only National League players 
named on every ballot, but Walker won 
by collecting 22 of the 28 first-place votes 
by two writers from each league city. 


Walker also received three votes each 
for second and third place, for a total of 
359 points. The totals were based on a 
tabulating system in which 14 points are 
given for first place, nine points for 
second, eight for third and on down to 
one for 10th place. 

The fact mat Walker was listed no 
lower than third on any ballot befitted a 
player who stood at foe top of almost 

every significant offensive category this 
season. Most impressive were Walker’s 
409 total bases, which tied the highest 
total in the major leagues since Stan 
Musial ted 429 in 1948.lt was only the 
23d time a player had 400 or more total 
bases and the first time in the league 
since 1959, when Henry Aaron of the 
Milwaukee Braves ted 409. 

Walker led his league with 99 extra- 
base hits, including a league-high 49 
homers. He also led foe league in on- 
base percentage (.452) and slugging 
(J20). and be finished second in batting 
(366), hits (208), multihit games (65) 
and runs scored (143). The multifaceted 
Walker also ranked among foe league 
leaders in stolen bases (33), and his 13 
outfield assists led to a third straight 
Gold Glove. He drove in 130 runs to 
finish third in foe league. 

Perhaps the biggest boost he received 
was his ability to convince the voters 
that his numbers were not solely foe 


product of foe offense-friendly thin air 
of Denver, which is at an altitude of 
5,280 feet, or about 1 .600 meters. Walk- 
er hit .346 away from Coors Field, with 
29 homeis and 62 runs batted in over 75 
games. 

"Just day after day. 1 sometimes 
shocked myself at what I was doing,” 
Walker said. “I’d go borne at night or to 
the hotel room and say: 'I did that again? 
This is fun!”’ 

Piazza, a 366 batter who hit 40 home 
runs and drove in 124 runs, finished 
second for foe second successive year 
last year he was behind the Padres’ Ken 
CaminitL 

Piazza received three votes for Gist 
place, 22 for second, two far third and 
one for fourth, giving him 263 points. 
The three other first-place votes went to 
Bagwell, foe league’s MVP in 1994. 
who hit .286 with 43 homers and 135 
RBIs last season. He had 233 points. 
Biggio (309, 22 homers, 81 RBIs. 47 
steals) finished fourth, with 157 points. 

■ Salaries Pass $1 Billion 

Murray Chass of the New York Times 
reported from Scottsdale, Arizona: 

Baseball’s general managers, open- 
ing their annual fall meetings, received a 
p ainf ul reminder a salary report that 
listed just how much they spent on their 
players this year. 

They spent S 1,085.010,952, which 
was 18.7 percent more than they spent 







fcaair 


\/ , 


Agon* FcnoF-Plmr 

Larry Walker led the NL with 99 
extra-base hits while batting 366. 

last year andput them over foe $ 1 billion 
mark for foe first time. The New York 
Yankees spent foe most ($64,989,577). 

The average salary was a record 
$1313372, up from $1,101,452 last 
year. Albert Belle of the Chicago White 
Sox ted foe highest salary, $10 milli on. 


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page 24 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAT, NOVEMBER 15-16, 1997 


DAVE BARRY 


Cutting the Mustard on Tests Bernadette Lafont: Unwinding the Reels 


"T Should American 
schoolchildren be given standard- 
ized national educatianaltests? I believe 
they should, and I will tell you exactly 
why. because I am not a schoolchild. T 
Sra strongly in favor of thing s that X, 
personally, do not have to do. Childbirth 
is another example. 

The national testing program was 
proposed by President Clinton, who has 
been proposing new programs as fast as 
he can think them up, because he des- 
perately wants to be remembered by 
posterity for some achievement other 
than being investigated and jogging 
around in shorts the size of a wedding 


floor since the Truman administration, I 
noticed that die young man in front of' 
me was covering his hot dog with may- 
onnaise. And I thought “Our educa- 
tional system has failed this young man! 
Standardized national testing could have 
prevented this! ” So here is my proposed 
Standardized National Education Test: 

CONDIMENTS SECTION 

1. What goes on a hot dog? 

a. Mustard. 

2. What is it OJC. to put mayonnaise 
on? 

a. A turkey sandwich. 

b. The seat of the fan in front of you at 
the football game whose automatic re- 




against — I am not making this up — the 
threat of foreign vegetables. I think this 
issue could be a big winner, posterity- 
wise. I can picture a scene in Wash- 
ington, D.C., decades 
from now, wherein hun- ““““ 
dreds of thousands of Let’s hear it for 
grateful Americans i. ... ■ 

gather to dedicate a reading, writing, 

majestic monument, math and 
comparable in- size to 
the ones for Washing- condiments! 

ton, Jefferson and Lin- 

coin, consisting of a 
statue of President Clinton heroically 
confronting a menacing statue of an 


But getting back to the issue of re- 
quiring students to take standardized na- 
tional tests: I truly believe that it would 
provide great benefits to the nation. For 
example, if I drove past some students 
who were walking to school, looking 


I could roll down my window, pound my 
horn and shout: “Perhaps I am old and 
flabby, and perhaps I could weave a 
medium-sized area rug from just one 
month's growth of my nose hairs, but at 
least I DON’T HAVE TO TAKE A 
STANDARDIZED NATIONAL TEST 
HA HA HA!” Then I could drive off, 
whimpering, because I have arthritis and 
my hands hurt when I pound things. 

So national testing is a fine idea. The 
question is: What should the questions 
be? I have given this issue a great deal of 
thought (OIL, technically I have not 
thought about it yet but I plan to do so 
just as soon as we get out of these 
parentheses) and it is my considered 
opinion that the questions should test the 
students’ grasp of the five basic aca- 
demic disciplines: En glish, Mathemat- 
ics, Science, History and Condiments. 

I include this last discipline because 
recently I attended a college football 
game, and I purchased a hot dbg (NOTE 
TO MY DOCTOR: I did not eat this hot 
dog; I just like to hold a hot dog at 
sporting events) and while I was waiting 
in line at the condiments station, shuff- 
ling my feet to keep them from be- 
coming permanently bonded to die thick 
layer of high-adhesive condiment goo 
that had been building on the stadium 


field, including spitting, is to stand up. 
so that you’re basically paying to see a 
panoramic view of bis butt. 

SCIENCE SECTION 

1. Why do some people take astro- 

logy seriously? 

“ a. Because they have 

it for unusually small brains. 

... ■ b. Because thousands 

Xftting, of years of human, ex- 

perience have proved to 
us, beyond a reasonable 
5: doubt, that no matter 

what so-called “scien- 
tists” say, the positions 
of the stars in the heavens at exactly the 
moment of your birth can, in feet, dra- 
maticafly influence the course of your life, 
if you have an unusually small brain. 

2. What is the smallest unit of mat- 
ter? 

a. The molecule. 

b. The atom. 

c. The amount of mustard they put in 
those damned condiment packets that 
you have to open with your teeth. 

HISTORY AND MATHEMATICS 
SECTION 

If Abraham Lincoln is writing the Dec- 
laration of Independence at 20 words per 
minute on a train traveling west from San 
Francisco, and at exactly the same time 
Franklin Delano (Teddy) Roosevelt is 
for ming die National League of Nations 
on a train traveling east from Boston, 
what should they put on their hot dogs? 

a. Mustard. 

b. And they had better do it quickly, 
before their trains hit the ocean. 

ENGLISH SECTION 

Write an 800-word essay in English 
about an important political or social 
issue such as national educational test- 
ing without saying a single intelligible 
thing about it 

Extra credit: Make repeated refer- 
ences to mustard. 

BONUS EARL SECTION 

1. Whatever happened to Earl, the 
suspected snake egg that you received 
for your 50th birthday? 

a. Earl is fine and continues to be a 
wonderful pet in the sense of not hatch- 
ing. 

b. But he is starting to smell funny. 

e 1997 The Miami Herald 

Distributed by Tribune Media Services, inc. 


By Katherine Knorr 

Imenuniewl Hem Id Tribunt 

P ARIS — Bernadette lafont, one of 
France’s most original actresses, embod- . - 
ies many of the contradictions of French film 
since tire war. She is both sexy and rather 
plain, ditsy ebullient and quite serious, tre- 
mendously creative and yet limited by her 
very Frenchness in a world dominated by the 
Hollywood movie machine. 

Famously associated with New Wave di- 
rectors, Lafont has in a tumulruous life done a 
bit of everything, from television movies to j 
the stage, never quite the megastar but always J 

a strong presence, smart and messed up all at | 
the same time, as she cheerfully recounts in I 
her recently published autobiography. M 

“When an actress tells her life, it’s a little ■ Jg 
like unwinding the Feels of a movie.” she says m 

in “Le roman de ma vie,” just out from 
Flammarion. “After 50 it gets to be a mighty 3|| 
long feature. My work is the motor of my |||1 
existence. My opium, my cocaine, my Proz- **$8 
ac.” It’s a breezy on-screen life, with many of SHU 
the cliches of the genre, that is nevertheless (Jjj 
compellingly readable and tells some tough SiW ; 
stories, like the death of her youngest child B 
The voice is very much Lafont’s mixture of 
brassiness and wisdom, and the humor is 
pleasantly self-deprecating, right down to the 
classic anecdote about the newspaper captions ggj|| 

S switched when local girl first made ■■ 
so that a quite handsome mule was 
described as Lafont making her movie debut 5pi% 
More importantly, the book t$Us the story 
of the New Wave from die perspective of a Mg| 
rage- to- live teenager in the southern city of jpf 
Nimes (an accent strong as aioli, she has said) 
with dreams of Hollywood, an eye for the Lafc 
guys, and the French provincial blues. After 
dancing classes that didn't lead to a career, she 
stumbled into the movies by chasing the handsome 
and jealous actor who would become her first hus- 
band, Gerard Blain. Lafont, now 59, turned out to be 
in the right place at tire right time to catch the wave 
with a group of young filmmakers who would re- 
volutionize movies. 










says now, a surprisingly young race, unmade up and 
very much offstage in her apartment in the Marais. 
‘ ‘It was luck to be part of this movement with other 
young people who had not been movie assistants, as 
I had not taken acting classes, who had not climbed 
die steps of the hierarchy to make their first movie.' ’ 
Everything was fresh, improvised, at a time when 
technical film improvements changed the way 
movies could be made . Lafont herself was earthy and 
sexy, both spontaneous and painfully mimicking 
Hollywood actresses as only a kid can do it. 

She made her debut in 1957, in “Les Mis tons” by 
Francois Truffaut and Claude Chabrol’s “Le Beau 
Serge,” over the misgivings of Blain (Could this 
marriage be saved? No way), and never looked back. 
Over years punctuated by some fellow periods, she 
has appeared in dozens of movies, notably “La 
Fiancee du pirate” (Nelly Kaplan), “Une belle fiile 
comme moi” (Truffaut), “La Maman et la putain,'* 
(Jean Eustache), or in more recent years Chabrol's 
“Masqoes,” Marion Vernoux’s “Personne ne 
m’aime” (“Thelma and Louise" the French way) 
and Raoul Ruiz's “Genealogie d’un crime.” 

At a time when the French movie industry 


Lafont’s voice is a mixture of brassiness and wisdom. 


struggles between good movies that don't travel 
well, and attempts to create a kind of multicultural 
movie, shot inEnglish and coming from nowhere, 
Lafont’s autobiography is a reminder of the ex- 
traordinary international impact French filmmakers 
had not so very long ago. She herself is also the 
symbol of the endurance of a certain genius, that 
mixture of intellect, sensuality and humor that has 
been the key to much French theatrical literature in 
this century. 

The late 1950s were a hell of a time to be young 
and in the movies, although quite how special wasn’t 
immediately obvious to LafooL “I have marvelous 
memories because, after all. you generally have good 
memories of being young, and I was doing something 
that I had dreamed of doing,’ ’ she said. “But I was a 
little disappointed in the beginning. We filmed ‘Les 
Mistons’ in my house. I was called Bernadette and 
my husband was called Gerard. It wasn't Hollywood. 
‘Le Beau Serge’ was the same way. We filmed it in 

Chabrol’s province, I came from the provinces I 

remember how happy I was when Chabrol said we 
were going to work in a studio. Now that was it! And 
in color! Now we’re really going to make 
movies!” 

Although much of Lafont’s book is cheerful and 
funny, hers has not always been an easy life. She tells 
the story of her great passion for Diourka Med- 
veezky, a Hungarian sculptor of great charm and 
great appetites, with whom she had three children 
and lived for a time a back- to- tire-land life. . 

The marriage was difficult from the start. He took 


to heavy drinking and womanizing, not a 
!;?£■" particularly unusual story except that he even- 
' tually became a reclusive, a lunatic or a vis- 
^ “ iooaiy depending on your point of view — as 
v : h Lafont puts it, he committed social suicide. 
■ < * 4. That he had become a son of old man on the 
mountain was made painfully public in 1988 
: V" ' along with other aspects of Lafont’s life, when 
their youngest daughter, Pauline, a budding 
actress, wentfor a walk near the family prop- 
• erty in the Ceveones and never returned. 

. # • : : For many terrible weeks, police searched 

and the popular press went on a- feeding 
frenzy. When Pauline’s body was found, 
where she had felien in the rough, lonely 
- ; terrain, a photographer tried to sell a picture. 
, .. . . Lafont is now mostly philosophical about all 

V.- tins, though she does say with dark irony that 
; A,; ■ * when she started out, she had wanted to make 
. the cover of Paris Match to please her phar- 
!■ ...... . macist father. Unfortunately, she made it. 

with Pauline. 

Lafont’s book is also a distant mirror. 
' “People say when they look at the book, it’s 
; * not the same France, that is a France that is 
disappearing," Lafont says. And movies re- 
: - fleet mat, for better and for worse. Among the 
■ new generation of filmmakers are many worn* 
en, and they and young male directors offer 
glimpses of a country influenced both by the 
trVsf; influx of immigrants from Africa, and by the 
vtV.. lava of American popular culture. Although 
Lafont admires man y of the young directors, 
she has misgivings about some of the trends. 
. notably the powerful influence of advertising 
and television, which in some cases means "a 
lot of form, but not much substance,” she 
£7'- says. “Luckily not everybody is like that. 
There are people who are malting movies with 
stories without being old-fashioned, because 
you are by definition modern when you be- 
long to your time. It’s something of a false problem, 
the idea of modernity.” 

Lafont regrets the stranglehold of the distribution 
companies, and the disappearance of art movie 
houses. Among the last, the Entrepot in the 14th 
arrondissement has said it will suspend activities at 
the end of the year, and the Accatone in the 5th is in 
danger. At the Accatone, Lafont is presiding over a 
six-week cycle of movies, her own and many others 
from other the world, and using the occasion to 
appeal for the survival of independent houses. 
Among the activities is an homage to Shirley Clarke 
on Nov. 1 8, evidence of the ties feat bind French and 
American cinema, despite fee better publicized eco- 
nomic wars. “That’s what’s beautiful in fee 
movies,” Lafont said. “Without American cinema, 
there would never have been ‘Breathless,’ but with- 
out fee New Wave a lot of American movies 
wouldn’t have been made. It is beautiful feat there is 
that kind of back and forth.’ ’ 

Still, she says, “You have to maintain your iden- 
tity. The reality today is that young French stars have 
to try Hollywood, arid fee best go there. But there are 
in fee United Stales so many marvelous actors and 
actresses, they don’t need us. There was Maurice 
Chevalier, everyone knows he inspired Fred Astaire, 
but you also have to say that the New Wave without 
American cinema doesn’t exist What is unfortunate, 
is this sense of competition. We want to compete, but 
what are we doing wife skyscrapers here? They're 
marvelous in Australia, in the United States, but here 
they don’t work.” 


: Hnem/tbpfan 



k "■*■■**•** •* 



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PEOPLE 


TN fee latest episode of fee Spice Girls’ 
X worst week since hitting fee world of 
entertainment, Britain’s pop sensations 
were booed on stage at a Barcelona con- 
cert. Hie five got fee thumbs down from 
a crowd of previously enthusiastic fens 
after refusing to allow press photograph- 
ers to take pictures of them while they 
were performing at a- Spanish music 
awards ceremony. The group, who said it 
was a stipulation in their contract, came 
on stage fate because of fee incident to be 
met by boos that continued through fee 
rest of their acL- After a year feat saw the 
Spice Girls rocket to fee top of fee charts 
from nowhere, this week has been all 
sour grapes, wife British bookmakers 
now taking bets on a bust-up. After a less 
than rapturous reception for their latest 
album, tales of a felling-out and reports 
feat Emma Bun ton — Baby Spice — 
had an affair with their dismissed man- 
ager, bookies are rubbing' their hands. 
Bunion, by odds of five to one, seems fee 
likeliest to jump ship first, the bookies 
say. “We were inundated wife people 
wanting to bet bn Emma and we’ve had 
to close fee book," one said. 


The Los Angeles County Board of 
Supervisors has agreed to name Los 
Angeles International Airport after 
James Stewart, although fee name 
change still must be approved by the 
City Council, fee mayor and the Airport 
Commission. Supervisor Michael 
Antonovich said fee renaming would 
put Los Angeles “in line wife other 
major communities that have named 
airports after notable citizens.” There 
already is an airport — albeit a small one 
— named after Stewart. His hometown 
of Indiana, Pennsylvania, named its air- 
port for the local hero in 1959. 


The movie director and actor Quentin 
Tarantino will make his Broadway de- 
but next spring in an updated revival of 
the thriller “Wait Until Dark,” playing 
Roat, fee psychopath who terrorizes 
Susy, a blind housewife, who may be 
played by Marisa TomeL In the original 
1966 production of fee thriller, Robert 


. . ---A SV v . 






. t- s 



SIGNATURE GUITAR — Brian May of Queen signing a guitar in 
Barcelona after the release of the group’s new album, “Queen Rocks.” 


Duvall played Roat to Lee Remick’s 
Susy; Alan Arlan and Audrey Hep- 
burn starred in fee 1967 film. 


Prince Charles celebrated his 49th 
birthday on Friday wife a last lunch on 
fee royal yacht Britannia before it leaves 
London for its final sail to Portsmouth to 
be decommissioned. His evening was 
reserved for a reception at Windsor 
Castle marking fee end Of repairs to fee 
royal dwelling after a fire in 1992. 


Rosie O'Donnell's nest is a little 
more crowded with fee addition of 
Chelsea Belle, her second adopted 
child. The -baby was bom Sept. 20. 
Single-mom O’Donnell announced the 
adoption on her morning television talk 


show. O'Donnell also has an adopted 
son, 2-year-old Parker. 


British politics is about to lose one of 
its most familiar features. Hum-phrey, 
fee cat that hangs ontatNo. 10 Downing 
Street residence, is retiring. A vet ad- 
vised that Humphrey, a former stray 
who is thought to be 11 years old, was 
suffering from a kidney complaint, had 
gone off his food and needed a quieter 
home in the suburbs. 


Will Someone Dim That Lamp? Gaffes at the Opera 


By Tim Page 

Washington Rost Service 


aed last season in one of fee final per- 
rmances of ‘LaBoheme,’ ” she said. 

A battery-powered computer was pro- 


W ASHINGTON — English sureties during the surtitles, and “in the final act, as 
may have increased understanding, you know, MImi lies dying in her garret and 


may have increased understanding, you know, Mimi lies dying in ha 1 garret and 
___ opera-goers, but now and then she begs Rodolfo not to leave her. And fee 
something goes wrong — asitdidinGoun- next Ime that crossed fee screen was Ro- 
od's “Romeo et Juliette" at the Wash- dolfo singing: ‘Your battery is running low 
ington Opera. and your screen has been dimmed. ' 

(n Act 1, during ascene between Gertrude “Of course, the audience thought this 

and Mercuric, an urgent message flashed was hysterically funny,” Dowd said. “I 
across fee screen: “Your lamp has been didn’t 1 went back to apologize to fee 
running for 750 hours and it will damage the conductor (Daniel Oreo], who had been 
projector. You must change the lamp. very upseL 
Hie audience roared, but fee director, “Artec I explained, he started to laugh 
Giancarlo del Monaco, was said to be fun- himself. He is a vigorous conductor and, as ■ 
dus. Caiheryn Dowd, fee surti.de coordin- it turned out, his yarmulke had flown' off 


Julia Roberts has been released from 
a hospital after having recovered from • 
the flu. “She went to a doctor on S unday 
wife a fever and flu-like symptoms,” 
said a spokeswoman, Nancy Seltzer. |- 
“Knowing she had a few days off, her 

doctor kept hem a hospital as 

a precaution.” Newspapers 
iera had reported that Roberts had 

viral pneumonia, but Seltzer 
ll per- insisted it was only the flu. 

id. “She’s fine. She’s feeling 

s pro- much better," Seltzer said 

act, as “It’s nothing for people to 

ret and worry about.’ ’ 


ator, confirmed the incident 


into fee audience at jnstihal moment, and he 


“At least it's not as bad as what hap- had thought fee joke was on him.” 


Frank Sinatra is doing 
Thanksgiving his way — with 
Italian antipasto turkey stuff- 
ing. "My hnsband is Italian 
head-to-toe and our Thanks- 
giving table always has a good 
representation of dishes he 
particularly enjoys,” his wife, 

Barbara, said. You can look it > 

up yourself in “Sinatra 

Celebrity Cookbook Bar- ‘ 

bara, Frank & Friends,” 4 
whose proceeds go to charity |