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INTERNATIONAL 



eribunc 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


The World’s Daily Newspaper V - ~ . r~ 




London, Tuesday, October 21, 1997 



Stocks End Currencies 
Tumble Across Asia 

i Fear Rises That Crisis Could Spread; 
Hong Kong Shares Drop 4.6 Percent 


By Thomas Crampton 

Inumaaonal HeraU Tribun e 

- BANGKOK — Share prices and cur- 
rencies fell sharply and broadly across 
^sia on Monday amid fears that East 
Asia's economic and financial crisis is 
spreading. 

Hong Kong stocks led the plunge, 
felting 4.6 percent, and markets in 
Malaysia, South Korea, Taiwan and 
Thailand were close be hind, shed ding 
ipore than 3 percent. 

.■ The currencies of South Korea, 
Taiwan and Thailand compounded the 
tumble by all hitting record lows against 
the dollar. 

. lb South Korea, the economics min , 
tsterfacedopposition calls for his resig- 
nation and another corporate giant had a 
"brush with insolvency. (Page 17) 
r The fresh turmoil across Asia ap- 
peared to have a variety of causes/tt 
came a day after Thailand’s finance 
‘minis ter threatened to resign if the gov- 
ernment were reshuffled, and on the first 


trading day after Malaysia issued a 
budget that many investors and analysts 
found insufficiently thrifty. 

The rout in Asian markets also fol- 
lowed a stock slump jn the United States 
on Friday, which came just ahead of the 
10th anniversary of Wall Street’s Oct 
19, 1987, plunge. 

However, analysts particularly 
blamed the perception that regional 
governments were botching their at- 
tempts to deal with the economic and 
financial crises sweeping across the 
continent. And they said this was ex- 
acerbating fears that interest rates would 
be forced up to defend local currencies. 
Higher interest rates, in turn, could 
mean slower economic growth and 
deepening financial problems. 

“Fund managers around the world 
are scrambling to sell their Asian 
stocks/’ said Guonan Ma, Hong Kong- 
based co-head of Asia-Pacific economic 
research at Salomon Brothers. “What 

See MARKETS, Page 10 



Pruxim Hiuixrmpatol/AprrKx Frantc-pjrut 

Protesters in Bangkok calling Monday for the resignation of Prime Minister Chaovalit Yongchaiyut Thousands 
of people blocked one of the city's busiest streets. Police did not intervene, and the protest ended peacefully. 


Labour Is Sent Reeling 
By Confusion Over EMU 

Blair Feels Market and Political Backlash 


f 


By Tom Buerkie 

International Herald Tribune 


1 : LONDON — After an extraordinary, 
five-month honeymoon in which it 
seemed that Britain’s Labour leaders 
could not put a foot wrong, the gov- 
ernment of Prime Minister Tony Blair 
bumped aub diehard political reality of 
Bumpe’s planned single currency with a 
"joftmg thud on Monday. 

Seeking to quiet increasing specu- 
latioflabaut British participation in 
Banpenq ppqnpB#p and monetary w 
ion, the gtofMar of die Exchequer, 
Gordon Brown, ruled out theprospect of 
joining the euro at the outset in 1999 and 
spoke of “formidable obstacles” to 
British entry in the years immediately 
following. 

That was mainstream thinking here a 
month ago and few politicians or econ- 
omists would quibble with Mr. Brown’s 
analysis because Britain’s booming 
economy is way out of sync with the 
more-subdued Continental business 
cycle. Bui his comments provoked a 
(backlash in financial mantels and a 
vsmnn of controversy in political circles 
►because it haired speculation that Bri- 
* trio would enter monetary union shortly 
after 1999 — speculation that most ob- 


servers believe was fueled in recent 
weeks by none other than Mr. Brown. 

Far from settling die issue, his state- 
ment left an impression of government 
disarray and suggested that the single 
..currency projectholds as much poten- 
tiaT for division a nd mis calculation for 
the Labour Party as it did for die Con- 
servatives when they held power. 

The tuning also embarrassed Mr. 
Blair by overshadowing a private, five- 
hour meeting with Chancellor Helmut 
Kohl of Germany at the prime min- 
"ister’si 

' ^The problem of the last t 
was its Inability to agree on a position on 
monetary union,” said Gerard Lyons, 
chief economist at DKB International, a 
Japanese bank. “We already have signs 
that this is becoming the problem of this 
government.” 

Uncertainty over the government’s 
position intensified during die weekend 
after Mr. Brown ruled out British par- 
ticipation in a single currency in 1999 in 
an interview with The Times, while that 
newspaper and others cited his advisers 
as rating out entry during the life of the 
current Parliament, which runs to 
2002. 

See BLAIR, Page 10 



Prime Minister Tony Blair of Britain, left, showing his country estate to 
Chancellor Helmut Kohl of Germany on Monday before talks began. 



China’s One- Child Policy Is Quietly Fading Away 


By Maggie Farley 

Los Angeles Tunes 


SHANGHAI — There are two words spoken in 
l the Liang household that rarely have been uttered by 
' 4 whole generation of Chinese. They are “brother” 
4nd "sister.” and they are about to be reclaimed by 
the people who never had one. 

China’s one-child policy, which was instituted in 
the fate 1970s, limited most urban Chinese to one child 
‘ — famil y meaning that millions of people like Mr. 
and his wife grew up without ablings. But a 
loophole in China's family planning rules 


made it possible for their 5-year-old boy to have a baby 
sister — and put the Liangs at the forefront of what 
could be a major demographic change in China. 

In most of China’s major cities, the loophole 

Hopes rise for release of some dissidents before 
the Chinese-US. summit meeting. Page 10. 


allows sin 
dren. As 
under 
come 


le children who many to have two chil- 
™ hundreds of millions of people bom 
the one-child policy in the last two decades 
of age, they will have something their parents 


did not: a choice. Their adulthood marks the un- 
official end to the rigid controls that successfully 
curbed China’s population but provoked the con- 
demnation of religious and human rights activists, 
and became one of the most hated elements of the 
government’s involvement in people’s lives. 

4 L By 2005, nearly every couple will be eligible to 
have two kids," said Peng Xizhe, a demographer at 
S hanghai 's Fudan University. “Along with all the 
exceptions in the countryside, the one-child policy as 
we know it will be over.” 

See CHINA, Page 10 


Montenegro 
Elects Foe of 
Milosevic as 
President 


By Chris Hedges 

Nfu- fart Times Service 

BELGRADE — President 
Slobodan Milosevic, who has dom- 
inated the political life of the rump 
Yugoslavia this decade, saw another 
of his key supports knocked out 
from under him Monday with the 
election of a staunch political foe to 
tbepresidency of Montenegro. 

Tne victory by Milo Djukanovic, 
35, the prime minister of 
Montenegro, who defeated Mr. Mi- 
losevic’s protdgd. Momir Bu- 
latovic, for the republic's presiden- 
cy on Sunday, is bound to further 
the instability that has beset the 
country for nearly a year. Mr. Mi- 
losevic must now work with a lead- 
er in the rump Y ugoslavia, made up 
of Serbia and Montenegro, who ap- 
pears to be edging his republic to- 
ward secession and who bas de- 
nounced his authoritarian rule. 

“This is the latest in a series of 
damaging blows to Milosevic,” 
said Stoian Cerovic, a columnist in 
the independent newsmagazine 
Vreme. “This defeat severely 
weakens Milosevic's influence in 
Montenegro and will make it harder 
for him to manipulate the federal 
Parliament to give him the legal 
trappings that he needs to cloak his 
one-man rule.” 

Montenegro, with 600,000 of 
Yugoslavia’s 9.4 million people, 
has equal rights with Serbia under 
the constitution. It controls half of 
the upper house of Parliament, 
which has the power to choose and 
dismiss the Yugoslav president, the 
post held by Mr. Milosevic. 

Mr. Milosevic,. who had the old 

See BALKANS, Page 10 


U.S. Fires 
Legal Salvo 
At Microsoft 
For ‘Abuses’ 

Justice Dept to Seek 
$1 Million-a-Day Fine 
In Antitrust Dispute 

By Brian Knowlton 

International Height Tribune 

WASHINGTON — The Justice De- 
partment said Monday it was seeking a 
SI miliion-a-day fine against Microsoft 
Corp. until the software giant stopped 
requiring makers of personal computers 
to license and distribute its software for 
its Internet Explorer browser. 

Joel Klein, assistant attorney general 
for antitrust, said Microsoft should be 
held in contempt for violating the terms 
of a consent decree, signed by Microsoft 
and the government in July 1994 and 
made final in court a year later, that 
sought to bar the company from engaging 
in anti-competitive licensing practices. 

The company’s policies, Mr. Klein 
said, represented “an abuse of mono- 
poly power, and we seek to put an end to 
it.” He described the violations as 
“very serious.” 

Microsoft bundles its Internet ex- 
plorer software on its widely used Win- 
dows 95 operating system for personal 
computers, its chief competitor for the 
browser market is Netscape. 

Although a judge will have to decide 
whether to uphold the government’s con- 
tempt finding and whether to order a fine 
of the magnitude sought, the news jolted 
technology shares. 

It was believed to be the largest con- 
tempt fine ever sought by the Justice 
Department’s antitrust division, which 
usually seeks S 10,000 a day fines in 
contempt cases. 

Microsoft shares, which had gained 
up to S3 earlier in the day, closed up 37.5 
cents at $ 1 32.625 on the Nasdaq. Shares 
of Netscape closed up $4.0625 at $39. 

The Justice Department’s move was 
considered long overdue by many Mi- 
crosoft competitors. 

Netscape had complained in an Au- 
gust 1996 letter to the Justice Depart- 
ment that Microsoft appeared to be vi- 
olating both the letter ana the spirit of the 
consent decree on the browsers issue. 

On Thursday, the European Commis- 
sion said that it was again investigating 
Microsoft's trade practices. It will hold 
hearings this year on the matter. 

Some consumer groups contend dial 
Microsoft is guilty of wider attempts to 
dominate the operating-system market, 
in violation of antitrust law. 

But there was little expectation that 
even a heavy fine imposed on Microsoft 
would break up its domination of per- 
sonal computer operating systems. 

Microsoft was quick to criticize the 
Justice Department action. ’ ‘This action 
is unfortunate and misguided,” said a 
Microsoft spokesman, Marie Murray. 

“The facts will show that Microsoft 
is in full compliance with the consent 
decree” governing the dispute, he 
said. 

He added that the decree at stake 
“specifically allows Microsoft to in- 
tegrate new features into the operating 
system." 

Attorney General Janet Reno, ap- 
pearing with Mr. Klein, said: “Mi- 
crosoft is unlawfully taking advantage 
of its Windows monopoly to protect and 
extend that monopoly.” 

Mr. Klein said Microsoft's strategy 
dearly intended to undercut the market 
dominance of Netscape. 


Huge Soros Gift to Russia 

iFinancier Offers $500 MilUonfor Projects 


By Judith Miller 

Tori Times Service 


JEW YORK — George Sotos, foe 
igarian-bom American financier 
philanthropist, has announced mat 
svill spend as much as $500 million 
r foe next three years in Russia to 
rove health care, expand education 
help retrain military personnel to 
-cmtianjobs. . .. 

to. Soros, speaking Monday in Mos- 
?, said his initiative would cover 

it fields. _ . n 

his gift, following others fw huo- 
isof millions of dollars, would make 


Newsstand Prices^ 

_ 1 . 000 BD Mata- 


•55 c 


_CE1.00 5geria-T26WN^ 
-lAQQOKr Oman.. — OR 

-1.250 JO 


Mr. Soros the largest philanthropist and 
individual Western investor in Russia. 

■ In foe last decade, Mr. Soros, who 
was bom in Budapest 67 years .ago rod 
emigrated to the United States m 1956, 
has donated close to $1-5 billion prt> 
rooting what he calls 4< open societi es 
— foe expansion of civil liberties, a free 
press and political pluralism— - at home 
and abroad 

Since 1994, he has donated in excess 

of $350 million a year to his foundations 

in more than 30 countries, spending more 

than $259 million in Russia alone. _ 
This new gift would malm his foun- 
dation in Moscow, the Open Society In- 
stitute-Russia, his largest presencem any 
country, including foe United Sales. 

Mr. Soros’s latest gift cranes Iks nan 

amonfoafterTedTunier,the billionaire 

founder of Cable News Network, an- 
nounced that he would donate up to $1 
billion, or up to $100 million a year for 
10 years, to benefit United Nations pro- 



Havana to Slum Dwellers: Go Home! 

Drive Aims to Send People Back to East and Raze Shanty Towns 


By Lany Rohter 
New York Times Service 


Pfmncc- Pwwc 

George Soros, speaking Monday, 
stressing health and education aid. 


HAVANA — Seven years ago. 
Jorge, a sugarcane cutter from foe east- 
ern province of Guantanamo, arrived 
here with his wife and force children, 
hoping for a better life. 

Though he eventually found a job that 
paid double his old salary, he was able ro 
get housing only by building a one- 
room shack on foe outskirts of foe Cu- 
ban capital. 

But now the Cuban government is 
demanding that he and tens of thousands 
of others like him, most of them from 


foe country’s five easternmost 
provinces, go back home. 

Under a tough new set of regulations 
decreed earlier this year, the local au- 
thorities have been given the power to 
evict, fine and expel any “internal mi- 
not formally i 


grant' 
Havana. 


ly registered to live in 


Throughout Cuban history, the cap- 
ital city has been a magnet for people 
from the provinces. But with the onset 
of the “special period” of austerity that 
President Fidel Castro decreed after the 
collapse of Soviet bloc communism and 
the termination of Soviet aid, foe gap 
between foe capital and foe countryside 


has sharpened and that magnetic at- 
traction bas increased. 

4 ‘Since the start of the special period, 
tilings have gotten really rough back 
east,’ ’ said Leoyolvi, who like Jorge and 
other immigrants living here illegally, 
spoke on condition that only the first 
name be used. “There are shortages of 
food and medicine and gasoline there, 
and that is what has driven us here. 
We’re desperate to improve our situ- 
ation.” 

In Cuban slang, the migrants are 
known as “ Palestinos or “Palestin- 

See CUBA, Page 10 



When he made bis gift, Mr- Turner. 

identified Mr. Soros as foe philanthrop- 
ist he most admired, and Mr. Sotos 

fact two weeks touring R u ssi a . 

'that while foe tour was 


See SOROS, Page 10 


AGENDA 


ITT Accepts an Offer That Beats Hilton’s 


The Dollar 


NwYaifc Monday 6 4 P.M. pragma 


PAGE TWO 


DM 


1.7727 


ITT Corp. said Monday it had agreed 
to be acquired by Starwood Lodging 
Trust in a $13 3 billion deal that would 
foil a nine-month hostile pursuit by 
Hilton Hotels Corp. and create foe 
world's largest hotelier. 

Starwood, a zeal-estate investment 
trust, said last month that it would buy 
Westin Hotels & Resorts for $1-57 bil- 


lion, adding that company’s brand name 
to its hotel operations. The inclusion of 
ITT, which operates foe Sheraton hold 
chain , would put those properties and 
the C3GA, Luxury Collection and 
Caesars brand names: under one owner. 

Analy sts questioned whether Hilton 
would want to come back with a higher 
bid. Page 13. 


A Stoplight at the End of the Earth 


1.7725 


Pound 


1.634 


1.618 


EUROPE 

Was the Nuclear Test 

Page 5. 

an Earthquake? 





Opinion _. 


Sports 

----- Paces 20-21. 

| The IHT on-line 

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Yen 


121.225 


120.70 


FF 


5.9365 


5.938 



+74.41 


7921.44 


S&P 500 


7847.03 


+10.92 


M ° na> y»*P-M- Pttnagdoae 
944.16 


955.08 


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PAGE mo 


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Just for Practice / World Begins to Reach Remote Japanese Island 

The Middle of Nowhere Gets a Stoplight 


By Kevin Sullivan 

Washing run Past Service 


A OCA SRIMA, Japan — The 209 people 
who live on this remote chunk of volcanic 
rock in the Pacific Ocean raise a few thin 
cows and some sweet potatoes and pas- 
sion fruit, and they fish when typhoons are not 
blasting their island. 

The school Iibraiy has a few videos to rent, but 
there are no restaurants or bars or coffee shops. 
About die biggest attraction is the village sauna, 
which is heated by the same volcanic rumbling that 
makes the ground hot to the touch and causes steam 
to rise from volcanic vents all over this lush-green 
crater 350 kilometers (215 miles) south of Tokyo. 

But a little twinkle of the modem world arrived 
last week; Aoga Shima got its first traffic light, 
complete with a crosswalk and pedestrian tights, on 
its only paved intersection. At a ceremony, the 
signal was unveiled and turned on, and two visiting 
police officers led the island’s 27 elementary and 
junior high school students in a symbolic jaunt 
across the crosswalk. 

Aoga Shima needs a traffic light like a cow needs 
galoshes, but the village elders thought it would be 
a good idea for the local children to know what one 
looks tike before they leave the island. So traffic- 
light lessons are part of the school curriculum and 
all the students will get a chance to practice using 
the new crosswalk, which dead ends into a stand of 
palm trees. 

“If they go to Tokyo, we want them to be safe/’ 
said Takeshi Kanaya, deputy principal of the junior 
high school. 

Aoga Shima 's new traffic signal represents more 
than a few blinking tights in the Pacific night The 
kind of rural life found here, where a fishing net is 
more important than the Internet is slipping away at 
a furious pace all over Asia. 

There are 14 urban areas in the world with 
populations of 10 million or more: 9 of them are in 
Asia. From Seoul to Jakarta to Bombay, Asia's rural 
fanning communities are being swallowed in the 
breathtaking expansion of the world's fastest-grow- 
ing cities. Rural lifestyles are disappearing in the 
United States and Europe, coo, but the speed and 
scope are more dramatic in Asia. 

The ebbing of rural life is particularly acute in 
Japan. More than 37 million people now live in its 
two biggest cities, Tokyo and Osaka, and the 400 
kilometers between the two are one huge urban 
sprawl. 

The Japanese government also warned recently 
that 500 of the country’s tiniest hamlets, many of 
them tucked away on islands or in mountainous 
areas, are on the verge of disappearing. 


Y 


OUNG people are moving to cities and 
abandoning the rural way of life that 
sustained their parents and grandparents. 
They find village life boring and removed 
from an outside world filled with movie theaters and 
ballparks and the latest song by the American pop 
star JeweL Aoga Shima 's population has dropped 
by nearly half since the 1950s. 

The island has been so cut off from the world that 
it is home to a unique dialect of Japanese that dates 
to the eighth century. But since electricity — and 
therefore television and radio — arrived in 1966, 
studies Show die number of island students who can 
speak die native dialect has dropped from almost 90 
■percent to 6 percent. 

’ v Remote living can be expensive, too. The cost of 
shipping in everything from soap to spare tires puts 
more pressure on rural residents, especially those 
who live on an island. Aoga Shima is building a 
concrete wharf to allow ships to land despite the 
violence of deep-ocean weather and waves. 



Cola OTWSWnV' Vnhxrgkm Fwi 


WUage elders thought it would be a good idea for children to know what a 

stoplight looks like before They leave the island and enter another world. 

Because of shipping costs and the difficulty of the 
work, the wharf costs almost $1 million a meter to 
build and it has been under construction for nine 
years. 

La March, the town’s new $8 million school 
building was completed. Thanks to government 
generosity, its elementary and junior high students 
are looked after by 23 teachers in a modem building 
with computers and a two-way video-conference 
system that allows them to study simultaneously 
with students in Tokyo. 

But there is no high school on the island, and 
students must leave Aoga S hima to attend high 
school elsewhere in Japan. 


Many people here work on government projects. 
They build bridges or jetties or repair roads. It is a 
public works program that the Japanese government 
has used fra decades to keep its rural areas work- 
ing. 

But with government money drying up as Japan's 
economy slows, people in places like Aoga Shima 
may have to find wok elsewhere — perhaps off die 
island. 

Sitting in her fereelscudrait English class re- 
cently, Akiko Hiroi, 15. scrunched up her face as 
she looked out the window at the new traffic li g ht 
She said she wants to live on this island when she 
grows up, and she does not think such new gadgets 
are needed here. 

“There haven’t been any accidents,’’ she said. 
“We have our own unique life here. Why do we 
■ have to Bel ik trTOky o?~ 

Aoga Shima, which is about eight square ki- 
lometers, is. ringed on all sides by sheer cliffs of 
dried lava. Most of fee island is a huge volcanic 
crater and the underground heat and frequent rain 
have made the bowl a deep, lush jungle with an 
almost prehistoric feeL The town’s only village is 
nestled on the outside of fee main crater, high above 
the crashing sea. 

The village has only one doctor and one police 
officer — no dentists or hospitals. The entire island 
is wired to a loudspeaker system, which announces 


the arrival of ferries and cargo ships. Newspapers 
arrive at least a day late. Television reception is 
limited to a couple of satellite stations. 

Drinking water arrives “only from heaven,’ ’ ac- 
cording to a teacher, Akiko Sasaki, who pointed to a 
huge concrete bowl built to collect rainwater, which 
is stored in a tank as the village water supply. 

There are 214 vehicles on the island, mostly 
construction trucks. The larger equipment arrives in 
pieces on a cargo ship. Because the sea is too rough 
for the ship to dock, the pieces are brought to fee 
wharf on barges and assembled on shore 
The island has one gas station with two old- 
fashioned pumps. It has two small grocery stares that 
sell just the basics, plus a large selection of beer and 
whiskey. Mayumi Arai, 42, owns fee gas station and 
a little store across the street She married an Aoga 
Shima islander and moved here 17 years ago. when 
the place seemed to her like the end of the Earth. ' 
Mrs. Arai said she has gotten used to mail- 
ordering all her basic needs and she likes the sim- 
plicity of life here and does not want to see it 
change; “People here belp each other and they talk 
to each other on fee street — not tike Tokyo.” 


Vi 


TSITORS to Aoga Shima arrive by heli- 
copter or ferry boat from Hachijo Jima 
island, about 70 kilometers north. Be- 
cause of frequent bad weather, there are 
usually only two or three times a week when they 
can land. 


KlyosM WhtahSdi .u t?e kgtosmi&tx who: fau 
been living on Aoga Shima fQr«ix months forking.' ’ 


on a construction seeped jpaled when; 

asked what life » IfegHX} : fee jtigpcL; i *; ■ , 

“Hmmm.” he said, pausing for a long time. “I 
eat lots of fresh fish.” 

Kunio Kikuchi, 63, the village’s deputy admin- 
istrator, said people on the island amuse themselves 
with fishing or gardening or playing volleyball in 
the school gym. He said that Aoga Shnna people did 
not need a lot of entertaining; they just enjoy fee 
natural beauty of the place. 



Author’s Racism 
S tings German Officials 

Attack by Guenther Grass Called Insulfi 


By Alan Cowell 
New York Tones Service 


BONN — Senior German govern- 
ment officials, picked a public fight 
Monday with one of the country’s best- 
known authors, Guenther Grass, over 
remarks he made assarting his com- 
patriots as “closet racists” in their be- 
navior toward would-be immigrants. 

The exchange between the author and 
his government critics was significant 
hpg-anw it ffluminateda particularly Ger- 
man dilemma. The authorities are highly 
sensitive to suggestions that the modem, 
reunified Germany has learned no les- 
sons from, a history of intolerance. 

Paradoxically, though, the official as- 
sault on Mr. Grass, 70; who prides him- 
self on stirring contentiousness from a 
leftist perspective, . evoked other 
memories of dissident authors facing 
official opprobrium in prewar Ger- 
many during fee Communist dic- 
tatorship in the former East Germany. 

Mr. Grass opened fee duel Sunday 
when he presented Yasar Kemal, a 
widely known Turkish author, wife the 
Peace Prize of fee German book-pub- 
lishing industry. 

1 ‘Poes not fee latent German hatred 
of foreigners speak through the bur- 
eaucratically coded deportation policies 
of the present interior minister, which 
finds its echo in fee columns of fee 
extreme right?” Mr. Grass s aid. 

He was apparently referring to gov- 
ernment policies that grew from a wave 
of rightist attacks on foreigners in fee ' 
early 1990s following reunification. At 
feat tun e, fee government developed a 
twin-track policy, cracking down on 
extreme-rightist political groups while 
tightening restrictions on immigration 
and asylum-seekers. 

According to Mr. Grass, about 4,000 
refugees from Turkey, Algeria and Ni- 
geria are held in deportation centers so 
as to appease what he trained Germans' 
“closet racism.” 

Mr. Grass, whose best-known work is 
“The Tin Drum,’-' published in 1959, 
also criticized the German authorities 
for supplying arms to fee Turkish gov- 
ernment, which has been fighting an 
insurgency by Kurdish separatists in fee 
southeast of the country for years. 

The German government maintains 
fear supplies of military equipment, such 
as armored cars, are aot supposed to be 
used for suppression ofpolittcal dissent. 

Bnt Mr. Grass said Sunday feat Ger- 
many had become “accomplices” in a 
“war of extermination,” evoking Ger- 


policies offer ever more stringete 'x&. 
strictions on asylum-seekers and daw 
citizenship even to fereignerUjon^ 
Germany, Bonn nonetheless accepted 
far more Balkan , war refugees, 52 
fean 350,000, than any .other 
country. ' ~ ,T; 

At the same time, Germany ishonu 
to about 2 million Turks, offing 
known as “guest workers,” totem 
permitted free immigration over dfe 
d ecade of Soviet Jews and ethnic 
mans from the former Soviet Union;;' ' 

“Germany is not a xeaophobicS»L : 
try,” said Peter Hausmam, 
enimem spokesman. .“We 
more civil war refugees 
country in fee world.” 



many’s Nazi-era history. 

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Crew Fails to Finish Rewiring in Mir Module 


Axis and Antiques 

every Saturday 


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backed by 'demob racy” : ' 

The remarks infuriated officials close 
to Chancellor Helmut Kohl. 

Peter Hintze, the secretary-general of 
Mr. Kohl’s dominant Christian Demo- 
crats, said Mr. Grass’s remarks meant 
he had “put himself outside the circle of 
serious authors” and had “sunk to an 
intellectual low.” 

Eduar d Lintner, a high official in the 
Interior Ministry, said fee accusation of 
racism against fee German people was 
“really an insult.” 

Mr. Grass’s remarks touched a raw 
nerve because, while government 


TRAVEL UP: 

Storm Hits 
Japan Braces for 

MANILA CAP) — Offi 
power to a northern 
Philippines to minimize 
casualties Monday after a 
ignated Ivan, knocked 
power lines. 

The storm, with sustained 
143 kilometers (93 miles) 
gusts of up to 185 kilometers 
the Philippine archipelago ' 
day near Aparri in the 
province of Cagayan, w" 
said. 

Although the typhoon bad 
slightly over fee Pacific Oce 
still strong enough to tear into 
and farms in a vital agricultural 
produces rice, tobacco and vegetables^ 

Meanwhile, an even more powerful?; 
typhoon was headed toward Japan after . -. 
ravaging fee Northern Mariana Islands; ^ .. • 
The storm designated Joan 
through the Northern Mariana 
on Saturday, producing widespread 
damage but no reported iigtjriea^ 

16 Die in Kenya llopi. 

MOMBASA, Kenya (AFP) —Sex* ‘ . 

rential rain has caused the worst flpotk -j f/ft 
Log in recent years on Kenya’s IbfiaQ '* 
Ocean coast, resulting in fee deaths Of at 'll//) t 
least 16 people, the authorities said' • 
Monday. 

A family of five perished Sunday 
when their house collapsed, and four 
people were swept to their deaths as the 
Mbogholi River rose and crashed overa 
bridge. -■ ;* : | 

Tourists were stranded in some te 
sorts, and traffic was restricted at Moml • 
bas&’s international aflp6ftr ,, ‘ ■’ - | 

Two new Japanese destinations!' 
Sapporo and Nagoya, will be served bj 
KJLM Royal Dutch Airlines on its winte 
schedule. The schedule comes into 
force Sunday and will be effective untfl 
March 29. (AEX) 

Amtrak management and rail track 
workers have agreed on a cooling-off 
period of at least one week, averting^ - 
possible strike Wednesday that could 
have wrought havoc on hundreds d 
thousands of U.S. commuters. (A77]{ 



ft,- if.ii 


!. • 


■r 'Unfit 


Reuter* 

KOROLYOV, Russia — Two Rus- 
sian cosmonauts sealed off the Mir space 
station's punctured Spektr module on 
Monday but left some rewiring work 
unfinished. 

The Mir commander. Anatoli Solovy- 
ov, told ground controllers that fee Spek- 
tr hatch was closed at 1 6 1 S GMT after he 
and Pavel Vinogradov, an engineer, had 
spent 6 hours and 38 minutes inside 
wearing space suits. 

The operation was intended to link the 
module's three undamaged solar panels 
to a computer guidance system’ in an- 
other module. 

But the final step, connecting the 
cables to three sockets in the airtight seal 
before closing up Spektr. ran into dif- 
ficulties. 

The cosmonauts made tu o of the con- 
nections but could not make the third. 

“It’s no big deal,” the flight director. 
Vladimir Solovyov, said at Mission 


Control outside Moscow. “You ’ve done 
a great job.” he told the cosmonauts. 

He said later there would be no at- 
tempt to return to the Spektr module to 
fix fee third connection. 

Within two days. Mir should be get- 
ting 30 percent more power than before 
because of the work done Monday, fee 
flight director said. 

Mr. Solovyov and Mr. Vinogradov 
were making their second sortie into fee 
damaged module, which was sealed off 
after it was punctured in a collision wife 
a cargo craft in June that severely re- 
duced power aboard Mir. In the first, on 
Aug. 22. thev connected electrical 
cables to the three solar panels. 

“What I sec is not a great picture,” 
Mr. Vinogradov told Mission Control as 
he entered the module Monday. “Lots of 
things are floating here, like an Amer- 
ican suitcase." 

The rewiring operation had been 
scheduled to last for five hours. Reserve 


oxygen supplies can give the cosmo- 
nauts up to eight and a half hours in their 
space suits. They began using up oxygen 
shortly before entenng Spektr. 

During the operation, fee American 
astronaut aboard Mir. Dr. David Wolf, 
was sitting in fee Soyuz escape mod- 
ule. 

' The operation encountered a 40- 
minute delay before fee cosmonauts 
entered the module. Officials gave vary- 
ing explanations. 

A spokeswoman said electronic data 
had shown that several solar panels on 
another module were turned away from 
the sun, which could have caused a 
power shortage. 

The two cosmonauts were told to nun 
the panels before trying to enter Spektr, 
she said. 

But Igor Goncharov, chief doctor at 
Mission Control near Moscow’, said the 
crew simply had been late in completing 
preparations for fee operation. 


WEATHER 




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Forecast for Wednesday through Friday, as provided by AccuWeather. Asia 


North America 

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with showers of rain and 
snow, ihen dry and cold 
through Friday. Comfort- 
atrte w8h some sunsHna In 
Ihe West. A developing 
storm may bang rain and 
snow 10 the central Rock- 
ies by Friday. Sunny and 
nk» In the Southeast 


Europe 

Sunny and worm 6i soutf*- 
en» Spain and southern 
haly. but soaMng ran s w* 
reach from no rthern Span 
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Asia 

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Wednesday: winay end 
much colder with a freeze 
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Saoid Wednesday: show- 
ers Thursday and colder 
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cooler with Stowers Friday. 
The remains oi Typhoon 
Ivan may bring heavy ram 
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i 







INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 


PAGE 3 


THE AMERICAS 


11,1,1 \ 


Privacy Pr\ 


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ment that would let people stop the post office denounced by privacy-advocates as “1 -800-Big- gathered information that could jeopardize their 

WEU/ vrui — "SZ &nur from selling their change of address to direct Broth®.” privacy. But legislation drafted in response to 

Ntw YORK — Senator Dianne Feincr - * maricet ere- Some are ambitious, likelegislation to To curb the use of counterfeit identity doc- such scandals is often watered down by op- 

tnsmayed Iasi year when it took ^ how the health care industry handles umeots. Ms. Feinstein urged adoption of a “bio- position from business executives or law en- 

min u tes §cl her confidential Son*? P ersonaI medical information. metric” identity card and database with the di- forcemeat officials, weakened by exemptions 

number, like millions of other*; fm™, aect “? t y But with few exceptions, the proposals seem to gital fingerprints, retinal eye scans or voice and finally shelved with general — ■’- s — 1 

service available to Internet >1 0 j" . ^ 8<>mg nowhere. . patterns of all eligible workers and benefit re- about its broader consequences, 

world. around the Beneath the surface of their appeal, most are ripients in the United States. And to fight voter * " 

' - are losing control over chei •>. mired in unresolved conflicts. over contradictory fraud, she favored a bill that would require all 

tines,’ ’ Ms. Feinstein, Democrat nfp'S . ' fioals: 0n ^ 0116 hand » preserving personal pri- people registering to vote in a federal election to 

told Congress in Anril as eh* VIM Y* and cm the other, the advantages of muck. urovide their Social Security numbers. 

Personal InfomuuiMWiv^J a J 
die circulation and sale oHstJiS'* bl ^ 10 
here without on indiriduS’swS^^^^ nom_ 

Some are modest, like a postal code ampnH. 


told Congress in April as vaCy ' 31x1 00 fte other, the 

Personal Information Privacv a JtS? , . * e computerized access to personal information for 
the circuiatinn n . . u _ a DUi to limit fighting crime, fraud and waste, or promoting 

growth in the information economy. 

Ms. Feinstein herself illustrates the deep am- 
bivalence behind the stalemate. To combat illegal 
immigration, for example, she proposed requir- 
ing all employers to telephone a high-tech na- 
tional database and punch in the Social Security 
number of every job applicant The plan has been 


J T'" “—a 



provide their Social Security numbers. 

.Such a requirement would make the numbers 
part of the public record and, critics say, more 
accessible than ever. 

‘‘Everybody wants to have it berth ways,” said 
Robot Cellman, a lawyer and privacy expert in 
Washington. "‘Nobody is willing to pay die price 
for privacy.” 

Until a scandal erupts, many people remain 
unaware of the growing amounts of compuier- 


Earlier this year, for instance, Mr. Gellman 
headed advisory hearings for the Clinton ad- 
ministration on the disclosure of health-care re- 
cords without the patients' consent Under the 
current practice, the intimate details of almost 
anyone’s treatment are available to hundreds of 
thousands of billing and insurance clerks at com- 
puter terminals across the country. 

. Everyone who testified at the bearings, from 
industry officials to consumers, agreed that fed- 
eral restrictions were needed, Mr. Gellman said. 
Everyone agreed thar individual consent for re- 
lease of information was important to protect 


“The members at congress are ambivalent 
out privacy, as are all Americans,” said Robert 
lis Smith, a privacy watchdog and publish® of 


privacy. “And everyone,” he added, “wanted to 
be exempt.” citing such needs as cost contain- 
ment, peer review and public health research. 

In toe end, a sweeping exemption giving ac- 
cess to law enforcement and intelligence agen- 
cies was written into the recommendations. 

‘The members of Congress are ambivalent 
about; 

EllisS . 

The Privacy Journal. 

The White House is no less ambivalent, said 
Alan Westin, a Columbia University law pro- 
fessor and consultant to Equifax, the credit- 
checking and medical-records giant. 

“The Clinton administration now views pri- 
vacy as a wonderful quality-of-life issue,” Mr. 
Westin said. “But the administration has come 
out in favor of self-regulation when it comes to 
the on-line world,” partly out of fear of stifling 
commercial development of the Internet. 


How Clinton’s Goals for Cleaner Air Clouded 


. s: 

! 


u i *i* ;h k* nv 


Fernando Umo/Tbc Ambtad ft™ 

END OF A BAN — The head of the U.S. anti-drug effort, Barry McCaffrey, 
. center, in Bogota on Monday honoring narcotics officers who were killed on 
- duty. He later met with President Ernesto Samper, ending a U.S. moratorium 
■ on contacts with the country's tainted leader. At left is Colombia's police 
• chief. General Jose Serrano; at right, Defense Minister GQberto Echeverry. 


BRIEFLY 


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Shifting the Burden 
Of Taxpayer ‘ Guilt 9 

WASHINGTON — The chief Repub- 
lican tax writer in Congress will push this 
week to curtail the legal presumption feat 
the taxpayer is always guilty in federal tax 
disputes, introducing a powerful but di-. 
,, visiyenfiw issye; into effortstopyerbauJ the 
* Internal Revenue Service. 

Representative Bill Archer ofTexas, the 
chairman of the House Ways and Means 
Committee, said he will propose a plan that 
would shift the burden of proof away from 
individual taxpayers, but not from compa- 
nies, in cases where disputes progress from 
audits 10 civil tax court. 

His proposal is aimed in part at redress- 
ing, on both symbolic and practical 

{ [rounds, what many critics of the tax-col- 
ection system regard as a fundamental in- 
equity: that taxpayers must prove they are 
innocent when accused by the IRS in ad- 
ministrative and civil proceedings of not 
paying their full tax bill. By comparison, in 
criminal tax cases, as in all types of criminal 
. cases, the burden of proof rests with the 
government. 

“In our system of justice, criminals have 
more rights than taxpayers,” Mr. Archer 
said. “It’s high time we change that.” 

But the measure is strongly opposed by 
the Clinton administration and many tax 
experts, who say the shift, however well- 
intentioned and politically popular, could 
undermine the government’s ability to col- 
lect taxes. The proposal, these critics say. 
also could create new legal quagmires that 
could ensnare both taxpayers and the IRS. 

Lawrence Summers, deputy secretary of 
the Treasury, said that “a wholesale shift m. 
the burden of proof could risk placing ex- 
cessive burdens on honest taxpayers by 


making it harder for the IRS to rely on 
voluntary compliance and by forcing the 
IRS into more burdensome audits and in- 
vestigations.” (NYT) 

Carter on \ Legal Bribes 9 

WASHINGTON — Both political 
parties share toe blame for toe met that. 
Americahswho want something from, their 
government believe they must buy it with 
campaign contributions; form® President 
Jimmy Carter says. 

“I don’t think there is any doubt that in 
toe incumbent administration and in toe 
Congress decisions are heavily influenced 
in many cases by how laige a contribution is 
made,” toe former chief executive said 
Sunday on CNN. 

Name-calling between toe White House 
and Capitol Hill has helped give Americans 
“the impression, which is not always er- 
roneous, that to get legislation passed or 
decisions made in Washington, you've got 
to contribute money in a so-called legal 
bribe,’ * Mr. Carter said. 

A former Democratic Party chairman, 
Don Fowl®, appearing after Mr. Carter on 
the CNN show, called those words “a bit. 
too strong.” 

“1 wouldn't call it bribery,” he said. “I 
will say that this system needs fixing very 
badly.” (AP) 

Quote / Unquote 

Tom Korologos, a veteran lobbyist, warn- 
ing that a feisty altitude can easily backfire 
for witnesses before congressional hcarings 
and recommending instead the “80-20” 
rule: “If toe senators are t alk ing 80 percent 
of the tim e and you are talking 20 percent of 
toe time, you’re winning.” (AP) 


• K-T- 




tt 




•tf * 




Away From Politics 

• A 14 -year-old boy was seriously injured 

when a cannon accidentally fired during a 
Civil War battle re-enactment near Cin- 
cinnati. The boy was helping load toe can- 
non when it discharged, throwing tom sev- 
eral feel, wimesses said. (Reuters) 

• While dieting right and gvng up 
smoking are keys in reducing the risk of 


Court Affirms 
Abortion Right 
-- 

- WASHINGTON — The 
Supreme Court refused Mon- 
day to reinstate a Louisiana 
parental-consent law that was 
struck down as an undue in- 
terference with toe abortion 
rights of young girls- 
The court, by an S-ttM 
vote, let stand rulings that said 
toe 1095 law would make it 

> ..m* r oirk to 


heart attacks, a new study says patients 
should not ignore toe importance of dealing 
with stress. A stress-management program 
helped heart patients reduce their risk of 
heart attacks or toe need for surgery by 74 
percent researchers reported. (AP) 

• A Norwegian missing for almost a month 
has emerged from toe Alaskan wilderness, 
exhausted and thin, toe police said. Oddame 
Skaldebo, 5 1 , walked into Koyukuk village, 
his original destination. (Reuters) 


By John H. Cushman Jr. 

New York Times Service 

WASHINGTON — Four 
years ago. President Bill Clin- 
ton declared that by the end of 
the decade his administration 
would reverse toe increase in 
U.S. emissions of pollutants 
that threaten to warm the 
planet’s climate. 

As he released a 50-point 
plan, toe president announced 
“our nation's commitment to 
reducing our emissions of 
greenhouse gases to their 
1990 levels by die year 
2000.” To skeptics who 
called the plan - weak, he 
promised periodic reviews 
and modifications to keep the 
reduction of emissions on 
track. 

Mr. Clinton's promise, and 
how toe United States is now 
breaking it, will be at toe heart 
of toe administration's -prob- 
lem this week in Bonn, when 
representatives from around 
toe world meet on toe cli- 
mate. 

They will be negotiating 
how quickly industrial na- 
tions must rein in their emis- 
sions of carbon dioxide and 
other so-called greenhouse 
gases that build up in toe at- 
mosphere and trap toe beat of 
the sun. 

The miles are supposed to 
end in December in Kyoto, 
Japan, with a new treaty on 
clima te change (0 strengthen 
toe one most of the nations 
worldwide agreed to in Rio de 
Janeiro in 1992. - 

While the United States 
has called for a binding new 
treaty, it is also calling for 
what toe White House calls 
realistic targets and 
timetables for reducing emis- 
sions. 

At toe current rate of 
growth, the emission of 
greenhouse gases by toe 
United States will be 13 per- 
cent above its 1990 level by 
the end of the decade. 

The administration has in- 
dicated that most likely it will 
postpone until 2010 or be- 
yond the goal that Mr. Clinton 
pledged the United States 
would meet by 2000. The rea- 
son, many critics say, is that 
his government has refused to 
impose mandatory measures, 
like requiring toe fuel effi- 
ciency of automobiles to be 
increased, or raising energy 
taxes to force people to con- 
serve. Greenhouse gases 
come mostly from burning 
fossil fuels, like coal and oil, 
and one of toe best ways to 
reduce emissions is to save 


energy. 

“The 


only thing we know 
for absolute certain is that 
voluntary programs won’t 
work,” said Jessica Tuchman 
Matthews, president of the 
Carnegie Endowment far In- 
ternational Peace. “And that 
is progress. It was probably a 
stage that we bad to go 
through.” 

Kathleen McGinty, the top 
environmental aide at the 
White House, cited three 
main reasons for toe failure of 
die 50-point plan to achieve 
its goals: congressional cuts 






t 


ioo difficult for some g^ to 
tobttin abortions without hav- 
ing a parent's permission, 
i In other action, the co ^ 

! •Agreed to use a case from 

Ohio to clarify when the gov- 
lemmem's management plan 
for national forests can oe 
challenged in court- 
I * Rcjcacd an appeal by toe 
father of a victim of a serial 
killer, Jeffrey Dahmer. who 
fetid that Mr- Dab®® * Kj 

bation officer should be hdd 

legally responsible for htf 
son's death. 



in financing for energy con- 
servation, the unexpectedly 
high raie of economic growth 
and fuel prices that were 
lower than anticipated. 

Other factors, too, have un- 
dermined the Clinton admin- 
istration’s efforts. Congress 
temporarily blocked toe En- 
ergy Department from issu- 
ing new energy-efficiency 
standards fen- household ap- 
pliances, and toe Energy De- 
partment failed to issue new 
efficiency standards for elec- 
trical-distribution trans- 
formers on power lines, 
where about 7 percent of all 
the nation’s power simply 
leaks away. 

A proposal to label car tires 
so that consumers could tell 
which ones provided the best 
gasoline mileage went 
nowhere; the same fate 
awaited a tax proposal to dis- 
courage employers from sub- 
sidizing panting spaces for 
employees. And forestry 
agencies missed goals for 
planting trees, which absorb 
carbon dioxide from the at- 
mosphere. 

Only 70 percent of toe pro- 
jected reductions in green- 
house gases materialized, and 
even these reductions were 
offset when toe booming 
economy spurred demand fin- 
fossil fuels. 

When Mr. Clinton issued 
his action plan four years ago, 
he projected that It would re- 


duce greenhouse-gas emis- 
sions by about 109 million 
tons a year by 2000. That 
would be enough to return 
emissions to their 1 990 level: 
1.58 billion tons of carbon. 
Instead, emissions in 1995 
totaled 1.67 billion tons. 

Michael Oppenheimer, a 
climate scientist at (he En- 
vironmental Defense Fund, 
said toe reductions -achieved 
so far were "nothing to 
sneeze at.” 

“It is a very big achieve- 
ment that voluntary programs 
were able u> do that well,” he 
said. “The trouble is, toe legs 
were cut out from under toe 
voluntary program. Volun- 
teerism works a lot better 
when it is matched up with 
mandatory measures." 

The Clinton administration 
wants to impose a new cap on 
future greenhouse gases. Un- 


der its plan, companies would 
be given permits to emit 
greenhouse gases, but at a re- 
duced level. 

Companies that can inex- 
pensively reduce their emis- 
sions below the cap would be 
allowed to sell their excess 
permits to companies that 
have a harder time cutting 
emissions. 

■ Rise in Emissions 

Joby Warrick of The Wash- 
ington Post reported: 

Emissions of greenhouse 
gases from cars, factories and 

g ower plants in the United 
tales rose sharply last year, 
by 3.4 percent over 1995. ac- 
cording to a new Energy De- 
partment analysis. 

“Although U.S. emissions 
have been growing since 
1991, their growth acceler- 
ated in 1996,” the report said. 


It described toe rise last year 
as “toe highest rate of in- 
crease in years.” In compar- 
ison. U.S. emissions rose just 
over 8 percent in toe previous 
six-year period. 

The report attributed toe 
increase in part to a robust 
economy and higher prices 
for natural gas, which is a 
relatively clean fuel. The 
price rise has slowed the 
switch from dirtier energy 
forms such as coal, which is 
still toe fuel of choice for 
many of toe nation’s electric 
utilities. 


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INTERNATIONAL TIKRAT.il TRIBUNE, TUESDAY, OCTOBER 21, 1997 


By Elizabeth Becker 

Nmr York Tunes Service 


I O’SMACH, Cambodia — At this b3se 
camp near the Thai border, what is left of 


{Cambodia's most successful non-Communist 
movement has taken refuge among piles of 
itebris. 

? The small former market town is completely 
burned out. Planks serve as pathways across 
hwd fields that were once roods and byways. 
Under crude lean-tos, soldiers huddle for cover 


as much from the last of the monsoon rains as 
from the artillery fire echoing in the distance. 
| The 300 soldiers here are the relics of the 
army that fought against die Vietnamese oc- 
cupation of their country from 1979 to 1991 
jratil the invaders had left and the Hun Sen 
government they had installed agreed to free 
find fair elections under a UN mandate. The 
pon-Communists were victorious in the 1993 
elections, and until last summer their leader, 
prince Norodom Ranariddh, was the coun- 


g y’s first prime minister in a coalition with 
econd Prime Minister Hun Sen. 


! But Prince Ranariddh was deposed in July 
py Mr. Hun Sen. Rather than surrender. Gen- 


eral Nhek Bun Chhay, the deputy chief of the 
Country’s army, fled with 400 soldiers. He 


C os one of only two men in his contingent 
ho escaped and reached this modest sanc- 


who escaped and reached this modest sanc- 
tuary. 

: "‘When Hun Sen offered me $2 million to 
give up, 1 said to him that would be an affront 
to the thousands who fought in the war," the 
general said in an interview. "I won ’t sell you 
my soul for any price.” 

General Nhek Bun Chhay proved to be 
. singular in his devotion to the cause and in his 
ability to survive. Mr. Hue Sen's police and 
military killed at least 47 members of the non- 
Coramunists* potitBal party, Funcipec, includ- 
ing nearly all of the senior military officers, 
according to UN investigators. Several Fun- 
cipec leaders, however, have switched sides 
and are now part of die Hun Sen government. 

A solid, wide-faced man whose battle scars 
are masked by intricate religious tatoos. Gen- 
eral Nhek Bun Chhay, 41, is now far from the 
high-stakes world of Phnom Penh’s new 
wealth and corruption. He is trapped in the 
hinterlands, backed up against the Thai bonier 
by fields strewn with land mines and patrolled 
by government troops 65 kilometers (40 


reported from Paris. 
Federico Mayor. 


Federico Mayor, director-general of tire 
United Nations Educational, Scientific and 
Cultural Organization, said die problem, sim- 
ilar to that which left a seat empty at the UN 
General Assembly in New Yonc last month, 
was "still being studied.” 

Mr. Hun Sen laid claim to die UN seat in 
New York, as did Prince Ranariddh, leaving 
the General Assembly seat empty. 

The 29th biennial General Conference of 
Unesco, which will gather 2,000 represen- 
tatives from 1 86 member states, opens Tues- 
day in Paris and runs until Nov. 12. 



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jRoyalist Cambodia General 
Won’t Give Up the Fight 


miles) to the south. He operates at the suf- 
ferance of the Thai Army and in the shadow of 
the Khmer Rouge, the guerrillas who ruled 
from 1975 to 19/9 under Pol Pol 

The Khmer Rouge army, driven from power 
by the Vietnamese invaders in early 1979, is the 
wild bronco General Nhek Bun Chhay is trying 
unsuccessfully to control. Last week, the 
Khmer Rouge were supposed to have provided 
new proof that they had broken with their past 
This would, have permitted General NhekBun 
Chhay to argue that they would be respectable 
allies in the opposition to Hun Sen. After 
General Nhek Bun Chhay fled here, be declared 
control over the 2,000 Khmer Rouge troops in a 
partnership to oppose Mr. Hun Sen. 

The Khmer Rouge announced on Wednes- 
day that they had withdrawn an earlier offer to 
hand Mr. Pol Pot over to an international court 
of justice for crimes against humanity. Now, 
the general said, the Khmer Rouge are in- 
sisting that “if Pol Pot is brought before an 
international court of justice, then Hon Sen 
should be bought to justice, too.” 

By equating the well-documented atroc- 
ities of Mr. Pol Pot’s rule to Mr. Hun Sen’s 
coup and the repression of the Vietnamese 
occupation, the Khmer Rouge have ensured 
that they will never hand over Mr. Pol Pol 

The current Funcinpec alliance with the 
Khmer Rouge has added weight to Mr. Him 
Sen’s claim that the coup was necessary be- 
cause the n on-Commnmsts had become too 
close to the Khmer Rouge. 

■ An Empty Seat at UN Conference 

Unesco officials have called on King Noro- 
dom Sihanouk to resolve a dispute over who 
will represent Cambodia at a United Nations 
conference this week, Agence France-Presse 



,7,1 l ’" n ' 


.- Ill* 0 


/ “ . * VVil 




In North Korea, a i Di 


By Keith B. Rich burg 

Washington Post Service 


TONGSIN, North Korea •— In 
Africa, the starving leave their huts 
and villages in search of food and die 


quickly along the roadsides. Here in 
North Korea, they starve slowly at 


North Korea, they starve slowly at 
home. 

Therein lies the key difference be- 
tween the North Korean, food crisis 
and the more familiar f amines of 
Africa, with the televised images of 
huge numbers of emaciated people 
crowded into feeding centers and dy- 
ing in large numbers. 

As a Washington Post correspon- 
dent in Africa in 1992, 1 saw the dead 
and dying in famine-stricken Somali 
towns like Baidoa and Merca and 
Bardherre. That was what might be 
called a typical famine, man-made 
and Afiican-style. caused when war- 
fare forced scores of people to flee 
their homes. The displaced could not 
plant their fields due to clan fighting , 


so they flocked to the nearest cities. 

There was no food, and hundreds of 
people died in the streets and along 
the roadsides each day. Their bodies 
were piled in the backs of pickup 
trucks, until they were dumped into 
the open pits that gave those towns the 
putrid smell of death. 

Here in North Korea, there is also a 
famine, and it can also .be called man- 
made. But there is no war, and there are 
□o displaced people. The starving are 
not allowed to leave their towns and 
villages in search of food. They stay 
home, make do with what little food 
distribution there is, and die quietly. 


“In Africa, you saw hundreds of 


thousands of people dying at once,” 
Mr. Hall said. In North Korea. “It’s a 
famine . But it’s a different kind of 
famine Than whai we’ve seen in 
Africa.” 

In Somalia, the warlords and their 
militias had all they wanted to eat, 
while the rest of the population was 
left to starve. Relief workers and oth- 
ers in North Korea are convinced that 
the distribution system spreads what 
food there is equitably, so everyone is 
malnourished, but no one, except 
children under 6 and, presumably, 
senior officials, would get more than 
anyone else. 

Without large numbers of people 
dying in one place — and with strict 
government control of information — 
it is difficult to gauge die number of 
famine victims. Estimates fluctuate, 
some as high as die millions. In 
Somalia, we reporters could count ■ — 
at the feeding centers, at the hospitals, 
on the backs of the trucks, along die 


Hall, Democrat of Ohio. whoheads the 

wouhTleave di^hom^^K/^re^ef 
groups "would set up feeding centers, 
and it was very difficult to get people 
to go back to meir homes and plant” 
“In North Korea, people are urged 
to stay at home,” he said “They pLant 
vegetables around their homes. ’ ’ 


roads In North Korea, we see very/ 
very Utile and can only guess. 

In Africa, malnutrition is easy to 
spot, because the starving often walk 
shirtless, or in rags, their bones and ribs 
visible. Here, because of die cold (even 
in early October), the people we saw 
w alking along the roads were bandied 
in parkas, j ackers or old army coats. On 


a cursory inspection, there was no way 
to tell how thin they were. 


■ US. to Tighten Monitoring _ ; 

American officials are to arrive in 
North Korea on Saturday to investigate 
food needs and totigbteaproceduresto 
ensure that aid goes only to children 
and others in dire need. The Associated 
Press reported from Washington. 

The State Deportment spokesman, 
James Rubin, sard Monday that somq 
bureaucratic hurdles had already been 
cleared to make the monitoring offbod 
distribution more pervasive. “We 
have always regarded monitoring to be 
crucial,” be said. 


/ 1 - to 


For INVESTMENT 
INFORMATION 
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TIC MONEY REPORT 

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mthelHT. 


Indians Discover 


BRIEFLY 


Strikes and Spares 


Singapore Holds Ship Captains 


Hetalb^h^ibmte 


By Kenneth J. Cooper 

Washington Post Service 


NEW DELHI— There is a 
new game in town, and it has 
nothing to do with politics, 
the absorbing passion here in 
the capital of the. world’s 
largest democracy. And un- 


Real Estate 
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like cricket, the one rood that 
can maifft chaotic India stand 
still and watch, this pastime is 
played indoors, by the whole 
family. 

It’s bowling. 

The quintessential game of 
Middle America has arrived 
in India, slipping through the 
same economic opening that 
fast food and MTV did. For 
decades, bowling had been 
virtually unknown in India 
became the required equip- 
ment was considered a luxury 
item, subject to steep import 
duties. Since the restrictions 
were lifted a few years ago, 
three bowling alleys have 
opened in the Delhi area and 
another one in central Mad- 
hya Pradesh state-, drawing a 
mix of families with children 
and groups of twenty- 
someihing men to the lanes 
for the first time. A dozen 


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and in several omer cities. 

“1 think it will be very pop- 
ular,” Bobby Chadha. 28, 
i said while he waited his turn 
in a low-scoring game with 
other novices — a brother, 
classmate and business asso- 
ciate. “I saw it on TV, and a 
friend told me I should go.” 

It was Mr. Chadha ’s 


AGENCE CHAMPS ELYSEES 

SjjeceJstx 

Rnittsd apamwrts. 3 monte 9 more 
orutfutfeted, ras&rtigJ areas. 


hi’s Leisure Bowl. 


iday marking the birth of Mo- 
handas Gandhi, Mani Sehni, a 
salesman from London, cel- 
ebrated by taking his relatives 
bowling at Little Paradise just 
outside Delhi in Haryana 
state. Mr. S ehni wrapped his 
arms around his mother’s 
small children to help them 
lift and roll the heavy balL 

“If s entertainment for the 
kids,” he explained. 

The bowling alleys — the 
largest has eight lanes, and 
the rest only four — have 
billed themselves as family 
entertainment centers. The di- 
versions offered make them 
an innovation in a nation of 
950 million with few other 
indoor places for families to 
have fun together. 

“People so fer had only 
cinema balls in India.” said 
H.S. Bawa, owner of Leisure 
BowL “Where else can a per- 
son go for entertainment in 
this country?” 

The entire country has 16 
amusement parks; Delhi, a 
city of more than 9 million, 
has just one. In the daily list- 
ings of the capital’s newspa- 
pers, lectures and seminars 
outnumber concerts and thea- 
ter performances. 

Traditionally. members of 
India’s extended families en- 
tertained one another at borne 
with food and conversation. 
The coming of cable TV in 
the past six years has pro- 
vided another source of home 
entertainment, eating into the 
m ar k e t of the traveling circus, 
which remains' affordable 
wife an admission price as 
low as 25 cents. 


SINGAPORE — The police arrested on Monday the 
captains of two ships involved in a collision last week that 
resulted in a major oil spill, a senior Singapore port 
official said. ■ 

The vessels, fee Orapin Global and fee Evoikos. col- 
lided despite the fact that they were being tracked by fee 
Poet Operations Control Center, -which warned of their 
impending impact as much as 13 minutes' before it . 
occurred, said Chen Tze Penn, director-general of fee 
Maritime and Pott Authority. A transcript of calls from 




port masters to fee ships was released at a news con- 
ference; it showed both vessels had acknowledged emer- 


ference; it showed both vessels had acknowledged emer- 
gency warnings. . 

Officials identified the captain of the Orapin Global as 
Jan Sokolowski, a Polish national and the captain of fee 
Evoikos as Michael Chaikins, a Greek. (Reuters) 


U.S. Plans War Games in Korea 


?: lift 


SEOUL — The United Stales and South Korea will 
conduct a two-week field training exercise later this month, 
tiie U.S. military command in Seoul said Monday. 
Code-named “Foal Eagle,” the annual drill will take 


place from OcL 27 through Nov. 8 in various parts of Soufe 
Korea and involve most of Soufe Korea's 650,000-member 


Korea and involve most of Soufe Korea's 650,000-member 
military and the 37,000 U.S. troops stationed here, it said. 

The drill is expected to anger North Korea, which calls 
all U.S .-South Korean exercises war preparations against 
the North. (AP) 


Jakarta Troops Fly In Food Aid 


I l ri 




JAKARTA — Military helicopters flew rice and 
noodles to famine-stricken areas in Indonesia’s remote 


. , — v»w a AVU1VU+ 

inanJaya Province cm Monday, and government officials 
said food shortages bad also spread to Sumatra. 


people too oiea from hanger and such ailments as res- 
pnatory problems and malaria. One official said relief 
efforts had been hampered by the weather, which has 

been made worse by smog from forest fires. 

Indonesia has been hit by a severe drought that has been 
exacerbated by the El Nino weather pattern. The drought 
has contributed to fee rampant forest fires in Indonesia. 
Uiggenng a choking smog over a large pan of Southeast 
ASUL (Reuters) 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 


FAGE5 


EUROPE 


Did CIA Goof on a ‘Nuclear Tesf? 

Aug. 1 6 Event in Sea North of Russia Was a Quake, Experts Say 






Washington a w.u ■ ■ 

classified alert issued b^OA™ 

ggasMaff-: 

trom Jhe government s Nuclear Test 

LientiT? nCe CornmitIee * an interagency 
•SJSS, 1 ® J^p. and said that Russia 
probably had conducted a nuclear teS 

SJg-to-.-w-dJSS 

al.the National Security 
Count d swung into action, convening 
interagency meeting two days late^The 

£??l2S ,mdor was summoned to 
hear a strong complaint at the State De- 




partment, and the senior U.S. diplomat in 
Moscow issued a similar demarche at the 
Foreign Ministry there. 

Although the government kept the re- 
port secret, the NSC prepared a statement 
to be read in case of a leak, which said. 
“We do have information that a seismic 
event with explosive characteristics oc- 
curred in the vicinity of the Russian nu- 
clear test range’* on the island of Novaya 
Zemlya- When the statement was re- 
leased on Aug. 27, it raised suspicions 
around the world that Moscow had chal- 
lenged the nuclear test ban treaty. 

There was only one problem: The 
CIA’s report about the location of the 
“event*.’ was wrong, according to vari- 
ous U.S. intelligence and defense of- 


Moscow Reports Pact With Parliament 



Agrnce France-Press e 

MOSCOW — Russia’s feuding gov- 
ernment and Parliament, whose Com- 
munist Party majority threatened to 
raise a no-confidence motion this week, 
resolved their dispute Monday, Prime 
Minister Viktor Chernomyrdin an- 
nounced. 

The executive body and the two 
houses of the legislature were able "to 
agree on all the main questions," he told 
the Interfax news agency. 

The breakthrough was reached in 
.v talks at the Kremlin among President 
) Boris Y eltsin. Mr. Chernomyrdin, Gen- 
nadi Seleznyov, the speaker of the lower 
house of Parliament, and Yegor 
Slroyev, the speaker of the upper 
house. 

Mr. Chernomyrdin, who threatened 
to resign if a no-confidence vote went 
against him. said the negotiations bad 
been “very constructive." 

According to Interfax, the govern- 


Solidarity 
Agrees to 
j Coalition 

Reuters 

WARSAW — Poland’s 
conservative Solidarity bloc 
and the liberal Freedom Un- 
ion struck a hard-fought deal 
to form a coalition govern- 
ment Monday as Parliament 
convened for a four-year 
term. 

Sources close to the talks 
said Solidarity would control 
the-- T treasury- • and Social 
Policy Ministry, allowing it to 
pursue- its' vision of pension 
reform founded on mass pri- 
vatization. It would also head 
interior affairs, agriculture, 
telecommunications, the 
economy and health. 

"A full agreement on the 
program was signed and a 
political deal initialed, with a 
clause that this can be com- 
pleted or expanded with both 
sides* agreement," Marian 
Kxzaklcwski. leader of Soli- 
■ darity Election Action, as the 
) Solidarity-led coalition is 
now tailed, told reporters 
right before Parliament met. 

“A Solidarity-led coalition 
won 201 of Parliament's 460 
lower house seals in the Sept. 
21 elections, beating the 
Democratic Left Alliance, the 
revamped Communists who 
had ruled for four years with 
the Polish Peasant Party. 

The pro-business Freedom 
Union, which came in third 
with a pivotal 60 seats, has 
been trying to extract the 
highest possible price for ns 
support in talks with the lar- 

^ ger coalition. 

Its efforts seem to nave 
been largely successful. 

"I think we have given too 
much away: our negotiators 
were too soft.’ lamented one 
leader from the right wing of 
Solidarity Election Action. 

Negotiators from both 
sides said the deal, reached 
after repeated bouts of brink- 
manship. laid the groundwork 
for long-term cooperation be- 
tween the two coalitions. 

-It is satisfactory for both 
sides." said 
Onyszkiewiez of the t-ree- 
dom Union. 

■ The talks were some- 
rimes hard, they lasted long, 

hut they gave a 
good coalition which wiU last 
four years" sad Janusz To- 
maszewski. a top negotiator 
for Solidarity. 

Solidarity's Jerzy Buzek, 
S7. designated prime minister 
Friday, said be expect^ to 
have a cabinet picked by the 

end of tile week. 

: Sources close to the talks 
said the agreement gave *e 
Freedom Union the foreign, 
finance. 

justice and defense P^f 
and the scientific research 

committee. 

irsxaf-S 

ssirfsrjl 

SS-JSRSS 

rli 1989 fall o'f communism. 


ment agreed to several of the leftist 
opposition’s demands in return for 
dropping the no-confidence vote, in- 
cluding regular round-table meetings of 
the four senior politicians. 

Mr. Seleznyov, a Communist, said of 
the no-confidence proposal. "I do not 
rule out that deputies who initiated this 
could remove their signatures from the 
motion." 

He said neither the government nor 
Parliament had wanted "to put each 
other in a corner." 

Under Russia's Constitution, if a no- 
confidence vote in the lower house suc- 
ceeds twice within three months, the 
president must either dismiss the cab- 
inet or dissolve Parliament and call new 
elections. 

The no-confidence motion was de- 
bated last Wednesday, but the vote was 
put off for a week after Mr. Yeltsin 
called Mr. Seleznyov with a compro- 
mise offer. 


BRIEFLY 


ficials, independent scientific experts, 
and the British, Norwegian and French 
governments. The event actually oc- 
curred about 80 miles at sea and, these 
officials and experts now say, was al- 
most certainly an earthquake. 

In the past two months, U.S. intel- 
ligence officials say. the CIA has 
scoured its overt and secret sources of 
intelligence near the test site and has 
found nothing to corroborate its initial 
report: no sign of unusual radioactivity, 
no record of telltale underwater blast 
sounds, no indication of underwater 
drilling or extraordinary activity of any 
kind in the Kara Sea off Novaya Zemlya 
before, during or after the event. 

The Russian government has called 
the charges unfounded and disappoint- 
ing. But the administration has not yet 
poblicly given Moscow a clean bill of 
health, a circumstance that some U.S. 
officials and independent scientists 
claim is partly due to a lingering distrust 
of Russia's military operations in the 
vicinity of the test site and partly to the 
reluctance of the CIA and senior poli- 
cymakers to acknowledge that they 
made a diplomatic and scientific goof. 

"I personally think it was an earth- 
quake,” said Harold Smith, assistant to 
the secretary of defense for nuclear, 
chemical and biological defense pro- 
grams, adding that other scientists at the 
Pentagon share his belief that the initial 
CIA report was wrong. "We now know 
that they would have been well advised to 
wait" until they had more data and could 
reach an accurate conclusion, he said. 

"Not only was there a mistake made, 
but there was no effort to retract it," said 
Paul Richards, a seismologist at 
Columbia University who is also a con- 
sultant for the Arms Control and Dis- 
armament Agency. 

What makes the initial CIA report 
especially surprising is that die event 



l> MWlBieoKT. 


NEWCOMERS — A Gypsy family from Slovakia strolling in Dover, England. They are part of a wave of 
Slovak Gypsy families who ha* e arrived in the port, overwhelming local officials' ability to house them. 


was described from the outset as having 
occurred at sea by officials at an in- 
ternational monitoring center in Arling- 
ton, Virginia, which was created to col- 
lect. analyze and distribute data from a 
worldwide network of nuclear test 
sensors — the same network used by the 
CIA to provide its analysis in this case. 

About an hour after the disturbance 
occurred, computers at the center — 
drawing upon seismic* signals from five 
sensors or arrays in Norway. Sweden. 
Finland and Russia — had fixed ihe 
probable location at more than 60 miles 
from Novaya Zemlya and ruled out the 


possibility it had occurred at the test site. 
A second report, prepared by the center 
after more exhaustive analysis two days 
later, confirmed that conclusion. 

An unclassified report on the center's 
analysis, including a statement that the 
event was most likely an earthquake, 
was scheduled to be presented last 
month by the center’s director. Robert 
North, at a scientific meeting convened 
by the Defense Special Weapons 
Agency in Orlando. Florida. But ai the 
last minute, the presentation was can- 
celed. after officials elsewhere within 
the Defense Department objected to 


making the information public, accord- 
ing to the official who made the decision 
to withdraw the presentation. 

"The sense I got was that there were 
some concerns about the paper, and this 
thing had not been vetted," the official 
said. 

Interviews with White House, Defense 
Department and intelligence community 
officials indicate that confusion over the 
origins of the Aug. 16 evenr stemmed 
largely from the fact that Russian tech- 
nicians were busily engaged in suspi- 
cious-looking activities on Novaya 
Zemlya during the same period. 


Tremors Shake Central Italy 

ROME — A series of earth tremors shook central Italy 
on Monday, registering between 3.2 and 4 on the Richter 
scale, the Rome Institute of Geophysics reported. 

There were no reported victims' or damage from the 
tremors. All occurred on the border between the 
provinces of Umbria and Marches, 200 kilometers (120 
miles) north of Rome. Experts have said the high number 
of aftershocks in central Italy following the devastating 
Sept. 26 earthquake was unusual . ( AFP) 

Ex- Albania Chief Is Acquitted 

TIRANA. Albania • — Albania’s last serving Com- 
munist president, Ramiz Alia, was acquitted of charges of 
"genocide and crimes against humanity" by a Tirana, 
court Monday. * 

Mr. Alia, 71, was accused of deporting hundreds of 
opponents of his regime between 1982 and 1986 and of 
ordering the killing of Albanians seeking to flee the 
country between 1986 and 1991. The former president is 
believed to have fled the country in March. (AFP) 

Yeltsin Backs Land-Mine Treaty 

MOSCOW — President Boris Yeltsin on Monday re- 
affirmed Russia’s commitment to join an international 
treaty banning land mines, and reports quoted him as 
suggesting he might go to Canada in December to sign it 

"The leaders of Russia and Canada hail the progress of 
the international community," said Mr. Yeltsin and the 
visiting Canadian prime minister. Jean Chretien. 

The Itar-Tass press agency quoted Mr. Yeltsin as 
saying after the talks that he "could not rule out" taking 
part in a conference in Ottawa in December during which 
some countries are expected to sign the pact. ( Reuters) 

A Unionist Walkout in Belfast 

BELFAST — Protestant Unionists stormed out of a 
session of Northern Ireland peace talks Monday in a 
dispute over Ireland’s claims to the disputed British 
province. . , . 

The Ulster Unionist Party signaled that the walkout 
was temporary and challenged Dublin to renounce its 
claims. .The party’s leader. David Trimble, said: "We 
would like to see the Irish government clarifying its 
position, but we are not erecting preconditions." 

The dispute erupted over comments that Mr. Trimble 
said were made by the new Irish foreign affairs minister. 
David Andrews. Mr. Trimble quoted him as saying that 
Dublin would not consider changing its constitution until 
Northern Ireland’s factions agreed to measures to end the 
conflict. Unionists want Dublin to renounce a clause in its 
constitution claiming jurisdiction over all of tbe island ot 
Ireland either now or as part of a peace packaged Reuters) 



LONGINES* 

INELEGANCE DU TEMPS DEPUIS 1832 



CONQUEST 





page 6 


Victors in Congo War 
Try to Restore Order 

But Looting Still Goes On in Brazzaville 


Agence France-Presse 

BRAZZAVILLE, Congo Republic 
— Cobra militiamen loyal to Denis Sas- 
sou-Nguesso tried to restore order here 
Monday as looters — - many themselves 
Cobras — still ran wild. 

Militiamen have set up barricades in 
certain areas, seeking to round up 
weapons, but the campaign 'against loot- 
ing is in general disarray, because of 
battle fatigue, postwar euphoria and 
lack of clear Lines of authority. 

Looters could be seen traversing the 
city in cars filled with household goods 
or pushing wheelbarrows Loaded with 
booty, almost a week after General Sas- 
sou-Nguesso’s forces took control of 
the capital. 

Nevertheless, life gradually returned 
to a semblance of normality with the 
reappearance of residents who had hid- 
den out in nearby forests during the 
four-month civil war, which was largely 
fought in Brazzaville. 

The residents picked their way home 
cautiously, changing their route ax the 
sight of a uniform. 

The French ambassador, Raymond 
Cesaire, went in midmoming to die em- 
bassy he was forced to leave in late 
August amid intense righting. 

Since the lull of the city, the embassy 
has been ransacked. Many windows are 
broken, cupboards stand empty and the 
best furniture has gone. 

The U.S. Embassy, a few hundred 
meters away, has fared much worse. Its 
first two floors have been destroyed by 
fire, and the ambassador’s communi- 
cations room was gutted. 

A Cobra militiaman, asked why he 
was on the U.S. Embassy premises, 
said: “We’re just checking. The Coco- 


yes were here before us.’* referring to a 
mili tia that had backed the deposed 
President Pascal Ussouba along with 
the Zulus and a group known as the 
Mambas. 

They were joined toward the end of 
the wax by the Ninja militia, which had 
backed the formerly neutral Brazzaville 
mayor, Bernard Kolelas, whose ap- 
pointment as prime minister by Mr. 
Lissouba was rejected by General Sas- 
sou-Nguesso. 

The UN World Health Organize 
lion’s African headquarters, based in 
the city, has also been thoroughly ran- 
sacked, although important WHO data- 
bases of African health and sanitation 
records remained intact. 

Over die weekend, hundreds of cars 
stolen by gun-toting Cobra fighters 
drove through the city with goods 
plundered from the central and southern 
suburbs that had been under the control 
of Mr. Lissouba's forces. 

There were indications, however, chat 
moves were being made to rein in the 
lawlessness before Wednesday, when 
General Sassou-Nguesso is expected to 
arrive in the city. 

■ France Denies Intervening 

France denied Monday having in- 
tervened in the war, saying it had played 
no role in the victory of General Sassou- 
Nguesso, Reuters reported from Paris. 

“France did not intervene," Foreign 
Minister Hubert Vedrine said in a radio 
interview. “It did not interfere.’’ 

He told France Inter radio that 
France’s sole goal throughout the four- 
month civil war was to support a me- 
diation offer by President Omar Bongo 
of Gabon. 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 

INTERNATIONAL 



Algerian women, holding photographs of missing relatives, demonstrating Monday in the streets of Algiers. 


• y-.-yi t - 


28 Reported Killed in Algerian Islamist Attacks 


Agence France-Prcae 

ALGIERS — Twenty-eight per- 
sons were killed in new bomb attacks 
and other raids in Algeria, while self- 
defense groups and security forces 
killed 17 armed Islamic extremists, 
press reports said Monday. 

Several newspapers also reported 
that the army had launched a series of 
operations against Muslim fundamen- 
talists. notably in the Bainem forest 
near Algiers, which is regarded as a 
stronghold of the radical Armed Is- 
lamic Group. 

The daily La Tribune said an armed 
gang killed two families — a total of 1 1 


persons — in the Saida region south- 
west of the capital over the weekend. 

In the Larbaa area south of the 
capital, five persons were killed by a 
bomb, El Kharab reported. 

The daily Liberie said another 
bomb had lolled five persons in a car 
□ear Berrouaghia, and three were 
found with their throats slit near Beni 
Slimane. The decapitated bodies of 
two nomads were reported to have 
been found between Sidi Bel Abbes 
and El Bayadh in the Saida region. 

A bomb killed a guard and wounded 
two persons at Laardjarda in die east- 
ern coastal iijel region, Le Matin re- 


ported, and, in die same region, an 
elderly woman’s throat was slit 
Iijel is a base of a large faction of 
the Islamic Salvation Army, the 
armed wing of the outlawed Islamic 
Salvation Front, which began a uni- 
lateral cease-fire Oct. 1. 

The Armed Islamic Group bas re- 
fused to end hostilities or to consider 
any dealings with the government of 
President Liamine ZerouaL, which 
plans to hold local elections Thursday. 

Algeria plunged into insurgency 
after the army intervened in 1992 to 
cancel an election that the Islamic 
Salvation Front was poised to win. . 


Moi Cautions $ 


“ R t 



■ ,i 


With Election 


Amend France-Presst . ■ J 

NAIROBI — President' Daniel, ana-’ 
Moi warned Monday that the.govenv* 
niem would take 4 *stem action’* again® : •; 
anyone interfering with the wunpaigj / 
for elections, expected near the end of: 
the year. . 

He was addressing a rallyin Nairobi* - 
day after the police opened fire with Iivt 
bullets and volleys of tear-gas rounds to, • 
dis perse a crowd gathering for an o 
position demonstration in. the town. 
Nyahurum, 200 kilometers (125 ; 
northwest of the capital, Nairobi. 






i.t. 


\i*ro*’ 


. . X 

take stem action against anyone who ' 
dares to interfere witb the electoral pro* # v * 
cess in any way,” Mr. Moi told thou-S | tl ; jHl 
sands of supporters gathered fertile rPJI* * 
Kenyatta Day rally. The rally conan^: P 
orated the arrest of the founding 
ident of Kenya. Jomo Kenyatta, by 
ish colonial authorities in 1952. ' . v .j - 1 
In the central town of Nyeri, licit J 
police fired tear-gas Monday and used 
truncheons to beat hundreds of people 
who were attending a rally organized by 
the pro-reform lobby, the National Con- 
vention Executive Council, witnesses, 
said • : 

The police arrested 10 people, ia^ 
rinding an opposition member of Par- 
liament, James Orengo, and a conve^ 
tion. activist, Onyango ; Midia^ 
following the fracas at Bmruru market; * 
seven kilometers north of Nyeri : 

The violence spread to Nyeri as tiu* 
police pursued opposition politicians ' 
and convention officials who had gone 
to Nyeri to honor Dedan Kiroathi, who; " 
was hanged by the British in 1950s for- 
leading Mau Maui guerrillas. . J ■ 

The function was planned to coincide- 
with Kenyatta Day. 


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High Hopes in South Sudari 

Rebels Think Victory Over the Islamic North Is Near 1 


By John Daniszewski 

Los Angela Fima 


TURALEL Sudan — The men of Turalei 
are reed-thin giants, scraping the sky at 7 feet. 
Armed with spears and automatic rifles, they 
bear themselves with a regal dignity unaf- 
fected by the rags they wear or their empty 
bellies. And in recent days, they seem to be 
standing even taller than usuaL 

After enduring 14 years of civil war, this 
comer of war-devastated southern Sudan has 
been- “liberated'-’ from the-forces of- the na- 
tional government in Khartoum. 800 kilo- 
meters (500 miles) to the north. The local 
people are excited by the possibility tbar vic- 


lory is within their grasp and that soon they 
will be ” ' 


able to choose their own destiny. 

Similar emotions are sweeping much of 
southern Sudan, where since 1983 African 
Christians and animists have been rebelling 
against the Muslim government of the north. 
On almost every front, government forces 
appear to be in retreat. Officers are defecting 
to the rebels. Garrison towns increasingly are 
cut off. And now, for the first time in 3t least 
five years, rebels threaten to capture Juba, the 
largest city in the south. 

“This regime is on its deathbed,” said an 
anti-government activist, citing rebel ad- 
vances not only in the south but also in the 
north and east bordering Ethiopia and Er- 
itrea. 

To be sure, the war ebbs and flows, and it is 
possible that the National Islamic From gov- 
ernment led b\ General Omar Bashir will 
make a comeback. But it is also clear that in 
southern Sudan, at least, events are rapidly 
coming to a bead: 

“The war is over,” the rebel commander. 
Colonel John Garang, boasted recently. 

Colonel Garang has reason to feel satisfied. 
His Sudanese People’s Liberation Army, or 
SPLA, which says it wants to topple the 
rigidly Islamic government and create a “new 
Sudan,” has scored impressive gains since it 
teamed up last year with disaffected political 
groups from the Arab north. 


Among them, they have managed to open up 
second military front, this one in eastern 


Sudan, that imperils Khartoum's power supply 
and the highway to the Port Sudan harbor. 
Government defenses have been stretched to 


breaking point, allowing a resurgent SPLA that 
foi 


had been on its knees four years ago to secure 
most of Sudan's south — except for Juba, Wan 
and a few other highly fortified towns. 

Small wonder, therefore, that last month 
General Bashir finally accepted a proposal 
made three years ago to bold direct nego- 
tiations with die Sudanese People's Liber- 
ation Army based on a “declaration of prin- 
ciples” that Sudan should be a secular stale 
and that southerners should have the right to 
vote on whether to remain part of that state. 

The outcome of those talks, scheduled to 
begin Oct. 28 in Nairobi, could have important 
consequences beyond Sadan. The view from 
Washington is (hat if the Khartoum gov ernm ent 
falls, as some analysts believe, it will be a key 
blow to extremism in the Middle East. 


Sudan’s government, in power eight years, 
is among those United 


iDOWt 

States likes least! 
Washington has excoriated it as a center of 
radical Islamism and a sponsor of terrorism. It 
charges that the regime, led by General Bashir 
and the Parliament speaker. Hassan Turabi, 
the source of its radical philosophy, has per- 
secuted Sudan’s Christian minority, stifled 
political dissent at home and repeatedly tried 
to subvert its neighbors. It also accused the 
government of .-..ding a 1995 attempt to as- 
sassinate President Hosni Mubarak of Eg ypt 

.S' * sign of disapproval, the United States 
withdrew its entire diplomatic staff from 
Khartoum last year, citing fears over security. 
And when word leaked last month that the 
U.S. State Department intended to send back 
some midlevel diplomats, so as to better apply 
U.S. pressure, opposition in Congress quickly 
quashed the idea. 

Tensions between Arabs and Africans in 
Sudan is centuries old. Its foos lie in slaving 
expeditions by Arab traders to foe upper Nile. 
But the current war. foe resumption of an 
earlier conflict that raged from 1955 to 1972, 


has been a particular tragedy for the southern <1 
Sudanese. ‘ . 

Fighting, hunger and disease have kiHod an . 
estimated 1.3 million of them — more thafr 
have died in Algeria, Bosnia or Rwanda in 
recent years. Hundreds of thousands of others; • 
have been displaced. . . ’ 

Yet the world has paid tittle heed, almost’ 
ignoring, foe scorched-earth tactics, starva- . < 
tion, kidnapping, rape, land mines and aerial 
bombardment that have been used in the coni 
flict Partly it is because foe war. had been 
waged in regions difficult toreaehrpartly it is — 
because foe conflict has dragged on so long,. — 
with few signs of significant change. " 

“People were getting sick of it. and who ! 
can blame them?” said Alex de WaaL of the ,* 
London-based group African Rights. 

That may change with the start of nego- 1 
nations in Nairobi, under the auspices of thl| 
Intergovernmental Authority on Developmenff 
an Ease African regional grouping that includes; 
Kenya, Uganda, Ethiopia and Eritrea. { 

Even if foe talks do not progress rapidly, Mr. ■ 

De Waal said, foe government will be pressed ! 
to make more concessions to foe southerners^ 


■ *4Mi 




BRIEFLY 


Tajikistan Releases 
58 Islamic Rebels 


DUSHANBE. Tajikistan — The Tajik 
government on Monday released 58 Is- 
lamist opposition fighters captured dur- 
ing foe civil war in foe former Soviet 
republic, witnesses said. The move was 
seen as strengthening the country's 
shaky peace. 

The release was a reciprocal gesture 
for foe freeing of 80 government soldiers 
on Sunday. ■ 

“You will now have a new -life,” 
Abdul Majid Dostiyev, the pro-govern- 
ment deputy speaker of foe Tajik Par- 
liament, told foe fighters on tbeir release. 
“You must foiget your hate.” ( Reuters ) 


Tunis Leader in Paris 
For Talks on Economy 


PARIS — A long-delayed state visit 
this week by President Z5ne El Abidine 
B«i An of Tunisia is expected to focus on 
econom y tie s, but it is likely to draw 
criticism from human rights advocaies. 

. On Mr. Ben Ali’s agenda was a meet- 
jng wifo President Jacques Chirac after 
ms arrival Monday ana later with Prime 
Munster Lionel Jospin. (AP) 


A Mayor in Honduras 
Murdered by Gunmen 


TEGUCIGALPA — A popular leftist 

^ ) 2!i caDdidate “ n o*hem H • -duras 
nas been murdered by unknown g : omen 
m what political leaders said was polit- 
ical crime. 

Carlos Escaleras, candidate for mayor 
Tocoa * died riddled with 
outlets after three men armed with pistols 
soot jiim at his car-wash business, the 
peace said. (ReuIers) 


Peru Lays an Ambush 
To the Shining Path 


vtaVJU?" Gunmen ambushed Peni- 
““tek the Amazon 
lt ^ ee officeis and wound 1 
a »*orities said 

ried ice ^hated foe attack, car- 
to leftist Shining 
r am guerrillas. • ... . (API 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 


PAGE 7 


INTERNATIONAL 


> A . ~~ 

Argentines Regain a Sense of Prominence in New Alliance With U.S. 


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BUENOS AIRES p-J 

gentines. President Bin 

cision Iasi week to m™. . toa s <&- 

non-NATO ally of^he feTcS? a 

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this official title of close friend of the 
United States.” said Felipe Noguera, a 
political analyst for Mora y Araujo 
Noguera, a major polling concern. 

“Argentines have always thought of 
themselves as more advanced than the 
rest of Latin America, and for many 
people this non-NATO distinction jus- 
tifies those sentiments, at least vis-a-vis 
the United States.” Mr. Noguera said 

Mr. Clinton, who left Argentina and 
returned to Washington on Sunday after 
a weeklong trip to South America that 
included stops in Venezuela and Brazil, 
said he intended to make Argen tina a 
close United States ally as a reward for 
sending troops on 16 peacekeeping op- 

Wflfirtne fw v m ^ - 


real 


-*«•««. Australia. - H^titi 5118 ^ BoSnia to CypmS to 

1 or hnaainei^SvSS 11 °5? tl £ c ' * ‘In recognition of your conniiy's ex- 

ginea, sociated with having traord inary contributions to internation- 


al, peacekeeping, I have notified our 
Congress of my intention to designate 
Argentina as a major non-NATO ally 
under oar laws,” Mr. Clinton said. 
“Onr alliance of values goes beyond 
our efforts against threats to peace and 
security, but it begins there.” 

President Carlos Saul Menem, who 
has often tried to convince Argentines 
dial recent economic and social reforms 
are returning their country to the first 
rank of developed countries, praised 
Mr. Clinton's decision. 

In the 1940s, Argentina was one of 
the world’s 10 most affluent countries, 
but a string of coups and economic 
missteps sank it into chaos. 

Just a decade ago, it seemed implaus- 
ible that Argentina, then a staunch critic 
of the do minan t presence of the United 
States in the world, would become its 


most loyal ally in Latin America. 

But since taking office in 1989. Mr. 
Menem abandoned the isolationist po- 
lices of a former president, Juan Domin- 
go Peron, and shifted Argentina’s his- 
torically antagonistic relationship with 
the United States to one of almost un- 
conditional support, particularly in for- 
eign policy. 

For example, at the request of the 
United States, Mr. Menem ’s govern- 
ment abolished its program to build 
medium-range ballistic missiles with 
the help of Egypt and Iraq, placed its 
once-secret nuclear program under in- 
ternational inspection, and strongly 
backed such U.S. policies as Wash- 
ington’s military intervention in Haiti 
aria its continuing condemnations of 
h uman rights violations in Cuba. 

At the same time. Mr. Menem pushed 


economic changes, including selling off 
unprofitable government businesses 
and lifting tariffs, that have brought 
stability, more foreign investment, and 
high growth rates to a country once 
plagued by hyperinflation. 

Mr. Menem also restructured the 
armed forces, placing them fully under 
civilian control after years of military 
repression in which more than 30,000 
people are estimated to have died or 
disappeared. 

“We have seen a 180-degree change 
in the way the Argentine government 
deals with the United States, and that 
approach has been excellent for busi- 
ness and investment,” said Carlos Fed- 
rigotti, president of the American 
Chamber of Commerce here. ‘ ‘The non- 
NATO status is like a seal of approval — 
it reinforces the notion that Argentina is 


a safe, attractive place to do business.” 

But Argentina- s neighbors, Chile and 
Brazil, are tipset that the United States 
did not grant them the same status and 
expressed concern that Argentina’s des- 
ignation could upset the regional bal- 
ance of power. 

Asked about that possibility, Mr. 
Clinton said: “There is nothing here 
designed to upset the military balance in 
South America. We want Argentina to 
be working with Chile, to be working 
with Brazil." 

Foreign diplomats, who spoke on 
condition of anonymity, said Argentina 
had pressed the Clinton administration 
to grant it the non-NATO ally status as a 
show of goqd faith, after the United 
States, against Argentina's wishes, 
agreed to sell F-16 fighter jets to 
Chile. 


>1 


Israelis and Palestinians 
Near Accord on Airport 


i 


The Associated Press 

JERUSALEM — In a first sign of 
progress after months of crisis. Israeli 
and Palestinian negotiators said Mon- 
day they were closer to agreement on 
the operation of a Palestinian airport in 
the Gaza Strip. 

, v Israeli leaders, meanwhile, hinted at 
: flexibility on Jewish settlements, sug- 
gesting they were willing to shelve new 
construction projects for a few months. 

The opening of the airport is of sym- 
bolic as well as of practical importance 
to the Palestinians. Most of Gaza has 
been autonomous since May 1994. but 
Israel has maintained strict control over 
the airspace. 

The lack of a working airport con- 
tributes to Gam’s economic and com- 
mercial isolation. Even fledgling Pal- 
estinian Airlines has to fly in and out of 
the Mediterranean resort of El Arish, 
across the border in Egypt 

The status of the airport is being 
discussed by one of nine committees 
working on outstanding issues. 

"The Palestinian side wants imple- 
mentation on the ground — that’s what 
counts, and that's what we are here to 
achieve,” said the chief Palestinian ne- 
gotiator, Saeb Erekat 
Dennis Ross, the special U.S. envoy, 
returned to the Middle East on Sunday 
to supervise die work of the committees 
and has been shuttling between the two 
sides. 

Mr. Ross met Monday rooming with 
Prime Minister Benjamin Netanyahu, 
but there was no statement following the 


closed-door talks: He was to meet with 
Yasser Arafat, the Palestinian leader. 

The meetings came amid indications 
that Israel might be softening its stance 
on settlement construction following a 
U.S. demand for a “time-out” in new 
building. 

Foreign Minister David Levy told 
Israel radio that the government would 
limit construction of Jewish settlements 
to a “necessary minimum.” 

“We want to move forward and not 
create a situation that would make all 
our efforts to advance tire process ir- 
relevant,” he said. 

However, Jerusalem’s mayor, Ehnd 
Olmerr, said there would be no slow- 
down in construction in East Jerusalem, 
where Israel is building a large Jewish 
neighborhood. The eastern sector is 
claimed by the Palestinians as a future 
capital, and the start of construction in 
March triggered the breakdown of 
peace talks. 

Mr. Olmert said Israel was deter- 
mined to complete the neighborhood, 
known in Hebrew as Har Homa and in 
Arabic as Jabal Aba Ghneim. 

Palestinians have demanded a com- 
plete halt of building in the West Bank 
and Gaza Strip, where they hope to 
establish a future state. 

“Our problem is with the current 
settlement activities’ ' and the land 1 ’that 
has been confiscated for these settle- 
ments,” said a Palestinian negotiator, 
Hassan Asfour. “Our problem is not 
with the ones yet to come.” 

Despite friction over the settlement 



Apctfcx FtapLc F nyie 

Former Prime Minister Shimon Peres welcoming Ahmed Qorei, speaker of the Palestinian Council, to the opening 
of his Center of Peace in Tel Aviv on Monday. Behind them is former Secretary of State Warren Christopher, left, 
Leah Rabin, widow of Yitzhak Rabin, and Terje Larsen, the top UN official in the West Bank and Gaza. 


issue, Israel said progress by the work- 
ing committees was heartening. 

Other issues being discussed include 
tire establishment of a Palestinian sea- 
port in Gaza and the creation of “safe 


ige” routes for Palestinians across 
aeli territory between the Gaza Strip 
and the West Bank. 

Security has been a major sticking 
point in the airport talks. According to 


the senior Palestinian on the committee, 
Fayez Zedan, the two sides moved to- 
ward agreement on a joint Israeli-Pai- 
estmian checkpoint at the entrance to 
the airport 


Nancy Dickerson, 
TV News Pioneer, 
Dies in New York 

NEW YORK (AP) — An award- 
winning journalist and author, Nancy 
Dickerson, 70, whose 1960 break- 
through as CBS News's first female 
correspondent helped pave the way for 
other women, died Saturday. 

Ms. Dickerson was the first female 
TV reporter on the floor of a national 
convention, in 1960, and was the first 
with a daily network news show. 

She earned a Peabody Award in 1982 
for a documentary “784 Days that 
Changed America — From Watergate 
to Resignation.” 

She reported from Europe, the 
Middle East and the Far East. Fora 1 980 
PBS special, “Nancy Dickerson, Spe- 
cial Assignment: The Middle East,' ’ she 
interviewed President Anwar Sadat of 
Egypt and Prime Minister Menachem 
Begin of Israel. 

Ms. Dickerson is survived by her 
hnsband, former Deputy Secretary of 
State John C. Whitehead, nine children 
and 11 grandchildren. 

Parker T. Hart Dies at 87; 
Career Diplomat and Official 
WASHINGTON (AP) — Parker T. 
Hart, 87, a career diplomat who served 
as an assistant secretary of state and 
ambassador to three countries, died 
Wednesday of a heart ailment. 

Mr. Harize^ved as assistant secretary 
for Near Mjft nptt South Asian affairs 
from 1968 w-February 1969, when he 
was named mrector of the Foreign Ser- 
vice Institute to train people for dipo- 
matic service. He retired that year. 




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TUESDAY, OCTOBER 21, 1997 

EDnmaALS/opmoN 


l 


Heralfc 


INTERNATIONAL 



2-ribunc 


niBUSHKO wmi TIIE NEW TOBK TIMES and TBS WASHINGTON POST 


A Voice for Rights 


When toe human rights lawyer Mary 
Robinson was elected president of Ire- 
land in 1990. she inherited a cere- 
monial post with virtually no budget or 
staff. Yet through her forceful 
speeches on human rights, civil rights 
and feminist issues, and by opening her 
official residence to groups such as the 
homeless, she redefined the office and. 
helped modernize her country. 

This experience should serve her 
well as UN high commissioner for 
human rights, a job she began last 
month. She will manage a network of 
special representatives and rappor- 
teurs. who visit countries with human 
rights problems or study issues Like 
torture and report back to the United 
Nations. She also will supervise about 
10 field offices that monitor human 
rights abuses and provide assistance to 
governments and private groups. 

But the only weapons these offices 
can use to protect human rights are 
public exposure and UN condemna- 
tion. In short, the high commissioner’s 
authority is mainly moral. 

The job's first and only other formal 
occupant, Josfi Ayala- Lasso, wasted 
this authority. Mr. Ayala-Lasso. who is 
now Ecuador's foreign minister, was 
too much the diplomat. Under pressure 
from member governments that use the 
United Nations for patron agejobs, he 
hired many uninspiring staffers. He 
was too reticent to criticize govern- 
ments’ human rights abuses, even in 
private meetings. 

The world can expect better from 
Mrs. Robinson. The new secretary- 
general, Kofi Annan, has placed the UN 


Human Rights Center in Geneva under 
her control. The center's previous chief 
had considered Mr. Ayala-Lasso a rival 
and was not helpful to his mission. Mrs. 
Robinson will also find the United Na- 
tions as a whole more committed to 
human rights than it was under Boutros 
Boutros Ghali, Mr. Annan’s prede- 
cessor. The full support of Mr. Annan 
will be crucial to her success. 

Mrs. Robinson will need to clean out 
unprofessional staff and bad manage- 
ment practices. Field offices must fo- 
cus on human rights rather than di- 
luting their missions. More emphasis 
should go to building local organi- 
zations that can monitor and champion 
h uman rights. The Cambodian field 
office has done this, and should be a 
model for other offices. 

She must work within the United 
Nations to ensure that human rights 
concerns are not slighted in its political 
and peace missions. The peacekeeping 
mission in Guatemala, for example, 
has been accused of covering up a 
murder by government forces because 
exposing it might have harmed the 
peace process. The accusations have 
cost the mission much public support. 

Mrs. Robinson's more public chal- 
lenge is to be a consistent defender of 
human rights while maintaining cred- 
ibility with governments that violate 
human rights. There is always a 
temptation when facing pressure from 
abusive governments and the United 
Nations’ own diplomatic culture to 
placate balky regimes at the expense 
of human rights. 

—WE NEW YORK TIMES. 



China 


1 


W ASHINGTON — So I was think- 
ing about buying an office build- 
ing in Shanghai To do it right, I 
thumbed through the latest Jones Lang 
Woottoo research on the state of the 
Asia-Pacific real estate market I was 


By Thomas L. Friedman 


the foreign investment is direct invest- 
ment in factories or buildings, meaning 
that it is not ‘ ‘hot money" invested in 
stock markets or Chinese bonds that 


i was a lot to choose from. The 
vacancy rate for Shanghai office build- 
ings was 32 percent, and many more 
new buildings were coming up. 

I checked out Beijing: the vacancy 
rate there was 33 percent. So I checked 


global speculators could pull out at the 
drop of a hat. Ai 


out Bangkok. Same story as China. 
What’s the n 


: message here? 


Very simple: China is not immune to 
of gravity — 


the laws of gravity — the economic 
laws of gravity that have recently 
pulled down the growth rates of some of 
the highest-flying Asian tigers, namely 
Thailand, Indonesia and Malaysia. 

You would be amazed how many 
people think China's boom will last 
forever. It will not. Pay attention to this 
economic crisis in Southeast Asia, for it 
has huge implications for China. 

Don’t worry, China will not become 
Thailand overnight. China’s economy 
today is at a different stage of de- 
velopment. For the moment, most of 


p of a hat. And with its high savings 
rare and huge reserves — $125 billion 
— China could defend any global at- , 
tack on its currency. 

But that is yesterday’s news. To keep 
raising its standard of living, building 
its roads, telephone system and power 
plants, andprivatizing its state-owned 
factories, China will have to open itself 
more to global financial flows. 

And the model that China is fol- 
lowing is the same state-directed, au- 
thoritarian, crony capitalism practiced 
by the Asian tigers Malaysia, Indone- 
sia, Thailand and Korea. 

China is already exhibiting some of 
the weaknesses that sapped the strength 
of these tigers, weaknesses that can be 
masked by rapid growth but become 
apparent the minute t hi n g s slow. 

The weaknesses include huge 
amounts of foreign capital that get mis- 


allocated into pet political projects and 
w hjfe elephants; weak financial reg- 
ulatory institutions; a banking system 
virtually bankrupt from lending to railed 
state enterp ri ses; overbuilding of real 
estate; corruption; a weak watchdog 
business press, and sycophantic foreign 
investors who never refl you tire truth. 

What happened in Malaysia, Thai- 
land and Indonesia is not just an eco- 
nomic crisis, not just a currency crisis, 
but a political crisis. Their people 
worked hard, got a lot of the .economic . 
fundamentals right, but never de- 
veloped all of the economic and polit- 
ical institutions needed to property al- 
locate resources. — 

Look at Thailand today. The gov- 
ernment is going to have to shut down 
some of the bankrupt banks, but it'can’t 
» because each is tied 


decide which ones I 
to a different politician. 

It was all fine as long as so much 
money was flowing in and investors 
were mesmerized by growth rates. But 
when these economies really started 
overspending, and investors took a 
closer look, they got hammered. 

"This is where China is vulner- 
able," says Jeffrey E. Garten, dean of 


*e Yale School of Management. "As 
China grows more integrated with toe 
global economy, it will nor be able to 
rationally allocate the massive ftowsof 
inco ming capital < — not with its current 
political feystem, which thinks U can 
manipulate the markets, is rife with 
cronyism and lacks developed regu- 
latory institutions.” ■ 

When global investors stampeded 
Malaysia for these same weaknesses, 
its prune minister, M a h at h ir bin Mo- ■ 
hamad, angrily accused the West, glob- 
al speculator and "the Jews" of de- 
liberately wrecking his economy. One 
can only wonder, and worry, about 
what sort of angry howl China would 
emit if it really got stampeded by U.S.- 
led global marketers. If you think 
Malaysia is ugly, multiply by 100. 

When Bill Clinton meets with Jiang 
Zemin, next week, and the subject of- 
political reform in China comes up, Mr. 
Clinton should just walk the Chinese 
leader through what happened in Thai- 
land and Malaysia. China will not be . 
immune to those same forces. 


LUUUiiv W tuv« w — . . t ( 

■ ifyonihink it will be, there’s a sky- 
scraper in Shanghai I’d like to sell you. 

The New York Times. 


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The United States Ought to Stay the Course in Central Europe 


Belarus Out of Bounds 


The foreign minister of Belarus re- 
cently visited Washington, saying he 
hoped to remedy his nation's increas- 
ing isolation from the international 
community. It is a worthy goal, but 
the key to achieving it lies in Minsk, 
not in Washington. 

Belarus is a nation of only 10 mil- 
lion, but hs location near the geo- 


graphical heart of Europe gives it some 
strategic importance. As a component 


during world War U and again 
the nuclear power plant accident at 
Chernobyl. Unexpected independence 
found Belarus with a weaker sense of 
nationhood than exists in each of its 
neighbors. Now it represents a po- 
tential source of instability to those 
neighbors, all of whom are seeking to 
find their way in a drastically changed 
world: Russia, . Ukraine. Poland. 
Lithuania, Latvia. 

Its chief problem is its autocratic, 
erratic president, Alexander Luka- 
shenko. Mr. Lukashenko was elected 
democratically but then proceeded to 
bulldoze every fragile democratic in- 
stitution and to establish one-man rule. 
He wrote a new constitution and ig- 
nored the nation's top court when it 
objected He disbanded Parliament, 
putting a lapdog legislature in its place. 
He has shut down most independent 
media, harassed those that remain and 
arrested even Russian journalists who 


displeased him. 


Belarussian branch of the U.S.- 


Generous Tale-Teller 


He sold 75 million copies of his 
books, he gave away in excess of S 100 
million in philanthropy to colleges and 
writing programs, and, as if that were 
not enough, James Michener had the 
innate kindliness and grace to observe 
— in an autobiographical essay in The 
Washington Post in 1993 — that it was 
amazing to him how much easier it had 
been to break into serious writing when 
he was young than it seemed to be for 
his creative writing students today. 


wonder, a brand name, with one instant 
best-seller after another whose draw 
for readers was his ability to whisk 
them effortlessly across "vast land- 
scapes of history and geography and 
painlessly to impart large amounts of 
interesting information. He considered 
this to be useful and serious work, 
educating people while telling them 
rousing stories, and there is no doubt 
that he was right about that. 


That lack of self-aggrandizing pre- 

:nar- 


lension was a large part of what cl_ 
acterized Mr. Michener, who died at 
age 90 last week from kidney failure, 
and in a way it said what needed (o be 
said about his writing legacy, too. 

Much was made over the years about 
the distance between his books and the 
literary highbrow. It was true that none 
of the fat, 700-page epics that were the 
bulk of his career had the pure ima- 
ginative impact of his first literary 
work, "Tales of the South Pacific," 
which won him both fame and his 
Pulitzer Prize and went on in musical 
form to shape many a younger person’s 
image of the war in the Pacific. The big 
books were sometimes clunky. 

He was considered a publishing 


A reading public that makes instant 
and reliable best- 


.-sellers out of such 

books is for most publishers nowadays 
strictly a matter of nostalgia. Is that 
audience, that book market, really 


gone for good, or are such reading 
■ kind that exist only when 


tastes the 

someone like Mr. Michener turns up 
to cal] them to life? 

It is hard to point to a real successor 
to Mr. Michener’s kind of writing. But 
the apparently durable popularity of 
his botiks, whether "Tales of the South 
Pacific” or the plumper "Space." 
"Hawaii" and "Chesapeake," offers 
some hope that the latter explanation is 
closer to the truth and that a bom tale- 
teller and teacher like Mr. Michener 
will always find an audience. 

— THE WASHINGTON POST. 


HcralbSeribunc 


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based Soros Foundation, which had 
supported many nongovernmental or- 
ganizations, was forced to shut down. 
“Belarus bears an eerie and increasing 
resemblance to Soviet society,’ ’ Human 
Rights Watch noted in a report aptly 
entitled “Crushing Civil SocKsty." 

The United States has reacted to this 
backsliding — and to direct provoca- 
tions against U.S. citizens and dip- 
lomats — by restricting contact with 
the Minsk government while crying to 
maintain ties to beleaguered demo- 
crats. The presidents of Poland and 
Lithuania have tried in their way to 
keep channels open and prevent a re- 
turn to totalitarianism. 

The country with toe most influence 
is Russia, with which Mr. Lukashenko 
dreams of closer cooperation — per- 
haps to give himself a larger political 
field to dominate. But even here, his 
erratic behavior blocks progress. 
Angered by some perceived slight, he 
recently mocked his Russian counter- 
part, President Boris Yeltsin, as an 
octogenarian. (Mr. Yeltsin is 66.) A 
Belarus spokesman later explained 
that his leader only meant to “call 
attention to Boris Nikolaevich’s great 
political experience" and his "wis- 
dom and foresighL” 

Only by joining its neighbors in 
the move toward more open societies 
can Belarus hope to join them and the 
rest of the international community in 
other ways. 

— THE WASHINGTON POST 


W ASHINGTON — In In- 
dia last week, people 
heatedly debated whether 
Elizabeth II had shown suffi- 
cient contrition. Daring her vis- 
it to Amritsar she bowed her 
head, which queens don’t often 
do, but she did not actually say 
she was sorry. Yes, she wore a 
saffron-colored robe, picking a 
hue sacred to Hindus and Sikhs, 
but British officials described 
the outfit as "salmon.” 

The point is sot to pass judg- 
ment on the Queen. Hie point 
— which eventually will come 
around to NATO expansion, 
believe it or not — is that the act • 
for which the queen was sup- 
posed to feel sorry (a massacre 
of unarmed Indians by British 
troops) occurred in 1919, seven 
years before she was bom. 
Eight decades later, the event 
remains much a part of con- 
temporary Indian politics. 

As in India, so throughout 
much of the world, history lives 
on. American visitors to Serbia 
often are startled to discover the 


By Fred Hiatt 


locals bringing up grievances 
aide 


related to the Battle of Kosovo 
as if it took place last year — 
rather than in 1448. 

Ar menians can discuss die 
high-water mark of their nation, 
back in the 1st century B.C., as 
though they dimly remember it 
themselves. Japanese some- 
times talk as though Com- 
modore Perry, that American 
bully, sailed into Edo harbor last 
month, not in the last century. 

History shapes American 
life, too. The legacies of slavery, 
of various waves of immigra- 
tion, of westward expansion and 
overseas wars all help form 
Americans. Yet the past tends to 
be far less a part of drnly life than 
in other countries. If it hasn’t 
made Oprah in the past week or 
two. it's not a current issue. 


It aims the Islamic rebels of 
Afghanistan, walks away when 
they bring down the Co mmunis t 
government — and then acts 
surprised that the mujahidin 
don't melt down their guns and 
go back to their goat herds. 

Last week Bill Clinton vis- 
ited South America to highlight 
that continent’s “dramatic 
transformation," as his national 
security adviser, Sandy Berger, 
said, its “revolution' ’ away 
from military regimes into de- 
mocracies that respect free mar- 
kets and human rights. 

A month or so before the 
president arrived, a former Ar- 
gentine navy officer was ab- 
ducted by men who carved in 
his cheek toe initials of jour- 
nalists to whom the officer bad 
spoken. The officer, had been 
fallring about military abuses of 
human rights — in the 1970s. 

While Argentina is trans- 
forming itself, in other words, it 
remains — as Mr. Berger also 
said — "a work in progress.” 
Its history still resonates. 

Once you acknowledge that 


no country nmicas a fresh start, 
that history echoes tinpredict- 
ably and past actions ricochet 
into the present and beyond, 
you have two choices. 

You can do as little as pos- 
sible, fearing those unpredict- 
able consequences and despair- 
ing of changing ingrained 
patterns — don’t arm the mu- 
jahidin, don’t restore Haiti’s 
elected president to office. 

Or you can do those tilings 
and stick around long enough 
to help shape the consequences. 
If Argentina — like every coun- 
try — - remains a work in pro- 
gress, continuously changing, 
then the United Slates most re- 
main, at some level, continu- 
ously engaged if it wants to 
influence the outcome. 

There have been times when 
the United States understood 
this. After World War H, a rea- 
sonable person might have con- 
cluded that Japan was culturally 
and historically destined to ag- 
gressive behavior, a s am urai 
warrior state to its bones. Today 
pacifism is ingrained in demo- 


cratic Japan; the former enemy 
is a close U.S. ally. 

The change did not come 
about only because the United 
States smashed the Japanese 
imperial army, although that 
certainly was a prerequisite. It 
c ame about because the United 
States was not looking for an 
“exit strategy” as World War 
Q wound down. America stack 
around — uniting Japan’s new 
constitution and providing a se- 
curity shield behind which de- 
mocracy could comfortably 
j^ow — and remains commit- 
ted to this day. 

That same reasonable person 
might have studied history and 
known, for a fret, that France 
and Germany would never get 
along — better fra* the United 
Stales to get out of their way 
than get involved in yet another 
war. But today it is unthinkable 
(hat the two would go to war, in 
large part thanks to a U.S. pres- . 
ence in NATO and other in- 
stitutions that, over the decades, 
remade Europe. 

Those two long-term U.S. 
commitments have brought un- 
countable benefits, in prosperity 




j^... fas 


and security, to America. 
Whatever controversies the 
commitments have thrown off H 
along the way, about trade def- Y 
icits or burden sharing (legitim- 
ate questions in their own right), 
are t rifling in comparison. 

Now America has a chance to , 
get in front of history again. A ] 
reasonable person today migbt-j 
conclude tear Poland and Es^. 
toaia are destined to be swal- 
lowed by great powers around 
them (just look at their histor- 
ies!) and that the nations of Cert, 
Oral Europe will squabble forever* 
over borders and ethnic minor- 
ities. But expanding NATO to. 
include those countries gives; 
them tiie chance to rewrite such* 
foreordained destinies. . 

Questions such as how mucnS 
it will cost, or what is 3ie threat, p 
are legitimate but secondary 1 * 
‘What NATO expansion really! 
means is a U.S. commitment to* 
stay the course, to stick around iii* 
the neighborhood long enough' 

— forever, or dose to it — to 
make the democratic, peaceful 
free-maiket choice feel not onl^ 
comfortable but inevitable. "X 

The Washington Post. ■ *L‘ 


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Inching Forward in Postwar Bepublika Srpska? 


wt m 
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■ mM* 

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p ANJA LUKA, Bosnia 


So perhaps it is not surprising 
that short memories feature 


prominently in U.S. foreign 
policy. Washington sends a few 
thousand troops and policemen 
to Haiti, where colonial and in- 
digenous dictators have ruled 
for a couple of centuries, and 
expects democracy to blossom 
after a month or two. 


The mufti of Banja Luka, 
Ibrahim Halilovic, is a clean- 
shaven man who wore a suit and 
tie when we met The only sign 
of his religious vocation was his 
headgear, a white ahmedija, 
like a modified turban. 

"They forbid me to wear it 
outside." he said, “even to fu- 
nerals.” By "they" he meant 
the authorities in the Serbian 
entity of Bosnia, the Republika 
Srpska, of which Banja Luka is 
the largest city. 

Before the war, Banja I sihn 
had 16 mosques — one, the 
great Ferhadija mosque, built 
400 years ago by Venetian 
craftsmen. All were blown up 
between April and September 
1993, in a city where there was 
no fighting. And the authorities 
will not allow rebuilding. 


This part of northern Bosnia 
saw some of the most terrible 
"ethnic cleansing” by Serbs. Of 
220,000 Muslims, only 15.000 
or 16 ,000 remain. “They were 
tortured," the mufti said, 
"forced to clean the banks of tiie 
river, expelled, killed.” 

Monsignor Kario Visaticki 
described how Croats, who are 
Roman Catholic, also suffered. 
Of 80,000 Croats in the area 
now covered by the Republika 


By Anthony Lewis 

idem of (he Republika Srpska, 


has been an extreme Serbian 
nationalist herself. During the 
war she helped to block peace 


1 - . — * ~ — r ■ * m/ uiuv 

about destruction of tbe mosques proposals, saying it was betier 
and restrictions on the mufti. "I for 6 million of the 12 


! Ik- t H T D 
For 1 1 K- lime - 


Srpska, he said, 8,000 remain. 
Of 42 Da 


42 parish churches, only one 
was undamaged. 

When he goes out on the 
street in his clerical collar, he 
said, “I meet these terrible eyes 
— sometimes I feel like I have a 
Jewish star on my breast.” 

I asked Biljaaa Plavsic, pres- 


do not believe that the mufti 
cannot wear his garments," she 
said. "I’m shocked.” 

What about tbe mosques? 

"Who did it?” she replied. 
"It was apity.” 

And pennission to rebuild? 

"Certainly we must,” Mrs. 
Plavsic said. "I hope that after 
tiie recent municipal elections 
we can have a better govern- 
ment in Banja Luka.” Her im- 


plication was drat restrictions on 


remaining Muslims were a 
matter for the city authorities. 

The Dayton agreement calls 
for the return of refugees. Mrs, 


Plavsic said they could come 
back “if there is room,” ' — 


Debate on Mines Has Two Sides 


By Stephen S. Rosenfeld 

TT7 ASHINGTON 
YY land mine iss 


— The 
issue badly 
needs to be rescued from 
political squabbling and dir- 
ected to the place where 
American public alien tion can 
most urgently and usefully be 
brought to bear. 

That means reducing, and 
not adding to, die number of 


already strewn anti-personnel 
:li-des Cruet 


mines that lack sel 

mechanisms, are laid in fields 
without mapping or monitor- 
ing. and have been abandoned 
by tbe governments or guer- 
rillas who set them our. These 
are the mines that took the 
limbs, if not tbe lives, of those 


maimed children who peer ac- 
of die ban- 


cusingly at us out 
land-mine ads. 

Not that the potitical/cul- 
tural wars are easily tamed. 
On the one side, a "flower 
child” mentality is blamed for 
toe popular feeling that de- 
veloped against a weapon 
uniquely liable to endanger ci- 
vilians. On the other side, the 
U.S. government’s concern to 
retain for a while a weapon 
important in the protection of 
its exposed troops in South 
Korea is dismissed as Cold 
War thinking. 

Both of these representa- 
tions are much overdone. 

Whatever other subliminal 
motivations there may be, the 
core of popular support for a 
ban is a legitimate and nec- 
essary horror at the spectacle of 
suffering of noscombatants 


I cannot forget my own 
mute shock at the sight of per- 
haps 20 Afghan freedom 
fighters — true, combatants 
— lying slack and footless in a 
hospital ward in Peshawar. 
Pakistan, during the battle 
against the Soviet intervention 
in Afghanistan. 

By the same token of fair- 
mindedness, the thread of 
presidential and Pentagon 
concern fa- American soldiers 
on the Korean front line may 
have more than one strand, but 
the main one surely is the re- 
sponsibility of the commander 
in chief for his troops. It is not 
idle to fear what signal un- 
predictable North Korea 
might read into a premature 
removal of American mines 
from the DMZ. 

Tbe campaign for a ban was 
launched by the Swiss-based 
International Committee of 
the Red Cross, which speaks 
as a humanitarian advocate; it 
runs those ads. The campaign 
was lobbied to treaty hood by 
an American, Jody Williams, 
and toe International Cam- 
paign to Ban' Land Mines, a 
citizen-action group that used 
an emotional and moral ap- 
peal and received a Nobel 
Peace Prize for its work. 

A treaty that results in re- 
ducing the toll in human loss 
and misery deserves respect 
But some further thing s about 
this treaty need to be said 

First, the United States, 
which did not sign the treaty, 


did not require a formal ban to 
become on its own the global 
leader in reducing reliance on 
mines, eliminating all of its 
non-self-destructing anti-per- 
sonnel land mines and aiding 
other countries to remove 
mines on their territory. 

if Bill Clinton sets a dubious 
exam ple by staying outside a 
treaty whose humanitarian im- 
pulses be otherwise sh a re s , 
then be sets a good example by 
passing the key test of dimin- 
ishing the death of civilians. 
(American mines in the DMZ 
do not endanger civilians, only 
invading soldiers.) 

Then, it remade m be seen 
whether this treaty will be 
spread to the largest and so far 
rejecting producers, exporters 
and users of the truly dan- 
gerous mines, and how it will 
work actually to reduce cas- 
ualties and restore mine , 
poisoned land. 

Do we really need a spat 
over the civic and political ma- 
turity of the ban-the- mines 
gang and the moral worthiness 
and courage of the Clinton ad- 
ministration? Is there not a way 

to harness the passion of one to 
tbe rectimdeof toe otiter and to 

produce a new global effort to 
save legs, lives and land? 

The parties to this tension 
swirling about them do nor 
lack sufficient common in- 
terest to cooperate in a policy 
that genres toe national seen- 
rity interests of the United 
States and its humanitarian 
impulses, too. 

.The Washington Post. 


back "is there is room,” but 
Serbs living in collection cen- 
ters should get housing first. 

The Republika Srpska is vis- 
ibly poorer than the other half of 
Bosnia, the Muslim -Croat Fed- 
eration. In the countryside, you 
ran drive for miles and see 
handly any habitable houses — 
^2“° w ar damage repaired. 

The unemployment rate is 
said to be 90 percent; people 
survive on foreign assistance. 
Some 20,000 families are seek- 

“ tiered on the 
stn^gle between Mrs. Plavsic 
m Banja Luka and the giSzp 
around Radovan Karadrie in 
Pale, to the east. Mrs. Plavsic 


million 

Serbs to die fighting and leave 
the otoer 6 million in glory. But 
toe international community 
supports her now as more rea- 
sonable than Mr. Karadzic, an 
indicted war criminal. . 

In terms of freedom, condi- £ 
lions are plainly better in the 
western region under Mrs. 
Plavsic’s authority. Two inde- 
pendent magazines; Prelom and 
Reporter, publish serious, some- 
times rude political criticism. 

In toe eastern town of Doboj, 
a retired Bosxuan Serb lieuten- 
ant colonel, Miiovan Stankovic, 
stoned a biweekly paper called 
Alternativa. He wanted he said, 

to break toe news blockade" 
imposed by toe Karadzic forces. 
Last month Alternativa ’s office 
was destroyed by a bomb. 

In the past. Mrs. Plavsic has ^ 
distanced herself from calls for# 
Mr. Karadzic to be taken to toe ^ 
international War Crimes Tri- 
bunal in The Hague. Asked 
about it, she replied by describ- 
“S an open letter from William 
• otubner, an American who once 
worked for the tribunal, to Mr. 
Karadzic. Published in the Lon- 
don magazine War Report and 
reprinted in the Belgrade weekly 
vreme, a urged Mr. Karadzic to 
show his courage and help his 
people by surrendering. 

Mr/®,- its go °d advice," 
Mrs. Plavsic said. 

The New York Tunes 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 

OPINION/LETTERS 


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BMFw ■*. «, . 


Tuned for Paula 
And an All-Time Low 


% Maureen Dowd 

N ew YORK — It’s ge tting 
roore and more 


i . , _ an *l more difficult to 

.put out a family newspaper. 

* Can we describe what is ha 

its stZ 

; People’s breakfasts? Andtf^ 
.do we do n with euphemisms' 
i ks^tsms or bhmtoess? 

; Itisnow clear that Paula Jones 

* 'fFV geolly ■ ^ le &* 

, KMXXS of Ms. Jones and thepres- 
; ««»t have grown intractable 
- He lias failed to persuade the 
, judge to dismiss her case without 

fj; exploring the evidence. She has 


rite ill I antral F 


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re- 


! commended by her ongmailaw- 
■ yers and taken on an aggressive 

; new team — including hex flam- 
boyant Svengali, noisy Clinton- 
; hater Susan Gaipeater-McMii- 
lan. The once unthinkable trial 
now seems likely. 

Before they have even re- 
solved how much and how 
graphically to describe the lub- 
ricious new twists in the case, 
journalists are reserving their 
rooms in Little Rock, Arkansas, 
next May for a circus that prom- 
ises to put previous low points in 
American history to «Hatry» 

“Barring some deus ex mach- 
ina (summary judgment? an eve- 
of- trial settlement?),’’ writes 
Stuart Taylor in the OcL 20 issue 
of The Legal Times, “we will be 
treated next summer to the spec- 
tacle of a trial exploring ad 


nauseam, inter alia, whether the 
president of the United States, 
^ben in a certain state of ex- 
citenent, is, or ever was, afflic- 
ted with an eye-catching cur- 
vature of the ... welL let’s just 
call it the pumpkin.’’ 

Mr. Taylor told me that, while 
many in the media have 
away from writing about the 
claim in Paula Jones’s sworn af- 
fidavit about the president’s al- 
leged “distinguishing character- 
istics/’ “they may now be forced 
to confront the likelihood that 
ei ther proof or disproof of Jones’s 
pumpkin claim could be crucial 
to the outcome of the case.’’ 

In other words, covering the 
White House will seem like- a 
script willing meeting for a Fox 
TV sitcom or an excerpt from the 
new John Updike novel 

American culture has been get- 
ting steadily more obsessed with 
feme and prurience. (No sooner 
bad MSNBC ended the Versace 
wake than it started the Princess 
Diana wake, and now it’s TOto the 
John Denver wake.) And Amer- 
ican politics have partaken of this 
slide into celebrity. 

In the new issue of Vanity 
Fair, the styling of the cover boy, 
the president, is described as 
though he were Brad Pitt. “The 
president wears a tie by the 
Donna Karan Collection. CXin- 
ton’s hair by Frederic Fekkai.” 

But the Paula Jones case has 



provided a repugnant new nadir 
of vulgarity. Even President 
Clinton’s attorney, forced to de- 
fend the president’s anatomy on 
television last Sunday, can’t 
seem to believe the stuff that’s 
coming out of his mouth. 

“This is awful to even have to 
discuss this — but the p laintiff 
has forced this on us — in terms 
of size, shape, direction, 
whatever the devious mind 
wants to concoct, the president is 
a normal man,” Robot Bennett 
said, describing Mr. Clinton's re- 
cent m«tiral e xamination 

It may be that Mr. Bennett is 
right and-Ms. Jones ’s claim about 
the president’s physiognomy is 
“a sham.” It does seem that, in 


the sway of Ms. Carpenter- Mc- 
Millan, Ms. Jones is more in- 
terested in self-promotion than a 
settlement. Unfortunately, this is 
an issue of the day, as Mr. Clinton 
and Ms. Jones careen toward a 
horrific face-off. 

Some think this is poetic (or 
prosaic) justice for the imprudent 
Bill Clinton, who has not led the 
life that someone who has 
wanted to be president since boy- 
hood should have. But I feel 
sony for him. Maybe 1 simply 
feel sony for Americans, not 
only for the lost dignity of the 
presidency but for the lost dig- 
nity of the citizeniy. The pres- 
ident of the United States should 
not be publicly strip-searched. 


The American public does not 
have a right to know this. For 
better and worse, sexual harass- 
ment law sometimes drives us 
where we don't want to go. 

With one woman's word pit- 
ted against one man's, it is es- 
pecially difficult to figure out 
what happened. The blunt instru- 
ment of the law is not always 
precise enough to protect all the 
victims without victimizing 
some of the alleged harassers. It 
can lead to unseemly and in- 
trusive explorations of the most 
private details of people's lives. 

This, alas, is becoming one of 
the distinguishing characteristics 
of American society. 

The Nr*- York Times 


The Horrific Draft Riots 
That Helped Shape N.Y. 

By Bob Herbert 


LETTERS TO THE EDITOR 


m': 

m m# . •• 

m- 


PoisonGas 

Regarding "Poison Cas for an 
Israeli Assassination: What 
Could They Have Been Think- 
ing?’' ( Opinion . Oct. 10) by Jim 
. Hoagland: 

ft? Mr. Hoagland compares Sad- 
■ dam Hussein's threat to use poi- 
son gas against Israeli civilians to 
Israel’s alleged use of a chemical 
substance to try to assassinate a 
leader of a terrorist organization. 

But is defending oneself 
against a terrorist really morally 
comparable to an intention to use 
gas against civilians? And does 
the alleged use of gas justify the 
outrageous evocation of the Holo- 


caust to condemn a victim of ter- 
rorism — Israel? 

When Saddam Hnssein at- 
tacked Israel with Scud missiles, 
Mr. Hoagland, like many others, 
believed that the use of gas against 
Jews must not be peraritted 
again. This noble sentiment has 
not moved Western public opin- 
ion to help stop toe sale by 
Western companies of poison 
gas facilities to states that are 
hostile to Israel 

And Mr. Hoagland would 
moreover tie Israel’s hands in its 
fight against those who would 
murder Jews by other means. 
Perhaps some moral outrage 
could be directed at Arab leaders 


— such as King Hussein — who, 
while professing peace, provide 
terrorist organizations a safe 
haven. 

DANIEL DORON. 
Mevasserct-Zion, Israel. 

The writer is director of the 
Israel Center for Social and Eco- 
nomic Progress. 

Austria and NATO 

Regarding “ Mystery : If NATO 
Is to Grow Bigger and Bigger. 
What For?" (Opinion, Oct. 17) by 
Frederick Borman : 

Mr. Bonnart mentions Austria 
as a Hkely NATO candidate, to- 


gether with Slovenia and Ro- 
mania, in 1999. Bui Austria has 
not yet made up its mind. It is uot 
so sure that Austria will join. 

Why should it? There is no 
threat to Austria’s security. Aus- 
tria does not need security guar- 
antees. It can and will participate 
in the new crisis-management 
tasks of NATO in the frame- 
work of the enhanced Partner- 
ship for Peace. It has excellent 
experience in peacekeeping op- 
erations. Austria does not have a 
problem with taking part in 
these operations if they are au- 
thorized by the UN Security 
Council. 

The newly founded Euro-At- 


lantic Partnership Council will 
give partners increased decision- 
making opportunities in the ac- 
tivities in which they participate. 
Neutrality is not an obstacle to 
these new commitments. 

The majority of Austrians ob- 
ject to Austria's membership in 
the North Atlantic Treaty Orga- 
nization. But Austria should 
not role out NATO member- 
ship forever. If NATO reform 
continues and the alliance con- 
sequently moves in the direc- 
tion of crisis management, Aus- 
tria still has time to change its 
mind. 

HEINZ GARTNER. 

Vienna. 


N EW YORK — The bonfire 
was symbolic, as was the 
noose that dangled from a lower 
limb of the willow oak outside 29 
East Fourth Sl in New York’s 
East Village. The filmmaker Ric 
Bums was shooting a scene for his 
10-hour television documentary 
history of New York City. 

The events symbolized by the 
fire and the noose, collectively 
known as the draft riots, took 

MEANWHILE 

place in July 1 863. It was a period 
of terror and panic that is difficult 
to imagine today. 

“It was the largest civil insur- 
rection in American history other 
than the South’s rebellion,” said 
Eric Foncr, the DeWitt Clinton 
Professor of History at Columbia 
University. 

The rioting began on July 13, a 
hot and muggy Monday morning. 

Enormous crowds, enraged by 
the wartime draft imposed by the 
Lincoln administration, surged 
through several neighborhoods in 
Manhattan. 

The people in the crowds were 
mostly poor and mostly Irish and 
they carried with them a long lit- 
any of resentments. 

The war had already driven 
prices up and wages had not kept 
pace. Moreover, the army had 
broken strikes in New York City 
just a year earlier. Abraham Lin- 
coln was not seen as a friend of the 
economically distressed immi- 
grants and sons of immigrants who 
were now subject to the draft. They 
saw no reason to fight and possibly 
die in a war that they assumed 
would result in tremendous num- 
bers of Negroes being freed and 
coming North to compete with 
poor Irish immigrants for jobs. 

Men could legally avoid the 
draft by paying a fee of $300. But 
that was not an option for workers 
with families who were lucky to 
make $500 in a year. The ex- 
istence of the fee only fueled the 
resentment of the poor. 

More and more people, men, 
women and children, took to the 
streets that Monday morning. The 
rhetoric and the passions esca- 
lated and at some point the crowds 
went wild. 

Certain types of people were 
subject to attack on sight. They 
included police officers, known 
Republicans, anyone who looked 


prosperous and, especially, Ne- 
groes. Mobs went from house to 
house, pillaging and burning. The 
Colored Orphan Asylum at Fifth 
Avenue and 43d Street was in- 
vaded and the children were driv- 
en out. One of the orphans, 10- 
year-old Jane Barry, was killed 
when a bureau dropped from the 
window of an upper floor landed 
on her head. 

While many people were 
murdered, the atrocities commit* 
ted against blacks during the four 
days of rioting were at least as 
grotesque as anything that ever 
emanated from the Deep South. 

A disabled black coachman 
named Abraham Franklin was 
dragged from his home by a 
mob and hanged from a Lamp- 
post- “In a grisly denouement,” 
wrote Iver Bernstein in his 1990 
book “The New York City Draft 
Riots,” a 16-year-old Irishman 
named Patrick Butler “dragged 
[Franklin's] body through the 
streets by the genitals as the crowd 
applauded.” 

No one knows how many 
people were lynched. Maybe 15, 
18, a couple of dozen. William 
Jones was hanged from a tree on 
Clarkson Street. Then a fire was 
set beneath the body so the leap- 
ing flames could bum his flesh. 

The rioting raged out of control 
until Thursday. Police officers, in 
some cases armed only with sticks 
and clubs, fought several desper- 
ate battles with mobs that at times 
numbered In the thousands. 

“New York was tipping toward 
anarchy.” said Mr. Bums, who is 
making the documentary with a 
colleague, Lisa Ades. "There was 
a real question whether it was 
possible to maintain order in a 
humane way." 

More than 100 people were 
killed, and some estimates put the 
toll at 1 ,000 or more. Many thou- 
sands were injured. Whole neigh- 
borhoods were destroyed. Order 
was not restored until federal 
troops that had been called back 
from Gettysburg took command 
of the streets. 

The most lasting lesson of the 
draft riots was a fundamental one. 
The middle and upper classes, 
shaken and appalled, vowed never 
again to allow the city to spiral so 
far out of control. That led to the 
beginning of modem law enforce- 
ment in New York. 

The New York Times. 



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U.S. Sees Hope 
For Dissidents’ 
Release Before 
China Su 


Ifllf 


it 


Reuters 

BEIJING — The United States is urg- 
ing China to release political dissidents 
ahead of the Chinese-U.S. summit meet- 
ing next week, and there is hope of a 
breakthrough, a senior U.S. Embassy 
official said Monday. 

China has not ruled out releasing ac- 
tivists on medical parole, the official 
said. 

Freeing dissidents would smooth 
President Jiang Zemin's trip to the 
Untied Stales, which starts Sunday and 
ends Nov. 2, the. first by a Chinese head 
of state in 12 years. 

Human rights groups have vowed to 
disrupt Mr. Jiang's visit with protests 
against China’s imprisonment of polit- 
ical dissidents. 

The U.S. Embassy official said that 
“we have indicated to them that one of 
the most effective things that could be 
done to help neutralize the human rights 
question’* would be the release of some 
dissidents. 

While Beijing had given no assur- 
ances. U.S. officials were discussing the 
issue with the Chinese authorities and 
were hopeful that releases could be ne- 
gotiated. he added. 

“The Chinese have taken the position 
that this is a legal question that has to be 
absolved by the Ministry of Justice, but 
they don't' foreclose tbe possibility of 
certain dissidents being released on 
medical parole,” the diplomat said. 
“We are hopeful.” 

China has previously released dis- 
sidents on medical grounds to placate 
U.S. human rights concerns. 

Possible candidates for freedom this 
time include Wang Dan and Wei Jing- 
sheng. Both were nominated for this 
year's Nobel Peace Prize. 

In an interview with Time magazine, 
Mr. Jiang insisted that Mr. Wei and Mr. 
Wang were both common criminals, not 
dissidents. 

“They were brought to justice not 
because they are so-called political dis- 
sidents but because they violated 
China's criminal law/' Mr. Jiang said. 
But the president noted that neither 
posed “much of a threat to China’s 
security and stability.” 

Mr. Wang, a student leader of the 
democracy protests in 1989, was jailed 
fen- 1 1 years in 1996 for subversion. Mr. 
Wei was sentenced to 14 years in jail in 
1993 for plotting to overthrow the gov- 
ernment. He previously served 14% 
years of a 15-year sentence for sub- 
version. 

Last month, China said Mr. Wang did 
not qualify for medical parole. But it left 
open the 'possibility of Mr. Wei’s re- 
lease. 



'jnwfran-IW 

Milo Djukanovic celebrating with bis wife, Lidija. after his election was 
confirmed early Monday after a tight race against a Milosevic ally. 


BALKANS: 

Milosevic Is Set Back. 

Continued from Page 1 

Parliament appoint him Yugoslav pres- 
ident in July because he could not run for 
a third term as the Serbian president, had 
hoped , to pass a series of bills trans- 
ferring formal power- to his new office. 
But Mr. Djukanovic has already used the 
votes he controls in tbe federal Par- 
liament, which was elected in Septem- 
ber, to' block Mr. Milosevic from chan- 
ging the constitution to give his 
ceremonial Yugoslav presidency tbe 
sweeping powers he seized as president 
of Serbia. 

The newly elected Montengrin pres- 
ident Hag also hinted that the time has 
come for Montenegro to declare inde- 
pendence and leave the federation with 
Yugoslavia, taking the route of four oth- 
er republics of the former Yugoslavia — 
Slovenia, Croatia, Bosnia and Mace- 
donia. He has branded Mr. Milosevic as 
“an outdated politician.” 

“The question now is whether we 
want to enter the 21st century as a demo- 
cratic and free Montenegro, or become 
some insignificant appendage to an un- 
democratic regim e, Mr. Djukanovic 
said ai a recent campaign rally. 

The defeat of the President Bulatovic, 
41. triggered celebrations throughout the 
night in Podgorica, the Montengrin cap- 
ital. 

The defeat in Montenegro comes on 
the heels of a victory by a former para- 
military leader and ultranationalist, 
Vojislav Seselj, in the Serbian presi- 
dential elections. Tbe Serbian vote, that 
also saw Mr. Milosevic’s hand-picked 



CHINA: Nearly 20 Years Later , One- Child Policy Is Fading Away 


Continued from Page I 

Mr. Liang's wife, Li, a doctor, de- 
scribed her own lonely childhood and 
her delight at having two children. 
“When I was young, I had to go to my 
classmates' homes to play,” she said. “I 
wished I had a sister.” She said her kids 
can help take care of each other — and 
that when she is old, they can take care of 
her. too. “I am traditional.” U said. “I 
would rather have two kids.” 

Although it is now legal, and even 
encouraged in some areas, for couples 
like the Liangs to have a second child, 
she is reluctant to trumpet her decision. 
Remembering the years of bearing the 
message that “one child is best” — and 
that message’s sometimes draconian en- 
forcement, including forced abortions 
and sterilizations — she asked that her 
full name not be used. 

The government is not dismantling its 
birth controls. China's population of 1 2 
billion — more than one-fifth of the 
world's people — is too large to let grow 
unrestricted, officials say. But with 
Beijing’s approval, each province can 
amend the one-child policy “according 
to its needs,” said an official from the 
State Family Planning Commission in 


Beijing, and the 1979 policy is dotted 
with exceptions. 

Rural areas have long allowed farm- 
ers. fishermen and ethnic minorities — 
along with a dozen other special cases — 
to have two or three children. Cities have 
traditionally been stricter, although the 
"two-child" rale has been in place, 
though unadvertised, in Guangdong, 
China’s southernmost province, since 
1980, in Beijing since 1982 and in 
Shanghai since 1990 to quietly balance 
slowing growth in the does. In the past, 
too few people knew about it or qualified 
for it to make much of a difference. 

It is only now, as the single children 
born since the one-child policy was cre- 
ated nearly 20 years ago prepare to start 
families of their own, that the loophole 
suddenly takes on a new relevance: Soon 
the exception will become the rule. 

Even so, demographers do not fear a 
huge population boom. Cities are quickly 
reaching negative population growth, and 
research has found that in C hina, as in 
other countries, people have less desire 
and time for large families as they become 
wealthier and better educated. 

“The authorities haven’t been pro- 
moting this policy, but they haven 't been 
opposing it/’ said Xiao Zili, director of 


the State Council-funded China Pop- 
ulation Information and Research Cot- 
ter in Beijing, adding that the loophole is 
unlikely to be closed in the future. “We 
believe that the trends will balance each 
other out” 

At a population conference in Beijing 
last week, Chinese officials said that even 
with the two-child exceptions, they are 
still on target to contain the population at 
1.3 billion by the end of (he century. 

But other unbalances that are the leg- 
acy of the one-child policy loom: There 
are significantly more males in China 
than females — because of sex-selected 
abortions of female fetuses and infant- 
icide — more elderly than young people, 
and an impending labor shortage in the 
fast-developing cities as tbe population 
shrinks. Exceptions have been built into 
the regulations to remedy distortions in 
China’s social structure, but not 
everything could be planned for. 

11 ‘Some of us think we should not have 
had a one-child policy at all,” said Tn 
Ping, a demographer and marketing pro- 
fessor at Beijing University. “We 
should have had a two-child policy to 
begin with,” because the sudden and 
turbulent population shifts were bound 
to create long-term problems. 


-ally beaten at tire polls, was annulled 
after the Serbian electoral commission 
determined that the required 50 percent 
of registered voters bad foiled to cast 
ballots. Tbe presidential race in Serbia 
will be held again later this year. 

There is widespread anger and dis- 
satisfaction among voters over the pre- 
cipitous economic decline, which has 
left at least 50 percent of the working 
force without jobs and reduced the av- 
erage monthly salary to about $100 a 
month. Mr. Milosevic, who has refused 
to release his party’s grip on the econ- 
omy and hold over state industry, has 
been unwilling to institute the Vind* of 
reforms that could attract foreign in- 
vestment and open foreign trade. 

“Milosevic fears that any liberaliz- 
ation of the economy means the end of 
the Socialists* hold on power,” a West- 
ern diplomat said. “He may simply de- 
cide it is better to let Montenegro secede 
rather than push through the kinds of 
.economic reforms demanded by 
Djukanovic.” 

The campaign between tbe two 
formerly close friends in Montenegro 
ended with bitter rancor and muds ting- 
ing. 

Mr. Bulatovic charged that Mr. 
Djukanovic was backed by “anti- 
Yugoslav forces,” including ethnic Al- 
banians and Muslims. Mr. Djukanovic 
replied by saying Mr. Bulatovic. was 
“supported by fascists and Commu- 
nists.” 

In a final televised debate the two 
candidates ignored most issues to level 
rWaiic/t y^iMfinns again st each other, 
most of which centered around involve- 
ment in vast black market operations set 
up daring tbe war in Bosnia to skin UN 
sanctions imposed on tbe rump 
Yugoslavia. 

Mr. Djukanovic told viewers that Mr. 
B ulato vic had embezzled $15 million 
intended for the purchase of two Boeing 
passenger planes. Mr. Bulatovic said 
that Mr. Djukanovic was behind a mulri- 
miilion -dollar cigarette-smuggling op- 
eration that operates off the 
Montenegrin coast. 

Policemen loyal to -Mr. Djukanovic 
arrested 1 1 alleged Serbian secret agents 
shortly before the vote. Tbe police said 
the men had been sent to Montenegro to 
disrupt the election. 


CUBA: Havana Cracks Down on Shanties 


Continued from Page I 

ianv.“ referring both to the fact that the 
migrants have “no "homeland” of their 
own and that many are crowded into 
squatter .settlements that suggest places 
like the Gaza Strip. 

There .ire no precise figures on how 
mans people are living illegally on the 
edges of metropolitan Havana, the home 
oi about 2.2 million of Cuba's 1 1 million 
people. But some press estimates have 
pat ihe number of Palesriruv os high as 
one o 1 even live Havana residents, or a 
total ot more than 400,000 people. 

According to various academic stud- 
ies. migration to Havana from the 
provinces remained fairly steady from 
ihc JdftiK throughout the 1980s, aver- 
aging about 1 1.000 people a year. But in 
the I ‘Mis. it more than doubled, reach- 
ing an estimated 27,500 people last 
vear 

The government usually refers to the 
new settlements as “unhealthy barrios.” 
Bui w uh their open sowers, electricity 


said at a news conference. “That merely 
worsens the social situation of those 
already living here.” 

Mr. Lazo also complained that the 
migration was “negating the efforts of 
the revolution” in the countryside. 

For years, the government spent a lot 
of money improving housing and 
schools in rural areas, he said, often at 
the expense of stinting the capital, which 
has seen much of its housing deteri- 
orate. 

But the migrants stress that living 
conditions in Havana arc better than in 
the rural areas they come from. In ad- 
dition. they argue, jobs in the capital are 
marc plentiful and less onerous. 

"Cutting sugar cane, which is realty 
exhausting work. I earned just 1 1 S pesos 
a month,” said Jorge. “Here, 1 work few 
the sewer authority, which isn’t as hard a 
job. and I make 240 pesos a month.” 

Anther migrant noted that Havana had 
higher food rations. 



DtcdcmcVrbc ViwiTm. 

This Cuban family in the Los Mangos slum settlement at the edge of 
Havana is among tens of thousands facing orders to abandon the area. 


South Africa Urges 
End to Libya Curbs 

Reuters 

CAIRO — South Africa called 
Monday for an end to United Na- 
tions sanctions against Libya, which 
President Nelson Mandela is sched- 
uled to visit this week. 

“Now South Africa and many 
countries” believe that the regime 
of sanctions against Libya “really 
ought to be done away with,” the 
South African foreign minister. Al- 
fred Nzo, said in Cairo, where Mr. 
Mandela was to arrive for a three- 
day visit. 

Mr. Nzo said Libya had “demon- 
strated its bona fides" by saying 
that it was ready to let two of its 
nationals who are suspects in tbe 
1988 bombing of a Pan Am airliner 
over Lockerbie in Scotland stand 
trial in a neutral country. “We sup- 
port that,” he said. 


vjmM pipes thatdeliver trickles of water, BLAIR: Labour Reeling After Confusion Over EMU Stirs Market and Political Backlash 

the MMticincnlft are virtually indistin- u ^ 


the MMilctncnls are virtually indistin 
giiivluhle from the notorious 
shantytowns in Brazil. Peru or Central 
American countries. 

Here in the settlement known as Los 
Mangos, sprawling over a hilly area be- 
hind' a baseball stadium tn the Havana 
borough ot Sail Miguel del Padron, 
about 9W small houses have been built, 
mostly of scrap wood found in garbage 
dumps, said .Angel Martinez, head of toe 
local Committee for the Defense of the 
Resolution. 

"At least 3.000 people live here," he 
said, "maybe more, because a lot of 
houses have five or six people in 
them." 

The origins of the law and the crack- 
down that has followed can be traced to 
a speech President Castro delivered in 
early April, criticizing what be called 
growing “social indiscipline" in 
Havana. 

Now. Cubans who want to move to 
Havana must obtain permission from (he 
authorities. If they are found living in the 
city w ithout authorization, they are sub- 
ject to immediate deportation and heavy 
fines. 

At the same time, new restrictions 
have been placed on people who live 
here legally to supplement their income 
by renting out rooms to newcomers. 

’ Diplomats here said the measures 
seemed aimed primarily at restoring 
control over what has beat viewed as an 
unchecked, and therefore dangerous, 
trend in a highly regimented society. 

But Esteban Lazo Hernandez, the 
Communist Party first secretary in 
Havana, said tbe curbs were necessary to 
preserve order and the gains of the 
Castro Revolution. 

“Everyone wants to come to the cap- 
ital. and so we confront a serious mi- 
gratory problem, that of illegality/’ he 


: membership would not on the announcement as a sign of gov- analysts say the episode has underscored currency was nmjustified on economic 
investment in Britain. He eminent indecision and mismanage- Mr. Blau s conservative instincts. erounds thev con 


Continued from Page 1 

Seeking to sow clarity Monday. Mr. 
Brown said that Britain was “unlikely” 
to join the single currency in 1999 and 
that the government would need a “peri- 
od of stability" after that date to ensure 
that monetary union was working prop- 
erty and that 
harm jobs or 
promised to make a fuller statement to 
the House of Commons shortly. 

Mr. Brown spoke at a ceremony to 
mark the opening of an electronic had- 
ing system at (he London Stock Ex- 
change, which also coincided w ith the 
1 0th anniversary' of the October 1987 
stock market crash. The FTSE 100 index 
fell nearly 120 points in the opening 
minutes before narrowing losses to dose 
at 5.211. down 60.1 points. Dealers 
dubbed it Brown Monday. Only three 
weeks ago. the index surged a record 160 
points after a newspaper reported that 
the government had shifted in favor of 
early participation in the single cur- 
rency. 

Prices of government bonds also fell 
sharply because a later British entry into 
monetary union will delay the conver- 
gence of British interest rates with the 


Nevertheless, “the markets feel 
totally confused by the turning around of 
the government’s' position/’ said Bob 
McKee, chief economist at Independent 
Strategy. “It shows thar British inte- 
gration with Europe remains a difficult 
problem.” 

The opposition Conservatives seized 


up the hill toward EMU and then march- 
ing them down again, he has played pol- 
itics with the nation’s business and with 
people’s savings and investments.” Even 
some senior Labour politicians expressed 
unease at the government’s handling of 
tbe issue and the apparent use of press 
leaks to test public opinion.Most political 


pound. The prime minister told Labour’s 
annual conference last month that his top 
priority was to serve two full terms in 
office. 

As embarrassing as the flap is for the 
government, some analysts suggested 
that Mr. Blair has done himself afavor. 
Early British participation in a single 


ment. 

“Today's events are entirely of Gor- 
don Brown’s own making," said Peter 
lilley, the Conservative spokesman for 
Treasury affairs. “By marching the City 


They believe he ordered Mr. Brown to 
dampen the EMU speculation because 
of his reluctance to gamble the gov- 
ernment's popularity in a referendum on 
tbe emotional issue of giving up the 


grounds, they contend, so dampening 
the recent speculation should leave the 
government free to bring the economy 
into a l i gnmen t with Continental coun- 
tries without having to adhere t d a rigid 
timetable. 


SOROS: . i , . 

Hugo Gift to Russia ; . w ] i* 

Continued from Page 1 1* — 

“rather strenuous and in some ways 
frustrating," he believed that the Rus- 
sian government, led by President Boris 
Yeltsin, needed and deserved Western 
confidence and assistance. .; 

Acknowledging that rampant corrup- 
tion and mismanagement had created a 
“precarious situation” for the Russian - 
government, Mr. Soros said he doubted 

it would collapse any time soon.. 

“But during the next three years, the 
government must deliver if it wants re- 
form to continue,” he added. ■ 

In addition to his philanthropy, the 
Soros Fund Management, the principal 
investment adviser to the Quantum 
Group of Funds, based in Curasao, has 
invested more than $2.5 billion in Rus- 
sian business. - , , 

Mr. Soros said Sunday that he intended^ 
to continue investing in Russia as a sig^** 
of confidence in the country’s leadership, 1 
despite controversy among rival in- 
vestors stemming from his decision to 
mix philanthropy and investment. 

Mfr. Soros emotional ties to Rus- 
sia, where his father was held prisoner 
during World War L 
As a child in Hungary, be said m a 
speech in Moscow, he came to know 
Russian culture and greatly respected its 
literary tradi tio ns and the determination 
of its people to survive despite all lands 
of oppression. He began his philan- 
thropy in Russia in 1987 during Mikhail 
Gorbachev’s reforms, before the col- 
lapse of Soviet rale. 

He is an American citizen who eluded g 
Ger man roundups while a Jewish ad- ^ 
descent in Badapest and Settled in the 
United States in 1956, after graduating 
from the London School of Economics. 

Mr. Soros’s international investments 
have come under fire, particularly from 
Mahathir bin Mohamad, the prime min- 
ister of Malaysia. 

The Malaysian leader has repeatedly 
accused Mr. Soros of mounting politically 
motivated attacks on Southeast Asian cur- 
rencies, which Mr. Soros has denied. , 

Du ring the summer, Mr. Soros , shut 
down his foundation in Belarus after 
Alexander Lukashenko, the popular but 
autocratic Belarussian president, fined -a 
Soros foundation $3 millio n on charges 
of tax violations and seized its bank 
account p 

In the United States, Mr. Soros has * 
been harshly criticized for programs that ^ - 
challenge the nation’s strong antidrug 
legislation and other controversial pro- 
grams. 

But the growing pressure on Mr. Sor- 
os’s philanthropic empire — which 
stretches from South Africa to Haiti, 
employs more than 1,300 people and has 
regional offices in New York and Bud- • 
apest — appears only to have stiffened 
his resolve to promote political plur- 
alism and economic reform. . 

• This year- alone, he opened five new -f 
offices in Central As la --arid, another in 
Guatemala and announced plans for nine 
foundations in southern Africa, which — . 

would expand to 40 the number of coun- . 

tries with Soros foundations. 

Given his growing personal fortune, 
which friends estimate at $5 billion, al- 
though he has not commented on his 
wealth, he says his efforts are likely to 
continue at current levels for at least a 
decade, and perhaps for two. 

Mr. Soros said that details of the new 
programs for Russia were still being 
worked out. but tharall the money, which 

will total a miniraum of $300 million and v’i 
as much as $500 million in the next three - 
years, would be channeled through his 
Open Society Institute-Russia. 

He was forced to restructure the foun- 
dation and to replace its leaders last year 
after discovering that employees were ' ■ 
diverting funds into Swiss bank accounts " 

and using money to buy luxury cars. 

Mr. Soros said that some of the health- 
care money would be used to set up three • 

to five demonstration sites that would 
offer programs to detect and treat tuber- ' r - - 
culosis. both in prisons and in the gen- 
eral population. 

Another new project will work to dia- 
gnose and treat drag-resistant bacteria, a 
leading cause of death in Russian hos- ^ 
pitals and what Mr. Soros called “a\ f 
major health threat not only in Russia but * 
throughout the world. ’ * 

. Another ofiMr. Soroses eight progr ams 
is to provide funds for retraining mem- 
bers of the military for civilian jobs. 

his program was a response to 
a call from Deputy Prime Minister Boris 
Nemtsov for help in large-scale training 
of managers. e 

In education, Mr. Soros intends to 
expand a program that provides selected 
libraries a choice of books and peri- 
odicals at a much reduced cost. He will 
also support library computerization. 

Another program is aimed at bringing 
more Russians into the computer age. In 
^operation with the government; Mr. 

?°5? *9 establish Internet centers 

in 33 provincial universities. 




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MARKETS: Stock and Currency Prices Fall in Asia Amid Fears That Crisis Is Spreading 

Continued from Page I the entire region and instigating a whole- in the United State* Tan» n > c k: j ® 


Page 

happens now largely depends on the 
policy response of governments around 
the region. ” 

Bernhard Eschweiler. Singapore- 
based head of Asia-Parif c economic re- 
search at JJ\ Morgan, said: “Risk aver- 
sion has popped up all over Asia. You 
can bring a lot back to Thailand. It was a 
catalyst chat made people look at things 
the}- had once taken for granted and thev 


day 1.62 percentage points above com- 
jable German levels, up from 1 -50 1 


lower levels prevailing in Germany. 

Yields on Five-year bonds ended the weren’t satisfied with w r hat they saw.” 

i- On July 2, Thailand became ground 
up Iran i -3u on zero in a mushrooming economic crisis 
when the baht plummeted, forced from 
its fixed exchange link to the dollar. The 
currency’s precipitous plunge forced 
Thailand and two neighbors — Indone- 
sia and fee Phil ippines — to seek support 
from the International Monetary Fund. 

Some analysts warned Mondav rhai 
fallout from the crisis appeared ro be 
spreading and market turmoil could con- 
tinue for weeks, raising currencv risk for 


ly. Higher rates helped tbe pound 

surge to 2.8883 Deutsche marks from 
2.8265. That move raised fears in in- 
dustry' of a competitive blow to British 
exports. 

Most financial analysts still expect 
Labour to try to bring Britain into mon- 
etary union around the year 2002. when 
euro notes and coins are due to go into 
circulation. 


the entire region and instigating a whole 
sale departure of international money 
from fee region. 

“People are nervous about whai is 
going to happen in north Asia in reaction 
to Southeast Asia’s turmoil/ ’ Mr. Esch- 
weiler said. 

Taiwan, which relies more on bilat- 
eral trade with the troubled economies of 
Southeast Asia than other north Asian 
countries, is considered the most vul- 
nerable to the slowing economies. After 
spending S5 billion to prop up the 
Taiwan dollar, the central bank last week 
gave up and let the currency fall, a move 
that might ensure the country’s export 
competitiveness. 

On Monday the Taiwan dollar went 
from Saturday’s 29.760 to the ULS. dollar 
to close at 30.451. its weakest dose in a 
decade. 

The Taipei stock market index foil 3.8 
percent, to 73 16.78. on fears of a further 
depreciation of the Taiwan dollar and 
signs of slowing demand for computers 


uwhe^United Sw«. Taiwan’s biggest gw M7 petMnt, .0 50931, its lowest 
The Hong Kong market was hit by a 

combination of Wall Street’s fall on U.S dollar l° w ^8-15 to toe 

Friday and the threat of rising U.S. in- ingslighthf fi™- 

terest rates. Since the Hong Kong dollar FtiNnLin m * e a ^ emoon to 37.87. 
is one of the last currencies in Asia to be Chaovalit %n^^ b y prii3ae Minister 
pegged to fee U.S. dollar, Hong Kong measure? r on ^sterity 
stocks would suffer if U.S. rates iosi. Thanone BhirfaJ? 81 -5^ ance toaster, 
The Haqg Seng Index dived 4.63 percent Sd ilave Snnday ? at hfe 

to close at 12,970.88. just off the day’s imminent 80 ^ nBneot when “ 
low. y cabinet reshuffle takes place. 

In Seoul, shares in fell 33 percent and derailme^^i^S^ 1 “to™ 1 ™*** 

5 fCnman ornn dirnnwl ia 9 Is.,,, „*■ 8 Thailand S $17.2 Viitlion jjj_ 




- * 


SL4 , bim “ 

credit 1116 emei S enc y line of 

lmkM°t?ft e ’ S 5iS : nIIibmi011 i ^ n f nnIy 

*20 3 percent from its lev3 before the ““dfflonal on Thai ao- 

' ' fh *<= IMF conditi 


fee Korean won slumped to a low of 
924-0 0 per dollar, almost a 1 percent fall 
from Friday. 

Disappointment in cuts made Friday 
in Malaysia’s 1998 budget {railed the 

Kuala Lumpur stock index down 3.4 „ 

percent, to 767.97. The ringgit fell more bursem^* 
man 3 percent from is level before the thoritirc’ 

budget was released, to 332 per U.S. fee AusmS^SL* 6 con ditians/’ 
dollar. ustralian treasurer. Paul Costello, 

The continued policy vacuum in Thai- rim™. T ^. authorities to con- 

land brought fee SET index of stocks CosteS/SS 3 ^ 8 .™ 1111 toe IMF,” Mr. 

° oitl ^ Australian Parliament. 


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Fluid and Feminine, Modernism Plays a Romantic Tnne 





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F rom left, Valentino's broderie anglaise and fringed Western dress, Gaultier's gingham-check wrap and baggy jeans, Yamamoto's knot-and-twist cotton dress and Lacroix's high-rise hairdo above slender print dress. 


By Suzy Menkes 

litter national Herald Tribune 


P 




ARIS — Hie same thick, mel- 
lifluous notes kept trickling 
through the shrieking sound- 
tracks at the spring/summer 
-shows: "La Vie en Rose.” 

; It is an appropriate metaphor for fash- 
ion's change of tune. While harsh, 
neopunk, body-revealing clothes still 
splattered dte runways during the-Paris 

■ season.. whichcloses Tuesday. forward- 

■ looking designers have a new message': 
.romantic modernism. 

. That meant die noble beauty of Frida 
KahJo — the beetle eyebrows, ornate 
. hairdos and intense colors of the Mex- 
ican painter — as the inspiration for 
. Jean Paul Gaultier. And fabric twisted 
• into picture-frame necklines for Yohji 
•Yamamoto's portraits of a lady. 

Modem romance also means an over- 
whelming return to what the French call 
teflon — fluid clothes — as opposed to 
. stiff tailoring. As the jacket softens, the 
■dress, maybe layered over pants, takes 
center stage — and with it the dress- 
maker's arts of wrapping, draping and 
ruching. Silk jersey, gauzy cottons and 
-slithery or cobweb-light knits are the 
-.materials of the moment. And the body 
ris just glimpsed through misty layers of 
chiffon or open-work stitching. 

The secret of making romantic fash- 
ion modem lies in technique. Yama- 
-moto's poetic twists of fabric, which 
■bound long dresses gracefully to the 
-body or suspended loose pants from a 
spiral of cloth round the neck, made a 


very fine show. Using a black-and-white 
palette, the designer abstracted with the 
utmost delicacy symbols of traditional 
femininity: a triangle of sequins at the 
ribs, festoons of ruching on a black dress, 
a picture hat as light as a drift of snow- 
flakes on the model’s loose pin-curls. 

Although die tiny, multibuttoned 
jackets had an Edwardian air, there is 
nothing retro about Yamomoto's vision. 
The clothes instead paid a glancing 
hostage, to the- techniques .of the. pasu 
with a.' raw neckline here, ;a dab or Art 
Deco decoration on a jacket wrist or a 
whorl of a rose on a bodice. It was a 
beauteous response to the modem wom- 
an’s yearning to dress less like a man. 

Yet Gaultier made that even more 
credible with his South American 

PARIS FASHION 

theme: banana leaves as the backdrop 
and sacks of tropical fruit and coffee 
beans spilling on the runway. Inspired 
by a visit to Cuba, Gaultier divided the 
line between two South American folk 
heroes: Kahlo and Che Guevara. From 
the first came the symbolic vine of 
braided hair and black crinoline skirts, 
which were the canvas for Gaultier's 
signature tailored jackets, knitted 
dresses and stretch printed tank tops. A 
cascade of ruffles and two layers of bra 
top emphasized the Latin theme. 

On the masculine side were baggy 
suits, or baggier jeans, developed 
Gaultier’s previous bomage-to- 
Harlem collection, but now with the 
models camping up macho tailoring 


with panamas and Cuban cigars. The 
. juicy colors — mango, saffron and fuch- 
sia pink, set against coal-black and 
white — enriched a show that was a 
model of how to present regular clothes 
in a dramatic way. 

Christian Lacroix tried totakeasimilar 
route. He even had the Kahlo eyebrows, 
both on the models and for himself. But 
he capsized his show with gaUeons-in- 
sail wigs that were meant to be a winy 
wink both at foe-designer's passion- for 
rococo and to the "big hair” of the 
1980s. They just didn't work. Nor did the 
drooping over-the-knee lacy hose; nor 
the way the collection was sent out pell- 
mell as though the kaleidoscope of color, 
patterns and shapes would magically 
form an artistic whole. It did noL 

And that was frustrating, because 
Lacroix is a romantic, with a whimsical 
sense of decoration and a postmodern 
skill at zapping eclectically through 
time and place. All that was in the show: 
pastoral smocking here, iridescent lace 
there, silky knits crunchy with raffia 
embroidery, sweet 18th-century frock 
coats and urban graffiti patterns. But as 
fringes dangled from leather pants or 
funky shoes and the lacy effects were 
piled on, the show looked more like an 
"Absolutely Fabulous” sitcom of 
Lacroix than the real thing. Except when 
foe eye rested for a magpie second on 
one lovely thing — say glowing velvet 
Rowers flocked on a chiffon skirt — and 
you realized what a disservice to the 
clothes a fashion show can do. 

Valentino knows bow to turn a trick 
on foe runway. His way of pepping up a 


signature collection of simple daywear 
and decorative evening clothes was to 
so West. At first the cowgirl theme was 
just a lightening of skinny pants in foe 
racy daywear that focused on raised 
seams as decoration. Then came fringes, 
edging jackets or swinging from the hem 
of brief leather skirts. They were tooled, 
inset with snake, or made into lacy bro- 
derie anglaise with eyelet embroidery. 

It was rich, but also witty, and. as 
always with Valentinoi beautifully ex- 
ecuted. At night, reptilian effects snak- 
ing round lace dresses should have been 


culled. But foe broderie anglaise in 
black was both sophisticated and fresh. 

If you want drapes — and as lan- 
guorous folds they are back in fashion — 
Emanuel Ungaro does them his way: on 
taut, short, defiantly bright dresses. His 
decoration is equally up-front — es- 
pecially foe jeans with sequin embroid- 
ery and foe slip dresses with cream lace 
dolloped on lime, orange or pink satin. 

It was all very Ungaro, from the soft 
tweed jackets, sleeves pushed up.tp the 
elbows, through foe bra tops and 
miniskirts and mixes of flower prints 


topped by floral fringed shawls. There 
was plenty in the show for faithful cli- 
ents to love, but it seemed out of step 
with modem romance. 

Vivienne Westwood sailed into 
calmer waters. She showed a strong 
show on a seafaring theme with foe 
focus on foe bosom as a the body's prow. 
Anchor prints, sailor collars and matelot 
stripes seemed both witty and wearable. 
And in pirates, whose eye patches made 
arresting accessories, Westwood re- 
turned to a. dashing rpmantic theme that 
she has long since made her own. 


BOOKS 




The Gleam of a Silver Moment 



. . : \ i"? ; 

f -:i r A 

i:-; Jgk 

Vv • S W. A 







Silver swimsuit flam H 'ermes. 

IWCntiC* ^^mmllic 

'Season - that this ts a 

Collections foe 

rather than setting gray 

L -tesvafSaS 

* JSS.*SftSS?— - “ 

-models* faces. „v 4 *«wear. shown 
• fc . At Hermes, shiny wa s 

*uh polished silver of 

foe bright spot - £SS« and 
raincoats, cobweb-hg m s 

„ . . . . 


leather skirts. The outgoing design team 
seemed to be wiping foe slate clean, 
Prada-style, before foe arrival of new 
designer Martin Margiela. 

The scribble of silver threads cm a 
simple dress was a decorative gesture at 
Cerruti, where its new designer Peter 
Speliopoolos played it safe but sure, 
with the smooth surface of tailoring 
broken by raised seams. Mushroom col- 
ors — beige-pink and off-white, con- 
tributed' to foe airy effect created by 
simple shapes and light layers. 

At Gres, foe metallic bands, wtre- 
mesh cages and silver nipple-covers off- 
set jersey drapes and folds for a hard- 
soft message from designer Frederic 
Molenac. He tried to rework foe grace- 
ful drapes and folds of Madame Gres. 

Sharpness versus softness was a gen- 
era] theme. With fashion’s metal mo- 
ment come effects created with a com- 
pass and square, like foe triangular tops 
and cut-outs on striking swimsuits from 
Herve Leger. His glitter bands on black 
swimsuits, shiny patent leather halter 
tops in primary colors and chain mail 
dresses were hard-edged. But Leg*? 
freshened his signature bands by allying 
them with silky jersey and by playing 
with asymmetric effects. . 

Asymmetry is now such a classic that 
it has been absorbed into foe elegant 
collection of Hanae Mon. She showed 
suits with off-center jackets among foe 
touches of Japonisme in calligraphy ct 
butterfly prints. Mon also scored with 
the newly-opened, mod- 
ernist Japanese cultural center. 

^enzoSca the prize for a high-tech 
presentation. Although his foente was 
Shrtle _ with inspirations for knitwear 
S^swimwtarfrSi tie Sahara and S„- 
dan — foe runway was lr ?° sf ^ :ied ™ to 
dunes, with a desen backdrop from 
S&chthe models morphed digitally 

“a fiShS 1 P«ny setting was created 





Mnmr-ThuniM 

Metallic-thread dress from Cerruti. 

at Slowik, where troughs of spike- 
leaved irises emphasized the feminizing 
of masculine tailoring, by threading vel- 
vet ribbons through belt loops, or by a 
computer-enhanced flower that grew up 
the front of a simple dress. 

Lanvin gave a quiet showroom 
presentation of its wine-dark tailoring, 
spiced with sensuous cocktail dresses. 
And when it comes to the bias-cutting 
and asymmetry which have been seen 
on many runways, Lanvin proved a 
point. It showed a silk dress with 
hankerohief point skirt, remade from a 
Jeanne Lanvin creation of 1932 — look- 
ing modern and wearable 65 years on. 

Suzy Menkes 


THE DEVIL’S MISTRESS: 

The Diary of Eva Braun, the 
Woman Who Lived and Died 
With Hitler 

By Alison Leslie Gold. 218 pages. $24.95. 
Faber and Faber. 

Reviewed by Carolyn See 

T HE discursiveness of foe subtitle 
here gives a clue to foe text Fifty- 
two years after Adolf Hitler and Eva 
Braun either did or did not kill them- 
selves in a bunker beneath Berlin as foe 
Allies bore in to take foe city, there will 
be people now who might not recognize 
foe name Eva Braun. Then, there might 
be a second tier of people who think that 
there really was a diary and this is it 
But it's not. There are fragments of a 
real diary here, but this is a novel, and 
foe author — who has already "imag- 
ined'' foe life of Lucia Joyce and co- 
written "Anne Frank Remembered" — 
has taken it upon herself to reconstruct 
foe life of Braun from foe time she mer 
Hitler in 1929. when she was 17, until 
their deaths in 1945. 

The material on the flap of foe book 
calls Braun the "personification of 
evil" but when first we see her she's a 
girl fresh from convent school, stuck at 
home with her parents and sisters. 
They're all close to starvation, living 
through the economic disasters and emo- 
tional traumas that have been visited 
upon Germany after World War I. The 
world, in fact, is reeling around her her 
cosmos pitches and veers through an 
endless national nightmare. Braun has 
only “girlie’' things to think about. It’s 
just as well she has nothing to eat but 
apples, because she "needs to slim 
down.” She scribbles in her diary — 
though she has nothing to say. She buys a 
lipstick, which sbe is forbidden to use. 

She dreams of bearing "five athletic 
children’* or, failing that, to "end it 
all!” 

She’s just a kid. She has hell's own 
time keeping any kind of job, because 
there aren’t any jobs in Munich. She has 
only her prettiness and her sexuality to 
use as weapons against the world. She 
doesn’t even know they’re weapons. 
Tliey’re simply all she has. 

Hien, as she climbs up the ladder in 
the photographer's studio where she 
works, an old guy peers up her skirt . He 
must be about 40, and he’s on the fringe 
of Bavarian politics. He’s Adolf Hitler. 

But, of course, he’s not foe full-fledged 
Hitler yet He’s just a geezer who likes 
young women and has some very bizarre 
ideas about sex. On foe bright side, be 
takes Braun out to her first restaurant 
meal where she gets her first protein in 
months. And he takes her to foe opera.- 
Then he gives ha- a few trinkets. Mainly, 
he’s something in a life filled to foe brim 
with nothing. Even though he’s not phys- 
ically attractive, and no kind of con- 
versationalist, and very creepy in his • 
physical habits, he’s all she has to think 
about. She fixates upon him. 

The trick here is that the author wants 


us to imagine the entire population of 
foe country in the same spiritual straits 
as Braun. A past that’s terrible, a future 
that's unimaginable and a present so 
gray and dim and deprived that the 
worst creep in the world somehow looks 
better than nothing. 

Hitler becomes Braun’s only interest. 
Will he call or won’t he? Will he write 
her or won ' t he? Isn ’t that him over there 
with another woman? After she be- 
comes his mistress, she acquires another 
whole set of concerns: Isn’t she ever 
going to be introduced to foe people 
around him? His friends, his col- 
leagues? Even after he attains high of- 
fice, she thinks only fleetingly of Ger- 
many or of her boyfriend's policies. She 
understands foal he’s designated whole 
groups of people as “subhuman." But 
she's more interested in the villa he's 


bought her, foe grudges she holds 
against her father and sister who don't 
like her boyfriend, and the massive 
wardrobe she keeps assembling. 

There are some fictional false steps 
toward foe end of the book; a scene with 
an old Jewish friend, an overwritten 
scene involving a skull and gloves made 
from human skin. 

But Braun is true to foe character foe 
author creates for her. A “subhuman” 
servant has the wit to ask, “How has it 
come to this? How? Why?” But Eva 
can't begin to think about foat before 
she gets to "end it all." As Germany 
collapses for foe second time in the 
century, she finally gets married to her 
guy, and wears a great dress. 

Carolyn Sec reviews hooks weekly for 
The Washington Post. 


CHESS 


By Robert Byme 


D ESPITE the presence of super- 
skilled tacticians, this year's 
United States Championship featured 
foe positional style. Larry Christiansen 
beat foe 1 996 U.S. champion. Alex Yer- 
molinsky. in a highly positional game. 

Against the Sozin Variation of foe 
Sicilian Defense with 6 Bc4, the move 
6...Qb6 is meant to drive off the d4 
knight to reduce White's chances for 
early sacrificial attacks. 

After 9 Nd4, taking foe bait with 
9...Ne4 gives White an attack to be 
feared. Thus, 10 Qf3 f5 11 Nc6 be 12 O- 
0-0 d5 13 Ne4! fe4 (or 13...dc 14Nd6! 
or 13...de 14 Qg3 e5 15 Rd5! cd 16 Qe5 
Be7 17 Bd5 Qb5 1 8 c4 Qb8 19 Qg7 Rf8 
20 Bc5!) 14 Qh5 g6 15 Qe5 Rg8 16 RdS ! 
cd 17 Bd5 Qb5 18 Qe4 Bf5 19 Bc6 Kf7 
20 Qd5 wins for White. 

But after 9..Jtfe5, White cannot keep 
his bishop on the a2-g8 diagonal be- 
cause 10 Bb3 loses a pawn to 10.. JMe4 
withotn prospects of retaliation. 

After Christiansen’s 21 Q£2, the black 


YEHMOUNSKWBLACK 


position was uncomfortably passive and 
facing a soon-to-materialize pawn ava- 
lanche against the king. Yermolinsky 
tried to remedy this by exchanging 
pieces with 2 l...Nc5 22 Nac5 dc 23 Nc5 
Bc5 24 Bc5 Qf4, simultaneously split- 
ting the white pawn phalanx. 

After 30 Qr5, Yermolinsky should 
have played 30..Jle7, although the 
black position is miserable after 31 Qc8 
Rc8 j 2 Rd6. His alternative was to 
sacrifice a pawn with 30...Nd4, but 31 
Qe5 Ne6 32 b3 a4 did not generate the 
hoped for counterplay for him. 

Christiansen's offer of rook for bishop 
with 35 Rd5! wiped out Yermolinskv’s 
chances for counterplay. If 35...Bd5, 
then 36 ed Nf8 37 c5 creates connected 
passed pawns that, backed up by While's 
powerful bishops, will march through. 

The endgame after 37 Qe7 Re7 let 
Christiansen win routinely. After 48 
c61, Yermolinsky gave up. seeing that 

45.. .Rc6? loses to 49 Bd7 and" that 

45.. .Rg5 49 Kfl Re5 50 Bd7 Kf8 51 b4 
Re4 52 b5 wins without resistance. 

SICILIAN DEFENSE 


PH 

j f* 

ifp*! 

riSTnl 

f qii' : v i 

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CHRISnANSENMHfre 

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wwte 

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Christ 

Yerisky 

I 

e4 

C5 

2 

NB 

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3 

d4 

cd 

4 

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7 

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11 

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e6 

12 

f4 

Nc9' 

13 


b5 . 

14 

g5 

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15 

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Bb? 

IS 

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17 

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a5 

IS 

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19 

0-0 

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20 

Rad 

R2d8 

2L 

Qf2 

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22 

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dc 

23 

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Bc5 

24 

Bc5 

Qf4 


White 

Black 

Chrts’n 

Yer’sky 

25 

Be3 

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26 

Bg2 

Rd7 

27 

Rcdl 

QC7 

28 

Bbfl 

QcH 

29 

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e5 

30 

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Nd4 

31 

Qe5 

Ne6 

32 

b3 

a4 

33 

Be3 

ab 

34 

ab 

Qd8 

35 

Rd5 

Qe7 

36 

c5 

Ne7 

37 

Q*7 

Re7 

38 

Rd4 

RaeB 

39 

Bf4 

Nefi 

40 

Rb4 

Nf4 

41 

Rf4 

RcS 

42 

Rb5 

Bcfi 

43 

RD6 

Res 

44 

Rf5 

ReeB 

45 

Rf2 

ReS 

46 

Bh3 

Rc7 

47 

RbS 

Be8 

48 

Cfi 

Resigns 


i 












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BUSINESS/FINANCE 


R 


TUESDAY, OCTOBER 21, 1997 


PAGE 13 



AT&T Holds 
High Hopes 
For New Chief 


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ITS of Hu ^ hcs BscmiSSSlS 

«£^L?? COn !? ,ts cha * nnan and that it 
planned to sell two units to concentrate 

t \°® its main long-distance and wireless 
> phone businesses. 

. ^ The company also reported Monday a 
15 percent fall in its latest quarterly 
financial results. y 

With its management in turmoil and 
its financial results eroding along with 
its share of the telecommunications 
market, AT&T was under increasing 
pressure to bring in a new leader as 
many smaller competitors are moving 
quickly to steal its customers. 

‘ ‘The industry is at a cross roads , and 
every day there seems to be an industry- 
changing deal,” said Jack Grobman, a 
telecommunications analyst for Sa- 
lomon Brothers, the Wall Street invest- 
ment bouse. 

“And nobody, no matter how big. is 


f l immune to seeing their competiti'vepo- 

L.. *1 _* - ■ — ■ 


sition threatened by the changing of the 
landscape,” he said. 

Mr. Armstrong, 59, will become the 
first outsider to lead the country’s 
largest phone company when he takes 
over Nov. 1. 

The current chairman, Robert Allen, 
widely criticized for AT&T’s stagnant 
stock performance, will be chairman of 
the board’s executive committee until 
he retires in February. 

The vice chairman. John Zeglis, 50, 
will become presidenL 

Mr. Armstrong is expecred to lead 
AT&T out of a troubled time by quickly 
developing new businesses and over- 
coming intense competition in its main 
operations. 

Thai is expected to increase earnings, 
which fell as AT&T spent billions of 
dollars to build up wireless and local 
phone operations. 

To tighten its focus, AT&T said h 
planned to sell two units. 

“They're starting with a clean slate. 
As of today, it's a new game for 
AT&T,” said Jeffrey Kagan, president 
of Kagan Telecom Associates. 

“Armstrong needs to stand up today 
and every day and tell the world AT&T 
is back.'! he added. 


Sr|)>k: 


See. CHANGE, PagelB 



’ \piin- Fr«<ir^lWr 

France Telecom’s Jean Jacques Damlamian, center left, celebrating at the New York Stock Exchange. 


France Telecom’s Shares Fly High 


By Anne Swardson 

Washington Post Service 


PARIS — The archetypal French- 
man, they say, wears his heart on the 
left and his wallet on the right. 

On Monday, the wallet side had a 
great day. 

Shares in France Telecom, the na- 
tional telephone company, hit the open 
market for the first time and soared 
After a month in which individual and 
institutional shareholders could bid for 
20.9 percent of the state-owned com- 
pany, the price the first day on the Paris 
stock market rose 13 percent from the 
bid price, closing at 206.50 francs 
($34.78), up from 182. The new issue 
dethroned the oil company Elf 
Aquitaine as the company with the 
laigest capitalization on the Bourse. 

In New York, where France Tele- 
com’s entry into the stock exchange 
was celebrated with croissants, can- 
can dancers and accordion players, the 
shares dosed at $34.6825. 

It all was a far cry from the refrain 
less than five months ago. when the 
new Socialist prime minister, Lionel 
Jospin, suspended the planned sale 
because he. was not sure that “public 


services” belonged in private hands. 

At that time, France seemed out of 
touch with the widely perceived need 
for corporate efficiency and flexibility 
in a world of free trade and competition. 
Bui in some ways. France, from an 
American perspective, stilj appears out 
of touch. On Oct. 10, for instance. Mr. 
Jospin kept a campaign promise by 
declaring be would lower the maximum 
workweek from the current 39 hours to 
35 hours by 2000, with no cut in pay. 

The idea was to create more hiring 
to fill the leftover work. But busi- 
nesses, knowing they would not have 
any money left over to hire anyone, 
were furious. The head of the em- 
ployers* association quit in disgust. 
Mr. Jospin also has kept to his So- 
cialist agenda by pushing through the 
legislature a plan to create 350.000 
public-sector jobs for young people 
over three years. 

At die same time, however, his gov- 
ernment has backtracked on its anti- 
business, anti-privatization rhetoric of 
the campaign, and nowhere more so 
than in the case of France Telecom. 
The previous center-right government 
had planned on putting more than one- 
third of the company in private hands. 


With dial goal in mind, and European 
telecommunications deregulation 
looming on Jan. 1 . die president, Michel 
Bon, negotiated more flexible accords 
with labor unions and pushed the com- 
pany into new lines of business. 

The Socialists came to power in 
early June after a somewhat unex- 
pected electoral victory, attaining of- 
fice just a few days before the planned 


:ju 

stock offering, and the company sus- 


pended the sale. 

Almost immediately, however, ru- 
mors began that the government 
would proceed with a partial privat- 
ization, and on Sept. 8 officials an- 
nounced that 20 percent of the com- 
pany’s capital would be opened to 
private investors. 

• France Telecom, Europe’s second- 
biggest telephone company after 
Deutsche Telekom, is not the only 
company preparing for competition. 
Ah across the country and the rest of 
Europe, mergers, acquisitions and 
hostile takeovers are proceeding.On 
OcL 13, huge deals involving compa- 
nies in Britain. France, Germany, 
Italy, the Netherlands, Norway, 
Sweden and Switzerland were an- 
nounced. 


ITT Accepts an Offer 
That Tops Hilton’s 


Deal to Create Largest Hotelier 


By Mitchell Martin 

International Herald Tribune 


NEW YORK — l lTCorp. said Mon- 
day it had agreed to be acquired by 
Starwood Lodging Trust in a $13.5 bil- 
lion takeover that would foil a nine- 
month hostile pursuit by Hilton Hotels 
Corp. and create the largest hotelier in 
the world. 

Starwood said last month it would 
buy Westin Hotels & Resorts for $1.57 
billion, adding that company's strong 
brand name to its hotel operations. The 


Starwood Lodging Corp. . leases prop- 
erties from Starwood Lodging Thist and 
operates them, mostly through SLC Op- 
erating Ltd-, of which it is a general 
partner. 

Hilton has been pursuing ITT since 
January, when it offered $55 a share, or 


about $10.5 billion, for the company. 


i to negc 

and in July offered its shareholders a 
value-enhancing package that would 
split the company into three units and 
repurchase about a quarter of its shares 
for $70 each. 

In August, Hilton raised its bid to $70 
a share in cash and stock , or about SI 1 -5 
billion, for all of ITT, including debt 
assumption. Last month, Hilton won an 
impo rtant court battle, which forced 
ITT to hold a shareholder vote Nov. 12 
to gain investor approval of its spin-off 
plan. Hilton is waging a proxy batt le to 
put its own representatives on the ITT 
board. 

The spin-off would have left ITT with 
its hotel-casino business while creating 
a new company for its technical schools 
and another for its international tele- 


inclusion of ITT, which operates the 
>ula put those 


Sheraton hotel chain, wot 
properties and the CIGA, Luxury Col- 
lection and Caesars brand names under 
one owner. 

A Hilton spokesman said his com- 
pany was study ing t he new offer, which 
is for $82 an ITT share in cash and 
Starwood shares. Analysts questioned 
whether Hilton would want to come 
back with a higher bid. 

“That is a pretty hefty price that is 
being paid, and I’m not sure that Hilton 
will try to top it,” said Tom Burnett, 
founder of Merger Insight, a research 
service that focuses on large takeovers. 
Mr. Burnett said it was noteworthy that 
Starwood 's stock price advanced after 
the deal was announced because most of 
its payment is in its own shares. 

The most visible investor reaction 
was in TIT'S stock, which jumped 
$5,375 a share to close at $75.75. Star- 
wood rose $1.0625 to $57,625, while 
Hilton gained 62.5 cents to $33. 

Starwood, a real-estate investment 
trust, has an unusual ownership struc- 
ture. It is one of only four so-called 
paired-share REITs, which allows it to 
own real estate and also engage in other 
businesses. 

A REJT’s structure is advantageous 
because, like a mutual fund, it does not 
pay income tax at the corporate leveL 
passing through the obligation to share- 
holders who may be taxed at more ad- 
vantageous rates. 

In the case of the paired-share REITs 
— Congress banned the creation of ad- 
ditional ones in 1983 — the real-estate 
business can operate tax-free, while the 
rest of the company pays income tax on 
its operations. The operating company. 


phone-directory operations. That plan 
mirrored the 1995 break up of the old 


ITT Corp., which was split into the 
current FIT, the manufacturing com- 
pany ITT Industries Inc. and the fi- 
nancial-services concern now known as 
Hartford Financial Services Group Inc. 

In a television interview Monday, 
Barry Stemlicht, the Starwood chair- 
man. said he might sell the ITT technical 
schools and phone-directory busi- 
nesses. He said he thought they were 
“fabulous” companies, but not core 
businesses for Starwood. He added, 
however, that if Starwood did not re- 
ceive attractive bids for die two units, he 
would be “happy to keep them.” 

If the deal goes through, ITT will 
nominate four directors to Starwood’s 
board, but Mr. Stemlicht will continue 
as chairman and chief executive. That 
would be a reversal for Rand Araskog, 
who has been chairman of ITT for 18 
years. Mr. Araskog is expected to join 
the Starwood board, although it is un- 
clear how much influence he would 
have in the company. 


See ITT, Page 14 


I 


Thinking Ahead /Commentary 


‘Lump of Labor’ Notion Doesn’t Work 


By Reginald Dale 

Inh’manonai Herald Tribune 


fourth worker would be needed to 
bring output back to its former level. 


W ASHINGTON — One of 
the best-known fallacies 
in economics is the notion 
that there is a fixed 
amount of work — a “lump of labor” 
— that can be shared out in different 
ways to lead to fewer or more jobs. 

This is the conceptual error at the 
heart of plans announced by the French 
and Italian governments to reduce of- 
ficial workweeks to 35 hours to help 
create employment and make existing 
jobs less onerous. 

To most economists, the proposals 
are nonsensical. The total amount of 
work available in France or anywhere 
else is constantly changing in the light 
of variables, including the relative 
costs of labor and capital and the coun- 
try's growth rate. 

By making labor more expensive, a 
shorter workweek is more lik ely t o re- 
duce employment than to increase il 
B ui the idea that a cut in working hours 
will create jobs retains a hold over the 
popular imagination, especially on me 
left, in France. Italy and other countries 
vainly seeking a quick fix to Europe s 
huge unemployment problem. 

The idea has a kind of simplistic 

aP Sm?pose three workers each take an 
hour to make something and work for 
40 hours a week — theywrll produce 
120 items. If *ey worked for only 30 
hours, they would produce 90 units; a 


But die employer might then be un- 
120 items, paiti< 


able to sell 120 items, particularly if. as 
French labor unions are demanding, the 
three original workers and the new 
worker were paid the same amount as 
before. The labor cost per unit would 
rise by one-third, almost certainly mak- 
ing the product more expensive. To keep 
wage costs the same, the workers would 
have to take a 25 percent pay cut 


A shorter workweek, by 
making labor more 
costly, could art jobs. 


But even that would not be enough, 
because foe employer — especially in 
France — would be saddled with heavy 1 
extra tax and social-security contri- 
butions for foe fourth worker. The em- 
ployer might choose instead to pay 
overtime to the existing three workers, 
which also would increase wage 
costs. 

All right, says foe French govern- 
ment, we will subsidize companies foal 
shorten foe workweek and employ 
more workers — and we will get the 


money from reduced unemployment 
benefits 


peopli 

unemployed. The plan will be self- 
financing. . . , 

But that is unlikely. Specialists at the 
Organization for Economic Cooper- 


ation and Development in Paris say 
government make- work plans gener- 
ally do not pay for themselves. 

The last cut in foe French workweek, 
from 40 to 39 hours under President 
Francois Mitterrand in 1982, did not 
create jobs. Further cuts were dropped 
as Mr. Mitterrand abandoned his early 
disastrous commitment to socialist 
dogma. 

Now the chances of success are even 
slimmer. Mr. Mitterrand's initial 
policies assumed that France could de- 
value foe franc to offset foe loss of 
competitiveness from higher labor 
costs. With France due to join the 
single European currency in 1999, that 
will no longer be possible. 

Unions say companies could finance 
shorter working hours from their 
profits and not raise prices. But rather 
than face higher wage costs, many em- 
ployers will switch investment from 
labor to capital or move production 
abroad. 

In fact, both the French and Italian 
governments realize foe policy is 
deeply flawed. Italy is signaling that 
the shorter workweek wifi not really 
happen in practice, and France is des- 
perately backtracking on foe details. 

That is foe cowardly way out. 

By perpetuating the lump-of-labor 
fallacy, foe French government is 
maintaining foe illusion that there is an 
easy and painless solution to foe coun- 
try’s unemployment crisis. It is only 
postponing the day when more serious 
steps will have to be taken. 


CURRENCY & INTEREST RATES 


Cross. Rates 


Oct 20 Libid-Ubor Raids 


Oct. 20 


Fnafttat 

IMnM 


* 1 DJL imr “ Sit iSe* 3; 

M a gr- J.-S 3 - 5 ! 3 fr 

™ ™ » 25 JS 3 

Jw JflJW U3S4 ^ "5 JaSs un* LW™ ,LSB 

H Sun S XX £8 MS* 


K?U« - I** g 1 S US £5 m « g- 
35 me w ** ££ Tot- iia> — 

» -an !£. £5 Am- — iW axn ‘ 

S 243 q*w »*£ S m* ism w* 

S wa !™ SS 12S SI «£ V ■» ^ 


Swi» Fiend 

Defer Mferk from; Sterfa* Fraac Yen ECU 
1-monft 5fc-S* 1""* J'a-rva 3W*-3Va *»•'* 4H-4VU 

3-monlH SVa-JW* 3S*-3* H*. l*a 7V»- 7»* 3*,. aw *•-» 4to-4Va 
6- month W-3* I’Va-a^v 7*m-7W» He-SiVa Sfc-l* 

1-ywr 1 4-JV4 ?¥4-2V« 7*a 7T» 

Sources? RautBSi Uards Bank. 

Rotes oppKtftie to intemani deffa&ns of5l m/Uton mMmom (areijijtm&tn. 


T4p 
Tennte 

fS8 IS S3 rs s* SS vS ss n 


Key Money Rates 




Other Dollar Values 

AdfeLfein 0.9W* m2 s N.ZenJoodS 

Xurtsfans IJW* 1*2231 19SJ4 Horu-tnon 

AMktaiKli. ta.4» Hung-ft**" ^ MAP** 
•nUt reel \tttn «f 22 T 3 HUD° PcW«*l» 
Hfewnn poflnw** 1 

tecakenm 3?SS ... 31 m RwssnW* 

DfeUl knot *708 SamS rir<4 

Karas ssrt 


P«r* 

7J49 

lJ5tf 

7.0935 
33JS 
3^*1 
iso JO 
S87&00 
3.75 
1.5435 


5. ICer. wan 
Smd. kroon 

1M «* 
Thai brirt 
Turin Rib 
use fiim 


Per* 
470 
92400 
7.6141 
3045 
37 JO 
178273a 
3472 
1980015 


Untied States 
Dbeemriiefe 
Prtnerak 
Federal fund* 

9Mny CDs derien 
IBMoyCPdrten 
a-moott Trwmwr bffl 

1-yeorTreaserrbB) 
yytvimmytB 
fryMT Timmy net* 
7-ftorTrenewy note 
10-iemTreosmy cafe 
ao-yea-TrtttiwyfeM 
Merrill Lynch 30-dny EA 


Forward Rates . 

. l „ AMD Qun*CT 

SS IS! u- . 
*™"fi~rS£Sr ! ' J!!SSS ™ 

ttoManc [MBnjt!. Banoue* eFaoKK 


Jepw 

Dtaconatrate 
CoBnwMy 
l-nentt ioKftanfe 
Mnwrih Mtmtak 
l^aenMi hrimhon k 
lOWnrGwtbmri 


3Haf «-*> 
12081 12028 
14737 u™ 


119.74 

14498 


LombmOnrie 
Cd nWftcf 
14 bbBi Interbank 
MMifli Motoric 
fraaelb interbank 
lO^ear Bond 


Obm 

Pm 

540 

S40 

8>.i 

8^ 

SN 

5b 

549 

5.44 

5JS 

542 

490 

193 

US 

526 

5.88 

549 

404 

6.07 

6.10 

6.11 

4.14 

6,16 

642 

6.44 

54)9 

M9 

040 

050 

044 

042 

046 

0l46 

047 

047 

050 

050 

1,94 

1S8 

450 

450 

343 

045 

353 

353 

170 

320 

199 

192 

S47 

547 


Brtimn 

Bank bau rate 
CnfliMaey 
1-nwm hrtmtaafe 

3- motrtb mtetbart 

4- mentti idletbadk 

10-rear Gill 


7.00 . 7.00 
T 1 * 

7Va 7»n 
M 

7J3D Vh 
441 640 


France 

t ut era e n ti ea rate 
Crilmeaer 
mnnffi In twbnnk 

3- mantb interbank 

4- aMnth inteibank 
ifrrwOAT 


3J0. M0 
Tin 


ZVu 
3V* 2V» 


3M 

5J1 


Si* 

549 


Scutch: Reoten, Btoamom, Merrill 
Lynch. &oa*_ef Tokro-MIliublahi. 
C emmutm UkGotBL po nie b. 


Gold 


AJ4, pm. Qi'ge 


w* • - HA. 323J0 —050 

Lenden 32425 323.90 -M> 

HeeiYorii 32540 32480 -140 

U S. doBofs per ounce. London official 
fixing* Zttrianmd New York opening 
ami casing pneez Now nnc Comet r 
(Dec) 

same; Ream. 


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We’ve got file know-how. 


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history has revolved around 
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Switzerland: Geneva tel. 41 22/705; 66 66 - Headquarters for Credit Lyonnajs lwrau-ATinwAi a.wrvr 

Mco ^ 3™ ,5 * 34 tW, ?g ,, 


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PAGE 14 


INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 


A 


THE AMERICAS 


Investor’s America 



30-Year T-Bond Yieid 



- — — 


- • fij» — 




\x — — 

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13) — ‘ — 


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1997 

E*chaag®’ : 

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Index 

[WfOtim-'z 

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J&w: \y % ■■■■ 

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f*itr <e *t.i6 

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-9HSM. 904SS ; »1.16 

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Cofnposite' 

' &&& • mm ' it.to 

vs. 

Nasdaq Compose 16WJ22 imM +t.04 

a to&t . . 

MffltetVafta.... 


Toronto 

TSfitodex 

7Q$3M 7332.90 - *G£2. 

SaoPauJo 

Sove^xa^ . 

; V : 127ti3^ ♦ J-73- 

ItaxtoqCIty 

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Buerioa Aires MttvaJ y 


| Santiago - - 

IPSA General - 

. 52St>7. S2tS.58- -026; 

Caracas 

Cap&ai G&*tc& 

roeisiz t06i3fi ; - ^ 

Source : Bloomberg, Reuters 

Inicrrunucul Herald Trthnae 

Very briefly: 


HSN to Buy Universal Studios’ TV Interests 


• General Accident PLC, a British insurer, plans to buy 
Canadian General Insurance Group Ltd. for 738 million 
Canadian dollars ($532.2 million) in cash and assumed debt 
from the U.S. buyout firm Kohlberg Kravis Roberts & Co. 

• Kinder Morgan Energy Partners agreed to buy Santa Fe 
Pacific Pipeline Partners, one of California's largest trans- 
porters of jet fuel and gasoline, for about $1 .47 billion in cash, 
stock and assumed debt. 

• Kohl berg Kravis Roberts & Co. agreed to buy Act HI 
Theaters Inc, a closely held company that operates 124 

inc h 


Bloomberg News 

NEW YORK — Home Shopping 
Network’s parent company is buy- 
ing most of Universal Studios’ tele- 
vision operations for $4.1 billion, 
the companies said Monday. 

HSN Inc., headed by the enter- 
tainment executive Barry Dilier, will 
change its name to USA Networks 
Inc. and combine the cable networks 
with HSN’s broadcast stations and 
controlling interest m Ticketmaster 
Group Inc., the world's leading 
computerized ticketing service. 

Mr. Dilier will be chairman and 
chief executive of the new entity. 

In exchange for HSN’s acquisi- 
tion of the television operations. 
Universal will get a 45 percent stake 
in HSN plus $12 billion in cash. 

The deal comes a month after 
Universal’s parent, Seagram Co., 
took sole control of USA Network 
in a $1.7 billion buyout of partner 
Viacom Inc., ending a long legal 
battle between the two companies. 

The HSN purchase also includes 
50 percent of USA Network’s in- 
ternational operations and Univer- 
sal's U.S. television production and 
distribution business. 

It does not include Universal's 
library of older television series or 
its international TV operations. 

Liberty Media Corp., which hoi* 
20 percent of HSN, will see its stake 


shrink to 15 percent, but it will have 
the right to increase its stake to 25 
percent Liberty Media is the pro- 
gramming arm of the cable operator 
Telecommunications Inc. 

Both companies' stocks rose in 
late trading. HSN shares were up 
$3.50 at$42.125 on the Nasdaq 


Stock Market, while Seagram 
shares rose $2,625 to $35.0625 on 
the New Yak Stock Excha nge . 

“Barry Ciller's name is gold.” 
said Richard Read, an analyst at 
Amhold & S. Bleichzoeder. “USA 
Network is an asset that seeds ag- 
gressive marketing and could use 


nAlirinnfll programming saWy. 

HSN, based -in St. Pwmbuig, 
Florida, was a pioneer in 24-hour 
televised shopping programs m 
1982. The company also owns 25 
broadcast stations and a controlling 
interest in Ticketmaster. 

(AP, Reuters, Bloomberg) 


ITT; Starwood ’s $ 13*5 Billion Bid Eclipses Hilton's Offer 

i Banc One Buys a Rival 


Continued from Page 13 

For Hilton, Mr. Burnett said, the 
offer could provid e an inexpensive 
way to get some of mUs casmos: “I 
think Hilton will bow out gracefully 
but they will be a bidder for some of 
the gaming properties.” 

Starwood indicated that some of 
ITT’s casinos might be for sale as a 
way foe die company to raise cash, 
Mr. Barnett said. Mr. Stemlicht, 
however, said Starwood had com- 
mitments for $7 billion in cash from 
BT Alex. Brown Inc. and Bear Ste- 
ams & Co. for fina ncing . A joint 
announcement from ITT and Star- 
wood said the two firms bad 
provided “highly confident” letters 
indicating they could arrange the 
financing. 

The term “highly confident’ ’ was 


often used during the takeover binge 
of the late 1980s by Drcxel 
Burnham Lambert Inc., which 
would sell junk bonds to raise fi- 
nancing for acquisitions. 

As the deal currently stands, Star- 
wood needs only about $1.83 billion, 
in cadi, representing the $15 a share 
it would pay for the approximately 
122 milli on ITT shares outstanding. 
Starwood also would ass ume about 
$3 .5 billion oflong-tenn HT debt 

Besides the cash, Starwood is of- 
fering $67 worth of its own stock as 
long as die shares trade between 
$53,263 and $61263 in fee 20 days 
before the HT shareholders vote on 
the deal, if Starwood ’s stock were to 
fall below that level, it would pay a 
maximum 1.258 shares, and it 
would pay 1.094 shares if it ex- 
ceeded that level. 


Banc One Corp. agreed to buy 
First ConunezceGotp. for $3 billion 
in stock, which would make it 
Louisiana’s biggest bank in t erms of 
assets and deposits, Bloomberg 

News reported from New Orleans. 

pam- One, based in Columbus, 
Ohio, said it would exchange 1-28 
shares fcor each First Commerce 
share, valuing the company at 
$68.80 a share. First Commerce 
shares were op $&25 at $66,375. 
Banc One stock fell $1,625 to 
$53,625. / „ 

The acquisition would put Banc 
One ahead of Hibemia Coip., the 
current leader in Louisiana. Banc 
One bought Premier Bancorp, of 
Baton Rouge in January 1996 for 
$700 milli on in stock. 


Computer Shares Push Wall Street Higher 


movie theaters, mostly in the Pacific Northwest, for about 
S660 million. 

• Texas Pacific Group, an investment partnership that includes 
the financier David Bonderman, has bought the clothing retailer 
J. Crew Group Inc Terms were not disclosed, but one source 
said die price was between $450 million and $500 million. 

• Digital Equipment Corp. changed the name of its personal- 

computer line to the Digital PC 3000 series from Venturis and 
is cutting prices by as much as 22 percent Bloomberg 

Weekend Box Office " 

The Associated Press 

LOS ANGELES — “I Know What You Did Last Summer” 
dominated the North American box office over the weekend, 
with a gross of $16.1 million. Following are the Top 10 
moneymakers, based on Saturday's ticket sales and estimated 
sales for Sunday. 


UKimrWtvtMwDklLostSum- 

(Colombia! 

516.1 ailUian 

2. Dartre Advocate 

PNamerBmsJ 

5123 mil Don 

3. Kiss the Oris 

(PomounO 

57mfl0an 

4je«cn Yean hi Tibet 

( Tristan 

SAJmmton 

Xla&Oet 

f Paramount J 

SX9ndOon 

6. Soul Food 

(TweriUhCBlmrFat) 

534 n Hlton 

7. Racket Mon 

mXObrwy) 

3mfllian 

8. The Peacemaker 

aXmmWobs) 

52.8 ndon 

9. LA. Cortfideflltal 

(Warner Bmx) 

52.7 aiflHan 

10. Bean 

(Granary Pictures) 

CJmlRion 


Cinpdnf hi Otr Stiff From DapuKha 

NEW YORK — Stocks climbed 
Monday, bolstered by the technol- 
ogy sector and by stronger-than-ex- 
pected earnings reports, which eased 
concern that a slowdown in profits 
would derail the rally this year. 

A rebound in computer-related is- 
sues fueled the advance. Microsoft 
and International Business Machines, 
two of the computer industry’s most 
watched companies, were scheduled 
to release thiitUquarter results after 
the close of trading. 

IBM in its report said thiid- 
q inner earnings rose 5.4 percent to 
SI 36 billion from the year-earlier 
iod, as revenue rose 2.7 percent to 
1S.6 billion. 

“As long as growth remains at a 
nice clip in the economy, technol- 
ogy companies should do well,'* 
said Steven Zenker, a money man- 
ager at McCabe Capital Managers in 
King of Prussia, Pennsylvania. 
“Business trends look fine.” 

The Dow Jones industrial average 
rose 74.41 points to 7,921.44. 

AT&T closed up 2 3/16 at 47% 


and was die one of the Dow's biggest 
gainers. The l^Wr nrrmnwi^aHnns 
company reported a drop in quarterly 
prom, but the earnings were better 
than expected. The company also an- 
aounced a new chairman. 

But the Dow's advance was lim- 
ited by Sears Roebuck, which fell 

US. STOCKS 

1V6 to 4514. Richard Church, an ana- 
lyst at Smith Barney Inc„ lowered 
the company’s recommendation to 
“neutral” from “outperform.” The 
analyst cited concern that Sears’s 
earnings would be hurt as more cred- 
it-card customers failed to pay bills. 

The Standard & Poor’s 5tX>-stock 
index rose 11.45, to 955.61. The 
Nasdaq composite .index jumped 
18.62 points to 1,685.47 as investors 
bought certain computer shares after 
the rout last week. 

Compaq Computer, Cisco, Sun 
Microsystems, Hewlett-Packard 
and Dell Computer gained. Bat Mi- 
crosoft fell alter the U.S. Justice 
Department said in a court filing that 


the company must change the way it 
sells its Explorer Internet browser or 
face a fine of $1 million a day. 

Eli Lilly rose after reporting earn- 
ings of 41 cents a share, beating Wall 
Street's average forecast by a penny. 
The drngmaker was the latest com- 
pany to top forecasts this month. . 

In addition to Starwood’ s bid for 
ITT, other mergers and acquisitions 
also bolstered stocks. 

LIN Television rose after Ray- 
com Media made an unexpected fed 
fertile company that topped an offer 
of $1.7 billion from Hicks, Muse, 
Tate & Furet Inc. Raycam is of- 
fering $5250 a share, topping Hicks 
Muse’s $47.50-a-sbare offer. - 

Bank shares retreated amid con- 
cern that interest rates would not fall 
enough to spur profits in 1998. U.S. 
equities rallied this year on opti- 
mism that stable economic growth 
would not fen inflation and send 
borrowing costs spiraling. 

The benchmark 30-year Treasury 
bond rose 8/32 to 99 13/32, taking 
the yield down two basis points to 
6.42 percent 


“We’ll see further signs of in- 
flation in die next few months,” 
which is likely to hurt stocks, said 
Ricky Harrington, a stock market 
analyst at Interstate/Johnson Lane. 
Citicorp, BankAmerica and Bank of 
New York fell. (Bloomberg, AP) 


V.S. Delays Lifting 
Ports Bern on Japan 

Reuters 

WASHINGTON — The Federal 
Maritime Commissioa postponed 
Monday a decision on whether to lift 
a ban on Japanese ships at U.S. ports 
and insisted that Japanese earners 
pay $4 million in fines. 

The four-member commission 
delayed formally notifying the 
Transportation Department and 
Coast Guard of its earlier decision to 
close the ports after senior U.S. and 
Japanese negotiators announced a 
major breakthrough in talks Friday 
and said a final deal was at hand. 


Trade Data 
In Japan 



Die Dollar 


■ Carped h OurS*tgFn>m foparta 

NEW YORK — The dollar 
rose against the. yen Monday 
after Japan announced a lower- 
than-expected trade surplus for 
September. 

The dollar was at 121,225 
yen in 4' P.M. trading, up from 
120.70 yen on Friday, and. at 
1.7727 Deutsche marks, up 
from 1.7725 DM. 

The dollar was also at 1.4725 
Swiss francs, down from 

FOREIGN EXCHANGE 

1.4750 francs, and at 5.9395 
French francs, up from 5.9380 
francs in the previous session. 

The pound was at $1.6340, 
up from $1.6180. 

The dollar rose against the 
yen Friday on expectations feat 
U.S. interest rates could go up 
after fee release of bullish eco- 
nomic figures and news of an 
agreement in principle resolv- 
ing a trade dispute on shipping 
between fee United States and 
Japan. 

On Monday, Japan an- 
nounced that its Sqxember 
trade surplus was lower than 
market expectations. 

Meanwhile, fee pound 
soared against other major cur- 
rencies after the British gov- 
ernment quashed expectations 
in some quarters that it might 
attempt to join Europe's com- 
mon currency as a founding 
member in 1999. 

The chancellor of the Ex- 
chequer, Gordon Brown, re- 
peated remarks that he made 
m an interview Saturday wife 
The Times of London, saying 
it was highly unlikely Britain 
would join European econom- 
ic and. monetary union at its 
planned start on Jan. 1, 1999. 

* ‘In the short term, people are 
bullish on sterling,'' said 
Helena Morrissey, director of 
fixed-income and foreign ex- 
change for Newton Investment 
Management. “Butin my view, 
fee last thing the government, 
the Bank ofEngland or industry 
want is a much stronger 
pound.” (AFP. Bloomberg) 




ii 




» -.1.. • .... 


AMEX 


U. S. STOCK MARKET DIARY 


INTERNATIONAL FUTURES 


Monday’s 4 P.M. Close 

The 300 most traded stocks of the (toy, 
uptothecteinq on Woil Stmt. 
TheAssocafedftesx 


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Oct. 20, 1097 

Lav L<* nd dig* QpU 

Grains 

CDIW (OW'D 

SX/OObuHkP mMiy oaes parblataal 
Ok *7 284 2301 V 283 +1 V 7 M 

Mor» 7H ’m 79T* +% WU 

ttalW 3001ft 2951ft 298 +1 27JH4 

MM 3MM 29914 302 +44 34289 

3m M 29» 7*9 292 M +2kft 2^0 

EJncM 29Bft 2861ft 29D +2Vft 2W14 

JHW 303 300 3C3 +2H 192 

Estsoto 824700 Frf* sates 71^57 
nn opanH3fta9M aft 7J54 

SOYBEAN MEAL RBOT) 

100 tank Mkas per tan 

OtJ97 227 JO 221 JO 221 JO -1J0 2090 

Dm 97 227 JO 219-30 22] JO +490 4*7*9 

Jan W 225-50 318J0 22070 +030 20078 

MorM 22X00 21*00 71020 +070 19,108 

MOV 98 271-00 27 £50 77 7 JO +JJ0 1&BS5 

-MM 22X00 21450 219,00 +1J0 10897 

Ext rates 30000 Fifft total 2X253 
FiUopanW 1,119324. op 997 J47 

SOYBEAN OILfCBOTJ 
«ajoo Be- ert pcrQ> 

0097 24J0 2434 24JI -012 585 

DlC 97 2487 2447 2430 J.11 34276 

Jon 98 2X05 2485 2490 -0.13 71.951 

Mor98 25-32 25.70 25.75 -0.T4 1L454 

«oy9B 2S45 2523 2526 -021 7241 

A8M 2538 2535 2538 -OJD 0044 

E0. ate 1X000 FW» aetaa 10977 
M« open hi I07J47> off 611 

SOYBEANS KBOT) 

5000 tau etaOnrara- ante pec mom 
N eat? 70S 487 491 -1 7X737 

Jan98 714 690 t93 -1 44057 

MVM 720 69 «W 70294 -11* 19J16 

AtalW 721 TOM TU7V, -IN I47U5 

■ASM 728 710 7l3Vft -1 1X941 

&L met 70000 Ms rates 50814 
Ms open *8 175400 cE 5837 

WHEAT (CM7T) 

50X1 bo nHnn».c4ntsparbVsAil 

Dee 97 371 363 JJTOft +7N 40105 

MorM 3834 376 38314 +4 27.634 

MOV98 390Jft 383Vft 390ta +6ftS S2S6 

ASM 291 3M 39Qftft +4Vi 1X967 

EA soiee 1 7 J 00 Frfs «Nm 1 1 J07 

Fits open M 10MMX Off L1M 


Livestock 
CATTLE (CMEJO 

iw. cthM p e r Q» 

0^7 6p0 6772 4012 +4L4S 5881 

Dae97 67.05 6422 6423 ^L22 43J99 

F0>98 69.05 6025 6037 -022 2T.197 

AOTM UJS 7X10 7117 -030 13J84 

»» nm S9M 4972 -HUB SftOTS 

AwM 6972 49A5 6945 +0.12 »797 

^ ratal 11434 Fits sotat 1XS18 
MS open W 94737. off 141 

FEEDER CATTLE (CM Eft) 

fe|.. Quh Mpfe 

0097 7X10 77^ 77 AO unch. 1346 

Horn 7533 7740 77-72 us*. 7495 

■tan ?8 7845 71.10 78.72 -aiO <446 

WOT98 7S.50 77.95 7X02 -X07 X19T 

MM 7840 77SS 77JS -0J3 845 

tfeyM 7133 79.10 79.10 +0.1* «8B 

BO. ratal 1129 Fits Bias 1442 
Fits Mon tat 1&5S, up IM 

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0097 6742 MKlL 1700 

DM 97 81.17 <002 037 -CM 20347 

FibM 61 as 60.52 60-70 -032 0427 

AprM »3D 6852 5048 -020 5477 

JvnM 64.10 6130 6142 *32 U78 

Est. rates 5047 Rts aetas 7A37 
Fits Opal tat 35971 ofl 3382 

PORK BELUES (CMEJO 

40000 tat-csotapofta- 

Feb 98 <1.12 S93S 5930 485 &SSB 

MO -98 <090 89.15 59.55 48 S 851 

SWT 96 SUQ <030 <835 -130 187 

Eat rates 3M Fits am U92 

Frfs open tat 0063. off 77 


Wgti Lota LOMU Olga OpM 

0RAN6E JUICE (NCnO 
15000 Ki4- carts porta. 

97 <830 6000 6830 +035 12389 

-tan 98 7230 71.50 7235 +040 HI 69 

MvM 7530 7400 7515 +035 9311 

MojrM 7«J5 7000 7035 +025 2309 

Est sM ICA. Fits sotas AM 
Fits open U 40607.00 265 


IMais 

eoiuoKMX) 

100 tray (' 

0097 32100 32X00 32X00 -130 135 

Nq*97 32340 -130 1 

Dec 97 326.10 82450 32480 -140 82478 

F*M 32830 32550 32430 -140 25157 

AprM CT40 32750 327.90 -140 5994 

AjbM 33060 32930 32930 -140 KLIM 

AUffM 331J0 -140 4842 

Odte . 33330 -140 486 

DecM 33500 33550 33500 -140 10304 

EH. rates 25000 Frfs soles 434*3 
RfS open W 175782. up 143 

Ml MADE COPPER OKMX> 

25000 tat- cents par ta. 

Oct 97 9735 9430 9535 +1-25 482 

No» 97 97.30 9430 9443 +13S 2^49 

Dee 97 9830 9550 9495 +130 25748 

JWM 9730 96.10 9435 +130 1358 

tob98 9635 +130 7,157 

Mor 98 9830 9630 9430 +O-70 4399 

APf 90 _ 9645 +0l7D Tjm 

MorM 9730 9430 9430 +050 2J9Q 

Jun« 9X7S +055 1306 

Est rales 11300 Fits sates 1385 
FWS open W S2J4U «B 4B9 

SLVEROtCMOQ- 
5000 tray 06- aMs par bur 04 

00 97 490-50 -130 1 

t *" 97 49230 -230 1 

0»c97 49630 48730 49330 -230 67381 

JjnM . 49510 -230 20 

MOTM 501 30 49330 499.70 -230 1*783 

tfar* 50240 49750 50X40 -230 1475 

-M98 50450 50030 50520 -230 1744 

Mp M 50930 50730 30730- -230 64) 

E*l ratal MOO Fits ratal 16^40 
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PLATINUM CNMEiQ 
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M97 42130 419-20 41930 -060 145 

JOBM 42X50 42038 42130 -030 12309 

AprM 0420 -060 942 

E0. *4a» JtA. Fft* ratal X172 
Fits epra M 13L617. otf 860 
Close 

LONDON METALS OMB 

D fltaHspar inatrtctaH 

» Atol nat* cW8>Ore4tf 
Sprt l®2Vft 7S93L4 160X00 160430 
0 hSb 4 763830 

2i3SXn a ftuSr i 2nBiM 208730 
214230 214330 210430 710730 

<0130 59800 59930 

61X00 60930 <1030 


650530 651530 <54030 <35030 

£L* 

WWl 127930 121030 


Food 

COCOA (NCSE) 

10n*fctaataSperton 
OSC97 1461 1638 U43 4 4X121 

M4PM 1695 1673 K7B J 28397 

MOT 98 1713 1<M 1698 4 146M 

Ji8 M 1734 1717 1717 4 0829 

Sip 98 1741 1733 1735 4 4779 

DOOM 17S 1732 ITS O MOD 

EjJ. rata* 3406 Frfs sous 7,906 
Fits opoc W 1TX134 off 1349 

COFFEE COtCSE) 

37JB0 lbs- ants per II 
Dec 97 15123 1*50 15020 +040 1X938 
MorM 14130 T3835 13930 330 7,938 

MOVM 13830 13100 13535 +035 M33 

JfftM 13550 13233 13X23 +035 X4I4 
SepM 13030 12X25 I283S 4X13 670 

EM. rates 55JSFWjsci«s 1X445 
Rts opei irt 25774 ttp U224 

8UEARWORL0 11 WCSEJ 
1 1 2400 lb*- otflte per te. 

MorM 1738 1133 1143 +0.17 90218 

MOTM HAS 1139 1X84 +0.12 21136 

JI8M 1180 1130 11J7 +0.13 19,148 

0098 1135 1XS6 1133 +0.13 15988 

Est. sOes 15083 Frfs rates I50B 
Fits opn 10155865 off 3V 


^0 

NWSM 

. 442QJ0 60080 443880 444580 

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5475490 548000 S5UU30 558X00 

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130100 130280 

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Fff* Optq W HCk-637, up X7CB 

I?«TtKAS0RY(C8<m 

320*01 100 pd 

BSiE W-2110M7 +83 37X081 

MorM 109-16 109.13 HP-14 +03 18357 

10948 +03 2 

&X rates 27.772 Fits sofas 102,164 
WStetanrt 389.944 off 6.170 

■pMiooooopn&aaMsotun nd) 

Dee 97 nS4B 11*22 1154Q +07 <3X088 
»*«* +08 «94 

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D6C9T 16X03 10135 10138 +032 29X644 
Mar 98 10136 101.15 10137 +OS »«« 
Fit irttr Iixflt. Pmsatec 22X813 
PmepeoMe 303327 up 1606 


Mg* lorn LataX Cbge Optet 

18-YEAR FRENCH 60V. BONDS (MAT1F) 

TOOOOOO -ptaoflOOpd 

Dec 97 9840 9836 9X14 —0.10 12X822 

Mor 96 97 J% 97-62 9732 — XI 0 7370 

Jan 98 9738 9738 97.18— XIO 0 

Esr.sMnc8505B. 

Open 1Mb 13X492 op 1395 

ITALIAN 60VERNMENT BOND OJFFE) 

fTL 200 aiNkn - pit at 100 ad 

D»e 97 112.01 PITS 11138 +X06 111306 

Mar 98 N.T. N.T. 11133 +006 

Jan 98 NT. N.T. 11133 +006 11X230 

EsLaMnc 19365. Plai.MM: 55236 

Pm open tab 11X230 off 2393 

LIBOR 1 -MONTH OCMER) 

63 nRtan- Ms of 100 pcL 

Nw97 9438 9436 9526 UndL 4X453 

Dee 97 9409 9437 9437 OnCfa. 11,111 

■tan 98 9519 *519 9519 inch. X642 

E*. eteae HA. Fits rates 11332 

Pits open M SXMX UP X856 

EURDDOUJUtS OCMER} 
tt mrawvptaofMOnd. 

NW97 94.14 962 9513 Unch. JU73 

ote.97 9510 9438 9509 WKJl. 59&401 

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JunOO 93-56 9X54 9X56 +001 59,098 

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BRITISH POUND (CME8J 
62 ^»poonctfcS par pound 
Dmvr 1-6312 1-614* 13294+3154 30905 
M«rM 13236 13M0 1,5240 +JI154 
3uo98 13186 +3156 27 

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100000 donors. Spar Crtl. Hr 

-22+XOOOi 2350 
J0098 3305 -7297 3297+03006 516 

«. flotet NA Rts rates X121 
Frfs open tat 8236X up 381 

GERMAN MARX (CJWEK) 

12SOOO n%I par mortc 

Dec 97 J6X 3643 3659410006 Min 

MorM 3691 3679 3667^0006 2SU 

JanM 3715 3710 371333006 X617 

Erf.S0tesJLA.Rt* ratal 49,703 

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Mar 99 9577 9574 9576 Unrt*. 

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Ple*.apentaU 471460 off 1101 


Industrials 

COTTON 2 04CTN1 
50300 Rts.- cents per Ul 
D ec 97 7131 7036 71.12 4L51 

Mor 98 7X35 7X35 7253 3J1 

Ato»98 7180 7120 7337 -053 

JNM 7450 7410 7433 3.42 

OOM 7X90 7X90 7X90 -X40 

Erf. sales NJL Frfs soles X577 

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4X279 

57306- 

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44811 

21911 

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4X000 got, cents per gal 
Nov 77 58.10 5735 5732 +042 

Draw 58.95 57.91 5830 -056 

JpnM 59-50 5870 5930 +046 

F00M 5945 5X95 59-45 +051 

Mar9B 5X75 5835 5870 +056 

AprM 5735 5640 5735 +056 

MayM 5530 5545 5540 +046 

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U6HT SWEET CRUDE (NMER) ’ 

1300 M5-daiars par abL i 

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JanM 2096 20.66 20.95 +025 09.353- 

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M»98 2041 2044 2081 +033 1UO. 

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Fit* open W 240390 off 1374 


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1X649. 
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58 ^ 59^6 +035 

5^° 59.10 +040 

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M«r98 5940 5970 59^ +a3 

AnrM 6140 6110 4235 +045 

62.10 +045 

JunM 6140 +067 

totes N-A-Ft* rata, 29,411 
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gLoatasNA. Fits rates 11977 
^ <x»n W19SJ6X np ,3ft 

CAC0KMATTF) 

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W71.Q 293X0 29510 — 104 

52w SJS S 445 W61i> - im 
S£ 2 SSS 2S5 ,j0 *«xo— 2M 

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Conwnodity indexes 


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PAGE 15 




’> 


'outh Sink 


N.'Vli: i-V 


wttS5r KP !f apfc * t M». 

* ,ck Ernst & Young con- 

SS 5 f ^ ^ pKed to 
i *» e 10 form the world’s 
largest accounting fiim. 

lv J™ l ^° rtrms - which provide 
audit and consultancy services 
said the merged company would 
have annua] revenue of $183 
h^onand 12.800 partners. It 
would be based in Amsterdam. 

The name of the game is 
about investment, and invest- 
ment on a global basis,” Erast 

& XSPT®.* senlor British part- 
ner, N ick Land, said, adding [hat 
the move mirrored the pace of 
consolidation in other sectors. 

The firms admitted their de- 
cision to merge was sparked by 
the coming together last month 
ot the rival firms Price Water- 
house and Coopers & Lybrand. 

They said they were confid- 
ent of clearing any regulatory 
hurdles but said approval was 
unlikely to come before March, 
as the deal will have to be 
cleared by antitrust authorities 
in the United States, the Euro- 
pean Union and Japan. 

4 ‘The financial resources and 
investment capacities resulting 
from this alliance will allow our 
firm to invest at a faster rhythm 
in new technologies and" ser- 
vices and to develop more 
quickly on emerging markets,” 
Ernst & Young and KPMG said 
in a joint statement. 

“As our clients move into 
new markets, they expect us to 
provide them with the highly 
specialized experts they need” 
in all areas, they said. 

The new organization would 
have a presence in 135 coun- 
tries. Philip Laskawy, Ernst & 
Young’s chairman and chief 
executive, is to serve as chair- 
man of the merged company 
until 2000 . according to a pub- 
. lished report, with Stephen But- 
■ ler. KPMG's chairman and 
chief executive, serving as its 
chief executive. 

< AFP. Bloomberg, Reuters ) 


Germany to Bear Brunt of Adtranz Job Cuts 


By John Schmid 

International HerahiTribtme 

FRANKFURT — Adtranz, a 
maker of railcars and locomotives 
jointly owned by Daimler-Benz AG 
of Germany and ABB Asea Brown 
Boveri, the Swiss-Swedish engi- 
neering group, announced plans 
Monday to cut 3,600 jobs in re- 
structuring dial will create a 1997 
loss for the German-based group. 

Adtranz plans to make most of the 
job cuts in its German operations, 
the group's biggest single subsidi- 
ary, which employs 8 , 000 . accord- 
ing to a spokesman at the Adtranz 
headquarters in Berlin. The German 
operations have posted losses since 
Adtranz was created last year to 
form the world’s biggest supplier of 
rolling stock with total staff world- 
wide of 22 , 000 . 

Severance payments to cover the 
job cuts will lead to a one-time 
charge of 1 50 million European cur- 
rency units ($167 million), enough 
to swing the Adtranz group to a 1997 


loss, Adtranz said. It will take the 
charge in the fourth quarter. Last 
year, the Adtranz group reported a 
pretax income of 21 million Ecus 
and revenue of 3.2 billion Ecus. 

The company’s Italian plants also 
are slated to lose jobs, but to a lesser 
extent than the German-based 
plants, it said. The company will 
announce later in the year how the 
job cuts will be distributed among 
the factories. 

Because Adtranz employs only 
550 people in Italy, more than 3,000 
jobs will be cut in Germany, said the 
head of the company’s workers 
council, Michael Wob&L 

Given the urgency to cut costs 
and die rigor of the restructuring, 
Adtranz said, it could not guarantee 
that it would keep all its plants open. 
“We cannot guarantee any activity 
or any plant anymore,” said an 
Adtranz spokesman. Peter Polzer. 

The company, present in 60 coun- 
tries, has eight plants in Germany, 
including its flagship works in Hen- 
nigsdorf. near Berlin. Protests erup- 


ted earlier this year at the Hennigs- 
dorf plant to denounce 
management's cosr-cutting targets. 
Adtranz said it must cut operating 
costs in Germany by at least 35 
percent to remain competitive. 

Adtranz already has begun ex- 
porting German jobs to low-wage 
Poland and Hungary, where it re- 
cently has acquired operations. Lo- 
comotive parts once made in Hen- 
nigsdorf now are built just over the 
border in Poland. 

The difficulties in the German 
operations at Adtranz reflect why 
Germany continues to post record 
unemployment figures three years 
into an economic recovery. German 
companies, which have high payroll 
costs, have been forced to lower 
their labor bill in order to remain 
competitive in world markets. 

Demand for railroad equipment 
in Asia is booming, but bidding 
competition for new railcars has 
driven costs downward, industry 
analysis said. The job cuts at 
Adtranz also reflect the pressure on 


AGF Shares Soar on Possible 2d Bid 


Bloomberg New 

PARIS — Shares in Assurances 
General es de France SA surged 
Monday amid expectations that an- 
other company would outbid As- 
sicurazioni Generali SpA for the 
French insurer. 

AGF shares ended al 318.40 
francs ($54), up 83.40 from their 
closing on Oct. 10, the last time they 
traded, and higher than Generali's 
unsolicited offer of 300 francs a 
share. On OcL 13, AGF’s shares 
were suspended from trading after 
Italy’s biggest insurer made its 55 
billion-franc ($9.3 billion) bid. 


Allianz AG. Germany’s largest 
insurer, which makes no secret of its 
desire for a piece of the French 
insurance market, has been iden- 
tified as another possible bidder. On 
Friday, Allianz said it was “closely 
observing” the situation in France. 

“We know Allianz is definitely 
interested in France,'’ said Michael 
Lindsay, an analyst with Lehman 
Brothers in London. 

‘‘We also know they don’t like to 
make hostile bids; that's not their 
style. So they would want to be 
‘invited’ to participate in any coun- 
teroffer.” 


A Generali spokesman, Giovanni 
Perissinorto, said Italy's largest in- 
surer had no plan to increase its offer 
now. He said the price at which AGF 
was trading Monday was “artifi- 
cial” and would fall back if no other 
bidder stepped in. 

AGF. Ranee’s second-largest in- 
surer after Axa-UAP. has rejected the 
Generali bid as too low. It now has to 
find a company rich enough to outbid 
Generali while keeping AGF's man- 
agement and structure in place. Ana- 
lysts said they expected an announce- 
ment from AGFs management this 
week or next. 


Unilever to Buy Brazil Ice Cream Maker 


The Associated Press 

LONDON — Unilever Group said Monday it would 
buy Brazil’s largest ice cream business. Kibon, for $930 
million from Philip Morris Cos. 

The British-Dutch consumer goods conglomerate 
said it would become the biggest player in the Latin 
American ice cream business after buying Kibon. al- 
though executives would not specify bow big their 
regional market share would be. 

Kibon, based in Sao Paulo, controls 60 percent of the 
Brazilian ice cream market; it posted an operating profit 
of $75 million last year on sales of $332 million. 


The deal also gives Unilever a 50 percent stake in a 
smaller ice cream business, Sorvane, based in Recife, 
which had $68 million in sales last year. 

The other half of Sorvane is owned by Brazil's 
Tavares de Melo family. 

Unilever said there was room for growth in Brazil's 
ice cream market: The average Brazilian consumes 
about 1 liter ayear, compared with 3.3 liters per year in 
Argentina or 4.5 liters per year in Chile. 

Europeans eat 5 to 8 liters per year, depending on the 
country, while Americans consume about 20 liters a 
year. 


A Hectic Day- 
Tests London’s 
New System 

M Ota Safi Frau Dtifvtctn 

LONDON — The stock ex- 
change's new electronic trading 
system survived an eventful 
first day Monday, as doubt 
about Britain's entry into Euro- 
pean economic and monetary 
union pulled stocks down. 

Remarks by Chancellor of 
the Exchequer Gordon Brown 
that Britain was unlikely to join 
monetary union in 1999 were 
blamed for an early fall in the 
Financial Times-Stock Ex- 
change 100-share index of more 
than 100 points. 

The index recouped some of 
its losses and closed at 5,2 1 1 .00 
points, down 1.14 percent 

Before the installation of the 
new system, traders placed or- 
ders through middlemen, called 
market-makers, who agreed to 
buy and sell shares at specified 
prices. Now, the orders are 
placed with a computer, and 
when the offers match, a deal is 
considered to be done. 

(Bloomberg, AP) 


Europe's railroad suppliers from 
public transport agencies that are 
struggling to control their costs. 

At Daimler's Stuttgart headquar- 
ters, a spokesman said the parent 
company believed that Adtranz had 
solid long-term prospects. “We 
think this restructuring will improve 
their competitiveness," a Daimler 
spokesman said. 

“We want to make dear that 
Daimler is sticking to Adtranz,” the 
spokesman said. “The industry is 
growing worldwide and Adtranz has 
the leading position. They also have 
a huge order backlog.” 

■ Daimler Unit to Hire 3,000 

Daimler-Benz Interservices AG, 
Daimler-Benz’s software and finan- 
cial services unit, said it planned to 
hire 3,000 new workers by 2000, 
Bloomberg News reported from 
Frankfurt. 

“We will hire at least 1.000 
people a year.” said Rainer Knub- 
ben, a spokesman, in response ro 
strong growth in the service sector. 



FmnScfort 

.owe, 

4500 - 

4300 A 

:. 4ioo - • yJ 

V-vi‘.tpndDi» " 
FTSEIOQ 
— 5500 

& 

Pi 

ndex Cl 

— - 32 

n 3t 

V. ; 

— - 2S 

His 

\G4Q 

50 - 

00 A 

*-A 

00- J - 

/• 


20- 

w 

® M j J A S "O 
1987 

Prev. % 

Dose Change 

904.59 +0.31 


. AVIi ------ 

25 

■ “"Till J J A S O ■ M J J 

1997 1987 

Exchange .: . inctoc 

Amsterdam ! AEX 

A S O 

Monday 

Close 

90747 

Brussels 

BB.-2Q 

2,3®1J» 

2,369-51 

*0^5 

FrttnKftsrt . 

. DAX 

4,040.75 

4,061.50 

-0.51 

Copenhagen 

Stock Market- 

950.51 

650.60 

-0.01 

HetelnW 

HEX General 

3,797.63 

3,768.63 

+0.77 

Oslo ■; " ■ 

GBX 

733,19 

738.71 

-0.07 

London 

FTSE100 

5^11.00 

5^71.10 

-1.14 

Ua&id •• ■ 

Stock Exchange 

587UH 

586.70 

+0.05 

man 

MtBTEL 

15801 

15727 

+0.47 

Paris 

6 AC 40 

2£4&71 

2,958.02 

-0.38 

Stockholm 

SX 16 

3,4ms 

3.433.34 

-0.64 

Vienne 

ATX 

1,408^0 

1.406.68 

+0.16 

Zurich 

SP1 

3^88.73 

3.672.95 

+0.43 


Source- Telekuis 


Internal i.n-1 H-iaU Tribune 


Very briefly: 


• Norsk Hydro ASA, the Norwegian energy, metals, chem- ' 
icals and fertilizers conglomerate, posted a 10 percent rise in 
operating profit in the first three quarters of 1997. to 8.65 
billion kroner (51.22 billion), with earnings up across the' 
board except for agriculture. 

• O.teLo, the telecommunications joint venture of RWE AG . 
and VEBA AG, said that because of equipment problems it 
could offer only partial service, and only to several hundred 
customers, when the German market opens Jan. 1. 

• Petroleum Geo-Services ASA. a Norwegian oil-services 
company, will acquire the floating production unit of Awilco 
ASA for $860 million in stock and assumed debt. Under the 
agreement, Awilco will spin off its floating production, stor- 
age and offloading unit and merge it with PGS. 

• Bass PLC. a British brewer, failed to increase its control of 
Radegast AS. the Czech Republic’s second-largest brewer, as • 
pan erf its effort to block Radegast 's merger with Plzensky . 
Prazdroj AS, the largest brewer in the Czech Republic. 

• Promodes SA's takeover bid for Casino Guichard Per-' 
rachon SA was rejected by 20 senior Casino executives in a 
letter sent to Promodes' chairman, Paul-Louis Halley. 

• SKF AB. the world's largest roller-bearing maker, said its ' 
third-quarter profit rose 50 percent, to 426 million Swedish 
kronor ($56 million), as a one-time gain from an asset sale 
more than offset unexpected restructuring costs. Nevertheless, 
the result was less than the 842 million kronor profit that had 
been predicted by several analysts. 

• Iran signaled its intention to further welcome foreign oil 

companies to participate in the country’s oil sector, saying it 
planned to open its prime on-shore crude reserves to foreign 
investors. Iran has estimated oil reserves of 93 billion barrels, 
the fourth largest in the world. Reuters. Bloomberg 


WORLD STOCK MARKETS 







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1*120 16320 
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31720 353J0 

138.70 140.90 
3320 33-90 
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109.80 m.10 
18020 18240 
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79 JO 80*0 
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56.10 5620 
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33630 33620 
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15920 162-50 
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11770 117.70 
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117.90 
109 JO 
105.60 
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4420 

240 


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PrM.Kiapp 
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Karekrt 

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735 13320 
361 356 

9050 8920 
154 150 

10640 102.10 
474- 474 

84 BQ-50 
76 7460 
594 585 

91 8*20 
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3220 31.90 
528 534 


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7920 7*20 
560 552 

49* 49520 
85.10 8150 
473 468 

175 17170 
268 258 

1(820 11625 
1560 1550 

891 880 

414 40020 
97.15 9620 
555 555 

869 844 

1144 1130 


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121 JO 12225 
3320 23 

8020 80.45 
29* 299 

73680 733 

362 362 

9020 89.10 
153 754 

10220 105 

474 474 

8320 81.90 

75.10 7525 

58720 994 

90.10 92 
1125 1140 
3220 32*2 

SU 52820 
786 79520 
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553 557 

49520 499 

85 85 

46*50 484 

17325 175 

268 258 

117.90 119.60 
1560 1540 

891 89* 

413 407 

96J5 9640 
555 57420 
860 *5150 
1141114*50 


High Lew Close Prev. 

SA Breweries 135*43 13420 13440 13440 

Samancor • *36*5 35.75 36 36 

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PlMMB 794X0 

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Resorts World 
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568 

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Previous: 525J4 
740 340 248 

138 138 JH 

1920 1975 2aa 

390 390 400 

560 566 

95 9520 

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52 54 

105 117 

96 99 


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DrlDh-YWrmoc 
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57.90 5720 
218 217 

5720 5620 
74 7320 


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14920 

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7520 

148 

4940 

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509 499.10 
19120 189 

90-20 89 JO 
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95 9440 


5720 5650 
217 218 

5720 5720 
74 7160 
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506 50120 
19120 191 

90 89 

148 148 

9420 9420 


560 

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103 

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596 612.75 *1920 
1455 1425 1446142BM 

CQ720 498 50220 502 

1W20 103-25 104 10125 

644 604 25 641-25 6^ 
274.75 27U50 274 273^ 

411J5 403J5 41020 «3 

796 29320 29520 »7 

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348 337 339 3*550 


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HK Electric 
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CRB 

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fcipctrobcl 

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1630 

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9380 

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18955 

1740 

7430 

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7110 

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14550 

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14050 

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3250 

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1610 1630 1640 

7300 7370 7390 

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30*0 3300 3170 

16500 18*50 19M 
1710 1735 17« 
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7030 7080 7120 

1510 1550 1570 

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2465 24.75 25-70 
9 9.15 920 

70 7025 76.25 
5920 19J0 71 

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3720 3*30 4*30 
2690 27.90 2*50 
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1190 13 1325 

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55 55J5 5750 
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27J5 27JS 7*20 
1565 15X0 16M 
133 340 3J0 

226 228 233 

61 61-50 6620 
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1725 1725 1720 
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220 223 225 

074 a75 032 

79-75 19 JS 8*25 
645 423 665 

640 62S 625 

6 620 445 

5320 54 55.75 

2170 2175 26M 
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BOO 775 BOO 775 
9000 8875 8950 9100 
WB IWS 2025 WW 
MO 3«0 3950 3M0 

9000 8925 WK W5 

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3350 3250 332S 3300 

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432 441 460 

375 380 375 

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759 767 JO 768 
KUO 1W? 1070 
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430 4S0 

S J60 46*19 


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Abbey Nod 921 

AHUd Doroecq 5 29 

AntfknVMer *22 

Anns 628 

A*doG«w 125 

AtsacBrrads 529 

BAA 5.93 

Bnrdoys 1665 

BOS *44 

BAT bid 6 

BonkScotauJ 526 

BAieOrde 4 

BOC Group lia 

Boot *98 

BPflhKl 347 

Bril Aerasp 17.05 

BrttAInroys 627 

BG 177 

Brit Land iff 

Brit Petal 924 

BSfcvB *20 

Bnt&eJ 1J1 

Brit Talec cm *75 

BTR 

BumnhCastrol 11J0 

Buricn G? 124 

CtaileWirefea 540 

Cadbury Sciw 
Carton Cara in 
Carnrat Itntan 
ConmossGp 
Cowloulds 
□ 1*006 
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EMI Group 613 

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Genl Acddetd ll-« 

GEC *17 

GICN 1471 

GtamWeOcoroe 11D 

Granada Gp 3J0 

GnmdMet 63fl 

GRE 32* 

GncnabGp 3.H 

Gutaness *37 

GUS 724 

KScHldgs llff 

10 S-S 

lmpITotaas 3.90 

Limd5«: >0-19 

UrtNO 2J3 

Legal G«l Grp 5.13 

U^sTSBGp 8J5 

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M^Spencar |J8 

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NrtPoNer 174 

NolWest 9J2 

Nad 740 

NorwidiUflfcn 3L? 

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PW 739 

Pearson *50 

Premier Famifl SJe 

Proderitrtl *95 

RflUtradiGp 
Rook Group 
ReddBCotai 
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Reed Ml _ 
RentoMWW 
R eaten Hdgs 


FT-SE 10t: 521 1 J» 
PTMkMS: 5271.10 


6? JO 

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1350 

163 

6323 

132.90 

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Promo*: 40*121 

IBS 185 
236 738 23820 

429 43*80 

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101 JO 10Q-JJ ’$£90 
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ABSA Group 
AngtaAnCMl 

De Beers 
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FdfWBk 
Gcneor 

IngnCBd 

Isett 

Atennirobdl 

UwiyHdBS 

UberirUfe 

L^JeSUnt 

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Nowak 

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764 362 26320 3*260 

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2390 3155 2155 

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Royal & Sun AH 
Saanav 
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Sdnoden 
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Sad Power 
SeaifKfif 
Severn Tiert 
SbeBTranpR 
Sebe 

Sredi Nepbew 
SffiSBKSne 
SndtBW 
StieniBK 
Singecwdi 
Staid Charter 
Tate 6 Lyle 
Tescp 

TbataroWHer 

31 Group 

T1 Grow 

Tomkka 

UnOever 

UHABton 

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9.95 

150 

920 

146 

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220 

7JO 

344 

9.75 

10 

134 

7.12 

633 

*10 

*78 

2035 

739 

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193 

922 

429 

1228 

1J9 

6X7 

938 

435 

7X2 

720 

*78 

420 

9XS 

£15 

*39 

339 

*50 


920 9X3 

5X5 S15 

*13 *31 

663 628 

120 124 

*97 £14 

575 5X1 

1620 1613 
8X3 *36 

£72 £88 

£07 £19 

180 193 
1*98 11X7 
870 BX8 
123 144 

1672 169* 

614 6-23 

173 173 

640 620 
9.15 928 
*50 422 

175 1.75 

428 4.75 

239 223 

1075 11X1 
U2 1X3 
£22 £35 

613 627 

£10 £71 

*65 8J1 

668 62* 
375 377 

670 6X3 

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£75 611 

610 637 

680 7X8 

177 178 

1*95 11X5 
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T3J7 1*11 
12X0 13.07 
820 873 

615 629 

375 376 

373 373 

S75 6-33 

7.10 771 

740 726 
1*10 1873 

970 947 

326 190 
8 *2* 
2X5 103 

9 JO 10.14 
270 181 

5 £12 

720 7.70 

2xe in 

6 627 

£15 £16 

1325 1183 
2X5 2.94 

520 £57 

915 9.57 

7X5 773 

108 150 

224 251 

7.18 779 

LIS *17 
159 124 

741 748 

5X5 5X5 

672 688 

942 9J7 

117 140 

950 979 

340 340 

623 627 

245 IS 
7X9 771 

135 136 

940 921 

-9.1* 920 

225 277 

682 697 

&S 630 
190 195 

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1950 2*13 
678 7 

*52 *74 

290 190 

928 9X0 
477 *55 

1110 1252 

1J6 128 

£85 6X3 

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*73 *77 
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610 622 
370 372 

*64 *74 

436 5X1 

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927 
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668 
154 
£24 
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199 
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348 
1692 
632 
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664 
938 
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540 
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570 
876 

676 
371 
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7.17 

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1149 

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1473 

1133 

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672 

373 

175 

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7.16 

759 

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951 

188 

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283 

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7.90 

2.19 

£26 

572 

1190 

194 

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320 

254 

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121 

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693 

9.94 

343 

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144 

677 
257 
773 
243 
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634 
199 
420 

2070 

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1255 

128 

610 

9.14 

476 

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634 

340 

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Whitbread . 

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Wotaetay 
WPP Group 
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High Law dose Prev. 

758 770 720 748 

IQ -4MS *40 • 445 
323 £56 340 324 

7X5 ...770. 7.76. 7X6. 
£94 380 1* 386 

545 5.11 £33 5 30 

275 270 2-72 2-75 

71 20.12 20X3 2048 


High Low Close Prev. 


High Low aese Prev. 


Madrid 


Bohn tad**: 587X1 


PnvtoaR 38*70 

Acnrinta 

26070 

25310 

25950 

25710 

ACESA 

1845 

1800 

1830 

1815 

AgDOsBacetan 

5920 

5790 

5910 

5900 

AflKntoio 

BBV 

8370 

4205 

■170 

4155 

8250 

4340 

8200 

-050 

Benesfo 

1405 

two 

1395 

1400 

Bankvrter 

7800 

7610 

7800 

7840 

Bco Centro Hbp 

2800 

2710 

2800 

2760 

BcoPopuhw 

8320 

8150 

8260 

8300 


4430 

4280 

4400 

4370 

CEPSA 

4470 

MM 

4460 

*500 


2840 

2765 

2830 

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gj^taptre 

7850 

2750 

7410 

2660 

7830 

2685 

7560 

2760 

FECSA 

1175 

1160 

1165 

11/0 

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714) 

6950 

4990 

TOM) 

Ibereknta 

1745 

ITUS 

1745 

l/JS 


2460 

2420 

2460 

2450 


6580 

*520 

6580 

6590 


1345 

1315 

1335 

1340 


10430 

9910 

10400 

VV40 


4360 

4700 

•4360 

4295 


1385 

1340 

1380 

1365 

Vdienc Cenent 

2865 

2UUU 

2825 

2835 


Manila 


PSE tadex: 201*71 
PreitoK 205*81 

Ayala B 

14 

14 

14 

1*25 

Ayala Land 
BkPbSpU 

1*25 

l£75 

1575 

1*50 

103 

101 

101 

104 

CAP Homes 

325 

325 

£45 

150 

Mania EtacA 

7*50 

72 

n 

76 


28750 

270 

275 

285 


*50 

*40 

440 

*40 

PCI Bank 

1C9 

140 

144 

142 


950 

935 

935 

-SO 


5050 

50 

50-50 

49 

SM Prime Hdg 

*90 

*70 

*90 

*80 


Mexico 


Baba Mn: 526*15 


PrevtaM 527*59 

Ate] A 

7130 

73.00 

7300 

7100 

Banned B 

2140 

2£70 

2110 

72X0 


3925 

38 95 

39.00 

39.10 

GfroC 

1*16 

1*16 

1*16 

16.10 


39.10 

38X0 

3**5 

38X0 


62X0 

61 JO 

61 JO 

62 JO 

GpaFBcomer 

£34 

138 

129 

3X4 


3*10 

34.10 

3*10 

3190 

KenbChekMex 

3*40 

3840 

3R4) 

3*40 

TetevboCPO 

N.T. 

N.T. 

N.T. 

143X0 

TvlMexL 

20.00 

19.96 

20.00 

2*15 


Milan 

ABeanza Assic 

Ben Comm rial 

BcoRdeuiam 

BcodiRDrao 

Bencitan 

Craddoltaflana 

Edison 

ENI 

Hal 

Geaend AMc 

I Ml 

INA 

nrrfy n 

Metfani 

Medohaica 

Moata*on 

OOwtM 

Ponnalat 

PVe* 

RAS 

fe*i8onco 
S Paolo Torino 
Tetecamnolo 
TIM 


MiBTeteaafica: 15801X9 
PievieiB: 15727X8 


16120 

5270 

7710 

1733 

28250 

4645 

8900 

10*65 

1140 

39350 

17640 

2595 

6150 

8515 

13500 

1407 

1004 

2780 

5110 

15600 

25200 

13960 

11320 

6975 


15710 

5110 

7060 

1700 

27700 

4545 

8730 

10205 

5940 

38500 

17390 

2565 

6005 

8370 

13215 

1359 

981 

2705 

4980 

15205 

24500 

13725 

11170 

6865 


15830 16100 
5700 5160 

7060 7230 

1703 1695 

27950 28150 
4600 4630 

8740 8835 
10435 HBSO 
6050 6000 

39100 39100 
175B5 17490 
2575 2595 
6115 6050 

8495 8450 
13415 13475 
1395 1370 

TOOT 987 
2770 2740 

5030 SC55 
15300 15300 
24950 24800 
13800 13845 
11320 11190 
4975 6945 


Montreal 

Indutirlabtada: 3661X1 
Prevtaou 363*22 

Ba Mob Com 

45* 

45 

45*6 

45 

CdnTireA 

29.10 

iflfw 

2890 

79Vft 

CdnUSA 

39W 

391* 

39* 

39*5 

CTFinlSvC 

*Hft 

45 

45 

45* 

Get Metro 

181ft 

1*20 

lHVi 

1*40 

GFVtellJTeco 

37Vt 

3?<* 

. 32W 

32M 


46H 

46 

46 

4*70 

Investors Grp 

XPh 

4190 

4? 10 

4320 


2*45 

2UX5 

20X5 

7020 

NoB Bk Canada 

19 

1*80 

18 AS 

1890 

RiwerCorp 
Power Hni 

4195 

HM 

4180 

43X5 

4? JO 

4]V< 

4180 

41 J5 

OvebearB 

3*90 

30X5 

3060 

n 

Rogers Coevn B 

*75 

*60 

8.70 

BJ0 

(toyaBkCda 

70% 

69 Ji 

7W« 

70 


Oslo 

Aker A 

SenesenDvA 
□sHmtaBk 
Den rock* Bk 
Elian 
HtfstondA 
KvaemerAsa 
Nock Hydra 
NankcSkagA 
Nycaned A 
Cilia Asa A. 
PetenGeaSrc 
iPeftnA 


Tnmoe e cnOff 
Storebrand Asa 


OHXtadee 73*19 
Pravioas: 78*7! 

139 135 137 140 

217 212 212 217 

2 3 37-» 27*0 2720 

3190 3220 32.90 32.90 
123 12120 12220 12320 
4320 43 4320 *3 

445 440 443 444 

413 405 41120 415 

248 245 248 747 

178 175 17620 17620 

656 648 656 654 

530 *86 519 482 

149 1 47 148 150 

134 133 134 133 

400 390 390 390 

55 5*50 5*50 5520 


Paris 

‘ Accor 
ASF 

AirLimride 

Alcatel Aldh 

Ajd-UAP 

Bcncaire 

BIC 

BNP 

Canal Plus 

Careiwjr 

Casino 

CCF 

Cetafcm 

Christian Dior 

CLF -Dexia Fran 

Credit Agricaie 

Danone 

Ett-Aquiln™ 

ErWanlaBS 

Eurodsnev 

Emwnnel 

France Telecom 

Gen- Earn 

ntTKO 

MeM 

Loferge 

Uarand 

LOreal 

LVMH 

MIctieiklB 

PortnsA 
Pernod tbcard 
Peugeot CM 
Pmau#- Print 
Pnmodes 
RenBAt 
Rexel 

Rh-PCiUencA 

Soncfi 

ScJmeider 

5EB 

SGS Thomson 
Ste Generate 
Sodexho 
StGobain 
5ua(Oe} 

Suez Lyon Eoiw 
5mdheU» 
Thomson CSF 
Total B 
Usinor 

jma 


CAC-*: 294*71 
Previous: 2958X2 


1094 1052 

a » an 

957 943 

805 793 

406.90 400 

795 770 

47120 410.10 
307 30170 
1064 1033 
3*77 3450 

253 34520 
367J0 360 JO 
652 634 

753 737 

589 582 

1317 1317 

934 910 

755 736 

869 852 

8 7.90 

6X5 £90 

21£90 205 

698 685 

40820 398 

719 705 

41120 405.10 
1174 1152 

2248 2201 

1166 1145 

344.90 33920 
470 45*10 

76*90 28*20 
75 8 748 

2765 2705 
7059 3020 

16740 16*10 
1639 1613 

265.90 76020 

SIS 525 
374 355 

750 690 

46420 458 JO 
916 905 

7970 2935 

896 882 

IS 15 
105 611 

687 673 

17£40 173X0 
647 635 

11*40 11*90 
361.50 37120 


1054' 1093 
31*20 235 

950 963 

802 808 
4Q£40 40320 
774 797 

412 411 20 
305JO 30*20 
1040 1052 

3452 3463 

34620 35520 
3 65 367X0 
640 654 

753 730 

582 587 

1317 1317 

914 922 

746 744 

860 867 

7.95 8 

5.95 6 
20620 0.00 

691 700 

403.10 404 

705 718 

406.10 406 

1155 1178 

2224 2265 
1152 1161 

34*90 346X0 
464 46320 
288J0 28920 
751 757 

2715 2779 
2040 2062 

16*80 16720 
1614 1634 

Z65l50 26*50 
531 539 

37120 366X0 
714 763 

463 466 

906 918 

2940 2990 

887 894 

15 1*35 
622 623 

680 683 

175 175X0 
640 649 

117X0 116 

372.10 38020 


Sao Paulo -XSSlIffiS 


Pfd 
BrofrooPtd 
CeeUqPta 
CESPPfd 
Cope! 
Eletrobros 
ItoubancoPfd 
Light Servian* 
Ltahtpar 
Pwrobros PM 
PaufctaLoz 
StaNoaeMd 
South Croi 
TefebresPfd 
Tefemtfl 
Teten 
TeteaPM 
UnfcaDCO 
Its minos Pfd 
CVRD Pfd 


11.95 
BOO. DO 
61X0 
97X0 
1720 
64300 
69£00 
500X0 
402X0 
320X0 
193X0 
42X0 
1*25 
157 JO 

190.00 
18220 

409.00 
4*250 

11J0 

27.90 


11 JO 11J0 
786X0 BOaOO 
59.70 6040 
95.99 7725 
1730 1720 
£30X0 64300 
680X0 692X0 
490X0 500X0 
395X0 40020 
310X0 318X0 
187X0 189X0 
4120 41.99 
1015 1*18 
153X0 15560 
18*00 18*45 
175X1 18120 
39*99 399X0 
4320 4*250 
11.14 1130 
2*90 27.90 


11J0 

787X0 

6020 

96X0 

17X0 

nn 

680X0 

490X0 

*1X0 

31100 

189X0 

4135 

1*25 

15*40 

1B8X0 

177X1 


4320 

11X7 

26X0 


Seoul 

Doom 

Doeweo Heavy 
Hyundai Eng, 
tia Motors 
Korea El Pwr 
toea ExhBfc 
LG Staton 
Pahang Iron St 
Samsung Dtsloy 
Soto ung Elec 
SMnhanBonk 
SKTeiecoro 


CMi paste Index: 56524 
Previous: 9MJ1 

69000 61700 63000 68100 
5690 4970 5020 5690 
16900 15800 15800 16500 
7230 6700 6X10 6910 

18500 17500 18400 1751® 
4500 4230 4400 4350 

27400 24600 24600 26700 
51900 50100 50900 50700 
42000 37600 42000 19500 
58000 53000 56000 57200 
7150 6900 7000 6950 
422500 398000 410000 410000 


Singapore 


Asio PK Brow 
CerebcsPoe 
COyDevSs 
QrdeContaae 
Da Or Farm ml* 
DBS foreign 
DBS Lon? 

Fra i«r & Heave 
HKLxnd* 

Jaid Mathesn * 
Jard 5hate9C ' 
KtpfdA 
Kappa) Bank 
KcppelFefs 
KeppdLand 
OG&Ctorejqn 
US Union BkF 
Protaiey Hdgs 
SerobaMng 
Sing Akfowgn 
Sing Land 
5JngP«ssF 
Stag Tech Ind 
Slug Tetecorara 
TotleeBonk 
Uld industrial 
UHDSeo BkF 
MngTiriKdgs 
US. Won- 


£20 £15 

4X0 *64 

825 7.95 

725 730 

1 0.95 

1£90 1520 

326 3X2 

*20 7X0 

124 196 

735 7. 

236 £80 

£90 570 

3X6 3 

*86 *78 
134 116 

1020 ID 

620 6J0 

£40 £35 

£25 £60 
1130 1130 
*05 5.90 

2220 22 

220 237 

223 225 

£78 £75 

*97 0*4 

II JO 10.70 
3 £86 


£15 £20 

*74 *80 

*10 *65 
730 7 JO 

0.98 1X1 

1£70 1520 
3X8 £26 

7.95 *10 

2J6 3.16 

7 720 

3*6 3.94 

£70 £85 
3 £06 

*80 *82 
3.18 U8 
10 1020 
6J5 625 

£35 535 

525 £70 

11J0 1120 
£90 £10 

22.10 22X0 

140 £50 

326 223 

£75 £78 

*95 *98 

10.70 112Q 
2X6 3 


Stockholm 


AGAB 
ABBA 
AssHtamwi 
Aslra A 
AfiasCaocoA 


5X16 todoc 3411 J3 
Prevfeo* 343334 

11650 11350 11550 117 

104 10120 10120 104 

240 £B 238 23*50 
12*50 123 125 12450 

246 242 24150 947 


AutoBv 
EleCtradreB 
Ericsson B 
Hemes B 
InCentere A 
investor B 
MoDoB 
Hordbanken 
PharmrtJptahn 
SandvftS 
Scania B 
SCAB 

S-EBanfcenA 
Ska nd ia Fare 
SkanskaB 
SKF B 

SpabanfeenA 
aora* 
SvHandeteA 
Volvo B 


321 ■ 316 
672 656 

360 35220 
311 30620 
699 678 

384 375 

Z72 267 

25220 250 

262 25520 
25220 34720 
221 217 

182 in 

90 
368 
29750 
234 
171 
126 


355 

290 

227 

167 

124 


25020 24*50 
220 21*50 


318 321 

668 663 

35*50 360 

30850 311 

696 694 

37950 381 

270 276 

251 25220 
25*50 25*50 
24950 253 

219 221 

18120 178 

8920 90 

359 35750 
29450 290 

231 230 

16*50 172 

124 12720 
24620 250 

217 222 


Sydney 


> 

i! 

I! 

Amcor 

8 

7J5 

7 95 

7.96 

ANZBkmg 

11X9 

10.91 

11.14 

11.19 

BMP 

15.30 

I4JV 

l£!S 

15XH 


*12 

*115 

4X8 

*16 

t 

| 

2620 

7£75 

2*45 

2£92 

CBA 

1*72 

1*62 

1*66 

1*79 

CC AmatO 

1225 

12X8 

12-30 

12X0 

Coles Myer 

*94 

*82 

*90 

*88 

Coraoks 

6X5 

6X0 

630 

*34 

CSR 

£08 

5 

£02 

£1(1 

Fosters Brew 

£78 

£76 

£77 

7.77 

Goodman Rd 

2X2 

£16 

2X7 

130 

ICI AustraOo 

1225 

17X1 

12X1 

1222 


30X5 

29X2 

29 JO 

2920 

MIMHdra 

NolAudBra* 

121 

126 

129 

126 

21X5 

2025 

20.90 

20.70 

Hal MitrtwriHdg 

221 

2X7 

2X1 

2X7 

NevreCorp 

674 

*26 

*72 

*75 

PodflcDltetop 

320 

£52 

£56 

£56 

Pioneer InM 

*25 

*13 

*14 

427 

Pub Broadcast 

8X8 

*10 

*24 

*31 

RloTlnta 

19.90 

1920 

1926 

1921 

St George Bank 

*30 

8X5 

*25 

*30 

WMC 

5.95 

£75 

5JV 

5 78 

WestpacBMng 

WoarSdePEt 

827 

1 226 

*56 

12X0 

824 

12X1 

826 

17X2 

Woohwrtn 

457 

*40 

422 

420 

Taipei 

Stock Marita todec 77? 678 
Piwtoos: 741*45 

Ccticy Life Ins 

120 

112 

11*50 

11820 

OiongJ H mbBIc 
C triooiungBk 

93 

66 

8S 

.» 

86 

W50 

92 

66 

Cbtao DevBtprnl 

86 

7520 

7520 

86 

Orteo Steel 

2460 

2360 

24.10 

7*40 

Fkst Bonk 

94 

85 

8/ 

93 

Forrnosc Ptatic 

S3 

5020 

52 

5220 

Hua Nan Bk 

97 

8620 

8720 

9520 

Inn Comm Bk 

53 

49 JO 

50 

53 

Nan Ya Plasties 

56 

S3 

qy 

5420 

StWlKongLte 

77 

71 

n 

76 

Tahwm Seail 

134 

12020 

2020 

139 

Tatoog 

31 JO 

3030 

3020 

30X0 

Utd Man Elec 

68 

6120 

6120 

70.50 

Utd World Oita 

5320 

5020 

51 

5220 


Tokyo 


$ 


NtponAIr 


AsM 
Atom Chem 
AsVdGfcBB 
Bk Tokyo Mltsu 
B* Yokohama 
Bridgestone 
Canon 
OwbuElec 
ChuaataiEtae 
DaiUppPiW 
Datol 

Dd-lchi Kang 
DohraBorik 
Doha House 
Drawn Sec 
DDI 
Dana 

East Japan Ry 
Bad 
Frame 
, Bonk 
I Photo 
. . Bn 

KochQuiilBk 
Htochl 
Hondo Molar 
1BJ 
IHI 
BodttJ 
Bo- Yota de 
JAL , 

Japan Teaman 

itIHD 

Kaikna 

KonniEiK 

Kao 

Kawasaki Hvy 
Kawa Steel 
KMIMppRy 

Wrin Brewery 

Kobe Steel 

Komatsu 

Kubota 

Kyocera 

Kyushu Etec 

LTCB 

MaiAenl 

Ui- u t 

Matsu Canon 

Matsu Eiectnd 

Mata Elec Wk 

MBsuUU 

MRubkMCh 

MttsubbhlEi 

MfeubshiEs? 

JIMBUtMdHvr 

MBsuUshi Mot 

MteobbhITr 

MAtu! 



NtataZ2Sc 172M2I 


Previous: 1747*42 

1050 

10X 

1040 

1050 

Kl 

58! 

£Bl 

5H4 

3650 

3570 

3650 

3560 

■ J 

688 

6SS 

700 

R 

515 

521 

525 

E 3 

850 

856 

859 

1890 

1830 

1830 

1880 

5» 

522 

539 

531 

3000 

2950 

2970 

3000 

3149 

3000 

3100 

374) 

2010 

1990 

1990 

TUI) 

1870 

I860 

I860 

1870 

2590 

2510 

2510 

2*10 

600 

591 

600 

604 

1180 

II.W 

1140 

1130 

477 

m 

473 

475 

1150 

iho 

1140 

1120 

742 

736 

741 

740 

50201 

49Mto 

4981 In 

SOftOn 

2950 

2900 

2900 

77® 

5800a 

5730a 

5800a 

5740a 

1980 

1890 

1900 

20® 

4U0U 

4HW 

493(1 

5010 

1270 

1241 

1240 

1260 

5120 

5010 

5080 

5200 

1490 

1460 

1460 

1510 

1180 

1 1 713 

1170 

UNO 

10BO 

1050 

1060 

1070 

4560 

4400 

4500 

4450 

1380 

1351) 

KUO 

1370 

278 

268 

768 

773 

4» 

403 

416 

410 

6520 

6410 

6490 

*1)0 

ffO 

408 

412 

425 

9940a 

9880a 

99% 

997(ta 

2730 

2670 

7680 

7690 

£55 

538 

550 

5 » 

2050 

2020 

2020 

2050 

1760 

1740 

1/50 

I7A) 

352 

341 

348 

342 

2l0 

200 

705 

701 

672 

667 

670 

675 

1020 

99/ 

1010 

1000 

134 

131 

132 

133 

709 

688 

696 

7X3 

418 

410 

41!) 

471 

7640 

7390 

7440 


1W0 

1880 

1890 

ivrti 

505 

4KK 

493 

498 

380 

3*1 

377 

M6 

2180 

2140 

2150 

7170 

too 

4100 

4100 

4250 

2250 

7730 

2230 

2270 

1200 

1190 

1190 

1200 

1170 

1140 

TWO 

1150 

276 

270 

271 

265 

463 

431 

m 

458 

1760 

17* 

1760 

171) 

665 

641 

663 

647 

583 

569 

573 

573 

1790 

1730 

1760 

1750 

976 

95B 

975 

980 


The Trib Index 


Paces as of 3.00 P.M New York lima. 


Jan- 1. 1892= 100. 

Level 

Change 

tkchenge 

year to date 
% change 

World Index 
Regional Indexae 

175.14 

■*0.71 

+0.41 

+17.43 

Asla/PatMc 

113.77 

-2.66 

-228 

-723 

Europe 

1B3.17 

+0.52 

♦027 

+19.83 

N. America 

206.60 

+3-62 

+1.78 

+27.60 

S. America 

Industrial Indexes 

178.25 

+2.64 

+1.50 

+55.77 

Capital goods 

219.42 

+2.79 

+129 

+28.38 

Consumer goods 

195.15 

+1.00 

+0.52 

+2029 

Energy 

206.44 

+1.38 

+0.67 

+20.93 

Finance 

128.35 

•0.43 

-0.33 

+1021 

MlscaBaneous 

182.88 

-357 

-1.91 

+13.04 

Raw Materials 

179.32 

+0.72 

+0.40 

+2.25 

Service 

169.72 

+1.47 

+027 

+23.59 

Utmes 

167.70 

+0.17 

+0.10 

+16.90 


The International Hetaki Tribune World Stock IntterC tracks the US. deter values of 
280 IntemetionaBy meeiable stocks trom 25 co u ntries For mom mtormabon. a tree 
booklet is erasable by wrrtmg to The Trb Index. 181 Avenue Charles de Gaulle. 

92521 NmMy Cedes. France. Compiled by Btoambmg News 


Mosul Fudosn 
Mitsui Trust 

Murata Mtg 

NEC 

NBiknSec 

maxi 

Hrtentto 

KSsr 

Nippon Steel 
Nissan Malar 
NKK 

Nonun Sec 

NTT 

NTT Data 
0B Paper 
Osaka Gas 
KCDtl 
Rohm 
Stkajrn Bi, 
Sankya 
SanwaBank 
Sanyo Elec 

Secorn 
Seibu Rwy 
SetasuiOiem 
Sekteul House 
Seven- EJeven 
Sharp 

Shikoku El Pwr 

Shlmbu 

Shtn-tasuCIl 

5hisekk> 

Shizuoka Bk 

Softbank 

S ony. 

SranBomo 
SumtameBk 
Sum! Own 
Sumtomo Etec 
SumANMd 
Sum It Trud 
Taisho Ptiarm 
TakedaOwm 
TDK 

TohokuEIPwr 
Tuba Bank 
TaktoMartoe 
Tokyo El Pwr 
Tokyo Electron 
Tokyo Gas 
Tokyo Corp. 

Tonw 

TopponPnm 
Turov Ind 
Toshiba 
Tostera 
Toyo Trust 

Toyota Malar 

Yampnoudv 


High Low Close 

Prev. 


High Low Close 

1610 

1570 

1610 

7590 

Newhrtdgft Nei 

B5U 

mss 

83.90 

489 

476 

m 

491 

Moron italnc 

3*20 

7£90 

JaUS 

5740 

5640 

5660 

5800 

Moreen Energy 

33.95 

,33X5 

3X90 

1510 

1470 

1480 

1520 


149V 

146'* 

l«(i 

1690 

1*50 

1650 

1710 


11J0 

1 1 60 

1165 

510 

501 

501 

505 

Onex 

3514 

35(7 

35.70 

11700 

11600 

11600 

11800 

PoncdnPettm 

25 

2*80 

25 

664 

KJ 

656 

*56 

Petra Cda 

27.15 

27 

27.15 

507 

499 

Kl 

51? 

Placer Dame 

2*85 

24’.; 

2J£5 

256 

Kl 

H 1 

22 


13 

12>4 

13M 

657 

635 

635 

667 

Potash Sas* 

llSfe 

114'ft 

115X5 

163 

mu 

I6T 

12 


34X5 

MJS 

3360 

1610 

isno 

1590 

15W 


27.90 

77L 

37,80 

1130b 

IllOb 

1130b 

ll?0b 

Rogers Cartel B 


23V; 

23'ft 

6190b 

4050b 

6100b 

6190b 



46X0 

®.I5 

615 

404 

611 

611 

Shefl Cda A 

27.15 

2*85 

77.10 

267 

263 

264 

248 

Suncor 

5 £35 

51 

51 

1760 

1710 

1730 

1770 

Tafcraan Eny 

50 

4VI0 

4960 

13900 

13800 

13800 

14100 

TeckB 

36 JO 

26 

3*20 

571 

545 

54$ 

550 

Tefegtabe 

site 

51 

51 

4060 

JV80 

3W0 

4000 

Tekis 

2*80 

2861) 

2**5 

1340 

1310 

1330 

13® 


34X0 

34.10 

34X0 

410 

®T 

405 

413 

TorOaoi Bank 

47.90 

4/ 

4/9(1 

8870 

8790 

8870 

8730 


19.10 

1*B5 

19 

4550 

4500 

4520 

4550 

IronsCda Pipe 

27X0 

27 

27.DS 

882 

an 

87V 

877 

Trimark Ftal 

75* 

74’j 

75X5 

1030 

1000 

1020 

1000 

Trtlec Hahn 

36' • 

3580 

36X0 

9330 

yiin 

9150 

9330 

TVXGoU 

7.90 

7X0 

765 

1050 

1020 

ion 

ID® 


28** 

28'ft 

28.70 

1880 

18® 

1850 

1880 

Weston 

100 

9V 

100 


560 530 558 

3430 3210 3310 

1B0O 1750 1750 

1280 1250 1250 

3510 3430 3450 

11800 11400 11400 
888 857 857 

1630 1990 16T0 

439 429 432 

1790 1760 1770 

271 265 26S 

1130 1110 1120 

3230 3150 3100 

3650 3580 3580 


543 

3420 

1830 

1280 

3500 

12000 

865 

1650 

437 

1790 

273 

1130 

3190 

3730 


Prev. ; 
84U« 
26- 
34: 
W 20 . 
1125 A 
3»: 
35J5. 
27.05. 
2*95, 
13’ 
115170 " 
3*10; 
7725 ' 
24’ 
45 ‘ 
27X5 = 
52-20- 
49.70 ! 
26-15? 
5H» = 
2*85- 
3*15- 
4720 ' 
19 

27X5. 
76X5 r 
3*10 j 
£90- 
2816 • 
100 . 


11200 10600 10700 11500 
1900 1880 1B80 1910 

M2 830 833 842 

1380 1360 1360 1390 

2190 . 2170 2170 2190 
8100 7460 7670 8360 

272 263 264 273 

513 505 505 511 

975 950 975 969 

>620 > 570 1580 1*91 

665 651 653 660 

592 580 586 600 

1790 1750 1750 1800 

940 948 955 9*5 

3910 3840 3840 3930 
3180 3130 . 3160 3160 


Vienna ATJCMewuBojo- 

Pnetaw 148628- 
Bochld-Uddeh 1 044X0 10201 04*80 104£SU 

Credltanst PM 742 722 742 73650.. 

EA-GeneroS 3165 3100 3165 3163 j 

EVN 1496 1481 1491 1490 - 

Ruahafefl Wien 522 511 51 2-50 5221 

OMV 185*50 1815 1850 1844, 

OestEleUrtt 92*50 903 921X0 VM ' 

VA State S7S 557.10 56420 564, 

VATedi 2474J0 2408247*802450.10: 
WtennrtMfO Bau 2550251150 2*50 2538. 


Wellington htse^o index: 257227- 


tetVXrb-.xIflOO 


Toronto 

AWMCOIH. 

Alberta Energy 

Atom Abim 
Anderson Emt 
Bk Montreal 
Bk Now Scotia 
BaifckGeid 
BCE 

BCTeteaxnm 
Bkxhcai Pharra 
BwnbonfierB 
Cameoi 
GBC 

CdnNatlRnl 

CdnNatRes 

CdnOcddPCt 

CdnPadHc 

Cantecx 

Dafasco 

Dtantar 

Donohue A 

DuPantCdaA 

EitoefBratcan 

EumNevMng 

EaMaxFW 

RtonMdM 

ReWwrCMA 

Franao Nevada 

GuitCda Ros 

imperial 08 

Inca 

Mr. 

I ind A 


TSE I edechUu 704227 
Pmina: 703*51 


Moore 


2220 
331* 
44X0 
1*20 
SL20 
44 
31 U 
4230 
37.10 
42J0 
2816 
S2te 
39X5 
7520 
£ 
37 JO 
42J0 
321ft 
2*15 
11X5 
2 Mt 
34 
25X0 
2695 
370 
2*10 
22V, 

1220 

8*55 

3£10 

5*35 

mm 

3616 

1920 

99M, 

11.90 

tain 


21.90 2» 

33 33 

4*« 4*70 
15X5 1£9S 
57X5 5*20 
63 44 

3190 31 

41.90 4£30 
3*85 37.10 
41X0 41X0 

27.90 28 

51# 5116 

39 39X0 
7£20 751ft 

41 h dlte 
37 37 JO 
«16 4220 
32.15 32<6 
2£M 2*05 

1120 Ute 
29 29 

33 33X5 
251ft 2S6 

2520 25.70 
366 367X5 
2320 23.95 
2214 -221k 
sc at 
1270 1230 
8*05 8416 

3125 32 

5*15 54* 

2020 20)k 

3SJ0 3535 
19<4 1935 
9*45 9916 

11.70 11X0 
2525 25X5 


22X0 

3320 

4**5 

1*15 

5735 

*144 

31X5 

42.15 

37.10 

42-50 

2*10 

52 

39S 

7£70 

42 

23M 

4170 

321ft 

2£90 

1125 

29*6 

3317 

2£7Q 

24K 

358 

24 

2225 

3420 

1120 

8*90 

31X5 

5435 

20X0 

361* 

981ft 

11 JO 

24 


AJrNZfiflUB 
Briefly Invt 
Carta HaBard 
FtettJi Ch Bldg 

FletdiOiEnv 
FletdiCh Foret 
Ftach Ch Paper 
Lion Nathan 
Telecom NZ 


Zurich 

ABBB 

AdecaiB 

AlusuisseR 

KSSUr 

BK Vision 

9m Spec Chem 

OoitonlR 

Cnl Suisse Go R 

ElektrowrttB 

Em^Chemte 

ESECHdg 

HoUrabankB 

UeddmoLBB 

NestteR 

NovartisR 

OeriDmBuehR 

PargesoMdB 

PhamVIsnB 

Richemont A 

PlrefllPC 

!$**"«* 
Schindler PC 
5GSB 
SMHB 
SutzerR 
Swiss Reins R 
SAir Group R 
UB5B 
WMathurR 
Zurich AstroR 


Prevton: 258178 1 


4 

199 

4 

407- 

1X3 

1X2 

1X3 

1X4; 

3-5D 

3X5 

£50 

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INTER NATIO NAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 

ASIA/PACIFIC 


Seoul’s Currency and Stocks Skid 


PAGE 17 


Kim Dae Jung with a market chart Monday in SeouT 


outh Sink 

{ -Li::«:r Yiftli LV 


* 


Ctsjda/ipOwSfe^nwOi^wrte • 

SEOUL — The economies minister 
faced calls for his resignation on grounds 
of mismanagement Monday as South 
Korea’s currency tumbled to a record 
low against the dollar; its stock market 
continued its slide, and another corpo- 
rate giant had a brush with insolvency. 

Kim Dae Jong, an opposition leader, 
demanded the resignation of Deputy 
Prime Minister Kang Kyong Sink, 
whom he accused of creating financial 
turmoil. 

“Kang should assure responsibility 
for creating an economic crisis,’’ Mr. 
Kim said. Mr. Kang also heads the Fi- 
nance and Economy Ministry. 

On Monday, the U.S. dollar closed at 
a record high of 924.00 won, despite 
intervention by the Bank of Korea, 
which supplied ' about -'$500 million 
through spot deals. On Friday, the dollar 
was at 914.80 won. 

The central bank stopped buying won 
just before the market closed, allowing 
the currency to slide a g ain , foreign-ex- 
change dealers said. 

“Pressure for the won’s fall has al- 
ways been there,” a foreign-exchange 


dealer at a commercial bank in Seoul 
said. ‘.‘The won declined today as the 
central back stopped defending it” 

Traders said turbulence in other Asian 
currencies had contributed to the won’s 
fall. 

“Fear that South Korea is heading 
toward a Southeast Asia-style currency 
aids is also spurring the dollar-buying 
frenzy,’* said Lee Kyung H, a dealer at 
Seoulbank. 

A dealer at Chase Manhattan said that 
reports of cash-flow problems at New 
Core Croup and Anam industrial had 
added to the pressure on the won. But be 
ruled out any possibility of a currency 
crisis similar to rhar seen in Southeast 
Asia. 

“Foreign and local investors have no 
more confidence over die direction of 
our economy on top of successive cor- 
porate collapses,” Song Tae Sung of 
Dongsuh Securities said. 

New Core Group was the latest victim 
of the growing finan cial problems that 
have put at least five South Korean con- 
glomerates. including the automaker Kia 
Group, in or near insolvency this year. 

“At the center of the won’s fall are 


Kia’s problems,” Mr. Song said. “If 
Kia’s problems are not resolved soon, 
market players will continue to lack con- 
fidence in the won.” 

Mr. Kim, a leading presidential can- 
didate in elections scheduled for Dec. 
18, also recommended drastic govern: 
ment step to support the stock market, 
which slid 3.3 percent Monday despite a 
series of stimulus measures. 

The benchmark Korea composite in- 
dex fell 19.07 points to close at 565.64. 

Mr. Kang huddled with officials to try 
to control the escalating financial unrest, 
and the Finance and Economy Ministry 
pledged to inject additional loans into 
small companies and banks hardest hit 
by corporate collapses. 

New Core was saved Monday in last- 
minute talks with creditors, who agreed 
to provide 55 billion won ($59.5 million) 
of loans to help the company remain 
solvent. 

But Korea First Bank estimated New 
Core’s outstanding debt to financial in- 
stitutions at about 1.3 trillion won. 
clouding prospects for the concern’s sur- 
vival. ' (AFP. Bloomberg, Reuters) 


Investor’s Asia 


HongKoog 
Hang Seng '. 
18000— 

17000 . 

2200 — v 21000 — — 

16000 — -jf-j 

cr’ 

' IfflfM 

15W0--VW 

14000 

wT' 

pV 1800 -• ■ 

,JUUU M JJ'ASO • ,,UU M J J 
1997 1997 

■Exchange; • index ■ ' 

Hong Kong ' - "• 

1997 

Monday r . >pwv. % 

Oloafr • Close .Change 

-4.63 

Singapore . ■ 

ssraib Times ■ • 

1,79*92 1,827.39 -1.78 

Sydney 

AfrOnfinailes / 

*645.60- -0-23 

Tokyo' 

N&kei225...'T~ 

'17£94£t 17,478,42 -1.05 

Kuata Lumpur Compost - 

7&JW. 794J0 -&3S 

Bangkok 

set 

50931 525-64 -3.07 

Seoul 

Cccnposite fifldax:' 

565.64; 584.71 -3J28 

Taipei 

Stock Market Index 7^16.78 7,61 JL45 -3.98 

Manila 

PSE 

2JH5L7a 2,05038 -1.71 

Jakarta 

Composite Index 

.814.17 - 520.69 -1225 

WeflhtgtOti 

NZSE-40 

2£72jG7 2,583.78 -0.43 

Bombay 

Sensitive Index 

4,154.84 4,10526 +1.18 

Infers nauura! HcrJJ Tribonc 


Japan Debates Reforms 

Deficit Must Be Cut, but Economy Needs Stimulus 


OurSutfFn*, Duj.orAo 

— Japan struggled Monday to 
reconcile its two goals of stimulating the 
sluggish economy while keeping its bul- 
ging deficit under control. 

Prime Minister Ryu taro Hashimoto 
warned legislators that the economy would 
collapse without rapid deregulation and ef- 
forts at fiscal reform, partly to cut Japan's 
massive public debt. 

At the same time, policymakers of the 
governing Liberal Democratic Party met to 
draw up a package of measures to breathe 
life into the economy without spending 
public money or slashing revenue through 
tax cuts. 

The Liberal Democrats are set to an- 
nounce an economic stimulus package 
centered on deregulation Tuesday, with the 
issue of tax curs to be left for * *a second and 
third package with sufficient consideration 
of the economic situation." Taku Yama- 
saki. the head of the party's policy-making 

body. said. Japan's 

fiscal state is the 
worst among indus- 
trialized nations. 

Mr. Hashimoto said 
before the Parlia- 
ment. which is in an 
extraordinary 75- 
day session to de- 
bate his reform bill. 

"Wc should not 
wair to -rebuild' the 
finances for the sake 
of the future,” he 
said. “Passing the 
fiscal reform bill is 
the first step for- 
ward toward achiev- 
ing this goal." 

The bill is de- 
signed to rebuild the 
country's finances 
by halting the issu- 
ance of deficit -cov- 
ering bonds by 2003 
.uiJ capping >pciid- 


ing in such areas as public works, nati onal 
defense and social security. - 

According to official estimates, Japan’s 
public debt will reach 476 trillion yen 
($3.96 trillion) by the end of the current 
fiscal year in March 1998. 

The prime minister said drastic reform of 
Fiscal and economic structures would have 
positive effects on die economy in the long 
term, although he said it may cause some 
short-term pain. 

Japan’s merchandise trade surplus, 
meanwhile, rose 37.1 percent in September 
from the same month last year, to $8.8 
billion, the Finance Ministry said. 

The increase, which was smaller than 
economists had expected, helped allay fears 
of renewed trade friction between Japan 
and the United States. 

But the surplus narrowed a seasonally 
adjusted 30.5 percent in September from 
August, to 749 billion yen, the Finance 
Ministry said. It was the third time in die 
past four months th at 
the surplus had nar- 
rowed month-on- 
month, as slowing 
demand from South- 
east Asian econo- 
mies has driven 
down Japan’s ex- 
ports to the region. 

Exports . — the 
only bright spot in 


Car Sales to U.S. Fall 

Bltwubcrj: News 

TOKYO — Toyota Motor Corp. and Nis- 
san Motor Co.. Japan’s two largest auto- 
makers, shipped fewer cars to the United 
States in September, and a Nissan spokes- 
man said Monday that the companies 

wanted tottvoid -rratfc'frrcrion .- Japan 1 *- e c on o my — 1 1 - 

Toyota, Japan's largest automaker, re- feu 3.4 • percent 
duced exports to America by 0.5 percent in 
September from a year earlier, to 38,444 
vehicles. Nissan reduced its U.S. shipments 
9.9percem, to 23,662. 

Tne declines came even as the two auto- 
makers' global exports rose to compensate 
for sagging domestic sales. 

“It’s not desirable” for Japanese auto- 
makers to continue increasing exports to the 
United States, a Nissan spokesman, Naoki 
Aizawa. said. A Toyota spokesman, 

Nnbuva Eto, said the decline in exports to 
America was not iMcninv-al. 


month-on-month, to 
4.2 trillion yen. A 
slowdown in exports 
could spell trouble 
for Japan, where 
consumers are still 
reeling from the ef- 
fects of a series of 
tax increases this 
year. Imports rose 
5.7 percent, to 3.4 
trillion yen (AFP. 
Reuters, Bloomberg) 


Very briefly: 


• Wodworths LtrL, Australia's largest food re- 
tailer, said sales rose 11 percent, to 4.26 billion 
dollars ($3.11 billion), in its first quarter, which 
ended OcL5.lt cited a strong performance by its Big 
W stores and the inclusion of results from a new 
subsidiary, Australian Indep endent Wholesalers. 

• Royal Dutch/SheU Group will invest about $18 
million in its first chemical-making joint venture in 
China, in a project to upgrade and expand a plant at 
Nanjing. 

• Foster’s Brewing Group Ltd. bought two brew- 
eries in Vietnam from the French company Bras- 
serie & Glarieres Internationales for about 78 
million Australian dollars. 

China’s economy grew at a 9 percent rate in the 
f tt 


first nine months of the year d 
growth of local enterprises and the 


ite a drop in 
of a 


restructuring of its state-owned sector. Gross do- 
mestic product totaled 5.115 trillion yuan 1S616 
billion) from January to September, the State Stat- 
istics Bureau said. 

• Hitachi LtcL, Matsushita Electric Industrial 
Co, Mitsubishi Electric Corp., Toshiba Corp. 
and JVC, all of Japan, and Time Warner Inc. of 
the Unitedt States are introducing a joint licensing 
program for companies wanting to use their pat- 
ented digital videodisk technology, under which 
the companies can negotiate through Toshiba, in 
cooperation with Matsushita and Hitachi in certain 
countries. 

• Bajaj Auto Ltd. posted a 9 percent decline in 
net profit for the April-September half as India’s 
economic slowdown discouraged customers 
from buying the company’s scooters. 


• Singapore’s non-oil exports rose a better-than- 
expected 15.8 percent in September from a year 
earlier, a sign of improved overseas demand for 
electronic goods. 

• Fuji Bank Ltd. is to hand over its rights in a debt- 
ridden Thai joint venture to its local partner after 
the suspension of its business by Thai authorities, a 
spokesman said. Fuji Bank was ordered to yield its 
rights in Thai Fuji Finance & Securities Co. to 
Krungthai Thanakit Finance & Securities Co-, 
the spokesman said. Krungthai Thanakit is a non- 
bank affiliate of government-run Krung Thai 
Bank Public Co. 

• Hong Kong's seasonally adjusted unemploy- 
ment rate slid to a rwo-year low of 2.2 percent in the 
three months ended in September. BUwmbcrg. afp 


? .* ;S 


l- . v 


.. V V 




Write-Off 
Will Push 
Kumagai 
Into Loss 


P), Mmm/vn: .Vi*w» 

\f TOKYO — Kumagai 
Gumi Co. said Monday that it 
expected to post a net loss of 
233.3 billion yen ($1-94 bil- 
lion) tor the half-year ended 
Sept. 30. It initially forecast a 
net profit of 300 million yen. 

For the full year to March 
3 1 , the construction company 
forecast a net loss of 200.5 
billion yen. It initially pre- 
dicted a net profit ot l billion 
yen. The expected losses the 
result of the company s de- 
cision to write off 239 billion 
yen in losses on real estate it 
owns in Japan and abroad. 

Like many other Japanese 
construction companies. Ku- 
magai Gumi has been hit hard 
by declining land and prop- 
erty prices. It also has lost 
money on land-development 

$ projects abroad. 

It plans to write off I5w 
billion ven in losses on sales 
of more than half its overseas 
properties — seven m Aus- 
tralia, four each in the United 
States and Britain and three in 
Asia. At home, it will write 
off 89 billion yen of losses on 
had assets. It also plans to sell 
its stuck holdings and unload 
marketable properties at a 
lass. The company predicted 
a current, or pretax, profit oi 
30 billion yen for the year 
ending March 31. up from a 
forecast of 18 billion yen. 

Kumagai Gumi said it ex- 
pected to post a net profit of 
20.5 billion ven for next year, 
rising to 33.5 billion yen in 
five years. But its debt load- 
including debt. 
provided to affiliates * 

remain formidable, at 967 b i - 

lion ven this year and 7W 
billion ven in five years. 


An EXTRA-ORDINARY opportunity to 

MAKE MONEY 

International Trading Company, operating from 
the Middle East, is floating its shares which offer 
a tremendous appreciation potential. 

Interested investors may contact: 

ESCOM Ltd. 

P.O. Box 17073. Dubai. United Arab Emirates 

Tel: ++971 4 816047 
Fax: ++971 4 816165 


IISIF-Real Estate 

International Depository Receipts 
Issued by 

Morgan Guaranty Trust Company of New York 

Notice of Aanwcd General Meeting o# 

Shareholders 

Notice is hereby given that the Annual General Mewing ot tee 
Shareholders ot USIF. Heal Estate (“USIF’) will be held at the 
Lvtonl Cay Club. Lyfoid Cay, Nassau, N.P., Bahamas, on Monday, 
theste December, 1997 at $30 a.m. lor thefoBowmgpuiposes; . . 
i To consider and. it thought ftt to approve theappolntment of 
itessrsCoopere & Lybrand ot Nassau N.F., Bahamas, as tee 
audHore ofUSIF for the current fiscal period; and 
2. Any other business which may property come before the 
meeting. 

Dated this 21st day of pcK*w,l»7 
Coutts (Bahamas) Limited. Custwflan Trustee. 

Note- a shareholder entitled to attend and vote nay appoint a proxy 
E?»nd w«i " ntertwr ptece and tan. and pray n»d 

not be a shareholder c4 USIF. 

Holders of International DeposttoryR^alp^DRs^^ed 
Mnm&ri GubibW Ttu 81 Company of Now York who wish to vote 
fffundafiying shares of USIF. must comp eta the V oting 
fSS which Is available from tea paying agents listed 
SfcSSS vSS Instructions Fomsand OR. 

SftatSmay be dep&Red with any one ot the paymg agems. 

SSI tne holder may deposit tee gtSSSXSX 
K^knrottw financial institution, who will hold them ffll after tee 
^tave tee bank or olher financial institution. Complete 
theTconhrmatlon oT Deposit form on the back of the Voting 

^ v^lnSwtton Form and completed Conflmationof Deport 
SL S deposited with any one oftea paytegagems. 

w ring Instruction Forms and, If appfi^. Confirm* 
SnS^FomBmust be Red with any one ofteepaymg agents 
later lhan 2ist November, 1907, 

Paying Agents 

„ M»pan Guaranty Trust Company of New York. Brussels, 

Barnuo ds Pans at des Pay&Bas, Luxembourg 
2 Banque Internationale a Luxembourg. Luxembourg 
^ Caisse rf Epargne de TEtm. Luxembouig 

Hongkong. 

DeoosRory: Morgan Guaranty 

^^^PS?ArtR N 1D4o' Bosseis 
35, Avenue des Arts, 1 040 Brussels. 

jPMorgan ' 


DO 



The Alhambra ia CraaaJa 


SPAIKnHEIGHTS 

A VISIT TO GRANADA ACCOMMODATES A PASSION 
FOR ALL KINDS OF HIGH LIFE 

m ° ffe ” thc greatest choice tb Spain with 29 destinjtions to choose 

m-£> from. With Iberia’s excellent punctuality record, modern fleet of 
aircraft, pleasant on board service and a wide range of fares to suit all your needs. 

Iberia is the best choice to Spain. Por further information on Iberia’s services to 
Spain contact your local travel agent or call your nearest Iberia office direct 

■ c# 




* 







■srm 


PAGE 18 


iNTEKNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 




TECHNOLOGY 


Speculation Swirls on Web 

Analysts Fuel Debate on Possibility of a Crash 


By Eric Pfanner 

New York Tines Service 

NEW YORK — What’s the difference 
between a pigeon and a stockbroker? The 
pigeon can s til l male* a deposit on a 


Jokes like that (Hie swirled around Wall 
Street on Oct. 20, 1987, after the previous 
day's 508-point plunge in die Dow Jones 
industrial average. 

So far this year, stockbrokers — and pi- 
geons — ate still making deposits, even if me 
transportation of choice is now a sport utility 
vehicle. But October is always an anxious 
month for investors, especially when it has 
been 10 years since Black Monday. 

And the popularity of the Internet, where 
rumors about the market can flit about more 
rapidly than' gallows humor on Wall Street, 
has fueled discussion of a key question on 
sites devoted to the market* Can it happen 
again? 

Though mutual fund companies, some of 
the main beneficiaries of the bull market 
that followed the 1987 debacle, might be 
expected to avoid mentioning tbs word 
“crash" for fear of scaring investors, one of 
them. American Century Investments, in- 
stead takes a candid approach. 

On its site it has included the resulrsof a 
survey in which 500 stock and mutual fund 
investors were asked questions about 1987. 
Surprisingly, few of the investors were able 
to correctly answer questions tike “By 
what percent did the Dow Jones industrial 
average fall on the day of the crash? 16 
percent, 23 percent, 30 percent or 38 per- 
cent?" fit was 23 percent.) 


Where To Go 


» AMERICAN CENTURY INVESTMENTS 

http ^/www. am ericancentury.com. 

* THE MNING COMPANY 

httpV/stocks. miningco.com 

9 THE NEW YORK STOCK EXCHANGE 

http://www.nyse.com 

aLOWRISK.COM 

http://lowrisk.com/87crash.htm 


- For investors who need to refresh their 
memories about details like these, a number 
of sites contain extensive archival infor- 
mation. 

The Mining Company — an Internet 
service that melds features of a search en- 
ginelike Yahoo Inc. with those of an on-line 
service like America Online Inc. — in- 
cludes news reports and chans of market 
data in a large section on the 1987 market 
plunge. While Mike Griffis, the investment 
adviser who writes for the Mining Com- 
pany’s stock section, cautions about the 
current high stock prices, he does not ques- 
tion the widely held view that equities are 
the best investment for the long run. 

Not surprisingly, the New York Stock 
Exchange's official site includes only a 
brief discussion of October 1987 under an 
analysis of “Why Stock Prices Go Up and 
Down" in its investor education section. 

Though it identifies four main causes for 
the October sell-off. conspicuously absent 
is a critical one that many analysts cite: 
Stocks may simply have been overvalued 
And stocks now have far surpassed the 
valuations of 1987. 

Does chat mean another crash loons? 
Lowrisk.com, whose name evokes concern 
about market volatility, picks and chooses 
from headlines in The wall Street Journal 

— contrasting the ebullient tone in the mar- 
ket in the months before the Sell-off with the 
despair in the days after — in a cautionary 
tale about current market euphoria. 

After the dour tone of this site, the market 
jokes on the site of Clarinet, an Internet 
service owned by Individual Inc., are a 
pleasant pick-me-up. 


to 


Crash L 


m COLLECTION OP STOCK MARKET JOKES AFTER THE CRASH 

http ^/comedy, dari.net/rhf/fokes/87/stocks.htrnl 


Continued from Page 13 

AT&T plans to sell off its 
credit-card and customer- 
support units by the middle of 
next year. 

The telecommunications 
company said its 15 percent 
drop in third-quarter profit 
was due to higher expenses 
and a foil in revenue from its 
long-distance business amid 
stiff competition for custom- 
ers. But tne results still were 
better than expected. 

AT&T said it earned $1.15 
billion, or 7 1 cents a share, for 
the third quarter, compared 
with profit of Si .36 billion, or 
84 cents a share, for the year- 
earlier quarter. Those results 
were adjusted to reflect the 
sale of AT&T’s underwater 
cable business this year. 

Analysts had expected 
AT&T to earn 65 cents in the 
quarter, according to a survey 
by First Call. The combin- 
ation of strong results and 

Mr. Armstrong's appoint- 
ment sent AT&T’s stock up 
Monday, on top of a nearly 4 
percent gain on Friday. The 
stock was up $2.0625 at 
$47.25 in late trading on the 
New York Stock Exchange. 

Revenue from continuing 
operations rose 1 percent to 
S 13.38 billion from SI 3.23 


billion. Many analysts and in- 
vestors have been looking for 
an outsider like Mr. Aim- 
strong to bring new ideas to 
AT&T about entering new 
markets, cutting costs and 
stopping market-share losses. 

/ “He’s a.breath of fresh, air, 
and AT&T needs it," said 
Chris Landes, an analyst at 
Tele-Choice Inc., a New Jer- 
sey-based consulting com- 
pany. 

The company has been 
racked by sagging profits and 
chaos among its top manage- 
ment staff. 

What AT&T continues to 
lack are solid foreign part- 
ners. 

In recent years, AT&T ex- 
ecutives have made a point of 
keeping a low profile outside 
the united States. 

Meanwhile, the world’s 
other global telecommunica- 
tions alliance, between Sprint 
Corp. in the United States, 
France Telecom SA and 
Deutsche Telekom, is now 
operating as Global One. 

And when European 
companies have looked 
around to pick their teammaies 
in these new contests, AT&T 
has consistently been one of 
the least willing players. 

In Europe, where national 
telephone markets are being 


opened to foil competition 
. starting next January, AT&T 
has timidly taken minority 
stakes in a handful of ventures 
and remained largely out of 
sight 

Mr. Armstrong, however, 
has practice at turning things 
around. 

When he took over Hughes . 
in 1992, the company was j 
seeking to end its dependence j 
on a dwindling pool of U.S. j 
Defease Department work. 

Mr. Armstrong led efforts j 
io focus on the consumer mar- 
ket by developing Hughes's 
DirecTV satellite television 
unit The move paid off. 

By 1996, Mr. Armstrong 
trimmed revenue from 
aerospace and defense to 39 
percent from 80 percent in 
the late 1980s. 

Investors expect Mr. Arm- 
strong's experience with 
building new business com- 
bined with his background as 
head of International Busi- 
ness Machines Corp.’s inter- 
national operations to help 
him build AT&T’s new wire- 
less and local phone opera- 
tions. They also expect his 
outside experience and the in- 
side knowledge of the vice 
chairman. Mr. Zeglis,to be a 
winning combination. 

( Bloomberg , AP, NYT) 


Honda Says New Engine Can Clean the Air t 


... 

“'"V il 

.’ ... - K 

• * . 


CflTTfdfrt/ by OmrSaffFnm DupdKA# 

TOKYO — Honda Motor Co., 
clahning a new breakthrough in the 
technology governing automotive 
emissions, stud Monday it had de- 
veloped a superclean gasoline engine 
(hat sometimes produced exhaust 
cleaner than the air ittook in. 

' : Honda said the so-called zero-level 
emission vehicle engine, or Z-LEV, 
produced just one-tenth the level of 
.emissions that California, which has 
the most stringent emissions standard 
in the world, set as its maximum. 

Carbon monoxide emissions from 
the 2.3-liter, four-cylinder engine 
were 0.17 gram a mile, Honda said, 
compared with 1.7 grams allowed by 


California's “ultralow emission 
vehicle" standard. The engine cuts 
emissions with two catalytic convert- 
ers — one pos itioned near the exhaust 
manifold and another conventionally 
located under the floor, Honda said. 

The devices trap more pollutants in 
all three steps of engine operation, 
from cold start through warm-up to 
no rmal operation, the company said. 

“A car equipped with tins engine 
could drive through a high-smog area, 
and the smog-producing emissions 
coming out of the tailpipe would ac- 
tually be lower than they -are in the 
surrounding air," the president of 
Honda, Nobuhiko Kawamoto, said. 

.Executives at .Honda’s research 


nnd development center said the new 
engine could be in production in about 
two years, but no firm introduction 
date was set. It is based on the four- 
cylinder engine used in Accord mod- 
els sold in the United States. 

The engine also uses a powerful 3 2- 

bit computer to control combustion 
riming, a reduction in horsepower in 
the engine is barely perceptible, but 
fuel economy remains unchanged. 

Mr. Kawamoto said _ the engine 
continued a Honda philosophy of 
building clean-burning cars dial start- 
ed in 1975 when its Civic CVCC 
e ngin e was the first to meet the U.S: 
Clean .Air Act standards without the 
use of a catalytic converter. 


It currently sells an Accoid L\ that 
already meets the strict Cahfornm 
standard. Although most consumer* 
don't care much about MKMUtfm. 
Mr. Kawamoto said. Honda *»n 
image boost from thedeanercaJ>- 
Italike his Detroit counterparts. 
Mr Kawamoto said he was not tn- 
drely opposed to industrialized ra- 
tions signing a globd-i^rming pa 
that would restrict their carbon di- 
oxide emissions — and would limit 
energy use. World leaders will dis- 
cuss the topic in December in Kyoto 
japan. (Reuters. API 

• Recent technology 'f2£j££ ut 

www.iht.coni/lHTfTECH. 


CHANGE: Chairman of Hughes Moves to AT&T 


Brad well Limited 
41-43 5L Stephen's Green 
DUBLIN 2 


in Sweden 

Svenska Handebbankea 
Bbsieholnreiarg. 12 
10670 STOCKHOLM 


To be valid, proxies most mch the registered office or the Corporation on the 3rd November 1997 at 12.00 (Luxembourg time) at the latest. 

Doted: 16thJuly 1997 

By Order oF rbe Bond of Directors 


. 


FIDELITY FUNDS 

1 SodftfidTnvcstissetneiU a Capital Variable 

KannlUa House, Plrue de ITSiolle. 

B.P. 2174, L-I021 Luxembourg 
RC Luxembourg B 34036 

NOTICE OF RECONVENED EXTRAORDINARY GENERAL MEETING an-herebv 

As the Extraordinary General Meeting of shareholders of Fidelity Funds [the "Cbtporatioo”) of 2nd October 1997 could not be held for lackof U 00 un. (Luxembourg 

reconvened to an Emaotdinary General Meetingofsharebolders lobe held rai 6di November 1997 ai the registered office at Konsallis House, Piacede Erode, In Luxembourg at u.uuajn. 
time) with the following agenda: 

]. To amend the Ankles of the Corporation as follows: 
a. Investments through subsidiary companies 

Inclusion of the following sentence in Article IS: 

"Investments of the Corporation may be made either directly or indirectly through subsidiaries, as the beard of directors may from time to time decide, wtK^iarKs'" 

and "assets" shall mean.^s appropriate, either investments made and assets bencfidaUy held direoiy or in vestments made and assets beneficially held indirectly through the aforesaid -uitwd.jnes. 

and amendment of the list of cases of suspension of the calculation of the net asset value contained in Article 22 by adding thereto: 

"If) while the value of the investments held through any subsidiary of the Corporation may not be determined accurately." 
h. Provisions relating to mergers of funds within Fidelity Finds and mergers of specific funds of Fidelity Funds with other collective inwstment undertakings: 

Inclusion of the following provisions in the Articles of Incorp ora t i on which, together whh the two last paragraphs of Article 21. will constitute an Article -Ibis: 

"The general meeting of holders of shares of a data or several classes may also decide to allocate the assets of such class or classes of shares to those of another existing 

the shares of the class or classes concerned as shares of another class (following a split or consolidation. if necessary «nd payment of die amount corresponding ro any fractional eMiiKmou re w 
holders or the allocation, if so resolved, of rights to fractional entitlements pursuant to the last paragraph of Article 6 of the Articles of incorporation). Such a class ranting may *1 i. jrihuwd 

the assets and liabilities attributable to such class or classes ro another undertaking for collective investment against issue of shares of such other undertakings for collective investment re oe uisurroi™ 
to the holders of shares of the class or classes concerned. .. . 

Such decision win be published by the Corporation and such publication will contain information in relation ro the new class or lhe relevant undertaking for collective investment. . 

Such publication will be made within one month before the date on which such merger shall become effective in order to enable holders of such shares to request redemption tbereot. tn. u “E 6, 

before the implementation of any such transaction. . . . . h 

There shall be no quotum requirements for the general meeting deciding upon a consolidation of several classes of shares within the Corporation and any resolution on this subject may oe 
simple majority. Resolutions to be passed by any such class meeting with respect ro a contribution of the assets nnd of the liabilities attributable to any class or classes to another undertaking lor cun ecu 
investment shall be subject to the quorum and majority requirements referred to in Article 29 of these Articles, except when a merger is ro be implemented with a mutual investment, fund Ifonu* cnmmuii 
de placement) ora foreign based undertaking for collective investment, in which case the resolutions shall only be binding upon such shareholders who shall have voted in favour of the merger propovaiv 

c. Possibility to issue several classes of shares in respect of which the expenses and fee structures may he different and redefinition of the rules of allocation of assets and liabilities to the share classes 
Amendment of the first sentence of Article 22 to read as follows: 

"Whenever the Corporation shall redeem shares of the Corporation, the price per share shall be equal id the Net Asset Value per share of the relevant class os defined herein less any charge provided 
for in Article 21 and any deferred sales charge os may have been provided by the sales documents issued by the Corporation." 

To amend section F. of Article 22 to read as follows ; 

"F. The Directors shall establish a pool of assets for one or more classes or shares in the following manner: 

a) the proceeds from the issue of one or several classes of shares shall be applied in the books of the Corporation to the pool of assets established for the class or c lasso of shores, and the assets and 
liabilities and income and expenditure attributable thereto shall be applied to such pool subject to the provisions of this Article: 

b) if within any pool class specific assets are held by the Corporation for a specific class of shares, the value thereof shall be allocated to the class concerned and the purchase price paid therefor shall 
be deducted, at the time of acquisition, from the proportion of the other net assets of the relevant poor which otherwise would be attributable to such class: 

c) where any asset is derived from another asset such derivative asset shall be applied in the books of the Corporation to the same pool or. if applicable, the same dass of shares as. the asset from which 
it was derived and on each revaluation of an asset, the increase or dimin ution in value shall be applied io the relevant pool and/or class : 

d) where the Corporation incurs a liability which relates to any asset attributable to a particular pool or class of shares or to any action taken in connection with an asset attributable ro a particular pool or 
class of shares, such liability shall be allocated ro the relevant pool and/or class of shares, prorided that all liabilities, whatever pool or class they are attributable lo, shall unless otherwise agreed upon 
with the andiron be binding upon the Corporation as a whole: 

e) in the cue where any asset or liability of the Corporation cannot be considered as being attributable to a particular pool or class of shares, such asset or liability shall be equally divided between 
all the pools or, insofar as justified by the amounts, shall be allocated to the pods or, u the cose may be. the classes, prorata to the net asset values: 

f) upon the record date for detennimuioo of the person entitled to any dividend declared on any class of shares, the net asset value- of such class of shares shall be reduced by the amount of such dividends: 

g) upon the payment of an expense allocable to a specific pool or a particular dass of stums, the amount thereof shall be deducted from the assets of the pool concerned and; if applicable, from the 
proportion of lhe net assets attributable (o the das concerned.” 

d. Pooling 

Insertion ofan Altfe$e22bis, r wirich shail_read as follows: .... 

"j r t"L The Board oADireerownay •invcsrtnti manage all or any^pert aF-dm poajs of al&sec&euablished-for two-or more classes of shares referred to in section F. of Article 22 nteroafter referred to as 
"Participating FuiuK^cftt-a pooled bas^whiye^thhiif^pgriBje with regard to their, pspectiye. investment- sccton to do so. Any such enlarged asset pool ("Asset Pod") shall fn^^jbi^CnijTied by 
transfonfogfo It dbfiorfsubfbct id the fintiottiaas mentioned below) other assets front each or the Participating Funcfe. Thereafter the Directors may from time to time make farther transfer* fo the 
Asset PooL They may also transfer assets from die Asset Pool to a Participating Fund, op to the amount of die participation of the Participating Fund concerned. Assets other than cash may be allocated 
to an Asset Pool only where they are appropriate to the investment sector of the Asset Pool concerned. 

2. The assets of the Asset Pool ro which each Participating Fond shall be entitled, shall he determined by reference to the allocations and withdrawals of assets by sudi Participating Funds and the allocations 
and withdrawals made on behalf of (be other Participating Funds. 

3. Dividinds, interests and other distributions of an income namre received in respect of the assets in an Asset Pool will be immediately credited to the Participating Funds, in proportion to their respective 
entitlements to the assets in the Asset Pool at the time of receipt." 

MISCELLANEOUS 

Shareholders are advised that no quorum of lhe shares outstanding of the Corporation present or represented it required in order (o constitute a valid meeting and the resolutions must be carried by a majority 
of two-thirds of the shares present c*r represented at the meeting. 

Subject to (he limitations imposed by the Board of Directors with regard to the ownership of shares by US persons and the limitations imposed by the Articles of Incorporation of the Corporation relating 
to ownership of shares which constitute in the aggregate more than 3% of the outstanding shares in the Corporation, each shore is entitled to one vote. A shareholder may an end and vote ui the meeting 
or may appoint a proxy to attend and vote. Such proxy need not be a shareholder. 

Holders of Registered Shares may vote by proxy by rcLuaiiig to the regUtctuI —Vjc -ht Fuau the form of registered shareholder proxy sent ro 3 iem. 

In order to take part at this Extraordinary General Meeting, owners of bearer shares should contact the Coloration or deposit their shares five dear days before (he meeting with one of the following institutions: 

m Luxembourg 

Fidelity Investments Luxembourg S. A. Bankers Tntst Luxembourg S.A. 

KansalUs House 14. bd. F.D. Roosevelt 

Place derEtoik, B.P. 2174 L-2450 LUXEMBOURG 

L-I02I LUXEMBOURG 

in the United Kingdom in Norway 

Fidelity Investments International Oslo Finans As 

Oakhill House P.O. Box 1543 Vika 

130 Tonbridge Road N-01170SL0 

KOdcnboraugh 
KENT TN II 9DZ 

til Ireland in Sweden 


§4 


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LONGINES 


Sports 


i • * : : . F G A \' C Li DL' TE [ P S D F. P u IS In -3 2 


PAGE 20 



■' v W 1 


TUESDAY, OCTOBER 21* 1907 


)k 


World Roundup 


Duval Doubles Up 


golf After waiting for the better 
pan of three seasons to taste victory 
oo the U.S. PGA Tour, David 
Duval un Sunday won his second 
consecutive title with a playoff vie- 
toryat the Walt Disney World Clas- 
sic at Lake Buena Vista, Florida. 
Duval rolled in a 15-foot par putt on 
the first playoff hole to beat Dan 
Forsman and claim the 5270,000 
top prize. (AP) 


Raiders Go 
To Rush and 
Break Past 
The Broncos 


Agassi Loses Again 


tennis Andre Agassi absorbed 
his eighth first round loss of the 
season Monday when he was swept 
on! of the Stuttgart Open, 6-4, 6-4. 
by fellow American Todd Martin. 

In his first match since reaching 
the U.S. Qpen quarterfinals, Agassi 
looked rusty as he succumbed in 
just 70 minutes. ( Reuters ) 


The Associated Press 

Joe Bugel, the Oakland Raiders coach, 
changed his team's approach for the 
game with the unbeaten Denver Bron- 
cos. He relied on running bade Napoleon 
Kaufman instead of the prolific passing 
game, and the result was spectacular. 

Kaufman eclipsed Bo Jackson's team 
record of 221 yards rushing — set 


NFL Roundup 



Andre Agassi serving to Todd 
Martin on Monday in Stuttgart. 


Rodman’s Reasoning 


BASKETBALL D ennis Rodman, 

who agreed to a one-year contract 
with the Chicago Bulls earlier this 
month, is balking at signing die deal 
because it is too heavily tied to 
incentive clauses, die Chicago 
Tribune reported Monday. 

Rodman said be planned to talk 
with the Bulls’ general manager, 
Jerry Krause, to settle the dispute. 
Rodman said injuries to Scottie 
Pippea and Toni Kukoc could 
lower the number of games the 
Bulls win — and consequently re- 
duce the value of the incentives in 
the contract. ( AP) 


against Seattle in 1987 — by running for 
227 in a 28-25 victory Sunday. 

Oakland went into the game with the 
National Football League's No. I of- 
fense, but while the Raiders were ranked 
third in passing they were 19th in rush- 
ing, and Kaufman was held to 1 3 yards in 
a loss to San Diego in their last game. 

The Broncos had the worst rushing 
defense in the league, although the Oak- 
land defense was not much better. 

Kaufman started his big day with a 
51-yard run on the first play from scrim- 
mage to set up Oakland's first touch- 
down. He capped it with an 83-yard 
scoring run in the fourth quarter. 

“We went into this game, we said, 
‘We have to oubmsta Terrell Davis,’ ” 
Bugel said. 

The Raiders held Davis, the Amer- 
ican Football Conference's leading 
rusher, to 75 yards. 

Going in, the Raiders were No. 28 in 
the NFL against the rush, and 29th de- 
fensively overall. 

Denver's loss ended its bid for a 
franchise-record 7-0 start 

“They took the run away and that’s 
when you need to make the big plays in 
the passing game and we didn’t do it,” 
said John Elway, who completed 26 of 
46 passes for 309 yards. 

The Raiders hardly needed their top- 
ranked passing attack. Jeff George threw 
only 12 times, completing nine passes 
for 96 yards and two touchdowns. 

Cowboys as. Jsguri 22 Her&chel 
Walker and Emmi tt Smith each scored 
touchdowns as Dallas beat visiting 
Jacksonville. Walker scored on a 64- 
yard pass play from Troy Aikman in die 



■ : 

American Blind Spot 

In Jordan’s ‘Who?’ • 


By Ian Thomsen 

International Herald Tribune 


SHANE WARNE, the spin bow ter, 
turned down offers to become tbq 
highest-paid player in English county, 


,/UUS - May I ask a diftot of county cricket 

’ vtnH rtf micron, a non-American r laying a _ . . , 


^of.quaa^a^Aj^n 

^ caSr, and I still have goals I want iq 


™“ftdependswhat Ota” Jordan said, 


to laughter from his audience. 

Could you tell me, the journalist went 
on, “Do you know who is Ronaldo?’ ’ 
“Who?” Jordan said. “No, I don’t,” 
Jordan -admitted, ami the majority of 


said. The English were offering close to 
$300,000. ' 


- * 


Vamtadi Point 


Kn HHlba/TlM 1 bu a c i al rri Ain 

The Cowboys’ Emmitt Smith getting bottled up by the Jaguars* defense. 


Dallas led, 19-7, but fell behind, 22- 
19, in the fourth quarter before Walker 
took a short pass and broke four tackles 
to score the winning TD. 

“People keep saying I’m an old 
man," said Walker, 35. “Today I felt 
like I was 22 and just got drafted.'* 
Walker gained 153 yards, moving 
past Marcus Allen into second place on 
the NFL’s career combined net yards 
list with 17344 yards. Allen has 1737 1, 
and Walter Payton leads with 21,803. 

Quoits 26 , Lions 20 Chris Calloway 
scored on a 68-yard pass play on the third 
possession of overtime in Detroit as New 
York won its fourth straight game and 
moved into first place in the NFC East 
Calloway, who had five receptions for 
145 yards, caught Danny Kanell’s pass 
at the Lions 45 just as comerback Corey 
Raymond foil down. 


tile. Walker scored on a 64- staffers as, Bmgais 10 Pittsburgh 
play from Troy Aikman in the pulled into a first-place tie with Jack- 
fourth quarter. Smith scored from a yard son ville in the AFC Central as Jerome 
out in the second quarter. It was Smith’s .. Bettis rushed for 1 35 yards and Kotdell 
0 nine games and. the 1 16th of Stewart threw a pair of touchdown passes 

in the Sieelers’ fourth straight vietdry. 


first TD in nine games and. the 1 16th of 
his career. 


Barrasso Gains 300th Victory 


Dolplnra24,llwms13KarimAbduI- 
Jabbar became the first Miami player to 
rush for 100 yards this season, finishing 
with 108 yards in Baltimore. He tied a 
team record with three rushing TDs. Tne 
Ravens absorbed their third straight loss 
despite 331 passing yards from Vinny 
Testaverde. 

oner* 28, Redskins 14 Tennessee, 
which had been the only team without 
an interception, picked off three of Gus 
Frerotte’s passes, and Eddie George ran 
for 125 yards and two touchdowns 
against Washington in Memphis. 

40eva 39, Feteons 28 Terry Kirby ran 
for two touchdowns and set up another 
with an 82-yard reception as San Fran- 
cisco won its sixth straight 

Ee giee 13, Cedn ab io In Phil- 
adelphia, Chris Boniol kicked a 24-yard 
field goal 4:02 into overtime to win it for 
Philadelphia. Boniol forced the overtime 
with a 38-yarder with 26 seconds left 

Rwrthsrs 13, Saints o Kerry Collins 
passed feu 204 yards and a touchdown 
as Carolina won in New Orleam7The 
Saints were shut out for the first time 
since 1983, a stretch of 217 games. 

In games reported in kite editions, 
Monday: 

Jet* at. Patriots io Glenn Foley, the 
New York Jets backup quarterback, 
took over for Nell O'Donnell in the 


jour nalis ts in the large room for his 
press conference at the McDonald’s 
niampinmRh ip made “oohs” as if 
they’d just been handed a scandal. 

“Who is be?” Jordan asked 
quickly. 

He is the best soccer player in the 
world, the journalist said. 

"Sorry. Sorry,” Jordan said, wailing 
for die reaction to die down. Then he 
said, “Bat I know Pele, ’ ’ and smiled the 
smile that launched a million sneakers. 

Jordan was never going to recognize 
Ronaldo’s' name, even though they are 
teammates with Nike. Ronaldo is going 
to have to become the star of the World 
Cup next summer before Americans 
hear of him. That fact betrays the huge 
American blind spot' the surrounding 
world — not just in sports. The im- 
portance of Jordan's response was how 
nattily he smoothed over the incident 

The NBA is going to have an in- 
teresting time selling its top players in- 
ternationally after Jordan retires. While 
Jordan, Magic. Johnson and Larry Bird 
based their self-esteem on achievement 
and expression which non-basketball 
fans could appreciate, die new group of 
NBA stars seems to base its self-esteem 
on money. 


IF THE ENVIRONMENTAL isT 
sues are important enough to them, therf 
die Japanese should ignore pleas by th^ 
International Skiing Federation (FIS) 
extend the downhill course onto a pro-; 
tected national park for the Winter 
Olympics at Nagano in February. As. 
planned, the course will run 1,680 me-j 
tens, making it the shortest in Olympiq. 
history. The FIS would like to extend i} 
to 1,800' meters. The greater issue for 
each Olympic Games is how it is re, 
membered. The Japanese should make 
their decision based on this long-term^ 
view. The Olympic movement, in ii& 
own interest, should adapt to the sur- 
roundings. 


ANOTHER CONTROVERSY is 
building around the- Chinese woxnen[ 
swimmers, who broke two world re~ 
cords at the Chinese Games recently. 
The last time they were so successful, 
winning 12 of the 16 gold medals at the' 
1994 World Championships, seven pos^ 
itive drug tests followed. > 

“You have got to be naive to thin}? 
they are clean,” said Don Talbot, the 
Australian national swimming - coach, 
“This is a planned policy. It is East 
Germany all over again.” ] 

Three Chinese weigh difters also 
broke world records at the Chinese- 
Games. It is hard to imagine, however^ 
that there is a supremo at the top o£ 
Chinese sport ordering athletes to ustf 


\«*il 

OlIC 


■ -Cr ; ici 


-AJ lw 

■"V A -‘ 


NFL Won’t Permit Rain 


football The NFL has said it is 
not worried thai El Nino could 
render die Jau. 25 Super Bowl in 
Son Diego unplayable. 

"If I hear that one more time. I’m 
going to throw up,' * said Jim Sleeg. 
NFL executive director of special 
events. “I’ve heard that this winter 
is going to be a wet one, a dry one, 
that it's going to hit Feb. 15. or that 
it’s going to hit Dec. 15." 

Steeg said (he Super Bowl won’t 
be a washout He said it liad not 
rained in any of the previous 31 
games. 

“There are going to be thou- 
sands of questions about it.” Sleeg 
said. “The public is going to be all 
worried about it, if it is a rainy 
month. It’s goi everybody worried, 
and they don’t even know if it's 


mm i • j • /if . .1 ni i i f rt , fri • i> second half and threw for 200 yards as 

Meamonue, rn Chicago , the Ulackhawks Get Iheir tlTSt the Jets beat Visiting New England. Fo- 
ley completed 14 straight passes as New 
The Associated Press and fifth point in three games since York twice came back from two 9-point 

Tom Barrasso, who missed most of ending a holdout by signing a four-year, deficits, 
last season with an injured shoulder, is $ 14-million contract with Ottawa on Mumb 17, Rma 9 Warren Moon 
making up for lost time. Oct 12. __ passed for 261 yards and engineered an 

The Pittsburgh Penguins goalie won 
his fifth game this season and joined an 
exclusive club with a 4-1 victory over 


peers he was not unique m this sen- 
timent — “I came into this league a 
man-child and with this I’m a man.” . 

Jordan, Magic and Bud were never 
seen as dominated by those values, and 
the milli ons of fans they created for 
professional • basketball may respect 
Kemp’s salary, but they won’t see that 
as a reason to cheer for him. 

When the next NBA star comes to 
Europe in two years and is asked about 
Ronaldo, he probably .isn’t going .to, 
realize, as Jordan did innately, that the 
world is a lot more important, com- 
plicated and fascinating than multimil- 
lion-dollar contracts. Based on what we 
know about this generation, the next 
Jordan is probably going to feel that the 
question shows mm a lack of respect. 

All of the good work begun in the 
1970s by Julius Erving, who in his el- 
egance expressed a land of universal 
understanding, is going to be lost when 
players measure themselves by the 


provinces and certain sports are going tex 
be dirty, and others clean. ;• 


■ AH 


BORIS BECKER has played seven 
matches since retiring from Grand Slarq 
tennis during Wimbledon last July. He' 
reappears at the Eurocard Open in Stutt- 
gart, in which he beat Pete Sampras ip 
five sets last year and for which, thin 
week, he is unseeded. “I.’m the de£ 
c^TOEion, ^t^dt.tiimking 
about another title, Becker ^aid. His. 
new priority as Davis Cup manager for 
Germany is to find replacements foe 
himself and the retired Michael'S rich. •! 


-** m 

■* 

• * flM Wl 
-ifct.i m 


• WANF-f 


money they're making. 
It’s going to be diffici 


It’s going to be difficult for the NBA 
to avoid the slide suffered by other 


BOLIVIA IS MOURNING one of 
its great footballers, Ramiro Castillo, 3 lj 
who committed suicide Saturday. Tfciq 
entire country understood. In June, 
Castillo was called away from the sta- 
dium where the Bolivian national team 
was playing Brazil. His 9-year-old son,' 
hospitalized, died of a liver ailment the; 
next day. Castillo’s body was found in 
his home Saturday a short walk from the' 


- m 

■ X 

i 

- • ••#•« 

T . 


_ r 4 - J D •'J # uvuiv ■ JIIUI 1 **4UA IIVMII Ulu i 

Btadkhawks 5, Saims 2 In Chicago, eight-minute drive for the clinching American sports, a trend miming almost stadium of The Strongest, the club where fl • 
5 Blackhawks snapped a seven-game, Seattle toachdown against host St_ across the board: Less like Muhammad he started d laving 1 1 years aeo. Tha ^ 

Louis. 


NHL Rounduf 


die Florida Panthers on Sunday. It was 
Barrasso's 300th victory. 

With a 300-220-63 record, he is the 
14th goalie in National Hockey League 
history to reach that plateau and die first 
American io do so. 

Barrasso made 22 saves. Last season 
he was 0-5 with a 5.78 goals-against 
average. He improved his average to 
1.74 with his latest victory. 

senators 3, Stan i Daniel ALfredsson 
scored the winning goal for the second 


consecutive night to help Ottawa beat 
visiting Dallas. He beat Roman Turek 
with 51 seconds to play in the second 
period. It was Alfredsson’s third goal 


going to rain or not.” 


the Blackhawks snapped a seven-game, 
season-opening losing streak, getting 
goals from five players to beat Buf- 
falo. 

Avalanche 4, Canucks 4 In Van- 
couver, Donald Brashear scored on a 
rebound with 10.6 seconds left in the 
third period to give the Canucks a tie 
with Colorado. 

OOen 3, Kings 2 Todd Marchaat 
scored his first goal of the season with 
255 left in overtime, leading Edmonton 
to victory in Los Angeles. 

(•tandem 5, Ducks 2 Robert Reichcl 
scored twice and added an assist, and 
Travis Green scored two goals as New 
York won in Anaheim. 

Coyotes 5, Shanks 3 In Phoenix, Cliff 
Ronning had an assist and the go-ahead 
goal 59 seconds apart in the second 
period as the Coyotes beat San Jose. 


Ali. more like Mike Tyson. 


he started playing 11 years ago. The 
Strongest canceled its match Sunday. . 


Scoreboard 


BASKETBALL 


NBA Prescason 


hmiu 

Taranto 9& New York 91 
Minnesota 1 06, Charlotte 102 
Houston 121. PtioankllQ 


(Nfeuwendyfc Zubov). Z O-Ganflner I (Vtai DoRas2kJactaoii*We22 
Atei Lambert) Second Pvte O- New York Jets 24. NewEngkmd 19 
AmwfesonS (Cunneywortb) TkM Period: O- Sat Francisco 35, Atkmta 38 
Lambert 1, Shots an goat D- 5-5-9 — 19--0-7- Scattta 17, SL LMlts 9 
1 0-11-28. CeaBest D- Torch. O-Tuywtt. Tennessee HLWtaMngtan id . 

J * * £]* Oafckmd 28. Denver 25 

RnaPerfLfeF MaK * ** BoOhnofu 13 

Pentifc t-Smym3 (Amatt McGHSl) Nnar YM oz ru-hiM My 
eppj. 2. E -Mironov 3 (WWsM. AmaflJ (pp). ** ° T 

su»08 Period; LJV-Robttaito 4 tB te n 

Gdtofl Cppl. TkM Period; LA-Bouder 3 Open dote CMcaga Green Bok Minnesota. 


Tom Lehman. US. 
Jeff Mogsert US. 
Tommy Tolies. US. 
John Cook. U^. 
Payne Stewart, US. 


7345^7-71—276 

67- 69-7D-70-976 
6947-68-72—276 

68- 66-75-72 — 276 
64-67-70-75 — 276 




n 


CE HOCKEY 


(Moger, Lapentere] Overltow: i E- TompaBny 

Morehant L Shots in gart; E- 195-3-1—27. . 

LA.- 1 0-12-6-1—29. Ceafles: E-Joseph. t-A.- THE 8 

filet. 

M.Y. bfcndtra 2 3 8-6 Top 3S Fhm tea 

AwMn 1 o 1—2 co— pelooawpc 

Plral Peited: New Ywfc Refchci 3 raca 

(Czeifcowskl Ncmttnm). 2. New York. pdnorbMedona 
Green I (PatRy, Chaake) X A-, AUtmov 2 — mugh mm potn 
(Dotoneautt ToddD (pp). Sacead Period: prawtow ranking: 
New York, Green 2 (Varied & New York, 

CrertawsW 1 (Rdchel NeoKttnav) & New 1- Neheorto C33J 
York. Retchel 4. ThM Periwfc A-KmAen 2 2-PennSf.Cifl 
(Van irape, Todd) Shota on aoofcN.Y.- 14-10- 3. Florida SM9) 
7-31.A- 7-15-19-41. Goo—rN-Y^SoJo. A- 4. North Canfaa C 
Hebert SWakjriww. Hebert S-MfcHgrai 

Sea Jose I j i 3 LFtorida 

P—M 1 3 1—s r.Wariilnaton 

Rn» Period: SJ.-Frieseo ? (GUI. 2. LTenneseee 
Phoenix. McKenzie 2 tUenfeex. Ytotwid 9-OMoSt 
S«ond Period: SJ.-Bodper 1 {Soften m Washington St 
Matteau) 4. Phoonbt Staney 1 (Ronning) 5. ILAobum 
Phoenk, Roraitog 1 (Quint Shannon} 6. 12-CtdahomnS L 
Ph—nta, ThnCmk 2 (Garinet Jonnevl Third 13. UCLA 
PertodrPtwankRoowMrLaSJ^Itarteaul 1A Kansas St. 
(Houtder, Nolan} Shots ee «orir SJv 106- IS-MUcMpanSL 
IS— 31. Ptwentx 5-12-5—22. (Mn: SJj- l«.Ge«HBia 
Vrnioiv Hradey. Phoenb. K—Ubofti. 17.LSU 


NHL Standings 


xnjumc onnsraN 


Washington 
PhRadeipUa 
New Jersey 
N.Y. Utonden 
N.Y. Rangers 
Ftarfdo 
Tampa Bay 


Escorts A Guides 


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INTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 


PAGE 21 


B; 



U — 

1 ^ Bciah °/ Great Players 

" f '»//,.,/ 7f w $ er ies May Yet Be Great 


SPORTS 


By Thomas Boswell 

WafanEfwirtOT Venice 


: iia> 

S(* Vmh.-* 


MIAMI — The Braves. Orioles and 
Yankees should be forced to sit in the 
front-row seats for every inning of this 

baseball should meditate, night after 
night, on their sins. 

In front of them, the Marlins and 
Indians, two of the least distinguished 
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5, will battle for a title that Atlanta, 
altimore or New York could have 
Planned. 

c\ Before this Series is over, the Marlins 

#»nd Indians might give us thrilling 
tomes, tight competition and heroes, too 
But don’t let anybody tell you that either 
of these tea ms is very good. They’re 
OK- That’s alL Nothing can change That 
Not even a big box of rings. 

This may become the first Series in 
Which no future Hall of Famer plays. 
Every Series, including the infamous 
Black Sox games of 1919 and those in 
World Warn, has had Hail of Famers or 
such mortal-lock future picks as Greg 
Maddux and Dennis Eckersley. The 
best outside shots in this World Series? 
Orel Hershiser, Matt Williams or some 
young Charles Johnson type who needs 
12 more big years. 

That’s the point. The harder you look 
these teams, the more they shrink- in 
stature. The more you try to give them 
credit for their strengths, the more you 
find weaknesses. And the more yon com- 
pare them with Series teams of the past 20 
years, the more they don’t measure up. 

The best that can be said for these 
teams — and, in baseball, it’s a lot — is 
that they both play the game properly. 
But both clubs husde, stay mentally 
sharp, play as a team and execute the 
game’s fundamentals. They are coach- 
able and win dose games. They max- 
imize their abilities. 

That’s why the Braves, Orioles and 
Yankees should be forced to watch. 
They had the three highest payrolls in the 
game and the three best regular-season 
records. They had the big stars with a 
chance to end up in Cooperstown. 

But the little things, the details, the 
' modest basics, eluded them. That is why 
they are at home while die Indians and 
Marlins are here — hitting the cutoff 
man, advancing runners, getting down 
bunts, focusing on game situations and 
actually obeying their managers. 

M “We’re looking for four and out,” 
said Don Ohlmeyer, an executive with 
NBC, the U.S. television network that is 
Broadcasting this World Series. “Ether 
way, that’s what we want. The faster it’s 
over with, the bener. ” Mean? Sure. Got 
a point? Yes/'-.’.; 

Let’s boil this to the nub. The Marlins 
can’t hit and the Indians can’tpitch. Not 
like World Series teams, anyway. 

Twenty clubs scored more runs than 
• Florida this year. Hie Marlins don’t 
have a .300 hitter, a 25-homer hitter or a 
100-run scorer. Only one player stole as 
many as 1 5 bases. Florida ranked 25th in 
slugging average this year. They’re 
Punch-and-Judys, period. 

In particular, the Marlins can’t hit 
right-handed pitchers — a hardship. 
Aince that’s the arm of preference in 
AbasebalL Gary Sheffield hit .343 against 
r lefties. 233 against righties. Bobby 
Bonilla (.372 to .278). Moises Alou (.340 
to .281 ) and Johnson (.300 to .236) all fit 
the pattern. Before this Series is over, 
nMwlaiuTc mwHnpff. — but all richt- 


haMed — rotation may enjoy this. 

The Indians are the opposite of the 
Marlins. Their pitchers are as ordinary 
as *e hitlers they are facing. It’s a 
perfiKt match. In all, 19 teams pitched 
better than Cleveland with its 4.73 
earned run average. 

Of course, these teams have their 
compensating strengths. Ask die 
Braves. Orioles and Yanks, who all lost 
to them. But they are not enormous 
strengths. The Mar ling have good, but 
nof great, pitching. Without Alex 
^ ernan dez, they move down a notch 
there, too. 

If we’re going to enjoy the rest of this 
Senes as much as we should. we’ll 
have to change our expectations. We’re 
not going to get Whitey Ford pitching ro 
Hank Aaron in the sa me- inning that War- 
ren Spahn strikes out Mickey Mantle. Jim 
Palmer won’t duel Sandy Koufax. 

This October, the stage is clear for 
smaller folks to have their fun. This is 
the Series for the 9-10 pitcher with the 
4.99 ERA, like Chad Ogea who won for 
the Indians on Sunday. In the Marlins, 
he has found just the lineup to make him 
a giant. 

All over America, television sets 
have clicked off for the past two nights 
as the Marlins built a 7-2 lead in Game 
1, then the Indians jumped ahead 6-1 
Sunday night. Ohlmeyers nightmare is 
coming true. Neither team looks good 
enough to get rid of the other one. But 
they won’t go away. They may find a 
way to play eight games. Don’t sell 
these guys short just yet Give this 
Series time. Remember, a bad World 
Series is even rarer than a good Super 
Bowl. 



On Alomar’s Night, 
Indians Catch Marlins 

More Heroics by Cleveland Star 


By Murray Chass 

Vw York Times Service 


Hr AmrrHinUi'Tht- I W. 


Cleveland right fielder Manny Ramirez tracking a long fly ball in Game 2. 


Nen Throws 102 mph Fastball; 
One Pitcher Is Not Impressed 


Compiled by Or Staff Ft vat DujHalta 

While many jaws dropped when the 
Pro Player Stadium radar gun registered 
102 miles per hour on a Robb Nen fast- 
ball in the ninth inning of Game 1 of the 
World Series. Bob Feller, the former 
Qeveland Indian great, merely yawned. 

“That was my changeup.” Feller 
said Sunday. 

Feller, a Hall of Famer who had 24>81 
strikeouts for the Indians between 1936- 

World Series Notes 

56. was one of the hardest-throwing 
pitchers in the history of the game. 

In a 1946 promotion, in Washington, 
a Feller fastball was clocked at 107.9 
mph by a military contraption known as 
an Electric Cell Device, 7 . ' 

Feller said be has never seen anyone 
throw harder than the' Hall of Famer 
Walter Johnson. “He was the fastest 
pitcher in history, and the best pitcher in 
history,” Feller said. 

What about today’s pitchers? 

“There are no Sandy Koufax’s 
around,” Feller said. “You want a dart 
thrower? You’ve got Greg Maddux. 
You want a guy who throws hard? You 
have Randy Johnson. But he tries to 
throw it by guys and gets beat. 

“In the middle of games, I used to try 
to get guys out on the first pitch so I 
could save myself for the later innings 
or the guys who hit me well.” 

There was some argument over how 
accurate the Marlins’ radar-gun read- 
ings are. Florida pitcher A1 Leiter. when 
asked if he believed Nen hit 102 mph. 


said: “Absolutely. Livan Hernandez 
was throwing 89 to 92 on the same gun. 
Orel Hershiser was 86 to 88. You saw 
five or six major league arms, and they 
didn’t hit 100. 1 don’t care if it’s a slow 
gun or fast gun. 102 is fast.” 

Selig Supports Poor 

Baseball once again has a World 
Series involving high-revenue teams. 
The Florida Marlins could turn their $89 
million free agent spending spree last 
winter into a World Series title. 

Bud Selig. the acting commissioner, 
said in Miami on Sunday that he believes 
more must be done to reduce the gap 
between the have and have-not clubs. 

“Revenue-sharing is a huge help,” 
said Selig, the owner of the Milwaukee 
Brewers. “1 think it will be a more sub- 
stantial help in the future. Is it enough? 
It’s a little too early to make a j udgment. 
The disparity between the clubs is still 
there. Chi April 1 of every year, you can’t 
have a sport where 21 or 22 or 23 fran- 
‘chises don’t have any hope.” 

It’s Cold in Cleveland 

The temperature in Miami for Game 2 
was 77 degrees Fahrenheit (25 Celsius). 
The U.S. Weather Service says that when 
Game 3 starts in Cleveland on Tuesday 
the temperature will in the 40s and will 
fall to the mid-30s by the end of the game. 
Snow flurries are forecast for Tuesday 
night and Wednesday. (LAT, WP, AP) 


Indians 6, Marlins 1 

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Zaunpti 

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1 

0 

0 

0 

0 -000 

tCBrownp 

1 

• 2 

0 

0 

0 

1 300 

LHemondezp 


2 

0 

0 

0 

0 -000 

Alfonseca p 

1 

0 

0 

0 

0 

0 - 

Cords p 

1 

0 

0 

0 

0 

0 - 

Herwflop 

1 

0 

0 

0 

0 

0 - 

Wen p 

1 

0 

0 

0 

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a — 

Pawed p 

1 

0 

0 

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0 — 

Totals 

2 

63 

8 

7 

9 

11 338 

Oawfond 


100 

032 000-6 14 0 

Florida 

IN MO 000-1 | • 

PITCHING SUUAME3 

Cleveland 

IP 

H 

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BB 

SO 

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2 

1 

0 

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1 

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1 

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1 

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2/3 

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0 

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62/3 

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1 

4 

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HersWser 

4 M3 

6 

7 

4 

2 

7 1434 

Florida 

IP 

H 

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Alfonseca 

2 

3 

0 

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12/3 

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1 

1 

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1 

2 

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5 2/3 

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2 

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3 4.76 

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6 

10 

6 

2 

4 

6 9.00 

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2/3 

1 

1 

2 

I 

1 1330 


MIAMI — Because the Florida Mar- 
lins reached the World Series faster than 
any expansion team ever had and be- 
cause they were the first wild-card team 
to make it. the Fish, as they are col- 
loquially known, might have thought 
they were charmed enough to make this 
World Series theirs. 

But this is not the Year of the Fish. It 
is the year of Sandy Alomar Jr. 

Alomar, the Indians’ catcher who 
sparkled in the All-Star Game and at 
crucial moments in the division playoff 
series and the league championship 
series, lit up the World Series on Sunday 
night. 

Using his ami and his bat. Alomar 
sparked the Cleveland Indians to a 6-1 
victory that evened the Series at one 
game each. 

The reams will play again Tuesday 
night in Cleveland, where A1 Leiter is 
scheduled to pitch for the Marlins against 
Charles Nagy. 

Chad Ogea, the Indians' starter Sun- 
day. gave up a run in the first inning, 
then stymied the Marlins through the 
next 5 Vi innings. The Marlins rapped 
four doubles against him in the space of 
five innings, but none of the runners 
reached third base. 

Moises Alou tried to get to third on 
Charles Johnson’s dribbler in the fourth 
inning, with the game tied, 1-1, but 
Alomar quickly pounced on the ball and 
made a perfect throw to nail him. 

A few minutes later, in the Indians' 
fifth inning, Alomar stroked one of four 
singles that produced three runs. The 
other two scored on a single by Bip 
Roberts. Then, in the next inning, Alo- 
mar applied the coup de grace, slamming 
a two-run homer against Kevin Brown. 

The only thing Alomar did not do on 
Sunday was wish his father a happy 54th 
birthday when they spoke by tele- 
phone. 

“I had forgotten to tell him happy 
birthday.” Alomar said. “I’m not trying 
to be cheap and not buy him a present. I 
gave him a watch last week, so he 
already got a gift.” 

Brown, who pitched a 140-pitch. 1 1- 
hit complete game in the pennant- 
clinching victory against Atlanta last 
Tuesday night, had not lost a game since 
July 14. But on Sunday night, the Indians 
battered him for six runs in six innings. 

“I think he was throwing from dif- 
ferent slots,” said Jim Ley land, the 
Marlins’ manager. “It seemed like he 
was searching for the right release point 
and couldn't find it.” . 

Alomar does not have to look for big ' 
plays or big hits. They just seem to 
present themselves to him. The Clev- 
eland catcher has played a highlight- 
film season, achieving career highs in 
almost every offensive category, reeling 
off a major league-high 30-game hitting 
streak, winning the All-Star Game with 
a home run and being named the most 
valuable player in the game in his own 
park. 

And he did all of that before Oc- 
tober. 

With the Yankees four outs from win- 
ning the division series in the fourth 
game, Alomar whacked a game-tying 
home run. In Game 4 of the league series 
against Baltimore, Alomar collected 
three hits and drove in four runs. 

In a touch of poetry, the pennant- 



clinching game against the Orioles ended 
with Alomar catching the pitch that his 
brother. Roberto, look for strike three. 

“Now 1 go home and relax.' ’ Roberto 
said afterward with a sigh, “and' watch 
my brother play.” 

Perhaps Roberto was watching Sun- 
day night and saw his older brother 
make that fine defensive play in the 
fourth inning. 

“1 think that was one of the biggest 
plays of the game.” Ogea said. “I was 
going to field the ball and turn and check 
the guy at third, but Sandy made a great 
call and got it himself, and 1 got out of 
the way.” 

Alomar said that as he went for the 
ball, he pecked at Alou and saw that he 
had got a bad jump from second. Alomar 
seemed to slip as lie threw the ball. 

“I was going to run over Chad Ogea 
if 1 didn't.” Alomar said. "1 figured 1 
might as well just throw the ball from 
my knees and try to prevent a collision 
with Chad.” 

With the game still tied 1-1. Matt 
Williams led off the fifth with a single, 
only to have Jim Thome strike out. But 
Alomar singled Williams to second base, 
and from there he scored on a grounder 
by Marquis Grissom that just eluded 
Edgar Renteria, the Marlins' shortstop. 

Ogea sacrificed Alomar and Grissom 
to third and second, and they scored os 
Roberts bounced u single up the middle. 

Brown began the next inning by 
walking David Justice, who had singled 
home the Indians' first run in the first 
inning. Williams forced Justice at 
second, and Thome hit a fly to deep right 
for the second out. Alomar was the next 
batter, and he drove a 2-0 pitch from 
Brown over the left-field fence for his 
fourth home run of this postseason. 

“I was looking for a high pitch.” 
Alomar said, "because if I try to swing 
at low pirches against Kevin. 1 don't 
think right-handers have a good chance 
of hitting low pilches. You have to make 
him bring the ball up. I got a little cutter 
or a sinker, but it was high in the strike 1 
zone.” 

The Marlins were unable to counter 
any of those last five runs, despite the rash 
of doubles. Bobby Bonilla and Jeff Con- 
ine hit harmless fly balls after Renteria 
doubled with erne out in the third. Alou. 
rapped his second double in the sixth, this 
time with two out. and Ogea induced 
Johnson to ground to third. In the seventh. 
Devon White doubled with two out, but 
Mike Jackson replaced Ogea and got 
Renteria on a fly to deep right. 

“That was a big part of the game.” 
Leyland said of his team’s inability to 
score after those doubles. “One more 
big hit could have given us a chance to 
really get into it and build on it. and we 
couldn't get that big hit tonight.” 




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PACE 22 


ENTERNATIONAL HERALD TRIBUNE, TUESDAY, OCTOBER 21, 1997 


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ART BUCHWALD 


A Phone Complaint 


TITASHINGTON — 
News Item: Prices of 
pay telephones to rise fo * n y 5 
to . PCC ruling. Companies 
will give no quarter. 

“Hello, operator, I wish to 
complain a- 
boot the phone 
companies hik- 
ing the cost of 
phone 



“If you wish 
to register a 
protest, press 

Bodnrcdd 

to start trouble, 

. press 2j if you wish to support 
ns in our fight to provide bet- 
ter service for all Americans, 
press 3.” 

□ 

“Look, I don't care who 1 
talk to as long as I can express 
my outrage.” 

“All our outrage lines axe 

Abolitionist’s House 
On Sale for a Dollar 

The Associated Press 

■LITCHFIELD, Connectic- 
ut — Harriet Beecher 
Stowe’s house, put on sale for 
SI by a private school eager to 
replace it with a new dorm- 
itory, has landed the author of 
“Uncle Tom's Cabin” back 
at the center of a fierce debate 
about her place in U.S. history 
and literature. 

The 222-year-old house 
where the writer-abolitionist 
was bom in 1811 sits aban- 
doned on the grounds of the 
Forman school, which 
threatened to demolish it 
Nov. I if no one came forward 
to save iL The threat created a 
local outcry and a flurry of 
interest from prospective 
buyers. Forman is now con- 
sidering proposals, and was 
expected to choose one Mon- 
day. 


busy at this time. Your call is 
very important to us. so 
please stay on the line while 
we play ‘The Magic 
Flute.*” 

“This is ridiculous. I want 
answers-" 

□ 

“Press 4 to hear a greeting 
from our vice president of 
marketing. ‘Hi, thanice for 
calling. Your telephone com- 
pany is here to serve you. By 
raising the charge a modest 20 
or 30 cents we can guarantee 
speedy and efficient service, 
and we will encourage com- 
petition in the open market 
place. This is a recorded an- 
nouncement’ ” 

"How can there be com- 
petition if one phone com- 
pany controls all the pay 
phones in the area?” 

“Press 5 for an answer.” 

“Operator, I wish to talk to 
a human being.” 

“You can do that by press- 
ing 6 and leaving a message 
for our customer relations 
voice mail.” 

“Can yon at least tell me 
why the phone company is 
raising its rates?” 

“I can't, but if you press 7 
somebody can.” 

□ 

“This is your telephone- 
company answer man. We are 
raising our rates because our 
executives have been granted 
much higher salaries in ad- 
dition to stock options that 
can only be redeemed 
through our coin machines. 
We are not asking for the 
moon. All we want is a few 
cents extra which will go to- 
ward the purchase of new 
equipment, better designed 
pay phones and golf tourna- 
ments on television.” 

“Is there anything the con- 
sumer can do about it?” 

“He can go suck on his 
cellular phone.” 


It’s Not Just a Cause, It’s an Art Musem 


By Michael Kimmelman 

New York Times Service 

B ILBAO, Spain — It is, by the 
way, an art museum. 

One can almost forget this detail 
considering the praise that has been 
heaped on die curvaceous, titani- 
um-clad design by Frank Gehry for 
the Guggenheim Museum here. 
Mostly, die encomiums have come 
from people who saw the building 
as a stunning container, waiting to 
be filled. 

Now that it has opened, after a 
gala on Saturday with the king and 
queen of Spain, it is possible to see 
the building as it was intended, 
with art on the walls. 

So does it work? Mostly yes — 
and sometimes stunningly — 
though in the nature of this $100 
million structure, a fuller answer is 
more complicated. 

For the inaugural exhibition, 
through January, the Guggenheim 


sculptures and drawings from the 
United States, encompassing art in 
this century. It has borrowed works 
from artists and private collectors 
and made SO acquisitions so far, 
with $50 milli on for art from the 
Basque authorities. 

There are 245 works on view, 
reflecting the peculiarities and the 
brilliance of the whole Guggen- 
heim enterprise under its director, 
Thomas Krens. Many of these 
paintings and sculptures are almost 
comically gigantic, though the 
23,100-square-meter (257,000- 
square-foot) museum, with 10,000 
square meters of exhibition space, 
is nearly twice that of the uptown 
and downtown Guggenhedms in 
New York combined. 

One gallery is so big that it 
makes even the giant pictures in it 
by Lichtenstein and Rosenquist, 
not to mention die people in the 
museum, look Lilliputian. 

The building seems a conglom- 
eration of vast diverse, occasion- 
ally disorienting spaces, punctu- 
ated by paintings and sculptures. It 
never altogether cedes the stage, 
and it sometimes hogs the spotlight 


But then, as a work of architectural 
sculpture, it is more compelling 
than much of the art inside. 

Krens, it seems, is doing no less 
than revolutionizing the way art 
museums around the world may be 
run from now on. At the core of his 
thinking is a refusal to equate, in 
traditional terms, a museum with a 
building; The Guggenheim is no 
longer a place on upper Fifth Av- 
enue, or even a pair of places in 
New York with a sister in Venice, 
the Peggy Guggenheim Collection. 
It is more fungible. 

In Beilin, for instance, the mu- 
seum has agreed to organize ex- 
hibitions at Deutsche Bank’s 
headquarters in new galleries that 
wfl] become a Guggenheim satellite. 
Together, tire museum and bank are 
commissioning and acquiring art, 
the disposition of which the museum 
will essentially control This means 
that the art may, at one point or 
another, be in Bilbao or New York 
or elsewhere, instead of in Bertm. 

Likewise, in Bilbao the $50 mil- 
lion for acquisitions helps the mu- 
seum here, but the works, like those 
in New York or Berlin or Venice, 
join the general Guggenheim pool. 

Rauschenberg’s “Barge,” for 
instance, is a recent purchase. A 
month ago it was in the Rauschen- 
berg retrospective in New York. 
Now it’s here for the inaugural 
show. The Rauschenberg exhibi- 
tion comes to Bilbao next year. The 
basic idea is that what benefits Bil- 
bao or Berlin will benefit New 
York and vice versa. 

Despite terrorist threats by 
Basque separatists and occasional 
protests by those who think the 
money for (he Bilbao museum 
should have been spent otherwise, 
the new building has brought palp- 
able pleasure to much of the city, a 
shipbuilding center intent on re- 
making itself into a tourist des- 
tination. 

The Guggenheim is to be the 
main symbol of its transformation. 

Almost every night for weds, 
people have celebrated on the 
riverfront esplanade that is part of 
Gehry 's design, and have looked 



Sanlnga LjwWTbe /Undated 

A view of the Bilbao Guggenheim’s atrium at the opening gala. 


inside at art that otherwise sits in 
storage in New York. 

It's revealing that some of the best 
shows at the Guggenheim in New 
York have captained remarkably 
on Frank Lloyd Wright’s famously 
intransigent spiral design. Krens has 
proved his knack for space and pas- 
sion for the forms that most power- 
fully shape it Richard Serra*s 174- 
ton, 32-meter-long, 4-meter-high 
(104 feet by 13 feet), “Snake,” a 
sculpture of serpentine steel coco- 
missioned for Bilbao’s 132-meter- 
loog gallery, shows the interaction 
between building and art at its best 

Architects nowadays argue that 


museums should interact with art 
they should not be neutral back- 
drops in die modernist tradition of 
the white cube. Art being aboutrisk 
and experimentation, foe space it 
inhabits should be risky and ex- 
perimental, too. 

But the fact is that you could 
almost count on the fingers of one 
hand the number of buildings truly' 
sympathetic to art constructed after 
Wright's 1958 Guggenheim. He 
proved that a museum could suc- 
ceed despite bang downright hos- 
tile to much of the art in it. 

Architects and their patrons ever 
since have dreamed of their own 


Guggenheim®: signature designs 
that, in many cases, are built to bo 
compensatory attractions for tire 
shortcomings of a collection. 

Gdiry, unlike Wright, has a col- 
legial relationship with artists, and 
his design mostly reflects it- Two 
beautiful suites of classically pro- 
portioned galleries nicely accom- 
modate a progression ofearly mod- 
ernist ana postwar paintings, which- 
are the gems of foe opening show. 
A sm»n Mondrian ana a big Francis 
Bacon both look at home. 

A gallery shaped almost tike an 
arrowhead turns out to sort per- 
fectly several works by Agnes 
Martin and Robert Ryman. Even 
Gehry 's soaring atrium of tita nium , 
stone an«j glass becomes a sublime 
pedestal for an Oldenburg soft 
sculpture of a shuttlecock, part of 
which drapes over a balcony tike a 
swooning debutante. 

Other areas of the museum are 
mare challenging to art, though. An 
opening is stuck curiously in foe 
middle of a room of Bruce Nau- 
man's installati ons. The walls of 
several rooms slope precipitously. 

Galleries fan out irregularly 
from foe building’s core in a way 
that may be effective when foe mu- 
seum has several separate shows 
but might be a problem for an ex- 
hibition with a unear narrative. 

’Krais tikes to say that the size of 
art has generally increased since 
World War Q, requiring museums 
to find more room. Actually, big- 
ness isn’t new. Tiepolo and Courbet 
made acres of paintings, and it’s 
fair to wonder whether spaces like 
the giant gallery here; almost half 
again as long as a football field,, 
don't actually betray works created 
with foe expectation of dominating ; 
the spaces they occupy.. 

But it remains to be seen bow foe 
building serves various displays 
over the years, if its eccentricities 
can be tamed to advantage, as in 
Wright's more difficult museum.' 
What has happened here is, by and 
large, a triumph for Gehry, Krens 
ana Bilbao, and as things seem to' 
be developing at the global Gug- 
genheim, for New York. 





ROLLING STONE AT 30 


PEOPLE 


Once a Rebel, It Ha s Lost Its Rock 9 n 9 Roll Rage 


By Jon Paroles 

New York Times Service 


N EW YORK — When Rolling Stone 
magazine turns 30 this month, it will be 
in the same situation as many of its early 
readers: once a 1960s rebel and iconoclast 
now a comfortable, businesslike part of foe 
mainstream. 

That metamorphosis infuriates some read- 
ers — where's foe rock V roll spirit? they 
rage — and provokes regular accusations, 
often from equally comfortable boomer-age 
media critics, that the magazine has sold out 
the ideals the music once stood for. 

From other quarters comes the complaint 
that Rolling Stone has long been slow on the 
uptake, mired in baby-boomer tastes and 
often ignoring or misjudging new devel- 
opments. Yet those who respect it, hale it or 
mock it all accept a premise that Rolling 
Stone has cultivated over the last 30 years: It 
is foe pre-eminent journal of popular music 
and the culture around iL 
It is also a force in that culture, something 
demonstrated as early as 1973, when Dr. 

Hook and the Medicine Show sang “The 
Cover of Roiling Stone” (and were soon 
rewarded with foe cover line “Whal’s- 
Their-Names Make foe Cover”). 

Rolling Stone may not set the agenda for 
coverage within music journalism but in 
many quarters, coverage in Rolling Stone 
certifies that mainstream attention will be 
paid. 

In the long run. Rolling Stone’s story has echoed 
foe music it covers, adapting — or selling out — in 
exactly the same ways. The magazine started out 
casual and small-scale, steeped in the flavor of its 
hometown, San Francisco. 

But by foe early 1970s, Rolling Stone bad moved 
out of the underground and into a celebrity culture of 
superstars and national hits. It switched from news- 
print to glossy paper its headquarters moved to New 
York. And like the music, it gradually became in- 
tertwined with movies, television and whai advert- 
isers call “lifestyle marketing,'' all of which relegate 
music to a role as a scene-setting accessary. 

Music appears in its pages more often as a facet 
of show business, less as a disruption or agent of 
transformation. In the magazine as in foe music, the 
politics have leached away. 

Hie entertainment business treats the magazine 
as a promotional tool, more ally than adversary. 



The cover of the current issue of Rolling Stone. 


The promotion has clout because readers are en- 
couraged to see foe magazine as a guide to what's 
hip, using its imprimatur as the Good House- 
keeping seal of rock: more tasteful than darinj 

Rolling Stone is an artifact of foe late If 
when baby boomers began to insist that their music 
was not mere entertainment In the press, popular 
music had long been covered as a business and a 
frivolous teenage diversion, but boomers believed 
in it as an art form. 

Ralph Gleason, the San Francisco music critic 1 
who shaped the early Rolling Stone, wanted the 
magazine to talk to musicians about their pro- 
fessional and artistic lives and ideas. 

“He said, ‘Nobody’s asking any of these people 
anything tike this, 1 ” Jann Wenner, Rolling Stone’s 
founder, editor and publisher, said in an interview. 
“Nobody's taking them seriously. We can became 
the magazine of record for this.” Soon enough. 


with Rolling Stone’s help and example, 
performers were rechristened as recording 
artists. 

Rolling Stone wasn’t the first magazine 
to take rock seriously, bat it was foe rate that 
survived and thrived. Rolling Stone’s cir- 
culation has risen continuously; it now sells 
L2- million copies of each issue, mostly to 
subscribers. 

The magazine's median-age reader has 
held steady at age 28; men outnumber wom- 
en more than two to one. And ever since it 
began marking anniversaries, back in 1977, 
Rolling Stone has taken on a dual mission: 
following what’s new while instructing its 
younger readers in rock’s history. 

In hindsight, the magazine’s own cov- 
erage has been skewed toward white male 
singer-songwriters who suit the rock-hero 
archetype: Bob Dylan, John Lennon, Bruce 
Springsteen, Sting, U2. 

Rolling Stone was quick to recognize 
punk rock, but slower and more ambivalent 
about 1 970s funk, heavy metal, dance music 
and hip-hop, which have turned ont to be 
significant influences on the 1990s. 

Lately, as rock's center has collapsed, the 
magazine is still sorting out which sub- 
genres and subcultures to certify. 

Perhaps to atone in part for its male-dom- 
inated past, the magazine’s 30tb-anniversaiy 
issue features women in rock. 

Rolling Stone’s effect on musk is harder 
to measure than its effect on journalism. 


employed and nurtured countless music journalists 
and has set a respectful tone for coverage of popular 
music. 

From the beginning, Roiling Stone has given its 
feature writers the luxury of length, letting loose 
remarkable prose stylists, notably Hunter S. 
Thompson, the instigator of gonzo journalism. 

Its photographers, particularly Annie Leibovitz, 
perfected a kind of staged but informal shot that 
could be more revealing than standard portraits. 

And before rock fell in line with show-basin ess 
publicity machines. Rolling Stone’s writers hung 
out with bands day and nighL That kind of access is 
now routinely sought and expected. 

While far from perfect. Rolling Stone is now the 
institution it set out to be: not always spectacular, 
not always comprehensive, just earnest and de- 
pendable. Those aren’t rock V roll virtues, bat for 
journalism they do the job. 


A N auction of Muham- 
mad All memorabilia 
made more than $13 milli on 
and set records for boxing 
items, even though foe former 
world champion said some 
had been stolen from him. 

The climax of the auction, at 
Christie’s in Beverly Hills, 

California, came when a 
white, embroidered robe that 
Ali wore Into the ring for his 
1974 victory over George 
Foreman, was sold to an 
unidintified telephone buyer 
for $156300. -Christie’s said 
the amount was an auction 
record for boxing memorab- 
ilia. But All, 55, said in a 
statement (hat he was “not 
endorsing” the auction. 

When asked if he was 
bothered by the criticism, 

Ronnie Paloger, foe Los Angeles business- 
man who sola off about 3,000 items from his 
collection, said: “Muhammad Ali’s my hero. 
He’s still foe greatest” 

□ 

The Duchess of York, considered a royal 
outcast for her sexual indiscretions and tosh 
behavior, has written to Queen Elizabeth ap- 
pealing for forgiveness fra- her 
past misdemeanors, foe Sun 
newspaper reported. It quoted 
a family friend as saying the 
framer Sarah Ferguson, 

Prince Andrew’s ex-wife, 
sent letters to the queen and 
her children, Prince Charles 
and Princess Anne, last 
month. The duchess's office 
said it “deplored foe leaking 
of private correspondence,” 
bnt would not comment on the 
contents. The Sun quoted a 
senior royal family official as 
saying the letters were “seen 
as a concerted attempt by Fer- 
gje to wonn her way back into 
foe royal family.” 



\ 


of Wales off the top of the 
British singles charts after six 
weeks. Their latest hit makes 
them foe first group ever to 
reach No. I with their first 
five singles and foe first to 
enter the charts at No. 1 four 
times in a row. - 

.. a, ; 

Stephen King is looking 
for a better ottef. After a" 211- 
year relationship With pub- 
lisher Vilang/Ptenguin, King is 
shopping his new book around 
to “four or fiw other pub- 
lishers, ” his agent said. The 
honor writer made publishing 
industry news in 1989 with a 
four-book contract wrath at 
least $35 million. 

□ 

Sandra Witelson, a researcher at McMas-- 
ter University in Hamilton, Canada, has ac-i 
knowfedged possessing “major portions” of 
Albert Einstein’s brain, foe Hamilton Spec- A 
tator newspaper reported. An earlier article iny' 
Harper’s Magazine said that a pathologist; 
Thomas Harvey, had spirited away a third of 
Einstein's brain, cut it up into 200 pieces and 
distributed it to 12 researchers. 


Mcl^mbo/iv Artodalod ft™ 

Muhammad All: upset. 


D 

A new release by foe Spke 
Girls, “Spice Up Your 
Life,” has knocked Elton 
John's “Candle in foe 
Wind” tribute to foe Princess 


A Mayflower Legend Come True 

n: 


New York Times Service 

EW YORK — It was just a romantic legend, based 
on people who landed aboard the Mayflower at 
Plymouth, Massachusetts, in 1620. Miles Standish, a 
captain who could brave cannon fire but not foe eyes of a 
woman, sent John Alden with his marriage proposal to 
Priscilla Mullens, who answered, “Why don't you speak 
for yourself, John?” 

the tale, created by Henry Wadsworth Longfellow in 
his 1858 poem, “The Courtship of Miles Standish," had 
an apparently happy ending: John and Priscilla were- 
married, while Standish, after a fit of rage, went on to 
become foe hero of Plymouth Colony. 

It all might have ended there. But last Saturday, de- 
scendants of Priscilla and Standish finally got it together: 
Caroline Hannaford Piilsbury, a Standish descendant, and 
Andrew Oliver n, who traces his lineage to Priscilla and 
John Alden, were married at the Episcopal Church, of the 
Ascension and Sl Agnes in Washington ‘ ‘The historical- 
literary connection is fun and interesting,' ’ Oliver said. 
But, he added, “foe decisive factor was love.” 


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in the springtime. 


Every country has its own AT&T Access Number which 
makes calling home or to other countries really easy. 
Just dial the AT&T Access Number for the country you’re 
calling from and you’ll get the clearest connections 
home. And be sure to charge your calls on your AT&T 
Calling Card. It’ll help you avoid outrageous phone 
charges on your hotel bill and save you beauooup de francs 
(up to 6090. Check the list for AT&T Access Numbers. 


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Steps to follow for easy 


1. Jua dial the AT&T Access Number 
for foe counfly wu are calling from. 

2. Dial the phone number pu're railing. 

3. Dial the ailing and number listed . 
above your Mint 


AT&T Access Numbers 

EUBUPt ' ' " 

Awtria«o J22-9KTefi * 

Belolara* .8-800-116-10 

MOO-994011 * 

Oonrnni 01304810 ! 

&*«»• - 90-800-1311 A 

1-WM5MM T- 

172-1011 

■tattertind**.. 0880422-9111 * 

Rnssfe*A(MasctHi)> 7S5-SM * 

SHI" - 908-99-oa-ii 

Sweden 928-795*11 - 

Sutaitwa* -KOMMeil 

United Kingdom* 959089 Bfll 

JWWM811 • 

~ ■IDDLE ex ST ■ 

BOTfr(Catrc)*.. :: Mmww . 

Is™* ——177-1084727 i 

Si wfl Arabia* 

Affiica 

Soot* Africa 91 ’ 


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