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IS I 


01 



INTERNATIONAL 



Sribunc 


The World’s Daily Newspaper 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 

' . • / - 4 ' 

R : Paris, Wednesday, November 26, 19Sfor ■•*!? . 




No. 35,688 



APE 


Lts On a Brave Face 


As Asian Markets Tremble 

‘Domino ’ Fears Hit Tokyo Clouds in Foreground 


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SPACE RESCUE — The astronauts Winston Scott, left, and Takao Doi edging toward the errant satellite 
Spartan, which thiy grabbed and steered by hand Into the hold of the space shuttle Columbia. Page 3. 

Netanyahu Is Threatened on New Front 

Far Right Yaws to Bring Him Down if He Cedes Any Land 





By Serge Schmemann 

Ww York Times Service 

JERUSALEM — Under stiff pres- 
sure from Washington to start movin g 
on peace and from his restive supporters 
to hold fast; Israel’s beleaguered prime 
minis ter, Benjamin Netanyahu, was re- 
ported Tuesday to be considering an 
Israeli withdrawal from an additional 6 
to 8 percent of the West Bank. 

Though die proposal was not made 
formally, it was widely leaked to the 
press, with the apparent intention of 
sounding out reactions. 

The Palestinians promptly rejected 
the proposed withdrawal as inadequate; 
far-right members of Mr. Netanyahu’s 
coalition threatened to bring down his 
government if he gave away any ter-' 
ritory whatsoever, and other members 
of the government held intensive rounds 
of back-room talks. 


MajoritylVly 

Bounces Back 
In South Korea 


By Kevin Sullivan 

Wahington Post Service 

SEOUL — South Koreans are hor- 
rified that their government and busi- 
ness leaders have nearly sunk the na- 
tional economy, yet new opinion polls 
show surging support for a presidential 
candidate backed by that same tradi- 
tional establishment. 

“Who says Korean politics make 
sense?” said Lee Jung Hoon, apolitical 
science professor at Yonsei University 
inSeouL w 

At least nine polls released Monday 
show that Lee Hoi Chang, the majority 
party's candidate and a former prime 
minist er, hns virtually eliminated the 
lead held for months by the longtime 
opposition politician Kim Dae Jung. 

A little over three weeks before the 
Dec. 18 election, the polls suggest the 
campaign will be a two-way race be- 
tween Mr. Lee and Mr. Kim. The third 
candidate, Rhee In Je, a former pro- 
vincial governor, has dropped signif- 
icantly and appears to be a long shot 
unless conditions change dramatically. 

Analysts here say that South Korean 
voters appear to be retreating to familiar 
patterns as the vote nears. Although the 
campaign lias been the most wide-open 
presidential race in South Korea’s mod- 
em history, voters again seem to be 
consolidating their support around the 
establishment powers who have over- 
seen this country’s fortunes, since tne 
end of the Korean War. 

It does' not seem to matter much that 
those same tycoons and political boss« 
are now being blamed for creating fee 
conditions feat have run the world s 

1 1th- largest economy into near-rum. 

Seoul has had to ask the International 
Monetary Fund foranwwency line erf 
credit of at least S20 talEon to help 
combat fee sharp slide of the the won, 

Wwaatana Prices __ 
Andorra.. 10.00 FF Labanon— ^a jOOO 

sss^iisss 

KuS TOO Rto U.S. Mil (gut)--SljO] 


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There was no immediate reaction 
from Washington, where President Bill 
Clinton and Secretary of State 
Madeleine Albright have demonstrated 
growing frustration with Mr. Netanyahu 
and have, demanded feat he take concrete 
steps soon to revive fee peace process. 

The Americans have reportedly in- 
sisted that the withdrawal be “signif- 
icant" and credible, which Israeli re- 
ports have interpreted to mean a 
withdrawal from at least another 12 
percent of the West Bank. Israel has full 
control over more than 70 percent of fee 
occupied territories, and security con- 
trol in all but 3 percent 


Avigdor Lieberman, to resign Sunday as 
fee director-general of the prime min- 
ister's office, wife a parting blast at lead- 
ing members of fee party. 

That has put Mr. Netanyahu on fee 
defensive on several fronts, and has left 
him with very few firm political allies 
for fee looming battle over the further 
withdrawaL 

At fee same time, Israeli television 
reported that the C linto n a dminis tration 
had warned Mr. Netanyahu feat if he 
failed to make any significant gesture by 
fee 'end of December, Washington 
would shift from mediation to matin g 
concrete demands on IsraeL The new 


' By Sandra Sugawara 

Waskuigron Fust Service . . 

-TOKYO — Tokyo stocks fell sharply again Tuesday as 
investors dumped shares of companies they thought might be 
fee next to fail, following fee stunning collapse this week of 
Yamaichi Securities Co., Japan’s fontth-largest brokerage, in 
fee largest business failure in Japan since World War IL 

“Basically what is happening is that investors, rating 
agencies and short-term money markets are deciding what 
will disappear next, not fee Japanese authorities,’’ said James 
Fiorillo, a financial analyst wife ING Barings, 

Noting feat three major Japanese financial institutions have 
collapsed this month, Mr. Fiorillo said, “They are falling like 
dominos. Now the question is whether or not the authorities 
can control this.” ' 

The Nikkei stock average fell 5 percent, to 15,867.53, 
bringing most major regional markets down with it. 

In South Korea, stocks dropped for fee third straight day — 
to a 10-year low — in the face of growing concerns feat an 
International Monetary Fund restructuring program would 
bring massive bankruptcies, layoffs and social unrest 

Pessimism in Tokyo also sent fee yen plummeting to a five- 
year low, dra gging down other regional currencies, including 
the Singapore dollar, fee Malaysian ringgit and the South 
Korean won. Than is also growing concern that IMF lines of 
credit to Thailand and Indonesia have failed to stabilize those 
countries' currencies. 

In Tokyo, investors were “concerned that there would be 
more large-scale bankruptcies,’ ’ said Hideaki Akxmoto, chief 
strategist for Daiwa Institute of Research. 

“Many investors,' ' he added, ‘ ‘were searching for fee next 

Y a m3 i rh i ’* 

Among those targeted, analysts said, were Fuji Bank. 

which was Yamai chi’s main bank and 

shareholder, and Yasuda Trust & Bank- _ . . , 

ins Co. •Sooth Korea wor 

Yasuda Trust has long been con- tou S^ con ^ 

sidered one of fee weaker of the major • The Fund eases 
commercial banks, along wife Hokkaido land’s $17.2 billiot 
Takushoku. which collapsed last week. • China’s trade bai 
Standard & Poor's on Tuesday down- in Asia’s financial 
graded Yasuda’s credit rating to junk . cad cats Yasudi 


By Brian Knowlton 

huenutumal Herald Tribune 

VANCOUVER, British Columbia — Pacific Rim leaders 


• South Korea worries that the IMF will 
impose tough conditions, Page 13. 

• The Fund eases conditions on Thai- 
land’s $17.2 billion package. Page 13. 


worries could be shaken. 

The leaders of fee 18-membcr Asia-Pacific Economic 
Cooperation forum endorsed a plan devised last week in 
Manila to help members, such as South Korea, that are facing 
financial and currency crises. 

“There is no doubt feat fee fundamentals for long-term 
growth and prospects for fee region are exceptionally 
strong," a draft of fee final communique said. 

The Manila plan urges countries to undertake reforms and 
calls for individual members to help finance International 
Monetary Fund-led lines of credit when necessary. 

A U.S. official said the plan would be applied “ag- 
gressively" but noted that it amounted only to a “stated . 
willingness" to support IMF efforts “on case-by-case - 
basis." No new Asian-led fund is to be assembled. 

The agenda at Vancouver had been dramatically widened - 
even as leaders were heading here over the weekend, wife 
news that Seoul would seek a $20 billion IMF line of credit, 
and word of this week’s collapse of a major Japanese broker- 
age house. Stock and currency markets around fee world have 
been shaken by fee prospect feat fee Asian difficulties could 
lead to a global economic slowdown. 

The official steps taken by fee group to respond to these 
trying circumstances were “quite good.” said C. Fred 
Bergs ten, director of fee Institute for International Economics 
and a man considered an fiminence grise of APEC. 

“APEC has done a very effective job of using forward- 
"looking policies to respond to current 

. . problems and to help defend fee system 

* that the IMF will future problems." he saicL The 

ions, Fage 15. group also confirmed plans to liberalize 
mditions on Thai- nine economic sectors, confirming its 
package. Page 1 3 . free-trade orientation under pressure, he 


China’s trade barriers provide shelter said. 


See MARKETS, Page 4 


in Asia’s financial storm. Page 18. 

• S&P cuts Yasuda Trust & Banking’s 
debt rating to junk status. Page 18. 


Some economists said the organiza- 
tion could not have gone any further in 

See APEC, Page 4 


Asia Illness: A Limited Global Infection 


For Mr. Netanyahu, fee pressure to, American assertiveness was reportedly _ . f in n- i to n 

move on the long-stalled peace with Pal- foeled by fee confrontation with Iraq, While IrOUOleS Lnmp fVOrld ixTOWth KateS, tilSK OJ a MeUClOWn IS Small 
estiniaos comes as he is grappling wife which demonstrated to Mr. Clinton ana • . * — — ■ • 


serious opposfoen intois rightist coali- 
tion. A rebellion against Mr. Netanyahu 
by senior members of his Likud party last 

week forced his closest political aide. 


Mrs. Albright fee isolation they faced 
m the Arab world because of frustra- 

• See ISRAEL, Page 6 




; ./V’ii 

* •* -A. ♦ ' 

■ ' . r 



By Alan Friedman 

International Herald Tribune 

PARIS — Although Asia’s financial 
trauma seems to deepen daily, econ- 
omists and other analysts say fee dam- 
age can be contained and need not 
broaden into a global crisis. 

Global markets have grown increas- 
ingly jittery in fee last few days over the 
latest problems afflicting both South 
Korea and Japan, two of the stalwarts of 
the global economy. 

The collapse of Yamaichi Securities 
Co. of Japan and the sight of Seoul 
seeking a $20 billion bailout, coming 
aftermonths of East Asian currency and 
market turmoil, have got politicians and 
analysts alike sounding alarm bells. 

The worst-case scenarios being 
offered by analysts offer fee specter of 
an international contagion fear goes far 
beyond Asia itself. But the more likely 


result, fee experts say, is that fee crisis ’ In addition, fee Federal Reserve Board 


could usher in an era of slower economic 
growth, continuing market volatility 
and trade-related political tensions that 
could last for years rather than months. 

None of this is good news, but fee 
worst can be avoided, economists and 

NEWS ANALYSIS 

senior central bankers say, as long as fee 
International Monetary Fund is able to 
steer rescue and reform programs in 
South Korea and other Asian countries 
while Japanese financial authorities 
pump enough money into their system 
to avoid a run on bank deposits. 

■ Senior U.S. financial officials who 
have been in contact with their Japanese 
counterparts said there was good reason 
to believe feat fee Bank of Japan will 
make substantially more funds available 
to protect depositors at failed institutions. 


Tighter Belts for Britain 

Brown Calls for an End to ‘Short- Termism’ 


Mr. Lee, left, and Mr. Rhee at a candidates' appearance Tuesday in Seoul. 


and restore confidence in fee. country's 
chaotic stock and bond markets. The 
economy is laden with banks and con- 
glomerates that have grossly overex- 
tended themselves in fee past 30 years, 
wife fee government’s blessing. 

Although Lee Hoi Chang, 62. has 
changed the party’s name to the Grand 
National Parly, he is still the de facto 
governing-party candidate. 

President Kim , Young Sam has 
resigned from the party leadership and 
is officially neutral in .the race. But the 


bulk of the economic, political and for- 
eign-policy establishment that has dom- 
inated the past several ■administrations is 
solidly behind Mr. Lee, a former Su- 
preme Court justice. The latest polls 
show his support ranging from 29 per- 
cent to 35 percent, and two of them 
showed him leading Kim Dae Jung. 

It is too early to predict who will win 
fee election; South Korean politics are 
famously volatile, and any one of the 

See KOREA, Page 6 


By Dan Balz 

, Washington Post Service 

LONDON — The chancellor of fee 
Exchequer, Gordon Brown, called for 
significant reforms in the British wel- 
fare state Tuesday to remove disincent- 
ives to work, but he also signaled the 
government’s determination to keep in- 
flation, in check by calling for long-term 
wage restraint 

Laying out a preview of fee budget 
fee government will formally introduce 
next year, Mr. Brown argued fear it was 
possible to maintain high levels of em- 
ployment without rekindling inflation. 
But to get there, he said, would require a 


Payback Time Against Diana’s Brother 

British Tabloids Splash His Juicy Divorce Case 


By Dan Balz 

Wmhmgwn Post Service 

LONDON — Three months ago, 
Earl Spencer stood in Westminster Ab- 
bey and denounced the British tabloid 
press for, he charged, hounding his 
sister, Diana, Princess of Wales, to her 
death. ■ ■ ■ 

On Tuesday, fee hounds bit bacL. 

Wife barely restrained relish, fee 
tabloids’ front pages featured sensa- 
tiohal accusations made against him by. 
his former wife in a.divorce court in 
Cape Town. Their editorial pages as- 
tailed him for what they tailed his 
hypocrisy in calling for new privacy 
laws when, they said, he appeared to 
have something himself to hide. 

Even under normal circumstances, 
fee accusations against Lord Spencer 
would hrffefeeen given gwerous cov- 
erage NKSie British media, but fee 
papers seemed to come to fee task wife 


able papers jumped in as well, wife 
several putting fee story on their front 


Here was a member of one Of Bri- 
tain’s leading. families accused of be- 
ing “a serial adulterer* by fee lawyer 

representing' his estranged wife, Vic- 
toria, in proceedings that will’ help 
determine whether their. divorce case is 
heard in South Africa or Britain. 

Here was a man who cast himself as 
the populist defender of his sister’s 
legacy — who publicly upbraided the 
royal family and said he would be 
watching them as they raised Diana’s 
two sons — accused of summoning his 
wife, while he was lying in the bath at 
his estate, to tell her feat their marriage 

was over. 

" I no longer love you, and you’re no 
goodasa wife,” Ljjjf Spencer told his 

See EAfflL, Page 6 



Spencer entering court Tuesday. 


substantial overhaul of the country’s tax 
and benefits system and an end to 
“shortsighted short- termism" by both 
workers and businesses. 

Mr. Brown vowed that the Labour 
government would not allow a return to 
fee boom-and-bust cycle of economics 
fear has long plagued Britain. 

“The more we all take a long-term 
view of what fee economy can afford, 
the more we will be able to have job 
creation and keep inflation and interest 
rates as low as possible," fee chancellor 
said in fee House of Commons. 

The speech came wife Prime Minister 
Tony Blair's government under fire 
from his own party for refusing to spend 
significantly more money on health and 
education and for deciding to go ahead 
wife benefit cuts for single parents on 
welfare. 

Mr. Blair’s government has promised 
to adhere to the overall spending targets 
of fee previous Conservative govern- 
ment. But wife the economy in strong 
shape, there have' been increased calls 
for fee government to relax that policy 
and pour more into domestic social and 
educational programs. 

Mr. Brown sought to mollify those 
critics wife a series of small spending 
initiatives, from grants to retirees to help 
pay their heating bills this year to an 
expansion of child-care support for 
single mothers. ■ ' 

■ But his overall message ratified the path 
fee he and Mr. Blair have been following 
since before Labour was elected last 
spring, which is one of fiscal restraint and 
no increases in income tux rates. 

" Wage responsibility is a price worth 
paying to achieve jobs now and the 
prosperity in the lon£ term,” Mr. Brown 
said. "It is moderation for a purpose." 

Mr. Brown offered few details of the 
welfare-siale reforms that Labour might 
endorse. He said the government would 
explore seriously the establishment of 
an earned-income tax credit for low- 

See BRITAIN, Page 6 


has bilateral arrangements to assist fee 
Japanese central bank if necessary. 

While economists worry feat Tokyo 
may not act quickly enough to avoid a 
witter crisis in fee nation’s banking sec- 
tor, fee Bank of Japan sent a clear signal 
Tuesday when it injected 800 billion 
yen ($6.3 billion) into Yamaichi Se- 
curities to protect investors and clients. 

The U.S. officials also said that South 
Korean authorities had told them feat 
they were planning to impose a tough 
IMF-linked austerity program, even if 
feat means pushing through unpopular 
legislation to shake up both fee rigid 
labor market and the conglomerates 
known as chaebols . 

The Japanese and South Korean 
emergency actions, if carried out, should 
limit fee damage. Yet, fee crisis will still 

■ See ASIA, Page 4 


AGENDA 

Albright Will Visit 
6 Nations in Africa 

WASHINGTON (Reuters) — 
Secretary of State Madeleine Al- 
bright trill make a six-country tour 
of Africa next month, the State De- 
partment announced Tuesday. 

A department spokesman, James 
Foley, said she would visit Ethio- 

S ia, Uganda. Rwanda, Congo. 

onto Africa and Zimbabwe from 
Dec. 9 to 15. It will be her first visit 
to sub-Saharan Africa since taking 
office in January. 

MCE TWO 

Salmon; Now the Farmer's Delight 

THE AMERICAS Pag* 3. 

Republicans Reap Spoils of Power 

EUROPE 1 Pag* 5. 

History Gets 'Cleansing' in Bosnia 

BUSINESS/FINANCE Pag* 13. 

VS.- Opens Door to Telecom Firms 

Books 1 Page II. 

Crossword Page IL 

Opinion Pages 8-9. 

Sports Pages 20-21. 

Page* 4,-w. 


The Intermarket 


The IHT on-line vv'.v’.v.iht.com 
The Dollar 


+41.03 


TuMday C 4 PJM. 

1.7505 

1.677 

127.385 

5.8585 

Tuesday dog 

7906.85 


Tuuxiay O A PAL 

950.82 


»*VWU8ctoM 

1.7385 

1.691 

126-885 

5.8185 

7767.82 

pivvioiitdosa 

946.67 







1 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


PAGE TWO 


Farm-Fresh Lox / Spawning of a New Era 


In a Fisherman’s Bastion, Breeders Prevail 


By Howard Schneider 

Washington Post Service 

V ancouver, British 

Columbia — Among the treats 
offered to diplomats and of- 
ficials gathered here for the 
Asia-Pacific Economic Cooperation for- 
um, there is salmon. Lots of it. Los. on 
toast.. Salmon seared in butter. Salmon 
cut into hefty pink fillets. 

The fish is one of British Columbia's 
staple symbols, evoking images of its 
rugged coast and people — and, last 
summer in particular, provoking tensions 
with the United States as fishermen from _ 
the province and Alaska argued over how 
many of the migrating fish each should be 
allowed to catch. 

But take note: The salmon that busi- 
ness, economic and media officials 
munched at various receptions here has 
no connection with the fishermen who 
blockaded an Alaskan ferry last summer 
to protest what they thought was Amer- 
ican overfishing. 

These fish weren’t dragged from open 
waters in a net; they weren’t hooked on a 
line; they weren’t caught in a trap. They 
were hatched on a fish farm, nurtured with the 
oversight of human technicians and gently har- 
vested to keep their flesh as unscarred and their size 
as uniform as possible. 

Just as the debate here among international lead- 
era reflects the degree to which the world's econ- 
omies have become intertwined, the menu reveals 
how a traditional, local industry such as salmon 
fishing can be revolutionized by global forces. 

Preliminary industry statistics for this year in- 
dicate that, for the first time, there will be more 
farm-produced salmon on world markets than fish 




ture businesses produced an estimated 750, 
ric tons of salmon this year, compared with about 
700,000 tons caught in the wild, according to Greg 
D’Avignon, executive director of the British 
Columbia Salmon Farmers Association. 

The same is true for the province of British 
Columbia. Despite the wild salmon’s near-spiritual 
tie with this society, more fish were produced by the 
province's fish farms, which number about 75, than 
were pulled from its waters this year. 

“Salmon is an icon in the Pacific Northwest," 
Mr. D’Avignon said, “and fishing was really the 
first industry in Canada.” 

But “the paradigm has shifted," he added. “In- 
ternationally, farmed salmon has completely 
changed the marketplace." 

In the high-level and sometimes shrill U.S.-Canada 
debate over division of the West Coast's wild salmon 
runs, little is said about the brave new world of fish 


%33£ 

farming. But in fundamental ways, aquaculture 
threatens to make that diplomacy irrelevant, or at least 
to frustrate its aim of ensuring that salmon fishermen 
in both countries are able to make a living. 

As officials from the two nations — including at 
times the president and the prime minister — battled 
in recent years to defend their fishing fleets, en- 
trepreneurs throughout the world continued to ex- 
pand fish-farming operations. 

That, in turn, has cut salmon prices by as much as 
two-thirds — from highs of about $6 per pound to 
this year's price of about $2.20 — and created a 
supply so dependable and acceptable to consumers 
that there is little chance prices will rise again. For 
the salmon fisherman, it is a dynamic that threatens 
to relegate their craft to museum status. If the price 
keeps dropping, it will not matter whether U.S. and 
Canadian officials ever strike an acceptable balance 
in dividing the catch; fishermen will always be under 
pressure to catch more to keep pace with economic 
forces that are out of the hands of both countries. 


D 


ES NOBELS, a fisherman and secretary- 
treasurer of the Northern Gillnetters As- 
sociation, sees the results in his bank 
account and in the growing line for social 
assistance in Prince Rupert, the fishing port where 
the Alaskan ferry was blockaded last s umm er. 

The focus of anger in the blockade was the 
Alaskan fishing fleet, which Mr. Nobels says caught 
several hundred thousand fish off Alaska's coast- 
line that were headed for British Columbia spawn- 
ing grounds. Under Canada's reading of the Pacific 


Salmon Treaty between the. two coun- 
tries, those fish should have been left for 
Canadians to catch. 

The treaty has not functioned well, 
igniting disputes instead of settling them. 
This year saw the ferry blockade, threats 
by the British Columbia government to 
cancel U.S. access to a submarine base 
and lawsuits in both countries. Special 
representatives from the United States 
and Canada are con tinuing rifamssinns 
over the winter. 

But, Mr. Nobels concedes, it is not just 
the Alaskans’ harvest that left him with 
half the cash he expected at the end of the 
salmon season — only about $10,000, 
barely enough to cover costs. 

If prices had held firm over the last 
decade, that would have more than made 
op for the value of the fish lost to the 
Alaskans. Most of Mr. Nobels's catch 
goes to Japan, and when that market is 
weak, as it was last summer, things are 
even worse. 

There is competition within British 
Columbia fishing circles as well for the 
fish that are caught The courts have 
given In dian groups priority to the sal- 
mon runs, since the fish is a traditional 
food and social commodity for many tribes, and 
sport fishermen also assert a claim. Economic stud- 
ies show that, pound for pound, a salmon caught on 
a chartered sport-fishing boat is worth many times 
more to the economy than that caught by a com- 
mercial fishing vessel. 

“You wonder why we blew up this year?” Mr. 
Nobels said. “Our economy here is collapsing on 
itself." 


P 


AR2JVAL COPES, a professor at Simon 
Fraser University in British Columbia, said, 
“There are a lot of factors that are all 
working at the same time" to frustrate fish- 
ermen like Mr. Nobels. “If prices had not dropped, 
people would not be feeling quite so tense about it 
because they would still be getting pretty good 
incomes.'’ 

It is not that aquaculture will ever replace the 
fishing fleet. Mr. D’Avignon says, but in towns 
where fish farms exist, some of die same local 
businesses that helped support fishermen now re- 
pair propellers and mend cages for the farms. 

And when world leaders bring their taste buds to 
your town, it would not do to tell them that they 
missed the salmon season. Despite its loud support 
for commercial fishermen, the province is not shy 
anymore about acknowledging that the fish at its 
white-tablecloth banquets began life in an incubator 
and grew up submerged in a tidewater cage. 

“Everything you eat tonight," British 
Columbia’s prime minister, Glen Clark, said at a 
Saturday reception, “was made right here.” 


9 Years After Lockerbie, i 
Security Holes Persist 


The Associated Pros 

WASHINGTON — As the White 
House Commission on Aviation Safety 
and Sccmity convened last year after the 
crash of TWA Flight 800, Kathleen 
Flynn, a panel member, spoke to the 
chairman. Vice President M Gore. 

“Please don't waste my time/’ she 
recalled telling die vice president “If 
we're not going to implement our rec- 
ommendations, please just tell me now 
so I can go home.” 

Ms. Flynn, ofMontville, New Jersey, 

sinceber son dietfbec. 21, 1988, when 
terrorists blew np Pan American Flight 
103 over Lockerbie, Scotland, killing 
259 aboard and 11 on the ground. 

She is still waiting for the Federal 
Aviation Administration to close the 
holes in the safety net that were first 
identified by a presidential commission 
formed after the Flight 103 bombing and 
by another presidential panel created 
after TWA Flight 800 burst into a fire- 
ball July 17, 1996, after takeoff in New 
York, lolling all 230 people on board. 

“There is still not any kind of a 
system in place,” said Rosemary Wolfe 
of Alexandria, Vir ginia, whose step- 
daughter was aboard Flight 103. “Yon 
can still have what happened to Pan Am 
103 happen tomorrow/’ 

The FBI closed the 16-month crim- 
inal investigation of Flight 800 last week 
after no evidence of a bomb was found. 

Federal officials say that with the help 
of fresh money from Congress, they are. 
carrying out several long-awaited im- 
provements, such as profiling passen- 
gers to identify security risks and man- 
datory matching of hags to passengers. 

Critics say the changes, sane af which 
take effect Jan. 1 , have taken too tong and 
tall short of the nartornmeivlafin iiR first 
made by the Flight 103 panel in 1990. 

Congress raised the Federal Aviation 
Administration’s 1998 budget by $785 
million to $9.1 billion, including about 
$ 100 million for security improvements 
and $44 million more for research and 
development, according to the House 
Appropriations Committee. 

But even with foe changes, potential 
security loopholes remain. 

For instance, prior panels have 
warned that security gains made by pas- 
senger profiling could easily be cir- 
cumvented by curbside baggage check- 
ins or electronic ticketing. 

Several reports raised concerns that 
the security workers who operate metal 
detectors and screen passengers hold 
low-paying, high-turnover positions. 


The Federal Aviation Administra- 
tion’s slow progress has been blamedin 
part on years of bickering between the 
government and industry over which 
techniques should be employed and 
who should pay for them. 

For instance, the Flight 103 panel 
asked the Federal Aviation Administra- 
tion to ensure drat luggage 
loaded unless i» owner also boarded foe 
plane. In September 1996, the Flight 800 
commission recoiraneaded asiniilaJ’pas- 
senger-bag match. The airline industry 
opposed a full passenger-bag match, 
fearing that it would disrupt service. 

The Federal Aviation Administra- 
tion’s plan, beginning Jan. 1. would 
require a bag match or explosives 
screening for passengers deemed m 
need of additional scrutiny. ftr 

The Flight 103 commission also 
mIIrH for increased inspections to make 
sure that packages earned on commer- 
cial airliners do not contain explosives. 

TRAVEL UPDATE 
U.S. Warns on Egypt 

CAIRO (AP) — The U.S. Embassy 
has warned Americans that foe Islamic 
militan t group that trilled 58 foreign 
tourists in southern Egypt last week 
migh t be planning attacks on U.S. tar- 
gets around foe country. 

“U.S. citizens are advised to exercise 

vigilance while in Egypt,” said an em- 
bassy statement faxed Tuesday to The 
Associated Press. It mged Americans to 
register at their embassy in Cairo. 

It said the U.S. government “has 
reason to believe" that foe group that 
massacr ed visitors to the Temple of 
Hatshepsut may be planning attacks 
against American interests. 

Greeks Strike for Day 

ATHENS (AP) — Flights were can- 
celed, and hospitals took only emer- 
gency’ cases Tuesday as part of a 24- 
hour strike by civil servants across 
Greece. 

. About 4:000 striking workers took 
part in a march in Athens to demand 
higher salary increases under foe 1998 st. 
budget 

Beirut’s National Museum, an in- 
famous snipers' nest during Lebanon's 
civil war, put its long-buried treasures 
back on display Tuesday for the first 
time in 22 years. (AFP) 


.. Tm worried 
- about foe kid, 
• honey!” 



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Correction 

Because of an editing error,- 
a comment in foe Tuesday 
issue about U.S. congression- 
al elections next year was 
wrongly attributed to Tim 
Condon of Morgan Stanley 
Dean Witter securities in 
Hong Kong. The comment 
was made by Larry Hatheway 
of UBS Securities (Singa- 
pore) Pte. 


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MH with showers in Tokyo 
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INTERNAXIOimHEIl^ TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


PAGE 3 


THE AMERICAS 


3,000-Pound Spartan Is Wrangled by [fond Into Shuttle’s Cargo Bay 


NEW YORK Kalpana Cbawla, the. astronaut cent-. . satellite hafl been die possibility that it 

a. Iwq astronauts trolling toe arm fnnlr the gareffite finnra Tmgtrflnf lTu» ghrtTtfp. nr toe ngtmnrinfg wi 


- 1 , „ .l. , “ uuuiuuu uuumv me arm mnt tiir anHime iniro 

arabbed an 5 nnt c ?! ll {? e Columb * a tier colleagues outside and stowed it & 
“ e ™t satelLte 170 mUes place. ' . • 

ir “to Once the satellite was- back in its 


2L *“?? saIe iijto 170 miles 

The shuttle’s commander, Kevin Kre- 
gel, maneuvered his 100-ton craft until it 
closed m from below on the 3 000 - 
pound<1350 kilograms) satellite, which 

was inadvertently sent into a slow spin 
when it was released by the shuttle's 
crew last week. 

k .. w rS! he .S ta ; bb ’; °p=? caigo 


trolling die asm, took the saieffite from: mig ht hit iffa- fimtoie nr toe ngt mndnf* fo 
her colleagues outside and. stowed fc m the cargo bay. Space agency officials 
place. •' - had said the risk was realj bnt small 


The problem with -Spartan has. been 
cradle, tests were run to fihd out whether the only major hitch on the mission, 
it might be feasible to release it again which began Wednesda y when the 


later in the 16-day 


Columbia and its sn-rafcmber crew hf- 


J 'All indications are webaycla healthy ted off from CapeCartaveral, Florida. 


said Craig :TqpJey, foe . The astronauts entered foeCargobay 


Spartan mission manager. ; T-AIthongh and nsed straps to fasten their feet into 
we don’t know bow nmdftbattery we positions at opposite ends of aplatform 
have left, we are optimisfic^We do have s panning the width of the bay. Then they 


bay Monday night for fiTESE sW 
astronomy satellite to drift imo their toatb 
reach, Winston Scott and t«i _ n. 


on board, to carry dot 


reach, Winston Scott and Takao Doi, a 
Japanese astronaut, grabbed it with their 
gloved hands and pulled it aboard 


that be possible.” 


He said scientists were hoping 


Leaned back and waited far the shuttle to 
maneuver until Spartan was chest high 
between them. 

Grabbing Spartan, a 5-foot (1.5-jne- 


be gent back out for six to tear) cube with die ends of an 11-foot 


honn^ considerably kss time than, the 


■ ®0 aneDv er> Mr- Scott two days of solar observations that had was 


said, “Standby. Standby. Capture!*"’ Then been planned. 




cech imp took o ne end of the telescope 

protruding from the sides of the satellite, and Space Administration's mission op- for each astronaut to takc hold of his cod 
ive got my end, Mr. Scott said to erahans director, said it WOufo be a few of the 20^nch-diameter telescope. But 
you got yocms?” days before flight controHas knew each man needed to grab the telescope at 

_AiterMr. D°i confinned that he had a whether there was enough fuidfeo release the same time to steady Spartan before 
firm grip, Mr. Scott said, “Now t hat and retrieve the safwiHte a second time. lowering it into an awaiting berth, 
we’ ve got it, Deri, let’s decide what we’re - “It’s premature to say what we’ll The two astronauts were asked to per- 
goingfiodo with it.” have die ability' to do just/yet,” Mr. form the tricky maneuver after the 

The astronauts then began mancu- Briscoe said. - • " - Spartan malfunctioned Friday and then 


and skill titan 


through its sides, 

uriQg more timing 

l Engineers said it 


Lee Briscoe, the National Aeronautics would take only about 10 pounds of force 


for each astronaut to take hold of his end 
of the 20-inch-diameter telescope. But 



we vegot it. Den, let’s decide what we’re - “It’s premature to say what we’ll The two astronauts were asked to per- 
going to do with iL” have die ability' to do. justlyet,” Mr. form the tricky maneuver after the 

The astronauts then began mancu- Briscoe said. - - " Spartan malfunctioned Friday and then 

venngtbe satellite into its cradle aboard In any case, scientists will retrieve was sent into a spin by an inadvertent 
the shuttle- But the satellite would not their reusable' satellite when Columbia nudge from the shuffle’s robot arm, 
larchdowu firmly, and Mission Control returns to Earth on Dec. 5. It could be wind deployed it. NASA officials had 
ordered the crew to use the shuttle’s sent up on a later shuffle mission. made retrieving the reusable satellite a 

robot arm. The main conce rn about snaring the priority. (NYT, AP) 


Tofcy TaftM/TTw A» uama Pmm 

THANKS FOR THE SNOW — Employees of the Sugar bush ski resort in Vermont riding a chairlift 
dressed as pilgrims. It is expected to continue snowing at Vermont ski areas until the Thanksgiving holiday. . 


In any case, scientists will retrieve was sent into a spin by an inadvertent 
leir rensable satellite when Columbia nudge from the shuffle’s robot arm. 


Away From Politics 


• About 50 West Point seniors have stem, Nebraska. Passengers said the 
been punished for taking port in a couple had made comments that “they 

kmn/kUiMM ** an n.U.nU ataatfl «1 m tA iiat A-ff tlia t vftin tVoni nwfU HAn>n 


• A speedboat smashed through a 
cabin cruiser on the Intracoastal Wa- 


“blood branching,’’ in which pins des- had to 
ignating their branches in the array to get 


get off the train, they were going 
hurt, they were going to hun 


were pushed through their uniforms somebody,’* a police official said. The 


robot arm. 


The main conce rn about snaring the 


terway in Florida, killing all six people into their chests. There were no serious 'reason for their behavior was not 


(NYT, AP) on the cruiser and scattering wreckage injuries, but the cadets face demerits. 


ir Cash to Republicans 


hundreds of yards along the waterway. 
The two people on the speedboat were 
in critical condition. The boat was a 


e waterway, extra duty or restrictions. Such rituals 
sdboat were at West Point were barred before Mar- 
boat was a ine Corps “blood pinnings” were 


known, however, and autopsies were 
planned. (AP) 


triple-engined type of craft called a made infamous this year by gory vid- 


By Ruth Marcus 

Washington Post Service 


buttons and 230,000 contri- received a smaller slice of “It paints a pretty dark pic- 
buttons from poMcal actioo PAC and individual contri- ture for Democrats in toe 
owed wbai tbe buttons from every sector of foreseeable future,’’ said the 
rtive director, the economy than they had report’s author, Lany Makra- 
called an “ab- two years earlier. * son. 

to giving after The biggest change was to The study showed that 
ged hands. . defense industry contribu- business interests overall 


WASHINGTON — The 
Republican takeover of Con- 


committees, snowed what the 
center’s executive director, 
Kent Cooper, called an “ab- 


Repubucan takeover of Con- Kent Cooper, called an “ab- 
gress to 1 994 prompted a mas- rapt flip-flop” to giving after 
srve shift to corporate Amer- Congress cbimgftti hands. 


ica’s political contributions, 
with the Republicans’ share of 
d onations from business polit- 
ical action committees and in- 
dividual business donors 

ffTfrom 49 percentto 1993- 


dgarette boat, which is capable of trav- 
eling at speeds ofmotc than 80 miles an 
hour (130 kilometers an hour). It was 
not known how fast the speedboat was 
moving at the time of the accident. Tbe 
accident site is a 25 anle-an-bour zone. 

(AP) 


eotapes broadcast on television. (AP) 


• In an apparent double suicide, a 
couple described by fellow travelers as 
paranoid jumped to their deaths from 
the emergency exit of an Amtrak train 
moving at 55 miles an hour near Ral- 


• A dam that has blocked the Ken- 
nebec River to Augusta, Maine, for 
160 years was ordered removed, the 
first time federal regulators voted to 
remove a dam whose owners wanted it 
relicensed. Environmentalists and 


sport-fishing groups had been pushing 
for the removal of toe Edwards hy- 


for the removal of the Edwards hy- 
droelectric dam for a decade. (AP) 


son. 

The study showed that 
business interests overall 
made $653.4 million in soft 
money, PAC and individual 
contributions in 1995-96, 


was the most dramatic, with from 39 percent in 1993-94. contributions m 1995-96, 
Republicans collecting nearly Gifts from energy and natural more than 11 times the $58.1 
70 percent of all business PAC resources concerns went to 77 milli on that came from or- 
moncy in 1995-96, against percent Republican from 57 ganized labor. Sixty percent 


When Is a Traffic Jam Like anlce Cube? 


less than half to the previous 


When Physicists Use Freezing Water to Explain Phenomenon of Gridlock 


94, a study by tbe Center for election cycle, when Demo- 
Responsive Politics indicates, crats controlled both houses. 

The study, which analyzed On an indnstry-by-fodnstiy 
1.2 million individual contzi- 


crate controlled both houses. Democratic 
On an todnstty-by-todnstry their Repub 
basis, Democratic candidates percent frou 


percent Even . lawyers and of all business contributions 
lobbyists, traditionally went to Republicans, while 


donors, raised 
can giving to 38 
27percenL 


93 percent of labor's giving 
went to Democrats. 

Although Democrats com- 
plain about die Republicans’ 


ByI ^S®r De the journal Physical Review Letters, re- 

— — ports a senes of measurements they have 

■ NEW YORK — Despised though made since 1991 on a heavily traveled 


Their paper, published last week to eously, sometimes without any change in 
die journal Physical Review Letters, re- traffic volume or speed to trigger them, 
ports a series of measurements they have A sluggish mass of synchronously 
made since 1991 on a heavily traveled moving vehicles propagates its tofori- 
stretch of autobahn near Frankfurt They atingmode of movement miles upstream 


they are by most people, traffic jams stretch of autobahn near Frankfurt They atingmode of movement miles upstream 
have fascinated some of the finest sci- found that traffic along tbe expressway from the obstruction and may persist for 


advantage in soft money — entific minds of the 20th century, who flowed to three sha 
the imlwnififtti donations from see in them similarities to the freeing of free flow, to whi 
corporations, labor unions and water, the triggering of avalanches, the change lanes and p 


rru • rgr a j tat . tangents. But at fund-raisers around the 

lnlS I llfie Around) liOt conntty, Mr. Clinton can be beard these days 
o -mg jry . pazzlingtiffoughtiiepn^xwals and starting 

tjO many JuTnpty UyJlCBS to develop a message that his aides say he 

** 1 v . hopes will, in final frmn, carry Democrats to 

WASHINGTON — Ihe-Glinton admin-— amajarity to Congress next year, 
ration was plagued throughout its first Almost all die speeches fharonghtem- 


corporations, labor unions and 

individuals that do dot go loan 

individual candidate — the 
difference to soft money giv- 
ing by business between the 


free flow, to which fast vehicles can 
change lanes and pass; “synchronized” 


two or more hours, even after the ob- 
struction is eliminated. In this, the clog 
seems to resemble a block of ice floating 


formation of galaxies and the advent of flow, in which high traffic density pre- in water just above tbe freezing point: it 


life itself! 


vents lane changes and passing, and 
ysicists have made little jams , to which vehicles come to at least a 
solving these clots to the momentary stop, 
nnotive civilization, the Although other physicists to tbe past 


■istratkm was plagued throughout its first 


term by a chronic mability to fin top jobs to plate: Mr. Qfoton presents a starkly par- 
the government Fewer than half were filled tisan review ofhis rw»rd in office, crediting 

, . • . .. ii • j *- iL. a., t 


mg by business between tne progress in tnssoi vmg tnese clots m tne momentary stop, 

two parties was less dramatic arteries of automotive civilization, the Although other physicists in tbe past 

than die gap to individual and enormous power of new computers has 40 years have theorized about phase 
PAC coninbutions. Repubh- opened possibilities that may one day transitions to traffic, most have con- 

cans held a 54 percent to 46 reduce traffic congestion, improve die . ceived of these transitions as a type 

percent advantage over Demo- reliability of weatiier forecasting and known as “second order,” meaning that 


by Clinton appointees at the end adds first the Democrats with cutting the budget def- 
year and some departments — Defense and icit, expanding the economy and humanely 


percent advantage over Demo- 
crats to raising soft .money 
from business interests. 

• The study put the final 


‘second order,” meaning that 


solve otiter problems that so far have* they occur gradually to response to 


proved intractable. 


gradual changes to average vehicle 


The latest volley comes from Ger- speed and traffic volume. 


Commerce — were struggling to reach 40 
percent filled. 

This time, with four years’ experience 
and a below-average turnover rate; the ad- 
ministration will end the first year of its 
second term with 78 percent of the senior 


changing the welfare system. He mixes that 
message with an analysis of American his- 
tory and a philosophical, searching look at 
technological and economic change. 

“He’s noodling,” said one of Mr. Clin- 
ton’s senior aides. “He’s to noodle mode. 


price tag for the 1996 election many, where Boris Kerner, a physicist at But Mr. Kerner and Mr. Refabom 


at $2J2 billion, making it the Daimler-Benz AG to Stuttgart, and found, from data recorded by sensors 


jobs to cabinet-level agencies filled. There He’s asking questions that are on his 
is a chance the administration will approach min d" 


85 percent occupancy shortly after Con- 
gress. returns early next year. 

to addition, some of the 83 government 
positions listed as vacant are actually filled 


Tbe president’s recent defeat on leg- 
islation that would have increased his au- 


thority to trade negotiations has persuaded 
Mr. Qtoton that he needs to do a better job' 


by someone serving to an acting capacity of articulating bis economic goals, aides 
pending confirmation. When the Senate an- said. (NYT) 

joumed earlier this month, Clinton ap- 


most expensive in the na- 
tion’s history. The average 
winning campaign for toe 
House cost $673,000 to 1996, 
30 percent more than to 1994. 
The average Senate seat cost 
" $4.7 million, np from the $4.6 
milli on average two years 
earlier. 

leading toe pack to total 
contributions — soft money; 
political action committee 
outlays and individual dona- 


neither grows nor rapidly melts. 

Other investigators have shown that 
when traffic on a highway reaches about 
85 percent of the highway’s capacity, 
traffic becomes unstable; it may flow 
normally for a time, but it may congeal 
abruptly and without warning. 

'‘Traffic phase transitions are like 
cancer,” he said “Once a transition 
occurs, it may be too late to fix. The 
answer is timely and accurate forecasting 
of an approaching phase transition.” 

Mr. Kerner offered no specific sng- 


Hubert Rehbom. a traffic consultant liv- under tbe roadway, that the phase tran- gestions for blocking incipient phase 
tog to Aachen, have developed a theory sitions between free flow, synchronized transitions. In general, he said, a network 


that road traffic is subject to the kind of flow and traffic jams were “first order” 
“phase transitions" that -water under- transitions. 


sitions between free flow, synchronized transitions. In general, he said, a network 
flow and traffic jams were “first order” of sensors, a powerful computer traffic 


goes when it changes to steam or ice. 


These occur abruptly and spontan- 


analysis system and responsive highway 
controls of some kind would be needed 


Au Pair’s Prosecutors Appeal Judge’s Ruling 


j£7£SSi$a^ Quote/Unquote 

quire Senate confirmation. . (WP) 

Scott Reed, former campaign manager 
jj ug j 9 for Bob Dole when he was the 1996 pres- 
Llmton S JMOOdle mode kkntial nominee, on early ftmd-raisingby 

Republican presidential hopefuls: ‘*Tbe 


tions by employees and their 
immediate family members 


WASHINGTON — He gives the politics of fund-raising — how much and 
spwebes late at night, after toe sorbet has how quickly — will drive toe GOP nom- 
* and most reporters are past their toation to 1998 and 1999. It’s the first real 
s. President Bill Clinton often cut at separating toe men from the boys.” 
and sometimes wanders off on (WP) 


immediate family members 
— was Philip Moms Inc., 
with $4.2 million to contri- 
butions last election cycle, 79 
percent to Republicans. 

The next eight largest con- 
tributors were labor unions 
and toe Association of Trial 
Lawyers of America. 


The Associated Press 

CAMBRIDGE, Mas- 
sachusetts — Prosecutors ap- 


gues that Judge Hiller Zobel 
of Superior Court was wrong 
when he lessened toe OcL 31 


pealed on Tuesday a judge’s conviction of Louise Wood- 
decision that led to freedom ward from second-degree 


Woodward’s sentence to toe 
279 days she already had 
spent to prison, mostly await- 
ing trial. The 19 -year-old Bri- 
ton was ordered to remain to 


for toe British an 
victed to toe death c 
her care. 


The appeal to the state’s ruaxy. 


xtir con- murder to involuntary man- 
ababy to slaughter for killing 8-month- 
old Matthew Eappen to Feb- 


ceedtogs were completed. 

A hearing on the appeal was 
tentatively set for Dec. 3. 

Defense attorneys have 
also said they will appeal toe 


Massachusetts until legal pro- manslaughter conviction. 


Supreme Judicial Court, 
which had been expected, ar- 


Judge ' Zobel’ s decision 
meant he was able to cut Miss 


rambles, and sometimes wanders off on 


U.S. to Oversee Teamster Spending 


By Steven Greenhouse 

Sew York Times Service 


NEW YORK — The 
Justice Department and toe 
Teamsters* union have reach- 
ed an unusual agreement in 
which a federal monitor will 
oversee the union' s spend ing 
to prevent any improper ex- 
penditures. •; . 

The agreement, reviving a 
type of government financial 
oversight from which toe 
Teamsters were freed only 
five years ago, is an embar- 
rassing setback for dteir ef- 
forts to show that toe union, 
once toe most mob-infested 
in toe United States, has nd 
itsdf of corruption. 

Rarely before has toe gov- 
ernment obtained such broad 
.authority to supervise a un- 
ion's finances. 

Officials of toe govern- 
ment and the International 
Brotherhood of Teamsters, 
whose annual budget is 
slightly more than $80 mil- 
lion. said tbe agreement was 
intended largely to jj 
repetition of toe fraud that 
characterized last year’s eam- 

paigu for Teamster «BSiaenr, 


caus e of that fraud, was dis- 
qualified from running to a 
new election early next year. 
A court-appointed monitor 
hatred him on Nov. 17, find- 
ing that he had approved 
schemes in which more than 
$700,000 from the treasury 
was drained to assist his cam- 


Carey announced 
Tuesday that he was taking a 
leave of absence. The Asso- 
ciated Press reported from 
Washington. 

pn a later to toe union’s 
general board, he denied any 
wrongdoing but acknowl- 
edged dial he was hurting toe 
iTtrtnn and his supporters by. 
remaining on toe job while 

t— — — — ‘fipni 


pursuing an appeal that few 
believe he can win.] 

Mary Jo While, toe U.S. 
attorney to Manhattan,' signed 


toe financial oversight accord 
with toe Teamsters" general 
counsel, Earl Brown Jr. 

She said, “The agreement 
was reached to enhance the 
mnon’s'fmancial controls anH 
to assure all of the union's 
members that IBT funds are 
being used solely for toe beat- , 
efit oftoeniembershq).” v ' 

Nancy Coleman, a spokes- 
woman for toe union, said: 
“The United States attorney 
asked us, and we agreed to an 
independent auditor to pro- 
vide an additional layer of 
oversight over toe finances of 

tot* irmnn 

“We*ve been cooperate 
fog," she continued, “we’re 
also concerned about making 

certain that onr members are 
comfortable tost everything 
Is as it should be. It serves our 
purposes as welL” 


Croire 


etan 


jves 

les realiser. 


Collection "FACADE* 



* 

J 


trea su ry was used to neiptne. 
re-election drive of Ron 


Carey. 

The new accord came a 

wekrfter Mr. Qmy. who* 

re-election victory last De- 
cemhar was overturned oe- 



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hn Cleef & Arpels 


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PAGE 4 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


The Horrors Mount Up 
At Mandela Hearing 


INTERNATIONAL 


By Suzanne Daley 

New York Tutus Service 


JOHANNESBURG — A former anti.' 
apartheid fighter testified that Winnie 
Madikizela-Mandela had an activist 
killed in a feud over control of his guer- 
rilla unit. 

A fete told how the last time he had 
seen his son alive he was bloodied and 
trembling, huddled in die bade of Mis. 
Madilrizela-Maadcla's van. Though he 
begged for his son’s release, Mrs. 
Madikizela-Mandela refused. 

A young woman described how Mrs. 
Madikizela-Mandela slapped and 
punched her when she was pregnant — 
and how she knew it was a jealous rage 
because her boyfriend was one of Mrs.' 
Mandela’s bodyguards and had told her 
that President Nelson Mandela’s former 
wife was slipping into his bed at night 

Some of die witnesses were stone- 
faced and others cried as they told their 
stories to South Africa’s Truth and Re- 
conciliation Commission on Monday, 
die first day of a special weeklong hear- 
ing delving into Mrs. Madikizela-Man- 
dela’s activities in the late 1980s, in- 
cluding her role in as many as a dozen 
killings. 

The commission, which was created 
to investigate apartheid-era atrocities, 
can grant amnesty to those who confess 
to cranes. But it does not prosecute, and 
it seems unlikely that Mrs. MadQrizela- 
Mandela, 63, wul ever be indicted. 

But the commission, which has sched- 
uled more than 20 witnesses, this week, 
has begun laying out an array of dis- 
turbing, if so far, less than conclusive 
evidence against Mis. Madikizela-Man- 
dela, and could help decide her political 
future. 

The hearings are unfolding as Mrs. 
Madikizel a-Mandela is vying for die 
deputy presidency of the country. Her 
hope is mat she will be elected to the No. 
2 spot in the African National Congress 
at its annual congress next month. This 
would lay die ground work for her to 
become South Africa’s deputy presi- 
dent, if as expected the party wins the 
1999 elections. 

But first Mrs. Madikizela-Mandela, 
who decided after her divorce to use her 
maiden name as well as her better- 
known married name, will have to en- 
dure five days of public scrutiny before 
the commission. 

Mrs. Madikizela-Mandela, who was 
convicted of assaulting and kidnapping a 
j activist in 1988, drew fewer than 
supporters when die hearing 
opened. 

Many of the witnesses were people 


who said they had been her victims, and 
they pain tad a' portrait of Mis. 

Mariifrtre lfl- Manfirla as br utal and 

power-hungry. 

Nicodemus Sono’s story was one of 
the most gripping. He told the com- 
missioners that his son, Lolo, was : 
the young activists closely in> 

Mis. Madikizela-Mandela in 1988. But 
late in the year, two young members of 
the ANC’s guerrilla wing were killed by 
die security forces and Mrs. Madikizela- 
Mandela apparently blamed Lofe for 
their deaths, saying he was a spy. 

A few days later, Mr. Sono said, Mrs. 
Madikuela-Mandda came to his house 
in a blue minibus. She was sitting in the 
passenger seal and Lolo was being held 
by two youths in rhe back. Mr. Sooo said 
his son’s face was puffy and swollen 
from a beating. He was shaking. 

“When be tried toi 
him to shut up,” Mr. Sono said. 

"At first, Mr. Sono said be tried to 
reason with her, bat after a while he just 
begged for his son’s life. Mbs. 
Madikizela-Mandela was unmoved: 
‘Tm taking this dog away,” she said. 
“The movemeai will see what to do with 

him. ** 

Lolo’s body was never found. Bat a 
member of Mrs. MadOrizela-Mandda’s 
bodyguard, known as the Mandela United 
Football Chib, has apparently co n fessed 
to the trilling in an amnesty application he 
has filed with the commission. 

Another witness, Pfaumile Dlamini, 
told the commission ih*r she was beaten 
by Mrs. Madikizela-Mandela when she 
was three months pregnant because Mrs. 
Madikizela-Mandela was jealous. A 



mrUma/Bnm 

Xoliswa Falati testifying Tuesday against Mrs. Madikizela-Mandela. She said she saw Stoznpie’s beating. 


week later, she said, Mrs. Madikizela- 
Mandela told her bodyguards to beat her 
once more. Miss Dlamini said she was 
assaulted for nearly five hours. 

■ Accusations From Ex- Allies 

A former bodyguard of Mis. 
Mflrfilriwi»-ManA>la who disappeared 
before her trial in 1991 insistea be saw 
her stab a young activist later found 
dead. The Associated Press reported. 


But Kariza Cebekhulu admitted Tues- 
day that he couldn’t see foe body very 
well and only realized later it most have 
been Stompie Serpei, 14, who was ac- 
cused of being an informant 
In the most dramatic moment so for at 
the hearing on Mrs. Madikizela-Man- 
dela and her notorious bodyguard unit, 
Mr. Cebefchutu repeated an allegation 
published in a bode that he saw her 
plunge a shiny object into a body. 


“I saw her killing Stompie,” he said, 
pointing at Mrs. MadflrizelarMandela. 
*‘I witnessed Stompie’s death. It took 
place in Winnie’s house.” 

Mr. Cebekhulu’s account differed 
from earlier testimony by Xoliswa Fat 
ad, a former ally of Mrs. Madikizela- 
Mandela. Miss Falati said Mrs. 
Madikizela-Mandela beat Stompie 
Seipei with only her fists, while Mr. 
Cebekhulu said she used a whip. 


hearings are unfolding as Mrs. ASIA: Though Economic Troubles Crimp Global Growth, Risk of a Meltdown is Small 

zela-Mandela is vying for the " r " 


young ! 
20 sc 


Continued from Page 1 

have negative repercussions for die 
world economy. Among the risks of die 
latest stage of foe Asian contagion are: 

• World economic g r owth in 1998 
could be closer to 2.5 percent than the 
previously forecast 3.5 percent, while 
the decline in exports to Asia will prob- 
ably shave as much as half of a per- 
centage point off U.S. and European 
growth rates next year. 

• There could be a general tightening of 
intern ational liquidity that could slow in- 
vestment and job creation. This could be 
especially troublesome in Europe, where 
unemployment is at historic high levels. 

• Pressure on world equity markets is 
likely to continue, which means con- 
tinued price volatility. 


• Depreciating Asian currencies, in- 
cluding die won and die yen, coukl pro- 
duce soaring U.S. trade deficits with 
ffpirntries in the region, making trade- 
related political tensions more likely. 

One of the biggest fears being voiced 
by some analysts is that Japanese banks 
and companies, freed with huge bad 
debts, will start liquidating their U.S. 
Treasury bond holdings. On Wall Street, 
for example, share price volatility is likely 
to be spurred by any sign of major Jap- 
anese selling of U.S. gov ernment paper. 

Some Japanese institutions probably 
will sell some of their U.S. holdings, but 
economists say this is unlikely to prove a 
catastrophe fox two reasons. The first is 
that for many Japanese institutions, U.S. 
Treasury bands are their biggest profit 
earners, paying more than 6 percent in- 


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terest, which compares with Japanese 
yields of less than 2 percent The second 
is that even if Japanese companies sell 
the bonds, any potential marfae turmoil 
would be offret by other international 
investors who are keen to buy Ui>. paper 
because they see it as a haven. 

Economists and central bankers say 
that the worst-case scenario of Asia’s 
turmoil triggering a global meltdown — 
a vague term usually defined as a wide- 
spread ran on banks, & collapse of stock 
marina*, sharp recession and massive 
unemployment — r emains smalL 

“We are definitely in an uncomfort- 
able situation,” said Andrew Freris of 
Bank of America in Hong Kong, “but to 
suggest a meltdown is inaccurate be- 
cause what is already happening is riiar 
fences are being erected around die 
problem, which is containable.” 

The real problem for Japan and South 
Korea is that what needs to be done goes 
to the very structure of their fmanrial 
systems, and that will take a long time. 

In South Korea, even all of the In- 
ternational Monetary Fund’s rescue 
funds, if accompanied by austerity pro- 
grams, cannot alone produce the refoons 
that most financial experts say aicneeded. 
These include labor market reforms, a 


of the system of mterinrlring 
chaebols and creation of a generally more 
free-maiket environment with greater 
transparency in the financial system. The 
bar] out, which is to grant Seoul a line c i 
credit to ensure that foreign debts can be 
paid off in hard currency, aims primarily 
to reassure foreign investors, though it can 
be made to aid key economic sectors. 

In Japan, the banking .system is at a 

toavou^&iun oadeposits and to mop up 
loan losses, Tokyo may have to provide a 
rescue that will represent the equivalent 
of what the United States went through 
during its sayings »od loan criris- 

Aririfrim these challenges is the danger 
of new trade-related political tensinns, 
especially between Washington and a 
range of Asian nations whose devalued 
currencies are expected to cause new 
trade surpluses with the United States. 

President Bill Clinton offered a fore- 
taste of this at the Asia-Pacific Economic 
Cooperation talks Tuesday in Vancouver, 
British Columbia, where, an aide said, he 
stressed to Prime Minister Ryutaro Ha- 
shimoto “the potential fra- Japan to bring 
back the Asian economies ’ but also 
warned tbatTakyo’s soaring trade surplus 
could become a “political problem.” 


BRIEFLY 


Hunted Egyptian 
Awaits UJLAsyhan 

CAIRO — An Egyptian Islamist 
wanted for trying to assassinate a 
former prime minister said Tuesday 
that R main was about co grant him 
political asylum despite complaints 
from the Cairo government 

President Hosni Mubarak of 
Eg ypt, angered by the massacre of 
58foredgn tourists by Muslim nril - 
irantu jn Luxor last week, has ac- 
cused Britain of harboring I sl am ists 

such as Yasser Scni, who now lives 

in London. 

Mr. Sesxi, 35, was sentenced U) 
dearii by a military court in Egypt m 
absentia for involvement in the at- 
tempted assassination of Prime 
Minis ter Atef Scdlri in 1993. He 
said he had nothing to do with the 
flffimult “I am in Britain to escape 
die injustice of the Egyptian re- 
gime,’’ he said. f Reuters ) 

Kurds Say Rivals 
Break Cease-Fire 

ANKARA — An Iraqi Kurdish 
faction said Tuesday that its rival in 
northern Iraq had broken a dayndd 
cease-fire by shelling its positions 
near the Iranian border. 

A spokesman for the Patriotic 
Union of Kurdistan said the Kur- 
distan Democratic Party had shelled 
its positions despite the latter’s an- 
nouncement Monday of a unilateral 
cease-fire. He said ms side had not 
retailed fire. (Reuters) 

Border Shoot- Out 

MEXICO CITY — An armed 
gang apparently working for drug 
traffickers battled with Mexican 
customs agents near the U.S. bor- 
der, killing a Mexican official and 
wounding at least one American, 
after the agents stepped a van smug- 
gling $123,000 in cash, officials 
said Monday. 

The fight late Sunday near the 
U.S. Customs station at Nogales, 
Arizona, appeared to provide fur- 
ther evidence that traffickers are 
sendmgtheir cashback to Mexico in 
bulk to avoid money-laundering 
controls on the U.S. side. ' (LAI) 

Fire Kills Prisoners 

MARACAIBO, Venezuela — 
Sixteen inmates were killed and 32 
injured Tbesday when afire caused 
by an electric short-circuit ripped 
through an overcrowded cell in a 
maximum security Venezuelan jail, 
authorities said. The blaze at La 
-Sabaneta prison in the western Zulia 
state started early Tuesday when the 
electric fault set fire to inmates’ 
bedsheets. Justice Minister HUarion 
Cardozo said. (Reuters) 


MARKETS: Asian Stocks Drop Amid Fears of Falling ‘Dominoes’ 


Continued from Page 1 

bond status, triggering a selling spree, 
analysts said. 

Mr. Fiorillo of 1NG Barings said: “A 
worst-case scenario is a meltdown in die 
system, and the more firms that fail and 
the quicker they fail, the closer we are to 
getting in that situation, hi a best-case 
scenario, the government abandons its 
attempt at ad hoc single-bank bailouts 
and adopts a more comprehensive plan' ’ 
for dealing with the bad debts, which 
would include the use of public funds to 
stabilize the sector. 

Brian Waterhouse, a banking analyst 
with HSBC James Capel, said he 
thought government officials were ready 
to take a more aggressive role, saying he 
had detected a “sea change in Finance 
Ministry thinking” in recent days. 

Analysts and traders said die actions 
of the Japanese authorities in craning 
days would be critical to calming the 
markets. They are looking for signals 
that the government has a plan to nd the 
system of its bad debts, and to strengthen 
the s tronger banks. 

Richard Koo, an economist with 
Nomura Research Institute, praised the 
government's decision to protect the 
customers of Yamaichi Securities, de- 
spite the fret that die support could end 


up costing taxpayers a considerable sum, 
something the authorities deny. 

“I think die government is grudgingly 
being forced to recognize we can’t go on 
like this much longer,” Mr. Koo said. He 
said inc re as i ng numbers of small and 
medium-sized companies were finding it 
harder to get routine lines of credit 

In the meantime, foreigners have been 
cutting their short- and long-term lend- 
ing to Japanese banks, raising the costs 
of the loans they do make and selling 
equity out of concern that more bank- 
ruptcies lie a head , analysts said. The so- 
called Japan premium, the price that 
Japanese banks have to pay to barrow 
money from major American and Euro- 
perm banks, rose sharply after die Ya- 
maichi crash, Reuters reported. 

Meanwhile, die plunge in the stock 
market will further threaten already 
weak financial institutions. That is be- 
cause they hold much of their assets in 
stocks. So when the value of those stocks 


is increasing, they must cut back on their 
lending, raising fears of a credit crunch. 

The Bank of Japan said that as of 
Tuesday it had extended $24 billion in 
special loans to failed institutions, 
mainly to Hokkaido Takoshoku and Ya- 
maichi, to prevent panic in the financial 
industry. That is an increase from $2.9 


billion posted at the end of October, the 
central bank authorities said. 

Despite one scuffle caught on tele- 
vision between foe police and an irate 
customer, most Yamaichi customers 
lined up quietly to claim their stocks and 
cash. 

One Yamaichi salesman, leaving the 
company's headquarters Tuesday, said 
he was on his way to apologize to his 
clients. “I’m very sad, ana I have a 
whole lot of complaints," said die sales- 
man, who has wraked at Yamaichi for 35 
years. He said he was angry that Ya- 
maichi officials had been hiding losses. 

Securities officials have acknowl- 
edged that the company hid $2 billion 
wrath of debt from regulators. 

■ Tokyo Rons Toward a Rescue 

■A senior official of die Bank of Japan 
said late Tuesday that Japan’s governing 
party was moving quickly to come up 
with a plan to nse public funds to steady 
die country’s ailing financial system. 
The New York Times reported. 

He said the government might an- 
nounce such a plan on Dec. 10, the day it 
is sche duled to unveil a package of tax 
reforms, although what form a public 
rescue would take is being hotly debated 
in the Diet “Hungs are unfolding verv 
rapidly,” he said. 


APEC: Leaders Endorse Plan to Aid Members Stricken by Crisis 

Continued from Page 1 


offering support to South Korea, since 
the IMF had not completed its study of 
the country’s needs. 

Others said a separate call made from 
here by President Bill Clinton for Japan 
to lead the region out of its recent trou- 
bles was unlikely to provide investors 
much short-term assurance, given Ja- 
pan’s own severe problems and pro- 
longed recession. 

The draft commnniqn6 says APEC 
remains “convinced that open markets 
bring si gnificant benefits” and foAt foe 
organization “will continue to pursue 
trade and investment liberalization that 
fosters further growth.” 

Some analysts said the steps taken at 
Vancouver should be comforting to the 
markets — if foe markets would listen. 

Sylvia Ostry, a framer Canadian trade 
minister who is a research fellow at the 
University of Toronto, said the Manila 
plan was “very, very significant" be- 
cause it sought to regularize and in- 
stitutionalize closer financial surveil- 
lance and greater transparency. “But,” 
she added, “that’s quite different from 
saying it will calm markets.” 

Nor, Ms. Ostry said, would markets 
be appeased by those Asian leaders who 
sought to put a brave free on the recent 


events. “Anybody who’s close id die 
marker is not going to be deluded by the 
leaders saying it’s not serious,” she said. 
“Not many people would accept that 
this is not unprecedented.” 

Other analysts questioned whether - 
APEC, which first met at ibe summit 
level only four years ago, had risen to the 
level required by its first major crisis. 

Several regional officials, said 
Gregory Fager, director of the Institute 
of International Finance, in Washington, 
had expressed their surprise to him at 
bow fast financial and currency troubles 
had overtaken their countries, and some, 
he said, did not seem to be well-versed in 
foe issues involved. 

As for those who had played down the 
regional problems, he said, *' ‘I don’t think 
they^ ’ve helped fee situation by repeatedly 
saying tins was temporary. They’re los- 
ing credibility, and not helping the mar- 
kets.” He added, “It’s not going to go 
away, ft’s going to get worse.” 

The leaders here, Mr. Clinton among 
them, seemed to straggle with how to be 
serai confronting foe crisis while reas- 
suring investors that most Asian econ- 
omies remain fundamentally sound. 

Mr. Clinton raised eyebrows Sunday 
’ referring to the Asian crises as “little 

Itches in the road.” 

On Monday, he attempted to put his 


% 


words in a broader context 
“We need to take this very serious- 
ly,” he said. “We need to work very 
hard at iL We don’t need to be at all 
casual, but we should also have con- 
fidence that we can work through it” 
Working through it he and other lead- 
ers agreed, meant first reaffirming foe 
Manila agreement reached last week. 
That agreement has three points: Each 
country should make necessary reforms 
and institute sound policies; when a 
ajuntty needs help, foe rescue should be 
1«1 by foe IMF; and APEC members 
should be prepared to provide needed 
asastawe in support of IMF programs. 

Mr. Clinton s call for Japan to “lead 
Asia out of this difficulty with fo e 
strength of its economy” was met with 
skepticism. 

“I tan’t see fo the best of worlds how 
Japan is going to be an engine of growth 

in the regmn for at least two tothrae 
y®hte, Ms. Ostry sakL 

mkister ' Oman 
Lcekpai, warned that no country was 
immune to die contagion. “Confidence 


* 


V 




3 





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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY. NOVEMBER 26, 199 



EUROPE 


Factions Push Their 


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' ®y Chris Hedges 

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SARAJEVO Bosnia-Herzegovina — 

On June -8, 1914. Gavrilo Princin shm 
and killed Archduke Franz Ferdinand of 
Austria in u Sarajevo street an act that 
set ofT World Warl. So wha^dS !i£I 
make him tn Bosnia? 

k , ' jLT “ d k J !**<■" says a textbook 
handed to high school students in the 
Serbian-eonuoUed region of this divided 
country. 

i assassin trained and instructed 
h >‘ the herbs to eommir this act of ter- 
rorism. says a text written for Croatian 

students. 

A nationalist whose assassination 
sparked anti-Serbian rioting that was 
only stopped by the police from all throe 
* ethn »c groups, reads the Muslim ver- 
sion of the event. 

In Yugoslavia under communism all 

. i students were exposed to the same set of 
® history books, and in them Princip was a 
hero. 

History, confusing enough these days 
in Bosnia, is becoming even more un- 
wieldy as sradents arc segregated into 
ethnically distinct classrooms to be 
taught different versions of history, ait 
and language. 

The Dayton peace agreement envi- 
sioned Bosnia as one country with one 
central government. But in fact, it has 
been partitioned into a Serbian republic 
and a largely dysfunctional Muslira- 
Croat federation. 

The principal ethnic groups — 
Muslims, Eastern Orthodox" Serbs and 
■ Roman Catholic Croats — have control 
r over their own most important cultural 
institutions. Although the Muslims and 
the Croats are ostensibly part of the same 


federation, each in effect operates from 
its own enclave. 

"This is the end.'’ said Senad Pecan- 
io. editor of the independent news- 
magazine Dani. "We are creating in our 
schools a system of apartheid." 

Many students, especially those 
Serbs, Croats and Muslims who live in 
the mixed areas in Bosnia, seem be- 
wildered. by the efforts to define and 
educate pupils by ethnic background. 

Students are segregated 
into ethnically distinct 
classrooms to be taught 
different versions of 
history, art and language. 

"I was sitting in my classroom the 
other day," said Branko Babic, 19, a 
Serbian high school student in Sarajevo, 
“and the teacher handed out a form 
where we had to write down whether we 
were 3 Serb, Muslim or a Croat. We were 
told that we would be segregated into 
different classrooms according to our 
ethnicity. It’s not what any of us asked 
for.” 

Before the war many of Bosnia's vil- 
lages, though internally homogeneous, 
coexisted harmoniously in ethnically 
mixed clusters. But the years of violent 
“ethnic cleansing" wiped away those 
areas where different groups lived, if not 
together, then at least side by side. 

Ethnic expulsions and flight also 
drastically changed the extent to which 
people now inter ming le in the larger and 
traditionally more diverse cities — even 
in Sarajevo, where before the war the 


three groups lived in relative harmony. 

Now the Bosnian Serb republic, 
which has few remaining Muslims or 
Croats, has adopted new textbooks pub- 
lished by Serbia’s Ministry of Education 
in Belgrade- Am] in the often rancorous 
federation of ethnic Croats and Muslims, 
the Croats use textbooks printed by the 
Education Ministry in Zagreb, the cap- 
ital of Croatia, while the Bosnian gov- 
ernment in Sarajevo has printed separate 
texts for the Muslims, complete with 
Islami c religious symbols on the front 


And rather than take steps to assure 
integration of die students in mixed areas 
of the cities, the Education Ministry in 
the Muslim -Croat federation is now pro- 
posing that Muslim and ethnic Croatian 
students be offered either separate 
schools or separate classrooms within 
the same school — or. at a minimum, 
separate classes, in "national subjects.” 

"This is about basic human rights.” 
Education Minister Fahrudin Rizvanbe- 
govic told the weekly newspaper Ljiljan. 
"We have to offer all nations in Bosnia- 
Herzegovxna the right to choose, and 
whether they make use of that right is up 
to them." 

In schools where segregated classes 
have already been established, students 
say there are growing disputes between 
ethnic groups. 

A Serbian sociologist in Sarajevo, 
Dusan Sehovac, said his 17-year-old 
daughter "came home in tears because 
of comments made in her class about the 
Serbian aggressors.” 

"She would not return to school for 
10 days,” Mr. Sehovac said. "Many of 
her friends now take classes in schools 
run by the Bosnian Serbs to avoid ri- 
dicule and harassment.” 


There are different interpretations in 
the textbooks of every momentous event 
in Bosnian and Yugoslav history, often 
accompanied by etoborare conspiracy 
theories about the dark role of opposing 
ethaic groups. 

The Muslim books, for example, por- 
tray the Ottoman Empire’s rule over 
Bosnia, which lasted 500 years, as a 
golden age of culture and enlighten- 
ment: the Serbs and Croats condemn it as 
an age of "brutal occupation.” 

The formation of the Yugoslav king- 
dom after World War I is recorded in the 
Serbian rexis as a moment of "liber- 
ation” and in the Croatian texts as "a 
plot by the Serbs to create Greater Ser- 
bia," which reduced Croatia "to the 
status of a colony.” The Muslim texts 
say Bosnian Muslims wen? "pressured 
against their will” by Serbian and Croa- 
tian leaders to join the Yugoslav union. 

The Muslim high school history text 
on the period between the world wars 
has chapter headings like “Evictions 
and Violence Direcred Against the 
Muslims in Sandzak,” a region in south- 
ern Serbia, and "The Abolition of the 
Autonomy of the Islamic Community in 
Bosnia.” 

The Croatian history text, tike the 
Serbian text, never even treats Bosnia as 
a distinct region, and its headings for the 
same period tell a different story: "The 
Loss of Croatian Territory” and “The 
Croatian People Resist the Dictator- 
ship.’’ 

The Serbian text describes the king- 
dom, which ended with the German oc- 
cupation of Yugoslavia in 1941, as "an 
open, tolerant democracy.” It explains 
to students that Croatian nationalists, 
backed by the Vatican, ‘ ‘adopted as their 
goal the destruction of Yugoslavia”; 


Muslims of the rime are portrayed as 
trying "to divide Yugoslavia.” 

The Croatian history text acknowl- 
edges the slaughter of Serbs. Jews and 
Gypsies in World War D by the quisling- 
regime that the Nazis set up in Zagreb." 

The Muslim text, in a glaring omis- 
sion, foils to detail the brutal role of the 
Muslim Hangar Division, which was 
organized by Muslim religious leaders 
in Sarajevo and fought alongside the 
Axis forces in Bcsnia. 

The Serbian books, meanwhile, go 
into great detail about the war crimes 
commined against the Serbian people by 
the Muslim and Croatian “fascists.” 
while skipping over the atrocities corn- 
mined by the royalist Serb Chetniks and 
their open collaboration with the Ger- 
man and Italian occupiers. 

The texts have at least one thing in 
common: a distaste for Tito, the Com- 


munist leader who ruled the country 
horn 1945 to 1980 and was a staunch - 
opponent of the nationalist movements 
that now hold power. 

By the time today’s books reach re- 
cent history, the divergence takes on 
ludicrous proportions: each side blames 
the others for the Bosnian war and makes 
no reference to crimes or mistakes com- 
mitted by its own leaders or fighters. 

The Muslims are taught that the Serbs 
"attacked our country” and started the 
war. 

The Serbs are told that "Muslims, 
with the help of Mujahidin fighters from 
Pakistan. Iraq and Iran, launched a cam- 
paign of genocide against the Serbs that 
almost succeeded.” 

The Croatian students learn that Croa- 
tian forces in “the homeland war” 
fought off "Serbian and Muslim ag- 
gressors." 


Yeltsin ‘Won’t Give Up’ 
His Embattled Top Aide 




Barbara, French Singer and Songwriter, Dies at 67 



By Alan Riding 

Ne»- York Tuan Srrvicr 


\ptwr h4lMV-lV«e 

Barbara, in a 1982 photograph. 


Prodi Presses the EU 
On Southern Agenda 

MADRID — Prime Minister Ro- 
mano Prodi of Italy cautioned the 
European Union on Tuesday against 
ignoring the economic and political 
importance of Mediterranean countries 
as u prepares to expand eastward. 

Mr. Prodi pressed for the creation of 
a free-trade area comprising EU and 
Mediterranean countries. 

“The expansion toward Eastern 
Europe is an important step,” he nored 
in the text of a speech prepared for 
delivery at the Spanish Royal 
Academy of Ethics and Political Sci- 
ence in Madnd. "Bui the region (toes 
not have the same critical mass of 
hundreds ol' millions of workers and 
consumers that a Euro- Mediterranean 
economic zone could have." 

Mr. Prodi stressed the importance of 
the Euro- Mediterranean Partnership, a 
project initiated in Barcelona in 1 995 
(o establish free trade and political dia- 
logue between the EU and 12 Medi- 
terranean countries. ( Reuters) 

Remains in Brussels 
Suggest 10 Murders 

BRUSSELS — The police said Tues- 
day that they were checking on whether 


PARIS — The French singer and 
songwriter known simply as Barbara, 
who earned a huge following in the 
French-speaking world for her melan- 
choly lyrics and melodies, died late 
Monday in suburban Neuilly of an acute 
pulmonary infection. She was 67. 

A slim woman with short hair and 
strikingly dark eyes who always ap- 
peared on stage dressed in black. Bar- 
bara belonged to the tradition of singers 
like Jacques Brel, Georges Brassens and 
Leo Fene, for whom music was in large 
measure a vehicle for poetry, humorous, 
nostalgic or even tragic. 

Barbara, whose real name was Mo- 
nique Serf, began her career in die 1950s 
performing Brel and Brassens songs, 
bur she made her name in the 1960s with 
her own songs- 

Bom in Paris, Barbara studied the 
piano and voice as a teenager, but 
dropped oat of the Paris Conservatoire 
when she was only 19. She made her 


first record in 1957. But it was in the 
early 1960s, with her own songs, that 
she joined Edith Piaf and Juliette Greco 
as a Left Bank favorite. 

Her career peaked in the late 1960s and 
70s, but she continued to draw large 
crowds to her concerts at key Paris theat- 
ersBetween 1980 and 1996, she pro- 
duced no new records. She also an- 
nounced her retirement from the stage in 
March 1994. But last year, she completed 
a final record, called simply “Barbara." 

Robert Lewis, 88, Director 
And Noted Acting Teacher 
NEW YORK (NYT) — Robert 
Lewis, 88, a founder of the Actors Stu- 
dio, a member of the Group Theater of 
the 1930s. a successful director of 
Broadway plays and musicals and one 
of the most renowned acting teachers of 
the century, died of a heart attack Sun- 
day in New York. 

In more than 60 years of teaching — 
at the Yale School of Drama, the Actors 
Studio, the Lincoln Cemer Repertory , 
Company and ai his own Robert Lewis | 


a minister and his eldest daughter may 
have killed as many as 10 people. 

Agnes Pandy, 39. has confessed to 
killing her mother and taking pan in the 
murder of four other close family 
members with her father, Andras, 70. 
One other family member is missing. 

Police searches of three houses in 
Brussels owned by Mr. Pandy have 
found teeth and bones belonging to 
fourpeople. 

"The bones found at Rue Vander- 
maelen were not from the six members 
of her family,” said Jos Colpin, a 
spokesman for Brussels prosecutors. 
"That means there could be another 
four people who were murdered by the 
father or by both. ’ ’ ( Reuters} 

Austria to Curb Guns 
After the Killing of 7 

VIENNA — The government is plan- 
ning a further tightening of gun-control 
laws following a shooting last week that 
left seven people dead. Chancellor Vikt- 
or Klima said Tuesday. 

"We’re working toward a solution 
that should increase security,” Mr. 
Klima said after a cabinet meeting. 

In the worst incident of its land in 
Austria in many years, a man shot and 
killed six people Thursday in the vil- 
lage of Mautemdorf, south of Salz- 
burg, before shooting himself as the 
police closed in. 


Interior Minister Karl Schloegl said 
the governing coalition had agreed in 
principle to new restrictions on access 
to weapons. Since July 1, applicants for 
licenses have been required to undergo 
assessment, and shotguns have to be 
registered with the police. ( Reuters ) 

Russia Says Its Mafia 
Poses No Risk to U.S. 

MOSCOW — Russian gangsters 
pose no threat to foreign countries even 
though they have greatly expanded 
their activities abroad since the col- 
lapse of rite Soviet Union in 1991, 
Russia’s top ami-mafia police chief 
said Tuesday. 

"To say that Russians abroad now 
pose a threat, including a threat to the 
national security of foreign govern- 
ments, is not correct, to put it mildly.” 
said Vladimir Vasilyev, first deputy 
interior minister. 

The head of the FBI, Louis Freeh, 
said last month that Russian crime 
posed "imminent dangers" to the 
united States. In Moscow last week, he 
backpedaled. saying that Russian 
crime did not threaten U.S. security. 

Mr. Vasilyev said that Russia and 
the United States were jointly inves- 
tigating 260 criminal cases. He said 
Russia expected to establish a perma- 
nent police representative in the United 
States soon. f Reuters ) 


: 

All 34 Rescued From Cargo Ship 
That Broke in Two Off Azores 


Renters 

PONTA DELGADA. 
Azores Islands — Rescuers 
plucked to safety’ all 34 crew 
aboard a Panamanian cargo 
ship Tuesday that broke in 
two in heavy seas off the mid- 
Allantic Azores Islands. 

The seamen, most of them 
ii.tiuui, were airlifted by heli- 
copter from the stem of the 
5fl.0CRJ-ton boat where they 
took refuge after it was 
-.mashed by the force of IO- 
meter i30-foot) waves 
whipped up by gale-force 
winds. , 

"It is over. They are all 
safe.” said a spokesman for 
ihe Portuguese Air Force in 
Lisbon. _ 

Air force helicopters llew 
200 kilometers tu5 miles) 
from their base on the Azores, 
which are part of Portuguese 
territory, to rescue the crew- 
men from the ship, which ran 


into trouble north of the island 
of Sao Miguel. 

The Lloyds of London 
shipping service said the boat 
was traveling from the French 
port of Le Havre to Boston 
with about 3.000 containers 
onboard. 

Fifteen seamen, including 
eight Indonesians, were 
flown directly to the Lajes air 
base on die Azores Islands, 
while 19 were taken to a 
nearby Portuguese naval cor- 
vette, the first official rescue 
vessel on the scene. 

The corvette had called in 
the helicopters after the heavy 
seas and Ore large number of , 
containers in the water, many ■ 
pushed overboard by the crew 
to lighten the load, had made j 
it too dangerous to approach . 
the stricken vessel. 

Two Liberian and Cypnot i 
merchant ships also stood by , 
in case of need. 


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INTER-CONTINENTA L 

HOTEI.S AMD RESORTS 

Umt • Mm ■ WK*.U . it. w— 

liar, |M NM pn imLl Un «j bhUiIiN W -Til l— J i ink 


Theater Workshop — his students in- 
cluded many leading performers. 

Mr. Lewis was a disciple of the sys- 
tem of acting developed by Konstantin 
Stanislavsky, but he disagreed openly 
and strongly with tbe principles of an- 
other Group Theater member and Stan- 
islavsky-based teacher. Lee Strasberg. 
whose system he felt emphasized emo- 
tion to the exclusion of technique. 

Ismail Fahmy. 75, a former Egyptian 
foreign minister who resigned in 1977 
because he opposed President Anwar 
Sadat ’s visit to Jerusalem, died of a heart 
attack Friday in Cairo. Mr. Fahmy, a 
career diplomat, was appointed foreign 
minister after Egypt fought Israel in the 
1973 Middle East war. He was deputy 
prime minister from 1975 to 1977. 


By David Hoffman 

touskwxhn Po»i Sen h e 

MOSCOW — President Boris Yeltsin 
declared his support Tuesday for Anatoli 
Chubais, a first deputy prune minister 
and beleaguered economic reformer, 
saying he “won’t give Chubais up" 
because of a controversy over a $90,000 
payment for an unpublished book. 

Mr. Yeltsin, sitting at a table in his 
Kremlin office with a somber Mr. 
Chubais nearby, sternly instructed Rus- 
sian journalists to stop probing for scan- 
dal around Mr. Chubais. 

"1 said you don’t bave to try and make 
an effort, that's the main thing.” Mr. 
Yeltsin said, insisting he would not part 
with Mr. Chubais. "Why should you, in 
vain, for nothing, waste material, moke it 
up, search for something somewhere?" 

■ ’nut's it.” the president said. “The 
decision has been made.” 

Mr. Chubais has acknowledged that 
he and four aides accepted $90,000 each 
for an unpublished book on the history 
of Russian privatization. The money 
came front a publishing house now 
owned by a bank, Uneximbank. that has 
recently won several lucrative govern- 
ment auctions. Critics have said the 
money was a disguised bribe, which 
undercuts Mr. Chubais's claim that he 
was imposing “new rules” of honesty 
and fairness on government sell-offs. 

The disclosure of the payments has 
rekindled the ire of Communists and Mr. 
Chubais's many critics. Earlier, Mr. 


Yeltsin stripped Mr. Chubais of his top 
aides and of his job as finance minister. 

Before the book fees became public. 
Mr. Chubais arranged to have 95 per- 
cent of them donated to a charitable 
fund under another reformer, former 
Prime Minister Yegor Gaidar. 

Mr. Chubais’s lawyer told the In- 
terfax news agency Tuesday that Mr. 
Chubais intends to file libel suits against 
Alexander Minkin, the journalist who 
first disclosed the fees, and others. The 
Chubais camp believes the information 
was leaked by one of the ty coons who 
lost out in a privatization auction last 
summer. 

It was a forgiving Mr. Yeltsin who 
appeared with Mr. Chubais on Tuesday, 
saying that the controversial reformer 
had been through a "stressful period" 
but that the scandal was “waning.” 

Mr. Chubais had offered his" resig- 
nation but Mr. Yeltsin refused to accept 
it. Mr. Yeltsin said: "He wrote me 
frankly that he acknowledges that there 
was a little mistake with the fee. but this 
is not an unlawful act. nor a criminal 
case. It’s more moral and ethical.” 

■ President to Visit Chechnya 

Mr. Yetisin said Tuesday that he 
would visit the breakaway republic of 
Chechnya, a decision hailed by the 
Chechen leader. Aslan Maskhadov, as 
courageous, Agence Franee-Presse re- 
ported. No date has been set for tbe visit, 
said Ivan Rybkin. secretary of the Rus- 
sian Security Council. 



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T E L E V I S I Oi N 


PAGE 6 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


R 


INTERNATIONAL 


Baghdad’s Spies Are Rated Highly Successful Against UN Arms Monitors 


By Tim Weiner 

New York Times Service 


WASHINGTON — Iraqi intelligence agents 
successfully spied on United Nations weapons 
inspectors this year and lost, learning in advance 
of the team’s targets and moving swiftly to hide 
suspected weapons caches, U.S. military and 
intelligence officials say. 

‘ They imew exactly what we wanted to do and 
where we wanted to go this summer," a White 
Boose official said. 

U.S. U-2 surveillance planes, flying on mis- 
sions for the UN, have provided evidence that die 
Iraqis knew of the no-notice inspections well 
ahead of time, other government officials said. 

That, in tom, might help explain why Iraq 
threatened to shoot down the planes on Ocl 29, 
the day it barred Americans on the inspection 
teams, setting off a three-week crisis. 

Defense Secretary William Cohen believes the 
Iraqis have die ability to eavesdrop electronically 
on the inspectors, his spokesman said Monday. 
Other officials said the inspection team might 
also be under surveillance at UN headquarters in 
New York. 

The assertion of Iraqi spying is hardly sur- 
'sing, and the assessment of the damage it has 
: to the inspections is incomplete. 


But the significance of Iraq’s ability to foil the 
team of inspectors through espionage grows as 
the team, which resumed its searches in Baghdad 
over the weekend, cranes under pressure to com- 
plete its work. 

That pressure comes especially from Russia, 
which brokered an end to the standoff last week 
and wants to see Baq declared disarmed, and thus 
freed under UN resolutions to pay the billions it 
owes Moscow. 

Ewen Buchanan, die spokesman for the in- 
spection commission at UN headquarters in New 
York, said: “We are obviously aware that the 
Iraqis try their damndest to monitor us, our 
planning, our thoughts, even in New York, and to 
develop an early-warning system — what we 
want, where were going, what we are trying to 
inspect They must use every means at their 
disposal." 

Those means include electronic eavesdrop- 
ping, wiretapping and placing spies in the UN 
camp. 

Mr. Cohen said in a television interview Sun- 
day that “the Iraqis have always watched every 
move the inspectors have tried to make." 

“They anticipate where they’re going," be 
said. “They may have, in fact, penetrated their 


inspection team.” 
Mr. C 


Cohen’s spokesman, Kenneth Bacon, said 


the secretary did not think that Iraq had placed an 
agent inside the UN Special Commission of 
weapons inspectors, known as Unseom, but that 
“Iraq has found ways to learn ahead of time some 
of Unscom’s plans," probably through elec- 
tronic eavesdropping or other technical means. 

“The Unseom missions have from time to 
time been compromised," Mr. Bacon said. “Un- 
scora does not announce its targets in advance, 
but the Iraqis have found a way to figure out 
where they're going." He added: “This could be 
nothing more than very close monitoring. Or it 
could mean more invasive ways of finding out 
what they are doing." 

The extent to which the Iraqis can spy on the 
inspectors, and how they do it, remains a sig- 
nificant question as the group returned to work in 
Iraq this week. 

Throughout the six and a half years of UN 
weapons inspection in Iraq, Baghdad has com- 
plained that it is the victim of espionage. 

Deputy Foreign Minister Tariq Aziz has said 
that Baghdad suspects the inspectors of “car- 
rying out intelligence activities" for the United 
States. 

Iraq also has raised the issue of the inspectors’ 
nationalities and has blocked their access to sites 
controlled by Iraqi military and intelligence 
agencies, where Unseom believes biological and 


chemical weapons materiel and data are hidden. 

The inspectors are likely to be under sur- 
veillance by several intelligence organizations in 

electronic eaves- 



000 tech- 
nicians and analysts at six listening posts in the 
coantry , say U.S. officials, Iraqi exile groups and 
private analysts. It monitors satellite telephone 
calls and other telecoinjnnnicatioas. It may have 
the ability to decode some “scrambled" calls. ’ 

Project 858’s headquarters are at AJ Rashedia, 
just north of Baghdad International calls to and 
from Iraq go through a switching post at A1 
Rashedia, where they are taped and analyzed by 
Iraqi intelligence. 

This organization reports to the Special Se- 
curity Organization, which collects information 
on aU throats to President Saddam Hussein, for- 
eign and domestic. So does the Iraqi Intelligence 
Service, the nation’s largest espionage organi- 
zation, which is responsible far spying overseas 
and which is believed to have members working 
under diplomatic coves abroad. 

The UN inspectors can use several connier- 
measures to detect and defend against Iraqi sur- 
veillance. Unseom members use scramblers for 
sensitive satellite telephone conversations, Mr. 
Buchanan said. He would not elaborate on other 


countermeasures, although these may_ include 
encrypted computer communications, 
non provided through the UN from friendly 
militar y arid intelligence services, and common 

The Iraqis have made much of die nationalities 
of the t*”™ of inspectors, which includes lua 
people now in Iraq. Members of the team in Iraq 
crane from 22 countries. They comprise boffluw 
members, paid by the UN, and experts 
provided by 16 countries, paid by their own 
• governments, Mr. Bnchanan said. 

Iraq has complained that Americans dominate 
tiie team, bnt in fact they represent 10 percent to 
15 percent of its membesship, which routinely 
fluctuates in s ™ and composition. Nor is iraq 
alone in regarding the national makeup of the 
team as a sensitive issue. , 

Some American officials worried pnvmeiy 
that Foreign Minister Yevgeni Primakov of Rus- 
sia, who helped end the standoff over arms in- 
spection by brokering an agreement with Iraq last 
week, might have promised the Iraqis that ne 
would help change the makeup of the inspection 
teams. . 

But suspicions that one or another national 
group wi thin Unseom might have undue in- 
fluence or divided loyalties have not been sup- 
ported by evidence. 


U.S. Suspects Saddam 
Has Enough Poison Gas 
To Kill the Entire World 


: ■ fFFlhrl 


Reuters 

WASHINGTON — Defense Secre- 
tary William Cohen said Tuesday that 
Iraq might have produced enough of the 
deadly chemical weapon VX to kill 
everyone on Earth. 

Mr. Cohen, speaking at the Pentagon, 
was stressing the importance of the 
United Nations effort to destroy Iraq's 
weapons of mass destruction in the race 
of what Washington says is continued 
resistance by Iraqi officials. 

“Originally, they indicated they had 
just a small quantity of VX," Mr. Cohen 
said. “One drop on your finger will 
produce death in a matter of just a few 
moments. 

“Now. the UN believes that Saddam 


ISRAEL: 

Threat to Coalition 

Continued from Page 1 

tion with Mr. Netanyahu’s policies. 

Mr. Clinton refused to meet Mr. Net- 
anyahu when the Israeli leader was in the 
United States last week To drive the 
point home, the president then held a 
demonstratively long and warm meeting 
with former Prime Minister Shimon 
Peres and with the widow of Yitzhak 
Rabin, the people most closely asso- 
ciated with the Oslo peace accords. 

According to Israeli reports, Mr. Clin- 
ton also has rebuffed Israeli approaches 
for a meeting with Mr. Netanyahu in 
early December. Washington has 
pressed him for action on several fronts, 
including a “time-out" in construction 
of Jewish settlements on occupied lands, 
progress in opening an airport m the Gaza 
Strip and in opening a safe-passage route 
between Gaza and the West Bank 

The further withdrawal from the West 
Bank however, has emerged as a central 
requirement, because it is clearly spelled 
out in the Oslo agreements and in a 
pledge made by Mr. Netanyahu to the 
United States. The Oslo agreements spe- 
cified an initial withdrawal from about 
27 percent of the West Bank, to be 
followed by three “further redeploy- 
ments" by September 1997. The size of 
these were left for Israel to decide. 

The election of Mr. Netanyahu ef- 
fectively halted the process. But in con- 
junction with the withdrawal from 
Hebron, mediated by the United States, 
Mr. Netanyahu agreed to conclude the 
additional withdrawals by mid- 1998. 

His first proposal, in March 1996, was 
for the transfer of less than 3percent of 
The Pales- 


iy have produced as much as 200 tons 
VX.” he said, referring to President 



ma) 

of VX,’ 

Saddam Hussein. “And this would of 
course be theoretically enough to kill 
every man, woman and child on the free 
of the Earth." 

Mr. Coben displayed a chart saying 
that the UN Special Commission in 
charge of dismanrling Iraq’s weapons 
systems had concluded that Iraq may 
have between 20 tons (18 metric tons, 
known as tonnes) and 200 tons of VX. 

In New York, UN officials said that 
the amount of precursors, or required 
chemicals, available to Iraq meant it 
“could’ ’ have produced as much as 200 
tons of VX, but the officials said they 
had no evidence that Iraq had done so. 

Iraq obtained hundreds of tons of the 
chemicals needed to make VX in the 
years before the Gulf War in 1991. 

Baghdad said after the war that efforts 
to produce the weapon had failed and 
that no large-scale production was car- 
ried out. 

But the UN commission overseeing 
the monitors’ work says it has evidence 
that Iraq did “acquire VX production 

October that “this area dearlyrequires KOREA: Main Party’s Candidate Bounces Back for a 2 - Way Race 

further verification efforts. ’ ' ^ 

UN inspectors returned to Baghdad 
on Friday after a three-week hiatus in 


feMKhriWiMai 

Ranks of women described as volunteer soldiers marching at a training camp in Baghdad on Tuesday. 


Continued from Page 1 


their work after Mr. Saddam ordered 
American members of inspection teams 
to leave the country. 

Bnt “Iraq continues to evade and de- 
ceive United Nations inspectors who are 
working to destroy Iraq’s program to 
build these weapons of mass destruc- 
tion,’’ Mr. Cohen charged. 


Russia that the weapons inspection [pro- 
cess be speeded, Mr. Cohen said: “This 
is a long-term project. This is not 
something that is going to be over in a 
very short period of tune as Saddam 
Hussein would like to believe.” 

The secretary repeated assertions by 
the United S tates that it wanted to exhaust 
aU diplomatic pressure on Iraq to comply 
with UN resolutions before resorting to 
military force against Ba ghd a d . 

“Military force is always an option," 
Mr. Cohen said, adding that it also “is 
something we would reserve only as a 
last option." 


three candidates could emerge on top. 

The official campaign period — 
which allows candidates to begin ad- 
vertising and hold large campaign rallies 
— does not begin until Thursday. But it 
is illegal to publish poll results between 
now and the election, so the latest polls 
are the last snapshot of public opinion 
voters will get before they cast ballots. 

That snapshot looks like something 
out of an old South Korean album. 

Mr. Kim, 73, is making his fourth run 
for the presidency in the last three de- 
cades. He has controlled 30 percent to 35 
percent of the national vote, mainly from 
his home province of Cholla. 

The latest polls show Mr. Kim’s sup- 
port ranging from 33 percent to 37 per- 
cent, indicating he has been unable to 
greatly expand his traditional base. 

“He’s a great man, and he's done a lot 
for Korean politics, but it's time to close 
the door," said Lee Eung Chae, 29, a car 
salesman who was shooting pool in 


Seoul. “Young people want a younger 
president" 

One analyst said that when the elec- 
tion seemed far off, voters were more 
willing to take a second look at Mr. Kim 
Although his critics say he is too soft on 
Communist North Korea, Mr. Kira is a 
legendary fighter for democracy and hu- 
man rights and has stood up against the 
injustices of past military dictators, who 
tried several times to kill him. 

* *But when they go in there to vote on 
that cold winter day, they’re going to go 
for the safer choice," the analyst said, 
echoing others who say that South 
Koreans tend to be politically conser- 
vative and are likely to see Mr. Lee as die 
least risky choice. 

When Mr. Lee was chosen as his 
party’s candidate in July, be went im- 
mediately to the top of the polls and was 
the presumptive favorite. 

The majority party has the most money 
and the most extensive political orga- 
nization. In the past, its candidates have 
bad a virtual lock on the victory. While 


that is no longer true, they still have a leg 
up on their opponents because of the 
party’s extensive political network- 

But within days of Mr. Lee’s Dom- 
ination. Kim Dae Jung’s party made 
allegations that Mr. Lee’s two sons had 
evaded mandatory military service. The 
scandal devastated Mr. Lee’s popularity 
in a nation where military service is 
taken extremely seriously because of the 
constant threat of North Korean aggres- 
sion. 

Mr. Lee dropped like & stone in the 
polls, and Mr. Kim’s steady 35 percent 
looked like a distant mountain Mr. Lee 
might not be able to scale. But analysts 
now say that voters have largely for- 
gotten, or at least tired of. the scandal 
and that it is no longer a debilitating 
factor for Mr. Lee. 

“The scandal was critical, but the 
public has a kind of amnesia for these 
things," said Lee Jung Hoon, the polit- 
ical scientist “We go hysterical, ‘Tint 
after a couple of months people tend to 
forget." 


EARL: For Diana’s Brother , It’s the Tabloids’ Turn for Revenge 


land controlled by Israel, 
tinian leader, Yasser Arafat angrily re- 
jected the offer, and the entire nego- 
tiating process ground to a halt soon 
after. 

The new proposal has not been spelled 
out in detail. Israeli officials have 
stressed, however, that a withdrawal 
from an additional 6 to 8 percent 
coupled with the earlier proposal, would 
give the Palestinians control of 35 to 37 
percent of the West Bank. Beyond that 
Mr. Netanyahu wants to go directly to 
negotiations on a final settlement. 

Mr. Arafat made no comment on the 
mooted proposal Tuesday, noting that no 
offer had been made to him. Palestinian 
officials said he refused a request by a 
Netanyahu aide, Yitzhak Molcho, to 
hold a meeting about the further re- 
deployment 

Nabil Shaath, a senior official in the 
Palestinian Authority, said: “I think that 
the present domestic crisis and the lack 
of credibility that Israel suffers from, 
especially with the United States, has 
pushed Israel to declare the so-called 
proposal, and they are trying to create 
the impression that they are serious. This 
is not serious.” 

■ Aide Plays Down Coalition Rift 

Mr. Netanyahu’s communications 
chief, David Bar- Ilian, shrugged off talk 
Tuesday of an imminent coalition col- 
lapse, Reuters repotted, saying: “There 
hasn’t been a week since Netanyahu 
came to power that both his political 
demise and the political demise of the 
government have not been predicted.” 

In London, the Israeli industry and 
trade minister, Natan Sharansky, said he 
doubted the government would collapse. 
He said that even if there were new 
elections, Mr. Netanyahu had a good 
chance of being re-elected. 


Continued from Page 1 

wife, according to her attorney. Through 
his attorneys, he denied the charges. 

“They are sensational allegations 
which Charles Spencer doesn’t have an 
opportunity to reply to until later in the 
proceedings," a spokeswoman was 
quoted as having said. 

“He will be strenuously denying 
them.” 

He will have quite a lot to rebut. Even 
a letter that newspapers said had been 
made public by Lord Spencer’s legal 
team pot him in an unflattering light 

Written to a woman with whom he 
was having a relationship at die time, it 
said, in part 

“I feel a dreadful bully to Victoria, I 
have been callous and vicious trying to 
force her out of my life. She deserves 
better than dial — a good man who will 
love her, give her security and help her 
deal with her shortcomings.” 


When Lord Spencer delivered the eu- 
logy at her funeral, he accused the media 
of moral bankruptcy in their pursuit of 
his sister. 

Her “genuine goodness." he said, 
was * ‘ threatening to those at the opposite 
end of the moral spectrum.” 

A week earlier, he denounced the 
tabloids and paparazzi photographers 
for having “blood on their hands 1 ’ for 
the way Diana had died in a car crash in 
Paris while being followed by photo- 
graphers. 

Lord Spencer’s attacks enjoyed wide- 
spread public support, leading to a peri- 
od of media self-criticism ana proposals 
for guidelines to curb some of the pa- 
pers 1 most intrusive tendencies. 

The guidelines, which have yet not 
taken effect, were generated in part to 
block a new privacy law that would be 
even tougher on the press. 

On Tuesday, a columnist for the Daily 
Mail accused Lord Spencer of perhaps 
press at Di- 


ana's funeral with the knowledge of the 
charges he might free in his divorce case 
and the desire of intimidating die press in 
advance. 

“It ill-behooves people such as Earl 
Spencer to call for legislation in such 
strident terms when he has so much to 
gain personally from a media that is 
gagged by politicians and. judges," 
wrote the columnist, Henry Porter. 

The tabloid Sun said that, if Lord 
Spencer could not rebut the charges from 
his estranged wife’s lawyer, he had dis- 
qualified himself as a critic of the 
press. 

“He is not fit to lecture anyone about 
morality and decency." an editorial 
said. 

A spokesman for the Press Com- 
plaints Commissions, the industry 
watchdog group thar promulgated the 
new guidelines, said he saw nothing 
untoward in the way the press had 
handled the story Tuesday, “ft’s ba- 
sically court reporting," he said. 


AID S - Drug Fir m 
Is Hit by 4 Bombs 

The Associated Press 

MONTREAL — Four bombs ex- 
ploded Tuesday at two plants be- 
longing to BioCbem Pharma Inc., a 
pharmaceutical firm credited with 
developing a drug to fight AIDS, 

No injuries were reported in the 
explosions. More than 200 workers 
were evacuated. Hie police did not 
disclose a motive for die bomb- 
ings. 

Two bombs went off outside Bio- 
Cbem’s plant in Montreal. Two oth- 

terainLavai, north oFMontreaL . 

Sergeant Denis Thibodeau of the 
Laval police said the company had 
received a telephone warning about 
a bond). 

BfoCbem Pharma's British- 
based partner, Glaxo Wellcome, 
brought die drug 3TC to market and 
gets die majority of the profits. 


Pentagon Says 
4 Nations Lead 
In Proliferation 
Of Terror Arms 


• The Associated Press 

WASHINGTON ■— More than 25 
countries have developed or may be 
developing nuclear, biological and 
chemic al weapons and the means to de- 
liver them, die Pentagon said Tuesday. 

‘The threat is neither far-fetched nor 
far off, and the threat will .only grow,” 
Defease Secretary William Coben said 
as Ire made public a report on weapons of 
mass destruction. 

The report identified Iran, Iraq, Libya 
and Syria as trouble spots. They “are 
aggressively seeking NBC weapons and 
iwreased missile capabilities” and con- 
stitute 4 "the most pressing threats” to 
stability, the report said. 

The Pentagon declined to list the 25 
countries mentioned in die report, call- 
ing the infor mation classified. 

If a conflict again breaks out in the 
Gulf, the study predicted, some farm of 
the weapons is likely to be used, “par- 
ticularly since several nations there have 
used them in the past" 

- Mr. Cohen said last weekend that the 
latest crisis -with Iraq had brought at- 
tention to President Saddam Hussein’s 
attempts to build biological and chem- 
ical weapons that could kill millions. 

“What Saddam ironically has done is 
he has alerted the world population to the 
deadly kind of warfare that he has been 
contemplating for a long time.” Mr. 
Cohen said. 

■ “I think the world consciousness 
about chemicals and biologicals has 
been greatly enhanced” 

He noted that headlines of the last 
several weeks have focused on the 
United Nations’ struggle to verify what 
weapons exist in Iraq bnt said that the 
problem was much broader Terrorists, 
criminal organizations or even religious 
cults have die capability of using such 
weapons, Mr. Cohen said 

Bnt the Pentagon welcomed “a dra- 
matic reduction in the threat from the 
countries of the former Soviet Union.” 

The study, the second on the pro- 
liferation of weapons of mass destruc- 
tion, repeated to a large extent die report 
last year on such countries as Iraq, Iran, 
North Korea and Libya. 

The new report includes a section on 
Syria, noting its growing supplies of 
Send missiles, many received from Iran 
andNorth Korea, as well as its ability to 
produce chemical weapons and its in- 
frastructure capable of supporting a bio- 
logical warfare program. 

The Pentagon has had to strengthen its 

detection, decontamination and emer- 
gency response equipment to respond to 
a potential attack by chemical and bio- 
logical weapons and has requested $1 
billion to pay for the improvem ent 

Last year, the Pentagon made public a 
drawing of the area a 1 Libya's under- 
ground chemical warfare plant near Tar- 
bunah, a mountainous region 65 kilo- 
meters (40 miles) southeast of Tripoli. 

At the time. Pentagon officials ac- 
knowledged that they had no means, 
short of a nuclear attack, to destroy the 
facility deep in the side of a mountain. 

The Libyan leader, Colonel Moam- 
mar Gadhafi, said the tunnels were for a 
water project. 

But a former CIA director, John 
Deutch, described the site as the largest 
underground chemical weapons plant in 
tiie world. 


His estranged wife and one of his mounting his attack on the press 
former mistresses arrived together in the 
South African court on Monday. Once 

friends and allies m what appears to be a BRITAIN: Chancellor Calls for Overhaul of Welfare and Long-Term Wage Restraint 


vengeful bid to topple him. 

The shortcomings of Lord Spencer's 
wife were on display in the courtroom as 
welL 

A framer model, she was portrayed as 
a woman who experimented with soft 
drugs in the late 1980s. turned to hard 
drags after that, developed an eating 
disorder and eventually went to an al- 
cohol recovery facility for treatment. 

It was shortly after returning from the 
facility that, according to her lawyer. 
Lord Spencer informed her that he had 
conducted brief affairs with a dozen 
women. 


The proceedings proved irresistible to 
the tabloids, which were forced to nick 
their tail in die days after Diana’s death. 


Continued from Page 1 

income workers — similar to one in the 
United States — and that the govern- 
ment would outline next week new in- 
dividual savings accounts to raise Bri- 
tain's low level of savings. 

On taxes, be said the government would 
lower the basic income-tax rate to 10 
percent “when it is prudent to do so." 

For business, be pledged another re- 
duction in the corporate tax rate, to 30 
percent, beginning in 1999. 

The underlying changes, Mr. Brown 


outside income rose, amounting to a tax 
rate of nearly 100 percent. 

But Mr. Brown repeated his warning 
that this Labour government would Dot Labour politicians,” said RoderickNye, 
abandon its fiscal restraint, saying there .who heads the Social Market Founda- " 
must be "moderation, not excess" from tion, a London-based flunk tank. 


Gordon Brown gives the impression detail man, the “policy wank” who has 
he knows wbat he wants to do with the mastered foe intricacies of economic and 


power he’s won, and dial’s not true of all 
Labour 


the public and pm 
able 


lvate sectors to assure 
steady, sustainable economic growth. 

Mr. Brown’s speech underscored the 
first-among-equals role he plays in the 
new government As chancellor, be is 
naturally the chief economic policy- 
maker in Mr. Blair’s cabinet But he also 
plays a dominant role in the govem- 


Mr. Brown and Mr. Blair have a com- 
plicated relationship. Once they were 
allies in reforming me old Labour Party. 
Then they were rivals for the party’s 


domestic policy. 

Although he joined Mr. Blair in mod- 
aniang the Labour Party, Mr. Brown 
has deeper roots in foe old party, and his 
spewhes are carefully calibrated to cater 
to the sensibilities of both wings of foe 
ateo is a devotee of foeideas of 
bat Reach, the former U.S. labor sec- 


unemployed 

benefits. But he said the current tax 
system often discouraged work because 
it significantly reduced those benefits as monetary 


most persistent voice 
toward e 


Britain 


leadership. Until that moment, Mr. rotary, whose prescriptions for 
Brown was the senior partner in foe the work force for thedem^dTnff 
relationship. But Mr. Blair ecb'psed bun global economy appear to have nw* 
in 1994 to become Labour’s new leader, support here than they did in America 


t vm 

Mr. Blair is a gifted campaigner and is and more consorativethanS^SSS 


entry into the planned European skilled at articulating bis vision of a new center-left parties in Europe, Mr BmSn 
ry union. Britain to foe public. Mr. Brown is the has relied heavily on Mr. Reich’s ideas 








i 




ljs m sip 


N v 


\ 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY. NOVEMBER 26, 1997 

ASIA/PACIFIC 


RAGE 7 


Appeal for North Korean Hospitals 

Red Cross Seeks $14.3 Million to Reverse Health Care ‘ Collapse ’ 

The Associated Prm . 

BEIJING With vmtc the organization has focused largely on Kim Gye Gwan, would mea with a U.S. 

a°es ha vine left s ° ort “ deliveringfood. An assessment team that dqxny assistant secretary of state, Charles 

weak and suscenrihiTl^j'™ 1 Koreans visited Noth Korea in late October and Kartman. The two men beaded their 
Croce r ase :? ieRe£l November found that shipments of coon tries’ delegations to talks in New 

build rhenatinn’c kfSi y for 41(1 to re " food had helped avert famine. While York last week where They agreed that 
Hr«niMlsanH^i:f^^ C Y e ,?? rstern - food aid will still be necessary — die four-party negotiations, aimed at securing 
essential dniac a „H mcs ™ *** North lack recent harvest fell about 25 percent short a permanent peace on the Korean Pen- 
^r.^ u,pinent ^ are of bare subsistence — the assessment insula, would open in Geneva on Dec. 9. 

Mr. Kanman and Mr. Kim have met 


j:.- ht>r+1 _, ^cept with tra- team identified health care as a priority. Mr. Kanman and Mr. Kim have met 

emedres, the Red Cross For at least six months, workers with before, but always in New York, a site 
Mndinfriwnnn i ■ the Red Cross and other aid groups have meant by the United States to imply a UN 

__j P®P ula tiOn is at risk for described finding hospitals and cuboics in context rather than a state- to-staie en- 
nn „, , ., , ®P*' “Cnura, and with the North Korea empty, their patients hav- counter, as a Washington location would 

‘harsh North Korean ing been sent home for lack of medicine suggest. The United States and North 
^^eti that a ana food. The latest Red Cross appeal Korea have no diplomatic relations. 
h*Juh I-nrp ^ ^^P 56 ” of the also aims to provide food to 330,000 In a written response ro questions, the 


health care system could have “dev- 
astating" consequences. 

The Geneva-based International Fed- 
eration of Red Cross and Red Crescent 

Societies is seeking$14.3 million in cash. 


15,000 families in the provinces. 

■ Sign of Warming in Relations 

Senior U.S. and North Korean officials 


itients hav- counter, as a Washington location would 
>f medicine suggest. The United States and North 
ross appeal Korea have no diplomatic relations, 
to 330,000 In a written response ro questions, the 
and coal to State Department said that National Se- 
ices. entity Council and Defense Department 

Ja dons officials would also take pan in tbe talks, 

oauoius j t jjgjCTjfcgd the choice of venue as “mu- 


tually convenient* * and said that Mr.' Kim 


* flU'r 

i r 

‘"’He 

-/Wl 


medicine and equipment to ran all 700. will meet Wednesday at the State De- and his aides would also meet with mem- 
hospiials and clinics in North Pyongan partment for the highest-level talks ever bers of Congress on Capitol Hill, 
and Chan gang provinces for a year. That held there between the two countries. It said the agenda for the talks in- 


and Changang provinces for a year. That held there between the two countries, 

would care for -.o million people — Reuters repeated from Washington. eluded a planned exchange of liaison 
nearly a turn of the population. The choice of Washington as the ven- offices in Washington and Pyongyang, 

k change in focus in ue for the meeting symbolizes a small the search for remains of Americans 

iiij ■ *" ros ? s . °tission. Since being but significant warming of ties. missing from the 1950-53 Korean War, 

called in to help cope with massive The State Department said that the and U.S. concerns over the North’s mis- 

flooding that destroyed crops in 1995, North Korean deputy foreign minister sile program. 


It said the agenda for the talks in- 
cluded a planned exchange of liaison 


foreign minister sile program. 


Toxic Air Clouds U.S . Base in Japan 

Navy Is Demanding the Closure of a Poison-Spewing Incinerator 


By Kevin Sullivan 

Washington Past Service 

ATSUGI. Japan — Lieutenant John 
O’Brien, an F- 14 fighter pilot in the U.S. 

Navy, says he feels safer landing his jet 
on an aircraft carrier on a stormy night 
than he does bre ath ing the air in his own 
living room. 

Teresa Roberts, a pilot's wife who 
also lives here at the Atsugi Naval Air 
Facility, cannot prove it but she thinks 
the toxic smoke wafting across the base 
caused tbe severe, painful rash coverin g 
the body of the baby girl she delivered 
seven weeks ago. 

Megtimi Ono, a Japanese who works 
at a service station near this base just west 
of Tokyo, blames that same air for the 
miscarriage she suffered in August * Tm 
so angry,” she said. “If 1 get pregnant 
again. 1 will stop working hoe.” 

The source of the toxic air is a large 
industrial waste incinerator just outside 
the base fence. The incinerator has be- 
come a nagging diplomatic problem be- 
tween Japan and the United States, 
which has 47,000 troops based in the 
country. It also bas highlighted Japan’s 
heavy dependence on burning danger- 
ous industrial wastes just as it prepares to 
be host of a major -United Nations con- 
ference on the global environment 

The privately owned incinerator, called 
Shinkampo, spews what die U.S. Navy 
has called a “witch’s brew” of dioxin, 
lead, arsenic, mercury and dozens of other 
dangerous and potentially cancer-causing 
levins into the air 24 hours a day. 

The incinerator bums metals, adds 
and biological wastes, and prevailing 
winds cany thick white, gray or blade 
smoke from tbe plant’s three stacks onto 
the base. More than 6,600 Americans live 
within a kilometer of the incinerator, 
including more than 1 ,000 children who 


attend schools or day-care centers within 
500 meters of it The smoke is sometimes 
so thick that some pilots have complained 
it is a hazard when they try to land. 

Top navy officials have urged the 
government to shut tbe incinerator “on 
humanitarian grounds.” The navy 
blames the plant for sharp increases in 
reports of asthma and other respiratory 
ailments, skin diseases, headaches, eye 
problems and persistent coughs. Navy 
studies show a rate of miscarriages 27 
percent higher for American women liv- 
ing on the base than those off-base. 

Tests of the air at Atsugi tins summer 
showed that the level of dioxin, a highly 
toxic chemical believed to cause cancer 
and reproductive problems, was 3,000 
times nigher than m an average Amer- 
ican city. Navy scientists lave con- 
cluded that spending three years at tbe 
base increases the long-term risks of 
developing cancer. 

“People who reside or work at NAF 
Atsugi are breathing the poorest and the 
worst dioxin-polluted air in Japan” and 
‘’suffer damage to their health every 
day,** Rear Admir al Michael Haskins , 
the navy’s top commander in Japan, 
wrote recently to Japanese officials, de- 
manding that the plant-be shut 

“The incinerator is my number one 
priority here in Japan,” Admiral Haskins 
said last week as he met with about 100 
service members and relatives. 

Admiral Haskins said the issue is 
raised repeatedly when American and 
Japanese diplomats discuss topics re- 
lated to U.S. troops based in Japan. He 
said that he went to Washington to brief 
the staff of Defense Secretary William 
Cohen on the “emergency situation” at 
Atsugi and that he hoped Mr. Cohen 
would raise the matter with Tokyo. 

Japanese neighbors of U.S. bases fre- 
quently complain about the noise and 


pollution created on the bases, or about 
troops’ behavior. The case of S hinkamp o, 
which can be translated as “God protects 
the environment,” is the first in memory 
of tbe U.S. militar y complaining of pol- 
lution caused by its Japanese neighbors. 

Lieutenant O'Brien, the pilot, said the 
navy has not poshed hard enough to shut 
tbe incinerator. Like many Americans 
here, he and his wife say they will not start 
a family at Atsugi because of tire un- 
known long-term risks to their children. 

Shinkampo 's license came op for re- 
newal in August, and despite Admiral 
Haskins’s 27-page catalogue of environ- 
mental and health reasons why it should 
be denied, the local government not only 
renewed the license for an additional five 
years, but also authorized an increase in 
duly operations from eight hours of 
burning to round- the-cIocL A request is 
pending to triple, from 30 tons to 90, the 
amount of waste burned every day. 

Kazuo Sunaga, the Foreign Ministry 
diplomat handling the S hinkam po issue, 
said approval for that increase has been 
held up because of government pressure 
in response to U.S. concerns. 

Shinkampo ’s owner, Tetsuro Manila, 
said his company's operation was “per- 
fectly legal. * He said, however, that 
because the issue had become a dip- 
lomatic problem, he would move his 
plant if the government paid the cost, 
which he estimated at $240 million. 

Mr. Sunaga and officials in Kanaga wa 
Prefecture, where the base and incin- 
erator are located, agree that Shinkampo 
is operating within Japanese law. Japan 
currently has no legal standard for dioxin 
emissions; a new standard goes into ef- 
fect Dec. I. 

On die same day, Japan will open the 
UN Climate Summit in Kyoto, where 
more than 160 nations will grapple with 
the issue of global warming. 


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LIGHT AGAINST VIOLENCE — Marchers in Dhaka taking part Tuesday in an international protest 
against repression of women. Organizers of the march said violence against women was rising in Bangladesh. 

Vietnam Villagers Free Police Debate on Aboriginal Lands 


HANOI — Villagers in Thai Binh Province in northern 
Vie tnam have released more than 20 police officers taken 
captive following renewed unrest in the area this month, the 
police and local residents said Tuesday. 

A provincial police officer said that villagers in Quynh 
Phu district — a hotspot during troubles that first erupted in 
April for reasons not yet made public — had detained at 
least 23 officers following new clashes over the past two 
weeks. 

He said several of the men had been beaten and were 
injured. “We have taken all of them to hospital for checks 
on their health,” he said. “Several have been placed on 
leave, to recuperate.” (Reuters I 

Dhaka Lauded for TB Control 

DHAKA — Tbe World Health Organization said Tues- 
day that Bangladesh had one of the world’s most effective 
programs to control tuberculosis, which claims 3 million 
lives every year worldwide-. 

“TB control has become a major success story in 
Bangladesh. The country is close to our target,” said Dr. W. 
Hardjotanojo, the World Health Organization represen- 
tative in Dhaka. 

“The Bangladesh program can be a model for the entire 
world,” said a report released Tuesday by the agency, 
following a comprehensive independent review of 
Bangladesh's TB control program. 

Bangladesh, one of the world’s most densely populated 
countries, introduced a low-cost TB control program in 
1991. (Reuters) 


CANBERRA — Australia's Parliament began debating 
the government’s native title land bill Tuesday as thousands 
protested the legislation and a former prime minister said 
racism was now a pan of Australian politics. 

Opponents to the bill claim it breaches racial discrim- 
ination laws by effectively restricting Aboriginal land 
rights; the conservative government has rejected such 
claims and warned it is prepared to call an election over the 
issue. 

“The prime minister promised that the bill would respect 
the rights of all Australians, but the unconiested and in- 
contestable legal advice is that this bill is racially dis- 
criminatory.” an opposition Labour senator. Nick BoLkus, 
said in opening the debate in a crowded gallery'. 

The debate is expected to be one of the most volatile in the 
history of the Australian Parliament, with the legislation 
already facing abour 400 amendments from nongovernment 
parties. ( Reuters ) 

Khmer Rouge Claim Victories 

PHNOM PENH — The Khmer Rouge guerrilla group 
claimed victories Tuesday in clashes with Cambodian gov- 
ernment troops in several remote parts of the country. 

A military spokesman in Phnom Penh dismissed the 
claims but said opposition fighters had carried out hit-and- 
run attacks against government positions. 

Khmer Rouge guerrillas said in a radio broadcast mon- 
itored in Phnom Penh that they had captured a district army 
headquarters from the government in southwestern Koh 
Kong Province on Saturday. (Reuters) 


On February 4, 1998, UU'will bring together the world's biggest spenders and Europe’s busiest 
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PAGE 8 


WEDNESDAY, NOVEMBER 26, 1997 


EDITORIALS /OPINION 


Beralb 


INTERNATIONAL 



tribune 


PIIBUSHUD WITH THU NXW YORK TWW AND TUB WASHINGTON TOST 


Discipline for Asia 


As Bill Clinton met with other lead- 
ers of the Asia-Pacific rim in Van- 
couver this week, financial turmoil 
threatened the Asian economic “mir- 
acle*’ on which their partnership is 
based. The paradox of die summit is 
that fee bailouts in Thailand, Indonesia 
and South Korea, not to mention the 
failure of some big banks and secu- 
rities firms in Japan, are driving home 
lessons of fiscal discipline better than 
the Clinton a dminis tration ever could. 

The turbulence might tempt some 
countries to back away from harsh 
measures, but they should realize feat 
fee markets are demanding long-post- 
poned moves to open financial systems 
to scrutiny and competition, lower 
trade banders and reduce government 
economic regulation. 

• While the Asian successes were all 
built partly on healthy habits of edu- 
cation, saving and shrewd investment, 
too much corruption and cronyism 
were involved. The South Korean 
economy, for example, has long been 
anchored by large, secretive family- 
run business groups known as chae- 
bols, which government regulators al- 
lowed to incur excessive debt without 
disclosure to regulators or investors. 

Exacting discipline in Asian coun- 
tries will bepainful, especially if it leads 
to widespread job losses or wage re- 
ductions. But the United States needs to 
reiterate fee importance of full trans- 
parency of companies and financial in- 
stitutions. In South Korea, leading busi- 


nesses want to repeal one of (he most 
important reforms of President Kim 
Young Sam, fee rule requiting bank 
depositors to maintain accounts in their 
own names. The rule, instituted to re- 
duce corruption, must be kept if South 
Korean companies are to regain cred- 
ibility in fee international markets. Sim- 
ilar vigilance against corruption must 
be messed in Indonesia, where relatives 
of President Suharto are trying to pre- 
vent the closing of bonks they control. 

In recent decades, the Asian “ti- 
gers” have looked to Japan for lead- 
ership, and in fee current crisis Japan 
can show fee way wife its own reforms. 
The postwar boom in Japan was built 
on an elaborate system of government 
support, much of it undisclosed, in- 
cluding favorable loans and lax reg- 
ulation. Collusive practices were not 
only tolerated, they were encouraged. 
Over fee weekend, in an action that 
would have been unthinkable until re- 
cently, Japan allowed fee shutdown of 
its fourfe-largest brokerage firm, Ya- 
maichi Securities, which has now re- 
vealed $2 billion in previously un- 
disclosed off-rfee-book debts. 

Prime Minister Ryutaro Hashimoto 
has long talked about fee need for 
Japan to open its financial system to 
more scrutiny. The first step for any 
country toward regaining financial 
credibility in the weald markets is to 
acknowledge fee extent of its problems 
candidly, to itself and its own people. 

—THE NEW YORK TIMES. 


Farewell, Japan Inc. 


When the chairman of fee failing 
Yamaichi securities company tearfully 
appealed to other companies on Mon- 
day to hire his 7,500 soon to be un- 
employed staff, he might have been 
weeping for Japan Inc. itself. Japan’s 
largest corporate failure ever is a clear 
sign feat tire old way of doing business 
no longer applies. In fee long run, that 
might spell good news for Japan's 
economy. But how much pain and tur- 
moil tire near future holds is still im- 
possible to know. 

Yamaichi, 100 years old, nearly 
failed once before, in the 1960s, but tire 
government came to its rescue; that is 
how tilings woe done. Even earlier this 
year, the credit agency Moody’s was 
still flatly saying that tire gov ernment 
would intervene to prevent the failure 
of a major securities firm. But Ya- 
maichi is closing, and tire government 
is doing nothing more than trying to 
maintain order at tire liquidation. 

Japan lire, encompassed mare than a 
protective government. It referred to a 
cooperative relationship among in- 
dustry, bureaucracy and politicians, and 
to a system of industrial families in 
which allied banks, brokerage houses, 
insurance firms, manufacturers and 
trading houses took care of each other. 
During Japan's remarkable rise from 
postwar ruin, this cooperative ' spirit 
worked wonders. Strong elements of an 
industrial femily could cover for weaker 
ones, lubricating Japan’s system of life- 
time employment. Daring brief down- 
turns, the pain was evenly distributed. 

But Japan's troubles throughout fee 
1990s — and fee current financial 
trauma in South Korea, which had 
emulated tire Japanese model — show 


lofrapid 

growth does not work so well for 
maturing, globalizing economies. The 
“cooperative” spirit too often gave 
way to doziness, cronyism and cor- 
ruption. Spreading fee pain became 
synonymous with covering up bad 
business decisions and protecting fail- 
ure. A system that let no Onego under 
also worked against anyone’s soaring 
ahead; small business start-ups and en- 
trepreneurship could not flourish. 

The government, acknowledging fee 
new environment, had pledged to de- 
regulate and open up its economy, to 
expose all tire hidden connections and 
tire lackluster performers. But it hoped 
to do so on its own schedule, and the 
reforms have come far too slowly. As in 
Sooth Korea, resistance is imm ense. 
Now it seems that deregulation may 
proceed at its own pace — that market 
farces, the demands of international 
investors, are too strong for even the 
world’s second-largest economy to 
channel or control. At Fuji Bank, Ya- 
maichi 's old ally, no one was home 
when Yamaichi came knocking for help 
to stave off catastrophe; Fuji, like other 
Japanese banks, has its own worries and 
can no longer treat business as charity. 

If the old ties really are crumbling, 
and Japanese regulators really are pre- 
pared to expose hidden loans and hid- 
den losses, investor confidence in Ja- 
pan could be restored. But the extent of 
those hidden losses among other Jap- 
anese banks and brokers remains un- 
clear. Honesty is tire right and long- 
postponed policy, but it- may reveal 
some ugly truths along tire road to 
economic restructuring. 

— THE WASHINGTON POTT. 


Look Again at Cuba 


No one had more influence over U.S. 
policies toward Cuba over the past two 
decades than Jorge Mas Canosa, who 
died on Sunday. Mir. Mas, who fled to 
Miami in 1960, fee year after Fidel 
Castro seized power, founded tire Cu- 
ban -American National Foundation and 
turned it into fee most powerful lob- 
bying organization on Cuban issues in 
Washington. The passing years never 
eroded his belief mat the Communist 
dictatorship was ripe for overthrow. 
That dubious assumption drove his cam- 
paigns for successive tightenings of the 
economic embargo, culminating in the 
regrettable Helms-Burton law of 1996. 

In practice, Helms-Burton has done 
more harm to fee United States than to 
Mr. Castro, and warrants an early re- 
examination. Mr. Mas would have 
fiercely resisted any rethinking of tire 
embargo. But it does his memory no 
dishonor to look for better ways to 
promote Cuban freedom. 

Helms-Burton imposes American 
penalties on foreign companies that 
trade with Cuba, and it transfers the 
power to adjust fee embargo from the 
president to Congress. Despite the law. 


Cuba has attracted enough trade and 
investment to survive the loss of Soviet 
subsidies. It exploits U.S. sanctions 
policy to excuse its own economic fail- 
ures and rally nationalist sentiment. 

Congress should approve bills 
pending in both houses feat would ease 
tire embargo on food and medicine. 
President Bill Clinton should continue 
to suspend enforcement of the provi- 
sion or Helms-Burton that permits for- 
eign companies to be sued in American 
courts for using properties confiscated 
years ago by tire Cuban government. 

Cuba is the Western Hemisphere’s 
worst dictatorship and human rights 
violator. Cubans are beaten and jailed 
for criticizing the government, form- 
ing independent organizations or even 
trying to leave the country. Americans 
have a special duty to press for more 
freedom in a country so near and so 
historically linked to tire United States. 
But Washington can fight more ef- 
fectively by abandoning approaches 
that have failed to dent Mr. Castro’s 
tyranny or improve tire lot of Cuba’s 
long-suffering people. 

—THE NEW YORK TIMES. 


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From East Asia, a Pair of Winnings for the Wbrld 


h: 


'ONG KONG — The crisis in East 
.Asia is far from over, but already 
lessons of global significance are ap- 
pearing through the smoke of the daily 
trench warfare in financial markets. 

The lessons about excess credit, 
fixed exchange rates, poor banking su-. 


By Philip Bowring 


What is extraordinary ■ this time 
around has been tire way international 
banks have gone so quickly from mind- 
less extensions of credit to almost any- 


pervision, lack of transparency, {relit- one anywhere to reluctance to roll over 
ical cronyism and hubns are obvious. 1 loans even to tire best names. 


Less noticed have been two major con- 
tributors to the crisis. 

When calm eventually returns, the 
United Stales,' the European Union and 
Japan are likely so have to weak out bow 
to prevent a recurrence without fun- 
damentally interfering wife fee free flow 
of capital and 'increased international 
competition in service industries. 

The first contributor is the role* of 
international banks. This suggests that 
in future there should be some mech- 
anism for discouraging short-term 
flows, and that authorities in their home 
countries should take more notice of 
their operations overseas. 

This lesson should have been 
learned in the 1980s when recycling of 
oil surpluses led ultimately to defaults 
that cost fee banks dearly and various 
countries, particularly in Latin Amer- 
ica, a decade of growth. 


International .bank lending to Asia 
grew at an astonshing rate — roughly 
by $70 billion — in fee 18 months to 
June 1 997, to add to already significant 
debt The sudden withdrawal of some 
of that money now threatens to over- 
whelm even an IMF whose coffers 
have just been replenished. 

Less than a year ago. foreign banks 
were eager to lend wife barely a 
thought (although doubtless not with- 
out kickbacks in many cases) to private 
Thai companies of which they knew 
little. Just three months ago they were 
falling over themselves to fund, at all- 
time low spreads, record prices for land 
purchases m Hong Kong. Now they are 
reluctant to keep lending even to South 
Korean government banks. 

The South Korean banking system is 
a mess and many business conglom- 
erates are overextended, but South 


Korea needs very little new money. Its 
current account deficit has almost 
evaporated. The crisis is one of li- 
quidity caused by panicky actual or 
threatened whhrawai of loans. 

Japanese hanks, starved for new 
lending opportunities at-home, led the 
rush to lend in Asia. The Europeans, 
with their own surpluses and low 


The second and more controversy 1 
lesson is that open markets and tecn- 
nological change have reduced to al- 
most zero the cost of shifting between 
This necessarily encour- 


enrrenaes. 


ages trading and volatility. 

When the Nobel laureate James To- 
bin, as far back as 1978, proposed a tax 
on foreign exchange transactions to 


with their own surpluses and low on roreagn exenange iransawuv-- - 
growth, were uot far behind, wife limit volatility, his views were widely 
T\*4aL nnfvlativl titlH ffttliniCtlCiiL 


Dutch banks especially prominent. 
U.S. banks, wife growth strong at 
home and perhaps mindful ' of the 
1980s, were restrained. 

Now fee foreign banks clearly expect 
fee IMF to provide fee liquidity feat 
they have suddenly withdrawn. That 
will happen, because the broader con- 
sequences for fee global economy 
might be worse than letting the market 
enforce its own logic The boom-to-bust 
cycle in foreign bank lending should 
lead to a czy of “Never again.” 

■ These short-term flows need as care- . 
ful monitoring as lending by Asian 
domestic banks, which hitherto have 
received most of the blame. There must 
be and there will be a shift to longer- 
term lending, preferably securitized or . 
channeled through the strongest local 
institutions, or fee government 


dismissed as outdated and impractic 
They may well be. But the whole issue 
now deserves thorough examination. 

Just as the New York Stock Ex- 
change introduced marke t stabilization 

measures after the 1987 crash, so mea- 
sures are needed now on fee foreign 
exchange and lending fronts. As cur- 
rency is an international issue, any 
agreement will be difficult to achieve. 
But the price of failure could be break- 
down of the global system, or rejection 
of free capital flows. 

Malaysian Prime Minis ter Maha- 
thir bin Mohamad would get a better 
hearing if he stopped blaming George 
Soros and assorted “conspirators” for 
recent events and engaged the services 
of Mr. Tobin and others to make some 
positive proposals. 

International Herald Tribune 


# 


Tokyo Ought to Be Stimulating Japanese Savers to Consume 


T OKYO — Remember 
those debates of the 1980s 
between monetarists and 
Keynesians? The monetarists 
won, but Japan's current slump 
and stock mar ket collapse sug- 
gest that it should have been 
otherwise. 

Standard explanations for 
Japan's problems are many: an 
aging population, excessive 
government debt, fee collapse 
of land values, scandals in fee 
financ e industry. But with in- 
terest rates at close to zero for 
more than two years now, even 
fee most depressed economy 
should be moving up, accord- 
ing to monetarist theory. 

If Japan’s is not moving, 
then the real problem has to be 
something else — a chronic 
lack of domestic demand due 
mainly to a very high level of 
personal savings. 

In a developing economy, 
high savings are clearly a good 
thing. Firms know what con- 
sumers want — cars, television 


By Gregory Dark 


sets, refrigerators. They are 
more than happy to borrow the 
savings needed to make those 
goods, even at high interest 
rates. The economy moves up 
another notch, allowing more 
savings and investment 
But in an advanced eco- 
nomy, firms rely heavily on 
consumers to tell them where 
to invest If consumers sit oo 
their hands, as they do in Ja- 


ld flags and the econo- 
my moves down rather than 
up. Low personal savings and 
high spending, even wasteful 
spending, become a virtue 
rather than a vice. 

The figures confirm this. The 
most vibrant of the advanced 
economies nowadays, the 
United States and Britain, have 
low personal savings levels of 
around 4 and 7 percent, respec- 
tively. The Continental Euro- 
pean economies do less well. 


and have higher savings levels 
(Ranee around 9 percent, Ger- 
many around 11 percent). Ja- 
pan, wife the flabbiest econo- 
my, has the highest savings 
level — more than 13 percent. 

Some see fee computer rev- 
olution and other reforms as fee 
to U.S. economic success 
ay. But there are real doubts 
whether U.S. productivity has 
increased all mat much in the 
last 20 years. What the United 
States does tell us is that it does 
not matter much whether con- 
sumers are baying hamburgers 
or cars, burglar alarms or tele- 
vision sets, Broadway tickets 
or refrigerators. 

Provided consumers are out 
there spending, firms will be 
out there producing. In the pro- 
cess, the firms will be buying 
equipment, employing people, 
paying taxes — all the thing s 
needed to get an economy tam- 
ing over. 


Why do fee Japanese save 
so much? Worrywart concern 
about fee future is the standard 
answer. But I suggest feat a 
key reason is the way social 
status is decided. 

In some class-conscious 
Western economies, people 
rely heavily on conspicuous 
spending on things like houses 
or leisure to prove where they 
stand. If Continental Europeans 
spend less, (hat is because they 
rely more on birth and edu- 
cation to decide class status. 

In Japan, class conscious- 
ness is weak; fee size of one’s 
bouse or yacht is almost ir- 
relevant to status. Much more 
depends on place of employ- 
ment, and spending can do 
little to improve that 

The solution? For the gov- 
ernment to do fee spending that 
firms and individuals won’t 
do. The U.S. administration 
realizes this, wife its constant 
calls for Japan to shift to do- 
mestic demand stimulation 


policies and for an end to the 
self-destructive reliance on ex- 
port demand. 

But the Japanese govern- 
ment and bureaucracy have 
chosea tins moment to do the 
opposite — cat government 
spending as part of a belated 
imitation of 1980s Reaganite 
andThatcherite policies. They 
believe that the example of fis- 
cal prudence, combined with 
other 1980s virtues (deregu- 
lation, privatization. Big 
Bang) will somehow push Ja- 
pan into economic recovery. 

. The stock market is not im- 
pressed. Nor are, consumers, 
now saving even more to cope 
with the feared future rainy 

S . Any similarity wife fee 
cies that led to fee 1930s 
Great Depression is more than 
coincidental 


The writer, a former Aus- 
tralian diplomat, contributed 
this comment to the Interna- 
tional Herald Tribune. 






Seen in Perspective, the U.S. Trade Deficit Isn’t Scary 


B erkeley, California — 
There is widespread agree- 
ment that fee U.S. economy has 
performed well in the past year. 
Growth has been stronger than 
predicted, inflation weaker. The 
unemployment rate has hit lows 
that most economists doubted 
they would ever see again. 

Popular measures of fee 
economy’s performance — for 
example, the growth of gross 
domestic product and changes 
in fee consumer price index — 
almost certainly understate how 
well the economy has done. 

But one politically charged 
economic indicator is getting 
worse: the trade imbalance. The 
September trade deficit in 

f oods and services jumped to 
li.l trillion. Based on results 
so far, the 1997 deficit will 
reach an all-time high. 

This growing imbalanc e has 
become a rallying cry for a col- 
lection of opponents of glob- 
alization, drawn from labor, en- 
vironmental, human rights and 
religious organizations. 

Even as fee economy enjoys 
its soundest expansion in 30 
years, political support for trade 
liberalization has ebbed to a 
dangerous low, as reflected in 
Congress's recent failure to 


By Laura D* Andrea Tyson 


pass “fast-track” negotiating 
authority for fee president. This 
trend threatens U.S. leadership 
of the global economic system. 

Before Americans embark on 
"a self-defeating path of isola- 
tionism, they should recognize 
this indicator’s many flaws as a 
gauge of economic health. 

First, the absolute size of fee 
trade deficit measured in dollars 
is irrelevant A preferable mea- 
sure is fee size of the deficit 
compared wife fee overall size 
of fee economy. 

Measured In dollars, the 
1997 trade deficit promises to 
be the largest in the nation’s 
history, but that is also true for 
all of fee other aggregate mea- 
sures — gross domestic pro- 
duct, consumption, profits, in- 
vestment and labor incomes. 

Relative to fee size of the 
economy, fee trade deficit has 
actually declined sharply from 
its 1987 peak. In 1997 it stands 
at just libs than 1 percent of 
gross domestic product, hardly 
a sign of economic duress. 

Second, in a world in which 
modem technologies are break- 
ing down national borders, the 
trade deficit, which purports to 


tally exchanges between inde- 
pendent nation-states, is an in- 
creasingly archaic concept. 

What is fee significance of 
the U.S. trade deficit when 
nearly 40 percent of imports 
represent intra-company trans- 
actions by American multina- 
tional corporations? If fee 
health of fee ecooomy is tied to 
the health of its mnltinarinnal 
producers, then their imports 
should not be interpreted as a 
sign of national weakness. 

The globalization of produc- 
tion has also blurred the mean- 
ing of trade deficits wife in- 
dividual trading partners. The 
U.S. trade deficit with China 
has skyrocketed, but this trend 
has been largely offset by a de- 
crease in deficits with Hong 
Kong, Singapore and Taiwan. 

America continues to import 
labor-intensive products like 
toys, shoes and apparel from 
Asia, but multinational compa- 
nies that once produced in the 
Asian tiger nations have moved 
factories to China in search of 
lower labor costs. If imports of 
such goods from China were 
blocked, production would not 
move back to the United States. 


Who Cares About Iraqi Civilians? 


P ROVIDENCE, Rhode Is- 
land — In recent weeks as 
the crisis with Iraq was es- 
calating, U.S. policymakers 
have subjected the world to a 
stream of lamentations ova 
the suffering of civilians in 
Iraq. The U.S. quarrel, they 
reminded us, was not wife fee 
Iraqi people. 

To induce Baghdad’s co- 
operation with UN weapons 
inspection demands, fee Clin- 
ton administrati on dang led the 
prospect of increased Iraqi in- 
ternational oil sales, the pro- 
ceeds of which are earmarked 
for the purchase of food, 
medicine and other essentials. 
If fee Iraqis came into com- 
pliance, an official explained, 
“we're prepared to look hard 
at the Humanitarian issues.” 

What is wrong wife using 
the prospect of increased hu- 
manitarian assistan c e as a car- 
rot while keeping sanctions in 
place? The objectives of such 
a tactic do seem eminently 
Supportable. 

fling the creation of 
of mass destruction 
is a humane undertaking of fee 
highest order. 

Avoiding military action 
makes sense. 

And an increase in fee 


By Larry Minear 

availability of relief supplies 
in Iraq, which have already 
begun to improve the lot of 
civilians, would further re- 
duce suffering. 

Still, linking access for UN 
weapons inspectors to in- 
creased humanitarian assist- 
ance is a bad idea. 

First, it won’t work. It op- 
erates on fee same premise as 
sanctions themselves: that the 
regime will be motivated by 
concern for fee needs -and 
rights of its people, or be 
them. 

To date this approach has 
reaped little political gain in 
exchange for incalculable ci- 
vilian pain. And it renders in- 
ternational assistance hostage 
to the regime. 

Even if the lifting of sanc- 
tions produced ironclad in- 


weapons production, 
fee destruction of civilian life 
en route would not necessarily 
be justified. 

Second, the carrot approach 
violates fee intrinsic nature of 
h umanitarian action. Interna- 
tioaal law recognizes funda- 
mental rights of civilians to 


food, medicine and other es- 
sentials of survival, irrespect- 
ive of politics, race, religion, 
gender or location. 

UN humanitarian organiza- 
tions are meeting in Geneva 
this week to review a recently 
completed study of sanctions 
by independent researchers. 
We concluded feat the polit- 
ical effectiveness of such co- 
ercion, not to say its moral 
legitimacy, is undermined 
when the essentials of civilian 
life and infrastructure are 
trashed in the process. 

Our report suggests ways 
for respecting and reinforc- 
ing the rights of civilians even 
as diplomatic and economic 
pressures are applied. 

The world is breathing easi- 
er now that the Iraqi crisis has 
been defused. As a result, de- 
bate about the appropriateness 
of sanctions now shares center 
stage wife fee issue of con- 
taining Iraqi weapons of mass 
destruction. 


The writer co-directs the 
HumanUarianism and War 
Project at Brown University's 
Thomas I. Watson Jr. Institute 
for International Studies. He 
contributed this to the Inter- 
national Herald Tribune. 


The companies Involved would 
seek low-cost locations else- 
where in the world. 

Third, the composition of 
trade matters to the nation's 
prosperity. American living 
standards depend on fee ability 
to compete in high-wage, high- 
productivity industries, and fee 
trade deficit masks fee strength- 
ening U.S. positioa in them. 

The trade gap may be sub- 
stantially larger today than it 
was during the 1980s, but so are 
net exports of high-technology 
and capital goods. America 
may be importing more toma- 
toes from Mexico and toys from 
China, at fee expense of low- 
wage jobs, but it is exporting 
more cars and jet aircraft, to fee 
benefit of high-wage jobs. 

Finally, there is no Simple 
link between a nation’s net 
trade position and its overall 
economic health. During fee 
last four years, the United States 
has run a trade deficit of about 
1.4 percent ‘of its domestic 
product, while Japan has run a 
trade surplus of about 2.8 per- 
cent. The United States has had 
its strongest expansion in 30 
years, while Japan has been suf- 
fering from the lingering effects 
of its deepest recession since 
the end of World War IL 

Economic strength in the 
United States has been reflected 
in both the enhanced compet- 
itiveness of exports and stronger 
import demand, while econom- 
ic stagnation in Japan has had 
the opposite effects. There is no 
debate about which country has 
done better — it is fee one with 
the growing trade deficit. . 

Next year, America’s trade 


deficit wife Japan and the rest of 
Asia will balloon because of 
slowdowns and currency de- 
valuations in Asia. That will 
mean slower growth for Amer- 
ican exports and an increase in 
imports as prices of Asian 
products fall 

That is why it is in fee interest 
of fee United States to support 
IMF programs to get the Asian 
economies back on track. 

All tins does not mean that 
there are no real trade chal- 
lenges confronting fee United i 
States. Ninety-five percent of 
the world's consumers live out- 
side America's borders, many 
of them in countries wife gov- 
ernment and business practices 
that impede American compa- 
nies from competing fra- their 



more open than access to almost 
any other market in fee world. - 
The major trade challenge is 
to break down barriers to trade, 
and that requires tough, often 
prolonged negotiations. Unfor- 
tunately, the ability of fee > 
United States to conduct such p 
negotiations has been curtailed 
by Congress’s failure to grant 
fast-trade authority to President 
Bill Clinton. 


The writer, a professor of 
economics and business at the 
University qf California at 
Berkeley, was chairman of the 
White House Council qf Eco- 
nomic Advisers and the Nation- 
al Economic Council in the first 
Clinton administration. She 
contributed this comment to 
The New York Times. 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO 


1897: Albanian Unrest 


VIENNA — The Austrian For- 
eign Office received news today 
(Nov. 25] that fee disturbances in 
Albania have assumed the pro- 
portions of a regular revolt, and 
that the affair is of a much more 
serious character tiian was at first 
anticipated. Sanguinary encoun- 
ters have already-taken place be- 1Q . 7 „ . 
tween the Albanian insurgents • Spinsters D 
and Turkish troops. One fight 
which occurred near Djakovar 
cost many lives oa both sides. 


ment of the law, permitti 
wines and beers, argi 
since the law was passe 
few Englishmen, Scots 
Irishmen have iramigr 
the United States,- and 
feet, it has tended to s 
better class of immigran 
all parts of Europe. 


1922: Prohibition Woes 

WASHINGTON — The peril 
of a complete breakdown in fee 
enforcement of tbs Prohibition 
Law is giving President Harding 
grave concern. The entire cab- 
inet considered tire matter at a 
meeting last night [Nov. 24} and 
decided that 'fee problem is one 
which only fee sentiment of tire 
American .people can solve. 
Senate advocates of an amead- 


PARJS — A confidential 
ber of maiden ladies tv 

five years of age— or oh 

celebrated the feast day 
patroness of spinsters, 
Cayenne, yesterday [No 
55 banquets, gay para< 
Pans streets and partiei 
dances last night In fe 

days, the girls used to gral 

reen right on fee street 
Jean Chiappe, famous 
prefect of police in d» 
twenties, put a stop to m 
that when the boys becar 
bit rough,” contemporai 
counts indicate. 







; v&.- 


i . 






INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


PAGE 9 


OPINION/LETTERS 


i Septuplets: A Mistake, Not a Miracle 


W ASHINGTON — 
Donna Shalala, U.S. 
secretary of health and human 
services, attributes the biith 
of septuplets in Iowa to dn act 
of God. It is so, she insists, 
despite the facr that the moth- 
er was given a fertility drug 


By Richard Cohen 


might have been bom in some 
ways physically unable to 
live a normal life. 

They have at least a 12 
times greater chance of dying 
in infancy and, down the road, 
that triggered the production they face a much greater pos- 
of several eggs ana — pardon sibllity of certain diseases than 

do children of single births. 

As for their psychological 
health, it is virtually certain 


me — an overdose of bad 
judgment in everyone in- 
volved. Septuplets are not a 
miracle but virtually a low- 
budget biblical plague. 

1 say this as a twin whose 
mother — lo these many years 
later — does not beam with 
. delight when asked to recall 
her pregnancy, the delivery 
and, subsequently, what 
Seemed like a decade without 
sleep. It is her just-yesterday 
g recollection that my sister and 
* ' I were never sick at the same 
time — first one, then the 
other. We did not cooperate 
with changings either, ac- 
cording to informed sources. 

Still, people who should 
know better have gone ab- 
solutely dopey .at the birth of 
the McCaughey Seven. The 
president has called from the 
White House and God in 
Heaven has been thanked for 
this supposed blessed miracle. 
But this birth was not a mir- 
acle. It was a medical mistake 
— an accident that should not 
have happened and, really, 
should have been prevented 
. The chances were very 
good that some of the children 


To credit God 
with what urn a 
decision of the 
McCaugheys and 
their doctors is to 
adopt a sort of 
peasant mentality. 

that , while they will not suffer 
as the Dionne quintuplets 
(bom in 1934) did, their lives 
will certainly be different 
Collectively, they are unique; 
individually, dial might not 
be the case. I can just imagine 
the day when they all arrive 
for their first day of school — 
and all of their classmates are 
enjoined to treat them as they 
would anyone else. Fat 
chance. 

As a result of these factors, 
many prospective parents 
choose to abort some of the 
fetuses so that the remaining 


ones have a better chance of a 
healthy birth and a normal 
life, the McCaugheys are 
both devoutly religious and 
opposed to abortion. They 
chose to lake their chances 
and I. although in disagree- 
ment respect their decision. 

Still, the McCaugheys had 
other ways of avoiding such a 
huge multiple birth. They 
could have waited a month 
when, most likely, Bobbi Mc- 
Caughey would not have pro- 
duced so many eggs, or ■ — yet 
another alternative — the 
eggs could have been re- 
moved from her body and just 
some of them fertilized. 

Ms. S halala happens to be 
one of my all-time favorite 
people, but in this matter she 
has not spoken wisely. When 
she says, as she did on tele- 
vision, that she would give 
"total credit to God." she has 
joined the claque of cheerlead- 
ers who have made a Disney 
cartoon out of what, shortly, 
will be a real-life nightmare. 

The McCaugheys took an' 
awful risk with the health of 
their children and at the same 
time brought more children 
into the world than they can 
possibly handle, not to men- 
tion afford. This is nor the 
stuff of rocket science. Most 
of us know something about 
raising children. Seven at 
once — eight altogether — is 
too much. 



lmwieflyxon 

^jg Pit Stop 
|||pj Fast Track 

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, 


Clinton Haters Do Him a Favor 


W ASHINGTON — Pres- 
ident Bill Clinton’s best 
allies are the Clinton Haters. 
They will say anything and 
charge him with whatever 
comes into their heads when 
they get out of bed in the 
morning. The result: They 
have given the president a high 
degree of immunity against 
* whatever is thrown at him. 

* Much has been made of 
President Clinton’s high ap- 
proval ratings in the face of all 
his troubles on matters rang- 
ing from sex to money. The 
standard view is that we 
Americans feel pretty good 
about things, the economy es- 
pecially. and don’t care about 
much else. Some ami -Cl inton 
Big Thinkers have mourned 
this as a sign that the coun- 
try’s moral standards have 
fallen, that we don’t expect 
much of presidents anymore. 

Nonsense. The decline is in 
our political standards — spe- 
“ cificallv what we deem accept- 
able in the realm of political 
combat. Where Mr. Clinton is 
concerned, anything goes. 

Consider the speed with 
which charges that the admin- 
istration “sold" plots at Ar- 
lington National Cemetery 
for campaign contributions 


By E.J. Dionne Jr. 


entered the political blood- 
stream. All it took was for a 
conservative magazine called 
Insight to print them. 

Senator Aden Specter, Re- 
publican of Pennsylvania, im- 
mediately announced be 
would hold hearings. The 
House speaker. Newt Gin- 
grich; was outraged. The talk- 
radio lines burned with in- 
vective. Did they have the 
facts? No. But how could they 
resist a story that allowed 
them to link Mr. Clinton’s 
campaign finance problems 
with a rehash of his avoiding 
service in Vietnam? 

A small problem: The ac- 
cusation was untrue. It turned 
out the administration had 
had good reasons to give spe- 
cial permission for the burial 
of 69 people at Arlington — 
reasons that had nothing to 
do with campaign money. 
.Among the special cases was 
a drug enforcement agent and 
army veteran killed during a 
mission in Peru. 

But the Clinton Halers have 
a backup position. They say 
this mess is Mr. Clinton's fault 
because he has already proved 


he is capable of anything; how 
could they be blamed for dis- 
missing ms denials? 

This is both clever and 
pathetic. It’s clever because 
beginning with the 1 992 cam- , 
paign, Mr. Clinton and his 
circle have had a bad record , 
when it comes to telling the 
whole truth quickly. 

But it’s pathetic that Pres- 
ident Clinton’s opponents 
feel they have license to in- 
vent outlandish tales and as- 
sert diem as fact. This is the 
Clinton Haters' concession of | 
defeat. They haven’t been 
able to beat him in the polit- 
ical debate, and tbey haven't 
caught him yet even in those 
areas where they might have a 
real case. So they flail away. 

They hope that one of their 1 
charges just might turn out to 
be true someday. Meanwhile, 
the innuendo is fun and builds 
audiences and followings. 

Maybe Mr. Clinton will 
prove himself as flawed as the 
haters say he is. For now, they 
are doing the president they 
despise die biggest favor in ; 
the world: When you square I 
off his credibility against 
theirs. President Clinton has a 
fighting chance. 
ttluAiNxrun Post Writers Group. 


LETTERS TO THE EDITOR 


America and Drugs 

Regarding “Assisted Sui- 
cide in Oregon Faces Federal 
Intervention" (Nor. 20k 

It is in keeping with his 
agency's record that the U.S. 
Drug Enforcement Adminis- 
tration chief, Thomas Con- 
4 standee, issued a dire warn- 
ing to doctors who help 
terminally ill patients commit 
suicide. His agency, which 
regulates the distribution of 
pain medication, is respon- 
sible for many of these sui- 
cides in the first place. 

The drug agency's hypo- 
critical policy first denies ad- 
equate pain relief and then 
seeks to deny even death as an 
escape for sufferers. This is a 
cruel, inhumane way to treat 
people. 

The amount of narcotics a 
person in pain ought require 
is none of the government’s 
business. It is also none of 
the government’s business 
how people choose to end 
their lives, ft’s time to ger 
. Big Brother out of the doc- 
tor’s office and away from 
the dying- 

REDFORD GIVENS. 

San Francisco. 


Mr. Constantine accuses 
the television character 
Murphy Brown of "trivial- 
izing drug abuse" (People. 
Nov. 7) when she is portrayed 
using marijuana to relieve 
nausea caused by chemo- 
therapy. 

Does the drug enforcement 
administrator forger that 
marijuana has a number of 
medicinal virtues, including 
relief for people with glau- 
coma? 

When will the U.S. gov- 
ernment realize that mari- 
juana should be legalized? 
This would also provide a 
potentially enormous source 
of revenue that now finds its 
way into the pockets of 
society’s criminal elements. 

KAREN MoCUSKER. 

Divonne, France. 

Offended by Photo 

I must strongly protest 
the front-page photograph Of 
the Americans slain in Kar- 
achi, Pakistan (Nov. 131. It 
was entirely unnecessary, 
unethical and utterly dis- 
respectful. 

Please consider the effect 
on Americans worldwide to 


see fellow citizens lying in 
their own blood, much less 
the tremendous negative im- 
pact of such a picture on the 
families and mends of the I 
victims. 

J. MARK HARLOW. 

Miesenbach. Germany. 

Japanese Mistresses 

Regarding “ That Was No 
Lady With Hashimoto, Critic 
Charges. That Was a Spv' 
(Nov. 21): 

On what grounds can the , 
writers claim that "many" 
Japanese men, especially 
those of Prime Minister Ryu- 
taro Hashimoto 's generation, , 
have mistresses? 

Is there even circumstan- 
tial evidence that the inci- 
dence of concubine-keeping 
is higher in Japan than else- 
where in the industrialized 
world? 

Japanese may make less of 
past extramarital affairs of 
public figures than Ameri- 
cans do, but I wonder if their 1 
attitude is notably different 
from that in other Western 
societies. 

YOSHJO NAKANISHT. 

Tokyo. 


To celebrate what could 
have been a tragedy and will 
certainly become a burden is 
simply not responsible. Yet I 
know of no public official 
who has publicly questioned 
the judgment of (he parents 
and cautioned others not to 
follow their example. 

Nor, for that matter, have 
I heard any of them question 
the physicians in this case and 
ask them if, perchance, they 
are working on commission 
or something. 

It has become common- 
place in the United States to 
use religion as an all-purpose 
excuse for not using your 
head. The decision not to 
"selectively reduce" — the 
euphemism for abort — the 
number of fetuses is one 
with which I cannot quairel. 
But to credit God with what 
was quite clearly the purpose- 
ful decision of the Mc- 
Caugheys and their medical 
team is to adopt a sort of 
peasant mentality — what 
will be, will be — and is 
simply a cop-out. 

An act of God is, by defin- 
ition, unavoidable. This preg- 
nancy was anything but 

Much of Western society's 
progress rests on the deter- 
mination to challenge fate, to 
seize a better life from the one 
that was once thought willed 
by God. Had the septuplets 
not all survived or had they 
been boro with some grave 
malady, then we would not be 
thanking God or talking about 
miracles. We would be ques- 
tioning the judgment of the 
parents and their physicians. 

This was not an act of God 
ft was a reckless roll of 
the dice. 

The Washington Past. 


Berries , Catfish and Thanksgiving 


W ASHINGTON — Chances are 
that, in America in 1997, you 
won’t be doing any of the following as 
you make your way home fofThaoks- 
gjviog dinner 

You won’t be keeping a hungry eye 
out for late-bearing huckleberry bushes 
among the roadside brambles so you 
can fill your morning stomach with 
sweet energy. Neither will honey locust 
trees, with their sweet, pulpy pods, have 
anything to fear from your attention. 

You won't angle your homeward 
path down along a stream bed so as to 
profit by the odd. catfish, which you 
can wrestle out of the water, club to 
death and spit-roast cloaked in fat and 
cornmeal. 

You probably won’t even be trav- 
eling with a sack of cornmeal in your 
pack, never mind lard in your pocket. 

And when you get home, probably 
no one will announce lunch by twisting 
the head off a vicious old rooster. 

Such are the tastes and textures of 
Charles Frazier’s “Cold Mountain," 
the novel that last week won the Na- 
tional Book Award for fiction. 

The book consists of two parallel 
stories set toward the end of the Amer- 
ican Civil War — of Inman, the 
wounded Confederate stealing back 
home to the mountains of western 
North Carolina, and of Ada. the Char- 
leston-bred belle who must learn for- 
aging and farming in order to survive 
until his return. 

Foraging op our way homeward, in 
our lives, generally means choosing 
between McDonald's and Bob’s Big 
Boy on the interstate highway. And yet 
the countryside still boasts people who 
follow football by means of their satel- 
lite dishes but even now mark (he har- 
vest by boiling up cauldrons' of apple 
butter to sell to tourists. 

But even these more earthbound 
neighbors are for from hunger, even (he 
idea of hunger. As for the rest of us, the 


By Nancy McKeon 

thoughtless cry of "I'm starving!" is 
exposed as the hyperbole it is by pas- 
sages such as this one: 

“Inman took the plate and a knife and 
spoon into his lap and fell to eating. A 
part ofhim wished to be polite, bur it was 
overcome by some dog organ deep in his 
brain, and so be ate loudly and in gulps, 

MEANWHILE 

pausing to chew wily when absolutely 
necessary. He forwent slicing the onion 
and ate cm it like an apple. He spooned 
the hot beans into his mouth and gnawed 
tire wedges of greasy bread at such a rate 
that he alarmed even himself. The liquor 
of due beans dripped off his. beard and 
onto the front of nis filthy shirt. 

“His breath came short and whistled 
in his nose from lack of regular breath- 
ing — 

“I’m sony. I've not taken actual 
food in days. Just wild cress and creek 
water, he said." 

Eating and producing the food for 
future meals provide Mr. Frazier’s 
19th century 1 characters pleasure be- 
yond sustenance as well, as Ada learns. 
In airtmim she and her jmnnnta in-girl 
forming partner, Ruby, will eat apples 
at every meal, “fried and stewed and 
pied and sauced." 

• Clbtb bags will bold dried rings of 
apple leather, apple butter will fill 
crocks for winter eating, cider pressed 
from the culls and windfoll fruit will be 
as 


sweeten die flesh of the bogs. 

And as foil hardens into winter, it 
will be hog-killing time. 

Given our profound estrangement 
from our own food sources, soda' form, 
and food, terms seem quaint, mean- 
ingless. But one hog, given long, lux- 
urious seasons of rattening ana sac- 


rificed when the weather will preserve 
the meat na turally , could see a family 
through the most treacherous winter. 

Many of us think of ourselves as 
modem foragers, intent on finding the 
correct organic breakfast cereal or. the 
most exquisite imported chocolates. 
How different, how intense/is tine real 
thing. 

Again Inman: 

“Ills haversack became empty of 
food. At first be hunted, but the high 
balsam woods seemed abandoned by 
game. Then he tried grabbling for 
crawfish to boil, but found that he 
worked for hours to catch enough to fill 
the crown of his hat, and then after 
eating them he felt he had gained little 
by it He stripped the bark off an elm 
sapling and chewed it and then ate the 
cap to a ruby-colored bolete as big 
across as a frying pan. Fifteen minutes 
later be was again ravenous." 

Unlike Inman, we could not fend for. 
ourselves in the wild; like Ada, we 
could flounder even finding ourselves 
on a well-situated, 300-acre form. Hap- 
pily, the majority of os don’t have to do 
much more than drive a mile or two to 
be presented with unparalleled bounty. 

Ruby was suspicious of the new 
invention of Thanksgiving, thinking it 
to be the mark of a tainted Northern 
culture — to be thankful on only one 
day. And we have indeed developed 
odd ways of demonstrating gratitude 
— re-engineering into a grotesque the 
proud bird that symbolizes our bounty, 
and devoting most of the day to watch- 
ing football games. 

But we can still profit from such a 
day to fuss over food and family and 
tend both carefully. And, yes, to give 
thanks that we are the unworthy be- 
neficiaries of such abundance. 


' The writer is the food editor of The 
Washington Post, where this article first 
appeared. 


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STAGE/ENTER TAINMENT 


\ — — * 

More Sophocles Than Psychoanalysis in ‘Elektra’ 


By Roderick Conway Morris 

ftm-rwHfHj/ Herald Tribunt 


— The psychiat- 
ry's couch can lobm to e 
over Richard SinSR 
Elektra and the tempta- 
uon. in an era of modern -dress '‘di- 
rector s opera, metaphorical ly or evert 

^ ^P 00 ^ 008 heroine 
on the shrink s chaise longue can be 
overwhelming. Happily thl Bavarian 
Stale Opera avoids such cliches in its 
splendid new production, and succeeds 
m being both true to the original material 
and adventurous in its staging 

• "a* premiered in Dresden 

m l909 ' “5 Performed the following 
year at the Manhattan Opera House (the 


Met Judged it too sensational to put on) 
and Covent Garden. Strauss bad already 
achieved profitable notoriety with his 
musically opulent depiction of perverse 
sexuality in his version of Oscar Wilde’s 
“Salome'* in 1905, and the violence of 
both words and music in “Elektra*' pro- 
voked hardly less discussion 
But much as Freud's theories were 
certainly in the air when “Elektra'' was 
written, the nightmarish intensity of the 
graphically lurid libretto, provided by the 
Austrian poet and playwright Hugo von 
Hofmannsthal (who went on to collab- 
orate with Strauss on “Der Rosenkava- 
lier”), is more akin to the imagery of fin- 
de-si 6c le symbolist painters, such as 
Gustave Moreau and Franz von Stuck, 
than to the language of suppressed child- 


hood traumas and case studies in hysteria, 
and the mainsprings of the action still owe 
more to Sophocles than psychoanalysis. 

Indeed, the Hofmannsthal version of 
the story of Electra's and her brother 
Orestes's killing of their mother, 
Clytemnestra and her lover Aegisthus, in 
revenge for the usurping couple's 
murder of the siblings’ father, Agamem- 
non, follows the Greek dramatist's nar- 
rative fairly closely. 

The atmosphere of oppression and 
portentous gloom at the regicides' court 
u brilliantly and economically suggested 
by Herbert Wernicke's set, a vast black 
slab that almost completely fills the pro- 
scenium arch and opens and closes by 
skewing backward on a diagonal pivoL 
At the start of the opera this monolithic 


door dps open only a fraction, to allow 
the Maids, who consdtute the Chorus, 
and Electra herself to crawl out from 
underneath it, and only later opens wider 
to reveal a steep, towering staircase 
bathed in blood-red light, the lofty, 
grimly archaic-structure of Wernicke’s 
setting perfectly echoing the overbearing 
architecture of Strauss's score. 

“Elektra*' employed the largest op- 
eratic orchestra Strauss ever mustered, 
and the regimental-size brass and wood- 
wind forces create a barbaric maelstrom 
of turbulent sound. In this opera the 
composer went as far into dissonance 
and a tonality as he was to venture, draw- 
ing back in his subsequent work as from 
the edge of an abyss. One critic de- 
scribed the music as “abominably 


ugly,” but the jarring, grating whirl of 
notes and voices artfully conveys the 
mounting horror of this one-act drama of 
‘ ‘unending climaxes. ’* And the ebb ami 
flow of the cacophony also paves the 
way for the most moving climax in the 
entire piece — the moment when Electra. 
recognizes her brother, who has come in 
disguise to perform the dreadful deed. 

The opera is dominated by the three 
leading female roles, and. Gabriele 
Schnaut (Electra), Marjana Lipovsek 
(Clytemnestra) and Nadine Secunde 
(Electra's sister, Chrysothemis) all per- 
formed with verve and skill. 

Schnaut was especially convincing as 
the half-mad Electra, managing to create 
a real sense of pathos at the heroine's 
predicament, but also making us jus- 


tifiably nervous with the 
malignant grins and expres- 
sions of gloating satisfaction that 
pass fleetingly across her face at the ’ 

delightful thought of seeing her moth- 
er and her lover violently dispatched into 
the next world. Secunde, too, was good 
as the indecisive, frightened Chryso- 
themis, a not particularly brave person, 
tom between loyalty to bier sister and the 
desire to conform with tyranny in the 
hope of achieving a “normal' ’ life. And 
the State Opera’s orchestra, under the 
direction of Peter Schneider, gave an 
energetic but controlled interpretation of 
a challenging score. 

There will be repeat performances of 
“Elektra” at the Munich Opera Festival 
on July 17 and 22. 


Jj* ‘Hansel’ 
r The Gift 
Of Song 

"" i; Defanging 
: The Grimms 


By David Stevens 

Iniematiunul Herald Tribune 

P ARIS — Engelbert Humper- 
dinck’s “Hansel and Gretel” is 
part of the steady operatic diet in 
the German and English theater 
worlds, and not just for children, but its 
appearance in a new production in Paris 
has to be reckoned a genuine novelty. 

The figures of the Grimm brothers 
and of. Wagner are often evoked in con- 
nection with “Hansel and Gretel.” But 
the libretto (by the composer’s sister) 
pulls the sharpest teeth from the fairy 
tale, and while Humperdinck was a dis- 
ciple of the master of Bayreuth, his own 
gifts were not of the same kind. 

Humperdinck seems to have been 
drawn to theater less by Wagnerian mu- 
sic drama than by song.’ “Hansel" began 
with a few songs for a play, which 
became a singspiel before blossoming as 
a fully sung opera. For “Hansel” he 
borrowed and invented folk song, and 
presented die result in a partially Wag- 
nerized orchestral wrapping. 

The same is true of his other oc- 
cnsionaJIy. performed opera, “Koenigs- 
kinder.” and it is worth remembering 
that Humperdinck also supplied inci- 
dental music for several of Max Rein- 
hardt's Shakespeare productions. In the 
end. Humperdinck is perhaps more the 
descendant of Mendelssohn and Weber 
than of Wagner. 

In the production at the Theatre du 
Chatelet all of this is splendidly re- 
inforced in the sensitive, richly lyrical 
realization of Christoph von Dohnanyi, 
with the Philharmonia Orchestra. 

Yannis Kokkos. who staged and de- 
igned the production (with lighting by 
Patrice Trottier) kept one foot in a kind of 
Dickensian realism and the other in the 
gingerbread world of the fairy tale. Pro- 
jected images of coal-mining youngsters 
and industrial chimneys that transformed 
into tree trunks updated the idea of the 
poor forest-dwelling broom-maker. 

But as the children slept, the scene was 
filled with colorful flying images of an- 
gels. animals, pieces of furniture, and 
cartoonlike heavenly bodies, while pro- 
jections created the witch’s gingerbread 
house, whose pieces disappeared bit by 
bit as the children ate them. The witch’s 
oven appeared to be an up-to-date in- 
dustrial strength model. 

Rundi Siene and Ruth Ziesak were a 
vocally well matched and playfully ap- 
pealing couple in the title roles. Ffanz- 
Josef Kapellmann was the robustly 
sympathetic father, and Gwyneth 
Jones's harsh tones emphasized the 
mother's exasperation. Georges Gau- 
tier, performing the character tenor op- 
tion For the witch (usually a mezzo 
\.»pranot. was splendidly irascible with- 
out going over the top. 



Henry Goodman as Billy Flynn and the cast of Kander and Ebb's "Chicago," at the Adelphi Theatre. 


CHhcnac A-hnun 


‘Chicago’ Revisited: Circus Tricks and Bare Essentials 




By Sheridan Morley 

International Herald Tribune 

L ONDON — As an obsessive 
lover of the Broadway musical 
in general and those of Kander 
and Ebb in particular, why do I 
now find myself underwhelmed by the 
current revival of “Chicago” at the 
Adelphi? No musical of recent times, 
not even those of Andrew Lloyd 
Webber or produced by Cameron 
Mackintosh, has been more expertly or 
carefully presold, and there is no doubt 
that the snow will be halfway down the 

Strand for at the very least the 

next two years. — 81 ? 

We know, of course, that the the 
production comes from the last mh 
B roadway season, where it col- Kf 
lected several Tony awards; 
what we are not told so often. 
however, is that it began not on 
the Great* White Way but as a one- 
weekend-only concert staging, similar 
to our “Lost Musicals" seasons at the 
Barbican. 

As a result, there is very little here by 
way of scenery or costumes; a giant 
bandstand dominates the stage, while all 
the acting and dancing has to be done 
around it in surprisingly constricted 
spaces. The original show has thus been 
cut back, by its director, Walter Bobbie, 
to its very barest essentials. 

The other problem, it seems to me, is 
the passionate reverence for the late Bob 
Fosse evidenced by the choreographer 
Ann Reinking, once his wife, so that the 
knees and elbows are everywhere. I 
have always believed that a tittle Fosse 
goes a very long way, and here it goes all 
through the show and then around the 
back of the orchestra and around again, 
just in case for a split second we should 
forget the style of the original creator. 

So what of * 'Chicago” itself? Dating 
from 1975 as a musical, it in fact goes 
back to the early 1 930s as first a play and 
then a Ginger' Rogers movie called 
“Roxie Hart," which told of a pub- 
licity-seeking dancer on trial for murder 
and determined to bring her showbiz 


CROSSWORD 


THEATER 


talents into the witness box. God has 
certainly been good to the current Ad- 
elphi producers, delivering them not 
just OJ. Simpson but also the more 
recent Boston au pair trial to prove that 
in America jazz and justice, showbiz 
and show trials are never far apart I still 
think the clue to the whole enterprise 
lies in a lyric from the big “Razzle- 
Dazzle” number that goes “Long as 
you keep ’em way off balance /How can 
they spot you got no talents?’ ’ 

"Chicago’* has always been sleight 
of hand, a massive circus trick that 
happens so fast and so noisily that you 
forget to notice that there isn’t 
i— gl really anyone up there on the 
t e r high wire after alL There is cer- 
=w^| tainly a good basic idea here, to 
3 /l°l show that Chicago in the 20s 
'==*/ got the gangsters it- deserved 
and that if you treat Capone or 
Pretty Boy Floyd as media 
stars, then you might as well set their 
murders in a showbiz circus. The result 
is death-row vaudeville, full of great 
big-band solos and duets and the oc- 
casional crackling dialogue: “We broke 
up because of artistic differences — he 
saw himself as alive whereas I saw him 
as dead.” 

The new production is certainly 
shorter and sharper than the originals on 
either side of the Atlantic, but instead of 
a musical play we now have a dance 
festival. Ute Lemper is just wonderful, 
bringing precisely the right edge of 
Brecht/Weill to a Berlin-influenced 
score, while Nigel Planer perfectly cap- 
tures the heartbreak of Mr. Cellophane. 
The rest of the casting is patchier, but 
Ruthie Henshall and Henry Goodman 
certainly do not lack presence. 

On the National’s Cottesloe stage, 
Frank McGuinness’s “Mutabilitie” is 
a grave disappointment, all the more 
since it is Trevor Nunn’s debut pro- 
duction as director there; Richard Eyre 
must have left him very little else in the 
cupboard. Set in the Ireland of 1598, this 
is a seriously weird and hopelessly 
portentous piece in which Shakespeare 
and Spenser slug it out among the bogs 


ACROSS 

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24 — chi ch'uan 

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34 Vice - 
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intxWtmg drug 

39 French 

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40 'Waiting tor 
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41 Run of 

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42 Name on over 

75 whodunits 
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Solution to Puzzle of Nov. 25 


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58 Japanese soup 
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63 Hawley's tariff 
act co-sponsor 

64 58- Across 
ingredient 

65 Cafl from the 

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by Goethe 
67 Shortly 

DOWN 

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mowss 

2 'Now you see it 
now you don't!" 
a Skirted 
4BigAppte 
museum, for 
short, with the’ 

5 Witches' brews 

6 Well-informed 
about 

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■ Bankrupt 
9 Peanut butter 
choice 

10 Working again 

11 Jai - — 

12 Single-named 
aupermodet 


is Like first-place 
medals In 
Grenoble 

21 Mauna 

22 Nurmi, the 
Flying Firm 

25 Cotton down 
28 Yukon home 

27 Gives over 

28 Demographer's 
region 

29 Sunrise to 
sunset to 

sunnse.eg. 

30 Feminist 
Germane 

31 First name in 
skmcare 

32 Simile's center 
35 Quiz 

37 Time for the 
werewolf alert 

38 Out on — 

43 Che. formally 

46 Collect, as 
volunteers 

47 Tomcat 

48 Combo bet at 
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si Irish name part 
92 Logo at Arthur 
Ashe Stadium 

53 Austen 

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54 Santa FeTras 
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55 Certain insurers 
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Pnn^-iy ttmcySc«E«er 


©jVpio York Times/Edited by Will Short*. 


with a couple of strolling players out of 
Stoppard and a seriously dysfiinc.tionai 
family of Irish warlords led by Gawn 
Grainger in a mad parody of the Brian 
Cox “King Lear." Nothing here makes 
a lot of sense, though as the mist oc- 
casionally clears it seems that McGuin- 
ness wishes us to consider issues of 
identity and nationhood which have 
haunted his native land these last 400 
years. Did I not know better, 1 would 
have been inclined to assume that this 


was the winner in a student playwriting 
competition or more possibly the run- 
ner-up, awarded points for nobility of 
intention rather than stagecraft. Patrick 
Malahide as Spenser and Anton Lesser 
as Shakespeare do their best to flesh out 
an imaginary meeting of the bards, and 
fail as dismally as the rest of an amaz- 
ingly ill-conceived evening. 

And finally, to the Queens the Na- 
tional Youth Music Theatre has brought 
for Christmas a first staging of “Bugsy 


Malone,” the Alan Parker film about 
the kids and the splatter-guns. Hie curi- 
ous thing here is that the company is 
really much better when stretched to- 
ward adult roles,, as in the recent 
“Whistle Down the Wind,” than when 
playing and singing within theirown age 
range. Either that, or “Bugsy” never did 
have much more going for it than the one 
joke about kiddie Capones. Whichever 
way, Paul Williams's score has not 
stood the test of a fairly brief time. 


BOOKS 


THE ILLUSIONIST 

By Dinitia Smith. 253 pages. 
$22. Scribner. 

Reviewed by 
Patricia Volk 

O EDIPUS. Mr. Darcy. 

Shane. A stranger comes 
to town and everything 
changes. Dinitia Smith ex- 
plores this time-honored plot 
device in “The Illusionist,” 
her third novel. 

Dean Lily (a/k/a Lily 
Dean) is a stranger stranger 
than most. We meet him do- 
ing magic tricks at the 
Wooden Nickel bar, where 
tinsel hanging from the nos- 
trils of a mounted deer head 
passes for decor. 

“He had high cheekbones, 
reddened with wind, big 
green eyes, slightly promi- 
nent, shining like globes in 
his head, as if he had just 
been running,” observes 
Chrissie, Dean's first local 
conquest. “His mouth was 
full, with well-shaped lips 
drawing to two points under 
his nose.” 

Chrissie watches as he 
makes a shot glass disappear, 
a modest task for the ultimate 


illusionist: Dean's true gift is 
getting young women to be- 
lieve he is whatever they 
need him to be. 

The Wooden Nickel is in 
Sparta. New York, a burg so 
culturally deprived that mak- 
ing a quarter come out of 
someone's ear passes for art 
This drug-ridden river town 
50 miles northwest of Albany 
used to be a whaling port It 
used to have a thread mill and 
two factories. Now it has the 
Nightingale Home and a ce- 
ment plant coughing poison 
into the air with the “steady, 
clanking beat of machinery 
echoing through the river 
valiey.” 

Welcome to hell. “Who- 
ever did ANYTHING in 
Sparta?” Chrissie asks. 

"There was nothing to do 
except drink and bang out 
and go to your lousy job and 
have sex." 

“The Illusionist" is nar- 
rated mainly by the three 
young women who fall hard 
for Dean: Chrissie, the an- 
drogynously named Terry, 
and Melanie. It's love at first 
sight, and all three love the 
same things: Dean's smell, 
the groove in the back of his 


BEST SELLERS 


57 Acctg. principle 

58 Kiwi's extmet 
cousin 

sijolmy 


Tbe New York Times 
TIbs tisl is based on repans from mere 
than 2.000 bookstores throughout the 
Uni led Siatev Weeks oo list are do) 
necessarily canteen live. 

FICTION 

LMUotu 

vra hLM 

1 COLD MOUNTAIN, by 

Charles Frazier— 1 20 

2 THE GHOST, by Danielle 

Steel I 

3 VIOLIN, by Anne Rice- 2 4 

4 CAT & MOUSE, by 

James Patterson I 

5 THE MATARESE 

COUNTDOWN. by 
Robert Ludhnn - — 3 4 

6 LUCKY YOU. by Carl 

Hiaaten 12 2 

7 COME THE SPRING, by 

Julie Garwood..-. 1 

8 FLOOD TIDE, by Clive 

Cmalc r 4 8 

9 THE LETTER, by Richard 

Paul Evans - 6 4 

JO THE COD OF SMALL 
THINGS, by Anrodhan 
Rot 5 15 

11 COMANCHE MOON, by 

Lany McMurhy 1] 2 

12 THE ANGEL OF 
DARKNESS, by Cakb 

Canr 8 9 

13 THE BEST LAID 

PLANS, by Sidney 
SWkJon 7 IQ 

14 1Q LB. PENALTY. By 

Dick Francu 9 7 

15 MEMOIRS OF A 

GEISHA, by Arthur 
Golden ! 13 4 

NONFICTION 

1 ANGELA'S ASHES, by 

Frank McCoun 2 62 

2 MIDNIGHT IN THE 

GARDEN OF GOOD 
AND EVIL by John 
Berendi 4 175 


3 DIANA: Her Th» Siory- 

In Her Own Words, by 
Andrew Monon... I 

4 THE MAN WHO 

LISTENS TO HORSES, 
by Monry Roberts 3 

5 INTO THIN AIR. by Jon 

Kraluner 6 

6 THE PERFECT STORM. 

by Sebastian Jutun 8 

7 THE ROYALS, by Kimr 

Kelley 5 

8 THE CELE5T1NE 
VISION. by lames 

BmHaM i) 

»CONVBaSATiONS" 

WITH GOD: Bool I. by 
Neale Donald Walsch — 10 

10 TUESDAYS WITH 

MORRIE. bv Mitch 
Atom... Z 12 

11 THE MILLIONAIRE 

NEXT DOOR, bv Thomas 
J. Stanley and William □. 
Danko II 

12 WAIT TILL NEXT 

YEAR, by Dwis Kearns 
Goodwin 7 

13 DIRTY JOKES AND 
BEER, by Drew Carey— 13 

14 CITIZEN SOLDIERS, by 

Stephen E. Ambrose 

15 DLANA: A Tribute to the 

People's Princess, bv Racr 
Donnelly . 16 


ADVICE, HOW-TO 
AND MISCELLANEOUS 

.MAKING FACES, by 

1 Kevin Ancoi 

2 SIMPLE ABUNDANCE 
by Sarah Ban Bnsuhnach 2 

3 DONT WORRY. MAKE 

MONEY, by Richard 
Carbon I 

4 MEN ARE FROM 

MARS. WOMEN ARE 
FROM VENUS, by John 
Gray— „ 2 


neck, his birdlike wrist 
bones, his cleanliness. Emo- 
tional Spartans, they project 
their adolescent fantasies of 
oonthreate rung male love 
onto Dean. 

For Chrissie, Dean is the 
beautiful man who treats her 
as if she isn't clumsy, broad- 
shouldered and overweight 
“It wasn’t even a question 
then that Dean might come 
onto me, "she thinks. “Guys 
just never did." 

For Terry, Dean is the self- 
less, undemanding sexual 
awaken er. He plays Dad to 
her fatherless son, and thinks 
the pathetic Tory is beautiful 
even though her flesh-toned 
glasses leave red ridges on 
her nose. 

For Melanie, the local 
beauty who still sleeps with 
her stuffed bunny. Dean is 
the only guy in town not try- 
ing to manhandle her. He 
brings flowers, takes her to 
the movies and charms Mom. 
You know Melanie's a goner 
when she describes Dean's 
facial mole as “a tiny patch 
of velveL” All three women 
are capable of suspending 
primal judgment even when 
it slaps them upside their 
muzzy heads. 

Smith, a reporter for The 
New York Times, is telling 
us: Love is whatever you 
read into a person. This tale is 
a fictionalized account of a 
news event covered in Aph- 
rodite Jones’s “Ail She 
Wanted” as well as in John 
Gregory Dunne’s account, 
“The Humboldt Murders,’’ 
published on Jan. 13 in The 
New Yorker. All the pieces 
are in place. Two dumb, ho- 
mophobic hoodlums, needy 
girls, the depressed town, the 
transgender stranger with a 
Casanova complex. 

Every day we come across 
stories in the newspaper that 
don’t end when we turn the 


page. Lorena Bobbin. Prom 
Girl Mom. The lurid is in 
lockstep with the baffling. We 
want to know more. How did 
it happen? How could it? A 
good novelist can make sense 
of the senseless. Fiction can 
supply a credible rationale. 

In clear, unadorned prose. 
Smith shows us how three 
heterosexual women could 
foil madly in love with a 
young woman and keep in- 
sisting she’s a man even after 
they know the truth. Melanie 
still calls Dean “him" after 
seeing her naked. “You 
could see little bumps where 
his breasts were,” sne says in 
one of the saddest, zaniest 
lines ever written. 

“The Illusionist” is not a 
novel about homosexual 
love. It’s about being so emo- 
tionally deprived that any- 
thing that fills the void looks 
viable. It’s about the danger- 
ous war against ennui. 

I T’S hard not to feel for 
Dean's predicamem. And 
it’s educational to read “M. 
Butterfly’’ sex scenes in re- 
verse. But il’s not easy to care 
for Dean. Dean is ruthless 
and crueL He/she is one of 
those people who respond to 
being hurt by hurting others 
worse. We don’t get much of 
a chance to understand why. 
Of the three women who fall 
for Dean, only Chrissie goes 
on to a better life. 

Nonetheless, Smith has no 
trouble convincing the reader 
that Dean was the answer to 
these maidens' prayers. You 
just wish they had prayed for 
something better. “I mean, if 
he does everything that a man 
does,” Melanie says, “what 
does it matter?" 

He doesn’t, and it does. 

Patricia Volk, a novelist, 
essayist and teacher, urote 
this for The New York Times. 


Living in the U.S.? 

Now printed in New York 
for same day 
delivery in key dties. 

To subscribe, call 

1-800-882 2884 


, THE WORLD'S DAILY NEWSRkPER 





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BUSINESS/FINANCE 



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YASMCAKC 000 DOTAL CAMBA 


WEDNESDAY, NOVEMBER 26, 1997 


PAGE 13 


U.S. Carries Out Accord 
Opening Telecom Market 


Bloomberg News 

WASHINGTON — The Federal 
Communications Commission has 
voted to give non-U.S. companies 
greater access to the booming U S 
telecommunications and Mtellitt 
Mrkets, the first step in a global 
effort to open communications mar- 
kets to competition. 

The move makes the United States 

¥ e wA2 mntry t0 can > a World 
Trade Organization agreement under 

which 69 countries controlling 95 per- 
cent of the world telecommunications 
trade pledged to further open their 
markets. Under the U.S. agtmcy rules 
implementing the accord, companies 
from any of the 132 WTO member 
countries theoretically could take lOff 
perc ent in direct ownership of U.S. 
tele comm unications comp anies 

Companies benefiting from the ac-' 
cord include U.S. long-distance phone 
companies, such as AT&T Corp^MCI 
Communications Corp. and Sprint 
Corp., that want access to international 
markets to target customers who make 
frequent calls to the United States. It 
also is expected to help wireless 
companies, such as NextWave Tele- 
com Inc. and WinStar Communica- 
tions Inc., raise money to help bnild 
their networks. 

Consumers around die world will 
also benefit from die agreement, the 
chairman of the Federal Communi- 
cations Commission, William 
Keonard, said. “We know that when 
competition is introduced in mar- 
kets,” he said, “you get three very 


.important benefits: Costs go down, 
consumers get choice, and industries 
are forced to innovate.*' 

The deadline for carrying out die 
accord varies from country to coun- 
try- The United States and 19 other 
countries are committed to opening 
their markers by Jan. 1. Once the 
accord is fully imple ment e d and com- 
petition has developed, in about five 
years, international calling rates will 
go down 70 percent to 80 percent, Mr. 
Kennard predicted. 

Under the new mles, the Federal 
Communications Commission would 
eliminate a test used to determine 
whether foreign companies wishing 
to enter the U.S. telecommunications 
market met U.S. competition stan- 
dards. It would retain, however, die 
right to put in place safeguards to 
prevent foreign companies from us- 
ing their market power to “distort” 
competition in die United States. 

The European Commission, which 
conducts trade negotiations for the 15- 
member European Union, urged die 
agency to reconsider its proposal. 

The commission does not like a 
provision that would let the Federal 
Communications Commission retain 
authority to deny a non-U.S. company 
access to die U.S. market based on an 
assessment of whether such access 
would be in the broad public interest 

“This is going to be used only in 
the most extraordinary of circum- 
stances,” Mr. Kennard said. Euro- 
pean Commission nffirials were not 
immediately available for comment 




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IMF Loosens Aid Rules to Help Thai Reserves 


By Thomas Crampton 

Inienurionat Herald Tribune 

BANGKOK — The International 
Monetary Fund has eased the require- 
ments on Thailand's $17.2 billion bail- 
out, Thai officials said Tuesday, in what 
analysts called a creeping renegotiation 
of the financial rescue package. 

Finance Minister Tarrin N immana - 
haeminda said the Fund had agreed to 
slash the Thai central bank’s net in- 
ternational currency reserve require-' 
ments to $1.5 billion at year-end from 
$3.4 billion. The gross reserve require- 
ment, which does not include any com- 
mitments to forward currency contracts, 
remains at $23 billion. 

“This will give them a little more 
leeway to defend the baht and perhaps 
lower interest rates sooner,’ ’ said Sriyan 
Pietersz of SocGen Crosby Securities. 


A prime objective of the bailout was 

multi billion-do liar defense of^the Thai 
currency. Since the credit line was ar- 
ranged in August, Bangkok has bor- 
rowed about $5.47 billion, Mr. Tanin 
said, with most of the money going to 
bolster foreign reserves. 

The new reserve requirements come 
less than a week after officials revealed 
that Thailan d had received permission 
to raise its. external borrowing limits to 
$9 billion from $4 billion. 

“They will keep doing it this way.” 
Mr. Pietersz said, “alter bits and pieces 
and drop hints to the press that there 
have been changes in the terms rather 
than have a big announcement of rene- 
gotiation. hi the end it will look like a 
very different deal.” 

Analysts say adjustments to the plan 
are necessary, but the Fund has publicly 


insisted that the conditions are not ne- 
gotiable. Among terms analysts say are 
likely to change are die 1 percent gov- 
ernment budget surplus requirement for 
1998, tight monetary-policy measures 
and the resolution of the status of 58 
suspended finance companies. 

In announcing the change, Mr. Tarrin 
also raised inflati on estimates and cut 
growth predictions. 

The mil-year inflation rate for 1997 
will be 10 percent, he said, np from the 
previous prediction of 9.5 percent, and 
prices will rise 6 percent in 1998 instead 
of 5 perceni. 

The economy, which had grown al- 
most 10 percent a year fora decade and 
had been expected to expand more than 
2 percent in 1997 and 1998. will grow 
less than 1 percent in each of those 
years, Mr. Tarrin said. Stock prices, 
already rattled by the closure of the 


Japanese brokerage Yamaichi Securi- 
ties, fell 3.8 percent to close at 396.58 
points on Bangkok's main index after 
the release of the new growth figures. 

“It is a good sign.” said Arpom 
Chewakrengkrai of Deutsche Morgan 
Grenfell, “that the government actually 
allows the Thai people, international 
investors and creditors to see what com- 
mitments the country has made. This 
frank and transparent attitude is in great 
contrast to the last government. ” 


South Koreans Fear 
Rescue Will Be Tough 

Anticipation of Austerity Plan Pummels Stocks 


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A Bangkok retailer at a loss for customers Tuesday despite discounting. 


Gvpflni In Ov SiqffFm Disparbn 

SEOUL — Stock prices plunged and 
interest rates soared for a second day 
Tuesday as concern swept South Korea 
that the International Monetary Fund 
would impose tough conditions on its 
rescue package. 

The benchmark Kospi index lost 2.4S 
percent, to 439.59 points, its lowest level 
since July 8, 1987. It has fallen 13 per- 
cent in the past three days and has lost 
more than half its value in dollar terms 
this year. The benchmark three-year cor- 
porate bond also tumbled, driving the 
yield to a five-year high of 17.6 percent, 
up 1.55 percentage points. 

“Investors are concerned the IMF 
bailout will slow the economy and 
bankrupt more companies," said Kim 
Se Joong, analyst at Dongwon Secu- 
rities Co. 

Two more IMF officers arrived in 
Seoul on Tuesday, increasing the 
Fund's team to five members, as aus- 
terity campaigners urged office workers 
to take even their small U.S. coins to 
banks to help shore up the country’s 
foreign reserves. 

The won continued to fall, with the 
dollar climbing to 1,122 won from 
1,080 won Monday. 

The government is seeking IMF aid 
to help meet more than $20 billion in 
foreign debt maturing in the next six 
weeks. Lee Kyung Shik, the head of 
South Korea’s central bank, would nor 
speculate on how much emergency aid 
South Korea would need to overcome 
the crisis. ‘ ‘I think $20 billion is too low, 
but I don’t know if it will be as much as 
$60 billion,” be said. 

As conditions of the IMF help now 
being negotiated, Korea will probably 
be forced to raise taxes and slow public- 
spending growth. As a result, the econ- 
omy is likely to slow, unemployment 
could rise, and some companies will 
probably not survive, analysts said. 

So far this year, seven of the country’s 
40 largest industrial groups, or chaebol, 
have filed for bankruptcy protection or 
are unable to pay their debts. 

On Tuesday, Halla Engineering & 
Heavy Industry Co. said it would cut its 
6,05 5- person work force by half to over- 
come its financial difficulties. ‘ 

The move by the shipbuilding and 
heavy machinery unit of South Korea's 


12th-largest conglomerate was seen as a 
sign that a restructuring of the country's 
industrial sector was about to begin. 

Public spending on infrastructure 
amounted to 26.64 trillion won (.524.67 
billion) last year, or 42 percent of all the 
construction in South Korea. The IMF is 
expected to require that spending to be 
slashed. 

In addition, Kim Woo Suk, a spokes- 
man for the South Korean team ne- 
gotiating with the IMF on the terms of 
tiie rescue package, said Fund inves- 
tigators were verifying the health of the 
country's banks. 

“For large commercial banks, they 
called for very detailed materials.” he 
said as the U.S. securities house Morgan 
Stanley warned in a report that two of the 
country's top commercial banks were on 
shaky ground. 

Central bank officials agreed that the 
two banks, Korea First Bank and Seoul- 
Bank. bad crippling ratios of bad loans 
to assets. 

Morgan Stanley estimated Korea 
First Bank's nonperforming loans at 5.8 
trillion won. or 21.3 percent of assets, 
and SeoulBank's at 4.8 trillion won, or 
23.4 percent of assets. 

Standard & Poor's Corp. said Tuesday 
that it was lowering South Korea's cur- 
rency ratings as a reflection of the “rapid 
deterioration” in the country's financial 
position. S&P lowered South Korea’s 
foreign-currency long-term credit rating 
to A-minus from A -pi us and its local- 
currency rating to A-plus from AA. 

Construction companies led the de- 
clines in the stock market. They are 
likely to be among the first affected by 
the government’s*" belt-tightening and 
the resulting higher interest rates. 

Hyundai Engineering & Construc- 
tion Co., a general contractor, fell 6.25 
percent, to 1 2.000 won. 

Construction companies' interest 
costs are expected to equal 9.6 percent 
of their revenue this year, compared 
with 8.9 percent last year. 

The Finance Ministry, meanwhile, 
said that “at least for now” it was not 
planning to issue long-term bonds in an 
attempt to bring money out of the coun- 
try’s “underground economy” to try to 
ease the country's severe liquidity 
crunch. 

(AFP. Bloomberg, Reiners, NYT) 


Global Private Banking 



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Heroes , Goats and Globalization Blues 


By Barnaby J. Feder 

AYk- York Tunes Service 

NEW YORK — In 1994, the Har- 
vard Business Review featured a long 
interview with David Whitwam, chief 
executive of Whirlpool Corp., entitled 
' 'The Right Way to Go Global." 

In case anyone doubted the value of 
Mr. Whitwam’s wisdom, the interview 
was illustrated with a chart^ showing 
how his appliance company’s returns 
to shareholders in the 1990s were far 
outdistancing those of the stock market 
in general. 

Shortly thereafter, though, Mr. Whit- 
wam went from hero to goat on Wall 
Street. Whirlpool stumbled in Europe, 
sending its stock tumbling from a peak 
of $74 a share to less than $50 in a matter 
of months. And two months ago. with 
continuing European problems com- 
pounded bv heavy losses from more 
recent investments in China. Whirlpool 
told shareholders it needed to set aside 
$350 million — more than its projected 

emungs for aU of 1 W - m reneKt 

It is not easy going global; Ug- 
companies typically dream that break- 


ing into foreign marirets will provide 
hordes of new customers. But for all 
the benefits, the reality for American 
films all too often is also overexposure 
to volatile currencies and troubled re- 
lationships with foreign partners. 

Da such developing countries as 
China, fix' example, vague and shifting 
laws governing taxation and commerce 
add to the risk of big investments. And 
in such developed markets as the 
United States and Europe, tberoles may 
be clearer but there are often so many 
entrenched players that newcomers pay 
heavily for the slightest slip-up. 

It is hard enough for the leaders of 
such high-technology industries as In- 
tel Corp. or Boeing Co. to conquer new 
territory. Nor have international icons 
of , American culture like Coca-Cola 
Co., Walt Disney Co. or McDonald's 
Corp. been able to simply waltz into 
foreign markets after laying down bar- 
rages of advertising. 

But the business Whirlpool is in may 
well be among the toughest of all for 
those corporations with global ambi- 
tions. The marketer’s home run — a 
truly global brand name like Coke or 


Marlboro that is capable of capturing 
both mass markets and premium prices 
— may be beyond anyone’s reach in 
the $80 billion major home-appliance 
industry. Not only are there countless 
variations in what consumers in dif- 
ferent countries want from cooking, 
washing and refrigeration products, 
but also in most countries there are 
already well-established local compet- 
itors that cater to those preferences. 

“The home is the most culture- 
bound part ‘of one's life,” said John 
Qnelch, a professor at Harvard Busi- 
ness School who studies globalization 
issues. “Consumers in Paris don't care 
what land of refrigerator they are using 
in New York.” 

Thai condemns multinational appli- 
ance companies to nation -by-nanon 
trench warfare. “This is the most com- 
petitive of all GE’s businesses,” said 
David Cote, head of General Electric 
Co.’s appliance operations, which had 
revenues last year of $6 5 billion. 

Virtually every company Whirlpool 
competes with also has globalization 

SeeGLOBAL, Page 18 


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Sourr Revfets. 


Truly EXCEPTIONAL SERVICE 


STARTS WITH CAREFUL LISTENING. 



. sSA- 

Tfimv n \ \ 


Headquarters of Republic 
National Bank of Note tori 
(Suistet S.A. m Genera. 


In private tanking, as in every business, 
there axe skort cuts. 

For example, it may make sense to some 
tanks to offer "standardized" service that 
meets die needs of one and all. More or less. 

At Republic we prefer to custom-tailor 
our services. We assume that no two clients 
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World Headquarter! ef 
Republic National Barth af 
Note York in <W<p York. 


^ Republic National Bank of New York” 

Strength. Security. Service. 

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.Page 14 



■ + 1 1 1 | m ti | — — fcj ■ i i iRft'n i w m ii 1 

investor’s America | 



INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


THE AMERICAS 


Growing Fears Cyberscape /Commentary 
About Japan jr „ nr r~:„ 1 



Lift the Dollar ^ A® PC Going the Way of the Mainframe 


An albatross. A tired legacy. A big, ex- • Software talent has deserted the ] 
pensive, overly complex computing platform form. The companies that defined the 

71 . . f . . " ■ .V . * . _ T A f F.*. 1 


based almost solely on price and service. No • The idea of downsizing mainframes to net- 
major new PC maker has hit the scene in 10 works of PCs so popular four or five years ago 
years. aimed out to be dumb. The client-server 

• Software talent has deserted the PC plat- concept is under attack as performance and 


that no longer inspires innovation. Are 
we talking mainframe here? 

No, personal computer. As the in- 
dustry gathered in Las Vegas last week 
at the Comdex trade show to celebrate 


le companies that defined the desktop manageability problems overwhelm hardware 
— Lotus, Ashton-Tate, Borland, cost savings. 

WordPerfect — are either out ofbusi- To those who remember die cockiness of the 
ness or into something else. The most early PC pioneers, this turn of events is ironic, 
innovative new software companies The PC industry has, lapsed into listlessoess 
— Netscape, Yahoo, JavaSoft — don't while the big-system concept has staged some- 
care if you run their products on a PC tiling of a comeback. 

or a toaster. Comdex attendees may note that the com- 

• The PC industry “thought lead- puter industry is moving beyond the PC, whose 
repositioning. Esther Dyson's PC For- limitations are becoming afl too clear. 

erence hasn't been about PCs fbryeara. - 1 

[ications are recasting themselves as Paul GiUin is the editor-in-chief of Com- 


BUxmberg Hews “ ~ based almost solely on price and service. No • The idea of downsizing mainframes to net- 

■ NEW YORK — The dollar rose B y Paul CnlliB major new PC maker has hit the scene in 10 works of PCs so popular fonror five years ago 

a gainst the yen Tuesday as the de- years. turned out to be dumb. The client-server 

mise of Japan’s fourth- 1 argest se- An albatross. A tired legacy. A big, ex- * Software talent has deserted the PC plat- concept is under attack as performance and 

curities firm sparked a sell-off of pensive, overly complex computing platform form. The companies that defined the desktop manageability problems overwhelm hardware 

. Japanese stocks and fanned concern that no longer inspires innovation. /Se — Lotus, Ashton-Tate, Borland, cost savings. 

that other financial institutions may we talking mainframe here? WordPerfect — are either out ofbusi- To those who remember the cockiness of the 

also go under. No, personal computer. As the in- 8 7 ness or into something else. The most early PC pioneers, this turn of events is ironic. 

Japan’s benchmark Nikkei 225 dustry gathered in Las Vegas last week //■A innovative new software companies The PC industry has .lapsed into listlessoess 

stock index plunged more than 5 at the Comdex trade show to celebrate /Um — Netscape, Yahoo, JavaSoft — don't while the big-system concept has staged some- 

percent on news that Yamaichi Se- all things PC, it confronted what is in 1 care if you run their products on a PC thing of a comeback 

curities Co. had shut down, the effect a midlife identity crisis. /ss or a toaster. Comdex attendees may note that the com- 

- The PC industry has settled into the • The PC industry “thought lead- puter industry is moving beyond the PC. whose 

F OREIG N EXCHANGE same kind of boredom-and-consolidation phase ers" are repositioning. Esther Dyson’s PC For- limitations are becoming all too clear. 

that hit the mainframe market in the late 1980s. um conference hasn't been about PCs for years. - 1 

• country’s biggest business failure in Consider the following: PC publications are recasting themselves as Paul GiUin is the editor-in-chief of Corn- 

Hat postwar paiod. •The hardware business is in a cycle of information systems or Internet journals, so putenvorid, a publication af International Data 

“In the Far East, they took the buyouts and bankruptcies. Differentiation is little is there left of interest in the desktop. Group based in Framingham, Massachusetts. 

Yamaichi news very seriously as a ; . ‘ * ‘ 

sign of distress in toe system, with 
the Nikkei substantially tower, ’ ’ said 

Nw^York^* Against that bade- A Search for Stability Pushes Shares Higher 

ground, die yen takes a lot of heat'' 

The dollar rose to 127385 yen in 4 a*viMbyOws*#FnMDep<*dta tried to decide how the financial- BellSouth led telephone stocks, world’s largest maker of computer 

PJV1. trading from 126.885 yen Mon- NEW YORK— Share prices rose market routs in Asia would affect closing up 2!4 at a record 55 3/16. In chips. 

■ day, to 1.7505' Deutsche marks from Tuesday, led by telephone and drug the United States. While profits the drug sector, Merck rose 196 to PacifiCare Health Systems fell 

1.7385 DM, to 5.8585 French francs companies as investors sought issues could be hurt by an influx of cheaper 94V*. 13% to 51Vfc after the managed-care 

Very briefly? from 5.8185 francs and to 1.4169 likely to offer stable earnings and ^ Dell Computer was the most ac- company warned that higher oper- 

: : Swiss francs from 1.4055 francs. The dividends in a shaky market ILS. STO CKS lively traded stock, rising 1 7/16 to ating costs in Utah would hurt its 

• The Bank of Canada raised its benchmark interest rate a pound fell to $1.6770 from $1.6910. The Dow Jones industrial average - 81 3/16 a day after reporting a 71 fourth-quarter earnings. 

quarter of a percentage point, to 4 percent It was the second Mr. Gomes said the dollar could closed 41.03 points higher at goods from overseas, die United percent increase in quarterly cam- Trammell Crow, a commercial 

increase in less than two months aimed at shoring up the value rise to 131 yen in the next two weeks 7.808.95, while the broader Stan- S tates is likely to see more of the low mgs, to $248 million. Deli, the real-estate company, rose 4% in its 


p'lWW. 'rt in' iflH if. iw a.’ 






Source: Bloomberg, Reuters 


Very briefly; 



all things PC, it confronted what is in » Q care if you run their products on a PC thing of a comeback 

effect a midlife identity crisis. /St or a toaster. Comdex attendees may note that the com- 

The PC industry has settled into the • The PC industry “thought lead- puter industry is moving beyond the PC. whose 

same kind of boredom-and-consolidation phase ers" are repositioning. Esther Dyson’s PC For- imitations are becoming ail too clear. 

that hit the mainframe market in the late 1980s. um conference hasn't been about PCs for years. — 1 

Consider the following: PC publications are recasting themselves as Paul GiUin is the editor-in-chief of Com- 

• The hardware business is in a cycle of information systems or Internet journals, so putenvorid, a publication af International Data 
buyouts and bankruptcies. Differentiation is little is there left of interest in die desktop. Group based in Framingham, Massachusetts. 

A Search for Stability Pushes Shares Higher 


of the Canadian dollar. 


as U.S. investors sold out of Japanese dard& Poor's 500 index rose 4. 15 to inflation that underpinned the bull 


• Prince Walid ibn Tala! of Saudi Arabia has acquired 5 asse h» and repa triat ed the profits. 950.82. Gaining issues outnumbered 
percent of News Corp., 5 percent of Netscape Corarau- The dollar lost some of its gains . losing ones by a narrow margin on 
ni cations Corp. and 1 percent of Motorola Inc. for a total of OQ speculation Japan may sell die the New York Stock Exchange. 
$846 million U.S. currency to stem its rise. In the Treasury bond market, the 


w market of the 1990s. . stud sal . . f . 

a narrow margin on ‘The weakness in Asia will take billion. shares in its initial public offering. 

Stock Exchange. the edge off of domestic growth and Dell helped lift other technology Synovus Financial rose 4% to 
my bond market, the inflation concerns but will leave us stocks, with Microsoft rising 3% to 31% after Standard & Poor's said it 
nchmark 30-year is- with moderate growth and benign 139. would add the regional banking 

8/32 point, at 101 2/ inflation rather than poshing us into But Intel fell 1 1 1/16 to 76 7/16, company to the S&P500, replacing 
.yield down to 6.05 a recession," said Philip Orlando, after an analyst at Morgan Stanley, Salomon Inc. when Travelers Group 
.07 percent Monday, chief investment officer at Value Dean Witter, Discover & Co. cut his Inc. completes its acquisition of Sa- 


largest seller of computers by mail, first day of trading to 21%. The 
stud sales rose 58 percent, to $3.19 Dallas company sold 5 million 


$846 million. U.S. currency to stem its n 

• Thp Aladdin Hntrf a T as Vwra* imn with i rhp/-t#m»d nac t Haruhik O Kuroda, director-gene 

by closed lo make wj. y forj$1 2 billion Aladdin resort. The bJJSSj 

IT-story tower „ «, tedenroyed next year. j^TSig to I 

• Tishman Speyer Properties has agreed to bay the Chrysler yen would be counterproductive. 

Building, foe gleaming Art Deco tower that is among the most 

distinctive skyscrapers in Manhattan, from a group of nine 

Japanese lenders led by Fuji Bank Ltd. Terms were not n n nAn n_ J 

disclosed. Boeing Resumes 747 Production 

• Microsoft Corp.’s WebTV Plus will not be available in 

large quantities until after Christinas, making die second year Bloomberg < 

that the equipment that links televisions to die Internet will SEATTLE — Boeing Co. said 
miss out on some holiday sales. production of its 747 jumbo jets, e 

• Deere & Co.’s net profit for its fourth quarter rose 22 ^e company temporarily shut ti 

percent from a year earlier, to $21 1.3 million, as sales grew 1 8 because of parts and labor shorta 
percent, to $3.44 billion, on strong deman d for agricultural Boeing said the production s 
and construction equipment. Bloomberg, ap reduce parts shortages, cut its nun 


U.S. currency to stem its rise. In the Treasury bond market, the inflation concerns but will leave us stocks, 
Haruhiko Kuroda, director-general price of the benchmark 30-year is- with moderate growth and benign 139. 
of the Japanese Finance Ministry's sue closed up 8/32 pint, at 101 2/ inflation rather than pushing os into But 
International Finance Burean, fed 32, taking the .yield down to 6.05 -a recession," said Philip Orlando, after at 


that belief, saying a big drop in the percent from 6.07 percent Monday, 
yen would be counterproductive. Trading was volatile as investors 


Line Asset Management 


1998 earnings estimates on the lomon. 


Inc. completes its 


acquisition of Sa- 
( Bloomberg. AP) 


AMEX 


large quantities until after Christinas, making die second year Bloomberg News 

that the equipment that links televisions to die Internet will SEATTLE — Boeing Co. said Tuesday that it had resumed 

miss out on some holiday sales. production of its 747 j umbo jets, ending a bait that began when 

• Deere & Co.’s net profit for its fourth quarter rose 22 ^e company temporarily shut the assembly line last month 

percent from a year earlier, to $21 1.3 million, as sales grew 1 8 because of parts and labor shortages. 

percent, to $3.44 billion, on strong demand for agricultural Boeing said the production shutdown had allowed it to 

and construction equipment Bloomberg, ap reduce parts shortages, cut its number of jobs that were behind 

schedule by 80 percent and reduce disruptive out-of-sequence 

work in which parts are assembled out of order. 

T T C rnnciiTn^rc CStaxr Pfinfirlont The announcement was the first in what is to be a series of 

0.3. consumers Stay OOOlldent moatfalyivdalesoDapUnadopleainOaobertogoproductiOD 

Reuters back on schedule for all its planes as Boeing struggles to fill a 

NEW YORK — A robust job market and hopes of fatter record number of aircraft orders. The production bottlenecks are 
paychecks helped keep U.S. consumers s miling in November, so severe that Boeing took a $1 billion third-quarter charge last 
two private surveys showed Tuesday. month and warned that it may take another $1 billion in pretax 

The Conference Board, a private research group, said its chaiges to cover more assembly-line problems in 1998. 
index of consumer confidence rose to 1283 from a revised 123.4 Boeing's shares closed $1,875 higher at $5 130. 

in October, noting that stock market losses due to instability in On Nov. 1 3, Boeing resumed jxpduction of its 737 jetliners, 

Asia and I aim America Had failed to dim op timism. A Uni- which had bear shut down for 25 days, compared with 20 days 


Tuesday’s 4 P.H. Close 

The 300 mod traded stodis of tin day, 
up to Hie doing an UM Street. 

The Associated Press. 

Mi kta I# L« UM Op» 


1J1 1ST. lib IS* 

239 11* IPV. 19* 


aw ISM 


727 1* lb 

in ib» 
su int i«t 

s rt * 


104k 

17* +1* 


& 8 3 

11k 14k 14k -*» 

10 91b « +ft 

nj* » iw * 

lSe m • M -*k 

Ik Ik 1 * 

if* UM 1. -m 
i Sb. i 
in i ilk **i 

Oft flk 6* +» 

UK SV» 31k 
29 2Jk 25V» -y» 

44 a m 


ii|i 


573 Z7M 24* 24* 
M2. 24* ZM 23k 


2D* lHk 
4k 4* 


17k 17k 

!!• r 


15* II*. 
17k 17k 


Asia and larin America had failed to dim optimism, 
versify of Michigan report followed a similar pattern. 


for 747 production. 


2* 24* . .* 

£ • • 

II* IS* -* 




« S! H 

T ^ ft 

ip* 3ik +*• 

34 MW *1 

i & 

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!$ 1 £ 


1 14 M NI NI 

in ia m lift 

rH’a 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


No* 25, 1997 

HW> Um Lotast dig* OpU 

Grains 

corn town 

4000 bn ntataHim- canh perlxaM 
DOC 97 373 270 271W -3 87,134 

ItoN 382 279 2»k -1 154547 

Morn 38714 2*5 28514 -3* 38.954 

J ul 48 291 288k 388* -3k 50490 

Sep 98 294 283 2Ktk -ZVl 5405 

Dec 98 280 782k 287k -3 30810 

JI499 295 39S 295 -3 242 

Ed. Mb 90000 Man bM 90884 
Man open M 37U70 afl 0331 

SOYBEAN MEAL (0X70 
1 00 Iob- dalai per Ian 
Ok 97 23*00 329.90 233.70 nock. 31,978 
Jan 98 22X50 23S30 228.10 one* 20500 
Mar 98 2ZL90 231 JO 732 JO 420 30733 
Mor98 22050 21780 21940 -OJO 10754 
Join 22180 31880 21*40 -0.10 10802 
Aug 90 22080 31800 21980 uk3l M13 
EsLMb 34800 Man a*s 29836 
Mon opm H 1 20270 OH 1806 

SOYBEAN OIL (CBOT) 

40000 RH-onh perk 

□k 97 25 0B Z4JB 2*97 +082 10113 

Jan 98 2SJ4 2587 2522 -003 **288 

Mar 90 2565 2538 2589 -006 20618 

Mar 98 25.75 2SJ0 2568 -085 12842 

JalW 2SXS 25*5 2573 0.10 11.110 

AupW 25.75 25*0 25*0 -015 VC77 

Est-IUlM 20800 Mini 1308*30953 
Man open M 115890 off 3.377 

SOYBEANS (CBOTl 

UX» M mUman- can par bnM 

Jan 98 714 707* 7171* +| 6*777 

Mar 98 717V2 H2 716* 27*87 

MOT 98 722 71619 721 20497 

ja9B 724 719 733 -h 20131 

Aug 98 719 715<u 717 -U 1*28 

EOL Ob 35800 Man sain 3*065 

Man opal H 1401 56. up 1852 

WHEAT (CBOT) 

5800 bu aUWB- anb par ImhImI 
D*c97 3401- 334 335 -5k 2*734 

Mark 355k 349k 3S0I* -4k 47JJ9 

Mar 98 364* 3 »!j 3S9k -4* 9^3 

JslVs 369 3641k 365*4 -3k 16.766 

EH.SM3&0M Man k4h 22*54 . 

Man apn M 102.109, i« 120 


Livestock 

CATTLE (CMER) 

40800 B»- ennb pa to. 

Da: 97 67 65 6*85 67.15 -0*3 25021 

Fab 98 69 J5 6845 6862 -0 72 42*55 

Apr 18 72.97 72.18 72.12 -083 1*569 

JUD9B 70*0 70.10 7022 -042 12*51 

» 9S TOTS 70*5 70*7 -027 4*27 

98 72J0 7285 72JS -025 IJB2 

BsL Mln 17880 Man ida 1*431 
Man opai kp 104*69. up 947 

FEEDER CATTLE (CMEM 

50000 lb*.- canh pa fc 

Jan 98 8Q40 79 JS 7987 -062 8*80 

Mar 98 8050 79.90 79.92 4L30 1337 

S 98 80.75 «L2S 8027 4)62 1.345 

'98 81-25 80*5 80J5 -4US 1.171 

Ang9B BUS 12.10 B2J5 -040 549 

S«p96 87 JO 8185 BZOO -0*0 118 

EO. sates 2829 Man vSki 1,989 
Man apeau 16.794 off n 

HOCS-Lraa (CMES} 

40000 Ox.- ante par Si 
Dtc97 62-30 6180 6115 6035 11.180 

Feb 98 6080 6025 6067 +017 l*«2 

Apr 98 5005 57*5 5002 *040 6J46 

4U»98 65-72 65*5 65*0 +OM 1802 

JM98 6*60 6*41 66360 *805 IJ91 

UC. mm 7.749 Man sates 10772 
Mon open W 37870 off 83 

PORK WELLIES (CMER) 

400000*. canh parte. 

Fab 98 5*77 5*07 56*3 *032 7832 

Mar 91 55-95 5520 55*3 *023 1.M4 

Mar 98 M.90 56J0 5535 -035 507 

EsL sola 2873 Man oaks 1945 
Mem opto M 9.126, up 380 


High Law Lrfest Cbpe Optet 


Low Latest Olga Optet 


H0i Low Latest Chge Optal 


ORANCE JUICE OiCTIO TP-YEA R FRENCH GOV. BONDS Q6ATIF) 

lMOObs.- pate. FFSOOOOO-ptxaf lOOpd 

Jai 98 8235 79*0 7980 -285 22.977 Dac97 10030 9984 10014 + 016 182300 

Mar 98 8*50 82*0 82.95 -190 13*81 Mar 98 99*8 9936 99*4 *018 28.966 

Maf 98 8830 0*00 8*10 -285 3398 JunW 9882 9882 9986 *-018 12 

JulW 9130 89.10 89.10 -165 1802 E*L 102834. 

Est aka NJLMaws»te 1480 Opal Irt 131*86 up 63. 

Mem open H 4*161, up 397 

. ITALIAN GOVERNMENT BOND QJFFE] 

Uat-i|e ITL 200 mllan- pte uf 100 pd 

eflLn meM» Doc 97 11332 11287 11330 *0*8 107398 

“mr'S^S-sperborai. 

Nov 97 30030 -120 2 Estates 47.W7. Pw. safes: 33397 


Jun9B 95.14 9104 95.14 -HUS 12*928 

Sep 9B 9538 9119 9538 -HUM 69326 

Doc 96 9538 9530 9538 -HUM 50450 

EeL sales: 79*80. Prav. sates: 30707 
Prev. apeak*: 54*196 up 1836 


4119 

19b 

17b 

m 

M 

Jb 

K» 

»h 

Uk 

m 

n 

Hk 

in 

mw 

IM 

m 

if 

IM 

ni 

Mb 

Mb 

171 

ii 

7W 

as 

Mb 

II 

a 

37N 

Mk 

15 

s«w 

M 

77b 

7411 

2n 

ini 

nw 


Most Actives 


One 97 3O4J0 30080 301J0 -170 30744 Pro*- apaihU 121700 ofl 1254 


Jm IB 302.30 -2.00 6 

Feb 98 305*0 30160 30430 -070 82.743 U BCg 1- MONTH (CMER) OdW 

Apr 98 304-50 30150 30630 4)30 10*45 S3 oiBai- pte of lOOpd «i 

jSn98 306.90 306J0 30070 -050 11J97 ^ JJ«4 -081 21^6 Momi 

» l98 310.90 30830 310.90 -030 *903 **» »*» *439 +081 7*SB 

98 313-20 310.90 31330 -0*0 1342 9*27 9435 9437 +081 1235 HEAT 

Dae 98 31*00 31330 315*0 -030 12*03 Eft s4ai*021 Man «8n 1469 <HJ00 

Eft sates &000 Man sates 6&062 Ma»s open bit HWia 213 Dec 97 

Man apmlnt 202*9* W 1335 EURODOLLARS (CMER) S3 

S OTSSSIP"" SkT^ll’W 8*14 0*8.44*170 %£ 

JJJP 457 Feb 98 9*21 9*19 9430 +081 109 3av« 

Dec 97 8530 8180 8190 HL20 18*12 *»«r» WO *4.17 9430 +0« 4fl £4 

Jan W 85*5 8*30 «4«< *8*5 1.998 ■!» 98 MIS 9*11 M14 +0.01 35*070 u „ 

Feb 98 86.00 85*5 85*5 -HJ.95 1*09 Sep 90 94M 9483 9480 +081 20.124 gftia 


DQJFFB Industrials 

COTTDH 2 (NCTN) 

+tt*0 10735B 50000 B».-canh parlb. 

■HL41 15*42 Doc 97 71.15 70*5 70-93 +032 1*78 

12397 Mor 98 71*0 7134 71*0 -OJJ1 4U*5 

4 MOf 98 72.75 7234 72*3 +0.14 11009 

JM98 7173 7134 7161 *019 11262 

Oct 98 7*83 7*80 7*83 *018 960 

EM. Bites HJL Man oaks *284 
Urn Man open W 8*900 afl 471 


Dow Jones 

£ 2^^2^2^+tiS 

Standard & Poors 

TUter 

Mft la Oou 4 PAL 

Industrials 112A081iai011104_SS 1109J4 
Tramp. STISJ 667-36 60984 66*81 

Utfllltes 217373 216*0 21782 219-30 

Ftaanoa 11*24 11186 11283 112*9 

5P500 963.09 945-22 946*7 95082 

SP 100 *63*9 *5*15 454*5 4S7L09 

77w SAP JOo'bxtm sptt2*r-l an Mem. 24. 


HEAT1N6 OIL (NMEIO 
42800 p* cads par ad 
Dec 97 Si«5 5530 5530 -OTO 20365 

Jan 94 5*65 5*00 5630 -004 47303 

Fab 98 5*80 56*5 5*60 +OOT 20178 

Mar 98 56*0 5630 5*30 +011 11060 

Apr 98 5*25 5585 5535 +036 *415 

Mar 98 5*30 5*30 5*30 +030 *845 

JanM 5380 5146 5188 +021 1724 

Eft sates HJL Mam sMb 22,142 


Mar 98 8*30 8*55 +1.10 26078 Dec 98 9199 9196 9199 +082 209875 Mam opal M127A* Ml 23® 

A&98 &90 85*0 M55 Jt IS ££ » 88 85 SS tSS L16HT SWEET CRUDE (NMEIO 

ft? Si§ S5 85 ns i£ SS US 2S S8S XZrttTti?™ - 

5-w J"* ■ 


SILVER OKMX) 

5800 bar or.- cents per tew K. 

NO* 97 53730 imdL 


BRITISH POUND (CMER) 
62300 pounte, 5 pa pound 


LOCO bbU Ooban par bM. 

Jan 98 1933 19.70 19.7S -086 1 11867 

Feb 9B 2007 1989 19.97 -Offl 50. IB 

Mar 78 20.12 1956 2004 -081 29833 

Apr 98 20.19 20-02 2004 084 1*636 

Map 98 2014 20.01 2887 unch. 1*463 
Jen 98 2086 1958 19.98 085 27835 


Dec 97 1*902 1*724 1*738 -8156 5*812 Ed. lain HA. Mem i 


Dec 97 53*80 51580 52110 -15*0 19354 Mar98 1*824 1*660 1*660 -8156 1,119 

JOI98 CT80 52100 52*90 -15.10 35 Jun9B 1*400 1*600 1*600 -8138 74 

Mar 98 54*00 52280 52980 -1*60 58866 Eft ttSasl *868 AtemsMes 4*99 
MorJS 54780 53030 532*0 -14J0 *412 Man open IM6000* 0X779 

JM98 54*80 530.00 534.10 -1*10 *128 

Sep«B 53BJ0 53*90 53*90 -1*10 782 CANADIAN DOLLAR (CMER) 

Dec 98 56480 52800 53830 -1*10 *779 lOOOOoitaBas. Spar Oil* 

Eft Krin *000 Man sates 50*03 Dec 97 JOB .7337 J062-HU017 69846 

Man open M 9*918. Mf *385 Mar 98 J110 J077 JD96+00019 *102 

Aid 98 J125 J12S J125+80821 1.164 

PLATINUM (NMBD Eft sitas 8893 Mem sole* 4390 

50 tar K.-datoAper barm Man opart M 77.17T, ep 122 

Jai9B 38630 37830 279 SO -*70 1*355 

Apr 98 38230 37680 376.10 -4*0 1,975 CERMAN MARK (CMER! 

AS 98 38080 37110 371H -4*0 95 1 2*000 atefk* Spar mart 

Eft sain N A Man sales 1827 Dec 97 3768 3719 3720-08037 6*213 

Man apaiu 1232*00 80 Mar 9* 3800 3749 3752-0X034 1816 

A* 98 3844 3783 3783-0X029 2*90 

Ctae Prwtan Eft wiles 13899 Man ntes 12301 

LONDON METAL50JIB Man open tot 7282* 007378 

DaOan per aetrie ton 

AtnOaute IHM Crude) JAPANESE YEN (CMER) 

Seat 156700 156980 1585X0 1586X0 123n«talteL$ ptelOOm 

Forward 1595X0 1598X0 1*12X0 141100 Dec 97 JOT 7133 7S76-03OD 12*465 


IflMdei (MO 6nM Mar 96 3033 .7960 7985-0X037 1932 

1B42.00 1M480 T 33*00 183980 Am 98 3133 8000 8040-08053 329 

187080 1871.00 194680 186780 eft stem 2 1389 Abanadas 14392 
cunn 53780 549k BOtk Mart open tell ‘SJrX off 2947 

S5300 55480 56780 56*80 cwKS ceier rreipm 


614500 615580 620580 471*00 


SWISS FRANC (CMER) 

12*000 fnmce.spa'aaic _ 

Dec 97 71*5 J093 7097-08030 47,470 


Man awn H 394447, ofl 1468 

NATURAL CAS (NMER) 

10X00 Ban MV* Sperow Ho 
Jan 98 2*80 1585 2*70 UOdl 50042 

Fab 98 2560 2*70 2-BO upch. 25*71 

Mar 98 1415 2JS0 2J90 -0003 14991 

98 1250 1215 2-243 *OXC5 11,195 

Mar 98 5 2.1® 2.198+0X10 8759 

An 96 2300 2-175 2.19S+0812 404* 

Eft, soles NJ* Man sates 95*74 
Manepap M21L23* e«17JS5 

UNLEADED GASOLINE (NMEIO 
44000a* cents par gal 
Dec 77 5975 58-50 5985 +4J6 .11,264 

Jai98 58.90 5875 58.90 HS 32773 

Feb 98 59X0 58*0 59X0 +023 14029 

Mar 93 5935 5985 39J0 +012 &47S 

Apr 98 6175 61*0 61.95 +009 7.752 

May 98 61*4 unch. *905 

Jan 98 6270 62.70 6130 +0*4 *938 

Jam 59X6 undL 1594 

Eft wrist HA- Mom u6es 32.936 
Mon «poi W 9Z239, ofl 1526 


U7. DaBos perawtdc Ion - late at 100 taw 
Dec 97 178X0 176X0 H6J5 +180 20737 
Ate 98 176-25 17535 17*75 +1X0 14989 

Foe 98 17*25 17425 17475 -+135 1*126 



Nasdaq 


iSce^ +1*6 

Nasdaq ^ ^ 

fssss yfisSm S 

taiiaice jK T^H 1^19 tfS C aelTt 

FfiSxB 229473 2282X8 2291 J7 -2J6 SuteMcs 

Tone. 1049 JM 184180 1047.15 +131 


66587 66184 66180 


tee ucl Op 
m » *k 
49«k 519li +1MI 

^ 4 g+iS 
'SS'^ « 

604k 4IM -H e 

U7tell9Mi -M 
42M. 64Ve +1« 


15 «: .ft 


^ s sS + + ,% 
sss ® "B 

51419 lflk 14(k 15 

arsi j 

39079 29k N 1 « 

39350 3M 35tee 36k +M> 


Dow Jones Bond 


20 Bonds 

lOUtSItes 
10 Industrials 


TraSng Activity 


Nasdaq 


BOSS 




SS ^ S J 3 

US Tf 

5JJ0 St Dk irt -w 

8795 Ik K r, ,16 

6483 29H 26Vk 27+11 -2V. 

6129 1919 1716 I7N -Uk 


1451 1169 

1 1 


Market Sales 


« NYSE 
iff Ames 

K* BJrrcrVi 


Dividends 

Corapoor 


Nasdaq 

tomBSom. 


Par Ant Rec Pay Crapmy 


624000 634*00 629*00 <30080 2*90 MarM 173JS 173J0 17250 +075 8896 

MWSJ 7196 .7160 -71M-<UKB LOW 17a7s 17ttJD +02J 4674 


c nr# 578*00 5795X0 569080 569*00 

573000 573*00 561080 56SXQ Efttetel 1L2» MWJ M*40 
ZtectspecHieab erode) Ma»a»entolSM01»to4Z5 

Spa 1138X0 1139X0 119080 1191X0 

Farwaft 11*4X0 11*5X0 121200 iriSft MBOCAN PEW (CMER) 


Mar 98 169X0 169X0 16850 +825 2257 
Eft. salat: 12,783. Pm. udee : 11.920 
Pm. open Iftj 90274 ofl 6*39 


IRREGULAR 

AosNZeaBkADR b *9712-11 

Bartngbi ResCoal _ .1254 13-2 

MoiniGaSAAOS b *003 12-1 


I LAB AnnrSdPffl 

b 89712-11 M *5*! Strati ncPW 
..1254 12-2 12-12 AuwSnuoncIi 


Um dose Cage 


^^ P 2So^wffi°.lJ070+X0227 17252 BRENT OIL OPE} 


Financial 

US T BUIS (CMER) 

SI mnoo- ate of 108 pft 

Dee 97 9493 9*91 9491 41X1 5*79 

Mor9S 9*05 9*03 KM unch. *501 


Mar 98 .11600 .11550 .11W0+X0142 9X78 U-S.de 
JU098 .11220 .11165 .1I220+XCQ4B 2X29 J0P9B 
Eft sates *420 Mammas 1X29 
Man opuu kit 33X31. Ofl 295 Va™ 


mS5s Ktf 9*03 KM ^ SOT SSSSSFZSlg*? 1 ™ 

AteK 95X0 95X0 WjO jXXl «M ^ 

rs es ss s 

Mam Dp. W 12.1 XL up 192 5ep98 92*9 92*3 92*7 

.MwnaiwirHn DK " 9U6 W4 +0JB «X21 

5 TR TREASURY (CBOT) Mar 99 92*5 9229 92*6 +006 5BX97 


UX. deftn per bamd - Ws of 1X00 tarn* 

JM 98 19.13 18.98 19X9 UndL 64X73 

Fab 96 19.08 18X3 19X5 *4105 51428 

M»98 19X2 IBM 18.96 HIM T134T 

Apr 91 1*96 18*3 1*91 H1X4 7,131 

Mar 98 18X6 18.78 18X6 +0X4 *324 

JuiW 1*79 18X9 1629 +004 10354 


DiCW 92-38 72-35 92-34 UndL 14LS69 Eft SOtaXUDO . Pm. MteS i 24183 

SeS 2HI PW- WM 167*93 off 21*33 

Ate to 9228 9222 9226 +HX3 10i6M 

5ej>9« 92*9 92*3 92*7 *0X3 *0434 TT . ^ 


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I 






INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


PAGE 15 



* Telekom Plans to Spin Off Cable-TV Units 


GmfBfJhyO* SaffFnmpop^^ 

BONN — Deutsche 


Telekom 


10 from the 


European Commit 
day n would spu, off iu 
vision acnvines and was considw 
ing selling stakes in toe!--" 


new 


company to strategic investors. 

monthS"S^“S^u a 

SSSfit 

and as the commission prepares to 
release a report on the SiTa^ 
tmof? of fanner monopolies such 
as Deutsche Telekom. " 

Telekom said the chances « n ..M 
take place at the beginning of 1998. 


Telekom’s shares closed at 34.90 
Deutsche marks ($20.14). up 0.90. 

Deutsche Telekom is the dom- 
inant player in Germany’s cable- 
teleyision market, which is one of the 
world s largest cable-TV markets. 

It has just under 6 million of Gear- 
many's 16 million cable-TV sub- 
scribers under contract, and it con- 
trols the national cable-TV network, 
which feeds a large number of smal- 
ler regional cable-TV networks. 

Its largest competitor in cable 
television is O.tel.o, a joint venture 
of VEBA AG and RWE AG, which 
has around 2 million customers. 

The European Commission's 
competition commissioner, Karel 


van Mien, said last week the Euro- 
pean Union was putting the fi nishin g 
touches on a long-awaited report on 
links between cable-TV and telecom- 
munications networks. 

The report is expected to outline 
proposals for regulating companies' 
that offer both cable and telecom- 
munications services. 

Separately, Deutsche Telekom 
signed a joint-venture agreement 
with ENEL SpA and France Tele- 
com S A to compete for Italy's third 
mobile-phone license and to devel- 
op fixed-line telephone services in 
Italy, the companies said. 

Sprint Coip., the international 
partner of Deutsche Telekom and 


France Telecom, “has die possi- 
bility” of joining the venture later, 
the companies said. 

The alliance plans to compete 
with Telecom Italia SpA, the na- 
tional telephone company, after 
Italy’s telephone maiket opens to 
competition next year. 

The government is scheduled to 
award the third mobile-phone li- 
cense by January. 

ENEL, Italy's state electric util- 
ity, is to own SI percent of the 
company while France Telecom and 
Deutsche Telekom share 49 percent. 
The Italian Treasury approved the 
venture on Saturday. 

(Reuters. Bloomberg ) 


Paribas Plans 
To Buy Stock 
Of 2 Units 


NatWest Negotiates Sale of Equities Unit 


*- Wi‘ 


1 W 


Bloomberg News 

National Westmin- 
ster Bank PLC is close to selling its 
European equities business to 

Bankers Trust New York Coro 
people familiar with the situation 
said Tuesday. 

The sale would add a 1, 000-em- 
ployee equities department to 
Bankers Trust’s corporate finance, 
mergers and derivatives businesses 
in Europe and give the U.S. bank 
one of the top-rated equity research 


departments in Britain. It would be 
the latest in a series of fore ign pur- 
chases of British investment hanics 
as their commercial banking parents 
focus on lending after failing over 
the last, decade to build businesses 
that could serve the global needs of 
their corporate clients. 

Barclays PLC sold the equities 
unit of its BZW investment hank to 
Credit Suisse First Boston two 
weeks ago. 

“Tbc decision has been made that 




; -S;7 


Avonmore Waterford to Cut 1,300 Jobs 


Reuters 

DUBLIN — A newly merged Ir- 
ish foods group, Avonmore Water- 
ford Group PLC, said Tuesday that a 
reorganization would mean the loss 
of 750 jobs in Ireland and 550 in 
Britain. 

The fourth-large st dairy group in 
Europe and the world’s fourth- 
largest producer of cheese said the 
scale or the reorganization reflected 
the seriousness of the issues facing 


the dairy industry. These problems 
include, Avonmore Waterford said, 
changing consumption trends, con- 
solidation of the retail sector in- 
ternationally and European Union 
proposals to reduce supports for 
milk, beef and cereals. 

The company said it would take 
an extraordinary charge of 159 mil- 
lion punts $237.7 million) in its 
1997 accounts to cover the reor- 
ganization. 


they didn’t have the resources to 
make the acquisitions to become a 
global player,’’ said John Leonard, 
an analyst with Salomon Brothers 
International 

Analysts said NaiWest's equities, 
■derivatives and corporate finance 
businesses were worth about £300 
million ($519.8 million) together, 
although die sale price might be less 
since not all of the businesses might 
be sold. 

Officials for Nat West and 
Bankers Trust declined to comment 
on die potential sale, which sources 
said could be announced later tins 
week or early next week. NatWest 
shares closed 6 pence higher, at 899 
pence in London, while in late trad- 
ing in New York, Bankers Trust 
stock rose $1.6875. to $117,375. 

NatWest wants to keep its cor- 
porate finance business, and might 
sell its derivatives b usine ss to 
Deutsche Morgan Grenfell, British 
press reports said. Deutsche Bank 
had talks to buy all of NatWest’s 
equities and derivatives businesses 
last month, although NatWest re- 
jected its offer. 


VW May Move 
2 Lines to Spain 


Reuters 

WOLFSBURG, Germany — 
The works council ai Volks- 
wagen AG said Tuesday that 
production in Germany of cars 
from die Spanish unit SHAT 
will soon be moved to Spain. 

The council representing 
workers at the automaker said it 
expected the German work 
force' to remain stable at about 
100,000 through 1999. 

Volkswagen said it was con- 
sidering moving production of 
its Polo model to Spain to free 
up German capacity for its Golf 
model. Customers must wait at 
least five months for the re- 
vamped Golf, which went on 
sale in October in Germany and 
being rolled out across Europe. 

A management board mem- 
ber, Robert Buechelhofer, said 
no jobs in Germany would be 
lost because of the production 
transfer, which could affect 
daily production of 1 ,000 Polos 
and 400 of the SEAT Arosa 
subcompact model. 


Blutmberj: News 

PARIS — Compagnie Financiere 
de Paribas S A is planning to buy out 
minority shareholders in its Com- 
pagnie Bancaire SA and Cetelem 
S A units, a source close to the trans- 
action said, a 22.5 billion French 
francs ($3.9 billion) move that could 
protect the group from a takeover. 

The Paris stock exchange halted 
trading in shares of Paribas and most 
of its financial -services units — in- 
cluding Compagnie Bancaire. its re- 
tail financial-services holding com- 
pany; Cetelem, a household finance 
company; Cardif. an insurer, and 
Banque Paribas, its investment bank 
— pending a Paribas board meeting 
Tuesday night. 

Paribas is moving to consolidate 
its businesses to avoid the fate of 
Assurances Generates de France 
SA, which is the object of a takeover 
battle between Assicurazioni Gen- 
erali SpA of Italy and Germany's 
Allianz AG. 

Insurers, banks and other finan- 
cial-services companies throughout 
Europe are buying rivals to better 
compete once Europe adopts a com- 
mon currency in 1999. which will 
make it easier to do business 
throughout the region. 

Pierre Flabbee. an analyst at So- 
ciete Generate, who maintained his 
“neutral’ ’ recommendation on Pari- 
bas 's stock, said, “If Paribas does 
mak e these moves, the reason, we 
suspect, would be its concern to 
potect itself rather than to enhance 
its profitability." 

Mr. Flabbee said Paribas’s move 
could also have some fiscal as well 
as defensive logic. In the new struc- 
ture, the profits of Cetelem would be 
bolstered for several years by the tax 
credits accumulated by its parents 
Compagnie Bancaire and Paribas, 
which both have reported losses in 
recent years. 


Investor’s Europe 


Frankfurt 

London . 

Paris 

OAX ' 

FTSE 100 index 

CAC4G 

4500 

■ 5500 

3100 

«® n A. 

5300 l y 

3000 J 

4,00 / Wl 

.m a i 

2900 fl 

J MU 

4800 M U 

2800 J 

m/ p 

. 4700 jy T 

mi 

^JJASON 

.. 4500 J J A SON 

2600 j j 


1997 


1997 


1997 


SON 


index 


Amsterdam; AEX. : 


. Pm. 
Close Close 
871,22 875.46 


% 
Change} 
-0.48 


' Brussels 

BEL-20' . 

2,387^8 

2^57-44 

■90.42 

Frankfurt 

OAX ■ 

3J49J23 

3,830.63 

40.48 

Copenhagen 

Stock Market 

S25L80 ' 

626. tO 

-0.05 

Helsinki 

HEX General 

3,420.10 

3,442,98 

-0.66 

Oslo 

OBX 

652.71 

664.08 

-1.71 

London 

FTSE 10D 

4^6050 

4.898.60 

■0.72 

Madrid 

Stock Exchange 

589.10 

583.23 

+1.01 

Milan - 

MJBTEL 

15146 

15073 

+0.48 

Paris 

CAC40 

2.7B&2S 

2^802.46 

-QJ5& 

Stockholm 

’WuT~ r ‘ 

S^SISJO 

3,25a S9 

-1.36 

VfcHWJ*- 

ATX 

1,26024 

1,259.80 

+0.03 

Zurich . 

SFfi 

3^58055 

3^89.16 

+0.32 

Source: Telekurs 


ImmuUi'iui HcnU Tntounc 

Very briefly: 


• Novartis AG of Switzerland appointed Thomas Ebeling, 
head of its German and Austrian nutrition units, as global head 
of its nutrition unit, succeeding David Pyon, who joined 
Allergen Inc., a U.S. drug company. 

■Alitalia SpA shares will be suspended from trading until an 
expected announcement Wednesday about the government’s 
plan to sell 750 billion lire (5441 million) in new shares and 
reduce its 86.4 percent stake in the I talian airline. 


Ahold NV of the Netherlands reported a 34 percent jump in 
third-quarter net profit, to 209.7 million guilders ($107.3 


million), and said the outlook for the supermarkets operator 
for the frill year remained positive. 


| National Grid Group PLC posted a 23 percent fall in half- 
nilUon ($383 million), os a one-time 20 


year profit, to £226.3 million i 
percent price cut imposed by the British industry regulator 
dented profit. The British utility also said it planned to return 
£770 million to shareholders. 


• Deutsche Boerse AG, the German stock-exchange op- 
erator, opened an office in London to help it increase access to 

customers in Britain. Reuters. Blthmherg 


WORLD STOCK MARKETS 


High Lav Close Prw. 




Tuesday Nov. 25 

Price* In local currencies. 
Telekurs 

High Law Close Prey. 


RWE 

SAP 


Amsterdam 


A EX index: 171.22 
PlWtoU: 87146 


ABN-AMRO 
Aegon 
Ahold 
Abo Nobel 
Boon Co. 

Bob Wesson 

CSMon 

DordhdiePef 

DSM 

Elsevier 

Forts Anev 


39 JO 
164 
5130 
341.90 
13130 
30X0 


GrBroccro 


Hoogonensc 
Hunt Dank 


10490 

1B0J0 

3160 

82 

69 

S1J0 

87.90 

334 


3830 
16430 
50.90 
33£50 
133 
29 JO 
8110 
10110 
no 
3230 


S3 


ton 
F Douglas 
ING Group 
KUM 
KNPBT 
KPN 

BSE 1 * 

OoeGrinfen 

PhUpsEkc 


Hdg 




Rond 
Ro beca 
Rodmai 
RaBnca 
Rneato 
Rural Dutch 
Uaileveraa 
Vendee bill 
VNU 

Woden KJcva 


78.90 

n 

70.90 
4330 
7830 

48 

5730 

219.90 
13830 

100 

75 

105 

5630 

17460 

11830 

107 

11530 

10130 

4730 

252 


'60 

84 

33050 

8450 

7650 


6930 

4230 

77.10 

4730 

5560 

217 

13130 

1(0.10 

7110 

18180 

5630 

17410 

now 

105.10 

11150 

101 

4630 

24830 


3830 3030 
16450 16430 

51.90 50.90 

33830 339 

133.10 134 

30 30 

85 84.10 
10110 10490 
10030 17830 

3260 32J» 
8060 81 
69 6930 
49 JO 4960 

86 87 
33050 33131 

8730 89 

78.90 7730 
8030 80.10 
7030 69 JO 

43 4280 
7830 78.10 
47/S 4760 
5660 
319 218 

13130 137.10 
10190 10730 
7480 7450 
10430 186 

5630 56J0 
17460 176 

11 £W 119 

10530 107 

11160 11430 
102 101.58 
4730 4730 
250 34830 


SGL 

Semens 
SP^. CA«0 

Sotdzucter 

I SET 

VEW 


vSswngen 


High 

8665 

520 

16730 

221 

103 

1350 

SOS 

411 

10360 

570 

899 

96130 


Law 

B4J0 

50730 

16430 

21930 

101.80 

1350 

B9S 

m 

101.70 

35 

885 

93 


□oca Pm. 
85.10 8485 
50730 509 

1673 16235 
220 220 
10250 10260 
1350 1350 
•K 910 
40830 40130 
1033S 10180 
560 555 

886 889 

955 948 


Brl! 
BrtTeteam 
BTR 

Burmati Casbal 
Burton Gp 
Cable 

GadbujYSdw 
Cretan Gonna 
Cam] Union 


Dixons 


Helsinki 

N EX GanerritadK 3420.1* 
Previous: 3442X8 


47 

47 

47 

46.90 

Hutatamridl 

234 

220 

220 

222 

Kamkn 

51 JO 

S0J0 

51 J0 

5050 

Kesko 

7650 

75J0 

76 

76 

MeritaA 

27X0 

26J0 

27X0 

26X0 

Metro B 

137 

132J0 135L50 

136 

Matra-5srtaB 

46J0 

45L5Q 

46 JO 

4SJ0 

Heste 

12L9B 

122 

TO 

TO 

Nokia A 

444 430.10 

434 

445 


207 

203X0 

206 

207 

OatataKapo 

73 

72 

73 

73 

UPMKymmene 

119 

117 

117 

118 

Vabnat 

80 

79 

79 JO 

79 JO 


EMI Group 

FomColonM 
Genl Accident 
GEC 
GKN 


Hong Kong 


Haag Step 1032536 
Preriaas: 1051636 


Bk East Asia 
Catbay Pacific 
Cheung Kona 
CKMntmd 


CNi»Ughl 
! Pacific 


4JD 

1635 

7 

54 

17.90 

3£70 

3130 

18.05 

£25 


Bangkok 


SET Mac 39638 
PraviDKs412.lt 


AdvMoSvc 

Bangkok Bk F 

Krona Thai Bk 
PTTExplor 
Slam Cement F 
51am Com BkF 
Tefcaranjta 


Thai Atman 
Faun BkF 


Thai Fain 

indComm 


210 

202 

210 

Z10 

128 

115 

1M 

133 

12J5 

11 JS 

11.75 

13 

380 

376 

378 

m 

370 

370 

370 

390 

66 

6IJ0 

64 

<8 

13J5 

12J5 

1150 

14 

45 

4175 

4375 

45 

101 

97 JO 

9B 

ioa 

30 

29 JO 

29 JO 

3175 


CWc 

DooHengBk 
FWPocfflc __ 
Hans Lung Dev 1130 

Haig Stag Bk 66J5 
Hendemnlm 630 
HendeoonLd 3730 
HK China Got 1335 
HKBecMc 26.® 
HK Telecomm 1475 
HopeneOHdgi 2.13 

Ss* js 

HycanDev 16 

Johnson El Hdg 2130 

I SKfiffi*. 2% 

Oriental Press 205 
Rood Oriental 062 
5635 


SHK1 


Bombay 


SaH KjOMac jOT-W 
preview: 348107 


Hindus! Lever 
Hindus! PeHm 
Ind Dev Bk 
ITC 

MohcmagarTei 
RrUraccmd 
Stale Bk India 
Steel Authority 
Tata Eng Loco 


57430 550 57030 55235 

1342 1287 1337139535 

463 455 46130 45530 

81 79 80J5 B0 

56430 539 548 53730 

22175 21125 220 213 

160J5 147 3D 15450 14BJ5 
22050 20730 21735 21SJ3 
14 13.75 1335 13JS 
31930 306 31130 30835 


ShUOlSiW ~2X3 

StnoLandCo. X5S 

SHi China Post £85 

SwfcnPacA 3830 

Wharf Hdgs 1580 

Wheteoefc 835 


630 435 
1555 16.10 
685 6SS 
52 53 

1735 1760 
3830 3830 
3038 3039 
1730 1750 
£15 535 

11 11 
6435 6630 
605 £15 

3650 3630 
1330 1360 
26 2605 
1465 1435 

2j08 2X8 

181 18130 
5030 5030 
1SJ0 1580 
2160 2160 
12J0 13 

2780 2830 
1-99 2JJS 
038 061 

55 56 

23B 287 

438 
560 £70 

3780 38.10 
1585 1560 
860 860 


635 

1660 

785 

5450 

T83S 

3930 

3160 

18 

£40 

1U5 

6635 

630 

3760 

1365 

2645 

1490 

2.15 

18838- 

5235 

16 

22 

1335 

2BJS 

285 

045 

57 

265 

460 

530 

3880 

1685 

865 


GranodoGp 

GtandMel 

GRE 

Gre«tsSsGp 

Gutaness 

GUS 

HsEcHMg* 

Kl 

taiml Tobacco 
KirmMier 
Ladbioke 
Land Sec 
Lnsmo 

Legal Genl Grp 
UaydsTSBGp 
LuanVcaflr 
Marks Spencer 
MEPC 

Moany Asset 
NritondGrid 
Nad Power 


Next 
NonridiUnkM 
Orange 

PhD 

Pennon 

PIBdmrfon 

PowwGen 

Premier Foned 

Prwtenfiri 

RdBroefcGp 


Rant Group 
■BttCohi 


ReckfttC 

Rj W l] ra | l | 

KvfHQna 

Reed InU 

RentotainlU 

Reuters Hdgs 

Raom 

RTZceg 

RMCGnwp 


RntsRoyce 

MSBkSo 


RsydBkSori 
" L Sun AH 


Brussels 


4Jmoo( 
Bans bid 


1600 


Barenl 
BBL 
CBR 
Cakiqit 
DetxdnUon 
Etedrabel 
Eteckoftaa 
Forts AG 
Gevaert 
GBL 

Gen Banque 
Kradtettank 
Petafina 
Powertln 

Salny 

Tiadebei 

UCB 


BEL-20 Mac 236738 
Prestos: 235764 
1560 1585 1® 

*600 MOD *510 U90 

9310 mo mo rao 

3075 3030 3075 3035 

18375 180CQ 18200 1B2JM 
ISIS 1780 Wfi J79S 
8270 8210 8250 82« 

3345 3320 3360 3340 

7730 7120 7150 7170 

ISM 1500 1500 1510 

5230 5170 5230 5160 

15000 U85D ISOM 14850 
5K0 M750 14800 14675 
13W0 13800 lan IJW 

s 309 S2S 5135 

9580 9450 9580 9430 

3400 334) 3365 3360 

^5 2TS5 MOO 2100 
3135 3115 3125 3115 

117850 116050117650116200 


Jakarta 

CampasHeMlac 395X8 
Prevtausi 41B>31 

Astra Ml 

1800 

1775 

1750 

1025 

BkMIlndon 

550 

535 

525 

Wi 

BkNegreo 

625 

i/i 

&m 

650 


7600 

7325 

7525 

7 Ml 


1600 

1550 

total 

1625 

butofood 

2350 

mo 

23S0 

2475 


8400 

BUD 

8150 



4875 

4700 

4800 

4875 

SenwnGresft 

3850 

2775 

2775 

2900 

Tefekomurikate 

27 ft 

2550 

2575 

mb 


.« Johannesburg 




3030 

$ 


AVMIN 


FstNoOBk 


A. . 


Copenhagen 

KB S 359^1 36.| | 

Codon Fun «0 ® ™ ™ 

DenDamktBa 790 ?&9 ^61 ^ 






FLSMB 
KaOLufttmM 
NwNartbkB 
Saphusto'8 
TcbDanmkB 


7*7 767 787 

822 BOO 815 833 

1070103896 W « 

TcteixmmxB 4W 3W 39^ W 

Trea BafflCo 400 395 400 JW 

illSSSStA 473 465 472 471 




TTg»Oflis 


1' 

4630 

«3 

3286 

40.10 

760 

74 

61 

iS 

1& S 

16 

108 

if 

s 

J 


2960 
257 
1B£® 
201 
130 
7330 
630 
4560 
2050 
102 
32.50 
39 
735 
70 
6058 
19.90 
2.10 
5150 
321 
11830 
1630 
a act 
1550 
10630 
3850 
5810 
116 
36 

200 

6760 


30 30 

2S7 239 

196 187 

20260 198 

135 135 

7&M 7360 
7 630 

46.10 ASM 
21 2130 
103 10420 
3285 323B 
40X15 4030 
760 7.12 

rm to 
61 6060 
20 20 
2.14 230 

5380 5430 
325 313 

11960 118 

165® 16J0 
88 84 

16 1£5S 
168 16760 
3860 3960 
5260 53 

119 J19 

at mss 

5560 SI 
20280 207.cS 
6760 68,10 


Salndnay 
Sdiroden 
Scat NeunmOe 
ScotPnanr 
Seaatcor 
Severn Tretd 
She! Tramp R 
State 

Snrftti Nephew 
5ndUlKlne 
Smflto ind 
ahem Elec 

Stand OBrter 
Tate & Lyle 
Tesoo 

Thames Water 
31 Group 
n Group 
Toroldu 
Urfevir 
UM Assure nas 
DM News 
uwmmtes 
VendameLxuls 362 
Vadatoae 
Whitbread 
WSlamsHdgs 
Wotadey 
WPP Group 
Zeneca 


4J8 

- 427 

434 

IJ7 

1J9 

1X1 

4X6 

4X9 

453 

112 

1-99 

2X9 

9.92 

9J7 

9J3 

1X6 

1X3 

1X6 

£17 

5X4 

£13 

6J8 

811 

816 

472 

457 

4X9 

&10 

7.77 

7.97 

7 

6X9 

890 

■2M 

155 

158 

6J0 

6J5 

6X1 

h 428 

423 

476 

4X4 

442 

470 

£39 

832 

£34 

5X8 

575 

5X5 

1X3 

1X1 

1X3 

10X7 

9X3 

9X7 

410 

3X7 

194 

1197 

1275 

1188 

1170 

13 37 

1358 

857 

8X3 

8X8 

£73 

112 


5X8 

198 

175 

3J0 

375 

5X8 

5J9 

5X1 

7.15 

699 

7X6 

7JS 

7.17 

7JZ 

1498 

1198 

14X8 

897 

860 

BJQ 

196 

194 

194 

828 

812 

820 

2X9 

277 

2X0 

9.90 

9J7 

958 

Z7B 

271 

174 

5J9 

£16 

£23 

876 

£53 

862 

1-92 

1X9 

1.90 

6X5 

£07 

810 

5JB 

£33 

£33 

1675 

1673 

1674 

115 

199 

109 

£62 

9.10 

i£ 

5X0 

£99 

7X2 

7 J0 

7X1 

165 

157 

160 

2X9 

2X4 

2X8 

£55 

6X0 

855 

8X6 

8X1 

8X7 

134 

UI 

1J3 

7X0 

7J7 

7J7 

414 

4Jt» 

4X9 

874 

855 

867 

10X0 

9X2 

10X9 

3X9 

3X3 

3X6 

840 

BJ8 

£32 

3X4 

132 

135 

£30 

6X5 

811 

159 

2X8 

2X8 

7X5 

892 

899 

195 

2X8 

1M 

BJD 

7J1 

7J7 

9J8 

9 

9J2 

2X2 

230 

137 

£B2 

864 

867 

5JB 

£17 

£23 

138 

121 

3J0 

489 

4X1 

483 

1899 

1835 

18X0 

£95 

879 

6X2 

4X8 

4X9 

4X1 

173 

170 

170 

9X8 

9J5 

9J8 

439 

418 

AW 

10X4 

1070 

1073 

172 

1X2 

1X2 

5.90 

£70 

. £76 

823 

770 

774 

460 

195 

455 

8 

778 

8 

7.10 

870 

676 

4X7 

458 

460 

4X9 

4X5 

471 

9J3 

9.10 

9.36 

485 

473 

429 

482 

470 

470 

114 

3X7 

111 

476 

4X3 

469 

£11 

£03 

£11 

7X5 

7X1 

750 

7X1 

7.12 

7J5 

3X2 

3X8 

350 

176 

372 

174 

849 


£42 

150 

127 

129 

£14 

490 

5X4 

171 

165 

2X7 

18X5 

17X5 

177B 


Prey. 


High 

LOW 

Oast 

Pro*. 

High l 

am i 

ClOM 

Pm. 

434 

1X1 

BcaCommlM 

4860 

4770 

4780 

4745 

Peugeot CD 

654 

XU 

647 

638 

451 

Bca Fideuroai 

6960 

67I9« 

6930 

6750 

Raout-PiM 

2973 

7917 

7967 

2916 

2X4 


1470 

1445 

1449 

1450 


2143 

1998 

2104 

2036 

9X3 


26600 

25660 

76000 

25800 

Renault 

165J0 

162 

16710 

16120 

1X4 


4680 

4500 

4580 

4495 

Rend 

1630 

1600 

1X30 

1609 

5X6 


9270 

9170 

9760 

9150 

Rh-PoulencA 

25550 

749X0 

750 

253X0 

81B 

ENI 

10200 

10055 

10060 

10085 

Sanofl 

585 

567 

571 

5E8 

4X5 

Rat 

4940 

4785 

4800 

4850 

Schneider 

318 

312X0 31X30 

313J0 

775 

Generali Assic 

38400 

38000 

38150 

37800 

SEB 

705 

675 

703 

677 

7 

IMi 

TB140 

17475 

17955 

.17650 

SGS Thomson 

rangy 

360.10 30X90 

382X0 

158 

INA 

2970 

7935 

7950 

2970 

Sta Generate 

770 

759 

766 

765 

677 

Kates 

MedosBt 

6620 

6510 

6575 

65B0 

Sodmho 

3008 

2870 

3005 

2890 

427 

8690 

MOO 

tws; 

B600 

StGabaki 

aoa 

790 

790 

791 

497 


17075 

11850 

1700(1 

11985 

Suez (del 

14.90 

14.90 

1X90 

15JD 

837 


1420 

1397 

1417 

1394 

Suez Lyon Earn 

622 

«« 

615 

610 

577 

OBvatB 

953 

940 

955 

948 

SyntluuDtn 

732 

706 

737 

718 

1X2 


2420 

2395 

2415 

2395 

Thomson C5F 

158 

155 

15610 

15430 

9X8 

PM* 

4330 

4745 

4300 

4285 

Total B 

648 

628 

630 

647 

192 

RAS 

15620 

15220 

15565 

15230 

Ustaor 

92 

89.90 

9075 

9CJS 

T277 


24300 

23700 

24100 

24000 

Video 

380 

-•M3CT 36430 

365J0 

1336 

5 Paolo Torino 

14290 

13820 

14200 

138B5 






£51 

Tteecoa ItaBa 

10685 

10540 

10540 

10535 






£71 

109 

TIM 

6915 

6810 

6900 

6800 







High Low CIom Prtv. 


152 


730 


Montreal 

tadastitab tadm: 32078 


Pvmoos: 32OJ0 

Bee Mob Com 

4005 

40X0 

4080 

40X5 

CdnllreA 

2BV 

2£10 

ra.« 

28% 

CdnUBA 

39X0 

39.10 

39% 

39X0 

CTFWISvc 

49 

49 

49 

48% 

Gaz Metro 

19X0 

19.15 

19JS 

iy% 

Gt-Wtest LHeco 

3» 

35% 

35J0 

3H6 

fmasco 

50 

4HJft 

49.10 

4916 

Investor! Grp 

43X0 

42X0 

42X0 

43X0 

LoblawCfis 

23M 

2» 

23M 

23X5 

Natl Bk Canada 

22JS 

21X0 

77.14 

2290 

PanerCorp 
Power Fart 

45W 

44X0 

4X55 

44 

4416 

44 

45J6 

4X30 

OuebeawB 

29 

2/XU 

27 JU 

78 

Rogm Conan B 

7% 

6M 

X85 

/JU 

Royal BkCda 

W.95 

79% 

DO. 10 

BOXO 


Sho Paulo taNwiatemua 

Prariaas: 9078 82 


BrodasmPM 

BrofamaPM 

CemtaPfd 

CESPPfd 

Cope! 

Etelro&m 

ItoubancoPfd 

L^MSenridos 

ltt<l 


249 


814 

1.33 


Oslo 

AkerA 


OBX tedra 65171 
Pra*MSK664J8 


128 127 127 128 


iPfd 
PouBsiaLui 
SidNadanai 
Sown Cruz 
TetebmPfd 
Tetendg 
Tetei 
TstaspPfd 

Unban cd 
U sbnkiasPM 
CVRD PM 


810 

72780 

4980 

7400 

12.10 

51080 

49859 

391.00 

30180 

21980 

13380 

3280 

830 

11160 

11380 

11630 

27380 

3380 

740 

2080 


780 

72080 

4780 

70.98 

1280 

499.99 

49280 

39080 

28580 

21380 

12680 

3060 

815 

10760 

11081 

11080 

26580 

3280 

7.00 

1940 


800 8.10 

727.00 72280 
4980 48650 
7260 7460 
12.10 1260 

509.00 5089V 

495.00 50080 
39180 39580 
29880 30180 
71800 21681 
12661 12760 

3160 3159 
835 830 
11160 11080 
nun 11360 

T138D 11780 
270-01 27380 
3380 3280 
7.1000 739 

1940 2000 


Stockholm 

5X1 6 todec 324828 



Previoas: 325259 

AGAB 

98 

95.50 

97 

97 

ABBA 

96 

93 

94 

9150 

AssiDonwn 

201 

199 

200 

200 

Astra A 

130 JO 128X0 

129 JO 

I3JL50 

AhasCapcoA 

244 

240 

241X0 

241 JO 

AutoCv 

299 29X50 

298 

301 

EtecbduB 

m 

599 

606 

604 

Ericsson B 

32250 

312 

31150 

32050 

Hennes B 

340 

330 

340 

335 

taaeative A 

694 

680 

687 

686 

bwestarB 

372 

365 

368 

369 JO 

MoDoB 

21 9 JO 

215 

216 

220 

Hordbanken 

273 

267 

27250 

770 

PhanriUriahn 

SandvXB 

265 

257 

258 

260 JO 

235 

228 

229 JO 

232 

Sarnia B 

177 

171 

17X50 

177 JO 

SCAB 

173 

170 

171 

171 JO 

5-E BreikaiA 

9050 

89 

90 

89 JO 

Skandla Fan 

405 

38S 

387 JO 

398 

SkanskoB 

307 JO 

299 

300 

303J0 

SKFB 

im 

177 

177 JO 

119 

SpariwtaiA 
Slaro A 

189 

106 

IBS 

103J0 

180 

10X50 

187 

107 

SvHandtesA 

268 

262 

262.50 

267 JO 

Volvo F: 

213 207 JO 

207 JO 

212J0 


Sydney 


AKMMrtat: 245440 
PrevtooK24Bl.ll 


Amcor 

ANZBtdna 

BHP 

Boral 

Srombtoslnd. 

C8A 

CCAernffl 

Cates Myer 

Coreako 

CSR 

Faster? Brew 
Gaottawn FW 
KlAaskala 


645 631 
9.97 968 
1354 1330 
345 125 
2860 2760 
1739 17.W 
1086 1065 
735 7.12 

586 580 

460 447 

266 263 

116 112 
1890 1062 


640 660 
988 1085 
1340 1365 
338 337 
]83& 
1730 1747 
1080 1059 
733 735 
583 £90 

460 467 

263 168 

115 117 

1890 1085 


The Trib Index 

Prices as ol 3:00 P M New York tone 

Jan. 1, 1992- 100. 

Level 

Change 

Skchange 

year to date 




So change 

World Index 

167.64 

-320 

-127 

+12.40 

Ftogtonal Indexes 

AsWPadtic 

94.63 

-4.17 

-421 

-23.17 

Europe 

186.47 

-5.18 

-2.70 

+15.68 

N. America 

212.60 

-0.42 

-020 

+31.31 

S. America 

139.25 

+0.33 

+024 

+21.69 

industrial Indexes 





Capital goods 

212.83 

-1.96 

-0.91 

+24.52 

Consumer goods 

201.60 

-1.75 

-026 

+24.88 

Energy 

194.07 

-8.70 

-429 

+13.68 

Finance 

115.79 

-3.54 

-2.97 

-0.58 

MsceRaneous 

153.45- 

-6.40 

-4.00 

-5.15 

Flaw Materials 

167.64 

-2.87 

-1.68 

-4.41 

Service 

167.17 

-1.78 

-1.05 

+21.74 

UtOrtiBS 

159.63 

■2.75 

-1.69 

+11.41 

The International HeraH Tribune World Stock Index OuadatiwUS doMar values ot 

280 internationally nvostatUB stocks from 25 countries. For mote information, a tree 
booklet la avaBable by writing to The Trib Index. 181 Avenue Charles de GauBe. 

82521 Neufty Codex, France. 


CompBed by Bloomberg News j 

High 

Low Qom Prey. 


High Law 

Qom Prev. 


QiugakuEtec 1890 

Dai Mpp Print 2430 

Doiei 539 

Dat-ldd Kong 871 

Doha Baik 1B0 

Dahn House 1040 

DatM5ec 570 

DOi 3600a 

Denso 2230 

East Japan Ry 5610a 

Elsal 1790 

Faraic 4740 

IBank 726 

I Photo 4550 

.lira 14)0 

H«hiuid Bk 1040 

Hitachi 911 

HantiaMefor 42SO 

IEU 1060 

IHI 270 

hachu 328 

tto-Yokodo 5S80 

JAL 390 

Japan Totacco 9500a 

JUSCO 2180 

Kaima 441 

Karaal Elec 2140 

Kao 

XawrBoki Hvy 
Kowa Steal 
IGnklMppRy 

Mrta Brewiy 
Kobe Steel 
Komatsu 
Kubota 
Kyocera 
Kmistiu Elec 
LTCB 
Marubeni 
Mand 

Matsu Comm 
Moira Elec hid 
Mafcu Elec Wk 

Mitsubishi 
Mitsubishi Cli 
MHsufabHEl 
WbUfaishlEit 




336 

686 

159 

?xn 


1 

I 


BEFORE YOU BOOK YOUR 


CONFERENCE, YOU SHOULD 


KNOW ABOUT THE REWARDS. 


1039 

131 

586 


All Conr.id Iiucni;ui< nvsl l-.otcls offer .in clciwncc .ind sti'lc tli.it is second to 
none. Not to mention omtevence trie i l i t •- c ^ th.u are in a e!a-.s oi' their own. 


758 

682 


lout now rliey ot’fei' more. Tile Hilton HHonors"'' Worldwide 
Meetini; Planner Bonus Program. 


432 


311 


SJM 


Any mcciinu planner who hooks a qualin;ni> meeting at a participating 
Conrad International hold with at least ter. occupied guest rooms can earn 
thousands of HHonor- bonus points that can then pc exchanged for free nights 
at hi Honor'? hotels. Or earn airline miles with participating airline partners. 


1830 1870 1890 


2320 

520 

853 

1BD 

986 

556 


2 S3 


2480 

529 

941 

260 

1040 

638 


279 

381 


Mitsubishi Hvy 
I Mol 


Tile rew ards arc vours. So make - he most of them. 


841 


!n>:- jy.-oup beoki ;; j;a and iuforntiitivn, plrnsr cr.l! the Co: rand [nternatiam:/ 

fu ;V.' at fire in I :>s:dt:;i at -44 1 ~1 d ~0 4d ur in Hvnsscls at +.w 2 442 4S o’d 


Mitsubishi t 
Mitsubishi Tr 
Mitsui 

MkrafFudosn 
Mitral Trust 
MurataAMg 
NEC 
Mkon 
NikkoSec 
Nintendo 


1690 

299 

210 

696 

968 

130 

752 

419 

6100 

1930 

303 

335 

2008 

3650 

1970 

1030 

970 

269 

332 

1390 

480 

432 

1490 


772 

205 

679 

930 

123 

731 

395 


317 

216 

?4f? 

987 

132 

775 

445 


950 

251 

318 


rtppegps 


(Madrid 


Botmtedec 589.10 
Previous: 58123 


Acerinox 

ACESA 

Agues Bora** 
Aigentata 


Kuala Lumpur 


Campodte 54167 
PrevtaDB 57057 


Frankfurt 




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BkBttfti 3865 

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635 

120 

124 

124 

108 

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Ben Centro Http 
Bco Popular 
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Hisnaota 

Piyoo 

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SevBtana Elec 
Ttexxolen 
Tatefanicu 
Untee Fenosa 
Urine Cement 


21950 

21400 

31740 

21800 

2015 

2000 

2000 

1995 

5900 

5820 

5880 

5B60 

8750 

8580 

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8570 

4410 

4335 

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1390 

1340 

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2770 

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6800 

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2710 

2710 

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1305 

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6900 

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1870 

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2340 

2310 

2330 

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6580 

6470 

6520 

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11650 

11400 

11600 

11410 

4255 

4185 

4239 

4180 

1490 

1465 

1485 

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2760 

7780 

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INTERNATIONAL 


Dan Make Bk 


HafsiundA 

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614 

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128 

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350 

365 

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4£50 

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Compute iadne 43989 
PravMUB 45084 


Docent 


48900 451 00 47500 49000 
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lEng. 12800 11B00 12800 1XW 

5900 5450 S90 5 
13600 lSDOO 13100 12W 
43® 3840 4100 4170 

19700 17700 19200 19200 
46500 41500 45000 43600 
| Dtstay STOOD 34000 36000 36000 

44500 40000 43000 42400 

7340 6530 3020 7090 

33S000 308000 320000 327500 



Lend Lease 
MIMHdQS 
Nat Ante Beak 
Nat Mutual Hds 
NswsCbip 
PodOc Dunlop 
Ptonaerlrtl 
Puli Broadcast 
fitaTbte 
51 George Bank 
WMC 


iPet 
Vtaohrorths 


30J0 

1.09 

1985 

235 

780 

3 

3J0 

835 

1145 

880 

483 

9JH5 

1139 


2965 

1.04 

1935 

232 

760. 

293 

380 

885 

1127 

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485 

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1086 


3038 30.10 
188 1.10 


N«ted 
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Nomura Sec 
NTT 

NTT Data 
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Osaka Gas 
Rkxdi 
Rohm 
So tana Bk 
Sonfcjo 
SanwaBank 
Sanya Elec 
Saoom 


1938 1981 
235 240 


SeBiuRyfy 
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767 762 

295 383 


170 165 

8.16 841 

1145 1158 


B8B 882 
466 487 

9.12 


London 


Ali^SraKcq 

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BaKtavs 


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FT-SElBOi 486150 
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538 £32 U4 

437 197 4.99 

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126 333 3» 
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Manila 


PSE indoc 179535 
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13JD 

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280 

380 


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3.15 

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137 

134 

136 

135 


875 

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4150 

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Mexico 


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2860 2930 29,10 
3430 34.90 3460 
14100 14760 14560 
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JM 364 
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598 614 

1144 1100 
911 923 

680 704 

883 898 

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DBSfew'ip 
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Jcnd Strategic * 
KJppdA 

KappdBrak 
Kegpel Fab 
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462 

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530 

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280 

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141 

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835 

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139 

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110 


jBk 
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China Deveipnd 
China Steel 
FM Barit 


Hua Nan Bk 
Ml Como Bk 


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Triwanl 

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137 JO 

135 

1.16 

136 

9430 

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66 

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90 

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55 

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5030 

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93 

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12230 

119 

122 

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3570 

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1490 

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6X50 

56 

65 

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SeUsuH 
Sakbul House 
Seven- Etevcn 
Sharp 

5hfti*uEIPwr 

Shknbv 

ShMetsudi 

Shbefeta 

Srizuoha Bk 

Softbank 

Sony 

Sumtemo 
SumdomoBk 
SuiritCIwm 
Sumhomo Bee 
Sum It Metal 
Sum It Trust 
Tattoo Pham 
TakedaChem 
TDK 

TaMaiEIPwr 

TokaiBrak 

Tokio Marine 
Tokyo El Pwr 
Tokyo Electron 
TrityaGas 
TtecyuCorp. 
Tonen 

Toppan Print 
Taw Ind 
Tasraba 
Tastan 
Taya Trust 
Toyoto Motor 
VriraneueM 


1260 
247 
3980 
1310 
1530 
384 
12200 
634 
416 
240 
587 
151 
1450 
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550 
282 
1690 
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3000 
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615 
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297 
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1470 
810 
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871 
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2140 2230 2360 

5450a 5510a 5750a 
1770 1780 1880 

4600 4710 4920 

721 726 826 

Aj 4(1 1WI 4&£0 
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1020 1 030 1090 
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4200 4230 4400 

1000 1050 1130 

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319 325 

5620 5880 6020 

380 381 400 

9270a 9330a IWffia 
2090 2090 2330 

422 434 466 

3100 7130 2160 

1630 1690 1710 

296 
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681 
958 
126 
740 
419 

6000 6040 6310 
1880 1900 1950 

276 276 326 

320 327 350 

1900 1*70 7040 

3570 3580 3810 

1928 19J0 2060 

1010 1D30 1050 

954 1000 
251 261 

327 345 

1320 1380 1490 
465 469 500 

423 423 431 

1438 1470 1SS5 

862 870 938 

1190 12S8 1350 

247 247 327 

3840 3840 4130 

1320 1330 1400 

1420 1440 1550 

368 384 420 

12000 12200 12400 
615 630. 675 

396 416 440 

229 236 251 

572 572 627 

141 143 156 

1390 1440 1490 

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5780b 6030b 6780b 
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260 261 278 

1590 1680 1710 

11700 117CS 12MSJ 
439 445 489 

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1250 1310 1350 

340 340 368 

7550 7640 8150 
5358 5250 5650 

885 900 915 

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8230 8350 8750 

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1820 1870 1910 

488 4416 456 

Wm 2950 307® 

1680 1680 1810 
1060 1080 1210 
2430 2430 2830 

10100 10600 10600 
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13S3 1430 1500 

405 412 442 

1670 171B 1770 
253 2S6 273 

777 777 877 

3000 3060 3280 

3490 3560 3690 

9600 9930 10300 
1B30 1850 1920 
589 416 651 

1080 1110 1190 
2170 2200 2390 
5000 5940 6290 
295 295 

SIS 540 
844 944 

1550 1640 1670 
§36 541 589 

535 548 573 

1440 14a0 1490 
7W 005 STS 
3450 3460 3500 
2950 3040 3100 


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Ccminco 

Dotaxo 
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Fairfax FW 
FakwibridBe 
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Franco Nevada 
GutfCda Rex 
Imperial Oil 
Inca 
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LridtawB 
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Magna bit! 
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Moore 
Newbridge Nte 
HarwidaliK 
Narcen Energy 
Nlhern Telecom 


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Placer Dome 

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Potash Sask 

Renaissance 

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Seagram Co 

SheflCda A 

Sunav 

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TeckB 

Tetagtabe 

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TorDamBank 

Transalta 

TransCdo Pipe 

Tnmoik Ftail 

TilwcHahn 

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1551 1542X0 15471545X0 

509 JO 50105 SS 505 
1754 1741 174475 1740 

978 972 970 976 

4H2 461 466J39 47150 

1947192410 1935 1932 

2480 2465 2465 2474 


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1J9 1J8 1J9 133 


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1160 1090 1130 1170 

594 566 567 595 

2400 2310 2380 2550 

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536 551 578 

773 793 828 

1810 1730 1780 1870 

350 338 340 400 

2790 3606 279® 2750 

2990 2900 296B 3540 

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AMR 

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CBw Spec deal 

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Nmrart&R 

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PorgesaWdB 

PlwrniVmiB 

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SBCR 

ScrinterPC 
SGSB 
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Swiss Reins R 
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820 

2309 

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206J0 

549 

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1735 

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2113 

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860 

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12835 

396 

1652 

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1805 

1775 

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1815 1870 1821 

424 430 437 

1SS 1256 1258 
2380 2390 2440 
820 630 810 

2275 2292 2291 
2433 2455 2440 
1250 1264 1248 
I<3-25 143J0 142 

1105 1128 1102 
JK 205.50 70450 
548 549 548 

6960 6980 7000 
4040 4040 4100 

1217 1215 1225 
555 555 559 

B93 2095 2093 
2226 2233 2233 
1B9JS 195 197 

17B0 1795 1790 
647 853 847 

1525 1560 1540 
300 305 304 

12620 12620 12775 
385X0 393 3B5 

1*0 1625 1500 
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773 778 798 

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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 

~ ASIA/PACIFIC 


China’s Trade Barriers Provide Shelter in Asia’s Storm 


By Rone Tempest 

l^sAttgela Times 


WJmMP « " “ WW IUM Ul |Ub TTU11U tiaub 

o&uing — As Asia’s once-booming Organization and therefore remains outside 
fwroomies continue to stagger and slide, one die main international economic order. 

Dig question remains to be answered; Will Having strong exports while being able to 
UBnahc next? protect domestic manufacturers has helped 

At first glance, economists generally agree, Beijing weather the crisis, said John Mulcahy, 
utuna has many of the same symptoms that managing director of Indosuez W J. Carr in 


from the Asian economic tumult in part be- ized socialist system had in fact spared China ‘ hastily taking measures to 
pause, despite clamoring for entry for years, it from the wild fluctuations suffered by more which are obviously similar.’ 
is still not a member of the World Trade open economies. 

Organization and therefore remains outside “We have always stressed efforts to find a 


avert patterns 


road to development suitable to China’s con- 

■> v .t 


Nicholas Lardy, an economist at the Brook- 
ings Institution m Washington, argues that in 
several important categories China’s situation 


ditions,” he said in Vancouver. “In the course is even worse than its Asian 


of our reform and opening, China has always 
been prudent in opening up its capital and 


* — — — - -j t *"0 * 0 va AiwimiiiwAj ntii wuii am 

have brought other Asian economies to their Hong Kong. To join the global trading body, 
unces: an overvalued currency, heavy ex- Western nations argue, Beijing should give up 


managing director of Indosuez WJ. Carr in financial markets to the outside world.” 
Hong Kong. To join the global trading body, In China, however, the government has 


always “China's currency has appreciated 25 per- 
tal and cent over the past three years and is widely 
L” viewed as overvalued," be wrote in a paper for 


ternal debt and a weak banking system. 

But China has not yet gone the way of 
Thailand, Malaysia, fodonesta and Sooth 
Korea. The main reason, according to re- 


some of that protectionism. 

“If China were a member of WTO,’ 


been much less sanguine about its ability to “China** external debt, among the higl 


avoid the crisis. The fact that Mr. Jl 
cided, after early hesitation, to am 


foe weald, - stood at $116 billion at year-end 
1996. By several indicators, China’s banking 


Mulcahy said, “they would have more con- APEC meeting in Vancouver showed his con- system is at least as fragile as those ofTb 
strain ts. They might be farced to open their cern, specialists in Beijing said. Malaysia, Indonesia, or South Korea.” 


gional economic specialists here, is because markets to a greater degree than they want.” Moreover, top leaders met at length last 


of one thing China does not have — au easily 
convertible currency. 


Publicly, at least, the Chinese leadership week with Finance Mraistty officials to dis- 


has kept a brave face as foe crisis has 


- “At this point in time," said Laurence from one Asian economy to another. In Van- 
'S rahm, managing director of NAGA, a couver, where he is attending the Asia-Pacific 


cuss the regional crisis, and Mr. Jiang ad- 
dressed the normally routine annual financial 
conference in Beijing, which was also attended 


Beijing-based venture-capital and invest- Economic Cooperation forum. President Jl- by Prime Minister Li Peng and the economic Bloomberg News reported from Vancouver, 
ment-counseling finn," China is probably the ang Zemin did not even mention the crisis in a czar and depiny prime minister, Zbu Rongji. Dan Taraflo, an international economics ad- 
safest place to nave your money, because its keynote speech he gave Sunday to a local “The meeting demonstrated foe across- viser to President Bill Clinton, and other U.S. 
currency is not fully convertible and therefore group. Instead, he predicted “excellent" re- the-board concerns rtf the leadership," Mr. officials said China had offered to lower tariff 
is not exposed to the kind of speculation which suits for the Chinese economy. Br ahm said. “China may not be me next and nontariff barriers to trade across a wide 

has sparked the crisis in Southeast Asia.’’ A Chinese spokesman. Shea Guofang, boas- domino in the Asian currency crisis, but the range of industrial and agricultural products 
Ironically, China also has been shielded ted that the country’s much-maligned central- leadership is looking at it with a lot of concern, but did not include services in foe proposal. 



•• ;jl 

}m“ 1.21500 . ; T 

y\ 'rtaaoQ ■ ;+ 

et» \ 

$ m • ? missus 


'J J A S 0 N 


'j j A j A 


delivery next mouth loan Asian security group. 
* ‘ China ’s external debt, among the highest in 




1997 

SJW-' 


Malaysia, Indonesia, or South Korea.” 

■ China Makes New Bid to Join WTO 

Beijing revived its effort to join foe World 
Trade Organization on Tuesday, offering what 
a U.S. official called an “important new offer,” 




Source: Tatskors 


ipumiMMM] HciuUTilaa: 


S&P Hits Yasuda Trust 
With Rating Downgrade 

Lender’s Long-Term Debt Is Classed as 6 Junk 9 


Ccmv&dbiOarSuffFmm Doparks 

TOKYO — Standard & Poor’s 
Coro, cut Yasuda Trust & Banking 
Co/s long-term debt rating to junk 
status Tuesday, saying it was con- 
cerned about the weak financial po- 
sition of foe bank, one of Japan’s 20 
largest lenders. 

The move, which came aday after 
Yamaichi Securities Co. collapsed, 
heightened anxiety about Japan's fi- 
nancial system. 

Similar action by Moody’s In- 
vestors Service Inc. against Yamaichi 
helped trigger its collapse Monday as 
any chance of refinancing the broker- 
age was extinguished. Y amaichi had 
close links to Yasuda Trust 

“Idon’t even want to think about foe 
implications of the downgrading for 
foe financial sector,” a financial ana- 
lyst at a major securities house said. 

Markets around foe world have be- 
come increasingly nervous about foe 
credit risks of Japanese financial 
companies associated with Yamaichi, 
as well as with Hokkaido Takyshoku 
Bank and Sanyo Securities, which 
also collapsed in foe past month. 

Yasuda Trust faces trouble over- 
coming obstacles such as “its seri- 




ously impaired asset quality, rising 
stock-market volatility, growing war- 
iness among investors and a slumping 
domestic economy," S&P said. The 
firm cut Yasuda Trust’s long-term rat- 
ing to BBB-minus from BB-plus and 
its short-term debt rating toB from A- 
3. Stock in the bank dropped 28 per- 
cent, to 129 yen ($1.02). 

“We disagree completely with the 
downgrade and will appeal to S&P,” 
Takaiuko Kiminami, deputy presi- 
dent at Yasuda Trust, said at a news 
conference at which foe company an- 
nounced its half-year results. 

Yasuda reported a net loss of 69.49 
billion yen for the six months ended 
Sept. 30, reversing a profit of 4.16 
billion yen a year earlier. 

Yasuda, a lead stock manager for 
Yamaichi Securities, also said it held 
3 billion yen of stock in the failed 
brokerage and had lent the company 
and its affiliates 17 billion yen. 

But the bank moved aggressively to 
shore up its balance sheet, announcing 
that it would raise $390 million in new 
capital by allocating new shares to 
other Japanese financial institutions in- 
cluding Yasuda Mutual Life Insurance 
Co., Fuji Bank Ltd. and Yasuda Fire & 






A man reading a note from Yamaichi Securities Co. on Tuesday as 
people lined up outside a Tokyo office of tike failed company. 
Yamaichi’s closing was postwar Japan’s largest business failure. 


Marine Insurance Co. 

Yasuda also announced plans to 
sell its Tokyo headquarters, cut almost 
600 of its 4492 jobs in the next two 
years and shut some Asian brandies. 

Yasuda Trust, which had 600 bil- 
lion yen in loans overseas at the end of 
September, already has reduced its 
overseas branches to 19 from 23 this 
year. (Bloomberg, AFP, WP) 

■ Tokyo-MItsubishi Hosts Loss 
Bank ofTokyo-Mitsubishi Ltd. pos- 


ted a group pretax loss of 860.5 billion 
yen for the six months to September, 
reversing a profit of 119.4 billion yen a 
year earlier, Agence France-Presse re- 
ported from Tokyo. 

The leading Japanese bank said its 
operating income fell to 2.17 trillion 
yen from 2.49 trillion yen. 

It reported a group net loss of 479.2 
billion yen, in contrast to a net profit 
of 53.8 billion yen a year earlier. The 
bank attributed foe loss to a write-off 
of 1.12 trillion yen of bad debts. 


KDD to Link Up 
With Toyota Unit 

QmpikdbrOwSt&fkmDapm** 

TOKYO — Kokusai Den- 
shin Denwa Co., Japan's 
largest international telecom- 
munications carrier, plans to 
merge next October with a 
teleco mmunicati ons unit of 
Toyota Motors Coro., - the 
companies said Tuesday. 

KDD and Tele way Japan 
Corp. said the terms would be 
determined later but that KDD 
would be the surviving entity. 

“We won’t trade shares an 
equal terms,” said Tadashi 
Nishimoto, KDD’s president 
“But psychologically, we 
will be equal partners creat- 
ing a new conunny.” 

KDD is making the move 
to strengthen its domestic ser- 
vices. Combining the two 
companies would bring 
KDD’s international business 
together with Teleway’s do- 
mestic long-distance busi- 
ness. KDD has about 60 per- 
cent of Japan's market for 
international phone services. 

Analysts say foe corporate 
combination is aimed at cre- 
ating a “seamless service” 
that would include local, do- 
mestic Long-distance and in- 
ternational phone services. 

(AP. Bloomberg) 


Very briefly: 

• Samsung Electronics Co, the world's largest maker of 


Korean economy stowed and the country prepared to accept 
assistance from the International Monetary Fund. 

• Sumitomo Corp.’s former chief copper trader, Yasuo Ha- 
manaka, who is alleged to have incurred $2.6 billion of losses 

more foan^$L6 milhon in gifts from his former boss and 
business partner, Saburo Shimizu, for generating profit for a 
company owned by Mr. Shimizu. 

• Nomura Securities Co.’s former president, Hideo Saka- 
maki, and two otherfonner senior executives pleaded guilty to 
paying 320 million yen ($2J million) to a racketeer. 

• Flat SpA wants to make its Patio “world car” in China as 
soon as possible, the automaker’s chairman, Cesare Romiti, 
said during a trip to China. 

• Hong Kong's retail sales rose 6 percent in September from 
a year earlier, to an estimated 19.5 billion Hong Kong dollars 
($25 billion), the Census and Statistics Department said. 

■ State Street Corpus money-management unit. State Street 
Global Advisors, formed a joint venture with Guangdong 
Overseas Chinese Trust & Investment Corp- to market 
mutual funds in China. 

• China’s foreign-investment pledges fell 38.8 percent in the 
first nine months of the year, to $34.92 billion. 

• Malaysia’s financ e minister, Anwar Ibrahim, said compa- 
nies must “respect foe wishes and interests of minority 
investors” a day after the stock exchange said it would fine 
United Engineers Malaysia Bhd. for breaching its rules last 
week in buying a stake in its parent company, Renong Bhd. 

• Saudi Arabia’s oil minister, Ali Naimi, said at a meeting of 


die- Organization of Petroleum Exporting Countries in In- 
donesia that his country wanted OPEC to raise its production 
ceiling but also said he would like to see higher oil prices. 

AFP. AP, Reuters, Bloomberg 


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‘Hong Kong Premium 9 Is Taking Toll 

o o o 

Peg to 17.5. Currency and High Interest Rates Threaten Bank Earnings 


Bloomberg News 

HONG KONG — Hong Kong bank* 
are headed for their worst year in half a 
decade because the tumult sweeping 
Asia’s financial markets will inflate 
their borrowing costs for months to 
crane, analysts said Tuesday. 

In a little mare than a month, the rate 
that banks charge each other for three- 
month loans rose to 10.25 percent from 
7.05 percent That rate is above the one 
banks charge their best customers, and it 
probably will not foil much any time 
soon. 

The reason: Hong Kong, the world’s 
fifth-largest banking center and home to 
more than 400 bards, must ensure that 
bank deposits stay attractive enough to 
fend off repeated attacks on its currency. 
The new "Hong Kong premium” will 
take its toll on lenders, their customers 
and foe entire economy. 

“We don't expect much loan growth 
next year given the currency economic 
environment,’’ said Daniel Wan, the 
chief financial officer of Bank of East 
Asia Ltd,, the third largest bank in foe 
former British colony. 

So for, Hong Kong and its banks say 


they are willing to pay the price to keep 
the dollar pegged firmly at 7.8 Hong 
Kong dollars. Few deny that keeping 
that link will cany a stiff price. 

Granted, banks’ borrowing costs have 
fallen since they raced to 300 percent last 
month, when foe currency devaluations 
dial swept Southeast Asia raised ques- 
tions about the Chinese territory’s resolve 
to keep its 14-year-old currency peg. 

Currently, three-month interbank 
rates are still about 3 percentage points 
higher than they were in early October. 
Over a year, that increase would cost a 
bank about $3.25 million in extra interest 
fra every $100 million it borrowed. 

Hong Kong's new leader, Tung Chee- 
hwa, repeated bis pledge this week to keep 
foe Hong Kong dollar pegged. Keeping 
that peg, the government says, is vital 
because it removes Currency reds: and en- 
courages people to invest in Hong Kong. 

Such resolve has already exacted a 
price. The rise in interest rates sent 
stocks .skidding, knocked real estate 
prices and will drive up costs for compa- 
nies and consumers. Banks will be 
among foe fust to suffer. 

Roy Ramos, executive director at 


Goldman Sachs (Asia! LLC, predicted 
that Hong Kong bank earnings may 
grow just 1 percent in fiscal 1998. Be- 
fore rates rose, he forecast growth of 14 
percent. “There is currency pressure on 
foe peg, the peg will stay and interest 
rates will stay high,” Mr. Ramos said. 
“It’s not a pleasant picture.' You will 
have higher interest rates and no rising 
prices in the property market." 

Tony Liu, assistant director at ABN 
Amro Hoare Govett Asia Ltd., goes one 
further. “This is going to be foe worst 
year in foe past five years,” be said. 
"Banks are now effectively operating at 
a negative margin.” 

So why are rates still at historically 
high levels? 

“The risk premium associated with 
Hong Kong dollar assets is one of the 
major issues. Speculators are here to stay 
for the time being, and that's going to 
push up prices,” said Shannon Garrett, 
h ankin g analyst at Socgen-Crosby Se- 
curities (Hong Kong) Ltd. “The other 
issue is liquidity. The banks are really in 
a position where they are hesitant to 
lend, so there’s not a lot of liquidity at the 
moment.” 


GLOBAL: (7.5. Firms Find Danger in International Expansion 


Continued from Page 13 

bruises. Its latest bad news 
came just months after Elec- 
trolux AB, of Sweden, an- 
nounced a $320 million write- 
off to pay for shedding 12,000 
workers and dosing 25 plants 
in several countries. It is just 
two years since Maytag Corp. 
sold its Hoover subsidiaries 
overseas, giving up on a six- 
year effort to penetrate Europe 
that cost it several, hundred 
million dollars. And GE fled 
Brazil in the 1980s after in- 
curring heavy losses there. 



.heritage of 
yesterday-today. 


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Socialist ttwusur Of VasniMt. 
TH. : (S4A) 8J66919 
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Ewl ! SafitVi x l W MU'w . 


Overcapacity is particularly 
endemic in Europe, the biggest 
foreign market. Unlike the 
United States, where foe top 
four manufacturers account 
for 90 percent of sales and 
Whirlpool, GE and Maytag all 
enjoy double-digit operating 
margins, foe top four in 
Europe have just 55 percent of 
sales and face off against more 
than 300 local manufocturers. 
Many of these smaller rivals 
are willing to initiate price 
wars and other scorched-earth 
tactics to increase or at least 
preserve their market share. 

“They know that Europe is 
going to end up consolidating 
like foe United States and that 
the companies that might buy 
them are not looking for last 
year’s profits but space on the 
, retail shelf,” Susan Anthony, 
an analyst at Schroder Secu- 
rities in London, said of the 
smaller companies. 

Market saturation is also a 
problem in China, where foe 
number of local and foreign 
manufacturers plunging into 
the appliance business has 
outstripped the spending 
power of foe consumer. 

So why not stay home? 
Though globalization has be- 
come a bit of a corporate 
didid — with endless talk of 
the global economy, global 
markets, global competitive- 
ness, global forces, global im- 


peratives and even global cit- 
izens in a global village — 
even skeptics see attractions 
for those who stayed focused. 

Developing countries are 
the only places in foe world 
where major appliance sales 
are growing at double-digit 
percentage rates. Even as it 
suffered in Europe, Whirl- 
pool had sales growing at a 25 
percent to 30 percent -rate in 
Brazil in recent years. 

Therc is also the potential 
cost savings u> procurement 
and manufacturing of going 
global, the opportunity to 
profit from being the first to 
transfer new technology be- 
tween continents and the ben- 
efits in recruiting manage* 
ment talent from a bigger, 
more diverse pooL 

For all foe difficulties, 
most of tire big appliance 
makers have concluded they 
oust remain engaged in foe 

^The issues are S>w to dodge 
setbacks where possible and 
ay, try again where necessary . 
Thus, GE last year reversed 
direction and bought a Brazili- 
an stovemaker in an effort to 
return to Latin America’s 
biggest market. Whirlpool 
contends its European busi- 
ness is growing and will be 
back in me black by 1998, and 
Mr. Whitwam calls its de- 
cision to sell "two of its four 


ventures in China a “tempor- 
ary reteeaL” Maytag, alfoough 
stfll sour on Europe, has a $35 
milli on year-old joint venture 
producing washing machines 
m China and plans to invest a 
similar amount to expand into 
refrigerators. 

At foe moment, Mr. Cote of 
GE would be more likely to 
get a call than Mr. Whitwam if 

foe Harvard Business Review 
wanted to revisit its 1994 sub- 
ject His cautious tactics have 
emphasized preserving GE's 
industry-leading operating 
margins. While all its major 
rivals have invested in man- 
ufacturing capacity in China 
for example, GE bought 80 
percent of a Chinese distri- 
bution company and has used 
that venture to find Chinese 
companies to make GE-de- 
signed products under con- 
tract Total sales this year will 
not amount to much more 
than $20 million but, with 
very little money invested, 
they will generate a positive 
return on assets. 

Similarly, GEhas chosen to 
nibble at tire luxury end of the 
European market by import- 
ing products rather than pay- 
ing a premium to acquire a 
European manufacturer' big 
enough to allow it to fight an 
all-out war with leaders like 
Electrolux, Boech-Siemens 
AG and Whirlpool. 


l>M»l 


MfJiSiD' 





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conditions for global success. 


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PAGE 20 


jsgfe. Hcralb^^Sribunc 

Sports 


WEDNESDAY NOVEMBER 26, 


s 


World Roundup 


Fences Come Down 

soccer France, in line with the 
wishes of world soccer’s governing 
body, FIFA, will have no perimeter 
fencing at most of die stadiums for 
the 1998 World Cup finals . 

“We’re heading for 8 out of 10 
stadiums that will not have fencing, 
maybe 9 out of 10,” said Michel 
Platini, joint chief of Prance's 
World Cup oreaniriog committee. 

Platini and Sports Minister Mar- 
ie-George Buffet made the an- 
nouncement Tuesday. 

FIFA has long opposed perimet- 
er fencing, saying it is dangerous; 
last year, 78 people died in a crash 
of fens at perimeter fencing at a 
stadium in Guatemala. ( Reuters ) 

• A ston Villa fens have angered 
their UEFA Cup opponent Sterna 
Bucharest by winging gifts of 
clothes and food for Romanian 
orphans, Steaua’s coach, Mihai 
Stoichita, criticized the gesture. 

“Romania shouldn't be shown as 
if it was a country of street children. 
Other countries, including Britain, 
have this sent of problem,” he said. 

About 120 English fans traveled 
to Bucharest for the game Tues- 
day. (AFP) 

Lara Returning to Britain 

cricket The West Indies bats- 
man Brian Lara will rejob War- 
wickshire next season and will be 
named captain, die club said Tues- 
day. Tim Munton will lose the cap- 
taincy after missing all of last sea- 
son because of a back injury. (AP) 

• The limited overs match be- 

tween the touring West Indies 
cricket sqnad and the P akistani 
team Habib Bank was called off 
Tuesday because of a wet field. 
Pakistan the three -match 

series, 1-0. (AFP) 

Scotland Yard on the Case 

horse HAcma Scotland Yard 
said Tuesday it was investigating 
alleged c rimina l activity in British 
horse racing after two recent dop- 
ing cases. 

Jockey Club officials confirmed 
last month that two horses, Lively 
Knight and Avanti Express, tested 
positive for a drug believed to be 
acetylpromazme, a tranquilizer that 
has a sedative effect (AP) 

Coaching Job for Murray 

—»1MU The Baltimore Ori- 
oles have named former first base- 
man Eddie Murray as a coach on 
the staff of the new manager, Ray 
Miller. The two-year agreeme n t ef- 
fectively ends Murray’s playing ca- 
reer. 

The 21 -year veteran split last 
season between the Anaheim An- 
gels and Los Angeles Dodgers, bat- 
ting a combined .222 with three 
home runs b 167 at- 
bats. (Bloomberg) 

Doctors Charged in Berlin 

swimming Two former East 
German sports doctors have been 
charged with physically harming 
swimmers by giving them banned 
substances, Berlin prosecutors said 
Tuesday. 

The two doctors, Bemd Pansold, 
55, and Dieter Bbus, 58, are held 
responsible for giving hormones to 
J9 female swimmers from the Dy- 
namo Berlin club between 1975 
and 1989. ( Reuters ) 


Soccer Needs to Take Better Care of Its Best Asset: Players 


By Rob Hughes 

International Herald Tribute 


L 


ONDON — The more the money 
flows, the greater the malice 
grows, and the more complacent 
officialdom seems to be. 

Soccer is boombg. The fields are 
crammed wife ennebg matchups. This 
week, the UEFA Cup and the Cham- 
pions League; next week, the World 
Club Cup in Tokyo, then Europe vs. the 
Rest of the World in Marseille as a 
prelude to the 1998 World Cup draw. 

For players bvolved b more than one 
of these contests, there is little time to 
breath, much less to recuperate. Burnout 
is not just something that catches up 
with tennis teenagers. All athletes ought 
to consider how fragile the body is, bow 
it can be threatened b an instant. 

I think of a vicious and blatant leg- 
break foul perpetrated by Paul Bosvelt 
on Denis Irwin during Feyenoord's 
Champions League tie against 
Manchester United on Nov. 5. Irwin, an 
Irish international, has not set foot on a 
sports field since; Bosvelt felt the surge 
of joy as a goal scorer b Rotterdam last 


weekend and will perform against In- 
ventus on Wednesday. 

Bosvelt barely disguised the intent 
with which he put Irwb out of the game 
for whal could be many weeks. It was 
such a grotesque and obvious stamping 
on the leg bat the England coach, Glenn 
Hoddle, exclaimed: ‘‘Dreadful ... 
dreadful! Absolutely premeditated!” 

Cynically. Feyenoord withdrew Bos- 
velt before he could be cautioned or, as 
he should have been, expelled. The 
coach responsible for that act was in a 
caretaker capacity, but Leo Beenhakker . 
the Dutch trainer who has replaced him, 
will probably endorse the club action by 
selecting Bosvelt against Juventus. 

Bosvelt has explained, though hardly 
excused, his foul by comp laming about 
Manchester United tackling, particu- 
larly by David Beckham, b an earlier 
Champions League match. Two wrongs, 
he implied, righted themselves. 

[Bosvelt has sent a letter of apology 
to Irwb. a spokesman for Feyenoord 
said Monday, according to Agence 
France-Presse.] 

Alarm bells should ring throughout 
the game. 


Why did Sander PuhL a referee so 
well thought of he regularly gets the 
showcase internationals, including the 
last World Cup final, see nothing to 
reproach? Why does UEFA proclaim, in 
this television age. that be referee re- 
ported nothing, so nothing can be done? 
There is a chance that UEFA’s referees 


W< 


committee will act But that must await 
a meeting. It is a ticklish issue, the 
committee undermining be authority of 
its blue-ribbon arbiter. 

The pity is that UEFA fails to have a 
sitting panel or policy, such as banning 
the perpetrator of deliberate harm until 
the victim is fit and ready to play again. 

Meanwhile, I'm pleased to report that 
a coach is putting players' welfare be- 
fore short-term gain. Kenny Dalglish's 
team, Newcastle United, takes possibly 
its last shot Wednesday at staying b be 
Champions League, and Dalglish has a 
nightmare selection problem. 

He has no natural forward line. Alan 
Shearer lias been out since the season 
began, Ian Rush is ont for the fore- 


seeable future, Les Ferdinand was sold 
before the injuries piled up, and Keith 
Gillespie is suspended. The good news 
seemed to be that Fanstino Asprilla, 
whose goals bamboozled Barcelona 
when the teams met in September, was 
eager to repeat die dose Wednesday. 

Stay home, work on your fitness, 
Dalglish counseled him. The coach 
listened to the medial staff and con- 
cluded it was not in Asprilla’s interests, 
or Newcastle’s, to risk him so soon after 


low nice it would be if those who 
mainly sit and pontificate were made of 
the same stuff. My friend Joao 
Havelange, the Brazilian bead of FIFA, 
snatched at garlands in Seoul early this 
week. He announced that he, die father 
of world soccer, was ready to unite North 
and South Korea. Well, what Old Father 
Time Havelange actually said was that, 
in the interests of peace and reconcili- 
ation. he would write to North Korea's 
head of state to sound out the willingness 
to stage matches in Pyongyang during 
the 2002 Worid Cim. which South Korea 
and Japan are scheduled to jointly host 
Neat gesture, faulty tuning. The real 


diplomats — of North and South Korea, 
and the United-Stales and China —meet 
Dec. 9. If die demilitarized zone is dis- 
mantled anytime this century, it is ax- 
iomatic that Pyongyang’s rnas&rve na- 
tional stadium will stage World Cup 2002 
matches. Sooth Korea’s president, Kim 

Young Sam, and the South Korean soccer 

association president, Chung M ongJo on, 
have held, out fe a t olive branch from day 
one of their Work! Cup bid Havelange 
may have to lode elsewhere for his long- 
hoped for Nobel Peace Prize. 

At 8 1, he will have to huny, because he 
is due to retire his FIFA presidency in 
June. What he might consider is peace in 
his own house, starting next week with a 
gracious invitation to Pde, his country- 
man and die greatest player ever, to aft 
tend the draw cer emo ny in Marseille. 

It is four years since Havelange spite- 
fully barred Pele from the platform at the 
1994 draw. Word has it thaL because 
Pele, Brazil's sports minis ter, is calling 
for reform in domestic soccer, the over- 
lord intends keeping him out a g ain. Vin- 
dictiveness, it seems, knows no bounds. 

Rob Hughes is on the staff of The 
Times of London. 



Broncos Take Revenge 
On the Raiders, 31-3 


Quarterback Jeff George of Oakland going down alter he was sacked during Denver’s brutal handling of the Raiders. 

Stark Replaces O’Brien on U.S. Davis Team 


The Associated Press 

GOTHENB URG. Sweden — Jonath- 
an Stark will replace die injured Alex 
O’Brien on the U.S. Davis Cup team 
that will play Sweden for the tennis 
trophy beginning Friday. 

Tom Guliikson, captain of the U.S. 
team, announced the change Monday 
after O'Brien was diagnosed with a 
stress fracture in his foot. He was injured 
while playing in the ATP Tour World 
Doubles Championship in Hartford, 
Connecticut, last week. Stark and Rick 
Leach won that competition Sunday. 

Stark will be playing in his fourth 
Davis Cup competition and first final. 
He is 1-3 in his career, with his only 


victory coming in this year's quarterfi- 
nals, when he defeated Sjeng Schalken 
of the Netherlands, 6-4, 6-0. 

He joins Pete Sampras, Michael 
Chang and Todd Martin on the U.S. 
team. 

■ Kulti Doubtful for Sweden 

Nicklas Kulti, a doubles player for 
Sweden, is struggling with a chronic 
back injury and may not play in the 
Davis Cup final against die United 
States. Renters reported. 

Although Kulti, No. 9 in ATP doubles 
rankings, trained with his Swedish 
teammates Tuesday after treatment, his 
physiotherapist said it was too early to 


determine whether he can play. 

The other Swedish team members are 
Jonas Bjorkraan, Magnus Larsson and 
Thomas Eoqvist 


The Associated Press 

DENVER — It was payback time for 
the Denver Broocos, who were not about 
to be appeased by a mere victory. 

With John Elway, Shannon Sharpe 
and Terrell Da vis doing the damage, the 
Broncos avenged an eariy-season defeat 
by routing the Oakland Raiders, 31-3, 
Monday night 

Elway completed 21 of 32 passes for 
280 yards and a touchdown, and Sharpe 
had 10 receptions for 142 yards. Davis 
scored three touchdowns and ran for 69 
yards, giving him 1,469 for the season 
and tiie lead in National Football 
League rushing yardage that was briefly 
wrested from htm Sunday by Detroit’s 
Barry Sanders, who has 1,427. 

. “Our goal coming in here was not just 
to beat them but to beat them badly,*' 
said linebacker Bill Romanowski, a lead- 
er of the Denver unit that held the Raid- 
ers to 260 yards. “Everybody had die 
state of mind that this was going to be a 
war and we were going to bury them.” 

Denver (10-2) maintaine d its one- 
game lead over Kansas City in the Amer- 
ican Football Conference West, while 
the Raiders (4-8) appeared headed for 

The Broncos losHn^ffeddaod, 28-25, 
five weds ago and endured the humi- 
liation of bring taunted by the Raidera, 
whose mock salutes mimicked the salutes 
Denver running backs have given ox 
another after touchdowns this season. 

This time, all die salutes were on 
Denver’s side. 

Napoleon Kaufman, who ripped the 
Broncos for a team-record 227 yards 
rushing in the first meeting, was held to 
53 yardson 13 carries. TheNFL’sNo. 2 
passing attack also fizzled as Jeff 


George completed 22 of 41 passes for 
185 yards and was sacked four tunes. 

Linebacker John Mobley said: “We 
wanted to send a message to them. Re- 
venge' was on our mind, and you can’t 
ask for anything better than blowing 
them out.” 

Denver, the NFL’s top-rated offense, 
shredded the league’s worst-rated de- 
fense for 370 yards. 

Davis ran for two touchdowns as 
Denver took a 14-3 halftime lead. Den- 
ver scored on its first three possessions 
of the second half to complete the rout. 

Denver las won four straight Mon- 
day night games, three of them against* 
the Raiders. ; ' 

■ Lett to Return to Cowboys 

The NFL announced that Leon Lett 
could return next week from a one-year 
suspension for violating its substance- 
abuse policy. The Associated Press re- 
ported from Dallas. 

The star defensive lineman can prac- 
tice with tire Dallas Cowboys beginning 
Monday and will be eligible to play in 
the team’s home game Dec. 8 against 
the Carolina Panthers. 

Lett was suspended Dec. 3, 1996, for 
violating tire league’s drug policy for a 
second time. His first suspension kept 
him off the field for four games in 1995. 
At the time, he was told another vi- 
olation would lead to a minimum one- 
year suspension without pay. 

His absence left's large void on the 
Cowboys’ line, especially when end 
Charles Haley retired last summer. 

Lett’s return may be too late to save 
Dallas’s season. The Cowboys are 6-6 
and on the verge of missing the playoffs 
for . the first time since 1990. ■ 


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INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 


PAGE 21 


SPORTS 


'i 


Eyes in Hoops World 
Focus on Holdsclaw 

School or the Pros for Lady Vols’ Star? 


By Jere Longman 

A'r» ]\irk Timn Service 


K NOXVILLE, Tennessee — 
She IS Lhe greatest player in 
women ’s college basketball, a 
junior with skills every bit as resonant 
as her name. And at the age of 20, 
Chamique Holdsclaw from New 
York has the rest of the hoops world 
watching her career as if it were a toll 
bouncing on a rim with a tantalizing 
uncertain destiny. 

Will it drop in or fall away? Will 
Holdsclaw return next season for her 
senior season at Tennessee with per- 
haps a chance to become the first to 
play on four national title-winners 9 
Or will rhe Lady Vols’ 6-foot 2- 
inch ( 1 .87 -meter) forward leave after 
this season for the pros, running a fast 
break through the untested rules that 
prohibit underclassmen from playing 
in the American Basketball League 
and the Women's National Basket- 
ball Association. 

It is an exciting rime for women’s 
basketball in the United States. Gold- 
medal success at the Atlanta 
Olympics spawned nor one profes- 
sional league but two. Holdsclaw, 
with Tier fluid moves under the basket, 
is a star in the galaxy of Cheryl Miller 
and Nancy Lieberman-CIine, the kind 
of player whose talent could ignite the 
Big Bang of bidding wars and leave 
the losing, league drifting into a black 
hole of irrelevancy. 

Last year, Holdsclaw led Tennes- 
see in scoring (20.6 points a game), 
rebounds (9.4 a game), assists ( 1 14). 
steals (93) and blocked shots (35). 
She scored 24 points Friday night as 
the top-ranked Lady Vols defeated 
No. 2 Louisiana Tech. 75-61. 

“I think Cheryl is the best I’ve ever 
seen play." said Lieberman-CIine, 
who came out of the New York bor- 
ough of Queens to revolutionize the 
women's game and who still plays in 
the WNBA at the age of 39, but "at 
this point in her college career, 
Chamique is better than ClTeryl.” 

But new opportunities often mean a 
wrenching change in the old order. 
The prospect of Holdsclaw leaving 
school early leaves the professional 
leagues and the top college programs 


queasy and uncertain. Bnt it seems 
inevitable that someone will even- 
tually choose dollars over diplomas 
— andean the day be far behind when 
a woman decides to soar directly from 
high school to the pros? 

The pro leagues shiver, wondering 
whether their rules against under- 
classmen will withstand a legal chal- 
lenge. And coaches of women’s col- 
lege teams fear Thar, as professional 
salaries rise, a trickle of early exits 
will come to resemble the flood of 
departures in the men’s game. Their 
recruiting monopoly would be 
threatened; women who once went to 
school for four years might soon be 
leaving after one or two. 

‘ “Probably about that time, it will be 
time for me to retire,” said Pax Sura- 
mitt, who has coached women's bas- 
ketball at Tennessee for 24 years and 

WOQ five nafiflnal ehamp in righips. 

S UMM3TT has had this conver- 
sation before. Her success and 
longevity at Tennessee have 
made her the most visible and re- 
spected coach on campus. When quar- 
terback Peyton Manning considered 
leaving Tennessee for the National 
Football League last spring after his 
junior season, he sought out Summitt 
wheal it was decision-making time. 

Eventually, Manning stayed at 
Tennessee. “My instincts told me 
Peyton preferred Saturday afternoon 
football to Monday night football.” 
Summitt said. 

But there is a s ignificant difference 
between Manning and Holdsclaw, 
Summitt said. Manning had his degree 
after his junior season, while Hold- 
sclaw is scheduled to obtain her degree 
in December or May of her senior 
season. Still, Summitt’s graduation 
percentage is even higher than her 
winning percentage: All of her players 
who have completed their eligibility at 
Tennessee either have graduated or are 
in school working toward graduation. 

* ‘I’d advise Chamique pretty much 
the same way I advised Peyton,'’ 
Summitt said. “I'd like to see her get 
her degree. But ultimately it’s 
Chamiqne’s decision. 1 would never 
say to anyone, “You cannot do this.* 
It’s her choice; she's an adult.” * 



Injuries Sideline 
2 Top NBA Stars 


IWrJoBiWRrulrT* 

The Toronto Raptors' Damon Stoudamire knocking down Portland's Rasheed Wallace. 


By Mike Wise 

A'nr York Time s Se rvice 

The Western Conference 
skyline shrank considerably 
Monday. Two of the National 
Basketball Association's 
premier centers. Hakeem 
Olajuwoo and Shaquilie 
O'Neal, are scheduled to miss 
significant amounts of play- 
ing time because of injuries. 

Olajuwon's predicament is 
the most disconcerting. The 
Houston Rockets' perennial 
All-Star will miss six to eight 
weeks after undergoing arth- 
roscopic surgery Monday on 
his left knee. 

O’Neal, who did not travel 
with the undefeated Lakers 
on Monday to Miami, is ex- 
pected to miss at least 10 
more days with an abdominal 
strain, which kept him out of 
the team’s season opener. 

While the Rockets and 
Lakers are thinner in the pivot, 
the league's superstar casualty 
list grows. O’Neal and Olaju- 
won join Alonzo Mourning, 
Scome Pippen ' and John 
Stockton — each of whom 
underwear surgery before the 
season and has yet to play — 
as grounded marquee players. 

Olajuwon’s surgery was to 
remove the medial plica in his 
left knee, a fibrous band be- 
low the kneecap that, doctors 


said, had experienced too 
much wear ana tear. 

The team physicians, 
Bruce Moseley and Walter 
Lowe, performed the surgery 
after a decision made by the 
doctors and Olajuwoo, who 
has struggled often this sea- 
son and was only 4 for 14 
from the field with 9 points 
against Golden State on Sat- 
urday. 

O'Neal was seen Monday 
by an abdominal specialist. 
Miguel Velez, who con- 
firmed an earlier diagnosis by 
the team physician. O’Neal is 
scheduled to miss a minimum 
of 10 days and will be re- 
evaluated on Dec. 4, accord- 
ing to a team statement 

He will receive rwice-a-day 
physical therapy treatments at 
the Kerlan-Jobe orthopedic 
clinic in Los Angeles. He 
could possibly return Dec. 5 
against San Antonio. 

■ Kna cks’ Oakley Fined 

Charles Oakley of the New 
York Knicks was suspended 
Monday for one game with- 
out pay and fined $7,500 for 
an altercation with Van- 
couver's Otis Thorpe, The 
Associated Press reported. 
Oakley was ejected in the 
fourth quarter of Sunday’s 
game after striking Thorpe on 
the chest and face. 


Strong Bench Powers the Magic Past the Wizards 


Wildcats vs. Wildcats Again 


“ The Associated Press 

. The last time Arizona and Kentucky 
met in the Maui Invitational was four 
.years ago. in a championship game that 
•ended with a last-second tip-in by Ken- 
. rucky. 

Just eight months ago they met in 
Indianapolis, when Arizona prevailed in 

overtime to win the NCAA champi- 
onship. The Wildcats — No. 1 Arizona 
. .and No. 8 Kentucky — meet again 
^ Tuesday in the semifinals of the Maui 
^Invitational, a revenge match being 
.-downplayed by all participants and an- 
ticipated by everyone else. 

••We’re a new ream, it's a new year 
and a new coaching staff; a first for 
-ijie." said Tubby Smith, the fust-year 


Kentucky coach, who succeeded Rick 
Pitioo. 

‘ 'It will be interesting to see what will 
transpire. I have a lot of respect for Lute 
Olson and his young men. 

Arizona advanced to the semifinals 
with a 99-69 victory over Boston Col- 
lege on Monday, while Kentucky over- 
came seme cold shooting and beat 
George Washington, 70-55. 

The other semifinal will have No. 3 
Duke, a 106-70 winner over Cham- 
inade, against Missouri, which beat Dc- 
Paul, 45-42. 

In other games involving ranked 
teams Monday night, it was No. 9 Xavi- 
er 1 18, Northeast Louisiana 61; No. 1 1 
Connecticut 72, Coppin State 50; No. 17 
Mississippi 8 1 , Arkansas-Pine Bluff 36; 
and Appalachian State 66, No. 25 North 
Carolina Charlotte 60. 


The Associated Press 

Darrell Armstrong and Derek Strong 
are almost as important as any of the 
Orlando Magic's starters. 

"It’s not who starts, it’s who fin- 
ishes.' * Rony Seikaly said Monday night 

NBA Roundup 

after Orlando’s 95-87 victory at home 
over the Washington Wizards. 

“Those guys have been finishing 
every game,” he added. * ‘They’ve been 
playing great. l('s not fair to classify 
them as bench players and substitutes, 
because they’ve been winning games 
for us this whole stretch.” 

Strong scored six of his 15 points in 
the final 4:28, and Armstrong was on the 
floor down the stretch to help the Magic 
deal the Wizards their sixth consecutive 
loss. The victory extended the Magic's 
winning streak to six games: 

Armstrong, a 6-foot-l guard who is 
getting more playing time because of an 
injury that has slowed Derek Harper, 
finished with nine points, eight assists 
and five rebounds in 23 minutes. 

His performance, along with the 1 1 
points Nick Anderson contributed off 
the bench, took some of the burden off 
of Penny Hardaway — playing for the 
first time during the Magic’s winning 
screak. 

Hardaway, who missed the previous 
five games because of tendinitis in his 
left knee, scored 15 points on 5-for-14 
shooting. He also had eight rebounds, 
three assists and two blocked shots. 

“It felt good.” the All-Star guard 
said. “After a week and a half of being 
off, and missing the guys and watching 
them play so well, I just wanted to come 
back and join them. ’ ' 


Seikaly led the Magic with 24 points 
and 13 rebounds, while Chris Webber 
had 29 points and 16 rebounds for the 
Wizards, who took a 63-62 lead into the 
final quarter despite missing 18 of 24 
shots in the third quarter. 

Juwan Howard had 20 points for 
Washington, but just two of them came 
in the fourth quarter. 

Jazz 1 33, TbnberwottfM 1 24 Jeff Hor- 
nacek scored 25 points, including seven 
in overtime, as Utah recovered to beat 
Minnesota after blowing a big lead. 

Stepbon Marbury scored a career- 
high 38 points for the Timberwolves, 
including 20 in the fourth quarter as 


Minnesota wiped out a 21 -point deficit 
in Sait Lake City. Karl Malone scored a 
season-high 33-points for the Jazz, who 
led by 27 points late in the first half. 
A dam Keefe and-Bryon Russell each 
added 1 7 for Utah. 

Trail Blazers 91, Raptors 90 Port- 
land’s Rasheed Wallace scored the win- 
ning basket on a tip-in at the buzzer, but 
Toronto blamed its 1 0th straight loss on 
someone who wasn’t even on the 
court. 

The Raptors claimed a mistake by the 
clock operator in Toronto gave the 
Blazers extra time to take the final 
shot. 


With his team leading by one point, 
Toronto's Damon Stoudamire missed a 
driving shot, Popeye Jones missed a 
follow attempt and Portland got the re- 
bound with about four seconds left. 

As Kenny Anderson drove up court 
however, a buzzer went off and the 
game clock stopped for a second or two 
before it was restarted. As a result, some 
players thought the game had ended. 

Apparently, when the shot clock 
buzzer went off, the timekeeper stopped 
the game clock by mistake. And that 
gave the Blazers the extra time they 
needed for Wallace's tip-in of Ander- 
son's shot 


Belfour Helps Stars Trounce Mighty Ducks, 5-0 


The Associated Press 

against the Detroit Red Wings last 
week after giving up three quick goals. 
He hasn’t given up a goal since then. 

Belfour got his second shutout in a 
row and his sixth of the season as the 
Dallas Stars beat the Anaheim Mighty 
Ducks, 5-0, Monday ni§ht 
Since getting pulled in the 4-2 loss 
to Detroit on Fnday, Belfour has been 
perfect He blanked Boston 2-0 the 
following night. 

“With Ed you get a very compet- 
itive and proud person,” said Ken 
Hitchcock, the Stars' coach. “He 
doesn’t want to get palled He and the 
team took that loss very hard. ” 

Early in the season, Belfour gave up 


a few soft goals as he adjusted to new 
teammates after signing a three-year, 
$10 million free-agent contract But 

NHL Roundbp 

Belfour and his defense have sorted 
oat any communications problems and 
are working as a unit 
Todd Harvey scored twice for the 
Stars, who are tied with Detroit for the 
league's best record with 34 points. 

Pangains 5, Sabres 1 Kevin Hatcher, 

returning after missing six games with 
an injured leg, scored twice in the 
second period as Pittsburgh extended 
its unbeaten streak to five games. 

The Penguins are on a 4-5-1 roll ibar 
includes three consecutive wins. 


Hatcher, who had not played since 
Nov. 8 because of a bruised lower leg, 
scored the first of the Penguins’ three 
second-period goals at 2:59. 

Jaromir Jagr made it 2-0 at 7:28 
when the visiting Sabres were out- 
numbered on a three-man rush. Hatch- 
er's second goal came on a power play 
ai 15:24 of the period. 

Canadwnz 2, Shatfc»2 Scott Thomton 

to give Montreal a tie^with San Jose^ 
Kelly Hrudey stopped Brian Sav- 
age's shot from in close, and Thomton 
had two cracks at the rebound before 
lifting foe puck in for his first goal of 
the season. Shayne Corson also scored 
for the Canadiens, who ended a two- 
game losing streak. 


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PAGE 22 


INTERNATIONAL HERALD TRIBUNE, WEDNESDAY, NOVEMBER 26, 1997 



OBSERVER 

The El Nino Scandal 


By Russell Baker 


N EW YORK - Hie. 

White House still refuses 
to disclose its role in the grow- 
ing El Nino scaadaL President 
Clinton’s repeated efforts to 
laugh it off betray ah alarming ! 
insensitivity toward millions 
of Americans for whom El 
Nino is no laughing matter. 

Typically, when asked 
point blank last week whether 
he had conspired with shady 
Melanesians to bring El Nino 
to Arkansas, Clinton chose to 
answer with a wisecrack. 

The president’s reply — 
“Shady Melanesians? Is that 
the new rock group every- 
body’s talking about?" — 
will not seem quite so funny if 
Janet Reno ever wakes up 
long enough to appoint a spe- 
cial geographer. 

, Reports from highly placed 
weather sources, confirmed 
by investigation of two worid 
atlases and a' road map of 
Tahiti, have it that Melanesia 
is situated in the Pacific 
Ocean, a large body of water 
also known as “the home of- 
fice of El Nino.” 

Investigative reporters ex- 
amining more dun 5.000 
hours of Weather Channel 
broadcasting have discovered 
that El Nino often travels great 
distances from its Pacific 
headquarters. What is start- 
ling. though, is that nobody 
noted any globe-girdling 
travel by El Nino until after 
1979. Before then, El Nino 
had never been mentioned by 
the Weather Channel. 

Is it mere coincidence that 
1979 was the year Bill Clin- 
ton became governor of 
Arkansas? It was during his 
time as governor that both 
Bill and Hillary Clinton be- 
came involved in the notori- 
ous riverfront real-estate deal 
known as Whitewater. 

As die story is told in 
Arkansas, (he river's lediaigic 


rate of flow past the White- 
water developmait site had 
discouraged sales. The venture 
seemed doomed and the Clin- 
tons destined for bankruptcy. 
Then Harold Ickes, dynamic 
New York lawyer, blew into 
Little Rock one day. Ickes had 
just completed a business trip 
to Melanesia. He told hair- 
raising stories of El Nino — “a 
meteorological King Kong.'’ 
he called it, with terrifying 
power to produce amazing 
changes in me weather. 

□ 

According to shredded 
billing documents bearing the 
watermark of the Rose Law 
Firm, Hillary Clinton imme- 
diately saw dial El Nino 
might save the Whitewater 
investment The documents 
have her saying, “Wouldn’t it 
be great Bill, if we could get 
El Nino to come up here to 
Arkansas? It might pep up 
that sluggish water flowing 
past Whitewater and give a 
shot in (he arm to sales.” 

The Clintons say these in- 
criminating shredded docu- 
ments are forgeries by their 
enemies in Arkansas. 

Questioned at his last press 
conference, the president re- 
fused to acknowledge that it 
was his greed for real-estate 
millions that has afflicted die 
nation with floods, blizzards, 
droughts, hurricanes, tor- 
nadoes, mud slides and driz- 
zly Sunday afternoons in 
February. 

The one man who can clear 
up die record is Harold Ickes. 
Was Ickes acting under die 
Clintons' request when he 
made die deal that brought El 
Nino down on North Amer- 
ica? If not. who was Ickes 
working for when be made 
the deal? 

Lost documents recently 
found in Janet Reno’s corned- 
beef sandwich leave little 
doubt that. . . . 

New York Tunes Sen-ire 


Stevie Nicks, Overcoming the Temptations 


By Frank Bruni 

New York Tima Service 


A TLANTA — The miniature 
cheesecake sal in from of 
Stevie Nicks like a cruel temptation, 
crowned with a glaze of mandarin 
Granges and skirted with puddles of 
chocolate sauce. She took a bite, 
just to test it. Then she put down her 
fork, deciding die pleasure was not 
worth thepenance. 

“1*11 eat a dessert if it's really 
good," Nicks said as the light from 
several candles in her suite at the 
Ritz-Cariton here flickered across 
her face. “But I won't waste a car- 
bohydrate unless it's killer.” This is 
the vow of a woman who was 30 
pounds heavier just last year. It is 
also a cine that Nicks knows 
something about indulgence, and 
about paying the price for it 
Touring incessantly in the 1970s 
and '80s as a lead singer in the rock 
group Fleetwood Mac, then as a 
solo act, she snorted enough co- 
caine, she says, to burn a permanent 
hole in her nose. She took inad- 
equate care of her raspy voice, 
which on some nights lost its 
muscle, embarrassing her onstage. 
And she occasionally seemed to be 
twirling toward oblivion, a casualty 
not merely of excess but also of a 
persona that was wearing thin, of so 
much chiffon and so many balletic 
dance spins that she verged on self- 
parody. Some comedians mocked 
her. Many critics savaged her. 

But time, tastes a nd entertain- 
ment careers work in ways as mys- 
terious as die lyrics to some of 
Nicks’s songs, and suddenly, at the 
age of 49, she is enjoying a rock ’n' 
roll renaissance. Fleetwood Mac's 
reunion tour has sold out dozens of 
large venues across the United 
States over the last two months. 
The group’s current album. “The 
Dance, ” which was made from live 
performances in May featuring old 
hits and a few new songs, has been 
a fixture at or near the top of the 
Billboard charts since August. 

And die first single released from 
it, “Silver Springs," was ineluct- 
able on MTV, VHI and many FM 


radio stations until a few weeks ago. 
Nicks wrote this haunting romantic 
dirge, which also features some of 
the roost stirring singing she has 
ever done. One newspaper critic 
raved that it “inspired shivers.’ ’ 

But Nicks is encountering more 
than just renewed favor. Nearly a 
quarter-century since she joined 
Fleetwood Mac and 20 years since 
its seminal collection of songs, 
“Rumours,” became one of the 
best-selling albums of all time, 
Nicks is finding a new level of 
recognition as one of the more in- 
fluential women in modern rock. 

Isaac Mizrahi and Anna Sui, the 
fashion designers, recognized her 
witchy wardrobes of blade gos- 
samer and velvet, gargantuan boots 
and glittering beads as inspirations 
behind collections they put together 
over the last year. Her name also 
pops up regularly in reviews of 
some younger artists like Tori Amos 
and Jewel, who share either her 
penchant for opaque lyrics or idio- 
syncratic vocal s hadin gs. And a new 
generation of rock musicians, from 
Courtney Love to Billy Corgan, the 
lead singer of Smashing Pumpkins, 
are doing cover.versions of Nicks’s 
songs and publicly acknowledging 
a debt to her. “She bad a huge effect . 
on everybody, whether they admit it 
or not,” said Love. 

Nicks says she is well aware of 
such sentiments and is tremend- 
ously moved by them. In fact, she 
says, she appreciates everything 
about her long career more than 
ever before, and she tends it with 
newfound attention and diligence. 

If her ringing on fee new album 
and tour is stronger than in the past, 
it is because she quit smoking cm 
Jan. 1 and does 40 minutes of vocal 
calisthenics several hours before 
every concert. “I've never done feat 
in my whole life, ever,” Nicks said 
in a speaking voice much like her 
singing voice: at once coarse and 
tender, bitter and sweet “I've never 
taken voice lessons. I did not know 
that you could be totally hoarse and 
have almost complete laryngitis and 
1 vocal coach 
, so your 



work with a really good voca 
for an hour in the afternoon, ! 


voice has time to settle, and you can 
sing like a bird.” 

Nicks says she quit cocaine 
around 1986. And two years ago. 
she had eye surgery to correct vision 
problems that she says were respon- 
sible for occasional stumbles on- 
stage. “I'm old enough and mature 
enough rad — if you want to be 
mystical about it — ancient enough 
in my wisdom to take a little better 
care of everything: my emotions, 
my body. Because I care now. I’m 
not going to miss out on anything in 
the next 20 years like I missed out 
on things in the last 20.” 

A certain sense of spooky poetry 
was always at the core of Nicks’s 
appeal In popular Fleetwood Mac 
hits and fen favorites like “Rhi- 
annon,” “Gold Dust Woman” and 
"Sisters of the Moon,” she wrote 
and sang of magical, charismatic, 


tortured women like the one she 
pantomimed onstage. 

It made her a superstar, a com- 
mercial force as potent in the late 
197% and early ’80s as Mariah 
Carey or Whitney Houston now. 
The songs she contributed to Fleet- 
wood Mac, from “Dreams” to 
“Sara” to “Gypsy,” were power- 
ful engines behind the group's mul- 
tiplatinum albums. * 

But Nicks also had her part in the 
group's romantic fractiousness. 
The songs on “Rumours,’ ’ many of 
which are resurrected on “The 
Dance,” chronicle her breakup 
with Lindsey Buckingham, the 
band’s lead guitarist and male vo- 
calist, and the pianist-singer 
Christine McVie’s divorce from the 
bassist John McVie. Subsequently, 
Nicks had an affair wife fee band's 
dr umme r. Mick Fleetwood. 


Tbo®» 8. En^oJ'Thc pirn TflftTkaa 

Stevie Nicks on stage for the Fleetwood Mac reunion tour. 


Nicks began making her OWP 

records before fee “Rumours” 
lineup of Fleetwood Mac finally 
•dissolyed in 1987, juggling a solo 
career and membership in the band 
for many years. Her first three solo 
albums, “Bella Donna,” “Tne 
Wild Heart” and “Rock a Little,' ’ 
sold millions of copies. Her image, 
moreover, was indelible, perhaps 
best exemplified by an _ annual 
event at Mother, a Greenwich vil- 
lage night club' w her e hundreds of 
people from all over the country 
come every spring to pay bonwge 
to Nicks, many of fee men donning 
Nicksian drag. It is called ‘'Night 
of a Thousand Stevies.” 

With fee help of Dr. Robert 
Atkins's famous low-carbohydrate 
diet, she tost weight. “I just made a 
decision," fee says, “that I was 
going to be healthy and I was going 
to enjoy my life and I was going to 

enjoy my singing and 2 was going to 

enjoy how incredibly lucky I am to 
have been in abig, huge rock ’n’ roll 
band and been very successful and 
have songs feat people loved and 
that they recite at their graduations 
and their funerals and their bar 
mitzvahs and (heir baby showers.” 

"Silver Springs” could become 
another of those classics. A studio 
version was originally recorded 
two decades ago for “Rumours,” 
but the other members of Fleet- 
wood Mac decided it was too long 
and cut it from fee album. It was 
consigned to fee B side of a single 
and rare appearances on a handful 
of radio stations. 

But when the band members 
began rehearsals this year for fee 
limited series of concerts to be re- 
corded and assembled into “The 
Dance," they decided to revisit 
“Silver Springs." Nicks, singing in 
a craggier but more powerful style, 
transmogrified this tale of es- . 
(ranged lovers from a wistful 
lament into an anguished reproach. 
“Her voice is amazing," said Cor- 
gan of Smashing Pumpkins. "It's 
matured into something almost as 
beautiful as it was when she was 
young. It's difftuent, but just as 
distinct " 


MOVIES 


PEOPLE 


A Reappraisal: Ida Lupino, the Director 


By David Everitt 

New York Times Service 


N EW YORK— As an act- 
ress she traded hard- 
boiled retorts wife Humphrey 
Bogart in “High Sierra” and 
defied Edward G. Robinson 
in “Sea Wolf.” For Ida 
Lupino. though, some of fee 
toughest scenarios took place 
not on screen but behind the 
camera as a director in the 
male-dominated Hollywood 
of the 1950s. 

Petite but dynamic, Lupino 
displayed her gutsy screen per- 
sona in real life by forming a 
production company and mak- 
ing seven of her own films. In 
the '50s, Lupino was the only 
female director in town. 

For the most part fee last 
three decades have not been 
kind to Lupino the director. 

Her movies have rarely been 
shown, and many critics have 
dismissed her. But perhaps 
now her time has come. Three 
of her films — "Not Wanted 
"The Hitchhiker” ( 1953) and "The Bi- 
gamist" (1953) — have recently been 
remastered and released on video by 
Kino International. 



Ida Lupino working as a director in the ’50s. 


(1949), once-taboo subject of unwed mother- 
hood with heartfelt empathy for its 
young heroine and a welcome lack of 
preachiness. "The Hitchhiker," in con- 
trast, is a hard-bitten suspense story. 
Equally important, critical appraisals of based on the real-life case of the 1950 
her work seem to have turned a comer, spree killer William Cook. “The Bi- 
Taken to task by feminists in the 1970s, gamist,” the oddest and perhaps most 
Lupino. who died in August 1995 at the remarkable of the three films, somehow 


series, places Lupino wife 
postwar male directors like 
Nicholas Ray, Sam Fuller and 
Robert Aldrich. “Lupino 
very much belongs to that 
generation of modernist film- 
makers,” fee said. "She 
really had a vision of making 
a different type of movie.” 

Scheib said that critics took 
issue wife Lupino because 
they expected a certain kind 
of personality in films. "Fem- 
inism at that point was more 
interested in looking at im- 
ages of strong women," she 
said. "I don’t think Lupino 
was concerned with showing 
strong people, men or wom- 
en. She often said that she was 
interested in lost, bewildered 
people, and I think she was 
talking about the postwar 
trauma of people who 
couldn't go home again.” 

"Lupino is very unique in 
having a balanced view of 
men and women." said 
Scharres. "For her it's not so 
much about gender; it’s about power. If 
fee women come off as weaker in her 
feature films, it's really this perception 
of how the power is played out,” 
Women have more aggressive roles in 
Lupino's television wort "You get these 
remarkable liitie half-hour or hour scripts 
in which the woman is typically this ex- 


knip huniutieul 


age of 77. was once characterized by the 
writer Debra Weiner as a director who 
“dealt with feminist questions from an 
ami-feminist perspective.” The critic 
Molly Haskell also disparaged Lupino's 
films’ as being “conventional, even sex- 
ist” But now (here is a new appreciation. 

"I should say that any woman director 
who manages to make her career in 
Hollywood, especially at that time, is by 
virtue of that a feminist” said Barbara 
Scharres, director of the Film Center at 
the An Institute of Chicago. 

The Kino films represent a cross sec- 
tion of her work. "Not Wanted," which 
is almost a documentary, deals with the 


aggerated sort of cartoon figure feat wields 
manages to evoke sympathy for a man complete power and men are reduced to 


who marries two women (one of whom 
is played by Lupino). In many ways, fee 
three movies are as quirky and passion- 
ate as Lupino the actress was on screen. 

Lupino's films created a stir for a few 
years, but her production company went 
under in 1955. She didn't direct another 
feature film until 1966, when she made 
“The Trouble Wife Angels,” starring 
Hayley Mills, In the interim, she pursued 
a prolific career in television and dir- 
ected episodes of series like “Have Gun 
Will Travel,” "Alfred Hitchcock 
Presents” and “The Untouchables.” 

Ronnie Scheib, curator of fee Kino 


sniveling worms,” Scharres added. 

Television doesn’t carry the cachet of 
feature films, of course, but Lupino 
seemed content working for fee small 
screen. And the suspense and sense of 
fee macabre in her television episodes 
may also have attracted Lupino more 
than titan the themes of social con- 
science in her features. “It’s a shame she 
didn't go on to make more films for 
theatrical release that might have 
covered the subject matter she gravitated 
toward on television,” Scharres said. “I 
think we might have seen a whole new, 
amazing Ida Lupino." 


H UMPHREY lives. Pic- 
tures of Britain’s best- 
known cat, sitting on Mon- 
day’s newspapers to prove his 
current good health, appeared 
in newspapers Tuesday after 
fee government arranged a 
photo op. At issue, os The 
Times reported cm its front 
page, was “the hidden paw” 
of government in the retire- 
ment of Humphrey, who has 
lived in and around fee prime 
minister’s Downing Street of- 
fice since Margaret Thatch- 
er took him in eight years ago. 

A month ago. Prime Minister 
Tony Blair’s spokesman an- 
nounced that Humphrey had 
been retired to the suburbs be- 
cause of til health. Then the 
rumor began: Humphrey had 
been put do wn on the orders of 
Blair’s wife, Cherie. “The 
suggestion that Cherie got rid 
of Humphrey is a vile slur.” 
newspapers quoted Blair's 
spokesman Alastair Campbell as say- 
ing. Campbell arranged for a group of 
journalists to visit Humphrey at an un- 
disclosed address in London. The Daily 
Telegraph suggested, meanwhile, that 
Humphrey may have a guilty secret 
Scrounger, a cat that lives in nearby St 
James’s Park, is missing. Suggesting that 
Humphrey may be a murderer, fee Tele- 
graph quoted on unidentified park 
spokesman as saying the two cats “did 
have the occasional scrap.” 

□ 

.Good grief! What’s next? Linus 
shreds his security blanket? In nearly SO 
years, Charlie Brown never pitched a 



Jcha PmpWTh- Annant (W 

Charles Schulz is taking a break from “Peanuts.” 

no-hitter. Snoopy never shot down the 
Red Baron, and Charles Schulz never 
took a break. But on Wednesday, the 
“Peanuts” creator begins a five-week 
leave to mark his 75th birthday. “I’ve 
been thinking about taking some tune 
off for a long time,” said Schulz, who 
started the strip in 1950. During his 
break, the 2,600 newspapers feat run 
"Peanuts” will have to make do wife 
reruns of old strips. 

*■ □ 

Nick Park, who has won three 
Academy Awards for his animated ad- 
ventures of Wallace and Gromit, re- 
ceived yet another honor on Tuesday, 


when Queen Elizabeth II be - y 
stowed fee Commander of the 
Order of fee British Empire 
medal on him. “She noticed I 
was wearing a Wallace and 
Gromit tie, “said Park. “The 
queen said she liked fee tie 
and asked if I had brought 
Wallace and Gromit wife roe. 
What impressed me was feat 
she knew about fee Wallace 
and Gromit book." The 
queen should be familiar wife 
Wallace and Gromit She vis- 
ited Park’s studio in Bristol 
last year and was then given 
Wallace and Gromit figures 
in a jar. 

□ 

The artist Christo said 
Tuesday feat he plans to drape 
New York's Central Park in 
fabric. The self-described en- 
vironmental artist, who is tak- 
ing part in an arts festival in. 
Florence wife his wifeai 1 
jeanne-Clande. also said be still warnsT 
to drape the Arkansas River, but that 
project is bogged down in red tape. 

□ . 

Marion (Suge) Knight will spend 
more time in jail because of a fight last 

lerTui 


lupac 

lakur was fatally shot while sitting in 
Knight’s car in Las Vegas. Knight, the 
co-founder of Death Row Records, 
already is serving a nine-year prison 
sentence far violating parole terms in a 
1992 assault case. He has now been 
sentenced to 18 months more for vi- 
olating terms of a 1994 firearms-traf- . 
ticking conviction. 


Ancient Glass Bowl Auctioned for $3.9 Million 


By Souren Melikian 

International Herald Tribane 


L ONDON — A small glass bowl of 
the third centnry B.C. with an open- 
work pattern of tangent Tings attached to 
fee body became the most expensive 
piece of ancient glass ever auctioned as it 
retched £2.31 million ($3.91 million) at 
Sotheby’s. 


Called "Roman” by Sotheby's but 
actually unique in its combined form 
and pattern, which point to fee Middle 
East, it is of extraordinary beauty and 
miraculously well-preserved in view of 
its extreme fragility. 

It caused a sensation when it first sold 
in London as part of fee Constable- 
Maxwell sale conducted at Sotheby’s 
in June 1979 and then set a world 


record for ancient glass at £520,000. 

The entire sale on Monday was a great 
success, netting just over £4 million. The 
second highest price was paid for a mo- 
saic glass bowl described as “Hellen- 
istic” and typical of fee third to second 
century B.C. production in fee Egyptian 
city of Alexandria. Al £276.500, it made 
more than four times the high estimate 
quoted before the sale. 


t- 



in the springtime. 


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